H. Rept. 113-311 - 113th Congress (2013-2014)

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House Report 113-311 - FIRST ANNUAL ACTIVITY REPORT of the COMMITTEE ON FINANCIAL SERVICES of the UNITED STATES HOUSE OF REPRESENTATIVES for the period JANUARY 3, 2013 THROUGH JANUARY 2, 2014

[House Report 113-311]
[From the U.S. Government Publishing Office]


113th Congress 
 1st Session            HOUSE OF REPRESENTATIVES                 Report
                                                                113-311
_______________________________________________________________________

                                     

                                                 Union Calendar No. 229


                      FIRST ANNUAL ACTIVITY REPORT

                                 of the

                    COMMITTEE ON FINANCIAL SERVICES

                                 of the

                 UNITED STATES HOUSE OF REPRESENTATIVES

                             for the period

                JANUARY 3, 2013 THROUGH JANUARY 2, 2014




 December 30, 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, December 30, 2013.
Hon. Karen L. Haas,
Clerk, U.S. House of Representatives,
Washington, DC.
    Dear Madam Clerk: In accordance with clause 1(d) of rule XI 
of the Rules of the House of Representatives, I hereby transmit 
to you the enclosed report on the activities of the Committee 
on the Financial Services. This report covers the first session 
of the 113th Congress.
            Sincerely,
                                            Jeb Hensarling,
                                                          Chairman.


                            C O N T E N T S

                              ----------                              
                                                                   Page
COMMITTEE MEMBERSHIP.............................................    VI
JURISDICTION OF THE COMMITTEE....................................     1
COMMITTEE LEGISLATIVE ACTIVITY...................................     2
    Tabulation of Legislative Activity...........................     2
    Public Hearings..............................................     3
COMMITTEE OVERSIGHT PLAN.........................................     5
ACTIVITIES CONDUCTED PURSUANT TO THE COMMITTEE'S OVERSIGHT PLAN..    27
ACTIVITIES OF THE FULL COMMITTEE.................................    41
    Legislative Activities.......................................    41
    Oversight Activities.........................................    49
ACTIVITIES OF THE SUBCOMMITTEE ON CAPITAL MARKETS AND GOVERNMENT 
  SPONSORED ENTERPRISES..........................................    53
    Membership of the Subcommittee...............................    53
    Jurisdiction of the Subcommittee.............................    53
    Legislative Activities.......................................    53
    Oversight Activities.........................................    55
ACTIVITIES OF THE SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND 
  CONSUMER CREDIT................................................    57
    Membership of the Subcommittee...............................    57
    Jurisdiction of the Subcommittee.............................    57
    Legislative Activities.......................................    58
    Oversight Activities.........................................    58
ACTIVITIES OF THE SUBCOMMITTEE ON HOUSING AND INSURANCE..........    61
    Membership of the Subcommittee...............................    61
    Jurisdiction of the Subcommittee.............................    61
    Legislative Activities.......................................    62
    Oversight Activities.........................................    62
ACTIVITIES OF THE SUBCOMMITTEE ON MONETARY POLICY AND TRADE......    65
    Membership of the Subcommittee...............................    65
    Jurisdiction of the Subcommittee.............................    65
    Legislative Activities.......................................    66
    Oversight Activities.........................................    66
ACTIVITIES OF THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS...    69
    Membership of the Subcommittee...............................    69
    Jurisdiction of the Subcommittee.............................    69
    Legislative Activities.......................................    69
    Oversight Activities.........................................    69
                          COMMITTEE MEMBERSHIP
                    ONE HUNDRED THIRTEENTH CONGRESS
                   COMMITTEE ON FINANCIAL SERVICES\1\

                    JEB HENSARLING, Texas, Chairman
GARY G. MILLER, California, Vice     MAXINE WATERS, California,
    Chairman                           Ranking Member
SPENCER BACHUS, Alabama,             CAROLYN B. MALONEY, New York
  Chairman Emeritus                  NYDIA M. VELAZQUEZ, New York
PETER T. KING, New York              MELVIN L. WATT, North Carolina
EDWARD R. ROYCE, California          BRAD SHERMAN, California
FRANK D. LUCAS, Oklahoma             GREGORY W. MEEKS, New York
SHELLEY MOORE CAPITO, West Virginia  MICHAEL E. CAPUANO, Massachusetts
SCOTT GARRETT, New Jersey            RUBEN HINOJOSA, Texas
RANDY NEUGEBAUER, Texas              WM. LACY CLAY, Missouri
PATRICK T. McHENRY, North Carolina   CAROLYN McCARTHY, New York
JOHN CAMPBELL, California            STEPHEN F. LYNCH, Massachusetts
MICHELE BACHMANN, Minnesota          DAVID SCOTT, Georgia
KEVIN McCARTHY, California           AL GREEN, Texas
STEVAN PEARCE, New Mexico            EMANUEL CLEAVER, Missouri
BILL POSEY, Florida                  GWEN MOORE, Wisconsin
MICHAEL G. FITZPATRICK,              KEITH ELLISON, Minnesota
    Pennsylvania                     ED PERLMUTTER, Colorado
LYNN A. WESTMORELAND, Georgia        JAMES A. HIMES, Connecticut
BLAINE LUETKEMEYER, Missouri         GARY C. PETERS, Michigan
BILL HUIZENGA, Michigan              JOHN C. CARNEY, Jr., Delaware
SEAN P. DUFFY, Wisconsin             TERRI A. SEWELL, Alabama
ROBERT HURT, Virginia                BILL FOSTER, Illinois
MICHAEL G. GRIMM, New York           DANIEL T. KILDEE, Michigan
STEVE STIVERS, Ohio                  PATRICK MURPHY, Florida
STEPHEN LEE FINCHER, Tennessee       JOHN K. DELANEY, Maryland
MARLIN A. STUTZMAN, Indiana          KYRSTEN SINEMA, Arizona
MICK MULVANEY, South Carolina        JOYCE BEATTY, Ohio
RANDY HULTGREN, Illinois             DENNY HECK, Washington            
DENNIS A. ROSS, Florida              
ROBERT PITTENGER, North Carolina     
ANN WAGNER, Missouri                 
GARLAND ``ANDY'' BARR, Kentucky      
TOM COTTON, Arkansas                 
KEITH J. ROTHFUS, Pennsylvania\2\    


----------
\1\Membership of Committee current through date of this Report. Except 
for Rep. Rothfus (see note 2, infra), Republican members were assigned 
to the Committee pursuant to H. Res. 6, approved Jan. 3, 2013, and H. 
Res. 17, approved Jan. 4, 2013; Democratic Members were assigned to the 
Committee pursuant to H. Res. 7, approved Jan. 4, 2013, and H. Res. 22, 
approved Jan. 14, 2013. The chairman was assigned pursuant to H. Res. 
6.
\2\Assigned to the Committee pursuant to H. Res. 162, approved Apr. 16, 
2013.


                                                 Union Calendar No. 229
113th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 1st Session                                                    113-311

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



 
  FIRST ANNUAL ACTIVITY REPORT OF THE COMMITTEE ON FINANCIAL SERVICES 
                       DURING THE 113TH CONGRESS

                                _______
                                

 December 30, 2013.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                                _______
                                

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

                              R E P O R T

                     JURISDICTION OF THE COMMITTEE

    The jurisdiction of the Committee on Financial Services is 
set forth in clause 1(h) of rule X of the Rules of the House of 
Representatives for the 113th Congress, which reads, in 
pertinent part:

                   RULE X--ORGANIZATION OF COMMITTEES

             COMMITTEES AND THEIR LEGISLATIVE JURISDICTIONS

    1. There shall be in the House the following standing 
committees, each of which shall have the jurisdiction and 
related functions assigned by this clause and clauses 2, 3, and 
4. All bills, resolutions, and other matters relating to 
subjects within the jurisdiction of the standing committees 
listed in this clause shall be referred to those committees, in 
accordance with clause 2 of rule XII, as follows:

           *       *       *       *       *       *       *

    (h) Committee on Financial Services.
          (1) Banks and banking, including deposit insurances 
        and Federal monetary policy.
          (2) Economic stabilization, defense production, 
        renegotiation, and control of the price of commodities, 
        rents, and services.
          (3) Financial aid to commerce and industry (other 
        than transportation).
          (4) Insurance generally.
          (5) International finance.
          (6) International financial and monetary 
        organizations.
          (7) Money and credit, including currency and the 
        issuance of notes and redemption thereof; gold and 
        silver, including the coinage thereof; valuation and 
        revaluation of the dollar.
          (8) Public and private housing.
          (9) Securities and exchanges.
          (10) Urban development.

                     COMMITTEE LEGISLATIVE ACTIVITY

                   Tabulation of Legislative Activity

               BILLS AND RESOLUTIONS REFERRED TO COMMITTEE

Public Legislation:
    House bills...............................................       326
    House joint resolutions...................................         0
    House concurrent resolutions..............................         1
    House resolutions.........................................         4
    Senate bills..............................................         0
    Senate joint resolutions..................................         0
    Senate concurrent resolutions.............................         0
                                                                  ______
        Subtotal..............................................       331

Private Legislation:
    House bills...............................................         0
    House resolutions.........................................         0
    Senate bills..............................................         0
    Senate resolutions........................................         0
                                                                  ______
        Subtotal..............................................         0
                        =================================================================
                        ________________________________________________
            Total.............................................       331

                              HEARINGS HELD

Full Committee................................................        16
Subcommittee on Capital Markets and Government Sponsored 
    Enterprises...............................................         9
Subcommittee on Financial Institutions and Consumer Credit....         8
Subcommittee on Housing and Insurance.........................         7
Subcommittee on Monetary Policy and Trade.....................         7
Subcommittee on Oversight and Investigations..................         9
                        =================================================================
                        ________________________________________________
            Total.............................................        56

                    BILLS AND RESOLUTIONS CONSIDERED

Full Committee................................................        25
Subcommittee on Capital Markets and Government Sponsored 
    Enterprises...............................................         0
Subcommittee on Financial Institutions and Consumer Credit....         0
Subcommittee on Housing and Insurance.........................         0
Subcommittee on Monetary Policy and Trade.....................         0
Subcommittee on Oversight and Investigations..................         0
                        =================================================================
                        ________________________________________________
            Total.............................................        25

                 BILLS AND RESOLUTIONS REPORTED TO HOUSE

House bills...................................................        13
House joint resolutions.......................................         0
House concurrent resolutions..................................         0
House resolutions.............................................         0
Senate bills and resolutions..................................         0
                        =================================================================
                        ________________________________________________
            Total.............................................        13

                BILLS AND RESOLUTIONS PASSED BY HOUSE\3\

House bills...................................................        21
House joint resolutions.......................................         0
House concurrent resolutions..................................         0
House resolutions.............................................         0
Senate bills and resolutions..................................         0
                        =================================================================
                        ________________________________________________
            Total.............................................        21
    \3\Excludes bills with respect to which the Committee was not the 
committee of primary jurisdiction.

                              PUBLIC LAWS

    Pub. L. No. 113-1. An Act to temporarily increase the borrowing 
authority of the Federal Emergency Management Agency for carrying out 
the National Flood Insurance Program. [H.R. 41] (Signed Jan. 6, 2013)
    Pub. L. No. 113-10. An Act to specify the size of the precious-
metal blanks that will be used in the production of the National 
Baseball Hall of Fame commemorative coins. [H.R. 1071] (Signed May 17, 
2013)
    Pub. L. No 113-11. An Act to award posthumously a Congressional 
Gold Medal to Addie Mae Collins, Denise McNair, Carole Robertson, and 
Cynthia Wesley to commemorate the lives they lost 50 years ago in the 
bombing of the Sixteenth Street Baptist Church, where these 4 little 
Black girls' ultimate sacrifice served as a catalyst for the Civil 
Rights Movement. [H.R. 360] (Signed May 24, 2013)
    Pub. L. No. 113-16. An Act to grant the Congressional Gold Medal, 
collectively, to the First Special Service Force, in recognition of its 
superior service during World War II. [H.R. 324] (Signed July 12, 2013)
    Pub. L. No. 113-29. Reverse Mortgage Stabilization Act of 2013. 
[H.R. 2167] (Signed Aug. 9, 2013)

                            Public Hearings


------------------------------------------------------------------------
                                                                 Serial
            Date               Hearing Title        Forum        Number
------------------------------------------------------------------------
Feb. 6, 2013................  Examining the    Full Committee.     113-1
                               Proper Role of
                               the Federal
                               Housing
                               Administration
                               in our
                               Mortgage
                               Insurance
                               Market.
Feb. 13, 2013...............  Bailout, Bust,   Full Committee.     113-2
                               or Much Ado
                               About
                               Nothing?: A
                               Look at the
                               Federal
                               Housing
                               Administration
                               's 2012
                               Actuarial
                               Report.
Feb. 27, 2013...............  Monetary Policy  Full Committee.     113-3
                               and the State
                               of the Economy.
Mar. 5, 2013................  Near-Zero Rate,  Subcommittee on     113-4
                               Near-Zero        Monetary
                               Effect? Is       Policy and
                               `Unconventiona   Trade.
                               l' Monetary
                               Policy Really
                               Working?.
Mar. 6, 2013................  Fannie Mae and   Subcommittee on     113-5
                               Freddie Mac:     Capital
                               How Government   Markets and
                               Housing Policy   Government
                               Failed           Sponsored
                               Homeowners and   Enterprises.
                               Taxpayers and
                               Led to the
                               Financial
                               Crisis.
Mar. 13, 2013...............  Mortgage         Subcommittee on     113-6
                               Insurance:       Housing and
                               Comparing        Insurance.
                               Private Sector
                               and Government-
                               Subsidized
                               Approaches.
Mar. 14, 2013...............  Who is Too Big   Subcommittee on     113-7
                               to Fail? GAO's   Oversight and
                               Assessment of    Investigations.
                               the Financial
                               Stability
                               Oversight
                               Council and
                               the Office of
                               Financial
                               Research.
Mar. 19, 2013...............  Sustainable      Full Committee.     113-8
                               Housing
                               Finance: An
                               Update from
                               the Federal
                               Housing
                               Finance Agency
                               on the GSE
                               Conservatorshi
                               ps.
Mar. 20, 2013...............  State of         Subcommittee on     113-9
                               Community        Financial
                               Banking: Is      Institutions
                               the Current      and Consumer
                               Regulatory       Credit.
                               Environment
                               Adversely
                               Affecting
                               Community
                               Financial
                               Institutions?
Apr. 10, 2013...............  Sustainable      Subcommittee on    113-10
                               Housing          Housing and
                               Finance:         Insurance.
                               Perspectives
                               on Reforming
                               the FHA.
Apr. 10, 2013...............  Examining        Subcommittee on    113-11
                               Credit Union     Financial
                               Regulatory       Institutions
                               Burdens.         and Consumer
                                                Credit.
Apr. 11, 2013...............  Legislative      Subcommittee on    113-12
                               Proposals        Capital
                               Regarding        Markets and
                               Derivatives      Government
                               and SEC          Sponsored
                               Economic         Enterprises.
                               Analysis.
Apr. 16, 2013...............  Examining        Subcommittee on    113-13
                               Community Bank   Financial
                               Regulatory       Institutions
                               Burdens.         and Consumer
                                                Credit.
Apr. 16, 2013...............  Who is Too Big   Subcommittee on      113-
                               to Fail: Does    Oversight and
                               Dodd-Frank       Investigations.
                               Authorize the
                               Government to
                               Break Up
                               Financial
                               Institutions?.
Apr. 17, 2013...............  Examining the    Subcommittee on    113-15
                               SEC's Failure    Oversight and
                               to Implement     Investigations.
                               Title II of
                               the JOBS Act
                               and Its Impact
                               on Economic
                               Growth.
Apr. 24, 2013...............  Building a       Full Committee.    113-16
                               Sustainable
                               Housing
                               Finance
                               System:
                               Examining
                               Regulatory
                               Impediments to
                               Private
                               Capital.
Apr. 24, 2013...............  Evaluating U.S.  Subcommittee on    113-17
                               Contributions    Monetary
                               to the           Policy and
                               International    Trade.
                               Monetary Fund.
May 8, 2013.................  Reauthorizing    Subcommittee on    113-18
                               the Defense      Monetary
                               Production Act.  Policy and
                                                Trade.
May 15, 2013................  Who is Too Big   Subcommittee on    113-19
                               to Fail: Does    Oversight and
                               Title II of      Investigations.
                               the Dodd-Frank
                               Act Enshrine
                               Taxpayer-
                               Funded
                               Bailouts?.
May 16, 2013................  Oversight of     Full Committee.    113-20
                               the SEC's
                               Agenda,
                               Operations,
                               and FY 2014
                               Budget Request.
May 16, 2013................  Sustainable      Subcommittee on    113-21
                               Housing          Housing and
                               Finance: The     Insurance.
                               Government's
                               Role in
                               Multifamily
                               and Health
                               Care
                               Facilities
                               Mortgage
                               Insurance and
                               Reverse
                               Mortgages.
May 21, 2013................  Qualified        Subcommittee on    113-22
                               Mortgages:       Financial
                               Examining the    Institutions
                               Impact of the    and Consumer
                               Ability to       Credit.
                               Repay Rule.
May 21, 2013................  The Unintended   Subcommittee on    113-23
                               Consequences     Monetary
                               of Dodd-         Policy and
                               Frank's          Trade.
                               Conflict
                               Minerals
                               Provision.
May 22, 2013................  The Annual       Full Committee.    113-24
                               Report of the
                               Financial
                               Stability
                               Oversight
                               Council.
May 22, 2013................  Who is Too Big   Subcommittee on    113-25
                               to Fail: Are     Oversight and
                               Large            Investigations.
                               Financial
                               Institutions
                               Immune from
                               Federal
                               Prosecution?.
May 23, 2013................  Legislative      Subcommittee on    113-26
                               Proposals to     Capital
                               Relieve the      Markets and
                               Red Tape         Government
                               Burden on        Sponsored
                               Investors and    Enterprises.
                               Job Creators.
June 5, 2013................  Examining the    Subcommittee on    113-27
                               Market Power     Capital
                               and Impact of    Markets and
                               Proxy Advisor    Government
                               Firms.           Sponsored
                                                Enterprises.
June 12, 2013...............  Beyond GSEs:     Full Committee.      113-
                               Examples of
                               Successful
                               Housing
                               Finance Models
                               without
                               Explicit
                               Government
                               Guarantees.
June 12, 2013...............  Reducing         Subcommittee on    113-29
                               Barriers to      Capital
                               Capital          Markets and
                               Formation.       Government
                                                Sponsored
                                                Enterprises.
June 13, 2013...............  Assessing        Subcommittee on      113-
                               Reform at the    Monetary
                               Export-Import    Policy and
                               Bank.            Trade.
June 13, 2013...............  The Impact of    Subcommittee on      113-
                               International    Housing and
                               Regulatory       Insurance.
                               Standards on
                               the
                               Competitivenes
                               s of U.S.
                               Insurers.
June 18, 2013...............  Examining How    Subcommittee on      113-
                               the Dodd-Frank   Financial
                               Act Hampers      Institutions
                               Home Ownership.  and Consumer
                                                Credit.
June 18, 2013...............  CFPB Budget      Subcommittee on      113-
                               Review.          Oversight and
                                                Investigations.
June 26, 2013...............  Examining How    Full Committee.      113-
                               the Dodd-Frank
                               Act Could
                               Result in More
                               Taxpayer-
                               Funded
                               Bailouts.
June 26, 2013...............  Evaluating How   Subcommittee on      113-
                               HUD's Moving-    Housing and
                               to-Work          Insurance.
                               Program
                               Benefits
                               Public and
                               Assisted
                               Housing
                               Residents.
July 9, 2013................  Examining How    Subcommittee on      113-
                               the Consumer     Financial
                               Financial        Institutions
                               Protection       and Consumer
                               Bureau           Credit.
                               Collects and
                               Uses Consumer
                               Data.
July 9, 2013................  Examining        Subcommittee on      113-
                               Constitutional   Oversight and
                               Deficiencies     Investigations.
                               and Legal
                               Uncertainties
                               in the Dodd-
                               Frank Act.
July 10, 2013...............  Reducing         Subcommittee on      113-
                               Barriers to      Capital
                               Capital          Markets and
                               Formation,       Government
                               Part II.         Sponsored
                                                Enterprises.
July 17, 2013...............  Monetary Policy  Full Committee.      113-
                               and the State
                               of the Economy.
July 18, 2013...............  A Legislative    Full Committee.      113-
                               Proposal to
                               Protect
                               American
                               Taxpayers and
                               Homeowners by
                               Creating a
                               Sustainable
                               Housing
                               Finance System.
Sep. 10, 2013...............  Reducing Waste,  Subcommittee on      113-
                               Fraud, and       Oversight and
                               Abuse in         Investigations.
                               Housing
                               Programs:
                               Inspector
                               General
                               Perspectives.
Sep. 11, 2013...............  The Fed Turns    Subcommittee on      113-
                               100: Lessons     Monetary
                               Learned Over a   Policy and
                               Century of       Trade.
                               Central
                               Banking.
Sep. 12, 2013...............  The Semi-Annual  Full Committee.      113-
                               Report of the
                               Consumer
                               Financial
                               Protection
                               Bureau.
Sep. 18, 2013...............  Examining the    Subcommittee on      113-
                               SEC's Money      Capital
                               Market Fund      Markets and
                               Rule Proposal.   Government
                                                Sponsored
                                                Enterprises.
Sep. 19, 2013...............  The Terrorism    Full Committee.      113-
                               Risk Insurance
                               Act of 2002.
Oct. 23, 2013...............  Legislation to   Subcommittee on      113-
                               Further Reduce   Capital
                               Impediments to   Markets and
                               Capital          Government
                               Formation.       Sponsored
                                                Enterprises.
Oct. 29, 2013...............  Federal Housing  Full Committee.      113-
                               Administration
                               : Implications
                               of a $1.7
                               Billion
                               Taxpayer
                               Bailout.
Oct. 29, 2013...............  Examining        Subcommittee on      113-
                               Legislative      Financial
                               Proposals to     Institutions
                               Reform the       and Consumer
                               Consumer         Credit.
                               Financial
                               Protection
                               Bureau.
Nov. 13, 2013...............  The Future of    Subcommittee on      113-
                               Terrorism        Housing and
                               Insurance:       Insurance.
                               Fostering
                               Private Market
                               Innovation to
                               Limit Taxpayer
                               Exposure.
Nov. 13, 2013...............  What Is Central  Subcommittee on      113-
                               About Central    Monetary
                               Banking?: A      Policy and
                               Study of         Trade.
                               International
                               Models.
Nov. 19, 2013...............  A General        Subcommittee on      113-
                               Overview of      Oversight and
                               Disparate        Investigations.
                               Impact Theory.
Nov. 19, 2013...............  Implementation   Subcommittee on      113-
                               of Biggert-      Housing and
                               Waters Flood     Insurance.
                               Insurance Act
                               of 2012:
                               Protecting
                               Taxpayer and
                               Homeowners.
Nov. 21, 2013...............  A Legislative    Subcommittee on      113-
                               Proposal to      Capital
                               Amend the        Markets and
                               Securities       Government
                               Investor         Sponsored
                               Protection Act.  Enterprises.
Dec. 4, 2013................  Examining        Subcommittee on      113-
                               Regulatory       Financial
                               Relief           Institutions
                               Proposals for    and Consumer
                               Community        Credit.
                               Financial
                               Institutions.
Dec. 12, 2013...............  The Annual       Full Committee.      113-
                               Testimony of
                               the Secretary
                               of the
                               Treasury on
                               the State of
                               the
                               International
                               Finance System.
Dec. 12, 2013...............  Rethinking the   Full Committee.      113-
                               Federal
                               Reserve's Many
                               Mandates on
                               Its 100-Year
                               Anniversary.
------------------------------------------------------------------------

                        COMMITTEE OVERSIGHT PLAN


                       Approved February 15, 2013

    Clause 2(d)(1) of rule X of the Rules of the House of 
Representatives for the 113th Congress requires each standing 
committee, not later than February 15 of the first session, to 
adopt an oversight plan for the 113th 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 113th 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 
four 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 
bailouts of large Wall Street firms at taxpayer expense, the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 
111-203) represents the most extensive change in the regulation 
of financial institutions since the Great Depression. 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 113th Congress will therefore be to continue 
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 also examine the extent to which a 
lack of global coordination on financial reforms could place 
the United States financial services industry at a competitive 
disadvantage. As part of this review, the Committee will 
examine the ``living wills'' process provided in the statute, 
and whether that process has enhanced the regulators' ability 
to understand risks posed by large institutions and to 
facilitate the orderly liquidation of a large institution.

                 SPECIFIC DODD-FRANK OVERSIGHT MATTERS

    Financial Stability Oversight Council (FSOC). Created by 
the Dodd-Frank Act, the Financial Stability Oversight Council 
is an interagency body 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). Created by the Dodd-
Frank Act and housed within the Department of the Treasury, the 
Office of Financial Research is charged with collecting and 
analyzing financial transaction and position data in support of 
the FSOC. The OFR has broad powers to compel the production of 
information and data from financial market participants, and it 
will 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 office is 
transparent and accountable, that it makes progress toward 
fulfilling its statutory duties, that its 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. Section 619 of the Dodd-Frank Act, popularly 
known as the ``Volcker Rule,'' prohibits U.S. bank holding 
companies and their affiliates from engaging in ``proprietary 
trading'' and from sponsoring hedge funds and private equity 
funds. The Committee will oversee the Federal regulators' 
implementation of the Volcker Rule to ensure that it does not 
result in unintended consequences for U.S. economic 
competitiveness and job creation, depress the value of pension 
plans and retirement accounts, or drain substantial amounts of 
liquidity from the U.S. capital markets.
    ``Too Big to Fail.'' The Committee will oversee the 
implementation of Titles I and II of the Dodd-Frank Act, which 
authorize the Federal government to designate large, complex 
financial institutions for heightened prudential standards and 
supervision and to exercise so-called ``orderly liquidation 
authority'' to resolve any firm whose failure the government 
decides could destabilize the financial system. The purpose of 
this review will be to test the claims by the proponents of the 
Dodd-Frank Act that these provisions have effectively ended 
``Too Big to Fail,'' as well as the claims of those who contend 
that they have instead further entrenched that doctrine, 
leaving in place a system that subverts market discipline and 
confers competitive advantages on the Nation's largest 
financial institutions at the expense of institutions deemed 
``too small to save.''

               FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

    Bureau of Consumer Financial Protection (CFPB). The 
Committee will oversee the activities of the Consumer Financial 
Protection Bureau, which was created by the Dodd-Frank Act and 
charged with ``regulating the offering and provision of 
consumer financial products or services under the Federal 
consumer financial laws.'' The Committee will seek to ensure 
that the CFPB's regulatory, supervisory and enforcement 
initiatives protect consumers against unfair and deceptive 
practices without stifling economic growth, job creation, or 
reasonable access to credit. In particular, the Committee will 
review CFPB enforcement actions to determine whether such 
actions are based on clearly articulated rules and the extent 
to which such actions are based on discretionary, arbitrary and 
undefined standards. The Committee will also review how the 
CFPB collaborates and coordinates with other Federal and State 
financial regulators, and how the CFPB is fulfilling its 
statutory duty to ensure that ``outdated, unnecessary, or 
unduly burdensome regulations are regularly identified and 
addressed in order to reduce unwarranted regulatory burdens.'' 
The Committee will continue to examine whether the CFPB's 
budget and its source of funding is appropriate as well as 
whether the CFPB's budget should be subject to Congressional 
appropriations. The Committee will evaluate the powers of a 
presidentially appointed, non-Senate confirmed Director to 
write rules, supervise compliance, and enforce consumer 
protection laws. The Committee will monitor the impact of CFPB 
actions on small businesses and on financial institutions of 
all sizes, and in particular, on those with fewer than $10 
billion of assets. The Committee will receive the statutorily 
required semiannual testimony of the Director.
    Troubled Asset Relief Program (TARP). The Committee will 
continue to examine the operation of the Troubled Asset Relief 
Program, authorized by the Emergency Economic Stabilization Act 
(EESA), to ensure that the program is being administered 
properly and that any instances of waste, fraud or abuse are 
identified and remedied. The Committee will 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. The Committee 
will also examine the extent to which other government 
programs, such as the Small Business Lending Fund, are used by 
recipients of TARP funds for repayment of such funds.
    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.
    Capital Standards and Basel III. The Committee will 
continue to examine new global bank capital and liquidity rules 
being developed by the Basel Committee on Banking Supervision. 
In particular, the Committee will call upon the Federal banking 
regulators to explain how their implementing regulations 
balance safety and soundness concerns against the needs of 
consumers and businesses for continued access to credit, and 
how standards adopted in Basel will be tailored to meet the 
unique features of the U.S. financial system, and particularly 
the specific needs of community banks. The Committee will also 
examine the Financial Stability Oversight Council's study on 
the effects of limits on the size and complexity of financial 
institutions on capital market efficiency and economic growth. 
The Committee will seek to ensure that the rules maintain the 
stability of the financial system yet preserve the ability of 
that system to pursue responsible risk-taking.
    Mortgages. The Committee will closely review recent 
rulemakings by the Consumer Financial Protection Bureau and 
other agencies on a variety of mortgage-related issues. The 
Committee will monitor the coordination and implementation of 
these rules and the impact they will have on the cost and 
availability of mortgage lending for consumers and creditors. 
Of particular interest to the Committee will be recently 
proposed or finalized rules on the Dodd-Frank Act's ability-to-
repay and Qualified Mortgage requirements, mortgage servicing, 
escrows, high-cost ``HOEPA'' loan restrictions, negative 
amortization, points and fees on open-end credit, appraisals, 
and origination disclosures. Recognizing that the foreclosure 
crisis continues to hold back the recovery and plague 
communities, the Committee will oversee efforts to encourage 
cooperation between government and the private sector to 
provide overdue relief to struggling families.
    Deposit Insurance. The Committee will monitor the solvency 
of the Deposit Insurance Fund and changes to the assessments 
charged by the Federal Deposit Insurance Corporation (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 
toward a failure. The Committee will consider the findings 
contained in a recent study by the United States Government 
Accountability Office (GAO) entitled ``Modified Prompt 
Corrective Action Framework Would Improve Effectiveness,'' and 
whether its recommendations should be adopted. 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, as well as the findings in the 
GAO's report entitled ``Management Report: Opportunities for 
Improvements in FDIC's Shared Loss Estimation Process.''
    Community Banks. The Committee will review issues related 
to the health and growth of community banks, including their 
role in providing small business lending, local employment, and 
national economic growth. The Committee will review the impact 
of the Dodd-Frank Act reforms to FDIC Deposit Insurance Fund 
Assessments and CFPB oversight of non-depository consumer 
lending institutions on community bank competitiveness. The 
Committee will also examine the traditional lack of 
representation for community banks at the Department of the 
Treasury and the feasibility of creating an Assistant Secretary 
for Community Banks.
    Credit Unions. The Committee will review issues relating to 
the safety and soundness and regulatory treatment of the credit 
union industry, including monitoring the solvency of the 
National Credit Union Share Insurance Fund and overseeing the 
activities of the National Credit Union Administration.
    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 completeness of 
information reported to and contained in consumers' credit 
files, with a specific focus on their impact on the 
availability of consumer credit. The Committee will explore the 
use of credit information in making non-credit decisions such 
as employment and insurance purposes. In addition, the 
Committee will monitor the related rulemaking, supervisory, and 
enforcement activities of the CFPB in this area.
    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. The Committee will consider the impact that the 
policies, rules and actions of the CFPB have on the ability of 
alternative providers of credit to offer their products and 
services.
    Payment Cards. The Committee will continue its review of 
payment card industry practices, particularly those relating to 
marketing, fees and disclosures. The Committee will also review 
efforts by the CFPB to regulate credit cards and prepaid cards, 
and the impact such efforts have on credit availability and the 
cost of credit for consumers and small businesses alike.
    Community Development Financial Institutions Fund (CDFI 
Fund). The Committee will continue to oversee the operations of 
the Community Development Financial Institutions 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 rural, urban, suburban, and Native American 
communities. The Committee will also monitor the CDFI Fund's 
administration of its various programs, such as the Bond 
Guarantee Program and the Bank Enterprise Award.
    Community Reinvestment Act (CRA). The Committee will 
continue to review developments and issues related to the 
Community Reinvestment Act of 1977, including recommendations 
for updating or eliminating CRA requirements in light of 
changes in the financial services sector.
    Financial Literacy. The Committee will continue its efforts 
to promote greater financial literacy and awareness among 
investors, consumers, and the general public, particularly with 
respect to the best methods for promoting and improving 
financial education among children and young adults. As part of 
these efforts, the Committee will evaluate the efficacy of the 
CFPB's Office of Financial Education and the Treasury 
Department's Financial Literacy and Education Commission, and 
will receive updates on their ongoing activities, goals, and 
accomplishments. The Committee will also 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.
    Discrimination in Lending. The Committee will examine the 
effectiveness of Federal fair lending oversight and enforcement 
efforts. In particular, the Committee will monitor operations, 
and evaluate the efficacy of, the CFPB's Office of Fair Lending 
and the Justice Department's Fair Lending Program.
    Diversity in Financial Services. The Committee will 
continue to monitor Federal regulators' efforts to implement 
the diversity requirements of the Dodd-Frank Act.
    Cyber 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 best practices for protecting 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 effectiveness of current 
strategies being employed by the private sector and government 
agencies to prevent or disrupt financial crimes involving the 
use of the Internet, computers, or other access methods.
    Payment System Innovations/Mobile Payments. 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 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 fraud, money laundering and terrorism 
financing, and other financial crimes.
    Money Laundering and the Financing of Terrorism. The 
Committee will review the application and 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, (2) opportunities to decrease the 
burden of complying with these and similar statutes without 
impairing the operations of law enforcement, (3) the impact of 
these laws and regulations on immigrant communities that remit 
money to their countries of origin, and (4) emerging threats in 
the financing of terrorist activities and the use of informal 
methods of transferring value.
    Financial Crimes Enforcement Network (FinCEN). The 
Committee will examine the operations of Financial Crimes 
Enforcement Network 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 the confidentiality of BSA reports and 
examine the guidance issued by FinCEN to BSA examiners to 
foster more uniform examination and enforcement practices, and 
facilitate greater understanding among regulated financial 
institutions of the government's use of the information 
contained in BSA filings. The Committee shall further review 
the extent to which banking regulators work in cooperation with 
the Department of Justice to ensure that fraudulent and 
criminal conduct is immediately reported. The Committee shall 
also review recent consent orders and other enforcement actions 
taken against non-compliant financial institutions and whether 
those actions have resulted in improved BSA, anti-money 
laundering, and counter-terrorist financing programs. The 
Committee shall further consider whether aggressive enforcement 
action or criminal prosecution of a ``significantly important 
financial institution,'' or employees therein, would compromise 
the financial stability of the U.S. economy.
    Money Services Businesses (MSBs) and their Access to 
Banking Services. The Committee will examine the operations of 
Money Services Businesses and assess the effectiveness of 
FinCEN and Internal Revenue Service regulation of MSBs. The 
Committee will examine impediments to the availability of 
account services to MSBs, and of FinCEN regulatory guidance to 
both MSBs and financial institutions that might affect the 
provision of such account services.
    Banking Services for Americans Living Abroad. The Committee 
will examine the contentions of U.S. citizens living in foreign 
countries that they are being denied banking services by both 
U.S.-based and foreign financial institutions. The Committee 
will also review the extent to which certain U.S. laws have 
exacerbated the termination of bank accounts for U.S. citizens 
living abroad.

                            CAPITAL MARKETS

    Securities and Exchange Commission (SEC). The Committee 
will monitor all aspects of the Securities and Exchange 
Commission's operations, activities and initiatives to ensure 
that it fulfills its Congressional mandate to protect 
investors, maintain fair, orderly, and efficient markets, and 
facilitate capital formation. The Committee will carefully 
examine the SEC's budget request to ensure that the agency 
deploys its resources effectively, and will specifically review 
the SEC's use of and commitments made to the $100 million 
``Reserve Fund'' created by Section 991 of the Dodd-Frank Act. 
The Committee will consider the impact of separating the SEC's 
examination and policy functions and whether such functions 
should be consolidated, as well as the SEC's oversight of self-
regulatory organizations (SROs) and how to improve SRO 
operations. The Committee will review the SEC's compliance, 
inspection, examination, and enforcement functions to ensure 
that adequate mechanisms exist to prevent and detect securities 
fraud and that there are suitable civil penalties available to 
the SEC to deter wrongdoing. As part of this review, the 
Committee will monitor the SEC's implementation of 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. The Committee will 
continue to review the various reports and studies of the SEC's 
organizational structure and management mandated by Title IX of 
the Dodd-Frank Act. The Committee will also monitor and review 
the SEC's development of a consolidated audit trail to actively 
track all activity in national market systems (NMS) securities 
throughout the U.S. The Committee will examine the impact that 
sequestration could have on the SEC's ability to meet its 
statutory obligations.
    Capital Formation. The Committee will examine the SEC's 
efforts to fulfill its Congressional mandate of facilitating 
capital formation. The Committee will continue to survey 
regulatory impediments to capital formation and seek 
legislative, regulatory and market-based incentives to increase 
access to capital, particularly for small public companies and 
those small companies that have recently completed or are 
contemplating an initial public offering as well as increasing 
investment opportunities for all investors while preserving 
investor protection.
    The JOBS Act. The Committee will monitor the impact of the 
``Jumpstart Our Business Startups'' or ``JOBS'' Act (P.L. 112-
106) on the capital markets, investor protections, and the 
SEC's implementation of the law to ensure that the Commission 
fulfills Congressional intent and does not unnecessarily stifle 
the capital formation initiatives included in the law or delay 
the promulgation and adoption of rules required for the law's 
successful implementation.
    Derivatives. The Committee will continue to review the 
impact of Title VII of the Dodd-Frank Act on the operations, 
growth, transparency, and structure of the over-the-counter 
(OTC) derivatives market. The Committee will explore how the 
SEC, the Commodity Futures Trading Commission (CFTC), the 
prudential regulators, and the Department of Treasury are 
implementing the regulations mandated by the Dodd-Frank Act to 
govern the OTC marketplace, including how U.S. regulators are 
coordinating their efforts with foreign counterparts, given the 
global and interconnected nature of that marketplace. The 
Committee will closely examine how completed rules are 
functioning in the marketplace and consider potential 
legislative and regulatory solutions to clarify the law's 
intent without impeding regulatory oversight. The Committee 
will also examine proper transparency and clarity for 
derivatives markets, which have previously been marked by 
opacity. The Committee will closely monitor Dodd-Frank 
implementation so that the new regulations foster market 
efficiency, provide price transparency through the increased 
use of swap execution facilities and clearing organizations, 
and provide consumers with important market information.
    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 U.S. capital markets, the SEC's oversight 
of NRSROs, NRSRO compensation models, and whether NRSRO 
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 NRSROs. The Committee will 
examine the implementation by Federal regulators of provisions 
found in Section 939A of the Dodd-Frank Act requiring them to 
establish new standards for evaluating credit-worthiness that 
do not include references to ratings issued by NRSROs. The 
Committee will also closely examine any SEC initiatives to 
insert the government into the assignment of ratings.
    Regulation and Oversight of Broker-Dealers and Investment 
Advisers. The Committee will review the SEC's regulation and 
oversight of broker-dealers and investment advisers, including 
the SEC's consideration of proposals to impose a harmonized 
standard of care applicable to broker-dealers and investment 
advisers when providing personalized investment advice to 
retail customers. The Committee will also review proposals that 
would harmonize the frequency of examinations of broker-dealers 
and investment advisers. The Committee will also monitor the 
coordination between the SEC and the Department of Labor 
regarding rules governing the provision of advice related to 
retirement accounts.
    Equity/Option Market Structure. The Committee will review 
recent developments in the U.S. equity and option markets and 
the SEC's response to those developments. The Committee will 
closely monitor the SEC's responses 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 review 
the growth and impact of algorithmic trading and the impact 
that market structure has on retail investors, small public 
companies, and the impact of decimalization on market quality 
and capital formation.
    Corporate Governance. The Committee will review 
developments and issues concerning corporate governance at 
public companies and the SEC's proposals that seek to modernize 
corporate governance practices. The Committee will examine how 
the Dodd-Frank Act impacts 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 to determine whether 
conflicts of interest exist. The Committee will continue to 
monitor the effect that the Sarbanes-Oxley Act of 2002 has on 
the capital markets and capital formation; the impact of the 
permanent exemption from Section 404(b) for public companies 
with less than $75 million in market capitalization; and 
proposals to further modify this exemption.
    Employee Compensation. The Committee will monitor the 
implementation of provisions in Title IX of the Dodd-Frank Act 
governing the compensation practices at public companies and 
financial institutions.
    Securities Investor Protection Corporation (SIPC). The 
Committee will review the operations, initiatives, and 
activities of the Securities Investor Protection Corporation, 
as well as the application of the Securities Investor 
Protection Act (SIPA). In light of SIPC's exposure to the 
failures of Bernard L. Madoff Investment Securities, Lehman 
Brothers, and MF Global, 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 SIPA, and the work and 
recommendations of the SIPC Modernization Task Force.
    Mutual Funds. The Committee will continue to examine the 
state and operation of the U.S. mutual fund industry, including 
pending regulatory proposals by the SEC and the FSOC to reform 
money market mutual funds, and private sector initiatives to 
improve investor understanding of money market fund valuations.
    Advisers to Private Funds. The Committee will examine the 
functions served by advisers to private funds in the United 
States financial marketplace and their interaction with 
investors, financial intermediaries, and public companies.
    Securitization and Risk Retention. The Committee will 
monitor the joint risk retention rule-making mandated by 
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.
    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.
    Libor. The Committee will assess the conditions that gave 
rise to the manipulation of the London Interbank Offered Rate 
(Libor) and the effect of that manipulation on financial 
markets, including the effects on consumers, businesses, 
financial institutions, and the financial system. The Committee 
will also examine whether U.S. financial regulators and 
supervisory authorities knew about the manipulation, and 
whether a more timely and aggressive intervention by these 
regulators might have prevented the manipulation or mitigated 
its effects. The Committee will continue to monitor the efforts 
of prudential and market regulators to address the conditions 
that gave rise to the manipulation of Libor as well as their 
efforts to create an alternative to Libor that can serve as a 
benchmark interest rate.
    MF Global. As part of its continuing examination of the 
causes and consequences of the October 2011 collapse of MF 
Global, the Committee will review legislative proposals and 
regulatory recommendations to improve the operations and 
oversight of entities that are both broker-dealers and futures 
commission merchants.
    Municipal Securities. The Committee will monitor the health 
of the United States municipal securities markets and evaluate 
proposals to increase transparency in that segment of the 
capital markets. The Committee will also examine provisions 
included in Titles VII and IX of the Dodd-Frank Act that are 
designed to strengthen municipal securities industry oversight 
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 Title IX of the Dodd-Frank Act, 
which altered the MSRB's governance to include the protection 
of state and local government issuers, public pension plans, 
and others whose 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.
    Public Company Accounting Oversight Board (PCAOB). The 
Committee will review the operations, initiatives and 
activities of the Public Company Accounting Oversight Board. 
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.
    Financial Accounting Standards Board (FASB). The Committee 
will review the initiatives of the Financial Accounting 
Standards Board 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 its private company accounting standard project, to 
ensure that any revisions to accounting standards provide 
useful information to investors without disrupting the capital 
markets, capital formation or improperly burdening issuers and 
preparers.
    Government Accounting Standards Board (GASB). The Committee 
will review the role of the Government Accounting Standards 
Board, 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.
    Securities Litigation. The Committee will examine the 
effectiveness of the Private Securities Litigation Reform 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 section 921 of 
the Dodd-Frank Act, 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.
    Business Continuity Planning. The Committee will continue 
its oversight of the implementation of disaster preparedness 
and business continuity measures by the financial services 
industry, including equity and option markets and financial 
market utilities, and the regulatory oversight of those plans 
in order to minimize the disruptions to critical operations in 
the United States financial system resulting from 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 $116.1 billion 
and Freddie Mac has used nearly $71.3 billion in taxpayer 
funds, although the GSEs have also paid the Treasury 
approximately $50 billion in dividends, making the GSE 
conservatorship the costliest of all the taxpayer bailouts 
initiated during the crisis. The cost of this bailout has 
raised fundamental questions about the viability of the GSEs' 
hybrid public-private organizational model, the market effects 
of their implicit-turned-explicit government guarantees, and 
the structure of the U.S. housing finance system. The Committee 
will examine proposals to modify or terminate Fannie Mae's and 
Freddie Mac's statutory charters, harmonize their business 
operations, and wind down any legacy business commitments. The 
Committee will also examine proposals that would allow the GSEs 
to repay taxpayers the funds they are owed.
    Reducing GSE Market Share. The Committee will examine the 
overall size of the GSEs' footprint in various aspects of the 
housing finance system and ways to reduce or constrain their 
large market share and develop a vibrant, innovative and 
competitive private mortgage market. The Committee is 
interested in the extent to which access to affordable and safe 
housing finance options, including the 30-year fixed rate 
mortgage, can be preserved for a broad range of qualified 
borrowers, while preserving competition between lenders and 
protecting taxpayers. Areas of interest for the Committee will 
include the calculation of FHFA's House Price Index, the 
determination of the conforming loan limits in conventional and 
high-cost areas, the pricing of guarantee fees to reflect the 
risk of the mortgages purchased by the GSEs, and the size of 
the GSEs' retained investment portfolios.
    Federal Housing Finance Agency (FHFA). The Committee will 
monitor the activities and initiatives of the Federal Housing 
Finance Agency, which was established in 2008 to oversee Fannie 
Mae, Freddie Mac and the Federal Home Loan Banks, and since 
September 2008 has served as Fannie Mae's and Freddie Mac's 
conservator. The Committee will pay particular attention to the 
FHFA's discharge of its duties as conservator to promote the 
long-term stability of the housing market and to ensure that 
taxpayer losses are minimized and private sector participation 
in the housing finance market is encouraged. The Committee will 
also consider the appropriate role, if any, for the Federal 
government in the secondary mortgage market, including the 
harmonization of existing GSE business operations and the 
development of new securitization platforms and alternative 
mortgage financing options.
    Federal Home Loan Bank (FHLB) System. The Committee will 
monitor the capital requirements and financial stability of the 
Federal Home Loan Bank System, as well as the FHLB System's 
ability to fulfill its housing and community economic 
development mission and provide liquidity to the cooperative's 
member banks in a safe and sound manner. The Committee will pay 
particular attention to concerns regarding insufficient 
retained earnings and the quality of private label securities 
portfolios maintained by individual Federal Home Loan Banks.
    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 nonprofits 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.

                                HOUSING

    Housing and Urban Development, Rural Housing Service, and 
the National Reinvestment Corporation. The Committee will 
review and hear testimony from the Administration on those 
housing agency budgets under its jurisdiction. Specifically, 
testimony is expected from the Department of Housing and Urban 
Development (HUD), the Rural Housing Service (RHS), and the 
National Reinvestment Corporation. HUD, which represents the 
most significant share of housing programs and budget 
authority, has experienced a steady increase in appropriations 
over the past decade, from $34.34 billion in fiscal year 2002 
to $44.24 billion in fiscal year 2012. According to the 
Government Accountability Office, there are twenty different 
entities administering 160 housing programs. The Committee will 
review HUD's study entitled ``Worst Case Housing Needs: A 
Report to Congress,'' which is designed to measure the scale of 
critical housing problems facing low-income and unassisted 
American renting households and the impact the recent recession 
and related joblessness has caused. Accordingly, the Committee 
will also review current HUD and RHS programs with the goal of 
identifying inefficient and duplicative programs for further 
review and potential streamlining.
    Federal Housing Administration (FHA). Increased 
delinquencies and foreclosures across the nation have had a 
detrimental effect on the financial health of the Federal 
Housing Administration. The most recent actuarial report for 
fiscal year 2012, released in November, found that the FHA's 
insurance fund's economic value was negative $16.3 billion, 
which is the projected amount the FHA would lose if it stopped 
insuring new mortgages and covered its projected losses for the 
next 30 years. The FHA is thus vulnerable to further defaults. 
To cover these defaults, the FHA may resort to its ``permanent 
indefinite authority'' to draw funds directly from the U.S. 
Treasury to pay unexpected increases in insurance claims. 
Because the FHA guarantees 100 percent of the loan amount on 
the mortgages it insures and is ultimately backed by the 
Federal government, a large number of defaults could result in 
significant losses to the FHA, and those losses may ultimately 
be borne by taxpayers. The Committee will examine the 
appropriate role for FHA in the mortgage finance system, how to 
encourage more robust private sector participation, and the 
ability of the FHA to continue to take steps to manage its 
mortgage portfolio and mitigate its risk.
    Foreclosure Mitigation. The Committee will continue to 
monitor the performance of the Obama Administration's various 
foreclosure mitigation initiatives, which have fallen far short 
of their stated objectives and been the subject of repeated 
criticism by government watchdog agencies, including the 
Special Inspector General for TARP. The Committee's review will 
encompass the implementation of a 2011 consent order between 
Federal banking regulators and certain mortgage servicers and 
affiliates, which required these firms to identify and 
compensate homeowners who may have been harmed by 
irregularities in the foreclosure process.
    Veterans' Housing. The Committee will continue to monitor 
and promote coordination between HUD and other agencies in 
their work to address veterans' housing issues. The Department 
of Veterans' Affairs (VA) estimates that our nation has 22.2 
million veterans; 2.7 million are elderly veterans and 4.3 
million veteran homeowners have disabilities. Furthermore, HUD 
and VA estimate that there are between 76,329 and 144,842 
homeless veterans in the U.S. Thus, the Committee will continue 
oversight of the HUD-Veterans' Affairs Supportive Housing (HUD-
VASH) program that combines rental assistance with case 
management and clinical services provided by the VA to prevent 
homelessness amongst veterans. In addition, the Committee will 
also continue its focus on other matters, such as home 
modifications for disabled veterans, to ensure that all 
veterans have fair and equal housing opportunities.
    Fair Housing. The Committee will continue to promote fair 
housing practices and ensure that the principles of the Fair 
Housing Act of 1968 are upheld and that consumers are not 
receiving adverse treatment based on their race, color, 
religion, sex, familial status, disability, or national origin 
in rentals, real estate sales, and lending practices. According 
to HUD, 27,092 housing discrimination complaints were reported 
in 2011. The Committee will continue monitoring whether unfair 
practices in housing occur and HUD's enforcement of the law.
    Section 8 Housing Choice Voucher Program and Affordable 
Housing. The Committee will continue its effort to address 
HUD's largest rental assistance program and the government's 
role in the future of affordable rental housing. The Committee 
will review the rising costs of the Section 8 program, as 
funding for the Section 8 program continues to increase and 
consume the bulk of HUD's discretionary budget. Funding for the 
Section 8 program in fiscal year 2012 was $27.60 billion, 
representing a 62 percent share of the entire HUD FY 2012 
budget. The Committee will review whether the rental assistance 
program met its program objectives in a manner that leverages 
taxpayer investments in affordable housing without duplicating 
successful private-sector initiatives.
    Rural Housing Service (RHS). The Committee will review the 
mission, organization and operations of the Rural Housing 
Service, a Federal agency which provides affordable housing for 
low-to-moderate income rural families. Eligible communities are 
determined after each decennial census. According to the 2010 
census findings, 933 communities, including 486 communities 
grandfathered between 10 and 29 years ago, will no longer be 
eligible for housing programs under the RHS after March 27, 
2013. The Committee will review the 2010 census findings to 
ascertain their impact on meeting rural housing needs.
    Reauthorization of the Native American Housing Assistance 
and Self-Determination Act (NAHASDA). As the Committee 
considers the statutory authorization for NAHASDA, which 
expires on October 1, 2013, the Committee will examine the need 
for better infrastructure and services, accountability for the 
use of the program, and HUD's administration of NAHASDA funds. 
The fiscal year 2012 budget included $650 million for the 
program. As of January 1, 2013, the program had a $979.7 
million obligated unexpended balance. The Committee also will 
review the effectiveness of NAHASDA, the reasons for the 
backlog of unspent funds, and whether the program is meeting 
its objectives.
    Community Development Block Grant (CDBG). The Community 
Development Block Grant program provides Federal funds to 
cities and localities to help them address housing and 
community development. 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 at 
least 50,000, and urban counties. The remaining 30 percent is 
directed to states for use in small, non-entitlement 
communities. The fiscal year 2012 budget included $3.308 
billion for the program. The Committee will consider ways to 
make the CDBG program more effective and targeted towards 
extremely low-income communities. 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.
    HOME Investment Partnerships Program (HOME). The Committee 
will continue to monitor the HOME Investment Partnerships 
Program, which provides grants to states and localities to fund 
affordable housing projects. States and localities can use HOME 
funds to finance home purchases and build or rehabilitate 
housing, which can then be rented or sold. In the 112th 
Congress, the Committee conducted oversight hearings on the 
efficacy of the HOME program and whether its objectives were 
being met.

                               INSURANCE

    National Flood Insurance Program (NFIP). The Committee will 
monitor the implementation of the Biggert-Waters Flood 
Insurance Reform Act of 2012 (P.L. 112-141), paying particular 
attention to the reforms that encourage more private sector 
participation in the flood insurance market. The Committee will 
also review and consider further reforms to the National Flood 
Insurance Program with the goal of ending taxpayer bailouts of 
the program and possibly transitioning to a private, 
innovative, competitive and sustainable flood insurance market. 
Since 2006, the GAO has designated the NFIP as a high-risk 
program because of its potential to incur billions in dollars 
in losses and because the program faces serious financial, 
structural, and managerial challenges. Due to extraordinary 
losses incurred following the hurricanes in 2005 and Superstorm 
Sandy in 2012, the program carries a debt of well over $20 
billion as of January 1, 2013.
    Terrorism Risk Insurance Program. The Committee will 
monitor the Terrorism Risk Insurance Program, which expires on 
December 31, 2014, for its ongoing impact on economic 
development and the private terrorism insurance marketplace. 
The Committee will examine the private sector's capacity to 
assess and price for terrorism risk and consider whether to 
reauthorize the Terrorism Risk Insurance Program as well as 
proposals that would reduce the potential Federal exposure and 
participation in the Terrorism Risk Insurance Program.
    Federal Insurance Office (FIO). The Committee will monitor 
the Federal Insurance Office, which was created by the Dodd-
Frank Act to provide the Federal government with information 
and expertise in insurance matters. The FIO has repeatedly 
missed multiple statutory deadlines imposed by the Dodd-Frank 
Act for reports to Congress on (1) the insurance industry, in 
general; (2) the breadth and scope of the global reinsurance 
market; (3) the ability of state regulators to access 
reinsurance information; and (4) recommendations to modernize 
and improve the system of insurance regulation in the United 
States. The Committee urges the FIO to submit these long 
overdue reports without further delay. The Committee will work 
to ensure that the FIO 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, paying 
particular attention to FIO's role in addressing a number of 
substantive and procedural concerns surrounding the 
International Association of Insurance Supervisors' methodology 
for designating global systemically important insurers.
    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 FSOC, 
the Orderly Liquidation Authority, the OFR, and the CFPB, as 
well as new restrictions on proprietary trading and investments 
(Volcker Rule) and revised capital standards for bank and 
thrift holding companies (the Collins Amendment)--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.

                       MONETARY POLICY AND TRADE

    The Economy and Jobs. In light of efforts to stimulate the 
economy through increased Federal spending and accommodative 
Federal Reserve policies, the Committee will examine the extent 
to which current government policies may have blurred the line 
between monetary and fiscal policy. The Committee will examine 
the effectiveness and consequences of the extraordinary 
measures undertaken by the Federal Reserve on economic growth 
and employment and also will examine the effects of mounting 
Federal debt and annual Federal budget deficits on economic 
recovery and the country's long-term economic health.
    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 seeks 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. As part of this 
review, the Committee will hold hearings to receive the semi-
annual reports on the conduct of monetary policy and the state 
of the economy from the Chairman of the Board of Governors of 
the Federal Reserve System. The Committee will examine the 
extent to which Federal Reserve policy is conducted in a manner 
that effectively promotes its statutory mandate to pursue 
maximum employment, stable prices, and moderate long-term 
interest rates, taking into account long- and short-term 
effects. This will include evaluating the effectiveness and 
consequences of the extraordinary measures undertaken by the 
Federal Reserve on economic growth and employment.
    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, the 
statutory authorization for which expires in 2014, and its 
individual authorities in promoting national security and 
recovery from natural disasters.
    Committee on Foreign Investment in the United States 
(CFIUS). The Committee will continue to monitor the 
implementation of the Foreign Investment and National Security 
Act of 2007, which reformed the Committee on Foreign Investment 
in the United States. 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 expeditiously 
while those that pose a threat are either remediated or 
rejected.
    Coins and Currency. The Committee will conduct oversight of 
the printing and minting of U.S. currency and coins, and of the 
operation of programs administered by the U.S. Mint for 
producing congressionally authorized commemorative coins, 
bullion coins for investors, and Congressional gold medals. The 
Committee also will examine the Federal Reserve's methods for 
circulating and re-circulating coins and currency, proposals to 
reduce the cost of minting coins, and 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.
    Economic Sanctions. The Committee will monitor the 
implementation of sanctions against rogue nations, with 
particular attention to the enhanced sanctions against Iran and 
Syria passed during the 112th Congress. Particular focus will 
be placed on whether financial services-related aspects of 
these laws have been executed in accordance with congressional 
intent, and what the impact of such policies has been. This 
review will encompass the activities of the Treasury 
Department's Office of Foreign Assets Control in administering 
the economic sanctions regime.
    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, and advancing an open rules-
based global trading system.
    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 statutorily required annual report to Congress 
by the Secretary of the Treasury on the state of the 
international financial system and the International Monetary 
Fund (IMF). Section 613 of the Omnibus Consolidated and 
Emergency Supplemental Appropriations Act, 1999 (P.L. 105-277) 
requires the Secretary to report 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.
    International Monetary Fund (IMF). The Committee will 
consider the policies of the International Monetary Fund to 
ensure effective use of resources and appropriate alignment 
with U.S. interests in promoting economic growth and stability. 
The Committee will also review any Administration request that 
the U.S. transfer funds at the IMF from the New Arrangements to 
Borrow to the general quota fund. During review of any such 
request, the Committee will assess the purpose of the transfer 
and potential risks or benefits the transfer might pose as well 
as possible consequences to the stability of the international 
financial system and U.S. economic interests if the pending 
quota package is not approved. In examining such authorization 
requests, the Committee will review any reforms the IMF has 
agreed to make concurrent with the transfer.
    U.S. Oversight over the Multilateral Development Banks 
(MDBs) and Possible U.S. Contributions. The Committee will 
consider any Administration request that the U.S. contribute to 
the replenishment of the concessional lending windows at the 
World Bank, the African Development Bank, and the Asian 
Development Bank, which provide grants and below market-rate 
financing to the world's poorest nations. In considering 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 MDBs to ensure effective use 
of resources and proper alignment with U.S. interests in 
promoting economic growth and stability.
    Export-Import Bank of the United States (Ex-Im Bank). The 
Export-Import 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 September 30, 2014, 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 Ex-Im Bank's policies and programs 
to ensure the continuing fiscal soundness of the Bank. The 
Committee will also consider how the Bank can ensure it is not 
crowding out private sector involvement in export financing, 
especially financing for public companies, but will also review 
whether the current authorization is sufficient to support the 
global competitiveness of U.S. companies, small and large, 
particularly given the continuing difficulty companies have in 
accessing credit. Also, the Committee will continue to review 
the implementation of the Congressional mandates established in 
the Export-Import Bank Reauthorization Act of 2012.
    World Bank Safeguards Review. The Committee will continue 
to monitor the World Bank's ongoing review and update of its 
safeguard policies to ensure that the Bank's safeguards and 
related standards reflect best practices as well as 
international standards and norms, preserve the Bank's 
responsibility to ensure project-program compliance, and 
continue to promote sustainable economic growth and social 
cohesion.
    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.
    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.
    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 global reach expand, the degree 
to which it adopts responsible policies and practices that do 
not distort markets or unfairly disadvantage its trading 
partners will be examined.
    Exchange Rates. The Committee will review and assess the 
semi-annual report to Congress from the Secretary of the 
Treasury on International Economic and Exchange Rate Policies 
pursuant to the Omnibus Trade Act of 1988.
    Global Capital Flows. The Committee will monitor the flow 
of capital globally. The buildup of large currency reserves in 
certain 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 the world economy.
    Eurozone Distress. The Committee will monitor the economic 
distress in the Eurozone, which stems from unsustainable levels 
of sovereign debt, problems in the banking sector and slow 
growth in Europe. Because the European Union (EU) is a major 
trading and investment partner of the U.S. and many other 
countries, the EU's fiscal health has implications beyond the 
continent's borders. Consequently, the Committee will examine 
actions taken by the IMF, the EU 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, thereby further enabling reckless fiscal policies.
    Haiti. Just as the United States economy is burdened by 
excessive debt from current and previous Administrations, Haiti 
is also burdened with excessive amounts of debt. Despite 
extensive U.S. and multilateral debt relief, Haiti's debt to 
non-Paris Club members, including Venezuela and China, has 
sharply increased in recent years, leading the IMF to rate 
Haiti's risk of debt distress as high. This debt burden 
exacerbates one of the worst cases of human misery in the 
hemisphere. The Committee will continue to closely monitor the 
efficacy of U.S. and multilateral institution efforts to 
improve the human condition in Haiti, including the impact of 
the Inter-American Development Bank's (IDB) annual transfers to 
the Haiti grant facility and the role of the IDB in its 
privileged position as a long-term development partner in 
Haiti.
    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 provisions do not cause undue 
harm to intended beneficiaries. The Committee will also work to 
ensure that unnecessary compliance burdens for U.S. firms are 
minimized.

       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. According to 
the Congressional Budget Office's most recent budget estimate, 
the fiscal 2013 Federal deficit is projected to be $845 billion 
and, absent a change in current policy, Federal debt held by 
the public will reach 76 percent of GDP by the end of this 
fiscal year, the largest percentage since 1950. Plainly, 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 113th 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.
    Native American Housing Assistance and Self-Determination 
Act (NAHASDA). The Native American Housing Assistance and Self 
Determination Act is composed of a (1) block grant program and 
(2) loan guarantee program. Under the block grant program, 
funds are made available under a formula to Federally-
recognized Native American tribal governments for housing and 
infrastructure development. The FY 2012 funding for the NAHASDA 
block grant program was $650 million. However, the obligated 
unexpended balance, meaning the portion of the funds disbursed 
by HUD to the grantee but not yet spent by that grantee, totals 
approximately $979.7 million, representing significantly more 
than the annual appropriation. The Committee will review the 
causes and sources of the obligated unexpended balance and 
explore the possibility of adjusting the program to make it 
more efficient, providing needed housing infrastructure 
development to those Native American communities that exhibit 
the capacity and need to utilize such funds.
    Community Development Block Grant (CDBG). The Community 
Development Block Grant program provides Federal funds to 
cities and localities to help them address housing and 
community development. 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 at 
least 50,000, and urban counties. The remaining 30 percent is 
directed to states for use in small, non-entitlement 
communities. The fiscal year 2012 budget included $3.308 
billion for the program. The Committee will consider changes in 
the current distribution of CDBG formula funds to target 
extremely low-income communities. 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 making the program more cost-effective.
    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 Program 
(HAMP)); 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) (P.L. 110-289). HAMP has not met the goals set for it, 
and has 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.
    Choice Neighborhoods. The Choice Neighborhoods Program was 
established to transform, rehabilitate and replace both public 
and HUD-assisted housing units. Suggested as a replacement for 
the inefficient and often ineffective HOPE VI program, the 
Obama Administration created this new Federal program to 
provide additional grants to local governments, assisted 
housing owners, community development corporations, and non-
profit entities. The Committee is concerned that this new 
government program will suffer the same problems as the HOPE VI 
program, which has millions of dollars in unexpended balances. 
Given that this program was funded at $120 million for FY 2012 
and has yet to be authorized, the Committee recommends 
rescinding unspent and unobligated balances currently committed 
to this program.
    FHA Short Refinance Program. On March 26, 2010, the Obama 
Administration announced a new FHA Short 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, 
2014. Over the course of two and half years, FHA has helped 
only 1,300 borrowers through this program. Rather than 
diverting scarce resources for another ineffective foreclosure 
mitigation program, the Committee recommends that the program 
be discontinued.

    ACTIVITIES CONDUCTED PURSUANT TO THE COMMITTEE'S OVERSIGHT PLAN

    Pursuant to clause 1(d)(2)(C) of rule XI of the Rules of 
the House of Representatives, the following sets forth the 
actions taken by the Committee and/or its members to fulfill 
the Committee's Oversight Plan set forth above.\4\
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    \4\The headings used in this section are identical to and 
correspond with the headings set forth in the Oversight Plan. Only 
those headings for which oversight activity was conducted are listed.
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                 SPECIFIC DODD-FRANK OVERSIGHT MATTERS

     Hearing entitled ``Examining Constitutional 
Deficiencies and Legal Uncertainties in the Dodd-Frank Act'' 
Oversight and Investigations, July 9, 2013

Financial Stability Oversight Council (FSOC)

     Hearing entitled ``Who is Too Big to Fail? GAO's 
Assessment of the Financial Stability Oversight Council and the 
Office of Financial Research'' Oversight and Investigations, 
March 14, 2013
     Hearing entitled ``The Annual Report of the 
Financial Stability Oversight Council'' Full Committee, May 22, 
2013

Office of Financial Research (OFR)

     Hearing entitled ``Who is Too Big to Fail? GAO's 
Assessment of the Financial Stability Oversight Council and the 
Office of Financial Research'' Oversight and Investigations, 
March 14, 2013
     Full Committee briefing, on the Office of 
Financial Research's Asset Management Study, December 19, 2013
     12-16-13 Letter to OFR asking for information on 
report titled ``Asset Management and Financial Stability''

Volcker Rule

     11-13-13 Letter to Treasury expressing concern 
regarding the impending release of regulations implementing the 
Volcker Rule.

``Too Big to Fail''

     3-8-13 Letter to Treasury and DOJ regarding 
concern on recent comments relating to criminal prosecutions of 
large financial institutions.
     3-20-13 Letter to Treasury for an information 
inquiry regarding prosecutorial decisions in cases involving 
large, complex financial institutions.
     3-20-13 Letter to Fed for an information inquiry 
regarding prosecutorial decisions in cases involving large, 
complex financial institutions.
     3-20-13 Letter to OCC for an information inquiry 
regarding prosecutorial decisions in cases involving large, 
complex financial institutions.
     4-3-13 Letter to DOJ following up on concern over 
comments relating to criminal prosecutions of large financial 
institutions.
     6-7-13 Letter to FDIC requesting that the FDIC 
state whether the Justice Department contacted it to understand 
the operation of the Dodd-Frank Act's ``orderly liquidation 
authority'' prior to forming an opinion about the potential 
economic consequences of prosecuting a large financial 
institution.
     6-7-13 Letter to DOJ requesting responses to 
questions about the Justice Department's prosecutorial 
decision-making in cases involving large financial 
institutions, including answers to questions relating to the 
identities of the experts relied upon by the Department when 
determining the economic consequences of a potential 
prosecution.
     6-7-13 Letter to Treasury requesting that the 
Treasury Department produce unredacted copies of certain 
documents related to the prosecution of large financial 
institutions, which a public interest advocacy group had 
previously requested pursuant to the Freedom of Information 
Act.
     6-10-13 Letter to DOJ requesting that the Justice 
Department produce the records requested by the Committee in 
its March 8, 2013 letter and that it provide a written 
certification that it has conducted an appropriate search to 
find all responsive records. To the extent that the Department 
withholds records, the letter requests the production of a 
``withheld documents log.''
     6-11-13 Letter to DOJ requesting information 
concerning whether the Justice Department is presently 
investigating companies and individuals for crimes related to 
the 2008 financial crisis, as well as whether the Department 
has closed any such investigation, or has refrained from 
bringing potential charges, because of any statute of 
limitations.
     7-18-13 Letter to DOJ concerning the Committee's 
ongoing investigation of ``Too Big to Jail.''
     7-18-13 Letter to Treasury requesting responses to 
two previous HFSC letters.
     7-18-13 Letter to DOJ requesting responses to two 
previous HFSC letters.
     8-20-13 Letter to Fed requesting records relating 
to actual or contemplating authorization or service of 
subpoenas by DOJ on financial institutions.
     8-22-13 Letter to Treasury renewing request for 
unredacted copies of records responsive to a FOIA request by 
Public Citizen as requested on June 7, 2013.
     8-27-13 Letter to DOJ renewing request for records 
responsive to Committee's March 8, 2013 letter.
     Hearing entitled ``Who is Too Big to Fail: Does 
Dodd-Frank Authorize the Government to Break Up Financial 
Institutions?'' Oversight and Investigations, April 16, 2013
     Hearing entitled ``Who Is Too Big to Fail: Does 
Title II of the Dodd-Frank Act Enshrine Taxpayer-Funded 
Bailouts?'' Oversight and Investigations, May 15, 2013
     Hearing entitled ``Who Is Too Big to Fail: Are 
Large Financial Institutions Immune from Federal Prosecution?'' 
Oversight and Investigations, May 22, 2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Could Result in More Taxpayer-Funded Bailouts'' Full 
Committee, June 26, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013
     Hearing entitled ``The Fed Turns 100: Lessons 
Learned over a Century of Central Banking'' Monetary Policy and 
Trade, September 11, 2013

               FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

Bureau of Consumer Financial Protection (CFPB)

     3-8-13 Letter to Fed questioning the authority to 
transfer funds at the request of the current director
     3-8-13 Letter to CFPB on Richard Cordray's 
appointment and CFPB contingency planning
     3-22-13 Letter to CFPB on studying pre-dispute 
arbitration agreements
     4-22-13 Letter to Richard Cordray on legally 
appointed CFPB director testifying on the semi-annual report.
     4-22-13 Letter to Meredith Fuchs on a legally 
appointed CFPB director testifying on the semi-annual report.
     5-03-13 Letter to Meredith Fuchs following up to 
3-8-13 letter and 4-22-13 response re CFPB director.
     9-18-13 Letter to CFPB requesting information 
about the CFPB's use of e-mail aliases.
     10-22-13 Letter to CFPB requesting records 
relating to the CFPB's relationship with ideas42 and to the 
formation of its Academic Research Council.
     10-22-13 Letter to CFPB requesting the studies and 
data that informed the CFPB's white paper study on payday 
lending.
     Hearing entitled ``Examining Credit Union 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 10, 2013
     Hearing entitled ``Examining Community Bank 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 16, 2013
     Hearing entitled ``Qualified Mortgages: Examining 
the Impact of the Ability to Repay Rule'' Financial 
Institutions and Consumer Credit, May 21, 2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Hampers Home Ownership'' Financial Institutions and 
Consumer Credit, June 18, 2013
     Hearing entitled ``CFPB Budget Review'' Oversight 
and Investigations, June 18, 2013
     Hearing entitled ``Examining How the Consumer 
Financial Protection Bureau Collects and Uses Consumer Data'' 
Financial Institutions and Consumer Credit, July 9, 2013
     Hearing entitled ``The Semi-Annual Report of the 
Consumer Financial Protection Bureau'' Full Committee, 
September 12, 2013
     Hearing entitled ``Examining Legislative Proposals 
to Reform the Consumer Financial Protection Bureau'' Financial 
Institutions and Consumer Credit, October 29, 2013

Troubled Asset Relief Program (TARP)

     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013
     Hearing entitled ``The Fed Turns 100: Lessons 
Learned over a Century of Central Banking'' Monetary Policy and 
Trade, September 11, 2013

Financial Supervision

     Hearing entitled ``State of Community Banking: Is 
the Current Regulatory Environment Adversely Affecting 
Community Financial Institutions?'' Financial Institutions and 
Consumer Credit, March 20, 2013
     Hearing entitled ``Qualified Mortgages: Examining 
the Impact of the Ability to Repay Rule'' Financial 
Institutions and Consumer Credit, May 21, 2013
     Hearing entitled ``The Annual Report of the 
Financial Stability Oversight Council'' Full Committee, May 22, 
2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Hampers Home Ownership'' Financial Institutions and 
Consumer Credit, June 18, 2013
     Hearing entitled ``Examining How the Consumer 
Financial Protection Bureau Collects and Uses Consumer Data'' 
Financial Institutions and Consumer Credit, July 9, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Capital Standards and Basel III

     2-19-13 Letter to Fed, OCC, FDIC on implementation 
of capital requirements
     Hearing entitled ``Examining Community Bank 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 16, 2013
     Hearing entitled ``The Annual Report of the 
Financial Stability Oversight Council'' Full Committee, May 22, 
2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Mortgages

     3-4-13 Letter to CFPB on qualified mortgages
     Hearing entitled ``State of Community Banking: Is 
the Current Regulatory Environment Adversely Affecting 
Community Financial Institutions?'' Financial Institutions and 
Consumer Credit, March 20, 2013
     Hearing entitled ``Examining Credit Union 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 10, 2013
     Hearing entitled ``Examining Community Bank 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 16, 2013
     Hearing entitled ``Qualified Mortgages: Examining 
the Impact of the Ability to Repay Rule'' Financial 
Institutions and Consumer Credit, May 21, 2013
     Hearing entitled ``Beyond GSEs: Examples of 
Successful Housing Finance Models without Explicit Government 
Guarantees'' Full Committee, June 12, 2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Hampers Home Ownership'' Financial Institutions and 
Consumer Credit, June 18, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013
     Hearing entitled ``The Semi-Annual Report of the 
Consumer Financial Protection Bureau'' Full Committee, 
September 12, 2013

Bank Failures

     Hearing entitled ``State of Community Banking: Is 
the Current Regulatory Environment Adversely Affecting 
Community Financial Institutions?'' Financial Institutions and 
Consumer Credit, March 20, 2013

Community Banks

     Hearing entitled ``State of Community Banking: Is 
the Current Regulatory Environment Adversely Affecting 
Community Financial Institutions?'' Financial Institutions and 
Consumer Credit, March 20, 2013
     Hearing entitled ``Examining Community Bank 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 16, 2013
     Hearing entitled ``Qualified Mortgages: Examining 
the Impact of the Ability to Repay Rule'' Financial 
Institutions and Consumer Credit, May 21, 2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Hampers Home Ownership'' Financial Institutions and 
Consumer Credit, June 18, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Credit Unions

     Hearing entitled ``Examining Credit Union 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 10, 2013
     Hearing entitled ``Qualified Mortgages: Examining 
the Impact of the Ability to Repay Rule'' Financial 
Institutions and Consumer Credit, May 21, 2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Hampers Home Ownership'' Financial Institutions and 
Consumer Credit, June 18, 2013

Regulatory Burden Reduction

     Hearing entitled ``Examining Credit Union 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 10, 2013
     Hearing entitled ``Examining Community Bank 
Regulatory Burdens'' Financial Institutions and Consumer 
Credit, April 16, 2013
     Hearing entitled ``Qualified Mortgages: Examining 
the Impact of the Ability to Repay Rule'' Financial 
Institutions and Consumer Credit, May 21, 2013
     Hearing entitled ``Beyond GSEs: Examples of 
Successful Housing Finance Models without Explicit Government 
Guarantees'' Full Committee, June 12, 2013
     Hearing entitled ``Examining How the Dodd-Frank 
Act Hampers Home Ownership'' Financial Institutions and 
Consumer Credit, June 18, 2013
     Hearing entitled ``The Semi-Annual Report of the 
Consumer Financial Protection Bureau'' Full Committee, 
September 12, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Access to Financial Services

     Hearing entitled ``The Semi-Annual Report of the 
Consumer Financial Protection Bureau'' Full Committee, 
September 12, 2013

Discrimination in Lending

     Hearing entitled ``The Semi-Annual Report of the 
Consumer Financial Protection Bureau'' Full Committee, 
September 12, 2013
     Hearing entitled ``A General Overview of Disparate 
Impact Theory'' Oversight and Investigations, November 19, 2013

Diversity in Financial Services

     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Money Laundering and the Financing of Terrorism

     Hearing entitled ``Who Is Too Big to Fail: Are 
Large Financial Institutions Immune from Federal Prosecution?'' 
Oversight and Investigations, May 22, 2013

Financial Crimes Enforcement Network (FinCEN)

     Hearing entitled ``Who Is Too Big to Fail: Are 
Large Financial Institutions Immune from Federal Prosecution?'' 
Oversight and Investigations, May 22, 2013

                            CAPITAL MARKETS

Securities and Exchange Commission (SEC)

     3-5-13 Letter to SEC on rulemaking and projects
     3-22-13 Letter to SEC regarding Gabelli v. SEC
     4-24-13 Letter to SEC regarding File No. 4-637, 
Petition for rulemaking to require public companies to disclose 
to shareholders the use of corporate resources for political 
activities.
     5-31-13 Letter to SEC regarding FY2014 request for 
increase in information technology.
     9-20-13 Letter to SEC on Advisory Committee on 
Small Emerging Companies
     10-30-13 Letter to SEC on concerns with the SEC's 
evaluation of the term ``accredited investor''.
     Hearing entitled ``Legislative Proposals Regarding 
Derivatives and SEC Economic Analysis'' Capital Markets and 
Government Sponsored Enterprises, April 11, 2013
     Hearing entitled ``Examining the SEC's Failure to 
Implement Title II of the JOBS Act and its Impact on Economic 
Growth'' Oversight and Investigations, April 17, 2013
     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013
     Hearing entitled ``Examining the Market Power and 
Impact of Proxy Advisory Firms'' Capital Markets and Government 
Sponsored Enterprises, June 5, 2013
     Hearing entitled ``Reducing Barriers to Capital 
Formation'' Capital Markets and Government Sponsored 
Enterprises, June 12, 2013
     Hearing entitled ``Examining the SEC's Money 
Market Fund Rule Proposal'' Capital Markets and Government 
Sponsored Enterprises, September 18, 2013
     12-10-13 Letter to SEC on risk retention rules for 
collateralized loan obligations (CLOs)

Capital Formation

     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013
     Hearing entitled ``Reducing Barriers to Capital 
Formation'' Capital Markets and Government Sponsored 
Enterprises, June 12, 2013
     Hearing entitled ``Reducing Barriers to Capital 
Formation, Part II'' Capital Markets and Government Sponsored 
Enterprises, July 10, 2013

The JOBS Act

     3-5-13 Letter to SEC on rulemaking and projects
     7-22-13 Letter to SEC seeking information on the 
implementation of Title II of the JOBS ACT.
     8-21-13 Letter to SEC renewing request for 
response to letter dated 7-22-13.
     8-27-13 Letter to SEC regarding JOBS Act 
implementation.
     Hearing entitled ``Examining the SEC's Failure to 
Implement Title II of the JOBS Act and its Impact on Economic 
Growth'' Oversight and Investigations, April 17, 2013
     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013
     Hearing entitled ``Reducing Barriers to Capital 
Formation'' Capital Markets and Government Sponsored 
Enterprises, June 12, 2013
     Hearing entitled ``Reducing Barriers to Capital 
Formation, Part II'' Capital Markets and Government Sponsored 
Enterprises, July 10, 2013

Derivatives

     2-27-13 Letter to CFTC to ensure appropriate 
implementation of D-F and the ongoing rule-making to establish 
SEFs strictly adheres to Congressional intent.
     4-5-13 Letter to CFTC regarding concerns with 
elements of the final rules relating to SEFs the CFTC is 
considering.
     6-7-13 Letter regarding the use of external e-mail 
by CFTC Chairman Gensler.
     Hearing entitled ``Legislative Proposals Regarding 
Derivatives and SEC Economic Analysis'' Capital Markets and 
Government Sponsored Enterprises, April 11, 2013
     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013

Credit Rating Agencies

     3-22-13 Letter to SEC on crafting regulations 
under Section 939F of Dodd-Frank

Regulation and Oversight of Broker-Dealers and Investment Advisers

     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013
     Hearing entitled ``Legislative Proposals to 
Relieve the Red Tape Burden on Investors and Job Creators'' 
Capital Markets and Government Sponsored Enterprises, May 23, 
2013

Equity/Option Market Structure

     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013

Corporate Governance

     3-5-13 Letter to SEC on rulemaking and projects
     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013
     Hearing entitled ``Examining the Market Power and 
Impact of Proxy Advisory Firms'' Capital Markets and Government 
Sponsored Enterprises, June 5, 2013

Employee Compensation

     Hearing entitled ``Legislative Proposals to 
Relieve the Red Tape Burden on Investors and Job Creators'' 
Capital Markets and Government Sponsored Enterprises, May 23, 
2013
     Hearing entitled ``Examining the Market Power and 
Impact of Proxy Advisory Firms'' Capital Markets and Government 
Sponsored Enterprises, June 5, 2013

Securities Investor Protection Corporation (SIPC)

     Hearing entitled ``A Legislative Proposal to Amend 
the Securities Investor Protection Act,'' November 21, 2013

Mutual Funds

     6-10-13 Letter to Treasury requesting information 
concerning how the Treasury Department disposed of fees 
collected by the federal government through the Temporary 
Guarantee Program for Money Market Funds.
     Hearing entitled ``Oversight of the SEC's Agenda, 
Operations, and FY 2014 Budget Request'' Full Committee, May 
16, 2013
     Hearing entitled ``Examining the SEC's Money 
Market Fund Rule Proposal'' Capital Markets and Government 
Sponsored Enterprises, September 18, 2013

Advisers to Private Funds

     9-12-13 Letter to SEC regarding private fund 
advisors.
     Hearing entitled ``Legislative Proposals to 
Relieve the Red Tape Burden on Investors and Job Creators'' 
Capital Markets and Government Sponsored Enterprises, May 23, 
2013

Securitization and Risk Retention

     Hearing entitled ``Building a Sustainable Housing 
Finance System: Examining Regulatory Impediments to Private 
Investment Capital,'' April 24, 2013
     12-10-13 Letter to SEC on risk retention rules for 
CLOs

Covered Bonds

     Hearing entitled ``A Legislative Proposal to 
Protect American Taxpayers and Homeowners by Creating a 
Sustainable Housing Finance System,'' July 18, 2013

Libor

     Hearing entitled ``Who Is Too Big to Fail: Are 
Large Financial Institutions Immune from Federal Prosecution?'' 
Oversight and Investigations, May 22, 2013

MF Global

     8-1-13 Letter to CFTC requesting production of 
transcripts of telephonic conversations of MF Global employees.
     Hearing entitled ``Who Is Too Big to Fail: Are 
Large Financial Institutions Immune from Federal Prosecution?'' 
Oversight and Investigations, May 22, 2013

Public Company Accounting Oversight Board (PCAOB)

     Hearing entitled ``Legislative Proposals to 
Relieve the Red Tape Burden on Investors and Job Creators'' 
Capital Markets and Government Sponsored Enterprises, May 23, 
2013

Securities Litigation

     Hearing entitled ``Who Is Too Big to Fail: Are 
Large Financial Institutions Immune from Federal Prosecution?'' 
Oversight and Investigations, May 22, 2013

                    GOVERNMENT SPONSORED ENTERPRISES

Charter Restructuring for Government Sponsored Enterprises (GSEs)

     Hearing entitled ``Sustainable Housing Finance: An 
Update from the Federal Housing Finance Agency on the GSE 
Conservatorships'' Full Committee, March 19, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Reducing GSE Market Share

     Hearing entitled ``Fannie Mae and Freddie Mac: How 
Government Housing Policy Failed Homeowners and Taxpayers and 
Led to the Financial Crisis'' Capital Markets and Government 
Sponsored Enterprises, March 6, 2013
     Hearing entitled ``Sustainable Housing Finance: An 
Update from the Federal Housing Finance Agency on the GSE 
Conservatorships'' Full Committee, March 19, 2013
     Hearing entitled ``Building a Sustainable Housing 
Finance System: Examining Regulatory Impediments to Private 
Investment Capital'' Full Committee, April 24, 2013
     Hearing entitled ``Beyond GSEs: Examples of 
Successful Housing Finance Models without Explicit Government 
Guarantees'' Full Committee, June 12, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Federal Housing Finance Agency (FHFA)

     Hearing entitled ``Sustainable Housing Finance: An 
Update from the Federal Housing Finance Agency on the GSE 
Conservatorships'' Full Committee, March 19, 2013
     Hearing entitled ``Building a Sustainable Housing 
Finance System: Examining Regulatory Impediments to Private 
Investment Capital'' Full Committee, April 24, 2013

GSE Foreclosure and Loan Modification Protocols

     Hearing entitled ``Sustainable Housing Finance: An 
Update from the Federal Housing Finance Agency on the GSE 
Conservatorships'' Full Committee, March 19, 2013
     Hearing entitled ``Building a Sustainable Housing 
Finance System: Examining Regulatory Impediments to Private 
Investment Capital'' Full Committee, April 24, 2013

                                HOUSING

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

     8-28-13 Letter to HUD requesting information 
concerning an e-mail communication by HUD that potentially 
violates federal appropriations law by engaging in prohibited 
``lobbying''.
     8-28-13 Letters to GAO and HUD IG requesting that 
GAO and HUD OIG investigate whether HUD violated appropriations 
law by engaging in ``lobbying'' when it sent an e-mail 
communication requesting that recipients contact named Senators 
in connection with pending legislation making appropriations to 
HUD.
     9-30-13 Letter to HUD following up to 8-28-13 
letters.
     Hearing entitled ``Bailout, Bust, or Much Ado 
About Nothing?: A Look at the Federal Housing Administration's 
2012 Actuarial Report'' Full Committee, February 13, 2013
     Hearing entitled ``Evaluating How HUD's Moving-to-
Work Program Benefits Public and Assisted Housing Residents'' 
Housing and Insurance, June 26, 2013
     Hearing entitled ``Reducing Waste, Fraud, and 
Abuse in Housing Programs: Inspector General Perspectives'' 
Oversight and Investigations, September 10, 2013
     Hearing entitled ``A General Overview of Disparate 
Impact Theory'' Oversight and Investigations, November 19, 2013

Federal Housing Administration (FHA)

     1-31-13 Letter to GAO on Mutual Mortgage Insurance 
Fund (MMI Fund)
     Hearing entitled ``Examining the Proper Role of 
the Federal Housing Administration in our Mortgage Insurance 
Market'' Full Committee, February 6, 2013
     Hearing entitled ``Bailout, Bust, or Much Ado 
About Nothing?: A Look at the Federal Housing Administration's 
2012 Actuarial Report'' Full Committee, February 13, 2013
     Hearing entitled ``Mortgage Insurance: Comparing 
Private Sector and Government-Subsidized Approaches'' Housing 
and Insurance, March 13, 2013
     Hearing entitled ``Sustainable Housing Finance: 
Perspectives on Reforming the FHA'' Housing and Insurance, 
April 10, 2013
     Hearing entitled ``Building a Sustainable Housing 
Finance System: Examining Regulatory Impediments to Private 
Investment Capital'' Full Committee, April 24, 2013
     Hearing entitled ``Sustainable Housing Finance: 
The Government's Role in Multifamily and Health Care Facilities 
Mortgage Insurance and Reverse Mortgages'' Housing and 
Insurance, May 16, 2013
     Hearing entitled ``Beyond GSEs: Examples of 
Successful Housing Finance Models without Explicit Government 
Guarantees'' Full Committee, June 12, 2013
     Hearing entitled ``Reducing Waste, Fraud, and 
Abuse in Housing Programs: Inspector General Perspectives'' 
Oversight and Investigations, September 10, 2013
     Hearing entitled ``Federal Housing Administration: 
Implications of a $1.7 billion Taxpayer Bailout'' Full 
Committee, October 29, 2013

Fair Housing

     Hearing entitled ``A General Overview of Disparate 
Impact Theory'' Oversight and Investigations, November 19, 2013

Section 8 Housing Choice Voucher Program and Affordable Housing

     Hearing entitled ``Sustainable Housing Finance: 
The Government's Role in Multifamily and Health Care Facilities 
Mortgage Insurance and Reverse Mortgages'' Housing and 
Insurance, May 16, 2013
     Hearing entitled ``Evaluating How HUD's Moving-to-
Work Program Benefits Public and Assisted Housing Residents'' 
Housing and Insurance, June 26, 2013

HOME Investment Partnerships Program (HOME)

     4-9-13 Letter to HUD on document production for 
HOME investigation
     Hearing entitled ``Reducing Waste, Fraud, and 
Abuse in Housing Programs: Inspector General Perspectives'' 
Oversight and Investigations, September 10, 2013

                               INSURANCE

National Flood Insurance Program (NFIP)

     4-17-13 Letter to GAO asking for a summary of all 
of the completed reports on TRIA and NFIP
     4-24-13 Letter to Fed, FDIC, OCC, NCUA, and Farm 
Credit Administration on concern about the full implementation 
of the Biggert-Waters Flood Insurance Reform Act of 2012 
regarding private flood insurance.
     Hearing entitled ``Implementation of the Biggert-
Waters Flood Insurance Act of 2012: Protecting Taxpayers and 
Homeowners'' Housing and Insurance, November 19, 2013

Terrorism Risk Insurance Program

     4-17-13 Letter to GAO asking for a summary of all 
of the completed reports on TRIA and NFIP
     Hearing entitled ``The Terrorism Risk Insurance 
Act of 2002'' Full Committee, September 19, 2013
     Hearing entitled ``The Future of Terrorism 
Insurance: Fostering Private Market Innovation to Limit 
Taxpayer Exposure'' Housing and Insurance, November 13, 2013

Federal Insurance Office (FIO)

     3-26-13 Letter to FIO on international insurance 
matters
     Hearing entitled ``The Impact of International 
Regulatory Standards on the Competitiveness of U.S. Insurers'' 
Housing and Insurance, June 13, 2013

Impact of Dodd-Frank Act Implementation on the Insurance Sector

     4-18-13 Letter to Fed on possible designation of 
insurance companies at non-bank SIFIs

                       MONETARY POLICY AND TRADE

The Economy and Jobs

     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, February 27, 2013
     Hearing entitled ``Near-Zero Rate, Near-Zero 
Effect? Is `Unconventional' Monetary Policy Really Working?'' 
Monetary Policy and Trade, March 5, 2013
     Hearing entitled ``Reauthorizing the Defense 
Production Act'' Monetary Policy and Trade, May 8, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013
     Hearing entitled ``The Fed Turns 100: Lessons 
Learned over a Century of Central Banking'' Monetary Policy and 
Trade, September 11, 2013

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

     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, February 27, 2013
     Hearing entitled ``Near-Zero Rate, Near-Zero 
Effect? Is `Unconventional' Monetary Policy Really Working?'' 
Monetary Policy and Trade, March 5, 2013
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013
     Hearing entitled ``The Fed Turns 100: Lessons 
Learned over a Century of Central Banking'' Monetary Policy and 
Trade, September 11, 2013
     Hearing entitled ``What Is Central About Central 
Banking?: A Study of International Models'' Monetary Policy and 
Trade, November 13, 2013

General Oversight of the Federal Reserve System

     4-16-13 Letter to the Fed seeking clarification 
from the Fed regarding FAQs recently issued interpreting 
Regulation II
     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, February 27, 2013
     Hearing entitled ``Near-Zero Rate, Near-Zero 
Effect? Is `Unconventional' Monetary Policy Really Working?'' 
Monetary Policy and Trade, March 5, 2013
     Hearing entitled ``What Is Central About Central 
Banking?: A Study of International Models'' Monetary Policy and 
Trade, November 13, 2013

Defense Production Act

     Hearing entitled ``Reauthorizing the Defense 
Production Act'' Monetary Policy and Trade, May 8, 2013

Committee on Foreign Investment in the United States (CFIUS)

     Hearing entitled ``Reauthorizing the Defense 
Production Act'' Monetary Policy and Trade, May 8, 2013

Coins and Currency

     02-04-13 Letter asking GAO to study management of 
the Federal Reserve's circulating coin inventory

Economic Sanctions

     Hearing entitled ``The Annual Testimony of the 
Secretary of the Treasury on the State of the International 
Financial System'' Full Committee, December 11, 2013

Job Creation and U.S. Competitiveness

     Hearing entitled ``Reauthorizing the Defense 
Production Act'' Monetary Policy and Trade, May 8, 2013
     Hearing entitled ``Assessing Reform at the Export-
Import Bank'' Monetary Policy and Trade, June 13, 2013

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

     Hearing entitled ``The Annual Testimony of the 
Secretary of the Treasury on the State of the International 
Financial System'' Full Committee, December 11, 2013

International Monetary Fund (IMF)

     05-10-13 Letter to Treasury reminding 
Administration to observe regular order when making 
Congressional authorization requests.
     Hearing entitled ``Evaluating U.S. Contributions 
to the International Monetary Fund'' Monetary Policy and Trade, 
April 24, 2013
     Hearing entitled ``The Annual Testimony of the 
Secretary of the Treasury on the State of the International 
Financial System'' Full Committee, December 11, 2013

U.S. Oversight over the Multilateral Development Banks (MDBs) and 
        Possible U.S. Contributions

     05-10-13 Letter to Treasury reminding 
Administration to observe regular order when making 
Congressional authorization requests.
     05-16-13 Letter to the World Bank urging the World 
Bank President to uphold a robust Doing Business Survey and 
Report
     Hearing entitled ``The Annual Testimony of the 
Secretary of the Treasury on the State of the International 
Financial System'' Full Committee, December 11, 2013

Export-Import Bank of the United States (Ex-Im Bank)

     Hearing entitled ``Assessing Reform at the Export-
Import Bank'' Monetary Policy and Trade, June 13, 2013

International Trade

     05-22-13 Letter to President Obama encouraging the 
Administration to address regulatory burdens and discrepancies 
when negotiating US-EU trade agreement.

Market Access

     05-22-13 Letter to President Obama encouraging the 
Administration to address regulatory burdens and discrepancies 
when negotiating US-EU trade agreement
     Hearing entitled ``The Annual Testimony of the 
Secretary of the Treasury on the State of the International 
Financial System'' Full Committee, December 11, 2013

Exchange Rates

     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, July 17, 2013

Global Capital Flows

     Hearing entitled ``Monetary Policy and the State 
of the Economy'' Full Committee, February 27, 2013
     Hearing entitled ``Near-Zero Rate, Near-Zero 
Effect? Is `Unconventional' Monetary Policy Really Working?'' 
Monetary Policy and Trade, March 5, 2013

Eurozone Distress

     Hearing entitled ``Evaluating U.S. Contributions 
to the International Monetary Fund'' Monetary Policy and Trade, 
April 24, 2013

Extractive Industries and Conflict Materials

     Hearing entitled ``The Unintended Consequences of 
Dodd-Frank's Conflict Minerals Provision'' Monetary Policy and 
Trade, May 21, 2013

                    ACTIVITIES OF THE FULL COMMITTEE


                         Legislative Activities


 Committee Organizational Meeting

    On January 23, 2013, the Committee met for the first time 
to organize and adopt its rules.

 Committee Oversight Plan

    On February 14, 2013, the Committee met to adopt its 
oversight plan pursuant to clause 2(d)(1) of Rule X of the 
House. That plan is incorporated into this report.

 Committee Budget Views and Estimates

    On February 26, 2013, the Committee met to adopt its budget 
views and estimates pursuant to clause 2(f)(1) of Rule X of the 
House. Those views and estimates were shortly thereafter 
transmitted to the Committee on the Budget in accordance with 
clause 2(f)(2) of Rule X.

 Markup of H.R. 701, a bill to amend a provision of the 
        Securities Act of 1933 directing the Securities and Exchange 
        Commission to add a particular class of securities to those 
        exempted under such Act to provide a deadline for such action

    On May 7, 2013, the Committee met to mark up H.R. 701. The 
bill amends title IV of the Jumpstart our Business Startups Act 
(JOBS Act) to require the SEC to complete its rules 
implementing the title by October 31, 2013.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by voice vote; it reported the bill 
on May 15, 2013. The House passed the bill under suspension of 
the rules on May 15, 2013, by a vote of 416 yeas to 6 nays.

 Markup of H.R. 801, the Holding Company Registration Threshold 
        Equalization At of 2013

    On May 7, 2013, the Committee met to mark up H.R. 801. The 
bill amends title VI of the JOBS Act to raise the threshold for 
mandatory SEC registration of savings and loan companies from 
500 shareholders of record to 2,000 shareholders of record and 
raises the threshold for a savings and loan company to 
terminate its SEC registration from 300 shareholders of record 
to 1,200 shareholders of record.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by voice vote.

 Markup of H.R. 742, the Swap Data Repository and Clearinghouse 
        Indemnification Correction Act of 2013

    On May 7, 2013, the Committee met to mark up H.R. 742. The 
bill amends the Commodity Exchange Act, with respect to 
derivatives clearing organizations and swap data repositories, 
to repeal the prerequisite that, before the Commodity Futures 
Trading Commission (CFTC) may share information with specified 
regulatory agencies, such agencies must agree to indemnify the 
CFTC for expenses arising from litigation relating to 
information so provided. Similarly, it amends the Securities 
Exchange Act of 1934 to repeal similarly the prerequisite that, 
before a security-based swap data repository may share 
information with specified regulatory entities, such entities 
must agree to indemnify both such repository and the Securities 
and Exchange Commission (SEC) for expenses arising from 
litigation relating to information so provided.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 52 yeas to 0 nays; it 
reported the bill on June 12, 2013. The House passed the bill 
under suspension of the rules on June 12, 2013, by a vote of 
420 yeas to 6 nays.

 Markup of H.R. 1341, the Financial Competitive Act of 2013

    On May 7, 2013, the Committee met to mark up H.R. 1341. The 
bill directs the Financial Stability Oversight Council (FSOC) 
to study and report to Congress on the likely effects that 
differences between the United States and other jurisdictions 
in implementing the derivatives credit valuation adjustment 
capital requirement would have upon U.S. financial institutions 
that conduct derivatives transactions and participate in 
derivatives markets, end users of derivatives, and 
international derivatives markets. It further requires the 
study to recommend steps Congress and the constituent agencies 
of the FSOC should take to: minimize any expected negative 
effects on U.S. financial institutions, derivatives markets, 
and end users; encourage greater international consistency in 
implementation of internationally agreed capital, liquidity, 
and other prudential standards; and ensure that the FSOC 
fulfills its statutory mandate to identify risks and respond to 
emerging threats to financial stability.
    The Committee ordered the bill to be reported favorably to 
the House with amendments by a vote of 59 yeas to 0 nays; it 
reported the bill on June 28, 2013. The House passed the bill 
under suspension of the rules on July 8, 2013, by a vote of 353 
yeas to 24 nays.

 Markup of H.R. 634, the Business Risk Mitigation and Price 
        Stabilization Act of 2013

    On May 7, 2013, the Committee met to mark up H.R. 634. 
Primarily, the bill amends the Commodity Exchange Act to 
exempt, from the rules of prudential regulators for swap 
dealers and major swap participants with respect to initial and 
variation margin requirements for swaps not cleared by a 
registered derivatives clearing organization, swaps entered 
into between or among certain qualifying counterparties. The 
bill makes substantially the same amendment to the Securities 
Exchange Act of 1934 with regard to security-based swap dealers 
and major securities-based swap participants.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 59 yeas to 0 nays; it 
reported the bill on June 12, 2013. The House passed the bill 
under suspension of the rules on June 12, 2013, by a vote of 
411 yeas to 12 nays.

 Markup of H.R. 677, the Inter-Affiliate Swap Clarification Act

    On May 7, 2013, the Committee met to mark up H.R. 677. The 
bill amends the Commodity Exchange Act and the Securities 
Exchange Act of 1934, as amended by the Dodd-Frank Wall Street 
Reform and Consumer Protection Act, to exempt from certain 
regulatory requirements any swaps and security-based swaps 
entered into by parties neither of which is a swap dealer or a 
major swap participant that is also an insured depository 
institution, that reports information or prepares financial 
statements on a consolidated basis, or for which a company 
affiliated with both parties reports information or prepares 
financial statements on a consolidated basis. The bill also 
imposes certain reporting requirements for such exempted 
agreements, contracts, or transactions.
    The Committee ordered the bill to be reported favorably to 
the House with amendments by a vote of 50 yeas to 10 nays.

 Markup of H.R. 992, the Swaps Regulatory Improvement Act

    On May 7, 2013, the Committee met to mark up H.R. 992. The 
bill amends section 716 of the Dodd-Frank Act, which requires 
financial institutions that engage in swaps dealing or trading 
to transfer those dealings to a separately capitalized 
affiliate in order for the financial institution to continue 
receiving federal deposit insurance and to preserve its access 
to Federal Reserve credit facilities. The bill limits the types 
of swaps that a financial institution must ``spin-off'' under 
section 716 to structured-finance swaps not used for hedging or 
risk mitigation and not deemed to be of adequate credit quality 
by prudential regulators; swaps that do not meet that 
definition may be dealt or traded within the financial 
institution without penalty.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 53 yeas to 6 nays; it 
reported the bill on September 25, 2013. The House considered 
the bill pursuant to a rule and passed the bill on October 30, 
2013, by a vote of 292 yeas to 122 nays.

 Markup of H.R. 1256, the Swap Jurisdiction Certainty Act

    On May 7, 2013, the Committee met to mark up H.R. 1256. 
Primarily, the bill requires the SEC and CFTC jointly to issue 
rules governing the application of the agencies' swaps 
requirements relating to cross-border swaps and security-based 
swaps transactions involving U.S. persons or non-U.S. persons. 
The bill requires the rules to be substantially identical and 
to address certain specific circumstances in cross-border swaps 
trading. It also directs the Commissions to exempt from U.S. 
swaps requirements any non-U.S. person in compliance with the 
swaps regulatory requirements of a country or administrative 
region having one of the nine largest combined swap and 
security-based swap markets by notional amount in the calendar 
year preceding issuance of such rules (unless the Commissions 
jointly determine that such requirements are not broadly 
equivalent to U.S. swaps requirements).
    The Committee ordered the bill to be reported favorably to 
the House with amendments by a vote of 48 yeas to 11 nays; it 
reported the bill on June 10, 2013. The House considered the 
bill pursuant to a rule and passed the bill on June 12, 2013, 
by a vote of 301 yeas to 124 nays.

 Markup of H.R. 1062, the SEC Regulatory Accountability Act

    On May 7, 2013, the Committee met to mark up H.R. 1062. The 
bill requires the SEC to perform certain studies before it 
issues a regulation under the securities laws, such as a cost-
benefit analysis of the regulation, alternatives to the 
regulation, the ease of understanding it, and the nature and 
source of the problem that the regulation is designed to 
address. The bill requires the SEC also to consider the 
regulation's impact on investors and other groups and on 
capital formation generally. It requires the SEC to conduct 
periodic reviews of its regulations to determine whether any 
regulation is outmoded, ineffective, insufficient, or 
excessively burdensome and, if any such regulation exists, to 
modify or repeal it. H.R. 1062 requires the SEC to provide 
certain explanations when it releases a rule. It also expresses 
the sense of Congress that the Public Company Accounting 
Oversight Board (PCAOB) should follow the requirements set 
forth above and prohibits a rule adopted by either the 
Municipal Securities Rulemaking Board or any registered 
national securities association from taking effect unless the 
SEC determines that, in adopting such rule, such entities have 
complied with the requirements of the bill.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 31 yeas to 28 nays; it 
reported the bill on May 13, 2013. The House considered the 
bill pursuant to a rule and passed the bill on May 17, 2013, by 
a vote of 235 yeas to 161 nays.

 Markup of H.R. 1564, the Audit Integrity and Job Protection 
        Act

    On June 19, 2013, the Committee met to mark up H.R. 1564. 
The bill prohibits the PCAOB from requiring that the audits of 
a particular issuer be conducted by a specific auditor or an 
issuer's audits be conducted by different auditors on a 
rotating basis.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 52 yeas to 0 nays; it 
reported the bill on July 8, 2013. The House passed the bill 
under suspension of the rules on July 8, 2013, by a vote of 321 
yeas to 62 nays.

 Markup of H.R. 1105, the Small Business Capital Access and Job 
        Preservation Act

    On June 19, 2013, the Committee met to mark up H.R. 1105. 
The bill exempts advisers to certain private equity funds from 
the SEC registration requirements imposed by title IV of the 
Dodd-Frank Act, provided such advisers maintain certain records 
and file certain reports with the SEC.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 38 yeas to 18 nays; it 
reported the bill on November 22, 2013. The House considered 
the bill pursuant to a rule and passed the bill on December 4, 
2013, by a vote of 254 yeas to 159 nays.

 Markup of H.R. 1135, the Burdensome Data Collection Relief Act

    On June 19, 2013, the Committee met to mark up H.R. 1135. 
The bill repeals section 953(b) of the Dodd-Frank Act, which 
requires public companies to calculate and disclose, in every 
filing with the SEC, the median annual total compensation of 
all of its employees other than its CEO, its CEO's annual total 
compensation, and the ratio of those two numbers.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 36 yeas to 21 nays.

 Markup of H.R. 2374, the Retail Investor Protection Act

    On June 19, 2013, the Committee met to mark up H.R. 2374. 
The bill prevents the Secretary of Labor from prescribing any 
regulation under the Employee Retirement Income Security Act of 
1974 defining the circumstances under which an individual is 
considered a fiduciary until 60 days after the SEC issues a 
final rule relating to standards of conduct for brokers and 
dealers pursuant to section 913 of the Dodd-Frank Act. The bill 
requires the SEC to make certain determinations and 
assessments, including a cost-benefit analysis, before the SEC 
issues the rule under section 913.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 44 yeas to 13 nays; it 
reported the bill on September 25, 2013, and filed a 
supplemental report on September 30, 2013. The House considered 
the bill pursuant to a rule and passed the bill on October 29, 
2013, by a vote of 254 yeas to 166 nays.

 Hearing on and Markup of H.R. 2767, the Protecting American 
        Taxpayers and Homeowners (PATH) Act

    On July 18, 2013, the Committee held a hearing entitled ``A 
Legislative Proposal to Protect American Taxpayers and 
Homeowners by Creating a Sustainable Housing Finance System.'' 
The subject of the hearing was a discussion draft of a bill 
that later became H.R. 2767, described below. The witnesses at 
the hearing were: (i) Peter J. Wallison, Arthur F. Burns Fellow 
in Financial Policy Studies, American Enterprise Institute; 
(ii) Dr. Douglas Holtz-Eakin, President, American Action Forum; 
(iii) Prof. Adam J. Levitin, Professor of Law, Georgetown 
University Law Center; (iv) Dr. Mark M. Zandi, Chief Economist, 
Moody's Analytics; (v) Dr. Mark A. Calabria, Director, 
Financial Regulation Studies, Cato Institute; (vi) Janice K. 
Sheppard, Senior Vice President, Mortgage Lending and 
Compliance, Southwest Airlines Federal Credit Union, on behalf 
of the National Association of Federal Credit Unions; (vii) 
Hon. David H. Stevens, President and Chief Executive Officer, 
Mortgage Bankers Association; (viii) William A. Loving, Jr., 
President and Chief Executive Officer, Pendleton Community 
Bank, on behalf of the Independent Community Bankers of 
America; (ix) Jerry Howard, Chief Executive Officer, National 
Association of Home Builders; (x) Tom Deutsch, Executive 
Director, American Securitization Forum; and (xi) Michael D. 
Calhoun, President, Center for Responsible Lending.
    On July 23, 2013, the Committee met to mark up H.R. 2767. 
The bill makes significant changes to the government's role in 
the housing finance market. Among other things, the bill: (i) 
prescribes the wind-down of Fannie Mae and Freddie Mac over the 
five years beginning on the date of enactment and limits their 
authorities during this period; (ii) changes the role of the 
Federal Housing Administration by setting statutory criteria 
for its participation in the mortgage insurance market; (iii) 
establishes a national mortgage market utility to standardize 
terms and other variables in the secondary market for home 
mortgages; (iv) establishes a covered bond program and 
prescribes tax treatment for covered bonds; and (v) modifies or 
eliminates regulations or the authority of an agency to 
regulate certain terms, conditions, or other variables in the 
housing finance market.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 30 yeas to 27 nays.

 Markup of H.R. 3468, the Credit Union Share Insurance Fund 
        Parity Act

    On November 14, 2013, the Committee met to mark up H.R. 
3468. The bill amends the Federal Credit Union Act to extend 
share insurance to an account held by a credit union member for 
the use of a nonmember, such as an ``interest on lawyer trust'' 
account opened by a member lawyer for the benefit of a 
nonmember client.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a voice vote.

 Markup of H.R. 3329, a bill to enhance the ability of 
        community financial institutions to foster economic growth and 
        serve their communities, boost small businesses, increase 
        individual savings, and for other purposes

    On November 14, 2013, the Committee met to mark up H.R. 
3329. The bill requires the Federal Reserve Board, within six 
months of the date of enactment, to apply its Small Bank 
Holding Company Policy Statement (first published in 1980) to 
bank holding companies and savings and loan holding companies 
with pro forma consolidated assets of less than $1 billion 
provided such companies are not engaged in any nonbanking 
activities involving significant leverage and do not have a 
significant amount of outstanding debt that is held by the 
public. The bill also clarifies that savings and loan holding 
companies are eligible for the exemption provided in section 
171 of the Dodd-Frank Act.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a voice vote.

 Markup of H.R. 1800, the Small Business Credit Availability 
        Act

    On November 14, 2013, the Committee met to mark up H.R. 
1800. The bill amends section 60 of the Investment Company Act 
(ICA) to allow business development companies (BDCs) to 
purchase, acquire, or hold securities or other interests in 
investment advisers or advisors to investment companies. It 
also allows BDCs to issues more than one class of senior equity 
security. It further amends section 61(a) of the ICA to reduce 
the ratio of assets to debt that BDCs are required to maintain 
from 200% to 150%. Finally, the bill directs the SEC to revise 
its rules and forms to allow BDCs to use the streamlined 
securities offering provisions available to other registrants 
under the Securities Act of 1933.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 31 yeas to 26 nays.

 Markup of H.R. 2274, the Small Business Mergers, Acquisitions, 
        Sales, and Brokerage Simplification Act

    On November 14, 2013, the Committee met to mark up H.R. 
2274. The bill amends section 15(b) of the Securities Exchange 
Act of 1934 to create a simplified SEC registration system for 
mergers and acquisitions brokers. It also requires such brokers 
to make certain disclosures to clients as may be required by 
the SEC. The bill directs the SEC to tailor some of its rules 
governing these brokers, taking into account the nature of the 
transactions in which the broker is involved, the involvement 
of the parties to the transaction being brokered, and the 
limited scope of activities of such brokers.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 59 yeas to 0 nays.

 Markup of H.R. 3448, the Small Cap Liquidity Reform Act of 
        2013

    On November 14, 2013, the Committee met to mark up H.R. 
3448. The bill amends section 11A(c)(6) of the Securities 
Exchange Act of 1934 to provide for an option pilot program 
administered by the SEC allowing certain emerging growth 
companies (EGCs) with a stock price above one dollar to 
increase the ``tick size'' at which their stocks are quoted and 
traded from one-cent to five- or ten-cent increments.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 57 yeas to 0 nays.

 Markup of H.R. 2446, the Responsible Consumer Financial 
        Protection Regulations Act of 2013

    On November 20, 2013, the Committee met to mark up H.R. 
2446. The bill replaces the position of director of the 
Consumer Financial Protection Bureau (CFPB) with a five-member 
commission, all of whom are appointed by the president with the 
advice and consent of the Senate. The bill sets other 
limitations on the chair of the commission and sets the 
compensation of the chair and other commission members at 
levels I and II of the Executive Schedule, respectively.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 31 yeas to 21 nays.

 Markup of H.R. 2385, the CFPB Pay Fairness Act of 2013

    On November 20, 2013, the Committee met to mark up H.R. 
2385. The bill requires the CFPB director to set and adjust the 
rates of basic pay for CFPB employees in accordance with the 
General Schedule for Federal employees.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 31 yeas to 23 nays.

 Markup of H.R. 3519, the Bureau of Consumer Financial 
        Protection Accountability and Transparency Act of 2013

    On November 20, 2013, the Committee met to mark up H.R. 
3519. The bill establishes the CFPB as an independent agency 
outside of the Federal Reserve System, subjects the CFPB to the 
regular congressional authorization and appropriations 
processes, repeals the establishment of the Bureau of Consumer 
Financial Protection Fund, and authorizes annual appropriations 
for fiscal years 2014 and 2015.
    The Committee ordered the bill to be reported favorably to 
the House with an amendment by a vote of 32 yeas to 24 nays.

 Markup of H.R. 3193, the Consumer Financial Protection Safety 
        and Soundness Improvement Act of 2013

    On November 20, 2013, the Committee met to mark up H.R. 
3193. The bill authorizes the Chairperson of the Financial 
Stability Oversight Council (FSOC) to issue a stay of, or set 
aside, any regulation issued by the CFPB upon a determination 
by the majority of Council members that the regulation is 
inconsistent with the safe and sound operations of U.S. 
financial institutions.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 32 yeas to 25 nays.

 Markup of H.R. 3183, a bill to provide consumers with a free 
        annual disclosure of information the Bureau of Consumer 
        Financial Protection maintains on them, and for other purposes

    On November 20, 2013, the Committee met to mark up H.R. 
3183. The bill requires the CFPB to provide, starting one year 
following enactment and within fifteen days of a consumer's 
request, one free annual report disclosing all information 
about that consumer held by the CFPB, the sources of such 
information, and the identity of any person or Federal 
department or agency to which the CFPB disclosed such 
information.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 32 yeas to 25 nays.

 Markup of H.R. 2571, the Consumer Right to Financial Privacy 
        Act of 2013

    On November 20, 2013, the Committee met to mark up H.R. 
2571. Primarily, the bill prohibits the CFPB from requesting, 
accessing, collecting, using, retaining, or disclosing 
nonpublic personal information about a consumer unless: the 
CFPB clearly and conspicuously discloses to the consumer in 
writing or in an electronic form what information will be 
requested, obtained, accessed, collected, used, retained, or 
disclosed; and the consumer grants permission to the CFPB to do 
so with the information.
    The Committee ordered the bill to be reported favorably to 
the House without amendment by a vote of 32 yeas to 26 nays.

                          Oversight Activities


 Hearing Entitled ``Examining the Proper Role of the Federal 
        Housing Administration in our Mortgage Insurance Market''

    On February 6, 2013, the Committee held a hearing to 
explore opinions about the proper role of the Federal Housing 
Administration in the mortgage insurance market. The witnesses 
at the hearing were: (i) Edward Pinto, Resident Fellow, 
American Enterprise Institute; (ii) Dr. Anthony B. Sanders, 
Distinguished Professor of Real Estate Finance, Senior Scholar, 
Mercatus Center at George Mason University; (iii) Basil Petrou, 
Managing Partner, Federal Financial Analytics, Inc.; and (iv) 
Julia Gordon, Director, Housing Finance and Policy, Center for 
American Progress.

 Hearing Entitled ``Bailout, Bust, or Much Ado About Nothing?: 
        A Look at the Federal Housing Administration's 2012 Actuarial 
        Report''

    On February 13, 2013, the Committee held a hearing on the 
Federal Housing Administration's financial status and 2012 
actuarial review of its Mutual Mortgage Insurance Fund. The 
sole witness at the hearing was Hon. Carol J. Galante, FHA 
Commissioner and HUD Assistant Secretary for Housing.

 Hearing Entitled ``Monetary Policy and the State of the 
        Economy''

    On February 27, 2013, the Committee held a hearing on the 
conduct of monetary policy and the state of the economy. This 
hearing is required by statute in connection with the 
publication of the Monetary Policy Report by the Board of 
Governors of the Federal Reserve System, which was transmitted 
to Congress on February 26, 2016. The sole witness at the 
hearing was Hon. Ben Bernanke, Chairman, Board of Governors of 
the Federal Reserve.

 Hearing Entitled ``Sustainable Housing Finance: An Update from 
        the Federal Housing Finance Agency on the GSE 
        Conservatorships''

    On March 19, 2013, the Committee held a hearing on the 
financial status of Fannie Mae and Freddie Mac, each of which 
have been in conservatorship since 2008. The hearing also 
explored how the Federal Housing Finance Agency (FHFA) has 
administered those conservatorships and the economic results of 
the conservatorships to date. The sole witness at the hearing 
was Hon. Edward J. DeMarco, Acting Director, FHFA.

 Hearing Entitled ``Building a Sustainable Housing Finance 
        System: Examining Regulatory Impediments to Private Investment 
        Capital''

    On April 24, 2013, the Committee held a hearing to explore 
whether certain laws, policies, or regulations governing the 
housing finance industry are reducing or impeding the appetite 
of investors to invest private capital into the secondary 
mortgage market. The witnesses at the hearing were: (i) 
Christopher J. Katopis, Executive Director, Association of 
Mortgage Investors; (ii) Martin S. Hughes, President and CEO, 
Redwood Trust, Inc.; (iii) James Millstein, Chairman and CEO, 
Millstein & Co.; and (iv) Dr. Arnold Kling, Member, Mercatus 
Center Financial Markets Working Group.

 Hearing Entitled ``Oversight of the SEC's Agenda, Operations, 
        and FY 2014 Budget Request''

    On May 16, 2013, the Committee held a hearing to examine 
the Security and Exchange Commission's agenda, operations, and 
fiscal year 2014 budget request to Congress. The sole witness 
at the hearing was Hon. Mary Jo White, Chairman, SEC.

 Hearing Entitled ``The Annual Report of the Financial 
        Stability Oversight Council''

    On May 22, 2013, the Committee held a hearing to receive 
the testimony of the Secretary of the Treasury, who serves as 
the chairman of the Financial Stability Oversight Council. This 
hearing was in connection with the FSOC's April 25, 2013, 
publication of its statutorily required annual report. The sole 
witness at the hearing was Hon. Jacob J. Lew, Secretary of the 
Treasury.

 Hearing Entitled ``Beyond GSEs: Examples of Successful Housing 
        Finance Models without Explicit Government Guarantees''

    On June 12, 2013, the Committee held a hearing to examine 
other countries' housing finance systems to determine whether 
(and if so, how) the U.S. model should be changed to promote 
sustainability and reduce taxpayer exposure to losses in the 
housing finance market. The witnesses at the hearing were: (i) 
Dr. Dwight Jaffee, Willis Booth Professor of Banking, Finance, 
and Real Estate, Haas School of Business, University of 
California Berkeley; (ii) Dr. Michael Lea, Director, The Corky 
McMillin Center for Real Estate, San Diego State University; 
(iii) Alex J. Pollock, Resident Fellow, American Enterprise 
Institute; (iv) Prof. Lawrence J. White, Robert Kavesh 
Professor of Economics, Stern School of Business, New York 
University; and (v) Prof. David Min, Assistant Professor of 
Law, University of California Irvine.

 Hearing Entitled ``Examining How the Dodd-Frank Act Could 
        Result in More Taxpayer-Funded Bailouts''

    On June 26, 2013, the Committee held a hearing to examine 
whether the Dodd-Frank Act eliminated the possibility that 
Federal funds could again be used to provide financial 
assistance to banks and other systemically important firms upon 
their failure. The witnesses at the hearing were: (i) Hon. 
Thomas Hoenig, Vice Chairman, FDIC; (ii) Richard W. Fisher, 
President and CEO, Federal Reserve Bank of Dallas; (iii) 
Jeffrey Lacker, President and CEO, Federal Reserve Bank of 
Richmond; and (iv) Hon. Sheila Bair, Chair, Systemic Risk 
Council, Pew Charitable Trusts.

 Hearing Entitled ``Monetary Policy and the State of the 
        Economy''

    On July 17, 2013, the Committee held a hearing similar to 
the hearing held on February 27, 2013, described above, this 
time in connection with the Fed's July 17, 2013, Monetary 
Policy Report. The sole witness at the hearing was Hon. Ben 
Bernanke, Chair, Board of Governors of the Federal Reserve 
System.

 Hearing Entitled ``The Semi-Annual Report of the Consumer 
        Financial Protection Bureau''

    On September 12, 2013, the Committee held a hearing to 
receive the testimony of the director of the Bureau of Consumer 
Financial Protection. This hearing was in connection with the 
CFPB's statutorily required semi-annual report, which was 
published on March 29, 2013. The sole witness at the hearing 
was Hon. Richard Cordray, Director, Bureau of Consumer 
Financial Protection.

 Hearing Entitled ``The Terrorism Risk Insurance Act of 2002''

    On September 19, 2013, the Committee held a hearing to 
educate members of the committee about the Terrorism Risk 
Insurance Act of 2002, as amended, which is set to expire in 
2014, and other topics related to terrorism insurance such as 
the appropriate role of government in that market. The 
witnesses at the hearing were: (i) Hon. Michael G. Grimm, U.S. 
House of Representatives; (ii) Hon. Michael E. Capuano, U.S. 
House of Representatives; (iii) Hon. Peter T. King, U.S. House 
of Representatives; (iv) Hon. Carolyn B. Maloney, U.S. House of 
Representatives; (v) Peter Beshar, Executive Vice President and 
General Counsel, Marsh & McLennan Companies; (vi) Eric Smith, 
President and Chief Executive Officer, Swiss Re America Holding 
Corporation; (vii) Janice M. Abraham, President and Chief 
Executive Officer, United Educators; (viii) Dr. Gordon Woo, 
Catastrophist, Risk Management Solutions; and (ix) Steve Ellis, 
Vice President, Taxpayers for Common Sense.

 Hearing Entitled ``Federal Housing Administration: 
        Implications of a $1.7 Billion Taxpayer Bailout''

    On October 29, 2013, the Committee held a hearing to 
examine what caused the FHA to require a $1.7 billion mandatory 
appropriation from the U.S. Treasury on September 20, 2013, and 
whether Congress should undertake reforms to prevent a similar 
appropriation in the future. The sole witness at the hearing 
was Hon. Carol J. Galante, FHA Commissioner and HUD Assistant 
Secretary for Housing.

 Hearing Entitled ``The Annual Testimony of the Secretary of 
        the Treasury on the State of the International Finance System''

    On December 11, 2013, the Committee held a hearing to 
receive the testimony of the Secretary of the Treasury on the 
state of the international finance system. This hearing is 
statutorily required. The sole witness at the hearing was Hon. 
Jacob J. Lew, Secretary of the Treasury.

 Hearing Entitled ``Rethinking the Fed's Many Mandates on Its 
        100-Year Anniversary''

    On December 12, 2013, the Committee held a hearing to 
examine the statutory responsibilities of the Board of 
Governors of the Federal Reserve and whether Congress should 
modify or eliminate some of those mandates. The witnesses at 
the hearing were: (i) Dr. Douglas Holtz-Eakin, President, 
American Action Forum; (ii) Hon. Alice Rivlin, Senior Fellow, 
Economic Studies, Brookings Institution; (iii) Dr. Marvin 
Goodfriend, friends of Allan Meltzer, Professor of Economics, 
Tepper School of Business, Carnegie-Mellon University; and (iv) 
Hester Peirce, Senior Research Fellow, Mercatus Center, George 
Mason University.
   ACTIVITIES OF THE SUBCOMMITTEE ON CAPITAL MARKETS AND GOVERNMENT 
                         SPONSORED ENTERPRISES

                     MEMBERSHIP OF THE SUBCOMMITTEE

    SCOTT GARRETT, New Jersey, 
             Chairman
   ROBERT HURT, Virginia, Vice-
             Chairman

CAROLYN B. MALONEY, New York,        SPENCER BACHUS, Alabama
  Ranking Member                     PETER T. KING, New York
BRAD SHERMAN, California             EDWARD R. ROYCE, California
RUBEN HINOJOSA, Texas                FRANK D. LUCAS, Oklahoma
STEPHEN F. LYNCH, Massachusetts      RANDY NEUGEBAUER, Texas
GWEN MOORE, Wisconsin                MICHELE BACHMANN, Minnesota
ED PERLMUTTER, Colorado              KEVIN McCARTHY, California
DAVID SCOTT, Georgia                 LYNN A. WESTMORELAND, Georgia
JAMES A. HIMES, Connecticut          BILL HUIZENGA, Michigan
GARY C. PETERS, Michigan             MICHAEL G. GRIMM, New York
KEITH ELLISON, Minnesota             STEVE STIVERS, Ohio
MELVIN L. WATT, North Carolina       STEPHEN LEE FINCHER, Tennessee
BILL FOSTER, Illinois                MICK MULVANEY, South Carolina
JOHN C. CARNEY, Jr., Delaware        RANDY HULTGREN, Illinois
TERRI A. SEWELL, Alabama             DENNIS A. ROSS, Florida
DANIEL T. KILDEE, Michigan           ANN WAGNER, Missouri
MAXINE WATERS, California, ex officioJEB HENSARLING, Texas, ex officio

                    Jurisdiction of the Subcommittee

    Clause (a)(1)(A) of Rule 5 of the Rules of the Committee on 
Financial Services states that 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.

                         Legislative Activities


 Hearing Entitled ``Legislative Proposals Regarding Derivatives 
        and SEC Economic Analysis''

    On April 11, 2013, the Subcommittee held a legislative 
hearing on proposals to amend title VII of the Dodd-Frank Act, 
relating to derivatives, and a proposal to require the SEC to 
use cost-benefit and other analyses when promulgating its 
rules. The derivatives proposals were H.R. 634, H.R. 677, H.R. 
742, H.R. 993, H.R. 1256, and H.R. 1341; the SEC proposal was 
H.R. 1256. The witnesses at the hearing were: (i) Hon. Kenneth 
E. Bentsen, Jr., Acting President and CEO, Securities Industry 
and Financial Markets Association; (ii) Christopher Childs, 
Chief Executive Officer, Depository Trust & Clearing 
Corporation Data Repository (U.S.); (iii) Thomas Deas, Vice 
President and Treasurer, FMC Corporation, on behalf of the 
Coalition of Derivatives End Users; and (iv) Dr. John E. 
Parsons, Sloan School of Management, Massachusetts Institute of 
Technology.

 Hearing Entitled ``Legislative Proposals to Relieve the Red 
        Tape Burden on Investors and Job Creators''

    On May 23, 2013, the Subcommittee held a legislative 
hearing on proposals to reduce or eliminate regulations or 
policies that the sponsors of those proposals and others on the 
Subcommittee believe to be burdening investment in and job 
creation by American businesses. These proposals were H.R. 
1135, H.R. 1105, H.R. 1564, and a discussion draft of 
legislation to amend section 913 of the Dodd-Frank Act, which 
was later finalized to become H.R. 2374. The witnesses at the 
hearing were: (i) Mercer Bullard, Jessie D. Puckett, Jr., 
Lecturer and Associate Professor of Law, University of 
Mississippi School of Law; (ii) Kenneth R. Ehinger, President 
and Chief Executive Officer, M Holdings Securities, Inc., on 
behalf of the Association for Advanced Life Underwriting; (iii) 
Thomas Quaadman, Vice President, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; (iv) Marc A. Reich, 
President, Ironwood Capital, on behalf of the Small Business 
Investor Alliance; (v) Damon Silvers, Director of Policy and 
Special Counsel, AFL-CIO; (vi) Robert E. Smith, Corporate 
Secretary, Vice President and Deputy General Counsel, NiSource 
Inc., on behalf of the Society of Corporate Secretaries and 
Governance Professionals; and (vii) Charles G. Tharp, Chief 
Executive Officer, Center on Executive Compensation.

 Hearing Entitled ``Legislation to Further Reduce Impediments 
        to Capital Formation''

    On October 23, 2013, the Subcommittee held a legislative 
hearing on proposals designed to reduce or eliminate 
regulations or policies believed to be impeding capital 
formation. These proposals were H.R. 31, H.R. 1800, H.R. 1973, 
H.R. 2274, a discussion draft of legislation to exempt small 
public companies from the SEC's requirement to use XBRL for 
periodic reporting, and a discussion draft of legislation to 
create a pilot program to allow emerging growth companies to 
increase the tick size of their stock quotes. The witnesses at 
the hearing were: (i) Heath Abshure, Arkansas Securities 
Commissioner, on behalf of the North American Securities 
Administrators Association; (ii) Michael Arougheti, Chief 
Executive Officer, Ares Capital Corporation; (iii) J. Michael 
Ertel, Managing Director, Broker, Legacy M&A Advisors, LLC; 
(iv) Alexander C. Frank, Chief Financial Officer, FIFTHSTREET; 
(v) Gary K. Wunderlich, Jr., Chief Executive Officer, 
Wunderlich Securities, on behalf of the Securities Industry and 
Financial Markets Association; (vi) Tom Quaadman, Vice 
President, Center For Capital Markets Competitiveness, U.S. 
Chamber of Commerce; and (vii) David Weild, Chairman and Chief 
Executive Officer, IssuWorks.

 Hearing Entitled ``A Legislative Proposal to Amend the 
        Securities Investor Protection Act''

    On November 21, 2013, the Subcommittee held a legislative 
hearing on H.R. 3482, the Restoring Main Street Investor 
Protection and Confidence Act. The witnesses at the hearing 
were: (i) Stephen Harbeck, President, Securities Investor 
Protection Corporation; (ii) Ira D. Hammerman, Executive Vice 
President and General Counsel, Securities Industry and 
Financial Markets Association; (iii) Angie Kogutt, Stanford 
Victims Coalition; (iv) Ron Stein, President, Network for 
Investor Action and Protection; (v) Suzanne Tosso Shean, 
Customer of Stanford International Bank; and (vi) Neil S. 
Friedman, Customer of Bernard L. Madoff Investment Securities.

                          Oversight Activities


 Hearing Entitled ``Fannie Mae and Freddie Mac: How Government 
        Housing Policy Failed Homeowner and Taxpayers and Led to the 
        Financial Crisis''

    On March 6, 2013, the Subcommittee held a hearing to 
examine whether Fannie Mae and Freddie Mac and Federal housing 
finance policy generally played a role in precipitating the 
financial crisis of 2008. The witnesses at the hearing were: 
(i) John Ligon, Policy Analyst, Center for Data Analysis, The 
Heritage Foundation; (ii) Joshua Rosner, Managing Director, 
Graham Fisher & Co.; (iii) Susan M. Wachter, Richard B. Worley 
Professor of Financial Management, Professor of Real Estate and 
Finance, and Co-Director, Institute for Urban Research, The 
Wharton School, University of Pennsylvania; and (iv) Dr. 
Lawrence J. White, Robert Kavesh Professor of Economics, 
Leonard N. Stern School of Business, New York University.

 Hearing Entitled ``Examining the Market Power and Impact of 
        Proxy Advisory Firms''

    On June 5, 2013, the Subcommittee held a hearing to explore 
the market power and impact of proxy advisory firms in 
corporate governance matters. The witnesses at the hearing 
were: (i) Hon. Harvey L. Pitt, Chief Executive Officer, 
Kalorama Partners, on behalf of the U.S. Chamber of Commerce; 
(ii) Timothy J. Bartl, President, Center on Executive 
Compensation; (iii) Niels Holch, Executive Director, 
Shareholder Communications Coalition; (iv) Michael P. McCauley, 
Senior Officer, Investment Programs and Governance, Florida 
State Board of Administration; (v) Jeffrey D. Morgan, President 
and Chief Executive Officer, National Investor Relations 
Institute; (vi) Darla Stuckey, Senior Vice President, Society 
of Corporate Secretaries & Governance Professionals; and (vii) 
Lynn E. Turner, Managing Director, LitiNomics.

 Hearing Entitled ``Reducing Barriers to Capital Formation''

    On June 12, 2013, the Subcommittee held a hearing to 
examine how to encourage more capital formation. The witnesses 
at the hearing were: (i) R. Cromwell Coulson, President, Chief 
Executive Officer and Director, OTC Markets Group; (ii) Joseph 
Ferraro, Vice President, General Counsel, Prospect Capital 
Corporation; (iii) Shane B. Hansen, Partner, Warner Norcross & 
Judd LLP; (iv) David Weild, Senior Capital Markets Advisor, 
Grant Thornton, LLP; and (v) Prof. Donald Langevoort, Thomas 
Aquinas Reynolds Professor of Law, Georgetown University Law 
Center.

 Hearing Entitled ``Reducing Barriers to Capital Formation, 
        Part II''

    On July 10, 2013, the Subcommittee held a hearing to 
examine further how to encourage more capital formation. The 
witnesses at the hearing were: (i) Raymond T. Leach, Chief 
Executive Officer, JumpStart Inc., on behalf of the National 
Venture Capital Association; (ii) Kenneth I. Moch, President 
and Chief Executive Officer, Chimerix, Inc., on behalf of the 
Biotechnology Industry Organization; (iii) Christopher Nagy, 
President and Founder, KOR Trading LLC; (iv) Wayne G. Souza, 
General Counsel and Executive Vice President, Law and Corporate 
Secretary, Walton International Group (USA), Inc., on behalf of 
the Investment Program Association; and (v) Prof. Robert B. 
Thompson, Peter P. Weidenbrunch, Jr., Professor of Business 
Law, Georgetown University Law Center.

 Hearing Entitled ``Examining the SEC's Money Market Fund Rule 
        Proposal''

    On September 18, 2013, the Subcommittee held a hearing to 
examine the proposal put forth by the SEC on June 5, 2013, to 
further reform the regulation of money market mutual funds. The 
witnesses at the hearing were: (i) Hon. Steven N. McCoy, 
Treasurer, State of Georgia, on behalf of the National 
Association of State Treasurers; (ii) Hon. Sheila Bair, Chair, 
Pew Charitable Trusts, Systemic Risk Council; (iii) Marie 
Chandoha, President and Chief Executive Officer, Charles Schwab 
Investment Management Inc.; (iv) James Gilligan, Assistant 
Treasurer, Great Plains Energy, on behalf of the U.S. Chamber 
of Commerce; and (v) Paul Schott Stevens, President and Chief 
Executive Officer, Investment Company Institute.
 ACTIVITIES OF THE SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER 
                                 CREDIT

                     MEMBERSHIP OF THE SUBCOMMITTEE

    SHELLEY MOORE CAPITO, West 
        Virginia, Chairman
  SEAN P. DUFFY, Wisconsin, Vice-
            Chairman\5\

GREGORY W. MEEKS, New York,          SPENCER BACHUS, Alabama
  Ranking Member                     GARY G. MILLER, California
CAROLYN B. MALONEY, New York         PATRICK T. McHENRY, North Carolina
MELVIN L. WATT, North Carolina       JOHN CAMPBELL, California
RUBEN HINOJOSA, Texas                KEVIN McCARTHY, California
CAROLYN McCARTHY, New York           STEVAN PEARCE, New Mexico
DAVID SCOTT, Georgia                 BILL POSEY, Florida
AL GREEN, Texas                      MICHAEL G. FITZPATRICK, 
KEITH ELLISON, Minnesota             Pennsylvania
NYDIA M. VELAZQUEZ, New York         LYNN A. WESTMORELAND, Georgia
STEPHEN F. LYNCH, Massachusetts      BLAINE LUETKEMEYER, Missouri
MICHAEL E. CAPUANO, Massachusetts    MARLIN A. STUTZMAN, Indiana
PATRICK MURPHY, Florida              ROBERT PITTENGER, North Carolina
JOHN K. DELANEY, Maryland            GARLAND ``ANDY'' BARR, Kentucky
DENNY HECK, Washington               TOM COTTON, Arkansas
MAXINE WATERS, California, ex officioKEITH J. ROTHFUS, Pennsylvania\6\
                                     JEB HENSARLING, Texas, ex officio

----------
\5\Became vice-chairman of this subcommittee on April 24, 2013.
\6\Assigned to this subcommittee on May 22, 2013.

                    Jurisdiction of the Subcommittee

    Clause (a)(1)(B) of Rule 5 of the Rules of the Committee on 
Financial Services states that the jurisdiction of the 
Subcommittee on Financial Institutions and Consumer Credit 
includes:
          (i) all agencies, including the Office of the 
        Comptroller of the Currency, the Federal Deposit 
        Insurance Corporation, the Board of Governors of the 
        Federal Reserve System and the Federal Reserve System, 
        and the National Credit Union Administration, which 
        directly or indirectly exercise supervisory or 
        regulatory authority in connection with, or provide 
        deposit insurance for, financial institutions, and the 
        establishment of interest rate ceilings on deposits;
          (ii) all matters related to the Bureau of Consumer 
        Financial Protection;
          (iii) the chartering, branching, merger, acquisition, 
        consolidation, or conversion of financial institutions;
          (iv) consumer credit, including the provision of 
        consumer credit by insurance companies, and further 
        including those matters in the Consumer Credit 
        Protection Act dealing with truth in lending, 
        extortionate credit transactions, restrictions on 
        garnishments, fair credit reporting and the use of 
        credit information by credit bureaus and credit 
        providers, equal credit opportunity, debt collection 
        practices, and electronic funds transfers, including 
        consumer transactions using mobile devices;
          (v) creditor remedies and debtor defenses, Federal 
        aspects of the Uniform Consumer Credit Code, credit and 
        debit cards, and the preemption of State usury laws;
          (vi) consumer access to financial services, including 
        the Home Mortgage Disclosure Act and the Community 
        Reinvestment Act;
          (vii) the terms and rules of disclosure of financial 
        services, including the advertisement, promotion and 
        pricing of financial services, and availability of 
        government check cashing services;
          (viii) deposit insurance; and
          (ix) consumer access to savings accounts and checking 
        accounts in financial institutions, including lifeline 
        banking and other consumer accounts.

                         Legislative Activities


 Hearing Entitled ``Examining Legislative Proposals to Reform 
        the Consumer Financial Protection Bureau''

    On October 29, 2013, the Subcommittee held a legislative 
hearing on proposals to reform the Consumer Financial 
Protection Bureau. The proposals were H.R. 450, H.R. 2385, H.R. 
2402, H.R. 2446, H.R. 2571, H.R. 3183, H.R. 3192, H.R. 3193, 
and a discussion draft of legislation that later became H.R. 
3519. The witnesses at the hearing were: (i) Jess Sharp, 
Executive Director, U.S. Chamber Center for Capital Markets 
Competitiveness; (ii) Robert S. Tissue, Senior Vice President 
and Chief Financial Officer, Summit Financial Group, on behalf 
of the West Virginia Bankers Association; (iii) Lynette Smith, 
President and Chief Executive Officer, Washington Gas Light 
Federal Credit Union on behalf of the National Association of 
Federal Credit Unions; and
          (iv) Damon A. Silvers, Policy Director and Special 
        Counsel, American Federation of Labor and Congress of 
        Industrial Organizations.

 Hearing Entitled ``Examining Regulatory Relief Proposals for 
        Community Financial Institutions''

    On December 4, 2013, the Subcommittee held a legislative 
hearing on proposals to provide regulatory relief to community 
financial institutions. The proposals were H.R. 2672, H.R. 
3584, and a discussion draft of legislation to identify and 
address conflicting, inconsistent, duplicative, or outdated 
laws and regulations governing financial institutions. The 
witnesses at the hearing were: (i) Rose Bartolomucci, President 
and CEO, Towpath Credit Union, on behalf of the Credit Union 
National Association; and (ii) Thomas Richards, Assistant Vice 
President, Owingsville Banking Company, on behalf of the 
American Bankers Association.

                          Oversight Activities


 Hearing Entitled ``The State of Community Banking: Is the 
        Current Regulatory Environment Adversely Affecting Community 
        Financial Institutions?''

    On March 20, 2013, the Subcommittee held a hearing to 
explore whether regulations governing community financial 
institutions are adversely affecting their ability to serve 
their customers or otherwise conduct their business. The 
witnesses at the hearing were: (i) Richard Brown, Chief 
Economist and Associate Director, Division of Insurance and 
Research, Federal Deposit Insurance Corporation; (ii) Doreen 
Eberley, Director, Division of Risk Management Supervision, 
FDIC; (iii) Bret Edwards, Director, Division of Resolutions and 
Receiverships, FDIC; (iv) Hon. Jon T. Rymer, Inspector General, 
FDIC; and (v) Lawrance L. Evans, Jr., Director, Financial 
Markets and Community Investment, U.S. Government 
Accountability Office.

 Hearing Entitled ``Examining Credit Union Regulatory Burdens''

    On April 10, 2013, the Subcommittee held a hearing to 
explore whether regulations governing credit unions are 
adversely affecting their ability to serve their customers or 
otherwise conduct their business. The witnesses at the hearing 
were: (i) Robert D. Burrow, President and Chief Executive 
Officer, Bayer Heritage Federal Credit Union, on behalf of the 
National Association of Federal Credit Unions; (ii) Pamela 
Stephens, President and Chief Executive Officer, Security One 
Federal Credit Union, on behalf of the Credit Union National 
Association; and (iii) Mitchell Reiver, General Counsel, 
Melrose Credit Union.

 Hearing Entitled ``Examining Community Bank Regulatory 
        Burdens''

    On April 16, 2013, the Subcommittee held a hearing to 
explore whether regulations governing community banks are 
adversely affecting their ability to serve their customers or 
otherwise conduct their business. The witnesses at the hearing 
were: (i) Ken L. Burgess, Chairman, First Bancshares of Texas, 
Inc., on behalf of the American Bankers Association; (ii) 
Charles G. Kim, Executive Vice President & Chief Financial 
Officer, Commerce Bancshares, Inc., on behalf of the Consumer 
Bankers Association; (iii) William A. Loving, President & CEO, 
Pendleton Community Bank, on behalf of the Independent 
Community Bankers of America; and (iv) Preston D. Pinkett, III, 
President and Chief Executive Officer, City National Bank of 
New Jersey.

 Hearing Entitled ``Qualified Mortgages: Examining the Impact 
        of the Ability to Repay Rule''

    On May 21, 2013, the Subcommittee held a hearing to explore 
the likely ramifications of the Dodd-Frank Act's ``ability to 
repay'' rule, sometimes referred to as the ``qualified 
mortgage'' or ``QM'' rule. The witnesses at the hearing were: 
(i) Peter Carroll, Assistant Director for Mortgage Markets, 
Consumer Financial Protection Bureau; and (ii) Kelly Cochran, 
Assistant Director for Regulations, Consumer Financial 
Protection Bureau.

 Hearing Entitled ``Examining How the Dodd-Frank Act Hampers 
        Home Ownership''

    On June 18, 2013, the Subcommittee held a hearing to 
explore whether the Dodd-Frank Act's effect on the residential 
mortgage marked makes financing a home more or less difficult. 
The witnesses at the hearing were: (i) Charles A. Vice, 
Commissioner, Kentucky Department of Financial Institutions, on 
behalf of the Conference of State Bank Supervisors; (ii) James 
C. Gardill, Chairman of the Board, WesBanco, Inc., on behalf of 
the American Bankers Association; (iii) Jerry Reed, Chief 
Lending Officer, Alaska USA Federal Credit Union, of behalf of 
the Credit Union National Association; (iv) Debra W. Still, 
CMB, Chairman, Mortgage Bankers Association; (v) Gary Thomas, 
President, National Association of Realtors; and (vi) Michael 
D. Calhoun, President, Center for Responsible Lending.

 Hearing Entitled ``Examining How the Consumer Financial 
        Protection Bureau Collects and Uses Consumer Data''

    On July 9, 2013, the Subcommittee held a hearing to explore 
how the CFPB collects and uses data from consumers in its 
operations. The witness at the hearing was Steven L. Antonakes, 
Acting Deputy Director, CFPB.
        ACTIVITIES OF THE SUBCOMMITTEE ON HOUSING AND INSURANCE

                     MEMBERSHIP OF THE SUBCOMMITTEE

 RANDY NEUGEBAUER, Texas, Chairman
  BLAINE LUETKEMEYER, Missouri, 
           Vice-Chairman

MICHAEL E. CAPUANO, Massachusetts,   EDWARD R. ROYCE, California
  Ranking Member                     GARY G. MILLER, California
NYDIA M. VELAZQUEZ, New York         SHELLEY MOORE CAPITO, West 
EMANUEL CLEAVER, Missouri            Virginia
WM. LACY CLAY, Missouri              SCOTT GARRETT, New Jersey
BRAD SHERMAN, California             LYNN A. WESTMORELAND, Georgia
JAMES A. HIMES, Connecticut          SEAN P. DUFFY, Wisconsin
CAROLYN McCARTHY, New York           ROBERT HURT, Virginia
KYRSTEN SINEMA, Arizona              STEVE STIVERS, Ohio
JOYCE BEATTY, Ohio                   DENNIS A. ROSS, Florida\7\
MAXINE WATERS, California, ex officioJEB HENSARLING, Texas, ex officio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

----------
\7\Assigned to this subcommittee on May 22, 2013.

                    Jurisdiction of the Subcommittee

    Clause (a)(1)(C) of Rule 5 of the Rules of the Committee on 
Financial Services states that the jurisdiction of the 
Subcommittee on Housing and Insurance includes:
          (i) insurance generally; terrorism risk insurance; 
        private mortgage insurance; government sponsored 
        insurance programs, including those offering protection 
        against crime, fire, flood (and related land use 
        controls), earthquake and other natural hazards; the 
        Federal Insurance Office;
          (ii) housing (except programs administered by the 
        Department of Veterans Affairs), including mortgage and 
        loan insurance pursuant to the National Housing Act; 
        rural housing; housing and homeless assistance 
        programs; all activities of the Government National 
        Mortgage Association; 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).

                         Legislative Activities

    The Subcommittee held no legislative hearings or markups 
during the first session of this Congress.

                          Oversight Activities


 Hearing Entitled ``Mortgage Insurance: Comparing Private 
        Sector and Government-Subsidized Approaches''

    On March 13, 2013, the Subcommittee held a hearing to 
compare private sector and government-subsidized models of 
providing mortgage insurance. The witnesses at the hearing 
were: (i) Ken Bjurstrom, Principal and Financial Consultant, 
Milliman; (ii) Nat Shapo, Partner, Katten Muchin Rosenman, LLP; 
(iii) Brian Chappelle, Partner, Potomac Partners; (iv) Steve 
Stelmach, Senior Vice President, Equity Research, Financial 
Institutions Research, FBR Capital Markets & Co.; and (v) 
Teresa Bryce Bazemore, President, Radian Guaranty, Inc.

 Hearing Entitled ``Sustainable Housing Finance: Perspectives 
        on Reforming the FHA''

    On April 10, 2013, the Subcommittee held a hearing to 
explore whether and how to reform the FHA, specifically in ways 
to improve the solvency of its Mutual Mortgage Insurance Fund. 
The witnesses at the hearing were: (i) Adolfo Marzol, Vice 
Chairman, Essent US Holdings, Inc.; (ii) Hon. David H. Stevens, 
President and Chief Executive Officer, Mortgage Bankers 
Association; (iii) Gary Thomas, President, National Association 
of Realtors; (iv) Kevin Kelly, First Vice Chairman, National 
Association of Home Builders; (v) Sarah Rosen Wartell, 
President, Urban Institute; and (vi) Dr. Clifford Rossi, 
Executive in Residence, Tyser Teaching Fellow, Department of 
Finance, Robert H. Smith School of Business, University of 
Maryland.

 Hearing Entitled ``Sustainable Housing Finance: The 
        Government's Role in Multifamily and Health Care Facilities 
        Mortgage Insurance and Reverse Mortgages''

    On May 16, 2013, the Subcommittee held a hearing primarily 
to examine the government's role in providing mortgage 
insurance for multifamily housing, health care facilities, and 
reverse mortgages. The witnesses at the hearing were: (i) 
Charles Coulter, Deputy Assistant Secretary for Single-Family 
Housing, Federal Housing Administration (FHA), Department of 
Housing and Urban Development (HUD); (ii) Marie Head, Deputy 
Assistant Secretary for Multi-Family Housing, FHA, HUD; and 
(iii) Roger Miller, Deputy Assistant Secretary for Healthcare 
Programs, FHA, HUD.

 Hearing Entitled ``The Impact of International Regulatory 
        Standards on the Competitiveness of U.S. Insurers''

    On June 13, 2013, the Subcommittee held a hearing to 
examine the impact of international regulatory standards on the 
competitiveness of U.S. insurers. The witnesses at the hearing 
were: (i) Michael McRaith, Director, Federal Insurance Office, 
U.S. Department of the Treasury; (ii) Hon. Ben Nelson, Chief 
Executive Officer, National Association of Insurance 
Commissioners; and (iii) Hon. S. Roy Woodall, Jr., Member, 
Financial Stability Oversight Council.

 Hearing Entitled ``Evaluating How HUD's Moving-to-Work Program 
        Benefits Public and Assisted Housing Residents''

    On June 26, 2013, the Subcommittee held a hearing to 
evaluate the merits of HUD's ``Moving-to-Work'' Program, to 
examine whether the program is meeting its statutory 
objectives, and to consider whether the program should be 
expanded. The witnesses at the hearing were: (i) Daniel 
Nackerman, Executive Director, San Bernardino County Housing 
Authority; (ii) Gene Reed, Executive Director, Abilene Housing 
Authority; (iii) Mathew Scire, Director, Financial Markets and 
Community Investment, U.S. Government Accountability Office; 
(iv) Larry Woods, Executive Director, Winston-Salem Housing 
Authority; and (v) Gregory Russ, Executive Director, Cambridge 
Housing Authority.

 Hearing Entitled ``The Future of Terrorism Insurance: 
        Fostering Private Market Innovation to Limit Taxpayer 
        Exposure''

    On November 13, 2013, the Subcommittee held a hearing to 
explore ways in which the Terrorism Risk Insurance Act might be 
amended to increase the participation of the private sector and 
decrease the role of the Federal government in providing 
terrorism insurance. The witnesses at the hearing were: (i) 
Sean McGovern, Director, Risk Management & General Counsel, 
Lloyd's of London; (ii) Kean Driscoll, Chief Executive Officer, 
Validus Reinsurance, Ltd.; (iii) Ernest N. Csiszar, Former 
Director of Insurance, State of South Carolina; (iv) Dr. John 
Seo, Co-Founder and Managing Principal, Fermat Capital 
Management, LLC; and (v) Dr. Robert P. Hartwig, Pres. & 
Economist, Insurance Information Institute.

 Hearing Entitled ``Implementation of the Biggert-Waters Flood 
        Insurance Act of 2012: Protecting Taxpayers and Homeowners''

    On November 19, 2013, the Subcommittee held a hearing to 
examine the impact of the Biggert-Waters Flood Insurance Act on 
taxpayers and homeowners as that Act is being implemented. The 
witnesses at the hearing were: (i) Hon. Craig Fugate, 
Administrator, Federal Emergency Management Agency; (ii) Josh 
Saks, Legislative Director, National Wildlife Federation; (iii) 
Michael Hecht, President and Chief Executive Officer, Greater 
New Orleans, Inc.; (iv) Maurice ``Moe'' Veissi, Immediate Past 
President, National Association of Realtors; (v) Barry 
Rutenberg, Immediate Past Chairman of the Board, National 
Association of Home Builders; (vi) Chad Berginnis, Executive 
Director, Association of State Floodplain Managers; and (vii) 
Dr. Douglas Holtz-Eakin, President, American Action Forum.
      ACTIVITIES OF THE SUBCOMMITTEE ON MONETARY POLICY AND TRADE

                     MEMBERSHIP OF THE SUBCOMMITTEE

    JOHN CAMPBELL, California, 
             Chairman
  BILL HUIZENGA, Michigan, Vice-
             Chairman

WM. LACY CLAY, Missouri,             FRANK D. LUCAS, Oklahoma
  Ranking Member                     STEVAN PEARCE, New Mexico
GWEN MOORE, Wisconsin                BILL POSEY, Florida
GARY C. PETERS, Michigan             MICHAEL G. GRIMM, New York
ED PERLMUTTER, Colorado              STEPHEN LEE FINCHER, Tennessee
BILL FOSTER, Illinois                MARLIN A. STUTZMAN, Indiana
JOHN C. CARNEY, Jr., Delaware        MICK MULVANEY, South Carolina
TERRI A. SEWELL, Alabama             ROBERT PITTENGER, North Carolina
DANIEL T. KILDEE, Michigan           TOM COTTON, Arkansas
PATRICK MURPHY, Florida              JEB HENSARLING, Texas, ex officio
MAXINE WATERS, California, ex officioSPENCER BACHUS, Alabama, ex 
                                     officio

                    Jurisdiction of the Subcommittee

    Clause (a)(1)(D) of Rule 5 of the Rules of the Committee on 
Financial Services states that the jurisdiction of the 
Subcommittee on Monetary Policy and Trade includes:
          (i) financial aid to all sectors and elements within 
        the economy;
          (ii) economic growth and stabilization;
          (iii) defense production matters as contained in the 
        Defense Production Act of 1950, as amended;
          (iv) domestic monetary policy, and agencies which 
        directly or indirectly affect domestic monetary policy, 
        including the effect of such policy and other financial 
        actions on interest rates, the allocation of credit, 
        and the structure and functioning of domestic financial 
        institutions;
          (v) coins, coinage, currency, and medals, including 
        commemorative coins and medals, proof and mint sets and 
        other special coins, the Coinage Act of 1965, gold and 
        silver, including the coinage thereof (but not the par 
        value of gold), gold medals, counterfeiting, currency 
        denominations and design, the distribution of coins, 
        and the operations of the Bureau of the Mint and the 
        Bureau of Engraving and Printing;
          (vi) development of new or alternative forms of 
        currency;
          (vii) multilateral development lending institutions, 
        including activities of the National Advisory Council 
        on International Monetary and Financial Policies as 
        related thereto, and monetary and financial 
        developments as they relate to the activities and 
        objectives of such institutions;
          (viii) international trade, including but not limited 
        to the activities of the Export-Import Bank;
          (ix) the International Monetary Fund, its permanent 
        and temporary agencies, and all matters related 
        thereto; and
          (x) international investment policies, both as they 
        relate to United States investments for trade purposes 
        by citizens of the United States and investments made 
        by all foreign entities in the United States.

                         Legislative Activities

    The Subcommittee held no legislative hearings or markups 
during the first session of this Congress.

                          Oversight Activities


 Hearing Entitled ``Near-Zero Rate, Near-Zero Effect? Is 
        `Unconventional' Monetary Policy Really Working?''

    On March 5, 2013, the Subcommittee held a hearing on the 
monetary policy decisions of the Board of Governors of the 
Federal Reserve System (the ``Fed'') before, during, and since 
the financial crisis of 2008. The witnesses at the hearing 
were: (i) David Malpass, President, Encima Global; (ii) Dr. 
Allan H. Meltzer, Professor of Political Economy, Tepper School 
of Business, Carnegie Mellon University; (iii) Dr. John B. 
Taylor, SIEPR Senior Fellow and Mary and Robert Raymond 
Professor of Economics, Stanford University; and (iv) Dr. 
Joseph E. Gagnon, Senior Fellow, Peterson Institute for 
International Economics.

 Hearing Entitled ``Evaluating U.S. Contributions to the 
        International Monetary Fund''

    On April 24, 2013, the Subcommittee held a hearing on the 
financial relationship between the United States government and 
the International Monetary Fund. The witness at the hearing was 
Hon. Lael Brainard, Undersecretary for International Affairs, 
U.S. Department of the Treasury.

 Hearing Entitled ``Reauthorizing the Defense Production Act''

    On May 8, 2013, the Subcommittee held a hearing on whether 
to reauthorize the Defense Production Act of 1950, as amended, 
and to consider what if any changes ought to be made to the Act 
incident to its reauthorization. The witnesses at the hearing 
were: (i) David J. Kaufman, Associate Administrator, Policy, 
Program Analysis and International Affairs, Federal Emergency 
Management Agency, U.S. Department of Homeland Security; (ii) 
Hon. Kevin J. Wolf, Assistant Secretary, Export Administration, 
Department of Commerce; and (iii) Brett B. Lambert, Deputy 
Assistant Secretary of Defense, Manufacturing and Industrial 
Base Policy, Department of Defense.

 Hearing Entitled ``The Unintended Consequences of Dodd-Frank's 
        Conflict Minerals Provision''

    On May 21, 2013, the Subcommittee held a hearing to explore 
the effects of section 1502 of the Dodd-Frank Act, especially 
the effects on the Democratic Republic of the Congo. The 
witnesses at the hearing were: (i) David Aronson, Freelance 
Writer, Editor of www.congoresources.org; (ii) Mvemba Dizolele, 
Peter Duignan Distinguished Visiting Fellow, Hoover 
Institution; (iii) Rick Goss, Senior Vice President of 
Environment and Sustainability, Information Technology Industry 
Council; and (iv) Sophia Pickles, Policy Advisor, Global 
Witness.

 Hearing Entitled ``Assessing Reform at the Export-Import 
        Bank''

    On June 13, 2013, the Subcommittee held a hearing to 
explore the implementation of the reforms of the Export-Import 
Bank that were included in its reauthorization in 2012 and 
other reform efforts at the Bank. The witnesses at the hearing 
were: (i) Hon. Fred P. Hochberg, Chairman and President, 
Export-Import Bank of the United States; (ii) Hon. Osvaldo L. 
Gratac's, Inspector General, Export-Import Bank of the United 
States; and (iii) Mathew J. Scire, Director, Financial Markets 
and Community Investment, Government Accountability Office.

 Hearing Entitled ``The Fed Turns 100: Lessons Learned over a 
        Century of Central Banking''

    On September 11, 2013, the Subcommittee held a hearing to 
examine the Federal Reserve's one-hundred year history to 
determine what has and has not worked in monetary policy, and 
also to consider how well the Federal Reserve has managed its 
lender-of-last-resort function. The witnesses at the hearing 
were: (i) Dr. Allan H. Meltzer, Professor of Political Economy, 
Tepper School of Business, Carnegie Mellon University; (ii) Dr. 
Marvin Goodfriend, friends of Allan Meltzer, Professor of 
Economics, Tepper School of Business, Carnegie Mellon 
University; (iii) Alex J. Pollock, Resident Fellow, American 
Enterprise Institute; (iv) Dr. Lawrence H. White, Professor, 
Department of Economics, George Mason University; (v) Dr. 
Joseph E. Gagnon, Senior Fellow, Peterson Institute for 
International Economics; and (vi) Dr. Josh Bivens, Research and 
Policy Director, Economic Policy Institute.

 Hearing Entitled ``What is Central about Central Banking?: A 
        Study of International Models''

    On November 13, 2013, the Subcommittee held a hearing to 
survey other nations' central banking systems to explore what 
the United States model (the Federal Reserve System) can learn 
from them. The witnesses at the hearing were: (i) Dr. Desmond 
Lachman, Resident Fellow, American Enterprise Institute; (ii) 
Dr. Athanasios Orphanides, Professor, Practice of Global 
Economics and Management, Sloan School of Management, 
Massachusetts Institute of Technology; (iii) Dr. John Makin, 
Resident Scholar, American Enterprise Institute; and (iv) Dr. 
Adam Posen, President, Peterson Institute for International 
Economics.
     ACTIVITIES OF THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS

                     MEMBERSHIP OF THE SUBCOMMITTEE

    PATRICK T. McHENRY, North 
        Carolina, Chairman
     MICHAEL G. FITZPATRICK, 
    Pennsylvania, Vice-Chairman

AL GREEN, Texas, Ranking Member      PETER T. KING, New York
EMANUEL CLEAVER, Missouri            MICHELE BACHMANN, Minnesota
KEITH ELLISON, Minnesota             SEAN P. DUFFY, Wisconsin
ED PERLMUTTER, Colorado              MICHAEL G. GRIMM, New York
CAROLYN B. MALONEY, New York         STEPHEN LEE FINCHER, Tennessee
JOHN K. DELANEY, Maryland            RANDY HULTGREN, Illinois
KYRSTEN SINEMA, Arizona              ANN WAGNER, Missouri
JOYCE BEATTY, Ohio                   GARLAND ``ANDY'' BARR, Kentucky
DENNY HECK, Washington               KEITH J. ROTHFUS, Pennsylvania\8\
MAXINE WATERS, California, ex officioJEB HENSARLING, Texas, ex officio
                                     SPENCER BACHUS, Alabama, ex 
                                     officio

----------
\8\Assigned to this subcommittee on May 22, 2013.

                    Jurisdiction of the Subcommittee

    Clause (a)(1)(E) of Rule 5 of the Rules of the Committee on 
Financial Services states that 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.

                         Legislative Activities

    The Subcommittee held no legislative hearings or markups 
during the first session of this Congress.

                          Oversight Activities


 Hearing Entitled ``Who is Too Big to Fail? GAO's Assessment of 
        the Financial Stability Oversight Council and the Office of 
        Financial Research''

    On March 14, 2013, the Subcommittee held a hearing to 
examine the operations of the Financial Stability Oversight 
Council and the Office of Financial Research as described in a 
September 2012 GAO report. The witnesses at the hearing were: 
(i) Hon. Richard Berner, Director, Office of Financial 
Research, U.S. Department of the Treasury; (ii) Amias Gerety, 
Deputy Assistant Secretary, Financial Stability Oversight 
Council, U.S. Department of the Treasury; and (iii) A. Nicole 
Clowers, Director, Financial Markets and Community Investment, 
Government Accountability Office.

 Hearing Entitled ``Who is Too Big to Fail: Does Dodd-Frank 
        Authorize the Government to Break Up Financial Institutions?''

    On April 16, 2013, the Subcommittee held a hearing to 
examine whether the Dodd-Frank Act confers on regulators or 
agencies the authority to break up financial institutions. The 
witnesses at the hearing were: (i) Scott G. Alvarez, General 
Counsel, Federal Reserve Board of Governors; (ii) Richard J. 
Osterman, Jr., Acting General Counsel, Federal Deposit 
Insurance Corporation; and (iii) James Wigand, Director, Office 
of Complex Financial Institutions, Federal Deposit Insurance 
Corporation.

 Hearing Entitled ``Examining the SEC's Failure to Implement 
        Title II of the JOBS Act and its Impact on Economic Growth''

    On April 17, 2013, the Subcommittee held a hearing to 
examine why the SEC had to date failed to promulgate 
regulations as required by title II of the JOBS Act. It also 
explored what impact, if any, such failure had on economic 
growth. The witness at the hearing was Hon. Elisse B. Walter, 
Commissioner, SEC.

 Hearing Entitled ``Who Is Too Big to Fail: Does Title II of 
        the Dodd-Frank Act Enshrine Taxpayer-Funded Bailouts?''

    On May 15, 2013, the Subcommittee held a hearing to explore 
whether the operation of provisions of the Dodd-Frank Act (with 
a focus on title II) are likely to precipitate a perceived need 
for the Federal government to appropriate money for the rescue 
of financial institutions as it did under the Troubled Asset 
Relief Program. The witnesses at the hearing were: (i) Prof. 
David A. Skeel, S. Samuel Arsht Professor of Corporate Law, 
University of Pennsylvania Law School; (ii) Dr. John B. Taylor, 
Mary and Robert Raymond Professor of Economics, Stanford 
University; (iii) Joshua Rosner, Managing Director, Graham 
Fisher & Co.; and (iv) Michael Krimminger, Partner, Cleary 
Gottlieb.

 Hearing Entitled ``Who Is Too Big to Fail: Are Large Financial 
        Institutions Immune from Federal Prosecution?''

    On May 22, 2013, the Subcommittee held a hearing to explore 
how the Department of Justice makes decisions about whether and 
how to prosecute financial institutions, including whether it 
takes into account the systemic risk that such a prosecution 
would precipitate, if any. The witness at the hearing was 
Mythili Raman, Acting Assistant Attorney General, Criminal 
Division, U.S. Department of Justice.

 Hearing Entitled ``CFPB Budget Review''

    On June 18, 2013, the Subcommittee held a hearing on the 
CFPB's budget and how it spends its resources. The witness at 
the hearing was Stephen Agostini, Chief Financial Officer, 
CFPB.

 Hearing Entitled ``Examining Constitutional Deficiencies and 
        Legal Uncertainties in the Dodd-Frank Act''

    On July 9, 2013, the Subcommittee held a hearing to examine 
whether the structure and/or certain provisions in the Dodd-
Frank Act pose legal uncertainties for the financial sector or 
are constitutionally infirm. The witnesses at the hearing were: 
(i) Hon. C. Boyden Gray, Boyden Gray and Associates; (ii) Prof. 
Thomas Merrill, Charles Evans Hughes Professor of Law, Columbia 
Law School; and (iii) Timothy R. McTaggart, Partner, Pepper 
Hamilton LLP.

 Hearing Entitled ``Reducing Waste, Fraud, and Abuse in Housing 
        Programs: Inspector General Perspectives''

    On September 10, 2013, the Subcommittee held a hearing to 
review the recommendations of the Inspector General of the 
Department of Housing and Urban Development for improving the 
management and oversight of programs administered by HUD. The 
witness at the hearing was Hon. David A. Montoya, Inspector 
General, HUD.

 Hearing Entitled ``A General Overview of Disparate Impact 
        Theory''

    On November 19, 2013, the Subcommittee held a hearing on 
the disparate impact theory of discrimination, including its 
use in housing, lending, and other programs in the Committee's 
jurisdiction. The witnesses at the hearing were: (i) Peter N. 
Kirsanow, Commissioner, United States Commission on Civil 
Rights and Partner, Benesch, Friedlander, Coplan & Arnoff; (ii) 
Kenneth L. Marcus, President and General Counsel, Louis D. 
Brandeis Center for Human Rights Under Law; and (iii) Dennis 
Parker, Director, Racial Justice Program, American Civil 
Liberties Union.