Union Calendar No. 607 - gpo.gov Calendar No. 607 106th Congress, 2d Session – – ... JAMES A. LEACH, Iowa, Chairman BILL MCCOLLUM, ... MICHAEL P. FORBES, …

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON :

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89–006 2001

Union Calendar No. 607106th Congress, 2d Session – – – – – – – – – – – – House Report 106–1045

SUMMARY OF ACTIVITIES

A REPORT

OF THE

COMMITTEE ON BANKING ANDFINANCIAL SERVICES

HOUSE OF REPRESENTATIVES

ONE HUNDRED SIXTH CONGRESS

SECOND SESSION

JANUARY 2, 2001.—Committed to the Committee of the Whole House onthe State of the Union and ordered to be printed

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(II)

COMMITTEE ON BANKING AND FINANCIAL SERVICES

One Hundred Sixth Congress

JAMES A. LEACH, Iowa, ChairmanBILL MCCOLLUM, FloridaMARGE ROUKEMA, New JerseyDOUG BEREUTER, NebraskaRICHARD H. BAKER, LouisianaRICK LAZIO, New YorkSPENCER BACHUS, AlabamaMICHAEL CASTLE, DelawarePETER T. KING, New YorkTOM CAMPBELL, CaliforniaEDWARD R. ROYCE, CaliforniaFRANK D. LUCAS, OklahomaJACK METCALF, WashingtonROBERT W. NEY, OhioBOB BARR, GeorgiaSUE W. KELLY, New YorkRON PAUL, TexasDAVE WELDON, FloridaJIM RYUN, KansasMERRILL COOK, UtahBOB RILEY, AlabamaRICK HILL, MontanaSTEVEN C. LATOURETTE, OhioDONALD A. MANZULLO, IllinoisWALTER B. JONES, JR., North CarolinaPAUL RYAN, WisconsinDOUG OSE, CaliforniaJOHN E. SWEENEY, New YorkJUDY BIGGERT, IllinoisLEE TERRY, NebraskaMARK GREEN, WisconsinPATRICK J. TOOMEY, Pennsylvania

JOHN J. LAFALCE, New YorkBRUCE F. VENTO, Minnesota 7

BARNEY FRANK, MassachusettsPAUL E. KANJORSKI, PennsylvaniaMAXINE WATERS, CaliforniaCAROLYN B. MALONEY, New YorkLUIS V. GUTIERREZ, IllinoisNYDIA M. VELAZQUEZ, New YorkMELVIN L. WATT, North CarolinaGARY L. ACKERMAN, New York 1 4

KEN BENTSEN, TexasJAMES H. MALONEY, ConnecticutDARLENE HOOLEY, OregonJULIA CARSON, IndianaROBERT A. WEYGAND, Rhode IslandBRAD SHERMAN, CaliforniaMAX SANDLIN, TexasGREGORY MEEKS, New YorkBARBARA LEE, California 13 6

VIRGIL H. GOODE, JR. Virginia 5

FRANK R. MASCARA, PennsylvaniaJAY INSLEE, WashingtonJANICE D. SCHAKOWSKY, WashingtonDENNIS MOORE, KansasCHARLES A. GONZALEZ, TexasSTEPHANIE TUBBS JONES, OhioMICHAEL E. CAPUANO, MassachusettsMICHAEL P. FORBES, New York 2

BERNARD SANDERS, Vermont

1August 5, 1999, Gary L. Ackerman (D–NY) resigned as a Member of the Committee onBanking and Financial Services

2 August 5, 1999, pursuant to H. Res. 277 Michael P. Forbes (D–NY) was elected to theCommittee on Banking and Financial Services.

3 November 2, 1999, Barbara Lee (D–CA) resigned as a Member of the Committee on Bankingand Financial Services.

4 November 2, 1999, pursuant to H. Res. 351, Gary L. Ackerman (D–NY) was elected tothe Committee on Banking and Financial Services.

5 February 1, 2000, pursuant to clause 5(b) of rule X, Virgil Goode’s (D–VA) election tothe Committee on Banking and Financial Services has been automatically vacated.

6 February 1, 2000, pursuant to H. Res. 411, Barbara Lee (D–CA) was elected to the Com-mittee on Banking and Financial Services to rank immediately after Mr. Meeks (D–NY).

7 October 10, 2000, Deceased.


(III)

SUBCOMMITTEES OF THE COMMITTEE ON BANKING AND FINANCIALSERVICES

HOUSING AND COMMUNITY OPPORTUNITY

RICK LAZIO, New York, ChairmanROBERT W. NEY, OhioMARK GREEN, WisconsinDOUG BEREUTER, NebraskaRICHARD H. BAKER, LouisianaTOM CAMPBELL, CaliforniaBOB BARR, GeorgiaSUE W. KELLY, New YorkRICK HILL, MontanaWALTER B. JONES, JR., North CarolinaJOHN E. SWEENEY, New YorkLEE TERRY, NebraskaJACK METCALF, WashingtonMARGE ROUKEMA, New Jersey

BARNEY FRANK, MassachusettsNYDIA M. VELAZQUEZ, New YorkJAMES H. MALONEY, ConnecticutDARLENE HOOLEY, OregonJULIA CARSON, IndianaROBERT A. WEYGAND, Rhode IslandBRUCE F. VENTO, MinnesotaBARBARA LEE, CaliforniaJANICE SCHAKOWSKY, IllinoisSTEPHANIE TUBBS JONES, OhioMICHAEL E. CAPUANO, MassachusettsMICHAEL P. FORBES, New York

FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

MARGE ROUKEMA, New Jersey, ChairwomanBILL MCCOLLUM, FloridaDOUG BEREUTER, NebraskaMICHAEL CASTLE, DelawareTOM CAMPBELL, CaliforniaEDWARD R. ROYCE, CaliforniaJACK METCALF, WashingtonBOB BARR, GeorgiaSUE W. KELLY, New YorkDAVE WELDON, FloridaJIM RYUN, KansasMERRILL COOK, UtahBOB RILEY, AlabamaRICK HILL, MontanaSTEVEN C. LATOURETTE, Ohio

BRUCE F. VENTO, MinnesotaCAROLYN B. MALONEY, New YorkMELVIN L. WATT, North CarolinaGARY L. ACKERMAN, New YorkKEN BENTSEN, TexasBRAD SHERMAN, CaliforniaMAX SANDLIN, TexasGREGORY W. MEEKS, New YorkLUIS V. GUTIERREZ, IllinoisFRANK R. MASCARA, PennsylvaniaJAY INSLEE, WashingtonDENNIS MOORE, KansasCHARLES GONZALEZ, Texas

DOMESTIC AND INTERNATIONAL MONETARY POLICY

SPENCER BACHUS, Alabama, ChairmanRON PAUL, TexasDOUG OSE, CaliforniaBILL MCCOLLUM, FloridaMICHAEL CASTLE, DelawareFRANK D. LUCAS, OklahomaJACK METCALF, WashingtonROBERT W. NEY, OhioDAVE WELDON, FloridaJIM RYUN, KansasPAUL RYAN, WisconsinJUDY BIGGERT, IllinoisMARK GREEN, WisconsinPATRICK J. TOOMEY, Pennsylvania

MAXINE WATERS, CaliforniaBARNEY FRANK, MassachusettsMELVIN L. WATT, North CarolinaJULIA CARSON, IndianaGREGORY W. MEEKS, New YorkPAUL E. KANJORSKI, PennsylvaniaBERNARD SANDERS, VermontBRAD SHERMAN, CaliforniaJAY INSLEE, WashingtonJANICE SCHAKOWSKY, IllinoisDENNIS MOORE, KansasMICHAEL P. FORBES, New York


(IV)

CAPITAL MARKETS, SECURITIES, AND GOVERNMENT SPONSORED ENTERPRISES

RICHARD H. BAKER, Louisiana, ChairmanFRANK D. LUCAS, OklahomaDONALD A. MANZULLO, IllinoisWALTER B. JONES, JR., North CarolinaPAUL RYAN, WisconsinJOHN E. SWEENEY, New YorkJUDY BIGGERT, IllinoisLEE TERRY, NebraskaPATRICK J. TOOMEY, PennsylvaniaMARGE ROUKEMA, New JerseyPETER T. KING, New YorkEDWARD R. ROYCE, CaliforniaRON PAUL, TexasMERRILL COOK, UtahBOB RILEY, Alabama

PAUL E. KANJORSKI, PennsylvaniaGARY L. ACKERMAN, New YorkNYDIA M. VELAZQUEZ, New YokKEN BENTSEN, TexasROBERT A. WEYGAND, Rhode IslandMAX SANDLIN, TexasMAXINE WATERS, CaliforniaCAROLYN. B. MALONEY, New YorkJAMES H. MALONEY, ConnecticutDARLENE HOOLEY, OregonFRANK R. MASCARA, PennsylvaniaSTEPHANIE TUBBS JONES, OhioMICHAEL CAPUANO, Massachusetts

GENERAL OVERSIGHT AND INVESTIGATIONS

PETER T. KING, New York, ChairmanSTEVEN C. LATOURETTE, OhioROBERT NEY, OhioBOB BARR, GeorgiaRON PAUL, TexasLEE TERRY, Nebraska

BERNARD SANDERS, VermontLUIS V. GUTIERREZ, IllinoisCHARLES GONZALEZ, TexasMICHAEL P. FORBES, New York


(V)

LETTER OF TRANSMITTAL

HOUSE OF REPRESENTATIVES,COMMITTEE ON BANKING AND FINANCIAL SERVICES,

Washington, DC, January 2, 2001.Hon. JEFFREY TRANDAHL,Clerk, House of Representatives,The Capitol, Washington, DC.

DEAR MR. TRANDAHL: The enclosed report for the 106th Congressentitled ‘‘Summary of Activities of the Committee on Banking andFinancial Services,’’ is being sent to you in accordance with clause1(d) of rule XI of the Rules of the House of Representatives, 106thCongress.

The report contains a record of activities through which the Com-mittee discharged its responsibilities for legislative and oversightactivity on matters within its jurisdiction. In addition, the reportcontains the Committee’s oversight plan, adopted by the committeepursuant to clause 2(d) of rule X and a summary of the actions theCommittee took in accomplishing the oversight plan.

Sincerely,JAMES A. LEACH,

Chairman.



(VII)

C O N T E N T S

PageLetter of transmittal ................................................................................................ VCommittee Rules ...................................................................................................... 6Summary of legislation reported ............................................................................ 20

Public Law 106–26 Congressional Gold Medal for Rosa Parks .................... 20Public Law 106–46 Clarification of Quorum Requirement for the Exim

Bank ............................................................................................................... 20Public Law 106–51 Emergency Steel Loan Guarantee and Emergency

Oil and Gas Guaranteed Loan Act of 1999 ................................................. 20Public Law 106–74 Department of Veterans Affairs and Housing and

Urban Development, Independent Agencies Appropriations Act, 2000 .... 21Public Law 106–102 Gramm-Leach-Bliley Act of 1999 ................................. 21Public Law 106–113 Consolidated Appropriations Bill of FY2000 ............... 24Public Law 106–122 Amendment to the Federal Reserve Act ...................... 25Public Law 106–126 Leif Ericson Millennium Commemorative Coin Act ... 25Public Law 106–153 Congressional Gold Medal for Father Theodore M.

Hesburgh ....................................................................................................... 25Public Law 106–155 U.S. Holocaust Assets Commission Extension Act

of 1999 ............................................................................................................ 26Public Law 106–175 Congressional Gold Medal for Cardinal John O’Con-

nor .................................................................................................................. 26Public Law 106–200 African Growth and Opportunity Act .......................... 26Public Law 106–225 Congressional Gold Medal for Charles M. Schulz ...... 27Public Law 106–250 Congressional Gold Medal for Pope John Paul II ....... 27Public Law 106–251 Congressional Gold Medal for President Ronald

Reagan ........................................................................................................... 27Public Law 106–264 Global Aids and Tuberculosis Relief Act of 2000 ........ 28Public Law 106–400 McKinney-Vento Homeless Assistance Act ................. 29Public Law 106–435 2002 Winter Olympics Commemorative Coin Act ...... 29Public Law 106–445 U.S. Mint Numismatic Coin Clarification Act of

2000 ................................................................................................................ 29Public Law 106–569 American Homeownership and Economic Oppor-

tunity Act of 2000 ......................................................................................... 30H. Res. 495 Expressing the sense of the House regarding support for

the Financial Action Task Force on Money Laundering ........................... 36Summary of legislation reported but not enacted ................................................. 37

H.R. 10 Financial Services Act of 1999 .......................................................... 37H.R. 21 Homeowners’ Insurance Availability Act of 1999 ............................ 39H.R. 31 Leif Ericsson Millennium Commemorative Coin Act ...................... 39H.R. 202 Preserving Affordable Housing for Senior Citizens and Families

into the 21st Century ................................................................................... 40H.R. 413 Prime Act .......................................................................................... 40H.R. 573 Congressional Gold Medal for Rosa Parks ..................................... 40H.R. 629 CDFI Fund Amendments Act of 1999 ............................................. 40H.R. 833 Bankruptcy Reform Act of 1999 ...................................................... 41H.R. 1033 Lewis and Clark Expedition Bicentennial Commemorative

Coin Act ......................................................................................................... 42H.R. 1095 Debt Relief for Poverty Reduction Act of 1999 ............................. 42H.R. 1161 Financial Contract Netting Improvement Act of 1999 ................ 43H.R. 1554 Satellite Home Viewers Improvement Act ................................... 43H.R. 1776 American Homeownership and Economic Opportunity Act of

2000 ................................................................................................................ 44H.R. 2614 Taxpayer Relief Act of 2000 ........................................................... 47H.R. 2764 America’s Private Investment Companies Act ............................. 48H.R. 2815 Congressional Gold Medal to the Crew of Apollo 11 ................... 48


PageVIII

Summary of legislation reported but not enacted—ContinuedH.R. 2848 New Markets Initiative Act of 1999 .............................................. 49H.R. 3046 Banking and Housing Agency Accountability Preservation Act . 50H.R. 3637 PMI Technical Corrections and Clarification Act ........................ 50H.R. 3834 Homeowners Financing Protection Act ......................................... 51H.R. 3886 International Counter-Money Laundering Act of 2000 ............... 51H.R. 4067 Business Checking Modernization Act ......................................... 51H.R. 4096 Bureau of Engraving and Printing Security Printing Amend-

ments Act of 2000 ......................................................................................... 51H.R. 4209 Bank Reserves Modernization Act of 2000 ................................... 52H.R. 4419 Unlawful Internet Gambling Funding Prohibition Act ............... 52H.R. 4541 Commodity Futures Modernization Act of 2000 .......................... 52H.R. 4585 Medical Financial Privacy Protection Act .................................... 53H.R. 4923 Community Renewal and New Markets Act of 2000 ................... 53H.R. 5010 District of Columbia and U.S. Territories Circulating Quarter

Dollar Program Act ....................................................................................... 54H.R. 5272 Peace Through Negotiations Act of 2000 ...................................... 54H. Con. Res. 312 Expressing the Sense of the Congress that the Federal

Government and the States Should Engage in Greater Oversight ofTitle Loan and Title Pawn Transactions .................................................... 54

S. 1452 American Homeownership and Economic Opportunity Act of2000 ................................................................................................................ 55

Summary of legislative and oversight activities ................................................... 63Full Committee ................................................................................................. 63Subcommittee on Housing and Community Opportunity ............................. 79Subcommittee on Financial Institutions and Consumer Credit ................... 83Subcommittee on Domestic and International Monetary Policy .................. 90Subcommittee on Capital Markets, Securities and Government Sponsored

Enterprises .................................................................................................... 93Subcommittee on General Oversight and Investigations .............................. 97

Committee Oversight Plan ...................................................................................... 99Hearings ................................................................................................................... 131Committee and Subcommittee Prints .................................................................... 150


Union Calendar No. 607106TH CONGRESS REPORT" !HOUSE OF REPRESENTATIVES2d Session 106–1045

SUMMARY OF ACTIVITIES

JANUARY 2, 2001.—Committed to the Committee of the Whole House on the Stateof the Union and ordered to be printed

Mr. LEACH, from the Committee on Banking and FinancialServices, submitted the following

R E P O R T


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Documents

Union Calendar No. 607 - gpo.gov Calendar No. 607 106th Congress, 2d Session – – ... JAMES A. LEACH, Iowa, Chairman BILL MCCOLLUM, ... MICHAEL P. FORBES, …