H. Rept. 112-742 - 112th Congress (2011-2012)
January 02, 2013, As Reported by the Financial Services Committee

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House Report 112-742 - FOURTH SEMIANNUAL REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE HOUSE OF REPRESENTATIVES DURING THE ONE HUNDRED TWELFTH CONGRESS PURSUANT TO Clause 1(d) Rule XI of the Rules of the House of Representatives




[House Report 112-742]
[From the U.S. Government Printing Office]


                                                 Union Calendar No. 544

112th Congress, 2d Session - - - - - - - - - - - - - House Report 112-742

                FOURTH SEMIANNUAL REPORT ON THE ACTIVITY

                                 OF THE

                    COMMITTEE ON FINANCIAL SERVICES

                                 OF THE

                        HOUSE OF REPRESENTATIVES

                               DURING THE

                      ONE HUNDRED TWELFTH CONGRESS

                              PURSUANT TO

                Clause 1(d) Rule XI of the Rules of the 
                        House of Representatives

                                    
<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>

                                    

January 2, 2013.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

              FOURTH SEMIANNUAL REPORT ON THE ACTIVITY OF 
       THE COMMITTEE ON FINANCIAL SERVICES FOR THE 112TH CONGRESS
                                     

  

                                     

                                     

                                                 Union Calendar No. 544

112th Congress, 2d Session - - - - - - - - - - - - - House Report 112-742

                FOURTH SEMIANNUAL REPORT ON THE ACTIVITY

                                 OF THE

                    COMMITTEE ON FINANCIAL SERVICES

                                 OF THE

                        HOUSE OF REPRESENTATIVES

                               DURING THE

                      ONE HUNDRED TWELFTH CONGRESS

                              PURSUANT TO

                Clause 1(d) Rule XI of the Rules of the 
                        House of Representatives

                                    
<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>

                                    

January 2, 2013.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed
                         LETTER OF TRANSMITTAL

                              ----------                              

                          House of Representatives,
                           Committee on Financial Services,
                                   Washington, DC, January 2, 2013.
Hon. Karen Lehman Haas,
Clerk of the House of Representatives,
Washington, DC.
    Dear Ms. Haas: Pursuant to clause 1(d) of rule XI of the 
Rules of the House of Representatives for the 112th Congress, I 
present herewith the fourth report on the activity of the 
Committee on Financial Services for the 112th Congress, 
including the Committee's review and study of legislation 
within its jurisdiction, and the oversight activities 
undertaken by the Committee.
            Sincerely,
                                            Spencer Bachus,
                                                          Chairman.

                            C O N T E N T S

                              ----------                              
                                                                   Page
Jurisdiction.....................................................     1
Memorandum of Understanding......................................     2
Rules of the Committee...........................................     4
Membership and Organization......................................    32
Legislative and Oversight Activities.............................    38
Full Committee Legislative Activities............................    96
Full Committee Oversight Activities..............................   144
Subcommittee on Capital Markets and Government Sponsored 
  Enterprises....................................................   153
Subcommittee on Domestic Monetary Policy and Technology..........   200
Subcommittee on Financial Institutions and Consumer Credit.......   211
Subcommittee on Insurance, Housing and Community Opportunity.....   237
Subcommittee on International Monetary Policy and Trade..........   260
Subcommittee on Oversight and Investigations.....................   265
Oversight Plan for the 112th Congress............................   273
Implementation of the Oversight Plan for the 112th Congress......   300
House Rule XI 1(d)(2)(E) Hearings................................   382
House Resolution 72 Activity.....................................   384
Appendix I--Committee Legislation................................   393
    Part A--Committee Reports....................................   393
    Part B--Public Laws..........................................   394
Appendix II--Committee Publications..............................   395
    Part A--Committee Hearings...................................   395
    Part B--Committee Prints.....................................   399


                                                 Union Calendar No. 544
112th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     112-742

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



 
FOURTH SEMIANNUAL REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL 
                    SERVICES FOR THE 112TH CONGRESS

                                _______
                                

January 2, 2013.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

         Mr. Bachus, from the Committee on Financial Services, 
                        submitted the following

                              R E P O R T

    Clause 1(d) of rule XI of the Rules of the House of 
Representatives for the 112th Congress requires that each 
standing committee, not later than the 30th day after June 1 
and December 1, submit to the House a report on the activities 
of that committee, including separate sections summarizing the 
legislative and oversight activities of that committee during 
that Congress.

                              JURISDICTION


                           Rules of the House

    Clause 1(h) of rule X of the Rules of the House of 
Representatives for the 112th Congress sets forth the 
jurisdiction of the Committee on Financial Services as 
follows--
    (1) Banks and banking, including deposit insurance 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.

                      MEMORANDUM OF UNDERSTANDING

    The Committee on Financial Services was established when 
the House agreed to H. Res. 5, establishing the Rules of the 
House of Representatives for the 107th Congress, on January 3, 
2001. The jurisdiction of the Committee on Financial Services 
consists of the jurisdiction granted the Committee on Banking 
and Financial Services in the 106th Congress, along with 
jurisdiction over insurance generally and securities and 
exchanges, matters which had previously been within the 
jurisdiction of the Committee on Commerce in the 106th and 
previous congresses. On January 20, 2001,\1\ the Speaker 
inserted the following memorandum of understanding between the 
chairmen of the Committee on Financial Services and the 
Committee on Energy and Commerce further clarifying these 
jurisdictional changes--
---------------------------------------------------------------------------
    \1\The version of the memorandum printed in the January 20, 2001 
Congressional Record contained a typographic error. A corrected version 
of the memorandum, which appears below, was printed in the January 30, 
2001 edition of the Congressional Record.
---------------------------------------------------------------------------
                                                  January 20, 2001.
    On January 3, 2001, the House agreed to H. Res. 5, 
establishing the rules of the House for the 107th Congress. 
Section 2(d) of H. Res. 5 contained a provision renaming the 
Banking Committee as the Financial Services Committee and 
transferring jurisdiction over securities and exchanges and 
insurance from the Commerce Committee to the Financial Services 
Committee. The Commerce Committee was also renamed the Energy 
and Commerce Committee.
    The Committee on Energy and Commerce and the Committee on 
Financial Services jointly acknowledge as the authoritative 
source of legislative history concerning section 2(d) of H. 
Res. 5 the following statement of Rules Committee Chairman 
David Dreier during floor consideration of the resolution:
    ``In what is obviously one of our most significant changes, 
Mr. Speaker, section 2(d) of the resolution establishes a new 
Committee on Financial Services, which will have jurisdiction 
over the following matters:
    ``(1) banks and banking, including deposit insurance 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; and
    ``(10) urban development.
    ``Mr. Speaker, jurisdiction over matters relating to 
securities and exchanges is transferred in its entirety from 
the Committee on Commerce, which will be redesignated under 
this rules change to the Committee on Energy and Commerce, and 
it will now be transferred from the new Committee on Energy and 
Commerce to this new Committee on Financial Services. This 
transfer is not intended to convey to the Committee on 
Financial Services jurisdiction currently in the Committee on 
Agriculture regarding commodity exchanges.
    ``Furthermore, this change is not intended to convey to the 
Committee on Financial Services jurisdiction over matters 
relating to regulation and SEC oversight of multi-State public 
utility holding companies and their subsidiaries, which remain 
essentially matters of energy policy.
    ``Mr. Speaker, as a result of the transfer of jurisdiction 
over matters relating to securities and exchanges, redundant 
jurisdiction over matters relating to bank capital markets 
activities generally and depository institutions securities 
activities, which were formerly matters in the jurisdiction of 
the Committee on Banking and Financial Services, have been 
removed from clause 1 of rule X.
    ``Matters relating to insurance generally, formerly within 
the jurisdiction of the redesignated Committee on Energy and 
Commerce, are transferred to the jurisdiction of the Committee 
on Financial Services.
    ``The transfer of any jurisdiction to the Committee on 
Financial Services is not intended to limit the Committee on 
Energy and Commerce's jurisdiction over consumer affairs and 
consumer protection matters.
    ``Likewise, existing health insurance jurisdiction is not 
transferred as a result of this change.
    ``Furthermore, the existing jurisdictions of other 
committees with respect to matters relating to crop insurance, 
Workers' Compensation, insurance anti-trust matters, disaster 
insurance, veterans' life and health insurance, and national 
social security policy are not affected by this change.
    ``Finally, Mr. Speaker, the changes and legislative history 
involving the Committee on Financial Services and the Committee 
on Energy and Commerce do not preclude future memorandum of 
understanding between the chairmen of these respective 
committees.''

    By this memorandum the two committees undertake to record 
their further mutual understandings in this matter, which will 
supplement the statement quoted above.

    It is agreed that the Committee on Energy and Commerce will 
retain jurisdiction over bills dealing broadly with electronic 
commerce, including electronic communications networks (ECNs). 
However, a bill amending the securities laws to address the 
specific type of electronic securities transaction currently 
governed by a special SEC regulation as an Alternative Trading 
System (ATS) would be referred to the Committee on Financial 
Services.
    While it is agreed that the jurisdiction of the Committee 
on Financial Services over securities and exchanges includes 
anti-fraud authorities under the securities laws, the Committee 
on Energy and Commerce will retain jurisdiction only over the 
issue of setting of accounting standards by the Financial 
Accounting Standards Board.
                                   W.J. ``Billy'' Tauzin,
                                           Chairman, Committee on 
                                               Energy and Commerce,
                                   Michael G. Oxley,
                                           Chairman, Committee on 
                                               Financial Services.

    However, on the opening day of the 109th Congress (January 
4, 2005), the following announcement was made by the Speaker:

The SPEAKER. Based on discussions with the relevant committees, 
the further mutual understandings contained in the final two 
paragraphs of the ``Memorandum of Understanding Between Energy 
and Commerce Committee and Financial Services Committee'' dated 
January 30, 2001, shall no longer provide jurisdictional 
guidance.

              RULES OF THE COMMITTEE ON FINANCIAL SERVICES


                     U.S. House of Representatives


                             112th Congress


                             First Session

                              ----------                              


                                 Rule 1


                           GENERAL PROVISIONS

    (a) The rules of the House are the rules of the Committee 
on Financial Services (hereinafter in these rules referred to 
as the ``Committee'') and its subcommittees so far as 
applicable, except that a motion to recess from day to day, and 
a motion to dispense with the first reading (in full) of a bill 
or resolution, if printed copies are available, are privileged 
motions in the Committee and shall be considered without 
debate. A proposed investigative or oversight report shall be 
considered as read if it has been available to the members of 
the Committee for at least 24 hours (excluding Saturdays, 
Sundays, or legal holidays except when the House is in session 
on such day).
    (b) Each subcommittee is a part of the Committee, and is 
subject to the authority and direction of the Committee and to 
its rules so far as applicable.
    (c) The provisions of clause 2 of rule XI of the Rules of 
the House are incorporated by reference as the rules of the 
Committee to the extent applicable.

                                 Rule 2


                                MEETINGS

                          Calling of Meetings

    (a)(1) The Committee shall regularly meet on the first 
Tuesday of each month when the House is in session.
    (2) A regular meeting of the Committee may be dispensed 
with if, in the judgment of the Chairman of the Committee 
(hereinafter in these rules referred to as the ``Chair''), 
there is no need for the meeting.
    (3) Additional regular meetings and hearings of the 
Committee may be called by the Chair, in accordance with clause 
2(g)(3) of rule XI of the rules of the House.
    (4) Special meetings shall be called and convened by the 
Chair as provided in clause 2(c)(2) of rule XI of the Rules of 
the House.

                          Notice for Meetings

    (b)(1) The Chair shall notify each member of the Committee 
of the agenda of each regular meeting of the Committee at least 
three calendar days before the time of the meeting.
    (2) The Chair shall provide to each member of the 
Committee, at least three calendar days 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 the member designated by the Chair as the 
Vice Chair of the Committee, or by the ranking majority member 
of the Committee present as Acting Chair.
    (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) Opening statements by members at the beginning of any 
hearing or meeting of the Committee shall be limited to 5 
minutes each for the Chair or ranking minority member, or their 
respective designee, and 3 minutes each for all other members.
    (5) 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.
    (6) 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, of closing a meeting or 
hearing pursuant to clause 2(g) of rule XI of the rules of the 
House (except as provided in clause 2(g)(2)(A) and (B)) or of 
releasing executive session material pursuant to clause 2(k)(7) 
of rule XI of the rules of the House.
    (3) For the purpose of taking any action other than those 
specified in paragraph (2) one-third of the members of the 
Committee shall constitute a quorum.

                                 Voting

    (c)(1) No vote may be conducted on any measure or matter 
pending before the Committee unless the requisite number of 
members of the Committee is actually present for such purpose.
    (2) A record vote of the Committee shall be provided on any 
question before the Committee upon the request of one-fifth of 
the members present.
    (3) No vote by any member of the Committee on any measure 
or matter may be cast by proxy.
    (4) In addition to any other requirement of these rules or 
the Rules of the House, including clause 2(e)(1)(B) of rule XI, 
the Chair shall make the record of the votes on any question on 
which a record vote is demanded publicly available for 
inspection at the offices of the Committee and in electronic 
form on the Committee's Web site not later than one business 
day after such vote is taken. Such record shall include in 
electronic form the text of the amendment, motion, order, or 
other proposition, the name of each member voting for and each 
member voting against such amendment, motion, order, or 
proposition, and the names of those members of the committee 
present but not voting. With respect to any record vote on any 
motion to report or record vote on any amendment, a record of 
such votes shall be included in the report of the Committee 
showing the total number of votes cast for and against and the 
names of those members of the committee present but not voting.
    (5) Postponed Record Votes.--(A) Subject to subparagraph 
(B), the Chairman may postpone further proceedings when a 
record vote is ordered on the question of approving any measure 
or matter or adopting an amendment. The Chairman may resume 
proceedings on a postponed request at any time, but no later 
than the next meeting day.
    (B) In exercising postponement authority under subparagraph 
(A), the Chairman shall take all reasonable steps necessary to 
notify members on the resumption of proceedings on any 
postponed record vote;
    (C) When proceedings resume on a postponed question, not-
withstanding any intervening order for the previous question, 
an underlying proposition shall remain subject to further 
debate or amendment to the same extent as when the question was 
postponed.

                           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 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 
final list consisting of the names of each witness who is to 
appear before the Committee at that hearing. The witness list 
may not be modified within 24 hours of a hearing, unless the 
Chair, with the concurrence of the ranking minority member, 
determines there is good cause for such modification.
    (2) To the greatest extent practicable--
    (A) each witness who is to appear before the Committee 
shall file with the Committee two business days in advance of 
the appearance sufficient copies (including a copy in 
electronic form), as determined by the Chair, of a written 
statement of proposed testimony and shall limit the oral 
presentation to the Committee to brief summary thereof; and
    (B) each witness appearing in a non-governmental capacity 
shall include with the written statement of proposed testimony 
a curriculum vitae and a disclosure of the amount and source 
(by agency and program) of any Federal grant (or subgrant 
hereof) or contract (or subcontract thereof) received during 
the current fiscal year or either of the two preceding fiscal 
years. Such disclosure statements, with appropriate redactions 
to protect the privacy of the witness, shall be made publicly 
available in electronic form not later than one day after the 
witness appears.
    (3) The requirements of paragraph (2)(A) may be modified or 
waived by the Chair when the Chair determines it to be in the 
best interest of the Committee.
    (4) The five-minute rule shall be observed in the 
interrogation of witnesses before the Committee until each 
member of the Committee has had an opportunity to question the 
witnesses. No member shall be recognized for a second period of 
five minutes to interrogate witnesses until each member of the 
Committee present has been recognized once for that purpose.
    (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.

                          Subpoenas and Oaths

    (e)(1) Pursuant to clause 2(m) of rule XI of the Rules of 
the House, a subpoena may be authorized and issued by the 
Committee or a subcommittee in the conduct of any investigation 
or series of investigations or activities, only when authorized 
by a majority of the members voting, a majority being present, 
or pursuant to paragraph (2).
    (2) The Chair, with the concurrence of the ranking minority 
member, may authorize and issue subpoenas under such clause 
during any period for which the House has adjourned for a 
period in excess of three days when, in the opinion of the 
Chair, authorization and issuance of the subpoena is necessary 
to obtain the material or testimony set forth in the subpoena. 
The Chair shall report to the members of the Committee on the 
authorization and issuance of a subpoena during the recess 
period as soon as practicable, but in no event later than one 
week after service of such subpoena.
    (3) 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.
    (4) The Chair, or any member of the Committee designated by 
the Chair, may administer oaths to witnesses before the 
Committee.

                           Special Procedures

    (f)(1)(A) Commemorative Medals and Coins.--It shall not be 
in order for the Subcommittee on Domestic Monetary Policy and 
Technology to hold a hearing on any commemorative medal or 
commemorative coin legislation unless the legislation is 
cosponsored by at least two-thirds of the members of the House.
    (B) It shall not be in order for the subcommittee to 
approve a bill or measure authorizing commemorative coins for 
consideration by the full Committee which does not conform with 
the mintage restrictions established by section 5112 of title 
31, United States Code.
    (C) In considering legislation authorizing Congressional 
gold medals, the subcommittee shall apply the following 
standards--
          (i) the recipient shall be a natural person;
          (ii) the recipient shall have performed an 
        achievement that has an impact on American history and 
        culture that is likely to be recognized as a major 
        achievement in the recipient's field long after the 
        achievement;
          (iii) the recipient shall not have received a medal 
        previously for the same or substantially the same 
        achievement;
          (iv) the recipient shall be living or, if deceased, 
        shall have been deceased for not less than five years 
        and not more than twenty five years;
          (v) the achievements were performed in the 
        recipient's field of endeavor, and represent either a 
        lifetime of continuous superior achievements or a 
        single achievement so significant that the recipient is 
        recognized and acclaimed by others in the same field, 
        as evidenced by the recipient having received the 
        highest honors in the field.
  (2) Testimony of Certain Officials.--
          (A) Notwithstanding subsection (a)(4), when the Chair 
        announces a hearing of the Committee for the purpose of 
        receiving--
                  (i) testimony from the Chairman of the 
                Federal Reserve Board pursuant to section 2B of 
                the Federal Reserve Act (12 U.S.C. 221 et 
                seq.), or
                  (ii) testimony from the Chairman of the 
                Federal Reserve Board or a member of the 
                President's cabinet at the invitation of the 
                Chair, the Chair may, in consultation with the 
                ranking minority member, limit the number and 
                duration of opening statements to be delivered 
                at such hearing. The limitation shall be 
                included in the announcement made pursuant to 
                subsection (d)(1)(A), and shall provide that 
                the opening statements of all members of the 
                Committee shall be made a part of the hearing 
                record.
          (B) Notwithstanding subsection (a)(4), at any hearing 
        of the Committee for the purpose of receiving testimony 
        (other than testimony described in clause (i) or (ii) 
        of subparagraph (A)), the Chair may, after consultation 
        with the ranking minority member, limit the duration of 
        opening statements to ten minutes, to be divided 
        between the Chair and Chair of the pertinent 
        subcommittee, or the Chair's designees, and ten 
        minutes, to be controlled by the ranking minority 
        member, or the ranking minority member's designees. 
        Following such time, the duration for opening 
        statements may be extended by agreement between the 
        Chairman and ranking minority member, to be divided at 
        the discretion of the Chair or ranking minority member. 
        The Chair shall provide that the opening statements for 
        all members of the Committee shall be made a part of 
        the hearing record.
          (C) At any hearing of a subcommittee, the Chair of 
        the subcommittee may, in consultation with the ranking 
        minority member of the subcommittee, limit the duration 
        of opening statements to ten minutes, to be divided 
        between the Subcommittee Chair or Chair's designees and 
        ten minutes, to be controlled by the ranking minority 
        member of the Subcommittee or the ranking minority 
        member's designees. Following such time, the duration 
        for opening statements may be extended by agreement 
        between the Chair of the subcommittee and ranking 
        minority member of the subcommittee, to be divided at 
        the discretion of the Chair of the subcommittee or 
        ranking minority member of the subcommittee. The Chair 
        of the subcommittee shall ensure that opening 
        statements for all members shall be made a part of the 
        hearing record.
          (D) If the Chair and ranking minority member acting 
        jointly determine that extraordinary circumstances 
        exist necessitating allowing members to make opening 
        statements, subparagraphs (B) or (C), as the case may 
        be, shall not apply to such hearing.

                                 Rule 4


              PROCEDURES FOR REPORTING MEASURES OR MATTERS

    (a) No measure or matter shall be reported from the 
Committee unless a majority of the Committee is actually 
present.
    (b) The Chair of the Committee shall report or cause to be 
reported promptly to the House any measure approved by the 
Committee and take necessary steps to bring a matter to a vote.
    (c) The report of the Committee on a measure which has been 
approved by the Committee shall be filed within seven calendar 
days (exclusive of days on which the House is not in session) 
after the day on which there has been filed with the clerk of 
the Committee a written request, signed by a majority of the 
members of the Committee, for the reporting of that measure 
pursuant to the provisions of clause 2(b)(2) of rule XIII of 
the Rules of the House.
    (d) All reports printed by the Committee pursuant to a 
legislative study or investigation and not approved by a 
majority vote of the Committee shall contain the following 
disclaimer on the cover of such report: ``This report has not 
been officially adopted by the Committee on Financial Services 
and may not necessarily reflect the views of its Members.''
    (e) The Chair is directed to offer a motion under clause 1 
of rule XXII of the Rules of the House whenever the Chair 
considers it appropriate.

                                 Rule 5


                             SUBCOMMITTEES

          Establishment and Responsibilities of Subcommittees

    (a)(1) There shall be six subcommittees of the Committee as 
follows:
          (A) Subcommittee on Capital Markets and Government 
        Sponsored Enterprises.--The jurisdiction of the 
        Subcommittee on Capital Markets and Government 
        Sponsored Enterprises includes--
                  (i) securities, exchanges, and finance;
                  (ii) capital markets activities, including 
                business capital formation and venture capital;
                  (iii) activities involving futures, forwards, 
                options, and other types of derivative 
                instruments;
                  (iv) the Securities and Exchange Commission;
                  (v) secondary market organizations for home 
                mortgages, including the Federal National 
                Mortgage Association, the Federal Home Loan 
                Mortgage Corporation, and the Federal 
                Agricultural Mortgage Corporation;
                  (vi) the Federal Housing Finance Agency; and
                  (vii) the Federal Home Loan Banks.
          (B) Subcommittee on Domestic Monetary Policy and 
        Technology.--The jurisdiction of the Subcommittee on 
        Domestic Monetary Policy and Technology includes--
                  (i) financial aid to all sectors and elements 
                within the economy;
                  (ii) economic growth and stabilization;
                  (iii) defense production matters as contained 
                in the Defense Production Act of 1950, as 
                amended;
                  (iv) domestic monetary policy, and agencies 
                which directly or indirectly affect domestic 
                monetary policy, including the effect of such 
                policy and other financial actions on interest 
                rates, the allocation of credit, and the 
                structure and functioning of domestic financial 
                institutions;
                  (v) coins, coinage, currency, and medals, 
                including commemorative coins and medals, proof 
                and mint sets and other special coins, the 
                Coinage Act of 1965, gold and silver, including 
                the coinage thereof (but not the par value of 
                gold), gold medals, counterfeiting, currency 
                denominations and design, the distribution of 
                coins, and the operations of the Bureau of the 
                Mint and the Bureau of Engraving and Printing; 
                and,
                  (vi) development of new or alternative forms 
                of currency.
          (C) Subcommittee on Financial Institutions and 
        Consumer Credit.--The jurisdiction of the Subcommittee 
        on Financial Institutions and Consumer Credit 
        includes--
                  (i) all agencies, including the Office of the 
                Comptroller of the Currency, the Federal 
                Deposit Insurance Corporation, the Board of 
                Governors of the Federal Reserve System and the 
                Federal Reserve System, the Office of Thrift 
                Supervision, and the National Credit Union 
                Administration, which directly or indirectly 
                exercise supervisory or regulatory authority in 
                connection with, or provide deposit insurance 
                for, financial institutions, and the 
                establishment of interest rate ceilings on 
                deposits;
                  (ii) all matters related to the Bureau of 
                Consumer Financial Protection;
                  (iii) the chartering, branching, merger, 
                acquisition, consolidation, or conversion of 
                financial institutions;
                  (iv) consumer credit, including the provision 
                of consumer credit by insurance companies, and 
                further including those matters in the Consumer 
                Credit Protection Act dealing with truth in 
                lending, extortionate credit transactions, 
                restrictions on garnishments, fair credit 
                reporting and the use of credit information by 
                credit bureaus and credit providers, equal 
                credit opportunity, debt collection practices, 
                and electronic funds transfers;
                  (v) creditor remedies and debtor defenses, 
                Federal aspects of the Uniform Consumer Credit 
                Code, credit and debit cards, and the 
                preemption of State usury laws;
                  (vi) consumer access to financial services, 
                including the Home Mortgage Disclosure Act and 
                the Community Reinvestment Act;
                  (vii) the terms and rules of disclosure of 
                financial services, including the 
                advertisement, promotion and pricing of 
                financial services, and availability of 
                government check cashing services;
                  (viii) deposit insurance; and
                  (ix) consumer access to savings accounts and 
                checking accounts in financial institutions, 
                including lifeline banking and other consumer 
                accounts.
          (D) Subcommittee on Insurance, Housing and Community 
        Opportunity.--The jurisdiction of the Subcommittee on 
        Insurance, Housing and Community Opportunity includes--
                  (i) insurance generally; terrorism risk 
                insurance; private mortgage insurance; 
                government sponsored insurance programs, 
                including those offering protection against 
                crime, fire, flood (and related land use 
                controls), earthquake and other natural 
                hazards; the Federal Insurance Office;
                  (ii) housing (except programs administered by 
                the Department of Veterans Affairs), including 
                mortgage and loan insurance pursuant to the 
                National Housing Act; rural housing; housing 
                and homeless assistance programs; all 
                activities of the Government National Mortgage 
                Association; housing construction and design 
                and safety standards; housing-related energy 
                conservation; housing research and 
                demonstration programs; financial and technical 
                assistance for nonprofit housing sponsors; 
                housing counseling and technical assistance; 
                regulation of the housing industry (including 
                landlord/tenant relations); and real estate 
                lending including regulation of settlement 
                procedures;
                  (iii) community development and community and 
                neighborhood planning, training and research; 
                national urban growth policies; urban/rural 
                research and technologies; and regulation of 
                interstate land sales; and,
                  (iv) the qualifications for and designation 
                of Empowerment Zones and Enterprise Communities 
                (other than matters relating to tax benefits).
          (E) Subcommittee on International Monetary Policy and 
        Trade.--The jurisdiction of the Subcommittee on 
        International Monetary Policy and Trade includes--
                  (i) 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;
                  (ii) international trade, including but not 
                limited to the activities of the Export-Import 
                Bank;
                  (iii) the International Monetary Fund, its 
                permanent and temporary agencies, and all 
                matters related thereto; and
                  (iv) 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.
          (F) Subcommittee on Oversight and Investigations.--
        The jurisdiction of the Subcommittee on Oversight and 
        Investigations includes--
                  (i) the oversight of all agencies, 
                departments, programs, and matters within the 
                jurisdiction of the Committee, including the 
                development of recommendations with regard to 
                the necessity or desirability of enacting, 
                changing, or repealing any legislation within 
                the jurisdiction of the Committee, and for 
                conducting investigations within such 
                jurisdiction; and
                  (ii) research and analysis regarding matters 
                within the jurisdiction of the Committee, 
                including the impact or probable impact of tax 
                policies affecting matters within the 
                jurisdiction of the Committee.
    (2) In addition, each such subcommittee shall have specific 
responsibility for such other measures or matters as the Chair 
refers to it.
    (3) Each subcommittee of the Committee shall review and 
study, on a continuing basis, the application, administration, 
execution, and effectiveness of those laws, or parts of laws, 
the subject matter of which is within its general 
responsibility.

           Referral of Measures and Matters to Subcommittees

    (b)(1) The Chair shall regularly refer to one or more 
subcommittees such measures and matters as the Chair deems 
appropriate given its jurisdiction and responsibilities. In 
making such a referral, the Chair may designate a subcommittee 
of primary jurisdiction and subcommittees of additional or 
sequential jurisdiction.
    (2) All other measures or matters shall be subject to 
consideration by the full Committee.
    (3) In referring any measure or matter to a subcommittee, 
the Chair may specify a date by which the subcommittee shall 
report thereon to the Committee.
    (4) The Committee by motion may discharge a subcommittee 
from consideration of any measure or matter referred to a sub- 
committee of the Committee.

                      Composition of Subcommittees

    (c)(1) Members shall be elected to each subcommittee and to 
the positions of chair and ranking minority member thereof, in 
accordance with the rules of the respective party caucuses. The 
Chair of the Committee shall designate a member of the majority 
party on each subcommittee as its vice chair.
    (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.
    (3) The subcommittees shall be comprised as follows:
          (A) The Subcommittee on Capital Markets and 
        Government Sponsored Enterprises shall be comprised of 
        35 members, 20 elected by the majority caucus and 15 
        elected by the minority caucus.
          (B) The Subcommittee on Domestic Monetary Policy and 
        Technology shall be comprised of 14 members, 8 elected 
        by the majority caucus and 6 elected by the minority 
        caucus.
          (C) The Subcommittee on Financial Institutions and 
        Consumer Credit shall be comprised of 30 members, 17 
        elected by the majority caucus and 13 elected by the 
        minority caucus.
          (D) The Subcommittee on Insurance, Housing and 
        Community Opportunity shall be comprised of 18 members, 
        10 elected by the majority caucus and 8 elected by the 
        minority caucus.
          (E) The Subcommittee on International Monetary Policy 
        and Trade shall be comprised of 14 members, 8 elected 
        by the majority caucus and 6 elected by the minority 
        caucus.
          (F) The Subcommittee on Oversight and Investigations 
        shall be comprised of 18 members, 10 elected by the 
        majority caucus and 8 elected by the minority caucus.

                   Subcommittee Meetings and Hearings

    (d)(1) Each subcommittee of the Committee is authorized to 
meet, hold hearings, receive testimony, mark up legislation, 
and report to the full Committee on any measure or matter 
referred to it, consistent with subsection (a).
    (2) No subcommittee of the Committee may meet or hold a 
hearing at the same time as a meeting or hearing of the 
Committee.
    (3) The chair of each subcommittee shall set hearing and 
meeting dates only with the approval of the Chair with a view 
toward assuring the availability of meeting rooms and avoiding 
simultaneous scheduling of Committee and subcommittee meetings 
or hearings.

                          Effect of a Vacancy

    (e) Any vacancy in the membership of a subcommittee shall 
not affect the power of the remaining members to execute the 
functions of the subcommittee as long as the required quorum is 
present.

                                Records

    (f) Each subcommittee of the Committee shall provide the 
full Committee with copies of such records of votes taken in 
the subcommittee and such other records with respect to the 
subcommittee as the Chair deems necessary for the Committee to 
comply with all rules and regulations of the House.

                                 Rule 6


                                 STAFF

                               In General

    (a)(1) Except as provided in paragraph (2), the 
professional and other staff of the Committee shall be 
appointed, and may be removed by the Chair, and shall work 
under the general supervision and direction of the Chair.
    (2) All professional and other staff provided to the 
minority party members of the Committee shall be appointed, and 
may be removed, by the ranking minority member of the 
Committee, and shall work under the general supervision and 
direction of such member.
    (3) It is intended that the skills and experience of all 
members of the Committee staff be available to all members of 
the Committee.

                           Subcommittee Staff

    (b) From funds made available for the appointment of staff, 
the Chair of the Committee shall, pursuant to clause 6(d) of 
rule X of the Rules of the House, ensure that sufficient staff 
is made available so that each subcommittee can carry out its 
responsibilities under the rules of the Committee and that the 
minority party is treated fairly in the appointment of such 
staff.

                         Compensation of Staff

    (c)(1) Except as provided in paragraph (2), the Chair shall 
fix the compensation of all professional and other staff of the 
Committee.
    (2) The ranking minority member shall fix the compensation 
of all professional and other staff provided to the minority 
party members of the Committee.

                                 Rule 7


                           BUDGET AND TRAVEL

                                 Budget

    (a)(1) The Chair, in consultation with other members of the 
Committee, shall prepare for each Congress a budget providing 
amounts for staff, necessary travel, investigation, and other 
expenses of the Committee and its subcommittees.
    (2) From the amount provided to the Committee in the 
primary expense resolution adopted by the House of 
Representatives, the Chair, after consultation with the ranking 
minority member, shall designate an amount to be under the 
direction of the ranking minority member for the compensation 
of the minority staff, travel expenses of minority members and 
staff, and minority office expenses. All expenses of minority 
members and staff shall be paid for out of the amount so set 
aside.

                                 Travel

    (b)(1) The Chair may authorize travel for any member and 
any staff member of the Committee in connection with activities 
or subject matters under the general jurisdiction of the 
Committee. Before such authorization is granted, there shall be 
submitted to the Chair in writing the following:
          (A) The purpose of the travel.
          (B) The dates during which the travel is to occur.
          (C) The names of the States or countries to be 
        visited and the length of time to be spent in each.
          (D) The names of members and staff of the Committee 
        for whom the authorization is sought.
    (2) Members and staff of the Committee shall make a written 
report to the Chair on any travel they have conducted under 
this subsection, including a description of their itinerary, 
expenses, and activities, and of pertinent information gained 
as a result of such travel.
    (3) Members and staff of the Committee performing 
authorized travel on official business shall be governed by 
applicable laws, resolutions, and regulations of the House and 
of the Committee on House Administration.

                                 Rule 8


                        COMMITTEE ADMINISTRATION

                                Records

    (a)(1) There shall be a transcript made of each regular 
meeting and hearing of the Committee, and the transcript may be 
printed if the Chair decides it is appropriate or if a majority 
of the members of the Committee requests such printing. Any 
such transcripts shall be a substantially verbatim account of 
remarks actually made during the proceedings, subject only to 
technical, grammatical, and typographical corrections 
authorized by the person making the remarks. Nothing in this 
paragraph shall be construed to require that all such 
transcripts be subject to correction and publication.
    (2) The Committee shall keep a record of all actions of the 
Committee and of its subcommittees. The record shall contain 
all information required by clause 2(e)(1) of rule XI of the 
Rules of the House and shall be available in electronic form 
and for public inspection at reasonable times in the offices of 
the Committee.
    (3) All Committee hearings, records, data, charts, and 
files shall be kept separate and distinct from the 
congressional office records of the Chair, shall be the 
property of the House, and all Members of the House shall have 
access thereto as provided in clause 2(e)(2) of rule XI of the 
Rules of the House.
    (4) The records of the Committee at the National Archives 
and Records Administration shall be made available for public 
use in accordance with rule VII of the Rules of the House of 
Representatives. The Chair shall notify the ranking minority 
member of any decision, pursuant to clause 3(b)(3) or clause 
4(b) of the rule, to withhold a record otherwise available, and 
the matter shall be presented to the Committee for a 
determination on written request of any member of the 
Committee.

                 Committee Publications on the Internet

    (b) To the maximum extent feasible, the Committee shall 
make its publications available in electronic form.

      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.
                               APPENDIX 1

    Applicable Provisions of Clauses 1, 2, and 4 of Rule XI and 
Clauses 2 and 3 of Rule XIII of the Rules of the House of 
Representatives for the 112th Congress

                            January 5, 2011


       Rule XI: Procedures of Committees and Unfinished Business


             Clauses 1 and 2: Rules for Standing Committees


                               In general

    1. (a)(1)(A) The Rules of the House are the rules of its 
committees and subcommittees so far as applicable.
    (B) Each subcommittee is a part of its committee and is 
subject to the authority and direction of that committee and to 
its rules, so far as applicable.
    (2)(A) In a committee or subcommittee--
          (i) a motion to recess from day to day, or to recess 
        subject to the call of the Chair (within 24 hours), 
        shall be privileged; and
          (ii) a motion to dispense with the first reading (in 
        full) of a bill or resolution shall be privileged if 
        printed copies are available.
    (B) A motion accorded privilege under this subparagraph 
shall be decided without debate.
    (b)(1) Each committee may conduct at any time such 
investigations and studies as it considers necessary or 
appropriate in the exercise of its responsibilities under rule 
X. Subject to the adoption of expense resolutions as required 
by clause 6 of rule X, each committee may incur expenses, 
including travel expenses, in connection with such 
investigations and studies.
    (2) A proposed investigative or oversight report shall be 
considered as read in committee if it has been available to the 
members for at least 24 hours (excluding Saturdays, Sundays, or 
legal holidays except when the House is in session on such a 
day).
    (3) A report of an investigation or study conducted jointly 
by more than one committee may be filed jointly, provided that 
each of the committees complies independently with all 
requirements for approval and filing of the report.
    (4) After an adjournment sine die of the last regular 
session of a Congress, an investigative or oversight report may 
be filed with the Clerk at any time, provided that a member who 
gives timely notice of intention to file supplemental, 
minority, or additional views shall be entitled to not less 
than seven calendar days in which to submit such views for 
inclusion in the report.
    (c) Each committee may have printed and bound such 
testimony and other data as may be presented at hearings held 
by the committee or its subcommittees. All costs of 
stenographic services and transcripts in connection with a 
meeting or hearing of a committee shall be paid from the 
applicable accounts of the House described in clause 1(k)(1) of 
rule X.
    (d)(1) Not later than the 30th day after June 1 and 
December 1, a committee shall submit to the House a semiannual 
report on the activities of that committee.
    (2) Such report shall include--
          (A) separate sections summarizing the legislative and 
        oversight activities of that committee under this rule 
        and rule X during the applicable period;
          (B) in the case of the first such report, a summary 
        of the oversight plans submitted by the committee under 
        clause 2(d) of rule X;
          (C) a summary of the actions taken and 
        recommendations made with respect to the oversight 
        plans specified in subdivision (B);
          (D) a summary of any additional oversight activities 
        undertaken by that committee and any recommendations 
        made or actions taken thereon; and
          (E) a delineation of any hearings held pursuant to 
        clauses 2(n), (O), or (p) of this rule.
    (3) After an adjournment sine die of a regular session of a 
Congress, or after December 15, whichever occurs first, the 
chair of a committee may file the second or fourth semiannual 
report described in subparagraph (1) with the Clerk at any time 
and without approval of the committee, provided that--
          (A) a copy of the report has been available to each 
        member of the committee for at least seven calendar 
        days; and
          (B) the report includes any supplemental, minority, 
        or additional views submitted by a member of the 
        committee.

                       Adoption of written rules

    2. (a)(1) Each standing committee shall adopt written rules 
governing its procedure. Such rules--
          (A) shall be adopted in a meeting that is open to the 
        public unless the committee, in open session and with a 
        quorum present, determines by record vote that all or 
        part of the meeting on that day shall be closed to the 
        public;
          (B) may not be inconsistent with the Rules of the 
        House or with those provisions of law having the force 
        and effect of Rules of the House; and
          (C) shall in any event incorporate all of the 
        succeeding provisions of this clause to the extent 
        applicable.
    (2) Each committee shall make its rules publicly available 
in electronic form and submit such rules for publication in the 
Congressional Record not later than 30 days after the chair of 
the committee is elected in each odd-numbered year.
    (3) A committee may adopt a rule providing that the chair 
be directed to offer a motion under clause 1 of rule XXII 
whenever the chair considers it appropriate.

                          Regular meeting days

    (b) Each standing committee shall establish regular meeting 
days for the conduct of its business, which shall be not less 
frequent than monthly. Each such committee shall meet for the 
consideration of a bill or resolution pending before the 
committee or the transaction of other committee business on all 
regular meeting days fixed by the committee unless otherwise 
provided by written rule adopted by the committee.

                    Additional and special meetings

    (c)(1) The chairman of each standing committee may call and 
convene, as the chair considers necessary, additional and 
special meetings of the committee for the consideration of a 
bill or resolution pending before the committee or for the 
conduct of other committee business, subject to such rules as 
the committee may adopt. The committee shall meet for such 
purpose under that call of the chairman.
    (2) Three or more members of a standing committee may file 
in the offices of the committee a written request that the 
chair call a special meeting of the committee. Such request 
shall specify the measure or matter to be considered. 
Immediately upon the filing of the request, the clerk of the 
committee shall notify the chair of the filing of the request. 
If the chair does not call the requested special meeting within 
three calendar days after the filing of the request (to be held 
within seven calendar days after the filing of the request) a 
majority of the members of the committee may file in the 
offices of the committee their written notice that a special 
meeting of the committee will be held. The written notice shall 
specify the date and hour of the special meeting and the 
measure or matter to be considered. The committee shall meet on 
that date and hour. Immediately upon the filing of the notice, 
the clerk of the committee shall notify all members of the 
committee that such special meeting will be held and inform 
them of its date and hour and the measure or matter to be 
considered. Only the measure or matter specified in that notice 
may be considered at that special meeting.

                       Temporary absence of chair

    (d) A member of the majority party on each standing 
committee or subcommittee thereof shall be designated by the 
chair of the full committee as the vice chair of the committee 
or subcommittee, as the case may be, and shall preside during 
the absence of the chair from any meeting. If the chair and 
vice chair of a committee or subcommittee are not present at 
any meeting of the committee or subcommittee, the ranking 
majority member who is present shall preside at that meeting.

                           Committee records

    (e)(1)(A) Each committee shall keep a complete record of 
all committee action which shall include--
          (i) in the case of a meeting or hearing transcript, 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 involved; and
          (ii) a record of the votes on any question on which a 
        record vote is demanded.
    (B)(i) Except as provided in subdivision (B)(ii) and 
subject to paragraph (k)(7), the result of each such record 
vote shall be made available by the committee for inspection by 
the public at reasonable times in its offices and also made 
publicly available in electronic form within 48 hours of such 
record vote. Information so available shall include a 
description 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.
    (ii) The result of any record vote taken in executive 
session in the Committee on Ethics may not be made available 
for inspection by the public without an affirmative vote of a 
majority of the members of the committee.
    (2)(A) Except as provided in subdivision (B), all committee 
hearings, records, data, charts, and files shall be kept 
separate and distinct from the congressional office records of 
the member serving as its chair. Such records shall be the 
property of the House, and each Member, Delegate, and the 
Resident Commissioner shall have access thereto.
    (B) A Member, Delegate, or Resident Commissioner, other 
than members of the Committee on Ethics, may not have access to 
the records of that committee respecting the conduct of a 
Member, Delegate, Resident Commissioner, officer, or employee 
of the House without the specific prior permission of that 
committee.
    (3) Each committee shall include in its rules standards for 
availability of records of the committee delivered to the 
Archivist of the United States under rule VII. Such standards 
shall specify procedures for orders of the committee under 
clause 3(b)(3) and clause 4(b) of rule VII, including a 
requirement that nonavailability of a record for a period 
longer than the period otherwise applicable under that rule 
shall be approved by vote of the committee.
    (4) Each committee shall make its publications available in 
electronic form to the maximum extent feasible.
    (5) To the maximum extent practicable, each committee 
shall--
          (A) 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
          (B) maintain the recordings of such coverage in a 
        manner that is easily accessible to the public.
    (6) Not later than 24 hours after the adoption of any 
amendment to a measure or matter considered by a committee, the 
chair of such committee shall cause the text of each such 
amendment to be made publicly available in electronic form.

                    Prohibition against proxy voting

    (f) A vote by a member of a committee or subcommittee with 
respect to any measure or matter may not be cast by proxy.

                       Open meetings and hearings

    (g)(1) Each meeting for the transaction of business, 
including the markup of legislation, by a standing committee or 
subcommittee thereof (other than the Committee on Standards of 
Official Conduct or its subcommittees) shall be open to the 
public, including to radio, television, and still photography 
coverage, except when the committee or subcommittee, in open 
session and with a majority present, determines by record vote 
that all or part of the remainder of the meeting on that day 
shall be in executive session because disclosure of matters to 
be considered would endanger national security, would 
compromise sensitive law enforcement information, would tend to 
defame, degrade, or incriminate any person, or otherwise would 
violate a law or rule of the House. Persons, other than members 
of the committee and such noncommittee Members, Delegates, 
Resident Commissioner, congressional staff, or departmental 
representatives as the committee may authorize, may not be 
present at a business or markup session that is held in 
executive session. This subparagraph does not apply to open 
committee hearings, which are governed by clause 4(a)(1) of 
rule X or by subparagraph (2).
    (2)(A) Each hearing conducted by a committee or 
subcommittee (other than the Committee on Ethics or its 
subcommittees) shall be open to the public, including to radio, 
television, and still photography coverage, except when the 
committee or subcommittee, in open session and with a majority 
present, determines by record vote that all or part of the 
remainder of that hearing on that day shall be closed to the 
public because disclosure of testimony, evidence, or other 
matters to be considered would endanger national security, 
would compromise sensitive law enforcement information, or 
would violate a law or rule of the House.
    (B) Notwithstanding the requirements of subdivision (A), in 
the presence of the number of members required under the rules 
of the committee for the purpose of taking testimony, a 
majority of those present may--
          (i) agree to close the hearing for the sole purpose 
        of discussing whether testimony or evidence to be 
        received would endanger national security, would 
        compromise sensitive law enforcement information, or 
        would violate clause 2(k)(5); or
          (ii) agree to close the hearing as provided in clause 
        2(k)(5).
    (C) A Member, Delegate, or Resident Commissioner may not be 
excluded from nonparticipatory attendance at a hearing of a 
committee or subcommittee (other than the Committee on Ethics 
or its subcommittees) unless the House by majority vote 
authorizes a particular committee or subcommittee, for purposes 
of a particular series of hearings on a particular article of 
legislation or on a particular subject of investigation, to 
close its hearings to Members, Delegates, and the Resident 
Commissioner by the same procedures specified in this 
subparagraph for closing hearings to the public.
    (D) The committee or subcommittee may vote by the same 
procedure described in this subparagraph to close one 
subsequent day of hearing, except that the Committee on 
Appropriations, the Committee on Armed Services, and the 
Permanent Select Committee on Intelligence, and the 
subcommittees thereof, may vote by the same procedure to close 
up to five additional, consecutive days of hearings.
    (3)(A) The chair of a committee shall announce the date, 
place, and subject matter of--
          (i) a committee hearing, which may not commence 
        earlier than one week after such notice; or
          (ii) a committee meeting, which may not commence 
        earlier than the third day on which members have notice 
        thereof.
    (B) A hearing or meeting may begin sooner than specified in 
subdivision (A) in either of the following circumstances (in 
which case the chair shall make the announcement specified in 
subdivision (A) at the earliest possible time):
          (i) the chair of the committee, with the concurrence 
        of the ranking minority member, determines that there 
        is good cause; or
          (ii) the committee so determines by majority vote in 
        the presence of the number of members required under 
        the rules of the committee for the transaction of 
        business.
    (C) An announcement made under this subparagraph shall be 
published promptly in the Daily Digest and made publicly 
available in electronic form.
    (D) This subparagraph and subparagraph (4) shall not apply 
to the Committee on Rules.
    (4) At least 24 hours prior to the commencement of a 
meeting for the markup of legislation, or at the time of an 
announcement under subparagraph (3)(B) made within 24 hours 
before such meeting, the chair of the committee shall cause the 
text of such legislation to be made publicly available in 
electronic form.
    (5) Each committee shall, to the greatest extent 
practicable, require witnesses who appear before it to submit 
in advance written statements of proposed testimony and to 
limit their initial presentations to the committee to brief 
summaries thereof. In the case of a witness appearing in a 
nongovernmental capacity, a written statement of proposed 
testimony shall include a curriculum vitae and a disclosure of 
the amount and source (by agency and program) of each Federal 
grant (or subgrant thereof) or contract (or subcontract 
thereof) received during the current fiscal year or either of 
the two previous fiscal years by the witness or by an entity 
represented by the witness. Such 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.
    (6)(A) Except as provided in subdivision (B), a point of 
order does not lie with respect to a measure reported by a 
committee on the ground that hearings on such measure were not 
conducted in accordance with this clause.
    (B) A point of order on the ground described in subdivision 
(A) may be made by a member of the committee that reported the 
measure if such point of order was timely made and improperly 
disposed of in the committee.
    (7) This paragraph does not apply to hearings of the 
Committee on Appropriations under clause 4(a)(1) of rule X.

                          Quorum requirements

    (h)(1) A measure or recommendation may not be reported by a 
committee unless a majority of the committee is actually 
present.
    (2) Each committee may fix the number of its members to 
constitute a quorum for taking testimony and receiving 
evidence, which may not be less than two.
    (3) Each committee (other than the Committee on 
Appropriations, the Committee on the Budget, and the Committee 
on Ways and Means) may fix the number of its members to 
constitute a quorum for taking any action other than one for 
which the presence of a majority of the committee is otherwise 
required, which may not be less than one-third of the members.
    (4)(A) Each committee may adopt a rule authorizing the 
chairman of a committee or subcommittee--
          (i) to postpone further proceedings when a record 
        vote is ordered on the question of approving a measure 
        or matter or on adopting an amendment; and
          (ii) to resume proceedings on a postponed question at 
        any time after reasonable notice.
    (B) A rule adopted pursuant to this subparagraph shall 
provide that 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.

                    Limitation on committee sittings

    (i) A committee may not sit during a joint session of the 
House and Senate or during a recess when a joint meeting of the 
House and Senate is in progress.

                  Calling and questioning of witnesses

    (j)(1) Whenever a hearing is conducted by a committee on a 
measure or matter, the minority members of the committee shall 
be entitled, upon request to the chair by a majority of them 
before the completion of the hearing, to call witnesses 
selected by the minority to testify with respect to that 
measure or matter during at least one day of hearing thereon.
    (2)(A) Subject to subdivisions (B) and (C), each committee 
shall apply the five minute rule during the questioning of 
witnesses in a hearing until such time as each member of the 
committee who so desires has had an opportunity to question 
each witness.
    (B) A committee may adopt a rule or motion permitting a 
specified number of its members to question a witness for 
longer than five minutes. The time for extended questioning of 
a witness under this subdivision shall be equal for the 
majority party and the minority party and may not exceed one 
hour in the aggregate.
    (C) A committee may adopt a rule or motion permitting 
committee staff for its majority and minority party members to 
question a witness for equal specified periods. The time for 
extended questioning of a witness under this subdivision shall 
be equal for the majority party and the minority party and may 
not exceed one hour in the aggregate.

                           Hearing procedures

    (k)(1) The chair at a hearing shall announce in an opening 
statement the subject of the hearing.
    (2) A copy of the committee rules and of this clause shall 
be made available to each witness on request.
    (3) Witnesses at hearings may be accompanied by their own 
counsel for the purpose of advising them concerning their 
constitutional rights.
    (4) The chair may punish breaches of order and decorum, and 
of professional ethics on the part of counsel, by censure and 
exclusion from the hearings; and the committee may cite the 
offender to the House for contempt.
    (5) Whenever it is asserted by a member of the committee 
that the evidence or testimony at a hearing may tend to defame, 
degrade, or incriminate any person, or it is asserted by a 
witness that the evidence or testimony that the witness would 
give at a hearing may tend to defame, degrade, or incriminate 
the witness--
          (A) notwithstanding paragraph (g)(2), such testimony 
        or evidence shall be presented in executive session if, 
        in the presence of the number of members required under 
        the rules of the committee for the purpose of taking 
        testimony, the committee determines by vote of a 
        majority of those present that such evidence or 
        testimony may tend to defame, degrade, or incriminate 
        any person; and
          (B) the committee shall proceed to receive such 
        testimony in open session only if the committee, a 
        majority being present, determines that such evidence 
        or testimony will not tend to defame, degrade, or 
        incriminate any person.
In either case the committee shall afford such person an 
opportunity voluntarily to appear as a witness, and receive and 
dispose of requests from such person to subpoena additional 
witnesses.
    (6) Except as provided in subparagraph (5), the chairman 
shall receive and the committee shall dispose of requests to 
subpoena additional witnesses.
    (7) Evidence or testimony taken in executive session, and 
proceedings conducted in executive session, may be released or 
used in public sessions only when authorized by the committee, 
a majority being present.
    (8) In the discretion of the committee, witnesses may 
submit brief and pertinent sworn statements in writing for 
inclusion in the record. The committee is the sole judge of the 
pertinence of testimony and evidence adduced at its hearing.
    (9) A witness may obtain a transcript copy of the testimony 
of such witness given at a public session or, if given at an 
executive session, when authorized by the committee.

              Supplemental, minority, or additional views

    (l) If at the time of approval of a measure or matter by a 
committee (other than the Committee on Rules) a member of the 
committee gives notice of intention to file supplemental, 
minority, or additional views for inclusion in the report to 
the House thereon, that member shall be entitled to not less 
than two additional calendar days after the day of such notice 
(excluding Saturdays, Sundays, and legal holidays except when 
the House is in session on such a day) to file such views, in 
writing and signed by that member, with the clerk of the 
committee.

                  Power to sit and act; subpoena power

    (m)(1) For the purpose of carrying out any of its functions 
and duties under this rule and rule X (including any matters 
referred to it under clause 2 of rule XII), a committee or 
subcommittee is authorized (subject to subparagraph (3)(A))--
          (A) to sit and act at such times and places within 
        the United States, whether the House is in session, has 
        recessed, or has adjourned, and to hold such hearings 
        as it considers necessary; and
          (B) to require, by subpoena or otherwise, the 
        attendance and testimony of such witnesses and the 
        production of such books, records, correspondence, 
        memoranda, papers, and documents as it considers 
        necessary.
    (2) The chair of the committee, or a member designated by 
the chair, may administer oaths to witnesses.
    (3)(A)(i) Except as provided in subdivision (A)(ii), a 
subpoena may be authorized and issued by a committee or 
subcommittee under subparagraph (1)(B) in the conduct of an 
investigation or series of investigations or activities only 
when authorized by the committee or subcommittee, a majority 
being present. The power to authorize and issue subpoenas under 
subparagraph (1)(B) may be delegated to the chair of the 
committee under such rules and under such limitations as the 
committee may prescribe. Authorized subpoenas shall be signed 
by the chair of the committee or by a member designated by the 
committee.
    (ii) In the case of a subcommittee of the Committee on 
Ethics, a subpoena may be authorized and issued only by an 
affirmative vote of a majority of its members.
    (B) A subpoena duces tecum may specify terms of return 
other than at a meeting or hearing of the committee or 
subcommittee authorizing the subpoena.
    (C) Compliance with a subpoena issued by a committee or 
subcommittee under subparagraph (1)(B) may be enforced only as 
authorized or directed by the House.
    (n)(1) Each standing committee, or a subcommittee thereof, 
shall hold at least one hearing during each 120-day period 
following the establishment of the committee on the topic of 
waste, fraud, abuse, or mismanagement in Government programs 
which that committee may authorize.
    (2) A hearing described in subparagraph (1) shall include a 
focus on the most egregious instances of waste, fraud, abuse, 
or mismanagement as documented by any report the committee has 
received from a Federal Office of the Inspector General or the 
Comptroller General of the United States.
    (o) Each committee, or a subcommittee thereof, shall hold 
at least one hearing in any session in which the committee has 
received disclaimers of agency financial statements from 
auditors of any Federal agency that the committee may authorize 
to hear testimony on such disclaimers from representatives of 
any such agency.
    (p) Each standing committee, or a subcommittee thereof, 
shall hold at least one hearing on issues raised by reports 
issued by the Comptroller General of the United States 
indicating that Federal programs or operations that the 
committee may authorize are at high risk for waste, fraud, and 
mismanagement, known as the `high-risk list' or the `high-risk 
series'.

      Clause 4: Audio and visual coverage of committee proceedings

    4. (a) The purpose of this clause is to provide a means, in 
conformity with acceptable standards of dignity, propriety, and 
decorum, by which committee hearings or committee meetings that 
are open to the public may be covered by audio and visual 
means--
          (1) for the education, enlightenment, and information 
        of the general public, on the basis of accurate and 
        impartial news coverage, regarding the operations, 
        procedures, and practices of the House as a legislative 
        and representative body, and regarding the measures, 
        public issues, and other matters before the House and 
        its committees, the consideration thereof, and the 
        action taken thereon; and
          (2) for the development of the perspective and 
        understanding of the general public with respect to the 
        role and function of the House under the Constitution 
        as an institution of the Federal Government.
    (b) In addition, it is the intent of this clause that radio 
and television tapes and television film of any coverage under 
this clause may not be used, or made available for use, as 
partisan political campaign material to promote or oppose the 
candidacy of any person for elective public office.
    (c) It is, further, the intent of this clause that the 
general conduct of each meeting (whether of a hearing or 
otherwise) covered under authority of this clause by audio or 
visual means, and the personal behavior of the committee 
members and staff, other Government officials and personnel, 
witnesses, television, radio, and press media personnel, and 
the general public at the hearing or other meeting, shall be in 
strict conformity with and observance of the acceptable 
standards of dignity, propriety, courtesy, and decorum 
traditionally observed by the House in its operations, and may 
not be such as to--
          (1) distort the objects and purposes of the hearing 
        or other meeting or the activities of committee members 
        in connection with that hearing or meeting or in 
        connection with the general work of the committee or of 
        the House; or
          (2) cast discredit or dishonor on the House, the 
        committee, or a Member, Delegate, or Resident 
        Commissioner or bring the House, the committee, or a 
        Member, Delegate, or Resident Commissioner into 
        disrepute.
    (d) The coverage of committee hearings and meetings by 
audio and visual means shall be permitted and conducted only in 
strict conformity with the purposes, provisions, and 
requirements of this clause.
    (e) Whenever a hearing or meeting conducted by a committee 
or subcommittee is open to the public, those proceedings shall 
be open to coverage by audio and visual means. A committee or 
subcommittee chair may not limit the number of television or 
still cameras to fewer than two representatives from each 
medium (except for legitimate space or safety considerations, 
in which case pool coverage shall be authorized).
    (f) Each committee shall adopt written rules to govern its 
implementation of this clause. Such rules shall contain 
provisions to the following effect:
          (1) If audio or visual coverage of the hearing or 
        meeting is to be presented to the public as live 
        coverage, that coverage shall be conducted and 
        presented without commercial sponsorship.
          (2) The allocation among the television media of the 
        positions or the number of television cameras permitted 
        by a committee or subcommittee chair in a hearing or 
        meeting room shall be in accordance with fair and 
        equitable procedures devised by the Executive Committee 
        of the Radio and Television Correspondents' Galleries.
          (3) Television cameras shall be placed so as not to 
        obstruct in any way the space between a witness giving 
        evidence or testimony and any member of the committee 
        or the visibility of that witness and that member to 
        each other.
          (4) Television cameras shall operate from fixed 
        positions but may not be placed in positions that 
        obstruct unnecessarily the coverage of the hearing or 
        meeting by the other media.
          (5) Equipment necessary for coverage by the 
        television and radio media may not be installed in, or 
        removed from, the hearing or meeting room while the 
        committee is in session.
          (6)(A) Except as provided in subdivision (B), 
        floodlights, spotlights, strobe lights, and flashguns 
        may not be used in providing any method of coverage of 
        the hearing or meeting.
          (B) The television media may install additional 
        lighting in a hearing or meeting room, without cost to 
        the Government, in order to raise the ambient lighting 
        level in a hearing or meeting room to the lowest level 
        necessary to provide adequate television coverage of a 
        hearing or meeting at the current state of the art of 
        television coverage.
          (7) If requests are made by more of the media than 
        will be permitted by a committee or subcommittee chair 
        for coverage of a hearing or meeting by still 
        photography, that coverage shall be permitted on the 
        basis of a fair and equitable pool arrangement devised 
        by the Standing Committee of Press Photographers.
          (8) Photographers may not position themselves between 
        the witness table and the members of the committee at 
        any time during the course of a hearing or meeting.
          (9) Photographers may not place themselves in 
        positions that obstruct unnecessarily the coverage of 
        the hearing by the other media.
          (10) Personnel providing coverage by the television 
        and radio media shall be currently accredited to the 
        Radio and Television Correspondents' Galleries.
          (11) Personnel providing coverage by still 
        photography shall be currently accredited to the Press 
        Photographers' Gallery.
          (12) Personnel providing coverage by the television 
        and radio media and by still photography shall conduct 
        themselves and their coverage activities in an orderly 
        and unobtrusive manner.

               Rule XIII: Calendars and Committee Reports


                Clause 2: Filing and printing of reports

    2. (a)(1) Except as provided in subparagraph (2), all 
reports of committees (other than those filed from the floor) 
shall be delivered to the Clerk for printing and reference to 
the proper calendar under the direction of the Speaker in 
accordance with clause 1. The title or subject of each report 
shall be entered on the Journal and printed in the 
Congressional Record.
    (2) A bill or resolution reported adversely (other than 
those filed as privileged) shall be laid on the table unless a 
committee to which the bill or resolution was referred requests 
at the time of the report its referral to an appropriate 
calendar under clause 1 or unless, within three days 
thereafter, a Member, Delegate, or Resident Commissioner makes 
such a request.
    (b)(1) It shall be the duty of the chair of each committee 
to report or cause to be reported promptly to the House a 
measure or matter approved by the committee and to take or 
cause to be taken steps necessary to bring the measure or 
matter to a vote.
    (2) In any event, the report of a committee on a measure 
that 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 a written request for 
the filing of the report, signed by a majority of the members 
of the committee, has been filed with the clerk of the 
committee. The clerk of the committee shall immediately notify 
the chair of the filing of such a request. This subparagraph 
does not apply to a report of the Committee on Rules with 
respect to a rule, joint rule, or order of business of the 
House, or to the reporting of a resolution of inquiry addressed 
to the head of an executive department.
    (c) All supplemental, minority, or additional views filed 
under clause 2(l) of rule XI by one or more members of a 
committee shall be included in, and shall be a part of, the 
report filed by the committee with respect to a measure or 
matter. When time guaranteed by clause 2(l) of rule XI has 
expired (or, if sooner, when all separate views have been 
received), the committee may arrange to file its report with 
the Clerk not later than one hour after the expiration of such 
time. This clause and provisions of clause 2(l) of rule XI do 
not preclude the immediate filing or printing of a committee 
report in the absence of a timely request for the opportunity 
to file supplemental, minority, or additional views as provided 
in clause 2(l) of rule XI.

                      Clause 3: Content of reports

    3. (a)(1) Except as provided in subparagraph (2), the 
report of a committee on a measure or matter shall be printed 
in a single volume that--
          (A) shall include all supplemental, minority, or 
        additional views that have been submitted by the time 
        of the filing of the report; and
          (B) shall bear on its cover a recital that any such 
        supplemental, minority, or additional views (and any 
        material submitted under paragraph (c)(3)) are included 
        as part of the report.
    (2) A committee may file a supplemental report for the 
correction of a technical error in its previous report on a 
measure or matter. A supplemental report only correcting errors 
in the depiction of record votes under paragraph (b) may be 
filed under this subparagraph and shall not be subject to the 
requirement in clause 4 or clause 6 concerning the availability 
of reports.
    (b) With respect to each record vote on a motion to report 
a measure or matter of a public nature, and on any amendment 
offered to the measure or matter, the total number of votes 
cast for and against, and the names of members voting for and 
against, shall be included in the committee report. The 
preceding sentence does not apply to votes taken in executive 
session by the Committee on Ethics.
    (c) The report of a committee on a measure that has been 
approved by the committee shall include, separately set out and 
clearly identified, the following:
          (1) Oversight findings and recommendations under 
        clause 2(b)(1) of rule X.
          (2) The statement required by section 308(a) of the 
        Congressional Budget Act of 1974, except that an 
        estimate of new budget authority shall include, when 
        practicable, a comparison of the total estimated 
        funding level for the relevant programs to the 
        appropriate levels under current law.
          (3) An estimate and comparison prepared by the 
        Director of the Congressional Budget Office under 
        section 402 of the Congressional Budget Act of 1974 if 
        timely submitted to the committee before the filing of 
        the report.
          (4) A statement of general performance goals and 
        objectives, including outcome-related goals and 
        objectives, for which the measure authorizes funding.
    (d) Each report of a committee on a public bill or public 
joint resolution shall contain the following:
          (1) (A) An estimate by the committee of the costs 
        that would be incurred in carrying out the bill or 
        joint resolution in the fiscal year in which it is 
        reported and in each of the five fiscal years following 
        that fiscal year (or for the authorized duration of any 
        program authorized by the bill or joint resolution if 
        less than five years);
          (B) a comparison of the estimate of costs described 
        in subdivision (A) made by the committee with any 
        estimate of such costs made by a Government agency and 
        submitted to such committee; and
          (C) when practicable, a comparison of the total 
        estimated funding level for the relevant programs with 
        the appropriate levels under current law.
          (2)(A) In subparagraph (1) the term ''Government 
        agency'' includes any department, agency, 
        establishment, wholly owned Government corporation, or 
        instrumentality of the Federal Government or the 
        government of the District of Columbia.
          (B) Subparagraph (1) does not apply to the Committee 
        on Appropriations, the Committee on House 
        Administration, the Committee on Rules, or the 
        Committee on Ethics, and does not apply when a cost 
        estimate and comparison prepared by the Director of the 
        Congressional Budget Office under section 402 of the 
        Congressional Budget Act of 1974 has been included in 
        the report under paragraph (c)(3).
    (e)(1) Whenever a committee reports a bill or joint 
resolution proposing to repeal or amend a statute or part 
thereof, it shall include in its report or in an accompanying 
document--
          (A) the text of a statute or part thereof that is 
        proposed to be repealed; and
          (B) a comparative print of any part of the bill or 
        joint resolution proposing to amend the statute and of 
        the statute or part thereof proposed to be amended, 
        showing by appropriate typographical devices the 
        omissions and insertions proposed.
    (2) If a committee reports a bill or joint resolution 
proposing to repeal or amend a statute or part thereof with a 
recommendation that the bill or joint resolution be amended, 
the comparative print required by subparagraph (1) shall 
reflect the changes in existing law proposed to be made by the 
bill or joint resolution as proposed to be amended.
    (f)(1) A report of the Committee on Appropriations on a 
general appropriation bill shall include--
          (A) a concise statement describing the effect of any 
        provision of the accompanying bill that directly or 
        indirectly changes the application of existing law; and
          (B) a list of all appropriations contained in the 
        bill for expenditures not currently authorized by law 
        for the period concerned (excepting classified 
        intelligence or national security programs, projects, 
        or activities), along with a statement of the last year 
        for which such expenditures were authorized, the level 
        of expenditures authorized for that year, the actual 
        level of expenditures for that year, and the level of 
        appropriations in the bill for such expenditures.
    (2) Whenever the Committee on Appropriations reports a bill 
or joint resolution including matter specified in clause 
1(b)(2) or (3) of rule X, it shall include--
          (A) in the bill or joint resolution, separate 
        headings for ``Rescissions'' and ``Transfers of 
        Unexpended Balances''; and
          (B) in the report of the committee, a separate 
        section listing such rescissions and transfers.
    (g) Whenever the Committee on Rules reports a resolution 
proposing to repeal or amend a standing rule of the House, it 
shall include in its report or in an accompanying document--
          (1) the text of any rule or part thereof that is 
        proposed to be repealed; and
          (2) a comparative print of any part of the resolution 
        proposing to amend the rule and of the rule or part 
        thereof proposed to be amended, showing by appropriate 
        typographical devices the omissions and insertions 
        proposed.
    (h)(1) It shall not be in order to consider a bill or joint 
resolution reported by the Committee on Ways and Means that 
proposes to amend the Internal Revenue Code of 1986 unless--
          (A) the report includes a tax complexity analysis 
        prepared by the Joint Committee on Internal Revenue 
        Taxation in accordance with section 4022(b) of the 
        Internal Revenue Service Restructuring and Reform Act 
        of 1998; or
          (B) the chair of the Committee on Ways and Means 
        causes such a tax complexity analysis to be printed in 
        the Congressional Record before consideration of the 
        bill or joint resolution.
    (2)(A) It shall not be in order to consider a bill or joint 
resolution reported by the Committee on Ways and Means that 
proposes to amend the Internal Revenue Code of 1986 unless--
          (i) the report includes a macro-economic impact 
        analysis:
          (ii) the report includes a statement from the Joint 
        Committee on Internal Revenue Taxation explaining why a 
        macroeconomic impact analysis is not calculable; or
          (iii) the chair of the Committee on Ways and Means 
        causes a macroeconomic impact analysis to be printed in 
        the Congressional Record before consideration of the 
        bill or joint resolution.
    (B) In subdivision (A), the term ``macroeconomic impact 
analysis'' means--
          (i) an estimate prepared by the Joint Committee on 
        Internal Revenue Taxation of the changes in economic 
        output, employment, capital stock, and tax revenues 
        expected to result from enactment of the proposal; and
          (ii) a statement from the Joint Committee on Internal 
        Revenue Taxation identifying the critical assumptions 
        and the source of data underlying that estimate.
   MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE ON FINANCIAL SERVICES
                    one hundred and twelfth congress
                    COMMITTEE ON FINANCIAL SERVICES

          (Ratio: 34-27)

 SPENCER BACHUS, Alabama, Chairman

BARNEY FRANK, Massachusetts, Ranking MemberNSARLING, Texas, Vice 
MAXINE WATERS, California            Chairman
CAROLYN B. MALONEY, New York         PETER T. KING, New York
LUIS V. GUTIERREZ, Illinois          EDWARD R. ROYCE, California
NYDIA M. VELAZQUEZ, New York         FRANK D. LUCAS, Oklahoma
MELVIN L. WATT, North Carolina       RON PAUL, Texas
GARY L. ACKERMAN, New York           DONALD A. MANZULLO, Illinois
BRAD SHERMAN, California             WALTER B. JONES, North Carolina
GREGORY W. MEEKS, New York           JUDY BIGGERT, Illinois
MICHAEL E. CAPUANO, Massachusetts    GARY G. MILLER, California
RUBEN HINOJOSA, Texas                SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
CAROLYN McCARTHY, New York           SCOTT GARRETT, New Jersey
JOE BACA, California                 RANDY NEUGEBAUER, Texas
STEPHEN F. LYNCH, Massachusetts      PATRICK T. McHENRY, North Carolina
BRAD MILLER, North Carolina          JOHN CAMPBELL, California
DAVID SCOTT, Georgia                 MICHELE BACHMANN, Minnesota
AL GREEN, Texas                      KEVIN McCARTHY, California
EMANUEL CLEAVER, Missouri            STEVAN PEARCE, New Mexico
GWEN MOORE, Wisconsin                BILL POSEY, Florida
KEITH ELLISON, Minnesota             MICHAEL G. FITZPATRICK, 
ED PERLMUTTER, Colorado              Pennsylvania
JOE DONNELLY, Indiana                LYNN A. WESTMORELAND, Georgia
ANDRE CARSON, Indiana                BLAINE LUETKEMEYER, Missouri
JAMES A. HIMES, Connecticut          BILL HUIZENGA, Michigan
GARY C. PETERS, Michigan             SEAN P. DUFFY, Wisconsin
JOHN C. CARNEY, Jr., Delaware        NAN A. S. HAYWORTH, New York
                                     JAMES B. RENACCI, Ohio
                                     ROBERT HURT, Virginia
                                     ROBERT J. DOLD, Illinois
                                     DAVID SCHWEIKERT, Arizona
                                     MICHAEL G. GRIMM, New York
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     STEVE STIVERS, Ohio
                                     STEPHEN LEE FINCHER, Tennessee\1\
                                     FRANK C. GUINTA, New Hampshire\2\
                        SUBCOMMITTEE MEMBERSHIPS
  Subcommittee on Capital Markets and Government Sponsored Enterprises

          (Ratio: 20-15)

    SCOTT GARRETT, New Jersey, 
             Chairman

MAXINE WATERS, California, Ranking MemberD SCHWEIKERT, Arizona, Vice 
GARY L. ACKERMAN, New York           Chairman
BRAD SHERMAN, California             PETER T. KING, New York
RUBEN HINOJOSA, Texas                EDWARD R. ROYCE, California
STEPHEN F. LYNCH, Massachusetts      FRANK D. LUCAS, Oklahoma
BRAD MILLER, North Carolina          DONALD A. MANZULLO, Illinois
CAROLYN B. MALONEY, New York         JUDY BIGGERT, Illinois
GWEN MOORE, Wisconsin                JEB HENSARLING, Texas
ED PERLMUTTER, Colorado              RANDY NEUGEBAUER, Texas
JOE DONNELLY, Indiana                JOHN CAMPBELL, California
ANDRE CARSON, Indiana                KEVIN McCARTHY, California
JAMES A. HIMES, Connecticut          STEVAN PEARCE, New Mexico
GARY C. PETERS, Michigan             BILL POSEY, Florida
AL GREEN, Texas                      MICHAEL G. FITZPATRICK, 
KEITH ELLISON, Minnesota             Pennsylvania
BARNEY FRANK, Massachusetts, ex officioN A. S. HAYWORTH, New York
                                     ROBERT HURT, Virginia
                                     MICHAEL G. GRIMM, New York
                                     STEVE STIVERS, Ohio
                                     ROBERT J. DOLD, Illinois
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

        Subcommittee on Domestic Monetary Policy and Technology

           (Ratio: 8-6)

     RON PAUL, Texas, Chairman

WM. LACY CLAY, Missouri, Ranking MemberLTER B. JONES, North Carolina, 
CAROLYN B. MALONEY, New York         Vice Chairman
GREGORY W. MEEKS, New York           FRANK D. LUCAS, Oklahoma
AL GREEN, Texas                      PATRICK T. McHENRY, North Carolina
EMANUEL CLEAVER, Missouri            BLAINE LUETKEMEYER, Missouri
GARY C. PETERS, Michigan             BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioN A. S. HAYWORTH, New York
                                     DAVID SCHWEIKERT, Arizona
                                     SPENCER BACHUS, Alabama, ex 
                                     officio
       Subcommittee on Financial Institutions and Consumer Credit

          (Ratio: 17-13)

    SHELLEY MOORE CAPITO, West 
        Virginia, Chairman

CAROLYN B. MALONEY, New York, Ranking Member. RENACCI, Ohio, Vice 
LUIS V. GUTIERREZ, Illinois          Chairman
MELVIN L. WATT, North Carolina       EDWARD R. ROYCE, California
GARY L. ACKERMAN, New York           DONALD A. MANZULLO, Illinois
RUBEN HINOJOSA, Texas                WALTER B. JONES, North Carolina
CAROLYN McCARTHY, New York           JEB HENSARLING, Texas
JOE BACA, California                 PATRICK T. McHENRY, North Carolina
BRAD MILLER, North Carolina          KEVIN McCARTHY, California
DAVID SCOTT, Georgia                 STEVAN PEARCE, New Mexico
NYDIA M. VELAZQUEZ, New York         LYNN A. WESTMORELAND, Georgia
GREGORY W. MEEKS, New York           BLAINE LUETKEMEYER, Missouri
STEPHEN F. LYNCH, Massachusetts      BILL HUIZENGA, Michigan
JOHN CARNEY, Jr., Delaware           SEAN P. DUFFY, Wisconsin
BARNEY FRANK, Massachusetts, ex officioANCISCO ``QUICO'' CANSECO, Texas
                                     MICHAEL G. GRIMM, New York
                                     STEPHEN LEE FINCHER, Tennessee
                                     FRANK C. GUINTA, New Hampshire
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

      Subcommittee on Insurance, Housing and Community Opportunity

           (Ratio: 10-8)

 JUDY BIGGERT, Illinois, Chairman

LUIS V. GUTIERREZ, Illinois, Ranking Member HURT, Virginia, Vice 
MAXINE WATERS, California            Chairman
NYDIA M. VELAZQUEZ, New York         GARY G. MILLER, California
EMANUEL CLEAVER, Missouri            SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
MELVIN L. WATT, North Carolina       SCOTT GARRETT, New Jersey
BRAD SHERMAN, California             PATRICK T. McHENRY, North Carolina
MICHAEL E. CAPUANO, Massachusetts    LYNN A. WESTMORELAND, Georgia
BARNEY FRANK, Massachusetts, ex officioAN P. DUFFY, Wisconsin
                                     ROBERT J. DOLD, Illinois
                                     STEVE STIVERS, Ohio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio
        Subcommittee on International Monetary Policy and Trade

           (Ratio: 8-6)

   GARY G. MILLER, California, 
             Chairman

CAROLYN McCARTHY, New York,          ROBERT J. DOLD, Illinois, Vice 
  Ranking Member                     Chairman
GWEN MOORE, Wisconsin                RON PAUL, Texas
ANDRE CARSON, Indiana                DONALD A. MANZULLO, Illinois
DAVID SCOTT, Georgia                 JOHN CAMPBELL, California
ED PERLMUTTER, Colorado              MICHELE BACHMANN, Minnesota
JOE DONNELLY, Indiana                BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioANK C. GUINTA, New Hampshire
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

              Subcommittee on Oversight and Investigations

           (Ratio: 10-8)

 RANDY NEUGEBAUER, Texas, Chairman

MICHAEL E. CAPUANO, Massachusetts, Ranking MemberITZPATRICK, 
STEPHEN F. LYNCH, Massachusetts      Pennsylvania, Vice Chairman
MAXINE WATERS, California            PETER T. KING, New York
JOE BACA, California                 MICHELE BACHMANN, Minnesota
BRAD MILLER, North Carolina          STEVAN PEARCE, New Mexico
KEITH ELLISON, Minnesota             BILL POSEY, Florida
JAMES A. HIMES, Connecticut          NAN A. S. HAYWORTH, New York
JOHN C. CARNEY, Jr., Delaware        JAMES B. RENACCI, Ohio
BARNEY FRANK, Massachusetts, ex officioANCISCO ``QUICO'' CANSECO, Texas
                                     STEPHEN LEE FINCHER, Tennessee
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

         MEMBERSHIP NOTES

                                 ------                                

\
\The following members are on leave from the Committee on 
Financial Services: Mr. Dreier, ranking immediately before Mr. Bachus; 
and Mr. Sessions, ranking immediately after Mr. Paul.
\1\Mr. Fincher was elected to the Committee on May 11, 2011, filling a 
vacancy created by the resignation of Mr. Marchant on March 15, 2011. 
Mr. Marchant had ranked immediately after Ms. Bachmann.
\2\Mr. Guinta was elected to the Committee on August 1, 2012, filling a 
vacancy created by the resignation of Mr. McCotter on July 6, 2012. Mr. 
McCotter had ranked immediately after Ms. Bachmann.
                            COMMITTEE STAFF



                             Majority Staff


         James H. Clinger
 Staff Director and Chief Counsel
           Warren Tryon
       Deputy Staff Director
      Shannon Flaherty McGahn
 Deputy Staff Director--Strategy 
        and Public Affairs
        Jeffrey W. Emerson
      Deputy Staff Director--
          Communications
        Natalie N. McGarry
 Parliamentarian / Senior Counsel

     Terisa L. Allison, Editor
Steve F. Arauz, Assistant Systems 
           Administrator
  Nicole C. Austin, Professional 
               Staff
     Norman R. Bishop, Deputy 
      Communications Director
 E. Chase Burgess, Staff Assistant
     Joseph R. Clark, Counsel
       John W. Cole, Counsel
  Andrew Duke, Professional Staff
  Kevin R. Edgar, Senior Counsel
  Paul-Martin Foss, Professional 
               Staff
Emily J. Frumberg, Member Service 
            Coordinator
 Angela S. Gambo, Administrative 
             Assistant
      Brian Johnson, Counsel
     Tallman Johnson, Senior 
        Professional Staff
   Clinton Columbus Jones, III, 
          General Counsel
  Rosemary E. Keech, Chief Clerk
Jonathan E. Madison, Professional 
               Staff
  Samuel C. Mahler, Professional 
               Staff
 Christopher J. McCaghren, Staff 
             Assistant
 Kylin B. McCardle, Professional 
               Staff
     Lesli E. McCollum-Gooch 
        Professional Staff
Francisco A. Medina, Deputy Chief 
              Counsel
    Susan C. Mitchell, Counsel
  Kirsten J. Mork, Professional 
               Staff
 Joe Pinder, Senior Professional 
               Staff
      Aaron A. Ranck, Senior 
        Professional Staff
  Clifford Roberti, Professional 
               Staff
    Sergio G. Rodriguera, Jr., 
        Professional Staff
  Gisele G. Roget, Senior Analyst
 Ryan A. Rusbuldt, Staff Assistant
     Christopher Y. Russell, 
        Professional Staff
      John A. Selden, Counsel
     Edward G. Skala, Senior 
        Professional Staff
Aaron T. Sporck Professional Staff
  Michael Staley, Policy Advisor
  Alexander H. Teel Professional 
               Staff
Kim Trimble, Systems Administrator
 Anne Marie Turner, Senior Counsel
Anthony D. Walden, Staff Assistant
 Anna Bartlett Wright, Operations 
              Manager
                             Minority Staff


       Jeanne M. Roslanowick
 Staff Director and Chief Counsel
        Michael T. Beresik
       Deputy Staff Director

   Meredith C. Connelly, Senior 
     Professional Staff Member
  Kristofor S. Erickson, Senior 
     Professional Staff Member
  Alfred J. Forman, Jr., Systems 
           Administrator
Bruno Freitas, Professional Staff 
              Member
  Maria E. Giesta, Professional 
           Staff Member
  Harry D. Gural, Communications 
             Director
   Erika Jeffers, Senior Counsel
Kellie Larkin, General Counsel and 
       Legislative Director
   Gail W. Laster, Deputy Chief 
              Counsel
     Patricia A. Lord, Senior 
     Professional Staff Member
   Marcos F. Manosalvas, Staff 
             Associate
 Kathryn J. Marks, Senior Counsel
Dominique M. McCoy, Senior Counsel
   Daniel P. McGlinchey, Senior 
     Professional Staff Member
      Eric S. Orner, Deputy 
      Communications Director
  Kirk Schwarzbach, Professional 
           Staff Member
  David A. Smith, Chief Economist
  Lawranne Stewart, Deputy Chief 
              Counsel
   Adrianne G. Threatt, Senior 
              Counsel
                  LEGISLATIVE AND OVERSIGHT ACTIVITIES

    From January 1, 2011 through December 31, 2012 of the First 
and Second Sessions of the 112th Congress, 480 bills were 
referred to the Committee on Financial Services. The Committee 
reported to the House or was discharged from further 
consideration of 41 measures. During this period, the Committee 
considered one conference report. Twenty measures regarding 
matters within the Committee's jurisdiction were enacted into 
law.
    The following is a summary of the legislative and oversight 
activities of the Committee on Financial Services from January 
1, 2011 to December 31, 2012 of the 112th Congress, including a 
summary of the activities taken by the Committee during this 
period to implement its Oversight Plan for the 112th Congress.

                    COMMITTEE ON FINANCIAL SERVICES


          (Ratio: 34-27)

 SPENCER BACHUS, Alabama, Chairman

BARNEY FRANK, Massachusetts, Ranking MemberNSARLING, Texas, Vice 
MAXINE WATERS, California            Chairman
CAROLYN B. MALONEY, New York         PETER T. KING, New York
LUIS V. GUTIERREZ, Illinois          EDWARD R. ROYCE, California
NYDIA M. VELAZQUEZ, New York         FRANK D. LUCAS, Oklahoma
MELVIN L. WATT, North Carolina       RON PAUL, Texas
GARY L. ACKERMAN, New York           DONALD A. MANZULLO, Illinois
BRAD SHERMAN, California             WALTER B. JONES, North Carolina
GREGORY W. MEEKS, New York           JUDY BIGGERT, Illinois
MICHAEL E. CAPUANO, Massachusetts    GARY G. MILLER, California
RUBEN HINOJOSA, Texas                SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
CAROLYN McCARTHY, New York           SCOTT GARRETT, New Jersey
JOE BACA, California                 RANDY NEUGEBAUER, Texas
STEPHEN F. LYNCH, Massachusetts      PATRICK T. McHENRY, North Carolina
BRAD MILLER, North Carolina          JOHN CAMPBELL, California
DAVID SCOTT, Georgia                 MICHELE BACHMANN, Minnesota
AL GREEN, Texas                      KEVIN McCARTHY, California
EMANUEL CLEAVER, Missouri            STEVAN PEARCE, New Mexico
GWEN MOORE, Wisconsin                BILL POSEY, Florida
KEITH ELLISON, Minnesota             MICHAEL G. FITZPATRICK, 
ED PERLMUTTER, Colorado              Pennsylvania
JOE DONNELLY, Indiana                LYNN A. WESTMORELAND, Georgia
ANDRE CARSON, Indiana                BLAINE LUETKEMEYER, Missouri
JAMES A. HIMES, Connecticut          BILL HUIZENGA, Michigan
GARY C. PETERS, Michigan             SEAN P. DUFFY, Wisconsin
JOHN C. CARNEY, Jr., Delaware        NAN A. S. HAYWORTH, New York
                                     JAMES B. RENACCI, Ohio
                                     ROBERT HURT, Virginia
                                     ROBERT J. DOLD, Illinois
                                     DAVID SCHWEIKERT, Arizona
                                     MICHAEL G. GRIMM, New York
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     STEVE STIVERS, Ohio
                                     STEPHEN LEE FINCHER, Tennessee\1\
                                     FRANK C. GUINTA, New Hampshire\2\
<GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>

                    COMMITTEE ON FINANCIAL SERVICES


                 Full Committee Legislative Activities


                CHURCH PLAN INVESTMENT CLARIFICATION ACT

                               (H.R. 33)


Summary

    H.R. 33, the Church Plan Investment Clarification Act, 
would make a technical correction to Public Law 108-359, which 
prevents church pension plans from investing in collective 
trusts. The bill would allow church pension plans to invest in 
collective trusts by broadening an exemption in the current 
law. In 2003, Congress attempted to achieve this result, but 
omitted a necessary exemption from the Securities Act of 1933 
to provide parallel treatment for church plans with exemptions 
in the Investment Company Act of 1940 and the Securities 
Exchange Act of 1934. Without this correction, collective 
trusts will not accept investments from church pension plans.

Legislative History

    H.R. 33 was introduced by Subcommittee on Insurance, 
Housing and Community Opportunity Chairman Judy Biggert on 
January 5, 2011 and referred to the Committee on Financial 
Services. The bill has no cosponsors.
    On March 10, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The Subcommittee received testimony from the 
following witnesses: Mr. Robert Cook, Director, Division of 
Trading and Markets, Securities and Exchange Commission (SEC); 
Ms. Meredith Cross, Director, Division of Corporation Finance, 
SEC; Mr. Robert Khuzami, Director, Division of Enforcement, 
SEC; Ms. Eileen Rominger, Director, Division of Investment 
Management, SEC; and Mr. Carlo di Florio, Director, Office of 
Compliance Inspections and Examinations, SEC. During the 
hearing, Chairman Biggert asked Ms. Meredith Cross to comment 
on the need for legislation to modify the treatment of church 
pension plan investments in collective trusts.
    On May 3, 2011 and May 4, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the bill, as amended, favorably reported to 
the Committee by a voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on July 1, 2011 
(H. Rept. 112-131).
    On July 18, 2011, the House agreed to a motion to suspend 
the rules and pass H.R. 33, as amended, by a record vote of 310 
yeas and 1 nay.
    On June 21, 2012, the Senate passed H.R. 33 without 
amendment by Unanimous Consent.
    On July 9, 2012, H.R. 33 was signed by the President and 
became Public Law No. 112-142.

                 FHA REFINANCE PROGRAM TERMINATION ACT

                               (H.R. 830)


Summary

    H.R. 830, the FHA Refinance Program Termination Act, would 
rescind all unobligated balances made available for the program 
by Title I of the Emergency Economic Stabilization Act (12 
U.S.C. 5230) that have been allocated for use under the FHA 
Refinance Program (pursuant to Mortgagee Letter 2010-23 of the 
Secretary of the Department of Housing and Urban Development 
(HUD)). The bill would also terminate the program and void the 
Mortgagee Letter pursuant to which it was implemented, with 
concessions made for current participants in the program.

Legislative History

    On February 28, 2011, H.R. 830 was introduced by 
Representative Robert Dold and was referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, Special Inspector General for the 
Troubled Asset Relief Program (SIGTARP); The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the Federal Housing Administration (FHA); The Honorable 
Mercedes Marquez, Assistant Secretary, Community Planning and 
Development, HUD; Mr. Matthew J. Scire, Director, Financial 
Markets and Community Investment, U.S. Government 
Accountability Office (GAO); and Ms. Katie Jones, Analyst in 
Housing Policy, Congressional Research Service, Library of 
Congress.
    On March 3, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 33 yeas and 22 nays. The Committee Report was filed on 
March 7, 2011 (H. Rept. 112-25).
    On March 9, 2011, the House adopted H. Res. 150, providing 
for the consideration of H.R. 830 under a structured rule, by a 
record vote of 240 yeas and 180 nays. On March 10, 2011, the 
House considered H.R. 830 and passed the bill, with amendments, 
by a record vote of 256 yeas and 171 nays.

           EMERGENCY MORTGAGE RELIEF PROGRAM TERMINATION ACT

                               (H.R. 836)


Summary

    H.R. 836, the Emergency Mortgage Relief Program Termination 
Act, would rescind all unobligated balances made available for 
the Emergency Mortgage Relief Program under section 1496(a) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(P.L. 111-203) (the Dodd-Frank Act), which was signed into law 
on July 21, 2010, and terminate the program. The bill also 
calls for a study by the HUD to identify best practices for how 
existing mortgage assistance programs can be applied to 
veterans, active duty military personnel, and their relatives.

Legislative History

    On February 28, 2011, H.R. 836 was introduced by 
Representative Jeb Hensarling and was referred to the Committee 
on Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, SIGTARP; The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the FHA; The Honorable Mercedes Marquez, Assistant Secretary, 
Community Planning and Development, HUD; Mr. Matthew J. Scire, 
Director, Financial Markets and Community Investment, GAO; and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 3, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 33 yeas and 22 nays. The Committee Report was filed on 
March 7, 2011 (H. Rept. 112-26).
    On March 9, 2011, the House adopted H. Res. 151, providing 
for the consideration of H.R. 836 under a structured rule, by 
voice vote. On March 11, 2011, the House considered H.R. 836 
and passed the bill, with amendments, by a record vote of 242 
yeas and 177 nays.

                    THE HAMP TERMINATION ACT OF 2011

                               (H.R. 839)


Summary

    H.R. 839, the HAMP Termination Act, would terminate the 
authority of the Treasury Department to provide any new 
assistance to homeowners under the Home Affordable Modification 
Program (HAMP) authorized under Title I of the Emergency 
Economic Stabilization Act (12 U.S.C. 5230), while preserving 
any assistance already provided to HAMP participants on a 
permanent or trial basis. The bill also provides for a study by 
the Treasury Department to identify best practices for how 
existing mortgage assistance programs can be applied to 
veterans, active duty military personnel, and their relatives.

Legislative History

    On February 28, 2011, H.R. 839 was introduced by 
Representative Patrick McHenry and was referred to the 
Committee on Financial Services. The bill has eight cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
830 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, SIGTARP; The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the FHA; The Honorable Mercedes Marquez, Assistant Secretary, 
Community Planning and Development, HUD; Mr. Matthew J. Scire, 
Director, Financial Markets and Community Investment, GAO; and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 9, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 32 yeas and 23 nays. The Committee Report (Part 1) was 
filed on March 11, 2011 (H. Rept. 112-31) and Part 2 of the 
Committee Report was filed on March 14, 2011 (H. Rept. 112-31 
Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 839 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 29, 2011, the 
House considered H.R. 839 and passed the bill, with amendments, 
by a record vote of 252 yeas and 170 nays, with 1 member voting 
present.

                          NSP TERMINATION ACT

                               (H.R. 861)


Summary

    H.R. 861, the NSP Termination Act, would rescind all 
unobligated balances made available for the Neighborhood 
Stabilization Program (NSP) authorized by the Dodd-Frank Act 
and terminate the program.

Legislative History

    On March 1, 2011, H.R. 861 was introduced by Representative 
Gary Miller and was referred to the Committee on Financial 
Services. The bill has four cosponsors.
    On March 2, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing on H.R. 
861 and received testimony from the following witnesses: The 
Honorable Neil M. Barofsky, SIGTARP; The Honorable David 
Stevens, Assistant Secretary for Housing and Commissioner of 
the FHA; The Honorable Mercedes Marquez, Assistant Secretary, 
Community Planning and Development, HUD; Mr. Matthew J. Scire, 
Director, Financial Markets and Community Investment, GAO; and 
Ms. Katie Jones, Analyst in Housing Policy, Congressional 
Research Service, Library of Congress.
    On March 3, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 31 yeas and 24 nays. The Committee Report (Part 1) was 
filed on March 11, 2011 (H. Rept. 112-32), and Part 2 of the 
Committee Report was filed on March 14, 2011 (H. Rept. 112-32 
Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 861 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 16, 2011, the 
House considered H.R. 861 and passed the bill, with amendments, 
by a record vote of 242 yeas and 182 nays.

UNITED STATES MARSHALS SERVICE 225TH ANNIVERSARY COMMEMORATIVE COIN ACT

                               (H.R. 886)


Summary

    H.R. 886, the United States Marshals Service 225th 
Anniversary Commemorative Coin Act, would direct the Treasury 
Secretary in 2015 to mint and make available for sale no more 
than 100,000 $5 gold coins, 500,000 $1 silver coins, and 
750,000 half-dollar ``clad'' coins in commemoration of the 
225th anniversary of the establishment of the United States 
Marshals Service. Surcharges on coin sales would be paid to the 
National Center for Missing and Exploited Children, the Federal 
Law Enforcement Officers Association Foundation, and the 
National Law Enforcement Officers Memorial Fund after it raises 
funds from non-government sources equal to or greater than the 
surcharges collected. The obverse design of the coin would bear 
an image of the United States Marshals Service Star. The 
reverse would bear a design emblematic of the sacrifice and 
service of the men and women of the United States Marshals 
Service who lost their lives in the line of duty and would 
include the Marshals Service motto ``Justice, Integrity, 
Service.''

Legislative History

    On March 2, 2011, H.R. 886 was introduced by Representative 
Steve Womack and referred to the Committee on Financial 
Services. The bill had 301 cosponsors.
    On December 15, 2011, the House agreed to a motion to 
suspend the rules and pass H.R. 886 by a record vote of 412 
yeas, 1 nay and 1 present.
    On March 15, 2012 the Senate considered H.R. 886 and passed 
the bill, with an amendment, by Unanimous Consent.
    On March 21, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 886 with the Senate amendment by a 
record vote of 409 yeas, 2 nays and 2 present.
    On April 2, 2012, H.R. 886 was signed by the President and 
became Public Law No. 112-104.

                UNITED STATES COVERED BONDS ACT OF 2011

                               (H.R. 940)


Summary

    H.R. 940, the United States Covered Bonds Act of 2011, 
would establish the statutory framework necessary to start a 
covered bonds market in the United States. The bill would 
provide legal certainty for covered bonds in three ways: 
specifying the categories of eligible issuers and eligible 
cover-pool assets; mandating an asset coverage test for cover 
pools and audits by an independent asset monitor; and 
clarifying applicable securities and tax matters. H.R. 940 
would create a separate resolution process for covered bond 
programs. The bill would require the Secretary of the Treasury, 
in consultation with applicable prudential regulators, to serve 
as the primary regulator of the covered bonds market.

Legislative History

    On March 8, 2011, H.R. 940 was introduced by Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Chairman Scott Garrett and referred to the Committee on 
Financial Services and the Committee on Ways and Means. The 
bill has one cosponsor.
    On March 11, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on H.R. 940 
entitled ``Legislative Proposals to Create a Covered Bond 
Market in the United States.'' The Subcommittee received 
testimony from the following witnesses: Mr. Scott Stengel, 
Partner, King & Spalding LLP, on behalf of the U.S. Covered 
Bond Council; Mr. Bert Ely, Ely & Company, Inc.; Mr. Tim Skeet, 
Amias Berman & Co., on behalf of the International Capital 
Market Association; Mr. Ralph Daloisio, Managing Director, 
Natixis, on behalf of the American Securitization Forum; and 
Mr. Stephen G. Andrews, President and Chief Executive Officer, 
Bank of Alameda.
    On May 3, 2011 and May 4, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the bill, as amended, favorably reported to 
the Committee by voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered H.R. 940, as amended, favorably reported to the House 
by a record vote of 44 yeas, 7 nays and 3 present. The 
Committee Report was filed on March 5, 2012 (H. Rept. 112-407, 
Part 1).

                 BURDENSOME DATA COLLECTION RELIEF ACT

                              (H.R. 1062)


Summary

    H.R. 1062, the Burdensome Data Collection Relief Act, 
repeals Section 953(b) of the Dodd-Frank Act, which requires 
all publicly traded companies to calculate and disclose for 
each filing with the SEC the median annual total compensation 
of all employees of the company excluding the Chief Executive 
Officer (CEO), disclose the annual total compensation of the 
CEO, and calculate and disclose a ratio comparing those two 
numbers.

Legislative History

    H.R. 1062 was introduced by Representative Nan Hayworth on 
March 14, 2011 and referred to the Committee on Financial 
Services. The bill has seven cosponsors.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on a draft 
version of H.R. 1062 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the bill favorably reported to the 
Committee by a record vote of 20 yeas and 12 nays.
    On June 22, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 33 yeas and 21 nays. The Committee Report was filed on 
July 12, 2011 (H. Rept. 112-142).

              SMALL COMPANY CAPITAL FORMATION ACT OF 2011

                              (H.R. 1070)


Summary

    H.R. 1070, the Small Company Capital Formation Act, raises 
the offering threshold for companies exempted from registration 
with the SEC under Regulation A from $5 million--the threshold 
set in the early 1990s--to $50 million. Raising the offering 
threshold helps small companies gain access to capital markets 
without the costs and delays associated with the full-scale 
securities registration process. H.R. 1070 provides the SEC 
with the authority to increase the threshold and requires the 
SEC to re-examine the threshold every two years and report to 
Congress on its decisions regarding adjustment of the 
threshold.

Legislative History

    H.R. 1070 was introduced by Representative David Schweikert 
on March 14, 2011 and referred to the Committee on Financial 
Services. The bill has seventeen cosponsors.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on a draft 
version of H.R. 1070 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the bill, as amended, favorably reported to 
the Committee by voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on September 14, 
2011 (H. Rept. 112-206).
    On November 2, 2011, the House agreed to a motion to 
suspend the rules and pass H.R. 1070, as amended, by a record 
vote of 421 yeas and 1 nay.
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House considered the Senate 
amendment to H.R. 3606 under suspension of the rules, and 
agreed to the amendment by a record vote of 380 yeas and 41 
nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

         SMALL BUSINESS CAPITAL ACCESS AND JOB PRESERVATION ACT

                              (H.R. 1082)


Summary

    H.R. 1082, the Small Business Capital Access and Job 
Preservation Act, exempts advisers to private equity funds that 
have not borrowed and do not have outstanding a principal 
amount in excess of twice their funded capital commitments from 
SEC registration requirements as mandated by Title IV of the 
Dodd-Frank Act.

Legislative History

    H.R. 1082 was introduced by Representative Robert Hurt on 
March 15, 2011 and was referred to the Committee on Financial 
Services. The bill has nine cosponsors.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on H.R. 1082 
entitled ``Legislative Proposals to Promote Job Creation, 
Capital Formation, and Market Certainty.'' The Subcommittee 
received testimony from the following witnesses: Mr. Kenneth A. 
Bertsch, President and CEO, Society of Corporate Secretaries & 
Governance Professionals; Mr. Tom Deutsch, Executive Director, 
American Securitization Forum; Ms. Pam Hendrickson, Chief 
Operating Officer, The Riverside Company; Mr. David Weild, 
Senior Advisor, Grant Thornton, LLP; Mr. Luke Zubrod, Director, 
Chatham Financial on behalf of the Coalition for Derivatives 
End-Users; and Mr. Damon Silvers, Policy Director and Special 
Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the bill favorably reported to the 
Committee by a record vote of 19 yeas and 13 nays.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on July 12, 2011 
(H. Rept. 112-143).

   RESPONSIBLE CONSUMER FINANCIAL PROTECTION REGULATIONS ACT OF 2011

                              (H.R. 1121)


Summary

    H.R. 1121, the Responsible Consumer Financial Protection 
Regulations Act of 2011, would amend Section 1011 of the Dodd-
Frank Act, by replacing the Director of the Consumer Financial 
Protection Bureau (CFPB) with a five-person Commission. The 
CFPB Commission would be empowered to prescribe regulations and 
issue orders to implement laws within the CFPB's jurisdiction. 
One of the five seats on the CFPB Commission would be filled by 
the Vice Chairman for Supervision of the Federal Reserve 
System. Each of the four remaining members of the Commission 
would be appointed by the President; no more than two of those 
four Commissioners may be from the same political party. 
Although the Chair of the Commission would fulfill the 
executive and administrative functions of the CFPB, the Chair's 
discretion would be bounded by policies set by the whole 
Commission.

Legislative History

    On March 16, 2011, H.R. 1121 was introduced by Chairman 
Spencer Bachus and referred to the Committee on Financial 
Services. The bill has 35 cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1121 entitled ``Oversight of the Consumer Financial 
Protection Bureau.'' Ms. Elizabeth Warren, Special Advisor to 
the Secretary of the Treasury for the CFPB, Department of the 
Treasury, testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1121 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' The 
Subcommittee received testimony from the following witnesses: 
Ms. Leslie R. Andersen, President and Chief Executive Officer, 
Bank of Bennington on behalf of the American Bankers 
Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and ordered the bill 
favorably reported to the Committee by a record vote of 13 yeas 
and 7 nays.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 33 yeas and 24 nays. The Committee Report 
(Part 1) was filed on June 16, 2011 (H. Rept. 112-107), and 
Part 2 of the Committee Report was filed on July 19, 2011 (H. 
Rept. 112-107, Part 2).
    On July 21, 2011, the House considered the Committee Print 
of H.R. 1315, which included the text of H.R. 1121 and H.R. 
1667, and passed the bill, with amendments, by a record vote of 
241 yeas and 173 nays.

              STOP TRADING ON CONGRESSIONAL KNOWLEDGE ACT

                              (H.R. 1148)


Summary

    H.R. 1148, the Stop Trading on Congressional Knowledge Act, 
would amend the Securities Exchange Act of 1934 and the 
Commodity Exchange Act to direct both the SEC and the Commodity 
Futures Trading Commission (CFTC) to prohibit purchase or sale 
of either securities, security-based swaps, swap, or 
commodities for future delivery by a person in possession of 
material nonpublic information regarding pending or prospective 
legislative action if the information was obtained: (1) 
knowingly from a Member or employee of Congress, (2) by reason 
of being a Member or employee of Congress, or (3) from other 
federal employees and derived from their federal employment. 
The bill would also amend the Code of Official Conduct of the 
Rules of the House of Representatives to prohibit any Member, 
officer, or employee of the House from disclosing material 
nonpublic information relating to any pending or prospective 
legislative action relating to any publicly-traded company or 
to any commodity if such person has reason to believe that the 
information will be used to buy or sell the securities of that 
publicly traded company or that commodity for future delivery 
based on such information. H.R. 1148 would also require the 
House Committee on Agriculture and the Committee on Financial 
Services to hold hearings on the implementation by the CFTC and 
the SEC of such financial transaction prohibitions. The bill 
would also amend the Ethics in Government Act of 1978 to 
require formal disclosure of certain securities and commodities 
futures transactions to either the Clerk of the House of 
Representatives or the Secretary of the Senate. The bill would 
also amend the Lobbying Disclosure Act of 1995 to subject to 
its registration, reporting, and disclosure requirements, as 
well as requirements for identification of clients and covered 
legislative and executive officials, all political intelligence 
activities, contacts, firms, and consultants. H.R. 1148 would 
also require the Comptroller General to include political 
intelligence activities, contacts, firms, and consultants in 
its annual compliance audits and reports.

Legislative History

    On March 17, 2011, H.R. 1148 was introduced by 
Representative Timothy Walz and referred to the Committee on 
Financial Services. The bill has 286 cosponsors.
    On December 6, 2011, the Committee held a legislative 
hearing on H.R. 1148 entitled ``H.R. 1148, the Stop Trading on 
Congressional Knowledge Act.'' The Committee received testimony 
from the following witnesses: Representative Walter Jones (R-
NC); Representative Louise Slaughter (D-NY); Representative Tim 
Walz (D-MN); Mr. Robert Khuzami, Director, Division of 
Enforcement, SEC; Mr. Jack Maskell, Legislative Attorney, 
Congressional Research Service; Professor Donna Nagy, Indiana 
University Maurer School of Law; and Mr. Robert Walker, Of 
Counsel, Wiley Rein LLP.
    On February 9, 2012, the House agreed to a motion to 
suspend the rules and pass S. 2038, STOCK Act, as amended, by a 
record vote of 417 yeas to 2 nays.
    On April 4, 2012, S. 2038 was signed by the President and 
became Public Law 112-105.

             EQUITY IN GOVERNMENT COMPENSATION ACT OF 2011

                              (H.R. 1221)


Summary

    H.R. 1221, the Equity in Government Compensation Act of 
2011, would suspend the current compensation packages for all 
of Fannie Mae and Freddie Mac's senior executives and establish 
a compensation system for the Government Sponsored Enterprises' 
(GSEs') executive officers consistent with the compensation and 
benefits provided under the Financial Institution Reform, 
Recovery, and Enforcement Act of 1989 (FIRREA). The bill 
requires the GSEs' regulator--the Federal Housing Finance 
Agency (FHFA)--to adjust the salaries of Fannie Mae's and 
Freddie Mac's nonsupervisory employees to conform to the 
General Schedule, a statutory pay system that pays employees 
based on surveys of non-federal pay for similar work. H.R. 1221 
expresses the sense of the Congress that the 2010 and 2011 pay 
packages for Fannie Mae's and Freddie Mac's senior executives 
were excessive and that the money should be returned to the 
Treasury to reduce the national debt.

Legislative History

    On March 29, 2011, H.R. 1221 was introduced by Chairman 
Spencer Bachus and referred to the Committee on Financial 
Services and the Committee on Oversight and Government Reform. 
The bill has 19 cosponsors.
    On March 31, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on H.R. 1221 
entitled ``Legislative Hearing on Immediate Steps to Protect 
Taxpayers from the Ongoing Bailout of Fannie Mae and Freddie 
Mac.'' The Subcommittee received testimony from the following 
witnesses: Mr. Edward DeMarco, Acting Director of the FHFA, The 
Honorable John H. Dalton, President of the Housing Policy 
Council, Financial Services Roundtable; Mr. Christopher 
Papagianis, Managing Director, Economics21; Mr. Edward Pinto, 
Resident Fellow, American Enterprise Institute; Mr. Bob 
Nielsen, Chairman of the Board, National Association of Home 
Builders; and Mr. Ron Phipps, President, National Association 
of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee on 
Capital Markets and Government Sponsored Enterprises met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a record vote of 27 yeas and 6 
nays.
    On November 15, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 52 yeas and 4 nays. The Committee Report 
was filed on January 17, 2012 (H. Rept. 112-366, Part 1).

                   FLOOD INSURANCE REFORM ACT OF 2011

                              (H.R. 1309)


Summary

    H.R. 1309, the Flood Insurance Reform Act of 2011, would 
reauthorize the National Flood Insurance Program (NFIP) through 
September 30, 2016, and amend the National Flood Insurance Act 
to ensure the immediate and near-term fiscal and administrative 
health of the NFIP. The bill would also ensure the NFIP's 
continued viability by encouraging broader participation in the 
program, increasing financial accountability, eliminating 
unnecessary rate subsidies, and updating the program to meet 
the needs of the 21st century. The key provisions of H.R. 1309 
include: (1) a five-year reauthorization of the NFIP; (2) a 
three-year delay in the mandatory purchase requirement for 
certain properties in newly designated Special Flood Hazard 
Areas (SFHAs); (3) a phase-in of full-risk, actuarial rates for 
areas newly designated as Special Flood Hazard; (4) a 
reinstatement of the Technical Mapping Advisory Council; and 
(5) an emphasis on greater private sector participation in 
providing flood insurance coverage.

Legislative History

    On April 1, 2011, H.R. 1309 was introduced by Subcommittee 
on Insurance, Housing and Community Opportunity Chairman Judy 
Biggert and referred to the Committee on Financial Services. 
The bill has nineteen cosponsors.
    On March 11, 2011 and April 1, 2011, the Subcommittee on 
Insurance, Housing and Community Opportunity held legislative 
hearings entitled ``Legislative Proposals to Reform the 
National Flood Insurance Program,'' on a discussion draft of 
H.R. 1309. On March 11, 2011, the Subcommittee received written 
testimony from Craig Fugate, Administrator, Federal Emergency 
Management Agency (FEMA) and the following witnesses testified: 
Orice Williams Brown, Managing Director, GAO; Sally McConkey, 
Vice Chair, Association of State Flood Plain Managers and 
Manager, Coordinated Hazard Assessment and Mapping Program, 
Illinois State Water Survey; Sandra G. Parrillo, Chair, 
National Association of Mutual Insurance Companies and 
President and CEO of Providence Mutual; Spencer Houldin, Chair, 
Government Affairs Committee, Independent Insurance Agents and 
Brokers of America and President, Ericson Insurance Services; 
Steve Ellis, Vice President, Taxpayers for Common Sense, on 
behalf of the SmarterSafer Coalition; Donna Jallick, Vice 
President, Harleysville Insurance; Barry Rutenberg, First Vice 
Chairman, National Association of Home Builders; Frank Nutter, 
President, Reinsurance Association of America; Terry Sullivan, 
Sullivan Realty, Inc., on behalf of The National Association of 
Realtors; and Maurice Veissi, President-Elect, National 
Association of Realtors, and Principal, Veissi & Associates. On 
April, 1, 2011, The Honorable Craig Fugate, Administrator, 
FEMA, was the only witness.
    On April 6, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity met in open session and ordered the 
bill, as amended, favorably reported to the Committee by voice 
vote.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a recorded vote of 54 yeas and 0 nays.
    On July 12, 2011, the House considered H.R. 1309 and passed 
the bill, with amendments, by a record vote of 406 yeas and 22 
nays.

 CONSUMER FINANCIAL PROTECTION SAFETY AND SOUNDNESS IMPROVEMENT ACT OF 
                                  2011

                              (H.R. 1315)


Summary

    H.R. 1315, the Consumer Financial Protection Safety and 
Soundness Improvement Act of 2011, would amend Section 1023 of 
the Dodd-Frank Act to streamline the Financial Stability 
Oversight Council's (FSOC's) review and oversight of CFPB rules 
and regulations that may undermine the safety and soundness of 
U.S. financial institutions. The bill would make three major 
changes: (1) it would lower the threshold required to set aside 
regulations from a two-thirds vote of the FSOC's voting 
membership to a simple majority, excluding the CFPB Director; 
(2) it would clarify that the FSOC must set aside any CFPB 
regulation that is inconsistent with the safe and sound 
operations of U.S. financial institutions; and (3) it would 
eliminate the 45-day time limit for the FSOC to review and vote 
on regulations.

Legislative History

    On April 1, 2011, H.R. 1315 was introduced by 
Representative Sean Duffy and was referred to the Committee on 
Financial Services. The bill has 4 cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
a draft of H.R. 1315 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the CFPB, 
Department of the Treasury, testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1315 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' The 
Subcommittee received testimony from the following witnesses: 
Ms. Leslie R. Andersen, President and Chief Executive Officer, 
Bank of Bennington on behalf of the American Bankers 
Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and ordered the bill, 
as amended, favorably reported to the Committee by a record 
vote of 13 yeas and 9 nays.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 35 yeas and 22 nays. The Committee Report 
(Part 1) was filed on May 25, 2011 (H. Rept. 112-89), and Part 
2 of the Committee Report was filed on July 19, 2011 (H. Rept. 
112-89, Part 2).
    On July 21, 2011, the House considered H.R. 1315 and passed 
the bill, with amendments, by a record vote of 241 yeas and 173 
nays.

             ASSET-BACKED MARKET STABILIZATION ACT OF 2011

                              (H.R. 1539)


Summary

    H.R. 1539, the Asset-Backed Market Stabilization Act of 
2011, would repeal Section 939G of the Dodd-Frank Act, thereby 
reinstating SEC Rule 436(g). Under the Securities Act, the 
written consent of an ``expert''--which includes any person who 
prepared or certified a portion of a statement or prospectus 
filed with the SEC--must be included in the filing, and the 
consenting expert is subject to liability for misstatements in 
the prepared or certified portion of the registration statement 
or prospectus. Rule 436(g) exempted ``nationally recognized 
statistical rating organizations'' (NRSROs) from being 
considered ``experts'' if their ratings were included in a 
registration statement or prospectus. Rule 436(g)'s repeal in 
the Dodd-Frank Act prompted NRSROs to refuse to consent to the 
inclusion of their ratings in statements and prospectuses, 
causing dislocation in the asset-backed securities market.

Legislative History

    H.R. 1539 was introduced by Representative Steve Stivers on 
April 14, 2011 and was referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing on 
a draft version of H.R. 1539 entitled ``Legislative Proposals 
to Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the bill favorably reported to the 
Committee by a record vote of 18 yeas and 14 nays.
    On July 20, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by 31 yeas and 
19 nays. The Committee Report was filed on August 12, 2011 (H. 
Rept. 112-196).

TO FACILITATE IMPLEMENTATION OF TITLE VII OF THE DODD-FRANK WALL STREET 
 REFORM AND CONSUMER PROTECTION ACT, PROMOTE REGULATORY COORDINATION, 
                      AND AVOID MARKET DISRUPTION

                              (H.R. 1573)


Summary

    H.R. 1573, a bill to facilitate implementation of Title VII 
of the Dodd-Frank Act, promote regulatory coordination, and 
avoid market disruption, would extend the statutory deadline 
for certain provisions of Title VII of the Dodd-Frank Act from 
July 2011 to September 30, 2012. The legislation provides 
additional time for the CFTC and the SEC to write and vet the 
rules to implement the derivatives title, conduct cost-benefit 
analysis, consider the interdependence and cumulative impact of 
the rules, and determine the appropriate sequencing of 
effective dates. The legislation realigns the United States 
with the G20 agreement to move to reporting and central 
clearing by December 2012, reducing the likelihood of 
divergence in international regulatory regimes and mitigating 
negative consequences to the competitive position of U.S. 
markets and market participants. H.R. 1573 maintains the 
current timeframe for the SEC and CFTC to issue final rules 
defining key terms such as swap, swap dealer, security-based 
swap dealer, major swap participant, major security-based swap 
participant and eligible contract participant, and for 
requiring record retention and regulatory reporting for swaps. 
The bill provides for interim authority to designate swap data 
repositories for the purposes of receiving the data. H.R. 1573 
requires the SEC and CFTC to hold public hearings to take 
testimony and comment on proposed rules before they are made 
final, and factor those comments into cost-benefit analysis and 
the timing of effective dates. Finally, H.R. 1573 provides the 
SEC and CFTC authority to exempt certain persons from 
registration and/or other regulatory requirements if they are 
subject to comparable supervision by another regulatory 
authority, if there are information-sharing arrangements in 
effect between the Commissions and that regulatory authority, 
and if it is in the public interest.

Legislative History

    On April 15, 2011, H.R. 1573 was introduced by 
Representatives Lucas, Bachus, Conaway and Garrett, and was 
referred to the House Financial Services and House Agriculture 
Committees. The bill has twenty-two cosponsors.
    On February 15, 2011, the Committee held an oversight 
hearing on the implementation of Title VII of the Dodd-Frank 
Act entitled, ``Assessing the Regulatory, Economic and Market 
Implications of the Dodd-Frank Derivatives Title.'' Witnesses 
included: The Honorable Mary Schapiro, Chairman, SEC; The 
Honorable Gary Gensler, Chairman, CFTC; The Honorable Daniel K. 
Tarullo, Member, Federal Reserve Board of Governors; Mr. Craig 
Reiners, Director of Commodity Risk Management, MillerCoors, on 
behalf of the Coalition for Derivatives End-Users; Mr. Donald 
F. Donahue, Chairman & Chief Executive Officer, The Depository 
Trust & Clearing Corporation (DTCC); Mr. Terry Duffy, Executive 
Chairman, CME Group; Mr. Don Thompson, Managing Director and 
Associate General Counsel, JPMorgan Chase, on behalf of the 
Securities Industry and Financial Markets Association (SIFMA); 
Mr. Jamie Cawley, Chief Executive Officer, Javelin, on behalf 
of the Swaps and Derivatives Market Association (SDMA); and Mr. 
Christopher Giancarlo, Executive Vice President, Corporate 
Development, GFI Group Inc.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing on 
related derivatives legislation where Mr. Luke Zubrod, 
Director, Chatham Financial, testified on behalf of the 
Coalition for Derivatives End-Users on the need to extend title 
VII's statutory deadlines for rulemaking to allow regulators 
sufficient time to incorporate recommendations, craft 
thoughtful rules, and conduct adequate cost-benefit analyses.
    On May 24, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 30 yeas and 24 nays.

                 CONSUMER RENTAL PURCHASE AGREEMENT ACT

                              (H.R. 1588)


Summary

    H.R. 1588, the Consumer Rental Purchase Agreement Act, 
would define rental purchase transactions, create uniform 
national disclosure standards for rent-to-own businesses, and 
prohibit certain practices. The bill would define a number of 
terms pertaining to rental purchase transactions, including a 
``rental-purchase agreement,'' which excludes credit sales and 
consumer leases (as defined by the Truth in Lending Act). H.R. 
1588 would also (1) require rent-to-own merchants to include 
certain disclosures about the transaction in their rental-
purchase agreements; (2) specify the rights of consumers to 
acquire ownership of the property and request a statement of 
their account; (3) specify provisions that are prohibited from 
appearing in rental-purchase agreements; (4) include standards 
governing renegotiations and extensions of rental-purchase 
agreements; (5) mandate disclosures for both point-of-rental 
and advertising; (6) permit consumers to take civil action 
against any merchant that fails to comply with the requirements 
in the bill; (7) require the Federal Reserve Board to prescribe 
mandated regulations; (8) establish that the bill's 
requirements would be enforced by the Federal Trade Commission 
and that enforcement actions could also be brought by any state 
attorney general; and (9) establish criminal liability for 
those merchants that willfully and knowingly give false or 
inaccurate information or fail to make any required disclosures 
under the bill. The consumer protections contained in H.R. 1588 
would generally exceed those contained in existing state laws, 
but H.R. 1588 would not preempt stronger state laws. The bill 
would, however, preclude states from treating rental-purchase 
transactions as credit sales and from requiring the disclosure 
of an annual percentage rate.

Legislative History

    On April 15, 2011, H.R. 1588 was introduced by 
Representative Francisco ``Quico'' Canseco and was referred to 
the Committee on Financial Services. The bill has 112 
cosponsors.
    On July 26, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1588 entitled ``Examining Rental Purchase Agreements and 
the Potential Role for Federal Regulation.'' The Subcommittee 
received testimony from the following witnesses: Charles 
Harwood, Deputy Director, Bureau of Consumer Protection, 
Federal Trade Commission; Jim Hawkins, Assistant Professor of 
Law, University of Houston Law Center; Roy Soto, Owner, Premier 
Rental Purchase; Vivian Saunders, rent-to-own customer from 
Lewiston Woodville, NC; and Margot Freeman Saunders, Of 
Counsel, National Consumer Law Center.
    On November 17, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by a voice vote.
    On May 31, 2012, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a vote of 33 yeas and 21 nays.

   BUREAU OF CONSUMER FINANCIAL PROTECTION TRANSFER CLARIFICATION ACT

                              (H.R. 1667)


Summary

    H.R. 1667, the Bureau of Consumer Financial Protection 
Transfer Clarification Act, would amend Section 1062 of the 
Dodd-Frank Act. The Dodd-Frank Act shifts consumer protection 
functions to the CFPB from the Federal Reserve, the Federal 
Deposit Insurance Corporation (FDIC), the National Credit Union 
Administration (NCUA), the Office of the Comptroller of the 
Currency (OCC), the Office of Thrift Supervision (OTS) and the 
HUD. H.R. 1667 would delay any further transfer of powers until 
the later of the following: (1) July 21, 2011; or (2) the date 
on which the Director of the CFPB is confirmed by the Senate.

Legislative History

    On May 2, 2011, H.R. 1667 was introduced by Subcommittee on 
Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito and was referred to the Committee on Financial 
Services. The bill has 14 cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
a draft of H.R. 1667 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the CFPB, 
Department of the Treasury, testified.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
H.R. 1667 entitled ``Legislative Proposals to Improve the 
Structure of the Consumer Financial Protection Bureau.'' The 
Subcommittee received testimony from the following witnesses: 
Ms. Leslie R. Andersen, President and Chief Executive Officer, 
Bank of Bennington on behalf of the American Bankers 
Association; Ms. Lynette W. Smith, President and Chief 
Executive Officer, Washington Gas Light FCU on behalf of the 
National Association of Federal Credit Unions; Mr. Jess Sharp, 
Executive Director, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce; Mr. Hilary Shelton, Director, NAACP 
Washington Bureau and Senior VP for Advocacy and Policy, NAACP; 
Mr. Noah H. Wilcox, President and Chief Executive Officer, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Mr. Rod Staatz, President and Chief 
Executive Officer, SECU of Maryland on behalf of the Credit 
Union National Association; Mr. Richard Hunt, President, 
Consumer Bankers Association; and Prof. Adam J. Levitin, 
Georgetown University Law Center.
    On May 4, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and ordered the bill 
favorably reported to the Committee by a record vote of 13 yeas 
and 8 nays.
    On May 12, 2011, the Committee held a markup and ordered 
the bill favorably reported to the House by a record vote of 32 
yeas and 26 nays.
    The Committee Report, Part 1, was filed on May 27, 2011 (H. 
Rept. 112-93), and Part 2 was filed on July 19, 2011 (H. Rept. 
112-93, Part 2).
    On July 14, 2011, the Rules Committee issued a Committee 
Print of H.R. 1315, which included the text of H.R. 1121 and 
H.R. 1667.
    On July 21, 2011, the House considered H.R. 1315 and passed 
the bill, with amendments, by a record vote of 241 yeas and 173 
nays.

                    CJ'S HOME PROTECTION ACT OF 2011

                              (H.R. 1751)


Summary

    H.R. 1751, CJ's Home Protection Act of 2011, would amend 
the Manufactured Housing Construction and Safety Standards Act 
of 1974 by requiring the installation of National Oceanic & 
Atmospheric Administration (NOAA) weather radios in all 
manufactured homes made or sold in the United States. The 
installation standard for these weather radios--which would 
broadcast severe weather warnings and civil emergency messages 
(including tornado and flood warnings), AMBER alerts for child 
abductions, and chemical spill notifications--would be 
established by the Secretary of HUD upon recommendation of the 
Manufactured Housing Consensus Committee, an advisory committee 
which was created by the 1974 Act.

Legislative History

    On May 5, 2011, H.R. 1751 was introduced by Chairman 
Spencer Bachus and was referred to the Committee on Financial 
Services. The bill has four cosponsors.
    On July 20, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by voice vote. 
The Committee Report was filed on August 1, 2011 (H. Rept. 112-
191).

                       LENA HORNE RECOGNITION ACT

                              (H.R. 1815)


Summary

    H.R. 1815, the Lena Horne Recognition Act, would direct the 
Speaker of the House and President Pro Tempore of the Senate to 
make arrangements for the posthumous presentation, on behalf of 
Congress, of a gold medal in commemoration of Lena Horne and in 
recognition of her achievements and contributions to American 
culture and the civil rights movement.

Legislative History

    On May 10, 2011, H.R. 1815 was introduced by Representative 
Alcee Hastings and referred to the Committee on Financial 
Services. The bill had 308 cosponsors.
    On April 17, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 1815 by a record vote of 410 yeas and 2 
nays.

                      SWAPS BAILOUT PREVENTION ACT

                              (H.R. 1838)


Summary

    H.R. 1838, the Swaps Bailout Prevention Act, would amend 
Section 716 of the Dodd-Frank Act by allowing bona fide hedging 
and traditional risk mitigation activities to take place within 
a covered depository institution. Section 716 prohibits 
``federal assistance''--defined as ``the use of any advances 
from any Federal Reserve credit facility or discount window 
[or] Federal Deposit Insurance Corporation insurance or 
guarantees''--to ``swaps entities,'' which include swap dealers 
and major swap participants, securities and futures exchanges, 
swap-execution facilities, and clearing organizations. This 
provision, known as the swap desk ``push out'' or ``spin off'' 
provision, forces financial institutions that have swap desks 
to move them into an affiliate to preserve their access to 
Federal Reserve credit facilities and federal deposit 
insurance. Although the provision allows banks to continue 
dealing in swaps related to interest rates, foreign currency, 
and swaps permitted under the National Bank Act, the provision 
prohibits them from engaging in swaps related to commodities, 
equities, and credit.

Legislative History

    On May 11, 2011, H.R. 1838 was introduced by Representative 
Nan Hayworth and referred to the Committee on Financial 
Services and the Committee on Agriculture. The bill has no 
cosponsors.
    On October 14, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
1838 entitled ``Legislative Proposals to Bring Certainty to the 
Over-the-Counter Derivatives Market.'' The Subcommittee 
received testimony from the following witnesses: Mr. Keith 
Bailey, Managing Director, Fixed Income, Currencies and 
Commodities, Barclays Capital, on behalf of the Institute of 
International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises met in open session and 
ordered H.R. 1838, as amended, favorably reported to the 
Committee by a record vote of 21 yeas and 12 nays.
    On February 16, 2012, the Committee met in open session and 
ordered H.R. 1838, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on May 11, 2012 
(H. Rept. 112-476, Part 1).

   TO AMEND THE SECURITIES LAWS TO ESTABLISH CERTAIN THRESHOLDS FOR 
            SHAREHOLDER REGISTRATION, AND FOR OTHER PURPOSES

                              (H.R. 1965)


Summary

    H.R. 1965, a bill to amend the securities laws to establish 
certain thresholds for shareholder registration, and for other 
purposes, would raise the threshold for mandatory registration 
under the Securities Exchange Act of 1934 (the Exchange Act) 
from 500 shareholders to 2,000 shareholders for banks and bank 
holding companies. The bill would also modify the threshold for 
deregistration under Sections 12(g) and 15(d) of the Exchange 
Act for a bank or a bank holding company from 300 to 1,200 
shareholders.

Legislative History

    On May 24, 2011, H.R. 1965 was introduced by Representative 
James Himes and referred to the Committee on Financial 
Services. The bill has 18 cosponsors.
    On September 21, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
1965 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by voice vote.
    On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote.
    On November 2, 2011, the House agreed to a motion to 
suspend the rules and pass H.R. 1965, as amended, by a record 
vote of 420 yeas and 2 nays.

  TO INSTRUCT THE INSPECTOR GENERAL OF THE FEDERAL DEPOSIT INSURANCE 
   CORPORATION TO STUDY THE IMPACT OF INSURED DEPOSITORY INSTITUTION 
                   FAILURES, AND FOR OTHER PURPOSES.

                              (H.R. 2056)


Summary

    H.R. 2056, a bill to instruct the Inspector General of the 
Federal Deposit Insurance Corporation (FDIC) to study the 
impact of insured depository institution failures, would 
require the FDIC's Inspector General to study issues raised by 
bank failures in states that have had more than ten such 
failures since 2008. The study would cover the following 
subjects: (1) the use and effect of shared loss agreements; (2) 
the significance of paper losses; (3) the success of FDIC field 
examiners in implementing FDIC guidelines regarding workouts of 
commercial real estate; (4) the application and impact of 
consent orders and cease and desist orders; (5) the impact of 
FDIC policies on raising capital; and (6) the FDIC's 
involvement in private equity investment. The bill would also 
instruct the GAO to study: (1) the causes of bank failures in 
states with 10 or more failures since 2008; (2) the procyclical 
impact of fair value accounting standards; (3) the causes and 
potential solutions for the cycle of loan write downs, raising 
capital, and failures; and (4) the impact of bank failures upon 
the community.

Legislative History

    On May 31, 2011, H.R. 2056 was introduced by Representative 
Lynn Westmoreland and was referred to the Committee on 
Financial Services. The bill has 13 cosponsors.
    On July 8, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing on H.R. 2056 entitled 
``Legislative Proposals Regarding Bank Examination Practices.'' 
The Subcommittee received testimony from the following 
witnesses: Mr. James H. McKillop, President and CEO, 
Independent Bankers Bank of Florida on behalf of the 
Independent Community Bankers of America; Mr. Michael Whalen, 
President and CEO, Heart of America Group; and Professor Simon 
Johnson, The Ronald A. Kurtz, Professor of Entrepreneurship at 
the Massachusetts Institute of Technology's Sloan School of 
Management; Mr. George French, Deputy Director, Division of 
Risk Management Supervision of the FDIC; and Ms. Jennifer 
Kelly, Senior Deputy Comptroller for Mid-Size/Community Bank 
Supervision of the OCC.
    On July 20, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on July 26, 2011 
(H. Rept. 112-182).
    On July 28, 2011, the House considered H.R. 2056 under 
suspension of the rules, and passed the bill, as amended, by 
voice vote.
    On November 17, 2011, the Senate considered H.R. 2056 and 
passed the bill, with amendments, by Unanimous Consent.
    On December 20, 2011, the House considered the Senate 
amendments to H.R. 2056 under suspension of the rules, and 
agreed to the amendments by Unanimous Consent.
    On January 3, 2012, H.R. 2056 was signed by the President 
and became Public Law No. 112-088.

           SECURING AMERICAN JOBS THROUGH EXPORTS ACT OF 2011

                              (H.R. 2072)


Summary

    H.R. 2072, the Export-Import Bank Reauthorization Act of 
2012, (as amended) reauthorized the Bank through September 30, 
2014. The bill raised the Bank's lending limit to $120 billion 
in 2012, $130 billion in 2013 and $140 billion in 2014. H.R. 
2072 ties increases in the exposure limit to the Bank 
maintaining default rates below 2%, the Bank submitting a 
business plan to Congress and GAO, and responding to GAO 
recommendations on the Bank's risk management. The bill directs 
the Secretary of the Treasury to enter into multilateral 
negotiations for the purpose of (1) reducing and then 
eliminating government export subsidies for aircraft, and (2) 
ultimately ending all government export subsidies. The other 
major provisions of H.R. 2072 include provisions to: require 
the Bank to report not less than quarterly on default rates and 
implement a corrective plan with monthly reporting if the 
default rate exceeds 2%; prohibit the Bank from entering into 
agreement where it is subordinate to all other creditors; 
require the Bank to submit a multiyear business plan that 
identifies, among other items, potential for increased risk 
from its operations; require GAO to review, report, and make 
recommendations on the Bank's risk management; require the Bank 
to categorize the reason for making each loan or long-term 
guarantee; notice in the Federal Register and provide for a 
comment period for all transactions over $100 million; require 
that all companies that do business with the Bank certify that 
they do not do business with Iran, and other items.

Legislative History

    On June 1, 2011, H.R. 2072 was introduced by Representative 
Gary Miller and referred to the Committee on Financial 
Services. The bill has nine cosponsors.
    On May 24, 2011, the Subcommittee on International Monetary 
Policy and Trade held a hearing entitled ``Legislative 
Proposals on Securing American Jobs Through Exports: Export-
Import Bank Reauthorization.'' The Subcommittee received 
testimony from the following witnesses: Mr. Fred Hochberg, 
Chairman and President, the Export-Import Bank of the United 
States; Ms. Donna K. Alexander, Chief Executive Officer, 
Bankers' Association for Finance and Trade--International 
Financial Services Association; Ms. Thea Lee, Deputy Chief of 
Staff, American Federation of Labor and Congress of Industrial 
Organizations; Mr. Osvaldo Luis Gratacos, Inspector General for 
the Export-Import Bank; Mr. John Hardy, President, Coalition 
for Employment Through Exports; and Dr. Matthew Slaughter, 
Associate Dean for the MBA Program, Signals Company Professor 
of Management, Tuck School of Business, Dartmouth College.
    On June 2, 2011, the Subcommittee on International Monetary 
Policy and Trade met in open session and ordered the bill, as 
amended, favorably reported to the Committee by a voice vote.
    On June 22, 2011, the Committee met in open session an 
ordered the bill, as amended, favorably reported to the House 
by a voice vote. The Committee Report was filed on September 8, 
2011 (H. Rept. 112-201).
    On May 9, 2012, the House considered H.R. 2072 and passed 
the bill, with amendments, by a record vote of 330 yeas and 93 
nays.
    On May 15, 2012, the Senate considered H.R. 2072 and passed 
the bill by a record vote of 78 yeas and 20 nays.
    On May 30, 2012, H.R. 2072 was signed by the President and 
became Public Law No. 112-122.

               PRIVATE COMPANY FLEXIBILITY AND GROWTH ACT

                              (H.R. 2167)


Summary

    H.R. 2167, the Private Company Flexibility and Growth Act, 
would raise the threshold for mandatory registration under the 
Securities Exchange Act of 1934 (the Exchange Act) from 500 
shareholders to 1,000 shareholders for all companies; 
shareholders who received securities under employee 
compensation plans would not count towards the threshold.
    Section 12(g) of the Exchange Act requires issuers to 
register equity securities with the SEC if those securities are 
held by 500 or more holders of record and the company has total 
assets of more than $10 million. After a company registers 
under 12(g), it must comply with the Exchange Act's reporting 
requirements, which include filing annual reports on Form 10-K, 
quarterly reports on Form 10-Q, current reports on Form 8-K, 
and proxy statements on Schedule 14A. The shareholder threshold 
has not been adjusted since it was adopted in 1964 and has 
become an impediment to capital formation for small startup 
companies. These companies often remain private to maintain 
greater flexibility and control, and to avoid the increased 
costs associated with becoming a public company. To attract 
employees and conserve capital for research and development, 
startup companies often award their employees stock options in 
place of higher salaries. If the company succeeds and those 
options vest, the holders of those options become equity 
holders, and they are counted against the registration 
threshold. Because private companies are taking longer to go 
public than they have in the past, employees' stock options are 
increasingly vesting before the companies go public. Small 
private companies may thus find themselves subject to the same 
reporting requirements as listed companies.

Legislative History

    On June 14, 2011, H.R. 2167 was introduced by 
Representative David Schweikert and referred to the Committee 
on Financial Services. The bill has 27 cosponsors.
    On September 21, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
2167 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered H.R. 2167, as amended, favorably reported to the 
Committee by voice vote.
    On October 26, 2011, the Committee met in open session and 
ordered H.R. 2167, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on December 12, 
2011 (H. Rept. 112-327).
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 would be amended by the Rules Committee 
Print 112-17, the Jumpstart Our Business Startups Act, which 
largely reflects the text of H.R. 3606 and H.R. 2167 as 
reported by the Committee on Financial Services, H.R. 1070, 
H.R. 2930, H.R. 2940 as passed the House, and H.R. 4088 as 
introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 3606 with the Senate amendment by a 
record vote of 380 yeas and 41 nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

                   SEC REGULATORY ACCOUNTABILITY ACT

                              (H.R. 2308)


Summary

    On June 23, 2011, Capital Markets and Government Sponsored 
Enterprises Subcommittee Chairman Garrett introduced H.R. 2308, 
the SEC Regulatory Accountability Act. H.R. 2308 requires the 
SEC to generally follow the principles set forth in Executive 
Order No. 13,563, which directs non-independent executive 
branch agencies to adopt regulations only if the benefits of 
the regulations justify their costs; to tailor regulations to 
impose the least burden on society; and to develop plans for 
retrospectively analyzing rules to identify those that are 
outmoded, ineffective, insufficient, or excessively burdensome 
and to modify, streamline, expand, or repeal them accordingly. 
H.R. 2308 also requires, in general, the SEC to identify a 
problem and assess its significance before the SEC issues a 
rule in order to determine whether regulation is warranted. The 
bill requires the SEC's Chief Economist to conduct a cost-
benefit analysis of proposed regulations, and it requires that 
the benefits of proposed regulations justify their costs before 
the SEC can issue them. Further, the bill requires the SEC to 
identify and assess alternatives to regulations that it 
considers, and to explain why a regulation that it issues meets 
regulatory objectives more effectively than the alternatives. 
The bill requires the SEC to ensure that its regulations be 
accessible, consistent, written in plain language, and easy to 
understand, and to measure and seek to improve the results of 
regulatory requirements.

Legislative History

    On June 23, 2011, H.R. 2308 was introduced by Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Chairman Scott Garrett and referred to the Committee on 
Financial Services. The bill has 19 cosponsors.
    On September 15, 2011, the Committee held a legislative 
hearing on H.R. 2308 entitled ``Fixing the Watchdog: 
Legislative Proposals to Improve and Enhance the Securities and 
Exchange Commission.'' The Committee received testimony from 
the following witnesses: The Honorable Mary Schapiro, Chairman, 
SEC; Mr. Shubh Saumya, Partner and Managing Director, Boston 
Consulting Group; The Honorable Paul Atkins, Visiting Scholar, 
American Enterprise Institute, and Former Commissioner, SEC; 
Mr. Stephen D. Crimmins, Partner, K&L Gates LLP, and Former 
Deputy Chief Litigation Counsel, Division of Enforcement, SEC; 
Mr. Jonathan G. ``Jack'' Katz, Former Secretary, SEC, on behalf 
of the U.S. Chamber of Commerce; The Honorable Harvey Pitt, 
Chief Executive Officer, Kalorama Partners, LLC, and Former 
Chairman, SEC; and Mr. J.W. Verret, Assistant Professor of Law, 
George Mason University School of Law.
    On November 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by a record vote of 19 yeas and 15 nays.
    On February 16, 2012, the Committee met in open session and 
ordered H.R. 2308, as amended, reported to the House by a 
record vote of 30 yeas and 26 nays. The Committee Report was 
filed on April 25, 2012 (H. Rept. 112-453).
    On July 24, 2012, the House adopted H. Res. 738, which 
provided that H.R. 4078 be amended by the Rules Committee Print 
112-29, which included the text of H.R. 2308.
    On July 26, 2012, the House considered H.R. 4078 and passed 
the bill, with amendments, by a record vote of 245 yeas and 172 
nays.

             RESPA HOME WARRANTY CLARIFICATION ACT OF 2011

                              (H.R. 2446)


Summary

    H.R. 2446, the RESPA Home Warranty Clarification Act of 
2011, would amend current law to explicitly state that home 
warranties are permissible settlement services under the Real 
Estate Settlement Procedures Act of 1974. The bill would also 
require that homeowners receive a specific written notice about 
the payment arrangement for any individual selling, 
advertising, or performing a homeowner warranty inspection for 
the repair or replacement of home system components or 
appliances.

Legislative History

    On July 7, 2011, H.R. 2446 was introduced by Subcommittee 
on Insurance, Housing and Community Opportunity Chairman Judy 
Biggert and was referred to the Committee on Financial 
Services. The bill has 40 cosponsors.
    On July 13, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a legislative hearing entitled 
``Mortgage Origination: The Impact of Recent Changes on 
Homeowners and Businesses.'' This hearing examined H.R. 2446 
and other issues concerning the application of mortgage 
origination laws and regulations that may affect consumers and 
mortgage industry participants. The Subcommittee received 
testimony from the following witnesses: the Honorable Sandra 
Braunstein, Director of Division of Consumer and Community 
Affairs for the Board of Governors of the Federal Reserve 
System; the Honorable Teresa Payne, HUD's Associate Deputy 
Assistant Secretary for Regulatory Affairs; Ms. Kelly Cochran, 
Deputy Assistant Director for Regulations at the Treasury 
Department's CFPB; Mr. James Park, Executive Director of the 
Appraisal Subcommittee for the Federal Financial Institutions 
Examination Council; Mr. William Shear, Director of Financial 
Markets and Community Investment, GAO; Ms. Anne Norton, 
Maryland Deputy Commissioner of Financial Regulation; Mr. Steve 
Brown, Executive Vice President at Crye-Leike; Mr. Henry 
Cunningham, Jr., President of Cunningham & Company; Mr. Tim 
Wilson, President of Affiliated Businesses for Long & Foster 
Companies; Ms. Anne Anastasi, President of Genesis Abstract and 
President of the American Land Title Association; Mr. Mike 
Anderson, President of Essential Mortgage; Mr. Marc Savitt, 
President of The Mortgage Center; Ms. Sara Stephens, President-
Elect of the Appraisal Institute; Mr. Don Kelly, Executive 
Director of the Real Estate Valuation Advocacy Association; Ms. 
Janis Bowdler, Director of the Wealth-Building Policy Project, 
National Council of La Raza; and Mr. Ira Rheingold, Executive 
Director, National Association of Consumer Advocates.
    On December 8, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity met in open session and ordered H.R. 
2446 favorably reported to the Committee by voice vote.
    On March 27, 2012, the Committee met in open session and 
ordered H.R. 2446, as amended, favorably reported to the House 
by voice vote.

  TO GRANT THE CONGRESSIONAL GOLD MEDAL TO THE MONTFORD POINT MARINES

                              (H.R. 2447)


Summary

    H.R. 2447, a bill to grant the congressional gold medal to 
the Montford Point Marines, would authorize the striking and 
award of a Congressional Gold Medal, collectively, to the 
nation's first African-American Marine unit, and the striking 
and sale of bronze duplicates of the medal.

Legislative History

    On July 7, 2011, H.R. 2447 was introduced by Representative 
Corrine Brown and referred to the Committee on Financial 
Services. The bill has 308 cosponsors.
    On October 25, 2011, the House considered H.R. 2447 under 
suspension of the rules and passed the bill by a record vote of 
422 yeas and 0 nays.
    On November 9, 2011, the Senate considered H.R. 2447 and 
passed the bill by Unanimous Consent.
    On November 23, 2011, H.R. 2447 was signed by the President 
and became Public Law No. 112-059.

                   MARK TWAIN COMMEMORATIVE COIN ACT

                              (H.R. 2453)


Summary

    H.R. 2453, the Mark Twain Commemorative Coin Act, directs 
the Treasury Secretary in 2016 to mint and make available for 
sale no more than 100,000 $5 gold coins, and 350,000 $1 silver 
coins in commemoration of Mark Twain. Surcharges on coin sales 
would be paid to the Mark Twain House; the University of 
California, Berkeley; Elmira College, New York; and the Mark 
Twain Boyhood Home and Museum in Hannibal, Missouri, after it 
raises funds from non-government sources equal to or greater 
than the surcharges collected. The design of the coins is to be 
emblematic of the life and legacy of Mark Twain.

Legislative History

    On July 7, 2011, H.R. 2453 was introduced by Representative 
Blaine Luetkemeyer and referred to the Committee on Financial 
Services. The bill had 298 cosponsors.
    On April 18, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 2453 by a record vote of 408 yeas, 4 
nays and 2 present.

         NATIONAL BASEBALL HALL OF FAME COMMEMORATIVE COIN ACT

                              (H.R. 2527)


Summary

    H.R. 2527, the National Baseball Hall of Fame Commemorative 
Coin Act, would direct the Treasury Secretary in 2015 to issue 
no more than 50,000 $5 gold coins, 400,000 $1 silver coins, and 
750,000 half-dollar ``clad'' coins in recognition of the 
National Baseball Hall of Fame in Cooperstown, NY. The Senate 
amended and passed H.R. 2527 to change the year from 2015 to 
2014 in which the Treasury Secretary is directed to issue the 
coins. Surcharges on coin sales would be paid to the National 
Baseball Hall of Fame to finance its operations, after it 
raises funds from non-government sources equal to or greater 
than the surcharges collected. The obverse design of the coin 
would be chosen through a juried, compensated competition, and 
would represent the game of baseball and its place in American 
sports and American life. The reverse would depict a baseball 
as used by Major League Baseball. The bill contains a ``Sense 
of Congress'' calling for the coins to be minted with a convex 
reverse and a concave obverse. The program would be operated at 
no cost to the taxpayer and would be budget-neutral.

Legislative History

    On July 14, 2011, H.R. 2527 was introduced by 
Representative Richard Hanna and referred to the Committee on 
Financial Services. The bill has 296 cosponsors.
    On July 20, 2011, the Committee met in open session and 
ordered H.R. 2527, as amended, favorably reported to the House 
by voice vote.
    On October 26, 2011, the House considered H.R. 2527 under 
suspension of the rules, and passed the bill, as amended, by a 
record vote of 416 yeas and 3 nays.
    On July 12, 2012, the Senate passed H.R. 2527 with an 
amendment by unanimous consent.
    On July 19, 2012, the House agreed to the Senate amendment 
without objection.
    On August 3, 2012, H.R. 2527 was signed by the President 
and became Public Law No. 112-152.

               SWAP EXECUTION FACILITY CLARIFICATION ACT

                              (H.R. 2586)


Summary

    H.R. 2586, the Swap Execution Facility Clarification Act, 
would direct the CFTC and the SEC to promulgate swap execution 
facility (SEF) rules that would effectuate Congress's intent 
that SEFs serve as an alternative to exchanges and provide an 
execution facility for illiquid or thinly-traded swaps.
    The Dodd-Frank Act requires that cleared swaps be executed 
either on exchanges or on SEFs regulated by either the CFTC or 
the SEC. The drafters of the Dodd-Frank Act intended for SEFs 
to serve as an alternative to exchanges by providing an 
execution facility for illiquid or thinly-traded swaps. The 
CFTC's and SEC's proposed rules for SEFs, however, fail to 
provide the flexibility necessary to execute illiquid or 
thinly-traded swaps, and market participants have pointed out 
that the proposed rules are overly prescriptive and would 
inhibit the execution of swap trades. H.R. 2586 directs the 
CFTC and SEC to promulgate SEF rules that would effectuate 
Congress's intent that SEFs serve as an alternative to 
exchanges and provide an execution facility for illiquid or 
thinly-traded swaps. H.R. 2586 prohibits the CFTC and the SEC 
from requiring a SEF to have a minimum number of participants 
receive bids or offers. The bill would prohibit the CFTC and 
SEC from requiring SEFs to display or delay bids or offers for 
a specific time period, which would permit the immediate 
execution of matched trades. The bill prohibits the CFTC or SEC 
from writing rules that allow only voice-based and hybrid 
trading models for the execution of block trades, thereby 
permitting market participants to continue using any means of 
interstate commerce to conduct swap transactions. Finally, the 
bill would prohibit the CFTC and SEC from requiring SEFs that 
operate multiple trading systems to force those systems to 
interact with each other to execute swap transactions. The bill 
would also allow market participants to use any means of 
interstate commerce to execute swap transactions.

Legislative History

    On July 19, 2011, H.R. 2586 was introduced by Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Chairman Scott Garrett and referred to the Committee on 
Financial Services and the Committee on Agriculture. The bill 
has eight cosponsors.
    On October 14, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
2586 entitled ``Legislative Proposals to Bring Certainty to the 
Over-the-Counter Derivatives Market.'' The Subcommittee 
received testimony from the following witnesses: Mr. Keith 
Bailey, Managing Director, Fixed Income, Currencies and 
Commodities, Barclays Capital, on behalf of the Institute of 
International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises met in open session and 
ordered the bill favorably reported to the Committee by voice 
vote.
    On November 30, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on December 23, 
2011 (H. Rept. 112-345, Part 1).

      BUSINESS RISK MITIGATION AND PRICE STABILIZATION ACT OF 2011

                              (H.R. 2682)


Summary

    H.R. 2682, the Business Risk Mitigation and Price 
Stabilization Act of 2011, would exempt end-users from the 
margin and capital requirements under Title VII of the Dodd-
Frank Act. The diversion of capital from job creation and the 
drag on economic growth resulting from the imposition of margin 
requirements on end-users was frequently raised during 
Congressional debates on the Dodd-Frank Act. A colloquy among 
the chairmen of the four committees with primary jurisdiction 
over Title VII clarified congressional intent that the Dodd-
Frank Act did not grant regulators the authority to impose 
margin requirements for end-user transactions.

Legislative History

    On April 15, 2011, Representative Michael Grimm originally 
introduced an end-user exemption bill, H.R. 1610, the Business 
Risk Mitigation and Price Stabilization Act of 2011, a draft of 
which was discussed at a legislative hearing on March 16, 2011 
entitled ``Legislative Proposals to Promote Job Creation, 
Capital Formation, and Market Certainty.''
    On May 3, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by a vote of 19 yeas and 13 nays.
    On July 28, 2011, Representative Michael Grimm introduced a 
new bill, H.R. 2682, providing for an end user exemption. H.R. 
2682 was referred to the Committee on Financial Services. The 
bill has seven cosponsors.
    On November 30, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by voice vote. 
The Committee Report was filed on December 23, 2011 (H. Rept. 
112-343, Part 1).
    On March 26, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 2682, as amended, by a record vote of 
370 yeas and 24 nays.

 TO EXEMPT INTER-AFFILIATE SWAPS FROM CERTAIN REGULATORY REQUIREMENTS 
    PUT IN PLACE BY THE DODD-FRANK WALL STREET REFORM AND CONSUMER 
                             PROTECTION ACT

                              (H.R. 2779)


Summary

    H.R. 2779, a bill to exempt inter-affiliate swaps from 
certain regulatory requirements put in place by the Dodd-Frank 
Act, would exempt inter-affiliate trades from the margin, 
clearing, and reporting requirements of the Dodd-Frank Act. 
Inter-affiliate swaps are swaps executed between entities under 
common corporate ownership. Inter-affiliate swaps allow 
corporate groups with subsidiaries and affiliates to better 
manage risk by transferring the risk of its affiliates to a 
single affiliate and then executing swaps through that 
affiliate. Inter-affiliate swaps do not pose a systemic risk 
because they do not create additional counterparty exposures or 
increase the interconnectedness between parties outside the 
corporate group. Despite the differences between inter-
affiliate swaps and swaps between unrelated parties, the Dodd-
Frank Act did not distinguish between such swaps. H.R. 2779 
would reduce the costs of hedging for corporate groups by 
exempting inter-affiliate trades from the margin, clearing and 
reporting requirements.

Legislative History

    On August 1, 2011, H.R. 2779 was introduced by 
Representative Steve Stivers and referred to the Committee on 
Financial Services and the Committee on Agriculture. The bill 
has four cosponsors.
    On October 14, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
2779 entitled ``Legislative Proposals to Bring Certainty to the 
Over-the-Counter Derivatives Market.'' The Subcommittee 
received testimony from the following witnesses: Mr. Keith 
Bailey, Managing Director, Fixed Income, Currencies and 
Commodities, Barclays Capital, on behalf of the Institute of 
International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises met in open session and 
ordered the bill favorably reported to the Committee by a 
record vote of 23 yeas, 6 nays and 1 present.
    On November 30, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 53 yeas and 0 nays. The Committee Report 
was filed on December 23, 2011 (H. Rept. 112-344, Part 1).
    On March 26, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 2779, as amended, by a record vote of 
357 yeas and 36 nays.

  TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO CLARIFY PROVISIONS 
    RELATING TO THE REGULATION OF MUNICIPAL ADVISORS, AND FOR OTHER 
                                PURPOSES

                              (H.R. 2827)


Summary

    On August 26, 2011, Representative Dold introduced H.R. 
2827 to clarify Section 975 of the Dodd-Frank Act, which 
requires municipal advisors to register with the SEC. H.R. 
2827, as passed by the House of Representatives on September 
19, 2012, would limit the scope of persons who must register 
under Section 975 by exempting individuals who meet any of the 
following criteria: (1) those who are not engaged for 
compensation; (2) a broker, dealer, or municipal securities 
dealer that serves or is seeking to serve as an underwriter or 
placement agent, registered investment advisers, registered 
swap dealers with respect to advice on a swap transaction, and 
banks with respect to deposits, foreign exchange, other 
products, or traditional banking or trust activities, and with 
respect to the activities exempted for broker-dealers, 
investment advisors and swap dealers; (3) insurance companies, 
accountants, and attorneys; and (4) elected or appointed 
members of state or local governmental bodies.
    H.R. 2827 also limits the definition of ``investment 
strategy'' to the investment of direct proceeds of municipal 
securities offerings that have been identified, or that are or 
should be known to be proceeds of such an offering. The bill 
clarifies that merely acting as a broker or dealer, or 
responding to a request for quotes or investment options, 
acting as a custodian, providing generalized investment 
information, or providing advice on matters other than the 
investment of funds or financial products would not be 
considered to be an investment strategy. H.R. 2827 also 
clarifies the definition of ``solicitation of a municipal 
entity,'' authorizes the Municipal Securities Rulemaking Board 
to permit principal transactions in certain circumstances. H.R. 
2827 also clarifies the scope of regulators' authority 
regarding municipal advisors.

Legislative History

    On July 20, 2012, the Subcommittee held a hearing entitled 
``The Impact of the Dodd-Frank Act on Municipal Finance.'' This 
hearing included a discussion of H.R. 2827. The Subcommittee 
received testimony from the following witnesses: The Honorable 
Jim Geringer, Chairman, Association of Governing Boards of 
Universities and Colleges; Mr. Alan D. Polsky, Chair, Municipal 
Securities Rulemaking Board; Dr. Robert Brooks, Professor of 
Finance, Wallace D. Malone, Jr. Endowed Chair of Financial 
Management, Department of Finance, The University of Alabama; 
Mr. Robert Doty, President, AGFS; Mr. Tim Firestine, Chief 
Administrative Officer, Montgomery County, MD and President 
Elect, Government Finance Officers Association; Mr. Kenneth 
Gibbs, President, Municipal Securities Group, Jefferies & 
Company, Inc., on behalf of the Securities Industry and 
Financial Markets Association; Ms. Christine H. Keck, Director, 
Government Relations, Energy Systems Group; Mr. Albert C. 
Kelly, Jr., President and Chief Executive Officer, SpiritBank, 
and Chairman, American Bankers Association; and Mr. Mike Marz, 
Vice Chairman, First Southwest, on behalf of the Bond Dealers 
of America.
    On August 1, 2012, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the full 
Committee by a record vote of 21 yeas, 10 nays and 1 present.
    On September 12, 2012, the full Committee met in open 
session and ordered the bill, as amended, favorably reported to 
the House by a recorded vote of 60 yeas and 0 nays.
    On September 19, 2012, the House agreed to a motion to 
suspend the rules and pass H.R. 2827, as amended, by voice 
vote.

                   ENTREPRENEUR ACCESS TO CAPITAL ACT

                              (H.R. 2930)


Summary

    H.R. 2930, the Entrepreneur Access to Capital Act, would 
create a new registration exemption from the Securities Act of 
1933 for securities issued through internet platforms, also 
known as ``crowdfunding.'' To qualify for this new exemption, 
the issuer's offering cannot exceed $1 million, unless the 
issuer provides investors with audited financial statements, in 
which case the offering amount may not exceed $2 million. An 
individual's investment must be equal to or less than the 
lesser of $10,000 or 10 percent of the investor's annual 
income. By exempting such offerings from registration with the 
SEC and preempting state registration laws, H.R. 2930 will 
enable entrepreneurs to more easily access capital from 
potential investors across the United States to grow their 
business and create jobs.
    H.R. 2930 would require issuers and intermediaries to 
fulfill a number of requirements in order to avail themselves 
of this new exemption. These requirements, which include 
notices to the SEC about the offerings and parties to the 
offerings that will be shared with the States, are designed to 
reduce the risk of fraud in these offerings and thereby protect 
investors. The legislation also would allow for an unlimited 
number of investors to invest via a crowdfunding offering and 
preempts state securities registration laws. However, the 
legislation does not restrict the States' ability to discover 
and stop and prosecute fraudulent offerings.

Legislative History

    On September 14, 2011, H.R. 2930 was introduced by 
Representative Patrick McHenry and referred to the Committee on 
Financial Services. The bill has five cosponsors.
    On September 21, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
2930 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered H.R. 2930 favorably reported to the Committee by a 
record vote of 18 yeas and 14 nays.
    On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on October 31, 
2011 (H. Rept. 112-262).
    On November 3, 2011, the House considered H.R. 2930 and 
passed the bill, with amendments, by a record vote of 407 yeas 
and 17 nays.
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House considered the Senate 
amendment to H.R. 3606 under suspension of the rules, and 
agreed to the amendment by a record vote of 380 yeas and 41 
nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

                 ACCESS TO CAPITAL FOR JOB CREATORS ACT

                              (H.R. 2940)


Summary

    H.R. 2940, the Access to Capital for Job Creators Act, 
would make the exemption under the SEC's Regulation D Rule 506 
available to issuers even if the securities are marketed 
through a general solicitation or advertising so long as the 
purchasers are ``accredited investors.'' The legislation would 
allow companies greater access to accredited investors and to 
new sources of capital to grow and create jobs, without putting 
less sophisticated investors at risk. To ensure that only 
accredited investors purchase the securities, H.R. 2940 
requires the SEC to write rules on how an issuer would verify 
that the purchasers of securities are accredited investors.
    The Securities Act of 1933 requires that any offer to sell 
securities must either be registered with the SEC or meet an 
exemption. Regulation D Rule 506 is an exemption that allows 
companies to raise capital as long as they do not market their 
securities through general solicitations or advertising. This 
prohibition on general solicitation and advertising has been 
interpreted to mean that potential investors must have an 
existing relationship with the company before they can be 
notified that unregistered securities are available for 
purchase. Requiring potential investors to have an existing 
relationship with the company significantly limits the pool of 
potential investors and severely hampers the ability of small 
companies to raise capital and create jobs.

Legislative History

    On September 15, 2011, H.R. 2940 was introduced by 
Representative Kevin McCarthy and referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On September 21, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on H.R. 
2940 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered H.R. 2940, as amended, favorably reported to the 
Committee by voice vote.
    On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on October 31, 
2011 (H. Rept. 112-263).
    On November 3, 2011, the House considered H.R. 2940 and 
passed the bill by a record vote of 413 yeas and 11 nays.
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House considered the Senate 
amendment to H.R. 3606 under suspension of the rules, and 
agreed to the amendment by a record vote of 380 yeas and 41 
nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

              RAOUL WALLENBERG CENTENNIAL CELEBRATION ACT

                              (H.R. 3001)


Summary

    H.R. 3001, the Raoul Wallenberg Centennial Celebration Act, 
directs the Speaker of the House and President Pro Tempore of 
the Senate to make arrangements for the presentation, on behalf 
of Congress, of a gold medal in recognition of the achievements 
and heroic actions of Raoul Wallenberg during the Holocaust.

Legislative History

    On September 21, 2011, H.R. 3001 was introduced by 
Representative Gregory Meeks and referred to the Committee on 
Financial Services. The bill had 301 cosponsors.
    On April 16, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 3001 by a record vote of 377 yeas and 0 
nays.
    On July 11, 2012, the Senate passed H.R. 3001 by unanimous 
consent.
    On July 26, 2012, H.R. 3001 was signed by the President and 
became Public Law No. 112-148.

TO AMEND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT 
  TO ADJUST THE DATE ON WHICH CONSOLIDATED ASSETS ARE DETERMINED FOR 
PURPOSES OF EXEMPTING CERTAIN INSTRUMENTS OF SMALLER INSTITUTIONS FROM 
                           CAPITAL DEDUCTIONS

                              (H.R. 3128)


Summary

    H.R. 3128, a bill to amend the Dodd-Frank Wall Street 
Reform and Consumer Protection Act to Adjust the Date on which 
Consolidated Assets are Determined for Purposes of Exempting 
Certain Instruments of Smaller Institutions from Capital 
Deductions, would amend the Dodd-Frank Act to add March 31, 
2010, as a date for calculation of total consolidated assets, 
for purposes of exempting certain debt or equity instruments of 
smaller financial institutions from capital deduction 
requirements.

Legislative History

    On October 6, 2011, H.R. 3128 was introduced by 
Representative Michael Grimm and was referred to the Committee 
on Financial Services. The bill has eight cosponsors.
    On May 18, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing that discussed H.R. 3128, 
entitled ``The Impact of the Dodd-Frank Act: Understanding 
Heightened Regulatory Capital Requirements.'' The Subcommittee 
received testimony from Mr. Daniel McCardell, Senior Vice 
President and Head of Regulatory Affairs, The Clearing House, 
and Mr. Richard Wald, Chief Regulatory Officer, Emigrant Bank.
    On May 31, 2012, the Committee met in open session and 
ordered H.R. 3128 favorably reported to the House by a vote of 
35 yeas and 15 nays.

             MARCH OF DIMES COMMEMORATIVE COIN ACT OF 2011

                              (H.R. 3187)


Summary

    H.R. 3187, the March of Dimes Commemorative Coin Act of 
2011, would direct the Treasury Secretary in 2015 to mint and 
make available for sale no more than 500,000 $1 silver coins in 
recognition and celebration of the 75th anniversary of the 
establishment of the March of Dimes Foundation. Surcharges on 
coin sales would be paid to the March of Dimes to help finance 
research, education, and services aimed at improving the health 
of women, infants, and children. The design of the coins will 
be emblematic of the mission and programs of the March of Dimes 
and its distinguished record of generating Americans' support 
to protect our children's health.

Legislative History

    On October 13, 2011, H.R. 3187 was introduced by 
Representative Robert Dold and referred to the Committee on 
Financial Services. The bill has 19 cosponsors.
    On August 1, 2012, the House agreed to a motion to suspend 
the rules, and passed H.R. 3187 by voice vote. The bill had 305 
cosponsors.
    On August 2, 2012, H.R. 3187 was received in the Senate.
    On December 10, 2012, the Senate agreed to H.R. 3187 
without amendment by unanimous consent.

                    SWAP JURISDICTION CERTAINTY ACT

                              (H.R. 3283)


Summary

    H.R. 3283, the Swap Jurisdiction Certainty Act, would 
clarify Congress's intent in limiting the extraterritorial 
application of Title VII of the Dodd-Frank Act. H.R. 3283 would 
make clear that (1) Title VII's capital requirements do not 
apply to non-U.S. swap dealers as long as the non-U.S. swap 
dealer's home country is a signatory to the Basel Capital 
Accords; (2) swap transactions between swap dealers and their 
affiliates are subject only to Title VII's reporting 
requirements; and (3) swap transactions between non-U.S. swap 
dealers and non-U.S. persons are outside the scope of Title 
VII's transaction-level requirements. H.R. 3283 would also 
strengthen the anti-evasion authority of the SEC and preserves 
the prudential regulators' non-Title VII authority over 
security-based swap dealers.

Legislative History

    On October 31, 2011, H.R. 3283 was introduced by 
Representative James Himes and referred to the Committee on 
Financial Services. The bill has 15 cosponsors.
    On February 8, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a legislative hearing 
on H.R. 3283 entitled ``Limiting the Extraterritorial Impact of 
Title VII of the Dodd-Frank Act.'' The Subcommittee received 
testimony from the following witnesses: Mr. Chris Allen, 
Managing Director, Barclays Capital; Dr. Chris Brummer, 
Professor of Law, Georgetown University; Mr. Don Thompson, 
Managing Director and Associate General Counsel, JPMorgan Chase 
& Co.; and Mr. Luke Zubrod, Director, Chatham Financial.
    On March 27, 2012, the Committee met in open session and 
ordered H.R. 3283, as amended, favorably reported to the House 
by a record vote of 41 yeas and 18 nays. The Committee Report 
was filed on May 11, 2012 (H. Rept. 112-477, Part 1).

                       FALLEN HEROES OF 9/11 ACT

                              (H.R. 3421)


Summary

    H.R. 3421, the Fallen Heroes of 9/11 Act, would authorize 
the design and striking of three copies of a Congressional Gold 
Medal ``of appropriate design in honor of the men and women who 
perished as a result of the terrorist attacks on the United 
States on September 11, 2001.'' One medal each will go to be 
displayed at the three attack sites: the National September 11 
Memorial and Museum in New York City; the Pentagon Memorial at 
the Pentagon; and the Flight 93 National Memorial in 
Pennsylvania. The medals would be awarded on behalf of Congress 
by the Speaker and the President pro tempore of the Senate, and 
after the award ceremony, bronze duplicates of the medal would 
be available for purchase.

Legislative History

    On November 14, 2011, H.R. 3421 was introduced by 
Representative Bill Shuster and referred to the Committee on 
Financial Services. The bill has 332 cosponsors.
    On December 14, 2011, the House considered H.R. 3421 under 
suspension of the rules and passed the bill by a record vote of 
416 yeas and 0 nays.
    On December 15, 2011, the Senate considered H.R. 3421 and 
passed the bill by Unanimous Consent.
    On December 23, 2011, H.R. 3421 was signed by the President 
and became Public Law No. 112-076.

   TO AMEND THE ABRAHAM LINCOLN COMMEMORATIVE COIN ACT TO ADJUST HOW 
                       SURCHARGES ARE DISTRIBUTED

                              (H.R. 3512)


Summary

    H.R. 3512, a bill to amend the Abraham Lincoln 
Commemorative Coin Act to adjust how surcharges are 
distributed, revises Section 7 of the Abraham Lincoln 
Commemorative Coin Act to allow distribution of the surcharges 
collected on the sales of the coin, which was available for 
purchase form the U.S. Mint in 2009. The coin was issued to 
commemorate the bicentennial of President Lincoln's birth, 
during that bicentennial year. The specified recipient of the 
surcharges was the Abraham Lincoln Bicentennial Commission. 
Following the bicentennial, the Commission was changed to a 
foundation to continue education about President Lincoln over 
the longer term, necessitating the change in the name of the 
recipient organization. Additionally, Title 31, Section 5134(f) 
of the United States Code allows the recipient no more than two 
years from the end of the coin program--in this case, until the 
end of 2011--to demonstrate to the satisfaction of the 
Secretary of the Treasury that it has raised private funds 
equal to or greater than the surcharge funds, before 
disbursement can take place. The Foundation raised about $2 
million in private funds, and thus would not by itself be able 
to collect the surcharges even with a name change, so the bill 
divides the remaining surcharges equally between the Abraham 
Lincoln Presidential Library and Museum, Ford's Theatre, and 
President Lincoln's Cottage on the grounds of the Soldier's 
Home in Washington, D.C., all of which are associated with the 
President and were sites of bicentennial events. These three 
organizations will each be responsible for demonstrating it has 
raised private matching funds equal to or greater than the 
amount it would receive, before funds can be disbursed. The 
Lincoln coin program, like all other commemorative coin 
programs, operated at no cost to the taxpayer and the 
surcharges were collected only from those who purchased the 
coin.

Legislative History

    On November 29, 2011, H.R. 3512 was introduced by 
Representative Jerrold Nadler and was referred to the Committee 
on Financial Services. The bill has no cosponsors.
    On November 30, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by voice vote.

REOPENING AMERICAN CAPITAL MARKETS TO EMERGING GROWTH COMPANIES ACT OF 
                                  2011

                              (H.R. 3606)


Summary

    H.R. 3606, the Reopening American Capital Markets to 
Emerging Growth Companies Act of 2011, was introduced to 
promote American job creation and further economic growth by 
making it easier for more companies to access capital markets 
through the creation of a new category of issuer known as an 
``Emerging Growth Company'' (EGC). An EGC will lose its status 
at the end of five years, or earlier if it reaches $1 billion 
in annual gross revenue or becomes a ``large accelerated 
filer,'' which is a company with over $700 million in public 
float. The law adapts the SEC's scaled regulations for smaller 
companies by more slowly phasing in regulations that impose 
high costs on issuers, without compromising core investor 
protections or disclosures.

Legislative History

    H.R. 3606 was introduced by Representative Stephen Fincher 
on December 8, 2011, and referred to the Committee on Financial 
Services. The bill has 53 cosponsors.
    On December 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a legislative hearing 
on H.R. 3606 entitled ``H.R. 3606, the Reopening American 
Capital Markets to Emerging Growth Companies Act of 2011.'' The 
Subcommittee received testimony from the following witnesses: 
Mr. Joseph Brantuk, Head, U.S. New Listings and IPOs & Vice 
President, NASDAQ OMX; Mr. Steven R. LeBlanc, Senior Managing 
Director of Private Markets, Teacher Retirement System of 
Texas; Ms. Kate Mitchell, Chair, Initial Public Offering Task 
Force, Former President of the National Venture Capital 
Association and Managing Director & Co-Founder, Scale Venture 
Partners; and Mr. Mike Selfridge, Head of Regional Banking, 
Silicon Valley Bank.
    On February 16, 2012, the Committee met in open session and 
ordered H.R. 3606, as amended, favorably reported to the House 
by a record vote of 54 yeas and 1 nay. The Committee report was 
filed on March 1, 2012 (H. Rept. 112-406) and Part 2 was filed 
on March 6, 2012 (H. Rept. 112-406, Part 2).
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 3606 with the Senate amendment to H.R. 
3606 by a record vote of 380 yeas and 41 nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

TO AMEND THE FEDERAL DEPOSIT INSURANCE ACT WITH RESPECT TO INFORMATION 
        PROVIDED TO THE BUREAU OF CONSUMER FINANCIAL PROTECTION

                              (H.R. 4014)


Summary

    H.R. 4014, a bill to amend the Federal Deposit Insurance 
Act with Respect to Information Provided to the Bureau of 
Consumer Financial Protection, would amend the Federal Deposit 
Insurance Act to make explicit that the production of 
privileged materials to the CFPB does not waive privilege as to 
third parties in order to provide certainty that the production 
of information compelled by the CFPB will not waive either the 
attorney-client privilege or work-product immunity. H.R. 4014 
would amend the Federal Deposit Insurance Act to make the CFPB 
a ``covered agency'' that may share information with another 
covered agency or any other federal agency without waiving any 
privilege applicable to the information. The bill would 
prohibit the submission of information to the CFPB in the 
course of its supervisory or regulatory process from being 
construed as waiving, destroying, or affecting any privilege 
that may be claimed with respect to such information under 
federal or state law as to any person or entity other than the 
CFPB, another federal banking agency, a state bank supervisor, 
or a foreign banking authority.

Legislative History

    On February 13, 2012, H.R. 4014 was introduced by 
Representative Bill Huizenga and was referred to the Committee 
on Financial Services. The bill has four cosponsors.
    On February 8, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``Legislative Proposals to Promote Accountability and 
Transparency at the Consumer Financial Protection Bureau,'' 
which examined H.R. 3871, a bill to provide certainty to 
financial institutions that a production of information 
compelled by the CFPB would not waive attorney-client privilege 
or work-product immunity. The Subcommittee received testimony 
from the following witnesses: Mr. Michael G. Hunter, Chief 
Operating Officer, American Bankers Association; Mr. Andrew J. 
Pincus, Partner, Mayer Brown LLP on behalf of the US Chamber of 
Commerce; Mr. Chris Stinebert, President and CEO, American 
Financial Services Association; and Prof. Arthur E. Wilmarth, 
Jr., Professor of Law, Executive Director, Center for Law, 
Economics & Finance, George Washington University Law School.
    On February 16, 2012, the Committee met in open session and 
ordered H.R. 4014 favorably reported to the House by voice 
vote. The Committee report was filed on March 20, 2012 (H. 
Rept. 112-417).
    On March 26, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 4014 by voice vote.
    On December 11, 2012, the Senate passed H.R. 4014, without 
amendment, by unanimous consent.
    On December 20, 2012, H.R. 4014 was signed by the President 
and became Public Law No. 112-215.

TO PROVIDE FOR THE AWARD OF A GOLD MEDAL ON BEHALF OF CONGRESS TO JACK 
   NICKLAUS IN RECOGNITION OF HIS SERVICE TO THE NATION IN PROMOTING 
               EXCELLENCE AND GOOD SPORTSMANSHIP IN GOLF

                              (H.R. 4040)


Summary

    H.R. 4040, a bill to provide for the award of a gold medal 
on behalf of Congress to Jack Nicklaus in recognition of his 
service to the Nation in promoting excellence and good 
sportsmanship in golf, would direct the Speaker of the House 
and President Pro Tempore of the Senate to make arrangements 
for the presentation, on behalf of Congress, of a gold medal to 
Jack Nicklaus in recognition of his service to the Nation in 
promoting excellence and good sportsmanship.

Legislative History

    On February 15, 2012, H.R. 4040 was introduced by 
Representative Joe Baca and referred to the Committee on 
Financial Services. The bill had 341 cosponsors.
    On April 16, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 4040 by a record vote of 373 yeas, 4 
nays and 1 present.

            PRO FOOTBALL HALL OF FAME COMMEMORATIVE COIN ACT

                              (H.R. 4104)


Summary

    H.R. 4104, the Pro Football Hall of Fame Commemorative Coin 
Act, would direct the Treasury Secretary in 2016 to mint and 
make available for sale no more than 50,000 $5 gold coins, 
400,000 $1 silver coins, and 750,000 half-dollar ``clad'' coins 
in recognition and celebration of the Pro Football Hall of 
Fame. Surcharges on coin sales would be paid to the Pro 
Football Hall of Fame to help finance the construction of a new 
building and renovation of existing Pro Football Hall of Fame 
facilities. The design of the coins will be emblematic of the 
game of professional football.

Legislative History

    On February 28, 2012, H.R. 4104 was introduced by 
Representative James Renacci and referred to the Committee on 
Financial Services. The bill has no cosponsor.
    On August 1, 2012, the House agreed to a motion to suspend 
the rules, and passed H.R. 4104 by voice vote. The bill had 294 
cosponsors.
    On August 2, 2012, H.R. 4104 was received in the Senate.

 SWAP DATA REPOSITORY AND CLEARINGHOUSE INDEMNIFICATION CORRECTION ACT 
                                OF 2012

                              (H.R. 4235)


Summary

    H.R. 4235, the Swap Data Repository and Clearinghouse 
Indemnification Correction Act of 2012, would repeal the 
indemnification provisions in Sections 725, 728, and 763 of the 
Dodd-Frank Act to increase market transparency, facilitate 
global regulatory cooperation, and ensure that U.S. regulators 
have access to swaps data from foreign data repositories, 
derivatives clearing organizations, and regulators.

Legislative History

    On March 21, 2012, H.R. 4235 was introduced by 
Representative Robert Dold and referred to the Committee on 
Financial Services. The bill has 10 cosponsors.
    On March 21, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing on 
a draft version of the bill entitled ``H.R. ___, the Swap Data 
Repository and Clearinghouse Indemnification Correction Act of 
2012.'' The Subcommittee received testimony from the following 
witnesses: Mr. Ethiopis Tafara, Director, Office of 
International Affairs, SEC; Mr. Daniel Berkovitz, General 
Counsel, CFTC; and Mr. Donald Donahue, Chief Executive Officer, 
Depository Trust & Clearing Corporation.
    On March 27, 2012, the Committee met in open session and 
ordered H.R. 4235, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on May 9, 2012 
(H. Rept. 112-471, Part 1).

               FHA EMERGENCY FISCAL SOLVENCY ACT OF 2012

                              (H.R. 4264)


Summary

    H.R. 4264, the FHA Emergency Fiscal Solvency Act of 2012, 
would assist the Federal Housing Administration (FHA) to shore 
up the Mutual Mortgage Insurance Fund (MMIF), establish minimum 
annual premiums for mortgage insurance, require lenders that 
committed fraud to pay the FHA back for mortgage-insurance 
losses, bar unscrupulous lenders from participating in FHA's 
mortgage insurance programs, and direct the FHA to implement 
internal fiscal oversight.
    In 2011, the Financial Services Committee held three 
hearings on the FHA that focused on its fiscal condition. By 
statute, the FHA is required to maintain a capital reserve 
ratio of 2 percent. In 2009, the FHA's capital reserve ratio 
had fallen to .53 percent, and in 2010 to .50 percent. In the 
FY 2011 independent actuarial review of the FHA, the FHA's 
required capital reserve ratio had fallen to .24 percent, far 
below the statutorily mandated reserve ratio of 2 percent. The 
FHA's deteriorating financial condition raised concerns that 
the FHA may become insolvent and expose taxpayers to further 
risk of loss.
    The FY 2011 independent actuarial review also found that 
the economic value of the MMIF had declined more than 77 
percent from the end of fiscal year 2010, from $5.16 billion to 
$1.19 billion. If home prices continue to fall, the MMIF's 
economic value could fall below zero, which in turn may prompt 
HUD to draw down funds from Treasury under Treasury's 
``permanent and indefinite'' appropriations authority to 
support the FHA fund, further exposing taxpayers to the risk of 
loss.

Legislative History

    On March 27, 2012, H.R. 4264 was introduced by Rep. Judy 
Biggert and was referred to the Committee on Financial 
Services. The bill has no cosponsors.
    On May 25, 2011, the Subcommittee held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single-and Multi-Family Mortgage Markets.'' 
The hearing focused on the FHA's and Rural Housing Service's 
single- and multi-family programs and examined legislative 
proposals to improve the financial condition of the FHA, the 
RHS and Ginnie Mae and to better protect taxpayers against 
losses from fraudulent or poorly-underwritten loans. The 
Subcommittee received testimony from the following witnesses: 
Ms. Katherine M. Alitz, President, Council for Affordable and 
Rural Housing; Mr. Michael D. Berman, Chairman, Mortgage 
Bankers Association; Mr. Mark A. Calabria, Director of 
Financial Regulation Studies, Cato Institute; Mr. Peter Carey, 
Director of Self-Help Housing Enterprises, Inc.; Mr. Brian 
Chappelle, Partner, Potomac Partners; Mr. Peter W. Evans, 
Partner, Moran and Company; Mr. Basil Petrou, Managing Partner, 
Federal Financial Analytics, Inc.; Mr. Ron Phipps, President, 
Phipps Realty; and Mr. Barry Rutenberg, First Vice Chairman, 
National Association of Home Builders.
    On September 8, 2011, the Subcommittee held a hearing 
entitled ``Legislative Proposals to Determine the Future Role 
of FHA, RHS and GNMA in the Single- and Multi-Family Mortgage 
Markets, Part 2.'' This hearing examined the single- and multi-
family programs of the FHA and the RHS. The hearing also 
examined legislative proposals to improve the financial 
condition of the FHA, the RHS, and Ginnie Mae and to better 
protect taxpayers against losses from fraudulent or poorly-
underwritten loans. The Subcommittee received testimony from 
the following witnesses: The Honorable Johnny Isakson (R-GA), 
United States Senate; Mrs. Carol Galante, Acting FHA 
Commissioner and Assistant Secretary for Housing, HUD; Ms. 
Cheryl Cook, Deputy Under Secretary for Rural Development, 
Department of Agriculture; and The Honorable Theodore ``Ted'' 
Tozer, President, Government National Mortgage Association.
    On February 7, 2012, the Subcommittee met in open session 
and ordered the bill favorably reported to the Full Committee 
by voice vote.
    On March 27, 2012, the Full Committee met in open session 
and ordered the bill favorably reported to the House.
    On June 20, 2012, the Committee Report was filed (H. Rept. 
112-544).
    On September 11, 2012, the House agreed to a motion to 
suspend the rules and pass the bill, H.R. 4264, by a record 
vote of 402 ayes and 7 nays.

   A BILL TO AMEND THE ELECTRONIC FUND TRANSFER ACT TO LIMIT THE FEE 
DISCLOSURE REQUIREMENT FOR AN AUTOMATIC TELLER MACHINE TO THE SCREEN OF 
                              THAT MACHINE

                              (H.R. 4367)


Summary

    H.R. 4367 amends Section 904 of the Consumer Credit 
Protection Act by eliminating the requirement that automated 
teller machine (ATM) operators post in a prominent and 
conspicuous location or at the ATM a notice that a fee is 
imposed by the operator when consumers withdraw cash from the 
ATM.

Legislative History

    On April 17, 2012, H.R. 4367 was introduced by 
Representative Blaine Luetkemeyer and referred to the Committee 
on Financial Services. The bill has 145 cosponsors.
    On June 27, 2012, the Committee met in open session and 
ordered the bill favorably reported to the House by voice vote.
    On June 29, 2012, the Committee Report was filed (H. Rept. 
112-576).
    On July 9, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 4367, as amended, by a recorded vote of 
371 yeas and 0 nays.
    On December 11, 2012, the Senate passed H.R. 4367, without 
amendment, by unanimous consent.
    On December 20, 2012, H.R. 4367 was signed by the President 
and became Public Law No. 112-216.

              THE INVESTMENT ADVISER OVERSIGHT ACT OF 2012

                              (H.R. 4624)


Summary

    H.R. 4624, the Investment Adviser Oversight Act of 2012, 
would adopt one of the three options presented to Congress by 
the Securities and Exchange Commission (SEC) to improve the 
SEC's ability to examine registered investment advisers. The 
three options were presented to Congress as part of a study 
mandated by Section 914 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act, which required the SEC to study 
``the need for enhanced examination and enforcement resources 
for investment advisers'' and report its findings to the House 
Financial Services and Senate Banking Committees.
    The discussion draft would amend the Investment Advisers 
Act of 1940 (Advisers Act) to provide for the creation of 
national investment adviser associations (NIAAs), registered 
with and overseen by the SEC. Investment advisers that conduct 
business with retail customers would have to become members of 
a registered NIAA. The SEC would have the authority to approve 
the registration of any NIAA, and the SEC would be required to 
determine whether an NIAA has the capacity to carry out the 
purposes of the Advisers Act and to enforce compliance by its 
members and their employees with the Advisers Act, the SEC's 
rules under the Act, and the NIAA's rules before the investment 
advisers association can register as a NIAA.

Legislative History

    On September 13, 2011, the Capital Markets and Government 
Sponsored Enterprises Subcommittee held a legislative hearing 
on a discussion draft of the Investment Adviser Oversight Act, 
entitled ``Ensuring Appropriate Regulatory Oversight of Broker-
Dealers and Legislative Proposals to Improve Investment 
Oversight.'' The Subcommittee received testimony from the 
following witnesses: Mr. William E. Dwyer III, Chairman, 
Financial Services Institute; Mr. Ken Ehinger, President and 
Chief Executive Officer, M Holdings Securities, Inc., on behalf 
of the Association for Advanced Life Underwriting; Mr. Terry 
Headley, President, National Association of Insurance and 
Financial Advisors; Mr. Steven D. Irwin, Commissioner, 
Pennsylvania Securities Commission, on behalf of the North 
American Securities Administrators Association; Mr. Richard G. 
Ketchum, Chairman and Chief Executive Officer, Financial 
Industry Regulatory Authority; Ms. Barbara Roper, Director of 
Investor Protection, Consumer Federation of America; Mr. John 
G. Taft, Chief Executive Officer, RBC Wealth Management, on 
behalf of the Securities Industry and Financial Markets 
Association; and Mr. David Tittsworth, Executive Director/
Executive Vice President, Investment Adviser Association.
    On June 6, 2012, the Committee on Financial Services held a 
hearing entitled ``H.R. 4624, the Investment Adviser Oversight 
Act of 2012.'' The Committee received testimony from the 
following witnesses: Mr. Dale Brown, President & CEO, Financial 
Services Institute; Mr. Thomas D. Currey, Past President, 
National Association of Insurance and Financial Advisors; Mr. 
Chet Helck, Chief Operating Officer, Raymond James Financial 
Inc., on behalf of the Securities Industry and Financial 
Markets Association; Mr. Richard Ketchum, Chairman and CEO, 
Financial Industry Regulatory Authority; Mr. John Morgan, 
Securities Commissioner of Texas, on behalf of the North 
American Securities Administrators Association; and Mr. David 
Tittsworth, Executive Director and Executive Vice President, 
Investment Adviser Association.

         NATIONAL FLOOD INSURANCE PROGRAM EXTENSION ACT OF 2012

                              (H.R. 5740)


Summary

    H.R. 5740, the National Flood Insurance Program Extension 
Act of 2012, would reauthorize the National Flood Insurance 
Program (NFIP) through June 30, 2012, and amend the National 
Flood Insurance Act to ensure the immediate and near-term 
fiscal and administrative health of the NFIP. The bill would 
also ensure the NFIP's continued viability by encouraging 
broader participation in the program, increasing financial 
accountability, eliminating unnecessary rate subsidies, and 
updating the program to meet the needs of the 21st century. The 
key provisions of H.R. 5740 include: (1) a 30-day extension of 
the NFIP; (2) a three-year delay in the mandatory purchase 
requirement for certain properties in newly designated Special 
Flood Hazard Areas (SFHAs); (3) a phase-in of full-risk, 
actuarial rates for areas newly designated as Special Flood 
Hazard; (4) a reinstatement of the Technical Mapping Advisory 
Council; and (5) an emphasis on greater private sector 
participation in providing flood insurance coverage.

Legislative History

    On May 15, 2012, H.R. 5740 was introduced by Subcommittee 
on Insurance, Housing and Community Opportunity Chairman Judy 
Biggert and referred to the Committee on Financial Services. 
The bill has one cosponsor.
    On May 17, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 5740, as amended, by a record vote of 
402 yeas and 18 nays.

A BILL TO PROVIDE FLEXIBILITY WITH RESPECT TO UNITED STATES SUPPORT FOR 
ASSISTANCE PROVIDED BY INTERNATIONAL FINANCIAL INSTITUTIONS FOR BURMA, 
                         AND FOR OTHER PURPOSES

                              (H.R. 6431)


Summary

    H.R. 6431 authorizes the Secretary of the Treasury, upon a 
determination by the President that it is in the U.S. national 
interest to support assistance for Burma, to instruct the U.S. 
Executive Director at any international financial institution 
to vote in favor of assistance for Burma; directs the President 
to provide Congress with written notice of any such 
determination; requires that prior to the President making such 
determination the Secretary of State and the Secretary of the 
Treasury shall consult with Congress regarding assistance for 
Burma by an international financial institution, and the 
national interests served by such assistance, and; directs the 
Secretary of the Treasury to instruct the U.S. Executive 
Director at each international financial institution to not 
vote in favor of assistance to Burma until at least 15 days 
have elapsed from the date on which the President has provided 
Congress with the required notice.

Legislative History

    On September 19, 2012, H.R. 6431 was introduced by Rep. Ed 
Royce and referred to the Committee on Financial Services.
    On September 19, 2012, the House agreed to suspend the 
rules and pass H.R. 6431 by voice vote.
    On September 22, 2012, the Senate passed H.R. 6431, without 
amendment, by unanimous consent.
    On October 5, 2012, H.R. 6431 was signed by the President 
and became Public Law No. 112-192.''

                         SEC MODERNIZATION ACT

Summary

    The SEC Modernization Act of 2011 would modernize the SEC 
by (1) consolidating duplicative offices; (2) promoting 
coordination amongst employees; (3) making managerial and 
ethics reforms; and (4) ensuring that the inspector general and 
ombudsman are truly independent. After the Dodd-Frank Act is 
fully implemented, the SEC Chairman will have twenty-four 
direct reports, making it even more difficult for the Chairman 
to effectively manage the agency. The SEC Modernization Act 
would enable the SEC to better accomplish its mission of 
protecting investors, maintaining fair, orderly, and efficient 
markets, and facilitating capital formation by incorporating 
recommendations from the Boston Consulting Group's report 
issued pursuant to Section 967 of the Dodd-Frank Act as well as 
recommendations by GAO and the SEC's Inspector General.

Legislative History

    On September 15, 2011, the Committee held a legislative 
hearing on the discussion draft of the SEC Modernization Act of 
2011 entitled ``Fixing the Watchdog: Legislative Proposals to 
Improve and Enhance the Securities and Exchange Commission.'' 
The Committee received testimony from the following witnesses: 
The Honorable Mary Schapiro, Chairman, U.S. SEC; Mr. Shubh 
Saumya, Partner and Managing Director, Boston Consulting Group; 
The Honorable Paul Atkins, Visiting Scholar, American 
Enterprise Institute, and Former Commissioner, SEC; Mr. Stephen 
D. Crimmins, Partner, K&L Gates LLP, and Former Deputy Chief 
Litigation Counsel, Division of Enforcement, SEC; Mr. Jonathan 
G. ``Jack'' Katz, Former Secretary, SEC, on behalf of the U.S. 
Chamber of Commerce; The Honorable Harvey Pitt, Chief Executive 
Officer, Kalorama Partners, LLC, and Former Chairman, SEC; and 
Mr. J.W. Verret, Assistant Professor of Law, George Mason 
University School of Law.

COMMITTEE PRINT OF BUDGET RECONCILIATION LEGISLATIVE RECOMMENDATIONS OF 
                  THE COMMITTEE ON FINANCIAL SERVICES

Summary

    The Committee Print contained four recommendations to meet 
the deficit reduction targets specified in the Fiscal Year 2013 
concurrent budget resolution (H. Con. Res. 112), as passed by 
the House on March 29, 2012 by a vote of 228 yeas to 191 nays. 
The budget resolution instructed six House committees--
Agriculture, Energy and Commerce, Financial Services, 
Judiciary, Oversight and Government Reform, and Ways and 
Means--to find $261 billion in savings over 10 years and to 
submit legislative recommendations that achieve these savings 
to the Budget Committee by April 27, 2012. The Committee 
submitted legislative recommendations that would reduce the 
deficit by $3 billion for fiscal years 2012 and 2013, $16.7 
billion for fiscal years 2012 through 2017, and $29.8 billion 
for fiscal years 2012 through 2022. Specifically, the 
recommendation to reauthorize the NFIP would achieve a savings 
of $880 million for fiscal years 2012-17 and $4.9 billion for 
fiscal years 2012-22. The recommendation to terminate the HAMP 
would achieve a savings of $617 million for fiscal years 2012-
2012, $2.624 billion for fiscal years 2012-2017, and $2.839 
billion for fiscal years 2012-22. The recommendation to repeal 
the Dodd-Frank Act's Orderly Liquidation Authority would 
achieve a savings of $3.418 billion for fiscal years 2012-13, 
$13.695 billion for fiscal years 2012-17, and $22.620 billion 
for fiscal years 2012-22. Lastly, the recommendation to direct 
funding for the Consumer Financial Protection Bureau would 
achieve a savings of $381 million for fiscal years 2012-13, 
$2.435 billion for fiscal years 2012-17, and $5.387 billion for 
fiscal years 2012-22. The Committee fulfilled the instructions 
by reporting these four legislative recommendations to the 
Committee on the Budget by April 27, 2012, as set forth in H. 
Con. Res. 112.

Legislative History

    On April 27, 2012, the Committee met in open session and 
ordered the recommendations, as amended, transmitted to the 
Committee on the Budget by a record vote of 31 yeas and 26 
nays.
    On May 9, 2012, Chairman Paul Ryan of the Committee on the 
Budget introduced H.R. 5652, a bill to provide for 
reconciliation pursuant to section 201 of the concurrent 
resolution on the budget for fiscal year 2013. H.R. 5652 
contained the recommendations submitted by the Committee.
    On May 10, 2012, the House considered and passed H.R. 5652 
by a record vote of 218 yeas, 199 nays and 1 present.

 A BILL TO PROVIDE FOR THE USE OF NATIONAL INFANTRY MUSEUM AND SOLDIER 
      CENTER COMMEMORATIVE COIN SURCHARGES, AND FOR OTHER PURPOSES

                               (S. 3363)


Summary

    S. 3363, a bill to provide for the use of National Infantry 
Museum and Soldier Center Commemorative Coin surcharges, and 
for other purposes, would amend Public Law No. 110-357 to allow 
the surcharges collected to be used not only for the 
maintenance of the National Infantry Museum and Soldier Center, 
but also for the retirement of debt associated with building 
the National Infantry Museum and Soldier Center.

Legislative History

    On June 29, 2012, S. 3363 was introduced by Senator Saxby 
Chambliss and passed the Senate by unanimous consent.
    On August 1, 2012, the House passed S. 3363 without 
objection.
    On August 10, 2012, S. 3363 was signed by the President and 
became Public Law No. 112-169.

                  Full Committee Oversight Activities


                           ECONOMIC RECOVERY

    On January 26, 2011, the Committee held a hearing entitled 
``Promoting Economic Recovery and Job Creation: The Road 
Forward.'' The purpose of this hearing was to provide leading 
economists, academics, business owners and citizens an 
opportunity to share their views about the barriers to economic 
growth, and to discuss macroeconomic issues and trends facing 
the country and affecting job creation. Witnesses discussed the 
effectiveness of the Federal Reserve's ``quantitative easing'' 
policy; the impact of regulatory uncertainty on job growth; and 
the consequences of federal housing policy on the economy. 
Witnesses also shared their views on the effect the national 
debt and budget deficit will have on the long-term health of 
the economy. The witnesses for this hearing included: Dr. 
William Poole of the University of Delaware; Professor John B. 
Taylor of Stanford University; Dr. Donald Kohn of the Brookings 
Institute; Professor Hal S. Scott of Harvard Law School; Mr. 
Eric Hoffman of Hoffman Media, LLC; Mr. Charles Maddy, III of 
Summit Financial Group; Mr. Andrew Bursky of Atlas Holdings, 
LLC; and Mr. Ken Brody of Taconic Capitol.

                              DERIVATIVES

    On February 15, 2011, the Committee held a hearing entitled 
``Assessing the Regulatory, Economic and Market Implications of 
the Dodd-Frank Derivatives Title.'' This hearing reviewed Title 
VII of the Dodd-Frank Act from the perspectives of both the 
federal regulators and market participants. Among the issues 
discussed were implementation timeline concerns, proposed 
rulemakings, and the impact on various market participants, 
including non-financial companies that use derivatives 
contracts to hedge against legitimate business risks. The 
Committee received testimony from the following witnesses: The 
Honorable Mary Schapiro, Chairman, SEC; The Honorable Gary 
Gensler, Chairman, CFTC; The Honorable Daniel K. Tarullo, 
Member, Federal Reserve Board of Governors; Craig Reiners, 
Director of Commodity Risk Management, MillerCoors, on behalf 
of the Coalition for Derivatives End-Users; Donald F. Donahue, 
Chairman & Chief Executive Officer, DTCC; Terry Duffy, 
Executive Chairman, the CME Group; Don Thompson, Managing 
Director and Associate General Counsel, JPMorgan, on behalf of 
SIFMA; Jamie Cawley, Chief Executive Officer, Javelin, on 
behalf of SDMA; and Christopher Giancarlo, Executive Vice 
President, Corporate development, the GFI Group Inc.

      THE FINAL REPORT OF THE FINANCIAL CRISIS INQUIRY COMMISSION

    On February 16, 2011, the Committee held a hearing entitled 
``The Final Report of the Financial Crisis Inquiry 
Commission.'' This hearing was held pursuant to Section 5 of 
the ``Fraud Enforcement and Recovery Act of 2009'' (Public Law 
111-21), which required the Committee to hold a hearing on the 
contents of the final report of the Financial Crisis Inquiry 
Commission (FCIC) within 120 days of its issuance. The FCIC was 
created by Congress in 2009 ``to examine the causes, domestic 
and global, of the current financial and economic crisis in the 
United States'' The Commission issued its final report on 
January 27, 2011, accompanied by dissenting views filed by 
individual Commissioners. The hearing focused on the findings 
of the Commission's final report and the commissioners' 
assessments of the efficacy of the reforms contained in the 
Dodd-Frank Act. In addition, the hearing examined the reasons 
for the Commission's inability to reach consensus in its 
findings with regard to the causes of the financial crisis. The 
Committee received testimony from the following witnesses: The 
Honorable Phil Angelides, Chairman of the FCIC; The Honorable 
Bill Thomas, Vice Chairman of the FCIC; and four other FCIC 
members: Dr. Douglas Holtz-Eakin, The Honorable Brooksley Born, 
Mr. Peter Wallison, and Mr. Byron Georgiou.

      OVERSIGHT OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

    On March 1, 2011, the Committee held a hearing entitled 
``Oversight of the Department of Housing and Urban Development 
(HUD).'' The hearing focused on the proposed budget for HUD for 
fiscal year 2012. HUD Secretary Shaun Donovan was the only 
witness. Secretary Donovan's testimony outlined the 
Administration's proposal to increase HUD's budget by $747 
million (1.6 percent) over fiscal year 2010, to a total of 
$47.8 billion for fiscal year 2012. As noted by the Committee, 
if adopted, the Administration's fiscal year 2012 budget 
request for HUD would result in a funding increase for HUD of 
$6.3 billion (15 percent) since President Obama took office.

                            MORTGAGE REFORM

    On March 1, 2011, the Committee held a hearing entitled 
``Mortgage Finance Reform: An Examination of the Obama 
Administration's Report to Congress.'' The Secretary of the 
Treasury, Timothy Geithner, was the only witness. Secretary 
Geithner presented the Administration's views on the future of 
America's housing finance system, including options for 
reforming the GSEs and reducing government support of the 
mortgage market.

 OVERSIGHT AND RESTRUCTURING OF THE SECURITIES AND EXCHANGE COMMISSION

    On September 15, 2011, the Committee held a hearing 
entitled ``Fixing the Watchdog: Legislative Proposals to 
Improve and Enhance the Securities and Exchange Commission.'' 
The hearing examined the recommendations set forth in the 
report of the Boston Consulting Group (BCG) on needed reforms 
at the SEC, which report was mandated by Section 967 of the 
Dodd-Frank Act, and examined two legislative proposals. The 
first proposal was a discussion draft entitled the ``SEC 
Modernization Act,'' which would reshape the SEC's managerial 
and operational structure; amend provisions of the Dodd-Frank 
Act regarding the creation of new SEC offices; and limit the 
use of the SEC Reserve Fund created in Section 991 of the Dodd-
Frank Act to only technology investments. The second proposal 
was H.R. 2308, the ``SEC Regulatory Accountability Act,'' which 
would amend the Securities Exchange Act of 1934 to require the 
SEC, before promulgating a regulation or issuing any order, to: 
(1) identify the nature and significance of the problem that 
the proposed regulation is designed to address in order to 
assess whether any new regulation is warranted; (2) use the 
Office of the Chief Economist to assess the costs and benefits 
of the intended regulation and adopt it only on a determination 
that its benefits justify the costs; and (3) ensure that any 
regulation is accessible, consistent, written in plain 
language, and easy to understand. The Committee received 
testimony from the following witnesses: The Honorable Mary 
Schapiro, Chairman, SEC; Mr. Shubh Saumya, Partner and Managing 
Director, Boston Consulting Group; The Honorable Paul Atkins, 
Visiting Scholar, American Enterprise Institute, and Former 
Commissioner, SEC; Mr. Stephen D. Crimmins, Partner, K&L Gates 
LLP, and Former Deputy Chief Litigation Counsel, Division of 
Enforcement, SEC; Mr. Jonathan G. ``Jack'' Katz, Former 
Secretary, SEC, on behalf of the U.S. Chamber of Commerce; The 
Honorable Harvey Pitt, Chief Executive Officer, Kalorama 
Partners, LLC, and Former Chairman, SEC; and Mr. J.W. Verret, 
Assistant Professor of Law, George Mason University School of 
Law.

     THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

    On June 16, 2011, the Committee held a hearing entitled 
``Financial Regulatory Reform: The International Context.'' 
During this hearing, the Committee examined the international 
implications of the Dodd-Frank Act for the United States 
financial services industry and the United Stated economy. 
Specifically, the Committee considered four aspects of United 
States regulation that may affect the ability of United States 
financial institutions to compete against their foreign 
counterparts and impede economic recovery in the United States: 
capital and liquidity requirements, regulation and oversight of 
``systemically significant financial institutions,'' 
derivatives regulation, and the regulation of proprietary 
trading. The Committee received testimony from the following 
witnesses: The Honorable Sheila C. Bair, Chairman of the FDIC; 
The Honorable Lael Brainard, Under Secretary of the Treasury 
for International Affairs; The Honorable Gary Gensler, Chairman 
of the CFTC; The Honorable Mary Schapiro, Chairman of the SEC; 
The Honorable Daniel K. Tarullo, Governor, Board of Governors 
of the Federal Reserve System; Mr. John Walsh, Acting 
Comptroller of the Currency, OCC; Mr. Stephen O'Connor, 
Managing Director, Morgan Stanley, and Chairman, International 
Swaps and Derivatives Association, on behalf of the 
International Swaps & Derivatives Association; Mr. Timothy 
Ryan, President & CEO of the Securities Industry and Financial 
Markets Association; Professor Hal S. Scott, Nomura Professor 
and Director of the Program on International Financial Systems, 
Harvard Law School; Mr. Barry L. Zubrow, Executive Vice 
President and Chief Risk Officer, JPMorgan Chase & Co.; and Mr. 
Damon A. Silvers, Associate General Counsel, American 
Federation of Labor and Congress of Industrial Organizations.

    HOUSING AND URBAN DEVELOPMENT, RURAL HOUSING SERVICE, NATIONAL 
                        REINVESTMENT CORPORATION

    On June 3, 2011, the Committee held a hearing entitled 
``Oversight of HUD's HOME Program.'' This was the first in a 
series of hearings on allegations of waste, fraud, and abuse 
within the HOME program. At this hearing, the Committee 
examined HUD's policies and procedures for monitoring the 
performance of the HOME program. HUD's Office of Inspector 
General performed internal audits of HUD's management of the 
HOME program in September 2009 and November 2010 which 
documented problems in HUD's ability to track HOME funds and 
activities. The Committee received testimony from the following 
witnesses: the Honorable Mercedes Marquez, HUD Assistant 
Secretary for Community Planning and Development; and Mr. James 
Heist, HUD Assistant Inspector General for Audit.
    On December 1, 2011, the Committee held a hearing entitled 
``Perspectives on the Health of the FHA Single-family Insurance 
Fund.'' The hearing examined the financial status of the FHA 
and the actuarial review of the FHA's MMIF for Fiscal Year 
2011, released by HUD on November 15, 2011. The Committee 
received testimony from the following witnesses: The Honorable 
Shaun Donovan, Secretary, Department of HUD; Mr. Mathew Scire, 
Director, Financial Markets and Community Investment, GAO; Dr. 
Andrew Caplin, Professor of Economics, Department of Economics, 
New York University; Mr. Henry V. Cunningham, Jr., CMB, 
President, Cunningham and Company, on behalf of the Mortgage 
Bankers Association; Mr. Patrick Sinks, President and Chief 
Operating Officer, Mortgage Guaranty Insurance Corporation, on 
behalf of the Mortgage Insurance Companies of America; Mr. Moe 
Veissi, President, National Association of Realtors; and Ms. 
Sarah Rosen Wartell, Executive Vice President, Center for 
American Progress.

    LAW ENFORCEMENT EFFORTS TO SECURE PRIVATE FINANCIAL INFORMATION

    On June 29, 2011, the Committee held a field hearing in 
Hoover, Alabama, entitled ``Hacked Off: Helping Law Enforcement 
Protect Private Financial Information.'' The purpose of the 
hearing was to examine threats computer hackers pose to 
individuals, businesses, financial institutions and government 
agencies; the methods that hackers employ to breach information 
technology systems; and the efforts of law enforcement to foil 
or arrest hackers. The Committee also examined the work of the 
National Computer Forensics Institute (NCFI), where state and 
local law enforcement officers, prosecutors and judges are 
trained in ways to detect, prosecute and try cases involving 
computer-based evidence. The Committee received testimony from 
the following witnesses: Mr. A. T. Smith, Assistant Director, 
United States Secret Service; Mr. Randall I. Hillman, Executive 
Director, Alabama District Attorneys Association; Mr. Gary 
Warner, Director of Research, Computer Forensics, University of 
Alabama Birmingham; and Mr. Douglas ``Clay'' Hammac, 
Investigator, Shelby County Sheriff's Office, Columbiana, 
Alabama.

                 FINANCIAL STABILITY OVERSIGHT COUNCIL

    On October 6, 2011, the Committee held a hearing entitled 
``The Annual Report of the Financial Stability Oversight 
Council.'' At this hearing, the Committee received the FSOC's 
Annual Report and the Secretary of the Treasury's testimony on 
the report. The hearing focused on the FSOC's efforts to 
implement regulatory reforms and identify emerging threats to 
the nation's financial stability. The Honorable Timothy 
Geithner, Secretary of the Treasury, was the sole witness.

                      REGULATORY BURDEN REDUCTION

    On December 5, 2011, the Committee on Financial Services 
held a field hearing in Chicago, Illinois, entitled 
``Regulatory Reform: Examining How New Regulations are 
Impacting Financial Institutions, Small Businesses and 
Consumers in Illinois,'' to hear from representatives of 
Illinois-based financial institutions and businesses about the 
effect of new financial regulations on the ability of financial 
institutions to extend credit and stimulate job growth, while 
staying economically viable. The hearing also examined the 
effect of federal bank examination policies and procedures--
examinations that some financial institutions contend may be 
overzealous--on economic recovery. The subcommittee received 
testimony from the following witnesses: Mr. Greg Ohlendorf, 
President and CEO, First Community Bank and Trust on behalf of 
the Independent Community Bankers of America; Mr. William 
Bates, Jr., Executive Vice President and General Counsel, 
Seaway Bank and Trust Company on behalf of the National Bankers 
Association; Mr. James Roolf, Chairman, Illinois Bankers 
Association; Mr. James Renn, President and CEO, Lisle Savings 
Bank on behalf of the Illinois League of Financial 
Institutions; Mr. John Schmitt, President and CEO, Naperville 
Area Chamber of Commerce; Ms. Dory Rand, President, Woodstock 
Institute; and Mr. Bob Palmer, Policy Director, Housing Action 
Illinois.

    ANNUAL REPORT AND TESTIMONY BY THE SECRETARY OF THE TREASURY ON 
 INTERNATIONAL MONETARY FUND REFORM AND THE STATE OF THE INTERNATIONAL 
                            FINANCIAL SYSTEM

    On March 20, 2012, the Committee held a hearing entitled 
``Hearing to Receive the Annual Testimony of the Secretary of 
the Treasury on the State of the International Financial 
System,'' to receive Secretary of the Treasury Timothy 
Geithner's testimony on the international financial system and 
the International Monetary Fund. This hearing is statutorily 
required under 22 U.S.C. 262r-4. In his testimony, Secretary 
Geithner described the Eurozone crisis, the efforts made by 
European governments to resolve the crisis, the involvement of 
the International Monetary Fund (IMF) in the Eurozone crisis, 
and the role of the United States in resolving the crisis, both 
bilaterally and through the IMF.

                  CONSUMER FINANCIAL PROTECTION BUREAU

    On March 29, 2012, the Committee held a hearing entitled 
``The Semi-Annual Report of the Consumer Financial Protection 
Bureau.'' This hearing was held pursuant to Section 1016 of the 
Dodd-Frank Act, which requires the CFPB to prepare semi-annual 
reports describing its activities during the previous six 
months, and requires the CFPB's Director to testify before the 
Financial Services Committee to report its findings. The 
hearing focused on the CFPB's activities since it assumed 
rulemaking, supervisory, and examination authority over 
consumer financial products and services. The hearing also 
examined the rules, orders, and other initiatives the CFPB has 
planned for the next six months, most of which implement 
provisions of the Dodd-Frank Act aimed at the mortgage market. 
The Honorable Richard Cordray, Director, CFPB, was the sole 
witness.

            U.S. FINANCIAL REGULATORS' SETTLEMENT PRACTICES

    On May 17, 2012, the Committee held a hearing entitled 
``Examining the Settlement Practices of U.S. Financial 
Regulators.'' This hearing examined the financial regulators' 
settlement policies and procedures, including their practice of 
entering into settlement agreements that do not require the 
subjects of the actions to admit wrongdoing. The Committee 
received testimony from the following witnesses: Mr. Scott G. 
Alvarez, General Counsel, Board of Governors of the Federal 
Reserve System; Mr. Robert Khuzami, Director, Division of 
Enforcement, SEC; Mr. Richard J. Osterman, Jr., Deputy General 
Counsel, Litigation and Resolutions Branch, FDIC; Mr. Daniel P. 
Stipano, Deputy Chief Counsel, OCC; The Honorable William F. 
Galvin, Secretary of the Commonwealth of Massachusetts; Mr. 
Richard W. Painter, Professor of Law, University of Minnesota 
Law School; and Mr. Kenneth Rosen, Professor of Law, University 
of Alabama School of Law.

                      INVESTMENT ADVISER OVERSIGHT

    On June 6, 2012, the Committee on Financial Services held a 
hearing entitled ``H.R. 4624, the Investment Adviser Oversight 
Act of 2012.'' The hearing reviewed the oversight of investment 
advisers by the SEC and state securities regulators, reviewed 
Section 914 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (P.L. 111-203), which directed the U.S. 
Securities and Exchange Commission (SEC) to study ``the need 
for enhanced examination and enforcement resources for 
investment advisers,'' and reviewed the resulting SEC staff 
study, which presented three options to Congress for its 
consideration to enhance investment adviser oversight. The 
hearing also examined H.R. 4624 which adopted the second option 
set out in the SEC Staff study--authorizing one or more self-
regulatory organizations for registered investment advisers, 
funded by membership fees, to supplement the SEC's oversight of 
investment advisers. H.R. 4624 amends the Investment Advisers 
Act of 1940 to provide for the creation of national investment 
adviser associations (NIAAs), registered with and overseen by 
the SEC, and requires investment advisers that conduct business 
with retail customers to join a registered NIAA. The Committee 
received testimony from the following witnesses: Mr. Dale 
Brown, President & CEO, Financial Services Institute; Mr. 
Thomas D. Currey, Past President, National Association of 
Insurance and Financial Advisors; Mr. Chet Helck, Chief 
Operating Officer, Raymond James Financial Inc., on behalf of 
the Securities Industry and Financial Markets Association; Mr. 
Richard Ketchum, Chairman and CEO, Financial Industry 
Regulatory Authority; Mr. John Morgan, Securities Commissioner 
of Texas, on behalf of the North American Securities 
Administrators Association; and Mr. David Tittsworth, Executive 
Director and Executive Vice President, Investment Adviser 
Association.

                  BANK SUPERVISION AND RISK MANAGEMENT

    On June 19, 2012, the Committee on Financial Services held 
a hearing entitled ``Examining Bank Supervision and Risk 
Management in Light of JPMorgan Chase's Trading Loss.'' The 
hearing reviewed the $2 billion trading loss disclosed by 
JPMorgan Chase & Co. in May 2012 and its implications for risk 
management at large complex financial institutions and the 
regulation of these institutions. The hearing heard testimony 
from the prudential and market regulators, which have 
jurisdiction over JPMorgan's holding company, national bank and 
trading operations as well as its role as a public company. The 
hearing also examined whether JPMorgan's trades would be 
subject to Section 619 of the Dodd-Frank Act, also known as the 
Volcker Rule, and how JPMorgan's derivatives positions would be 
regulated once the SEC and CFTC complete their rules to 
implement Title VII of the Dodd-Frank Act, which governs the 
regulation of the over-the-counter derivatives market. The 
Committee received testimony from the following witnesses: The 
Honorable Thomas J. Curry, Comptroller of the Currency, Office 
of the Comptroller of the Currency; The Honorable Mary 
Schapiro, Chairman, U.S. Securities and Exchange Commission; 
The Honorable Gary Gensler, Chairman, U.S. Commodity Futures 
Trading Commission; The Honorable Martin J. Gruenberg, Acting 
Chairman, Federal Deposit Insurance Corporation; Mr. Scott 
Alvarez, General Counsel, Federal Reserve Board of Governors; 
and Mr. Jamie Dimon, Chairman and Chief Executive Officer, 
JPMorgan Chase & Co.

              MONETARY POLICY AND THE STATE OF THE ECONOMY

    On March 2, 2011, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy,'' to receive 
the Federal Reserve Board's semi-annual report on monetary 
policy and the state of the economy. The Honorable Ben S. 
Bernanke, Chairman of the Federal Reserve Board, was the sole 
witness.
    On July 13, 2011, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy.'' The purpose 
of this hearing was to receive the semi-annual report to 
Congress on monetary policy and the state of the economy, 
delivered by Federal Reserve Chairman Ben S. Bernanke, who was 
the only witness.
    On February 29, 2012, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy.'' The purpose 
of this hearing was for Federal Reserve Board Chairman Ben 
Bernanke to deliver the Federal Reserve Board's semi-annual 
report to Congress on monetary policy and the state of the 
economy.
    On July 18, 2012, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy,'' to receive 
the Federal Reserve Board's semi-annual report on monetary 
policy and the state of the economy. The Honorable Ben S. 
Bernanke, Chairman of the Federal Reserve Board, was the sole 
witness.

                 FINANCIAL STABILITY OVERSIGHT COUNCIL

    On July 25, 2012, the Committee held a hearing entitled 
``The Annual Report of the Financial Stability Oversight 
Council.'' At this hearing, the Committee received the 
Secretary of the Treasury's testimony on the FSOC's 2012 Annual 
Report. The hearing focused on emerging threats to the nation's 
financial stability and reported attempts to manipulate the 
LIBOR interest rate index. The Honorable Timothy Geithner, 
Secretary of the Treasury, was the sole witness.

                  CONSUMER FINANCIAL PROTECTION BUREAU

    On September 20, 2012, the Committee held a hearing 
entitled ``The Semi-Annual Report of the Consumer Financial 
Protection Bureau.'' This hearing was held pursuant to Section 
1016 of the Dodd-Frank Act, which requires the Consumer 
Financial Protection Bureau (CFPB) to prepare semi-annual 
reports describing its activities during the previous six 
months, and requires the CFPB's Director to testify before the 
Financial Services Committee regarding its findings. The 
hearing examined the rules, orders, and other initiatives the 
CFPB is undertaking, many of which implement provisions of the 
Dodd-Frank Act aimed at the mortgage market. Mr. Richard 
Cordray, Director, CFPB, was the sole witness.

                   IMPLEMENTATION OF THE VOLCKER RULE

    On December 13, 2012, the Committee held a hearing entitled 
``Examining the Impact of the Volcker Rule on Markets, 
Businesses, Investors and Job Creation, Part II.'' The hearing 
reviewed the rule proposals promulgated by the prudential and 
market regulators in October of 2011 and January of 2012 to 
implement Section 619 of the Dodd-Frank Act, popularly known as 
the Volcker Rule. In particular, this hearing examined the 
effect of the rule proposals on the customers of bank holding 
companies, including municipalities, mutual funds, pension 
funds, asset managers, businesses, and job creators. The 
Committee received testimony from James Barth, Lowder Eminent 
Scholar in Finance, Auburn University and Senior Finance 
Fellow, Milken Institute; William R. Hambrecht, Founder, 
Chairman, and CEO, WR Hambrecht + Co.; Dennis M. Kelleher, 
President and Chief Executive Officer, Better Markets; Jeff 
Plunkett, General Counsel and Executive Vice President, Natixis 
Global Asset Management, on behalf of the Association of 
Institutional Investors; Thomas Quaadman, Vice President, 
Center of Capital Markets Competitiveness, U.S. Chamber of 
Commerce; and Paul Schott Stevens, President and CEO, The 
Investment Company Institute.

                      Full Committee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-1.................  Promoting Economic          January 26, 2011
                         Recovery and Job
                         Creation: The Road
                         Forward.
112-5.................  Assessing the Regulatory,   February 15, 2011
                         Economic and Market
                         Implications of the Dodd-
                         Frank Derivatives Title.
112-6.................  The Final Report of the     February 16, 2011
                         Financial Crisis Inquiry
                         Commission.
112-9.................  Mortgage Finance Reform:    March 1, 2011
                         An Examination of the
                         Obama Administration's
                         Report to Congress.
112-10................  Oversight of the            March 1, 2011
                         Department of Housing and
                         Urban Development (HUD).
112-11................  Monetary Policy and the     March 2, 2011
                         State of the Economy.
112-36................  Oversight of HUD's HOME     June 3, 2011
                         Program.
112-39................  Financial Regulatory        June 16, 2011
                         Reform: The International
                         Context.
112-43................  Hacked Off: Helping Law     June 29, 2011
                         Enforcement Protect
                         Private Financial
                         Information (Field
                         Hearing).
112-46................  Monetary Policy and the     July 13, 2011
                         State of the Economy.
112-62................  Fixing the Watchdog:        September 15, 2011
                         Legislative Proposals to
                         Improve and Enhance the
                         Securities and Exchange
                         Commission.
112-70................  The Annual Report of the    October 6, 2011
                         Financial Stability
                         Oversight Council.
112-87................  Perspectives on the Health  December 1, 2011
                         of the FHA Single-family
                         Insurance Fund.
112-89................  Regulatory Reform:          December 5, 2011
                         Examining How New
                         Regulations are Impacting
                         Financial Institutions,
                         Small Businesses and
                         Consumers in Illinois
                         (Field Hearing).
112-90................  H.R. 1148, the Stop         December 6, 2011
                         Trading on Congressional
                         Knowledge Act.
112-103...............  Monetary Policy and the     February 29, 2012
                         State of the Economy.
112-108...............  Hearing to Receive the      March 20, 2012
                         Annual Testimony of the
                         Secretary of the Treasury
                         on the State of the
                         International Financial
                         System.
112-114...............  The Semi-Annual Report of   March 29, 2012
                         the Consumer Financial
                         Protection Bureau.
112-128...............  Examining the Settlement    May 17, 2012
                         Practices of U.S.
                         Financial Regulators.
112-132...............  H.R. 4624, the Investment   June 6, 2012
                         Adviser Oversight Act of
                         2012.
112-136...............  Examining Bank Supervision  June 19, 2012
                         and Risk Management in
                         Light of JPMorgan Chase's
                         Trading Loss.
112-145...............  Monetary Policy and the     July 18, 2012
                         State of the Economy.
112-151...............  The Annual Report of the    July 25, 2012
                         Financial Stability
                         Oversight Council.
112-159...............  The Semi-Annual Report of   September 20, 2012
                         the Consumer Financial
                         Protection Bureau.
112-164...............  Examining the Impact of     December 13, 2012
                         the Volcker Rule on
                         Markets, Businesses,
                         Investors and Job
                         Creation, Part II.
------------------------------------------------------------------------

  Subcommittee on Capital Markets and Government Sponsored Enterprises


          (Ratio: 20-15)

    SCOTT GARRETT, New Jersey, 
             Chairman

MAXINE WATERS, California, Ranking MemberD SCHWEIKERT, Arizona, Vice 
GARY L. ACKERMAN, New York           Chairman
BRAD SHERMAN, California             PETER T. KING, New York
RUBEN HINOJOSA, Texas                EDWARD R. ROYCE, California
STEPHEN F. LYNCH, Massachusetts      FRANK D. LUCAS, Oklahoma
BRAD MILLER, North Carolina          DONALD A. MANZULLO, Illinois
CAROLYN B. MALONEY, New York         JUDY BIGGERT, Illinois
GWEN MOORE, Wisconsin                JEB HENSARLING, Texas
ED PERLMUTTER, Colorado              RANDY NEUGEBAUER, Texas
JOE DONNELLY, Indiana                JOHN CAMPBELL, California
ANDRE CARSON, Indiana                KEVIN McCARTHY, California
JAMES A. HIMES, Connecticut          STEVAN PEARCE, New Mexico
GARY C. PETERS, Michigan             BILL POSEY, Florida
AL GREEN, Texas                      MICHAEL G. FITZPATRICK, 
KEITH ELLISON, Minnesota             Pennsylvania
BARNEY FRANK, Massachusetts, ex officioN A. S. HAYWORTH, New York
                                     ROBERT HURT, Virginia
                                     MICHAEL G. GRIMM, New York
                                     STEVE STIVERS, Ohio
                                     ROBERT J. DOLD, Illinois
                                     FRANCISCO ``QUICO'' CANSECO, Texas
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


    FANNIE MAE AND FREDDIE MAC ACCOUNTABILITY AND TRANSPARENCY FOR 
                         TAXPAYERS ACT OF 2011

                               (H.R. 31)


Summary

    H.R. 31, the Fannie Mae and Freddie Mac Accountability and 
Transparency for Taxpayers Act of 2011, would expand the 
reporting requirements and enhance the authority of the FHFA's 
Office of Inspector General. H.R. 31 would require the FHFA 
Inspector General to report quarterly to Congress on the status 
of the conservatorships of the GSEs, Fannie Mae and Freddie 
Mac, including the extent of taxpayer liabilities, the GSEs' 
investment and foreclosure mitigation strategies, and 
management and personnel matters at the GSEs. H.R. 31 would 
require that these reports be publicly available. H.R. 31 would 
also grant the Inspector General additional law enforcement and 
personnel-hiring authorities.

Legislative History

    H.R. 31 was introduced by Representative Judy Biggert on 
January 5, 2011 and referred to the Committee on Financial 
Services. The bill has 19 cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 31 entitled ``Legislative Hearing on Immediate 
Steps to Protect Taxpayers from the Ongoing Bailout of Fannie 
Mae and Freddie Mac.'' The Subcommittee received testimony from 
the following witnesses: Mr. Edward DeMarco, Acting Director of 
the FHFA; The Honorable John H. Dalton, President of the 
Housing Policy Council, Financial Services Roundtable; Mr. 
Christopher Papagianis, Managing Director, Economics21; Mr. 
Edward Pinto, Resident Fellow, American Enterprise Institute; 
Mr. Bob Nielsen, Chairman of the Board, National Association of 
Home Builders; and Mr. Ron Phipps, President, National 
Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a voice vote.

                CHURCH PLAN INVESTMENT CLARIFICATION ACT

                               (H.R. 33)


Summary

    H.R. 33, the Church Plan Investment Clarification Act, 
would make a technical correction to Public Law 108-359, which 
prevents church pension plans from investing in collective 
trusts. The bill would allow church pension plans to invest in 
collective trusts by broadening an exemption in the current 
law. In 2003, Congress attempted to achieve this result, but 
omitted a necessary exemption from the Securities Act of 1933 
to provide parallel treatment for church plans with exemptions 
in the Investment Company Act of 1940 and the Securities 
Exchange Act of 1934. Without this correction, collective 
trusts will not accept investments from church pension plans.

Legislative History

    H.R. 33 was introduced by Subcommittee on Insurance, 
Housing and Community Opportunity Chairman Judy Biggert on 
January 5, 2011 and referred to the Committee on Financial 
Services. The bill has no cosponsors.
    On March 10, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The Subcommittee received testimony from the 
following witnesses: Mr. Robert Cook, Director, Division of 
Trading and Markets, SEC; Ms. Meredith Cross, Director, 
Division of Corporation Finance, SEC; Mr. Robert Khuzami, 
Director, Division of Enforcement, SEC; Ms. Eileen Rominger, 
Director, Division of Investment Management, SEC; and Mr. Carlo 
di Florio, Director, Office of Compliance Inspections and 
Examinations, SEC. During the hearing, Chairman Biggert asked 
Ms. Meredith Cross to comment on the need for legislation to 
modify the treatment of church pension plan investments in 
collective trusts.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on July 1, 2011 
(H. Rept. 112-131).
    On July 18, 2011, the House agreed to a motion to suspend 
the rules and pass H.R. 33, as amended, by a record vote of 310 
yeas and 1 nay.

          FANNIE MAE AND FREDDIE MAC TRANSPARENCY ACT OF 2011

                               (H.R. 463)


Summary

    H.R. 463, the Fannie Mae and Freddie Mac Transparency Act 
of 2011, would make the Freedom of Information Act (FOIA) 
applicable to Fannie Mae and Freddie Mac while they are in 
federal conservatorship or receivership. FOIA is the federal 
law that grants the public access to information or documents 
controlled by the U.S. government. Members of the public may 
make FOIA requests for the records of any government agency. 
Yet despite their public charters and their management by the 
federal government, neither Fannie Mae nor Freddie Mac is 
considered a federal agency for purposes of FOIA. Without this 
legislation, the public cannot access the GSEs' records, even 
though they are overseen directly by the federal government.

Legislative History

    On January 26, 2011, H.R 463 was introduced by 
Representative Jason Chaffetz and was referred to the Committee 
on Financial Services. The bill has eleven cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on H.R. 463 entitled ``Transparency, Transition and 
Taxpayer Protection: More Steps to End the GSE Bailout.'' The 
Subcommittee received testimony from the following witnesses: 
Mr. Edward J. DeMarco, Acting Director, FHFA; Dr. Anthony 
Sanders, Mercatus Center Senior Scholar and Distinguished 
Professor of Real Estate Finance, George Mason University; Mr. 
David John, Senior Research Fellow in Retirement Security and 
Financial Institutions, The Heritage Foundation; Dr. Sheila 
Crowley, President, National Low Income Housing Coalition; and 
Mr. Kelly William Cobb, Government Affairs Manager, Americans 
for Tax Reform.
    On July 12, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by voice vote.

                  EQUITABLE TREATMENT OF INVESTORS ACT

                               (H.R. 757)


Summary

    H.R. 757, the Equitable Treatment of Investors Act, would 
amend the Securities Investor Protection Act (SIPA) in the 
following ways: (1) require that the Securities Investor 
Protection Corporation (SIPC) value a customer's claim 
according to the last statement the customer received from the 
broker-dealer; (2) prohibit SIPC trustees from suing investors 
who withdrew more from their accounts than they deposited to 
recover that difference, unless the investor knew the broker-
dealer was engaged in fraud, or--if the investor is a 
registered broker-dealer or investment adviser--should have 
known the broker-dealer was engaged in fraud; and (3) modify 
the process for appointing the SIPA trustee and the trustee's 
attorneys.

Legislative History

    On February 17, 2011, H.R. 757 was introduced by 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises Chairman Scott Garrett and referred to the 
Committee on Financial Services. The bill has 13 cosponsors.
    On March 7, 2012, the Subcommittee held a legislative 
hearing on H.R. 757 entitled ``The Securities Investor 
Protection Corporation: Past, Present, and Future.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable David Vitter, United States Senate; Mr. Stephen 
Harbeck, President & Chief Executive Officer, SIPC; Ms. Sharon 
Bowen, Acting Chairman of the Board, SIPC; Mr. Joe Borg, 
Director, Alabama Securities Commission; Mr. Steven Caruso, 
Partner, Maddox Hargett & Caruso, P.C.; Mr. Ira Hammerman, 
Senior Managing Director and General Counsel, Securities 
Industry and Financial Markets Association; and Mr. Ron Stein, 
President, Network for Investor Action and Protection.

                UNITED STATES COVERED BONDS ACT OF 2011

                               (H.R. 940)


Summary

    H.R. 940, the United States Covered Bonds Act of 2011, 
would establish the statutory framework necessary to start a 
covered bonds market in the United States. The bill would 
provide legal certainty for covered bonds in three ways: 
specifying the categories of eligible issuers and eligible 
cover-pool assets; mandating an asset coverage test for cover 
pools and audits by an independent asset monitor; and 
clarifying applicable securities and tax matters. H.R. 940 
creates a separate resolution process for covered bond 
programs. The bill requires the Secretary of the Treasury, in 
consultation with applicable prudential regulators, to serve as 
the primary regulator of the covered bonds market.

Legislative History

    H.R. 940 was introduced by Subcommittee on Capital Markets 
and Government Sponsored Enterprises Chairman Scott Garrett on 
March 8, 2011 and referred to the Committee on Financial 
Services and the Committee on Ways and Means. The bill has one 
cosponsor.
    On March 11, 2011, the Subcommittee held a hearing on H.R. 
940 entitled ``Legislative Proposals to Create a Covered Bond 
Market in the United States.'' The Subcommittee received 
testimony from the following witnesses: Mr. Scott Stengel, 
Partner, King & Spalding LLP, on behalf of the U.S. Covered 
Bond Council; Mr. Bert Ely, Ely & Company, Inc.; Mr. Tim Skeet, 
Amias Berman & Co., on behalf of the International Capital 
Market Association; Mr. Ralph Daloisio, Managing Director, 
Natixis, on behalf of the American Securitization Forum; and 
Mr. Stephen G. Andrews, President and Chief Executive Officer, 
Bank of Alameda.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered H.R. 940, as amended, favorably reported to the House 
by a record vote of 44 yeas, 7 nays and 3 present.

                 BURDENSOME DATA COLLECTION RELIEF ACT

                              (H.R. 1062)


Summary

    H.R. 1062, the Burdensome Data Collection Relief Act, 
repeals Section 953(b) of the Dodd-Frank Act, which requires 
all publicly traded companies to calculate and disclose for 
each filing with the SEC the median annual total compensation 
of all employees of the company excluding the CEO, disclose the 
annual total compensation of the CEO, and calculate and 
disclose a ratio comparing those two numbers.

Legislative History

    H.R. 1062 was introduced by Representative Nan Hayworth on 
March 14, 2011 and referred to the Committee on Financial 
Services. The bill has seven cosponsors.
    On March 16, 2011, the Subcommittee held a hearing on a 
draft version of H.R. 1062 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 20 yeas and 12 nays.
    On June 22, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 33 yeas and 21 nays. The Committee Report was filed on 
July 12, 2011 (H. Rept. 112-142).

              SMALL COMPANY CAPITAL FORMATION ACT OF 2011

                              (H.R. 1070)


Summary

    H.R. 1070, the Small Company Capital Formation Act, raises 
the offering threshold for companies exempted from registration 
with the SEC under Regulation A from $5 million--the threshold 
set in the early 1990s--to $50 million. Raising the offering 
threshold helps small companies gain access to capital markets 
without the costs and delays associated with the full-scale 
securities registration process. H.R. 1070 provides the SEC 
with the authority to increase the threshold and requires the 
SEC to re-examine the threshold every two years and report to 
Congress on its decisions regarding adjustment of the 
threshold.

Legislative History

    H.R. 1070 was introduced by Representative David Schweikert 
on March 14, 2011 and referred to the Committee on Financial 
Services. The bill has seventeen cosponsors.
    On March 16, 2011, the Subcommittee held a hearing on a 
draft version of H.R. 1070 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' The Subcommittee received testimony from the 
following witnesses: Mr. Kenneth A. Bertsch, President and CEO, 
Society of Corporate Secretaries & Governance Professionals; 
Mr. Tom Deutsch, Executive Director, American Securitization 
Forum; Ms. Pam Hendrickson, Chief Operating Officer, The 
Riverside Company; Mr. David Weild, Senior Advisor, Grant 
Thornton, LLP; Mr. Luke Zubrod, Director, Chatham Financial on 
behalf of the Coalition for Derivatives End-Users; and Mr. 
Damon Silvers, Policy Director and Special Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on September 14, 
2011 (H. Rept. 112-206).
    On November 2, 2011, the House agreed to a motion to 
suspend the rules and pass H.R. 1070, as amended, by a record 
vote of 421 yeas and 1 nay.
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House considered the Senate 
amendment to H.R. 3606 under suspension of the rules, and 
agreed to the amendment by a record vote of 380 yeas and 41 
nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

         SMALL BUSINESS CAPITAL ACCESS AND JOB PRESERVATION ACT

                              (H.R. 1082)


Summary

    H.R. 1082, the Small Business Capital Access and Job 
Preservation Act, exempts advisers to private equity funds that 
have not borrowed and do not have outstanding a principal 
amount in excess of twice their funded capital commitments from 
SEC registration requirements as mandated by Title IV of the 
Dodd-Frank Act.

Legislative History

    H.R. 1082 was introduced by Representative Robert Hurt on 
March 15, 2011 and was referred to the Committee on Financial 
Services. The bill has nine cosponsors.
    On March 16, 2011, the Subcommittee held a hearing on H.R. 
1082 entitled ``Legislative Proposals to Promote Job Creation, 
Capital Formation, and Market Certainty.'' The Subcommittee 
received testimony from the following witnesses: Mr. Kenneth A. 
Bertsch, President and CEO, Society of Corporate Secretaries & 
Governance Professionals; Mr. Tom Deutsch, Executive Director, 
American Securitization Forum; Ms. Pam Hendrickson, Chief 
Operating Officer, The Riverside Company; Mr. David Weild, 
Senior Advisor, Grant Thornton, LLP; Mr. Luke Zubrod, Director, 
Chatham Financial on behalf of the Coalition for Derivatives 
End-Users; and Mr. Damon Silvers, Policy Director and Special 
Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 19 yeas and 13 nays.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on July 12, 2011 
(H. Rept. 112-143).

             EQUITY IN GOVERNMENT COMPENSATION ACT OF 2011

                              (H.R. 1221)


Summary

    H.R. 1221, the Equity in Government Compensation Act of 
2011, would suspend the current compensation packages for all 
of Fannie Mae and Freddie Mac's senior executives and establish 
a compensation system for the GSEs' executive officers 
consistent with the compensation and benefits provided under 
FIRREA. The bill requires the GSEs' regulator--the FHFA--to 
adjust the salaries of Fannie Mae's and Freddie Mac's 
nonsupervisory employees to conform to the General Schedule, a 
statutory pay system that pays employees based on surveys of 
non-federal pay for similar work. H.R. 1221 expresses the sense 
of the Congress that the 2010 and 2011 pay packages for Fannie 
Mae's and Freddie Mac's senior executives were excessive and 
that the money should be returned to the Treasury to reduce the 
national debt.

Legislative History

    On March 29, 2011, H.R. 1221 was introduced by Chairman 
Spencer Bachus and referred to the Committee on Financial 
Services and the Committee on Oversight and Government Reform. 
The bill has 19 cosponsors.
    On March 31, 2011, the Subcommittee held a hearing on H.R. 
1221 entitled ``Legislative Hearing on Immediate Steps to 
Protect Taxpayers from the Ongoing Bailout of Fannie Mae and 
Freddie Mac.'' The Subcommittee received testimony from the 
following witnesses: Mr. Edward DeMarco, Acting Director of the 
FHFA, The Honorable John H. Dalton, President of the Housing 
Policy Council, Financial Services Roundtable; Mr. Christopher 
Papagianis, Managing Director, Economics21; Mr. Edward Pinto, 
Resident Fellow, American Enterprise Institute; Mr. Bob 
Nielsen, Chairman of the Board, National Association of Home 
Builders; and Mr. Ron Phipps, President, National Association 
of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a record vote of 27 yeas and 6 
nays.
    On November 15, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 52 yeas and 4 nays. The Committee Report 
was filed on January 17, 2012 (H. Rept. 112-366, Part 1).

                  GSE SUBSIDY ELIMINATION ACT OF 2011

                              (H.R. 1222)


Summary

    H.R. 1222, the GSE Subsidy Elimination Act of 2011, would 
mandate that the FHFA gradually require Fannie Mae and Freddie 
Mac to increase the fees they charge for guaranteeing payments 
of principal and interest on mortgages that they securitize. 
H.R. 1222 also directs the FHFA to consider the conditions of 
the financial market in raising the GSEs' guarantee fees to 
ensure that its actions do not disrupt a housing recovery.

Legislative History

    H.R. 1222 was introduced by Representative Randy Neugebauer 
on March 29, 2011 and referred to the Committee on Financial 
Services. The bill has six cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1222 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward DeMarco, 
Acting Director of the FHFA; The Honorable John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Mr. Christopher Papagianis, Managing Director, 
Economics21; Mr. Edward Pinto, Resident Fellow, American 
Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Mr. Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 25 yeas and 9 nays.

            GSE CREDIT RISK EQUITABLE TREATMENT ACT OF 2011

                              (H.R. 1223)


Summary

    H.R. 1223, the GSE Credit Risk Equitable Treatment Act of 
2011, would clarify that a GSE loan purchase or asset-backed 
security issuance would not affect the status of the underlying 
assets. The bill is designed to ensure that mortgages held or 
securitized by Fannie Mae and Freddie Mac and asset-backed 
securities issued by them are treated similarly as other 
mortgages and asset-backed securities for purposes of the 
credit risk retention requirements in Section 941 of the Dodd-
Frank Act.

Legislative History

    H.R. 1223 was introduced by Representative Scott Garrett on 
March 29, 2011 and referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1223 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward DeMarco, 
Acting Director of the FHFA, The Honorable John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Mr. Christopher Papagianis, Managing Director, 
Economics21; Mr. Edward Pinto, Resident Fellow, American 
Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Mr. Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a record vote of 34 yeas and 0 
nays.

                GSE PORTFOLIO RISK REDUCTION ACT OF 2011

                              (H.R. 1224)


Summary

    H.R. 1224, the GSE Portfolio Risk Reduction Act of 2011, 
would accelerate and formalize the reductions in the size of 
the portfolios of the GSEs, by setting annual limits on the 
maximum size of each GSE's retained portfolio, ratcheting the 
limits down over five years until they reached a sustainable 
level. In the first year, the GSEs would have their portfolios 
capped at no more than $700 billion, declining to $600 billion 
for year two, $475 billion for year three, $350 billion for 
year four, and finally to $250 billion in year five.

Legislative History

    H.R. 1224 was introduced by Representative Jeb Hensarling 
on March 29, 2011 and referred to the Committee on Financial 
Services. The bill has five cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1224 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward DeMarco, 
Acting Director of the FHFA; The Honorable John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Mr. Christopher Papagianis, Managing Director, 
Economics21; Mr. Edward Pinto, Resident Fellow, American 
Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Mr. Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a record vote of 20 yeas and 14 
nays.

                 GSE DEBT ISSUANCE APPROVAL ACT OF 2011

                              (H.R. 1225)


Summary

    H.R. 1225, the GSE Debt Issuance Approval Act of 2011, 
would require the Treasury Department to approve any new debt 
issuances by the GSEs. If the Treasury Department chooses to 
approve a debt issuance, it must explain and justify its 
decision to Congress and the FHFA within 7 days.

Legislative History

    H.R. 1225 was introduced by Representative Stevan Pearce on 
March 29, 2011 and referred to the Committee on Financial 
Services. The bill has five cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1225 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward DeMarco, 
Acting Director of the FHFA; The Honorable John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Mr. Christopher Papagianis, Managing Director, 
Economics21; Mr. Edward Pinto, Resident Fellow, American 
Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Mr. Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 18 yeas, 0 nays and 1 present.

                  GSE MISSION IMPROVEMENT ACT OF 2011

                              (H.R. 1226)


Summary

    H.R. 1226, the GSE Mission Improvement Act of 2011, would 
repeal the GSEs' affordable housing goals. Fannie Mae and 
Freddie Mac, as GSEs, were vested with unique, governmentally-
derived advantages. Given their dominant role in the mortgage 
market, Congress has required them to set minimum percentage-
of-business goals for mortgage purchases. These affordable 
housing (or lending) goals have been designed to promote 
higher-risk as well as low-income lending and lending in 
underserved geographic areas.

Legislative History

    H.R. 1226 was introduced by Representative Ed Royce on 
March 29, 2011 and referred to the Committee on Financial 
Services. The bill has five cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1226 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward DeMarco, 
Acting Director of the FHFA; The Honorable John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Mr. Christopher Papagianis, Managing Director, 
Economics21; Mr. Edward Pinto, Resident Fellow, American 
Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Mr. Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by voice vote.

             GSE RISK AND ACTIVITIES LIMITATION ACT OF 2011

                              (H.R. 1227)


Summary

    H.R. 1227, the GSE Risk and Activities Limitation Act of 
2011, would prohibit the GSEs from offering, undertaking, 
transacting, conducting or engaging in any new business 
activities while in conservatorship or receivership. By 
preventing Fannie Mae or Freddie Mac from initiating new 
projects, as defined by FHFA regulation, Congress would be 
limiting their size and market dominance. Under current law, 
the FHFA Director must pre-approve a proposed GSE activity or 
product to determine whether it is in the public interest and 
consistent with the safety and soundness of the Enterprise or 
the financial system.

Legislative History

    H.R. 1227 was introduced by Representative David Schweikert 
on March 29, 2011 and referred to the Committee on Financial 
Services. The bill has six cosponsors.
    On March 31, 2011, the Subcommittee held a legislative 
hearing on H.R. 1227 entitled ``Legislative Hearing on 
Immediate Steps to Protect Taxpayers from the Ongoing Bailout 
of Fannie Mae and Freddie Mac.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward DeMarco, 
Acting Director of the FHFA; The Honorable John H. Dalton, 
President of the Housing Policy Council, Financial Services 
Roundtable; Mr. Christopher Papagianis, Managing Director, 
Economics21; Mr. Edward Pinto, Resident Fellow, American 
Enterprise Institute; Mr. Bob Nielsen, Chairman of the Board, 
National Association of Home Builders; and Mr. Ron Phipps, 
President, National Association of Realtors.
    On April 5, 2011 and April 6, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by voice vote.

             ASSET-BACKED MARKET STABILIZATION ACT OF 2011

                              (H.R. 1539)


Summary

    H.R. 1539, the Asset-Backed Market Stabilization Act of 
2011, would repeal Section 939G of the Dodd-Frank Act, thereby 
reinstating SEC Rule 436(g). Under the Securities Act, the 
written consent of an ``expert''--which includes any person who 
prepared or certified a portion of a statement or prospectus 
filed with the SEC--must be included in the filing, and the 
consenting expert is subject to liability for misstatements in 
the prepared or certified portion of the registration statement 
or prospectus. Rule 436(g) exempted NRSROs from being 
considered ``experts'' if their ratings were included in a 
registration statement or prospectus. Rule 436(g)'s repeal in 
the Dodd-Frank Act prompted NRSROs to refuse to consent to the 
inclusion of their ratings in statements and prospectuses, 
causing dislocation in the asset-backed securities market.

Legislative History

    H.R. 1539 was introduced by Representative Steve Stivers on 
April 14, 2011 and was referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 1539 entitled ``Legislative 
Proposals to Promote Job Creation, Capital Formation, and 
Market Certainty.'' The Subcommittee received testimony from 
the following witnesses: Mr. Kenneth A. Bertsch, President and 
CEO, Society of Corporate Secretaries & Governance 
Professionals; Mr. Tom Deutsch, Executive Director, American 
Securitization Forum; Ms. Pam Hendrickson, Chief Operating 
Officer, The Riverside Company; Mr. David Weild, Senior 
Advisor, Grant Thornton, LLP; Mr. Luke Zubrod, Director, 
Chatham Financial on behalf of the Coalition for Derivatives 
End-Users; and Mr. Damon Silvers, Policy Director and Special 
Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 18 yeas and 14 nays.
    On July 20, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by 31 yeas and 
19 nays. The Committee Report was filed on August 12, 2011 (H. 
Rept. 112-196).

      BUSINESS RISK MITIGATION AND PRICE STABILIZATION ACT OF 2011

                              (H.R. 1610)


Summary

    H.R. 1610, the Business Risk Mitigation and Price 
Stabilization Act of 2011, would exempt non-financial end-users 
of derivatives products from having to post margin as required 
under Title VII of the Dodd-Frank Act.

Legislative History

    H.R. 1610 was introduced by Representative Michael Grimm on 
April 15, 2011 and was referred to the Committee on Financial 
Services and the Committee on Agriculture. The bill has ten 
cosponsors.
    On February 15, 2011, the Committee held an oversight 
hearing on the implementation of Title VII of the Dodd-Frank 
Act entitled, ``Assessing the Regulatory, Economic and Market 
Implications of the Dodd-Frank Derivatives Title.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable Mary Schapiro, Chairman, SEC; The Honorable Gary 
Gensler, Chairman, CFTC; The Honorable Daniel K. Tarullo, 
Member, Federal Reserve Board of Governors; Mr. Craig Reiners, 
Director of Commodity Risk Management, MillerCoors, on behalf 
of the Coalition for Derivatives End-Users; Mr. Donald F. 
Donahue, Chairman & Chief Executive Officer, DTCC; Mr. Terry 
Duffy, Executive Chairman, CME Group; Mr. Don Thompson, 
Managing Director and Associate General Counsel, JPMorgan 
Chase, on behalf of SIFMA; Mr. Jamie Cawley, Chief Executive 
Officer, Javelin, on behalf of SDMA; and Mr. Christopher 
Giancarlo, Executive Vice President, Corporate Development, GFI 
Group Inc.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on the draft version of H.R. 1610 entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' The Subcommittee received 
testimony from the following witnesses: Mr. Kenneth A. Bertsch, 
President and CEO, Society of Corporate Secretaries & 
Governance Professionals; Mr. Tom Deutsch, Executive Director, 
American Securitization Forum; Ms. Pam Hendrickson, Chief 
Operating Officer, The Riverside Company; Mr. David Weild, 
Senior Advisor, Grant Thornton, LLP; Mr. Luke Zubrod, Director, 
Chatham Financial on behalf of the Coalition for Derivatives 
End-Users; and Mr. Damon Silvers, Policy Director and Special 
Counsel, AFL-CIO.
    On May 3, 2011 and May 4, 2011, the Subcommittee met in 
open session and ordered the bill, as amended, favorably 
reported to the Committee by a record vote of 19 yeas and 13 
nays.

                         COMMUNITIES FIRST ACT

                              (H.R. 1697)


Summary

    H.R. 1697, the Communities First Act, would reduce 
regulatory, paperwork, and tax burdens on small banks. The bill 
would revise regulatory requirements for community banks by (1) 
amending the Federal Deposit Insurance Act to permit certain 
insured depository institutions to submit a short-form report 
of condition; (2) amending the Sarbanes-Oxley Act to exempt 
certain small-sized depository institutions from the annual 
management assessment of internal controls requirements; (3) 
amending the Truth in Lending Act to exempt from escrow or 
impound account requirements any loan secured by a first lien 
on a consumer's principal dwelling, if the loan is held by a 
creditor with assets of $10 billion or less; and (4) amending 
the Gramm-Leach-Bliley Act to exempt certain financial 
institutions from furnishing a mandatory annual privacy notice.
    The bill would also amend the Securities Exchange Act of 
1934 to direct the SEC: (1) to ensure that information, 
documents, and reports accurately and appropriately reflect the 
business model of a registered security issuer; (2) to approve 
any new or amended generally accepted accounting principle only 
if it would have no negative economic impact on certain small-
sized insured depository institutions; and (3) to increase the 
shareholder registration threshold for certain banks and bank 
holding companies.
    The bill would also amend the Dodd-Frank Act: (1) to 
authorize the FSOC to set aside a final regulation prescribed 
by the CFPB if the Council decides that it would be 
inconsistent with the safe and sound operation of U.S. 
financial institutions, or could have a disproportionate 
negative impact on a subset of the banking industry; and (2) to 
repeal the authority of the Federal Reserve Board to delegate 
to the CFPB its authority to examine persons for compliance 
with federal consumer financial laws.
    For the purposes of capital calculation, the bill 
authorizes specified institutions: (1) to amortize losses or 
write-downs on a quarterly basis over a 10-year period; and (2) 
to average, over a five-year period, the appraised value of any 
real estate securing a loan held by the institution.

Legislative History

    On May 3, 2011, H.R. 1697 was introduced by Representative 
Blaine Luetkemeyer and was referred to the Committee on 
Financial Services. The bill has 55 cosponsors.
    On November 16, 2011, the Subcommittees on Financial 
Institutions and Consumer Credit and Capital Markets and 
Government Sponsored Enterprises held a joint legislative 
hearing on H.R. 1697 entitled ``H.R. 1697, The Communities 
First Act.'' The Subcommittees received testimony from the 
following witnesses: Mr. Salvatore Marranca, President and 
Chief Executive Officer, Cattaraugus County Bank on behalf of 
the Independent Community Bankers Association; Mr. O. William 
Cheney, President and Chief Executive Officer, Credit Union 
National Association; Mr. John A. Klebba, President and Chief 
Executive Officer, Legends Bank, on behalf of the Missouri 
Bankers Association; Mr. Fred Becker, Jr., President and Chief 
Executive Officer, National Association of Federal Credit 
Unions; Mr. Arthur E. Wilmarth, Jr., Professor of Law, George 
Washington University, Executive Director, Center for Law, 
Economics and Finance; Mr. Damon Silvers, Director, Policy and 
Special Counsel, American Federation of Labor and Congress of 
Industrial Organizations; and Mr. Adam J. Levitin, Professor of 
Law, Georgetown University Law Center.

                      SWAPS BAILOUT PREVENTION ACT

                              (H.R. 1838)


Summary

    H.R. 1838, the Swaps Bailout Prevention Act, would repeal 
Section 716 of the Dodd-Frank Act. Section 716 prohibits 
``federal assistance''--defined as ``the use of any advances 
from any Federal Reserve credit facility or discount window 
[or] Federal Deposit Insurance Corporation insurance or 
guarantees''--to ``swaps entities,'' which include swap dealers 
and major swap participants, securities and futures exchanges, 
swap-execution facilities, and clearing organizations. This 
provision, known as the swap desk ``push out'' or ``spin off'' 
provision, forces financial institutions that have swap desks 
to move them into an affiliate to preserve their access to 
Federal Reserve credit facilities and federal deposit 
insurance. Although the provision allows banks to continue 
dealing in swaps related to interest rates, foreign currency, 
and swaps permitted under the National Bank Act, it prohibits 
them from engaging in swaps related to commodities, equities, 
and credit.

Legislative History

    On May 11, 2011, H.R. 1838 was introduced by Representative 
Nan Hayworth and referred to the Committee on Financial 
Services and the Committee on Agriculture. The bill has no 
cosponsors.
    On October 14, 2011, the Subcommittee held a hearing on 
H.R. 1838 entitled ``Legislative Proposals to Bring Certainty 
to the Over-the-Counter Derivatives Market.'' The Subcommittee 
received testimony from the following witnesses: Mr. Keith 
Bailey, Managing Director, Fixed Income, Currencies and 
Commodities, Barclays Capital, on behalf of the Institute of 
International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee met in open session 
and ordered H.R. 1838, as amended, favorably reported to the 
Committee by a record vote of 19 yeas and 14 nays.

   TO AMEND THE SECURITIES LAWS TO ESTABLISH CERTAIN THRESHOLDS FOR 
           SHAREHOLDER REGISTRATION, AND FOR OTHER PURPOSES.

                              (H.R. 1965)


Summary

    H.R. 1965, a bill to amend the securities laws to establish 
certain thresholds for shareholder registration, and for other 
purposes, would raise the threshold for mandatory registration 
under the Securities Exchange Act of 1934 (the Exchange Act) 
from 500 shareholders to 2,000 shareholders for banks and bank 
holding companies. The bill would also modify the threshold for 
deregistration under Sections 12(g) and 15(d) of the Exchange 
Act for a bank or a bank holding company from 300 to 1,200 
shareholders.

Legislative History

    On May 24, 2011, H.R. 1965 was introduced by Representative 
James Himes and referred to the Committee on Financial 
Services. The bill has 18 cosponsors.
    On September 21, 2011, the Subcommittee held a hearing on 
H.R. 1965 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee met in open session 
and ordered the bill, as amended, favorably reported to the 
Committee by voice vote.
    On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote.
    On November 2, 2011, the House considered H.R. 1965 under 
suspension of the rules, and passed the bill, as amended, by a 
record vote of 420 yeas and 2 nays.

              PONZI SCHEME INVESTOR PROTECTION ACT OF 2011

                              (H.R. 1987)


Summary

    H.R. 1987, the Ponzi Scheme Investor Protection Act of 
2011, would amend the SIPA in the following ways: (1) prohibit 
SIPC trustees from suing direct investors in a Ponzi scheme who 
withdrew more from their accounts than they deposited to 
recover that difference unless the investor was complicit in 
the fraud, or is a registered broker-dealer or investment 
adviser; (2) extend SIPC coverage to indirect investors up to 
$100,000; (3) require that a customer's net equity be adjusted 
for inflation as measured by the Consumer Price Index; (4) 
reduce the amount of deference that a bankruptcy judge must 
give to SIPC's recommendation on trustee fees; and (5) mandate 
annual audits of SIPC trustees in cases which SIPC has no 
reasonable expectation that it will recoup the fees paid to the 
trustee.

Legislative History

    On May 25, 2011, H.R. 1987 was introduced by Representative 
Gary Ackerman and referred to the Committee on Financial 
Services. The bill has eight cosponsors.
    On March 7, 2012, the Subcommittee held a legislative 
hearing on H.R. 1987 entitled ``The Securities Investor 
Protection Corporation: Past, Present, and Future.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable David Vitter, United States Senate; Mr. Stephen 
Harbeck, President & Chief Executive Officer, Securities 
Investor Protection Corporation; Ms. Sharon Bowen, Acting 
Chairman of the Board, Securities Investor Protection 
Corporation; Mr. Joe Borg, Director, Alabama Securities 
Commission; Mr. Steven Caruso, Partner, Maddox Hargett & 
Caruso, P.C.; Mr. Ira Hammerman, Senior Managing Director and 
General Counsel, Securities Industry and Financial Markets 
Association; and Mr. Ron Stein, President, Network for Investor 
Action and Protection.

               PRIVATE COMPANY FLEXIBILITY AND GROWTH ACT

                              (H.R. 2167)


Summary

    H.R. 2167, the Private Company Flexibility and Growth Act, 
would raise the threshold for mandatory registration under the 
Securities Exchange Act of 1934 (the Exchange Act) from 500 
shareholders to 1,000 shareholders for all companies; 
shareholders who received securities under employee 
compensation plans would not count towards the threshold.
    Section 12(g) of the Exchange Act requires issuers to 
register equity securities with the SEC if those securities are 
held by 500 or more holders of record and the company has total 
assets of more than $10 million. After a company registers 
under 12(g), it must comply with the Exchange Act's reporting 
requirements, which include filing annual reports on Form 10-K, 
quarterly reports on Form 10-Q, current reports on Form 8-K, 
and proxy statements on Schedule 14A. The shareholder threshold 
has not been adjusted since it was adopted in 1964 and has 
become an impediment to capital formation for small startup 
companies. These companies often remain private to maintain 
greater flexibility and control, and to avoid the increased 
costs associated with becoming a public company. To attract 
employees and conserve capital for research and development, 
startup companies often award their employees stock options in 
place of higher salaries. If the company succeeds and those 
options vest, the holders of those options become equity 
holders, and they are counted against the registration 
threshold. Because private companies are taking longer to go 
public than they have in the past, employees' stock options are 
increasingly vesting before the companies go public. Small 
private companies may thus find themselves subject to the same 
reporting requirements as listed companies.

Legislative History

    On June 14, 2011, H.R. 2167 was introduced by 
Representative David Schweikert and referred to the Committee 
on Financial Services. The bill has 27 cosponsors.
    On September 21, 2011, the Subcommittee held a hearing on 
H.R. 2167 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee met in open session 
and ordered H.R. 2167, as amended, favorably reported to the 
Committee by voice vote.
    On October 26, 2011, the Committee met in open session and 
ordered H.R. 2167, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on December 12, 
2011 (H. Rept. 112-327).
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 would be amended by the Rules Committee 
Print 112-17, the Jumpstart Our Business Startups Act, which 
largely reflects the text of H.R. 3606 and H.R. 2167 as 
reported by the Committee on Financial Services, H.R. 1070, 
H.R. 2930, H.R. 2940 as passed the House, and H.R. 4088 as 
introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 3606 with the Senate amendment by a 
record vote of 380 yeas and 41 nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

                   SEC REGULATORY ACCOUNTABILITY ACT

                              (H.R. 2308)


Summary

    On June 23, 2011, Capital Markets and Government Sponsored 
Enterprises Subcommittee Chairman Garrett introduced H.R. 2308, 
the SEC Regulatory Accountability Act. H.R. 2308 requires the 
SEC to generally follow the principles set forth in Executive 
Order No. 13,563, which directs non-independent executive 
branch agencies to adopt regulations only if the benefits of 
the regulations justify their costs; to tailor regulations to 
impose the least burden on society; and to develop plans for 
retrospectively analyzing rules to identify those that are 
outmoded, ineffective, insufficient, or excessively burdensome 
and to modify, streamline, expand, or repeal them accordingly. 
H.R. 2308 also requires, in general, the SEC to identify a 
problem and assess its significance before the SEC issues a 
rule in order to determine whether regulation is warranted. The 
bill requires the SEC's Chief Economist to conduct a cost-
benefit analysis of proposed regulations, and it requires that 
the benefits of proposed regulations justify their costs before 
the SEC can issue them. Further, the bill requires the SEC to 
identify and assess alternatives to regulations that it 
considers, and to explain why a regulation that it issues meets 
regulatory objectives more effectively than the alternatives. 
The bill requires the SEC to ensure that its regulations be 
accessible, consistent, written in plain language, and easy to 
understand, and to measure and seek to improve the results of 
regulatory requirements.

Legislative History

    On June 23, 2011, H.R. 2308 was introduced by Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Chairman Scott Garrett and referred to the Committee on 
Financial Services. The bill has 19 cosponsors.
    On September 15, 2011, the Committee held a legislative 
hearing on H.R. 2308 entitled ``Fixing the Watchdog: 
Legislative Proposals to Improve and Enhance the Securities and 
Exchange Commission.'' The Committee received testimony from 
the following witnesses: The Honorable Mary Schapiro, Chairman, 
SEC; Mr. Shubh Saumya, Partner and Managing Director, Boston 
Consulting Group; The Honorable Paul Atkins, Visiting Scholar, 
American Enterprise Institute, and Former Commissioner, SEC; 
Mr. Stephen D. Crimmins, Partner, K&L Gates LLP, and Former 
Deputy Chief Litigation Counsel, Division of Enforcement, SEC; 
Mr. Jonathan G. ``Jack'' Katz, Former Secretary, SEC, on behalf 
of the U.S. Chamber of Commerce; The Honorable Harvey Pitt, 
Chief Executive Officer, Kalorama Partners, LLC, and Former 
Chairman, SEC; and Mr. J.W. Verret, Assistant Professor of Law, 
George Mason University School of Law.
    On November 15, 2011, the Subcommittee met in open session 
and ordered the bill, as amended, favorably reported to the 
Committee by a record vote of 19 yeas and 15 nays.
    On February 16, 2012, the Committee met in open session and 
ordered H.R. 2308, as amended, reported to the House by a 
record vote of 30 yeas and 26 nays. The Committee Report was 
filed on April 25, 2012 (H. Rept. 112-453).

                  GSE LEGAL FEE REDUCTION ACT OF 2011

                              (H.R. 2428)


Summary

    H.R. 2428, the GSE Legal Fee Reduction Act of 2011, would 
limit the indemnification of former executives of the GSEs 
Fannie Mae and Freddie Mac and set standards for advancing 
indemnification payments. Under the bill, the FHFA would have 
the authority to set criteria for indemnification and may 
require executives or directors to post bond as a condition of 
receiving indemnification advances. FHFA would be required to 
prohibit the GSEs from using Treasury funds to satisfy any 
settlement, judgment, order, or penalty.

Legislative History

    On July 6, 2011, H.R. 2428 was introduced by Subcommittee 
on Oversight and Investigations Chairman Randy Neugebauer and 
referred to the Committee on Financial Services. The bill has 
five cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2428 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' The Subcommittee received testimony 
from the following witnesses: Mr. Edward DeMarco, Acting 
Director of the FHFA; Dr. Anthony Sanders, Mercatus Center 
Senior Scholar and Distinguished Professor of Real Estate 
Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.

        FANNIE MAE AND FREDDIE MAC TAXPAYER PAYBACK ACT OF 2011

                              (H.R. 2436)


Summary

    H.R. 2436, the Fannie Mae and Freddie Mac Taxpayer Payback 
Act of 2011, would prohibit any reduction in the dividend rate 
paid to the Secretary of the Treasury on the senior preferred 
stock of Fannie Mae and Freddie Mac. The bill would codify the 
September 2008 agreement between the Treasury Department and 
the GSEs Fannie Mae and Freddie Mac, thus guaranteeing that 
taxpayers' investment in Fannie Mae and Freddie Mac will be 
repaid.
    As part of the government takeover of Fannie Mae and 
Freddie Mac, the Treasury Department provided both firms with 
capital in return for senior preferred stock that pays a 10 
percent quarterly dividend to the Treasury. Although the 
dividend may be changed at any time by agreement between the 
FHFA and Treasury Department, the 10 percent dividend was 
designed to guarantee that taxpayers would be fully repaid and 
that Fannie Mae and Freddie Mac would not be reincorporated 
after their conservatorship as private companies with public 
charters and missions. Some critics of the 10 percent dividend 
have argued that it forces the GSEs to borrow even more from 
the Treasury Department to repay what it has already borrowed 
plus the dividend, and thus serves no purpose.

Legislative History

    On July 7, 2011, H.R. 2436 was introduced by Representative 
Donald Manzullo and referred to the Committee on Financial 
Services. The bill has four cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2436 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' The Subcommittee received testimony 
from the following witnesses: Mr. Edward DeMarco, Acting 
Director of the FHFA; Dr. Anthony Sanders, Mercatus Center 
Senior Scholar and Distinguished Professor of Real Estate 
Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.
    On July 12, 2011, the Subcommittee met in open session and 
ordered H.R. 2436 favorably reported to the Committee by voice 
vote.

         REMOVING GSES CHARTERS DURING RECEIVERSHIP ACT OF 2011

                              (H.R. 2439)


Summary

    H.R. 2439, the Removing GSEs Charters During Receivership 
Act of 2011, would authorize the FHFA to revoke the charters of 
Fannie Mae and Freddie Mac, and require the FHFA to revoke the 
charter when a successor, limited-life entity is dissolved. The 
bill would also require the Director of the FHFA to submit a 
report to Congress analyzing the economic impact of privatizing 
the secondary mortgage market and detailing the costs of 
maintaining a government guarantee. The bill would also require 
the Director of the FHFA to make quarterly determinations for 
five years regarding whether $250 billion of residential 
mortgage loans were sold and securitized in the private, 
secondary mortgage market.

Legislative History

    On July 7, 2011, H.R. 2439 was introduced by Representative 
Steve Stivers and referred to the Committee on Financial 
Services. The bill has two cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2439 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' The Subcommittee received testimony 
from the following witnesses: Mr. Edward DeMarco, Acting 
Director of the FHFA; Dr. Anthony Sanders, Mercatus Center 
Senior Scholar and Distinguished Professor of Real Estate 
Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.
    On July 12, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by voice vote.

        MARKET TRANSPARENCY AND TAXPAYER PROTECTION ACT OF 2011

                              (H.R. 2440)


Summary

    H.R. 2440, the Market Transparency and Taxpayer Protection 
Act of 2011, would direct Fannie Mae and Freddie Mac to report 
to the FHFA on the assets they own within 180 days of the 
bill's enactment. The bill would also require the FHFA to 
identify the GSEs Fannie Mae and Freddie Mac assets that are 
not critical to the GSEs' missions, and direct the FHFA's 
director to establish annual plans for the GSEs to sell or 
dispose of these assets. The bill would also give the GSEs 
three years to dispose of these assets, and require the FHFA to 
report annually to Congress on the disposition of these assets.

Legislative History

    On July 7, 2011, H.R. 2440 was introduced by Representative 
Robert Hurt and referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2440 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' The Subcommittee received testimony 
from the following witnesses: Mr. Edward DeMarco, Acting 
Director of the FHFA; Dr. Anthony Sanders, Mercatus Center 
Senior Scholar and Distinguished Professor of Real Estate 
Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.
    On July 12, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by voice vote.

               HOUSING TRUST FUND ELIMINATION ACT OF 2011

                              (H.R. 2441)


Summary

    H.R. 2441, the Housing Trust Fund Elimination Act of 2011, 
would abolish the Affordable Housing Trust Fund. Created as 
part of the Housing and Economic Recovery Act of 2008 (HERA), 
the Affordable Housing Trust Fund was intended to serve as a 
permanent off-budget source of revenue dedicated to building, 
preserving, and rehabilitating housing for extremely and very 
low-income families. However, the Affordable Housing Trust Fund 
has never been capitalized. The cost of the Affordable Housing 
Trust Fund was estimated to be more than $4.5 billion over 5 
years, and it was to have been funded by Fannie Mae and Freddie 
Mac. When the FHFA placed the GSEs Fannie Mae and Freddie Mac 
into conservatorship in September 2008, FHFA suspended the 
GSEs' contributions to the Housing Trust Fund.

Legislative History

    On July 7, 2011, H.R. 2441 was introduced by Representative 
Edward Royce and referred to the Committee on Financial 
Services. The bill has two cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2441 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' The Subcommittee received testimony 
from the following witnesses: Mr. Edward DeMarco, Acting 
Director of the FHFA; Dr. Anthony Sanders, Mercatus Center 
Senior Scholar and Distinguished Professor of Real Estate 
Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.
    On July 12, 2011, the Subcommittee met in open session and 
ordered H.R. 2441, as amended, favorably reported to the 
Committee by a record vote of 18 yeas and 14 nays.

                    CAP THE GSE BAILOUT ACT OF 2011

                              (H.R. 2462)


Summary

    H.R. 2462, the Cap the GSE Bailout Act of 2011, would limit 
outlays to Fannie Mae or Freddie Mac to the larger of the net 
amounts Fannie Mae and Freddie Mac have received from the 
Treasury Department from 2010 to 2012 or $200 billion.
    In September 2008, when Fannie Mae and Freddie Mac were 
placed into conservatorship, the Treasury Department entered 
into an agreement to purchase up to $100 billion in senior 
preferred stock of each of the GSEs. In February 2009, the 
Treasury Department increased this level to up to $200 billion 
for each of the GSEs. In December 2009, the Treasury Department 
announced that it had raised the total limit for each GSE to 
the greater of $200 billion or $200 billion plus any additional 
payments made in calendar years 2010 through 2012, less any 
surplus amount as of December 31, 2012. H.R. 2462 codifies the 
December 2009 agreement. H.R. 2462 would cap the GSE bailout to 
provide certainty that government assistance is limited and 
will end.

Legislative History

    On July 8, 2011, H.R. 2462 was introduced by Representative 
Michael Fitzpatrick and referred to the Committee on Financial 
Services. The bill has three cosponsors.
    On May 25, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2462 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' The Subcommittee received testimony 
from the following witnesses: Mr. Edward DeMarco, Acting 
Director of the FHFA; Dr. Anthony Sanders, Mercatus Center 
Senior Scholar and Distinguished Professor of Real Estate 
Finance, George Mason University; Mr. David John, Senior 
Research Fellow in Retirement Security and Financial 
Institutions, The Heritage Foundation; Dr. Sheila Crowley, 
President, National Low Income Housing Coalition; and Mr. Kelly 
William Cobb, Government Affairs Manager, Americans for Tax 
Reform.
    On July 12, 2011, the Subcommittee met in open session and 
ordered H.R. 2462, as amended, favorably reported to the 
Committee by voice vote.

                 WHISTLEBLOWER IMPROVEMENT ACT OF 2011

                              (H.R. 2483)


Summary

    H.R. 2483, the Whistleblower Improvement Act of 2011, would 
amend the Securities Exchange Act of 1934 and the Commodity 
Exchange Act to require a whistleblower employee, as a 
prerequisite to eligibility for a whistleblower award, to (1) 
first report information relating to misconduct to his or her 
employer before reporting it to the SEC, and (2) report such 
information to the SEC within 180 days after reporting it to 
the employer. A whistleblower would still be eligible for an 
award even if the whistleblower fails to report the relevant 
information to his or her employer if (1) the employer lacks 
either a policy prohibiting retaliation for reporting potential 
misconduct or an internal reporting system allowing for 
anonymous reporting, or (2) the SEC determines that internal 
reporting was not a viable option. H.R. 2483 would also 
prohibit a whistleblower award to any whistleblower who has 
legal or compliance responsibilities and a fiduciary or 
contractual obligation to investigate internal reports of 
misconduct or violations under certain circumstances. H.R. 2483 
would also (1) make whistleblower awards discretionary instead 
of mandatory, (2) repeal the minimum award requirement, and (3) 
prohibit an award to a whistleblower who is found civilly 
liable or is determined by the SEC to have been complicit in 
misconduct related to the pertinent violation. H.R. 2483 would 
also require the SEC to notify the pertinent entity before 
commencing any enforcement action relating to information 
reported by a whistleblower, unless notification would 
jeopardize investigative measures and impede the gathering of 
relevant facts. Finally, the bill would require the GAO to 
study the effects of whistleblower reward programs on 
shareholder value and report to Congress on those effects 
within 18 months of the bill's enactment.

Legislative History

    H.R. 2483 was introduced by Representative Grimm on July 
11, 2011, and referred to the Committee on Financial Services. 
The bill has five cosponsors.
    On May 11, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 2483 entitled ``Legislative 
Proposals to Address the Negative Consequences of the Dodd-
Frank Whistleblower Provisions.'' The Subcommittee received 
testimony from the following witnesses: Mr. Robert J. Kueppers, 
Deputy Chief Executive Officer, Regulatory and Public Policy 
and Vice Chairman, Deloitte LLP; Ms. Marcia Narine, on behalf 
of the U.S. Chamber of Commerce; Mr. Kenneth Daly, President 
and CEO, National Association of Corporate Directors; Mr. 
Douglas Lankler, Executive Vice President and Chief Compliance 
Officer, Pfizer, Inc, on behalf of the Society of Corporate 
Secretaries and Governance Professionals; and Professor 
Geoffrey Rapp, Professor of Law, University of Toledo College 
of Law.
    On December 14, 2011, the Subcommittee met in open session 
and ordered H.R. 2483, as amended, favorably reported to the 
Committee by a record vote of 19 yeas and 14 nays.

               SWAP EXECUTION FACILITY CLARIFICATION ACT

                              (H.R. 2586)


Summary

    H.R. 2586, the Swap Execution Facility Clarification Act, 
would direct the CFTC and the SEC to promulgate SEF rules that 
would effectuate Congress's intent that SEFs serve as an 
alternative to exchanges and provide an execution facility for 
illiquid or thinly-traded swaps.
    The Dodd-Frank Act requires that cleared swaps be executed 
either on exchanges or on SEFs regulated by either the CFTC or 
the SEC. The drafters of the Dodd-Frank Act intended for SEFs 
to serve as an alternative to exchanges by providing an 
execution facility for illiquid or thinly-traded swaps. The 
CFTC's and SEC's proposed rules for SEFs, however, fail to 
provide the flexibility necessary to execute illiquid or 
thinly-traded swaps, and market participants have pointed out 
that the proposed rules are overly prescriptive and would 
inhibit the execution of swap trades. H.R. 2586 would prohibit 
the CFTC and the SEC from requiring SEFs to have a minimum 
number of participants receive bids or offers; to have market 
participants request or receive more than one quote; to display 
or delay bids or offers for a specific time period; and to 
allow only voice-based and hybrid trading models for the 
execution of block trades. The bill would also allow market 
participants to use any means of interstate commerce to execute 
swap transactions.

Legislative History

    On July 19, 2011, H.R. 2586 was introduced by Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Chairman Scott Garrett and referred to the Committee on 
Financial Services and the Committee on Agriculture. The bill 
has seven cosponsors.
    On October 14, 2011, the Subcommittee held a hearing on 
H.R. 2586 entitled ``Legislative Proposals to Bring Certainty 
to the Over-the-Counter Derivatives Market.'' The Subcommittee 
received testimony from the following witnesses: Mr. Keith 
Bailey, Managing Director, Fixed Income, Currencies and 
Commodities, Barclays Capital, on behalf of the Institute of 
International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee on met in open 
session and ordered the bill favorably reported to the 
Committee by voice vote.
    On November 30, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by voice vote.

 TO EXEMPT INTER-AFFILIATE SWAPS FROM CERTAIN REGULATORY REQUIREMENTS 
    PUT IN PLACE BY THE DODD-FRANK WALL STREET REFORM AND CONSUMER 
                             PROTECTION ACT

                              (H.R. 2779)


Summary

    H.R. 2779, a bill to exempt inter-affiliate swaps from 
certain regulatory requirements put in place by the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, would exempt 
inter-affiliate trades from the margin, clearing, and reporting 
requirements of the Dodd-Frank Act. Inter-affiliate swaps are 
swaps executed between entities under common corporate 
ownership. Inter-affiliate swaps allow corporate groups with 
subsidiaries and affiliates to better manage risk by 
transferring the risk of its affiliates to a single affiliate 
and then executing swaps through that affiliate. Inter-
affiliate swaps do not pose a systemic risk because they do not 
create additional counterparty exposures or increase the 
interconnectedness between parties outside the corporate group. 
Despite the differences between inter-affiliate swaps and swaps 
between unrelated parties, the Dodd-Frank Act did not 
distinguish between such swaps. H.R. 2779 would reduce the 
costs of hedging for corporate groups by exempting inter-
affiliate trades from the margin, clearing and reporting 
requirements.

Legislative History

    On August 1, 2011, H.R. 2779 was introduced by 
Representative Steve Stivers and referred to the Committee on 
Financial Services and the Committee on Agriculture. The bill 
has two cosponsors.
    On October 14, 2011, the Subcommittee a hearing on H.R. 
2779 entitled ``Legislative Proposals to Bring Certainty to the 
Over-the-Counter Derivatives Market.'' The Subcommittee 
received testimony from the following witnesses: Mr. Keith 
Bailey, Managing Director, Fixed Income, Currencies and 
Commodities, Barclays Capital, on behalf of the Institute of 
International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee met in open session 
and ordered the bill favorably reported to the Committee by a 
record vote of 23 yeas, 6 nays and 1 present.
    On November 30, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 53 yeas and 0 nays.

  TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO CLARIFY PROVISIONS 
    RELATING TO THE REGULATION OF MUNICIPAL ADVISORS, AND FOR OTHER 
                                PURPOSES

                              (H.R. 2827)


Summary

    On August 26, 2011, Representative Dold introduced H.R. 
2827 to clarify Section 975 of the Dodd-Frank Act, which 
requires municipal advisors to register with the SEC. H.R. 
2827, as passed by the House of Representatives on September 
19, 2012, would limit the scope of persons who must register 
under Section 975 by exempting individuals who meet any of the 
following criteria: (1) those who are not engaged for 
compensation; (2) a broker, dealer, or municipal securities 
dealer that serves or is seeking to serve as an underwriter or 
placement agent, registered investment advisers, registered 
swap dealers with respect to advice on a swap transaction, and 
banks with respect to deposits, foreign exchange, other 
products, or traditional banking or trust activities, and with 
respect to the activities exempted for broker-dealers, 
investment advisors and swap dealers; (3) insurance companies, 
accountants, and attorneys; and (4) elected or appointed 
members of state or local governmental bodies.
    H.R. 2827 also limits the definition of ``investment 
strategy'' to the investment of direct proceeds of municipal 
securities offerings that have been identified, or that are or 
should be known to be proceeds of such an offering. The bill 
clarifies that merely acting as a broker or dealer, or 
responding to a request for quotes or investment options, 
acting as a custodian, providing generalized investment 
information, or providing advice on matters other than the 
investment of funds or financial products would not be 
considered to be an investment strategy. H.R. 2827 also 
clarifies the definition of ``solicitation of a municipal 
entity,'' authorizes the Municipal Securities Rulemaking Board 
to permit principal transactions in certain circumstances. H.R. 
2827 also clarifies the scope of regulators' authority 
regarding municipal advisors.

Legislative History

    On July 20, 2012, the Subcommittee held a hearing entitled 
``The Impact of the Dodd-Frank Act on Municipal Finance.'' This 
hearing included a discussion of H.R. 2827. The Subcommittee 
received testimony from the following witnesses: The Honorable 
Jim Geringer, Chairman, Association of Governing Boards of 
Universities and Colleges; Mr. Alan D. Polsky, Chair, Municipal 
Securities Rulemaking Board; Dr. Robert Brooks, Professor of 
Finance, Wallace D. Malone, Jr. Endowed Chair of Financial 
Management, Department of Finance, The University of Alabama; 
Mr. Robert Doty, President, AGFS; Mr. Tim Firestine, Chief 
Administrative Officer, Montgomery County, MD and President 
Elect, Government Finance Officers Association; Mr. Kenneth 
Gibbs, President, Municipal Securities Group, Jefferies & 
Company, Inc., on behalf of the Securities Industry and 
Financial Markets Association; Ms. Christine H. Keck, Director, 
Government Relations, Energy Systems Group; Mr. Albert C. 
Kelly, Jr., President and Chief Executive Officer, SpiritBank, 
and Chairman, American Bankers Association; and Mr. Mike Marz, 
Vice Chairman, First Southwest, on behalf of the Bond Dealers 
of America.
    On August 1, 2012, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the full 
Committee by a record vote of 21 yeas, 10 nays and 1 present.
    On September 12, 2012, the full Committee met in open 
session and ordered the bill, as amended, favorably reported to 
the House by a recorded vote of 60 yeas and 0 nay.
    On September 19, 2012, the House agreed to a motion to 
suspend the rules and pass H.R. 2827, as amended, by voice 
vote.

                   ENTREPRENEUR ACCESS TO CAPITAL ACT

                              (H.R. 2930)


Summary

    H.R. 2930, the Entrepreneur Access to Capital Act, would 
create a new registration exemption from the Securities Act of 
1933 for securities issued through internet platforms, also 
known as ``crowdfunding.'' To qualify for this new exemption, 
the issuer's offering cannot exceed $1 million, unless the 
issuer provides investors with audited financial statements, in 
which case the offering amount may not exceed $2 million. An 
individual's investment must be equal to or less than the 
lesser of $10,000 or 10 percent of the investor's annual 
income. By exempting such offerings from registration with the 
SEC and preempting state registration laws, H.R. 2930 will 
enable entrepreneurs to more easily access capital from 
potential investors across the United States to grow their 
business and create jobs.
    H.R. 2930 would require issuers and intermediaries to 
fulfill a number of requirements in order to avail themselves 
of this new exemption. These requirements, which include 
notices to the SEC about the offerings and parties to the 
offerings that will be shared with the States, are designed to 
reduce the risk of fraud in these offerings and thereby protect 
investors. The legislation also would allow for an unlimited 
number of investors to invest via a crowdfunding offering and 
preempts state securities registration laws. However, the 
legislation does not restrict the States' ability to discover 
and stop and prosecute fraudulent offerings.

Legislative History

    On September 14, 2011, H.R. 2930 was introduced by 
Representative Patrick McHenry and referred to the Committee on 
Financial Services. The bill has five cosponsors.
    On September 21, 2011, the Subcommittee held a hearing on 
H.R. 2930 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee met in open session 
and ordered H.R. 2930 favorably reported to the Committee by a 
record vote of 18 yeas and 14 nays.
    On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on October 31, 
2011 (H. Rept. 112-262).
    On November 3, 2011, the House considered H.R. 2930 and 
passed the bill, with amendments, by a record vote of 407 yeas 
and 17 nays.
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House considered the Senate 
amendment to H.R. 3606 under suspension of the rules, and 
agreed to the amendment by a record vote of 380 yeas and 41 
nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

                 ACCESS TO CAPITAL FOR JOB CREATORS ACT

                              (H.R. 2940)


Summary

    H.R. 2940, the Access to Capital for Job Creators Act, 
would make the exemption under the SEC's Regulation D Rule 506 
available to issuers even if the securities are marketed 
through a general solicitation or advertising so long as the 
purchasers are ``accredited investors.'' The legislation would 
allow companies greater access to accredited investors and to 
new sources of capital to grow and create jobs, without putting 
less sophisticated investors at risk. To ensure that only 
accredited investors purchase the securities, H.R. 2940 
requires the SEC to write rules on how an issuer would verify 
that the purchasers of securities are accredited investors.
    The Securities Act of 1933 requires that any offer to sell 
securities must either be registered with the SEC or meet an 
exemption. Regulation D Rule 506 is an exemption that allows 
companies to raise capital as long as they do not market their 
securities through general solicitations or advertising. This 
prohibition on general solicitation and advertising has been 
interpreted to mean that potential investors must have an 
existing relationship with the company before they can be 
notified that unregistered securities are available for 
purchase. Requiring potential investors to have an existing 
relationship with the company significantly limits the pool of 
potential investors and severely hampers the ability of small 
companies to raise capital and create jobs.

Legislative History

    On September 15, 2011, H.R. 2940 was introduced by 
Representative Kevin McCarthy and referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On September 21, 2011, the Subcommittee held a hearing on 
H.R. 2940 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' The Subcommittee 
received testimony from the following witnesses: Ms. Meredith 
Cross, Director, Division of Corporation Finance, SEC; Mr. 
Vincent Molinari, Founder and Chief Executive Officer, GATE 
Technologies LLC; Mr. Barry E. Silbert, Founder and Chief 
Executive Officer, SecondMarket, Inc.; Mr. Matthew H. Williams, 
Chairman and President, Gothenburg State Bank, on behalf of the 
American Bankers Association; Mr. William D. Waddill, Senior 
Vice President and Chief Financial Officer, OncoMed 
Pharmaceuticals, Inc., on behalf of the Biotechnology Industry 
Organization; Mr. A. Heath Abshure, Commissioner, Arkansas 
Securities Department on behalf of the North American 
Securities Administrators; and Ms. Dana Mauriello, President, 
ProFounder.
    On October 5, 2011, the Subcommittee met in open session 
and ordered H.R. 2940, as amended, favorably reported to the 
Committee by voice vote.
    On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on October 31, 
2011 (H. Rept. 112-263).
    On November 3, 2011, the House considered H.R. 2940 and 
passed the bill by a record vote of 413 yeas and 11 nays.
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House considered the Senate 
amendment to H.R. 3606 under suspension of the rules, and 
agreed to the amendment by a record vote of 380 yeas and 41 
nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

                RETIREMENT INCOME PROTECTION ACT OF 2011

                              (H.R. 3045)


Summary

    H.R. 3045, the Retirement Income Protection Act of 2011, 
would ensure that swap dealers and Employee Retirement Income 
Security Act of 1978 (ERISA) benefit plans can engage in swap 
transactions without swap dealers becoming ``fiduciaries'' to 
ERISA plans.
    Employee benefit plans subject to the ERISA regularly 
engage in swap transactions to hedge against market risks, 
reduce volatility, and make funding obligations more 
predictable. Under Title VII of the Dodd-Frank Act, an ERISA 
employee benefit plan is deemed a ``special entity,'' and 
requires certain business conduct standards when transacting 
with swap dealers. Specifically, swap dealers have a duty to 
act in the ``best interests'' of special entities if they act 
as an advisor to the special entity. Because ERISA prohibits 
transactions between fiduciaries and ERISA plan sponsors, Title 
VII could forbid swap dealers from entering into swaps with 
ERISA plans, which would make it impossible for ERISA plans to 
engage in swap transactions.
    H.R. 3045 would amend ERISA so that registered swap dealers 
or security-based swap dealers will not be considered 
fiduciaries to employee benefit plans by performing acts or 
services for that plan, and would remove employee benefit plans 
from the definition of ``special entity'' in Title VII of the 
Dodd-Frank Act. The bill would clarify the definition of 
``investment advisor'' by setting a standard for an entity to 
be ``independent'' and therefore able to serve as an advisor to 
a special entity. H.R. 3045 would also make clear that the duty 
of the swap dealer to act in the ``best interests'' of a 
special entity does not create a fiduciary duty.

Legislative History

    On September 23, 2011, H.R. 3045 was introduced by 
Representative Francisco ``Quico'' Canseco and referred to the 
Committee on Financial Services, the Committee on Agriculture, 
and the Committee on Education and the Workforce. The bill has 
one cosponsor.
    On October 14, 2011, the Subcommittee held a legislative 
hearing on H.R. 3045 entitled ``Legislative Proposals to Bring 
Certainty to the Over-the-Counter Derivatives Market.'' The 
Subcommittee received testimony from the following witnesses: 
Mr. Keith Bailey, Managing Director, Fixed Income, Currencies 
and Commodities, Barclays Capital, on behalf of the Institute 
of International Bankers; Mr. Shawn Bernardo, Senior Managing 
Director, Tullett Prebon, on behalf of the Wholesale Market 
Brokers' Association Americas; Ms. Brenda Boultwood, Chief Risk 
Officer and Senior Vice President, CE Risk Management Division 
Office, Constellation Energy, on behalf of the Coalition of 
Derivatives End-Users; Mr. James Cawley, CEO, Javelin Capital 
Markets LLC; Mr. Kent Mason, Davis & Harman LLP, on behalf of 
the American Benefits Council and the Committee on the 
Investment of Employee Benefit Assets; and Mr. Conrad Voldstad, 
Chief Executive Officer, International Swaps and Derivatives 
Association.
    On November 15, 2011, the Subcommittee met in open session 
and ordered the bill favorably reported to the Committee by a 
record vote of 19 yeas and 14 nays.

       SMALL COMPANY JOB GROWTH AND REGULATORY RELIEF ACT OF 2011

                              (H.R. 3213)


Summary

    H.R. 3213, the Small Company Job Growth and Regulatory 
Relief Act of 2011, would expand the exemption from Section 
404(b) of the Sarbanes-Oxley Act.
    Section 404(b) of the Sarbanes-Oxley Act requires that the 
auditor of a publicly-held company attest to and report on 
management's assessment of its internal controls. In 2007, the 
SEC provided ``smaller reporting companies'' with exemptions 
from (or alternatives to) Section 404(b). A ``public'' company 
qualifies as a ``smaller reporting company'' if its market 
capitalization is less than $75 million, or--if its market 
capitalization cannot be determined--less than $50 million in 
revenue.
    H.R. 3213 would increase the market capitalization 
threshold for a full 404(b) exemption from $75 million to $350 
million.

Legislative History

    On October 14, 2011, H.R. 3213 was introduced by 
Representative Stephen Fincher and referred to the Committee on 
Financial Services. The bill has 17 cosponsors.
    On September 21, 2011, the Subcommittee held a legislative 
hearing on a draft version of H.R. 3213 entitled ``Legislative 
Proposals to Facilitate Small Business Capital Formation and 
Job Creation.'' The Subcommittee received testimony from the 
following witnesses: Ms. Meredith Cross, Director, Division of 
Corporation Finance, SEC; Mr. Vincent Molinari, Founder and 
Chief Executive Officer, GATE Technologies LLC; Mr. Barry E. 
Silbert, Founder and Chief Executive Officer, SecondMarket, 
Inc.; Mr. Matthew H. Williams, Chairman and President, 
Gothenburg State Bank, on behalf of the American Bankers 
Association; Mr. William D. Waddill, Senior Vice President and 
Chief Financial Officer, OncoMed Pharmaceuticals, Inc., on 
behalf of the Biotechnology Industry Organization; Mr. A. Heath 
Abshure, Commissioner, Arkansas Securities Department on behalf 
of the North American Securities Administrators; and Ms. Dana 
Mauriello, President, ProFounder.
    On October 5, 2011, the Subcommittee met in open session 
and ordered the draft version of H.R. 3213, as amended, 
favorably reported to the Committee by a record vote of 18 yeas 
and 14 nays.

                    SWAP JURISDICTION CERTAINTY ACT

                              (H.R. 3283)


Summary

    H.R. 3283, the Swap Jurisdiction Certainty Act, would 
clarify Congress's intent in limiting the extraterritorial 
application of Title VII of the Dodd-Frank Act. H.R. 3283 would 
make clear that (1) Title VII's capital requirements do not 
apply to non-U.S. swap dealers as long as the non-U.S. swap 
dealer's home country is a signatory to the Basel Capital 
Accords; (2) swap transactions between swap dealers and their 
affiliates are subject only to Title VII's reporting 
requirements; and (3) swap transactions between non-U.S. swap 
dealers and non-U.S. persons are outside the scope of Title 
VII's transaction-level requirements. H.R. 3283 would also 
strengthen the anti-evasion authority of the SEC and preserves 
the prudential regulators' non-Title VII authority over 
security-based swap dealers.

Legislative History

    On October 31, 2011, H.R. 3283 was introduced by 
Representative James Himes and referred to the Committee on 
Financial Services. The bill has 15 cosponsors.
    On February 8, 2012, the Subcommittee held a legislative 
hearing on H.R. 3283 entitled ``Limiting the Extraterritorial 
Impact of Title VII of the Dodd-Frank Act.'' The Subcommittee 
received testimony from the following witnesses: Mr. Chris 
Allen, Managing Director, Barclays Capital; Dr. Chris Brummer, 
Professor of Law, Georgetown University; Mr. Don Thompson, 
Managing Director and Associate General Counsel, JPMorgan Chase 
& Co.; and Mr. Luke Zubrod, Director, Chatham Financial.
    On March 27, 2012, the Committee met in open session and 
ordered H.R. 3283, as amended, favorably reported to the House 
by a record vote of 41 yeas and 18 nays. The Committee Report 
was filed on May 11, 2012 (H. Rept. 112-477, Part 1).

REOPENING AMERICAN CAPITAL MARKETS TO EMERGING GROWTH COMPANIES ACT OF 
                                  2011

                              (H.R. 3606)


Summary

    H.R. 3606, the Reopening American Capital Markets to 
Emerging Growth Companies Act of 2011, was introduced to 
promote American job creation and further economic growth by 
making it easier for more companies to access capital markets 
through the creation of a new category of issuer known as an 
EGC. An EGC will lose its status at the end of five years, or 
earlier, if it reaches $1 billion in annual gross revenue or 
becomes a ``large accelerated filer,'' which is a company with 
over $700 million in public float. The law adapts the SEC's 
scaled regulations for smaller companies by more slowly phasing 
in regulations that impose high costs on issuers, without 
compromising core investor protections or disclosures.

Legislative History

    H.R. 3606 was introduced by Representative Stephen Fincher 
on December 8, 2011 and referred to the Committee on Financial 
Services. The bill has 53 cosponsors.
    On December 15, 2011, the Subcommittee held a legislative 
hearing on H.R. 3606 entitled ``H.R. 3606, the Reopening 
American Capital Markets to Emerging Growth Companies Act of 
2011.'' The Subcommittee received testimony from the following 
witnesses: Mr. Joseph Brantuk, Head, U.S. New Listings and IPOs 
& Vice President, NASDAQ OMX; Mr. Steven R. LeBlanc, Senior 
Managing Director of Private Markets, Teacher Retirement System 
of Texas; Ms. Kate Mitchell, Chair, Initial Public Offering 
Task Force, Former President of the National Venture Capital 
Association; and Managing Director & Co-Founder, Scale Venture 
Partners; and Mr. Mike Selfridge, Head of Regional Banking, 
Silicon Valley Bank.
    On February 16, 2012, the Committee met in open session and 
ordered H.R. 3606, as amended, favorably reported to the House 
by a record vote of 54 yeas and 1 nay. The Committee report was 
filed on March 1, 2012 (H. Rept. 112-406) and Part 2 was filed 
on March 6, 2012 (H. Rept. 112-406, Part 2).
    On March 7, 2012, the House adopted H. Res. 572, which 
provided that H.R. 3606 be amended by the Rules Committee Print 
112-17, the Jumpstart Our Business Startups Act, which largely 
reflects the text of H.R. 3606 and H.R. 2167 as reported by the 
Committee on Financial Services, H.R. 1070, H.R. 2930, H.R. 
2940 as passed the House, and H.R. 4088 as introduced.
    On March 8, 2012, the House considered H.R. 3606 and passed 
the bill, with amendments, by a record vote of 390 yeas and 23 
nays.
    On March 22, 2012, the Senate considered H.R. 3606 and 
passed the bill, with amendments, by a record vote of 73 yeas 
and 26 nays.
    On March 27, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 3606 with the Senate amendment by a 
record vote of 380 yeas and 41 nays.
    On April 5, 2012, H.R. 3606 was signed by the President and 
became Public Law No. 112-106.

               PRIVATE MORTGAGE MARKET INVESTMENT ACT\2\
---------------------------------------------------------------------------

    \2\Previously listed as a discussion draft entitled ``Private 
Mortgage Market Investment Act.''
---------------------------------------------------------------------------

                              (H.R. 3644)


Summary

    H.R. 3644, the Private Mortgage Market Investment Act, 
would establish uniform securitization standards to help create 
a new securitization market to replace the secondary-mortgage 
market dominated by the GSEs Fannie Mae and Freddie Mac. The 
uniform securitization standards set forth in the bill would 
foster transparency and legal certainty, attracting investors 
to the U.S. mortgage market without creating a government 
guarantee that puts taxpayers at risk for bailing out investors 
in the multi-trillion dollar mortgage market.

Legislative History

    On December 13, 2011, H.R. 3644 was introduced by 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises Chairman Scott Garrett and referred to the 
Committee on Financial Services. The bill has six cosponsors.
    On November 3, 2011, the Subcommittee held a legislative 
hearing on a draft of the bill entitled ``H.R. ___, the Private 
Mortgage Market Investment Act.'' The Subcommittee received 
testimony from the following witnesses: Mr. Edward J. DeMarco, 
Acting Director, Federal Housing Finance Administration; Mr. 
Tom Deutsch, Director, American Securitization Forum; Mr. 
Martin Hughes, President and Chief Executive Officer, Redwood 
Trust, Inc.; Ms. Janneke Ratcliffe, Executive Director, Center 
for Community Capital, University of North Carolina at Chapel 
Hill; and Mr. Peter Wallison, Arthur Burns Fellow in Financial 
Policy Studies, American Enterprise Institute.
    On December 7, 2011, the Subcommittee held a legislative 
hearing on a draft of the bill entitled ``H.R. ___, the Private 
Mortgage Market Investment Act, Part 2.'' The Subcommittee 
received testimony from the following witnesses: Mr. Chris 
Katopis, Executive Director, Association of Mortgage Investors; 
Dr. Mark Calabria, Director of Financial Regulation Studies, 
Cato Institute; Mr. Mark Fleming, Chief Economist, CoreLogic; 
Mr. David H. Stevens, President and CEO, Mortgage Bankers 
Association; Mr. Tom Salomone, Real Estate II, Inc., on behalf 
of the National Association of Realtors; and Dr. William Poole, 
Distinguished Fellow in Residence, University of Delaware.
    On December 14, 2011, the Subcommittee met in open session 
and ordered a discussion draft of H.R. 3644, as amended, 
favorably reported to the Committee by a record vote of 18 yeas 
and 15 nays.

   IMPROVING SECURITY FOR INVESTORS AND PROVIDING CLOSURE ACT OF 2012

                              (H.R. 4002)


Summary

    H.R. 4002, the Improving Security for Investors and 
Providing Closure Act of 2012, would amend the SIPA to 
authorize the SIPC to propose a settlement to investors in 
cases in which the SEC and SIPC disagree on whether coverage 
under the SIPA is appropriate. The settlement offer cannot be 
greater than SIPA's $500,000 protection limit, and the 
settlement offer must be uniform for all investors, regardless 
of the size of their claims. Investors would have 180 days to 
individually accept the settlement offered by SIPC. Investors 
who settle with SIPC would be prohibited from making further 
claims against SIPC.

Legislative History

    On February 9, 2012, H.R. 4002 was introduced by 
Representative Bill Cassidy and referred to the Committee on 
Financial Services. The bill has 12 cosponsors.
    On March 7, 2012, the Subcommittee held a legislative 
hearing on H.R. 4002 entitled ``The Securities Investor 
Protection Corporation: Past, Present, and Future.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable David Vitter, United States Senate; Mr. Stephen 
Harbeck, President & Chief Executive Officer, Securities 
Investor Protection Corporation; Ms. Sharon Bowen, Acting 
Chairman of the Board, Securities Investor Protection 
Corporation; Mr. Joe Borg, Director, Alabama Securities 
Commission; Mr. Steven Caruso, Partner, Maddox Hargett & 
Caruso, P.C.; Mr. Ira Hammerman, Senior Managing Director and 
General Counsel, Securities Industry and Financial Markets 
Association; and Mr. Ron Stein, President, Network for Investor 
Action and Protection.

TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 AND THE COMMODITY EXCHANGE 
     ACT TO REPEAL THE INDEMNIFICATION REQUIREMENTS FOR REGULATORY 
 AUTHORITIES TO OBTAIN ACCESS TO SWAP DATA REQUIRED TO BE PROVIDED BY 
                    SWAPS ENTITIES UNDER SUCH ACTS.

                              (H.R. 4235)


Summary

    H.R. 4235, a bill to amend the Securities Exchange Act of 
1934 and the Commodity Exchange Act to repeal the 
indemnification requirements for regulatory authorities to 
obtain access to swap data required to be provided by swaps 
entities under such Acts, would repeal the indemnification 
provisions in Sections 725, 728, and 763 of the Dodd-Frank Act 
to increase market transparency, facilitate global regulatory 
cooperation, and ensure that U.S. regulators have access to 
necessary swaps data from foreign data repositories, 
derivatives clearing organizations, and regulators.

Legislative History

    On March 21, 2012, H.R. 4235 was introduced by 
Representative Robert Dold and referred to the Committee on 
Financial Services. The bill has eight cosponsors.
    On March 21, 2012, the Subcommittee held a legislative 
hearing on a draft of the bill entitled ``H.R. ___, the Swap 
Data Repository and Clearinghouse Indemnification Correction 
Act of 2012.'' The Subcommittee received testimony from the 
following witnesses: Mr. Ethiopis Tafara, Director, Office of 
International Affairs, SEC; Mr. Daniel Berkovitz, General 
Counsel, CFTC; and Mr. Donald Donahue, Chief Executive Officer, 
The Depository Trust & Clearing Corporation.
    On March 27, 2012, the Committee met in open session and 
ordered H.R. 4235, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on May 9, 2012 
(H. Rept. 112-471, Part 1).

                      THE FOSTERING INNOVATION ACT

                              (H.R. 6161)


Summary

    The SEC defines the filer status of public companies based 
on their public float. A ``large accelerated filer'' is a 
company with over $700 million public float, and an 
``accelerated filer'' is a company with public float between 
$75 million and $700 million.
    Companies that do not meet either of those definitions are 
``non-accelerated filers,'' and receive various forms of 
regulatory relief. These companies are exempt from SOX Section 
404(b)'s requirement that an external auditor attest to the 
company's internal controls and Item 402 of Regulation S-K. 
Instead, non-accelerated filers must (1) provide financial 
statements for two years prior to going public (instead of 
three years for larger companies); (2) disclose executive 
compensation for three named executive officers (instead of 
five for larger companies); and (3) file their annual reports 
within 90 days after the end of the fiscal year (instead of 60 
or 45 days for large companies).
    To allow more small companies to receive regulatory relief 
and incentivize them to access the public markets, 
Representative Michael Fitzpatrick introduced H.R. 6161, the 
``Fostering Innovation Act,'' on July 19, 2012. H.R. 6161 
requires that the SEC amend its definitions so that companies 
that either have a public float of less than $250 million or 
have between $250 million and $700 million in public float but 
less than $100 million in annual revenue are deemed ``non-
accelerated filers'' and able to take advantage of the 
regulatory relief discussed above.

Legislative History

    On July 26, 2012, the Subcommittee held a hearing entitled 
``The 10th Anniversary of the Sarbanes-Oxley Act.'' The hearing 
examined H.R. 6161, the ``Fostering Innovation Act.'' The 
Subcommittee received testimony from the following witnesses: 
Mr. John Berlau, Senior Fellow for Finance and Access to 
Capital, Competitive Enterprise Institute; Mr. Mercer E. 
Bullard, Jessie D. Puckett, Jr., Lecturer and Associate 
Professor of Law, The University of Mississippi School of Law; 
Mr. John Coffee, Adolf A. Berle Professor of Law, Columbia 
University Law School; Mr. Mallory Factor, President, Mallory 
Factor Inc., and Professor, The Citadel; Mr. Michael J. 
Gallagher, Chairman, Professional Practice Executive Committee, 
Center for Audit Quality; Mr. Jeffrey Hatfield, President and 
Chief Executive Officer, Vitae Pharmaceuticals on behalf of the 
Biotechnology Industry Organization; and Ms. Marie Hollein, 
President and Chief Executive Officer, Financial Executives 
International.
    On August 1, 2012, the Subcommittee met in open session and 
ordered the bill favorably reported to the full Committee by a 
record vote of 18 yeas and 15 nays.

                    INVESTMENT ADVISER OVERSIGHT ACT

Summary

    A discussion draft offered by Chairman Spencer Bachus, the 
Investment Adviser Oversight Act, would adopt one of the three 
options presented to Congress by the SEC to improve the SEC's 
ability to examine registered investment advisers. The three 
options were presented to Congress as part of a study mandated 
by Section 914 of the Dodd-Frank Act, which required the SEC to 
study ``the need for enhanced examination and enforcement 
resources for investment advisers'' and report its findings to 
the House Financial Services and Senate Banking Committees.
    The discussion draft would amend the Investment Advisers 
Act of 1940 (Advisers Act) to provide for the creation of 
national investment adviser associations (NIAAs), registered 
with and overseen by the SEC. Investment advisers that conduct 
business with retail customers would have to become members of 
a registered NIAA. The SEC would have the authority to approve 
the registration of any NIAA, and the SEC would be required to 
determine whether an NIAA has the capacity to carry out the 
purposes of the Advisers Act and to enforce compliance by its 
members and their employees with the Advisers Act, the SEC's 
rules under the Act, and the NIAA's rules before the investment 
advisers association can register as a NIAA.

Legislative History

    On September 13, 2011, the Subcommittee held a legislative 
hearing on the discussion draft, entitled ``Ensuring 
Appropriate Regulatory Oversight of Broker-Dealers and 
Legislative Proposals to Improve Investment Adviser 
Oversight.'' The Subcommittee received testimony from the 
following witnesses: Mr. William E. Dwyer III, Chairman, 
Financial Services Institute; Mr. Ken Ehinger, President and 
Chief Executive Officer, M Holdings Securities, Inc., on behalf 
of the Association for Advanced Life Underwriting; Mr. Terry 
Headley, President, National Association of Insurance and 
Financial Advisors; Mr. Steven D. Irwin, Commissioner, 
Pennsylvania Securities Commission, on behalf of the North 
American Securities Administrators Association; Mr. Richard G. 
Ketchum, Chairman and Chief Executive Officer, Financial 
Industry Regulatory Authority; Ms. Barbara Roper, Director of 
Investor Protection, Consumer Federation of America; Mr. John 
G. Taft, Chief Executive Officer, RBC Wealth Management, on 
behalf of the Securities Industry and Financial Markets 
Association; and Mr. David Tittsworth, Executive Director/
Executive Vice President, Investment Adviser Association.

TO AMEND THE SARBANES-OXLEY ACT OF 2002 TO PROHIBIT THE PUBLIC COMPANY 
   ACCOUNTING OVERSIGHT BOARD FROM REQUIRING PUBLIC COMPANIES TO USE 
    SPECIFIC AUDITORS OR REQUIRE THE USE OF DIFFERENT AUDITORS ON A 
                            ROTATING BASIS.

Summary

    The draft bill would amend the Sarbanes-Oxley Act to 
prohibit the Public Company Accounting Oversight Board from 
requiring public companies to rotate their audit firms.

Legislative History

    On March 28, 2012, the Subcommittee held a legislative 
hearing on the discussion draft entitled ``Accounting and 
Auditing Oversight: Pending Proposals and Emerging Issues 
Confronting Regulators, Standard Setters and the Economy.'' The 
Subcommittee received testimony from the following witnesses: 
Mr. James L. Kroeker, Chief Accountant, SEC; Mr. James R. Doty, 
Chairman, Public Company Accounting Oversight Board; Ms. Leslie 
Seidman, Chairman, Financial Accounting Standards Board; Mr. 
Robert Attmore, Chairman, Governmental Accounting Standards 
Board; Mr. Joseph Carcello, Professor, Department of Accounting 
and Information Management, The University of Tennessee; Mr. 
Gary R. Kabureck, Vice President and Chief Accounting Officer, 
Xerox Corporation, on behalf of Financial Executives 
International; Mr. Barry Melancon, President and Chief 
Executive Officer, American Institute of CPAs; and Mr. Tom 
Quaadman, Vice President, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce.

        THE LIQUIDITY ENHANCEMENT FOR SMALL PUBLIC COMPANIES ACT

Summary

    A discussion draft offered by Representative Patrick 
McHenry, the ``Liquidity Enhancement for Small Public Companies 
Act,'' would ensure that adequate liquidity exists for smaller 
issuers. The proposal seeks to promote the development of 
market quality incentive programs by permitting issuers, 
exchanges, or any other company approved by the Securities and 
Exchange Commission or an exchange to provide financial 
incentives to market makers that adhere to standards of market 
quality established by an exchange.

Legislative History

    On June 20, 2012, the Subcommittee held a hearing entitled 
``Market Structure: Ensuring Orderly, Efficient, Innovative and 
Competitive Markets for Issuers and Investors.'' This hearing 
included a discussion of the ``Liquidity Enhancement for Small 
Public Companies Act.'' The Subcommittee received testimony 
from the following witnesses: Mr. Daniel Coleman, Chief 
Executive Officer, GETCO; Mr. Kevin Cronin, Global Head of 
Equity Trading, INVESCO, on behalf of the Investment Company 
Institute; Mr. Joe Gawronski, President and Chief Operating 
Officer, Rosenblatt Securities Inc.; Mr. Thomas Joyce, Chairman 
and Chief Executive Officer, Knight Capital Group; Mr. Duncan 
Niederauer, Chief Executive Officer, NYSE-Euronext; Mr. Cameron 
Smith, President, Quantlab Financial LLC; Mr. Dan Mathisson, 
Managing Director, Credit Suisse Securities LLC; Mr. William 
O'Brien, Chief Executive Officer, Direct Edge; Mr. Jeffrey 
Solomon, Chief Executive Officer, Cowen and Company; Mr. Jim 
Toes, President and Chief Executive Officer, Security Traders 
Association; and Mr. David Weild, Senior Advisor, Capital 
Markets Group, Grant Thornton, and Chairman and Chief Executive 
Officer, Capital Markets Advisory Partners.

                   Subcommittee Oversight Activities


                    GOVERNMENT SPONSORED ENTERPRISES

    On February 9, 2011, the Subcommittee held a hearing 
entitled ``GSE Reform: Immediate Steps to Protect Taxpayers and 
End the Bailout.'' The hearing examined proposals for reforming 
the housing finance system and reducing the role of government 
in subsidizing the mortgage market. The Subcommittee received 
testimony from the following witnesses: Mr. Mark Calabria, 
Director of Financial Regulation Studies, Cato Institute; Mr. 
Anthony Randazzo, Director, Economic Research, Reason 
Foundation; Mr. Alex Pollock, Resident Fellow, American 
Enterprise Institute; and Ms. Sarah Wartell, Executive Vice 
President, Center for American Progress.

                   SECURITIZATION AND RISK RETENTION

    On April 14, 2011, the Subcommittee held a hearing entitled 
``Understanding the Implications and Consequences of the 
Proposed Rule on Risk Retention.'' The hearing focused on the 
proposed rule to implement Section 941 issued by HUD, the FDIC, 
the Federal Reserve Board, the SEC, the FHFA, and the OCC in 
March 2011, particularly its implications for the availability 
of affordable mortgage credit and the impact the proposed rule 
would have on other asset classes that did not contribute to 
the financial crisis. The Subcommittee received testimony from 
the following witnesses: Mr. Scott Alvarez, General Counsel, 
Federal Reserve Board; Ms. Meredith Cross, Director of the 
Division of Corporation Finance, SEC; Mr. Michael Krimminger, 
General Counsel, FDIC; Ms. Julie Williams, First Senior Deputy 
Comptroller and Chief Counsel, OCC; Mr. Bob Ryan, Acting 
Commissioner, FHA; Mr. Patrick Lawler, Chief Economist and 
Associate Director, Office of Policy Analysis and Research, 
FHFA; Mr. Henry V. Cunningham, Jr., President, Cunningham & 
Company, on behalf of the Mortgage Bankers Association; Mr. Tom 
Deutsch, Executive Director, American Securitization Forum; Mr. 
J. Christopher Hoeffel, Managing Director, Investcorp 
International Inc., on behalf of the CRE Finance Council; Mr. 
Kevin D. Schneider, President & CEO, U.S. Mortgage Insurance, 
Genworth Financial, on behalf of the Mortgage Insurance 
Companies of America; Mr. Bram Smith, Executive Director, Loan 
Syndications and Trading Association; and Ms. Ellen Harnick, 
Senior Policy Counsel, Center for Responsible Lending.

 OVERSIGHT AND RESTRUCTURING OF THE SECURITIES AND EXCHANGE COMMISSION

    On March 10, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The Subcommittee received testimony from the 
following witnesses: Mr. Robert Cook, Director, Division of 
Trading and Markets, SEC; Ms. Meredith Cross, Director, 
Division of Corporation Finance, SEC; Mr. Robert Khuzami, 
Director, Division of Enforcement, SEC; Ms. Eileen Rominger, 
Director, Division of Investment Management, SEC; and Mr. Carlo 
di Florio, Director, Office of Compliance Inspections and 
Examinations, SEC.
    On June 24, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Mutual Fund Industry: Ensuring Market 
Stability and Investor Confidence.'' The hearing examined the 
SEC's regulation of the mutual fund industry; the SEC's 
response to the financial crisis and the impact of the crisis 
on money market mutual funds; proposals to change the valuation 
of money market mutual funds; the SEC's proposal to improve 
distribution fees, also known as ``12b-1 fees;'' and the impact 
of the SEC's proxy rules adopted in 2010, which would permit 
shareholders to place nominees for directors on a company's 
proxy statement; and other issues of interest to mutual fund 
providers. The Subcommittee received testimony from the 
following witnesses: Mr. Mercer Bullard, Associate Professor, 
University of Mississippi School of Law; Mr. Andrew ``Buddy'' 
Donohue, Partner, Morgan Lewis & Bockius LLP; Mr. Scott Goebel, 
Senior Vice President, Secretary, and General Counsel, Fidelity 
Management & Research Company; Ms. Heidi Stam, Managing 
Director and General Counsel, The Vanguard Group; Mr. Paul 
Schott Stevens, President & CEO, Investment Company Institute; 
and Mr. Rene Stulz, Everett D. Reese Chair of Banking and 
Monetary Economics, The Ohio State University.
    On April 25, 2012, the Subcommittee held a hearing entitled 
``Oversight of the U.S. Securities and Exchange Commission.'' 
This hearing examined the following topics: the regulatory 
priorities for the SEC in 2012; the SEC's FY 2013 budget 
request; the SEC's ongoing efforts to comply with Section 967 
of the Dodd-Frank Act, relating to organizational reform of the 
SEC; the most recent report issued by GAO, GAO-12-424R, 
entitled, ``Management Report: Improvements Needed in SEC's 
Internal Controls and Accounting Procedures''; pending SEC rule 
proposals mandated by the Dodd-Frank Act; the SEC's plans to 
propose new rules for money market mutual funds; and the SEC's 
equity and options market structure initiatives. The 
Subcommittee received testimony from the Honorable Mary 
Schapiro, Chairman of the SEC, who was the hearing's sole 
witness.

                   MORTGAGE BACKED SECURITIES MARKET

    On September 7, 2011, the Subcommittee held a field hearing 
in New York, New York entitled ``Facilitating Continued 
Investor Demand in the U.S. Mortgage Market Without a 
Government Guarantee.'' The hearing examined the conditions 
necessary for a private sector mortgage market to develop and 
thrive in the United States. Proposals to facilitate investor 
demand for private-label residential mortgage backed securities 
were also considered. The Subcommittee received testimony from 
the following witnesses: Mr. Martin Hughes, President and CEO, 
Redwood Trust, Inc.; Mr. Chris Katopis, Executive Director, 
Association of Mortgage Investors; Mr. Joshua Rosner, Managing 
Director, Graham Fisher & Co.; and Mr. Ajay Rajadhyaksha, 
Managing Director, Barclays Capital.

                              VOLCKER RULE

    On January 18, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
joint hearing entitled ``Examining the Impact of the Volcker 
Rule on Markets, Businesses, Investors and Job Creation.'' The 
hearing examined regulators' efforts to implement Section 619 
of the Dodd-Frank Act, popularly known as the Volcker Rule, and 
the effect of the Volcker Rule on the U.S. economy, jobs, 
businesses and investors. The Volcker Rule directs regulators 
to promulgate rules prohibiting bank holding companies and 
their affiliates from engaging in proprietary trading and 
sponsoring and investing in hedge funds and private equity 
funds. The Subcommittee received testimony from the following 
witnesses: The Honorable Daniel K. Tarullo, Governor, Board of 
Governors of the Federal Reserve System; The Honorable Mary 
Schapiro, Chairman, SEC; The Honorable Gary Gensler, Chairman, 
CFTC; The Honorable Martin J. Gruenberg, Acting Chairman, FDIC; 
Mr. John Walsh, Acting Comptroller of the Currency, OCC; Mr. 
Anthony J. Carfang, Partner, Treasury Strategies, on behalf of 
the U.S. Chamber of Commerce; Mr. Douglas J. Elliott, Fellow, 
Economic Studies, The Brookings Institution; Mr. Scott Evans, 
Executive Vice President, President of Asset Management, TIAA-
CREF; Prof. Simon Johnson, Ronald A. Kurtz (1954) Professor of 
Entrepreneurship, MIT Sloan School of Management; Mr. Alexander 
Marx, Head of Global Bond Trading, Fidelity Investments; Mr. 
Douglas J. Peebles, Chief Investment Officer and Head of Fixed 
Income, AllianceBernstein, on behalf of the Securities Industry 
and Financial Markets Association Asset Management Group; Mr. 
Mark Standish, President and Co-CEO, RBC Capital Markets, on 
behalf of the Institute of International Bankers; and Mr. 
Wallace Turbeville, on behalf of the Americans for Financial 
Reform.

               SECURITIES INVESTOR PROTECTION CORPORATION

    On March 7, 2012, the Subcommittee held a hearing entitled 
``The Securities Investor Protection Corporation: Past, 
Present, and Future.'' This hearing examined pending and 
potential liquidations by the SIPC, as well as the Report and 
Recommendations of the SIPC Modernization Task Force, which was 
created by SIPC in 2010 to review the SIPA, assess SIPC's 
operations and policies, and propose reforms to modernize the 
SIPA and the SIPC. The Subcommittee received testimony from the 
following witnesses: The Honorable David Vitter, United States 
Senator; Mr. Stephen Harbeck, President & CEO, Securities 
Investor Protection Corporation; Ms. Sharon Bowen, Acting 
Chairman of the Board, Securities Investor Protection 
Corporation; Mr. Joe Borg, Director, Alabama Securities 
Commission; Mr. Steven Caruso, Partner, Maddox Hargett & 
Caruso, P.C.; Mr. Ira Hammerman, Senior Managing Director and 
General Counsel, Securities Industry and Financial Markets 
Association; and Mr. Ron Stein, President, Network for Investor 
Action and Protection.

           OVERSIGHT OF THE ACCOUNTING AND AUDITING INDUSTRY

    On March 28, 2012, the Subcommittee held a hearing entitled 
``Accounting and Auditing Oversight: Pending Proposals and 
Emerging Issues Confronting Regulators, Standard Setters and 
the Economy.'' This hearing examined the state of the 
accounting and auditing profession, including the activities 
and agendas of the SEC, the Public Company Accounting Oversight 
Board (PCAOB), the Financial Accounting Standards Board (FASB), 
and the Governmental Accounting Standards Board (GASB). The 
Subcommittee received testimony from the following witnesses: 
Mr. James L. Kroeker, Chief Accountant, SEC; Mr. Robert 
Attmore, Chairman, Governmental Accounting Standards Board; Mr. 
James R. Doty, Chairman, Public Company Accounting Oversight 
Board; Ms. Leslie Seidman, Chairman, Financial Accounting 
Standards Board; Mr. Joseph Carcello, Professor, Department of 
Accounting and Information Management, The University of 
Tennessee; Mr. Gary R. Kabureck, VP & Chief Accounting Officer, 
Xerox Corporation; Mr. Barry Melancon, President & CEO, 
American Institute of CPAs; and Mr. Thomas Quaadman, Vice 
President, Center for Capital Markets Competitiveness, U.S. 
Chamber of Commerce.

    FEDERAL HOUSING FINANCE AGENCY'S REAL ESTATE OWNED PILOT PROGRAM

    On May 7, 2012, the Subcommittee held a field hearing in 
Chicago, Illinois, entitled ``An Examination of the Federal 
Housing Finance Agency's Real Estate Owned (REO) Pilot 
Program.'' The hearing examined the pilot program recently 
announced by the FHFA to dispose of REO properties. The 
Subcommittee received testimony from the following witnesses: 
Ms. Meg Burns, Senior Associate Director, Office of Housing and 
Regulatory Policy, FHFA; Mr. Michael Stegman, Counselor to the 
Secretary of the Treasury for Housing Policy, Department of the 
Treasury; Mr. Sean Dobson, Chairman and Chief Executive 
Officer, Amherst Holdings; Mr. Robert Grossinger, Vice 
President, Community Revitalization, Enterprise Community 
Partners, Inc.; Ms. Mary Kenney, Executive Director, Illinois 
Housing Development Authority; and Mr. Dick Pruess, Community 
Associations Institute.

                    CYBER THREATS TO CAPITAL MARKETS

    On June 1, 2012, the Subcommittee held a hearing entitled 
``Cyber Threats to Capital Markets and Corporate Accounts.'' 
The hearing examined the importance of cyber security in 
protecting U.S. capital markets and corporate accounts from 
cyber attacks and service disruptions and reviewed private-
public initiatives to promote the resilience of financial 
markets in the event of a cyber attack. The Subcommittee 
received testimony from the following witnesses: Ms. Michele 
Cantley, Senior Vice President and Chief Information Security 
Officer, Regions Bank, on behalf of the Financial Services--
Information Sharing and Analysis Center; Mr. Mark G. Clancy, 
Managing Director, Corporate Information Security Officer, 
Depository Trust and Clearing Corporation; Mr. Mark Graff, 
Chief Information Security Officer, NASDAQ OMX; Mr. Paul 
Smocer, President BITS, Technology Policy Division, Financial 
Services Roundtable; Mr. Errol S. Weiss, Executive Vice 
President, Operations & Technology Risk Management, Citi Cyber 
Intelligence Center Director, on behalf of the Securities 
Industry and Financial Markets Association; and Mr. James 
Woodhill, Coalition Against Online Banking Fraud.

                          INVESTOR PROTECTION

    On June 7, 2012, the Subcommittee held a hearing entitled 
``Investor Protection: The Need to Protect Investors from the 
Government.'' The hearing examined actions taken by the Obama 
Administration that have favored particular groups at the 
expense of U.S. investors, including the mortgage servicing 
settlement, the U.S. government's intervention on behalf of 
Argentina against the holders of Argentine bonds, and the 
Chrysler bankruptcy and the treatment of secured creditors. The 
Subcommittee received testimony from the following witnesses: 
Mr. Vincent A. Fiorillo, Trading/Portfolio Manager, Doubleline 
Capital LP, on behalf of the Association of Mortgage Investors; 
Ms. Laurie F. Goodman, Senior Managing Director, Amherst 
Securities Group, on behalf of the Association of Institutional 
Investors; Mr. Adam J. Levitin, Professor of Law, Georgetown 
University Law Center; Mr. Stephen J. Lubben, Harvey Washington 
Wiley Chair in Corporate Governance and Business Ethics, Seton 
Hall University School of Law; The Honorable Theordore B. 
Olsen, Partner, Gibson, Dunn & Crutcher LLP, on behalf of the 
American Task Force Argentina; and Mr. David Skeel, Professor, 
University of Pennsylvania School of Law.

                        EQUITY MARKET STRUCTURE

    On June 20, 2012, the Subcommittee held a hearing entitled 
``Market Structure: Ensuring Orderly, Efficient, Innovative and 
Competitive Markets for Issuers and Investors.'' This hearing 
examined the quality of, and innovation and competition in, the 
U.S. equity markets. In particular, this hearing examined the 
effect of market structure on smaller issuers and how current 
U.S. equity markets are the result of four significant SEC 
initiatives: the Order Handling Rules, Regulation ATS, 
Decimalization and Regulation NMS. The hearing also examined 
draft legislation offered by Representative Patrick McHenry 
entitled the ``Liquidity Enhancement for Small Public Companies 
Act'' to ensure that adequate liquidity exists for smaller 
issuers. The proposal seeks to promote the development of 
market quality incentive programs by permitting issuers, 
exchanges, or any other company approved by the SEC or an 
exchange to provide financial incentives to market makers that 
adhere to standards of market quality established by an 
exchange. The Subcommittee received testimony from the 
following witnesses: Mr. Daniel Coleman, Chief Executive 
Officer, GETCO; Mr. Kevin Cronin, Global Head of Equity 
Trading, INVESCO, on behalf of the Investment Company 
Institute; Mr. Joe Gawronski, President and Chief Operating 
Officer, Rosenblatt Securities Inc.; Mr. Thomas Joyce, Chairman 
and Chief Executive Officer, Knight Capital Group; Mr. Duncan 
Niederauer, Chief Executive Officer, NYSE-Euronext; Mr. Cameron 
Smith, President, Quantlab Financial LLC; Mr. Dan Mathisson, 
Managing Director, Credit Suisse Securities LLC; Mr. William 
O'Brien, Chief Executive Officer, Direct Edge; Mr. Jeffrey 
Solomon, Chief Executive Officer, Cowen and Company; Mr. Jim 
Toes, President and Chief Executive Officer, Security Traders 
Association; and Mr. David Weild, Senior Advisor, Capital 
Markets Group, Grant Thornton, and Chairman and Chief Executive 
Officer, Capital Markets Advisory Partners.

                    THE IMPACT OF THE DODD-FRANK ACT

    On July 10, 2012, the Subcommittee held a hearing entitled 
``The Impact of Dodd-Frank on Customers, Credit, and Job 
Creators.'' This hearing examined the effect that the Dodd-
Frank Wall Street Reform and Consumer Protection Act (the Dodd-
Frank Act) (P.L. 111-203) has had on U.S. capital markets, 
businesses, investors, and consumers. In particular, this 
hearing examined the following topics: derivatives regulation; 
the Volcker Rule; risk retention; single counter-party credit 
limits; and how the Dodd-Frank Act affected the ability of U.S. 
businesses to raise capital, hedge risks, and obtain credit. 
The Subcommittee received testimony from the following 
witnesses: The Honorable Kenneth E. Bentsen, Jr., Executive 
Vice President, Public Policy and Advocacy, Securities Industry 
and Financial Markets Association; Mr. Thomas C. Deas, Jr., 
Vice President and Treasurer, FMC Corporation, on behalf of the 
National Association of Corporate Treasurers and the U.S. 
Chamber of Commerce; Mr. Tom Deutsch, Executive Director, 
American Securitization Forum; Mr. Dennis M. Kelleher, 
President and Chief Executive Officer, Better Markets, Inc.; 
Mr. Thomas P. Lemke, General Counsel and Executive Vice 
President, Legg Mason & Co., LLC, on behalf of the Investment 
Company Institute; Ms. Anne Simpson, Senior Portfolio Manager, 
CalPERS; and Mr. Paul Vanderslice, President, Commercial Real 
Estate Finance Council.

                           MUNICIPAL FINANCE

    On July 20, 2012, the Subcommittee held a hearing entitled 
``The Impact of the Dodd-Frank Act on Municipal Finance.'' This 
hearing examined the effect of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (P.L. 111-203) on the 
municipal securities market. Specifically the hearing examined 
Section 975 of the Dodd-Frank Act, which governs the 
registration and oversight of municipal advisors, and the SEC's 
proposed rule to implement Section 975. The hearing also 
considered H.R. 2827, legislation offered by Representative 
Robert Dold to amend and clarify the scope of Section 975 of 
the Dodd-Frank Act. The Subcommittee received testimony from 
the following witnesses: The Honorable Jim Geringer, Chairman, 
Association of Governing Boards of Universities and Colleges; 
Mr. Alan D. Polsky, Chair, Municipal Securities Rulemaking 
Board; Dr. Robert Brooks, Professor of Finance, Wallace D. 
Malone, Jr. Endowed Chair of Financial Management, Department 
of Finance, The University of Alabama; Mr. Robert Doty, 
President, AGFS; Mr. Tim Firestine, Chief Administrative 
Officer, Montgomery County, MD and President Elect, Government 
Finance Officers Association; Mr. Kenneth Gibbs, President, 
Municipal Securities Group, Jefferies & Company, Inc., on 
behalf of the Securities Industry and Financial Markets 
Association; Ms. Christine H. Keck, Director, Government 
Relations, Energy Systems Group; Mr. Albert C. Kelly, Jr., 
President and Chief Executive Officer, SpiritBank, and 
Chairman, American Bankers Association; and Mr. Mike Marz, Vice 
Chairman, First Southwest, on behalf of the Bond Dealers of 
America.

                         THE SARBANES-OXLEY ACT

    On July 26, 2012, the Subcommittee held a hearing entitled 
``The 10th Anniversary of the Sarbanes-Oxley Act.'' The hearing 
examined the cumulative impact of the Sarbanes-Oxley Act of 
2002 since the law's enactment in 2002. The hearing also 
examined H.R. 6161, the ``Fostering Innovation Act,'' which 
would allow more small companies to receive regulatory relief 
and incentivize them to access the public markets. 
Representative Michael Fitzpatrick introduced the bill on July 
19, 2012. H.R. 6161 requires that the SEC amend its definitions 
so that companies that either have a public float of less than 
$250 million, or have between $250 million and $700 million in 
public float but less than $100 million in annual revenue, are 
deemed ``non-accelerated filers'' and able to take advantage of 
certain regulatory relief. The Subcommittee received testimony 
from the following witnesses: Mr. John Berlau, Senior Fellow 
for Finance and Access to Capital, Competitive Enterprise 
Institute; Mr. Mercer E. Bullard, Jessie D. Puckett, Jr., 
Lecturer and Associate Professor of Law, The University of 
Mississippi School of Law; Mr. John Coffee, Adolf A. Berle 
Professor of Law, Columbia University Law School; Mr. Mallory 
Factor, President, Mallory Factor Inc., and Professor, The 
Citadel; Mr. Michael J. Gallagher, Chairman, Professional 
Practice Executive Committee, Center for Audit Quality; Mr. 
Jeffrey Hatfield, President and Chief Executive Officer, Vitae 
Pharmaceuticals on behalf of the Biotechnology Industry 
Organization; and Ms. Marie Hollein, President and Chief 
Executive Officer, Financial Executives International.

                              THE JOBS ACT

    On September 13, 2012, the Subcommittee held a joint 
hearing with the Subcommittee on TARP, Financial Services and 
Bailouts of Public and Private Programs of the Committee on 
Oversight and Government Reform entitled ``The JOBS ACT: 
Importance of Prompt Implementation for Entrepreneurs, Capital 
Formation, and Job Creation.'' The hearing examined the 
implementation of the Jumpstart Our Business Startups (JOBS) 
Act (P.L. 112-106) by the Securities and Exchange Commission. 
The Subcommittees received testimony from the following 
witnesses: Mr. Rory Eakin, COO & Co-Founder, CircleUp; Mr. 
Naval Ravikant, Founder & CEO, AngelList; Mr. Robert B. 
Thompson, Professor, Georgetown University Law Center; Mr. 
Jeffrey J. Van Winkle, Partner, Clark Hill PLC, on behalf of 
the National Small Business Association; and Ms. Alison Bailey 
Vercruysse, Founder & CEO, 18 Rabbits Granola & Bars.

                              DERIVATIVES

    On December 12, 2012, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Challenges Facing the U.S. Capital Markets to Effectively 
Implement Title VII of the Dodd-Frank Act.'' The hearing 
examined the rules proposed by the CFTC and SEC to implement 
Title VII of the Dodd-Frank Act. Specifically, the hearing 
examined swap execution facility rules; the extraterritorial 
application of rules proposed under Title VII; the CFTC and 
SEC's differing plans for providing guidance about the cross-
border application of these rules; cost-benefit analyses used 
by the CFTC and SEC in issuing proposed and final rules; the 
experience of market participants in dealing with the CFTC and 
SEC in the run up to the October 12, 2012 compliance deadline; 
the CFTC's issuance of several no-action letters on October 10 
and 11 and the effect of these letter and their timing on 
market participants. The Subcommittee received testimony from 
the following witnesses: The Honorable Gary Gensler, Chairman, 
U.S. Commodity Futures Trading Commission; Robert Cook, 
Director, Division of Trading and Markets, U.S. Securities and 
Exchange Commission; Keith Bailey, Managing Director, Barclays, 
on behalf of the Institute of International Bankers; Michael 
Bopp, Gibson, Dunn & Crutcher, on behalf of the Coalition for 
Derivatives End-Users; Samara Cohen, Managing Director, Goldman 
Sachs & Co.; Eric DeGesero, Executive Vice President, Fuel 
Merchants Association of New Jersey, on behalf of the Petroleum 
Marketers Association of America, the New England Fuel 
Institute and the Fuel Merchants Association of New Jersey; 
Thomas Deutsch, Executive Director, American Securitization 
Forum; Christopher Giancarlo, Executive Vice President, GFI 
Group, and Chairman, Wholesale Market Brokers Association 
Americas; and John E. Parsons, Senior Lecturer, Sloan School of 
Management; Executive Director, Center for Energy and 
Environmental Policy Research, Massachusetts Institute of 
Technology.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-2.................  GSE Reform: Immediate       February 9, 2011
                         Steps to Protect
                         Taxpayers and End the
                         Bailout.
112-14................  Oversight of the            March 10, 2011
                         Securities and Exchange
                         Commission's Operations,
                         Activities, Challenges
                         and FY 2012 Budget
                         Request.
112-17................  Legislative Proposals to    March 11, 2011
                         Create a Covered Bond
                         Market in the United
                         States.
112-19................  Legislative Proposals to    March 16, 2011
                         Promote Job Creation,
                         Capital Formation, and
                         Market Certainty.
112-22................  Legislative Hearing on      March 31, 2011
                         Immediate Steps to
                         Protect Taxpayers from
                         the Ongoing Bailout of
                         Fannie Mae and Freddie
                         Mac.
112-27................  Understanding the           April 14, 2011
                         Implications and
                         Consequences of the
                         Proposed Rule on Risk
                         Retention.
112-29................  Legislative Proposals to    May 11, 2011
                         Address the Negative
                         Consequences of the Dodd-
                         Frank Whistleblower
                         Provisions.
112-33................  Transparency, Transition    May 25, 2011
                         and Taxpayer Protection:
                         More Steps to End the GSE
                         Bailout.
112-42................  Oversight of the Mutual     June 24, 2011
                         Fund Industry: Ensuring
                         Market Stability and
                         Investor Confidence.
112-56................  Facilitating Continued      September 7, 2011
                         Investor Demand in the
                         U.S. Mortgage Market
                         Without a Government
                         Guarantee (Field Hearing).
112-58................  Ensuring Appropriate        September 13, 2011
                         Regulatory Oversight of
                         Broker-Dealers and
                         Legislative Proposals to
                         Improve Investment
                         Adviser Oversight.
112-63................  Legislative Proposals to    September 21, 2011
                         Facilitate Small Business
                         Capital Formation and Job
                         Creation.
112-75................  Legislative Proposals to    October 14, 2011
                         Bring Certainty to the
                         Over-the-Counter
                         Derivatives Market.
112-82................  H.R. ___, the Private       November 3, 2011
                         Mortgage Market
                         Investment Act.
112-85................  H.R. 1697, The Communities  November 16, 2011
                         First Act (Joint Hearing
                         with Financial
                         Institutions).
112-91................  H.R.___, the Private        December 7, 2011
                         Mortgage Market
                         Investment Act, Part 2.
112-92................  H.R. 3606, the 'Reopening   December 15, 2011
                         American Capital Markets
                         to Emerging Growth
                         Companies Act of 2011.
112-95................  Joint hearing with the      January 18, 2012
                         Subcommittee on Financial
                         Institutions and Consumer
                         Credit entitled
                         ``Examining the Impact of
                         the Volcker Rule on
                         Markets, Businesses,
                         Investors and Job
                         Creation''.
112-100...............  Limiting the                February 8, 2012
                         Extraterritorial Impact
                         of Title VII of the Dodd-
                         Frank Act.
112-105...............  The Securities Investor     March 7, 2012
                         Protection Corporation:
                         Past, Present, and Future.
112-109...............  H.R. ___, the Swap Data     March 21, 2012
                         Repository and
                         Clearinghouse
                         Indemnification
                         Correction Act of 2012.
112-112...............  Accounting and Auditing     March 28, 2012
                         Oversight: Pending
                         Proposals and Emerging
                         Issues Confronting
                         Regulators, Standard
                         Setters and the Economy.
112-119...............  Oversight of the U.S.       April 25, 2012
                         Securities and Exchange
                         Commission.
112-120...............  An Examination of the       May 7, 2012
                         Federal Housing Finance
                         Agency's Real Estate
                         Owned (REO) Pilot Program
                         (Field Hearing).
112-131...............  ``Cyber Threats to Capital  June 1, 2012
                         Markets and Corporate
                         Accounts''.
112-135...............  Investor Protection: The    June 7, 2012
                         Need to Protect Investors
                         from the Government.
112-137...............  Market Structure: Ensuring  June 20, 2012
                         Orderly, Efficient,
                         Innovative and
                         Competitive Markets for
                         Issuers and Investors.
112-143...............  The Impact of Dodd-Frank    July 10, 2012
                         on Customers, Credit, and
                         Job Creators.
112-148...............  The Impact of the Dodd-     July 20, 2012
                         Frank Act on Municipal
                         Finance.
112-152...............  The 10th Anniversary of     July 26, 2012
                         the Sarbanes-Oxley Act.
112-156...............  Joint Hearing with the      September 13, 2012
                         Subcommittee on TARP,
                         Financial Services and
                         Bailouts of Public and
                         Private Programs of the
                         Committee on Oversight
                         and Government Reform
                         entitled ``The JOBS Act:
                         Importance of Prompt
                         Implementation for
                         Entrepreneurs, Capital
                         Formation, and Job
                         Creation''.
112-163...............  Challenges Facing the U.S.  December 12, 2012
                         Capital Markets to
                         Effectively Implement
                         Title VII of the Dodd-
                         Frank Act.
------------------------------------------------------------------------

        Subcommittee on Domestic Monetary Policy and Technology


           (Ratio: 8-6)

     RON PAUL, Texas, Chairman

WM. LACY CLAY, Missouri, Ranking MemberLTER B. JONES, North Carolina, 
CAROLYN B. MALONEY, New York         Vice Chairman
GREGORY W. MEEKS, New York           FRANK D. LUCAS, Oklahoma
AL GREEN, Texas                      PATRICK T. McHENRY, North Carolina
EMANUEL CLEAVER, Missouri            BLAINE LUETKEMEYER, Missouri
GARY C. PETERS, Michigan             BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioN A. S. HAYWORTH, New York
                                     DAVID SCHWEIKERT, Arizona
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


TO AMEND THE FEDERAL RESERVE ACT TO REMOVE THE MANDATE ON THE BOARD OF 
  GOVERNORS OF THE FEDERAL RESERVE SYSTEM AND THE FEDERAL OPEN MARKET 
               COMMITTEE TO FOCUS ON MAXIMUM EMPLOYMENT.

                               (H.R. 245)


Summary

    H.R. 245, a bill to amend the Federal Reserve Act to remove 
the mandate on the Board of Governors of the Federal Reserve 
System and the Federal Open Market Committee to focus on 
maximum employment, would amend the Federal Reserve Act to 
remove the full employment mandate.

Legislative History

    On January 7, 2011, H.R. 245 was introduced by 
Representative Mike Pence and referred to the Committee on 
Financial Services. The bill has four cosponsors.
    On May 8, 2012, the Subcommittee held a legislative hearing 
on several bills, including H.R. 245 entitled ``Improving the 
Federal Reserve System: Examining Legislation to Reform the Fed 
and Other Alternatives.'' The Subcommittee received testimony 
from the following witnesses: Representative Kevin Brady (R-
TX); Representative Barney Frank (D-MA); Dr. Jeffrey M. 
Herbener, Chairman, Economics Department, Grove City College, 
Pennsylvania; Dr. Peter G. Klein, Associate Professor, Applied 
Social Sciences and Director, McQuinn Center for 
Entrepreneurial Leadership, University of Missouri; Dr. John B. 
Taylor, Mary and Robert Raymond Professor of Economics, 
Stanford University and George P. Shultz Senior Fellow in 
Economics, Hoover Institution; Dr. James K. Galbraith, Lloyd M. 
Bentsen, Jr. Chair in Government/Business Relations, LBJ School 
of Public Affairs, University of Texas at Austin; and Dr. Alice 
Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

                  FEDERAL RESERVE BOARD ABOLITION ACT

                              (H.R. 1094)


Summary

    H.R. 1094, the Federal Reserve Board Abolition Act, would 
abolish the Board of Governors of the Federal Reserve System 
and the regional Federal Reserve Banks, and repeal the Federal 
Reserve Act one year after enactment of the bill, during which 
time the affairs of the Board and the Reserve Banks would be 
wound down. All remaining assets and liabilities of the Federal 
Reserve System would then be transferred to the Department of 
Treasury.

Legislative History

    On March 15, 2011, H.R. 1094 was introduced by Subcommittee 
on Domestic Monetary Policy and Technology Chairman Ron Paul 
and referred to the Committee on Financial Services. The bill 
has no cosponsors.
    On May 8, 2012, the Subcommittee held a legislative hearing 
on several bills, including H.R. 1094 entitled ``Improving the 
Federal Reserve System: Examining Legislation to Reform the Fed 
and Other Alternatives.'' The Subcommittee received testimony 
from the following witnesses: Representative Kevin Brady (R-
TX); Representative Barney Frank (D-MA); Dr. Jeffrey M. 
Herbener, Chairman, Economics Department, Grove City College, 
Pennsylvania; Dr. Peter G. Klein, Associate Professor, Applied 
Social Sciences and Director, McQuinn Center for 
Entrepreneurial Leadership, University of Missouri; Dr. John B. 
Taylor, Mary and Robert Raymond Professor of Economics, 
Stanford University and George P. Shultz Senior Fellow in 
Economics, Hoover Institution; Dr. James K. Galbraith, Lloyd M. 
Bentsen, Jr. Chair in Government/Business Relations, LBJ School 
of Public Affairs, University of Texas at Austin; and Dr. Alice 
Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

                FREE COMPETITION IN CURRENCY ACT OF 2011

                              (H.R. 1098)


Summary

    H.R. 1098, the Free Competition in Currency Act of 2011, 
would repeal the federal law establishing U.S. coins, currency, 
and Federal Reserve Notes as legal tender for all debts; 
prohibit the imposition of taxes on coins, medals, tokens, or 
gold, silver, platinum, palladium, or rhodium bullion issued by 
a state, the United States, a foreign government, or any other 
person; prohibit states from assessing any tax or fee on any 
currency or other monetary instrument that is used in 
interstate or foreign commerce and that has legal tender status 
under the Constitution; and repeal provisions of the federal 
criminal code relating to circulating coins of gold, silver, or 
other metal for use as current money and making or possessing 
likenesses of such coins; and abate any current prosecution 
under such provisions and nullify any previous convictions.

Legislative History

    On March 15, 2011, H.R. 1098 was introduced by Subcommittee 
on Domestic Monetary Policy and Technology Chairman Ron Paul 
and was referred to the Committee on Financial Services, the 
Committee on Ways and Means, and the Committee on the 
Judiciary. The bill has no cosponsors.
    On September 13, 2011, the Subcommittee held a hearing 
entitled ``Road Map to Sound Money: A Legislative Hearing on 
H.R. 1098 and Restoring the Dollar.'' The Subcommittee received 
testimony from the following witnesses: Dr. Lawrence M. Parks, 
Ph.D., Executive Director, Foundation for the Advancement of 
Monetary Education; and Dr. Lawrence H. White, Ph.D., Professor 
of Economics, Department of Economics, George Mason University.

          DEMOCRATIZING THE FEDERAL RESERVE SYSTEM ACT OF 2011

                              (H.R. 1401)


Summary

    H.R. 1401, the Democratizing the Federal Reserve System Act 
of 2011, would reduce the terms of the members of the Federal 
Reserve Board of Governors from 14 years to seven years. The 
regional Federal Reserve Banks' representation on the Federal 
Open Market Committee (FOMC) would be increased from five to 
six members, and the rotation schedule would be revised to 
ensure that each Reserve Bank president serves on the FOMC 
every other year, with the president of the Federal Reserve 
Bank of New York no longer holding a permanent seat on the 
FOMC. The Vice Chairman of the Board of Governors would be 
chosen from a member currently on the Board who has served at 
least one year on the Board. The Chairman would be chosen in 
the same manner, but must have served at least two years on the 
Board.

Legislative History

    On April 6, 2011, H.R. 1401 was introduced by 
Representative Marcy Kaptur and referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On May 8, 2012, the Subcommittee held a legislative hearing 
on several bills, including H.R. 1401 entitled ``Improving the 
Federal Reserve System: Examining Legislation to Reform the Fed 
and Other Alternatives.'' The Subcommittee received testimony 
from the following witnesses: Representative Kevin Brady (R-
TX); Representative Barney Frank (D-MA); Dr. Jeffrey M. 
Herbener, Chairman, Economics Department, Grove City College, 
Pennsylvania; Dr. Peter G. Klein, Associate Professor, Applied 
Social Sciences and Director, McQuinn Center for 
Entrepreneurial Leadership, University of Missouri; Dr. John B. 
Taylor, Mary and Robert Raymond Professor of Economics, 
Stanford University and George P. Shultz Senior Fellow in 
Economics, Hoover Institution; Dr. James K. Galbraith, Lloyd M. 
Bentsen, Jr. Chair in Government/Business Relations, LBJ School 
of Public Affairs, University of Texas at Austin; and Dr. Alice 
Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

                 GOLD RESERVE TRANSPARENCY ACT OF 2011

                              (H.R. 1495)


Summary

    H.R. 1495, the Gold Reserve Transparency Act of 2011, would 
direct the Secretary of the Treasury to conduct a full assay, 
inventory, and audit of federal gold reserves, including an 
analysis of the sufficiency of the measures taken for their 
security. The bill would also direct the GAO to review the 
results of the assay, inventory, audit, and analysis.

Legislative History

    On April 12, 2011, H.R. 1495 was introduced by Subcommittee 
on Domestic Monetary Policy and Technology Chairman Ron Paul 
and was referred to the Committee on Financial Services. The 
bill has no cosponsors.
    On June 23, 2011, the Subcommittee held a legislative 
hearing entitled ``Investigating the Gold: H.R. 1495, the Gold 
Reserve Transparency Act of 2011 and the Oversight of United 
States Gold Holdings.'' The Subcommittee received testimony 
from the following witnesses: Mr. Gary T. Engel, Director of 
Financial Management and Assurance, GAO; and The Honorable Eric 
M. Thorson, Inspector General, Department of Treasury.

           NATIONAL EMERGENCY EMPLOYMENT DEFENSE ACT OF 2011

                              (H.R. 2990)


Summary

    H.R. 2990, the National Emergency Employment Defense Act of 
2011, would replace the Federal Reserve Note with United States 
Money (USM), which would be legal tender. The bill would also 
criminalize the creation of USM through fractional reserve 
banking and prohibit borrowing by the Treasury Secretary or by 
any federal agency or department from any source other than the 
Secretary. H.R. 2990 would also require any funding shortfalls 
to be met with the issuance of USM and all U.S. debt 
instruments to be retired by redeeming them with USM. The bill 
would instruct the Treasury Secretary to purchase all net 
assets in the Federal Reserve System, create a new Monetary 
Authority within the Treasury Department to establish monetary 
supply policy and monitor the nation's monetary status, and 
create a Bureau of the Federal Reserve within the Treasury 
Department to administer the origination and circulation of 
USM. H.R. 2990 would also require the Monetary Authority to 
instruct the Treasury Secretary to disburse monetary grants to 
states for public infrastructure, education, health care and 
rehabilitation, pensions, and paying for unfunded federal 
mandates, and set a ceiling on interest rates.

Legislative History

    On September 21, 2011, H.R. 2990 was introduced by 
Representative Dennis Kucinich and referred to the Committee on 
Financial Services. The bill has one cosponsor.
    On May 8, 2012, the Subcommittee held a legislative hearing 
on several bills, including H.R. 2990 entitled ``Improving the 
Federal Reserve System: Examining Legislation to Reform the Fed 
and Other Alternatives.'' The Subcommittee received testimony 
from the following witnesses: Representative Kevin Brady (R-
TX); Representative Barney Frank (D-MA); Dr. Jeffrey M. 
Herbener, Chairman, Economics Department, Grove City College, 
Pennsylvania; Dr. Peter G. Klein, Associate Professor, Applied 
Social Sciences and Director, McQuinn Center for 
Entrepreneurial Leadership, University of Missouri; Dr. John B. 
Taylor, Mary and Robert Raymond Professor of Economics, 
Stanford University and George P. Shultz Senior Fellow in 
Economics, Hoover Institution; Dr. James K. Galbraith, Lloyd M. 
Bentsen, Jr. Chair in Government/Business Relations, LBJ School 
of Public Affairs, University of Texas at Austin; and Dr. Alice 
Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

  TO AMEND THE FEDERAL RESERVE ACT TO REPLACE THE FEDERAL OPEN MARKET 
     COMMITTEE MEMBERS REPRESENTING THE FEDERAL RESERVE BANKS WITH 
 ADDITIONAL MEMBERS APPOINTED BY THE PRESIDENT, AND FOR OTHER PURPOSES

                              (H.R. 3428)


Summary

    H.R. 3428, a bill to amend the Federal Reserve Act to 
replace the Federal Open Market Committee members representing 
the Federal Reserve banks with additional members appointed by 
the President, and for other purposes, would replace the five 
Reserve Bank presidents who sit on the FOMC with FOMC members 
appointed by the President and confirmed by the Senate. FOMC 
members would be selected with due regard to a fair 
representation of the financial, agricultural, industrial, 
commercial, consumer, and labor interests, and geographical 
diversity of the U.S. No more than one additional member would 
be allowed to be appointed from any particular Federal Reserve 
district.

Legislative History

    On November 15, 2011, H.R. 3428 was introduced by 
Representative Barney Frank and referred to the Committee on 
Financial Services. The bill has no cosponsors.
    On May 8, 2012, the Subcommittee held a legislative hearing 
on several bills, including H.R. 3428 entitled ``Improving the 
Federal Reserve System: Examining Legislation to Reform the Fed 
and Other Alternatives.'' The Subcommittee received testimony 
from the following witnesses: Representative Kevin Brady (R-
TX); Representative Barney Frank (D-MA); Dr. Jeffrey M. 
Herbener, Chairman, Economics Department, Grove City College, 
Pennsylvania; Dr. Peter G. Klein, Associate Professor, Applied 
Social Sciences and Director, McQuinn Center for 
Entrepreneurial Leadership, University of Missouri; Dr. John B. 
Taylor, Mary and Robert Raymond Professor of Economics, 
Stanford University and George P. Shultz Senior Fellow in 
Economics, Hoover Institution; Dr. James K. Galbraith, Lloyd M. 
Bentsen, Jr. Chair in Government/Business Relations, LBJ School 
of Public Affairs, University of Texas at Austin; and Dr. Alice 
Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

                       CENTS AND SENSIBILITY ACT

                              (H.R. 3693)


Summary

    H.R. 3693, the Cents and Sensibility Act, would require 
pennies to be made primarily from steel and to be copper-
colored so that pennies would resemble one-cent coins currently 
in use. The bill also directs that the steel used to make these 
coins be produced in the United States, unless U.S.-produced 
steel is not available in sufficient and reasonably available 
quantities.

Legislative History

    On December 15, 2011, H.R. 3693 was introduced by 
Representative Steve Stivers and referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On April 17, 2012, the Subcommittee held a legislative 
hearing on H.R. 3693 entitled ``The Future of Money: Coinage 
Production.'' The Subcommittee received testimony from the 
following witnesses: Mr. John Blake, Executive Vice President 
of Engineering, Cummins Allison Corporation; Mr. Rodney J. 
Bosco, Director, Disputes and Investigations, Navigant 
Consulting, Inc.; and Mr. Dennis Weber, coin industry 
consultant.
    On November 29, 2012, the Subcommittee held a hearing 
entitled ``The Future of Money: Dollars and Sense''. The 
hearing consisted of two panels with the following witnesses: 
Mr. Richard A. Peterson, Deputy Director, United States Mint; 
Ms. Lorelei St. James, Director, Physical Infrastructure 
Issues, Government Accountability Office; Ms. Beverley Lepine, 
Chief Operating Officer, Royal Canadian Mint; The Honorable 
Philip Diehl, former Director, United States Mint; Mr. James 
Miller, former Director, Office of Management and Budget; and 
Mr. Mark Weller, Citizens for Common Cents.

   SAVING TAXPAYER EXPENDITURES BY EMPLOYING LESS IMPORTED NICKEL ACT

                              (H.R. 3694)


Summary

    H.R. 3694, the Saving Taxpayer Expenditures by Employing 
Less Imported Nickel Act, would require that nickels be made 
primarily of steel and that they have a color similar to the 
current five-cent coin. The bill would also direct that the 
steel used to make these coins be produced in the United 
States, unless U.S.-produced steel is not available in 
sufficient quantities. H.R. 3694 would prohibit the Secretary 
of the Treasury from choosing a specification that would 
require more than one change to coin-accepting and coin-
handling equipment to accommodate coins produced under the Act. 
The bill would also prohibit the Secretary from choosing a 
composition that would permit a foreign coin with a lesser 
value, or any token or any other metal device of minimal value, 
to be used in place of the new coin.

Legislative History

    On December 15, 2011, H.R. 3694 was introduced by 
Representative Steve Stivers and referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On April 17, 2012, the Subcommittee held a legislative 
hearing on H.R. 3694 entitled ``The Future of Money: Coinage 
Production.'' The Subcommittee received testimony from the 
following witnesses: Mr. John Blake, Executive Vice President 
of Engineering, Cummins Allison Corporation; Mr. Rodney J. 
Bosco, Director, Disputes and Investigations, Navigant 
Consulting, Inc.; and Mr. Dennis Weber, coin industry 
consultant.
    On November 29, 2012, the Subcommittee held a hearing 
entitled ``The Future of Money: Dollars and Sense''. The 
hearing consisted of two panels with the following witnesses: 
Mr. Richard A. Peterson, Deputy Director, United States Mint; 
Ms. Lorelei St. James, Director, Physical Infrastructure 
Issues, Government Accountability Office; Ms. Beverley Lepine, 
Chief Operating Officer, Royal Canadian Mint; The Honorable 
Philip Diehl, former Director, United States Mint; Mr. James 
Miller, former Director, Office of Management and Budget; and 
Mr. Mark Weller, Citizens for Common Cents.

                        SOUND DOLLAR ACT OF 2012

                              (H.R. 4180)


Summary

    H.R. 4180, the Sound Dollar Act of 2012, would establish 
the long-term price stability as the Federal Reserve's single 
mandate, direct the Federal Reserve Board and the FOMC to 
define long-term price stability, and establish metrics by 
which to measure the achievement of long-term price stability--
in consideration of or with respect to various indices and 
asset prices. The bill would also require the Federal Reserve 
to establish a clear lender of last resort policy, expand 
voting membership of the FOMC to include a representative from 
each of the 12 regional Federal Reserve Banks, and direct the 
FOMC to release meeting transcripts no later than three years 
after each meeting. H.R. 4180 would (1) limit asset purchases 
by the Federal Reserve to government bonds only, with a 
maturity of less than six months, (2) permit other assets to be 
purchased in unusual and exigent circumstances upon a vote of 
two-thirds of the FOMC members, (3) divest the Exchange 
Stabilization Fund of all non-Special Drawing Right (SDR) 
assets so that it holds only SDRs and no other assets for 
foreign exchange, and (4) subject the CFPB to the Congressional 
appropriations process.

Legislative History

    On March 8, 2012, H.R. 4180 was introduced by 
Representative Kevin Brady and referred to the Committee on 
Financial Services. The bill has 39 cosponsors.
    On May 8, 2012, the Subcommittee held a legislative hearing 
on H.R. 4180 entitled ``Improving the Federal Reserve System: 
Examining Legislation to Reform the Fed and Other 
Alternatives.'' The Subcommittee received testimony from the 
following witnesses: Representative Kevin Brady (R-TX); 
Representative Barney Frank (D-MA); Dr. Jeffrey M. Herbener, 
Chairman, Economics Department, Grove City College, 
Pennsylvania; Dr. Peter G. Klein, Associate Professor, Applied 
Social Sciences and Director, McQuinn Center for 
Entrepreneurial Leadership, University of Missouri; Dr. John B. 
Taylor, Mary and Robert Raymond Professor of Economics, 
Stanford University and George P. Schultz Senior Fellow in 
Economics, Hoover Institution; Dr. James K. Galbraith, Lloyd M. 
Bentsen, Jr. Chair in Government/Business Relations, LBJ School 
of Public Affairs, University of Texas at Austin; and Dr. Alice 
Rivlin, Senior Fellow, Economic Studies, Brookings Institution.

                   Subcommittee Oversight Activities


                          THE ECONOMY AND JOBS

    On February 9, 2011, the Subcommittee held a hearing 
entitled ``Can Monetary Policy Really Create Jobs?'' The focus 
of the hearing was the effectiveness of Federal Reserve policy 
in creating jobs. The purpose of the hearing was twofold: 
first, to examine whether the Federal Reserve is meeting, or 
ever could meet, its mandates of maintaining stable prices and 
high employment when prices and employment rates are high; and 
second, to examine whether the Fed's accommodative monetary 
policy has implications for long-term employment prospects. The 
Subcommittee received testimony from the following witnesses: 
Dr. Thomas J. DiLorenzo, Professor of Economics, Sellinger 
School of Business, Loyola University; Dr. Richard Vedder, 
Professor of Economics, Ohio University; and Dr. Josh Bivens, 
Economic Policy Institute, Washington, D.C.

                   MONETARY POLICY AND RISING PRICES

    On March 17, 2011, the Subcommittee held a hearing entitled 
``The Relationship of Monetary Policy and Rising Prices.'' The 
purpose of the hearing was to examine whether the stimulative 
monetary policy the Federal Reserve has recently engaged in 
will trigger inflation. The Subcommittee received testimony 
from the following witnesses: Mr. Lewis E. Lehrman, Senior 
Partner, L.E. Lehrman & Co; Mr. James Grant, Editor, Grant's 
Interest Rate Observer; and Professor Joseph T. Salerno, Pace 
University.

                         BULLION COIN PROGRAMS

    On April 7, 2011, the Subcommittee held a hearing entitled 
``Bullion Coin Programs of the United States Mint: Can They Be 
Improved?'' The purpose of the hearing was to examine possible 
improvements to the Mint's bullion programs. The Subcommittee 
received testimony from the following witnesses: Beth Deisher, 
Editor, Coin World Magazine; Terrence Hanlon, President, Dillon 
Gage Metals Division; Ross Hansen, Founder, Northwest 
Territorial Mint; and Raymond Nessim, Chief Executive Officer, 
Manfra, Tordella & Brookes, Inc.

                  MONETARY POLICY AND THE DEBT CEILING

    On May 11, 2011, the Subcommittee held a hearing entitled 
``Monetary Policy and the Debt Ceiling: Examining the 
Relationship between the Federal Reserve and Government Debt.'' 
The purpose of the hearing was to examine the role that the 
federal government's debt plays in the central bank's monetary 
policy decision making and the effect of that role on the 
budget deficit. The hearing focused on examining the link 
between the Federal Reserve and government debt, including 
whether the Treasury Department can increase the government 
debt as the Federal Reserve increases the monetary base; how 
the Federal Reserve purchases government debt to conduct 
monetary policy; the role of the Federal Reserve in financing 
government budget deficits; the impact of current monetary and 
fiscal policy on the cost of financing the government's debt; 
and the issue of raising the debt ceiling. The Subcommittee 
received testimony from the following witnesses: Dr. Richard 
Ebeling, Professor of Economics, Northwood University; Mr. Bert 
Ely, Ely & Company, Inc.; and Dr. Matthew J. Slaughter, Dean, 
Tuck School of Business, Dartmouth College.

            GENERAL OVERSIGHT OF THE FEDERAL RESERVE SYSTEM

    On June 1, 2011, the Subcommittee held a hearing entitled 
``Federal Reserve Lending Disclosure: FOIA, Dodd-Frank, and the 
Data Dump.'' The hearing examined information disclosed by the 
Federal Reserve in compliance with the Dodd-Frank Act and the 
FOIA. The Subcommittee received testimony from the following 
witnesses: Mr. Scott G. Alvarez, General Counsel, Board of 
Governors of the Federal Reserve System; and Mr. Thomas C. 
Baxter, Jr., General Counsel, Federal Reserve Bank of New York.
    On October 4, 2011, the Subcommittee held a hearing 
entitled ``Audit the Fed: Dodd-Frank, QE3, and Federal Reserve 
Transparency.'' The purpose of this hearing was to examine the 
results of the audits of the Federal Reserve by the GAO 
mandated by the Dodd-Frank Act; earlier legislative efforts to 
audit the Federal Reserve; current Federal Reserve audit and 
data disclosure requirements; and Federal Reserve transparency. 
The Subcommittee received testimony from the following 
witnesses: Ms. Orice Williams Brown, Managing Director, 
Financial Markets and Community Investment, GAO; Dr. Robert D. 
Auerbach, Professor of Public Affairs, Lyndon B. Johnson School 
of Public Affairs, University of Texas, Austin; and Dr. Mark A. 
Calabria, Director of Financial Regulation Studies, Cato 
Institute.

  CONDUCT OF MONETARY POLICY BY THE BOARD OF GOVERNORS OF THE FEDERAL 
                             RESERVE SYSTEM

    On July 26, 2011, the Subcommittee held a hearing entitled 
``Impact of Monetary Policy on the Economy: A Regional Fed 
Perspective on Inflation, Unemployment, and QE3.'' The purpose 
of the hearing was to receive a regional Federal Reserve Bank 
perspective on inflation, unemployment, monetary policy actions 
and the possibility of further liquidity operations. The 
Subcommittee received testimony from Federal Reserve Bank of 
Kansas City President Thomas Hoenig, who was the sole witness.
    On March 27, 2012, the Subcommittee held a hearing entitled 
``Federal Reserve Aid to the Eurozone: Its Impact on the U.S. 
and the Dollar.'' The Subcommittee received testimony from the 
following witnesses: Mr. William C. Dudley, President and Chief 
Executive Officer, Federal Reserve Bank of New York; and Dr. 
Steven B. Kamin, Director, Division of International Finance, 
Board of Governors of the Federal Reserve System. This hearing 
was held to identify any Federal Reserve assistance to the 
Eurozone during its sovereign debt crisis. The primary focus of 
the hearing was on reciprocal currency swap arrangements with 
the central banks of Europe, England, Switzerland, Japan, and 
Canada that the Federal Reserve entered into in an effort to 
alleviate liquidity pressures. The witnesses also discussed 
their views on the effects these swap lines have had on both 
the U.S. and EU economies.

   FRACTIONAL RESERVE BANKING AND THE FEDERAL RESERVE: THE ECONOMIC 
                   CONSEQUENCES OF HIGH-POWERED MONEY

    On June 28, 2012, the Subcommittee held a hearing entitled 
``Fractional Reserve Banking and the Federal Reserve: The 
Economic Consequences of High-Powered Money'' to examine 
fractional reserve banking, its relationship to monetary 
policy, and its effect on the economy. The hearing consisted of 
one panel with the following witnesses: Dr. John Cochran, 
Emeritus Professor of Economics and Emeritus Dean, School of 
Business, Metropolitan State College of Denver; Dr. Joseph 
Salerno, Professor of Economics, Lubin School of Business, Pace 
University; and Dr. Lawrence H. White, Professor of Economics, 
George Mason University.

  SOUND MONEY: PARALLEL CURRENCIES AND THE ROADMAP TO MONETARY FREEDOM

    On August 2, 2012, the Subcommittee held a hearing entitled 
``Sound Money: Parallel Currencies and the Roadmap to Monetary 
Freedom'' to examine parallel currencies and alternative forms 
of money, the effects of parallel currencies on the economy and 
monetary policy, and the obstacles that prevent the circulation 
of alternative forms of money. The hearing consisted of one 
panel with the following witnesses: Dr. Richard Ebeling, 
Professor of Economics, Northwood University; Mr. Nathan Lewis, 
Principal, Kiku Capital Management LLC; and Mr. Rob Gray, 
Executive Director, The American Open Currency Standard.

                          THE ECONOMY AND JOBS

    On September 21, 2012, the Subcommittee held a hearing 
entitled ``The Price of Money: Consequences of the Federal 
Reserve's Zero Interest Rate Policy'' to examine the role that 
interest rates play in resource allocation, economic growth, 
and economic crises; the effects of interest rates on inflation 
and the purchasing power of the dollar; and the impact of the 
Federal Reserve's zero interest rate policy on investors, 
savers, and the economy. The hearing consisted of one panel 
with the following witnesses: Mr. James Grant, Editor, Grant's 
Interest Rate Observer; and Mr. Lewis E. Lehrman, Senior 
Partner, L.E. Lehrman & Co.
    On November 29, 2012, the Subcommittee held a hearing 
entitled ``The Future of Money: Dollars and Sense'' to examine 
proposals to change the metallic content of the penny and the 
nickel and to replace the dollar bill with a $1 coin. At the 
hearing, witnesses discussed the economic, financial and social 
implications of each proposal. The hearing consisted of two 
panels with the following witnesses: Mr. Richard A. Peterson, 
Deputy Director, United States Mint; Ms. Lorelei St. James, 
Director, Physical Infrastructure Issues, Government 
Accountability Office; Ms. Beverley Lepine, Chief Operating 
Officer, Royal Canadian Mint; The Honorable Philip Diehl, 
former Director, United States Mint; Mr. James Miller, former 
Director, Office of Management and Budget; and Mr. Mark Weller, 
Citizens for Common Cents.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-3.................  Can Monetary Policy Really  February 9, 2011
                         Create Jobs?.
112-20................  The Relationship of         March 17, 2011
                         Monetary Policy and
                         Rising Prices.
112-25................  Bullion Coin Programs of
                         the United States Mint:
                         Can They Be Improved?
                         April 7, 2011.
112-28................  Monetary Policy and the     May 11, 2011
                         Debt Ceiling: Examining
                         the Relationship Between
                         the Federal Reserve and
                         Government Debt.
112-35................  Federal Reserve Lending     June 1, 2011
                         Disclosure: FOIA, Dodd-
                         Frank, and the Data Dump.
112-41................  Investigating the Gold:     June 23, 2011
                         H.R. 1495, the Gold
                         Reserve Transparency Act
                         of 2011 and the Oversight
                         of the United States Gold
                         Holdings.
112-50................  Impact of the Monetary      July 26, 2011
                         Policy on the Economy: A
                         Regional Fed Perspective
                         on Inflation,
                         Unemployment, and QE3.
112-59................  Road Map to Sound Money: A  September 13, 2011
                         Legislative Hearing on
                         H.R. 1098 and Restoring
                         the Dollar.
112-67................  Audit the Fed: Dodd-Frank,  October 4, 2011
                         QE3, and Federal Reserve
                         Transparency.
112-111...............  Federal Reserve Aid to the  March 27, 2012
                         Eurozone: Its Impact on
                         the U.S. and the Dollar.
112-117...............  The Future of Money:        April 17, 2012
                         Coinage Production.
112-121...............  Improving the Federal       May 8, 2012
                         Reserve System: Examining
                         Legislation to Reform the
                         Fed and Other
                         Alternatives''.
112-141...............  Fractional Reserve Banking  June 28, 2012
                         and the Federal Reserve:
                         The Economic Consequences
                         of High-Powered Money.
112-153...............  Sound Money: Parallel       August 2, 2012
                         Currencies and the
                         Roadmap to Monetary
                         Freedom.
112-160...............  The Price of Money:         September 21, 2012
                         Consequences of the
                         Federal Reserve's Zero
                         Interest Rate Policy.
112-162...............  The Future of Money:        November 29, 2012
                         Dollars and Sense.
------------------------------------------------------------------------

       Subcommittee on Financial Institutions and Consumer Credit


          (Ratio: 17-13)

    SHELLEY MOORE CAPITO, West 
        Virginia, Chairman

CAROLYN B. MALONEY, New York, Ranking Member. RENACCI, Ohio, Vice 
LUIS V. GUTIERREZ, Illinois          Chairman
MELVIN L. WATT, North Carolina       EDWARD R. ROYCE, California
GARY L. ACKERMAN, New York           DONALD A. MANZULLO, Illinois
RUBEN HINOJOSA, Texas                WALTER B. JONES, North Carolina
CAROLYN McCARTHY, New York           JEB HENSARLING, Texas
JOE BACA, California                 PATRICK T. McHENRY, North Carolina
BRAD MILLER, North Carolina          KEVIN McCARTHY, California
DAVID SCOTT, Georgia                 STEVAN PEARCE, New Mexico
NYDIA M. VELAZQUEZ, New York         LYNN A. WESTMORELAND, Georgia
GREGORY W. MEEKS, New York           BLAINE LUETKEMEYER, Missouri
STEPHEN F. LYNCH, Massachusetts      BILL HUIZENGA, Michigan
JOHN CARNEY, Jr., Delaware           SEAN P. DUFFY, Wisconsin
BARNEY FRANK, Massachusetts, ex officioANCISCO ``QUICO'' CANSECO, Texas
                                     MICHAEL G. GRIMM, New York
                                     STEPHEN LEE FINCHER, Tennessee
                                     FRANK C. GUINTA, New Hampshire
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


   RESPONSIBLE CONSUMER FINANCIAL PROTECTION REGULATIONS ACT OF 2011

                              (H.R. 1121)


Summary

    H.R. 1121, the Responsible Consumer Financial Protection 
Regulations Act of 2011, would amend Section 1011 of the Dodd-
Frank Act, by replacing the Director of the CFPB with a five-
person Commission. The CFPB Commission would be empowered to 
prescribe regulations and issue orders to implement laws within 
the CFPB's jurisdiction. One of the five seats on the CFPB 
Commission would be filled by the Vice Chairman for Supervision 
of the Federal Reserve System. Each of the four remaining 
members of the Commission would be appointed by the President; 
no more than two of those four Commissioners may be from the 
same political party. Although the Chair of the Commission 
would fulfill the executive and administrative functions of the 
CFPB, the Chair's discretion would be bounded by policies set 
by the whole Commission.

Legislative History

    On March 16, 2011, H.R. 1121 was introduced by Chairman 
Spencer Bachus and referred to the Committee on Financial 
Services. The bill has 35 cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on H.R. 1121 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the CFPB, 
Department of the Treasury, testified.
    On April 6, 2011, the Subcommittee held a legislative 
hearing on H.R. 1121 entitled ``Legislative Proposals to 
Improve the Structure of the Consumer Financial Protection 
Bureau.'' The Subcommittee received testimony from the 
following witnesses: Ms. Leslie R. Andersen, President and 
Chief Executive Officer, Bank of Bennington on behalf of the 
American Bankers Association; Ms. Lynette W. Smith, President 
and Chief Executive Officer, Washington Gas Light FCU on behalf 
of the National Association of Federal Credit Unions; Mr. Jess 
Sharp, Executive Director, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; Mr. Hilary Shelton, 
Director, NAACP Washington Bureau and Senior VP for Advocacy 
and Policy, NAACP; Mr. Noah H. Wilcox, President and Chief 
Executive Officer, Grand Rapids State Bank on behalf of the 
Independent Community Bankers of America; Mr. Rod Staatz, 
President and Chief Executive Officer, SECU of Maryland on 
behalf of the Credit Union National Association; Mr. Richard 
Hunt, President, Consumer Bankers Association; and Prof. Adam 
J. Levitin, Georgetown University Law Center.
    On May 4, 2011, the Subcommittee met in open session and 
ordered the bill favorably reported to the Committee by a 
record vote of 13 yeas and 7 nays.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 33 yeas and 24 nays. The Committee Report 
(Part 1) was filed on June 16, 2011 (H. Rept. 112-107), and 
Part 2 of the Committee Report was filed on July 19, 2011 (H. 
Rept. 112-107, Part 2).
    On July 21, 2011, the House considered the Committee Print 
of H.R. 1315, which included the text of H.R. 1121 and H.R. 
1667, and passed the bill, with amendments, by a record vote of 
241 yeas and 173 nays.

 CONSUMER FINANCIAL PROTECTION SAFETY AND SOUNDNESS IMPROVEMENT ACT OF 
                                  2011

                              (H.R. 1315)


Summary

    H.R. 1315, the Consumer Financial Protection Safety and 
Soundness Improvement Act of 2011, would amend Section 1023 of 
the Dodd-Frank Act to streamline the FSOC's review and 
oversight of CFPB rules and regulations that may undermine the 
safety and soundness of U.S. financial institutions. The bill 
would make three major changes: (1) it would lower the 
threshold required to set aside regulations from a two-thirds 
vote of the FSOC's voting membership to a simple majority, 
excluding the CFPB Director; (2) it would clarify that the FSOC 
must set aside any CFPB regulation that is inconsistent with 
the safe and sound operations of U.S. financial institutions; 
and (3) it would eliminate the 45-day time limit for the FSOC 
to review and vote on regulations.

Legislative History

    On April 1, 2011, H.R. 1315 was introduced by 
Representative Sean Duffy and was referred to the Committee on 
Financial Services. The bill has 4 cosponsors.
    On March 16, 2011, the Subcommittee held a legislative 
hearing on a draft of H.R. 1315 entitled ``Oversight of the 
Consumer Financial Protection Bureau.'' Ms. Elizabeth Warren, 
Special Advisor to the Secretary of the Treasury for the CFPB, 
Department of the Treasury, testified.
    On April 6, 2011, the Subcommittee held a legislative 
hearing on H.R. 1315 entitled ``Legislative Proposals to 
Improve the Structure of the Consumer Financial Protection 
Bureau.'' The Subcommittee received testimony from the 
following witnesses: Ms. Leslie R. Andersen, President and 
Chief Executive Officer, Bank of Bennington on behalf of the 
American Bankers Association; Ms. Lynette W. Smith, President 
and Chief Executive Officer, Washington Gas Light FCU on behalf 
of the National Association of Federal Credit Unions; Mr. Jess 
Sharp, Executive Director, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; Mr. Hilary Shelton, 
Director, NAACP Washington Bureau and Senior VP for Advocacy 
and Policy, NAACP; Mr. Noah H. Wilcox, President and Chief 
Executive Officer, Grand Rapids State Bank on behalf of the 
Independent Community Bankers of America; Mr. Rod Staatz, 
President and Chief Executive Officer, SECU of Maryland on 
behalf of the Credit Union National Association; Mr. Richard 
Hunt, President, Consumer Bankers Association; and Prof. Adam 
J. Levitin, Georgetown University Law Center.
    On May 4, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by a record vote of 13 yeas and 9 nays.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a record vote of 35 yeas and 22 nays. The Committee Report 
(Part 1) was filed on May 25, 2011 (H. Rept. 112-89), and Part 
2 of the Committee Report was filed on July 19, 2011 (H. Rept. 
112-89, Part 2).
    On July 21, 2011, the House considered H.R. 1315 and passed 
the bill, with amendments, by a record vote of 241 yeas and 173 
nays.

BUREAU OF CONSUMER FINANCIAL PROTECTION ACCOUNTABILITY AND TRANSPARENCY 
                              ACT OF 2011

                              (H.R. 1355)


Summary

    H.R. 1355, the Bureau of Consumer Financial Protection 
Accountability and Transparency Act of 2011, would amend the 
Dodd-Frank Act to make the funding of the CFPB more transparent 
and to make the CFPB accountable to Congress and the President 
for its spending. H.R. 1355 would (1) move the CFPB from the 
Federal Reserve System to the Department of the Treasury, where 
it would no longer be an agency autonomous from the executive 
branch; (2) place the CFPB's compensation structure under the 
federal government's General Schedule; (3) revoke the automatic 
and unreviewable annual funding of the CFPB by the Federal 
Reserve Board; (4) subject the CFPB to the regular 
authorization, budget, and appropriations process of the 
Department of the Treasury; and (5) repeal the establishment of 
the Consumer Financial Protection Fund and the Consumer 
Financial Civil Penalty Fund.

Legislative History

    On April 4, 2011, H.R. 1355 was introduced by Subcommittee 
on Oversight and Investigations Chairman Randy Neugebauer and 
referred to the Committee on Financial Services. The bill has 
two cosponsors.
    On February 8, 2012, the Subcommittee held a legislative 
hearing on H.R. 1355 entitled ``Legislative Proposals to 
Promote Accountability and Transparency at the Consumer 
Financial Protection Bureau.'' The Subcommittee received 
testimony from the following witnesses: Mr. Michael J. Hunter, 
Chief Operating Officer, American Bankers Association; Mr. 
Andrew J. Pincus, Partner, Mayer Brown LLP, on behalf of the US 
Chamber of Commerce; Mr. Chris Stinebert, President and Chief 
Executive Officer, American Financial Services Association; and 
Mr. Arthur E. Wilmarth, Jr., Professor of Law, The George 
Washington University.

             SMALL BUSINESS LENDING ENHANCEMENT ACT OF 2011

                              (H.R. 1418)


Summary

    H.R. 1418, the Small Business Lending Enhancement Act of 
2011, would raise the cap on member business lending for 
qualified credit unions to 27.5 percent of the credit union's 
total assets. To qualify, a credit union would be required to: 
(1) have member business loans outstanding at the end of each 
of the four consecutive quarters preceding application, in a 
total amount of not less than 80 percent of the statutory 
limit; (2) be well-capitalized; (3) demonstrate five years' 
experience of sound underwriting and servicing of member 
business loans; (4) have experience in managing member business 
loans; and (5) satisfy standards for safe and sound operations. 
The bill also would require the NCUA to develop a tiered 
approval process within six months of the legislation's 
enactment under which insured credit unions issuing member 
business loans are restricted from increasing their lending by 
more than 30 percent per year. H.R. 1418 would also require two 
studies. It would direct the NCUA to study the types of credit 
unions that engage in member business lending, the 
characteristics of these loans, and the types of businesses 
that benefit from them, and report its findings to Congress. 
The NCUA would also be required to analyze the effect of 
expanded business lending on the safety and soundness of the 
National Credit Union Share Insurance Fund and the credit union 
system. H.R. 1418 would also direct the GAO to study member 
business lending, including trends, types, and amounts of loans 
as well as the effects of H.R. 1418 on small business lending. 
The GAO would be required to report its findings to Congress 
within three years, along with any legislative recommendations.

Legislative History

    On April 7, 2011, H.R. 1418 was introduced by 
Representative Edward Royce and was referred to the Committee 
on Financial Services. The bill has 104 cosponsors.
    On October 12, 2011, the Subcommittee held a legislative 
hearing on H.R. 1418 entitled ``H.R. 1418: The Small Business 
Lending Enhancement Act of 2011.'' The Subcommittee received 
testimony from the following witnesses: The Honorable Deborah 
Matz, Chairman, National Credit Union Administration; Mr. Sal 
Marranca, President and Chief Executive Officer, Cattaraugus 
County Bank, on behalf of the Independent Community Bankers of 
America; Mr. Albert C. Kelly, Jr., President and Chief 
Executive Officer, SpiritBank; Chairman-Elect, American Bankers 
Association; Mr. Gary Grinnell, President and Chief Executive 
Officer, Corning Credit Union, on behalf of the National 
Association of Federal Credit Unions; Mr. Jeff York, President 
and Chief Executive Officer, Coasthills Federal Credit Union, 
on behalf of the Credit Union National Association; and Mr. 
Mike Hanson, President and Chief Executive Officer, 
Massachusetts Credit Union Share Insurance Corporation.

                 CONSUMER RENTAL PURCHASE AGREEMENT ACT

                              (H.R. 1588)


Summary

    H.R. 1588, the Consumer Rental Purchase Agreement Act, 
would define rental purchase transactions, create uniform 
national disclosure standards for rent-to-own businesses, and 
prohibit certain practices. The bill would define a number of 
terms pertaining to rental purchase transactions, including a 
``rental-purchase agreement,'' which exclude credit sales and 
consumer leases (as defined by the Truth in Lending Act). H.R. 
1588 would also (1) require rent-to-own merchants to include 
certain disclosures about the transaction in their rental-
purchase agreements; (2) specify the rights of consumers to 
acquire ownership of the property and request a statement of 
their account; (3) specify provisions that are prohibited from 
appearing in rental-purchase agreements; (4) include standards 
governing renegotiations and extensions of rental-purchase 
agreements; (5) mandate disclosures for both point-of-rental 
and advertising; (6) permit consumers to take civil action 
against any merchant that fails to comply with the requirements 
in the bill; (7) require the Federal Reserve Board to prescribe 
mandated regulations; (8) establish that the bill's 
requirements would be enforced by the Federal Trade Commission 
and that enforcement actions could also be brought by any state 
attorney general; and (9) establish criminal liability for 
those merchants that willfully and knowingly give false or 
inaccurate information or fail to make any required disclosures 
under the bill. The consumer protections contained in H.R. 1588 
would generally exceed those contained in existing state laws, 
but H.R. 1588 would not preempt stronger state laws. The bill 
would, however, preclude states from treating rental-purchase 
transactions as credit sales and from requiring the disclosure 
of an annual percentage rate.

Legislative History

    On April 15, 2011, H.R. 1588 was introduced by 
Representative Francisco ``Quico'' Canseco and was referred to 
the Committee on Financial Services. The bill has 112 
cosponsors.
    On July 26, 2011, the Subcommittee held a legislative 
hearing on H.R. 1588 entitled ``Examining Rental Purchase 
Agreements and the Potential Role for Federal Regulation.'' The 
Subcommittee received testimony from the following witnesses: 
Charles Harwood, Deputy Director, Bureau of Consumer 
Protection, Federal Trade Commission; Jim Hawkins, Assistant 
Professor of Law, University of Houston Law Center; Roy Soto, 
Owner, Premier Rental Purchase; Vivian Saunders, rent-to-own 
customer from Lewiston Woodville, NC; and Margot Freeman 
Saunders, Of Counsel, National Consumer Law Center.
    On November 17, 2011, the Subcommittee met in open session 
and ordered the bill, as amended, favorably reported to the 
Committee by a voice vote.
    On May 31, 2012, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a vote of 33 yeas and 21 nays.

   BUREAU OF CONSUMER FINANCIAL PROTECTION TRANSFER CLARIFICATION ACT

                              (H.R. 1667)


Summary

    H.R. 1667, the Bureau of Consumer Financial Protection 
Transfer Clarification Act, would amend Section 1062 of the 
Dodd-Frank Act. The Dodd-Frank Act shifts consumer protection 
functions to the CFPB from the Federal Reserve, the FDIC, the 
NCUA, the OCC, the OTS and HUD. H.R. 1667 would delay any 
further transfer of powers until the later of the following: 
(1) July 21, 2011; or (2) the date on which the Director of the 
CFPB is confirmed by the Senate.

Legislative History

    On May 2, 2011, H.R. 1667 was introduced by Subcommittee on 
Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito and was referred to the Committee on Financial 
Services. The bill has 14 cosponsors.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing on 
a draft of H.R. 1667 entitled ``Oversight of the Consumer 
Financial Protection Bureau.'' Ms. Elizabeth Warren, Special 
Advisor to the Secretary of the Treasury for the CFPB, 
Department of the Treasury, testified.
    On April 6, 2011, the Subcommittee held a legislative 
hearing on H.R. 1667 entitled ''Legislative Proposals to 
Improve the Structure of the Consumer Financial Protection 
Bureau.'' The Subcommittee received testimony from the 
following witnesses: Ms. Leslie R. Andersen, President and 
Chief Executive Officer, Bank of Bennington on behalf of the 
American Bankers Association; Ms. Lynette W. Smith, President 
and Chief Executive Officer, Washington Gas Light FCU on behalf 
of the National Association of Federal Credit Unions; Mr. Jess 
Sharp, Executive Director, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; Mr. Hilary Shelton, 
Director, NAACP Washington Bureau and Senior VP for Advocacy 
and Policy, NAACP; Mr. Noah H. Wilcox, President and Chief 
Executive Officer, Grand Rapids State Bank on behalf of the 
Independent Community Bankers of America; Mr. Rod Staatz, 
President and Chief Executive Officer, SECU of Maryland on 
behalf of the Credit Union National Association; Mr. Richard 
Hunt, President, Consumer Bankers Association; and Prof. Adam 
J. Levitin, Georgetown University Law Center.
    On May 4, 2011, the Subcommittee met in open session and 
ordered the bill favorably reported to the Committee by a 
record vote of 13 yeas and 8 nays.
    On May 12, 2011, the Committee held a markup and ordered 
the bill favorably reported to the House by a record vote of 32 
yeas and 26 nays.
    The Committee Report, Part 1, was filed on May 27, 2011 (H. 
Rept. 112-93), and Part 2 was filed on July 19, 2011 (H. Rept. 
112-93, Part 2).
    On July 14, 2011, the Rules Committee issued a Committee 
Print of H.R. 1315, which included the text of H.R. 1121 and 
H.R. 1667.
    On July 21, 2011, the House considered H.R. 1315 and passed 
the bill, with amendments, by a record vote of 241 yeas and 173 
nays.

                         COMMUNITIES FIRST ACT

                              (H.R. 1697)


Summary

    H.R. 1697, the Communities First Act, would reduce 
regulatory, paperwork, and tax burdens on small banks. The bill 
would revise regulatory requirements for community banks by (1) 
amending the Federal Deposit Insurance Act to permit certain 
insured depository institutions to submit a short-form report 
of condition; (2) amending the Sarbanes-Oxley Act to exempt 
certain small-sized depository institutions from the annual 
management assessment of internal controls requirements; (3) 
amending the Truth in Lending Act to exempt from escrow or 
impound account requirements any loan secured by a first lien 
on a consumer's principal dwelling, if the loan is held by a 
creditor with assets of $10 billion or less; and (4) amending 
the Gramm-Leach-Bliley Act to exempt certain financial 
institutions from furnishing a mandatory annual privacy notice.
    The bill would also amend the Securities Exchange Act to 
direct the SEC: (1) to ensure that information, documents, and 
reports accurately and appropriately reflect the business model 
of a registered security issuer; (2) to approve any new or 
amended generally accepted accounting principle only if it 
would have no negative economic impact on certain small-sized 
insured depository institutions; (3) to increase the 
shareholder registration threshold for certain banks and bank 
holding companies.
    The bill would also amend the Dodd-Frank Act: (1) to 
authorize the FSOC to set aside a final regulation prescribed 
by the CFPB if the Council decides that it would be 
inconsistent with the safe and sound operation of U.S. 
financial institutions, or could have a disproportionate 
negative impact on a subset of the banking industry; and (2) to 
repeal the authority of the Federal Reserve Board to delegate 
to the CFPB its authority to examine persons for compliance 
with federal consumer financial laws.
    For the purposes of capital calculation, the bill 
authorizes specified institutions: (1) to amortize losses or 
write-downs on a quarterly basis over a 10-year period; and (2) 
to average, over a five-year period, the appraised value of any 
real estate securing a loan held by the institution.

Legislative History

    On May 3, 2011, H.R. 1697 was introduced by Representative 
Blaine Luetkemeyer and was referred to the Committee on 
Financial Services. The bill has 55 cosponsors.
    On November 16, 2011, the Subcommittees on Financial 
Institutions and Consumer Credit and Capital Markets and 
Government Sponsored Enterprises held a joint legislative 
hearing on H.R. 1697 entitled ``H.R. 1697, The Communities 
First Act.'' The Subcommittees received testimony from the 
following witnesses: Mr. Salvatore Marranca, President and 
Chief Executive Officer, Cattaraugus County Bank on behalf of 
the Independent Community Bankers Association; Mr. O. William 
Cheney, President and Chief Executive Officer, Credit Union 
National Association; Mr. John A. Klebba, President and Chief 
Executive Officer, Legends Bank, on behalf of the Missouri 
Bankers Association; Mr. Fred Becker, Jr., President and Chief 
Executive Officer, National Association of Federal Credit 
Unions; Mr. Arthur E. Wilmarth, Jr., Professor of Law, George 
Washington University, Executive Director, Center for Law, 
Economics and Finance; Mr. Damon Silvers, Director, Policy and 
Special Counsel, American Federation of Labor and Congress of 
Industrial Organizations; and Mr. Adam J. Levitin, Professor of 
Law, Georgetown University Law Center.

               COMMON SENSE ECONOMIC RECOVERY ACT OF 2011

                              (H.R. 1723)


Summary

    H.R. 1723, the Common Sense Economic Recovery Act of 2011, 
would allow financial institutions to treat certain loans that 
would have otherwise been classified on a nonaccrual basis as 
``accrual loans.'' In contrast to the subjective standards 
examiners rely on, the bill would allow a bank to classify 
loans, including modified mortgages, as accrual loans if they 
meet the following criteria: (1) the loans are current; (2) no 
payments were more than 30 days delinquent during the last six 
months; (3) the loans are amortizing; and (4) payments are not 
being made through an interest reserve account. The bill would 
forbid banking regulators from imposing additional capital 
requirements on loans that would be treated as accrual loans 
under this bill. The bill would require the FSOC to study the 
issue of any contradictory guidance from federal banking 
agencies on loan classification and capital requirements. The 
bill would sunset two years after the date of enactment.

Legislative History

    On May 4, 2011, H.R. 1723 was introduced by Representative 
Bill Posey and was referred to the Committee on Financial 
Services. The bill has 52 cosponsors.
    On July 8, 2011, the Subcommittee held a hearing on H.R. 
1723 entitled ``Legislative Proposals Regarding Bank 
Examination Practices.'' The Subcommittee received testimony 
from the following witnesses: Mr. James H. McKillop, President 
and CEO, Independent Bankers Bank of Florida on behalf of the 
Independent Community Bankers of America; Mr. Michael Whalen, 
President and CEO, Heart of America Group; Professor Simon 
Johnson, The Ronald A. Kurtz, Professor of Entrepreneurship at 
the Massachusetts Institute of Technology's Sloan School of 
Management; Mr. George French, Deputy Director, Division of 
Risk Management Supervision of the FDIC; and Ms. Jennifer 
Kelly, Senior Deputy Comptroller for Mid-Size/Community Bank 
Supervision of the OCC.
    On November 17, 2011, the Subcommittee met in open session 
to consider H.R. 1723. The motion to favorably report H.R. 
1723, as amended, to the Committee was not agreed to and the 
Committee did not order the bill, as amended, favorably 
reported to the Committee by a record vote of 8 yeas and 10 
nays.

 TO AMEND THE FEDERAL DEPOSIT INSURANCE ACT TO REPLACE THE DIRECTOR OF 
 THE BUREAU OF CONSUMER FINANCIAL PROTECTION WITH THE CHAIRMAN OF THE 
  BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AS A MEMBER OF THE 
    BOARD OF DIRECTORS OF THE FEDERAL DEPOSIT INSURANCE CORPORATION

                              (H.R. 2081)


Summary

    H.R. 2081, a bill to amend the Federal Deposit Insurance 
Act to replace the Director of the Bureau of Consumer Financial 
Protection with the Chairman of the Board of Governors of the 
Federal Reserve System as a member of the Board of Directors of 
the Federal Deposit Insurance Corporation, would amend the 
Federal Deposit Insurance Act and replace the Director of the 
CFPB with the Chairman of the Board of Governors of the Federal 
Reserve System as a member of the FDIC's Board of Directors.

Legislative History

    On June 1, 2011, H.R. 2081 was introduced by Representative 
James Renacci and referred to the Committee on Financial 
Services. The bill has 11 cosponsors.
    On February 8, 2012, the Subcommittee held a legislative 
hearing on H.R. 2081 entitled ``Legislative Proposals to 
Promote Accountability and Transparency at the Consumer 
Financial Protection Bureau.'' The Subcommittee received 
testimony from the following witnesses: Mr. Michael J. Hunter, 
Chief Operating Officer, American Bankers Association; Mr. 
Andrew J. Pincus, Partner, Mayer Brown LLP, on behalf of the US 
Chamber of Commerce; Mr. Chris Stinebert, President and Chief 
Executive Officer, American Financial Services Association; and 
Mr. Arthur E. Wilmarth, Jr., Professor of Law, The George 
Washington University.

  TO INSTRUCT THE INSPECTOR GENERAL OF THE FEDERAL DEPOSIT INSURANCE 
   CORPORATION TO STUDY THE IMPACT OF INSURED DEPOSITORY INSTITUTION 
                    FAILURES, AND FOR OTHER PURPOSES

                              (H.R. 2056)


Summary

    H.R. 2056, a bill to instruct the Inspector General of the 
Federal Deposit Insurance Corporation (FDIC) to study the 
impact of insured depository institution failures, would 
require the FDIC's Inspector General to study issues raised by 
bank failures in states that have had more than ten such 
failures since 2008. The study would cover the following 
subjects: (1) the use and effect of shared loss agreements; (2) 
the significance of paper losses; (3) the success of FDIC field 
examiners in implementing FDIC guidelines regarding workouts of 
commercial real estate; (4) the application and impact of 
consent orders and cease and desist orders; (5) the impact of 
FDIC policies on raising capital; and (6) the FDIC's 
involvement in private equity investment. The bill would also 
instruct the GAO to study: (1) the causes of bank failures in 
states with 10 or more failures since 2008; (2) the procyclical 
impact of fair value accounting standards; (3) the causes and 
potential solutions for the cycle of loan write downs, raising 
capital, and failures; and (4) the impact of bank failures upon 
the community.

Legislative History

    On May 31, 2011, H.R. 2056 was introduced by Representative 
Lynn Westmoreland and was referred to the Committee on 
Financial Services. The bill has 13 cosponsors.
    On July 8, 2011, the Subcommittee held a hearing on H.R. 
2056 entitled ``Legislative Proposals Regarding Bank 
Examination Practices.'' The Subcommittee received testimony 
from the following witnesses: James H. McKillop, President and 
CEO, Independent Bankers Bank of Florida on behalf of the 
Independent Community Bankers of America; Michael Whalen, 
President and CEO, Heart of America Group; and Professor Simon 
Johnson, The Ronald A. Kurtz, Professor of Entrepreneurship at 
the Massachusetts Institute of Technology's Sloan School of 
Management; George French, Deputy Director, Division of Risk 
Management Supervision of the FDIC; and Jennifer Kelly, Senior 
Deputy Comptroller for Mid-Size/Community Bank Supervision of 
the OCC.
    On July 20, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. The Committee Report was filed on July 26, 2011 
(H. Rept. 112-182).
    On July 28, 2011, the House considered H.R. 2056 under 
suspension of the rules, and passed the bill, as amended, by 
voice vote.
    On November 17, 2011, the Senate considered H.R. 2056 and 
passed the bill, with amendments, by Unanimous Consent.
    On December 20, 2011, the House considered the Senate 
amendments to H.R. 2056 under suspension of the rules, and 
agreed to the amendments by Unanimous Consent.
    On January 3, 2012, H.R. 2056 was signed by the President 
and became Public Law No. 112-088.

                MEDICAL DEBT RESPONSIBILITY ACT OF 2011

                              (H.R. 2086)


Summary

    H.R. 2086, the ``Medical Debt Responsibility Act of 2011,'' 
amends the Fair Credit Reporting Act to require consumer 
reporting agencies to remove paid or settled medical debt of up 
to $2,500 within 45 calendar days from credit reports.

Legislative History

    On June 2, 2011, H.R. 2086 was introduced by Representative 
Heath Shuler and referred to the Committee on Financial 
Services. The bill has 54 cosponsors.
    On September 13, 2012, the Subcommittee held a hearing on 
H.R. 2086 entitled, ``Examining the Uses of Consumer Credit 
Data.'' The Subcommittee received testimony on the first panel 
from: Mr. Robert Schoshinski, Assistant Director, Division of 
Privacy and Identity Protection, Federal Trade Commission. The 
Subcommittee received testimony on the second panel from: Mr. 
Rodney Anderson, Supreme Lending; Mr. Stuart K. Pratt, 
President and CEO, Consumer Data Industry Association; Ms. Mary 
Spector, Associate Professor of Law, Southern Methodist 
University Dedman School of Law; Mr. Michael A. Turner; Ph.D., 
President & CEO, Policy & Economic Research Council; and Ms. 
Chi Chi Wu, Staff Attorney, National Consumer Law Center.

TO AMEND THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT 
  TO ADJUST THE DATE ON WHICH CONSOLIDATED ASSETS ARE DETERMINED FOR 
PURPOSES OF EXEMPTING CERTAIN INSTRUMENTS OF SMALLER INSTITUTIONS FROM 
                           CAPITAL DEDUCTIONS

                              (H.R. 3128)


Summary

    H.R. 3128, a bill to amend the Dodd-Frank Wall Street 
Reform and Consumer Protection Act to Adjust the Date on which 
Consolidated Assets are Determined for Purposes of Exempting 
Certain Instruments of Smaller Institutions from Capital 
Deductions, would amend the Dodd-Frank Act to add March 31, 
2010, as a date for calculation of total consolidated assets, 
for purposes of exempting certain debt or equity instruments of 
smaller financial institutions from capital deduction 
requirements.

Legislative History

    On October 6, 2011, H.R. 3128 was introduced by 
Representative Michael Grimm and was referred to the Committee 
on Financial Services. The bill has eight cosponsors.
    On May 18, 2012, the Subcommittee held a hearing that 
discussed H.R. 3128, entitled ``The Impact of the Dodd-Frank 
Act: Understanding Heightened Regulatory Capital 
Requirements.'' The Subcommittee received testimony from Mr. 
Daniel McCardell, Senior Vice President and Head of Regulatory 
Affairs, The Clearing House, and Mr. Richard Wald, Chief 
Regulatory Officer, Emigrant Bank.
    On May 31, 2012, the Committee met in open session and 
ordered the bill favorably reported to the House by a vote of 
35 yeas and 15 nays.

       FINANCIAL INSTITUTIONS EXAMINATION FAIRNESS AND REFORM ACT

                              (H.R. 3461)


Summary

    H.R. 3461, the Financial Institutions Examination and 
Fairness and Reform Act, would amend the Federal Financial 
Institutions Examination Council Act of 1978 to require federal 
financial institution regulatory agencies to make a final 
examination report to a financial institution within 60 days of 
the later of: (1) the exit interview for an examination of the 
institution or (2) the provision of additional information by 
the institution relating to the examination. The bill would set 
a deadline for the exit interview if a financial institution is 
not subject to a resident examiner program. H.R. 3461 would set 
forth examination standards for financial institutions. It 
would prohibit federal financial institution regulatory 
agencies from requiring well capitalized financial institutions 
to raise additional capital in lieu of an action prohibited by 
the examination standards.
    The bill would also establish an Office of Examination 
Ombudsman within the Federal Financial Institutions Examination 
Council. H.R. 3461 would grant a financial institution the 
right to appeal a material supervisory determination contained 
in a final report of examination. The bill would require the 
Ombudsman to determine the merits of the appeal on the record, 
after an opportunity for a hearing before an independent 
administrative law judge. It would declare the decision by the 
Ombudsman on an appeal to be the final agency action, and bind 
the agency whose supervisory determination was the subject of 
the appeal and the financial institution making the appeal. 
H.R. 3461 would amend the Riegle Community Development and 
Regulatory Improvement Act of 1994 to require: (1) the CFPB to 
establish an independent intra-agency appellate process in 
connection with the regulatory appeals process; and (2) 
appropriate safeguards to protect an insured depository 
institution or insured credit union from retaliation by the 
CFPB, the NCUA Board, or any other federal banking agency for 
exercising its rights.

Legislative History

    On November 17, 2011, H.R. 3461 was introduced by 
Subcommittee on Financial Institutions and Consumer Credit 
Chairman Shelley Moore Capito and referred to the Committee on 
Financial Institutions. The bill has 169 cosponsors.
    On February 1, 2012, the Subcommittee held a legislative 
hearing on H.R. 3461 entitled ``H.R. 3461, the Financial 
Institutions Examination Fairness and Reform Act.'' The 
Subcommittee received testimony from the following witnesses: 
Mr. Kevin M. Bertsch, Associate Director of the Division of 
Banking Supervision and Regulation, Board of Governors of the 
Federal Reserve System; Ms. Sandra L. Thompson, Director of the 
Division of Risk Management Supervision, FDIC; Mr. David M. 
Marquis, Executive Director, National Credit Union 
Administration; Ms. Jennifer Kelly, Senior Deputy Comptroller 
for Mid-Size/Community Bank Supervision, OCC; Mr. Albert C. 
Kelly, Jr., President and CEO, SpiritBank on behalf of the 
American Bankers Association; Mr. Kenneth Watts, President and 
CEO, West Virginia Credit Union League on behalf of the Credit 
Union National Association; Mr. Noah Wilcox, President and CEO, 
Grand Rapids State Bank on behalf of the Independent Community 
Bankers of America; Ms. Jeanne Kucey, President and CEO, 
JetStream Federal Credit Union on behalf of the National 
Association of Federal Credit Unions; and Mr. Eugene Ludwig, 
Founder and Chief Executive Officer, Promontory Financial 
Group, LLC.

             PROPRIETARY INFORMATION PROTECTION ACT OF 2012

                              (H.R. 3871)


Summary

    H.R. 3871, the Proprietary Information Protection Act of 
2012, would amend the Federal Deposit Insurance Act to provide 
certainty to financial institutions that a production of 
information compelled by the CFPB will not waive either the 
attorney-client privilege or work-product immunity.  In 
addition, H.R. 3871 would provide that any privileged material 
that the CFPB shares with other federal agencies remains 
privileged.

Legislative History

    On February 1, 2012, H.R. 3871 was introduced by 
Representative Bill Huizenga and referred to the Committee on 
Financial Services. The bill has 4 cosponsors.
    On February 8, 2012, the Subcommittee held a legislative 
hearing on H.R. 3871 entitled ``Legislative Proposals to 
Promote Accountability and Transparency at the Consumer 
Financial Protection Bureau.'' The Subcommittee received 
testimony from the following witnesses: Mr. Michael J. Hunter, 
Chief Operating Officer, American Bankers Association; Mr. 
Andrew J. Pincus, Partner, Mayer Brown LLP, on behalf of the US 
Chamber of Commerce; Mr. Chris Stinebert, President and Chief 
Executive Officer, American Financial Services Association; and 
Mr. Arthur E. Wilmarth, Jr., Professor of Law, The George 
Washington University.

TO AMEND THE FEDERAL DEPOSIT INSURANCE ACT WITH RESPECT TO INFORMATION 
        PROVIDED TO THE BUREAU OF CONSUMER FINANCIAL PROTECTION

                              (H.R. 4014)


Summary

    To provide certainty that the production of information 
compelled by the CFPB will not waive either the attorney-client 
privilege or work-product immunity, H.R. 4014 would amend the 
Federal Deposit Insurance Act to make explicit that the 
production of privileged materials to the CFPB does not waive 
these privileges as to third parties. H.R. 4014 would amend the 
Federal Deposit Insurance Act to make the CFPB a ``covered 
agency'' that may share information with another covered agency 
or any other federal agency without waiving any privilege 
applicable to the information. The bill would prohibit the 
submission of information to the CFPB in the course of its 
supervisory or regulatory process from being construed as 
waiving, destroying, or affecting any privilege that may be 
claimed with respect to such information under federal or state 
law as to any person or entity other than the CFPB, another 
federal banking agency, a state bank supervisor, or a foreign 
banking authority.

Legislative History

    On February 13, 2012, H.R. 4014 was introduced by 
Representative Bill Huizenga and was referred to the Committee 
on Financial Services. The bill has four cosponsors.
    On February 8, 2012, the Subcommittee held a legislative 
hearing entitled ``Legislative Proposals to Promote 
Accountability and Transparency at the Consumer Financial 
Protection Bureau'' which examined a version of a bill, H.R. 
3871, to provide certainty to financial institutions that a 
production of information compelled by the CFPB will not waive 
attorney-client privilege or work-product immunity. The 
Subcommittee received testimony from the following witnesses: 
Mr. Michael G. Hunter, Chief Operating Officer, American 
Bankers Association; Mr. Andrew J. Pincus, Partner, Mayer Brown 
LLP on behalf of the US Chamber of Commerce; Mr. Chris 
Stinebert, President and CEO, American Financial Services 
Association; and Prof. Arthur E. Wilmarth, Jr., Professor of 
Law, Executive Director, Center for Law, Economics & Finance, 
George Washington University Law School.
    On February 16, 2012, the Committee met in open session and 
ordered the bill favorably reported to the House by voice vote. 
The Committee report was filed on March 20, 2012 (H. 112-417).
    On March 26, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 4014 by voice vote.
    On December 11, 2012, the Senate passed H.R. 4014, without 
amendment, by unanimous consent.
    On December 20, 2012, H.R. 4014 was signed by the President 
and became Public Law No. 112-215.

        CONSUMER CREDIT ACCESS, INNOVATION AND MODERNIZATION ACT

                              (H.R. 6139)


Summary

    H.R. 6139, the ``Consumer Credit Access, Innovation and 
Modernization Act,'' establishes a federal charter to be 
granted by the Office of the Comptroller of the Currency (OCC) 
to qualified nondepository creditors known as ``National 
Consumer Credit Corporations.'' Such corporations would be 
tasked with offering OCC-approved financial products to 
``underserved'' consumers, making loans to small businesses 
that have fewer than 500 full-time employees, and offering 
products and services designed to help underserved consumers 
improve their credit scores and encourage personal savings. The 
bill limits the amount of credit that Credit Corporations may 
extend to any consumer or small business and prohibits them 
from making consumer loans that have prepayment penalties or 
maturities of 30 days or less. H.R. 6139 forbids any government 
authority from setting usury limits on loans extended by Credit 
Corporations and preempts state laws applicable to Credit 
Corporations in three situations. Under the bill, the OCC would 
have general supervisory and enforcement authority over Credit 
Corporations.

Legislative History

    On July 18, 2012, H.R. 6139 was introduced by 
Representative Blaine Luetkemeyer and referred to the Committee 
on Financial Services. The bill has six cosponsors.
    On July 24, 2012, the Subcommittee held a legislative 
hearing on H.R. 6139 entitled ``Examining Consumer Credit 
Access Concerns, New Products and Federal Regulations.'' The 
Subcommittee received testimony on the first panel from: Ms. 
Grovetta N. Gardineer, Deputy Comptroller for Compliance Policy 
at the Office of the Comptroller of the Currency and the 
Honorable John Munn, Director, Banking and Finance at the State 
of Nebraska Department of Banking and Finance. The Subcommittee 
received testimony on the second panel from: Ms. Mary Jackson, 
Senior Vice President, Corporate Affairs, Cash America 
International, Inc.; Ms. Frances C. Bishop, Dollar Pawn, Inc.; 
Mr. John Berlau, Senior Fellow, Finance and Access to Capital, 
Competitive Enterprise Institute; and Mr. Kenneth W. Edwards, 
Vice President, Federal Affairs, Center for Responsible 
Lending.

                  THE CREDIT ACCESS AND INCLUSION ACT

                              (H.R. 6363)


Summary

    H.R. 6363, ``The Credit Access and Inclusion Act,'' amends 
the Fair Credit Reporting Act to make clear that the statute 
permits ``public utility services'' to voluntarily report 
positive and negative payment data to consumer reporting 
agencies. The only information that would be allowed to be 
reported under this legislation would be information that 
relates to payment for services or other terms regarding the 
provision of the services. This information would include 
information regarding deposits, discounts, or other conditions 
for interrupting or terminating service.

Legislative History

    On September 10, 2012, H.R. 6363 was introduced by 
Representative Jim Renacci and referred to the Committee on 
Financial Services. The bill has four cosponsors.
    On September 13, 2012, the Subcommittee held a legislative 
hearing on H.R. 6363 entitled ``Examining the Uses of Consumer 
Credit Data.'' The Subcommittee received testimony on the first 
panel from: Mr. Robert Schoshinski, Assistant Director, 
Division of Privacy and Identity Protection, Federal Trade 
Commission. The Subcommittee received testimony on the second 
panel from: Mr. Rodney Anderson, Supreme Lending; Mr. Stuart K. 
Pratt, President and CEO, Consumer Data Industry Association; 
Ms. Mary Spector, Associate Professor of Law, Southern 
Methodist University Dedman School of Law; Mr. Michael A. 
Turner; Ph.D., President & CEO, Policy & Economic Research 
Council; and Ms. Chi Chi Wu, Staff Attorney, National Consumer 
Law Center.

 A DISCUSSION DRAFT OF LEGISLATION INTENDED TO ENSURE THAT SPOUSES WHO 
 DO NOT WORK OUTSIDE THE HOME OR WHO EARN LESS THAN THEIR SPOUSES CAN 
                        OBTAIN ACCESS TO CREDIT

                               (H.R. ___)


Summary

    This discussion draft is intended to ensure that the 
Federal Reserve Board does not interpret the Credit Card 
Accountability Responsibility and Disclosure Act of 2009 in a 
way that unfairly restricts credit for consumers who do not 
work outside the home, particularly married women. The 
discussion draft amends Section 150 of the Truth-in-Lending Act 
to require credit card issuers to evaluate the ability of both 
the consumer and the consumer's spouse to jointly make payments 
on a credit card account. The discussion draft would also allow 
an unemployed spouse to rely on the employed spouse's income 
when applying for a credit card.
    This discussion draft is intended to ensure that the 
Consumer Financial Protection Bureau amends the Federal Reserve 
Board's rules implementing the Credit Card Accountability 
Responsibility and Disclosure Act of 2009 so consumers who are 
stay-at-home spouses can obtain credit cards in their own 
names. The discussion draft amends Section 150 of the Truth-in-
Lending Act to require credit card issuers to evaluate the 
ability of both the consumer and the consumer's spouse to 
jointly make payments on a credit card account. The discussion 
draft would also allow an unemployed spouse to rely on the 
employed spouse's income when applying for a credit card.''

Legislative History

    On June 6, 2012, the Subcommittee held a legislative 
hearing on this discussion draft entitled ``An Examination of 
the Federal Reserve's Final Rule on the CARD Act's `Ability to 
Repay' Requirement.'' The Subcommittee received testimony on 
the first panel from: Ms. Gail Hillebrand, Associate Director 
of Consumer Education and Engagement at the Consumer Financial 
Protection Bureau. The Subcommittee received testimony on the 
second panel from: Mr. Kirk Simme, Senior Vice President of 
Credit, Charming Shoppes, Inc.; Mr. Oliver Ireland, Partner, 
Morrison & Foerster, LLP; and Ms. Ashley Boyd, Campaign 
Director of MomsRising.

                   Subcommittee Oversight Activities


                            INTERCHANGE FEES

    On February 17, 2011, the Subcommittee held a hearing 
entitled ``Understanding the Federal Reserve's Proposed Rule on 
Interchange Fees: Implications and Consequences of the Durbin 
Amendment.'' The hearing examined the Federal Reserve Board's 
December 16, 2010 proposed rule to implement Section 1075 of 
the Dodd-Frank Act, relating to the fees charged to merchants 
when processing debit card transactions. The Subcommittee 
received testimony from the following witnesses: Sarah Raskin, 
Member, Federal Reserve Board of Governors; Frank Michael, 
President and CEO of Allied Credit Union on behalf of the 
Credit Union National Association; David Kemper, Chairman, 
President & CEO of Commerce Bank on behalf of the American 
Bankers Association and the Consumer Bankers Association; Doug 
Kantor, Partner, Steptoe & Johnson on behalf of the Merchant 
Payments Coalition; Josh Floum, General Counsel, Visa; and 
David Seltzer, Vice President and Treasurer of 7-Eleven on 
behalf of the Retail Industry Leaders Association.

                      REGULATORY BURDEN REDUCTION

    On March 2, 2011, the Subcommittee held a hearing entitled 
``The Effect of Dodd-Frank on Small Financial Institutions and 
Small Businesses,'' to address the challenges faced by 
community-based financial institutions and their small business 
clientele from the implementation of the Dodd-Frank Act. The 
hearing focused on the effectiveness of the Dodd-Frank Act's 
exemptions for institutions with less than $10 billion in 
assets, particularly the exemption from the CFPB's examination 
and enforcement authority. In addition, the hearing examined 
the link between the effects of the Dodd-Frank Act on small 
institutions and the ability of small businesses to secure 
loans. The Subcommittee received testimony from the following 
witnesses: Albert C. Kelly, Jr., President and Chief Executive 
Officer, Spirit Bank, on behalf of the American Bankers 
Association; John Buckley, President and Chief Executive 
Officer, Gerber Federal Credit Union on behalf of the National 
Association of Federal Credit Unions; O. William Cheney, 
President and Chief Executive Officer, Credit Union National 
Association; Chris Stinebert, President and Chief Executive 
Officer, American Financial Services Association; James D. 
MacPhee, Chairman, Independent Community Bankers of America; 
Peter Skillern, Executive Director, Community Reinvestment 
Association of North Carolina; Jess Sharp, Executive Director, 
Center for Capital Markets Competitiveness, U.S. Chamber of 
Commerce; Robert Nielsen, Chairman of the Board, National 
Association of Home Builders; John M. Schaible, Chairman, Atlas 
Federal; and David Borris, Main Street Alliance.
    On March 1, 2012, the Subcommittee held a hearing entitled 
``Understanding the Effects of the Repeal of Regulation Q on 
Financial Institutions and Small Businesses.'' The hearing 
examined the effect of Regulation Q's repeal on the funding 
costs of banks, the demand for interest-bearing checking 
accounts, the ability of smaller banks to compete for deposits 
against larger ones, and the credit costs for businesses and 
consumers. The Subcommittee received testimony from Mr. Cliff 
McCauley, Senior Executive Vice President of Frost Bank, and 
Mr. Alex J. Pollock, Resident Fellow at the American Enterprise 
Institute.
    On March 14, 2012, the Subcommittee held a field hearing in 
San Antonio, Texas, entitled ``An Examination of the Challenges 
Facing Community Financial Institutions in Texas,'' to examine 
the effect of new financial regulations on the ability of 
financial institutions to extend credit and stimulate job 
growth. The hearing also examined the effects of excessively 
stringent federal bank examinations on the economic recovery. 
The Subcommittee received testimony from the following 
witnesses: Mr. Robert Glenn, President and Chief Executive 
Officer, Air Force Federal Credit Union; Mr. George Hansard, 
President, Pecos County State Bank; Ms. Maria Martinez, 
President and Chief Executive Officer, Border Federal Credit 
Union; Mr. Cliff McCauley, Senior Executive Vice President, 
Frost Bank; Mr. Les Parker, Chairman, President and Chief 
Executive Officer, United Bank of El Paso de Norte; Mr. Ignacio 
Urrabazo, Jr., President, Commerce Bank; and Ms. Janie Barrera, 
President and Chief Executive Officer, Accion Texas Inc.
    On April 16, 2012, the Subcommittee held a field hearing in 
Cleveland, Ohio, entitled ``An Examination of the Challenges 
Facing Community Financial Institutions in Ohio,'' to hear from 
representatives from Ohio-based financial institutions about 
the effect of new financial regulations on their ability to 
extend credit and stimulate job growth, while staying 
economically viable. The hearing also examined the effect of 
federal bank examination policies and procedures--examinations 
that some financial institutions contend may be overzealous--on 
economic recovery. The Subcommittee received testimony from the 
following witnesses: Mr. Stan Barnes, Chief Executive Officer, 
CSE Federal Credit Union; Mr. Bill Blake, Senior Vice President 
and Associate General Counsel, KeyBank; Mr. G. Courtney Haning, 
Chairman, President and Chief Executive Officer, Peoples 
National Bank; Mr. Steven Fireman, President and General 
Counsel, Economic and Community Development Institute; and Mr. 
Martin Cole, President and Chief Executive Officer, Andover 
Bank.
    On May 9, 2012, the Subcommittee held a hearing entitled 
``Rising Regulatory Compliance Costs and Their Impact on the 
Health of Small Financial Institutions.'' The hearing examined 
the efforts of prudential regulators to ensure that new 
regulations do not unnecessarily constrain the financial 
services industry, as well as the plans of financial 
institutions for remaining viable in the face of rising 
regulatory costs. The Subcommittee received testimony from the 
following witnesses: Mr. William Grant, Chairman, President and 
Chief Executive Officer, First United Bank & Trust; Mr. Ed 
Templeton, President and Chief Executive Officer, SRP Federal 
Credit Union; Mr. Samuel Vallandingham, Vice President and 
Chief Information Officer, First State Bank; Mr. Terry West, 
President and Chief Executive Officer, VyStar Credit Union; Mr. 
Adam Levitin, Professor of Law, Georgetown University Law 
Center; and Mr. Mike Calhoun, President, Center of Responsible 
Lending.

                             FDIC OVERSIGHT

    On May 26, 2011, the Subcommittee held a hearing entitled 
``FDIC Oversight: Examining and Evaluating the Role of the 
Regulator during the Financial Crisis and Today.'' The 
Honorable Sheila C. Bair, Chairman of the FDIC, was the only 
witness. The hearing focused on issues pertaining to the 
Deposit Insurance Fund, bank capital requirements, consumer 
financial protection initiatives, debit interchange fees, the 
designation of systemically important financial institutions, 
the authority to resolve failed financial institutions, the 
Dodd-Frank Act's regulatory impact on financial institutions of 
varying sizes, and mortgage servicing practices.

                          ``TOO BIG TO FAIL''

    On June 14, 2011, the Subcommittee held a hearing entitled 
``Does the Dodd-Frank Act End `Too Big to Fail'?'' The purpose 
of the hearing was to learn more about whether the FDIC's 
Orderly Liquidation Authority, as created by the Dodd-Frank 
Act, is appropriately structured to end taxpayer bailouts for 
the largest financial institutions. The Subcommittee received 
testimony from the following witnesses: Mr. Michael H. 
Krimminger, General Counsel of the FDIC; Ms. Christy Romero, 
Acting Special Inspector General, Office of the Special 
Inspector General for TARP; Mr. Stephen J. Lubben, Daniel J. 
Moore Professor of Law, Seton Hall University School of Law; 
and Mr. Michael Barr, Professor of Law, University of Michigan 
Law School.

                      MORTGAGE SERVICING STANDARDS

    On July 7, 2011, the Subcommittees on Financial 
Institutions and Consumer Credit and Oversight and 
Investigations held a joint hearing entitled ``Mortgage 
Servicing: An Examination of the Role of Federal Regulators in 
Settlement Negotiations and the Future of Mortgage Servicing 
Standards.'' The purpose of the hearing was to review the role 
of Federal regulators in the ongoing mortgage servicing 
settlement negotiations and the development of new mortgage 
servicing standards. The Subcommittees received testimony from 
the following witnesses: Ms. Julie Williams, First Senior 
Deputy Comptroller and Chief Counsel of the OCC; Mr. Mark 
Pearce, Director, Division of Depositor and Consumer Protection 
at the FDIC; Mr. Raj Date, Associate Director of Research, 
Markets and Regulations, CFPB, U.S. Department of the Treasury; 
the Honorable Luther Strange, Alabama Attorney General; Mr. 
David Stevens, President, Mortgage Bankers Association; and Mr. 
Michael Calhoun, President, Center for Responsible Lending.
    On March 15, 2012, the Subcommittee held a field hearing in 
Las Vegas, Nevada, entitled ``An Examination of Potential 
Private Sector Solutions to Mitigate Foreclosures in Nevada.'' 
This hearing examined potential private-sector solutions to 
mitigate the wave of foreclosures that have hit the state of 
Nevada, which has had the nation's highest state foreclosure 
rate for five consecutive years. The Subcommittee received 
testimony from the following witnesses: Ms. Verise Campbell, 
Deputy Director, The State of Nevada Foreclosure Mediation 
Program; Mr. Leonard Chide, President/Executive Director, 
Neighborhood Housing Services of Southern Nevada; Ms. Janis 
Grady, Treasurer and Director, Nevada Association of Mortgage 
Professionals; Ms. Sue Longson, President and CEO, SONEPCO 
Federal Credit Union; and Mr. Keith Lynam, REALTOR/Sales 
Associate, Windermere Prestige Properties.

                       BANK EXAMINATION STANDARDS

    On August 16, 2011, the Subcommittee held a field hearing 
in Newnan, Georgia, entitled ``Potential Mixed Messages: Is 
Guidance from Washington Being Implemented by Federal Bank 
Examiners?'' The purpose of the hearing was to assess whether 
or not federal bank examination standards are overly stringent 
and impeding an economic recovery. The hearing focused on H.R. 
2056, which was introduced by Representative Lynn Westmoreland 
on May 31, 2011. H.R. 2056 would instruct the Inspector General 
of the FDIC to study the impact of insured depository 
institution failures and closely examine the agency's bank 
closure procedures. The Subcommittee received testimony from 
the following witnesses: Mr. Bret D. Edwards, Director, 
Division of Resolutions and Receiverships for the Federal 
Deposit Insurance Corporation; Mr. Christopher J. Spoth, Senior 
Deputy Director, Division of Risk Management Supervision for 
the Federal Deposit Insurance Corporation; Mr. Gil Barker, 
Southeast District Deputy Comptroller for the OCC; Mr. Kevin M. 
Bertsch, Associate Director, The Board of Governors of the 
Federal Reserve System; Mr. Chuck Copeland, CEO, First National 
Bank of Griffin; Mr. Michael Rossetti, President, Ravin Homes; 
Mr. Jim Edwards, CEO, United Bank; and Mr. Gary Fox, Former 
CEO, Bartow County Bank.

                             CYBERSECURITY

    On September 14, 2011, the Subcommittee held a hearing 
entitled ``Cybersecurity: Threats to the Financial Sector.'' 
The purpose of the hearing was to examine the threats computer 
hackers pose to financial institutions and government agencies; 
the methods used by hackers to breach information-technology 
systems; and the cooperation among government agencies and the 
private sector to thwart hackers. The Subcommittee received 
testimony from the following witnesses: Mr. A.T. Smith, 
Assistant Director, United States Secret Service; Mr. Gordon 
Snow, Assistant Director of the Federal Bureau of 
Investigation; Mr. Greg Schaffer, Acting Deputy Under 
Secretary, Department of Homeland Security; Mr. William B. 
Nelson, President and CEO, Financial Services--Information 
Sharing and Analysis Center; Mr. Bryan Sartin, Director, 
Investigative Response, Verizon; Mr. Brian Tillett, Chief 
Security Strategist, Symantec; Mr. Greg Garcia, Partnership 
Executive for Cybersecurity and Identity Management, Bank of 
America; Dr. Greg Shannon, Chief Scientist, Carnegie Mellon 
University's Software Engineering Institute CERT Liaison 
Program; and Mr. Marc Rotenberg, President, Electronic Privacy 
Information Center.

                   AVAILABILITY OF SHORT-TERM CREDIT

    On September 22, 2011, the Subcommittee held a hearing 
entitled ``An Examination of the Availability of Credit for 
Consumers.'' The purpose of the hearing was to explore the 
capacity of banking institutions to address the credit needs of 
low- and middle-income consumers. The hearing also examined 
alternatives to traditional banking services, including check 
cashing and payday lending services. The Subcommittee received 
testimony from the following witnesses: Mr. Barry Wides, Deputy 
Comptroller for Community Affairs, OCC; Mr. Robert Mooney, 
Deputy Director for Consumer Protection and Community Affairs, 
FDIC; Mr. David M. Marquis, Executive Director, National Credit 
Union Administration; Ms. Gerri Guzman, Executive Director, 
Consumer Rights Coalition; Ms. Melissa Koide, Vice President of 
Policy, Center for Financial Services Innovation; Mr. Ryan 
Gilbert, Chief Executive Officer, BillFloat; Mr. Michael Grant, 
President, National Bankers Association; Dr. Kimberly Manturuk, 
Research Associate, University of North Carolina Center for 
Community Capital; and Ms. Ida Rademacher, Vice President, 
Policy and Research, CFED--Expanding Economic Opportunity.

          NONRESIDENT ALIEN DEPOSIT INTEREST INCOME REPORTING

    On October 27, 2011, the Subcommittee held a hearing 
entitled ``Proposed Regulations to Require Reporting of 
Nonresident Alien Deposit Interest Income.'' The purpose of the 
hearing was to review the impact of a proposed regulation that 
would require financial institutions to report annually to the 
Internal Revenue Service the amount of interest earned by 
nonresident aliens on their U.S. bank deposits. In particular, 
the hearing considered the potential effects of the proposed 
regulation on nonresident alien deposits held in U.S. financial 
institutions and on the safety and soundness of financial 
institutions that hold significant amounts of these deposits. 
The Subcommittee received testimony from the following 
witnesses: Mr. J. Thomas Cardwell, Former Commissioner, Florida 
Office of Financial Regulation; Mr. Alejandro ``Alex'' Sanchez, 
President and Chief Executive Officer, Florida Bankers 
Association; Mr. Gerry Schwebel, Executive Vice President, 
International Bancshares Corporation; and Ms. Rebecca J. 
Wilkins, Senior Counsel, Federal Tax Policy, Citizens for Tax 
Justice.

                      IMPACT OF REGULATORY REFORM

    On October 31, 2011, the Subcommittee held a field hearing 
in Wausau, Wisconsin, entitled ``Regulatory Reform: Examining 
How New Regulations are Impacting Financial Institutions, Small 
Businesses and Consumers.'' The purpose of the hearing was to 
assess how new financial regulations are affecting the ability 
of financial institutions to extend credit and stimulate job 
growth. The hearing examined whether bank examination practices 
are excessively stringent and impeding economic recovery. The 
Subcommittee received testimony from the following witnesses: 
The Honorable Al Erickson, Mayor of Mosinee, WI; Mr. Marty 
Reinhart, President, Heritage Bank; Mr. Todd Nagel, President, 
River Valley Bank; Mr. Pat Wesenberg, President and Chief 
Executive Officer, Central City Credit Union; Mr. Mark Willer, 
Chief Operating Officer, Royal Credit Union; Mr. Mark Matthiae, 
President, Crystal Finishing Systems; Mr. Kurt Bauer, 
President, Wisconsin Manufacturers and Commerce; and Ms. 
Bethany Sanchez, Director of Community Development, 
Metropolitan Milwaukee Fair Housing Council.

                  CONSUMER FINANCIAL PROTECTION BUREAU

    On November 2, 2011, the Subcommittee held a hearing 
entitled ``The Consumer Financial Protection Bureau: The First 
100 Days.'' The purpose of the hearing was to review the CFPB's 
budgeting, staffing, rule-writing initiatives, and the current 
and potential challenges facing the Bureau as well as the 
entities it regulates. Mr. Raj Date, Special Advisor to the 
Secretary of the Treasury, CFPB, was the sole witness.

                              VOLCKER RULE

    On January 18, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
joint hearing entitled ``Examining the Impact of the Volcker 
Rule on Markets, Businesses, Investors and Job Creation.'' The 
hearing evaluated the rule to implement Section 619 of the 
Dodd-Frank Act, known as the Volcker Rule, and its impact on 
the economy, jobs, businesses and investors. The Volcker Rule 
directs regulators to write and issue rules prohibiting bank 
holding companies and their affiliates from engaging in 
proprietary trading and sponsoring and investing in hedge funds 
and private equity funds. The subcommittee received testimony 
from the following witnesses: The Honorable Daniel K. Tarullo, 
Governor, Board of Governors of the Federal Reserve System; The 
Honorable Mary Schapiro, Chairman, SEC; The Honorable Gary 
Gensler, Chairman, CFTC; The Honorable Martin J. Gruenberg, 
Acting Chairman, FDIC; Mr. John Walsh, Acting Comptroller of 
the Currency, OCC; Mr. Anthony J. Carfang, Partner, Treasury 
Strategies, on behalf of the U.S. Chamber of Commerce; Mr. 
Douglas J. Elliott, Fellow, Economic Studies, The Brookings 
Institution; Mr. Scott Evans, Executive Vice President, 
President of Asset Management, TIAA-CREF; Prof. Simon Johnson, 
Ronald A. Kurtz (1954) Professor of Entrepreneurship, MIT Sloan 
School of Management; Mr. Alexander Marx, Head of Global Bond 
Trading, Fidelity Investments; Mr. Douglas J. Peebles, Chief 
Investment Officer and Head of Fixed Income, AllianceBernstein, 
on behalf of the Securities Industry and Financial Markets 
Association Asset Management Group; Mr. Mark Standish, 
President and Co-CEO, RBC Capital Markets, on behalf of the 
Institute of International Bankers; and Mr. Wallace Turbeville, 
on behalf of the Americans for Financial Reform.

                       PAYMENT SYSTEM INNOVATIONS

    On March 22, 2012, the Subcommittee held a hearing entitled 
``The Future of Money: How Mobile Payments Could Change 
Financial Services,'' to examine the technology used to conduct 
mobile payments, identify potential security problems, and 
consider whether statutory changes are necessary as mobile 
payment systems become more widely available. The Subcommittee 
received testimony from the following witnesses: Mr. Richard 
Oliver, co-author of the Mobile Payments in the United States--
Mapping out the Road Ahead, published by the Federal Reserve 
Bank of Atlanta; Mr. Troy Leach, Chief Technology Officer, PCI 
Security Standards Council; Mr. Ed McLaughlin, Chief Emerging 
Payments Officer, Global Products & Solutions, MasterCard 
Worldwide; Mr. Randy Vanderhoof, Executive Director, Smart Card 
Alliance; and Ms. Suzanne Martindale, Attorney, Consumers 
Union.

                         FINANCIAL SUPERVISION

    On May 16, 2012, the Subcommittee held a hearing entitled 
``The Impact of the Dodd-Frank Act: What It Means to be a 
Systemically Important Financial Institution.'' This hearing 
examined how the Financial Stability Oversight Council arrived 
at its final rule on designating companies as ``systemically 
important,'' and whether the designation provides firms with an 
advantage over their competitors. The hearing also examined the 
Federal Reserve's proposed rule that would apply enhanced 
prudential standards to designated nonbank financial companies 
and bank holding companies with assets of $50 billion or more. 
The Subcommittee received testimony from the following 
witnesses: Mr. Lance Auer, Deputy Assistant Secretary for 
Financial Institutions, Department of the Treasury; Mr. Michael 
Gibson, Director, Division of Banking Supervision and 
Regulation, Board of Governors of the Federal Reserve System; 
Mr. Scott Harrington, Alan B. Miller Professor, Wharton School, 
University of Pennsylvania; Mr. Thomas Quaadman, Vice 
President, Center for Capital Markets Competitiveness, U.S. 
Chamber of Commerce; Mr. William J. Wheeler, President, 
Americas, MetLife; and Mr. Douglas Elliott, Fellow, The 
Brookings Institution.

                    DATA SECURITY AND IDENTITY THEFT

    On June 21, 2012, the Subcommittee held a hearing entitled 
``The Future of Money: Where Do Mobile Payments Fit in the 
Current Regulatory Structure?'' to examine whether changes need 
to be made to laws and regulations governing payments, consumer 
protection, and anti-money laundering to cover new forms of 
value transfer that are beginning to enter the marketplace. The 
hearing consisted of one panel with the following witnesses: 
Mr. James H. Freis, Jr., Director, Financial Crimes Enforcement 
Network, Department of the Treasury; and Ms. Stephanie Martin, 
Associate General Counsel, Federal Reserve Board of Governors.

         MONEY SERVICES BUSINESSES' ACCESS TO BANKING SERVICES

    On June 29, 2012, the Subcommittee held a hearing entitled 
``The Future of Money: Where Do Mobile Payments Fit In the 
Current Regulatory Structure?'' to examine the regulatory 
regime covering Money Services Businesses, the burden 
regulations place on them, and ways to improve the regulatory 
environment without impairing the regulations' impact. The 
hearing consisted of one panel with the following witnesses: 
Mr. Tim Daly, Senior Vice President, Western Union; Ms. Deborah 
Bortner, Director of Consumer Services, Washington State 
Department of Financial Institutions on behalf of the 
Conference of State Bank Supervisors; Mr. Ezra Levine, Counsel, 
The Money Service Round Table; and Mr. Hersi Suleiman, General 
Manager, Amal USA, Inc.

                      REGULATORY BURDEN REDUCTION

    On August 20, 2012, the Subcommittee held a field hearing 
in Charleston, West Virginia, entitled ``An Examination of the 
Challenges Facing Community Financial Institutions in West 
Virginia'' to hear from representatives of West Virginia-based 
financial institutions about how new financial regulations are 
affecting their ability to extend credit and stimulate job 
growth while staying economically viable. The hearing also 
addressed the effect of stringent federal bank examinations--
examinations that some financial institutions contend may be 
overzealous--on economic recovery. The Subcommittee received 
testimony from the following witnesses: Mr. Charles R. 
Hageboeck, President and Chief Executive Officer, City National 
Bank; Mr. Tom Brewer, President, People's Federal Credit Union; 
Mr. William A. Loving, President and Chief Executive Officer, 
Pendleton Community Bank; Mr. John Wohlever, Owner of 
Mountaineer Mobile Homes; and Ms. Sarah K. Brown, Attorney at 
Mountain State Justice, Inc.

                  CONSUMER FINANCIAL PROTECTION BUREAU

    On July 19, 2012, the Subcommittee held a hearing entitled 
``The Impact of Dodd-Frank on Consumer Choice and Access to 
Credit.'' The hearing provided an opportunity for Members to 
review the Consumer Financial Protection Bureau's budgeting, 
staffing, rule-writing initiatives, and the current and 
potential challenges facing the Bureau as well as the entities 
it regulates. The sole witness at this hearing was Mr. Raj 
Date, Deputy Director of the Consumer Financial Protection 
Bureau.

                         HOME MORTGAGE REFORMS

    On July 11, 2012, the Subcommittee held a hearing entitled 
``The Impact of Dodd-Frank's Home Mortgage Reforms: Consumer 
and Market Perspectives.'' Among its many requirements, the 
Dodd-Frank Act requires the Consumer Financial Protection 
Bureau (CFPB) to set criteria that define the borrower's 
ability to repay a mortgage and to obtain a net tangible 
benefit when he or she refinances a loan. Loans that meet these 
criteria are considered ``Qualified Mortgages.'' This hearing 
examined the Federal Reserve's proposed Qualified Mortgage rule 
from April 2011 and the evolution of that rule after 
responsibility for it was transferred to the CFPB on July 21, 
2011. Also, this hearing examined the degree to which lenders 
who make a qualified mortgage loan should be shielded from 
liability for an alleged failure to satisfy the Dodd-Frank 
Act's ability to repay requirements. The Subcommittee received 
testimony from the following witnesses: The Honorable Kenneth 
E. Bentsen, Jr., Executive Vice President of Public Policy and 
Advocacy at the Securities Industry and Financial Markets 
Association; Ms. Alys Cohen, Staff Attorney at the National 
Consumer Law Center; Mr. Tom Hodges, General Counsel of Clayton 
Homes on behalf of the Manufactured Housing Institute; Mr. John 
Hudson, Manager of Premier Nationwide Lending on behalf of the 
National Association of Mortgage Brokers; Mr. Rick Judson, 
First Vice Chairman of the Board at the National Association of 
Homebuilders; Mr. D.J. Snapp, Vice President & Liaison on 
Committee at the National Association of Realtors; Mr. Eric 
Stein, Chief Operating Officer at Self-Help; and Ms. Debra W. 
Still, Chairman-Elect at the Mortgage Bankers Association.

                               BASEL III

    On November 29, 2012, the Subcommittee and the Subcommittee 
on Insurance, Housing and Community Opportunity held a joint 
hearing entitled ``Examining the Impact of the Proposed Rules 
to Implement Basel III Capital Standards.'' The hearing 
examined whether U.S. banking regulators' proposed capital 
adequacy standards will ensure the stability of the financial 
system and preserve the ability of financial institutions to 
take calculated risks. The subcommittees received testimony 
from the following witnesses: Mr. George French, Deputy 
Director of the Division of Risk Management Supervision at the 
Federal Deposit Insurance Corporation; Mr. Michael S. Gibson, 
Director of the Division of Banking Supervision and Regulation 
at the Board of Governors of the Federal Reserve System; Mr. 
John Lyons, Chief National Bank Examiner at the Office of the 
Comptroller of the Currency; Mr. Greg Gonzales, Commissioner at 
the Tennessee Department of Financial Institutions on behalf of 
the Conference of State Bank Supervisors; Mr. Kevin M. McCarty, 
Insurance Commissioner at the Florida Office of Insurance 
Regulation on behalf of the National Association of Insurance 
Commissioners; Professor Anat R. Admati, George G.C. Parker 
Professor of Finance and Economics for the Graduate School of 
Business at Stanford University; Mr. Terrence A. Duffy, 
Executive Chairman and President of the CME Group, Inc.; Mr. 
James M. Garnett, Jr., Head of Risk Architecture at Citi; Mr. 
Marc Jarsulic, Chief Economist at Better Markets; Mr. William 
A. Loving, President and Chief Executive Officer at Pendleton 
Community Bank on behalf of the Independent Community Bankers 
of America; Mr. Daniel T. Poston, Executive Vice President and 
Chief Financial Officer at Fifth Third Bancorp on behalf of the 
American Bankers Association; Mr. Paul Smith, Senior Vice 
President, Treasurer, and Chief Financial Officer at State Farm 
Insurance Company; and Ms. Virginia Wilson, Executive Vice 
President and Chief Financial Officer at TIAA-CREF.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-8.................  Understanding the Federal   February 17, 2011
                         Reserve's Proposed Rule
                         on Interchange Fees:
                         Implications and
                         Consequences of the
                         Durbin Amendment.
112-12................  The Effect of Dodd-Frank    March 2, 2011
                         on Small Financial
                         Institutions and Small
                         Businesses.
112-18................  Oversight of the Consumer   March 16, 2011
                         Financial Protection
                         Bureau.
112-24................  Legislative Proposals to    April 6, 2011
                         Improve the Structure of
                         the Consumer Financial
                         Protection Bureau.
112-34................  FDIC Oversight: Examining   May 26, 2011
                         and Evaluating the Role
                         of the Regulator During
                         the Financial Crisis and
                         Today.
112-37................  Does the Dodd-Frank Act     June 14, 2011
                         End `Too Big to Fail'?.
112-44................  Mortgage Servicing: An      July 7, 2011
                         Examination of the Role
                         of Federal Regulators in
                         Settlement Negotiations
                         and the Future of
                         Mortgage Servicing
                         Standards (Joint Hearing
                         with Oversight).
112-45................  Legislative Proposals       July 8, 2011
                         Regarding Bank
                         Examination Practices.
112-49................  Examining Rental Purchase   July 26, 2011
                         Agreements and the
                         Potential Role for
                         Federal Regulation.
112-54................  Potential Mixed Messages:   August 16, 2011
                         Is Guidance from
                         Washington Being
                         Implemented by Federal
                         Bank Examiners? (Field
                         Hearing).
112-60................  Cybersecurity: Threats to   September 14, 2011
                         the Financial Sector.
112-65................  An Examination of the       September 22, 2011
                         Availability of Credit
                         for Consumers.
112-72................  H.R. 1418: The Small        October 12, 2011
                         Business Lending
                         Enhancement Act of 2011.
112-78................  Proposed Regulations to     October 27, 2011
                         Require Reporting of
                         Nonresident Alien Deposit
                         Interest Income.
112-79................  Regulatory Reform:          October 31, 2011
                         Examining How New
                         Regulations are Impacting
                         Financial Institutions,
                         Small Businesses and
                         Consumers (Field Hearing).
112-80................  The Consumer Financial      November 2, 2011
                         Protection Bureau: The
                         First 100 Days.
112-85................  H.R. 1697, The Communities  November 16, 2011
                         First Act (Joint Hearing
                         with Capital Markets).
112-95................  Joint hearing with the      January 18, 2012
                         Subcommittee on Capital
                         Markets and Government
                         Sponsored Enterprises
                         entitled ``Examining the
                         Impact of the Volcker
                         Rule on Markets,
                         Businesses, Investors and
                         Job Creation''.
112-97................  H.R. 3461: The Financial    February 1, 2012
                         Institutions Examination
                         Fairness and Reform Act.
112-99................  Legislative Proposals to    February 8, 2012
                         Promote Accountability
                         and Transparency at the
                         Consumer Financial
                         Protection Bureau.
112-104...............  Understanding the Effects   March 1, 2012
                         of the Repeal of
                         Regulation Q on Financial
                         Institutions and Small
                         Businesses.
112-106...............  An Examination of the       March 14, 2012
                         Challenges Facing
                         Community Financial
                         Institutions in Texas
                         (Field Hearing).
112-107...............  An Examination of           March 15, 2012
                         Potential Private Sector
                         Solutions to Mitigate
                         Foreclosures in Nevada
                         (Field Hearing).
112-110...............  The Future of Money: How    March 22, 2012
                         Mobile Payments Could
                         Change Financial Services.
112-116...............  An Examination of the       April 16, 2012
                         Challenges Facing
                         Community Financial
                         Institutions in Ohio.
112-122...............  Rising Regulatory           May 9, 2012
                         Compliance Costs and
                         Their Impact on the
                         Health of Small Financial
                         Institutions.
112-125...............  The Impact of the Dodd-     May 16, 2012
                         Frank Act: What It Means
                         to be a Systemically
                         Important Financial
                         Institution.
112-130...............  The Impact of the Dodd-     May 18, 2012
                         Frank Act: Understanding
                         Heightened Regulatory
                         Capital Requirements.
112-133...............  An Examination of the       June 6, 2012
                         Federal Reserve's Final
                         Rule on the CARD Act's
                         `Ability to Repay'
                         Requirement.
112-139...............  Safe and Fair Supervision   June 21, 2012
                         of Money Services
                         Businesses.
112-142...............  The Future of Money: Where  June 29, 2012
                         Do Mobile Payments Fit In
                         the Current Regulatory
                         Structure?.
112-144...............  The Impact of Dodd-Frank's  July 11, 2012
                         Home Mortgage Reforms:
                         Consumer and Market
                         Perspectives.
112-147...............  The Impact of Dodd-Frank    July 19, 2012
                         on Consumer Choice and
                         Access to Credit.
112-149...............  Examining Consumer Credit   July 24, 2012
                         Access Concerns, New
                         Products and Federal
                         Regulations.
112-154...............  Field hearing entitled      August 20, 2012
                         ``An Examination of the
                         Challenges Facing
                         Community Financial
                         Institutions in West
                         Virginia''.
112-157...............  Examining the Uses of       September 13, 2012
                         Consumer Credit Data.
112-161...............  Joint hearing with the      November 29, 2012
                         Subcommittee on
                         Insurance, Housing and
                         Community Opportunity
                         entitled ``Examining the
                         Impact of the Proposed
                         Rules to Implement Basel
                         III Capital Standards''.
------------------------------------------------------------------------

      Subcommittee on Insurance, Housing and Community Opportunity


           (Ratio: 10-8)

 JUDY BIGGERT, Illinois, Chairman

LUIS V. GUTIERREZ, Illinois, Ranking Member HURT, Virginia, Vice 
MAXINE WATERS, California            Chairman
NYDIA M. VELAZQUEZ, New York         GARY G. MILLER, California
EMANUEL CLEAVER, Missouri            SHELLEY MOORE CAPITO, West 
WM. LACY CLAY, Missouri              Virginia
MELVIN L. WATT, North Carolina       SCOTT GARRETT, New Jersey
BRAD SHERMAN, California             PATRICK T. McHENRY, North Carolina
MICHAEL E. CAPUANO, Massachusetts    LYNN A. WESTMORELAND, Georgia
BARNEY FRANK, Massachusetts, ex officioAN P. DUFFY, Wisconsin
                                     ROBERT J. DOLD, Illinois
                                     STEVE STIVERS, Ohio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


                HOMELESS CHILDREN AND YOUTH ACT OF 2011

                               (H.R. 32)


Summary

    H.R. 32, the Homeless Children and Youth Act of 2011, would 
amend the definition of ``homeless person'' in Title I of the 
McKinney-Vento Homeless Assistance Act (Public Law 107-110) to 
include children and youth who are verified as homeless by 
local educational agencies or social service agencies that 
receive federal funding. On December 15, 2011, the Subcommittee 
held a hearing on the inconsistent definitions of ``homeless 
person'' used by different federal agencies. These inconsistent 
definitions make it difficult for federal agencies--most 
notably HUD--to accurately estimate the number of homeless 
persons. H.R. 32 would harmonize these definitions, which would 
allow HUD to better estimate the number of homeless persons who 
need housing assistance and services. A consistent definition 
of ``homeless person'' among the federal agencies would also 
allow more children and youth to receive housing assistance and 
services.

Legislative History

    On January 5, 2011, H.R. 32 was introduced by Subcommittee 
on Insurance, Housing and Community Opportunity Chairman Judy 
Biggert and referred to the Committee on Financial Services. 
The bill has 29 cosponsors.
    On December 15, 2011, the Subcommittee held a legislative 
hearing on H.R. 32 entitled ``The Homeless Children and Youth 
Act of 2011: Proposals to Promote Economic Independence for 
Homeless Children and Youth.'' The Subcommittee received 
testimony from the following witnesses: Mr. Brandon Dunlap, 
Chicago, IL; Mr. Rumi Khan, 6th Grade, Lamberton Middle School, 
Carlisle, PA; Ms. Brittany Amber Koon, PFC, Ft. Hood, TX; Ms. 
Brooklyn Pastor, 7th Grade, William Paca Middle School, 
Shirley, NY; Ms. Destiny Raynor, 9th Grade, Winter Springs High 
School, Sanford, FL; Ms. Starnica Rodgers, Truman College, 
Chicago, IL; Ms. Alicia Puente Cackley, Director, Financial 
Markets and Community Investment, GAO; Mr. Seth Diamond, 
Commissioner, New York City Department of Homeless Services; 
Ms. Maria Estella Garza, Homeless Liaison, San Antonio 
Independent School District; Mr. Mark Johnston, Deputy 
Assistant Secretary for Special Needs, Office of Community 
Planning and Development, HUD; Ms. Barbara Poppe, Executive 
Director, U.S. Interagency Council on Homelessness; and Dr. 
Grace Whitney, PhD, MPA, IMH-E(IV), Director, Connecticut Head 
Start State Collaboration Office, Connecticut State Department 
of Education.
    On February 7, 2012, the Subcommittee met in open session 
and ordered the bill, as amended, favorably reported to the 
Committee by voice vote.

                 FHA REFINANCE PROGRAM TERMINATION ACT

                               (H.R. 830)


Summary

    H.R. 830, the FHA Refinance Program Termination Act, would 
rescind all unobligated balances made available for the program 
by Title I of the Emergency Economic Stabilization Act (12 
U.S.C. 5230) that have been allocated for use under the FHA 
Refinance Program (pursuant to Mortgagee Letter 2010-23 of the 
Secretary of HUD). The bill would also terminate the program 
and void the Mortgagee Letter pursuant to which it was 
implemented, with concessions made for current participants in 
the program.

Legislative History

    On February 28, 2011, H.R. 830 was introduced by 
Representative Robert Dold and was referred to the Committee on 
Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 830 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, SIGTARP; The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the FHA; The Honorable Mercedes Marquez, 
Assistant Secretary, Community Planning and Development, HUD; 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. GAO; and Ms. Katie Jones, Analyst in Housing 
Policy, Congressional Research Service, Library of Congress.
    On March 3, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 33 yeas and 22 nays. The Committee Report was filed on 
March 7, 2011 (H. Rept. 112-25).
    On March 9, 2011, the House adopted H. Res. 150, providing 
for the consideration of H.R. 830 under a structured rule, by a 
record vote of 240 yeas and 180 nays. On March 10, 2011, the 
House considered H.R. 830 and passed the bill, with amendments, 
by a record vote of 256 yeas and 171 nays.

           EMERGENCY MORTGAGE RELIEF PROGRAM TERMINATION ACT

                               (H.R. 836)


Summary

    H.R. 836, the Emergency Mortgage Relief Program Termination 
Act, would rescind all unobligated balances made available for 
the Emergency Mortgage Relief Program under section 1496(a) of 
the Dodd-Frank Act, which was signed into law on July 21, 2010, 
and terminate the program. The bill also calls for a study by 
HUD to identify best practices for how existing mortgage 
assistance programs can be applied to veterans, active duty 
military personnel, and their relatives.

Legislative History

    On February 28, 2011, H.R. 836 was introduced by 
Representative Jeb Hensarling and was referred to the Committee 
on Financial Services. The bill has two cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 830 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, SIGTARP; The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the FHA; The Honorable Mercedes Marquez, 
Assistant Secretary, Community Planning and Development, HUD; 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. GAO; and Ms. Katie Jones, Analyst in Housing 
Policy, Congressional Research Service, Library of Congress.
    On March 3, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 33 yeas and 22 nays. The Committee Report was filed on 
March 7, 2011 (H. Rept. 112-26).
    On March 9, 2011, the House adopted H. Res. 151, providing 
for the consideration of H.R. 836 under a structured rule, by 
voice vote. On March 11, 2011, the House considered H.R. 836 
and passed the bill, with amendments, by a record vote of 242 
yeas and 177 nays.

                    THE HAMP TERMINATION ACT OF 2011

                               (H.R. 839)


Summary

    H.R. 839, the HAMP Termination Act of 2011, would terminate 
the authority of the Treasury Department to provide any new 
assistance to homeowners under HAMP authorized under Title I of 
the Emergency Economic Stabilization Act (12 U.S.C. 5230), 
while preserving any assistance already provided to HAMP 
participants on a permanent or trial basis. The bill also 
provides for a study by the Treasury Department to identify 
best practices for how existing mortgage assistance programs 
can be applied to veterans, active duty military personnel, and 
their relatives.

Legislative History

    On February 28, 2011, H.R. 839 was introduced by 
Representative Patrick McHenry and was referred to the 
Committee on Financial Services. The bill has eight cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 830 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, SIGTARP; The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the FHA; The Honorable Mercedes Marquez, 
Assistant Secretary, Community Planning and Development, HUD; 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, U.S. GAO; and Ms. Katie Jones, Analyst in Housing 
Policy, Congressional Research Service, Library of Congress.
    On March 9, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 32 yeas and 23 nays. The Committee Report (Part 1) was 
filed on March 11, 2011 (H. Rept. 112-31) and Part 2 of the 
Committee Report was filed on March 14, 2011 (H. Rept. 112-31 
Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 839 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 29, 2011, the 
House considered H.R. 839 and passed the bill, with amendments, 
by a record vote of 252 yeas and 170 nays, with 1 member voting 
present.

                          NSP TERMINATION ACT

                               (H.R. 861)


Summary

    H.R. 861, the NSP Termination Act, would rescind all 
unobligated balances made available for NSP authorized by the 
Dodd-Frank Act and terminate the program.

Legislative History

    On March 1, 2011, H.R. 861 was introduced by Representative 
Gary Miller and was referred to the Committee on Financial 
Services. The bill has four cosponsors.
    On March 2, 2011, the Subcommittee held a legislative 
hearing on H.R. 830 and received testimony from the following 
witnesses: The Honorable Neil M. Barofsky, SIGTARP; The 
Honorable David Stevens, Assistant Secretary for Housing and 
Commissioner of the FHA; The Honorable Mercedes Marquez, 
Assistant Secretary, Community Planning and Development, HUD; 
Mr. Matthew J. Scire, Director, Financial Markets and Community 
Investment, GAO; and Ms. Katie Jones, Analyst in Housing 
Policy, Congressional Research Service, Library of Congress.
    On March 3, 2011, the Committee met in open session and 
ordered the bill favorably reported to the House by a record 
vote of 31 yeas and 24 nays. The Committee Report (Part 1) was 
filed on March 11, 2011 (H. Rept. 112-32), and Part 2 of the 
Committee Report was filed on March 14, 2011 (H. Rept. 112-32 
Part 2).
    On March 16, 2011, the House adopted H. Res. 170, providing 
for the consideration of H.R. 861 under a structured rule, by a 
record vote of 241 yeas and 180 nays. On March 16, 2011, the 
House considered H.R. 861 and passed the bill, with amendments, 
by a record vote of 242 yeas and 182 nays.

                   FLOOD INSURANCE REFORM ACT OF 2011

                              (H.R. 1309)


Summary

    H.R. 1309, the Flood Insurance Reform Act of 2011, would 
reauthorize the NFIP through September 30, 2016, and amend the 
National Flood Insurance Act to ensure the immediate and near-
term fiscal and administrative health of the NFIP. The bill 
would also ensure the NFIP's continued viability by encouraging 
broader participation in the program, increasing financial 
accountability, eliminating unnecessary rate subsidies, and 
updating the program to meet the needs of the 21st century. The 
key provisions of H.R. 1309 include: (1) a five-year 
reauthorization of the NFIP; (2) a three-year delay in the 
mandatory purchase requirement for certain properties in newly 
designated SFHAs; (3) a phase-in of full-risk, actuarial rates 
for areas newly designated as Special Flood Hazard; (4) a 
reinstatement of the Technical Mapping Advisory Council; and 
(5) an emphasis on greater private sector participation in 
providing flood insurance coverage.

Legislative History

    On April 1, 2011, H.R. 1309 was introduced by Subcommittee 
on Insurance, Housing and Community Opportunity Chairman Judy 
Biggert and referred to the Committee on Financial Services. 
The bill has nineteen cosponsors.
    On March 11, 2011 and April 1, 2011, the Subcommittee held 
legislative hearings entitled ``Legislative Proposals to Reform 
the National Flood Insurance Program,'' on a discussion draft 
of H.R. 1309. On March 11, 2011, the Subcommittee received 
written testimony from Craig Fugate, Administrator, FEMA and 
the following witnesses testified: Orice Williams Brown, 
Managing Director, GAO; Sally McConkey, Vice Chair, Association 
of State Flood Plain Managers and Manager, Coordinated Hazard 
Assessment and Mapping Program, Illinois State Water Survey; 
Sandra G. Parrillo, Chair, National Association of Mutual 
Insurance Companies and President and CEO of Providence Mutual; 
Spencer Houldin, Chair, Government Affairs Committee, 
Independent Insurance Agents and Brokers of America and 
President, Ericson Insurance Services; Steve Ellis, Vice 
President, Taxpayers for Common Sense, on behalf of the 
SmarterSafer Coalition; Donna Jallick, Vice President, 
Harleysville Insurance; Barry Rutenberg, First Vice Chairman, 
National Association of Home Builders; Frank Nutter, President, 
Reinsurance Association of America; Terry Sullivan, Sullivan 
Realty, Inc., on behalf of The National Association of 
Realtors; and Maurice Veissi, President-Elect, National 
Association of Realtors, and Principal, Veissi & Associates. On 
April, 1, 2011, The Honorable Craig Fugate, Administrator, 
FEMA, was the only witness.
    On April 6, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by voice vote.
    On May 12, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a recorded vote of 54 yeas and 0 nays.
    On July 12, 2011, the House considered H.R. 1309 and passed 
the bill, with amendments, by a record vote of 406 yeas and 22 
nays.

             RESPA HOME WARRANTY CLARIFICATION ACT OF 2011

                              (H.R. 2446)


Summary

    H.R. 2446, the RESPA Home Warranty Clarification Act of 
2011, would amend current law to explicitly state that home 
warranties are permissible settlement services under the Real 
Estate Settlement Procedures Act of 1974. The bill would also 
require that homeowners receive a specific written notice about 
the payment arrangement for any individual selling, 
advertising, or performing a homeowner warranty inspection for 
the repair or replacement of home system components or 
appliances.

Legislative History

    On July 7, 2011, H.R. 2446 was introduced by Subcommittee 
on Insurance, Housing and Community Opportunity Chairman Judy 
Biggert and was referred to the Committee on Financial 
Services. The bill has 40 cosponsors.
    On July 13, 2011, the Subcommittee held a legislative 
hearing entitled ``Mortgage Origination: The Impact of Recent 
Changes on Homeowners and Businesses.'' The purpose of the 
hearing was to examine H.R. 2446 and other issues concerning 
the application of mortgage origination laws and regulations 
which may impact consumers and mortgage industry participants. 
The Subcommittee received testimony from the following 
witnesses: the Honorable Sandra Braunstein, Director of 
Division of Consumer and Community Affairs for the Board of 
Governors of the Federal Reserve System; the Honorable Teresa 
Payne, HUD's Associate Deputy Assistant Secretary for 
Regulatory Affairs; Ms. Kelly Cochran, Deputy Assistant 
Director for Regulations at the Treasury Department's CFPB; Mr. 
James Park, Executive Director of the Appraisal Subcommittee 
for the Federal Financial Institutions Examination Council; Mr. 
William Shear, Director of Financial Markets and Community 
Investment for the GAO; and Ms. Anne Norton, Maryland Deputy 
Commissioner of Financial Regulation; Mr. Steve Brown, 
Executive Vice President at Crye-Leike; Mr. Henry Cunningham, 
Jr., President of Cunningham & Company; Mr. Tim Wilson, 
President of Affiliated Businesses for Long & Foster Companies; 
Ms. Anne Anastasi, President of Genesis Abstract and President 
of the American Land Title Association; Mr. Mike Anderson, 
President of Essential Mortgage; Mr. Marc Savitt, President of 
The Mortgage Center; Ms. Sara Stephens, President-Elect of the 
Appraisal Institute; Mr. Don Kelly, Executive Director of the 
Real Estate Valuation Advocacy Association; Ms. Janis Bowdler, 
Director of the Wealth-Building Policy Project Office of 
Research, Advocacy, and Legislation; and Mr. Ira Rheingold, 
Executive Director, National Association of Consumer Advocates.
    On December 8, 2011, the Subcommittee met in open session 
and ordered the bill favorably reported to the Committee by 
voice vote.
    On March 27, 2012, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote.
    On July 31, 2012, the Committee Report was filed (H. Rept. 
112-633).
    On August 1, 2012, the House considered H.R. 2446 and 
passed the bill by voice vote.

                      HOMES FOR HEROES ACT OF 2011

                              (H.R. 3298)


Summary

    H.R. 3298, the Homes for Heroes Act of 2011, would 
establish the position of Special Assistant for Veterans 
Affairs within HUD to coordinate services provided to homeless 
veterans and to serve as HUD's liaison to the Department of 
Veterans Affairs, the U.S. Interagency Council on Homelessness, 
state and local officials, and nonprofit service organizations. 
H.R. 3298 would also require HUD to submit a comprehensive 
annual report to Congress on the housing needs of homeless 
veterans and the steps undertaken by HUD to meet those needs.

Legislative History

    On November 1, 2011, H.R. 3298 was introduced by 
Representative Al Green and referred to the Committee on 
Financial Services. The bill has 9 cosponsors.
    On December 8, 2011, the Subcommittee met in open session 
and ordered the bill favorably reported to the Committee by 
voice vote.
    On March 27, 2012, the House agreed to a motion to suspend 
the rules and pass H.R. 3298 by a record vote of 414 yeas and 5 
nays.

                    INSURANCE DATA PROTECTION ACT\3\
---------------------------------------------------------------------------

    \3\Previously listed as a discussion draft entitled ``To prohibit 
the Federal Insurance Office of the Department of the Treasury and 
other financial regulators from collecting data directly from 
insurers.''
---------------------------------------------------------------------------

                              (H.R. 3559)


Summary

    H.R. 3559, the Insurance Data Protection Act, would 
prohibit the Federal Insurance Office (FIO) and other financial 
regulators from collecting data directly from insurers. 
Currently, Section 313 of the Dodd-Frank Act authorizes the FIO 
to issue subpoenas to insurance companies to produce data, and 
Section 153 authorizes the Office of Financial Research (OFR) 
to issue subpoenas to financial companies, including insurance 
companies, to produce data to the OFR. The draft legislation 
would revoke the authority of the FIO the OFR to subpoena 
information from insurance companies. It would also amend the 
Dodd-Frank Act to require the FIO, the OFR, the FSOC, and any 
other federal entity seeking data about insurance companies to 
obtain that data through the insurance company's state 
regulator, another federal agency, or public source. Finally, 
the draft legislation would require these federal entities, as 
well as state regulators, to maintain the confidentiality of 
nonpublic data obtained from or shared with other federal and 
state regulators.

Legislative History

    On December 5, 2011, H.R. 3559 was introduced by 
Representative Steve Stivers and referred to the Committee on 
Financial Services. The bill has 3 cosponsors.
    On November 16, 2011, the Subcommittee held a legislative 
hearing entitled ``Insurance Oversight and Legislative 
Proposals'' to examine a draft version of H.R. 3559 as well as 
the effect of the Dodd-Frank Act's changes to the regulation of 
insurance. The Subcommittee heard testimony from the following 
witnesses: Mr. Joseph Torti, III, Deputy Director and 
Superintendent of Insurance and Banking for the State of Rhode 
Island; Mr. Michael Lanza, Executive Vice President and General 
Counsel of the Selective Insurance Group, Inc.; Mr. Steven 
Monroe, Chief Compliance Officer for the U.S. and Canada for 
Marsh, Inc.; and Mr. Daniel Schwarcz, Associate Professor at 
the University of Minnesota Law School.
    On December 8, 2011, the Subcommittee met in open session 
and ordered the bill favorably reported to the Committee by a 
record vote of 7 yeas and 5 nays.

              FHA EMERGENCY FISCAL SOLVENCY ACT OF 2012\4\
---------------------------------------------------------------------------

    \4\Previously listed as a discussion draft entitled ``FHA-Rural 
Regulatory Improvement Act of 2011.''
---------------------------------------------------------------------------

                              (H.R. 4264)


Summary

    H.R. 4264, the FHA Emergency Fiscal Solvency Act of 2012, 
would assist the Federal Housing Administration (FHA) to shore 
up the Mutual Mortgage Insurance Fund (MMIF), establish minimum 
annual premiums for mortgage insurance, require lenders that 
committed fraud to pay the FHA back for mortgage-insurance 
losses, bar unscrupulous lenders from participating in FHA's 
mortgage insurance programs, and direct the FHA to implement 
internal fiscal oversight.
    In 2011, the Financial Services Committee held three 
hearings on the FHA that focused on its fiscal condition. By 
statute, the FHA is required to maintain a capital reserve 
ratio of 2 percent. In 2009, the FHA's capital reserve ratio 
had fallen to .53 percent, and in 2010 to .50 percent. In the 
FY 2011 independent actuarial review of the FHA, the FHA's 
required capital reserve ratio had fallen to .24 percent, far 
below the statutorily mandated reserve ratio of 2 percent. The 
FHA's deteriorating financial condition raised concerns that 
the FHA may become insolvent and expose taxpayers to further 
risk of loss.
    The FY 2011 independent actuarial review also found that 
the economic value of the MMIF had declined more than 77 
percent from the end of fiscal year 2010, from $5.16 billion to 
$1.19 billion. If home prices continue to fall, the MMIF's 
economic value could fall below zero, which in turn may prompt 
HUD to draw down funds from Treasury under Treasury's 
``permanent and indefinite'' appropriations authority to 
support the FHA fund, further exposing taxpayers to the risk of 
loss.

Legislative History

    On March 27, 2012, H.R. 4264 was introduced by Rep. Judy 
Biggert and was referred to the Committee on Financial 
Services. The bill has no cosponsors.
    On May 25, 2011, the Subcommittee held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single-and Multi-Family Mortgage Markets.'' 
The hearing focused on the FHA's and Rural Housing Service's 
single- and multi-family programs and examined legislative 
proposals to improve the financial condition of the FHA, the 
RHS and Ginnie Mae and to better protect taxpayers against 
losses from fraudulent or poorly underwritten loans. The 
Subcommittee received testimony from the following witnesses: 
Ms. Katherine M. Alitz, President, Council for Affordable and 
Rural Housing; Mr. Michael D. Berman, Chairman, Mortgage 
Bankers Association; Mr. Mark A. Calabria, Director of 
Financial Regulation Studies, Cato Institute; Mr. Peter Carey, 
Director of Self-Help Housing Enterprises, Inc.; Mr. Brian 
Chappelle, Partner, Potomac Partners; Mr. Peter W. Evans, 
Partner, Moran and Company; Mr. Basil Petrou, Managing Partner, 
Federal Financial Analytics, Inc.; Mr. Ron Phipps, President, 
Phipps Realty; and Mr. Barry Rutenberg, First Vice Chairman, 
National Association of Home Builders.
    On September 8, 2011, the Subcommittee held a hearing 
entitled ``Legislative Proposals to Determine the Future Role 
of FHA, RHS and GNMA in the Single-and Multi-Family Mortgage 
Markets, Part 2.'' This hearing examined the single- and multi-
family programs of the FHA and the RHS. The hearing also 
examined legislative proposals to improve the financial 
condition of the FHA, the RHS, and Ginnie Mae and to better 
protect taxpayers against losses from fraudulent or poorly-
underwritten loans. The Subcommittee received testimony from 
the following witnesses: The Honorable Johnny Isakson (R-GA), 
United States Senate; Mrs. Carol Galante, Acting FHA 
Commissioner and Assistant Secretary for Housing, HUD; Ms. 
Cheryl Cook, Deputy Under Secretary for Rural Development, 
Department of Agriculture; and The Honorable Theodore ``Ted'' 
Tozer, President, Government National Mortgage Association.
    On February 7, 2012, the Subcommittee met in open session 
and ordered the bill favorably reported to the Full Committee 
by voice vote.
    On March 27, 2012, the Full Committee met in open session 
and ordered the bill favorably reported to the House.
    On June 20, 2012, the Committee Report was filed (H. Rept. 
112-544).
    On September 11, 2012, the House agreed to a motion to 
suspend the rules and pass the bill, H.R. 4264, by a record 
vote of 402 ayes and 7 nays.

         THE BIGGERT-WATERS FLOOD INSURANCE REFORM ACT OF 2012

               (Conference Report to Accompany H.R. 4348)


Summary

    Title II of Division F of the Conference Report to 
accompany H.R. 4348, the Biggert-Waters Flood Insurance Reform 
Act of 2012, provides for a five year reauthorization of the 
National Flood Insurance Program (NFIP), which has not had a 
long-term reauthorization since 2004, and amends the National 
Flood Insurance Act to ensure the immediate and long-term 
fiscal and administrative health of the NFIP. The bill would 
also ensure the NFIP's continued viability by encouraging 
broader participation in the program, increasing financial 
accountability, eliminating unnecessary rate subsidies, and 
updating the program to meet the needs of the 21st century. The 
key provisions in Title II of Division F of the Conference 
Report to accompany H.R. 4348 include: (1) reauthorizing the 
NFIP through 2017; (2) a series of fundamental reforms to the 
NFIP that the Congressional Budget Office (CBO) has estimated 
will generate a $2.7 billion increase in net income to the 
program over the next 10 years; (3) greater protections for 
homeowners who buy flood insurance through the NFIP; (4) a 
reinstatement of the Technical Mapping Advisory Council to 
bring in the expertise and perspectives of other stakeholders 
in the Federal Emergency Management Agency's (FEMA's) process 
for setting new mapping standards; and (5) an emphasis on 
greater private sector participation in providing flood 
insurance coverage.

Legislative History

    On June 28, 2012, the Conference Report was filed (H. Rept. 
112-577).
    On June 29, 2012, the House considered the Conference 
Report to accompany H.R. 4348 and agreed to the report by a 
record vote of 373 yeas and 52 nays.
    On June 29, 2012, the Senate considered the Conference 
Report to accompany H.R. 4348 and agreed to the report by a 
record vote of 74 yeas and 19 nays.
    On July 6, 2012, H.R. 4348 was signed by the President and 
became Public Law No. 112-141.

           THE VULNERABLE VETERANS HOUSING REFORM ACT OF 2012

                              (H.R. 6361)


Summary

    H.R. 6361, the Vulnerable Veterans Housing Reform Act of 
2012, excludes in-home aid and attendance care benefits paid to 
severely disabled low-income veterans for their service-
connected disabilities from the income calculation HUD uses to 
determine public housing or Section 8 rental assistance 
payments. The bill also establishes a pilot program at HUD to 
rehabilitate and modify the homes of disabled and low-income 
veterans that have experienced interior or exterior 
deterioration. Finally, the bill reforms how Section 8 utility 
allowances are determined by instructing public housing 
authorities (PHAs) to calculate payments based on family size 
instead of dwelling size, with exceptions for the elderly, the 
disabled, and families with children under 18, and also allows 
individuals affected by the change to petition for a hardship 
waiver from the change.
    On September 14, 2012, the Subcommittee held a hearing 
entitled ``Housing for Heroes: Examining How Federal Programs 
Can Better Serve Veterans.'' This hearing examined the barriers 
that homeless and low-income veterans face in obtaining housing 
assistance and services from federal programs. This hearing 
also examined two other legislative proposals that addressed 
issues facing homeless and low-income veterans: H.R. 6111, the 
Vulnerable Veterans Housing Reform Act of 2012, introduced by 
Rep. Joe Heck (R-NV) on July 12, 2012, and H.R. 6381, the 
Housing Assistance for Veterans Act of 2012, a discussion draft 
offered by Rep. Al Green (D-TX). The Subcommittee received 
testimony from the following witnesses: Cassondra Flanagan, 
Philadelphia, PA; Caesar Hill, Chicago, IL; Babette Peyton, 
Chicago, IL; Heather Ansley, Vice President of Veterans Policy, 
Vets First; Steve Berg, Vice President for Programs and Policy, 
National Alliance to End Homelessness; Baylee Crone, Technical 
Assistance Director, National Coalition for Homeless Veterans; 
Sandy Miller, Chair, Vietnam Veterans of America, Homeless 
Veterans Committee; Arnold Stalk, Founder and President, 
Veterans Village, Las Vegas, NV; and Eileen Higgins, Vice 
President, Housing Services, Catholic Charities of the 
Archdiocese of Chicago.

Legislative History

    On September 10, 2012, H.R. 6361 was introduced by Rep. Joe 
Heck (R-NV) and was referred to the Committee on Financial 
Services. The bill has seven cosponsors.
    On September 12, 2012, the Full Committee met in open 
session and ordered the bill favorably reported to the House.
    On September 19, 2012, the House agreed to a motion to 
suspend the rules and pass the bill, H.R. 6361, by voice vote.

       THE AFFORDABLE HOUSING AND SELF SUFFICIENCY ACT OF 2012\5\

                    (SECTION 8 SAVINGS ACT OF 2011)

Summary

    The Affordable Housing and Self Sufficiency Improvement Act 
of 2012 would expand opportunities for low-income families that 
receive housing assistance to achieve self-sufficiency, and 
reduce the costs of the HUD's affordable housing programs. The 
bill would implement proposals examined at three Subcommittee 
hearings in 2011 that would streamline duplicative or onerous 
regulations and help foster self-sufficiency among recipients 
of housing assistance. The bill would also implement a proposal 
put forth by the Administration known as the Rental Assistance 
Demonstration (RAD), which would allow public housing 
authorities to preserve affordable housing stock by converting 
public housing units to long-term Section 8 contracts. The bill 
would help improve the delivery of services to participants in 
affordable housing programs (such as public housing and 
housing-choice voucher programs) and the administrators of 
these programs.
---------------------------------------------------------------------------
    \5\Previously listed as a discussion draft entitled ``Section 8 
Savings Act of 2011.''
---------------------------------------------------------------------------

Legislative History

    On June 23, 2011, the Subcommittee held a hearing on the 
Affordable Housing and Self Sufficiency Improvement Act 
entitled ``Legislative Proposals to Reform the Housing Choice 
Voucher Program.'' The Subcommittee received testimony from the 
following witnesses: The Honorable Sandra B. Henriquez, 
Assistant Secretary, Office of Public and Indian Housing, HUD; 
Mr. Tony G. Bazzie, Executive Director, Housing Authority of 
Raleigh County, WV, on behalf of the National Association of 
Housing and Redevelopment Officials; Ms. Linda Couch, Senior 
Vice President for Policy, National Low Income Housing 
Coalition, Washington, DC; Ms. Roberta Graham, Vice President, 
Housing Choice Voucher Services, Quadel Consulting, Washington, 
DC.; Mr. Tory Gunsolley, President/CEO, Housing Authority of 
the City of Houston, TX, on behalf of the Council of Large 
Public Housing Authorities; Mr. P. Curtis Hiebert, Chief 
Executive Officer, Keene, NH Housing Authority on behalf of the 
Public Housing Authorities Directors Association; Mr. Alex 
Sanchez, Executive Director, Housing Authority of the County of 
Santa Clara, CA on behalf of the National Leased Housing 
Association; and Ms. Barbara Sard, Vice President for Housing 
Policy, Center on Budget and Policy Priorities, Washington, DC.
    The focus of the hearing was a discussion draft of 
legislation intended to improve HUD's Housing Choice Voucher 
Program by reducing and streamlining duplicative or onerous 
regulations. The discussion draft included provisions 
previously considered and adopted by the Committee to reduce 
the Section 8 program's costs, more efficiently serve program 
participants, and enable public housing authorities and 
property owners and managers to reduce regulatory burdens.
    On October 13, 2011, the Subcommittee held a hearing 
entitled ``The Section 8 Savings Act of 2011: Proposals to 
Promote Economic Independence for Assisted Families.'' The 
Subcommittee received testimony from the following witnesses: 
Mrs. Hope C. Boldon, President and Chief Operating Officer, 
Human Development Division, The Integral Group LLC; Mr. Larry 
Woods, Chief Executive Officer, Housing Authority of Winston-
Salem; Ms. Kris Warren, Chief Operating Officer, Chicago 
Housing Authority; Mr. Will Fischer, Senior Policy Analyst, 
Center on Budget and Policy Priorities; and Mr. Greg Russ, 
Executive Director, Chief Operating Officer, Cambridge Housing 
Authority.
    The hearing examined revisions to a discussion draft of the 
``Section 8 Savings Act of 2011 (SESA),'' which was distributed 
on June 16, 2011. The revisions were designed to foster self-
sufficiency among recipients of housing assistance by linking 
housing assistance to job training, financial literacy, and 
educational opportunities.
    On November 3, 2011, the Subcommittee held a hearing 
entitled ``The Obama Administration's Rental Assistance 
Demonstration Proposal.'' The Subcommittee received testimony 
from the following witnesses: The Honorable Sandra B. 
Henriquez, Assistant Secretary, Public and Indian Housing, HUD; 
Mr. Ismael Guerrero, Executive Director, Housing Authority, 
City and County of Denver; Mr. Steven C. Hydinger, Managing 
Director, BREC Development, LLC; and Mr. Charles Elsesser, 
Community Justice Project, Florida Legal Services.
    The hearing examined a proposal made by the 
Administration--the Rental Assistance Demonstration--that would 
allow public housing authorities to preserve their affordable 
housing stock by converting public housing units to long-term 
Section 8 contracts.
    On February 7, 2012, the Subcommittee met in open session 
and ordered the discussion draft favorably reported to the 
Committee by voice vote.

  TO EXCLUDE INSURANCE COMPANIES FROM THE FEDERAL RESERVE'S LEVERAGE 
 CAPITAL REQUIREMENTS, RISK-BASED CAPITAL REQUIREMENTS, AND ACCOUNTING 
                               STANDARDS

Summary

    This draft legislation would exclude insurance companies 
from the Federal Reserve's leverage capital requirements, risk-
based capital requirements, and accounting standards, and 
prohibit the Federal Reserve Board from subjecting insurance 
companies that are currently regulated by state insurance 
regulators and subject to capital requirements, risk-based 
capital requirements, and accounting standards set by those 
state regulators to heightened prudential standards in these 
areas. Currently, Section 115 of the Dodd-Frank Act authorizes 
the Federal Reserve to subject certain large, interconnected 
financial institutions to heightened prudential standards and 
Federal Reserve supervision, while Section 171 allows the 
Federal Reserve to impose heightened leverage and risk-based 
capital requirements on certain depository institution holding 
companies, including insurance companies.

Legislative History

    On November 16, 2011, the Subcommittee held a legislative 
hearing entitled ``Insurance Oversight and Legislative 
Proposals.'' The focus of the hearing was the impact of changes 
made to the regulation of insurance by the Dodd-Frank Act and 
the draft legislation. The Subcommittee heard testimony from 
the following witnesses: Mr. Joseph Torti, III, Deputy Director 
and Superintendent of Insurance and Banking for the State of 
Rhode Island; Mr. Michael Lanza, Executive Vice President and 
General Counsel of the Selective Insurance Group, Inc.; Mr. 
Steven Monroe, Chief Compliance Officer for the U.S. and Canada 
for Marsh, Inc.; and Mr. Daniel Schwarcz, Associate Professor 
at the University of Minnesota Law School.

 TO EXCLUDE INSURANCE COMPANIES FROM THE FDIC'S ``ORDERLY LIQUIDATION 
                              AUTHORITY''

Summary

    This draft legislation would explicitly exclude insurance 
companies from the FDIC's Orderly Liquidation Authority to 
liquidate failing financial companies that pose a significant 
risk to the financial stability of the United States, as 
established under Section 204 of the Dodd-Frank Act. The draft 
legislation would also prohibit the FDIC from counting the 
insurance assets, liabilities, or revenues of an eligible 
financial company in its assessments to fund its Orderly 
Liquidation Fund, as established by Section 210 of the Dodd-
Frank Act, to be used to finance the liquidation of failed 
financial companies.

Legislative History

    On November 16, 2011, the Subcommittee held a legislative 
hearing on the impact of changes made to the regulation of 
insurance by the Dodd-Frank Act entitled ``Insurance Oversight 
and Legislative Proposals'' where the draft legislation was 
discussed. The Subcommittee received testimony from the 
following witnesses: Mr. Joseph Torti, III, Deputy Director and 
Superintendent of Insurance and Banking for the State of Rhode 
Island; Mr. Michael Lanza, Executive Vice President and General 
Counsel of the Selective Insurance Group, Inc.; Mr. Steven 
Monroe, Chief Compliance Officer for the U.S. and Canada for 
Marsh, Inc.; and Mr. Daniel Schwarcz, Associate Professor at 
the University of Minnesota Law School.

       MOVING TO WORK IMPROVEMENT, EXPANSION, AND PERMANENCY ACT

Summary

    Draft legislation entitled the ``Moving to Work 
Improvement, Expansion, and Permanency Act'' would strike all 
references to ``demonstration'' in the Moving to Work (MTW) 
statute to designate MTW as a program of HUD, remove the 
arbitrary cap set in statute placed on the number of public 
housing authorities (PHAs) considered or admitted for MTW 
status, and enhance MTW's focus on activities promoting 
economic, flexibility and cost effectiveness, and housing 
choice. The draft would impose reporting requirements for MTW 
PHAs, including an annual analysis of the efforts each PHA has 
undertaken to achieve the purposes of the program. 
Additionally, the draft legislation would give HUD the 
discretion to terminate MTW contracts in the event that PHAs 
are found to be in material default of the conditions and 
obligations of their agreement, are found to have misused or 
misappropriated funds without taking appropriate steps to 
address those misdeeds, or become negligent in their effort to 
advance the goals of MTW.

Legislative History

    On June 23, 2011, the Subcommittee held a legislative 
hearing on the draft legislation entitled ``Legislative 
Proposals to Reform the Housing Choice Voucher Program'' where 
the Subcommittee received testimony from the following 
witnesses: the Honorable Sandra Henriquez, HUD's Assistant 
Secretary for the Office of Public and Indian Housing; Mr. Tony 
Bazzie, Executive Director of the Housing Authority of Raleigh 
County, WV; Ms. Linda Couch, Senior Vice President for Policy 
at the National Low Income Housing Coalition; Ms. Roberta 
Graham, Vice President at Quadel Consulting; Mr. Tory 
Gunsolley, President/CEO of the Housing Authority of the City 
of Houston; Mr. P. Curtis Hiebert, CEO of the Keene, NH Housing 
Authority; Mr. Alex Sanchez, Executive Director of the Housing 
Authority of the County of Santa Clara, CA; and Ms. Barbara 
Sard, Vice President for Housing Policy at the Center on Budget 
and Policy Priorities.
    On October 13, 2011, the Subcommittee held a legislative 
hearing entitled ``The Section 8 Savings Act of 2011: Proposals 
to Promote Economic Independence for Assisted Families'' on the 
Moving to Work Improvement, Expansion, and Permanency Act 
discussion draft. The Subcommittee received testimony from the 
following witnesses: Ms. Hope Boldon, President and COO of The 
Integral Group LLC; Mr. Larry Woods, CEO of the Housing 
Authority of Winston-Salem, NC; Ms. Kris Warren, COO of the 
Chicago Housing Authority; Mr. Will Fischer, Senior Policy 
Analyst at the Center on Budget and Policy Priorities; and Mr. 
Greg Russ, Executive Director and COO of the Cambridge Housing 
Authority.

        HOUSING COUNSELING TRANSPARENCY AND FAIRNESS ACT OF 2011

Summary

    Draft legislation entitled the ``Housing Counseling 
Transparency and Fairness Act of 2011'' would grant HUD new 
oversight and regulatory authority over all housing counseling 
activities of NeighborWorks, as well as provide the HUD 
Inspector General with authority to monitor NeighborWorks' 
housing counseling functions and activities.

Legislative History

    On September 14, 2011, the Subcommittee held a legislative 
hearing entitled ``HUD and NeighborWorks Housing Counseling 
Oversight.'' The hearing focused on the draft legislation and 
examined the allocation and disbursement of federal housing 
counseling funds through the NeighborWorks America 
(NeighborWorks) nonprofit housing agency. The Subcommittee 
received testimony from the following witnesses: Ms. Deborah 
Holston, HUD's Acting Deputy Assistant Secretary for Single 
Family Housing; Ms. Eileen Fitzgerald, Chief Executive Officer 
of NeighborWorks America; Ms. Alicia Puente Cackley, Director, 
Financial Markets and Community Investment for GAO; Mr. Peter 
Bell, President of the National Reverse Mortgage Lenders 
Association; Ms. Candy Hill, Senior Vice President of Catholic 
Charities USA; Ms. Debra Olson, Interim Executive Director of 
the DuPage Homeownership Center and DuPage County Board Member; 
and Mr. Raul Raymundo, Chief Executive Officer of The 
Resurrection Project.

                   Subcommittee Oversight Activities


                     THE FUTURE OF HOUSING FINANCE

    On February 16, 2011, the Subcommittee held a hearing 
entitled ``Are there Government Barriers to the Housing 
Recovery?'' The hearing focused on the current state of the 
housing finance market and how to facilitate the return of 
private sector capital into the mortgage markets. The hearing 
included testimony from the following witnesses: David Stevens, 
Assistant Secretary for Housing and Commissioner of the FHA, 
HUD; Theodore ``Ted'' Tozer, President, Government National 
Mortgage Association (GNMA); Phyllis Caldwell, Chief, 
Homeownership Preservation Office, U.S. Department of Treasury; 
Douglas Holtz-Eakin, President, American Action Forum and 
former director of the Congressional Budget Office; Michael A. 
J. Farrell, Chairman, President & CEO, Annaly Capital 
Management, Inc.; Faith Schwartz, Executive Director, HOPE Now; 
and Julia Gordon, Senior Policy Counsel, Center for Responsible 
Lending.
    On May 25, 2011, the Subcommittee held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single-and Multi-Family Mortgage Markets.'' 
The hearing focused on HUD's FHA and USDA's Rural Housing 
Service (RHS) single- and multi-family programs. The hearing 
also examined legislative proposals to improve the financial 
condition of FHA, RHS and the GNMA, the agency of HUD that 
guarantees the timely payment of principal and interest on 
securities backing mortgages insured by FHA and other 
government agencies. The Subcommittee received testimony from 
the following witnesses: Katie Alitz, President, Council for 
Affordable and Rural Housing; Michael D. Berman, Chairman, 
Mortgage Bankers Association; Mark A. Calabria, Director of 
Financial Regulation Studies, Cato Institute; Peter Carey, 
President and CEO, Self-Help Housing Enterprises, Inc.; Brian 
Chappelle, Partner, Potomac Partners; Peter W. Evans, Partner, 
Moran and Company; Basil Petrou, Managing Partner, Federal 
Financial Analytics, Inc.; Ron Phipps, President, Phipps 
Realty; and Barry Rutenberg, First Vice Chairman, National 
Association of Home Builders.

              FEDERAL LAWS AFFECTING INSURANCE REGULATION

    On July 28, 2011, the Subcommittee held a hearing entitled 
``Insurance Oversight: Policy Implications for U.S. Consumers, 
Businesses and Jobs.'' The hearing focused on the current 
status of the insurance industry and the impact of changes made 
to the regulation of insurance by the Dodd-Frank Act. The 
Subcommittee received testimony from the following witnesses: 
Mr. John Huff, Director of the Missouri Department of 
Insurance, Financial Institutions, and Professional 
Registration; Ms. Susan Voss, Commissioner of the Iowa 
Insurance Division and President of the National Association of 
Insurance Commissioners; Mr. Greg Wren, Treasurer of the 
National Conference of Insurance Legislators; Mr. Clay Jackson, 
Senior Vice President and Regional Agency Manager of BB&T 
Cooper, Love, Jackson, Thornton & Harwell; Mr. Andrew Furgatch, 
Chairman and CEO of Magna Carta Companies; Ms. Leigh Ann Pusey, 
President and CEO of the American Insurance Association; Mr. 
Birny Birnbaum, Executive Director of the Center for Economic 
Justice; Ms. Letha Heaton, Vice President of the Admiral 
Insurance Company; Mr. Gary Hughes, Executive Vice President & 
General Counsel of the American Council of Life Insurers; and 
Mr. Eric Smith, President and CEO Americas of Swiss Re.
    On October 25, 2011, the Subcommittee held a hearing 
entitled ``Insurance Oversight: Policy Implications for U.S. 
Consumers, Businesses and Jobs, Part 2.'' The hearing focused 
on the goals and implementation of the newly created FIO. The 
Honorable Michael McRaith, Director of the FIO, was the sole 
witness.

               GOVERNMENT FORECLOSURE MITIGATION PROGRAMS

    On October 6, 2011, the Subcommittee held a hearing 
entitled ``The Obama Administration's Response to the Housing 
Crisis.'' This hearing examined the Administration's 
initiatives for refinancing underwater and delinquent 
mortgages, foreclosure mitigation, and other housing 
revitalization efforts. The hearing also focused on ideas 
outlined by President Obama in his September 8, 2011, address 
to a Joint Session of Congress, including a $15 billion 
community redevelopment grant initiative called ``Project 
Rebuild'' and proposed modifications to the existing Home 
Affordable Refinance Program (HARP). The Subcommittee received 
testimony from the following witnesses: Ms. Tammye Trevino, 
Administrator of Housing and Community Facilities Programs for 
the Department of Agriculture's Rural Development Agency; Ms. 
Carol Galante, HUD's Acting FHA Commissioner and Assistant 
Secretary for Housing; Mr. Darius Kingsley, Deputy Chief of the 
Department of the Treasury's Homeownership Preservation Office; 
Mr. Neil Barofsky, Senior Fellow at the New York University 
School of Law; Dr. Mark Calabria, Director of Financial 
Regulation Studies for the Cato Institute; Ms. Laurie Goodman, 
Senior Managing Director at Amherst Securities Group LP; and 
Mr. Andrew Jakabovics, Senior Director of Policy Development 
and Research for Enterprise Community Partners.

               HUD'S HOME INVESTMENT PARTNERSHIPS PROGRAM

    On November 2, 2011, the Subcommittee held a joint hearing 
with the Oversight and Investigations Subcommittee entitled 
``Fraud in the HUD HOME Program.'' The hearing focused on 
allegations of waste, fraud, and abuse within HUD's HOME 
Investment Partnerships Program (HOME) and whether HUD has 
implemented appropriate policies, procedures, and internal 
controls to monitor the performance of the HOME program. The 
Subcommittee received testimony from the following witnesses: 
Mr. Timothy Truax, who was convicted of defrauding 
organizations that received funds from the HOME program; Ms. 
``Jane Smith,'' an inmate in federal prison convicted of 
defrauding organizations that received funds from the HOME 
program; Mr. John McCarty, Acting Deputy Inspector General for 
HUD; Mr. Kenneth Donohue, former Inspector General for HUD; Mr. 
James Beaudette, Deputy Director for HUD's Departmental 
Enforcement Center; and Mr. Ethan Handelman, Vice President for 
Policy and Advocacy for the National Housing Conference.

                          MANUFACTURED HOUSING

    On November 29, 2011, the Subcommittee held a field hearing 
in Danville, Virginia entitled ``The State of Manufactured 
Housing.'' The hearing served as a general overview of 
manufactured housing and how stricter lending standards have 
affected borrowers seeking to purchase manufactured homes. In 
addition, the hearing examined how HUD monitors and enforces 
its federal standards for the construction and safety of 
manufactured homes. The Subcommittee received testimony from 
the following witnesses: Mr. Henry Czauski, HUD's Acting Deputy 
Administrator for Manufactured Housing Program; Mr. Kevin 
Clayton, President and CEO of Clayton Homes; Mr. Tyler 
Craddock, Executive Director of the Virginia Manufactured and 
Modular Housing Association; Mr. Stan Rush, Account 
Representative for Haylor, Freyer and Coon, Inc.; Mr. J. Scott 
Yates, President of Yates Homes; Mr. Adam Rust, Research 
Director for the Community Reinvestment Association of North 
Carolina; and Ms. Carla Burr, a resident of manufactured 
housing.
    On February 1, 2012, the Subcommittee held a hearing 
entitled ``Implementation of the Manufactured Housing 
Improvement Act.'' This hearing examined the manufactured 
housing industry and the efforts of HUD to implement the 
Manufactured Housing Improvement Act of 2000. The Subcommittee 
received testimony from the following witnesses: Mr. Henry S. 
Czauski, Acting Deputy Administrator for Manufactured Housing 
Programs, HUD; Mr. John Bostick, Chairman, Manufactured Housing 
Association for Regulatory Reform; Ms. Ishbel Dickens, 
Executive Director, Manufactured Home Owners Association of 
America; Mr. Edward Hussey, Immediate-Past Chairman, 
Manufactured Housing Association for Regulatory Reform; Mr. 
Dana Roberts, Past Chairman, Manufactured Housing Consensus 
Committee; Mr. Manuel Santana, Director of Engineering, Cavco 
Industries, Inc., on behalf of the Manufactured Housing 
Institute.

                    RENTAL ASSISTANCE DEMONSTRATION

    On November 3, 2011, the Subcommittee held a hearing 
entitled ``The Obama Administration's Rental Assistance 
Demonstration Proposal.'' The purpose of the hearing was to 
review the Obama Administration's RAD proposal, which would 
allow for the voluntary conversion of units in public housing 
to long-term project-based Section 8 contracts in order to 
access private capital for preservation and redevelopment 
activities. The Subcommittee received testimony from the 
following witnesses: The Honorable Sandra Henriquez, HUD's 
Assistant Secretary for Public and Indian Housing; Mr. Ismael 
Guerrero, Executive Director of the City and County of Denver's 
Housing Authority; Mr. Steven Hydinger, Managing Director of 
BREC Development, LLC; and Mr. Charles Elsesser, of Florida 
Legal Services.

    HOUSING AND URBAN DEVELOPMENT, RURAL HOUSING SERVICE, NATIONAL 
                        REINVESTMENT CORPORATION

    On February 28, 2012, the Subcommittee held a hearing 
entitled ``Oversight of the Department of Housing and Urban 
Development.'' This hearing examined the proposed Fiscal Year 
2013 budget for HUD. The Subcommittee received testimony from 
the following witnesses: The Honorable Raphael Bostic, 
Assistant Secretary for Policy Development and Research; Ms. 
Carol Galante, Acting FHA Commissioner; The Honorable Sandra 
Henriquez, Assistant Secretary for Public and Indian Housing; 
The Honorable Mercedes Marquez, Assistant Secretary for 
Community Planning and Development; and The Honorable John 
Trasvina, Assistant Secretary for Fair Housing and Equal 
Opportunity.
    On April 14, 2012 the Subcommittee held a field hearing 
entitled ``The Impact of Overhead High Voltage Transmission 
Towers and Lines on Eligibility for Federal Housing 
Administration (FHA) Insured Mortgage Programs.'' This hearing 
examined the FHA's guidelines for homes located near overhead 
high voltage transmission towers and lines. The Subcommittee 
received testimony from the following witnesses: The Honorable 
Art Bennett, Mayor, Chino Hills, California; Mr. Robert 
Goodwin, President, Hope for the Hills; Mrs. Joanne Genis, 
Chino Hills Resident; Ms. Bobbi Borland, Acting Branch Chief, 
Santa Ana Homeownership Center, HUD; Mr. Paul Clanon, Executive 
Director, California Public Utilities Commission; 
Representative from Southern California Edison; Mr. Fred 
Kreger, CMC, President-Elect and Government Affairs Committee 
Chairman, California Association of Mortgage Professionals, 
Branch Manager at American Family Funding on behalf of the 
California Association of Mortgage Professionals; Mrs. Marion 
Proffitt, Past President of Tri-Counties Association of 
REALTORS, California Association of REALTORS, Director, 
National Association of REALTORS, Director, Broker Associate at 
ERA Prime Properties on behalf of the California Association of 
REALTORS; and Mr. James L. Henderson, SRA, J. L. Henderson & 
Company, on behalf of the Appraisal Institute.
    On May 9, 2012, the Subcommittee held a hearing entitled 
``Oversight of the FHA Reverse Mortgage Program for Seniors.'' 
This hearing examined the FHA's Home Equity Conversion Mortgage 
program. The Subcommittee received testimony from the following 
witnesses: Mr. Charles Coulter, Deputy Assistant Secretary for 
Single Family Programs, Office of Housing, FHA; Mr. Peter H. 
Bell, President & CEO, National Reverse Mortgage Lenders 
Association; Mr. Daniel Fenton, Housing Director, Money 
Management International; Mr. Jeffrey M. Lewis, CEO & Chairman, 
Generation Mortgage Company; Dr. Anthony Sanders, Distinguished 
Professor of Real Estate Finance, Senior Scholar, Mercatus 
Center at George Mason University; Professor Houman Shadab, 
Associate Professor of Law, New York Law School; Dr. Barbara R. 
Stucki, Vice President, Home Equity Initiatives, National 
Council on Aging; and Dr. Lori A. Trawinski, Senior Strategic 
Policy Advisor, Consumer and State Affairs Team, AARP Public 
Policy Institute.

                          INSURANCE OVERSIGHT

    On May 17, 2012, the Subcommittee held a hearing entitled 
``U.S. Insurance Sector: International Competitiveness and 
Jobs.'' This hearing examined the international competitiveness 
of U.S.-domiciled insurance and reinsurance companies and their 
ability to create jobs. The Subcommittee received testimony 
from the following witnesses: The Honorable Michael McRaith, 
Director, Federal Insurance Office, U.S. Department of the 
Treasury; Mr. Kevin McCarty, Insurance Commissioner, Florida 
Office of Insurance Regulation, on behalf of the National 
Association of Insurance Commissioners; Mr. Steve Bartlett, 
President and CEO, The Financial Services Roundtable; Mr. Peter 
Ralph Kochenburger, Executive Director of the Insurance Law 
Center and Associate Clinical Professor of Law and Director of 
Graduate Programs, University of Connecticut School of Law; Mr. 
Allan E. O'Bryant, Executive Vice President--Head of 
International Markets and Operations, Reinsurance Group of 
America, Inc.; Mr. Michael C. Sapnar, President and Chief 
Executive Officer, Transatlantic Reinsurance Company, Inc.; Mr. 
William Toppeta, Vice Chairman, MetLife, Inc.; and Mr. J. 
Robert Vastine, President, The Coalition of Service Industries.

                     FEDERAL HOUSING ADMINISTRATION

    On June 7, 2012, the Subcommittee held a hearing entitled 
``Oversight of the Federal Housing Administration's Multifamily 
Insurance Programs.'' This hearing explored the Federal Housing 
Administration's multifamily housing loan insurance programs. 
The Subcommittee also examined risks posed by these programs 
and potential reforms. The Subcommittee received testimonies 
from the following witnesses: Ms. Marie Head, Deputy Assistant 
Secretary, Office of Multifamily Housing Programs, Office of 
Housing, Federal Housing Administration; Mr. Michael Bodaken, 
President, National Housing Trust; Ms. Sheila Crowley, 
President and CEO, National Low Income Housing Coalition; Ms. 
Mary Kenney, Executive Director, Illinois Housing Development 
Authority, on behalf of the National Council of State Housing 
Agencies; Mr. Rodrigo Lopez, President and CEO, AmeriSphere, on 
behalf of the Mortgage Bankers Association; Mr. Richard L. 
Mostyn, Vice Chairman and Chief Operating Officer, The Bozzuto 
Group, on behalf of the National Multi Housing Council; Mr. 
Robert F. Nielsen, Immediate Past Chairman, National 
Association of Home Builders; Mr. Joseph L. Pagliari, Jr., 
Clinical Professor of Real Estate, The University of Chicago 
Booth School of Business; and Mr. Peter Schiff, CEO & Chief 
Global Strategist, Euro Pacific Capital.

                          MORTGAGE ORIGINATION

    On June 20, 2012, the Subcommittee held a hearing entitled 
``Mortgage Disclosures: How Do We Cut Red Tape for Consumers 
and Small Businesses?'' This hearing examined work done by the 
Consumer Financial Protection Bureau to improve mortgage 
disclosures as well as proposals to assist consumers by 
combining the two mortgage disclosure forms required at the 
closing of a mortgage loan. The Subcommittee received 
testimonies from the following witnesses: Mr. Raj Date, Deputy 
Director, Consumer Financial Protection Bureau; Mr. Chris 
Abbinante, President, American Land Title Association; Ms. Anne 
C. Canfield, Executive Director, Consumer Mortgage Coalition; 
Mr. Bill Cosgrove, CMB, President & CEO, Union National 
Mortgage Co., on behalf of the Mortgage Bankers Association; 
Ms. Chanelle P. Hardy, Senior Vice President for Policy and, 
Executive Director, National Urban League Policy Institute; Ms. 
Brenda K. Hughes, Senior Vice President, Retail Lending 
Administrator, First Federal Savings Bank, on behalf of the 
American Bankers Association; Mr. Maurice Veissi, 2012 
President, National Association of Realtors; and Mr. Tim 
Wilson, President, Affiliated Businesses, Long and Foster 
Companies, on behalf of the Real Estate Services Providers 
Council, Inc.
    On June 28, 2012, the Subcommittee held a hearing entitled 
``Appraisal Oversight: The Regulatory Impact on Consumers and 
Businesses.'' This hearing examined the appraisal industry and 
explored suggestions to improve appraisal regulation, 
enforcement, and oversight. The Subcommittee received testimony 
from the following witnesses: Mr. William B. Shear, Director of 
Financial Markets and Community Investment, Government 
Accountability Office; Mr. Don Rodgers, President, Association 
of Appraiser Regulatory Officials; Mr. James R. Park, Executive 
Director, Appraisal Subcommittee, Federal Financial 
Institutions Examination Council; Mr. David Bunton, President, 
Appraisal Foundation; Mr. Don Kelly, Executive Director, Real 
Estate Valuation Advocacy Association (REVAA), on behalf of 
REVAA; Ms. Sara Stephens, President Elect, Appraisal Institute; 
Mr. David Berenbaum, Chief Program Officer, National Community 
Reinvestment Coalition; and Ms. Karen J. Mann, President, Mann 
& Associates Appraisers, on behalf of the American Society of 
Appraisers.

                          INSURANCE OVERSIGHT

    On July 24, 2012, the Subcommittee held a hearing entitled 
``The Impact of Dodd-Frank's Insurance Regulations on 
Consumers, Job Creators, and the Economy.'' This hearing 
examined provisions of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (P.L. 111-203) that affect insurance 
companies and potentially increase compliance costs, which are 
borne by consumers, job creators, and the economy. 
Specifically, the hearing gauged the impact on the insurance 
industry and its customers of changes in Federal Reserve 
regulation, the ``orderly liquidation authority'' granted to 
the Federal Deposit Insurance Corporation, and the Volcker 
Rule. The Subcommittee received testimonies from the following 
witnesses: The Honorable Bill Posey (R-FL); Dr. Robert P. 
Hartwig, President, Insurance Information Institute; Mr. Birny 
Birnbaum, Executive Director, Center for Economic Justice; Mr. 
Charles M. Chamness, President and Chief Executive Officer, 
National Association of Mutual Insurance Companies; and Mr. 
Thomas P. Quaadman, Vice President, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce.
    On September 11, 2012, the Subcommittee held a hearing on 
``TRIA at Ten Years: The Future of the Terrorism Risk Insurance 
Program.'' This hearing examined the Terrorism Risk Insurance 
Act of 2002 (TRIA) and the Terrorism Risk Insurance Program it 
established as a temporary loss sharing program between the 
federal government and the insurance industry. In advance of 
TRIA's expiration, this hearing assessed conditions in the 
insurance market and the private sector's capacity to offer 
insurance and reinsurance coverage for losses resulting from 
acts of international and domestic terrorism without a federal 
backstop. This hearing also explored options for encouraging 
greater private-sector participation in the market for 
terrorism risk insurance. The Subcommittee received testimony 
from the following witnesses: Dr. Robert P. Hartwig, President, 
Insurance Information Institute; Mr. David C. John, Senior 
Research Fellow, The Heritage Foundation; Mr. Rolf Lundberg, 
Senior Vice President, Congressional and Public Affairs, U.S. 
Chamber of Commerce, on behalf of the Coalition to Insure 
Against Terrorism; Dr. Erwann Michel-Kerjan, Professor and 
Managing Director, Risk Management and Decision Processes 
Center, Wharton School of Business, University of Pennsylvania; 
Ms. Janice Ochenkowski, Managing Director, Jones Lang LaSalle, 
on behalf of the Risk and Insurance Management Society, Inc.; 
Ms. Linda St. Peter, Operations Manager, Prudential Connecticut 
Realty, on behalf of the National Association of Realtors; The 
Honorable Steve Bartlett, President and Chief Executive 
Officer, The Financial Services Roundtable; Mr. Darwin Copeman, 
President and Chief Executive Officer, Jewelers Mutual 
Insurance Company, on behalf of the National Association of 
Mutual Insurance Companies; Mr. Jon A. Jensen, President, 
Correll Insurance Group, on behalf of the Independent Insurance 
Agents & Brokers of America; Mr. Michael H. Lanza, Executive 
Vice President and General Counsel, Selective Insurance Group, 
Inc., on behalf of the Property Casualty Insurers Association 
of America; Mr. Chris Lewis, Senior Vice President and Chief 
Insurance Risk Officer, The Hartford, on behalf of the American 
Insurance Association; and Mr. Edward B. Ryan, Senior Managing 
Director Aon Benfield, Aon plc, on behalf of the Reinsurance 
Association of America.

                              HOMELESSNESS

    On September 14, 2012, the Subcommittee held a hearing 
entitled ``Housing for Heroes: Examining How Federal Programs 
Can Better Serve Veterans.'' This hearing examined the barriers 
that homeless and low-income veterans face in obtaining housing 
assistance and services from federal programs. This hearing 
also examined two legislative proposals that addressed issues 
facing homeless and low-income veterans: H.R. 6111, the 
Vulnerable Veterans Housing Reform Act of 2012, introduced by 
Rep. Joe Heck (R-NV) on July 12, 2012, and H.R. 6381, the 
Housing Assistance for Veterans Act of 2012, a discussion draft 
offered by Rep. Al Green (D-TX). The Subcommittee received 
testimonies from the following witnesses: Ms. Cassondra 
Flanagan, Philadelphia, PA; Mr. Caesar Hill, Chicago, IL; Ms. 
Babette Peyton, Chicago, IL; Ms. Heather Ansley, Esq., Vice 
President of Veterans Policy, Vets First; Mr. Steve Berg, Vice 
President for Programs and Policy, National Alliance to End 
Homelessness; Ms. Baylee Crone, Technical Assistance Director, 
National Coalition for Homeless Veterans; Ms. Sandy Miller, 
Chair, Vietnam Veterans of America, Homeless Veterans 
Committee; Mr. Arnold Stalk, Founder and President, Veterans 
Village, Las Vegas, NV; and Ms. Eileen Higgins, Vice President, 
Housing Services, Catholic Charities of the Archdiocese of 
Chicago.

                               BASEL III

    On November 29, 2012, the Subcommittee and the Subcommittee 
on Financial Institutions and Consumer Credit held a joint 
hearing entitled ``Examining the Impact of the Proposed Rules 
to Implement Basel III Capital Standards.'' The hearing 
examined whether U.S. banking regulators' proposed capital 
adequacy standards will ensure the stability of the financial 
system and preserve the ability of financial institutions to 
take calculated risks. The subcommittees received testimony 
from the following witnesses: Mr. George French, Deputy 
Director of the Division of Risk Management Supervision at the 
Federal Deposit Insurance Corporation; Mr. Michael S. Gibson, 
Director of the Division of Banking Supervision and Regulation 
at the Board of Governors of the Federal Reserve System; Mr. 
John Lyons, Chief National Bank Examiner at the Office of the 
Comptroller of the Currency; Mr. Greg Gonzales, Commissioner at 
the Tennessee Department of Financial Institutions on behalf of 
the Conference of State Bank Supervisors; Mr. Kevin M. McCarty, 
Insurance Commissioner at the Florida Office of Insurance 
Regulation on behalf of the National Association of Insurance 
Commissioners; Professor Anat R. Admati, George G.C. Parker 
Professor of Finance and Economics for the Graduate School of 
Business at Stanford University; Mr. Terrence A. Duffy, 
Executive Chairman and President of the CME Group, Inc.; Mr. 
James M. Garnett, Jr., Head of Risk Architecture at Citi; Mr. 
Marc Jarsulic, Chief Economist at Better Markets; Mr. William 
A. Loving, President and Chief Executive Officer at Pendleton 
Community Bank on behalf of the Independent Community Bankers 
of America; Mr. Daniel T. Poston, Executive Vice President and 
Chief Financial Officer at Fifth Third Bancorp on behalf of the 
American Bankers Association; Mr. Paul Smith, Senior Vice 
President, Treasurer, and Chief Financial Officer at State Farm 
Insurance Company; and Ms. Virginia Wilson, Executive Vice 
President and Chief Financial Officer at TIAA-CREF.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
     Serial No.                  Title                    Date(s)
------------------------------------------------------------------------
112-7...............  Are There Government         February 16, 2011
                       Barriers to the Housing
                       Market Recovery?.
112-13..............  Legislative Proposals to     March 2, 2011
                       End Taxpayer Funding for
                       Ineffective Foreclosure
                       Mitigation Programs.
112-16..............  Legislative Proposals to     March 11, 2011
                       Reform the National Flood
                       Insurance Program, Part I.
112-23..............  Legislative Proposals to     April 1, 2011
                       Reform the National Flood
                       Insurance Program, Part II.
112-32..............  Legislative Proposals to     May 25, 2011
                       Determine the Future Role
                       of FHA, RHS and GNMA in
                       the Single- and Multi-
                       Family Mortgage Markets.
112-40..............  Legislative Proposals to     June 23, 2011
                       Reform the Housing Choice
                       Voucher Program.
112-47..............  Mortgage Origination: The    July 13, 2011
                       Impact of Recent Changes
                       on Homeowners and
                       Businesses.
112-53..............  Insurance Oversight: Policy  July 28, 2011
                       Implications for U.S.
                       Consumers, Businesses, and
                       Jobs.
112-57..............  Legislative Proposals to     September 8, 2011
                       Determine the Future Role
                       of FHA, RHS and GNMA in
                       the Single- and Multi-
                       Family Mortgage Markets,
                       Part 2.
112-61..............  HUD and NeighborWorks        September 14, 2011
                       Housing Counseling
                       Oversight.
112-69..............  The Obama Administration's   October 6, 2011
                       Response to the Housing
                       Crisis.
112-74..............  The Section 8 Savings Act    October 13, 2011
                       of 2011: Proposals to
                       Promote Economic
                       Independence for Assisted
                       Families.
112-77..............  Insurance Oversight: Policy  October 25, 2011
                       Implications for U.S.
                       Consumers, Businesses, and
                       Jobs, Part 2.
112-81..............  Fraud in the HUD Home        November 2, 2011
                       Program (Joint Hearing
                       with Oversight).
112-83..............  The Obama Administration's   November 3, 2011
                       Rental Assistance
                       Demonstration Proposal.
112-84..............  Insurance Oversight and      November 16, 2011
                       Legislative Proposals.
112-86..............  The State of Manufactured    November 29, 2011
                       Housing (Field Hearing).
112-93..............  The Homeless Children and    December 15, 2011
                       Youth Act of 2011:
                       Proposals to Promote
                       Economic Independence for
                       Homeless Children and
                       Youth.
112-96..............  Implementation of the        February 1, 2012
                       Manufactured Housing
                       Improvement Act of 2000.
112-102.............  Oversight of the Department  February 28, 2012
                       of Housing and Urban
                       Development.
112-115.............  The Impact of Overhead High  April 14, 2012
                       Voltage Transmission
                       Towers and Lines on
                       Eligibility for Federal
                       Housing Administration
                       (FHA) Insured Mortgage
                       Programs (Field Hearing).
112-123.............  Oversight of the Federal     May 9, 2012
                       Housing Administration's
                       Reverse Mortgage Program
                       for Seniors.
112-129.............  U.S. Insurance Sector:       May 17, 2012
                       International
                       Competitiveness and Jobs.
112-134.............  Oversight of Federal         June 7, 2012
                       Housing Administration's
                       Multifamily Insurance
                       Programs.
112-138.............  Mortgage Disclosures: How    June 20, 2012
                       Do We Cut Red Tape for
                       Consumers and Small
                       Businesses?.
112-140.............  Appraisal Oversight: The     June 28, 2012
                       Regulatory Impact on
                       Consumers and Businesses.
112-150.............  The Impact of Dodd-Frank's   July 24, 2012
                       Insurance Regulations on
                       Consumers, Job Creators,
                       and the Economy.
112-155.............  TRIA at Ten Years: The       September 11, 2012
                       Future of the Terrorism
                       Risk Insurance Program.
112-158.............  Housing for Heroes:          September 14, 2012
                       Examining How Federal
                       Programs Can Better Serve
                       Veterans.
112-161.............  Joint hearing with the       November 29, 2012
                       Subcommittee on Financial
                       Institutions and Consumer
                       Credit entitled
                       ``Examining the Impact of
                       the Proposed Rules to
                       Implement Basel III
                       Capital Standards''.
------------------------------------------------------------------------

        Subcommittee on International Monetary Policy and Trade


           (Ratio: 8-6)

   GARY G. MILLER, California, 
             Chairman

CAROLYN McCARTHY, New York,          ROBERT J. DOLD, Illinois, Vice 
  Ranking Member                     Chairman
GWEN MOORE, Wisconsin                RON PAUL, Texas
ANDRE CARSON, Indiana                DONALD A. MANZULLO, Illinois
DAVID SCOTT, Georgia                 JOHN CAMPBELL, California
ED PERLMUTTER, Colorado              MICHELE BACHMANN, Minnesota
JOE DONNELLY, Indiana                BILL HUIZENGA, Michigan
BARNEY FRANK, Massachusetts, ex officioANK C. GUINTA, New Hampshire
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                  Subcommittee Legislative Activities


           SECURING AMERICAN JOBS THROUGH EXPORTS ACT OF 2011

                              (H.R. 2072)


Summary

    H.R. 2072, the Export-Import Bank Reauthorization Act of 
2012, (as amended) reauthorized the Bank through September 30, 
2014. The bill raised the Bank's lending limit to $120 billion 
in 2012, $130 billion in 2013 and $140 billion in 2014. H.R. 
2072 ties increases in the exposure limit to the Bank 
maintaining default rates below 2%, the Bank submitting a 
business plan to Congress and GAO, and responding to GAO 
recommendations on the Bank's risk management. The bill directs 
the Secretary of the Treasury to enter into multilateral 
negotiations for the purpose of (1) reducing and then 
eliminating government export subsidies for aircraft, and (2) 
ultimately ending all government export subsidies. The other 
major provisions of H.R. 2072 include provisions to: require 
the Bank to report not less than quarterly on default rates and 
implement a corrective plan with monthly reporting if the 
default rate exceeds 2%; prohibit the Bank from entering into 
agreement where it is subordinate to all other creditors; 
require the Bank to submit a multiyear business plan that 
identifies, among other items, potential for increased risk 
from its operations; require GAO to review, report, and make 
recommendations on the Bank's risk management; require the Bank 
to categorize the reason for making each loan or long-term 
guarantee; require notice in the Federal Register and provide 
for a comment period for all transactions over $100 million; 
require that all companies that do business with the Bank 
certify that they do not do business with Iran, and other 
items.

Legislative History

    On June 1, 2011, H.R. 2072 was introduced by Representative 
Gary Miller and referred to the Committee on Financial 
Services. The bill has nine cosponsors.
    On March 10, 2011, the Subcommittee held a hearing entitled 
``The Role of the Export-Import Bank in U.S. Competitiveness 
and Job Creation.'' The purpose of the hearing was to examine 
the role of the Export-Import Bank in fostering job growth by 
helping U.S. companies compete in the international export 
market. The hearing focused on how to improve the operations of 
the Export-Import Bank in supporting U.S. companies as they 
export to international markets. The Subcommittee received 
testimony from the following witnesses: Mr. Karan Bhatia, Vice 
President and Senior Counsel, General Electric; Mr. Scott 
Scherer, Senior Vice President, Boeing Capital Corporation; Mr. 
David Ickert, Vice President of Finance, Air Tractor, Inc.; and 
Mr. Kevin Law, President & CEO, Long Island Association.
    On May 24, 2011, the Subcommittee held a hearing entitled 
``Legislative Proposals on Securing American Jobs Through 
Exports: Export-Import Bank Reauthorization.'' The Subcommittee 
received testimony from the following witnesses: Mr. Fred 
Hochberg, Chairman and President, the Export-Import Bank of the 
United States; Ms. Donna K. Alexander, Chief Executive Officer, 
Bankers' Association for Finance and Trade--International 
Financial Services Association; Ms. Thea Lee, Deputy Chief of 
Staff, American Federation of Labor and Congress of Industrial 
Organizations; Mr. Osvaldo Luis Gratacos, Inspector General for 
the Export-Import Bank; Mr. John Hardy, President, Coalition 
for Employment Through Exports; and Dr. Matthew Slaughter, 
Associate Dean for the MBA Program, Signals Company Professor 
of Management, Tuck School of Business, Dartmouth College.
    On June 2, 2011, the Subcommittee met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by a voice vote.
    On June 22, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by a voice vote. The Committee Report was filed on September 8, 
2011 (H. Rept. 112-201).
    On May 9, 2012, the House considered H.R. 2072 and passed 
the bill, with amendments, by a record vote of 330 yeas and 93 
nays.
    On May 15, 2012, the Senate considered H.R. 2072 and passed 
the bill by a record vote of 78 yeas and 20 nays.
    On May 30, 2012, H.R. 2072 was signed by the President and 
became Public Law No. 112-122.

     SUPPORTING ECONOMIC AND NATIONAL SECURITY BY MAINTAINING U.S. 
            LEADERSHIP IN MULTILATERAL DEVELOPMENT BANKS ACT

                              (H.R. 3188)


Summary

    H.R. 3188, the Supporting Economic and National Security by 
Maintaining U.S. Leadership in Multilateral Development Banks 
Act, would amend the Bretton Woods Agreements Act to allow for 
general capital increases at the International Bank for 
Reconstruction and Development (IBRD), the Inter-American 
Development Bank (IDB), the African Development Bank, and the 
European Bank for Reconstruction and Development. In addition 
to the general capital increases, this bill also has provisions 
to fight corruption, promote transparency and accountability at 
these institutions, promote strong procurement standards, and 
to urge Argentina to settle its debts with its public and 
private creditors.

Legislative History

    On October 13, 2011, H.R. 3188 was introduced by 
Representative Robert Dold, and referred to the Committee on 
Financial Services. The bill has no cosponsors.
    On June 14, 2011, the Subcommittee held a legislative 
hearing entitled ``The Role of the U.S. in the World Bank and 
Multilateral Development Banks: Bank Oversight and Requested 
Capital Increases.'' The Subcommittee received testimony from 
The Honorable Lael Brainard, Under Secretary for International 
Affairs, Department of the Treasury.
    On July 27, 2011, the Subcommittee held a legislative 
hearing entitled ``The Impact of the World Bank and 
Multilateral Development Banks on U.S. Job Creation.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable James T. Kolbe, former Member of Congress, Senior 
Transatlantic Fellow, German Marshall Fund of the United 
States; Mr. Robert Mosbacher, Jr., Chairman, Mosbacher Energy 
Company, Past-President and CEO, Overseas Private Investment 
Corporation; Mr. James A. Harmon, Chairman, Caravel Management, 
LLC, Past-President and CEO, Export-Import Bank of the United 
States; Mr. Benjamin Leo, Research Fellow, Center for Global 
Development, Former Treasury Department and National Security 
Council Official; and Mr. John Hardy, President, Coalition for 
Employment through Exports.
    On September 21, 2011, the Subcommittee held a legislative 
hearing entitled ``The Impact of the World Bank and 
Multilateral Development Banks on National Security.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable Marisa Lago, Assistant Secretary for 
International Markets and Development, U.S. Department of the 
Treasury; and Rear Admiral Michelle Howard, Chief of Staff to 
the Director, Strategic Plans and Policy, J5, the Joint Staff.
    On October 4, 2011, the Subcommittee held a legislative 
hearing on a discussion draft entitled ``The World Bank and 
Multi Lateral Development Banks' Authorization.'' The 
Subcommittee received testimony from the following witnesses: 
The Honorable Mark Green, Former U.S. Ambassador to Tanzania, 
Former U.S. Representative (R-WI), Senior Director, U.S. Global 
Leadership Coalition; The Honorable Eli Whitney Debevoise, II, 
Former U.S. Executive Director, The World Bank Group, Senior 
Partner, Arnold & Porter LLP; Mr. Daniel F. Runde, Director of 
the Project on Prosperity and Development, William A. Schreyer 
Chair in Global Analysis, Center for Strategic and 
International Studies; Mr. John Murphy, Vice President for 
International Affairs, U.S. Chamber of Commerce.
    On October 12, 2011, the Subcommittee met in open session 
and ordered the discussion draft, as amended, reported 
favorably to the Committee by a voice vote.

                   Subcommittee Oversight Activities


                          GLOBAL CAPITAL FLOWS

    On October 13, 2011, the Subcommittee held a hearing 
entitled ``The U.S. Housing Finance System in the Global 
Context: Structure, Capital Sources, and Housing Dynamics.'' 
The U.S. securitization process has facilitated the flow of 
private investment capital from investors around the world to 
fund U.S. home mortgages. This hearing focused on the 
relationship between the health of the U.S. housing finance 
system and global financial stability, including foreign 
involvement in the U.S. housing finance system and the 
motivations of foreign investors to purchase residential 
mortgage-backed securities. The Subcommittee received testimony 
from the following witnesses: Mr. Michael A. J. Farrell, 
Chairman, CEO and President, Annaly Capital Management, Inc.; 
Mr. Richard Dorfman, Managing Director and Head of 
Securitization Group, Securities Industry and Financial Markets 
Association; Mr. Moe Veissi, 2011 President-Elect, National 
Association of Realtors; and Dr. Susan M. Wachter, Richard B. 
Worley Professor of Financial Management, The Wharton School, 
University of Pennsylvania.

                           EUROZONE DISTRESS

    On October 25, 2011, the Subcommittee held a hearing 
entitled ``The Eurozone Crisis and Implications for the United 
States.'' The purpose of the hearing was to examine the 
potential effects of Europe's economic problems on the U.S. 
economy, particularly on trade and employment. The hearing also 
examined European policy options under consideration for 
containing the crisis and the role of the U.S. in these 
decisions. The Subcommittee received testimony from the 
following witnesses: The Honorable Charles Collyns, Assistant 
Secretary for International Finance, U.S. Department of the 
Treasury; Mr. Peter S. Rashish, Vice President, Europe & 
Eurasia, U.S. Chamber of Commerce; Dr. Desmond Lachman, 
Resident Fellow, American Enterprise Institute; and Mr. Douglas 
J. Elliott, Fellow of Economic Studies, Initiative on Business 
and Public Policy, Brookings Institution.

                         EXTRACTIVE INDUSTRIES

    On May 10, 2012, the Subcommittee held a hearing entitled 
``The Costs and Consequences of Dodd-Frank Section 1502: 
Impacts on America and the Congo.'' This hearing examined the 
effect of Section 1502 of the Dodd-Frank Act on Congolese 
residents and the U.S. businesses that must comply with Section 
1502's requirements relating to conflict minerals originating 
in the Democratic Republic of Congo. The Subcommittee received 
testimony from the following witnesses: Mr. Mvemba Dizolele, 
Distinguished Visiting Fellow, The Hoover Institution at 
Stanford University; Dr. Laura E. Seay, Assistant Professor of 
Political Science, Morehouse College; Mr. Frank Vargo, Vice 
President, International Economic Affairs Policy, National 
Association of Manufacturers; Mr. Steve Pudles, Chairman, Board 
of Directors, IPC--Association of Connecting Electronics 
Industries, and Chief Executive Officer, Spectral Response, 
LLC; Mr. Stephen Lamar, Executive Vice President, American 
Apparel & Footwear Association; The Most Reverend Nicolas Djomo 
Lola, Bishop of Tshumbe, President, National Bishops 
Conference, Democratic Republic of Congo; and Mr. Bruce Calder, 
Vice President, Claigan Environmental, Inc.

                             MARKET ACCESS

    On May 16, 2012, the Subcommittee held a hearing entitled 
``Increasing Market Access for U.S. Financial Firms in China: 
Update on Progress of the S&ED.'' This hearing examined the 
access of U.S. financial firms to the market for financial 
services in China as well as the latest developments in the 
Strategic and Economic Dialogue between the U.S. and China. The 
Subcommittee received testimony from the following witnesses: 
The Honorable Lael Brainard, Under Secretary, International 
Affairs, U.S. Department of the Treasury; The Honorable Rob 
Nichols, Chairman, Engage China Coalition; Mr. David Strongin, 
Managing Director, International Policy, Securities Industry 
and Financial Markets Association; The Honorable Clay Lowery, 
Vice President, Rock Creek Global Advisors; and Mr. Nicholas R. 
Lardy, Anthony M. Solomon Senior Fellow, Peterson Institute for 
International Economics.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-15................  The Role of the Export-     March 10, 2011
                         Import Bank in U.S.
                         Competitiveness and Job
                         Creation.
112-31................  Legislative Proposals on    May 24, 2011
                         Securing American Jobs
                         Through Exports: Export-
                         Import Bank
                         Reauthorization.
112-38................  The Role of the U.S. in     June 14, 2011
                         the World Bank and
                         Multilateral Development
                         Banks: Bank Oversight and
                         Requested Capital
                         Increases.
112-52................  The Impact of the World     July 27, 2011
                         Bank and Multi-Lateral
                         Development Banks on U.S.
                         Job Creation.
112-64................  The Impact of the World     September 21, 2011
                         Bank and Multi-Lateral
                         Development Banks on
                         National Security.
112-68................  The World Bank and Multi    October 4, 2011
                         Lateral Development
                         Banks' Authorization.
112-73................  The U.S. Housing Finance    October 13, 2011
                         System in the Global
                         Context: Structure,
                         Capital Sources and
                         Housing Dynamics.
112-76................  The Eurozone Crisis and     October 25, 2011
                         Implications for the
                         United States.
112-124...............  The Costs and Consequences  May 10, 2012
                         of Dodd-Frank Section
                         1502: Impacts on America
                         and the Congo.
112-126...............  Increasing Market Access    May 16, 2012
                         for U.S. Financial Firms
                         in China: Update on
                         Progress of the Strategic
                         & Economic Dialogue.
------------------------------------------------------------------------

              Subcommittee on Oversight and Investigations


           (Ratio: 10-8)

 RANDY NEUGEBAUER, Texas, Chairman

MICHAEL E. CAPUANO, Massachusetts, Ranking MemberITZPATRICK, 
STEPHEN F. LYNCH, Massachusetts      Pennsylvania, Vice Chairman
MAXINE WATERS, California            PETER T. KING, New York
JOE BACA, California                 MICHELE BACHMANN, Minnesota
BRAD MILLER, North Carolina          STEVAN PEARCE, New Mexico
KEITH ELLISON, Minnesota             BILL POSEY, Florida
JAMES A. HIMES, Connecticut          NAN A. S. HAYWORTH, New York
JOHN C. CARNEY, Jr., Delaware        JAMES B. RENACCI, Ohio
BARNEY FRANK, Massachusetts, ex officioANCISCO ``QUICO'' CANSECO, Texas
                                     STEPHEN LEE FINCHER, Tennessee
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

                   Subcommittee Oversight Activities


                             GSE LEGAL FEES

    On February 15, 2011, the Subcommittee held a hearing 
entitled ``An Analysis of the Post-Conservatorship Legal 
Expenses of Fannie Mae and Freddie Mac.'' The hearing explored 
issues related to the FHFA's oversight of legal fees incurred 
by Fannie Mae and Freddie Mac since the companies' entry into 
conservatorship in September 2008. FHFA disclosed at the 
hearing that taxpayers have spent more than $162 million 
defending Fannie Mae and Freddie Mac and their former top 
executives in civil lawsuits accusing them of fraud. The 
Subcommittee received testimony from the following witnesses: 
Mr. Edward DeMarco, Acting Director, FHFA; Mr. Alfred Pollard, 
General Counsel, FHFA; Mr. Michael Williams, Chief Executive 
Officer, Fannie Mae; Mr. Timothy J. Mayopoulos, General 
Counsel, Fannie Mae; and the Honorable Mike DeWine, Attorney 
General of Ohio.

                      COSTS OF THE DODD-FRANK ACT

    On March 30, 2011, the Subcommittee held a hearing on ``The 
Costs of Implementing the Dodd-Frank Act: Budgetary and 
Economic.'' The Subcommittee received testimony from the 
following witnesses: the Honorable Jill E. Sommers, 
Commissioner, CFTC; Mr. Douglas W. Elmendorf, Director, 
Congressional Budget Office (CBO); Mr. Jeffrey Lacker, 
President, Federal Reserve Bank of Richmond; Douglas Holtz-
Eakin, Ph.D., President, American Action Forum; James Angel, 
Ph.D., CFA, Associate Professor of Finance, McDonough School of 
Business, Georgetown University; James Overdahl, Ph.D., Vice 
President NERA Economic Consulting, former Chief Economist for 
the SEC; and David Min, Associate Director of Financial Markets 
Policy, Center for American Progress.

                            SECURITIES FRAUD

    On May 13, 2011, the Subcommittee held a hearing entitled 
``The Stanford Ponzi Scheme: Lessons for Protecting Investors 
from the Next Securities Fraud.'' This hearing reviewed the 
failure of the SEC and the Financial Industry Regulatory 
Authority (FINRA) to uncover a Ponzi scheme allegedly 
orchestrated by Houston businessman Allen Stanford that 
defrauded thousands of U.S. investors. The hearing also focused 
on what steps the SEC and FINRA could take to prevent similar 
securities frauds in the future. The Subcommittee received 
testimony from the following witnesses: Mr. David Kotz, 
Inspector General, SEC; Mr. Robert Khuzami, Director of the 
Division of Enforcement, SEC; Mr. Carlo di Florio, Director of 
Office of Compliance Inspections and Examinations, SEC; Mr. 
Richard Ketchum, Chief Executive Officer, FINRA; Ms. Julie 
Preuitt, Assistant Regional Director, SEC Fort Worth Regional 
Office; Mr. Charles Rawl, a former Stanford Group Company 
employee and whistleblower; and Mr. Stanford Kauffman, a victim 
of the Stanford fraud.

                      MORTGAGE SERVICING STANDARDS

    On July 7, 2011, the Subcommittees on Financial 
Institutions and Consumer Credit and Oversight and 
Investigations held a joint hearing entitled ``Mortgage 
Servicing: An Examination of the Role of Federal Regulators in 
Settlement Negotiations and the Future of Mortgage Servicing 
Standards.'' The purpose of the hearing was to review the role 
of Federal regulators in the ongoing mortgage servicing 
settlement negotiations and the development of new mortgage 
servicing standards. The Subcommittees heard testimony from the 
following witnesses: Ms. Julie Williams, First Senior Deputy 
Comptroller and Chief Counsel of the OCC; Mr. Mark Pearce, 
Director, Division of Depositor and Consumer Protection at the 
FDIC; Mr. Raj Date, Associate Director of Research, Markets and 
Regulations, CFPB, U.S. Department of the Treasury; the 
Honorable Luther Strange, Alabama Attorney General; Mr. David 
Stevens, President, Mortgage Bankers Association; and Mr. 
Michael Calhoun, President, Center for Responsible Lending.

         OVERSIGHT OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL

    On April 14, 2011, the Subcommittee held a hearing on 
``Oversight of the Financial Stability Oversight Council.'' The 
hearing focused on the efforts of the FSOC, an inter-agency 
body established under the Dodd-Frank Act to monitor and 
contain risk to the financial system, to implement Title I of 
the Act. In particular, the hearing examined the FSOC's 
execution of its mandate to identify financial institutions 
that will be subject to enhanced supervision and prudential 
standards; the FSOC's coordination of rulemaking among 
financial regulatory agencies; the FSOC's studies on 
regulations that might affect the competitiveness of U.S. 
financial institutions in the global market for financial 
services; and the FSOC's efforts to monitor insurance on the 
federal level. The Subcommittee received testimony from the 
following witnesses: Gary Gensler, Chairman, CFTC; Jeffrey A. 
Goldstein, Under Secretary for Domestic Finance, Treasury 
Department; John Huff, Director, Missouri Department of 
Insurance, Financial Institutions, and Professional 
Registration; J. Nellie Liang, Director, Office of Financial 
Stability Policy and Research, Federal Reserve Board; Robert W. 
Cook, Director of Division of Trading and Markets, SEC; Arthur 
J. Murton, Director, Division of Insurance and Research, FDIC; 
and Tim Long, Chief National Bank Examiner and Senior Deputy 
Comptroller for Regulatory Policy, OCC.
    On July 14, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Office of Financial Research and the 
Financial Stability Oversight Council.'' The hearing addressed 
the efforts to organize and standup the OFR, coordination 
between the FSOC, OFR and other regulators, and data security 
issues at OFR. The Subcommittee received testimony from the 
following witnesses: The Honorable Richard Berner, Counselor to 
the Secretary of the Treasury; Dr. Nassim N. Taleb, 
Distinguished Professor, New York University Polytechnic 
Institute; Mr. Dilip Krishna, Vice President of Financial 
Services, Teradata Corporation; Mr. Alan Paller, Director of 
Research, SANS Institute; and Dr. John Lietchy, Professor of 
Marketing and Statistics, Director of the Center for the Study 
of Global Financial Stability, Pennsylvania State University.

        OVERSIGHT OF THE CREDIT RATING AGENCIES POST-DODD FRANK

    On July 27, 2011, the Subcommittee held a hearing entitled 
``Oversight of the Credit Rating Agencies Post Dodd-Frank.'' 
The hearing examined how federal regulation and operations of 
the credit rating agencies have changed since the financial 
crisis and following enactment of the Dodd-Frank Act. The 
hearing reviewed the progress of federal agencies in striking 
references to ratings agencies in their regulations and 
addressed investor over-reliance on the ratings opinions of the 
three leading ratings agencies, Standard & Poor's, Moody's 
Investor Service and Fitch Ratings. The Subcommittee received 
testimony from the following witnesses: Mr. John Ramsay, Deputy 
Director, Division of Trading and Markets, U.S. Securities 
Exchange Commission; Mr. Mark Van Der Weide, Senior Associate 
Director, Division of Banking Supervision and Regulation, 
Federal Reserve Board; Mr. David Wilson, Senior Deputy 
Comptroller and Chief National Bank Examiner, OCC; Mr. Deven 
Sharma, President, Standard & Poor's; Mr. Michael Rowan, Global 
Managing Director, Commercial Group, Moody's Investors Service; 
Mr. James Gellert, Chief Executive Officer, Rapid Ratings; Mr. 
Jules Kroll, Chairman and CEO, Kroll Bond Rating Agency; Mr. 
Larry White, Robert Kavesh Professor of Economics, Stern School 
of Business, New York University; and Mr. Gregory Smith, Chief 
Operating Officer and General Counsel, Colorado Public 
Employees' Retirement Association.

OVERSIGHT OF THE OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE POST-9/
                                   11

    On September 6, 2011, the Subcommittee held a field hearing 
in New York City entitled ``Combating Terror Post-9/11: 
Oversight of the Office of Terrorism and Financial 
Intelligence.'' The hearing reviewed the activities of the 
Treasury Department's Office of Terrorism and Financial 
Intelligence to safeguard the integrity of the nation's 
financial system and to fight terrorist facilitators, money 
launderers, and other threats to national security. The 
Honorable Daniel Glaser, Assistant Secretary for Terrorist 
Financing, Department of the Treasury, was the sole witness.

               POTENTIAL CONFLICTS OF INTEREST AT THE SEC

    On September 22, 2011, the Subcommittee held a joint 
hearing with the Committee on Oversight and Government Reform's 
Subcommittee on TARP, Financial Services and Bailouts of Public 
and Private Programs, entitled ``Potential Conflicts of 
Interest at the SEC: The Becker Case.'' The hearing examined 
how the SEC handled potential conflicts of interest involving 
David Becker, a former SEC general counsel who financially 
benefited from the Bernard Madoff Ponzi scheme. The 
Subcommittees received testimony from the following witnesses: 
the Honorable Mary Schapiro, Chairman, SEC; Mr. H. David Kotz, 
Inspector General, SEC; and Mr. David M. Becker, Former General 
Counsel, SEC.

                OVERSIGHT OF THE FEDERAL HOME LOAN BANKS

    On October 12, 2011, the Subcommittee held a hearing 
entitled ``Oversight of the Federal Home Loan Bank System.'' 
The hearing examined the capital requirements, financial 
health, and stability of the Federal Home Loan Bank System, as 
well as the Federal Home Loan Bank System's ability to fulfill 
its housing mission and provide liquidity to the cooperative's 
member banks in a safe and sound manner. Subcommittee received 
testimony from the following witnesses: Mr. Anthony P. Costa, 
Chairman and co-CEO, Empire State Bank, on behalf of the 
American Bankers Association; Mr. Lee R. Gibson, Chairman of 
the Federal Home Loan Bank of Dallas and Chairman of the 
Council of Federal Home Loan Banks; Mr. Tim Zimmerman, 
President/CEO, Standard Bank, PaSB, on behalf of the 
Independent Community Bankers of America; and the Honorable 
Bruce Morrison, former Director of the Federal Housing Finance 
Board.

                   OVERSIGHT OF THE HUD HOME PROGRAM

    On November 2, 2011, the Subcommittee held a joint hearing 
with the Oversight and Investigations Subcommittee entitled 
``Fraud in the HUD HOME Program.'' The hearing focused on 
allegations of waste, fraud, and abuse within HUD's HOME and 
whether HUD has implemented appropriate policies, procedures, 
and internal controls to monitor the performance of the HOME 
program. The Subcommittee received testimony from the following 
witnesses: Mr. Timothy Truax, who was convicted of defrauding 
organizations that received funds from the HOME program; Ms. 
``Jane Smith,'' an inmate in federal prison convicted of 
defrauding organizations that received funds from the HOME 
program; Mr. John McCarty, Acting Deputy Inspector General for 
HUD; Mr. Kenneth Donohue, former Inspector General for HUD; Mr. 
James Beaudette, Deputy Director for HUD's Departmental 
Enforcement Center; and Mr. Ethan Handelman, Vice President for 
Policy and Advocacy for the National Housing Conference.
    On May 16, 2012, the Subcommittee met in open session for 
the purpose of authorizing and issuing a subpoena duces tecum 
to compel the production of records from HUD related to its 
oversight and administration of the HOME Investment 
Partnerships Program. Because Subcommittee Chairman Randy 
Neugebauer and Subcommittee Ranking Member Michael E. Capuano 
reached an agreement under which HUD would voluntarily produce 
records to the Subcommittee, the question on adopting the 
resolution to authorize and issue a subpoena duces tecum was 
never posed to the Subcommittee. The agreement was memorialized 
in a May 22, 2012 letter from Chairman Neugebauer and Ranking 
Member to HUD Secretary Shaun Donovan.

                     FEDERAL HOUSING FINANCE AGENCY

    On December 1, 2011, the Subcommittee held a hearing 
entitled ``Oversight of the Federal Housing Finance Agency.'' 
The hearing examined the performance of the FHFA in its dual 
roles as regulator and conservator of the GSEs Fannie Mae and 
Freddie Mac. The hearing also considered the challenges that 
FHFA faces, including its efforts to mitigate taxpayer exposure 
to continuing GSE losses. The Subcommittee received testimony 
from the following witnesses: Mr. Edward J. DeMarco, Acting 
Director, FHFA; Mr. Charles E. Haldeman, Jr., Chief Executive 
Officer, Freddie Mac; and Mr. Michael J. Williams, President 
and Chief Executive Officer, Fannie Mae.

                       THE COLLAPSE OF MF GLOBAL

    On December 7, 2011, the Subcommittee met in open session 
to authorize and issue a subpoena ad testificandum for the 
appearance of The Honorable Jon Corzine at a hearing scheduled 
for December 15, 2011. The Subcommittee adopted a resolution to 
authorize and issue the subpoena by a recorded vote of 15 yeas 
and 0 nays.
    On December 15, 2011, the Subcommittee held a hearing 
entitled ``The Collapse of MF Global.'' The hearing examined 
the collapse of MF Global, its oversight by regulators and 
self-regulatory organizations, and the consequences of its 
collapse on customers. The hearing also examined the decision 
by the Federal Reserve Bank of New York in early 2011 decision 
to approve MF Global's application to become a primary dealer. 
The Subcommittee received testimony from the following 
witnesses: The Honorable Jon Corzine, former Chief Executive 
Officer, MF Global; Mr. Bradley Abelow, Chief Operating 
Officer, MF Global; Mr. Dan M. Berkovitz, General Counsel, 
CFTC; Mr. Robert Cook, Director, Division of Trading and 
Markets, SEC; Mr. Terrence A. Duffy, Executive Chairman, CME 
Group Inc; Mr. Richard Ketchum, President, Chairman and Chief 
Executive Officer, Financial Industry Regulatory Authority; Mr. 
James Kobak, Jr., Chief Counsel to Mr. James Giddens, 
Bankruptcy Trustee for MF Global Inc.; and Mr. Thomas C. 
Baxter, Jr., General Counsel, Federal Reserve Bank of New York, 
CME Group Response (submitted for the record).
    On February 2, 2012, the Subcommittee held a hearing 
entitled ``The Collapse of MF Global: Part 2.'' The hearing 
examined the decisions and events leading to the collapse of MF 
Global, focusing particularly on (1) MF Global's internal risk 
management policies and procedures and (2) the provision of 
credit rating services to MF Global in the period preceding its 
collapse. The Subcommittee received testimony from the 
following witnesses: Mr. Michael Roseman, former Global Chief 
Risk Officer, MF Global Holdings Ltd; Mr. Michael Stockman, 
Global Chief Risk Officer, MF Global Holdings Ltd; Mr. Craig 
Parmelee, Managing Director, Corporate and Government Ratings 
Division, Standard & Poor's Rating Services; Mr. Richard 
Cantor, Chief Credit Officer, Moody's Investors Service; and 
Mr. James Gellert, President and Chief Executive Officer, Rapid 
Ratings International, Inc.
    On March 21, 2012, the Subcommittee met in open session to 
authorize and issue a subpoena ad testificandum for the 
appearance of Ms. Edith O'Brien in conjunction with the March 
28, 2012 hearing to examine the events that took place during 
the final week of MF Global's operations. The Subcommittee 
adopted a resolution to authorize and issue the subpoena by 
voice vote.
    On March 28, 2012, the Subcommittee held a hearing entitled 
``The Collapse of MF Global: Part 3.'' The hearing examined the 
events that took place during the final week of MF Global's 
operations before the firm filed for bankruptcy on October 31, 
2011. The Subcommittee received testimony from the following 
witnesses: Ms. Laurie Ferber, General Counsel, MF Global 
Holdings Ltd; Mr. Henri Steenkamp, Chief Financial Officer, MF 
Global Holdings Ltd; Ms. Christine Serwinski, Chief Financial 
Officer for North America, MF Global Inc; Ms. Diane M. Genova, 
Deputy General Counsel, JPMorgan Chase & Co.; Mr. Daniel J. 
Roth, President and Chief Executive Officer, National Futures 
Association; and Ms. Susan M. Cosper, Technical Director, 
Chairman, Emerging Issues Task Force, Financial Accounting 
Standards Board. Ms. Edith O'Brien, Assistant Treasurer, MF 
Global Inc., was present and was dismissed because she invoked 
her 5th Amendment right against self-incrimination.
    On November 15, 2012, Chairman Randy Neugebauer of the 
Subcommittee released a Majority staff report detailing the 
results of the Subcommittee's year-long investigation into the 
collapse of MF Global Holdings Ltd. and its subsidiaries. The 
Subcommittee staff conducted over fifty interviews and 
considered the testimony of nineteen witnesses at three 
hearings, and also examined more than 243,000 documents 
produced by MF Global, the company's federal commodities and 
securities regulators, and others. The Majority staff report 
contained seven staff findings regarding the causes and 
consequences of MF Global's failure and made staff 
recommendations to remedy lapses that contributed to the 
company's bankruptcy.
    On December 3, 2012, Ranking Member Michael Capuano of the 
Subcommittee released an addendum to the Majority staff report. 
The addendum was signed by all Democratic Members of the 
Subcommittee, along with Ranking Member Barney Frank of the 
full Committee. While the addendum agreed with parts of the 
findings and recommendations of the Majority staff report, it 
also provided additional commentary on several of these 
provisions.

         OVERSIGHT OF THE CONSUMER FINANCIAL PROTECTION BUREAU

    On February 15, 2012, the Subcommittee held a hearing 
entitled ``Budget Hearing--Consumer Financial Protection 
Bureau.'' The hearing examined the budget of the Consumer 
Financial Protection Bureau (CFPB) for fiscal years 2011 
through 2013. The Dodd-Frank Act created the CFPB and funded it 
through transfers from the Federal Reserve System, outside the 
Congressional appropriations process. The Federal Reserve is 
required to transfer to the CFPB an amount determined by the 
Director to be reasonably necessary to carry out the 
authorities of the Bureau under Federal consumer law, but not 
to exceed fixed percentages of the Federal Reserve System's 
2009 operating expenses, including: 11 percent in fiscal year 
2012, or $547.8 million; 12 percent in fiscal year 2013, or 
$597.6 million; and 12 percent each fiscal year thereafter, 
subject to annual adjustments for inflation. If the CFPB 
determines that it needs additional funding, it may request 
from Congress an additional $200 million through fiscal year 
2014, subject to the appropriations process. The Subcommittee 
received testimony from the sole witness: The Honorable Richard 
Cordray, Director, CFPB.

             OVERSIGHT OF THE OFFICE OF FINANCIAL RESEARCH

    On April 19, 2012, the Subcommittee held a hearing entitled 
``Budget Hearing--the Office of Financial Research.'' The 
hearing examined the budget and funding of the OFR, which was 
created by the Dodd-Frank Act. For two years following the 
Dodd-Frank Act's enactment, the OFR is funded by the Federal 
Reserve. In July 2012, the OFR will begin funding itself by 
levying assessments on bank holding companies with total 
consolidated assets of $50 billion or more and nonbank 
financial companies supervised by the Federal Reserve. The 
Subcommittee received testimony from the sole witness: Ms. 
Michelle Shannon, Chief Operating Officer, OFR, U.S. Department 
of the Treasury.

                  FDIC STRUCTURED TRANSACTION PROGRAM

    On May 16, 2012, the Subcommittee held a hearing entitled 
``Oversight of the Federal Deposit Insurance Corporation's 
Structured Transaction Program.'' The hearing examined the use 
of structured transaction sales by the FDIC in which the FDIC 
partners with private-sector entities to dispose of some of the 
assets that the FDIC acquires when it resolves a failed bank. 
The hearing examined whether the FDIC's structured transactions 
program maximizes the value of the assets sold in these 
transactions and whether these sales affect the FDIC's Deposit 
Insurance Fund. The Subcommittee received testimony from the 
following witnesses: Mr. Bret D. Edwards, Director, Division of 
Resolutions and Receiverships, FDIC; The Honorable Jon T. 
Rymer, Inspector General, Office of the Inspector General, 
FDIC; Mr. Stuart A. Miller, Chief Executive Officer, Lennar 
Corporation; Mr. Scott Leventhal, President, Tivoli Properties, 
Inc.; and Mr. Ed Fogg, Owner, Fogg Construction Inc.

IMPACT OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

    On July 19, 2012, the Subcommittee held a hearing entitled 
``Who's in Your Wallet? Dodd-Frank's Impact on Families, 
Communities, and Small Businesses.'' The purpose of the hearing 
was to review, at the two-year anniversary of its passage, the 
impact of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act on small businesses, community banks, and 
consumers. The Subcommittee received testimony from the 
following witnesses: Mr. G. Michael Flores, CEO, Bretton Woods, 
Inc.; Mr. Jim Purcell, CEO, State National Bank; Ms. Lynette W. 
Smith, President and CEO, Washington Gas Light Federal Credit 
Union; Mr. Jess Sharp, Executive Director, Center for Capital 
Markets Competitiveness, U.S. Chamber of Commerce (on behalf of 
the Coalition for Derivatives End Users); Mr. Garrick Johnson, 
President, American Flooring Installers, LLC (on behalf of the 
Ohio Hispanic Chamber of Commerce); Mr. David Min, Assistant 
Professor of Law, University of California, Irvine School of 
Law; Ms. Deyanira Del Rio, Board Chair, Lower East Side 
People's Federal Credit Union; and Mr. Gregory W. Smith, Chief 
Operating Officer and General Counsel, Colorado Public 
Employees' Retirement Association.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
      Serial No.                   Title                   Date(s)
------------------------------------------------------------------------
112-4.................  An Analysis of the Post-    February 15, 2011
                         Conservatorship Legal
                         Expenses of Fannie Mae
                         and Freddie Mac.
112-21................  The Costs of Implementing   March 30, 2011
                         the Dodd-Frank Act:
                         Budgetary and Economic.
112-26................  Oversight of the Financial  April 14, 2011
                         Stability Oversight
                         Council.
112-30................  The Stanford Ponzi Scheme:  May 13, 2011
                         Lessons for Protecting
                         Investors from the Next
                         Securities Fraud.
112-44................  Mortgage Servicing: An      July 7, 2011
                         Examination of the Role
                         of Federal Regulators in
                         Settlement Negotiations
                         and the Future of
                         Mortgage Servicing
                         Standards (Joint Hearing
                         with Financial
                         Institutions).
112-48................  Oversight of the Office of  July 14, 2011
                         Financial Research and
                         the Financial Stability
                         Oversight Council.
112-51................  Oversight of the Credit     July 27, 2011
                         Rating Agencies Post Dodd-
                         Frank.
112-55................  Combating Terror Post 9/    September 6, 2011
                         11: Oversight of the
                         Office of Terrorism and
                         Financial Intelligence
                         (Field Hearing).
112-66................  Potential Conflicts of the  September 22, 2011
                         Interest at the SEC: The
                         Becker Case (Joint
                         Hearing with Subcommittee
                         on TARP, Financial
                         Services and Bailouts of
                         Public and Private
                         Programs of the Committee
                         on Oversight and
                         Government Reform).
112-71................  Oversight of the Federal    October 12, 2011
                         Home Loan Bank System.
112-81................  Fraud in the HUD HOME       November 2, 2011
                         Program (Joint Hearing
                         with Housing).
112-88................  Oversight of the Federal    December 1, 2011
                         Housing Finance Agency.
112-94................  The Collapse of MF Global.  December 15, 2011
112-98................  The Collapse of MF Global:  February 2, 2012
                         Part 2.
112-101...............  Budget Hearing--Consumer    February 15, 2012
                         Financial Protection
                         Bureau.
112-113...............  The Collapse of MF Global:  March 28, 2012
                         Part 3.
112-118...............  Budget Hearing--the Office  April 18, 2012
                         of Financial Research.
112-127...............  Oversight of the Federal    May 16, 2012
                         Deposit Insurance
                         Corporation's Structured
                         Transaction Program.
112-146...............  Who's In Your Wallet? Dodd- July 19, 2012
                         Frank's Impact on
                         Families, Communities and
                         Small Businesses.
------------------------------------------------------------------------

                 OVERSIGHT PLAN FOR THE 112TH CONGRESS

    Clause 2(d) of rule X of the Rules of the House of 
Representatives for the 112th Congress requires that each 
standing committee in the first session of a congress adopt an 
oversight plan for the two-year period of the Congress and 
submit the plan to the Committee on Oversight and Government 
Reform and the Committee on House Administration.
    Clause 1(d)(1) of rule XI requires each committee to submit 
to the House not later than the 30th day after June 1 and 
December 1 a semiannual report on the activities of that 
committee under rules X and XI during the Congress of such 
year. Clause 1(d)(2)(B) of rule XI also requires that the 
report include a summary of the oversight plans submitted 
pursuant to clause 2(d) of rule X; a summary of the actions 
taken and recommendations made with respect to such plan; and a 
summary of any additional oversight activities undertaken by 
the committee and any recommendations made or actions taken 
thereon.
    Part A of this section contains the Oversight Plan of the 
Committee on Financial Services for the One Hundred Twelfth 
Congress, which the Committee considered and adopted on 
February 10, 2011.
    Part B of this section contains a summary of the actions 
taken to implement that plan and the recommendations made with 
respect to the plan. Additional oversight activities undertaken 
by the Committee, and the recommendations made or actions taken 
thereon, are contained in the specific sections relating to the 
activities of the Committee and each of the subcommittees.
                                 Part A


   OVERSIGHT PLAN OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE ONE 
                        HUNDRED TWELFTH CONGRESS


  February 10, 2011.--Approved by the Committee on Financial Services

                              ----------                              

    Mr. BACHUS, from the Committee on Financial Services, 
submitted to the Committee on Oversight and Government Reform 
and the Committee on House Administration the following

                              R E P O R T

    Clause 2(d)(1) of rule X of the Rules of the House of 
Representatives for the 112th Congress requires each standing 
committee, not later than February 15 of the first session, to 
adopt an oversight plan for the 112th Congress. The oversight 
plan must be submitted simultaneously to the Committee on 
Oversight and Government Reform and the Committee on House 
Administration.
    The following agenda constitutes the oversight plan of the 
Committee on Financial Services for the 112th Congress. It 
includes areas in which the Committee and its subcommittees 
expect to conduct oversight during this Congress, but does not 
preclude oversight or investigation of additional matters or 
programs as they arise. Any areas mentioned in the oversight 
plan may be considered by the Financial Services Committee, the 
five subcommittees of jurisdiction or the Subcommittee on 
Oversight and Investigations. The Committee will consult, as 
appropriate, with other committees of the House that may share 
jurisdiction on any of the subjects listed below.

     The Dodd-Frank Wall Street Reform and Consumer Protection Act

    Enacted in response to the financial crisis of 2008 and the 
bail-outs of large Wall Street firms at taxpayer expense, the 
Dodd-Frank Act (P.L. 111-203) represents the most extensive 
change in the regulation of financial institutions since the 
Great Depression. The Dodd-Frank Act requires federal 
regulators to undertake more than 240 rule-makings and to carry 
out over 60 studies. The implementation of the Dodd-Frank Act 
will affect not only every financial institution that does 
business in the United States but also non-financial 
institutions and consumers as well. The Dodd-Frank Act holds 
out the promise that it will ``promote the financial stability 
of the United States by improving accountability and 
transparency in the financial system,'' ``end `too big to 
fail,''' ``protect the American taxpayer by ending bailouts,'' 
and ``protect consumers from abusive financial services 
practices.'' One of the primary tasks of the Committee in the 
112th Congress will therefore be to oversee the implementation 
of the Dodd-Frank Act to ensure that these objectives are being 
met. The Committee will conduct careful oversight and 
monitoring of the financial regulators charged with 
implementing the Dodd-Frank Act to ensure that they prudently 
exercise the new authority conferred upon them under the Act 
without unduly hampering the ability of consumers and 
businesses to obtain credit, or the ability of capital market 
participants to allocate capital to productive uses, mitigate 
risk, and grow the economy. In particular, the Committee will 
seek to ensure that regulators carefully and transparently 
assess the costs and benefits of regulations called for by the 
Dodd-Frank Act in order to strike an appropriate balance 
between prudent regulation and economic growth. The Committee 
will assess the results of the implementation of the Dodd-Frank 
Act in order to improve those parts of the Act that work well 
while changing those parts that do not, and to identify and 
remedy unintended consequences, such as restrictions of access 
to credit by consumers and businesses, impediments to 
investment and job creation, or higher costs of doing business 
that will be passed on to consumers. The Committee will also 
examine the international response to the Dodd-Frank Act to 
determine if the law could place the United States financial 
services industry at a competitive disadvantage.

                 Specific Dodd-Frank Oversight Matters

    Financial Stability Oversight Council (FSOC). The Dodd-
Frank Act creates an interagency body--the Financial Stability 
Oversight Council--charged with identifying, monitoring and 
addressing potential threats to U.S. financial stability. The 
Dodd-Frank Act requires the FSOC to report annually to 
Congress, to be followed by testimony by the Secretary of the 
Treasury in his capacity as FSOC Chairman. The Committee will 
conduct significant oversight over the FSOC, monitoring among 
other things the extent to which its designation of 
``systemically significant'' firms may create an expectation 
among market participants that the government will not permit 
these firms to fail, as well as the effectiveness of the FSOC 
in making financial markets more stable and resilient.
    Office of Financial Research (OFR). The Dodd-Frank Act 
creates a new ``Office of Financial Research'' housed within 
the Department of the Treasury and grants it broad powers to 
compel the production of information and data from financial 
market participants. The OFR is to use this information to 
conduct research designed to improve the quality of financial 
regulation, and to monitor and report on systemic risk. Section 
153 of the Dodd-Frank Act requires the OFR to report annually 
to Congress on the state of the U.S. financial system, and 
requires the Director of the OFR to testify annually before the 
Committee on the OFR's activities and its assessment of 
systemic risk. The Committee will conduct oversight of the OFR 
to ensure that the OFR's requests for data are not unduly 
burdensome or costly and that the confidentiality of the data 
that it collects is strictly maintained. The Committee will 
also assess whether the OFR duplicates data collection efforts 
already being undertaken by other regulatory bodies.
    Volcker Rule. On January 22, 2011, the Financial Stability 
Oversight Council issued recommendations on the implementation 
of Section 619 of the Dodd-Frank Act--the so-called Volcker 
Rule--which bars bank holding companies from engaging in 
proprietary trading and severely limits their ability to 
sponsor and invest in hedge funds and private equity. The 
Federal regulators have nine months to promulgate regulations 
based upon the FSOC's recommendations. The Committee will 
oversee the regulators' implementation of the Volcker Rule to 
ensure that it does not result in unintended consequences for 
U.S. economic competitiveness and job creation, or for the 
liquidity and efficiency of U.S. capital markets.

                            Capital Markets

    Oversight and Restructuring of the Securities and Exchange 
Commission (SEC). The Committee will monitor all significant 
aspects of the SEC's operations to ensure that it fulfills its 
Congressional mandate. The Committee will carefully examine the 
SEC's budget requests to ensure that the agency deploys its 
resources effectively. The Committee will carefully examine the 
operations and organizational structure of the SEC, placing an 
emphasis on its supervisory and inspection functions. The 
Committee will also consider the impact of separating the SEC's 
examination and policy functions and whether such functions 
should be consolidated. The Committee will review the various 
reports and studies of the organizational structure and 
management of the SEC mandated by the Dodd-Frank Act, including 
the study being conducted by the Boston Consulting Group, to 
determine whether legislative reforms are needed to address the 
SEC's organizational structure and ensure that the SEC 
efficiently and effectively fulfills its investor protection 
mission. The Committee will also monitor steps taken by the SEC 
in response to findings by the Government Accountability Office 
that the SEC failed to maintain effective internal controls 
over its financial reporting, due to material weaknesses 
involving SEC's internal control over information systems and 
its financial reporting and accounting processes.
    Derivatives. The Committee will examine the operations, 
growth and structure of the over-the-counter (OTC) derivatives 
market. The Committee will explore how the Dodd-Frank Act 
fundamentally reforms the use of OTC derivatives and how the 
SEC, the Commodity Futures Trading Commission (CFTC), the 
Federal Reserve, and the Department of Treasury are 
implementing new rules required by the Dodd-Frank Act to govern 
the OTC marketplace. The Committee will review whether the pace 
and breadth of rulemaking required by the Dodd-Frank Act may 
lead to unintended consequences in the area of jobs, the 
economy, the proper functioning of U.S. capital markets, 
international competitiveness, and appropriate risk mitigation. 
The Committee will examine all facets of the derivatives 
market, including clearing, exchange or swap execution facility 
trading; the roles of dealers, inter-dealer brokers, data 
repositories, clearinghouses, and end-users; trade and price 
reporting; and ownership and governance restrictions. The 
Committee will examine any requirements that federal regulators 
impose on ``end-users'' who use swaps to hedge against or 
mitigate risks. The Committee will examine transparency and 
clarity for the derivatives markets. The Committee will closely 
monitor Dodd-Frank implementation so that the new regulations 
foster market efficiency, provide market participants with 
important market information, and provide price transparency 
through the increased use of swap execution facilities and 
clearing organizations, when appropriate. The Committee will 
also examine the Dodd-Frank Act's prohibition of federal 
assistance to a ``swaps entity,'' which includes swap dealers 
and major swap participants (and the equivalents in security-
based swaps), securities and futures exchanges, swap execution 
facilities (SEFs), and clearing organizations registered with 
the CFTC, the SEC, or any other federal or state agency. This 
prohibition will be examined against other provisions of the 
Dodd-Frank Act which allow for ``financial market utilities'' 
to have access to the Federal Reserve discount window in times 
of crisis.
    Credit Rating Agencies. The Committee will examine the 
continuing role that credit rating agencies, also known as 
Nationally Recognized Statistical Ratings Organizations 
(NRSROs), play in the United States financial markets, the 
SEC's oversight of NRSROs, how NRSROs are compensated, and 
whether their methodologies accurately reflect the risks 
associated with different debt instruments. The Committee will 
examine the impact of the Dodd-Frank Act on competition among 
current NRSROs, and on new and prospective NRSRO entrants. The 
Committee will examine the effect of the repeal of Rule 436(g) 
under the Securities Act of 1933, which resulted in significant 
disruption in the asset-backed securities marketplace. The 
Committee will examine the implementation by federal regulators 
of provisions in the Dodd-Frank Act requiring them to establish 
new standards for evaluating credit-worthiness that do not 
include references to ratings issued by NRSROs.
    Securitization and Risk Retention. The Committee will 
monitor the joint risk retention rule-making pursuant to 
Section 941 of the Dodd-Frank Act to ensure that the 
development and implementation of the risk retention rules 
promote sound underwriting practices without constricting the 
flow of credit and destabilizing an already fragile housing 
market, and that those rules appropriately differentiate among 
multiple asset classes. The Committee will focus particular 
attention on the joint rulemaking to define a class of 
``qualified residential mortgages'' (QRMs) that will be exempt 
from risk retention requirements. The Committee will also 
comprehensively examine the asset backed securities market, the 
securitization of mortgages and issues related to the 
assignment and servicing of securitized mortgages.
    Regulation and Oversight of Broker-Dealers and Investment 
Advisers. The Committee will examine the study mandated by 
Section 913 of the Dodd-Frank Act, which requires the SEC to 
review the effectiveness of the legal and regulatory standards 
of care applicable to broker-dealers and investment advisers 
when providing personalized investment advice to retail 
customers. The Committee will also examine the study mandated 
by Section 914 of the Dodd-Frank Act, which requires the SEC to 
report on the need for enhanced examination and enforcement 
resources for investment advisers, and on whether self-
regulatory organizations or user fees should be used to augment 
SEC and state oversight of investment advisers.
    Advisers to Private Funds. The Committee will examine the 
functions served by advisers to private funds, including hedge 
funds, private equity funds, and venture capital funds in the 
United States financial marketplace. 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 examine the Dodd-Frank Act's mandate that advisers to 
private funds with more than $150 million in assets under 
management register with the SEC under the Investment Advisers 
Act of 1940.
    Securities Investor Protection Corporation (SIPC). The 
Committee will review the operations, initiatives, and 
activities of the Securities Investor Protection Corporation, 
as well as the application of the Securities Investor 
Protection Act (SIPA). In light of SIPC's exposure to the 
failures of Bernard L. Madoff Investment Securities and Lehman 
Brothers, the Committee will examine SIPC's existing reserves, 
member broker-dealer assessments, access to private and public 
lines of credit, and coverage levels, as well as proposals to 
improve SIPC's operations and management. The Committee will 
also review the impact of the provisions of the Dodd-Frank Act 
that amend the Securities Investor Protection Act, and the work 
and recommendations of the SIPC Modernization Task Force.
    Municipal Securities. In light of concerns over potential 
defaults by state, county, city, and local governments, the 
Committee will monitor the health of the United States 
municipal securities markets and consider reforms to increase 
transparency in that segment of the capital markets. The 
Committee will also consider the apparent trend in the 
municipal bond market away from the issuance of general 
obligation bonds toward revenue bonds, and the implications of 
that trend on the possibility of defaults. The Committee will 
also consider the possible consequences of state and municipal 
budget shortfalls and possible defaults on the municipal debt 
markets and the U.S. financial system. The Committee will also 
examine provisions of the Dodd-Frank Act designed to strengthen 
the oversight of the municipal securities industry and broaden 
municipal securities market protections to cover unregulated 
market participants and their financial transactions with 
municipal entities.
    Municipal Securities Rulemaking Board (MSRB). The Committee 
will review the operations, initiatives and activities of the 
Municipal Securities Rulemaking Board. The Committee will 
review the changes imposed by the Dodd-Frank Act, which altered 
the MSRB's governance to include the protection of state and 
local government issuers, public pension plans, and otherswhose 
credit stands behind municipal bonds, in addition to protecting 
investors and the public interest. The Committee will also 
review the MSRB's regulation of municipal advisors.
    Capital Formation. The Committee will survey regulatory 
impediments to capital formation and seek both regulatory and 
market-based incentives to increase access to capital, 
particularly for those small companies contemplating an initial 
public offering. The Committee will also examine the SEC's 
efforts to fulfill its Congressional mandate of promoting 
capital formation.
    Equity/Option Market Structure. The Committee will review 
recent developments in the United States equity and option 
markets and the SEC's response to those developments. The 
Committee will closely monitor the SEC to ensure that the 
Commission follows its mandate to promote fair, orderly and 
efficient markets, and that any new regulations foster market 
efficiency, competition and innovation, and are based on 
economic and empirical market data. The Committee will also 
monitor the work of the Joint CFTC-SEC Advisory Committee on 
Emerging Regulatory Issues, as it develops regulatory or 
legislative recommendations that attempt to respond to the 
extraordinary market movements on May 6, 2010.
    Covered Bonds. The Committee will review the potential for 
covered bonds to increase mortgage and broader asset class 
financing, improve underwriting standards, and strengthen 
United States financial institutions by providing a new funding 
source with greater transparency, thereby fostering increased 
liquidity in the capital markets. The Committee will also 
review whether existing regulatory initiatives, including the 
Department of the Treasury's ``Best Practices for Residential 
Covered Bonds'' and the FDIC's covered bond policy statement to 
``facilitate the prudent and incremental development of the 
U.S. covered bond market'' are sufficient to foster the 
creation of a covered bond market in the United States, or 
whether additional regulatory or legislative initiatives are 
necessary.
    Corporate Governance. The Committee will review 
developments and issues concerning corporate governance at 
public companies. The Committee will examine how the Dodd-Frank 
Act will impact the corporate governance practices of all 
issuers, particularly small public companies. The Committee 
will also examine the services provided by proxy advisory firms 
to shareholders and issuers and will consider current SEC 
proposals that seek to modernize corporate governance 
practices. The Committee will continue to monitor the effect 
that the Sarbanes-Oxley Act of 2002 has on the capital markets; 
the impact of the permanent exemption from Section 404(b) for 
public companies with less than $75 million in market 
capitalization included in Dodd-Frank; and proposals to further 
modify this exemption.
    Employee Compensation. The Committee will monitor the 
implementation of provisions in the Dodd-Frank Act governing 
the compensation practices at public companies and financial 
institutions. Among the issues to be examined are the 
independent compensation committee requirement; the required 
disclosure and compilation of data to compare the pay of the 
CEO with the median pay of all employees of every public 
company; the clawback of erroneously awarded employee 
compensation; and the authority given to federal regulators to 
prohibit incentive-based compensation structures that encourage 
``inappropriate risks'' at financial institutions with more 
than $1 billion in assets.
    Securities Litigation. The Committee will examine the 
effectiveness of the Private Securities Litigation Act of 1995 
in protecting issuers from frivolous lawsuits while preserving 
the ability of investors to pursue legitimate actions.
    Securities Arbitration. The Committee will examine 
developments in securities arbitration, including the impact of 
the arbitration-related provisions contained in the Dodd-Frank 
Act, specifically Section 921, which provide the SEC with the 
authority to restrict mandatory pre-dispute arbitration, and 
the impact that the exercise of that authority could have on 
existing arbitration agreements and on issuers and investors 
generally.
    Securities Fraud. The Committee will review the SEC's 
compliance, inspections, examinations, and enforcement 
functions to ensure that adequate mechanisms exist to prevent 
and detect securities fraud. The Committee will also monitor 
the SEC's implementation and adherence to the reforms 
recommended by the SEC's Office of Inspector General resulting 
from the Commission's failure to detect either the Bernard 
Madoff or Allen Stanford Ponzi schemes.
    Mutual Funds. The Committee will examine the state and 
operation of the U.S. mutual fund industry. This examination 
will include reviewing the SEC's regulation of money market 
mutual funds, and any proposed changes to the calculation of a 
money market funds' ``net asset value'' (NAV). The Committee 
will also review any proposals by the Financial Stability 
Oversight Council to designate non-bank financial institutions 
such as mutual funds as ``Systemically Important Financial 
Institutions.''
    Public Company Accounting Oversight Board (PCAOB). The 
Committee will review the operations, initiatives and 
activities of the PCAOB. The Committee will also monitor the 
PCAOB's exercise of its new authority to register, inspect and 
discipline the auditors of broker-dealers, and the impact that 
this increased oversight may have on the PCAOB's operations. 
The Committee will also review the extent to which the PCAOB's 
new authority to share information with its foreign 
counterparts is sufficient to permit PCAOB inspectors to 
examine non-U.S. auditors. The Committee will also monitor the 
PCAOB's oversight of the auditors of financial statements of 
Chinese companies that register and trade their securities in 
the United States.
    Financial Accounting Standards Board (FASB). The Committee 
will review the initiatives of the Financial Accounting 
Standards Board (FASB) and its responsiveness to all segments 
of the capital markets; the FASB's relationship with the SEC; 
and proposals to enhance Congressional oversight of the FASB. 
The Committee will monitor and review the FASB's specific 
projects, including but not limited to fair value accounting 
for financial instruments, particularly as it affects small 
community banks; multi-employer pension plans; loss 
contingencies; and lease accounting, to ensure that any 
revisions provide useful information to investors without 
disrupting the capital markets or improperly burdening issuers 
and preparers.
    Government Accounting Standards Board (GASB). The Committee 
will review the role of the Government Accounting Standards 
Board (GASB), which formulates accounting standards for the 
voluntary use of state and local governments that issue 
securities. The Committee will review the implementation of 
Section 978 of the Dodd-Frank Act, which directs the SEC to 
require the Financial Industry Regulatory Authority (FINRA) to 
collect fees from its members (broker-dealers and other 
securities professionals) and to remit such fees to the 
Financial Accounting Foundation, GASB's parent organization.
    Convergence of International Accounting Standards. The 
Committee will review efforts by the SEC, the FASB, and the 
International Accounting Standards Board to achieve robust, 
uniform international accounting standards. The Committee will 
also monitor the SEC's plans to incorporate those standards as 
part of United States financial reporting requirements.
    Business Continuity Planning. The Committee will continue 
its oversight of the implementation of disaster preparedness 
and business continuity measures by the financial services 
industry in order to minimize the disruptions of critical 
operations in the United States financial system in the event 
of natural disasters, terrorist attacks, or pandemics.

                    Government Sponsored Enterprises

    Charter Restructuring for Government Sponsored Enterprises 
(GSEs). On September 7, 2008, the Federal Housing Finance 
Agency (FHFA) placed Fannie Mae and Freddie Mac into 
conservatorship. To date, Fannie Mae has tapped $88 billion and 
Freddie Mac has used nearly $63 billion in taxpayer funds, 
making the GSE conservatorship the costliest of all the 
taxpayer bail-outs carried out over the past three years. The 
decision to bail out Fannie Mae and Freddie Mac and place them 
in conservatorship has raised fundamental questions about the 
viability of their public-private organizational structure. The 
Committee will examine proposals to modify or terminate Fannie 
Mae's and Freddie Mac's statutory charters.
    GSE Regulatory Reform. The Committee will monitor the 
activities of the Federal Housing Finance Agency, which was 
established in 2008 to oversee Fannie Mae, Freddie Mac and the 
Federal Home Loan Banks, and will consider its effectiveness. 
The Committee will also consider the appropriate role, if any, 
for the Federal government in the secondary mortgage market.
    Federal Home Loan Bank (FHLB) System. The Committee will 
monitor the capital requirements, financial health, and 
stability of the FHLB System, as well as the FHLB System's 
ability to fulfill its housing mission and provide liquidity to 
the cooperative's member banks in a safe and sound manner. The 
Committee will pay particular attention to recent reports that 
some of the Federal Home Loan Banks may fall below required 
capital levels.
    FHLB Community and Economic Development. The Committee will 
review efforts to advance community and economic development 
within the FHLB System, including the implementation of the 
enhanced targeted economic development lending for small 
business, small farms, and small agri-businesses allowed under 
the Gramm-Leach-Bliley Act, and the performance of the FHLBs in 
implementing the community investment cash advance regulation.
    Resolution Funding Corporation (REFCorp) Payments. The 
Committee will monitor the efforts of the housing GSEs to pay 
the obligations of REFCorp, which was established to cover the 
costs of resolving the savings-and-loan crisis and the policy 
implications for the GSEs upon the satisfaction of the 
remaining REFCorp debts.
    Legal Fees. The Committee will examine the expenditure of 
more than $160 million in federal funds to defend Fannie Mae, 
Freddie Mac and their top executives in lawsuits since the GSE 
conservatorship began in September 2008. The Committee will 
consider ways to limit further taxpayer exposure.
    GSE Contracting with Non-Profits. To ensure that the GSEs 
are not engaging in risky activities that undermine the 
conservatorships, the Committee will examine the relationships 
that Fannie Mae and Freddie Mac maintain with non-profit 
organizations that provide services, including housing 
counseling, to potential homeowners. The Committee will also 
examine whether the payments non-profits receive for services 
provided to the GSEs are appropriate; whether GSE funds 
provided to non-profits are used for political activities; and 
whether adequate procedures are in place to protect the GSEs 
from fraud.
    GSE Foreclosure and Loan Modification Protocols. The 
Committee will review Fannie Mae's and Freddie Mac's guidance 
to mortgage servicers and participation in government mortgage 
modification programs generally to ensure that undue political 
influence does not result in even greater losses to taxpayers 
from the GSE conservatorships.
    Mortgage Putbacks and Repurchase Agreements. The Committee 
will monitor Fannie Mae's and Freddie Mac's mortgage putback 
and repurchase agreements with loan originators to ensure that 
these agreements are consistent with market practice and the 
FHFA's conservatorship responsibilities.

               Financial Institutions and Consumer Credit

    Bureau of Consumer Financial Protection (CFPB). The 
Committee will oversee the establishment, operations, and 
activities of the new Bureau of Consumer Financial Protection 
established under title X of the Dodd-Frank Act. Under the Act, 
the CFPB is to begin operations on or before July 21, 2011, 
when the consumer protection functions and rule-writing 
authority of other Federal financial regulators will transfer 
to the new agency. The Committee will seek to ensure that the 
CFPB's rules and enforcement initiatives protect consumers 
against unfair and deceptive practices without stifling 
economic growth, job creation, or reasonable access to credit. 
The Committee will examine whether the CFPB's budget is 
appropriate and will ask whether the CFPB's budget should be 
subject to Congressional appropriations. The Committee will 
evaluate the powers of its presidentially-appointed director to 
write rules, supervise compliance, and enforce consumer 
protection laws. The Committee will monitor the impact of CFPB 
rules on small businesses and on financial institutions with 
fewer than $10 billion of assets. The Committee will receive 
the statutorily required semi-annual testimony of the Director, 
once he or she is nominated and confirmed.
    Troubled Asset Relief Program (TARP) and other Initiatives 
to Stabilize the Financial System. The Committee will continue 
to examine closely the operation of the TARP authorized by the 
Emergency Economic Stabilization Act (EESA). This oversight 
will include working with the Government Accountability Office, 
the Congressional Oversight Panel, and the Special Inspector 
General for TARP to ensure that the program adequately protects 
taxpayer interests and that its operations are transparent and 
accountable. The Committee will also ensure that Treasury 
regularly reports to the Committee on matters of lending, 
liquidity, and safety and soundness related to those financial 
institutions receiving TARP funds or guarantees. The Committee 
will also examine carefully whether the recipients of TARP 
funds are spending the money appropriately, with special 
attention paid to any instances of waste, fraud, and abuse. The 
Committee will concentrate on issues related to the distortion 
of TARP fund distribution caused by political pressure and 
interference rather than the judgment of the regulators. The 
Committee will carefully analyze the unwinding of TARP 
facilities and programs to ensure that taxpayer recoveries are 
maximized and remaining funds are used for deficit reduction, 
as contemplated by EESA.
    ``Too Big to Fail.'' The Committee also will examine the 
application by Federal regulators of the ``too big to fail'' 
doctrine and the designation of ``systemically significant'' 
institutions to determine if these are effective, fair or 
rational public policy distinctions. The Committee will also 
consider whether the Dodd-Frank Act and the ``orderly 
resolution authority'' set forth in Title II of the Act provide 
an effective mechanism for imposing market discipline and 
promoting financial stability. The Committee will ask whether 
government actions to prop up large, complex financial 
institutions imply that other institutions are ``too small to 
save,'' and if recent interventions by the Treasury Department 
and Federal Reserve have prejudiced local and community banks 
and credit unions at the expense of institutions the regulators 
believe are ``too big to fail.'' As part of that review, the 
Committee will study the ways that financial institutions have 
expanded and the incentives that drove them to grow. Attention 
will be given to the conversion of investment banks to bank 
holding companies during the financial crisis and their long-
term impact on the U.S. economy and regulatory structure. The 
Committee will closely evaluate the government agencies and 
offices which are now responsible for the supervision and 
potential resolution of ``systemically significant'' financial 
institutions. In examining the ``too big to fail'' issue, the 
bailout of the American International Group (AIG) will be 
carefully reviewed to determine whether the disparate treatment 
of large creditors and small creditors was consistent with the 
American expectation of equal treatment of all by government 
agencies.
    Financial Supervision. The Committee will continue to 
examine Federal regulators' safety and soundness supervision of 
the banking, thrift and credit union industries, to ensure that 
systemic risks or other structural weaknesses in the financial 
sector are identified and addressed promptly. The Committee may 
also ask each financial regulatory agency to review its 
promulgated rules and identify those which may be unnecessarily 
burdensome or outdated. Additionally, the Committee's 
examination of the regulatory system will encompass the trend 
toward consolidation in the banking industry, which requires 
Federal regulators to maintain the expertise and risk 
evaluation systems necessary to oversee the activities of the 
increasingly complex institutions under their supervision. As 
an extension of this examination, the Committee will assess the 
degree to which the increasing concentration of bank assets in 
the largest institutions may contribute to a regulatory 
environment that discriminates against the smaller, but much 
more numerous community banks. The Committee will review the 
``Interagency Statement on Meeting the Credit Needs of 
Creditworthy Small Business Borrowers'' issued by the federal 
financial institutions regulatory agencies and the state 
supervisors on February 10, 2010, to ensure that the policy is 
being appropriately implemented by examiners in the field.
    Basel III. The Committee will examine new global bank 
capital and liquidity rules being developed by the Basel 
Committee on Banking Supervision, paying particular attention 
to implementation, compliance burdens and global coordination.
    Interchange Fees. The Committee will examine general issues 
involving the setting of interchange fees. In particular, the 
Committee will evaluate the Federal Reserve's rulemaking under 
Section 1075 of the Dodd-Frank Act and its effect on merchants, 
banks, credit unions, consumers, and the payment processing 
networks. Section 1075 requires the Federal Reserve to 
establish, by July 2011, a price cap for debit card interchange 
fees, mandating that the fee be ``reasonable and proportional'' 
to the cost incurred by the issuing bank.
    Financial Crisis Inquiry Commission (FCIC). The Financial 
Crisis Inquiry Commission was created by Congress in 2009 to 
``examine the causes, domestic and global, of the current 
financial and economic crisis in the United States'' (P.L. 111-
21). The Commission issued its final report on January 27, 
2011, accompanied by dissenting views filed by individual 
Commissioners. The statute creating the FCIC requires that its 
chairperson appear before the Committee to present its findings 
not later than 120 days after the issuance of its final report.
    Mortgage Servicing. The Committee will continue its review 
of deficiencies in mortgage servicing practices, including 
irregularities in the foreclosure documentation process. This 
review will encompass recent reports that active-duty military 
families have been overcharged on their mortgages or have faced 
wrongful foreclosures. The Committee will assess whether 
comprehensive national servicing standards are necessary and 
appropriate, and if so, how such standards should be 
implemented. To the extent the regulatory agencies seek to 
implement national mortgage servicing standards, the Committee 
will review those standards to ensure that proper authority 
exists for such regulations and that deficient practices are 
adequately addressed without unduly increasing the cost of 
mortgage financing.
    Small Business Lending Fund and the State Small Business 
Credit Initiative. The Committee will examine the Treasury 
Department's implementation of the Small Business Jobs Act of 
2010, with a specific focus on the Small Business Lending Fund 
(SBLF). The Committee will evaluate the program's effectiveness 
at encouraging new lending to small business and protecting 
taxpayers from losses on the government's injections of capital 
in banks.
    Deposit Insurance. The Committee will monitor the solvency 
of the Deposit Insurance Fund and changes to the assessments 
charged by the FDIC as mandated by the Dodd-Frank Act to ensure 
that deposit insurance continues to serve its historic function 
as a source of stability in the banking system and a valued 
safety net for depositors.
    Bank Failures. The Committee will examine the process the 
FDIC uses to supervise and, if necessary, resolve community 
banks and the procedures followed by the FDIC and other bank 
supervisors in making this determination. Some observers have 
noted there are inconsistencies in the application of FDIC 
practices as a bank moves into prompt corrective action and 
towards a failure. Further, the Committee will study the costs 
and benefits of loss share agreements to the deposit insurance 
fund and the American taxpayer. The Committee will also study 
how the FDIC's resolution procedures, including but not limited 
to loss share agreements, affect access to credit for small 
business customers of a failed bank. The Committee will examine 
the effectiveness of FDIC guidance and its subsequent 
application in the FDIC's supervision of community banks, 
particularly as it relates to appraisals of real estate assets.
    Credit Unions. The Committee will review issues relating to 
the safety and soundness and regulatory treatment of the credit 
union industry. In particular, the Committee will examine the 
failures in the corporate credit union system and evaluate 
possible reforms to the system and to the National Credit Union 
Administration (NCUA).
    Regulatory Burden Reduction. The Committee will continue to 
review the current regulatory burden on banks, thrifts, and 
credit unions with the goal of reducing unnecessary, 
duplicative, or overly burdensome regulations, consistent with 
consumer protection and safe and sound banking practices.
    Credit Scores and Credit Reports. The Committee will 
continue to monitor the accuracy and use of credit reports and 
credit scores with a specific focus on their impact on the 
availability of consumer credit.
    Internet Gambling. The Committee will continue to oversee 
the implementation of the Unlawful Internet Gambling 
Enforcement Act (UIGEA) and whether the final regulations 
drafted by the Treasury Department and Federal Reserve, in 
consultation with the Justice Department, will effectively 
curtail illegal Internet gambling.
    Access to Financial Services. The Committee will continue 
to explore ways to expand access to mainstream financial 
services by traditionally underserved segments of the U.S. 
population, particularly those without any prior banking 
history (commonly referred to as ``the unbanked'').
    Credit Card Regulation. The Committee will continue its 
review of credit card industry practices, particularly those 
relating to marketing, fees and disclosures. The Committee will 
monitor the implementation of recent Federal Reserve 
regulations (i) defining unfair and deceptive credit card 
industry practices and (ii) making the format and content of 
credit card disclosures required by Truth in Lending more 
effective. The Committee will also continue to evaluate the 
impact of the Credit CARD Act of 2009 (Public Law 111-24) on 
credit availability to consumers and small businesses alike and 
will study whether the rules have led to higher consumer costs 
for other financial products.
    Community Development Financial Institution Fund. The 
Committee will continue to oversee the operations of the 
Community Development Financial Institutions Fund (CDFI Fund) 
which was created in 1994 to promote economic revitalization 
and community development. The Committee will examine the CDFI 
Fund's contributions to community revitalization and measure 
its impact on efforts in rural, urban, suburban, and Native 
American communities. The Committee will also monitor the CDFI 
Fund's administration of the New Markets Tax Credit program 
(NMTC), including reviewing the efforts being taken by the Fund 
to assist minority-owned community development entities to 
effectively compete for allocations under the NMTC program.
    Community Reinvestment Act of 1977. The Committee will 
continue to review developments and issues related to the 
Community Reinvestment Act of 1977 (CRA). The Committee will 
also explore recommendations for updating or eliminating CRA 
requirements in light of changes in the financial services 
sector.
    Credit Counseling. The Committee will continue to review 
the credit counseling industry, which provides financial 
education and debt management services to consumers seeking to 
address excessive levels of personal indebtedness.
    Financial Literacy. The Committee will continue its efforts 
to promote greater financial literacy and awareness among 
investors, consumers, and the general public. As part of these 
efforts, the Committee will monitor the operations, and 
evaluate the efficacy, of the Financial Literacy and Education 
Commission. The Commission was established to coordinate 
efforts of the Federal government and encourage government and 
private sector initiatives to promote financial literacy.
    Discrimination in Lending. The Committee will examine the 
effectiveness of Federal fair lending oversight and enforcement 
efforts.
    Diversity in Financial Services. The Committee will 
continue to explore the financial services industry's efforts 
to attract and retain a diverse workforce. The Committee will 
also review the policies, programs, and initiatives of the 
Federal financial regulators to promote, obtain, and report on 
supplier diversity, particularly with the use of asset 
managers, investment bankers, and other providers of 
professional services under any programs to assist troubled 
financial institutions. The Committee will continue to monitor 
Federal regulators' efforts to implement the diversity 
requirements of the Dodd-Frank Act.
    Money Laundering and the Financing of Terrorism. The 
Committee will review the enforcement of anti-money laundering 
and counter-terrorist financing laws and regulations. The 
Committee's work in this area will include an examination of 
(1) the costs and benefits of ongoing regulatory and filing 
requirements, and (2) opportunities to decrease the burden of 
complying with these and similar statutes without impairing the 
operations of law enforcement. The Committee will examine 
emerging threats in the financing of terrorist activities and 
the use of informal methods of transferring value, while 
keeping in consideration the fact that these services are 
lifelines for some immigrants' families overseas. The Committee 
will also monitor the practice of data mining and examination 
of personal financial information conducted by government 
agencies, to ensure that an appropriate balance is struck 
between law enforcement priorities and the protection of civil 
liberties.
    Data Security and Identity Theft. Building on the 
Committee's long-standing role in developing laws governing the 
handling of sensitive personal financial information about 
consumers, including the Gramm-Leach-Bliley Act and the Fair 
and Accurate Credit Transactions Act (FACT Act), the Committee 
will continue to evaluate the need for legislation that better 
protects the security and confidentiality of such information 
from any loss, unauthorized access, or misuse. The scope of 
this review will encompass the data security policies and 
protocols of the Federal agencies within the Committee's 
jurisdiction. The Committee will also examine the threats of 
cyber crime against individuals, businesses and financial 
institutions to identify best practices that can protect 
against identify theft and related cyber crimes.
    Money Services Businesses' Access to Banking Services. The 
Committee will examine the availability of account services to 
Money Services Businesses (MSBs) and assess the effectiveness 
of the Financial Crimes Enforcement Network (FinCEN) and 
Internal Revenue Service regulation of MSBs, and of FinCEN 
regulatory guidance to both MSBs and financial institutions. 
The Committee will review steps that could be taken to provide 
MSBs with appropriate access to the banking system.
    Appraisals. The Committee will examine reports of appraisal 
fraud and the effectiveness of the Appraisal Subcommittee of 
the Federal Financial Institutions Examination Council in 
overseeing State-based appraisal enforcement and licensing 
programs, and the need for appraisal regulatory reform. The 
Committee will also explore the implementation of the appraisal 
independence standards adopted by the Federal Reserve in its 
2008 rulemaking under the Home Ownership and Equity Protection 
Act.
    Transaction Account Guarantee Program. Section 343 of the 
Dodd-Frank Act extends the Transaction Account Guarantee 
Program (originally set to expire on December 31, 2010), 
pursuant to which the FDIC guarantees all funds held in 
qualifying noninterest-bearing accounts at insured depository 
institutions, for an additional two years. The Committee will 
monitor the program to ensure that taxpayers are adequately 
protected from losses.

                               Insurance

    National Flood Insurance Program (NFIP). The Committee will 
review and consider proposed reforms to the National Flood 
Insurance Program, which is currently authorized through 
September 30, 2011. Since 2006, the Government Accountability 
Office has designated the NFIP as a high-risk program because 
of its potential to incur billions of dollars in losses and 
because the program faces serious financial, structural, and 
managerial challenges. Due to extraordinary losses incurred 
following the hurricanes in 2005, the program carries a debt of 
$17.5 billion as of December 31, 2010.
    Federal Insurance Office (FIO). The Committee will monitor 
the establishment of the new Federal Insurance Office created 
under Title V of the Dodd-Frank Act, paying particular 
attention to the FIO's limited scope of authority and specific 
functions. The Committee will work to ensure that the new 
office is focused on developing expertise on insurance matters 
and does not impose unwarranted or excessive data collection 
burdens on the insurance sector or on small insurers in 
particular. The Committee will also monitor implementation of 
the FIO's authority to coordinate policy and represent the U.S. 
on international insurance issues, as well as implementation of 
new joint authority for Treasury and the U.S. Trade 
Representative to negotiate international agreements on 
insurance measures. The Committee will also examine 
recommendations on improving U.S. insurance regulation made by 
the director of the Federal Insurance Office, which must be 
submitted to Congress by January of 2012.
    State-Based Insurance Reforms. The Committee will monitor 
the implementation of provisions included in Title V of the 
Dodd-Frank Act to streamline the regulation of non-admitted 
(surplus lines) insurance and reinsurance. In monitoring these 
and other state-based insurance regulatory reform efforts, the 
Committee will seek to assess whether they are achieving 
uniform standards to enhance the efficiency and effectiveness 
of state insurance and reinsurance regulation.
    Impact of Dodd-Frank Act Implementation on the Insurance 
Sector. The Committee will monitor implementation of various 
provisions in the Dodd-Frank Act for their potential impact on 
the insurance sector--including but not limited to the new 
Financial Stability Oversight Council, the new Orderly 
Liquidation Authority, the new Office of Financial Research, 
and the new Consumer Financial Protection Bureau, as well as 
new restrictions on proprietary trading and investments 
(Volcker Rule), revised capital standards for bank and thrift 
holding companies (the Collins Amendment), and new rules for 
swaps and derivatives that affect end users--to ensure that new 
regulations do not impose unwarranted or excessive burdens on 
the insurance sector that might result in higher costs for 
individuals or businesses that purchase insurance products and 
services or result in unintended consequences for U.S. economic 
competitiveness and job creation.
    State Insurance Guaranty Funds. The Committee will monitor 
the capacity and effectiveness of State Insurance Guaranty 
Funds to enhance stability in the insurance sector and to 
ensure that the financial interests of insurance policyholders 
are sufficiently protected in cases where insurance companies 
become insolvent.
    Terrorism Risk Insurance Program. The Committee will review 
the Terrorism Risk Insurance Program, which expires on December 
31, 2014, for its ongoing impact on the private commercial 
property insurance market and economic stability.

                                Housing

    Housing and Urban Development, Rural Housing Service, 
National Reinvestment Corporation. The Committee will review 
the Department of Housing and Urban Development (HUD) budget. 
The Department's budget has increased steadily in recent years, 
from $31.92 billion in fiscal year 2005 to $46.998 billion in 
fiscal year 2010. The Committee will also review current HUD 
programs with the goal of identifying program spending cuts or 
eliminating inefficient and duplicative programs. Given the 
continued rise in HUD discretionary spending levels, the 
Committee will review unauthorized programs to determine 
whether they should continue to receive funding. The Committee 
will review and hear testimony from the Administration on those 
budgets under its jurisdiction. Testimony is expected from HUD, 
the Rural Housing Service, and the National Reinvestment 
Corporation.
    HUD Inspector General Reports. The Committee has received 
multiple reports from the HUD Inspector General outlining 
improper implementation, poor oversight, and misuse of funds in 
several of HUD's programs. The Committee will conduct a hearing 
with the HUD Inspector General in an effort to better 
understand the program deficiencies outlined in these reports.
    Federal Housing Administration (FHA)--Single Family. 
Increased delinquencies and foreclosures across the nation have 
had a detrimental effect on the financial health of the FHA 
program. The most recent actuarial report for fiscal year 2010, 
released in November, found that the capital reserve ratio for 
the Mutual Mortgage Insurance Fund (MMIF) was 0.50 percent, 
well below the statutorily mandated level of 2 percent. This is 
particularly troubling at a time when FHA's share of the single 
family mortgage market continues to increase. The Committee 
will examine the appropriate role for the FHA program in the 
mortgage finance system, and the ability of the FHA to manage 
its mortgage portfolio and mitigate its risk.
    Federal Housing Administration (FHA)--Multi-Family. The FHA 
Multi-family program offers loan guarantees to address 
specialized mortgage financing needs, such as mortgage 
insurance for rehabilitating, developing, and refinancing 
apartment buildings, nursing home facilities, and nonprofit 
hospitals. The Committee will exercise oversight of the FHA's 
General Risk and Special Risk Insurance fund to ensure that 
losses to the fund will not expose taxpayers to loss.
    Government Foreclosure Mitigation Programs. The Committee 
will review the Obama Administration's well-intentioned but 
unsuccessful foreclosure mitigation initiatives, including the 
Making Home Affordable Program (HAMP). The Administration 
predicted that HAMP would keep some 3 to 4 million families at 
risk of foreclosure in their homes. Nearly two years after the 
program's inception, it has fallen far short of those goals: 
last December, the Congressional Oversight Panel estimated that 
HAMP would ultimately prevent only 700,000 to 800,000 
foreclosures. The Administration's foreclosure mitigation 
initiatives--including those administered by Fannie Mae and 
Freddie Mac--have been characterized by persistently high rates 
of redefault, and the hundreds of thousands of homeowners who 
have failed trial modifications are often left worse off than 
if they had never participated in the programs. Though the 
Administration has attempted to fix its foreclosure mitigation 
initiatives--making hundreds of programmatic changes over the 
course of the last two years--the Committee will examine the 
reasons these programs remain a failure; whether they can ever 
be successful; and whether there are better ways to spend the 
public's money. The Committee will also consider possible 
unintended consequences of foreclosure mitigation programs, 
including delays in the foreclosure process caused by strategic 
defaulters who seek mortgage modifications with no intention of 
complying with the modified terms; losses resulting from such 
strategic defaults that are borne by neighborhoods, investors, 
and taxpayers; and the impediments such strategic defaults pose 
to the stabilization of home prices and housing market 
recovery.
    Section 8 Housing Choice Voucher Program. The Committee 
will continue its effort to reform HUD's largest rental 
assistance program. The Committee will review the rising costs 
of the Section 8 program. Funding for the Section 8 program in 
fiscal year 2009 was $16.817 billion and rose to $18.184 in 
fiscal year 2010. The Committee will review changes that can be 
made to the voucher program and assess the needs of the 
administrators of the voucher program as well as the voucher 
recipients.
    Housing Counseling. Between HUD and NeighborWorks, housing 
counseling programs have received $475 million since 2008. This 
is a substantial commitment of Federal dollars, and many of 
these counseling programs receive funding with little oversight 
or accountability. Accordingly, the Committee will conduct a 
comprehensive review of current housing counseling programs 
within HUD and NeighborWorks. The review will encompass 
Federal, State, private and non-profit efforts to use housing 
counseling funds with the goal of reducing or eliminating 
funding that is duplicative or ineffective.
    Government National Mortgage Association (GNMA). The 
Committee will conduct a comprehensive review of GNMA to 
determine whether its mission and/or authority meets 
contemporary housing needs that promote affordable housing. The 
Committee has requested that the Government Accountability 
Office review GNMA, focusing on the agency's solvency and its 
capacity to handle its increased market share.
    HOPE VI. The HOPE VI program provides grants to public 
housing authorities (PHAs) to demolish severely distressed 
public housing units and replace them with mixed-income 
developments. Previous Administrations have proposed 
eliminating funding for HOPE VI in their budget proposals 
because of delays and inefficiencies in the program. The 
Committee will review the effectiveness of HOPE VI, the reasons 
for the backlog of unspent funds, and whether the program has 
met its initial objectives.
    Public Housing. The Committee will review HUD's public 
housing programs. The spend-out rate for public housing funds 
continues to be slow and inefficient, and billions of dollars 
that have been committed remain unspent.
    Mortgage Broker Licensing and Oversight. The Committee will 
monitor implementation of the S.A.F.E. Mortgage Licensing Act 
of 2008, which established a mortgage originator licensing 
system and registry to better protect homebuyers.
    Loan Originator Compensation. The Committee will examine 
the implementation of proposed rules issued by the Federal 
Reserve governing mortgage origination compensation, which are 
scheduled to become effective April 1, 2011. The Committee is 
concerned that the rules may have an adverse impact on the 
ability of small businesses that originate mortgages to remain 
in business. The Committee will also review the interaction of 
existing real estate settlement rules with rules mandated by 
the Dodd-Frank Act.
    Homelessness. Currently, programs at seven different 
Federal agencies address homelessness, including HUD, the 
Department of Education (DOE), the Department of Veterans 
Affairs (VA), the Department of Justice (DOJ), and the 
Department of Health & Human Services (HHS). The Committee will 
consider alternatives to this fragmented structure, including 
improving coordination or consolidating Federal homelessness 
programs in order to reduce costs and improve oversight and 
transparency. The Committee will review the effectiveness of 
HUD programs and services for homeless veterans, children, 
youth, and families.
    Review of the Manufactured Housing Improvement Act. In 
2000, the Manufactured Housing Improvement Act was signed into 
law with the goals of improving the process and standards under 
which manufactured homes are built; establishing a private 
sector consensus committee that would make recommendations to 
the Secretary of the Department of Housing and Urban 
Development (HUD) at least every two years on ways to keep the 
HUD code up to date; and clarifying the scope of Federal 
preemption and providing HUD with additional staff and 
resources. The Committee will review the implementation of this 
law to date, and consider complaints that certain aspects of 
the law have not been fully or properly implemented by HUD.

                International Monetary Policy and Trade

    Job Creation and U.S. Competitiveness. The Committee will 
examine United States international monetary and trade policies 
with an eye toward ensuring that those policies support the 
ability of U.S. companies to be competitive in the 
international marketplace, thereby promoting domestic job 
creation and economic opportunity.
    China. The Committee will monitor the implications of 
China's economic growth and policies on the U.S. and global 
economy. As China's economy and footprint expands, the degree 
to which it adopts responsible policies and practices that do 
not distort global markets or unfairly disadvantage its trading 
partners will be examined. Principal areas that the Committee 
will assess are currency exchange rates, China's role in 
multilateral bodies, and foreign access to China's domestic 
market.
    Export-Import Bank of the United States. The Export-Import 
Bank (Ex-Im Bank) is chartered by Congress to contribute to the 
employment of U.S. workers through financing exports of U.S. 
manufactured goods and services. The charter under which the 
Ex-Im Bank operates expires on September 30, 2011, and the 
Committee will therefore consider the Bank's reauthorization. 
The Ex-Im Bank has been a self-sustaining agency funded by the 
income it receives through its financing programs. The 
Committee will examine the Bank's policies and programs to 
ensure the continued fiscal soundness of the Bank. In addition, 
as part of the reauthorization process, the Committee plans to 
review the effectiveness of the Bank's financing programs in 
supporting the global competitiveness of U.S. companies, small 
and large, particularly given the liquidity challenges American 
businesses currently face. The Committee will also consider how 
the Bank can better compete with foreign credit export agencies 
to ensure that U.S. firms are not operating at a disadvantage 
against their foreign counterparts.
    International Trade. The Committee recognizes that American 
jobs are supported by U.S. exports, U.S. companies operating 
abroad, and foreign firms operating in the United States. The 
Committee will oversee existing trade programs, and consider 
policies within the Committee's jurisdiction to promote U.S. 
international trade so that American companies are globally 
competitive. The Committee will oversee the progress of the 
National Export Initiative and other Administration proposals 
to increase U.S. exports and create jobs in the United States. 
The Committee will remain active in the oversight of trade 
negotiations as they relate to the global competitiveness of 
the American financial services sector, to ensure such 
agreements improve access to foreign markets, increase trade 
opportunities for American businesses, and create jobs 
domestically. The Committee will consider the impacts of the 
recently agreed to U.S.-South Korea Free Trade Agreement and 
the pending U.S. Free Trade Agreements with Panama and Colombia 
and other agreements.
    Market Access. The Committee will assess opportunities to 
expand market access for U.S. companies and the financial 
services sector, and to promote policies that can bring about 
reciprocal market access with developing nations that currently 
limit or prevent U.S. firms from entering and operating within 
their national borders. In particular, the Committee will 
examine market access issues with regard to nations with which 
the U.S. has entered into free trade agreements.
    Extractive Industries and Conflict Materials. The Committee 
will monitor the implementation of provisions in title XV of 
the Dodd-Frank Act imposing new disclosure requirements 
relating to so-called conflict minerals and extractive 
industries, to ensure that the underlying objectives of the 
provisions are met but that unnecessary compliance burdens for 
U.S. firms are minimized.
    Annual Report and Testimony by the Secretary of the 
Treasury on International Monetary Fund Reform and the State of 
the International Financial System. The Committee will review 
and assess the annual report to Congress from the Secretary of 
the Treasury on the state of the international financial system 
and the International Monetary Fund (IMF). Pursuant to Section 
613 of Public Law 105-277, the Committee will hear annual 
testimony from the Secretary of the Treasury on (1) progress 
made in reforming the IMF; (2) the status of efforts to reform 
the international financial system; (3) compliance by borrower 
countries with the terms and conditions of IMF assistance; and 
(4) the status of implementation of anti-money laundering and 
counterterrorism financing standards by the IMF, the 
multilateral development banks, and other multilateral 
financial policymaking bodies. The Committee is interested in 
hearing from the Secretary of the Treasury on international 
exchange rate policies and practices; the U.S. trade deficit; 
the implications of the accumulation of U.S. debt instruments 
in the accounts of its largest trading partners; and how U.S. 
international monetary policies and programs are promoting U.S. 
global competitiveness and contributing to the success of 
American businesses.
    Conduct of the International Financial Institutions (IFIs) 
and Possible U.S. Contributions. The Committee will consider 
any Administration request that the U.S. contribute to the 
replenishment of the concessional lending windows at the World 
Bank, the African Development Bank, and the Asian Development 
Bank. Concessional windows provide grants and below market-rate 
financing to the world's poorest nations; because the financing 
terms are discounted, the lending vehicles are not self-
sustaining and require contributions from wealthier member 
nations. During consideration of any such request, the 
Committee will assess the effectiveness of these lending 
facilities in achieving economic development and promoting 
global economic stability. In addition, the Committee will 
consider the policies of the IFIs to ensure effective use of 
resources and appropriate alignment with U.S. interests in 
promoting economic growth and stability. Additionally, the 
Administration is expected to request that the Committee 
authorize funding for the U.S. share of the general capital 
increase (GCI) for the World Bank (International Bank for 
Reconstruction and Development), the Inter-American Development 
Bank, the Asian development Bank, the African Development Bank, 
the European Bank for Reconstruction and Development, and the 
International Finance Corporation. In examining such 
authorization requests, the Committee will consider the reforms 
each institution has agreed to make, as well as the missions 
and comparative strengths of each institution.
    Haiti. The Committee will continue to closely monitor the 
dire economic situation facing the people of Haiti and examine 
appropriate policy responses to help alleviate one of the worst 
cases of human misery in the hemisphere. The Committee will 
also consider the impact of the Inter-American Development 
Bank's capital increase proposal on Haiti over the next decade.
    International Monetary Fund (IMF). The Committee will 
assess the IMF's actions during and after the financial crisis 
to determine how best to leverage U.S. resources through this 
multilateral institution. This examination will center on the 
IMF's lending policies, its surveillance programs, and its 
reform efforts related to member-nation representation.
    Iran Sanctions. The Committee will monitor the 
implementation of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (Public Law 111-
195). Particular focus will be placed on whether financial 
services-related aspects of the law have been executed in 
accordance with the law's intent, and what the impact of such 
policies has been.
    Eurozone Distress. The Committee will monitor the economic 
distress in the Eurozone, which stems from unsustainable levels 
of sovereign debt in several European countries, and its impact 
on the U.S. and global economy. Further deterioration in the 
Eurozone's fiscal health may have implications beyond the 
continent's borders. Consequently, the Committee will examine 
actions taken by the IMF, the European Union and other nations 
to address the sovereign debt issues in the Eurozone. The 
Committee will also explore how best to protect U.S. interests 
while also ensuring that taxpayer dollars are not used to bail 
out foreign governments that have followed reckless fiscal 
paths.
    Global Capital Flows. The Committee will monitor the flow 
of capital globally. The buildup of large currency reserves in 
surplus nations can lead to imbalances in capital allocations 
and asset bubbles that threaten global economic stability. The 
Committee will assess the implications of the investment of 
these reserves on global financial stability.

                Domestic Monetary Policy and Technology

    The Economy and Jobs. In light of efforts to stimulate the 
economy through increased spending and accommodative Federal 
Reserve policies, the Committee will examine the extent to 
which changes in the economy, particularly those resulting from 
the economic crisis, have challenged assumptions about the 
relationship between monetary policy, government expenditures, 
deficits, employment, and economic growth. The Committee will 
examine the effectiveness and consequences of the extraordinary 
and simultaneous measures undertaken by the Federal Reserve and 
the executive branch on economic growth and employment. The 
Committee also will examine the effects of mounting Federal 
debt and annual Federal budget deficits on economic recovery 
and long-term economic growth.
    Conduct of Monetary Policy by the Board of Governors of the 
Federal Reserve System. The Committee will thoroughly examine 
the process by which the Federal Reserve sets and executes its 
monetary policy goals, while respecting the independence of the 
Federal Reserve's decision-making. The Committee will review 
the recent history of monetary policy decisions and examine the 
Federal Reserve's plan for removing excess liquidity from the 
economy after recovery is firmly established to prevent 
inflation. The Committee will examine the quality of economic 
data the Federal Reserve uses to make its decisions, the 
accuracy and utility of the Federal Reserve's econometric 
models, and the effect of the Federal Reserve's legislative 
mandates on its decisions. The Committee will pay particular 
attention to the upcoming Government Accountability Office 
audit of the Federal Reserve and seek further audits to ensure 
that the Federal Reserve's monetary policy decisions are based 
on the best data and models, and that it successfully executes 
open market operations to reach its goals. Of particular 
interest to the Committee will be the second round of 
quantitative easing undertaken by the Federal Reserve. As part 
of this review, the Committee will hold hearings to receive the 
Chairman of the Board of Governors of the Federal Reserve 
System's semi-annual reports on the conduct of monetary policy 
and the state of the economy.
    General Oversight of the Federal Reserve System. The 
Committee will conduct oversight of the operations of the 
Federal Reserve Board of Governors and the Federal Reserve 
System, including management structure, organizational changes 
mandated by the Dodd-Frank Act, and the role of the Federal 
Reserve in the supervision of systemically significant banks 
and non-bank financial institutions. As part of this review, 
the Committee will hold statutorily required semi-annual 
hearings to receive testimony from the Federal Reserve's Vice 
Chairman for Supervision, a position created by Section 1108 of 
the Dodd-Frank Act that the Obama Administration has not yet 
filled.
    Defense Production Act. The Committee will continue to 
monitor the effectiveness of the Defense Production Act and its 
individual authorities in promoting national security.
    Committee on Foreign Investment in the United States 
(CFIUS). The Committee will continue to monitor the 
implementation of the Foreign Investment and National Security 
Act of 2007, which reformed the Committee on Foreign Investment 
in the United States (CFIUS). The Committee will seek to ensure 
that CFIUS fulfills its statutory mandate to identify and 
address those foreign investments that pose legitimate threats 
to national security. The Committee will also monitor the 
extent to which the United States maintains a policy of 
openness toward foreign investment, so that investments that 
pose no threat to national security are able to proceed.
    Activities of the U.S. Mint and the Bureau of Engraving and 
Printing. The Committee will conduct oversight of the 
activities of these Treasury bureaus as they relate to the 
printing and minting of U.S. currency and coins, and of the 
operation of U.S. Mint programs for producing Congressionally 
authorized commemorative coins and Congressional gold medals. 
The Committee will examine methods to reduce the cost of 
minting coins. The Committee will examine efforts to make 
currency more accessible to the visually impaired. The 
Committee will continue its review of efforts to detect and 
combat the counterfeiting of U.S. coins and currency in the 
United States and abroad, and will examine the counterfeiting 
of rare or investment-grade coins, U.S.-made and otherwise. The 
Committee will examine the difficulties the Bureau of Engraving 
and Printing has experienced in producing the newest series of 
$100 bills, as well as the difficulties the U.S. Mint has 
experienced in meeting investor and collector demand for 
bullion coin products. The Committee also will begin an 
examination of the long-term demand for circulating coins and 
banknotes, and consider appropriate measures to maintain an 
adequate supply of each, while controlling costs to the 
taxpayer.
    The Financial Crimes Enforcement Network (FinCEN). The 
Committee will examine the operations of FinCEN and its ongoing 
efforts to implement its regulatory mandates pursuant to the 
Bank Secrecy Act (BSA), to combat money laundering and 
terrorist financing activities. The Committee will examine 
means to reduce the burden on financial institutions in 
complying with BSA regulations, while maintaining the utility 
of the filings required by the BSA to law enforcement. The 
Committee will examine the confidentiality of BSA reports and 
examine the guidance issued by FinCEN to BSA examiners to 
foster more uniform examination and enforcement practices.
    The Office of Foreign Asset Control (OFAC). The Committee 
will continue to monitor the functions of OFAC as its workload 
increases, and study ways of improving its working relationship 
with financial institutions.
    Payment System Innovations. The Committee will review 
government and private sector efforts to achieve greater 
innovations and efficiencies in the payments system. The 
Committee will examine payment system alternatives, including 
prepaid credit cards, the use of mobile devices to transfer and 
store value, web-based value-transfer systems, remote check 
deposit, and informal money transfer systems, businesses or 
networks, to determine both the efficiencies they can provide 
to customers, businesses and financial institutions, and their 
susceptibility to money laundering and terrorism financing, and 
other financial crimes.

       Clause 2(d)(1)(F) of Rule X of the House on Proposed Cuts

    Clause 2(d)(1)(F) of rule X of the Rules of the House of 
Representatives for the 112th Congress requires each standing 
committee to include in its oversight plan proposals to cut or 
eliminate programs, including mandatory spending programs, that 
are inefficient, duplicative, outdated, or more appropriately 
administered by State or local governments.
    The unsustainable Federal deficit caused by unchecked 
spending remains the most daunting challenge facing the U.S. 
economy. The deficit has created uncertainty among families, 
investors, and small business owners who do not know whether 
the value of saving and investment undertaken today will be 
eroded through inflation and higher taxes in the years ahead 
resulting from ever-increasing Federal deficits. Last month, 
the Congressional Budget Office issued its ten-year ``Budget 
and Economic Outlook,'' in which it estimated that the fiscal 
2011 federal deficit will reach a record level of $1.48 
trillion. The CBO's analysis confirms that the nation's current 
fiscal path is unsustainable. Only by making the difficult 
choices that are necessary to put the nation's fiscal house in 
order can the 112th Congress lay the groundwork for ensuring 
America's prosperity for future generations.
    The following are Federal programs under the jurisdiction 
of the Committee on Financial Services that will be reviewed 
for possible cuts, elimination, or consolidation into other 
Federal programs.
    HOPE VI/Choice Neighborhoods. The Hope VI Program was 
established to convert public housing developments that were 
distressed or dangerous into mixed-use, more viable housing. 
Both the Bush and the Obama Administrations have recommended 
eliminating HOPE VI funding in their budget proposals. The 
Obama Administration proposed replacing the HOPE VI program 
with a new Choice Neighborhoods Initiative. However, rather 
than eliminating HOPE VI and replacing the program with Choice 
Neighborhoods, both were funded in the FY 2010 budget. The HOPE 
VI program received $200 million in the fiscal year 2010 
budget, with $60 million going to Choice Neighborhoods. Current 
unobligated funds for fiscal year 2010 total $198 million. The 
Committee recommends that the HOPE VI program be eliminated.
    Community Development Block Grants (CDBG). The CDBG program 
provides federal funds to cities and localities to help them 
address housing and community development. Rather than building 
communities, however, the CDBG program operates like a revenue 
sharing program for the states and localities. CDBG funds are 
allocated by a formula through which 70 percent of the funds 
are directed to ``entitlement communities''--which are central 
cities of metropolitan areas, cities with populations of 50,000 
or more, and urban counties--and the remaining 30 percent is 
directed to states for use in small, non-entitlement 
communities. The fiscal year 2010 budget included $4.45 billion 
for the program. The Committee will consider ways to scale back 
the CDBG program, including but not limited to changes in the 
current distribution of CDBG formula funds.  In addition, the 
Committee will review the eligible activities and oversight and 
administration of the program with the aim of ensuring that 
funds are used in an appropriate manner and with the express 
purpose of reducing the cost of the program. 
    Brownfields Economic Development Initiative (BEDI). The 
BEDI program offers grants to localities for the redevelopment 
of abandoned, idled and underused industrial and commercial 
facilities where expansion and redevelopment is burdened by 
real or potential environmental contamination. BEDI is a 
competitive grant program whose purposes are served through 
much larger and more flexible Federal programs. Fiscal year 
2010 funding was $18 million. The BEDI program is duplicative 
of other programs administered by the Environmental Protection 
Agency, and the Committee recommends that it be eliminated.
    Rural Housing and Economic Development (RHED). The RHED 
program provides grants to non-profits for capacity building at 
the state and local level for rural housing and economic 
development. This program is duplicative of other rural 
development funding programs administered by the Department of 
Agriculture. It was zeroed out by both the Bush and Obama 
Administrations in their budgets. Fiscal year 2010 funding for 
this program was $25 million. The Committee recommends that it 
be eliminated.
    Neighborhood Stabilization Program (NSP). Authorized under 
the American Recovery and Reinvestment Act of 2009, the NSP 
allocates federal financial assistance to states and local 
governments with high concentrations of foreclosed homes, 
subprime mortgage loans, and delinquent home mortgages. Two 
rounds of NSP funding have already been provided to states and 
localities, and the Dodd-Frank Act provided for a third round 
of grants to local governments and states to purchase and 
rehabilitate vacant and foreclosed properties. As a result, 
Federal funds continue to be directed to a program whose 
effectiveness has been questioned. For example, HUD Secretary 
Shaun Donovan announced in May 2010 that HUD would likely 
recapture and redistribute approximately $1 billion in 
unobligated NSP funds. In light of current budget deficits and 
the concerns raised regarding the administration and oversight 
of this program, the Committee recommends that the $1 billion 
in unobligated NSP funds be rescinded and that the program be 
eliminated.
    Sustainable Communities. In the 2010 Consolidated 
Appropriations Act (Public Law 111-117), Congress provided a 
total of $150 million to HUD for a Sustainable Communities 
initiative. The goal of this grant program is to improve 
regional planning efforts that integrate housing and 
transportation decisions, and increase state, regional, and 
local capacity to incorporate livability, sustainability, and 
social equity values into land use plans and zoning. While the 
goals of the program have merit, the nation cannot afford 
another new program and the Committee believes that these 
decisions are best left to state and local governments and 
zoning boards. The Sustainable Communities program has yet to 
be authorized, and the Committee recommends that it be 
eliminated.
    Public Housing Capital Fund. In fiscal year 2009, Congress 
approved $2.45 billion for the Public Housing Capital Fund, 
which funds large capital projects and modernization projects. 
However, the spend-out rate for these funds continues to be 
slow and inefficient. Billions of committed dollars remain 
unexpended: in fact, HUD has only just recently awarded the $4 
billion in public housing capital funds included in the 2009 
Economic Stimulus. The Committee therefore recommends 
rescinding unobligated capital fund balances after 36 months.
    FHA Refinance Program. On March 26, the Administration 
announced a new FHA Refinance Program for underwater 
homeowners. Treasury indicated that the program would be funded 
with $8 billion in TARP funds that had originally been set 
aside for HAMP. The program was implemented on September 7, 
2010, and will continue until December 31, 2012. According to a 
December 13, 2010, report by the Congressional Research 
Service, FHA had received only 35 applications as of the end of 
October 2010. Rather than funding another ineffective 
foreclosure mitigation program, the Committee recommends that 
the $8 billion in TARP funds that has been set aside for this 
program be returned to the taxpayer.
    Making Home Affordable Programs. On February 18, 2009, 
President Obama announced a three-part ``Making Home Affordable 
Program'' with the stated goal of helping 9 million borrowers 
at risk of foreclosure or seeking to refinance high-cost 
mortgages. The plan included (1) a refinancing program for 
mortgages owned by Fannie Mae or Freddie Mac (known as the Home 
Affordable Refinance plan); (2) a $75 billion loan modification 
program (known as the Home Affordable Modification plan); and 
(3) a commitment of $200 billion to purchase Fannie and Freddie 
preferred stock. Funding for the modification plan is derived 
from the Troubled Asset Relief Program (TARP) and the 
Government Sponsored Enterprises (GSEs), and the GSE preferred 
stock purchases drew from funds authorized by the Housing and 
Economic Recovery Act of 2008 (HERA). As described in more 
detail earlier in this Oversight Plan, HAMP has not met the 
goals set for it. HAMP's foreclosure mitigation initiatives 
have failed to help a sufficient number of distressed 
homeowners to justify the program's cost. Accordingly, the 
Committee recommends rescinding unspent and unobligated 
balances currently committed to these programs.
    NeighborWorks America. NeighborWorks is a government-
chartered, nonprofit corporation with a national network of 
affiliated organizations that engage in community reinvestment 
activities, such as generating investment and providing 
training and technical assistance related to affordable 
housing. NeighborWorks has received congressional 
appropriations to provide grants, training, and technical 
assistance, and last year received $133 million in its base 
appropriation and $65 million through the National Foreclosure 
Mitigation Counseling Program. However, HUD has multiple 
counseling programs, and the Dodd-Frank Act established a new 
Office of Housing Counseling to coordinate housing counseling 
programs. The Committee recommends that the counseling 
operations under NeighborWorks be moved to HUD's new Housing 
Counseling Office. Consolidating counseling programs under HUD 
in the newly established office will eliminate overlapping and 
duplicative functions, and allow for better oversight of funds 
spent on housing counseling. Moreover, many of the tasks that 
NeighborWorks currently performs are duplicative of existing 
HUD programs and can be consolidated, which could eliminate the 
need for the annual appropriation for NeighborWorks.
    Legal Assistance. The Dodd-Frank Act authorized $35 million 
for grants to organizations that offer legal assistance to low- 
and moderate-income homeowners and tenants for home ownership 
preservation, foreclosure prevention and tenancy-related home 
foreclosures. The Committee recommends that unexpended and 
unobligated amounts be reviewed.
    Emergency Homeowner Relief Fund. The Dodd-Frank Act 
established a $1 billion Emergency Homeowner Relief Fund, which 
provides loans or credit advances to borrowers who cannot pay 
their mortgages because of unemployment or reduction in income. 
Administered by HUD, emergency mortgage relief payments may be 
provided for up to twelve months and extended once for up to 
twelve additional months. Because these loans increase the 
amount of the borrower's indebtedness, the borrower is not 
likely to pay back either the original amount of principal or 
the additional loans made under the program. The borrower thus 
derives no benefit from the program, and the government suffers 
a loss from the eventual default. The Committee therefore 
recommends that the unexpended and unobligated amounts be 
rescinded.
                                 Part B


  IMPLEMENTATION OF THE OVERSIGHT PLAN OF THE COMMITTEE ON FINANCIAL 
              SERVICES FOR THE ONE HUNDRED TWELVE CONGRESS


     The Dodd-Frank Wall Street Reform and Consumer Protection Act

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to oversee the 
implementation of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (P.L. 111-203) (the Dodd-Frank Act) to 
ensure that the promise to ``promote the financial stability of 
the United States by improving accountability and transparency 
in the financial system,'' ``end too big to fail,''' ``protect 
the American taxpayer by ending bailouts,'' and ``protect 
consumers from abusive financial services practices'' is being 
upheld.
    On June 16, 2011, the Committee held a hearing entitled 
``Financial Regulatory Reform: The International Context.'' 
During this hearing, the Committee examined the international 
implications of the Dodd-Frank Act for the United States 
financial services industry and the United States economy. 
Specifically, the Committee considered four aspects of United 
States regulation that may affect the ability of United States 
financial institutions to compete against their foreign 
counterparts and impede economic recovery in the United States. 
The regulations discussed were capital and liquidity 
requirements, regulation and oversight of ``systemically 
significant financial institutions,'' derivatives regulation, 
and the regulation of proprietary trading.
    On July 19, 2012, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Who's in Your Wallet? 
Dodd-Frank's Impact on Families, Communities, and Small 
Businesses.'' The purpose of the hearing was to review, at the 
two-year anniversary of its passage, the impact of the Dodd-
Frank Wall Street Reform and Consumer Protection Act on small 
businesses, community banks, and consumers. Witnesses testified 
about the effect of the Dodd-Frank Act on the cost of checking 
account services and credit card transactions.

                 Specific Dodd-Frank Oversight Matters


Financial Stability Oversight Council (FSOC)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct 
significant oversight over the FSOC, monitoring among other 
things the extent to which its designation of ``systemically 
significant'' firms may create an expectation among market 
participants that the government will not permit these firms to 
fail, as well as the effectiveness of the FSOC in making 
financial markets more stable and resilient.
    On April 14, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' Witnesses included 
Chairman Gary Gensler of the Commodity Futures Trading 
Commission (CFTC) and Treasury Under Secretary for Domestic 
Finance Jeffrey A. Goldstein, as well as representatives of 
other agencies serving on the panel including the National 
Association of Insurance Commissioners designee to the Council, 
the Federal Reserve, the Securities Exchange Commission (SEC), 
the Federal Deposit Insurance Corporation (FDIC), and the 
Office of the Comptroller of the Currency (OCC). The hearing 
examined the performance of the Council's statutory 
responsibilities, especially the mandate in Section 113 of the 
Dodd-Frank Act to identify financial institutions that will be 
subject to enhanced supervision by the Federal Reserve and 
heightened prudential standards. During the hearing, Members 
from both the majority and minority expressed concern about the 
lack of transparency in the rulemaking process for Section 113 
designations. Members likewise expressed disappointment that 
the Administration had yet to nominate a voting Council member 
having insurance expertise pursuant to Section 111, and about 
the Council's reported failure to provide or clear staff to 
assist the non-voting insurance representative selected by the 
National Association of Insurance Commissioners.
    On May 4, 2011, as a follow-up to the April 14 hearing, 
Subcommittee on Oversight and Investigations Chairman Randy 
Neugebauer and Ranking Member Michael Capuano sent a letter to 
the member agencies of the FSOC requesting that they resubmit 
the rule on the ``Authority to Require Supervision and 
Regulation of Certain Nonbank Financial Companies'' for another 
round of notice and comment, and include in the revised 
proposal a more detailed description of the decision-making 
criteria and metrics that are contemplated for the final rule.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' In her testimony, FDIC Chairman 
Sheila Bair discussed the criteria for determining whether a 
non-bank financial institution should be deemed systemically 
important, and fielded questions about the impact that 
designating financial institutions as systemically important 
could have on consolidation in the banking industry and on 
borrowing costs.
    On June 22, 2011, Chairman Spencer Bachus and Subcommittee 
on Oversight and Investigations Chairman Randy Neugebauer sent 
a letter to Comptroller General Gene Dodaro requesting a 
Government Accountability Office (GAO) audit of the FSOC, 
pursuant to Section 122 of the Dodd-Frank Act. In his July 6, 
2011 response, Comptroller General Dodaro stated ``the GAO 
accepted the request, with clarification, as work that is 
within the scope of its authority.''
    On June 24, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer and Subcommittee 
Ranking Member Michael Capuano sent a letter to Treasury 
Secretary Timothy Geithner seeking clarification of public 
statements made by members of the FSOC regarding plans to seek 
public comment on additional guidance designating non-bank 
financial companies for enhanced supervision and regulation by 
the Board of Governors of the Federal Reserve. In the letter, 
they asked the Secretary to distinguish the difference between 
issuing guidance and issuing an amended rule and provide 
details of the timeline for comments from the general public.
    On July 14, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Office of Financial Research and the Financial Stability 
Oversight Council.'' The hearing addressed the efforts to 
organize and stand up the Office of Financial Research (OFR), 
established by Section 152 of the Dodd-Frank Act; coordination 
between the FSOC, OFR and other regulators; and data security 
issues at OFR.
    On September 8, 2011, Chairman Spencer Bachus and other 
Members of the Committee sent a letter to Treasury Secretary 
Timothy Geithner expressing concern about the fulfillment of 
the FSOC's pledge to eliminate unnecessary or duplicative 
regulatory burdens on the financial system, namely on small 
community banks and credit unions. Additionally, the letter 
requested a status report from the Secretary on his efforts to 
``streamline and simplify'' the regulatory environment. 
Secretary Geithner responded on October 5, stating that ``as 
agencies move forward with implementation of the Dodd-Frank 
Act, I will continue to encourage, as a top priority, inter-
agency coordination and the development of rules that strike 
the right balance between financial stability and innovation.''
    On October 6, 2011, the Committee held a hearing entitled 
``The Annual Report of the Financial Stability Oversight 
Council'' to receive the FSOC's Annual Report and the testimony 
of the Secretary of the Treasury. The hearing focused on the 
Council's efforts to implement regulatory reforms and identify 
emerging threats to the nation's financial stability.
    On July 25, 2012, the Committee held a hearing entitled 
``The Annual Report of the Financial Stability Oversight 
Council.'' At this hearing, the Committee received the 
Secretary of the Treasury's testimony on the FSOC's 2012 Annual 
Report. The hearing focused on emerging threats to the nation's 
financial stability and reported attempts to manipulate the 
LIBOR interest rate index. The Honorable Timothy Geithner, 
Secretary of the Treasury, was the sole witness.

Office of Financial Research (OFR)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct 
oversight of the OFR to ensure that the OFR's requests for data 
are not unduly burdensome or costly and that the 
confidentiality of the data that it collects is strictly 
maintained.
    On March 29, 2012, the House passed the concurrent budget 
resolution on the budget for fiscal year 2013, H. Con. Res. 
112, by a vote of 228 yeas and 191 nays. The budget instructed 
the Committee on Financial Services to submit legislative 
recommendations that reduce the deficit by $3 billion for 
fiscal years 2012 and 2013, $16.7 billion for fiscal years 2012 
through 2017, and $29.8 billion for fiscal years 2012 through 
2022. On April 18, 2012, the Committee met in open session to 
consider the Committee's legislative recommendations to the 
Committee on Budget. During the markup, an amendment to repeal 
Title I, Subtitle B of the Dodd-Frank Act, which created the 
OFR, was offered by Representative Canseco and agreed to by 
voice vote. According to the Congressional Budget Office (CBO), 
repealing the OFR would achieve savings for the purposes of 
deficit reduction of approximately $270 million over the next 
ten years. The Committee ordered the legislative 
recommendations for the budget reconciliation to be transmitted 
to the Committee on the Budget by a record vote of 31 yeas and 
26 nays.
    On April 18, 2012, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to 
Treasury Secretary Timothy Geithner asking why the Department 
of the Treasury refused to provide Richard Berner as a witness 
for the Subcommittee's hearing to examine the Office of 
Financial Research's operations and budget.
    On April 19, 2012, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Budget Hearing--the 
Office of Financial Research.'' The hearing examined the budget 
and funding of OFR. For the two years following the enactment 
of the Dodd-Frank Act, the OFR is funded by the Federal 
Reserve. In July 2012, OFR will begin to fund itself by levying 
assessments on bank holding companies with total consolidated 
assets of $50 billion or more and nonbank financial companies 
supervised by the Federal Reserve.
    On May 9, 2012, Chairman Spencer Bachus and Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer sent a 
letter to Dr. Richard Berner at the Department of the Treasury 
requesting information on the OFR's conference planning 
policies and expenditures related to conferences held by OFR.

Volcker Rule

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to oversee the 
regulators' implementation of the Volcker Rule to ensure that 
it does not result in unintended consequences for U.S. economic 
competitiveness and job creation, or for the liquidity and 
efficiency of U.S. capital markets.
    On January 22, 2011, the FSOC issued recommendations to the 
agencies charged with promulgating regulations to implement the 
Volcker Rule. On January 26, the Volcker Rule was the subject 
of discussion at a Committee hearing entitled ``Promoting 
Economic Recovery and Job Creation: The Road Forward.'' 
Witnesses, including academics and business owners, expressed 
concerns that the Volcker Rule could compromise international 
competitiveness, undermine the safety and soundness of 
financial institutions and limit investment capital for 
businesses, including small businesses. During the hearing 
Professor Hal S. Scott of Harvard Law School stated that there 
should be no Volcker Rule.
    On March 15, 2011, Chairman Bachus and Oversight and 
Investigations Subcommittee Chairman Neugebauer wrote the 
member agencies of the FSOC requesting information about the 
use and application of comments submitted to the FSOC regarding 
its study prepared under Section 619 of Dodd-Frank. The letter 
requested the production of materials used by the Council to 
develop its approach to implementing the Volcker Rule. In 
response to this request, a letter dated June 10, 2011 and 
signed by Treasury Secretary Timothy Geithner referred Chairman 
Bachus and Subcommittee Chairman Neugebauer to FSOC's study 
mandated by the Dodd-Frank Act on Volcker Rule implementation.
    On June 16, 2011, the Committee held a hearing entitled 
``Financial Regulatory Reform: The International Context.'' 
During this hearing, the Committee examined the international 
implications of the Dodd-Frank Act for the United States 
financial services industry and the United States economy. 
Specifically, the Committee considered four aspects of United 
States regulation that may affect the ability of United States 
financial institutions to compete against their foreign 
counterparts and impede economic recovery in the United States. 
The regulations discussed were capital and liquidity 
requirements, regulation and oversight of ``systemically 
significant financial institutions,'' derivatives regulation, 
and the regulation of proprietary trading.
    On October 19, 2011, the Committee held a joint House-
Senate briefing at which representatives from the Department of 
the Treasury, the Federal Reserve, the SEC, the CFTC, the FDIC 
and the OCC discussed their proposed regulation to implement 
Section 619 of the Dodd-Frank Act, the Volcker Rule.
    On January 18, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
joint hearing entitled ``Examining the Impact of the Volcker 
Rule on Markets, Businesses, Investors and Job Creation.'' The 
purpose of the hearing was to evaluate the regulators' efforts 
to implement the Volcker Rule and the effect of the Volcker 
Rule on the economy, jobs, businesses, and investors. The 
Volcker Rule directs regulators to write and issue rules 
prohibiting bank holding companies and their affiliates from 
engaging in proprietary trading and sponsoring and investing in 
hedge funds and private equity funds. The hearing examined 
whether an overly restrictive Volcker Rule would increase 
borrowing costs for large corporations, small businesses and 
consumers. It also provided a forum for examining whether the 
value of assets held by large pension funds, mutual funds, and 
insurance companies--assets which represent the savings of 
small investors--will decline as those assets become harder to 
trade. The consequences of higher costs could be significant: 
if businesses find it harder to borrow, it will be harder for 
them to conduct research and development, make capital 
investments, and create jobs; if consumers have less access to 
credit, it will be harder to buy a home or a car or pay for 
college; if the value of the assets held by savers and 
investors declines, people will find it harder to save for the 
down payment to purchase a home, or to save for college or 
retirement.
    On June 19, 2012, the Committee on Financial Services held 
a hearing entitled ``Examining Bank Supervision and Risk 
Management in Light of JPMorgan Chase's Trading Loss.'' The 
hearing reviewed the $2 billion trading loss disclosed by 
JPMorgan Chase & Co. in May 2012 and its implications for risk 
management at large complex financial institutions and the 
regulation of these institutions. The hearing heard testimony 
from the prudential and market regulators, which have 
jurisdiction over JPMorgan's holding company, national bank and 
trading operations as well as its disclosures as a public 
company. The hearing also examined whether JPMorgan's trades 
would have been subject to Section 619 of the Dodd-Frank Act, 
popularly known as the Volcker Rule, and how JPMorgan's 
derivatives positions will be regulated after the SEC and CFTC 
complete their rules to implement Title VII of the Dodd-Frank 
Act, which governs the regulation of the over-the-counter 
derivatives market.
    On July 10, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of Dodd-Frank on Customers, Credit, and Job Creators.'' 
This hearing examined the effect that the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (the Dodd-Frank Act) 
(P.L. 111-203) has had on U.S. capital markets, businesses, 
investors, and consumers. In particular, this hearing examined 
the following topics: derivatives regulation; the Volcker Rule; 
risk retention; and single counter-party credit limits; and the 
effect that the Dodd-Frank Act has had on the ability of U.S. 
businesses to raise capital, hedge risks, and obtain credit.
    On November 29, 2012, Chairman Bachus and Vice-Chairman 
Hensarling wrote the federal financial regulators urging them 
to be more transparent about how they intend to implement the 
Volcker Rule. In the letter, Chairman Bachus and Vice-Chairman 
Hensarling advised the regulators to work together to issue one 
coherent version of Volcker Rule, as mandated by the Dodd-Frank 
Act, rather than several competing versions. The letter also 
urged the regulators to conduct a robust cost-benefit analysis 
of the Volcker Rule and its potential effects on investors, 
borrowers, capital markets, the financial system, and the U.S. 
economy. Finally the letter suggested that Federal Reserve 
Board should delay the Volcker Rule's effective date until two 
years after the date on which the final rule is promulgated.
    On December 13, 2012, the Committee held a hearing entitled 
``Examining the Impact of the Volcker Rule on Markets, 
Businesses, Investors and Job Creation, Part II.'' The hearing 
reviewed the rule proposals promulgated by the prudential and 
market regulators in October of 2011 and January of 2012 to 
implement Section 619 of the Dodd-Frank Act, popularly known as 
the Volcker Rule. In particular, this hearing examined the 
effect of the rule proposals on the customers of bank holding 
companies, including municipalities, mutual funds, pension 
funds, asset managers, businesses, and job creators.

London Interbank Offered Rate (LIBOR)

    On July 16, 2012, Chairman Bachus and Ranking Member Frank 
issued a memo to the Members of the Committee on Financial 
Services notifying them that the Committee would conduct a 
bipartisan examination of allegations regarding manipulation of 
Libor, the potential impact of such manipulation on consumers 
and the financial system, and the regulatory oversight of these 
matters.
    On July 18, 2012 and July 25, 2012, Members had the 
opportunity to question Federal Reserve Chairman Ben Bernanke 
and Treasury Secretary Timothy Geithner about Libor.
    The Committee hosted briefings by the Congressional 
Research Service on July 17, 2012; Barclays on July 23, 2012; 
and representatives of the Treasury Department, the Federal 
Reserve Board, the Federal Reserve Bank of New York, the 
Commodity Futures Trading Commission, the Securities and 
Exchange Commission and the Office of the Comptroller of the 
Currency on July 30, 2012, to educate Members and staff about 
Libor and its role in the global economy, and examine the 
specific circumstances of alleged Libor manipulation.

          Capital Markets and Government Sponsored Enterprises


Oversight and Restructuring of the Securities and Exchange Commission 
        (SEC)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor and 
review all aspects of the SEC's budget, operations, structure 
and fulfillment of its Congressional mandate.
    On March 10, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Oversight of the Securities and Exchange Commission's 
Operations, Activities, Challenges and FY 2012 Budget 
Request.'' The hearing provided broad oversight of the SEC, 
including its FY2012 budget request, the implementation of 
various provisions mandated by the Dodd-Frank Act, and a review 
of SEC regulatory initiatives beyond the Dodd-Frank Act.
    Chairman Spencer Bachus and Representatives Garrett, 
Hensarling, and Neugebauer sent SEC Chairman Schapiro two 
letters--one on February 24, 2011 and one on February 28, 
2011--expressing concerns regarding the SEC's General Counsel, 
David Becker, having participated in matters related to the 
Bernard L. Madoff Investment Securities fraud despite having 
inherited and liquidated his mother's Madoff account.
    On March 15, 2011, Chairman Spencer Bachus and 
Representative Randy Neugebauer sent Chairman Schapiro a letter 
inquiring about the SEC's involvement in a study of the SEC's 
organizational structure that was mandated by Section 967 of 
the Dodd-Frank Act and was completed by the Boston Consulting 
Group and submitted to Congress on March 10, 2011.
    On June 23, 2011, H.R. 2308, the SEC Regulatory 
Accountability Act, was introduced by Subcommittee on Capital 
Markets and Government Sponsored Enterprises Chairman Scott 
Garrett and referred to the Committee on Financial Services. 
The Committee held a legislative hearing on H.R. 2308 on 
September 15, 2011 entitled ``Fixing the Watchdog: Legislative 
Proposals to Improve and Enhance the Securities and Exchange 
Commission.'' The Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session on 
November 15, 2011, and ordered H.R. 2308, as amended, favorably 
reported to the Committee by a record vote of 14 yeas and 19 
nays.
    On June 24, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Oversight of the Mutual Fund Industry: Ensuring Market 
Stability and Investor Confidence.'' The hearing examined the 
SEC's regulation of the mutual fund industry; the SEC's 
response to the financial crisis and the impact of the crisis 
on money market mutual funds; proposals to change the valuation 
of money market mutual funds; the SEC's proposal to improve 
distribution fees, also known as ``12b-1 fees,''; the impact of 
the SEC's proxy access rules adopted in 2010, which would 
permit shareholders to place nominees for directors on a 
company's proxy statement; and other issues of interest to 
mutual fund providers.
    On July 28, 2011, Vice Chairman Jeb Hensarling, 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises Chairman Scott Garrett, and Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer sent a 
letter to SEC Chairman Mary Schapiro requesting information on 
the SEC-staff labor hours and dollar amount associated with the 
Commission's proxy access rulemaking, the final promulgation of 
the rule, and the legal challenge of the rule.
    On July 28, 2011, Chairman Spencer Bachus, Subcommittee on 
International Monetary Policy and Trade Chairman Gary Miller, 
Representative Robert Dold, and Representative Steve Stivers 
sent a letter to SEC Chairman Mary Schapiro addressing the 
effect on U.S. companies' competitiveness in the global 
marketplace of Section 1502 of the Dodd-Frank Act, which 
requires publicly traded U.S. companies to report annually on 
their efforts to verify that minerals used in their products 
were not taxed or controlled by rebel groups in the Democratic 
Republic of Congo, and suggesting an alternative method to 
mitigate the financial and administrative burden of Section 
1502 on U.S. companies.
    On September 22, 2011, the Subcommittee on Oversight and 
Investigations held a joint hearing with the Committee on 
Oversight and Government Reform's Subcommittee on TARP, 
Financial Services and Bailouts of Public and Private Programs, 
entitled ``Potential Conflicts of Interest at the SEC: The 
Becker Case.'' The hearing examined how the SEC handled 
potential conflicts of interest involving David Becker, a 
former SEC general counsel who financially benefited from the 
Bernard Madoff Ponzi scheme.
    On December 7, 2011, Chairman Spencer Bachus, Vice Chairman 
Jeb Hensarling, Subcommittee on Capital Markets and Government 
Sponsored Enterprises Chairman Scott Garrett, and Subcommittee 
on Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito wrote to the chairmen of the Federal Reserve, the 
FDIC, and the CFTC, and the Comptroller of the Currency to ask 
them to testify about their joint proposal to implement the 
Volcker Rule and to extend the comment period by at least 
thirty days.
    On January 18, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
joint hearing entitled ``Examining the Impact of the Volcker 
Rule on Markets, Businesses, Investors and Job Creation.'' The 
purpose of the hearing was to evaluate the regulators' efforts 
to implement the Volcker Rule and the effect of the Volcker 
Rule on the economy, jobs, businesses, and investors. The 
Volcker Rule directs regulators to write and issue rules 
prohibiting bank holding companies and their affiliates from 
engaging in proprietary trading and sponsoring and investing in 
hedge funds and private equity funds. The hearing examined 
whether an overly restrictive Volcker Rule would increase 
borrowing costs for large corporations, small businesses and 
consumers. It also provided a forum for examining whether the 
value of assets held by large pension funds, mutual funds, and 
insurance companies--assets which represent the savings of 
small investors--will decline as those assets become harder to 
trade. The consequences of higher costs could be significant: 
if businesses find it harder to borrow, it will be harder for 
them to conduct research and development, make capital 
investments, and create jobs; if consumers have less access to 
credit, it will be harder to buy a home or a car or pay for 
college; if the value of the assets held by savers and 
investors declines, people will find it harder to save for the 
down payment to purchase a home, or to save for college or 
retirement.
    On February 8, 2012, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Limiting the Extraterritorial Impact of Title VII of the 
Dodd-Frank Act.'' This hearing examined the application of 
Title VII to institutions and activities outside the U.S. and 
to foreign institutions that do business within the U.S.; 
considered the effect of Title VII's extra-territorial 
application on the competitiveness of U.S. financial 
institutions and the U.S. economy; and examined the 
consequences of Title VII's extra-territorial reach on the 
stability and liquidity of global financial markets.
    On March 21, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``H.R. 
___, the Swap Data Repository and Clearinghouse Indemnification 
Correction Act of 2012.'' The hearing examined draft 
legislation to repeal the indemnification provisions in 
Sections 725, 728, and 763 of the Dodd-Frank Act to increase 
market transparency, facilitate global regulatory cooperation, 
and ensure that U.S. regulators have access to necessary swaps 
data from foreign data repositories, derivatives clearing 
organizations, and regulators.
    On March 28, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Accounting and Auditing Oversight: Pending Proposals and 
Emerging Issues Confronting Regulators, Standard Setters and 
the Economy.'' This hearing examined the state of the 
accounting and auditing profession, including the activities 
and agendas of the Office of the SEC's Chief Accountant, the 
Public Company Accounting Oversight Board, the Financial 
Accounting Standards Board, and the Governmental Accounting 
Standards Board.
    On April 25, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Oversight of the U.S. Securities and Exchange Commission.'' 
This hearing examined the following topics: the priorities for 
the SEC in 2012; the SEC's FY 2013 budget request; the SEC's 
ongoing efforts to comply with Section 967 of the Dodd-Frank 
Act, regarding organizational reforms of the SEC; the most 
recent report issued by GAO, GAO-12-424R, entitled, 
``Management Report: Improvements Needed in SEC's Internal 
Controls and Accounting Procedures''; pending SEC rule 
proposals mandated by the Dodd-Frank Act; the SEC's plans to 
propose new rules regarding money market mutual funds; and the 
SEC's equity and options market structure initiatives.
    On May 9, 2012, Chairman Spencer Bachus and Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer sent a 
letter to Chairman Mary Schapiro of the SEC requesting 
information on SEC's conference planning policies and 
expenditures related to conferences held by SEC.
    On May 17, 2012, the Committee held a hearing entitled 
``Examining the Settlement Practices of U.S. Financial 
Regulators.'' The hearing examined the settlement practices of 
the Board of Governors of the Federal Reserve System, the FDIC, 
the OCC, and the SEC.
    On May 31, 2012, the Committee staff received briefings 
from representatives from the Securities and Exchange 
Commission and the Financial Industry Regulatory Authority 
regarding the issues surrounding Facebook's May 17, 2012 
Initial Public Offering (IPO). In addition, the Committee staff 
received briefings from various market participants regarding 
the Facebook IPO.
    On June 6, 2012, the Committee on Financial Services held a 
hearing entitled ``H.R. 4624, the Investment Adviser Oversight 
Act of 2012.'' The hearing reviewed the oversight of investment 
advisers by the SEC and state securities regulators. The 
hearing also reviewed the SEC study mandated by Section 914 of 
the Dodd-Frank, which directed the SEC to study ``the need for 
enhanced examination and enforcement resources for investment 
advisers,'' and the three options to enhance investment adviser 
oversight presented in the study to Congress for its 
consideration.
    On June 19, 2012, the Committee on Financial Services held 
a hearing entitled ``Examining Bank Supervision and Risk 
Management in Light of JPMorgan Chase's Trading Loss.'' The 
hearing reviewed the $2 billion trading loss disclosed by 
JPMorgan Chase & Co. in May 2012 and its implications for risk 
management at large complex financial institutions and the 
regulation of these institutions. The hearing heard testimony 
from the prudential and market regulators, which have 
jurisdiction over JPMorgan's holding company, national bank and 
trading operations, as well as its disclosures as a public 
company. The hearing also examined whether JPMorgan's trades 
would be subject to Section 619 of the Dodd-Frank Act, 
popularly known as the Volcker Rule, and how JP Morgan's 
derivatives positions will be regulated after the SEC and CFTC 
complete their rules to implement Title VII of the Dodd-Frank 
Act, which governs the regulation of the over-the-counter 
derivatives market.
    On June 20, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Market Structure: Ensuring Orderly, Efficient, Innovative and 
Competitive Markets for Issuers and Investors.'' This hearing 
examined the quality, innovation, and competition in the U.S. 
equity markets. In particular, this hearing examined the effect 
that market structure has on smaller issuers and how current 
U.S. equity market structure has been shaped by four 
significant SEC initiatives: the Order Handling Rules, 
Regulation ATS, Decimalization and Regulation NMS. The hearing 
also examined draft legislation offered by Representative 
Patrick McHenry entitled the ``Liquidity Enhancement for Small 
Public Companies Act,'' to ensure that adequate liquidity 
exists for smaller issuers by promoting the development of 
market quality incentive programs by permitting issuers, 
exchanges, or any other company approved by the SEC or an 
exchange to provide financial incentives to market makers that 
adhere to standards of market quality established by an 
exchange.
    On July 10, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of Dodd-Frank on Customers, Credit, and Job Creators.'' 
This hearing examined the effect that the Dodd-Frank Act has 
had on U.S. capital markets, businesses, investors, and 
consumers. In particular, this hearing examined the following 
topics: derivatives regulation; the Volcker Rule; risk 
retention; and single counter-party credit limits, and the 
effect of the Dodd-Frank Act on the ability of U.S. businesses 
to raise capital, hedge risks, and obtain credit.
    On July 12, 2012, Chairman Bachus wrote to SEC Chairman 
Schapiro and Financial Industry Regulatory Authority Chairman 
Ketchum about NASDAQ's system failures during the Facebook 
Initial Public Offering (IPO). The letter asked whether the SEC 
and FINRA were adequately fulfilling their roles to maintain 
fair, orderly, and efficient markets.
    On July 20, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of the Dodd-Frank Act on Municipal Finance.'' This 
hearing examined the effect of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (P.L. 111-203) on the 
municipal securities market. Specifically, the hearing examined 
Section 975 of the Dodd-Frank Act, which governs the 
registration and oversight of municipal advisors and the SEC's 
proposed rule to implement Section 975. The hearing also 
considered H.R. 2827, legislation offered by Representative 
Robert Dold, to amend and clarify the scope of Section 975 of 
the Dodd-Frank Act.
    On July 30, 2012, the Committee hosted briefings by the 
Treasury Department, the Federal Reserve Board, the Federal 
Reserve Bank of New York, the CFTC, the SEC, and the Office of 
the Comptroller of the Currency to educate Members and staff 
about Libor and its role in the global economy, and to examine 
the allegations that Libor had been manipulated by certain 
large banks.
    On August 2, 2012, Chairman Bachus and Majority Whip Kevin 
McCarthy wrote to SEC Chairman Schapiro about the SEC's 
implementation of Title II of the JOBS Act, which made the 
exemption under SEC Regulation D Rule 506 available to issuers 
even if the securities are marketed through a general 
solicitation or advertising as long as the purchasers are 
``accredited investors.'' The letter urged the SEC to write the 
rules to implement Title II of the JOBS Act so that verifying 
the status of accredited investors was not unduly burdensome on 
issuers or investors. Moreover, the letter urged the SEC to be 
mindful of both the income and asset tests for becoming an 
accredited investor and to implement Title II in a manner that 
is flexible and recognizes the varying circumstances of 
investors.

Derivatives

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
operations, growth and structure of the over-the-counter (OTC) 
derivatives market, and the implementation of new rules 
required by the Dodd-Frank Act to govern the OTC marketplace.
    On February 15, 2011, the Committee held a hearing entitled 
``Assessing the Regulatory, Economic and Market Implications of 
the Dodd-Frank Derivatives Title.'' This hearing provided broad 
oversight of Title VII of the Dodd-Frank Act from the 
perspectives of both the federal regulators and market 
participants. The hearing examined the implementation timeline 
for the SEC and CFTC to complete the rules mandated by Title 
VII, substantive questions about the proposed rulemakings, and 
the impact on various market participants, including the 
potential negative impact on non-financial companies that use 
derivatives contracts to hedge against legitimate business 
risks.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was a draft bill to 
amend the definitions of ``major swap participant'' and ``major 
security-based swap participant'' in the Commodity Exchange Act 
and the Securities Exchange Act of 1934 (the Exchange Act), 
respectively. Based on the testimony received at that hearing, 
Representative Grimm introduced H.R. 1610, the Business Risk 
Mitigation and Price Stabilization Act of 2011, on April 15, 
2011, which would exempt derivatives end-users from having to 
post margin as required under Title VII of the Dodd-Frank Act.
    On April 6, 2011, Chairman Spencer Bachus, Agriculture 
Committee Chairman Frank Lucas and Senators Stabenow and 
Johnson wrote to the Secretary of the Treasury and the Chairmen 
of the SEC, CFTC and Federal Reserve about the importance of 
establishing a regulatory regime that will not create economic 
disincentives for end-users to access the derivatives markets. 
The letter urged the regulators to exempt end-users from margin 
requirements and seek to limit other regulatory burdens that 
could have the unintended effect of driving up costs for end 
users. The letter also stressed the importance of national and 
international regulatory coordination to avoid regulatory 
arbitrage and competitive disadvantages for U.S. companies.
    On April 15, 2011, Representatives Lucas, Bachus, Conaway, 
and Garrett introduced H.R. 1573, which would extend the 
deadline for implementing Title VII of the Dodd-Frank by 18 
months, which realigns the United States with the G20 agreement 
to move to reporting and central clearing by December 2012. 
H.R. 1573 maintains the current timeframe for the SEC and CFTC 
to issue final rules defining key terms and maintains the 
current timeframe for the rules requiring record retention and 
regulatory reporting for swaps. H.R. 1573 also requires the SEC 
and CFTC to hold public hearings to take testimony and comment 
on proposed rules before they are made final, and factor those 
comments into cost-benefit analysis and the timing of effective 
dates. Finally, H.R. 1573 provides the SEC and CFTC authority 
to exempt certain persons from registration and/or other 
regulatory requirements if they are subject to comparable 
supervision by another regulatory authority, if there are 
information sharing arrangements in effect between the 
Commissions and that regulatory authority, and if it is in the 
public interest.
    On October 14, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a legislative hearing 
entitled ``Legislative Proposals to Bring Certainty to the 
Over-the-Counter Derivatives Market.'' The hearing examined 
four legislative proposals that would amend provisions in Title 
VII of the Dodd-Frank Act that could negatively affect the 
United States economy.
    On May 11, 2011, H.R. 1838, a bill to repeal a provision of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act 
prohibiting any Federal bailout of swap dealers or 
participants, was introduced by Representative Nan Hayworth and 
referred to the Committee on Financial Services and the 
Committee on Agriculture. On October 14, 2011, the Subcommittee 
on Capital Markets and Government Sponsored Enterprises held a 
legislative hearing on H.R. 1838 entitled ``Legislative 
Proposals to Bring Certainty to the Over-the-Counter 
Derivatives Market.'' On November 15, 2011, the Subcommittee on 
Capital Markets and Government Sponsored Enterprises met in 
open session and ordered H.R. 1838, as amended, favorably 
reported to the Committee by a record vote of 21 yeas and 12 
nays.
    On July 19, 2011, H.R. 2586, the Swap Execution Facility 
Clarification Act, was introduced by Subcommittee on Capital 
Markets and Government Sponsored Enterprises Chairman Scott 
Garrett and referred to the Committee on Financial Services and 
the Committee on Agriculture. On October 14, 2011, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a legislative hearing on H.R. 2586 entitled 
``Legislative Proposals to Bring Certainty to the Over-the-
Counter Derivatives Market.'' On November 15, 2011, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises met in open session and ordered H.R. 2586 favorably 
reported to the Committee by voice vote.
    On August 1, 2011, H.R. 2779, a bill to exempt inter-
affiliate swaps from certain regulatory requirements put in 
place by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, was introduced by Representative Steve Stivers 
and referred to the Committee on Financial Services and the 
Committee on Agriculture. On October 14, 2011, the Subcommittee 
on Capital Markets and Government Sponsored Enterprises held a 
legislative hearing on H.R. 2779 entitled ``Legislative 
Proposals to Bring Certainty to the Over-the-Counter 
Derivatives Market.'' On November 15, 2011, the Subcommittee on 
Capital Markets and Government Sponsored Enterprises met in 
open session and ordered H.R. 2779 favorably reported to the 
Committee by a record vote of 23 yeas, 6 nays and 1 present.
    On September 23, 2011, H.R. 3045, the Retirement Income 
Protection Act of 2011, was introduced by Representative 
Francisco ``Quico'' Canseco and referred to the Committee on 
Financial Services, the Committee on Agriculture, and the 
Committee on Education and the Workforce. The bill has one 
cosponsor. On October 14, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises held a legislative 
hearing on H.R. 3045 entitled ``Legislative Proposals to Bring 
Certainty to the Over-the-Counter Derivatives Market.'' On 
November 15, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered H.R. 3045 favorably reported to the Committee by a 
record vote of 19 yeas and 14 nays.
    On June 7, 2011, the Committee hosted a briefing on swaps 
clearing, at which industry representatives discussed 
implementation of provisions in the Dodd-Frank Act, with a 
focus on how or whether clearing provisions need to be phased 
in; segregation and protection of cleared swaps customer 
collateral; central clearinghouse ownership, governance, and 
membership issues; and the New York Federal Reserve's ongoing 
role on clearing issues and how it relates to the Dodd-Frank 
Act's rulemaking process.
    On August 2, 2011, Chairman Spencer Bachus wrote to 
Treasury Secretary Timothy Geithner expressing concerns about 
the extraterritorial reach and impact of Title VII of the Dodd-
Frank Act on the U.S. derivatives marketplace and the U.S. 
economy.
    On February 8, 2012, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Limiting the Extraterritorial Impact of Title VII of the 
Dodd-Frank Act.'' This hearing examined the application of 
Title VII to institutions and activities outside the U.S. and 
to foreign institutions that do business within the U.S.; 
considered the effect of Title VII's extra-territorial 
application on the competitiveness of U.S. financial 
institutions and the U.S. economy; and examined the 
consequences of Title VII's extra-territorial reach on the 
stability and liquidity of global financial markets.
    On March 21, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on ``H.R. ___, 
the Swap Data Repository and Clearinghouse Indemnification 
Correction Act of 2012.'' This hearing examined draft 
legislation to repeal the indemnification provisions in 
Sections 725, 728, and 763 of the Dodd-Frank Act to increase 
market transparency, facilitate global regulatory cooperation, 
and ensure that U.S. regulators have access to necessary swaps 
data from foreign data repositories, derivatives clearing 
organizations, and regulators.
    On July 10, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of Dodd-Frank on Customers, Credit, and Job Creators.'' 
This hearing examined the effect that the Dodd-Frank Act has 
had on U.S. capital markets, businesses, investors, and 
consumers. In particular, this hearing examined the following 
topics: derivatives regulation; the Volcker Rule; risk 
retention; single counter-party credit limits; and the effect 
of the Dodd-Frank Act on the ability of U.S. businesses to 
raise capital, hedge risks, and obtain credit.
    On December 12, 2012, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Challenges Facing the U.S. Capital Markets to Effectively 
Implement Title VII of the Dodd-Frank Act.'' The hearing 
examined the rules proposed by the CFTC and SEC to implement 
Title VII of the Dodd-Frank Act. Specifically, the hearing 
examined swap execution facility rules; the extraterritorial 
application of rules proposed under Title VII; the CFTC and 
SEC's differing plans for providing guidance about the cross-
border application of these rules; cost-benefit analyses used 
by the CFTC and SEC in issuing proposed and final rules; the 
experience of market participants in dealing with the CFTC and 
SEC in the run up to the October 12, 2012 compliance deadline; 
the CFTC's issuance of several no-action letters on October 10 
and 11 and the effect of these letter and their timing on 
market participants.

Credit Rating Agencies

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
credit rating agencies, or ``nationally recognized statistical 
rating organizations'' (NRSROs), in the United States financial 
markets and specifically, the impact of the Dodd-Frank Act on 
NRSROs and the repeal if Rule 436(g) under the Securities Act 
of 1933.
    On April 14, 2011, H.R. 1539, the Asset-Backed Market 
Stabilization Act of 2011, was introduced by Representative 
Steve Stivers. The bill would repeal section 939G of the Dodd-
Frank Act, which repealed the SEC rule 436(g). On March 16, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a legislative hearing on the draft 
version of H.R. 1539 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' On May 3, 2011 and May 4, 2011, the Subcommittee 
on Capital Markets and Government Sponsored Enterprises met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 18 yeas and 14 nays. On July 20, 
2011, the Committee met in open session and ordered the bill 
favorably reported to the House by 31 yeas and 19 nays. The 
Committee Report was filed on August 12, 2011 (H. Rept. 112-
196).
    On July 27, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Credit Rating Agencies Post Dodd-Frank.'' The hearing examined 
how federal regulation and operations of the credit rating 
agencies have changed since the financial crisis and following 
enactment of the Dodd-Frank Act. The hearing reviewed the 
progress of federal agencies in striking references to ratings 
agencies in their regulations and addressed investor over-
reliance on the ratings opinions of the three leading ratings 
agencies, Standard & Poor's, Moody's Investor Service and Fitch 
Ratings.
    On April 30, 2012, Chairman Spencer Bachus and Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Subcommittee Chairman Scott Garrett wrote to the prudential 
regulators about their proposed rule to implement Section 939A 
of the Dodd-Frank Act, which requires the removal of references 
to credit ratings in federal law.

Securitization and Risk Retention

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
regulatory implementation of Section 941 of the Dodd-Frank Act, 
establishing new risk retention standards for securitizations 
of mortgages and other assets.
    On April 14, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Understanding the Implications and Consequences of the 
Proposed Rule on Risk Retention.'' The hearing focused on the 
proposed rule to implement Section 941 issued by the Department 
of Housing and Urban Development (HUD), the FDIC, the Federal 
Reserve Board, the SEC, the Federal Housing Finance Agency 
(FHFA), and the OCC in March 2011, particularly its 
implications for the availability of affordable mortgage 
credit.
    In addition, on February 10, 2011, Chairman Spencer Bachus 
sent a letter to the six Federal agencies charged with 
promulgating the risk retention rules for residential mortgage-
backed securities, asking that ``qualified residential 
mortgages'' (QRMs) exempt from the risk retention requirements 
be defined with sufficient flexibility so as to reduce reliance 
upon the Federal Housing Administration's (FHA's) mortgage 
insurance program, thereby limiting taxpayer exposure.
    On August 2, 2011, Chairman Spencer Bachus and Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Chairman Scott Garrett wrote to the Secretary of HUD, the 
Chairman of the Federal Reserve, the Acting Director of the 
FHFA, the Acting Chairman of the FDIC, the Chairman of the SEC, 
and the Acting Comptroller of the Currency expressing concern 
about a provision issued by their agencies requiring 
securitizers to set aside the premium from sales of securities 
in ``premium capture cash reserves,'' and prevent securitizers 
from collecting a profit until up to ten years later when the 
security matures.
    On September 7, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a field hearing in 
New York, New York entitled ``Facilitating Continued Investor 
Demand in the U.S. Mortgage Market Without a Government 
Guarantee.'' This hearing examined the conditions necessary to 
facilitate investor demand for private-label residential 
mortgage backed securities. In particular, the hearing focused 
on proposals to (1) provide greater transparency about 
residential mortgage-backed securities; (2) facilitate 
standardization; and (3) provide greater certainty that the 
terms of residential mortgage-backed securities will be 
enforced. In addition, the witnesses discussed the need for 
clarification regarding the risk retention rules, as well as 
their views on whether increased transparency and 
representations and warranties could serve as a viable 
alternative to risk retention.
    On November 3, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a legislative hearing 
entitled ``H.R. ___, the Private Mortgage Market Investment 
Act.'' This hearing examined the Private Mortgage Market Act 
(PMMI), which would establish uniform standards that would lay 
the foundation for a new securitization market that would 
replace the secondary-mortgage market now dominated by the GSEs 
Fannie Mae and Freddie Mac. The PMMI also strikes Section 941 
of the Dodd-Frank Act based on the belief that the goals of 
risk retention--better underwriting and fewer loans made to 
borrowers who cannot afford them--can be better achieved 
through standardized underwriting requirements and clarity and 
consistency about issuer representations and warranties. During 
this hearing, the witnesses expressed their views about how to 
fix the private-label securitization market and their opinions 
of the PMMI, including whether the PMMI provides a viable 
alternative to risk retention through standardization, 
transparency, and representations and warranties.
    On December 7, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled, 
``H.R. ___, the Private Mortgage Market Investment Act, Part 
2.'' The hearing examined draft legislation seeking to 
establish uniform standards to lay the foundation for a new 
securitization market to replace the secondary-mortgage market 
dominated by the GSEs Fannie Mae and Freddie Mac.
    On March 26, 2012, Chairman Spencer Bachus and Subcommittee 
on Capital Markets and Government Sponsored Enterprises 
Subcommittee Chairman Scott Garrett wrote to the prudential and 
market regulators and HUD about the risk retention proposal 
issued pursuant to Section 941 of the Dodd-Frank Act, which 
contained a requirement that securitizers set aside the profits 
from sales of securities in ``premium capture cash reserve 
accounts.''
    On May 7, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a field hearing in 
Chicago, Illinois entitled ``An Examination of the Federal 
Housing Finance Agency's Real Estate Owned (REO) Pilot 
Program.'' The hearing examined the pilot program recently 
announced by the FHFA to dispose of REO properties.
    On June 7, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Investor Protection: The Need to Protect Investors from the 
Government.'' The hearing examined actions taken by the Obama 
Administration that have favored particular groups at the 
expense of U.S. investors. These actions include the mortgage 
servicing settlement, the U.S. government's intervention on 
behalf of Argentina against the holders of Argentine bonds, and 
the Chrysler bankruptcy and the treatment of secured creditors.
    On July 10, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of Dodd-Frank on Customers, Credit, and Job Creators.'' 
This hearing examined the effect that the Dodd-Frank Act has 
had on U.S. capital markets, businesses, investors, and 
consumers. In particular, this hearing examined the following 
topics: derivatives regulation; the Volcker Rule; risk 
retention; single counter-party credit limits; and the effect 
of the Dodd-Frank Act on the ability of U.S. businesses to 
raise capital, hedge risks, and obtain credit.

Regulation and Oversight of Broker-Dealers and Investment Advisers

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
study mandated by Sections 913 and 914 of the Dodd-Frank Act, 
relating to the duties of care owed to investors by broker-
dealers and investment advisers.
    Section 913 of the Dodd-Frank Act requires the SEC to 
evaluate existing standards for personalized investment advice 
to retail investors and to promulgate regulations based upon 
the findings of the study. The SEC released the study mandated 
by Section 913 on January 21, 2011. On March 15, 2011, Chairman 
Bachus, Education and the Workforce Committee Chairman Kline, 
and Agriculture Committee Chairman Frank Lucas sent a letter to 
Secretary of Labor Hilda Solis, SEC Chairman Mary Schapiro, and 
CFTC Chairman Gary Gensler, expressing concern that 
uncoordinated rulemaking on the fiduciary duty owed by 
investment professionals could lead to market confusion and 
economic disruption.
    On March 17, 2011, the Republican Members of the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises sent a letter to SEC Chairman Schapiro regarding 
the SEC staff study on the regulatory regime for broker-dealers 
and investment advisers conducted pursuant to Section 913 of 
the Dodd-Frank Act. The letter requested that the SEC gather 
stronger analytical and empirical information, including an 
assessment of the impact throughout the entire financial 
marketplace and consideration of related oversight, examination 
and enforcement programs, before moving forward with the 
rulemaking mandated by Section 913.
    On August 2, 2011, Chairman Spencer Bachus sent a letter to 
SEC Chairman Mary Schapiro regarding the SEC's rulemaking 
authority under Section 913 of the Dodd-Frank Act and urged SEC 
to consider the appropriateness and necessity of adjusting the 
standard of care for broker-dealers prior to performing an 
analysis of the harm to retail customers of a broker-dealer.
    On September 13, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a legislative hearing 
entitled ``Ensuring Appropriate Regulatory Oversight of Broker-
Dealers and Legislative Proposals to Improve Investment 
Oversight.'' Section 913 of the Dodd-Frank Act required the SEC 
to report to the Committee on the standards of care applicable 
to broker-dealers and investment advisers when providing 
personalized investment advice to customers, and the SEC 
presented the findings of its report at this hearing. The 
hearing also examined a legislative proposal by Chairman 
Spencer Bachus entitled the ``Investment Adviser Oversight Act 
of 2011,'' which adopts an alternative outlined by the SEC in a 
study required by Section 914 of the Dodd-Frank Act, and would 
amend the Investment Advisers Act of 1940 to provide for the 
creation of national investment adviser associations (NIAAs) 
registered with and overseen by the SEC.
    On November 18, 2011, the Committee hosted a briefing for 
staff on the MF Global bankruptcy and liquidation proceedings. 
Representatives of the CME Group provided an overview of how 
broker-dealers and futures commission merchants (FCMs) 
segregate customer assets; the role of self-regulatory 
organizations in ensuring that their members do not impose 
systemic risk on a clearinghouse; the purpose of a 
clearinghouse guaranty fund; the role of the CME Group in the 
bankruptcy of an FCM; the transfer of customer accounts from a 
failed FCM; and the interaction and coordination of Federal 
regulatory agencies and the self-regulatory organizations.
    On June 6, 2012, the Committee on Financial Services held a 
hearing entitled ``H.R. 4624, the Investment Adviser Oversight 
Act of 2012.'' The hearing reviewed the oversight of investment 
advisers by the SEC and state securities regulators. The 
hearing also reviewed the SEC study mandated by Section 914 of 
the Dodd-Frank, which directed the SEC to study ``the need for 
enhanced examination and enforcement resources for investment 
advisers,'' and the three options to enhance investment adviser 
oversight presented in the study to Congress for its 
consideration. The hearing examined legislation, H.R. 4624, 
which adopted the second option set out in the Section 914 
study--authorizing one or more SROs for registered investment 
advisers, funded by membership fees, to supplement the SEC's 
oversight of investment advisers. The bill amends the Advisers 
Act to provide for the creation of national investment adviser 
associations (NIAAs), registered with and overseen by the SEC. 
Investment advisers that conduct business with retail customers 
would be required to join a registered NIAA.

Advisers to Private Funds

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
functions served by advisers to private funds, including hedge 
funds, private equity funds, and venture capital funds, in the 
United States financial marketplace.
    On March 15, 2011, H.R. 1082, the Small Business Capital 
Access and Job Preservation Act, was introduced by 
Representative Robert Hurt. The bill would exempt advisers to 
private equity funds from SEC registration requirements as 
mandated by Title IV of the Dodd-Frank Act. On March 16, 2011, 
the Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a legislative hearing on H.R. 1082 entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' On May 3, 2011 and May 4, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises met in open session and ordered the bill 
favorably reported to the Committee by a record vote of 19 yeas 
and 13 nays. On June 22, 2011, the Committee met in open 
session and ordered the bill, as amended, favorably reported to 
the House by voice vote. The Committee Report was filed on July 
12, 2011 (H. Rept. 112-143).

Securities Investor Protection Corporation (SIPC)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
operations, initiatives, and activities of the SIPC, as well as 
the application of the Securities Investor Protection Act 
(SIPA), examine the SIPC's existing reserves, member broker-
dealer assessments, access to private and public lines of 
credit, and coverage levels, proposals to improve SIPC's 
operations and management and review the impact of the 
provisions of the Dodd-Frank Act that amend the SIPA, and the 
work and recommendations of the SIPC Modernization Task Force.
    On March 7, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Securities Investor Protection Corporation: Past, Present, and 
Future.'' The hearing examined SIPC's role in reimbursing the 
customers of failed broker-dealers and the recommendations of 
the SIPC Modernization Task Force to amend SIPA and modernize 
SIPC's operations. The hearing also examined three legislative 
proposals to amend SIPA: H.R. 757, the Equitable Treatment of 
Investors Act; H.R. 1987, the Ponzi Scheme Investor Protection 
Act of 2011; and H.R. 4002, the Improving SIPC Act of 2012.

Municipal Securities

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
U.S. municipal securities markets and consider reforms to 
increase transparency in that segment of the capital markets.
    On February 23, 2011, Chairman Spencer Bachus sent a letter 
to SEC Chairman Schapiro about the SEC's proposed rule to 
implement Section 975 of the Dodd-Frank Act governing the 
oversight of municipal advisers.
    On July 20, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of the Dodd-Frank Act on Municipal Finance.'' This 
hearing examined the effect of the Dodd-Frank Act on the 
municipal securities market. Specifically, the hearing examined 
Section 975 of the Dodd-Frank Act, which governs the 
registration and oversight of municipal advisors and the SEC's 
proposed rule to implement Section 975. The hearing also 
considered legislation offered by Representative Robert Dold, 
H.R. 2827, to amend and clarify the scope of Section 975 of the 
Dodd-Frank Act.

Municipal Securities Rulemaking Board (MSRB)

    The Oversight Plan for the Committee on Financial Services 
calls upon the Committee for the 112th Congress to review the 
operations, initiatives and activities of the Municipal 
Securities Rulemaking Board, including the MSRB's regulation of 
municipal advisors.
    On July 20, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of the Dodd-Frank Act on Municipal Finance.'' This 
hearing examined the effect of the Dodd-Frank Act on the 
municipal securities market. Specifically, the hearing examined 
Section 975 of the Dodd-Frank Act, which governs the 
registration and oversight of municipal advisors and the SEC's 
proposed rule to implement Section 975. The hearing also 
considered legislation offered by Representative Robert Dold, 
H.R. 2827, to amend and clarify the scope of Section 975 of the 
Dodd-Frank Act.

Capital Formation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
regulatory impediments to capital formation and consider both 
regulatory and market-based incentives to increase access to 
capital.
    On March 16, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Promote Job Creation, Capital 
Formation, and Market Certainty.'' One of the legislative 
proposals discussed during that hearing was H.R. 1070, the 
Small Company Capital Formation Act of 2011, which was 
introduced by Representative Schweikert on March 14, 2011. H.R. 
1070 would increase the offering threshold for companies 
exempted from registration under SEC Regulation A from $5 
million to $50 million. The bill also requires the SEC to re-
examine the threshold every two years and report to Congress on 
decisions regarding the adjustment of the threshold. On May 3, 
2011 and May 4, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises met in open session and 
ordered the bill, as amended, favorably reported to the 
Committee by voice vote. On June 22, 2011, the Committee met in 
open session and ordered the bill, as amended, favorably 
reported to the House by voice vote. The Committee Report was 
filed on September 14, 2011 (H. Rept. 112-206). On November 2, 
2011, the House agreed to a motion to suspend the rules and 
pass H.R. 1070, as amended, by a record vote of 421 yeas and 1 
nay.
    On September 21, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a legislative hearing 
entitled ``Legislative Proposals to Facilitate Small Business 
Capital Formation and Job Creation,'' to examine legislative 
proposals to encourage capital formation and job creation. 
Specifically, the proposals were to amend the Securities Act of 
1933, the Exchange Act and the Sarbanes-Oxley Act of 2002.
    On June 14, 2011, H.R. 2167, the Private Company 
Flexibility and Growth Act, was introduced by Representative 
David Schweikert. The bill would raise the threshold for 
mandatory registration under the Exchange Act from 500 
shareholders to 1,000 shareholders for all companies; 
shareholders who received securities under employee 
compensation plans would not count towards the threshold. On 
September 21, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing on 
H.R. 2167 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' On October 5, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises met in open session and ordered H.R. 
2167, as amended, favorably reported to the Committee by voice 
vote. On October 26, 2011, the Committee met in open session 
and ordered H.R. 2167, as amended, favorably reported to the 
House by voice vote.
    On September 14, 2011, H.R. 2930, the Entrepreneur Access 
to Capital Act, was introduced by Representative Patrick 
McHenry. The bill would create an exemption from SEC 
registration for ``crowdfunding'' for offerings up to $1 
million so long as the individual's investment is no more than 
the lesser of $10,000 or 10% of the investor's annual income, 
and offerings up to $2 million if the issuer provides audited 
financial statements. On September 21, 2011, the Subcommittee 
on Capital Markets and Government Sponsored Enterprises held a 
legislative hearing on H.R. 2930 entitled ``Legislative 
Proposals to Facilitate Small Business Capital Formation and 
Job Creation.'' On October 5, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered H.R. 2930 favorably reported to the 
Committee by a record vote of 18 yeas and 14 nays. On October 
26, 2011, the Committee met in open session and ordered the 
bill, as amended, favorably reported to the House by voice 
vote. The Committee Report was filed on October 31, 2011 (H. 
Rept. 112-262). On November 3, 2011, the House considered H.R. 
2930 and passed the bill, as amended, by a record vote of 407 
yeas and 17 nays.
    On September 15, 2011, H.R. 2940, the Access to Capital for 
Job Creators Act, was introduced by Representative Kevin 
McCarthy. The bill would make the exemption under Regulation D 
Rule 506 available to companies even if their securities are 
marketed through a general solicitation or advertising so long 
as purchasers are ``accredited investors.'' On September 21, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a legislative hearing on H.R. 2940 
entitled ``Legislative Proposals to Facilitate Small Business 
Capital Formation and Job Creation.'' On October 5, 2011, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises met in open session and ordered H.R. 2940, as 
amended, favorably reported to the Committee by voice vote. On 
October 26, 2011, the Committee met in open session and ordered 
the bill, as amended, favorably reported to the House by voice 
vote. The Committee Report was filed on October 31, 2011 (H. 
Rept. 112-263). On November 3, 2011, the House considered H.R. 
2940 and passed the bill by a record vote of 413 yeas and 11 
nays.
    On May 24, 2011, H.R. 1965, a bill to amend the securities 
laws to establish certain thresholds for shareholder 
registration, and for other purposes, was introduced by 
Representative James Himes. The bill would raise the threshold 
for mandatory registration under the Exchange Act from 500 
shareholders to 2,000 shareholders for banks or bank holding 
companies, and modify the threshold for deregistration under 
Sections 12(g) and 15(d) of the Exchange Act for a bank or a 
bank holding company from 300 to 1,200 shareholders. On 
September 21, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing on 
H.R. 1965 entitled ``Legislative Proposals to Facilitate Small 
Business Capital Formation and Job Creation.'' On October 5, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises met in open session and ordered the bill, 
as amended, favorably reported to the Committee by voice vote. 
On October 26, 2011, the Committee met in open session and 
ordered the bill, as amended, favorably reported to the House 
by voice vote. On November 2, 2011, the House agreed to a 
motion to suspend the rules and pass H.R. 1965, as amended, by 
a record vote of 420 yeas and 2 nays.
    On October 14, 2011, H.R. 3213, the Small Company Job 
Growth and Regulatory Relief Act of 2011, was introduced by 
Representative Stephen Fincher. The bill would expand the 
exemption from Section 404(b) of the Sarbanes-Oxley Act, and 
increase the market capitalization threshold for a full 404(b) 
exemption from $75 million to $350 million. On September 21, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a legislative hearing on the 
discussion draft of H.R. 3213 entitled ``Legislative Proposals 
to Facilitate Small Business Capital Formation and Job 
Creation.'' On October 5, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered the draft version of H.R. 3213, as amended, 
favorably reported to the Committee by a record vote of 18 yeas 
and 14 nays.
    On December 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``H.R. 3606, the Reopening American Capital Markets to Emerging 
Growth Companies Act of 2011.'' The hearing examined 
legislative and other proposals to revitalize the initial 
public offering marketplace in the United States and focused on 
H.R. 3606, which would establish a new class of issuers known 
as ``Emerging Growth Companies.''
    On June 20, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Market Structure: Ensuring Orderly, Efficient, Innovative and 
Competitive Markets for Issuers and Investors.'' This hearing 
examined the quality, innovation, and competition in the U.S. 
equity markets. In particular, this hearing examined the effect 
that market structure has on smaller issuers and how current 
U.S. equity market structure has been shaped by four 
significant SEC initiatives: the Order Handling Rules, 
Regulation ATS, Decimalization and Regulation NMS. The hearing 
also examined draft legislation offered by Representative 
Patrick McHenry entitled the ``Liquidity Enhancement for Small 
Public Companies Act,'' to ensure that adequate liquidity 
exists for smaller issuers by promoting the development of 
market quality incentive programs by permitting issuers, 
exchanges, or any other company approved by the SEC or an 
exchange to provide financial incentives to market makers that 
adhere to standards of market quality established by an 
exchange.
    On July 12, 2012, Chairman Bachus wrote to SEC Chairman 
Schapiro and Financial Industry Regulatory Authority (FINRA) 
Chairman Ketchum about NASDAQ's failures during the Facebook 
Initial Public Offering (IPO). The letter questioned whether 
the SEC and FINRA were adequately fulfilling their roles to 
maintain fair, orderly, and efficient markets.
    On August 2, 2012, Chairman Bachus and Majority Whip Kevin 
McCarthy wrote to SEC Chairman Schapiro about the SEC's 
implementation of Title II of the JOBS Act, which made the 
exemption under SEC Regulation D Rule 506 available to issuers 
even if the securities are marketed through a general 
solicitation or advertising so long as the purchasers are 
``accredited investors.'' The letter urged the SEC to write the 
rules to implement Title II of the JOBS Act so that verifying 
accredited investor status would not be unduly burdensome on 
issuers or investors. Moreover, the letter urged the SEC to be 
mindful of both the income and asset tests for becoming an 
accredited investor and to implement Title II in a manner that 
is flexible and recognizes the varying circumstances of 
investors.

Equity/Option Market Structure

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to ensure that 
the SEC follows its mandate to promote fair, orderly and 
efficient markets, and that any new regulations foster market 
efficiency, competition and innovation, and are based on 
economic and empirical market data. The Committee is also 
called upon to monitor the work of the Joint CFTC-SEC Advisory 
Committee on Emerging Regulatory Issues, as it develops 
regulatory or legislative recommendations that attempt to 
respond to the extraordinary market movements on May 6, 2010.
    On August 1, 2011, the Committee hosted a briefing on 
``Options Fundamentals.'' Mr. Alan Grigoletto, the Director of 
OIC Education for the Options Clearing Corporation, provided an 
introduction to the basic concepts of exchange traded and 
centrally cleared options contracts. The terminology and 
mechanics for call and put options were explained in 
conjunction with the risk characteristics and rewards for both 
the buyer and seller of these instruments.
    On May 31, 2012, the Committee staff received briefings 
from representatives from the SEC and the Financial Industry 
Regulatory Authority about the problems with Facebook's May 17, 
2012 Initial Public Offering (IPO). In addition, the Committee 
staff received briefings from various market participants 
regarding the Facebook IPO.
    On June 12, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises hosted two briefings in 
preparation for the June 20, 2012 hearing on equity market 
structure. The first briefing was conducted by Mr. Larry 
Leibowitz, Executive Vice President and Chief Operating 
Officer, NYSE Euronext, and Mr. Eric Noll, Executive Vice 
President of Transaction Services, NASDAQ OMX. On June 15, 
2012, the second briefing was conducted by representatives from 
Knight Capital and Credit Suisse.
    On June 20, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Market Structure: Ensuring Orderly, Efficient, Innovative and 
Competitive Markets for Issuers and Investors.'' This hearing 
examined the quality, innovation, and competition in the U.S. 
equity markets. In particular, this hearing examined the effect 
that market structure has on smaller issuers and how current 
U.S. equity market structure has been shaped by four 
significant SEC initiatives: the Order Handling Rules, 
Regulation ATS, Decimalization and Regulation NMS. The hearing 
also examined draft legislation offered by Representative 
Patrick McHenry entitled the ``Liquidity Enhancement for Small 
Public Companies Act,'' to ensure that adequate liquidity 
exists for smaller issuers by promoting the development of 
market quality incentive programs by permitting issuers, 
exchanges, or any other company approved by the SEC or an 
exchange to provide financial incentives to market makers that 
adhere to standards of market quality established by an 
exchange.
    On July 12, 2012, Chairman Bachus wrote to SEC Chairman 
Schapiro and Financial Industry Regulatory Authority (FINRA) 
Chairman Ketchum about NSADAQ's system failures during the 
Facebook Initial Public Offering (IPO). The letter questioned 
whether the SEC and FINRA were adequately fulfilling their 
roles to maintain fair, orderly, and efficient markets.

Covered Bonds

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
whether the existing statutory and regulatory framework is 
sufficient to foster the creation of a covered bond market in 
the U.S. or whether additional regulatory or legislative 
initiatives are necessary.
    On March 11, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Create a Covered Bond Market in the 
United States.'' The hearing focused on H.R. 940, the United 
States covered Bonds Act of 2011, which was introduced by 
Representative Garrett on March 8, 2011. The hearing also 
examined perspectives on how the United States could enact 
legislation to provide a legal framework to allow covered bonds 
to be issued in the United States.

Corporate Governance

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
developments and issues relating to corporate governance at 
public companies.
    On May 11, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Address the Negative Consequences of 
the Dodd-Frank Whistleblower Provisions.'' The hearing focused 
on a legislative proposal by Representative Michael Grimm that 
would amend the whistleblower provisions of the Dodd-Frank Act, 
in particular Section 922, by preserving the viability of 
internal reporting regimes established by the Sarbanes-Oxley 
Act of 2002 and preventing employees who are responsible for 
wrongful acts from receiving an award from the bounty program 
established by Section 922. On July 7, 2011, H.R. 2483, the 
Whistleblower Improvement Act of 2011, was introduced by 
Representative Michael Grimm and referred to the Committee on 
Financial Services.
    On December 15, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``H.R. 3606, the Reopening American Capital Markets to Emerging 
Growth Companies Act of 2011.'' The hearing examined 
legislative and other proposals to revitalize the initial 
public offering marketplace in the United States and focused on 
H.R. 3606, which would establish a new class of issuers known 
as ``Emerging Growth Companies.''
    On June 19, 2012, the Committee on Financial Services held 
a hearing entitled ``Examining Bank Supervision and Risk 
Management in Light of JPMorgan Chase's Trading Loss.'' The 
hearing reviewed the $2 billion trading loss disclosed by 
JPMorgan Chase & Co. in May 2012 and its implications for risk 
management at large complex financial institutions and the 
regulation of these institutions. The hearing received 
testimony from the prudential and market regulators, which have 
jurisdiction over JPMorgan's holding company, national bank and 
trading operations as well as its disclosures as a public 
company. The hearing also examined whether JPMorgan's trades 
would be subject to Section 619 of the Dodd-Frank Act, 
popularly known as the Volcker Rule, and JPMorgan's derivatives 
positions will be regulated after the SEC and CFTC complete 
their rules to implement Title VII of the Dodd-Frank Act, which 
governs the regulation of the over-the-counter derivatives 
market.
    On July 26, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
10th Anniversary of the Sarbanes-Oxley Act.'' The hearing 
examined the cumulative impact that the Sarbanes-Oxley Act of 
2002 has had. The hearing also examined H.R. 6161, the 
``Fostering Innovation Act,'' that will allow more small 
companies to receive regulatory relief and incentivize them to 
access the public markets. Representative Michael Fitzpatrick 
introduced the bill on July 19, 2012. H.R. 6161 requires that 
the SEC amend its definitions so that companies that either 
have a public float of less than $250 million or have between 
$250 million and $700 million in public float but less than 
$100 million in annual revenue are deemed ``non-accelerated 
filers'' and thus eligible for regulatory relief.

Employee Compensation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
implementation of the provisions of the Dodd-Frank Act 
governing compensation practices at public companies and 
financial institutions.
    On March 14, 2011, H.R. 1062, the Burdensome Data 
Collection Relief Act, was introduced by Representative Nan 
Hayworth. H.R. 1062 would repeal Section 953(b) of the Dodd-
Frank Act, which requires publicly traded companies to disclose 
the median of the annual total compensation of all employees of 
the company (other than the CEO), the annual total compensation 
of the CEO, and a ratio comparing those two numbers. On March 
16, 2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a legislative hearing on the draft 
version of H.R. 1062 entitled ``Legislative Proposals to 
Promote Job Creation, Capital Formation, and Market 
Certainty.'' On May 3, 2011 and May 4, 2011, the Subcommittee 
on Capital Markets and Government Sponsored Enterprises met in 
open session and ordered the bill favorably reported to the 
Committee by a record vote of 20 yeas and 12 nays. On June 22, 
2011, the Committee met in open session and ordered the bill 
favorably reported to the House by a record vote of 33 yeas and 
21 nays. The Committee Report was filed on July 12, 2011 (H. 
Rept. 112-142).
    On June 19, 2012, the Committee on Financial Services held 
a hearing entitled ``Examining Bank Supervision and Risk 
Management in Light of JPMorgan Chase's Trading Loss.'' The 
hearing reviewed the $2 billion trading loss disclosed by 
JPMorgan Chase & Co. in May 2012 and its implications for risk 
management at large complex financial institutions and the 
regulation of these institutions. The Committee received 
testimony from the prudential and market regulators, which have 
jurisdiction over JPMorgan's holding company, national bank and 
trading operations as well as its disclosures as a public 
company. The hearing also examined whether JPMorgan's trades 
would be subject to Section 619 of the Dodd-Frank Act, 
popularly known as the Volcker Rule, and how JPMorgan's 
derivatives positions will be regulated after the SEC and CFTC 
complete their rules to implement Title VII of the Dodd-Frank 
Act, which governs the regulation of the over-the-counter 
derivatives market.

Securities Fraud

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
SEC's compliance, inspections, examinations, and enforcement 
functions to ensure that adequate mechanisms exist to prevent 
and detect securities fraud.
    On May 13, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``The Stanford Ponzi 
Scheme: Lessons for Protecting Investors from the Next 
Securities Fraud.'' This hearing reviewed the failure of the 
SEC and the Financial Industry Regulatory Authority (FINRA) to 
uncover the Stanford Ponzi scheme. The hearing also focused on 
what steps the SEC and FINRA could take to prevent similar 
securities frauds in the future.
    On December 2, 2011, Subcommittee on Oversight and 
Investigations Subcommittee Chairman Randy Neugebauer sent a 
letter to SEC Chairman Mary Schapiro requesting SEC-records 
related to its oversight of MF Global and its coordination with 
other regulators and with self-regulatory organizations.
    On December 6, 2011, the Committee held a legislative 
hearing entitled ``H.R. 1148, the Stop Trading on Congressional 
Knowledge Act.'' The hearing examined the law of insider 
trading, the SEC's ability to file civil charges against 
Members of Congress and Congressional staff and employees 
alleging insider trading violations, and the need for 
legislation to clarify the duty of care to applicable Members 
of Congress and their staff under the federal securities laws.
    On May 17, 2012, the Committee held a hearing entitled 
``Examining the Settlement Practices of U.S. Financial 
Regulators.'' The hearing examined the settlement practices of 
the Board of Governors of the Federal Reserve System, the FDIC, 
the OCC, and the SEC.

Mutual Funds

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
state and operation of the U.S. mutual fund industry, and to 
review the SEC's regulation of money market mutual funds, and 
any proposed changes to the calculation of a money market 
fund's ``net asset value'' (NAV), and any proposals by the FSOC 
to designate non-bank financial institutions such as mutual 
funds as ``Systemically Important Financial Institutions.''
    On June 24, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Oversight of the Mutual Fund Industry: Ensuring Market 
Stability and Investor Confidence.'' This was the first 
Financial Services Committee hearing on the mutual fund 
industry since May 2005. The hearing addressed current issues 
in mutual fund industry regulation, including distribution 
fees, or Rule ``12b-1 fees,'' on which the SEC voted to propose 
measures to improve regulation in July 2010. The hearing also 
examined the proxy access rules that the SEC adopted in 2010 
that would permit shareholders to place nominees for directors 
on a company's proxy statement. The Subcommittee reviewed the 
impact on the mutual fund industry of Section 113 of the Dodd-
Frank Act, which directs the FSOC to select nonbank financial 
companies for heightened supervision, and Section 918, which 
requires the GAO to conduct a study on mutual fund advertising.
    On August 12, 2011 Chairman Spencer Bachus, Subcommittee on 
Capital Markets and Government Sponsored Enterprises Chairman 
Scott Garrett and other Republican Members of the Committee 
wrote to SEC Chairman Mary Schapiro requesting more information 
on the Commission's plans to potentially require money market 
mutual funds to float its net asset value; and the impact of 
the SEC's rules adopted in 2010 to strengthen the resiliency of 
money market mutual funds.
    On April 17, 2012, Chairman Spencer Bachus and Vice 
Chairman Jeb Hensarling wrote to the SEC about its plans to 
propose new rules governing the operations of money market 
funds.
    On July 10, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled ``The 
Impact of Dodd-Frank on Customers, Credit, and Job Creators.'' 
This hearing examined the effect that the Dodd-Frank Act has 
had on U.S. capital markets, businesses, investors, and 
consumers. In particular, this hearing examined the following 
topics: derivatives regulation; the Volcker Rule; risk 
retention; single counter-party credit limits; and the effect 
that the Dodd-Frank Act has had on the ability of U.S. 
businesses to raise capital, hedge risks, and obtain credit.

Public Company Accounting Oversight Board (PCAOB)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
PCAOB's exercise of its new authority under Section 982 of the 
Dodd-Frank Act to register, inspect and discipline the auditors 
of brokers-dealers, and the impact that this increased 
oversight may have on the PCAOB's operations.
    On May 27, 2011, Chairman Bachus and Subcommittee on 
Capital Markets and Government Sponsored Enterprises Chairman 
Garrett sent a letter to PCAOB Chairman James Doty regarding 
the PCAOB's proposed interim rule to implement Section 982, 
particularly as it relates to the costs and benefits of 
applying that rule to the auditors of introducing broker-
dealers.
    On March 28, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Accounting and Auditing Oversight: Pending Proposals and 
Emerging Issues Confronting Regulators, Standard Setters and 
the Economy.'' This hearing examined the state of the 
accounting and auditing profession, including the activities 
and agendas of the Office of the SEC's Chief Accountant, the 
PCAOB, the Financial Accounting Standards Board (FASB), and the 
Governmental Accounting Standards Board (GASB).

Financial Accounting Standards Board (FASB)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
initiatives of the FASB and its responsiveness to all segments 
of the capital markets; the FASB's relationship with the SEC; 
and proposals to enhance Congressional oversight of the FASB.
    On March 28, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Accounting and Auditing Oversight: Pending Proposals and 
Emerging Issues Confronting Regulators, Standard Setters and 
the Economy.'' This hearing examined the state of the 
accounting and auditing profession, including the activities 
and agendas of the Office of the SEC's Chief Accountant, the 
PCAOB, the FASB, and the GASB.

Government Accounting Standards Board (GASB)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
role of the GASB and the implementation of Section 978 of the 
Dodd-Frank Act, which directs the SEC to require the FINRA to 
collect fees from its members (broker-dealers and other 
securities professionals) and to remit such fees to the 
Financial Accounting Foundation, GASB's parent organization.
    On March 28, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Accounting and Auditing Oversight: Pending Proposals and 
Emerging Issues Confronting Regulators, Standard Setters and 
the Economy.'' This hearing examined the state of the 
accounting and auditing profession, including the activities 
and agendas of the Office of the SEC's Chief Accountant, the 
PCAOB, the FASB, and the GASB.

Convergence of International Accounting Standards

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
efforts by the SEC, the FASB, and the International Accounting 
Standards Board to achieve robust, uniform international 
accounting standards. The Committee will also monitor the SEC's 
plans to incorporate those standards as part of United States 
financial reporting requirements.
    On March 28, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Accounting and Auditing Oversight: Pending Proposals and 
Emerging Issues Confronting Regulators, Standard Setters and 
the Economy.'' This hearing examined the state of the 
accounting and auditing profession, including the activities 
and agendas of the Office of the SEC's Chief Accountant, the 
PCAOB, the FASB, and the GASB.

Business Continuity Planning

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
implementation of disaster preparedness and business continuity 
measures by the financial services industry in order to 
minimize the disruptions of critical operations in the U.S. 
financial system in the event of natural disasters, terrorist 
attacks, or pandemics.
    On February 8, 2011, Chairman Bachus and Representative 
Garrett sent a letter to federal regulators and executives at 
exchanges and clearinghouses seeking information about 
computer-network security in response to reports that the 
NASDAQ Stock Market's computer network had been compromised. 
The purpose of the letter was to ensure that the regulators and 
exchanges and clearinghouses were doing all in their power to 
ensure the ongoing integrity and security of exchange trading 
systems and clearinghouses. In addition to the SEC and CFTC, 
the letter was sent to executives from BATS Global Markets, the 
Chicago Board Options Exchange, the CME Group, the Depository 
Trust & Clearing Corporation, Direct Edge, the International 
Securities Exchange, IntercontinentalExchange, the NASDAQ Stock 
Market, NYSE Euronext, and the Options Clearing Corporation.
    On June 1, 2012, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Cyber Threats to Capital Markets and Corporate Accounts.'' 
The hearing examined the importance of cyber security in 
protecting U.S. capital markets and corporate accounts from 
cyber attacks and service disruptions and reviewed private-
public initiatives to promote the resilience of financial 
markets in the event of a cyber attack.

                    Government Sponsored Enterprises


Charter Restructuring for GSEs

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
proposals to modify or terminate Fannie Mae's and Freddie Mac's 
statutory charters.
    On July 7, 2011, H.R. 2436, the Fannie Mae and Freddie Mac 
Taxpayer Payback Act of 2011, was introduced by Representative 
Donald Manzullo. The bill would prohibit any reduction in the 
dividend rate paid to the Secretary of the Treasury on the 
senior preferred stock of Fannie Mae and Freddie Mac. On May 
25, 2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a legislative hearing on the 
discussion draft of H.R. 2436 entitled ``Transparency, 
Transition and Taxpayer Protection: More Steps to End the GSE 
Bailout.'' On July 12, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises met in open 
session and ordered H.R. 2436 favorably reported to the 
Committee by voice vote.
    On July 7, 2011, H.R. 2439, the Removing GSEs Charters 
During Receivership Act of 2011, was introduced by 
Representative Steve Stivers. The bill would authorize the FHFA 
to revoke the charters of Fannie Mae and Freddie Mac, and 
require the FHFA to revoke the charter when a successor, 
limited-life entity is dissolved. On May 25, 2011, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a legislative hearing on the discussion draft 
of H.R. 2439 entitled ``Transparency, Transition and Taxpayer 
Protection: More Steps to End the GSE Bailout.'' On July 12, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises met in open session and ordered H.R. 
2439, as amended, favorably reported to the Committee by voice 
vote.
    On July 8, 2011, H.R. 2462, the Cap the GSE Bailout Act of 
2011, was introduced by Representative Michael Fitzpatrick. The 
bill would limit outlays to Fannie Mae or Freddie Mac to the 
larger of (a) net amounts Fannie and Freddie have received from 
2010 to 2012 or (b) $200 billion. On May 25, 2011, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a legislative hearing on the discussion draft 
of H.R. 2462 entitled ``Transparency, Transition and Taxpayer 
Protection: More Steps to End the GSE Bailout.'' On July 12, 
2011, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises met in open session and ordered H.R. 
2462, as amended, favorably reported to the Committee by voice 
vote.

                         GSE Regulatory Reform

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
activities of the FHFA and consider the appropriate role, if 
any, for the Federal government in the secondary mortgage 
market.
    From January through May 2011, the Committee held two 
hearings to examine government sponsored enterprise (GSE) 
reform proposals; the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held three hearings, two of 
which focused on 15 different bills and legislative ideas; and 
the Subcommittee held one markup. On April 5, 2011, the 
Subcommittee overwhelmingly passed with bipartisan support 
eight legislative measures designed to scale back the role 
played by the GSEs in the U.S. mortgage market and limit 
further taxpayer exposure.
    On January 26, 2011, the Committee held a hearing titled 
``Promoting Economic Recovery and Job Creation: The Road 
Forward.'' The hearing broadly examined the health of the 
United States economy, impediments to job growth and ways to 
address the nation's budget challenges. John Taylor of Stanford 
University also argued during the hearing that GSE reform is 
necessary.
    On February 9, 2011, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing titled 
``GSE Reform: Immediate Steps to protect Taxpayers and End the 
Bailout.'' Four scholars offered suggestions for reforms, 
debated the merits of government guarantees, and examined ways 
to transition Fannie Mae and Freddie Mac from a Federal 
conservatorship.
    On March 1, 2011, the Committee held a hearing titled 
``Mortgage Finance Reform: An Examination of the Obama 
Administration's Report to Congress,'' at which Treasury 
Secretary Timothy Geithner presented the Obama Administration's 
options for GSE reform. Section 1074 of the Dodd-Frank Act 
required the Treasury Department to ``conduct a study of and 
develop recommendations regarding the options for ending the 
[GSE] conservatorship.'' The Treasury Department and the 
Department of HUD submitted a 31-page white paper on February 
11, 2011, titled ``Reforming America's Housing Finance Market: 
A Report to Congress.'' Secretary Geithner listed a series of 
short-term steps that the Administration intends to take that 
it believes will help attract private capital into the mortgage 
market and reduce the ``unfair capital advantages that Fannie 
Mae and Freddie Mac previously enjoyed,'' and he outlined three 
options for long-term change. He did not endorse any of the 
options.
    Option One would place the mortgage market in the hands of 
the private sector and limit the government's insurance role to 
narrowly-targeted groups of borrowers through the FHA, the 
United States Department of Agriculture (USDA) and the 
Department of Veterans' Affairs. The middleman role currently 
played by Fannie and Freddie would disappear. Option Two would 
also create a more private market, narrowly targeting 
government assistance in programs for low- and moderate-income 
borrowers. Under this proposal, the government would also 
develop a backstop mechanism to ensure access to credit during 
a housing crisis. Option Three envisions a system based on an 
explicit guarantee of catastrophic risks. Under this proposal, 
a group of private mortgage guarantor companies would provide 
guarantees for mortgage-backed securities that meet certain 
underwriting standards. A government reinsurer would then 
provide reinsurance to the holders of these securities, which 
would be paid out only if shareholders of the private mortgage 
guarantors have been entirely wiped out. The government would 
price and issue the catastrophic guarantee, collect a premium 
for the guarantee, and administer the program.
    On March 31, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing 
titled ``Legislative Hearing on Immediate Steps to Protect 
Taxpayers from the Ongoing Bailout of Fannie Mae and Freddie 
Mac.'' The two-panel hearing focused on eight bills designed to 
scale back the role played by the GSEs in the U.S. mortgage 
market and limit further taxpayer exposure. The bills would (1) 
expand the reporting requirements and enhance the authority of 
the FHFA's Inspector General; (2) suspend the current 
compensation packages for all wage grade employees at Fannie 
Mae and Freddie Mac and establish a compensation system for the 
executive officers that is consistent with that of the 
Executive Schedule and the Senior Executive Service of the 
Federal Government and for all other employees that is in 
accordance with the General Schedule; (3) mandate that the FHFA 
gradually require higher guarantee fees at Fannie Mae and 
Freddie Mac over the next two years while requiring the FHFA to 
consider the conditions of the financial market in raising the 
GSEs' guarantee fees to ensure that its actions do not disrupt 
a housing recovery; (4) prohibit the GSEs from offering, 
undertaking, transacting, conducting or engaging in any new 
business activities while in conservatorship or receivership; 
(5) require the Treasury Department to approve any new debt 
issuances by the GSEs; (6) eliminate any advantages that the 
new Qualified Residential Mortgage definition might confer on 
the GSEs; (7) repeal the GSEs' affordable housing goals; and 
(8) accelerate and formalize the reductions in the size of the 
GSEs' portfolios, by setting annual limits on the maximum size 
of each GSE's retained portfolio, ratcheting the limits down 
over five years until they reach $250 billion.
    On May 25, 2011, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a legislative hearing 
titled ``Transparency, Transition and Taxpayer Protection: More 
Steps to End the GSE Bailout'' to consider seven additional GSE 
reform proposals. This two-panel hearing focused on seven 
legislative proposals primarily designed to scale back the role 
played by the GSEs in the U.S. mortgage market and limit 
further taxpayer exposure. Mr. Edward DeMarco, Acting Director 
of the FHFA, testified, as did noted GSE analysts and housing 
reform advocates.
    On July 7, 2011, H.R. 2440, the Market Transparency and 
Taxpayer Protection Act of 2011, was introduced by 
Representative Robert Hurt. The bill would direct Fannie Mae 
and Freddie Mac to report to the FHFA on the assets they own 
within 180 days of the bill's enactment, which would 
incrementally reduce the government's role in the secondary 
mortgage market. On May 25, 2011, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises held a legislative 
hearing on the discussion draft of H.R. 2440 entitled 
``Transparency, Transition and Taxpayer Protection: More Steps 
to End the GSE Bailout.'' On July 12, 2011, the Subcommittee on 
Capital Markets and Government Sponsored Enterprises met in 
open session and ordered H.R. 2440, as amended, favorably 
reported to the Committee by voice vote.
    On June 29, 2011, Chairman Spencer Bachus, Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer, Vice 
Chairman Jeb Hensarling, Subcommittee on Insurance, Housing and 
Community Opportunity Chairman Judy Biggert, Subcommittee on 
Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito, and Subcommittee on Capital Markets and 
Government Sponsored Enterprises Chairman Scott Garrett sent a 
letter to Treasury Secretary Timothy Geithner and Acting 
Director of the FHFA Edward DeMarco to express concern 
regarding Fannie Mae's and Freddie Mac's potential expansion 
into new products and new lines of business, as a provision of 
the Small Business Jobs Act of 2010 seemingly provides an 
opportunity for the GSEs to contract with the Department of 
Treasury to administer a new bond program. The letter raises 
concerns that any such GSE action would directly contradict the 
goals of the GSEs' conservatorship.
    On October 13, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to 
Acting Director of the FHFA Edward DeMarco expressing concerns 
that expenditures that Freddie Mac and Fannie Mae made in 
connection with an industry conference hosted by the Mortgage 
Bankers Association may have had no relation to furthering the 
purposes of their conservatorships.
    On October 21, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to 
Acting Director of the FHFA Edward DeMarco expressing concern 
that Fannie Mae and Freddie Mac could incur substantial costs 
in connection with implementing the Obama Administration's Home 
Affordable Refinance Program (HARP).
    On November 2, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to 
Acting Director of the FHFA Edward DeMarco requesting 
information on Fannie Mae's yearly operating expenses and 
questioning whether those expenses furthered the purpose of 
conservatorship.
    On November 7, 2011, Chairman Spencer Bachus, Vice Chairman 
Jeb Hensarling, Subcommittee on Insurance, Housing and 
Community Opportunity Chairman Judy Biggert, Subcommittee on 
Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito, Subcommittee on Capital Markets and Government 
Sponsored Enterprises Chairman Scott Garrett, Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer, and 
Subcommittee on Domestic Monetary Policy and Trade Chairman Ron 
Paul sent a letter to the Honorable Hal Rogers, the Honorable 
C. W. Bill Young, the Honorable Jack Kingston, the Honorable 
Robert Aderholt, the Honorable John Abney Culberson, the 
Honorable Steven C. LaTourette, the Honorable Jerry Lewis, the 
Honorable Frank R. Wolf, the Honorable Tom Latham, the 
Honorable JoAnn Emerson, and the Honorable John R. Carter, 
conferees appointed to the conference committee for H.R. 2112, 
the Consolidated and Further Continuing Appropriations Act in 
opposition to conference report language to increase the loan 
limits for mortgages insured by the federal government through 
the FHA or guaranteed by the GSEs, Fannie Mae and Freddie Mac.
    On November 18, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to 
Acting Director of the FHFA Edward DeMarco requesting 
information on Freddie Mac's yearly operating expenses and 
questioning whether those expenses furthered the purpose of 
conservatorship.
    On November 18, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to 
Acting Director of the FHFA Edward DeMarco regarding the GSEs' 
core activities, strategic planning, decision making, staffing, 
loan level data and guarantee fees, and on FHFA operations 
generally.
    On May 1, 2012, Chairman Spencer Bachus, Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer, Vice 
Chairman Jeb Hensarling, Subcommittee on Insurance, Housing, 
and Community Opportunity Chairman Judy Biggert, Subcommittee 
on Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito, Subcommittee on Capital Markets and Government 
Sponsored Enterprise Chairman Scott Garrett, Subcommittee on 
International Monetary Policy and Trade Chairman Gary Miller, 
and Subcommittee on Domestic Monetary Policy and Technology 
Chairman Ron Paul sent a letter to the Acting Director of the 
FHFA, Edward DeMarco, questioning whether FHFA can, and should, 
authorize Freddie Mac and Fannie Mae to forgive a portion of 
the outstanding principal on mortgages that qualify for relief 
through the Home Affordable Modification Program.

Federal Home Loan Bank (FHLB) System

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
capital requirements, financial health, and stability of the 
FHLB System, as well as the FHLB System's ability to fulfill 
its housing mission and provide liquidity to the cooperative's 
member banks in a safe and sound manner.
    On March 1, 2011, during a Committee hearing titled 
``Mortgage Finance Reform: An Examination of the Obama 
Administration's Report to Congress,'' Treasury Secretary 
Timothy Geithner discussed ways to strengthen the FHLB System, 
including enhancing regulatory oversight and limiting FHLB 
portfolios to reduce systemic risks.
    On July 7, 2011, Chairman Spencer Bachus sent a letter to 
Acting Director of the FHFA Edward DeMarco regarding the 
Advance Notice of Proposed Rulemaking (ANPR) issued on December 
27, 2010, that could substantially limit membership in the FHLB 
system, affecting existing members and many potential 
applicants. Given that the ANPR could fundamentally change how 
financial institutions do business, Chairman Spencer Bachus 
urged that the Acting Director use caution in moving forward 
with the proposal.
    On October 12, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Federal Home Loan Bank System.'' The purpose of the hearing was 
to examine the financial health and stability of the Federal 
Home Loan Bank System, as well as the Federal Home Loan Bank 
System's ability to fulfill its housing mission and provide 
liquidity to the cooperative's member banks in a safe and sound 
manner. The hearing particularly considered the extent to which 
the Home Loan Banks' policies with respect to investments and 
the making of advances--especially in light of the recent 
financial crises--effectively further their mission.

Legal Fees

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
expenditure of federal funds to defend Fannie Mae and Freddie 
Mac and their top executives in lawsuits since 2008 and 
consider ways to limit further taxpayer exposure.
    On February 15, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``An Analysis of the 
Post-Conservatorship Legal Expenses of Fannie Mae and Freddie 
Mac.'' Witnesses at the hearing included the Acting FHFA 
Director, Edward DeMarco, and the current CEO of Fannie Mae. In 
both his oral and written testimony, Acting Director DeMarco 
stated that FHFA had determined that cancelling the 
indemnification contracts of the GSEs' senior executives would 
have been subject to legal challenge and made it more difficult 
to attract skilled professionals to work at the companies. Both 
majority and minority members challenged this position.
    On July 6, 2011, H.R. 2428, the GSE Legal Fee Reduction Act 
of 2011, was introduced by Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer. The bill would limit 
the indemnification of former GSE executives and set standards 
for advancing indemnification payments. The Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
legislative hearing on the discussion draft of H.R. 2440 on May 
25, 2011 entitled ``Transparency, Transition and Taxpayer 
Protection: More Steps to End the GSE Bailout.''
    On December 20, 2011, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer, Subcommittee on 
Insurance, Housing, and Community Opportunity Chairman Judy 
Biggert, Subcommittee on Financial Institutions and Consumer 
Credit Chairman Shelley Moore Capito, and Representative Edward 
Royce, sent a letter to the Acting Director of the FHFA, Edward 
DeMarco, expressing concern about costs incurred by Freddie Mac 
and Fannie Mae arising from the legal expenses of certain 
former employees, and asking that the FHFA take steps to limit 
the costs of such expenses.

GSE Foreclosures and Loan Modification Protocols

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
Fannie Mae's and Freddie Mac's guidance to mortgage servicers 
and participations in government mortgage modification programs 
generally to ensure that undue political influence does not 
result in even greater losses to taxpayers from the GSE 
conservatorships.
    On December 1, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Federal Housing Finance Agency.'' The hearing examined the 
performance of the FHFA in its dual roles as regulator and 
conservator of the GSEs Fannie Mae and Freddie Mac. The hearing 
also considered the challenges that FHFA faces, including its 
efforts to mitigate taxpayer exposure to continuing GSE losses.

               Financial Institutions and Consumer Credit


Bureau of Consumer Financial Protection (CFPB)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
powers of the CFPB to write rules, supervise compliance, and 
enforce consumer protection laws, and the impact of CFPB rules 
on small businesses and on financial institutions with fewer 
than $10 billion in assets.
    On March 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Effect of Dodd-Frank on Small Financial Institutions and Small 
Businesses.'' Witnesses, including representatives of community 
banks and credit unions, small business owners, and 
representatives of advocacy groups, addressed the challenges 
faced by small institutions as a result of the Dodd-Frank Act. 
The hearing focused on the effectiveness of Dodd-Frank's 
exemptions for institutions with less than $10 billion in 
assets, particularly the exemption from the CFPB's examination 
and enforcement authority.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Oversight of the Consumer Financial Protection Bureau.'' The 
hearing reviewed the Administration's progress in establishing 
the Bureau and addressed the CFPB's initial regulatory 
priorities. At the hearing, Elizabeth Warren, Special Advisor 
to the Secretary of the Treasury for the CFPB, testified on the 
Bureau's budget and staffing, the Bureau's organizational 
structure, and on interactions of Bureau staff with other 
federal agencies. Ms. Warren also addressed the Bureau's status 
in the event no Director has been appointed and confirmed by 
the designated transfer date of July 21, 2011. The hearing 
included questioning on the CFPB's participation in federal 
agencies' settlement negotiations with mortgage servicers.
    On April 6, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled Legislative Proposals to Improve the Structure of the 
Consumer Financial Protection Bureau.'' The purpose of the 
hearing was to examine three bills amending Title X of the 
Dodd-Frank Act: (1) H.R. 1121, the Responsible Consumer 
Financial Protection Regulations Act of 2011, to change the 
leadership structure of the CFPB, replacing the Director of the 
CFPB with a five-person commission; (2) H.R. 1315, the Consumer 
Financial Protection Safety and Soundness Improvement Act of 
2011, to modify the standards for review by the FSOC of 
proposed CFPB regulations; and (3) H.R. 1667, the Bureau of 
Consumer Financial Protection Transfer Clarification Act, to 
delay the transfer of certain powers to the CFPB until a 
Director is appointed by the President and confirmed by the 
Senate. On May 4, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit met in open session and 
ordered the three bills favorably reported to the Committee. On 
May 12, 2011, the Committee met in open session and ordered the 
bills favorably reported to the House. H.R. 1121 and H.R. 1667 
were included in the Rules Committee print for H.R. 1315, which 
was passed by the House on July 21, 2011.
    On May 24, 2011, Chairman Spencer Bachus sent a letter to 
Secretary Timothy Geithner regarding Section 1016A of the 
Department of Defense and Full-Year Continuing Appropriations 
Act (P.L. 112-10). In his letter, Chairman Bachus stressed the 
importance of ensuring that the annual independent audit of the 
CFPB's operations and budget is conducted in accordance with 
generally accepted government auditing standards (GAGAS).
    On October 26, Chairman Spencer Bachus sent a letter to Mr. 
Raj Date, the Special Advisor to the Secretary of the Treasury 
for the CFPB to verify the CFPB's position on implementing 
Regulation E of the Electronic Funds Transfer Act, which 
requires ATM operators to display prominent notices that 
consumers will be assessed a fee for making cash withdrawals 
from the machine.
    On November 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Consumer Financial Protection Bureau: The First 100 Days.'' The 
purpose of the hearing was to review the CFPB's budgeting, 
staffing, rule-writing initiatives, and the current and 
potential challenges facing the Bureau as well as the entities 
it regulates. Mr. Raj Date, Special Advisor to the Secretary of 
the Treasury, CFPB, was the sole witness.
    On January 6, 2012, Chairman Spencer Bachus sent a letter 
to Attorney General Eric Holder regarding the constitutionality 
and legality of President Obama's appointment of Richard 
Cordray as the Director of the CFPB, during a period in which 
the Senate was not in recess.
    On January 30, 2012, Chairman Spencer Bachus and 
Subcommittee on Financial Institutions and Consumer Credit 
Subcommittee Chairman Shelley Moore Capito sent a letter to 
Richard Cordray regarding an omission in the Dodd-Frank Act 
that could result in regulated institutions waiving privileges 
against third parties when they provide privileged information 
to the CFPB. In the letter, Chairman Bachus expressed the need 
for legislation to ensure that privileged information remains 
privileged for financial institutions.
    On February 8, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``Legislative Proposals to Promote Accountability and 
Transparency at the Consumer Financial Protection Bureau'' to 
examine the following bills: (1) H.R. 1355, the Bureau of 
Consumer Financial Protection Accountability and Transparency 
Act of 2011, to make the CFPB accountable to Congress and the 
president for its spending; (2) H.R. 2081, a bill to amend the 
Federal Deposit Insurance Act to replace the Director of the 
Bureau of Consumer Financial Protection with the Chairman of 
the Board of Governors of the Federal Reserve System as a 
member of the Board of Directors of the FDIC; and (3) H.R. 
3871, the Proprietary Information Protection Act of 2012, to 
provide certainty to financial institutions that the production 
of information compelled by the CFPB will not waive attorney-
client privilege or work-product immunity and to provide that 
any privileged material that the CFPB shares with other federal 
agencies remains privileged. On February 16, 2012, the 
Committee met in open session and ordered H.R. 4014, a bill 
related to H.R. 3871, favorably reported to the House by voice 
vote.
    On February 15, 2015, the Subcommittee on Oversight and 
Investigations held a hearing entitled, ``Budget Hearing--
Consumer Financial Protection Bureau,'' which examined the 
CFPB's budget for the fiscal years 2011 through 2013. The Dodd-
Frank Act provided that the CFPB would be funded from transfers 
from the Federal Reserve System, outside of the Congressional 
appropriations process. The Subcommittee received testimony 
from the Honorable Richard Cordray, Director of the CFPB.
    On February 16, 2012, Chairman Spencer Bachus sent a letter 
to Richard Cordray to urge the CFPB to clarify whether states 
may, consistent with the Secure and Fair Enforcement for 
Mortgage Licensing Act Mortgage Licensing (SAFE) Act of 2008 
(P.L. 110-289) (the SAFE Act), permit transitional licensing of 
mortgage loan originators. In the letter, Chairman Bachus 
stressed the importance for the CFPB to make the efficient 
implementation of the SAFE Act a high priority.
    On February 22, 2012, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer and Representatives 
Mike Fitzpatrick and James Renacci sent a letter to CFPB 
Director Richard Cordray asking that the CFPB: (1) provide 
Congress access to certain forward-looking budget planning 
information; (2) provide a more detailed budget justification 
for Fiscal Year 2013; (3) include a meaningful performance plan 
within its budget justification; (4) make its requests for 
transfers from the Federal Reserve Board of Governors publicly 
available 48 hours before making any request; and (5) provide 
guidance on the hiring process of its staff and projection of 
the number of total employees necessary.
    On March 29, 2012, the Committee held a hearing entitled 
``The Semi-Annual Report of the Consumer Financial Protection 
Bureau.'' This hearing was held pursuant to Section 1016 of the 
Dodd-Frank Act, which requires the CFPB to prepare semi-annual 
reports describing its activities during the previous six 
months, and the CFPB's Director to testify before the Committee 
on Financial Services to report its findings. The hearing 
focused on the CFPB's activities since it assumed rulemaking, 
supervisory, and examination authorities over consumer 
financial products and services. In addition, the hearing 
examined the rules, orders, and other initiatives the CFPB has 
planned for the next six months, most of which implement 
provisions of the Dodd-Frank Act aimed at the mortgage market. 
The Honorable Richard Cordray was the sole witness.
    On March 29, 2012, the Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer and Subcommittee on 
Financial Institutions and Consumer Credit Chairman Shelley 
Moore Capito sent a letter to CFPB Director Richard Cordray 
requesting an itemization of the economic and compliance costs 
that will result from the CFPB's rule making.
    On March 29, 2012, the House passed the concurrent budget 
resolution on the budget for fiscal year 2013, H. Con. Res. 
112, by a vote of 228 yeas and 191 nays. The budget instructed 
the Committee on Financial Services to submit legislative 
recommendations that reduce the deficit by $3 billion for 
fiscal years 2012 and 2013, $16.7 billion for fiscal years 2012 
through 2017, and $29.8 billion for fiscal years 2012 through 
2022. On April 18, 2012, the Committee met in open session to 
consider the Committee's legislative recommendations to the 
Committee on Budget. The budget reconciliation recommendations 
included a provision that would repeal direct funding for the 
CFPB, which was mandated by Title X of the Dodd-Frank Act. 
Repealing direct funding for the CFPB would achieve savings for 
the purposes of deficit reduction of $381 million in FY 2012-
13, $2.435 billion in FY 2012-17, and $5.387 billion in FY 
2012-22, according to the Congressional Budget Office. The 
Committee ordered the legislative recommendations for the 
budget reconciliation to be transmitted to the Committee on the 
Budget by a record vote of 31 yeas and 26 nays.
    On May 2, 2012, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer and Representatives 
Mike Fitzpatrick and James Renacci sent a letter to CFPB 
Director Richard Cordray requesting detailed information 
regarding the CFPB's Fiscal Year 2013 budget, hiring process, 
and transfer requests from the Federal Reserve Board of 
Governors that the CFPB did not provide in its response to the 
Members' February 22, 2012 letter.
    On May 9, 2012, Chairman Spencer Bachus and Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer sent a 
letter to CFPB Director Richard Cordray requesting information 
on the CFPB's conference planning policies and expenditures 
related to conferences held by the CFPB.
    On June 6, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a legislative hearing entitled ``An 
Examination of the Federal Reserve's Final Rule on the CARD 
Act's Ability to Repay' Requirement.'' The hearing examined a 
discussion draft intended to ensure that the Federal Reserve 
Board does not interpret the Credit Card Accountability 
Responsibility and Disclosure Act of 2009 in a way that 
unfairly restricts credit for consumers who do not work outside 
the home, particularly married women. Among other witnesses, 
the Subcommittee received testimony from Ms. Gail Hillebrand, 
Associate Director of Consumer Education and Engagement at the 
Consumer Financial Protection Bureau.
    On July 11, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Impact of Dodd-Frank's Home Mortgage Reforms: Consumer and 
Market Perspectives.'' The Dodd-Frank Act requires the Consumer 
Financial Protection Bureau (CFPB) to set criteria that define 
the borrower's ability to repay a mortgage and to obtain a net 
tangible benefit when he or she refinances a loan. Loans that 
meet these criteria are considered ``Qualified Mortgages.'' 
This hearing examined the Federal Reserve's proposed Qualified 
Mortgage rule and the evolution of that rule after 
responsibility for it was transferred to the CFPB on July 21, 
2011. Also, this hearing examined the degree to which lenders 
who make a qualified mortgage loan should be shielded from 
liability for an alleged failure to satisfy the Dodd-Frank 
Act's ability to repay requirements.
    On July 19, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Impact of Dodd-Frank on Consumer Choice and Access to Credit.'' 
The hearing provided an opportunity for Members to review the 
Consumer Financial Protection Bureau's budgeting, staffing, 
rule-writing initiatives, and the current and potential 
challenges facing the Bureau as well as the entities it 
regulates. The sole witness at this hearing was Mr. Raj Date, 
Deputy Director of the Consumer Financial Protection Bureau.
    On September 20, 2012, the Full Committee held a hearing 
entitled, ``The Semi-Annual Report of the Consumer Financial 
Protection Bureau.'' This hearing was held pursuant to Section 
1016 of the Dodd-Frank Act, which requires the CFPB to prepare 
semi-annual reports describing its activities during the 
previous six months, and requires the CFPB's Director to 
testify before the Financial Services Committee to report its 
findings. The hearing examined the rules, orders, and other 
initiatives the CFPB is undertaking, many of which implement 
provisions of the Dodd-Frank Act aimed at the mortgage market. 
The Honorable Richard Cordray, Director, CFPB, was the sole 
witness.

``Too Big to Fail''

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
whether the orderly liquidation authority'' created by Title II 
of the Dodd-Frank Act to resolve large, complex financial 
institutions whose failure could threaten the United States 
economy provides an effective mechanism for imposing market 
discipline and promoting financial stability.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' A primary focus of the hearing, 
which featured testimony by FDIC Chairman Sheila Bair, was the 
FDIC's implementation of Title II and efforts to structure the 
orderly liquidation authority to instill greater market 
discipline and prevent future bail-outs of large financial 
firms.
    On June 14, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``Does 
the Dodd-Frank Act End `Too Big to Fail'?'' The purpose of the 
hearing was to learn more about whether the FDIC's Orderly 
Liquidation Authority--created by the Dodd-Frank Act--is 
appropriately structured to end taxpayer bailouts for the 
largest financial institutions.
    On March 29, 2012, the House passed the concurrent budget 
resolution on the budget for fiscal year 2013, H. Con. Res. 
112, by a vote of 228 yeas and 191 nays. The budget instructed 
the Committee on Financial Services to submit legislative 
recommendations that reduce the deficit by $3 billion for 
fiscal years 2012 and 2013, $16.7 billion for fiscal years 2012 
through 2017, and $29.8 billion for fiscal years 2012 through 
2022. On April 18, 2012, the Committee met in open session to 
consider the Committee's legislative recommendations to the 
Committee on Budget. The budget reconciliation included a 
provision that would repeal Title II of the Dodd-Frank Act. 
Repealing Title II would relieve taxpayers of the burden of 
bailing out large financial institutions or their creditors, 
and, according to the Congressional Budget Office, would 
achieve savings for the purposes of deficit reduction of $3.383 
billion in FY 2012-13, $13.585 billion in FY 2012-17, and $22 
billion in FY 2012-22. The Committee ordered the legislative 
recommendations for the budget reconciliation to be transmitted 
to the Committee on the Budget by a record vote of 31 yeas and 
26 nays.
    On May 16, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``The Impact of the 
Dodd-Frank Act: What It Means to be a Systemically Important 
Financial Institution.'' The hearing examined how the FSOC 
arrived at its final rule on designating companies as 
``systemically important,'' and whether the designation 
provides firms with an advantage over their competitors.

Financial Supervision

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
Federal regulators' safety and soundness supervision of the 
banking, thrift, and credit union industries, and to ensure 
that systemic risks or other structural weaknesses in the 
financial sector are indentified and addressed promptly.
    On April 14, 2011, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' The hearing focused on 
the activities and regulatory initiatives of the FSOC, the 
interagency body created by the Dodd-Frank Act to identify, 
monitor, and address potential threats to the U.S. financial 
system. The Subcommittee received testimony from 
representatives of the Treasury Department, the CFTC, the 
Federal Reserve, the SEC, the FDIC, and the OCC.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' FDIC Chairman Sheila Bair's 
testimony contained an overview of the FDIC's supervisory 
program, which has included a broad spectrum of guidance to 
insured depository institutions to establish, and clearly 
reaffirm, safety and soundness expectations. This guidance 
dealt with significant risk management issues that became 
central themes during the financial crisis, such as subprime 
and non-traditional mortgage lending. In addition, Chairman 
Bair testified that the FDIC has increased the frequency of its 
examinations and hired additional examiners to achieve the 
goals of its supervisory mission.
    On June 14, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``Does 
the Dodd-Frank Act End `Too Big to Fail'?'' The purpose of the 
hearing was to learn more about whether the FDIC's Orderly 
Liquidation Authority--created by the Dodd-Frank Act--is 
appropriately structured to end taxpayer bailouts for the 
largest financial institutions.
    On June 16, 2011, the Committee held a hearing entitled 
``Financial Regulatory Reform: The International Context.'' 
During this hearing, the Committee examined the international 
implications of the Dodd-Frank Act for the United States 
financial services industry and the United States economy. 
Specifically, the Committee considered four aspects of United 
States regulation that may affect the ability of United States 
financial institutions to compete against their foreign 
counterparts and impede economic recovery in the United States. 
The regulations discussed were capital and liquidity 
requirements, regulation and oversight of ``systemically 
significant financial institutions,'' derivatives regulation, 
and the regulation of proprietary trading.
    On July 8, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a legislative hearing entitled 
``Legislative Proposals Regarding Bank Examination Practices'' 
to examine H.R. 1723, the Common Sense Economic Recovery Act of 
2011, introduced by Representative Bill Posey on May 4, 2011, 
and H.R. 2056, a bill to instruct the Inspector General of the 
FDIC to study the impact of insured depository institution 
failures, introduced by Representative Lynn Westmoreland on May 
31, 2011. H.R. 1723 would permit certain current loans that 
would otherwise be treated as nonaccrual loans as accrual 
loans. H.R. 2056 would instruct the Inspector General of the 
FDIC to study the impact of insured depository institution 
failures and closely examine the FDIC's bank closure 
procedures. On July 20, 2011, the Committee met in open session 
and favorably reported H.R. 2056 to the House. On July 28, 
2011, the House considered H.R. 2056 under suspension of the 
rules, and passed the bill, as amended, by voice vote. On 
November 17, 2011, the Subcommittee met in open session and did 
not order H.R. 1723 favorably reported to the Committee by a 
record vote of 8 yeas and 10 nays.
    On August 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in 
Newman, Georgia entitled ``Potential Mixed Messages: Is 
Guidance from Washington Being Implemented by Federal Bank 
Examiners?'' The purpose of the hearing was to assess whether 
or not federal bank examination standards are overly stringent 
and impeding an economic recovery.
    On October 27, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Proposed Regulations to Require Reporting of Nonresident 
Alien Deposit Interest Income.'' The purpose of the hearing was 
to review the impact of a proposed regulation that would 
require financial institutions to report annually to the 
Internal Revenue Service the amount of interest earned by 
nonresident aliens on their U.S. bank deposits. The hearing 
considered the potential effects of the proposed regulation on 
nonresident alien deposits held in U.S. financial institutions 
and on the safety and soundness of financial institutions that 
hold significant amounts of these deposits.
    On October 31, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in 
Wausau, Wisconsin, entitled ``Regulatory Reform: Examining How 
New Regulations are Impacting Financial Institutions, Small 
Businesses and Consumers.'' The purpose of the hearing was to 
assess how new financial regulations are affecting the ability 
of financial institutions to extend credit and stimulate job 
growth. The hearing examined whether bank examination practices 
are excessively stringent and impeding economic recovery.
    On November 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
joint hearing entitled ``H.R. 1697: The Communities First 
Act.'' The purpose of the hearing was to consider H.R. 1697, 
the Communities First Act, which was introduced by 
Representative Blaine Luetkemeyer on May 3, 2011. H.R. 1697 
would reduce regulatory, paperwork, and tax burdens on small 
banks. The Subcommittee examined whether H.R. 1697 would help 
community banks foster economic growth and better serve their 
communities.
    On January 12, 2012, Chairman Spencer Bachus sent a letter 
to John Walsh, Acting Comptroller of the Currency, requesting 
access to un-redacted engagement letters submitted by 
independent consultants that were retained by federal savings 
association mortgage servicers. These letters would have been 
sent as a result of April 2011 consent orders issued by the OCC 
concerning deficient and unsafe or unsound foreclosure 
practices. In the letter, Chairman Bachus gave assurances that 
the information disclosed within the documents would be 
protected from unauthorized public disclosure during the 
Congressional review process.
    On February 1, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``H.R. 3461: the Financial Institutions Examination 
Fairness and Reform Act.'' The hearing examined H.R. 3461, a 
bill to amend the Federal Financial Institutions Examination 
Council Act of 1978 to set new examination standards for 
financial institutions and their regulators.
    On May 16, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``The Impact of the 
Dodd-Frank Act: What It Means to be a Systemically Important 
Financial Institution,'' to examine how the FSOC arrived at its 
final rule on designating companies as ``systemically 
important,'' and whether the designation provides firms with an 
advantage over their competitors.

Basel III

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review new 
global bank capital and liquidity rules being developed by the 
Basel Committee on Banking Supervision (known as Basel III), 
paying particular attention to implementation, compliance 
burdens and global coordination.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' FDIC Chairman Sheila Bair's 
testimony included an update on the Basel III process and 
efforts by regulators to achieve international harmonization of 
capital and liquidity standards and thereby avoid opportunities 
for regulatory arbitrage.
    On June 16, 2011, the Committee held a hearing entitled 
``Financial Regulatory Reform: The International Context.'' 
During this hearing, the Committee examined the international 
implications of the Dodd-Frank Act for the United States 
financial services industry and the United States economy. The 
regulations discussed were capital and liquidity requirements, 
regulation and oversight of ``systemically significant 
financial institutions,'' derivatives regulation, and the 
regulation of proprietary trading. Basel III was a focus of 
much of the testimony at the hearing.
    On June 27, 2012, the Committee hosted a briefing that 
presented a potential private sector solution to improve bank 
capital. At this briefing, representatives of M-CAM, a global 
intangible asset management firm, discussed a proposal to bring 
intangible assets (e.g., permits, licenses, contract rights, 
patents, trademarks, copyrights, etc.) onto bank balance sheets 
to properly reflect the risk in these entities and stabilize 
capital risk management. According to M-CAM, this proposal 
could attract billions of dollars of fresh private capital into 
the banking sector without the need for legislation, additional 
regulation or appropriations.
    On August 2, 2012, Chairman Bachus sent a letter to Federal 
Reserve Chairman Ben Bernanke requesting that he consider 
granting an extension of the comment period for the Basel III 
proposed rule, citing the complexity of the rule and the need 
for more substantive comments.
    On October 18, 2012 Chairman Bachus, along with 
Representatives Shelley Moore Capito, Jeb Hensarling, and Randy 
Neugebauer, sent a letter to Federal Reserve Chairman Ben 
Bernanke, Office of the Comptroller of the Currency Comptroller 
Thomas Curry and Federal Deposit Insurance Corporation Acting 
Chairman Martin Gruenberg expressing concern about proposed 
Basel III capital requirements and their potential impact on 
the community banking model.
    On November 29, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Housing and Insurance held a joint hearing entitled, 
``Examining the Impact of the Proposed Rules to Implement Basel 
III Capital Standards.'' The hearing examined whether U.S. 
banking regulators' proposed capital adequacy standards will 
ensure the stability of the financial system and preserve the 
ability of financial institutions to take calculated risks.

Interchange Fees

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
implementation of Section 1075 of the Dodd-Frank Act, which 
directs the Federal Reserve Board to set a ``reasonable and 
proportional'' interchange fee for debit card transactions, and 
consider its effect on merchants, banks, credit unions, 
consumers, and the payment processing networks.
    On February 17, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Understanding the Federal Reserve's Proposed Rule on 
Interchange Fees: Implications and Consequences of the Durbin 
Amendment.'' Federal Reserve Board Governor Sarah Raskin, 
representatives of small financial institutions and merchant 
groups, and the general counsel of Visa presented their views 
on the merits of the Federal Reserve's proposal for 
implementing Section 1075.
    On March 15, 2011, Subcommittee on Financial Institutions 
and Consumer Credit Chairman Shelley Moore Capito introduced 
H.R. 1081, the Consumers Payment System Protection Act. The 
bill calls for a one-year delay of implementation of section 
1075 of the Dodd-Frank Act. During the first eight months of 
the delay, the following three studies are to be conducted: (1) 
a study of all of the costs associated with debit transactions; 
(2) an impact study on the effect of the Federal Reserve's 
proposed rule on consumers, debit card issuers, merchants; and 
(3) an impact study on network exclusivity and routing 
provisions. The Federal Reserve will be able to utilize the 
final four months of the extended time period to re-write the 
rule and submit it for public comment.

Financial Crisis Inquiry Commission (FCIC)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct a 
statutorily required review of the FCIC's final report issued 
on January 27, 2011. The FCIC was created by Congress in 2009 
``to examine the causes, domestic and global, of the current 
financial and economic crisis in the United States'' (P.L. 111-
21). The Commission issued its final report on January 27, 
2011, accompanied by dissenting views filed by individual 
Commissioners. The chairperson of the FCIC was required to 
appear before the Committee to present its findings not later 
than 120 days after the issuance of the final report.
    On February 16, 2011, the Committee held a hearing entitled 
``The Final Report of the Financial Crisis Inquiry 
Commission.'' The Chairman and Vice Chairman of the FCIC 
testified, along with four other commissioners, two of whom 
dissented from the Commission's majority report. The hearing 
focused on the findings of the Commission's final report and 
the commissioners' assessments of the Dodd-Frank Act in light 
of the Commission's findings. In addition, the hearing 
addressed the reasons for the Commission's inability to reach 
consensus in its findings with regard to the causes of the 
financial crisis.

Mortgage Servicing

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
standards proposed by regulatory agencies on mortgage servicing 
in order to ensure that proper authority exists for such 
regulations and that deficient practices are adequately 
addressed without unduly increasing the cost of mortgage 
financing.
    In the wake of the ``robo-signing'' controversy involving 
irregularities in the foreclosure documentation process, five 
of the nation's largest mortgage servicers received a draft 
settlement term sheet on March 3, 2011, from the U.S. 
Department of Justice on behalf of other federal and state 
agencies to resolve outstanding enforcement actions against the 
firms. On March 9, 2011, Chairman Spencer Bachus and other 
Members of the Committee sent a letter to Secretary Timothy 
Geithner asking a number of legal and public policy questions 
about the settlement term sheet.
    On March 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Oversight of the Consumer Financial Protection Bureau.'' At 
the hearing, Members questioned Treasury Special Assistant 
Elizabeth Warren about the CFPB's participation in federal 
agencies' and State Attorneys General's settlement negotiations 
with mortgage servicers.
    As a follow-up to Ms. Warren's responses at the March 16th 
hearing, on March 30, 2011, Chairman Bachus and Financial 
Institutions and Consumer Credit Subcommittee Chairman Capito 
sent a letter to Ms. Warren inviting her to clarify her 
statements during the hearing regarding the CFPB's involvement 
in the mortgage servicing settlement negotiations. In her April 
4, 2011 response, Ms. Warren stated that ``we have been an 
active participant in inter-agency discussions, sharing our 
analysis and recommendations in support of a resolution that 
would hold accountable any servicers that violated the law . . 
. While we have provided advice to government officials, it 
bears emphasizing that the consumer agency is not conducting 
settlement negotiations with mortgage servicers.''
    On May 6, 2011, Representatives Neugebauer, Capito, 
Garrett, and McHenry sent a follow-up letter to the above-
referenced March 16, 2011 letter to Secretary Geithner seeking 
specific documents and records related to the CFPB's 
involvement in the mortgage servicing settlement negotiations.
    On June 20, 2011, Chairman Spencer Bachus and other Members 
of the Committee sent a letter to Treasury Secretary Timothy 
Geithner seeking specific documents and records related to the 
CFPB's involvement in mortgage servicing settlement 
negotiations.
    On July 7, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit and the Subcommittee on Oversight and 
Investigations held a joint hearing entitled ``Mortgage 
Servicing: An Examination of the Role of Federal Regulators in 
Settlement Negotiations and the Future of Mortgage Servicing 
Standards.'' The purpose of the hearing was to review the role 
of Federal regulators in the ongoing mortgage servicing 
settlement negotiations and the development of new mortgage 
servicing standards.
    On March 15, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in Las 
Vegas, Nevada, entitled ``An Examination of Potential Private 
Sector Solutions to Mitigate Foreclosures in Nevada.'' This 
hearing examined potential private sector solutions to mitigate 
the wave of foreclosures that have hit the state of Nevada, 
which has held the nation's highest state foreclosure rate for 
five consecutive years.

Deposit Insurance

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
solvency of the Deposit Insurance Fund (DIF) and changes to the 
assessments charged by the FDIC as mandated by the Dodd-Frank 
Act, to ensure that deposit insurance continues to serve its 
historic function as a source of stability in the banking 
system and a valued safety net for depositors.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' One of the issues addressed in 
FDIC Chairman Bair's testimony and in questioning by Members 
was the current status of the DIF and the FDIC's implementation 
of the above-referenced changes to the system for assessing 
premiums on insured depository institutions.

Bank Failures

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
process the FDIC uses to supervise and resolve failed community 
banks, as well as studying the costs and benefits of loss share 
agreements to the Deposit Insurance Fund and the American 
taxpayer.
    On May 26, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``FDIC Oversight: 
Examining and Evaluating the Role of the Regulator during the 
Financial Crisis and Today.'' In her testimony, FDIC Chairman 
Bair was questioned by several Members of the Subcommittee on 
the FDIC's policies and procedures for resolving failed 
institutions, which include offering loss sharing and 
structured transactions, as well as securitizations of failed 
bank assets.
    On June 14, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``Does 
the Dodd-Frank Act End `Too Big to Fail'?'' The purpose of the 
hearing was to learn more about whether the FDIC's Orderly 
Liquidation Authority--created by the Dodd-Frank Act--is 
appropriately structured to end taxpayer bailouts for the 
largest financial institutions.
    On July 8, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit held a legislative hearing entitled 
``Legislative Proposals Regarding Bank Examination Practices'' 
to examine H.R. 1723, the Common Sense Economic Recovery Act of 
2011, introduced by Representative Bill Posey on May 4, 2011, 
and H.R. 2056, a bill to instruct the Inspector General of the 
FDIC to study the impact of insured depository institution 
failures, introduced by Representative Lynn Westmoreland on May 
31, 2011. H.R. 1723 would permit certain current loans that 
would otherwise be treated as nonaccrual loans as accrual 
loans. H.R. 2056 would instruct the Inspector General of the 
FDIC to study the impact of insured depository institution 
failures and closely examine the FDIC's bank closure 
procedures. On July 20, 2011, the Committee met in open session 
and favorably reported H.R. 2056 to the House. On July 28, 
2011, the House considered H.R. 2056 under suspension of the 
rules, and passed the bill, as amended, by voice vote. On 
November 17, 2011, the Subcommittee on Financial Institutions 
and Consumer Credit met in open session and did not order H.R. 
1723 favorably reported to the Committee by a record vote of 8 
yeas and 10 nays.
    On August 16, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in 
Newman, Georgia entitled ``Potential Mixed Messages: Is 
Guidance from Washington Being Implemented by Federal Bank 
Examiners?'' The purpose of the hearing was to assess whether 
or not federal bank examination standards are overly stringent 
and impeding an economic recovery. A primary focus of the 
hearing was the causes and consequences of the elevated level 
of bank failures in the State of Georgia.
    On May 16, 2012, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Federal Deposit Insurance Corporation's Structured Transaction 
Program.'' The hearing examined the use of structured 
transaction sales by the FDIC in which the FDIC partners with 
private-sector entities to dispose of some of the assets 
acquired by the FDIC when it resolves a failed bank. The 
hearing further explored whether the FDIC's structured 
transactions program maximizes the value of the assets sold in 
these transactions and whether these sales affect the FDIC's 
Deposit Insurance Fund.

Credit Unions

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
issues relating to the safety and soundness and regulatory 
treatment of the credit union industry. In particular, the 
Committee will examine the failures in the corporate credit 
union system and evaluate possible reforms to the system and to 
the National Credit Union Administration (NCUA).
    On October 12, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``H.R. 1418: The Small Business Lending Enhancement 
Act of 2011.'' The purpose of the hearing was to discuss credit 
union member business lending. The hearing considered H.R. 
1418, the Small Business Lending Enhancement Act of 2011, was 
introduced by Representatives Edward Royce and Carolyn McCarthy 
on April 7, 2011. H.R. 1418 provides exceptions to caps 
contained in the Federal Credit Union Act of 1934 on the 
amounts that credit unions can lend to their members' 
businesses. H.R. 1418 also requires both the NCUA and GAO to 
study member business loans made by credit unions, as well as 
recent trends in credit union lending.
    On October 29, 2012, Chairman Bachus sent a letter to 
Chairman Debbie Matz seeking information about the NCUA's 
proposed rule to redefine ``troubled condition'' for federally-
insured, state-chartered credit unions (FISCUs). The proposed 
rule would, for the first time, give the NCUA the unilateral 
ability to classify a FISCU as in ``troubled condition,'' even 
if the state regulator disagrees. In the letter, Chairman 
Bachus expressed concern about changing the long-standing 
division of supervisory responsibility for FISCUs. The letter 
posed a series of questions about the NCUA's rationale for 
proposing the rule.

Regulatory Burden Reduction

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct an 
ongoing review of the current regulatory burden on banks, 
thrifts, and credit unions, with the goal of reducing 
unnecessary, duplicative, or overly burdensome regulations, 
consistent with consumer protection and safe and sound banking 
practices.
    On January 26, 2011, the Committee held a hearing entitled 
``Promoting Economic Recovery and Job Creation: The Road 
Forward.'' The purpose of this hearing was to provide leading 
economists, academics, business-owners and citizens an 
opportunity to share their views about the barriers to economic 
growth. The hearing gave witnesses an opportunity to discuss 
macroeconomic issues and trends facing the country and 
affecting job creation. Among other issues, witnesses discussed 
and evaluated the impact of regulatory uncertainty on job 
growth.
    On March 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Effect of Dodd-Frank on Small Financial Institutions and Small 
Businesses.'' Witnesses, including representatives of community 
banks and credit unions, small business owners, and advocacy 
groups, addressed the challenges faced by small institutions as 
a result of the Dodd-Frank Act.
    On March 9, 2011, Chairman Spencer Bachus and the other 
Republican Members of the Committee sent a letter to financial 
regulators expressing a number of concerns regarding the 
implementation of Dodd-Frank. The letter requested that the 
agencies (1) provide comment periods sufficient to address the 
number of proposed rules and breadth of issues addressed by the 
rules, (2) ensure consistency across agencies, and (3) provide 
regulatory flexibility for small entities.
    On September 8, 2011, Chairman Spencer Bachus and other 
Members of the Committee sent a letter to Secretary of the 
Department of Treasury Timothy Geithner expressing concerns 
about the fulfillment of the FSOC's pledge to eliminate 
unnecessary or duplicative regulatory burdens on the financial 
system, namely on small community banks and credit unions. 
Additionally, the letter requested a status report from the 
Secretary on his efforts to ``streamline and simplify'' the 
regulatory environment. Secretary Geithner responded on October 
5, stating that ``as agencies move forward with implementation 
of the Dodd-Frank Act, I will continue to encourage, as a top 
priority, inter-agency coordination and the development of 
rules that strike the right balance between financial stability 
and innovation.''
    On October 31, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in 
Wausau, Wisconsin, entitled ``Regulatory Reform: Examining How 
New Regulations are Impacting Financial Institutions, Small 
Businesses and Consumers.'' The purpose of the hearing was to 
assess how new financial regulations are affecting the ability 
of financial institutions to extend credit and stimulate job 
growth. The hearing examined whether bank examination practices 
are excessively stringent and impeding economic recovery.
    On November 2, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit and the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
joint hearing entitled ``H.R. 1697: The Communities First 
Act.'' The purpose of the hearing was to consider H.R. 1697, 
the Communities First Act, which was introduced by 
Representative Blaine Luetkemeyer on May 3, 2011. H.R. 1697 
would reduce regulatory, paperwork, and tax burdens on small 
banks. The Subcommittees examined whether H.R. 1697 would help 
community banks foster economic growth and better serve their 
communities.
    On February 1, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``H.R. 3461: the Financial Institutions Examination 
Fairness and Reform Act.'' The hearing examined H.R. 3461, a 
bill to amend the Federal Financial Institutions Examination 
Council Act of 1978 to set new examination standards for 
financial institutions and their regulators.
    On March 1, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Understanding the Effects of the Repeal of Regulation Q on 
Financial Institutions and Small Businesses.'' The hearing 
examined the effect of Regulation Q's repeal on the funding 
costs of banks, the demand for interest-bearing checking 
accounts, the ability of smaller banks to compete for deposits 
against larger ones, and the credit costs for businesses and 
consumers.
    On March 14, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in San 
Antonio, Texas, entitled ``An Examination of the Challenges 
Facing Community Financial Institutions in Texas.'' The hearing 
examined the effect of new financial regulations on the ability 
of financial institutions to extend credit and stimulate job 
growth. In addition, the hearing examined the effects of 
excessively stringent federal bank examinations on the economic 
recovery.
    On April 16, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in 
Cleveland, Ohio, entitled ``An Examination of the Challenges 
Facing Community Financial Institutions in Ohio.'' The hearing 
examined how new financial regulations are affecting the 
ability of Ohio-based financial institutions to extend credit 
and stimulate job growth, while staying economically viable. 
The hearing also addressed the effect of stringent federal bank 
examinations--examinations that some financial institutions 
contend may be overzealous--during an economic recovery.
    On May 9, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Rising Regulatory 
Compliance Costs and Their Impact on the Health of Small 
Financial Institutions.'' The purpose of this hearing was to 
assess the efforts of prudential regulators to ensure that new 
regulations do not unnecessarily constrain the financial 
services industry, and to learn the plans of financial 
institutions to remain viable in the face of these rising 
costs.
    On May 18, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``The Impact of the 
Dodd-Frank Act: Understanding Heightened Regulatory Capital 
Requirements.'' The purpose of this hearing was to assess the 
effects of prohibiting bank holding companies from using trust 
preferred securities to meet Tier 1 capital requirements.
    On June 27, 2012, the Full Committee met in open session 
and favorably reported to the House by voice vote H.R. 4367, a 
bill to amend the Electronic Fund Transfer Act to limit the fee 
disclosure requirement for an automatic teller machine to the 
screen of that machine. H.R. 4367 amends Section 904 of the 
Consumer Credit Protection Act by eliminating the requirement 
that the operators of automated teller machines (ATMs) post in 
a prominent and conspicuous location or at the ATM a notice 
that a fee is imposed by the operator when consumers withdraw 
cash from the ATM.
    On August 20, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a field hearing in 
Charleston, West Virginia, entitled ``An Examination of the 
Challenges Facing Community Financial Institutions in West 
Virginia'' to hear from representatives from West Virginia-
based financial institutions about the effect of new financial 
regulations on their ability to extend credit and stimulate job 
growth, while staying economically viable. The hearing also 
addressed the effect of stringent federal bank examinations--
examinations that some financial institutions contend may be 
overzealous--during an economic recovery.
    On September 12, 2012, Chairman Bachus sent a letter to 
Senate Majority Leader Harry Reid requesting that the Senate 
promptly consider H.R. 4367 as a stand-alone bill, citing that 
the bill eliminates red tape by removing ``the requirement that 
ATM operators affix unnecessary and outmoded fee notices to 
their machines.''

Credit Scores and Credit Reports

    The Oversight plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to continue 
monitoring the accuracy and use of credit reports and credit 
scores with a specific focus on their impact on the 
availability of consumer credit.
    On September 13, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``Examining the Uses of Consumer Credit Data.'' The 
Subcommittee received testimony from Mr. Robert Schoshinski, 
Assistant Director, Division of Privacy and Identity 
Protection, Federal Trade Commission. The hearing focused on 
H.R. 6363 The Credit Access and Inclusion Act, which was 
introduced by Representative Jim Renacci on September 10, 2012, 
and H.R. 2086, the Medical Debt Responsibility Act of 2011, 
which was introduced by Representative Heath Shuler on June 2, 
2011. H.R. 6363 amends the Fair Credit Reporting Act to make 
clear that the statute permits ``public utility services'' to 
voluntarily report positive and negative payment data to 
consumer reporting agencies. The only information that would be 
allowed to be reported under this legislation would be 
information that relates to payment for services or other terms 
regarding the provision of the services. This information would 
include information regarding deposits, discounts, or other 
conditions for interrupting or terminating service. H.R. 2086 
amends the Fair Credit Reporting Act to require consumer 
reporting agencies to remove paid or settled medical debt of up 
to $2,500 within 45 calendar days from credit reports.

Access to Financial Services

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to explore ways 
to expand access to mainstream financial services by 
traditionally underserved segments of the U.S. population, 
particularly those without any prior banking history (commonly 
referred to as ``the unbanked'').
    On July 26, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Rental Purchase Agreements and the Potential Role 
for Federal Regulation,'' to discuss a proposal for improving 
the oversight and transparency of the rent-to-own industry. The 
hearing focused on H.R. 1588, the Consumer Rental Purchase Act, 
which was introduced by Representative Francisco ``Quico'' 
Canseco on April 15, 2011. H.R. 1588 would define rental 
purchase transactions, create uniform national disclosure 
standards for rent-to-own businesses, and prohibit certain 
practices. This legislation was designed to be a federal floor 
for regulation of the rent-to-own industry, leaving intact the 
rights of states to go beyond these regulations, so long as 
those states do not define rental purchase transactions as a 
credit sale or require the disclosure of an annual percentage 
rate. On November 17, 2011, H.R. 1588, as amended, was ordered 
favorably reported to the Committee by voice vote. On May 31, 
2012, the Committee met in open session and favorably reported 
H.R. 1588, as amended, to the House by a vote of 33 yeas and 21 
nays.
    On September 22, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``An 
Examination of the Availability of Credit for Consumers.'' The 
purpose of the hearing was to explore the capacity of banking 
institutions to address the credit needs of low- and middle-
income consumers. The hearing also examined alternatives to 
traditional banking services, including check cashing and 
payday lending services.
    On July 24, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled ``Examining Consumer Credit Access Concerns, New 
Products and Federal Regulations.'' The hearing focused on H.R. 
6139, the Consumer Credit Access, Innovation and Modernization 
Act, which was introduced by Representative Blaine Luetkemeyer 
on July 18, 2012. H.R. 6139 would establish a federal charter 
to be granted by the Office of the Comptroller of the Currency 
(OCC) for ``qualified nondepository creditors.'' These new 
federally chartered creditors would be known as ``National 
Consumer Credit Corporations.'' Credit Corporations would be 
tasked with offering OCC-approved financial products to 
``underserved'' consumers, making loans to small businesses 
that have fewer than 500 full-time employees, and offering 
products and services designed to help underserved consumers 
improve their credit scores and encourage personal savings. The 
bill imposes limits on the amount of credit that Credit 
Corporations could extend to any consumer or small business. 
Credit Corporations would be prohibited from making consumer 
loans that have prepayment penalties or maturities of 30 days 
or less. H.R. 6139 forbids any government authority from 
setting usury limits on loans extended by Credit Corporations 
and provides three situations in which state laws applicable to 
Credit Corporations would be preempted. Under the bill, the OCC 
would have general supervisory and enforcement authority over 
Credit Corporations.

Credit Card Regulation

    The Oversight plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to continue its 
review of credit card industry practices, particularly those 
relating to marketing, fees, and disclosures.
    On June 6, 2012, the Subcommittee on Financial Institutions 
and Consumer Credit held a legislative hearing entitled ``An 
Examination of the Federal Reserve's Final Rule on the CARD 
Act's `Ability to Repay' Requirement.'' The hearing examined a 
discussion draft intended to ensure that the Federal Reserve 
Board does not interpret the Credit Card Accountability 
Responsibility and Disclosure Act of 2009 in a way that 
unfairly restricts credit for consumers who do not work outside 
the home, particularly married women.

Money Laundering and the Financing of Terrorism

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
enforcement of anti-money laundering and counter-terrorist 
financing laws and regulations.
    On September 6, 2011, the Subcommittee on Oversight and 
Investigations held a field hearing in New York, New York 
entitled ``Combating Terror Post-9/11: Oversight of the Office 
of Terrorism and Financial Intelligence.'' The hearing reviewed 
the activities of the Treasury Department's Office of Terrorism 
and Financial Intelligence to safeguard the integrity of the 
nation's financial system and to fight terrorist facilitators, 
money launderers, and other threats to national security. The 
Honorable Daniel Glaser, Assistant Secretary for Terrorist 
Financing, Department of the Treasury, was the sole witness.

Data Security and Identity Theft

     The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to build on the 
Committee's long-standing role in developing laws governing the 
handling of sensitive personal financial information about 
consumers, (including the Gramm-Leach-Bliley Act and the Fair 
and Accurate Credit Transactions Act (FACT Act)); to evaluate 
the need for legislation that better protects the security and 
confidentiality of such information from any loss, unauthorized 
access, or misuse; to examine the threats of cyber crime 
against individuals, businesses and financial institutions; and 
to identify best practices that can protect against identify 
theft and related cyber crimes.
    On June 29, 2011, the Committee held a field hearing in 
Hoover, Alabama, entitled ``Hacked Off: Helping Law Enforcement 
Protect Private Financial Information.'' The hearing examined 
threats that computer hackers pose to individuals, businesses, 
financial institutions and government agencies; the methods 
that hackers employ to breach information technology systems; 
and the efforts of law enforcement to foil or arrest hackers. 
It also examined the work of the National Computer Forensics 
Institute, where state and local law enforcement officers, 
prosecutors and judges are trained in ways to detect, prosecute 
and try cases involving computer-based evidence.
    On September 14, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Cybersecurity: Threats to the Financial Sector.'' The purpose 
of the hearing was to examine the threats that computer hackers 
pose to financial institutions and government agencies; the 
methods used by hackers to breach information-technology 
systems; and the cooperation among government agencies and the 
private sector to thwart hackers.
    On May 31, 2012, the Committee hosted the Symantec 
Corporation for a bipartisan House-wide briefing on its 2011 
Internet Security Threat Report. The report is based on data 
from Symantec's Global Intelligence Network, which Symantec's 
analysts use to identify, analyze, and provide commentary on 
emerging trends in attacks, malicious code activity, 
``phishing,'' and e-mail spam.
    On June 29, 2011, the Committee held a field hearing in 
Hoover, Alabama, entitled ``Hacked Off: Helping Law Enforcement 
Protect Private Financial Information.'' The hearing examined 
threats that computer hackers pose to individuals, businesses, 
financial institutions and government agencies; the methods 
that hackers employ to breach information technology 296 
systems; and the efforts of law enforcement to foil or arrest 
hackers. It also examined the work of the National Computer 
Forensics Institute, where state and local law enforcement 
officers, prosecutors and judges are trained in ways to detect, 
prosecute and try cases involving computer-based evidence.
    On September 14, 2011, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Cybersecurity: Threats to the Financial Sector.'' The purpose 
of the hearing was to examine the threats that computer hackers 
pose to financial institutions and government agencies; the 
methods used by hackers to breach information-technology 
systems; and the cooperation among government agencies and the 
private sector to thwart hackers.
    On May 31, 2012, the Committee hosted the Symantec 
Corporation for a bipartisan House-wide briefing on its 2011 
Internet Security Threat Report. The report is based on data 
from Symantec's Global Intelligence Network, which Symantec's 
analysts use to identify, analyze, and provide commentary on 
emerging trends in attacks, malicious code activity, 
``phishing,'' and e-mail spam.
    On June 21, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Future of Money: Where Do Mobile Payments Fit in the Current 
Regulatory Structure?'' to examine whether changes need to be 
made to laws and regulations governing payments, consumer 
protection, and anti-money laundering to cover new forms of 
value transfer that are beginning to enter the marketplace.

Money Services Businesses' Access to Banking Services

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
availability of account services to Money Services Businesses 
(MSBs) and to assess the effectiveness of the regulation of 
MSBs by the Financial Crimes Enforcement Network (FinCEN) and 
Internal Revenue Service, regulatory guidance provided by 
FinCEN to MSBs and financial institutions, and steps that could 
be taken to provide MSBs with appropriate access to the banking 
system.
    On June 29, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Future of Money: Where Do Mobile Payments Fit In the Current 
Regulatory Structure?'' to examine the regulatory regime 
covering Money Services Businesses, the regulatory burden on 
them, and ways to improve the regulatory environment without 
impairing the regulations' impact.

                               Insurance


National Flood Insurance Program (NFIP)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
proposed reforms to the NFIP which is currently authorized 
through September 30, 2011.
    On March 11, 2011 and April 1, 2011, the Subcommittee on 
Insurance, Housing and Community Opportunity held legislative 
hearings entitled ``Legislative Proposals to Reform the 
National Flood Insurance Program.'' The hearings focused on 
legislation introduced by Subcommittee Chairman Biggert (H.R. 
1309) which included the following reforms: (1) a five-year 
reauthorization of the NFIP; (2) a three-year delay in the 
mandatory purchase requirement for certain properties in newly 
designated Special Flood Hazard Areas (SFHAs); (3) a phase-in 
of full-risk, actuarial rates for areas newly designated as 
Special Flood Hazard; (4) a reinstatement of the Technical 
Mapping Advisory Council; and (5) an emphasis on greater 
private sector participation in providing flood insurance 
coverage.
    On February 23, 2012, the Federal Emergency Management 
Agency (FEMA) conducted a bipartisan briefing on the NFIP's FY 
2013 budget proposal for Committee staff.
    On May 16, 2012, Chairman Spencer Bachus sent a joint 
letter with Ranking Member Barney Frank to Senator Harry Reid, 
Senator Mitch McConnell, Senator Tim Johnson, and Senator 
Richard Shelby expressing concerns about the potential lapse of 
NFIP if Congress failed to reauthorize the program by May 31, 
2012. Chairman Bachus and Ranking Member Frank urged the 
enactment of a long-term NFIP reauthorization bill.
    On June 28, 2012, the House considered H.R. 4348, the 
Moving Ahead for Progress in the 21st Century Act, which 
included the Biggert-Waters Flood Insurance Reform Act of 2012, 
and passed the bill with amendments by a record vote of 373 
yeas and 52 nays. Title II of Division F of H.R. 4348 provides 
for a five year reauthorization of the National Flood Insurance 
Program (NFIP). H.R. 4348 was introduced on April 16, 2012, and 
was signed into law on July 6, 2012.

Federal Insurance Office (FIO)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
establishment and implementation of the FIO. The Oversight Plan 
calls for the Committee to pay particular attention to the 
FIO's limited scope of authority and to work to ensure that FIO 
does not impose unwarranted or excessive data collection 
burdens on the insurance sector.
    On October 25, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``Insurance 
Oversight: Policy Implications for U.S., Consumers, Businesses 
and Jobs, Part 2.'' This was the second in a series of hearings 
on the status of the insurance industry that began on July 28, 
2011. The purpose of these hearings was to review the effect of 
the Dodd-Frank Act and other recent domestic and international 
regulatory changes on the insurance industry, consumers, and 
jobs. This hearing specifically examined the actions undertaken 
by the first Director of the FIO and his plans to fulfill FIO's 
mandate as set forth in the Dodd-Frank Act.
    On December 20, 2011, Chairman Spencer Bachus sent a joint 
letter with Ranking Member Barney Frank to the Secretary of the 
Treasury, Timothy Geithner, expressing concerns raised by 
domestic institutions about the procedures of the Financial 
Stability Board (FSB) for designating ``global systemically 
important financial institutions,'' or G-SIFIs. U.S. domiciled 
institutions raised concerns that the FSB's reach over large 
institutions could result in duplicative regulatory efforts 
that might inhibit a robust market.
    On May 17, 2012, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``U.S. Insurance 
Sector: International Competitiveness and Jobs.'' This hearing 
examined the international competitiveness of U.S.-domiciled 
insurance and reinsurance companies and their ability to create 
jobs.

State-Based Insurance Reforms

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor 
developments in the state regulatory regime for insurance to 
see if the states are progressing in achieving uniform 
standards to enhance the efficiency and effectiveness of 
insurance and reinsurance regulation, particularly in the 
regulation of non-admitted (surplus lines) insurance.
    On July 28, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing on ``Insurance 
Oversight: Policy Implications for U.S., Consumers, Businesses 
and Jobs.'' The purpose of this hearing was to receive an 
update on ongoing challenges in the regulation of the insurance 
industry and in particular the related implementation of the 
Dodd-Frank Act. This hearing also reviewed other domestic and 
international insurance initiatives that affect consumers, the 
insurance industry, and jobs, and explored insurance reforms 
that might be considered by Congress, federal agencies, or the 
states.

Impact of Dodd-Frank Act Implementation on the Insurance Sector

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
implementation of various provisions in the Dodd-Frank Act for 
their potential impact on the insurance sector. The Dodd-Frank 
Act provides for three representatives on the FSOC to have 
specific expertise in the insurance area.
    On February 10, 2011 Chairman Spencer Bachus, Subcommittee 
on Insurance, Housing and Community Opportunity Chairwoman Judy 
Biggert, Ranking Member Barney Frank, and Subcommittee Ranking 
Member Luis Gutierrez sent a letter to Treasury Secretary 
Geithner expressing concern that the FSOC, contrary to the 
intent of the Dodd-Frank Act, was proceeding with discussions 
on major issues affecting the insurance sector without the 
benefit of a full complement of insurance expertise.
    On April 14, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' Representatives from 
the regulators serving on the FSOC testified at the hearing, 
including John Huff, the designated state insurance 
commissioner and one of the three FSOC members with insurance 
expertise. In written and oral testimony, Mr. Huff expressed 
frustration with his inability to use resources available from 
the National Association of Insurance Commissioners to assist 
him with his work on the Council. Treasury Undersecretary for 
Domestic Finance Jeffrey Goldstein offered assurances at the 
hearing that Mr. Huff's concerns would be addressed.
    On July 28, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing on ``Insurance 
Oversight: Policy Implications for U.S., Consumers, Businesses 
and Jobs.'' The purpose of this hearing was to receive an 
update on ongoing challenges in the regulation of the insurance 
industry and in particular the related implementation of the 
Dodd-Frank Act. This hearing also reviewed other domestic and 
international insurance initiatives that affect consumers, the 
insurance industry, and jobs, and explored insurance reforms 
that might be considered by Congress, federal agencies, or the 
states.
    On November 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled 
``Insurance Oversight and Legislative Proposals.'' This hearing 
examined three legislative discussion drafts that amend 
provisions of the Dodd-Frank Act that some argue would create 
regulatory uncertainty for the insurance industry, and thereby 
have negative consequences for U.S. consumers, businesses, and 
jobs. Witnesses at the hearing also discussed the strengths and 
weaknesses of the state insurance guaranty fund system in 
handling insurance company failures and curtailing systemic 
risk in the domestic insurance industry.

State Insurance Guaranty Funds

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
capacity and effectiveness of State Insurance Guaranty Funds to 
enhance stability in the insurance sector.
    On November 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled 
``Insurance Oversight and Legislative Proposals.'' This hearing 
examined three legislative discussion drafts that amend 
provisions of the Dodd-Frank Act that some argue would create 
regulatory uncertainty for the insurance industry, and thereby 
have negative consequences for U.S. consumers, businesses, and 
jobs. Witnesses at the hearing also discussed the strengths and 
weaknesses of the state insurance guaranty fund system in 
handling insurance company failures and curtailing systemic 
risk in the domestic insurance industry.

                                Housing


Neighborhood Stabilization Program (NSP)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind the 
$1 billion in unobligated funds for NSP and eliminate the 
program.
    On March 1, 2011, Representative Gary Miller introduced 
H.R. 861, the NSP Termination Act, which would rescind all 
unobligated balances made available for the NSP authorized by 
the Dodd-Frank Act and terminate the program. The NSP is a 
federal grant program which provides funding for emergency 
assistance to state and local governments to acquire, develop, 
redevelop, or demolish foreclosed homes. On March 2, 2011, the 
Subcommittee on Insurance, Housing and Community Opportunity 
held a legislative hearing on H.R. 861. H.R. 861 was ordered 
favorably reported by the Committee on March 3, 2011, and 
passed the House on March 16, 2011.

Housing and Urban Development, Rural Housing Service, National 
        Reinvestment Corporation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review HUD's 
budget and current programs with the goal of identifying 
program spending cuts or eliminating inefficient and 
duplicative programs.
    On March 1, 2011, the Committee held a hearing entitled 
``Oversight of the Department of Housing and Urban 
Development.'' The hearing focused on the proposed budget for 
HUD for fiscal year 2012, and featured testimony by HUD 
Secretary Shaun Donovan.
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's FHA and USDA's Rural Housing Service (RHS) 
single- and multi-family programs. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS and the Government National Mortgage Association 
(GNMA), the agency of HUD that guarantees the timely payment of 
principal and interest on securities backing mortgages insured 
by FHA and other government agencies. These proposals were 
designed to increase the current FHA downpayment requirements, 
simplifying the FHA's loan limit calculation formula, and 
transferring RHS's current functions into FHA to be run by a 
new Deputy Assistant Secretary.
    On June 3, 2011, the Committee held a hearing entitled 
``Oversight of HUD's HOME Program.'' This was the first in a 
series of hearings on allegations of waste, fraud, and abuse 
within the HOME program. In this hearing, the Committee 
examined HUD's policies and procedures for monitoring the 
performance of the HOME program. The hearing investigated 
several of the mismanagement allegations raised by the HUD 
Office of Inspector General and a series of journalistic 
exposes in The Washington Post.
    On June 8, 2011, Subcommittee on Insurance, Housing and 
Community Opportunity Chairman Judy Biggert and Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer sent a 
letter to Mercedes Marquez, HUD's Assistant Secretary of the 
Office of Community Planning and Development. The letter 
expressed the need for assurances from HUD that every dollar 
spent on the HOME Investment Partnership Initiative program, 
the formula-based grant program for states and localities 
administered by HUD, goes to fulfill the program's mission to 
provide affordable housing to low-income families.
    On September 21, 2011, Subcommittee on Insurance, Housing 
and Community Opportunity Chairman Judy Biggert and 
Subcommittee on Oversight and Investigations Chairman Randy 
Neugebauer sent a letter to Peter Kovar, HUD's Assistant 
Secretary for Congressional and Intergovernmental Relations. 
The letter specifically requested that HUD provide address 
information for both single-family projects and multi-family 
projects funded with HOME Investment Partnership Program funds 
in order to ensure that HUD was keeping an accurate database of 
past and current development projects.
    On November 2, 2011, the Subcommittee on Oversight and 
Investigations and the Subcommittee on Insurance, Housing and 
Community Opportunity held a joint hearing entitled ``Fraud in 
the HUD HOME Program.'' This was the second in a series of 
hearings on allegations of waste, fraud, and abuse within the 
HOME program. HUD's Office of Inspector General (HUD OIG) 
performed internal audits of HUD's management of the HOME 
program in September 2009 and November 2010 which documented 
problems in HUD's ability to track HOME funds and activities. 
The subcommittees received testimony from the HUD OIG, HUD, and 
others, including individuals convicted of defrauding the HOME 
program, on HUD's failure to properly oversee participating 
jurisdictions that received HOME funds.
    On February 13, 2012, HUD conducted a bipartisan briefing 
on its FY 2013 budget proposal for Committee staff.
    On February 28, 2012, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing on ``Oversight 
of the Department of Housing and Urban Development.'' This 
hearing examined the HUD's proposed Fiscal Year 2013 budget.
    On March 29, 2012, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to HUD 
Secretary Shaun Donovan requesting documents from HUD's 
headquarters and some of HUD's Office of Community Planning and 
Development field office directors to assist the Subcommittee 
in conducting oversight of HUD's management of its HOME 
program.
    On April 30, 2012, Subcommittee on Oversight and 
Investigations Chairman Randy Neugebauer sent a letter to HUD 
Secretary Shaun Donovan, informing HUD that its document 
production was not fully responsive to the Subcommittee's March 
29, 2012 request for HOME program documents.
    On May 9, 2012, Chairman Spencer Bachus and Subcommittee on 
Oversight and Investigations Chairman Randy Neugebauer sent a 
letter to HUD Secretary Shaun Donovan, requesting information 
on HUD's conference planning policies and expenditures related 
to conferences held by HUD.
    On May 16, 2012, the Subcommittee on Oversight and 
Investigations met in open session for the purpose of 
authorizing and issuing a subpoena duces tecum to compel the 
production of records from HUD related to its oversight and 
administration of the HOME Investment Partnerships Program. 
Because Subcommittee Chairman Randy Neugebauer and Subcommittee 
Ranking Member Michael E. Capuano agreed that HUD would 
voluntarily produce records to the Subcommittee, the question 
on adopting the resolution to authorize and issue a subpoena 
duces tecum was never posed to the Subcommittee. The agreement 
was memorialized in a May 22, 2012 letter from Subcommittee 
Chairman Neugebauer and Ranking Member Capuano to HUD Secretary 
Shaun Donovan.
    On July 26, 2012, the Committee hosted a briefing conducted 
by the Department of Agriculture on a proposal to reform the 
rental assistance program administered by the Rural Housing 
Service.
    On July 31, 2012, the Committee hosted a bipartisan 
briefing conducted by the Department of Housing and Urban 
Development on administrative solutions to improve affordable 
rental housing programs.

Federal Housing Administration (FHA)--Single Family

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
appropriate role for the FHA in the mortgage finance system, 
and the ability of the FHA to manage its mortgage portfolio and 
mitigate its risk.
    On February 16, 2011 the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``Are There 
Government Barriers to the Housing Recovery?'' The hearing 
focused on the current state of the housing finance market and 
how to facilitate the return of private sector capital into the 
mortgage markets. FHA Director David Stevens testified on the 
current role of FHA in the single family mortgage market, and 
presented his views on the appropriate role for FHA in the 
future.
    On March 2, 2011 the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to End Taxpayer Funding for Ineffective Foreclosure 
Mitigation Programs.'' The hearing featured discussion of H.R. 
830, the FHA Refinance Program Termination Act, a bill to 
rescind all unobligated balances made available for use under 
the FHA Refinance Program (pursuant to Mortgagee Letter 2010-23 
of the Secretary of HUD).
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's FHA and USDA's RHS single- and multi-family 
programs. The hearing also examined legislative proposals to 
improve the financial condition of FHA, RHS and the GNMA, the 
agency of HUD that guarantees the timely payment of principal 
and interest on securities backing mortgages insured by FHA and 
other government agencies. These proposals were designed to 
increase the current FHA downpayment requirements, simplifying 
the FHA's loan limit calculation formula, and transferring 
RHS's current functions into FHA to be run by a new Deputy 
Assistant Secretary position.
    On September 8, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single- and Multi-Family Mortgage Markets, 
Part 2.'' The hearing examined the single- and multi-family 
programs of the FHA and the RHS. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS, and Ginnie Mae and to better protect taxpayers 
against losses from fraudulent or poorly-underwritten loans. In 
addition, witnesses discussed the proposed rule on QRMs and the 
effect that the rule will have on FHA, RHS, and Ginnie Mae.
    On November 7, 2011, Chairman Spencer Bachus along with 
Vice Chairman Jeb Hensarling, Subcommittee on Insurance, 
Housing and Community Opportunity Chairman Judy Biggert, 
Subcommittee on Financial Institutions and Consumer Credit 
Chairman Shelley Moore Capito, Subcommittee on Capital Markets 
and Government Sponsored Enterprises Chairman Scott Garrett, 
Subcommittee on Oversight and Investigations Chairman Randy 
Neugebauer, and Subcommittee on Domestic Monetary Policy and 
Trade Chairman Ron Paul sent a letter to the conferees 
appointed to the conference committee for H.R. 2112, the 
Consolidated and Further Continuing Appropriations Act, 
expressing their strong opposition to the inclusion of any 
provisions in the H.R. 2112 conference report to increase the 
loan limits for mortgages insured by the federal government 
through the FHA or guaranteed by the GSEs, Fannie Mae and 
Freddie Mac.
    On December 1, 2011, the Committee held a hearing entitled 
``Perspectives on the Health of the FHA Single-family Insurance 
Fund'' to examine the FHA's financial status and the actuarial 
review of the FHA's Mutual Mortgage Insurance Fund (MMIF) for 
Fiscal Year 2011, released by HUD on November 15, 2011.
    On May 9, 2012, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Oversight of 
the FHA Reverse Mortgage Program for Seniors'' to examine the 
FHA's Home Equity Conversion Mortgage program.

Federal Housing Administration (FHA)--Multi-Family

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to exercise its 
oversight authority on the FHA's General Risk and Special Risk 
Insurance fund to ensure that the fund does not expose 
taxpayers to loss.
    On February 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled ``Are 
There Government Barriers to the Housing Recovery?'' The 
hearing focused on the current state of the housing finance 
market and on how to facilitate the return of private sector 
capital into the mortgage markets.
    On May 25, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Legislative 
Proposals to Determine the Future Role of FHA, RHS and GNMA in 
the Single- and Multi-Family Mortgage Markets.'' The hearing 
focused on HUD's FHA and USDA's RHS single- and multi-family 
programs. The hearing also examined legislative proposals to 
improve the financial condition of FHA, RHS and the GNMA, the 
agency of HUD that guarantees the timely payment of principal 
and interest on securities backing mortgages insured by FHA and 
other government agencies. These proposals were designed to 
increase the current FHA downpayment requirements, simplifying 
the FHA's loan limit calculation formula, and transferring 
RHS's current functions into FHA to be run by a new Deputy 
Assistant Secretary position.
    On September 8, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single- and Multi-Family Mortgage Markets, 
Part 2.'' The hearing examined the single- and multi-family 
programs of the FHA and the RHS. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS, and Ginnie Mae and to better protect taxpayers 
against losses from fraudulent or poorly-underwritten loans. In 
addition, witnesses discussed the proposed rule on QRMs and the 
effect that the rule will have on FHA, RHS, and Ginnie Mae.
    On June 7, 2012, the Subcommittee on Insurance, Housing and 
Community Opportunity held a hearing entitled ``Oversight of 
the Federal Housing Administration's Multifamily Insurance 
Programs.'' This hearing explored the Federal Housing 
Administration's multifamily housing loan insurance programs. 
The Subcommittee also examined risks posed by these programs 
and potential reforms.

Government Foreclosure Mitigation Programs

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind any 
unspent and unobligated balances currently committed to the 
Making Home Affordable Programs.
    On February 16, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled ``Are 
there Government Barriers to the Housing Recovery?'' The 
hearing focused on the current state of the housing finance 
market and how to facilitate the return of private sector 
capital into the mortgage markets. An issue Members raised 
during the hearing was the extended time periods needed to 
complete foreclosure proceedings, and the effect of such 
prolonged foreclosures on the housing recovery.
    On February 28, 2011, Representative Patrick McHenry 
introduced H.R. 839, the HAMP Termination Act, which would 
terminate the authority of the Treasury Department to provide 
any new assistance to homeowners under the Home Affordable 
Modification Program (HAMP) under the Emergency Economic 
Stabilization Act of 2008, while preserving any assistance 
already provided to HAMP participants on a permanent or trial 
basis. The ``Making Home Affordable'' initiative is a 
collection of programs designed by the Obama Administration to 
assist at-risk homeowners facing difficulty paying their 
mortgages. The signature piece of the Administration's overall 
``Making Home Affordable'' initiative on foreclosure prevention 
is HAMP, which is a federally funded mortgage modification 
program that provides financial incentives to participating 
mortgage servicers to modify the mortgages of eligible 
homeowners. On March 2, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a legislative hearing on 
H.R. 839. The bill was ordered favorably reported by the 
Committee on March 9, 2011, and passed the House on March 29, 
2011.
    On August 11, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a briefing for Committee staff 
with representatives from HUD on the status of the Emergency 
Homeowners' Loan Program (EHLP). The Dodd-Frank Act authorized 
$1 billion for EHLP to provide zero-interest loans of up to 
$50,000 to borrowers who cannot pay their mortgages because of 
unemployment or a reduction in income. HUD's representatives 
provided an update on the status of EHLP's implementation and 
the number of applicants to the program before the program's 
September 30, 2011 application deadline.
    On October 5, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a briefing for Committee staff 
with representatives from HUD on the EHLP. HUD's 
representatives provided an update on the number of applicants 
to the program before the application period closed on 
September 30, 2011, and the expected costs and success rates 
for those applications.
    On October 6, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``The Obama 
Administration's Response to the Housing Crisis.'' This hearing 
examined the Administration's initiatives for refinancing 
underwater and delinquent mortgages, foreclosure mitigation, 
and other housing revitalization efforts. The hearing also 
focused on ideas outlined by President Obama in his September 
8, 2011, address to a Joint Session of Congress, including a 
$15 billion community redevelopment grant initiative called 
``Project Rebuild'' and proposed modifications the existing 
HARP. Witnesses testified on the successes and failures of 
these government-funded initiatives, and on how to promote the 
return of private sector capital into the housing market.

Section 8 Housing Choice Voucher Program

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
rising costs of the Section 8 program, review changes that can 
be made to the program, and assess the needs of the 
administrators in operating the program as well as the needs of 
voucher recipients.
    On June 23, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``Legislative 
Proposals to Reform the Housing Choice Voucher Program.'' This 
hearing focused on a legislative proposal aimed at making 
improvements to HUD's Housing Choice Voucher Program that 
reduce or streamline duplicative or onerous regulations. The 
hearing also examined ways in which the program can be improved 
to reduce costs, better serve more participants, and enable 
Public Housing Agencies and property owners/mangers to reduce 
unnecessary burdens associated with the program.
    On October 13, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``The Section 
8 Savings Act of 2011: Proposals to Promote Economic 
Independence for Assisted Families.'' The hearing focused on 
revisions to the Section 8 reform legislation discussed at a 
previous Subcommittee hearing on June 23, 2011. The revised 
language seeks to link housing assistance with supportive 
services for residents such as job training, financial 
literacy, and educational opportunities in order to encourage 
self-sufficiency.
    On November 3, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``The Obama 
Administration's Rental Assistance Demonstration Proposal.'' 
This topic of the hearing was the Obama Administration's Rental 
Assistance Demonstration (RAD) proposal, which would allow for 
the voluntary conversion of units in public housing to long-
term project-based Section 8 contracts in order to access 
private capital for preservation and redevelopment activities.

Housing Counseling

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct a 
comprehensive review of current housing counseling programs 
within HUD and NeighborWorks, including how Federal, State, 
private and non-profit use housing counseling funds.
    On September 14, 2011, Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``HUD and 
NeighborWorks Housing Counseling Oversight.'' The hearing 
reviewed HUD and NeighborWorks' federal housing counseling 
programs, as well as funding and reform measures, including 
implementation of the housing counseling provisions of the 
Dodd-Frank Act.

Government National Mortgage Association

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
GNMA to determine whether its mission and/or authority meets 
contemporary housing needs that promote affordable housing.
    On September 8, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled 
``Legislative Proposals to Determine the Future Role of FHA, 
RHS and GNMA in the Single-and Multi-Family Mortgage Markets, 
Part 2.'' The hearing examined the single- and multi-family 
programs of the FHA and the RHS. The hearing also examined 
legislative proposals to improve the financial condition of 
FHA, RHS, and Ginnie Mae and to better protect taxpayers 
against losses from fraudulent or poorly-underwritten loans. In 
addition, witnesses discussed the proposed rule on QRMs and the 
effect that the rule will have on FHA, RHS, and Ginnie Mae.

Public Housing

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review HUD's 
public housing programs with the goal of increasing their 
efficiency.
    On November 3, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``The Obama 
Administration's Rental Assistance Demonstration Proposal.'' 
The topic of the hearing was the Obama Administration's RAD 
proposal, which would allow for the voluntary conversion of 
units in public housing to long-term project-based Section 8 
contracts in order to access private capital for preservation 
and redevelopment activities.

Mortgage Broker Licensing and Oversight

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor 
implementation of the SAFE Act and other changes made to the 
mortgage originator licensing and registry system with the goal 
of enhancing homebuyer protections.
    On July 13, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``Mortgage 
Origination: The Impact of Recent Changes on Homeowners and 
Businesses.'' This hearing examined a range of mortgage 
origination laws and regulations that impact consumers and 
mortgage industry participants as well as related reforms for 
consideration by Congress, federal agencies, or states. The 
hearing also examined legislative proposals to clarify the 
application of the Real Estate Settlement Procedures Act 
(RESPA), particularly as applied to the payment of fees to real 
estate brokers and agents by home warranty companies, including 
H.R. 2446, the RESPA Home Warranty Clarification Act of 2011, 
which was introduced by Subcommittee on Insurance, Housing and 
Community Opportunity Chairman Judy Biggert on July 7, 2011. 
H.R. 2446 would amend current law to explicitly state that home 
warranties are permissible RESPA settlement services.
    On June 28, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a briefing for Committee staff 
with representatives from HUD on the implementation of the 
final rule for the SAFE Act's minimum standards for the state 
licensing and registration of residential mortgage loan 
originators and the requirements for operating the Nationwide 
Mortgage Licensing System and Registry (NMLSR). The final rule 
was published in Federal Register on June 30, 2011.

Loan Originator Compensation

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
implementation of proposed rules issued by the Federal Reserve 
governing mortgage origination compensation, as well as the 
interaction of existing real estate settlement rules with rules 
mandated by the Dodd-Frank Act.
    On July 13, 2011, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled ``Mortgage 
Origination: The Impact of Recent Changes on Homeowners and 
Businesses.'' This hearing examined a range of mortgage 
origination laws and regulations that impact consumers and 
mortgage industry participants as well as related reforms for 
consideration by Congress, federal agencies, or states. The 
hearing also examined legislative proposals to clarify the 
application of the RESPA, particularly as applied to the 
payment of fees to real estate brokers and agents by home 
warranty companies, including H.R. 2446, the RESPA Home 
Warranty Clarification Act of 2011, which was introduced by 
Subcommittee on Insurance, Housing and Community Opportunity 
Chairman Judy Biggert on July 7, 2011. H.R. 2446 would amend 
current law to explicitly state that home warranties are 
permissible RESPA settlement services.

Homelessness

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to consider 
alternatives to improve coordination or consolidate Federal 
homelessness programs in order to reduce costs and improve 
oversight and transparency. The Committee will review the 
effectiveness of HUD programs and services for homeless 
veterans, children, youth, and families.
    On December 15, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled ``The 
Homeless Children and Youth Act of 2011: Proposals to Promote 
Economic Independence for Homeless Children and Youth.'' H.R. 
32 would amend the definition of ``homeless person'' in Title I 
of the McKinney-Vento Homeless Assistance Act (P.L. 107-110) to 
include children and youth who are verified as homeless by 
local educational agencies or social service agencies that 
receive federal funding. Inconsistent definitions of ``homeless 
person'' make it difficult for federal agencies--most notably 
HUD--to accurately estimate the number of homeless persons. 
H.R. 32 would harmonize these definitions, which would allow 
HUD to better estimate the number of homeless persons who need 
housing assistance and services. A consistent definition of 
``homeless person'' among federal agencies would also allow 
more children and youth to receive housing assistance and 
services.
    On September 14, 2012, the Subcommittee on Insurance, 
Housing and Community Opportunity held a hearing entitled 
``Housing for Heroes: Examining How Federal Programs Can Better 
Serve Veterans.'' This hearing examined the barriers that 
homeless and low-income veterans face in obtaining housing 
assistance and services from federal programs. This hearing 
also examined two legislative proposals that addressed issues 
facing homeless and low-income veterans: H.R. 6111, the 
Vulnerable Veterans Housing Reform Act of 2012, introduced by 
Rep. Joe Heck (R-NV) on July 12, 2012, and H.R. 6381, the 
Housing Assistance for Veterans Act of 2012, a discussion draft 
offered by Rep. Al Green (D-TX).

Review of the Manufactured Housing Improvement Act

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
federal laws and regulations in place governing the processes 
and standards under which manufactured homes are built and 
maintained to ensure that all aspects of the law are being 
fully and properly implemented by HUD.
    On November 29, 2011, the Subcommittee on Insurance, 
Housing and Community Opportunity held a field hearing in 
Danville, Virginia entitled, ``The State of Manufactured 
Housing.'' The hearing provided a general overview of 
manufactured housing and examined how tighter lending standards 
have affected borrowers seeking to purchase manufactured homes. 
In addition, the hearing examined how HUD monitors and enforces 
its federal standards for the construction and safety of 
manufactured homes.
    On February 1, 2012, the Subcommittee on Insurance, Housing 
and Community Opportunity held a hearing entitled 
``Implementation of the Manufactured Housing Improvement Act'' 
to examine the manufactured housing industry and HUD's efforts 
to implement the Manufactured Housing Improvement Act of 2000.

FHA Refinance Program

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to return to 
taxpayer the $8 billion in Troubled Asset Relief Program (TARP) 
funds that has been set aside for the FHA Refinance Program.
    On February 28, 2011, Representative Robert Dold introduced 
H.R. 830, the FHA Refinance Program Termination Act. The 
legislation would rescind all unobligated balances made 
available for the program by Title I of the Emergency Economic 
Stabilization Act (P.L. 110-343) that have been allocated for 
use under the FHA Refinance Program (pursuant to Mortgagee 
Letter 2010-23 of the Secretary of HUD). The bill would also 
terminate the program and void the Mortgagee Letter pursuant to 
which it was implemented, with concessions made for current 
participants in the program. The FHA Refinance Program provides 
refinancing options through the FHA mortgage insurance program 
to homeowners who owe more in mortgage principal than their 
property's current value. On March 2, 2011, the Subcommittee on 
Insurance, Housing and Community Opportunity held a legislative 
hearing on H.R. 830. The bill was ordered favorably reported by 
the Committee on March 3, 2011, and passed the House on March 
10, 2011.

Emergency Homeowner Relief Fund

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind the 
unexpended and unobligated amounts dedicated to the Emergency 
Homeowner Relief Fund.
    On February 17, 2011, Chairman Spencer Bachus and 
Subcommittee on Insurance, Housing and Community Opportunity 
Chairwoman Judy Biggert sent a letter to the HUD regarding 
HUD's proposed Interim Rule on the EHLP (Docket No. FR-5470-J-
OI). The letter expressed concern that the underlying program 
was an unwise expansion of government's role in the housing 
market that is both costly to taxpayers and potentially 
injurious to the at-risk homeowners it purports to help. The 
letter also noted that the EHLP does nothing to address the 
underlying problem these at-risk homeowners face--the loss of 
or inability to find a job--and therefore does not help get our 
economy back on track. Further, the letter indicated Chairman 
Bachus and Chairwoman Biggert's intention that Congress take 
action this calendar year to repeal the EHLP's reauthorization 
and rescind any unobligated balances for the program, and thus 
recommended that work on the proposed Interim Rule for EHLP not 
be finalized while Congress pursues these important taxpayer 
protection goals.
    On February 28, 2011, Representative Jeb Hensarling 
introduced H.R. 836, the Emergency Mortgage Relief Program 
Termination Act, to rescind all unobligated balances made 
available for the Emergency Mortgage Relief Program and 
terminate the program. The Emergency Homeowner Relief Fund was 
established under Section 1496 of the Dodd-Frank Act to provide 
loans or credit advances to borrowers who cannot pay their 
mortgages because of unemployment or reduction in income. On 
March 2, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a legislative hearing on H.R. 836. 
On March 3, 2011, the Committee ordered the bill favorably 
reported, and on March 11, 2011, the bill was approved by the 
House.

                International Monetary Policy and Trade


Job Creation and U.S. Competitiveness

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
United States international monetary and trade policies to 
ensure that those policies support the ability of U.S. 
companies to be competitive in the international marketplace, 
thereby promoting domestic job creation and economic 
opportunity.
    On July 27, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The Impact 
of the World Bank and Multilateral Development Banks on U.S. 
Job Creation.'' This hearing examined how Multilateral 
Development Bank (MDB) assistance to developing nations 
prevents the proliferation of terrorism and instability while 
contributing to national economic growth through infrastructure 
projects and increased employment. The hearing also explored 
how MDB assistance helps developing nations to transition into 
emerging markets, at which time they become open economies full 
of opportunities for U.S. exports and other consumer services.

Export-Import Bank of the United States

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to consider the 
reauthorization of the Export-Import Bank and examine its 
policies and programs in supporting the global competitiveness 
of U.S. companies, small and large, particularly given the 
liquidity challenges American businesses currently face.
    On March 10, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The Role of 
the Export-Import Bank in U.S. Competitiveness and Job 
Creation.'' The purpose of the hearing was to examine the role 
of the Export-Import Bank in fostering job growth by helping 
U.S. companies compete in the international export market. The 
hearing focused on how to improve the operations of the Export-
Import Bank to foster job growth by supporting U.S. companies 
as they export to international markets.
    On March 10, 2011, Chairman Spencer Bachus and Subcommittee 
on International Monetary Policy and Trade Chairman Gary Miller 
sent a letter to President Obama urging him to submit 
nominations to the Senate to fill two vacancies on the Export-
Import Bank Board of Directors. On July 20, 2011, an automatic 
six-month extension of these board seats will lapse, and the 
Board of Directors will not be able to achieve a quorum, 
precluding the Export-Import Bank from approving any 
transactions.
    On April 9, 2011, Chairman Spencer Bachus, Subcommittee on 
International Monetary Policy and Trade Chairman Gary Miller, 
Ranking Member Barney Frank, and Subcommittee Ranking Member 
Carolyn McCarthy sent a letter to Secretary Geithner asking him 
to use Treasury's authority under section 635(a)(3) of the 
Export-Import Bank Charter to match foreign financing when 
foreign sales to the United States are being supported by 
official export credit through a foreign Export Credit Agency 
(ECA).
    On May 24, 2011, the Subcommittee on International Monetary 
Policy and Trade held a hearing entitled ``Legislative 
Proposals on Securing American Jobs Through Exports: Export-
Import Bank Reauthorization.'' This hearing examined a 
discussion draft of legislation to reauthorize the charter of 
the Export-Import Bank of the United States.
    On June 1, 2011, the discussion draft was introduced by 
Subcommittee on International Monetary Policy and Trade 
Chairman Gary Miller as H.R. 2072. On June 2, 2011, the 
Subcommittee on International Monetary Policy and Trade met in 
open session and ordered H.R. 2072, as amended, favorably 
reported to the Committee by a voice vote. On June 22, 2011, 
the Committee met in open session an ordered H.R. 2072, as 
amended, favorably reported to the House by a voice vote.

International Trade

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to oversee 
existing trade programs, and consider policies within the 
Committee's jurisdiction to promote U.S. international trade so 
that American companies are globally competitive.
    On January 25, 2012, Chairman Spencer Bachus and 
Subcommittee on International Monetary Policy and Trade 
Chairman Gary Miller sent a letter to President Obama on the 
Administration's proposal to consolidate the trade-related 
functions of several federal agencies.
    On April 27, 2012, Chairman Spencer Bachus sent a letter to 
Treasury Secretary Geithner asking that the Administration urge 
the government of Egypt to reconsider actions that could have a 
negative impact on foreign direct investment in Egypt and cause 
substantial harm to relations between the U.S. and Egypt as 
well as relations between Egypt and Israel.

Market Access

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to assess 
opportunities to expand market access for U.S. companies and 
the financial services sector, and to promote policies that can 
bring about reciprocal market access with developing nations 
that currently limit or prevent U.S. firms from entering and 
operating within their national borders.
    On February 25, 2011, the Engage China Coalition, 
comprising twelve financial services trade associations, 
briefed bipartisan Committee staff on the Coalition's efforts 
to improve access to the Chinese financial services market. 
China's population represents a growing consumer base for 
financial services firms. However, various restrictions prevent 
the level of access that would allow U.S. firms to effectively 
serve this growing segment.
    On April 26, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Treasury Department on the upcoming Strategic and Economic 
Dialogue between the U.S. and China.
    On May 16, 2012, the Subcommittee on International Monetary 
Policy and Trade held a hearing entitled ``Increasing Market 
Access for U.S. Financial Firms in China: Update on Progress of 
the Strategic & Economic Dialogue'' to examine the access that 
U.S. financial firms have to Chinese financial markets and to 
provide an update on the Strategic and Economic Dialogue.

Extractive Industries and Conflict Minerals

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
implementation of provisions in title XV of the Dodd-Frank Act 
imposing new disclosure requirements relating to so-called 
``conflict minerals'' and ``extractive industries,'' to ensure 
that the underlying objectives of the provisions are met but 
that unnecessary compliance burdens for U.S. firms are 
minimized.
    On January 25, 2011, Chairman Spencer Bachus sent a letter 
to SEC Chairman Mary Schapiro requesting that the SEC consider 
extending the public comment period for the proposed rule to 
implement Section 1502 of the Dodd-Frank Act, which requires 
U.S.-listed companies to disclose to the SEC any use of 
minerals that originated in the Democratic Republic of Congo 
and neighboring countries. The SEC ultimately extended the 
comment period for thirty days.
    On March 4, 2011, Chairman Spencer Bachus and Subcommittee 
on International Monetary Policy and Trade Chairman Gary Miller 
sent a letter to SEC Chairman Schapiro expressing concerns 
about the implementation of Section 1504 of the Dodd-Frank Act. 
Section 1504 requires the disclosure of certain payments made 
by natural resource companies to governments for the commercial 
development of oil, natural gas or minerals. The letter 
expressed concerns that if not implemented properly, Section 
1504 could disadvantage U.S.-listed companies when they compete 
for extractive industry contracts. The letter asked the SEC to 
consider using its general exemptive authority under Section 36 
of the Exchange Act to exempt reporting of payments when 
disclosure of such information would violate foreign law.
    On July 28, 2011, Chairman Spencer Bachus, along with 
Subcommittee on International Monetary Policy and Trade 
Chairman Gary Miller, Subcommittee on International Monetary 
Policy and Trade Vice Chairman Robert Dold, and Representative 
Steve Stivers sent a letter to SEC Chairman Mary Schapiro 
requesting a phased implementation of regulations effectuating 
Section 1502 of the Dodd-Frank, which requires publicly traded 
U.S. companies to report annually on their efforts to verify 
that minerals used in their products were not taxed or 
controlled by rebel groups in the Democratic Republic of Congo, 
Act. The purpose of this letter was to ensure that U.S. 
companies are able to comply and are not competitively 
disadvantaged in the global marketplace.
    On May 10, 2012, the Subcommittee on International Monetary 
Policy and Trade held a hearing entitled ``The Costs and 
Consequences of Dodd-Frank Section 1502: Impacts on America and 
the Congo.'' This hearing examined the effects of the conflict 
minerals provisions of the Dodd-Frank Act on Congolese citizens 
and U.S. businesses.
    On August 10, 2012, Chairman Bachus, Subcommittee Chairman 
Miller, and 49 other Representatives sent a bipartisan letter 
to SEC Chairman Mary Schapiro regarding Section 1502 of the 
Dodd-Frank Act. The letter notes the Members' support for the 
fundamental goal of preventing the exploitation of minerals for 
the purpose of funding human rights violations in the 
Democratic Republic of the Congo. The letter also expresses 
concern that, if poorly implemented, Section 1502 could create 
costly unintended consequences for American companies and for 
legitimate Congolese miners without producing benefits for the 
Congolese people.
    On August 21, 2012, Chairman Bachus sent a letter to SEC 
Chairman Mary Schapiro asking the SEC to use the flexibility 
provided by the Dodd-Frank Act to issue a final rule relating 
to Section 1504 that is consistent with section 23(a)(2) of the 
Securities Exchange Act of 1934, which prohibits the SEC from 
adopting any rule that imposes a burden on competition not 
necessary or appropriate in the furtherance of the Act.

Annual Report and Testimony by the Secretary of the Treasury on 
        International Monetary Fund Reform and the State of the 
        International Financial System

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review and 
assess the annual report to Congress from the Secretary of the 
Treasury on the state of the international financial system and 
the International Monetary Fund (IMF).
    On March 15, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Congressional Research Service on the Eurozone crisis and 
the role of the IMF. This briefing was in preparation for 
Treasury Secretary Timothy Geithner's annual testimony on the 
state of the international financial system.
    On March 20, 2012, the Committee held a hearing entitled 
``Hearing to Receive the Annual Testimony of the Secretary of 
the Treasury on the State of the International Financial 
System.'' At this hearing, Secretary Geithner delivered his 
testimony on the state of the international financial system. 
Secretary Geithner focused his testimony on the Eurozone 
crisis, the efforts made by Europeans to resolve the crisis, 
the efforts of the IMF to mitigate the crisis, and the role of 
the United States in resolving the crisis both bilaterally and 
through the IMF.

Conduct of the International Financial Institutions (IFIs) and Possible 
        U.S. Contributions

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review any 
Administration request that the U.S. contribute to the general 
capital increases of the World Bank, Inter-American Development 
Bank, Asian Development Bank, African Development Bank, 
European Bank for Reconstruction and Development, and the 
International Finance Corporation.
    On February 18, 2011, representatives of the Department of 
Treasury's Office of International Affairs briefed bipartisan 
Committee staff on the Administration's FY 2012 budget proposal 
for Treasury's International portfolio. In its FY2012 budget, 
the Administration requested that the Committee authorize 
funding for the U.S. commitment to replenish the concessional 
loan windows at the multilateral development banks and to fund 
a capital increase at these institutions.
    On May 26, 2011, representatives from the African 
Development Bank (AfDB) held a roundtable discussion with 
members of the International Monetary Policy and Trade 
Subcommittee. The discussion was sponsored by International 
Monetary Policy and Trade Subcommittee Chairman Gary Miller, 
Subcommittee Vice Chairman Robert Dold, and Ranking Member 
Carolyn McCarthy. The purpose of the roundtable was to discuss 
the general capital increase request for the African 
Development Bank as well as AfDB President Kaberuka's efforts 
to improve transparency and accountability at the Bank.
    On June 14, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The Role of 
the U.S. in the World Bank and Multilateral Development Banks: 
Bank Oversight and Requested Capital Increases.'' This hearing 
examined the role of the U.S. in the multilateral development 
banks and the benefits of its participation. It also examined 
the mission and operations of the multilateral development 
banks, Treasury's oversight of these institutions, and the 
Administration's request to fund the U.S. contribution to these 
institutions.
    On July 27, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The Impact 
of the World Bank and Multilateral Development Banks on U.S. 
Job Creation.'' The hearing focused on how Multilateral 
Development Bank lending and assistance to middle-income and 
poor countries around the world contributes to the U.S. 
employment base. The hearing also explored how MDB assistance 
helps developing nations to transition into emerging markets, 
at which time they become open economies and promising markets 
for U.S. exports and other consumer services.
    On September 21, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The Impact 
of the World Bank and Multilateral Development Banks on 
National Security.'' This hearing examined the effect on U.S. 
national security of lending and grants provided by 
Multilateral Development Banks to middle-income and poor 
countries, and how that assistance helps developing countries 
become stable nations that can help counteract the 
proliferation of terrorism and other threats to U.S. national 
security.
    On October 4, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The World 
Bank and Multi Lateral Development Banks' Authorization.'' This 
hearing examined a discussion draft of legislation to authorize 
general capital increases for the International Bank for 
Reconstruction and Development, the Inter-American Development 
Bank, the African Development Bank, and the European Bank for 
Reconstruction and Development.
    On October 12, 2011, the Subcommittee on International 
Monetary Policy and Trade met in open session and ordered the 
discussion draft of H.R. 3188, as amended, favorably to the 
Committee by a voice vote. On October 13, 2011, the discussion 
draft was introduced by Representative Robert Dold as H.R. 
3188.
    On December 12, 2011, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Treasury Department on legislative mandates relating to 
Myanmar.
    On January 17, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Treasury Department on a new World Bank financing 
instrument known as ``Program for Results.''
    On February 15, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Treasury Department on the President's budget request for 
international programs.
    On February 21, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Treasury Department on the Office of Technical Assistance 
and its agenda for 2012.
    On May 23, 2012, the Subcommittee on International Monetary 
Policy and Trade held a bipartisan staff briefing with Rajat 
Nag, Managing Director of the Asian Development Bank, on the 
Asian Development Bank's activities.
    On March 28, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
Emmanuel Mbi, Chief Operating Officer of the African 
Development Bank, on the African Development Bank's activities.
    On July 25, 2012, the Committee held a bipartisan Member 
Meeting with incoming World Bank President Dr. Jim Yong Kim to 
discuss Dr. Kim's priorities for promoting global economic 
development in his capacity as President of the World Bank.
    On August 22, 2012, Chairman Bachus and Ranking Member 
Frank sent a letter to Treasury Secretary Geithner asking that 
the Administration use its leadership at the International 
Financial Institutions to emphasize fiscal transparency, 
systems of accountability, and respect for human rights when 
these institutions consider engagement with Burma, and that the 
institutions pay close attention to the needs of the Burmese 
people.

International Monetary Fund (IMF)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to assess the 
IMF's actions during and after the financial crisis to 
determine how best to leverage U.S. resources through this 
multilateral institution.
    On March 6, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan Member briefing 
with Madame Christine Lagarde, Managing Director of the IMF, on 
the IMF's activities during the Eurozone crisis.

Eurozone Distress

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
economic distress in the Eurozone stemming from unsustainable 
sovereign debt in several European countries, and its impact on 
the United States and the global economy. It further calls on 
the Committee to examine actions taken by the IMF, the European 
Union, and other nations to address the sovereign debt issues 
in the Eurozone.
    On October 25, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The 
Eurozone Crisis and Implications for the United States.'' The 
purpose of the hearing was to examine the effect that Europe's 
economic problems may have on the U.S. economy; in particular, 
the effect of those problems on trade and employment. The 
hearing also examined European policy options under 
consideration for containing the crisis and the role of the 
U.S. in these decisions.
    On December 9, 2011, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
the Congressional Research Service on the Eurozone crisis. This 
briefing was in advance of a bipartisan Member briefing on the 
same topic with Lael Brainard, Under Secretary for 
International Affairs, Department of the Treasury.
    On December 14, 2011, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan Member briefing 
with Under Secretary of the Treasury for International Affairs 
Lael Brainard on the Eurozone crisis.
    On April 11, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan staff briefing with 
Charles Collyns, Assistant Secretary of the Treasury, on the 
Eurozone crisis and the role of the IMF.
    On June 7, 2012, the Committee on Financial Services held a 
bipartisan Member briefing with the Prime Minister of Finland, 
Jyrki Katainen, on Finnish-American issues as well as the 
Eurozone debt crisis.
    On June 28, 2012, the Committee on Financial Services held 
a bipartisan Member briefing with Lael Brainard, Under 
Secretary of the Treasury for International Affairs, to discuss 
the Eurozone debt crisis, the G-20 meetings in Mexico, and the 
role of the U.S. in addressing the crisis.
    On November 28, 2012, the Subcommittee on International 
Monetary Policy and Trade held a bipartisan Member briefing 
with Lael Brainard, Under Secretary of the Treasury for 
International Affairs, to discuss the continuing economic 
crisis in Europe and the transitions sparked by the Arab Spring 
in the Middle East/North Africa region. Under Secretary 
Brainard updated Members on U.S. engagement at the 
international financial institutions, including the IMF and the 
multilateral development banks, and the role the institutions 
are playing in these regions.

Global Capital Flows

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
flow of capital globally and the implications to the United 
States of factors that threaten global economic stability.
    On October 13, 2011, the Subcommittee on International 
Monetary Policy and Trade held a hearing entitled ``The U.S. 
Housing Finance System in the Global Context: Structure, 
Capital Sources, and Housing Dynamics.'' The U.S. 
securitization process has facilitated the flow of private 
investment capital from investors around the world to fund U.S. 
home mortgages. This hearing focused on the relationship 
between the health of the U.S. housing finance system and 
global financial stability, including foreign involvement in 
the U.S. housing finance system and the motivations of foreign 
investors to purchase residential mortgage-backed securities.

                        Domestic Monetary Policy


The Economy and Jobs

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review 
changes in the economy that affect the relationship between 
monetary policy, government expenditures, deficits, employment, 
and economic growth, and to examine the effectiveness and 
consequences of measures undertaken by the Federal Reserve and 
the executive branch on economic growth and employment.
    On January 26, 2011, the Committee held a hearing entitled 
``Promoting Economic Recovery and Job Creation: The Road 
Forward.'' The hearing examined potential barriers to job 
creation and economic growth erected by the Dodd-Frank Act. At 
the hearing, academics and business owners testified as to how 
the Volcker Rule could adversely affect the availability of 
investment capital and impede job growth and, more generally, 
how the Act could harm the competitiveness of the U.S. 
financial markets.
    On February 9, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Can Monetary 
Policy Really Create Jobs?'' The hearing examined whether the 
Federal Reserve's policies have been effective in creating jobs 
and stabilizing the economy.
    On March 30, 2011, the Subcommittee on Oversight and 
Investigations held a hearing on ``The Costs of Implementing 
the Dodd-Frank Act: Budgetary and Economic.'' The hearing 
reviewed the direct cost to the federal government of 
implementing the Dodd-Frank Act, as well as the Act's impact on 
job creation, capital formation and compliance costs for 
regulated entities. Testimony was received from regulators, 
academics and the Congressional Budget Office (CBO).
    On April 14, 2011, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Oversight of the 
Financial Stability Oversight Council.'' Witnesses from the 
CFTC, Treasury Department, National Association of Insurance 
Commissioners (NAIC), Federal Reserve, SEC, FDIC, and OCC 
testified on their respective agencies' role on the Council, 
and regulatory activities related to Dodd-Frank implementation. 
Members voiced concerns that a failure to sequence and 
coordinate U.S. regulatory action with efforts in other nations 
could adversely affect the ability of U.S. financial 
institutions to compete, negatively affecting economic growth 
and job creation.
    On July 12, 2011, the Congressional Research Service 
briefed bipartisan Committee staff on the state of the U.S. 
economy and the conduct of monetary policy in preparation for 
the hearing the next day at which Federal Reserve Board 
Chairman Ben Bernanke presented the Board's semi-annual report 
on those subjects.
    On July 13, 2011, the Committee held a hearing with Federal 
Reserve Chairman Ben Bernanke entitled ``Monetary Policy and 
the State of the Economy.'' The purpose of this hearing was to 
receive the semi-annual report to Congress on monetary policy 
and the state of the economy.
    On June 28, 2012, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Fractional 
Reserve Banking and the Federal Reserve: The Economic 
Consequences of High-Powered Money.'' The hearing examined 
fractional reserve banking, its relationship to monetary 
policy, and its effect on the economy.
    On August 2, 2012, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Sound Money: 
Parallel Currencies and the Roadmap to Monetary Freedom.'' The 
hearing examined parallel currencies and alternative forms of 
money, the effects of parallel currencies on the economy and 
monetary policy, and the obstacles that prevent the circulation 
of alternative forms of money.
    On September 21, 2012, the Subcommittee on Domestic 
Monetary Policy and Technology held a hearing entitled ``The 
Price of Money: Consequences of the Federal Reserve's Zero 
Interest Rate Policy'' to examine the role that interest rates 
play in resource allocation, economic growth, and economic 
crises; the effects of interest rates on inflation and the 
purchasing power of the dollar; and the impact of the Federal 
Reserve's zero interest rate policy on investors, savers, and 
the economy.

Conduct of Monetary Policy by the Board of Governors of the Federal 
        Reserve System

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to perform its 
statutory responsibility in overseeing the Federal Reserve 
Board's conduct of monetary policy.
    On February 9, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Can Monetary 
Policy Really Create Jobs?'' The hearing examined whether the 
Federal Reserve's policies have been effective in creating jobs 
and stabilizing the economy.
    On March 2, 2011, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy,'' to receive 
Federal Reserve Board Chairman Ben Bernanke's semi-annual 
report to Congress on monetary policy and the state of the 
economy. Chairman Bernanke described an economy that is growing 
slowly, with unemployment remaining high, and inflation 
expectations remaining low. In the monetary policy overview, 
Chairman Bernanke detailed the Fed's decision to engage in 
``quantitative easing'' as a tool for conducting monetary 
policy when the Fed funds rate is effectively at zero.
    On March 17, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``The 
Relationship of Monetary Policy and Rising Prices.'' The 
hearing examined the role that an overly accommodative Federal 
Reserve monetary policy can have in fueling inflationary 
pressures.
    On July 26, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Impact of 
Monetary Policy on the Economy: A Regional Fed Perspective on 
Inflation, Unemployment, and QE3.'' The purpose of this hearing 
was to receive a regional Federal Reserve Bank perspective on 
inflation, unemployment, monetary policy actions and the 
possibility of further liquidity operations.
    On September 28, 2011, the Federal Reserve briefed 
bipartisan Committee staff on two issues: its recently 
announced program to buy long-term Treasuries in an attempt to 
decrease long-term interest rates; and its dollar liquidity 
swap lines executed with foreign central banks.
    On February 28, 2012, the Congressional Research Service 
held a bipartisan staff briefing on the state of the U.S. 
economy and the conduct of monetary policy. The briefing was 
held in preparation for the hearing at which the Federal 
Reserve Chairman testified on the state of the economy and the 
Federal Reserve Board's conduct of monetary policy.
    On February 29, 2012, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy,'' to receive 
Federal Reserve Chairman Ben Bernanke's semi-annual report to 
Congress on monetary policy and the state of the economy. In 
his testimony on the state of the economy Chairman Bernanke 
detailed the economy's slow rate of growth, high unemployment, 
and low inflation expectations. In the monetary policy 
overview, Chairman Bernanke explained the Federal Open Market 
Committee's decision to provide additional monetary 
accommodation over the past six months, including changes to 
its forward-rate guidance and adjustments to the Federal 
Reserve's holding of Treasury and other agency securities.
    On March 23, 2012, the Congressional Research Service held 
a bipartisan staff briefing on the Federal Reserve's response 
to the Eurozone debt crisis, and, in particular, the Federal 
Reserve's liquidity swaps with foreign central banks.
    On March 27, 2012, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Federal Reserve 
Aid to the Eurozone: Its Impact on the U.S. and the Dollar'' to 
identify whether the Federal Reserve had provided assistance to 
the Eurozone during its sovereign debt crisis.
    On May 8, 2012, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Improving the 
Federal Reserve System: Examining Legislation to Reform the Fed 
and Other Alternatives,'' to examine six legislative proposals 
to either reform or abolish the Federal Reserve System.
    On July 16, 2012, the Committee on Financial Services held 
a bipartisan staff briefing with the Congressional Research 
Service on the conduct of monetary policy and the state of the 
economy. This briefing was in preparation for the semi-annual 
testimony of Federal Reserve Chairman Ben Bernanke on the same 
topic.
    On July 18, 2012, the Committee on Financial Services held 
a hearing entitled ``Monetary Policy and the State of the 
Economy'' to receive the semi-annual report to Congress on 
monetary policy and the state of the economy. The sole witness 
at this hearing was Ben Bernanke, Chairman, Board of Governors 
of the Federal Reserve System.

General Oversight of the Federal Reserve System

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to conduct 
oversight of the operations of the Federal Reserve Board of 
Governors and the Federal Reserve System, including its 
management structure, organizational changes mandated by the 
Dodd-Frank Act, and the role of the Federal Reserve in the 
supervision of systemically significant banks and non-bank 
financial institutions.
    On March 2, 2011, the Committee held a hearing entitled 
``Monetary Policy and the State of the Economy,'' to receive 
Federal Reserve Board Chairman Ben Bernanke's semi-annual 
report to Congress on monetary policy and the state of the 
economy.
    On May 3, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a bipartisan staff briefing with 
Federal Reserve staff to discuss the content of the data 
released in December 2010, and the data released in March 2011 
as a result of Freedom of Information Act (FOIA) lawsuits by 
the news organizations Bloomberg and Fox News, detailing the 
use of various emergency lending facilities established by the 
Federal Reserve during the financial crisis. Fed officials gave 
a brief summary of the difference between normal discount 
window operations and the emergency lending authorities, and 
discussed the differences between the disclosures required by 
the Dodd-Frank Act and those made pursuant to the FOIA 
requests.
    On May 11, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Monetary Policy 
and the Debt Ceiling: Examining the Relationship between the 
Federal Reserve and Government Debt.'' The hearing focused on 
the link between Federal Reserve monetary policy and government 
debt, specifically how the Federal Reserve purchases government 
debt to conduct monetary policy, the role of the Federal 
Reserve in financing government budget deficits, and the 
separation between the Federal Reserve and Treasury.
    On June 1, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Federal Reserve 
Lending Disclosure: FOIA, Dodd-Frank, and the Data Dump.'' The 
hearing examined information disclosed by the Federal Reserve 
in compliance with the Dodd-Frank Act and the FOIA requests 
made by Bloomberg and Fox News.
    On June 8, 2011, Federal Reserve Board of Governors briefed 
bipartisan Committee staff on its single-tranche open market 
operations detailed in a press account on May 26, 2011. Fed 
officials gave a brief summary of the single-tranche open 
market operation program that began in early March, 2008, and 
discussed the Bloomberg article entitled ``Fed Gave Banks 
Crisis Gains on $80 Billion Secretive Loans as Low as 0.01%.''
    On September 26, 2011, GAO briefed bipartisan Committee 
staff on the audit of the Federal Reserve emergency facilities 
required by Section 1109 of the Dodd-Frank Act.
    On October 4, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Audit the Fed: 
Dodd-Frank, QE3, and Federal Reserve Transparency.'' This 
hearing examined the results of the audits of the Federal 
Reserve by GAO mandated by the Dodd-Frank Act; earlier 
legislative efforts to audit the Federal Reserve; current 
Federal Reserve audit and data disclosure requirements; and 
Federal Reserve transparency.

Activities of the U.S. Mint and the Bureau of Engraving and Printing

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to review the 
activities of the U.S. Mint and the Bureau of Engraving and 
Printing as they relate to the printing and minting of U.S. 
currency and coins and the production of congressionally 
authorized commemorative coins and Congressional gold medals.
    On April 7, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Bullion Coin 
Programs of the United States Mint: Can They Be Improved?'' The 
focus of the hearing was on possible improvements to the U.S. 
Mint's bullion programs, and whether the Mint is capable of 
meeting growing demand for bullion coins. The recent recession 
was accompanied by increased demand for bullion coins as a way 
to hedge against inflation. Witnesses suggested one cause for 
the shortfall might be the lack of suppliers to the Mint, and 
advocated an expansion of the relevant supply chains to ensure 
that the Mint can meet growing demand for bullion coins.
    On June 9, 2011, the Office of the Inspector General for 
the Department of Treasury (Treasury OIG) briefed bipartisan 
Committee staff on United States government gold holdings in 
the custody of the Treasury Department, and the Treasury OIG's 
audit of that gold. Treasury OIG staff gave an overview of how 
the gold holdings at Treasury were counted, audited, and placed 
in sealed compartments in the period before the Treasury OIG 
began performing the audits. They also discussed current 
procedures for performing an audit, changing the seal on a gold 
compartment, and the maintenance of a compartment when it 
involves breaking the seal.
    On June 20, 2011, the United States Mint briefed bipartisan 
Committee staff on U.S. government gold holdings, for which the 
Mint is the custodian. The U.S. Mint staff gave an overview of 
the government's gold holdings, including a discussion of the 
manner in which the gold is stored, inventoried, and assayed. 
Also discussed was the frequency of audits and procedures for 
auditing the gold holdings.
    On June 23, 2011, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``Investigating 
the Gold: H.R. 1495, the Gold Reserve Transparency Act of 2011 
and the Oversight of United States Gold Holdings.'' The purpose 
of the hearing was to discuss H.R. 1495, the Gold Reserve 
Transparency Act of 2011, as well as examine previous audits of 
U.S. gold holdings, the current condition of U.S. gold 
reserves, and the methodology for conducting the audit called 
for in H.R. 1495.
    On September 13, 2011, the Subcommittee on Domestic 
Monetary Policy and Technology held a hearing entitled ``Road 
Map to Sound Money: A Legislative Hearing on H.R. 1098 and 
Restoring the Dollar.'' The purpose of this hearing was to 
examine the role of ``sound money'' in the economy as well as 
H.R. 1098, the ``Free Competition in Currency Act of 2011.''
    On April 17, 2012, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``The Future of 
Money: Coinage Production.'' This hearing examined legislation 
that directs the Treasury Secretary to change the metallic 
content of one-cent and five-cent circulating coins from their 
current content to reduce production costs.
    On November 14, 2012, Deputy Director Richard Peterson of 
the United States Mint conducted a bipartisan briefing for the 
Committee staff in preparation for an upcoming hearing on 
November 29, 2012. Deputy Director Peterson discussed the 
Mint's current operations, its FY 2011 annual report, and its 
required but not-yet-delivered report on potential alternative 
metallic compositions of circulating coins.
    On November 29, 2012, the Subcommittee on Domestic Monetary 
Policy and Technology held a hearing entitled ``The Future of 
Money: Dollars and Sense'' to examine proposals to change the 
metallic content of the penny and the nickel and to replace the 
dollar bill with a $1 coin. Witnesses discussed the economic 
and social implications of each proposal, and their potential 
financial implications.

The Financial Crimes Enforcement Network (FinCEN)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine the 
operations of FinCEN and its ongoing efforts to implement its 
regulatory mandates pursuant to the Bank Secrecy Act (BSA), to 
combat money laundering and terrorist financing activities.
    On November 9, 2011, Undersecretary of the Office of 
Terrorism and Financial Intelligence at the Department of 
Treasury David Cohen briefed bipartisan Committee staff on a 
proposal to reorganize the Office of Terrorism and Financial 
Intelligence.

The Office of Foreign Asset Control

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to monitor the 
functions of the Office of Foreign Asset Control and study ways 
of improving its working relationship with financial 
institutions.
    On November 15, 2011, Chairman Spencer Bachus sent a letter 
to Secretary of the Department of Treasury Timothy Geithner 
requesting that the Office of Foreign Asset Control consider 
blocking funds held by Clearstream Banking S.A. on behalf of 
the government of Iran, until all court cases are concluded and 
all claims against the funds are adjudicated.

Payment System Innovations

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to examine 
payment system alternatives, including prepaid credit cards, 
the use of mobile devices to transfer and store value, web-
based value-transfer systems, remote check deposit, and 
informal money transfer systems, businesses or networks, to 
determine both the efficiencies they can provide to customers, 
businesses and financial institutions, and their susceptibility 
to money laundering, terrorism financing, and other financial 
crimes.
    On March 22, 2012, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled ``The 
Future of Money: How Mobile Payments Could Change Financial 
Services.'' This hearing examined the technology used to 
conduct mobile payments, identified potential security 
problems, and considered whether statutory changes were 
necessary as mobile payment systems become more widely 
available.

       Clause 2(d)(1)(F) of Rule X of the House on Proposed Cuts


Neighborhood Stabilization Program (NSP)

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind the 
$1 billion in unobligated funds for NSP and eliminate the 
program.
    On March 1, 2011, Representative Gary Miller introduced 
H.R. 861, the NSP Termination Act, which would rescind all 
unobligated balances made available for the NSP authorized by 
the Dodd-Frank Act and terminate the program. The NSP is a 
federal grant program which provides funding for emergency 
assistance to state and local governments to acquire, develop, 
redevelop, or demolish foreclosed homes. On March 2, 2011, the 
Subcommittee on Insurance, Housing and Community Opportunity 
held a legislative hearing on H.R. 861. H.R. 861 was ordered 
favorably reported by the Committee on March 3, 2011, and 
passed the House on March 16, 2011.

FHA Refinance Program

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to return to 
taxpayer the $8 billion in TARP funds that has been set aside 
for the FHA Refinance Program.
    On February 28, 2011, Representative Robert Dold introduced 
H.R. 830, the FHA Refinance Program Termination Act. The 
legislation would rescind all unobligated balances made 
available for the program by Title I of the Emergency Economic 
Stabilization Act (P.L. 110-343) that have been allocated for 
use under the FHA Refinance Program (pursuant to Mortgagee 
Letter 2010-23 of the Secretary of HUD). The bill would also 
terminate the program and void the Mortgagee Letter pursuant to 
which it was implemented, with concessions made for current 
participants in the program. The FHA Refinance Program provides 
refinancing options through the FHA's mortgage insurance 
program to homeowners who owe more in mortgage principal than 
their property's current value. On March 2, 2011, the 
Subcommittee on Insurance, Housing and Community Opportunity 
held a legislative hearing on H.R. 830. The bill was ordered 
favorably reported by the Committee on March 3, 2011, and 
passed the House on March 10, 2011.

Emergency Homeowner Relief Fund

    The Oversight Plan of the Committee on Financial Services 
for the 112th Congress calls upon the Committee to rescind the 
unexpended and unobligated amounts dedicated to the Emergency 
Homeowner Relief Fund.
    On February 17, 2011, Chairman Spencer Bachus and 
Subcommittee on Insurance, Housing and Community Opportunity 
Chairwoman Judy Biggert sent a letter to the HUD regarding 
HUD's proposed Interim Rule on the EHLP (Docket No. FR-5470-J-
OI). The letter expressed concern that the underlying program 
was an unwise expansion of government's role in the housing 
market that is both costly to taxpayers and potentially 
injurious to the at-risk homeowners it purports to help. The 
letter also noted that the EHLP does nothing to address the 
underlying problem these at-risk homeowners face--the loss of 
or inability to find a job--and therefore does not help get our 
economy back on track. Further, the letter indicated Chairman 
Bachus and Chairwoman Biggert's intention that Congress take 
action this calendar year to repeal the EHLP's reauthorization 
and rescind any unobligated balances for the program, and thus 
recommended that work on the proposed Interim Rule for EHLP not 
be finalized while Congress pursues these important taxpayer 
protection goals.
    On February 28, 2011, Representative Jeb Hensarling 
introduced H.R. 836, the Emergency Mortgage Relief Program 
Termination Act, to rescind all unobligated balances made 
available for the Emergency Mortgage Relief Program and 
terminate the program. The Emergency Homeowner Relief Fund was 
established under Section 1496 of the Dodd-Frank Act to provide 
loans or credit advances to borrowers who cannot pay their 
mortgages because of unemployment or reduction in income. On 
March 2, 2011, the Subcommittee on Insurance, Housing and 
Community Opportunity held a legislative hearing on H.R. 836. 
On March 3, 2011, the Committee ordered the bill favorably 
reported, and on March 11, 2011, the bill was approved by the 
House.
             Hearings Held Under House Rule XI(1)(d)(2)(E)

                              ----------                              


    Rule XI(1)(d)(2)(E) of the Rules of the House, adopted 
January 5, 2011, requires committees, or their subcommittees, 
to:

          (1) Hold at least one hearing during each 120-day 
        period on the topic of waste, fraud, abuse, or 
        mismanagement in Government programs which that 
        committee may authorize. Such hearing shall include a 
        focus on the most egregious instances of waste, fraud, 
        abuse, or mismanagement as documented by any report the 
        committee has received from a Federal Office of the 
        Inspector General or the Comptroller General of the 
        United States.
          (2) Hold at least one hearing in any session in which 
        the committee has received disclaimers of agency 
        financial statements from auditors of any Federal 
        agency that the committee may authorize to hear 
        testimony on such disclaimers from representatives of 
        any such agency.
          (3) Hold at least one hearing on issues raised by 
        reports issued by the Comptroller General of the United 
        States indicating that Federal programs or operations 
        that the committee may authorize are at high risk for 
        waste, fraud, and mismanagement.

    Under Rule XI(1)(d)(2)(E), the hearings held pursuant to 
this rule must be delineated in the Activity Report. During the 
112th Congress, the following hearings were held in compliance 
with the Rule:

------------------------------------------------------------------------
     Serial No.           Title & Subcommittee            Date(s)
------------------------------------------------------------------------
112-4...............  An Analysis of the Post-     February 15, 2011
                       Conservatorship Legal
                       Expenses of Fannie Mae and
                       Freddie Mac (Oversight).
112-13..............  Legislative Proposals to     March 2, 2011
                       End Taxpayer Funding for
                       Ineffective Foreclosure
                       Mitigation Programs
                       (Housing).
112-14..............  Oversight of the Securities  March 10, 2011
                       and Exchange Commission's
                       Operations, Activities,
                       Challenges and FY 2012
                       Budget Request (Capital
                       Markets).
112-16..............  Legislative Proposals to     March 11, 2011
                       Reform the National Flood
                       Insurance Program
                       (Housing).
112-23..............  Legislative Proposals to     April 1, 2011
                       Reform the National Flood
                       Insurance Program, Part II
                       (Housing).
112-36..............  Oversight of HUD's HOME      June 3, 2011
                       Program (Full Committee).
112-48..............  Oversight of the Office of   July 14, 2011
                       Financial Research and the
                       Financial Stability
                       Oversight Council
                       (Oversight).
112-55..............  Field hearing entitled       September 6, 2011
                       ``Combating Terror Post-9/
                       11: Oversight of the
                       Office of Terrorism and
                       Financial Intelligence''
                       (Oversight).
112-57..............  Legislative Proposals to     September 8, 2011
                       Determine the Future Role
                       of FHA, RHS and GNMA in
                       the Single- and Multi-
                       Family Mortgage Markets,
                       Part 2 (Housing).
112-66..............  Joint Hearing with the       September 22, 2011
                       Subcommittee on TARP,
                       Financial Services and
                       Bailouts of Public and
                       Private Programs of the
                       Committee on Oversight and
                       Government Reform entitled
                       ``Potential Conflicts of
                       Interest at the SEC: The
                       Becker Case'' (Oversight).
112-71..............  Oversight of the Federal     October 12, 2011
                       Home Loan Bank System
                       (Oversight).
112-81..............  Joint Hearing entitled       November 2, 2011
                       ``Fraud in the HUD HOME
                       Program'' (Oversight/
                       Housing).
112-87..............  Perspectives on the Health   December 1, 2011
                       of the FHA Single-family
                       Insurance Fund (Full
                       Committee).
112-88..............  Oversight of the Federal     December 1, 2011
                       Housing Finance Agency
                       (Oversight).
112-101.............  Budget Hearing--Consumer     February 15, 2012
                       Financial Protection
                       Bureau (Oversight).
112-102.............  Oversight of the Department  February 28, 2012
                       of Housing and Urban
                       Development (Housing).
112-117.............  The Future of Money:         April 17, 2012
                       Coinage Production
                       (Domestic Monetary Policy).
112-118.............  Budget Hearing--the Office   April 18, 2012
                       of Financial Research
                       (Oversight).
112-119.............  Oversight of the U.S.        April 25, 2012
                       Securities and Exchange
                       Commission (Capital
                       Markets).
112-123.............  Oversight of the FHA         May 9, 2012
                       Reverse Mortgage Program
                       for Seniors (Housing).
112-127.............  Oversight of the Federal     May 16, 2012
                       Deposit Insurance
                       Corporation's Structured
                       Transaction Program
                       (Oversight).
112-131.............  Cyber Threats to Capital     June 1, 2012
                       Markets and Corporate
                       Accounts (Capital Markets).
112-132.............  H.R. 4624, the Investment    June 6, 2012
                       Adviser Oversight Act of
                       2012 (Full Committee).
112-135.............  Investor Protection: The     June 7, 2012
                       Need to Protect Investors
                       from the Government
                       (Capital Markets).
112-151.............  The Annual Report of the     July 25, 2012
                       Financial Stability
                       Oversight Council (Full
                       Committee).
112-152.............  The 10th Anniversary of the  July 26, 2012
                       Sarbanes-Oxley Act
                       (Capital Markets).
112-155.............  TRIA at Ten Years: The       September 11, 2012
                       Future of the Terrorism
                       Risk Insurance Program
                       (Housing).
112-162.............  The Future of Money:         November 29, 2012
                       Dollars and Sense
                       (Domestic Monetary Policy).
------------------------------------------------------------------------

                          HOUSE RESOLUTION 72

                              ----------                              

    On February 8, 2011, the House adopted House Resolution 72, 
amending the rules of the House to require certain designated 
committees to inventory and review regulations, executive and 
agency orders, and other administrative actions or procedures 
that:
          (1) Impede private-sector job creation;
          (2) Discourage innovation and entrepreneurial 
        activity;
          (3) Hurt economic growth and investment;
          (4) Harm the Nation's global competitiveness;
          (5) Limit access to credit and capital;
          (6) Fail to utilize or apply accurate cost-benefit 
        analysis;
          (7) Create additional economic uncertainty;
          (8) Are promulgated in such a way as to limit 
        transparency and the opportunity for public comment, 
        particularly by affected parties;
          (9) Lack specific statutory authorization;
          (10) Undermine labor-management relations;
          (11) Result in large-scale unfunded mandates on 
        employers without due cause;
          (12) Impose undue paperwork and cost burdens on small 
        businesses; or
          (13) Prevent the United States from becoming less 
        independent on foreign energy sources. The resolution 
        requires the Committee to identify any oversight and 
        legislative activity in support of, or as a result of, 
        such inventory and review. From January 1, 2011 to 
        December 31, 2012, the following hearings were held in 
        compliance with the resolution:

------------------------------------------------------------------------
     Serial No.           Title & Subcommittee            Date(s)
------------------------------------------------------------------------
112-1...............  Promoting Economic Recovery  January 26, 2011
                       and Job Creation: The Road
                       Forward (Full Committee).
112-3...............  Can Monetary Policy Really   February 9, 2011
                       Create Jobs? (Domestic
                       Monetary Policy).
112-5...............  Assessing the Regulatory,    February 15, 2011
                       Economic and Market
                       Implications of the Dodd-
                       Frank Derivatives Title
                       (Full Committee).
112-7...............  Are There Government         February 16, 2011
                       Barriers to the Housing
                       Market Recovery? (Housing).
112-8...............  Understanding the Federal    February 17, 2011
                       Reserve's Proposed Rule on
                       Interchange Fees:
                       Implications and
                       Consequences of the Durbin
                       Amendment (Financial
                       Institutions).
112-12..............  The Effect of Dodd-Frank on  March 2, 2011
                       Small Financial
                       Institutions and Small
                       Businesses (Financial
                       Institutions).
112-14..............  Oversight of the Securities  March 10, 2011
                       and Exchange Commission's
                       Operations, Activities,
                       Challenges, and FY 2012
                       Budget Request (Capital
                       Markets).
112-18..............  Oversight of the Consumer    March 16, 2011
                       Financial Protection
                       Bureau (Financial
                       Institutions).
112-19..............  Legislative Proposals to     March 16, 2011
                       Promote Job Creation,
                       Capital Formation, and
                       Market Certainty (Capital
                       Markets).
112-21..............  The Costs of Implementing    March 30, 2011
                       the Dodd-Frank Act:
                       Budgetary and Economic
                       (Oversight).
112-24..............  Legislative Proposals to     April 6, 2011
                       Improve the Structure of
                       the Consumer Financial
                       Protection Bureau
                       (Financial Institutions).
112-26..............  Oversight of the Financial   April 14, 2011
                       Stability Oversight
                       Council (Oversight).
112-27..............  Understanding the            April 14, 2011
                       Implications and
                       Consequences of the
                       Proposed Rule on Risk
                       Retention (Capital
                       Markets).
112-29..............  Legislative Proposals to     May 11, 2011
                       Address the Negative
                       Consequences of the Dodd-
                       Frank Whistleblower
                       Provisions (Capital
                       Markets).
112-36..............  Oversight of HUD's HOME      June 3, 2011
                       Program (Full Committee).
112-37..............  Does the Dodd-Frank Act End  June 14, 2011
                       ``Too Big to Fail''?
                       (Financial Institutions).
112-39..............  Financial Regulatory         June 16, 2011
                       Reform: The International
                       Context (Full Committee).
112-42..............  Oversight of the Mutual      June 24, 2011
                       Fund Industry: Ensuring
                       Market Stability and
                       Investor Confidence
                       (Capital Markets).
112-44..............  Joint Hearing entitled       July 7, 2011
                       ``Mortgage Servicing: An
                       Examination of the Role of
                       Federal Regulators in
                       Settlement Negotiations
                       and the Future of Mortgage
                       Servicing Standards''
                       (Financial Institutions/
                       Oversight).
112-45..............  Legislative Proposals        July 8, 2011
                       Regarding Bank Examination
                       Practices (Financial
                       Institutions).
  ..................  Mortgage Origination: The    July 13, 2011
                       Impact of Recent Changes
                       on Homeowners and
                       Businesses (Housing).
112-48..............  Oversight of the Office of   July 14, 2011
                       Financial Research and the
                       Financial Stability
                       Oversight Council
                       (Oversight).
112-51..............  Oversight of the Credit      July 27, 2011
                       Rating Agencies Post Dodd-
                       Frank (Oversight).
112-53..............  Insurance Oversight: Policy  July 28, 2011
                       Implications for U.S.
                       Consumers, Businesses and
                       Jobs (Housing).
112-54..............  Field hearing entitled       August 16, 2011
                       ``Potential Mixed
                       Messages: Is Guidance from
                       Washington Being
                       Implemented by Federal
                       Bank Examiners?''
                       (Financial Institutions).
112-55..............  Field hearing entitled       September 6, 2011
                       ``Combating Terror Post-9/
                       11: Oversight of the
                       Office of Terrorism and
                       Financial Intelligence''
                       (Oversight).
112-62..............  Fixing the Watchdog:         September 15, 2011
                       Legislative Proposals to
                       Improve and Enhance the
                       Securities and Exchange
                       Commission (Full
                       Committee).
112-63..............  Legislative Proposals to     September 21, 2011
                       Facilitate Small Business
                       Capital Formation and Job
                       Creation (Capital Markets).
112-66..............  Joint Hearing with the       September 22, 2011
                       Subcommittee on TARP,
                       Financial Services and
                       Bailouts of Public and
                       Private Programs of the
                       Committee on Oversight and
                       Government Reform entitled
                       ``Potential Conflicts of
                       Interest at the SEC: The
                       Becker Case'' (Oversight).
112-65..............  An Examination of the        September 22, 2011
                       Availability of Credit for
                       Consumers (Financial
                       Institutions).
112-69..............  The Obama Administration's   October 6, 2011
                       Response to the Housing
                       Crisis (Housing).
112-71..............  Oversight of the Federal     October 12, 2011
                       Home Loan Bank System
                       (Oversight).
112-72..............  H.R. 1418: The Small         October 12, 2011
                       Business Lending
                       Enhancement Act of 2011
                       (Financial Institutions).
112-75..............  Legislative Proposals to     October 14, 2011
                       Bring Certainty to the
                       Over-the-Counter
                       Derivatives Market
                       (Capital Markets).
112-77..............  Insurance Oversight: Policy  October 25, 2011
                       Implications for U.S.
                       Consumers, Businesses and
                       Jobs, Part 2 (Housing).
112-78..............  Proposed Regulations to      October 27, 2011
                       Require Reporting of
                       Nonresident Alien Deposit
                       Interest Income (Financial
                       Institutions).
112-79..............  Field Hearing entitled       October 31, 2011
                       ``Regulatory Reform:
                       Examining How New
                       Regulations are Impacting
                       Financial Institutions,
                       Small Businesses and
                       Consumers'' (Financial
                       Institutions).
112-81..............  Joint Hearing entitled       November 2, 2011
                       ``Fraud in the HUD HOME
                       Program'' (Oversight/
                       Housing).
112-80..............  The Consumer Financial       November 2, 2011
                       Protection Bureau: The
                       First 100 Days (Financial
                       Institutions).
112-85..............  Joint Hearing entitled       November 16, 2011
                       ``H.R. 1697, The
                       Communities First Act''
                       (Capital Markets/Financial
                       Institutions).
112-88..............  Oversight of the Federal     December 1, 2011
                       Housing Finance Agency
                       (Oversight).
112-92..............  H.R. 3606, the Reopening     December 15, 2011
                       American Capital Markets
                       to Emerging Growth
                       Companies Act of 2011
                       (Capital Markets).
112-95..............  Examining the Impact of the  January 18, 2012
                       Volcker Rule on Markets,
                       Businesses, Investors and
                       Job Creation (Capital
                       Markets/Financial
                       Institutions).
112-97..............  H.R. 3461: the Financial     February 1. 2012
                       Institutions Examination
                       Fairness and Reform Act
                       (Financial Institutions).
112-99..............  Legislative Proposals to     February 8, 2012
                       Promote Accountability and
                       Transparency at the
                       Consumer Financial
                       Protection Bureau
                       (Financial Institutions).
112-100.............  Limiting the                 February 8, 2012
                       Extraterritorial Impact of
                       Title VII of the Dodd-
                       Frank Act (Capital
                       Markets).
112-101.............  Budget Hearing--Consumer     February 15, 2012
                       Financial Protection
                       Bureau (Oversight).
112-104.............  Understanding the Effects    March 1, 2012
                       of the Repeal of
                       Regulation Q on Financial
                       Institutions and Small
                       Businesses (Financial
                       Institutions).
112-106.............  An Examination of the        March 14, 2012
                       Challenges Facing
                       Community Financial
                       Institutions in Texas
                       (Financial Institutions).
112-109.............  ``H.R. ___, the Swap Data    March 21, 2012
                       Repository and
                       Clearinghouse
                       Indemnification Correction
                       Act of 2012'' (Capital
                       Markets).
112-112.............  Accounting and Auditing      March 28, 2012
                       Oversight: Pending
                       Proposals and Emerging
                       Issues Confronting
                       Regulators, Standard
                       Setters and the Economy
                       (Capital Markets).
112-116.............  An Examination of the        April 16, 2012
                       Challenges Facing
                       Community Financial
                       Institutions in Ohio
                       (Financial Institutions).
112-118.............  Budget Hearing--the Office   April 18, 2012
                       of Consumer Financial
                       Protection Bureau
                       (Oversight).
112-119.............  Oversight of the U.S.        April 25, 2012
                       Securities and Exchange
                       Commission (Capital
                       Markets).
112-122.............  Rising Regulatory            May 9, 2012
                       Compliance Costs and Their
                       Impact on the Health of
                       Small Financial
                       Institutions (Financial
                       Institutions).
112-125.............  The Impact of the Dodd-      May 16, 2012
                       Frank Act: What It Means
                       to be a Systemically
                       Important Financial
                       Institution (Financial
                       Institutions).
112-127.............  Oversight of the Federal     May 16, 2012
                       Deposit Insurance
                       Corporation's Structured
                       Transaction Program
                       (Oversight).
112-129.............  U.S. Insurance Sector:       May 17, 2012
                       International
                       Competitiveness and Jobs
                       (Housing).
112-130.............  The Impact of the Dodd-      May 18, 2012
                       Frank Act: Understanding
                       Heightened Regulatory
                       Capital Requirements
                       (Financial Institutions).
112-133.............  An Examination of the        June 6, 2012
                       Federal Reserve's Final
                       Rule on the CARD Act's
                       `Ability to Repay'
                       Requirement (Financial
                       Institutions).
112-138.............  Mortgage Disclosures: How    June 20, 2012
                       Do We Cut Red Tape for
                       Consumers and Small
                       Businesses? (Housing).
112-139.............  Safe and Fair Supervision    June 21, 2012
                       of Money Services
                       Businesses (Financial
                       Institutions).
112-144.............  The Impact of Dodd-Frank's   July 11, 2012
                       Home Mortgage Reforms:
                       Consumer and Market
                       Perspectives (Financial
                       Institutions).
112-146.............  Who's In Your Wallet? Dodd-  July 19, 2012
                       Frank's Impact on
                       Families, Communities and
                       Small Businesses
                       (Oversight).
112-147.............  The Impact of Dodd-Frank on  July 19, 2012
                       Consumer Choice and Access
                       to Credit (Financial
                       Institutions).
112-150.............  The Impact of Dodd-Frank's   July 24, 2012
                       Insurance Regulations on
                       Consumers, Job Creators,
                       and the Economy (Housing).
112-151.............  The Annual Report of the     July 25, 2012
                       Financial Stability
                       Oversight Council (Full
                       Committee).
112-154.............  Field hearing entitled ``An  August 20, 2012
                       Examination of the
                       Challenges Facing
                       Community Financial
                       Institutions in West
                       Virginia'' (Financial
                       Institutions).
                      Full Committee markup of HR  June 27, 2012
                       4367, a bill to amend the
                       Electronic Fund Transfer
                       Act to limit the fee
                       disclosure requirement for
                       an automatic teller
                       machine to the screen of
                       the machine.
                      Bipartisan briefing for      November 30, 2012
                       Committee Members and
                       staff on the
                       implementation of Title
                       VII of the Dodd-Fr