House Financial Services Committee Issues Report on Activity for 114th Congress (Part 5 of 7)

Targeted News Service

WASHINGTON, Jan. 21 -- The House Financial Services Committee issued a report (H.Rpt. 114-903) on the activity for 114th Congress. The report was advanced by Rep. Jeb Hensarling, R-Texas, on Jan. 2.

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 Heck was withdrawn.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

(TABLE OMITTED)

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

(TABLE OMITTED)

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.

Continues with Part 6 of 7

Myron Struck, editor, Targeted News Service, Springfield, Va., 703/304-1897; [email protected]; http://www.targetednews.com

-1289999