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114th Congress    }                                      {      Report
                        HOUSE OF REPRESENTATIVES
 1st Session      }                                      {     114-341

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

 
PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1210) TO AMEND THE TRUTH 
   IN LENDING ACT TO PROVIDE A SAFE HARBOR FROM CERTAIN REQUIREMENTS 
 RELATED TO QUALIFIED MORTGAGES FOR RESIDENTIAL MORTGAGE LOANS HELD ON 
   AN ORIGINATING DEPOSITORY INSTITUTION'S PORTFOLIO, AND FOR OTHER 
PURPOSES; PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3189) TO AMEND 
THE FEDERAL RESERVE ACT TO ESTABLISH REQUIREMENTS FOR POLICY RULES AND 
  BLACKOUT PERIODS OF THE FEDERAL OPEN MARKET COMMITTEE, TO ESTABLISH 
 REQUIREMENTS FOR CERTAIN ACTIVITIES OF THE BOARD OF GOVERNORS OF THE 
 FEDERAL RESERVE SYSTEM, AND TO AMEND TITLE 31, UNITED STATES CODE, TO 
   REFORM THE MANNER IN WHICH THE BOARD OF GOVERNORS OF THE FEDERAL 
 RESERVE SYSTEM IS AUDITED, AND FOR OTHER PURPOSES; AND PROVIDING FOR 
PROCEEDINGS DURING THE PERIOD FROM NOVEMBER 20, 2015, THROUGH NOVEMBER 
                                27, 2015

                                _______
                                

 November 17, 2015.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

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

                              R E P O R T

                       [To accompany H. Res. 529]

    The Committee on Rules, having had under consideration 
House Resolution 529, by a record vote of 7 to 1, report the 
same to the House with the recommendation that the resolution 
be adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 1210, the 
Portfolio Lending and Mortgage Access Act, under a structured 
rule. The resolution provides one hour of debate equally 
divided and controlled by the chair and ranking minority member 
of the Committee on Financial Services. The resolution waives 
all points of order against consideration of the bill. The 
resolution provides that an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
34 shall be considered as adopted and the bill, as amended, 
shall be considered as read. The resolution waives all points 
of order against provisions in the bill, as amended. The 
resolution makes in order only the amendment printed in part A 
of this report, if offered by Representative Norcross of New 
Jersey, or his designee, which shall be considered as read, 
shall be debatable for 10 minutes equally divided and 
controlled by the proponent and an opponent, shall not be 
subject to amendment, and shall not be subject to a demand for 
division of the question. The resolution waives all points of 
order against the amendment printed in part A of this report. 
The resolution provides one motion to recommit with or without 
instructions.
    Section 2 of the resolution provides for consideration of 
H.R. 3189, the Fed Oversight Reform and Modernization Act of 
2015, under a structured rule. The resolution provides one hour 
of general debate equally divided and controlled by the chair 
and ranking minority member of the Committee on Financial 
Services. The resolution waives all points of order against 
consideration of the bill. The resolution provides that an 
amendment in the nature of a substitute consisting of the text 
of Rules Committee Print 114-35, modified by the amendment 
printed in part B of this report, shall be considered as 
adopted and the bill, as amended, shall be considered as read. 
The resolution waives all points of order against in the bill, 
as amended. The resolution makes in order only those further 
amendments printed in part C of this report. Each such 
amendment may be offered only in the order printed in this 
report, may be offered only by a Member designated in this 
report, shall be considered as read, shall be debatable for the 
time specified in this report equally divided and controlled by 
the proponent and an opponent, shall not be subject to 
amendment, and shall not be subject to a demand for division of 
the question in the House or in the Committee of the Whole. The 
resolution waives all points of order against the amendments 
printed in part C of this report. The resolution provides one 
motion to recommit with or without instructions.
    Section 3 of the resolution provides that on any 
legislative day during the period from November 20, 2015, 
through November 27, 2015: the Journal of the proceedings of 
the previous day shall be considered as approved; and the Chair 
may at any time declare the House adjourned to meet at a date 
and time to be announced by the Chair in declaring the 
adjournment.
    Section 4 of the resolution provides that the Speaker may 
appoint Members to perform the duties of the Chair for the 
duration of the period addressed by section 3.

                         EXPLANATION OF WAIVERS

    The waiver of all points of order against consideration of 
H.R. 1210 includes a waiver of clause 3(e)(1) of rule XIII 
(``Ramseyer''), requiring a committee report accompanying a 
bill amending or repealing statutes to show, by typographical 
device, parts of statute affected.
    Although the resolution waives all points of order against 
provisions in H.R. 1210, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendment to H.R. 1210 printed in part A of this report, 
the Committee is not aware of any points of order. The waiver 
is prophylactic in nature.
    The waiver of all points of order against consideration of 
H.R. 3189 includes a waiver of clause 3(e)(1) of rule XIII 
(``Ramseyer''), requiring a committee report accompanying a 
bill amending or repealing statutes to show, by typographical 
device, parts of statute affected.
    Although the resolution waives all points of order against 
provisions in H.R. 3189, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendments to H.R. 3189 printed in part C of this report, 
the Committee is not aware of any points of order. The waiver 
is prophylactic in nature.
    The waivers of clause 3(e)(1) of rule XIII are provided 
because the submissions provided by the Committee on Financial 
Services were insufficient to meet the standards established by 
the rule in its current form. The Committee on Rules continues 
to work with the House Office of Legislative Counsel and 
committees to determine the steps necessary to comply with the 
updated rule.

                            COMMITTEE VOTES

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

Rules Committee record vote No. 122

    Motion by Mr. Woodall to report the rule. Adopted: 7-1

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

     SUMMARY OF THE AMENDMENT TO H.R. 1210 IN PART A MADE IN ORDER

    Norcross (NJ): Clarifies that systemically important 
financial institutions (SIFI) are excluded from the safe harbor 
provisions under the bill. (10 minutes)

 SUMMARY OF THE AMENDMENT TO H.R. 3189 IN PART B CONSIDERED AS ADOPTED

    Hensarling (TX): Executes a liquidation of the Federal 
Reserve surplus account and remittance of funds to the U.S. 
Treasury. Dissolves the existence of the surplus account on a 
go-forward basis. Ensures future net earnings of the Federal 
Reserve, in excess of dividend paid, are remitted to the U.S. 
Treasury. Strikes a superfluous date from the text of H.R. 2912 
as printed in Rules Committee Print 114-35 and strikes a ``such 
sums'' authorization of appropriations.

     SUMMARY OF THE AMENDMENTS TO H.R. 3189 IN PART C MADE IN ORDER

    1. Heck, Denny (WA): Suspends the requirement for rules-
based decisionmaking when unemployment or inflation 
significantly diverges from targets. (10 minutes)
    2. Heck, Denny (WA): Requires FOMC to use fully revised 
data rather than the initial readings that are first available. 
(10 minutes)
    3. Grayson (FL): Provides for an annual audit of the 
Federal Reserve. (10 minutes)
    4. King, Steve (IA): Requires study of the effects of the 
GDP output section of the ``dual mandate'' on the US economy, 
Fed Actions, and federal debt. (10 minutes)
    5. Grayson (FL): Establishes three new Federal Reserve 
districts: one for Northern California (located in San 
Francisco); one for Southern California (located in Los 
Angeles); and one for Florida (located in Orlando). (10 
minutes)
    6. King, Steve (IA): Requires the FOMC to make public the 
full transcriptions of their meetings. (10 minutes)

          PART A--TEXT OF AMENDMENT TO H.R. 1210 MADE IN ORDER

1. An Amendment To Be Offered by Representative Norcross of New Jersey 
               or His Designee, Debatable for 10 Minutes

  Page 3, line 17, insert ``, and does not include an entity 
that has been designated as systemically important by the 
Financial Stability Oversight Council or is a wholly owned 
subsidiary of such an entity'' before the period at the end.
  Page 3, after line 21, insert the following:
                  (D) Mortgage originator.--The term ``mortgage 
                originator'' does not include an entity that 
                has been designated as systemically important 
                by the Financial Stability Oversight Council or 
                is a wholly owned subsidiary of such an entity.

      PART B--TEXT OF AMENDMENT TO H.R. 3189 CONSIDERED AS ADOPTED

  Add at the end of the bill the following new section:

SEC. 17. ELIMINATION OF SURPLUS FUNDS OF FEDERAL RESERVE BANKS.

  (a) In General.--Section 7 of the Federal Reserve Act (12 
U.S.C. 289 et seq.) is amended--
          (1) in subsection (a)--
                  (A) in the heading of such subsection, by 
                striking ``and Surplus Funds''; and
                  (B) in paragraph (2), by striking ``deposited 
                in the surplus fund of the bank'' and inserting 
                ``transferred to the Board of Governors of the 
                Federal Reserve System for transfer to the 
                Secretary of the Treasury for deposit in the 
                general fund of the Treasury''; and
                  (C) by striking the first subsection (b) 
                (relating to a transfer for fiscal year 2000).
  (b) Transfer to the Treasury.--The Federal reserve banks 
shall transfer all of the funds of the surplus funds of such 
banks to the Board of Governors of the Federal Reserve System 
for transfer to the Secretary of the Treasury for deposit in 
the general fund of the Treasury.
  Page 54, beginning on line 24, strike ``not before January 5, 
2015, and''.
  Page 59, beginning on line 19, strike ``are authorized to be 
appropriated such sums as may be necessary to carry out this 
section and such sums'' and insert ``is authorized to be 
appropriated to carry out this section $1,000,000, which''.

         PART C--TEXT OF AMENDMENTS TO H.R. 3189 MADE IN ORDER

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

  Page 5, line 8, strike ``Not''.
  Page 5, line 9, insert the following:
          ``(1) In general.--Not''.
  Page 5, after line 15, insert the following:
          ``(2) Exception.--The requirements of paragraph (1) 
        shall not apply if the Federal Open Market Committee 
        determines at the end of a meeting that the current 
        conditions represent a significant divergence from the 
        goals of maximum employment and stable prices described 
        in section 2A.''.
                              ----------                              


 2. An Amendment To Be Offered by Representative Heck of Washington or 
                 His Designee, Debatable for 10 Minutes

  Page 6, line 25, strike ``and''.
  Page 7, line 3, strike the period at the end and insert ``; 
and''.
  Page 7, after line 3, insert the following:
          ``(9) include a plan to use the most accurate data, 
        subject to all historical revisions, for inputs into 
        the Directive Policy Rule and the Reference Policy 
        Rule.''.
                              ----------                              


 3. An Amendment To Be Offered by Representative Grayson of Florida or 
                 His Designee, Debatable for 10 Minutes

  Page 44, line 25, insert ``annually'' after ``shall''.
  Page 45, line 7, strike ``the audit'' and insert ``each 
audit''.
                              ----------                              


  4. An Amendment To Be Offered by Representative King of Iowa or His 
                   Designee, Debatable for 10 Minutes

  Page 53, line 4, strike ``and''.
  Page 53, line 11, strike the period and insert ``; and''.
  Page 53, after line 11, insert the following:
                  (F) consider the effects of the GDP output 
                and employment targets of the ``dual mandate'' 
                (both from the creation of the dual mandate in 
                1977 until the present time and estimates of 
                the future effect of the dual mandate ) on--
                          (i) United States economic activity;
                          (ii) Federal Reserve actions; and
                          (iii) Federal debt.
  Page 53, line 18, add at the end the following: ``In making 
such report, the Commission shall specifically report on the 
considerations required under paragraph (1)(F).''.
                              ----------                              


 5. An Amendment To Be Offered by Representative Grayson of Florida or 
                 His Designee, Debatable for 10 Minutes

  Add at the end of the bill the following:

SEC. 17. AMENDMENT TO FEDERAL RESERVE DISTRICTS.

  (a) In General.--Section 2 of the Federal Reserve Act, (12 
U.S.C. 222 et seq.) is amended--
          (1) by striking ``twelve'' each place such term 
        appears and inserting ``fifteen'';
          (2) by inserting after the fourth sentence the 
        following: ``One such Federal reserve districts shall 
        be for Northern California (located in San Francisco), 
        one such district shall be for Southern California 
        (located in Los Angeles), and one such district shall 
        be for Florida (located in Orlando). The border between 
        the two California districts shall be drawn so that the 
        districts are contiguous and compact, the population of 
        the districts is approximately equal, and the districts 
        do not divide any California county border as in 
        existence on the date of enactment of this sentence.''
  (b) Conforming Amendments.--Section 16 of such Act is amended 
by striking ``twelve'' and inserting ``fifteen''.
                              ----------                              


  6. An Amendment To Be Offered by Representative King of Iowa or His 
                   Designee, Debatable for 10 Minutes

  Add at the end the following:

SEC. 17. PUBLIC TRANSCRIPTS OF FOMC MEETINGS.

  Section 12A of the Federal Reserve Act (12 U.S.C. 263), as 
amended by this Act, is further amended by adding at the end 
the following:
  ``(e) Public Transcripts of Meetings.--The Committee shall--
          ``(1) record all meetings of the Committee; and
          ``(2) make the full transcript of such meetings 
        available to the public.''.

                                  [all]