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114th Congress    }                                      {      Report
                        HOUSE OF REPRESENTATIVES
 2d Session       }                                      {     114-903
_______________________________________________________________________

                                     

                                                

                         REPORT ON THE ACTIVITY

                                 of the

                    COMMITTEE ON FINANCIAL SERVICES

                                 of the

                 UNITED STATES HOUSE OF REPRESENTATIVES

                                for the

                    ONE HUNDRED FOURTEENTH CONGRESS

 [GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]


January 2, 2017.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed
              
                                 ______

                         U.S. GOVERNMENT PUBLISHING OFFICE 

23-197                         WASHINGTON : 2017               
              
              
              
              
              
              
              
              
              
              
              
              
              
              
              
                         LETTER OF TRANSMITTAL

                              ----------                              

                          House of Representatives,
                           Committee on Financial Services,
                                   Washington, DC, January 2, 2017.
Hon. Karen L. Haas,
Clerk, House of Representatives,
Washington, DC.
    Dear Madam Clerk: Pursuant to clause 1(d) of rule XI of the 
Rules of the House of Representatives for the 114th Congress, I 
present herewith the report on the activity of the Committee on 
Financial Services for the 114th Congress, including the 
Committee's review and study of legislation within its 
jurisdiction, and the oversight activities undertaken by the 
Committee.
            Sincerely,
                                            Jeb Hensarling,
                                                          Chairman.
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                                                          
                            C O N T E N T S

                              ----------                              
                                                                   Page
Letter of Transmittal............................................   III
Jurisdiction of the Committee on Financial Services..............     1
Rules of the Committee on Financial Services.....................     3
Membership of the Committee on Financial Services................    15
Subcommittee Memberships.........................................    17
Overview of Legislative Accomplishments..........................    20
Legislative Activities of the Full Committee.....................    21
Oversight Activities of the Full Committee.......................    49
Subcommittee on Capital Markets and Government Sponsored 
  Enterprises....................................................    57
Subcommittee on Financial Institutions and Consumer Credit.......    89
Subcommittee on Housing and Insurance............................   109
Subcommittee on Monetary Policy and Trade........................   121
Subcommittee on Oversight and Investigations.....................   130
Task Force to Investigate Terrorism Financing....................   136
Oversight Plan for the 114th Congress............................   145
Implementation of the Oversight Plan.............................   155
Delineation of Committee Oversight Activity Pursuant to Clause 2 
  of Rule XI.....................................................   177
Appendix I--Committee Legislation................................   179
Appendix II--Committee Publications..............................   183











                                                Union Calendar No. 714
114th Congress    }                                      {      Report
                        HOUSE OF REPRESENTATIVES
 2d Session       }                                      {     114-903

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


 
 REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE 
 UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED FOURTEENTH 
                                CONGRESS

                                _______
                                

January 2, 2017.--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 114th Congress, which reads, in 
pertinent part:

                   RULE X--ORGANIZATION OF COMMITTEES


             Committees and Their Legislative Jurisdictions

    1. There shall be in the House the following standing 
committees, each of which shall have the jurisdiction and 
related functions assigned by this clause and clauses 2, 3, and 
4. All bills, resolutions, and other matters relating to 
subjects within the jurisdiction of the standing committees 
listed in this clause shall be referred to those committees, in 
accordance with clause 2 of rule XII, as follows:
    * * *
    (h) Committee on Financial Services.
          (1) Banks and banking, including deposit insurances 
        and Federal monetary policy.
          (2) Economic stabilization, defense production, 
        renegotiation, and control of the price of commodities, 
        rents, and services.
          (3) Financial aid to commerce and industry (other 
        than transportation).
          (4) Insurance generally.
          (5) International finance.
          (6) International financial and monetary 
        organizations.
          (7) Money and credit, including currency and the 
        issuance of notes and redemption thereof; gold and 
        silver, including the coinage thereof; valuation and 
        revaluation of the dollar.
          (8) Public and private housing.
          (9) Securities and exchanges.
          (10) Urban development.

   RULES OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE ONE HUNDRED 
                          FOURTEENTH CONGRESS

                                 Rule 1

                           GENERAL PROVISIONS

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

                                 Rule 2

                                MEETINGS

Calling of Meetings
    (a)(1) The Committee shall regularly meet on the first 
Tuesday of each month when the House is in session.
    (2) A regular meeting of the Committee may be dispensed 
with if, in the judgment of the Chairman of the Committee 
(hereinafter in these rules referred to as the ``Chair''), 
there is no need for the meeting.
    (3) Additional regular meetings and hearings of the 
Committee may be called by the Chair, in accordance with clause 
2(g)(3) of rule XI of the rules of the House.
    (4) Special meetings shall be called and convened by the 
Chair as provided in clause 2(c)(2) of rule XI of the Rules of 
the House.
Notice for Meetings
    (b)(1) The Chair shall notify each member of the Committee 
of the agenda of each regular meeting of the Committee at least 
three calendar days (excluding Saturdays, Sundays, and legal 
holidays except when the House is in session on any such day) 
before the time of the meeting.
    (2) The Chair shall provide to each member of the 
Committee, at least three calendar days (excluding Saturdays, 
Sundays, and legal holidays except when the House is in session 
on any such day) before the time of each regular meeting for 
each measure or matter on the agenda a copy of--
          (A) the measure or materials relating to the matter 
        in question; and
          (B) an explanation of the measure or matter to be 
        considered, which, in the case of an explanation of a 
        bill, resolution, or similar measure, shall include a 
        summary of the major provisions of the legislation, an 
        explanation of the relationship of the measure to 
        present law, and a summary of the need for the 
        legislation.
    (3) At least 24 hours prior to the commencement of a 
meeting for the markup of legislation, the Chair shall cause 
the text of such legislation to be made publicly available in 
electronic form.
    (4) The provisions of this subsection may be waived by a 
two-thirds vote of the Committee or by the Chair with the 
concurrence of the ranking minority member.

                                 Rule 3

                     MEETING AND HEARING PROCEDURES

In General
    (a)(1) Meetings and hearings of the Committee shall be 
called to order and presided over by the Chair or, in the 
Chair's absence, by a member designated by the Chair to carry 
out such duties.
    (2) Meetings and hearings of the committee shall be open to 
the public unless closed in accordance with clause 2(g) of rule 
XI of the Rules of the House.
    (3) Any meeting or hearing of the Committee that is open to 
the public shall be open to coverage by television broadcast, 
radio broadcast, and still photography in accordance with the 
provisions of clause 4 of rule XI of the Rules of the House 
(which are incorporated by reference as part of these rules). 
Operation and use of any Committee operated broadcast system 
shall be fair and nonpartisan and in accordance with clause 
4(b) of rule XI and all other applicable rules of the Committee 
and the House.
    (4) To the extent feasible, members and witnesses may use 
the Committee equipment for the purpose of presenting 
information electronically during a meeting or hearing, 
provided the information is transmitted to the appropriate 
Committee staff in an appropriate electronic format at least 
one business day before the meeting or hearing so as to ensure 
display capacity and quality. The content of all materials must 
relate to the pending business of the Committee and conform to 
the rules of the House. The confidentiality of the material 
will be maintained by the technical staff until its official 
presentation to the Committee members. For the purposes of 
maintaining the official records of the committee, printed 
copies of all materials presented, to the extent practicable, 
must accompany the presentations.
    (5) No person, other than a Member of Congress, Committee 
staff, or an employee of a Member when that Member has an 
amendment under consideration, may stand in or be seated at the 
rostrum area of the Committee rooms unless the Chair determines 
otherwise.
Quorum
    (b)(1) For the purpose of taking testimony and receiving 
evidence, two members of the Committee shall constitute a 
quorum.
    (2) A majority of the members of the Committee shall 
constitute a quorum for the purposes of reporting any measure 
or matter, of authorizing a subpoena (other than a subpoena 
authorized and issued by the Chair pursuant to subsection 
(e)(1)), of closing a meeting or hearing pursuant to clause 
2(g) of rule XI of the rules of the House (except as provided 
in clause 2(g)(2)(A) and (B)) or of releasing executive session 
material pursuant to clause 2(k)(7) of rule XI of the rules of 
the House.
    (3) For the purpose of taking any action other than those 
specified in paragraph (2) one-third of the members of the 
Committee shall constitute a quorum.
Voting
    (c)(1) No vote may be conducted on any measure or matter 
pending before the Committee unless the requisite number of 
members of the Committee is actually present for such purpose.
    (2) A record vote of the Committee shall be provided on any 
question before the Committee upon the request of one-fifth of 
the members present.
    (3) No vote by any member of the Committee on any measure 
or matter may be cast by proxy.
    (4) In addition to any other requirement of these rules or 
the Rules of the House, including clause 2(e)(1)(B) of rule XI, 
the Chair shall make the record of the votes on any question on 
which a record vote is demanded publicly available for 
inspection at the offices of the Committee and in electronic 
form on the Committee's Web site not later than one business 
day after such vote is taken. Such record shall include in 
electronic form the text of the amendment, motion, order, or 
other proposition, the name of each member voting for and each 
member voting against such amendment, motion, order, or 
proposition, and the names of those members of the committee 
present but not voting. With respect to any record vote on any 
motion to report or record vote on any amendment, a record of 
such votes shall be included in the report of the Committee 
showing the total number of votes cast for and against and the 
names of those members of the committee present but not voting.
    (5) Postponed Record Votes.--(A) Subject to subparagraph 
(B), the Chairman may postpone further proceedings when a 
record vote is ordered on the question of approving any measure 
or matter or adopting an amendment. The Chairman may resume 
proceedings on a postponed request at any time, but no later 
than the next meeting day.
    (B) In exercising postponement authority under subparagraph 
(A), the Chairman shall take all reasonable steps necessary to 
notify members on the resumption of proceedings on any 
postponed record vote.
    (C) When proceedings resume on a postponed question, not-
withstanding any intervening order for the previous question, 
an underlying proposition shall remain subject to further 
debate or amendment to the same extent as when the question was 
postponed.
    (D) The Chair's authority to postpone recorded votes will 
not be used to prejudice a member with regard to the offering 
of another amendment. In the application of this rule, the 
Chair will consult regularly with the ranking minority member 
regarding the scheduling of the resumption of postponed votes.
Hearing Procedures
    (d)(1)(A) The Chair shall make public announcement of the 
date, place, and subject matter of any committee hearing at 
least one week before the commencement of the hearing, unless 
the Chair, with the concurrence of the ranking minority member, 
or the Committee by majority vote with a quorum present for the 
transaction of business, determines there is good cause to 
begin the hearing sooner, in which case the Chair shall make 
the announcement at the earliest possible date.
    (B) Not less than three days before the commencement of a 
hearing (excluding Saturdays, Sundays, and legal holidays 
except when the House is in session on any such day) announced 
under this paragraph, the Chair shall provide to the members of 
the Committee a concise summary of the subject of the hearing, 
or, in the case of a hearing on a measure or matter, a copy of 
the measure or materials relating to the matter in question and 
a concise explanation of the measure or matter to be 
considered. At the same time the Chair provides the information 
required by the preceding sentence, the Chair shall also 
provide to the members of the Committee a list of the witnesses 
expected to appear before the Committee at that hearing. The 
witness list may not be modified within 24 hours of a hearing, 
unless the Chair, with the concurrence of the ranking minority 
member, determines there is good cause for such modification.
    (2) To the greatest extent practicable--
          (A) each witness who is to appear before the 
        Committee shall file with the Committee two business 
        days in advance of the appearance sufficient copies 
        (including a copy in electronic form), as determined by 
        the Chair, of a written statement of proposed testimony 
        and shall limit the oral presentation to the Committee 
        to brief summary thereof; and
          (B) each witness appearing in a non-governmental 
        capacity shall include with the written statement of 
        proposed testimony a curriculum vitae and a disclosure 
        of the amount and source (by agency and program) of any 
        Federal grant (or subgrant hereof) or contract (or 
        subcontract thereof) received during the current fiscal 
        year or either of the two preceding fiscal years. Such 
        disclosure statements, with appropriate redactions to 
        protect the privacy of the witness, shall be made 
        publicly available in electronic form not later than 
        one day after the witness appears.
    (3) The requirements of paragraph (2)(A) may be modified or 
waived by the Chair when the Chair determines it to be in the 
best interest of the Committee.
    (4)(A) Subject to subparagraph (B), the five-minute rule 
shall be observed in the interrogation of witnesses before the 
Committee or any of its subcommittees until each present member 
thereof has had an opportunity to question the witnesses. No 
member shall be recognized for a second period of five minutes 
to interrogate witnesses until each present member of the 
Committee or such subcommittee has been recognized once for 
that purpose.
    (B) The Chair may permit a specified number of members to 
question one or more witnesses for a specified period of time 
not to exceed 60 minutes in the aggregate, equally divided 
between and controlled by the Chair and the ranking minority 
member.
    (5) Whenever any hearing is conducted by the Committee on 
any measure or matter, the minority party members of the 
Committee shall be entitled, upon the request of a majority of 
them before the completion of the hearing, to call witnesses 
with respect to that measure or matter during at least one day 
of hearing thereon. The Chair, with the concurrence of the 
ranking minority member, will determine the date, time, and 
place of such hearing.
    (6) At any hearing of the Committee, opening statements by 
members of the Committee shall be limited to 10 minutes in the 
aggregate. The Chair shall control five minutes and recognize 
members in the Chair's sole discretion. The ranking minority 
member shall control five minutes; the Chair shall recognize 
members for such five minutes according to the direction of the 
ranking minority member as communicated to the Chair.
    (7) Notwithstanding any member's oral delivery of an 
opening statement, written opening statements by any member of 
the Committee submitted to the Chair within 5 legislative days 
after the adjournment of a hearing shall be made a part of the 
official hearing record thereof.
Subpoenas and Oaths
    (e)(1) The power to authorize and issue subpoenas is 
delegated to the Chair. The Chair will provide written notice 
to the ranking minority member at least 48 hours in advance of 
the authorization and issuance of a subpoena, except when 
exigent circumstances exist that do not permit such amount of 
notice, in which case the Chair shall provide such notice as 
soon as possible.
    (2) Authorized subpoenas shall be signed by the Chair or by 
any member designated by the Committee, and may be served by 
any person designated by the Chair or such member.
    (3) The Chair, or any member of the Committee designated by 
the Chair, may administer oaths to witnesses before the 
Committee.

                                 Rule 4

              PROCEDURES FOR REPORTING MEASURES OR MATTERS

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

                                 Rule 5

                             SUBCOMMITTEES

Establishment and Responsibilities of Subcommittees
    (a)(1) There shall be five subcommittees of the Committee 
as follows:
                  (A) Subcommittee on capital markets and 
                government sponsored enterprises.--The 
                jurisdiction of the Subcommittee on Capital 
                Markets and Government Sponsored Enterprises 
                includes--
                          (i) securities, exchanges, and 
                        finance;
                          (ii) capital markets activities, 
                        including business capital formation 
                        and venture capital;
                          (iii) activities involving futures, 
                        forwards, options, and other types of 
                        derivative instruments;
                          (iv) the Securities and Exchange 
                        Commission;
                          (v) secondary market organizations 
                        for home mortgages, including the 
                        Federal National Mortgage Association, 
                        the Federal Home Loan Mortgage 
                        Corporation, and the Federal 
                        Agricultural Mortgage Corporation;
                          (vi) the Federal Housing Finance 
                        Agency; and
                          (vii) the Federal Home Loan Banks.
                  (B) Subcommittee on financial institutions 
                and consumer credit.--The jurisdiction of the 
                Subcommittee on Financial Institutions and 
                Consumer Credit includes--
                          (i) all agencies, including the 
                        Office of the Comptroller of the 
                        Currency, the Federal Deposit Insurance 
                        Corporation, the Board of Governors of 
                        the Federal Reserve System and the 
                        Federal Reserve System, 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.
                  (C) Subcommittee on housing and insurance.--
                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).
                  (D) Subcommittee on monetary policy and 
                trade.--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.
                  (E) Subcommittee on oversight and 
                investigations.--The jurisdiction of the 
                Subcommittee on Oversight and Investigations 
                includes--
                          (i) the oversight of all agencies, 
                        departments, programs, and matters 
                        within the jurisdiction of the 
                        Committee, including the development of 
                        recommendations with regard to the 
                        necessity or desirability of enacting, 
                        changing, or repealing any legislation 
                        within the jurisdiction of the 
                        Committee, and for conducting 
                        investigations within such 
                        jurisdiction; and
                          (ii) research and analysis regarding 
                        matters within the jurisdiction of the 
                        Committee, including the impact or 
                        probable impact of tax policies 
                        affecting matters within the 
                        jurisdiction of the Committee.
    (2) In addition, each such subcommittee shall have specific 
responsibility for such other measures or matters as the Chair 
refers to it.
    (3) Each subcommittee of the Committee shall review and 
study, on a continuing basis, the application, administration, 
execution, and effectiveness of those laws, or parts of laws, 
the subject matter of which is within its general 
responsibility.

Referral of Measures and Matters to Subcommittees

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

Composition of Subcommittees

    (c)(1) Members shall be elected to each subcommittee and to 
the positions of chair and ranking minority member thereof, in 
accordance with the rules of the respective party caucuses. The 
Chair of the Committee shall designate a member of the majority 
party on each subcommittee as its vice chair. The Chair may 
designate one member of the Committee who previously has served 
as the chairman of the Committee as the Chairman Emeritus.
    (2) The Chair and ranking minority member of the Committee 
shall be ex officio members with voting privileges of each 
subcommittee of which they are not assigned as members and may 
be counted for purposes of establishing a quorum in such 
subcommittees. The Chairman Emeritus shall be an ex officio 
member without voting privileges of each subcommittee to which 
he or she is not assigned and shall not count for purposes of 
establishing a quorum in such subcommittees.
    (3) The subcommittees shall be comprised as follows:
                  (A) The Subcommittee on Capital Markets and 
                Government Sponsored Enterprises shall be 
                comprised of 30 members, 17 elected by the 
                majority caucus and 13 elected by the minority 
                caucus.
                  (B) The Subcommittee on Financial 
                Institutions and Consumer Credit shall be 
                comprised of 30 members, 17 elected by the 
                majority caucus and 13 elected by the minority 
                caucus.
                  (C) The Subcommittee on Housing and Insurance 
                shall be comprised of 21 members, 12 elected by 
                the majority caucus and 9 elected by the 
                minority caucus.
                  (D) The Subcommittee on Monetary Policy and 
                Trade shall be comprised of 21 members, 12 
                elected by the majority caucus and 9 elected by 
                the minority caucus.
                  (E) The Subcommittee on Oversight and 
                Investigations shall be comprised of 21 
                members, 12 elected by the majority caucus and 
                9 elected by the minority caucus.

Subcommittee Meetings and Hearings

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

Effect of a Vacancy

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

Records

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

                                 Rule 6


                                 STAFF

In General

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

Subcommittee Staff

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

Compensation of Staff

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

                                 Rule 7


                           BUDGET AND TRAVEL

Budget

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

Travel

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

                                 Rule 8


                        COMMITTEE ADMINISTRATION

Records

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

Committee Publications on the Internet

    (b) The Chair shall maintain an official Committee website 
for the purpose of carrying out the official responsibilities 
of the Committee, including communicating information about the 
Committee's activities. The ranking minority member may 
maintain an official website. To the maximum extent feasible, 
the Committee shall make its publications available in 
electronic form on the official Committee website maintained by 
the Chair.

Audio and Video Coverage of Committee Hearings and Meetings

    (c)(1) To the maximum extent feasible, the Committee shall 
provide audio and video coverage of each hearing or meeting for 
the transaction of business in a manner that allows the public 
to easily listen to and view the proceedings; and,
    (2) maintain the recordings of such coverage in a manner 
that is easily accessible to the public.

   MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE ON FINANCIAL SERVICES

                  ONE HUNDRED AND FOURTEENTH CONGRESS

                    Committee on Financial Services

                             (Ratio: 34-26)

  JEB HENSARLING, Texas, Chairman

MAXINE WATERS, California, Ranking MemberR T. KING, New York
CAROLYN B. MALONEY, New York         EDWARD R. ROYCE, California
NYDIA M. VELAZQUEZ, New York         FRANK D. LUCAS, Oklahoma
Brad Sherman, California             SCOTT GARRETT, New Jersey
GREGORY W. MEEKS, New York           RANDY NEUGEBAUER, Texas
MICHAEL E. CAPUANO, Massachusetts    PATRICK T. McHENRY, North Carolina
RUBEN HINOJOSA, Texas                STEVAN PEARCE, New Mexico
WM. LACY CLAY, Missouri              BILL POSEY, Florida
STEPHEN F. LYNCH, Massachusetts      MICHAEL G. FITZPATRICK, 
DAVID SCOTT, Georgia                 Pennsylvania
AL GREEN, Texas                      LYNN A. WESTMORELAND, Georgia
EMANUEL CLEAVER, Missouri            BLAINE LUETKEMEYER, Missouri
GWEN MOORE, Wisconsin                BILL HUIZENGA, Michigan
KEITH ELLISON, Minnesota             SEAN P. DUFFY, Wisconsin
ED PERLMUTTER, Colorado              ROBERT HURT, Virginia
JAMES A. HIMES, Connecticut          STEVE STIVERS, Ohio
JOHN C. CARNEY, Jr., Delaware        STEPHEN LEE FINCHER, Tennessee
TERRI A. SEWELL, Alabama             MARLIN A. STUTZMAN, Indiana
BILL FOSTER, Illinois                MICK MULVANEY, South Carolina
DANIEL T. KILDEE, Michigan           RANDY HULTGREN, Illinois
PATRICK MURPHY, Florida              DENNIS A. ROSS, Florida
JOHN K. DELANEY, Maryland            ROBERT PITTENGER, North Carolina
KYRSTEN SINEMA, Arizona              ANN WAGNER, Missouri
JOYCE BEATTY, Ohio                   ANDY BARR, Kentucky
DENNY HECK, Washington               KEITH J. ROTHFUS, Pennsylvania
JUAN VARGAS, California              LUKE MESSER, Indiana
                                     DAVID SCHWEIKERT, Arizona
                                     FRANK GUINTA, New Hampshire
                                     SCOTT TIPTON, Colorado
                                     ROGER WILLIAMS, Texas
                                     BRUCE POLIQUIN, Maine
                                     MIA LOVE, Utah
                                     FRENCH HILL, Arkansas
                                     TOM EMMER, Minnesota\1\
                        SUBCOMMITTEE MEMBERSHIPS


  Subcommittee on Capital Markets and Government Sponsored Enterprises


                             (Ratio: 17-13)


    SCOTT GARRETT, New Jersey, 
             Chairman

CAROLYN B. MALONEY, NY [RM]          ROBERT HURT, VA [V Chair]
BRAD SHERMAN, CA                     PETER T. KING, NY
RUBEN HINOJOSA, TX                   EDWARD R. ROYCE, CA
STEPHEN F. LYNCH, MA                 RANDY NEUGEBAUER, TX
ED PERLMUTTER, CO                    PATRICK T. McHENRY, NC
DAVID SCOTT, GA                      BILL HUIZENGA, MI
JAMES A. HIMES, CT                   SEAN P. DUFFY, WI
KEITH ELLISON, MN                    STEVE STIVERS, OH
BILL FOSTER, IL                      STEPHEN LEE FINCHER, TN
GREGORY W. MEEKS, NY                 RANDY HULTGREN, IL
JOHN C. CARNEY, Jr. DE               DENNIS A. ROSS, FL
TERRI A. SEWELL, AL                  ANN WAGNER, MO
PATRICK MURPHY, FL                   LUKE MESSER, IN
MAXINE WATERS, CA [Ex Officio]       DAVID SCHWEIKERT, AZ
                                     BRUCE POLIQUIN, ME
                                     FRENCH HILL, AR
                                     JEB HENSARLING, TX [Ex Officio]

       Subcommittee on Financial Institutions and Consumer Credit


                             (Ratio: 17-13)


  RANDY NEUGEBAUER, TX, Chairman

WM. LACY CLAY, MO [RM]               STEVAN PEARCE, NM [V Chair]
GREGORY W. MEEKS, NY                 FRANK D. LUCAS, OK
RUBEN HINOJOSA, TX                   BILL POSEY, FL
DAVID SCOTT, GA                      MICHAEL G. FITZPATRICK, PA
CAROLYN B. MALONEY, NY               LYNN A. WESTMORELAND, GA
NYDIA M. VELAZQUEZ, NY               BLAINE LUETKEMEYER, MO
BRAD SHERMAN, CA                     MARLIN A. STUTZMAN, IN
STEPHEN F. LYNCH, MA                 MICK MULVANEY, SC
MICHAEL E. CAPUANO, MA               ROBERT PITTENGER, NC
JOHN K. DELANEY, MD                  ANDY BARR, KY
DENNY HECK, WA                       KEITH J. ROTHFUS, PA
KYRSTEN SINEMA, AZ                   FRANK GUINTA, NH
JUAN VARGAS, CA                      SCOTT TIPTON, CO
MAXINE WATERS, CA [Ex Officio]       ROGER WILLIAMS, TX
                                     MIA LOVE, UT
                                     TOM EMMER, Minnesota
                                     JEB HENSARLING, TX [Ex Officio]

                 Subcommittee on Housing and Insurance


                             (Ratio: 12-9)


 BLAINE LUETKEMEYER, MO, Chairman

EMANUEL CLEAVER, MO [RM]             LYNN A. WESTMORELAND, GA [V Chair]
NYDIA M. VELAZQUEZ, NY               EDWARD R. ROYCE, CA
MICHAEL E. CAPUANO, MA               SCOTT GARRETT, NJ
WM. LACY CLAY, MO                    STEVAN PEARCE, NM
AL GREEN, TX                         BILL POSEY, FL
GWEN MOORE, WI                       ROBERT HURT, VA
KEITH ELLISON, MN                    STEVE STIVERS, OH
JOYCE BEATTY, OH                     DENNIS A. ROSS, FL
DANIEL T. KILDEE, MI                 ANDY BARR, KY
MAXINE WATERS, CA [Ex Officio]       KEITH J. ROTHFUS, PA
                                     ROGER WILLIAMS, TX
                                     JEB HENSARLING, TX [Ex Officio]

               Subcommittee on Monetary Policy and Trade


                             (Ratio: 12-9)


    BILL HUIZENGA, MI, Chairman

GWEN MOORE, WI [RM]                  MICK MULVANEY, SC [V Chair]
BILL FOSTER, IL                      FRANK D. LUCAS, OK
ED PERLMUTTER, CO                    STEVAN PEARCE, NM
JAMES A. HIMES, CT                   LYNN A. WESTMORELAND, GA
JOHN C. CARNEY, Jr. DE               MARLIN A. STUTZMAN, IN
TERRI A. SEWELL, AL                  ROBERT PITTENGER, NC
PATRICK MURPHY, FL                   LUKE MESSER, IN
DANIEL T. KILDEE, MI                 DAVID SCHWEIKERT, AZ
DENNY HECK, WA                       FRANK GUINTA, NH
MAXINE WATERS, CA [Ex Officio]       MIA LOVE, UT
                                     TOM EMMER, Minnesota
                                     JEB HENSARLING, TX [Ex Officio]

              Subcommittee on Oversight and Investigations


                             (Ratio: 12-9)


    SEAN P. DUFFY, WI, Chairman

AL GREEN, TX [RM]                    MICHAEL G. FITZPATRICK, PA [V 
MICHAEL E. CAPUANO, MA               Chair]
EMANUEL CLEAVER, MO                  PETER T. KING, NY
KEITH ELLISON, MN                    PATRICK T. McHENRY, NC
JOHN K. DELANEY, MD                  ROBERT HURT, VA
JOYCE BEATTY, OH                     STEPHEN LEE FINCHER, TN
DENNY HECK, WA                       MICK MULVANEY, SC
KYRSTEN SINEMA, AZ                   RANDY HULTGREN, IL
JUAN VARGAS, CA                      ANN WAGNER, MO
MAXINE WATERS, CA [Ex Officio]       SCOTT TIPTON, CO
                                     BRUCE POLIQUIN, ME
                                     FRENCH HILL, AR
                                     JEB HENSARLING, TX [Ex Officio]

             Task Force to Investigate Terrorism Financing


                             (Ratio: 12-9)


     MICHAEL G. FITZPATRICK, 
      Pennsylvania, Chairman

STEPHEN F. LYNCH, Massachusetts, [RM]ROBERT PITTENGER, North Carolina 
BRAD SHERMAN, California             [V Chair]
GREGORY W. MEEKS, New York           PETER T. KING, New York
AL GREEN, Texas                      STEVE STIVERS, Ohio
KEITH ELLISON, Minnesota             DENNIS A. ROSS, Florida
JAMES A. HIMES, Connecticut          ANN WAGNER, Missouri
BILL FOSTER, Illinois                ANDY BARR, Kentucky
DANIEL T. KILDEE, Michigan           KEITH J. ROTHFUS, Pennsylvania
KYRSTEN SINEMA, Arizona              DAVID SCHWEIKERT, Arizona
MAXINE WATERS, California [Ex Officio]OGER WILLIAMS, Texas
                                     BRUCE POLIQUIN, Maine
                                     FRENCH HILL, Arkansas
                                     JEB HENSARLING, Texas [Ex Officio]

                            Membership Notes

                                 ------                                

The following members are on leave from the Committee on 
Financial Services: Mr. Sessions, ranking immediately after Mr. Lucas; 
and Mr. Gutierrez ranking immediately after Mrs. Maloney.
\1\Mr. Emmer was elected to the Committee on May 19, 2015, filling a 
vacancy created by the resignation of Mr. Dold on April 29, 2015.

                            COMMITTEE STAFF


                             Majority Staff

      SHANNON FLAHERTY McGAHN
          Staff Director
          KIRSTEN J. MORK
       Deputy Staff Director
         JAMES H. CLINGER
           Chief Counsel
        JEFFREY W. EMERSON
      Deputy Staff Director--
          Communications
          JOSEPH R. CLARK
       General Counsel and 
          Parliamentarian
          EDWARD G. SKALA
          Policy Director

     TERISA L. ALLISON, Editor
    BRIAN R. ANDERSON, Counsel
  JONATHAN M. BLUM, Professional 
               Staff
     THOMAS CHRISTIAN BROWN, 
        Professional Staff 
EDWARD CHASE BURGESS, Legislative 
            Assistant 
   JOSEPH JOHN CARAPIET, Senior 
              Counsel
     ANTHONY E. CHANG, Senior 
        Professional Staff
    KATELYN E. CHRIST, Senior 
        Professional Staff
      CATHERINE M. COSTAKOS, 
     Communications Assistant
UTTAM A. DHILLON, Chief Oversight 
              Counsel
 KEVIN R. EDGAR, Chief Securities 
              Counsel
    DINO D. FALASCHETTI, Chief 
             Economist
 ANGELA S. GAMBO, Administrative 
             Assistant
    JOSEPH A. GAMMELLO, Counsel
    REBEKAH E. GOSHORN, Counsel
    ELIE S. GREENBAUM, Counsel
 TAYLOR R. HEWES, Staff Assistant
   ISAAC BORDEN HOSKINS, Member 
Services and Coalition Coordinator
   CARLTON KYLE JACKSON, Senior 
              Advisor
  BRIAN JOHNSON, Chief Financial 
       Institutions Counsel
     TALLMAN JOHNSON, Senior 
        Professional Staff
   CLINTON COLUMBUS JONES, III, 
          Senior Counsel
  ROSEMARY E. KEECH, Chief Clerk
 KELLY E. McGRATH, Staff Assistant
 MARLISS A. McMANUS, Professional 
               Staff
 HALLEE KATHERINE MORGAN, Counsel
  MATTHEW KINLEY MULDER, Counsel
  BRIAN P. O'SHEA, Professional 
               Staff
 JOE PINDER, Senior Professional 
               Staff
   SARAH ROZIER, Communications 
             Director
 JARED CODY SAWYER, Professional 
               Staff
    ADAM J. SCHEIDLER, Digital 
             Director
      BRETT A. SISTO, Counsel
 JENNIFER RENEE STALZER, Scheduler
 ANDREW TAYLOR Professional Staff
KIM TRIMBLE, Systems Administrator
   BRYAN ALEXANDER WOOD, Counsel
 MONICA L. ZAGAME, Staff Assistant

                             Minority Staff

 CHARLA OUERTATANI, Staff Director
   AMANDA FISCHER, Deputy Staff 
             Director
LISA PETO, Director of Legislative 
            Operations
    KEVIN ROBERT BURRIS, Chief 
         Oversight Counsel
  THERESA F. DUMAIS, Director of 
          Housing Policy
   ERIKA JEFFERS, Senior Policy 
             Director
   KATELYNN O. BRADLEY, Senior 
              Counsel
   MITRIA WILSON, Senior Counsel
       ESTHER KAHNG, Counsel
      JENNIFER READ, Counsel
  KRISTOFOR S. ERICKSON, Senior 
     Professional Staff Member
    DANIEL McGLINCHEY, Senior 
     Professional Staff Member
     KIRK SCHWARZBACH, Senior 
     Professional Staff Member
 DANIELLE PARNASS, Communications 
             Director
     ANITA L. JOHNSON, Chief 
      Administrative Officer
   MARCOS F. MANOSALVAS, Press 
             Assistant
  PANIZ REZAEE-ROD, Research and 
         Special Assistant
  ALFRED J. FORMAN, Jr., Systems 
           Administrator
   TWAUN SAMUEL, Shared Employee
                OVERVIEW OF LEGISLATIVE ACCOMPLISHMENTS

    During the 114th Congress, 563 bills were referred to the 
Committee on Financial Services. The full Committee reported to 
the House or was discharged from the further consideration of 
96 measures, not including conference reports. Nineteen 
measures regarding matters within the Committee's jurisdiction 
were enacted into law. Two of these measures (H.R. 22, the 
Fixing America's Surface Transportation Act, and H.R. 2029, the 
Consolidated Appropriations Act, 2016) incorporated provisions 
corresponding to 24 bills previously acted on by the Committee 
(see Appendix I, Part B for more information). The following is 
a summary of the legislative and oversight activities of the 
Committee on Financial Services during the 114th Congress, 
including a summary of the activities taken by the Committee to 
implement its Oversight Plan for the 114th Congress.

                    COMMITTEE ON FINANCIAL SERVICES


                             (Ratio: 34-26)


  JEB HENSARLING, Texas, Chairman

MAXINE WATERS, California, Ranking MemberR T. KING, New York
CAROLYN B. MALONEY, New York         EDWARD R. ROYCE, California
NYDIA M. VELAZQUEZ, New York         FRANK D. LUCAS, Oklahoma
BRAD SHERMAN, California             SCOTT GARRETT, New Jersey RANDY
GREGORY W. MEEKS, New York           KNEUGEBAUER, Texas
MICHAEL E. CAPUANO, Massachusetts    PATRICK T. McHENRY, North Carolina
RUBEN HINOJOSA, Texas                STEVAN PEARCE, New Mexico
WM. LACY CLAY, Missouri              BILL POSEY, Florida
STEPHEN F. LYNCH, Massachusetts      MICHAEL G. FITZPATRICK, 
DAVID SCOTT, Georgia                 Pennsylvania
AL GREEN, Texas                      LYNN A. WESTMORELAND, Georgia
EMANUEL CLEAVER, Missouri            BLAINE LUETKEMEYER, Missouri
GWEN MOORE, Wisconsin                BILL HUIZENGA, Michigan
KEITH ELLISON, Minnesota             SEAN P. DUFFY, Wisconsin
ED PERLMUTTER, Colorado              ROBERT HURT, Virginia
JAMES A. HIMES, Connecticut          STEVE STIVERS, Ohio
JOHN C. CARNEY, Jr., Delaware        STEPHEN LEE FINCHER, Tennessee
TERRI A. SEWELL, Alabama             MARLIN A. STUTZMAN, Indiana
BILL FOSTER, Illinois                MICK MULVANEY, South Carolina
DANIEL T. KILDEE, Michigan           RANDY HULTGREN, Illinois
PATRICK MURPHY, Florida              DENNIS A. ROSS, Florida
JOHN K. DELANEY, Maryland            ROBERT PITTENGER, North Carolina
KYRSTEN SINEMA, Arizona              ANN WAGNER, Missouri
JOYCE BEATTY, Ohio                   ANDY BARR, Kentucky
DENNY HECK, Washington               KEITH J. ROTHFUS, Pennsylvania
JUAN VARGAS, California              LUKE MESSER, Indiana
                                     DAVID SCHWEIKERT, Arizona
                                     FRANK GUINTA, New Hampshire
                                     SCOTT TIPTON, Colorado
                                     ROGER WILLIAMS, Texas
                                     BRUCE, POLIQUIN, Maine
                                     MIA LOVE, Utah
                                     FRENCH HILL, Arkansas
                                     TOM EMMER, Minnesota

                                               Legislative Activities of the Financial Services Committee
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 Committee/House
             Bill No.                  Formal Title        Introduced          Sponsor             Date              Action                Summary
--------------------------------------------------------------------------------------------------------------------------------------------------------
HR 5.............................  Student Success Act.        2/3/2015  John Kline [R-MN-2]       2/20/2015  Committee Discharged
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................        7/8/2015  House passed by
                                                                                                               record vote 218-213.
HR 22............................  Fixing America's            1/6/2015  Davis Rodney [R-IL-  ..............  Not considered in     Incorporated
                                    Surface                               13].                                 Committee.            provisions
                                    Transportation Act.                                                                              corresponding to 18
                                                                                                                                     measures acted on
                                                                                                                                     by the Committee in
                                                                                                                                     the 114th Congress.
                                                                                                                                     See Appendix I,
                                                                                                                                     Part B for
                                                                                                                                     additional
                                                                                                                                     information.
                                   ....................  ..............  ...................       11/5/2015  H. Amendment 827
                                                                                                               offered by Mr.
                                                                                                               Hensarling agreed
                                                                                                               to by voice vote.
                                   ....................  ..............  ...................       11/5/2015  Passed in the House
                                                                                                               by record vote 371-
                                                                                                               54.
                                   ....................  ..............  ...................       12/1/2015  Conference Report
                                                                                                               filed, H. Rept. 114-
                                                                                                               357.
                                   ....................  ..............  ...................       12/3/2015  Conference report
                                                                                                               passed the House by
                                                                                                               record vote 259-65.
                                   ....................  ..............  ...................       12/3/2015  Conference report
                                                                                                               passed the Senate
                                                                                                               by record vote 83-
                                                                                                               16.
                                   ....................  ..............  ...................       12/4/2015  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-94.
HR 26............................  Terrorism Risk              1/6/2015  Randy Neugebauer [R- ..............  Not considered in     Extends the
                                    Insurance Program                     TX-19].                              Committee.            termination date of
                                    Reauthorization Act                                                                              the Terrorism
                                    of 2015.                                                                                         Insurance Program
                                                                                                                                     established under
                                                                                                                                     the Terrorism Risk
                                                                                                                                     Insurance Act of
                                                                                                                                     2002 and makes
                                                                                                                                     certain
                                                                                                                                     modifications to
                                                                                                                                     such program.
                                   ....................  ..............  ...................        1/7/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 416-5,
                                                                                                               1 Present.
                                   ....................  ..............  ...................        1/8/2015  Passed in the Senate
                                                                                                               by record vote 93-4.
                                   ....................  ..............  ...................       1/12/2015  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-1.
HR 37............................  Promoting Job               1/6/2015  Michael Fitzpatrick  ..............  Not considered in     Seeks to enhance the
                                    Creation and                          [R-PA-8].                            Committee.            ability of small
                                    Reducing Small                                                                                   and emerging growth
                                    Business Burdens                                                                                 companies to access
                                    Act.                                                                                             public and private
                                                                                                                                     markets.
                                   ....................  ..............  ...................        1/7/2015  Considered under
                                                                                                               suspension of the
                                                                                                               rules; Motion
                                                                                                               failed by record
                                                                                                               vote (2/3 required)
                                                                                                               276-146.
                                   ....................  ..............  ...................       1/14/2015  Passed in the House
                                                                                                               by record vote 271-
                                                                                                               154.
HR 233...........................  Tenant Income               1/8/2015  Ed Perlmutter [D-CO- ..............  Not considered in     Allows reviews of
                                    Verification Relief                   7].                                  Committee.            certain families'
                                    Act of 2015.                                                                                     incomes every three
                                                                                                                                     years for purposes
                                                                                                                                     of determining
                                                                                                                                     eligibility for
                                                                                                                                     certain Federal
                                                                                                                                     assisted housing
                                                                                                                                     programs.
                                   ....................  ..............  ...................       3/23/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 251...........................  Homes for Heroes Act        1/9/2015  Al Green [D-TX-9]..  ..............  Not considered in     Transfers the
                                    of 2015.                                                                   Committee.            position of Special
                                                                                                                                     Assistant for
                                                                                                                                     Veterans Affairs
                                                                                                                                     from HUD's Office
                                                                                                                                     of the Deputy
                                                                                                                                     Assistant Secretary
                                                                                                                                     for Special Needs
                                                                                                                                     to the Office of
                                                                                                                                     the Secretary.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 412-1.
HR 299...........................  Capital Access for         1/13/2015  Steve Stivers [R-OH-      3/26/2015  Ordered reported by   Amends the Federal
                                    Small Community                       15].                                 the Full Committee    Home Loan Bank Act
                                    Financial                                                                  by record vote 56-1.  to authorize
                                    Institutions Act of                                                                              privately insured
                                    2015.                                                                                            credit unions to
                                                                                                                                     become members of a
                                                                                                                                     Federal Home Loan
                                                                                                                                     Bank.
                                   ....................  ..............  ...................       4/13/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-58.
                                   ....................  ..............  ...................       4/13/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 360...........................  Native American            1/14/2015  Stevan Pearce [R-NM- ..............  Not considered in     Reauthorizes the
                                    Housing Assistance                    2].                                  Committee.            Native American
                                    and Self-                                                                                        Housing Assistance
                                    Determination                                                                                    and Self-
                                    Reauthorization Act                                                                              Determination Act
                                    of 2015.                                                                                         of 1996 and makes
                                                                                                                                     certain changes to
                                                                                                                                     programs available
                                                                                                                                     under such Act.
                                   ....................  ..............  ...................       3/23/2015  Passed the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 297-98.
HR 414...........................  Burdensome Data            1/20/2015  Bill Huizenga [R-MI-      9/30/2015  Ordered reported by   Repeals Dodd-Frank's
                                    Collection Relief                     2].                                  the Full Committee    median pay ratio
                                    Act.                                                                       by record vote 32-    rule.
                                                                                                               25.
                                   ....................  ..............  ...................       4/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-504.
HR 431...........................  Award a                    1/21/2015  Terri Sewell [D-AL-  ..............  Not considered in     Awards a
                                    Congressional Gold                    7].                                  Committee.            Congressional Gold
                                    Medal to the Foot                                                                                Medal to the Foot
                                    Soldiers who                                                                                     Soldiers who
                                    participated in                                                                                  participated in the
                                    Bloody Sunday,                                                                                   final Selma to
                                    Turnaround Tuesday,                                                                              Montgomery Voting
                                    or the final Selma                                                                               Rights March in
                                    to Montgomery                                                                                    March of 1965.
                                    Voting Rights March
                                    in March of 1965,
                                    which served as a
                                    catalyst for the
                                    Voting Rights Act
                                    of 1965..
                                   ....................  ..............  ...................       2/11/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 420-0.
                                   ....................  ..............  ...................        3/2/2015  Passed in the Senate
                                                                                                               by unanimous
                                                                                                               consent.
                                   ....................  ..............  ...................        3/7/2015  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-5.
HR 432...........................  SBIC Advisers Relief       1/21/2015  Blaine Luetkemeyer        5/20/2015  Ordered reported by   Amends the
                                    Act of 2015.                          [R-MO-3].                            the Full Committee    Investment Advisors
                                                                                                               by record vote 53-0.  Act of 1940 to
                                                                                                                                     prevent duplicative
                                                                                                                                     regulation of
                                                                                                                                     advisers of small
                                                                                                                                     business investment
                                                                                                                                     companies.
                                   ....................  ..............  ...................       7/14/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-199.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 597...........................  Reform Exports and         1/28/2015  Stephen Lee Fincher  ..............  Not considered in     Reauthorizes the
                                    Expand the American                   [R-TN-8].                            Committee.            Export-Import Bank
                                    Economy Act.                                                                                     of the United
                                                                                                                                     States.
                                   ....................  ..............  ...................      10/27/2015  Passed in the house
                                                                                                               by record vote 313-
                                                                                                               118.
HR 601...........................  Eliminate Privacy          1/28/2015  Blaine Luetkemeyer        3/26/2015  Ordered reported by   Provides an
                                    Notice Confusion                      [R-MO-3].                            the Full Committee    exception to the
                                    Act.                                                                       by record vote 57-0.  Gramm-Leach-Bliley
                                                                                                                                     Act's annual
                                                                                                                                     privacy notice
                                                                                                                                     requirement for
                                                                                                                                     entities that have
                                                                                                                                     not changed their
                                                                                                                                     information
                                                                                                                                     disclosure policies
                                                                                                                                     in the previous
                                                                                                                                     year.
                                   ....................  ..............  ...................       4/13/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-59.
                                   ....................  ..............  ...................       4/13/2015  Passed in the House
                                                                                                               under suspension
                                                                                                               rules by voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 650...........................  Preserving Access to        2/2/2015  Stephen Lee Fincher       3/26/2015  Ordered reported by   Amends the Truth in
                                    Manufactured                          [R-TN-8].                            the Full Committee    Lending Act to
                                    Housing Act of 2015.                                                       by record vote 43-    modify the
                                                                                                               15.                   definitions of a
                                                                                                                                     mortgage originator
                                                                                                                                     and a high-cost
                                                                                                                                     mortgage.
                                   ....................  ..............  ...................        4/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-53.
                                   ....................  ..............  ...................       4/14/2015  Passed in the House
                                                                                                               by record vote 263-
                                                                                                               162.
HR 685...........................  Mortgage Choice Act         2/3/2015  Bill Huizenga [R-MI-      3/26/2015  Ordered reported by   Amends the Truth in
                                    of 2015.                              2].                                  the Full Committee    Lending Act to
                                                                                                               by record vote 43-    improve the
                                                                                                               12.                   definitions for
                                                                                                                                     ``points and fees''
                                                                                                                                     in connection with
                                                                                                                                     a mortgage
                                                                                                                                     transaction.
                                   ....................  ..............  ...................        4/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-54.
                                   ....................  ..............  ...................       4/14/2015  Passed in the House
                                                                                                               by record vote 286-
                                                                                                               140.
HR 686...........................  Small Business              2/3/2015  Bill Huizenga [R-MI-      5/20/2015  Ordered reported by   Amends the
                                    Mergers,                              2].                                  the Full Committee    Securities Exchange
                                    Acquisitions,                                                              by record vote 36-    Act of 1934 to
                                    Sales, and                                                                 24.                   create a simplified
                                    Brokerage                                                                                        SEC registration
                                    Simplification Act                                                                               system for brokers
                                    of 2015.                                                                                         known as M&A;
                                                                                                                                     brokers that
                                                                                                                                     perform services in
                                                                                                                                     connection with the
                                                                                                                                     transfer of
                                                                                                                                     ownership of
                                                                                                                                     smaller privately
                                                                                                                                     held companies.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-400.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               1675, the
                                                                                                               Encouraging
                                                                                                               Employee Ownership
                                                                                                               Act of 2015.
HR 757...........................  North Korea                 2/5/2015  Edward Royce [R-CA-       1/11/2016  Committee discharged
                                    Sanctions and                         39].                                 by Unanimous
                                    Policy Enhancement                                                         Consent.
                                    Act of 2016.
                                   ....................  ..............  ...................       1/12/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 418-2.
                                   ....................  ..............  ...................       2/10/2016  Passed in the Senate
                                                                                                               with an amendment
                                                                                                               by record vote 96-0.
                                   ....................  ..............  ...................       2/12/2016  House agreed to
                                                                                                               Senate amendment by
                                                                                                               record vote 408-2.
                                   ....................  ..............  ...................       2/18/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-122.
HR 766...........................  Financial                   2/5/2015  Blaine Luetkemeyer        7/29/2015  Ordered reported by   Prohibits a federal
                                    Institution                           [R-MO-3].                            the Full Committee    banking agency from
                                    Customer Protection                                                        by record vote 35-    ordering closure of
                                    Act of 2015.                                                               19.                   an account based
                                                                                                                                     solely on
                                                                                                                                     ``reputation
                                                                                                                                     risk,'' and not
                                                                                                                                     unless it has a
                                                                                                                                     material reason to
                                                                                                                                     do so.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-402.
                                   ....................  ..............  ...................        2/4/2016  Passed in the House
                                                                                                               by record vote 250-
                                                                                                               169.
HR 893...........................  Boys Town Centennial       2/11/2015  Jeff Fortenberry [R- ..............  Not considered in     Directs the Treasury
                                    Commemorative Coin                    NE-1].                               Committee.            Secretary to mint
                                    Act.                                                                                             coins in
                                                                                                                                     commemoration of
                                                                                                                                     the centennial of
                                                                                                                                     Boys Town.
                                   ....................  ..............  ...................       6/23/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................       6/25/2015  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................        7/6/2015  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-30.
HR 957...........................  Bureau of Consumer         2/12/2015  Steve Stivers [R-OH-      9/30/2015  Ordered reported by   Creates an
                                    Financial                             15].                                 the Full Committee    independent
                                    Protection-                                                                by record vote 56-3.  Inspector General
                                    Inspector General                                                                                for the CFPB.
                                    Reform Act of 2015.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-865 Part
                                                                                                               I.
HR 1047..........................  Housing Assistance         2/24/2015  Scott Peters [D-CA-  ..............  Not considered in     Authorizes private
                                    Efficiency Act.                       52].                                 Committee.            nonprofit
                                                                                                                                     organizations to
                                                                                                                                     administer
                                                                                                                                     permanent housing
                                                                                                                                     rental assistance
                                                                                                                                     provided through
                                                                                                                                     the Continuum of
                                                                                                                                     Care Program under
                                                                                                                                     the McKinney-Vento
                                                                                                                                     Homeless Assistance
                                                                                                                                     Act. Also requires
                                                                                                                                     that the HUD
                                                                                                                                     Secretary
                                                                                                                                     reallocate any
                                                                                                                                     assistance provided
                                                                                                                                     under Part B of 42
                                                                                                                                     U.S. Code
                                                                                                                                     Subchapter IV
                                                                                                                                     (``Emergency
                                                                                                                                     Solutions Grants
                                                                                                                                     Program'') at least
                                                                                                                                     once during each
                                                                                                                                     fiscal year rather
                                                                                                                                     than twice as
                                                                                                                                     provided for under
                                                                                                                                     current law.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote..
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1090..........................  Retail Investor       Ann Wagner [R-  9/30/2015..........  ..............  Ordered reported by   Restricts the Labor
                                    Protection Act 2/25/          MO-2]                                        the Full Committee    Secretary's
                                    2015.                                                                      by record vote 34-    authority to
                                                                                                               25.                   prescribe a rule
                                                                                                                                     defining when an
                                                                                                                                     individual
                                                                                                                                     constitutes a
                                                                                                                                     fiduciary and
                                                                                                                                     amends the
                                                                                                                                     Securities Exchange
                                                                                                                                     Act of 1934 to
                                                                                                                                     require the SEC to
                                                                                                                                     assess and report
                                                                                                                                     on whether retail
                                                                                                                                     investors are being
                                                                                                                                     harmed due to
                                                                                                                                     brokers or dealers
                                                                                                                                     operating under
                                                                                                                                     different standards
                                                                                                                                     of conduct than
                                                                                                                                     those that apply to
                                                                                                                                     investment advisers
                                                                                                                                     under the
                                                                                                                                     Investment Advisers
                                                                                                                                     Act of 1940.
                                   ....................  ..............  ...................      10/22/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-304 Part
                                                                                                               I.
                                   ....................  ..............  ...................      10/27/2015  Passed in the House
                                                                                                               by record vote 245-
                                                                                                               186.
HR 1150..........................  Frank R. Wolf              2/27/2015  Christopher Smith    ..............  Not considered in
                                    International                         [R-NJ-4].                            Committee.
                                    Religious Freedom
                                    Act of 2015.
                                   ....................  ..............  ...................       5/16/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................      12/10/2016  Passed in the Senate
                                                                                                               with an amendment
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................      12/13/2016  House agreed to
                                                                                                               Senate amendment
                                                                                                               without objection.
                                   ....................  ..............  ...................      12/16/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-281.
HR 1195..........................  Bureau of Consumer          3/2/2015  Robert Pittenger [R-      3/26/2015  Ordered reported by   Establishes in the
                                    Financial                             NC-9].                               the Full Committee    CFPB a Small
                                    Protection Advisory                                                        by record vote 53-5.  Business Advisory
                                    Boards Act.                                                                                      Board and codifies
                                                                                                                                     the already-
                                                                                                                                     established Credit
                                                                                                                                     Union Advisory
                                                                                                                                     Council and the
                                                                                                                                     Community Bank
                                                                                                                                     Advisory Council.
                                   ....................  ..............  ...................        4/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-55.
                                   ....................  ..............  ...................       4/22/2015  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 235-183.
HR 1210..........................  Portfolio Lending           3/3/2015  Andy Barr [R-KY-6].       7/29/2015  Ordered reported by   Creates a legal safe
                                    and Mortgage Access                                                        the Full Committee    harbor from ATR/QM
                                    Act.                                                                       by record vote 38-    requirements for
                                                                                                               18.                   loans held on
                                                                                                                                     portfolio.
                                   ....................  ..............  ...................      11/16/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-330.
                                   ....................  ..............  ...................      11/18/2015  Passed in the House
                                                                                                               by record vote 225-
                                                                                                               174.
HR 1259..........................  Helping Expand              3/4/2015  Andy Barr [R-KY-6].       3/26/2015  Ordered reported by   Provides for a
                                    Lending Practices                                                          the Full Committee    process for
                                    in Rural                                                                   by record vote 56-2.  interested parties
                                    Communities Act.                                                                                 to be designated a
                                                                                                                                     ``rural area'' for
                                                                                                                                     purposes of Federal
                                                                                                                                     consumer financial
                                                                                                                                     law.
                                   ....................  ..............  ...................       4/13/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-60.
                                   ....................  ..............  ...................       4/13/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 401-1.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1265..........................  Bureau Advisory             3/4/2015  Sean Duffy [R-WI-7]       3/26/2015  Ordered reported by   Applies the Federal
                                    Commission                                                                 the Full Committee    Advisory Committee
                                    Transparency Act.                                                          by record vote 56-2.  Act to the CFPB.
                                   ....................  ..............  ...................        4/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-56 Part
                                                                                                               I.
                                   ....................  ..............  ...................       4/13/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 401-2.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2029, the
                                                                                                               Consolidated
                                                                                                               Appropriations Act
                                                                                                               2016.
HR 1266..........................  Financial Product           3/4/2015  Randy Neugebauer [R-      9/30/2015  Ordered reported,     Removes the CFPB
                                    Safety Commission                     TX-19].                              amended, by the       from the Federal
                                    Act of 2015.                                                               Full Committee by     Reserve and
                                                                                                               record vote 35-24.    replaces the CFPB
                                                                                                                                     Director with a 5-
                                                                                                                                     member bipartisan
                                                                                                                                     commission.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-872.
HR 1309..........................  Systemic Risk               3/4/2015  Blaine Luetkemeyer        11/4/2015  Ordered reported by   Provides for
                                    Designation                           [R-MO-3].                            the Full Committee    supervision of bank
                                    Improvement Act of                                                         by record vote 39-    SIFIs following
                                    2015.                                                                      16.                   designation by the
                                                                                                                                     FSOC based on multi-
                                                                                                                                     factor test in lieu
                                                                                                                                     of current $50
                                                                                                                                     billion asset
                                                                                                                                     threshold
                                                                                                                                     triggering
                                                                                                                                     supervision of such
                                                                                                                                     firms.
                                   ....................  ..............  ...................       9/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-752.
HR 1317..........................  To amend the                3/4/2015  Gwen Moore [D-WI-4]       7/29/2015  Ordered reported,     Makes an affiliate
                                    Commodity Exchange                                                         amended, by the       of a non-financial
                                    Act and the                                                                Full Committee by     company eligible
                                    Securities Exchange                                                        record vote 57-0.     for the end-user
                                    Act of 1934 to                                                                                   exemptions from
                                    specify how                                                                                      mandatory clearing
                                    clearing                                                                                         and margin for
                                    requirements apply                                                                               their derivatives
                                    to certain                                                                                       positions if the
                                    affiliate                                                                                        company uses a
                                    transactions, and                                                                                central treasury
                                    for other purposes..                                                                             hedging unit.
                                   ....................  ..............  ...................      11/16/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-311 Part
                                                                                                               II.
                                   ....................  ..............  ...................      11/16/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2029, the
                                                                                                               Consolidated
                                                                                                               Appropriations Act
                                                                                                               2016.
HR 1334..........................  Holding Company             3/4/2015  Steve Womack [R-AR-       5/20/2015  Ordered reported by   Applies the
                                    Registration                          3].                                  the Full Committee    shareholder
                                    Threshold                                                                  by record vote 60-0.  registration and
                                    Equalization Act of                                                                              deregistration
                                    2015.                                                                                            thresholds
                                                                                                                                     contained in Title
                                                                                                                                     VI of the JOBS Act
                                                                                                                                     to savings and loan
                                                                                                                                     holding companies.
                                   ....................  ..............  ...................       7/14/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-200.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1367..........................  To amend the               3/16/2015  Aumua Amata Coleman       3/26/2015  Ordered reported by   Clarifies that the
                                    Expedited Funds                       Radewagen [R-AS].                    the Full Committee    Expedited Funds
                                    Availability Act to                                                        by record vote 58-0.  Availability Act
                                    clarify the                                                                                      applies to American
                                    application of that                                                                              Samoa and the
                                    Act to American                                                                                  Northern Mariana
                                    Samoa and the                                                                                    Islands.
                                    Northern Mariana
                                    Islands.
                                   ....................  ..............  ...................       4/13/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-61.
                                   ....................  ..............  ...................       4/13/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
HR 1408..........................  Mortgage Servicing         3/17/2015  Ed Perlmutter [D-CO-      3/26/2015  Ordered reported by   Requires Federal
                                    Asset Capital                         7].                                  the Full Committee    banking agencies to
                                    Requirements Act of                                                        by record vote 49-9.  study the
                                    2015.                                                                                            appropriate capital
                                                                                                                                     requirements for
                                                                                                                                     mortgage servicing
                                                                                                                                     assets for
                                                                                                                                     nonsystemic banking
                                                                                                                                     institutions and
                                                                                                                                     delays the
                                                                                                                                     implementation of
                                                                                                                                     rulemakings related
                                                                                                                                     to such issues.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2029, the
                                                                                                               Consolidated
                                                                                                               Appropriations Act
                                                                                                               2016.
HR 1478..........................  Policyholder               3/19/2015  Bill Posey [R-FL-8]       11/4/2015  Ordered reported,     Prohibits federal
                                    Protection Act of                                                          amended, by the       banking regulators
                                    2015.                                                                      Full Committee by     from moving the
                                                                                                               record vote 57-0.     assets of state-
                                                                                                                                     regulated insurance
                                                                                                                                     companies,
                                                                                                                                     structured under
                                                                                                                                     larger financial
                                                                                                                                     firms, to a bank if
                                                                                                                                     the state insurance
                                                                                                                                     regulator
                                                                                                                                     determines the
                                                                                                                                     transfer would harm
                                                                                                                                     the status of the
                                                                                                                                     insurer. Amends
                                                                                                                                     Title II of the
                                                                                                                                     Dodd-Frank Act to
                                                                                                                                     prohibit the FDIC
                                                                                                                                     from seizing
                                                                                                                                     insurance company
                                                                                                                                     assets when an
                                                                                                                                     affiliated
                                                                                                                                     financial entity is
                                                                                                                                     subject to orderly
                                                                                                                                     liquidation under
                                                                                                                                     the Dodd-Frank Act.
                                   ....................  ..............  ...................      11/16/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-338.
                                   ....................  ..............  ...................      11/16/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2029, the
                                                                                                               Consolidated
                                                                                                               Appropriations Act
                                                                                                               2016.
HR 1480..........................  SAFE Act                   3/19/2015  Robert Dold [R-IL-        3/26/2015  Ordered reported by   Provides for the
                                    Confidentiality and                   10].                                 the Full Committee    sharing of certain
                                    Privilege                                                                  by record vote 58-0.  information between
                                    Enhancement Act.                                                                                 state and federal
                                                                                                                                     financial services
                                                                                                                                     regulators.
                                   ....................  ..............  ...................       4/13/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-62.
                                   ....................  ..............  ...................       4/13/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 401-0.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2029, the
                                                                                                               Consolidated
                                                                                                               Appropriations Act
                                                                                                               2016.
HR 1486..........................  Taking Account of          3/19/2015  Andy Barr [R-KY-6].       4/13/2016  Ordered reported,     Makes the CFPB
                                    Bureaucrats'                                                               amended, by the       subject to the
                                    Spending Act of                                                            Full Committee by     congressional
                                    2015.                                                                      record vote 33-20.    appropriations
                                                                                                                                     process.
                                   ....................  ..............  ...................        5/6/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-538.
HR 1525..........................  Disclosure                 3/23/2015  Scott Garrett [R-NJ-      5/20/2015  Ordered reported by   Amends disclosure
                                    Modernization and                     5].                                  the Full Committee    regime for issuers
                                    Simplification Act                                                         by record vote 60-0.  and investors by
                                    of 2015.                                                                                         permitting issuers
                                                                                                                                     to submit a summary
                                                                                                                                     page on Form 10-K
                                                                                                                                     with cross-
                                                                                                                                     references to the
                                                                                                                                     content of the
                                                                                                                                     report.
                                   ....................  ..............  ...................       10/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-279.
                                   ....................  ..............  ...................       10/6/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1529..........................  Community                  3/23/2015  Brad Sherman [D-CA-       3/26/2015  Ordered reported by   Modifies the
                                    Institution                           30].                                 the Full Committee    requirements
                                    Mortgage Relief Act                                                        by record vote 48-    relating to
                                    of 2015.                                                                   10.                   community financial
                                                                                                                                     institutions for
                                                                                                                                     certain rules
                                                                                                                                     relating to
                                                                                                                                     mortgage loans.
                                   ....................  ..............  ...................        4/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-57.
HR 1550..........................  Financial Stability        3/23/2015  Dennis Ross [R-FL-        11/4/2015  Ordered reported by   Establishes
                                    Oversight Council                     15].                                 the Full Committee    requirements
                                    Improvement Act of                                                         by record vote 44-    related to the
                                    2015.                                                                      12.                   annual reevaluation
                                                                                                                                     of designated SIFIs
                                                                                                                                     and the rescission
                                                                                                                                     of such
                                                                                                                                     designations by the
                                                                                                                                     FSOC; public
                                                                                                                                     disclosure; and
                                                                                                                                     other matters.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-871.
HR 1553..........................  Small Business Exam        3/23/2015  Scott Tipton [R-CO-       7/29/2015  Ordered reported by   Increases the
                                    Cycle Reform Act of                   3].                                  the Full Committee    qualifying asset
                                    2015.                                                                      by record vote 58-0.  threshold for well
                                                                                                                                     capitalized
                                                                                                                                     community banks
                                                                                                                                     eligible for an 18-
                                                                                                                                     month exam cycle
                                                                                                                                     from $500 million
                                                                                                                                     to $1 billion.
                                   ....................  ..............  ...................       10/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-280.
                                   ....................  ..............  ...................       10/6/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 411-0.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1660..........................  Federal Saving             3/26/2015  Keith Rothfus [R-PA-      11/3/2015  Ordered reported by   Allows thrifts to
                                    Association Charter                   12].                                 the Full Committee    operate as national
                                    Flexibility Act of                                                         by voice vote.        banks under OCC
                                    2015.                                                                                            supervision without
                                                                                                                                     formally switching
                                                                                                                                     charters.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-873.
HR 1675..........................  Encouraging Employee       3/26/2015  Randy Hultgren [R-        5/20/2015  Ordered reported by   Directs the SEC to
                                    Ownership Act of                      IL-14].                              the Full Committee    revise its rules so
                                    2015.                                                                      by record vote 45-    as to increase the
                                                                                                               15.                   threshold amount
                                                                                                                                     for requiring
                                                                                                                                     issuers to provide
                                                                                                                                     certain disclosures
                                                                                                                                     relating to
                                                                                                                                     compensatory
                                                                                                                                     benefit plans.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-398.
                                   ....................  ..............  ...................        2/3/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 265-159.
HR 1698..........................  Bullion and                3/26/2015  Bill Huizenga [R-MI- ..............  Not considered in     Amends design and
                                    Collectible Coin                      2].                                  Committee.            content
                                    Production                                                                                       requirements for
                                    Efficiency and Cost                                                                              certain gold and
                                    Savings Act.                                                                                     silver coins.
                                   ....................  ..............  ...................       6/23/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1723..........................  Small Company Simple       3/26/2015  Ann Wagner [R-MO-2]       5/20/2015  Ordered reported by   Amends the SEC's
                                    Registration Act.                                                          the Full Committee    Form S-1
                                                                                                               by record vote 60-0.  registration
                                                                                                                                     statement to allow
                                                                                                                                     smaller reporting
                                                                                                                                     companies to
                                                                                                                                     incorporate by
                                                                                                                                     reference any
                                                                                                                                     documents filed
                                                                                                                                     with the SEC after
                                                                                                                                     the effective date
                                                                                                                                     of the Form S-1.
                                   ....................  ..............  ...................       7/14/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-201.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 426-0.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1737..........................  Reforming CFPB             4/13/2015  Frank Guinta [R-NH-       7/29/2015  Ordered reported by   Repeals the CFPB's
                                    Indirect Auto                         1].                                  the Full Committee    indirect auto
                                    Financing Guidance                                                         by record vote 47-    lending guidance
                                    Act.                                                                       10.                   and requires notice
                                                                                                                                     and comment prior
                                                                                                                                     to reissuance.
                                   ....................  ..............  ...................       11/9/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-329.
                                   ....................  ..............  ...................      11/18/2015  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 332-96.
HR 1816..........................  Vulnerable Veterans        4/15/2015  Joseph Heck [R-NV-   ..............  Not considered in     Excludes from
                                    Housing Reform Act                    3].                                  Committee.            consideration as
                                    of 2015.                                                                                         income under the
                                                                                                                                     United States
                                                                                                                                     Housing Act of 1937
                                                                                                                                     certain pension
                                                                                                                                     payments made to
                                                                                                                                     veterans who are in
                                                                                                                                     need of regular aid
                                                                                                                                     and attendance.
                                   ....................  ..............  ...................       5/18/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
HR 1839..........................  Reforming Access for       4/16/2015  Patrick McHenry [R-       7/29/2015  Ordered reported,     Amends the
                                    Investments in                        NC-10].                              amended, by the       Securities Act of
                                    Startup Enterprises                                                        Full Committee by     1933 to allow for
                                    Act of 2015.                                                               record vote 58-0.     the limited resale
                                                                                                                                     of securities held
                                                                                                                                     by an early stage
                                                                                                                                     company accredited
                                                                                                                                     investor or
                                                                                                                                     employee to other
                                                                                                                                     accredited
                                                                                                                                     investors.
                                   ....................  ..............  ...................       10/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-281.
                                   ....................  ..............  ...................       10/6/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 404-0.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1847..........................  Swap Data Repository       4/16/2015  Eric ``Rick''             5/20/2015  Ordered reported,     Amends the
                                    and Clearinghouse                     Crawford [R-AR-1].                   amended, by the       Securities Exchange
                                    Indemnification                                                            Full Committee by     Act of 1934 and the
                                    Correction Act of                                                          record vote 60-0.     Commodity Exchange
                                    2015.                                                                                            Act to repeal the
                                                                                                                                     indemnification
                                                                                                                                     requirements for
                                                                                                                                     regulatory
                                                                                                                                     authorities to
                                                                                                                                     obtain access to
                                                                                                                                     swap data required
                                                                                                                                     to be provided by
                                                                                                                                     swaps entities
                                                                                                                                     under those Acts.
                                   ....................  ..............  ...................       7/14/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-202 Part
                                                                                                               I.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 1941..........................  Financial                  4/22/2015  Lynn Westmoreland         7/29/2015  Ordered reported by   Creates deadlines
                                    Institutions                          [R-GA-3].                            the Full Committee    for agency issuance
                                    Examination                                                                by record vote 45-    of final exam
                                    Fairness and Reform                                                        13.                   reports and
                                    Act.                                                                                             establishes a right
                                                                                                                                     to appeal a
                                                                                                                                     material
                                                                                                                                     supervisory
                                                                                                                                     determination to an
                                                                                                                                     Office of
                                                                                                                                     Independent Exam
                                                                                                                                     Review within the
                                                                                                                                     Federal Financial
                                                                                                                                     Institutions
                                                                                                                                     Examination
                                                                                                                                     Council.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-874.
HR 1965..........................  Small Company              4/22/2015  Robert Hurt [R-VA-        5/20/2015  Ordered reported by   Exempts smaller
                                    Disclosure                            5].                                  the Full Committee    public companies
                                    Simplification Act.                                                        by record vote 44-    from requirements
                                                                                                               11.                   relating to the use
                                                                                                                                     of Extensible
                                                                                                                                     Business Reporting
                                                                                                                                     Language for
                                                                                                                                     periodic reporting
                                                                                                                                     to the SEC.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-399.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               1675, the
                                                                                                               Encouraging
                                                                                                               Employee Ownership
                                                                                                               Act of 2015.
HR 1975..........................  Securities and             4/22/2015  Gregory Meeks [D-NY-      5/20/2015  Ordered reported by   Requires the SEC to
                                    Exchange Commission                   5].                                  the Full Committee    refund or credit
                                    Overpayment Credit                                                         by record vote 57-0.  excess payments
                                    Act.                                                                                             made to the
                                                                                                                                     Commission.
                                   ....................  ..............  ...................       4/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-505.
HR 2029..........................  Consolidated               4/24/2015  Charles Dent [R-PA-  ..............  Not considered in     Incorporated
                                    Appropriations Act                    15].                                 Committee.            provisions
                                    2016.                                                                                            corresponding to
                                                                                                                                     six measures acted
                                                                                                                                     on by the Committee
                                                                                                                                     in the 114th
                                                                                                                                     Congress. See
                                                                                                                                     Appendix I, Part B
                                                                                                                                     for additional
                                                                                                                                     information.
                                   ....................  ..............  ...................        12/18/15  House concurred in
                                                                                                               the Senate
                                                                                                               amendment with an
                                                                                                               amendment agreed to
                                                                                                               by record vote 316-
                                                                                                               113.
                                   ....................  ..............  ...................        12/18/15  Senate agreed to
                                                                                                               House amendment to
                                                                                                               Senate amendment by
                                                                                                               record vote 65-33.
                                   ....................  ..............  ...................        12/18/15  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-113.
HR 2048..........................  Uniting and                4/28/2015  James Sensenbrenner        5/8/2015  Committee Discharged
                                    Strengthening                         [R-WI-5].                            by Unanimous
                                    America by                                                                 Consent.
                                    Fulfilling Rights
                                    and Ensuring
                                    Effective
                                    Discipline Over
                                    Monitoring Act of
                                    2015.
                                   ....................  ..............  ...................       5/13/2015  Passed in the House
                                                                                                               by record vote 338-
                                                                                                               88.
                                   ....................  ..............  ...................        6/2/2015  Passed the Senate by
                                                                                                               record vote 67-32.
                                   ....................  ..............  ...................        6/2/2015  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-23.
HR 2064..........................  Improving Access to        4/28/2015  Stephen Lee Fincher       5/20/2015  Ordered reported,     (1) Reduces the
                                    Capital for                           [R-TN-8].                            amended, by the       number of days an
                                    Emerging Growth                                                            Full Committee by     Emerging Growth
                                    Companies Act.                                                             record vote 57-0.     Company (EGC) must
                                                                                                                                     have a confidential
                                                                                                                                     registration
                                                                                                                                     statement on file
                                                                                                                                     with the SEC before
                                                                                                                                     it may conduct a
                                                                                                                                     ``road show'' from
                                                                                                                                     21 days to 15; (2)
                                                                                                                                     clarifies that an
                                                                                                                                     issuer that was an
                                                                                                                                     EGC at the time it
                                                                                                                                     filed a
                                                                                                                                     confidential
                                                                                                                                     registration
                                                                                                                                     statement but is no
                                                                                                                                     longer an EGC will
                                                                                                                                     continue to be
                                                                                                                                     treated as an EGC
                                                                                                                                     through the date of
                                                                                                                                     its IPO; and (3)
                                                                                                                                     requires the SEC to
                                                                                                                                     revise its general
                                                                                                                                     instructions on
                                                                                                                                     Form S-1 regarding
                                                                                                                                     the financial
                                                                                                                                     information an
                                                                                                                                     issuer must
                                                                                                                                     disclose prior to
                                                                                                                                     its IPO.
                                   ....................  ..............  ...................       7/14/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-203.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 2091..........................  Child Support              4/29/2015  Bruce Poliquin [R-        7/29/2015  Ordered reported by   Eliminates the 10-
                                    Assistance Act.                       ME-2].                               the Full Committee    day waiting period
                                                                                                               by record vote 56-2.  for child support
                                                                                                                                     agencies pulling
                                                                                                                                     credit reports for
                                                                                                                                     purposes of setting
                                                                                                                                     child support
                                                                                                                                     payment amounts.
                                   ....................  ..............  ...................       10/6/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-282.
                                   ....................  ..............  ...................       10/6/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 2121..........................  SAFE Transitional          4/29/2015  Steve Stivers [R-OH-       3/2/2016  Ordered reported,     Amends the S.A.F.E.
                                    Licensing Act of                      15].                                 amended, by the       Mortgage Licensing
                                    2015.                                                                      Full Committee by     Act of 2008 to
                                                                                                               record vote 56-0.     provide a temporary
                                                                                                                                     license for loan
                                                                                                                                     originators
                                                                                                                                     transitioning
                                                                                                                                     between employers.
                                   ....................  ..............  ...................       5/23/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-584.
                                   ....................  ..............  ...................       5/23/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
HR 2187..........................  Fair Investment            4/30/2015  David Schweikert [R-      12/9/2015  Ordered reported,     Amends the
                                    Opportunities for                     AZ-6].                               amended, by the       definition of an
                                    Professional                                                               Full Committee by     accredited investor
                                    Experts Act.                                                               record vote 54-2.     and permits an
                                                                                                                                     individual who does
                                                                                                                                     not meet the
                                                                                                                                     monetary threshold
                                                                                                                                     to qualify as an
                                                                                                                                     accredited investor
                                                                                                                                     if they pass an
                                                                                                                                     exam developed by
                                                                                                                                     the SEC.
                                   ....................  ..............  ...................        2/1/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-406.
                                   ....................  ..............  ...................        2/1/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 347-8.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               6427, the Creating
                                                                                                               Financial
                                                                                                               Prosperity for
                                                                                                               Businesses and
                                                                                                               Investors Act.
HR 2205..........................  Data Security Act of        5/1/2015  Randy Neugebauer [R-      12/9/2015  Ordered reported,     Establishes a
                                    2015.                                 TX-19].                              amended, by the       uniform national
                                                                                                               Full Committee by     data security and
                                                                                                               record vote 46-9.     breach notification
                                                                                                                                     standard for
                                                                                                                                     electronic data and
                                                                                                                                     preempts related
                                                                                                                                     state laws. Provide
                                                                                                                                     the Federal Trade
                                                                                                                                     Commission with
                                                                                                                                     authority to
                                                                                                                                     enforce standards
                                                                                                                                     for entities
                                                                                                                                     covered under the
                                                                                                                                     Act.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-867 Part
                                                                                                               I.
HR 2209..........................  To require the              5/1/2015  Luke Messer [R-IN-        11/4/2015  Ordered reported by   Requires federal
                                    appropriate Federal                   6].                                  the Full Committee    banking agencies
                                    banking agencies to                                                        by record vote 56-1.  (the Federal
                                    treat certain                                                                                    Deposit Insurance
                                    municipal                                                                                        Corporation, the
                                    obligations as                                                                                   Board of Governors
                                    level 2A liquid                                                                                  of the Federal
                                    assets, and for                                                                                  Reserve System, and
                                    other purposes..                                                                                 the Office of the
                                                                                                                                     Comptroller of the
                                                                                                                                     Currency) to treat
                                                                                                                                     certain municipal
                                                                                                                                     securities that are
                                                                                                                                     liquid, readily
                                                                                                                                     marketable, and
                                                                                                                                     investment grade as
                                                                                                                                     of the calculation
                                                                                                                                     date as high
                                                                                                                                     quality level 2A
                                                                                                                                     liquid assets.
                                   ....................  ..............  ...................        2/1/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-407.
                                   ....................  ..............  ...................        2/1/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
HR 2243..........................  Equity in Government        5/8/2015  Edward Royce [R-CA-       7/29/2015  Ordered reported,     Suspends the current
                                    Compensation Act of                   39].                                 amended, by the       compensation
                                    2015.                                                                      Full Committee by     packages for the
                                                                                                               record vote 57-1.     senior executives
                                                                                                                                     of Fannie Mae and
                                                                                                                                     Freddie Mac and
                                                                                                                                     establishes
                                                                                                                                     compensation for
                                                                                                                                     such positions in
                                                                                                                                     accordance with pay
                                                                                                                                     rates for senior
                                                                                                                                     employees in the
                                                                                                                                     Executive Branch of
                                                                                                                                     the Federal
                                                                                                                                     Government and
                                                                                                                                     provides that
                                                                                                                                     compensation of
                                                                                                                                     other current
                                                                                                                                     employees shall be
                                                                                                                                     in accordance with
                                                                                                                                     the General
                                                                                                                                     Schedule.
                                   ....................  ..............  ...................      11/16/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-339 Part
                                                                                                               I.
                                   ....................  ..............  ...................      11/16/2015  Senate companion, S.
                                                                                                               2036, passed in the
                                                                                                               House under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................      11/25/2015  S. 2036 signed by
                                                                                                               the President and
                                                                                                               became PL 114-93.
HR 2287..........................  National Credit            5/13/2015  Mick Mulvaney [R-SC-      12/9/2015  Ordered reported by   Requires the
                                    Union                                 5].                                  the Full Committee    National Credit
                                    Administration                                                             by record vote 40-    Union
                                    Budget Transparency                                                        16.                   Administration to
                                    Act.                                                                                             hold an annual open
                                                                                                                                     hearing on its
                                                                                                                                     budget.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-868.
HR 2297..........................  Hezbollah                  5/13/2015  Edward Royce [R-CA-  ..............  Not considered in
                                    International                         39].                                 Committee.
                                    Financing
                                    Prevention Act of
                                    2015.
                                   ....................  ..............  ...................       5/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 423-0.
                                   ....................  ..............  ...................      11/17/2015  Passed in the Senate
                                                                                                               with an amendment
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................      12/16/2015  House agreed to
                                                                                                               Senate amendment by
                                                                                                               record vote 425-0.
                                   ....................  ..............  ...................      12/18/2015  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-102.
HR 2354..........................  Streamlining               5/15/2015  Robert Hurt [R-VA-        5/20/2015  Ordered reported,     Directs the SEC to
                                    Excessive and                         5].                                  amended, by the       review its
                                    Costly Regulations                                                         Full Committee by     significant
                                    Review Act.                                                                record vote 41-16.    regulations to
                                                                                                                                     determine whether
                                                                                                                                     such regulations
                                                                                                                                     are necessary in
                                                                                                                                     the public interest
                                                                                                                                     or whether they
                                                                                                                                     should be amended
                                                                                                                                     or rescinded.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-403.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               1675, the
                                                                                                               Encouraging
                                                                                                               Employee Ownership
                                                                                                               Act of 2015.
HR 2356..........................  Fair Access to             5/15/2015  French Hill [R-AR-        5/20/2015  Ordered reported by   Directs the SEC to
                                    Investment Research                   2].                                  the Full Committee    provide a safe
                                    Act of 2015.                                                               by record vote 48-9.  harbor for research
                                                                                                                                     reports that cover
                                                                                                                                     Exchange Traded
                                                                                                                                     Funds (ETFs) so
                                                                                                                                     that these reports
                                                                                                                                     are not considered
                                                                                                                                     ``offers'' under
                                                                                                                                     Section 5 of the
                                                                                                                                     Securities Act of
                                                                                                                                     1933.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-401.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               1675, the
                                                                                                               Encouraging
                                                                                                               Employee Ownership
                                                                                                               Act of 2015.
HR 2357..........................  Accelerating Access        5/15/2015  Ann Wagner [R-MO-2]       5/20/2015  Ordered reported by   Amends the SEC's
                                    to Capital Act.                                                            the Full Committee    Form S-3
                                                                                                               by record vote 33-    registration
                                                                                                               24.                   statement
                                                                                                                                     (simplified
                                                                                                                                     registration form
                                                                                                                                     for companies that
                                                                                                                                     have met prior
                                                                                                                                     reporting
                                                                                                                                     requirements) for
                                                                                                                                     smaller reporting
                                                                                                                                     companies that have
                                                                                                                                     a class of common
                                                                                                                                     equity securities
                                                                                                                                     listed and
                                                                                                                                     registered on a
                                                                                                                                     national securities
                                                                                                                                     exchange.
                                   ....................  ..............  ...................       4/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-506.
                                   ....................  ..............  ...................        9/8/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 236-178.
HR 2482..........................  Preservation               5/20/2015  Erik Paulson [R-MN-  ..............  Not considered in     Removes the
                                    Enhancement and                       3].                                  Committee.            limitation on
                                    Savings Opportunity                                                                              rental proceeds/
                                    Act of 2015.                                                                                     profit
                                                                                                                                     distributions and
                                                                                                                                     provides the
                                                                                                                                     ownership entity of
                                                                                                                                     a HUD insured,
                                                                                                                                     multifamily
                                                                                                                                     mortgage access to
                                                                                                                                     its own funds
                                                                                                                                     subject to certain
                                                                                                                                     conditions.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 2643..........................  State Licensing             6/3/2015  Roger Williams [R-        7/29/2015  Ordered reported by   Permits state
                                    Efficiency Act of                     TX-25].                              the Full Committee    agencies to access
                                    2015.                                                                      by record vote 57-0.  the FBI fingerprint
                                                                                                                                     database for
                                                                                                                                     processing
                                                                                                                                     financial services
                                                                                                                                     licenses through
                                                                                                                                     the Nationwide
                                                                                                                                     Multistate
                                                                                                                                     Licensing System
                                                                                                                                     and Registry.
                                   ....................  ..............  ...................      10/28/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-316 Part
                                                                                                               I.
                                   ....................  ..............  ...................      10/28/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 2722..........................  Breast Cancer              6/10/2015  Carolyn Maloney [D-  ..............  Not considered in     Requires the
                                    Awareness                             NY-12].                              Committee.            Treasury Secretary
                                    Commemorative Coin                                                                               to mint coins in
                                    Act.                                                                                             recognition of the
                                                                                                                                     fight against
                                                                                                                                     breast cancer.
                                   ....................  ..............  ...................       7/15/2015  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 421-9, 1
                                                                                                               Present.
                                   ....................  ..............  ...................       4/19/2016  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................       4/29/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-148.
HR 2726..........................  Apollo 11 50th             6/10/2015  Bill Posey [R-FL-8]  ..............  Not considered in     Requires the
                                    Anniversary                                                                Committee.            Treasury Secretary
                                    Commemorative Coin                                                                               to mint
                                    Act.                                                                                             commemorative coins
                                                                                                                                     in recognition of
                                                                                                                                     the 50th
                                                                                                                                     anniversary of the
                                                                                                                                     first manned
                                                                                                                                     landing on the
                                                                                                                                     Moon.
                                   ....................  ..............  ...................       12/5/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................      12/10/2016  Passed in the Senate
                                                                                                               by voice vote.
                                   ....................  ..............  ...................      12/16/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-282.
HR 2769..........................  Risk-Based Capital         6/15/2015  Stephen Lee Fincher       9/30/2015  Ordered reported by   Requires a study
                                    Study Act of 2015.                    [R-TN-8].                            the Full Committee    relating to the
                                                                                                               by record vote 50-9.  NCUA's risk-based
                                                                                                                                     capital rule.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-869.
HR 2896..........................  TAILOR Act of 2015..       6/25/2015  Scott Tipton [R-CO-        3/2/2016  Ordered reported by   Requires federal
                                                                          3].                                  the Full Committee    financial
                                                                                                               by record vote 34-    institutions
                                                                                                               22.                   regulatory agencies
                                                                                                                                     to take risk
                                                                                                                                     profiles and
                                                                                                                                     business models of
                                                                                                                                     institutions into
                                                                                                                                     account when taking
                                                                                                                                     regulatory actions.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-870.
HR 2901..........................  Flood Insurance            6/25/2015  Dennis Ross [R-FL-         3/2/2016  Ordered reported,     Amends the Flood
                                    Market Parity and                     15].                                 amended, by the       Disaster Protection
                                    Modernization Act.                                                         Full Committee by     Act to clarify that
                                                                                                               record vote 53-0.     flood insurance
                                                                                                                                     offered by a
                                                                                                                                     private carrier
                                                                                                                                     outside of the
                                                                                                                                     National Flood
                                                                                                                                     Insurance Program
                                                                                                                                     can satisfy the
                                                                                                                                     Act's mandatory
                                                                                                                                     purchase
                                                                                                                                     requirement.
                                   ....................  ..............  ...................       4/26/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-524.
                                   ....................  ..............  ...................       4/28/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 419-0.
HR 2912..........................  Centennial Monetary        6/25/2015  Kevin Brady [R-TX-        7/29/2015  Ordered reported by   Creates a commission
                                    Commission Act of                     8].                                  the Full Committee    to examine United
                                    2015.                                                                      by record vote 35-    States monetary
                                                                                                               22.                   policy, evaluate
                                                                                                                                     alternative
                                                                                                                                     monetary regimes,
                                                                                                                                     and recommend a
                                                                                                                                     course for monetary
                                                                                                                                     policy going
                                                                                                                                     forward.
                                   ....................  ..............  ...................      11/19/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-331.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               3189, the Fed
                                                                                                               Oversight Reform
                                                                                                               and Modernization
                                                                                                               Act of 2015.
HR 2992..........................  Merchant Marine of          7/9/2015  Susan Brooks [R-IN-  ..............  Not considered in     Awards a
                                    World War II                          5].                                  Committee.            Congressional Gold
                                    Congressional Gold                                                                               Medal,
                                    Medal Act.                                                                                       collectively, to
                                                                                                                                     the U.S. Merchant
                                                                                                                                     Marine of WWII, in
                                                                                                                                     recognition of
                                                                                                                                     their dedicated and
                                                                                                                                     vital service
                                                                                                                                     during WWII.
                                   ....................  ..............  ...................        11/30/16  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
HR 2997..........................  Private Investment          7/9/2015  Dennis Ross [R-FL-   ..............  Not considered in     Directs the HUD
                                    in Housing Act of                     15].                                 Committee.            Secretary to
                                    2015.                                                                                            establish a
                                                                                                                                     demonstration
                                                                                                                                     program under which
                                                                                                                                     the Secretary may
                                                                                                                                     enter into budget-
                                                                                                                                     neutral,
                                                                                                                                     performance-based
                                                                                                                                     agreements (for up
                                                                                                                                     to 12 years each)
                                                                                                                                     that result in a
                                                                                                                                     reduction in energy
                                                                                                                                     or water costs with
                                                                                                                                     appropriate
                                                                                                                                     entities to carry
                                                                                                                                     out projects for
                                                                                                                                     energy or water
                                                                                                                                     conservation
                                                                                                                                     improvements at up
                                                                                                                                     to 20,000
                                                                                                                                     residential units
                                                                                                                                     in multifamily
                                                                                                                                     buildings
                                                                                                                                     participating in:
                                                                                                                                     Section 8 rental
                                                                                                                                     assistance
                                                                                                                                     programs,
                                                                                                                                     supportive housing
                                                                                                                                     for the elderly, or
                                                                                                                                     supportive housing
                                                                                                                                     for people with
                                                                                                                                     disabilities.
                                   ....................  ..............  ...................       7/14/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 395-28.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               22, the Fixing
                                                                                                               America's Surface
                                                                                                               Transportation Act.
HR 3032..........................  Securities and             7/10/2015  Kyrsten Sinema [D-        7/29/2015  Ordered reported by   Relieves the SEC of
                                    Exchange Commission                   AZ-9].                               the Full Committee    the obligation to
                                    Reporting                                                                  by record vote 58-0.  publish a report to
                                    Modernization Act.                                                                               Congress that other
                                                                                                                                     federal agencies
                                                                                                                                     are no longer
                                                                                                                                     required to
                                                                                                                                     publish.
                                   ....................  ..............  ...................      11/16/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-337.
                                   ....................  ..............  ...................      11/16/2015  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2029, the
                                                                                                               Consolidated
                                                                                                               Appropriations Act
                                                                                                               2016.
HR 3189..........................  Fed Oversight Reform       7/23/2015  Bill Huizenga [R-MI-      7/29/2015  Ordered reported,     Modifies certain
                                    and Modernization                     2].                                  amended, by the       operations of the
                                    Act of 2015.                                                               Full Committee by     Federal Reserve
                                                                                                               record vote 33-25.    System.
                                   ....................  ..............  ...................      11/16/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-332 Part
                                                                                                               I.
                                   ....................  ..............  ...................      11/19/2015  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 241-185.
HR 3192..........................  Homebuyers                 7/23/2015  French Hill [R-AR-        7/29/2015  Ordered reported by   Provides a temporary
                                    Assistance Act.                       2].                                  the Full Committee    safe harbor from
                                                                                                               by record vote 45-    the enforcement of
                                                                                                               13.                   integrated
                                                                                                                                     disclosure
                                                                                                                                     requirements for
                                                                                                                                     mortgage loan
                                                                                                                                     transactions under
                                                                                                                                     the Real Estate
                                                                                                                                     Settlement
                                                                                                                                     Procedures Act of
                                                                                                                                     1974 and the Truth
                                                                                                                                     in Lending Act.
                                   ....................  ..............  ...................       10/1/2015  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-278.
                                   ....................  ..............  ...................       10/7/2015  Passed in the House
                                                                                                               by record vote 303-
                                                                                                               121.
HR 3340..........................  Financial Stability        7/29/2015  Tom Emmer [R-MN-6].       11/4/2015  Ordered reported,     Subjects the Office
                                    Oversight Council                                                          amended, by the       of Financial
                                    Reform Act.                                                                Full Committee by     Research and the
                                                                                                               record vote 33-24.    Financial Stability
                                                                                                                                     Oversight Council
                                                                                                                                     to the
                                                                                                                                     congressional
                                                                                                                                     appropriations
                                                                                                                                     process.
                                   ....................  ..............  ...................       3/23/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-473.
                                   ....................  ..............  ...................       4/14/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 239-179.
HR 3557..........................  FSOC Transparency          9/18/2015  Scott Garrett [R-NJ-      11/4/2015  Ordered reported by   Subjects the FSOC to
                                    and Accountability                    5].                                  the Full Committee    open meetings laws,
                                    Act.                                                                       by record vote 33-    permits meeting
                                                                                                               24.                   attendance by non-
                                                                                                                                     Chair agency
                                                                                                                                     commission members
                                                                                                                                     and Members of
                                                                                                                                     Congress, and
                                                                                                                                     requires an agency-
                                                                                                                                     level vote prior to
                                                                                                                                     any vote by the
                                                                                                                                     FSOC.
                                   ....................  ..............  ...................       4/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-507.
HR 3662..........................  Iran Terror Finance        10/1/2015  Steve Russell [R-OK-      1/11/2016  Committee Discharged
                                    Transparency Act.                     5].                                  by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................        2/2/2016  Passed the House by
                                                                                                               record vote 246-181.
HR 3700..........................  Housing Opportunity        10/7/2015  Blaine Luetkemeyer        12/9/2015  Ordered reported,     Reforms and
                                    Through                               [R-MO-3].                            amended, by the       modernizes certain
                                    Modernization Act                                                          Full Committee by     housing programs.
                                    of 2015.                                                                   record vote 44-10.
                                   ....................  ..............  ...................       1/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-397.
                                   ....................  ..............  ...................        2/2/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 427-0.
                                   ....................  ..............  ...................       7/14/2016  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................       7/29/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-201.
HR 3738..........................  Office of Financial        10/9/2015  Edward Royce [R-CA-       11/4/2015  Ordered reported by   Requires the OFR to
                                    Research                              39].                                 the Full Committee    produce an annual
                                    Accountability Act                                                         by record vote 35-    work plan, consult
                                    of 2015.                                                                   22.                   with federal
                                                                                                                                     financial
                                                                                                                                     regulators and
                                                                                                                                     incorporate their
                                                                                                                                     recommendations,
                                                                                                                                     and develop and
                                                                                                                                     implement a
                                                                                                                                     cybersecurity plan.
                                   ....................  ..............  ...................        6/8/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-608.
HR 3784..........................  SEC Small Business        10/21/2015  John Carney [D-DE].       12/9/2015  Ordered reported,     Provides that the
                                    Advocate Act of                                                            amended, by the       SEC's existing
                                    2015.                                                                      Full Committee by     office of Small
                                                                                                               record vote 56-0.     Business Policy
                                                                                                                                     shall report to the
                                                                                                                                     SEC Chairman and
                                                                                                                                     renames the office.
                                   ....................  ..............  ...................        2/1/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-408.
                                   ....................  ..............  ...................        2/1/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................      12/10/2016  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................      12/16/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-284.
HR 3791..........................  To raise the              10/21/2015  Mia Love [R-UT-4]..       12/9/2015  Ordered reported by   Raises the
                                    consolidated assets                                                        the Full Committee    qualifying
                                    threshold under the                                                        by record vote 33-    threshold for the
                                    small bank holding                                                         21.                   Federal Reserve's
                                    company policy                                                                                   Small Bank Holding
                                    statement, and for                                                                               Company Policy
                                    other purposes..                                                                                 Statement Rule from
                                                                                                                                     $1 billion to $5
                                                                                                                                     billion.
                                   ....................  ..............  ...................       3/23/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-474.
                                   ....................  ..............  ...................       4/14/2016  Passed in the House
                                                                                                               by record vote 247-
                                                                                                               171.
HR 3798..........................  Due Process               10/22/2015  Scott Garrett [R-NJ-       3/2/2016  Ordered reported by   Permits private
                                    Restoration Act of                    5].                                  the Full Committee    persons to compel
                                    2015.                                                                      by record vote 32-    the SEC to seek
                                                                                                               25.                   legal or equitable
                                                                                                                                     remedies in a civil
                                                                                                                                     action instead of
                                                                                                                                     an administrative
                                                                                                                                     proceeding.
                                   ....................  ..............  ...................       7/21/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-697.
HR 3857..........................  To require the Board      10/29/2015  Luke Messer [R-IN-        11/4/2015  Ordered reported by   Requires federal
                                    of Governors of the                   6].                                  the Full Committee    regulators to
                                    Federal Reserve                                                            by record vote 33-    prescribe rules on
                                    System and the                                                             24.                   de-designation and
                                    Financial Stability                                                                              heightened
                                    Oversight Council                                                                                prudential
                                    to carry out                                                                                     standards before
                                    certain                                                                                          designating any
                                    requirements under                                                                               additional non-bank
                                    the Financial                                                                                    SIFIs.
                                    Stability Act of
                                    2010 before making
                                    any new
                                    determination under
                                    section 113 of such
                                    Act, and for other
                                    purposes..
                                   ....................  ..............  ...................      12/16/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-878.
HR 3868..........................  Small Business             11/2/2015  Mick Mulvaney [R-SC-      11/4/2015  Ordered reported,     Modifies the
                                    Credit Availability                   5].                                  amended, by the       regulatory regime
                                    Act.                                                                       Full Committee by     for business
                                                                                                               record vote 53-4.     development
                                                                                                                                     companies (BDCs);
                                                                                                                                     allows BDCs to
                                                                                                                                     increase their
                                                                                                                                     asset coverage
                                                                                                                                     ratio from 1:1 to
                                                                                                                                     2:1; expands the
                                                                                                                                     definition of an
                                                                                                                                     eligible portfolio
                                                                                                                                     company in which a
                                                                                                                                     BDC may invest; and
                                                                                                                                     allows BDCs to
                                                                                                                                     offer securities
                                                                                                                                     more easily to the
                                                                                                                                     public.
                                   ....................  ..............  ...................       4/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-508.
HR 4096..........................  Investor Clarity and      11/19/2015  Michael Capuano [D-        3/2/2016  Ordered reported by   Amends the Volcker
                                    Bank Parity Act.                      MA-7].                               the Full Committee    Rule to permit
                                                                                                               by voice vote.        certain investment
                                                                                                                                     advisers to share a
                                                                                                                                     similar name with a
                                                                                                                                     private equity
                                                                                                                                     fund, subject to
                                                                                                                                     certain
                                                                                                                                     restrictions.
                                   ....................  ..............  ...................       4/26/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-523.
                                   ....................  ..............  ...................       4/26/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 395-3.
HR 4139..........................  Fostering Innovation       12/1/2015  Kyrsten Sinema [D-         3/2/2016  Ordered reported by   Provides a temporary
                                    Act of 2015.                          AZ-9].                               the Full Committee    exemption for low-
                                                                                                               by record vote 42-    revenue issuers
                                                                                                               15.                   from certain
                                                                                                                                     auditor attestation
                                                                                                                                     requirements.
                                   ....................  ..............  ...................       5/23/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-588.
                                   ....................  ..............  ...................       5/23/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
HR 4166..........................  Expanding Proven           12/3/2015  Andy Barr [R-KY-6].        3/2/2016  Ordered reported,     Amends the
                                    Financing for                                                              amended, by the       Securities Exchange
                                    American Employers                                                         Full Committee by     Act of 1934 to
                                    Act.                                                                       record vote 42-15.    provide specific
                                                                                                                                     credit risk
                                                                                                                                     retention
                                                                                                                                     requirements to
                                                                                                                                     certain qualifying
                                                                                                                                     collateralized loan
                                                                                                                                     obligations.
                                   ....................  ..............  ...................       5/26/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-596.
HR 4168..........................  Small Business             12/3/2015  Bruce Poliquin [R-        12/9/2015  Ordered reported by   Requires the SEC to
                                    Capital Formation                     ME-2].                               the Full Committee    review the findings
                                    Enhancement Act.                                                           by record vote 55-1.  and recommendations
                                                                                                                                     of the annual
                                                                                                                                     Government-Business
                                                                                                                                     Forum on Small
                                                                                                                                     Business Capital
                                                                                                                                     Formation and
                                                                                                                                     requires the SEC to
                                                                                                                                     promptly issue a
                                                                                                                                     public statement
                                                                                                                                     (a) assessing the
                                                                                                                                     finding or
                                                                                                                                     recommendation of
                                                                                                                                     the Forum; and (b)
                                                                                                                                     disclosing the
                                                                                                                                     action, if any,
                                                                                                                                     that the SEC
                                                                                                                                     intends to take
                                                                                                                                     with respect to the
                                                                                                                                     finding or
                                                                                                                                     recommendation.
                                   ....................  ..............  ...................        2/1/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-409.
                                   ....................  ..............  ...................        2/1/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 390-1.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               6427, the Creating
                                                                                                               Financial
                                                                                                               Prosperity for
                                                                                                               Businesses and
                                                                                                               Investors Act.
HR 4487..........................  Public Buildings            2/8/2016  Lou Barletta [R-PA-       5/23/2016  Committee Discharged
                                    Reform and Savings                    11].                                 by Unanimous
                                    Act of 2016.                                                               Consent.
                                   ....................  ..............  ...................       5/23/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
HR 4498..........................  Helping Angels Lead         2/9/2016  Steve Chabot [R-OH-        3/2/2016  Ordered reported by   Amends the
                                    Our Startups Act.                     1].                                  the Full Committee    definition of
                                                                                                               by record vote 44-    ``general
                                                                                                               13.                   solicitation''
                                                                                                                                     under federal
                                                                                                                                     securities law.
                                   ....................  ..............  ...................       4/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-509.
                                   ....................  ..............  ...................       4/27/2016  Passed in the House
                                                                                                               by record vote 325-
                                                                                                               89.
HR 4538..........................  Senior Safe Act of         2/11/2016  Kyrsten Sinema [D-        6/16/2016  Ordered reported,     Provides immunity
                                    2016.                                 AZ-9].                               amended, by the       from suit for
                                                                                                               Full Committee by     certain individuals
                                                                                                               record vote 59-0.     who disclose
                                                                                                                                     potential instances
                                                                                                                                     of financial
                                                                                                                                     exploitation of
                                                                                                                                     senior citizens.
                                   ....................  ..............  ...................        7/5/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-659.
                                   ....................  ..............  ...................        7/5/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
HR 4620..........................  Preserving Access to       2/25/2016  French Hill [R-AR-         3/2/2016  Ordered reported by   Exempts certain
                                    CRE Capital Act of                    2].                                  the Full Committee    commercial real
                                    2016.                                                                      by record vote 39-    estate loans from
                                                                                                               18.                   the Dodd-Frank
                                                                                                                                     Act's risk
                                                                                                                                     retention
                                                                                                                                     requirements.
                                   ....................  ..............  ...................       5/26/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-597.
HR 4638..........................  Main Street Growth         2/26/2016  Scott Garrett [R-NJ-       3/2/2016  Ordered reported,     Amends the 1934 Act
                                    Act.                                  5].                                  amended, by the       to allow for the
                                                                                                               Full Committee by     creation of venture
                                                                                                               record vote 32-25.    exchanges to
                                                                                                                                     promote the
                                                                                                                                     liquidity of
                                                                                                                                     venture securities.
                                   ....................  ..............  ...................        6/8/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-609.
HR 4850..........................  Micro Offering Safe        3/23/2016  Tom Emmer [R-MN-6].       6/16/2016  Ordered reported,     Amends the
                                    Harbor Act.                                                                amended, by the       Securities Act of
                                                                                                               Full Committee by     1933 to exempt
                                                                                                               record vote 34-25.    certain micro-
                                                                                                                                     offerings from the
                                                                                                                                     registration
                                                                                                                                     requirements of
                                                                                                                                     such Act.
                                   ....................  ..............  ...................        9/6/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-723.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2357, the
                                                                                                               Accelerating Access
                                                                                                               to Capital Act.
HR 4852..........................  Private Placement          3/23/2016  Scott Garrett [R-NJ-      6/16/2016  Ordered reported,     Directs the SEC to
                                    Improvement Act of                    5].                                  amended, by the       revise Regulation D
                                    2016.                                                                      Full Committee by     relating to
                                                                                                               record vote 33-26.    exemptions from
                                                                                                                                     registration
                                                                                                                                     requirements for
                                                                                                                                     certain sales of
                                                                                                                                     securities.
                                   ....................  ..............  ...................        9/6/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-726.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               2357, the
                                                                                                               Accelerating Access
                                                                                                               to Capital Act.
HR 4854..........................  Supporting America's       3/23/2016  Patrick McHenry [R-       6/16/2016  Ordered reported,     Amends the
                                    Innovators Act of                     NC-10].                              amended, by the       Investment Company
                                    2016.                                                                      Full Committee by     Act of 1940 go
                                                                                                               record vote 57-2.     expand the investor
                                                                                                                                     limitation for
                                                                                                                                     qualifying venture
                                                                                                                                     capital funds under
                                                                                                                                     an exemption from
                                                                                                                                     the definition of
                                                                                                                                     an Investment
                                                                                                                                     Company.
                                   ....................  ..............  ...................        7/5/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-660.
                                   ....................  ..............  ...................        7/5/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 388-9.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               6427, the Creating
                                                                                                               Financial
                                                                                                               Prosperity for
                                                                                                               Businesses and
                                                                                                               Investors Act.
HR 4855..........................  Fix Crowdfunding Act       3/23/2016  Patrick McHenry [R-       6/16/2016  Ordered reported,     Amends provisions in
                                                                          NC-10].                              amended, by the       the securities laws
                                                                                                               Full Committee by     relating to
                                                                                                               record vote 57-2.     regulation
                                                                                                                                     crowdfunding to
                                                                                                                                     raise the dollar
                                                                                                                                     amount limit and to
                                                                                                                                     clarify certain
                                                                                                                                     requirements and
                                                                                                                                     exclusions for
                                                                                                                                     funding portals
                                                                                                                                     established by such
                                                                                                                                     Act.
                                   ....................  ..............  ...................        7/5/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-661.
                                   ....................  ..............  ...................        7/5/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 394-4.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               6427, the Creating
                                                                                                               Financial
                                                                                                               Prosperity for
                                                                                                               Businesses and
                                                                                                               Investors Act.
HR 4894..........................  To repeal title II         4/11/2016  Lynn Westmoreland         4/13/2016  Ordered reported by   Repeals the Orderly
                                    of the Dodd-Frank                     [R-GA-3].                            the Full Committee    Liquidation
                                    Wall Street Reform                                                         by record vote 34-    Authority
                                    and Consumer                                                               22.                   established in
                                    Protection Act.                                                                                  Title II of the
                                                                                                                                     Dodd-Frank Act.
                                   ....................  ..............  ...................       5/19/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-574.
HR 4992..........................  United States              4/19/2016  Edward Royce [R-CA-  ..............  Not considered in     Codifies regulations
                                    Financial System                      39].                                 Committee.            relating to
                                    Protection Act of                                                                                transfers of funds
                                    2016.                                                                                            involving Iran.
                                   ....................  ..............  ...................       7/14/2016  Passed in the House
                                                                                                               by record vote 246-
                                                                                                               181.
HR 5019..........................  Fair Access to             4/21/2016  French Hill [R-AR-   ..............  Not considered in     Directs the SEC to
                                    Investment Research                   2].                                  Committee.            provide a safe
                                    Act of 2016.                                                                                     harbor related to
                                                                                                                                     certain investment
                                                                                                                                     fund research
                                                                                                                                     reports.
                                   ....................  ..............  ...................       4/28/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 411-6.
HR 5143..........................  Transparent                4/29/2016  Blaine Luetkemeyer        6/16/2016  Ordered reported,     Establishes certain
                                    Insurance Standards                   [R-MO-3].                            amended, by the       conditions relating
                                    Act of 2016.                                                               Full Committee by     to the negotiation
                                                                                                               record vote 34-25.    of international
                                                                                                                                     insurance
                                                                                                                                     standards.
                                   ....................  ..............  ...................      11/22/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-831.
                                   ....................  ..............  ...................         12/7/16  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 239-170.
HR 5311..........................  Corporate Governance       5/24/2016  Sean Duffy [R-WI-7]       6/16/2016  Ordered reported,     Establishes rules
                                    Reform and                                                                 amended, by the       relating to the
                                    Transparency Act of                                                        Full Committee by     operation of Proxy
                                    2016.                                                                      record vote 41-18.    Advisory Firms.
                                   ....................  ..............  ...................       9/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-798.
HR 5322..........................  U.S. Territories           5/25/2016  Nydia Velazquez [D-       6/16/2016  Ordered reported by   Amends the
                                    Investor Protection                   NY-7].                               the Full Committee    Investment Company
                                    Act of 2016.                                                               by record vote 59-0.  Act of 1940 to
                                                                                                                                     terminate an
                                                                                                                                     exemption from
                                                                                                                                     registration for
                                                                                                                                     companies located
                                                                                                                                     in Puerto Rico, the
                                                                                                                                     Virgin Islands, and
                                                                                                                                     any other
                                                                                                                                     possession of the
                                                                                                                                     United States.
                                   ....................  ..............  ...................       7/11/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-673.
                                   ....................  ..............  ...................       7/11/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               6427, the Creating
                                                                                                               Financial
                                                                                                               Prosperity for
                                                                                                               Businesses and
                                                                                                               Investors Act.
HR 5421..........................  National Securities         6/9/2016  Edward Royce [R-CA-       6/16/2016  Ordered reported by   Amends the
                                    Exchange Regulatory                   39].                                 the Full Committee    Securities Act of
                                    Parity Act of 2016.                                                        by record vote 47-    1933 to apply the
                                                                                                               12.                   exemption from
                                                                                                                                     state regulation of
                                                                                                                                     securities
                                                                                                                                     offerings to
                                                                                                                                     securities listed
                                                                                                                                     on a national
                                                                                                                                     security exchange
                                                                                                                                     that has listing
                                                                                                                                     standards that have
                                                                                                                                     been approved by
                                                                                                                                     the SEC.
                                   ....................  ..............  ...................       7/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-684.
                                   ....................  ..............  ...................       7/12/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
HR 5424..........................  Investment Advisers         6/9/2016  Robert Hurt [R-VA-        6/16/2016  Ordered reported,     Amends the
                                    Modernization Act                     5].                                  amended, by the       Investment Advisers
                                    of 2015.                                                                   Full Committee by     Act of 1940 to
                                                                                                               record vote 47-12.    direct the SEC to
                                                                                                                                     amend certain rules
                                                                                                                                     relating to
                                                                                                                                     investment
                                                                                                                                     advisers.
                                   ....................  ..............  ...................       7/21/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-698.
                                   ....................  ..............  ...................        9/9/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 261-145.
HR 5429..........................  SEC Regulatory              6/9/2016  Scott Garrett [R-NJ-      6/16/2016  Ordered reported by   Establishes
                                    Accountability Act.                   5].                                  the Full Committee    standards governing
                                                                                                               by record vote 34-    the SEC's
                                                                                                               25.                   consideration of
                                                                                                                                     the costs and
                                                                                                                                     benefits of its
                                                                                                                                     regulations and
                                                                                                                                     orders.
                                   ....................  ..............  ...................       9/28/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-799.
HR 5461..........................  Iranian Leadership         6/13/2016  Bruce Poliquin [R-        6/16/2016  Ordered reported by   Requires the
                                    Asset Transparency                    ME-2].                               the Full Committee    Secretary of the
                                    Act.                                                                       by record vote 39-    Treasury to submit
                                                                                                               20.                   a report to the
                                                                                                                                     appropriate
                                                                                                                                     congressional
                                                                                                                                     committees on the
                                                                                                                                     estimated total
                                                                                                                                     assets under direct
                                                                                                                                     or indirect control
                                                                                                                                     by certain senior
                                                                                                                                     Iranian leaders and
                                                                                                                                     other figures.
                                   ....................  ..............  ...................       9/13/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-746 Part
                                                                                                               I.
                                   ....................  ..............  ...................       9/21/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 282-143.
HR 5469..........................  To require the             6/14/2016  Stevan Pearce [R-NM- ..............  Not considered in     Requires the
                                    Secretary of the                      2].                                  Committee.            Secretary of the
                                    Treasury to direct                                                                               Treasury to direct
                                    the United States                                                                                the Executive
                                    Executive Director                                                                               Director at the IMF
                                    at the                                                                                           to support the
                                    International                                                                                    capacity of the IMF
                                    Monetary Fund to                                                                                 to prevent money
                                    support the                                                                                      laundering and the
                                    capacity of the                                                                                  financing of
                                    International                                                                                    terrorism.
                                    Monetary Fund to
                                    prevent money
                                    laundering and
                                    financing of
                                    terrorism..
                                   ....................  ..............  ...................       7/11/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
HR 5523..........................  Clyde-Hirsch-Sowers        6/16/2016  Peter Roskam [R-IL-        9/9/2016  Committee Discharged
                                    RESPECT Act.                          6].                                  by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................       9/22/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by
                                                                                                               record vote 415-0.
HR 5594..........................  National Strategy          6/28/2016  Michael Fitzpatrick  ..............  Not considered in     Requires the
                                    for Combating                         [R-PA-8].                            Committee.            establishment of a
                                    Terrorist,                                                                                       national strategy
                                    Underground, and                                                                                 for combating the
                                    Other Illicit                                                                                    financing of
                                    Financing Act.                                                                                   terrorism and
                                                                                                                                     related financial
                                                                                                                                     crimes.
                                   ....................  ..............  ...................       7/11/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
HR 5602..........................  To amend title 31,         6/28/2016  Stephen Lynch [D-MA- ..............  Not considered in     Amends title 31, of
                                    United States Code,                   8].                                  Committee.            the U.S. Code, to
                                    to authorize the                                                                                 authorize the
                                    Secretary of the                                                                                 Secretary of the
                                    Treasury to include                                                                              Treasury to include
                                    all funds when                                                                                   all funds when
                                    issuing certain                                                                                  issuing certain
                                    geographic                                                                                       geographic
                                    targeting orders,                                                                                targeting orders.
                                    and for other
                                    purposes..
                                   ....................  ..............  ...................       7/11/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 356-47.
                                   ....................  ..............  ...................      12/10/2016  Passed in the Senate
                                                                                                               with an amendment
                                                                                                               by voice vote.
HR 5606..........................  Anti-terrorism             6/28/2016  Robert Pittenger [R- ..............  Not considered in     Seeks to facilitate
                                    Information Sharing                   NC-9].                               Committee.            information sharing
                                    Is Strength Act.                                                                                 to better inhibit
                                                                                                                                     the funding of
                                                                                                                                     terrorist
                                                                                                                                     activities.
                                   ....................  ..............  ...................       7/11/2016  Failed in the House
                                                                                                               under suspension by
                                                                                                               record vote (\2/3\
                                                                                                               required) 229-177.
HR 5607..........................  Enhancing Treasury's       6/28/2016  Robert Pittenger [R- ..............  Not considered in     Seeks to enhance the
                                    Anti-Terror Tools                     NC-9].                               Committee.            Treasury
                                    Act.                                                                                             Department's role
                                                                                                                                     in protecting
                                                                                                                                     national security.
                                   ....................  ..............  ...................       7/11/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 362-45.
HR 5631..........................  Iran Accountability         7/6/2016  Kevin McCarthy [R-   ..............  Not considered in
                                    Act of 2016.                          CA-23].                              Committee.
                                   ....................  ..............  ...................       7/14/2016  Passed in the House
                                                                                                               by record vote 246-
                                                                                                               179.
HR 5687..........................  GAO Mandates                7/8/2016  Jody Hice [R-GA-10]       9/19/2016  Committee Discharged
                                    Revision Act of                                                            by Unanimous
                                    2016.                                                                      Consent.
                                   ....................  ..............  ...................       9/20/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................      12/10/2016  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................      12/16/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-301.
HR 5708..........................  Nicaraguan                 7/11/2016  Ileana Ros-Lehtinen       9/21/2016  Committee Discharged
                                    Investment                            [R-FL-27].                           by Unanimous
                                    Conditionality Act                                                         Consent.
                                    (NICA) of 2016.
                                   ....................  ..............  ...................       9/21/2016  Passed the House,
                                                                                                               amended, by
                                                                                                               Unanimous Consent.
HR 5711..........................  No U.S. Financing          7/11/2016  Bill Huizenga [R-MI-      7/13/2016  Ordered reported,     Prohibits the
                                    for Iran Act.                         2].                                  amended, by the       Secretary of the
                                                                                                               Full Committee by     Treasury from
                                                                                                               record vote 33-21.    authorizing certain
                                                                                                                                     transactions by a
                                                                                                                                     U.S. financial
                                                                                                                                     institution in
                                                                                                                                     connection with the
                                                                                                                                     export or re-export
                                                                                                                                     of a commercial
                                                                                                                                     passenger aircraft
                                                                                                                                     to Iran.
                                   ....................  ..............  ...................      11/14/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-810.
                                   ....................  ..............  ...................      11/17/2016  Passed the House,
                                                                                                               amended, by record
                                                                                                               vote 243-174.
HR 5715..........................  No Ex-Im Assistance        7/11/2016  Peter Roskam [R-IL-       7/13/2016  Ordered reported,     Prohibits the Export-
                                    for Terrorism Act.                    6].                                  amended, by the       Import Bank of the
                                                                                                               Full Committee by     United States from
                                                                                                               record vote 32-21.    providing financing
                                                                                                                                     in connection with
                                                                                                                                     Iran-related
                                                                                                                                     transactions.
                                   ....................  ..............  ...................      11/14/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-819.
                                   ....................  ..............  ...................  ..............  Incorporated into HR
                                                                                                               5711, the No U.S.
                                                                                                               Financing for Iran
                                                                                                               Act.
HR 5729..........................  To prohibit the            7/12/2016  Robert Pittenger [R-      7/13/2016  Ordered reported,     Prohibits the
                                    Secretary of the                      NC-9].                               amended, by the       Treasury Secretary
                                    Treasury from                                                              Full Committee by     from issuing
                                    issuing certain                                                            record vote 33-21.    certain licenses in
                                    licenses in                                                                                      connection with the
                                    connection with the                                                                              export or re-export
                                    export or re-export                                                                              of a commercial
                                    of a commercial                                                                                  passenger aircraft
                                    passenger aircraft                                                                               to Iran. Requires
                                    to the Islamic                                                                                   annual reports by
                                    Republic of Iran,                                                                                the Secretary and
                                    to require annual                                                                                the Export-Import
                                    reports by the                                                                                   Bank on financing
                                    Secretary of the                                                                                 issues related to
                                    Treasury and the                                                                                 the sale or lease
                                    Export-Import Bank                                                                               to Iran of a
                                    on financing issues                                                                              commercial
                                    related to the sale                                                                              passenger aircraft
                                    or lease of such a                                                                               or spare parts.
                                    commercial
                                    passenger aircraft
                                    or spare parts for
                                    such an aircraft,
                                    and for other
                                    purposes.
                                   ....................  ..............  ...................      12/12/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-866 Part
                                                                                                               I.
HR 5983..........................  Financial CHOICE Act        9/9/2016  Jeb Hensarling [R-        9/13/2016  Ordered reported by   Modifies provisions
                                    of 2016.                              TX-5].                               the Full Committee    of current law
                                                                                                               by record vote 30-    relating to the
                                                                                                               26.                   regulation of the
                                                                                                                                     financial industry
                                                                                                                                     and monetary
                                                                                                                                     policy.
                                   ....................  ..............  ...................      12/20/2016  Reported by the
                                                                                                               Committee, H.
                                                                                                               Report 114-883 Part
                                                                                                               I.
HR 6297..........................  Iran Sanctions            11/14/2016  Edward Royce [R-CA-      11/15/2016  Passed in the House
                                    Extension Act.                        39].                                 under suspension by
                                                                                                               record vote 419-1.
                                   ....................  ..............  ...................       12/1/2016  Passed in the Senate
                                                                                                               by record vote 99-0.
                                   ....................  ..............  ...................      12/15/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-277.
HR 6392..........................  Systemic Risk             11/22/2016  Blaine Luetkemeyer   ..............  Not considered in     Specifies when bank
                                    Designation                           [R-MO-3].                            Committee.            holding companies
                                    Improvement Act of                                                                               may be subject to
                                    2016.                                                                                            certain enhanced
                                                                                                                                     supervision.
                                   ....................  ..............  ...................       12/1/2016  Passed in the House,
                                                                                                               amended, by record
                                                                                                               vote 254-161.
HR 6427..........................  Creating Financial         12/2/2016  Scott Garrett [R-NJ- ..............  Not considered in     Consolidates the
                                    Prosperity for                        5].                                  Committee.            following bills
                                    Businesses and                                                                                   previously acted on
                                    Investors Act.                                                                                   by the Committee in
                                                                                                                                     the 114th Congress:
                                                                                                                                     H.R. 2187; H.R.
                                                                                                                                     3784; H.R. 4168;
                                                                                                                                     H.R. 4854; H.R.
                                                                                                                                     4855; and H.R.
                                                                                                                                     5322.
                                   ....................  ..............  ...................       12/5/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               record vote 391-2.
H. Res. 411......................  Finding that the            9/9/2015  Mike Pompeo [R-KS-   ..............  Not considered in
                                    President has not                     4].                                  Committee.
                                    complied with
                                    section 2 of the
                                    Iran Nuclear
                                    Agreement Review
                                    Act of 2015.
                                   ....................  ..............  ...................       9/10/2015  Passed in the House
                                                                                                               by record vote 245-
                                                                                                               186.
S 1555...........................  Filipino Veterans of       6/11/2015  Mazie Hirono [D-HI]  ..............  Not considered in     Awards a
                                    World War II                                                               Committee.            Congressional Gold
                                    Congressional Gold                                                                               Medal,
                                    Medal Act of 2015.                                                                               collectively, to
                                                                                                                                     the Filipino
                                                                                                                                     veterans of World
                                                                                                                                     War II in
                                                                                                                                     recognition of
                                                                                                                                     their service
                                                                                                                                     during the war.
                                   ....................  ..............  ...................       7/13/2016  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................      11/30/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................      12/14/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-265.
S 2234...........................  Office of Strategic        11/4/2015  Roy Blunt [R-MO]...  ..............  Not considered in     Awards a
                                    Services                                                                   Committee.            Congressional Gold
                                    Congressional Gold                                                                               Medal,
                                    Medal Act.                                                                                       collectively, to
                                                                                                                                     the members of the
                                                                                                                                     Office of Strategic
                                                                                                                                     Services (OSS) in
                                                                                                                                     recognition of the
                                                                                                                                     service of the OSS
                                                                                                                                     during World War
                                                                                                                                     II.
                                   ....................  ..............  ...................       2/22/2016  Passed in the Senate
                                                                                                               by Unanimous
                                                                                                               Consent.
                                   ....................  ..............  ...................      11/30/2016  Passed in the House
                                                                                                               under suspension by
                                                                                                               voice vote.
                                   ....................  ..............  ...................      12/14/2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-269.
S. 2577..........................  Justice for All            2/24/2016  John Cornyn [R-TX].  ..............  Not considered in
                                    Reauthorization Act                                                        Committee.
                                    of 2016.
                                   ....................  ..............  ...................       6/16/2016  Passed in the
                                                                                                               Senate, amended, by
                                                                                                               voice vote.
                                   ....................  ..............  ...................      11/29/2016  Passed in the House,
                                                                                                               amended, under
                                                                                                               suspension by voice
                                                                                                               vote.
                                   ....................  ..............  ...................        12//2016  Signed by the
                                                                                                               President and
                                                                                                               became PL 114-324.
--------------------------------------------------------------------------------------------------------------------------------------------------------


                  FULL COMMITTEE OVERSIGHT ACTIVITIES

                 Financial Stability Oversight Council

    The Financial Stability Oversight Council (``FSOC'') was 
created by the Dodd-Frank Wall Street Reform and Consumer 
Protection Act with three statutory mandates: to identify risks 
to the financial stability of the United States; to promote 
market discipline by eliminating the expectation of government 
bailouts; and to respond to emerging threats to the U.S. 
financial system. The FSOC consists of ten voting members from 
the nine federal financial regulatory agencies and an 
independent member with insurance expertise. It also has five 
nonvoting members. In addition to its numerous authorities and 
tools to carry out its mandates, the Dodd-Frank Act requires 
that the chair of FSOC, the Secretary of the Department of the 
Treasury, appear before the Committee on Financial Services and 
the Senate Committee on Banking, Housing, and Urban Affairs to 
discuss the FSOC annual report.
    In the 114th Congress, the Committee held two hearings to 
examine the FSOC annual report and matters related to the 
FSOC's activities, including the exercise of its authority to 
designate nonbank financial companies for supervision by the 
Federal Reserve. The first of these hearings was held on June 
17, 2015, and the second was held on September 22, 2016. 
Treasury Secretary Jacob Lew was the sole witness at each 
hearing,
    Additionally, the Committee held a hearing on December 8, 
2015, entitled ``Oversight of the Financial Stability Oversight 
Council.'' The hearing supplemented the June 2015 and September 
2016 hearings by further examining the FSOC's agenda, 
operations, and structure. Witnesses were: The Honorable Mary 
Jo White, Chair, Securities and Exchange Commission; The 
Honorable Timothy Massad, Chairman, Commodity Futures Trading 
Commission; The Honorable Roy Woodall, Jr., Independent Member 
with Insurance Expertise; The Honorable Debbie Matz, 
Chairwoman, National Credit Union Administration; The Honorable 
Melvin Watt, Director, Federal Housing Finance Agency; The 
Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance 
Corporation; The Honorable Richard Cordray, Director, Bureau of 
Consumer Financial Protection (``CFPB''); and The Honorable 
Thomas Curry, Comptroller of the Currency, Office of the 
Comptroller of the Currency (``OCC''). Federal Reserve Board of 
Governors Chair Janet Yellen was invited to testify but did not 
attend.

                U.S. Securities and Exchange Commission

    The U.S. Securities and Exchange Commission (``SEC'') has a 
three-part mission: to protect investors; to maintain fair, 
orderly and efficient markets; and to facilitate capital 
formation. In achieving this mission, the SEC is responsible 
for the implementation of the federal securities laws, 
including the Securities Act of 1933 and the Securities 
Exchange Act of 1934. In fulfilling its oversight 
responsibility of the SEC, the Committee held several hearings 
over the course of the 114th Congress to review the SEC's 
rulemaking, its enforcement of federal securities laws, and the 
operations of its numerous divisions and offices.
    The Committee held a hearing on March 24, 2015, entitled 
``Examining the SEC's Agenda, Operations, and FY 2016 Budget 
Request.'' SEC Chair Mary Jo White was the sole witness. The 
hearing examined the SEC's rulemaking agenda, including 
directives from the Dodd-Frank Act and the Jumpstart Our 
Business Startups Act, as well as the Administration's FY 2016 
SEC budget request of $1.722 billion.
    On November 18, 2015, the Committee held a hearing entitled 
``Examining the SEC's Agenda, Operations, and FY 2017 Budget 
Request.'' Chair White was again the sole witness and testified 
concerning the SEC's agenda, operations, and preliminary FY 
2017 budget request of $1.882 billion.
    On November 15, 2016, the Committee held a hearing entitled 
``Examining the SEC's Agenda, Operations, and FY 2018 Budget 
Request.'' Chair White was the sole witness. The hearing 
examined the SECs' agenda and operations; matters related to 
Chair White's stated intention to resign her position at the 
end of the current Administration; and the SEC's preliminary FY 
2018 budget request of $2.227 billion.

                           The Dodd-Frank Act

    On March 18, 2015, the Committee held a hearing entitled, 
``Preserving Consumer Choice and Financial Independence.'' 
Witnesses were: Mr. Tyrone Fenderson Jr., President and Chief 
Executive Officer, Commonwealth National Bank (on behalf of the 
American Bankers Association); Mr. Patrick Miller, President 
and Chief Executive Officer, CBC Federal Credit Union (on 
behalf of the Credit Union National Association); Mr. J. David 
Williams, Chairman and Chief Executive Officer, Centennial Bank 
(on behalf of the Independent Community Bankers of America); 
Mrs. Peggy Bosma-LaMascus, President and Chief Executive 
Officer, Patriot Federal Credit Union (on behalf of the 
National Association of Federal Credit Unions); and Professor 
Adam J. Levitin, Professor of Law, Georgetown University Law 
Center. The hearing compliance costs associated with 
implementing the Dodd-Frank Act.
    On July 9, 2015, the Committee held a hearing entitled 
``The Dodd-Frank Act Five Years Later: Are We More Stable?'' 
Witnesses were: The Honorable Paul Atkins, Chief Executive 
Officer, Patomak Global Partners, LLC and former Commissioner, 
SEC; Dr. Mark Calabria, Director of Financial Regulation 
Studies, Cato Institute; Damon Silvers, Director of Policy and 
Special Counsel, American Federation of Labor-Congress of 
Industrial Organizations; and Professor Todd Zywicki, 
Foundation Professor of Law and Executive Director of the Law 
and Economics Center, George Mason University School of Law. 
This hearing examined the operation of the Dodd-Frank Act in 
connection with financial stability considerations.
    On July 23, 2015, the Committee held a hearing entitled, 
``Ending `Too Big to Fail': What is the Proper Role of Capital 
and Liquidity?'' This hearing examined the effectiveness of the 
Dodd-Frank Act and other regulatory measures that set capital 
and liquidity standards. Witnesses included: Dr. Charles W. 
Calomiris, Professor, Henry Kaufman Professor of Financial 
Institutions, Columbia University Graduate School of Business; 
Dr. Sujit ``Bob'' Chakravorti, Managing Director and Chief 
Economist, The Clearing House; Dr. John E. Parsons, Senior 
Lecturer, Sloan School of Management, Massachusetts Institute 
of Technology; and Dr. Norbert J. Michel, Research Fellow in 
Financial Regulations, Thomas A. Roe Institute for Economic 
Policy Studies, The Heritage Foundation.
    On July 28, 2015, the Committee held a hearing entitled 
``The Dodd-Frank Act Five Years Later: Are We More 
Prosperous?'' Witnesses were: The Honorable Phil Gramm, Senior 
Adviser, U.S. Policy Metrics and former United States Senator; 
The Honorable R. Bradley Miller, Of Counsel, Grais & Ellsworth 
LLP and former Member of Congress; and Peter Wallison, Arthur 
F. Burns Fellow in Financial Policy Studies, American 
Enterprise Institute. This hearing examined the operation of 
the Dodd-Frank Act in connection with economic growth 
considerations.
    On September 17, 2015, the Committee held a hearing 
entitled ``The Dodd-Frank Act Five Years Later: Are We More 
Free?'' Witnesses were: Dr. Matthew Spalding, Associate Vice 
President and Dean of Educational Programs, Hillsdale College; 
The Honorable C. Boyden Gray, Founding Partner, Boyden Gray & 
Associates; Professor David Skeel, S. Samuel Arsht Professor of 
Corporate Law, University of Pennsylvania Law School; Deepak 
Gupta, Founding Principal, Gupta Wessler PLLC; and Professor 
Todd Zywicki, Foundation Professor of Law and Executive 
Director of the Law and Economics Center, George Mason 
University School of Law. This hearing examined the operation 
of the Dodd-Frank Act in connection with rule of law 
considerations.
    On July 12, 2016, the Committee held a hearing entitled, 
``Making a Financial Choice: More Capital or More Government 
Control?'' This hearing examined the Dodd-Frank Act in 
connection with matters related to economic growth and 
financial stability. The hearing also examined a discussion 
draft of the ``Financial CHOICE Act,'' a legislative proposal 
concerning the regulation of financial institutions, monetary 
policy, and financial stability. Witnesses were: Mr. John 
Allison, Former President and Chief Executive Officer, Cato 
Institute; The Honorable Jim Nussle, President and Chief 
Executive Officer, Credit Union National Association; Professor 
Adam Levitin, Professor of Law, Georgetown University Law 
Center; Mr. Alex J. Pollock, Distinguished Senior Fellow, R 
Street Institute; Mr. Jeremy Newell, Executive Managing 
Director, Head of Regulatory Affairs and General Counsel, The 
Clearing House Association LLC; and Mr. Jim Purcell, Chairman, 
State National Bank of Big Spring and Chairman, Texas Bankers 
Association.

                     Federal Housing Finance Agency

    On January 27, 2015, the Committee held a hearing entitled 
``Sustainable Housing Finance: An Update from the director of 
the Federal Housing Finance Agency.'' The sole witness was 
Federal Housing Finance Agency (``FHFA'') Director Mel Watt. 
The hearing examined (1) measures the FHFA had taken as 
conservator of Fannie Mae and Freddie Mac; (2) the FHFA's 
Strategic Plan for Fannie Mae and Freddie Mac; (3) the 
financial condition of Fannie Mae, Freddie Mac and the Federal 
Home Loan Banks (``FHLBs''); (4) the state of private sector 
participation in the housing finance market; (5) whether 
adequate steps were being taken to encourage additional private 
capital in this market; and (6) additional actions the FHFA had 
taken as regulator of Fannie Mae, Freddie Mac, and the FHLBs.

                             Cybersecurity

    On May 14, 2015, the Committee held a hearing entitled, 
``Protecting Consumers: Financial Data Security in the Age of 
Computer Hackers.'' The hearing examined why and how data 
breaches occur; how consumers are notified following a breach; 
what security measures and standards are in place to prevent 
breaches; what types of payment system technologies are under 
development that will help reduce the risk of future breaches; 
and whether federal legislation relating to data security and 
breach notification standards could be warranted. Witnesses 
were: The Honorable Tim Pawlenty, President and Chief Executive 
Officer, Financial Services Roundtable; Mr. Brian Dodge, 
Executive Vice President, Communications and Strategic 
Initiatives, Retail Industry Leaders Association; Mr. Jason 
Oxman, Chief Executive Officer, Electronic Transactions 
Association; Mr. Stephen Orfei, General Manager, PCI Security 
Standards Council; and Ms. Laura Moy, Senior Policy Counsel, 
Open Technology Institute.

                Bureau of Consumer Financial Protection

    On March 3, 2015, the Committee held a hearing entitled, 
``The Semi-Annual Report of the Bureau of Consumer Financial 
Protection.'' This hearing examined the sixth semi-annual 
activity report prepared by the CFPB's Director, which was 
released on December 4, 2014. The report discussed the CFPB's 
activities from April 1, 2014 through September 30, 2014. The 
sole witness for the hearing was CFPB Director Cordray.
    On September 29, 2015, the Committee held a hearing 
entitled, ``The Semi-Annual Report of the Bureau of Consumer 
Financial Protection.'' This hearing examined the seventh semi-
annual activity report prepared by the CFPB's Director, which 
was released on June 15, 2015. The report discussed the 
Bureau's activities from October 1, 2014 through March 31, 
2015. The sole witness for the hearing was Director Cordray.
    On March 16, 2016, the Committee held a hearing entitled, 
``The Semi-Annual Report of the Bureau of Consumer Financial 
Protection.'' This hearing examined the eighth semi-annual 
activity report prepared by the CFPB's Director, which was 
released on November 20, 2015. The report covered the Bureau's 
activities from April 1, 2015 through September 30, 2015. The 
sole witness for the hearing was Director Cordray.

                         Financial Supervision

    On November 4, 2015, the Committee held a hearing entitled, 
``Semi-Annual Testimony on the Federal Reserve's Supervision 
and Regulation of the Financial System.'' The Dodd-Frank Act 
requires the Federal Reserve Board of Governors Vice Chairman 
for Supervision to testify semi-annually before the Committee 
and the Senate Committee on Banking, Housing, and Urban Affairs 
on matters related to the Fed's supervisory and regulatory 
activities. Chair Yellen testified at the hearing because the 
position of Vice Chairman for Supervision was vacant.
    On September 28, 2016, the Committee held a hearing 
entitled ``Semi-Annual Testimony on the Federal Reserve's 
Supervision and Regulation of the Financial System.'' This 
hearing examined matters similar to those of the November 4, 
2015 hearing. Chair Yellen testified at the hearing because the 
position of Vice Chairman for Supervision was vacant.
    On September 29, 2016, the Committee held a hearing 
entitled, ``Holding Wall Street Accountable: Investigating 
Wells Fargo's Opening of Unauthorized Customer Accounts.'' The 
hearing examined allegations of unsafe and unsound sales 
practices, unfair and abusive practices, and unlawful, unfair, 
and fraudulent sales and related business acts and practices by 
Wells Fargo & Company. The hearing also examined consent orders 
entered into by Wells Fargo in connection with these matters 
with the OCC, the CFPB, and the City of Los Angeles. The sole 
witness was Wells Fargo CEO and Chairman John Stumpf.

                     Federal Housing Administration

    On February 11, 2015, the Committee held a hearing entitled 
``The Future of Housing in America: Oversight of the Federal 
Housing Administration.'' The sole witness was The Honorable 
Julian Castro, Secretary, U.S. Department of Housing and Urban 
Development (``HUD''). The hearing examined the financial 
status of the Federal Housing Administration and, in 
particular, the condition of the Mutual Mortgage Insurance 
Fund.

              Department of Housing and Urban Development

    On June 11, 2015, the Committee held a hearing entitled 
``The Future of Housing in America: Oversight of the Department 
of Housing and Urban Development.'' The sole witness was HUD 
Secretary Julian Castro. The hearing examined the operation and 
effectiveness HUD, including its rental assistance and block 
grant programs.
    On October 22, 2015, the Committee held a hearing entitled 
``The Future of Housing in America: 50 Years of HUD and its 
Impact on Federal Housing Policy.'' Witnesses were: Mr. Orlando 
J. Cabrera, Of Counsel, Squire Patton Boggs; Ms. Renee Glover, 
Founder and Managing Member, The Catalyst Group, LLC; Mr. 
Howard Husock, Vice President of Research and Publications, 
Manhattan Institute; and Mr. Xavior Briggs, Vice President, 
Economic Opportunity and Assets, The Ford Foundation. The 
hearing examined HUD's role in federal housing policy; the 
extent to which HUD improved access to affordable housing while 
reducing poverty over the previous 50 years; and potential 
reforms to promote self-sufficiency and private sector capital 
investment.
    On July 13, 2016, the Committee held a hearing entitled 
``HUD Accountability.'' The sole witness was Secretary Castro. 
The hearing examined potential effects of proposed changes to 
HUD's Distressed Asset Stabilization Program (DASP).

                   The International Financial System

    On March 17, 2015, the Committee held a hearing entitled 
``The Annual Testimony of the Secretary of the Treasury on the 
State of the International Financial System.'' The sole witness 
was Treasury Secretary Jack Lew. The hearing examined: (1) any 
progress made in reforming the International Monetary Fund 
(``IMF''); (2) the status of efforts to reform the 
international financial system; (3) the compliance of countries 
that received assistance from the IMF with agreements made as a 
condition of receiving the assistance; and (4) the status of 
implementation of international anti-money laundering and 
counter-terrorist financing standards by the IMF, the 
multilateral development banks, and other multilateral 
financial policymaking bodies.
    On March 22, 2016, the Committee held a hearing entitled 
``The Annual Testimony of the Secretary of the Treasury on the 
State of the International Financial System.'' Secretary Lew 
was the sole witness. The hearing examined matters similar to 
those explored during the March 17, 2015 hearing.

                Export-Import Bank of the United States

    On June 3, 2015, the Committee held a hearing entitled 
``Examining the Export-Import Bank's Reauthorization Request 
and the Government's Role in Export Financing.'' Witnesses 
were: The Honorable Fred Hochberg, Chairman and President, 
Export-Import Bank; Mr. Michael McCarthy, Deputy Inspector 
General, Export-Import Bank; Mr. John Murphy, Senior Vice 
President for International Policy, U.S. Chamber of Commerce; 
Mr. Daniel Ikenson, Director, Herbert A. Stiefel Center for 
Trade Policy Studies, Cato Institute; Mr. Clifford Smith, 
Executive Vice President for Business Development, Cliffs 
Natural Resources; Ms. Rachael Cox, Vice President for Business 
Development, Conway Machine; and Mr. Michael P. Boyle, CEO, 
Boyle Energy Services & Technology, Inc.

                         Federal Reserve System

    On February 25 and July 15, 2015, and February 10 and June 
22, 2016, the Committee held hearings on the state of the 
economy and the conduct of monetary policy. At each of these 
hearings, Chair Yellen was the sole witness.

                        The Financial Choice Act

    The oversight efforts of the Committee described herein 
culminated in the development of the Financial CHOICE Act, a 
legislative proposal to, among other things, modify certain 
Dodd-Frank Act provisions governing financial stability and the 
supervision and regulation of financial services entities. The 
Financial CHOICE Act also contained provisions relating to the 
funding and operations of the federal financial regulators, 
including the CFPB and the SEC. In addition, the Financial 
CHOICE Act contained provisions relating to the conduct of 
monetary policy.
    On July 12, 2016, the Committee held a hearing entitled, 
``Making a Financial Choice: More Capital or More Government 
Control?'' The hearing examined a discussion draft of the 
Financial CHOICE Act. On September 9, 2016, Chairman Hensarling 
introduced the Financial CHOICE Act as H.R. 5983.
    On September 13, 2016, the Committee met in open session to 
consider the bill. Following adoption of an amendment in the 
nature of a substitute offered by Chairman Hensarling making 
technical changes to the bill, the bill as amended was ordered 
favorably reported to the House by a vote of 30 to 26 (see H. 
Rep. 114-883, Part 1). There was no further action on the bill 
in the 114th Congress.

                        Full Committee Hearings


------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-1.........................  Sustainable Housing     January 27, 2015
                                 Finance: An Update
                                 from the Director of
                                 the Federal Housing
                                 Finance Agency.
114-3.........................  The Future of Housing   February 11,
                                 in America: Oversight   2015
                                 of the Federal
                                 Housing
                                 Administration.
114-4.........................  Monetary Policy and     February 25,
                                 the State of the        2015
                                 Economy.
114-6.........................  The Semi-Annual Report  March 3, 2015
                                 of the Bureau of
                                 Consumer Financial
                                 Protection.
114-7.........................  The Annual Testimony    March 17, 2015
                                 of the Secretary of
                                 the Treasury on the
                                 State of the
                                 International
                                 Financial System.
114-8.........................  Preserving Consumer     March 18, 2015
                                 Choice and Financial
                                 Independence.
114-10........................  Examining the SEC's     March 24, 2015
                                 Agenda, Operations,
                                 and FY 2016 Budget
                                 Request.
114-23........................  Protecting Consumers:   May 14, 2015
                                 Financial Data
                                 Security in the Age
                                 of Computer Hackers.
114-29........................  Examining the Export-   June 3, 2015
                                 Import Bank's
                                 Reauthorization
                                 Request and the
                                 Government's Role in
                                 Export Financing.
114-30........................  The Future of Housing   June 11, 2015
                                 in America: Oversight
                                 of the Department of
                                 Housing and Urban
                                 Development.
114-34........................  The Annual Report of    June 17, 2015
                                 the Financial
                                 Stability Oversight
                                 Council.
114-39........................  The Dodd-Frank Act      July 9, 2015
                                 Five Years Later: Are
                                 We More Stable?.
114-42........................  Monetary Policy and     July 15, 2015
                                 the State of the
                                 Economy.
114-45........................  Ending `Too Big to      July 23, 2015
                                 Fail': What is the
                                 Proper Role of
                                 Capital and
                                 Liquidity?.
114-47........................  The Dodd-Frank Act      July 28, 2015
                                 Five Years Later: Are
                                 We More Prosperous?.
114-50........................  The Dodd-Frank Act      September 17,
                                 Five Years Later: Are   2015
                                 We More Free?.
114-52........................  The Semi-Annual Report  September 29,
                                 of the Bureau of        2015
                                 Consumer Financial
                                 Protection.
114-57........................  The Future of Housing   October 22, 2015
                                 in America: 50 Years
                                 of HUD and its impact
                                 on Federal Housing
                                 Policy.
114-59........................  Semi-Annual Testimony   November 4, 2015
                                 on the Federal
                                 Reserve's Supervision
                                 and Regulation of the
                                 Financial System.
114-62........................  Examining the SEC's     November 18,
                                 Agenda, Operations,     2015
                                 and FY 2017 Budget
                                 Request.
114-65........................  Oversight of the        December 8, 2015
                                 Financial Stability
                                 Oversight Council.
114-71........................  Monetary Policy and     February 10,
                                 the State of the        2016
                                 Economy.
114-78........................  The Semi-Annual Report  March 16, 2016
                                 of the Bureau of
                                 Consumer Financial
                                 Protection.
114-80........................  The Annual Testimony    March 22, 2016
                                 of the Secretary of
                                 the Treasury on the
                                 State of the
                                 International
                                 Financial System.
114-93........................  Monetary Policy and     June 22, 2016
                                 the State of the
                                 Economy.
114-96........................  Making a Financial      July 12, 2016
                                 Choice: More Capital
                                 or More Government
                                 Control?.
114-98........................  HUD Accountability....  July 13, 2016
114-103.......................  The Annual Report of    September 22,
                                 the Financial           2016
                                 Stability Oversight
                                 Council.
114-107.......................  Semi-Annual Testimony   September 28,
                                 on the Federal          2016
                                 Reserve's Supervision
                                 and Regulation of the
                                 Financial System.
114-109.......................  Holding Wall Street     September 29,
                                 Accountable:            2016
                                 Investigating Wells
                                 Fargo's Opening of
                                 Unauthorized Customer
                                 Accounts.
114-110.......................  Examining the SEC's     November 15,
                                 Agenda, Operations,     2016
                                 and FY 2018 Budget
                                 Request.
------------------------------------------------------------------------


  Subcommittee on Capital Markets and Government Sponsored Enterprises

                             (Ratio: 17-13)

    SCOTT GARRETT, New Jersey, 
             Chairman 

CAROLYN B. MALONEY, NY [RM]          ROBERT HURT, VA [V Chair]
BRAD SHERMAN, CA                     PETER T. KING, NY
RUBEN HINOJOSA, TX                   EDWARD R. ROYCE, CA
STEPHEN F. LYNCH, MA                 RANDY NEUGEBAUER, TX
ED PERLMUTTER, CO                    PATRICK T. McHENRY, NC
DAVID SCOTT, GA                      BILL HUIZENGA, MI
JAMES A. HIMES, CT                   SEAN P. DUFFY, WI
KEITH ELLISON, MN                    STEVE STIVERS, OH
BILL FOSTER, IL                      STEPHEN LEE FINCHER, TN
GREGORY W. MEEKS, NY                 RANDY HULTGREN, IL
JOHN C. CARNEY, Jr. DE               DENNIS A. ROSS, FL
TERRI A. SEWELL, AL                  ANN WAGNER, MO
PATRICK MURPHY, FL                   LUKE MESSER, IN
MAXINE WATERS, CA [Ex Officio]       DAVID SCHWEIKERT, AZ
                                     BRUCE POLIQUIN, ME
                                     FRENCH HILL, AR
                                     JEB HENSARLING, TX [Ex Officio]

                  Subcommittee Legislative Activities


    THE SMALL BUSINESS INVESTMENT COMPANY (SBIC) ADVISERS RELIEF ACT

                                H.R. 432


Summary

    Private equity funds--which pool private investors' money 
and invest it as new equity in an enterprise--typically hire 
advisers to counsel the fund on where to deploy its resources. 
Title IV of the Dodd-Frank Act requires advisers to private 
funds to register as investment advisers with the Securities 
Exchange Commission (SEC). However, there are several 
exemptions from SEC registration for certain advisers. Advisers 
to smaller private funds are exempted if the private funds' 
``assets under management'' fall below a certain threshold. 
Title IV of the Dodd-Frank Act also exempts advisers that 
solely advise Small Business Investment Companies (``SBICs'') 
and advisers that solely advise venture capital funds. However, 
the law is not clear on whether advisors to both venture 
capital funds and SBICs are exempted, potentially resulting in 
new regulatory costs for some advisers.
    The SBIC Advisers Relief Act seeks to reduce regulatory 
costs and eliminate duplicative regulation of advisers to 
SBICs. Specifically, the Act preempts state registration 
requirements for advisers solely advising SBIC funds; exempts 
venture capital fund advisers from SEC registration if they 
also advise an SBIC fund; and excludes the assets of SBICs from 
the calculation of ``assets under management'' for purposes of 
determining whether investment advisors that advise both 
private funds and SBICs must register with the SEC.

Legislative History

    Representative Luetkemeyer introduced the SBIC Advisers 
Relief Act on January 21, 2015. On April 29, 2015, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``Legislative Proposals to 
Enhance Capital Formation and Reduce Regulatory Burdens,'' 
which examined the bill. Witnesses were Mr. Thomas Deas, Vice 
President and Treasurer, FMC Corporation (on behalf of the 
Coalition for Derivatives End-Users); Professor Theresa 
Gabaldon, George Washington University Law School; Ms. Gayle 
Hughes, Partner, Merion Investment Partners (on behalf of the 
Small Business Investor Alliance); Mr. Shane Kovacs, Executive 
Vice President, Chief Financial Officer and Head of Corporate 
Development, PTC Therapeutics, Inc. (on behalf of the 
Biotechnology Industry Organization); and Mr. Thomas Quaadman, 
Vice President, Center for Capital Markets Competitiveness, 
U.S. Chamber of Commerce.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 53 to 0 (see H. Rep. 114-199). On July 
14, 2015, the SBIC Advisers Relief Act passed the House on 
suspension by voice vote. On July 15, 2015, the bill was 
received in the Senate and referred to the Committee on 
Banking, Housing, and Urban Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the SBIC Advisers Relief Act. The amendment was adopted by 
voice vote on the same day. Following House and Senate passage 
of the FAST Act as amended, the President signed the bill into 
law on December 4, 2015 (P.L. 114-94).

    THE SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, AND BROKERAGE 
                           SIMPLIFICATION ACT

                                H.R. 686


Summary

    The Small Business Mergers, Acquisitions, Sales, and 
Brokerage Simplification Act amends Section 15(b) of the 
Securities Exchange Act of 1934 (``Exchange Act'') to create a 
simplified SEC registration system for brokers known as M&A; 
brokers that perform services in connection with the transfer 
of ownership of smaller privately held companies.
    M&A; brokers educate owners looking to sell their business 
on the sale process; help prepare the business for sale; 
analyze the company's financials and its business; perform or 
coordinate valuations; advise on potential capital sources and 
capital structures; prepare business offering information 
packages; identify, screen, and market the business to 
qualified potential buyers; assist in organizing and 
facilitating the buyer's due diligence; and coordinate with the 
parties' lawyers, accountants, and other consultants.

Legislative History

    Representative Huizenga introduced H.R. 686 on February 3, 
2015. On April 29, 2015, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
considered the bill. An amendment offered by Representative 
Sherman was not agreed to by vote of 26 to 33. The bill was 
ordered favorably reported to the House without amendment by a 
vote of 36 to 24 (see H. Rep. 114-400).
    On February 3, 2016, the House agreed to H. Res. 595, which 
provided for the consideration of H.R. 1675 and made in order 
in connection therewith an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the 
text of H.R. 686 and three other measures. H. Res. 595 also 
made in order the consideration of an amendment relating to 
H.R. 686, which was adopted by voice vote (see Amendment No. 2 
(Huizenga) (clarifying the application of the exemption from 
SEC registration for small business Mergers and Acquisition 
Brokers). The amendment in the nature of a substitute, as 
amended, was adopted. On February 3, the House passed H.R. 
1675, as amended, by vote of 265 to 159.
    On February 4, 2016, H.R. 1675 was received in the Senate 
and referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

A BILL TO AMEND THE COMMODITY EXCHANGE ACT AND THE SECURITIES EXCHANGE 
   ACT OF 1934 TO SPECIFY HOW CLEARING REQUIREMENTS APPLY TO CERTAIN 
                         AFFILIATE TRANSACTIONS

                               H.R. 1317


Summary

    H.R. 1317 exempts swaps and security-based swap trades 
executed by the central treasury units (CTU) of commercial end-
users and their affiliates from certain provisions and 
regulations prescribed by Title VII of the Dodd-Frank Act. By 
providing an exemption from these requirements, H.R. 1317 seeks 
to ensure that non-financial companies may continue to use CTUs 
to aggregate and hedge business risk without incurring 
unnecessary regulatory cost. Financial companies are excluded 
from the exemption established by H.R. 1317.

Legislative History

    Representative Moore introduced H.R. 1317 on March 4, 2015 
and the Committee on Agriculture received a secondary referral 
of the bill. On April 29, 2015, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises held a hearing 
entitled ``Legislative Proposals to Enhance Capital Formation 
and Reduce Regulatory Burdens,'' which examined the bill. 
Witnesses testified as noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and considered H.R. 1317. An amendment offered by 
Representative Moore was agreed to by voice vote. The bill as 
amended was ordered favorably reported to the House by a vote 
of 57 to 0 (see H. Rep. 114-311, Part 2). On September 30, 
2015, the Agriculture Committee held its own markup of the 
bill, which it reported with sundry amendments (see H. Rep. 
114-311, Part 1). On November 16, 2015, the House passed H.R. 
1317, as reported by the Agriculture Committee, on suspension 
by voice vote. On November 17, 2015, the bill was received in 
the Senate and referred to the Committee on Agriculture, 
Nutrition, and Forestry.
    On December 18, 2015, text identical to H.R. 1317 (as 
passed by the House) was incorporated into the Consolidated 
Appropriations Act, 2016 (see H.R. 2029, Division O, Title VII, 
Sec. 705). The measure was signed into law later that day (P.L. 
114-113).

      THE HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION ACT

                               H.R. 1334


Summary

    The Holding Company Registration Threshold Equalization Act 
applies the shareholder registration and deregistration 
thresholds contained in Title VI of the Jumpstart Our Business 
Startups (``JOBS'') Act to Savings and Loan Holding Companies 
(``SLHCs''). Title VI of the JOBS Act raised the shareholder 
registration threshold with the SEC from 500 shareholders to 
2,000 for companies with total assets over $10 million. Title 
VI also increased the deregistration threshold from 300 
shareholders to 1,200 for banks and bank holding companies. 
While the JOBS Act did not explicitly extend these thresholds 
to SLHCs, Congress did not intend different treatment for such 
entities. By remedying this ambiguity, H.R. 1334 seeks to allow 
SLHCs to reduce their SEC-related compliance costs and better 
deploy capital throughout the communities they serve.

Legislative History

    Representative Womack introduced the Holding Company 
Registration Threshold Equalization Act on March 4, 2015. On 
April 29, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 60 to 0 (see H. Rep. 114-200). On July 
14, 2015, the Holding Company Registration Threshold 
Equalization Act passed the House on suspension by voice vote. 
On July 15, 2015, the bill was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the Holding Company Registration Threshold Equalization Act. 
The amendment was adopted by voice vote on the same day. 
Following House and Senate passage of the FAST Act as amended, 
the President signed the bill into law on December 4, 2015 
(P.L. 114-94).

          THE DISCLOSURE MODERNIZATION AND SIMPLIFICATION ACT

                               H.R. 1525


Summary

    The Disclosure Modernization and Simplification Act directs 
the SEC to simplify its disclosure regime for issuers and 
investors by permitting issuers to submit a summary page on 
Form 10-K with cross-references to the content of the report. 
Because the typical 10-K filed by an issuer is hundreds of 
pages long, investors may find it difficult to locate important 
information about the company in the report. Permitting issuers 
to submit a summary page would enable companies to concisely 
disclose pertinent information to investors without exposing 
them to liability. This summary page would also enable 
investors to more easily access the most relevant information 
about a company.
    H.R. 1525 also directs the SEC to revise Regulation S-K to 
scale disclosure rules for Emerging Growth Companies and 
smaller issuers, and to eliminate duplicative, outdated, or 
unnecessary Regulation S-K disclosure requirements for all 
issuers. In addition, H.R. 1525 directs the SEC to further 
study Regulation S-K and engage in rulemaking to implement 
additional reforms to simplify and modernize Regulation S-K 
disclosure rules.

Legislative History

    Representative Garrett introduced the Disclosure 
Modernization and Simplification Act on March 23, 2015. On 
April 29, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 60 to 0 (see H. Rep. 114-279). On 
October 6, 2015, the Disclosure Modernization and 
Simplification Act passed the House on suspension by voice 
vote. On October 7, 2015, the bill was received in the Senate 
and referred to the Committee on Banking, Housing and Urban 
Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the Disclosure Modernization and Simplification Act. The 
amendment was adopted by voice vote on the same day. Following 
House and Senate passage of the FAST Act as amended, the 
President signed the bill into law on December 4, 2015 (P.L. 
114-94).

                 THE ENCOURAGING EMPLOYEE OWNERSHIP ACT

                               H.R. 1675


Summary

    The Encouraging Employee Ownership Act directs the SEC to 
revise Rule 701 to require an issuer to furnish investors with 
additional specified disclosures regarding compensatory benefit 
plans if the aggregate sales price or amount of securities sold 
during any consecutive 12-month period exceeds $10 million (up 
from $5 million under current law), indexed for inflation every 
five years. By increasing the Rule 701 threshold--and thus 
lowering certain regulatory compliance costs--H.R. 1675 seeks 
to give private companies more flexibility to compensate 
employees with a company's securities.

Legislative History

    Representative Hultgren introduced H.R. 1675 on March 26, 
2015. On April 29, 2015, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 45 to 15 (see H. Rep. 114-398).
    On February 3, 2016, the House agreed to H. Res. 595, which 
provided for the consideration of H.R. 1675 and made in order 
in connection therewith an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the 
texts of H.R. 686 (the Small Business Mergers, Acquisitions, 
Sales, and Brokerage Simplification Act), H.R. 1965 (the Small 
Company Disclosure Simplification Act), H.R. 2354 (the 
Streamlining Excessive and Costly Regulations Act), and H.R. 
2356 (the Fair Access to Investment Research Act) as ordered 
reported by the Committee. H. Res 595 also made in order the 
consideration of seven amendments to the amendment in the 
nature of a substitute to be offered by sundry Members, one of 
which was adopted (see Amendment No. 2 (Huizenga) (clarifying 
the application of the exemption from SEC registration for 
small business Mergers and Acquisition Brokers (corresponding 
to H.R. 686))). The amendment in the nature of a substitute, as 
amended, was adopted. On February 3, 2016, the House passed 
H.R. 1675, as amended, by vote of 265 to 159.
    On February 4, 2016, H.R. 1675 was received in the Senate 
and referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

               THE SMALL COMPANY SIMPLE REGISTRATION ACT

                               H.R. 1723


Summary

    The Small Company Simple Registration Act simplifies the 
securities registration process by amending the SEC's Form S-1 
registration statement, which is the basic registration form 
for new securities offerings, to allow smaller reporting 
companies to incorporate by reference any documents filed with 
the SEC after the effective date of the Form S-1. By providing 
for such authority, H.R. 1723 seeks to lower small public 
company compliance costs.

Legislative History

    Representative Wagner introduced H.R. 1723 on March 26, 
2015. On April 29, 2015, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 60 to 0 (see H. Rep. 114-201). On July 
14, 2015, the Small Business Freedom and Growth Act passed the 
House on suspension by a vote of 426 to 0. On July 15, 2015, 
the bill was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the Small Business Freedom and Growth Act. The amendment was 
adopted by voice vote on the same day. Following House and 
Senate passage of the FAST Act as amended, the President signed 
the bill into law on December 4, 2015 (P.L. 114-94).

    THE REFORMING ACCESS FOR INVESTMENTS IN STARTUP ENTERPRISES ACT

                               H.R. 1839


Summary

    The Reforming Access for Investments in Startup Enterprises 
Act amends Section 4 of the Securities Act of 1933 to increase 
market liquidity and resolve legal uncertainty that may impede 
employees of private companies from selling their company-
issued securities. Currently, a holder of securities issued in 
a private placement may resell the securities on a public 
market after a holding period. However, there is not similar 
authority for the private resale of restricted securities.
    H.R. 1839 codifies a legal framework for these 
transactions. Specifically, it provides that the resale of any 
securities are ``exempted transactions'' (which do not trigger 
the registration provisions of the Securities Act of 1933) as 
long as: (1) each purchaser is an accredited investor; (2) the 
securities are not offered by means of general solicitation or 
general advertising; (3) the seller and a prospective purchaser 
obtain from the issuer certain information relating to the 
sale; and (4) the transaction does not involve a public 
offering.

Legislative History

    Representative McHenry introduced the Reforming Access for 
Investments in Startup Enterprises Act on April 16, 2015. On 
April 29, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and considered the bill. An amendment in the nature of a 
substitute offered by Representative McHenry was adopted by 
unanimous consent. The bill as amended was ordered favorably 
reported to the House by a vote of 58 to 0 (see H. Rep. 114-
281). On October 6, 2015, H.R. 1839 passed the House on 
suspension by a vote of 404 to 0. On October 7, 2015, the bill 
was received in the Senate and referred to the Committee on 
Banking, Housing and Urban Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the Reforming Access for Investments in Startup Enterprises 
Act. The amendment was adopted by voice vote on the same day. 
Following House and Senate passage of the FAST Act as amended, 
the President signed the bill into law on December 4, 2015 
(P.L. 114-94).

 THE SWAP DATA REPOSITORY AND CLEARINGHOUSE INDEMNIFICATION CORRECTION 
                                  ACT

                               H.R. 1847


Summary

    Sections 728 and 763 of the Dodd-Frank Act require swap 
data repositories and security-based swap data repositories to 
make data available to non-U.S. financial regulators, including 
foreign financial supervisors, foreign central banks, and 
foreign ministries. Before a U.S. data repository can share 
data with a foreign regulator, however, the foreign regulator 
must agree that it will abide by applicable confidentiality 
requirements, and that it will indemnify the data repository 
and the SEC or the Commodity Futures Trading Commission for 
litigation expenses that may result from the sharing of data 
with the foreign regulator. Section 725 of the Dodd-Frank Act 
imposes similar requirements for data sharing between 
derivatives clearing organizations and foreign regulators, 
including the requirement that foreign regulators indemnify 
derivatives clearing organizations and U.S. regulators for 
litigation expenses that may result from the sharing of data 
with foreign regulators.
    The Swap Data Repository and Clearinghouse Indemnification 
Correction Act repeals the indemnification provisions in 
Sections 725, 728, and 763 of the Dodd-Frank Act. In doing so, 
the Act seeks to increase market transparency, facilitate 
global regulatory cooperation, and ensure that U.S. regulators 
have access to necessary swaps data from foreign data 
repositories, derivatives clearing organizations, and 
regulators.

Legislative History

    Representative Crawford introduced the Swap Data Repository 
and Clearinghouse Indemnification Correction Act on April 16, 
2015. The bill was referred to the Agriculture Committee in 
addition to the Financial Services Committee. On April 29, 
2015, the Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing entitled ``Legislative 
Proposals to Enhance Capital Formation and Reduce Regulatory 
Burdens,'' which examined the bill. Witnesses testified as 
noted previously.
    On May 20, 2015, the Committee met in open session and 
considered the bill. An amendment offered by Representative 
Moore was adopted by voice vote. The bill as amended was 
ordered favorably reported to the House by a vote of 60 to 0 
(see H. Rep. 114-202, Part 1).
    On July 14, 2015, the Agriculture Committee was discharged 
from further consideration of H.R. 1847. On the same day, the 
bill, which contained certain modifications from the reported 
text made at the request of the Agriculture Committee, passed 
the House on suspension by voice vote. On July 15, 2015, H.R. 
1847 was received in the Senate and referred to the Committee 
on Agriculture, Nutrition, and Forestry.
    Text identical to the House-passed version of H.R. 1847 was 
incorporated into H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, during conference negotiations 
between the House and Senate. Following House and Senate 
passage of the FAST Act, the President signed the bill into law 
on December 4, 2015 (P.L. 114-94).

            THE SMALL COMPANY DISCLOSURE SIMPLIFICATION ACT

                               H.R. 1965


Summary

    The Small Company Disclosure Simplification Act provides a 
voluntary exemption for all Emerging Growth Companies and other 
issuers with annual gross revenues under $250 million from the 
SEC's requirements to file their financial statements in an 
interactive data format known as eXtensible Business Reporting 
Language (``XBRL''). The exemption extends for either five 
years or two years after the SEC establishes that the benefits 
of XBRL to smaller issuers outweigh the costs, whichever occurs 
first. H.R. 1965 additionally directs the SEC to conduct an 
economic analysis on the costs and benefits of XBRL to smaller 
issuers and to report to Congress on the SEC's and investors' 
use of the information. The SEC's Government-Business Forum on 
Small Business Capital Formation recommended eliminating the 
XBRL requirement for smaller issuers based on its assessment of 
the potential costs and benefits of XBRL.

Legislative History

    Representative Hurt introduced the Small Company Disclosure 
Simplification Act on April 22, 2015. On April 29, 2015, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``Legislative Proposals to 
Enhance Capital Formation and Reduce Regulatory Burdens,'' 
which examined the bill. Witnesses testified as noted 
previously.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 44 to 11 (see H. Rep. 114-399).
    On February 3, 2016, the House agreed to H. Res. 595, which 
provided for the consideration of H.R. 1675 and made in order 
in connection therewith an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the 
text of H.R. 1965 and three other measures. On February 3, the 
House adopted the amendment in the nature of a substitute and 
passed H.R. 1675, as amended, by vote of 265 to 159. On 
February 4, 2016, H.R. 1675 was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

  A BILL TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO REQUIRE THE 
SECURITIES EXCHANGE COMMISSION TO REFUND OR CREDIT EXCESS PAYMENTS MADE 
                           TO THE COMMISSION

                               H.R. 1975


Summary

    Under Section 31 of the Exchange Act, national securities 
exchanges and other self-regulatory organizations 
(collectively, SROs) pay proportional transaction fees to the 
SEC for the cost of supervising and regulating such 
transactions. Some SROs have overpaid fees out of an abundance 
of caution, rather than risk an enforcement action for 
underpayment. The SEC has not refunded overpaid fees because it 
has interpreted the 1934 Act as not granting it such authority. 
In a 2013 letter to the Committee, SEC Chair Mary Jo White, on 
behalf of the Commission, requested that Congress empower the 
SEC to refund overpaid fees. Thus, H.R. 1975 allows SROs to 
offset previous Section 31 overpayments against future fees.

Legislative History

    Representative Meeks introduced H.R. 1975 on April 22, 
2015. On April 29, 2015, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 57 to 0 (see H. Rep. 114-505). No 
further action was taken on the bill in the 114th Congress.

   THE IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES ACT

                               H.R. 2064


Summary

    The Improving Access to Capital for Emerging Growth 
Companies Act effects targeted changes to the securities laws 
to make Initial Public Offerings (``IPOs'') more appealing to 
small issuers. Specifically, the Act reduces the number of days 
an Emerging Growth Company (``EGC'') must have a confidential 
registration statement on file with the SEC before it may 
conduct a ``road show''--in which the company's executives 
provide financial information to, and answer questions from, 
analysts and potential investors--from 21 days to 15. H.R. 2064 
also clarifies that an issuer that was an EGC at the time it 
filed a confidential registration statement but is no longer an 
EGC will continue to be treated as an EGC through the date of 
its IPO and requires the SEC to revise its general instructions 
on Form S-1 regarding the financial information an issuer must 
disclose prior to its IPO.

Legislative History

    Representative Fincher introduced the Improving Access to 
Capital for Emerging Growth Companies Act on April 28, 2015. On 
April 29, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens,'' which examined the bill. Witnesses 
testified as noted previously.
    On May 20, 2015, the Committee met in open session and 
considered the bill. An amendment offered by Representatives 
Fincher and Delaney was adopted by voice vote. The bill as 
amended was ordered favorably reported to the House by a vote 
of 57 to 0 (see H. Rep. 114-203). On July 14, 2015, the 
Improving Access to Capital for Emerging Growth Companies Act 
passed the House on suspension by voice vote. On July 15, 2015, 
the bill was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to H.R. 2064. The amendment was adopted by voice vote on the 
same day. Following House and Senate passage of the FAST Act as 
amended, the President signed the bill into law on December 4, 
2015 (P.L. 114-94).

                       THE MAIN STREET GROWTH ACT

                               H.R. 4638


Summary

    The Main Street Growth Act permits the creation and 
registration of venture exchanges with the SEC with the goal of 
enhancing the secondary market for the trading of securities. A 
company's size may impact how easily it can access capital, 
with larger companies potentially finding the capital markets 
easier to access than smaller ones. H.R. 4638 defines a venture 
security, establishes the types of securities eligible for a 
venture exchange listing, and specifies the rules and 
regulations with which venture exchanges must comply.

Legislative History

    On May 13, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens, Part II'' which examined a discussion draft 
of the bill. Witnesses were: Mr. Ronald Kruszewski, Chairman 
and Chief Executive Officer, Stifel Financial Corporation (on 
behalf of the Securities Industry and Financial Markets 
Association); Mr. David Burton, Senior Fellow, Economic Policy, 
The Heritage Foundation; Mr. Mercer Bullard, MDLA Distinguished 
Lecturer and Professor of Law, University of Mississippi School 
of Law; Mr. Thomas Quaadman, Vice President, Center for Capital 
Markets Competitiveness, U.S. Chamber of Commerce; and Mr. 
David Weild IV, Chairman and Chief Executive Officer, Weild & 
Co.
    Representative Garrett introduced the Main Street Growth 
Act on February 26, 2016. On March 2, 2016, the Committee met 
in open session and considered the bill. An amendment in the 
nature of a substitute was offered by Mr. Garrett. An amendment 
to the amendment in the nature of a substitute offered by Ms. 
Waters was not agreed to by a vote of 25 to 32. The Garrett 
substitute amendment was then adopted by voice vote. The bill 
as amended was ordered favorably reported to the House by a 
vote of 32 to 25 (see H. Rep. 114-609). There was no further 
action on the bill in the 114th Congress.

               THE FAIR ACCESS TO INVESTMENT RESEARCH ACT

                               H.R. 2356


Summary

    The Fair Access to Investment Research Act directs the SEC 
to provide a safe harbor for research reports that cover 
Exchange Traded Funds (``ETFs'') so that these reports are not 
considered ``offers'' under Section 5 of the Securities Act of 
1933. An ETF is an investment company whose shares are traded 
intraday on stock exchanges at market-determined prices. 
Investors may buy or sell ETF shares through a broker or in a 
brokerage account just as they would the shares of any publicly 
traded company.
    The SEC has implemented safe harbors for research issued in 
support of asset classes similar to ETFs, including listed 
equities, corporate debt, and closed-end funds. To qualify for 
a safe harbor under the Fair Access to Investment Research Act, 
a broker or dealer must distribute the research report in the 
regular course of business and the report must relate to an ETF 
issuer that (1) has a class of securities listed on a national 
securities exchange for at least 12 months prior to the 
publishing or distribution of the report, (2) has an aggregate 
market value of at least $75 million, and (3) is either a unit 
investment or an open-ended company or a trust whose assets 
consist primarily of interests in commodities, currencies, or 
derivative instruments referring commodities or currencies.

Legislative History

    On May 13, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens, Part II'' which examined a discussion draft 
of the bill. Witnesses testified as noted previously.
    Representative Hill introduced the Fair Access to 
Investment Research Act on May 15, 2015. On May 20, 2015, the 
Committee met in open session and ordered the bill favorably 
reported to the House without amendment by a vote of 48 to 9 
(see H. Rep. 114-401).
    On February 3, 2016, the House agreed to H. Res. 595, which 
provided for the consideration of H.R. 1675 and made in order 
in connection therewith an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the 
text of H.R. 2356 and three other measures. On February 3, the 
House adopted the amendment in the nature of a substitute and 
passed H.R. 1675, as amended, by vote of 265 to 159. On 
February 4, 2016, H.R. 1675 was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on H.R. 1675 in the 114th 
Congress.
    On April 21, 2016, Representative Hill reintroduced the 
Fair Access to Investment Research Act as H.R. 5019, which 
included certain modifications relative to the text of H.R. 
2356. On April 28, 2016, the House passed H.R. 5019 on 
suspension by a vote of 411-6. On May 9, 2016, H.R. 5019 was 
received in the Senate and referred to the Committee on 
Banking, Housing and Urban Affairs. There was no further action 
on H.R. 5019 in the 114th Congress.

      THE STREAMLINING EXCESSIVE AND COSTLY REGULATIONS REVIEW ACT

                               H.R. 2354


Summary

    The Streamlining Excessive and Costly Regulations Review 
Act requires that, within the first five years after enactment, 
and every ten years thereafter, the SEC engage in a 
retrospective review of all significant SEC rules and 
regulations. Significant regulations are those with (1) an 
annual economic impact of $100 million or more as defined by 
the Office of Management and Budget, or that (2) result in a 
major increase in costs or prices for consumers, individual 
industries, federal, state, or local governments, or geographic 
regions, or (3) cause significant adverse effects on 
competition, employment, investment, productivity, innovation, 
or on the ability of U.S. enterprises to compete against their 
foreign counterparts. H.R. 2354 requires the five SEC 
Commissioners to vote on whether each regulation identified by 
the review is outmoded, ineffective, insufficient, excessively 
burdensome, or no longer necessary in the public interest or 
inconsistent with the SEC's mandates to protect investors, 
maintain fair, orderly, and efficient markets, and facilitate 
capital formation. H.R. 2354 requires the SEC to allow for 
notice and public comment and mandates that the Commissioners 
vote to amend or repeal any regulation identified as outmoded, 
ineffective, insufficient, or excessively burdensome, or as no 
longer necessary in the public interest or consistent with the 
SEC's mandates.

Legislative History

    On May 13, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens, Part II'' which examined a discussion draft 
of the bill. Witnesses testified as noted previously.
    Representative Hurt introduced the Streamlining Excessive 
and Costly Regulations Review Act on May 15, 2015. On May 20, 
2015, the Committee met in open session and considered the 
bill. An amendment offered by Mr. Hurt was adopted by voice 
vote. An amendment offered by Mr. Hinojosa was not agreed to by 
a vote of 24 to 33. The bill was ordered favorably reported to 
the House as amended by a vote of 41 to 16 (see H. Rep. 114-
403).
    On February 3, 2016, the House agreed to H. Res. 595, which 
provided for the consideration of H.R. 1675 and made in order 
in connection therewith an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
43, which included, in addition to the text of H.R. 1675, the 
text of H.R. 2354 and three other measures. On February 3, 
2016, the House adopted the amendment in the nature of a 
substitute and passed H.R. 1675, as amended, by vote of 265 to 
159. On February 4, 2016, H.R. 1675 was received in the Senate 
and referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

                 THE ACCELERATING ACCESS TO CAPITAL ACT

                               H.R. 2357


Summary

    The Accelerating Access to Capital Act permits smaller 
reporting companies with a class of common equity securities 
listed and registered on a national securities exchange to use 
SEC Form S-3 to register primary securities offerings exceeding 
one-third of the aggregate market value of voting and non-
voting common equity held by non-affiliates of the registrant. 
In addition, H.R. 2357 allows smaller reporting companies 
without a class of common equity securities listed and 
registered on a national securities exchange to utilize Form S-
3 to register primary securities offerings up to one-third of 
their public float. Form S-3 is a simplified registration form 
for companies that have met prior reporting requirements.

Legislative History

    On May 13, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation and Reduce 
Regulatory Burdens, Part II'' which examined a discussion draft 
of the bill. Witnesses testified as noted previously.
    On May 15, 2015, Representative Wagner introduced the 
Accelerating Access to Capital Act. On May 20, 2015, the 
Committee met in open session and ordered the bill favorably 
reported to the House without amendment by a vote of 33 to 24 
(see H. Rep. 114-506).
    On September 8, 2016, the House adopted H. Res. 844, 
providing for consideration of the Accelerating Access to 
Capital Act and making in order in connection therewith the 
consideration of amendments to be offered by Mr. Hinojosa and 
Mr. DeSantis. On the same day, the House considered H.R. 2357 
pursuant to the terms of H. Res. 844. Mr. Hinojosa and Mr. 
DeSantis did not offer their amendments. The House passed the 
bill by a vote of 236 to 178.
    On September 12, 2016, H.R. 2357 was received in the Senate 
and referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

     THE FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL EXPERTS ACT

                               H.R. 2187


Summary

    Under existing law, companies can raise funds through 
public and private offerings. The Securities Act of 1933 
requires companies that are publicly offering securities for 
investment to register the offering of the securities with the 
SEC and provide investors with all material information 
necessary to make an investment decision. SEC Regulation D 
establishes securities registration exemptions, which permit 
companies to sell securities through private offerings. 
Securities sold in connection with such offerings may be 
purchased by accredited investors, which under SEC regulations 
are individuals meeting certain income or net worth standards.
    The Fair Investment Opportunities for Professional Experts 
Act amends the definition of accredited investor to include: 
(1) persons whose individual net worth, including their 
spouse's, exceeds $1,000,000, excluding the value of their 
primary residence (which amount, together with the individual 
income amounts described below, are to be adjusted for 
inflation every five years); (2) persons with an individual 
income greater than $200,000 or $300,000 for joint income; (3) 
persons who are licensed in the securities industry (such as a 
registered broker or investment adviser) with the SEC, the 
Financial Industry Regulatory Authority (``FINRA'') or the 
State; and (4) persons whom the SEC determines by regulation 
have demonstrable education or job experience to qualify such 
person as having professional knowledge of a subject related to 
a particular investment. For the latter category, the FINRA 
would verify the person's education or job experience.

Legislative History

    Representative Schweikert introduced the Fair Investment 
Opportunities for Professional Experts Act on April 30, 2015. 
On June 16, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Modernize Business Development 
Companies and Expand Investment Opportunities'' which examined 
the bill. Witnesses were Mr. Michael Arougheti, Co-Chairman and 
Executive Vice President, Ares Capital Corporation; Mr. J. 
Robert Brown, Professor of Law and Director, Corporate and 
Commercial Law Program, University of Denver Sturm College of 
Law; Mr. Vince Foster, Chief Executive Officer and Chairman, 
Main Street Capital (on behalf of the Small Business Investor 
Alliance); Mr. Michael Gerber, Executive Vice President, 
Franklin Square Capital Partners; and Mr. Tom Quaadman, Vice 
President, Center for Capital Markets Competitiveness, U.S. 
Chamber of Commerce.
    On December 8, 2015, the Committee met in open session and 
considered the bill. An amendment in the nature of a substitute 
offered by Mr. Schweikert, as amended by an amendment offered 
by Ms. Waters, was adopted by voice vote. The bill as amended 
was ordered favorably reported to the House by a vote of 54 to 
2 (see H. Rep. 114-406). On February 1, 2016, H.R. 2187 passed 
the House on suspension by a vote of 347 to 8. On February 2, 
2016, the bill was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs. There was no 
further action on the bill in the 114th Congress.
    On December 2, 2016, Mr. Garrett introduced H.R. 6427, the 
Creating Financial Prosperity for Businesses and Investors Act. 
That legislation contained a title identical to H.R. 2187. On 
December 5, 2016, H.R. 6427 passed the House on suspension by a 
vote of 391 to 2. There was no further action on the bill in 
the 114th Congress.

               THE SMALL BUSINESS CREDIT AVAILABILITY ACT

                               H.R. 3868


Summary

    The Small Business Credit Availability Act amends the 
Investment Company Act of 1940 to modernize the regulatory 
regime for Business Development Companies (BDCs). BDCs are 
investment vehicles designed to facilitate capital formation 
for small and middle-market companies. Specifically, H.R. 3868 
seeks to streamline the offering, filing, and registration 
processes for BDCs with the SEC in order to: reduce potential 
regulatory burdens; increase a BDC's ability to deploy capital 
to businesses by reducing its asset coverage ratio, or required 
ratio of assets to debt, from 200 percent to 150 percent if 
certain requirements are met; and provide liquidity to 
investors if a BDC or its funds are not publicly traded. H.R. 
3868 also directs the SEC, within one year, to codify an order 
to govern a BDC's relationship with an investment adviser and 
revise its rules to allow BDCs to use the streamlined 
securities offering provisions available to other registrants 
under the Securities Act of 1933 such as the ability to be a 
Well Known Seasoned Issuer, use shelf offerings, and 
communicate directly with shareholders.

Legislative History

    On June 16, 2015, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Modernize Business Development 
Companies and Expand Investment Opportunities'' which examined 
a discussion draft of the Small Business Credit Availability 
Act. Witnesses testified as noted previously.
    On November 2, 2015, Representative Mulvaney introduced 
H.R. 3868. On November 3, 2015, the Committee met in open 
session and considered the bill. An amendment offered by Ms. 
Velazquez was adopted by voice vote. An amendment offered by 
Mr. Himes, and another by Ms. Moore, were each withdrawn. The 
Committee ordered H.R. 3868 as amended to be favorably reported 
to the House by a vote of 53 to 4 (see H. Rep. 114-508). There 
was no further action on the bill in the 114th Congress.

                  THE SEC SMALL BUSINESS ADVOCATE ACT

                               H.R. 3784


Summary

    The SEC Small Business Advocate Act establishes the Office 
for Small Business Capital Formation (``OSBCF'') and the Small 
Business Capital Formation Advisory Committee (``Advisory 
Committee'') within the SEC. Under the bill, the OSBCF is to be 
led by the Advocate for Small Business Capital Formation 
(``Advocate''), who is appointed by and reports to the SEC, 
with the responsibility to, among other things: help small 
businesses resolve problems with the SEC; analyze the potential 
impact of proposed rules and regulations that are likely to 
have a significant effect on small businesses; and solicit 
input from small businesses to understand issues related to 
capital formation.
    The Advisory Committee established by the bill is charged 
with providing advice to the SEC on rules and policies related 
to capital formulation, securities trading, and reporting and 
governance requirements for emerging and smaller public 
companies.

Legislative History

    Representative Carney introduced the SEC Small Business 
Advocate Act on October 21, 2015. On December 2, 2015, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``Legislative Proposals to 
Improve the U.S. Capital Markets,'' which examined the bill. 
Witnesses were: the Honorable Joseph Grundfest, William A. 
Franke Professor of Law and Business, Stanford University; Mr. 
Brian Hahn, Chief Financial Officer, GlycoMimetics (on behalf 
of the Biotechnology Industry Organization); Dr. Joseph 
Carcello, EY and Business Alumni Professor, Department of 
Accounting and Information Management, Haslam College of 
Business, University of Tennessee; Mr. Chris Mathieu, Senior 
Vice President and Chief Financial Officer, Horizon Technology 
Finance (on behalf of the Small Business Investor Alliance); 
and Mr. Tom Quaadman, Vice President, Center for Capital 
Markets Competitiveness, U.S. Chamber of Commerce.
    On December 9, 2015, the Committee met in open session and 
considered the bill. An amendment offered by Ms. Waters was 
agreed to by voice vote. Two amendments offered by Mr. Ellison 
were not agreed to by recorded votes of, respectively, 18 to 38 
and 21 to 35. The bill as amended was ordered favorably 
reported to the House by a vote of 56 to 0 (see H. Rep. 114-
408). On February 1, 2016, the SEC Small Business Advocate Act 
passed the House on suspension by voice vote. On February 2, 
2016, the bill was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs.
    On December 2, 2016, Mr. Garrett introduced H.R. 6427, the 
Creating Financial Prosperity for Businesses and Investors Act. 
That legislation contained a title identical to H.R. 3784. On 
December 5, 2016, H.R. 6427 passed the House on suspension by a 
vote of 391 to 2. There was no further action on the bill in 
the 114th Congress.
    On December 10, 2016, the Senate Committee on Banking, 
Housing, and Urban Affairs was discharged from further 
consideration of H.R. 3784 and the Senate passed the bill 
without amendment by unanimous consent. H.R. 3784 was signed 
into law on December 16, 2016 (P.L. 114-284).

                    THE DUE PROCESS RESTORATION ACT

                               H.R. 3798


Summary

    The Due Process Restoration Act provides respondents in SEC 
enforcement cases with the ability to have their cases removed 
from the SEC's administrative or ``in-house'' proceedings to a 
federal district court. Specifically, the bill: (1) grants a 
defendant in a SEC administrative proceeding against whom a 
cease and desist order and a penalty may be issued the right to 
terminate the proceeding, not later than 20 days after 
receiving notice of such proceeding; (2) permits the SEC to 
bring the same action in federal court against that person who 
terminated the administrative proceeding and seek the same 
remedy that might have been imposed; and (3) raises the burden 
of proof for cases that remain in SEC administrative 
proceedings to a higher ``clear and convincing'' standard.

Legislative History

    Representative Garrett introduced the Due Process 
Restoration Act on October 22, 2015. On December 2, 2015, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``Legislative Proposals to 
Improve the U.S. Capital Markets,'' which examined the bill. 
Witnesses testified as noted previously.
    On March 2, 2016, the Committee met in open session to 
consider the bill. An amendment offered by Mr. Ellison was not 
agreed to by a vote of 25 to 32. The bill was ordered to be 
favorably reported to the House without amendment by a vote of 
32 to 25 (see H. Rep. 114-697). There was no further action on 
the bill in the 114th Congress.

            THE HELPING ANGELS LEAD OUR STARTUPS (HALOS) ACT

                               H.R. 4498


Summary

    The HALOS Act seeks to promote access to investment capital 
for small companies and ensure that startups can continue to 
connect with angel investors. Specifically, H.R. 4498 defines 
an ``angel investor group'' and clarifies that the Securities 
Act of 1933's general solicitation limitations do not apply to 
a presentation, communication, or event conducted on behalf of 
an issuer at an event sponsored by certain organizations; where 
any advertising for the event does not reference any specific 
offering of securities by the issuer; or where no specific 
information regarding an offering of securities by the issuer 
is communicated or distributed by or on behalf of the issuer.

Legislative History

    On December 2, 2015, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Improve the U.S. Capital Markets,'' 
which examined a discussion draft of the HALOS Act. Witnesses 
testified as noted previously.
    Representative Chabot introduced H.R. 4498 on February 9, 
2016. On March 2, 2016, the Committee met in open session and 
ordered the bill to be favorably reported to the House without 
amendment by a vote of 44 to 13 (see H. Rep. 114-509).
    On April 27, 2016, the House agreed to H. Res. 701, 
providing for consideration of H.R. 4498 and making in order in 
connection therewith an amendment to be offered by Ms. Waters. 
Later the same day, the House considered the bill. The House 
rejected the Waters amendment by vote of 139 to 272. The House 
passed H.R. 4498 by vote of 325 to 89. On April 28, 2016, the 
bill was received in the Senate and referred to the Committee 
on Banking, Housing and Urban Affairs. There was no further 
action on the HALOS Act in the 114th Congress.

                      THE FOSTERING INNOVATION ACT

                               H.R. 4139


Summary

    The Fostering Innovation Act extends the period of time in 
which EGCs must comply with Section 404(b) of the Sarbanes-
Oxley Act (SOX). SOX Section 404(b) requires that a public 
company's external auditor attest to, and report on, 
management's assessment of the company's internal controls over 
financial reporting. H.R. 4139 seeks to ensure that small 
companies are subject to Section 404(b) when they have adequate 
resources to pay for compliance costs associated with the 
provision by extending the 404(b) exemption until the earlier 
of: ten years after the company went public; the end of the 
fiscal year in which the EGC's average gross revenues exceed 
$50 million; or when the EGC becomes a large accelerated filer 
($700 million public float) with the SEC.

Legislative History

    Representative Sinema introduced the Fostering Innovation 
Act on December 1, 2015. On December 2, 2015, the Subcommittee 
on Capital Markets and Government Sponsored Enterprises held a 
hearing entitled ``Legislative Proposals to Improve the U.S. 
Capital Markets,'' which examined the bill. Witnesses testified 
as noted previously.
    On March 2, 2016, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 42 to 15 (see H. Rep. 114-588). On May 
23, 2016, the House passed the Fostering Innovation Act on 
suspension by voice vote. On May 24, 2016, the bill was 
received in the Senate and referred to the Committee on 
Banking, Housing and Urban Affairs. There was no further action 
on the bill in the 114th Congress.

          THE SMALL BUSINESS CAPITAL FORMATION ENHANCEMENT ACT

                               H.R. 4168


Summary

    The Small Business Capital Formation Enhancement Act 
requires the SEC to respond to any findings and recommendations 
put forth by the SEC's annual Government-Business Forum on 
Small Business Capital Formation (``Forum''). In 1980, Congress 
required the SEC to convene an annual government-business forum 
to review the current status of problems and programs relating 
to small business capital formation. A summary of the 
proceedings of the Forum, as well as its findings and 
recommendations, are submitted to, among others, the SEC and 
the appropriate congressional committees for review. Under 
current law, the SEC is not statutorily required to respond to 
the Forum, even though many of its findings and recommendations 
have merit; the Forum has generated a number of proposals that 
the Committee has used to develop legislation, including many 
provisions of the JOBS Act.

Legislative History

    On December 2, 2015, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Improve the U.S. Capital Markets,'' 
which examined a discussion draft of the Small Business Capital 
Formation and Enhancement Act. Witnesses testified as noted 
previously.
    Representative Poliquin introduced H.R. 4168 on December 3, 
2015. On December 8 and 9, 2015, the Committee met in open 
session and ordered the bill favorably reported to the House 
without amendment by a vote of 55 to 1 (see H. Rep. 114-409). 
On February 1, 2016, the House passed the Small Business 
Capital Formation and Enhancement Act on suspension by vote of 
390-1. On February 3, 2016, the bill was received in the Senate 
and placed on the Senate Legislative Calendar under General 
Orders. There was no further action on the bill in the 114th 
Congress.
    On December 2, 2016, Mr. Garrett introduced H.R. 6427, the 
Creating Financial Prosperity for Businesses and Investors Act. 
That legislation contained a title identical to H.R. 4168. On 
December 5, 2016, H.R. 6427 passed the House on suspension by a 
vote of 391 to 2. There was no further action on the bill in 
the 114th Congress.

                  PRESERVING ACCESS TO CRE CAPITAL ACT

                               H.R. 4620


Summary

    The Preserving Access to CRE Capital Act amends the risk 
retention requirements mandated by Section 941 of the Dodd-
Frank Act for certain ``qualified'' commercial real estate 
loans. The bill also seeks to provide modest relief for one 
sector of commercial mortgage-backed securities known as the 
Single Asset Single Borrower Market.

Legislative History

    On February 24, 2016, the Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``The Impact of the Dodd-Frank Act and Basel III on the Fixed 
Income Market and Securitizations,'' which examined a 
discussion draft of the Preserving Access to CRE Capital Act. 
Witnesses were: Mr. Anthony Carfang, Partner and Director, 
Treasury Strategies; Ms. Meredith Coffey, Executive Vice 
President, Loan Syndications and Trading Association; Mr. 
Andrew Green, Managing Director, Economic Policy Center for 
American Progress; Mr. Richard Johns, Executive Director, 
Structured Finance Industry Group; Mr. Jeffrey Plunkett, 
Executive Vice President and General Counsel, Natixis Global 
Asset Management; Mr. Stephen Renna, President and Chief 
Executive Officers, Commercial Real Estate Finance Council; and 
Dr. Marcus Stanley, Policy Director, American for Financial 
Reform.
    Representative Hill introduced H.R. 4620 on February 25, 
2016. On March 2, 2016, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 39 to 18 (see H. Rep. 114-597). There 
was no further action on the bill in the 114th Congress.

                THE INVESTOR CLARITY AND BANK PARITY ACT

                               H.R. 4096


Summary

    The Investor Clarity and Bank Parity Act amends the Dodd-
Frank Act's ``Volcker Rule''--which allows banks to organize 
and offer ``covered funds'' such as hedge funds or private 
equity funds in limited circumstances--to permit such covered 
funds to share a similar name as an investment adviser that is 
affiliated with the sponsoring or offering bank. Under current 
law, such advisers may not share a similar name with the 
adviser.

Legislative History

    Representative Capuano introduced the Investor Clarity and 
Bank Parity Act on November 15, 2015. On February 24, 2016, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``The Impact of the Dodd-
Frank Act and Basel III on the Fixed Income Market and 
Securitizations,'' which examined the bill. Witnesses testified 
as noted previously.
    On March 2, 2016, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by voice vote, a quorum being present (see H. Rep. 
114-523). On April 26, 2016, the House passed the Investor 
Clarity and Bank Parity Act on suspension by a vote of 395 to 
3. On April 27, 2016, the bill was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

       THE EXPANDING PROVEN FINANCING FOR AMERICAN EMPLOYERS ACT

                               H.R. 4166


Summary

    The Expanding Proven Financing for American Employers Act 
amends the risk retention requirements contained in Section 941 
of the Dodd-Frank Act for managers that organize collateralized 
loan obligations that are ``qualified collateralized loan 
obligations'' or ``QCLOs.'' Specifically, the bill provides 
that a manager meets the Dodd-Frank Act's QCLO risk retention 
requirement by the purchase and holding (without transferring 
the credit risk) of the value of at least 5 percent of the 
equity distributed among each of the higher tranches of the 
QCLO issuance with at least 3.5 percent retained as equity of 
the collateralized loan obligation. In addition, the bill 
prescribes certain additional criteria relating to the 
characteristics of QCLOs.

Legislative History

    Representatives Barr and Scott (of Georgia) introduced the 
Expanding Proven Financing for American Employers Act on 
December 3, 2015. On February 24, 2016, the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
hearing entitled ``The Impact of the Dodd-Frank Act and Basel 
III on the Fixed Income Market and Securitizations,'' which 
examined the bill. Witnesses testified as noted previously.
    On March 2, 2016, the Committee met in open session and 
considered H.R. 4166. An amendment offered by Mr. Foster (No. 
1) was agreed to by voice vote. A second amendment offered by 
Mr. Foster (No. 2) was withdrawn. The bill as amended was 
ordered favorably reported to the House by a vote of 42 to 15 
(see H. Rep. 114-596). There was no further action on the bill 
in the 114th Congress.

                   THE MICRO OFFERING SAFE HARBOR ACT

                               H.R. 4850


Summary

    The Micro Offering Safe Harbor Act amends the Securities 
Act of 1933 to exempt certain ``micro-offerings'' from the 
Act's registration requirements. Specifically, the bill 
provides that such offerings are ``non-public offerings'' (and 
therefore exempt from registration) if the following criteria 
are satisfied: (1) each purchaser has a substantive pre-
existing relationship with an officer, director or shareholder 
with 10 percent or more of the shares of the issuer; (2) the 
issuer reasonably believes that, in the 12-month period 
preceding the sale at issue, not more than 35 persons purchased 
securities from the issuer that were subject to the micro 
offering exemption; and (3) the aggregate amount of all 
securities sold by the issuer does not exceed $500,000 over a 
12-month period. Additionally, the Micro Offering Safe Harbor 
Act prohibits a bad actor from participating in a micro-
offering.

Legislative History

    Representative Emmer introduced the Micro Offering Safe 
Harbor Act on March 23, 2016. On April 14, 2016, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``The JOBS Act at Four: 
Examining Its Impact and Proposals to Further Enhance Capital 
Formation,'' which examined the bill. Witnesses were The 
Honorable Paul Atkins, Chief Executive Officer, Patomak Global 
Partners; Mr. William Beatty, Director, Division of Securities, 
Washington State Department of Financial Institutions (on 
behalf of the North American Securities Administrators 
Association); Mr. Nelson Griggs, Executive Vice President, 
Global Listing Services, NASDAQ; Mr. Raymond Keating, Chief 
Economist, Small Business & Entrepreneurship Council; and Mr. 
Kevin Laws, Chief Operating Officer, AngelList.
    On June 15 and 16, 2016, the Committee met in open session 
and considered the bill. Mr. Emmer offered an amendment in the 
nature of a substitute. An amendment to the amendment in the 
nature of a substitute offered by Mr. Hinojosa was not agreed 
to by a vote of 26 to 33. The Emmer substitute was adopted by 
voice vote. The bill as amended was ordered favorably reported 
to the House by a vote of 34 to 25 (see H. Rep. 114-723).
    On September 8, 2016, the House adopted H. Res. 844, which 
made in order the consideration of H.R. 2357, the Accelerating 
Access to Capital Act, and in connection therewith provided for 
the further consideration of an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
62 which, in addition to the text of H.R. 2357, contained the 
texts of H.R. 4850 and H.R. 4852 (the Private Placement 
Improvement Act). H. Res. 844 also made in order the 
consideration of amendments to be offered by Mr. Hinojosa and 
Mr. DeSantis; the DeSantis amendment related to H.R. 4850. 
Later on September 8th, the House considered H.R. 2357 pursuant 
to the terms of H. Res. 844. The Hinojosa and DeSantis 
amendments were not offered. The House passed H.R. 2357, as 
amended by the amendment in the nature of a substitute printed 
in Rules Committee Print 114-62, by a vote of 236 to 178. On 
September 12, 2016, the bill was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

                 THE PRIVATE PLACEMENT IMPROVEMENT ACT

                               H.R. 4852


Summary

    The Private Placement Improvement Act establishes certain 
rules governing the sale and offering of securities that are 
exempt from the registration requirements of the Securities Act 
of 1933. Under current law (Rule 506 of Regulation D), 
securities are exempt if they are sold through a general 
solicitation and are purchased by an accredited investor, and 
the issuer takes reasonable steps to verify the purchaser's 
status as such.
    H.R. 4852 requires that an issuer seeking to take advantage 
of this Rule 506 exemption file, no earlier than 15 days after 
the date of the first sale of securities, a notice of sales 
containing the information required by Form D (a form used to 
provide information about an exempt offering).
    The bill additionally prohibits the SEC from: (1) requiring 
the issuer to file any notice of sales containing the 
information required by Form D except for this single notice; 
(2) conditioning the availability of the Rule 506 exemption 
upon the filing of a Form D or similar report; or (3) requiring 
issuers to submit written general solicitation materials in 
connection with a limited offering subject to Rule 506, except 
when it requests such materials pursuant to specified 
authority.
    H.R. 4852 further classifies ``knowledgeable employees'' of 
a private fund, or of the fund's investment adviser, as 
accredited investors for purposes of Rule 506 offerings. 
Finally, the bill provides that the SEC shall not extend to 
private funds the requirements governing investment company 
sales literature.

Legislative History

    Representative Garrett introduced the Private Placement 
Improvement Act on March 23, 2016. On April 14, 2016, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``The JOBS Act at Four: 
Examining Its Impact and Proposals to Further Enhance Capital 
Formation,'' which examined the bill. Witnesses testified as 
noted previously.
    On June 15 and 16, 2016, the Committee met in open session 
and considered the bill. An amendment offered by Mr. Garrett 
was adopted by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 33 to 26 (see H. 
Rep. 114-726).
    On September 8, 2016, the House adopted H. Res. 844, which 
made in order the consideration of H.R. 2357, the Accelerating 
Access to Capital Act, and in connection therewith further 
provided for the consideration of an amendment in the nature of 
a substitute consisting of the text of Rules Committee Print 
114-62, which, in addition to the text of H.R. 2357, contained 
the texts of H.R. 4850 (the Micro Offering Safe Harbor Act) and 
H.R. 4852. H. Res. 844 also made in order the consideration of 
amendments to be offered by Mr. Hinojosa and Mr. DeSantis, 
neither of which related to H.R. 4852. Later on September 8th, 
the House considered H.R. 2357 pursuant to the terms of H. Res. 
844. The Hinojosa and DeSantis amendments were not offered. The 
House passed H.R. 2357, as amended by the amendment in the 
nature of a substitute printed in Rules Committee Print 114-62, 
by a vote of 236 to 178. On September 12, 2016, the bill was 
received in the Senate and referred to the Committee on 
Banking, Housing and Urban Affairs. There was no further action 
on the bill in the 114th Congress.

                THE SUPPORTING AMERICA'S INNOVATORS ACT

                               H.R. 4854


Summary

    The Supporting America's Innovators Act increases the limit 
on the number of individuals who can invest in certain venture 
capital funds before those funds must register as ``investment 
companies'' with the SEC under the Investment Company Act of 
1940. Current law limits the number of investors in funds that 
are exempt from registration to 100. H.R. 4854 permits up to 
250 investors in a ``qualified venture capital fund.'' The bill 
defines a ``qualifying venture capital fund'' as any venture 
capital fund that does not purchase more than $10,000,000 in 
invested capital of any one issuer, adjusted for inflation. 
Thus, for example, H.R. 4854 seeks to permit angel funds--which 
run syndicates that allow accredited investors to participate 
in investing in startups--to obtain funds from a greater number 
of investors.

Legislative History

    Representative McHenry introduced the Supporting America's 
Innovators Act on March 23, 2016. On April 14, 2016, the 
Subcommittee on Capital Markets and Government Sponsored 
Enterprises held a hearing entitled ``The JOBS Act at Four: 
Examining Its Impact and Proposals to Further Enhance Capital 
Formation,'' which examined the bill. Witnesses testified as 
noted previously.
    On June 15 and 16, 2016, the Committee met in open session 
and considered the bill. An amendment in the nature of a 
substitute offered by Mr. McHenry and Ranking Member Waters was 
adopted by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 57 to 2. On July 
5, 2016, the House passed the Supporting America's Innovators 
Act on suspension by a vote of 388 to 9. On July 6, 2016, the 
bill was received in the Senate. There was no further action on 
H.R. 4854 in the 114th Congress.
    On December 2, 2016, Mr. Garrett introduced H.R. 6427, the 
Creating Financial Prosperity for Businesses and Investors Act. 
That legislation contained a title identical to H.R. 4854. On 
December 5, 2016, H.R. 6427 passed the House on suspension by a 
vote of 391 to 2. There was no further action on the bill in 
the 114th Congress.

                        THE FIX CROWDFUNDING ACT

                               H.R. 4855


Summary

    The Fix Crowdfunding Act seeks to increase the number of 
investors that can invest in startups by providing that Special 
Purpose Vehicles (``SPVs''), which enable investor groups to 
pool their resources and invest in startups, are authorized 
investors in crowdfunding offerings. The bill provides that 
SPVs must satisfy several requirements, including: their 
purpose is limited to acquiring, holding, and disposing of 
securities in a single company for only one class of 
securities; the SPV receives no compensation in connection with 
the acquisition, holding, or disposition of securities; any 
associated person to the SPV does not receive any compensation 
unless the person is ``acting as or on behalf of an investment 
adviser''; the rights and investor protections under Section 
4(a)(6) of the Securities Act of 1933 apply to the SPV; and the 
disclosure requirements of Title III of the JOBS Act apply to 
the SPV.
    H.R. 4855 also amends Title III of the JOBS Act to increase 
the dollar amount thresholds of what a company can raise 
through crowdfunding before triggering the registration and 
reporting obligations contained in Section 12(g) of the 
Exchange Act. Specifically, H.R. 4855 amends Section 12(g) of 
the Exchange Act to raise the cap from $25 million to $75 
million for entities that have reported revenues, and from $25 
million to $50 million for companies that do not yet have 
revenue.

Legislative History

    Representative McHenry introduced the Fix Crowdfunding Act 
on March 23, 2016. On April 14, 2016, the Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
hearing entitled ``The JOBS Act at Four: Examining Its Impact 
and Proposals to Further Enhance Capital Formation,'' which 
examined the bill. Witnesses testified as noted previously.
    On June 15 and 16, 2016, the Committee met in open session 
and considered the bill. An amendment in the nature of a 
substitute offered by Mr. McHenry and Ranking Member Waters was 
adopted by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 57 to 2. On July 
5, 2016, the House passed the Fix Crowdfunding Act on 
suspension by a vote of 394 to 4. On July 6, 2016, the bill was 
received in the Senate. There was no further action on the bill 
in the 114th Congress.
    On December 2, 2016, Mr. Garrett introduced H.R. 6427, the 
Creating Financial Prosperity for Businesses and Investors Act. 
That legislation contained a title identical to H.R. 4855. On 
December 5, 2016, H.R. 6427 passed the House on suspension by a 
vote of 391 to 2. There was no further action on the bill in 
the 114th Congress.

                 THE SEC REGULATORY ACCOUNTABILITY ACT

                               H.R. 5429


Summary

    The SEC Regulatory Accountability Act requires the SEC to 
adhere to certain cost-benefit analysis standards in connection 
with its rulemaking authority. Specifically, H.R. 5429 requires 
the SEC, prior to issuing a regulation, to (1) clearly identify 
the nature and source of the problem that the proposed 
regulation is designed to address, as well as assess the 
significance of that problem, to enable assessment of whether 
any new regulation is warranted; (2) utilize the SEC's Chief 
Economist to assess the costs and benefits, both qualitative 
and quantitative, of the intended regulation and propose or 
adopt a regulation only on a reasoned determination that the 
benefits of the intended regulation justify the costs of the 
regulation; (3) identify and assess available alternatives to 
the regulation that were considered, including modification of 
an existing regulation, together with an explanation of why the 
regulation meets the regulatory objectives more effectively 
than the alternatives; and (4) ensure that any regulation is 
accessible, consistent, written in plain language, and easy to 
understand and shall measure, and seek to improve, the actual 
results of regulatory requirements. The bill also requires the 
SEC to conduct regular reviews of existing regulations.

Legislative History

    On May 17, 2016, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation, 
Transparency, and Regulatory Accountability,'' which examined a 
discussion draft of the SEC Regulatory Accountability Act. 
Witnesses were The Honorable Daniel Gallagher, President, 
Potomak Global Partners; Mr. Timothy Bartl, Chief Executive 
Officer and President, Center on Executive Compensation; Ms. 
Jennifer Taub, Professor of Law, Vermont Law School; Mr. Thomas 
Quaadman, Senior Vice President, Center for Capital Markets 
Competitiveness, U.S. Chamber of Commerce; and Mr. Joshua 
Cherry-Seto, Chief Financial Officer, Blue Wolf Capital 
Partners LLC (on behalf of the Association for Corporate 
Growth).
    Representative Garrett introduced H.R. 5429 on June 9, 
2016. On June 15 and 16, 2016, the Committee met in open 
session and ordered the bill favorably reported to the House 
without amendment by a vote of 34 to 25 (see H. Rep. 114-799). 
There was no further action on the bill in the 114th Congress.

               THE INVESTMENT ADVISORS MODERNIZATION ACT

                               H.R. 5424


Summary

    The Investment Advisors Modernization Act directs the SEC 
to amend specified regulations for investment advisers as they 
apply to private equity firms and private investment funds. For 
example, the bill repeals the requirement that advisers 
organized as partnerships notify the other party to an 
investment adviser contract every time there is a change in the 
composition of the partnership. H.R. 5424 also alters certain 
reporting and other regulatory requirements relating to 
investment advisors.

Legislative History

    On May 17, 2016, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation, 
Transparency, and Regulatory Accountability,'' which examined a 
discussion draft of the Investment Advisers Modernization Act. 
Witnesses testified as noted previously.
    Representative Hurt introduced H.R. 5424 on June 9, 2016. 
On June 15 and 16, 2016, the Committee met in open session and 
considered the bill. An amendment offered by Mr. Foster was 
adopted by voice vote. The Committee ordered the bill as 
amended favorably reported to the House by a vote of 47 to 12 
(see H. Rep. 114-698).
    On September 8, 2016, the House adopted H. Res. 844, 
providing for the consideration of the Investment Advisors 
Modernization Act and making in order in connection therewith 
an amendment to be offered by Mr. Foster. On September 9, 2016, 
the House considered H.R. 5424 pursuant to the terms of H. Res. 
844. The Foster amendment was adopted by voice vote. The bill 
as amended was passed by a vote of 261-145. On September 12, 
2016, H.R. 5424 was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs. There was no 
further action on the bill in the 114th Congress.

          THE CORPORATE GOVERNANCE REFORM AND TRANSPARENCY ACT

                               H.R. 5311


Summary

    The Corporate Governance Reform and Transparency Act 
establishes a regulatory regime for proxy advisory firms to be 
administered by the SEC. Proxy advisory firms, which research 
and provide analysis on shareholder proposals, have come to 
play a significant role in corporate governance at U.S. 
companies. A rule adopted by the SEC in 2003 required that 
investment advisers that exercise voting authority over their 
clients' proxies adopt policies and procedures designed to 
ensure that they vote those proxies in the best interests of 
their clients. The SEC clarified that ``an adviser could 
demonstrate that the vote was not a product of a conflict of 
interest if it voted client securities in accordance with a 
pre-determined policy, based upon the recommendations of an 
independent third party.'' As a result, institutional investors 
increased their reliance on proxy advisory firms to help them 
decide how to vote their shares.
    To promote the integrity of the proxy advisory process, 
H.R. 5311 requires that proxy advisory firms register with the 
SEC, disclose and address potential conflicts of interest, 
maintain and publish a code of ethics, and make publicly 
available the methodologies used to formulate proxy 
recommendations and analyses.

Legislative History

    On May 17, 2016, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled 
``Legislative Proposals to Enhance Capital Formation, 
Transparency, and Regulatory Accountability,'' which examined a 
discussion draft of the Corporate Governance Reform and 
Transparency Act (which was then titled the Proxy Advisory Firm 
Reform Act). Witnesses testified as noted previously.
    Representative Duffy introduced H.R. 5311 on May 24, 2016. 
On June 15 and 16, 2016, the Committee met in open session and 
considered the bill. An amendment offered by Mr. Foster was 
adopted by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 41 to 18 (see H. 
Rep. 114-798). There was no further action on the bill in the 
114th Congress.

                   Subcommittee Oversight Activities


                   THE SEC'S DIVISION OF ENFORCEMENT

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing entitled ``Oversight of 
the SEC's Division of Enforcement'' on March 19, 2015. Andrew 
J. Ceresney, the Director of the SEC's Division of Enforcement, 
was the only witness. The hearing examined the Division of 
Enforcement's investigations and enforcement of the federal 
securities laws as well as its use of civil penalties. In 
addition, the hearing examined whether the SEC had sought to 
establish generally applicable regulatory standards by engaging 
in enforcement actions in lieu of agency rulemaking.

                FINANCIAL INDUSTRY REGULATORY AUTHORITY

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing entitled ``Oversight of 
the Financial Industry Regulatory Authority'' on May 1, 2015. 
Richard G. Ketchum, Chairman and Chief Executive Officer of 
FINRA, was the only witness. This hearing examined FINRA's 
rulemaking and enforcement agenda as well as its proposal to 
implement the Comprehensive Automated Risk Data System.

                THE DEPARTMENT OF LABOR'S FIDUCIARY RULE

    On September 10, 2015, the Capital Markets and Government 
Sponsored Enterprises and Oversight and Investigation 
Subcommittees held a joint hearing entitled ``Preserving 
Retirement Security and Investment Choices for all Americans,'' 
on September 10, 2015. Witnesses were: Mr. Caleb Callahan, 
Senior Vice President and Chief Marketing Officer, ValMark 
Securities (on behalf of the Association for Advanced Life 
Underwriting); Mr. Paul Schott Stevens, President and Chief 
Executive Officer, Investment Company Institute; Professor 
Mercer Bullard, MDLA Distinguished Lecturer and Professor of 
Law, University of Mississippi School of Law; Ms. Juli McNeely, 
President, National Association of Insurance and Financial 
Advisors; and Mr. Scott Stolz, Senior Vice President, PCG 
Investment Products, Raymond James & Associates, Inc.
    The Subcommittees examined the potential impact on retail 
investors, retirement savers, and the economy of the following 
rulemakings proposed by the Labor Department: Definition of the 
Term ``Fiduciary'': Conflict of Interest Rule--Retirement 
Investment Advice (80 FR 21928); Proposed Best Interest 
Contract Exemption (80 FR 21960); and the five additional 
proposed prohibited transaction exemptions (80 FR 22004, 22034, 
22010, 22021, and 21989). The Subcommittees also examined the 
current state of regulation that applies to broker-dealers and 
investment advisers when providing advice and services to 
retail investors.

                   DIVISION OF INVESTMENT MANAGEMENT

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing entitled ``Oversight of 
the SEC's Division of Investment Management,'' on October 23, 
2015. David Grim, Director of the Division, testified. The 
hearing examined the Division's responsibilities for the SEC's 
regulation of investment companies, variable insurance 
companies, and registered investment advisers and its 
supervision of mutual funds, closed-end funds, business 
development companies, unit investment trusts, and exchange-
traded funds.

                FIXED INCOME MARKETS AND SECURITIZATION

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing on February 24, 2016, 
entitled ``The Impact of the Dodd-Frank Act and Basel III on 
the Fixed Income Market and Securitizations.'' Witnesses 
included: Anthony Carfang, Partner and Director, Treasury 
Strategies; Meredith Coffey, Executive Vice President, Loan 
Syndications and Trading Association; Andrew Green, Managing 
Director for Economic Policy, Center for American Progress; 
Richards Johns, Executive Director, Structured Finance Industry 
Group; Jeffrey Plunkett, Executive Vice President and General 
Counsel, Natixis Global Asset Management; Stephen Renna, 
President and Chief Executive Officer, Commercial Real Estate 
Finance Council; and Marcus Stanley, Policy Director, Americans 
for Financial Reform. In addition to examining three specific 
legislative proposals, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises considered the impact of the 
Volcker Rule and risk retention requirements contained in 
Titles VI and IX of the Dodd-Frank Act and the recommendations 
of the Basel Committee on Banking Supervision, such as the 
Fundamental Review of the Trading Book, on both the liquidity 
and functionality of the fixed-income market and 
securitizations.

                  JUMPSTART OUR BUSINESS STARTUPS ACT

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing on April 14, 2016, 
entitled ``The JOBS Act at Four: Examining Its Impact and 
Proposals to Further Enhance Capital Formation.'' The witnesses 
included: The Honorable Paul Atkins, Chief Executive Officer, 
Patomak Global Partners; William Beatty, Director, Division of 
Securities, Washington State Department of Financial 
Institutions (on behalf of the North American Securities 
Administrators Association); Nelson Griggs, Executive Vice 
President, Global Listing Services, NASDAQ; Raymond Keating, 
Chief Economist, Small Business & Entrepreneurship Council; and 
Kevin Laws, Chief Operating Officer, AngelList. The hearing 
examined the impact of the JOBS Act on the U.S. capital markets 
and on capital formation, job creation, and economic growth. 
Additionally, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises reviewed four legislative 
proposals to both amend the JOBS Act and further enhance 
capital formation for small companies and their investors, 
including: H.R. 4850, the ``Micro Offering Safe Harbor Act''; 
H.R. 4852, the ``Private Placement Improvement Act of 2016''; 
H.R. 4854, the ``Supporting America's Innovators Act of 2016''; 
and H.R. 4855, the ``Fix Crowdfunding Act.''

                       SEC DIVISIONS AND OFFICES

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing entitled ``Continued 
Oversight of the SEC's Offices and Divisions'' on Thursday, 
April 21, 2016. Witnesses were: Mr. Thomas Butler, Director of 
the SEC's Office of Credit Ratings; Mr. Mark Flannery, Director 
of the SEC's Division of Economic and Risk Analysis; Mr. Sean 
McKessy, Chief of the SEC's Office of the Whistleblower; and 
Mr. Marc Wyatt, Director of the SEC's Office of Compliance, 
Inspections, and Examinations. The hearing examined the 
mission, operation, and activities of the SEC's Division of 
Economic and Risk Analysis, as well as the Offices of Credit 
Ratings, Whistleblower and Compliance, Inspections, and 
Examinations.

                          CORPORATE GOVERNANCE

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing on September 21, 2016, 
entitled ``Corporate Governance: Fostering a System that 
Promotes Capital Formation and Maximizes Shareholder Value.'' 
The witnesses were: The Honorable John Engler, President, 
Business Roundtable; Ms. Darla Stuckey, President and Chief 
Executive Officer, Society of Governance Professionals; Ms. 
Anne Simpson, Investment Director, Sustainability, California 
Public Employees' Retirement System; and Mr. James Copeland, 
Senior Fellow and Director of Legal Policy, Manhattan 
Institute. The hearing examined the effectiveness of the U.S. 
capital markets in promoting capital formation, as well as the 
Federal and state securities regulatory and legal regime with 
which public companies must comply.

 REGULATORS, SROS, AND STANDARDS-SETTERS FOR ACCOUNTING, AUDITING, AND 
                          MUNICIPAL SECURITIES

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing on September 22, 2016, 
entitled ``Examining the Agenda of Regulators, SROs, and 
Standards-Setters for Accounting, Auditing, and Municipal 
Securities.'' The witnesses included: Mr. Wesley Bricker, 
Interim Chief Accountant, Office of the Chief Accountant, SEC; 
Mr. James Doty, Chairman, Public Company Accounting Oversight 
Board; Mr. Russell Golden, Chairman, Financial Accounting 
Standards Board; Ms. Jessica Kane, Director, Office of 
Municipal Securities, SEC; Ms. Lynnette Kelly, Executive 
Director, Municipal Securities Rulemaking Board; and Mr. Robert 
Colby, Chief Legal Officer, FINRA. The hearing examined the 
mission, operation and activities of each of these entities.

                          SHORT-TERM FINANCING

    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing on December 8, 2016 
entitled, ``The Impact of Regulations on Short-Term 
Financing.'' The witnesses were: Mr. Anthony J. Carfang, 
Managing Director, Treasury Strategies (a division of Novantas, 
Inc.); Mr. Thomas C. Deas, Jr., Chairman, National Association 
of Corporate Treasurers; Mr. Mike Konczal, Fellow, Roosevelt 
Institute; and Mr. Robert Toomey, Managing Director and 
Associate General Counsel, Securities Industry and Financial 
Markets Association.
    At this hearing, the Subcommittee on Capital Markets and 
Government Sponsored Enterprises considered the impact of the 
Dodd-Frank Act, actions of the Financial Stability Oversight 
Council and the Basel Committee on Banking Supervision, and 
other regulatory activities since 2010 on short-term financing 
in the U.S. capital markets, including repurchase agreements, 
money market funds, and securities financing.

                       Subcommittee Hearings Held


------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-9.........................  Oversight of the SEC's  March 19, 2015
                                 Division of
                                 Enforcement.
114-18........................  Legislative Proposals   April 29, 2015
                                 to Enhance Capital
                                 Formation and Reduce
                                 Regulatory Burdens.
114-20........................  Oversight of the        May 1, 2015
                                 Financial Industry
                                 Regulatory Authority.
114-22........................  Legislative Proposals   May 13, 2015
                                 to Enhance Capital
                                 Formation and Reduce
                                 Regulatory Burdens,
                                 Part II.
114-33........................  Legislative Proposals   June 16, 2015
                                 to Modernize Business
                                 Development Companies
                                 and Expand Investment
                                 Opportunities.
114-49........................  Joint Hearing entitled  September 10,
                                 Preserving Retirement   2015
                                 Security and
                                 Investment Choices
                                 for All Americans
                                 (Capital Markets/
                                 Oversight).
114-58........................  Oversight of the SEC's  October 23, 2015
                                 Division of
                                 Investment Management.
114-64........................  Legislative Proposals   December 2, 2015
                                 to Improve the U.S.
                                 Capital Markets.
114-74........................  The Impact of the Dodd- February 24,
                                 Frank Act and Basel     2016
                                 III on the Fixed
                                 Income Market and
                                 Securitizations.
114-82........................  The JOBS Act at Four:   April 14, 2016
                                 Examining Its Impact
                                 and Proposals to
                                 Further Enhance
                                 Capital Formation.
114-84........................  Continued Oversight of  April 21, 2016
                                 the SEC's Offices and
                                 Divisions.
114-88........................  Legislative Proposals   May 17, 2016
                                 to Enhance Capital
                                 Formation,
                                 Transparency, and
                                 Regulatory
                                 Accountability.
114-102.......................  Corporate Governance:   September 21,
                                 Fostering a System      2016
                                 that Promotes Capital
                                 Formation and
                                 Maximizes Shareholder
                                 Value.
114-104.......................  Examining the Agenda    September 22,
                                 of Regulators, SROs,    2016
                                 and Standards-Setters
                                 for Accounting,
                                 Auditing, and
                                 Municipal Securities.
114-113.......................  The Impact of           December 8, 2016
                                 Regulations on Short-
                                 Term Financing.
------------------------------------------------------------------------


       Subcommittee on Financial Institutions and Consumer Credit

                             (Ratio: 17-13)

  RANDY NEUGEBAUER, TX, Chairman

WM. LACY CLAY, MO [RM]               STEVAN PEARCE, NM [V Chair]
GREGORY W. MEEKS, NY                 FRANK D. LUCAS, OK
RUBN HINOJOSA, TX                    BILL POSEY, FL
DAVID SCOTT, GA                      MICHAEL G. FITZPATRICK, PA
CAROLYN B. MALONEY, NY               LYNN A. WESTMORELAND, GA
NYDIA M. VELAZQUEZ, NY               BLAINE LUETKEMEYER, MO
BRAD SHERMAN, CA                     MARLIN A. STUTZMAN, IN
STEPHEN F. LYNCH, MA                 MICK MULVANEY, SC
MICHAEL E. CAPUANO, MA               ROBERT PITTENGER, NC
JOHN K. DELANEY, MD                  ANDY BARR, KY
DENNY HECK, WA                       KEITH J. ROTHFUS, PA
KYRSTEN SINEMA, AZ                   FRANK GUINTA, NH
JUAN VARGAS, CA                      SCOTT TIPTON, CO
MAXINE WATERS, CA [Ex Officio]       ROGER WILLIAMS, TX
                                     MIA LOVE, UT
                                     TOM EMMER, Minnesota
                                     JEB HENSARLING, TX [Ex Officio]

                  Subcommittee Legislative Activities


           THE FINANCIAL INSTITUTION CUSTOMER PROTECTION ACT

                                H.R. 766


Summary

    The Financial Institution Customer Protection Act prohibits 
a federal banking agency from formally or informally 
suggesting, requesting, or ordering a depository institution to 
terminate either a specific customer account, or group of 
customer accounts, or otherwise restricting or discouraging it 
from entering into or maintaining a banking relationship with a 
specific customer or group of customers, unless: (1) the agency 
has a material reason to do so, and (2) the reason is not based 
solely on reputation risk. The materiality requirement is 
satisfied if a federal banking agency believes that a specific 
customer or group of customers poses a threat to national 
security, including any belief that they are involved in 
terrorist financing.
    H.R. 766 also amends the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (``FIRREA'') to require 
that before conduct may be penalized under FIRREA the criminal 
offense must be directed ``against a federally insured 
financial institution or by a federally insured financial 
institution against an unaffiliated third person.''

Legislative History

    Representative Luetkemeyer introduced the Financial 
Institution Customer Protection Act on February 2, 2015. On 
June 11, 2015, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing entitled ``Examining Legislative 
Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses were Mr. 
Jess Sharp, Managing Director, U.S. Chamber of Commerce Center 
for Capital Markets Competitiveness; Ms. Hester Peirce, 
Director of Financial Markets Working Group and Senior Fellow, 
Mercatus Center, George Mason University; Mr. Oliver Ireland, 
Partner, Morrison and Foerster, LLP; and The Honorable Brad 
Miller, Senior Fellow, Roosevelt Institute.
    On July 28 and 29, 2015, the Committee met in open session 
and considered the bill. An amendment offered by Mr. Perlmutter 
was not agreed to by voice vote. The bill was ordered favorably 
reported to the House without amendment by a vote of 35 to 19 
(see H. Rep. 114-402).
    On February 3, 2016, the House adopted H. Res. 595, which 
provided for the consideration of the Financial Institution 
Customer Protection Act and made in order in connection 
therewith the further consideration of amendments to be offered 
by Mr. Gosar and Mr. Sherman. On February 4, 2016, the House 
considered the bill pursuant to the terms of H. Res. 595. The 
Sherman and Gosar amendments were agreed to by voice vote. The 
bill, as amended, was passed by a vote of 250 to 169. On 
February 8, 2016, H.R. 766 was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

             THE PORTFOLIO LENDING AND MORTGAGE ACCESS ACT

                               H.R. 1210


Summary

    The Portfolio Lending and Mortgage Access Act seeks to 
enhance the ability of depository institutions to meet the 
credit demands of consumers while incentivizing such 
institutions to ensure that the borrower can meet the monthly 
obligations of a mortgage. Specifically, the bill amends the 
Truth in Lending Act (``TILA'') to create a legal safe harbor 
for creditors that are depository institutions for any failure 
to comply with TILA's ability-to-repay requirements with 
respect to a residential mortgage loan if the depository 
institution has, since originating the loan, held it on its 
balance sheet and all prepayment penalties with respect to the 
loan comply with specified limitations.
    A safe harbor from lawsuit is also created for mortgage 
originators for steering a consumer to a residential mortgage 
loan if: the creditor is a depository institution and has 
informed the mortgage originator that it intends to hold the 
loan on its balance sheet for the life of the loan, and the 
mortgage originator informs the consumer that the creditor 
intends to do so.
    Finally, the bill clarifies that it may not be construed as 
preventing a balloon loan from qualifying for the safe harbor 
provided for balloon loans originated and held in portfolio by 
small creditors operating in predominantly rural or underserved 
areas under section 129C(j) of TILA.

Legislative History

    Representative Barr introduced the Portfolio Lending and 
Mortgage Access Act on March 3, 2015. On June 11, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to 
Preserve Consumer Choice and Financial Independence,'' which 
examined the bill. Witnesses testified as noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and considered the bill. An amendment offered by Ms. Waters was 
not agreed to by a vote of 21 to 34. The bill was ordered 
favorably reported to the House without amendment by a vote of 
38 to 18 (see H. Rep. 114-330).
    On November 17, 2015, the House adopted H. Res 529, which 
provided for the consideration of the Portfolio Lending and 
Mortgage Access Act and made in order in connection therewith 
the further consideration of an amendment to be offered by Mr. 
Norcross. On November 18, 2015, the bill was considered 
pursuant to the terms of H. Res. 529. The Norcross amendment 
was not offered. The House passed the bill by a vote of 255 to 
174.
    On November 19, 2015, H.R. 1210 was received in the Senate 
and referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

              THE FINANCIAL PRODUCT SAFETY COMMISSION ACT

                               H.R. 1266


Summary

    The Financial Product Safety Commission Act removes the 
Consumer Financial Protection Bureau (``CFPB'') from the 
Federal Reserve System and re-establishes it as a stand-alone 
agency--the Financial Product Safety Commission (``FPSC'')--
that is to be governed by a five-member, bipartisan commission. 
Under the bill, members appointed to the FPSC must have strong 
competencies and experiences regarding consumer financial 
products and services. Moreover, each member must be nominated 
by the President and confirmed by the Senate to serve a 
staggered, five-year term. The bill establishes a Chair to 
serve as the FPSC's principal executive officer; prohibits the 
Chair from making requests for estimates related to 
appropriations without prior Commission approval; and sets 
compensation for the Chair at level I of the Executive Schedule 
and compensation for other members at level II of the Executive 
Schedule.

Legislative History

    Representative Neugebauer introduced the Financial Product 
Safety Commission Act on March 4, 2015. On June 11, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to 
Preserve Consumer Choice and Financial Independence,'' which 
examined the bill. Witnesses testified as noted previously.
    On September 30, 2015, the Committee met in open session 
and considered the bill. An amendment in the nature of a 
substitute was offered by Mr. Neugebauer. Amendments to the 
amendment in the nature of a substitute offered respectively by 
Mr. Delaney and Mr. Mulvaney were each withdrawn. The amendment 
in the nature of a substitute was adopted by voice vote. The 
bill as amended was ordered favorably reported to the House by 
a vote of 35 to 24 (see H. Rep. 114-872). There was no further 
action on the bill in the 114th Congress.

         THE FIREARMS MANUFACTURERS AND DEALERS PROTECTION ACT

                               H.R. 1413

    Summary The Firearms Manufacturers and Dealers Protection 
Act seeks to ensure that law enforcement and supervisory 
initiatives intended to combat fraud are not used to prevent 
certain lawful businesses--firearms and ammunition manufactures 
and dealers--from accessing the financial system. Specifically, 
among other things, the bill provides that no funds 
appropriated or otherwise made available by the government, 
including amounts derived from any fee or other source, may be 
used by to the Federal Deposit Insurance Corporation 
(``FDIC''), the Department of Justice, or any other federal 
agency to carry out a program designed to discourage the 
provision or continuation of credit or the processing of 
payments by financial institutions for dealers and 
manufacturers of firearms and ammunition.

Legislative History

    Representative Schweikert introduced the Firearms 
Manufacturers and Dealers Protection Act on March 17, 2015. On 
June 11, 2015, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing entitled ``Examining Legislative 
Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses testified as 
noted previously.
    There was no further action on the bill in the 114th 
Congress.

                  THE SMALL BANK EXAM CYCLE REFORM ACT

                               H.R. 1553


Summary

    The Small Bank Exam Reform Act permits smaller, well-rated 
financial institutions-which pose little operational risk-to 
qualify for extended exam cycles. Specifically, the bill amends 
Section 10(d) of the Federal Deposit Insurance Act to increase 
the qualifying asset threshold for insured depository 
institutions eligible for 18-month on-site examination cycles 
from $500 million to $1 billion.
    Under H.R. 1553, an institution can also qualify for the 
18-month cycle if its total assets are at most $200 million 
(currently $100 million) and the most recent examination found 
its composite condition to be good rather than outstanding. 
Finally, the bill permits a federal banking agency to further 
extend this treatment to institutions with assets between $200 
million and $1 billion if such extension is consistent with 
principles of safety and soundness.

Legislative History

    Representative Tipton introduced the Small Bank Exam Reform 
Act on March 23, 2015. On June 11, 2015, the Subcommittee on 
Financial Institutions and Consumer Credit held a hearing 
entitled ``Examining Legislative Proposals to Preserve Consumer 
Choice and Financial Independence,'' which examined the bill. 
Witnesses testified as noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and ordered the bill favorably reported to the House without 
amendment by a vote of 58 to 0 (see H. Rep. 114-280). On 
October 6, 2015, the House passed H.R. 1553 on suspension by a 
vote of 411 to 0. On October 7, 2015, the bill was received in 
the Senate and referred to the Committee on Banking, Housing 
and Urban Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the Small Bank Exam Reform Act. The amendment was adopted by 
voice vote on the same day. Following House and Senate passage 
of the FAST Act as amended, the President signed the bill into 
law on December 4, 2015 (P.L. 114-94).

        THE FEDERAL SAVINGS ASSOCIATION CHARTER FLEXIBILITY ACT

                               H.R. 1660


Summary

    The Federal Savings Association Charter Flexibility Act 
amends the Home Owners' Loan Act to permit a federal savings 
association to elect to operate subject to supervision by the 
Office of the Comptroller of the Currency (``OCC'') with the 
rights and duties of a national bank. The election is 
considered approved 60 days after the date on which the OCC 
receives the notice, unless the OCC otherwise notifies the 
electing entity. H.R. 1660 directs the OCC to prescribe 
regulations that clarify the required documentation and 
timeline for the election process, and require the federal 
savings association to identify assets and subsidiaries that do 
not conform to those required of a national bank. H.R. 1660 
also requires the OCC to ensure that the assets of an electing 
federal savings association conform to national bank 
requirements, or that it justify the grandfathering of such 
assets.

Legislative History

    Representative Rothfus introduced the Federal Savings 
Association Charter Flexibility Act on March 26, 2015. On June 
11, 2015, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing entitled ``Examining Legislative 
Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses testified as 
noted previously.
    On November 3, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by voice vote, a quorum being present (see H. Rep. 
114-873). There was no further action on the bill in the 114th 
Congress.

        THE REFORMING CFPB INDIRECT AUTO FINANCING GUIDANCE ACT

                               H.R. 1737


Summary

    The Reforming CFPB Indirect Auto Financing Guidance Act 
repeals CFPB Bulletin 2013-02 (Indirect Auto Lending Compliance 
with the Equal Credit Opportunity Act), which was published on 
March 21, 2013. The bill also requires the CFPB to follow a 
transparent process when issuing subsequent auto finance 
guidance by: providing for a public notice and comment period 
before issuing the guidance in final form; making available to 
the public all information relied on by the CFPB; redacting 
certain information exempt from disclosure under the Freedom of 
Information Act; consulting with the Board of Governors of the 
Federal Reserve System, the Federal Trade Commission, and the 
Department of Justice; and studying costs and impacts of the 
guidance to consumers and women-owned, minority-owned, and 
small businesses.

Legislative History

    Representative Guinta introduced the Reforming CFPB 
Indirect Auto Financing Guidance Act on April 13, 2015. On June 
11, 2015, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing entitled ``Examining Legislative 
Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses testified as 
noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and ordered the bill favorably reported to the House without 
amendment by a vote of 47 to 10 (see H. Rep. 114-329).
    On November 17, 2015, the House adopted H. Res. 526, which 
provided for the consideration of the Reforming CFPB Indirect 
Auto Financing Guidance Act and made in order in connection 
therewith the further consideration of amendments to be offered 
by Ms. Sewell, Mr. Gosar, and Mr. Smith (MO). On November 18, 
2015, the bill was considered pursuant to the terms of H. Res. 
526. The three amendments were each agreed to by voice vote. 
The bill, as amended, was passed by a vote of 332 to 96. On 
November 19, 2015, H.R. 1737 was received in the Senate and 
referred to the Committee on Banking, Housing and Urban 
Affairs. There was no further action on the bill in the 114th 
Congress.

     THE FINANCIAL INSTITUTIONS EXAMINATION FAIRNESS AND REFORM ACT

                               H.R. 1941


Summary

    The Financial Institutions Examination Fairness and Reform 
Act amends the Federal Financial Institutions Examination 
Council Act of 1978 to establish deadlines within which 
regulatory agencies must hold exit interviews and issue final 
examination reports to financial institutions. Specifically, 
the bill requires federal financial institutions regulatory 
agencies to make a final examination report to a financial 
institution within 60 days after the later of: (1) the exit 
interview for an examination of the institution, or (2) the 
provision of additional information by the institution relating 
to the examination.
    The bill also provides supervised financial institutions 
the right to have material supervisory determinations reviewed 
by a newly created Independent Examination Review Director 
within the Federal Financial Institutions Examination Council.
    Finally, H.R. 1941 amends the Riegle Community Development 
and Regulatory Improvement Act of 1994 to require the CFPB to 
establish an independent intra-agency appellate process for 
regulatory appeals, as well as safeguards to protect an insured 
depository institution or insured credit union from retaliation 
by any federal banking agency for exercising its rights.

Legislative History

    Representative Westmoreland introduced the Financial 
Institutions Examination Fairness and Reform Act on April 22, 
2015. On June 11, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Legislative Proposals to Preserve Consumer Choice 
and Financial Independence,'' which examined the bill. 
Witnesses testified as noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and considered the bill. An amendment offered by Mrs. Maloney 
was withdrawn. The bill was ordered favorably reported to the 
House without amendment by a vote of 45 to 13 (see H. Rep. 114-
874).
    There was no further action on the bill in the 114th 
Congress.

                    THE CHILD SUPPORT ASSISTANCE ACT

                               H.R. 2091


Summary

    The Child Support Assistance Act seeks to ensure that 
accurate financial data is used to determine the amount of 
child support payments and awards. Most child support payments 
are collected from noncustodial parents through income 
withholding. In order to verify income, assets, and debt for 
purposes of establishing or enforcing child support 
obligations, state and local child support agencies and courts 
often request consumer reports from consumer reporting 
agencies. Section 604(a) of the Fair Credit Reporting Act 
(``FCRA'') requires that before retrieving current employment 
data from consumer reporting agencies, state and local child 
support agencies and courts are required to notify an obligor 
ten days prior to the request. State and local child support 
agencies argue that the 10-day notice provides some obligors 
with the opportunity to hide savings and other assets, run up 
credit card debt, and take other financial or employment 
actions to avoid or reduce child support payments.
    H.R. 2091 amends the FCRA to eliminate the requirement that 
state and local child support agencies and courts notify an 
obligor ten days before retrieving a consumer report for 
purposes of determining the appropriate level of child support 
payments, or enforcing a child support order, award, agreement, 
or judgment.

Legislative History

    Representative Poliquin introduced H.R. 2091 on April 29, 
2015. On June 11, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Legislative Proposals to Preserve Consumer Choice 
and Financial Independence,'' which examined the bill. 
Witnesses testified as noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and ordered the bill favorably reported to the House without 
amendment by a vote of 56 to 2 (see H. Rep. 114-282). On 
October 6, 2015, the House passed H.R. 2091 on suspension by 
voice vote. On October 7, 2015, the bill was received in the 
Senate and referred to the Committee on Banking, Housing and 
Urban Affairs.
    On November 5, 2015, Chairman Hensarling offered an 
amendment to H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, which included a provision identical 
to the Child Support Assistance Act. The amendment was adopted 
by voice vote on the same day. Following House and Senate 
passage of the FAST Act as amended, the President signed the 
bill into law on December 4, 2015 (P.L. 114-94).

 A BILL TO PROVIDE FOR A TEMPORARY SAFE HARBOR FROM THE ENFORCEMENT OF 
INTEGRATED DISCLOSURE REQUIREMENTS FOR MORTGAGE LOAN TRANSACTIONS UNDER 
  THE REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974 AND THE TRUTH IN 
                  LENDING ACT, AND FOR OTHER PURPOSES

                               H.R. 2213


Summary

    H.R. 2213 sought to provide for a temporary safe harbor 
from enforcement of the CFPB's TILA-RESPA Integrated Disclosure 
Rule (TRID), which took effect on August 1, 2015, as long as 
the person made a good faith effort to comply with the rule. 
While intended to streamline the disclosure regime for mortgage 
loan transactions, TRID required lenders to use new forms and 
changed procedures for the origination, processing, and closing 
of mortgage loans. The safe harbor to be established by H.R. 
2213 was intended to mitigate compliance risks associated with 
implementation of the rule.

Legislative History

    Representative Pearce introduced H.R. 2213 on May 1, 2015. 
On June 11, 2015, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Examining 
Legislative Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses testified as 
noted previously.
    There was no further action on the bill in the 114th 
Congress.

    THE NATIONAL CREDIT UNION ADMINISTRATION BUDGET TRANSPARENCY ACT

                               H.R. 2287


Summary

    The National Credit Union Administration Budget 
Transparency Act seeks to increase transparency and 
accountability at the National Credit Union Administration 
(``NCUA''). Specifically, the bill amends Section 209(b) of the 
Federal Credit Union Act to require that the NCUA Board, before 
the annual submission of its detailed budget: print a draft of 
the budget in the Federal Register; hold a public hearing to 
receive comments from the public on the draft; and detail how 
the budget will address comments submitted by the public.

Legislative History

    Representative Mulvaney introduced the National Credit 
Union Administration Budget Transparency Act on May 13, 2015. 
On June 11, 2015, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Examining 
Legislative Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses testified as 
noted previously. On October 21, 2015, the Financial 
Institutions Subcommittee held an additional legislative 
hearing on the bill (see entry for H.R. 2121 infra for more 
information).
    On December 8 and 9, 2015, the Committee met in open 
session and considered the bill. An amendment offered by Mr. 
Royce was withdrawn. The bill was ordered favorably reported to 
the House without amendment by a vote of 40 to 16 (see H. Rep. 
114-868). There was no further action on the bill in the 114th 
Congress.

                   THE STATE LICENSING EFFICIENCY ACT

                               H.R. 2643


Summary

    The State Licensing Efficiency Act amends the Secure and 
Fair Mortgage Licensing Act of 2008 (``SAFE Act'') by directing 
the Attorney General to provide appropriate state officials 
responsible for regulating financial service providers with 
access to criminal history information to the extent that 
criminal history background checks are required under state law 
for the licensing of such parties. In doing so, the bill seeks 
to ensure that state regulatory agencies have access to the 
most up-to-date criminal background information from the 
Federal Bureau of Investigation, and aims to bring the same 
efficiency to the criminal background checks of financial 
services personnel that the Nationwide Mortgage Licensing 
System and Registry brought to mortgage loan originators. H.R. 
2643 does not create new authority to conduct background 
checks.

Legislative History

    Representative Williams introduced the State Licensing 
Efficiency Act on June 3, 2015, and the Committee on the 
Judiciary received a secondary referral of the bill. On June 
11, 2015, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing entitled ``Examining Legislative 
Proposals to Preserve Consumer Choice and Financial 
Independence,'' which examined the bill. Witnesses testified as 
noted previously.
    On July 28 and 29, 2015, the Committee met in open session 
and ordered the bill favorably reported to the House without 
amendment by a vote of 57 to 0 (see H. Rep. 114-316, Pt. 1). On 
October 28, 2015, the Judiciary Committee was discharged from 
further consideration of H.R. 2643 and the House passed the 
bill on suspension by voice vote. On October 29, 2015, the bill 
was received in the Senate and referred to the Committee on 
Banking, Housing and Urban Affairs.
    Text identical to the State Licensing Efficiency Act was 
incorporated into H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act, during conference negotiations 
between the House and Senate. Following House and Senate 
passage of the FAST Act, the President signed the bill into law 
on December 4, 2015 (P.L. 114-94).

                  THE SAFE TRANSITIONAL LICENSING ACT

                               H.R. 2121


Summary

    The SAFE Transitional Licensing Act seeks to provide 
temporary loan-origination authority for registered loan 
originators (1) moving from a financial institution to a state-
licensed non-bank originator, or (2) moving interstate to a 
state-licensed loan originator in another state. Section 2 of 
H.R. 2121 includes a technical change to Section 1513 of the 
SAFE Act intended to update the Act's existing civil liability 
protections to ensure that those protections continue to apply 
where state regulators use the National Mortgage Licensing 
System and Registry as a licensing system for financial 
services providers other than loan originators.

Legislative History

    Representative Stivers introduced the SAFE Transitional 
Licensing Act on April 29, 2015. On October 21, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to Reduce 
Regulatory Burdens on Main Street Job Creators,'' which 
examined the bill. Witnesses were Dr. Paul Kupiec, Resident 
Scholar, American Enterprise Institute; Mr. Oliver Ireland, 
Partner, Morrison & Foerster LLP; and Mr. Marcus Stanley, 
Policy Director, Americans for Financial Reform.
    On March 2, 2016, the Committee met in open session to 
consider the bill. An amendment in the nature of a substitute 
offered by Mr. Stivers was adopted by voice vote. The bill as 
amended was ordered favorably reported to the House by a vote 
of 56 to 0 (see H. Rep. 114-584).
    On May 23, 2016, the House passed H.R. 2121 (with a 
manager's amendment making certain changes from the reported 
bill) by voice vote. On May 24, 2016, the bill was received in 
the Senate and referred to the Committee on Banking, Housing 
and Urban Affairs. There was no further action on the bill in 
the 114th Congress.

  A BILL TO REQUIRE THE APPROPRIATE FEDERAL BANKING AGENCIES TO TREAT 
CERTAIN MUNICIPAL OBLIGATIONS AS LEVEL 2A LIQUID ASSETS, AND FOR OTHER 
                                PURPOSES

                               H.R. 2209


Summary

    H.R. 2209 amends the Federal Deposit Insurance Act to 
require the Federal banking agencies (the FDIC, the Federal 
Reserve, and the OCC) to treat certain municipal securities 
that are liquid, readily marketable, and investment grade as of 
the calculation date as high-quality level 2A liquid assets. 
Under H.R. 2209, the agencies are required to implement these 
changes by amending the rule titled ``Liquidity Coverage Ratio: 
Liquidity Risk Measurement Standards; Final Rule.''

Legislative History

    Representative Messer introduced H.R. 2209 on May 1, 2015. 
On October 21, 2015, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled ``Examining 
Legislative Proposals to Reduce Regulatory Burdens on Main 
Street Job Creators,'' which examined the bill. Witnesses 
testified as noted previously.
    On November 3, 2015, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 56 to 1 (see H. Rep. 114-407). On 
February 1, 2016, the House passed H.R. 2209 on suspension by 
voice vote. On February 11, 2016, the bill was received in the 
Senate and referred to the Committee on Banking, Housing and 
Urban Affairs. There was no further action on the bill in the 
114th Congress.

        THE PRESERVING CAPITAL ACCESS AND MORTGAGE LIQUIDITY ACT

                               H.R. 2473


Summary

    The Preserving Capital Access and Mortgage Liquidity Act 
amends the Federal Home Loan Bank Act to redefine ``community 
financial institution'' to include either a federal or state 
credit union under $1 billion.

Legislative History

    Representative Clay introduced the Preserving Capital 
Access and Mortgage Liquidity Act on May 20, 2015. On October 
21, 2015, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing entitled ``Examining Legislative 
Proposals to Reduce Regulatory Burdens on Main Street Job 
Creators,'' which examined the bill. Witnesses testified as 
noted previously. There was no further action on the bill in 
the 114th Congress.

                             THE TAILOR ACT

                               H.R. 2896


Summary

    The TAILOR Act directs the federal financial institution 
regulatory agencies (the Federal Reserve, the FDIC, the OCC, 
the NCUA, and the CFPB) to tailor any regulatory action 
occurring after enactment based on the risk profile and 
business model of the institutions to which it applies, as well 
as the costs and benefits of the action. H.R. 2896 directs such 
agencies to annually report to Congress and testify regarding 
the specific steps taken to tailor their regulatory actions.

Legislative History

    Representative Tipton introduced the TAILOR Act on June 25, 
2015. On October 21, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Legislative Proposals to Reduce Regulatory Burdens 
on Main Street Job Creators,'' which examined the bill. 
Witnesses testified as noted previously.
    On March 2, 2016, the Committee met in open session and 
ordered the bill favorably reported to the House without 
amendment by a vote of 34 to 22 (see H. Rep. 114-870). There 
was no further action on the bill in the 114th Congress.

              THE COMMUNITY BANK CAPITAL CLARIFICATION ACT

                               H.R. 2987


Summary

    The Community Bank Capital Clarification Act exempts a 
depository institution holding company from certain capital 
deductions if it had less than $15 billion of total 
consolidated assets at the end of a quarterly financial 
reporting period after December 31, 2009, provided that it 
currently has total consolidated assets of less than $15 
billion. Specifically, for institutions meeting this criterion, 
the bill provides exemptive relief with respect to: (1) minimum 
leverage capital requirements and minimum risk-based capital 
requirements for depository institution holding companies; (2) 
mandatory deductions from actual capital in the calculation of 
such minimum capital requirements for certain investments by 
such institutions, especially in financial subsidiaries; and 
(3) the exemption from such capital deductions for the debt or 
equity instruments issued by certain smaller institutions.

Legislative History

    Representative Meeks introduced the Community Bank Capital 
Clarification Act on July 8, 2015. On October 21, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to Reduce 
Regulatory Burdens on Main Street Job Creators,'' which 
examined the bill. Witnesses testified as noted previously. 
There was no further action on the bill in the 114th Congress.

          THE FINANCIAL STABILITY OVERSIGHT COUNCIL REFORM ACT

                               H.R. 3340


Summary

    The Financial Stability Oversight Council Reform Act amends 
the Financial Stability Act of 2010 to make the budgets of the 
Financial Stability Oversight Council and the Office of 
Financial Research (``OFR'') subject to the congressional 
appropriations process. Specifically, under the bill, the OFR 
would continue to collect assessments to pay for expenses but 
the agencies' expenditures would be approved by Congress. H.R. 
3340 also requires the OFR to submit quarterly reports to 
Congress regarding its activities and to provide a public 
notice and comment period of at least 90 days before issuing 
any report, rule, or regulation.

Legislative History

    Representative Emmer introduced the Financial Stability 
Oversight Council Reform Act on July 29, 2015. On October 21, 
2015, the Subcommittee on Financial Institutions and Consumer 
Credit held a hearing entitled ``Examining Legislative 
Proposals to Reduce Regulatory Burdens on Main Street Job 
Creators,'' which examined the bill. Witnesses testified as 
noted previously.
    On November 3, 2015, the Committee met in open session to 
consider the bill. An amendment offered by Mr. Emmer was 
adopted by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 33 to 24 (see H. 
Rep. 114-473).
    On April 13, 2016, the House adopted H. Res. 671, making in 
order the consideration of the Financial Stability Oversight 
Council Act and providing in connection therewith for the 
further consideration of an amendment to be offered by Mr. 
Royce. On April 14, 2016, the House considered the bill 
pursuant to the terms of H. Res. 671. The Royce amendment was 
adopted by voice vote. The House passed H.R. 3340, as amended, 
by a vote of 239 to 179. On April 18, 2016, the bill was 
received in the Senate and referred to the Committee on 
Banking, Housing and Urban Affairs. There was no further action 
on the bill in the 114th Congress.

                 THE FACILITATING ACCESS TO CREDIT ACT

                                H.R. 347


Summary

    The Facilitating Access to Credit Act amends the Credit 
Repair Organizations Act and seeks to exempt from its coverage 
any consumer reporting agency (or affiliate or subsidiary) 
described under the Fair Credit Reporting Act as: 1) one that 
compiles and maintains files on consumers on a nationwide 
basis; or 2) any person which, for monetary fees, dues, or on a 
cooperative nonprofit basis, regularly engages in whole or in 
part in the practice of assembling or evaluating consumer 
credit information or other information on consumers in order 
to furnish consumer reports to third parties, if the person is 
subject to supervision and examination by the CFPB.
    The bill also preempts state law and regulations concerning 
a credit repair organization to the extent they would apply to 
consumer reporting agencies subject to this Act, and directs 
the Federal Trade Commission to study whether, in addition to 
these persons, any other person should be exempt from the 
Credit Repair Organizations Act.

Legislative History

    Representative Royce introduced the Facilitating Access to 
Credit Act on January 14, 2015. On September 27, 2016, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to Address 
Consumer Access to Mainstream Banking Services,'' which 
examined the bill. Witnesses were Dr. Michael Turner, President 
and Chief Executive Officer, Policy and Economic Research 
Council; Mr. Ronald Paul, Chairman and Chief Executive Officer, 
Eagle Bank (on behalf of the Independent Community Bankers of 
America); and Dr. Norbert Michel, Research Fellow in Financial 
Regulations, Heritage Foundation. There was no further action 
on the bill in the 114th Congress.

 A BILL TO AMEND THE FEDERAL DEPOSIT INSURANCE ACT TO ENSURE THAT THE 
   RECIPROCAL DEPOSITS OF AN INSURED DEPOSITORY INSTITUTION ARE NOT 
CONSIDERED TO BE FUNDS OBTAINED BY OR THROUGH A DEPOSIT BROKER, AND FOR 
                             OTHER PURPOSES

                               H.R. 4116


Summary

    H.R. 4116 amends the Federal Deposit Insurance Act to 
update the definition of a deposit broker to allow for a 
limited exemption for reciprocal deposits held by an 
institution that: 1) was found, at its most recent examination, 
to have a composite condition of ``good'' or ``outstanding;'' 
or 2) does not hold reciprocal deposits exceeding the lesser of 
$10 billion or 20 percent of total liabilities.

Legislative History

    Representative Moore introduced H.R. 4116 on November 19, 
2015. On September 27, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Legislative Proposals to Address Consumer Access to 
Mainstream Banking Services,'' which examined the bill. 
Witnesses testified as noted previously. There was no further 
action on the bill in the 114th Congress.

                  THE CREDIT ACCESS AND INCLUSION ACT

                               H.R. 4172


Summary

    The Credit Access and Inclusion Act amends the Fair Credit 
Reporting Act to allow the Department of Housing and Urban 
Development as well as public utility and telecommunications 
companies to report on-time payment data to consumer reporting 
agencies. H.R. 4172 also amends the Consumer Credit Protection 
Act to clarify that provisions regarding civil liability under 
this bill are inapplicable to credit reporting agencies but 
applicable to credit furnishers.

Legislative History

    Representative Ellison introduced the Credit Access and 
Inclusion Act on December 3, 2015. On September 27, 2016, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to Address 
Consumer Access to Mainstream Banking Services,'' which 
examined the bill. Witnesses testified as noted previously. 
There was no further action on this bill in the 114th Congress.

                    THE CREDIT SCORE COMPETITION ACT

                               H.R. 4211


Summary

    The Credit Score Competition Act amends the Federal 
National Mortgage Association Charter Act to require Federal 
National Mortgage Association (Fannie Mae) and the Federal Home 
Loan Mortgage Corporation (Freddie Mac) to establish a process 
for validating and approving any credit scoring model used by 
them in purchasing residential mortgages. A description of the 
process used to validate and approve the credit scoring models 
must also be made publicly available.

Legislative History

    Representative Royce introduced the Credit Score 
Competition Act on December 10, 2015. On September 27, 2016, 
the Subcommittee on Financial Institutions and Consumer Credit 
held a hearing entitled ``Examining Legislative Proposals to 
Address Consumer Access to Mainstream Banking Services,'' which 
examined the bill. Witnesses testified as noted previously. 
There was no further action on the bill in the 114th Congress.

               THE RETAIL CHECKING ACCOUNT PROTECTION ACT

                               H.R. 5660


Summary

    The Retail Checking Account Protection Act amends the 
Federal Deposit Insurance Act to exempt certain retail deposits 
from the definition of a ``brokered deposit,'' if they are: 1) 
opened by a retail customer; and 2) held in the name of the 
retail customer.

Legislative History

    Representative Williams introduced the Retail Checking 
Account Protection Act on July 7, 2016. On September 27, 2016, 
the Subcommittee on Financial Institutions and Consumer Credit 
held a hearing entitled ``Examining Legislative Proposals to 
Address Consumer Access to Mainstream Banking Services,'' which 
examined the bill. Witnesses testified as noted previously. 
There was no further action on the bill in the 114th Congress.

                    THE PROTECT PREPAID ACCOUNTS ACT

                               H.R. 6162


Summary

    The Protect Prepaid Products Account Act amends the Federal 
Deposit Insurance Act to clarify that prepaid funds deposited 
in an insured depository institution satisfy the requirements 
of the primary purpose exclusion to the definition of deposit 
broker, provided that the agent does not control the deposits 
and does not have a contractual right to cause the transfer of 
the deposits to another institution selected by the agent. The 
primary purpose exemption excludes agents ``whose primary 
purpose is not the placement of funds'' with banks, from the 
definition of deposit broker.

Legislative History

    Representative Tipton introduced the Protect Prepaid 
Accounts Act on September 22, 2016. On September 27, 2016, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled ``Examining Legislative Proposals to Address 
Consumer Access to Mainstream Banking Services,'' which 
examined the bill. Witnesses testified as noted previously. 
There was no further action on this bill in the 114th Congress.

                   Subcommittee Oversight Activities


                           REGULATORY REFORM

    On April 8, 2015, Chairman Hensarling and Subcommittee 
Chairmen Garrett, Neugebauer, Luetkemeyer, Huizenga, and Duffy 
wrote to Comptroller of the Currency Thomas Curry, CFPB 
Director Richard Cordray, Federal Reserve Chair Janet Yellen, 
and NCUA Chairman Debbie Matz, requesting the agencies to 
publicly disavow their ``past, present, and future involvement 
in Operation Choke Point or any similar operation.'' The letter 
also requested that the agencies take internal actions to 
ensure ``deposit account terminations are based on sound 
reasoning and potential risk, not political motive.''
    On Wednesday April 15, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Regulatory Burdens on Non-Depository Financial 
Institutions.'' This hearing examined the impact of Dodd-Frank 
Act compliance costs on consumers, non-depository financial 
institutions, and the U.S. economy. Witnesses included: Mr. 
Justin G. Friedman, Director, Federal Government Affairs, 
American Financial Services Association; Ms. Diane Evans, Vice 
President, Land Title Guarantee Company (on behalf of the 
American Land Title Association); Mr. Dennis Shaul, Chief 
Executive Officer, Community Financial Services Association; 
Ms. Paulina McGrath, President, Republic State Mortgage (on 
behalf of the Community Mortgage Lenders of America); and Ms. 
Mitria Wilson, Vice President, Government Affairs and Senior 
Counsel, Center for Responsible Lending.
    On Thursday, April 23, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining Regulatory Burdens--Regulator Perspective.'' The 
purpose of the hearing was to elicit testimony from regulators 
regarding the impact of regulatory burdens on the operations of 
community financial institutions and the behavior of consumers 
in the financial marketplace. Witnesses included: Ms. Doreen 
Eberley, Director, Division of Risk Management Supervision, 
Federal Deposit Insurance Corporation; Ms. Maryann Hunter, 
Deputy Director, Division of Banking Supervision and 
Regulation, Federal Reserve Board; Mr. Toney Bland, Senior 
Deputy Comptroller, Office of the Comptroller of Currency; Mr. 
Larry Fazio, Director, Office of Examination and Insurance, 
NCUA; Mr. David Silberman, Associate Director, Office of 
Research, Markets & Regulations, Consumer Financial Protection 
Bureau; and Mr. Charles G. Cooper, Commissioner, Texas 
Department of Banking (on behalf of the Conference of State 
Bank Supervisors).
    On Wednesday, July 8, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining the Designation and Regulation of Bank Holding 
Company SIFIs.'' This hearing focused on the designation of, 
and regulatory standards for, bank holding companies determined 
to be ``systemically important financial institutions'' under 
the Dodd-Frank Act. Witnesses included: Mr. Harris Simmons, 
Chairman and Chief Executive Officer, Zions Bancorporation; Dr. 
James Barth, Professor of Finance, Auburn University; Dr. Paul 
Kupiec, Resident Fellow, American Enterprise Institute; Mr. 
Satish Kini, Partner, Debevoise & Plimpton LLP; and Dr. Simon 
Johnson, Ronald A. Kurtz Professor of Entrepreneurship, 
Massachusetts Institute of Technology.

                             CYBERSECURITY

    On Tuesday, May 19, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Protecting Critical Infrastructure: How the Financial Sector 
Addresses Cyber Threats.'' This hearing examined how to protect 
financial institutions and consumers' financial data from 
cyberattacks. Witnesses included: The Honorable Kenneth E. 
Bentsen, Jr. President and Chief Executive Officer, SIFMA; Mr. 
Greg Garcia, Executive Director, Financial Services Sector 
Coordinating Council; Mr. Rob Nichols, President and Chief 
Executive Officer, Financial Services Forum; Mr. Russell 
Fitzgibbons, Executive Vice President and Chief Risk Officer, 
The Clearing House; and Mr. Jason Healey, Senior Research 
Scholar, School of International and Policy Affairs, Columbia 
University.

                          FINANCIAL TECHNOLOGY

    On Tuesday, July 12, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining the Opportunities and Challenges with Financial 
Technology (``FinTech''): The Development of Online Marketplace 
Lending.'' This hearing examined the development of the FinTech 
market, including how online lenders and banks interact, as 
well as policy developments and the current regulatory 
structure. Witnesses included: Mr. Parris Sanz, Chief Legal 
Officer, CAN Capital (on behalf of the Electronic Transactions 
Association); Mr. Sachin Adarkar, General Counsel, Prosper 
Funding; Mr. Rob Nichols, Chief Executive Officer, American 
Bankers Association; Mr. Bimal Patel, Partner, O'Melveny & 
Myer; and Ms. Gerron Levi, Director of Policy & Government 
Affairs, National Community Reinvestment Coalition.
    On June 27, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit and Subcommittee on Capital 
Markets and Government Sponsored Enterprises hosted a 
bipartisan staff briefing on the implementation of blockchain 
technology in the financial services industry. The briefing 
offered a live and interactive demonstration focused on the 
implementation of blockchain technology at NASDAQ, the world's 
second largest exchange by market capitalization.

                BUREAU OF CONSUMER FINANCIAL PROTECTION

    On January 12, 2015, Chairman Hensarling wrote to Bureau 
Director Richard Cordray, Comptroller of the Currency Thomas 
Curry, and General Services Administration Administrator Daniel 
Tangherlini requesting that the agencies find cost-effective 
alternatives to renovating an office building for the CFPB's 
use located at 1700 G Street NW in Washington, D.C.
    On May 7, 2015, Chairman Hensarling wrote to Director 
Cordray requesting information about the joint settlement 
between the CFPB and the Department of Justice regarding 
allegations of pricing discrimination in automobile lending by 
Ally Financial Inc. and Ally Bank.
    On May 7, 2015, Chairman Hensarling wrote to Treasury 
Secretary Jack Lew requesting information related to the 
decision to renovate the CFPB's office building located at 1700 
G Street NW in Washington, D.C.
    On August 5, 2015, Chairman Hensarling wrote to Director 
Cordray requesting, among other things, the methodologies, 
procedures, and alternatives used by the CFPB and the Justice 
Department to identify affected consumers who are ``entitled to 
received monetary relief from the settlement fund'' related to 
the joint settlement between the CFPB and the Justice 
Department regarding allegations of pricing discrimination in 
automobile lending by Ally Financial Inc. and Ally Bank.
    On Thursday, February 11, 2016, the Subcommittee on 
Financial Institutions and Consumer Credit held a hearing 
entitled ``Short-term, Small Dollar Lending: The CFPB's Assault 
on Access to Credit and Trampling of State and Tribal 
Sovereignty.'' This hearing focused on the short-term, small-
dollar credit marketplace, and how lenders in this market meet 
consumers' need for credit, the products and protections 
available to consumers, and how lenders and products are 
regulated. Further, the hearing examined the CFPB's proposed 
plan to regulate short-term, small-dollar credit products at 
the federal level, including the extent to which these efforts 
may affect access to consumer credit as well as existing state 
and tribal law. Witnesses included: The Honorable Greg Zoeller, 
Attorney General, State of Indiana; The Honorable Sherry 
Treppa, Chairperson, Habematolel Pomo of Upper Lake; Mr. David 
Silberman, Acting Deputy Director, CFPB; Mr. Dennis Shaul, 
Chief Executive Officer, Community Financial Services 
Association of America; Mr. Kelvin Simmons, Partner, Dentons 
(on behalf of the American Financial Services Association); Mr. 
Robert Sherill, Consumer; Dr. Thomas W. Miller, Jr., Visiting 
Scholar, Mercatus Center, George Mason University; and Dr. 
Frederick Douglass Haynes, III, Senior Pastor, Friendship-West 
Baptist Church.
    On April 8, 2016, Chairman Hensarling wrote to Director 
Cordray requesting that the CFPB convene a forum to ensure the 
perspectives of elected state and tribal officials be taken 
into consideration before promulgating any regulations related 
to short-term, small-dollar loans.
    On Wednesday, May 18, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``Examining the CFPB's Proposed Rulemaking on Arbitration: Is 
it in the Public Interest and for the Protection of 
Consumers?'' Section 1028 of the Dodd-Frank Act requires the 
CFPB to conduct a study of arbitration agreements in 
conjunction with the offering of consumer financial products or 
services. Section 1028 further authorizes the CFPB to regulate 
the practice where such action is consistent with the findings 
of the required report to Congress. The regulation must be in 
the ``public interest and for the protection of consumers.'' 
This hearing examined the CFPB's published report and proposed 
rule. Witnesses included: Professor Jason S. Johnston, Henry L. 
and Grace Doherty Charitable Foundation Professor of Law, 
University of Virginia School of Law; Mr. Dong Hong, VP and 
Regulatory Counsel, Consumer Bankers Association; Mr. Andrew 
Pincus, Partner, Mayer Brown LLP (on behalf of the U.S. Chamber 
of Commerce); and Mr. F. Paul Bland Jr., Executive Director, 
Public Justice.
    On September 1, 2016, Chairman Hensarling wrote to Director 
Cordray requesting information related to the constitutional 
authority to promulgate regulations related to short-term, 
small-dollar loans.
    On October 19, 2016, Chairman Hensarling wrote to Director 
Cordray requesting written assurance that the CFPB will comply 
with certain limits on executive agencies set forth in various 
Executive Orders.

                  NATIONAL CREDIT UNION ADMINISTRATION

    On Thursday, July 23, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled 
``National Credit Union Administration Operations and Budget.'' 
The NCUA is an independent federal agency that regulates, 
charters and supervises federal credit unions, and manages the 
National Credit Union Share Insurance Fund. This hearing 
afforded Subcommittee members the opportunity to examine the 
NCUA's operations and budget. The sole witness was The 
Honorable Debbie Matz, the NCUA's Chairman.
    On October 13, 2015, Chairman Hensarling wrote to Chairman 
Matz, requesting that the NCUA voluntarily comply with the 
requirements set forth in the Committee-passed H.R. 2769, the 
Risk-Based Capital Study Act, which would require the NCUA to 
take reasonable steps to study the impact of its risk-based 
capital rule and report back to Congress before finalizing the 
rule.

                         Subcommittee Hearings


------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-13........................  Examining Regulatory    April 15, 2015
                                 Burdens on Non-
                                 Depository Financial
                                 Institutions
                                 (Financial
                                 Institutions).
114-16........................  Examining Regulatory    April 23, 2015
                                 Burdens--Regulator
                                 Perspective
                                 (Financial
                                 Institutions).
114-26........................  Protecting Critical     May 19, 2015
                                 Infrastructure: How
                                 the Financial Sector
                                 Addresses Cyber
                                 Threats (Financial
                                 Institutions).
114-31........................  Examining Legislative   June 11, 2015
                                 Proposals to Preserve
                                 Consumer Choice and
                                 Financial
                                 Independence
                                 (Financial
                                 Institutions).
114-38........................  Examining the           July 8, 2015
                                 Designation and
                                 Regulation of Bank
                                 Holding Company SIFIs
                                 (Financial
                                 Institutions).
114-46........................  National Credit Union   July 23, 2015
                                 Administration
                                 Operations and Budget
                                 (Financial
                                 Institutions).
114-55........................  Examining Legislative   October 21, 2015
                                 Proposals to Reduce
                                 Regulatory Burdens on
                                 Main Street Job
                                 Creators (Financial
                                 Institutions).
114-73........................  Short-term, Small       February 11,
                                 Dollar Lending: The     2016
                                 CFPB's Assault on
                                 Access to Credit and
                                 Trampling of State
                                 and Tribal
                                 Sovereignty
                                 (Financial
                                 Institutions).
114-89........................  Examining the CFPB's    May 18, 2016
                                 Proposed Rulemaking
                                 on Arbitration: Is it
                                 in the Public
                                 Interest and for the
                                 Protection of
                                 Consumers? (Financial
                                 Institutions).
114-97........................  Examining the           July 12, 2016
                                 Opportunities and
                                 Challenges with
                                 Financial Technology
                                 (``FinTech''): The
                                 Development of Online
                                 Marketplace Lending
                                 (Financial
                                 Institutions).
114-105.......................  Examining Legislative   September 27,
                                 Proposals to Address    2016
                                 Consumer Access to
                                 Mainstream Banking
                                 Services (Financial
                                 Institutions).
------------------------------------------------------------------------


                 Subcommittee on Housing and Insurance

                             (Ratio: 12-9)

 BLAINE LUETKEMEYER, MO, Chairman

EMANUEL CLEAVER, MO [RM]             LYNN A. WESTMORELAND, GA [V Chair]
NYDIA M. VELAZQUEZ, NY               EDWARD R. ROYCE, CA
MICHAEL E. CAPUANO, MA               SCOTT GARRETT, NJ
WM. LACY CLAY, MO                    STEVAN PEARCE, NM
AL GREEN, TX                         BILL POSEY, FL
GWEN MOORE, WI                       ROBERT HURT, VA
KEITH ELLISON, MN                    STEVE STIVERS, OH
JOYCE BEATTY, OH                     DENNIS A. ROSS, FL
DANIEL T. KILDEE, MI                 ANDY BARR, KY
MAXINE WATERS, CA [Ex Officio]       KEITH J. ROTHFUS, PA
                                     ROGER WILLIAMS, TX
                                     JEB HENSARLING, TX [Ex Officio]

                  Subcommittee Legislative Activities


                    THE POLICYHOLDER PROTECTION ACT

                               H.R. 1478


Summary

    Under the Bank Holding Company Act, when an insurer is 
organized within a bank holding company structure, state 
insurance regulators possess the authority to protect insurance 
company policyholders by preventing the transfer of an 
insurer's funds and other assets to a troubled banking 
subsidiary. H.R. 1478 clarifies the application of such 
protections to insurance companies organized within a Savings 
and Loan Holding Company structure and provides for certain 
other reforms to the process to resolve such firms.

Legislative History

    Representative Posey introduced the Policyholder Protection 
Act on March 19, 2015. On September 29, 2015, the Subcommittee 
on Housing and Insurance held a hearing entitled ``The Impact 
of Domestic Regulatory Standards on the U.S. Insurance 
Market,'' which examined matters related to H.R. 1478. 
Witnesses were: Mr. Michael McRaith, Director, Federal 
Insurance Office, U.S. Department of the Treasury; Mr. Tom 
Sullivan, Senior Advisor, Department of Banking Supervision and 
Regulation, Federal Reserve Board of Governors; Mr. John Huff, 
Director, Missouri Department of Insurance, Financial 
Institutions & Professional Registration; and The Honorable S. 
Roy Woodall, Jr. Independent Member, Financial Stability 
Oversight Council, U.S. Department of the Treasury.
    On November 3, 2015 the Committee met in open session to 
consider the bill. An amendment in the nature of a substitute 
offered by Mr. Posey was adopted by voice vote. The bill as 
amended was ordered favorably reported to the House by a vote 
of 57 to 0 (see H. Rep. 114-338). On November 16, 2015, House 
passed H.R. 1478 on suspension by voice vote. On November 17, 
2015, H.R. 1478 was received in the Senate and referred to the 
Committee on Banking, Housing, and Urban Affairs.
    On December 18, 2015, text identical to H.R. 1478 was 
incorporated into the Consolidated Appropriations Act, 2016 
(see H.R. 2029, Division O, Title VII, Sec. 706). The measure 
was signed into law later that day (P.L. 114-113).

           THE HOUSING OPPORTUNITY THROUGH MODERNIZATION ACT

                               H.R. 3700


Summary

    The Housing Opportunity Through Modernization Act seeks to 
enhance the effectiveness of programs administered by the 
Department of Housing and Urban Development (``HUD'') and the 
Rural Housing Service. Among other things, H.R. 3700 reforms 
the implementation of HUD's Section 8 voucher assistance and 
Public Housing programs, and modernizes certain regulations. 
The bill streamlines the inspection protocol for rental 
assistance units, simplifies income review and recertification 
policies for assisted households, modifies Federal Housing 
Administration (``FHA'') requirements for mortgage insurance 
for condominiums, clarifies homeless assistance program 
requirements, delegates rural housing loan approval authority, 
and provides limited flexibility between public housing 
operating and capital funds.
    H.R. 3700 also seeks to give state and local housing 
agencies, and private owners, enhanced flexibility in meeting 
key program objectives such as reducing homelessness, improving 
access to higher-opportunity neighborhoods, and addressing 
repair needs in public housing. H.R. 3700 simplifies the 
process for the certification and recertification of 
condominium buildings, modifies the process for approving 
condominium buildings with commercial space, aligns the FHA's 
transfer fee policy to that of the Federal Housing Finance 
Agency (``FHFA''), and changes the current standard owner-
occupancy requirement from 50% to 35%.

Legislative History

    Representative Luetkemeyer introduced the Housing 
Opportunity Through Modernization Act on October 7, 2015. On 
October 21, 2015, the Subcommittee on Housing and Insurance 
held a hearing entitled ``The Future of Housing in America: 
Federal Housing Reforms that Create Housing Opportunity,'' 
which examined matters related to the bill. Witnesses were: Ms. 
Denise Muha, Executive Director, National Leased Housing 
Association; Ms. Heather Bradley-Geary, Lead Developer, 
Supportive Housing, The Vecino Group; Ms. Evelyn Craig, Chief 
Executive Officer, Restart, Inc.; Mr. Chris Polychron, 2015 
President, National Association of Realtors; Mr. Stephen 
Merritt, Executive Director, Norwood Housing Authority; Mr. 
Kevin Kelly, 2014 Chairman of the Board, National Association 
of Home Builders; Mr. Will Fischer, Senior Policy Analyst, 
Center on Budget and Policy Priorities; and Ms. Hilary Swab 
Gawrilow, Director of Federal Policy, Corporation for 
Supportive Housing.
    On December 8 and 9, 2015, the Committee met in open 
session to consider H.R. 3700. Mr. Luetkemeyer offered an 
amendment in the nature of a substitute, which was made base 
text for purposes of amendment. An amendment to the amendment 
in the nature of a substitute--also offered by Mr. 
Luetkemeyer--was adopted by a vote of 43 to 10. An amendment to 
the amendment in the nature of a substitute offered by Ms. 
Waters was not agreed to by a vote of 21 to 32. Following 
adoption of the amendment in the nature of a substitute, as 
amended, the bill as amended was ordered favorably reported to 
the House by a vote of 44 to 10 (see H. Rep. 114-397).
    On February 2, 2016, the House agreed to H. Res. 594, which 
provided for the consideration of H.R. 3700 and made in order 
in connection therewith the further consideration of 14 
amendments to be offered by sundry Members. That same day, H.R. 
3700 was considered pursuant to H. Res. 594. Amendments No. 1 
(Buchanan); No. 2 (Waters), No. 3 (Sewell), No. 5 (Hinojosa), 
No. 6 (Meng), No. 8 (Welch), No. 9 (Lujan Grisham), No. 10 
(Peters), No. 13 (Jackson Lee) (modified by unanimous consent 
to include the text of Amendment No. 4 (Bordallo), which was 
not timely offered), and No. 14 (Price) were adopted (see Rules 
Committee Report 114-411 for additional information on each 
amendment). The House passed H.R. 3700 as amended by a vote of 
427 to 0.
    On February 3, 2016, H.R. 3700 was received in the Senate 
and referred to the Committee on Banking, Housing, and Urban 
Affairs. On July 14, 2016, the Committee on Banking, Housing, 
and Urban Affairs was discharged from further consideration of 
H.R. 3700 and the measure passed the Senate without amendment 
by unanimous consent. On July 29, 2016, the Housing Opportunity 
Through Modernization Act was signed into law (P.L. 114-201).

    THE FLOOD INSURANCE MARKET PARITY AND MODERNIZATION ACT OF 2015

                               H.R. 2901


Summary

    The Flood Insurance Market Parity and Modernization Act 
amends the Flood Disaster Protection Act to clarify that flood 
insurance offered by a private carrier outside of the National 
Flood Insurance Program (``NFIP'') can satisfy the Act's 
mandatory purchase requirement. H.R. 2901 defines acceptable 
private flood insurance as a policy providing flood insurance 
coverage that is issued by an insurance company that is 
licensed, admitted, or otherwise approved to engage in the 
business of insurance in the state or jurisdiction in which the 
insured property is located. Under H.R. 2901, an acceptable 
private flood insurance policy may also be issued by an 
insurance company that is eligible as a non-admitted insurer to 
provide insurance in the state or jurisdiction where the 
property to be insured is located.

Legislative History

    Representative Ross introduced H.R. 2901 on June 25, 2015. 
On January 13, 2016, the Subcommittee on Housing and Insurance 
held a hearing entitled ``How to Create a More Robust and 
Private Flood Insurance Marketplace,'' which examining matters 
relating to the bill. Witnesses were: Ms. Teresa D. Miller, 
Commissioner, Pennsylvania State Insurance Department (on 
behalf of the National Association of Insurance Commissioners); 
Mr. Steven Bradshaw, Executive Vice President, Standard 
Mortgage Corporation, on behalf of the Mortgage Bankers 
Association; Mr. Brady Kelley, Executive Director, National 
Association of Professional Surplus Lines Offices, Ltd.; and 
Mr. Birny Birnbaum, Executive Director, Center for Economic 
Justice.
    On March 2, 2016, the Committee met in open session to 
consider the bill. An amendment in the nature of a substitute 
offered by Mr. Ross was adopted by voice vote. The bill as 
amended was ordered favorably reported to the House by a vote 
of 53 to 0 (see H. Rep. 114-524). On April 28, 2016, the House 
passed H.R. 2901 (with a manager's amendment making certain 
changes from the reported bill) on suspension by a vote of 419 
to 0. On May 9, 2016, the bill was received in the Senate and 
referred to Committee on Banking, Housing, and Urban Affairs. 
There was no further action on the bill in the 114th Congress.

            THE TRANSPARENT INSURANCE STANDARDS ACT OF 2016

                               H.R. 5143


Summary

    The Transparent Insurance Standards Act seeks to enhance 
Congress's oversight of international deliberations relating to 
insurance standards. Specifically, H.R. 5143 establishes 
certain requirements before the Treasury Department or the 
Federal Reserve (Fed) may agree to, accept, establish, enter 
into or consent to the adoption of a final international 
insurance standard. First, the Treasury and the Fed must 
publish in the Federal Register any proposed final standard and 
allow for public comment. Under the bill, this notice must also 
include a joint analysis on the impact of the standard on 
consumers and U.S. insurance markets. H.R. 5143 additionally 
provides that, before agreeing to an international standard 
relating to capital, the Fed first promulgate a domestic 
capital standard rule.
    The Transparent Insurance Standards Act seeks to impose 
similar requirements for negotiations concerning covered 
agreements. The bill sets negotiating objectives for U.S. 
parties and also mandates that the Secretary of the Treasury 
and the Chair of the Board of Governors of the Fed report and 
testify to Congress twice annually. Finally, H.R. 5143 seeks to 
ensure that the Financial Stability Oversight Council's (FSOC) 
Independent Member with Insurance Expertise is permitted to 
assist the FSOC in international discussions and attend 
meetings of international bodies where insurance standards are 
discussed.

Legislative History

    On February 25, 2016, the Subcommittee on Housing and 
Insurance held a hearing entitled ``The Impact of International 
Regulatory Standards on the Competitiveness of U.S. Insurers: 
Part II,'' which examined a discussion draft of the Transparent 
Insurance Standards Act. Witnesses were: Mr. Gary Thompson, 
President and CEO, Columbia Insurance Group (on behalf of the 
National Association of Mutual Insurance Companies); Mr. David 
Zaring, The Wharton School, University of Pennsylvania; Mr. 
Joseph Torti III, Vice President for Regulatory Affairs, 
Fairfax (US) Inc. (on behalf of Property Casualty Insurers 
Association of America); and Ms. Carolyn Cobb, Vice President 
and Chief Counsel, American Council of Life Insurers.
    Representative Luetkemeyer introduced H.R. 5143 on April 
29, 2016. On June 15 and 16, 2016, the Committee met in open 
session to consider the bill. Mr. Luetkemeyer offered an 
amendment in the nature of a substitute. An amendment to the 
amendment in the nature of a substitute offered by Mr. Royce 
was agreed to by voice vote. An amendment to the amendment in 
the nature of a substitute offered by Mr. Heck was withdrawn. 
The amendment in the nature of a substitute, as amended, was 
agreed to by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 34 to 25 (see H. 
Rep. 114-831).
    On December 6, 2016, the House agreed to H. Res. 944, which 
provided for the consideration of H.R. 5143 and made in order 
in connection therewith the further consideration of an 
amendment to be offered by Mr. DeSantis. Upon agreeing to the 
DeSantis amendment by voice vote, the House passed H.R. 5143, 
as amended, by a vote of 239 to 170.
    On December 8, 2016, H.R. 5143 was received in the Senate. 
There was no further action on the bill in the 114th Congress.

            THE SMALL PUBLIC HOUSING AGENCY OPPORTUNITY ACT

                               H.R. 4816


Summary

    The Small Public Housing Agency Opportunity Act would amend 
the United States Housing Act of 1937 regarding small Public 
Housing Agencies (``PHA''). Among other things, the bill would 
require that HUD carry out physical inspections of small PHA 
housing projects at least once every three years; determine the 
financial condition of a small PHA public housing program based 
on the ratio of current assets to liabilities; and determine 
the management condition of a small PHA public housing program 
based on the ratio of vacant unit months to eligible unit 
months. Additionally, the bill requires that HUD evaluate the 
management of a small PHA's voucher program based on its lease-
up rate or the budget utilization rate. H.R. 4816 also reduces 
certain reporting and related administrative requirements 
applicable to small PHAs.

Legislative History

    Representative Palazzo introduced the Small Public Housing 
Agency Opportunity act on March 21, 2016. On September 21, 
2016, the Subcommittee on Housing and Insurance held a hearing 
entitled ``The Future of Housing in America: A Better Way to 
Increase Efficiencies for Housing Vouchers and Create Upward 
Economic Mobility,'' which examined the bill. Witnesses were: 
Ms. Dominique Blom, Deputy Assistant Secretary, Office of 
Public Housing Investments, U.S. Department of Housing and 
Urban Development; Ms. Barbara Sard, Vice President for Housing 
Policy, Center on Budget and Policy Priorities; Ms. Deborah 
Thrope, Staff Attorney, National Housing Law Project; Mr. 
Ailrick Young, Executive Director, Laurel Housing Authority; 
and Ms. Cheryl Lovell, Executive Director, St. Louis Housing 
Authority.
    There was no further action on H.R. 4816 in the 114th 
Congress.

                   Subcommittee Oversight Activities


                     PUBLIC AND AFFORDABLE HOUSING

    The Subcommittee on Housing and Insurance held a hearing on 
April 16, 2015 entitled ``The Future of Housing in America: 
Increasing Private Sector Participation in Affordable 
Housing.'' Witnesses were: Ms. Adrianne Todman, Executive 
Director, District of Columbia Housing Authority; Mr. Brad 
Fennell, Senior Vice President, WC Smith; Mr. James Evans, 
Director, Quadel Consulting; and Ms. Sheila Crowley, President 
and Chief Executive Officer, National Low-Income Housing 
Coalition. The hearing examined methods to facilitate increased 
private capital investment in public and affordable housing.
    The Subcommittee on Housing and Insurance held a hearing on 
July 10, 2015 entitled ``The Future of Housing in America: 
Oversight of HUD's Public and Indian Housing Programs.'' 
Witnesses were: Ms. Lourdes Castro Ramirez, Principal Deputy 
Assistant Secretary, Office of Public and Indian Housing, U.S. 
Department of Housing and Urban Development, and Mr. Daniel 
Garcia-Diaz, Director, Financial Markets and Community 
Investment, Government Accountability Office. The hearing 
examined matters related to HUD's office of Public and Indian 
Housing and its programs.
    The Subcommittee on Housing and Insurance held a hearing on 
October 21, 2015 entitled ``The Future of Housing in America: 
Federal Housing Reforms that Create Housing Opportunity.'' The 
witnesses were: Ms. Denise Muha, Executive Director, National 
Leased Housing Association; Mr. Chris Polychron, 2015 
President, National Association of Realtors; Mr. Kevin Kelly, 
2014 Chairman of the Board, National Association of Home 
Builders; Mr. Stephen W. Merritt, National Association of 
Housing and Redevelopment Officials; Ms. Evelyn Craig, 
President and CEO, reStart, Inc.; and Ms. Heather Bradley-
Geary, Lead Developer, Supportive Housing, The Vecino Group. 
The hearing examined how the Department of Housing and Urban 
Development (HUD) and the Rural Housing Service can better 
serve the housing needs of low-income individuals and families. 
In addition, the hearing examined H.R. 3700, the ``Housing 
Opportunity Through Modernization Act of 2015.''
    The Subcommittee on Housing and Insurance held a hearing on 
March 22, 2016 entitled ``The Future of Housing in America: 
Government Regulations and the High Cost of Housing.'' 
Witnesses were: Mr. Clyde Holland, Chairman and Chief Executive 
Officer, Holland Partner Group (on behalf of the National 
Multifamily Housing Council and the National Apartment 
Association); Mr. Jayar Daily, Chief Operations Officer, 
American Homestar Corporation (on behalf of the Manufactured 
Housing Institute); Ms. Vicki Been, Commissioner, Department of 
Housing Preservation and Development, City of New York; Mr. 
Granger MacDonald, Chief Executive Officer, MacDonald Companies 
(on behalf of the National Association of Home Builders); and 
Professor A. Mechele Dickerson, University of Texas at Austin 
School of Law. The hearing examined the extent to which 
federal, state and local regulations and polices may impact 
affordable rental and single-family housing development.
    The Subcommittee on Housing and Insurance held a hearing on 
May 12, 2016 entitled ``The Future of Housing in America: A 
Comparison of the United Kingdom and United States Models for 
Affordable Housing.'' Witnesses were: Mr. Thomas Bledsoe, 
President and CEO of the Housing Partnership Network; Dr. 
Harris Beider, Professor of Community Cohesion at the Centre 
for Social Relations, Coventry University, United Kingdom; Dr. 
Susan Popkin, Senior Fellow and Director of the Neighborhoods 
and Youth Development Initiative, Metropolitan Housing and 
Communities Policy Center, The Urban Institute; Ms. Jaime 
Alison Lee, Assistant Professor of Law and Director of the 
Community Development Clinic, University of Baltimore School of 
Law; Mr. Richard C. Gentry, President and CEO, San Diego 
Housing Commission; and Mr. Greg Russ, Executive Director, 
Cambridge (MA) Housing Authority. The hearing assessed the 
state of affordable and rental housing programs following HUD's 
creation and examined two reports that compared U.S. affordable 
housing models with those of the United Kingdom.
    The Subcommittee on Housing and Insurance held a hearing on 
September 21, 2016 entitled ``The Future of Housing in America: 
A Better Way to Increase Efficiencies for Housing Vouchers and 
Create Upward Economic Mobility.'' Witnesses were: Ms. 
Dominique Blom, Deputy Assistant Secretary, Office of Public 
Housing Investments, U.S. Department of Housing and Urban 
Development; Ms. Barbara Sard, Vice President for Housing 
Policy, Center on Budget and Policy Priorities; Ms. Deborah 
Thrope, Staff Attorney, National Housing Law Project; Mr. 
Ailrick Young, Executive Director, Laurel Housing Authority; 
and Ms. Cheryl Lovell, Executive Director, St. Louis Housing 
Authority. The hearing examined the Housing Choice Voucher 
Program, the Administration's Housing Choice Voucher Mobility 
Demonstration proposal, and relevant legislation that would 
affect the Housing Choice Voucher program. Witnesses also 
discussed H.R. 4816, the ``Small Public Housing Agency Act of 
2016.''

              INTERNATIONAL INSURANCE REGULATORY STANDARDS

    The Subcommittee on Housing and Insurance held a hearing on 
April 29, 2015 entitled ``The Impact of International 
Regulatory Standards on the Competitiveness of U.S. Insurers.'' 
Witnesses were: Mr. Michael McRaith, Director, Federal 
Insurance Office, U.S. Department of the Treasury; Mr. Mark van 
der Weide, Deputy Director, Federal Reserve Board of Governors; 
and Mr. Kevin McCarty, Commissioner, Florida Insurance 
Department. The hearing examined the various international 
regulatory standards being considered by the G-20, the 
Financial Stability Board, the International Association of 
Insurance Supervisors, and other international supervisory 
authorities.
    The Subcommittee on Housing and Insurance held a hearing on 
September 29, 2015 entitled ``The Impact of Domestic Regulatory 
Standards on the U.S. Insurance Market.'' Witnesses were: Mr. 
Michael McRaith, Director, Federal Insurance Office, U.S. 
Department of the Treasury; Mr. Tom Sullivan, Senior Advisor, 
Department of Banking Supervision and Regulation, Federal 
Reserve Board of Governors; Mr. John Huff, Director, Missouri 
Department of Insurance, Financial Institutions and 
Professional Registration; and Mr. Roy Woodall, Independent 
Member, Financial Stability Oversight Council, U.S. Department 
of the Treasury. This hearing examined the impact on the U.S. 
insurance market of existing federal and state regulatory 
standards as well as the potential impact of proposed 
standards.
    The Subcommittee on Housing and Insurance held a hearing on 
February 25, 2016 entitled ``The Impact of International 
Regulatory Standards on the Competitiveness of U.S. Insurers: 
Part II.'' Witnesses were: Mr. Gary Thompson, President and 
CEO, Columbia Insurance Group (on behalf of the National 
Association of Mutual Insurance Companies); Mr. David Zaring, 
The Wharton School, University of Pennsylvania; Mr. Joseph 
Torti III, Vice President for Regulatory Affairs, Fairfax (US) 
Inc. (on behalf of Property Casualty Insurers Association of 
America); and Ms. Carolyn Cobb, Vice President and Chief 
Counsel, American Council of Life Insurers. Similar to the 
hearing held on April 29, 2015, this hearing examined the 
various international regulatory standards being considered by 
the G-20, the Financial Stability Board, the International 
Association of Insurance Supervisors, and other international 
supervisory authorities. In addition, the hearing reviewed 
draft legislation to enhance Congress's oversight of insurance-
related international deliberations to which the United States 
is a party.
    The Subcommittee on Housing and Insurance held a hearing on 
September 28, 2016 entitled ``The Impact of US-EU Dialogues on 
U.S. Insurance Markets.'' Witnesses were: Mr. Michael McRaith, 
Director, Federal Insurance Office, U.S. Department of the 
Treasury; Mr. Tom Sullivan, Senior Advisor, Board of Governors, 
Federal Reserve Board of Governors; and Ms. Julie Mix McPeak, 
Commissioner, Tennessee Department of Commerce and Insurance. 
The hearing examined the process by which the Treasury 
Department and the Office of the U.S. Trade Representative 
(USTR) may enter into a covered agreement under Section 502 of 
the Dodd-Frank Act. In addition, witness testimony discussed 
the various international regulatory standards being considered 
by the G-20, the Financial Stability Board, the International 
Association of Insurance Supervisors, and other international 
supervisory authorities.

                     REAL ESTATE SETTLEMENT PROCESS

    The Subcommittee on Housing and Insurance held a hearing on 
May 14, 2015 entitled ``TILA-RESPA Integrated Disclosure: 
Examining the Costs and Benefits of Changes to the Real Estate 
Settlement Process.'' Witnesses were: Ms. Cynthia Lowman, 
President, United Bank, Mortgage Corporation, United Bank of 
Michigan (on behalf of the American Bankers Association); Ms. 
Diane Evans, Vice President, Land Title Guaranty Company (on 
behalf of the American Land Title Association); Ms. Laurie 
Goodman, Center Director, Housing Finance Policy Center, Urban 
Institute; and Mr. Chris Polychron, Executive Broker, 1st 
Choice Realty (on behalf of the National Association of 
Realtors). The hearing examined the TILA-RESPA Integrated 
Disclosure (``TRID'') Rule promulgated by the Consumer 
Financial Protection Bureau (``CFPB''). Witnesses particularly 
testified on matters related to the impact of the TRID Rule on 
the real estate market, the implementation and compliance costs 
associated with the TRID Rule, and the relation of those costs 
to the benefits to consumers and industry participants of the 
TRID Rule.
    The Subcommittee on Housing and Insurance held a hearing on 
November 16, 2016 entitled ``Modernizing Appraisals: A 
Regulatory Review and the Future of the Industry.'' Witnesses 
were: Mr. James Park, Executive Director, Appraisal 
Subcommittee; Mr. David Bunton, President, The Appraisal 
Foundation; Ms. Joan Trice, Chief Executive Officer and 
Founder, Clearbox; Mr. Bill Garber, Director of Government and 
External Relations, Appraisal Institute; Mr. Ed Brady, Chairman 
of the Board, National Association of Home Builders; and Ms. 
Jennifer S. Wagner, Managing Attorney, Mountain State Justice, 
Inc. The hearing examined the appraisal industry since the 
creation of the Appraisal Subcommittee in 1989, reviewed the 
Dodd-Frank Act's impact on appraisers, consumers and 
stakeholders, and explored the future of appraisals, including 
alternative home valuation methods.

                     FEDERAL HOUSING ADMINISTRATION

    The Subcommittee on Housing and Insurance held a hearing on 
February 26, 2015 entitled ``The Future of Housing in America: 
Oversight of the Federal Housing Administration--Part II.'' 
Witnesses were: Mr. Douglas Holtz-Eakin, President, American 
Action Forum; Mr. Rohit Gupta, President and Chief Executive 
Officer, US Mortgage Insurance, Genworth and Co-chair, U.S. 
Mortgage Insurers; Ms. Julia Gordon, Director of Housing 
Finance and Policy, Center for American Progress; and Mr. 
Clifford Rossi, Professor-of-the-Practice and Executive-in-
Residence, Mr. Robert H. Smith School of Business, University 
of Maryland and Chief Economist of Radian Group Inc. The 
hearing, which followed a February 11, 2015 full Committee 
hearing on the FHA, examined the FHA's financial status and, in 
particular, the condition of the Mutual Mortgage Insurance Fund 
(MMIF).
    The Subcommittee on Housing and Insurance held a hearing on 
February 11, 2016 entitled ``The Future of Housing in America: 
Examining the Health of the Federal Housing Administration.'' 
The sole witness was Mr. Edward L. Golding, the Principal 
Deputy Assistant Secretary for the FHA's Office of Housing. The 
hearing examined the FHA's operations and financial status, 
including the health of the MMIF.

                            FLOOD INSURANCE

    The Subcommittee on Housing and Insurance held a hearing on 
June 2, 2015 entitled ``The National Flood Insurance Program: 
Oversight of Superstorm Sandy Claims.'' The sole witness was 
Mr. Brad Kieserman, the Deputy Associate Administrator, 
Insurance, Federal Insurance and Mitigation Administration, 
Federal Emergency Management Administration. The hearing 
examined the NFIP's claim payments to policyholders in the wake 
of Superstorm Sandy and allegations that at least some 
policyholders received incorrect payments after their claims 
were undervalued. The hearing also examined the extent and 
causes of the alleged fraudulent behavior that lead to the 
undervaluing of claims, the impact of such actions on 
policyholders, and the steps FEMA took to address these 
practices.
    The Subcommittee on Housing and Insurance held a field 
hearing in New Orleans, Louisiana on November 6, 2015 entitled 
``New Orleans: Ten Years After the Storm.'' Witnesses were: Mr. 
Earl Randall, Field Office Director, U.S. Department of Housing 
and Urban Development; Ms. Nicole Barnes, Executive Director, 
Jericho Road Episcopal Housing Initiative; Ms. Cashauna Hill, 
Executive Director, Greater New Orleans Fair Housing Action 
Center; Ms. Tracie Washington, Managing Director, Louisiana 
Justice Institute; Mr. Gregg Fortner, Executive Director, 
Housing Authority of New Orleans; Ms. Connie Uddo, Executive 
Director, St. Paul's Homecoming Center; and Ms. Erika 
McConduit, President and Chief Executive Officer, Urban League 
of Greater New Orleans. The hearing examined the response--at 
the local, state, and federal government levels--to the housing 
needs of residents affected by Hurricane Katrina. The hearing 
also examined the long-term housing and economic development 
plans for New Orleans and the surrounding region.
    The Subcommittee on Housing and Insurance held a hearing on 
January 12, 2016 entitled ``Opportunities and Challenges Facing 
the National Flood Insurance Program.'' Witnesses were: Mr. 
Stephen Ellis, Vice President, Taxpayers for Common Sense; Mr. 
Christopher W. Heidrick, Heidrick & Company Insurance and Risk 
Management Services, LLC (on behalf of the Independent 
Insurance Agents and Brokers of America, Inc.); Ms. Patty 
Templeton-Jones, Executive Vice President and Chief Program 
Advocate, Wright National Flood Insurance Company (on behalf of 
the Property Casualty Insurers Association of America); and Mr. 
Tom Woods, 2015 Chairman of the Board, National Association of 
Home Builders. The hearing examined the current government 
flood insurance model, ways to improve the NFIP using 
technology that was not available when the program was 
established in 1968, and methods for the creation of a private 
flood insurance market to compliment the NFIP.
    The Subcommittee on Housing and Insurance held a hearing on 
January 13, 2016 entitled ``How to Create a More Robust Private 
Flood Insurance Marketplace.'' Witnesses were: Ms. Teresa D. 
Miller, Commissioner, Pennsylvania State Insurance Department 
(on behalf of the National Association of Insurance 
Commissioners); Mr. Steve Bradshaw, Executive Vice President, 
Standard Mortgage Corporation (on behalf of the Mortgage 
Bankers Association); Mr. Brady Kelley, Executive Director, 
National Association of Professional Surplus Lines Offices, 
Ltd.; and Mr. Birny Birnbaum, Executive Director, Center for 
Economic Justice. The hearing examined the NFIP and legislative 
concepts intended to facilitate the creation of a competitive 
flood insurance market to complement the NFIP.

                             RURAL HOUSING

    The Subcommittee on Housing and Insurance held a hearing on 
May 19, 2015 entitled ``The Future of Housing in America: 
Oversight of the Rural Housing Service.'' Witnesses were: Mr. 
Tony Hernandez, Administrator, Rural Housing Service (RHS), 
U.S. Department of Agriculture, and Mr. Mathew Scire, Director, 
Financial Markets and Community Investment, Government 
Accountability Office. The hearing examined the budget 
priorities of the RHS for fiscal year 2016, its overall 
performance, and its future goals and challenges.

                         Subcommittee Hearings


------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-5.........................  The Future of Housing   February 26,
                                 in America: Oversight   2015
                                 of the Federal
                                 Housing
                                 Administration--Part
                                 II.
114-14........................  The Future of Housing   April 16, 2015
                                 in America:
                                 Increasing Private
                                 Sector Participation
                                 in Affordable Housing.
114-17........................  The Impact of           April 29, 2015
                                 International
                                 Regulatory Standards
                                 on the
                                 Competitiveness of
                                 U.S. Insurers.
114-24........................  TILA-RESPA Integrated   May 14, 2015
                                 Disclosure: Examining
                                 the Costs and
                                 Benefits of Changes
                                 to the Real Estate
                                 Settlement Process.
114-25........................  The Future of Housing   May 19, 2015
                                 in America: Oversight
                                 of the Rural Housing
                                 Service.
114-28........................  The National Flood      June 2, 2015
                                 Insurance Program:
                                 Oversight of
                                 Superstorm Sandy
                                 Claims.
114-40........................  The Future of Housing   July 10, 2015
                                 in America: Oversight
                                 of HUD's Public and
                                 Indian Housing
                                 Programs.
114-53........................  The Impact of Domestic  September 29,
                                 Regulatory Standards    2015
                                 on the U.S. Insurance
                                 Market.
114-56........................  The Future of Housing   October 21, 2015
                                 in America: Federal
                                 Housing Reforms that
                                 Create Housing
                                 Opportunity.
114-60........................  Field hearing entitled  November 6, 2015
                                 New Orleans: Ten
                                 Years After the Storm.
114-67........................  Opportunities and       January 12, 2016
                                 Challenges Facing the
                                 National Flood
                                 Insurance Program.
114-68........................  How to Create a More    January 13, 2016
                                 Robust and Private
                                 Flood Insurance
                                 Marketplace.
114-72........................  The Future of Housing   February 11,
                                 in America: Examining   2016
                                 the Health of the
                                 Federal Housing
                                 Administration.
114-76........................  The Impact of           February 25,
                                 International           2016
                                 Regulatory Standards
                                 on the
                                 Competitiveness of
                                 U.S. Insurers: Part
                                 II.
114-81........................  The Future of Housing   March 22, 2016
                                 in America:
                                 Government
                                 Regulations and the
                                 High Cost of Housing.
114-86........................  The Future of Housing   May 12, 2016
                                 in America: A
                                 Comparison of the
                                 United Kingdom and
                                 United States Models
                                 for Affordable
                                 Housing.
114-101.......................  The Future of Housing   September 21,
                                 In America: A Better    2016
                                 Way to Increase
                                 Efficiencies For
                                 Housing Vouchers and
                                 Create Upward
                                 Economic Mobility.
114-108.......................  The Impact of US-EU     September 28,
                                 Dialogues on U.S.       2016
                                 Insurance Markets.
114-111.......................  Modernizing             November 16,
                                 Appraisals: A           2016
                                 Regulatory Review and
                                 the Future of the
                                 Industry.
------------------------------------------------------------------------


               Subcommittee on Monetary Policy and Trade

                             (Ratio: 12-9)

    BILL HUIZENGA, MI, Chairman

GWEN MOORE, WI [RM]                  MICK MULVANEY, SC [V Chair]
BILL FOSTER, IL                      FRANK D. LUCAS, OK
ED PERLMUTTER, CO                    STEVAN PEARCE, NM
JAMES A. HIMES, CT                   LYNN A. WESTMORELAND, GA
JOHN C. CARNEY, JR. DE               MARLIN A. STUTZMAN, IN
TERRI A. SEWELL, AL                  ROBERT PITTENGER, NC
PATRICK MURPHY, FL                   LUKE MESSER, IN
DANIEL T. KILDEE, MI                 DAVID SCHWEIKERT, AZ
DENNY HECK, WA                       FRANK GUINTA, NH
MAXINE WATERS, CA [Ex Officio]       MIA LOVE, UT
                                     TOM EMMER, Minnesota
                                     JEB HENSARLING, TX [Ex Officio]

                  Subcommittee Legislative Activities


                 THE CENTENNIAL MONETARY COMMISSION ACT

                               H.R. 2912


Summary

    The Centennial Monetary Commission Act establishes the 
Centennial Monetary Commission to study monetary policy 
including, among other topics, (1) the historical monetary 
policy of the Federal Reserve; (2) the various operational 
regimes under which the Federal Reserve may conduct monetary 
policy; (3) the use of macro-prudential supervision and 
regulation as a tool of monetary policy; and (4) the Lender-of-
Last-Resort function. The Commission is also charged with 
recommending a course of United States monetary policy going 
forward and must report to Congress its findings, conclusions, 
and recommendations. H.R. 2912 empowers the Commission to hold 
hearings, take testimony, receive evidence, and administer 
oaths. The Commission is also authorized to obtain official 
data from Executive Branch agencies.

Legislative History

    Representative Kevin Brady introduced the Centennial 
Monetary Commission Act on June 25, 2015. On July 22, 2015, the 
Subcommittee on Monetary Policy and Trade held a hearing 
entitled ``Examining Federal Reserve Reform Proposals,'' which 
examined the bill. Witnesses were Dr. John Taylor, Professor of 
Economics, Stanford University; Dr. John Cochrane, Senior 
Fellow, Hoover Institution; Dr. Donald Kohn, Senior Fellow, 
Economic Studies, Brookings Institution; and Dr. Paul Kupiec, 
Resident Scholar, American Enterprise Institute.
    On July 28 and 29, 2015, the Committee met in open session 
and ordered the Centennial Monetary Commission Act favorably 
reported to the House without amendment by a vote of 35 to 22 
(see H. Rep. 114-331).
    On November 18, 2015, the House adopted H. Res. 529, which 
provided for the consideration of H.R. 3189 (the Fed Oversight 
Reform and Modernization Act) and made in order in connection 
therewith an amendment in the nature of a substitute consisting 
of the text of Rules Committee Print 114-35, which included, in 
addition to H.R. 3189, the text of H.R. 2912. H. Res. 529 also 
made in order the consideration of sundry amendments to the 
amendment in the nature of a substitute. The bill was 
considered on November 18th and 19th. An amendment by Chairman 
Hensarling was considered as adopted pursuant to H. Res. 529. 
Amendments No. 2 (Heck), No. 3 (Grayson), and No. 6 (King) 
(modified by unanimous consent to include the text of amendment 
No. 4 (King), which was not timely offered) were adopted by 
voice vote (see H. Rep. 114-341 for information on each 
amendment). The amendment in the nature of a substitute, as 
amended, was adopted. The House passed the bill as amended by a 
vote of 241 to 185 on November 19th. On November 30, 2015, the 
bill was received in the Senate. On December 17, 2015, it was 
referred to the Committee on Banking, Housing and Urban 
Affairs.
    There was no further action on the measure in the 114th 
Congress.

         THE FED OVERSIGHT REFORM AND MODERNIZATION (FORM) ACT

                               H.R. 3189


Summary

    The FORM Act requires the Federal Reserve to clearly 
explain differences between the actual course of monetary 
policy and a reference policy rule. H.R. 3189 also requires the 
Federal Reserve to conduct cost-benefit analysis when it adopts 
new regulations. The bill additionally seeks to enhance the 
Federal Reserve's accountability to Congress in the conduct of 
regulatory policy and to achieve greater transparency related 
to (1) the Federal Reserve's bank stress tests and (2) 
international financial regulatory negotiations conducted by 
the Federal Reserve, the Treasury Department, the Office of the 
Comptroller of the Currency (OCC), the Securities and Exchange 
Commission (SEC), and the Federal Deposit Insurance Corporation 
(FDIC). The FORM Act further requires the Federal Reserve to 
disclose the salaries of highly paid employees, provides for at 
least two staff positions to advise each member of the Board of 
Governors, and requires Fed employees to abide by the same 
ethical requirements as other federal financial regulators.
    H.R. 3189 reforms the ``blackout period'' governing when 
Federal Reserve Governors and employees may publicly speak on 
certain matters; alters the voting membership of the Federal 
Open Market Committee (FOMC); and amends the Federal Reserve's 
emergency lending powers under Section 13(3) of the Federal 
Reserve Act. Finally, the bill requires that the FOMC set 
interest rates on balances maintained at a Federal Reserve Bank 
by a depository institution and seeks to enhance the Government 
Accountability Office's (GAO's) authority to audit Federal 
Reserve operations.

Legislative History

    On July 22, 2015, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled ``Examining Federal Reserve 
Reform Proposals,'' which examined a discussion draft of the 
FORM Act. Witnesses testified as noted previously.
    Representative Huizenga introduced H.R. 3189 on July 23, 
2015. The House Oversight and Government Reform Committee 
received a secondary referral of the bill. On July 28 and 29, 
2015, the Committee met in open session to consider the FORM 
Act. A manager's amendment offered by Mr. Huizenga was agreed 
to by voice vote. Amendments offered by Mr. Heck and Ms. Waters 
were each agreed to by voice vote. An additional amendment (No. 
4) offered by Mr. Heck was withdrawn. The bill as amended was 
ordered favorably reported to the House by a vote of 33 to 25 
(see H. Rep. No. 114-332, Pt. 1). On November 16, 2015, the 
Oversight and Government Reform Committee was discharged from 
further consideration of H.R. 3189.
    On November 18, 2015, the House adopted H. Res. 529, which 
provided for the consideration of H.R. 3189 in conjunction with 
H.R. 2912 (the Centennial Monetary Commission Act). H. Res. 529 
also made in order sundry amendments to the bills, certain of 
which were adopted (see discussion of H.R. 2912 supra for 
additional information). The House passed H.R. 3189 as amended 
by a vote of 241 to 185 on November 19, 2015. On November 30, 
2015, the bill was received in the Senate. On December 17, 
2015, it was referred to the Committee on Banking, Housing and 
Urban Affairs.
    There was no further action on the measure in the 114th 
Congress.

   A BILL TO PROHIBIT THE SECRETARY OF THE TREASURY FROM AUTHORIZING 
CERTAIN TRANSACTIONS BY A U.S. FINANCIAL INSTITUTION IN CONNECTION WITH 
   THE EXPORT OR RE-EXPORT OF A COMMERCIAL PASSENGER AIRCRAFT TO THE 
                        ISLAMIC REPUBLIC OF IRAN

                               H.R. 5711


Summary

    H.R. 5711 prohibits the Secretary of the Treasury from 
authorizing transactions by U.S. financial institutions in 
connection with the export or re-export of passenger aircraft 
to Iran. H.R. 5711 also revokes any such authorization made 
prior to enactment of the bill.

Legislative History

    On July 7, 2016, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled ``The Implications of U.S. 
Aircraft Sales to Iran,'' which examined a discussion draft of 
H.R. 5711. Witnesses were Mr. Mark Dubowitz, Executive 
Director, Foundation for Defense of Democracies; Mr. Eric 
Lorber, Senior Associate, Financial Integrity Network, and Mr. 
Zachary Goldman, Executive Director, Center on Law and 
Security, New York University School of Law.
    Representative Huizenga introduced H.R. 5711 on July 11, 
2016. On July 13, 2016, the Committee met in open session to 
consider the bill. An amendment offered by Mr. Huizenga was 
adopted by voice vote. The bill as amended was ordered 
favorably reported to the House by a vote of 33 to 21 (see H. 
Rep. 114-810).
    On November 16, 2016, the House adopted H. Res. 921, which 
provided for the consideration of H.R. 5711 and made in order 
in connection therewith an amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
66, which included, in addition to the text of H.R. 5711, the 
text of H.R. 5715 (the No Ex-Im Assistance for Terrorism Act). 
H. Res. 921 also made in order the consideration of an 
amendment to the amendment in the nature of a substitute to be 
offered by Mr. Huizenga (adding a short title; clarifying the 
nature of prohibited Iranian transactions; and establishing a 
sunset of the bill's provisions upon presidential certification 
that Iran has ceased support for international terrorism). 
Later on November 16th, the House considered H.R. 5711 pursuant 
to the terms of H. Res. 921. By voice vote, the House adopted 
the Huizenga amendment and the amendment in the nature of a 
substitute (as amended). On November 17, 2016, the House passed 
H.R. 5711 as amended by a vote of 243 to 174. On November 28, 
2016, the bill was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs.
    There was no further action on the measure in the 114th 
Congress.

               THE NO EX-IM ASSISTANCE FOR TERRORISM ACT

                               H.R. 5715


Summary

    The No Ex-Im Assistance for Terrorism Act prohibits the 
Export-Import Bank of the United States from financing 
transactions sought by the government of Iran, an Iranian 
entity, or a foreign subsidiary of such an entity. H.R. 5715 
also prevents indirect assistance to Iran by prohibiting 
financing for entities that draw on Bank support in order to 
carry out business with the country. Non-U.S. entities which, 
in the five years prior to enactment of the bill, have leased 
or sold aircraft to Iran in contravention of U.S. law would be 
ineligible for any Export-Import Bank assistance. Should the 
Bank discover that a financed transaction has facilitated the 
sale or lease of aircraft to Iran, the bill would require the 
Bank to cease financing and seek immediate repayment.

Legislative History

    On July 7, 2016, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled ``The Implications of U.S. 
Aircraft Sales to Iran,'' which examined an earlier version of 
the No Ex-Im Assistance for Terrorism Act (H.R. 5608). 
Witnesses testified as noted previously.
    Representative Roskam introduced H.R. 5715--making certain 
changes relative to H.R. 5608--on July 11, 2016. On July 13, 
2016, the Committee met in open session to consider the bill. 
An amendment offered by Mr. Sherman, as modified by unanimous 
consent, was agreed to by voice vote. The Chair ruled that an 
amendment offered by Mr. Heck was nongermane; a motion to table 
the appeal of the Chair's ruling was agreed to by a vote of 22 
to 11. The bill as amended was ordered favorably reported to 
the House by a vote of 32 to 21 (see H. Rep. 114-819).
    On November 16, 2016, the House adopted H. Res. 921, which 
provided for the consideration of the No Ex-Im Assistance for 
Terrorism Act in conjunction with H.R. 5711 (prohibiting U.S. 
financing for aircraft transactions involving Iran). On 
November 17, 2016, the House passed H.R. 5715 and H.R. 5711, 
with an amendment, by a vote of 243 to 174 (see entry for H.R. 
5711 supra for additional information). On November 28, 2016, 
the bill was received in the Senate and referred to the 
Committee on Banking, Housing and Urban Affairs. There was no 
further action on the measure in the 114th Congress.

       THE STOP U.S. SUPPORT FOR STATE SPONSORS OF TERRORISM ACT

                               H.R. 5729


Summary

    The Stop U.S. Support for State Sponsors of Terrorism Act 
prohibits the Secretary of the Treasury from issuing licenses 
authorizing the export or re-export of passenger aircraft to 
Iran. The bill also requires an annual report from the 
Department of Treasury on U.S. financial institutions' 
involvement with the export of non-U.S. aircraft or spare parts 
to Iran. Additionally, this report would describe risks related 
to repayment, money laundering, and the financing of terrorism 
faced by U.S. financial institutions if they were to be 
involved in the sale or lease of aircraft to Iran. Finally, 
H.R. 5729 requires the Export-Import Bank of the United States 
to prepare an annual report on Bank assistance for U.S. exports 
that may be used in connection with non-U.S. aircraft sales to 
Iran.

Legislative History

    On July 7, 2016, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled ``The Implications of U.S. 
Aircraft Sales to Iran,'' which examined the Stop U.S. Support 
for State Sponsors of Terrorism Act. Witnesses testified as 
noted previously.
    Representative Pittenger introduced the Stop U.S. Support 
for State Sponsors of Terrorism Act on July 12, 2016. The bill 
was referred to the House Foreign Affairs Committee; the 
Financial Services Committee received an additional referral. 
On July 13, 2016, the Financial Services Committee met in open 
session to consider the bill. An amendment offered by Mr. 
Pittenger was adopted by voice vote. Two amendments offered en 
bloc by Mr. Sherman (by unanimous consent) were withdrawn. The 
bill as amended was ordered favorably reported to the House by 
a vote of 33 to 21 (see H. Rep. No. 114-866, Pt. 1). There was 
no further action on H.R. 5729 in the 114th Congress.

                   Subcommittee Oversight Activities


                       THE FEDERAL RESERVE SYSTEM

    The Subcommittee on Monetary Policy and Trade held a 
hearing on ``Unconventional Monetary Policy'' on December 7, 
2016, to examine how the Federal Reserve has departed from 
conventional monetary policy in recent years, how the Federal 
Reserve can facilitate an orderly return to a more conventional 
balance sheet, and how monetary policies can reliably support 
economic growth going forward. Witnesses from the asset 
management industry, the Federal Reserve, and academia 
appeared. The hearing focused on Title VII (Fed Oversight 
Reform and Modernization) of the Committee-passed Financial 
CHOICE Act (H.R. 5983).
    The Subcommittee on Monetary Policy and Trade held a 
hearing on ``Federal Reserve Districts: Governance, Monetary 
Policy, and Economic Performance'' on September 7, 2016, to 
examine the governance of Federal Reserve Banks, and how their 
governance relates to the conduct of monetary policy and 
ultimately economic performance.
    Witnesses were Dr. Jeffrey Lacker, President and Chief 
Executive Officer, Federal Reserve Bank of Richmond; Ms. Esther 
George, President and Chief Executive Officer, Federal Reserve 
Bank of Kansas City; Mr. Robert Jones, Chairman and Chief 
Executive Officer, Old National BanCorp; and The Honorable 
William Spriggs, Chief Economist, AFL-CIO and Professor, 
Department of Economics, Howard University. The witnesses' 
testimony included discussion of provisions of the Financial 
CHOICE Act (subsequently introduced as H.R. 5983) that related 
to the governance of the Federal Reserve.
    Finally, the Subcommittee on Monetary Policy and Trade held 
a hearing on ``Interest on Reserves and the Fed's Balance 
Sheet'' on May 17, 2016. The hearing examined the origins of 
the Fed's authority to pay interest on reserves, how increased 
reserve deposits facilitated an expansion of the Fed's balance 
sheet, how the Fed's asset purchases may be affecting credit 
allocation and economic performance, and how strategies to 
shrink the Fed's balance sheet might increase political 
pressures on monetary policy independence.
    Witnesses from the asset management industry, policy 
research institutes, and academia appeared. The witnesses also 
testified about matters relevant to the Financial Choice Act 
(subsequently introduced as H.R. 5983).

                           ECONOMIC SANCTIONS

    The Subcommittee on Monetary Policy and Trade--alongside 
the Oversight and Investigations Subcommittee, the Task Force 
on Terrorism Financing, and the Full Committee--examined the 
relaxation of Iran sanctions under the President's Joint 
Comprehensive Plan of Action (``JCPOA'').
    On April 1, 2016, Chairman Hensarling sent a letter to 
Treasury Secretary Jack Lew on issues relating to Iranian 
access to the U.S. dollar.
    The Subcommittee on Monetary Policy and Trade also examined 
JCPOA provisions permitting the export of U.S. aircraft to Iran 
Air, which from June 2011 to January 2016 had been sanctioned 
by the Treasury Department for providing support to the Iranian 
defense ministry and the Islamic Revolutionary Guard Corps. On 
July 7, 2016, the Subcommittee on Monetary Policy and Trade 
held a hearing entitled, ``The Implications of U.S. Aircraft 
Sales to Iran,'' which discussed H.R. 5729, H.R. 5711, and H.R. 
5715. H.R. 5729 and H.R. 5711 would prohibit the Treasury 
Department's Office of Foreign Assets Control from issuing 
certain licenses authorizing the sale or financing of aircrafts 
to Iran, while H.R. 5715 would restrict aircraft financing for 
Iran through the Export-Import Bank of the United States. These 
three bills were passed by the Committee on July 13, 2016, with 
the text of H.R. 5711 and H.R. 5715, as reported, passing the 
House as the No U.S. Financing for Iran Act on November 17, 
2016.

                      INTERNATIONAL MONETARY FUND

    The Subcommittee on Monetary Policy and Trade examined 
issues related to moral hazard in connection with the expansion 
of the International Monetary Fund's (``IMF's'') New 
Arrangements to Borrow (``NAB'') and its systemic exemption 
lending guidelines.
    On June 17, 2015, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled ``The Impact of the International 
Monetary Fund: Economic Stability or Moral Hazard?'' This 
hearing addressed the IMF's assistance program in Greece, and 
the implications of this assistance for operational reforms at 
the IMF. Witnesses were Mr. Clay Lowery, Vice President, Rock 
Creek Global Advisors; Dr. John Taylor, Mary and Robert Raymond 
Professor of Economics, Stanford University, and Ms. Meg 
Lundsager, Public Policy Fellow, Woodrow Wilson International 
Center for Scholars.
    On July 22, 2015, Subcommittee on Monetary Policy and Trade 
Chairman Huizenga sent a letter to Under Secretary of Treasury 
for International Affairs Nathan Sheets, advocating for the 
repeal of the IMF's systemic exemption, a rollback of the NAB, 
and the IMF's withdrawal from future Greek bailouts. On 
September 17, 2015, the Subcommittee on Monetary Policy and 
Trade further investigated these matters at a hearing entitled 
``Strengthening U.S. Leadership in a Turbulent Global 
Economy,'' at which Under Secretary Sheets was the sole 
witness. In addition to exploring potential IMF reforms, 
certain Subcommittee members questioned the appropriateness of 
adding the Chinese renminbi to the IMF's currency basket.
    On December 18, 2015, the House passed H.R. 2029, the 
Consolidated Appropriations Act, 2016, which included a repeal 
of the IMF's systemic exemption and the deactivation of the 
NAB. This legislation was signed into law the same day.
    On February 25, 2016, Subcommittee on Monetary Policy and 
Trade Chairman Huizenga sent a letter to Secretary Lew 
expressing concern related to additional IMF bailouts for 
Greece.
    Finally, the Subcommittee on Monetary Policy and Trade held 
discussions with staff from the Treasury Department and IMF to 
examine the Fund's technical assistance that supports IMF 
members' efforts to combat money laundering and terrorism 
financing. Based on these discussions, Rep. Pearce, a member of 
the Subcommittee on Monetary Policy and Trade, introduced H.R. 
5469, which would encourage the use of the IMF's administrative 
budget to fund such technical assistance. H.R. 5469 was passed 
in the House by voice vote on July 11, 2016.

                     MULTILATERAL DEVELOPMENT BANKS

    The Subcommittee on Monetary Policy and Trade examined 
potential methods to increase the effectiveness and 
accountability of the Multilateral Development Banks 
(``MDBs''). On October 9, 2015, the Subcommittee on Monetary 
Policy and Trade held a hearing entitled ``The Future of the 
Multilateral Development Banks,'' which reviewed recent 
research from development economics, project experience at the 
World Bank, and the MDBs' response to new development 
initiatives from China.
    On April 27, 2016, the Subcommittee on Monetary Policy and 
Trade invited Under Secretary of Treasury for International 
Affairs Nathan Sheets to testify at a hearing entitled, ``How 
Can the U.S. Make Development Banks More Accountable?'' This 
hearing examined MDB transactions occurring in states with high 
levels of corruption and human rights violations, as well as 
the MDBs' ability to counteract such abuses.
    On July 14, 2016, Subcommittee on Monetary Policy and Trade 
Chairman Huizenga and Ranking Member Moore sent a letter to 
World Bank President Jim Yong Kim, criticizing the Bank's 
management of the Uganda Transport Sector Development Project, 
an initiative the Bank was forced to cancel after allegations 
that a World Bank contractor had sexually exploited Ugandan 
children and violated numerous safety standards.
    Over the course of the 114th Congress, Subcommittee staff 
held bipartisan briefings with Treasury staff on the 
Administration's negotiations for IDA-18, a forthcoming 
replenishment for the World Bank's International Development 
Association.

                EXPORT-IMPORT BANK OF THE UNITED STATES

    The Subcommittee on Monetary Policy and Trade held two 
hearings prior to the lapse of the authorization of the Export-
Import Bank of the United States (``Ex-Im'') on June 30, 2015. 
On April 15, 2015, the Subcommittee on Monetary Policy and 
Trade held a joint hearing with the Committee on Oversight and 
Government Reform's Subcommittee on Health Care, Benefits and 
Administrative Rules entitled ``Oversight of Efforts to Reform 
the Export-Import Bank.'' This hearing examined the extent of 
Ex-Im's progress in implementing reforms contained in its 2012 
reauthorization. On April 30, 2015, the Subcommittee on 
Monetary Policy and Trade held another joint hearing with the 
Oversight and Government Reform Subcommittee entitled 
``Examining the Export-Import Bank's Mandates,'' at which Ex-Im 
Chairman Fred Hochberg testified on the Bank's record in 
meeting its statutorily required targets to support particular 
industries.

                       GLOBAL ECONOMIC CONDITIONS

    The Subcommittee on Monetary Policy and Trade examined the 
effects of trade agreements and global regulatory cooperation 
on the U.S. financial services industry. On April 15 and July 
1, 2015, Subcommittee on Monetary Policy and Trade Chairman 
Huizenga sent letters to Secretary Lew expressing concern that 
Treasury may impose data localization rules on the financial 
services sector in trade agreements.
    On September 17, 2015, the Subcommittee on Monetary Policy 
and Trade held a hearing entitled ``Strengthening U.S. 
Leadership in a Turbulent Global Economy,'' in which Under 
Secretary of Treasury for International Affairs Nathan Sheets 
testified on the Administration's efforts to negotiate the 
Trans-Pacific Partnership, the Transatlantic Trade and 
Investment Partnership, and a bilateral investment treaty with 
China.
    The Subcommittee on Monetary Policy and Trade also examined 
the domestic impact of global regulatory initiatives. On 
September 23, 2016, it held a hearing entitled ``The Financial 
Stability Board's (FSB) Implications for U.S. Growth and 
Competitiveness,'' in which representatives from the U.S. 
financial services industry testified concerning the 
Administration's participation in the FSB, the FSB's role in 
determining the Administration's own policies, and transparency 
and accountability in FSB decision-making.

              EXTRACTIVE INDUSTRIES AND CONFLICT MINERALS

    The Committee reviewed the implementation of Section 1502 
of the Dodd-Frank Act, which requires certain disclosures by 
public companies whose products contain ``conflict minerals.'' 
On November 17, 2015, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled ``Dodd-Frank Five Years Later: 
What Have We Learned from Conflict Minerals Reporting?'' 
Following this hearing, Subcommittee on Monetary Policy and 
Trade Chairman Huizenga offered an amendment to the Financial 
Services and General Government Appropriations Act, 2017 that 
would suspend implementation of disclosure requirements. This 
amendment and the underlying legislation passed the House on 
July 7, 2016.

                         Subcommittee Hearings


------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-12........................  Joint Hearing with the  April 15, 2015
                                 Committee on
                                 Oversight and
                                 Government Reform's
                                 Subcommittee on
                                 Health Care, Benefits
                                 and Administrative
                                 Rules entitled,
                                 Oversight of Efforts
                                 to Reform the Export-
                                 Import Bank of the
                                 United States.
114-19........................  Joint Hearing with the  April 30, 2015
                                 Committee on
                                 Oversight and
                                 Government Reform's
                                 Subcommittee on
                                 Health Care, Benefits
                                 and Administrative
                                 Rules entitled,
                                 Examining the Export-
                                 Import Bank's
                                 Mandates.
114-35........................  The Impact of the       June 17, 2015
                                 International
                                 Monetary Fund:
                                 Economic Stability or
                                 Moral Hazard?.
114-43........................  Examining Federal       July 22, 2015
                                 Reserve Reform
                                 Proposals.
114-51........................  Strengthening U.S.      September 17,
                                 Leadership in a         2015
                                 Turbulent Global
                                 Economy.
114-54........................  The Future of the       October 9, 2015
                                 Multilateral
                                 Development Banks.
114-61........................  Dodd-Frank Five Years   November 17,
                                 Later: What Have We     2015
                                 Learned from Conflict
                                 Minerals Reporting?.
114-85........................  How Can the U.S. Make   April 27, 2016
                                 Development Banks
                                 More Accountable?.
114-87........................  Interest on Reserves    May 17, 2016
                                 and the Fed's Balance
                                 Sheet.
114-95........................  The Implications of     July 7, 2016
                                 U.S. Aircraft Sales
                                 to Iran.
114-99........................  Federal Reserve         September 7,
                                 Districts:              2016
                                 Governance, Monetary
                                 Policy, and Economic
                                 Performance.
114-106.......................  The Financial           September 27,
                                 Stability Board's       2016
                                 Implications for U.S.
                                 Growth and
                                 Competitiveness.
114-112.......................  Unconventional          December 7, 2016
                                 Monetary Policy.
------------------------------------------------------------------------

              Subcommittee on Oversight and Investigations


                             (Ratio: 12-9)


    SEAN P. DUFFY, WI, Chairman

                                     MICHAEL G. FITZPATRICK, PA [V 
                                     Chair]

AL GREEN, TX [RM]                    PETER T. KING, NY
MICHAEL E. CAPUANO, MA               PATRICK T. McHENRY, NC
EMANUEL CLEAVER, MO                  ROBERT HURT, VA
KEITH ELLISON, MN                    STEPHEN LEE FINCHER, TN
JOHN K. DELANEY, MD                  MICK MULVANEY, SC
JOYCE BEATTY, OH                     RANDY HULTGREN, IL
DENNY HECK, WA                       ANN WAGNER, MO
KYRSTEN SINEMA, AZ                   SCOTT TIPTON, CO
JUAN VARGAS, CA                      BRUCE POLIQUIN, ME
MAXINE WATERS, CA [Ex Officio]       FRENCH HILL, AR
                                     JEB HENSARLING, TX [Ex Officio]

                   Subcommittee Oversight Activities


            THE DODD-FRANK ACT AND THE 2008 FINANCIAL CRISIS

    On May 13, 2015, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``The Dodd-Frank Act and 
Regulatory Overreach,'' which examined, among other things, the 
operation and effectiveness of the Dodd-Frank Act as well as 
whether the financial crisis was caused by imprudent government 
policies and regulatory mismanagement, rather than ``market 
failure'' or a lack of government regulation. Witnesses were: 
Mr. Paul Mahoney, Dean and Professor of Law, University of 
Virginia Law School; Ms. Hester Peirce, Director, Financial 
Markets Working Group and Senior Research Fellow, Mercatus 
Center, George Mason University; and Dr. Marcus Stanley, Policy 
Director, Americans for Financial Reform.

                SETTLEMENT OF IRAN-UNITED STATES CLAIMS

    On September 8, 2016, the Subcommittee on Oversight and 
Investigations held a hearing entitled ``Fueling Terror: The 
Dangers of Ransom Payments to Iran,'' which examined payments 
made by the Obama Administration in January and February 2016 
to settle a dispute pending before the Iran-United States 
Claims Tribunal. The hearing specifically examined, among other 
matters, the mechanisms by which the payment was transmitted as 
well as whether funds received by Iran could be used for 
illicit purposes, including the funding of terrorism.
    Oversight and Investigations Subcommittee Chairman Duffy 
organized a classified member briefing on September 27, 2016, 
so that Committee Members might further examine the 
implications and rationale of the payments to Iran. 
Representatives from the Departments of State, Treasury, and 
Justice participated in this briefing.

                             CYBERSECURITY

    On June 16, 2015, the Subcommittee on Oversight and 
Investigations held a hearing entitled, ``A Global Perspective 
on Cyber Threats,'' which evaluated risks posed to the U.S. 
financial system from cyber-crimes. Witnesses were Mr. Frank J. 
Cilluffo, Associate Vice President, the George Washington 
University; Director, Center for Cyber and Homeland Security; 
co-Director, Cyber Center for National and Economic Security; 
Mr. Michael Madon, Board of Advisors Member, Center on 
Sanctions and Illicit Finance, Foundation for Democracies, 
Vice-President, Business Development, RedOwl Analytics; and Mr. 
Richard Bejtlich, Chief Security Strategist, FireEye, Inc. 
Witnesses testified about the extent to which nation-states, 
criminal organizations, terrorist groups, and ``hacktivists'' 
may be able to carry out cyberattacks against the U.S. 
financial system.

             FEDERAL GOVERNMENT SPENDING AND THE DEBT LIMIT

    On February 1, 2016, the majority staff of the Committee 
released a report entitled, ``The Obama Administration's Debt 
Ceiling Subterfuge: Subpoenaed Documents Reveal Treasury Misled 
Public in Attempt to Maximize Pressure on Congress.''' The 
staff report, which was based in part on documents produced by 
the Treasury Department to the Committee, examined whether the 
federal government had planned to prioritize principal and 
interest payments on U.S. treasury securities if the debt 
ceiling were not raised upon being reached.
    On February 2, 2016, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Unsustainable Federal 
Spending and the Debt Limit'' to examine matters relating to 
the nation's spending and the debt limit, including the 
Administration's debt limit contingency planning and its 
assessment of the potential impact of debt prioritization on 
financial markets and the economy.

                      THE PUERTO RICAN DEBT CRISIS

    The Oversight and Investigations Subcommittee held a 
hearing on February 25, 2016, entitled ``Puerto Rico's Debt 
Crisis and Its Impact on the Bond Markets.'' The witnesses were 
Dr. Anne Krueger, Senior Research Professor of International 
Economics, John Hopkins University School of Advance 
International Studies; Mr. Juan Carlos Batlle, Senior Managing 
Director, CPG Island Servicing, LLC; The Honorable William M. 
Isaac, Senior Managing Director, Global Head of Financial 
Institutions, FTI Consulting; and Dr. Mark Zandi, Chief 
Economist, Moody's Analytics. Witnesses testified concerning 
the root causes of the Puerto Rican debt crisis, the health of 
Puerto Rico's financial services sector, and the impact of the 
crisis on investors.

                          DOJ BANK SETTLEMENTS

    On May 19, 2016, the Oversight and Investigations 
Subcommittee held a hearing entitled, ``Settling the Question: 
Did Bank Settlement Agreements Subvert Congressional 
Appropriations Powers?'' to examine whether the Department of 
Justice overstepped its legal authority in insisting that 
certain residential mortgage-backed securities settlement 
agreements contain provisions requiring that settlement funds 
be transmitted to groups without prior approval by Congress. 
Witnesses were: Ambassador C. Boyden Gray, Partner, Boyden Gray 
& Associates; Mr. Nicholas Rosenkranz, Professor of Law, 
Georgetown University Law Center; Dr. Paul Larkin, Senior Legal 
Research Fellow, Heritage Foundation; and Mr. David Min, 
Assistant Professor of Law, University of California, Irvine 
School of Law.

ALLEGATIONS OF DISCRIMINATION AND RETALIATION AT THE CONSUMER FINANCIAL 
                           PROTECTION BUREAU

    On June 25, 2015, the Oversight and Investigations 
Subcommittee held a hearing entitled ``Examining Continuing 
Allegations of Discrimination and Retaliation at the Consumer 
Financial Protection Bureau.'' The hearing, which followed a 
series of hearings examining similar allegations in the 113th 
Congress, featured the testimony of two witnesses: Mr. Robert 
Cauldwell, President, National Treasury Employees Union Chapter 
334, and Examiner, CFPB; and Ms. Florine Williams, Senior Equal 
Employment Specialist, Office of Civil Rights, CFPB. The 
witnesses testified concerning allegations of workplace 
discrimination and retaliation at the CFPB.

               MASS DATA COLLECTION PRACTICES AT THE CFPB

    On December 16, 2015, the Subcommittee held a hearing 
entitled, ``Examining the Consumer Financial Protection 
Bureau's Mass Data Collection Program'' to evaluate the CFPB's 
data collection practices, including whether such practices may 
pose a risk to consumer privacy. Witnesses were The Honorable 
Newt Gingrich, former Speaker of the House of Representatives; 
Mr. Wayne Abernathy, Executive Vice President for Financial 
Institutions Policy and Regulatory Affairs, American Bankers 
Association; Dr. Mark Calabria, Director of Financial 
Regulation Studies, Cato Institute; and Mr. Deepak Gupta, 
Founding Principal, Gupta Wessler PLLC. Witnesses additionally 
testified concerning, among other things, the extent to which 
data collected by the CFPB was relevant to its statutory 
mission.

   DUE PROCESS, TRANSPARENCY, AND THE FINANCIAL STABILITY OVERSIGHT 
                                COUNCIL

    On November 19, 2015, the Subcommittee held a hearing 
entitled, ``Oversight of the Financial Stability Oversight 
Council: Due Process and Transparency in Non-Bank SIFI 
Designations.'' Witnesses were Mr. Jonathan Macey, Sam Harris 
Professor of Corporate Law, Corporate Finance and Securities 
Law, Yale Law School; Mr. Hal Scott, Director, Program on 
International Financial Systems, Harvard Law School; Mr. Adam 
White, Visiting Fellow, The Hoover Institution; and Mr. Robert 
Hockett, Edward Cornell Professor of Law, Cornell Law School. 
The witnesses testified about the process used by the FSOC to 
evaluate and designate non-bank financial companies as 
``systemically important financial institutions'' as well as 
the FSOC's relationship to the Financial Stability Board.

               THE FEDERAL DEPOSIT INSURANCE CORPORATION

    On March 24, 2015, the Oversight and Investigations 
Subcommittee held a hearing entitled ``The Federal Deposit 
Insurance Corporation's Role in Operation Choke Point.'' The 
hearing examined whether actions taken by the FDIC had caused 
depository institutions seeking to minimize exposure to 
regulatory risk to terminate lawful customer relationships, 
including whether certain FDIC officials had deliberately 
encouraged banks to terminate such business relationships 
because the officials disfavored targeted industries. The 
hearing also examined the extent to which the FDIC assisted in 
implementing a DOJ initiative known as ``Operation Choke 
Point,'' the stated purpose of which was to combat consumer 
fraud by ``choking off'' businesses alleged to have committed 
fraud from access to the financial system. FDIC Chairman Martin 
Gruenberg was the sole witness at this hearing.
    On March 16, 2016, the Oversight and Investigations 
Subcommittee held a hearing entitled, ``The FDIC's Targeting of 
Refund Anticipation Loans'' to review a report of the FDIC OIG 
evaluating whether the FDIC improperly encouraged depository 
institutions to terminate services related to Refund 
Anticipation Loans. Mr. Fred Gibson, the FDIC's Acting 
Inspector General, was the sole witness at this hearing.

     MISCONDUCT ALLEGATIONS AT THE DEPARTMENT OF HOUSING AND URBAN 
                              DEVELOPMENT

    On February 4, 2015, the Oversight and Investigations 
Subcommittee held a hearing entitled, ``Exploring Alleged 
Ethical and Legal Violations at the U.S. Department of Housing 
and Urban Development.'' The Honorable David Montoya, HUD's 
Inspector General, and Ms. Edda Emmanuelli Perez, a Managing 
Associate General Counsel at the Government Accountability 
Office, testified concerning the outcome of their 
investigations into matters relating to allegations of certain 
improper lobbying and employment law practices at HUD.

                          THE FEDERAL RESERVE

    On July 14, 2015, the Subcommittee held a hearing entitled, 
``Fed Oversight: Lack of Transparency and Accountability'' to 
examine issues related to the transparency of the Fed's 
operations; the Fed's implementation of the Dodd-Frank Act; and 
the extent of the Fed's compliance with congressional 
investigations and requests for information. Witnesses were Dr. 
Mark Calabria, Director of Financial Regulation Studies, Cato 
Institute; Dr. Paul Kupiec, Resident Scholar, American 
Enterprise Institute; The Honorable Alice M. Rivlin, Senior 
Fellow, Economic Studies, Brookings Institution; Dr. John 
Taylor, Professor of Economics, Stanford University.

                           DOCUMENT SUBPOENAS

    Eight subpoenas duces tecum were authorized and issued 
during the 114th Congress to compel the production of records 
previously requested by the Committee.
    On May 11, 2015, subpoenas duces tecum directed at Attorney 
General Loretta Lynch, Treasury Secretary Jack Lew, and Federal 
Reserve Bank of New York President William Dudley, 
respectively, were issued to compel the production of records 
of the Justice Department, Treasury Department, and Federal 
Reserve Bank of New York pertinent to the Committee's 
investigations.
    On May 21, 2015, a subpoena duces tecum directed at Federal 
Reserve Chair Janet Yellen was issued to compel the production 
of Federal Reserve records pertinent to the Committee's 
investigations.
    On December 18, 2015, a subpoena duces tecum directed at 
CFPB Director Richard Cordray was issued to compel the 
production of CFPB records pertinent to the Committee's 
investigations.
    On May 13, 2016, a subpoena duces tecum directed at HUD 
Secretary Julian Castro was issued to compel the production of 
HUD records pertinent to the Committee's investigations.
    On June 24, 2016, subpoenas duces tecum directed at CFPB 
General Counsel Mary McLeod and CFPB Assistant Director for 
Legislative Affairs Catherine Galicia, respectively, were 
issued to compel the production of CFPB records pertinent to 
the Committee's investigations.

                 DEPOSITIONS AND TRANSCRIBED INTERVIEWS

    Eight subpoenas ad testificandum were issued during the 
114th Congress to compel agency officials to appear for sworn 
depositions with Committee staff touching on matters pertinent 
to the Committee's investigations.
    On February 11, 2016, a subpoena ad testificandum directed 
at CFPB Assistant Director for Fair Lending Patrice Ficklin was 
issued to compel Ms. Ficklin to appear for a sworn deposition 
with Committee staff touching on matters pertinent to the 
Committee's investigations.
    On March 21, 2016, subpoenas ad testificandum directed at 
Treasury Acting General Counsel Priya Aiyar, Treasury Assistant 
Secretary for Legislative Affairs Anne Wall, Treasury Deputy 
Assistant Secretary for the Financial Stability Oversight 
Council Patrick Pinschmidt, and Treasury Counselor Randall 
DeValk, respectively, were issued to compel each Treasury 
official to appear for a sworn deposition with Committee staff 
touching on matters pertinent to the Committee's 
investigations.
    On June 24, 2016, subpoenas ad testificandum directed at 
CFPB General Counsel Mary McLeod and CFPB Assistant Director 
for Legislative Affairs Catherine Galicia, respectively, were 
issued to compel each CFPB official to appear for a sworn 
deposition with Committee staff touching on matters pertinent 
to the Committee's investigations.
    On September 27, 2016, a subpoena ad testificandum directed 
at DOJ Assistant Attorney General for Legislative Affairs Peter 
Kadzik was issued to compel Mr. Kadzik to appear for a sworn 
deposition with Committee staff touching on matters pertinent 
to the Committee's investigations.
    During the 114th Congress, the Committee conducted four 
voluntary transcribed interviews of agency witnesses touching 
on matters pertinent to the Committee's investigations.
    On May 13, 2016, the Committee conducted a transcribed 
interview of HUD Principal Deputy Assistant Secretary of 
Housing Edward Golding touching on matters pertinent to the 
Committee's investigations.
    On June 21, 2016, the Committee conducted a transcribed 
interview of HUD Deputy General Counsel for Enforcement and 
Fair Housing Michelle Aronowitz touching on matters pertinent 
to the Committee's investigations.
    On July 19, 2016, the Committee participated in the House 
Judiciary Committee's transcribed interview of former DOJ 
Principal Deputy Associate Attorney General Maame Frimpong 
touching on matters pertinent to the Committees joint 
investigations.
    On August 18, 2016, the Committee conducted a transcribed 
interview of former HUD Acting General Counsel Damon Smith 
touching on matters pertinent to the Committee's 
investigations.

                         Subcommittee Hearings


------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-2.........................  Exploring Alleged       February 4, 2015
                                 Ethical and Legal
                                 Violations at the
                                 U.S. Department of
                                 Housing and Urban
                                 Development.
114-11........................  The Federal Deposit     March 24, 2015
                                 Insurance
                                 Corporation's Role in
                                 Operation Choke Point.
114-21........................  The Dodd-Frank Act and  May 13, 2015
                                 Regulatory Overreach.
114-32........................  A Global Perspective    June 16, 2015
                                 on Cyber Threats.
114-37........................  Examining Continuing    June 25, 2015
                                 Allegations of
                                 Discrimination and
                                 Retaliation at the
                                 Consumer Financial
                                 Protection Bureau.
114-41........................  Fed Oversight: Lack of  July 14, 2015
                                 Transparency and
                                 Accountability.
114-49........................  Joint Hearing entitled  September 10,
                                 Preserving Retirement   2015
                                 Security and
                                 Investment Choices
                                 for All Americans
                                 (Capital Markets/
                                 Oversight).
114-63........................  Oversight of the        November 19,
                                 Financial Stability     2015
                                 Oversight Council:
                                 Due Process and
                                 Transparency in Non-
                                 Bank SIFI
                                 Designations.
114-66........................  Examining the Consumer  December 16,
                                 Financial Protection    2015
                                 Bureau's Mass Data
                                 Collection Program.
114-69........................  Unsustainable Federal   February 2, 2016
                                 Spending and the Debt
                                 Limit.
114-75........................  Puerto Rico's Debt      February 25,
                                 Crisis and Its Impact   2016
                                 on the Bond Markets.
114-79........................  The FDIC's Targeting    March 16, 2016
                                 of Refund
                                 Anticipation Loans.
114-90........................  Settling the Question:  May 19, 2016
                                 Did Bank Settlement
                                 Agreements Subvert
                                 Congressional
                                 Appropriations
                                 Powers?
114-100.......................  Fueling Terror: The     September 8,
                                 Dangers of Ransom       2016
                                 Payments to Iran.
------------------------------------------------------------------------

             Task Force To Investigate Terrorism Financing


                             (Ratio: 12-9)


     MICHAEL G. FITZPATRICK, 
      Pennsylvania, Chairman

STEPHEN F. LYNCH, Massachusetts, [RM]ROBERT PITTENGER, North Carolina
BRAD SHERMAN, California               [V Chair]
GREGORY W. MEEKS, New York           PETER T. KING, New York
AL GREEN, Texas                      STEVE STIVERS, Ohio
KEITH ELLISON, Minnesota             DENNIS A. ROSS, Florida
JAMES A. HIMES, Connecticut          ANN WAGNER, Missouri
BILL FOSTER, Illinois                ANDY BARR, Kentucky
DANIEL T. KILDEE, Michigan           KEITH J. ROTHFUS, Pennsylvania
KYRSTEN SINEMA, Arizona              DAVID SCHWEIKERT, Arizona
MAXINE WATERS, California [Ex Officio]OGER WILLIAMS, Texas
                                     BRUCE POLIQUIN, Maine
                                     FRENCH HILL, Arkansas
                                     JEB HENSARLING, Texas [Ex Officio]

    The Financial Services Committee created the Task Force to 
Investigate Terrorism Financing (Task Force) on March 25, 2015, 
for a six-month period ending on September 25, 2015. On 
December 8, 2015, the Committee renewed the Task Force for an 
additional six-month period running from January 5, 2016, to 
July 5, 2016.

                   Task Force Legislative Activities


 THE NATIONAL STRATEGY FOR COMBATING TERRORIST, UNDERGROUND, AND OTHER 
                         ILLICIT FINANCING ACT

                               H.R. 5594


Summary

    The National Strategy for Combating Terrorist, Underground, 
and Other Illicit Financing Act requires the President, acting 
through the Treasury Secretary, to develop and publish an 
annual whole-of-government strategy to combat money laundering 
and terrorist financing. H.R. 5594 seeks to ensure better 
intra-governmental coordination and give Congress a road map 
for resource allocation or the addition of necessary new 
authorities to keep ahead of innovations by terrorists and 
other criminal actors. The Act builds on a narrower requirement 
for a biannual report outlined in a 1998 law sponsored by Rep. 
Nydia Velazquez; the requirement expired and the last such 
report was prepared in 2007.

Legislative History

    Representative Fitzpatrick introduced the National Strategy 
for Combating Terrorist, Underground, and Other Illicit 
Financing Act on June 28, 2016. Prior to introduction, the Task 
Force to Investigate Terrorism Financing held numerous hearings 
on matters relating to the bill (see Task Force Oversight 
Activities infra).
    On July 11, 2016, the House passed H.R. 5594 on suspension 
by voice vote. On July 12, 2016, the bill was received in the 
Senate and referred to the Committee on Banking, Housing, and 
Urban Affairs. There was no further action on the bill in the 
114th Congress.
    On December 10, 2016, by voice vote, the Senate passed H.R. 
5602 (a bill relating to geographic targeting orders) with an 
amendment that incorporated certain portions of H.R. 5594. On 
December 12, 2016, a message on the Senate's action was sent to 
the House. There was no further action on H.R. 5602 in the 
114th Congress.

    A BILL TO AMEND TITLE 31, UNITED STATES CODE, TO AUTHORIZE THE 
  SECRETARY OF THE TREASURY TO INCLUDE ALL FUNDS WHEN ISSUING CERTAIN 
          GEOGRAPHIC TARGETING ORDERS, AND FOR OTHER PURPOSES

                               H.R. 5602


Summary

    H.R. 5602 amends an existing statute that allows the 
Treasury Secretary to require increased reporting on specific 
high-risk transactions in specific geographic areas for a 
limited amount of time, with the goal of facilitating the 
detection of suspected illicit uses of the financial system. 
Under current law, such ``Geographic Targeting Orders'' may be 
issued for the reporting of cash or ``monetary instruments.'' 
H.R. 5602 amends the law to permit the collection of 
information on ``funds.''

Legislative History

    Representative Lynch introduced H.R. 5602 on June 28, 2016. 
Prior to introduction, the Task Force to Investigate Terrorism 
Financing held numerous hearings on matters relating to the 
bill (see Task Force Oversight Activities infra).
    On July 11, 2016, the House passed H.R. 5602 on suspension 
by a vote of 356 to 47. On July 12, 2016, the bill was received 
in the Senate and referred to the Committee on Banking, 
Housing, and Urban Affairs.
    On December 10, 2016, by voice vote, the Senate passed H.R. 
5602 with an amendment incorporating certain portions of H.R. 
5594 (the National Strategy for Combating Terrorist, 
Underground, and Other Illicit Financing Act) and H.R. 5607 
(the Enhancing Treasury's Anti-Terror Tools Act). On December 
12, 2016, a message on the Senate's action was sent to the 
House. There was no further action on H.R. 5602 in the 114th 
Congress.

               THE KLEPTOCRACY ASSET RECOVERY REWARDS ACT

                               H.R. 5603


Summary

    The Kleptocracy Asset Recovery Rewards Act establishes in 
the Department of the Treasury a program for the payment of 
rewards to support U.S. government programs and investigations 
aimed at eliminating from accounts at U.S. financial 
institutions any stolen assets linked to foreign government 
corruption and the proceeds of such corruption. Under the bill, 
U.S. or foreign government employees are not eligible for the 
payment of a reward.

Legislative History

    Representative Lynch introduced the Kleptocracy Asset 
Recovery Rewards Act on June 28, 2016. Prior to introduction, 
the Task Force to Investigate Terrorism Financing held numerous 
hearings on matters relating to the bill (see Task Force 
Oversight Activities infra). There was no Committee or House 
action on the bill in the 114th Congress.

         THE ANTI-TERRORISM INFORMATION SHARING IS STRENGTH ACT

                               H.R. 5606


Summary

    The Anti-Terrorism Information Sharing Is Truth Act amends 
``safe harbors'' for the sharing of anti-terror information. In 
so doing, the bill seeks to facilitate the sharing of 
information about terror methodologies between the government 
and banks, as well as between banks, so that illicit financial 
transactions may be more readily identified.

Legislative History

    Representative Pittenger introduced the Anti-Terrorism 
Information Sharing is Strength Act on June 28, 2016. Prior to 
introduction, the Task Force to Investigate Terrorism Financing 
held numerous hearings on matters relating to the bill (see 
Task Force Oversight Activities infra).
    On July 11, 2016, the House failed to pass the bill on 
suspension by a vote of 229 to 177. There was no further action 
on H.R. 5606 in the 114th Congress.

             THE ENHANCING TREASURY'S ANTI-TERROR TOOLS ACT

                               H.R. 5607


Summary

    The Enhancing Treasury's Anti-Terror Tools Act contains a 
number of provisions intended to enhance Treasury's anti-
illicit finance tools. The bill provides for a study of the way 
that the Treasury Department is represented in U.S. embassies. 
In addition, among other provisions, H.R. 5607 seeks to 
facilitate collaboration between the Treasury Secretary and 
foreign finance ministers with the goal of strengthening anti-
money laundering capabilities abroad; directs the Treasury 
Secretary to report to Congress on a potential pilot program 
aimed at improving the safe flow of legitimate remittances; and 
further directs the Treasury Secretary to report on whether the 
Office of Terrorism and Financial Intelligence should be made a 
separate bureau within the Treasury Department.

Legislative History

    Representative Pittenger introduced the Enhancing 
Treasury's Anti-Terror Tools act on June 28, 2016. Prior to 
introduction, the Task Force to Investigate Terrorism Financing 
held numerous hearings on matters relating to the bill (see 
Task Force Oversight Activities infra).
    On July 11, 2016, the House passed the bill on suspension 
by a vote of 362 to 45. On July 12, 2016, the bill was received 
in the Senate and referred to the Committee on Banking, 
Housing, and Urban Affairs.
    On December 10, 2016, by voice vote, the Senate passed H.R. 
5602 (relating to Geographic Targeting Orders) with an 
amendment incorporating certain portions of H.R. 5607. On 
December 12, 2016, a message on the Senate's action was sent to 
the House. There was no further action on H.R. 5602 in the 
114th Congress.

                    Task Force Oversight Activities

    During the Task Force's two six-month terms, it held eleven 
hearings examining how terror groups and networks acquire and 
move funds to finance their illicit activities. In connection 
with these hearings, the Task Force received briefings and 
testimony from current and former U.S. government employees as 
well as private sector and foreign officials. Additionally, at 
the request of Reps. Fitzpatrick, Lynch, and Pittenger, the 
Government Accountability Office provided a March 2016 review 
of fines, penalties, and forfeitures assessed for violations of 
financial crimes and sanctions.
    The Task Force also organized two congressional delegations 
to study illicit financial flows and related issues. The first 
delegation traveled to France, Turkey, Qatar, and Kuwait in 
August-September 2015. The second delegation travelled to 
Colombia, Panama, Paraguay and Argentina in April 2016.

                 TERRORIST FUNDING SOURCES AND NETWORKS

    The Task Force held six hearings to survey terrorist 
funding sources and networks. At a hearing on April 22, 2015, 
entitled ``A Survey of Global Terrorism and Terrorist 
Financing,'' the Task Force heard testimony from: Mr. Juan 
Zarate, Senior Adviser, Center for Strategic and International 
Studies; Dr. Jonathan Schanzer, Vice President for Research, 
Foundation for Defense of Democracies; and Mr. Seth Jones, 
Director, International Security and Defense Policy Center, 
RAND Corporation. The hearing examined whether terrorist 
financing threats have become more varied since the September 
11, 2001 attacks.
    On May 21, 2015, at a hearing entitled ``A Dangerous Nexus: 
Terrorism, Crime, and Corruption,'' the Task Force to 
Investigate Terrorism Financing explored the connection between 
terrorism, corruption, and transnational crime, especially as 
those matters relate to drug trafficking. Witnesses were: Dr. 
David Asher, Board Member, Center on Sanctions and Illicit 
Finance, Foundation for Defense of Democracies; Mr. Richard 
Barrett, Senior Vice President, the Soufan Group; Mr. Douglas 
Farah, President, IBI Consultants LLC; and Professor Celina 
Realuyo, Professor of Practice, William J. Perry Center for 
Hemispheric Defense Studies, National Defense University.
    On June 24, 2015, the Task Force to Investigate Terrorism 
Financing held a hearing entitled ``Evaluating the Security of 
the U.S. Financial Sector.'' Witnesses were: the Honorable 
Cyrus Vance, Jr., District Attorney, New York County District 
Attorney's Office; Mr. Chip Poncy, Founding Partner, Financial 
Integrity Network; and Mr. John Carlson, Chief of Staff, 
Financial Services Information Sharing and Analysis Center. The 
hearing examined the methods used by terrorist groups to access 
the financial system, including through anonymized shell 
corporations and cyber-attacks. The hearing also examined 
potential ways to make the financial system less susceptible to 
illicit uses.
    On July 22, 2015, the Task Force to Investigate Terrorism 
Financing held a hearing entitled ``The Iran Nuclear Deal and 
Its Impact on Terrorist Financing.'' Witnesses were: Mr. Ilan 
Berman, Vice President, American Foreign Policy Council; Mr. 
Mark Dubowitz, Executive Director, Foundation for Defense of 
Democracies; Mr. Steven Perles, Senior Attorney and Founder, 
Perles Law Firm; Mr. Olli Heionen, Senior Fellow, Harvard 
Kennedy School of Government; and Mr. Richard Nephew, Program 
Director, Center on Global Energy Policy, Columbia University. 
The hearing examined terror financing matters following 
adoption of the Joint Comprehensive Plan of Action reached by 
the United States and certain other countries with Iran on 
October 18, 2015.
    On September 9, 2015, the Task Force to Investigate 
Terrorism Financing held a hearing entitled ``Could America Do 
More? An Examination of U.S. Efforts to Stop the Financing of 
Terror.'' Witnesses were: Mr. Scott Modell, Managing Director, 
the Rapidan Group; Dr. Louise Shelley, Founder and Director, 
Terrorism, Transnational Crime and Corruption Center, George 
Mason University; Mr. Daniel Larkin, former FBI Unit Chief and 
Founder, National Cyber Forensics and Training Alliance; and 
Ms. Elizabeth Rosenberg, Senior Fellow and Director, Energy, 
Economics and Security Program, Center for a New American 
Security. The hearing examined the extent to which the United 
States was effectively using the tools at its disposal to 
inhibit terrorist financing, including methods to improve 
interagency and private sector coordination.
    Finally, on June 8, 2016, the Task Force to Investigate 
Terrorism Financing held a hearing entitled ``The Enemy in our 
Backyard: Examining Terror Funding Streams from South 
America.'' Witnesses were: Mr. Mariano Federici, President, 
Financial Intelligence Unit of Argentina; Mr. Michael Braun, 
Co-Founder and Managing Partner, SGI Global, LLC; and Dr. 
Emanuele Ottolenghi, Senior Fellow, Center on Sanctions and 
Illicit Finance, Foundation for Defense of Democracies. The 
hearing examined terrorist funding streams from South America, 
including the extent to which foreign countries possessed 
adequate domestic legal authorities to counter illicit 
financial flows.

                      TRADE-BASED MONEY LAUNDERING

    On February 3, 2016, the Task Force to Investigate 
Terrorism Financing held a hearing entitled ``Trading with the 
Enemy: Trade-Based Money Laundering is the Growth Industry in 
Terror Finance.'' Witnesses were: Mr. John Cassara, former U.S. 
Intelligence Officer and Treasury Special Agent; Mr. Louis 
Bock, former Senior Special Agent, U.S. Customs and Border 
Protection; Mr. Farley Mesko, Co-Founder and Chief Executive 
Officer, Sayari Analytics; and Dr. Nikos Passas, Professor of 
Criminology and Criminal Justice, College of Social Sciences 
and Humanities, Northeastern University. The hearing examined 
the use of trade-based money laundering and the importance of 
trade transparency, including data-gathering tools to enhance 
such transparency.

   STRENGTHENING FOREIGN PARTNERS' TOOLS TO COMBAT ILLICIT FINANCING

    The Task Force to Investigate Terrorism Financing examined 
the Treasury Department's efforts to help developing countries 
strengthen anti-money laundering (``AML'') and counter 
terrorist financing (``CFT'') capabilities during a hearing on 
March 1, 2016, entitled ``Helping the Developing World Fight 
Terror Finance.'' Witnesses were: Ambassador Robert Kimmitt, 
Senior International Counsel, WilmerHale; Mr. Clay Lowery, Vice 
President, Roc Creek Global Advisors; Mr. James Adams, former 
Vice President, East Asia and Pacific Region, World Bank; and 
Mr. William Wechsler, Senior Fellow, Center for American 
Progress. The hearing particularly examined matters relating to 
international coordination of AML/CFT efforts.

                   PLUNDERING OF ARTS AND ANTIQUITIES

    On April 19, 2016, the Task Force to Investigate Terrorism 
Financing held a hearing entitled ``Preventing Cultural 
Genocide: Countering the Plunder and Sale of Priceless Cultural 
Antiquities by ISIS.'' Witnesses were: Mr. Robert Edsel, 
Chairman of the Board, Monuments Men Foundation; Mr. Yaya 
Fanusie, Director of Analysis, Center on Sanctions and Illicit 
Finance, Foundation for Defense of Democracies; Dr. Patty 
Gerstenblith, Distinguished Professor, DePaul University 
College of Law; Dr. Amr-Al-Azm, Associate Professor, Shawnee 
State University; and Mr. Lawrence Shindell, Chairman, ARIS 
Title Insurance Company. The hearing examined the plundering of 
arts and antiquities by certain terrorist groups, including by 
the Islamic State of Iraq and Syria, and how stolen cultural 
objects can be used to fund terror through direct sale or 
trade.

           U.S. GOVERNMENT EFFORTS TO COMBAT ILLICT FINANCING

    On May 24, 2016, the Task Force to Investigate Terrorism 
Financing held a hearing entitled ``Stopping Terror Finance: A 
Coordinated Government Effort.'' Witnesses were: Ms. Jennifer 
Shasky Calvery, Director, Financial Crimes Enforcement Network 
(``FinCEN''), and Mr. Larry McDonald, Deputy Assistant 
Secretary, Office of Technical Assistance, Treasury Department, 
testified at the hearing. The hearing examined efforts by the 
U.S. government to inhibit illicit financial flows as well as 
the National Terrorist Financing Risk Assessment, which details 
the extent to which the U.S. financial system remains 
susceptible to terrorist financing risks.
    On June 23, 2016, the Task Force to Investigate Terrorism 
Financing held a hearing entitled ``The Next Terrorist 
Financiers: Stopping Them Before They Start.'' Witnesses were: 
Mr. Juan Zarate, Senior Adviser, Center for Strategic and 
International Studies; the Honorable Jimmy Gurule, Professor of 
Law, University of Notre Dame; Mr. John Cassara, former U.S. 
Intelligence Officer and Treasury Special Agent; Professor 
Celina Realuyo, Professor of Practice, William J. Perry Center 
for Hemispheric Defense Studies, National Defense University; 
and Mr. Douglas Farah, President, IBI Consultants LLC. The 
hearing, which was the final hearing of the Task Force, 
examined terror financing matters generally, including with 
respect to information sharing between government agencies.

         Task Force to Investigate Terrorism Financing Hearings

------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-15........................  A Survey of Global      April 22, 2015
                                 Terrorism and
                                 Terrorist Financing.
114-27........................  A Dangerous Nexus:      May 21, 2015
                                 Terrorism, Crime, and
                                 Corruption.
114-36........................  Evaluating the          June 24, 2015
                                 Security of the U.S.
                                 Financial Sector.
114-44........................  The Iran Nuclear Deal   July 22, 2015
                                 and its Impact on
                                 Terrorism Financing.
114-48........................  Could America Do More?  September 9,
                                 An Examination of       2015
                                 U.S. Efforts to Stop
                                 the Financing of
                                 Terror.
114-70........................  Trading with the        February 3, 2016
                                 Enemy: Trade-Based
                                 Money Laundering is
                                 the Growth Industry
                                 in Terror Finance.
114-77........................  Helping the Developing  March 1, 2016
                                 World Fight Terror
                                 Finance.
114-83........................  Preventing Cultural     April 19, 2016
                                 Genocide: Countering
                                 the Plunder and Sale
                                 of Priceless Cultural
                                 Antiquities by ISIS.
114-91........................  Stopping Terror         May 24, 2016
                                 Finance: A
                                 Coordinated
                                 Government Effort.
114-92........................  The Enemy in our        June 8, 2016
                                 Backyard: Examining
                                 Terror Funding
                                 Streams from South
                                 America.
114-94........................  The Next Terrorist      June 23, 2016
                                 Financiers: Stopping
                                 Them Before They
                                 Start.
------------------------------------------------------------------------


                 OVERSIGHT PLAN FOR THE 114TH CONGRESS

    Clause 2(d)(1) of Rule X of the Rules of the House of 
Representatives for the 114th Congress requires each standing 
committee, not later than February 15 of the first session, to 
adopt an oversight plan for the 114th Congress. The oversight 
plan must be submitted simultaneously to the Committee on 
Oversight and Government Reform and the Committee on House 
Administration.
    Clause 1(d)(1) of Rule XI requires each committee to submit 
to the House, not later than January 2nd of each odd-numbered 
year, a report on the activities of that committee under Rules 
X and XI during the Congress ending on January 3 of such year. 
Clause 1(d)(2) of Rule XI also requires that the report include 
a summary of the oversight plans submitted pursuant to clause 
2(d) of Rule X; a summary of the actions taken and 
recommendations made with respect to each such plan; and a 
summary of any additional oversight activities undertaken by 
the committee and any recommendations made or actions taken 
thereon.
    Part A of this section contains the Oversight Plan of the 
Committee on Financial Services for the 114th Congress, which 
the Committee considered and adopted on January 20, 2015.
    Part B of this section contains a summary of the actions 
taken to implement that plan and the recommendations made with 
respect to the plan. Additional oversight activities undertaken 
by the Committee, and the recommendations made or actions taken 
thereon, are contained in the specific sections relating to the 
activities of the full Committee and each of the subcommittees 
herein.

                                 Part A

   Oversight Plan of the Committee on Financial Services for the One 
                      Hundred Fourteenth Congress

                              ----------                              


   January 20, 2015--Approved by the committee on Financial Services

                              ----------                              

    Pursuant to clause 2(d)(1) of Rule X of the House of 
Representatives, the following agenda constitutes the oversight 
plan of the Committee on Financial Services for the 114th 
Congress. It includes areas in which the Committee and its 
subcommittees expect to conduct oversight during this Congress; 
it does not preclude oversight or investigation of additional 
matters or programs as they arise. The Committee will consult, 
as appropriate, with other committees of the House that may 
share jurisdiction on any of the subjects listed below.
    Pursuant to House Rules, this Oversight Plan contains 
oversight initiatives that will be undertaken for the purpose 
of identifying cuts to or the elimination of programs that are 
inefficient, duplicative, outdated, or more appropriately 
administered by State and local government.

     THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

    The Committee intends to continue its close examination of 
the implementation of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Pub. L. No. 111-203) (the ``Dodd-Frank 
Act'') by the financial regulators charged with implementing 
the law to ensure that they prudently exercise the authority 
conferred upon them under the Act.
    Financial Stability Oversight Council (FSOC). The Committee 
will conduct significant oversight of the FSOC to assess its 
effectiveness in carrying out its statutory responsibility to 
make financial markets more stable and resilient and to ensure 
that it conducts its deliberations with an appropriate level of 
transparency.
    Office of Financial Research (OFR). The Committee will 
conduct oversight of the OFR to ensure that the office is 
transparent and accountable, that it makes progress towards 
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.
    Volcker Rule. The Committee will examine financial 
regulators' implementation of section 619 of the Dodd-Frank 
Act, known as the ``Volcker Rule,'' and the effect of the 
Volcker Rule on the strength and international competitiveness 
of U.S. capital markets.
    ``Too Big to Fail.'' The Committee will examine whether 
financial regulators' implementation of titles I and II of the 
Dodd-Frank Act, which together were designed to end the 
government's practice of bailing out financial institutions 
deemed ``too big to fail,'' is advancing or impeding that goal.

               FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

    Bureau of Consumer Financial Protection (CFPB). The 
Committee will oversee the regulatory, supervisory, 
enforcement, and other activities of the CFPB, the effect of 
those activities on regulated entities and consumers, and the 
CFPB's collaboration with other financial regulators. The 
Committee will also examine the governance structure and 
funding mechanism of the CFPB.
    Financial Supervision. The Committee will examine financial 
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.
    Capital Standards and Basel III. The Committee will explore 
generally the twin subjects of bank capital and liquidity, and, 
in so doing, examine closely the guidelines developed by the 
Basel Committee on Banking Supervision and how domestic 
financial regulators are implementing or planning to implement 
those guidelines in the U.S.
    Mortgages. The Committee will closely review recent 
rulemakings by the CFPB 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 are having on the cost and availability of mortgage 
credit.
    Deposit Insurance. The Committee will monitor the solvency 
of the Deposit Insurance Fund administered by the Federal 
Deposit Insurance Corporation and the National Credit Union 
Share Insurance Fund administered by the National Credit Union 
Administration.
    Community Financial Institutions. The Committee will review 
issues related to the health, growth, safety, and soundness of 
community financial institutions, including the effect of 
regulations promulgated pursuant to the Dodd-Frank Act, 
individually and cumulatively, on community financial 
institutions' role in lending to small businesses, fostering 
employment, and promoting economic growth.
    Regulatory Burden Reduction. The Committee will continue to 
review the current regulatory burden on financial institutions, 
with the goal of reducing unnecessary, duplicative, or overly 
burdensome regulations, consistent with consumer protection and 
safety and soundness.
    Credit Scores and Credit Reports. The Committee will 
monitor issues related to credit scores and credit reporting.
    Access to Financial Services. The Committee will generally 
examine ways to expand access to mainstream financial services 
among traditionally underserved segments of the U.S. 
population.
    ``Operation Choke Point.'' The Committee will conduct 
oversight of the Department of Justice, financial regulators, 
and other agencies relating to the coordinated interagency 
initiative known as ``Operation Choke Point.''
    Discrimination in Lending. The Committee will examine the 
effectiveness of regulators' fair lending oversight and 
enforcement efforts to ensure that the Federal government does 
not tolerate discrimination.
    Diversity in Financial Services. The Committee will 
continue to monitor Federal regulators' efforts to implement 
the diversity requirements of the Dodd-Frank Act.
    Improper Disclosure of Personally Identifiable Information. 
The Committee will evaluate best practices for protecting the 
security and confidentiality of personally identifiable 
financial information from loss, unauthorized access, or 
misuse. The Committee will also examine how data breaches are 
disclosed to consumers.
    Payment System Innovations/Mobile Payments. The Committee 
will review government and private sector efforts to achieve 
greater innovations and efficiencies in the payments system.
    Payment Cards. The Committee will monitor payment card 
industry practices.
    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, and whether such laws and regulations are 
sufficient to counter threats posed by terrorist organizations 
and international criminal syndicates.
    Financial Crimes Enforcement Network (FinCEN). The 
Committee will examine the operations of the Treasury 
Department's Financial Crimes Enforcement Network and its 
ongoing efforts to implement its regulatory mandates.
    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.
    Community Development Financial Institutions Fund (CDFI 
Fund). The Committee will monitor the operations of the 
Community Development Financial Institutions Fund.
    Community Reinvestment Act (CRA). The Committee will 
monitor developments and issues related to the Community 
Reinvestment Act of 1977.
    Financial Literacy. The Committee will take action to 
promote greater financial literacy among investors, consumers, 
and the general public.
    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.

                            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 JOBS Act. The Committee will conduct oversight of the 
SEC's implementation of the ``Jumpstart Our Business Startups'' 
or ``JOBS'' Act (P.L. 112-106) and the effect of that law on 
capital formation and investor protection.
    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.
    Credit Rating Agencies. The Committee will examine the role 
that credit rating agencies, also known as Nationally 
Recognized Statistical Ratings Organizations (NRSROs), play in 
the U.S. capital markets, and review the effectiveness of the 
SEC's oversight of NRSROs.
    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.
    Self-Regulatory Organizations (SROs). The Committee will 
examine the activities, operations and initiatives of self-
regulatory organizations and the SEC's oversight of these SROs.
    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.
    Fixed-Income Market Structure. The Committee will review 
recent developments in the U.S. corporate and municipal bond 
markets and the SEC's response to those developments.
    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.
    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).
    Mutual Funds. The Committee will continue to examine the 
condition and operation of the U.S. mutual fund industry, 
including regulatory initiatives 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 U.S. 
financial marketplace and their interaction with investors, 
financial intermediaries, and public companies.
    Securitization and Risk Retention. The Committee will 
monitor the implementation of joint agency risk retention rule-
making mandated by Section 941 of the Dodd-Frank Act.
    Covered Bonds. The Committee will examine the potential for 
covered bonds to increase mortgage and broader asset class 
financing, improve underwriting standards, and strengthen U.S. 
financial institutions.
    Municipal Securities Rulemaking Board (MSRB). The Committee 
will review the operations, initiatives and activities of the 
Municipal Securities Rulemaking Board.
    Public Company Accounting Oversight Board (PCAOB). The 
Committee will review the operations, initiatives and 
activities of the Public Company Accounting Oversight Board.
    Financial Accounting Standards Board (FASB). The Committee 
will review the initiatives of the Financial Accounting 
Standards Board.
    Government Accounting Standards Board (GASB). The Committee 
will review the initiatives of the Government Accounting 
Standards Board.
    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.
    Securities Litigation. The Committee will examine the 
effectiveness of the Private Securities Litigation Reform Act 
of 1995 in protecting securities 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.
    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

    Fannie Mae and Freddie Mac. 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 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.
    Federal Housing Finance Agency (FHFA). The Committee will 
monitor the activities and initiatives of the Federal Housing 
Finance Agency.
    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.

                                HOUSING

    Housing and Urban Development, Rural Housing Service, and 
the National Reinvestment Corporation. The Committee will 
conduct oversight of the mission, operations, and budgets of 
Department of Housing and Urban Development (HUD), the Rural 
Housing Service (RHS), and the National Reinvestment 
Corporation. The Committee will review current HUD and RHS 
programs with the goal of identifying inefficient and 
duplicative programs for potential elimination or streamlining.
    Public Housing. The Committee will conduct oversight of 
HUD's public housing programs that provide subsidies for 
operations, management and capital development for public 
housing agencies.
    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.
    Community Development Block Grant (CDBG). The Committee 
will conduct oversight of HUD's Community Development Block 
Grant program, which provides Federal funds to cities and 
localities to help them address housing and community 
development.
    HOME Investment Partnerships Program (HOME). The Committee 
will continue to monitor HUD's HOME Investment Partnerships 
Program, which provides grants to states and localities to fund 
affordable housing projects.
    Federal Housing Administration (FHA). The Committee will 
examine the appropriate role for FHA in the mortgage finance 
system, how to encourage more robust private sector 
participation, and FHA's ability and efforts 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, including the various 
components of the Making Home Affordable Program.
    Veterans' Housing. The Committee will continue to monitor 
and promote coordination between HUD and other agencies in 
their work to address veterans' housing issues.
    Fair Housing. The Committee will continue to conduct 
oversight to ensure the enforcement of fair housing practices. 
The Committee will seek to ensure that the principles of the 
Fair Housing Act of 1968 are upheld so that no person suffers 
discrimination based on their race, color, religion, sex, 
familial status, disability, or national origin in rentals, 
real estate sales, and lending practices.
    Native American Housing Assistance and Self-Determination 
Act (NAHASDA). The Committee will conduct oversight of the 
grants and other programs that make up NAHASDA, whose 
authorization expired on October 1, 2013.
    Settlement Procedures. The Committee will conduct oversight 
of the regulation of real estate settlement procedures, 
including appraisals and disclosures involving closing costs 
and the settlement process.

                               INSURANCE

    National Flood Insurance Program (NFIP). The Committee will 
conduct oversight of the NFIP and will study proposals to 
increase the participation of the private sector in the flood 
insurance market.
    Terrorism Risk Insurance Program. The Committee will 
monitor the Terrorism Risk Insurance Program, which was 
reauthorized on January 13, 2015.
    Federal Insurance Office (FIO). The Committee will monitor 
the Treasury Department's Federal Insurance Office, which was 
created by the Dodd-Frank Act to provide the Federal government 
with information and expertise on insurance matters.
    Impact of Dodd-Frank Act Implementation on the Insurance 
Sector. The Committee will monitor implementation of various 
provisions in the Dodd-Frank Act and various international 
regulatory initiatives for their potential impact on the 
insurance sector.

                       MONETARY POLICY AND TRADE

    The Federal Reserve System. The Committee will exercise 
oversight of the operations and activities of the Federal 
Reserve System, including its conduct of monetary policy, its 
regulation and supervision of the financial services sector, 
and its role in the payment system.
    Defense Production Act. The Committee will continue to 
monitor the effectiveness of the Defense Production Act, which 
was reauthorized 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, and seek to ensure that CFIUS fulfills 
its statutory mandate to identify and address those foreign 
investments that pose legitimate threats to national security.
    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 will continue its review of efforts to detect and 
combat the counterfeiting of U.S. coins and currency in the 
United States and abroad.
    Economic Sanctions. The Committee will monitor the 
implementation of recent financial sanctions passed by Congress 
and signed by the president, as well as any proposals to expand 
such sanctions or impose new ones. As part of this oversight, 
the Committee will monitor the efforts of Treasury's Office of 
Foreign Assets Control, which administers such sanctions.
    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. 
This review will include receiving 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).
    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 and other multilateral development banks, which 
provide grants and below market-rate financing to the world's 
poorest nations.
    Export-Import Bank of the United States (Ex-Im Bank). The 
Committee will examine the operations of the Ex-Im Bank, whose 
statutory authorization expires on June 30, 2015.
    International Trade. The Committee will oversee existing 
and proposed trade programs and consider policies within the 
Committee's jurisdiction to promote U.S. international trade so 
that U.S. companies retain access to foreign markets and remain 
globally competitive.
    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 Economic Conditions. The Committee will monitor 
economic developments overseas--particularly in those countries 
experiencing severe economic stress or dislocation--and assess 
the effect of those developments on the U.S. economy.
    Extractive Industries and Conflict Minerals. The Committee 
will monitor the implementation of provisions in title XV of 
the Dodd-Frank Act imposing disclosure requirements relating to 
so-called extractive industries and conflict minerals.

                                 Part B

  Implementation of the Oversight Plan of the Committee on Financial 
            Services for the One Hundred Fourteenth Congress

                              ----------                              


     THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

    The Financial Services Committee and its subcommittees held 
a series of hearings examining the implementation and effects 
of the Dodd-Frank Wall Street Reform and Consumer Protection 
Act. For example, on May 13, 2015, the Oversight and 
Investigations Subcommittee held a hearing entitled, ``The 
Dodd-Frank Act and Regulatory Overreach,'' which considered the 
extent to which the financial crisis may have been caused by 
imprudent government policies and regulatory mismanagement, 
rather than market failure or a lack of government regulation. 
The full Committee held a three-hearing series surveying the 
Dodd-Frank Act in the summer of 2015, roughly five years after 
the Act became law. See July 9, 2015 (``The Dodd-Frank Act Five 
Years Later: Are We More Stable?''); July 28, 2015 (``The Dodd-
Frank Act Five Years Later: Are We More Prosperous?''); and 
September 17, 2015 (``The Dodd-Frank Act Five Years Later: Are 
We More Free?''). Witnesses at these hearings included former 
SEC Commissioner Paul Atkins and retired U.S. Senator Phil 
Gramm, as well as prominent academics and policy experts. From 
these and other efforts, Chairman Hensarling developed the 
Financial CHOICE Act of 2016, a legislative proposal relating 
to, among other things, financial stability and the regulation 
of financial institutions. On July 12, 2016, the Committee held 
a hearing entitled ``Making a Financial Choice: More Capital or 
More Government Control?'' which examined a discussion draft of 
the Financial CHOICE Act, and on September 13, 2016, the 
Committee ordered the CHOICE Act favorably reported to the 
House by a vote of 30 to 26.
    Financial Stability Oversight Council (FSOC). On June 17, 
2015, the Committee held a hearing examining the 2015 Annual 
Report of the FSOC at which Treasury Secretary Jack Lew was the 
sole witness. The Committee continued its oversight of the FSOC 
by holding an Oversight and Investigations Subcommittee hearing 
on November 19, 2015, entitled, ``Oversight of the Financial 
Stability Oversight Council: Due Process and Transparency in 
Non-Bank SIFI Designations.'' This hearing examined whether the 
FSOC has afforded adequate due process to non-bank financial 
companies being considered for designation as Systemically 
Important Financial Institutions (SIFIs). The hearing also 
considered whether the FSOC's internal processes are 
sufficiently transparent, as well as the FSOC's relationship to 
the Financial Stability Board.
    Additionally, the Committee held a hearing on December 8, 
2015, entitled ``Oversight of the Financial Stability Oversight 
Council.'' The hearing permitted the Committee to hear directly 
from the FSOC's voting members other than Secretary Lew on 
matters relating to the FSOC's agenda, operations, and 
structure. The witnesses were: The Honorable Mary Jo White, 
Chair, Securities and Exchange Commission; The Honorable 
Timothy Massad, Chairman, Commodity Futures Trading Commission; 
The Honorable Roy Woodall, Jr., Independent Member with 
Insurance Expertise; The Honorable Debbie Matz, Chairwoman, 
National Credit Union Administration; The Honorable Melvin 
Watt, Director, Federal Housing Finance Agency; The Honorable 
Martin Gruenberg, Chairman, Federal Deposit Insurance 
Corporation; The Honorable Richard Cordray, Director, Bureau of 
Consumer Financial Protection; and The Honorable Thomas Curry, 
Comptroller of the Currency, Office of the Comptroller of the 
Currency. Federal Reserve Board of Governors Chair Janet Yellen 
was invited to testify but did not attend.
    On April 11, 2016, Subcommittee Chairman Garrett wrote to 
Treasury Secretary Jack Lew requesting information on, among 
other things, the Financial Stability Board's Global 
Systemically Important Insurer (G-SII) and Internationally 
Active Insurance Groups (IAIGs) criteria for each company 
designated as such and how the decision of a federal district 
court invalidating the FSOC's SIFI designation of MetLife might 
affect current and future designations of nonbank financial 
institutions.
    Finally, on September 22, 2016, the Committee held a 
hearing on the FSOC's 2016 Annual Report, at which Secretary 
Lew testified.
    Office of Financial Research (OFR). On February 18, 2016, 
OFR Director Richard Berner held a staff briefing on the OFR 
2015 Annual Report to Congress. Additionally, on August 24, 
2016, the OFR held a staff briefing on its Money Market Fund 
Monitor.
    Volcker Rule. The Committee examined the impact of the 
Volcker Rule on market liquidity and U.S. economic 
competitiveness at numerous hearings during the 114th Congress, 
including in connection with its oversight of the FSOC 
described above. In addition, the Committee reviewed the 
Volcker Rule during hearings on the SEC's budget, agenda, and 
operations held on March 24, 2015, November 18, 2015, and 
November 15, 2016. SEC Chair Mary Jo White was the sole witness 
at those hearings. Finally, the Committee reviewed the Volcker 
Rule in connection with its hearings on the Dodd-Frank Act on 
July 9, 2015 (``The Dodd-Frank Act Five Years Later: Are We 
More Stable?''); July 28, 2015 (``The Dodd-Frank Act Five Years 
Later: Are We More Prosperous?''); and on September 17, 2015 
(``The Dodd-Frank Act Five Years Later: Are We More Free?'').
    ``Too Big to Fail.'' On July 11, 2016, the Committee 
continued its oversight of ``Too Big to Fail'' by releasing a 
majority staff report entitled, ``Too Big to Jail: Inside the 
Obama Justice Department's Decision Not to Hold Wall Street 
Accountable.'' The staff report examined whether, after the 
passage of the Dodd-Frank Act, DOJ had made prosecutorial 
decisions based on the size and perceived inter-connectedness 
of financial institutions and DOJ's belief that such 
prosecutions could negatively impact the economy. The staff 
report asserted that internal Treasury Department records 
demonstrated that, in late 2012, senior DOJ leadership, 
including Attorney General Holder, overruled an internal 
recommendation by DOJ's Asset Forfeiture and Money Laundering 
Section to prosecute HSBC Bank USA N.A. because of DOJ 
leadership's concern that prosecuting the bank would have 
serious adverse consequences on the financial system.

               FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

    Bureau of Consumer Financial Protection (CFPB). On March 3, 
2015, the Committee held a hearing entitled, ``The Semi-Annual 
Report of the Bureau of Consumer Financial Protection.'' This 
hearing examined the Bureau's sixth Semi-Annual Report to the 
President and Congress. On June 25, 2015, the Oversight and 
Investigations Subcommittee held a hearing entitled, 
``Examining Continuing Allegations of Discrimination and 
Retaliation at the Consumer Financial Protection Bureau,'' at 
which certain Bureau employees testified concerning alleged 
workplace improprieties. On September 29, 2015, the Committee 
held a hearing entitled, ``The Semi-Annual Report of the Bureau 
of Consumer Financial Protection.'' This hearing examined the 
Bureau's seventh Semi-Annual Report to the President and 
Congress. The Oversight and Investigations Subcommittee held a 
hearing on December 16, 2015 entitled, ``Examining the Consumer 
Financial Protection Bureau's Mass Data Collection Program,'' 
which evaluated the Bureau's data collection practices and 
potential risks to consumers posed by such practices. On 
February 11, 2016, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled, ``Short-term, 
Small Dollar Lending: The CFPB's Assault on Access to Credit 
and Trampling of State and Tribal Sovereignty.'' This hearing 
examined the CFPB's proposed plan to regulate short term, small 
dollar credit products at the federal level, including how 
those efforts might affect access to consumer credit as well as 
existing state and tribal law. On March 16, 2016, the Committee 
held a hearing entitled, ``The Semi-Annual Report of the Bureau 
of Consumer Financial Protection.'' This hearing examined the 
Bureau's eighth Semi-Annual Report to the President and 
Congress. On May 18, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Examining the CFPB's Proposed Rulemaking on Arbitration: Is 
it in the Public Interest and for the Protection of 
Consumers?'' This hearing examined the CFPB's published report 
and proposed rule to regulate arbitration agreements in 
conjunction with the offering of consumer financial products or 
services.
    Financial Supervision. The Committee continued to examine 
financial regulators' safety and soundness supervision of the 
credit union industry. On Thursday, July 23, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled, ``National Credit Union Administration 
Operations and Budget.'' This hearing gave Committee members 
the opportunity to examine the NCUA's operations and budget and 
how it regulates, charters and supervises federal credit 
unions.
    The Committee also examined financial regulators' safety 
and soundness supervision of the banking industry. On November 
4, 2015, the Committee held a hearing entitled, ``Semi-Annual 
Testimony on the Federal Reserve's Supervision and Regulation 
of the Financial System,'' which heard testimony from Board of 
Governors of the Federal Reserve System Chair Janet Yellen 
regarding the ``the efforts, activities, objectives, and plans 
of the [Fed] with respect to the conduct of supervision and 
regulation of depository institution holding companies and 
other financial firms supervised by the [Fed].''
    Capital Standards and Basel III. The Committee examined the 
effects of bank capital and liquidity requirements on the 
credit supply, asset risk, and cost of capital, which in turn 
affect economic growth. On July 23, 2015, the Committee held a 
hearing entitled, ``Ending `Too Big to Fail': What is the 
Proper Role of Capital and Liquidity?'' This hearing examined 
the effectiveness of Dodd-Frank and other regulatory measures 
that set capital and liquidity standards. On July 12, 2016, the 
Committee held a hearing entitled, ``Making a Financial Choice: 
More Capital or More Government Control?'' which examined the 
``Financial CHOICE Act,'' which provides a Dodd-Frank off-ramp 
for financial institutions that choose to comply with higher 
levels of capital.
    Mortgages. The Committee examined the effect of regulation 
on the cost and availability of mortgage credit. On March 18, 
2015, the Committee held a hearing entitled, ``Preserving 
Consumer Choice and Financial Independence,'' which focused on, 
among other things, whether the Dodd-Frank Act has restricted 
the availability of mortgage credit. On April 15, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled, ``Examining Regulatory Burdens on Non-
Depository Financial Institutions,'' which examined similar 
issues. On Thursday, April 23, 2015, the Subcommittee on 
Financial Institutions and Consumer Credit held a hearing 
entitled, ``Examining Regulatory Burdens--Regulator 
Perspective,'' to obtain comments from regulators regarding the 
impact of regulatory burdens on the ability of community 
financial institutions to offer mortgage credit.
    The Committee also examined the effect of recent 
rulemakings by the CFPB on a variety of mortgage-related 
issues. On September 29, 2015, the Committee held a hearing 
entitled, ``The Semi-Annual Report of the Bureau of Consumer 
Financial Protection,'' which examined mortgage issues, 
including the implementation of the TILA/RESPA Integrated 
Disclosure rule, and Home Mortgage Disclosure Act data use.
    Deposit Insurance. The Committee continued to monitor the 
solvency of the National Credit Union Share Insurance Fund 
(``NCUSIF'') administered by the National Credit Union 
Administration. On Thursday, July 23, 2015, the Subcommittee on 
Financial Institutions and Consumer Credit held a hearing 
entitled, ``National Credit Union Administration Operations and 
Budget.'' This hearing gave Committee members the opportunity 
to examine the NCUSIF.
    Community Financial Institutions. The Committee continued 
to review matters relating to the regulation of community 
financial institutions. On March 18, 2015, the Committee held a 
hearing entitled, ``Preserving Consumer Choice and Financial 
Independence,'' which focused on, among other things, whether 
compliance costs associated with the Dodd-Frank Act have 
restricted the ability of financial institutions to provide 
credit. On Wednesday April 15, 2015, the Subcommittee on 
Financial Institutions and Consumer Credit held a hearing 
entitled, ``Examining Regulatory Burdens on Non-Depository 
Financial Institutions,'' which focused on similar issues. On 
Thursday, April 23, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Examining Regulatory Burdens--Regulator Perspective,'' to 
obtain comments from regulators regarding the impact of 
regulations on the ability of community financial institutions 
to offer credit. On Wednesday, July 8, 2015, the Subcommittee 
on Financial Institutions and Consumer Credit held a hearing 
entitled, ``Examining the Designation and Regulation of Bank 
Holding Company SIFIs,'' which examined the designation and 
regulatory standards for bank holding companies designated as 
``systemically important financial institutions'' and their 
ability to lend to small businesses.
    Regulatory Burden Reduction. The Committee continued to 
review matters relating to the costs of complying with 
regulations, including for the purposes of identifying 
unnecessary, duplicative, or overly burdensome regulations that 
could be modified or repealed consistent with promoting 
consumer protection and safety and soundness. On March 18, 
2015, the Committee held a hearing entitled ``Preserving 
Consumer Choice and Financial Independence,'' which focused on, 
among other things, whether compliance costs associated with 
the Dodd-Frank Act have restricted the availability of credit. 
On April 15, 2015, the Subcommittee on Financial Institutions 
and Consumer Credit held a hearing entitled, ``Examining 
Regulatory Burdens on Non-Depository Financial Institutions,'' 
which examined similar issues. On April 23, 2015, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled, ``Examining Regulatory Burdens--Regulator 
Perspective,'' to obtain comments from regulators regarding the 
impact of regulatory burdens on the operations of community 
financial institutions and the behavior of consumers in the 
financial marketplace. On July 8, 2015, the Subcommittee on 
Financial Institutions and Consumer Credit held a hearing 
entitled, ``Examining the Designation and Regulation of Bank 
Holding Company SIFIs,'' which examined the designation and 
regulatory standards for bank holding companies designated as 
``systemically important financial institutions'' and its 
effect on their ability to operate.
    In addition, the Subcommittee on Financial Institutions and 
Consumer Credit held a hearing on February 11, 2016, entitled, 
``Short-term, Small Dollar Lending: The CFPB's Assault on 
Access to Credit and Trampling of State and Tribal 
Sovereignty.'' This hearing examined the CFPB's proposed plan 
to regulate short term, small dollar credit products at the 
federal level, including whether those efforts may affect 
access to consumer credit as well as existing state and tribal 
law. On May 18, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Examining the CFPB's Proposed Rulemaking on Arbitration: Is 
it in the Public Interest and for the Protection of 
Consumers?'' This hearing examined the CFPB's proposed rule 
governing arbitration agreements, including whether the rule 
could impact access to financial products or services.
    Credit Scores and Credit Reports. The Committee continued 
to monitor issues related to credit scores and credit 
reporting. On September 27, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a legislative hearing 
entitled, ``Examining Legislative Proposals to Address Consumer 
Access to Mainstream Banking Services.'' The purpose of the 
hearing was to receive testimony on legislative proposals 
relating to consumer credit and education, specifically credit 
history and the consumer reporting agencies.
    Access to Financial Services. The Committee examined ways 
to expand access to mainstream financial services among 
traditionally underserved segments of the U.S. population 
through technological innovation. On March 18, 2015, the 
Committee held a hearing entitled, ``Preserving Consumer Choice 
and Financial Independence.'' This hearing examined matters 
relating to regulatory compliance costs and the availability of 
financial products and services. On July 12, 2016, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a hearing entitled, ``Examining the Opportunities and 
Challenges with Financial Technology (``FinTech''): The 
Development of Online Marketplace Lending,'' which focused on 
the development of the FinTech market, specifically related to 
how online lenders and banks interact, and how they may expand 
access to credit. On July 28, 2015, the Committee held a 
hearing entitled, ``The Dodd-Frank Act Five Years Later: Are We 
More Prosperous?'' This hearing examined the Dodd-Frank Act in 
connection with matters related to economic growth.
    On February 11, 2016, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Short-term, Small Dollar Lending: The CFPB's Assault on 
Access to Credit and Trampling of State and Tribal 
Sovereignty.'' This hearing examined the short-term, small 
dollar credit marketplace; the extent to which lenders in this 
market meet consumers' need for credit; the products and 
protections available to consumers; and the manner in which 
lenders and products are regulated. On May 18, 2016, the 
Subcommittee on Financial Institutions and Consumer Credit also 
held a hearing entitled, ``Examining the CFPB's Proposed 
Rulemaking on Arbitration: Is it in the Public Interest and for 
the Protection of Consumers?'' This hearing examined the CFPB's 
proposed rule governing arbitration agreements, including 
whether the proposal, if implemented, would impact access to 
financial products or services.
    ``Operation Choke Point.'' On March 24, 2015, the Oversight 
and Investigations Subcommittee held a hearing entitled, ``The 
Federal Deposit Insurance Corporation's Role in Operation Choke 
Point,'' at which FDIC Chairman Martin Gruenberg testified that 
the agency's actions relating to ``Operation Choke Point'' 
``led to misunderstandings'' that caused depository 
institutions to incorrectly believe that business relationships 
with certain lawful industries were disfavored by the FDIC. 
Chairman Gruenberg further testified that the FDIC sought to 
clarify that banks should examine the risks posed by specific 
business relationships rather than cease providing services to 
all merchants in certain industries.
    On April 8, 2015, Chairman Hensarling and Subcommittee 
Chairs Garrett, Neugebauer, Luetkemeyer, Huizenga, and Duffy 
wrote to Comptroller of the Currency Thomas Curry, CFPB 
Director Richard Cordray, Federal Reserve Chairman Janet 
Yellen, and National Credit Union Administration Chairman 
Debbie Matz, requesting that their agencies publicly disavow 
their ``past, present, and future involvement in Operation 
Choke Point or any similar operation.'' The letter also 
requested that the agencies take internal actions to ensure 
``deposit account terminations are based on sound reasoning and 
potential risk, not political motive.''
    Discrimination in Lending. The Committee continued to 
monitor developments in the effectiveness of regulators' fair 
lending oversight and enforcement efforts throughout the 114th 
Congress. Staff held meetings with interested parties.
    Diversity in Financial Services. The Committee continued to 
monitor developments in implementing the diversity requirements 
of the Dodd-Frank Act throughout the 114th Congress. Staff held 
meetings with interested parties.
    Improper Disclosure of Personally Identifiable Information. 
The Committee continued to evaluate best practices for 
protecting the security and confidentiality of personally 
identifiable financial information from loss, unauthorized 
access, or misuse. On May 14, 2015, the Committee held a 
hearing entitled, ``Protecting Consumers: Financial Data 
Security in the Age of Computer Hackers.'' This hearing focused 
on why and how data breaches occur; how consumers are notified 
following a breach; what security measures and standards are in 
place to prevent breaches; what types of payment system 
technologies are under development that will help reduce the 
risk of future breaches; and whether federal legislation 
relating to data security and breach notification standards is 
warranted.
    The Committee also examined how data breaches are disclosed 
to consumers. On May 19, 2015, the Subcommittee on Financial 
Institutions and Consumer Credit held a hearing entitled, 
``Protecting Critical Infrastructure: How the Financial Sector 
Addresses Cyber Threats.'' This hearing focused on how to 
protect financial institutions and consumers' financial data 
from cyberattacks.
    In addition, on June 16, 2015, the Oversight and 
Investigations Subcommittee held a hearing entitled, ``A Global 
Perspective on Cyber Threats,'' which evaluated major cyber 
threats facing the U.S. from nation-states, terrorist and 
criminal organizations, and other actors.
    Payment System Innovations/Mobile Payments. The Committee 
reviewed government and private sector efforts to achieve 
greater security in the payments system. On May 14, 2015, the 
Committee held a hearing entitled, ``Protecting Consumers: 
Financial Data Security in the Age of Computer Hackers.'' This 
hearing focused on the types of payment system technologies 
under development that will help reduce the risk of data 
security breaches.
    Payment Cards. On September 29, 2015, the Committee held a 
hearing entitled, ``The Semi-Annual Report of the Bureau of 
Consumer Financial Protection.'' This hearing examined the 
CFPB's proposed prepaid card rule, including whether the rule 
could reduce consumer access to prepaid cards. On March 16, 
2016, the Committee held a hearing entitled, ``The Semi-Annual 
Report of the Bureau of Consumer Financial Protection.'' This 
hearing also examined the prepaid card rule, and the 
application of Regulation Z to prepaid cards.
    Money Laundering and the Financing of Terrorism. To 
continue its oversight of money laundering and the financing of 
terrorism, the Committee established The Task Force to 
Investigate Terrorism Financing. The 21-Member bipartisan Task 
Force was authorized for two six-month terms during the 114th 
Congress, during which time it held eleven hearings to examine 
how terror groups and networks acquire and move funds to 
finance their illicit activities. The Task Force received 
testimony from U.S. government employees as well as foreign 
officials and private-sector experts.
    The Task Force held five hearings that specifically 
examined terrorist funding sources and networks. At a hearing 
on April 22, 2015, witnesses testified on the evolution of 
terrorist financing threats following the September 11, 2001 
attacks. On May 21, 2015, the Task Force explored the nexus of 
terrorism, corruption, and transnational crime, especially drug 
trafficking. A June 24, 2015, Task Force hearing specifically 
examined the schemes used by terrorists to access the U.S. 
financial system, including through anonymized shell 
corporations and cyber-attacks. A July 22, 2015, hearing 
explored the implications of the July 2015 Joint Comprehensive 
Plan of Action on Iran's terrorist financing capabilities. On 
September 9, 2015, the Task Force explored whether the U.S. was 
fully and effectively using the tools at its disposal to combat 
terrorist financing, as well as how to improve interagency and 
private sector coordination to detect and disrupt terrorist 
financing networks.
    The Task Force examined other matters related to terrorism 
financing, including trade-based money laundering and the 
importance of trade transparency; the Treasury Department's 
efforts to help developing countries strengthen anti-money 
laundering capabilities; and how the sale or trade of plundered 
arts and antiquities can fund terror.
    The Task Force also conducted oversight outside of formal 
hearings. Task Force staff participated in several briefings, 
including on a classified basis, with representatives of the 
Treasury Department, the Federal Bureau of Investigation, the 
Justice Department, the International Monetary Fund, the 
Congressional Research Service, the Government Accountability 
Office, and the private sector. Additionally, in the summer of 
2015, the Task Force sponsored a congressional delegation to 
France, Turkey, Qatar, and Kuwait to examine regional terrorism 
financing and information sharing issues. In March 2016, the 
Task Force received a GAO report--prepared at the request of 
Reps. Fitzpatrick, Lynch, and Pittenger--discussing fines, 
penalties, and forfeitures for violations of financial crimes 
and sanctions. In April 2016, the Task Force sent a 
congressional delegation to Colombia, Panama, Paraguay and 
Argentina, which examined illicit financial flows in South 
America. Finally, the Task Force developed and secured House 
passage of legislation to enhance U.S. and international 
efforts to counter illicit uses of the financial system.
    Financial Crimes Enforcement Network (FinCEN). On May 24, 
2016, the Task Force to Investigate Terrorism Financing held a 
hearing examining, among other things, FinCEN's efforts to stop 
illicit uses of the financial system, at which the head of 
FinCEN testified.
    Money Services Businesses (MSBs) and their Access to 
Banking Services. The Subcommittee on Financial Institutions 
held a hearing on April 15, 2015 entitled ``Examining 
Regulatory Burdens on Non-Depository Institutions,'' which 
examined matters related to MSBs.
    Community Development Financial Institutions Fund (CDFI 
Fund). The Committee continued to monitor developments in the 
operations of the Community Development Financial Institutions 
Fund throughout the 114th Congress. Staff held meetings with 
interested parties.
    Community Reinvestment Act (CRA). On March 18, 2015, the 
Committee held a hearing entitled, ``Preserving Consumer Choice 
and Financial Independence,'' which discussed, among other 
things, the impact of Community Reinvestment Act on the ability 
for financial institutions to extend credit.
    Financial Literacy. The Committee continued to examine the 
importance of financial literacy. On September 27, 2016, the 
Subcommittee on Financial Institutions and Consumer Credit held 
a legislative hearing entitled, ``Examining Legislative 
Proposals to Address Consumer Access to Mainstream Banking 
Services.'' The purpose of the hearing was to receive testimony 
on legislative proposals that would impact consumer credit 
education, specifically for consumers looking to improve their 
credit scores.
    Troubled Asset Relief Program (TARP). Committee staff 
monitored the developments in this area throughout the 114th 
Congress, including by reviewing quarterly reports from the 
TARP Inspector General.

                            CAPITAL MARKETS

    Securities and Exchange Commission (SEC). The Committee 
held a hearing on March 24, 2015, entitled ``Examining the 
SEC's Agenda, Operations, and FY 2016 Budget Request.'' SEC 
Chair Mary Jo White was the sole witness. The hearing focused 
on the SEC's rulemaking agenda, including directives from the 
Dodd-Frank Act and the Jumpstart Our Business Startups 
(``JOBS'') Act. The hearing also examined the Administration's 
FY 2016 SEC budget request of $1.722 billion. The Committee 
held hearings examining similar matters on November 18, 2015, 
and November 15, 2016, at which Chair White also testified.
    During the 114th Congress, the Subcommittee on Capital 
Markets and Government Sponsored Enterprises examined specific 
divisions within the SEC. The Subcommittee held a hearing 
entitled ``Oversight of the SEC's Division of Enforcement'' on 
March 19, 2015, at which the Division's Director testified. On 
October 23, 2015, the Subcommittee convened a hearing to 
receive the testimony of the Director of the SEC's Division of 
Investment Management, and on April 21, 2016, it held another 
hearing related to several divisions and offices within the 
SEC. At that hearing, testimony was received from the Director 
of the Office of Credit Ratings; the Director of the Division 
of Economic and Risk Analysis; the Chief of the Office of the 
Whistleblower; and the Director of the Office of Compliance, 
Inspections, and Examinations.
    The Committee also took steps to oversee the SEC's 
operations outside of hearings. On January 12, 2015, Chairmen 
Hensarling and Garrett requested that Chair White provide an 
update concerning the SEC's JOBS Act rulemakings; its review of 
equity market structure; its establishment of a Consolidated 
Audit Trail; and its comprehensive review of public company 
disclosure requirements.
    On February 25, 2015, Reps. Hensarling, Garrett, Huizenga, 
and Royce requested that the SEC provide a detailed description 
of the funds and hours spent implementing the Dodd-Frank Act's 
conflict minerals disclosure rule; the letter was sent after 
the SEC appealed a decision of the U.S. Court of Appeals for 
the District of Columbia Circuit that partially vacated the 
SEC's conflict minerals disclosure rule.
    On April 14, 2015, Chairman Garrett wrote to the SEC's 
Director of Enforcement requesting, among other things, that 
the Director provide a copy of the SEC's guidance for the use 
of administrative proceedings, a description of discovery tools 
available to respondents, and the use of undertakings in 
enforcement actions.
    On October 7, 2015, Chairmen Hensarling and Garrett wrote 
to Chair White regarding continued efforts by third parties and 
certain U.S. Senators to compel the SEC to mandate the 
disclosure of political spending.
    On November 11, 2015, Chairmen Hensarling, Garrett, and 
Duffy requested, among other things, that Chair White provide 
information about SEC staff participation in international 
training programs, the programs' objectives and history, and 
how the programs are aligned with the SEC's statutory mission.
    On December 18, 2015, Reps. Hensarling, Garrett, and Wagner 
wrote to Chair White regarding certain capital markets 
provisions contained within the recently enacted Fixing 
America's Surface Transportation (FAST) Act. Specifically, the 
letter requested the SEC's plan to ensure that the SEC would 
implement the provisions in a timely manner as required by 
Congress.
    On March 18, 2016, Chairmen Hensarling and Garrett 
requested that Chair White provide, among other things, 
information related to resources or plans to use resources to 
develop a political spending disclosure rule in light of a 
recently enacted law which prohibited the SEC from expending 
funds to do so.
    On April 13, 2016, Reps. Hensarling, Garrett, Duffy, and 
Wagner requested, among other things, a detailed list of 
meetings between SEC officials and employees and officials at 
the Department of Justice or the Department of Labor and a list 
of SEC Division of Economic and Risk Analysis employees in 
contact with the Department of Labor.
    On April 14, 2016, Chairmen Hensarling and Duffy wrote to 
Chair White regarding matters relating to the potentially 
improper release of material, non-public and confidential 
supervisory information that occurred either at the FDIC and/or 
the Federal Reserve.
    On June 13, 2016, Chairman Garrett wrote to Chair White 
regarding the SEC's failure to adhere to deadlines related to 
the implementation of capital markets provisions within the 
FAST Act. The letter requested, among other things, a specific 
future date for compliance.
    On September 22, 2016, Chairmen Hensarling and Garrett 
wrote to the SEC Inspector General regarding the potentially 
improper disclosure of information regarding a pending SEC 
enforcement action.
    On December 18, 2016, Chairmen Garrett and Duffy wrote to 
Chair White to request that the SEC provide the Committee with 
all documents that it was producing in response to a request 
from the Senate Homeland Security and Government Affairs 
Committee related to the Department of Labor's fiduciary rule.
    The JOBS Act. The Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing on April 14, 
2016, entitled ``The JOBS Act at Four: Examining Its Impact and 
Proposals to Further Enhance Capital Formation.'' The witnesses 
included: The Honorable Paul Atkins, Chief Executive Officer, 
Patomak Global Partners; Mr. William Beatty, Director, Division 
of Securities, Washington State Department of Financial 
Institutions (on behalf of the North American Securities 
Administrators Association); Mr. Nelson Griggs, Executive Vice 
President, Global Listing Services, NASDAQ; Mr. Raymond 
Keating, Chief Economist, Small Business & Entrepreneurship 
Council; and Mr. Kevin Laws, Chief Operating Officer, 
AngelList. The hearing examined the impact of the JOBS Act on 
the U.S. capital markets and the Act's effect on capital 
formation, job creation, and economic growth. Additionally, the 
Subcommittee reviewed four legislative proposals to amend the 
JOBS Act with the goal of further enhancing capital formation 
for small companies and their investors including: H.R. 4850, 
the ``Micro Offering Safe Harbor Act''; H.R. 4852, the 
``Private Placement Improvement Act of 2016''; H.R. 4854, the 
``Supporting America's Innovators Act of 2016''; and H.R. 4855, 
the ``Fix Crowdfunding Act.'' Finally, Members reviewed the 
status of the SEC's implementation of JOBS Act mandates and its 
post-JOBS Act capital formation agenda in connection with Chair 
White's regular testimony before the Committee (see discussion 
of SEC oversight supra).
    Derivatives. The Committee examined issues related to 
derivatives and Title VII of the Dodd-Frank Act with Chair 
White during her testimony before the Committee (see discussion 
of SEC oversight supra). Additionally, the Committee examined 
derivatives issues in connection with a series of hearings on 
the Dodd-Frank Act that it held in the summer of 2015, 
approximately five years after the Act's enactment. (See 
discussion of Dodd-Frank oversight supra).
    Credit Rating Agencies. The Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing entitled 
``Continued Oversight of the SEC's Offices and Divisions'' on 
Thursday, April 21, 2016, at which Thomas Butler--the Director 
of the SEC's Office of Credit Ratings--was one of the 
witnesses. Mr. Butler testified regarding the mission, 
operations, and activities of the SEC's Office of Credit 
Ratings.
    Regulation and Oversight of Broker-Dealers and Investment 
Advisers. The Subcommittees on Oversight and Investigations and 
Capital Markets and Government Sponsored Enterprises held a 
hearing entitled ``Preserving Retirement Security and 
Investment Choices for all Americans'' on September 10, 2015. 
Witnesses were: Mr. Caleb Callahan, Senior Vice President and 
Chief Marketing Officer, ValMark Securities (on behalf of the 
Association for Advanced Life Underwriting); Mr. Paul Schott 
Stevens, President and Chief Executive Officer, Investment 
Company Institute; Professor Mercer Bullard, MDLA Distinguished 
Lecturer and Professor of Law, University of Mississippi School 
of Law; Ms. Juli McNeely, President, National Association of 
Insurance and Financial Advisors; and Mr. Scott Stolz, Senior 
Vice President, PCG Investment Products, Raymond James & 
Associates, Inc.
    The Subcommittees examined the impact on retail investors, 
retirement savers, and the economy from the following 
rulemakings proposed by the Department of Labor: Definition of 
the Term ``Fiduciary'': Conflict of Interest Rule--Retirement 
Investment Advice (80 FR 21928); Proposed Best Interest 
Contract Exemption (80 FR 21960); and five additional proposed 
prohibited transaction exemptions (80 FR 22004, 22034, 22010, 
22021, and 21989). The Subcommittees also examined the current 
state of regulation that applies to broker-dealers and 
investment advisers when providing advice and services to 
retail investors.
    Self-Regulatory Organizations (SROs). The Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
hearing entitled ``Oversight of the Financial Industry 
Regulatory Authority'' on May 1, 2015. Richard G. Ketchum, 
Chairman and Chief Executive Officer of the Financial Industry 
Regulatory Authority (FINRA), was the only witness. The hearing 
examined FINRA's rulemaking and enforcement agenda as well as 
its proposal to implement the Comprehensive Automated Risk Data 
System (CARDS).
    On April 13, 2016, Reps. Hensarling, Garrett, Duffy, and 
Wagner wrote to Mr. Ketchum requesting, among other things, 
records provided in response to a request from the Senate 
Committee on Homeland Security and Governmental Affairs and a 
written analysis describing instances where FINRA believed the 
Department of Labor had not complied with federal securities 
laws or FINRA rules.
    Equity/Option Market Structure. Members examined issues 
related to equity market structure with Chair White during her 
regular testimony before the Committee on the SEC's agenda, 
operations, and budget requests (see discussion of SEC 
oversight supra).
    On January 14, 2016, Capital Markets Subcommittee staff 
hosted a briefing given by staff of the SEC's Division of 
Trading and Markets regarding IEX's application to register as 
a national securities exchange. Additionally, on March 10, 
2016, staff hosted a briefing by the Division of Trading and 
Markets regarding the potential acquisition of the Chicago 
Stock Exchange by a Chinese national entity.
    Fixed-Income Market Structure. The Subcommittee on Capital 
Markets and Government Sponsored Enterprises held a hearing on 
February 24, 2016, entitled ``The Impact of the Dodd-Frank Act 
and Basel II on the Fixed Income Market and Securitizations.'' 
The witnesses included: Mr. Anthony Carfang, Partner and 
Director, Treasury Strategies; Ms. Meredith Coffey, Executive 
Vice President, Loan Syndications and Trading Association; Mr. 
Andrew Green, Managing Director for Economic Policy, Center for 
American Progress; Mr. Richards Johns, Executive Director, 
Structured Finance Industry Group; Mr. Jeffrey Plunkett, 
Executive Vice President and General Counsel, Natixis Global 
Asset Management; Mr. Stephen Renna, President and Chief 
Executive Officer, Commercial Real Estate Finance Council; and 
Dr. Marcus Stanley, Policy Director, Americans for Financial 
Reform. In addition to examining three legislative proposals, 
the Subcommittee considered the impact of the Volcker Rule and 
risk retention requirements contained in Titles VI and IX of 
the Dodd-Frank Act and the recommendations of the Basel 
Committee on Banking Supervision, such as the Fundamental 
Review of the Trading Book, on both the liquidity and 
functionality of the fixed income market and securitizations.
    Corporate Governance. The Subcommittee on Capital Markets 
and Government Sponsored Enterprises held a hearing on 
September 21, 2016 entitled, ``Corporate Governance: Fostering 
a System that Promotes Capital Formation and Maximizes 
Shareholder Value.'' The witnesses included: The Honorable John 
Engler, President, Business Roundtable; Ms. Darla Stuckey, 
President and Chief Executive Officer, Society of Governance 
Professionals; Ms. Anne Simpson, Investment Director, 
Sustainability, California Public Employees' Retirement System; 
and Mr. James Copeland, Senior Fellow and Director of Legal 
Policy, Manhattan Institute. The hearing examined the ability 
of the U.S. capital markets to permit public companies to raise 
capital efficiently as well as the Federal and state securities 
regulatory and legal regime with which public companies must 
comply.
    Employee Compensation. The Committee examined executive 
compensation matters during its July 28, 2015 hearing entitled, 
``The Dodd-Frank Act Five Years Later: Are We More 
Prosperous?'' (See discussion of Dodd-Frank oversight supra for 
additional information). Additionally, the Committee held a 
hearing on September 29, 2016 entitled, ``Holding Wall Street 
Accountable: Investigating Wells Fargo's Opening of 
Unauthorized Customer Accounts.'' John Stumpf, then the 
Chairman and CEO of Wells Fargo & Company, was the sole 
witness. Prior to the hearing, on September 8, 2016, Wells 
Fargo entered into consent orders with the Office of the 
Comptroller of the Currency, the CFPB, and the City of Los 
Angeles for alleged unsafe and unsound sales practices, unfair 
and abusive practices, and unlawful, unfair, and fraudulent 
sales and related business acts and practices. While neither 
admitting nor denying the allegations as part of the consent 
orders, Wells Fargo agreed to pay $190 million in collective 
fines and restitution. The consent orders asserted that Wells 
Fargo had fired 5,300 employees over a five year period for 
opening hundreds of thousands of deposit and credit card 
accounts without customers' knowledge or consent. This was 
allegedly caused by the setting of aggressive sales quotas, 
pressure from managers to meet those quotas, and inadequate 
monitoring by Wells Fargo. The Committee's September 29th 
hearing examined these matters, in addition to the compensation 
practices of Wells Fargo and the compensation of relevant 
executive officers.
    Securities Investor Protection Corporation (SIPC). The 
Committee held a hearing on November 18, 2015 entitled, 
``Examining the SEC's Agenda, Operations, and FY 2017 Budget 
Request'' at which Chair White was the sole witness. That 
hearing examined, in part, issues relating to SIPC, including 
the circumstances in which SIPC indemnifies investors against 
losses. Chair White testified that if a broker-dealer is 
engaged in a ``Ponzi scheme'' or never engaged in a bona fide 
trade, SIPC would not cover losses up to the full amount listed 
on investors' account statements.
    Mutual Funds. The Subcommittee on Capital Markets and 
Government Sponsored Enterprises held a hearing entitled, 
``Oversight of the SEC's Division of Investment Management'' on 
October 23, 2015. David Grim, Director of the Division, was the 
sole witness. The Division is responsible for the SEC's 
regulation of investment companies, variable insurance 
companies, and registered investment advisers. The types of 
investment companies subject to the Division's supervision 
include mutual funds, closed-end funds, business development 
companies, unit investment trusts, and exchange-traded funds. 
The Division carries out its mission by focusing primarily on 
guidance, disclosure, and rulemaking, as well as through risk 
monitoring and analysis of these entities and products. The 
hearing examined the Division's performance of these functions.
    The Subcommittee on Capital Markets and Government 
Sponsored Enterprises held a hearing on December 8, 2016 
entitled, ``The Impact of Regulations on Short-Term 
Financing.'' The witnesses were: Mr. Anthony J. Carfang, 
Managing Director, Treasury Strategies (a division of Novantas, 
Inc.); Mr. Thomas C. Deas, Jr., Chairman, National Association 
of Corporate Treasurers; Mr. Mike Konczal, Fellow, Roosevelt 
Institute; and Mr. Robert Toomey, Managing Director and 
Associate General Counsel, Securities Industry and Financial 
Markets Association. The Subcommittee considered the impact of 
the Dodd-Frank Act, actions of the Financial Stability 
Oversight Council and the Basel Committee on Banking 
Supervision, and other regulatory activities since 2010 on 
short-term financing in the U.S. capital markets, including 
repurchase agreements, money market funds, and securities 
financing.
    Additionally, on August 24, 2016, the Federal Reserve's 
Office of Financial Responsibility briefed staff of the 
Financial Institutions and Capital Markets Subcommittees 
regarding a tool used to monitor money market funds.
    Advisers to Private Funds. The Subcommittee on Capital 
Markets and Government Sponsored Enterprises held a hearing 
entitled ``Oversight of the SEC's Division of Investment 
Management,'' on October 23, 2015, which examined matters 
relating to advisers to private funds (see oversight of Mutual 
Funds supra for more information).
    Securitization and Risk Retention. The Subcommittee on 
Capital Markets and Government Sponsored Enterprises held a 
hearing on February 24, 2016, entitled ``The Impact of the 
Dodd-Frank Act and Basel III on the Fixed Income Market and 
Securitizations,'' which examined securitization and risk 
retention issues (see oversight of Fixed Income Market 
Structure supra for more information).
    Covered Bonds. The Committee continued to monitor 
developments in covered bonds throughout the 114th Congress. 
Staff held meetings with interested parties.
    Municipal Securities Rulemaking Board (MSRB). The 
Subcommittee on Capital Markets and Government-Sponsored 
Enterprises held a hearing on September 22, 2016, entitled 
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities.'' 
The witnesses included: Mr. Wesley Bricker, Interim Chief 
Accountant, Office of the Chief Accountant, SEC; Mr. James 
Doty, Chairman, Public Company Accounting Oversight Board; Mr. 
Russell Golden, Chairman, Financial Accounting Standards Board; 
Ms. Jessica Kane, Director, Office of Municipal Securities, 
SEC; Ms. Lynnette Kelly, Executive Director, Municipal 
Securities Rulemaking Board; and Mr. Robert Colby, Chief Legal 
Officer, Financial Industry Regulatory Authority. The hearing 
examined the operations of these entities.
    Public Company Accounting Oversight Board (PCAOB). The 
Subcommittee on Capital Markets and Government-Sponsored 
Enterprises held a hearing on September 22, 2016 entitled, 
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities,'' 
which examined matters related to the PCAOB (see oversight of 
the Municipal Securities Rulemaking Board supra for more 
information).
    Financial Accounting Standards Board (FASB). The 
Subcommittee on Capital Markets and Government-Sponsored 
Enterprises held a hearing on September 22, 2016 entitled, 
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities,'' 
which examined matters related to the FASB (see oversight of 
the Municipal Securities Rulemaking Board supra for more 
information).
    Government Accounting Standards Board (GASB). The Committee 
continued to monitor developments regarding GASB throughout the 
114th Congress. Staff held meetings with interested parties.
    Convergence of International Accounting Standards. The 
Subcommittee on Capital Markets and Government-Sponsored 
Enterprises held a hearing on September 22, 2016 entitled, 
``Examining the Agenda of Regulators, SROs, and Standards-
setters for Accounting, Auditing, and Municipal Securities,'' 
which examined matters related to the convergence of 
international accounting standards (see oversight of the 
Municipal Securities Rulemaking Board supra for more 
information).
    Securities Litigation. The Committee continued to monitor 
developments regarding securities litigation reform throughout 
the 114th Congress. Staff held meetings with interested 
parties.
    Securities Arbitration. The Committee continued to monitor 
developments in securities arbitration throughout the 114th 
Congress. Staff held meetings with interested parties.
    Business Continuity Planning. The Committee continued to 
monitor developments in business continuity planning throughout 
the 114th Congress. Staff held meetings with interested 
parties.

                    GOVERNMENT SPONSORED ENTERPRISES

    Fannie Mae and Freddie Mac. The Committee held a hearing on 
January 27, 2015 entitled, ``Sustainable Housing Finance: An 
Update from the director of the Federal Housing Finance 
Agency.'' The sole witness was Federal Housing Finance Agency 
(``FHFA'') Director Mel Watt. The hearing examined (1) measures 
FHFA had taken as conservator of Fannie Mae and Freddie Mac; 
(2) FHFA's Strategic Plan for Fannie Mae and Freddie Mac; (3) 
the financial condition of Fannie Mae, Freddie Mac and the 
Federal Home Loan Banks (``FHLBs''); (4) the state of private 
sector participation in the housing finance market; (5) whether 
adequate steps were being taken to encourage additional private 
capital in the market; and (6) additional actions FHFA had 
taken as regulator of Fannie Mae, Freddie Mac and the FHLBs.
    On March 10, 2015, Chairmen Luetkemeyer, Garrett, and 
Neugebauer wrote to Director Watt requesting, among other 
things, documents and communication relating to the statutory 
requirements to fund the Housing Trust Fund and Capital Magnet 
Fund.
    On March 21, 2016, Chairman Hensarling and Senate Committee 
on Banking, Housing, and Urban Affairs Chairman Richard Shelby 
wrote to HUD Secretary Julian Castro and Director Watt urging 
them to ensure that programs established by HUD and FHFA to 
sell non-performing loans were structured to focus on 
increasing private market participation so that taxpayers and 
homeowners have the best chance at a successful future.
    On November 21, 2016, Chairmen Garrett, Luetkemeyer, 
Neugebauer, Huizenga, and Duffy wrote to Director Watt 
regarding conforming loan limits for 2017.
    Federal Housing Finance Agency (FHFA). The Committee 
conducted oversight of the FHFA as described previously (see 
oversight of Fannie Mae and Freddie Mac supra).
    Federal Home Loan Bank (FHLB) System. The Committee 
conducted oversight of the FHLB System as described previously 
(see oversight of Fannie Mae and Freddie Mac supra).

                                HOUSING

    Housing and Urban Development, Rural Housing Service, and 
the National Reinvestment Corporation. The Oversight and 
Investigations Subcommittee held a hearing on February 4, 2015 
entitled, ``Exploring Alleged Ethical and Legal Violations at 
the U.S. Department of Housing and Urban Development.'' 
Witnesses from the GAO and the HUD Inspector General testified 
concerning the outcome of their investigations into matters 
relating to allegations of improper lobbying and employment law 
practices at HUD. On April 20, 2015, Housing and Insurance 
Subcommittee Chairman Luetkemeyer sent a letter requesting that 
the Government Accountability Office review the Rural Housing 
Service and, in particular, the operations of the single family 
guarantee program. The Subcommittee on Housing and Insurance 
held a hearing on the Rural Housing Service budget on May 19, 
2015. The Committee held a hearing on HUD's budget on June 11, 
2015. On October 22, 2016, the Committee held a hearing on 
HUD's 50th Anniversary to receive testimony regarding HUD's 
mission and whether it had achieved the goals established at 
its creation.
    Public Housing. On April 16, 2015, the Subcommittee on 
Housing and Insurance held a hearing entitled ``The Future of 
Housing in America: Increasing Private Sector Participation in 
Affordable Housing.'' On July 10, 2015, the Subcommittee on 
Housing & Insurance held a hearing on ``The Future of Housing 
in America: Oversight of HUD's Public and Indian Housing 
Programs.'' On May 12, 2016, the Subcommittee on Housing & 
Insurance held a hearing entitled ``The Future of Housing in 
America: A Comparison of the United Kingdom and United States 
Models for Affordable Housing.''
    Section 8 Housing Choice Voucher Program and Affordable 
Housing. On March 22, 2016, the Subcommittee on Housing and 
Insurance held a hearing entitled, ``The Future of Housing in 
America: Government Regulations and the High Cost of Housing.'' 
On September 21, 2016, the Subcommittee on Housing and 
Insurance held a hearing entitled ``The Future of Housing In 
America: A Better Way to Increase Efficiencies For Housing 
Vouchers and Create Upward Economic Mobility.''
    Community Development Block Grant (CDBG). On June 11, 2015, 
the Committee held hearings on the HUD budget, which included 
discussion of the CDBG program.
    HOME Investment Partnerships Program (HOME). On June 11, 
2015, the Committee held hearings on the HUD budget, which 
included discussion of the HOME program.
    Federal Housing Administration (FHA). The Committee held a 
hearing on February 11, 2015 entitled, ``The Future of Housing 
in America: Oversight of the Federal Housing Administration,'' 
at which HUD Secretary Julian Castro testified. On June 8, 
2015, Chairman Hensarling sent a letter to HUD expressing 
concern related to FHA's non-compliance with statutory capital 
reserve ratio standards. On February 11, 2016, the Committee 
held a hearing entitled ``The Future of Housing in America: 
Examining the Health of the Federal Housing Administration.'' 
On February 26, 2016, the Housing and Insurance Subcommittee 
held a hearing entitled ``The Future of Housing in America: 
Oversight of the Federal Housing Administration--Part II.'' On 
March 21, 2016, Chairman Hensarling sent a letter to HUD to 
express concern related to reports that FHA could make changes 
to the nonperforming loan sales programs to provide preferences 
during the asset-sale process. On July 13, 2016, the Committee 
held a hearing entitled ``HUD Accountability,'' at which HUD 
Secretary Julian Castro testified and which included 
examination of matters relating to the FHA.
    Foreclosure Mitigation. Committee staff monitored the 
developments in this area throughout the 114th Congress.
    Veterans' Housing. Committee staff monitored the 
developments in this area throughout the 114th Congress.
    Fair Housing. Committee staff monitored the developments in 
this area throughout the 114th Congress.
    Native American Housing Assistance and Self-Determination 
Act (NAHASDA). On March 23, 2015, the House passed H.R. 360, 
the Native American Housing Assistance and Self-Determination 
Reauthorization Act of 2015, which included reforms developed 
as a result of the oversight described herein.
    Settlement Procedures. The Subcommittee on Housing and 
Insurance held a hearing on May 14, 2016 entitled, ``TILA-RESPA 
Integrated Disclosure: Examining the Costs and Benefits of 
Changes to the Real Estate Settlement Process.'' On November 
16, 2016, the Subcommittee on Housing and Insurance held a 
hearing entitled ``Modernizing Appraisals: A Regulatory Review 
and the Future of the Industry.'' In addition, Subcommittee 
Chairmen Luetkemeyer and Neugebauer sent a letter on March 27, 
2015 to the CFPB Director Cordray relating to the operation and 
effect of the real estate settlement disclosure process.

                               INSURANCE

    National Flood Insurance Program (NFIP). The Subcommittee 
on Housing and Insurance held a hearing on the NFIP on June 2, 
2015 entitled, ``The National Flood Insurance Program: 
Oversight of Superstorm Sandy,'' and on January 12, 2016, 
entitled ``Opportunities and Challenges Facing the National 
Flood Insurance Program.'' In addition, on November 6, 2015, 
the Housing and Insurance Subcommittee held a field hearing in 
New Orleans, Louisiana to review the impact of Hurricane 
Katrina on the area; the hearing was entitled, ``New Orleans: 
Ten Years After the Storm.'' On January 13, 2016, the Housing 
and Insurance Subcommittee held a hearing to examine methods to 
increase private sector involvement in flood insurance entitled 
``How to Create a More Robust and Private Flood Insurance 
Marketplace.''
    Terrorism Risk Insurance Program. Committee staff monitored 
the developments in this area throughout the 114th Congress.
    Federal Insurance Office (FIO). The Subcommittee on Housing 
and Insurance held a hearing on international regulatory 
standards on February 25, 2016 entitled, ``The Impact of 
International Regulatory Standards on the Competitiveness of 
U.S. Insurers: Part II'' and on September 28, 2016 entitled, 
``The Impact of US-EU Dialogues on U.S. Insurance Markets.'' 
Housing and Insurance Subcommittee Chairman Luetkemeyer sent 
letters to the FIO Director concerning negotiations on an 
international capital standard on March 17, 2015; on the 
National Association of Agents and Brokers Reform Act of 2015 
(NARAB II) on July 8, 2015; and on dialogues with the European 
Union on international regulatory standards on October 19, 
2015.
    Impact of Dodd-Frank Act Implementation on the Insurance 
Sector. The Subcommittee on Housing and Insurance held a 
hearing on the impact of international regulatory standards on 
April 29, 2015 entitled, ``The Impact of International 
Regulatory Standards on the Competitiveness of U.S. Insurers,'' 
and on the impact of domestic regulatory standards on September 
29, 2015 entitled, ``The Impact of Domestic Regulatory 
Standards on the U.S. Insurance Market''.

                       MONETARY POLICY AND TRADE

    The Federal Reserve System. The Committee performed regular 
oversight of the Federal Reserve System throughout the 114th 
Congress. It held a full Committee hearing on the state of the 
economy and the conduct of monetary policy on February 25, 
2015, at which Chair Yellen testified. On July 14, 2015, the 
Oversight and Investigations Subcommittee held a hearing 
entitled ``Fed Oversight: Lack of Transparency and 
Accountability,'' which examined the extent to which the Fed's 
internal processes were transparent; the implementation of the 
Dodd-Frank Act; and the extent of the Fed's compliance with 
congressional investigations and information requests. On July 
15, 2015, the Committee again received the testimony of Chair 
Yellen on the state of the economy and the conduct of monetary 
policy. On July 22, 2015, the Subcommittee on Monetary Policy 
and Trade held a hearing entitled ``Examining Federal Reserve 
Reform Proposals.'' These efforts culminated in the development 
of legislation to alter certain aspects of the Fed's 
operations. The Committee reported H.R. 3189, the Fed Oversight 
Reform and Modernization (FORM) Act, on July 28 and 29, 2015, 
by a vote of 33 to 25. Among other things, the FORM Act would 
require the Fed to clearly explain differences between the 
actual course of monetary policy and a reference policy rule. 
The FORM Act passed the House on November 19, 2015, by a vote 
of 241 to 185.
    Also in November 2015, the Committee held a hearing 
examining the Fed's supervision and regulation of the financial 
system; this hearing was held consistent with Title XI of the 
Dodd-Frank Act, which contemplates semi-annual testimony on 
these matters by the Fed's Vice Chairman for Supervision. 
Because the President had not nominated an individual to fill 
this position as of the date of the hearing, Chair Yellen was 
the sole witness.
    The Committee continued to perform oversight of the Federal 
Reserve System following House action on the FORM Act. On 
February 10, 2016, the Committee held a hearing to receive 
Chair Yellen's testimony on the state of the economy and the 
conduct of monetary policy. On May 17, 2016, the Subcommittee 
on Monetary Policy and Trade held a hearing examining various 
Fed operations entitled ``Interest on Reserves and the Fed's 
Balance Sheet.'' On June 22, 2016, Chair Yellen again testified 
on the state of the economy and the conduct of monetary policy. 
In addition, on September 7, 2016, the Subcommittee on Monetary 
Policy and Trade held a hearing entitled ``Federal Reserve 
Districts: Governance, Monetary Policy, and Economic 
Performance.'' On September 28, 2016, the Committee convened 
its second hearing on the Fed's supervision and regulation of 
the financial system, at which Chair Yellen was the sole 
witness. Finally, on December 7, 2016, the Subcommittee on 
Monetary Policy and Trade held a hearing examining Fed 
operations entitled ``Unconventional Monetary Policy.''
    Defense Production Act. The Committee monitored matters 
relating to the Defense Production Act in the 114th Congress, 
including during House consideration of the National Defense 
Authorization Act for FY 2017.
    Committee on Foreign Investment in the United States 
(CFIUS). To continue the Committee's oversight of CFIUS, the 
Oversight and Investigations Subcommittee sent letters to the 
Treasury Department in April and June 2015, and to the State 
Department in August and October 2015, concerning media reports 
raising questions about the review and investigation by CFIUS 
of a 2010 transaction that led to a Russian state-owned company 
gaining control of one-fifth of all uranium production capacity 
in the United States. Treasury provided a Top Secret briefing, 
as well as several in-camera reviews of documents, regarding 
the matter.
    Coins and Currency. The Committee took action to implement 
certain reforms to coins and currency-related matters in the 
114th Congress. In particular, the Committee secured House 
consideration of H.R. 1698, which amends design and content 
requirements for certain gold and silver coins. That measure 
was signed into law on December 4, 2015, after it was 
incorporated into H.R. 22, the Fixing America's Surface 
Transportation (FAST) Act.
    Economic Sanctions. The Committee monitored executive 
branch efforts relating to sanctions against Iran. On April 1, 
2016, Chairman Hensarling sent a letter to Treasury Secretary 
Lew concerning Iranian access to the U.S. dollar. On July 7, 
2016, the Subcommittee on Monetary Policy and Trade held a 
hearing entitled, ``The Implications of U.S. Aircraft Sales to 
Iran,'' which discussed H.R. 5729, H.R. 5711, and H.R. 5715, 
which would restrict Treasury authorizations for U.S. aircraft 
exports to Iran. On September 23, Chairman Hensarling and Rep. 
Roskam sent a letter to Adam Szubin, the Treasury Department's 
Acting Under Secretary for Terrorism and Financial 
Intelligence, requesting details on Treasury's ability to 
prevent authorized aircraft from facilitating terrorism and 
putting U.S. financial institutions at risk.
    International Monetary Fund (IMF). The Committee examined 
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.
    On June 17, 2015, the Subcommittee on Monetary Policy and 
Trade held a hearing entitled, ``The Impact of the 
International Monetary Fund: Economic Stability or Moral 
Hazard?'' On July 22, 2015, Subcommittee Chairman Huizenga sent 
a letter to Under Secretary of Treasury for International 
Affairs Nathan Sheets, advocating for increased IMF 
accountability and stronger lending standards. On September 17, 
2015, the Subcommittee held a hearing entitled, ``Strengthening 
U.S. Leadership in a Turbulent Global Economy,'' for which 
Under Secretary Sheets served as the sole witness. This hearing 
examined potential IMF reforms, as well as the pending decision 
to add the Chinese renminbi to the IMF's currency basket.
    On February 25, 2016, Chairman Huizenga sent a letter to 
Secretary Lew advocating against additional IMF programs for 
Greece. The Committee staff met with counterparts from the 
Treasury Department and the IMF to examine the Fund's technical 
assistance in the field of anti-money laundering and combatting 
the financing of terrorism (AML/CFT).
    In addition, the Full Committee received the Treasury 
Secretary's annual testimony on the state of the international 
financial system in March 2015 and March 2016.
    U.S. Oversight over the Multilateral Development Banks 
(MDBs) and Possible U.S. Contributions. The Committee examined 
the MDBs' effectiveness in promoting economic growth and good 
governance. On October 9, 2015, the Subcommittee on Monetary 
Policy and Trade held a hearing entitled, ``The Future of the 
Multilateral Development Banks.'' On April 27, 2016, the 
Subcommittee received the testimony of Under Secretary of 
Treasury for International Affairs Nathan Sheets at a hearing 
entitled, ``How Can the U.S. Make Development Banks More 
Accountable?'' On July 14, 2016, Chairman Huizenga and Ranking 
Member Moore sent a letter to World Bank President Jim Yong 
Kim, calling for appropriate corrective action following the 
Bank's cancelled Uganda Transport Sector Development Project. 
Subcommittee staff held bipartisan briefings with Treasury 
staff on replenishment negotiations for the International 
Development Association.
    Export-Import Bank of the United States (Ex-Im Bank). The 
Committee held three hearings on the Export-Import Bank prior 
to the Bank's lapse in authorization on June 30, 2016. On June 
30, 2015. On April 15, the Subcommittee on Monetary Policy and 
Trade, in cooperation with the Committee on Oversight and 
Government Reform's Subcommittee on Health Care, Benefits and 
Administrative Rules, held a hearing entitled, ``Oversight of 
Efforts to Reform the Export-Import Bank.'' On April 30, 2015, 
the Subcommittee again joined the Oversight and Government 
Reform Subcommittee to hold a hearing entitled, ``Examining the 
Export-Import Bank's Mandates.'' The full Committee examined 
Ex-Im's operations at a hearing on June 3, 2015 entitled, 
``Examining the Export-Import Bank's Reauthorization Request 
and the Government's Role in Export Financing.''
    International Trade. The Committee examined the 
Administration's negotiations to expand trade through the 
Trans-Pacific Partnership and Transatlantic Trade and 
Investment Partnership. On September 17, 2015, the Subcommittee 
on Monetary Policy and Trade reviewed the Administration's 
efforts at a hearing with Under Secretary of Treasury for 
International Affairs Nathan Sheets entitled, ``Strengthening 
U.S. Leadership in a Turbulent Global Economy.'' The 
Subcommittee also assessed the Export-Import Bank's role in 
providing trade finance at a hearing on April 15, 2015 
entitled, ``Oversight of Efforts to Reform the Export-Import 
Bank.'' This hearing was held jointly with the Committee on 
Oversight and Government Reform's Subcommittee on Health Care, 
Benefits and Administrative Rules.
    In addition, on February 3, 2016, the Task Force to 
Investigate Terrorism Financing heard testimony on the 
widespread use of trade-based money laundering (TBML) and the 
importance of trade transparency at a hearing entitled 
``Trading with the Enemy: Trade-Based Money Laundering is the 
Growth Industry in Terror Finance.'' Witnesses testified to the 
importance of ensuring that ``government data are gathered and 
analyzed in one place,'' and to the importance of properly 
including ``open source data and better integration with the 
practice sector'' to combat TBML.
    Exchange Rates. At a September 17, 2015 hearing entitled, 
``Strengthening U.S. Leadership in a Turbulent Global 
Economy,'' members of the Subcommittee on Monetary Policy and 
Trade examined the Administration's efforts to mitigate 
currency manipulation by U.S. trading partners, as well as its 
assessment of Chinese efforts to make the renminbi suitable for 
inclusion in the International Monetary Fund's currency basket.
    Global Economic Conditions. The Committee monitored 
economic developments overseas and assessed the effect of those 
developments on the U.S. economy. On April 15 and July 1, 2015, 
Subcommittee Chairman Huizenga sent letters to Secretary Lew 
opposing data localization rules in international trade 
agreements. On September 17, 2015, the Subcommittee held a 
hearing with Under Secretary of Treasury for International 
Affairs Nathan Sheets entitled, ``Strengthening U.S. Leadership 
in a Turbulent Global Economy.'' On September 23, 2016, the 
Subcommittee held a hearing entitled, ``The Financial Stability 
Board's (FSB) Implications for U.S. Growth and 
Competitiveness.''
    Extractive Industries and Conflict Minerals. The Committee 
monitored the implementation of provisions in Section 1502 of 
the Dodd-Frank Act imposing disclosure requirements relating to 
``conflict minerals.'' On November 17, 2015, the Subcommittee 
held a hearing entitled, ``Dodd-Frank Five Years Later: What 
Have We Learned from Conflict Minerals Reporting?'' Committee 
staff met with affected parties from overseas, as well as U.S.-
based advocacy groups, manufacturing representatives, and the 
Government Accountability Office to assess the effectiveness of 
Section 1502.

  DELINATION OF COMMITTEE AND SUBCOMMITTEE HEARINGS HELD PURSUANT TO 
                 CLAUSES 2(n), (o), AND (p) OF RULE XI

    Clause 1(d) of Rule XI of the Rules of the House of 
Representatives requires that the Committee delineate any 
hearings held pursuant to clause 2(n) of Rule XI (relating to 
waste, fraud, abuse, or mismanagement in government programs 
authorized by the Committee), clause 2(o) of Rule XI (relating 
to instances in which auditors have been unable to audit 
financial statements of agencies), or clause 2(p) of Rule XI 
(relating to federal agencies or programs identified by the GAO 
as being subject to high risk of waste, fraud, and 
mismanagement). The following table complies with the 
requirement of clause 1(d) of Rule XI:

------------------------------------------------------------------------
          Serial No.                     Title               Date(s)
------------------------------------------------------------------------
114-2.........................  Exploring Alleged       February 4, 2015
                                 Ethical and Legal
                                 Violations at the
                                 U.S. Department of
                                 Housing and Urban
                                 Development
                                 (Oversight).
114-11........................  The Federal Deposit     March 24, 2015
                                 Insurance
                                 Corporation's Role in
                                 Operation Choke Point
                                 (Oversight).
114-12........................  Joint Hearing with the  April 15, 2015
                                 Committee on
                                 Oversight and
                                 Government Reform's
                                 Subcommittee on
                                 Health Care, Benefits
                                 and Administrative
                                 Rules entitled,
                                 Oversight of Efforts
                                 to Reform the Export-
                                 Import Bank of the
                                 United States
                                 (Monetary Policy).
114-28........................  The National Flood      June 2, 2015
                                 Insurance Program:
                                 Oversight of
                                 Superstorm Sandy
                                 Claims (Housing).
114-37........................  Examining Continuing    June 25, 2015
                                 Allegations of
                                 Discrimination and
                                 Retaliation at the
                                 Consumer Financial
                                 Protection Bureau
                                 (Oversight).
114-46........................  National Credit Union   July 23, 2015
                                 Administration
                                 Operations and Budget
                                 (Financial
                                 Institutions).
114-60........................  Field hearing entitled  November 6, 2015
                                 New Orleans: Ten
                                 Years After the Storm
                                 (Housing).
114-63........................  Oversight of the        November 19,
                                 Financial Stability     2015
                                 Oversight Council:
                                 Due Process and
                                 Transparency in Non-
                                 Bank SIFI
                                 Designations
                                 (Oversight).
114-79........................  The FDIC's Targeting    March 16, 2016
                                 of Refund
                                 Anticipation Loans
                                 (Oversight).
114-90........................  Settling the Question:  May 19, 2016
                                 Did Bank Settlement
                                 Agreements Subvert
                                 Congressional
                                 Appropriations
                                 Powers? (Oversight).
114-98........................  HUD Accountability      July 13, 2016
                                 (Full Committee).
------------------------------------------------------------------------


                   APPENDIX I--COMMITTEE LEGISLATION

                       Part A--Committee Reports

------------------------------------------------------------------------
           Bill No.                H. Rept. No.            Title
------------------------------------------------------------------------
H.R. 650......................  114-53...........  Preserving Access to
                                                    Manufactured Housing
                                                    Act of 2015
H.R. 685......................  114-54...........  Mortgage Choice Act
                                                    of 2015
H.R. 1195.....................  114-55...........  Bureau of Consumer
                                                    Financial Protection
                                                    Advisory Boards Act
H.R. 1265.....................  114-56 Part I....  Bureau Advisory
                                                    Commission
                                                    Transparency Act
H.R. 1529.....................  114-57...........  Community Institution
                                                    Mortgage Relief Act
                                                    of 2015
H.R. 299......................  114-58...........  Capital Access for
                                                    Small Community
                                                    Financial
                                                    Institutions Act of
                                                    2015
H.R. 601......................  114-59...........  Eliminate Privacy
                                                    Notice Confusion Act
H.R. 1259.....................  114-60...........  Helping Expand
                                                    Lending Practices in
                                                    Rural Communities
                                                    Act
H.R. 1367.....................  114-61...........  A bill to amend the
                                                    Expedited Funds
                                                    Availability Act to
                                                    clarify the
                                                    application of that
                                                    Act to American
                                                    Samoa and the
                                                    Northern Mariana
                                                    Islands.
H.R. 1480.....................  114-62...........  SAFE Act
                                                    Confidentiality and
                                                    Privilege
                                                    Enhancement Act
H.R. 432......................  114-199..........  SBIC Advisers Relief
                                                    Act of 2015
H.R. 1334.....................  114-200..........  Holding Company
                                                    Registration
                                                    Threshold
                                                    Equalization Act of
                                                    2015
H.R. 1723.....................  114-201..........  Small Company Simple
                                                    Registration Act of
                                                    2015
H.R. 1847.....................  114-202 Part I...  Swap Data Repository
                                                    and Clearinghouse
                                                    Indemnification
                                                    Correction Act of
                                                    2015
H.R. 2064.....................  114-203..........  Improving Access to
                                                    Capital for Emerging
                                                    Growth Companies Act
H.R. 3192.....................  114-278..........  Homebuyers Assistance
                                                    Act
H.R. 1525.....................  114-279..........  Disclosure
                                                    Modernization and
                                                    Simplification Act
                                                    of 2015
H.R. 1553.....................  114-280..........  Small Bank Exam Cycle
                                                    Reform Act of 2015
H.R. 1839.....................  114-281..........  Reforming Access for
                                                    Investments in
                                                    Startup Enterprises
                                                    Act of 2015
H.R. 2091.....................  114-282..........  Child Support
                                                    Assistance Act of
                                                    2015
H.R. 1090.....................  114-304 Part I...  Retail Investor
                                                    Protection Act
H.R. 1317.....................  114-311 Part II..  A bill to amend the
                                                    Commodity Exchange
                                                    Act and the
                                                    Securities Exchange
                                                    Act of 1934 to
                                                    specify how clearing
                                                    requirements apply
                                                    to certain affiliate
                                                    transactions, and
                                                    for other purposes.
H.R. 2643.....................  114-316 Part I...  State Licensing
                                                    Efficiency Act of
                                                    2015
H.R. 1737.....................  114-329..........  Reforming CFPB
                                                    Indirect Auto
                                                    Financing Guidance
                                                    Act
H.R. 1210.....................  114-330..........  Portfolio Lending and
                                                    Mortgage Access Act
H.R. 2912.....................  114-331..........  Centennial Monetary
                                                    Commission Act of
                                                    2015
H.R. 3189.....................  114-332 Part I...  Fed Oversight Reform
                                                    and Modernization
                                                    Act of 2015
H.R. 3032.....................  114-337..........  Securities and
                                                    Exchange Commission
                                                    Reporting
                                                    Modernization Act
H.R. 1478.....................  114-338..........  Policyholder
                                                    Protection Act of
                                                    2015
H.R. 2243.....................  114-339 Part I...  Equity in Government
                                                    Compensation Act of
                                                    2015
H.R. 3700.....................  114-397..........  Housing Opportunity
                                                    Through
                                                    Modernization Act of
                                                    2015
H.R. 1675.....................  114-398..........  Encouraging Employee
                                                    Ownership Act of
                                                    2015
H.R. 1965.....................  114-399..........  Small Company
                                                    Disclosure
                                                    Simplification Act
H.R. 686......................  114-400..........  Small Business
                                                    Mergers,
                                                    Acquisitions, Sales,
                                                    and Brokerage
                                                    Simplification Act
                                                    of 2015
H.R. 2356.....................  114-401..........  Fair Access to
                                                    Investor Research
                                                    Act
H.R. 766......................  114-402..........  Financial Institution
                                                    Customer Protection
                                                    Act of 2015
H.R. 2354.....................  114-403..........  Streamlining
                                                    Excessive and Costly
                                                    Regulations Review
                                                    Act
H.R. 2187.....................  114-406..........  Fair Investment
                                                    Opportunities for
                                                    Professional Experts
                                                    Act
H.R. 2209.....................  114-407..........  A bill to require the
                                                    appropriate Federal
                                                    banking agencies to
                                                    treat certain
                                                    municipal
                                                    obligations as level
                                                    2A liquid assets,
                                                    and for other
                                                    purposes.
H.R. 3784.....................  114-408..........  SEC Small Business
                                                    Advocate Act of 2015
H.R. 4168.....................  114-409..........  Small Business
                                                    Capital Formation
                                                    Enhancement Act
H.R. 3340.....................  114-473..........  Financial Stability
                                                    Oversight Council
                                                    Reform Act
H.R. 3791.....................  114-474..........  A bill to raise the
                                                    consolidated assets
                                                    threshold under the
                                                    Small Bank Holding
                                                    Company Policy
                                                    Statement, and for
                                                    other purposes.
H.R. 414......................  114-504..........  Burdensome Data
                                                    Collection Relief
                                                    Act
H.R. 1975.....................  114-505..........  Securities Exchange
                                                    Commission
                                                    Overpayment Credit
                                                    Act
H.R. 2357.....................  114-506..........  Accelerating Access
                                                    to Capital Act of
                                                    2015
H.R. 3557.....................  114-507..........  FSOC Transparency and
                                                    Accountability Act
H.R. 3868.....................  114-508..........  Small Business Credit
                                                    Availability Act
H.R. 4498.....................  114-509..........  Helping Angels Lead
                                                    Our Startups
H.R. 4096.....................  114-523..........  Investor Clarity and
                                                    Bank Parity Act
H.R. 2901.....................  114-524..........  Flood Insurance
                                                    Market Parity and
                                                    Modernization Act
H.R. 1486.....................  114-538..........  Taking Account of
                                                    Bureaucrats'
                                                    Spending Act of 2016
H.R. 4894.....................  114-574 Part I...  A bill to repeal
                                                    title II of the Dodd-
                                                    Frank Wall Street
                                                    Reform and Consumer
                                                    Protection Act.
H.R. 2121.....................  114-584..........  A bill to amend the
                                                    S.A.F.E. Mortgage
                                                    Licensing Act of
                                                    2008 to provide a
                                                    temporary license
                                                    for loan originators
                                                    transitioning
                                                    between employers,
                                                    and for other
                                                    purposes.
H.R. 4139.....................  114-588..........  Fostering Innovation
                                                    Act of 2015
H.R. 4166.....................  114-596..........  Expanding Proven
                                                    Financing for
                                                    American Employers
                                                    Act
H.R. 4620.....................  114-597..........  Preserving Access to
                                                    CRE Capital Act of
                                                    2016
H.R. 3738.....................  114-608..........  Office of Financial
                                                    Research
                                                    Accountability Act
                                                    of 2015
H.R. 4638.....................  114-609..........  Main Street Growth
                                                    Act
H.R. 4538.....................  114-659..........  Senior$afe Act of
                                                    2016
H.R. 4854.....................  114-660..........  Supporting America's
                                                    Innovators Act of
                                                    2016
H.R. 4855.....................  114-661..........  Fix Crowdfunding Act
H.R. 5322.....................  114-673..........  U.S. Territories
                                                    Investor Protection
                                                    Act of 2016
H.R. 5421.....................  114-684..........  National Securities
                                                    Exchange Regulatory
                                                    Parity Act of 2016
H.R. 3798.....................  114-697..........  Due Process
                                                    Restoration Act of
                                                    2015
H.R. 5424.....................  114-698..........  Investment Advisers
                                                    Modernization Act of
                                                    2016
H.R. 4850.....................  114-723..........  Micro Offering Safe
                                                    Harbor Act
H.R. 4852.....................  114-726..........  Private Placement
                                                    Improvement Act of
                                                    2016
H.R. 5461.....................  114-746 Part I...  Iranian Leadership
                                                    Asset Transparency
                                                    Act
H.R. 1309.....................  114-752..........  Systemic Risk
                                                    Designation
                                                    Improvement Act of
                                                    2015
H.R. 5311.....................  114-798..........  Corporate Governance
                                                    Reform and
                                                    Transparency Act of
                                                    2016
H.R. 5429.....................  114-799..........  SEC Regulatory
                                                    Accountability Act
H.R. 5711.....................  114-810..........  No U.S. Financing for
                                                    Iran Act
H.R. 5715.....................  114-819..........  No Ex-Im Assistance
                                                    for Terrorism Act
H.R. 5143.....................  114-831..........  Transparent Insurance
                                                    Standards Act
H.R. 957......................  114-865 Part I...  Bureau of Consumer
                                                    Financial Protection-
                                                    Inspector General
                                                    Reform Act of 2015
H.R. 5729.....................  114-866 Part I...  To prohibit the
                                                    Secretary of the
                                                    Treasury from
                                                    issuing certain
                                                    licenses in
                                                    connection with the
                                                    export or re-export
                                                    of a commercial
                                                    passenger aircraft
                                                    to the Islamic
                                                    Republic of Iran, to
                                                    require annual
                                                    reports by the
                                                    Secretary of the
                                                    Treasury and the
                                                    Export-Import Bank
                                                    on financing issues
                                                    related to the sale
                                                    or lease of such a
                                                    commercial passenger
                                                    aircraft or spare
                                                    parts for such an
                                                    aircraft, and for
                                                    other purposes.
H.R. 2205.....................  114-867 Part I...  Data Security Act of
                                                    2015
H.R. 2287.....................  114-868..........  National Credit Union
                                                    Administration
                                                    Budget Transparency
                                                    Act
H.R. 2769.....................  114-869..........  Risk-Based Capital
                                                    Study Act of 2015
H.R. 2896.....................  114-870..........  TAILOR Act of 2015
H.R. 1550.....................  114-871..........  Financial Stability
                                                    Oversight Council
                                                    Improvement Act of
                                                    2015
H.R. 1266.....................  114-872..........  Financial Product
                                                    Safety Commission
                                                    Act of 2015
H.R. 1660.....................  114-873..........  Federal Saving
                                                    Association Charter
                                                    Flexibility Act of
                                                    2015
H.R. 1941.....................  114-874..........  Financial
                                                    Institutions
                                                    Examination Fairness
                                                    and Reform Act
H.R. 3857.....................  114-878..........  To require the Board
                                                    of Governors of the
                                                    Federal Reserve
                                                    System and the
                                                    Financial Stability
                                                    Oversight Council to
                                                    carry out certain
                                                    requirements under
                                                    the Financial
                                                    Stability Act of
                                                    2010 before making
                                                    any new
                                                    determination under
                                                    section 113 of such
                                                    Act, and for other
                                                    purposes.
H.R. 5983.....................  114-883 Part I...  Financial CHOICE Act
                                                    of 2016
------------------------------------------------------------------------

                          Part B--Public Laws

    This table lists measures which contained matters within 
the jurisdiction of the Committee on Financial Services which 
were enacted into law during the 114th Congress.

------------------------------------------------------------------------
        Public Law No.               Bill No.              Title
------------------------------------------------------------------------
114-1.........................  H.R. 26..........  Terrorism Risk
                                                    Insurance Program
                                                    Reauthorization Act
                                                    of 2015
114-5.........................  H.R. 431.........  To award a
                                                    Congressional Gold
                                                    Medal to the Foot
                                                    Soldiers who
                                                    participated in
                                                    Bloody Sunday,
                                                    Turnaround Tuesday,
                                                    or the final Selma
                                                    to Montgomery Voting
                                                    Rights March in
                                                    March of 1965, which
                                                    served as a catalyst
                                                    for the Voting
                                                    Rights Act of 1965.
114-23........................  H.R. 2048........  Uniting and
                                                    Strengthening
                                                    America by
                                                    Fulfilling Rights
                                                    and Ensuring
                                                    Effective Discipline
                                                    Over Monitoring Act
                                                    of 2015
114-30........................  H.R. 893.........  Boys Town Centennial
                                                    Commemorative Coin
                                                    Act
114-93........................  S. 2036..........  To suspend the
                                                    current compensation
                                                    packages for the
                                                    chief executive
                                                    officers of Fannie
                                                    Mae and Freddie Mac,
                                                    and for other
                                                    purposes.
114-94........................  H.R. 22..........  Fixing America's
                                                    Surface
                                                    Transportation Act
                                                    (Incorporates the
                                                    following bills:
                                                    H.R. 233, H.R. 299,
                                                    H.R. 432, H.R. 601,
                                                    H.R. 1047, H.R.
                                                    1259, H.R. 1334,
                                                    H.R. 1525, H.R.
                                                    1553, H.R. 1698,
                                                    H.R. 1723, H.R.
                                                    1839, H.R. 1847,
                                                    H.R. 2064, H.R.
                                                    2091, H.R. 2482,
                                                    H.R. 2643 and H.R.
                                                    2997)
114-102.......................  H.R. 2297........  Hizballah
                                                    International
                                                    Financing Prevention
                                                    Act of 2015
114-113.......................  H.R. 2029........  Consolidated
                                                    Appropriations Act,
                                                    2016 (Incorporates
                                                    the following bills:
                                                    H.R. 1265, H.R.
                                                    1317, H.R. 1408,
                                                    H.R. 1478, H.R. 1480
                                                    and H.R. 3032)
114-122.......................  H.R. 757.........  North Korea Sanctions
                                                    and Policy
                                                    Enhancement Act of
                                                    2016
114-148.......................  H.R. 2722........  Breast Cancer
                                                    Awareness
                                                    Commemorative Coin
                                                    Act
114-201.......................  H.R. 3700........  Housing Opportunity
                                                    Through
                                                    Modernization Act of
                                                    2016
114-265.......................  S. 1555..........  Filipino Veterans of
                                                    World War II
                                                    Congressional Gold
                                                    Medal Act of 2015
114-269.......................  S. 2234..........  Office of Strategic
                                                    Services
                                                    Congressional Gold
                                                    Medal Act
114-277.......................  H.R. 6297........  Iran Sanctions
                                                    Extension Act
114-281.......................  H.R. 1150........  Frank R. Wolf
                                                    International
                                                    Religious Freedom
                                                    Act of 2015
114-282.......................  H.R. 2726........  Apollo 11 50th
                                                    Anniversary
                                                    Commemorative Coin
                                                    Act
114-284.......................  H.R. 3784........  SEC Small Business
                                                    Advocate Act of 2015
114-301.......................  H.R. 5687........  GAO Mandates Revision
                                                    Act of 2016
114-324.......................  S. 2577..........  Justice for All
                                                    Reauthorization Act
                                                    of 2016
------------------------------------------------------------------------


                  APPENDIX II--COMMITTEE PUBLICATIONS

                       Part A--Committee Hearings

------------------------------------------------------------------------
          Serial No.             Title & Subcommittee        Date(s)
------------------------------------------------------------------------
114-1.........................  Sustainable Housing     January 27, 2015
                                 Finance: An Update
                                 from the Director of
                                 the Federal Housing
                                 Finance Agency (Full
                                 Committee).
114-2.........................  Exploring Alleged       February 4, 2015
                                 Ethical and Legal
                                 Violations at the
                                 U.S. Department of
                                 Housing and Urban
                                 Development
                                 (Oversight).
114-3.........................  The Future of Housing   February 11,
                                 in America: Oversight   2015
                                 of the Federal
                                 Housing
                                 Administration (Full
                                 Committee).
114-4.........................  Monetary Policy and     February 25,
                                 the State of the        2015
                                 Economy (Full
                                 Committee).
114-5.........................  The Future of Housing   February 26,
                                 in America: Oversight   2015
                                 of the Federal
                                 Housing
                                 Administration--Part
                                 II (Housing).
114-6.........................  The Semi-Annual Report  March 3, 2015
                                 of the Bureau of
                                 Consumer Financial
                                 Protection (Full
                                 Committee).
114-7.........................  The Annual Testimony    March 17, 2015
                                 of the Secretary of
                                 the Treasury on the
                                 State of the
                                 International
                                 Financial System
                                 (Full Committee).
114-8.........................  Preserving Consumer     March 18, 2015
                                 Choice and Financial
                                 Independence (Full
                                 Committee).
114-9.........................  Oversight of the SEC's  March 19, 2015
                                 Division of
                                 Enforcement (Capital
                                 Markets).
114-10........................  Examining the SEC's     March 24, 2015
                                 Agenda, Operations,
                                 and FY 2016 Budget
                                 Request (Full
                                 Committee).
114-11........................  The Federal Deposit     March 24, 2015
                                 Insurance
                                 Corporation's Role in
                                 Operation Choke Point
                                 (Oversight).
114-12........................  Joint Hearing with the  April 15, 2015
                                 Committee on
                                 Oversight and
                                 Government Reform's
                                 Subcommittee on
                                 Health Care, Benefits
                                 and Administrative
                                 Rules entitled,
                                 Oversight of Efforts
                                 to Reform the Export-
                                 Import Bank of the
                                 United States
                                 (Monetary Policy).
114-13........................  Examining Regulatory    April 15, 2015
                                 Burdens on Non-
                                 Depository Financial
                                 Institutions
                                 (Financial
                                 Institutions).
114-14........................  The Future of Housing   April 16, 2015
                                 in America:
                                 Increasing Private
                                 Sector Participation
                                 in Affordable Housing
                                 (Housing).
114-15........................  A Survey of Global      April 22, 2015
                                 Terrorism and
                                 Terrorist Financing
                                 (Task Force).
114-16........................  Examining Regulatory    April 23, 2015
                                 Burdens--Regulator
                                 Perspective
                                 (Financial
                                 Institutions).
114-17........................  The Impact of           April 29, 2015
                                 International
                                 Regulatory Standards
                                 on the
                                 Competitiveness of
                                 U.S. Insurers
                                 (Housing).
114-18........................  Legislative Proposals   April 29, 2015
                                 to Enhance Capital
                                 Formation and Reduce
                                 Regulatory Burdens
                                 (Capital Markets).
114-19........................  Joint Hearing with the  April 30, 2015
                                 Committee on
                                 Oversight and
                                 Government Reform's
                                 Subcommittee on
                                 Health Care, Benefits
                                 and Administrative
                                 Rules entitled,
                                 Examining the Export-
                                 Import Bank's
                                 Mandates (Monetary
                                 Policy).
114-20........................  Oversight of the        May 1, 2015
                                 Financial Industry
                                 Regulatory Authority
                                 (Capital Markets).
114-21........................  The Dodd-Frank Act and  May 13, 2015
                                 Regulatory Overreach
                                 (Oversight).
114-22........................  Legislative Proposals   May 13, 2015
                                 to Enhance Capital
                                 Formation and Reduce
                                 Regulatory Burdens,
                                 Part II (Capital
                                 Markets).
114-23........................  Protecting Consumers:   May 14, 2015
                                 Financial Data
                                 Security in the Age
                                 of Computer Hackers
                                 (Full Committee).
114-24........................  TILA-RESPA Integrated   May 14, 2015
                                 Disclosure: Examining
                                 the Costs and
                                 Benefits of Changes
                                 to the Real Estate
                                 Settlement Process
                                 (Housing).
114-25........................  The Future of Housing   May 19, 2015
                                 in America: Oversight
                                 of the Rural Housing
                                 Service (Housing).
114-26........................  Protecting Critical     May 19, 2015
                                 Infrastructure: How
                                 the Financial Sector
                                 Addresses Cyber
                                 Threats (Financial
                                 Institutions).
114-27........................  A Dangerous Nexus:      May 21, 2015
                                 Terrorism, Crime, and
                                 Corruption (Task
                                 Force).
114-28........................  The National Flood      June 2, 2015
                                 Insurance Program:
                                 Oversight of
                                 Superstorm Sandy
                                 Claims (Housing).
114-29........................  Examining the Export-   June 3, 2015
                                 Import Bank's
                                 Reauthorization
                                 Request and the
                                 Government's Role in
                                 Export Financing
                                 (Full Committee).
114-30........................  The Future of Housing   June 11, 2015
                                 in America: Oversight
                                 of the Department of
                                 Housing and Urban
                                 Development (Full
                                 Committee).
114-31........................  Examining Legislative   June 11, 2015
                                 Proposals to Preserve
                                 Consumer Choice and
                                 Financial
                                 Independence
                                 (Financial
                                 Institutions).
114-32........................  A Global Perspective    June 16, 2015
                                 on Cyber Threats
                                 (Oversight).
114-33........................  Legislative Proposals   June 16, 2015
                                 to Modernize Business
                                 Development Companies
                                 and Expand Investment
                                 Opportunities
                                 (Capital Markets).
114-34........................  The Annual Report of    June 17, 2015
                                 the Financial
                                 Stability Oversight
                                 Council (Full
                                 Committee).
114-35........................  The Impact of the       June 17, 2015
                                 International
                                 Monetary Fund:
                                 Economic Stability or
                                 Moral Hazard?
                                 (Monetary Policy).
114-36........................  Evaluating the          June 24, 2015
                                 Security of the U.S.
                                 Financial Sector
                                 (Task Force).
114-37........................  Examining Continuing    June 25, 2015
                                 Allegations of
                                 Discrimination and
                                 Retaliation at the
                                 Consumer Financial
                                 Protection Bureau
                                 (Oversight).
114-38........................  Examining the           July 8, 2015
                                 Designation and
                                 Regulation of Bank
                                 Holding Company SIFIs
                                 (Financial
                                 Institutions).
114-39........................  The Dodd-Frank Act      July 9, 2015
                                 Five Years Later: Are
                                 We More Stable? (Full
                                 Committee).
114-40........................  The Future of Housing   July 10, 2015
                                 in America: Oversight
                                 of HUD's Public and
                                 Indian Housing
                                 Programs (Housing).
114-41........................  Fed Oversight: Lack of  July 14, 2015
                                 Transparency and
                                 Accountability
                                 (Oversight).
114-42........................  Monetary Policy and     July 15, 2015
                                 the State of the
                                 Economy (Full
                                 Committee).
114-43........................  Examining Federal       July 22, 2015
                                 Reserve Reform
                                 Proposals (Monetary
                                 Policy).
114-44........................  The Iran Nuclear Deal   July 22, 2015
                                 and its Impact on
                                 Terrorism Financing
                                 (Task Force).
114-45........................  Ending `Too Big to      July 23, 2015
                                 Fail': What is the
                                 Proper Role of
                                 Capital and
                                 Liquidity? (Full
                                 Committee).
114-46........................  National Credit Union   July 23, 2015
                                 Administration
                                 Operations and Budget
                                 (Financial
                                 Institutions).
114-47........................  The Dodd-Frank Act      July 28, 2015
                                 Five Years Later: Are
                                 We More Prosperous?
                                 (Full Committee).
114-48........................  Could America Do More?  September 9,
                                 An Examination of       2015
                                 U.S. Efforts to Stop
                                 the Financing of
                                 Terror (Task Force).
114-49........................  Joint Hearing entitled  September 10,
                                 Preserving Retirement   2015
                                 Security and
                                 Investment Choices
                                 for All Americans
                                 (Capital Markets/
                                 Oversight).
114-50........................  The Dodd-Frank Act      September 17,
                                 Five Years Later: Are   2015
                                 We More Free? (Full
                                 Committee).
114-51........................  Strengthening U.S.      September 17,
                                 Leadership in a         2015
                                 Turbulent Global
                                 Economy (Monetary
                                 Policy).
114-52........................  The Semi-Annual Report  September 29,
                                 of the Bureau of        2015
                                 Consumer Financial
                                 Protection (Full
                                 Committee).
114-53........................  The Impact of Domestic  September 29,
                                 Regulatory Standards    2015
                                 on the U.S. Insurance
                                 Market (Housing).
114-54........................  The Future of the       October 9, 2015
                                 Multilateral
                                 Development Banks
                                 (Monetary Policy).
114-55........................  Examining Legislative   October 21, 2015
                                 Proposals to Reduce
                                 Regulatory Burdens on
                                 Main Street Job
                                 Creators (Financial
                                 Institutions).
114-56........................  The Future of Housing   October 21, 2015
                                 in America: Federal
                                 Housing Reforms that
                                 Create Housing
                                 Opportunity (Housing).
114-57........................  The Future of Housing   October 22, 2015
                                 in America: 50 Years
                                 of HUD and its impact
                                 on Federal Housing
                                 Policy (Full
                                 Committee).
114-58........................  Oversight of the SEC's  October 23, 2015
                                 Division of
                                 Investment Management
                                 (Capital Markets).
114-59........................  Semi-Annual Testimony   November 4, 2015
                                 on the Federal
                                 Reserve's Supervision
                                 and Regulation of the
                                 Financial System
                                 (Full Committee).
114-60........................  Field hearing entitled  November 6, 2015
                                 New Orleans: Ten
                                 Years After the Storm
                                 (Housing).
114-61........................  Dodd-Frank Five Years   November 17,
                                 Later: What Have We     2015
                                 Learned from Conflict
                                 Minerals Reporting?
                                 (Monetary Policy).
114-62........................  Examining the SEC's     November 18,
                                 Agenda, Operations,     2015
                                 and FY 2017 Budget
                                 Request (Full
                                 Committee).
114-63........................  Oversight of the        November 19,
                                 Financial Stability     2015
                                 Oversight Council:
                                 Due Process and
                                 Transparency in Non-
                                 Bank SIFI
                                 Designations
                                 (Oversight).
114-64........................  Legislative Proposals   December 2, 2015
                                 to Improve the U.S.
                                 Capital Markets
                                 (Capital Markets).
114-65........................  Oversight of the        December 8, 2015
                                 Financial Stability
                                 Oversight Council
                                 (Full Committee).
114-66........................  Examining the Consumer  December 16,
                                 Financial Protection    2015
                                 Bureau's Mass Data
                                 Collection Program
                                 (Oversight).
114-67........................  Opportunities and       January 12, 2016
                                 Challenges Facing the
                                 National Flood
                                 Insurance Program
                                 (Housing).
114-68........................  How to Create a More    January 13, 2016
                                 Robust and Private
                                 Flood Insurance
                                 Marketplace (Housing).
114-69........................  Unsustainable Federal   February 2, 2016
                                 Spending and the Debt
                                 Limit (Oversight).
114-70........................  Trading with the        February 3, 2016
                                 Enemy: Trade-Based
                                 Money Laundering is
                                 the Growth Industry
                                 in Terror Finance
                                 (Task Force).
114-71........................  Monetary Policy and     February 10,
                                 the State of the        2016
                                 Economy (Full
                                 Committee).
114-72........................  The Future of Housing   February 11,
                                 in America: Examining   2016
                                 the Health of the
                                 Federal Housing
                                 Administration
                                 (Housing).
114-73........................  Short-term, Small       February 11,
                                 Dollar Lending: The     2016
                                 CFPB's Assault on
                                 Access to Credit and
                                 Trampling of State
                                 and Tribal
                                 Sovereignty
                                 (Financial
                                 Institutions).
114-74........................  The Impact of the Dodd- February 24,
                                 Frank Act and Basel     2016
                                 III on the Fixed
                                 Income Market and
                                 Securitizations
                                 (Capital Markets).
114-75........................  Puerto Rico's Debt      February 25,
                                 Crisis and Its Impact   2016
                                 on the Bond Markets
                                 (Oversight).
114-76........................  The Impact of           February 25,
                                 International           2016
                                 Regulatory Standards
                                 on the
                                 Competitiveness of
                                 U.S. Insurers: Part
                                 II (Housing).
114-77........................  Helping the Developing  March 1, 2016
                                 World Fight Terror
                                 Finance (Task Force).
114-78........................  The Semi-Annual Report  March 16, 2016
                                 of the Bureau of
                                 Consumer Financial
                                 Protection (Full
                                 Committee).
114-79........................  The FDIC's Targeting    March 16, 2016
                                 of Refund
                                 Anticipation Loans
                                 (Oversight).
114-80........................  The Annual Testimony    March 22, 2016
                                 of the Secretary of
                                 the Treasury on the
                                 State of the
                                 International
                                 Financial System
                                 (Full Committee).
114-81........................  The Future of Housing   March 22, 2016
                                 in America:
                                 Government
                                 Regulations and the
                                 High Cost of Housing
                                 (Housing).
114-82........................  The JOBS Act at Four:   April 14, 2016
                                 Examining Its Impact
                                 and Proposals to
                                 Further Enhance
                                 Capital Formation
                                 (Capital Markets).
114-83........................  Preventing Cultural     April 19, 2016
                                 Genocide: Countering
                                 the Plunder and Sale
                                 of Priceless Cultural
                                 Antiquities by ISIS
                                 (Task Force).
114-84........................  Continued Oversight of  April 21, 2016
                                 the SEC's Offices and
                                 Divisions (Capital
                                 Markets).
114-85........................  How Can the U.S. Make   April 27, 2016
                                 Development Banks
                                 More Accountable?
                                 (Monetary Policy).
114-86........................  The Future of Housing   May 12, 2016
                                 in America: A
                                 Comparison of the
                                 United Kingdom and
                                 United States Models
                                 for Affordable
                                 Housing (Housing).
114-87........................  Interest on Reserves    May 17, 2016
                                 and the Fed's Balance
                                 Sheet (Monetary
                                 Policy).
114-88........................  Legislative Proposals   May 17, 2016
                                 to Enhance Capital
                                 Formation,
                                 Transparency, and
                                 Regulatory
                                 Accountability
                                 (Capital Markets).
114-89........................  Examining the CFPB's    May 18, 2016
                                 Proposed Rulemaking
                                 on Arbitration: Is it
                                 in the Public
                                 Interest and for the
                                 Protection of
                                 Consumers? (Financial
                                 Institutions).
114-90........................  Settling the Question:  May 19, 2016
                                 Did Bank Settlement
                                 Agreements Subvert
                                 Congressional
                                 Appropriations
                                 Powers? (Oversight).
114-91........................  Stopping Terror         May 24, 2016
                                 Finance: A
                                 Coordinated
                                 Government Effort
                                 (Task Force).
114-92........................  The Enemy in our        June 8, 2016
                                 Backyard: Examining
                                 Terror Funding
                                 Streams from South
                                 America (Task Force).
114-93........................  Monetary Policy and     June 22, 2016
                                 the State of the
                                 Economy (Full
                                 Committee).
114-94........................  The Next Terrorist      June 23, 2016
                                 Financiers: Stopping
                                 Them Before They
                                 Start (Task Force).
114-95........................  The Implications of     July 7, 2016
                                 U.S. Aircraft Sales
                                 to Iran (Monetary
                                 Policy).
114-96........................  Making a Financial      July 12, 2016
                                 Choice: More Capital
                                 or More Government
                                 Control? (Full
                                 Committee).
114-97........................  Examining the           July 12, 2016
                                 Opportunities and
                                 Challenges with
                                 Financial Technology
                                 (``FinTech''): The
                                 Development of Online
                                 Marketplace Lending
                                 (Financial
                                 Institutions).
114-98........................  HUD Accountability      July 13, 2016
                                 (Full Committee).
114-99........................  Federal Reserve         September 7,
                                 Districts:              2016
                                 Governance, Monetary
                                 Policy, and Economic
                                 Performance (Monetary
                                 Policy).
114-100.......................  Fueling Terror: The     September 8,
                                 Dangers of Ransom       2016
                                 Payments to Iran
                                 (Oversight).
114-101.......................  The Future of Housing   September 21,
                                 in America: A Better    2016
                                 Way to Increase
                                 Efficiencies for
                                 Housing Vouchers and
                                 Create Upward
                                 Economic Mobility
                                 (Housing).
114-102.......................  Corporate Governance:   September 21,
                                 Fostering a System      2016
                                 that Promotes Capital
                                 Formation and
                                 Maximizes Shareholder
                                 Value (Capital
                                 Markets).
114-103.......................  The Annual Report of    September 22,
                                 the Financial           2016
                                 Stability Oversight
                                 Council (Full
                                 Committee).
114-104.......................  Examining the Agenda    September 22,
                                 of Regulators, SROs,    2016
                                 and Standards-Setters
                                 for Accounting,
                                 Auditing, and
                                 Municipal Securities
                                 (Capital Markets).
114-105.......................  Examining Legislative   September 27,
                                 Proposals to Address    2016
                                 Consumer Access to
                                 Mainstream Banking
                                 Services (Financial
                                 Institutions).
114-106.......................  The Financial           September 27,
                                 Stability Board's       2016
                                 Implications for U.S.
                                 Growth and
                                 Competitiveness
                                 (Monetary Policy).
114-107.......................  Semi-Annual Testimony   September 28,
                                 on the Federal          2016
                                 Reserve's Supervision
                                 and Regulation of the
                                 Financial System
                                 (Full Committee).
114-108.......................  The Impact of US-EU     September 28,
                                 Dialogues on U.S.       2016
                                 Insurance Markets
                                 (Housing).
114-109.......................  Holding Wall Street     September 29,
                                 Accountable:            2016
                                 Investigating Wells
                                 Fargo's Opening of
                                 Unauthorized Customer
                                 Accounts (Full
                                 Committee).
114-110.......................  Examining the SEC's     November 15,
                                 Agenda, Operations,     2016
                                 and FY 2018 Budget
                                 Request (Full
                                 Committee).
114-111.......................  Modernizing             November 16,
                                 Appraisals: A           2016
                                 Regulatory Review and
                                 the Future of the
                                 Industry (Housing).
114-112.......................  Unconventional          December 7, 2016
                                 Monetary Policy
                                 (Monetary Policy).
114-113.......................  The Impact of           December 8, 2016
                                 Regulations on Short-
                                 Term Financing
                                 (Capital Markets).
------------------------------------------------------------------------

                        Part B--Committee Prints

------------------------------------------------------------------------
          Serial No.                     Title                Date
------------------------------------------------------------------------
114-A.........................  Rules for the           February 2015
                                 Committee on
                                 Financial Services
                                 for the 114th
                                 Congress.
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                                  [all]