Report on the Activity of the Committee on Financial Services, 116th Congress: Report 116-718
Summary
Report 116-718 of the 116th Congress, 2d Session, Union Calendar No. 602, dated January 2, 2021, on the activity of the Committee on Financial Services of the House of Representatives for the One Hundred Sixteenth Congress. A letter of transmittal to the Clerk, dated January 2, 2021, presents the report under clause 1(d) of rule XI, with the name of Chairwoman Maxine Waters at the end. A closing hearings table lists a virtual hearing on November 12, 2020 on oversight of prudential regulators during the pandemic, a virtual hearing on November 19, 2020 on insuring against a pandemic, and a hybrid hearing on December 2, 2020 on oversight of the Treasury Department's and Federal Reserve's pandemic response.
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“Report on the Activity of the Committee on Financial Services, 116th Congress: Report 116-718.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crpt-crpt-116hrpt718-crpt-116hrpt718/
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1
Union Calendar No. 602
116TH CONGRESS REPORT
" HOUSE OF REPRESENTATIVES !
2d Session 116–718
REPORT ON THE ACTIVITY
OF THE
COMMITTEE ON FINANCIAL SERVICES
OF THE
UNITED STATES HOUSE OF REPRESENTATIVES
FOR THE
ONE HUNDRED SIXTEENTH CONGRESS
JANUARY 2, 2021.—Committed to the Committee of the Whole House on
the State of the Union and ordered to be printed
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U.S. GOVERNMENT PUBLISHING OFFICE
42–838 WASHINGTON : 2021
E:\Seals\Congress.#13
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LETTER OF TRANSMITTAL
HOUSE OF REPRESENTATIVES,
COMMITTEE ON FINANCIAL SERVICES,
Washington, DC, January 2, 2021.
DEAR MADAM CLERK: Pursuant to clause 1(d) of rule XI of the
Rules of the House of Representatives for the 116th Congress, I
present herewith the report on the activity of the Committee on Fi-
nancial Services for the 116th Congress, including the Committee’s
review and study of legislation within its jurisdiction, and the over-
sight activities undertaken by the Committee
Sincerely,
MAXINE WATERS,
Chairwoman.
(III)
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CONTENTS
Page
Jurisdiction of the Committee on Financial Services ........................................... 1
Rules of the Committee of Financial Services ....................................................... 3
Membership and Organization of the Committee on Financial Services One
Hundred and Sixteenth Congress ....................................................................... 17
Subcommittee Memberships ................................................................................... 18
Committee Staff ....................................................................................................... 20
Overview of Legislative Accomplishments ............................................................. 21
Legislative Activities of the Full Committee ......................................................... 22
Oversight Activities of the Full Committee and Subcommittees ......................... 41
Full Committee Oversight Activities ...................................................................... 41
Subcommittee Activities .......................................................................................... 49
Subcommittee on Consumer Protection and Financial Institutions .................... 49
Subcommittee on Diversity and Inclusion ............................................................. 51
Subcommittee on Housing, Community Development and Insurance ................ 52
Subcommittee on Investor Protection, Entrepreneurship and Capital Markets 55
Subcommittee on Oversight and Investigation ..................................................... 57
Subcommittee on National Security, International Development, and Mone-
tary Policy ............................................................................................................. 58
Oversight Plan of the Committee ........................................................................... 61
Implementation of the 116th Congress Oversight Plan ....................................... 79
Delineation of Committee Oversight Activity Pursuant to Clause 2 of Rule
XI ........................................................................................................................... 155
Appendix I—Committee Legislation ...................................................................... 157
Appendix II—Public Laws ...................................................................................... 158
Appendix III—Committee Publications ................................................................. 160
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(V)
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Union Calendar No. 602
116TH CONGRESS REPORT
" HOUSE OF REPRESENTATIVES !
2d Session 116–718
REPORT ON THE ACTIVITY OF THE COMMITTEE ON FI-
NANCIAL SERVICES OF THE UNITED STATES HOUSE OF
REPRESENTATIVES FOR THE ONE HUNDRED SIX-
TEENTH CONGRESS
JANUARY 2, 2021.—Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Ms. WATERS, from the Committee on Financial Services,
submitted the following
R E P O R T
JURISDICTION OF THE COMMITTEE ON
FINANCIAL SERVICES
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 Rep-
resentatives for the 116th 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 commit-
tees, each of which shall have the jurisdiction and related functions
assigned by this clause and clauses 2, 3, and 4. All bills, resolu-
tions, 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 fol-
lows:
* * *
(h) Committee on Financial Services.
(1) Banks and banking, including deposit insurances and
Federal monetary policy.
(2) Economic stabilization, defense production, renegotiation,
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and control of the price of commodities, rents, and services.
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(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.
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RULES OF THE COMMITTEE ON FINANCIAL SERVICES
IN THE COMMITTEE ON FINANCIAL SERVICES OF THE HOUSE OF
REPRESENTATIVES
116TH CONGRESS, 1ST SESSION
JANUARY 30, 2019
RESOLUTION
Offered by Ms. Waters
To adopt rules of the Committee on Financial services pursuant
to clause 2 of Rule XI of the House of Representatives.
Resolved, that the Rules of the Committee on Financial Services
for the 116th Congress shall be:
RULE 1
GENERAL PROVISIONS
(a) The rules of the House are the rules of the Committee on Fi-
nancial Services (hereinafter in these rules referred to as the ‘‘Com-
mittee’’) 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 Satur-
days, Sundays, or legal holidays except when the House is in ses-
sion 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.
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(3)
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(2) A regular meeting of the Committee may be dispensed with
if, in the judgment of the Chair of the Committee, 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) be-
fore 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 ques-
tion; and
(B) an explanation of the measure or matter to be consid-
ered, which, in the case of an explanation of a bill, resolution,
or similar measure, shall include a summary of the major pro-
visions 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 incor-
porated by reference as part of these rules). Operation and use of
any Committee operated broadcast system shall be fair and non-
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partisan and in accordance with clause 4(b) of rule XI and all other
applicable rules of the Committee and the House.
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(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 informa-
tion is transmitted to the appropriate Committee staff in an appro-
priate electronic format at least one business day before the meet-
ing 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 confiden-
tiality 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, print-
ed 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 evi-
dence, 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 speci-
fied 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 pend-
ing before the Committee unless the requisite number of members
of the Committee is present for such purpose.
(2) A record vote of the Committee shall be provided on any ques-
tion 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 of-
fices 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 amend-
ment, motion, order, or other proposition, the name of each mem-
ber voting for and each member voting against such amendment,
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motion, order, or proposition, and the names of those members of
the committee present but not voting. With respect to any record
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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 Com-
mittee showing the total number of votes cast for and against and
the names of those members of the committee present but not vot-
ing.
(5) POSTPONED RECORD VOTES.—(A) Subject to subparagraph (B),
the Chair may postpone further proceedings when a record vote is
ordered on the question of approving any measure or matter or
adopting an amendment. The Chair 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 Chair 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, notwith-
standing any intervening order for the previous question, an under-
lying proposition shall remain subject to further debate or amend-
ment 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 sched-
uling 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 Com-
mittee 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 hear-
ing (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 Com-
mittee 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 expla-
nation of the measure or matter to be considered. At the same time
the Chair provides the information required by the preceding sen-
tence, the Chair shall also provide to the members of the Com-
mittee a list of the witnesses expected to appear before the Com-
mittee 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
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appearance sufficient copies (including a copy in electronic
form), as determined by the Chair, of a written statement of
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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
thereof) 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 pro-
tect the privacy of the witness, shall be made publicly available
in electronic form not later than one day after the witness ap-
pears.
(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. The Chair shall, so
far as practicable, recognize alternately based on seniority of the
majority and minority members present at the time the hearing
was called to order and others based on their arrival at the hear-
ing. The Chair shall, so far as practicable, defer to the Ranking
Member with respect to the order of recognition for minority Mem-
bers. 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 be-
tween 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 mem-
ber shall control five minutes; the Chair shall recognize members
for such time 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 Com-
mittee submitted to the Chair within 5 legislative days after the
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adjournment of a hearing shall be made a part of the official hear-
ing record thereof.
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Subpoenas and Oaths
(e)(1) The power to authorize and issue subpoenas is delegated
to the Chair. Unless there are exigent circumstances, the Chair
will provide written notice to the ranking minority member at least
48 hours in advance of the authorization and issuance of a sub-
poena, and such notice shall include a full copy of the proposed
subpoena, including any proposed document schedule.
(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 Com-
mittee.
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 re-
ported promptly to the House any measure approved by the Com-
mittee and take necessary steps to bring a matter to a vote.
(c) The report of the Committee on a measure which has been ap-
proved 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 Com-
mittee, 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 ap-
propriate.
RULE 5
SUBCOMMITTEES
Establishment and Responsibilities of Subcommittees
(a)(1) There shall be six subcommittees of the Committee as fol-
lows:
(A) SUBCOMMITTEE ON INVESTOR PROTECTION, ENTREPRE-
NEURSHIP, AND CAPITAL MARKETS.—The jurisdiction of the
Subcommittee on Investor Protection, Entrepreneurship, and
Capital Markets includes—
(i) initiatives to protect investor interest and to promote
investor confidence in market integrity;
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(ii) securities, including retirement savings plans and
products, exchanges, and finance;
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(iii) capital markets activities, including securitization,
business capital formation, securities lending, and repur-
chase agreements;
(iv) investment companies, investment advisers, and ad-
visers to private funds;
(v) activities involving accounting and auditing;
(vi) activities involving futures, forwards, options, and
other types of derivative instruments;
(vii) the Securities and Exchange Commission;
(viii) the Financial Accounting Standards Board;
(ix) the Municipal Securities Rulemaking Board;
(x) the Public Company Accounting Oversight Board;
(xi) the Securities Investor Protection Corporation; and
(xii) self-regulatory organizations registered with the Se-
curities and Exchange Commission.
(B) SUBCOMMITTEE ON CONSUMER PROTECTION AND FINAN-
CIAL INSTITUTIONS.—The jurisdiction of the Subcommittee on
Consumer Protection and Financial Institutions 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 Consumer Financial Pro-
tection Bureau;
(iii) the chartering, branching, merger, acquisition, con-
solidation, 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, re-
strictions on garnishments, fair credit reporting and the
use of credit information by credit bureaus and credit pro-
viders, equal credit opportunity, debt collection practices,
and electronic funds transfers, including consumer trans-
actions using mobile devices;
(v) creditor remedies and debtor defenses, Federal as-
pects 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 Rein-
vestment Act;
(vii) the terms and rules of disclosure of financial serv-
ices, including the advertisement, promotion and pricing of
financial services, and availability of government check
cashing services;
(viii) deposit insurance;
(ix) consumer access to savings accounts and checking
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accounts in financial institutions, including lifeline bank-
ing and other consumer accounts; and
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(x) financial stability and systemic risk, including all
matters relating to the Financial Stability Oversight Coun-
cil and the Office of Financial Research.
(C) SUBCOMMITTEE ON HOUSING, COMMUNITY DEVELOPMENT,
AND INSURANCE.—The jurisdiction of the Subcommittee on
Housing, Community Development, and Insurance includes—
(i) housing (except programs administered by the De-
partment 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 Asso-
ciation; secondary market organizations for home mort-
gages, including the Federal National Mortgage Associa-
tion, the Federal Home Loan Mortgage Corporation, and
the Federal Agricultural Mortgage Corporation; the Fed-
eral Housing Finance Agency; the Federal Home Loan
Banks; housing construction and design and safety stand-
ards; housing-related energy conservation; housing re-
search and demonstration programs; financial and tech-
nical 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 pro-
cedures;
(ii) community development and community and neigh-
borhood planning, training and research; national urban
growth policies; urban/rural research and technologies; and
regulation of interstate land sales;
(iii) the qualifications for and designation of Empower-
ment Zones and Enterprise Communities (other than mat-
ters relating to tax benefits); and
(iv) insurance generally, including but not limited to,
terrorism risk insurance, private mortgage insurance, gov-
ernment sponsored insurance programs, including those of-
fering protection against crime, fire, flood (and related
land use controls), earthquake and other natural hazards,
and the Federal Insurance Office.
(D) SUBCOMMITTEE ON NATIONAL SECURITY, INTERNATIONAL
DEVELOPMENT, AND MONETARY POLICY.—The jurisdiction of
the Subcommittee on National Security, International Develop-
ment, and Monetary Policy includes—
(i) financial aid to all sectors and elements within the
economy;
(ii) financial support networks of national security
threats, including matters related to terrorist financing,
money laundering, drug sale proceeds, and alternative re-
mittance systems;
(iii) methods to detect and inhibit terrorism and illicit fi-
nance, including matters related to anti-money laundering
and combating the financing of terrorism (AML/CFT)
standards, asset forfeiture, and financial sanctions, as well
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as programs related to such matters administered by agen-
cies or subunits thereof, including activities of the Office of
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Terrorism and Financial Intelligence and the Financial
Crimes Enforcement Network;
(iv) inter-governmental initiatives to detect and inhibit
terrorism and illicit finance, including the Financial Action
Task Force;
(v) multilateral development lending institutions, includ-
ing activities of the National Advisory Council on Inter-
national Monetary and Financial Policies as related there-
to, and monetary and financial developments as they re-
late to the activities and objectives of such institutions;
(vi) international trade, including but not limited to the
activities of the Export-Import Bank;
(vii) the International Monetary Fund, its permanent
and temporary agencies, and all matters related thereto;
(viii) international investment policies, both as they re-
late to United States investments for trade purposes by
citizens of the United States and investments made by all
foreign entities in the United States;
(ix) defense production matters as contained in the De-
fense Production Act of 1950, as amended;
(x) economic growth and stabilization;
(xi) domestic monetary policy, and agencies which di-
rectly or indirectly affect domestic monetary policy, includ-
ing 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;
(xii) coins, coinage, currency, and medals, including com-
memorative coins and medals, proof and mint sets and
other special coins, the Coinage Act of 1965, gold and sil-
ver, including the coinage thereof (but not the par value of
gold), gold medals, counterfeiting, currency denominations
and design, the distribution of coins, and the operations of
the Bureau of the Mint and the Bureau of Engraving and
Printing; and
(xiii) development of new or alternative forms of cur-
rency.
(E) SUBCOMMITTEE ON DIVERSITY AND INCLUSION.—The ju-
risdiction of the Subcommittee on Diversity and Inclusion in-
cludes—
(i) all matters related to diversity and inclusion within
all the agencies, departments, programs, and entities with-
in the jurisdiction of the Committee, including workforce
diversity and inclusion, external or customer diversity and
inclusion, and supplier diversity;
(ii) the Offices of Minority and Women Inclusion within
the federal financial agencies; and
(iii) methods, initiatives, and measures to promote finan-
cial and economic inclusion for all consumers.
(F) SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS.—
The jurisdiction of the Subcommittee on Oversight and Inves-
tigations includes
(i) the oversight of all agencies, departments, programs,
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matters, and entities, within the jurisdiction of the Com-
mittee, including the development of recommendations
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12
with regard to the necessity or desirability of enacting,
changing, or repealing any legislation within the jurisdic-
tion 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 re-
sponsibility 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 may regularly refer to one or more subcommit-
tees such measures and matters as the Chair deems appropriate
given its jurisdiction and responsibilities. In making such a refer-
ral, the Chair may designate a subcommittee of primary jurisdic-
tion and subcommittees of additional or sequential jurisdiction.
(2) All 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 sub-
committee from consideration of any measure or matter referred to
a subcommittee 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 accord-
ance 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 chair
of the Committee as the Chair Emeritus.
(2) The Chair and ranking minority member of the Committee
shall be ex officio members with voting privileges of each sub-
committee of which they are not assigned as members and may be
counted for purposes of establishing a quorum in such subcommit-
tees. The Chair Emeritus shall be an ex officio member without
voting privileges of each subcommittee to which he or she is not as-
signed 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 Investor Protection, Entrepreneur-
ship, and Capital Markets shall be comprised of 23 members,
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13 elected by the majority caucus and 10 elected by the minor-
ity caucus.
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13
(B) The Subcommittee on Consumer Protection and Finan-
cial Institutions shall be comprised of 23 members, 13 elected
by the majority caucus and 10 elected by the minority caucus.
(C) The Subcommittee on Housing, Community Develop-
ment, and Insurance shall be comprised of 23 members, 13
elected by the majority caucus and 10 elected by the minority
caucus.
(D) The Subcommittee on National Security, International
Development, and Monetary Policy shall be comprised of 21
members, 12 elected by the majority caucus and 9 elected by
the minority caucus.
(E) The Subcommittee on Diversity and Inclusion shall be
comprised of 21 members, 12 elected by the majority caucus
and 9 elected by the minority caucus.
(F) The Subcommittee on Oversight and Investigations shall
be comprised of 17 members, 10 elected by the majority caucus
and 7 elected by the minority caucus.
Subcommittee Meetings and Hearings
(d)(1) Each subcommittee of the Committee may be authorized at
the sole direction of the Chair to meet, hold hearings, receive testi-
mony, 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 hear-
ing 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 as-
suring 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 sub-
committee 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 re-
moved 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
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members of the Committee shall be appointed, and may be re-
moved, by the ranking minority member of the Committee, and
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14
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 Com-
mittee.
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 avail-
able 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 Com-
mittee, shall prepare for each Congress a budget providing
amounts for staff, necessary travel, investigation, and other ex-
penses 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 mi-
nority member for the compensation of the minority staff, travel ex-
penses of minority members and staff, and minority office ex-
penses. 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 sub-
ject matters under the general jurisdiction of the Committee. Be-
fore 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 re-
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port to the Chair on any travel they have conducted under this
subsection, including a description of their itinerary, expenses, and
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15
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, res-
olutions, 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 mem-
bers 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 re-
marks. 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 Com-
mittee and of its subcommittees. The record shall contain all infor-
mation 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 in-
spection 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 Representa-
tives. 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 pre-
sented 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 Com-
mittee, including communicating information about the Commit-
tee’s activities. The ranking minority member may maintain an of-
ficial website. To the maximum extent feasible, the Committee
shall make its publications available in electronic form on the offi-
cial 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 pro-
vide audio and video coverage of each hearing or meeting for the
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transaction of business in a manner that allows the public to easily
listen to and view the proceedings; and,
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16
(2) maintain the recordings of such coverage in a manner that is
easily accessible to the public.
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MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE
ON FINANCIAL SERVICES ONE HUNDRED AND SIX-
TEENTH CONGRESS
COMMITTEE ON FINANCIAL SERVICES
(Ratio: 34–26)
MAXINE WATERS, California, Chairwoman
CAROLYN B. MALONEY, New York PATRICK T. MCHENRY, North Carolina,
NYDIA M. VELÁZQUEZ, New York Ranking Member
BRAD SHERMAN, California FRANK D. LUCAS, Oklahoma
GREGORY W. MEEKS, New York BILL POSEY, Florida
WM. LACY CLAY, Missouri BLAINE LUETKEMEYER, Missouri
DAVID SCOTT, Georgia BILL HUIZENGA, Michigan
AL GREEN, Texas STEVE STIVERS, Ohio
EMANUEL CLEAVER, Missouri ANN WAGNER, Missouri, Vice Ranking
ED PERLMUTTER, Colorado Member
JAMES A. HIMES, Connecticut ANDY BARR, Kentucky
BILL FOSTER, Illinois SCOTT R. TIPTON, Colorado
JOYCE BEATTY, Ohio ROGER WILLIAMS, Texas
DENNY HECK, Washington J. FRENCH HILL, Arkansas
JUAN VARGAS, California TOM EMMER, Minnesota
JOSH GOTTHEIMER, New Jersey LEE M. ZELDIN, New York
VICENTE GONZALEZ, Texas BARRY LOUDERMILK, Georgia
AL LAWSON, JR., Florida ALEXANDER X. MOONEY, West Virginia
MICHAEL F. Q. SAN NICOLAS, Guam, WARREN DAVIDSON, Ohio
Vice Chair TED BUDD, North Carolina
RASHIDA TLAIB, Michigan DAVID KUSTOFF, Tennessee
KATIE PORTER, California TREY HOLLINGSWORTH, Indiana
CYNTHIA AXNE, Iowa ANTHONY GONZALEZ, Ohio
SEAN CASTEN, Illinois JOHN W. ROSE, Tennessee
AYANNA PRESSLEY, Massachusetts BRYAN STEIL, Wisconsin
BEN MCADAMS, Utah LANCE GOODEN, Texas
ALEXANDRIA OCASIO-CORTEZ, New York DENVER RIGGLEMAN, Virginia
JENNIFER WEXTON, Virginia WILLIAM R. TIMMONS IV, South Carolina
STEPHEN F. LYNCH, Massachusetts VAN TAYLOR, Texas
TULSI GABBARD, Hawaii
ALMA S. ADAMS, North Carolina
MADELEINE DEAN, Pennsylvania
JESÚS G. ‘‘CHUY’’ GARCÍA, Illinois
SYLVIA R. GARCIA, Texas
DEAN PHILLIPS, Minnesota
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(17)
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SUBCOMMITTEE MEMBERSHIPS
SUBCOMMITTEE ON INVESTOR PROTECTION, ENTREPENURSHIP, AND
CAPITAL MARKETS
(Ratio: 14–10)
BRAD SHERMAN, California, Chairman
CAROLYN B. MALONEY, NY BILL HUIZENGA, MI [RM]
DAVID SCOTT, GA STEVE STIVERS, OH
JAMES A. HIMES, CT ANN WAGNER, MO
BILL FOSTER, IL J. FRENCH HILL, AR
GREGORY W. MEEKS, NY TOM EMMER, MN
JUAN VARGAS, CA ALEXANDER X. MOONEY, WV
JOSH GOTTHEIMER, NJ WARREN DAVIDSON, OH
VICENTE GONZALEZ, TX TREY HOLLINGSWORTH, IN [VRM]
MICHAEL F. Q. SAN NICOLAS, GU ANTHONY GONZALEZ, OH
KATIE PORTER, CA BRYAN STEIL, WI
CYNTHIA AXNE, IA PATRICK MCHENRY, NC [Ex Officio]
SEAN CASTEN, IL
ALEXANDRIA OCASIO-CORTEZ, NY
MAXINE WATERS, NY [Ex Officio]
SUBCOMMITTEE ON CONSUMER PROTECTION AND FINANCIAL
INSTITUTIONS
(Ratio: 13–10)
GREGORY W. MEEKS, New York, Chairman
DAVID SCOTT, GA BLAINE LUETKEMEYER, MO [RM]
NYDIA M. VELÁZQUEZ, NY FRANK D. LUCAS, OK
WM. LACY CLAY, MO BILL POSEY, FL
DENNY HECK, WA ANDY BARR, KY
BILL FOSTER, IL SCOTT R. TIPTON, CO [VRM]
AL LAWSON, JR., FL ROGER WILLIAMS, TX
RASHIDA TLAIB, MI BARRY LOUDERMILK, GA
KATIE PORTER, CA TED BUDD, NC
AYANNA PRESSLEY, MA DAVID KUSTOFF, TN
BEN MCADAMS, UT DENVER RIGGLEMAN, VA
ALEXANDRIA OCASIO-CORTEZ, NY PATRICK MCHENRY, NC [Ex Officio]
JENNIFER WEXTON, VA
MAXINE WATERS, CA [Ex Officio]
SUBCOMMITTEE ON HOUSING, COMMUNITY DEVELOPMENT, AND
INSURANCE
(Ratio: 13–10)
WM. LACY CLAY, Missouri, Chairman
NYDIA M. VELÁZQUEZ, NY STEVE STIVERS, OH [RM]
EMANUEL CLEAVER, MO BILL POSEY, FL
BRAD SHERMAN, CA BLAINE LUETKEMEYER, MO
JOYCE BEATTY, OH BILL HUIZENGA, MI
AL GREEN, TX SCOTT R. TIPTON, CO
VICENTE GONZALEZ, TX LEE M. ZELDIN, NY
CAROLYN B. MALONEY, NY DAVID KUSTOFF, TN
DENNY HECK, WA JOHN W. ROSE, TN
JUAN VARGAS, CA BRYAN STEIL, WI
AL LAWSON, JR., FL LANCE GOODEN, TX [VRM]
RASHIDA TLAIB, MI PATRICK MCHENRY, NC [Ex Officio]
CYNTHIA AXNE, IA
MAXINE WATERS, CA [Ex Officio]
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SUBCOMMITTEE ON NATIONAL SECURITY, INTERNATIONAL
DEVELOPMENT, AND MONETARY POLICY
(Ratio: 13–9)
EMANUEL CLEAVER, Missouri, Chairman
ED PERLMUTTER, CO
JAMES A. HIMES, CT J. FRENCH HILL, AR [RM]
DENNY HECK, WA FRANK D. LUCAS, OK
BRAD SHERMAN, CA ROGER WILLIAMS, TX
JUAN VARGAS, CA TOM EMMER, MN
JOSH GOTTHEIMER, NJ ANTHONY GONZALEZ, OH
MICHAEL F. Q. SAN NICOLAS, GU JOHN W. ROSE, TN
BEN MCADAMS, UT DENVER RIGGLEMAN, VA [VRM]
JENNIFER WEXTON, VA WILLIAM R. TIMMONS IV, SC
STEPHEN F. LYNCH, MA VAN TAYLOR, TX
TULSI GABBARD, HI PATRICK MCHENRY, NC [Ex Officio]
JESÚS G. ‘‘CHUY’’ GARCÍA, IL
MAXINE WATERS, CA [Ex Officio]
SUBCOMMITTEE ON DIVERSITY AND INCLUSION
(Ratio: 12–9)
JOYCE BEATTY, Ohio, Chair
WM. LACY CLAY, MO ANN WAGNER, MO [RM]
AL GREEN, TX FRANK D. LUCAS, OK
JOSH GOTTHEIMER, NJ ALEXANDER X. MOONEY, WV
VICENTE GONZALEZ, TX TED BUDD, NC
AL LAWSON, JR., FL DAVID KUSTOFF, TN
AYANNA PRESSLEY, MA TREY HOLLINGSWORTH, IN
TULSI GABBARD, HI ANTHONY GONZALEZ, OH [VRM]
ALMA S. ADAMS, NC BRYAN STEIL, WI
MADELEINE DEAN, PA LANCE GOODEN, TX
SYLVIA R. GARCIA, TX PATRICK MCHENRY, NC [Ex Officio]
DEAN PHILLIPS, MN
MAXINE WATERS, CA [Ex Officio]
SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS
(Ratio: 10–7; 1 Vacancy)
AL GREEN, Texas, Chairman
JOYCE BEATTY, OH ANDY BARR, KY [RM]
STEPHEN F. LYNCH, MA LEE M. ZELDIN, NY [VRM]
NYDIA M. VELÁZQUEZ, NY BARRY LOUDERMILK, GA
ED PERLMUTTER, CO WARREN DAVIDSON, OH
RASHIDA TLAIB, MI JOHN W. ROSE, TN
SEAN CASTEN, IL WILLIAM R. TIMMONS IV, SC
MADELEINE DEAN, PA VAN TAYLOR, TX
SYLVIA R. GARCIA, TX (VACANCY)
DEAN PHILLIPS, MN PATRICK MCHENRY, NC [Ex Officio]
MAXINE WATERS, CA [Ex Officio]
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TASK FORCE ON ARTIFICIAL INTELLIGENCE
(Ratio: 7–5)
BILL FOSTER, Illinois, Chairman
EMANUEL CLEAVER, MO BARRY LOUDERMILK, GA [RM]
KATIE PORTER, CA TED BUDD, NC
SEAN CASTEN, IL TREY HOLLINGSWORTH, TN
ALMA ADAMS, NC DENVER RIGGLEMAN, VA
SYLVIA GARCIA, TX VAN TAYLOR, TX
DEAN PHILLIPS, MN PATRICK MCHENRY, NC [Ex Officio]
MAXINE WATERS, CA [Ex Officio]
TASK FORCE ON FINANCIAL TECHNOLOGY
(Ratio: 7–5)
STEPHEN F. LYNCH, Massachusetts, Chairman
DAVID SCOTT, GA TOM EMMER, IN [RM]
JOSH GOTTHEIMER, NJ BLAINE LUETKEMEYER, MO
AL LAWSON, FL J. FRENCH HILL, AR
CYNTHIA AXNE, IA WARREN DAVIDSON, OH
BEN MCADAMS, UT BRYAN STEIL, WI
JENNIFER WEXTON, VA PATRICK MCHENRY, NC [Ex Officio]
MAXINE WATERS, CA [Ex Officio]
MEMBERSHIP NOTES
Mr. Timmons was elected to the Committee on September 26, 2019, filling a vacancy created
by the resignation of Mr. Duffy from the U.S. House of Representatives on September 19, 2019.
Mr. Taylor was elected to the Committee on January 16, 2020, filling a vacancy created by
the resignation of Mr. King from the U.S. House of Representatives at the end of the 116th Con-
gress.
COMMITTEE STAFF
MAJORITY STAFF
CHARLA OUERTATANI
Staff Director
KRISTOFOR ERICKSON
Deputy Staff Director
ESTHER KAHNG
Chief Counsel
JENNIFER READ
Deputy Chief Counsel
DAVID ABRAMOWITZ
General Counsel and Parliamentarian
CLEMENT ABONYI, JR., Director of Member Services
TERRIE ALLISON, Document Editor
CHRISTINE BALTAZAR, Paralegal
DEVRON BROWN, Senior Counsel
KEVIN BURRIS, General Counsel
DAVID FERNANDEZ, Senior Counsel
ALIA FIERRO, Professional Staff Member
ALFRED FORMAN, Systems Administrator
MARCUS FRIAS, National Press Secretary
JORDAN HAEDTLER, Professional Staff Member
JOHN HEINEMANN, Counsel
ERIC HERSEY, Communications Director
BRUCE JOHNSON, Deputy Chief Oversight Counsel
DANIELLE LINDHOLM, Director of National Security Policy
AVY MALLIK, Senior Counsel
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MARCOS MANOSALVAS, Digital Director
DANIEL MCGLINCHEY, Director of International Affairs
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21
ERICA MILES, Director of Diversity and Inclusion
YANA MILES, Senior Counsel
KATANYA MOORE, Director of Investor and Capital Markets Policy
VERONICA MORALES, Deputy Communications Director
FAITH MORGAN, Staff Assistant
LAURI NG, Counsel
BOB ROACH, Special Investigator
DENISE SCOTT, Financial and Administrative Officer
GLEN SEARS, Director of Consumer and Financial Policy
PETRINA THOMAS, Clerk
FRANKLIN THORNTON, Staff Assistant
LAURA VOSSLER, Research Assistant
ELAYNE WEISS, Senior Counsel
PIERRE WHATLEY, Professional Staff Member
MINORITY STAFF
STEPHEN COTE
Staff Director
MATT MULDER
Deputy Staff Director/Policy Director
KIMBERY BETZ
General Counsel
STACY BAKER, Systems Administrator
WILLIAM BARRY, Assistant Press Secretary
MCARN BENNETT, Counsel
ALLISON BEHUNIAK, Professional Staff Member
MORGAN BEVIN, Staff Assistant
ANTHONY CHANG, Senior Professional Staff Member
CONNOR DUNN, Professional Staff Member
BRIGHTON HASLETT, Counsel
COLLIN MCCUNE, Director of Member Services and Coalitions
JAMIE MCGINNIS, Professional Staff Member
KATHLEEN PALMER, Professional Staff Member
LAURA PEAVEY, Communications Director
PHIL POE, Professional Staff Member
STEPHEN SANDORA, Professional Staff Member
CHARLIE SCHREIBER, Senior Counsel
LINDSEY SHACKELFORD, Director of Operations
EDWARD SKALA, Senior Professional Staff Member
JON SKLADANY, Chief Oversight Counsel
AUSTIN STONEBRAKER, Deputy Press Secretary
NICHOLLE VO, Professional Oversight Staff Member
OVERVIEW OF LEGISLATIVE ACCOMPLISHMENTS
During the 116th Congress, 871 bills were referred to the Com-
mittee on Financial Services, with 264 measures considered at leg-
islative hearings. The full Committee ordered reported 74 bills to
the House of Representatives, and the House passed 149 measures
which had provisions within the Committee’s jurisdiction, with a
number being incorporated into other legislation. Sixty-five meas-
ures which had provisions within the Committee’s jurisdiction were
enacted into law, with a number being incorporated into other leg-
islation. The following is a summary of the legislative activities of
the Committee on Financial Services during the 116th Congress.
Appendix I has a list of Committee Reports on legislation ordered
reported by the Committee. Appendix II has a list of Public Laws,
including a list of all bills that were incorporated into those meas-
ures.*
* Certain statistics in this paragraph and entries in the table below are dependent on Presi-
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dential actions upon presentation of legislation to the President which will occur after submis-
sion of this report.
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LEGISLATIVE ACTIVITIES OF THE FULL COMMITTEE
Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H. Res. 77 ................. Expressing the sense of Congress that financial in- 1/25/2019 Rep. Waters, Maxine [D–CA–43] ................ 1/29/2019—Passed the House by voice vote.
stitutions and other entities should work
proactively with their customers affected by the
shutdown of the Federal Government who may be
facing short-term financial hardship and
PO 00000
long-term damage to their creditworthiness
through no fault of their own.
H. Res. 206 ............... Acknowledging that the lack of sunlight and trans- 3/8/2019 Rep. Waters, Maxine [D–CA–43] ................ 3/13/2019—Passed the House by voice vote.
Frm 00028 parency in financial transactions poses a threat
to our national security and our economy’s secu-
rity and supporting efforts to close related loop-
holes.
H. Res. 327 ............... Encouraging greater public-private sector collabora- .................... Rep. Foster, Bill [D–IL–11] ........................ 4/30/2019—Passed the House by voice vote.
tion to promote financial literacy for students and
Fmt 6602
young adults. 22
H. Res. 328 ............... Supporting the protection of elders through financial 4/25/2019 Rep. Casten, Sean [D–IL–6] ...................... 4/30/2019—Passed the House by voice vote.
literacy.
Sfmt 6602 H. Res. 456 ............... Emphasizing the importance of grassroots investor 6/21/2019 Rep. Pressley, Ayanna [D–MA–7] ............... 7/9/2019—Passed the House by voice vote.
protection and the investor education missions of
State and Federal securities regulators, calling on
the Securities and Exchange Commission to col-
laborate with State securities regulators in the
protection of investors, and for other purposes.
H.R. 1 ........................ For the People Act of 2019 ......................................... 1/3/2019 Rep. Sarbanes, John P. [D–MD–3] ............ 3/4/2019—Committee discharged.
3/8/2019—Passed the House by record vote 234–193.
H.R. 5 ........................ Equality Act .................................................................. 3/13/2019 Rep. Cicilline, David [D–RI–1] ................... 5/10/2019—Committee discharged.
5/17/2019—Passed in the House by record vote 236–173.
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H.R. 31 ...................... Caesar Syria Civilian Protection Act of 2019 ............. 1/3/2019 Rep. Engel, Eliot [D–NY–16] ...................... 1/22/2019—Waived consideration.
1/22/2019—Passed the House by voice vote.
HR718 H.R. 56 ...................... The Financial Technology Protection Act ..................... 1/3/2019 Rep. Budd, Ted [R–NC–13] ....................... 01/03/2019—Passed the House by voice vote.
H.R. 123 .................... FHA Additional Credit Pilot Program Reauthorization 1/3/2019 Rep. Green, Al [D–TX–9] ............................ 9/20/2019—Ordered reported as amended by the Committee by record
Act. vote 32–22.
12/17/2020—Reported as amended by the Committee, H. Report
116–663.
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H.R. 132 .................... North American Development Bank Improvement Act 1/3/2019 ............................................................... 9/20/2019—Ordered reported as amended by the Committee by record
of 2019. vote 32–23.
1/29/2020—Became law, as amended, as part of Public Law
116–113.
Jkt 042838 H.R. 149 .................... Housing Fairness Act of 2019 ..................................... 1/3/2019 Rep. Green, Al [D–TX–9] ............................ 2/28/2019—Ordered reported as amended by the Committee by record
vote 33–25.
12/17/2020—Reported as amended by the Committee, H. Report
116–664.
PO 00000 H.R. 241 .................... Bank Service Company Examination Coordination Act 1/4/2019 Rep. Williams, Roger [R–TX–25] ............... 05/14/2019—Passed the House by voice vote.
of 2019.
H.R. 281 .................... Ensuring Diverse Leadership Act ................................. 1/8/2019 Rep. Beatty, Joyce [D–OH–3] ..................... 7/11/2019—Ordered reported as amended by the Committee by record
vote 56–2.
9/10/2019—Passed in the House by voice vote.
Frm 00029 H.R. 389 .................... Kleptocracy Asset Recovery Rewards Act .................... 1/9/2019 Rep. Lynch, Stephen F. [D–MA–8] ............. 3/28/2019—Ordered reported as amended by the Committee by unan-
imous consent.
5/14/2019—Reported as amended by the Committee, H. Report
116–60.
Fmt 6602 5/14/2019—Passed the House by voice vote.
1/1/2021—Became law as part of Public Law 116–ll (H.R. 6395,
NDAA). 23
H.R. 500/ Christa McAuliffe Commemorative Coin Act of 2019 1/11/2019 Rep. Upton, Fred (R–MI)/ 9/10/2019—Passed in the House by voice vote.
S. 239 ................... Sen. Shaheen, Jeanne (D–NH) ...............
Sfmt 6602 H.R. 502 .................... FIND Trafficking Act ..................................................... 1/11/2019 Rep. Vargas, Juan [D–CA–51] ................... 1/28/2019—Passed the House by record vote 412–3.
1/1/2021—Became law as amended as part of Public Law 116–ll
(H.R. 6395, NDAA).
H.R. 624 .................... Promoting Transparent Standards for Corporate In- 1/16/2019 Rep. Waters, Maxine [D–CA–43] ................ 1/28/2019—Passed the House by record vote 412–3.
siders Act.
H.R. 758 .................... Cooperate with Law Enforcement Agencies and 1/24/2019 Rep. Hill, J. French [R–AR–2] .................... 03/11/2019—Passed the House by record vote 404–7.
Watch Act of 2019. 1/1/2021—Became law as amended as part of Public Law 116–ll
(H.R. 6395, NDAA).
H.R. 906/ Merrill’s Marauders Congressional Gold Medal Act .... 1/30/2019 Rep. King, Peter T. [R–NY–2]/ 9/22/2020—Passed the House by unanimous consent.
S. 743 ................... Isakson, Johnny [R–GA] ......................... 10/17/2020—Became law as 116–170.
E:\HR\OC\HR718.XXX
H.R. 925 .................... Heroes Act (containing provisions within the Com- 1/30/3019 Rep. Thompson, Mike [D–CA–5] ................ 10/01/2020—House concurred with the Senate Amendments with an
mittee’s jurisdiction relating to economic stability, amendment.
HR718 housing and other matters).
H.R. 974 .................... Federal Reserve Supervision Testimony Clarification 2/5/2019 Rep. Gottheimer, Josh [D–NJ–5] ................ 3/11/2019—Passed the House by voice vote.
Act.
H.R. 1018 .................. Improving Corporate Governance Through Diversity 2/6/2019 Rep. Meeks, 7/11/2019—Ordered reported as amended by the Committee by record
Act of 2019. Gregory W. [D–NY–5] ............................. vote 53–5.
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Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 1037 .................. Banking Transparency for Sanctioned Persons Act of 2/7/2019 Rep. Riggleman, Denver [R–VA–5] ............ 5/14/2019—Passed the House of Representatives by voice vote.
2019.
H.R. 1060/ BUILD Act ..................................................................... 2/7/2019 Rep. Loudermilk, Barry [R–GA–11] ............ 5/14/2019—Passed the House by voice vote.
S. 371 ................... 1/l/2021—Became law as Public Law 116–ll.
H.R. 1122 .................. Housing Choice Voucher Mobility Demonstration Act 2/8/2019 Rep. Cleaver, Emanuel [D–MO–5] ............. 3/11/2019—Passed the House by record vote 387–22.
PO 00000
of 2019.
H.R. 1037 .................. Banking Transparency for Sanctioned Persons Act of 2/7/2019 Rep. Denver Riggleman [R–VA–5] ............. 5/14/2019—Passed the House by voice vote.
2019.
Frm 00030 H.R. 1173/ President George H.W. Bush and First Spouse Bar- 2/12/2019 Rep. Williams, Roger [R–TX–25]/ 1/13//2020—Passed the House by voice vote.
S. 457 ................... bara Bush Coin Act. Sen. John Cornyn [R–TX] ....................... 1/27/2020—Became Public Law 116–112.
H.R. 1307 .................. Post-Disaster Assistance Accountability Act ............... 2/15/2019 Rep. Meadows, Mark [R–NC–11] ............... 7/23/2019—Committee discharged.
7/24/2019—Passed the House by voice vote.
Fmt 6602 H.R. 1396 .................. Hidden Figures Congressional Gold Medal Act ........... 2/27/2019 Rep. Johnson, Eddie Bernice [D–TX–30] ... 9/19/2019—Passed in the House by voice vote.
11/08/2019—Became Public Law 116–68.
H.R. 1414 .................. FinCEN Improvement Act of 2019 ............................... 2/27/2019 Rep. Wexton, Jennifer [D–VA–10] .............. 3/11/2019—Passed the House by voice vote. 24
1/1/2021—Became law as amended part of Public Law 116–ll
(H.R. 6395, NDAA).
H.R. 1500 .................. Consumers First Act .................................................... 3/5/2019 Rep. Waters, Maxine [D–CA–43] ................ 3/28/2019—Ordered reported as amended by the Committee by record
Sfmt 6602
vote 34–26.
3/19/2019—Reported as amended by the Committee, H. Report
116–57, part I.
5/22/2019—Passed the House by record vote 231–191.
H.R. 1585 .................. Violence Against Women Reauthorization Act of 2019 3/7/2019 Rep. Bass, Karen [D–CA–37] ..................... 3/27/2019—Committee discharged.
4/4/2019—Passed in the House by record vote 263–158.
H.R. 1595 .................. Secure And Fair Enforcement Banking Act of 2019 ... 3/7/2019 Rep. Perlmutter, Ed [D–CO–7] ................... 3/28/2019—Ordered reported as amended by the Committee by record
vote 45–15.
6/5/2019—Reported as amended by the Committee, H. Report
E:\HR\OC\HR718.XXX
116–104, part I.
5/22/2019—Passed the House by record vote 321–103.
HR718 H.R. 1690 .................. Carbon Monoxide Alarms Leading Every Resident To 3/12/2019 Rep. Garcı́a, Jesús G. ‘‘Chuy’’ [D–IL–4] .... 6/26/2019—Ordered reported as amended by the Committee by voice
Safety Act of 2019. vote.
9/10/2019—Passed the House, as amended, by voice vote.
12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
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H.R. 1731 .................. Cybersecurity Disclosure Act of 2019 .......................... 3/13/2019 Rep. Himes, James A. [D–CT–4] ................ 12/11/2019—Ordered reported as amended by record vote 32–24.
12/8/2020—Reported as amended by the Committee, H. Report
116–633.
H.R. 1773 .................. Rosie the Riveter Congressional Gold Medal Act of 3/14/2019 Rep. Speier, Jackie [D–CA–14] .................. 11/13/2019—Passed in the House by voice vote.
Jkt 042838 2019. 12/03/2020—Became Public Law 116–195.
H.R. 1815 .................. SEC Disclosure Effectiveness Testing Act ................... 3/18/2019 Rep. Casten, Sean [D–IL–6] ...................... 3/28/2019—Ordered reported as amended by the Committee by record
vote 33–26.
6/20/2019—Reported as amended by the Committee, H. Report
116–123.
10/17/2019—Passed the House by record vote 229–186.
PO 00000
H.R. 1830 .................. National Purple Heart Hall of Honor Commemorative 3/18/2019 Rep. Maloney, Sean Patrick [D–NY–18] .... 9/19/2019—Passed in the House by voice vote.
Coin Act. 11/16/2020—Concurred in the Senate Amendment by voice vote.
12/22/2020—Became Public Law 116–247.
Frm 00031 H.R. 1850 .................. Palestinian International Terrorism Support Preven- 3/21/2019 Rep. Mast, Brian [R–FL–18] ...................... 7/22/2019—Committee waived consideration.
tion Act of 2019. 7/23/2019—Passed in the House by voice vote.
H.R. 1856 .................. Ending Homelessness Act of 2019 .............................. 3/25/2019 Rep. Waters, Maxine [D–CA–43] ................ 3/28/2019—Ordered reported as amended by the Committee by record
vote 33–26.
7/05/2019—Reported as amended by the Committee, H. Report
Fmt 6602 116–137, Part I.
H.R. 1876 .................. Senior Security Act of 2019 ......................................... 3/26/2019 Rep. Gottheimer, Josh [D–NJ–5] ................ 4/30/2019—Passed by the House by record vote 329–20.
H.R. 1923 .................. Circulating Coin Redesign Act of 2020 ...................... 3/27/2019 Rep. Lee, Barbara [D–CA–13] ................... 9/22/2019—Committee discharged and passed the House with an
25
amendment by unanimous consent.
Sfmt 6602 1/1/2021—Became Public Law 116–ll.
H.R. 1957 .................. Great Outdoors Act ...................................................... 3/28/2019 Rep. Lewis, John, [D–GA–5] ....................... 4/9/2019—Committee discharged.
4/9/2019—Passed the House by voice vote.
8/4/2020—Became Public Law 116–152.
H.R. 1988/ Protecting Affordable Mortgages for Veterans Act of 3/28/2019 Rep. Scott, David [D–GA–13]/ 5/8/2019—Ordered reported as amended by the Committee by voice
S. 1749 ................. 2019. Sen. Sinema, Krysten [D–AZ] ................ vote.
7/9/2019—Reported as amended by the Committee, H. Report
116–1138, part I.
7/9/2019—Passed the House, as amended, by voice vote.
7/25/2019—Became Public Law 116–65.
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H.R. 2162 .................. Housing Financial Literacy Act of 2019 ...................... 4/9/2019 Rep. Beatty, Joyce [D–OH–3] ..................... 6/11/2019—Ordered reported as amended by the Committee by record
vote 53–6.
7/9/2019—Passed the House, as amended, by voice vote.
HR718 H.R. 2290 .................. Shutdown Guidance for Financial Institutions Act ..... 4/10/2019 Rep. Wexton, Jennifer [D–VA–10] .............. 9/19/2019—Passed in the House by voice vote.
H.R. 2398 .................. Veterans House Act ...................................................... 4/30/2019 Rep. Peters, Scott [D–CA–52] .................... 11/14/2019—Ordered reported by the Committee by record vote 54–0.
1/21/2020—Passed the House, as amended, by record vote 362–31.
1/1/2021—Became law as part of Public Law 116–ll. (H.R. 6395,
NDAA).
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Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 2409 .................. Expanding Access to Capital for Rural Job Creators 4/30/2019 Rep. Axne, Cynthia [D–IA–3] ..................... 5/8/2019—Ordered reported by the Committee by voice vote.
Act. 7/9/2019—Passed the House, as amended, by record vote 413–7.
H.R. 2423 .................. Women’s Suffrage Centennial Commemorative Coin 4/30/2019 Rep. Stefanik, Elise M. [R–NY–21] ............ 10/28/2019—Passed the House by voice vote.
Act. 11/25/2019—Became Public Law 116–71.
PO 00000 H.R. 2513 .................. Corporate Transparency Act of 2019 ........................... 5/3/2019 Rep. Maloney, Carolyn B. [D–NY–12] ........ 6/11/2019—Ordered reported as amended by the Committee by record
vote 43–16.
10/8/2019—Reported as amended by the Committee, H. Report
116–227.
10/22/2019—Passed the House by record vote 249–173.
1/1/2021—Became law as part of Public Law 116–ll (H.R. 6395,
Frm 00032
NDAA).
H.R. 2514 .................. Coordinating Oversight, Upgrading and Innovating 5/3/2019 Rep. Cleaver, Emanuel [D–MO–5] ............. 6/11/2019—Ordered reported as amended by the Committee by voice
Technology, and Examiner Reform Act of 2019. vote.
Fmt 6602 10/21/2019—Reported as amended by the Committee, H. Report
116–245, Part I.
10/28/2019—Passed the House by voice vote. 26
1/1/2021—Became law as part of Public Law 116–ll (H.R. 6395,
Sfmt 6602 NDAA).
H.R. 2515 .................. Whistleblower Protection Reform Act of 2019 ............. 5/3/2019 Rep. Green, Al [D–TX–9] ............................ 5/8/2019—Ordered reported by the Committee by voice vote.
7/9/2019—Passed the House, as amended, by record vote 410–12.
H.R. 2534 .................. Insider Trading Prohibition Act .................................... 5/7/2019 Rep. Himes, James A. [D–CT–4] ................ 5/9/2019—Ordered reported by the Committee by voice vote.
9/27/2019—Reported as amended by the Committee, H. Report
116–219.
12/05/2019—Passed the House, as amended, by record vote 410–13.
H.R. 2548 .................. Hazard Eligibility and Local Projects Act .................... 5/7/2019 Rep. Fletcher, Lizzie [D–TX–7] ................... 12/12/2019—Committee Discharged.
12/16/2019—Passed the House as amended by record vote 409–7.
H.R. 2578/ National Flood Insurance Program Extension Act of 5/8/2019 Rep. Waters, Maxine [D–CA–43] ................ 5/14/2019—Passed the House by voice vote.
S. 1693 ................. 2019. 5/31/2019—Became law as Public Law 116–19.
E:\HR\OC\HR718.XXX
H.R. 2613 .................. Advancing Innovation to Assist Law Enforcement Act 5/9/2019 Rep. Gonzalez, Anthony [R–OH–16] ........... 09/19/2019—Passed the House.
1/1/2021—Became law as part of Public Law 116–ll (H.R. 6395,
HR718 NDAA).
H.R. 2763 .................. Keeping Families Together Act of 2019 ...................... 5/15/2019 Rep. Garcia, Sylvia R. [D–TX–29] .............. 6/11/2019—Ordered reported as amended by the Committee by
32–26.
9/6/2019—Reported as amended by the Committee, H. Report
116–196.
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H.R. 2852 .................. Homebuyer Assistance Act of 2019 ............................. 5/20/2019 Rep. Sherman, Brad [D–CA–30] ................ 7/11/2019—Ordered reported by the Committee by voice vote.
9/10/2019—Passed the House, as amended, by record vote 419–5.
H.R. 2919 .................. Improving Investment Research for Small and 5/22/2019 Rep. Huizenga, Bill [R–MI–2] .................... 07/09/2019—Passed the House by voice vote.
Emerging Issuers Act. 12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Jkt 042838 Appropriations 2021).
H.R. 3018 .................. Ensuring Equal Access to Shelter Act of 2019 ........... 5/23/2019 Rep. Wexton, Jennifer [D–VA–10] .............. 6/11/2019—Ordered reported as amended by the Committee by record
vote 33–26.
8/13/2019—Reported as amended by the Committee, H. Report
116–185.
H.R. 3050 .................. Expanding Investment in Small Businesses Act of 5/30/2019 Rep. Steil, Bryan [R–WI–1] ........................ 07/09/2019—Passed the House 417–2.
PO 00000
2019. 12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
H.R. 3111 .................. National Flood Insurance Program Administrative Re- 6/5/2019 Rep. Velázquez, Nydia M. [D–NY–7] .......... 6/11/2019—Ordered reported as amended by the Committee by record
Frm 00033 form Act of 2019. vote 58–0.
10/28/2019—Reported as amended by the Committee, H. Report
116–261.
H.R. 3141 .................. FHA Loan Affordability Act of 2019 ............................. 6/5/2019 Rep. Phillips, Dean [D–MN–3] ................... 6/11/2019—Ordered reported as amended by the Committee by record
vote 34–25.
Fmt 6602 11/12/2019—Reported as amended by the Committee, H. Report
116–282.
H.R. 3151 .................. Taxpayers First Act ...................................................... 6/6/2019 Rep. Lewis, John [D–GA–5] ........................ 6/7/2019—Committee waived consideration.
27
6/11/2019—Passed the House by voice vote.
Sfmt 6602 7/1/2019—Became Public Law 116–125.
H.R. 3154 .................. Homeownership for DREAMers Act .............................. 6/6/2019 Rep. Vargas, Juan [D–CA–51] ................... 6/11/2019—Ordered reported as amended by the Committee by record
vote 33–25.
9/6/2019—Reported as amended by the Committee, H. Report
116–197.
H.R. 3167 .................. National Flood Insurance Program Reauthorization 6/10/2019 Rep. Waters, Maxine [D–CA–43] ................ 6/11/2019—Ordered reported as amended by the Committee by record
Act of 2019. vote 59–0.
10/28/2019—Reported as amended by the Committee, H. Report
116–262, Part I.
H.R. 3190 .................. Burma Unified through Rigorous Military Account- 6/11/2019 Rep. Engel, Eliot [D–NY–16] ...................... 9/23/2019—Committee waived consideration.
E:\HR\OC\HR718.XXX
ability Act. 9/24/2019—Passed the House by record vote 394–21.
H.R. 3279 .................. Diversity in Corporate Leadership Act of 2019 ........... 6/13/2019 Rep. Maloney, Carolyn B. [D–NY–12] ........ 7/11/2019—Ordered reported as amended by record vote 52–6.
H.R. 3289 .................. Hong Kong Human Rights and Democracy Act ........... 6/21/2019 Rep. Smith, Christopher H. [R–NJ–4] ........ 10/08/2019—Committee waived consideration.
HR718 10/15/2019—Passed the House by voice vote.
H.R. 3490 .................. Small Business Lending Fairness Act ......................... 6/25/2019 Rep. Velázquez, Nydia M. [D–NY–7] .......... 11/14/2019—Ordered reported as amended by the Committee by
record vote 31–23.
3/19/2020—Reported as amended by the Committee, H. Report
116–417.
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Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 3589 .................. Greg Lemond Congressional Gold Medal Act .............. 6/27/2019 Rep. Thompson, Mike [D–CA–5] ................ 9/19/2019—Passed the House by voice vote.
12/4/2020—Became Public Law 116–208.
H.R. 3614 .................. Restricting Credit Checks for Employment Decisions 7/02/2019 Rep. Lawson, Al, Jr. [D–FL–5] ................... 7/11/2019—Ordered reported as amended by the Committee by record
Act. vote 32–26.
PO 00000 12/23/2019—Reported as amended by the Committee, H. Report
116–306.
1/29/2020—Passed as part of H.R. 3621, the Comprehensive CREDIT
Act.
H.R. 3618 .................. Free Credit Scores for Consumers Act of 2019 .......... 7/5/2019 Rep. Beatty, Joyce [D–OH–3] ..................... 7/11/2019—Ordered reported as amended by the Committee by record
vote 32–26.
Frm 00034
12/23/2019—Reported as amended by the Committee, H. Report
116–305.
1/29/2020—Passed as part of H.R. 3621, the Comprehensive CREDIT
Fmt 6602 Act.
H.R. 3619 .................. Appraisal Fee Transparency Act of 2019 .................... 7/5/2019 Rep. Clay, Wm. Lacy [D–MO–1] ................. 7/11/2019—Ordered reported as amended by the Committee by voice
vote. 28
7/16/2019—Reported as amended by the Committee by record vote
Sfmt 6602 33–25.
9/19/2019—Passed the House, as amended, by voice vote.
H.R. 3620 .................. Strategy and Investment in Rural Housing Preserva- 7/5/2019 Rep. Clay, Wm. Lacy [D–MO–1] ................. 7/11/2019—Ordered reported as amended by the Committee by record
tion Act of 2019. vote 58–0.
12/07/2019—Reported as amended by the Committee, H. Report
116–198.
9/10/2019—Passed the House by voice vote.
H.R. 3621 .................. Comprehensive CREDIT Act of 2020 ........................... 7/5/2019 Rep. Pressley, Ayanna [D–MA–7] ............... 7/16/2019—Ordered reported as amended by the Committee by record
vote 34–25.
12/07/2019—Reported as amended by the Committee, H. Report
116–331.
E:\HR\OC\HR718.XXX
1/29/2020—Passed the House, as amended, by record vote 221–189.
H.R. 3622 .................. Restoring Unfairly Impaired Credit and Protecting 7/5/2019 Rep. Tlaib, Rashida [D–MI–13] ................. 7/11/2019—Ordered reported as amended by the Committee by record
HR718 Consumers Act. vote 32–26.
12/23/2019—Reported as amended by the Committee, H. Report
116–362.
1/29/2020—Passed as part of H.R. 3621, the Comprehensive CREDIT
Act.
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H.R. 3623 .................. Climate Risk Disclosure Act of 2019 .......................... 7/5/2019 Rep. Casten, Sean [D–IL–6] ...................... 7/16/2019—Ordered reported as amended by the Committee by record
vote 34–25.
10/27/2019—Reported as amended by the Committee, H. Report
116–563, part I.
Jkt 042838 H.R. 3624 .................. Outsourcing Accountability Act of 2019 ...................... 7/5/2019 Rep. Axne, Cynthia [D–IA–3] ..................... 7/16/2019—Ordered reported as amended by the Committee by record
vote 33–25.
10/04/2019—Reported as amended by the Committee, H. Report
116–220.
PO 00000 10/18/2019—Passed in the House by record vote 226–184.
H.R. 3629 .................. Clarity in Credit Score Formation Act of 2019 ........... 7/9/2019 Rep. Lynch, Stephen F. [D–MA–8] ............. 7/16/2019—Ordered reported as amended by the Committee by record
vote 33–25.
12/23/2019—Reported as amended by the Committee, H. Report
116–307.
Frm 00035 1/29/2020—Passed as part of H.R. 3621, the Comprehensive CREDIT
Act.
H.R. 3641 .................. Stronger Enforcement of Civil Penalties Act of 2019 7/9/2019 Rep. Porter, Katie [D–CA–45] .................... 7/16/2019—Ordered reported as amended by the Committee by record
vote 33–25.
Fmt 6602 12/23/2019—Reported as amended by the Committee, H. Report
116–410.
H.R. 3642 .................. Improving Credit Reporting for All Consumers Act ..... 7/9/2019 Rep. Adams, Alma S. [D–NC–12] .............. 7/11/2019—Ordered reported as amended by the Committee by voice 29
vote.
12/23/2019—Reported as amended by the Committee, H. Report
Sfmt 6602 116–363.
1/29/2020—Passed as part of H.R. 3621, the Comprehensive CREDIT
Act.
H.R. 3701 .................. Strengthening Fraud Protection Provisions for SEC 7/11/2019 Rep. Gonzalez, Vicente [D–TX–15] ............. 7/16/2019—Ordered reported as amended by the Committee by record
Enforcement Act of 2019. vote 30–25.
11/08/2019—Reported as amended by the Committee, H. Report
116–399.
H.R. 3702 .................. Reforming Disaster Recovery Act of 2019 .................. 7/11/2019 Rep. Green, Al [D–TX–9] ............................ 9/20/2019—Ordered reported as amended by the Committee by record
vote 58–0.
11/18/2019—Passed in the House by record vote 290–118.
E:\HR\OC\HR718.XXX
H.R. 3948 .................. Debt Collection Practices Harmonization Act .............. 7/24/2019 Rep. Meeks, 11/14/2019—Ordered reported as amended by the Committee by a
Gregory W. [D–NY–5] ............................. record vote 31–23.
HR718 12/16/2020—Reported as amended by the Committee, H. Report
116–658.
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LEGISLATIVE ACTIVITIES OF THE FULL COMMITTEE—CONTINUED
Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 4029/ Tribal Access to Homeless Assistance Act .................. 7/25/2019 Rep. Heck, Denny [D–WA–10] .................... 9/20/2019—Ordered reported as amended by the Committee by voice
S. 2282 ................. vote.
11/18/2019—Passed in the House by voice vote.
12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
PO 00000 Appropriations 2021).
H.R. 4067 .................. Financial Inclusion in Banking Act of 2019 ............... 7/25/2019 Rep. Scott, David [D–GA–13] .................... 9/20/2019—Ordered reported by the Committee by record vote 55–0.
10/28/2019—Passed the House by voice vote.
H.R. 4084 .................. Otto Warmbier North Korea Nuclear Sanctions Act of 7/26/2019 Rep. Barr, Andy [R–KY–6] ......................... 12/20/2019—Became law as part of Public Law 116–92.
2019.
H.R. 4104 .................. Negro Leagues Baseball Centennial Commemorative 7/30/2019 Rep. Cleaver, Emanuel [D–MO–5] ............. 9/22/2020—Passed in the House by unanimous consent.
Frm 00036
Coin Act. 12/4/2020—Became Public Law 116–209.
H.R. 4242 .................. Greater Accountability in Pay Act ................................ 9/6/2019 Rep. Velázquez, Nydia M. [D–NY–7] .......... 9/20/2019—Ordered reported as amended by the Committee by record
vote 31–21.
Fmt 6602 12/11/2020—Reported as amended by the Committee, H. Report
116–336.
H.R. 4300 .................. Fostering Stable Housing Opportunities Act of 2019 9/12/2019 Rep. Dean, Madeleine [D–PA–4] ................ 9/20/2019—Ordered reported as amended by the Committee by record 30
vote 47–0.
Sfmt 6602 11/18/2019—Passed in the House by voice vote.
12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
H.R. 4302 .................. Homeless Assistance Act of 2019 ............................... 9/12/2019 Rep. Sherman, Brad [D–CA–30] ................ 9/20/2019—Ordered reported as amended by the Committee by record
vote 49–0.
1/13/2020—Passed in the House by voice vote.
H.R. 4320 .................. Corporate Management Accountability Act of 2019 ... 9/12/2019 Rep. Porter, Katie [D–CA–45] .................... 9/20/2019—Ordered reported as amended by the Committee by record
vote 31–22.
12/11/2019—Reported as amended by the Committee, H. Report
116–337.
H.R. 4328 .................. Protecting Innocent Consumers Affected by a Shut- 9/13/2019 Rep. Waters, Maxine [D–CA–43] ................ 9/20/2019—Ordered reported as amended by record vote 32–22.
E:\HR\OC\HR718.XXX
down Act. 1/29/2020—Passed as part of H.R. 3621, the Comprehensive CREDIT
Act.
HR718 12/8/2020—Reported as amended by the Committee, H. Report
116–635.
H.R. 4329 .................. ESG Disclosure Simplification Act of 2019 ................. 9/13/2019 Rep. Vargas, Juan [D–CA–51] ................... 9/20/2019—Ordered reported as amended by record vote 31–22.
1/7/2020—Reported as amended by the Committee, H. Report
116–365.
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H.R. 4335 .................. 8–K Trading Gap Act of 2019 ..................................... 9/16/2019 Rep. Maloney, Carolyn B. [D–NY–12] ........ 9/20/2019—Ordered reported by the Committee by record vote 52–0.
1/13/2020—Passed the House by record vote 384–7.
H.R. 4344 .................. Investor Protection and Capital Markets Fairness Act 9/17/2019 Rep. McAdams, Ben [D–UT–4] .................. 9/20/2019—Ordered reported as amended by the Committee by record
vote 49–5.
Jkt 042838 11/18/2019—Passed in the House by record vote 314–95.
1/1/2021—Became law, as amended, as part of Public Law
116–ll (H.R. 6395, NDAA).
H.R. 4351 .................. Yes In My Backyard Act ............................................... 9/17/2019 Rep. Heck, Denny [D–WA–10] .................... 2/28/20—Ordered reported by the Committee as amended by voice
PO 00000 vote.
3/2/2020—Passed in the House by voice vote.
H.R. 4403 .................. Stop Debt Collection Abuse Act of 2019 ..................... 9/19/2019 Rep. Cleaver, Emanuel [D–MO–5] ............. 12/11/2019—Ordered reported as amended by record vote 54–0.
12/15/2020—Reported as amended by the Committee, H. Report
116–654.
Frm 00037 H.R. 4458 .................. Cybersecurity and Financial System Resilience Act of 9/24/2019 Rep. McHenry, Patrick T. [R–NC–10] ......... 1/13/2020—Passed the House by voice vote.
2019. 12/27/20—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
H.R. 4545 .................. Private Loan Disability Discharge Act of 2019 ........... 9/27/2019 Rep. Dean, Madeleine [D–PA–4] ................ 12/11/2019—Ordered reported as amended by record vote 32–25.
Fmt 6602 12/21/2020—Reported as amended by the Committee, H. Report
116–682, Part 1.
H.R. 4634 .................. Terrorism Risk Insurance Program Reauthorization 10/11/2019 Rep. Waters, Maxine [D–CA–43] ................ 10/31/2019—Ordered reported as amended by the Committee by 31
Act of 2019. record vote 57–0.
11/15/2019—Passed in the House by record vote 365–22.
12/20/2019—Became law as part of Public Law 116–94.
Sfmt 6602
H.R. 4644 .................. Libya Stabilization Act ................................................. 10/11/2019 Rep. Deutsch, Theodore E. [D–FL–22] ....... 11/17/2020—Committee discharged.
11/20/2020—Passed the House as amended by voice vote.
H.R. 4695 .................. PACT Act ...................................................................... 10/16/2019 Rep. Engel, Eliot [D–NY–16] ...................... 10/29/2019—Committee waived consideration.
10/29/2019—Passed the House by record vote 403–16.
H.R. 4841 .................. Prudential Regulator Oversight Act ............................. 10/23/2019 Rep. Phillips, Dean [D–MN–3] ................... 10/31/2019—Ordered reported as amended by the Committee by
record vote 55–0.
11/15/2019—Passed the House by voice vote.
H.R. 4860 .................. Crowdfunding Amendments Act .................................. 10/28/2019 Rep. McHenry, Patrick T. [R–NC–10] ......... 10/28/2019—Passed the House by voice vote.
E:\HR\OC\HR718.XXX
H.R. 4863 .................. United States Export Finance Agency Act of 2019 ..... 10/28/2019 Rep. Waters, Maxine [D–CA–43] ................ 10/31/2019—Ordered reported as amended by the Committee by
record vote 30–27.
11/08/2019—Reported as amended by the Committee, H. Report
HR718 116–271.
11/15/2019—Passed in the House by record vote 235–184.
12/20/2019—Became law as amended as part of Public Law 116–94.
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Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 5001 .................. Non-Judicial Foreclosure Debt Collection Clarification 11/8/2019 Rep. Clay, Wm. Lacy [D–MO–1] ................. 11/14/2019—Ordered reported as amended by the Committee by
Act. record vote 31–23.
12/10/2020—Reported as amended by the Committee, H. Report
116–638.
H.R. 5003 .................. Fair Debt Collection Practices for Servicemembers 11/8/2019 Rep. Dean, Madeleine [D–PA–4] ................ 11/14/2019—Ordered reported by the Committee by record vote 54–0.
PO 00000
Act. 3/2/2020—Passed the House, as amended, by record vote 355–0.
H.R. 5013 .................. Small Business Fair Debt Collection Protection Act ... 11/8/2019 Rep. Lawson, Al, Jr. [D–FL–5] ................... 11/14/2019—Ordered to be Reported as amended by the Committee
by record vote 31–23.
Frm 00038 12/16/2020—Reported as amended by the Committee, H. Report
116–656.
H.R. 5021 .................. Ending Debt Collection Harassment Act of 2019 ....... 11/8/2019 Rep. Pressley, Ayanna [D–MA–7] ............... 11/14/2019—Ordered reported as amended by the Committee by
31–23.
3/19/2020—Reported as amended by the Committee, H. Report
116–418.
Fmt 6602
H.R. 5038 .................. Farm Work Modernization Act of 2019 ........................ 11/12/2019 Rep. Lofgren, Zoe [D–CA–19] .................... 12/09/2020—Committee discharged. 32
12/11/2019—Passed the House by record vote 260–165.
H.R. 5051 .................. Accountability for World Bank Loans to China Act of 11/12/2019 Rep. Gonzalez, Anthony [R–OH–16] ........... 1/1/2021—Became law as part of Public Law 116–ll (H.R. 6395,
Sfmt 6602 2019. NDAA).
H.R. 5084 .................. Improving Corporate Governance Through Diversity 12/4/2019 Rep. Meeks, 11/19/2019—Passed the House, as amended, by record vote
Act of 2019. Gregory W. [D–NY–5] ............................. 281–135.
H.R. 5187 .................. Housing is Infrastructure Act of 2019 ........................ 11/20/2019 Rep. Waters, Maxine [D–CA–43] ................ 2/28/2020—Ordered to be Reported as amended by record vote
33–25.
12/24/2020—Reported as amended by the Committee, H. Report
116–686.
7/1/2020—Passed as part of H.R. 2 by record vote 233–188.
H.R. 5287 .................. Fair Student Loan Debt Collection Practices Act ........ 12/3/2019 Rep. Lawson, Al, Jr. [D–FL–5] ................... 12/10/19—Ordered reported as amended by the Committee by record
vote 32–24.
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H.R. 5294 .................. Student Borrower Protections Act of 2019 .................. 12/3/2019 Rep. Adams, Alma S. [D–NC–12] .............. 12/11/2019—Ordered to be Reported as amended by the Yeas and
Nays: 32–26.
HR718 H.R. 5315 .................. Expanding Opportunity for MDIs .................................. 12/5/2019 Rep. Beatty, Joyce [D–OH–3] ..................... 12/11/2019—Ordered reported by the Committee as amended by
record vote 57–0.
1/13/2020—Passed in the House by voice vote.
H.R. 5322 .................. Ensuring Diversity in Community Banking Act ........... 12/5/2019 Rep. Meeks, 12/11/2019—Ordered reported by the Committee by record vote 52–0.
Gregory W. [D–NY–5] ............................. 9/21/2020—Passed the House, as amended, by voice vote.
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H.R. 5330 .................. Consumer Protection for Medical Debt Collections Act 12/5/2019 Rep. Tlaib, Rashida [D–MI–13] ................. 12/11/2019—Ordered to be Reported as amended by record vote
31–24.
12/15/2020—Reported as amended by the Committee, H. Report
116–653.
Jkt 042838 H.R. 5332 .................. Protecting Your Credit Score Act of 2020 ................... 12/6/2019 Rep. Gottheimer, Josh [D–NJ–5] ................ 12/11/2019—Ordered reported as amended by the Committee by
31–24.
3/12/2020—Reported as amended by the Committee, H. Report
116–416.
PO 00000 6/29/2020—Passed the House by record vote 234–179.
H.R. 5430 .................. United States-Mexico-Canada Agreement Implemen- 12/31/2019 Rep. Hoyer, Steny [D–MD–5] ...................... 12/19/2019—Committee Discharged
tation Act. 12/19/2019—Passed the House by record vote 385–41.
1/29/2020—Became Public Law 116–113.
H.R. 5671 .................. Merchant Mariners of World War II Congressional 1/24/2020 Rep. Garamendi, John [D–CA–3] ............... 1/27/2020—Passed in the House by voice vote.
Frm 00039 Gold Medal Act of 2020. 3/13/2020—Became Public Law 116–125.
H.R. 5698 .................. Promoting Secure 5G Act ............................................. 1/28/2020 Rep. Timmons, William R. IV [R–SC–4] .... 09/21/2020—Passed the House by voice vote.
H.R. 5929 .................. Shareholder Political Transparency Act of 2020 ......... 2/21/2020 Rep. Foster, Bill [D–IL–11] ........................ 2/28/2020—Ordered reported as amended by record vote 33–25.
12/8/2020—Reported as amended by the Committee, H. Report
Fmt 6602 116–632.
H.R. 5930 .................. Workforce Investment Disclosure Act of 2020 ............ 2/21/2020 Rep. Axne, Cynthia [D–IA–3] ..................... 2/28/2020—Ordered to be Reported as amended by record vote
33–25. 33
12/8/2020—Reported as amended by the Committee, H. Report
116–634.
Sfmt 6602 H.R. 5931 .................. Improving FHA Support for Small Dollar Mortgages 2/21/2020 Rep. Clay, Wm. Lacy [D–MO–1] ................. 2/28/2020—Ordered reported by the Committee by record vote 48–0.
Act of 2020. 9/21/2020—Passed the House, as amended, by voice vote.
H.R. 5932 .................. The Ensuring Chinese Debt Transparency Act of 2020 2/21/2020 Rep. Hill, J. French [R–AR–2] .................... 03/02/2020—Passed the House by record vote 356–0.
1/1/2021—Became law as amended as part of Public Law 116–ll
(H.R. 6395, NDAA).
H.R. 6014 .................. Employment Fairness for Taiwan Act .......................... 3/19/2020 Rep. Tipton, Scott R. [R–CO–3] ................. 12/l/2020—Became law as amended as part of Public Law
116–ll (H.R. 6395, NDAA).
H.R. 6192 .................. 1921 Silver Dollar Coin Anniversary Act ..................... 3/11/2020 Rep. Barr, Andy [R–KY–6] ......................... 09/22/2020—Passed the House by unanimous consent.
H.R. 6210 .................. Uyghur Forced Labor Prevention Act ........................... 3/11/2020 Rep. McGovern, James P. [D–MA–2] ......... 9/22/2019—Committee waived consideration.
9/22/2019—Passed the House by record vote 406–3.
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H.R. 6270 .................. Uyghur Forced Labor Disclosure Act of 2020 .............. 3/31/2020 Rep. Wexton, Jennifer [D–VA–10] .............. 9/30/2020—Passed the House by a record vote 253–163.
H.R. 6294 .................. Improving Emergency Disease Response via Housing 3/19/2020 Rep. Tipton, Scott R. [R–CO–3] ................. 09/21/2020—Passed the House by voice vote.
HR718 Act of 2020.
H.R. 6314 .................. Emergency Rental Assistance Act of 2020 ................. 3/23/2019 Rep. Heck, Denny [D–WA–10] .................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
6/29/20—Passed as part of H.R. 7301, the Emergency Housing Pro-
tections and Relief Act.
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
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Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 6316 .................. Emergency Relief for Student Borrowers Act of 2020 3/23/2019 Rep. Dean, Madeleine [D–PA–4] ................ 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
H.R. 6319 .................. To establish a Congressional COVID–19 Aid Over- 3/23/2019 Rep. Phillips, Dean [D–MN–3] ................... 3/27/2020—Provisions from this legislation became law as part of
PO 00000
sight Panel, to authorize the Special Inspector Public Law 116–136 (CARES Act).
General for the Troubled Asset Relief Program to
coordinate audits and investigations in connection
Frm 00040 with the receipt of Federal aid related to
COVID–19, and for other purposes.
H.R. 6321 .................. Financial Protections and Assistance for America’s 3/23/2020 Rep. Waters, Maxine [D–CA–43] ................ 3/27/2020—Provisions from this legislation became law as part of
Consumers, States, Businesses, and Vulnerable Public Law 116–136 (CARES Act).
Populations Act (including provisions related to fi-
nancial support for the economy, housing assist-
Fmt 6602
ance, and authorizations for international finan- 34
cial institutions).
H.R. 6327 .................. To authorize United States participation in, and con- 3/23/2019 Rep. Cleaver, Emanuel [D–MO–5] ............. 3/27/2020—Provisions from this legislation became law as part of
Sfmt 6602 tributions to, the Nineteenth Replenishment of the Public Law 116–136 (CARES Act).
resources of the International Development Asso-
ciation, the Fifteenth Replenishment of the re-
sources of the African Development Fund, and the
seventh capital increase of the African Develop-
ment Bank.
H.R. 6328 .................. Emergency Relief for State, Territorial and Local Gov- 3/23/2019 Rep. Tlaib, Rashida [D–MI–13] ................. 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
ernments Act of 2020. Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
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H.R. 6330 .................. Coronavirus Housing Counseling Support Act ............. 3/23/2019 Rep. Axne, Cynthia [D–IA–3] ..................... 5/15/2020—Passed, as amended, as part of H.R. 6800, the Heroes
Act.
6/29/2020—Passed, as amended, as part of H.R. 7301, the Emer-
HR718
gency Housing Protections and Relief Act.
10/1/2020—Passed, as amended, as part of H.R. 925, the Heroes Act.
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H.R. 6332 .................. Relief for Consumers During COVID–19 Act of 2020 3/23/2019 Rep. Beatty, Joyce [D–OH–3] ..................... 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
Jkt 042838 H.R. 6340 .................. To provide for mortgage forbearance during the 3/23/2019 Rep. Clay, Wm. Lacy [D–MO–1] ................. 3/27/2020—Became law, as amended, as part of Public Law
COVID–19 emergency, and for other purposes. 116–136 (CARES Act).
H.R. 6358 .................. To authorize supplemental appropriations for fiscal 3/23/2019 Rep. Lynch, Stephen F. [D–MA–8] ............. 3/27/2020—Became law, as amended, as part of Public Law
year 2020 for community development block 116–136 (CARES Act).
PO 00000 grants, and for other purposes. 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
H.R. 6361 .................. Relief for Small Businesses and Nonprofits Act ......... 3/23/2019 Rep. Perlmutter, Ed [D–CO–7] ................... 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Frm 00041 Heroes Act.
H.R. 6362 .................. Public Health Emergency Shelter Act of 2020 ............ 3/23/2019 Rep. Pressley, Ayanna [D–MA–7] ............... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
6/29/2020—Passed as part of H.R. 7301, the Emergency Housing Pro-
tections and Relief Act,
Fmt 6602 10/1/2020—Passed as part of H.R. 925, the Heroes Act.
H.R. 6368 .................. State Housing Relief Act of 2020 ............................... 3/23/2019 Rep. Scott, David [D–GA–13] .................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
6/29/2020—Passed has part of H.R. 7301, the Emergency Housing 35
Protections and Relief Act.
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
H.R. 6370 .................. Disaster Protection for Workers’ Credit Act ................. 3/23/2019 Rep. Sherman, Brad [D–CA–30] ................ 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Sfmt 6602
Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
H.R. 6373 .................. To increase the amount available under the Defense 3/23/2020 Rep. Vargas, Juan [D–CA–51] ................... 3/27/2020—Became law, as amended, as part of Public Law
Production Act of 1950 to respond to the 116–136 (CARES Act).
coronavirus epidemic, and for other purposes.
H.R. 6380 .................. To temporarily provide for Federal insurance of 3/25/2020 Rep. Green, Al [D–TX–9] ............................ 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
transaction accounts during the COVID–19 emer- Heroes Act.
gency.
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H.R. 6381 .................. To require the Board of Governors of the Federal Re- 3/24/2019 Rep. Green, Al [D–TX–9] ............................ 3/27/2020—Became law, as amended, as part of Public Law
serve System to provide zero-interest loans to mi- 116–136 (CARES Act).
HR718 nority depository institutions and community de-
velopment financial institutions to combat
COVID–19, and for other purposes.
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Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 6382 .................. Fair Housing Enforcement Emergency Act of 2020 .... 3/24/2019 Rep. Green, Al [D–TX–9] ............................ 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
H.R. 6387 .................. To correct technical omissions relating to inter- 3/25/2020 Rep. Gonzalez, Vicente [D–TX–15] ............. 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
PO 00000
national financial cooperation, and for other pur- Heroes Act.
poses. 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
Frm 00042 12/27/2020—Became law, as amended, as part of Public Law
116–ll (H.R. 133, Appropriations 2021).
H.R. 6423 .................. To provide for a temporary debt collection morato- 3/31/2020 Rep. Lawson, Al, Jr. [D–FL–5] ................... 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
rium during the COVID–19 emergency period, and Heroes Act.
for other purposes. 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
Fmt 6602
12/l/2020—Became law as part of Public Law 116–ll (H.R. 36
133, Appropriations 2021).
H.R. 6551 .................. CARES Act Section 4014 Technical Corrections Act ... 4/17/2020 Rep. Sherman, Brad [D–CA–30] ................ 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
Sfmt 6602 6/29/2020—Passed as part of H.R. 7301, the Emergency Housing Pro-
tections and Relief Act.
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
H.R. 6724 .................. Public Health Emergency Shelter Act of 2020 ............ 5/5/2020 Rep. Pressley, Ayanna [D–MA–7] ............... 5/15/2020—Passed, as amended, as part of H.R. 6800, the Heroes
Act.
6/29/2020—Passed, as amended, as part of H.R. 7301, the Emer-
gency Housing Protections and Relief Act.
10/1/2020—Passed, as amended, as part of H.R. 925, the Heroes Act.
E:\HR\OC\HR718.XXX
H.R. 6729 .................. COVID–19 Homeowner Assistance Fund Act of 2020 5/5/2020 Rep. Scott, David [D–GA–13] .................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
6/29/2020—Passed has part of H.R. 7301, the Emergency Housing
Protections and Relief Act.
HR718
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
H.R. 6735 .................. COVID–19 Fraud Prevention Act .................................. 5/8/2020 Rep. Axne,Cynthia [D–IA–3] ....................... 9/21/2020—Passed the House by voice vote.
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H.R. 6736 .................. Protect Rural Renters Act of 2020 .............................. 5/8/2020 Rep. Axne, Cynthia [D–IA–3] ..................... 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Heroes Act.
6/29/2020—Passed, as amended, as part of H.R. 7301, the Emer-
gency Housing Protections and Relief Act.
Jkt 042838 10/1/2020—Passed, as amended, as part of H.R. 925, the Heroes Act.
H.R. 6741 .................. COVID–19 Mortgage Relief Act .................................... 5/8/2020 Rep. Clay, Wm. Lacy [D–MO–1] ................. 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
Heroes Act.
6/29/2020—Passed, as amended, as part of H.R. 7301, the Emer-
PO 00000 gency Housing Protections and Relief Act.
10/1/2020—Passed, as amended, as part of H.R. 925, the Heroes Act.
H.R. 6760 .................. Fair Housing Further Enforcement Emergency Act of 5/8/2020 Rep. Green, Al [D–TX–9] ............................ 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
2020. Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Frm 00043 Heroes Act.
H.R. 6789 .................. Access to Credit for Small Businesses Impacted by 5//8/2020 Rep. Sherman, Brad [D–CA–30] ................ 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
the COVID–19 Crisis Act of 2020. 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act, by record vote 214–207.
Fmt 6602 12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
H.R. 6794 .................. Promoting Access to Credit for Homebuyers Act of 5/8/2020 Rep. Vargas, Juan [D–CA–51] ................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act. 37
2020.
H.R. 6800 .................. The Heroes Act (containing provisions within the 5/12/2020 Rep. Lowey, Nita P. [D–NY–17] ................. 5/15/2020—Passed the House by record vote 208–199.
Sfmt 6602
Committee’s jurisdiction relating to economic sta-
bility, housing and other matters).
H.R. 6817 .................. To establish a payroll loan facility for small finan- 5/12/2020 Rep. Green, Al [D–TX–9] ............................ 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
cial institutions affected by COVID–19, and for 10/1/2020—Passed as part of H.R. 925, the Heroes Act.
other purposes.
H.R. 6820 .................. Emergency Rental Assistance and Rental Market 5/12/2020 Rep. Heck, Denny [D–WA–10] .................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
Stabilization Act of 2020. 6/29/2020—Passed the House, as amended, as part of H.R. 7301, the
Emergency Housing Protections and Relief Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
E:\HR\OC\HR718.XXX
12/27/2020—Became law, as amended, as part of Public Law
116–ll (H.R. 133, Appropriations 2021).
HR718 H.R. 6827 .................. Corporate Accountability Act ....................................... 5/12/2020 Rep. Ocasio-Cortez, Alexandria [D–NY–14] 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
H.R. 6830 .................. To amend the Riegle Community Development and 5/12/2020 Rep. Phillips, Dean [D–MN–3] ................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
Regulatory Improvement Act of 1994 to establish
minimum issuance amounts under the CDFI Bond
Guarantee Program, and for other purposes.
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LEGISLATIVE ACTIVITIES OF THE FULL COMMITTEE—CONTINUED
Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 6831 .................. To amend the CARES Act to authorize the Congres- 5/12/2020 Rep. Phillips, Dean [D–MN–3] ................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
sional Oversight Commission to submit discre-
tionary reports to Congress, and for other pur-
poses.
H.R. 6832 .................. To amend the CARES Act to authorize appropriations 5/12/2020 Rep. Phillips, Dean [D–MN–3] ................... 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
PO 00000
to carry out the duties of the Special Inspector Heroes Act.
General for Pandemic Recovery, and for other pur- 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
poses. Heroes Act.
Frm 00044 H.R. 6850 .................. Protect our Checks Act of 2020 .................................. 5/13/2020 Rep. Meeks, 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
Gregory W. [D–NY–5] .............................
H.R. 6858 .................. COVID–19 Emergency Medical Supplies Enhancement 5/13/2020 Rep. Vargas, Juan [D–CA–51] ................... 5/15/2020—Passed as part of H.R. 6800, the Heroes Act.
Act of 2020. 6/29/2020—Passed as part of H.R. 7301, the Emergency Housing Pro-
tections and Relief Act.
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
Fmt 6602
H.R. 6859 .................. Public Housing and Section 8 Operational Response 5/13/2020 Rep. Velázquez, Nydia M. [D–NY–7] .......... 5/15/2020—Passed, as amended, as part of H.R. 6800, the Heroes 38
Act for COVID–19. Act.
6/29/2020—Passed the House, as amended, as part of H.R. 7301, the
Sfmt 6602 Emergency Housing Protections and Relief Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
H.R. 6867 .................. Housing Waiver Flexibility Act of 2020 ....................... 5/14/2020 Rep. Gonzalez, Vicente [D–TX–15] ............. 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
6/29/2020—Passed the House, as amended, as part of H.R. 7301, the
Emergency Housing Protections and Relief Act.
H.R. 6868 .................. To amend the CARES Act to establish a Community 5/14/2020 Rep. Green, Al [D–TX–9] ............................ 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Capital Investment Program, and for other pur- Heroes Act.
poses. 12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
E:\HR\OC\HR718.XXX
Appropriations 2021).
H.R. 6873 .................. Emergency Housing Assistance for Older Adults Act 5/14/2020 Rep. Porter, Katie [D–CA–45] .................... 10/1/2020—Passed the House, as part of H.R. 925, the Heroes Act.
HR718 of 2020.
H.R. 6874 .................. Paycheck Protection Program Transparency Act of 5/14/2020 Rep. Porter, Katie [D–CA–45] .................... 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
2020. Heroes Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
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H.R. 6892 .................. To amend the CARES Act to add requirements for 5/15/2020 Rep. Beatty, Joyce [D–OH–3] ..................... 5/15/2020—Passed the House, as part of H.R. 6800, the Heroes Act.
the Main Street Lending Program related to 10/1/2020—Passed as part of H.R. 925, the Heroes Act.
non-profit organizations, small businesses, minor-
ity depository institutions, and community devel-
Jkt 042838 opment financial institutions, and for other pur-
poses.
H.R. 6934 .................. Uniform Treatment of NRSROs Act .............................. 5/19/2020 Rep. Dean, Madeleine [D–PA–4] ................ 9/21/2020—Passed the House by vote.
H.R. 7000/ Holding Foreign Companies Accountable Act .............. 5/22/2020 Rep. Sherman, Brad [D–CA–30]/Sen. Ken- 12/18/2020—Became law, as amended, as Public Law 116–222.
PO 00000 S. 945 ................... nedy, John [R–LA].
H.R. 7084 .................. Emergency Housing Voucher Act of 2020 ................... 6/1/2020 Rep. Waters, Maxine [D–CA–43] ................ 6/29/2020—Passed the House, as amended, as part of H.R. 7301, the
Emergency Housing Protections and Relief Act.
10/1/2020—Passed as part of H.R. 925, the Heroes Act.
H.R. 7121 .................. To authorize appropriations for the Community De- 6/8/2020 Rep. Adams, Alma, [D–NC–12] ................. 10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Frm 00045 velopment Financial Institutions Fund providing Heroes Act.
financial assistance and technical assistance for 12/27/2020—Became law, as amended, as part of Public Law
the benefit of certain minority communities, and 116–ll (H.R. 133, Appropriations 2021).
for other purposes.
Fmt 6602 H.R. 7301 .................. Emergency Housing Protections and Relief Act of 6/24/2020 Rep. Waters, Maxine [D–CA–43] ................ 5/15/2020—Passed the House, as amended, as part of H.R. 6800, the
2020. Heroes Act.
6/29/2020—Passed the House, as amended, as part of H.R. 7301, the 39
Emergency Housing Protections and Relief Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Sfmt 6602
Heroes Act.
12/27/2020—Became law, as amended, as part of Public Law
116–ll (H.R. 133, Appropriations 2021).
H.R. 7402 .................. Protecting Renters from Eviction and Fees Act of 6/29/2020 Rep. Garcı́a, Jesús G. ‘‘Chuy’’ [D–IL–4] .... 6/29/2020—Passed the House, as amended, as part of H.R. 7301, the
2020. Emergency Housing Protections and Relief Act.
10/1/2020—Passed the House, as amended, as part of H.R. 925, the
Heroes Act.
12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
H.R. 7440 .................. Hong Kong Autonomy Act ............................................ 7/1/2020 Rep. Sherman, Brad [D–CA–30] ................ 7/1/2020—Passed the House as amended by Unanimous Consent.
E:\HR\OC\HR718.XXX
7/14/2020—Became Public Law No: 116–149.
9/21/2020—Passed the House by voice vote.
HR718 H.R. 7592 .................. STIFLE Act of 2020 ...................................................... 7/13/2020 Rep. McAdams, Ben [D–UT–4] .................. 9/21/2020—Passed the House by voice vote.
1/1/2021—Became law as amended as part of Public Law 116–ll
(H.R. 6395, NDAA).
H.R. 7603 .................. Improving Congressional Oversight Over CFIUS Deter- 7/13/2020 Rep. Taylor, Van [R–TX–3] ......................... 1/1/2021—Became law as amended as part of Public Law 116ll
minations Act. (H.R. 6395, NDAA).
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LEGISLATIVE ACTIVITIES OF THE FULL COMMITTEE—CONTINUED
Date
H.R. # Title Sponsor Committee/Legislative Action
Introduced
Jkt 042838
H.R. 7682 .................. Sudan Democratic Transition, Accountability and Fis- 7/20/2020 Rep. Engel, Eliot, (D–NY–16) ..................... 1/1/2021—Became law as amended as part of Public Law 116ll
cal Transparency Act of 2020. (H.R. 6395, NDAA)
H.R. 7993 .................. Promoting and Advancing Communities of Color 8/7/2020 Rep. Waters, Maxine [D–CA–43] ................ 12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
through Inclusive Lending Act. Appropriations 2021).
H.R. 7995 .................. Coin Medal Modification Authorization and Cost Sav- 8/11/2020 Rep. Amodei, Mark [R–NV–2] .................... 12/02/2020—Passed the House by record vote 343–41.
PO 00000
ings Act of 2020.
H.R. 8326 .................. CED Act ........................................................................ 9/21/2020 Rep. Finkenauer, Abby [D–IA–1] ................ 11/13/2020—Committee waived consideration.
11/17/2020—Passed the House by voice vote.
Frm 00046 H.R. 8438 .................. Belarus Democracy, Human Rights and Sovereignty 9/29/2020 Rep. Smith, Christopher H. [R–NJ–4] ........ 11/18/2020—Passed the House by voice vote.
Act. 12/27/2020—Became law as amended as part of Public Law
116–ll (H.R. 133, Appropriations 2021).
H.R. 8794 .................. The Prevent Illicit Finance Act .................................... 11/20/2020 Rep. Axne, Cynthia [D–IA–3] ..................... 1/1/2021—Became law as amended as part of Public Law 116–ll
Fmt 6602 (H.R. 6395, NDAA).
H.R. 8796 .................. To direct the Secretary of the Treasury and the Attor- 11/20/2020 Rep. Casten, Sean [D–IL–6] ...................... 1/1/2021—Became law as amended as part of Public Law 116–ll
ney General to jointly conduct a study on the ef- (H.R. 6395, NDAA). 40
forts of authoritarian regimes in foreign countries
to exploit the financial system of the United
Sfmt 6602 States, and for other purposes.
H.R. 8816 .................. To amend subchapter II of chapter 53 of title 31, 11/24/2020 Rep. McAdams, Ben [D–UT–4] .................. 1/1/2021—Became law as amended as part of Public Law 116–ll
United States Code to require training for Bank (H.R. 6395, NDAA).
Secrecy Act Federal examiners on anti-money
laundering and countering the financing of ter-
rorism, and for other purposes.
H.J. Res. 90 .............. Providing for congressional disapproval under chap- 6/11/2020 Rep. Waters, Maxine [D–CA–43] ................ 6/26/2020—Passed the House by record vote 230–179.
ter 8 of title 5, United States Code, of the rule
submitted by the Office of the Comptroller of the
Currency relating to ‘‘Community Reinvestment
E:\HR\OC\HR718.XXX
Act Regulations’’.
S. 914 ....................... Coordinated Ocean Observations and Research Act of 3/27/2019 Sen. Rounds, Mike [R–SD] ......................... 12/3/2020—Passed the House by voice vote.
HR718 2020. 1/1/2021—Became Public Law 116–ll.
S. 2725 ..................... Native American Housing Affordability Act of 2019 ... 10/29/2019 Sen. Rounds, Mike [R–SD] ......................... 12/27/2020—Became law as part of Public Law 116–ll (H.R. 133,
Appropriations 2021).
OVERSIGHT ACTIVITIES OF THE FULL COMMITTEE AND
SUBCOMMITTEES
FULL COMMITTEE OVERSIGHT ACTIVITIES
The Full Committee held 115 hearings during the 116th Con-
gress, covering all of the areas of its jurisdiction. One of the key
new elements of the Committee’s work was the creation of a Sub-
committee on Diversity and Inclusion and its focus on these issues
during its oversight activities. Every Full Committee hearing
touched in some way on these issues.
COVID–19 PANDEMIC RESPONSE
The catastrophic and deadly Coronavirus 2019 (Covid–19) pan-
demic struck the United States during the 116th Congress, shifting
the agenda of the Committee to examine the Trump Administra-
tion’s overall response, with more specific topics addressed below.
The Committee conducted the following hearings that examined
the actions of the Administration. Prior to the adoption of House
rules relating to remote or virtual hearings, the Committee held a
number of briefings and virtual roundtables on the pandemic and
its effects.
On June 30, 2020, the Full Committee held a hearing entitled,
‘‘Oversight of the Treasury’s Department and Federal Reserve’s
Pandemic Response.’’ Witnesses were the Secretary of the Treas-
ury, Steven T. Mnuchin, and Chairman of the Federal Reserve, Je-
rome Powell.
On July 23, 2020, the Full Committee held a hearing entitled,
‘‘The Heroes Act: Providing for a Strong Economic Recovery from
COVID–19.’’ Witnesses were the Honorable Shaun Donovan, former
Secretary, U.S. Department of Housing and Urban Development,
and former Director, U.S. Office of Management and Budget; the
Honorable Robert Reich, Carmel P. Friesen’s Professor of Public
Policy, Goldman School of Public Policy, University of California,
Berkeley, and former Secretary, U.S. Department of Labor; Mr.
John W. Rogers, Jr., Chairman, Co-CEO & Chief Investment Offi-
cer, Ariel Investments; and Mr. Steven Davis, Labor Economist,
William H. Abbot Professor of International Business and Econom-
ics, The University of Chicago Booth School of Business.
On September 10, 2020, the Full Committee held a hearing enti-
tled, ‘‘The Need for Financial Aid to America’s States and Terri-
tories During the Pandemic: Supporting First Responders, Assist-
ing Schools in Their Efforts to Safely Educate, and Preventing
Mass Layoffs.’’ Witnesses were the Honorable Michelle Lujan Gris-
ham, Governor of New Mexico; the Honorable Tim Walz, Governor
of Minnesota; the Honorable Laura Kelly, Governor, of Kansas; the
Honorable Lourdes ‘‘Lou’’ Leon Guerrero, Governor of the Territory
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(41)
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42
of Guam; and Douglas Holtz-Eakin, President, American Action
Forum.
On September 22, 2020, the Full Committee held a hearing enti-
tled, ‘‘Oversight of the Treasury Department’s and Federal Re-
serve’s Pandemic Response.’’ Witnesses were the Secretary of the
Treasury, Steven T. Mnuchin, and Chairman of the Federal Re-
serve, Jerome Powell.
On December 2, 2020, the Full Committee held a hearing enti-
tled, ‘‘Oversight of the Treasury Department’s and Federal Re-
serve’s Pandemic Response.’’ Witnesses were the Secretary of the
Treasury, Steven T. Mnuchin, and Chairman of the Federal Re-
serve, Jerome Powell.
CONSUMER PROTECTION, FINANCIAL INSTITUTIONS AND ACTIVITIES
OF MEGABANKS
On February 26, 2019, the Full Committee held a two-panel
hearing entitled, ‘‘Who’s Keeping Score? Holding Credit Bureaus
Accountable and Repairing a Broken System.’’ The witnesses for
the first panel were Mr. Mark Begor, CEO, Equifax; and Mr.
James M. Peck, President and CEO, TransUnion. The witnesses for
the second panel were Ms. Lisa Rice, President and CEO, National
Fair Housing Alliance; Ms. Chi Chi Wu, Staff Attorney, National
Consumer Law Center; Ms. Jennifer Brown, Associate Director,
Economic Policy, UnidosUS; Mr. Edmund Mierzwinski, Consumer
Program Director, U.S. Public Interest Research Group; Mr. Thom-
as P. Brown, Partner, Paul Hastings; and Mr. Craig Boundy, CEO,
Experian North America.
On March 12, 2019, the Full Committee held a hearing entitled,
‘‘Holding Megabanks Accountable: An Examination of Wells Fargo’s
Pattern of Consumer Abuses.’’ The sole witness at this hearing was
Timothy J. Sloan, President and Chief Executive Officer of Wells
Fargo & Company.
On April 10, 2019, the Full Committee held a hearing entitled,
‘‘Holding Megabanks Accountable: A Review of Global Systemically
Important Banks 10 years after the Financial Crisis.’’ The wit-
nesses were Mr. Michael L. Corbat, Chief Executive Officer,
Citigroup; Mr. James Dimon, Chairman & Chief Executive Officer,
JP Morgan Chase & Company; Mr. James P. Gorman, Chairman
& Chief Executive Officer, Morgan Stanley; Mr. Brian T. Moy-
nihan, Chairman & Chief Executive Officer, Bank of America; Mr.
Ronald P. O’Hanley, President & Chief Executive Officer, State
Street Corporation; Mr. Charles W. Scharf, Chairman & Chief Ex-
ecutive Officer, Bank of New York Mellon; and Mr. David M. Sol-
omon, Chairman & Chief Executive Officer, Goldman Sachs.
On May 16, 2019, the Full Committee held a hearing entitled,
‘‘Oversight of Prudential Regulators: Ensuring the Safety, Sound-
ness and Accountability of Megabanks and Other Depository Insti-
tutions.’’ Witnesses were the Honorable Rodney Hood, Chairman,
National Credit Union Administration; the Honorable Jelena
McWilliams, Chairman, Federal Deposit Insurance Corporation;
the Honorable Joseph Otting, Comptroller, Office of the Comp-
troller of the Currency; and the Honorable Randal Quarles, Vice
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Chairman of Supervision, Board of Governors of the Federal Re-
serve System.
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43
On July 17, 2019, Full Committee held a two-panel hearing enti-
tled, ‘‘Examining Facebook’s Proposed Cryptocurrency and Its Im-
pact on Consumers, Investors, and the American Financial Sys-
tem.’’ The sole witness for the first panel was David Marcus, Chief
Executive Officer, Calibra. Witnesses for the second panel were
Chris Brummer, Agnes N. Williams Research Professor Director,
Institute of International Economic Law, Georgetown University
Law Center; Katharina Pistor, Edwin B. Parker Professor of Com-
parative Law at Columbia Law School; the Honorable Gary
Gensler, Professor of the Practice of Global Economics and Manage-
ment, MIT Sloan School of Management, Senior Advisor to the Di-
rector, MIT Media Lab, & Co, Director of MIT’s Fintech@CSAIL;
Robert Weisman, President, Public Citizen; and Meltem Demirors,
Chief Strategy Officer, CoinShares.
On July 24, 2019, the Full Committee held a hearing entitled,
‘‘The Next Megabank? Examining the Proposed Merger of
SunTrust and BB&T.’’ The witnesses were Mr. Kelly S. King,
Chairman & Chief Executive Officer, BB&T Corporation; and Mr.
William H. Rogers, Jr., Chairman & Chief Executive Officer,
SunTrust Banks, Incorporated.
On September 10, 2019, the Full Committee held a hearing enti-
tled, ‘‘A $1.5 Trillion Crisis: Protecting Student Borrowers and
Holding Student Loan Servicers Accountable.’’ Witnesses were Seth
Frotman, Executive Director, Student Borrower Protection Center;
Persis Yu, Staff Attorney, National Consumer Law Center; Ashley
Harrington, Senior Policy Counsel, Center for Responsible Lending;
Hasan Minhaj, Writer, Producer, and Host; and Jason Delisle,
Resident Fellow, American Enterprise Institute.
On September 26, 2019, the Full Committee held a hearing enti-
tled, ‘‘Examining Legislation to Protect Consumers and Small Busi-
ness Owners from Abusive Debt Collection Practices.’’ Witnesses
were the Honorable Rohit Chopra, Commissioner, Federal Trade
Commission; the Reverend Dr. Cassandra Gould, Pastor, Quinn
Chapel A.M.E. Church (Jefferson City, MO) and Executive Direc-
tor, Missouri Faith Voices; Ms. Bhairavi Desai, Executive Director,
New York Taxi Workers Alliance; Ms. April Kuehnhoff, Staff Attor-
ney, National Consumer Law Center; Professor DaliJimnez, Pro-
fessor of Law, University of California, Irvine School of Law; Ms.
Sarah Auchterlonie, Shareholder, Brownstein Hyatt Farber
Schreck; and Mr. John H. Bedard, Jr., Owner, Bedard Law Group,
P.C.
On October 16, 2019, the Full Committee held a hearing entitled,
‘‘Who Is Standing Up for Consumers? A Semi-Annual Review of the
Consumer Financial Protection Bureau.’’ The sole witness at this
hearing was the Honorable Kathy Kraninger, Director of the Con-
sumer Financial Protection Bureau.
On October 23, 2019, the Full Committee held a hearing entitled,
‘‘An Examination of Facebook and Its Impact on the Financial
Services and Housing Sectors.’’ The sole witness at this hearing
was Mark Zuckerberg, the Chairman and Chief Executive Officer
of Facebook.
On December 4, 2019, the Full Committee held a hearing enti-
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tled, ‘‘Oversight of Prudential Regulators: Ensuring the Safety,
Soundness, Diversity, and Accountability of Depository Institu-
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44
tions.’’ The witnesses at this hearing were the Honorable Rodney
Hood, Chairman, National Credit Union Administration; the Hon-
orable Jelena McWilliams, Chairman, Federal Deposit Insurance
Corporation; the Honorable Randal Quarles, Vice Chairman of Su-
pervision, Board of Governors of the Federal Reserve System; and
the Honorable Joseph M. Otting, Comptroller, Office of the Comp-
troller of the Currency.
On January 29, 2020, the Full Committee held a hearing enti-
tled, ‘‘The Community Reinvestment Act: Is the OCC Undermining
the Law’s Purpose and Intent?’’ The sole witness at this hearing
was the Honorable Joseph M. Otting, Comptroller of the Currency,
Office of the Comptroller of the Currency.
On February 5, 2020, the Full Committee held a hearing enti-
tled, ‘‘Rent-A-Bank Schemes and New Debt Traps: Assessing Ef-
forts to Evade State Consumer Protections and Interest Rate
Caps.’’ Witnesses were the Honorable Monique Limón, Chair,
Banking & Finance Committee, California State Assembly;
Graciela Aponte-Diaz, Director of Federal Campaigns, Center for
Responsible Lending; Creola Johnson, Professor, The Ohio State
University Moritz College of Law; Lauren Saunders, Associate Di-
rector, National Consumer Law Center; and Brian Knight, Director
and Senior Research Fellow, Program on Innovation and Govern-
ance, Mercatus Center at George Mason University.
On February 6, 2020, the Full Committee held a hearing enti-
tled, ‘‘Protecting Consumers or Allowing Consumer Abuse? A Semi-
Annual Review of the Consumer Financial Protection Bureau.’’ The
sole witness at this hearing was the Honorable Kathy Kraninger,
Director of the Consumer Financial Protection Bureau.
On March 10, 2020, the Full Committee held a hearing entitled,
‘‘Holding Wells Fargo Accountable: CEO Perspectives on Next
Steps for the Bank that Broke America’s Trust.’’ The sole witness
at this hearing was Charles W. Scharf, Chief Executive Officer and
President, Wells Fargo & Company.
On March 11, 2020, the Full Committee held a hearing entitled,
‘‘Holding Wells Fargo Accountable: Examining the Role of the
Board of Directors in the Bank’s Egregious Pattern of Consumer
Abuses.’’ The witnesses were Ms. Elizabeth A. Duke, Chair, Wells
Fargo & Company; and Mr. James H. Quigley, Independent Chair-
man, Wells Fargo Bank, N.A.
On July 30, 2020, the Full Committee held a hearing entitled,
‘‘Protecting Consumers During the Pandemic? An Examination of
the Consumer Financial Protection Bureau.’’ The sole witness for
this hearing was the Honorable Kathy Kraninger, Director of the
Consumer Financial Protection Bureau.
HIGHLIGHTING DIVERSITY AND INCLUSION
On June 20, 2019, the Full Committee held a hearing entitled,
‘‘Diversity in the Boardroom: Examining Proposals to Increase the
Diversity of America’s Boards.’’ The witnesses were Ms. Chelsea
Gurkin, Acting Director, Education, Workforce and Income Security
Team, U.S. Government Accountability Office; Mr. Luke Visconti,
Founder and Chairman, DiversityInc; Mr. Ron Lumbra, Managing
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Partner, Heidrick and Struggles; Ms. Linda Akutagawa, Chair, Al-
liance for Board Diversity; Ambassador Vilma Martinez (Retired);
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45
and Dr. Stephanie Creary, Assistant Professor of Management,
Wharton School of Business, University of Pennsylvania.
PROTECTING INVESTORS AND PROMOTING FAIR CAPITAL MARKETS
AND ENTREPRENEURSHIP
On September 24, 2019, the Full Committee held a hearing enti-
tled, ‘‘Oversight of the Securities and Exchange Commission: Wall
Street’s Cop on the Beat.’’ The witnesses were the Honorable Jay
Clayton, Chairman, U.S. Securities and Exchange Commission; the
Honorable Robert J. Jackson Jr., Commissioner, U.S. Securities
and Exchange Commission; the Honorable Hester M. Peirce, Com-
missioner, U.S. Securities and Exchange Commission; the Honor-
able Elad L. Roisman, Commissioner, U.S. Securities and Exchange
Commission; and the Honorable Allison Herren Lee, Commissioner,
U.S. Securities and Exchange Commission.
On November 19, 2019, the Full Committee held a hearing enti-
tled, ‘‘America for Sale? An Examination of the Practices of Private
Funds.’’ The witnesses were Eileen Appelbaum, Co-Director, Center
for Economic and Policy Research; Wayne Moore, Trustee, Los An-
geles County Employee Retirement Association; Giovanna De La
Rosa, United for Respect, and former Toys ‘‘R’’ Us Employee; Drew
Maloney, President and CEO, American Investment Council; and
Brett Palmer, President, Small Business Investor Alliance.
On November 12, 2020, the Full Committee held a hearing enti-
tled, ‘‘Oversight of Prudential Regulators: Ensuring the Safety,
Soundness, Diversity, and Accountability of Depository Institutions
during the Pandemic.’’ The witnesses were Mr. Brian Brooks, Act-
ing Comptroller of the Currency, Office of the Comptroller of the
Currency; the Honorable Rodney Hood, Chairman, National Credit
Union Administration; the Honorable Jelena McWilliams, Chair-
man, Federal Deposit Insurance Corporation; and the Honorable
Randal Quarles, Vice Chairman of Supervision, Board of Governors
of the Federal Reserve System.
PROMOTING FAIR AND AFFORDABLE HOUSING, COMMUNITY
DEVELOPMENT, AND AFFORDABLE INSURANCE
On February 13, 2019, the Full Committee held a hearing enti-
tled, ‘‘Homeless in America: Examining the Crisis and Solutions to
End Homelessness.’’ The witnesses were Ann Marie Oliva, Senior
Policy Advisor, Corporation for Supportive Services; Nan Roman,
President and CEO, National Alliance to End Homelessness; Josh-
ua Stewart, Director of Policy, National Coalition for Homeless Vet-
erans; Justin T. Rush, Public Policy Director, True Colors Fund;
Carolyn Darley, Speaker Advocate, National Coalition for the
Homelessness; and David S. Lucas, Ph.D., Postdoctoral Research
Fellow, Institute for an Entrepreneurial Society, Whitman School
of Management, Syracuse University.
On March 13, 2019, the Full Committee held a two-panel hearing
entitled, ‘‘Preparing for the Storm: Reauthorization of the National
Flood Insurance Program.’’ The witnesses for the first panel were
the Honorable Sean P. Duffy; the Honorable Garret Graves; the
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Honorable Blaine Luetkemeyer; the Honorable Frank Pallone; the
Honorable Bill Pascrell; and the Honorable Steve Scalise. The wit-
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46
nesses for the second panel were Maria Cox Lamm, South Carolina
Department of Natural Resources, on behalf of the Association of
State Flood Plain Managers; Christopher Heidrick, Heidrick &
Company Insurance and Risk Management Services, LLC, on be-
half of the Independent Insurance Agents and Brokers of America;
Velma Smith, Senior Officer, The Pew Charitable Trusts; Mabél
Guzmán, Broker, @properties, on behalf of the National Association
of Realtors; Collin O’Mara, President and Chief Executive Officer,
National Wildlife Federation, on behalf of the SmarterSafer Coali-
tion; and Raymond J. Lehmann, Director of Finance, Insurance and
Trade Policy, R Street Institute.
On April 2, 2019, the Full Committee held a hearing entitled,
‘‘The Fair Housing Act: Reviewing Efforts to Eliminate Discrimina-
tion and Promote Opportunity in Housing.’’ The witnesses were
Debby Goldberg, Vice President, Housing Policy and Special
Projects, National Fair Housing Alliance; Cashauna Hill, Executive
Director, Greater New Orleans Fair Housing Action Center; Kierra
Johnson, Deputy Executive Director, National LGBTQ Task Force;
Skylar Olsen, Director of Economic Research & Outreach, Zillow
Group; and Salim Furth, Ph.D., Senior Research Fellow, Mercatus
Center, George Mason University.
On April 30, 2019, the Full Committee held a hearing entitled,
‘‘Housing in America: Assessing the Infrastructure Needs of Amer-
ica’s Housing Stock.’’ The witnesses were Ms. Diane Yentel, Presi-
dent and CEO of the National Low Income Housing Coalition; Ms.
Adrianne Todman, CEO of the National Association of Housing and
Redevelopment Officials; Mr. Steven Lawson, Chairman of The
Lawson Companies and representative from the National Associa-
tion of Home Builders; and Mr. Daryl Carter, Founder, Chairman
and CEO of Avantha Capital, on behalf of the National Multifamily
Housing Council and the National Apartment Association.
On May 21, 2019, the Full Committee held a hearing entitled,
‘‘Housing in America: Oversight of the Department of Housing and
Urban Development.’’ The sole witness at this hearing was the
Honorable Dr. Benjamin S. Carson, Secretary, U.S. Department of
Housing and Urban Development.
On August 14, 2019, the Full Committee held a three-panel hear-
ing entitled, ‘‘Examining the Homelessness Crisis in Los Angeles.’’
The witnesses for the first panel were Christina Miller, Deputy
Mayor for City Homeless Initiatives, Office of Los Angeles Mayor;
Peter Lynn, Executive Director, Los Angeles Homeless Services Au-
thority; Margarita Lares, Chief Program Officer, Housing Authority
of the City of Los Angeles; Monique King-Viehland, Executive Di-
rector, Los Angeles County Development Authority; Kevin Murray,
Former State Senator and President and Chief Executive Officer,
The Weingart Center; and Phil Ansell, Director, Los Angeles Coun-
ty Homeless Initiative. The witnesses for the second panel were
Tim Watkins, President and Chief Executive Officer, Watts Labor
Community Action Committee; Joe Horiye, Western Region Pro-
gram Vice President, Local Initiatives Support Corporation; Becky
Dennison, Executive Director, Venice Community Housing; Isela
Gracian, President, East LA Community Corporation; Anthony
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Haynes, Speak Up! Advocate, Corporation for Supportive Housing;
Erika Hartman, Chief Program Officer, Downtown Women’s Cen-
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ter; Chancela Al-Mansour, Executive Director, Housing Rights Cen-
ter; Alma Vizcaino, Speaker, Downtown Women’s Center, on behalf
of Domestic Violence Homeless Services Coalition Advocate; and
Dora Leong Gallo, President and Chief Executive Officer, A Com-
munity of Friends. The sole witness for the third panel was Eric
Garcetti, Mayor of the city of Los Angeles.
On October 22, 2019, the Full Committee held a hearing entitled,
‘‘The End of Affordable Housing? A Review of the Trump Adminis-
tration’s Plans to Change Housing Finance in America.’’ The wit-
nesses were the Honorable Steven T. Mnuchin, Secretary, U.S. De-
partment of the Treasury; the Honorable Dr. Benjamin S. Carson,
Secretary, U.S. Department of Housing and Urban Development;
and the Honorable Dr. Mark A. Calabria, Director, Federal Hous-
ing Finance Agency.
On January 14, 2020, the Full Committee held a hearing enti-
tled, ‘‘On the Brink of Homelessness: How the Affordable Housing
Crisis and the Gentrification of America Is Leaving Families Vul-
nerable.’’ The witnesses were Karen Chapple, Professor and Chair
of the Department of City and Regional Planning, University of
California, Berkley; Matthew Desmond, Maurice P. During Pro-
fessor of Sociology & Director of the Eviction Lab, Princeton Uni-
versity; Priya Jayachandran, President, National Housing Trust;
Jeffrey Williams, Tenant Advocate; and Mr. Michael Hendrix, Di-
rector of State and Local Policy, Manhattan Institute.
On September 16, 2020, the Full Committee held a hearing enti-
tled, ‘‘Prioritizing Fannie’s and Freddie’s Capital over America’s
Homeowners and Renters? A Review of the Federal Housing Fi-
nance Agency’s Response to the COVID–19 Pandemic.’’ The sole
witness at this hearing was the Honorable Dr. Mark A. Calabria,
the Director of the Federal Housing Finance Agency.
MONETARY POLICY AND FINANCIAL STABILITY
On February 27, 2019, the Full Committee held a hearing enti-
tled, ‘‘Monetary Policy and the State of the Economy.’’ The sole wit-
ness at this hearing was the Honorable Jerome H. Powell, Chair-
man, Board of Governors of the Federal Reserve System.
On July 10, 2019, the Full Committee held a hearing entitled,
‘‘Monetary Policy and the State of the Economy.’’ The sole witness
at this hearing was the Honorable Jerome H. Powell, Chairman,
Board of Governors of the Federal Reserve System.
On December 5, 2019, the Full Committee held a hearing enti-
tled, ‘‘Promoting Financial Stability? Reviewing the Administra-
tion’s Deregulatory Approach to Financial Stability.’’ The sole wit-
ness at this hearing was the Honorable Steven T. Mnuchin, Sec-
retary, U.S. Department of the Treasury, and Chairperson, Finan-
cial Stability Oversight Council.
On February 11, 2020, the Full Committee held a hearing enti-
tled, ‘‘Monetary Policy and the State of the Economy.’’ The sole wit-
ness at this hearing was the Honorable Jerome H. Powell, Chair-
man, Board of Governors of the Federal Reserve System.
On June 17, 2020, the Full Committee held a hearing entitled,
‘‘Monetary Policy and the State of the Economy.’’ The sole witness
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at this hearing was the Honorable Jerome H. Powell, Chairman,
Board of Governors of the Federal Reserve System.
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NATIONAL SECURITY AND INTERNATIONAL DEVELOPMENT
On April 9, 2019, the Full 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 at
this hearing was the Honorable Steven T. Mnuchin, Secretary of
the U.S. Department of the Treasury.
On May 22, 2019, the Full Committee held a hearing entitled,
‘‘The Annual Testimony of the Secretary of the Treasury on the
State of the International Financial System—Part II.’’ The sole wit-
ness at this hearing was the Honorable Steven T. Mnuchin, Sec-
retary of the U.S. Department of the Treasury.
On June 4, 2019, the Full Committee held a hearing entitled,
‘‘Promoting American Jobs: Reauthorization of the U.S. Export-Im-
port Bank.’’ The witnesses at this hearing were Linda Menghetti
Dempsey, Vice President, International Economic Affairs, National
Association of Manufacturers; Owen Herrnstadt, Chief of Staff to
the International President, International Association of Machin-
ists & Aerospace Workers; David Hinson, Vice President, Institute
for Diversity & Emerging Business, U.S. Chamber of Commerce;
Roy Kamphausen, Senior Vice President for Research, The Na-
tional Bureau of Asian Research; Archana Sharma, Chief Executive
Officer, AKAS Tex, LLC; and Steven Wilburn, Chief Executive Offi-
cer, FirmGreen Incorporated.
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SUBCOMMITTEE ACTIVITIES
SUBCOMMITTEE ON CONSUMER PROTECTION AND
FINANCIAL INSTITUTIONS
On April 9, 2019, the Subcommittee on Consumer Protection and
Financial Institutions held a hearing entitled, ‘‘The Community Re-
investment Act: Assessing the Law’s Impact on Discrimination and
Redlining.’’ The witnesses at this hearing were Mr. Jesse Van Tol,
Chief Executive Officer, National Community Reinvestment Coali-
tion; Ms. Mehrsa Baradaran, Associate Dean for Strategic Initia-
tives & Robert Cotten Alston Chair in Corporate Law, University
of Georgia School of Law; Mr. Clint Odom, Senior Vice President
Policy and Advocacy and Washington Bureau Executive Director,
National Urban League; Mr. Benson Doyle Mitchell, Jr. President
and Chief Executive Officer, Industrial Bank, Representative of
National Bankers Association; Mr. Aaron Glantz, Senior Reporter,
Reveal from The Center for Investigative Reporting; and Mr. Ben-
son F. ‘‘Buzz’’ Roberts, President and Chief Executive Officer, Na-
tional Association of Affordable Housing Lenders.
On April 30, 2019, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ‘‘Ending Debt
Traps in the Payday and Small Dollar Credit Industry.’’ The wit-
nesses at this hearing were Rev. Dr. Frederick Douglass Haynes,
III, Senior Pastor, Friendship-West Baptist Church; Kenneth Whit-
taker, Activist and Former payday loan consumer; Diane
Standaert, Executive Vice President and Director of State Policy,
Center for Responsible Lending; Todd Ortique McDonald, Vice
President and Board Director, Liberty Bank & Trust Company,
representing the National Bankers Association; Christopher Lewis
Peterson, John J. Flynn Endowed Professor of Law, University of
Utah, S.J. Quinney College of Law, and Director of Financial Serv-
ices and Senior Fellow, Consumer Federation of America; Garry
Lacy Reeder II, Vice President, Policy and Innovation, Center for
Financial Services Innovation; Robert Sherrill, Chief Executive Of-
ficer, Imperial Cleaning Systems; and Diego Zuluaga, Policy Ana-
lyst, Center for Monetary and Financial Alternatives, Cato Insti-
tute.
On June 4, 2019, the Subcommittee on Consumer Protection and
Financial Institutions held a hearing entitled, ‘‘Emerging Threats
to Stability: Considering the Systemic Risk of Leveraged Lending.’’
The witnesses at this hearing were Erik F. Gerding, Professor of
Law & Wolf-Nichol Fellow, University of Colorado Law School; Vic-
toria Ivashina, Lovett-Learned Chaired Professor of Finance, Har-
vard Business School; Gaurav Vasisht, Senior Vice President and
Director, Financial Regulation Initiatives, The Volcker Alliance;
and Gregory Nini, Assistant Professor of Finance, LeBow College
of Business, Drexel University.
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On September 25, 2019, the Subcommittee on Consumer Protec-
tion and Financial Institutions held a hearing entitled, ‘‘Promoting
Financial Stability: Assessing Threats to the U.S. Financial Sys-
tem.’’ The witnesses at this hearing were the Honorable Dino
Falaschetti, Director, Office of Financial Research, U.S. Depart-
ment of the Treasury; and the Honorable Lael Brainard, Governor,
Board of Governors of the Federal Reserve System.
On October 22, 2019, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ‘‘An Examina-
tion of the Decline of Minority Depository Institutions and the Im-
pact on Underserved Communities.’’ The witnesses at this hearing
were Kenneth Kelly, Chairman and Chief Executive Officer, First
Independence Bank, and Chair, National Bankers Association; Jill
Sung, Chief Executive Officer, Abacus Federal Savings Bank, and
Chair, Independent Community Bankers Association’s Minority
Bank Council; Mara Falero, Vice President of Marketing and Com-
munication, Jetstream Federal Credit Union, representing the Na-
tional Association of Federally-Insured Credit Unions; Jeff Bow-
man, President and Chief Executive Officer, Bay Bank; and Aron
Betru, Managing Director, Center for Financial Markets, Milken
Institute.
On November 20, 2019, the Subcommittee on Consumer Protec-
tion and Financial Institutions held a hearing entitled, ‘‘An Exam-
ination of Regulators’’ Efforts to Preserve and Promote Minority
Depository Institutions.’’ The witnesses at this hearing were Bev-
erly Cole, Deputy Comptroller for the Northeastern District and
Designated Federal Officer for the Minority Depository Institutions
Advisory Committee, Office of the Comptroller of the Currency;
Betty Rudolph, National Director for MDIs and CDFIs, Federal De-
posit Insurance Corporation; Arthur W. Lindo, Deputy Director, Di-
vision of Supervision and Regulation, Board of Governors of the
Federal Reserve System; and Martha Ninichuk, Director of the Of-
fice of Credit Union Resources and Expansion, National Credit
Union Administration.
On January 14, 2020, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ‘‘The Commu-
nity Reinvestment Act: Reviewing Who Wins and Who Loses with
Comptroller Otting’s Proposal.’’ The witnesses were Ms. Gerron
Levi, Director, Policy & Government Affairs, National Community
Reinvestment Coalition; Mr. Eric Rodriguez, Senior Vice President,
Policy and Advocacy, UnidosUS; Ms. Paulina Gonzalez-Brito, Exec-
utive Director of California Reinvestment Coalition Institute; Ms.
Hope Knight, President & CEO, Greater Jamaica Development
Corporation; and Ms. Faith Bautista, President & CEO, National
Diversity Coalition.
On March 6, 2020, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ‘‘Modern-Day
Redlining: The Burden on Underbanked and Excluded Commu-
nities in New York.’’ The witnesses were Jaime Weisberg, Senior
Campaign Analyst, Association for Neighborhood and Housing De-
velopment (ANHD); Annetta Seecharran, Executive Director,
Chhaya CDC; Cathie Mahon, President and Chief Executive Offi-
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cer, Inclusiv; Noel Andres Poyo, Executive Director, National Asso-
ciation For Latino Community Asset Builders (NALCAB); Bruce
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51
Marks, Chief Executive Officer, Neighborhood Assistance Corpora-
tion of America (NACA); and Kim Saunders, President and Chief
Executive Officer, National Bankers Association (NBA).
On June 3, 2020, the Subcommittee on Consumer Protection and
Financial Institutions held a hearing entitled, ‘‘Promoting Inclusive
Lending During the Pandemic: Community Development Financial
Institutions and Minority Depository Institutions.’’ The witnesses
were Ms. Lisa Mensah, President and Chief Executive Officer, Op-
portunity Finance Network; Mr. Michael T. Pugh, President, Chief
Executive Officer and Board Member, Carver Federal Savings
Bank; Mr. Samuel C. Scott, Chairman, Black Chicago Tomorrow,
and Co-Chair, American Business Immigration Coalition; and Mr.
James H. Sills III, President and Chief Executive Officer, M&F
Bank, on behalf of the Independent Community Bankers of Amer-
ica.
SUBCOMMITTEE ON DIVERSITY AND INCLUSION
On February 27, 2019, the Subcommittee on Diversity and Inclu-
sion held a hearing entitled, ‘‘An Overview of Diversity Trends in
the Financial Services Industry.’’ The sole witness at this hearing
was Daniel Garcia-Diaz, Director, Financial Markets and Commu-
nity Investment, U.S. Government Accountability Office.
On May 1, 2019, the Subcommittee on Diversity and Inclusion
held a hearing entitled, ‘‘Good for the Bottom Line: A Review of the
Business Case for Diversity and Inclusion.’’ The witnesses were
Rick Guzzo, Senior Leader, Workforce Strategy, Mercer; Victoria
Budson, Co-Director, Women and Public Policy Program, Kennedy
School, Harvard University; Adrienne Trimble, President, National
Minority Supplier Development Council; William Von Hoene, Jr.,
Chief Strategy Officer, Exelon; and Rory Verrett, Founder and
Managing Partner, Protégé Search.
On June 25, 2019, the Subcommittee on Diversity and Inclusion
held a hearing entitled, ‘‘Diverse Asset Managers: Challenges, So-
lutions and Opportunities for Inclusion.’’ The witnesses were Juan
Martinez, Vice President/Chief Executive Officer and Treasurer,
Knight Foundation; John Rogers, Chairman, CEO & Chief Invest-
ment Officer, Ariel Investments; Brenda Chia, Founding Board
Member & Co-Chair, Association of Asian American Investment
Managers (AAAIM); Angela Miller-May, Chief Investment Officer,
Chicago Teachers’ Pension Fund; Meredith Jones, Investment re-
searcher and Author.
On September 24, 2019, the Subcommittee on Diversity and In-
clusion held a hearing entitled, ‘‘Examining the Racial and Gender
Wealth Gap in America.’’ Witnesses were Kilolo Kijakazi, Director,
Institute Fellow, Urban Institute; Dedrick Asante-Muhammad,
Chief of Race, Wealth and Community, National Community Rein-
vestment Coalition; Mariko Chang, Researcher, Author, and Presi-
dent, Mariko Chang Consulting, Inc.; Sally Krawcheck, Co-Founder
and Chief Executive Officer, Ellevest; and Lisa Cook, Professor of
Economics, Michigan State University.
On October 17, 2019, the Subcommittee on Diversity and Inclu-
sion held a hearing entitled, ‘‘Promoting Inclusion: Examining the
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Need for Diversity Practices for America’s Changing Workforce.’’
The witnesses were Bernard Guinyard, Director of Diversity and
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Inclusion, Goodwin Ruchika Tulshyan, Diversity and Inclusion
Strategist and Author; Patricia Mota, President and CEO, Hispanic
Alliance for Career Advancement; Mr. Rod Graves, Executive Di-
rector, Fritz Pollard Alliance Foundation; and Dr. Laura Sherbin,
Managing Director of Culture@Work.
On February 12, 2020, the Subcommittee on Diversity and Inclu-
sion held a hearing entitled, ‘‘A Review of Diversity and Inclusion
at America’s Large Banks.’’ The witnesses were Kenneth Bentsen,
President and Chief Executive Officer, Securities Industry and Fi-
nancial Markets Association (SIFMA) Diversity and Inclusion
Council; Dr. Naomi Mercer, Senior Vice President, Diversity, Eq-
uity and Inclusion, American Bankers Association (ABA); Rawan
Elhalaby, Senior Economic Equity Program Manager, The
Greenlining Institute Subha Barry, President, Working Mother
Media; Joseph Vaughan, Executive Director, Corporate Diversity
and Inclusion Forum; and Dr. Gail Greenfield, Principal, Workforce
Strategy and Analytics, Mercer.
On July 9, 2020, the Subcommittee on Diversity and Inclusion
held a hearing entitled, ‘‘Access Denied: Challenges for Women-
and Minority-Owned Businesses Accessing Capital and Financial
Services During the Pandemic.’’ The witnesses were Carmen
Castillo, Chairwoman of the Board of Directors, U.S. Hispanic
Chamber of Commerce; Ron Busby Sr., President and CEO of the
U.S. Black Chambers, Inc.; Jenell Ross, President, Bob Ross Auto
Group; and Karen Kerrigan, President and CEO, SBE Council.
On September 8, 2020, the Subcommittee on Diversity and Inclu-
sion held a two-panel hearing entitled, ‘‘Holding Financial Regu-
lators Accountable for Diversity and Inclusion: Perspectives from
the Offices of Minority and Women Inclusion.’’ The witnesses for
the first panel were Joyce Cofield, Executive Director, Office of Mi-
nority and Women Inclusion (OMWI), Office of the Comptroller of
Currency (OCC); Sheila Clark, Director, OMWI, Board of Gov-
ernors of the Federal Reserve System (Fed); Lacey Dingman, Direc-
tor, OMWI, Federal Reserve Bank of New York (FRBNY); Nikita
Pearson, Acting Director, OMWI, Federal Deposit Insurance Cor-
poration (FDIC); and Monica Davy, Director, OMWI, National
Credit Union Administration (NCUA). The witnesses for the second
panel were Lorraine Cole, Director, OMWI, U.S. Department of the
Treasury (Treasury); Pamela Gibbs, Director, OMWI, U.S. Securi-
ties and Exchange Commission (SEC); Sharron Levine, Director,
OMWI, Federal Housing Finance Agency (FHFA); and Lora
McCray, Director, OMWI, Consumer Financial Protection Bureau
(CFPB).
SUBCOMMITTEE ON HOUSING, COMMUNITY
DEVELOPMENT AND INSURANCE
On April 2, 2019, the Subcommittee on Housing, Community De-
velopment and Insurance held a hearing entitled, ‘‘The Affordable
Housing Crisis in Rural America: Assessing the Federal Response.’’
The witnesses were Gideon Anders, Senior Staff Attorney, National
Housing Law Project; Stan Keasling, President, National Rural
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Housing Coalition; David Lipsetz, Chief Executive Officer, Housing
Assistance Council; Andres Saavedra, Senior Program Officer,
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Rural Local Initiatives Support Corporation; and Tanya Eastwood,
President, Council for Affordable and Rural Housing.
On May 8, 2019, the Subcommittee on Housing, Community De-
velopment and Insurance held a hearing entitled, ‘‘A Review of the
State of and Barriers to Minority Homeownership.’’ The witnesses
were Alanna McCargo, Vice President, Housing Finance Policy, the
Urban Institute; Nikitra Bailey, Executive Vice President, Center
for Responsible Lending; Joseph Nery, Partner, Nery & Richardson
LLC and Past President of the National Association of Hispanic
Real Estate Professionals (NAHREP), current National Board
Member; Jeffrey Hicks, President, National Association of Real Es-
tate Brokers; Carmen Castro-Conroy, Managing Counselor, Mont-
gomery County, Housing Initiative Partnership, Inc.; JoAnne Poole,
2019 Vice Chair, Multicultural Real Estate Leadership Advisory
Group, National Association of Realtors; and Joel Griffith, Re-
search Fellow, Financial Regulations, the Heritage Foundation.
On June 20, 2019, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ‘‘What’s Your
Home Worth? A Review of the Appraisal Industry.’’ The witnesses
were David S. Bunton, President, The Appraisal Foundation; Ste-
phen S. Wagner, Senior Appraiser, Terzo & Bologna, Inc., on behalf
of the Appraisal Institute; Jeff Dickstein, Chief Compliance Office,
Pro Teck Valuation Services, on behalf of the Real Estate Valuation
Advocacy Association; Andre Perry, David M. Rubenstein Fellow,
Metropolitan Policy Program, the Brookings Institute; and Joan N.
Trice, Founder, Collateral Risk Network.
On September 25, 2019, the Subcommittee on Housing, Commu-
nity Development and Insurance held a hearing entitled, ‘‘Pro-
tecting Seniors: A Review of the FHA’s Home Equity Conversion
Mortgage (HECM) Program.’’ The witnesses were Sarah Bolling
Mancini, Staff Attorney, National Consumer Law Center; Alicia
Puente Cackley, Director, Financial Markets and Community In-
vestment, Government Accountability Office (GAO); Peter H. Bell,
President & Chief Executive Officer, National Reverse Mortgage
Lenders Association (NRMLA); and Laurie Goodman, Vice Presi-
dent, Housing Financial Policy, Urban Institute.
On October 16, 2019, the Subcommittee on Housing, Community
Development and Insurance held a joint hearing entitled, ‘‘Pro-
tecting America: The Reauthorization of the Terrorism Risk Insur-
ance Program.’’ The witnesses were Chlora Lindley-Myers, Direc-
tor, Missouri Department of Commerce and Insurance, on behalf of
the National Association of Insurance Commissioners; Dawn
Dinkins, COO, Reinsurance of AXA XL, on behalf of Reinsurance
Association of America; Joe Carter, Acting CEO, United Educators,
on behalf of the American Property Casualty Insurance Associa-
tion; John Doyle, President & CEO, Marsh; and Baird Webel, Spe-
cialist in Financial Economics, Congressional Research Service.
On November 20, 2019, the Subcommittee on Housing, Commu-
nity Development and Insurance held a hearing entitled, ‘‘Safe and
Decent? Examining the Current State of Residents’ Health and
Safety in HUD Housing.’’ The witnesses were Susan Rollins, Exec-
utive Director, Housing Authority of St. Louis County; Margaret
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Salazar, Executive Director, Oregon Housing and Community Serv-
ices Department; Deborah Thrope, Deputy Director, National Hous-
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ing Law Project; Geraldine Collins, Board President, National Alli-
ance of HUD Tenants; Shalonda Rivers, President and Resident,
22nd Avenue Apartment Tenants Association; and the Honorable
Orlando J. Cabrera, Partner, Arnall Golden Gregory.
On December 5, 2019, the Subcommittee on Housing, Commu-
nity Development and Insurance held a hearing entitled, ‘‘An Ex-
amination of the Federal Housing Administration and Its Impact
on Homeownership in America.’’ The sole witness at this hearing
was the Honorable Brian D. Montgomery, Commissioner, Federal
Housing Administration.
On January 29, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ‘‘Examining
the Availability of Insurance for Nonprofits.’’ The witnesses were J.
Robert ‘‘Bob’’ Hunter, Director of Insurance, Consumer Federation
of America, Ivoree Robinson, Vice President, Property & Casualty,
ABD Insurance & Financial Services, Inc., Chlora Lindley-Myers,
Director, Missouri Department of Commerce & Insurance, on be-
half of the National Association of Insurance Commissioners, Pam-
ela E. Davis, Founder, President and CEO, Nonprofits Insurance
Alliance, and Jon Bergner, Assistant Vice President, Public Policy
& Federal Affairs, National Association of Mutual Insurance Com-
panies
On February 5, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ‘‘A Future
Without Public Housing? Examining the Trump Administrations
Efforts to Eliminate Public Housing.’’ The witnesses were Ann
Gass, Director of Strategic Housing Initiatives, Housing Authority
of the City of Austin; Bobby Collins, Executive Director, Housing
Authority of the City of Shreveport; Susan Popkin, Director of the
Urban Institute’s HOST Initiative and Institute Fellow at the Met-
ropolitan Housing and Communities Policy Center; Kate Walz, Vice
President of Advocacy, Shriver Center on Poverty Law; and Eugene
Jones Jr., President and Chief Executive Officer, Atlanta Housing
Authority.
On March 4, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ‘‘Drivers of
Discrimination: An Examination of Unfair Premiums, Practices,
and Policies in the Auto Insurance Industry.’’ The witnesses were
Douglas Heller, Insurance Expert, Consumer Federation of Amer-
ica; Elizabeth Kelleher Dwyer, Superintendent of Insurance, the
State of Rhode Island, on behalf of the National Association of In-
surance Commissioners; Eric Poe, CPA and Chief Operating Office,
CURE Auto Insurance; Sonja Larkin-Thorne, Consumer Advocate
(retired); and Erin Collins, Vice President- State Affairs, National
Association of Mutual Insurance Companies.
On June 10, 2020, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ‘‘The Rent Is
Still Due: America’s Renters, COVID–19 and an Unprecedented
Eviction Crisis.’’ The witnesses were Cashauna Hill, Executive Di-
rector, Louisiana Fair Housing Action Center; Mike Kingsella, Ex-
ecutive Director, Up for Growth; Ann Oliva, Visiting Senior Fellow,
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Center on Budget and Policy Priorities; and Jenny Schuetz, Fellow,
The Brookings Institution.
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On November 19, 2020, the Subcommittee on Housing, Commu-
nity Development and Insurance held a hearing entitled, ‘‘Insuring
against a Pandemic: Challenges and Solutions for Policyholders
and Insurers.’’ The witnesses were Ann Cantrell, Owner, Annie’s
Blue Ribbon General Store, on behalf of the National Retail Fed-
eration; John Doyle, President & Chief Executive Officer, Marsh;
Brian Kuhlmann, Chief Corporate Counsel, Shelter Insurance, on
behalf of APCIA and NAMIC; Michelle Menendez McLaughlin,
Chief Underwriting Officer, Chubb North America; and R.J. Leh-
mann, Executive Editor and Senior Fellow, International Center
for Law and Economics.
SUBCOMMITTEE ON INVESTOR PROTECTION,
ENTREPRENEURSHIP AND CAPITAL MARKETS
On April 3, 2019, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a hearing entitled, ‘‘Put-
ting Investors First: Reviewing Proposals to Hold Executives Ac-
countable.’’ The witnesses were John Coffee, Adolf A. Berle Pro-
fessor of Law, Director of the Center on Corporate Governance at
Columbia Law School; Melanie Lubin, Maryland Securities Com-
missioner, on behalf of the North American Securities Administra-
tors Association, Inc (NASAA); Remington A. Gregg, Counsel for
Civil Justice and Consumer Rights, Public Citizen; and Tom
Quaadman, Executive Vice President, U.S. Chamber Center for
Capital Markets Competitiveness, Chamber of Commerce of the
United States of America.
On May 15, 2019, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a hearing entitled, ‘‘Pro-
moting Economic Growth: A Review of Proposals to Strengthen the
Rights and Protections for Workers.’’ The witnesses were Steve
Clifford, Author and former CEO of King Broadcasting Company;
Heather Slavkin Corzo, J.D., Director of Capital Markets Policy,
AFL–CIO; Abigail E. Disney, Ph.D., President of Fork Films, and
Chair & Co-founder of Level Forward; Nili Gilbert, Co-founder &
Portfolio Manager, Matarin Capital Management; and James R.
Copland, Senior Fellow and Director, Legal Policy, Manhattan In-
stitute for Policy Research.
On June 19, 2019, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a hearing entitled, ‘‘Put-
ting Investors First: Examining Proposals to Strengthen Enforce-
ment Against Securities Law Violators.’’ The witnesses were Jor-
dan A. Thomas, Partner, Labaton Sucharow; Urska Velikonja, Pro-
fessor of Law, Georgetown University Law Center; Andrew N. Voll-
mer, Professor of Law, University of Virginia School of Law; and
Stephen Crimmins, Partner, Murphy & McGonigle PC.
On July 10, 2019, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a hearing entitled,
‘‘Building a Sustainable and Competitive Economy: An Examina-
tion of Proposals to Improve Environmental, Social and Governance
Disclosures.’’ The witnesses were Tim Mohin, Chief Executive,
Global Reporting Initiative (GRI); James Andrus, Investment Man-
ager-Financial Markets, Sustainable Investment, CalPERS Invest-
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ment Office; the Honorable Paul S. Atkins, Chief Executive Officer,
Patomak Global Partners; Degas A. Wright, CFA, Chief Executive
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56
Officer, Decatur Capital Management, Inc.; and Mindy S. Lubber,
President and Chief Executive Officer, Ceres.
On September 11, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing enti-
tled, ‘‘Examining Private Market Exemptions as a Barrier to IPOs
and Retail Investment.’’ The witnesses were Renee Jones, Associate
Dean for Academic Affairs and Professor of Law, Boston College
Law School; Elisabeth de Fontenay, Professor of Law, Duke Uni-
versity School of Law; Mike Pieciak, President, North American Se-
curities Administrators Association, and Vermont Commissioner of
Financial Regulation, Vermont Department of Financial Regula-
tion; Dr. Andrew Lo, Professor, Massachusetts Institute of Tech-
nology Sloan School of Management; and Douglas Ellenoff, Partner,
Ellenoff Grossman & Schole LLP.
On October 17, 2019, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
‘‘Examining Corporate Priorities: The Impact of Stock Buybacks on
Workers, Communities, and Investors.’’ The witnesses were Jesse
M. Fried, Professor of Law, Harvard Law School; Lenore Palladino,
Senior Economist and Policy Counsel, Roosevelt Institute; Janie
Grice, United for Respect at Walmart; Derik D. Coffey, CFA, Port-
folio Specialist, Channing Capital Management; and Mr. Craig
Lewis Ph.D., Madison S. Wigginton Professor of Finance and Pro-
fessor of Law, Vanderbilt University.
On January 15, 2020, the Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets held a hearing entitled,
‘‘An Examination of the Financial Accounting Standards Board and
the Public Company Accounting Oversight Board.’’ The witnesses
were Russell G. Golden, Chairman, Financial Accounting Stand-
ards Board; and Willian D. Duhnke III, Chairman, Public Company
Accounting Oversight Board.
On June 25, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a hearing entitled, ‘‘Cap-
ital Markets and Emergency Lending in the COVID–19 Era.’’ The
sole witness at this hearing was the Honorable Jay Clayton, Chair-
man, U.S. Securities and Exchange Commission.
On July 14, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a hearing entitled, ‘‘Pro-
moting Economic Recovery: Examining Capital Markets and Work-
er Protections in the COVID–19 Era.’’ The witnesses were the Hon-
orable Dr. William E. Spriggs, Chief Economist, AFL–CIO; Pro-
fessor of Economics, Howard University; Anne Simpson, Director of
Board Governance and Strategy, California Public Employees’ Re-
tirement System; Camille Busette, PhD, Senior Fellow and Director
of the Race, Prosperity, and Inclusion Initiative, The Brookings In-
stitution; and Neil L. Bradley, Executive Vice President and Chief
Policy Officer, Chamber of Commerce of the United States of Amer-
ica.
On September 17, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing enti-
tled, ‘‘Insider Trading and Stock Option Grants: An Examination of
Corporate Integrity in the Covid–19 Pandemic.’’ The witnesses
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were Rick Claypool, Research Director, Office of the President,
Public Citizen; Jill Fisch, Distinguished Professor of Business Law
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57
and Co-Director of the Institute of Law and Economics, University
of Pennsylvania Law School; Jacob S. Frenkel, Chair of Govern-
ment Investigations and Securities Enforcement, Dickinson Wright;
and Granville Martin, Senior Vice President and General Counsel,
Society for Corporate Governance.
SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATION
On May 1, 2019, the Subcommittee on Oversight and Investiga-
tions held a hearing entitled, ‘‘Examining Discrimination in the
Automobile Loan and Insurance Industries.’’ The witnesses were
John W. Van Alst, Attorney, National Consumer Law Center; Di-
rector, Working Cars for Working Families, an NCLC project; Ra-
chel J. Cross, Policy Analyst, Frontier Group; Kristen Clarke,
President and Executive Director, Lawyers Committee for Civil
Rights Under Law; Joshua Rivera, Policy Advisor, University of
Michigan, Poverty Solutions; and James Lynch, Chief Actuary, Vice
President of Research and Education, Insurance Information Insti-
tute.
On June 11, 2019, the Subcommittee on Oversight and Investiga-
tions held a hearing entitled, ‘‘An Examination of State Efforts to
Oversee the $1.5 Trillion Student Loan Servicing Market.’’ The wit-
nesses were Joe Sanders, Student Loan Ombudsman and Super-
vising Attorney, Consumer Fraud Bureau, Illinois Attorney Gen-
eral’s Office; Nicholas Smyth, Assistant Director for Consumer Fi-
nancial Protection, Senior Deputy Attorney General, Pennsylvania
Office of Attorney General; Arwen Thoman, Director, Student Loan
Assistance Unit, and Investigations Supervisor, Massachusetts At-
torney General’s Office; Joanna Darcus, Massachusetts Legal As-
sistance Corporation Racial Justice Fellow, National Consumer
Law Center; and Scott Buchanan, Executive Director, Student
Loan Servicing Alliance.
On August 2, 2019, the Subcommittee on Oversight and Inves-
tigations held a hearing entitled, ‘‘An Examination of the Housing
Crisis in Michigan, 11 Years after the Recession.’’ The witnesses
were Hector Hernandez, Director, Housing Opportunity Center,
Southwest Economic Solutions; Ted Phillips, Executive Director,
United Community Housing Coalition; Bernadette Atuahene, Sen-
ior Research Scholar, University of Michigan; Lauren Mason, Mem-
ber, Housing Committee Chair—Detroit Action; Taz George, Senior
Research Analyst, Community Development and Policy Studies Di-
vision, Federal Reserve Bank of Chicago; and Vanessa Fluker, Fel-
low Practitioner, Vanessa G. Fluker, Esq., PLLC.
On September 4, 2019, the Subcommittee on Oversight and In-
vestigations held a two-panel hearing entitled, ‘‘Examining Dis-
crimination and Other Barriers to Consumer Credit, Homeowner-
ship, and Financial Inclusion in Texas.’’ The witnesses for the first
panel were Belinda Everette, Director, Housing Initiative, NAACP
Houston Branch; Judson Robinson III, CEO and Chair, Houston
Area Urban League; Hua Sun, Professor, Iowa State University;
John Wong, Founding Chair, Asian Real Estate Association of
America; and Dedrick Asante-Muhammad, Chief, Race, Wealth,
and Community, National Community Reinvestment Coalition. The
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witnesses for the second panel were Noel Poyo, Executive Director,
National Association of Latino Community Asset Builders; Gary
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58
Lindner, President and CEO, PeopleFund; Jeff Smith, President
and CEO, Unity National Bank; Raymond Ardoin, President, Board
of Directors, Brentwood Baptist Church Federal Credit Union;
Jeungho ‘‘JP’’ Park, President and Chairman, Relationship Banc-
Shares, Inc.; Celina Pea, Chief Advancement Officer, LiftFund; and
George Johnson, CEO, George E. Johnson Development.
On October 29, 2019, the Subcommittee on Oversight and Inves-
tigations held a two-panel hearing entitled, ‘‘Financial Services and
the LGBTQ+ Community: A Review of Discrimination in Lending
and Housing.’’ The witnesses were Harper Jean Tobin, Director of
Policy, National Center for Transgender Equality; Michael Adams,
CEO, SAGE (Services and Advocacy for GLBT Elders); Kerith
Conron, Research Director, Williams Institute, UCLA School of
Law; Alphonso David, President, Human Rights Campaign; Hua
Sun, Professor, Iowa State University; and Francis Creighton,
President and CEO, Consumer Data Industry Association.
On February 6, 2020, the Subcommittee on Oversight and Inves-
tigations held a two-panel hearing entitled, ‘‘Fake It Till They
Make It: How Bad Actors Use Astroturfing to Manipulate Regu-
lators, Disenfranchise Consumers and Subvert the Rulemaking
Process.’’ The witnesses were Bartlett Naylor, Financial Policy Ad-
vocate, Public Citizen; Beth Simone Noveck, Professor and Direc-
tor, GovLab, Tandon School of Engineering, New York University;
Paulina Gonzalez-Brito, Deputy Director, California Reinvestment
Coalition; Seto Bagdoyan, Director, Forensic Audits and Investiga-
tive Service, U.S. Government Accountability Office; and Dr. Ste-
ven Balla, Associate Professor, George Washington University.
On July 16, 2020, the Subcommittee on Oversight and Investiga-
tions held a two-panel hearing entitled, ‘‘Protecting Homeowners
During the Pandemic: Oversight of Mortgage Servicers’ Implemen-
tation of the CARES Act.’’ The witnesses were Alys Cohen, Staff
Attorney, National Consumer Law Center; Marcia Griffin, Founder
and President, HomeFree-USA; Donnell Williams, President, Na-
tional Association of Real Estate Brokers; and Ed DeMarco, Ph.D.,
President, Housing Policy Council.
SUBCOMMITTEE ON NATIONAL SECURITY, INTER-
NATIONAL DEVELOPMENT, AND MONETARY POLICY
On March 13, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing en-
titled, ‘‘Promoting Corporate Transparency: Examining Legislative
Proposals to Detect and Deter Financial Crime.’’ The witnesses
were Jacob Cohen, Former Director, Office of Stakeholder Engage-
ment, FinCEN; Dennis M. Lormel, President & CEO, DML Associ-
ates, LLC; Amit Sharma, CEO, FinClusive; and Gary Shiffman,
Ph.D., Founder and Chief Executive Officer, Giant Oak, Inc.
On May 15, 2019, the Subcommittee on National Security, Inter-
national Development, and Monetary Policy held a hearing enti-
tled, ‘‘Assessing the Use of Sanctions in Addressing National Secu-
rity and Foreign Policy Challenges.’’ The witnesses were David
Mortlock, Nonresident Senior Fellow, Global Energy Center, Atlan-
tic Council; Dr. Michael Carpenter, Senior Director, Penn Biden
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Center for Diplomacy and Global Engagement, University of Penn-
sylvania; Elizabeth Rosenberg, Senior Fellow and Director of the
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59
Energy, Economics, and Security Program, Center for a New Amer-
ican Security; Daleep Singh, Senior Fellow, Center for New Amer-
ican Security; and Matthew Zweig, Senior Fellow, Foundation for
Defense of Democracies.
On June 19, 2020, the Subcommittee on National Security, Inter-
national Development, and Monetary Policy held a hearing enti-
tled, ‘‘Promoting Economic Growth: Exploring the Impact of Recent
Trade Policies on the U.S. Economy.’’ The witnesses were Laura
Baughman, President, The Trade Partnership; C. Fred Bergsten,
Ph.D., Senior Fellow and Director Emeritus, Peterson Institute for
International Economics; John Boyd, President, National Black
Farmers Association; Ronnie Russell, Missouri Farmer, At Large
Member, American Soybean Association; and Gordon Gray, Direc-
tor of Fiscal Policy, American Action Forum.
On September 11, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing en-
titled, ‘‘Examining the Macroeconomic Impacts of a Changing Cli-
mate.’’ The witnesses were Andy Karsner, Board Member, Con-
servation International; General Stephen Cheney, USMC (Ret.),
President of the American Security Project; Veronica Eady, Assist-
ant Executive Officer for Environmental Justice of the California
Air Resources Board; Alicia Seiger, Managing Director of Stanford’s
Sustainable Finance Initiative; Dr. Marshall Burke, Assistant Pro-
fessor and Deputy Director of Stanford’s Center on Food Security
and the Environment; Richard Powell, Executive Director,
ClearPath; and John Kotek, Vice President of Policy Development
and Public Affairs, Nuclear Energy Institute.
On October 16, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a joint hear-
ing entitled, ‘‘Protecting America: The Reauthorization of the Ter-
rorism Risk Insurance Program.’’ The witnesses were Chlora
Lindley-Myers, Director, Missouri Department of Commerce and
Insurance, on behalf of the National Association of Insurance Com-
missioners; Dawn Dinkins, COO, Reinsurance of AXA XL, on be-
half of Reinsurance Association of America; Joe Carter, Acting
CEO, United Educators, on behalf of the American Property Cas-
ualty Insurance Association; John Doyle, President & CEO, Marsh;
and Baird Webel, Specialist in Financial Economics, Congressional
Research Service.
On November 13, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a two-panel
hearing entitled, ‘‘How America Leads Abroad: An Examination of
Multilateral Development Institutions.’’ The witnesses for the first
panel were Charles Kenny, Senior Fellow, Center for Global Devel-
opment; Nadia Daar, Head of Washington DC Office, Oxfam Inter-
national; Jolie Schwarz, Policy Director, Bank Information Center;
Matthew McGuire, Vice Chairman, CapZone Impact Investments;
and Eli Whitney Debevoise II, Partner, Arnold & Porter. The sole
witness for the second panel was Matthew Haarsager, Deputy As-
sistant Secretary for International Development Finance and Pol-
icy, U.S. Department of the Treasury.
On January 15, 2020, the Subcommittee on National Security,
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International Development, and Monetary Policy held a hearing en-
titled, ‘‘A Persistent and Evolving Threat: An Examination of the
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60
Financing of Domestic Terrorism and Extremism.’’ The witnesses
were The Honorable Jared Maples, Director, Office of Homeland
Security and Preparedness, State of New Jersey; Rena Miller, Spe-
cialist in Financial Economics, Congressional Research Service;
George Selim, Senior Vice President for Programs, Anti-Defamation
League; Lecia Brooks, Chief Workplace Transformation Officer,
Southern Poverty Law Center; and Mary B. McCord, Legal Direc-
tor, Institute for Constitutional Advocacy and Protection, George-
town Law.
On March 4, 2020, the Subcommittee on National Security,
International Development, and Monetary Policy held a hearing en-
titled, ‘‘The Traffickers’ Roadmap: How Bad Actors Exploit Finan-
cial Systems to Facilitate the Illicit Trade in People, Animals,
Drugs, and Weapons.’’ The witnesses were Travis L. Adkins, Lec-
turer, African & Security Studies, Walsh School of Foreign Service,
Georgetown University; Dr. Togzhan Kassenova, Senior Fellow,
Project on International Security, Commerce, and Economic
Statecraft (PISCES), Center for Policy Research, SUNY-Albany;
Celina B. Realuyo, Adjunct Professor, The George Washington Uni-
versity Elliott School of International Affairs; Gretchen Peters, Ex-
ecutive Director, Center on Illicit Network and Organized Crime
(CINTOC) and The Alliance to Counter Crime Online (ACCO); and
Angel Nguyen Swift, Founder and Director, STAT (Stand Together
Against Trafficking) and Advisor, Enigma Technologies.
On June 16, 2020, the Subcommittee on National Security, Inter-
national Development, and Monetary Policy held a hearing enti-
tled, ‘‘Cybercriminals and Fraudsters: How Bad Actors Are Exploit-
ing the Financial System During the COVID–19 Pandemic.’’ The
witnesses were Mr. Tom Kellermann, Head of Cybersecurity Strat-
egy, VMware; Mr. Kelvin Coleman, Executive Director, National
Cyber Security Alliance; Ms. Amanda W. Senn, Chief Deputy Di-
rector, Alabama Securities Commission; on behalf of the North
American Securities Administrators Association (NASAA); and Mr.
Jamil Jaffer, Founder & Executive Director, National Security In-
stitute, Assistant Professor of Law & Director, National Security
Law & Policy Program.
On July 7, 2020, the Subcommittee on National Security, Inter-
national Development, and Monetary Policy held a hearing enti-
tled, ‘‘Paycheck Security: Economic Perspectives on Alternative Ap-
proaches to Protecting Workers’ Pay during COVID–19.’’ The wit-
nesses were Lisa D. Cook, Professor, Department of Economics,
James Madison College, Michigan State University; Lily Eskelsen
Garcı́a, President, National Education Association; Joseph Stiglitz,
Professor of Economics, Columbia University; and Diego Zuluaga,
Associate Director of Financial Regulation Studies, Cato Institute.
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OVERSIGHT PLAN OF THE COMMITTEE
OVERSIGHT PLAN OF THE COMMITTEE ON FINANCIAL SERVICES FOR
THE 116TH CONGRESS
Pursuant to clause 2(d)(1) of Rule X of the House of Representa-
tives, the following constitutes the oversight plan of the Committee
on Financial Services for the 116th Congress. It includes areas in
which the Committee and its subcommittees expect to conduct
oversight during the 116th 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 list-
ed below.
HOUSING AND COMMUNITY DEVELOPMENT
Department of Housing and Urban Development (HUD) and U.S.
Department of Agriculture (USDA). The Committee will monitor
the budget requests submitted by HUD and USDA for programs
under the Committee’s jurisdiction, including careful consideration
of any legislative recommendations included in those requests, and
will review HUD’s and the Rural Housing Service’s (RHS) general
codes of conduct and other policies.
Homelessness. The Committee will examine the current state of
homelessness in the United States of America and the federal re-
sponse to ending homelessness, including oversight of the Con-
tinuum of Care (CoC) and Emergency Solutions Grant (ESG) pro-
grams under the Department of Housing and Urban Development
(HUD), the HUD Veteran Affairs Supported Housing program
(HUD-VASH), as well as efforts by the U.S. Interagency Council on
Homelessness (USICH) to coordinate various federal agencies to-
wards the national goals to end homelessness. The Committee will
review the causes and possible solutions to address homelessness,
including in parts of the country where homelessness has reached
crisis levels. The Committee will also consider ways to better serve
those who are at risk of homelessness.
Rental Housing Crisis. The Committee will examine the current
rental housing crisis that is burdening families across the country
with unaffordable rents. The Committee will examine the role of
existing federal housing programs in addressing the rental housing
crisis, including public housing, Section 8 Housing Choice Vouchers
(HCVs), Section 8 project-based rental assistance (PBRA), the Sec-
tion 202 Supportive Housing for the Elderly program, the Section
811 Supportive Housing for Persons with Disabilities program, the
HOME Investment Partnerships program (HOME), the Low In-
come Housing Tax Credit (LIHTC) program, and the Housing Trust
Fund (HTF). As part of its review, the Committee will examine the
conduct of landlords participating in these programs as well as in-
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vestigate HUD’s oversight of landlord participants to ensure rules
and regulations are being followed. The Committee will also review
the limitations of existing programs at current funding levels. The
Committee will consider solutions to address the rental housing cri-
sis, including proposals to enhance preservation of affordable rental
housing, increase the affordable rental housing stock, and ensure
that affordable rental housing is accessible for persons who are el-
derly and/or disabled. The Committee will monitor HUD’s imple-
mentation and oversight of the Moving to Work (MTW) demonstra-
tion programs and the effects of such programs on tenants.
Public Housing. The Committee will examine the rising mainte-
nance and capital needs of the aging public housing stock and the
limitations of current federal funding levels to address these needs.
As part of its examination, the Committee will investigate the pres-
ence of lead, mold, and other health hazards in the nation’s public
housing system and seek ways to ensure capital repairs are made
in order to improve the health and well-being of residents. The
Committee will review the role of public housing as part of a fed-
eral strategy to address affordable housing needs and will monitor
HUD’s use of the Rental Assistance Demonstration (RAD) and the
demolition and disposition processes as they affect public housing
and its residents.
Rural Housing. The Committee will examine the affordable hous-
ing needs in rural communities and whether there are limitations
in meeting those needs by existing programs because of current
funding levels. In particular, the Committee will examine the aging
stock of properties with Section 515 Rural Rental Housing Loans
and 516 Farm Labor Housing Loans, and the adequacy of the
USDA’s efforts for preserving these properties and preventing ten-
ant displacement. The Committee will consider legislation to help
preserve these properties and prevent the displacement of tenants.
The Committee will also monitor USDA’s management of the Sec-
tion 521 Rental Assistance (RA) program, the Rural Development
Voucher program, the Section 502 Direct and Guaranteed Loan
programs the Multifamily Housing Preservation and Revitalization
Demonstration Loans and Grants, and the Section 523 Mutual Self-
Help grant program.
Community Development. The Committee will consider opportu-
nities to better leverage and coordinate housing development with
neighborhood resources such as transportation and community cen-
ters through programs like the Community Development Block
Grant (CDBG).
Disaster Recovery, Resilience, and Sustainable Development. The
Committee will conduct oversight of the Community Development
Block Grant Disaster Recovery (CDBG–DR) program and ongoing
efforts to provide relief for disaster-stricken areas, with an empha-
sis on the timeliness of Federal Register notice publications, Action
Plan reviews, any administrative delays in the disbursement proc-
ess, and the monitoring of State and Territory funds received in
connection with the 2017 and 2018 natural disasters. The Com-
mittee will review proposals to enhance our nation’s ability to with-
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stand future disasters in the face of climate change, which is con-
tributing to increasing frequency and magnitude of natural disas-
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63
ters. The Committee will also examine proposals to transition to
more efficient and sustainable homes.
Fair Housing. The Committee will conduct oversight of fair hous-
ing enforcement under HUD, including reviewing the integrity of
investigations being carried out by the Office of Fair Housing and
Equal Opportunity (FHEO). The Committee will also monitor
HUD’s ongoing rulemaking processes on the Affirmatively Fur-
thering Fair Housing (AFFH) mandate and the disparate impact
standard under the Fair Housing Act.
Native American and Native Hawaiian Housing. The Committee
will conduct oversight of programs under the Native American
Housing and Self Determination Act of 1996 (NAHASDA) and con-
sider proposals for reauthorization of those programs. The Com-
mittee will also monitor HUD’s administration of the recent appro-
priation of an additional $100 million for the Native American
Housing Block Grants program, which will be allocated through a
competitive grant process.
Housing Finance and Access to Homeownership. The Committee
will examine the health of our housing finance system and the ex-
tent to which it is serving all creditworthy borrowers, especially
among low and moderate income (LMI), minority, rural, and other
underserved borrowers. The Committee will consider proposals to
reform the housing finance system.
Federal Housing Finance Agency (FHFA), Federal National Mort-
gage Association (Fannie Mae), Federal Home Loan Mortgage Cor-
poration (Freddie Mac), Federal Home Loan Banks (FHLBs). The
Committee will monitor the operations, activities and initiatives of
the FHFA, and review its general code of conduct and other agency
policies. The Committee will monitor Fannie Mae and Freddie
Mac’s activities under conservatorship, including their recent pilot
programs exploring front-end credit risk sharing and recent policy
changes allowing for waivers of appraisal requirements. The Com-
mittee will also review the FHFA’s proposed rule related to capital
held by Fannie Mae and Freddie Mac. The Committee will monitor
the capital requirements and financial stability of the FHLB sys-
tem, as well as the FHLB system’s ability to fulfill its housing and
community economic development mission and provide liquidity to
member banks in a safe and sound manner.
Government National Mortgage Association (Ginnie Mae). The
Committee will examine Ginnie Mae to ensure that the agency has
the necessary resources, procedures, and oversight to manage its
portfolio, including Ginnie Mae’s response to its growing exposure
to nonbank risks.
Federal Housing Administration (FHA). The Committee will ex-
amine FHA to ensure that it has the necessary resources, proce-
dures, and oversight to manage its portfolio, including ongoing
challenges due to an aging technological infrastructure. The Com-
mittee will also review the FHA’s premium rates.
Private Mortgage Insurance (PMI). The Committee will examine
the role that private mortgage insurance plays in the housing fi-
nance system in providing access to homeownership and consider
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the effects of capital requirements placed on PMI companies by
Fannie Mae and Freddie Mac.
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64
Mortgage Servicing. The Committee will examine the adequacy of
existing regulatory requirements and oversight of the servicing in-
dustry, including the adequacy of the federal response to the grow-
ing share of nonbank servicers. The Committee will consider
whether FHFA needs additional authority to establish prudential
management and operations standards for its servicers. The Com-
mittee will also consider legislative solutions to enhance FHA’s
oversight and enforcement of its loss mitigation requirements and
to address policies that may cause unnecessary foreclosures on sen-
iors with reverse mortgages and on those who have been affected
by natural disasters.
INSURANCE
National Flood Insurance Program (NFIP). The Committee will
examine the role of the NFIP in providing affordable insurance to
homeowners, renters, and businesses, investing in mitigation, and
providing maps to aid communities in their flood plain manage-
ment efforts. The Committee will examine proposals to reauthorize
and reform the NFIP to enhance affordability, mapping, and miti-
gation, and to improve the efficiency and transparency associated
with the processing of claims submitted by policyholders. The NFIP
is set to expire on May 31, 2019.
Federal Insurance Office (FIO). The Committee will conduct over-
sight of FIO’s work on domestic and international insurance policy,
including the extent to which traditionally underserved commu-
nities and consumers have access to affordable insurance products.
Terrorism Risk Insurance Program. The Committee will examine
proposals to reauthorize and reform the Terrorism Risk Insurance
Act, which is set to expire on December 31, 2020.
Insurance Sector Supervision. The Committee will monitor the
insurance sector generally, which may include examining the role
of capital requirements in the insurance sector, including state,
federal, and international efforts to revise capital requirements for
insurance companies, the application of federal capital require-
ments for insurance companies that own depository institutions,
the role of state guaranty funds, issues related to consumer protec-
tion and discrimination in the insurance sector, and issues or gaps
in the regulation of insurers that could contribute to a systemic cri-
sis in the insurance industry or the U.S. financial system. The
Committee will also review implementation of the Military Per-
sonnel Financial Services Protection Act, which was enacted in re-
sponse to abuses in the marketing and sale of securities and life
insurance products to servicemembers.
International Insurance Developments. The Committee will mon-
itor developments related to international regulatory standards for
insurance companies, including actions taken by the Financial Sta-
bility Board, the International Association of Insurance Super-
visors, and the Organization for Economic Cooperation and Devel-
opment. The Committee will also monitor any developments related
to covered agreements made pursuant to the Dodd-Frank Wall
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Street Reform and Consumer Protection Act of 2010 (Dodd-Frank
Act).
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65
Cyber Insurance. The Committee may examine developments re-
lated to the market for cyber insurance and the insurance indus-
try’s susceptibility to cybersecurity risks.
Auto Insurance. The Committee may review the state of the auto-
mobile insurance market in America with a particular focus on
issues of access and affordability for lower- and middle-income
Americans, minorities, and traditionally underserved communities.
CONSUMER PROTECTION AND FINANCIAL INSTITUTIONS
Government Shutdown. The Committee will examine the effect of
the longest shutdown of the Federal government in U.S. history
that commenced on December 22, 2018. This will include consid-
ering the effect the shutdown has on the financial system and the
U.S. economy, as well as assessing the effect on consumers—includ-
ing Federal government employees, contractors, and other individ-
uals and any adverse consequences they may face through no fault
of their own.
Protecting Consumers. The Committee will monitor the current
state of consumer financial protection by assessing the adequacy of
protections for all consumers. The Committee will examine any
unique challenges experienced in, and faced by, traditionally un-
derserved communities and populations to obtain mainstream con-
sumer financial products and services, including the root causes for
credit deserts in rural and urban communities that have resulted
in millions of unbanked and underbanked consumers. The Com-
mittee will consider methods to improve the financial well-being of
other vulnerable consumers such as older Americans, active-duty
servicemembers, veterans, students, young adults, racial and eth-
nic minorities, and immigrants.
Consumer Financial Protection Bureau. The Committee will
closely examine the exercise of the regulatory, supervisory, and en-
forcement power of the Consumer Financial Protection Bureau
(Consumer Bureau). The Committee will conduct oversight to en-
sure that the Consumer Bureau is fully complying with both the
spirit and letter of its purpose, objectives, and mission articulated
under Title X of the Dodd-Frank Act to combat unfair, deceptive,
abusive acts and practices in the offering and provision of con-
sumer financial products. This oversight will evaluate, among other
things, the allocation of resources and use of tools by the Consumer
Bureau, its collaboration with other Federal and state agencies,
and Tribal governments, the transparency and effectiveness of its
consumer complaint database, and its code of conduct and other
agency policies. The Committee will monitor to what extent the
Consumer Bureau promptly addresses any unfair, deceptive and
abusive acts and practices in the financial consumer marketplace,
including as it relates to: mortgage lending, auto lending, including
indirect auto lending, forced arbitration, and other financial serv-
ices, products and practices.
Student Debt Crisis. The Committee will examine the financial
and economic implications of the growing student debt crisis, in-
cluding how a borrower’s inability to repay student debt can serve
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as a barrier to homeownership, entrepreneurship, and other eco-
nomic activities. The Committee will monitor the effectiveness of
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student borrower protections, including as it relates to student loan
servicing standards.
Consumer Protections for Military Servicemembers. The Com-
mittee will examine the adequacy, supervision, and enforcement of
all consumer financial protections, including those provided
through the Military Lending Act (MLA) and the Servicemembers
Civil Relief Act (SCRA), afforded to active-duty servicemembers
and their families.
High Cost Short-Term Credit and Debt Collection. The Com-
mittee will review the effectiveness and extent to which consumer
protections are implemented and enforced with respect to payday
lending, other forms of short-term credit, and debt collection. The
Committee will also review the use of overdraft services, and its
impact on consumers.
Mandatory Arbitration. The Committee will monitor the use and
effect of mandatory pre-dispute arbitration agreements, and similar
provisions, that limit consumers’ ability to participate in a class ac-
tion case against financial institutions when they’ve been harmed.
Fair Access to Affordable Consumer Financial Products and Serv-
ices. The Committee will consider ways to expand access to main-
stream financial services among traditionally underserved seg-
ments of the U.S. population. The Committee will evaluate pro-
posals to update certain Federal consumer financial laws to ensure
that they are meeting the evolving financial needs of consumers.
Discrimination in Lending. The Committee will examine the ef-
fectiveness of regulators’ fair lending oversight and enforcement ef-
forts to ensure that the Federal government does not tolerate dis-
crimination. The Committee will also examine the quantity and
quality of data, including that provided under the Home Mortgage
Disclosure Act (HMDA), to ensure discriminatory practices can be
identified and addressed.
Community Reinvestment Act (CRA). The Committee will monitor
any legislative and regulatory proposals to reform the Community
Reinvestment Act of 1977.
Department of the Treasury, Financial Stability Oversight Coun-
cil (FSOC) and Office of Financial Research (OFR). The Committee
will review the operations and resources of the Department of the
Treasury, as well as its code of conduct and other policies. The
Committee will monitor financial stability and systemic risk issues,
including all matters relating to the operations, activities, and ini-
tiatives of the FSOC and OFR to identify and mitigate threats to
financial stability in the United States. This will also include a re-
view of shifts in the mortgage market, including the subprime mar-
ket, from bank financing to non-bank financing.
Supervision and Enforcement of Financial Institutions. The Com-
mittee will review the operations, activities, initiatives, codes of
conduct and other agency policies of the Federal Reserve Board of
Governors, the Office of the Comptroller of the Currency (OCC),
Federal Deposit Insurance Corporation (FDIC), and National Cred-
it Union Administration (NCUA). This work will include examining
financial regulators’ supervision of the banking, thrift and credit
union industries for safety and soundness and compliance with
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laws and regulations. The Committee will also monitor their en-
forcement activities, including ensuring the compliance of regulated
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institutions with existing consent orders, settlement agreements,
deferred prosecution agreements, or similar arrangements. The
Committee will also evaluate the supervision of nonbank financial
companies by the Consumer Bureau.
Enhanced Prudential Standards for Large Banks. The Com-
mittee will monitor how enhanced prudential standards are being
applied to the largest banks operating in the United States, includ-
ing foreign-based institutions. This will include oversight of the
adequacy of capital, liquidity, leverage and stress testing require-
ments.
Orderly Liquidation Authority and Living Wills. The Committee
will oversee efforts to promote the orderly resolution of any large
financial institution operating in the United States that fails, in-
cluding through Dodd-Frank Act’s living wills requirements and
the Orderly Liquidity Authority.
Banking Activities and the Volcker Rule. The Committee will ex-
amine the financial regulators’ implementation of Section 619 of
the Dodd-Frank Act, known as the ‘‘Volcker Rule.’’ The Committee
will also monitor the structure, ownership, activities and risk-tak-
ing by large depository institutions and their holding companies.
Residential and Commercial Real Estate Mortgage Loans. The
Committee will monitor the residential and commercial real estate
mortgage markets, including examining access to affordable and
fair home mortgage lending, and the effectiveness of disclosures
provided to borrowers about the terms and conditions of these
loans. The Committee will also review proposals related to home
improvement loans for improving the energy efficiency of a house.
Community Development Financial Institutions Fund (CDFI
Fund). The Committee will monitor the operations of the CDFI
Fund and the administration of initiatives to help reduce unbanked
and underbanked populations, including in rural areas.
Federal Deposit and Share Insurance. The Committee will mon-
itor the solvency of the Deposit Insurance Fund administered by
the FDIC, and the National Credit Union Share Insurance Fund
administered by the NCUA.
Community Financial Institutions. The Committee will review
issues related to the health, growth, safety, and soundness of com-
munity banks and credit unions, as well as their role in lending to
small businesses and promoting economic growth.
Access to Credit for Small Businesses. The Committee will con-
sider proposals that facilitate access to affordable credit for small
businesses, and will examine the ability for the public, regulators,
and Congress to monitor trends in small business lending. The
Committee will also review the effectiveness of the State Small
Business Credit Initiative (SSBCI), which was administered by the
U.S. Department of the Treasury and expired in 2017 and consider
proposals to reauthorize the SSBCI.
Cybersecurity and Privacy. The Committee will monitor the effec-
tiveness of cybersecurity in the U.S. financial system. The Com-
mittee will evaluate the current level of safeguards relating to pro-
tecting the security and confidentiality of personally identifiable in-
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formation from loss, unauthorized access, or misuse. The Com-
mittee will also examine the effectiveness of data breach notifica-
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tions, and issues of privacy and consumer control of their own data,
including sensitive financial and credit information.
Credit Scores and Credit Reports. The Committee will examine
the state of the credit reporting system, including the accuracy of
credit scores to assess creditworthiness, the impact medical debt
can have on credit scores, and the extent of consumer protections
throughout the credit reporting system. The Committee will also
examine implementation of the provisions related to credit report-
ing and credit scores in the Economic Growth, Regulatory Relief,
and Consumer Protection Act.
Financial Technology (fintech). The Committee will examine the
rapid developments with fintech, including marketplace lending for
consumers and small businesses, partnerships with traditional fi-
nancial institutions, cryptocurrency, blockchain, alternative data
utilized in credit underwriting, artificial intelligence, and machine
learning. The Committee will monitor the activities of financial reg-
ulators relating to fintech, including assessing existing authorities
and regulatory gaps. The Committee will consider what legislation
may be needed to promote responsible financial innovation.
Payments System. The Committee will review government and
private sector efforts to improve the timeliness and effectiveness of
the payments system in the United States, and its potential effect
on consumers and small businesses.
Credit and other Payment Cards. The Committee will monitor
payment card industry practices, including consumer protections
with respect to the use of credit cards, debit cards, and prepaid
cards. The Committee will also examine the effectiveness of the
Credit Card Accountability Responsibility and Disclosure (CARD)
Act of 2009.
Money Services Businesses, Remittances, and De-risking. The
Committee will examine the operations of money services busi-
nesses and the role they play in the financial system. The Com-
mittee will also oversee the ability of consumers to utilize financial
services to affordably remit cross-border payments, as well as con-
sider proposals to mitigate financial institutions engaged in de-
risking that results in unnecessary account closures.
Financial Education. The Committee will review efforts to pro-
mote greater financial literacy among consumers, particularly mat-
ters affecting traditionally underserved communities and popu-
lations.
Cannabis Banking. The Committee will examine the difficulties,
including public safety concerns, cannabis-related businesses expe-
rience as a result of being unable to access basic banking services.
The Committee will also review legislative proposals that alleviate
legal and compliance risks for financial institutions related to pro-
viding such services to cannabis-related businesses in states where
cannabis use, sale, or distribution is authorized.
MONETARY POLICY
The Federal Reserve System. The Committee will conduct over-
sight of the operations and activities of the Federal Reserve Sys-
tem, including its conduct of monetary policy, its regulation and su-
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pervision of the financial services sector, its role in the payment
system, and its susceptibility to cybersecurity threats and other se-
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curity risks. The Committee will convene hearings to receive the
testimony of the Chairman of the Board of Governors of the Fed-
eral Reserve System and related semi-annual reports on the con-
duct of monetary policy. As part of this effort, the Committee will
review issues associated with monetary policy and the state of the
economy, including whether the current path of monetary policy is
consistent with the Federal Reserve’s dual mandate of price sta-
bility and maximum employment, and how the independence of the
Federal Reserve affects market participants’ confidence in the con-
duct of monetary policy.
The Economy and its Impact on Living Standards. The Com-
mittee will examine the extent to which changes in the economy,
and in particular, changes in labor and capital markets, public pol-
icy, and trade have altered the way in which policymakers should
think about the relationship between economic growth, productivity
growth, and growth in employment and incomes. The Committee
will examine these relationships to determine policy responses that
will increase our ability to improve the standard of living for Amer-
ican families.
Tax Legislation and the Effect on the Economy. The Committee
will examine how the Tax Cuts and Jobs Act of 2017 affects the
economy, including its impact on the national deficit and debt, the
wealth gap, and low- and middle-income communities and minority
communities. Additionally, the Committee will examine the effects
of the Tax Cuts and Jobs Act on the financial services industry,
specifically with respect to the effect of the lower corporate tax rate
and pass-through tax provisions.
Coins and Currency. The Committee will conduct oversight of the
printing and minting of U.S. currency and coins, including the ac-
tivities of the Bureau of the Mint and the Bureau of Engraving and
Printing, 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 review efforts to detect and combat the coun-
terfeiting of U.S. coins and currency in the United States and
abroad. The Committee will also examine methods to reduce the
cost of minting coins using alternative metals and will examine ef-
forts to make currency more accessible to the visually impaired.
INVESTOR PROTECTION AND ENTREPRENEURSHIP
Securities and Exchange Commission (SEC). The Committee will
examine the operations and organizational structure of the SEC,
with emphasis on its rulemaking, compliance inspections and ex-
aminations, and enforcement functions, and will review the SEC’s
general codes of conduct and other policies. The Committee will
also monitor the SEC’s process for granting waivers of certain legal
disqualifications that arise from illegal misconduct of bad actors.
Additionally, the Committee will evaluate the sufficiency of the
SEC’s available resources and staffing levels in light of the hiring
freeze under which the SEC has operated since the beginning of
the Trump Administration.
Investor Confidence. The Committee will examine the factors af-
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fecting investor confidence in U.S. capital markets, including inves-
tor perspectives on the quality, quantity, and utility of investment-
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related disclosures; the effectiveness of public companies’ internal
controls over financial reporting; corporate accountability to share-
holders; and, the costs of trading securities. The Committee will
also review the effect on investor confidence of fraud and other mis-
conduct and the SEC’s efforts to hold bad actors accountable.
Fiduciary Duty of Financial Advisers. The Committee will exam-
ine the current regulation of, and recent developments related to
broker-dealers and investment advisers who provide financial ad-
vice to retail and institutional investors. The Committee will re-
view the SEC’s efforts to revise those regulations, consistent with
Section 913(g) of the Dodd-Frank Act, to protect investors and re-
duce confusion by requiring all advisers, regardless of title, to com-
ply with the same fiduciary standard that puts their clients’ inter-
ests first. The Committee will also consider legislation related to
the standard of care owed to investors by financial advisers.
Mandatory Arbitration. The Committee will examine the effect of
mandatory arbitration requirements on securities investors, as well
as the balance, fairness, and efficiency of the current arbitration
system.
Entrepreneurship. The Committee will monitor market conditions
affecting entrepreneurs’ access to capital, with emphasis on the
capital formation efforts of small businesses, including any unique
challenges faced by minority-, women-, and veteran-owned small
businesses. Additionally, the Committee will examine the conduct
of intermediaries in the capital formation process, such as anti-
competitive behavior among underwriters of initial public offerings
(IPOs). The Committee will also consider legislative proposals to
promote entrepreneurship and enhance the attractiveness of U.S.
public equity markets to investors and businesses.
Corporate Governance. The Committee will review developments
and issues concerning corporate governance of public companies,
including proposals to increase accountability to shareholders
through improved shareholder access to management’s proxy,
shareholder nomination of directors, and majority voting. The Com-
mittee will also examine ways to improve the integrity of the
shareholder voting process and corporate sustainability disclosures,
including those related to the effects of climate change.
Executive Compensation. The Committee will review the SEC’s
implementation of regulations requiring greater transparency in
disclosures of executive compensation arrangements, including the
SEC’s and the other federal financial agencies’ progress in com-
pleting related rulemakings mandated under the Dodd-Frank Act.
Capital Formation in Private and Public Markets. The Com-
mittee will examine the private and public capital markets and the
factors U.S. companies evaluate when deciding to go public, such
as underwriting fees. The Committee will monitor the use of new
and expanded private offering exemptions from the JOBS Act, in-
cluding Regulation D, Regulation A+, and Regulation Crowd-
funding, and examine ways to improve investor protections in pri-
vate offerings. The Committee will examine the current definition
of ‘‘accredited investors’’’ and ways to improve that definition to en-
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sure that those investors have the financial sophistication and
wherewithal to invest in private offerings.
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CAPITAL MARKETS
Self-Regulatory Organizations (SROs). The Committee will mon-
itor the operations, initiatives, and activities of SROs, including the
Municipal Securities Rulemaking Board (MSRB) and Financial In-
dustry Regulatory Authority, Inc. (FINRA). The Committee also
will consider limitations or regulatory gaps in the current SRO sys-
tem and ways to streamline and strengthen the regulatory, compli-
ance, examination, and enforcement structure.
Hedge Funds and Private Pools of Capital. The Committee will
examine the current state of the hedge fund, private equity and al-
ternative investment industry. The Committee will review the role
hedge funds and private pools of capital serve in the capital mar-
kets, and their interaction with investors, financial intermediaries,
and public companies. The Committee will also examine hedge
funds and private equity funds as investment vehicles for pension
funds.
Investment Companies. The Committee will review the current
state of regulation of investment companies and their advisers with
respect to mutual fund operations, governance, disclosure, and
sales in the States and Territories. The Committee also will review
the effectiveness and efficiency of the approval process for new
products, such as exchange-traded funds, and the SEC’s efforts to
standardize that process. The Committee will also review the role
investment companies played in Puerto Rico’s fiscal crisis. The
Committee will review Real Estate Investment Trusts (REITs) as
investment vehicles and how the industry uses REITs to finance
various projects, including the financing of private prisons and im-
migration detention centers.
Credit Rating Agencies. The Committee will examine the role
that Nationally Recognized Statistical Ratings Organizations
(NRSROs), also known as credit rating agencies, play in the U.S.
capital markets, and review the effectiveness of the SEC’s regula-
tion and oversight of NRSROs. The Committee will also examine
ways to limit conflicts associated with NRSROs compensation, ap-
proaches to increase their accountability, and the possibility of reg-
ulatory fee assessments.
Financial Accounting and Auditing. The Committee will review
the Public Company Accounting Oversight Board’s (PCAOB’s) over-
sight of auditors of public companies and broker-dealers, including
standard-setting and the results of the PCAOB’s inspection pro-
grams. The Committee will also monitor the impact of exemptions
to the scope of the auditing and internal controls requirements of
the Sarbanes-Oxley Act of 2002, and the adequacy of investor pro-
tections applicable to exempt entities. The Committee will also
monitor the work of the Financial Accounting Standards Board
(FASB) and Governmental Accounting Standards Board (GASB).
Cybersecurity. The Committee will examine the risks that cyber-
security threats pose to the U.S. capital markets, including invest-
ment and operational risks associated with public companies. The
Committee will also monitor the efforts of the SEC, self-regulatory
organizations (SROs), and SEC-registered firms to guard against
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cybersecurity risks and protect sensitive, market-moving data and
personally identifiable information (PII) of investors.
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Cryptocurrencies. The Committee will review the emergence of
the so-called ‘‘initial coin offering’’ (ICO) as a means of raising cap-
ital for blockchain-based enterprises. The Committee will examine
concerns of increased risks of fraud and manipulation in the ICO
markets. The Committee will also review the SEC’s oversight of the
ICO markets and will consider legislative proposals to improve reg-
ulatory clarity for ICO issuers and investors.
Fixed income markets. The Committee will review recent develop-
ments in the U.S. corporate and municipal bond markets and the
SEC’s response to those developments.
Derivatives Markets. The Committee will review recent develop-
ments in the U.S. derivatives markets and efforts to harmonize
rules governing those markets domestically and internationally.
The Committee will also examine the SEC’s progress in imple-
menting the remaining regulations of the security-based swaps
markets as mandated by the Dodd-Frank Act.
Equity and options markets. The Committee will review recent
developments in the U.S. equity and options markets and the
SEC’s response to those developments. The Committee will also ex-
amine brokers’ conflicts of interest arising from rebates and fees
paid for client orders and the SEC’s efforts to address those con-
flicts through, for example, an access fee pilot. The Committee will
monitor the development, implementation, and maintenance of the
Consolidated Audit Trail (CAT), a market surveillance tool that
tracks order events, including quotes, orders, executions, alloca-
tions, and associated customer data, and identifies the broker-deal-
er handling them.
Trade Policy Impact. The Committee will examine the impact of
U.S. trade policy proclamations, announcements, decisions, and ac-
tions by the executive branch on U.S. securities markets, including
market volatility, capital formation, corporate reinvestment, and
investor confidence.
NATIONAL SECURITY
Office of Terrorism and Financial Intelligence (TFI). The Com-
mittee will monitor TFI’s development and implementation of U.S.
government strategies and programs to combat terrorist financing,
money laundering, and other financial crimes, both domestically
and internationally.
Financial Crimes Enforcement Network (FinCEN). The Com-
mittee will monitor the operations of FinCEN and its ongoing ef-
forts to implement its regulatory mandates pursuant to the Bank
Secrecy Act to safeguard the integrity of the financial system and
combat money laundering, terrorist financing, and other illicit fi-
nance.
Office of Foreign Assets Control (OFAC). The Committee will ex-
amine the efficacy of economic and trade sanctions designations
and enforcement.
Money Laundering and Terrorist Financing. The Committee will
examine the implementation, effectiveness, and enforcement of
anti-money laundering/counter-financing of terrorism (AML/CFT)
laws and regulations, including opportunities to enhance compli-
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ance with these rules without impairing the operations of law en-
forcement. The Committee will examine patterns and trends of
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money laundering and terrorist finance and consider proposals to
prevent the abuse of the financial system.
Counterterrorism Financing Policy. The Committee will monitor
the role of the U.S. Department of the Treasury in promoting the
adoption and implementation of counterterrorism standards around
the world, through international organizations such as the Finan-
cial Action Task Force (FATF), the International Monetary Fund,
and the Egmont Group. The Committee will also monitor the Office
of Technical Assistance at Treasury and its coordination with the
other agencies, in the delivery of counter-terrorism financing train-
ing and other technical assistance abroad.
Sanctions. The Committee will examine sanctions programs to
ensure that they are fully implemented consistent with Congres-
sional intent and in alignment with U.S. foreign policy and na-
tional security goals. Particular attention will be paid to sanctions
programs aimed at Russia, Iran, North Korea, and Cuba. The Com-
mittee will examine possible risks and consequences associated
with the use of sanctions over the short and long term, as well as
the role that multilateral cooperation may play in achieving effec-
tive sanctions programs.
Beneficial Ownership. The Committee will consider proposals to
strengthen the AML/CFT laws and streamline compliance for U.S.
financial institutions, including legislation designed to crack down
on the use of anonymous shell companies for illicit purposes by re-
quiring U.S. companies to disclose their beneficial owners.
Real Estate. The Committee will examine the risks of money
laundering and terrorist financing in the real estate market, and
review proposals to address any vulnerabilities identified in this
sector.
Trafficking. The Committee will examine methods and policies to
dismantle the underlying enablers of trafficking and will review
typologies and potential solutions related to specific categories of
trafficking, including human trafficking, weapons trafficking, and
narcotics trafficking. The Committee will examine the nexus of this
illicit criminal activity with terrorists and their networks.
De-Risking at Financial Institutions. The Committee will exam-
ine the practice by which financial institutions terminate accounts
or limit services to broad categories of clients. The Committee will
monitor the effectiveness of regulatory guidance and examine regu-
latory actions to ensure that such customers are not inappropri-
ately denied access to the banking system.
Corruption. The Committee will examine the methods by which
corruption flourishes and the means to detect and deter the finan-
cial misconduct that fuels this driver of global instability. The Com-
mittee will monitor government efforts to educate about and en-
force U.S. anti-corruption law and regulation.
Fraud and Cyber Intrusion. The Committee will examine the fa-
cilitation and prevention of fraudulent activities that impact the fi-
nancial system. It will also examine efforts to counter cyber intru-
sions that target the financial sector and system.
Information Sharing. The Committee will examine the kinds of
safeguards required to ensure that civil liberties and consumer pri-
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vacy are not undermined in the sharing of sensitive information
among financial institutions, federal agencies, and other entities.
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Emerging Technologies. The Committee will examine emerging
technologies, such as cryptocurrencies, blockchain, and artificial in-
telligence. The Committee will monitor how such technologies af-
fect and interact with the U.S. financial system, and how the tech-
nologies could be used to combat or be used in the pursuit of illicit
purposes.
Committee on Foreign Investment in the United States. The Com-
mittee will monitor implementation of the Foreign Investment Risk
Review Modernization Act of 2018 (FIRRMA) and actions taken by
CFIUS to identify and address foreign investments that pose
threats to national security. The Committee will examine FIRRMA-
related rulemaking, Administration resources devoted to CFIUS ac-
tivities, and the effectiveness of pilot projects authorized by the leg-
islation.
Defense Production Act. The Committee will monitor the effec-
tiveness of the Defense Production Act and its individual authori-
ties in promoting national security and recovery from natural dis-
asters.
INTERNATIONAL DEVELOPMENT AND TRADE
Global Economic Cooperation. The Committee will monitor the
role of United States leadership in the governance of the global eco-
nomic system. The Committee will examine the degree to which
sustained international cooperation helps advance U.S. national se-
curity, economic interests, and values.
Oversight of the International Financial Institutions. The Com-
mittee will examine U.S. participation in the international finan-
cial institutions (IFIs), including the International Monetary Fund,
the World Bank, and the other multilateral development banks.
The Committee will monitor accountability, openness, and trans-
parency within the IFIs and the degree to which public participa-
tion in these institutions is a component of effective development
and growth. The Committee will examine the World Bank’s policies
and operations in areas relating to labor markets and social protec-
tion policies.
Global Poverty and Economic Inequality. The Committee will ex-
amine the role and effectiveness of the multilateral development
banks (MBDs) in helping to foster growth and reduce poverty in Af-
rica, Latin America, and in other poor regions in the world. The
Committee will examine how some growth strategies appear more
effective at reducing poverty than others and assess the degree to
which economic growth has translated into sustained poverty re-
duction in countries assisted by the MDBs. The Committee will ex-
amine how increasing income inequality negatively affects the pov-
erty-reducing effect of growth in a number of countries.
International Financial Architecture. The Committee will review
the annual report to Congress and testimony by the Secretary of
the Treasury on the state of the international financial system and
the International Monetary Fund (IMF). The Committee will exam-
ine the degree to which the IMF is focused on fighting corruption
in its surveillance and program work, as well as its efforts, through
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technical assistance, to strengthen the capacity of Fund members
to prevent money laundering and terrorist financing.
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IMF’s 15th General Review of Quotas. The Committee will con-
sider any request from the Administration for legislation to author-
ize U.S. commitments pursuant to an IMF quota reform agreement.
World Bank Group Capital Increase. The Committee will con-
sider any Administration request for congressional authorization
for U.S. participation in capital increases for the International
Bank for Reconstruction and Development and the International
Finance Corporation.
Replenishments of the International Development Association
(IDA) and the African Development Fund (AfDF). The Committee
will monitor U.S. participation in the replenishment negotiations
for IDA and the AfDF.
The International Development Association (IDA) and the Inter-
national Finance Corporation (IFC). The Committee will examine
financial transfers between IDA and the IFC with respect to both
transparency and development impact. The Committee will monitor
the degree to which IDA’s bond issuances affect the ability of IDA
to offer grants and highly concessional loans to the world’s poorest
countries.
North American Development Bank (NADB). The Committee will
examine the provision of financing by the NADB for environmental
infrastructure projects along the U.S.-Mexico border region. The
Committee will consider legislation to authorize the first general
capital increase for NADB.
Food Security and Climate Finance. The Committee will examine
U.S. support for international agricultural development programs
and multilateral cooperation on the global climate finance agenda.
Developing Countries at Risk of Debt Distress. The Committee
will monitor efforts by the United States to engage with other
members of the IMF to pressure China to adopt global standards
and practices on sustainable debt financing for developing coun-
tries, including a commitment to lending transparency.
Global Capital Flows. The Committee will monitor the effects of
the flow of capital globally, and, in particular, trends in foreign
countries’ investments of their large currency reserves in the
United States and other countries. The Committee will examine
the effects of the investment of these reserves on global financial
stability and on multilateral policy initiatives. The Committee will
also examine U.S. and multilateral policies on the regulation of
capital flows.
Trade in Financial Services. The Committee will monitor trade
negotiations and discussions as they pertain to investment and
trade in financial services. The Committee will monitor the
progress of the United States’ trading partners in meeting financial
services and investment commitments under existing trade and in-
vestment agreements, particularly with respect to policies by China
that limit the ability of U.S. financial services firms to access Chi-
nese markets. The Committee will examine the Administration’s
articulation of a long-term economic development strategy with re-
spect to both manufacturing and services.
Brexit. The Committee will monitor the United Kingdom’s proc-
ess of withdrawal from the European Union, including its potential
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impact on the U.S. and global economy, transatlantic cooperation
on economic and security issues including sanctions, counterter-
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rorism efforts, and regulatory convergence between U.S. and for-
eign jurisdictions.
Exchange Rates. The Committee will review the semi-annual re-
port to Congress from the Secretary of the Treasury on inter-
national economic and exchange rate policies. The Committee will
monitor developments related to the exchange rate policies of our
major trading partners and monitor the effects of those policies on
the competitiveness of U.S. firms and on the stability of the inter-
national financial system.
Export-Import Bank of the United States. The Committee will ex-
amine the performance of the Export-Import Bank and its mission
to support U.S. jobs by helping U.S. companies compete in the glob-
al economy. The Committee will consider legislation to reauthorize
the Bank’s charter before it expires on September 30, 2019. The
Committee will also examine how the lack of a quorum on the
Bank’s Board of Directors has affected its ability to support Amer-
ican firms in the global market.
Extractive Industries. The Committee will examine the establish-
ment of a global standard for the public disclosure of payments
that extractive companies make to governments, as well as the ef-
fectiveness of these revenue transparency laws abroad.
Supply Chain Due Diligence. The Committee will examine supply
chain due diligence laws in the U.S and abroad, and their enforce-
ment, and the effects of such laws on the ability of companies to
responsibly manage risk associated with the financing of conflict,
human trafficking, and child labor.
DIVERSITY AND INCLUSION
Diversity Data. The Committee will review regulated entities’ di-
versity data, including whether and how companies are: tracking
internal and external workforce and supplier diversity activities to
identify and mitigate vulnerable moments along the talent
lifecycles; tying executives’ performances to their ability to meet
tangible diversity and inclusive goals; and, using such data to in-
form the composition of their boards of directors.
Offices of Minority and Women Inclusion (OMWIs). The Com-
mittee will examine all matters relating to the diversity and inclu-
sion activities within the agencies under the Committee’s jurisdic-
tion, including the implementation of Section 342 of the Dodd-
Frank Act and Section 1116 of the Housing and Economic Recovery
Act (HERA) by the OMWIs, which are responsible for handling all
matters relating to diversity in management, employment, and
business activities within most federal financial agencies. This re-
view will include, among other things, monitoring whether the
agencies have allocated appropriate resources for their OMWIs,
maintained frequent interaction with and direct reporting lines be-
tween the heads of the agencies and their OMWI Directors, and es-
tablished tangible and measurable outcomes within their long-term
strategic plans and daily operations to achieve a diverse and inclu-
sive culture throughout all levels of their agencies.
Workforce, Supplier, and Business Diversity Efforts Within Agen-
cies and their Regulated Entities. The Committee will consider
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measures to further leverage diverse and inclusive perspectives,
skills, and talents within the workforces of agencies under the
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Committee’s jurisdiction, particularly at the middle- and senior-
management level, executive, and C-suite positions, to help im-
prove the agencies’ services, foster greater innovation, and develop
novel solutions. The Committee will also monitor agencies’ policies
and practices, as well those of their regulated entities, to ensure
that workplace environments operate in a fair, transparent, and
non- discriminatory manner for all their employees by ensuring
that racial, ethnic, and gender minorities, without regard to their
sex, including sexual orientation; gender identity; sex stereotypes;
and pregnancy, childbirth, or a related medical condition, have
equal opportunities.
Recruitment, Retention and Promotion. The Committee will re-
view the policies and practices of all the agencies under the Com-
mittee’s jurisdiction, and of their regulated entities, to promote the
recruitment, retention, and promotion of a diverse pool of employ-
ees, throughout all levels, of each organization but particularly at
the middle- and senior-management level, executive, C-suite, and
board of director positions. The Committee will review the commit-
ment and behavior of leaders, as well as consider measures, to en-
sure that diversity and inclusive goals are effectively transmitted
throughout their organizations, including holding managers ac-
countable for achieving diverse and inclusive environments.
The Rooney Rule. The Committee will consider policies that man-
date the consideration of diverse employment candidates (referred
to as ‘‘The Rooney Rule’’), and whether and how it has affected di-
versity and inclusion efforts, including efforts by the Federal Re-
serve to identify and select a diverse pool of candidates for senior-
management positions throughout the entire Federal Reserve Sys-
tem.
Vendor, Contractor, and Business Diversity. The Committee will
monitor the agencies’ efforts to increase diversity within their ven-
dor and contractor pools, and may consider methods to address any
challenges, or other barriers, to the agencies’ capacity to enhance
their supplier and business diversity. The Committee will also con-
sider changes to increase the transparency of the diversity prac-
tices of the FHFA’s regulated entities, including requiring public
reporting of the total dollar amounts these entities spend on third
party vendors and service providers and the amounts paid to firms
that are minority-owned, women-owned, disability-owned, and
other diverse-owned businesses on a regular basis.
Financial and Economic Inclusion. The Committee will monitor
the availability and affordability of financial products and services
to communities such as underserved rural, urban, Tribal, indige-
nous and other minority communities, and certain populations such
as immigrants, active-duty servicemembers and veterans and their
families, older (including retired) Americans, young adults and col-
lege students, state- and federally-recognized Tribes, indigenous
peoples, and low- and moderate-income consumers. The Committee
will evaluate methods to expand access to the traditional financial
services system to people in different social, income, and economic
segments in this country, including methods to broaden homeown-
ership, increase wages, promote employment within high-growth
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industries, encourage savings (including retirement savings), and
investments.
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Wealth, Income Inequality, and Income Mobility. The Committee
will examine the existing differences in wealth and income among
American households across the country. The Committee will
evaluate proposals to reduce disparities in opportunity that con-
tinue to persist across different segments of our society and that
were exacerbated in the run-up to, and the fallout from, the 2008
financial crisis. The Committee will consider how the economic dis-
parities in this country compare with other countries and whether
successful approaches by other countries to reduce such disparities
could serve as models for the U.S. The Committee will also mon-
itor, among other things, whether economic opportunity zones have
been successful in promoting intra and intergenerational income
mobility. This review will include an assessment of the effect on
employment and income mobility of factory and manual workers
from trade agreements and the increasing use of automation by
companies.
Public Companies. The Committee will consider proposals to en-
hance diversity and inclusion practices and policies at public com-
panies, including by more transparently reporting information
about the diversity of perspectives and backgrounds, and the selec-
tion process of those who serve in middle- and senior- management
level, executive, C-suite positions, and boards of directors.
Diverse Entrepreneurs and Access to Capital. The Committee will
monitor challenges faced by, and consider solutions to, encouraging
the creation and growth of diverse entrepreneurs’ businesses, par-
ticularly any unique challenges faced by minority-owned busi-
nesses, women-owned businesses, veteran-owned businesses, Na-
tive-owned businesses, disability-owned businesses, and small busi-
nesses in obtaining access to capital and opportunities to obtain a
fair allocation of federal funds and participation in federal pro-
grams. The Committee will also review how corporations collabo-
rate with minority-owned, women-owned and other diverse-owned
firms in their capital markets activities, including but not limited
to, the investment of pension, union, and retirement funds; exter-
nally managed investment and non-indexed funds; and alternative
investments. The Committee will also monitor the implementation
of data collection measures that could more effectively and effi-
ciently inform the public, investors, regulators, and Congress about
patterns and trends of business lending and other types of financ-
ing.
Minority Depository Institution (MDIs). The Committee will mon-
itor the federal financial regulators’ compliance with the goals
under Section 308 of the Financial Institutions Reform, Recovery,
and Enforcement Act (FIRREA) and may consider other ways to
further support MDIs.
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IMPLEMENTATION OF THE 116TH CONGRESS
OVERSIGHT PLAN
Implementation of the Oversight Plan of the Committee on
Financial Services for the One Hundred and Sixteenth Congress
HOUSING AND COMMUNITY DEVELOPMENT
Department of Housing and Urban Development (HUD) and U.S.
Department of Agriculture (USDA). The Full Committee held a
hearing on May 29, 2019 entitled, ‘‘Housing in America: Oversight
of the U.S. Department of Housing and Urban Development,’’
which reviewed HUD’s budget request for fiscal year 2020, and
general oversight of the agency. The Subcommittee on Housing,
Community Development, and Insurance held a hearing on April 2,
2019 entitled, ‘‘The Affordable Housing Crisis in Rural America:
Assessing the Federal Response,’’ which reviewed USDA’s budget
request for fiscal year 2020. On January 18, 2019, Chairwoman
Maxine Waters sent a letter to Secretary Ben Carson stating that
HUD must comply with its contingency plan during the 2018–2019
government shutdown.
Homelessness. The Full Committee held three separate hearings
examining the current state of homelessness in the US and the fed-
eral response:
• ‘‘Homeless in America: Examining the Crisis and Solutions
to End Homelessness,’’ February 13, 2019: This hearing fo-
cused on reviewing the causes and possible solutions for ad-
dressing homelessness, as well as HUD homelessness pro-
grams.
• ‘‘Examining the Homelessness Crisis in Los Angeles,’’ Au-
gust 14, 2019: This hearing focused specifically on homeless-
ness in Los Angeles, which has seen homelessness rates reach
crisis levels.
• ‘‘On the Brink of Homelessness: How the Affordable Hous-
ing Crisis and the Gentrification of America Is Leaving Fami-
lies Vulnerable,’’ January 14, 2020: This hearing focused on
how to better serve families at risk of eviction and homeless-
ness.
The Committee considered the following legislation to address
the homelessness crisis:
• H.R. 1856, the ‘‘Ending Homelessness Act of 2019,’’ intro-
duced by Chairwoman Maxine Waters, which would provide
$13 billion in emergency relief funding over five years to effec-
tively address homelessness in the U.S.
• H.R. 2398, the ‘‘Veteran HOUSE Act of 2020,’’ introduced
by Representative Scott Peters, which passed the House on
January 13, 2020 and became law as part of Pub. Law 116–
ll. This legislation expands eligibility for the HUD Veterans
Affairs Supportive Housing (VASH) program to include home-
less veterans who received an ‘‘other than honorable’’ discharge
from the US military.
• H.R. 3018, the ‘‘Ensuring Equal Access to Shelter Act of
2019,’’ introduced by Representative Jennifer Wexton, which
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prohibits HUD from implementing, administering, or enforcing
a proposed rule that would allow homeless services providers
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to deny emergency shelter to transgender individuals experi-
encing homelessness.
• H.R. 4029, the ‘‘Tribal Eligibility for Homeless Assistance
Grants Act of 2019,’’ introduced by Representative Denny
Heck, which passed the House on November 18, 2020 and be-
came law as part of Pub. Law 116–ll. This legislation would
make tribes and tribally designated housing entities eligible to
receive McKinney-Vento Homeless Assistance Grant funding.
• H.R. 4300, the ‘‘Fostering Stable Housing Opportunities
Act of 2019,’’ introduced by Representative Madeleine Dean,
which passed the House on November 18, 2020 which became
law as part of Pub. Law 116–ll. This legislation would pro-
vide Family Unification Program vouchers ‘‘on demand’’ who
are at risk of homelessness as they transition to adulthood.
• H.R. 4302, the ‘‘Homeless Assistance Act of 2019,’’ intro-
duced by Representative Brad Sherman, which passed the
House on January 13, 2020. This bill would authorize public
housing agencies to disclose information about individuals and
families experiencing homelessness to local Continuums of
Care to help them access services.
• H.R. 6294, the Improving Emergency Disease Response via
Housing Act of 2020, introduced by Representative Scott Tip-
ton, which passed the House on September 21, 2020. This bill
requires HUD to share with the Department of Health and
Human Services information regarding populations that are
particularly vulnerable to or at risk of contracting COVID–19.
Members of the Committee also sent several letters regarding
the homelessness crisis:
• On January 18, 2019, Chairwoman Maxine Waters sent a
letter to Secretary Ben Carson stating that HUD must comply
with its contingency plan during the 2018–2019 government
shutdown by making funding for homeless assistance available.
• On June 29, 2020, Chairwoman Maxine Waters and Rep-
resentative Jennifer Wexton sent a letter to Secretary Carson
asking HUD to reconsider its proposed Equal Access Rule
given potential contradictions between language in the Bostock
decision and the language in the regulation.
• On October 29, 2019, Chairwoman Maxine Waters sent a
letter to President Trump requesting information on the Ad-
ministration’s plans to address homelessness.
Rental Housing Crisis. The Full Committee held three hearings
on the rental housing crisis:
• ‘‘Housing in America: Assessing the Infrastructure Needs
of America’s Housing Stock,’’ April 30, 2019: This hearing ex-
amined the affordable rental housing crisis and the role HUD
programs play in addressing it. The hearing also examined the
limitations of these programs due to current funding levels.
The hearing reviewed proposals to preserve and increase the
supply of affordable rental housing.
• ‘‘On the Brink of Homelessness: How the Affordable Hous-
ing Crisis and the Gentrification of America Is Leaving Fami-
lies Vulnerable,’’ January 14, 2020: This hearing reviewed the
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need to preserve affordable rental housing in gentrifying neigh-
borhoods.
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• ‘‘The Heroes Act: Providing for a Strong Economic Recov-
ery from COVID–19,’’ July 23. This hearing reviewed how the
COVID–19 pandemic has exacerbated the rental housing crisis
in the US.
The Subcommittee on Housing, Community Development and In-
surance also held hearings on the rental housing crisis:
• ‘‘The Affordable Housing Crisis in Rural America: Assess-
ing the Federal Response,’’ April 2, 2019: This hearing re-
viewed the rental housing crisis in rural America.
• ‘‘Safe and Decent? Examining the Current State of Resi-
dents’’ Health and Safety in HUD Housing,’’ November 20,
2019: This hearing examined the conduct of landlords partici-
pating in HUD programs.
• ‘‘The Rent is Still Due: America’s Renters, COVID–19, and
an Unprecedented Eviction Crisis,’’ June 10, 2020: This hear-
ing reviewed how the COVID–19 pandemic has exacerbated
the rental housing crisis in the US.
The Committee considered the following legislation to address
the rental housing crisis:
• H.R. 2763, the ‘‘Keeping Families Together Act of 2019,’’
introduced by Representative Sylvia Garcia, which would pro-
hibit HUD from implementing, administering, or enforcing a
proposed rule that would make families with mixed-immigra-
tion status ineligible to live federally assisted housing, includ-
ing public housing.
• H.R. 3620, the ‘‘Strategy and Investment in Rural Housing
Preservation Act of 2019,’’ introduced by Representative Wil-
liam Lacy Clay, which passed the House on September 10,
2019. This bill would authorize $1 billion over five years to
preserve USDA-assisted affordable rental housing and require
the agency to develop a plan for preservation.
• H.R. 4351, the ‘‘Yes in My Back Yard Act,’’ introduced by
Representative Denny Heck, which passed the House on March
2, 2020. This bill would require localities that receive Commu-
nity Development Block Grant (CDBG) funding to submit a
plan to track and report on the implementation of certain land
use policies that promote housing production.
• H.R. 5187, the ‘‘Housing is Infrastructure Act of 2019,’’ in-
troduced by Chairwoman Maxine Waters, which passed the
House on July 1, 2020. This bill would authorize $100 billion
in federal investments for the nation’s affordable housing infra-
structure, including public housing, supportive housing for sen-
iors and people with disabilities, housing affordable to the low-
est-income people, and rural and Native American housing.
Provisions of H.R. 5187 were incorporated into H.R. 2, the
‘‘Moving Forward Act.’’
• H.R. 7301, the ‘‘Emergency Housing Protections and Relief
Act of 2020,’’ introduced by Chairwoman Maxine Waters,
which passed the House on June 29, 2020. This bill would au-
thorize emergency housing aid to respond to the coronavirus
pandemic, including $100 billion in emergency rental assist-
ance.
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On May 10, 2019, Chairwoman Maxine Waters sent a letter to
Secretary Carson stating that HUD must withdraw its rule that
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would lead to the eviction of families of mixed immigration status
from federally assisted housing.
In addition, the Committee held a roundtable on September 2,
2020, entitled ‘‘Dismantling Barriers to Housing for America’s Sen-
iors and People with Disabilities,’’ which discussed the need to en-
sure seniors and people with disabilities have access to accessible
and integrated affordable housing. The Committee continued to
monitor the expansion and implementation of the Moving to Work
demonstration throughout the 116th Congress and held meetings
with interested parties.
Public Housing. The Full Committee held a hearing on April 30,
2019 entitled, ‘‘Housing in America: Assessing the Infrastructure
Needs of America’s Housing Stock,’’ which reviewed the funding
needs to address the capital backlog of repairs in public housing to
improve the health and well-being of residents.
The Subcommittee on Housing, Community Development, and
Insurance held two hearings on public housing:
• ‘‘Safe and Decent? Examining the Current State of Resi-
dents’’ Health and Safety in HUD Housing,’’ November 20,
2019: This hearing reviewed health and safety hazards in
HUD-subsidized properties, including public housing.
• ‘‘A Future Without Public Housing? Examining the Trump
Administrations Efforts to Eliminate Public Housing,’’ Feb-
ruary 5, 2020: This hearing examined the role public housing
plays in addressing affordable housing needs in the US, as well
proposals to preserve public housing. The hearing also re-
viewed HUD’s Rental Assistance Demonstration program, as
well as the agency’s demolition and disposition process and its
impact on residents.
The Committee considered the following legislation to address
public housing issues:
• H.R. 1690, ‘‘Safe Housing for Families Act of 2019,’’ intro-
duced by Representative Chuy Garcia, and became law as part
of Pub. Law 116–ll. This bill would require carbon monoxide
detectors be installed in public housing, which passed the
House on September 10, 2019 and became law as part of Pub.
Law 116–ll.
• H.R. 2763, the ‘‘Keeping Families Together Act of 2019,’’
introduced by Representative Sylvia Garcia, which would pro-
hibit HUD from implementing, administering, or enforcing a
proposed rule that would make families with mixed-immigra-
tion status ineligible to live federally assisted housing, includ-
ing public housing.
• H.R. 5187, the ‘‘Housing is Infrastructure Act of 2019,’’ in-
troduced by Chairwoman Maxine Waters, which passed the
House on July 1, 2020. This bill would authorize $100 billion
in federal investments for the nation’s affordable housing infra-
structure, including $70 billion to fully address the backlog of
capital repairs in public housing. Provisions of H.R. 5187 were
incorporated into H.R. 2, the ‘‘Moving Forward Act.’’
Members of the Committee also sent several letters regarding
public housing:
• On May 10, 2019, Chairwoman Maxine Waters sent a let-
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ter to Secretary Carson stating that HUD must withdraw its
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rule that would lead to the eviction of families of mixed immi-
gration status from federally assisted housing, including public
housing.
• On November 18, 2019, Chairwoman Maxine Waters sent
a letter to Secretary Carson stating that HUD must ensure the
agency includes tenant perspectives when developing and im-
plementing its demonstration to update the physical inspection
protocol of HUD-assisted properties, including public housing.
Rural Housing. The Subcommittee on Housing, Community De-
velopment, and Insurance held a hearing on April 2, 2019 entitled,
‘‘The Affordable Housing Crisis in Rural America: Assessing the
Federal Response,’’ which examined USDA’s affordable housing
programs, the affordable housing needs in rural communities and
ways to preserve USDA-assisted rural housing.
The Committee considered the following legislation addressing
rural housing:
• H.R. 3620, the ‘‘Strategy and Investment in Rural Housing
Preservation Act of 2019,’’ introduced by Representative Wil-
liam Lacy Clay, which passed the House on September 10,
2019. This bill would authorize $1 billion over five years to
preserve USDA-assisted affordable rental housing and require
the agency to develop a plan for preservation.
• H.R. 5187, the ‘‘Housing is Infrastructure Act of 2019,’’ in-
troduced by Chairwoman Maxine Waters, which passed the
House on July 1, 2020. This bill would authorize $100 billion
in federal investments for the nation’s affordable housing infra-
structure, including $1 billion for rural housing preservation.
Elements of H.R. 5187 were incorporated into H.R., 2, the
‘‘Moving Forward Act.’’
Community Development. The Full Committee held a hearing on
April 30, 2019 entitled, ‘‘Housing in America: Assessing the Infra-
structure Needs of America’s Housing Stock,’’ which reviewed legis-
lation to help communities better leverage and coordinate housing
and community development with other resources.
The Committee considered the following legislation addressing
community development:
• H.R. 4351, the ‘‘Yes in My Back Yard Act,’’ introduced by
Representative Denny Heck, which would require localities
that receive CDBG funding to submit a plan to track and re-
port on the implementation of certain land use policies that
promote housing production.
• H.R. 5187, the ‘‘Housing is Infrastructure Act of 2019,’’ in-
troduced by Chairwoman Maxine Waters, which passed the
House on July 1, 2020. This bill would create a set-aside with-
in the CDBG program to leverage and coordinate housing de-
velopment with transportation resources. Elements of H.R.
5187 were incorporated into H.R. 2, the ‘‘Moving Forward Act.’’
In addition, the Committee continued to monitor the develop-
ment and implementation of the Opportunity Zones throughout the
116th Congress and held meetings with interested parties.
Disaster Recovery, Resilience, and Sustainable Development. The
Subcommittee on Oversight and Investigations held a hearing on,
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May 17, 2019 entitled ‘‘Community Development Block Grant-Dis-
aster Recovery Program—Stakeholder Perspectives,’’ which re-
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viewed the CDBG–DR program and ongoing efforts to provide relief
to areas recovering from disasters.
The Committee considered the following legislation related to
disaster recovery and sustainable development:
• H.R. 3702, the ‘‘Reforming Disaster Recovery Act,’’ intro-
duced by Representative Al Green, which passed the House on
November 18, 2019. This bill would reform the CDBG–DR pro-
gram to enhance our nation’s ability to withstand future disas-
ters.
• H.R. 5187, the ‘‘Housing is Infrastructure Act of 2019,’’ in-
troduced by Chairwoman Maxine Waters, which passed the
House on July 1, 2020. This bill would authorize $100 billion
in federal investments for the nation’s affordable housing infra-
structure, including $1 billion to support mitigation efforts that
can protect communities from future disasters, and requires
nearly all funding authorized be used for sustainable building
features, such as energy efficient retrofits. Elements of H.R.
5187 were incorporated into H.R., 2, the ‘‘Moving Forward
Act.’’
On May 5, 2019, Chairwoman Maxine Waters and Representa-
tive Al Green sent a letter to Rae Oliver Davis, Inspector General
for the U.S. Department of Housing and Urban Development
(HUD), to investigate reports that HUD had not provided sufficient
information to its inspector general’s office to allow its inspector
general to thoroughly investigate the Committee’s concerns with
Puerto Rico’s CDBG–DR funding. On January 13, 2020, Represent-
ative Nydia Velazquez and Chairwoman Waters sent a letter to
Secretary Carson requesting a meeting with him to discuss why
HUD was withholding CDBG–DR funds from Puerto Rico.
On October 10 and 11, 2019 Representative Al Green and Com-
mittee staff travelled to the Bahamas to assess the damage and de-
struction caused by Hurricane Dorian, and to engage in dialogue
with Bahamian leaders to learn more about their recovery response
and steps that they are taking to mitigate future disasters to better
understand how the U.S. could improve its disaster response.
Fair Housing. The Full Committee held two hearings on fair
housing:
• ‘‘The Fair Housing Act: Reviewing Efforts to Eliminate
Discrimination and Promote Opportunity in Housing,’’ April 2,
2019: This hearing examined the state of fair housing in Amer-
ica, including evolving issues in the digitization of the housing
market and the Department of Housing and Urban Develop-
ment’s enforcement of the Fair Housing Act under Secretary
Carson.
• ‘‘An Examination of Facebook and Its Impact on the Fi-
nancial Services and Housing Sectors,’’ October 23, 2019: This
hearing examined Facebook’s activities in the financial services
and housing sectors, including those related to fair housing, di-
versity and inclusion, alternative data, and data privacy.
The Subcommittee on Oversight and Investigations held one
hearing and one field hearing on fair housing:
• ‘‘Examining Discrimination and Other Barriers to Con-
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sumer Credit, Homeownership, and Financial Inclusion in
Texas,’’ September 4, 2019: This hearing examined access to af-
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fordable housing, credit, and banking services in low- and mod-
erate-income (‘‘LMI’’) neighborhoods.
• ‘‘Financial Services and the LGBTQ+ Community: A Re-
view of Discrimination in Lending and Housing,’’ October 29,
2019: This hearing examined the extent and effects of discrimi-
nation against persons who identify as lesbian, gay, bisexual,
transgender or queer (‘‘LGBTQ+’’) when seeking housing or
credit in the United States. Witness testimony examined the
relevant data that are currently available to inform policy
makers regarding the nature and scope of such discrimination.
The Committee considered H.R. 149, the ‘‘Housing Fairness Act
of 2020,’’ introduced by Representative Al Green, which would au-
thorize increased funding for the Department of Housing and
Urban Development’s (HUD) Fair Housing Initiatives Program
(FHIP) and make a number of reforms to FHIP. It would also es-
tablish a new competitive matching grant program at HUD to sup-
port comprehensive studies of the causes and effects of ongoing dis-
crimination and segregation, and the implementation of pilot
projects to test solutions.
Members of the Committee sent the following letters to address
fair housing:
• On November 22, 2019, Chairwoman Maxine Waters and
Committee Democrats sent a letter to Secretary Carson urging
that HUD rescind its proposed disparate impact rule that
would make it harder for everyday Americans who find them-
selves victims of housing discrimination to get justice.
• On December 18, 2019, Chairwoman Maxine Waters sent
a letter to Secretary Carson requesting that HUD immediately
release the FY 2019 Notice of Funding Availability (NOFA) for
FHIP. The letter also requested that the Secretary respond to
the letter with a specific explanation as to HUD’s failure to re-
lease the final FY19 FHIP NOFA in a timely manner, as well
as HUD’s plan for avoiding such delays in the future.
• On March 20, 2020, during the COVID–19 pandemic, 30
Members of Congress, including 24 Committee Members, sent
a letter to Secretary Carson urging that HUD rescind its pro-
posed changes to the Affirmatively Furthering Fair Housing
(AFFH) rule that would shift the focus of the rule to a general
lack of housing supply rather than the specific lack of housing
opportunities for protected classes of people and would dilute
accountability and enforcement of this key mandate under the
Fair Housing Act.
Native American and Native Hawaiian Housing. The Committee
continued to monitor developments on Native American and Native
Hawaiian housing throughout the 116th Congress and held meet-
ings with interested parties.
The Committee also considered the following legislation related
to this matter:
• H.R. 4029, the ‘‘Tribal Eligibility for Homeless Assistance
Grants Act of 2019,’’ introduced by Representative Denny
Heck, which passed the House on November 18, 2020 and be-
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came law as part of Public Law 116–ll [H.R. 133, Appropria-
tions]. This bill would make tribes and tribally designated
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housing entities eligible to receive McKinney-Vento Homeless
Assistance Grant funding.
• S. 2725, the ‘‘Native American Housing Affordability Act of
2019’’, which allows the Department of Housing and Urban De-
velopment (HUD) to more expeditiously issue a certificate of
guarantee for certain loans related to Native American housing
also became law as part of Public Law 116–ll[same].
Housing Finance and Access to Homeownership. The Full Com-
mittee held the following hearings on housing finance and access
to homeownership:
• ‘‘The End of Affordable Housing? A Review of the Trump
Administration’s Plan to Change Housing Finance in America,’’
October 22, 2019: This hearing examined the impact of the
Trump Administration’s housing finance reform plans.
• ‘‘Protecting Seniors: A Review of the FHA’s Home Equity
Conversion Mortgage (HECM) Program,’’ September 25, 2019:
This hearing examined the Federal Housing Administration’s
(FHA’s) HECM program, which remains the only source of fed-
eral backing for reverse mortgages. This hearing also explored
the benefits that the program offers for seniors as well as some
of the challenges that the program has encountered.
• ‘‘An Examination of the Federal Housing Administration
and Its Impact on Homeownership in America,’’ December 5,
2019: This hearing examined the role that the Federal Housing
Administration (FHA) plays in the nation’s housing finance
system, and proposals to improve FHA’s ability to promote ac-
cess to homeownership, particularly for underserved borrowers.
• ‘‘Prioritizing Fannie’s and Freddie’s Capital Over Amer-
ica’s Homeowners and Renters? A Review of the Federal Hous-
ing Finance Agency’s Response to the COVID–19 Pandemic,’’
September 16, 2020: This hearing examined the steps taken by
the Federal Housing Finance Agency (FHFA) to stabilize the
housing finance market and provide relief to homeowners and
renters during the COVID–19 pandemic. The hearing also fo-
cused on how Director Calabria’s policies affected underserved
borrowers and those hardest hit by the economic downturn.
The Subcommittee on Housing, Community Development, and
Insurance held two hearings and the Subcommittee on Oversight
and Investigations held one field hearing on housing finance and
access to homeownership:
• ‘‘A Review of the State of and Barriers to Minority Home-
ownership,’’ May 8, 2019: This hearing examined the historical
background of discrimination in homeownership and mortgage
lending; the effect of the foreclosure crisis on minority commu-
nities; current trends and future projections on homeownership
rates between households of color and White households; and
how to address ongoing systemic barriers to minority home-
ownership through federal policies and legislation.
• ‘‘What’s Your Home Worth? A Review of the Appraisal In-
dustry,’’ June 20, 2019: This hearing examined a number of
critical topics affecting the appraisal industry including the de
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minimus threshold, appraiser independence, the role of tech-
nology in appraisals, and racial disparities in home valuations.
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• ‘‘An Examination of the Housing Crisis in Michigan, 11
Years after the Recession,’’ August 2, 2019: This field hearing,
held in Detroit, Michigan, explored the impacts of the Commu-
nity Reinvestment Act (CRA), discriminatory housing practices,
and how equitable and fair housing in Michigan can be
achieved.
The Committee considered the following legislation to address
the rental housing crisis:
• H.R. 1060, the BUILD Act, introduced by Representative
Barry Loudermilk, which passed the House of Representatives
on May 14, 2019. This bill allows nonprofit organizations offer-
ing mortgage loans for charitable purposes to use certain alter-
native forms to satisfy disclosure requirements.
• H.R. 2162, introduced by Representative Joyce Beatty, the
Housing Financial Literacy Act of 2019, which passed the
House of Representatives on July 10, 2019. This bill gives first-
time homebuyers who complete a Department of Housing and
Urban Development-certified counseling course a discount on
their Federal Housing Administration mortgage insurance pre-
mium.
• H.R. 2852, the ‘‘Homebuyer Assistance Act of 2019,’’ intro-
duced by Representative Brad Sherman, which passed the
House of Representatives on September 10, 2019. This bill
would change the property appraisal requirements for mort-
gages backed by the Federal Housing Administration (FHA) by
allowing licensed appraisers to conduct appraisals for such
mortgages, rather than only certified appraisers. This would
bring FHA standards in line with those set by Fannie Mae and
Freddie Mac. This bill would also set minimum requirements
for education specific to FHA appraisals that appraisers must
undergo to be eligible to conduct FHA appraisals.
• H.R. 3154, the ‘‘Homeownership for DREAMers Act,’’ intro-
duced by Representative Juan Vargas, which would clarify that
recipients of Deferred Action for Childhood Arrivals (DACA)
cannot be deemed ineligible for mortgage loans backed by
FHA, Fannie, Freddie, or the USDA solely on the basis of their
status as DACA recipients.
• H.R. 3619, the ‘‘Appraisal Fee Transparency Act of 2019,’’
introduced by Representative William Lacy Clay, which passed
the House of Representatives on September 22, 2019. This bill
would provide the Appraisal Subcommittee (ASC) with greater
flexibility to determine the structure and amount of the fee
charged to appraisal management companies (AMCs), provide
the ASC with greater flexibility to utilize fee proceeds to part-
ner with different entities to ensure compliance with federal
appraisal standards, add a representative of the Department of
Veterans Affairs (VA) to the ASC, create a national registry of
appraisers in training, and provide consumers with greater
transparency in the disclosure of fees paid for appraisals.
On May 22, 2020, the Subcommittee on Housing, Community De-
velopment, and Insurance held a virtual rountable entitled, ‘‘Re-
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viewing the Impact of the COVID–19 Pandemic on U.S. Housing
Markets.’’
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Federal Housing Finance Agency (FHFA), Federal National Mort-
gage Association (Fannie Mae), Federal Home Loan Mortgage Cor-
poration (Freddie Mac), Federal Home Loan Banks (FHLBs). The
Committee held two hearings on FHFA, the Enterprises, and
FHLBs:
• ‘‘The End of Affordable Housing? A Review of the Trump
Administration’s Plan to Change Housing Finance in America,’’
October 22, 2019: This hearing examined the impact of the
Trump Administration’s housing finance reform plans.
• ‘‘Prioritizing Fannie’s and Freddie’s Capital Over Amer-
ica’s Homeowners and Renters? A Review of the Federal Hous-
ing Finance Agency’s Response to the COVID–19 Pandemic,’’
September 16, 2020: This hearing examined the steps taken by
the Federal Housing Finance Agency (FHFA) to stabilize the
housing finance market and provide relief to homeowners and
renters during the COVID–19 pandemic. The hearing also fo-
cused on how Director Calabria’s policies affected underserved
borrowers and those hardest hit by the economic downturn.
Members of the Committee sent the following letters related to
these matters:
• On June 25, 2020, Chairwoman Maxine Waters, Rep-
resentative William Lacy Clay, and Representative Juan
Vargas sent a letter to Director Calabria and Secretary Carson
calling on them to amend their agencies’ policies which penal-
ize loans that go into forbearance prior to being insured by
FHA or purchased by Fannie Mae or Freddie Mac (collectively
‘‘the Enterprises’’’), unnecessarily resulting in increased costs
for borrowers.
• On July 25, 2020, Chairwoman Maxine Waters, Represent-
ative William Lacy Clay, and Representative Denny Heck sent
a letter to Director Calabria urging FHFA to prioritize eco-
nomic recovery amid the COVID–19 pandemic crisis by paus-
ing a rulemaking that would set new capital requirements for
the Enterprises until after the pandemic.
• On December 3, 2020, Chairwoman Maxine Waters, sent
a letter to Director Calabria,), urging him to fully engage with
Congress, halt all efforts to raise the capital requirements for
Fannie Mae and Freddie Mac and halt all efforts to release
them from conservatorship. The letter also requests that the
agency cease and desist from finalizing any ‘‘midnight rules’’’
or other administrative actions until President-Elect Joseph R.
Biden is sworn into office on January 20, 2021 and his Admin-
istration can review.
On August 14, 2020, Chairwoman Maxine Waters and Rep-
resentative William Lacy Clay issued a statement urging the
FHFA to reverse a decision to allow the Enterprises to impose a
new adverse-market refinance fee of 0.5 percent on refinanced
mortgage loans sold to them after September 1, 2020. After feed-
back from stakeholders and the White House, the FHFA extended
the implementation date to December 1, 2020.
Government National Mortgage Association (Ginnie Mae). The
Full Committee held a hearing on Ginnie Mae entitled ‘‘The End
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of Affordable Housing? A Review of the Trump Administration’s
Plan to Change Housing Finance in America,’’ October 22, 2019:
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This hearing examined the impact of the Trump Administration’s
plans for housing finance.
The Committee considered the following legislation related to
Ginnie Mae: H.R. 1988, the ‘‘Protect Affordable Mortgages for Vet-
erans Act,’’ introduced by Representative David Scott, a form of
which became Public Law 116–133, addresses the unintended con-
sequences of Section 309 of the ‘‘Economic Growth, Regulatory Re-
lief, and Consumer Protection Act,’’ by grandfathering in a subset
of loans previously ineligible for Ginnie Mae securities. The bill
also incorporated language to address a technical issue related to
the tolling of the loan seasoning period.
Federal Housing Administration (FHA). The Subcommittee on
Housing, Community Development and Insurance held two hear-
ings and the Subcommittee on Oversight and Investigations held
one hearing on FHA:
• ‘‘Housing in America: Oversight of the U.S. Department of
Housing and Urban Development,’’ May 21, 2019: This hearing
examined HUD’s current state of affairs and addressed major
changes to agency policies and programs since 2017.
• ‘‘Protecting Seniors: A Review of the FHA’s Home Equity
Conversion Mortgage (HECM) Program,’’ September 25, 2019:
This hearing examined the Federal Housing Administration’s
(FHA’s) HECM program, which remains the only source of fed-
eral backing for reverse mortgages. This hearing also explored
the benefits that the program offers for seniors as well as some
of the challenges that the program has encountered.
• ‘‘An Examination of the Federal Housing Administration
and Its Impact on Homeownership in America,’’ December 5,
2019: This hearing examined the role that the Federal Housing
Administration (FHA) plays in the nation’s housing finance
system, and proposals to improve FHA’s ability to promote ac-
cess to homeownership, particularly for underserved borrowers.
The Committee considered the following legislation to address
the rental housing crisis:
• H.R. 123, the ‘‘Alternative Data for Additional Credit FHA
Pilot Program Act,’’ introduced by Representative Al Green,
which would reauthorize HUD’s statutory authority to imple-
ment a pilot program under FHA to increase credit access for
borrowers with thin or no credit files through the use of addi-
tional credit data. The ANS would also require HUD to report
pilot program findings.
• H.R. 2852, the ‘‘Homebuyer Assistance Act of 2019,’’ intro-
duced by Representative Brad Sherman, which passed the
House of Representatives on September 10, 2019. This bill
would change the property appraisal requirements for mort-
gages backed by the Federal Housing Administration (FHA) by
allowing licensed appraisers to conduct appraisals for such
mortgages, rather than only certified appraisers. This would
bring FHA standards in line with those set by Fannie Mae and
Freddie Mac. This bill would also set minimum requirements
for education specific to FHA appraisals that appraisers must
undergo to be eligible to conduct FHA appraisals.
• H.R. 3958, the ‘‘FHA Foreclosure Prevention Act of 2019,
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introduced by Chairwoman Maxine Waters, which passed the
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House on May 15, 2020. This bill would enhance FHA’s over-
sight of loss mitigation and establish a complaint and appeals
process for borrowers who believe their servicer is out of com-
pliance with FHA’s servicing requirements. Elements of H.R.
3958 were incorporated into H.R. 6800, the ‘‘Heroes Act.’’
• H.R. 5931, the ‘‘Improving FHA Support for Small Dollar
Mortgages Act of 2020,’’ introduced by Representative William
Lacy Clay, which would require FHA to conduct a review of its
policies to identify any barriers to supporting mortgages under
$70,000 and report to Congress within a year with a plan for
removing such barriers.
On June 23, 2020, Chairwoman Maxine Waters and Representa-
tive Al Green sent a letter to Rae Oliver Davis, Inspector General
for the U.S. Department of Housing and Urban Development
(HUD), requesting an investigation into HUD’s decision to exclude
Deferred Action for Childhood Arrivals (DACA) recipients from the
Federal Housing Administration (FHA) mortgage insurance pro-
gram. The letter followed the publication of internal HUD and FHA
communications revealing that HUD and FHA secretly changed ex-
isting policy by prohibiting DACA recipients from receiving FHA
loans. In the letter, Chairwoman Maxine Waters and Representa-
tive Al Green expressed concerned that HUD’s policy change poten-
tially violated the Administrative Procedures Act. Chairwoman
Maxine Waters and Representative Al Green also expressed con-
cern that HUD officials may have made false and misleading state-
ments to Congress throughout 2018 and 2019 regarding whether
HUD changed its policies on DACA recipients’ eligibility for FHA
loans.
Private Mortgage Insurance (PMI). The Committee considered
the following legislation to address PMI:
• On July 10, 2019, the House of Representatives passed
H.R. 2162, introduced by Representative Joyce Beatty, the
Housing Financial Literacy Act of 2019, which gives first-time
homebuyers who complete a Department of Housing and
Urban Development-certified counseling course a discount on
their Federal Housing Administration mortgage insurance pre-
mium.
• H.R. 3141, the ‘‘FHA Loan Affordability Act of 2019,’’ in-
troduced by Representative Dean Phillips, would repeal the re-
quirement that Federal Housing Administration (FHA) bor-
rowers pay mortgage insurance premiums for the life of the
loan and reinstate the FHA’s previous policy of requiring bor-
rowers to pay premiums until the outstanding principal bal-
ance reaches 78 percent of the original home value.
Mortgage Servicing. The Subcommittee on Oversight and Inves-
tigations held a hearing entitled ‘‘Protecting Homeowners During
the Pandemic: Oversight of Mortgage Servicers’’ Implementation of
the CARES Act,’’ July 13, 2020: This hearing examined the chal-
lenges faced by homeowners as a result of the coronavirus pan-
demic and associated economic crisis, including the disparate im-
pact on communities of color. The hearing also examined the re-
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sponsibilities of mortgage servicers, pursuant to the CARES Act, to
assist home mortgage borrowers impacted by the pandemic.
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On July 23, 2020, the Full Committee held a hearing entitled,
‘‘The Heroes Act: Providing for a Strong Economic Recovery from
COVID–19,’’ to review the provisions of H.R. 6800, the Heroes Act
that would help consumers and small businesses during the
COVID–19 emergency.
On May 4, 2020, Chairwoman Maxine Waters; Representative
Gregory Meeks, Representative William Lacy Clay, and Represent-
ative Al Green sent letters to the nation’s largest mortgage
servicers requesting information related to their communications
about relief available to borrowers with federally-backed mortgages
under the Coronavirus Aid, Relief, and Economic Security (CARES)
Act.
INSURANCE
National Flood Insurance Program (NFIP). The Full Committee
held a hearing on March 13, 2019, entitled ‘‘Preparing for the
Storm: Reauthorization of the National Flood Insurance Program.’’
In June 2019, the Committee considered and passed H.R. 3167,
The National Flood Insurance Program (NFIP) Reauthorization Act
of 2019, and a short-term reauthorization of NFIP was included in
FY 2020 and 2021 appropriations measures.
Federal Insurance Office (FIO). The Committee continued to
monitor developments and conducted oversight of funding and
staffing cuts to the FIO throughout the 116th Congress and held
meetings with interested parties.
Terrorism Risk Insurance Program. The Full Committee held a
hearing on October 16, 2019 entitled ‘‘Protecting America: The Re-
authorization of the Terrorism Risk Insurance Program.’’ The Com-
mittee considered and passed H.R. 4634, introduced by Chair-
woman Maxine Waters, reauthorizing the Terrorism Risk Insur-
ance Program for ten years. Elements of H.R. 4634 were incor-
porated into H.R 1865, the ‘‘Further Consolidated Appropriations
Act, 2020,’’ which extended the authorization for seven years and
became Public Law 116–94.
Insurance Sector Supervision. The Committee continued to mon-
itor developments on Insurance Sector Supervision throughout the
116th Congress and held meetings with interested parties.
International Insurance Developments. The Committee continued
to monitor developments on International Insurance Developments
throughout the 116th Congress and held meetings with interested
parties.
Cyber Insurance. The Committee continued to monitor develop-
ments on Cyber Security throughout the 116th Congress and held
meetings with interested parties. Representative Al Green of Texas
offered an amendment on a GAO study relating to financial incen-
tives to address cyber threats that became law as part of Public
Law 116–ll (H.R. 6395, NDAA).
Auto Insurance. The Subcommittee on National Security, Inter-
national Development, and Monetary Policy held a hearing on
March 4, 2020 titled ‘‘Drivers of Discrimination: An Examination of
Unfair Premiums, Practices, and Policies in the Auto Insurance In-
dustry.’’ The hearing looked at the issue of auto insurance discrimi-
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nation, and whether insurers are using factors like race rather
than drivers’ records in setting auto insurance premiums.
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CONSUMER PROTECTION AND FINANCIAL INSTITUTIONS
Government Shutdown. The Committee continued to monitor de-
velopments on the 2019–2020 government shutdown throughout
the 116th Congress. Staff held meetings with interested parties
and addressed relief to consumers who lost income due to the gov-
ernment shut down via legislation and letters to the appropriate
banking and regular bodies inquiring as to how they will help con-
sumers.
The Committee also considered legislation relating to the effects
of government shutdowns:
• H. Res. 77, a resolution introduced by Chairwoman Max-
ine Waters, which was passed by the House of Representatives
on January 29, 2019. This bill encourages financial institu-
tions, consumer reporting agencies, and other entities to do
what they can to help consumers, including federal employees,
contractors, small businesses, and other individuals affected by
the Trump federal government shutdown.
• H.R. 2290, the Shutdown Guidance for Financial Institu-
tions Act, introduced by Representative Jennifer Wexton,
which passed the House of Representatives on September 22,
2019. This bill directs financial regulators—including the Fed-
eral Reserve Board, the Consumer Financial Protection Bu-
reau, the Office of the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, and the National Credit Union
Administration—to issue guidance relating to a government
shutdown, including encouraging financial institutions to mod-
ify loan terms and to extend credit to consumers and busi-
nesses affected by a shut down and to take steps to prevent the
reporting of adverse credit information related to a government
shutdown. Among other things, financial regulators must issue
guidance encouraging financial institutions.
• H.R.4328, the Protecting Innocent Consumers Affected by
a Shutdown Act, introduced by Chairwoman Maxine Waters
which establishes a mechanism to identify affected consumers,
and it restricts furnishers and the CRAs from including ad-
verse financial information resulting from a government shut-
down in the affected consumers credit profiles for the duration
of a shutdown plus 90 days. The bill also restricts any user of
consumer reports, including creditors, potential employers, and
others, from considering adverse information regarding a con-
sumer affected by a shutdown.
The Committee sent two letters relating to the effects of the Gov-
ernment Shutdown:
• On January 11, 2019, Chairwoman Maxine Waters, wrote
a letter to Federal Reserve Chairman Jerome Powell, Federal
Deposit Insurance Corporation Chairman Jelena McWilliams,
Consumer Financial Protection Bureau Director Kathy
Kraninger, Comptroller of the Currency Joseph Otting, and
National Credit Union Administration Chairman Mark
McWatters, urging the regulators to consider the needs of con-
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sumers who may be experiencing temporary financial hardship
in meeting credit obligations as a result of the shutdown.
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• On January 28, 2019, Chairwoman Maxine Waters, wrote
to the heads of financial services industry trade associations
and the largest credit reporting agencies to call on them to de-
scribe what their institutions and member companies are doing
to help consumers affected by the shutdown.
Protecting Consumers. The Committee held a number of hearings
on consumer financial protection:
• On March 7, 2019, the Full Committee held a two-panel
hearing entitled, ‘‘Putting Consumers First? A Semi-Annual
Review of the Consumer Financial Protection Bureau,’’ to ex-
amine its Semi-Annual report to Congress and to address con-
cerns that Consumer Bureau has not recently fulfilled both the
spirit and plain letter of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
• On March 12, 2019, the Full Committee held a hearing en-
titled, ‘‘Holding Megabanks Accountable: An Examination of
Wells Fargo’s Pattern of Consumer Abuse’’ to discuss Financial
various instances of consumer abuses, including fraudulent ac-
count creations and insurance schemes at Wells Fargo and its
subsidiaries.
• On October 16, 2019 the Full Committee held a hearing
entitled, ‘‘Who is Standing Up for Consumers? A Semi-Annual
Review of the Consumer Financial Protection Bureau,’’ to ex-
amine its Semi-Annual report to Congress and to address con-
cerns that Consumer Bureau has not recently fulfilled both the
spirit and plain letter of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
• On February 6, 2020, the Full Committee held a hearing
entitled, ‘‘Protecting Consumers or Allowing Consumer Abuse?
A Semi-Annual Review of the Consumer Financial Protection
Bureau’’ to examine its Semi-Annual report to Congress and to
address concerns that Consumer Bureau has not recently ful-
filled both the spirit and plain letter of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
• On July 30, 2020, the Full Committee held a hearing enti-
tled, ‘‘Protecting Consumers During the Pandemic? An Exam-
ination of the Consumer Financial Protection Bureau’’ to exam-
ine its Semi-Annual report to Congress, to address concerns
that Consumer Bureau has not recently fulfilled both the spirit
and plain letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and to discuss updates to how the
CFPB is helping consumers during the COVID–19 emergency
period.
The Committee considered numerous legislation that touched on
consumer protection, including H.R. 1500, the Consumers First
Act, introduced by Chairwoman Maxine Waters, a bill to block the
Trump Administration’s anti-consumer agenda and reverse their
past efforts to undermine the mission of the Consumer Financial
Protection Bureau. This bill passed the House of Representatives
on May 22, 2019.
On March 11, 2020, Congresswoman Maxine Waters, along with
the Subcommittee and Taskforce Chairs, led six letters to Adminis-
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tration officials, prudential regulators, financial services organiza-
tions and credit reporting agencies expressing concerns about risks
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related to coronavirus disease 2019 (COVID–19) and the steps they
are taking to prevent Americans and the financial system from
being harmed.
On June 9, 2020, Chairwoman Maxine Waters and Representa-
tive Al Green sent a letter to NCUA Chairman Rodney Hood re-
questing documents regarding the NCUA’s sale of taxi medallion
loans to Marblegate Asset Management LLC. Following the sale,
Committee Democrats representing districts in New York City
called for a Committee investigation due to concerns that the
NCUA conducted the transaction without sufficient due diligence or
consideration of borrower interests. In response to Chairwoman
Maxine Waters’ and Representative Green’s letter, the NCUA pro-
duced to the Committee the sale agreement between the NCUA
and Marblegate and portions of responses to the NCUA’s request
for qualifications for the sale of the taxi medallion loans. The docu-
ments produced provided the Committee additional, nonpublic in-
formation regarding the NCUA’s consideration of borrower inter-
ests during the transaction and have informed Committee mem-
bers’ consideration of the need for borrower protections in NCUA
loan sales.
Consumer Financial Protection Bureau. The Committee held a
number of hearings relating to the Consumer Financial Protection
Bureau (CFPB):
• On March 7, 2019, the Full Committee held a two-panel
hearing entitled, ‘‘Putting Consumers First? A Semi-Annual
Review of the Consumer Financial Protection Bureau,’’ to ex-
amine its Semi-Annual report to Congress and to address con-
cerns that Consumer Bureau has not recently fulfilled both the
spirit and plain letter of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
• On October 16, 2019 the Full Committee held a hearing
entitled, ‘‘Who is Standing Up for Consumers? A Semi-Annual
Review of the Consumer Financial Protection Bureau,’’ to ex-
amine its Semi-Annual report to Congress and to address con-
cerns that Consumer Bureau has not recently fulfilled both the
spirit and plain letter of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
• On February 6, 2020, the Full Committee held a hearing
entitled, ‘‘Protecting Consumers or Allowing Consumer Abuse?
A Semi-Annual Review of the Consumer Financial Protection
Bureau’’ to examine its Semi-Annual report to Congress and to
address concerns that Consumer Bureau has not recently ful-
filled both the spirit and plain letter of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
• On July 30, 2020, the Full Committee held h a hearing en-
titled, ‘‘Protecting Consumers During the Pandemic? An Exam-
ination of the Consumer Financial Protection Bureau’’ to exam-
ine its Semi-Annual report to Congress, to address concerns
that Consumer Bureau has not recently fulfilled both the spirit
and plain letter of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and to discuss updates to how the
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CFPB is helping consumers during the COVID–19 emergency
period.
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On May 22, 2019, the House passed H.R. 1500, the Consumers
First Act, introduced by Chairwoman Maxine Waters, a bill to
block the Trump Administration’s anti-consumer agenda and re-
verse their past efforts to undermine the mission of the Consumer
Financial Protection Bureau.
Members of the Committee sent the following letters related to
this matter:
• On February 7, 2019, Chairwoman Maxine Waters and
Representative Al Green, Chairman of the Subcommittee on
Oversight and Investigations, wrote to Consumer Financial
Protection Bureau Director Kathy Kraninger to request docu-
ments relating to recent settlements that do not require com-
panies that have violated the law to provide redress to con-
sumers who have been harmed.
• On February 22, 2019, Congresswoman Maxine Waters,
sent a letter to the dedicated public servants of the Consumer
Financial Protection Bureau (Consumer Bureau), to address
the challenges they have faced in the last two years and assure
them that she would use the full range of the Committee’s
oversight authorities to prevent any efforts to weaken the Con-
sumer Bureau.
• On October 7, 2019, Speaker Nancy Pelosi and Financial
Services Committee Chairwoman Maxine Waters announced a
filing by the U.S. House of Representatives with the Supreme
Court in support of the independence of the Consumer Finan-
cial Protection Bureau.
• On December 17, 2019, Chairwoman Maxine Waters, sent
a letter to Kathleen Kraninger, Director of the Consumer Fi-
nancial Protection Bureau, expressing concerns regarding re-
ports that a Trump Administration political appointee, Thomas
G. Ward, is the lead candidate for the apolitical Enforcement
Director position at the Consumer Bureau.
• Chairwoman Maxine Waters also released a Majority staff
report entitled, ‘‘Settling for Nothing: How Kraninger’s CFPB
Leaves Consumers High and Dry.’’ The report presents evi-
dence that the Trump Administration’s politicization of the
Consumer Bureau has led to a decline in the Consumer Bu-
reau’s obtaining redress for harmed consumers.
Student Debt Crisis. The Committee held the following hearings
the student debt crisis:
• On June 11, 2019, the Subcommittee on Oversight and In-
vestigations held a hearing entitled, ‘‘An Examination of State
Efforts to Oversee the $1.5 Trillion Student Loan Servicing
Market,’’ on June 11, 2019 to examine the growing student
debt crisis and address how the administration and how
servicers can better meet the needs of Americans struggling
with students.
• On September 10, 2019, the Full Committee will hold a
hearing entitled, ‘‘A $1.5 Trillion Crisis: Protecting Student
Borrowers and Holding Student Loan Servicers Accountable,’’
to examine stronger protections for students taking out loans
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for higher education.
The Committee considered and passed the following legislation:
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• H.R. 4545, Private Loan Disability Discharge Act of 2019,
introduced by Representative Madeleine Dean, which would
amend the Truth in Lending Act (TILA) to include a required
discharge of private student loans in the case of permanent
disability of the borrower, similar to how federal student loans
are treated in these circumstances., The Statement of Man-
agers for Public Law 116–ll (H.R. 6395, NDAA) urged the
Administration to use all available authorities provided to it by
Congress to ensure that all student borrowers, and particularly
those who are in financial distress, are treated fairly and re-
ceive any assistance they are eligible for.
• H.R. 5287, the Fair Student Loan Debt Collection Prac-
tices Act, introduced by Representative Al Lawson, which
would amend the Fair Debt Collection Practices Act to prohibit
debt collectors from collecting on certain Federal student loan
debt when the borrower would not be required to make pay-
ments under an income-driven repayment plan.
• H.R. 5294, the Student Borrower Protections Act, intro-
duced by Representative Alma Adams, which would provide
student loan borrowers with greater protections, including with
respect to credit reporting, and enhance oversight of student
loan servicing. The Statement of Managers for Public Law
116–lll urged the Administration to use all available au-
thorities provided to it by Congress to ensure that all student
borrowers, and particularly those who are in financial distress,
are treated fairly and receive any assistance they are eligible
for.
On August 13, 2019, the Financial Services Committee Chair-
woman Maxine Waters, Education and Labor Committee Chairman
Bobby Scott, and Oversight and Reform Committee Chairman Eli-
jah Cummings, sent a letter to Consumer Financial Protection Bu-
reau Director Kathleen Kraninger requesting information and
records concerning the CFPB’s efforts to protect consumers from
unlawful student loan servicing practices.
Consumer Protections for Military Servicemembers. On March 7,
2019, the Full Committee held a two-panel hearing entitled, ‘‘Put-
ting Consumers First? A Semi-Annual Review of the Consumer Fi-
nancial Protection Bureau,’’ to examine its Semi-Annual report to
Congress and to address concerns that Consumer Bureau has not
recently fulfilled both the spirit and plain letter of the Dodd—
Frank Wall Street Reform and Consumer Protection Act, and
which addressed issues relating to consumer protections for mili-
tary servicemembers.
The Committee also considered legislation relating to consumer
protections for military servicemembers:
• H.R. 1988, introduced by Representative David Scott and
Representative Lee Zeldin, the Protect Affordable Mortgages
for Veterans Act of 2019, bipartisan legislation which address-
es unintended administrative complications that resulted from
implementation of Section 309 of S. 2155, the ‘‘Economic
Growth, Regulatory Relief, and Consumer Protection Act.’’ This
legislation, which passed the House of Representatives on June
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7, 2019, clarifies requirements for certain refinanced U.S. De-
partment of Veterans Affairs (VA) mortgage loans to allow
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them to be securitized by Ginnie Mae, thereby enabling those
banks to make additional loans, including to veterans, and a
form of which became public law 116–133.
• H.R. 5003, The Fair Debt Collection Practices for
Servicemembers Act, introduced by Representative Madeleine
Dean which passed by the House of Representatives on March
3, 2020. This bill amends the FDCPA to prohibit debt collectors
from threatening servicemembers or their families to have a
servicemember’s rank reduced, have their security clearance
revoked, have them prosecuted under the Uniform Code of
Military Justice, or communicating with a servicemember’s
chain of command to locate a servicemember.
High Cost Short-Term Credit and Debt Collection. The Full Com-
mittee held the following hearings on this matter:
• On September 26, 2019 the Full Committee held a hearing
entitled, ‘‘Examining Legislation to Protect Consumers and
Small Business Owners from Abusive Debt Collection Prac-
tices,’’ to overview the harms and consequences of unchecked
violations of the Fair Debt Collection Practices Act, and other
applicable laws that protect consumers.
• On February 5, 2020, the Full Committees held a hearing
entitled, ‘‘Rent-A Bank Schemes and New Debt Traps: Assess-
ing Efforts to Evade State Consumer Protections and Interest
Rate Caps’’ to cover how bank partnerships with non-banks
can be safe without harming consumers and circumventing
state law.
On April 30, 2019, The Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled, ‘‘Ending Debt
Traps in the Payday and Small Dollar Credit Industry,’’ to examine
the harms that triple digit interest rate small dollar loans cause to
low-income communities and what more lawmakers need to do to
address it.
The Committee considered and passed the following legislation:
• H.R. 2398, To amend the United States Housing Act of
1937 and title 38, United States Code, to expand eligibility for
the HUD VASH program, to direct the Secretary of Veterans
Affairs to submit annual reports to the Committees on Vet-
erans’ Affairs of the Senate and House of Representatives re-
garding homeless veterans, and for other purposes, introduced
by Representative Scott Peters, which passed the House of
Representatives on January 13, 2020 and became law as part
of Pub. Law 116—[H.R. 6395, NDAA]. This bill expands the
eligibility for the Housing and Urban Development-Veterans
Affairs Supportive Housing or HUD VASH program, to vet-
erans experiencing homelessness who have received an ‘‘other
than honorable’’ discharge. H.R. 3490, The Small Business
Lending Fairness Act, a bill by Representative Nydia Velaz-
quez, that would amend the Truth in Lending Act (TILA) to re-
strict the use of predatory small business loan contract clauses
called ‘‘confessions of judgment.’’
• H.R. 3948, The Debt Collection Practices Harmonization
Act, a bill by Representative Gregory Meeks, Chairman of the
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Subcommittee on Consumer Protection and Financial Institu-
tions, that clarifies that private debt collectors who pursue
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debts such as municipal utility bills, tolls, traffic tickets, and
court debts are subject to the FDCPA.
• H.R. 4003, The Stop Debt Collection Abuse Act, introduced
by Representative Emanuel Cleaver, Chairman of the Sub-
committee on National Security, International Development
and Monetary Policy, that extends the FDCPA’s protections as
it relates to debt owed to a federal agency, limits the fees debt
collectors can charge, and clarifies that debt buyers are subject
to FDCPA.
• H.R. 5001, The Non-Judicial Foreclosure Debt Collection
Clarification Act, introduced by Representative William Lacy
Clay, Chairman of the Subcommittee on Housing, Community
Development and Insurance, that reverses the recent Supreme
Court decision in Obduskey versus McCarthy and Holthus LLP
by amending the FDCPA to clarify that entities in non-judicial
foreclosure proceedings are covered by the law.
• H.R. 5003, The Fair Debt Collection Practices for
Servicemembers Act, introduced by Representative Madeleine
Dean, that amends the FDCPA to prohibit debt collectors from
threatening servicemembers or their families to have a
servicemember’s rank reduced, have their security clearance
revoked, have them prosecuted under the Uniform Code of
Military Justice, or communicating with a servicemember’s
chain of command to locate a servicemember. This bill also was
passed by the House of Representatives on March 3, 2020.
• H.R. 5013, The Small Business Fair Debt Collection Pro-
tection Act, introduced by Representative Al Lawson, that ex-
pands the FDCPA’s protections to cover small business loans.
• H.R. 5021, The Ending Debt Collection Harassment Act of
2019, introduced by Representative Ayanna Pressley, to amend
the Fair Debt Collection Practices Act (FDCPA) to prohibit a
debt collector from contacting a consumer by email or text mes-
sage without a consumer’s consent to be contacted electroni-
cally, and prohibits the Consumer Financial Protection Bureau
(CFPB) from issuing any rules implementing the FDCPA that
allow a debt collector to send unlimited email and text mes-
sages to a consumer.
• H.R. 5330, the Consumer Protections for Medical Debt Col-
lections Act, introduced by Representative Rashida Tlaib,
which would provide relief to those struggling with health
problems and medical debt by preventing collection of medical
debt for two years from the date of the medical billing. The bill
includes a one-year delay before adverse information is re-
ported to a consumer reporting agency, and it would ban the
reporting of debt arising out of medically necessary procedures.
Members of the Committee also sent the following letters:
• On August 23, 2019, Chairwoman Maxine Waters and 101
Members of Congress sent a letter to Kathy Kraninger, Direc-
tor of the Consumer Financial Protection Bureau (Consumer
Bureau), calling on her to reconsider the Consumer Bureau’s
final rule to delay the original August 19, 2019 compliance
date for the 2017 Payday, Vehicle Title, and Certain High-Cost
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Installment Loans Rule (Payday Rule). The Members also ex-
pressed concerns regarding the Consumer Bureau’s harmful
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plans to roll back the Payday Rule by removing key protections
for consumers.
• In September 26, 2019, Chairwoman Maxine Waters joined
Representatives Katie Porter and Ayanna Pressley, in a letter
along with 63 other Democrats to address grave concerns with
the weak Debt Collection Rule Proposal, which left too many
gaps that hurt consumers.
• On May 1, 2020, Chairwoman Maxine Waters sent a letter
to Treasury Secretary Steven Mnuchin and Small Business Ad-
ministrator Jovita Carranza, calling attention to the irrep-
arable harm predatory payday lenders have caused America’s
consumers and urging Administration officials to deny them
access to Paycheck Protection Program (PPP) loans.
• On May 18, 2020, Chairwoman Maxine Waters sent a let-
ter to Jerome Powell, Chair of the Board of Governors of the
Federal Reserve System, and Steven Mnuchin, Secretary of the
U.S. Department of the Treasury, following up on conversa-
tions to ensure that the Federal Reserve and Treasury pro-
grams and facilities to respond to the COVID–19 crisis do not
support predatory lenders.
Mandatory Arbitration. The Committee continued to monitor de-
velopments on mandatory arbitration throughout the 116th Con-
gress. Staff held meetings with interested parties. This matter also
came up in various hearings, including in a hearing before the Full
Committee on February 26, 2019, ‘‘Who’s Keeping Score? Holding
Credit Bureaus Accountable and Repairing a Broken System,’’
where Credit Bureau practices in this regard were addressed.
Fair Access to Affordable Consumer Financial Products and Serv-
ices. The Committee held the following hearings on this matter:
• On March 6, 2020, the Subcommittee on Consumer Protec-
tion and Financial Institutions convened a field hearing enti-
tled, ‘‘Modern-Day Redlining: the Burden on Underbanked and
Excluded Communities in New York’’ The hearing addressed
many of the findings from the Center for Investigative
Reporting’s Reveal investigative study on bank discrimination
in lending, as well as a more recent Newsday investigative re-
port on redlining in Long Island, and a series of Consumer
Protection and Financial Institutions Subcommittee hearings
on the Community Reinvestment Act (CRA), and minority de-
pository institutions (MDIs).
• On June 3, 2020, the Subcommittee on Consumer Protec-
tion and Financial Institutions held a virtual hearing entitled,
‘‘Promoting Inclusive Lending During the Pandemic: Commu-
nity Development Financial Institutions and Minority Deposi-
tory Institutions’’’ to address existing challenges faced by
CDFIs and MDIs, and proposals to enhance the work of CDFIs
and MDIs to ensure underserved communities and minority-
owned businesses are supported, especially during the critical
COVID–19 period.
Members of the Committee sent the following letters on this mat-
ter:
• On August 23, 2019, Chairwoman Maxine Waters and 101
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Members of Congress sent a letter to Kathy Kraninger, Direc-
tor of the Consumer Financial Protection Bureau (Consumer
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Bureau), calling on her to reconsider the Consumer Bureau’s
final rule to delay the original August 19, 2019 compliance
date for the 2017 Payday, Vehicle Title, and Certain High-Cost
Installment Loans Rule (Payday Rule). The Members also ex-
pressed concerns regarding the Consumer Bureau’s harmful
plans to roll back the Payday Rule by removing key protections
for consumers.
• On May 1, 2020, Chairwoman Maxine Waters sent a letter
to Treasury Secretary Steven Mnuchin and Small Business Ad-
ministrator Jovita Carranza, calling attention to the irrep-
arable harm predatory payday lenders have caused America’s
consumers and urging Administration officials to deny payday
lenders access to Paycheck Protection Program (PPP) loans.
• On May 18, 2020, Chairwoman Maxine Waters sent a let-
ter to Jerome Powell, Chair of the Board of Governors of the
Federal Reserve System, and Steven Mnuchin, Secretary of the
U.S. Department of the Treasury, following up on conversa-
tions to ensure that the Federal Reserve and Treasury pro-
grams and facilities to respond to the COVID–19 crisis do not
support predatory lenders.
• On December 30, 2020, 23 Committee Members led by
Chairwoman Waters sent a letter to Brian Brooks, Acting
Comptroller of the Currency, urging him to withdraw an Office
of the Comptroller of the Currency (OCC) Notice of Proposed
Rulemaking (NPRM) on ‘‘fair access to financial services’’’ that,
instead of addressing discriminatory banking practices, would
force banks to provide financial products and services to a
range of corporations posing a variety of risks, including fossil
fuel companies, gun manufacturers, and others.
Discrimination in Lending. The Committee held a number of
hearings on this matter:
• On April 9, 2019, the Subcommittee on Consumer Protec-
tion and Financial Institutions held a hearing entitled, ‘‘The
Community Reinvestment Act: Assessing the Law’s Impact on
Discrimination and Redlining.’’ to examine how to strengthen
the application of the Community Reinvestment Act in the face
of continued redlining and other forms of discrimination in
lending.
• On October 29, 2019 the Subcommittee on Oversight and
Investigations held a hearing entitled ‘‘Financial Services and
the LGBTQ+ Community: A Review of Discrimination in Lend-
ing and Housing.’’ This hearing focused on the extent and ef-
fects of discrimination against persons who identify as lesbian,
gay, bisexual, transgender or queer (‘‘LGBTQ+’’) when seeking
housing or credit in the United States.
• On January 14, 2020, the Subcommittee on Consumer Pro-
tection and Financial Institutions held a hearing entitled, ‘‘The
Community Reinvestment Act: Reviewing Who Wins and Who
Loses with Comptroller Otting’s Proposal’’ to receive feedback
from Community Reinvestment Act stakeholders, including
community development civil and rights organizations, about
the OCC’s proposed rule, and how it would undermine and
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weaken lending, servicing, and investing, to low- and mod-
erate-income communities.
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• On January 29, 2020, the Full Committee held a hearing
entitled ‘‘The Community Reinvestment Act: Is the OCC Un-
dermining the Law’s Purpose and Intent?’’ to examine concerns
with the OCC’s work on the Community Reinvestment Act, as
well as other supervisory and regulatory developments, with
Comptroller of the Currency Joseph M. Otting testifying.
• On March 6, 2020, the Subcommittee on Consumer Protec-
tion and Financial Institutions convened a field hearing enti-
tled, ‘‘Modern-Day Redlining: the Burden on Underbanked and
Excluded Communities in New York’’ The hearing addressed
many of the findings from the Center for Investigative
Reporting’s Reveal investigative study on bank discrimination
in lending, as well as a more recent Newsday investigative re-
port on redlining in Long Island.
On June 29, 2020, the House of Representatives passed H.J. Res
90, a Congressional Review Act resolution of disapproval to nullify
the OCC’s harmful Community Reinvestment Act rule introduced
by Chairwoman Maxine Waters and Representative Gregory
Meeks, Chairman of the Subcommittee on Consumer Protection
and Financial Institutions.
On June 11, 2019, Chairwoman Maxine Waters, Representative
Nydia Velázquez, and 63 Democratic Members of Congress sent a
letter to Kathy Kraninger, Director of the Consumer Financial Pro-
tection Bureau demanding that she immediately rescind proposals
that would limit the collection of critical lending information under
the Home Mortgage Disclosure Act (HMDA).
Community Reinvestment Act (CRA). The Committee held several
hearings on this matter:
• On April 9, 2019, the Subcommittee on Consumer Protec-
tion and Financial Institutions held a hearing entitled, ‘‘The
Community Reinvestment Act: Assessing the Law’s Impact on
Discrimination and Redlining.’’ to examine how to reform the
Community Reinvestment Act strong in the face of continued
redlining and other forms of discrimination in lending.
• On January 14, 2020, the Subcommittee on Consumer Pro-
tection and Financial Institutions will convene a hearing enti-
tled, ‘‘The Community Reinvestment Act: Reviewing Who Wins
and Who Loses with Comptroller Otting’s Proposal’’ to receive
feedback from Community Reinvestment Act stakeholders, in-
cluding community development civil and rights organizations,
about the OCC’s proposed rule, and how it would undermine
and weaken lending, servicing, and investing, to low- and mod-
erate-income communities.
• On January 29, 2020, the Full Committee held a hearing
entitled ‘‘The Community Reinvestment Act: Is the OCC Un-
dermining the Law’s Purpose and Intent?’’ to examine concerns
with the OCC’s work on the Community Reinvestment Act, as
well as other supervisory and regulatory developments, with
Comptroller of the Currency Joseph M. Otting testifying.
On June 29, 2020, The House of Representatives passed H.J. Res
90, a Congressional Review Act resolution of disapproval to nullify
the OCC’s harmful Community Reinvestment Act rule, introduced
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by Chairwoman Maxine Waters and Representative Gregory
Meeks, Chairman of the Subcommittee on Consumer Protection
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and Financial Institutions, passed the U.S. House of Representa-
tives.
Members of the Committee also sent letters relating to this mat-
ter:
• On December 11, 2019 Chairwoman Maxine Waters, Sen-
ator Sherrod Brown, Ranking Member of the Senate Com-
mittee on Banking, Housing and Urban Affairs, and Represent-
ative Gregory Meeks, Chairman of the House Subcommittee on
Consumer Protection and Financial Institutions, led a letter to
Jerome H. Powell, Chairman of the Board of Governors of the
Federal Reserve System, Joseph M. Otting, Comptroller of the
Currency, and Jelena McWilliams, Chairman of the Federal
Deposit Insurance Corporation, demanding that regulators pro-
vide the public, Members of Congress, and all interested par-
ties with adequate time to thoroughly review and offer input
on proposed changes to the framework of the Community Rein-
vestment Act (CRA). The letter was signed by every Demo-
cratic Member of the House Financial Services Committee and
Senate Committee on Banking, Housing and Urban Affairs.
• On January 15, 2020, Chairwoman Maxine Waters sent
letters to Joseph Otting, Comptroller of the Currency, and
Jelena McWilliams, Chairman of the Federal Deposit Insur-
ance Corporation (FDIC), requesting information on the regu-
lators’ systems and policies for receiving and reviewing com-
ments during the Community Reinvestment Act (CRA) rule-
making process.
Department of the Treasury, Financial Stability Oversight Coun-
cil (FSOC) and Office of Financial Research (OFR). The Committee
held the following hearings on this matter:
• The Subcommittee on Consumer Protection and Financial
Institutions held a hearing on June 4, 2019 entitled, ‘‘Emerg-
ing Threats to Stability: Considering the Systemic Risk of Le-
veraged Lending’’ which examined the opaque leveraged lend-
ing market and its potential impacts on U.S. financial stability.
Additionally, the hearing explored the role of Treasury, FSOC
and OFR in how these agencies examine this issue.
• The Subcommittee on Consumer Protection and Financial
Institutions held a hearing on September 25, 2019 entitled,
‘‘Promoting Financial Stability: Assessing Threats to the U.S.
Financial System’’ which examined the activities of the OFR,
as well as, significant financial market developments and po-
tential emerging threats to the financial stability of the United
States.
• The Full Committee held a hearing on December 5, 2019
entitled, ‘‘Promoting Financial Stability? Reviewing the Admin-
istration’s Deregulatory Approach to Financial Stability’’ which
received testimony from Secretary Mnuchin and examined
FSOC’s activities; significant financial market and regulatory
developments; and potential emerging threats to the financial
stability of the United States.
Supervision and Enforcement of Financial Institutions. The Com-
mittee held a number of hearings on this matter:
• On April 10, 2019, the Full Committee entitled, ‘‘Holding
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Megabanks Accountable: A Review of Global Systemically Im-
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portant Banks 10 years after the Financial Crisis’’ which ex-
amined the business practices, supervision, and enforcement
record of our nation’s global systemically important banks (G–
SIBs) since the financial crisis.
• On May 16, 2019, the Full Committee held a hearing on
May 16, 2019 entitled, ‘‘Oversight of Prudential Regulators:
Ensuring the Safety, Soundness and Accountability of
Megabanks and Other Depository Institutions’’ which exam-
ined various supervisory and regulatory developments,
rulemakings, and other regulatory activities.
• On December 4, 2019, the Full Committee held a hearing
entitled, ‘‘Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions?’’ which examined various supervisory and regu-
latory developments, rulemakings, and other regulatory activi-
ties.
• On November 12, 2020, the Full Committee held a hearing
entitled, ‘‘Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions during the Pandemic’’ which examined recent su-
pervisory and regulatory developments as well as background
on diversity in the banking sector during the pandemic.
On March 4, 2020, Chairwoman Maxine Waters and Representa-
tive Al Green released a Committee staff report detailing findings
and policy recommendations from the Committee’s year-long inves-
tigation of Wells Fargo’s and regulators’ failures to address the
bank’s widespread consumer abuses and compliance failures. The
investigation, which Chairwoman Maxine Waters launched in Feb-
ruary 2019, sought to (1) determine and evaluate the non-public ac-
tions taken by Wells Fargo’s board, management, and regulators to
facilitate improvements at the bank; and (2) identify policy solu-
tions to ensure consumers are protected from recidivist megabanks
like Wells Fargo. For the report, Committee staff reviewed more
than 300,000 pages of records produced to the Committee by Wells
Fargo, it’s board members, the Federal Reserve, the OCC, and the
CFPB, in response to document requests issued by Chairwoman
Maxine Waters and Representative Al Green. Committee staff also
conducted interviews with senior leaders at Wells Fargo and offi-
cials at the Federal Reserve, OCC, and CFPB. The report revealed,
among other things, that Wells Fargo’s regulators, board, and man-
agement failed to curb consumer abuses within the company and
hold executives accountable for regulatory deficiencies. To follow up
on the Report, the Committee held the following hearings:
• On March 10, 2020, the Committee held a hearing enti-
tled, ‘‘Holding Wells Fargo Accountable: CEO Perspectives on
Next Steps for the Bank that Broke America’s Trust.’’ During
the hearing, Committee Democrats probed Wells Fargo’s CEO,
Charles Scharf’s commitment to addressing Wells Fargo’s his-
tory of misconduct.
• On March 11, 2020, the Committee held a hearing enti-
tled, ‘‘Holding Wells Fargo Accountable: Examining the Role of
the Board of Directors in the Bank’s Egregious Pattern of Con-
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sumer Abuses.’’ Committee Democrats questioned former board
members Elizabeth Duke and James Quigley about their dere-
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liction of duty while serving as chairs of Wells Fargo & Com-
pany and Wells Fargo Bank, respectively. Duke and Quigley
announced their resignations from Wells Fargo’s boards on
March 8, 2020, following the release of Committee staff’s scath-
ing report and days before testifying before the Committee.
The Committee considered the following legislation relating to
this matter:
• H.R. 241, the ‘‘Bank Service Company Examination Co-
ordination Act of 2019,’’ introduced by Representative Roger
Williams, which passed the House of Representatives on Sep-
tember 10, 2019. This bill provides for coordination between
federal regulators and state banking agencies regarding bank
service companies.
• H.R. 4841, the ‘‘Prudential Regulator Oversight Act,’’ in-
troduced by Representative Dean Phillips, which passed the
House of Representatives on January 13, 2020. This bill would
require prudential banking regulators provide annual testi-
mony to Congress on their supervisory and regulatory activi-
ties.
The Committee continued to monitor developments related to G–
SIBs throughout the 116th Congress. Additionally, the Committee
held a bipartisan Member briefing with G–SIB Chief Executive Of-
ficers to better understand how these large, global financial institu-
tions are serving their customers during the COVID–19 pandemic.
On March 27, 2020, Chairwoman Maxine Waters sent a letter to
Jerome H. Powell, Chairman of the Board of Governors of the Fed-
eral Reserve System, requesting that the Federal Reserve provide
Committee staff a detailed, bipartisan briefing on Wells Fargo &
Company’s reported request that the Federal Reserve prematurely
remove a growth restriction imposed in 2018 in response to Wells
Fargo’s widespread consumer abuses and compliance breakdowns.
On April 8, 2020, the Federal Reserve publicly announced that it
would temporarily modify the restriction due to the need to facili-
tate lending in response to the pandemic-related economic crisis.
The Committee’s meticulous oversight of Wells Fargo and its regu-
lators ensured that the Federal Reserve’s modification was tem-
porary, narrow, and in furtherance of the strong public interest in
facilitating financial support to small businesses during the crisis.
Enhanced Prudential Standards for Large Banks. The Com-
mittee monitored how enhanced prudential standards are being ap-
plied to the largest banks operating in the United States, including
foreign-based institutions. This included oversight of the adequacy
of capital, liquidity, leverage and stress testing requirements.
The Committee held hearings on this matter:
• On May 16, 2019, the Full Committee held a hearing enti-
tled, ‘‘Oversight of Prudential Regulators: Ensuring the Safety,
Soundness and Accountability of Megabanks and Other Deposi-
tory Institutions,’’ which examined various supervisory and
regulatory developments, rulemakings, and other regulatory
activities, including enhanced prudential standards of large
banks.
• On December 9, 2019, the Committee held a hearing enti-
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tled, ‘‘Oversight of Prudential Regulators: Ensuring the Safety,
Soundness, Diversity, and Accountability of Depository Institu-
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tions?’’ which examined various supervisory and regulatory de-
velopments, rulemakings, and other regulatory activities, in-
cluding enhanced prudential standards of large banks.
• On November 12, 2020, the Committee held a virtual hear-
ing entitled, ‘‘Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions during the Pandemic,’’ which examined various su-
pervisory and regulatory developments, rulemakings, and other
regulatory activities, including enhanced prudential standards
of large banks, during the coronavirus (COVID–19) pandemic.
On May 13, 2020, the Committee also held a bipartisan Member
roundtable with officials of the Federal Reserve, OCC, FDIC, and
NCUA to receive an update on their work in response to the
coronavirus (COVID–19) pandemic.
Orderly Liquidation Authority and Living Wills. The Full Com-
mittee held a hearing on December 4, 2019 entitled, ‘‘Oversight of
Prudential Regulators: Ensuring the Safety, Soundness, Diversity,
and Accountability of Depository Institutions?’’ which examined
various supervisory and regulatory developments, rulemakings,
and other regulatory activities, including the submission of resolu-
tion plans (Living Wills) by large financial institutions.
Banking Activities and the Volcker Rule. The Full Committee
held a hearing on December 4, 2019 entitled, ‘‘Oversight of Pruden-
tial Regulators: Ensuring the Safety, Soundness, Diversity, and Ac-
countability of Depository Institutions?’’ which examined various
supervisory and regulatory developments, rulemakings, and other
regulatory activities, including the implementation of the Volcker
Rule and large bank trading activities.
On October 21, 2019, Chairwoman Maxine Waters and Senator
Sherrod Brown (D–OH), Ranking Member of the Senate Banking,
Housing, and Urban Affairs Committee, sent a letter to the heads
of the Federal Reserve, Office of the Comptroller of the Currency
(OCC), Securities and Exchange Commission (SEC), Federal De-
posit Insurance Corporation (FDIC), and Commodity Futures Trad-
ing Commission (CFTC) condemning their actions to roll back the
Volcker Rule that was put in place after the 2008 financial crisis
to stop risky trading and investment activities by Wall Street
megabanks. In the letter, the Members requested more information
about the 2019 changes to the Volcker Rule and urged the agencies
to protect taxpayers.
Residential and Commercial Real Estate Mortgage Loans. The
Subcommittee on Housing, Community Development and Insurance
held two hearings and the Subcommittee on Oversight and Inves-
tigations held one hearing on FHA:
• ‘‘Housing in America: Oversight of the U.S. Department of
Housing and Urban Development,’’ May 21, 2019: This hearing
examined HUD’s current state of affairs and addressed major
changes to agency policies and programs since 2017.
• ‘‘Protecting Seniors: A Review of the FHA’s Home Equity
Conversion Mortgage (HECM) Program,’’ September 25, 2019:
This hearing examined the Federal Housing Administration’s
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(FHA’s) HECM program, which remains the only source of fed-
eral backing for reverse mortgages. This hearing also explored
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the benefits that the program offers for seniors as well as some
of the challenges that the program has encountered.
• ‘‘An Examination of the Federal Housing Administration
and Its Impact on Homeownership in America,’’ December 5,
2019: This hearing examined the role that the Federal Housing
Administration (FHA) plays in the nation’s housing finance
system, and proposals to improve FHA’s ability to promote ac-
cess to homeownership, particularly for underserved borrowers.
The Committee considered legislation to assist small businesses
and nonprofits with loan obligations, including commercial real es-
tate due to the pandemic:
• H.R. 6361, the ‘‘Relief for Small Businesses and Nonprofits
Act’’ introduced by Representative Ed Perlmutter, would pro-
vide a 120 day moratorium on debt collection for small busi-
nesses and nonprofits until after 120 days after the COVID–
19 pandemic ends, and would require reasonable modification
and repayment options when payment obligations resume.
• H.R. 6800, the ‘‘Heroes Act’’ included a 120-day morato-
rium on debt collection for small businesses and nonprofits
until after 120 days after the COVID–19 pandemic ends, and
would require reasonable modification and repayment options
when payment obligations resume.
The Committee considered the following legislation to address
the rental housing crisis:
• H.R. 123, the ‘‘Alternative Data for Additional Credit FHA
Pilot Program Act,’’ introduced by Representative Al Green,
which would reauthorize HUD’s statutory authority to imple-
ment a pilot program under FHA to increase credit access for
borrowers with thin or no credit files through the use of addi-
tional credit data. The ANS would also require HUD to report
pilot program findings.
• H.R. 2852, the ‘‘Homebuyer Assistance Act of 2019,’’ intro-
duced by Representative Brad Sherman, which passed the
House of Representatives on September 10, 2019. This bill
would change the property appraisal requirements for mort-
gages backed by the Federal Housing Administration (FHA) by
allowing licensed appraisers to conduct appraisals for such
mortgages, rather than only certified appraisers. This would
bring FHA standards in line with those set by Fannie Mae and
Freddie Mac. This bill would also set minimum requirements
for education specific to FHA appraisals that appraisers must
undergo to be eligible to conduct FHA appraisals. H.R. 3958,
the ‘‘FHA Foreclosure Prevention Act of 2019,’’ introduced by
Chairwoman Maxine Waters, included in the Heroes Act,
would enhance FHA’s oversight of loss mitigation and establish
a complaint and appeals process for borrowers who believe
their servicer is out of compliance with FHA’s servicing re-
quirements.
• H.R. 5931, the ‘‘Improving FHA Support for Small Dollar
Mortgages Act of 2020,’’ introduced by Representative William
Lacy Clay, which would require FHA to conduct a review of its
policies to identify any barriers to supporting mortgages under
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$70,000 and report to Congress within a year with a plan for
removing such barriers.
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Community Development Financial Institutions Fund (CDFI
Fund). The Committee held several hearings on this matter:
• On October 22, 2019, the Subcommittee on Consumer Pro-
tection and Financial Institutions held a hearing entitled ‘‘An
Examination of the Decline of Minority Depository Institutions
and the Impact on Underserved Communities.’’ The hearing al-
lowed for CDFIs, MDIs, community banks, and credit unions
to provide their perspective on challenges to serving under-
banked and unbanked communities.
• On November 20, 2019, the Subcommittee on Consumer
Protection and Financial Institutions held a hearing entitled
‘‘An Examination of Regulators’’ Efforts to Preserve and Pro-
mote Minority Depository Institutions.’’ The hearing focused on
actions taken by banking regulators in recent years as the
number of MDIs have declined, many of which are CDFIs, and
policy solutions to provide more support and encourage the cre-
ation of new MDIs.
• June 3, 2020, the Subcommittee on Consumer Protection
and Financial Institutions held a hearing entitled ‘‘Promoting
Inclusive Lending During the Pandemic: Community Develop-
ment Financial Institutions and Minority Depository Institu-
tions.’’ The hearing focused on CDFIs and MDIs, and their
ability to fully participate in COVID–19 federal response lend-
ing programs.
The Committee considered several pieces of legislation related to
this topic including:
• On January 23, 2020, the House of Representatives
passed, H.R. 5315, the ‘‘Expanding Opportunity for MDIs Act,
which was introduced by Representative Joyce Beatty, and es-
tablishes the Financial Agent Mentor-Protégé Program within
the Department of the Treasury. The program provides partici-
pating minority depository institutions and small financial in-
stitutions with mentorship regarding becoming a financial
agent for Treasury and improving service capacity.
• On August 8, 2020, Chairwoman Waters, along with Rep-
resentative Gregory Meeks, introduced H.R. 7893, the ‘‘Pro-
moting and Advancing Communities of Color Through Inclu-
sive Lending Act,’’ a comprehensive bill to support Community
Development Financial Institutions (CDFIs) and Minority De-
pository Institutions (MDIs) and help increase affordable lend-
ing in minority communities, including to small businesses and
minority-owned businesses during the COVID–19 pandemic
crisis. Provisions from this legislation were included in H.R.
925, the revised ‘‘Heroes Act’’, which passed on October 1, 2020
by the U.S. House of Representatives.
• On September 21, 2020, the House of Representatives
passed, H.R. 5322, the ‘‘Ensuring Diversity in Community
Banking Act of 2020,’’ which was introduced by Representative
Gregory Meeks, and establishes a program allowing minority
depository institutions and newly-designated ‘‘impact banks’’ to
receive deposits from certain Department of the Treasury ac-
counts through designated custodial entities. It also establishes
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the Minority Bank Deposit Program to ensure the use of mi-
nority banks and minority credit unions to the maximum ex-
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tent possible to serve the financial needs of federal depart-
ments and agencies. Additionally, provisions from this legisla-
tion were included in H.R. 925, the revised ‘‘Heroes Act’’, which
passed on October 1, 2020 by the U.S. House of Representa-
tives.
Federal Deposit and Share Insurance. The Committee monitored
developments with respect to deposit insurance administered by
the FDIC and NCUA, and the Full Committee held the following
hearings with the heads of those two agencies:
• On May 16, 2019, the Full Committee held a hearing enti-
tled, ‘‘Oversight of Prudential Regulators: Ensuring the Safety,
Soundness and Accountability of Megabanks and Other Deposi-
tory Institutions,’’ which examined various supervisory and
regulatory developments, rulemakings, and other regulatory
activities.
• On December 4, 2019, the Full Committee held a hearing
entitled, ‘‘Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions?,’’ which examined various supervisory and regu-
latory developments, rulemakings, and other regulatory activi-
ties.
• On November 12, 2020, the Full Committee held a hearing
entitled, ‘‘Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions during the Pandemic,’’ which examined recent su-
pervisory and regulatory developments as well as background
on diversity in the banking sector during the pandemic.
On May 13, 2020, the Committee also held a bipartisan Member
roundtable with officials of the Federal Reserve, OCC, FDIC, and
NCUA to receive an update on their work in response to the
coronavirus (COVID–19) pandemic.
Community Financial Institutions. The Committee continued to
monitor developments related to community financial institutions,
including small community banks and credit unions under $10 bil-
lion, throughout the 116th Congress. To that end, the Sub-
committee on Consumer Protection and Financial Institutions held
hearings related to community financial institutions, particularly,
Minority Depository Institutions (MDIs) and Community Develop-
ment Financial Institutions (CDFIs), with emphasis concerning
how CDFIs receive financial assistance from the CDFI Fund.
After the enactment of the CARES Act, Staff engaged with the
stakeholders representing various community financial institutions
to discuss how these smaller financial institutions were admin-
istering and participating in the Paycheck Protection Program
(PPP) and aiding their customers during the COVID–19 pandemic.
The Committee considered the following legislation:
• H.R. 748, the Coronavirus Aid, Relief and Economic Secu-
rity Act (CARES Act), which passed the House on March 27,
2020 and was signed into law (P.L. 116–136) the same day.
This bill established the Paycheck Protection Program (PPP),
allowing community financial institutions to participate and
provide forgivable loans to small businesses impacted by the
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COVID–19 pandemic, and included a number of provisions
within the jurisdiction of the Committee.
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• H.R. 266, the Paycheck Protection Program and Health
Care Enhancement Act, which passed the House on April 23,
2020 and became Public Law 116–139 the next day. This bill
provided a second round of PPP funds, along with a $60 billion
set-aside for community financial institutions to ensure com-
munity banks, credit unions, CDFIs, and MDIs, would be able
to deliver PPP loans to small businesses in their communities.
• The House also passed H.R. 6800, the Heroes Act and H.R.
925, the revised Heroes Act, which would extend and expand
the PPP, including by setting aside funds for community finan-
cial institutions to provide PPP loans to their communities.
Access to Credit for Small Businesses. On July 23, 2020, the Full
Committee held a hearing entitled, ‘‘The Heroes Act: Providing for
a Strong Economic Recovery from COVID–19,’’ to address the pro-
visions of H.R. 6800, the Heroes Act that would help consumers
and small businesses during the COVID–19 emergency period for
the public, regulators, and Congress to monitor trends in small
business lending. The Committee also reviewed the effectiveness of
the State Small Business Credit Initiative (SSBCI), which was ad-
ministered by the U.S. Department of the Treasury and expired in
2017 and considered proposals to reauthorize the SSBCI.
The Committee considered the following the legislation:
• H.J. Res 90, a Congressional Review Act resolution of dis-
approval to nullify the OCC’s harmful Community Reinvest-
ment Act rule, introduced by Chairwoman Maxine Waters and
Representative Gregory Meeks, which passed the House on
June 29, 2020. This rulemaking could result in a reduction to
lending to small businesses, including those that lend pri-
marily to underserved communities.
• H.R. 3490, the ‘‘Small Business Lending Fairness Act,’’ in-
troduced by Representative Nydia Velázquez, that would
amend the Truth in Lending Act (TILA) to restrict the use of
predatory small business loan contract clauses called ‘‘confes-
sions of judgment.’’
• H.R. 3948, the ‘‘Debt Collection Practices Harmonization
Act,’’ introduced by Representative Gregory Meeks, that clari-
fies that private debt collectors who pursue debts such as mu-
nicipal utility bills, tolls, traffic tickets, and court debts are
subject to the FDCPA.
• H.R. 4003, the ‘‘Stop Debt Collection Abuse Act,’’ intro-
duced by Representative Emanuel Cleaver, which extends the
FDCPA’s protections as it relates to debt owed to a federal
agency, limits the fees debt collectors can charge, and clarifies
that debt buyers are subject to FDCPA.
• H.R. 5013, the ‘‘Small Business Fair Debt Collection Pro-
tection Act,’’ introduced by Representative Al Lawson, that ex-
pands the FDCPA’s protections to cover small business loans.
On June 13, 2020, Chairwoman Maxine Waters, Ways and
Means Committee Chairman Richard E. Neal, and Small Business
Committee Chairwoman Nydia M. Velázquez, sent a letter to Sec-
retary Mnuchin and Administrator Jovita Carranza of the Small
Business Administration (SBA) demanding transparency and ac-
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countability in their handling of taxpayer money in connection with
PPP. The Chairs requested that Treasury and SBA produce loan
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level information for all PPP recipients, including the names of the
recipients and dollar amount of the loans received. On July 3, SBA
produced to the Committee loan level data for all PPP loans from
the inception of the program through June 30, 2020. On July 7,
2020, SBA publicly released limited PPP loan data, including
names of businesses that received a PPP loan of $150,000 or more.
On August 21, 2020, SBA updated its production to include data
on all PPP loans processed from April 3, 2020 through August 8,
2020, on which date the SBA’s authorization to approve new PPP
loans expired. Committee staff reviewed and analyzed the data to
determine the distribution of PPP loans across the congressional
districts of Democratic Committee members. In September 2020,
Chairwoman Maxine Waters released to Committee Democrats
data sheets summarizing PPP loan distribution in their districts.
Cybersecurity and Privacy.
The Committee held the following hearings on cybersecurity and
privacy:
• On February 26, 2019, ‘‘Who’s Keeping Score? Holding
Credit Bureaus Accountable and Repairing a Broken System.’’
• On September 12, 2019, ‘‘The Future of Identity in Finan-
cial Services: Threats, Challenges, and Opportunities Digital
Identity and Authentication.’’
• On October 18, 2019, ‘‘AI and the Evolution of Cloud Com-
puting: Evaluating How Financial Data is Stored, Protected,
and Maintained by Cloud Providers: The Use of Cloud Com-
puting and Third-Party Service Providers.’’
• On October 23, 2019, ‘‘An Examination of Facebook and Its
Impact on the Financial Services and Housing Sectors,’’
• On November 21, 2019, ‘‘Banking on Your Data: The Role
of Big Data in Financial Services.’’
• On February 12, 2020, ‘‘Equitable Algorithms: Examining
Ways to Reduce AI Bias in Financial Services Data Privacy
and Security.’’
The Committee considered the following legislation during these
hearings:
• H.R. 4008, the ‘‘No Biometric Barriers to Housing Act of
2019,’’ introduced by Representatives Yvette Clarke, Ayanna
Pressley, and Rashida Tlaib. This bill prohibits the use of bio-
metric recognition technology and biometric data analysis in
housing units and buildings covered under the Public Housing,
Section 8 Project-Based Rental Assistance, Section 811 Sup-
portive Housing for Persons with Disabilities, and Section 202
Supportive Housing for the Elderly programs.
• A draft proposal entitled ‘‘Safeguarding Non-bank Con-
sumer Information Act’’ a discussion draft by Representative
Stephen Lynch. The draft clarifies the Gramm Leach-Bliley
Act’s consumer financial privacy and data security provisions
and gives the Bureau of Consumer Financial Protection rule-
making and enforcement authority over the safeguards rule
with respect to data aggregators and other financial institu-
tions.
• A draft proposal entitled ‘‘Financial Information Data
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Modernization Act (‘‘FIDMA’’). This is a Committee discussion
draft that sets forth minimum data security standards by clari-
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fying ‘‘financial data’’ and ‘‘non-financial institutions’’ under
the Gramm-Leach-Bliley Act to protect consumers and provide
guidance that contemplates advances in technology for entities
interacting with financial data.
On January 19, 2020, the House of Representatives passed H.R.
4458, the Cybersecurity and Financial System Resilience Act of
2019, introduced by Representative Patrick McHenry of North
Carolina, which requires financial regulators to each annually re-
port on efforts to strengthen cybersecurity measures with respect
to its regulatory functions.
Credit Scores and Credit Reports. The Committee held the fol-
lowing hearings on credit scores and reports:
• On February 26, 2019, the Full Committee held a two-
panel hearing, entitled ‘‘Who’s Keeping Score? Holding Credit
Bureaus Accountable and Repairing a Broken System.’’ The
hearing allowed Members of the Financial Services Committee
to hear from witnesses about the continuing challenges mod-
ernizing the Fair Credit Reporting Act to better protect con-
sumers and their data, as well as other legislation to help over-
come those challenges.
• On July 25, 2019, the Full Committee’ taskforce on Finan-
cial Technology held a hearing, entitled ‘‘Examining the Use of
Alternative Data in Underwriting and Credit Scoring to Ex-
pand Access to Credit’’ to discuss emerging technologies and
how they impact access to credit, and their impact across com-
munities.
The Committee Considered the Following Legislation:
• H.R. 3621, the Comprehensive Credit Reporting Enhance-
ment, Disclosure, Innovation, and Transparency Act of 2020
(‘‘Comprehensive CREDIT Act’’), introduced by Representative
Ayanna Pressley, which was passed by the House of Represent-
atives on January 29, 2020. H.R. 3621 would overhaul the
credit reporting system by empowering consumers with more
control of their data and requiring consumer reporting agencies
(CRAs) like Equifax, TransUnion, and Experian, to better en-
sure that the information on consumer credit reports is accu-
rate and complete. This legislation is a package of six bills ap-
proved by the Financial Services Committee: H.R. 3642, the
Improving Credit Reporting for All Consumers Act introduced
by Representative Alma Adams; H.R. 3622, the Restoring Un-
fairly Impaired Credit and Protecting Consumers Act, intro-
duced by Representative Rashida Tlaib; H.R. 3614, the Re-
stricting Use of Credit Checks for Employment Decisions Act,
introduced by Representative Al Lawson; H.R. 3621, the Stu-
dent Borrower Credit Improvement Act introduced by Rep-
resentative Pressley; H.R. 3629, the Clarity in Credit Score
Formation Act introduced by Representative Stephen Lynch;
and H.R. 3618, the Free Credit Scores for Consumers Act in-
troduced by Representative Joyce Beatty.
• H.R. 748, the Coronavirus Aid, Relief and Economic Secu-
rity Act (CARES Act), which passed the House on March 27,
2020 and became Public Law 116–136. This bill includes some
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credit reporting protections, including credit reporting protec-
tions for federal student loan borrowers whose loans are de-
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ferred and for consumers with current accounts who can make
payment arrangements with their creditors and lenders.
• H.R. 6800, the ‘‘Heroes Act,’’ which passed the House on
May 15, 2020. H.R. 6370, the Disaster Protection for Workers’
Credit Act by Representative Brad Sherman, included in the
Heroes Act prevents credit scores from being ruined by pre-
venting adverse information being added to consumer credit re-
ports and prohibiting credit score furnishers from creating and/
or implementing new credit scoring models that would lower
existing consumer credit scores during the COVID–19 pan-
demic. This provision also bans the reporting of debts relating
to COVID–19 medical procedures or treatments.
• H.R. 5332, the ‘‘Protecting Your Credit Score Act of 2020,’’
introduced by Representative Josh Gottheimer, which passed
the House of Representatives on June 29, 2020. This bill man-
dates that all CRAs create a single online consumer portal that
gives consumers free and unlimited access to their consumer
reports and credit scores and provides consumers with the abil-
ity to initiate disputes about report accuracy, and to place or
remove a security freeze.
Members of the Committee also sent the following letters relat-
ing to credit reporting and credit scores:
• On January 28, 2019, Chairwoman Maxine Waters wrote
to the heads of financial services industry trade associations
and the largest credit reporting agencies to call on them to de-
scribe what their institutions and member companies are doing
to help consumers affected by the Trump shutdown.
• On January 16, 2020, Chairwoman Maxine Waters, Rep-
resentative Al Green, Chair of the Subcommittee on Oversight
and Investigations, Representative Bill Foster, Chairman of
the Task Force on Artificial Intelligence, Representative Ste-
phen Lynch, Chairman of the Task Force on Financial Tech-
nology, and Representative Josh Gottheimer, sent a letter to
the Government Accountability Office requesting information
about the benefits and drawbacks of alternative data in mort-
gage lending and the role of the federal government in over-
seeing the use of alternative data by credit reporting agencies
(CRAs) and lenders.
• On March 11, 2020, Chairwoman Maxine Waters led six
letters to Administration officials, prudential regulators, finan-
cial services organizations and credit reporting agencies ex-
pressing concerns about risks related to coronavirus disease
2019 (COVID–19) and the steps they are taking to prevent
Americans and the financial system from being harmed. Sub-
committee and Task Force Chairs joined Chairwoman Waters
in leading this effort.
On March 19, 2020, The Financial Services Committee held a Bi-
partisan Staff Briefing on Impacts of Coronavirus on Credit Report-
ing Agencies with representatives from Equifax, Experian,
Transunion, and Consumer Data Industry Association (CDIA) dis-
cussing what actions they were taking to help consumers in the
COVID–19 emergency period.
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Financial Technology (fintech). The Committee created two task
forces, the Taskforce on Financial Technology (Fintech) and the
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Taskforce on Artificial Intelligence (AI) to review and make legisla-
tive recommendations to the full Committee about how to apply the
existing statutory framework governing financial services to an
evolving marketplace. Combined, the Task Forces held the fol-
lowing hearings that explored issues relating to technology and the
financial system:
• On June 25, 2019, ‘‘Overseeing the Fintech Revolution: Do-
mestic and International Perspectives on Fintech Regulation.’’
• On July 25, 2019, ‘‘Examining the Use of Alternative Data
in Underwriting and Credit Scoring to Expand Access to Credit
Access to Credit and Creditworthiness.’’
• On September 26, 2019, ‘‘The Future of Real-Time Pay-
ments Real-Time Payments.’’
• On January 30, 2020, ‘‘Is Cash Still King? Reviewing the
Rise of Mobile Payments.’’
• On November 21, 2019, Banking on Your Data: The Role
of Big Data in Financial Services.’’
• On June 26, 2019, ‘‘Perspectives on Artificial Intelligence:
Where We Are and the Next Frontier in Financial Services.’’
• On September 12, 2019, ‘‘The Future of Identity in Finan-
cial Services: Threats, Challenges, and Opportunities Digital
Identity and Authentication.’’
• On October 18, 2019, ‘‘AI and the Evolution of Cloud Com-
puting: Evaluating How Financial Data is Stored, Protected,
and Maintained by Cloud Providers: The Use of Cloud Com-
puting and Third-Party Service Providers.’’
• On December 6, 2019, ‘‘Robots on Wall Street: The Impact
of AI on Capital Markets and Jobs in the Financial Services
Industry.’’
• On February 12, 2020, ‘‘Equitable Algorithms: Examining
Ways to Reduce AI Bias in Financial Services Data Privacy
and Security.’’
• On June 11, 2019, ‘‘Inclusive Banking During a Pandemic:
Using FedAccounts and Digital Tools to Improve Delivery of
Stimulus Payments Deploying Stimulus Payments: The Need
for FedAccounts to Reach the Unbanked and Underserved.’’
• On July 9, 2020, ‘‘Virtual Hearing—Exposure Notification
and Contact Tracing: How AI Helps Localities Reopen Safely
and Researchers Find a Cure Automation, Contact Tracing,
and the Economy.’’
• On September 29, 2020, ‘‘License to Bank: Examining the
Legal Framework Governing Who Can Lend and Process Pay-
ments in the Fintech Age.’’
Payments System. The Task Force on Financial Technology held
the following hearings on payments and payments systems:
• On September 26, 2019, ‘‘The Future of Real-Time Pay-
ments Real-Time Payments.’’
• On January 30, 2020, ‘‘Is Cash Still King? Reviewing the
Rise of Mobile Payments.’’
• On June 11, 2019, ‘‘Inclusive Banking During a Pandemic:
Using FedAccounts and Digital Tools to Improve Delivery of
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Stimulus Payments Deploying Stimulus Payments—The Need
for FedAccounts to Reach the Unbanked and Underserved.’’
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• On September 29, 2020, ‘‘License to Bank: Examining the
Legal Framework Governing Who Can Lend and Process Pay-
ments in the Fintech Age.’’
Credit and other Payment Cards. The Committee held several
hearings to address these issues:
• On March 7, 2019, the Full Committee held a two-panel
hearing entitled, ‘‘Putting Consumers First? A Semi-Annual
Review of the Consumer Financial Protection Bureau,’’ to ex-
amine its Semi-Annual report to Congress and to review the
recent actions of the Consumer Bureau and whether they
aligned with the spirit and plain letter of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
• On October 16, 2019 the Full Committee held a hearing
entitled, ‘‘Who is Standing Up for Consumers? A Semi-Annual
Review of the Consumer Financial Protection Bureau,’’ to ex-
amine its Semi-Annual report to Congress and to review the
recent actions of the Consumer Bureau and whether they
aligned with the spirit and plain letter of the Dodd-Frank Wall
Street Reform and Consumer Protection Act.
• On February 6, 2020, the Full Committee held a hearing
entitled, ‘‘Protecting Consumers or Allowing Consumer Abuse?
A Semi-Annual Review of the Consumer Financial Protection
Bureau’’ to examine its Semi-Annual report to Congress and to
review the recent actions of the Consumer Bureau and whether
they aligned with the spirit and plain letter of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
• On July 30, 2020, the Full Committee held a hearing enti-
tled, ‘‘Protecting Consumers During the Pandemic? An Exam-
ination of the Consumer Financial Protection Bureau’’ to exam-
ine its Semi-Annual report to Congress and to review the re-
cent actions of the Consumer Bureau and whether they aligned
with the spirit and plain letter of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, and to discuss updates
to how the CFPB is helping consumers during the COVID–19
emergency period.
On May 22, 2019, the House of Representatives passed H.R.
1500, the Consumers First Act, introduced by Chairwoman Maxine
Waters, a bill to reverse the Trump Administration’s actions at the
Consumer Financial Protection Bureau. This bill passed the House
of Representatives on May 22, 2019.
Money Services Businesses, Remittances, and De-risking. The
Committee monitored developments on the regulatory actions to
ensure that customers and countries are not inappropriately denied
access to the banking system.
On March 13, 2019, the Committee held a hearing entitled ‘‘Pro-
moting Corporate Transparency: Examining Legislative Proposals
to Detect and Deter Financial Crime,’’ which examined the imple-
mentation and effectiveness of AML/CFT laws and regulations for
opportunities to enhance compliance with these rules.
On October 28, 2019, the House of Representatives passed H.R.
2514, the ‘‘Coordinating Oversight, Upgrading and Innovating
Technology, and Examiner Reform (COUNTER) Act of 2019.’’ This
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bill includes provisions relating to de-risking. This legislation was
also included in H.R. 6395, which became public law 116–lll/
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On November 19, 2019, Chairwoman Maxine Waters convened a
roundtable with leaders from CARICOM nations, financial institu-
tions, and Members of Congress to discuss opportunities to expand
financial services in the Caribbean.
Financial Education. The Committee considered the following
legislation on this matter:
• H. Res. 327, introduced by Representative Sean Casten,
which passed the House of Representatives on April 30, 2019.
This bill encourages greater public-private sector collaboration
to promote financial literacy for students and young adults.
• H. Res. 328, introduced by Representative Bill Foster,
which passed the House of Representatives on April 30, 2019.
This bill supports the protection of elders through financial lit-
eracy.
• H.R. 2162, the Housing Financial Literacy Act of 2019, in-
troduced by Representative Joyce Beatty, which passed the
House of Representatives on July 10, 2019. This bill gives first-
time homebuyers who complete a Department of Housing and
Urban Development-certified counseling course a discount on
their Federal Housing Administration mortgage insurance pre-
mium.
Cannabis Banking. The Subcommittee on Consumer Protection
and Financial Institutions held a hearing on February 13, 2019 en-
titled, ‘‘Challenges and Solutions: Access to Banking Services for
Cannabis-Related Businesses.’’
On September 25, 2019, the House of Representatives passed
‘‘The Secure and Fair Enforcement Banking Act of 2019, introduced
by Representative Ed Perlmutter, which provided protections for fi-
nancial institutions that provide services to business operating le-
gally in states where marijuana is allowed.
MONETARY POLICY
The Federal Reserve System. The Full Committee held several
hearings on the Federal Reserve:
• The Committee heard semi-annual testimony from Chair
Powell during hearings entitled ‘‘Monetary Policy and the
State of the Economy,’’ on February 27, 2019, July 10, 2019,
February 11, 2020, and June 17, 2020.
• Federal Reserve Vice Chair for Supervision Randal
Quarles testified during hearings titled ‘‘Oversight of Pruden-
tial Regulators’’ on May 16, 2019, December 4, 2019, and No-
vember 12, 2020.
The Full Committee also held hearings entitled ‘‘Oversight of the
Treasury Department’s and Federal Reserve’s Pandemic Response,’’
on June 30, 2020, September 22, 2020, and December 2, 2020. The
Committee extensively considered H.R. 6800, the Heroes Act,
which includes provisions to make the Fed’s emergency lending fa-
cilities more supportive of states, cities, territories, small busi-
nesses, non-profit organizations, and minority-owned businesses.
On April 17, 2020, Chairwoman Maxine Waters sent a letter to
Federal Reserve Chair Powell describing reforms the Federal Re-
serve could make to enhance its Main Street Lending Program and
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ensure a more equitable economic recovery for minority-owned
businesses and non-profit organizations, and to make the terms of
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its municipal liquidity facility more generous for states, cities, and
territories.
The Economy and its Impact on Living Standards. The Full Com-
mittee held hearings with the Federal Reserve Chair Jerome Pow-
ell as part of semi-annual testimony on monetary policy and the
state of the economy on February 27, 2019, July 10, 2019, February
10, 2020, and June 17, 2020. After the passage of the CARES Act,
the full Committee held quarterly hearings with Treasury Sec-
retary Mnuchin and Chair Powell on June 30, 2020, September 22,
2020, and December 2, 2020 to discuss oversight of the macro-
economic stabilization programs included in the CARES Act.
On December 4, 2020, the Committee hosted a bipartisan brief-
ing with Federal Reserve Vice Chair Richard Clarida to discuss the
Fed’s new monetary policy framework, which was announced in
August, and is expected to have major long-term ramifications for
labor markets and economic growth.
Tax Legislation and the Effect on the Economy. On October 17,
2019, the Subcommittee on Capital Markets, Investor Protection,
and Entrepreneurship held a hearing called ‘‘Examining Corporate
Priorities: The Impact of Stock Buybacks on Workers, Commu-
nities, and Investors,’’ to hear the perspectives of academics and ex-
perts about the huge growth in stock repurchases that had oc-
curred after the passage of the Tax Cuts and Jobs Act.
On September 19, 2019, the Subcommittee on Diversity and In-
clusion held a hearing entitled ‘‘Examining the Racial and Gender
Wealth Gap in America,’’ which included a discussion of how tax
policies disproportionately benefitted wealthy, white households.
Coins and Currency. The Committee considered six pieces of leg-
islation on commemorative coins:
• S. 239, the ‘‘Christa McAuliffe Commemorative Coin Act of
2019,’’ introduced by Senator Jeanne Shaheen, which became
Public Law 116–93.
• H.R. 2423, the ‘‘Women’s Suffrage Centennial Commemo-
rative Coin Act,’’ introduced by Representative Elise Stefanik,
which became Public Law 116–171.
• H.R. 4104, the ‘‘Negro Leagues Baseball Centennial Com-
memorative Coin Act,’’ introduced by Representative Emanuel
Cleaver, which became Public Law 116–209.
• H.R. 1830, the ‘‘National Purple Heart Hall of Honor Com-
memorative Coin Act,’’ introduced by Representative Sean Pat-
rick Maloney, which Passed the House of Representatives on
September 19, 2020 and became Public Law 116–lll.
• H.R. 1865, the ‘‘National Law Enforcement Museum Com-
memorative Coin Act,’’ introduced by Representative Bill Pas-
crell, became Public Law 116–94.
• H.R. 6192, the ‘‘1921 Silver Dollar Coin Anniversary Act’’,
introduced by Representative Andy Barr, which passed the
House on September 22, 2020 by voice vote.
The Committee considered five pieces of legislation on Congres-
sional gold medals:
• H.R. 1396, the ‘‘Hidden Figures Congressional Gold Medal
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Act,’’ introduced by Representative Eddie Bernice Johnson,
which became Public Law 116–68.
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• H.R. 3589, the ‘‘Greg LeMond Congressional Gold Medal
Act,’’ introduced by Representative Mike Thompson, which be-
came Public Law 116–208.
• H.R. 5671, the ‘‘Merchant Mariners of World War II Con-
gressional Gold Medal Act of 2020,’’ introduced by Representa-
tive John Garamendi, which became Public Law 116–125.
• S. 743, the ‘‘Merrill’s Marauders Congressional Gold Medal
Act,’’ introduced by Senator Johnny Isakson, which became
Public Law 116–170.
• H.R. 1773, the ‘‘Rosie the Riveter Congressional Gold
Medal Act of 2019,’’ introduced by Representative Jackie
Speier, which became law 116–195.
The Committee considered one piece of legislation on bullion
coins for investors:
• S. 457, the ‘‘President George H.W. Bush and First Spouse
Barbara Bush Coin Act,’’ which became Public Law 116–112.
The Committee also considered:
• H.R. 7995, the ‘‘Coin Metal Modification Authorization and
Cost Savings Act of 2020’’, introduced by Representative Mark
Amodei of Nevada, which passed the House of Representatives
on December 2, 2020 by a record vote of 343 41. This bill would
reduce the cost of minting coins by authorizing the Treasury
to pursue the use of alternative medals in minting circulating
coins.
• H.R. 1923, the ‘‘Circulating Collectible Coin Redesign Act
of 2020,’’ introduced by Representative Barbara Lee, which
passed the House on September 22, 2020 by voice vote. This
bill would authorize the Mint to issue re-designed quarter-dol-
lar coins honoring prominent American women and the com-
memorating the 100th anniversary of the 19th Amendment,
America’s semiquincentennial (250th) anniversary, and youth
sports.
Staff held a bipartisan staff-level briefing on February 19, 2020
with the U.S. Secret Service on Secret Service Investigations, in-
cluding efforts to detect and combat counterfeiting of U.S. coins
and currency.
The Committee continued to monitor developments in the circu-
lating coin shortage due to COVID–19. On August 4, 2020, staff
held a bipartisan staff-level briefing with the Federal Reserve and
members of the Federal Reserve U.S. Coin Task Force on efforts to
mitigate coin circulation issues.
INVESTOR PROTECTION AND ENTREPRENEURSHIP
Securities and Exchange Commission (SEC). The Committee held
the following hearings on this matter:
• On June 19, 2019 the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee held a hear-
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ing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel
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hearing with all five Commissioners from the Securities and
Exchange Commission (SEC).
• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era,’’ receiving testimony from the Chairman of the
SEC.
The Committee held the following roundtables on this matter:
• On May 26, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a virtual
roundtable entitled, ‘‘Examining the Impacts of the COVID–19
Pandemic on U.S. Capital Markets.’’ This bipartisan round-
table examined the impacts of COVID–19 on US capital mar-
kets.
The Committee considered the following legislation:
• H.R. 3701, Strengthening Fraud Protection Provisions for
SEC Enforcement Act of 2019, introduced by Representative
Gonzalez of Texas, to establish a statute of limitations for cer-
tain actions of the Securities and Exchange Commission.
• H.R. 4344, ‘‘To amend the Securities Exchange Act of
1934,’’ introduced by Representative Ben McAdams, which
passed the House of Representatives on November 18, 2019.
This bill allows the Securities and Exchange Commission to
seek and Federal courts to grant restitution to investors and
disgorgement of unjust enrichment.
Investor Confidence. On April 3, 2019, the Subcommittee on In-
vestor Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ‘‘Putting Investors First: Reviewing Proposals to
Hold Executives Accountable.’’ This hearing examined legislative
proposals designed to hold public company executives accountable
to both investors and the general public.
On Tuesday, May 26, 2020, the Subcommittee on Investor Pro-
tection, Entrepreneurship, and Capital Markets held a virtual
roundtable entitled, ‘‘Examining the Impacts of the COVID–19
Pandemic on U.S. Capital Markets.’’ This bipartisan roundtable ex-
amined the impacts of COVID–19 on US capital markets.
The Committee considered the following legislation:
• H.R. 1815, the SEC Disclosure Effectiveness Testing Act,
introduced by Representative Sean Casten, which passed the
House of Representatives on March 26, 2019. This bill requires
the Securities and Exchange Commission must engage in in-
vestor testing to test the usability and understandability of dis-
closures intended for retail investors.
• H.R. 2515, the Whistleblower Protection Reform Act of
2019, introduced by Representative Al Green, which passed the
House of Representatives on July 9, 2019. This bill amends
Section 922 of the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act (Dodd-Frank) to clarify that whistle-
blowers who report alleged misconduct to their employers, and
not to the SEC, are also protected by the anti-retaliation provi-
sions in Section 922.
• H.R. 2534, Insider Trading Prohibition Act, introduced by
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Representative Jim Himes, which passed the House of Rep-
resentatives on December 5, 2019. This bill codifies the defini-
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tion of illegal insider trading under the securities laws, cre-
ating a clear, consistent standard for both courts and market
participants to follow.
• H.R. 4335, the 8–K Trading Gap Act of 2019, which was
introduced by Representative Carolyn Maloney, which passed
the House of Representatives on January 13, 2020. This bill di-
rects the SEC to issue a rule requiring public companies to put
in place policies and procedures that are reasonably designed
to prohibit officers and directors from trading company stock
after the company has determined that a significant corporate
event has occurred, and before the company has filed a Form
8–K disclosing such event. The bill allowed for limited exemp-
tions.
• H.R. 4320, Corporate Management Accountability Act of
2019, introduced by Representative Katie Porter, which passed
the House of Representatives on December 11, 2019. This bill
requires publicly traded companies to disclose their policies on
whether senior executives or shareholders bear the costs of
paying the company’s fines and penalties.
Fiduciary Duty of Financial Advisers. On March 14, 2019, the
Subcommittee on Investor Protection, Entrepreneurship, and Cap-
ital Markets held a hearing entitled, ‘‘Putting Investors First? Ex-
amining the SEC’s Best Interest Rule.’’ This hearing examined the
SEC’s proposed change to the suitability standard of conduct for
brokers and guidance on the fiduciary standard of conduct for in-
vestment advisers.
Chairwoman Maxine Waters offered an amendment to H.R. 3351,
the Financial Services and General Government Appropriations Act
of 2020, that prohibited the Securities and Exchange Commission
from using funds to administer, enforce, or publicize Regulation
Best Interest.
Mandatory Arbitration. The Committee continued to monitor de-
velopments on mandatory arbitration throughout the 116th Con-
gress. Staff held meetings with interested parties.
Entrepreneurship. The Committee held the following hearings on
this matter:
• On June 19, 2019 the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee held a hear-
ing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel
hearing with all five Commissioners from the Securities and
Exchange Commission (SEC).
• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
• On September 11, 2019, the Subcommittee on Investor
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Protection, Entrepreneurship, and Capital Markets held a
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hearing entitled, ‘‘Examining Private Market Exemptions as a
Barrier to IPOs and Retail Investment.’’
On July 9, 2019, the House of Representatives passed:
• H.R. 2409, the Expanding Access to Capital for Rural Job
Creators Act, introduced by Representative Cynthia Axne,
which requires the Advocate for Small Business Capital For-
mation within the Securities and Exchange Commission to re-
port on issues encountered by rural-area small businesses.
• H.R. 2919, the Improving Investment Research for Small
and Emerging Issues Act, introduced by Representative Bill
Huizenga, which requires the SEC to report on investment re-
search regarding small issues.
• H.R. 3050, the Expanding Investment in Small Businesses
Act of 2019, which directs the SEC to report on limits on
shares of an individual company that a diversified company
may own, and the limitations impact on capital formation.
Corporate Governance. The Committee held the following hear-
ings on corporate governance:
• On July 10, 2019 at 2:00 p.m., the Subcommittee on Inves-
tor Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ‘‘Building a Sustainable and Competitive
Economy: An Examination of Proposals to Improve Environ-
mental, Social, and Governance Disclosures.’’
• On July 14, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a virtual
hearing entitled, ‘‘Promoting Economic Recovery: Examining
Capital Markets and Worker Protections in the COVID–19
Era,’’
The Committee also considered the following legislation:
• H.R. 1731, the Cybersecurity Disclosure Act of 2019, intro-
duced by Representative Jim Himes, which bill directs the Se-
curities and Exchange Commission to issue final rules requir-
ing registered issuers to annually disclose whether any mem-
ber of its governing body has expertise or experience in cyber-
security; and if no member has such expertise or experience,
describe what cybersecurity considerations were taken into ac-
count when identifying and evaluating nominees for the gov-
erning body.
• H.R. 3623, Climate Risk Disclosure Act of 2019, introduced
by Representative Sean Casten, which directs the Securities
and Exchange Commission (SEC) to require an issuer of securi-
ties to annually disclose information regarding climate change-
related risks posed to the issuer, including an issuer’s strate-
gies and actions to mitigate these risks.
• H.R. 3624, Outsourcing Accountability Act, introduced by
Representative Cynthia Axne, which passed the House of Rep-
resentatives on October 18, 2019. This bill requires an issuer
to disclose specified information related to the number of do-
mestic and foreign employees of the issuer and its subsidiaries.
• H.R. 3641, Stronger Enforcement of Civil Penalties Act of
2019, introduced by Representative Katie Porter, which in-
creases civil and administrative monetary penalties for securi-
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ties law violators and adds a fourth tier of monetary penalties
for violations by a person that, within the five-year period pre-
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ceding the violation (1) was criminally convicted for securities
fraud; or (2) became subject to a judgment or order imposing
monetary, equitable, or administrative relief in a Securities
and Exchange Commission (SEC) action alleging fraud.
• H.R. 4329, ESG Disclosure Simplification Act of 2019, in-
troduced by Representative Juan Vargas, which requires an
issuer of securities to annually disclose to shareholders certain
environmental, social, and governance metrics and their con-
nection to the long-term business strategy of the issuer, among
other requirements.
• H.R. 5929, the Shareholder Political Transparency Act, in-
troduced by Representative Bill Foster, which requires an
issuer of securities to disclose information related to expendi-
tures for political activities.
• H.R. 5930, Workforce Investment Disclosure Act, intro-
duced by Representative Cynthia Axne, which requires an
issuer of securities to disclose certain information regarding its
human capital management policies.
• H.R. 6270, the Uyghur Forced Labor Disclosure Act of
2020, introduced by Representative Jennifer Wexton, which
passed the House of Representatives on September 30, 2020.
This bill requires issuers of securities to publicly disclose their
activities related to China’s Xinjiang Uyghur Autonomous Re-
gion.
Executive Compensation. The Committee will review the SEC’s
implementation of regulations requiring greater transparency in
disclosures of executive compensation arrangements, including the
SEC’s and the other federal financial agencies’ progress in com-
pleting related rulemakings mandated under the Dodd-Frank Act.
The Committee held the following hearings on executive com-
pensation:
• On May 15, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Promoting Economic Growth: A Review of Proposals
to Strengthen the Rights and Protections for Workers.’’ This
hearing examined legislative proposals designed to provide
more information to help investors make decisions based on
long-term economic growth.
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee held a hear-
ing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel
hearing with all five Commissioners from the Securities and
Exchange Commission (SEC).
• On September 17, 2020, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ‘‘Insider Trading and Stock Option Grants:
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An Examination of Corporate Integrity in the Covid-19 Pan-
demic.’’
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The Committee also considered H.R. 4242, the ‘‘Greater Account-
ability in Pay (GAP) Act of 2019, introduced by Representatives
Nydia Velázquez, which requires specified issuers of securities to
disclose compensation information regarding executive officers and
employees.
Capital Formation in Private and Public Markets. The Com-
mittee held the following hearings on this matter:
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee on Financial
Services held a hearing entitled, ‘‘Oversight of the Securities
and Exchange Commission: Wall Street’s Cop on the Beat.’’
This was a one-panel hearing with all five Commissioners from
the Securities and Exchange Commission (SEC).
• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
• On September 11, 2019, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ‘‘Examining Private Market Exemptions as a
Barrier to IPOs and Retail Investment.’’
• On September 24, 2019, the Full Committee held a hear-
ing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel
hearing with all five Commissioners from the Securities and
Exchange Commission (SEC).
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on US capital markets.
CAPITAL MARKETS
Self-Regulatory Organizations (SROs). The Committee will mon-
itor the operations, initiatives, and activities of SROs, including the
Municipal Securities Rulemaking Board (MSRB) and Financial In-
dustry Regulatory Authority, Inc. (FINRA). The Committee also
will consider limitations or regulatory gaps in the current SRO sys-
tem and ways to streamline and strengthen the regulatory, compli-
ance, examination, and enforcement structure.
On September 24, 2019, the Full Committee held a hearing enti-
tled, ‘‘Oversight of the Securities and Exchange Commission: Wall
Street’s Cop on the Beat.’’ This was a one-panel hearing with all
five Commissioners from the Securities and Exchange Commission
(SEC).
The Subcommittee on Investor Protection, Entrepreneurship and
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Capital Markets Committee held the following hearings on this
matter:
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• On June 19, 2019 the Subcommittee held a hearing enti-
tled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On June 25, 2020, the Subcommittee held a hearing enti-
tled, ‘‘Capital Markets and Emergency Lending in the COVID–
19 Era.’’
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on US capital markets.
Hedge Funds and Private Pools of Capital. On November 19,
2019 the Full Committee held a hearing entitled, ‘‘America for
Sale? An Examination of the Practices of Private Funds.’’
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on U.S. capital markets.
Investment Companies. The Committee held the following hear-
ings on this matter:
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee s held a hear-
ing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel
hearing with all five Commissioners from the Securities and
Exchange Commission (SEC).
• On May 26, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a virtual
roundtable entitled, ‘‘Examining the Impacts of the COVID–19
Pandemic on U.S. Capital Markets.’’ This bipartisan round-
table examined the impacts of COVID–19 on US capital mar-
kets.
Credit Rating Agencies. The Committee held the following hear-
ings on this matter:
• On June 19, 2019 the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee held a hear-
ing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel
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hearing with all five Commissioners from the Securities and
Exchange Commission (SEC).
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• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on US capital markets.
On September 21, 2020, the House of Representatives passed
H.R. 6934, introduced by Representative Madeleine Dean, To
amend the CARES Act to require the uniform treatment of nation-
ally recognized statistical rating organizations under certain pro-
grams carried out in response to the COVID–19 emergency, and for
other purposes.
Financial Accounting and Auditing. On January 15, 2020 the
Subcommittee on Investor Protection, Entrepreneurship, and Cap-
ital Markets held a hearing entitled, ‘‘Overseeing the Standard Set-
ters: An Examination of the Financial Accounting Standards Board
and the Public Company Accounting Oversight Board.’’
The Committee considered the following legislation related to fi-
nancial accounting and auditing:
• H.R. 3625, legislation introduced by Representative Sylvia
Garcia, which passed the House of Representatives on Sep-
tember 20, 2019. This bill establishes a whistleblower program
at the Public Company Accounting Oversight Board.
• S. 945, the Holding Foreign Companies Accountable Act,
introduced by Senator John Neely Kennedy, (and similar to
H.R. 7000, introduced by Representative Brad Sherman),
which passed the House of Representatives on December 2,
2020 and became Public Law 116–ll. This bill requires
issuers to make certain certifications to the PCAOB if they are
retaining a foreign public accounting firm.
Cybersecurity. On September 24, 2019, the Full Committee held
a hearing entitled, ‘‘Oversight of the Securities and Exchange Com-
mission: Wall Street’s Cop on the Beat.’’ This was a one-panel hear-
ing with all five Commissioners from the Securities and Exchange
Commission (SEC) where these issues were addressed.
The Committee considered, H.R. 1731, the Cybersecurity Disclo-
sure Act of 2019, legislation introduced by Representative Jim
Himes, which requires annual disclosures by companies regarding
cyber security threats.
Cryptocurrencies. The Committee held the following hearings re-
lated to cryptocurrencies:
• The Full Committee held a hearing on July 17, 2019, enti-
tled ‘‘Examining Facebook’s Proposed Cryptocurrency and Its
Impact on Consumers, Investors, and the American Financial
System’’ which examined how Facebook’s proposed
cryptocurrency, Libra, could be used in the pursuit of illicit
purposes.
• The Task Force on Financial Technology (Fintech) held a
hearing on June 25, 2019, entitled ‘‘Overseeing the Fintech
SSpencer on DSK126QN23PROD with REPORTS
Revolution: Domestic and International Perspectives on
Fintech Regulation’’ which examined how emerging tech-
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nologies affect and interact with the U.S. financial system and
considered how the technologies could be used to in pursuit of
illicit purposes.
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
• On September 11, 2019, the Subcommittee on Investor
Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ‘‘Examining Private Market Exemptions as a
Barrier to IPOs and Retail Investment.’’
• On September 24, 2019, the Full Committee on Financial
Services held a hearing entitled, ‘‘Oversight of the Securities
and Exchange Commission: Wall Street’s Cop on the Beat.’’
This was a one-panel hearing with all five Commissioners from
the Securities and Exchange Commission (SEC).
• On October 23, 2019, the Full Committee held a hearing
entitled ‘‘An Examination of Facebook and Its Impact on the
Financial Services and Housing Sectors,’’ with Mark
Zuckerberg as the only witness.
Fixed income markets. The Committee held the following hear-
ings on this matter:
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee on Financial
Services held a hearing entitled, ‘‘Oversight of the Securities
and Exchange Commission: Wall Street’s Cop on the Beat.’’
This was a one-panel hearing with all five Commissioners from
the Securities and Exchange Commission (SEC).
• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on US capital markets.
Derivatives Markets. The Committee held the following hearings
on this matter:
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
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entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
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This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee on Financial
Services held a hearing entitled, ‘‘Oversight of the Securities
and Exchange Commission: Wall Street’s Cop on the Beat.’’
This was a one-panel hearing with all five Commissioners from
the Securities and Exchange Commission (SEC).
• On June 25, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
On August 1, 2019, Chairwoman Maxine Waters and Senate
Banking Committee Ranking Member Sherrod Brown wrote a let-
ter to the FDIC, OCC, and Federal Reserve, urging the agencies to
maintain requirements for banks to post initial margin for any
swaps transaction between insured depository institutions and
their affiliates. In the letter, the lawmakers highlighted the impor-
tance of these requirements, which protect taxpayers from risky be-
havior that led to the 2008 financial crisis.
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on US capital markets.
Equity and options markets. The Committee held the following
hearings on this matter:
• On June 19, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Putting Investors First: Examining Proposals to
Strengthen Enforcement Against Securities Law Violators.’’
This hearing examined legislative proposals designed to bolster
regulators’ enforcement tools against securities law violators.
• On September 24, 2019, the Full Committee on Financial
Services held a hearing entitled, ‘‘Oversight of the Securities
and Exchange Commission: Wall Street’s Cop on the Beat.’’
This was a one-panel hearing with all five Commissioners from
the Securities and Exchange Commission (SEC).
• On Thursday, June 25, 2020, the Subcommittee on Inves-
tor Protection, Entrepreneurship, and Capital Markets held a
hearing entitled, ‘‘Capital Markets and Emergency Lending in
the COVID–19 Era.’’
On May 26, 2020, the Subcommittee on Investor Protection, En-
trepreneurship, and Capital Markets held a virtual roundtable en-
titled, ‘‘Examining the Impacts of the COVID–19 Pandemic on U.S.
Capital Markets.’’ This bipartisan roundtable examined the im-
pacts of COVID–19 on US capital markets.
Trade Policy Impact. The Committee held the following hearings
on this matter:
• On May 15, 2019, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a hearing
entitled, ‘‘Promoting Economic Growth: A Review of Proposals
SSpencer on DSK126QN23PROD with REPORTS
to Strengthen the Rights and Protections for Workers.’’ This
hearing examined legislative proposals designed to provide
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more information to help investors make decisions based on
long-term economic growth.
• On June 19, 2019, the Subcommittee on National Security,
International Development, and Monetary Policy held a hear-
ing entitled, ‘‘Promoting Economic Growth: Exploring the Im-
pact of Recent Trade Policies on the U.S. Economy.’’ This hear-
ing examined the impact of the Trump administration’s in-
creased tariffs, with a focus on the implications of Trump’s
trade war with China for American farmers.
On October 18, 2019, the House of Representatives passed H.R.
3624, the Outsourcing Accountability Act, introduced by Represent-
ative Axne, which requires an issuer that is registered with the Se-
curities and Exchange Commission to disclose specified information
related to the number of domestic and foreign employees of the
issuer and its subsidiaries.
NATIONAL SECURITY
Office of Terrorism and Financial Intelligence (TFI). The Sub-
committee on National Security, International Development, and
Monetary Policy held the following hearings on this matter:
• A hearing on March 13, 2019, entitled ‘‘Promoting Cor-
porate Transparency: Examining Legislative Proposals to De-
tect and Deter Financial Crime,’’ which examined the imple-
mentation and effectiveness of AML/CFT laws and regulations
for opportunities to enhance compliance with these rules.
• A hearing on January 15, 2020, entitled ‘‘A Persistent and
Evolving Threat: An Examination of the Financing of Domestic
Terrorism and Extremism,’’ which examined patterns and
trends of domestic terrorism finance.
• A hearing on March 4, 2020, entitled ‘‘The Traffickers’
Roadmap: How Bad Actors Exploit Financial Systems to Facili-
tate the Illicit Trade in People, Animals, Drugs, and Weapons,’’
which examined the trends and patterns of trafficking and how
the illicit proceeds thereof are laundered through the U.S. fi-
nancial system.
• A virtual hearing on June 16, 2020, entitled
‘‘Cybercriminals and Fraudsters: How Bad Actors Are Exploit-
ing the Financial System During the COVID–19 Pandemic,’’
which addressed prevention of fraudulent activities and efforts
to counter cyber intrusions that target the financial sector and
system.
The Committee considered the following legislation to monitor
the development and implementation of U.S. government strategies
and programs to combat terrorist financing, money laundering, and
other financial crimes including:
• H.R. 56, the ‘‘Financial Technology Protection Act’’, intro-
duced by Representative Budd, which passed the House of Rep-
resentatives on January 28, 2019. This bill establishes a Task
Force for the investigation of new financial technologies (e.g.,
digital currencies) and their use in terrorism and other illicit
activities.
• H.R. 758, the ‘‘Cooperate with Law Enforcement Agencies
SSpencer on DSK126QN23PROD with REPORTS
and Watch Act of 2019’’, introduced by Representative French
Hill, which passed the House of Representatives on March 11,
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128
2019. This bill limits a financial institution’s liability in the
presence of keep open letters.
• H.R. 1414, the ‘‘FinCEN Improvement Act of 2019’’, intro-
duced by Representative Wexton, which passed the House of
Representatives on March 11, 2019. This bill amends the du-
ties of the Financial Crimes Enforcement Network (FinCEN) to
require coordination with Tribal law enforcement authorities
and international coordination on matters involving emerging
technology and virtual currency.
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Maloney, which passed the House
of Representatives on October 22, 2019. This bill initiates a
federal database and related reporting requirements to estab-
lish transparency to combat the use of anonymous companies
for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Cleaver, which passed
the House of Representatives on October 28, 2019. This bill re-
vises requirements related to the Bank Secrecy Act’s anti-
money laundering and counter-terrorism financing provisions.
A substantially similar amendment passed the House as part
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held a bipartisan staff-level briefing on
February 19, 2020 with the U.S. Secret Service on Secret Service
Investigations, particularly the mission of the USSS to counter fi-
nancial fraud and stolen credit-card data.
Financial Crimes Enforcement Network (FinCEN). The Com-
mittee will monitor the operations of FinCEN and its ongoing ef-
forts to implement its regulatory mandates pursuant to the Bank
Secrecy Act to safeguard the integrity of the financial system and
combat money laundering, terrorist financing, and other illicit fi-
nance.
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held a hearing on March 13, 2019, enti-
tled ‘‘Promoting Corporate Transparency: Examining Legislative
Proposals to Detect and Deter Financial Crime,’’ which examined
the implementation and effectiveness of AML/CFT laws and regula-
tions for opportunities to enhance compliance with these rules.
The Committee considered five pieces of legislation to monitor
the operations of FinCEN and its efforts to safeguard the integrity
of the financial system, combat money laundering, terrorist financ-
ing, and other illicit finance including:
• H.R. 56, the ‘‘Financial Technology Protection Act,’’ intro-
duced by Representative Ted Budd, which passed the House of
Representatives on January 28,2019. This bill establishes a
Task Force for the investigation of new financial technologies
SSpencer on DSK126QN23PROD with REPORTS
(e.g., digital currencies) and their use in terrorism and other
illicit activities.
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129
• H.R. 758, the ‘‘Cooperate with Law Enforcement Agencies
and Watch Act of 2019,’’ introduced by Representative French
Hill, which passed the House Representatives on March 11,
2019. This bill amended the duties of the Financial Crimes En-
forcement Network (FinCEN) to require coordination with
Tribal law enforcement authorities and international coordina-
tion on matters involving emerging technology and virtual cur-
rency.
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Maloney, which passed the House
of Representatives on October 22, 2019. This bill initiates a
federal database and related reporting requirements to estab-
lish transparency to combat the use of anonymous companies
for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Cleaver, which passed
the House of Representatives on October 28, 2019. This bill re-
vises requirements related to the Bank Secrecy Act’s anti-
money laundering and counter-terrorism financing provisions.
A substantially similar amendment passed the House as part
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
• H.R. 2613, the Advancing Innovation to Assist Law En-
forcement Act, introduced by Representative Anthony Gon-
zalez, which passed the House of Representatives on Sep-
tember 22, 2019. This bill requires FINCEN to report on
emerging technologies and their use in law enforcement.
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held three bipartisan staff-level brief-
ings on FinCEN issues.
• May 21, 2020, with FinCEN, SEC, and the U.S. Secret
Service on COVID–19 and emerging fraud issues.
• August 13, 2020, with FinCEN on 311 Special Measures
which provide Treasury with a range of options to most effec-
tively target specific money laundering and terrorism financ-
ing.
• October 8, 2020, with experts on the ‘‘FinCEN Files,’’ a re-
lease of confidential documents from an unknown FinCEN
source.
Money Laundering and Terrorist Financing. The Subcommittee
on National Security, International Development, and Monetary
Policy held three hearings examining the existing AML/CFT laws
and regulations as well as the patterns and trends of money laun-
dering and terrorist finance including:
• A hearing on March 13, 2019, entitled ‘‘Promoting Cor-
porate Transparency: Examining Legislative Proposals to De-
tect and Deter Financial Crime,’’ which examined the imple-
SSpencer on DSK126QN23PROD with REPORTS
mentation and effectiveness of AML/CFT laws and regulations
for opportunities to enhance compliance with these rules.
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130
• A hearing on January 15, 2020, entitled ‘‘A Persistent and
Evolving Threat: An Examination of the Financing of Domestic
Terrorism and Extremism,’’ which examined patterns and
trends of domestic terrorism finance.
• A hearing on March 4, 2020, entitled ‘‘The Traffickers’’
Roadmap: How Bad Actors Exploit Financial Systems to Facili-
tate the Illicit Trade in People, Animals, Drugs, and Weapons,’’
which examined the trends and patterns of trafficking and how
the illicit proceeds thereof are laundered through the U.S. fi-
nancial system.
The Committee considered the following legislation related to en-
hancing compliance and effectiveness of AML/CFT laws and regula-
tions and preventing abuse of the financial system by money
launderers and terrorist financiers:
• H.R. 56, the ‘‘Financial Technology Protection Act,’’ intro-
duced by Representative Ted Budd, which passed the House of
Representatives on January 28,2019. This bill establishes a
Task Force for the investigation of new financial technologies
(e.g., digital currencies) and their use in terrorism and other
illicit activities.
• H.R. 758, the ‘‘Cooperate with Law Enforcement Agencies
and Watch Act of 2019,’’ introduced by Representative French
Hill, which passed the House Representatives on March 11,
2019. This bill amended the duties of the Financial Crimes En-
forcement Network (FinCEN) to require coordination with
Tribal law enforcement authorities and international coordina-
tion on matters involving emerging technology and virtual cur-
rency.
• H. Res. 206, ‘‘Acknowledging that the lack of sunlight and
transparency in financial transactions poses a threat to our na-
tional security and our economy’s security and supporting ef-
forts to close related loopholes,’’ introduced by Chairwoman
Maxine Waters, which passed the House of Representatives on
March 13, 2019. This resolution highlights the need to close
loopholes related to money laundering.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Cleaver, which passed
the House of Representatives on October 28, 2019. This bill re-
vises requirements related to the Bank Secrecy Act’s anti-
money laundering and counter-terrorism financing provisions.
A substantially similar amendment passed the House as part
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
• H.R. 7592, the ‘‘Stopping Trafficking, Illicit Flows, Laun-
dering, and Exploitation (STIFLE) Act of 2020,’’ introduced by
Representative Ben McAdams, which passed the House of Rep-
resentatives on September 21, 2020. This bill directs the GAO
to study illicit trafficking networks for areas of commonality
and how financial institutions identify and report such activity.
A substantially similar amendment passed the House as part
SSpencer on DSK126QN23PROD with REPORTS
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
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The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held the following bipartisan staff-level
briefings on money laundering issues.
• May 24, 2019, in partnership with the Commission on Se-
curity and Cooperation in Europe, with experts on Trade-Based
Money Laundering (TBML).
• February 19, 2020, with the U.S. Secret Service on Secret
Service Investigations, particularly the mission of the USSS to
counter financial fraud and stolen credit-card data.
• August 13, 2020, with FinCEN on 311 Special Measures
that provide Treasury with a range of options to most effec-
tively target specific money laundering and terrorism financ-
ing.
On May 28–May 31, 2019, Committee staff travelled to Alaska
to receive briefings concerning counter-terrorism and counter-illicit
finance operations as well as receive to see firsthand Department
of Defense and U.S. Coast Guard assets tasked to defend our
northern border and to have discussions with interagency partners
regarding illicit threats.
Counterterrorism Financing Policy. The Subcommittee on Na-
tional Security, International Development, and Monetary Policy
held a hearing on March 13, 2019, entitled ‘‘Promoting Corporate
Transparency: Examining Legislative Proposals to Detect and
Deter Financial Crime,’’ which examined the implementation and
effectiveness of counterterrorism financing policy and coordination
on counter-terrorism financing training and technical assistance.
The Committee considered the following legislation that address
counterterrorism financing policy including:
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Maloney, which passed the House
of Representatives on October 22, 2019. This bill initiates a
federal database and related reporting requirements to estab-
lish transparency to combat the use of anonymous companies
for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Cleaver, which passed
the House of Representatives on October 28, 2019. This bill re-
vises requirements related to the Bank Secrecy Act’s anti-
money laundering and counter-terrorism financing provisions.
A substantially similar amendment passed the House as part
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
Beneficial Ownership. The Subcommittee on National Security,
International Development, and Monetary Policy held a hearing on
March 13, 2019, entitled ‘‘Promoting Corporate Transparency: Ex-
amining Legislative Proposals to Detect and Deter Financial
Crime,’’ which examined the implementation and effectiveness of
SSpencer on DSK126QN23PROD with REPORTS
counterterrorism financing policy and coordination on counter-ter-
rorism financing training and technical assistance.
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132
The Committee considered the following legislation that address
counterterrorism financing policy including:
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Maloney, which passed the House
of Representatives on October 22, 2019. This bill initiates a
federal database and related reporting requirements to estab-
lish transparency to combat the use of anonymous companies
for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Cleaver, which passed
the House of Representatives on October 28, 2019. This bill re-
vises requirements related to the Bank Secrecy Act’s anti-
money laundering and counter-terrorism financing provisions.
A substantially similar amendment passed the House as part
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
Office of Foreign Assets Control (OFAC). The Committee contin-
ued to monitor the functions of the Office of Foreign Assets Control
(OFAC) in its administration of sanctions programs, including its
investigations work, enforcement actions, and its public outreach to
illuminate evasion schemes and enlist the private sector in its
sanctions efforts.
On April 9, 2019, the Committee held a hearing entitled ‘‘The
Annual Testimony of the Secretary of the Treasury on the State of
the International Financial System.’’ The Honorable Steven T.
Mnuchin, Secretary, U.S. Department of the Treasury was the sole
witness. On May 22, 2019, the Committee held Part II of the hear-
ing entitled, ‘‘The Annual Testimony of the Secretary of the Treas-
ury on the State of the International Financial System. The Honor-
able Steven T. Mnuchin, Secretary, U.S. Department of the Treas-
ury was the sole witness.
The Committee considered legislation to increase oversight and
transparency with respect to the issuance of certain individual li-
censes by OFAC under U.S. sanction programs:
• H.R. 1037, Banking Transparency for Sanctioned Persons
Act of 2019, introduced by Representative Denver Riggleman,
which passed the House of Representatives on May 14, 2019.
This bill requires OFAC to submit to Congress a copy of any
licenses authorizing financial institutions to provide services
benefitting a state sponsor of terrorism, and a report on foreign
financial institutions conducting significant transactions for
persons sanctioned for international terrorism and human
rights violations.
Sanctions. The Committee monitored executive branch efforts to
implement major sanctions programs, particularly those targeting
Russia, Iran, North Korea, and Venezuela. On April 9, 2019 and
May 22, 2019, the Full Committee held a hearing entitled ‘‘The An-
nual Testimony of the Secretary of the Treasury on the State of the
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International Financial System’’, which addressed these issues. On
May 15, 2019, the Subcommittee on National Security, Inter-
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133
national Development and Monetary Policy held a hearing entitled
‘‘Assessing the Use of Sanctions in Addressing National Security
and Foreign Policy Challenges.’’ This hearing examined the efficacy
of major U.S. economic sanctions programs, with a particular focus
on Russia and a draft legislative proposal aimed at responding to,
and deterring any future, Russian attacks on the integrity of
United States elections.
Members of the Committee offered the following legislation re-
lated to this matter:
• On July 2019, an amendment similar to H.R. 4084, the
Otto Warmbier North Korea Nuclear Sanctions Act of 2019, in-
troduced by Representative Andy Barr passed the House of
Representatives as part of H.R. 2500, the National Defense Au-
thorization Act for Fiscal year 2020, and became Public Law
116–92.
• On July 12, 2019, Representative Brad Sherman and
Chairwoman Maxine Waters offered an amendment to the Na-
tional Defense Authorization Act for Fiscal Year 2020, which
was adopted by voice vote, that would prohibit U.S. persons
from trading in new Russian sovereign debt within 90 days of
enactment, sending a strong signal to President Putin, as well
as to the markets, that the U.S. resolve to punish Russia for
election interference remains strong and, if necessary, would
trigger a greater U.S. response.
On December 5, 2019, Representative Brad Sherman and Chair-
woman Waters wrote to the House and Senate leadership to ex-
press concern that a failure to pass the Russian sovereign debt
sanction would undermine U.S. credibility, embolden Putin, and
further encourage market actors, which already see no significant
risk of sanctions escalation against Russia.
Real Estate. The Committee considered two pieces of legislation
that address vulnerabilities in the real estate market related to
money laundering and terrorist financing including:
• H. Res. 206, ‘‘Acknowledging that the lack of sunlight and
transparency in financial transactions poses a threat to our na-
tional security and our economy’s security and supporting ef-
forts to close related loopholes,’’ introduced by Chairwoman
Maxine Waters, which passed the House of Representatives on
March 13, 2019. This resolution highlights the need to close
loopholes related to money laundering.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Emanuel Cleaver,
which passed the House of Representatives on October 28,
2019. This bill revises requirements related to the Bank Se-
crecy Act’s anti-money laundering and counter-terrorism fi-
nancing provisions. A substantially similar amendment passed
the House as part of H.R. 6395, the National Defense Author-
ization Act for Fiscal Year 2021, which became Public Law
116–ll.
Trafficking. The Committee, led by Chairwoman Maxine Waters,
Ranking Member Patrick McHenry, Representative Emanuel
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Cleaver, and Representative French Hill, initiated a bipartisan
HFSC Counter-Trafficking Initiative in March 2020. The effort is
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designed to explore and expose the breadth and reach of
transnational trafficking networks and their illicit finances.
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held its first hearing of this Initiative
on March 4, 2020, entitled ‘‘The Traffickers’ Roadmap: How Bad
Actors Exploit Financial Systems to Facilitate the Illicit Trade in
People, Animals, Drugs, and Weapons,’’ which examined the
typologies and common strategies of various types of traffickers in
order to understand and dismantle the underlying enablers of traf-
ficking.
The Committee considered several measures related to traf-
ficking:
• H.R. 502, the ‘‘FIND Trafficking Act,’’ introduced by Rep-
resentative Juan Vargas, which passed the House of Rep-
resentatives on January 28, 2019. This bill directs the GAO to
report on the use of virtual currencies and online marketplaces
in sex and drug trafficking. An amended version of this bill be-
came law as part of H.R. 6395, the National Defense Author-
ization Act for Fiscal Year 2021, which became Public Law
116–ll.
• H.R. 7592, the ‘‘Stopping Trafficking, Illicit Flows, Laun-
dering, and Exploitation (STIFLE) Act of 2020,’’ introduced by
Representative Ben McAdams, which passed the House of Rep-
resentatives on September 21, 2020. This bill directs the GAO
to study illicit trafficking networks for areas of commonality
and how financial institutions identify and report such activity.
A substantially similar amendment passed the House as part
of H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
De-Risking at Financial Institutions. The Committee continued to
monitor developments on the regulatory actions to ensure that cus-
tomers and countries are not inappropriately denied access to the
banking system. On March 13, 2019, the Committee held a hearing
entitled ‘‘Promoting Corporate Transparency: Examining Legisla-
tive Proposals to Detect and Deter Financial Crime,’’ which exam-
ined the implementation and effectiveness of AML/CFT laws and
examined issues relating to de-risking.
H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and Inno-
vating Technology, and Examiner Reform (COUNTER) Act of
2019,’’ introduced by Representative Emanuel Cleaver, which
passed the House of Representatives on October 28, 2019. This bill
revises requirements related to the Bank Secrecy Act’s anti-money
laundering and counter-terrorism financing provisions. A substan-
tially similar amendment passed the House as part of H.R. 6395,
the National Defense Authorization Act for Fiscal Year 2021, which
became Public Law 116–ll.
On November 19, 2019, Chairwoman Waters convened a round-
table with leaders from CARICOM nations, financial institutions,
and Members of Congress to discuss opportunities to expand finan-
cial services in the Caribbean.
Corruption. Since April 2019, the subcommittee on Oversight and
Investigations has been leading an investigation into the variety of
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ways in which notorious individuals from former Soviet states, in-
cluding oligarchs, kleptocrats and known criminals, have been ex-
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135
ploiting the cultural and operational weaknesses in the inter-
national and U.S. banking system to hide illicit funds and engage
in activities that pose a threat to the nation’s economy and its po-
litical system.
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held a hearing on March 13, 2019, enti-
tled, ‘‘Promoting Corporate Transparency: Examining Legislative
Proposals to Detect and Deter Financial Crime,’’ which included
consideration of legislation to provide rewards for individuals that
provide information which leads to repatriation of stolen assets
linked to foreign government corruption.
The Committee considered the following legislation that would
improve efforts to detect and deter financial misconduct including:
• H.R. 389, the ‘‘Kleptocracy Asset Recovery Rewards Act,’’
introduced by Representative Stephen Lynch, which passed the
House of Representatives on May 14, 2019. This bill directs the
Treasury to establish a program that may provide rewards to
individuals furnishing information leading to the restraining,
seizure, forfeiture, or repatriation of stolen assets linked to for-
eign government corruption. A substantially similar amend-
ment passed the House as part of H.R. 6395, the National De-
fense Authorization Act for Fiscal Year 2021, which became
Public Law 116–ll.
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Carolyn Maloney, which passed the
House of Representatives on October 22, 2019. This bill initi-
ates a federal database and related reporting requirements to
establish transparency to combat the use of anonymous compa-
nies for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Emanuel Cleaver,
which passed the House of Representatives on October 28,
2019. This bill revises requirements related to the Bank Se-
crecy Act’s anti-money laundering and counter-terrorism fi-
nancing provisions. A substantially similar amendment passed
the House as part of H.R. 6395, the National Defense Author-
ization Act for Fiscal Year 2021, which became Public Law
116–ll.
Fraud and Cyber Intrusion. The Subcommittee on National Secu-
rity, International Development, and Monetary Policy held a vir-
tual hearing on June 16, 2020, entitled ‘‘Cybercriminals and
Fraudsters: How Bad Actors Are Exploiting the Financial System
During the COVID–19 Pandemic,’’ which addressed prevention of
fraudulent activities and efforts to counter cyber intrusions that
target the financial sector and system.
The Subcommittee on National Security, International Develop-
ment and Monetary Policy held a virtual bipartisan roundtable for
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Members on May 28, 2020, entitled ‘‘Understanding the Cyber
Threats and Actors Exploiting the COVID–19 Crisis.
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136
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held three bipartisan staff-level brief-
ings on fraud and cyber intrusion issues:
• February 19, 2020, with representatives of the United
States Secret Service on the investigative portion of the agen-
cy’s mission, including efforts to counter financial fraud and
stolen credit-card data.
• May 21, 2020, with FinCEN, SEC, and the U.S. Secret
Service on COVID–19 and emerging fraud issues.
The Artificial Intelligence Task Force held two hearings on fraud
and cyber intrusion issues:
• On October 18, 2019, ‘‘AI and the Evolution of Cloud Com-
puting: Evaluating How Financial Data is Stored, Protected,
and Maintained by Cloud Providers: The Use of Cloud Com-
puting and Third-Party Service Providers.’’
• On September 12, 2019, ‘‘The Future of Identity in Finan-
cial Services: Threats, Challenges, and Opportunities Digital
Identity and Authentication.’’
The Subcommittee on Oversight & Investigations held a hearing
on fraud and cyber intrusion issues on February 6, 2020, entitled,
‘‘Fake It Till They Make It: How Bad Actors Use Astroturfing to
Manipulate Regulators, Disenfranchise Consumers and Subvert the
Rulemaking Process.’’ The hearing examined ways in which pro-in-
dustry groups pose as regular consumers during the administrative
rulemaking process in order to sway regulators.
Information Sharing. The Subcommittee on National Security,
International Development, and Monetary Policy held the following
hearings on information sharing among financial institutions, fed-
eral agencies, and other entities, including:
• A hearing on March 13, 2019, entitled ‘‘Promoting Cor-
porate Transparency: Examining Legislative Proposals to De-
tect and Deter Financial Crime’’ which examined the imple-
mentation and effectiveness of AML/CFT laws and regulations
for opportunities to enhance compliance and cooperation be-
tween financial institutions and financial regulatory bodies.
• A hearing on January 15, 2020. entitled ‘‘A Persistent and
Evolving Threat: An Examination of the Financing of Domestic
Terrorism and Extremism’’ which examined the challenges and
trade-offs between privacy and civil liberties and the sharing
of sensitive financial information between law enforcement and
financial institutions as it relates to suspicious activity and do-
mestic terrorism finance.
• A hearing on June 16, 2020, entitled ‘‘Cybercriminals and
Fraudsters: How Bad Actors Are Exploiting the Financial Sys-
tem During the COVID–19 Pandemic’’ which addressed pre-
vention of fraudulent activities and efforts to counter cyber in-
trusions that target the financial sector and system.
The Committee considered the following pieces of legislation to
enhance cooperation between and amongst financial institutions, fi-
nancial regulatory bodies, and relevant law enforcement agencies
including:
• H.R. 56, the ‘‘Financial Technology Protection Act,’’ intro-
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duced by Representative Ted Budd, which passed the House of
Representatives on January 28, 2019. This bill establishes a
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Task Force for the investigation of new financial technologies
(e.g., digital currencies) and their use in terrorism and other
illicit activities.
• H.R. 1414, the ‘‘FinCEN Improvement Act of 2019’’, intro-
duced by Representative Jennifer Wexton, which passed the
House of Representatives on March 11, 2019. This bill amends
the duties of the Financial Crimes Enforcement Network
(FinCEN) to require coordination with Tribal law enforcement
authorities and international coordination on matters involving
emerging technology and virtual currency.
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Carolyn Maloney, which passed the
House of Representatives on October 22, 2019. This bill initi-
ates a federal database and related reporting requirements to
establish transparency to combat the use of anonymous compa-
nies for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Emanuel Cleaver,
which passed the House of Representatives on October 28,
2019. This bill revises requirements related to the Bank Se-
crecy Act’s anti-money laundering and counter-terrorism fi-
nancing provisions. A substantially similar amendment passed
the House as part of H.R. 6395, the National Defense Author-
ization Act for Fiscal Year 2021, which became Public Law
116–ll.
Emerging Technologies. The Full Committee held the following
hearings related to this matter:
• On July 17, 2019, the Full Committee held a hearing enti-
tled ‘‘Examining Facebook’s Proposed Cryptocurrency and Its
Impact on Consumers, Investors, and the American Financial
System,’’ which examined how Facebook’s proposed
cryptocurrency, Libra, could be used in the pursuit of illicit
purposes.
• On October 23, 2019, the Full Committee held a hearing
entitled ‘‘An Examination of Facebook and Its Impact on the
Financial Services and Housing Sectors,’’ with Mark
Zuckerberg as the only witness.
The Task Force on Financial Technology (Fintech) held a hearing
on June 25, 2019 entitled ‘‘Overseeing the Fintech Revolution: Do-
mestic and International Perspectives on Fintech Regulation,’’
which examined how emerging technologies affect and interact
with the U.S. financial system and considered how the technologies
could be used to in pursuit of illicit purposes.
The Task Force on Artificial Intelligence (AI) held the following
hearings examining how artificial intelligence and cloud computing
affect and interact with the U.S. financial system and could be
used in pursuit of illicit purposes:
• A hearing on September 12, 2019, entitled ‘‘The Future of
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Identity in Financial Services: Threats, Challenges, and Oppor-
tunities Digital Identity and Authentication.’’
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• A hearing on October 18, 2019 entitled ‘‘AI and the Evo-
lution of Cloud Computing: Evaluating How Financial Data is
Stored, Protected, and Maintained by Cloud Providers The Use
of Cloud Computing and Third-Party Service Providers.’’
The Committee considered following pieces of legislation that ad-
dress how emerging technologies affect and interact with the U.S.
financial system, and how the technologies could be used to combat
or be used in the pursuit of illicit purposes.
• H.R. 502, the ‘‘FIND Trafficking Act,’’ introduced by Rep-
resentative Juan Vargas, which passed the House on January
28, 2019. This bill directs the GAO to report on the use of vir-
tual currencies and online marketplaces in sex and drug traf-
ficking. This bill as amended became law as part of H.R. 6395,
the National Defense Authorization Act for Fiscal Year 2021,
which became Public Law 116–ll.
• H.R. 56, the ‘‘Financial Technology Protection Act,’’ intro-
duced by Representative Ted Budd, which passed the House of
Representatives on January 28, 2019. This bill establishes a
Task Force for the investigation of new financial technologies
(e.g., digital currencies) and their use in terrorism and other
illicit activities.
• H.R. 1414, the ‘‘FinCEN Improvement Act of 2019,’’ intro-
duced by Representative Jennifer Wexton, which passed the
House of Representatives on March 11, 2019. This bill amends
the duties of the Financial Crimes Enforcement Network
(FinCEN) to require coordination with Tribal law enforcement
authorities and international coordination on matters involving
emerging technology and virtual currency. This bill as amend-
ed became law as part of H.R. 6395, the National Defense Au-
thorization Act for Fiscal Year 2021, which became Public Law
116–ll.
• H.R. 2513, the ‘‘Corporate Transparency Act of 2019,’’ in-
troduced by Representative Carolyn Maloney, which passed the
House of Representatives on October 22, 2019. This bill initi-
ates a federal database and related reporting requirements to
establish transparency to combat the use of anonymous compa-
nies for money laundering, terror finance, and other financial
crimes. A substantially similar amendment passed the House
as part of H.R. 6395, the National Defense Authorization Act
for Fiscal Year 2021, which became Public Law 116–ll.
• H.R. 2514, the ‘‘Coordinating Oversight, Upgrading and
Innovating Technology, and Examiner Reform (COUNTER) Act
of 2019,’’ introduced by Representative Emmanuel Cleaver,
which passed the House of Representatives on October 28,
2019. This bill revises requirements related to the Bank Se-
crecy Act’s anti-money laundering and counter-terrorism fi-
nancing provisions. A substantially similar amendment passed
the House as part of H.R. 6395, the National Defense Author-
ization Act for Fiscal Year 2021, which became Public Law
116–ll.
The Subcommittee on National Security, International Develop-
ment, and Monetary Policy held a bipartisan staff-level briefing on
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February 19, 2020, with representatives of the United States Se-
cret Service on the investigative portion of the agency’s mission, in-
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139
cluding efforts to counter financial fraud and secure digital cur-
rencies.
Committee on Foreign Investment in the United States. In the
116th Congress, the Committee continued to monitor matters relat-
ing to the Committee on Foreign Investment in the United States
(CFIUS), particularly through ‘‘The Annual Testimony of the Sec-
retary of the Treasury on the State of the International Financial
System’’ on April 9, 2019 and May 22, 2019. Assistant Secretary of
the Treasury for Investment Security Thomas Feddo provided a bi-
partisan staff briefing for the Committee on October 30, 2020 in
which he discussed the Administration’s ongoing implementation of
the Foreign Investment Risk Review Modernization Act of 2018
(FIRRMA), which modernized the CFIUS review process with the
aim of enhancing its ability to analyze transactions for national se-
curity risks, while preserving the U.S. commitment to an open in-
vestment environment.
The House of Representatives passed H.R. 7603, introduced by
Representative Van Taylor, as part of H.R. 6395, the National De-
fense Authorization Act for Fiscal Year 2021. This measure en-
sured congressional notification for certain matters related to
CFIUS reviews.
Defense Production Act. Prior to the onset of the COVID–19 pan-
demic, the Committee considered flexibility requested by the De-
partment of Defense to address the needs of the defense industrial
base under the Defense Production Act of 1950 (DPA). In the Na-
tional Defense Authorization Act, 2020 (Pub. Law 116–92), Con-
gress increased the authorization of appropriations for activities
under the DPA by $117,000,000 for each of the fiscal years 2020
through 2024 for that purpose.
In 2020, the Committee the use of the DPA to respond to the
pandemic and the $1 billion appropriated by Congress for that pur-
pose. On April 9, 2020, Chairwoman Maxine Waters sent a letter
to Secretary of Defense Esper and Secretary of Health and Human
Services Azar reiterating her view that these funds should be spent
solely om medical equipment and supplies necessary to combat the
pandemic. On July 14, 2020, Chairwoman Maxine Waters along
with four other Committee chairs wrote Secretary Esper and Sec-
retary Azar requesting information on Administration plans to ad-
dress U.S. needs for medical supplies and equipment and other
matters.
The following legislation addressed these matters:
• H.R. 6808, To increase the amount available under the De-
fense Production Act of 1950 to respond to the coronavirus epi-
demic, and for other purposes, introduced by Representative
Juan Vargas, which authorized additional funds for the DPA
to address health needs during the Pandemic.
• H.R. 6858, introduced by Representative Juan Vargas, the
COVID–19 Emergency Medical Supplies Enhancement Act of
2020 on May 13, 2020, which passed as part of H.R. 6800, the
Heroes Act and H.R. 6395, the National Defense Authorization
Act, 2021. This bill would provide for the use of DPA for cer-
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tain key medical supplies and equipment, create greater trans-
parency and stakeholder consultation on the use of the DPA
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140
and procurement of medical supplies, equipment and services,
and make certain amendments to the DPA on related issues.
INTERNATIONAL DEVELOPMENT AND TRADE
Global Economic Cooperation. As the global health and economic
impact of the COVID–19 pandemic became apparent, the Com-
mittee took concrete steps to demonstrate support for global eco-
nomic cooperation by providing early and expedited authorizations
for substantial new contributions to the international financial in-
stitutions. H.R. 748, the Coronavirus Aid, Relief and Economic Se-
curity Act (CARES Act), which became Public Law 116–136, in-
cluded authorizations for the following multilateral institutions:
• Authorization for the U.S. to participate in, and contribute
to, the replenishments of two concessional windows at the mul-
tilateral development banks—the 19th replenishment of the
World Bank’s International Development Association (IDA–19),
to which the U.S. pledged $3 billion; and the fifteenth replen-
ishment of the African Development Fund (AfDF–15), to which
the U.S. pledged $514 million.
• Authorization for the U.S. to participate in, and contribute
to, the 7th general capital increase for the African Develop-
ment Bank to which the U.S. pledged $437 million of paid-in
capital; Authorization to double the U.S. commitment to IMF’s
emergency backstop facility, known as the New Arrangements
to Borrow, or NAB, from $39 billion to approximately $78 bil-
lion.
• Authorization for the U.S. to vote for a capital increase for
the International Finance Corporation (IFC), the private sector
arm of the World Bank. This authorization was linked to an
agreement with the World Bank to implement a critical pack-
age of reforms in the areas of human rights, transparency,
public subsidies, and for-profit K 12 education.
Oversight over the International Financial Institutions. The Com-
mittee continued to monitor U.S. participation in the International
Monetary Fund and its surveillance and lending activities and the
effectiveness of the multilateral development banks in alleviating
poverty and promoting sustained economic growth, particularly
through a hearing by the Full Committee entitled ‘‘The Annual
Testimony of the Secretary of the Treasury on the State of the
International Financial System’’ on April 9, 2019 and May 22,
2019, with particular focus on the need for good governance, trans-
parency, and accountability at these institutions in order to ensure
that broad, international interests are being promoted.
Throughout the 116th Congress, Committee staff met on a reg-
ular basis with Treasury officials and representatives from the
World Bank and regional multilateral development banks to dis-
cuss the Treasury Department’s requests for congressional author-
ization for the U.S. to participate in several general capital in-
creases and replenishments for the multilateral development
banks, as well as additional contributions to the IMF. At these
meetings, staff discussed the Chairwoman’s reform priorities with
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respect to the World Bank and the International Finance Corpora-
tion.
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On March 19, 2020, Chairwoman Maxine Waters organized a bi-
partisan Members’ briefing, by teleconference, with Dr. Kristalina
Georgieva, Managing Director of the International Monetary Fund
(IMF), who gave Members on update on the impacts of COVID–19
on the global economy and the steps the IMF was taking in re-
sponse.
On November 10, 2020, the Committee hosted a bipartisan staff
briefing with members of the International Financial Institutions
Working Group to discuss the role, and the efforts to date, of the
World Bank and the International Monetary Fund in the inter-
national response to COVID–19, including an effective and sustain-
able recovery.
Members of the Committee offered the following legislation with
respect to oversight over U.S. participation in the international fi-
nancial institutions:
• An amendment similar to H.R. 5051, the Accountability for
World Bank Loans to China Act of 2019, introduced by Rep-
resentative Anthony Gonzalez, passed the House as part of
H.R. 6395, the National Defense Authorization Act for Fiscal
Year 2021, which became Public Law 116–ll.
• An amendment similar to H.R. 6014, the Employment
Fairness for Taiwan Act of 2020, introduced by Representative
Scott Tipton, passed the House as part of H.R. 6395, the Na-
tional Defense Authorization Act for Fiscal Year 2021, which
became Public Law 116–ll.
• H.R. 6581, the Robust International Response to Pandemic
Act, introduced by Representative Chuy Garcı́a, which directed
the Secretary of Treasury to support a $3 trillion allocation of
Special Drawing Rights (SDRs) by the International Monetary
Fund to help developing countries respond to the health and
economic impacts of the COVID–19 pandemic; and to advocate
for a suspension of debt service payments by IDA countries to
the international financial institutions. An amendment that is
substantially similar to H.R. 6581, with a $2 trillion SDR allo-
cation and an additional provision directing the Treasury Sec-
retary to work to extend the current moratorium on debt serv-
ice payments by IDA countries to the G20 group of nations
until the end of 2021, passed the House of Representatives as
part of H.R. 7617, the FY2021 Consolidated Appropriations
Act,
• H.R. 5698, the Promoting Secure 5G Act of 2020, intro-
duced by Representative William Timmons, which passed the
House of Representatives on September 21, 2019. This bill re-
quires the Executive Director of each international financial in-
stitution to support institutional assistance with advanced
wireless technologies only if they provide appropriate security
for users, among other things. This measure was included as
part of H.R. 6395, the National Defense Authorization Act for
Fiscal Year 2021, which became Public Law 116–ll.
Global Poverty and Economic Inequality. On March 5, 2019,
Chairwoman Maxine Waters led a delegation of Committee Demo-
crats to the International Monetary Fund (IMF) where then-IMF
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Managing Director Christine Lagarde hosted a luncheon discussion
about the IMF’s central role in promoting global financial stability
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and its role in developing countries in particular, followed by three
briefings that discussed recent research at the IMF that showed,
respectively, how income inequality can have a negative impact on
growth; the importance of gender inclusion in sustainable growth;
and lessons learned on crisis prevention and management from the
great recession.
On September 25, 2019, at an event in the U.S. Capitol cele-
brating 75 years of U.S. leadership at the World Bank, Chair-
woman Maxine Waters praised the Bank as the world’s premier
global development institution, while outlining specific reforms she
viewed as critical to the Bank’s legitimacy and relevance.
International Financial Architecture. On April 9, 2019, the Com-
mittee held a hearing entitled ‘‘The Annual Testimony of the Sec-
retary of the Treasury on the State of the International Financial
System.’’ The Honorable Steven T. Mnuchin, Secretary, U.S. De-
partment of the Treasury was the sole witness. On May 22, 2019,
the Committee held Part II of the hearing entitled, ‘‘The Annual
Testimony of the Secretary of the Treasury on the State of the
International Financial System. The Honorable Steven T. Mnuchin,
Secretary, U.S. Department of the Treasury was the sole witness.
IMF’s 15th General Review of Quotas. During the IMF’s 15th
General Review of Quotas, the Treasury Department supported an
agreement to maintain the IMF’s overall lending resources by dou-
bling the size of the IMF’s emergency backstop fund, called the
New Arrangements to Borrow (NAB), while reducing by a similar
amount the IMF’s bilateral borrowing arrangements, which were
due to expire at the end of the year. To implement the terms of
the agreement, the Committee authorized to extend U.S. participa-
tion in the NAB through December 2025, with a doubling of the
U.S. contribution from $39 billion to $78 billion, which was initially
included as part of H.R. 6321, the ‘‘Financial Protections and As-
sistance for America’s Consumers, States, Businesses, and Vulner-
able Populations Act,’’ introduced by Chairwoman Maxine Waters
on March 23, 2020, and was subsequently adopted as part of H.R.
748, the Coronavirus Aid, Relief and Economic Security Act
(CARES Act), which passed the House on March 27, 2020, which
was enacted into law as P.L. 116–136.
World Bank Group Capital Increase. On November 13, 2019, the
Subcommittee on National Security, International Development,
and Monetary Policy held a hearing entitled, ‘‘How America Leads
Abroad: An Examination of Multilateral Development Institutions,’’
which examined the Department of Treasury’s request for Congres-
sional authorization for a general capital increase for the Inter-
national Bank for Reconstruction and Development (IBRD), the
World Bank’s middle-income lending window; and a general capital
increase for the International Finance Corporation (IFC), the World
Bank’s private sector window. The hearing addressed the role of
U.S. leadership in preserving the legitimacy of, and shaping poli-
cies at, the multilateral developments banks; areas of development
successes and shortcomings within these institutions; and opportu-
nities for American-led reform.
International Bank for Reconstruction and Development. In De-
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cember 2019, talks between the Committee and the World Bank re-
garding congressional authorization for the International Bank for
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143
Reconstruction and Development’s (IBRD) capital increase stalled
over the Bank’s plans for a controversial anti-labor indicator called
the Employing Workers Indicator (EWI) in the Bank’s annual coun-
try-ranking exercise called the Doing Business report. The EWI
had been used to advance a one-sided deregulatory view of labor
market policy and encourage governments to weaken worker pro-
tections with the purported aim of attracting foreign investment.
Although the EWI was suspended in 2010, the Doing Business
team continued to collect and publish the labor market regulation
data for each country in its annual reports, and over the past dec-
ade, an anti-labor bias to re-emerge in the report’s narratives. More
recently, Doing Business appeared to be taking steps towards re-
incorporating the EWI, and in its recent Doing Business 2020 re-
port, the authors moved the labor regulation discussion from an
annex back into the heart of the report, with its own chapter that
overwhelmingly argued against labor regulations, especially in de-
veloping countries, using the same debunked argument that led to
the indicator’s suspension a decade ago—namely, that countries
that deregulate their labor markets will achieve higher levels of job
creation. The Bank’s own independent evaluation unit found no
evidence to support such a claim and concluded that ‘‘no significant
association emerged’’ between the ‘‘Employing Workers’’ indicator
and employment.
The impasse was resolved at the Committee’s request through a
letter from World Bank President David Malpass in which he com-
mitted not only to not reinstate the indicator but also to remove
all country labor market regulation data from the annual report,
which would effectively make the ten-year suspension of the EWI
permanent, With this commitment for a major policy reform, Chair-
woman Waters moved the authorization for IBRD’s capital increase
as part of H.R 1865, the ‘‘Further Consolidated Appropriations Act,
2020,’’ which became Public Law 116–94.
International Finance Corporation. On January 25, 2020, Chair-
woman Maxine Waters met with IFC CEO Philippe L’Houerou to
discuss the IFC’s capital increase request and a package of reforms
that the Chairwoman said would be an integral part of the capital
increase request process.
Authorization for the U.S. to support a capital increase for the
International Finance Corporation (IFC) was originally included as
part of H.R. 6321, the ‘‘Financial Protections and Assistance for
America’s Consumers, States, Businesses, and Vulnerable Popu-
lations Act,’’ introduced by Chairwoman Maxine Waters on March
23, 2020, and the authorization passed the House as part of H.R.
748, the Coronavirus Aid, Relief and Economic Security Act
(CARES Act), which became Public Law 116–136. The authoriza-
tion was linked to an agreement with the World Bank Group to im-
plement a package of reforms advanced by the Chairwoman, in-
cluding enhanced human rights assessments for IFC’s investments
in Burma; greater transparency and a move to increase the use of
competitive bidding for public subsidies; a freeze on IFC’s invest-
ment in commercial for-profit K–12 schools; concrete commitments
with respect to transparency and public participation in the IFC’s
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review of its accountability mechanism; and public disclosure of
basic project information for all IFC’s high-risk projects and many
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of its substantial-risk projects that are channeled through commer-
cial banks and other financial intermediary clients, which have
long been some of the most opaque forms of IFC lending.
Replenishments of the International Development Association
(IDA) and the African Development Fund (AfDF). On November 13,
2019, the Subcommittee on National Security, International Devel-
opment, and Monetary Policy held a hearing entitled, ‘‘How Amer-
ica Leads Abroad: An Examination of Multilateral Development In-
stitutions,’’ which addressed issues relating to the IDA and the
AfDF. The following authorizations were initially introduced in
H.R. 6327, by Representative Cleaver on March 23, 2020 and were
also included in H.R. 6321, the ‘‘Financial Protections and Assist-
ance for America’s Consumers, States, Businesses, and Vulnerable
Populations Act,’’ introduced by Chairwoman Maxine Waters on
March 23, 2020: authorizations for the United States to participate
in the 19th replenishment of the International Development Asso-
ciation (IDA–15)19); the fifteenth replenishment of the African De-
velopment Fund (AfDF–15); and the 7th general capital increase
for the African Development Bank. These authorizations were in-
cluded in H.R. 748, the Coronavirus Aid, Relief and Economic Secu-
rity Act (CARES Act, which became Public Law 116–136).
The International Development Association (IDA) and the Inter-
national Finance Corporation (IFC). On July 25, 2019, Chairwoman
Maxine Waters met with then-World Bank Group CEO Kristalina
Georgieva and International Finance Corporation (IFC) Chief Oper-
ating Officer Stephanie von Friedeburg to discuss her concerns
about the lack of transparency and competitive bids with respect
to subsidies the IFC was giving to its private-sector clients with re-
sources from the International Development Association (IDA), the
arm of the World Bank that provides assistance to the world’s poor-
est countries. In response, the IFC announced that as of October
1, 2019, the IFC would publicly disclose the estimated subsidy for
each proposed Private Sector Window project along with a justifica-
tion for why the subsidy is necessary, though the IFC did not move
towards a competitive approach with respect to subsidized financ-
ing to private firms. On November 13, 2019, the Subcommittee on
National Security, International Development, and Monetary Policy
held a hearing entitled, ‘‘How America Leads Abroad: An Examina-
tion of Multilateral Development Institutions,’’ which addressed
issues relating to the flow of resources from IDA to the IFC.
On September 19, 2019, Chairwoman Maxine Waters met with
the three executive directors representing Sub-Saharan Africa on
the World Bank’s Board to hear the perspective of borrowing coun-
tries with respect to the use of public IDA resources to subsidize
the private sector.
On September 24, 2020, Chairwoman Maxine Waters and Sen-
ator Patrick Leahy wrote to the Government Accountability Office
(GAO) requesting the GAO to analyze and review the long-term
sustainability of the financing model of the International Develop-
ment Association (IDA), which recently adopted a new financing
framework that marked a fundamental shift in IDA’s approach to
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mobilizing resources by introducing market debt into its funding
mix.
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145
North American Development Bank. On September 20, 2019, the
Committee favorably reported an Amendment in the Nature of a
Substitute to H.R. 132, the ‘‘North American Development Bank
Improvement Act of 2019,’’ introduced by Representative Henry
Cuellar, which authorized U.S. participation in the first general
capital increase for the North American Development Bank since
its creation in 1994. H.R. 132 was enacted into law as part of the
United States-Mexico-Canada Agreement Implementation Act,
which became Public Law 116–113.
Food Security and Climate Finance. On September 11, 2019, the
Subcommittee on National Security, International Development,
and Monetary Policy held a hearing entitled, ‘‘Examining the Mac-
roeconomic Impacts of a Changing Climate,’’ which examined,
among other issues, how the poorest countries globally will be more
heavily impacted by climate change, and the importance of U.S. en-
gagement in multilateral fora, especially at the World Bank, where
U.S. leadership could move the Bank towards more clean energy
projects.
Developing Countries at Risk of Debt Distress. Members of the
Committee offered the following legislation related to developing
countries at risk of debt distress:
• Representative Jesus ‘‘Chuy’’ Garcı́a and Chairwoman
Maxine Waters offered an amendment based on H.R. 6581, the
‘‘Robust International Response to Pandemic Act,’’ introduced
by Representative Jesus ‘‘Chuy’’ Garcı́a, directing the Secretary
of Treasury to support a $2 trillion allocation of Special Draw-
ing Rights at the International Monetary Fund to help devel-
oping countries respond to the health and economic impacts of
the COVID–19 pandemic; to advocate for a suspension of debt
service payments by IDA countries to the international finan-
cial institutions; and to work to extend the current moratorium
on debt service payments by IDA countries to the G20 group
of nations until the end of 2021. The amendment passed the
House as part of H.R. 7617, the second FY2021 Consolidated
Appropriations Act, on July 31, 2020, and again on October 1,
2020, as part of H.R. 925.
• H.R. 5932, the ‘‘Ensuring Chinese Debt Transparency Act
of 2020,’’ introduced by Representative French Hill, which
passed the House of Representatives on March 2, 2020. A sub-
stantially similar amendment passed the House as part of H.R.
6395, the National Defense Authorization Act for Fiscal Year
2021, which became Public Law 116–ll.
On April 24, 2019, Chairwoman Maxine Waters traveled to Haiti
to review issues related to debt distress and forgiveness in devel-
oping countries and its impact on international financial stability.
Global capital flows. The Committee continued to monitor the
flow of capital globally, the distortions in capital flows associated
with global imbalances, and U.S. and multilateral polices on the
regulation of capital flows.
Trade in Financial Services. The Committee monitored the Ad-
ministration’s international economic policies, including its efforts
to rebalance the U.S. economic relationship with China; the impact
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of U.S. tariffs on China on the U.S. economy; implementation of the
U.S.-Mexico-Canada Trade Agreement; and the ongoing trade talks
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146
between the U.S. and the UK, especially in the area of financial
services, particularly through a hearing by the Full Committee en-
titled ‘‘The Annual Testimony of the Secretary of the Treasury on
the State of the International Financial System’’ on April 9, 2019
and May 22, 2019.
Brexit. The Committee monitored the United Kingdom’s with-
drawal from the European Union, including its potential impact on
the U.S. and global economy, transatlantic cooperation on economic
and security issues including sanctions, counterterrorism efforts,
and regulatory convergence between U.S. and foreign jurisdictions,
particularly through a hearing by the Full Committee entitled ‘‘The
Annual Testimony of the Secretary of the Treasury on the State of
the International Financial System’’ on April 9, 2019 and May 22,
2019.
Exchange Rates. The Committee monitored international ex-
change rate developments, including the Administration’s designa-
tion of China as a currency manipulator in 2019 and its justifica-
tion for such a designation, particularly through its oversight of
U.S. participation in the International Monetary Fund and the
Treasury Department’s analysis of exchange rate policies of major
U.S. trading partners.
Export-Import Bank of the United States. On June 4, 2019, the
Committee held a hearing entitled ‘‘Promoting American Jobs: Re-
authorization of the U.S. Export-Import Bank’’ to solicit views from
a range of stakeholders on legislation to renew the operating char-
ter of the Export-Import Bank of the United States.
On November 8, 2019, the Committee reported, as amended,
H.R. 4863, the United States Export Finance Agency Act of 2019,
introduced by Chairwoman Maxine Waters, which subsequently
passed the House of Representatives on November 15, 2019. H.R.
4863 renewed the operating charter of the Export-Import Bank for
10 years, increased the Bank’s statutory lending authority from
$135 billion to $175 billion over a ten-year period, re-designated
the Bank as the United States Export Finance Agency, and made
several reforms to modernize its practices. Provisions of that legis-
lation were incorporated into H.R. 1865, the ‘‘Further Consolidated
Appropriations Act, 2020,’’ which became Public Law 116–94.
Extractive Industries. On March 12, 2020, Chairwoman Maxine
Waters led a letter, also signed by two other committee chairs and
several subcommittee chairs, urging the SEC to strike a better bal-
ance between meeting the requirements of the CRA while also
meaningfully fulfilling the Congressional intent of section 1504.
Supply Chain Due Diligence. The Committee continued to mon-
itor implementation of Section 1502 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act), which re-
quires companies listed on U.S. exchanges that use ‘‘conflict min-
erals’’ ’ from the Democratic Republic of Congo and the surrounding
region to carry out due diligence checks on their supply chains to
determine if their purchases are fueling conflict in Congo, and to
publicly report their findings.
The Committee held the following hearings on this matter:
• On June 25, 2020, the Subcommittee on Investor Protec-
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tion, Entrepreneurship, and Capital Markets held a hearing
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147
entitled, ‘‘Capital Markets and Emergency Lending in the
COVID–19 Era.’’
The Committee held the following roundtables on this matter:
• On May 26, 2020, the Subcommittee on Investor Protec-
tion, Entrepreneurship, and Capital Markets held a virtual
roundtable entitled, ‘‘Examining the Impacts of the COVID–19
Pandemic on U.S. Capital Markets.’’ This bipartisan round-
table examined the impacts of COVID–19 on U.S. capital mar-
kets.
DIVERSITY AND INCLUSION
Diversity Data. The Committee held the following hearings re-
lated to diversity data:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘An Overview of Diversity Trends in the Financial
Services Industry’’ on February 27, 2019, which examined
trends in diversity in the financial services industry, including
gender and racial diversity at management levels and among
potential talent pools. The hearing also explored challenges
identified by financial services firms to increase workforce di-
versity and practices that firms have used to address such
challenges.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled,‘‘A Review of Diversity and Inclusion at America’s
Large Banks’’ on February 12, 2020, which reviewed the find-
ings and recommendations of a report prepared by the Majority
staff of the Committee on Financial Services entitled, ‘‘Diver-
sity and Inclusion: Holding America’s Large Banks Account-
able,’’ examining the diversity and inclusion practices of the
largest financial institutions in the U.S.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled,‘‘Holding Financial Regulators Accountable for Di-
versity and Inclusion: Perspectives from the Offices of Minority
and Women Inclusion’’ on September 8, 2020 which examined
the role of the OMWIs in tracking diversity and inclusion per-
formance inside their respective agencies and among their reg-
ulated entities.
The Committee considered the following legislation related to di-
verse data:
• H.R. 281, the Ensuring Diverse Leadership Act, introduced
by Representative Joyce Beatty, which passed the House of
Representatives on September 10, 2019. This bill would require
federal reserve banks to interview at least one individual re-
flective of gender diversity and at least one reflective of racial
or ethnic diversity when appointing federal reserve bank presi-
dents.
• H.R. 1018, Improving Corporate Governance Through Di-
versity Act, introduced by Representative Gregory Meeks,
which would require public companies to annually disclose the
voluntarily, self-identified gender, race, ethnicity and veteran
status of their board directors, nominees, and senior executive
officers. Among other requirements, the SEC Office of Minority
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and Women Inclusion would publish best practices for compli-
ance with diversity disclosures.
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148
• H.R. 3279, Diversity in Corporate Leadership Act, intro-
duced by Representative Carolyn Maloney, which would affirm-
atively require issuers to specifically disclose to shareholders
with respect to the gender, racial, and ethnic diversity of their
board of directors, among other things.
• H.R. 5084, Improving Corporate Governance Through Di-
versity Act of 2019, introduced by Representative Gregory
Meeks, which passed the House of Representatives on Novem-
ber 11, 2019. This bill would require public companies to annu-
ally disclose the voluntarily, self-identified gender, race, eth-
nicity and veteran status of their board directors, nominees,
and senior executive officers. Among other requirements, the
SEC OMWI would publish best practices for compliance with
diversity disclosures.
The Committee sent the following letters related to this matter:
• On January 14, 2020, Chairwoman Maxine Waters and
Representative Joyce Beatty sent a letter to the Securities and
Exchange Commission expressing concerns about the continued
lack of ethnic and racial diversity on its advisory committees
and requested information about the agency’s advisory member
selection process, including verification of the demographic in-
formation for its advisory committee members.
• On May 3, 2019 and June 5, 2019, Chairwoman Maxine
Waters and Representative Joyce Beatty requested 44 bank
holding companies to respond to questions about their diversity
and inclusion data and policies.
On February 12, 2020, the Committee released its report ‘‘Diver-
sity and Inclusion: Holding America’s Large Banks Accountable,’’
based on data provided from financial institutions on their diver-
sity demographics, policies, and behavior with regard to diversity
and inclusion. The Committee found that overall banks were not
diverse and remain mostly white and male, particularly among
their senior employee ranks and board members.
Offices of Minority and Women Inclusion (OMWIs). The Sub-
committee on Diversity and Inclusion held a hearing entitled,
‘‘Holding Financial Regulators Accountable for Diversity and Inclu-
sion: Perspectives from the Offices of Minority and Women Inclu-
sion’’ on September 8, 2020, which examined the role of the OMWIs
in tracking diversity and inclusion performance inside their respec-
tive agencies and among their regulated entities.
Workforce, Supplier, and Business Diversity Efforts Within Agen-
cies and their Regulated Entities. The Subcommittee on Diversity
and Inclusion held the following hearings related to this matter:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Promoting Inclusion: Examining the Need for Di-
versity Practices for America’s Changing Workforce’’ on Octo-
ber 17, 2019, which discussed creating an inclusive culture for
their employees, with a focus on promotion and retention of fe-
male and minority talent. Additionally, the hearing examined
best practices to increase the representation of women and peo-
ple of color in the workforce, especially in the senior manage-
ment and executive ranks.
• The Subcommittee on Diversity and Inclusion held a hear-
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ing entitled, ‘‘Diverse Asset Managers: Challenges, Solutions
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and Opportunities for Inclusion’’ on June 25, 2019, which ex-
plored the challenges minority- and women-owned firms face in
the asset management industry, and discussed legislation to
increase the use of diverse asset managers by institutional in-
vestors.
On September 10, 2019, the House of Representatives passed
H.R. 281, the Ensuring Diverse Leadership Act, introduced by Rep-
resentative Joyce Beatty, which would require federal reserve
banks to interview at least one individual reflective of gender di-
versity and at least one reflective of racial or ethnic diversity when
appointing federal reserve bank presidents.
On April 10, 2019, Chairwoman Maxine Waters, Representative
Joyce Beatty, Representative Gregory Meeks, and Senator Cory
Booker sent a letter to the Federal Retirement Thrift Investment
Board expressing concerns on the lack of inclusion of minority- and
women-owned firms utilized in Thrift Savings Plan and updates on
how the Board implemented diversity practices.
Recruitment, Retention and Promotion. The Committee held the
following hearings on this matter:
• The Full Committee held a hearing entitled, ‘‘Diversity in
the Boardroom: Examining Proposals to Increase the Diversity
of America’s Boards’’ on June 20, 2019, which examined op-
tions for diversifying the gender, racial and ethnic composition
of corporate and federal boards.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Promoting Inclusion: Examining the Need for Di-
versity Practices for America’s Changing Workforce,’’ on Octo-
ber 17, 2019 which discussed creating an inclusive culture for
their employees, with a focus on promotion and retention of fe-
male and minority talent. Additionally, the hearing examined
best practices to increase the representation of women and peo-
ple of color in the workforce, especially in the senior manage-
ment and executive ranks.
The Committee considered the following legislation on this mat-
ter:
• H.R. 281, the Ensuring Diverse Leadership Act, introduced
by Representative Joyce Beatty, which passed the House of
Representatives on September 10, 2019. This bill would require
federal reserve banks to interview at least one individual re-
flective of gender diversity and at least one reflective of racial
or ethnic diversity when appointing federal reserve bank presi-
dents.
• H.R. 1018, Improving Corporate Governance Through Di-
versity Act, introduced by Representative Gregory Meeks,
which would require public companies to annually disclose the
voluntarily, self-identified gender, race, ethnicity and veteran
status of their board directors, nominees, and senior executive
officers. Among other requirements, the SEC Office of Minority
and Women Inclusion would publish best practices for compli-
ance with diversity disclosures.
• H.R. 3279, Diversity in Corporate Leadership Act, intro-
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duced by Representative Carolyn Maloney, which would affirm-
atively require issuers to specifically disclose to shareholders
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150
with respect to the gender, racial, and ethnic diversity of their
board of directors, among other things.
• H.R. 5084, Improving Corporate Governance Through Di-
versity Act of 2019, introduced by Representative Gregory
Meeks, which passed the House of Representatives on Novem-
ber 11, 2019, would require public companies to annually dis-
close the voluntarily, self-identified gender, race, ethnicity and
veteran status of their board directors, nominees, and senior
executive officers. Among other requirements, the SEC OMWI
would publish best practices for compliance with diversity dis-
closures.
The Rooney Rule. The Committee held the following hearings on
this matter:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Good for the Bottom Line: A Review of the Busi-
ness Case for Diversity and Inclusion’’ on May 1, 2019, which
examined data and research about the social and economic
benefits that can be achieved when organizations implement
robust diversity and inclusion strategies. The hearing also ex-
plored financial services industry and other organizational ex-
amples of successful diversity and inclusion initiatives.
• The Committee held a hearing entitled, ‘‘Diversity in the
Boardroom: Examining Proposals to Increase the Diversity of
America’s Boards’’ on June 20, 2019, which examined options
for diversifying the gender, racial and ethnic composition of
corporate and federal boards.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Diverse Asset Managers: Challenges, Solutions
and Opportunities for Inclusion’’ on June 25, 2019, which ex-
plored the challenges minority- and women-owned firms face in
the asset management industry, and discussed legislation to
increase the use of diverse asset managers by institutional in-
vestors.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Promoting Inclusion: Examining the Need for Di-
versity Practices for America’s Changing Workforce’’ on Octo-
ber 17, 2019, which discussed creating an inclusive culture for
their employees, with a focus on promotion and retention of fe-
male and minority talent. Additionally, the hearing examined
best practices to increase the representation of women and peo-
ple of color in the workforce, especially in the senior manage-
ment and executive ranks.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Access Denied: Challenges for Women- and Mi-
nority-Owned Businesses Accessing Capital and Financial
Services During the Pandemic’’ on July 9, 2020, which dis-
cussed the unique challenges and inequities minority- and
women-owned business enterprises (MWBEs) have historically
faced when accessing capital, with a particular emphasis on
how those challenges are exacerbated during the COVID–19
pandemic.
• The Subcommittee on Diversity and Inclusion held a hear-
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ing entitled, ‘‘Holding Financial Regulators Accountable for Di-
versity and Inclusion: Perspectives from the Offices of Minority
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151
and Women Inclusion’’ on September 8, 2020, which examined
the role of the OMWIs in tracking diversity and inclusion per-
formance inside their respective agencies and among their reg-
ulated entities.
On September 10, 2019, the House of Representatives passed
H.R. 281, the Ensuring Diverse Leadership Act, introduced by Rep-
resentative Joyce Beatty, which would require federal reserve
banks to interview at least one individual reflective of gender di-
versity and at least one reflective of racial or ethnic diversity when
appointing federal reserve bank presidents.
Vendor, Contractor, and Business Diversity. The Committee held
the following hearings on this matter:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Good for the Bottom Line: A Review of the Busi-
ness Case for Diversity and Inclusion’’ on May 1, 2019, which
examined data and research about the social and economic
benefits that can be achieved when organizations implement
robust diversity and inclusion strategies. The hearing also ex-
plored financial services industry and other organizational ex-
amples of successful diversity and inclusion initiatives.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Diverse Asset Managers: Challenges, Solutions
and Opportunities for Inclusion’’ on June 25, 2019, which ex-
plored the challenges minority- and women-owned firms face in
the asset management industry, and discussed legislation to
increase the use of diverse asset managers by institutional in-
vestors.
On April 10, 2019 Chairwoman Maxine Waters, Representative
Joyce Beatty, Representative Gregory Meeks, and Senator Cory
Booker sent a letter to the Federal Retirement Thrift Investment
Board expressing concerns on the lack of inclusion of minority- and
women-owned firms utilized in Thrift Savings Plan and updates on
how the Board implemented diversity practices.
Financial and Economic Inclusion. The Committee held the fol-
lowing hearings on this matter:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Examining the Racial and Gender Wealth Gap in
America’’ on September 24, 2019 which examined the state of
the racial and gender wealth divide in America and explore
policy and industry solutions to improve wealth building oppor-
tunities for women and minorities.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Access Denied: Challenges for Women- and Mi-
nority-Owned Businesses Accessing Capital and Financial
Services During the Pandemic’’ on July 9, 2020, which dis-
cussed the unique challenges and inequities minority- and
women-owned business enterprises (MWBEs) have historically
faced when accessing capital, with a particular emphasis on
how those challenges are exacerbated during the COVID–19
pandemic.
On July 9, 2019, the House passed H.R. 2162, Housing Financial
Literacy Act of 2019, introduced by Representative Joyce Beatty,
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which gives first-time homebuyers who complete a Department of
Housing and Urban Development-certified counseling course a dis-
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count on their Federal Housing Administration mortgage insurance
premium.
Wealth, Income Inequality, and Income Mobility. The Sub-
committee on Diversity and Inclusion held a hearing entitled, ‘‘Ex-
amining the Racial and Gender Wealth Gap in America’’ on Sep-
tember 24, 2019, which examined the state of the racial and gender
wealth divide in America and explore policy and industry solutions
to improve wealth building opportunities for women and minorities.
Public Companies. The Committee held the following hearings
related to public companies:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Good for the Bottom Line: A Review of the Busi-
ness Case for Diversity and Inclusion’’ on May 1, 2019, which
examined data and research about the social and economic
benefits that can be achieved when organizations implement
robust diversity and inclusion strategies. The hearing also ex-
plored financial services industry and other organizational ex-
amples of successful diversity and inclusion initiatives.
• The Committee held a hearing entitled, ‘‘Diversity in the
Boardroom: Examining Proposals to Increase the Diversity of
America’s Boards’’ on June 20, 2019, which examined options
for diversifying the gender, racial and ethnic composition of
corporate and federal boards.
The Committee considered the following legislation:
• H.R. 1018, Improving Corporate Governance Through Di-
versity Act, introduced by Representative Gregory Meeks,
which would require public companies to annually disclose the
voluntarily, self-identified gender, race, ethnicity and veteran
status of their board directors, nominees, and senior executive
officers. Among other requirements, the SEC Office of Minority
and Women Inclusion would publish best practices for compli-
ance with diversity disclosures.
• H.R. 3279, Diversity in Corporate Leadership Act, intro-
duced by Representative Carolyn Maloney, which would affirm-
atively require issuers to specifically disclose to shareholders
with respect to the gender, racial, and ethnic diversity of their
board of directors, among other things.
• H.R. 5084, Improving Corporate Governance Through Di-
versity Act of 2019, introduced by Representative Gregory
Meeks, which passed the House of Representatives on Novem-
ber 11, 2019. This bill would require public companies to annu-
ally disclose the voluntarily, self-identified gender, race, eth-
nicity and veteran status of their board directors, nominees,
and senior executive officers. Among other requirements, the
SEC OMWI would publish best practices for compliance with
diversity disclosures.
Diverse Entrepreneurs and Access to Capital. The Committee
held the following hearings related to diverse entrepreneurs and
access to capital:
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Diverse Asset Managers: Challenges, Solutions
and Opportunities for Inclusion’’ on June 25, 2019 which ex-
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plored the challenges minority- and women-owned firms face in
the asset management industry, and discussed legislation to
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153
increase the use of diverse asset managers by institutional in-
vestors.
• The Subcommittee on Diversity and Inclusion held a hear-
ing entitled, ‘‘Access Denied: Challenges for Women- and Mi-
nority-Owned Businesses Accessing Capital and Financial
Services During the Pandemic’’ on July 9, 2020, which dis-
cussed the unique challenges and inequities minority- and
women-owned business enterprises have historically faced
when accessing capital, with a particular emphasis on how
those challenges are exacerbated during the COVID–19 pan-
demic.
• On July 23, 2020, the Full Committee held a hearing enti-
tled, ‘‘The Heroes Act: Providing for a Strong Economic Recov-
ery from COVID–19,’’ to review the provisions of H.R. 6800,
the Heroes Act that would help consumers as well as small and
minority-owned businesses during the COVID–19 emergency.
Minority Depository Institution (MDIs). The Committee will mon-
itor the federal financial regulators’ compliance with the goals
under Section 308 of the Financial Institutions Reform, Recovery,
and Enforcement Act (FIRREA) and may consider other ways to
further support MDIs.
The Subcommittee on Consumer Protection and Financial Insti-
tutions held three hearings concerning MDIs and CDFIs:
• October 22, 2019, the Subcommittee held a hearing enti-
tled ‘‘An Examination of the Decline of Minority Depository In-
stitutions and the Impact on Underserved Communities.’’
• November 20, 2019, the Subcommittee held a hearing enti-
tled ‘‘An Examination of Regulators’’ Efforts to Preserve and
Promote Minority Depository Institutions.’’
• June 3, 2020, the Subcommittee held a hearing entitled
‘‘Promoting Inclusive Lending During the Pandemic: Commu-
nity Development Financial institutions and Minority Deposi-
tory Institutions.’’
On September 21, 2020, the House of Representatives passed
H.R. 5322, the ‘‘Ensuring Diversity in Community Banking Act of
2020’’ by voice vote.
Additionally, the Staff engaged extensively with MDIs through
stakeholder calls and meetings, both in-person and virtual. Specifi-
cally, this engagement focused on how MDIs serve low-income, un-
derserved communities and small minority-owned businesses; the
need for increased capital investments; and how MDIs served their
customers during the COVID–19 pandemic.
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DELINEATION OF COMMITTEE OVERSIGHT ACTIVITY
PURSUANT TO CLAUSE 2 OF RULE XI
DELINEATION 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 Representa-
tives requires that the Committee delineate any hearings held pur-
suant to clause 2(n) of Rule XI (relating to waste, fraud, abuse, or
mismanagement in government programs authorized by the Com-
mittee), clause 2(o) of Rule XI (relating to instances in which audi-
tors 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 re-
quirement of clause 1(d) of Rule XI:
Serial No. Title (Full Committee unless otherwise specified) Date(s)
116–4 ............. Monetary Policy and the State of the Economy ...................... February 27, 2019
116–6 ............. Putting Consumers First? A Semi-Annual Review of the Con- March 7, 2019
sumer Financial Protection Bureau.
116–7 ............. Holding Megabanks Accountable: An Examination of Wells March 12, 2019
Fargo’s Pattern of Consumer Abuses.
116–17 ........... The Annual Testimony of the Secretary of the Treasury on April 9, 2019 AND May 22, 2019
the State of the International Financial System, Parts I
and II.
116–18 ........... Holding Megabanks Accountable: A Review of Global Sys- April 10, 2019
temically Important Banks 10 Years After the Financial
Crisis.
116–26 ........... Oversight of Prudential Regulators: Ensuring the Safety, May 16, 2019
Soundness, and Accountability of Megabanks and Other
Depository Institutions.
116–38 ........... Monetary Policy and the State of the Economy ...................... July 10, 2019
116–50 ........... Oversight of the Securities and Exchange Commission: Wall September 24, 2019
Street’s Cop on the Beat.
116–56 ........... Who is Standing Up for Consumers? A Semi-Annual Review October 16, 2019
of the Consumer Financial Protection Bureau.
116–70 ........... Oversight of Prudential Regulators: Ensuring the Safety, December 4, 2019
Soundness, Diversity, and Accountability of Depository In-
stitutions.
116–83 ........... Protecting Consumers or Allowing Consumer Abuse? A Semi- February 6, 2020
Annual Review of the Consumer Financial Protection Bu-
reau.
116–85 ........... Monetary Policy and the State of the Economy ...................... February 11, 2020
116–91 ........... Holding Wells Fargo Accountable: CEO Perspectives on Next March 10, 2020
Steps for the Bank That Broke America’s Trust.
116–92 ........... Holding Wells Fargo Accountable: Examining the Role of the March 11, 2020
Board of Directors in the Bank’s Egregious Pattern of
Consumer Abuses.
116–97 ........... Virtual Hearing: Monetary Policy and the State of the Econ- June 17, 2020
omy.
116–99 ........... Hybrid Hearing: Oversight of the Treasury Department’s and June 30, 2020
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Serial No. Title (Full Committee unless otherwise specified) Date(s)
116–106 ......... Hybrid Hearing: Protecting Consumers During the Pandemic? July 30, 2020
An Examination of the Consumer Financial Protection Bu-
reau.
116–109 ......... Virtual Hearing: Prioritizing Fannie’s and Freddie’s Capital September 16, 2020
Over America’s Homeowners and Renters? A Review of
the Federal Housing Finance Agency’s Response to the
COVID–19 Pandemic.
116–111 ......... Hybrid Hearing: Oversight of the Treasury Department’s and September 22, 2020
Federal Reserve’s Pandemic Response.
116–113 ......... Virtual Hearing: Oversight of Prudential Regulators: Ensuring November 12, 2020
the Safety, Soundness, Diversity, and Accountability of
Depository Institutions During the Pandemic.
116–115 ......... Hybrid Hearing: Oversight of the Treasury Department’s and December 2, 2020
Federal Reserve’s Pandemic Response.
116–11 ........... The Administration of Disaster Recovery Funds in the Wake March 26, 2019 O&I
of Hurricanes Harvey, Irma, and Maria.
116–53 ........... Protecting Seniors: A Review of the FHA’s Home Equity Con- September 25, 2019 HCDI
version Mortgage (HECM) Program).
116–72 ........... An Examination of the Federal Housing Administration and December 5, 2019 HCDI
Its Impact on Homeownership in America.
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APPENDIX I—COMMITTEE LEGISLATION
APPENDIX I—COMMITTEE LEGISLATIVE REPORTS
Bill No. H. Rept. No. Title
H.R.1500 ................. 116–57 .................. Consumers First Act
H.R. 3893 ................ 116–60 .................. Kleptocracy Asset Recovery Rewards Act
H.R. 1595 ................ 116–104 ................ Safe Banking Act of 22019
H.R. 1815 ................ 116–123 ................ SEC Disclosure Effectiveness Testing Act
H.R. 1856 ................ 116–137 ................ Ending Homelessness Act of 2019
H.R. 3018 ................ 116–185 ................ Ensuring Equal Access to Shelter Act of 2019
H.R. 2763 ................ 116–196 ................ Keeping Families Together Act of 2019
H.R. 3154 ................ 116–197 ................ Homeownership for Dreamers Act
H.R. 3620 ................ 116–198 ................ Strategy and Investment in Rural Housing Preservation Act of 2019
H.R. 2534 ................ 116–219 ................ Insider Trading Prohibition Act
H.R. 3624 ................ 116–220 ................ Outsourcing Accountability Act of 2019
H.R. 2513 ................ 116–227 ................ Corporate Transparency Act of 2019
H.R. 2514 ................ 116–245 ................ COUNTER Act of 2019
H.R. 3111 ................ 116–261 ................ National Flood Insurance Program Administrative Reform Act of 2019
H.R. 3167 ................ 116–262 ................ National Flood Insurance Reauthorization Act of 2019
H.R. 4863 ................ 116–271 ................ United States Export Finance Agency Act of 2019
H.R. 3141 ................ 116–282 ................ FHA Loan Affordability Act of 2019
H.R. 3614 ................ 116–305 ................ Restricting Credit Checks for Employment Discrimination Act
H.R. 3618 ................ 116–306 ................ Free Credit Scores for Consumers Act of 2019
H.R. 3629 ................ 116–307 ................ Clarity in Credit Score Formation Act of 2019
H.R. 3621 ................ 116–331 ................ Student Borrower Credit Improvement Act
H.R. 4242 ................ 116–336 ................ Greater Accountability in Pay Act
H.R. 4320 ................ 116–337 ................ Corporate Management Accountability Act of 2019
H.R. 3622 ................ 116–362 ................ Restoring Unfairly Impaired Credit and Protecting Consumers Act
H.R. 3642 ................ 116–363 ................ Improving Credit Reporting for All Consumers Act
H.R. 4329 ................ 116–365 ................ ESG Disclosure Simplification Act
H.R. 3701 ................ 116–399 ................ Strengthening Fraud Protection Provisions for SEC Enforcement Act of 2019
H.R. 3641 ................ 116–410 ................ Stronger Enforcement of Civil Penalties Act of 2019
H.R. 5332 ................ 116–416 ................ Protecting Your Credit Score Act of 2019
H.R. 3490 ................ 116–418 ................ Ending Debt Collection Harassment Act of 2019
H.R. 3623 ................ 116–563 ................ Climate Risk Disclosure Act of 2019
H.R. 5929 ................ 116–632 ................ Shareholder Political Transparency Act of 2020
H.R.1731 ................. 116–633 ................ Cybersecurity Disclosure Act of 2019
H.R. 5930 ................ 116–634 ................ Workforce Investment Disclosure Act of 2020
H.R. 4328 ................ 116–635 ................ Protecting Innocent Consumers Affected by a Shutdown Act
H.R. 5001 ................ 116–638 ................ Non-Judicial Foreclosure Debt Collection Clarification Act
H.R. 5330 ................ 116–653 ................ Consumer Protection for Medical Debt Collections Act
H.R. 4403 ................ 116–654 ................ Stop Debt Collection Abuse Act of 2019
H.R. 5013 ................ 116–656 ................ Small Business Fair Debt Collection Protection Act
H.R. 3948 ................ 116–658 ................ Debt Collection Practices Harmonization Act
H.R. 123 .................. 116–663 ................ Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act
H.R. 149 .................. 116–664 ................ Housing Fairness Act of 2020
H.R. 4545 ................ 116–682, Part 1 ... Private Loan Disability Discharge Act of 2019
H.R. 5187 ................ 116–686 ................ Housing as Infrastructure Act of 2019
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APPENDIX II—PUBLIC LAWS
APPENDIX II—PUBLIC LAWS
This table lists measures which contained matters within the ju-
risdiction of the Committee on Financial Services which were en-
acted into law during the 116th Congress.
Public Law No. Bill No. Title
116–11 .................. S.1693/H.R. 2578 .. National Flood Insurance Program Extension Act of 2019
116–25 .................. H.R. 3151 .............. Taxpayer First Act
116–33 .................. S.1749/H.R. 1988 .. Protecting Affordable Mortgages for Veterans Act
116–68 .................. H.R. 1396 .............. Hidden Figures Congressional Gold Medal Act
116–92 .................. S.1790 ................... National Defense Authorization Act for Fiscal Year 2020, which includes H.R.
4804, Otto Warmbier North Korea Nuclear Sanctions Act of 2019
116–94 .................. H.R. 1865 .............. Further Consolidated Appropriations Act, 2020, which includes the following
measures, as amended or revised:
• H.R. 4634, Terrorism Risk Insurance Program Reauthorization Act of
2019, as amended
• H.R. 4863, United States Export Finance Agency Act of 2019, as amend-
ed
116–112 ................ S.457/H.R. 1173 .... President George H.W. Bush and First Spouse Barbara Bush Coin Act
116–113 ................ H.R. 5430 .............. United States-Mexico-Canada Implementation Act, which includes H.R. 132,
the North American Development Bank Improvement Act, as amended.
116–125 ................ H.R. 5671 .............. Merchant Mariners of World War II Congressional Gold Medal Act
116–136 ................ H.R. 748 ................ CARES Act, which includes the following measures, as amended or revised:
• H.R. 6319, To establish a Congressional COVID–19 Aid Oversight Panel
and for other purposes
• H.R. 6321, Financial Protection and Assistance for America’s Consumers,
States, Businesses, and Vulnerable Populations Act, as amended
• H.R. 6327, To authorize United States participation in, and contributions
to, the Nineteenth Replenishment of the resources of the International De-
velopment Association, the Fifteenth Replenishment of the resources of the
African Development Fund, and the seventh capital increase of the African
Development Bank
• H.R. 6340, To provide for mortgage forbearance during the COVID–19
emergency, and for other purposes
• H.R. 6358, To authorize supplemental appropriations for fiscal year 2020
for community development block grants, and for other purposes
• H.R. 6373, To increase the amount available under the Defense Produc-
tion Act of 1950 to respond to the coronavirus epidemic, and for other pur-
poses
• H.R. 6380, To temporarily provide for Federal insurance of transaction
accounts during the COVID–19 emergency
• H.R. 6382, Fair Housing Enforcement Emergency Act of 2020
116–149 ................ H.R. 7440 .............. Hong Kong Autonomy Act
116–152 ................ H.R. 1957 .............. Great American Outdoors Act
116–170 ................ S. 743/H.R. 906 .... Merrill’s Marauders Congressional Gold Medal Act
116–195 ................ H.R. 1773 .............. Rosie the Riveter Congressional Gold Medal Act of 2019
116–208 ................ H.R. 3589 .............. Greg Lemond Congressional Gold Medal Act
116–209 ................ H.R. 4104 .............. Negro Leagues Baseball Centennial Commemorative Coin Act
116–222 ................ S. 945/H.R. 7000 .. Holding Foreign Companies Accountable Act
116–247 ................ H.R. 1830 .............. National Purple Heart Hall of Honor Commemorative Coin Act
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Public Law No. Bill No. Title
116– ...................... H.R. 133 ................ Consolidated Appropriations Act, 2021, including the following measures, as
amended or revised:
• H.R. 1690, Carbon Monoxide Alarms Leading Every Resident To Safety Act
of 2019
• H.R. 2919, Improving Investment Research for Small and Emerging
Issuers Act
• H.R. 3050, Expanding Investment in Small Businesses Act of 2019
• H.R. 4300, Fostering Stable Housing Opportunities Act of 2019
• H.R. 4458 Cybersecurity and Financial System Resilience Act of 2019
• H.R. 6321, Financial Protections and Assistance for America’s Con-
sumers, States, Businesses, and Vulnerable Populations Act
• H.R. 6551, CARES Act Section 4014 Technical Corrections Act
• H.R. 6789, Access to Credit for Small Businesses Impacted by the
COVID–19 Crisis Act of 2020
• H.R. 6820, Emergency Rental Assistance and Rental Market Stabilization
Act of 2020
• H.R. 6868, To amend the CARES Act to establish a Community Capital
Investment Program, and for other purposes
• H.R. 7121, To authorize appropriations for the Community Development
Financial Institutions Fund providing financial assistance and technical as-
sistance for the benefit of certain minority communities, and for other pur-
poses
• H.R. 7301, Emergency Housing Protections and Relief Act of 2020
• H.R. 7402, Protecting Renters from Eviction and Fees Act of 2020
• H.R. 7993, Promoting and Advancing Communities of Color through In-
clusive Lending Act)
• H.R. 8438, Belarus Democracy, Human Rights, and Sovereignty Act of
2020
• S. 2282/H.R. 4029, Tribal Access to Homeless Assistance Act
• S. 2725, Native American Housing Affordability Act of 2019
116– ...................... H.R. 6395 .............. Mac Thornberry National Defense Authorization Act, 2021, including the fol-
lowing measures as amended or revised: (Pending)
• H.R. 389, Kleptocracy Asset Recovery Rewards Act
• H.R. 502, FIND Trafficking Act
• H.R. 758, the Cooperate with Law Enforcement Agencies and Watch Act
of 2019
• H.R. 1414, FinCEN Improvement Act
• H.R. 2398, Veterans HOUSE Act
• H.R. 2513, Corporate Transparency Act
• H.R. 2514, COUNTER Act
• H.R. 2613, Advancing Innovation to Assist Law Enforcement Act
• H.R. 4344, Investor Protection and Capital Markets Fairness Act
• H.R. 5051. Accountability for World Bank Loans to China Act of 2019
• H.R. 5932, Ensuring Chinese Debt Transparency Act of 2020
• H.R. 6104, Truck Parking Safety Improvement Act
• H.R. 7592, STIFLE Act
• H.R. 7603, Improving Congressional Oversight Over CFIUS Determinations
Act.
• H.R. 7682, the Sudan Democratic Transition, Accountability and Fiscal
Transparency Act of 2020
• H.R. 8794, Preventing Illicit Finance Act
• H.R. 8796, To direct the Secretary of the Treasury and the Attorney Gen-
eral to jointly conduct a study on the efforts of authoritarian regimes in
foreign countries to exploit the financial system of the United States, and
for other purposes
• H.R. 8816, Anti-Money Laundering Training Improvement Act
116– ...................... S. 914 .................... Coordinated Ocean Observations and Research Act of 2020
116– ...................... H.R. 1923 .............. Circulating Collectible Coin Redesign Act of 2020
116– ...................... S. 371/H.R. 1060 .. BUILD Act
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APPENDIX III—COMMITTEE PUBLICATIONS
APPENDIX III—COMMITTEE HEARINGS
116–1 ................ Homeless in America: Examining the Crisis and Solutions to End February 13, 2019 Full
Homelessness.
116–2 ................ Challenges and Solutions: Access to Banking Services for Can- February 13, 2019 CPFI
nabis-Related Businesses.
116–3 ................ Who’s Keeping Score? Holding Credit Bureaus Accountable and Re- February 26, 2019 Full
pairing a Broken System.
116–4 ................ Monetary Policy and the State of the Economy .................................. February 27, 2019 Full
116–5 ................ An Overview of Diversity Trends in the Financial Services Industry .. February 27, 2019 D&I
116–6 ................ Putting Consumers First? A Semi-Annual Review of the Consumer March 7, 2019 Full
Financial Protection Bureau.
116–7 ................ Holding Megabanks Accountable: An Examination of Wells Fargo’s March 12, 2019 Full
Pattern of Consumer Abuses.
116–8 ................ Preparing for the Storm: Reauthorization of the National Flood In- March 13, 2019 Full
surance Program.
116–9 ................ Promoting Corporate Transparency: Examining Legislative Proposals March 13, 2019 NSIDMP
to Detect and Deter Financial Crime.
116–10 .............. Putting Investors First? Examining the SEC’s Best Interest Rule ...... March 14, 2019 IPECM
116–11 .............. The Administration of Disaster Recovery Funds in the Wake of Hur- March 26, 2019 O&I
ricanes Harvey, Irma, and Maria.
116–12 .............. The Fair Housing Act: Reviewing Efforts to Eliminate Discrimination April 2, 2019 Full
and Promote Opportunity in Housing.
116–13 .............. The Affordable Housing Crisis in Rural America: Assessing the Fed- April 2, 2019 HCDI
eral Response.
116–14 .............. Member Day Hearing ........................................................................... April 3, 2019 Full
116–15 .............. Putting Investors First: Reviewing Proposals to Hold Executives Ac- April 3, 2019 IPECM
countable.
116–16 .............. The Community Reinvestment Act: Assessing the Law’s Impact on April 9, 2019 CPFI
Discrimination and Redlining.
116–17 .............. The Annual Testimony of the Secretary of the Treasury on the State April 9, 2019 AND May 22, 2019
of the International Financial System, Parts I and II. Full
116–18 .............. Holding Megabanks Accountable: A Review of Global Systemically April 10, 2019 Full
Important Banks 10 Years After the Financial Crisis.
116–19 .............. Housing in America: Assessing the Infrastructure Needs of Amer- April 30, 2019 Full
ica’s Housing Stock.
116–20 .............. Ending Debt Traps in the Payday and Small Dollar Credit Industry April 30, 2019 CPFI
116–21 .............. Examining Discrimination in the Automobile Loan and Insurance In- May 1, 2019 O&I
dustries.
116–22 .............. Good for the Bottom Line: A Review of the Business Case for Diver- May 1, 2019 D&I
sity and Inclusion.
116–23 .............. A Review of the State of and Barriers to Minority Homeownership ... May 8, 2019 HCDI
116–24 .............. Promoting Economic Growth: A Review of Proposals to Strengthen May 15, 2019 IPECM
the Rights and Protections for Workers.
116–25 .............. Assessing the Use of Sanctions in Addressing National Security May 15, 2019 NSIDMP
and Foreign Policy Challenges.
116–26 .............. Oversight of Prudential Regulators: Ensuring the Safety, Soundness, May 16, 2019 Full
and Accountability of Megabanks and Other Depository Institu-
tions.
116–27 .............. Housing in America: Oversight of the U.S. Department of Housing May 21, 2019 Full
and Urban Development.
116–17 .............. The Annual Testimony of the Secretary of the Treasury on the State May 22, 2019 Full
of the International Financial System—Part II. Printed together with Part I, April
9, 2019
116–28 .............. Promoting American Jobs: Reauthorization of the U.S. Export-Import June 4, 2019 Full
Bank.
116–29 .............. Emerging Threats to Stability: Considering the Systemic Risk of Le- June 4, 2019 CPFI
veraged Lending.
116–30 .............. An Examination of State Efforts to Oversee the $1.5 Trillion Student June 11, 2019 O&I
Loan Servicing Market.
116–31 .............. Promoting Economic Growth: Exploring the Impact of Recent Trade June 19, 2019 NSIDMP
Policies on the U.S. Economy.
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116–32 .............. Putting Investors First: Examining Proposals to Strengthen Enforce- June 19, 2019 IPECM
ment Against Securities Law Violators.
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116–33 .............. Diversity in the Boardroom: Examining Proposals to Increase the June 20, 2019 Full
Diversity of America’s Boards.
116–34 .............. What’s Your Home Worth? A Review of the Appraisal Industry ......... June 20, 2019 HCDI
116–35 .............. Diverse Asset Managers: Challenges, Solutions, and Opportunities June 25, 2019 D&I
for Inclusion.
116–36 .............. Overseeing the Fintech Revolution: Domestic and International Per- June 25, 2019 TF-FT
spectives on Fintech Regulation.
116–37 .............. Perspectives on Artificial Intelligence: Where We Are and the Next June 26, 2019 TF-AI
Frontier in Financial Services.
116–38 .............. Monetary Policy and the State of the Economy .................................. July 10, 2019 Full
116–39 .............. Building a Sustainable and Competitive Economy: An Examination July 10, 2019 IPECM
of Proposals to Improve Environmental, Social, and Governance
Disclosures.
116–40 .............. Examining Facebook’s Proposed Cryptocurrency and Its Impact on July 17, 2019 Full
Consumers, Investors, and the American Financial System.
116–41 .............. The Next Megabank? Examining the Proposed Merger of SunTrust July 24, 2019 Full
and BB&T.
116–42 .............. Examining the Use of Alternative Data in Underwriting and Credit July 25, 2019 TF-FT
Scoring to Expand Access to Credit.
116–43 .............. An Examination of the Housing Crisis in Michigan, 11 Years After August 2, 2019 Full
the Recession. Field hearing
116–44 .............. Examining the Homelessness Crisis in Los Angeles .......................... August 14, 2019 Full
Field hearing
116–45 .............. Examining Discrimination and Other Barriers to Consumer Credit, September 4, 2019 O&I
Homeownership, and Financial Inclusion in Texas. Field hearing
116–46 .............. A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding September 10, 2019 Full
Student Loan Servicers Accountable.
116–47 .............. Examining Private Market Exemptions as a Barrier to IPOs and Re- September 11, 2019 IPECM
tail Investment.
116–48 .............. Examining the Macroeconomic Impacts of a Changing Climate ....... September 11, 2019 NSIDMP
116–49 .............. The Future of Identity in Financial Services: Threats, Challenges, September 12, 2019 TF-AI
and Opportunities.
116–50 .............. Oversight of the Securities and Exchange Commission: Wall Street’s September 24, 2019 Full
Cop on the Beat.
116–51 .............. Examining the Racial and Gender Wealth Gap in America ............... September 24, 2019 D&I
116–52 .............. Promoting Financial Stability: Assessing Threats to the U.S. Finan- September 25, 2019 CPFI
cial System.
116–53 .............. Protecting Seniors: A Review of the FHA’s Home Equity Conversion September 25, 2019 HCDI
Mortgage (HECM) Program.
116–54 .............. Examining Legislation to Protect Consumers and Small Business September 26, 2019 Full
Owners from Abusive Debt Collection Practices.
116–55 .............. The Future of Real-Time Payments ..................................................... September 26, 2019 TF-FT
116–56 .............. Who is Standing Up for Consumers? A Semi-Annual Review of the October 16, 2019 Full
Consumer Financial Protection Bureau.
116–57 .............. Protecting America: The Reauthorization of the Terrorism Risk In- October 16, 2019 Joint: HCDI and
surance Program. NSIDMP
116–58 .............. Examining Corporate Priorities: The Impact of Stock Buybacks on October 17, 2019 IPECM
Workers, Communities, and Investors.
116–59 .............. Promoting Inclusion: Examining the Need for Diversity Practices for October 17, 2019 D&I
America’s Changing Workforce.
116–60 .............. AI and the Evolution of Cloud Computing: Evaluating How Financial October 18, 2019 TF-AI
Data is Stored, Protected, and Maintained by Cloud Providers.
116–61 .............. The End of Affordable Housing? A Review of the Trump Administra- October 22, 2019 Full
tion’s Plans to Change Housing Finance in America.
116–62 .............. An Examination of the Decline of Minority Depository Institutions October 22, 2019 CPFI
and the Impact on Underserved Communities.
116–63 .............. An Examination of Facebook and Its Impact on the Financial Serv- October 23, 2019 Full
ices and Housing Sectors.
116–64 .............. Financial Services and the LGBTQ+ Community: A Review of Dis- October 29, 2019 O&I
crimination in Lending and Housing.
116–65 .............. How America Leads Abroad: An Examination of Multilateral Devel- November 13, 2019 NSIDMP
opment Institutions.
116–66 .............. America for Sale? An Examination of the Practices of Private Funds November 19, 2019 Full
116–67 .............. An Examination of Regulators’ Efforts to Preserve and Promote Mi- November 20, 2019 CPFI
nority Depository Institutions.
116–68 .............. Safe and Decent? Examining the Current State of Residents’ Health November 20, 2019 HCDI
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116–69 .............. Banking on Your Data: The Role of Big Data in Financial Services November 21, 2019 TF-FT
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116–70 .............. Oversight of Prudential Regulators: Ensuring the Safety, Soundness, December 4, 2019 Full
Diversity, and Accountability of Depository Institutions.
116–71 .............. Promoting Financial Stability? Reviewing the Administration’s De- December 5, 2019 Full
regulatory Approach to Financial Stability.
116–72 .............. An Examination of the Federal Housing Administration and Its Im- December 5, 2019 HCDI
pact on Homeownership in America.
116–73 .............. Robots on Wall Street: The Impact of AI on Capital Markets and December 6, 2019 TF-AI
Jobs in the Financial Services Industry.
116–74 .............. On the Brink of Homelessness: How the Affordable Housing Crisis January 14, 2020 Full
and the Gentrification of America is Leaving Families Vulnerable.
116–75 .............. The Community Reinvestment Act: Reviewing Who Wins and Who January 14, 2020 CPFI
Loses with Comptroller Otting’s Proposal.
116–76 .............. A Persistent and Evolving Threat: An Examination of the Financing January 15, 2020 NSIDMP
of Domestic Terrorism and Extremism.
116–77 .............. An Examination of the Financial Accounting Standards Board and January 15, 2020 IPECM
the Public Company Accounting Oversight Board.
116–78 .............. The Community Reinvestment Act: Is the OCC Undermining the January 29, 2020 Full
Law’s Purpose and Intent?
116–79 .............. Examining the Availability of Insurance for Nonprofits ...................... January 29, 2020 HCDI
116–80 .............. Is Cash Still King? Reviewing the Rise of Mobile Payments ............. January 30, 2020 TF-FT
116–81 .............. Rent-A Bank Schemes and New Debt Traps: Assessing Efforts to February 5, 2020 Full
Evade State Consumer Protections and Interest Rate Caps.
116–82 .............. A Future Without Public Housing? Examining the Trump Administra- February 5, 2020 HCDI
tion’s Efforts to Eliminate Public Housing.
116–83 .............. Protecting Consumers or Allowing Consumer Abuse? A Semi-Annual February 6, 2020 Full
Review of the Consumer Financial Protection Bureau.
116–84 .............. Fake It Till They Make It: How Bad Actors Use Astroturfing to Ma- February 6, 2020 O&I
nipulate Regulators, Disenfranchise Consumers and Subvert the
Rulemaking Process.
116–85 .............. Monetary Policy and the State of the Economy .................................. February 11, 2020 Full
116–86 .............. A Review of Diversity and Inclusion at America’s Large Banks ........ February 12, 2020 D&I
116–87 .............. Equitable Algorithms: Examining Ways to Reduce AI Bias in Finan- February 12, 2020 TF-AI
cial Services.
116–88 .............. The Traffickers’ Roadmap: How Bad Actors Exploit Financial Sys- March 4, 2020 NSIDMP
tems to Facilitate the Illicit Trade in People, Animals, Drugs,
and Weapons.
116–89 .............. Drivers of Discrimination: An Examination of Unfair Premiums, March 4, 2020 HCDI
Practices, and Policies in the Auto Insurance Industry.
116–90 .............. Field Hearing: Modern-Day Redlining: The Burden on Underbanked March 6, 2020 CPFI
and Excluded Communities in New York.
116–91 .............. Holding Wells Fargo Accountable: CEO Perspectives on Next Steps March 10, 2020 Full
for the Bank That Broke America’s Trust.
116–92 .............. Holding Wells Fargo Accountable: Examining the Role of the Board March 11, 2020 Full
of Directors in the Bank’s Egregious Pattern of Consumer
Abuses.
116–93 .............. Virtual Hearing: Promoting Inclusive Lending During the Pandemic: June 3, 2020 CPFI
Community Development Financial Institutions and Minority De-
pository Institutions.
116–94 .............. Virtual Hearing: The Rent is Still Due: America’s Renters, COVID– June 10, 2020 HCDI
19, and an Unprecedented Eviction Crisis.
116–95 .............. Virtual Hearing: Inclusive Banking During a Pandemic: Using June 11, 2020 TF-FT
FedAccounts and Digital Tools to Improve Delivery of Stimulus
Payments.
116–96 .............. Virtual Hearing: Cybercriminals and Fraudsters: How Bad Actors are June 16, 2020 NSIDMP
Exploiting the Financial System during the COVID–19 Pandemic.
116–97 .............. Virtual Hearing: Monetary Policy and the State of the Economy ....... June 17, 2020 Full
116–98 .............. Hybrid Hearing: Capital Markets and Emergency Lending in the June 25, 2020 IPECM
COVID–19 Era.
116–99 .............. Hybrid Hearing: Oversight of the Treasury Department’s and Federal June 30, 2020 Full
Reserve’s Pandemic Response.
116–100 ............ Virtual Hearing: Paycheck Security: Economic Perspectives on Alter- July 7, 2020 NSIDMP
native Approaches to Protecting Workers’ Pay During COVID–19.
116–101 ............ Virtual Hearing: Exposure Notification and Contact Tracing: How AI July 8, 2020 TF-AI
Helps Localities Reopen Safely and Researchers Find a Cure.
116–102 ............ Virtual Hearing: Access Denied: Challenges for Women- and Minor- July 9, 2020 D&I
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116–103 ............ Virtual Hearing: Promoting Economic Recovery: Examining Capital July 14, 2020 IPECM
Markets and Worker Protections in the COVID–19 Era.
116–104 ............ Virtual Hearing: Protecting Homeowners During the Pandemic: Over- July 16, 2020 O&I
sight of Mortgage Servicers’ Implementation of the CARES Act.
116–105 ............ Hybrid Hearing: The Heroes Act: Providing for a Strong Economic July 23, 2020 Full
Recovery from COVID–19.
116–106 ............ Hybrid Hearing: Protecting Consumers During the Pandemic? An Ex- July 30, 2020 Full
amination of the Consumer Financial Protection Bureau.
116–107 ............ Virtual Hearing: Holding Financial Regulators Accountable for Di- September 8, 2020 D&I
versity and Inclusion: Perspectives from the Offices of Minority
and Women Inclusion.
116–108 ............ Virtual Hearing: The Need for Financial Aid to America’s States and September 10, 2020 Full
Territories During the Pandemic: Supporting First Responders,
Assisting Schools in Their Efforts to Safely Educate, and Pre-
venting Mass Layoffs.
116–109 ............ Virtual Hearing: Prioritizing Fannie’s and Freddie’s Capital Over September 16, 2020 Full
America’s Homeowners and Renters? A Review of the Federal
Housing Finance Agency’s Response to the COVID–19 Pandemic.
116–110 ............ Virtual Hearing: Insider Trading and Stock Option Grants: An Exam- September 17, 2020 IPECM
ination of Corporate Integrity in the COVID–19 Pandemic.
116–111 ............ Hybrid Hearing: Oversight of the Treasury Department’s and Federal September 22, 2020 Full
Reserve’s Pandemic Response.
116–112 ............ Virtual Hearing: License to Bank: Examining the Legal Framework September 29, 2020 TF-FT
Governing Who Can Lend and Process Payments in the Fintech
Age.
116–113 ............ Virtual Hearing: Oversight of Prudential Regulators: Ensuring the November 12, 2020 Full
Safety, Soundness, Diversity, and Accountability of Depository In-
stitutions During the Pandemic.
116–114 ............ Virtual Hearing: Insuring Against a Pandemic: Challenges and So- November 19, 2020 HCDI
lutions for Policyholders and Insurers.
116–115 ............ Hybrid Hearing: Oversight of the Treasury Department’s and Federal December 2, 2020 Full
Reserve’s Pandemic Response.
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