[House Report 116-718]
[From the U.S. Government Publishing Office]
Union Calendar No. 602
116th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 116-718
_______________________________________________________________________
REPORT ON THE ACTIVITY
of the
COMMITTEE ON FINANCIAL SERVICES
of the
UNITED STATES HOUSE OF REPRESENTATIVES
for the
ONE HUNDRED SIXTEENTH CONGRESS
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
January 2, 2021.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
U.S. GOVERNMENT PUBLISHING OFFICE
42-838 WASHINGTON : 2021
LETTER OF TRANSMITTAL
----------
House of Representatives,
Committee on Financial Services,
Washington, DC, January 2, 2021.
Dear Madam Clerk: Pursuant to clause 1(d) of rule XI of the
Rules of the House of Representatives for the 116th Congress, I
present herewith the report on the activity of the Committee on
Financial Services for the 116th Congress, including the
Committee's review and study of legislation within its
jurisdiction, and the oversight activities undertaken by the
Committee
Sincerely,
Maxine Waters,
Chairwoman.
C O N T E N T S
----------
Page
Jurisdiction of the Committee on Financial Services.............. 1
Rules of the Committee of Financial Services..................... 3
Membership and Organization of the Committee on Financial
Services One Hundred and Sixteenth Congress.................... 17
Subcommittee Memberships......................................... 18
Committee Staff.................................................. 20
Overview of Legislative Accomplishments.......................... 21
Legislative Activities of the Full Committee..................... 22
Oversight Activities of the Full Committee and Subcommittees..... 41
Full Committee Oversight Activities.............................. 41
Subcommittee Activities.......................................... 49
Subcommittee on Consumer Protection and Financial Institutions... 49
Subcommittee on Diversity and Inclusion.......................... 51
Subcommittee on Housing, Community Development and Insurance..... 52
Subcommittee on Investor Protection, Entrepreneurship and Capital
Markets........................................................ 55
Subcommittee on Oversight and Investigation...................... 57
Subcommittee on National Security, International Development, and
Monetary Policy................................................ 58
Oversight Plan of the Committee.................................. 61
Implementation of the 116th Congress Oversight Plan.............. 79
Delineation of Committee Oversight Activity Pursuant to Clause 2
of Rule XI..................................................... 155
Appendix I--Committee Legislation................................ 157
Appendix II--Public Laws......................................... 158
Appendix III--Committee Publications............................. 160
Union Calendar No. 602
116th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 116-718
======================================================================
REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE
UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED SIXTEENTH
CONGRESS
_______
January 2, 2021.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Ms. Waters, from the Committee on Financial Services,
submitted the following
R E P O R T
JURISDICTION OF THE COMMITTEE ON
FINANCIAL SERVICES
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 116th Congress, which reads, in
pertinent part:
Rule X--Organization of Committees
Committees and Their Legislative Jurisdictions
1. There shall be in the House the following standing
committees, each of which shall have the jurisdiction and
related functions assigned by this clause and clauses 2, 3, and
4. All bills, resolutions, and other matters relating to
subjects within the jurisdiction of the standing committees
listed in this clause shall be referred to those committees, in
accordance with clause 2 of rule XII, as follows:
* * *
(h) Committee on Financial Services.
(1) Banks and banking, including deposit insurances
and Federal monetary policy.
(2) Economic stabilization, defense production,
renegotiation, and control of the price of commodities,
rents, and services.
(3) Financial aid to commerce and industry (other
than transportation).
(4) Insurance generally.
(5) International finance.
(6) International financial and monetary
organizations.
(7) Money and credit, including currency and the
issuance of notes and redemption thereof; gold and
silver, including the coinage thereof; valuation and
revaluation of the dollar.
(8) Public and private housing.
(9) Securities and exchanges.
(10) Urban development.
RULES OF THE COMMITTEE ON FINANCIAL SERVICES
In the Committee on Financial Services of the House of Representatives
116th Congress, 1st Session
January 30, 2019
RESOLUTION
Offered by Ms. Waters
To adopt rules of the Committee on Financial services
pursuant to clause 2 of Rule XI of the House of
Representatives.
Resolved, that the Rules of the Committee on Financial
Services for the 116th Congress shall be:
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 Chair of the Committee, 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 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 Chair may postpone further proceedings when a record
vote is ordered on the question of approving any measure or
matter or adopting an amendment. The Chair 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 Chair 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. The
Chair shall, so far as practicable, recognize alternately based
on seniority of the majority and minority members present at
the time the hearing was called to order and others based on
their arrival at the hearing. The Chair shall, so far as
practicable, defer to the Ranking Member with respect to the
order of recognition for minority Members. 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 time 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. Unless there are exigent circumstances,
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, and such notice shall include a full
copy of the proposed subpoena, including any proposed document
schedule.
(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 Investor Protection,
Entrepreneurship, and Capital Markets.--The
jurisdiction of the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets
includes--
(i) initiatives to protect investor interest
and to promote investor confidence in market
integrity;
(ii) securities, including retirement savings
plans and products, exchanges, and finance;
(iii) capital markets activities, including
securitization, business capital formation,
securities lending, and repurchase agreements;
(iv) investment companies, investment
advisers, and advisers to private funds;
(v) activities involving accounting and
auditing;
(vi) activities involving futures, forwards,
options, and other types of derivative
instruments;
(vii) the Securities and Exchange Commission;
(viii) the Financial Accounting Standards
Board;
(ix) the Municipal Securities Rulemaking
Board;
(x) the Public Company Accounting Oversight
Board;
(xi) the Securities Investor Protection
Corporation; and
(xii) self-regulatory organizations
registered with the Securities and Exchange
Commission.
(B) Subcommittee on Consumer Protection and Financial
Institutions.--The jurisdiction of the Subcommittee on
Consumer Protection and Financial Institutions
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 Consumer
Financial Protection Bureau;
(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;
(ix) consumer access to savings accounts and
checking accounts in financial institutions,
including lifeline banking and other consumer
accounts; and
(x) financial stability and systemic risk,
including all matters relating to the Financial
Stability Oversight Council and the Office of
Financial Research.
(C) Subcommittee on Housing, Community Development,
and Insurance.--The jurisdiction of the Subcommittee on
Housing, Community Development, and Insurance
includes--
(i) 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;
(ii) 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;
(iii) the qualifications for and designation
of Empowerment Zones and Enterprise Communities
(other than matters relating to tax benefits);
and
(iv) insurance generally, including but not
limited to, 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, and the Federal
Insurance Office.
(D) Subcommittee on National Security, International
Development, and Monetary Policy.--The jurisdiction of
the Subcommittee on National Security, International
Development, and Monetary Policy includes--
(i) financial aid to all sectors and elements
within the economy;
(ii) financial support networks of national
security threats, including matters related to
terrorist financing, money laundering, drug
sale proceeds, and alternative remittance
systems;
(iii) 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;
(iv) inter-governmental initiatives to detect
and inhibit terrorism and illicit finance,
including the Financial Action Task Force;
(v) 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;
(vi) international trade, including but not
limited to the activities of the Export-Import
Bank;
(vii) the International Monetary Fund, its
permanent and temporary agencies, and all
matters related thereto;
(viii) 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;
(ix) defense production matters as contained
in the Defense Production Act of 1950, as
amended;
(x) economic growth and stabilization;
(xi) 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;
(xii) coins, coinage, currency, and medals,
including commemorative coins and medals, proof
and mint sets and other special coins, the
Coinage Act of 1965, gold and silver, including
the coinage thereof (but not the par value of
gold), gold medals, counterfeiting, currency
denominations and design, the distribution of
coins, and the operations of the Bureau of the
Mint and the Bureau of Engraving and Printing;
and
(xiii) development of new or alternative
forms of currency.
(E) Subcommittee on Diversity and Inclusion.--The
jurisdiction of the Subcommittee on Diversity and
Inclusion includes--
(i) all matters related to diversity and
inclusion within all the agencies, departments,
programs, and entities within the jurisdiction
of the Committee, including workforce diversity
and inclusion, external or customer diversity
and inclusion, and supplier diversity;
(ii) the Offices of Minority and Women
Inclusion within the federal financial
agencies; and
(iii) methods, initiatives, and measures to
promote financial and economic inclusion for
all consumers.
(F) Subcommittee on Oversight and Investigations.--
The jurisdiction of the Subcommittee on Oversight and
Investigations includes
(i) the oversight of all agencies,
departments, programs, matters, and entities,
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 may 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 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 chair of the Committee as the Chair 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 Chair 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 Investor Protection,
Entrepreneurship, and Capital Markets shall be
comprised of 23 members, 13 elected by the majority
caucus and 10 elected by the minority caucus.
(B) The Subcommittee on Consumer Protection and
Financial Institutions shall be comprised of 23
members, 13 elected by the majority caucus and 10
elected by the minority caucus.
(C) The Subcommittee on Housing, Community
Development, 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 National Security,
International Development, and Monetary Policy shall be
comprised of 21 members, 12 elected by the majority
caucus and 9 elected by the minority caucus.
(E) The Subcommittee on Diversity and Inclusion shall
be comprised of 21 members, 12 elected by the majority
caucus and 9 elected by the minority caucus.
(F) The Subcommittee on Oversight and Investigations
shall be comprised of 17 members, 10 elected by the
majority caucus and 7 elected by the minority caucus.
Subcommittee Meetings and Hearings
(d)(1) Each subcommittee of the Committee may be authorized
at the sole direction of the Chair 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 SIXTEENTH CONGRESS
COMMITTEE ON FINANCIAL SERVICES
(Ratio: 34-26)
MAXINE WATERS, California,
Chairwoman
PATRICK T. McHENRY, North Carolina, Ranking MemberLONEY, New York
FRANK D. LUCAS, Oklahoma NYDIA M. VELAZQUEZ, New York
BILL POSEY, Florida BRAD SHERMAN, California
BLAINE LUETKEMEYER, Missouri GREGORY W. MEEKS, New York
BILL HUIZENGA, Michigan WM. LACY CLAY, Missouri
STEVE STIVERS, Ohio DAVID SCOTT, Georgia
ANN WAGNER, Missouri, Vice Ranking MemberREEN, Texas
ANDY BARR, Kentucky EMANUEL CLEAVER, Missouri
SCOTT R. TIPTON, Colorado ED PERLMUTTER, Colorado
ROGER WILLIAMS, Texas JAMES A. HIMES, Connecticut
J. FRENCH HILL, Arkansas BILL FOSTER, Illinois
TOM EMMER, Minnesota JOYCE BEATTY, Ohio
LEE M. ZELDIN, New York DENNY HECK, Washington
BARRY LOUDERMILK, Georgia JUAN VARGAS, California
ALEXANDER X. MOONEY, West Virginia JOSH GOTTHEIMER, New Jersey
WARREN DAVIDSON, Ohio VICENTE GONZALEZ, Texas
TED BUDD, North Carolina AL LAWSON, Jr., Florida
DAVID KUSTOFF, Tennessee MICHAEL F. Q. SAN NICOLAS, Guam,
TREY HOLLINGSWORTH, Indiana Vice Chair
ANTHONY GONZALEZ, Ohio RASHIDA TLAIB, Michigan
JOHN W. ROSE, Tennessee KATIE PORTER, California
BRYAN STEIL, Wisconsin CYNTHIA AXNE, Iowa
LANCE GOODEN, Texas SEAN CASTEN, Illinois
DENVER RIGGLEMAN, Virginia AYANNA PRESSLEY, Massachusetts
WILLIAM R. TIMMONS IV, South CarolinaBEN McADAMS, Utah
VAN TAYLOR, Texas ALEXANDRIA OCASIO-CORTEZ, New York
JENNIFER WEXTON, Virginia
STEPHEN F. LYNCH, Massachusetts
TULSI GABBARD, Hawaii
ALMA S. ADAMS, North Carolina
MADELEINE DEAN, Pennsylvania
JESUS G. ``CHUY'' GARCIA, Illinois
SYLVIA R. GARCIA, Texas
DEAN PHILLIPS, Minnesota
SUBCOMMITTEE MEMBERSHIPS
Subcommittee on Investor Protection, Entrepenurship, and Capital
Markets
(Ratio: 14-10)
BRAD SHERMAN, California, Chairman
BILL HUIZENGA, MI [RM] CAROLYN B. MALONEY, NY
STEVE STIVERS, OH DAVID SCOTT, GA
ANN WAGNER, MO JAMES A. HIMES, CT
J. FRENCH HILL, AR BILL FOSTER, IL
TOM EMMER, MN GREGORY W. MEEKS, NY
ALEXANDER X. MOONEY, WV JUAN VARGAS, CA
WARREN DAVIDSON, OH JOSH GOTTHEIMER, NJ
TREY HOLLINGSWORTH, IN [VRM] VICENTE GONZALEZ, TX
ANTHONY GONZALEZ, OH MICHAEL F. Q. SAN NICOLAS, GU
BRYAN STEIL, WI KATIE PORTER, CA
PATRICK McHENRY, NC [Ex Officio] CYNTHIA AXNE, IA
SEAN CASTEN, IL
ALEXANDRIA OCASIO-CORTEZ, NY
MAXINE WATERS, NY [Ex Officio]
Subcommittee on Consumer Protection and Financial Institutions
(Ratio: 13-10)
GREGORY W. MEEKS, New York,
Chairman
BLAINE LUETKEMEYER, MO [RM] DAVID SCOTT, GA
FRANK D. LUCAS, OK NYDIA M. VELAZQUEZ, NY
BILL POSEY, FL WM. LACY CLAY, MO
ANDY BARR, KY DENNY HECK, WA
SCOTT R. TIPTON, CO [VRM] BILL FOSTER, IL
ROGER WILLIAMS, TX AL LAWSON, Jr., FL
BARRY LOUDERMILK, GA RASHIDA TLAIB, MI
TED BUDD, NC KATIE PORTER, CA
DAVID KUSTOFF, TN AYANNA PRESSLEY, MA
DENVER RIGGLEMAN, VA BEN McADAMS, UT
PATRICK McHENRY, NC [Ex Officio] ALEXANDRIA OCASIO-CORTEZ, NY
JENNIFER WEXTON, VA
MAXINE WATERS, CA [Ex Officio]
Subcommittee on Housing, Community Development, and Insurance
(Ratio: 13-10)
WM. LACY CLAY, Missouri, Chairman
STEVE STIVERS, OH [RM] NYDIA M. VELAZQUEZ, NY
BILL POSEY, FL EMANUEL CLEAVER, MO
BLAINE LUETKEMEYER, MO BRAD SHERMAN, CA
BILL HUIZENGA, MI JOYCE BEATTY, OH
SCOTT R. TIPTON, CO AL GREEN, TX
LEE M. ZELDIN, NY VICENTE GONZALEZ, TX
DAVID KUSTOFF, TN CAROLYN B. MALONEY, NY
JOHN W. ROSE, TN DENNY HECK, WA
BRYAN STEIL, WI JUAN VARGAS, CA
LANCE GOODEN, TX [VRM] AL LAWSON, Jr., FL
PATRICK McHENRY, NC [Ex Officio] RASHIDA TLAIB, MI
CYNTHIA AXNE, IA
MAXINE WATERS, CA [Ex Officio]
Subcommittee on National Security, International Development, and
Monetary Policy
(Ratio: 13-9)
EMANUEL CLEAVER, Missouri,
Chairman
ED PERLMUTTER, CO
J. FRENCH HILL, AR [RM] JAMES A. HIMES, CT
FRANK D. LUCAS, OK DENNY HECK, WA
ROGER WILLIAMS, TX BRAD SHERMAN, CA
TOM EMMER, MN JUAN VARGAS, CA
ANTHONY GONZALEZ, OH JOSH GOTTHEIMER, NJ
JOHN W. ROSE, TN MICHAEL F. Q. SAN NICOLAS, GU
DENVER RIGGLEMAN, VA [VRM] BEN McADAMS, UT
WILLIAM R. TIMMONS IV, SC JENNIFER WEXTON, VA
VAN TAYLOR, TX STEPHEN F. LYNCH, MA
PATRICK McHENRY, NC [Ex Officio] TULSI GABBARD, HI
JESUS G. ``CHUY'' GARCIA, IL
MAXINE WATERS, CA [Ex Officio]
Subcommittee on Diversity and Inclusion
(Ratio: 12-9)
JOYCE BEATTY, Ohio, Chair
ANN WAGNER, MO [RM] WM. LACY CLAY, MO
FRANK D. LUCAS, OK AL GREEN, TX
ALEXANDER X. MOONEY, WV JOSH GOTTHEIMER, NJ
TED BUDD, NC VICENTE GONZALEZ, TX
DAVID KUSTOFF, TN AL LAWSON, Jr., FL
TREY HOLLINGSWORTH, IN AYANNA PRESSLEY, MA
ANTHONY GONZALEZ, OH [VRM] TULSI GABBARD, HI
BRYAN STEIL, WI ALMA S. ADAMS, NC
LANCE GOODEN, TX MADELEINE DEAN, PA
PATRICK McHENRY, NC [Ex Officio] SYLVIA R. GARCIA, TX
DEAN PHILLIPS, MN
MAXINE WATERS, CA [Ex Officio]
Subcommittee on Oversight and Investigations
(Ratio: 10-7; 1 Vacancy)
AL GREEN, Texas, Chairman
ANDY BARR, KY [RM] JOYCE BEATTY, OH
LEE M. ZELDIN, NY [VRM] STEPHEN F. LYNCH, MA
BARRY LOUDERMILK, GA NYDIA M. VELAZQUEZ, NY
WARREN DAVIDSON, OH ED PERLMUTTER, CO
JOHN W. ROSE, TN RASHIDA TLAIB, MI
WILLIAM R. TIMMONS IV, SC SEAN CASTEN, IL
VAN TAYLOR, TX MADELEINE DEAN, PA
(VACANCY) SYLVIA R. GARCIA, TX
PATRICK McHENRY, NC [Ex Officio] DEAN PHILLIPS, MN
MAXINE WATERS, CA [Ex Officio]
Task Force on Artificial Intelligence
(Ratio: 7-5)
BILL FOSTER, Illinois, Chairman
BARRY LOUDERMILK, GA [RM] EMANUEL CLEAVER, MO
TED BUDD, NC KATIE PORTER, CA
TREY HOLLINGSWORTH, TN SEAN CASTEN, IL
DENVER RIGGLEMAN, VA ALMA ADAMS, NC
VAN TAYLOR, TX SYLVIA GARCIA, TX
PATRICK McHENRY, NC [Ex Officio] DEAN PHILLIPS, MN
MAXINE WATERS, CA [Ex Officio]
Task Force on Financial Technology
(Ratio: 7-5)
STEPHEN F. LYNCH, Massachusetts,
Chairman
TOM EMMER, IN [RM] DAVID SCOTT, GA
BLAINE LUETKEMEYER, MO JOSH GOTTHEIMER, NJ
J. FRENCH HILL, AR AL LAWSON, FL
WARREN DAVIDSON, OH CYNTHIA AXNE, IA
BRYAN STEIL, WI BEN McADAMS, UT
PATRICK McHENRY, NC [Ex Officio] JENNIFER WEXTON, VA
MAXINE WATERS, CA [Ex Officio]
Membership Notes
Mr. Timmons was elected to the Committee on September 26, 2019,
filling a vacancy created by the resignation of Mr. Duffy from the U.S.
House of Representatives on September 19, 2019.
Mr. Taylor was elected to the Committee on January 16, 2020,
filling a vacancy created by the resignation of Mr. King from the U.S.
House of Representatives at the end of the 116th Congress.
COMMITTEE STAFF
Majority Staff
CHARLA OUERTATANI
Staff Director
KRISTOFOR ERICKSON
Deputy Staff Director
ESTHER KAHNG
Chief Counsel
JENNIFER READ
Deputy Chief Counsel
DAVID ABRAMOWITZ
General Counsel and
Parliamentarian
CLEMENT ABONYI, Jr., Director of
Member Services
TERRIE ALLISON, Document Editor
CHRISTINE BALTAZAR, Paralegal
DEVRON BROWN, Senior Counsel
KEVIN BURRIS, General Counsel
DAVID FERNANDEZ, Senior Counsel
ALIA FIERRO, Professional Staff
Member
ALFRED FORMAN, Systems
Administrator
MARCUS FRIAS, National Press
Secretary
JORDAN HAEDTLER, Professional
Staff Member
JOHN HEINEMANN, Counsel
ERIC HERSEY, Communications
Director
BRUCE JOHNSON, Deputy Chief
Oversight Counsel
DANIELLE LINDHOLM, Director of
National Security Policy
AVY MALLIK, Senior Counsel
MARCOS MANOSALVAS, Digital
Director
DANIEL McGLINCHEY, Director of
International Affairs
ERICA MILES, Director of Diversity
and Inclusion
YANA MILES, Senior Counsel
KATANYA MOORE, Director of
Investor and Capital Markets
Policy
VERONICA MORALES, Deputy
Communications Director
FAITH MORGAN, Staff Assistant
LAURI NG, Counsel
BOB ROACH, Special Investigator
DENISE SCOTT, Financial and
Administrative Officer
GLEN SEARS, Director of Consumer
and Financial Policy
PETRINA THOMAS, Clerk
FRANKLIN THORNTON, Staff Assistant
LAURA VOSSLER, Research Assistant
ELAYNE WEISS, Senior Counsel
PIERRE WHATLEY, Professional Staff
Member
Minority Staff
STEPHEN COTE
Staff Director
MATT MULDER
Deputy Staff Director/Policy
Director
KIMBERY BETZ
General Counsel
STACY BAKER, Systems Administrator
WILLIAM BARRY, Assistant Press
Secretary
McARN BENNETT, Counsel
ALLISON BEHUNIAK, Professional
Staff Member
MORGAN BEVIN, Staff Assistant
ANTHONY CHANG, Senior Professional
Staff Member
CONNOR DUNN, Professional Staff
Member
BRIGHTON HASLETT, Counsel
COLLIN McCUNE, Director of Member
Services and Coalitions
JAMIE McGINNIS, Professional Staff
Member
KATHLEEN PALMER, Professional
Staff Member
LAURA PEAVEY, Communications
Director
PHIL POE, Professional Staff
Member
STEPHEN SANDORA, Professional
Staff Member
CHARLIE SCHREIBER, Senior Counsel
LINDSEY SHACKELFORD, Director of
Operations
EDWARD SKALA, Senior Professional
Staff Member
JON SKLADANY, Chief Oversight
Counsel
AUSTIN STONEBRAKER, Deputy Press
Secretary
NICHOLLE VO, Professional
Oversight Staff Member
OVERVIEW OF LEGISLATIVE ACCOMPLISHMENTS
During the 116th Congress, 871 bills were referred to the
Committee on Financial Services, with 264 measures considered
at legislative hearings. The full Committee ordered reported 74
bills to the House of Representatives, and the House passed 149
measures which had provisions within the Committee's
jurisdiction, with a number being incorporated into other
legislation. Sixty-five measures which had provisions within
the Committee's jurisdiction were enacted into law, with a
number being incorporated into other legislation. The following
is a summary of the legislative activities of the Committee on
Financial Services during the 116th Congress. Appendix I has a
list of Committee Reports on legislation ordered reported by
the Committee. Appendix II has a list of Public Laws, including
a list of all bills that were incorporated into those
measures.*
*Certain statistics in this paragraph and entries in the table
below are dependent on Presidential actions upon presentation of
legislation to the President which will occur after submission of this
report.
Legislative Activities of the Full Committee
----------------------------------------------------------------------------------------------------------------
Date Committee/Legislative
H.R. # Title Introduced Sponsor Action
----------------------------------------------------------------------------------------------------------------
H. Res. 77...................... Expressing the 1/25/2019 Rep. Waters, Maxine 1/29/2019--Passed the
sense of Congress [D-CA-43]. House by voice vote.
that financial
institutions and
other entities
should work
proactively with
their customers
affected by the
shutdown of the
Federal Government
who may be facing
short-term
financial hardship
and long-term
damage to their
creditworthiness
through no fault
of their own.
H. Res. 206..................... Acknowledging that 3/8/2019 Rep. Waters, Maxine 3/13/2019--Passed the
the lack of [D-CA-43]. House by voice vote.
sunlight and
transparency in
financial
transactions poses
a threat to our
national security
and our economy's
security and
supporting efforts
to close related
loopholes.
H. Res. 327..................... Encouraging greater ........... Rep. Foster, Bill 4/30/2019--Passed the
public-private [D-IL-11]. House by voice vote.
sector
collaboration to
promote financial
literacy for
students and young
adults.
H. Res. 328..................... Supporting the 4/25/2019 Rep. Casten, Sean 4/30/2019--Passed the
protection of [D-IL-6]. House by voice vote.
elders through
financial literacy.
H. Res. 456..................... Emphasizing the 6/21/2019 Rep. Pressley, 7/9/2019--Passed the
importance of Ayanna [D-MA-7]. House by voice vote.
grassroots
investor
protection and the
investor education
missions of State
and Federal
securities
regulators,
calling on the
Securities and
Exchange
Commission to
collaborate with
State securities
regulators in the
protection of
investors, and for
other purposes.
H.R. 1.......................... For the People Act 1/3/2019 Rep. Sarbanes, John 3/4/2019--Committee
of 2019. P. [D-MD-3]. discharged.
3/8/2019--Passed the
House by record vote
234-193.
H.R. 5.......................... Equality Act....... 3/13/2019 Rep. Cicilline, 5/10/2019--Committee
David [D-RI-1]. discharged.
5/17/2019--Passed in
the House by record
vote 236-173.
H.R. 31......................... Caesar Syria 1/3/2019 Rep. Engel, Eliot 1/22/2019--Waived
Civilian [D-NY-16]. consideration.
Protection Act of 1/22/2019--Passed the
2019. House by voice vote.
H.R. 56......................... The Financial 1/3/2019 Rep. Budd, Ted [R- 01/03/2019--Passed the
Technology NC-13]. House by voice vote.
Protection Act.
H.R. 123........................ FHA Additional 1/3/2019 Rep. Green, Al [D- 9/20/2019--Ordered
Credit Pilot TX-9]. reported as amended by
Program the Committee by
Reauthorization record vote 32-22.
Act. 12/17/2020--Reported as
amended by the
Committee, H. Report
116-663.
H.R. 132........................ North American 1/3/2019 ................. 9/20/2019--Ordered
Development Bank reported as amended by
Improvement Act of the Committee by
2019. record vote 32-23.
1/29/2020--Became law,
as amended, as part of
Public Law 116-113.
H.R. 149........................ Housing Fairness 1/3/2019 Rep. Green, Al [D- 2/28/2019--Ordered
Act of 2019. TX-9]. reported as amended by
the Committee by
record vote 33-25.
12/17/2020--Reported as
amended by the
Committee, H. Report
116-664.
H.R. 241........................ Bank Service 1/4/2019 Rep. Williams, 05/14/2019--Passed the
Company Roger [R-TX-25]. House by voice vote.
Examination
Coordination Act
of 2019.
H.R. 281........................ Ensuring Diverse 1/8/2019 Rep. Beatty, Joyce 7/11/2019--Ordered
Leadership Act. [D-OH-3]. reported as amended by
the Committee by
record vote 56-2.
9/10/2019--Passed in
the House by voice
vote.
H.R. 389........................ Kleptocracy Asset 1/9/2019 Rep. Lynch, Stephen 3/28/2019--Ordered
Recovery Rewards F. [D-MA-8]. reported as amended by
Act. the Committee by
unanimous consent.
5/14/2019--Reported as
amended by the
Committee, H. Report
116-60.
5/14/2019--Passed the
House by voice vote.
1/1/2021--Became law as
part of Public Law 116-
__ (H.R. 6395, NDAA).
H.R. 500/ Christa McAuliffe 1/11/2019 Rep. Upton, Fred (R- 9/10/2019--Passed in
S. 239........................ Commemorative Coin MI)/ the House by voice
Act of 2019. Sen. Shaheen, vote.
Jeanne (D-NH).
H.R. 502........................ FIND Trafficking 1/11/2019 Rep. Vargas, Juan 1/28/2019--Passed the
Act. [D-CA-51]. House by record vote
412-3.
1/1/2021--Became law as
amended as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 624........................ Promoting 1/16/2019 Rep. Waters, Maxine 1/28/2019--Passed the
Transparent [D-CA-43]. House by record vote
Standards for 412-3.
Corporate Insiders
Act.
H.R. 758........................ Cooperate with Law 1/24/2019 Rep. Hill, J. 03/11/2019--Passed the
Enforcement French [R-AR-2]. House by record vote
Agencies and Watch 404-7.
Act of 2019. 1/1/2021--Became law as
amended as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 906/ Merrill's Marauders 1/30/2019 Rep. King, Peter T. 9/22/2020--Passed the
S. 743........................ Congressional Gold [R-NY-2]/ House by unanimous
Medal Act. Isakson, Johnny consent.
[R-GA]. 10/17/2020--Became law
as 116-170.
H.R. 925........................ Heroes Act 1/30/3019 Rep. Thompson, Mike 10/01/2020--House
(containing [D-CA-5]. concurred with the
provisions within Senate Amendments with
the Committee's an amendment.
jurisdiction
relating to
economic
stability, housing
and other matters).
H.R. 974........................ Federal Reserve 2/5/2019 Rep. Gottheimer, 3/11/2019--Passed the
Supervision Josh [D-NJ-5]. House by voice vote.
Testimony
Clarification Act.
H.R. 1018....................... Improving Corporate 2/6/2019 Rep. Meeks, 7/11/2019--Ordered
Governance Through Gregory W. [D-NY- reported as amended by
Diversity Act of 5]. the Committee by
2019. record vote 53-5.
H.R. 1037....................... Banking 2/7/2019 Rep. Riggleman, 5/14/2019--Passed the
Transparency for Denver [R-VA-5]. House of
Sanctioned Persons Representatives by
Act of 2019. voice vote.
H.R. 1060/ BUILD Act.......... 2/7/2019 Rep. Loudermilk, 5/14/2019--Passed the
S. 371........................ Barry [R-GA-11]. House by voice vote.
1/_/2021--Became law as
Public Law 116-__.
H.R. 1122....................... Housing Choice 2/8/2019 Rep. Cleaver, 3/11/2019--Passed the
Voucher Mobility Emanuel [D-MO-5]. House by record vote
Demonstration Act 387-22.
of 2019.
H.R. 1037....................... Banking 2/7/2019 Rep. Denver 5/14/2019--Passed the
Transparency for Riggleman [R-VA-5]. House by voice vote.
Sanctioned Persons
Act of 2019.
H.R. 1173/ President George 2/12/2019 Rep. Williams, 1/13//2020--Passed the
S. 457........................ H.W. Bush and Roger [R-TX-25]/ House by voice vote.
First Spouse Sen. John Cornyn 1/27/2020--Became
Barbara Bush Coin [R-TX]. Public Law 116-112.
Act.
H.R. 1307....................... Post-Disaster 2/15/2019 Rep. Meadows, Mark 7/23/2019--Committee
Assistance [R-NC-11]. discharged.
Accountability Act. 7/24/2019--Passed the
House by voice vote.
H.R. 1396....................... Hidden Figures 2/27/2019 Rep. Johnson, Eddie 9/19/2019--Passed in
Congressional Gold Bernice [D-TX-30]. the House by voice
Medal Act. vote.
11/08/2019--Became
Public Law 116-68.
H.R. 1414....................... FinCEN Improvement 2/27/2019 Rep. Wexton, 3/11/2019--Passed the
Act of 2019. Jennifer [D-VA-10]. House by voice vote.
1/1/2021--Became law as
amended part of Public
Law 116-__ (H.R. 6395,
NDAA).
H.R. 1500....................... Consumers First Act 3/5/2019 Rep. Waters, Maxine 3/28/2019--Ordered
[D-CA-43]. reported as amended by
the Committee by
record vote 34-26.
3/19/2019--Reported as
amended by the
Committee, H. Report
116-57, part I.
5/22/2019--Passed the
House by record vote
231-191.
H.R. 1585....................... Violence Against 3/7/2019 Rep. Bass, Karen [D- 3/27/2019--Committee
Women CA-37]. discharged.
Reauthorization 4/4/2019--Passed in the
Act of 2019. House by record vote
263-158.
H.R. 1595....................... Secure And Fair 3/7/2019 Rep. Perlmutter, Ed 3/28/2019--Ordered
Enforcement [D-CO-7]. reported as amended by
Banking Act of the Committee by
2019. record vote 45-15.
6/5/2019--Reported as
amended by the
Committee, H. Report
116-104, part I.
5/22/2019--Passed the
House by record vote
321-103.
H.R. 1690....................... Carbon Monoxide 3/12/2019 Rep. Garcia, Jesus 6/26/2019--Ordered
Alarms Leading G. ``Chuy'' [D-IL- reported as amended by
Every Resident To 4]. the Committee by voice
Safety Act of 2019. vote.
9/10/2019--Passed the
House, as amended, by
voice vote.
12/27/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 1731....................... Cybersecurity 3/13/2019 Rep. Himes, James 12/11/2019--Ordered
Disclosure Act of A. [D-CT-4]. reported as amended by
2019. record vote 32-24.
12/8/2020--Reported as
amended by the
Committee, H. Report
116-633.
H.R. 1773....................... Rosie the Riveter 3/14/2019 Rep. Speier, Jackie 11/13/2019--Passed in
Congressional Gold [D-CA-14]. the House by voice
Medal Act of 2019. vote.
12/03/2020--Became
Public Law 116-195.
H.R. 1815....................... SEC Disclosure 3/18/2019 Rep. Casten, Sean 3/28/2019--Ordered
Effectiveness [D-IL-6]. reported as amended by
Testing Act. the Committee by
record vote 33-26.
6/20/2019--Reported as
amended by the
Committee, H. Report
116-123.
10/17/2019--Passed the
House by record vote
229-186.
H.R. 1830....................... National Purple 3/18/2019 Rep. Maloney, Sean 9/19/2019--Passed in
Heart Hall of Patrick [D-NY-18]. the House by voice
Honor vote.
Commemorative Coin 11/16/2020--Concurred
Act. in the Senate
Amendment by voice
vote.
12/22/2020--Became
Public Law 116-247.
H.R. 1850....................... Palestinian 3/21/2019 Rep. Mast, Brian [R- 7/22/2019--Committee
International FL-18]. waived consideration.
Terrorism Support 7/23/2019--Passed in
Prevention Act of the House by voice
2019. vote.
H.R. 1856....................... Ending Homelessness 3/25/2019 Rep. Waters, Maxine 3/28/2019--Ordered
Act of 2019. [D-CA-43]. reported as amended by
the Committee by
record vote 33-26.
7/05/2019--Reported as
amended by the
Committee, H. Report
116-137, Part I.
H.R. 1876....................... Senior Security Act 3/26/2019 Rep. Gottheimer, 4/30/2019--Passed by
of 2019. Josh [D-NJ-5]. the House by record
vote 329-20.
H.R. 1923....................... Circulating Coin 3/27/2019 Rep. Lee, Barbara 9/22/2019--Committee
Redesign Act of [D-CA-13]. discharged and passed
2020. the House with an
amendment by unanimous
consent.
1/1/2021--Became Public
Law 116-__.
H.R. 1957....................... Great Outdoors Act. 3/28/2019 Rep. Lewis, John, 4/9/2019--Committee
[D-GA-5]. discharged.
4/9/2019--Passed the
House by voice vote.
8/4/2020--Became Public
Law 116-152.
H.R. 1988/ Protecting 3/28/2019 Rep. Scott, David 5/8/2019--Ordered
S. 1749....................... Affordable [D-GA-13]/ reported as amended by
Mortgages for Sen. Sinema, the Committee by voice
Veterans Act of Krysten [D-AZ]. vote.
2019. 7/9/2019--Reported as
amended by the
Committee, H. Report
116-1138, part I.
7/9/2019--Passed the
House, as amended, by
voice vote.
7/25/2019--Became
Public Law 116-65.
H.R. 2162....................... Housing Financial 4/9/2019 Rep. Beatty, Joyce 6/11/2019--Ordered
Literacy Act of [D-OH-3]. reported as amended by
2019. the Committee by
record vote 53-6.
7/9/2019--Passed the
House, as amended, by
voice vote.
H.R. 2290....................... Shutdown Guidance 4/10/2019 Rep. Wexton, 9/19/2019--Passed in
for Financial Jennifer [D-VA-10]. the House by voice
Institutions Act. vote.
H.R. 2398....................... Veterans House Act. 4/30/2019 Rep. Peters, Scott 11/14/2019--Ordered
[D-CA-52]. reported by the
Committee by record
vote 54-0.
1/21/2020--Passed the
House, as amended, by
record vote 362-31.
1/1/2021--Became law as
part of Public Law 116-
__. (H.R. 6395, NDAA).
H.R. 2409....................... Expanding Access to 4/30/2019 Rep. Axne, Cynthia 5/8/2019--Ordered
Capital for Rural [D-IA-3]. reported by the
Job Creators Act. Committee by voice
vote.
7/9/2019--Passed the
House, as amended, by
record vote 413-7.
H.R. 2423....................... Women's Suffrage 4/30/2019 Rep. Stefanik, 10/28/2019--Passed the
Centennial Elise M. [R-NY-21]. House by voice vote.
Commemorative Coin 11/25/2019--Became
Act. Public Law 116-71.
H.R. 2513....................... Corporate 5/3/2019 Rep. Maloney, 6/11/2019--Ordered
Transparency Act Carolyn B. [D-NY- reported as amended by
of 2019. 12]. the Committee by
record vote 43-16.
10/8/2019--Reported as
amended by the
Committee, H. Report
116-227.
10/22/2019--Passed the
House by record vote
249-173.
1/1/2021--Became law as
part of Public Law 116-
__ (H.R. 6395, NDAA).
H.R. 2514....................... Coordinating 5/3/2019 Rep. Cleaver, 6/11/2019--Ordered
Oversight, Emanuel [D-MO-5]. reported as amended by
Upgrading and the Committee by voice
Innovating vote.
Technology, and 10/21/2019--Reported as
Examiner Reform amended by the
Act of 2019. Committee, H. Report
116-245, Part I.
10/28/2019--Passed the
House by voice vote.
1/1/2021--Became law as
part of Public Law 116-
__ (H.R. 6395, NDAA).
H.R. 2515....................... Whistleblower 5/3/2019 Rep. Green, Al [D- 5/8/2019--Ordered
Protection Reform TX-9]. reported by the
Act of 2019. Committee by voice
vote.
7/9/2019--Passed the
House, as amended, by
record vote 410-12.
H.R. 2534....................... Insider Trading 5/7/2019 Rep. Himes, James 5/9/2019--Ordered
Prohibition Act. A. [D-CT-4]. reported by the
Committee by voice
vote.
9/27/2019--Reported as
amended by the
Committee, H. Report
116-219.
12/05/2019--Passed the
House, as amended, by
record vote 410-13.
H.R. 2548....................... Hazard Eligibility 5/7/2019 Rep. Fletcher, 12/12/2019--Committee
and Local Projects Lizzie [D-TX-7]. Discharged.
Act. 12/16/2019--Passed the
House as amended by
record vote 409-7.
H.R. 2578/ National Flood 5/8/2019 Rep. Waters, Maxine 5/14/2019--Passed the
S. 1693....................... Insurance Program [D-CA-43]. House by voice vote.
Extension Act of 5/31/2019--Became law
2019. as Public Law 116-19.
H.R. 2613....................... Advancing 5/9/2019 Rep. Gonzalez, 09/19/2019--Passed the
Innovation to Anthony [R-OH-16]. House.
Assist Law 1/1/2021--Became law as
Enforcement Act. part of Public Law 116-
__ (H.R. 6395, NDAA).
H.R. 2763....................... Keeping Families 5/15/2019 Rep. Garcia, Sylvia 6/11/2019--Ordered
Together Act of R. [D-TX-29]. reported as amended by
2019. the Committee by 32-
26.
9/6/2019--Reported as
amended by the
Committee, H. Report
116-196.
H.R. 2852....................... Homebuyer 5/20/2019 Rep. Sherman, Brad 7/11/2019--Ordered
Assistance Act of [D-CA-30]. reported by the
2019. Committee by voice
vote.
9/10/2019--Passed the
House, as amended, by
record vote 419-5.
H.R. 2919....................... Improving 5/22/2019 Rep. Huizenga, Bill 07/09/2019--Passed the
Investment [R-MI-2]. House by voice vote.
Research for Small 12/27/2020--Became law
and Emerging as part of Public Law
Issuers Act. 116-__ (H.R. 133,
Appropriations 2021).
H.R. 3018....................... Ensuring Equal 5/23/2019 Rep. Wexton, 6/11/2019--Ordered
Access to Shelter Jennifer [D-VA-10]. reported as amended by
Act of 2019. the Committee by
record vote 33-26.
8/13/2019--Reported as
amended by the
Committee, H. Report
116-185.
H.R. 3050....................... Expanding 5/30/2019 Rep. Steil, Bryan 07/09/2019--Passed the
Investment in [R-WI-1]. House 417-2.
Small Businesses 12/27/2020--Became law
Act of 2019. as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 3111....................... National Flood 6/5/2019 Rep. Velazquez, 6/11/2019--Ordered
Insurance Program Nydia M. [D-NY-7]. reported as amended by
Administrative the Committee by
Reform Act of 2019. record vote 58-0.
10/28/2019--Reported as
amended by the
Committee, H. Report
116-261.
H.R. 3141....................... FHA Loan 6/5/2019 Rep. Phillips, Dean 6/11/2019--Ordered
Affordability Act [D-MN-3]. reported as amended by
of 2019. the Committee by
record vote 34-25.
11/12/2019--Reported as
amended by the
Committee, H. Report
116-282.
H.R. 3151....................... Taxpayers First Act 6/6/2019 Rep. Lewis, John [D- 6/7/2019--Committee
GA-5]. waived consideration.
6/11/2019--Passed the
House by voice vote.
7/1/2019--Became Public
Law 116-125.
H.R. 3154....................... Homeownership for 6/6/2019 Rep. Vargas, Juan 6/11/2019--Ordered
DREAMers Act. [D-CA-51]. reported as amended by
the Committee by
record vote 33-25.
9/6/2019--Reported as
amended by the
Committee, H. Report
116-197.
H.R. 3167....................... National Flood 6/10/2019 Rep. Waters, Maxine 6/11/2019--Ordered
Insurance Program [D-CA-43]. reported as amended by
Reauthorization the Committee by
Act of 2019. record vote 59-0.
10/28/2019--Reported as
amended by the
Committee, H. Report
116-262, Part I.
H.R. 3190....................... Burma Unified 6/11/2019 Rep. Engel, Eliot 9/23/2019--Committee
through Rigorous [D-NY-16]. waived consideration.
Military 9/24/2019--Passed the
Accountability Act. House by record vote
394-21.
H.R. 3279....................... Diversity in 6/13/2019 Rep. Maloney, 7/11/2019--Ordered
Corporate Carolyn B. [D-NY- reported as amended by
Leadership Act of 12]. record vote 52-6.
2019.
H.R. 3289....................... Hong Kong Human 6/21/2019 Rep. Smith, 10/08/2019--Committee
Rights and Christopher H. [R- waived consideration.
Democracy Act. NJ-4]. 10/15/2019--Passed the
House by voice vote.
H.R. 3490....................... Small Business 6/25/2019 Rep. Velazquez, 11/14/2019--Ordered
Lending Fairness Nydia M. [D-NY-7]. reported as amended by
Act. the Committee by
record vote 31-23.
3/19/2020--Reported as
amended by the
Committee, H. Report
116-417.
H.R. 3589....................... Greg Lemond 6/27/2019 Rep. Thompson, Mike 9/19/2019--Passed the
Congressional Gold [D-CA-5]. House by voice vote.
Medal Act. 12/4/2020--Became
Public Law 116-208.
H.R. 3614....................... Restricting Credit 7/02/2019 Rep. Lawson, Al, 7/11/2019--Ordered
Checks for Jr. [D-FL-5]. reported as amended by
Employment the Committee by
Decisions Act. record vote 32-26.
12/23/2019--Reported as
amended by the
Committee, H. Report
116-306.
1/29/2020--Passed as
part of H.R. 3621, the
Comprehensive CREDIT
Act.
H.R. 3618....................... Free Credit Scores 7/5/2019 Rep. Beatty, Joyce 7/11/2019--Ordered
for Consumers Act [D-OH-3]. reported as amended by
of 2019. the Committee by
record vote 32-26.
12/23/2019--Reported as
amended by the
Committee, H. Report
116-305.
1/29/2020--Passed as
part of H.R. 3621, the
Comprehensive CREDIT
Act.
H.R. 3619....................... Appraisal Fee 7/5/2019 Rep. Clay, Wm. Lacy 7/11/2019--Ordered
Transparency Act [D-MO-1]. reported as amended by
of 2019. the Committee by voice
vote.
7/16/2019--Reported as
amended by the
Committee by record
vote 33-25.
9/19/2019--Passed the
House, as amended, by
voice vote.
H.R. 3620....................... Strategy and 7/5/2019 Rep. Clay, Wm. Lacy 7/11/2019--Ordered
Investment in [D-MO-1]. reported as amended by
Rural Housing the Committee by
Preservation Act record vote 58-0.
of 2019. 12/07/2019--Reported as
amended by the
Committee, H. Report
116-198.
9/10/2019--Passed the
House by voice vote.
H.R. 3621....................... Comprehensive 7/5/2019 Rep. Pressley, 7/16/2019--Ordered
CREDIT Act of 2020. Ayanna [D-MA-7]. reported as amended by
the Committee by
record vote 34-25.
12/07/2019--Reported as
amended by the
Committee, H. Report
116-331.
1/29/2020--Passed the
House, as amended, by
record vote 221-189.
H.R. 3622....................... Restoring Unfairly 7/5/2019 Rep. Tlaib, Rashida 7/11/2019--Ordered
Impaired Credit [D-MI-13]. reported as amended by
and Protecting the Committee by
Consumers Act. record vote 32-26.
12/23/2019--Reported as
amended by the
Committee, H. Report
116-362.
1/29/2020--Passed as
part of H.R. 3621, the
Comprehensive CREDIT
Act.
H.R. 3623....................... Climate Risk 7/5/2019 Rep. Casten, Sean 7/16/2019--Ordered
Disclosure Act of [D-IL-6]. reported as amended by
2019. the Committee by
record vote 34-25.
10/27/2019--Reported as
amended by the
Committee, H. Report
116-563, part I.
H.R. 3624....................... Outsourcing 7/5/2019 Rep. Axne, Cynthia 7/16/2019--Ordered
Accountability Act [D-IA-3]. reported as amended by
of 2019. the Committee by
record vote 33-25.
10/04/2019--Reported as
amended by the
Committee, H. Report
116-220.
10/18/2019--Passed in
the House by record
vote 226-184.
H.R. 3629....................... Clarity in Credit 7/9/2019 Rep. Lynch, Stephen 7/16/2019--Ordered
Score Formation F. [D-MA-8]. reported as amended by
Act of 2019. the Committee by
record vote 33-25.
12/23/2019--Reported as
amended by the
Committee, H. Report
116-307.
1/29/2020--Passed as
part of H.R. 3621, the
Comprehensive CREDIT
Act.
H.R. 3641....................... Stronger 7/9/2019 Rep. Porter, Katie 7/16/2019--Ordered
Enforcement of [D-CA-45]. reported as amended by
Civil Penalties the Committee by
Act of 2019. record vote 33-25.
12/23/2019--Reported as
amended by the
Committee, H. Report
116-410.
H.R. 3642....................... Improving Credit 7/9/2019 Rep. Adams, Alma S. 7/11/2019--Ordered
Reporting for All [D-NC-12]. reported as amended by
Consumers Act. the Committee by voice
vote.
12/23/2019--Reported as
amended by the
Committee, H. Report
116-363.
1/29/2020--Passed as
part of H.R. 3621, the
Comprehensive CREDIT
Act.
H.R. 3701....................... Strengthening Fraud 7/11/2019 Rep. Gonzalez, 7/16/2019--Ordered
Protection Vicente [D-TX-15]. reported as amended by
Provisions for SEC the Committee by
Enforcement Act of record vote 30-25.
2019. 11/08/2019--Reported as
amended by the
Committee, H. Report
116-399.
H.R. 3702....................... Reforming Disaster 7/11/2019 Rep. Green, Al [D- 9/20/2019--Ordered
Recovery Act of TX-9]. reported as amended by
2019. the Committee by
record vote 58-0.
11/18/2019--Passed in
the House by record
vote 290-118.
H.R. 3948....................... Debt Collection 7/24/2019 Rep. Meeks, 11/14/2019--Ordered
Practices Gregory W. [D-NY- reported as amended by
Harmonization Act. 5]. the Committee by a
record vote 31-23.
12/16/2020--Reported as
amended by the
Committee, H. Report
116-658.
H.R. 4029/ Tribal Access to 7/25/2019 Rep. Heck, Denny [D- 9/20/2019--Ordered
S. 2282....................... Homeless WA-10]. reported as amended by
Assistance Act. the Committee by voice
vote.
11/18/2019--Passed in
the House by voice
vote.
12/27/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 4067....................... Financial Inclusion 7/25/2019 Rep. Scott, David 9/20/2019--Ordered
in Banking Act of [D-GA-13]. reported by the
2019. Committee by record
vote 55-0.
10/28/2019--Passed the
House by voice vote.
H.R. 4084....................... Otto Warmbier North 7/26/2019 Rep. Barr, Andy [R- 12/20/2019--Became law
Korea Nuclear KY-6]. as part of Public Law
Sanctions Act of 116-92.
2019.
H.R. 4104....................... Negro Leagues 7/30/2019 Rep. Cleaver, 9/22/2020--Passed in
Baseball Emanuel [D-MO-5]. the House by unanimous
Centennial consent.
Commemorative Coin 12/4/2020--Became
Act. Public Law 116-209.
H.R. 4242....................... Greater 9/6/2019 Rep. Velazquez, 9/20/2019--Ordered
Accountability in Nydia M. [D-NY-7]. reported as amended by
Pay Act. the Committee by
record vote 31-21.
12/11/2020--Reported as
amended by the
Committee, H. Report
116-336.
H.R. 4300....................... Fostering Stable 9/12/2019 Rep. Dean, 9/20/2019--Ordered
Housing Madeleine [D-PA-4]. reported as amended by
Opportunities Act the Committee by
of 2019. record vote 47-0.
11/18/2019--Passed in
the House by voice
vote.
12/27/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 4302....................... Homeless Assistance 9/12/2019 Rep. Sherman, Brad 9/20/2019--Ordered
Act of 2019. [D-CA-30]. reported as amended by
the Committee by
record vote 49-0.
1/13/2020--Passed in
the House by voice
vote.
H.R. 4320....................... Corporate 9/12/2019 Rep. Porter, Katie 9/20/2019--Ordered
Management [D-CA-45]. reported as amended by
Accountability Act the Committee by
of 2019. record vote 31-22.
12/11/2019--Reported as
amended by the
Committee, H. Report
116-337.
H.R. 4328....................... Protecting Innocent 9/13/2019 Rep. Waters, Maxine 9/20/2019--Ordered
Consumers Affected [D-CA-43]. reported as amended by
by a Shutdown Act. record vote 32-22.
1/29/2020--Passed as
part of H.R. 3621, the
Comprehensive CREDIT
Act.
12/8/2020--Reported as
amended by the
Committee, H. Report
116-635.
H.R. 4329....................... ESG Disclosure 9/13/2019 Rep. Vargas, Juan 9/20/2019--Ordered
Simplification Act [D-CA-51]. reported as amended by
of 2019. record vote 31-22.
1/7/2020--Reported as
amended by the
Committee, H. Report
116-365.
H.R. 4335....................... 8-K Trading Gap Act 9/16/2019 Rep. Maloney, 9/20/2019--Ordered
of 2019. Carolyn B. [D-NY- reported by the
12]. Committee by record
vote 52-0.
1/13/2020--Passed the
House by record vote
384-7.
H.R. 4344....................... Investor Protection 9/17/2019 Rep. McAdams, Ben 9/20/2019--Ordered
and Capital [D-UT-4]. reported as amended by
Markets Fairness the Committee by
Act. record vote 49-5.
11/18/2019--Passed in
the House by record
vote 314-95.
1/1/2021--Became law,
as amended, as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 4351....................... Yes In My Backyard 9/17/2019 Rep. Heck, Denny [D- 2/28/20--Ordered
Act. WA-10]. reported by the
Committee as amended
by voice vote.
3/2/2020--Passed in the
House by voice vote.
H.R. 4403....................... Stop Debt 9/19/2019 Rep. Cleaver, 12/11/2019--Ordered
Collection Abuse Emanuel [D-MO-5]. reported as amended by
Act of 2019. record vote 54-0.
12/15/2020--Reported as
amended by the
Committee, H. Report
116-654.
H.R. 4458....................... Cybersecurity and 9/24/2019 Rep. McHenry, 1/13/2020--Passed the
Financial System Patrick T. [R-NC- House by voice vote.
Resilience Act of 10]. 12/27/20--Became law as
2019. part of Public Law 116-
__ (H.R. 133,
Appropriations 2021).
H.R. 4545....................... Private Loan 9/27/2019 Rep. Dean, 12/11/2019--Ordered
Disability Madeleine [D-PA-4]. reported as amended by
Discharge Act of record vote 32-25.
2019. 12/21/2020--Reported as
amended by the
Committee, H. Report
116-682, Part 1.
H.R. 4634....................... Terrorism Risk 10/11/2019 Rep. Waters, Maxine 10/31/2019--Ordered
Insurance Program [D-CA-43]. reported as amended by
Reauthorization the Committee by
Act of 2019. record vote 57-0.
11/15/2019--Passed in
the House by record
vote 365-22.
12/20/2019--Became law
as part of Public Law
116-94.
H.R. 4644....................... Libya Stabilization 10/11/2019 Rep. Deutsch, 11/17/2020--Committee
Act. Theodore E. [D-FL- discharged.
22]. 11/20/2020--Passed the
House as amended by
voice vote.
H.R. 4695....................... PACT Act........... 10/16/2019 Rep. Engel, Eliot 10/29/2019--Committee
[D-NY-16]. waived consideration.
10/29/2019--Passed the
House by record vote
403-16.
H.R. 4841....................... Prudential 10/23/2019 Rep. Phillips, Dean 10/31/2019--Ordered
Regulator [D-MN-3]. reported as amended by
Oversight Act. the Committee by
record vote 55-0.
11/15/2019--Passed the
House by voice vote.
H.R. 4860....................... Crowdfunding 10/28/2019 Rep. McHenry, 10/28/2019--Passed the
Amendments Act. Patrick T. [R-NC- House by voice vote.
10].
H.R. 4863....................... United States 10/28/2019 Rep. Waters, Maxine 10/31/2019--Ordered
Export Finance [D-CA-43]. reported as amended by
Agency Act of 2019. the Committee by
record vote 30-27.
11/08/2019--Reported as
amended by the
Committee, H. Report
116-271.
11/15/2019--Passed in
the House by record
vote 235-184.
12/20/2019--Became law
as amended as part of
Public Law 116-94.
H.R. 5001....................... Non-Judicial 11/8/2019 Rep. Clay, Wm. Lacy 11/14/2019--Ordered
Foreclosure Debt [D-MO-1]. reported as amended by
Collection the Committee by
Clarification Act. record vote 31-23.
12/10/2020--Reported as
amended by the
Committee, H. Report
116-638.
H.R. 5003....................... Fair Debt 11/8/2019 Rep. Dean, 11/14/2019--Ordered
Collection Madeleine [D-PA-4]. reported by the
Practices for Committee by record
Servicemembers Act. vote 54-0.
3/2/2020--Passed the
House, as amended, by
record vote 355-0.
H.R. 5013....................... Small Business Fair 11/8/2019 Rep. Lawson, Al, 11/14/2019--Ordered to
Debt Collection Jr. [D-FL-5]. be Reported as amended
Protection Act. by the Committee by
record vote 31-23.
12/16/2020--Reported as
amended by the
Committee, H. Report
116-656.
H.R. 5021....................... Ending Debt 11/8/2019 Rep. Pressley, 11/14/2019--Ordered
Collection Ayanna [D-MA-7]. reported as amended by
Harassment Act of the Committee by 31-
2019. 23.
3/19/2020--Reported as
amended by the
Committee, H. Report
116-418.
H.R. 5038....................... Farm Work 11/12/2019 Rep. Lofgren, Zoe 12/09/2020--Committee
Modernization Act [D-CA-19]. discharged.
of 2019. 12/11/2019--Passed the
House by record vote
260-165.
H.R. 5051....................... Accountability for 11/12/2019 Rep. Gonzalez, 1/1/2021--Became law as
World Bank Loans Anthony [R-OH-16]. part of Public Law 116-
to China Act of __ (H.R. 6395, NDAA).
2019.
H.R. 5084....................... Improving Corporate 12/4/2019 Rep. Meeks, 11/19/2019--Passed the
Governance Through Gregory W. [D-NY- House, as amended, by
Diversity Act of 5]. record vote 281-135.
2019.
H.R. 5187....................... Housing is 11/20/2019 Rep. Waters, Maxine 2/28/2020--Ordered to
Infrastructure Act [D-CA-43]. be Reported as amended
of 2019. by record vote 33-25.
12/24/2020--Reported as
amended by the
Committee, H. Report
116-686.
7/1/2020--Passed as
part of H.R. 2 by
record vote 233-188.
H.R. 5287....................... Fair Student Loan 12/3/2019 Rep. Lawson, Al, 12/10/19--Ordered
Debt Collection Jr. [D-FL-5]. reported as amended by
Practices Act. the Committee by
record vote 32-24.
H.R. 5294....................... Student Borrower 12/3/2019 Rep. Adams, Alma S. 12/11/2019--Ordered to
Protections Act of [D-NC-12]. be Reported as amended
2019. by the Yeas and Nays:
32-26.
H.R. 5315....................... Expanding 12/5/2019 Rep. Beatty, Joyce 12/11/2019--Ordered
Opportunity for [D-OH-3]. reported by the
MDIs. Committee as amended
by record vote 57-0.
1/13/2020--Passed in
the House by voice
vote.
H.R. 5322....................... Ensuring Diversity 12/5/2019 Rep. Meeks, 12/11/2019--Ordered
in Community Gregory W. [D-NY- reported by the
Banking Act. 5]. Committee by record
vote 52-0.
9/21/2020--Passed the
House, as amended, by
voice vote.
H.R. 5330....................... Consumer Protection 12/5/2019 Rep. Tlaib, Rashida 12/11/2019--Ordered to
for Medical Debt [D-MI-13]. be Reported as amended
Collections Act. by record vote 31-24.
12/15/2020--Reported as
amended by the
Committee, H. Report
116-653.
H.R. 5332....................... Protecting Your 12/6/2019 Rep. Gottheimer, 12/11/2019--Ordered
Credit Score Act Josh [D-NJ-5]. reported as amended by
of 2020. the Committee by 31-
24.
3/12/2020--Reported as
amended by the
Committee, H. Report
116-416.
6/29/2020--Passed the
House by record vote
234-179.
H.R. 5430....................... United States- 12/31/2019 Rep. Hoyer, Steny 12/19/2019--Committee
Mexico-Canada [D-MD-5]. Discharged
Agreement 12/19/2019--Passed the
Implementation Act. House by record vote
385-41.
1/29/2020--Became
Public Law 116-113.
H.R. 5671....................... Merchant Mariners 1/24/2020 Rep. Garamendi, 1/27/2020--Passed in
of World War II John [D-CA-3]. the House by voice
Congressional Gold vote.
Medal Act of 2020. 3/13/2020--Became
Public Law 116-125.
H.R. 5698....................... Promoting Secure 5G 1/28/2020 Rep. Timmons, 09/21/2020--Passed the
Act. William R. IV [R- House by voice vote.
SC-4].
H.R. 5929....................... Shareholder 2/21/2020 Rep. Foster, Bill 2/28/2020--Ordered
Political [D-IL-11]. reported as amended by
Transparency Act record vote 33-25.
of 2020. 12/8/2020--Reported as
amended by the
Committee, H. Report
116-632.
H.R. 5930....................... Workforce 2/21/2020 Rep. Axne, Cynthia 2/28/2020--Ordered to
Investment [D-IA-3]. be Reported as amended
Disclosure Act of by record vote 33-25.
2020. 12/8/2020--Reported as
amended by the
Committee, H. Report
116-634.
H.R. 5931....................... Improving FHA 2/21/2020 Rep. Clay, Wm. Lacy 2/28/2020--Ordered
Support for Small [D-MO-1]. reported by the
Dollar Mortgages Committee by record
Act of 2020. vote 48-0.
9/21/2020--Passed the
House, as amended, by
voice vote.
H.R. 5932....................... The Ensuring 2/21/2020 Rep. Hill, J. 03/02/2020--Passed the
Chinese Debt French [R-AR-2]. House by record vote
Transparency Act 356-0.
of 2020. 1/1/2021--Became law as
amended as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 6014....................... Employment Fairness 3/19/2020 Rep. Tipton, Scott 12/_/2020--Became law
for Taiwan Act. R. [R-CO-3]. as amended as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 6192....................... 1921 Silver Dollar 3/11/2020 Rep. Barr, Andy [R- 09/22/2020--Passed the
Coin Anniversary KY-6]. House by unanimous
Act. consent.
H.R. 6210....................... Uyghur Forced Labor 3/11/2020 Rep. McGovern, 9/22/2019--Committee
Prevention Act. James P. [D-MA-2]. waived consideration.
9/22/2019--Passed the
House by record vote
406-3.
H.R. 6270....................... Uyghur Forced Labor 3/31/2020 Rep. Wexton, 9/30/2020--Passed the
Disclosure Act of Jennifer [D-VA-10]. House by a record vote
2020. 253-163.
H.R. 6294....................... Improving Emergency 3/19/2020 Rep. Tipton, Scott 09/21/2020--Passed the
Disease Response R. [R-CO-3]. House by voice vote.
via Housing Act of
2020.
H.R. 6314....................... Emergency Rental 3/23/2019 Rep. Heck, Denny [D- 5/15/2020--Passed as
Assistance Act of WA-10]. part of H.R. 6800, the
2020. Heroes Act.
6/29/20--Passed as part
of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 6316....................... Emergency Relief 3/23/2019 Rep. Dean, 5/15/2020--Passed the
for Student Madeleine [D-PA-4]. House, as amended, as
Borrowers Act of part of H.R. 6800, the
2020. Heroes Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6319....................... To establish a 3/23/2019 Rep. Phillips, Dean 3/27/2020--Provisions
Congressional [D-MN-3]. from this legislation
COVID-19 Aid became law as part of
Oversight Panel, Public Law 116-136
to authorize the (CARES Act).
Special Inspector
General for the
Troubled Asset
Relief Program to
coordinate audits
and investigations
in connection with
the receipt of
Federal aid
related to COVID-
19, and for other
purposes.
H.R. 6321....................... Financial 3/23/2020 Rep. Waters, Maxine 3/27/2020--Provisions
Protections and [D-CA-43]. from this legislation
Assistance for became law as part of
America's Public Law 116-136
Consumers, States, (CARES Act).
Businesses, and
Vulnerable
Populations Act
(including
provisions related
to financial
support for the
economy, housing
assistance, and
authorizations for
international
financial
institutions).
H.R. 6327....................... To authorize United 3/23/2019 Rep. Cleaver, 3/27/2020--Provisions
States Emanuel [D-MO-5]. from this legislation
participation in, became law as part of
and contributions Public Law 116-136
to, the Nineteenth (CARES Act).
Replenishment of
the resources of
the International
Development
Association, the
Fifteenth
Replenishment of
the resources of
the African
Development Fund,
and the seventh
capital increase
of the African
Development Bank.
H.R. 6328....................... Emergency Relief 3/23/2019 Rep. Tlaib, Rashida 5/15/2020--Passed the
for State, [D-MI-13]. House, as amended, as
Territorial and part of H.R. 6800, the
Local Governments Heroes Act.
Act of 2020. 10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6330....................... Coronavirus Housing 3/23/2019 Rep. Axne, Cynthia 5/15/2020--Passed, as
Counseling Support [D-IA-3]. amended, as part of
Act. H.R. 6800, the Heroes
Act.
6/29/2020--Passed, as
amended, as part of
H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed, as
amended, as part of
H.R. 925, the Heroes
Act.
H.R. 6332....................... Relief for 3/23/2019 Rep. Beatty, Joyce 5/15/2020--Passed the
Consumers During [D-OH-3]. House, as amended, as
COVID-19 Act of part of H.R. 6800, the
2020. Heroes Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6340....................... To provide for 3/23/2019 Rep. Clay, Wm. Lacy 3/27/2020--Became law,
mortgage [D-MO-1]. as amended, as part of
forbearance during Public Law 116-136
the COVID-19 (CARES Act).
emergency, and for
other purposes.
H.R. 6358....................... To authorize 3/23/2019 Rep. Lynch, Stephen 3/27/2020--Became law,
supplemental F. [D-MA-8]. as amended, as part of
appropriations for Public Law 116-136
fiscal year 2020 (CARES Act).
for community 5/15/2020--Passed as
development block part of H.R. 6800, the
grants, and for Heroes Act.
other purposes. 10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 6361....................... Relief for Small 3/23/2019 Rep. Perlmutter, Ed 5/15/2020--Passed the
Businesses and [D-CO-7]. House, as amended, as
Nonprofits Act. part of H.R. 6800, the
Heroes Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6362....................... Public Health 3/23/2019 Rep. Pressley, 5/15/2020--Passed as
Emergency Shelter Ayanna [D-MA-7]. part of H.R. 6800, the
Act of 2020. Heroes Act.
6/29/2020--Passed as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act,
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 6368....................... State Housing 3/23/2019 Rep. Scott, David 5/15/2020--Passed as
Relief Act of 2020. [D-GA-13]. part of H.R. 6800, the
Heroes Act.
6/29/2020--Passed has
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 6370....................... Disaster Protection 3/23/2019 Rep. Sherman, Brad 5/15/2020--Passed the
for Workers' [D-CA-30]. House, as amended, as
Credit Act. part of H.R. 6800, the
Heroes Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6373....................... To increase the 3/23/2020 Rep. Vargas, Juan 3/27/2020--Became law,
amount available [D-CA-51]. as amended, as part of
under the Defense Public Law 116-136
Production Act of (CARES Act).
1950 to respond to
the coronavirus
epidemic, and for
other purposes.
H.R. 6380....................... To temporarily 3/25/2020 Rep. Green, Al [D- 10/1/2020--Passed the
provide for TX-9]. House, as amended, as
Federal insurance part of H.R. 925, the
of transaction Heroes Act.
accounts during
the COVID-19
emergency.
H.R. 6381....................... To require the 3/24/2019 Rep. Green, Al [D- 3/27/2020--Became law,
Board of Governors TX-9]. as amended, as part of
of the Federal Public Law 116-136
Reserve System to (CARES Act).
provide zero-
interest loans to
minority
depository
institutions and
community
development
financial
institutions to
combat COVID-19,
and for other
purposes.
H.R. 6382....................... Fair Housing 3/24/2019 Rep. Green, Al [D- 5/15/2020--Passed the
Enforcement TX-9]. House, as amended, as
Emergency Act of part of H.R. 6800, the
2020. Heroes Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6387....................... To correct 3/25/2020 Rep. Gonzalez, 5/15/2020--Passed the
technical Vicente [D-TX-15]. House, as amended, as
omissions relating part of H.R. 6800, the
to international Heroes Act.
financial 10/1/2020--Passed the
cooperation, and House, as amended, as
for other purposes. part of H.R. 925, the
Heroes Act.
12/27/2020--Became law,
as amended, as part of
Public Law 116-__
(H.R. 133,
Appropriations 2021).
H.R. 6423....................... To provide for a 3/31/2020 Rep. Lawson, Al, 5/15/2020--Passed the
temporary debt Jr. [D-FL-5]. House, as amended, as
collection part of H.R. 6800, the
moratorium during Heroes Act.
the COVID-19 10/1/2020--Passed the
emergency period, House, as amended, as
and for other part of H.R. 925, the
purposes. Heroes Act.
12/_/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 6551....................... CARES Act Section 4/17/2020 Rep. Sherman, Brad 5/15/2020--Passed as
4014 Technical [D-CA-30]. part of H.R. 6800, the
Corrections Act. Heroes Act.
6/29/2020--Passed as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
12/27/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 6724....................... Public Health 5/5/2020 Rep. Pressley, 5/15/2020--Passed, as
Emergency Shelter Ayanna [D-MA-7]. amended, as part of
Act of 2020. H.R. 6800, the Heroes
Act.
6/29/2020--Passed, as
amended, as part of
H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed, as
amended, as part of
H.R. 925, the Heroes
Act.
H.R. 6729....................... COVID-19 Homeowner 5/5/2020 Rep. Scott, David 5/15/2020--Passed as
Assistance Fund [D-GA-13]. part of H.R. 6800, the
Act of 2020. Heroes Act.
6/29/2020--Passed has
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 6735....................... COVID-19 Fraud 5/8/2020 Rep. Axne,Cynthia 9/21/2020--Passed the
Prevention Act. [D-IA-3]. House by voice vote.
H.R. 6736....................... Protect Rural 5/8/2020 Rep. Axne, Cynthia 5/15/2020--Passed the
Renters Act of [D-IA-3]. House, as amended, as
2020. part of H.R. 6800, the
Heroes Act.
6/29/2020--Passed, as
amended, as part of
H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed, as
amended, as part of
H.R. 925, the Heroes
Act.
H.R. 6741....................... COVID-19 Mortgage 5/8/2020 Rep. Clay, Wm. Lacy 5/15/2020--Passed the
Relief Act. [D-MO-1]. House, as amended, as
part of H.R. 6800, the
Heroes Act.
6/29/2020--Passed, as
amended, as part of
H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed, as
amended, as part of
H.R. 925, the Heroes
Act.
H.R. 6760....................... Fair Housing 5/8/2020 Rep. Green, Al [D- 5/15/2020--Passed the
Further TX-9]. House, as amended, as
Enforcement part of H.R. 6800, the
Emergency Act of Heroes Act.
2020. 10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6789....................... Access to Credit 5//8/2020 Rep. Sherman, Brad 5/15/2020--Passed as
for Small [D-CA-30]. part of H.R. 6800, the
Businesses Heroes Act.
Impacted by the 10/1/2020--Passed the
COVID-19 Crisis House, as amended, as
Act of 2020. part of H.R. 925, the
Heroes Act, by record
vote 214-207.
12/27/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 6794....................... Promoting Access to 5/8/2020 Rep. Vargas, Juan 5/15/2020--Passed as
Credit for [D-CA-51]. part of H.R. 6800, the
Homebuyers Act of Heroes Act.
2020.
H.R. 6800....................... The Heroes Act 5/12/2020 Rep. Lowey, Nita P. 5/15/2020--Passed the
(containing [D-NY-17]. House by record vote
provisions within 208-199.
the Committee's
jurisdiction
relating to
economic
stability, housing
and other matters).
H.R. 6817....................... To establish a 5/12/2020 Rep. Green, Al [D- 5/15/2020--Passed as
payroll loan TX-9]. part of H.R. 6800, the
facility for small Heroes Act.
financial 10/1/2020--Passed as
institutions part of H.R. 925, the
affected by COVID- Heroes Act.
19, and for other
purposes.
H.R. 6820....................... Emergency Rental 5/12/2020 Rep. Heck, Denny [D- 5/15/2020--Passed as
Assistance and WA-10]. part of H.R. 6800, the
Rental Market Heroes Act.
Stabilization Act 6/29/2020--Passed the
of 2020. House, as amended, as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
12/27/2020--Became law,
as amended, as part of
Public Law 116-__
(H.R. 133,
Appropriations 2021).
H.R. 6827....................... Corporate 5/12/2020 Rep. Ocasio-Cortez, 5/15/2020--Passed as
Accountability Act. Alexandria [D-NY- part of H.R. 6800, the
14]. Heroes Act.
H.R. 6830....................... To amend the Riegle 5/12/2020 Rep. Phillips, Dean 5/15/2020--Passed as
Community [D-MN-3]. part of H.R. 6800, the
Development and Heroes Act.
Regulatory
Improvement Act of
1994 to establish
minimum issuance
amounts under the
CDFI Bond
Guarantee Program,
and for other
purposes.
H.R. 6831....................... To amend the CARES 5/12/2020 Rep. Phillips, Dean 5/15/2020--Passed as
Act to authorize [D-MN-3]. part of H.R. 6800, the
the Congressional Heroes Act.
Oversight
Commission to
submit
discretionary
reports to
Congress, and for
other purposes.
H.R. 6832....................... To amend the CARES 5/12/2020 Rep. Phillips, Dean 5/15/2020--Passed the
Act to authorize [D-MN-3]. House, as amended, as
appropriations to part of H.R. 6800, the
carry out the Heroes Act.
duties of the 10/1/2020--Passed the
Special Inspector House, as amended, as
General for part of H.R. 925, the
Pandemic Recovery, Heroes Act.
and for other
purposes.
H.R. 6850....................... Protect our Checks 5/13/2020 Rep. Meeks, 5/15/2020--Passed as
Act of 2020. Gregory W. [D-NY- part of H.R. 6800, the
5]. Heroes Act.
H.R. 6858....................... COVID-19 Emergency 5/13/2020 Rep. Vargas, Juan 5/15/2020--Passed as
Medical Supplies [D-CA-51]. part of H.R. 6800, the
Enhancement Act of Heroes Act.
2020. 6/29/2020--Passed as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 6859....................... Public Housing and 5/13/2020 Rep. Velazquez, 5/15/2020--Passed, as
Section 8 Nydia M. [D-NY-7]. amended, as part of
Operational H.R. 6800, the Heroes
Response Act for Act.
COVID-19. 6/29/2020--Passed the
House, as amended, as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6867....................... Housing Waiver 5/14/2020 Rep. Gonzalez, 10/1/2020--Passed the
Flexibility Act of Vicente [D-TX-15]. House, as amended, as
2020. part of H.R. 925, the
Heroes Act.
6/29/2020--Passed the
House, as amended, as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
H.R. 6868....................... To amend the CARES 5/14/2020 Rep. Green, Al [D- 10/1/2020--Passed the
Act to establish a TX-9]. House, as amended, as
Community Capital part of H.R. 925, the
Investment Heroes Act.
Program, and for 12/27/2020--Became law
other purposes. as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 6873....................... Emergency Housing 5/14/2020 Rep. Porter, Katie 10/1/2020--Passed the
Assistance for [D-CA-45]. House, as part of H.R.
Older Adults Act 925, the Heroes Act.
of 2020.
H.R. 6874....................... Paycheck Protection 5/14/2020 Rep. Porter, Katie 5/15/2020--Passed the
Program [D-CA-45]. House, as amended, as
Transparency Act part of H.R. 6800, the
of 2020. Heroes Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
H.R. 6892....................... To amend the CARES 5/15/2020 Rep. Beatty, Joyce 5/15/2020--Passed the
Act to add [D-OH-3]. House, as part of H.R.
requirements for 6800, the Heroes Act.
the Main Street 10/1/2020--Passed as
Lending Program part of H.R. 925, the
related to non- Heroes Act.
profit
organizations,
small businesses,
minority
depository
institutions, and
community
development
financial
institutions, and
for other purposes.
H.R. 6934....................... Uniform Treatment 5/19/2020 Rep. Dean, 9/21/2020--Passed the
of NRSROs Act. Madeleine [D-PA-4]. House by vote.
H.R. 7000/ Holding Foreign 5/22/2020 Rep. Sherman, Brad 12/18/2020--Became law,
S. 945........................ Companies [D-CA-30]/Sen. as amended, as Public
Accountable Act. Kennedy, John [R- Law 116-222.
LA].
H.R. 7084....................... Emergency Housing 6/1/2020 Rep. Waters, Maxine 6/29/2020--Passed the
Voucher Act of [D-CA-43]. House, as amended, as
2020. part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed as
part of H.R. 925, the
Heroes Act.
H.R. 7121....................... To authorize 6/8/2020 Rep. Adams, Alma, 10/1/2020--Passed the
appropriations for [D-NC-12]. House, as amended, as
the Community part of H.R. 925, the
Development Heroes Act.
Financial 12/27/2020--Became law,
Institutions Fund as amended, as part of
providing Public Law 116-__
financial (H.R. 133,
assistance and Appropriations 2021).
technical
assistance for the
benefit of certain
minority
communities, and
for other purposes.
H.R. 7301....................... Emergency Housing 6/24/2020 Rep. Waters, Maxine 5/15/2020--Passed the
Protections and [D-CA-43]. House, as amended, as
Relief Act of 2020. part of H.R. 6800, the
Heroes Act.
6/29/2020--Passed the
House, as amended, as
part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
12/27/2020--Became law,
as amended, as part of
Public Law 116-__
(H.R. 133,
Appropriations 2021).
H.R. 7402....................... Protecting Renters 6/29/2020 Rep. Garcia, Jesus 6/29/2020--Passed the
from Eviction and G. ``Chuy'' [D-IL- House, as amended, as
Fees Act of 2020. 4]. part of H.R. 7301, the
Emergency Housing
Protections and Relief
Act.
10/1/2020--Passed the
House, as amended, as
part of H.R. 925, the
Heroes Act.
12/27/2020--Became law
as part of Public Law
116-__ (H.R. 133,
Appropriations 2021).
H.R. 7440....................... Hong Kong Autonomy 7/1/2020 Rep. Sherman, Brad 7/1/2020--Passed the
Act. [D-CA-30]. House as amended by
Unanimous Consent.
7/14/2020--Became
Public Law No: 116-
149.
9/21/2020--Passed the
House by voice vote.
H.R. 7592....................... STIFLE Act of 2020. 7/13/2020 Rep. McAdams, Ben 9/21/2020--Passed the
[D-UT-4]. House by voice vote.
1/1/2021--Became law as
amended as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 7603....................... Improving 7/13/2020 Rep. Taylor, Van [R- 1/1/2021--Became law as
Congressional TX-3]. amended as part of
Oversight Over Public Law 116__ (H.R.
CFIUS 6395, NDAA).
Determinations Act.
H.R. 7682....................... Sudan Democratic 7/20/2020 Rep. Engel, Eliot, 1/1/2021--Became law as
Transition, (D-NY-16). amended as part of
Accountability and Public Law 116__ (H.R.
Fiscal 6395, NDAA)
Transparency Act
of 2020.
H.R. 7993....................... Promoting and 8/7/2020 Rep. Waters, Maxine 12/27/2020--Became law
Advancing [D-CA-43]. as part of Public Law
Communities of 116-__ (H.R. 133,
Color through Appropriations 2021).
Inclusive Lending
Act.
H.R. 7995....................... Coin Medal 8/11/2020 Rep. Amodei, Mark 12/02/2020--Passed the
Modification [R-NV-2]. House by record vote
Authorization and 343-41.
Cost Savings Act
of 2020.
H.R. 8326....................... CED Act............ 9/21/2020 Rep. Finkenauer, 11/13/2020--Committee
Abby [D-IA-1]. waived consideration.
11/17/2020--Passed the
House by voice vote.
H.R. 8438....................... Belarus Democracy, 9/29/2020 Rep. Smith, 11/18/2020--Passed the
Human Rights and Christopher H. [R- House by voice vote.
Sovereignty Act. NJ-4]. 12/27/2020--Became law
as amended as part of
Public Law 116-__
(H.R. 133,
Appropriations 2021).
H.R. 8794....................... The Prevent Illicit 11/20/2020 Rep. Axne, Cynthia 1/1/2021--Became law as
Finance Act. [D-IA-3]. amended as part of
Public Law 116-__
(H.R. 6395, NDAA).
H.R. 8796....................... To direct the 11/20/2020 Rep. Casten, Sean 1/1/2021--Became law as
Secretary of the [D-IL-6]. amended as part of
Treasury and the Public Law 116-__
Attorney General (H.R. 6395, NDAA).
to jointly conduct
a study on the
efforts of
authoritarian
regimes in foreign
countries to
exploit the
financial system
of the United
States, and for
other purposes.
H.R. 8816....................... To amend subchapter 11/24/2020 Rep. McAdams, Ben 1/1/2021--Became law as
II of chapter 53 [D-UT-4]. amended as part of
of title 31, Public Law 116-__
United States Code (H.R. 6395, NDAA).
to require
training for Bank
Secrecy Act
Federal examiners
on anti-money
laundering and
countering the
financing of
terrorism, and for
other purposes.
H.J. Res. 90.................... Providing for 6/11/2020 Rep. Waters, Maxine 6/26/2020--Passed the
congressional [D-CA-43]. House by record vote
disapproval under 230-179.
chapter 8 of title
5, United States
Code, of the rule
submitted by the
Office of the
Comptroller of the
Currency relating
to ``Community
Reinvestment Act
Regulations''.
S. 914.......................... Coordinated Ocean 3/27/2019 Sen. Rounds, Mike 12/3/2020--Passed the
Observations and [R-SD]. House by voice vote.
Research Act of 1/1/2021--Became Public
2020. Law 116-__.
S. 2725......................... Native American 10/29/2019 Sen. Rounds, Mike 12/27/2020--Became law
Housing [R-SD]. as part of Public Law
Affordability Act 116-__ (H.R. 133,
of 2019. Appropriations 2021).
----------------------------------------------------------------------------------------------------------------
OVERSIGHT ACTIVITIES OF THE FULL COMMITTEE AND SUBCOMMITTEES
FULL COMMITTEE OVERSIGHT ACTIVITIES
The Full Committee held 115 hearings during the 116th
Congress, covering all of the areas of its jurisdiction. One of
the key new elements of the Committee's work was the creation
of a Subcommittee on Diversity and Inclusion and its focus on
these issues during its oversight activities. Every Full
Committee hearing touched in some way on these issues.
Covid-19 Pandemic Response
The catastrophic and deadly Coronavirus 2019 (Covid-19)
pandemic struck the United States during the 116th Congress,
shifting the agenda of the Committee to examine the Trump
Administration's overall response, with more specific topics
addressed below. The Committee conducted the following hearings
that examined the actions of the Administration. Prior to the
adoption of House rules relating to remote or virtual hearings,
the Committee held a number of briefings and virtual
roundtables on the pandemic and its effects.
On June 30, 2020, the Full Committee held a hearing
entitled, ``Oversight of the Treasury's Department and Federal
Reserve's Pandemic Response.'' Witnesses were the Secretary of
the Treasury, Steven T. Mnuchin, and Chairman of the Federal
Reserve, Jerome Powell.
On July 23, 2020, the Full Committee held a hearing
entitled, ``The Heroes Act: Providing for a Strong Economic
Recovery from COVID-19.'' Witnesses were the Honorable Shaun
Donovan, former Secretary, U.S. Department of Housing and Urban
Development, and former Director, U.S. Office of Management and
Budget; the Honorable Robert Reich, Carmel P. Friesen's
Professor of Public Policy, Goldman School of Public Policy,
University of California, Berkeley, and former Secretary, U.S.
Department of Labor; Mr. John W. Rogers, Jr., Chairman, Co-CEO
& Chief Investment Officer, Ariel Investments; and Mr. Steven
Davis, Labor Economist, William H. Abbot Professor of
International Business and Economics, The University of Chicago
Booth School of Business.
On September 10, 2020, the Full Committee held a hearing
entitled, ``The Need for Financial Aid to America's States and
Territories During the Pandemic: Supporting First Responders,
Assisting Schools in Their Efforts to Safely Educate, and
Preventing Mass Layoffs.'' Witnesses were the Honorable
Michelle Lujan Grisham, Governor of New Mexico; the Honorable
Tim Walz, Governor of Minnesota; the Honorable Laura Kelly,
Governor, of Kansas; the Honorable Lourdes ``Lou'' Leon
Guerrero, Governor of the Territory of Guam; and Douglas Holtz-
Eakin, President, American Action Forum.
On September 22, 2020, the Full Committee held a hearing
entitled, ``Oversight of the Treasury Department's and Federal
Reserve's Pandemic Response.'' Witnesses were the Secretary of
the Treasury, Steven T. Mnuchin, and Chairman of the Federal
Reserve, Jerome Powell.
On December 2, 2020, the Full Committee held a hearing
entitled, ``Oversight of the Treasury Department's and Federal
Reserve's Pandemic Response.'' Witnesses were the Secretary of
the Treasury, Steven T. Mnuchin, and Chairman of the Federal
Reserve, Jerome Powell.
Consumer Protection, Financial Institutions and Activities of Megabanks
On February 26, 2019, the Full Committee held a two-panel
hearing entitled, ``Who's Keeping Score? Holding Credit Bureaus
Accountable and Repairing a Broken System.'' The witnesses for
the first panel were Mr. Mark Begor, CEO, Equifax; and Mr.
James M. Peck, President and CEO, TransUnion. The witnesses for
the second panel were Ms. Lisa Rice, President and CEO,
National Fair Housing Alliance; Ms. Chi Chi Wu, Staff Attorney,
National Consumer Law Center; Ms. Jennifer Brown, Associate
Director, Economic Policy, UnidosUS; Mr. Edmund Mierzwinski,
Consumer Program Director, U.S. Public Interest Research Group;
Mr. Thomas P. Brown, Partner, Paul Hastings; and Mr. Craig
Boundy, CEO, Experian North America.
On March 12, 2019, the Full Committee held a hearing
entitled, ``Holding Megabanks Accountable: An Examination of
Wells Fargo's Pattern of Consumer Abuses.'' The sole witness at
this hearing was Timothy J. Sloan, President and Chief
Executive Officer of Wells Fargo & Company.
On April 10, 2019, the Full Committee held a hearing
entitled, ``Holding Megabanks Accountable: A Review of Global
Systemically Important Banks 10 years after the Financial
Crisis.'' The witnesses were Mr. Michael L. Corbat, Chief
Executive Officer, Citigroup; Mr. James Dimon, Chairman & Chief
Executive Officer, JP Morgan Chase & Company; Mr. James P.
Gorman, Chairman & Chief Executive Officer, Morgan Stanley; Mr.
Brian T. Moynihan, Chairman & Chief Executive Officer, Bank of
America; Mr. Ronald P. O'Hanley, President & Chief Executive
Officer, State Street Corporation; Mr. Charles W. Scharf,
Chairman & Chief Executive Officer, Bank of New York Mellon;
and Mr. David M. Solomon, Chairman & Chief Executive Officer,
Goldman Sachs.
On May 16, 2019, the Full Committee held a hearing
entitled, ``Oversight of Prudential Regulators: Ensuring the
Safety, Soundness and Accountability of Megabanks and Other
Depository Institutions.'' Witnesses were the Honorable Rodney
Hood, Chairman, National Credit Union Administration; the
Honorable Jelena McWilliams, Chairman, Federal Deposit
Insurance Corporation; the Honorable Joseph Otting,
Comptroller, Office of the Comptroller of the Currency; and the
Honorable Randal Quarles, Vice Chairman of Supervision, Board
of Governors of the Federal Reserve System.
On July 17, 2019, Full Committee held a two-panel hearing
entitled, ``Examining Facebook's Proposed Cryptocurrency and
Its Impact on Consumers, Investors, and the American Financial
System.'' The sole witness for the first panel was David
Marcus, Chief Executive Officer, Calibra. Witnesses for the
second panel were Chris Brummer, Agnes N. Williams Research
Professor Director, Institute of International Economic Law,
Georgetown University Law Center; Katharina Pistor, Edwin B.
Parker Professor of Comparative Law at Columbia Law School; the
Honorable Gary Gensler, Professor of the Practice of Global
Economics and Management, MIT Sloan School of Management,
Senior Advisor to the Director, MIT Media Lab, & Co, Director
of MIT's Fintech@CSAIL; Robert Weisman, President, Public
Citizen; and Meltem Demirors, Chief Strategy Officer,
CoinShares.
On July 24, 2019, the Full Committee held a hearing
entitled, ``The Next Megabank? Examining the Proposed Merger of
SunTrust and BB&T.'' The witnesses were Mr. Kelly S. King,
Chairman & Chief Executive Officer, BB&T Corporation; and Mr.
William H. Rogers, Jr., Chairman & Chief Executive Officer,
SunTrust Banks, Incorporated.
On September 10, 2019, the Full Committee held a hearing
entitled, ``A $1.5 Trillion Crisis: Protecting Student
Borrowers and Holding Student Loan Servicers Accountable.''
Witnesses were Seth Frotman, Executive Director, Student
Borrower Protection Center; Persis Yu, Staff Attorney, National
Consumer Law Center; Ashley Harrington, Senior Policy Counsel,
Center for Responsible Lending; Hasan Minhaj, Writer, Producer,
and Host; and Jason Delisle, Resident Fellow, American
Enterprise Institute.
On September 26, 2019, the Full Committee held a hearing
entitled, ``Examining Legislation to Protect Consumers and
Small Business Owners from Abusive Debt Collection Practices.''
Witnesses were the Honorable Rohit Chopra, Commissioner,
Federal Trade Commission; the Reverend Dr. Cassandra Gould,
Pastor, Quinn Chapel A.M.E. Church (Jefferson City, MO) and
Executive Director, Missouri Faith Voices; Ms. Bhairavi Desai,
Executive Director, New York Taxi Workers Alliance; Ms. April
Kuehnhoff, Staff Attorney, National Consumer Law Center;
Professor DaliJimnez, Professor of Law, University of
California, Irvine School of Law; Ms. Sarah Auchterlonie,
Shareholder, Brownstein Hyatt Farber Schreck; and Mr. John H.
Bedard, Jr., Owner, Bedard Law Group, P.C.
On October 16, 2019, the Full Committee held a hearing
entitled, ``Who Is Standing Up for Consumers? A Semi-Annual
Review of the Consumer Financial Protection Bureau.'' The sole
witness at this hearing was the Honorable Kathy Kraninger,
Director of the Consumer Financial Protection Bureau.
On October 23, 2019, the Full Committee held a hearing
entitled, ``An Examination of Facebook and Its Impact on the
Financial Services and Housing Sectors.'' The sole witness at
this hearing was Mark Zuckerberg, the Chairman and Chief
Executive Officer of Facebook.
On December 4, 2019, the Full Committee held a hearing
entitled, ``Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions.'' The witnesses at this hearing were the
Honorable Rodney Hood, Chairman, National Credit Union
Administration; the Honorable Jelena McWilliams, Chairman,
Federal Deposit Insurance Corporation; the Honorable Randal
Quarles, Vice Chairman of Supervision, Board of Governors of
the Federal Reserve System; and the Honorable Joseph M. Otting,
Comptroller, Office of the Comptroller of the Currency.
On January 29, 2020, the Full Committee held a hearing
entitled, ``The Community Reinvestment Act: Is the OCC
Undermining the Law's Purpose and Intent?'' The sole witness at
this hearing was the Honorable Joseph M. Otting, Comptroller of
the Currency, Office of the Comptroller of the Currency.
On February 5, 2020, the Full Committee held a hearing
entitled, ``Rent-A-Bank Schemes and New Debt Traps: Assessing
Efforts to Evade State Consumer Protections and Interest Rate
Caps.'' Witnesses were the Honorable Monique Limon, Chair,
Banking & Finance Committee, California State Assembly;
Graciela Aponte-Diaz, Director of Federal Campaigns, Center for
Responsible Lending; Creola Johnson, Professor, The Ohio State
University Moritz College of Law; Lauren Saunders, Associate
Director, National Consumer Law Center; and Brian Knight,
Director and Senior Research Fellow, Program on Innovation and
Governance, Mercatus Center at George Mason University.
On February 6, 2020, the Full Committee held a hearing
entitled, ``Protecting Consumers or Allowing Consumer Abuse? A
Semi-Annual Review of the Consumer Financial Protection
Bureau.'' The sole witness at this hearing was the Honorable
Kathy Kraninger, Director of the Consumer Financial Protection
Bureau.
On March 10, 2020, the Full Committee held a hearing
entitled, ``Holding Wells Fargo Accountable: CEO Perspectives
on Next Steps for the Bank that Broke America's Trust.'' The
sole witness at this hearing was Charles W. Scharf, Chief
Executive Officer and President, Wells Fargo & Company.
On March 11, 2020, the Full Committee held a hearing
entitled, ``Holding Wells Fargo Accountable: Examining the Role
of the Board of Directors in the Bank's Egregious Pattern of
Consumer Abuses.'' The witnesses were Ms. Elizabeth A. Duke,
Chair, Wells Fargo & Company; and Mr. James H. Quigley,
Independent Chairman, Wells Fargo Bank, N.A.
On July 30, 2020, the Full Committee held a hearing
entitled, ``Protecting Consumers During the Pandemic? An
Examination of the Consumer Financial Protection Bureau.'' The
sole witness for this hearing was the Honorable Kathy
Kraninger, Director of the Consumer Financial Protection
Bureau.
Highlighting Diversity and Inclusion
On June 20, 2019, the Full Committee held a hearing
entitled, ``Diversity in the Boardroom: Examining Proposals to
Increase the Diversity of America's Boards.'' The witnesses
were Ms. Chelsea Gurkin, Acting Director, Education, Workforce
and Income Security Team, U.S. Government Accountability
Office; Mr. Luke Visconti, Founder and Chairman, DiversityInc;
Mr. Ron Lumbra, Managing Partner, Heidrick and Struggles; Ms.
Linda Akutagawa, Chair, Alliance for Board Diversity;
Ambassador Vilma Martinez (Retired); and Dr. Stephanie Creary,
Assistant Professor of Management, Wharton School of Business,
University of Pennsylvania.
Protecting Investors and Promoting Fair Capital Markets and
Entrepreneurship
On September 24, 2019, the Full Committee held a hearing
entitled, ``Oversight of the Securities and Exchange
Commission: Wall Street's Cop on the Beat.'' The witnesses were
the Honorable Jay Clayton, Chairman, U.S. Securities and
Exchange Commission; the Honorable Robert J. Jackson Jr.,
Commissioner, U.S. Securities and Exchange Commission; the
Honorable Hester M. Peirce, Commissioner, U.S. Securities and
Exchange Commission; the Honorable Elad L. Roisman,
Commissioner, U.S. Securities and Exchange Commission; and the
Honorable Allison Herren Lee, Commissioner, U.S. Securities and
Exchange Commission.
On November 19, 2019, the Full Committee held a hearing
entitled, ``America for Sale? An Examination of the Practices
of Private Funds.'' The witnesses were Eileen Appelbaum, Co-
Director, Center for Economic and Policy Research; Wayne Moore,
Trustee, Los Angeles County Employee Retirement Association;
Giovanna De La Rosa, United for Respect, and former Toys ``R''
Us Employee; Drew Maloney, President and CEO, American
Investment Council; and Brett Palmer, President, Small Business
Investor Alliance.
On November 12, 2020, the Full Committee held a hearing
entitled, ``Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions during the Pandemic.'' The witnesses were Mr.
Brian Brooks, Acting Comptroller of the Currency, Office of the
Comptroller of the Currency; the Honorable Rodney Hood,
Chairman, National Credit Union Administration; the Honorable
Jelena McWilliams, Chairman, Federal Deposit Insurance
Corporation; and the Honorable Randal Quarles, Vice Chairman of
Supervision, Board of Governors of the Federal Reserve System.
Promoting Fair and Affordable Housing, Community Development, and
Affordable Insurance
On February 13, 2019, the Full Committee held a hearing
entitled, ``Homeless in America: Examining the Crisis and
Solutions to End Homelessness.'' The witnesses were Ann Marie
Oliva, Senior Policy Advisor, Corporation for Supportive
Services; Nan Roman, President and CEO, National Alliance to
End Homelessness; Joshua Stewart, Director of Policy, National
Coalition for Homeless Veterans; Justin T. Rush, Public Policy
Director, True Colors Fund; Carolyn Darley, Speaker Advocate,
National Coalition for the Homelessness; and David S. Lucas,
Ph.D., Postdoctoral Research Fellow, Institute for an
Entrepreneurial Society, Whitman School of Management, Syracuse
University.
On March 13, 2019, the Full Committee held a two-panel
hearing entitled, ``Preparing for the Storm: Reauthorization of
the National Flood Insurance Program.'' The witnesses for the
first panel were the Honorable Sean P. Duffy; the Honorable
Garret Graves; the Honorable Blaine Luetkemeyer; the Honorable
Frank Pallone; the Honorable Bill Pascrell; and the Honorable
Steve Scalise. The witnesses for the second panel were Maria
Cox Lamm, South Carolina Department of Natural Resources, on
behalf of the Association of State Flood Plain Managers;
Christopher Heidrick, Heidrick & Company Insurance and Risk
Management Services, LLC, on behalf of the Independent
Insurance Agents and Brokers of America; Velma Smith, Senior
Officer, The Pew Charitable Trusts; Mabel Guzman, Broker,
@properties, on behalf of the National Association of Realtors;
Collin O'Mara, President and Chief Executive Officer, National
Wildlife Federation, on behalf of the SmarterSafer Coalition;
and Raymond J. Lehmann, Director of Finance, Insurance and
Trade Policy, R Street Institute.
On April 2, 2019, the Full Committee held a hearing
entitled, ``The Fair Housing Act: Reviewing Efforts to
Eliminate Discrimination and Promote Opportunity in Housing.''
The witnesses were Debby Goldberg, Vice President, Housing
Policy and Special Projects, National Fair Housing Alliance;
Cashauna Hill, Executive Director, Greater New Orleans Fair
Housing Action Center; Kierra Johnson, Deputy Executive
Director, National LGBTQ Task Force; Skylar Olsen, Director of
Economic Research & Outreach, Zillow Group; and Salim Furth,
Ph.D., Senior Research Fellow, Mercatus Center, George Mason
University.
On April 30, 2019, the Full Committee held a hearing
entitled, ``Housing in America: Assessing the Infrastructure
Needs of America's Housing Stock.'' The witnesses were Ms.
Diane Yentel, President and CEO of the National Low Income
Housing Coalition; Ms. Adrianne Todman, CEO of the National
Association of Housing and Redevelopment Officials; Mr. Steven
Lawson, Chairman of The Lawson Companies and representative
from the National Association of Home Builders; and Mr. Daryl
Carter, Founder, Chairman and CEO of Avantha Capital, on behalf
of the National Multifamily Housing Council and the National
Apartment Association.
On May 21, 2019, the Full Committee held a hearing
entitled, ``Housing in America: Oversight of the Department of
Housing and Urban Development.'' The sole witness at this
hearing was the Honorable Dr. Benjamin S. Carson, Secretary,
U.S. Department of Housing and Urban Development.
On August 14, 2019, the Full Committee held a three-panel
hearing entitled, ``Examining the Homelessness Crisis in Los
Angeles.'' The witnesses for the first panel were Christina
Miller, Deputy Mayor for City Homeless Initiatives, Office of
Los Angeles Mayor; Peter Lynn, Executive Director, Los Angeles
Homeless Services Authority; Margarita Lares, Chief Program
Officer, Housing Authority of the City of Los Angeles; Monique
King-Viehland, Executive Director, Los Angeles County
Development Authority; Kevin Murray, Former State Senator and
President and Chief Executive Officer, The Weingart Center; and
Phil Ansell, Director, Los Angeles County Homeless Initiative.
The witnesses for the second panel were Tim Watkins, President
and Chief Executive Officer, Watts Labor Community Action
Committee; Joe Horiye, Western Region Program Vice President,
Local Initiatives Support Corporation; Becky Dennison,
Executive Director, Venice Community Housing; Isela Gracian,
President, East LA Community Corporation; Anthony Haynes, Speak
Up! Advocate, Corporation for Supportive Housing; Erika
Hartman, Chief Program Officer, Downtown Women's Center;
Chancela Al-Mansour, Executive Director, Housing Rights Center;
Alma Vizcaino, Speaker, Downtown Women's Center, on behalf of
Domestic Violence Homeless Services Coalition Advocate; and
Dora Leong Gallo, President and Chief Executive Officer, A
Community of Friends. The sole witness for the third panel was
Eric Garcetti, Mayor of the city of Los Angeles.
On October 22, 2019, the Full Committee held a hearing
entitled, ``The End of Affordable Housing? A Review of the
Trump Administration's Plans to Change Housing Finance in
America.'' The witnesses were the Honorable Steven T. Mnuchin,
Secretary, U.S. Department of the Treasury; the Honorable Dr.
Benjamin S. Carson, Secretary, U.S. Department of Housing and
Urban Development; and the Honorable Dr. Mark A. Calabria,
Director, Federal Housing Finance Agency.
On January 14, 2020, the Full Committee held a hearing
entitled, ``On the Brink of Homelessness: How the Affordable
Housing Crisis and the Gentrification of America Is Leaving
Families Vulnerable.'' The witnesses were Karen Chapple,
Professor and Chair of the Department of City and Regional
Planning, University of California, Berkley; Matthew Desmond,
Maurice P. During Professor of Sociology & Director of the
Eviction Lab, Princeton University; Priya Jayachandran,
President, National Housing Trust; Jeffrey Williams, Tenant
Advocate; and Mr. Michael Hendrix, Director of State and Local
Policy, Manhattan Institute.
On September 16, 2020, the Full Committee held a hearing
entitled, ``Prioritizing Fannie's and Freddie's Capital over
America's Homeowners and Renters? A Review of the Federal
Housing Finance Agency's Response to the COVID-19 Pandemic.''
The sole witness at this hearing was the Honorable Dr. Mark A.
Calabria, the Director of the Federal Housing Finance Agency.
Monetary Policy and Financial Stability
On February 27, 2019, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
sole witness at this hearing was the Honorable Jerome H.
Powell, Chairman, Board of Governors of the Federal Reserve
System.
On July 10, 2019, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
sole witness at this hearing was the Honorable Jerome H.
Powell, Chairman, Board of Governors of the Federal Reserve
System.
On December 5, 2019, the Full Committee held a hearing
entitled, ``Promoting Financial Stability? Reviewing the
Administration's Deregulatory Approach to Financial
Stability.'' The sole witness at this hearing was the Honorable
Steven T. Mnuchin, Secretary, U.S. Department of the Treasury,
and Chairperson, Financial Stability Oversight Council.
On February 11, 2020, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
sole witness at this hearing was the Honorable Jerome H.
Powell, Chairman, Board of Governors of the Federal Reserve
System.
On June 17, 2020, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
sole witness at this hearing was the Honorable Jerome H.
Powell, Chairman, Board of Governors of the Federal Reserve
System.
National Security and International Development
On April 9, 2019, the Full 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 at this hearing was the Honorable Steven T.
Mnuchin, Secretary of the U.S. Department of the Treasury.
On May 22, 2019, the Full Committee held a hearing
entitled, ``The Annual Testimony of the Secretary of the
Treasury on the State of the International Financial System--
Part II.'' The sole witness at this hearing was the Honorable
Steven T. Mnuchin, Secretary of the U.S. Department of the
Treasury.
On June 4, 2019, the Full Committee held a hearing
entitled, ``Promoting American Jobs: Reauthorization of the
U.S. Export-Import Bank.'' The witnesses at this hearing were
Linda Menghetti Dempsey, Vice President, International Economic
Affairs, National Association of Manufacturers; Owen
Herrnstadt, Chief of Staff to the International President,
International Association of Machinists & Aerospace Workers;
David Hinson, Vice President, Institute for Diversity &
Emerging Business, U.S. Chamber of Commerce; Roy Kamphausen,
Senior Vice President for Research, The National Bureau of
Asian Research; Archana Sharma, Chief Executive Officer, AKAS
Tex, LLC; and Steven Wilburn, Chief Executive Officer,
FirmGreen Incorporated.
SUBCOMMITTEE ACTIVITIES
SUBCOMMITTEE ON CONSUMER PROTECTION AND FINANCIAL INSTITUTIONS
On April 9, 2019, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ``The
Community Reinvestment Act: Assessing the Law's Impact on
Discrimination and Redlining.'' The witnesses at this hearing
were Mr. Jesse Van Tol, Chief Executive Officer, National
Community Reinvestment Coalition; Ms. Mehrsa Baradaran,
Associate Dean for Strategic Initiatives & Robert Cotten Alston
Chair in Corporate Law, University of Georgia School of Law;
Mr. Clint Odom, Senior Vice President Policy and Advocacy and
Washington Bureau Executive Director, National Urban League;
Mr. Benson Doyle Mitchell, Jr. President and Chief Executive
Officer, Industrial Bank, Representative of National Bankers
Association; Mr. Aaron Glantz, Senior Reporter, Reveal from The
Center for Investigative Reporting; and Mr. Benson F. ``Buzz''
Roberts, President and Chief Executive Officer, National
Association of Affordable Housing Lenders.
On April 30, 2019, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ``Ending
Debt Traps in the Payday and Small Dollar Credit Industry.''
The witnesses at this hearing were Rev. Dr. Frederick Douglass
Haynes, III, Senior Pastor, Friendship-West Baptist Church;
Kenneth Whittaker, Activist and Former payday loan consumer;
Diane Standaert, Executive Vice President and Director of State
Policy, Center for Responsible Lending; Todd Ortique McDonald,
Vice President and Board Director, Liberty Bank & Trust
Company, representing the National Bankers Association;
Christopher Lewis Peterson, John J. Flynn Endowed Professor of
Law, University of Utah, S.J. Quinney College of Law, and
Director of Financial Services and Senior Fellow, Consumer
Federation of America; Garry Lacy Reeder II, Vice President,
Policy and Innovation, Center for Financial Services
Innovation; Robert Sherrill, Chief Executive Officer, Imperial
Cleaning Systems; and Diego Zuluaga, Policy Analyst, Center for
Monetary and Financial Alternatives, Cato Institute.
On June 4, 2019, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ``Emerging
Threats to Stability: Considering the Systemic Risk of
Leveraged Lending.'' The witnesses at this hearing were Erik F.
Gerding, Professor of Law & Wolf-Nichol Fellow, University of
Colorado Law School; Victoria Ivashina, Lovett-Learned Chaired
Professor of Finance, Harvard Business School; Gaurav Vasisht,
Senior Vice President and Director, Financial Regulation
Initiatives, The Volcker Alliance; and Gregory Nini, Assistant
Professor of Finance, LeBow College of Business, Drexel
University.
On September 25, 2019, the Subcommittee on Consumer
Protection and Financial Institutions held a hearing entitled,
``Promoting Financial Stability: Assessing Threats to the U.S.
Financial System.'' The witnesses at this hearing were the
Honorable Dino Falaschetti, Director, Office of Financial
Research, U.S. Department of the Treasury; and the Honorable
Lael Brainard, Governor, Board of Governors of the Federal
Reserve System.
On October 22, 2019, the Subcommittee on Consumer
Protection and Financial Institutions held a hearing entitled,
``An Examination of the Decline of Minority Depository
Institutions and the Impact on Underserved Communities.'' The
witnesses at this hearing were Kenneth Kelly, Chairman and
Chief Executive Officer, First Independence Bank, and Chair,
National Bankers Association; Jill Sung, Chief Executive
Officer, Abacus Federal Savings Bank, and Chair, Independent
Community Bankers Association's Minority Bank Council; Mara
Falero, Vice President of Marketing and Communication,
Jetstream Federal Credit Union, representing the National
Association of Federally-Insured Credit Unions; Jeff Bowman,
President and Chief Executive Officer, Bay Bank; and Aron
Betru, Managing Director, Center for Financial Markets, Milken
Institute.
On November 20, 2019, the Subcommittee on Consumer
Protection and Financial Institutions held a hearing entitled,
``An Examination of Regulators'' Efforts to Preserve and
Promote Minority Depository Institutions.'' The witnesses at
this hearing were Beverly Cole, Deputy Comptroller for the
Northeastern District and Designated Federal Officer for the
Minority Depository Institutions Advisory Committee, Office of
the Comptroller of the Currency; Betty Rudolph, National
Director for MDIs and CDFIs, Federal Deposit Insurance
Corporation; Arthur W. Lindo, Deputy Director, Division of
Supervision and Regulation, Board of Governors of the Federal
Reserve System; and Martha Ninichuk, Director of the Office of
Credit Union Resources and Expansion, National Credit Union
Administration.
On January 14, 2020, the Subcommittee on Consumer
Protection and Financial Institutions held a hearing entitled,
``The Community Reinvestment Act: Reviewing Who Wins and Who
Loses with Comptroller Otting's Proposal.'' The witnesses were
Ms. Gerron Levi, Director, Policy & Government Affairs,
National Community Reinvestment Coalition; Mr. Eric Rodriguez,
Senior Vice President, Policy and Advocacy, UnidosUS; Ms.
Paulina Gonzalez-Brito, Executive Director of California
Reinvestment Coalition Institute; Ms. Hope Knight, President &
CEO, Greater Jamaica Development Corporation; and Ms. Faith
Bautista, President & CEO, National Diversity Coalition.
On March 6, 2020, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ``Modern-
Day Redlining: The Burden on Underbanked and Excluded
Communities in New York.'' The witnesses were Jaime Weisberg,
Senior Campaign Analyst, Association for Neighborhood and
Housing Development (ANHD); Annetta Seecharran, Executive
Director, Chhaya CDC; Cathie Mahon, President and Chief
Executive Officer, Inclusiv; Noel Andres Poyo, Executive
Director, National Association For Latino Community Asset
Builders (NALCAB); Bruce Marks, Chief Executive Officer,
Neighborhood Assistance Corporation of America (NACA); and Kim
Saunders, President and Chief Executive Officer, National
Bankers Association (NBA).
On June 3, 2020, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ``Promoting
Inclusive Lending During the Pandemic: Community Development
Financial Institutions and Minority Depository Institutions.''
The witnesses were Ms. Lisa Mensah, President and Chief
Executive Officer, Opportunity Finance Network; Mr. Michael T.
Pugh, President, Chief Executive Officer and Board Member,
Carver Federal Savings Bank; Mr. Samuel C. Scott, Chairman,
Black Chicago Tomorrow, and Co-Chair, American Business
Immigration Coalition; and Mr. James H. Sills III, President
and Chief Executive Officer, M&F Bank, on behalf of the
Independent Community Bankers of America.
SUBCOMMITTEE ON DIVERSITY AND INCLUSION
On February 27, 2019, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``An Overview of Diversity
Trends in the Financial Services Industry.'' The sole witness
at this hearing was Daniel Garcia-Diaz, Director, Financial
Markets and Community Investment, U.S. Government
Accountability Office.
On May 1, 2019, the Subcommittee on Diversity and Inclusion
held a hearing entitled, ``Good for the Bottom Line: A Review
of the Business Case for Diversity and Inclusion.'' The
witnesses were Rick Guzzo, Senior Leader, Workforce Strategy,
Mercer; Victoria Budson, Co-Director, Women and Public Policy
Program, Kennedy School, Harvard University; Adrienne Trimble,
President, National Minority Supplier Development Council;
William Von Hoene, Jr., Chief Strategy Officer, Exelon; and
Rory Verrett, Founder and Managing Partner, Protege Search.
On June 25, 2019, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Diverse Asset Managers:
Challenges, Solutions and Opportunities for Inclusion.'' The
witnesses were Juan Martinez, Vice President/Chief Executive
Officer and Treasurer, Knight Foundation; John Rogers,
Chairman, CEO & Chief Investment Officer, Ariel Investments;
Brenda Chia, Founding Board Member & Co-Chair, Association of
Asian American Investment Managers (AAAIM); Angela Miller-May,
Chief Investment Officer, Chicago Teachers' Pension Fund;
Meredith Jones, Investment researcher and Author.
On September 24, 2019, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Examining the Racial and
Gender Wealth Gap in America.'' Witnesses were Kilolo Kijakazi,
Director, Institute Fellow, Urban Institute; Dedrick Asante-
Muhammad, Chief of Race, Wealth and Community, National
Community Reinvestment Coalition; Mariko Chang, Researcher,
Author, and President, Mariko Chang Consulting, Inc.; Sally
Krawcheck, Co-Founder and Chief Executive Officer, Ellevest;
and Lisa Cook, Professor of Economics, Michigan State
University.
On October 17, 2019, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Promoting Inclusion:
Examining the Need for Diversity Practices for America's
Changing Workforce.'' The witnesses were Bernard Guinyard,
Director of Diversity and Inclusion, Goodwin Ruchika Tulshyan,
Diversity and Inclusion Strategist and Author; Patricia Mota,
President and CEO, Hispanic Alliance for Career Advancement;
Mr. Rod Graves, Executive Director, Fritz Pollard Alliance
Foundation; and Dr. Laura Sherbin, Managing Director of
Culture@Work.
On February 12, 2020, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``A Review of Diversity and
Inclusion at America's Large Banks.'' The witnesses were
Kenneth Bentsen, President and Chief Executive Officer,
Securities Industry and Financial Markets Association (SIFMA)
Diversity and Inclusion Council; Dr. Naomi Mercer, Senior Vice
President, Diversity, Equity and Inclusion, American Bankers
Association (ABA); Rawan Elhalaby, Senior Economic Equity
Program Manager, The Greenlining Institute Subha Barry,
President, Working Mother Media; Joseph Vaughan, Executive
Director, Corporate Diversity and Inclusion Forum; and Dr. Gail
Greenfield, Principal, Workforce Strategy and Analytics,
Mercer.
On July 9, 2020, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Access Denied: Challenges
for Women- and Minority-Owned Businesses Accessing Capital and
Financial Services During the Pandemic.'' The witnesses were
Carmen Castillo, Chairwoman of the Board of Directors, U.S.
Hispanic Chamber of Commerce; Ron Busby Sr., President and CEO
of the U.S. Black Chambers, Inc.; Jenell Ross, President, Bob
Ross Auto Group; and Karen Kerrigan, President and CEO, SBE
Council.
On September 8, 2020, the Subcommittee on Diversity and
Inclusion held a two-panel hearing entitled, ``Holding
Financial Regulators Accountable for Diversity and Inclusion:
Perspectives from the Offices of Minority and Women
Inclusion.'' The witnesses for the first panel were Joyce
Cofield, Executive Director, Office of Minority and Women
Inclusion (OMWI), Office of the Comptroller of Currency (OCC);
Sheila Clark, Director, OMWI, Board of Governors of the Federal
Reserve System (Fed); Lacey Dingman, Director, OMWI, Federal
Reserve Bank of New York (FRBNY); Nikita Pearson, Acting
Director, OMWI, Federal Deposit Insurance Corporation (FDIC);
and Monica Davy, Director, OMWI, National Credit Union
Administration (NCUA). The witnesses for the second panel were
Lorraine Cole, Director, OMWI, U.S. Department of the Treasury
(Treasury); Pamela Gibbs, Director, OMWI, U.S. Securities and
Exchange Commission (SEC); Sharron Levine, Director, OMWI,
Federal Housing Finance Agency (FHFA); and Lora McCray,
Director, OMWI, Consumer Financial Protection Bureau (CFPB).
SUBCOMMITTEE ON HOUSING, COMMUNITY DEVELOPMENT AND INSURANCE
On April 2, 2019, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``The
Affordable Housing Crisis in Rural America: Assessing the
Federal Response.'' The witnesses were Gideon Anders, Senior
Staff Attorney, National Housing Law Project; Stan Keasling,
President, National Rural Housing Coalition; David Lipsetz,
Chief Executive Officer, Housing Assistance Council; Andres
Saavedra, Senior Program Officer, Rural Local Initiatives
Support Corporation; and Tanya Eastwood, President, Council for
Affordable and Rural Housing.
On May 8, 2019, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``A Review
of the State of and Barriers to Minority Homeownership.'' The
witnesses were Alanna McCargo, Vice President, Housing Finance
Policy, the Urban Institute; Nikitra Bailey, Executive Vice
President, Center for Responsible Lending; Joseph Nery,
Partner, Nery & Richardson LLC and Past President of the
National Association of Hispanic Real Estate Professionals
(NAHREP), current National Board Member; Jeffrey Hicks,
President, National Association of Real Estate Brokers; Carmen
Castro-Conroy, Managing Counselor, Montgomery County, Housing
Initiative Partnership, Inc.; JoAnne Poole, 2019 Vice Chair,
Multicultural Real Estate Leadership Advisory Group, National
Association of Realtors; and Joel Griffith, Research Fellow,
Financial Regulations, the Heritage Foundation.
On June 20, 2019, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``What's
Your Home Worth? A Review of the Appraisal Industry.'' The
witnesses were David S. Bunton, President, The Appraisal
Foundation; Stephen S. Wagner, Senior Appraiser, Terzo &
Bologna, Inc., on behalf of the Appraisal Institute; Jeff
Dickstein, Chief Compliance Office, Pro Teck Valuation
Services, on behalf of the Real Estate Valuation Advocacy
Association; Andre Perry, David M. Rubenstein Fellow,
Metropolitan Policy Program, the Brookings Institute; and Joan
N. Trice, Founder, Collateral Risk Network.
On September 25, 2019, the Subcommittee on Housing,
Community Development and Insurance held a hearing entitled,
``Protecting Seniors: A Review of the FHA's Home Equity
Conversion Mortgage (HECM) Program.'' The witnesses were Sarah
Bolling Mancini, Staff Attorney, National Consumer Law Center;
Alicia Puente Cackley, Director, Financial Markets and
Community Investment, Government Accountability Office (GAO);
Peter H. Bell, President & Chief Executive Officer, National
Reverse Mortgage Lenders Association (NRMLA); and Laurie
Goodman, Vice President, Housing Financial Policy, Urban
Institute.
On October 16, 2019, the Subcommittee on Housing, Community
Development and Insurance held a joint hearing entitled,
``Protecting America: The Reauthorization of the Terrorism Risk
Insurance Program.'' The witnesses were Chlora Lindley-Myers,
Director, Missouri Department of Commerce and Insurance, on
behalf of the National Association of Insurance Commissioners;
Dawn Dinkins, COO, Reinsurance of AXA XL, on behalf of
Reinsurance Association of America; Joe Carter, Acting CEO,
United Educators, on behalf of the American Property Casualty
Insurance Association; John Doyle, President & CEO, Marsh; and
Baird Webel, Specialist in Financial Economics, Congressional
Research Service.
On November 20, 2019, the Subcommittee on Housing,
Community Development and Insurance held a hearing entitled,
``Safe and Decent? Examining the Current State of Residents'
Health and Safety in HUD Housing.'' The witnesses were Susan
Rollins, Executive Director, Housing Authority of St. Louis
County; Margaret Salazar, Executive Director, Oregon Housing
and Community Services Department; Deborah Thrope, Deputy
Director, National Housing Law Project; Geraldine Collins,
Board President, National Alliance of HUD Tenants; Shalonda
Rivers, President and Resident, 22nd Avenue Apartment Tenants
Association; and the Honorable Orlando J. Cabrera, Partner,
Arnall Golden Gregory.
On December 5, 2019, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``An
Examination of the Federal Housing Administration and Its
Impact on Homeownership in America.'' The sole witness at this
hearing was the Honorable Brian D. Montgomery, Commissioner,
Federal Housing Administration.
On January 29, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Examining
the Availability of Insurance for Nonprofits.'' The witnesses
were J. Robert ``Bob'' Hunter, Director of Insurance, Consumer
Federation of America, Ivoree Robinson, Vice President,
Property & Casualty, ABD Insurance & Financial Services, Inc.,
Chlora Lindley-Myers, Director, Missouri Department of Commerce
& Insurance, on behalf of the National Association of Insurance
Commissioners, Pamela E. Davis, Founder, President and CEO,
Nonprofits Insurance Alliance, and Jon Bergner, Assistant Vice
President, Public Policy & Federal Affairs, National
Association of Mutual Insurance Companies
On February 5, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``A Future
Without Public Housing? Examining the Trump Administrations
Efforts to Eliminate Public Housing.'' The witnesses were Ann
Gass, Director of Strategic Housing Initiatives, Housing
Authority of the City of Austin; Bobby Collins, Executive
Director, Housing Authority of the City of Shreveport; Susan
Popkin, Director of the Urban Institute's HOST Initiative and
Institute Fellow at the Metropolitan Housing and Communities
Policy Center; Kate Walz, Vice President of Advocacy, Shriver
Center on Poverty Law; and Eugene Jones Jr., President and
Chief Executive Officer, Atlanta Housing Authority.
On March 4, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Drivers of
Discrimination: An Examination of Unfair Premiums, Practices,
and Policies in the Auto Insurance Industry.'' The witnesses
were Douglas Heller, Insurance Expert, Consumer Federation of
America; Elizabeth Kelleher Dwyer, Superintendent of Insurance,
the State of Rhode Island, on behalf of the National
Association of Insurance Commissioners; Eric Poe, CPA and Chief
Operating Office, CURE Auto Insurance; Sonja Larkin-Thorne,
Consumer Advocate (retired); and Erin Collins, Vice President-
State Affairs, National Association of Mutual Insurance
Companies.
On June 10, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``The Rent
Is Still Due: America's Renters, COVID-19 and an Unprecedented
Eviction Crisis.'' The witnesses were Cashauna Hill, Executive
Director, Louisiana Fair Housing Action Center; Mike Kingsella,
Executive Director, Up for Growth; Ann Oliva, Visiting Senior
Fellow, Center on Budget and Policy Priorities; and Jenny
Schuetz, Fellow, The Brookings Institution.
On November 19, 2020, the Subcommittee on Housing,
Community Development and Insurance held a hearing entitled,
``Insuring against a Pandemic: Challenges and Solutions for
Policyholders and Insurers.'' The witnesses were Ann Cantrell,
Owner, Annie's Blue Ribbon General Store, on behalf of the
National Retail Federation; John Doyle, President & Chief
Executive Officer, Marsh; Brian Kuhlmann, Chief Corporate
Counsel, Shelter Insurance, on behalf of APCIA and NAMIC;
Michelle Menendez McLaughlin, Chief Underwriting Officer, Chubb
North America; and R.J. Lehmann, Executive Editor and Senior
Fellow, International Center for Law and Economics.
SUBCOMMITTEE ON INVESTOR PROTECTION, ENTREPRENEURSHIP AND CAPITAL
MARKETS
On April 3, 2019, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
``Putting Investors First: Reviewing Proposals to Hold
Executives Accountable.'' The witnesses were John Coffee, Adolf
A. Berle Professor of Law, Director of the Center on Corporate
Governance at Columbia Law School; Melanie Lubin, Maryland
Securities Commissioner, on behalf of the North American
Securities Administrators Association, Inc (NASAA); Remington
A. Gregg, Counsel for Civil Justice and Consumer Rights, Public
Citizen; and Tom Quaadman, Executive Vice President, U.S.
Chamber Center for Capital Markets Competitiveness, Chamber of
Commerce of the United States of America.
On May 15, 2019, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
``Promoting Economic Growth: A Review of Proposals to
Strengthen the Rights and Protections for Workers.'' The
witnesses were Steve Clifford, Author and former CEO of King
Broadcasting Company; Heather Slavkin Corzo, J.D., Director of
Capital Markets Policy, AFL-CIO; Abigail E. Disney, Ph.D.,
President of Fork Films, and Chair & Co-founder of Level
Forward; Nili Gilbert, Co-founder & Portfolio Manager, Matarin
Capital Management; and James R. Copland, Senior Fellow and
Director, Legal Policy, Manhattan Institute for Policy
Research.
On June 19, 2019, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
``Putting Investors First: Examining Proposals to Strengthen
Enforcement Against Securities Law Violators.'' The witnesses
were Jordan A. Thomas, Partner, Labaton Sucharow; Urska
Velikonja, Professor of Law, Georgetown University Law Center;
Andrew N. Vollmer, Professor of Law, University of Virginia
School of Law; and Stephen Crimmins, Partner, Murphy &
McGonigle PC.
On July 10, 2019, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
``Building a Sustainable and Competitive Economy: An
Examination of Proposals to Improve Environmental, Social and
Governance Disclosures.'' The witnesses were Tim Mohin, Chief
Executive, Global Reporting Initiative (GRI); James Andrus,
Investment Manager-Financial Markets, Sustainable Investment,
CalPERS Investment Office; the Honorable Paul S. Atkins, Chief
Executive Officer, Patomak Global Partners; Degas A. Wright,
CFA, Chief Executive Officer, Decatur Capital Management, Inc.;
and Mindy S. Lubber, President and Chief Executive Officer,
Ceres.
On September 11, 2019, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ``Examining Private Market Exemptions as a
Barrier to IPOs and Retail Investment.'' The witnesses were
Renee Jones, Associate Dean for Academic Affairs and Professor
of Law, Boston College Law School; Elisabeth de Fontenay,
Professor of Law, Duke University School of Law; Mike Pieciak,
President, North American Securities Administrators
Association, and Vermont Commissioner of Financial Regulation,
Vermont Department of Financial Regulation; Dr. Andrew Lo,
Professor, Massachusetts Institute of Technology Sloan School
of Management; and Douglas Ellenoff, Partner, Ellenoff Grossman
& Schole LLP.
On October 17, 2019, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ``Examining Corporate Priorities: The Impact
of Stock Buybacks on Workers, Communities, and Investors.'' The
witnesses were Jesse M. Fried, Professor of Law, Harvard Law
School; Lenore Palladino, Senior Economist and Policy Counsel,
Roosevelt Institute; Janie Grice, United for Respect at
Walmart; Derik D. Coffey, CFA, Portfolio Specialist, Channing
Capital Management; and Mr. Craig Lewis Ph.D., Madison S.
Wigginton Professor of Finance and Professor of Law, Vanderbilt
University.
On January 15, 2020, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ``An Examination of the Financial Accounting
Standards Board and the Public Company Accounting Oversight
Board.'' The witnesses were Russell G. Golden, Chairman,
Financial Accounting Standards Board; and Willian D. Duhnke
III, Chairman, Public Company Accounting Oversight Board.
On June 25, 2020, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
``Capital Markets and Emergency Lending in the COVID-19 Era.''
The sole witness at this hearing was the Honorable Jay Clayton,
Chairman, U.S. Securities and Exchange Commission.
On July 14, 2020, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
``Promoting Economic Recovery: Examining Capital Markets and
Worker Protections in the COVID-19 Era.'' The witnesses were
the Honorable Dr. William E. Spriggs, Chief Economist, AFL-CIO;
Professor of Economics, Howard University; Anne Simpson,
Director of Board Governance and Strategy, California Public
Employees' Retirement System; Camille Busette, PhD, Senior
Fellow and Director of the Race, Prosperity, and Inclusion
Initiative, The Brookings Institution; and Neil L. Bradley,
Executive Vice President and Chief Policy Officer, Chamber of
Commerce of the United States of America.
On September 17, 2020, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ``Insider Trading and Stock Option Grants: An
Examination of Corporate Integrity in the Covid-19 Pandemic.''
The witnesses were Rick Claypool, Research Director, Office of
the President, Public Citizen; Jill Fisch, Distinguished
Professor of Business Law and Co-Director of the Institute of
Law and Economics, University of Pennsylvania Law School; Jacob
S. Frenkel, Chair of Government Investigations and Securities
Enforcement, Dickinson Wright; and Granville Martin, Senior
Vice President and General Counsel, Society for Corporate
Governance.
SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATION
On May 1, 2019, the Subcommittee on Oversight and
Investigations held a hearing entitled, ``Examining
Discrimination in the Automobile Loan and Insurance
Industries.'' The witnesses were John W. Van Alst, Attorney,
National Consumer Law Center; Director, Working Cars for
Working Families, an NCLC project; Rachel J. Cross, Policy
Analyst, Frontier Group; Kristen Clarke, President and
Executive Director, Lawyers Committee for Civil Rights Under
Law; Joshua Rivera, Policy Advisor, University of Michigan,
Poverty Solutions; and James Lynch, Chief Actuary, Vice
President of Research and Education, Insurance Information
Institute.
On June 11, 2019, the Subcommittee on Oversight and
Investigations held a hearing entitled, ``An Examination of
State Efforts to Oversee the $1.5 Trillion Student Loan
Servicing Market.'' The witnesses were Joe Sanders, Student
Loan Ombudsman and Supervising Attorney, Consumer Fraud Bureau,
Illinois Attorney General's Office; Nicholas Smyth, Assistant
Director for Consumer Financial Protection, Senior Deputy
Attorney General, Pennsylvania Office of Attorney General;
Arwen Thoman, Director, Student Loan Assistance Unit, and
Investigations Supervisor, Massachusetts Attorney General's
Office; Joanna Darcus, Massachusetts Legal Assistance
Corporation Racial Justice Fellow, National Consumer Law
Center; and Scott Buchanan, Executive Director, Student Loan
Servicing Alliance.
On August 2, 2019, the Subcommittee on Oversight and
Investigations held a hearing entitled, ``An Examination of the
Housing Crisis in Michigan, 11 Years after the Recession.'' The
witnesses were Hector Hernandez, Director, Housing Opportunity
Center, Southwest Economic Solutions; Ted Phillips, Executive
Director, United Community Housing Coalition; Bernadette
Atuahene, Senior Research Scholar, University of Michigan;
Lauren Mason, Member, Housing Committee Chair--Detroit Action;
Taz George, Senior Research Analyst, Community Development and
Policy Studies Division, Federal Reserve Bank of Chicago; and
Vanessa Fluker, Fellow Practitioner, Vanessa G. Fluker, Esq.,
PLLC.
On September 4, 2019, the Subcommittee on Oversight and
Investigations held a two-panel hearing entitled, ``Examining
Discrimination and Other Barriers to Consumer Credit,
Homeownership, and Financial Inclusion in Texas.'' The
witnesses for the first panel were Belinda Everette, Director,
Housing Initiative, NAACP Houston Branch; Judson Robinson III,
CEO and Chair, Houston Area Urban League; Hua Sun, Professor,
Iowa State University; John Wong, Founding Chair, Asian Real
Estate Association of America; and Dedrick Asante-Muhammad,
Chief, Race, Wealth, and Community, National Community
Reinvestment Coalition. The witnesses for the second panel were
Noel Poyo, Executive Director, National Association of Latino
Community Asset Builders; Gary Lindner, President and CEO,
PeopleFund; Jeff Smith, President and CEO, Unity National Bank;
Raymond Ardoin, President, Board of Directors, Brentwood
Baptist Church Federal Credit Union; Jeungho ``JP'' Park,
President and Chairman, Relationship BancShares, Inc.; Celina
Pea, Chief Advancement Officer, LiftFund; and George Johnson,
CEO, George E. Johnson Development.
On October 29, 2019, the Subcommittee on Oversight and
Investigations held a two-panel hearing entitled, ``Financial
Services and the LGBTQ+ Community: A Review of Discrimination
in Lending and Housing.'' The witnesses were Harper Jean Tobin,
Director of Policy, National Center for Transgender Equality;
Michael Adams, CEO, SAGE (Services and Advocacy for GLBT
Elders); Kerith Conron, Research Director, Williams Institute,
UCLA School of Law; Alphonso David, President, Human Rights
Campaign; Hua Sun, Professor, Iowa State University; and
Francis Creighton, President and CEO, Consumer Data Industry
Association.
On February 6, 2020, the Subcommittee on Oversight and
Investigations held a two-panel hearing entitled, ``Fake It
Till They Make It: How Bad Actors Use Astroturfing to
Manipulate Regulators, Disenfranchise Consumers and Subvert the
Rulemaking Process.'' The witnesses were Bartlett Naylor,
Financial Policy Advocate, Public Citizen; Beth Simone Noveck,
Professor and Director, GovLab, Tandon School of Engineering,
New York University; Paulina Gonzalez-Brito, Deputy Director,
California Reinvestment Coalition; Seto Bagdoyan, Director,
Forensic Audits and Investigative Service, U.S. Government
Accountability Office; and Dr. Steven Balla, Associate
Professor, George Washington University.
On July 16, 2020, the Subcommittee on Oversight and
Investigations held a two-panel hearing entitled, ``Protecting
Homeowners During the Pandemic: Oversight of Mortgage
Servicers' Implementation of the CARES Act.'' The witnesses
were Alys Cohen, Staff Attorney, National Consumer Law Center;
Marcia Griffin, Founder and President, HomeFree-USA; Donnell
Williams, President, National Association of Real Estate
Brokers; and Ed DeMarco, Ph.D., President, Housing Policy
Council.
SUBCOMMITTEE ON NATIONAL SECURITY, INTERNATIONAL DEVELOPMENT, AND
MONETARY POLICY
On March 13, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``Promoting Corporate Transparency: Examining
Legislative Proposals to Detect and Deter Financial Crime.''
The witnesses were Jacob Cohen, Former Director, Office of
Stakeholder Engagement, FinCEN; Dennis M. Lormel, President &
CEO, DML Associates, LLC; Amit Sharma, CEO, FinClusive; and
Gary Shiffman, Ph.D., Founder and Chief Executive Officer,
Giant Oak, Inc.
On May 15, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``Assessing the Use of Sanctions in Addressing
National Security and Foreign Policy Challenges.'' The
witnesses were David Mortlock, Nonresident Senior Fellow,
Global Energy Center, Atlantic Council; Dr. Michael Carpenter,
Senior Director, Penn Biden Center for Diplomacy and Global
Engagement, University of Pennsylvania; Elizabeth Rosenberg,
Senior Fellow and Director of the Energy, Economics, and
Security Program, Center for a New American Security; Daleep
Singh, Senior Fellow, Center for New American Security; and
Matthew Zweig, Senior Fellow, Foundation for Defense of
Democracies.
On June 19, 2020, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``Promoting Economic Growth: Exploring the Impact of
Recent Trade Policies on the U.S. Economy.'' The witnesses were
Laura Baughman, President, The Trade Partnership; C. Fred
Bergsten, Ph.D., Senior Fellow and Director Emeritus, Peterson
Institute for International Economics; John Boyd, President,
National Black Farmers Association; Ronnie Russell, Missouri
Farmer, At Large Member, American Soybean Association; and
Gordon Gray, Director of Fiscal Policy, American Action Forum.
On September 11, 2019, the Subcommittee on National
Security, International Development, and Monetary Policy held a
hearing entitled, ``Examining the Macroeconomic Impacts of a
Changing Climate.'' The witnesses were Andy Karsner, Board
Member, Conservation International; General Stephen Cheney,
USMC (Ret.), President of the American Security Project;
Veronica Eady, Assistant Executive Officer for Environmental
Justice of the California Air Resources Board; Alicia Seiger,
Managing Director of Stanford's Sustainable Finance Initiative;
Dr. Marshall Burke, Assistant Professor and Deputy Director of
Stanford's Center on Food Security and the Environment; Richard
Powell, Executive Director, ClearPath; and John Kotek, Vice
President of Policy Development and Public Affairs, Nuclear
Energy Institute.
On October 16, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a joint
hearing entitled, ``Protecting America: The Reauthorization of
the Terrorism Risk Insurance Program.'' The witnesses were
Chlora Lindley-Myers, Director, Missouri Department of Commerce
and Insurance, on behalf of the National Association of
Insurance Commissioners; Dawn Dinkins, COO, Reinsurance of AXA
XL, on behalf of Reinsurance Association of America; Joe
Carter, Acting CEO, United Educators, on behalf of the American
Property Casualty Insurance Association; John Doyle, President
& CEO, Marsh; and Baird Webel, Specialist in Financial
Economics, Congressional Research Service.
On November 13, 2019, the Subcommittee on National
Security, International Development, and Monetary Policy held a
two-panel hearing entitled, ``How America Leads Abroad: An
Examination of Multilateral Development Institutions.'' The
witnesses for the first panel were Charles Kenny, Senior
Fellow, Center for Global Development; Nadia Daar, Head of
Washington DC Office, Oxfam International; Jolie Schwarz,
Policy Director, Bank Information Center; Matthew McGuire, Vice
Chairman, CapZone Impact Investments; and Eli Whitney Debevoise
II, Partner, Arnold & Porter. The sole witness for the second
panel was Matthew Haarsager, Deputy Assistant Secretary for
International Development Finance and Policy, U.S. Department
of the Treasury.
On January 15, 2020, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``A Persistent and Evolving Threat: An Examination of
the Financing of Domestic Terrorism and Extremism.'' The
witnesses were The Honorable Jared Maples, Director, Office of
Homeland Security and Preparedness, State of New Jersey; Rena
Miller, Specialist in Financial Economics, Congressional
Research Service; George Selim, Senior Vice President for
Programs, Anti-Defamation League; Lecia Brooks, Chief Workplace
Transformation Officer, Southern Poverty Law Center; and Mary
B. McCord, Legal Director, Institute for Constitutional
Advocacy and Protection, Georgetown Law.
On March 4, 2020, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``The Traffickers' Roadmap: How Bad Actors Exploit
Financial Systems to Facilitate the Illicit Trade in People,
Animals, Drugs, and Weapons.'' The witnesses were Travis L.
Adkins, Lecturer, African & Security Studies, Walsh School of
Foreign Service, Georgetown University; Dr. Togzhan Kassenova,
Senior Fellow, Project on International Security, Commerce, and
Economic Statecraft (PISCES), Center for Policy Research, SUNY-
Albany; Celina B. Realuyo, Adjunct Professor, The George
Washington University Elliott School of International Affairs;
Gretchen Peters, Executive Director, Center on Illicit Network
and Organized Crime (CINTOC) and The Alliance to Counter Crime
Online (ACCO); and Angel Nguyen Swift, Founder and Director,
STAT (Stand Together Against Trafficking) and Advisor, Enigma
Technologies.
On June 16, 2020, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``Cybercriminals and Fraudsters: How Bad Actors Are
Exploiting the Financial System During the COVID-19 Pandemic.''
The witnesses were Mr. Tom Kellermann, Head of Cybersecurity
Strategy, VMware; Mr. Kelvin Coleman, Executive Director,
National Cyber Security Alliance; Ms. Amanda W. Senn, Chief
Deputy Director, Alabama Securities Commission; on behalf of
the North American Securities Administrators Association
(NASAA); and Mr. Jamil Jaffer, Founder & Executive Director,
National Security Institute, Assistant Professor of Law &
Director, National Security Law & Policy Program.
On July 7, 2020, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
entitled, ``Paycheck Security: Economic Perspectives on
Alternative Approaches to Protecting Workers' Pay during COVID-
19.'' The witnesses were Lisa D. Cook, Professor, Department of
Economics, James Madison College, Michigan State University;
Lily Eskelsen Garcia, President, National Education
Association; Joseph Stiglitz, Professor of Economics, Columbia
University; and Diego Zuluaga, Associate Director of Financial
Regulation Studies, Cato Institute.
OVERSIGHT PLAN OF THE COMMITTEE
Oversight Plan of the Committee on Financial Services for the 116th
Congress
Pursuant to clause 2(d)(1) of Rule X of the House of
Representatives, the following constitutes the oversight plan
of the Committee on Financial Services for the 116th Congress.
It includes areas in which the Committee and its subcommittees
expect to conduct oversight during the 116th 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.
Housing and Community Development
Department of Housing and Urban Development (HUD) and U.S.
Department of Agriculture (USDA). The Committee will monitor
the budget requests submitted by HUD and USDA for programs
under the Committee's jurisdiction, including careful
consideration of any legislative recommendations included in
those requests, and will review HUD's and the Rural Housing
Service's (RHS) general codes of conduct and other policies.
Homelessness. The Committee will examine the current state
of homelessness in the United States of America and the federal
response to ending homelessness, including oversight of the
Continuum of Care (CoC) and Emergency Solutions Grant (ESG)
programs under the Department of Housing and Urban Development
(HUD), the HUD Veteran Affairs Supported Housing program (HUD-
VASH), as well as efforts by the U.S. Interagency Council on
Homelessness (USICH) to coordinate various federal agencies
towards the national goals to end homelessness. The Committee
will review the causes and possible solutions to address
homelessness, including in parts of the country where
homelessness has reached crisis levels. The Committee will also
consider ways to better serve those who are at risk of
homelessness.
Rental Housing Crisis. The Committee will examine the
current rental housing crisis that is burdening families across
the country with unaffordable rents. The Committee will examine
the role of existing federal housing programs in addressing the
rental housing crisis, including public housing, Section 8
Housing Choice Vouchers (HCVs), Section 8 project-based rental
assistance (PBRA), the Section 202 Supportive Housing for the
Elderly program, the Section 811 Supportive Housing for Persons
with Disabilities program, the HOME Investment Partnerships
program (HOME), the Low Income Housing Tax Credit (LIHTC)
program, and the Housing Trust Fund (HTF). As part of its
review, the Committee will examine the conduct of landlords
participating in these programs as well as investigate HUD's
oversight of landlord participants to ensure rules and
regulations are being followed. The Committee will also review
the limitations of existing programs at current funding levels.
The Committee will consider solutions to address the rental
housing crisis, including proposals to enhance preservation of
affordable rental housing, increase the affordable rental
housing stock, and ensure that affordable rental housing is
accessible for persons who are elderly and/or disabled. The
Committee will monitor HUD's implementation and oversight of
the Moving to Work (MTW) demonstration programs and the effects
of such programs on tenants.
Public Housing. The Committee will examine the rising
maintenance and capital needs of the aging public housing stock
and the limitations of current federal funding levels to
address these needs. As part of its examination, the Committee
will investigate the presence of lead, mold, and other health
hazards in the nation's public housing system and seek ways to
ensure capital repairs are made in order to improve the health
and well-being of residents. The Committee will review the role
of public housing as part of a federal strategy to address
affordable housing needs and will monitor HUD's use of the
Rental Assistance Demonstration (RAD) and the demolition and
disposition processes as they affect public housing and its
residents.
Rural Housing. The Committee will examine the affordable
housing needs in rural communities and whether there are
limitations in meeting those needs by existing programs because
of current funding levels. In particular, the Committee will
examine the aging stock of properties with Section 515 Rural
Rental Housing Loans and 516 Farm Labor Housing Loans, and the
adequacy of the USDA's efforts for preserving these properties
and preventing tenant displacement. The Committee will consider
legislation to help preserve these properties and prevent the
displacement of tenants. The Committee will also monitor USDA's
management of the Section 521 Rental Assistance (RA) program,
the Rural Development Voucher program, the Section 502 Direct
and Guaranteed Loan programs the Multifamily Housing
Preservation and Revitalization Demonstration Loans and Grants,
and the Section 523 Mutual Self-Help grant program.
Community Development. The Committee will consider
opportunities to better leverage and coordinate housing
development with neighborhood resources such as transportation
and community centers through programs like the Community
Development Block Grant (CDBG).
Disaster Recovery, Resilience, and Sustainable Development.
The Committee will conduct oversight of the Community
Development Block Grant Disaster Recovery (CDBG-DR) program and
ongoing efforts to provide relief for disaster-stricken areas,
with an emphasis on the timeliness of Federal Register notice
publications, Action Plan reviews, any administrative delays in
the disbursement process, and the monitoring of State and
Territory funds received in connection with the 2017 and 2018
natural disasters. The Committee will review proposals to
enhance our nation's ability to withstand future disasters in
the face of climate change, which is contributing to increasing
frequency and magnitude of natural disasters. The Committee
will also examine proposals to transition to more efficient and
sustainable homes.
Fair Housing. The Committee will conduct oversight of fair
housing enforcement under HUD, including reviewing the
integrity of investigations being carried out by the Office of
Fair Housing and Equal Opportunity (FHEO). The Committee will
also monitor HUD's ongoing rulemaking processes on the
Affirmatively Furthering Fair Housing (AFFH) mandate and the
disparate impact standard under the Fair Housing Act.
Native American and Native Hawaiian Housing. The Committee
will conduct oversight of programs under the Native American
Housing and Self Determination Act of 1996 (NAHASDA) and
consider proposals for reauthorization of those programs. The
Committee will also monitor HUD's administration of the recent
appropriation of an additional $100 million for the Native
American Housing Block Grants program, which will be allocated
through a competitive grant process.
Housing Finance and Access to Homeownership. The Committee
will examine the health of our housing finance system and the
extent to which it is serving all creditworthy borrowers,
especially among low and moderate income (LMI), minority,
rural, and other underserved borrowers. The Committee will
consider proposals to reform the housing finance system.
Federal Housing Finance Agency (FHFA), Federal National
Mortgage Association (Fannie Mae), Federal Home Loan Mortgage
Corporation (Freddie Mac), Federal Home Loan Banks (FHLBs). The
Committee will monitor the operations, activities and
initiatives of the FHFA, and review its general code of conduct
and other agency policies. The Committee will monitor Fannie
Mae and Freddie Mac's activities under conservatorship,
including their recent pilot programs exploring front-end
credit risk sharing and recent policy changes allowing for
waivers of appraisal requirements. The Committee will also
review the FHFA's proposed rule related to capital held by
Fannie Mae and Freddie Mac. The Committee will monitor the
capital requirements and financial stability of the FHLB
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.
Government National Mortgage Association (Ginnie Mae). The
Committee will examine Ginnie Mae to ensure that the agency has
the necessary resources, procedures, and oversight to manage
its portfolio, including Ginnie Mae's response to its growing
exposure to nonbank risks.
Federal Housing Administration (FHA). The Committee will
examine FHA to ensure that it has the necessary resources,
procedures, and oversight to manage its portfolio, including
ongoing challenges due to an aging technological
infrastructure. The Committee will also review the FHA's
premium rates.
Private Mortgage Insurance (PMI). The Committee will
examine the role that private mortgage insurance plays in the
housing finance system in providing access to homeownership and
consider the effects of capital requirements placed on PMI
companies by Fannie Mae and Freddie Mac.
Mortgage Servicing. The Committee will examine the adequacy
of existing regulatory requirements and oversight of the
servicing industry, including the adequacy of the federal
response to the growing share of nonbank servicers. The
Committee will consider whether FHFA needs additional authority
to establish prudential management and operations standards for
its servicers. The Committee will also consider legislative
solutions to enhance FHA's oversight and enforcement of its
loss mitigation requirements and to address policies that may
cause unnecessary foreclosures on seniors with reverse
mortgages and on those who have been affected by natural
disasters.
Insurance
National Flood Insurance Program (NFIP). The Committee will
examine the role of the NFIP in providing affordable insurance
to homeowners, renters, and businesses, investing in
mitigation, and providing maps to aid communities in their
flood plain management efforts. The Committee will examine
proposals to reauthorize and reform the NFIP to enhance
affordability, mapping, and mitigation, and to improve the
efficiency and transparency associated with the processing of
claims submitted by policyholders. The NFIP is set to expire on
May 31, 2019.
Federal Insurance Office (FIO). The Committee will conduct
oversight of FIO's work on domestic and international insurance
policy, including the extent to which traditionally underserved
communities and consumers have access to affordable insurance
products.
Terrorism Risk Insurance Program. The Committee will
examine proposals to reauthorize and reform the Terrorism Risk
Insurance Act, which is set to expire on December 31, 2020.
Insurance Sector Supervision. The Committee will monitor
the insurance sector generally, which may include examining the
role of capital requirements in the insurance sector, including
state, federal, and international efforts to revise capital
requirements for insurance companies, the application of
federal capital requirements for insurance companies that own
depository institutions, the role of state guaranty funds,
issues related to consumer protection and discrimination in the
insurance sector, and issues or gaps in the regulation of
insurers that could contribute to a systemic crisis in the
insurance industry or the U.S. financial system. The Committee
will also review implementation of the Military Personnel
Financial Services Protection Act, which was enacted in
response to abuses in the marketing and sale of securities and
life insurance products to servicemembers.
International Insurance Developments. The Committee will
monitor developments related to international regulatory
standards for insurance companies, including actions taken by
the Financial Stability Board, the International Association of
Insurance Supervisors, and the Organization for Economic
Cooperation and Development. The Committee will also monitor
any developments related to covered agreements made pursuant to
the Dodd-Frank Wall Street Reform and Consumer Protection Act
of 2010 (Dodd-Frank Act).
Cyber Insurance. The Committee may examine developments
related to the market for cyber insurance and the insurance
industry's susceptibility to cybersecurity risks.
Auto Insurance. The Committee may review the state of the
automobile insurance market in America with a particular focus
on issues of access and affordability for lower- and middle-
income Americans, minorities, and traditionally underserved
communities.
Consumer Protection and Financial Institutions
Government Shutdown. The Committee will examine the effect
of the longest shutdown of the Federal government in U.S.
history that commenced on December 22, 2018. This will include
considering the effect the shutdown has on the financial system
and the U.S. economy, as well as assessing the effect on
consumers--including Federal government employees, contractors,
and other individuals and any adverse consequences they may
face through no fault of their own.
Protecting Consumers. The Committee will monitor the
current state of consumer financial protection by assessing the
adequacy of protections for all consumers. The Committee will
examine any unique challenges experienced in, and faced by,
traditionally underserved communities and populations to obtain
mainstream consumer financial products and services, including
the root causes for credit deserts in rural and urban
communities that have resulted in millions of unbanked and
underbanked consumers. The Committee will consider methods to
improve the financial well-being of other vulnerable consumers
such as older Americans, active-duty servicemembers, veterans,
students, young adults, racial and ethnic minorities, and
immigrants.
Consumer Financial Protection Bureau. The Committee will
closely examine the exercise of the regulatory, supervisory,
and enforcement power of the Consumer Financial Protection
Bureau (Consumer Bureau). The Committee will conduct oversight
to ensure that the Consumer Bureau is fully complying with both
the spirit and letter of its purpose, objectives, and mission
articulated under Title X of the Dodd-Frank Act to combat
unfair, deceptive, abusive acts and practices in the offering
and provision of consumer financial products. This oversight
will evaluate, among other things, the allocation of resources
and use of tools by the Consumer Bureau, its collaboration with
other Federal and state agencies, and Tribal governments, the
transparency and effectiveness of its consumer complaint
database, and its code of conduct and other agency policies.
The Committee will monitor to what extent the Consumer Bureau
promptly addresses any unfair, deceptive and abusive acts and
practices in the financial consumer marketplace, including as
it relates to: mortgage lending, auto lending, including
indirect auto lending, forced arbitration, and other financial
services, products and practices.
Student Debt Crisis. The Committee will examine the
financial and economic implications of the growing student debt
crisis, including how a borrower's inability to repay student
debt can serve as a barrier to homeownership, entrepreneurship,
and other economic activities. The Committee will monitor the
effectiveness of student borrower protections, including as it
relates to student loan servicing standards.
Consumer Protections for Military Servicemembers. The
Committee will examine the adequacy, supervision, and
enforcement of all consumer financial protections, including
those provided through the Military Lending Act (MLA) and the
Servicemembers Civil Relief Act (SCRA), afforded to active-duty
servicemembers and their families.
High Cost Short-Term Credit and Debt Collection. The
Committee will review the effectiveness and extent to which
consumer protections are implemented and enforced with respect
to payday lending, other forms of short-term credit, and debt
collection. The Committee will also review the use of overdraft
services, and its impact on consumers.
Mandatory Arbitration. The Committee will monitor the use
and effect of mandatory pre-dispute arbitration agreements, and
similar provisions, that limit consumers' ability to
participate in a class action case against financial
institutions when they've been harmed.
Fair Access to Affordable Consumer Financial Products and
Services. The Committee will consider ways to expand access to
mainstream financial services among traditionally underserved
segments of the U.S. population. The Committee will evaluate
proposals to update certain Federal consumer financial laws to
ensure that they are meeting the evolving financial needs of
consumers.
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. The Committee will also examine
the quantity and quality of data, including that provided under
the Home Mortgage Disclosure Act (HMDA), to ensure
discriminatory practices can be identified and addressed.
Community Reinvestment Act (CRA). The Committee will
monitor any legislative and regulatory proposals to reform the
Community Reinvestment Act of 1977.
Department of the Treasury, Financial Stability Oversight
Council (FSOC) and Office of Financial Research (OFR). The
Committee will review the operations and resources of the
Department of the Treasury, as well as its code of conduct and
other policies. The Committee will monitor financial stability
and systemic risk issues, including all matters relating to the
operations, activities, and initiatives of the FSOC and OFR to
identify and mitigate threats to financial stability in the
United States. This will also include a review of shifts in the
mortgage market, including the subprime market, from bank
financing to non-bank financing.
Supervision and Enforcement of Financial Institutions. The
Committee will review the operations, activities, initiatives,
codes of conduct and other agency policies of the Federal
Reserve Board of Governors, the Office of the Comptroller of
the Currency (OCC), Federal Deposit Insurance Corporation
(FDIC), and National Credit Union Administration (NCUA). This
work will include examining financial regulators' supervision
of the banking, thrift and credit union industries for safety
and soundness and compliance with laws and regulations. The
Committee will also monitor their enforcement activities,
including ensuring the compliance of regulated institutions
with existing consent orders, settlement agreements, deferred
prosecution agreements, or similar arrangements. The Committee
will also evaluate the supervision of nonbank financial
companies by the Consumer Bureau.
Enhanced Prudential Standards for Large Banks. The
Committee will monitor how enhanced prudential standards are
being applied to the largest banks operating in the United
States, including foreign-based institutions. This will include
oversight of the adequacy of capital, liquidity, leverage and
stress testing requirements.
Orderly Liquidation Authority and Living Wills. The
Committee will oversee efforts to promote the orderly
resolution of any large financial institution operating in the
United States that fails, including through Dodd-Frank Act's
living wills requirements and the Orderly Liquidity Authority.
Banking Activities and the Volcker Rule. The Committee will
examine the financial regulators' implementation of Section 619
of the Dodd-Frank Act, known as the ``Volcker Rule.'' The
Committee will also monitor the structure, ownership,
activities and risk-taking by large depository institutions and
their holding companies.
Residential and Commercial Real Estate Mortgage Loans. The
Committee will monitor the residential and commercial real
estate mortgage markets, including examining access to
affordable and fair home mortgage lending, and the
effectiveness of disclosures provided to borrowers about the
terms and conditions of these loans. The Committee will also
review proposals related to home improvement loans for
improving the energy efficiency of a house.
Community Development Financial Institutions Fund (CDFI
Fund). The Committee will monitor the operations of the CDFI
Fund and the administration of initiatives to help reduce
unbanked and underbanked populations, including in rural areas.
Federal Deposit and Share Insurance. The Committee will
monitor the solvency of the Deposit Insurance Fund administered
by the FDIC, and the National Credit Union Share Insurance Fund
administered by the NCUA.
Community Financial Institutions. The Committee will review
issues related to the health, growth, safety, and soundness of
community banks and credit unions, as well as their role in
lending to small businesses and promoting economic growth.
Access to Credit for Small Businesses. The Committee will
consider proposals that facilitate access to affordable credit
for small businesses, and will examine the ability for the
public, regulators, and Congress to monitor trends in small
business lending. The Committee will also review the
effectiveness of the State Small Business Credit Initiative
(SSBCI), which was administered by the U.S. Department of the
Treasury and expired in 2017 and consider proposals to
reauthorize the SSBCI.
Cybersecurity and Privacy. The Committee will monitor the
effectiveness of cybersecurity in the U.S. financial system.
The Committee will evaluate the current level of safeguards
relating to protecting the security and confidentiality of
personally identifiable information from loss, unauthorized
access, or misuse. The Committee will also examine the
effectiveness of data breach notifications, and issues of
privacy and consumer control of their own data, including
sensitive financial and credit information.
Credit Scores and Credit Reports. The Committee will
examine the state of the credit reporting system, including the
accuracy of credit scores to assess creditworthiness, the
impact medical debt can have on credit scores, and the extent
of consumer protections throughout the credit reporting system.
The Committee will also examine implementation of the
provisions related to credit reporting and credit scores in the
Economic Growth, Regulatory Relief, and Consumer Protection
Act.
Financial Technology (fintech). The Committee will examine
the rapid developments with fintech, including marketplace
lending for consumers and small businesses, partnerships with
traditional financial institutions, cryptocurrency, blockchain,
alternative data utilized in credit underwriting, artificial
intelligence, and machine learning. The Committee will monitor
the activities of financial regulators relating to fintech,
including assessing existing authorities and regulatory gaps.
The Committee will consider what legislation may be needed to
promote responsible financial innovation.
Payments System. The Committee will review government and
private sector efforts to improve the timeliness and
effectiveness of the payments system in the United States, and
its potential effect on consumers and small businesses.
Credit and other Payment Cards. The Committee will monitor
payment card industry practices, including consumer protections
with respect to the use of credit cards, debit cards, and
prepaid cards. The Committee will also examine the
effectiveness of the Credit Card Accountability Responsibility
and Disclosure (CARD) Act of 2009.
Money Services Businesses, Remittances, and De-risking. The
Committee will examine the operations of money services
businesses and the role they play in the financial system. The
Committee will also oversee the ability of consumers to utilize
financial services to affordably remit cross-border payments,
as well as consider proposals to mitigate financial
institutions engaged in de-risking that results in unnecessary
account closures.
Financial Education. The Committee will review efforts to
promote greater financial literacy among consumers,
particularly matters affecting traditionally underserved
communities and populations.
Cannabis Banking. The Committee will examine the
difficulties, including public safety concerns, cannabis-
related businesses experience as a result of being unable to
access basic banking services. The Committee will also review
legislative proposals that alleviate legal and compliance risks
for financial institutions related to providing such services
to cannabis-related businesses in states where cannabis use,
sale, or distribution is authorized.
Monetary Policy
The Federal Reserve System. The Committee will conduct
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. The Committee
will convene hearings to receive the testimony of the Chairman
of the Board of Governors of the Federal Reserve System and
related semi-annual reports on the conduct of monetary policy.
As part of this effort, the Committee will review issues
associated with monetary policy and the state of the economy,
including whether the current path of monetary policy is
consistent with the Federal Reserve's dual mandate of price
stability and maximum employment, and how the independence of
the Federal Reserve affects market participants' confidence in
the conduct of monetary policy.
The Economy and its Impact on Living Standards. The
Committee will examine the extent to which changes in the
economy, and in particular, changes in labor and capital
markets, public policy, and trade have altered the way in which
policymakers should think about the relationship between
economic growth, productivity growth, and growth in employment
and incomes. The Committee will examine these relationships to
determine policy responses that will increase our ability to
improve the standard of living for American families.
Tax Legislation and the Effect on the Economy. The
Committee will examine how the Tax Cuts and Jobs Act of 2017
affects the economy, including its impact on the national
deficit and debt, the wealth gap, and low- and middle-income
communities and minority communities. Additionally, the
Committee will examine the effects of the Tax Cuts and Jobs Act
on the financial services industry, specifically with respect
to the effect of the lower corporate tax rate and pass-through
tax provisions.
Coins and Currency. The Committee will conduct oversight of
the printing and minting of U.S. currency and coins, including
the activities of the Bureau of the Mint and the Bureau of
Engraving and Printing, 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 review
efforts to detect and combat the counterfeiting of U.S. coins
and currency in the United States and abroad. The Committee
will also examine methods to reduce the cost of minting coins
using alternative metals and will examine efforts to make
currency more accessible to the visually impaired.
Investor Protection and Entrepreneurship
Securities and Exchange Commission (SEC). The Committee
will examine the operations and organizational structure of the
SEC, with emphasis on its rulemaking, compliance inspections
and examinations, and enforcement functions, and will review
the SEC's general codes of conduct and other policies. The
Committee will also monitor the SEC's process for granting
waivers of certain legal disqualifications that arise from
illegal misconduct of bad actors. Additionally, the Committee
will evaluate the sufficiency of the SEC's available resources
and staffing levels in light of the hiring freeze under which
the SEC has operated since the beginning of the Trump
Administration.
Investor Confidence. The Committee will examine the factors
affecting investor confidence in U.S. capital markets,
including investor perspectives on the quality, quantity, and
utility of investment-related disclosures; the effectiveness of
public companies' internal controls over financial reporting;
corporate accountability to shareholders; and, the costs of
trading securities. The Committee will also review the effect
on investor confidence of fraud and other misconduct and the
SEC's efforts to hold bad actors accountable.
Fiduciary Duty of Financial Advisers. The Committee will
examine the current regulation of, and recent developments
related to broker-dealers and investment advisers who provide
financial advice to retail and institutional investors. The
Committee will review the SEC's efforts to revise those
regulations, consistent with Section 913(g) of the Dodd-Frank
Act, to protect investors and reduce confusion by requiring all
advisers, regardless of title, to comply with the same
fiduciary standard that puts their clients' interests first.
The Committee will also consider legislation related to the
standard of care owed to investors by financial advisers.
Mandatory Arbitration. The Committee will examine the
effect of mandatory arbitration requirements on securities
investors, as well as the balance, fairness, and efficiency of
the current arbitration system.
Entrepreneurship. The Committee will monitor market
conditions affecting entrepreneurs' access to capital, with
emphasis on the capital formation efforts of small businesses,
including any unique challenges faced by minority-, women-, and
veteran-owned small businesses. Additionally, the Committee
will examine the conduct of intermediaries in the capital
formation process, such as anti-competitive behavior among
underwriters of initial public offerings (IPOs). The Committee
will also consider legislative proposals to promote
entrepreneurship and enhance the attractiveness of U.S. public
equity markets to investors and businesses.
Corporate Governance. The Committee will review
developments and issues concerning corporate governance of
public companies, including proposals to increase
accountability to shareholders through improved shareholder
access to management's proxy, shareholder nomination of
directors, and majority voting. The Committee will also examine
ways to improve the integrity of the shareholder voting process
and corporate sustainability disclosures, including those
related to the effects of climate change.
Executive Compensation. The Committee will review the SEC's
implementation of regulations requiring greater transparency in
disclosures of executive compensation arrangements, including
the SEC's and the other federal financial agencies' progress in
completing related rulemakings mandated under the Dodd-Frank
Act.
Capital Formation in Private and Public Markets. The
Committee will examine the private and public capital markets
and the factors U.S. companies evaluate when deciding to go
public, such as underwriting fees. The Committee will monitor
the use of new and expanded private offering exemptions from
the JOBS Act, including Regulation D, Regulation A+, and
Regulation Crowdfunding, and examine ways to improve investor
protections in private offerings. The Committee will examine
the current definition of ``accredited investors''' and ways to
improve that definition to ensure that those investors have the
financial sophistication and wherewithal to invest in private
offerings.
Capital Markets
Self-Regulatory Organizations (SROs). The Committee will
monitor the operations, initiatives, and activities of SROs,
including the Municipal Securities Rulemaking Board (MSRB) and
Financial Industry Regulatory Authority, Inc. (FINRA). The
Committee also will consider limitations or regulatory gaps in
the current SRO system and ways to streamline and strengthen
the regulatory, compliance, examination, and enforcement
structure.
Hedge Funds and Private Pools of Capital. The Committee
will examine the current state of the hedge fund, private
equity and alternative investment industry. The Committee will
review the role hedge funds and private pools of capital serve
in the capital markets, and their interaction with investors,
financial intermediaries, and public companies. The Committee
will also examine hedge funds and private equity funds as
investment vehicles for pension funds.
Investment Companies. The Committee will review the current
state of regulation of investment companies and their advisers
with respect to mutual fund operations, governance, disclosure,
and sales in the States and Territories. The Committee also
will review the effectiveness and efficiency of the approval
process for new products, such as exchange-traded funds, and
the SEC's efforts to standardize that process. The Committee
will also review the role investment companies played in Puerto
Rico's fiscal crisis. The Committee will review Real Estate
Investment Trusts (REITs) as investment vehicles and how the
industry uses REITs to finance various projects, including the
financing of private prisons and immigration detention centers.
Credit Rating Agencies. The Committee will examine the role
that Nationally Recognized Statistical Ratings Organizations
(NRSROs), also known as credit rating agencies, play in the
U.S. capital markets, and review the effectiveness of the SEC's
regulation and oversight of NRSROs. The Committee will also
examine ways to limit conflicts associated with NRSROs
compensation, approaches to increase their accountability, and
the possibility of regulatory fee assessments.
Financial Accounting and Auditing. The Committee will
review the Public Company Accounting Oversight Board's
(PCAOB's) oversight of auditors of public companies and broker-
dealers, including standard-setting and the results of the
PCAOB's inspection programs. The Committee will also monitor
the impact of exemptions to the scope of the auditing and
internal controls requirements of the Sarbanes-Oxley Act of
2002, and the adequacy of investor protections applicable to
exempt entities. The Committee will also monitor the work of
the Financial Accounting Standards Board (FASB) and
Governmental Accounting Standards Board (GASB).
Cybersecurity. The Committee will examine the risks that
cybersecurity threats pose to the U.S. capital markets,
including investment and operational risks associated with
public companies. The Committee will also monitor the efforts
of the SEC, self-regulatory organizations (SROs), and SEC-
registered firms to guard against cybersecurity risks and
protect sensitive, market-moving data and personally
identifiable information (PII) of investors.
Cryptocurrencies. The Committee will review the emergence
of the so-called ``initial coin offering'' (ICO) as a means of
raising capital for blockchain-based enterprises. The Committee
will examine concerns of increased risks of fraud and
manipulation in the ICO markets. The Committee will also review
the SEC's oversight of the ICO markets and will consider
legislative proposals to improve regulatory clarity for ICO
issuers and investors.
Fixed income markets. The Committee will review recent
developments in the U.S. corporate and municipal bond markets
and the SEC's response to those developments.
Derivatives Markets. The Committee will review recent
developments in the U.S. derivatives markets and efforts to
harmonize rules governing those markets domestically and
internationally. The Committee will also examine the SEC's
progress in implementing the remaining regulations of the
security-based swaps markets as mandated by the Dodd-Frank Act.
Equity and options markets. The Committee will review
recent developments in the U.S. equity and options markets and
the SEC's response to those developments. The Committee will
also examine brokers' conflicts of interest arising from
rebates and fees paid for client orders and the SEC's efforts
to address those conflicts through, for example, an access fee
pilot. The Committee will monitor the development,
implementation, and maintenance of the Consolidated Audit Trail
(CAT), a market surveillance tool that tracks order events,
including quotes, orders, executions, allocations, and
associated customer data, and identifies the broker-dealer
handling them.
Trade Policy Impact. The Committee will examine the impact
of U.S. trade policy proclamations, announcements, decisions,
and actions by the executive branch on U.S. securities markets,
including market volatility, capital formation, corporate
reinvestment, and investor confidence.
National Security
Office of Terrorism and Financial Intelligence (TFI). The
Committee will monitor TFI's development and implementation of
U.S. government strategies and programs to combat terrorist
financing, money laundering, and other financial crimes, both
domestically and internationally.
Financial Crimes Enforcement Network (FinCEN). The
Committee will monitor the operations of FinCEN and its ongoing
efforts to implement its regulatory mandates pursuant to the
Bank Secrecy Act to safeguard the integrity of the financial
system and combat money laundering, terrorist financing, and
other illicit finance.
Office of Foreign Assets Control (OFAC). The Committee will
examine the efficacy of economic and trade sanctions
designations and enforcement.
Money Laundering and Terrorist Financing. The Committee
will examine the implementation, effectiveness, and enforcement
of anti-money laundering/counter-financing of terrorism (AML/
CFT) laws and regulations, including opportunities to enhance
compliance with these rules without impairing the operations of
law enforcement. The Committee will examine patterns and trends
of money laundering and terrorist finance and consider
proposals to prevent the abuse of the financial system.
Counterterrorism Financing Policy. The Committee will
monitor the role of the U.S. Department of the Treasury in
promoting the adoption and implementation of counterterrorism
standards around the world, through international organizations
such as the Financial Action Task Force (FATF), the
International Monetary Fund, and the Egmont Group. The
Committee will also monitor the Office of Technical Assistance
at Treasury and its coordination with the other agencies, in
the delivery of counter-terrorism financing training and other
technical assistance abroad.
Sanctions. The Committee will examine sanctions programs to
ensure that they are fully implemented consistent with
Congressional intent and in alignment with U.S. foreign policy
and national security goals. Particular attention will be paid
to sanctions programs aimed at Russia, Iran, North Korea, and
Cuba. The Committee will examine possible risks and
consequences associated with the use of sanctions over the
short and long term, as well as the role that multilateral
cooperation may play in achieving effective sanctions programs.
Beneficial Ownership. The Committee will consider proposals
to strengthen the AML/CFT laws and streamline compliance for
U.S. financial institutions, including legislation designed to
crack down on the use of anonymous shell companies for illicit
purposes by requiring U.S. companies to disclose their
beneficial owners.
Real Estate. The Committee will examine the risks of money
laundering and terrorist financing in the real estate market,
and review proposals to address any vulnerabilities identified
in this sector.
Trafficking. The Committee will examine methods and
policies to dismantle the underlying enablers of trafficking
and will review typologies and potential solutions related to
specific categories of trafficking, including human
trafficking, weapons trafficking, and narcotics trafficking.
The Committee will examine the nexus of this illicit criminal
activity with terrorists and their networks.
De-Risking at Financial Institutions. The Committee will
examine the practice by which financial institutions terminate
accounts or limit services to broad categories of clients. The
Committee will monitor the effectiveness of regulatory guidance
and examine regulatory actions to ensure that such customers
are not inappropriately denied access to the banking system.
Corruption. The Committee will examine the methods by which
corruption flourishes and the means to detect and deter the
financial misconduct that fuels this driver of global
instability. The Committee will monitor government efforts to
educate about and enforce U.S. anti-corruption law and
regulation.
Fraud and Cyber Intrusion. The Committee will examine the
facilitation and prevention of fraudulent activities that
impact the financial system. It will also examine efforts to
counter cyber intrusions that target the financial sector and
system.
Information Sharing. The Committee will examine the kinds
of safeguards required to ensure that civil liberties and
consumer privacy are not undermined in the sharing of sensitive
information among financial institutions, federal agencies, and
other entities.
Emerging Technologies. The Committee will examine emerging
technologies, such as cryptocurrencies, blockchain, and
artificial intelligence. The Committee will monitor how such
technologies affect and interact with the U.S. financial
system, and how the technologies could be used to combat or be
used in the pursuit of illicit purposes.
Committee on Foreign Investment in the United States. The
Committee will monitor implementation of the Foreign Investment
Risk Review Modernization Act of 2018 (FIRRMA) and actions
taken by CFIUS to identify and address foreign investments that
pose threats to national security. The Committee will examine
FIRRMA-related rulemaking, Administration resources devoted to
CFIUS activities, and the effectiveness of pilot projects
authorized by the legislation.
Defense Production Act. The Committee will monitor the
effectiveness of the Defense Production Act and its individual
authorities in promoting national security and recovery from
natural disasters.
International Development and Trade
Global Economic Cooperation. The Committee will monitor the
role of United States leadership in the governance of the
global economic system. The Committee will examine the degree
to which sustained international cooperation helps advance U.S.
national security, economic interests, and values.
Oversight of the International Financial Institutions. The
Committee will examine U.S. participation in the international
financial institutions (IFIs), including the International
Monetary Fund, the World Bank, and the other multilateral
development banks. The Committee will monitor accountability,
openness, and transparency within the IFIs and the degree to
which public participation in these institutions is a component
of effective development and growth. The Committee will examine
the World Bank's policies and operations in areas relating to
labor markets and social protection policies.
Global Poverty and Economic Inequality. The Committee will
examine the role and effectiveness of the multilateral
development banks (MBDs) in helping to foster growth and reduce
poverty in Africa, Latin America, and in other poor regions in
the world. The Committee will examine how some growth
strategies appear more effective at reducing poverty than
others and assess the degree to which economic growth has
translated into sustained poverty reduction in countries
assisted by the MDBs. The Committee will examine how increasing
income inequality negatively affects the poverty-reducing
effect of growth in a number of countries.
International Financial Architecture. The Committee will
review the annual report to Congress and testimony by the
Secretary of the Treasury on the state of the international
financial system and the International Monetary Fund (IMF). The
Committee will examine the degree to which the IMF is focused
on fighting corruption in its surveillance and program work, as
well as its efforts, through technical assistance, to
strengthen the capacity of Fund members to prevent money
laundering and terrorist financing.
IMF's 15th General Review of Quotas. The Committee will
consider any request from the Administration for legislation to
authorize U.S. commitments pursuant to an IMF quota reform
agreement.
World Bank Group Capital Increase. The Committee will
consider any Administration request for congressional
authorization for U.S. participation in capital increases for
the International Bank for Reconstruction and Development and
the International Finance Corporation.
Replenishments of the International Development Association
(IDA) and the African Development Fund (AfDF). The Committee
will monitor U.S. participation in the replenishment
negotiations for IDA and the AfDF.
The International Development Association (IDA) and the
International Finance Corporation (IFC). The Committee will
examine financial transfers between IDA and the IFC with
respect to both transparency and development impact. The
Committee will monitor the degree to which IDA's bond issuances
affect the ability of IDA to offer grants and highly
concessional loans to the world's poorest countries.
North American Development Bank (NADB). The Committee will
examine the provision of financing by the NADB for
environmental infrastructure projects along the U.S.-Mexico
border region. The Committee will consider legislation to
authorize the first general capital increase for NADB.
Food Security and Climate Finance. The Committee will
examine U.S. support for international agricultural development
programs and multilateral cooperation on the global climate
finance agenda.
Developing Countries at Risk of Debt Distress. The
Committee will monitor efforts by the United States to engage
with other members of the IMF to pressure China to adopt global
standards and practices on sustainable debt financing for
developing countries, including a commitment to lending
transparency.
Global Capital Flows. The Committee will monitor the
effects of the flow of capital globally, and, in particular,
trends in foreign countries' investments of their large
currency reserves in the United States and other countries. The
Committee will examine the effects of the investment of these
reserves on global financial stability and on multilateral
policy initiatives. The Committee will also examine U.S. and
multilateral policies on the regulation of capital flows.
Trade in Financial Services. The Committee will monitor
trade negotiations and discussions as they pertain to
investment and trade in financial services. The Committee will
monitor the progress of the United States' trading partners in
meeting financial services and investment commitments under
existing trade and investment agreements, particularly with
respect to policies by China that limit the ability of U.S.
financial services firms to access Chinese markets. The
Committee will examine the Administration's articulation of a
long-term economic development strategy with respect to both
manufacturing and services.
Brexit. The Committee will monitor the United Kingdom's
process of withdrawal from the European Union, including its
potential impact on the U.S. and global economy, transatlantic
cooperation on economic and security issues including
sanctions, counterterrorism efforts, and regulatory convergence
between U.S. and foreign jurisdictions.
Exchange Rates. The Committee will review the semi-annual
report to Congress from the Secretary of the Treasury on
international economic and exchange rate policies. The
Committee will monitor developments related to the exchange
rate policies of our major trading partners and monitor the
effects of those policies on the competitiveness of U.S. firms
and on the stability of the international financial system.
Export-Import Bank of the United States. The Committee will
examine the performance of the Export-Import Bank and its
mission to support U.S. jobs by helping U.S. companies compete
in the global economy. The Committee will consider legislation
to reauthorize the Bank's charter before it expires on
September 30, 2019. The Committee will also examine how the
lack of a quorum on the Bank's Board of Directors has affected
its ability to support American firms in the global market.
Extractive Industries. The Committee will examine the
establishment of a global standard for the public disclosure of
payments that extractive companies make to governments, as well
as the effectiveness of these revenue transparency laws abroad.
Supply Chain Due Diligence. The Committee will examine
supply chain due diligence laws in the U.S and abroad, and
their enforcement, and the effects of such laws on the ability
of companies to responsibly manage risk associated with the
financing of conflict, human trafficking, and child labor.
Diversity and Inclusion
Diversity Data. The Committee will review regulated
entities' diversity data, including whether and how companies
are: tracking internal and external workforce and supplier
diversity activities to identify and mitigate vulnerable
moments along the talent lifecycles; tying executives'
performances to their ability to meet tangible diversity and
inclusive goals; and, using such data to inform the composition
of their boards of directors.
Offices of Minority and Women Inclusion (OMWIs). The
Committee will examine all matters relating to the diversity
and inclusion activities within the agencies under the
Committee's jurisdiction, including the implementation of
Section 342 of the Dodd-Frank Act and Section 1116 of the
Housing and Economic Recovery Act (HERA) by the OMWIs, which
are responsible for handling all matters relating to diversity
in management, employment, and business activities within most
federal financial agencies. This review will include, among
other things, monitoring whether the agencies have allocated
appropriate resources for their OMWIs, maintained frequent
interaction with and direct reporting lines between the heads
of the agencies and their OMWI Directors, and established
tangible and measurable outcomes within their long-term
strategic plans and daily operations to achieve a diverse and
inclusive culture throughout all levels of their agencies.
Workforce, Supplier, and Business Diversity Efforts Within
Agencies and their Regulated Entities. The Committee will
consider measures to further leverage diverse and inclusive
perspectives, skills, and talents within the workforces of
agencies under the Committee's jurisdiction, particularly at
the middle- and senior- management level, executive, and C-
suite positions, to help improve the agencies' services, foster
greater innovation, and develop novel solutions. The Committee
will also monitor agencies' policies and practices, as well
those of their regulated entities, to ensure that workplace
environments operate in a fair, transparent, and non-
discriminatory manner for all their employees by ensuring that
racial, ethnic, and gender minorities, without regard to their
sex, including sexual orientation; gender identity; sex
stereotypes; and pregnancy, childbirth, or a related medical
condition, have equal opportunities.
Recruitment, Retention and Promotion. The Committee will
review the policies and practices of all the agencies under the
Committee's jurisdiction, and of their regulated entities, to
promote the recruitment, retention, and promotion of a diverse
pool of employees, throughout all levels, of each organization
but particularly at the middle- and senior-management level,
executive, C-suite, and board of director positions. The
Committee will review the commitment and behavior of leaders,
as well as consider measures, to ensure that diversity and
inclusive goals are effectively transmitted throughout their
organizations, including holding managers accountable for
achieving diverse and inclusive environments.
The Rooney Rule. The Committee will consider policies that
mandate the consideration of diverse employment candidates
(referred to as ``The Rooney Rule''), and whether and how it
has affected diversity and inclusion efforts, including efforts
by the Federal Reserve to identify and select a diverse pool of
candidates for senior- management positions throughout the
entire Federal Reserve System.
Vendor, Contractor, and Business Diversity. The Committee
will monitor the agencies' efforts to increase diversity within
their vendor and contractor pools, and may consider methods to
address any challenges, or other barriers, to the agencies'
capacity to enhance their supplier and business diversity. The
Committee will also consider changes to increase the
transparency of the diversity practices of the FHFA's regulated
entities, including requiring public reporting of the total
dollar amounts these entities spend on third party vendors and
service providers and the amounts paid to firms that are
minority-owned, women-owned, disability-owned, and other
diverse-owned businesses on a regular basis.
Financial and Economic Inclusion. The Committee will
monitor the availability and affordability of financial
products and services to communities such as underserved rural,
urban, Tribal, indigenous and other minority communities, and
certain populations such as immigrants, active-duty
servicemembers and veterans and their families, older
(including retired) Americans, young adults and college
students, state- and federally-recognized Tribes, indigenous
peoples, and low- and moderate-income consumers. The Committee
will evaluate methods to expand access to the traditional
financial services system to people in different social,
income, and economic segments in this country, including
methods to broaden homeownership, increase wages, promote
employment within high-growth industries, encourage savings
(including retirement savings), and investments.
Wealth, Income Inequality, and Income Mobility. The
Committee will examine the existing differences in wealth and
income among American households across the country. The
Committee will evaluate proposals to reduce disparities in
opportunity that continue to persist across different segments
of our society and that were exacerbated in the run-up to, and
the fallout from, the 2008 financial crisis. The Committee will
consider how the economic disparities in this country compare
with other countries and whether successful approaches by other
countries to reduce such disparities could serve as models for
the U.S. The Committee will also monitor, among other things,
whether economic opportunity zones have been successful in
promoting intra and intergenerational income mobility. This
review will include an assessment of the effect on employment
and income mobility of factory and manual workers from trade
agreements and the increasing use of automation by companies.
Public Companies. The Committee will consider proposals to
enhance diversity and inclusion practices and policies at
public companies, including by more transparently reporting
information about the diversity of perspectives and
backgrounds, and the selection process of those who serve in
middle- and senior- management level, executive, C-suite
positions, and boards of directors.
Diverse Entrepreneurs and Access to Capital. The Committee
will monitor challenges faced by, and consider solutions to,
encouraging the creation and growth of diverse entrepreneurs'
businesses, particularly any unique challenges faced by
minority-owned businesses, women-owned businesses, veteran-
owned businesses, Native-owned businesses, disability-owned
businesses, and small businesses in obtaining access to capital
and opportunities to obtain a fair allocation of federal funds
and participation in federal programs. The Committee will also
review how corporations collaborate with minority-owned, women-
owned and other diverse-owned firms in their capital markets
activities, including but not limited to, the investment of
pension, union, and retirement funds; externally managed
investment and non-indexed funds; and alternative investments.
The Committee will also monitor the implementation of data
collection measures that could more effectively and efficiently
inform the public, investors, regulators, and Congress about
patterns and trends of business lending and other types of
financing.
Minority Depository Institution (MDIs). The Committee will
monitor the federal financial regulators' compliance with the
goals under Section 308 of the Financial Institutions Reform,
Recovery, and Enforcement Act (FIRREA) and may consider other
ways to further support MDIs.
IMPLEMENTATION OF THE 116TH CONGRESS OVERSIGHT PLAN
Implementation of the Oversight Plan of the Committee on Financial
Services for the One Hundred and Sixteenth Congress
Housing and Community Development
Department of Housing and Urban Development (HUD) and U.S.
Department of Agriculture (USDA). The Full Committee held a
hearing on May 29, 2019 entitled, ``Housing in America:
Oversight of the U.S. Department of Housing and Urban
Development,'' which reviewed HUD's budget request for fiscal
year 2020, and general oversight of the agency. The
Subcommittee on Housing, Community Development, and Insurance
held a hearing on April 2, 2019 entitled, ``The Affordable
Housing Crisis in Rural America: Assessing the Federal
Response,'' which reviewed USDA's budget request for fiscal
year 2020. On January 18, 2019, Chairwoman Maxine Waters sent a
letter to Secretary Ben Carson stating that HUD must comply
with its contingency plan during the 2018-2019 government
shutdown.
Homelessness. The Full Committee held three separate
hearings examining the current state of homelessness in the US
and the federal response:
``Homeless in America: Examining the Crisis
and Solutions to End Homelessness,'' February 13, 2019:
This hearing focused on reviewing the causes and
possible solutions for addressing homelessness, as well
as HUD homelessness programs.
``Examining the Homelessness Crisis in Los
Angeles,'' August 14, 2019: This hearing focused
specifically on homelessness in Los Angeles, which has
seen homelessness rates reach crisis levels.
``On the Brink of Homelessness: How the
Affordable Housing Crisis and the Gentrification of
America Is Leaving Families Vulnerable,'' January 14,
2020: This hearing focused on how to better serve
families at risk of eviction and homelessness.
The Committee considered the following legislation to
address the homelessness crisis:
H.R. 1856, the ``Ending Homelessness Act of
2019,'' introduced by Chairwoman Maxine Waters, which
would provide $13 billion in emergency relief funding
over five years to effectively address homelessness in
the U.S.
H.R. 2398, the ``Veteran HOUSE Act of
2020,'' introduced by Representative Scott Peters,
which passed the House on January 13, 2020 and became
law as part of Pub. Law 116-__. This legislation
expands eligibility for the HUD Veterans Affairs
Supportive Housing (VASH) program to include homeless
veterans who received an ``other than honorable''
discharge from the US military.
H.R. 3018, the ``Ensuring Equal Access to
Shelter Act of 2019,'' introduced by Representative
Jennifer Wexton, which prohibits HUD from implementing,
administering, or enforcing a proposed rule that would
allow homeless services providers to deny emergency
shelter to transgender individuals experiencing
homelessness.
H.R. 4029, the ``Tribal Eligibility for
Homeless Assistance Grants Act of 2019,'' introduced by
Representative Denny Heck, which passed the House on
November 18, 2020 and became law as part of Pub. Law
116-__. This legislation would make tribes and tribally
designated housing entities eligible to receive
McKinney-Vento Homeless Assistance Grant funding.
H.R. 4300, the ``Fostering Stable Housing
Opportunities Act of 2019,'' introduced by
Representative Madeleine Dean, which passed the House
on November 18, 2020 which became law as part of Pub.
Law 116-__. This legislation would provide Family
Unification Program vouchers ``on demand'' who are at
risk of homelessness as they transition to adulthood.
H.R. 4302, the ``Homeless Assistance Act of
2019,'' introduced by Representative Brad Sherman,
which passed the House on January 13, 2020. This bill
would authorize public housing agencies to disclose
information about individuals and families experiencing
homelessness to local Continuums of Care to help them
access services.
H.R. 6294, the Improving Emergency Disease
Response via Housing Act of 2020, introduced by
Representative Scott Tipton, which passed the House on
September 21, 2020. This bill requires HUD to share
with the Department of Health and Human Services
information regarding populations that are particularly
vulnerable to or at risk of contracting COVID-19.
Members of the Committee also sent several letters
regarding the homelessness crisis:
On January 18, 2019, Chairwoman Maxine
Waters sent a letter to Secretary Ben Carson stating
that HUD must comply with its contingency plan during
the 2018-2019 government shutdown by making funding for
homeless assistance available.
On June 29, 2020, Chairwoman Maxine Waters
and Representative Jennifer Wexton sent a letter to
Secretary Carson asking HUD to reconsider its proposed
Equal Access Rule given potential contradictions
between language in the Bostock decision and the
language in the regulation.
On October 29, 2019, Chairwoman Maxine
Waters sent a letter to President Trump requesting
information on the Administration's plans to address
homelessness.
Rental Housing Crisis. The Full Committee held three
hearings on the rental housing crisis:
``Housing in America: Assessing the
Infrastructure Needs of America's Housing Stock,''
April 30, 2019: This hearing examined the affordable
rental housing crisis and the role HUD programs play in
addressing it. The hearing also examined the
limitations of these programs due to current funding
levels. The hearing reviewed proposals to preserve and
increase the supply of affordable rental housing.
``On the Brink of Homelessness: How the
Affordable Housing Crisis and the Gentrification of
America Is Leaving Families Vulnerable,'' January 14,
2020: This hearing reviewed the need to preserve
affordable rental housing in gentrifying neighborhoods.
``The Heroes Act: Providing for a Strong
Economic Recovery from COVID-19,'' July 23. This
hearing reviewed how the COVID-19 pandemic has
exacerbated the rental housing crisis in the US.
The Subcommittee on Housing, Community Development and
Insurance also held hearings on the rental housing crisis:
``The Affordable Housing Crisis in Rural
America: Assessing the Federal Response,'' April 2,
2019: This hearing reviewed the rental housing crisis
in rural America.
``Safe and Decent? Examining the Current
State of Residents'' Health and Safety in HUD
Housing,'' November 20, 2019: This hearing examined the
conduct of landlords participating in HUD programs.
``The Rent is Still Due: America's Renters,
COVID-19, and an Unprecedented Eviction Crisis,'' June
10, 2020: This hearing reviewed how the COVID-19
pandemic has exacerbated the rental housing crisis in
the US.
The Committee considered the following legislation to
address the rental housing crisis:
H.R. 2763, the ``Keeping Families Together
Act of 2019,'' introduced by Representative Sylvia
Garcia, which would prohibit HUD from implementing,
administering, or enforcing a proposed rule that would
make families with mixed-immigration status ineligible
to live federally assisted housing, including public
housing.
H.R. 3620, the ``Strategy and Investment in
Rural Housing Preservation Act of 2019,'' introduced by
Representative William Lacy Clay, which passed the
House on September 10, 2019. This bill would authorize
$1 billion over five years to preserve USDA-assisted
affordable rental housing and require the agency to
develop a plan for preservation.
H.R. 4351, the ``Yes in My Back Yard Act,''
introduced by Representative Denny Heck, which passed
the House on March 2, 2020. This bill would require
localities that receive Community Development Block
Grant (CDBG) funding to submit a plan to track and
report on the implementation of certain land use
policies that promote housing production.
H.R. 5187, the ``Housing is Infrastructure
Act of 2019,'' introduced by Chairwoman Maxine Waters,
which passed the House on July 1, 2020. This bill would
authorize $100 billion in federal investments for the
nation's affordable housing infrastructure, including
public housing, supportive housing for seniors and
people with disabilities, housing affordable to the
lowest-income people, and rural and Native American
housing. Provisions of H.R. 5187 were incorporated into
H.R. 2, the ``Moving Forward Act.''
H.R. 7301, the ``Emergency Housing
Protections and Relief Act of 2020,'' introduced by
Chairwoman Maxine Waters, which passed the House on
June 29, 2020. This bill would authorize emergency
housing aid to respond to the coronavirus pandemic,
including $100 billion in emergency rental assistance.
On May 10, 2019, Chairwoman Maxine Waters sent a letter to
Secretary Carson stating that HUD must withdraw its rule that
would lead to the eviction of families of mixed immigration
status from federally assisted housing.
In addition, the Committee held a roundtable on September
2, 2020, entitled ``Dismantling Barriers to Housing for
America's Seniors and People with Disabilities,'' which
discussed the need to ensure seniors and people with
disabilities have access to accessible and integrated
affordable housing. The Committee continued to monitor the
expansion and implementation of the Moving to Work
demonstration throughout the 116th Congress and held meetings
with interested parties.
Public Housing. The Full Committee held a hearing on April
30, 2019 entitled, ``Housing in America: Assessing the
Infrastructure Needs of America's Housing Stock,'' which
reviewed the funding needs to address the capital backlog of
repairs in public housing to improve the health and well-being
of residents.
The Subcommittee on Housing, Community Development, and
Insurance held two hearings on public housing:
``Safe and Decent? Examining the Current
State of Residents'' Health and Safety in HUD
Housing,'' November 20, 2019: This hearing reviewed
health and safety hazards in HUD-subsidized properties,
including public housing.
``A Future Without Public Housing? Examining
the Trump Administrations Efforts to Eliminate Public
Housing,'' February 5, 2020: This hearing examined the
role public housing plays in addressing affordable
housing needs in the US, as well proposals to preserve
public housing. The hearing also reviewed HUD's Rental
Assistance Demonstration program, as well as the
agency's demolition and disposition process and its
impact on residents.
The Committee considered the following legislation to
address public housing issues:
H.R. 1690, ``Safe Housing for Families Act
of 2019,'' introduced by Representative Chuy Garcia,
and became law as part of Pub. Law 116-__. This bill
would require carbon monoxide detectors be installed in
public housing, which passed the House on September 10,
2019 and became law as part of Pub. Law 116-__.
H.R. 2763, the ``Keeping Families Together
Act of 2019,'' introduced by Representative Sylvia
Garcia, which would prohibit HUD from implementing,
administering, or enforcing a proposed rule that would
make families with mixed-immigration status ineligible
to live federally assisted housing, including public
housing.
H.R. 5187, the ``Housing is Infrastructure
Act of 2019,'' introduced by Chairwoman Maxine Waters,
which passed the House on July 1, 2020. This bill would
authorize $100 billion in federal investments for the
nation's affordable housing infrastructure, including
$70 billion to fully address the backlog of capital
repairs in public housing. Provisions of H.R. 5187 were
incorporated into H.R. 2, the ``Moving Forward Act.''
Members of the Committee also sent several letters
regarding public housing:
On May 10, 2019, Chairwoman Maxine Waters
sent a letter to Secretary Carson stating that HUD must
withdraw its rule that would lead to the eviction of
families of mixed immigration status from federally
assisted housing, including public housing.
On November 18, 2019, Chairwoman Maxine
Waters sent a letter to Secretary Carson stating that
HUD must ensure the agency includes tenant perspectives
when developing and implementing its demonstration to
update the physical inspection protocol of HUD-assisted
properties, including public housing.
Rural Housing. The Subcommittee on Housing, Community
Development, and Insurance held a hearing on April 2, 2019
entitled, ``The Affordable Housing Crisis in Rural America:
Assessing the Federal Response,'' which examined USDA's
affordable housing programs, the affordable housing needs in
rural communities and ways to preserve USDA-assisted rural
housing.
The Committee considered the following legislation
addressing rural housing:
H.R. 3620, the ``Strategy and Investment in
Rural Housing Preservation Act of 2019,'' introduced by
Representative William Lacy Clay, which passed the
House on September 10, 2019. This bill would authorize
$1 billion over five years to preserve USDA-assisted
affordable rental housing and require the agency to
develop a plan for preservation.
H.R. 5187, the ``Housing is Infrastructure
Act of 2019,'' introduced by Chairwoman Maxine Waters,
which passed the House on July 1, 2020. This bill would
authorize $100 billion in federal investments for the
nation's affordable housing infrastructure, including
$1 billion for rural housing preservation. Elements of
H.R. 5187 were incorporated into H.R., 2, the ``Moving
Forward Act.''
Community Development. The Full Committee held a hearing on
April 30, 2019 entitled, ``Housing in America: Assessing the
Infrastructure Needs of America's Housing Stock,'' which
reviewed legislation to help communities better leverage and
coordinate housing and community development with other
resources.
The Committee considered the following legislation
addressing community development:
H.R. 4351, the ``Yes in My Back Yard Act,''
introduced by Representative Denny Heck, which would
require localities that receive CDBG funding to submit
a plan to track and report on the implementation of
certain land use policies that promote housing
production.
H.R. 5187, the ``Housing is Infrastructure
Act of 2019,'' introduced by Chairwoman Maxine Waters,
which passed the House on July 1, 2020. This bill would
create a set-aside within the CDBG program to leverage
and coordinate housing development with transportation
resources. Elements of H.R. 5187 were incorporated into
H.R. 2, the ``Moving Forward Act.''
In addition, the Committee continued to monitor the
development and implementation of the Opportunity Zones
throughout the 116th Congress and held meetings with interested
parties.
Disaster Recovery, Resilience, and Sustainable Development.
The Subcommittee on Oversight and Investigations held a hearing
on, May 17, 2019 entitled ``Community Development Block Grant-
Disaster Recovery Program--Stakeholder Perspectives,'' which
reviewed the CDBG-DR program and ongoing efforts to provide
relief to areas recovering from disasters.
The Committee considered the following legislation related
to disaster recovery and sustainable development:
H.R. 3702, the ``Reforming Disaster Recovery
Act,'' introduced by Representative Al Green, which
passed the House on November 18, 2019. This bill would
reform the CDBG-DR program to enhance our nation's
ability to withstand future disasters.
H.R. 5187, the ``Housing is Infrastructure
Act of 2019,'' introduced by Chairwoman Maxine Waters,
which passed the House on July 1, 2020. This bill would
authorize $100 billion in federal investments for the
nation's affordable housing infrastructure, including
$1 billion to support mitigation efforts that can
protect communities from future disasters, and requires
nearly all funding authorized be used for sustainable
building features, such as energy efficient retrofits.
Elements of H.R. 5187 were incorporated into H.R., 2,
the ``Moving Forward Act.''
On May 5, 2019, Chairwoman Maxine Waters and Representative
Al Green sent a letter to Rae Oliver Davis, Inspector General
for the U.S. Department of Housing and Urban Development (HUD),
to investigate reports that HUD had not provided sufficient
information to its inspector general's office to allow its
inspector general to thoroughly investigate the Committee's
concerns with Puerto Rico's CDBG-DR funding. On January 13,
2020, Representative Nydia Velazquez and Chairwoman Waters sent
a letter to Secretary Carson requesting a meeting with him to
discuss why HUD was withholding CDBG-DR funds from Puerto Rico.
On October 10 and 11, 2019 Representative Al Green and
Committee staff travelled to the Bahamas to assess the damage
and destruction caused by Hurricane Dorian, and to engage in
dialogue with Bahamian leaders to learn more about their
recovery response and steps that they are taking to mitigate
future disasters to better understand how the U.S. could
improve its disaster response.
Fair Housing. The Full Committee held two hearings on fair
housing:
``The Fair Housing Act: Reviewing Efforts to
Eliminate Discrimination and Promote Opportunity in
Housing,'' April 2, 2019: This hearing examined the
state of fair housing in America, including evolving
issues in the digitization of the housing market and
the Department of Housing and Urban Development's
enforcement of the Fair Housing Act under Secretary
Carson.
``An Examination of Facebook and Its Impact
on the Financial Services and Housing Sectors,''
October 23, 2019: This hearing examined Facebook's
activities in the financial services and housing
sectors, including those related to fair housing,
diversity and inclusion, alternative data, and data
privacy.
The Subcommittee on Oversight and Investigations held one
hearing and one field hearing on fair housing:
``Examining Discrimination and Other
Barriers to Consumer Credit, Homeownership, and
Financial Inclusion in Texas,'' September 4, 2019: This
hearing examined access to affordable housing, credit,
and banking services in low- and moderate-income
(``LMI'') neighborhoods.
``Financial Services and the LGBTQ+
Community: A Review of Discrimination in Lending and
Housing,'' October 29, 2019: This hearing examined the
extent and effects of discrimination against persons
who identify as lesbian, gay, bisexual, transgender or
queer (``LGBTQ+'') when seeking housing or credit in
the United States. Witness testimony examined the
relevant data that are currently available to inform
policy makers regarding the nature and scope of such
discrimination.
The Committee considered H.R. 149, the ``Housing Fairness
Act of 2020,'' introduced by Representative Al Green, which
would authorize increased funding for the Department of Housing
and Urban Development's (HUD) Fair Housing Initiatives Program
(FHIP) and make a number of reforms to FHIP. It would also
establish a new competitive matching grant program at HUD to
support comprehensive studies of the causes and effects of
ongoing discrimination and segregation, and the implementation
of pilot projects to test solutions.
Members of the Committee sent the following letters to
address fair housing:
On November 22, 2019, Chairwoman Maxine
Waters and Committee Democrats sent a letter to
Secretary Carson urging that HUD rescind its proposed
disparate impact rule that would make it harder for
everyday Americans who find themselves victims of
housing discrimination to get justice.
On December 18, 2019, Chairwoman Maxine
Waters sent a letter to Secretary Carson requesting
that HUD immediately release the FY 2019 Notice of
Funding Availability (NOFA) for FHIP. The letter also
requested that the Secretary respond to the letter with
a specific explanation as to HUD's failure to release
the final FY19 FHIP NOFA in a timely manner, as well as
HUD's plan for avoiding such delays in the future.
On March 20, 2020, during the COVID-19
pandemic, 30 Members of Congress, including 24
Committee Members, sent a letter to Secretary Carson
urging that HUD rescind its proposed changes to the
Affirmatively Furthering Fair Housing (AFFH) rule that
would shift the focus of the rule to a general lack of
housing supply rather than the specific lack of housing
opportunities for protected classes of people and would
dilute accountability and enforcement of this key
mandate under the Fair Housing Act.
Native American and Native Hawaiian Housing. The Committee
continued to monitor developments on Native American and Native
Hawaiian housing throughout the 116th Congress and held
meetings with interested parties.
The Committee also considered the following legislation
related to this matter:
H.R. 4029, the ``Tribal Eligibility for
Homeless Assistance Grants Act of 2019,'' introduced by
Representative Denny Heck, which passed the House on
November 18, 2020 and became law as part of Public Law
116-__ [H.R. 133, Appropriations]. This bill would make
tribes and tribally designated housing entities
eligible to receive McKinney-Vento Homeless Assistance
Grant funding.
S. 2725, the ``Native American Housing
Affordability Act of 2019'', which allows the
Department of Housing and Urban Development (HUD) to
more expeditiously issue a certificate of guarantee for
certain loans related to Native American housing also
became law as part of Public Law 116-__[same].
Housing Finance and Access to Homeownership. The Full
Committee held the following hearings on housing finance and
access to homeownership:
``The End of Affordable Housing? A Review of
the Trump Administration's Plan to Change Housing
Finance in America,'' October 22, 2019: This hearing
examined the impact of the Trump Administration's
housing finance reform plans.
``Protecting Seniors: A Review of the FHA's
Home Equity Conversion Mortgage (HECM) Program,''
September 25, 2019: This hearing examined the Federal
Housing Administration's (FHA's) HECM program, which
remains the only source of federal backing for reverse
mortgages. This hearing also explored the benefits that
the program offers for seniors as well as some of the
challenges that the program has encountered.
``An Examination of the Federal Housing
Administration and Its Impact on Homeownership in
America,'' December 5, 2019: This hearing examined the
role that the Federal Housing Administration (FHA)
plays in the nation's housing finance system, and
proposals to improve FHA's ability to promote access to
homeownership, particularly for underserved borrowers.
``Prioritizing Fannie's and Freddie's
Capital Over America's Homeowners and Renters? A Review
of the Federal Housing Finance Agency's Response to the
COVID-19 Pandemic,'' September 16, 2020: This hearing
examined the steps taken by the Federal Housing Finance
Agency (FHFA) to stabilize the housing finance market
and provide relief to homeowners and renters during the
COVID-19 pandemic. The hearing also focused on how
Director Calabria's policies affected underserved
borrowers and those hardest hit by the economic
downturn.
The Subcommittee on Housing, Community Development, and
Insurance held two hearings and the Subcommittee on Oversight
and Investigations held one field hearing on housing finance
and access to homeownership:
``A Review of the State of and Barriers to
Minority Homeownership,'' May 8, 2019: This hearing
examined the historical background of discrimination in
homeownership and mortgage lending; the effect of the
foreclosure crisis on minority communities; current
trends and future projections on homeownership rates
between households of color and White households; and
how to address ongoing systemic barriers to minority
homeownership through federal policies and legislation.
``What's Your Home Worth? A Review of the
Appraisal Industry,'' June 20, 2019: This hearing
examined a number of critical topics affecting the
appraisal industry including the de minimus threshold,
appraiser independence, the role of technology in
appraisals, and racial disparities in home valuations.
``An Examination of the Housing Crisis in
Michigan, 11 Years after the Recession,'' August 2,
2019: This field hearing, held in Detroit, Michigan,
explored the impacts of the Community Reinvestment Act
(CRA), discriminatory housing practices, and how
equitable and fair housing in Michigan can be achieved.
The Committee considered the following legislation to
address the rental housing crisis:
H.R. 1060, the BUILD Act, introduced by
Representative Barry Loudermilk, which passed the House
of Representatives on May 14, 2019. This bill allows
nonprofit organizations offering mortgage loans for
charitable purposes to use certain alternative forms to
satisfy disclosure requirements.
H.R. 2162, introduced by Representative
Joyce Beatty, the Housing Financial Literacy Act of
2019, which passed the House of Representatives on July
10, 2019. This bill gives first-time homebuyers who
complete a Department of Housing and Urban Development-
certified counseling course a discount on their Federal
Housing Administration mortgage insurance premium.
H.R. 2852, the ``Homebuyer Assistance Act of
2019,'' introduced by Representative Brad Sherman,
which passed the House of Representatives on September
10, 2019. This bill would change the property appraisal
requirements for mortgages backed by the Federal
Housing Administration (FHA) by allowing licensed
appraisers to conduct appraisals for such mortgages,
rather than only certified appraisers. This would bring
FHA standards in line with those set by Fannie Mae and
Freddie Mac. This bill would also set minimum
requirements for education specific to FHA appraisals
that appraisers must undergo to be eligible to conduct
FHA appraisals.
H.R. 3154, the ``Homeownership for DREAMers
Act,'' introduced by Representative Juan Vargas, which
would clarify that recipients of Deferred Action for
Childhood Arrivals (DACA) cannot be deemed ineligible
for mortgage loans backed by FHA, Fannie, Freddie, or
the USDA solely on the basis of their status as DACA
recipients.
H.R. 3619, the ``Appraisal Fee Transparency
Act of 2019,'' introduced by Representative William
Lacy Clay, which passed the House of Representatives on
September 22, 2019. This bill would provide the
Appraisal Subcommittee (ASC) with greater flexibility
to determine the structure and amount of the fee
charged to appraisal management companies (AMCs),
provide the ASC with greater flexibility to utilize fee
proceeds to partner with different entities to ensure
compliance with federal appraisal standards, add a
representative of the Department of Veterans Affairs
(VA) to the ASC, create a national registry of
appraisers in training, and provide consumers with
greater transparency in the disclosure of fees paid for
appraisals.
On May 22, 2020, the Subcommittee on Housing, Community
Development, and Insurance held a virtual rountable entitled,
``Reviewing the Impact of the COVID-19 Pandemic on U.S. Housing
Markets.''
Federal Housing Finance Agency (FHFA), Federal National
Mortgage Association (Fannie Mae), Federal Home Loan Mortgage
Corporation (Freddie Mac), Federal Home Loan Banks (FHLBs). The
Committee held two hearings on FHFA, the Enterprises, and
FHLBs:
``The End of Affordable Housing? A Review of
the Trump Administration's Plan to Change Housing
Finance in America,'' October 22, 2019: This hearing
examined the impact of the Trump Administration's
housing finance reform plans.
``Prioritizing Fannie's and Freddie's
Capital Over America's Homeowners and Renters? A Review
of the Federal Housing Finance Agency's Response to the
COVID-19 Pandemic,'' September 16, 2020: This hearing
examined the steps taken by the Federal Housing Finance
Agency (FHFA) to stabilize the housing finance market
and provide relief to homeowners and renters during the
COVID-19 pandemic. The hearing also focused on how
Director Calabria's policies affected underserved
borrowers and those hardest hit by the economic
downturn.
Members of the Committee sent the following letters related
to these matters:
On June 25, 2020, Chairwoman Maxine Waters,
Representative William Lacy Clay, and Representative
Juan Vargas sent a letter to Director Calabria and
Secretary Carson calling on them to amend their
agencies' policies which penalize loans that go into
forbearance prior to being insured by FHA or purchased
by Fannie Mae or Freddie Mac (collectively ``the
Enterprises'''), unnecessarily resulting in increased
costs for borrowers.
On July 25, 2020, Chairwoman Maxine Waters,
Representative William Lacy Clay, and Representative
Denny Heck sent a letter to Director Calabria urging
FHFA to prioritize economic recovery amid the COVID-19
pandemic crisis by pausing a rulemaking that would set
new capital requirements for the Enterprises until
after the pandemic.
On December 3, 2020, Chairwoman Maxine
Waters, sent a letter to Director Calabria,), urging
him to fully engage with Congress, halt all efforts to
raise the capital requirements for Fannie Mae and
Freddie Mac and halt all efforts to release them from
conservatorship. The letter also requests that the
agency cease and desist from finalizing any ``midnight
rules''' or other administrative actions until
President-Elect Joseph R. Biden is sworn into office on
January 20, 2021 and his Administration can review.
On August 14, 2020, Chairwoman Maxine Waters and
Representative William Lacy Clay issued a statement urging the
FHFA to reverse a decision to allow the Enterprises to impose a
new adverse-market refinance fee of 0.5 percent on refinanced
mortgage loans sold to them after September 1, 2020. After
feedback from stakeholders and the White House, the FHFA
extended the implementation date to December 1, 2020.
Government National Mortgage Association (Ginnie Mae). The
Full Committee held a hearing on Ginnie Mae entitled ``The End
of Affordable Housing? A Review of the Trump Administration's
Plan to Change Housing Finance in America,'' October 22, 2019:
This hearing examined the impact of the Trump Administration's
plans for housing finance.
The Committee considered the following legislation related
to Ginnie Mae: H.R. 1988, the ``Protect Affordable Mortgages
for Veterans Act,'' introduced by Representative David Scott, a
form of which became Public Law 116-133, addresses the
unintended consequences of Section 309 of the ``Economic
Growth, Regulatory Relief, and Consumer Protection Act,'' by
grandfathering in a subset of loans previously ineligible for
Ginnie Mae securities. The bill also incorporated language to
address a technical issue related to the tolling of the loan
seasoning period.
Federal Housing Administration (FHA). The Subcommittee on
Housing, Community Development and Insurance held two hearings
and the Subcommittee on Oversight and Investigations held one
hearing on FHA:
``Housing in America: Oversight of the U.S.
Department of Housing and Urban Development,'' May 21,
2019: This hearing examined HUD's current state of
affairs and addressed major changes to agency policies
and programs since 2017.
``Protecting Seniors: A Review of the FHA's
Home Equity Conversion Mortgage (HECM) Program,''
September 25, 2019: This hearing examined the Federal
Housing Administration's (FHA's) HECM program, which
remains the only source of federal backing for reverse
mortgages. This hearing also explored the benefits that
the program offers for seniors as well as some of the
challenges that the program has encountered.
``An Examination of the Federal Housing
Administration and Its Impact on Homeownership in
America,'' December 5, 2019: This hearing examined the
role that the Federal Housing Administration (FHA)
plays in the nation's housing finance system, and
proposals to improve FHA's ability to promote access to
homeownership, particularly for underserved borrowers.
The Committee considered the following legislation to
address the rental housing crisis:
H.R. 123, the ``Alternative Data for
Additional Credit FHA Pilot Program Act,'' introduced
by Representative Al Green, which would reauthorize
HUD's statutory authority to implement a pilot program
under FHA to increase credit access for borrowers with
thin or no credit files through the use of additional
credit data. The ANS would also require HUD to report
pilot program findings.
H.R. 2852, the ``Homebuyer Assistance Act of
2019,'' introduced by Representative Brad Sherman,
which passed the House of Representatives on September
10, 2019. This bill would change the property appraisal
requirements for mortgages backed by the Federal
Housing Administration (FHA) by allowing licensed
appraisers to conduct appraisals for such mortgages,
rather than only certified appraisers. This would bring
FHA standards in line with those set by Fannie Mae and
Freddie Mac. This bill would also set minimum
requirements for education specific to FHA appraisals
that appraisers must undergo to be eligible to conduct
FHA appraisals.
H.R. 3958, the ``FHA Foreclosure Prevention
Act of 2019, introduced by Chairwoman Maxine Waters,
which passed the House on May 15, 2020. This bill would
enhance FHA's oversight of loss mitigation and
establish a complaint and appeals process for borrowers
who believe their servicer is out of compliance with
FHA's servicing requirements. Elements of H.R. 3958
were incorporated into H.R. 6800, the ``Heroes Act.''
H.R. 5931, the ``Improving FHA Support for
Small Dollar Mortgages Act of 2020,'' introduced by
Representative William Lacy Clay, which would require
FHA to conduct a review of its policies to identify any
barriers to supporting mortgages under $70,000 and
report to Congress within a year with a plan for
removing such barriers.
On June 23, 2020, Chairwoman Maxine Waters and
Representative Al Green sent a letter to Rae Oliver Davis,
Inspector General for the U.S. Department of Housing and Urban
Development (HUD), requesting an investigation into HUD's
decision to exclude Deferred Action for Childhood Arrivals
(DACA) recipients from the Federal Housing Administration (FHA)
mortgage insurance program. The letter followed the publication
of internal HUD and FHA communications revealing that HUD and
FHA secretly changed existing policy by prohibiting DACA
recipients from receiving FHA loans. In the letter, Chairwoman
Maxine Waters and Representative Al Green expressed concerned
that HUD's policy change potentially violated the
Administrative Procedures Act. Chairwoman Maxine Waters and
Representative Al Green also expressed concern that HUD
officials may have made false and misleading statements to
Congress throughout 2018 and 2019 regarding whether HUD changed
its policies on DACA recipients' eligibility for FHA loans.
Private Mortgage Insurance (PMI). The Committee considered
the following legislation to address PMI:
On July 10, 2019, the House of
Representatives passed H.R. 2162, introduced by
Representative Joyce Beatty, the Housing Financial
Literacy Act of 2019, which gives first-time homebuyers
who complete a Department of Housing and Urban
Development-certified counseling course a discount on
their Federal Housing Administration mortgage insurance
premium.
H.R. 3141, the ``FHA Loan Affordability Act
of 2019,'' introduced by Representative Dean Phillips,
would repeal the requirement that Federal Housing
Administration (FHA) borrowers pay mortgage insurance
premiums for the life of the loan and reinstate the
FHA's previous policy of requiring borrowers to pay
premiums until the outstanding principal balance
reaches 78 percent of the original home value.
Mortgage Servicing. The Subcommittee on Oversight and
Investigations held a hearing entitled ``Protecting Homeowners
During the Pandemic: Oversight of Mortgage Servicers''
Implementation of the CARES Act,'' July 13, 2020: This hearing
examined the challenges faced by homeowners as a result of the
coronavirus pandemic and associated economic crisis, including
the disparate impact on communities of color. The hearing also
examined the responsibilities of mortgage servicers, pursuant
to the CARES Act, to assist home mortgage borrowers impacted by
the pandemic.
On July 23, 2020, the Full Committee held a hearing
entitled, ``The Heroes Act: Providing for a Strong Economic
Recovery from COVID-19,'' to review the provisions of H.R.
6800, the Heroes Act that would help consumers and small
businesses during the COVID-19 emergency.
On May 4, 2020, Chairwoman Maxine Waters; Representative
Gregory Meeks, Representative William Lacy Clay, and
Representative Al Green sent letters to the nation's largest
mortgage servicers requesting information related to their
communications about relief available to borrowers with
federally-backed mortgages under the Coronavirus Aid, Relief,
and Economic Security (CARES) Act.
Insurance
National Flood Insurance Program (NFIP). The Full Committee
held a hearing on March 13, 2019, entitled ``Preparing for the
Storm: Reauthorization of the National Flood Insurance
Program.'' In June 2019, the Committee considered and passed
H.R. 3167, The National Flood Insurance Program (NFIP)
Reauthorization Act of 2019, and a short-term reauthorization
of NFIP was included in FY 2020 and 2021 appropriations
measures.
Federal Insurance Office (FIO). The Committee continued to
monitor developments and conducted oversight of funding and
staffing cuts to the FIO throughout the 116th Congress and held
meetings with interested parties.
Terrorism Risk Insurance Program. The Full Committee held a
hearing on October 16, 2019 entitled ``Protecting America: The
Reauthorization of the Terrorism Risk Insurance Program.'' The
Committee considered and passed H.R. 4634, introduced by
Chairwoman Maxine Waters, reauthorizing the Terrorism Risk
Insurance Program for ten years. Elements of H.R. 4634 were
incorporated into H.R 1865, the ``Further Consolidated
Appropriations Act, 2020,'' which extended the authorization
for seven years and became Public Law 116-94.
Insurance Sector Supervision. The Committee continued to
monitor developments on Insurance Sector Supervision throughout
the 116th Congress and held meetings with interested parties.
International Insurance Developments. The Committee
continued to monitor developments on International Insurance
Developments throughout the 116th Congress and held meetings
with interested parties.
Cyber Insurance. The Committee continued to monitor
developments on Cyber Security throughout the 116th Congress
and held meetings with interested parties. Representative Al
Green of Texas offered an amendment on a GAO study relating to
financial incentives to address cyber threats that became law
as part of Public Law 116-__ (H.R. 6395, NDAA).
Auto Insurance. The Subcommittee on National Security,
International Development, and Monetary Policy held a hearing
on March 4, 2020 titled ``Drivers of Discrimination: An
Examination of Unfair Premiums, Practices, and Policies in the
Auto Insurance Industry.'' The hearing looked at the issue of
auto insurance discrimination, and whether insurers are using
factors like race rather than drivers' records in setting auto
insurance premiums.
Consumer Protection and Financial Institutions
Government Shutdown. The Committee continued to monitor
developments on the 2019-2020 government shutdown throughout
the 116th Congress. Staff held meetings with interested parties
and addressed relief to consumers who lost income due to the
government shut down via legislation and letters to the
appropriate banking and regular bodies inquiring as to how they
will help consumers.
The Committee also considered legislation relating to the
effects of government shutdowns:
H. Res. 77, a resolution introduced by
Chairwoman Maxine Waters, which was passed by the House
of Representatives on January 29, 2019. This bill
encourages financial institutions, consumer reporting
agencies, and other entities to do what they can to
help consumers, including federal employees,
contractors, small businesses, and other individuals
affected by the Trump federal government shutdown.
H.R. 2290, the Shutdown Guidance for
Financial Institutions Act, introduced by
Representative Jennifer Wexton, which passed the House
of Representatives on September 22, 2019. This bill
directs financial regulators--including the Federal
Reserve Board, the Consumer Financial Protection
Bureau, the Office of the Comptroller of the Currency,
the Federal Deposit Insurance Corporation, and the
National Credit Union Administration--to issue guidance
relating to a government shutdown, including
encouraging financial institutions to modify loan terms
and to extend credit to consumers and businesses
affected by a shut down and to take steps to prevent
the reporting of adverse credit information related to
a government shutdown. Among other things, financial
regulators must issue guidance encouraging financial
institutions.
H.R.4328, the Protecting Innocent Consumers
Affected by a Shutdown Act, introduced by Chairwoman
Maxine Waters which establishes a mechanism to identify
affected consumers, and it restricts furnishers and the
CRAs from including adverse financial information
resulting from a government shutdown in the affected
consumers credit profiles for the duration of a
shutdown plus 90 days. The bill also restricts any user
of consumer reports, including creditors, potential
employers, and others, from considering adverse
information regarding a consumer affected by a
shutdown.
The Committee sent two letters relating to the effects of
the Government Shutdown:
On January 11, 2019, Chairwoman Maxine
Waters, wrote a letter to Federal Reserve Chairman
Jerome Powell, Federal Deposit Insurance Corporation
Chairman Jelena McWilliams, Consumer Financial
Protection Bureau Director Kathy Kraninger, Comptroller
of the Currency Joseph Otting, and National Credit
Union Administration Chairman Mark McWatters, urging
the regulators to consider the needs of consumers who
may be experiencing temporary financial hardship in
meeting credit obligations as a result of the shutdown.
On January 28, 2019, Chairwoman Maxine
Waters, wrote to the heads of financial services
industry trade associations and the largest credit
reporting agencies to call on them to describe what
their institutions and member companies are doing to
help consumers affected by the shutdown.
Protecting Consumers. The Committee held a number of
hearings on consumer financial protection:
On March 7, 2019, the Full Committee held a
two-panel hearing entitled, ``Putting Consumers First?
A Semi-Annual Review of the Consumer Financial
Protection Bureau,'' to examine its Semi-Annual report
to Congress and to address concerns that Consumer
Bureau has not recently fulfilled both the spirit and
plain letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
On March 12, 2019, the Full Committee held a
hearing entitled, ``Holding Megabanks Accountable: An
Examination of Wells Fargo's Pattern of Consumer
Abuse'' to discuss Financial various instances of
consumer abuses, including fraudulent account creations
and insurance schemes at Wells Fargo and its
subsidiaries.
On October 16, 2019 the Full Committee held
a hearing entitled, ``Who is Standing Up for Consumers?
A Semi-Annual Review of the Consumer Financial
Protection Bureau,'' to examine its Semi-Annual report
to Congress and to address concerns that Consumer
Bureau has not recently fulfilled both the spirit and
plain letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
On February 6, 2020, the Full Committee held
a hearing entitled, ``Protecting Consumers or Allowing
Consumer Abuse? A Semi-Annual Review of the Consumer
Financial Protection Bureau'' to examine its Semi-
Annual report to Congress and to address concerns that
Consumer Bureau has not recently fulfilled both the
spirit and plain letter of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
On July 30, 2020, the Full Committee held a
hearing entitled, ``Protecting Consumers During the
Pandemic? An Examination of the Consumer Financial
Protection Bureau'' to examine its Semi-Annual report
to Congress, to address concerns that Consumer Bureau
has not recently fulfilled both the spirit and plain
letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and to discuss updates to how
the CFPB is helping consumers during the COVID-19
emergency period.
The Committee considered numerous legislation that touched
on consumer protection, including H.R. 1500, the Consumers
First Act, introduced by Chairwoman Maxine Waters, a bill to
block the Trump Administration's anti-consumer agenda and
reverse their past efforts to undermine the mission of the
Consumer Financial Protection Bureau. This bill passed the
House of Representatives on May 22, 2019.
On March 11, 2020, Congresswoman Maxine Waters, along with
the Subcommittee and Taskforce Chairs, led six letters to
Administration officials, prudential regulators, financial
services organizations and credit reporting agencies expressing
concerns about risks related to coronavirus disease 2019
(COVID-19) and the steps they are taking to prevent Americans
and the financial system from being harmed.
On June 9, 2020, Chairwoman Maxine Waters and
Representative Al Green sent a letter to NCUA Chairman Rodney
Hood requesting documents regarding the NCUA's sale of taxi
medallion loans to Marblegate Asset Management LLC. Following
the sale, Committee Democrats representing districts in New
York City called for a Committee investigation due to concerns
that the NCUA conducted the transaction without sufficient due
diligence or consideration of borrower interests. In response
to Chairwoman Maxine Waters' and Representative Green's letter,
the NCUA produced to the Committee the sale agreement between
the NCUA and Marblegate and portions of responses to the NCUA's
request for qualifications for the sale of the taxi medallion
loans. The documents produced provided the Committee
additional, nonpublic information regarding the NCUA's
consideration of borrower interests during the transaction and
have informed Committee members' consideration of the need for
borrower protections in NCUA loan sales.
Consumer Financial Protection Bureau. The Committee held a
number of hearings relating to the Consumer Financial
Protection Bureau (CFPB):
On March 7, 2019, the Full Committee held a
two-panel hearing entitled, ``Putting Consumers First?
A Semi-Annual Review of the Consumer Financial
Protection Bureau,'' to examine its Semi-Annual report
to Congress and to address concerns that Consumer
Bureau has not recently fulfilled both the spirit and
plain letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
On October 16, 2019 the Full Committee held
a hearing entitled, ``Who is Standing Up for Consumers?
A Semi-Annual Review of the Consumer Financial
Protection Bureau,'' to examine its Semi-Annual report
to Congress and to address concerns that Consumer
Bureau has not recently fulfilled both the spirit and
plain letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
On February 6, 2020, the Full Committee held
a hearing entitled, ``Protecting Consumers or Allowing
Consumer Abuse? A Semi-Annual Review of the Consumer
Financial Protection Bureau'' to examine its Semi-
Annual report to Congress and to address concerns that
Consumer Bureau has not recently fulfilled both the
spirit and plain letter of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
On July 30, 2020, the Full Committee held h
a hearing entitled, ``Protecting Consumers During the
Pandemic? An Examination of the Consumer Financial
Protection Bureau'' to examine its Semi-Annual report
to Congress, to address concerns that Consumer Bureau
has not recently fulfilled both the spirit and plain
letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and to discuss updates to how
the CFPB is helping consumers during the COVID-19
emergency period.
On May 22, 2019, the House passed H.R. 1500, the Consumers
First Act, introduced by Chairwoman Maxine Waters, a bill to
block the Trump Administration's anti-consumer agenda and
reverse their past efforts to undermine the mission of the
Consumer Financial Protection Bureau.
Members of the Committee sent the following letters related
to this matter:
On February 7, 2019, Chairwoman Maxine
Waters and Representative Al Green, Chairman of the
Subcommittee on Oversight and Investigations, wrote to
Consumer Financial Protection Bureau Director Kathy
Kraninger to request documents relating to recent
settlements that do not require companies that have
violated the law to provide redress to consumers who
have been harmed.
On February 22, 2019, Congresswoman Maxine
Waters, sent a letter to the dedicated public servants
of the Consumer Financial Protection Bureau (Consumer
Bureau), to address the challenges they have faced in
the last two years and assure them that she would use
the full range of the Committee's oversight authorities
to prevent any efforts to weaken the Consumer Bureau.
On October 7, 2019, Speaker Nancy Pelosi and
Financial Services Committee Chairwoman Maxine Waters
announced a filing by the U.S. House of Representatives
with the Supreme Court in support of the independence
of the Consumer Financial Protection Bureau.
On December 17, 2019, Chairwoman Maxine
Waters, sent a letter to Kathleen Kraninger, Director
of the Consumer Financial Protection Bureau, expressing
concerns regarding reports that a Trump Administration
political appointee, Thomas G. Ward, is the lead
candidate for the apolitical Enforcement Director
position at the Consumer Bureau.
Chairwoman Maxine Waters also released a
Majority staff report entitled, ``Settling for Nothing:
How Kraninger's CFPB Leaves Consumers High and Dry.''
The report presents evidence that the Trump
Administration's politicization of the Consumer Bureau
has led to a decline in the Consumer Bureau's obtaining
redress for harmed consumers.
Student Debt Crisis. The Committee held the following
hearings the student debt crisis:
On June 11, 2019, the Subcommittee on
Oversight and Investigations held a hearing entitled,
``An Examination of State Efforts to Oversee the $1.5
Trillion Student Loan Servicing Market,'' on June 11,
2019 to examine the growing student debt crisis and
address how the administration and how servicers can
better meet the needs of Americans struggling with
students.
On September 10, 2019, the Full Committee
will hold a hearing entitled, ``A $1.5 Trillion Crisis:
Protecting Student Borrowers and Holding Student Loan
Servicers Accountable,'' to examine stronger
protections for students taking out loans for higher
education.
The Committee considered and passed the following
legislation:
H.R. 4545, Private Loan Disability Discharge
Act of 2019, introduced by Representative Madeleine
Dean, which would amend the Truth in Lending Act (TILA)
to include a required discharge of private student
loans in the case of permanent disability of the
borrower, similar to how federal student loans are
treated in these circumstances., The Statement of
Managers for Public Law 116-__ (H.R. 6395, NDAA) urged
the Administration to use all available authorities
provided to it by Congress to ensure that all student
borrowers, and particularly those who are in financial
distress, are treated fairly and receive any assistance
they are eligible for.
H.R. 5287, the Fair Student Loan Debt
Collection Practices Act, introduced by Representative
Al Lawson, which would amend the Fair Debt Collection
Practices Act to prohibit debt collectors from
collecting on certain Federal student loan debt when
the borrower would not be required to make payments
under an income-driven repayment plan.
H.R. 5294, the Student Borrower Protections
Act, introduced by Representative Alma Adams, which
would provide student loan borrowers with greater
protections, including with respect to credit
reporting, and enhance oversight of student loan
servicing. The Statement of Managers for Public Law
116-___ urged the Administration to use all available
authorities provided to it by Congress to ensure that
all student borrowers, and particularly those who are
in financial distress, are treated fairly and receive
any assistance they are eligible for.
On August 13, 2019, the Financial Services Committee
Chairwoman Maxine Waters, Education and Labor Committee
Chairman Bobby Scott, and Oversight and Reform Committee
Chairman Elijah Cummings, sent a letter to Consumer Financial
Protection Bureau Director Kathleen Kraninger requesting
information and records concerning the CFPB's efforts to
protect consumers from unlawful student loan servicing
practices.
Consumer Protections for Military Servicemembers. On March
7, 2019, the Full Committee held a two-panel hearing entitled,
``Putting Consumers First? A Semi-Annual Review of the Consumer
Financial Protection Bureau,'' to examine its Semi-Annual
report to Congress and to address concerns that Consumer Bureau
has not recently fulfilled both the spirit and plain letter of
the Dodd--Frank Wall Street Reform and Consumer Protection Act,
and which addressed issues relating to consumer protections for
military servicemembers.
The Committee also considered legislation relating to
consumer protections for military servicemembers:
H.R. 1988, introduced by Representative
David Scott and Representative Lee Zeldin, the Protect
Affordable Mortgages for Veterans Act of 2019,
bipartisan legislation which addresses unintended
administrative complications that resulted from
implementation of Section 309 of S. 2155, the
``Economic Growth, Regulatory Relief, and Consumer
Protection Act.'' This legislation, which passed the
House of Representatives on June 7, 2019, clarifies
requirements for certain refinanced U.S. Department of
Veterans Affairs (VA) mortgage loans to allow them to
be securitized by Ginnie Mae, thereby enabling those
banks to make additional loans, including to veterans,
and a form of which became public law 116-133.
H.R. 5003, The Fair Debt Collection
Practices for Servicemembers Act, introduced by
Representative Madeleine Dean which passed by the House
of Representatives on March 3, 2020. This bill amends
the FDCPA to prohibit debt collectors from threatening
servicemembers or their families to have a
servicemember's rank reduced, have their security
clearance revoked, have them prosecuted under the
Uniform Code of Military Justice, or communicating with
a servicemember's chain of command to locate a
servicemember.
High Cost Short-Term Credit and Debt Collection. The Full
Committee held the following hearings on this matter:
On September 26, 2019 the Full Committee
held a hearing entitled, ``Examining Legislation to
Protect Consumers and Small Business Owners from
Abusive Debt Collection Practices,'' to overview the
harms and consequences of unchecked violations of the
Fair Debt Collection Practices Act, and other
applicable laws that protect consumers.
On February 5, 2020, the Full Committees
held a hearing entitled, ``Rent-A Bank Schemes and New
Debt Traps: Assessing Efforts to Evade State Consumer
Protections and Interest Rate Caps'' to cover how bank
partnerships with non-banks can be safe without harming
consumers and circumventing state law.
On April 30, 2019, The Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ``Ending
Debt Traps in the Payday and Small Dollar Credit Industry,'' to
examine the harms that triple digit interest rate small dollar
loans cause to low-income communities and what more lawmakers
need to do to address it.
The Committee considered and passed the following
legislation:
H.R. 2398, To amend the United States
Housing Act of 1937 and title 38, United States Code,
to expand eligibility for the HUD VASH program, to
direct the Secretary of Veterans Affairs to submit
annual reports to the Committees on Veterans' Affairs
of the Senate and House of Representatives regarding
homeless veterans, and for other purposes, introduced
by Representative Scott Peters, which passed the House
of Representatives on January 13, 2020 and became law
as part of Pub. Law 116--[H.R. 6395, NDAA]. This bill
expands the eligibility for the Housing and Urban
Development-Veterans Affairs Supportive Housing or HUD
VASH program, to veterans experiencing homelessness who
have received an ``other than honorable'' discharge.
H.R. 3490, The Small Business Lending Fairness Act, a
bill by Representative Nydia Velazquez, that would
amend the Truth in Lending Act (TILA) to restrict the
use of predatory small business loan contract clauses
called ``confessions of judgment.''
H.R. 3948, The Debt Collection Practices
Harmonization Act, a bill by Representative Gregory
Meeks, Chairman of the Subcommittee on Consumer
Protection and Financial Institutions, that clarifies
that private debt collectors who pursue debts such as
municipal utility bills, tolls, traffic tickets, and
court debts are subject to the FDCPA.
H.R. 4003, The Stop Debt Collection Abuse
Act, introduced by Representative Emanuel Cleaver,
Chairman of the Subcommittee on National Security,
International Development and Monetary Policy, that
extends the FDCPA's protections as it relates to debt
owed to a federal agency, limits the fees debt
collectors can charge, and clarifies that debt buyers
are subject to FDCPA.
H.R. 5001, The Non-Judicial Foreclosure Debt
Collection Clarification Act, introduced by
Representative William Lacy Clay, Chairman of the
Subcommittee on Housing, Community Development and
Insurance, that reverses the recent Supreme Court
decision in Obduskey versus McCarthy and Holthus LLP by
amending the FDCPA to clarify that entities in non-
judicial foreclosure proceedings are covered by the
law.
H.R. 5003, The Fair Debt Collection
Practices for Servicemembers Act, introduced by
Representative Madeleine Dean, that amends the FDCPA to
prohibit debt collectors from threatening
servicemembers or their families to have a
servicemember's rank reduced, have their security
clearance revoked, have them prosecuted under the
Uniform Code of Military Justice, or communicating with
a servicemember's chain of command to locate a
servicemember. This bill also was passed by the House
of Representatives on March 3, 2020.
H.R. 5013, The Small Business Fair Debt
Collection Protection Act, introduced by Representative
Al Lawson, that expands the FDCPA's protections to
cover small business loans.
H.R. 5021, The Ending Debt Collection
Harassment Act of 2019, introduced by Representative
Ayanna Pressley, to amend the Fair Debt Collection
Practices Act (FDCPA) to prohibit a debt collector from
contacting a consumer by email or text message without
a consumer's consent to be contacted electronically,
and prohibits the Consumer Financial Protection Bureau
(CFPB) from issuing any rules implementing the FDCPA
that allow a debt collector to send unlimited email and
text messages to a consumer.
H.R. 5330, the Consumer Protections for
Medical Debt Collections Act, introduced by
Representative Rashida Tlaib, which would provide
relief to those struggling with health problems and
medical debt by preventing collection of medical debt
for two years from the date of the medical billing. The
bill includes a one-year delay before adverse
information is reported to a consumer reporting agency,
and it would ban the reporting of debt arising out of
medically necessary procedures.
Members of the Committee also sent the following letters:
On August 23, 2019, Chairwoman Maxine Waters
and 101 Members of Congress sent a letter to Kathy
Kraninger, Director of the Consumer Financial
Protection Bureau (Consumer Bureau), calling on her to
reconsider the Consumer Bureau's final rule to delay
the original August 19, 2019 compliance date for the
2017 Payday, Vehicle Title, and Certain High-Cost
Installment Loans Rule (Payday Rule). The Members also
expressed concerns regarding the Consumer Bureau's
harmful plans to roll back the Payday Rule by removing
key protections for consumers.
In September 26, 2019, Chairwoman Maxine
Waters joined Representatives Katie Porter and Ayanna
Pressley, in a letter along with 63 other Democrats to
address grave concerns with the weak Debt Collection
Rule Proposal, which left too many gaps that hurt
consumers.
On May 1, 2020, Chairwoman Maxine Waters
sent a letter to Treasury Secretary Steven Mnuchin and
Small Business Administrator Jovita Carranza, calling
attention to the irreparable harm predatory payday
lenders have caused America's consumers and urging
Administration officials to deny them access to
Paycheck Protection Program (PPP) loans.
On May 18, 2020, Chairwoman Maxine Waters
sent a letter to Jerome Powell, Chair of the Board of
Governors of the Federal Reserve System, and Steven
Mnuchin, Secretary of the U.S. Department of the
Treasury, following up on conversations to ensure that
the Federal Reserve and Treasury programs and
facilities to respond to the COVID-19 crisis do not
support predatory lenders.
Mandatory Arbitration. The Committee continued to monitor
developments on mandatory arbitration throughout the 116th
Congress. Staff held meetings with interested parties. This
matter also came up in various hearings, including in a hearing
before the Full Committee on February 26, 2019, ``Who's Keeping
Score? Holding Credit Bureaus Accountable and Repairing a
Broken System,'' where Credit Bureau practices in this regard
were addressed.
Fair Access to Affordable Consumer Financial Products and
Services. The Committee held the following hearings on this
matter:
On March 6, 2020, the Subcommittee on
Consumer Protection and Financial Institutions convened
a field hearing entitled, ``Modern-Day Redlining: the
Burden on Underbanked and Excluded Communities in New
York'' The hearing addressed many of the findings from
the Center for Investigative Reporting's Reveal
investigative study on bank discrimination in lending,
as well as a more recent Newsday investigative report
on redlining in Long Island, and a series of Consumer
Protection and Financial Institutions Subcommittee
hearings on the Community Reinvestment Act (CRA), and
minority depository institutions (MDIs).
On June 3, 2020, the Subcommittee on
Consumer Protection and Financial Institutions held a
virtual hearing entitled, ``Promoting Inclusive Lending
During the Pandemic: Community Development Financial
Institutions and Minority Depository Institutions''' to
address existing challenges faced by CDFIs and MDIs,
and proposals to enhance the work of CDFIs and MDIs to
ensure underserved communities and minority-owned
businesses are supported, especially during the
critical COVID-19 period.
Members of the Committee sent the following letters on this
matter:
On August 23, 2019, Chairwoman Maxine Waters
and 101 Members of Congress sent a letter to Kathy
Kraninger, Director of the Consumer Financial
Protection Bureau (Consumer Bureau), calling on her to
reconsider the Consumer Bureau's final rule to delay
the original August 19, 2019 compliance date for the
2017 Payday, Vehicle Title, and Certain High-Cost
Installment Loans Rule (Payday Rule). The Members also
expressed concerns regarding the Consumer Bureau's
harmful plans to roll back the Payday Rule by removing
key protections for consumers.
On May 1, 2020, Chairwoman Maxine Waters
sent a letter to Treasury Secretary Steven Mnuchin and
Small Business Administrator Jovita Carranza, calling
attention to the irreparable harm predatory payday
lenders have caused America's consumers and urging
Administration officials to deny payday lenders access
to Paycheck Protection Program (PPP) loans.
On May 18, 2020, Chairwoman Maxine Waters
sent a letter to Jerome Powell, Chair of the Board of
Governors of the Federal Reserve System, and Steven
Mnuchin, Secretary of the U.S. Department of the
Treasury, following up on conversations to ensure that
the Federal Reserve and Treasury programs and
facilities to respond to the COVID-19 crisis do not
support predatory lenders.
On December 30, 2020, 23 Committee Members
led by Chairwoman Waters sent a letter to Brian Brooks,
Acting Comptroller of the Currency, urging him to
withdraw an Office of the Comptroller of the Currency
(OCC) Notice of Proposed Rulemaking (NPRM) on ``fair
access to financial services''' that, instead of
addressing discriminatory banking practices, would
force banks to provide financial products and services
to a range of corporations posing a variety of risks,
including fossil fuel companies, gun manufacturers, and
others.
Discrimination in Lending. The Committee held a number of
hearings on this matter:
On April 9, 2019, the Subcommittee on
Consumer Protection and Financial Institutions held a
hearing entitled, ``The Community Reinvestment Act:
Assessing the Law's Impact on Discrimination and
Redlining.'' to examine how to strengthen the
application of the Community Reinvestment Act in the
face of continued redlining and other forms of
discrimination in lending.
On October 29, 2019 the Subcommittee on
Oversight and Investigations held a hearing entitled
``Financial Services and the LGBTQ+ Community: A Review
of Discrimination in Lending and Housing.'' This
hearing focused on the extent and effects of
discrimination against persons who identify as lesbian,
gay, bisexual, transgender or queer (``LGBTQ+'') when
seeking housing or credit in the United States.
On January 14, 2020, the Subcommittee on
Consumer Protection and Financial Institutions held a
hearing entitled, ``The Community Reinvestment Act:
Reviewing Who Wins and Who Loses with Comptroller
Otting's Proposal'' to receive feedback from Community
Reinvestment Act stakeholders, including community
development civil and rights organizations, about the
OCC's proposed rule, and how it would undermine and
weaken lending, servicing, and investing, to low- and
moderate-income communities.
On January 29, 2020, the Full Committee held
a hearing entitled ``The Community Reinvestment Act: Is
the OCC Undermining the Law's Purpose and Intent?'' to
examine concerns with the OCC's work on the Community
Reinvestment Act, as well as other supervisory and
regulatory developments, with Comptroller of the
Currency Joseph M. Otting testifying.
On March 6, 2020, the Subcommittee on
Consumer Protection and Financial Institutions convened
a field hearing entitled, ``Modern-Day Redlining: the
Burden on Underbanked and Excluded Communities in New
York'' The hearing addressed many of the findings from
the Center for Investigative Reporting's Reveal
investigative study on bank discrimination in lending,
as well as a more recent Newsday investigative report
on redlining in Long Island.
On June 29, 2020, the House of Representatives passed H.J.
Res 90, a Congressional Review Act resolution of disapproval to
nullify the OCC's harmful Community Reinvestment Act rule
introduced by Chairwoman Maxine Waters and Representative
Gregory Meeks, Chairman of the Subcommittee on Consumer
Protection and Financial Institutions.
On June 11, 2019, Chairwoman Maxine Waters, Representative
Nydia Velazquez, and 63 Democratic Members of Congress sent a
letter to Kathy Kraninger, Director of the Consumer Financial
Protection Bureau demanding that she immediately rescind
proposals that would limit the collection of critical lending
information under the Home Mortgage Disclosure Act (HMDA).
Community Reinvestment Act (CRA). The Committee held
several hearings on this matter:
On April 9, 2019, the Subcommittee on
Consumer Protection and Financial Institutions held a
hearing entitled, ``The Community Reinvestment Act:
Assessing the Law's Impact on Discrimination and
Redlining.'' to examine how to reform the Community
Reinvestment Act strong in the face of continued
redlining and other forms of discrimination in lending.
On January 14, 2020, the Subcommittee on
Consumer Protection and Financial Institutions will
convene a hearing entitled, ``The Community
Reinvestment Act: Reviewing Who Wins and Who Loses with
Comptroller Otting's Proposal'' to receive feedback
from Community Reinvestment Act stakeholders, including
community development civil and rights organizations,
about the OCC's proposed rule, and how it would
undermine and weaken lending, servicing, and investing,
to low- and moderate-income communities.
On January 29, 2020, the Full Committee held
a hearing entitled ``The Community Reinvestment Act: Is
the OCC Undermining the Law's Purpose and Intent?'' to
examine concerns with the OCC's work on the Community
Reinvestment Act, as well as other supervisory and
regulatory developments, with Comptroller of the
Currency Joseph M. Otting testifying.
On June 29, 2020, The House of Representatives passed H.J.
Res 90, a Congressional Review Act resolution of disapproval to
nullify the OCC's harmful Community Reinvestment Act rule,
introduced by Chairwoman Maxine Waters and Representative
Gregory Meeks, Chairman of the Subcommittee on Consumer
Protection and Financial Institutions, passed the U.S. House of
Representatives.
Members of the Committee also sent letters relating to this
matter:
On December 11, 2019 Chairwoman Maxine
Waters, Senator Sherrod Brown, Ranking Member of the
Senate Committee on Banking, Housing and Urban Affairs,
and Representative Gregory Meeks, Chairman of the House
Subcommittee on Consumer Protection and Financial
Institutions, led a letter to Jerome H. Powell,
Chairman of the Board of Governors of the Federal
Reserve System, Joseph M. Otting, Comptroller of the
Currency, and Jelena McWilliams, Chairman of the
Federal Deposit Insurance Corporation, demanding that
regulators provide the public, Members of Congress, and
all interested parties with adequate time to thoroughly
review and offer input on proposed changes to the
framework of the Community Reinvestment Act (CRA). The
letter was signed by every Democratic Member of the
House Financial Services Committee and Senate Committee
on Banking, Housing and Urban Affairs.
On January 15, 2020, Chairwoman Maxine
Waters sent letters to Joseph Otting, Comptroller of
the Currency, and Jelena McWilliams, Chairman of the
Federal Deposit Insurance Corporation (FDIC),
requesting information on the regulators' systems and
policies for receiving and reviewing comments during
the Community Reinvestment Act (CRA) rulemaking
process.
Department of the Treasury, Financial Stability Oversight
Council (FSOC) and Office of Financial Research (OFR). The
Committee held the following hearings on this matter:
The Subcommittee on Consumer Protection and
Financial Institutions held a hearing on June 4, 2019
entitled, ``Emerging Threats to Stability: Considering
the Systemic Risk of Leveraged Lending'' which examined
the opaque leveraged lending market and its potential
impacts on U.S. financial stability. Additionally, the
hearing explored the role of Treasury, FSOC and OFR in
how these agencies examine this issue.
The Subcommittee on Consumer Protection and
Financial Institutions held a hearing on September 25,
2019 entitled, ``Promoting Financial Stability:
Assessing Threats to the U.S. Financial System'' which
examined the activities of the OFR, as well as,
significant financial market developments and potential
emerging threats to the financial stability of the
United States.
The Full Committee held a hearing on
December 5, 2019 entitled, ``Promoting Financial
Stability? Reviewing the Administration's Deregulatory
Approach to Financial Stability'' which received
testimony from Secretary Mnuchin and examined FSOC's
activities; significant financial market and regulatory
developments; and potential emerging threats to the
financial stability of the United States.
Supervision and Enforcement of Financial Institutions. The
Committee held a number of hearings on this matter:
On April 10, 2019, the Full Committee
entitled, ``Holding Megabanks Accountable: A Review of
Global Systemically Important Banks 10 years after the
Financial Crisis'' which examined the business
practices, supervision, and enforcement record of our
nation's global systemically important banks (G-SIBs)
since the financial crisis.
On May 16, 2019, the Full Committee held a
hearing on May 16, 2019 entitled, ``Oversight of
Prudential Regulators: Ensuring the Safety, Soundness
and Accountability of Megabanks and Other Depository
Institutions'' which examined various supervisory and
regulatory developments, rulemakings, and other
regulatory activities.
On December 4, 2019, the Full Committee held
a hearing entitled, ``Oversight of Prudential
Regulators: Ensuring the Safety, Soundness, Diversity,
and Accountability of Depository Institutions?'' which
examined various supervisory and regulatory
developments, rulemakings, and other regulatory
activities.
On November 12, 2020, the Full Committee
held a hearing entitled, ``Oversight of Prudential
Regulators: Ensuring the Safety, Soundness, Diversity,
and Accountability of Depository Institutions during
the Pandemic'' which examined recent supervisory and
regulatory developments as well as background on
diversity in the banking sector during the pandemic.
On March 4, 2020, Chairwoman Maxine Waters and
Representative Al Green released a Committee staff report
detailing findings and policy recommendations from the
Committee's year-long investigation of Wells Fargo's and
regulators' failures to address the bank's widespread consumer
abuses and compliance failures. The investigation, which
Chairwoman Maxine Waters launched in February 2019, sought to
(1) determine and evaluate the non-public actions taken by
Wells Fargo's board, management, and regulators to facilitate
improvements at the bank; and (2) identify policy solutions to
ensure consumers are protected from recidivist megabanks like
Wells Fargo. For the report, Committee staff reviewed more than
300,000 pages of records produced to the Committee by Wells
Fargo, it's board members, the Federal Reserve, the OCC, and
the CFPB, in response to document requests issued by Chairwoman
Maxine Waters and Representative Al Green. Committee staff also
conducted interviews with senior leaders at Wells Fargo and
officials at the Federal Reserve, OCC, and CFPB. The report
revealed, among other things, that Wells Fargo's regulators,
board, and management failed to curb consumer abuses within the
company and hold executives accountable for regulatory
deficiencies. To follow up on the Report, the Committee held
the following hearings:
On March 10, 2020, the Committee held a
hearing entitled, ``Holding Wells Fargo Accountable:
CEO Perspectives on Next Steps for the Bank that Broke
America's Trust.'' During the hearing, Committee
Democrats probed Wells Fargo's CEO, Charles Scharf's
commitment to addressing Wells Fargo's history of
misconduct.
On March 11, 2020, the Committee held a
hearing entitled, ``Holding Wells Fargo Accountable:
Examining the Role of the Board of Directors in the
Bank's Egregious Pattern of Consumer Abuses.''
Committee Democrats questioned former board members
Elizabeth Duke and James Quigley about their
dereliction of duty while serving as chairs of Wells
Fargo & Company and Wells Fargo Bank, respectively.
Duke and Quigley announced their resignations from
Wells Fargo's boards on March 8, 2020, following the
release of Committee staff's scathing report and days
before testifying before the Committee.
The Committee considered the following legislation relating
to this matter:
H.R. 241, the ``Bank Service Company
Examination Coordination Act of 2019,'' introduced by
Representative Roger Williams, which passed the House
of Representatives on September 10, 2019. This bill
provides for coordination between federal regulators
and state banking agencies regarding bank service
companies.
H.R. 4841, the ``Prudential Regulator
Oversight Act,'' introduced by Representative Dean
Phillips, which passed the House of Representatives on
January 13, 2020. This bill would require prudential
banking regulators provide annual testimony to Congress
on their supervisory and regulatory activities.
The Committee continued to monitor developments related to
G-SIBs throughout the 116th Congress. Additionally, the
Committee held a bipartisan Member briefing with G-SIB Chief
Executive Officers to better understand how these large, global
financial institutions are serving their customers during the
COVID-19 pandemic.
On March 27, 2020, Chairwoman Maxine Waters sent a letter
to Jerome H. Powell, Chairman of the Board of Governors of the
Federal Reserve System, requesting that the Federal Reserve
provide Committee staff a detailed, bipartisan briefing on
Wells Fargo & Company's reported request that the Federal
Reserve prematurely remove a growth restriction imposed in 2018
in response to Wells Fargo's widespread consumer abuses and
compliance breakdowns. On April 8, 2020, the Federal Reserve
publicly announced that it would temporarily modify the
restriction due to the need to facilitate lending in response
to the pandemic-related economic crisis. The Committee's
meticulous oversight of Wells Fargo and its regulators ensured
that the Federal Reserve's modification was temporary, narrow,
and in furtherance of the strong public interest in
facilitating financial support to small businesses during the
crisis.
Enhanced Prudential Standards for Large Banks. The
Committee monitored how enhanced prudential standards are being
applied to the largest banks operating in the United States,
including foreign-based institutions. This included oversight
of the adequacy of capital, liquidity, leverage and stress
testing requirements.
The Committee held hearings on this matter:
On May 16, 2019, the Full Committee held a
hearing entitled, ``Oversight of Prudential Regulators:
Ensuring the Safety, Soundness and Accountability of
Megabanks and Other Depository Institutions,'' which
examined various supervisory and regulatory
developments, rulemakings, and other regulatory
activities, including enhanced prudential standards of
large banks.
On December 9, 2019, the Committee held a
hearing entitled, ``Oversight of Prudential Regulators:
Ensuring the Safety, Soundness, Diversity, and
Accountability of Depository Institutions?'' which
examined various supervisory and regulatory
developments, rulemakings, and other regulatory
activities, including enhanced prudential standards of
large banks.
On November 12, 2020, the Committee held a
virtual hearing entitled, ``Oversight of Prudential
Regulators: Ensuring the Safety, Soundness, Diversity,
and Accountability of Depository Institutions during
the Pandemic,'' which examined various supervisory and
regulatory developments, rulemakings, and other
regulatory activities, including enhanced prudential
standards of large banks, during the coronavirus
(COVID-19) pandemic.
On May 13, 2020, the Committee also held a bipartisan
Member roundtable with officials of the Federal Reserve, OCC,
FDIC, and NCUA to receive an update on their work in response
to the coronavirus (COVID-19) pandemic.
Orderly Liquidation Authority and Living Wills. The Full
Committee held a hearing on December 4, 2019 entitled,
``Oversight of Prudential Regulators: Ensuring the Safety,
Soundness, Diversity, and Accountability of Depository
Institutions?'' which examined various supervisory and
regulatory developments, rulemakings, and other regulatory
activities, including the submission of resolution plans
(Living Wills) by large financial institutions.
Banking Activities and the Volcker Rule. The Full Committee
held a hearing on December 4, 2019 entitled, ``Oversight of
Prudential Regulators: Ensuring the Safety, Soundness,
Diversity, and Accountability of Depository Institutions?''
which examined various supervisory and regulatory developments,
rulemakings, and other regulatory activities, including the
implementation of the Volcker Rule and large bank trading
activities.
On October 21, 2019, Chairwoman Maxine Waters and Senator
Sherrod Brown (D-OH), Ranking Member of the Senate Banking,
Housing, and Urban Affairs Committee, sent a letter to the
heads of the Federal Reserve, Office of the Comptroller of the
Currency (OCC), Securities and Exchange Commission (SEC),
Federal Deposit Insurance Corporation (FDIC), and Commodity
Futures Trading Commission (CFTC) condemning their actions to
roll back the Volcker Rule that was put in place after the 2008
financial crisis to stop risky trading and investment
activities by Wall Street megabanks. In the letter, the Members
requested more information about the 2019 changes to the
Volcker Rule and urged the agencies to protect taxpayers.
Residential and Commercial Real Estate Mortgage Loans. The
Subcommittee on Housing, Community Development and Insurance
held two hearings and the Subcommittee on Oversight and
Investigations held one hearing on FHA:
``Housing in America: Oversight of the U.S.
Department of Housing and Urban Development,'' May 21,
2019: This hearing examined HUD's current state of
affairs and addressed major changes to agency policies
and programs since 2017.
``Protecting Seniors: A Review of the FHA's
Home Equity Conversion Mortgage (HECM) Program,''
September 25, 2019: This hearing examined the Federal
Housing Administration's (FHA's) HECM program, which
remains the only source of federal backing for reverse
mortgages. This hearing also explored the benefits that
the program offers for seniors as well as some of the
challenges that the program has encountered.
``An Examination of the Federal Housing
Administration and Its Impact on Homeownership in
America,'' December 5, 2019: This hearing examined the
role that the Federal Housing Administration (FHA)
plays in the nation's housing finance system, and
proposals to improve FHA's ability to promote access to
homeownership, particularly for underserved borrowers.
The Committee considered legislation to assist small
businesses and nonprofits with loan obligations, including
commercial real estate due to the pandemic:
H.R. 6361, the ``Relief for Small Businesses
and Nonprofits Act'' introduced by Representative Ed
Perlmutter, would provide a 120 day moratorium on debt
collection for small businesses and nonprofits until
after 120 days after the COVID-19 pandemic ends, and
would require reasonable modification and repayment
options when payment obligations resume.
H.R. 6800, the ``Heroes Act'' included a
120-day moratorium on debt collection for small
businesses and nonprofits until after 120 days after
the COVID-19 pandemic ends, and would require
reasonable modification and repayment options when
payment obligations resume.
The Committee considered the following legislation to
address the rental housing crisis:
H.R. 123, the ``Alternative Data for
Additional Credit FHA Pilot Program Act,'' introduced
by Representative Al Green, which would reauthorize
HUD's statutory authority to implement a pilot program
under FHA to increase credit access for borrowers with
thin or no credit files through the use of additional
credit data. The ANS would also require HUD to report
pilot program findings.
H.R. 2852, the ``Homebuyer Assistance Act of
2019,'' introduced by Representative Brad Sherman,
which passed the House of Representatives on September
10, 2019. This bill would change the property appraisal
requirements for mortgages backed by the Federal
Housing Administration (FHA) by allowing licensed
appraisers to conduct appraisals for such mortgages,
rather than only certified appraisers. This would bring
FHA standards in line with those set by Fannie Mae and
Freddie Mac. This bill would also set minimum
requirements for education specific to FHA appraisals
that appraisers must undergo to be eligible to conduct
FHA appraisals. H.R. 3958, the ``FHA Foreclosure
Prevention Act of 2019,'' introduced by Chairwoman
Maxine Waters, included in the Heroes Act, would
enhance FHA's oversight of loss mitigation and
establish a complaint and appeals process for borrowers
who believe their servicer is out of compliance with
FHA's servicing requirements.
H.R. 5931, the ``Improving FHA Support for
Small Dollar Mortgages Act of 2020,'' introduced by
Representative William Lacy Clay, which would require
FHA to conduct a review of its policies to identify any
barriers to supporting mortgages under $70,000 and
report to Congress within a year with a plan for
removing such barriers.
Community Development Financial Institutions Fund (CDFI
Fund). The Committee held several hearings on this matter:
On October 22, 2019, the Subcommittee on
Consumer Protection and Financial Institutions held a
hearing entitled ``An Examination of the Decline of
Minority Depository Institutions and the Impact on
Underserved Communities.'' The hearing allowed for
CDFIs, MDIs, community banks, and credit unions to
provide their perspective on challenges to serving
underbanked and unbanked communities.
On November 20, 2019, the Subcommittee on
Consumer Protection and Financial Institutions held a
hearing entitled ``An Examination of Regulators''
Efforts to Preserve and Promote Minority Depository
Institutions.'' The hearing focused on actions taken by
banking regulators in recent years as the number of
MDIs have declined, many of which are CDFIs, and policy
solutions to provide more support and encourage the
creation of new MDIs.
June 3, 2020, the Subcommittee on Consumer
Protection and Financial Institutions held a hearing
entitled ``Promoting Inclusive Lending During the
Pandemic: Community Development Financial Institutions
and Minority Depository Institutions.'' The hearing
focused on CDFIs and MDIs, and their ability to fully
participate in COVID-19 federal response lending
programs.
The Committee considered several pieces of legislation
related to this topic including:
On January 23, 2020, the House of
Representatives passed, H.R. 5315, the ``Expanding
Opportunity for MDIs Act, which was introduced by
Representative Joyce Beatty, and establishes the
Financial Agent Mentor-Protege Program within the
Department of the Treasury. The program provides
participating minority depository institutions and
small financial institutions with mentorship regarding
becoming a financial agent for Treasury and improving
service capacity.
On August 8, 2020, Chairwoman Waters, along
with Representative Gregory Meeks, introduced H.R.
7893, the ``Promoting and Advancing Communities of
Color Through Inclusive Lending Act,'' a comprehensive
bill to support Community Development Financial
Institutions (CDFIs) and Minority Depository
Institutions (MDIs) and help increase affordable
lending in minority communities, including to small
businesses and minority-owned businesses during the
COVID-19 pandemic crisis. Provisions from this
legislation were included in H.R. 925, the revised
``Heroes Act'', which passed on October 1, 2020 by the
U.S. House of Representatives.
On September 21, 2020, the House of
Representatives passed, H.R. 5322, the ``Ensuring
Diversity in Community Banking Act of 2020,'' which was
introduced by Representative Gregory Meeks, and
establishes a program allowing minority depository
institutions and newly-designated ``impact banks'' to
receive deposits from certain Department of the
Treasury accounts through designated custodial
entities. It also establishes the Minority Bank Deposit
Program to ensure the use of minority banks and
minority credit unions to the maximum extent possible
to serve the financial needs of federal departments and
agencies. Additionally, provisions from this
legislation were included in H.R. 925, the revised
``Heroes Act'', which passed on October 1, 2020 by the
U.S. House of Representatives.
Federal Deposit and Share Insurance. The Committee
monitored developments with respect to deposit insurance
administered by the FDIC and NCUA, and the Full Committee held
the following hearings with the heads of those two agencies:
On May 16, 2019, the Full Committee held a
hearing entitled, ``Oversight of Prudential Regulators:
Ensuring the Safety, Soundness and Accountability of
Megabanks and Other Depository Institutions,'' which
examined various supervisory and regulatory
developments, rulemakings, and other regulatory
activities.
On December 4, 2019, the Full Committee held
a hearing entitled, ``Oversight of Prudential
Regulators: Ensuring the Safety, Soundness, Diversity,
and Accountability of Depository Institutions?,'' which
examined various supervisory and regulatory
developments, rulemakings, and other regulatory
activities.
On November 12, 2020, the Full Committee
held a hearing entitled, ``Oversight of Prudential
Regulators: Ensuring the Safety, Soundness, Diversity,
and Accountability of Depository Institutions during
the Pandemic,'' which examined recent supervisory and
regulatory developments as well as background on
diversity in the banking sector during the pandemic.
On May 13, 2020, the Committee also held a bipartisan
Member roundtable with officials of the Federal Reserve, OCC,
FDIC, and NCUA to receive an update on their work in response
to the coronavirus (COVID-19) pandemic.
Community Financial Institutions. The Committee continued
to monitor developments related to community financial
institutions, including small community banks and credit unions
under $10 billion, throughout the 116th Congress. To that end,
the Subcommittee on Consumer Protection and Financial
Institutions held hearings related to community financial
institutions, particularly, Minority Depository Institutions
(MDIs) and Community Development Financial Institutions
(CDFIs), with emphasis concerning how CDFIs receive financial
assistance from the CDFI Fund.
After the enactment of the CARES Act, Staff engaged with
the stakeholders representing various community financial
institutions to discuss how these smaller financial
institutions were administering and participating in the
Paycheck Protection Program (PPP) and aiding their customers
during the COVID-19 pandemic.
The Committee considered the following legislation:
H.R. 748, the Coronavirus Aid, Relief and
Economic Security Act (CARES Act), which passed the
House on March 27, 2020 and was signed into law (P.L.
116-136) the same day. This bill established the
Paycheck Protection Program (PPP), allowing community
financial institutions to participate and provide
forgivable loans to small businesses impacted by the
COVID-19 pandemic, and included a number of provisions
within the jurisdiction of the Committee.
H.R. 266, the Paycheck Protection Program
and Health Care Enhancement Act, which passed the House
on April 23, 2020 and became Public Law 116-139 the
next day. This bill provided a second round of PPP
funds, along with a $60 billion set-aside for community
financial institutions to ensure community banks,
credit unions, CDFIs, and MDIs, would be able to
deliver PPP loans to small businesses in their
communities.
The House also passed H.R. 6800, the Heroes
Act and H.R. 925, the revised Heroes Act, which would
extend and expand the PPP, including by setting aside
funds for community financial institutions to provide
PPP loans to their communities.
Access to Credit for Small Businesses. On July 23, 2020,
the Full Committee held a hearing entitled, ``The Heroes Act:
Providing for a Strong Economic Recovery from COVID-19,'' to
address the provisions of H.R. 6800, the Heroes Act that would
help consumers and small businesses during the COVID-19
emergency period for the public, regulators, and Congress to
monitor trends in small business lending. The Committee also
reviewed the effectiveness of the State Small Business Credit
Initiative (SSBCI), which was administered by the U.S.
Department of the Treasury and expired in 2017 and considered
proposals to reauthorize the SSBCI.
The Committee considered the following the legislation:
H.J. Res 90, a Congressional Review Act
resolution of disapproval to nullify the OCC's harmful
Community Reinvestment Act rule, introduced by
Chairwoman Maxine Waters and Representative Gregory
Meeks, which passed the House on June 29, 2020. This
rulemaking could result in a reduction to lending to
small businesses, including those that lend primarily
to underserved communities.
H.R. 3490, the ``Small Business Lending
Fairness Act,'' introduced by Representative Nydia
Velazquez, that would amend the Truth in Lending Act
(TILA) to restrict the use of predatory small business
loan contract clauses called ``confessions of
judgment.''
H.R. 3948, the ``Debt Collection Practices
Harmonization Act,'' introduced by Representative
Gregory Meeks, that clarifies that private debt
collectors who pursue debts such as municipal utility
bills, tolls, traffic tickets, and court debts are
subject to the FDCPA.
H.R. 4003, the ``Stop Debt Collection Abuse
Act,'' introduced by Representative Emanuel Cleaver,
which extends the FDCPA's protections as it relates to
debt owed to a federal agency, limits the fees debt
collectors can charge, and clarifies that debt buyers
are subject to FDCPA.
H.R. 5013, the ``Small Business Fair Debt
Collection Protection Act,'' introduced by
Representative Al Lawson, that expands the FDCPA's
protections to cover small business loans.
On June 13, 2020, Chairwoman Maxine Waters, Ways and Means
Committee Chairman Richard E. Neal, and Small Business
Committee Chairwoman Nydia M. Velazquez, sent a letter to
Secretary Mnuchin and Administrator Jovita Carranza of the
Small Business Administration (SBA) demanding transparency and
accountability in their handling of taxpayer money in
connection with PPP. The Chairs requested that Treasury and SBA
produce loan level information for all PPP recipients,
including the names of the recipients and dollar amount of the
loans received. On July 3, SBA produced to the Committee loan
level data for all PPP loans from the inception of the program
through June 30, 2020. On July 7, 2020, SBA publicly released
limited PPP loan data, including names of businesses that
received a PPP loan of $150,000 or more. On August 21, 2020,
SBA updated its production to include data on all PPP loans
processed from April 3, 2020 through August 8, 2020, on which
date the SBA's authorization to approve new PPP loans expired.
Committee staff reviewed and analyzed the data to determine the
distribution of PPP loans across the congressional districts of
Democratic Committee members. In September 2020, Chairwoman
Maxine Waters released to Committee Democrats data sheets
summarizing PPP loan distribution in their districts.
Cybersecurity and Privacy.
The Committee held the following hearings on cybersecurity
and privacy:
On February 26, 2019, ``Who's Keeping Score?
Holding Credit Bureaus Accountable and Repairing a
Broken System.''
On September 12, 2019, ``The Future of
Identity in Financial Services: Threats, Challenges,
and Opportunities Digital Identity and
Authentication.''
On October 18, 2019, ``AI and the Evolution
of Cloud Computing: Evaluating How Financial Data is
Stored, Protected, and Maintained by Cloud Providers:
The Use of Cloud Computing and Third-Party Service
Providers.''
On October 23, 2019, ``An Examination of
Facebook and Its Impact on the Financial Services and
Housing Sectors,''
On November 21, 2019, ``Banking on Your
Data: The Role of Big Data in Financial Services.''
On February 12, 2020, ``Equitable
Algorithms: Examining Ways to Reduce AI Bias in
Financial Services Data Privacy and Security.''
The Committee considered the following legislation during
these hearings:
H.R. 4008, the ``No Biometric Barriers to
Housing Act of 2019,'' introduced by Representatives
Yvette Clarke, Ayanna Pressley, and Rashida Tlaib. This
bill prohibits the use of biometric recognition
technology and biometric data analysis in housing units
and buildings covered under the Public Housing, Section
8 Project-Based Rental Assistance, Section 811
Supportive Housing for Persons with Disabilities, and
Section 202 Supportive Housing for the Elderly
programs.
A draft proposal entitled ``Safeguarding
Non-bank Consumer Information Act'' a discussion draft
by Representative Stephen Lynch. The draft clarifies
the Gramm Leach-Bliley Act's consumer financial privacy
and data security provisions and gives the Bureau of
Consumer Financial Protection rulemaking and
enforcement authority over the safeguards rule with
respect to data aggregators and other financial
institutions.
A draft proposal entitled ``Financial
Information Data Modernization Act (``FIDMA''). This is
a Committee discussion draft that sets forth minimum
data security standards by clarifying ``financial
data'' and ``non-financial institutions'' under the
Gramm-Leach-Bliley Act to protect consumers and provide
guidance that contemplates advances in technology for
entities interacting with financial data.
On January 19, 2020, the House of Representatives passed
H.R. 4458, the Cybersecurity and Financial System Resilience
Act of 2019, introduced by Representative Patrick McHenry of
North Carolina, which requires financial regulators to each
annually report on efforts to strengthen cybersecurity measures
with respect to its regulatory functions.
Credit Scores and Credit Reports. The Committee held the
following hearings on credit scores and reports:
On February 26, 2019, the Full Committee
held a two-panel hearing, entitled ``Who's Keeping
Score? Holding Credit Bureaus Accountable and Repairing
a Broken System.'' The hearing allowed Members of the
Financial Services Committee to hear from witnesses
about the continuing challenges modernizing the Fair
Credit Reporting Act to better protect consumers and
their data, as well as other legislation to help
overcome those challenges.
On July 25, 2019, the Full Committee'
taskforce on Financial Technology held a hearing,
entitled ``Examining the Use of Alternative Data in
Underwriting and Credit Scoring to Expand Access to
Credit'' to discuss emerging technologies and how they
impact access to credit, and their impact across
communities.
The Committee Considered the Following Legislation:
H.R. 3621, the Comprehensive Credit
Reporting Enhancement, Disclosure, Innovation, and
Transparency Act of 2020 (``Comprehensive CREDIT
Act''), introduced by Representative Ayanna Pressley,
which was passed by the House of Representatives on
January 29, 2020. H.R. 3621 would overhaul the credit
reporting system by empowering consumers with more
control of their data and requiring consumer reporting
agencies (CRAs) like Equifax, TransUnion, and Experian,
to better ensure that the information on consumer
credit reports is accurate and complete. This
legislation is a package of six bills approved by the
Financial Services Committee: H.R. 3642, the Improving
Credit Reporting for All Consumers Act introduced by
Representative Alma Adams; H.R. 3622, the Restoring
Unfairly Impaired Credit and Protecting Consumers Act,
introduced by Representative Rashida Tlaib; H.R. 3614,
the Restricting Use of Credit Checks for Employment
Decisions Act, introduced by Representative Al Lawson;
H.R. 3621, the Student Borrower Credit Improvement Act
introduced by Representative Pressley; H.R. 3629, the
Clarity in Credit Score Formation Act introduced by
Representative Stephen Lynch; and H.R. 3618, the Free
Credit Scores for Consumers Act introduced by
Representative Joyce Beatty.
H.R. 748, the Coronavirus Aid, Relief and
Economic Security Act (CARES Act), which passed the
House on March 27, 2020 and became Public Law 116-136.
This bill includes some credit reporting protections,
including credit reporting protections for federal
student loan borrowers whose loans are deferred and for
consumers with current accounts who can make payment
arrangements with their creditors and lenders.
H.R. 6800, the ``Heroes Act,'' which passed
the House on May 15, 2020. H.R. 6370, the Disaster
Protection for Workers' Credit Act by Representative
Brad Sherman, included in the Heroes Act prevents
credit scores from being ruined by preventing adverse
information being added to consumer credit reports and
prohibiting credit score furnishers from creating and/
or implementing new credit scoring models that would
lower existing consumer credit scores during the COVID-
19 pandemic. This provision also bans the reporting of
debts relating to COVID-19 medical procedures or
treatments.
H.R. 5332, the ``Protecting Your Credit
Score Act of 2020,'' introduced by Representative Josh
Gottheimer, which passed the House of Representatives
on June 29, 2020. This bill mandates that all CRAs
create a single online consumer portal that gives
consumers free and unlimited access to their consumer
reports and credit scores and provides consumers with
the ability to initiate disputes about report accuracy,
and to place or remove a security freeze.
Members of the Committee also sent the following letters
relating to credit reporting and credit scores:
On January 28, 2019, Chairwoman Maxine
Waters wrote to the heads of financial services
industry trade associations and the largest credit
reporting agencies to call on them to describe what
their institutions and member companies are doing to
help consumers affected by the Trump shutdown.
On January 16, 2020, Chairwoman Maxine
Waters, Representative Al Green, Chair of the
Subcommittee on Oversight and Investigations,
Representative Bill Foster, Chairman of the Task Force
on Artificial Intelligence, Representative Stephen
Lynch, Chairman of the Task Force on Financial
Technology, and Representative Josh Gottheimer, sent a
letter to the Government Accountability Office
requesting information about the benefits and drawbacks
of alternative data in mortgage lending and the role of
the federal government in overseeing the use of
alternative data by credit reporting agencies (CRAs)
and lenders.
On March 11, 2020, Chairwoman Maxine Waters
led six letters to Administration officials, prudential
regulators, financial services organizations and credit
reporting agencies expressing concerns about risks
related to coronavirus disease 2019 (COVID-19) and the
steps they are taking to prevent Americans and the
financial system from being harmed. Subcommittee and
Task Force Chairs joined Chairwoman Waters in leading
this effort.
On March 19, 2020, The Financial Services Committee held a
Bipartisan Staff Briefing on Impacts of Coronavirus on Credit
Reporting Agencies with representatives from Equifax, Experian,
Transunion, and Consumer Data Industry Association (CDIA)
discussing what actions they were taking to help consumers in
the COVID-19 emergency period.
Financial Technology (fintech). The Committee created two
task forces, the Taskforce on Financial Technology (Fintech)
and the Taskforce on Artificial Intelligence (AI) to review and
make legislative recommendations to the full Committee about
how to apply the existing statutory framework governing
financial services to an evolving marketplace. Combined, the
Task Forces held the following hearings that explored issues
relating to technology and the financial system:
On June 25, 2019, ``Overseeing the Fintech
Revolution: Domestic and International Perspectives on
Fintech Regulation.''
On July 25, 2019, ``Examining the Use of
Alternative Data in Underwriting and Credit Scoring to
Expand Access to Credit Access to Credit and
Creditworthiness.''
On September 26, 2019, ``The Future of Real-
Time Payments Real-Time Payments.''
On January 30, 2020, ``Is Cash Still King?
Reviewing the Rise of Mobile Payments.''
On November 21, 2019, Banking on Your Data:
The Role of Big Data in Financial Services.''
On June 26, 2019, ``Perspectives on
Artificial Intelligence: Where We Are and the Next
Frontier in Financial Services.''
On September 12, 2019, ``The Future of
Identity in Financial Services: Threats, Challenges,
and Opportunities Digital Identity and
Authentication.''
On October 18, 2019, ``AI and the Evolution
of Cloud Computing: Evaluating How Financial Data is
Stored, Protected, and Maintained by Cloud Providers:
The Use of Cloud Computing and Third-Party Service
Providers.''
On December 6, 2019, ``Robots on Wall
Street: The Impact of AI on Capital Markets and Jobs in
the Financial Services Industry.''
On February 12, 2020, ``Equitable
Algorithms: Examining Ways to Reduce AI Bias in
Financial Services Data Privacy and Security.''
On June 11, 2019, ``Inclusive Banking During
a Pandemic: Using FedAccounts and Digital Tools to
Improve Delivery of Stimulus Payments Deploying
Stimulus Payments: The Need for FedAccounts to Reach
the Unbanked and Underserved.''
On July 9, 2020, ``Virtual Hearing--Exposure
Notification and Contact Tracing: How AI Helps
Localities Reopen Safely and Researchers Find a Cure
Automation, Contact Tracing, and the Economy.''
On September 29, 2020, ``License to Bank:
Examining the Legal Framework Governing Who Can Lend
and Process Payments in the Fintech Age.''
Payments System. The Task Force on Financial Technology
held the following hearings on payments and payments systems:
On September 26, 2019, ``The Future of Real-
Time Payments Real-Time Payments.''
On January 30, 2020, ``Is Cash Still King?
Reviewing the Rise of Mobile Payments.''
On June 11, 2019, ``Inclusive Banking During
a Pandemic: Using FedAccounts and Digital Tools to
Improve Delivery of Stimulus Payments Deploying
Stimulus Payments--The Need for FedAccounts to Reach
the Unbanked and Underserved.''
On September 29, 2020, ``License to Bank:
Examining the Legal Framework Governing Who Can Lend
and Process Payments in the Fintech Age.''
Credit and other Payment Cards. The Committee held several
hearings to address these issues:
On March 7, 2019, the Full Committee held a
two-panel hearing entitled, ``Putting Consumers First?
A Semi-Annual Review of the Consumer Financial
Protection Bureau,'' to examine its Semi-Annual report
to Congress and to review the recent actions of the
Consumer Bureau and whether they aligned with the
spirit and plain letter of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
On October 16, 2019 the Full Committee held
a hearing entitled, ``Who is Standing Up for Consumers?
A Semi-Annual Review of the Consumer Financial
Protection Bureau,'' to examine its Semi-Annual report
to Congress and to review the recent actions of the
Consumer Bureau and whether they aligned with the
spirit and plain letter of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
On February 6, 2020, the Full Committee held
a hearing entitled, ``Protecting Consumers or Allowing
Consumer Abuse? A Semi-Annual Review of the Consumer
Financial Protection Bureau'' to examine its Semi-
Annual report to Congress and to review the recent
actions of the Consumer Bureau and whether they aligned
with the spirit and plain letter of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
On July 30, 2020, the Full Committee held a
hearing entitled, ``Protecting Consumers During the
Pandemic? An Examination of the Consumer Financial
Protection Bureau'' to examine its Semi-Annual report
to Congress and to review the recent actions of the
Consumer Bureau and whether they aligned with the
spirit and plain letter of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, and to discuss
updates to how the CFPB is helping consumers during the
COVID-19 emergency period.
On May 22, 2019, the House of Representatives passed H.R.
1500, the Consumers First Act, introduced by Chairwoman Maxine
Waters, a bill to reverse the Trump Administration's actions at
the Consumer Financial Protection Bureau. This bill passed the
House of Representatives on May 22, 2019.
Money Services Businesses, Remittances, and De-risking. The
Committee monitored developments on the regulatory actions to
ensure that customers and countries are not inappropriately
denied access to the banking system.
On March 13, 2019, the Committee held a hearing entitled
``Promoting Corporate Transparency: Examining Legislative
Proposals to Detect and Deter Financial Crime,'' which examined
the implementation and effectiveness of AML/CFT laws and
regulations for opportunities to enhance compliance with these
rules.
On October 28, 2019, the House of Representatives passed
H.R. 2514, the ``Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act of
2019.'' This bill includes provisions relating to de-risking.
This legislation was also included in H.R. 6395, which became
public law 116-___/
On November 19, 2019, Chairwoman Maxine Waters convened a
roundtable with leaders from CARICOM nations, financial
institutions, and Members of Congress to discuss opportunities
to expand financial services in the Caribbean.
Financial Education. The Committee considered the following
legislation on this matter:
H. Res. 327, introduced by Representative
Sean Casten, which passed the House of Representatives
on April 30, 2019. This bill encourages greater public-
private sector collaboration to promote financial
literacy for students and young adults.
H. Res. 328, introduced by Representative
Bill Foster, which passed the House of Representatives
on April 30, 2019. This bill supports the protection of
elders through financial literacy.
H.R. 2162, the Housing Financial Literacy
Act of 2019, introduced by Representative Joyce Beatty,
which passed the House of Representatives on July 10,
2019. This bill gives first-time homebuyers who
complete a Department of Housing and Urban Development-
certified counseling course a discount on their Federal
Housing Administration mortgage insurance premium.
Cannabis Banking. The Subcommittee on Consumer Protection
and Financial Institutions held a hearing on February 13, 2019
entitled, ``Challenges and Solutions: Access to Banking
Services for Cannabis-Related Businesses.''
On September 25, 2019, the House of Representatives passed
``The Secure and Fair Enforcement Banking Act of 2019,
introduced by Representative Ed Perlmutter, which provided
protections for financial institutions that provide services to
business operating legally in states where marijuana is
allowed.
Monetary Policy
The Federal Reserve System. The Full Committee held several
hearings on the Federal Reserve:
The Committee heard semi-annual testimony
from Chair Powell during hearings entitled ``Monetary
Policy and the State of the Economy,'' on February 27,
2019, July 10, 2019, February 11, 2020, and June 17,
2020.
Federal Reserve Vice Chair for Supervision
Randal Quarles testified during hearings titled
``Oversight of Prudential Regulators'' on May 16, 2019,
December 4, 2019, and November 12, 2020.
The Full Committee also held hearings entitled ``Oversight
of the Treasury Department's and Federal Reserve's Pandemic
Response,'' on June 30, 2020, September 22, 2020, and December
2, 2020. The Committee extensively considered H.R. 6800, the
Heroes Act, which includes provisions to make the Fed's
emergency lending facilities more supportive of states, cities,
territories, small businesses, non-profit organizations, and
minority-owned businesses.
On April 17, 2020, Chairwoman Maxine Waters sent a letter
to Federal Reserve Chair Powell describing reforms the Federal
Reserve could make to enhance its Main Street Lending Program
and ensure a more equitable economic recovery for minority-
owned businesses and non-profit organizations, and to make the
terms of its municipal liquidity facility more generous for
states, cities, and territories.
The Economy and its Impact on Living Standards. The Full
Committee held hearings with the Federal Reserve Chair Jerome
Powell as part of semi-annual testimony on monetary policy and
the state of the economy on February 27, 2019, July 10, 2019,
February 10, 2020, and June 17, 2020. After the passage of the
CARES Act, the full Committee held quarterly hearings with
Treasury Secretary Mnuchin and Chair Powell on June 30, 2020,
September 22, 2020, and December 2, 2020 to discuss oversight
of the macroeconomic stabilization programs included in the
CARES Act.
On December 4, 2020, the Committee hosted a bipartisan
briefing with Federal Reserve Vice Chair Richard Clarida to
discuss the Fed's new monetary policy framework, which was
announced in August, and is expected to have major long-term
ramifications for labor markets and economic growth.
Tax Legislation and the Effect on the Economy. On October
17, 2019, the Subcommittee on Capital Markets, Investor
Protection, and Entrepreneurship held a hearing called
``Examining Corporate Priorities: The Impact of Stock Buybacks
on Workers, Communities, and Investors,'' to hear the
perspectives of academics and experts about the huge growth in
stock repurchases that had occurred after the passage of the
Tax Cuts and Jobs Act.
On September 19, 2019, the Subcommittee on Diversity and
Inclusion held a hearing entitled ``Examining the Racial and
Gender Wealth Gap in America,'' which included a discussion of
how tax policies disproportionately benefitted wealthy, white
households.
Coins and Currency. The Committee considered six pieces of
legislation on commemorative coins:
S. 239, the ``Christa McAuliffe
Commemorative Coin Act of 2019,'' introduced by Senator
Jeanne Shaheen, which became Public Law 116-93.
H.R. 2423, the ``Women's Suffrage Centennial
Commemorative Coin Act,'' introduced by Representative
Elise Stefanik, which became Public Law 116-171.
H.R. 4104, the ``Negro Leagues Baseball
Centennial Commemorative Coin Act,'' introduced by
Representative Emanuel Cleaver, which became Public Law
116-209.
H.R. 1830, the ``National Purple Heart Hall
of Honor Commemorative Coin Act,'' introduced by
Representative Sean Patrick Maloney, which Passed the
House of Representatives on September 19, 2020 and
became Public Law 116-___.
H.R. 1865, the ``National Law Enforcement
Museum Commemorative Coin Act,'' introduced by
Representative Bill Pascrell, became Public Law 116-94.
H.R. 6192, the ``1921 Silver Dollar Coin
Anniversary Act'', introduced by Representative Andy
Barr, which passed the House on September 22, 2020 by
voice vote.
The Committee considered five pieces of legislation on
Congressional gold medals:
H.R. 1396, the ``Hidden Figures
Congressional Gold Medal Act,'' introduced by
Representative Eddie Bernice Johnson, which became
Public Law 116-68.
H.R. 3589, the ``Greg LeMond Congressional
Gold Medal Act,'' introduced by Representative Mike
Thompson, which became Public Law 116-208.
H.R. 5671, the ``Merchant Mariners of World
War II Congressional Gold Medal Act of 2020,''
introduced by Representative John Garamendi, which
became Public Law 116-125.
S. 743, the ``Merrill's Marauders
Congressional Gold Medal Act,'' introduced by Senator
Johnny Isakson, which became Public Law 116-170.
H.R. 1773, the ``Rosie the Riveter
Congressional Gold Medal Act of 2019,'' introduced by
Representative Jackie Speier, which became law 116-195.
The Committee considered one piece of legislation on
bullion coins for investors:
S. 457, the ``President George H.W. Bush and
First Spouse Barbara Bush Coin Act,'' which became
Public Law 116-112.
The Committee also considered:
H.R. 7995, the ``Coin Metal Modification
Authorization and Cost Savings Act of 2020'',
introduced by Representative Mark Amodei of Nevada,
which passed the House of Representatives on December
2, 2020 by a record vote of 343 41. This bill would
reduce the cost of minting coins by authorizing the
Treasury to pursue the use of alternative medals in
minting circulating coins.
H.R. 1923, the ``Circulating Collectible
Coin Redesign Act of 2020,'' introduced by
Representative Barbara Lee, which passed the House on
September 22, 2020 by voice vote. This bill would
authorize the Mint to issue re-designed quarter-dollar
coins honoring prominent American women and the
commemorating the 100th anniversary of the 19th
Amendment, America's semiquincentennial (250th)
anniversary, and youth sports.
Staff held a bipartisan staff-level briefing on February
19, 2020 with the U.S. Secret Service on Secret Service
Investigations, including efforts to detect and combat
counterfeiting of U.S. coins and currency.
The Committee continued to monitor developments in the
circulating coin shortage due to COVID-19. On August 4, 2020,
staff held a bipartisan staff-level briefing with the Federal
Reserve and members of the Federal Reserve U.S. Coin Task Force
on efforts to mitigate coin circulation issues.
Investor Protection and Entrepreneurship
Securities and Exchange Commission (SEC). The Committee
held the following hearings on this matter:
On June 19, 2019 the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a hearing entitled, ``Putting Investors
First: Examining Proposals to Strengthen Enforcement
Against Securities Law Violators.'' This hearing
examined legislative proposals designed to bolster
regulators' enforcement tools against securities law
violators.
On September 24, 2019, the Full Committee
held a hearing entitled, ``Oversight of the Securities
and Exchange Commission: Wall Street's Cop on the
Beat.'' This was a one-panel hearing with all five
Commissioners from the Securities and Exchange
Commission (SEC).
On June 25, 2020, the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a hearing entitled, ``Capital Markets and
Emergency Lending in the COVID-19 Era,'' receiving
testimony from the Chairman of the SEC.
The Committee held the following roundtables on this
matter:
On May 26, 2020, the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a virtual roundtable entitled, ``Examining
the Impacts of the COVID-19 Pandemic on U.S. Capital
Markets.'' This bipartisan roundtable examined the
impacts of COVID-19 on US capital markets.
The Committee considered the following legislation:
H.R. 3701, Strengthening Fraud Protection
Provisions for SEC Enforcement Act of 2019, introduced
by Representative Gonzalez of Texas, to establish a
statute of limitations for certain actions of the
Securities and Exchange Commission.
H.R. 4344, ``To amend the Securities
Exchange Act of 1934,'' introduced by Representative
Ben McAdams, which passed the House of Representatives
on November 18, 2019. This bill allows the Securities
and Exchange Commission to seek and Federal courts to
grant restitution to investors and disgorgement of
unjust enrichment.
Investor Confidence. On April 3, 2019, the Subcommittee on
Investor Protection, Entrepreneurship, and Capital Markets held
a hearing entitled, ``Putting Investors First: Reviewing
Proposals to Hold Executives Accountable.'' This hearing
examined legislative proposals designed to hold public company
executives accountable to both investors and the general
public.
On Tuesday, May 26, 2020, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
virtual roundtable entitled, ``Examining the Impacts of the
COVID-19 Pandemic on U.S. Capital Markets.'' This bipartisan
roundtable examined the impacts of COVID-19 on US capital
markets.
The Committee considered the following legislation:
H.R. 1815, the SEC Disclosure Effectiveness
Testing Act, introduced by Representative Sean Casten,
which passed the House of Representatives on March 26,
2019. This bill requires the Securities and Exchange
Commission must engage in investor testing to test the
usability and understandability of disclosures intended
for retail investors.
H.R. 2515, the Whistleblower Protection
Reform Act of 2019, introduced by Representative Al
Green, which passed the House of Representatives on
July 9, 2019. This bill amends Section 922 of the Dodd-
Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank) to clarify that whistleblowers who report
alleged misconduct to their employers, and not to the
SEC, are also protected by the anti-retaliation
provisions in Section 922.
H.R. 2534, Insider Trading Prohibition Act,
introduced by Representative Jim Himes, which passed
the House of Representatives on December 5, 2019. This
bill codifies the definition of illegal insider trading
under the securities laws, creating a clear, consistent
standard for both courts and market participants to
follow.
H.R. 4335, the 8-K Trading Gap Act of 2019,
which was introduced by Representative Carolyn Maloney,
which passed the House of Representatives on January
13, 2020. This bill directs the SEC to issue a rule
requiring public companies to put in place policies and
procedures that are reasonably designed to prohibit
officers and directors from trading company stock after
the company has determined that a significant corporate
event has occurred, and before the company has filed a
Form 8-K disclosing such event. The bill allowed for
limited exemptions.
H.R. 4320, Corporate Management
Accountability Act of 2019, introduced by
Representative Katie Porter, which passed the House of
Representatives on December 11, 2019. This bill
requires publicly traded companies to disclose their
policies on whether senior executives or shareholders
bear the costs of paying the company's fines and
penalties.
Fiduciary Duty of Financial Advisers. On March 14, 2019,
the Subcommittee on Investor Protection, Entrepreneurship, and
Capital Markets held a hearing entitled, ``Putting Investors
First? Examining the SEC's Best Interest Rule.'' This hearing
examined the SEC's proposed change to the suitability standard
of conduct for brokers and guidance on the fiduciary standard
of conduct for investment advisers.
Chairwoman Maxine Waters offered an amendment to H.R. 3351,
the Financial Services and General Government Appropriations
Act of 2020, that prohibited the Securities and Exchange
Commission from using funds to administer, enforce, or
publicize Regulation Best Interest.
Mandatory Arbitration. The Committee continued to monitor
developments on mandatory arbitration throughout the 116th
Congress. Staff held meetings with interested parties.
Entrepreneurship. The Committee held the following hearings
on this matter:
On June 19, 2019 the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a hearing entitled, ``Putting Investors
First: Examining Proposals to Strengthen Enforcement
Against Securities Law Violators.'' This hearing
examined legislative proposals designed to bolster
regulators' enforcement tools against securities law
violators.
On September 24, 2019, the Full Committee
held a hearing entitled, ``Oversight of the Securities
and Exchange Commission: Wall Street's Cop on the
Beat.'' This was a one-panel hearing with all five
Commissioners from the Securities and Exchange
Commission (SEC).
On June 25, 2020, the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a hearing entitled, ``Capital Markets and
Emergency Lending in the COVID-19 Era.''
On September 11, 2019, the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a hearing entitled, ``Examining Private
Market Exemptions as a Barrier to IPOs and Retail
Investment.''
On July 9, 2019, the House of Representatives passed:
H.R. 2409, the Expanding Access to Capital
for Rural Job Creators Act, introduced by
Representative Cynthia Axne, which requires the
Advocate for Small Business Capital Formation within
the Securities and Exchange Commission to report on
issues encountered by rural-area small businesses.
H.R. 2919, the Improving Investment Research
for Small and Emerging Issues Act, introduced by
Representative Bill Huizenga, which requires the SEC to
report on investment research regarding small issues.
H.R. 3050, the Expanding Investment in Small
Businesses Act of 2019, which directs the SEC to report
on limits on shares of an individual company that a
diversified company may own, and the limitations impact
on capital formation.
Corporate Governance. The Committee held the following
hearings on corporate governance:
On July 10, 2019 at 2:00 p.m., the
Subcommittee on Investor Protection, Entrepreneurship,
and Capital Markets held a hearing entitled, ``Building
a Sustainable and Competitive Economy: An Examination
of Proposals to Improve Environmental, Social, and
Governance Disclosures.''
On July 14, 2020, the Subcommittee on
Investor Protection, Entrepreneurship, and Capital
Markets held a virtual hearing entitled, ``Promoting
Economic Recovery: Examining Capital Markets and Worker
Protections in the COVID-19 Era,''
The Committee also considered the following legislation:
H.R. 1731, the Cybersecurity Disclosure Act
of 2019, introduced by Representative Jim Himes, which
bill directs the Securities and Exchange Commission to
issue final rules requiring registered issuers to
annually disclose whether any member of its governing
body has expertise or experience in cybersecurity; and
if no member has such expertise or experience, describe
what cybersecurity considerations were taken into
account when identifying and evaluating nominees for
the governing body.
H.R. 3623, Climate Risk Disclosure Act of
2019, introduced by Representative Sean Casten, which
directs the Securities and Exchange Commission (SEC) to
require an issuer of securities to annually disclose
information regarding climate change-related risks
posed to the issuer, including an issuer's strategies
and actions to mitigate these risks.
H.R. 3624, Outsourcing Accountability Act,
introduced by Representative Cynthia Axne, which passed
the House of Representatives on October 18, 2019. This
bill requires an issuer to disclose specified
information related to the number of domestic and
foreign employees of the issuer and its subsidiaries.
H.R. 3641, Stronger Enforcement of Civil
Penalties Act of 2019, introduced by Representative
Katie Porter, which increases civil and administrative
monetary penalties for securities law violators and
adds a fourth tier of monetary penalties for violations
by a person that, within the five-year period preceding
the violation (1) was criminally convicted for
securities fraud; or (2) became subject to a judgment
or order imposing monetary, equitable, or
administrative relief in a Securities and Exchange
Commission (SEC) action alleging fraud.
H.R. 4329, ESG Disclosure Simplification Act
of 2019, introduced by Representative Juan Vargas,
which requires an issuer of securities to annually
disclose to shareholders certain environmental, social,
and governance metrics and their connection to the
long-term business strategy of the issuer, among other
requirements.
H.R. 5929, the Shareholder Political
Transparency Act, introduced by Representative Bill
Foster, which requires an issuer of securities to
disclose information related to expenditures for
political activities.
H.R. 5930, Workforce Investment Disclosure
Act, introduced by Representative Cynthia Axne, which
requires an issuer of securities to disclose certain
information regarding its human capital management
policies.