[House Report 117-701]
[From the U.S. Government Publishing Office]
Union Calendar 517
117th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 117-701
======================================================================
REPORT ON THE ACTIVITY
OF THE
COMMITTEE ON FINANCIAL SERVICES
OF THE
UNITED STATES HOUSE OF REPRESENTATIVES
FOR THE
ONE HUNDRED AND SEVENTEENTH CONGRESS
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
January 2, 2023.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
__________
U.S. GOVERNMENT PUBLISHING OFFICE
50-196 WASHINGTON : 2023
-----------------------------------------------------------------------------------
LETTER OF TRANSMITTAL
----------
House of Representatives,
Committee on Financial Services,
Washington, DC, January 2, 2023.
Dear Madam Clerk: Pursuant to clause 1(d) of rule XI of the
Rules of the House of Representatives for the 117th Congress, I
present herewith the report on the activity of the Committee on
Financial Services for the 117th Congress, including the
Committee's review and study of legislation within its
jurisdiction, and the oversight activities undertaken by the
Committee.
Sincerely,
Maxine Waters,
Chairwoman.
C O N T E N T S
----------
Page
Jurisdiction of the Committee.................................... 1
Rules of the committee of Financial Services..................... 3
Membership and Organization of the Committee on Financial
Services one Hundred and Seventeenth Congress.................. 17
Subcommittee Memberships......................................... 18
Committee Staff.................................................. 20
Overview of Legislative Accomplishments.......................... 22
Oversight Activities of the Full Committee and Subcommittees..... 33
Full Committee Oversight Activities.............................. 33
Subcommittee Activites........................................... 38
Subcommittee on Housing, Community Development, and Insurance.... 38
Subcommittee on Diversity and Inclusion.......................... 40
Subcommittee on Consumer Protection and Financial Institutions... 42
Subcommittee on Investor Protection, Entrepreneurship and Capital
Markets........................................................ 44
Subcommittee on National Security, International Development, and
Monetary Policy................................................ 46
Subcommittee on Overisght and Investigation...................... 48
Task Force on Financial Technology............................... 50
Task Force on Artifical Intelligence............................. 51
Oversight Plan of the Committee on Financial Services for the
117th Congress................................................. 52
Covid-19 Pandemic Response....................................... 52
Housing and Community Development................................ 53
Insurance........................................................ 56
Consumer Protection and Financial Institutions................... 57
Monetary policy.................................................. 60
Investor Protection and Entrepreneurship......................... 61
Capital Markets.................................................. 63
National Security................................................ 64
International Development and Trade.............................. 66
Financial Technology and Innovation.............................. 67
Diversity and Inclusion.......................................... 68
Minority Views................................................... 70
Implementation of the 117th Congress Oversight Plan.............. 74
COVID-19 Pandemic Response....................................... 74
Support for Minority Depository Institutions (MDIS) and Community
Development Financial Institutions (CDFIS)..................... 77
Housing and Community Ddevelopment............................... 81
Insurance........................................................ 125
Consumer Protection and Financial Institutions................... 130
Monetary Policy.................................................. 162
Investor Protection and Entrepreneurship......................... 164
Capital Markets.................................................. 172
National Security................................................ 180
International Development and Trade.............................. 213
Financial Technology and Innovation.............................. 216
Diversity and Inclusion.......................................... 221
Delineation of Committee Oversight Activity Pursuant to Clause 2
of Rule XI..................................................... 243
Appendix I--Committee Legislation................................ 245
Appendix II--Public Laws......................................... 246
Appendix III--Committee Publications............................. 248
Union Calendar 517
117th Congress } { Report
HOUSE OF REPRESENTATIVES
2d Session } { 117-701
======================================================================
REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES OF THE
UNITED STATES HOUSE OF REPRESENTATIVES FOR THE ONE HUNDRED AND
SEVENTEENTH CONGRESS
_______
January 2, 2023.--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
The jurisdiction of the Committee on Financial Services is
set forth in clause 1(h) of rule X of the Rules of the House of
Representatives for the 117th Congress, which reads, in
pertinent part:
Rule X--Organization of Committees
Committees and Their Legislative Jurisdictions
1. There shall be in the House the following standing
committees, each of which shall have the jurisdiction and
related functions assigned by this clause and clauses 2, 3, and
4. All bills, resolutions, and other matters relating to
subjects within the jurisdiction of the standing committees
listed in this clause shall be referred to those committees, in
accordance with clause 2 of rule XII, as follows:
* * *
(h) Committee on Financial Services.
(1) Banks and banking, including deposit insurance
and Federal monetary policy.
(2) Economic stabilization, defense production,
renegotiation, and control of the price of commodities,
rents, and services.
(3) Financial aid to commerce and industry (other
than transportation).
(4) Insurance generally.
(5) International finance.
(6) International financial and monetary
organizations.
(7) Money and credit, including currency and the
issuance of notes and redemption thereof; gold and
silver, including the coinage thereof; valuation and
revaluation of the dollar.
(8) Public and private housing.
(9) Securities and exchanges.
(10) Urban development.
RULES OF THE COMMITTEE ON FINANCIAL SERVICES
In the Committee on Financial Services of the House of Representatives
117th Congress, 1st Session
February 3, 2021
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 117th Congress shall be:
Rule 1
GENERAL PROVISIONS
(a) The rules of the House are the rules of the Committee
on Financial Services (hereinafter in these rules referred to
as the ``Committee'') and its subcommittees so far as
applicable, except that a motion to recess from day to day, and
a motion to dispense with the first reading (in full) of a bill
or resolution, if printed copies are available, are privileged
motions in the Committee and shall be considered without
debate. A proposed investigative or oversight report shall be
considered as read if it has been available to the members of
the Committee for at least 24 hours (excluding
Saturdays,Sundays, or legal holidays except when the House is
in session on such day).
(b) Each subcommittee is a part of the Committee and is
subject to the authority and direction of the Committee and to
its rules so far as applicable.
(c) The provisions of clause 2 of rule XI of the Rules of
the House are incorporated by reference as the rules of the
Committee to the extent applicable.
Rule 2
MEETINGS
Calling of Meetings
(a)(1) The Committee shall regularly meet on the first
Tuesday of each month when the House is in session.
(2) A regular meeting of the Committee may be dispensed
with if, in the judgment of the 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
legalholidays except when the House is in session on any such
day) before the time of the meeting.
(2) The Chair shall provide to each member of the
Committee, at least three calendar days (excluding Saturdays,
Sundays, and legal holidays except when the House is in session
on any such day) before the time of each regular meeting for
each measure or matter on the agenda a copy of--
(A) the measure or materials relating to the matter
in question; and
(B) an explanation of the measure or matter to be
considered, which, in the case of an explanation of a
bill, resolution, or similar measure, shall include a
summary of the major provisions of the legislation, an
explanation of the relationship of the measure to
present law, and a summary of the need for the
legislation.
(3) At least 24 hours prior to the commencement of a
meeting for the markup of legislation, the Chair shall cause
the text of such legislation to be made publicly available in
electronic form.
(4) The provisions of this subsection may be waived by a
two- thirds vote of the Committee or by the Chair with the
concurrence of the ranking minority member.
Rule 3
MEETING AND HEARING PROCEDURES
In General
(a)(1) Meetings and hearings of the Committee shall be
called to order and presided over by the Chair or, in the
Chair's absence, by a member designated by the Chair to carry
out such duties.
(2) Meetings and hearings of the committee shall be open to
the public unless closed in accordance with clause 2(g) of rule
XI of the Rules of the House.
(3) Any meeting or hearing of the Committee that is open to
the public shall be open to coverage by television broadcast,
radio broadcast, and still photography in accordance with the
provisions of clause 4 of rule XI of the Rules of the House
(which are incorporated by reference as part of these rules).
Operation and use of any Committee operated broadcast system
shall be fair and nonpartisan and in accordance with clause
4(b) of rule XI and all other applicable rules of the Committee
and the House.
(4) To the extent feasible, members and witnesses may use
the Committee equipment for the purpose of presenting
information electronically during a meeting or hearing,
provided the information is transmitted to the appropriate
Committee staff in an appropriate electronic format at least
one business day before the meeting or hearing so as to ensure
display capacity and quality. The content of all materials must
relate to the pending business of the Committee and conform to
the rules of the House. The confidentiality of the material
will be maintained by the technical staff until its official
presentation to the Committee members. For the purposes of
maintaining the official records of the committee, printed
copies of all materials presented, to the extent practicable,
must accompany the presentations.
(5) No person, other than a Member of Congress, Committee
staff, or an employee of a Member when that Member has an
amendment under consideration, may stand in or be seated at the
rostrum area of the Committee rooms unless the Chair determines
otherwise.
Quorum
(b)(1) For the purpose of taking testimony and receiving
evidence, two members of the Committee shall constitute a
quorum.
(2) A majority of the members of the Committee shall
constitute a quorum for the purposes of reporting any measure
or matter, of authorizing a subpoena (other than a subpoena
authorized and issued by the Chair pursuant to subsection
(e)(1)), of closing a meeting or hearing pursuant to clause
2(g) of rule XI of the rules of the House (except as provided
in clause 2(g)(2)(A) and (B)) or of releasing executive session
material pursuant to clause 2(k)(7) of rule XI of the rules of
the House.
(3) For the purpose of taking any action other than those
specified in paragraph (2) one-third of the members of the
Committee shall constitute a quorum.
Voting
(c)(1) No vote may be conducted on any measure or matter
pending before the Committee unless the requisite number of
members of the Committee is actually present for such purpose.
(2) A record vote of the Committee shall be provided on any
question before the Committee upon the request of one-fifth of
the members present.
(3) No vote by any member of the Committee on any measure
or matter may be cast by proxy.
(4) In addition to any other requirement of these rules or
the Rules of the House, including clause 2(e)(1)(B) of rule XI,
the Chair shall make the record of the votes on any question on
which a record vote is demanded publicly available in
electronic form on the Committee's Web site not later than one
business day after such vote is taken. Such record shall
include in electronic form the text of the amendment, motion,
order, or other proposition, the name of each member voting for
and each member voting against such amendment, motion, order,
or proposition, and the names of those members of the committee
present but not voting. With respect to any record vote on any
motion to report or record vote on any amendment, a record of
such votes shall be included in the report of the Committee
showing the total number of votes cast for and against and the
names of those members of the committee present but not voting.
(5) Postponed Record Votes.--(A) Subject to subparagraph
(B), the 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,
notwithstanding any intervening order for the previous
question, an underlying proposition shall remain subject to
further debate or amendment to the same extent as when the
question was postponed.
(D) The Chair's authority to postpone recorded votes will
not be used to prejudice a member with regard to the offering
of another amendment. In the application of this rule, the
Chair will consult regularly with the ranking minority member
regarding the scheduling of the resumption of postponed votes.
Hearing Procedures
(d)(1)(A) The Chair shall make public announcement of the
date, place, and subject matter of any committee hearing at
least one week before the commencement of the hearing, unless
the Chair, with the concurrence of the ranking minority member,
or the Committee by majority vote with a quorum present for the
transaction of business, determines there is good cause to
begin the hearing sooner, in which case the Chair shall make
the announcement at the earliest possible date.
(B) Not less than three days before the commencement of a
hearing (excluding Saturdays, Sundays, and legal holidays
except when the House is in session on any such day) announced
under this paragraph, the Chair shall provide to the members of
the Committee a concise summary of the subject of the hearing,
or, in the case of a hearing on a measure or matter, a copy of
the measure or materials relating to the matter in question and
a concise explanation of the measure or matter to be
considered. At the same time the Chair provides the information
required by the preceding sentence, the Chair shall also
provide to the members of the Committee a list of the witnesses
expected to appear before the Committee at that hearing. The
witness list may not be modified within 24 hours of a hearing,
unless the Chair, with the concurrence of the ranking minority
member, determines there is good cause for such modification.
(2) To the greatest extent practicable--
(A) each witness who is to appear before the
Committee shall file with the Committee two business
days in advance of the appearance sufficient copies
(including a copy in electronic form), as determined by
the Chair, of a written statement of proposed testimony
and shall limit the oral presentation to the Committee
to brief summary thereof; and
(B) each witness appearing in a non-governmental
capacity shall include with the written statement of
proposed testimony a curriculum vitae, 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, and a
disclosure of whether the witness is a fiduciary
(including, but not limited to, a director, officer,
advisor, or resident agent) of any organization or
entity, that has an interest in the subject matter of
the hearing . Such disclosure statements, with
appropriate redactions to protect the privacy of the
witness, shall be made publicly available in electronic
form not later than one day after the witness appears.
(3) The requirements of paragraph (2)(A) may be modified or
waived by the Chair when the Chair determines it to be in the
best interest of the Committee.
(4)(A) Subject to subparagraph (B), the five-minute rule
shall be observed in the interrogation of witnesses before the
Committee or any of its subcommittees until each present member
thereof has had an opportunity to question the witnesses. 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 hearing. The Chair shall, so far as
practicable, defer to the Ranking Member with respect to the
order of recognition for minority Members. No member shall be
recognized for a second period of five minutes to interrogate
witnesses until each present member of the Committee or such
subcommittee has been recognized once for that purpose.
(B) The Chair may permit a specified number of members to
question one or more witnesses for a specified period of time
not to exceed 60 minutes in the aggregate, equally divided
between and controlled by the Chair and the ranking minority
member.
(5) Whenever any hearing is conducted by the Committee on
any measure or matter, the minority party members of the
Committee shall be entitled, upon the request of a majority of
them before the completion of the hearing, to call witnesses
with respect to that measure or matter during at least one day
of hearing thereon. The Chair, with the concurrence of the
ranking minority member, will determine the date, time, and
place of such hearing.
(6) At any hearing of the Committee, opening statements by
members of the Committee shall be limited to 10 minutes in the
aggregate. The Chair shall control five minutes and recognize
members in the Chair's sole discretion. The ranking minority
member shall control five minutes; the Chair shall recognize
members for such 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 Committee submitted to the Chair within 5 legislative days
after the adjournment of a hearing shall be made a part of the
official hearing record thereof.
Subpoenas and Oaths
(e)(1) The power to authorize and issue subpoenas is
delegated to the Chair. 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 subpoena, 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. The Chair or any
person designated by the Chair to serve a subpoena will copy
the Ranking Minority Member or designated minority staff when a
subpoena is issued and served electronically.
(3) The Chair, or any member of the Committee designated by
the Chair, may administer oaths to witnesses before the
Committee.
Rule 4
PROCEDURES FOR REPORTING MEASURES OR MATTERS
(a) No measure or matter shall be reported from the
Committee unless a majority of the Committee is actually
present.
(b) The Chair of the Committee shall report or cause to be
reported promptly to the House any measure approved by the
Committee and take necessary steps to bring a matter to a vote.
(c) The report of the Committee on a measure which has been
approved by the Committee shall be filed within seven calendar
days (exclusive of days on which the House is not in session)
after the day on which there has been filed with the clerk of
the Committee a written request, signed by a majority of the
members of the Committee, for the reporting of that measure
pursuant to the provisions of clause 2(b)(2) of rule XIII of
the Rules of the House.
(d) All reports printed by the Committee pursuant to a
legislative study or investigation and not approved by a
majority vote of the Committee shall contain the following
disclaimer on the cover of such report: ``This report has not
been officially adopted by the Committee on Financial Services
and may not necessarily reflect the views of its Members.''
(e) The Chair is directed to offer a motion under clause 1
of rule XXII of the Rules of the House whenever the Chair
considers it appropriate.
Rule 5
SUBCOMMITTEES
Establishment and Responsibilities of Subcommittees
(a)(1) There shall be six subcommittees of the Committee as
follows:
(A) Subcommittee on investor protection,
entrepreneurship, 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;
(ii) securities, including retirement savings
plans and products, exchanges, and finance;
(iii) capital markets activities, including
securitization, business capital formation,
securities lending, and repurchase agreements;
(iv) investment companies, investment
advisers, and advisers 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 Securities and Exchange
Commission.
(B) Subcommittee on consumer protection and financial
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 Protection Bureau;
(iii) the chartering, branching, merger,
acquisition, consolidation, or conversion of
financial institutions;
(iv) consumer credit, including the provision
of consumer credit by insurance companies, and
further including those matters in the Consumer
Credit Protection Act dealing with truth in
lending, extortionate credit transactions,
restrictions on garnishments, fair credit
reporting and the use of credit information by
credit bureaus and credit providers, equal
credit opportunity, debt collection practices,
and electronic funds transfers, including
consumer transactions using mobile devices;
(v) creditor remedies and debtor defenses,
Federal aspects of the Uniform Consumer Credit
Code, credit and debit cards, and the
preemption of State usury laws;
(vi) consumer access to financial services,
including the Home Mortgage Disclosure Act and
the Community Reinvestment Act;
(vii) the terms and rules of disclosure of
financial services, including the
advertisement, promotion and pricing of
financial services, and availability of
government check cashing services;
(viii) deposit insurance;
(ix) consumer access to savings accounts and
checking accounts in financial institutions,
including lifeline banking and other consumer
accounts; and
(x) financial stability and systemic risk,
including all matters relating to the Financial
Stability Oversight Council 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 Department of Veterans Affairs), including
mortgage and loan insurance pursuant to the
National Housing Act; rural housing; housing
and homeless assistance programs; all
activities of the Government National Mortgage
Association; secondary market organizations for
home mortgages, including the Federal National
Mortgage Association, the Federal Home Loan
Mortgage Corporation, and the Federal
Agricultural Mortgage Corporation; the Federal
Housing Finance Agency; the Federal Home Loan
Banks; housing construction and design and
safety standards; housing-related energy
conservation; housing research and
demonstration programs; financial and technical
assistance for nonprofit housing sponsors;
housing counseling and technical assistance;
regulation of the housing industry (including
landlord/tenant relations); and real estate
lending including regulation of settlement
procedures;
(ii) community development and community and
neighborhood planning, training and research;
national urban growth policies; urban/rural
research and technologies; and regulation of
interstate land sales;
(iii) the qualifications for and designation
of Empowerment Zones and Enterprise Communities
(other than matters relating to tax benefits);
and
(iv) insurance generally, including but not
limited to, terrorism risk insurance, private
mortgage insurance, government sponsored
insurance programs, including those offering
protection against crime, fire, flood (and
related land use controls), earthquake and
other natural hazards, and the Federal
Insurance Office.
(D) Subcommittee on national security, international
development, and monetary policy.--The jurisdiction of
the Subcommittee on National Security, International
Development, 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 remittance
systems;
(iii) methods to detect and inhibit terrorism
and illicit finance, including matters related
to anti-money laundering and combating the
financing of terrorism (AML/CFT) standards,
asset forfeiture, and financial sanctions, as
well as programs related to such matters
administered by agencies or subunits thereof,
including activities of the Office of 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, including activities of the
National Advisory Council on International
Monetary and Financial Policies as related
thereto, and monetary and financial
developments as they relate to the activities
and objectives of such institutions;
(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 relate to United States
investments for trade purposes by citizens of
the United States and investments made by all
foreign entities in the United States;
(ix) defense production matters as contained
in the Defense Production Act of 1950, as
amended;
(xi) economic growth and stabilization;
(xii) domestic monetary policy, and agencies
which directly or indirectly affect domestic
monetary policy, including the effect of such
policy and other financial actions on interest
rates, the allocation of credit, and the
structure and functioning of domestic financial
institutions;
(xiii) coins, coinage, currency, and medals,
including commemorative coins and medals, proof
and mint sets and other special coins, the
Coinage Act of 1965, gold and silver, including
the coinage thereof (but not the par value of
gold), gold medals, counterfeiting, currency
denominations and design, the distribution of
coins, and the operations of the Bureau of the
Mint and the Bureau of Engraving and Printing;
and
(xiv) development of new or alternative forms
of currency.
(E) Subcommittee on diversity and inclusion.--The
jurisdiction of the Subcommittee on Diversity and
Inclusion includes--
(i) all matters related to diversity and
inclusion within all the agencies, departments,
programs, and entities within 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
(iv) methods, initiatives, and measures to
promote financial and economic inclusion for
all consumers.
(F) Subcommittee on oversight and investigations.--
The jurisdiction of the Subcommittee on Oversight and
Investigations includes--
(i) the oversight of all agencies,
departments, programs, matters, and entities,
within the jurisdiction of the Committee,
including the development of recommendations
with regard to the necessity or desirability of
enacting, changing, or repealing any
legislation within the jurisdiction of the
Committee, and for conducting investigations
within such jurisdiction; and
(ii) research and analysis regarding matters
within the jurisdiction of the Committee,
including the impact or probable impact of tax
policies affecting matters within the
jurisdiction of the Committee.
(2) In addition, each such subcommittee shall have specific
responsibility for such other measures or matters as the Chair
refers to it.
(3) Each subcommittee of the Committee shall review and
study, on a continuing basis, the application, administration,
execution, and effectiveness of those laws, or parts of laws,
the subject matter of which is within its general
responsibility.
Referral of Measures and Matters to Subcommittees
(b)(1) The Chair may regularly refer to one or more
subcommittees such measures and matters as the Chair deems
appropriate given its jurisdiction and responsibilities. In
making such a referral, the Chair may designate a subcommittee
of primary jurisdiction and subcommittees of additional or
sequential jurisdiction.
(2) All measures or matters shall be subject to
consideration by the full Committee.
(3) In referring any measure or matter to a subcommittee,
the Chair may specify a date by which the subcommittee shall
report thereon to the Committee. (4) The Chair, in his or her
sole discretion, may discharge a subcommittee from
consideration of any measure or matter referred to a
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
accordance with the rules of the respective party caucuses. The
Chair of the Committee shall designate a member of the majority
party on each subcommittee as its vice chair. The Chair may
designate one member of the Committee who previously has served
as the 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
subcommittee of which they are not assigned as members and may
be counted for purposes of establishing a quorum in such
subcommittees. The Chair Emeritus shall be an ex officio member
without voting privileges of each subcommittee to which he or
she is not assigned and shall not count for purposes of
establishing a quorum in such subcommittees. (3) The
subcommittees shall be comprised as follows:
(A) The Subcommittee on Investor Protection,
Entrepreneurship, and Capital Markets, shall be
comprised of 22 members, 12 elected by the majority
caucus and 10 elected by the minority caucus.
(B) The Subcommittee on Consumer Protection and
Financial Institutions shall be comprised of 22
members, 12 elected by the majority caucus and 10
elected by the minority caucus.
(C) The Subcommittee on Housing, Community
Development, and Insurance shall be comprised of 20
members, 11 elected by the majority caucus and 9
elected by the minority caucus.
(D) The Subcommittee on National Security,
International Development, and Monetary Policy shall be
comprised of 15 members, 8 elected by the majority
caucus and 7 elected by the minority caucus.
(E) The Subcommittee on Diversity and Inclusion shall
be comprised of 15 members, 8 elected by the majority
caucus and 7 elected by the minority caucus.
(F) The Subcommittee on Oversight and Investigations
shall be comprised of 12 members, 7 elected by the
majority caucus and 5 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 testimony, mark up legislation, and report to the full
Committee on any measure or matter referred to it, consistent
with subsection (a).
(2) No subcommittee of the Committee may meet or hold a
hearing at the same time as a meeting or hearing of the
Committee.
(3) The chair of each subcommittee shall set hearing and
meeting dates only with the approval of the Chair with a view
toward assuring the availability of meeting rooms and avoiding
simultaneous scheduling of Committee and subcommittee meetings
or hearings.
Effect of a Vacancy
(e) Any vacancy in the membership of a subcommittee shall
not affect the power of the remaining members to execute the
functions of the subcommittee as long as the required quorum is
present.
Records
(f) Each subcommittee of the Committee shall provide the
full Committee with copies of such records of votes taken in
the subcommittee and such other records with respect to the
subcommittee as the Chair deems necessary for the Committee to
comply with all rules and regulations of the House.
Rule 6
STAFF
In General
(a)(1) Except as provided in paragraph (2), the
professional and other staff of the Committee shall be
appointed, and may be removed by the Chair, and shall work
under the general supervision and direction of the Chair.
(2) All professional and other staff provided to the
minority party members of the Committee shall be appointed, and
may be removed, by the ranking minority member of the
Committee, and shall work under the general supervision and
direction of such member.
(3) It is intended that the skills and experience of all
members of the Committee staff be available to all members of
the Committee.
Subcommittee Staff
(b) From funds made available for the appointment of staff,
the Chair of the Committee shall, pursuant to clause 6(d) of
rule X of the Rules of the House, ensure that sufficient staff
is made available so that each subcommittee can carry out its
responsibilities under the rules of the Committee and that the
minority party is treated fairly in the appointment of such
staff.
Compensation of Staff
(c)(1) Except as provided in paragraph (2), the Chair shall
fix the compensation of all professional and other staff of the
Committee.
(2) The ranking minority member shall fix the compensation
of all professional and other staff provided to the minority
party members of the Committee.
Rule 7
BUDGET AND TRAVEL
Budget
(a)(1) The Chair, in consultation with other members of the
Committee, shall prepare for each Congress a budget providing
amounts for staff, necessary travel, investigation, and other
expenses of the Committee and its subcommittees.
(2) From the amount provided to the Committee in the
primary expense resolution adopted by the House of
Representatives, the Chair, after consultation with the ranking
minority member, shall designate an amount to be under the
direction of the ranking minority member for the compensation
of the minority staff, travel expenses of minority members and
staff, and minority office expenses. All expenses of minority
members and staff shall be paid for out of the amount so set
aside.
Travel
(b)(1) The Chair may authorize travel for any member and
any staff member of the Committee in connection with activities
or subject matters under the general jurisdiction of the
Committee.
Before such authorization is granted, there shall be
submitted to the Chair in writing the following:
(A) The purpose of the travel.
(B) The dates during which the travel is to occur.
(C) The names of the States or countries to be
visited and the length of time to be spent in each.
(D) The names of members and staff of the Committee
for whom the authorization is sought.
(2) Members and staff of the Committee shall make a written
report to the Chair on any travel they have conducted under
this subsection, including a description of their itinerary,
expenses, and activities, and of pertinent information gained
as a result of such travel.
(3) Members and staff of the Committee performing
authorized travel on official business shall be governed by
applicable laws, resolutions, and regulations of the House and
of the Committee on House Administration.
Rule 8
COMMITTEE ADMINISTRATION
Records
(a)(1) There shall be a transcript made of each regular
meeting and hearing of the Committee, and the transcript may be
printed if the Chair decides it is appropriate or if a majority
of the members of the Committee requests such printing. Any
such transcripts shall be a substantially verbatim account of
remarks actually made during the proceedings, subject only to
technical, grammatical, and typographical corrections
authorized by the person making the remarks. Nothing in this
paragraph shall be construed to require that all such
transcripts be subject to correction and publication.
(2) The Committee shall keep a record of all actions of the
Committee and of its subcommittees.
The record shall contain all information required by clause
2(e)(1) of rule XI of the Rules of the House and shall be
available in electronic form and for public inspection at
reasonable times in the offices of the Committee.
(3) All Committee hearings, records, data, charts, and
files shall be kept separate and distinct from the
congressional office records of the Chair, shall be the
property of the House, and all Members of the House shall have
access thereto as provided in clause 2(e)(2) of rule XI of the
Rules of the House.
(4) The records of the Committee at the National Archives
and Records Administration shall be made available for public
use in accordance with rule VII of the Rules of the House of
Representatives. The Chair shall notify the ranking minority
member of any decision, pursuant to clause 3(b)(3) or clause
4(b) of the rule, to withhold a record otherwise available, and
the matter shall be presented to the Committee for a
determination on written request of any member of the
Committee.
Committee Publications on the Internet
(b) The Chair shall maintain an official Committee website
for the purpose of carrying out the official responsibilities
of the Committee, including communicating information about the
Committee's activities. The ranking minority member may
maintain an official website. To the maximum extent feasible,
the Committee shall make its publications available in
electronic form on the official Committee website maintained by
the Chair.
Audio and Video Coverage of Committee Hearings and Meetings
(c)(1) To the maximum extent feasible, the Committee shall
provide audio and video coverage of each hearing or meeting for
the transaction of business in a manner that allows the public
to easily listen to and view the proceedings; and,
(2) maintain the recordings of such coverage in a manner
that is easily accessible to the public.
MEMBERSHIP AND ORGANIZATION OF THE COMMITTEE ON FINANCIAL SERVICES ONE
HUNDRED AND SEVENTEENTH CONGRESS
COMMITTEE ON FINANCIAL SERVICES
(Ratio: 30-24)
MAXINE WATERS, California,
Chairwoman
PATRICK McHENRY, North Carolina, CAROLYN B. MALONEY, New York
Ranking Member NYDIA M. VELAZQUEZ, New York
FRANK D. LUCAS, Oklahoma BRAD SHERMAN, California
PETE SESSIONS, Texas GREGORY W. MEEKS, New York
BILL POSEY, Florida DAVID SCOTT, Georgia
BLAINE LUETKEMEYER, Missouri AL GREEN, Texas
BILL HUIZENGA, Michigan EMANUEL CLEAVER, Missouri
ANN WAGNER, Missouri, ED PERLMUTTER, Colorado
Vice Ranking Member JIM A. HIMES, Connecticut
ANDY BARR, Kentucky BILL FOSTER, Illinois
ROGER WILLIAMS, Texas JOYCE BEATTY, Ohio
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, Florida
ALEXANDER X. MOONEY, West Virginia MICHAEL SAN NICOLAS, Guam
WARREN DAVIDSON, Ohio CINDY AXNE, Iowa
TED BUDD, North Carolina SEAN CASTEN, Illinois
TREY HOLLINGSWORTH, Indiana AYANNA PRESSLEY, Massachusetts
ANTHONY GONZALEZ, Ohio RITCHIE TORRES, New York
JOHN ROSE, Tennessee STEPHEN F. LYNCH, Massachusetts
BRYAN STEIL, Wisconsin ALMA ADAMS, North Carolina
LANCE GOODEN, Texas RASHIDA TLAIB, Michigan
WILLIAM TIMMONS, South Carolina MADELEINE DEAN, Pennsylvania
VAN TAYLOR, Texas ALEXANDRIA OCASIO CORTEZ, New York
RALPH NORMAN, South Carolina JESUS ``CHUY'' GARCIA, Illinois
SYLVIA GARCIA, Texas
NIKEMA WILLIAMS, Georgia
JAKE AUCHINCLOSS, Massachusetts,
Vice Chair
SUBCOMMITTEE MEMBERSHIPS
Subcommittee on Investor Protection, Entrepenurship, and Capital
Markets
(Ratio: 14-12)
BRAD SHERMAN, California, Chairman
BILL HUIZENGA, Michigan, CAROLYN B. MALONEY, New York
Ranking Member DAVID SCOTT, Georgia
ANN WAGNER, Missouri JIM A. HIMES, Connecticut
FRENCH HILL, Arkansas BILL FOSTER, Illinois
TOM EMMER, Minnesota GREGORY W. MEEKS, New York
ALEXANDER X. MOONEY, West Virginia JUAN VARGAS, California
WARREN DAVIDSON, Ohio JOSH GOTTHEIMER, New Jersey
TREY HOLLINGSWORTH, Indiana, VICENTE GONZALEZ, Texas
Vice Ranking Member MICHAEL SAN NICOLAS, Guam
ANTHONY GONZALEZ, Ohio CINDY AXNE, Iowa
BRYAN STEIL, Wisconsin SEAN CASTEN, Illinois, Vice Chair
VAN TAYLOR, Texas EMANUEL CLEAVER, Missouri
PATRICK McHENRY, North Carolina MAXINE WATERS, New York [Ex
[Ex Officio] Officio]
Subcommittee on Consumer Protection and Financial Institutions
(Ratio: 14-11)
ED PERLMUTTER, Colorado, Chairman
BLAINE LUETKEMEYER, Missouri, GREGORY W. MEEKS, New York
Ranking Member DAVID SCOTT, Georgia
FRANK D. LUCAS, Oklahoma NYDIA M. VELAZQUEZ, New York
BILL POSEY, Florida BRAD SHERMAN, California
ANDY BARR, Kentucky AL GREEN, Texas
ROGER WILLIAMS, Texas BILL FOSTER, Illinois
BARRY LOUDERMILK, Georgia JUAN VARGAS, California
TED BUDD, North Carolina AL LAWSON, Florida
JOHN ROSE, Tennessee MICHAEL SAN NICOLAS, Guam
WILLIAM TIMMONS, South Carolina SEAN CASTEN, Illinois
RALPH NORMAN, South Carolina AYANNA PRESSLEY, Massachusetts,
PATRICK McHENRY, North Carolina Vice Chair
[Ex Officio] RITCHIE TORRES, New York
MAXINE WATERS, New York [Ex
Officio]
Subcommittee on Housing, Community Development, and Insurance
(Ratio: 12-10)
EMANUEL CLEAVER, Missouri,
Chairman
FRENCH HILL, Arkansas, Ranking MemberNYDIA M. VELAZQUEZ, New York
BILL POSEY, Florida BRAD SHERMAN, California
BILL HUIZENGA, Michigan JOYCE BEATTY, Ohio
LEE M. ZELDIN, New York AL GREEN, Texas
TREY HOLLINGSWORTH, Indiana VICENTE GONZALEZ, Texas
JOHN ROSE, Tennessee CAROLYN B. MALONEY New York
BRYAN STEIL, Wisconsin, JUAN VARGAS, California
Vice Ranking Member AL LAWSON, Florida
LANCE GOODEN, Texas CINDY AXNE, Iowa, Vice Chair
VAN TAYLOR, Texas RITCHIE TORRES, New York
PATRICK McHENRY, North Carolina MAXINE WATERS, New York [Ex
[Ex Officio] Officio]
Subcommittee on National Security, International Development, and
Monetary Policy
(Ratio: 10-8)
JIM A. HIMES, Connecticut,
Chairman
ANDY BARR, Kentucky, Ranking Member JOSH GOTTHEIMER, New Jersey,
PETE SESSIONS, Texas Vice Chair
ROGER WILLIAMS, Texas MICHAEL SAN NICOLAS, Guam
FRENCH HILL, Arkansas RITCHIE TORRES, New York
LEE M. ZELDIN, New York STEPHEN F. LYNCH, Massachusetts
WARREN DAVIDSON, Ohio MADELEINE DEAN, Pennsylvania
ANTHONY GONZALEZ, Ohio ALEXANDRIA OCASIO CORTEZ, New York
PATRICK McHENRY, North Carolina JESUS ``CHUY'' GARCIA, Illinois
[Ex Officio] JAKE AUCHINCLOSS, Massachusetts
MAXINE WATERS, New York [Ex
Officio]
Subcommittee on Diversity and Inclusion
(Ratio: 9-8)
JOYCE BEATTY, Ohio, Chair
ANN WAGNER, Missouri, Ranking Member AYANNA PRESSLEY, Massachusetts
FRANK D. LUCAS, Oklahoma STEPHEN F. LYNCH, Massachusetts
TED BUDD, North Carolina RASHIDA TLAIB, Michigan
ANTHONY GONZALEZ, Ohio, MADELEINE DEAN, Pennsylvania
Vice Ranking Member SYLVIA GARCIA, Texas, Vice Chair
JOHN ROSE, Tennessee NIKEMA WILLIAMS, Georgia
LANCE GOODEN, Texas JAKE AUCHINCLOSS, Massachusetts
WILLIAM TIMMONS, South Carolina MAXINE WATERS, New York [Ex
PATRICK McHENRY, North Carolina Officio]
[Ex Officio]
Subcommittee on Oversight and Investigations
(Ratio: 8-6)
AL GREEN, Texas, Chairman
TOM EMMER, Minnesota, Ranking Member EMANUEL CLEAVER, Missouri
BARRY LOUDERMILK, Georgia ALMA ADAMS, North Carolina
ALEXANDER X. MOONEY, West Virginia RASHIDA TLAIB, Michigan
WILLIAMS TIMMONS, South Carolina, JESUS ``CHUY'' GARCIA, Illinois
Vice Ranking Member SYLVIA GARCIA, Texas
RALPH NORMAN, South Carolina NIKEMA WILLIAMS, Georgia, Vice
PATRICK McHENRY, North Carolina Chair
[Ex Officio] MAXINE WATERS, New York [Ex
Officio]
Task Force on Artificial Intelligence
(Ratio: 8-6)
BILL FOSTER, Illinois, Chairman
ANTHONY GONZALEZ, Ohio, BRAD SHERMAN, California
Ranking Member SEAN CASTEN, Illinois
BARRY LOUDERMILK, Georgia AYANNA PRESSLEY, Massachusetts
TED BUDD, North Carolina ALMA ADAMS, North Carolina
TREY HOLLINGSWORTH, Indiana SYLVIA GARCIA, Texas
VAN TAYLOR, Texas JAKE AUCHINCLOSS, Massachusetts
PATRICK McHENRY, North Carolina MAXINE WATERS, California [Ex
[Ex Officio] Officio]
Task Force on Financial Technology
(Ratio: 8-6)
STEPHEN F. LYNCH, Massachusetts,
Chairman
WARREN DAVIDSON, Ohio, JIM A. HIMES, Connecticut
Ranking Member JOSH GOTTHEIMER, New Jersey
PETE SESSIONS, Texas AL LAWSON, Florida
BLAINE LUETKEMEYER, Missouri MICHAEL SAN NICOLAS, Guam
TOM EMMER, Minnesota RITCHIE TORRES, New York
BRYAN STEIL, Wisconsin NIKEMA WILLIAMS, Georgia
PATRICK McHENRY, North Carolina MAXINE WATERS, California [Ex
[Ex Officio] Officio]
Membership Notes
Mr. Taylor was elected to the Committee in April 2021, filling a
vacancy created by the resignation of Mr. Stivers from the Committee.
Mr. Norman was elected to the Committee in June 2022, filling a
vacancy created by the resignation of Mr. Kustoff from the Committee.
COMMITTEE STAFF
Majority Staff
CHARLA OUERTATANI
Staff Director
KRISTOFOR ERICKSON
Deputy Staff Director
ESTHER KAHNG
Chief Counsel
BRYAN MEDEMA
General Counsel and
Parliamentarian
MELISSA ANOH, Professional Staff
COLIN ANONSEN, Professional Staff
LEVON BAGRAMIAN, Director of
Capital Markets
CHRISTINE BALTAZAR, Professional
Staff and Investigator
SARAH BASSET, Research Director
SCOTT BELL, Professional Staff
ERIN BUTLER, Staff Assistant
TAMARA CESARETTI, Counsel
CHELSEA CRITTLE, Senior
Professional Staff Member
ELIZABETH DE LOS REYES, Research
Assistant
PATRICK FERGUSON, Senior Counsel
ALIA FIERRO, Director of Housing
Policy
ALFRED FORMAN, Systems
Administrator
OLUWAKEMI GIWA, Communications
Director
RYAN LICHTENFELS, Counsel
DANIELLE CAMNER LINDHOLM, Director
of National Security
MARCOS MANOSALVAS, Digital
Director
DANIELE MCGLINCHEY, Director of
International Affairs
VICTORIA SMITH PARKER, Staff
Assistant
KYLIE PATTERSON, Director of
Diversity and Inclusion
GEOFFREY PREUDHOMME, Jr., Press
Assistant
ROBERT ROACH, Director of
Oversight & Investigations
DENISE SCOTT, Financial and
Administrative Officer
GLEN SEARS, Director of Consumer
Protection and Financial
Institutions Policy
PETRINA THOMAS, Director of Member
Services
AGATHA SO, Senior Professional
Staff
JUSTIN FRANKLIN THORNTON, Clerk
TERRIE ALLISON, Document Editor
Minority Staff
MATTHEW HOFFMANN, Staff Director
KIM BETZ, Chief Counsel and Policy
Director
STACY BAKER, Systems Administrator
WILL BARRY, Press Secretary
ALLISON BEHUNIAK, Professional
Staff Member
LUCAS BEIRNE, Detailee
MCARN BENNETT, Senior Counsel
MICHAEL CASE, Professional
Oversight Staff
ANTHONY CHANG, Senior Professional
Staff Member
CONNOR DUNN, Senior Professional
Staff Member
PATRICIA HALLORAN, Staff Assistant
BRIGHTON HASLETT, Senior Counsel
RACHEL KALDAHL, Chief Oversight
Counsel
MICHAEL LUCIA, Counsel
JESS MCFAUL, Speechwriter
KATHLEEN PALMER, Senior
Professional Staff Member
LAURA PEAVEY, Communications
Director
PHIL POE, Senior Professional
Staff Member
LINDSEY SHACKELFORD, Director of
Operations
WILL SHANNON, Policy Analyst
EDWARD SKALA, Senior Professional
Staff Member
KYLE SMITHWICK, Deputy Chief
Oversight Counsel
NICHOLLE VO, Senior Counsel
OVERVIEW OF LEGISLATIVE ACCOMPLISHMENTS
During the 117th Congress, 894 bills were referred to the
Committee on Financial Services, with 293 measures considered
at legislative hearings. The full Committee ordered reported 69
bills to the House of Representatives, and the House passed 96
measures which had provisions within the Committee's
jurisdiction, with a number being incorporated into other
legislation. Thirty-two measures which had provisions within
the Committee's jurisdiction were enacted into law, with a
number being incorporated into other legislation. The following
is a summary of the legislative activities of the Committee on
Financial Services during the 117th 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
measures.*
*Certain statistics in this paragraph and entries in the table
below are dependent on Presidential actions upon presentation of
legislation to the President which will occur after submission of this
report.
----------------------------------------------------------------------------------------------------------------
Date Committee/Legislative
H.R. # Title Introduced Sponsor Action
----------------------------------------------------------------------------------------------------------------
H.R. 166............... Fair Lending for All ........... Green, Al [D-TX-9].... 6/15/2022--Passed the
Act. House 215-207 as part of
H.R. 2543.
H.R. 935............... Small Business 2/8/2021 Representative 7/29/2021--Ordered
Mergers, Huizenga, Bill [R-MI- reported as amended by
Acquisitions, Sales, 2]. the Committee by Voice
and Brokerage Vote.
Simplification Act of 5/11/2022--Passed the
2021. House by a vote of 419-0.
12/22/2022--Passed the
Senate as part of H.R.
2617 by a vote of 68-29.
12/23/2022--Passed the
House as part of H.R.
2617 by a vote of 225-
201, 1 present.
12/29/2022--Signed by the
President.
H.R. 1057.............. Greatest Generation 2/15/2021 Representative Kaptur, 7/26/2022--Passed the
Commemorative Coin Marcy [D-OH-9]. House on a Voice Vote.
Act. 7/27/2022--Passed the
Senate on a Voice Vote.
8/3/2022--Became Public
Law No. 117-162.
H.R. 1085.............. To award three 2/18/2021 Representative Pelosi, 3/17/2021--Passed the
congressional gold Nancy [D-CA]. House by a vote of 413-
medals to the United 12.
States Capitol Police
and those who
protected the U.S.
Capitol on January 6,
2021.
H.R. 1087.............. Shareholder Political 2/18/2021 Representative Foster, 4/21/2021--Ordered
Transparency Act of Bill [D-IL-11]. reported as amended by
2021. the Committee by a vote
of 28-23.
6/16/2021--Passed the
House by a vote of 215-
214 as part of H.R. 1187.
H.R. 1187.............. ESG Disclosure 2/18/2021 Representative Vargas, 6/8/2021--Ordered reported
Simplification Act of Juan [D-CA-51]. as amended by the
2021. Committee by a vote of 28-
22.
6/16/2021--Passed the
House by a vote of 215-
214.
H.R. 1188.............. Greater Accountability 2/18/2021 Representative 5/12/2021--Ordered
in Pay Act. Velazquez, Nydia M. reported as amended by
[D-NY-7]. the Committee by a vote
of 29-23.
6/16/2021--Passed the
House by a vote of 215-
214 as part of H.R. 1187.
H.R. 1277.............. Improving Corporate 2/24/2021 Representative Meeks, 4/21/2022--Ordered
Governance Through Gregory W. [D-NY-5]. reported as amended by
Diversity Act of 2021. the Committee by a voice
vote.
6/15/2022--Passed the
House 215-207 as part of
H.R. 2543 .
H.R. 1319.............. American Rescue Plan 2/24/2021 Representative 2/27/2021--Passed the
of 2021. Yarmuth, John A. [D- House by a vote of 219-
KY-3]. 212.
3/6/2021--Passed the
Senate by a vote of 50-
49.
3/10/2021--Passed the
House by a vote of 220-
221.
3/11/2021--Became Public
Law 117-2.
H.R. 1395.............. Housing Financial 2/26/2021 Representative Beatty, 4/20/2021--Passed the
Literacy Act of 2021. Joyce [D-OH-3]. House by a voice vote.
H.R. 1443.............. LGBTQ Business Equal 2/26/2021 Representative Torres, 5/12/2021--Ordered
Credit Enforcement Ritchie [D-NY-15]. reported as amended by
and Investment Act. the Committee by a voice
vote.
6/15/2022--Passed the
House on a vote of 248-
177.
H.R. 1491.............. Fair Debt Collection 3/2/2021 Representative Dean, 4/20/2021--Passed the
for Servicemembers Madeleine [D-PA-4]. House by a voice vote.
Act. 5/13/2021--Passed the
House 215-207 as part of
H.R. 2547.
H.R. 1528.............. Promoting Transparent 3/2/2021 Representative Waters, 4/20/2021--Passed the
Standards for Maxine [D-CA-43]. House by a voice vote.
Corporate Insiders
Act.
H.R. 1532.............. Improving FHA Support 3/3/2021 Representative Tlaib, 4/20/2021--Passed the
for Small-Dollar Rashida [D-MI-13]. House by a voice vote.
Mortgages Act of 2020.
H.R. 1565.............. Senior Security Act of 3/3/2021 Representative 4/20/2021--Passed the
2021. Gottheimer, Josh [D- House by a voice vote.
NJ-5].
H.R. 1602.............. Eliminate Barriers to 3/8/2021 Representative 4/20/2021--Passed the
Innovation Act of McHenry, Patrick [R- House by a voice vote.
2021. NC].
H.R. 1657.............. Ending Debt Collection 3/8/2021 Representative 5/13/2021--Passed the
Harassment Act of Pressley, Ayanna [D- House 215-207 as part of
2021. MA-7]. H.R. 2547.
H.R. 1669.............. State Small Business 3/9/2021 Representative Green, 3/10/2021--Passed the
Credit Initiative Al [D-TX-9]. House 220-210 as part of
Renewal Act. H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1682.............. Stabilizing Rural 3/9/2021 Representative 3/10/2021--Passed the
Homeowners During Cleaver, Emanuel [D- House 220-210 as part of
COVID Act of 2021. MO-5]. H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1706.............. Emergency Homelessness 3/9/2021 Representative 3/10/2021--Passed the
Assistance Act of Pressley, Ayanna [D- House 220-210 as part of
2021. MA-7]. H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1710.............. Coronavirus Homeowner 3/9/2021 Representative Scott, 3/10/2021--Passed the
Assistance Act of David [D-GA-13]. House 220-210 as part of
2021. H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1711.............. The Financial 3/9/2021 Representative Scott, 5/18/2021--Passed the
Inclusion in Banking David [D-GA-13]. House 350-75.
Act of 2021.
H.R. 1719.............. Emergency Tribal 3/9/2021 Representative Vargas, 3/10/2021--Passed the
Housing Assistance Juan [D-CA-51]. House 220-210 as part of
Act of 2021. H.R. 1319.
3/11/2021--Became Public
Law 117-2.
5/18/2021--Passed the
House on a vote of 350-
75.
H.R. 1720.............. COVID-19 Medical 3/9/2021 Representative Vargas, 3/10/2021--Passed the
Production Act. Juan [D-CA-51]. House 220-210 as part of
H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1724.............. Emergency Housing 3/9/2021 Representative Waters, 3/10/2021--Passed the
Voucher Act of 2021. Maxine [D-CA-43]. House 220-210 as part of
H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1725.............. Emergency Assistance 3/9/2021 Representative Waters, 3/10/2021--Passed the
for Renters Act of Maxine [D-CA-43]. House 220-210 as part of
2021. H.R. 1319.
3/11/2021--Became Public
Law 117-2.
H.R. 1842.............. Harriet Tubman 3/11/2021 Representative Meeks, 7/26/2022--Passed the
Bicentennial Gregory W. [D-NY-5]. House by a voice vote.
Commemorative Coin 7/27/2022--Passed the
Act. Senate by a voice vote.
8/3/2022--Became Public
Law 117-163.
H.R. 1996.............. SAFE Banking Act of 3/18/2021 Representative 4/19/2021--Passed the
2021. Perlmutter, Ed [D-CO- House 321-101.
7].
H.R. 2123.............. Diversity and 3/23/2021 Representative Beatty, 4/21/2021--Ordered
Inclusion Data Joyce [D-OH-3]. reported as amended by
Accountability and the Committee by a vote
Transparency Act. of 30-23.
6/15/2022--Passed the
House 215-207 as part of
H.R. 2543.
H.R. 2265.............. Financial Exploitation 3/26/2021 Representative Wagner, 7/29/2021--Ordered
Prevention Act of Ann [R-MO]. reported as amended by
2021. the Committee by voice
vote.
10/25/2021--Passed the
House by a voice vote.
H.R. 2311.............. Credit Union 4/1/2021 Representative Emmer, 6/29/2021--Passed the
Governance Tom [R-MN]. House 366-46 as part of
Modernization Act of H.R. 2471.
2021. 11/16/2021--Ordered
reported as amended by
the Committee by a voice
vote.
1/13/2022--Passed the
Senate on a voice vote.
3/9/2022--House passed
Senate Amendment on a
voice vote.
3/10/2022--Senate passed
House Amendment 68-31.
3/15/2022--Became Public
Law 117-103.
H.R. 2332.............. Debt Bondage Repair 4/1/2021 Representative 6/15/2021--Passed the
Act. McHenry, Patrick [R- House 287-140.
NC]. 12/7/2021--Passed the
Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 2458.............. Non-Judicial 4/13/2021 Representative 5/13/2021--Passed the
Foreclosure Debt Auchincloss, Jake [D- House 215-207 as part of
Collection MA-4]. H.R. 2547.
Clarification Act.
H.R. 2498.............. Private Loan 4/14/2021 Representative Dean, 5/13/2021--Passed the
Disability Discharge Madeleine [D-PA-4]. House 215-207 as part of
Act of 2021. H.R. 2547.
H.R. 2537.............. Consumer Protection 4/14/2021 Representative Tlaib, 5/13/2021--Passed the
for Medical Debt Rashida [D-MI-13]. House 215-207 as part of
Collections Act. H.R. 2547.
H.R. 2540.............. The ``Small Business 4/14/2021 Representative 5/13/2021--Passed the
Lending Fairness Velazquez, Nydia M. House 215-207 as part of
Act''. [D-NY-7]. H.R. 2547.
H.R. 2543.............. Federal Reserve Racial 4/14/2021 Representative Waters, 4/21/2021--Ordered
and Economic Equity Maxine [D-CA-43]. reported as amended by
Act. the Committee by a vote
of 30-23.
6/15/2022--Passed the
House 215-207.
H.R. 2547.............. Comprehensive Debt 4/15/2021 Representative Waters, 5/13/2021--Passed the
Collection Maxine [D-CA-43]. House 215-207 as part of
Improvement Act. H.R. 2547.
H.R. 2570.............. Climate Risk 4/15/2021 Representative Casten, 5/12/2021--Ordered
Disclosure Act of Sean [D-IL-5]. reported as amended by
2021. the Committee by a vote
of 28-24.
6/16/2021--Passed the
House by a vote of 215-
214 as part of H.R. 1187.
H.R. 2572.............. Stop Debt Collection 4/15/2021 Representative 5/13/2021--Passed the
Abuse Act. Cleaver, Emanuel [D- House 215-207 as part of
MO-5]. H.R. 2547.
H.R. 2628.............. Debt Collection 4/16/2021 Representative Meeks, 5/13/2021--Passed the
Practices Gregory W. [D-NY-5]. House 215-207 as part of
Harmonization Act. H.R. 2547.
H.R. 2689.............. Minority Business 4/20/2021 Representative Green, 6/23/2021--Ordered
Resiliency Act. Al [D-TX-9]. reported as amended by
the Committee by a vote
of 28-23.
7/1/2021--Passed the House
221-201 as part of H.R.
3684.
8/10/2021--Passed the
Senate 69-30.
11/5/2021--Senate
Amendment passed by House
228-206.
11/15/2021--Became Public
Law 117-58.
H.R. 2710.............. Banking Transparency 4/20/2021 Representative Steil, 6/8/2022--Passed the House
for Sanction Persons Bryan [R-WI-1]. as part of H.R. 7776 by a
Act of 2021. vote of 384-37.
7/28/2022--Passed the
Senate as part of H.R.
7776 by a vote of 93-1.
9/28/2022--Passed the
House by voice vote.
12/8/2022--Passed the
House as part of H.R.
7776 by a vote of 350-80.
12/15/2022--Passed the
Senate as part of H.R.
7776 by a vote of 83-11.
12/27/2022--Became Public
Law 117-263.
H.R. 2959.............. COVID-19 Fraud 5/4/2021 Representative Axne, 5/18/2021--Passed the
Prevention Act. Cynthia [D-IA-3]. House by a voice vote.
6/8/2022--Passed the House
as part of H.R. 7776 by a
vote of 384-37.
7/28/2022--Passed the
Senate as part of H.R.
7776 by a vote of 93-1.
12/8/2022--Passed the
House as part of H.R.
7776 by a vote of 350-80.
12/15/2022--Passed the
Senate as part of H.R.
7776 by a vote of 83-11.
12/27/2022--Became Public
Law 117-263.
H.R. 2989.............. Financial Transparency 5/4/2021 Representative 10/26/2021--Passed the
Act of 2021. Maloney, Carolyn B. House by a vote of 400-
[D-NY-12]. 19.
H.R. 3007.............. Disclosure of Tax 5/7/2021 Representative Axne, 5/12/2021--Ordered
Havens and Offshoring Cynthia [D-IA-3]. reported as amended by
Act. the Committee by a vote
of 28-23.
6/16/2021--Passed the
House by a vote of 215-
214 as part of H.R. 1187.
H.R. 3008.............. The Homebuyer 5/7/2021 Representative 5/18/2021--Passed the
Assistance Act of Sherman, Brad [D-CA- House by a vote of 350-
2021. 30]. 75.
H.R. 3094.............. Treasury Human 5/11/2021 Representative Dean, 9/23/2021--Passed the
Trafficking Madeleine [D-PA-4]. House 316-113 as part of
Coordinator Act. H.R. 4350.
H.R. 3125.............. COVID-19 Emergency 5/11/2021 Representative Vargas, 5/18/2021--Passed the
Medical Supplies Juan [D-CA-51]. House by a voice vote.
Enhancement Act of
2021.
H.R. 3146.............. SAVE Act of 2021...... 5/12/2021 Representative Hill, 5/18/2021--Passed the
French [R-AR-2]. House by a voice vote.
H.R. 3325.............. To award four 5/19/2021 Representative Pelosi, 6/15/2021--Passed the
congressional gold Nancy [D-CA]. House by a vote of 406-
medals to the United 21.
States Capitol Police 8/3/2021--Passed the
and those who Senate by a voice vote.
protected the U.S. 8/5/2021--Became Public
Capitol on January 6, Law 117-32.
2021.
H.R. 3555.............. Voters on the Move 5/25/2021 Representative 7/29/2021--Ordered
Registration Act. Williams, Nikema [D- reported as amended by
GA]. the Committee by a vote
of 28-23.
H.R. 3642.............. Harlem Hellfighters 5/28/2021 Representative Suozzi, 6/15/2021--Passed the
Congressional Gold Thomas [D-NY]. House by a vote of 287-
Medal Act. 140.
8/9/2021--Passed the
Senate by a voice vote.
8/25/2021--Became Public
Law 117-38.
H.R. 4111.............. Sovereign Debt 6/23/2021 Representative Waters, 9/23/2021--Passed the
Contract Capacity Act. Maxine [D-CA-43]. House as part of H.R.
4350 by a vote of 316-
113.
10/25/2021--Passed the
House by a vote of 391-
29.
12/7/2021--Passed the
Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 4227.............. Developing and 6/29/2021 Representative 7/26/2022--Passed the
Empowering our Hollingsworth, Trey House by a voice vote.
Aspiring Leaders Act [R-IN-9].
of 2021.
H.R. 4493.............. Promoting Secure 5G 7/16/2021 Representative 9/23/2021--Passed the
Act of 2021. Timmons, William [R- House 316-113 as part of
SC]. H.R. 4350.
H.R. 4586.............. Risk-Based Credit 7/21/2021 Representative Wagner, 6/22/2022--Ordered
Examination Act. Ann [R-MO]. reported as amended by
the Committee by a voice
vote.
7/26/2022--Passed the
House by a voice vote.
H.R. 4590.............. Promoting New and 7/21/2021 Representative 7/29/2021--Ordered
Diverse Depository Auchincloss, Jake [D- reported as amended by
Institutions Act. MA-4]. the Committee by a voice
vote.
6/15/2022--Passed the
House 215-207 as part of
H.R. 2543.
H.R. 4616.............. Adjustable Interest 7/22/2021 Representative 6/29/2021--Passed the
Rate (LIBOR) Act of Sherman, Brad [D-CA- House 366-46 as part of
2021. 30]. H.R. 2471.
1/13/2022--Passed the
Senate on a voice vote.
3/9/2022--House passed
Senate Amendment on a
voice vote.
3/10/2022--Senate passed
House Amendment 68-31.
3/15/2022--Became Public
Law 117-103.
H.R. 4493.............. Promoting Secure 5G 7/16/2021 Rep. Timmons, William 12/7/2021--Passed the
Act of 2021. R. IV [R-SC-4]. Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 4865.............. Registration for Index- 7/30/2021 Representative Adams, 7/27/2022--Ordered
Linked Annuities Act. Alma S. [D-NC-12]. reported as amended by
the Committee by a voice
vote.
12/22/2022--Passed the
Senate as part of H.R.
2617 by a vote of 68-29.
12/23/2022--Passed the
House as part of H.R.
2617 by a vote of 225-
201, 1 present.
12/29/2022--Signed by the
President.
H.R. 5128.............. Expanding Access to 8/31/2021 Representative Axne, 7/26/2022--Passed the
Capital for Rural Job Cynthia [D-IA-3]. House by a voice vote.
Creators Act.
H.R. 5142.............. To award posthumously 8/31/2021 Representative 10/25/2021--Passed the
a Congressional Gold McClain, Lisa [R-MI]. House by a voice vote.
Medal, in 11/17/2021--Passed the
commemoration to the Senate by unanimous
servicemembers who consent.
perished in 12/16/2021--Became Public
Afghanistan on August Law 117-72.
26, 2021, during the
evacuation of
citizens of the
United States and
Afghan allies at
Hamid Karzai
International
Airport, and for
other purposes.
H.R. 5320.............. FinCEN Exchange 9/21/2021 Representative Torres, 9/23/2021--Passed the
Improvement Act. Ritchie [D-NY-15]. House as part of H.R.
4350 by a vote of 316-
113.
12/7/2021--Passed the
Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 5911.............. The ``Fair Hiring in 11/9/2021 Representative Beatty, 11/16/2021--Ordered
Banking Act''. Joyce [D-OH-3]. reported as amended by
the Committee by a voice
vote.
5/10/2022--Passed the
House by a vote of 329-
88.
6/8/2022--Passed the House
as part of H.R. 7776 by a
vote of 384-37.
7/28/2022--Passed the
Senate as part of H.R.
7776 by a vote of 93-1.
12/8/2022--Passed the
House as part of H.R.
7776 by a vote of 350-80.
12/15/2022--Passed the
Senate as part of H.R.
7776 by a vote of 83-11.
12/27/2022--Became Public
Law 117-263.
H.R. 5914.............. The ``Empowering 11/9/2021 Representative 11/16/2021--Ordered
States to Protect Gottheimer, Josh [D- reported as amended by
Seniors from Bad NJ-5]. the Committee by a voice
Actors Act''. vote.
5/11/2022--Passed the
House by a vote of 371-
48.
H.R. 6015.............. Benjamin Berell 11/18/2021 Representative 5/10/2022--Passed the
Ferencz Congressional Frankel, Lois [D-FL]. House by a voice vote.
Gold Medal Act. 12/22/2022--Passed the
Senate as part of H.R.
2617 by a vote of 68-29.
12/23/2022--Passed the
House as part of H.R.
2617 by a vote of 225-
201, 1 present.
12/29/2022--Signed by the
President.
H.R. 6285.............. Accelerating Holding 12/14/2021 Representative 12/22/2022--Passed the
Foreign Companies Sherman, Brad [D-CA- Senate as part of H.R.
Accountable Act. 30]. 2617 by a vote of 68-29.
12/23/2022--Passed the
House as part of H.R.
2617 by a vote of 225-
201, 1 present.
12/29/2022--Signed by the
President.
H.R. 6328.............. FinCEN Exam Delegation 12/20/2021 Representative 9/23/2021--Passed the
Study. Cleaver, Emanuel [D- House as part of H.R.
MO-5]. 4350 by a vote of 316-
113.
12/7/2021--Passed the
Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 6340.............. To establish the 12/20/2021 Representative Waters, 9/23/2021--Passed the
United States policy Maxine [D-CA-43]. House as part of H.R.
on Burma at the 4350 by a vote of 316-
International 113.
Monetary Fund, the 12/7/2021--Passed the
World Bank Group, and Senate as part of S. 1605
the Asian Development by a vote of 363-70.
Bank, and for other 12/15/2021--Passed the
purposes.. Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 6343.............. The Illicit Finance 12/23/2021 Representative Lynch, 9/23/2021--Passed the
Improvements Act. Stephen F. [D-MA-8]. House as part of H.R.
4350 by a vote of 316-
113.
12/7/2021--Passed the
Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 6388.............. Combating Terrorist 1/12/2022 Representative San 9/23/2021--Passed the
and Other Illicit Nicolas, Michael [D- House as part of H.R.
Financing Act. GU-At Large]. 4350 by a vote of 316-
113.
12/7/2021--Passed the
Senate as part of S. 1605
by a vote of 363-70.
12/15/2021--Passed the
Senate as part of S. 1605
by a vote of 88-11.
12/27/2021--Became Public
Law 117-81.
H.R. 6475.............. To amend the 1/25/2022 Representative Waters, 9/23/2021--Passed the
International Maxine [D-CA-43]. House 316-113 as part of
Financial H.R. 4350.
Institutions Act to
instruct certain
United States
Executive Directors
to vote against any
assistance to the
People's Republic of
China unless certain
certifications are
met, and for other
purposes.
H.R. 6528.............. The ``Housing 1/28/2022 Representative Torres, 6/22/2022--Ordered
Temperature Safety Ritchie [D-NY-15]. reported as amended by
Act of 2022''. the Committee by a voice
vote.
7/26/2022--Passed the
House by a voice vote.
H.R. 6549.............. To provide support for 2/1/2022 Representative Ocasio- 6/8/2022--Passed the House
international Cortez, Alexandria [D- as part of H.R. 7776 by a
initiatives to NY-14]. vote of 384-37.
provide debt relief 7/28/2022--Passed the
to developing Senate as part of H.R.
countries with 7776 by a vote of 93-1.
unsustainable levels 12/8/2022--Passed the
of debt, and for House as part of H.R.
other purposes. 7776 by a vote of 350-80.
12/15/2022--Passed the
Senate as part of H.R.
7776 by a vote of 83-11.
12/27/2022--Became Public
Law 117-263.
H.R. 6745.............. Ensuring Diversity in 2/15/2022 Representative Meeks, 6/15/2022--Passed the
Community Banking Act. Gregory W. [D-NY-5]. House 215-207 as part of
H.R. 2543.
H.R. 6891.............. The ``Isolate Russian 3/2/2022 Representative Wagner, 3/17/2022--Ordered
Government Officials Ann [R-MO]. reported as amended by
Act''. the Committee by a voice
vote.
5/11/2022--Passed the
House by a vote of 416-2.
H.R. 6899.............. The ``Russia and 3/2/2022 Representative Hill, 3/17/2022--Ordered
Belarus SDR Exchange French [R-AR-2]. reported as amended by
Prohibition Act''. the Committee by a voice
vote.
5/11/2022--Passed the
House by a vote of 417-2.
9/21/2022--Passed the
Senate by unanimous
consent.
10/4/2022--Became Public
Law 117-185.
H.R. 7003.............. Expanding Financial 3/8/2022 Representative Waters, 6/15/2022--Passed the
Access for Maxine [D-CA-43]. House 215-207 as part of
Underserved H.R. 2543.
Communities Act.
H.R. 7066.............. The Russian and 3/11/2022 Representative 3/17/2022--Ordered
Belarus Financial Sherman, Brad [D-CA- reported as amended by
Sanctions Act. 30]. the Committee by a voice
vote.
5/11/2022--Passed the
House by a vote of 418-2.
H.R. 7081.............. The ``Ukraine 3/15/2022 Representative Garcia, 3/17/2022--Ordered
Comprehensive Debt Jesus G. ``Chuy'' [D- reported as amended by
Payment Relief Act''. IL-4]. the Committee by a voice
vote.
5/11/2022--Passed the
House by a vote of 362-
56.
6/8/2022--Passed the House
as part of H.R. 7776 by a
vote of 384-37.
7/28/2022--Passed the
Senate as part of H.R.
7776 by a vote of 93-1.
12/8/2022--Passed the
House as part of H.R.
7776 by a vote of 350-80.
12/15/2022--Passed the
Senate as part of H.R.
7776 by a vote of 83-11.
12/27/2022--Became Public
Law 117-263.
H.R. 7195.............. To provide for certain 3/24/2022 Representative Adams, 6/22/2022--Ordered
whistleblower Alma S. [D-NC-12]. reported as amended by
incentives and the Committee by a voice
protections. vote.
12/22/2022--Passed the
Senate as part of H.R.
2617 by a vote of 68-29.
12/23/2022--Passed the
House as part of H.R.
2617 by a vote of 225-
201, 1 present.
12/29/2022--Signed by the
President.
H.R. 7196.............. Flexibility in 3/24/2022 Representative Axne, 5/17/2022--Ordered
Addressing Rural Cynthia [D-IA-3]. reported as amended by
Homelessness Act of the Committee by voice
2022. vote.
6/8/2022--Passed the House
as part of H.R. 7776 by a
vote of 384-37.
7/28/2022--Passed the
Senate as part of H.R.
7776 by a vote of 93-1.
12/8/2022--Passed the
House as part of H.R.
7776 by a vote of 350-80.
12/15/2022--Passed the
Senate as part of H.R.
7776 by a vote of 83-11.
12/27/2022--Became Public
Law 117-263.
H.R. 7301 (116th)...... The ``Emergency N/A Representative Waters, 3/10/2021--Passed the
Housing Protections Maxine [D-CA-43]. House 220-210 as part of
and Relief Act of H.R. 1319.
2020''. 3/11/2021--Became Public
Law 117-2.
H.R. 7733.............. The ``CDFI Bond 5/12/2022 Representative 5/17/2022--Ordered
Guarantee Program Cleaver, Emanuel [D- reported as amended by
Improvement Act''. MO-5]. the Committee by a voice
vote.
6/15/2022--Passed the
House 215-207 as part of
H.R. 2543.
7/27/2022--Passed the
House 336-90.
H.R. 7734.............. The ``Timely Delivery 5/12/2022 Representative Waters, 7/20/2022--Ordered
of Bank Secrecy Act Maxine [D-CA-43]. reported as amended by
Reports Act''. the Committee by a voice
vote.
7/26/2022--Passed the
House by a vote of 349-
70.
H.R. 7953.............. The ``Expanding 6/7/2022 Representative Beatty, 6/15/2022--Passed the
Opportunities for Joyce [D-OH-3]. House 215-207 as part of
MDIs Act. H.R. 2543.
H.R. 7978.............. Promoting and 6/8/2022 Representative Waters, 6/15/2022--Passed the
Advancing Communities Maxine [D-CA-43]. House 215-207 as part of
of Color through H.R. 2543.
Inclusive Lending Act.
H.R. 7981.............. Public and Federally 6/8/2022 Representative Dean, 6/22/2022--Ordered
Assisted Housing Fire Madeleine [D-PA-4]. reported as amended by
Safety Act of 2022. the Committee by a voice
vote.
7/27/2022--Passed the
House by a vote of 336-
90.
12/22/2022--Passed the
Senate as part of H.R.
2617 by a vote of 68-29.
12/23/2022--Passed the
House as part of H.R.
2617 by a vote of 225-
201, 1 present.
12/29/2022--Signed by the
President.
H.R. 7993 (116th)...... The ``Promoting and N/A Representative Waters, 6/15/2022--Passed the
Advancing Communities Maxine [D-CA-43]. House 215-207 as part of
of Color Through H.R. 2543.
Inclusive Lending
Act''.
S. 1404................ Ghost Army 4/28/2021 Sen. Markey, Edward [D- 12/15/2021--Passed the
Congressional Gold MA-Sen]. Senate by unanimous
Medal Act. consent.
1/19/2022--Passed the
House by voice vote.
2/1/2022--Became Public
Law 117-85.
S. 1872................ United States Army 5/27/2021 Representative Ernst, 10/26/2021--Passed the
Rangers Veterans of Joni [Sen-R-IA]. Senate by unanimous
World War II consent.
Congressional Gold 5/10/2021--Passed the
Medal Act. House by a vote of 418-0.
6/7/2022--Became Public
Law 117-132.
S. 452................. Willie O'Ree 2/25/2021 Sen. Stabenow, Debbie 7/27/2021--Passed the
Congressional Gold [D-MI-Sen]. Senate by unanimous
Medal Act. consent.
1/19/2022--Passed the
House 426-0.
1/31/2022--Became Public
Law 117-84.
----------------------------------------------------------------------------------------------------------------
OVERSIGHT ACTIVITIES OF THE FULL COMMITTEE AND SUBCOMMITTEES
FULL COMMITTEE OVERSIGHT ACTIVITIES
The Full Committee held 41 hearings during the 117th
Congress, covering all of the areas of its jurisdiction. One of
the key new elements of the Committee's work was the creation
of Task Force on Artificial Intelligence and the Task Force on
Financial Technology.
On February 4, 2021, the Full Committee held a hearing
entitled, ``More than a Shot in the Arm: The Need for
Additional COVID-19 Stimulus.'' Witnesses were Clarence
Anthony, CEO and Executive Director, National League of Cities,
Derrick Johnson, President and CEO, National Association for
the Advancement of Colored People (NAACP), Janet Murguia,
President and CEO, UnidosUS, Dr. William Spriggs, Chief
Economist, The American Federation of Labor and Congress of
Industrial Organizations (AFL-CIO), and Dr. Michael Strain,
Economist, American Enterprise Institute.
On February 18, 2021, the Full Committee held a hearing
entitled, ``Game Stopped? Who Wins and Loses When Short
Sellers, Social Media, and Retail Investors Collide.''
Witnesses were Vlad Tenev, Chief Executive Officer, Robinhood
Markets, Inc., Kenneth C. Griffin, Chief Executive Officer,
Citadel LLC, Gabriel Plotkin, Chief Executive Officer, Melvin
Capital Management LP, Steve Huffman, Chief Executive Officer,
Co-Founder, Reddit, Keith Gill, and Jennifer Schulp, Director
of Financial Regulation Studies, Cato Institute.
On February 24, 2021, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
Witness was the Honorable Jerome H. Powell, Chairman, Board of
Governors of the Federal Reserve System.
On March 10, 2021, the Full Committee held a hearing
entitled, ``Justice for All: Achieving Racial Equity Through
Fair Access to Housing and Financial Services.'' Witnesses were
Paulina Gonzalez-Brito, Executive Director, California
Reinvestment Coalition, Rashad Robinson, President, Color of
Change, Nikitra Bailey, Executive Vice President, Center for
Responsible Lending, John C. Yang, President and Executive
Director, Asian Americans Advancing Justice | AAJC, and Ian
Rowe, President and Co-Founder of Vertex Partnership Academies.
On March 17, 2021, the Full Committee held a hearing
entitled, ``Game Stopped? Who Wins and Loses When Short
Sellers, Social Media, and Retail Investors Collide, Part II.''
Witnesses were Sal Arnuk, Partner/Co-Founder, Themis Trading
LLC, Michael Blaugrund, Chief Operating Officer, New York Stock
Exchange, Dr. Vicki Bogan, Associate Professor, Cornell
University, Alexis Goldstein, Senior Policy Analyst, Americans
for Financial Reform, Dennis Kelleher, Co-Founder, President
and Chief Executive Officer of Better Markets, Alan Grujic,
CEO, All of Us Financial, and Michael Piwowar, Executive
Director, Milken Institute.
On March 23, 2021, the Full Committee held a hearing
entitled, ``Oversight of the Treasury Department's and Federal
Reserve's Pandemic Response.'' Witnesses were the Honorable
Janet L. Yellen, Secretary, U.S. Department of the Treasury and
the Honorable Jerome Powell, Chair, Board of Governors of the
Federal Reserve System.
On April 14, 2021, the Full Committee held a hearing
entitled, ``Build Back Better: Investing in Equitable and
Affordable Housing Infrastructure.'' Witnesses were Ms. Diane
Yentel, President and CEO, National Low Income Housing
Coalition, Dr. Michael McAfee, President and CEO, PolicyLink,
Ms. Jacqueline Waggoner, President, Solutions Division,
Enterprise Community Partners, Dr. Saule Omarova, Beth and Marc
Goldberg Professor of Law, Cornell University, and Mr. Brian
Riedl, Senior Fellow, Manhattan Institute.
On April 27, 2021, the Full Committee held a hearing
entitled, ``Member Day Hearing: Committee on Financial
Services.'' Witnesses were the Honorable James P. McGovern and
the Honorable Gwen Moore.
On May 6, 2021, the Full Committee held a hearing entitled,
``Game Stopped? Who Wins and Loses When Short Sellers, Social
Media, and Retail Investors Collide, Part III.'' Witnesses were
the Honorable Gary Gensler, Chairman, U.S. Securities and
Exchange Commission, Michael Bodson, President and Chief
Executive Officer, the Depository Trust & Clearing Corporation,
and Robert Cook, President and Chief Executive Officer,
Financial Industry Regulatory Authority, Inc.
On May 19, 2021, the Full Committee held a hearing
entitled, ``Oversight of Prudential Regulators: Ensuring the
Safety, Soundness, Diversity, and Accountability of Depository
Institutions.'' Witnesses were the Honorable Todd Harper,
Chairman, National Credit Union Administration, Mr. Michael
Hsu, Acting Comptroller of the Currency, Office of the
Comptroller of the Currency, the Honorable Jelena McWilliams,
Chairman, Federal Deposit Insurance Corporation, and the
Honorable Randal Quarles, Vice Chairman of Supervision, Board
of Governors of the Federal Reserve System.
On May 27, 2021, the Full Committee held a hearing
entitled, ``Holding Megabanks Accountable: An Update on Banking
Practices, Programs and Policies.'' Witnesses were Mr. Jamie
Dimon, Chairman & Chief Executive Officer, JPMorgan Chase &
Co., Ms. Jane Fraser, Chief Executive Officer, Citi, Mr. James
P. Gorman, Chairman & Chief Executive Officer, Morgan Stanley,
Mr. Brian T. Moynihan, Chairman & Chief Executive Officer, Bank
of America, Mr. Charles W. Scharf, Chief Executive Officer &
President, Wells Fargo & Company, and Mr. David M. Solomon,
Chairman & Chief Executive Officer, Goldman Sachs.
On June 9, 2021, the Full Committee held a hearing
entitled, ``Universal Vouchers: Ending Homelessness and
Expanding Economic Opportunity in America.'' Witnesses were Ann
Oliva, Senior Fellow, Center on Budget Policies and Priorities,
Mary Cunningham, Senior Fellow and Vice President, Metropolitan
Housing and Communities, Urban Institute, Benjamin Metcalf,
Managing Director, Terner Center for Housing Innovation,
University of California, Berkeley, Chancela Al-Mansour,
Executive Director, Housing Rights Center, and Howard Husock,
Adjunct Scholar, Domestic Policy, American Enterprise
Institute.
On June 29, 2021, the Full Committee held a hearing
entitled, ``A Biased, Broken System: Examining Proposals to
Overhaul Credit Reporting to Achieve Equity.'' Witnesses were
Mr. Syed Ejaz, Financial Policy Analyst, Consumer Reports, Mr.
Jeremie Greer, Co-Founder and Co-Executive Director, Liberation
in a Generation, Ms. Amy Traub, Associate Director of Policy
and Research, Demos, Ms. Chi Chi Wu, Staff Attorney, National
Consumer Law Center (NCLC), and Mr. Dan Quan, Adjunct Scholar,
Cato Institute's Center for Monetary and Financial
Alternatives.
On July 14, 2021, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
witness was the Honorable Jerome Powell, Chair, Board of
Governors of the Federal Reserve System.
On July 20, 2021, the Full Committee held a hearing
entitled, ``Building Back A Better, More Equitable Housing
Infrastructure for America: Oversight of the Department of
Housing and Urban Development.'' The witness was the Honorable
Marcia Fudge, Secretary, U.S. Department of Housing and Urban
Development.
On September 10, 2021, the Full Committee held a hearing
entitled, ``Protecting Renters During the Pandemic: Reviewing
Reforms to Expedite Emergency Rental Assistance.'' Witnesses
were Kadeem Morris, Supervising Attorney, Community Legal
Services Inc., Margaret Salazar, Executive Director of Oregon
Housing and Community Services Department, David Schwartz, CEO,
Chairman & Co-Founder of Waterton, Chair of National
Multifamily Housing Council, Diane Yentel, President and CEO,
National Low Income Housing Coalition, and Gilbert J. Winn,
Chief Executive Officer, Winn Companies.
On September 30, 2021, the Full Committee held a hearing
entitled, ``Oversight of the Treasury Department's and Federal
Reserve's Pandemic Response.'' Witnesses were the Honorable
Janet L. Yellen, Secretary, U.S. Department of the Treasury and
the Honorable Jerome Powell, Chair, Board of Governors of the
Federal Reserve System.
On October 5, 2021, the Full Committee held a hearing
entitled, ``Oversight of the U.S. Securities and Exchange
Commission: Wall Street's Cop Is Finally Back on the Beat.''
The witness was the Honorable Gary Gensler, Chair, Securities
and Exchange Commission.
On October 21, 2021, the Full Committee held a hearing
entitled, ``A Strong Foundation: How Housing is the Key to
Building Back a Better America.'' Witnesses were Symone
Crawford, First-Generation Homeowner, Director of STASH and
Homeownership Operations & Incoming Executive Director,
Massachusetts Affordable Housing Alliance, Michael Edmonds,
Resident, Tucson House, City of Tucson Department of Housing
and Community Development, Fernanda Galindo, Cost-Burdened
Renter, District of Columbia, John R. Harrison, Jr., Formerly
Experienced Homelessness, Speaker/Advocate, National Coalition
for the Homeless and Street Outreach Navigator, Prince George's
County Department of Social Services, Jan Lee, New York City
Rental Property Owner, on behalf of the Small Property Owners
of New York (SPONY), Raj Chetty, William A. Ackman Professor of
Public Economics, Harvard University, Carlos del Rio, MD,
Distinguished Professor of Medicine, Epidemiology and Global
Health, Emory University School of Medicine, Lisa Rice,
President and CEO, National Fair Housing Alliance, Khalil
Shahyd, Senior Policy Advisor, Equity Environment and Just
Communities, Natural Resources Defense Council, and Matthew D.
Dickerson, Director, Grover M. Hermann Center for the Federal
Budget, The Heritage Foundation.
On October 27, 2021, the Full Committee held a hearing
entitled, ``Bringing Consumer Protection Bacl: Semi-Annual
Review of the Consumer Financial Protection Bureau.'' The
witness was the Honorable Rohit Chopra, Director, Consumer
Financial Protection Bureau.
On December 1, 2021, the Full Committee held a hearing
entitled, ``Oversight of the Treasury Department's and Federal
Reserve's Pandemic Response.'' Witnesses were the Honorable
Janet L. Yellen, Secretary, U.S. Department of the Treasury and
the Honorable Jerome Powell, Chair, Board of Governors of the
Federal Reserve System.
On December 8, 2021, the Full Committee held a hearing
entitled, ``Digital Assets and the Future of Finance:
Understanding the Challenges and Benefits of Financial
Innovation in the United States.'' Witnesses were Jeremy
Allaire, Co-Founder, Chairman and CEO, Circle, Samuel Bankman-
Fried, Founder and CEO, FTX, Brian P. Brooks, CEO, Bitfury
Group, Charles Cascarilla, CEO and co-Founder, Paxos Trust
Company, Denelle Dixon, CEO and Executive Director, Stellar
Development Foundation, and Alesia Jeanne Haas, CEO, Coinbase
Inc. and CFO, Coinbase Global Inc.
On February 8, 2022, the Full Committee held a hearing
entitled, ``Digital Assets and the Future of Finance: The
President's Working Group on Financial Markets' Report on
Stablecoins.'' The witness was the Honorable Nellie Liang,
Under Secretary for Domestic Finance, U.S. Department of the
Treasury.
On February 16, 2022, the Full Committee held a hearing
entitled, ``An Unprecedented Investment for Historic Results:
How Federal Support for MDIs and CDFIs Have Launched a New Era
for Disadvantaged Communities.'' Witnesses were William J.
Bynum, CEO, HOPE (Hope Credit Union/Hope Enterprise
Corporation/Hope Policy Institute), Nicole Elam, Esq.,
President & CEO, National Bankers Association, Everett K.
Sands, CEO, Lendistry, Luz Lopez Urrutia, CEO, Accion
Opportunity Fund, and Michael Faulkender, Dean's Professor of
Finance, Smith School of Business, University of Maryland.
On March 2, 2022, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
witness was the Honorable Jerome H. Powell, Chair Pro Tempore,
Board of Governors of the Federal Reserve System.
On March 8, 2022, the Full Committee held a hearing
entitled, ``The Inflation Equation: Corporate Profiteering,
Supply Chain Bottlenecks, and COVID-19.'' Witnesses were Demond
Drummer, Managing Director Equitable Economy, PolicyLink,
Rakeen Mabud, Chief Economist and Managing Director of Policy,
Groundwork Collaborative, Sandeep Vaheesan, Legal Director,
Open Markets Institute, Mark Zandi, Chief Economist, Moody's
Analytics, and Tyler Goodspeed, Kleinheinz Fellow, Hoover
Institution.
On April 6, 2022, 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 witness was the Honorable Janet L. Yellen, Secretary of the
Treasury.
On April 27, 2022, the Full Committee held a hearing
entitled, ``Consumers First: Semi-Annual Report of the Consumer
Financial Protection Bureau.'' The witness was the Honorable
Rohit Chopra, Director, Consumer Financial Protection Bureau.
On April 28, 2022, the Full Committee held a hearing
entitled, ``Oversight of the Financial Crimes Enforcement
Network.'' The witness was Himamauli ``Him'' Das, Acting
Director, Financial Crimes Enforcement Network (FinCEN).
On May 12, 2022, the Full Committee held a hearing
entitled, ``The Annual Report of the Financial Stability
Oversight Council.'' The witness was the Honorable Janet L.
Yellen, Secretary of the Treasury.
On May 26, 2022, the Full Committee held a hearing
entitled, ``Digital Assets and the Future of Finance: Examining
the Benefits and Risks of a U.S. Central Bank Digital
Currency.'' The witness was the Honorable Lael Brainard, Vice
Chair of the Board of Governors of the Federal Reserve System.
On June 23, 2022, the Full Committee held a hearing
entitled, ``Monetary Policy and the State of the Economy.'' The
witness was the Honorable Jerome H. Powell, Chair, Board of
Governors of the Federal Reserve System.
On June 29, 2022, the Full Committee held a hearing
entitled, ``Boom and Bust: Inequality, Homeownership, and the
Long-Term Impacts of the Hot Housing Market.'' Witnesses were
Michael Calhoun, President, Center for Responsible Lending, Sam
Chandan, Professor of Finance & Director of Stern School of
Business, New York University, Jung Hyun Choi, Senior Research
Associate for Housing Finance Policy Center, Urban Institute,
Lydia Pope, President, National Association of Real Estate
Brokers, and Norbert Michel, Vice President and Director of the
Center for Monetary and Financial Alternatives, Cato Institute.
On July 20, 2022, the Full Committee held a hearing
entitled, ``Housing in America: Oversight of the Federal
Housing Finance Agency.'' The witness was the Honorable Sandra
L. Thompson, Director, Federal Housing Finance Agency.
On September 14, 2022, the Full Committee held a hearing
entitled, ``When Banks Leave: The Impacts of De-Risking on the
Caribbean and Strategies for Ensuring Financial Access.''
Witnesses were the Hon. Mia Amor Mottley, Q.C., M.P., Prime
Minister of Barbados; Minister of Finance, Economic Affairs and
Investment; Minister of National Security and the Public
Service (with responsibility for Culture and CARICOM Matters),
Ms. Wendy Delmar, CEO, Caribbean Association of Banks, Mr.
Wazim Mohamed Mowla, Assistant Director and Lead of the
Caribbean Initiative, Adrienne Arsht Latin America Center,
Atlantic Council, Mr. I. Wayne Shah, Senior Vice President,
Financial Institutions--Head of Caribbean Region, Wells Fargo
Bank, N.A., and Executive Director, Financial & International
Business Association (FIBA), Mr. Amit Sharma, CEO, Founder, and
Director, FinClusive, and Ms. Liat Shetret, Director of Global
Policy and Regulation, Elliptic.
On September 21, 2022, the Full Committee held a hearing
entitled, ``Holding Megabanks Accountable: Oversight of
America's Largest Consumer Facing Banks.'' Witnesses were Andy
Cecere, Chairman, President, and CEO, U.S. Bancorp, William
Demchak, Chairman, President, and CEO, The PNC Financial
Services Group, Jamie Dimon, Chairman and CEO, JPMorgan Chase &
Co., Jane Fraser, CEO, Citigroup, Brian Moynihan, Chairman and
CEO, Bank of America, William Rogers Jr., Chairman and CEO,
Truist Financial Corporation, and Charles Scharf, President and
CEO, Wells Fargo & Company.
On December 1, 2022, the Full Committee held a hearing
entitled, ``Boom and Bust: The Need for Bold Investments in
Fair and Affordable Housing to Combat Inflation.'' Witnesses
were Nikitra Bailey, Executive Vice President, National Fair
Housing Alliance, Margaret Eaddy, Activist and Housing Seeker,
Michael Mitchell, Director of Policy & Research, Groundwork
Collaborative, Mark Zandi, Chief Economist, Moody's Analytics,
and Douglas Holtz-Eakin, President, American Action Forum.
On December 13, 2022, the Full Committee held a hearing
entitled, entitled, ``Investigating the Collapse of FTX, Part
I.'' The witness John J. Ray III, the Chief Executive Officer,
FTX Group.
On December 14, 2022, the Full Committee held a hearing
entitled, entitled, ``Consumers First: Semi-Annual Report of
the Consumer Financial Protection Bureau.'' The witness was the
Honorable Rohit Chopra, Director, Consumer Financial Protection
Bureau.
SUBCOMMITTEE ACTIVITES
SUBCOMMITTEE ON HOUSING, COMMUNITY DEVELOPMENT, AND INSURANCE
On March 24, 2021, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Preserving
a Lifeline: Examining Public Housing in a Pandemic.'' Witnesses
were Georgi Banna, Director of Policy and Program Development,
National Association of Housing and Redevelopment Officials,
Brian Gage, Executive Director, Akron Metropolitan Housing
Authority, Tamir Mohamud, Commissioner and Vice-President,
Minneapolis High-Rise Representative Council, Oscar Durun,
Executive Director, Municipal Housing Agency of Council Bluffs,
and Michael Hendrix, Director of State and Local Policy,
Manhattan Institute.
On May 4, 2021, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Built to
Last: Examining Housing Resilience in the Face of Climate
Change.'' Witnesses were Rodney Ellis, Commissioner, Harris
County, Texas, Ariadna M. Godreau-Aubert, Executive Director,
Ayuda Legal Puerto Rico, Andrew N. Mais, Commissioner,
Connecticut Department of Insurance, on behalf of the National
Association of Insurance Commissioners, Shelley Poticha, Chief
Climate Strategist, Natural Resources Defense Council, and
Stephen Ellis, President, Taxpayers for Common Sense.
On June 16, 2021, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Flexible
Federal Funding: Examining the Community Development Block
Grant Program and Its Impact on Addressing Local Challenges.''
Witnesses were Joseph Jaroscak, Analyst in Economic Development
Policy, Congressional Research Service, George Mensah,
Director, Department of Housing and Community Development of
the City of Miami, Florida, London Breed, Mayor, Mayor of the
City and County of San Francisco, California, Kimberly
Robinson, Executive Director, Pioneer Valley Planning
Commission, and Salim Furth, Ph.D., Senior Research Fellow,
Mercatus Center at George Mason University.
On July 27, 2021, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``NAHASDA
Reauthorization: Addressing Historic Disinvestment and the
Ongoing Plight of the Freedmen in Native American
Communities.'' Witnesses were The Honorable Chuck Hoskin, Jr.,
Principal Chief, Cherokee Nation, Chris Kolerok, Director of
Public Policy & Government Affairs, Cook Inlet Housing
Authority, Marilyn Vann, President, Descendants of Freedmen of
the Five Tribes Association, Anthony Walters, Executive
Director, National American Indian Housing Council, and Jackson
Brossy, Executive Director, Native CDFI Network.
On October 15, 2021, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Zoned Out:
Examining the Impact of Exclusionary Zoning on People,
Resources, and Opportunity.'' Witnesses were Sheryll D. Cashin,
Carmack Waterhouse Professor of Law, Civil Rights and Social
Justice, Georgetown University, Richard D. Kahlenberg, Senior
Fellow, The Century Foundation, Dora Leong Gallo, President and
CEO, A Community of Friends, Thomas Silverstein, Associate
Director of Fair Housing & Community Development Project,
Lawyers' Committee for Civil Rights Under Law, and Dr. Emily
Hamilton, Senior Research Fellow and Codirector of the Urbanity
Project at the Mercatus Center, George Mason University.
On February 2, 2022, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``Housing
America: Addressing Challenges in Serving People Experiencing
Homelessness.'' Witnesses were Adrienne Bush, Executive
Director, Homeless and Housing Coalition of Kentucky, Marc
Dones, Chief Executive Officer, King County Regional
Homelessness Authority, Ann Oliva, Vice President for Housing
Policy, Center on Budget and Policy Priorities, Nan Roman,
Chief Executive Officer, National Alliance to End Homelessness,
and Harriet McDonald, President, The Doe Fund.
On April 20, 2022, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled, ``A Matter
of Life and Death: Improving Fire Safety in Federally Assisted
Housing.'' Witnesses were Adolfo Carrion, Commissioner for
Enforcement and Neighborhood Services, NYC Department of
Housing Preservation and Development, Sandra Clayton, former
resident of Twin Parks North West, Vanessa Gibson, Bronx
Borough President, Laura Kavanagh, Commissioner of the New York
City Fire Department, RuthAnne Visnauskas, Commissioner and
CEO, New York State Homes and Community Renewal, Alicka Ampry-
Samuel, Regional Administrator, Region II, Department of
Housing and Urban Development, and Ashley Sheriff, Acting
Deputy Assistant, Real Estate Assessment Center, Department of
Housing and Urban Development.
On May 25, 2022, the Subcommittee on Housing, Community
Development and Insurance held a hearing entitled,
``Reauthorization and Reform of the National Flood Insurance
Program.'' Witnesses were Carolyn Kousky, Executive Director,
Wharton Risk Center, Karen McHugh, Missouri State NFIP
Coordinator, Ariel Rivera-Miranda, Founder and Agency
Principal, Deer Insurance, Roy Wright, President & CEO,
Insurance Institute for Business and Home Safety, and Franklin
W. Nutter, President, Reinsurance Association of America.
On September 22, 2022, the Subcommittee on Housing,
Community Development and Insurance held a hearing entitled,
``State of Emergency: Examining the Impact of Growing Wildfire
Risk on the Insurance Markets.'' Witnesses were Matthew Auer,
Dean of the School of Public and International Affairs,
University of Georgia, Amy Bach, Executive Director, United
Policyholders, Ricardo Lara, California Insurance Commissioner,
Roy Wright, President & CEO of the Insurance Institute for
Business & Home Safety, and Rex Frazier, President, Personal
Insurance Federation of California.
On November 15, 2022, the Subcommittee on Housing,
Community Development and Insurance held a hearing entitled,
``Persistent Poverty in America, Addressing Chronic
Disinvestment in Colonias, the Southern Black Belt, and the
U.S. Territories.'' Witnesses were Amber Arriaga-Salinas,
Assistant Executive Director, Proyecto Azteca, Yarimar Bonilla,
Director, Center for Puerto Rican Studies at Hunter College,
Kiyadh Burt, Vice President of Policy & Advocacy and Interim
Director, HOPE Policy Institute, Lance George, Director of
Research and Information, Housing Assistance Council, and Chris
Potterpin, President of Development, PK Companies.
SUBCOMMITTEE ON DIVERSITY AND INCLUSION
On March 18, 2021, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``By the Numbers: How
Diversity Data Can Measure Commitment to Diversity, Equity and
Inclusion.'' Witnesses were Thomas DiNapoli, New York State
Comptroller, Daniel Garcia-Diaz, Managing Director, Financial
Markets and Community Investment Team, U.S. Government
Accountability Office (GAO), Carolynn Johnson, CEO,
DiversityINC, Anne Simpson, Managing Investment Director,
Sustainable Investments, CalPERS, and Rick Wade, Senior Vice
President of Strategic Alliances and Outreach, U.S. Chamber of
Commerce.
On April 29, 2021, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Closing the Racial and
Gender Wealth Gap Through Compensation Equity.'' Witnesses were
Dr. Andrew Chamberlain, Chief Economist, Glassdoor, Emily M.
Dickens, J.D., Chief of Staff, Head, Government Affairs and
Corporate Secretary, Society for Human Resource Management
(SHRM), Maya Raghu, Director of Workplace Equality and Senior
Counsel, National Women's Law Center, and Dwana Franklin Davis,
Chief Executive Officer, Reboot Representation.
On June 29, 2021, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``The Legacy of George
Floyd: An Examination of Financial Services Industry
Commitments to Economic and Racial Justice.'' Witnesses were
Fabrice Coles, Vice President of Government Affairs, Bank
Policy Institute, Donald Cravins, Jr., Executive Vice President
and Chief Operating Officer, National Urban League, Darrick
Hamilton, Professor of Economics and Urban Policy, The New
School, Jonay Foster Holkins, Senior Director of Policy,
Business Roundtable, and Hassan Miah, Chief Executive Officer,
Paybby Corp.
On September 28, 2021, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Access Denied: Eliminating
Barriers and Increasing Economic Opportunity for Justice-
Involved Individuals.'' Witnesses were Sakira Cook, Sr.
Director of the Justice Reform Program, The Leadership
Conference of Civil and Human Rights, Jeffery Korzenik, Author,
Untapped Talent, Dolfinette Martin, Housing Director, Operation
Restoration, Melissa Sorenson, Executive Director of the
Professional Background Screening Association, and Marie Claire
Tran-Leung, Director of Legal Impact Network, Shriver Center on
Poverty Law.
On November 9, 2021, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``There's No Pride in
Prejudice: Eliminating Barriers to Full Economic Inclusion for
the LGBTQ+ Community.'' Witnesses were David Johns, Executive
Director, National Black Justice Coalition, Spencer Watson,
President and Executive Director, Center for LGBTQ Economic
Advancement and Research, Tanya Asapansa-Johnson Walker, Co-
founder, New York Transgender Advocacy Group and Transgender
Women's Support Group Facilitator, SAGE, and Todd Sears,
Founder & CEO, Out Leadership, LLC.
On December 9, 2021, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``A Review of Diversity and
Inclusion Performance at America's Large Investment Firms.''
Witnesses were Michelle Gadsden-Williams, Managing Director,
Human Resources, Global Head of Diversity, Equity and
Inclusion, BlackRock, Eric Pan, President and CEO, Investment
Company Institute, Ron Parker, President and CEO, National
Association of Securities Professionals (NASP), Cyrus
Taraporevala, President and CEO, State Street Global Advisors,
and Michael Clements, Director, Financial Markets and Community
Investment, Government Accountability Office.
On February 3, 2022, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Building Opportunity:
Addressing the Financial Barriers to Minority and Women-Owned
Businesses' Involvement in Infrastructure Projects.'' Witnesses
were Farad Ali, President & CEO, Asociar LLC, Tawanna Black,
Founder and CEO, Center for Economic Inclusion, Philip Gaskin,
Vice President of Entrepreneurship, Ewing Marion Kauffman
Foundation, Ying McGuire, President & CEO, National Minority
Supplier Development Council (NMSDC), and Jeanette Quick, Head
of Compliance and Public Policy, Gusto.
On May 24, 2022, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Diversity Includes
Disability: Exploring Inequities in Financial Services for
Persons with Disabilities, Including Those Newly Disabled Due
to Long-Term COVID.'' Witnesses were Alison Cannington, Senior
Manager, Advocacy and Organizing, The Kelsey, Cynthia
DiBartolo, Founder and CEO, Tigress Financial Partners, Thomas
Foley, Executive Director, National Disability Institute,
Vilissa Thompson, LMSW Fellow, The Century Foundation & Co-
director, Disability Economic Justice Collaborative, and
Caroline Sullivan, Executive Director, North Carolina Business
Committee for Education, Office of the Governor.
On September 20, 2022, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``A Review of Diversity and
Inclusion at America's Largest Insurance Companies.'' Witnesses
were Eloiza Domingo, Chief Diversity Officer and Vice
President, Human Resources, The Allstate Corporation, Dr. Leroy
D. Nunery II, President, Evolution Advisors LLC, Kimberly Ross,
Senior Vice President, Federal Relations, American Council of
Life Insurers (ACLI), Chlora Lindley-Myers, Director, Missouri
Department of Commerce and Insurance on behalf of the National
Association of Insurance Commissioners (NAIC), and Baird Webel,
Specialist in Financial Economics, Congressional Research
Service.
On December 6, 2022, the Subcommittee on Diversity and
Inclusion held a hearing entitled, ``Unfinished Business: A
Review of Progress Made and a Plan to Achieve Full Economic
Inclusion for Every American.'' The witnesses for this hearing
were LeRoy Cavazos-Reyna, Vice President of Government and
International Affairs, United States Hispanic Chamber of
Commerce, Debra Gore-Mann, President and Chief Executive
Officer, Greenlining Institute, Carolynn Johnson, Chief
Executive Officer, DiversityInc, Marc Morial, President and
Chief Executive Officer, National Urban League, and Daniel
Garcia-Dias, Managing Director, Financial Markets & Community
Investment, U.S. Government Accountability Office.
SUBCOMMITTEE ON CONSUMER PROTECTION AND FINANCIAL INSTITUTIONS
On March 11, 2021, the Subcommittee on Consumer Protection
and Financial Inclusion held a hearing entitled, ``Slipping
Through the Cracks: Policy Options to Help America's Consumer
During the Pandemic.'' Witnesses were Ashley Harrington,
Federal Advocacy Director and Senior Counsel, Center for
Responsible Lending (CRL), Robert E. James, II, President,
Carver Development CDE, and Chairman, National Bankers
Association, Carla Sanchez-Adams, Attorney, Team Manager of
Survivor-Centered Economic Advocacy Team, Texas RioGrande Legal
Aid, Valarie Shultz-Wilson, Managing Partner, Shultz&Co Non-
Profit Management Consultants, and Joel Griffith, Research
Fellow, Financial Regulations, The Roe Institute for Economic
Policy Studies, The Heritage Foundation.
On April 15, 2021, the Subcommittee on Consumer Protection
and Financial Inclusion held a hearing entitled, ``Banking
Innovation or Regulatory Evasion? Exploring Trends in Financial
Institution Charters.'' Witnesses were Ral Carrillo, Deputy
Director, LPE Project and Associate Research Scholar at Yale
Law School, Erik Gerding, Professor of Law, University of
Colorado Law School, Kristin Johnson, Asa Griggs Candler
Professor of Law, Emory University School of Law, Carlos
Pacheco, CEO, Premier Members Credit Union on behalf of
National Association of Federally-Insured Credit Unions
(NAFCU), and Brian Brooks, Former Acting Comptroller of the
Currency.
On June 30, 2021, the Subcommittee on Consumer Protection
and Financial Inclusion held a hearing entitled, ``Addressing
Climate as a Systemic Risk: The Need to Build Resilience within
Our Banking and Financial System.'' Witnesses were Ms. Hilary
Allen, Associate Professor of Law, American University, Dr.
Rachel Cleetus, Policy Director, Union of Concerned Scientists,
Ms. Mayra Rodriguez Valladares, Managing Principal, MRV
Associates, Mr. Steven Rothstein, Managing Director, Ceres
Accelerator for Sustainable Capital Markets, and Dr. Clifford
Rossi, Executive-in-Residence and Professor of the Practice at
the Robert H. Smith School of Business, University of Maryland.
On July 21, 2021, the Subcommittee on Consumer Protection
and Financial Inclusion held a hearing entitled, ``Banking the
Unbanked: Exploring Private and Public Efforts to Expand Access
to the Financial System.'' Witnesses were Mehrsa Baradaran,
Professor of Law, University of California Irvine School of
Law, Deyanira Del Roo, Co-Executive Director, New Economy
Project, Ameya Pawar, Senior Fellow, Economic Security Project,
David Rothstein, Senior Principal, Cities for Financial
Empowerment Fund, and John Berlau, Senior Fellow, Competitive
Enterprise Institute.
On September 29, 2021, the Subcommittee on Consumer
Protection and Financial Inclusion held a hearing entitled,
``The Future of Banking: How Consolidation, Nonbank
Competition, and Technology are Reshaping the Banking System.''
Witnesses were Paulina Gonzalez-Brito, Executive Director,
California Reinvestment Coalition, Makada Henry-Nickie, Robert
and Virginia Hartley Fellow--Governance Studies, Brookings,
Sarah Jane Hughes, University Scholar and Fellow in Commercial
Law, Indiana University School of Law, Desiree Jackson,
Assistant Vice President for Treasury Management, Beneficial
State Bank, and Jim Reuter, Chief Executive Officer, FirstBank
on behalf of American Bankers Association.
On November 3, 2021, the Subcommittee on Consumer
Protection and Financial Inclusion held a hearing entitled,
``Cyber Threats, Consumer Data, and the Financial System.''
Witnesses were Samir Jain, Director of Policy, Center for
Democracy & Technology, Robert E. James, II, President & CEO,
Carver Financial Corporation, Carlos Vazquez, Chief Information
Security Officer, Canvas Credit Union, and Jeff Newgard,
President and Chief Executive Officer, Bank of Idaho, on behalf
of the Independent Community Bankers of America.
On February 17, 2022, the Subcommittee on Consumer
Protection and Financial Inclusion held a hearing entitled,
``Small Businesses, Big Impact: Ensuring Small and Minority-
Owned Businesses Share in the Economic Recovery.'' Witnesses
were Marla Bilonick, President and CEO, National Association
for Latino Community Asset Builders (NALCAB), Stephanie DeVane,
Vice President for Entrepreneurship & Business Development,
National Urban League, Amber Littlejohn, Executive Director,
Minority Cannabis Business Association (MCBA), Dr. Alicia Robb,
Founder and CEO, Next Wave Impact, and Dane Stangler, Director
of Strategic Initiatives, Bipartisan Policy Center.
On March 31, 2022, the Subcommittee on Consumer Protection
and Financial Inclusion held a hearing entitled, ``The End of
Overdraft Fees? Examining the Movement to Eliminate the Fees
Costing Consumers Billions.'' Witnesses were Jeremie Greer, Co-
Founder/Executive Director, Liberation in a Generation, Elyse
Crawford-Hicks, Consumer Policy Counsel, Americans for
Financial Reform, Paul Kundert, President and CEO, UW Credit
Union, Santiago Sueiro, Senior Policy Analyst, UnidosUS, and
Todd Zywicki, George Mason University Foundation Professor of
Law, Antonin Scalia Law School, George Mason University.
On July 13, 2022, the Subcommittee on Consumer Protection
and Financial Inclusion held a hearing entitled, ``Better
Together: Examining the Unified Proposed Rule to Modernize the
Community Reinvestment Act.'' Witnesses were Seema Agnani,
Executive Director, National Coalition for Asian Pacific
American Community Development, Catherine Crosby, Chairperson,
National Community Reinvestment Coalition, Yoselin Genao-
Estrella, Executive Director, Neighborhood Housing Services of
Queens CDC, Inc., Quentin Leighty, Chief Financial Officer and
President, First National Bank of Las Animas (on behalf of
Independent Community Bankers of America), and Darryl E.
Getter, Specialist in Financial Economics, Congressional
Research Service.
SUBCOMMITTEE ON INVESTOR PROTECTION, ENTREPRENEURSHIP AND CAPITAL
MARKETS
On February 25, 2021, the Subcommittee on Investor
Protection, Entrepreneurship and Capital Markets held a hearing
entitled, ``Climate Change and Social Responsibility: Helping
Corporate Boards and Investors Make Decisions for a Sustainable
World.'' Witnesses were Andy Green, Senior Fellow for Economic
Policy, Center for American Progress, Heather McTeer Toney,
Environmental Justice Liaison, Environmental Defense Fund and
Senior Advisor, Moms Clear Air Force, Veena Ramani, Senior
Program director, Capital Market Systems, Ceres, James Andrus,
Investment Manager, California Public Employees' Retirement
System, and Vivek Ramaswamy, Biotech Entrepreneur and Author.
On April 15, 2021, the Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets held a hearing entitled,
``The End of LIBOR: Transitioning to an Alternative Interest
Rate Calculation for Mortgages, Student Loans, Business
Borrowing, and Other Financial Products.'' Witnesses were Dan
Coates, Senior Associate Director, Office of Risk Analysis and
Modeling, Federal Housing Finance Agency, John Coates, Acting
Director, Division of Corporation Finance, Securities and
Exchange Commission, Brian Smith, Deputy Assistant Secretary
for Federal Finance, U.S. Department of the Treasury, Mark Van
Der Weide, General Counsel, Board of Governors of the Federal
Reserve System, and Kevin Walsh, Deputy Comptroller, Market
Risk Policy, Office of the Comptroller of the Currency.
On May 24, 2021, the Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets held a hearing entitled,
``Going Public: SPACs, Direct Listings, Public Offerings, and
the Need for Investor Protections.'' Witnesses were Stephen
Deane, Senior Director of Legislative and Regulatory Outreach,
CFA Institute, Andrew Park, Senior Policy Analyst, Americans
for Financial Reform, Usha Rodrigues, Professor & M.E.
Kilpatrick Chair of Corporate Finance and Securities Law,
University of Georgia School of Law, and Scott Kupor, Investing
Partner, Andreessen Horowitz.
On July 21, 2021, the Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets held a hearing entitled,
``Bond Rating Agencies: Examining the ``Nationally Recognized''
Statistical Rating Organizations.'' Witnesses were Amy Copeland
McGarrity, Chief Investment Officer, Colorado Public Employees'
Retirement Association, Ian Linnell, President, Fitch Ratings,
Jim Nadler, President and CEO, Kroll Bond Rating Agency, Robert
J. Rhee, Professor, University of Florida Levin College of Law,
and Michael Bright, Chief Executive Officer, Structured Finance
Association.
On October 26, 2021, the Subcommittee on Investor
Protection, Entrepreneurship and Capital Markets held a hearing
entitled, ``Taking Stock of China, Inc.: Examining Risks to
Investors and the U.S. Posed by Foreign Issuers in U.S.
Markets.'' Witnesses were Karen Sutter, Specialist in Asian
Trade and Finance, Congressional Research Service, Samantha
Ross, Founder, AssuranceMark, The Investors' Consortium for
Assurance, Claire Chu, Senior Analyst, RWR Advisory Group, and
Eric Lorber, Senior Director of the Center on Economic and
Financial Power, Foundation for Defense of Democracies.
On March 30, 2022, the Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets held a hearing entitled,
``Oversight of America's Stock Exchanges: Examining Their Role
in Our Economy.'' Witnesses were Robert J. Jackson Jr., former
SEC Commissioner and current Professor of Law, New York
University School of Law, Michael S. Piwowar, Executive
Director, Milken Institute Center for Financial Markets; former
Commissioner and Acting Chairman, SEC, Ellen Greene, Managing
Director, SIFMA, Nandini Sukumar, CEO, The World Federation of
Exchanges, and Manisha Kimmel, Chief Policy Officer, MayStreet.
On May 11, 2022, the Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets held a hearing entitled,
``A Notch Above? Examining the Bond Rating Industry.''
Witnesses were Yann Le Pallec, Executive Managing Director,
Head of Global Ratings Services, S&P Global Ratings, Angela
Liang, General Counsel and Executive Committee Member, Kroll
Bond Rating Agency, Ian Linnell, President, Fitch Ratings,
Mariana Gomez-Vock, Senior Vice President of Policy and Legal,
American Council of Life Insurers, and Jennifer J. Schulp,
Director of Financial Regulation Studies, Center for Monetary
and Financial Alternatives, Cato Institute.
On July 19, 2022, the Subcommittee on Investor Protection,
Entrepreneurship and Capital Markets held a hearing entitled,
``Oversight of the SEC's Division of Enforcement.'' The witness
was Gurbir S. Grewal, Director, Division of Enforcement,
Securities and Exchange Commission.
On November 15, 2022, the Subcommittee on Investor
Protection, Entrepreneurship and Capital Markets held a hearing
entitled, ``Investing in our Rivals: Examining U.S. Capital
Flows to Foreign Rivals and Adversaries Around the World.''
Witnesses were Courtney Alexander, Senior Researcher, United
Food & Commercial Workers International Union, Claire Chu,
Senior Analyst, Janes Group, Jeff Ferry, Senior Economist,
Coalition for a Prosperous America, and Jeffrey A. Sonnenfeld,
Senior Associate Dean of Leadership Studies, Yale School of
Management.
On December 8, 2022, the Subcommittee on Investor
Protection, Entrepreneurship and Capital Markets held a hearing
entitled, ``E, S, G and W: Examining Private Sector Disclosure
of Workforce Management, Investment, and Diversity Data.''
Witnesses were Cambria Allen-Ratzlaff, Managing Director and
Head of Investor Strategies, JUST Capital, Colleen Honigsberg,
Ph.D. in Accounting and Professor of Law, Stanford Law School,
Shivaram Rajgopal, Ph.D. in Accounting and Professor of
Accounting and Auditing, Columbia Business School, Fran
Seegull, President, U.S. Impact Investing Alliance, and Andy
Vollmer, Senior Affiliated Scholar, Mercatus Center at George
Mason University.
SUBCOMMITTEE ON NATIONAL SECURITY, INTERNATIONAL DEVELOPMENT, AND
MONETARY POLICY
On February 4, 2021, the Subcommittee on National Security,
International Development and Monetary Policy held a hearing
entitled, ``Supporting Small and Minority-Owned Businesses
Through the Pandemic.'' Witnesses were Nneka Brown-Massey,
Founder and Creative Director, Innovative Supplies Worldwide,
Inc., on behalf of Main Street Alliance; Gary Cunningham,
President and CEO, Prosperity Now; Cliff Kellogg, Executive
Director, C PACE Alliance; Everett Sands, CEO, Lendistry; and
Holly Wade, Executive Director of Research and Policy Analysis,
National Federation of Independent Business (NFIB).
On February 25, 2021, the Subcommittee on National
Security, International Development and Monetary Policy held a
hearing entitled, ``Dollars Against Democracy: Domestic
Terrorist Financing in the Aftermath of Insurrection.''
Witnesses were Iman Boukadoum, Senior Manager, The Leadership
Conference on Civil and Human Rights; Lecia Brooks, Executive
Director, Southern Poverty Law Center; Daniel L. Glaser, Global
Head Jurisdictional Services and Head of Washington, DC Office,
K2 Integrity, Senior Advisor at the Foundation for Defense of
Democracies, and former Assistant Secretary for Terrorist
Financing and Financial Crimes, U.S. Department of the
Treasury; Dr. Daniel Rogers, Co-Founder and Chief Technical
Officer, Global Disinformation Index; and Daveed Gartenstein-
Ross, CEO, Valens Global.
On March 25, 2021, the Subcommittee on National Security,
International Development and Monetary Policy held a hearing
entitled, ``Ending Exploitation: How the Financial System Can
Work to Dismantle the Business of Human Trafficking.''
Witnesses were Ambassador Luis C. deBaca, Senior Fellow in
Modern Slavery and Visiting Lecturer in Law, Yale University;
Former U.S. Ambassador-At-Large to Monitor and Combat
Trafficking in Persons; Rev. Dr. Marian Hatcher, U.S.
Representative, SPACE International; Barry M. Koch, Founder and
Owner, Barry M. Koch PLLC, Commissioner, Liechtenstein
Initiative; Laila Mickelwait, Founder, Traffickinghub movement,
President, Justice Defense Fund; and Dr. Louise Shelley, Omer
L. and Nancy Hirst Endowed Chair, George Mason University,
Director, Terrorism, Transnational Crime and Corruption Center
(TraCCC).
On May 18, 2021, the Subcommittee on National Security,
International Development and Monetary Policy held a hearing
entitled, ``Examining Belt and Road: The Lending Practices of
the People's Republic of China and Impact on the International
Debt Architecture.'' Witnesses were Professor Anna Gelpern,
Anne Fleming Research Professor at Georgetown Law and
Nonresident Senior Fellow at the Peter G. Peterson Institute
for International Economics; Mr. Scott Morris, Senior Fellow,
Center for Global Development; Professor Odette Lienau,
Professor of Law, Associate Dean for Faculty Research and
Intellectual Life, Cornell University Law School; Mr. Jaime
Atienza, Debt Policy Lead, Oxfam; and Mr. Sebastian Horn,
Economist, Kiel Institute for the World Economy.
On June 16, 2021, the Subcommittee on National Security,
International Development and Monetary Policy held a hearing
entitled, ``Schemes and Subversion: How Bad Actors and Foreign
Governments Undermine and Evade Sanctions Regimes.'' Witnesses
were Ivan A. Garces, Principal and Chair, Risk Advisory
Services, Kaufman Rossin; Eric B. Lorber, Senior Director,
Center on Economic and Financial Power, Foundation for Defense
of Democracies; Lakshmi Kumar, Policy Director, Global
Financial Integrity; Jesse Spiro, Global Head of Policy &
Regulatory Affairs, Chainalysis; and Dr. Jeffrey W. Taliaferro,
Professor, Department of Political Science, Tufts University.
On July 27, 2021, the Subcommittee on National Security,
International Development and Monetary Policy held a hearing
entitled, ``The Promises and Perils of Central Bank Digital
Currencies.'' Witnesses were Dr. Julia Coronado, President and
Founder, MacroPolicy Perspectives; Mr. Yaya Fanusie, Adjunct
Senior Fellow, Energy, Economics and Security Program, Center
for a New American Security; Ms. Julia Friedlander, C. Boyden
Gray Senior Fellow and Deputy Director, Atlantic Council; Dr.
Andrew Levin, Professor of Economics, Dartmouth College; and
Mr. Robert M. Baldwin, Head of Policy, Association for Digital
Asset Markets.
On September 23, 2021, the Subcommittee on National
Security, International Development and Monetary Policy held a
hearing entitled, ``Lending in a Crisis: Reviewing the Federal
Reserve's Emergency Lending Powers During the Pandemic and
Examining Proposals to Address Future Economic Crises.''
Witnesses were The Honorable Shawn Wooden, Treasurer, State of
Connecticut; Mike Konczal, Director, Macroeconomic Analysis and
Progressive Thought, Roosevelt Institute; June Rhee, Director,
Master of Management Studies in Systemic Risk, Yale School of
Management; Christopher Russo, Post-Graduate Research Fellow,
Mercatus Center; and Claudia Sahm, Senior Fellow, Jain Family
Institute.
On November 4, 2021, the Subcommittee on National Security,
International Development and Monetary Policy held a hearing
entitled, ``From Timber to Tungsten: How the Exploitation of
Natural Resources Funds Rogue Organizations and Regimes.''
Witnesses were Kidan Araya, Member, Illicit Trafficking Working
Group, Women of Color Advancing Peace and Security, Board
Member, Africa Policy Accelerator, CSIS; Carla Garcia Zendejas,
Director, People, Land, and Resources, Center for International
Environmental Law (CIEL); Channing Mavrellis, Illicit Trade
Director, Global Financial Integrity; Kathleen Miles, Director
of Analysis, Center on Illicit Networks and Organized Crime
(CINTOC); and Joshua Fruth, Co-Founder/Chief Strategy Officer,
Section 2 Financial Intelligence Solutions, LLC.
On February 17, 2022, the Subcommittee on National
Security, International Development and Monetary Policy held a
hearing entitled, ``The Role of the IMF in a Changing Global
Landscape.'' Witnesses were Daouda Sembene, Distinguished Non-
Resident Fellow, Center for Global Development; Stephanie
Segal, Senior Associate, Economics Program, Center for
Strategic and International Studies; Jayati Ghosh, Professor of
Economics, University of Massachusetts at Amherst; Joseph E.
Stiglitz, University Professor, Columbia University; and
Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and
Professor of Economics, Harvard University.
On September 20, 2022, the Subcommittee on National
Security, International Development and Monetary Policy held a
hearing entitled, ``Under the Radar: Alternative Payment
Systems and the National Security Impacts of Their Growth.''
Witnesses were Scott Dueweke, Global Fellow, Science and
Technology Innovation, the Wilson Center; Emily Jin, Research
Assistant for the Energy, Economics and Security Program, the
Center for a New American Security; Dr. Carla Norrlof,
Nonresident Senior Fellow, Economic Statecraft Initiative,
GeoEconomics Center, the Atlantic Council; Ari Redbord, Head of
Legal and Government Affairs, TRM Labs; and Jonathan Levin, Co-
founder and Chief Strategy Officer, Chainalysis.
SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATION
On February 24, 2021, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``How Invidious
Discrimination Works and Hurts: An Examination of Lending
Discrimination and Its Long-term Economic Impacts on Borrowers
of Color.'' Witnesses were William Darity, Jr., Professor of
Public Policy, African and African American Studies, and
Economics, Duke University; Director, Samuel DuBois Cook Center
on Social Equity, Lisa Rice, President & CEO, National Fair
Housing Alliance (NFHA), Andre Perry, Senior Fellow,
Metropolitan Policy Program, The Brookings Institution, Frances
Espinoza, Executive Director, North Texas Fair Housing Center,
and Cheryl Cooper, Analyst, Financial Economics Division,
Congressional Research Service.
On April 28, 2021, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``Examining the Role of
Municipal Bond Markets in Advancing--and Undermining--Economic,
Racial and Social Justice.'' Witnesses were William Fisher,
Chief Executive Officer, Rice Capital Access Program, Gary
Hall, Partner and Head of Investment Banking (Infrastructure
and Public Finance), Siebert Williams Shank & Co., LLC, Chelsea
McDaniel, Senior Fellow, Activest, Jim Nadler, Chief Executive
Officer, Kroll Bond Rating Agency, and Chris Parsons, Professor
of Finance, University of Southern California.
On May 26, 2021, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``Consumer Credit
Reporting: Assessing Accuracy and Compliance.'' Witnesses were
Ms. Beverly Anderson, President, Global Consumer Solutions,
Equifax Inc., Ms. Sandy Anderson, Senior Vice President of
Operations, Experian North America, Mr. John Danaher,
President, Consumer Interactive at TransUnion, Ms. Rebecca
Kuehn, Partner, Hudson Cook, LLP, on behalf of the Consumer
Data Industry Association, and Ms. Chi Chi Wu, Staff Attorney,
National Consumer Law Center (NCLC).
On June 30, 2021, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``America on ``FIRE'':
Will the Crypto Frenzy Lead to Financial Independence and Early
Retirement or Financial Ruin?.'' Witnesses were Alexis
Goldstein, Director of Financial Policy, Open Markets
Institute, Sarah Hammer, Managing Director, Stevens Center for
Innovation in Finance at the Wharton School of the University
of Pennsylvania, Christine Parker, Partner, Reed Smith LLP, Eva
Su, Analyst in Financial Economics, Congressional Research
Service, and Peter Van Valkenburgh, Director of Research, Coin
Center.
On July 15, 2021, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``CDBG Disaster
Recovery: States, Cities, and Denials of Funding.'' Witnesses
were Carol Haddock, Director, Houston Department of Public
Works and Engineering, Judge Lina Hidalgo, County Judge, Harris
County, Heather Lagrone, Deputy Director for Community
Development and Revitalization, Texas General Land Office,
Sarah Saadian, VP of Public Policy, National Low Income Housing
Coalition, and Stephen Begg, Deputy Inspector General, Office
of the Inspector General, Department of Housing and Urban
Development.
On October 14, 2021, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``Cashed Out: How a
Cashless Economy Impacts Disadvantaged Communities and
Peoples.'' Witnesses were John Breyault, Vice President of
Public Policy, Telecommunications, and Fraud, National
Consumers League, Beverly Brown Ruggia, Financial Justice
Program Director, New Jersey Citizen Action, Norma Garcia,
Policy Counsel and Director, Mission Economic Development
Agency (MEDA)--San Francisco, Representative Alex Valdez,
Member, Colorado House of Representatives, and Todd Zywicki,
Professor of Law, George Mason University Antonin Scalia School
of Law and Senior Fellow, Cato Institute.
On January 19, 2022, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``Ensuring Equitable
Delivery of Disaster Benefits to Vulnerable Communities and
Peoples: An Examination of GAO's Findings of the CDBG
Program.'' Witnesses were Daniel Garcia-Diaz, Managing
Director, Financial Markets and Community Investment, U.S.
Government Accountability Office, Diane Yentel, President and
CEO, National Low Income Housing Coalition, Chrishelle Calhoun-
Palay, Director, HOME Coalition, Andreanecia Morris, Executive
Director, Housing NOLA, and Stephen Begg, Deputy Inspector
General, U.S. Department of Housing and Urban Development
Office of Inspector General.
On April 5, 2022, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``An Enduring Legacy:
The Role of Financial Institutions in the Horrors of Slavery
and the Need for Atonement.'' Witnesses were Dr. Daina Ramey
Berry, Oliver H. Radkey Regents Professor and Chair of the
Department of History, University of Texas at Austin, Dr.
William A. Darity, Jr., Samuel DuBois Cook Professor of Public
Policy, African and African American Studies, Economics, and
Business, Duke University, Dr. Sven Beckert, Laird Bell
Professor of History, Harvard University, Nikitra Bailey,
Senior Vice President of Public Policy, National Fair Housing
Alliance, and Dr. Sarah Federman, Assistant Professor at the
School of Public and International Affairs, University of
Baltimore.
On June 28, 2022, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``Where Have All the
Houses Gone? Private Equity, Single Family Rentals, and
America's Neighborhoods.'' Witnesses were Jim Baker, Executive
Director, Private Equity Shareholder Project, Shad Bogany,
Agent, Better Homes and Gardens, Sofia Lopez, Deputy Campaign
Director of Housing, Action Center on Race and the Economy,
Elora Lee Raymond, Assistant Professor, Georgia Institute of
Technology, and Jenny Schuetz, Senior Fellow, Brookings
Institute.
On July 19, 2022, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``Thoughts and Prayers
Are Not Enough: How Mass Shootings Harm Communities, Local
Economies, and Economic Growth.'' Witnesses were Abel Brodeur,
Associate Professor, University of Ottawa, Byron Brown, Mayor,
City of Buffalo, New York, Sarah Burd-Sharps, Senior Director
of Research, Everytown for Gun Safety, Ruchi Singh, Assistant
Professor, Terry College of Business at University of Georgia,
and Brian Ingram, Founder and CEO, Purpose Restaurants.
On December 7, 2022, the Subcommittee on Oversight and
Investigation held a hearing entitled, ``An Enduring Legacy:
The Role of Financial Institutions in the Horrors of Slavery
and the Need for Atonement, Part Two.'' Witnesses were William
A. Darity, Jr., Professor of Public Policy, Duke University,
Dania V. Francis, Assistant Professor of Economics, University
of Massachusetts Boston, Lily Roberts, Managing Director,
Poverty to Prosperity, Center for American Progress, Seth
Rockman, Associate Professor of History, Brown University, and
Sarah Federman, Assistant Professor of Conflict Resolution,
University of San Diego.
TASK FORCE ON FINANCIAL TECHNOLOGY
On June 15, 2021, the Task Force on Financial Technology
held a hearing entitled, ``Digitizing the Dollar: Investigating
the Technological Infrastructure, Privacy, and Financial
Inclusion Implications of Central Bank Digital Currencies.''
Witnesses were Carmelle Cadet, Founder and CEO, EMTECH,
Jonathan Dharmapalan, Founder and CEO, eCurrency, Rohan Grey,
Assistant Professor of Law, Willamette University, Dr. Neha
Narula, Director of the Digital Currency Initiative, MIT Media
Lab, and Dr. Jenny Gesley, Foreign Law Specialist, Library of
Congress.
On September 21, 2021, the Task Force on Financial
Technology held a hearing entitled, ``Preserving the Right of
Consumers to Access Personal Financial Data.'' Witnesses were
Tom Carpenter, Director of Public Affairs, Financial Data
Exchange, Ral Carrillo, Associate Research Scholar, Yale Law
School; Deputy Director, Law and Political Economy Project,
Kelly Thompson Cochran, Deputy Director, FinRegLab, Chi Chi Wu,
Staff Attorney, National Consumer Law Center, and Steve Smith,
Co-Founder and CEO, Finicity.
On November 2, 2021, the Task Force on Financial Technology
held a hearing entitled, ``Buy Now, Pay More Later?
Investigating Risks and Benefits of BNPL and Other Emerging
Fintech Cash Flow Products.'' Witnesses were Dr. Kristen
Broady, Fellow in the Brookings Metropolitan Policy Program,
Brookings Institution, Penny Lee, CEO, Financial Technology
Association, Lauren Saunders, Associate Director, National
Consumer Law Center, Marisabel Torres, Director of California
Policy, Center for Responsible Lending, and Brian Tate, CEO and
President, Innovative Payments Association.
On April 28, 2022, the Task Force on Financial Technology
held a hearing entitled, ``What's in Your Digital Wallet? A
Review of Recent Trends to Mobile Banking and Payments.''
Witnesses were Ral Carrillo, Associate Research Scholar, Yale
Law School; Deputy Director, Law and Political Economy Project,
Mishi Choudhary, Legal Director, Software Freedom Law Center,
Renita Marcellin, Senior Policy Analyst, Americans for
Financial Reform, Kia McAllister-Young, Director, America
Saves, Consumer Federation of America, and Scott Talbott,
Senior Vice President of Government Affairs, Electronic
Transactions Association.
On June 30, 2022, the Task Force on Financial Technology
held a hearing entitled, ``Combatting Tech Bro Culture:
Understanding Obstacles to Investments in Diverse-Owned
Fintechs.'' Witnesses were Jenny Abramson, Founder & Managing
Partner, Rethink Impact, Sallie Krawcheck, CEO and Co-Founder,
Ellevest, Marceau Michel, Founder, Black Founders Matter,
Wemimo Abbey, Co-Founder and Co-CEO, Esusu, and Maryam Haque,
Executive Director, Venture Forward.
TASK FORCE ON ARTIFICAL INTELLIGENCE
On May 7, 2021, the Task Force on Artificial Intelligence
held a hearing entitled, ``Equitable Algorithms: How Human-
Centered AI Can Address Systemic Racism and Racial Justice in
Housing and Financial Services.'' Witnesses were Stephen Hayes,
Partner, Relman Colfax PLLC, Melissa Koide, CEO, FinRegLab,
Lisa Rice, President and CEO, National Fair Housing Alliance,
Kareem Saleh, Founder, FairPlay AI, and Dave Girouard, Founder
& CEO, Upstart.
On July 16, 2021, the Task Force on Artificial Intelligence
held a hearing entitled, ``I Am Who I Say I Am: Verifying
Identity while Preserving Privacy in the Digital Age.''
Witnesses were Jeremy Grant, Coordinator, Better Identity
Coalition, David Kelts, Director of Product Development, GET
Group North America, Dr. Louise Maynard-Atem, Research Lead,
Women in Identity, Professor Elizabeth Renieris, Founding
Director, Notre-Dame-IBM Technology Ethics Lab, University of
Notre Dame, and Victor Fredung, Chief Executive Officer, Shufti
Pro.
On October 13, 2021, the Task Force on Artificial
Intelligence held a hearing entitled, ``Beyond I, Robot:
Ethics, Artificial Intelligence, and the Digital Age.''
Witnesses were Meredith Broussard, Associate Professor, Arthur
L. Carter Journalism Institute of New York University, Meg
King, Director, Science and Technology Innovation Program, The
Wilson Center, Miriam Vogel, President and CEO, EqualAI,
Jeffery Yong, Principal Advisor, Financial Stability Institute,
Bank for International Settlements, and Aaron Cooper, Vice
President for Global Policy, BSA--The Software Alliance, Inc.
On May 13, 2022, the Task Force on Artificial Intelligence
held a hearing entitled, ``Keeping Up with the Codes--Using AI
for Effective RegTech.'' Witnesses were Kevin Greenfield,
Deputy Comptroller for Operational Risk Policy, Office of the
Comptroller of the Currency (OCC), Melanie Hall, Commissioner,
Division of Banking and Financial Institutions, State of
Montana, and Chair, Board of Directors, Conference of State
Bank Supervisors (CSBS), Kelly Lay, Director, Office of
Examination and Insurance, National Credit Union Administration
(NCUA), and Jessica Rusu, Chief Data Information and
Intelligence Officer, Financial Conduct Authority (FCA), United
Kingdom.
OVERSIGHT PLAN OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE 117th
CONGRESS
Pursuant to clause 2(d)(1) of rule X of the House of
Representatives, the following constitutes the oversight plan
of the Committee on Financial Services for the 117th Congress.
It includes areas in which the Committee and its subcommittees
expect to conduct oversight during the 117th Congress; it does
not preclude oversight or investigation of additional matters
or programs as they arise. The Committee will consult, as
appropriate, with other Committees of the House that may share
jurisdiction on any of the subjects listed below.
COVID-19 Pandemic Response
Ensure Equitable Administration and Distribution of Housing
Relief Funds. The Committee will conduct oversight of federal
agencies', grantees', and industry's administration of, and
compliance with, COVID-19 housing protections and relief
programs to ensure proper implementation, including compliance
with fair housing and fair lending laws, and equitable
treatment of, and allocations of funds to, hardest hit
communities. The Committee will also review the effectiveness
of eviction and foreclosure moratoria and mortgage forbearance
in keeping people safely housed during the pandemic.
Support for Minority Depository Institutions (MDIs) and
Community Development Financial Institutions (CDFIs). The
Committee will examine opportunities to support community
financial institutions such as MDIs and CDFIs to ensure that
they can continue to assist minority entrepreneurs that are
overlooked by traditional financial institutions, particularly
during the COVID-19 pandemic. The Committee will also review
legislation that will direct critical sources of capital and
investment to CDFIs and MDIs to ensure that these institutions
have the tools they need to serve their communities.
Protecting Consumers During the Pandemic. The Committee
will examine how consumers have been affected by the pandemic,
including to the degree financial institutions utilize the
flexibility provided by Congress and regulators to provide
forbearance and loan modifications for affected consumers. The
Committee will also examine consumer impacts and protections
relating to credit reporting and debt collection, and the
degree to which unfair, deceptive, and abusive acts or
practices committed during the pandemic are combatted through
robust enforcement.
Global Response to the Pandemic. The Committee will
continue to oversee the role international financial
institutions, including the International Monetary Fund and the
World Bank, are playing in the international response to the
COVID-19 pandemic, including efforts to ensure an inclusive and
sustainable recovery.
Defense Production Act. The Committee will monitor the
effectiveness of the Defense Production Act and its individual
authorities in promoting national security and recovery from
natural disasters. In particular, the Committee will monitor
the use of the Act to boost production of medical supplies and
equipment to combat the Covid-19 Pandemic.
Housing and Community Development
Department of Housing and Urban Development (HUD) and U.S.
Department of Agriculture (USDA). The Committee will examine
the budget requests submitted by HUD and USDA for programs
under the Committee's jurisdiction, including consideration of
any legislative recommendations included in those requests. The
Committee will also 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
response to ending homelessness, including oversight of the
Continuum of Care (CoC) and Emergency Solutions Grant (ESG)
programs 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
towards 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 experiencing or 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 Section 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 Income 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 investigate HUD's
oversight of landlord participants to ensure regulations are
complied with. The Committee will also review the limitations
of existing programs at current funding levels.
The Committee will consider solutions to address the rental
housing crisis, including proposals to enhance preservation of
affordable rental housing, increase affordable rental housing
opportunities through development of additional rental stock
and robust rental assistance, and ensure that affordable rental
housing is accessible and integrated for persons who are
seniors and/or have a disability.
Public Housing. The Committee will examine the rising
maintenance 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 presence 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 federal 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. The Committee will monitor HUD's implementation and
oversight of the Moving to Work (MTW) demonstration program and
the effects of such programs on tenants.
Rural Housing. The Committee will examine the affordable
housing needs in rural communities and the limitations in
meeting those needs through existing programs due to 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 USDA's strategy for
preserving these properties and preventing tenant 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 Section
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
opportunities to better leverage and coordinate housing
development with neighborhood resources such as transportation
and community centers through programs like the Community
Development Block Grant (CDBG).
Climate Change and Green Housing. The Committee will
examine proposals to address historic and emerging effects of
climate change and environmental hazards in housing and on
communities living in areas at disproportionate risk. The
Committee will also consider opportunities to incentivize
greener and more energy efficient measures across the housing
market and industry, including through comprehensive risk and
environmental assessments.
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 and bolster resilience in
disaster-stricken areas. The Committee will review proposals to
permanently authorize the CDBG-DR program and enhance our
nation's ability to mitigate and withstand future disasters in
the face of climate change, which is contributing to the
frequency and magnitude of natural disasters.
Fair Housing. The Committee will conduct oversight of fair
housing enforcement under HUD, including the activities
conducted by the Office of Fair Housing and Equal Opportunity
(FHEO). The Committee will also monitor HUD's ongoing
rulemaking processes on the Affirmatively Furthering Fair
Housing (AFFH) mandate and the disparate impact standard under
the Fair Housing Act. The Committee will also monitor other
federal agencies' equitable implementation and administration
of federal housing funds and programs, as mandated under the
Fair Housing Act, such as the Department of the Treasury, the
Department of Agriculture, and the Neighborhood Revitalization
Corporation (NeighborWorks).
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
consider proposals to reauthorize those programs and ensure
inclusion of the descendants of Freedmen. The Committee will
also monitor HUD's administration of the recent appropriation
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
extent to which it is serving all creditworthy borrowers,
especially low and moderate income (LMI) borrowers, borrowers
of color, rural borrowers, and other underserved borrowers. The
Committee will consider proposals to reform the housing finance
system, including in real estate appraisals.
Federal Housing Finance Agency (FHFA), Federal National
Mortgage Association (Fannie Mae), Federal Home Loan Mortgage
Corporation (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 response to ongoing pandemic-related housing
needs. The Committee will also review the FHFA's initiatives
related to capital held by Fannie Mae and Freddie Mac,
especially as such initiatives affect access to credit. The
Committee will monitor the capital requirements and financial
stability of the FHLB system, 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
examine FHA to ensure that it has the necessary resources,
procedures, and oversight to manage its portfolio, including
ongoing challenges due to an aging technological
infrastructure. The Committee 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 finance system in providing access to homeownership and
consider the effects of capital requirements placed on PMI
companies by Fannie Mae and Freddie Mac.
Mortgage Servicing. The Committee will examine the adequacy
of existing regulatory requirements and oversight of the
servicing industry, including the adequacy of the federal
response to the growing share of nonbank servicers. The
Committee will consider whether FHFA needs additional authority
to establish prudential management and operations standards for
its servicers. The Committee 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, including foreclosures on
seniors with reverse mortgages and on those who have been
affected by natural disasters and national emergencies.
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 management efforts. The Committee will examine
proposals to reauthorize and reform the NFIP to enhance
affordability, mapping, and mitigation, and to improve the
efficiency and transparency associated with the processing of
claims submitted by policyholders. The NFIP is set to expire on
September 30, 2021.
Federal Insurance Office (FIO). The Committee will conduct
oversight of FIO's work on domestic and international insurance
policy, including the extent to which traditionally underserved
communities and consumers have access to affordable insurance
products
Climate Risk. The Committee will examine the extent to
which insurance companies' exposure to the physical and
transition risks of climate change is being adequately
measured.
Terrorism Risk Insurance Program. The Committee will
conduct oversight over the Terrorism Risk Insurance Program,
which was reauthorized in the last Congress.
Business Interruption Insurance. The Committee will monitor
and examine the extent to which businesses were affected by a
lack of business interruption coverage during the COVID-19
crisis, and consider proposals aimed at supporting businesses
disrupted by pandemics and other public health crises.
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 requirements for insurance companies that own
depository institutions, the role of state guaranty funds,
issues related to consumer protection and discrimination in the
insurance sector, and issues or gaps in the regulation of
insurers that could contribute to a systemic crisis in the
insurance industry or the U.S. financial system. The Committee
will also review implementation of the Military Personnel
Financial Services Protection Act, which was passed in response
to abuses in the marketing and sale of securities and life
insurance products to servicemembers.
International Insurance Developments. The Committee will
monitor developments related to international regulatory
standards for insurance companies, including actions taken by
the Financial Stability Board, the International Association of
Insurance Supervisors, and the Organization for Economic
Cooperation and Development. The Committee will also monitor
any developments related to covered agreements made pursuant to
the Dodd-Frank Wall Street Reform and Consumer Protection Act
of 2010 (Dodd-Frank Act).
Cyber Insurance. The Committee may examine developments
related to the market for cyber insurance and the insurance
industry's susceptibility to cybersecurity risks.
Auto Insurance. The Committee may review the state of the
automobile 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
Protecting Consumers and Consumer Financial Protection
Bureau. 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
underserved communities and populations in obtaining mainstream
consumer 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 Committee 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 ethnic minorities, and
immigrants.
The Committee will also closely examine the exercise of the
regulatory, supervisory, and enforcement power of the Consumer
Financial Protection Bureau (Consumer Bureau). The Committee
will conduct oversight to ensure 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 consumer financial
products.
Student Debt Crisis. The Committee will examine the
financial and economic implications of the growing student debt
crisis, including how a borrower's inability to repay student
debt can serve as a barrier to homeownership, entrepreneurship,
and other economic activities. The Committee will also examine
the disproportionate impact the student debt crisis has on
borrowers of color and low-income borrowers. The Committee will
monitor the effectiveness of student borrower protections,
including as it relates to private education loan servicing
standards.
Consumer Protections for Military Servicemembers. The
Committee 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
Committee 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 action case against financial
institutions when they have been harmed.
Fair Access to Affordable Consumer Financial Products and
Services. The Committee will consider ways to expand access to
mainstream financial services among traditionally underserved
segments of the U.S. population. The Committee will evaluate
proposals 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
effectiveness of regulators' fair lending oversight and
enforcement efforts to ensure that the Federal government does
not tolerate discrimination. The Committee will also examine
the quantity and quality of data, including that provided under
the Home Mortgage Disclosure Act (HMDA), to ensure
discriminatory policies 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
Council (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 initiatives of the FSOC and OFR to
identify and mitigate threats to financial stability in the
United States. This will also include a review of risks posed
by nonbank financial institutions, including hedge funds, and
shifts in the mortgage market, including the subprime market,
from bank financing to non-bank financing.
Supervision and Enforcement of Financial Institutions. The
Committee 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 Credit 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 laws and regulations. The
Committee will also monitor their enforcement activities,
including ensuring the compliance of regulated 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
Committee will monitor how enhanced prudential standards are
being applied to the largest banks operating in the United
States, including foreign-based institutions. This will include
oversight of the adequacy of capital, liquidity, leverage and
stress testing requirements. The Committee will oversee efforts
to promote the orderly resolution of any large financial
institution operating in the United States that fails,
including through Dodd-Frank Act's living wills requirements
and the Orderly Liquidity Authority. The Committee will examine
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-taking by large depository institutions and their holding
companies.
Bank Mergers and Market Concentration. The Committee will
monitor market concentration and merger activity involving
banks and other financial companies. The Committee will examine
the standards for regulatory review of such mergers, and
consider the impacts of ongoing merger activity, especially as
it relates to larger financial institutions, including the
impact that mergers have on competition, consumers, workers,
communities, and financial stability.
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 Financial Institutions, including CDFIs and MDIs.
The Committee will review issues related to the health, growth,
safety, and soundness of community banks and credit unions, as
well as their role in lending to small businesses and promoting
economic growth. This will include examining the status of MDIs
and CDFIs, and the important role they play in providing access
to credit for consumers as well as small and minority-owned
businesses.
Access to Credit and Borrower Protections for Small
Businesses. The Committee will consider 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), and consider proposals to
reauthorize the SSBCI in response to the pandemic. Moreover,
the Committee will examine and consider proposals to strengthen
borrower protections for small businesses.
Cybersecurity and Privacy. The Committee will monitor the
effectiveness of cybersecurity in the U.S. financial system.
The Committee will evaluate the current level of safeguards
relating to protecting the security and confidentiality of
personally identifiable information from loss, unauthorized
access, or misuse. The Committee will also examine the
effectiveness of data breach notifications and issues related
to consumer 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
difficulties consumers face in correcting inaccurate
information in their credit file. The Committee will also
examine additional data and methods that have the potential to
improve assessing the creditworthiness of borrowers with
appropriate safeguards and protections.
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
businesses and the role they play in the financial system. The
Committee will also oversee the ability of consumers to utilize
financial services to affordably remit cross-border payments,
as well as consider proposals to mitigate financial
institutions engaged in de-risking that results in unnecessary
account closures.
Financial Education. The Committee will review efforts to
promote greater financial literacy among consumers,
particularly matters affecting traditionally underserved
communities and populations.
Cannabis Banking. The Committee will examine the
difficulties, including public safety concerns, that cannabis-
related businesses experience 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 providing such services
to cannabis-related businesses in states where cannabis use,
sale, or distribution is authorized.
Climate Risk. The Committee will monitor and evaluate
efforts by the Treasury Department, Financial Stability
Oversight Council (FSOC), Federal Reserve and other prudential
regulators to integrate risks associated with climate change
into their supervisory framework.
Monetary Policy
The Federal Reserve System. The Committee will conduct
oversight of the operations and activities of the Federal
Reserve System, including its conduct of monetary policy, its
regulation and supervision of the financial services sector,
its role in the payment system, and its susceptibility to
cybersecurity threats and other security risks. The Committee
will convene hearings to receive the testimony of the Chair of
the Board of Governors of the Federal Reserve System and
related semi-annual reports on the conduct of monetary policy.
As part of this effort, the Committee will review issues
associated with monetary policy and the state of the economy,
including implementation of the updated monetary policy
framework adopted by the Federal Open Market Committee in 2020,
and whether the current path of monetary policy is consistent
with the Federal Reserve's dual mandate of price stability and
maximum employment. The Committee will continue to conduct
oversight of the Federal Reserve's extraordinary actions to
stimulate economic recovery in response to the COVID-19
pandemic, including through quarterly hearings on the CARES Act
from the Treasury Secretary and Federal Reserve Chair, and
oversight over any emergency lending facilities set up to
respond to economic conditions. The Committee will examine the
implications of the Fed's emergency lending and large-scale
asset purchases have for economic recovery, financial
stability, and the mechanics of monetary policy.
The Economy and its Impact on Living Standards. The
Committee will examine the extent to which changes in the
economy, and in particular, changes in labor and capital
markets, public policy, 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 American families.
Coins and Currency. The Committee will conduct oversight of
the printing and minting of U.S. currency and coins, including
the activities 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 counterfeiting 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 efforts to make
currency more accessible to the visually impaired. The
Committee will also consider how to ensure that depictions and
representations on coins and currency fully represent the
diversity of the United States. The Committee will also monitor
and evaluate the Federal Reserve's research and potential
development of a central bank digital currency.
Investor Protection and Entrepreneurship
Securities and Exchange Commission (SEC). The Committee
will examine the budget, operations and organizational
structure of the SEC, and review any new rulemakings.
Investor Confidence. The Committee will examine the factors
affecting investor confidence in U.S. capital markets,
including investor perspectives on the quality, quantity, and
utility of investment-related disclosures; the effectiveness of
public companies' internal controls over financial reporting;
corporate accountability to shareholders; and, the costs of
trading securities. The Committee will also review the effect
on investor confidence of fraud and other misconduct and the
SEC's efforts to hold bad actors accountable.
Standard of Care Owed by Financial Advisers and Broker
Dealers. The Committee will examine the SEC's rulemaking
package and interpretations surrounding Regulation Best
Interest and Form CRS Relationship Summary. The Committee will
review the SEC's efforts to revise those regulations and
interpretations consistent with Section 913(g) of the Dodd-
Frank Act, to protect investors and reduce confusion by
requiring investment advisers and broker dealers to comply with
the same fiduciary standard of care. 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 Committee 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
completing related rulemakings mandated under the Dodd-Frank
Act.
Capital Formation in Private and Public Markets. The
Committee 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, including Regulation D, Regulation A+, and
Regulation Crowdfunding, and examine ways to improve investor
protections in private offerings. The Committee will examine
the current definition of ``accredited investors'' and ways to
improve that definition to ensure that those investors have the
financial sophistication and wherewithal to invest in private
offerings.
Capital Markets
Self-Regulatory Organizations (SROs). The Committee will
monitor the operations, initiatives, and activities of SROs,
including the Municipal Securities Rulemaking Board (MSRB) and
Financial Industry Regulatory Authority, Inc. (FINRA). The
Committee also will consider limitations or regulatory gaps in
the current SRO system and ways to streamline and strengthen
the regulatory, compliance, 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 alternative investment industry. The Committee will
review the role hedge funds and private pools of capital serve
in the capital markets, 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 immigration 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
regulation and oversight of NRSROs. The Committee will also
examine ways to limit conflicts associated with NRSROs
compensation, approaches to increase their accountability, and
the possibility of regulatory fee assessments.
Financial Accounting and Auditing. The Committee will
review the Public Company Accounting Oversight Board's
(PCAOB's) oversight of auditors of public companies and broker-
dealers, including standard-setting and the results of the
PCAOB's inspection programs. 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 protections 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
cybersecurity threats pose to the U.S. capital markets,
including investment and operational risks associated with
public companies. The Committee will also monitor the efforts
of the SEC, SROs, and SEC-registered firms to guard against
cybersecurity risks and protect sensitive, market-moving data
and personally identifiable information (PII) of investors. The
Committee will investigate the cybersecurity implications of
the creation, movement, and management of cryptocurrencies and
the usage of blockchain technology.
Fixed income markets. The Committee will review recent
developments in the U.S. corporate and municipal bond markets
and the SEC's response to those developments.
Derivatives Markets. The Committee will review recent
developments 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 implementing 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 examine brokers' conflicts of interest arising from
rebates and fees paid for client orders and the SEC's efforts
to address those conflicts 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, allocations, and
associated customer data, and identifies the broker-dealer
handling them.
Trade Policy Impact. The Committee will examine the impact
of U.S. trade policy proclamations, announcements, decisions,
and actions 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
Committee will examine the operations and organizational
structure of TFI and its component parts including OFAC and
FinCEN. The Committee will monitor U.S. government strategies
and programs to combat terrorist financing, money laundering,
and other financial crimes, both domestic and international.
Financial Crimes Enforcement Network (FinCEN). The
Committee will monitor the operations of FinCEN and its ongoing
efforts 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 finance. This includes oversight of the execution
of the mandates created by the Anti-Money Laundering Act of
2020 and the Corporate Transparency Act.
Office of Foreign Assets Control (OFAC) and Sanctions. The
Committee will examine the efficacy of economic and trade
sanctions designations and enforcement, as well as the
capabilities and resources within OFAC to perform its work.
This will include the monitoring of sanctions programs to
ensure that they are fully implemented consistent with
Congressional intent and in alignment with U.S. foreign policy
and national security goals. Particular attention will be paid
to maximizing the effect of existing programs through
multilateral cooperation, the possible risks associated with
the use of sanctions over the short and long term, and the
capacity of financial technology and innovation to both enable
and undermine traditional tools of U.S. economic coercion. The
Committee will examine methods of sanctions evasion and
efficacy of sanctions compliance programs.
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. The Committee will examine patterns
and trends of money laundering and terrorist finance, both
domestic and international, and consider proposals to prevent
and detect abuses of the financial system.
Counterterrorism Financing Policy. The Committee will
examine the enforcement, effectiveness, and implementation of
AML/CFT law and regulations as well as the role of the Treasury
in promoting the adoption and implementation of such standards
around the globe. The Committee will explore opportunities to
enhance compliance and will work with international
organizations and partners, such as Financial Action Task Force
(FATF) and the Organisation for Economic Co-operation and
Development (OECD), to accomplish this goal.
Transparency and Anti-Corruption. The Committee will
consider proposals to strengthen AML/CFT laws to combat
corruption and kleptocracy at home and abroad. This will
include oversight over the execution of the mandates in the
Anti-Money Laundering Act of 2020 and the Corporate
Transparency Act.
Trafficking. The Committee will examine efforts to
dismantle the underlying enablers of trafficking and will
review potential solutions related to the often-overlapping
categories of trafficking, including human trafficking,
narcotics trafficking, and natural resource trafficking. The
Committee will examine the converging attributes of
transnational trafficking networks and the outflow of illicit
proceeds.
De-Risking at Financial Institutions. The Committee will
review the practices by which broad categories of customers,
such as non-profit organizations or countries, are denied
access to the financial system, often due to risk or perceived
risk.
Fraud and Cyber Intrusion. The Committee will examine
efforts to counter fraud, including cyber-enabled fraud and
increased fraudulent activity associated with the COVID-19
pandemic.
Information Sharing. The Committee will examine methods to
improve information sharing among financial institutions,
federal agencies, and other entities, while balancing the
safeguards required to ensure that civil liberties and consumer
privacy are preserved.
Emerging Technologies. The Committee will examine
innovative technologies, such as virtual assets, distributed
ledgers, non-traditional financial platforms, machine learning
and artificial intelligence in regulatory technology (RegTech),
and decentralized finance. The Committee will monitor how these
technologies affect and interact with the U.S. financial system
and how the technologies could be used to combat or assist
those who aim to harm the financial system.
Committee on Foreign Investment in the United States
(CFIUS). The Committee will continue to 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,
while preserving the U.S. commitment to an open investment
environment.
International Development and Trade
Global Economic Cooperation. The Committee will monitor the
role of United States leadership in the governance of the
global economic system and the degree to which sustained
international cooperation helps advance U.S. national security,
economic interests, and values.
Oversight of the Multilateral Development Banks. The
Committee will conduct oversight of U.S. participation in the
multilateral development banks and their role in helping
developing and emerging market countries address the health and
economic effects of the global pandemic. The Committee will
continue to monitor implementation of policy reforms to which
the World Bank Group committed last Congress in areas relating
to public subsidies, resource mobilization, labor markets,
private education, and human rights. The Committee will
consider any Administration request for congressional
authorization for additional U.S. contributions to these
institutions, including replenishment of the Asian Development
Fund.
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 examine the degree to which the IMF is focused
on fighting corruption in its surveillance and program work, as
well as its efforts, through technical assistance, to
strengthen the capacity of Fund members to prevent money
laundering and terrorist financing.
The International Development Association and the
International Finance Corporation. The Committee will continue
to examine financial transfers between the International
Development Association (IDA) and the International Finance
Corporation (IFC) with respect to transparency, competitive
bidding, and development impact. The Committee will monitor the
ability of IDA to maintain its current level of concessional
lending to low-income countries in light of its new financing
model that allows IDA to raise a significant portion of its
replenishment resources by issuing bonds on the capital markets
to supplement donor contributions.
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, including how the international financial
institutions are supporting efforts to address climate change
in developing countries.
Developing Countries at Risk of Debt Distress. The
Committee will monitor the rising levels of unsustainable debt
in developing countries and examine proposals and mechanisms to
create legal frameworks to help provide for orderly sovereign
debt restructuring processes. The Committee will monitor
efforts by the U.S. to engage with other members of the IMF to
pressure China to adopt global standards and practices on
sustainable debt financing for developing countries, including
a commitment to lending transparency.
Trade in Financial Services. The Committee will conduct
oversight of trade negotiations and discussions as they pertain
to investment and trade in financial services and will monitor
U.S. trade objectives and multilateral policies on the
regulation of global capital flows and their effects on global
financial stability.
Exchange Rates. The Committee will review the semi-annual
report to Congress from the Secretary of the Treasury on
international economic and exchange rate policies pursuant to
the Omnibus Trade Act of 1988.
Export-Import Bank of the United States. The Committee will
oversee the operations of the Export-Import Bank and its
mission to support U.S. jobs through increased exports,
including the Bank's policy on domestic content, its financing
of fossil fuel projects, and its systems of accountability.
Extractive Industries. The Committee will examine the
establishment of a global standard for the public disclosure of
payments that extractive companies make to governments, as well
as the effectiveness of these revenue transparency laws in the
United States and abroad.
Supply Chain Due Diligence. The Committee will examine
supply chain due diligence laws in the U.S and abroad, their
enforcement, 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.
Financial Technology and Innovation
Updating Regulatory Approach to Fintech. The Committee will
continue to review the existing regulatory framework for
licensing and overseeing fintech products and services, and
will examine what legislation may be needed to properly oversee
fintech companies operating within the rapidly evolving
intersection of technology and finance.
Cryptocurrencies. The Committee will review the rise of
``initial coin offerings'' (ICO) as a means of raising capital
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 regulatory clarity for ICO issuers and investors.
Additionally, the Committee will look at the need for clear
guidelines and regulations for crypto assets, stable coins,
digital currencies, and related products.
Faster Payments. The Committee will examine the progress of
the Federal Reserve's real-time payments proposal called
FedNow, as well as the consumer protection, data privacy, and
cyber-security implications of faster payment approaches led by
the private sector. Additionally, the Committee will consider
how federal regulation over bank and nonbanks operating in the
payments space may need to be updated, and whether faster
payments will increase financial inclusion for unbanked and
underbanked consumers.
Algorithmic Bias and Artificial Intelligence. The Committee
will evaluate the challenge of how to assess, identify, and
regulate bias in algorithms used by financial institutions for
consumer loans and other products. The Committee will examine
the decision-making processes utilized in these technologies,
and how the ``Black Box'' problem, resulting in a lack of
transparency can be addressed. The Committee will consider how
the use of artificial intelligence may complicate the efforts
of human programmers and data scientists to predict how certain
programs utilizing machine learning or deep learning will
operate in real life.
Cybersecurity, Digital Data, and Privacy. The Committee
will study the implications of AI-enabled automation in
monitoring and reporting activities, and how they affect our
cybersecurity and data privacy. The Committee will investigate
the role of regulators in ensuring that information gathered on
individuals and used by AI to make decisions appropriately
respects individuals' privacy. Additionally, the Committee will
consider how much autonomy AI programs should have in decision-
making over individuals' financial transactions, especially
when it can lead to adverse actions against consumers, such as
closing an account because of a determination that a customer
poses too much of a money laundering risk.
Diversity and Inclusion
Racial and Economic Justice. The Committee will review
historic and systemic racism in the housing and financial
system, and consider legislation to provide targeted
investments to remedy such injustices that have resulted in the
marginalization of people of color and an unconscionable racial
wealth gap. The Committee will press every sector under its
jurisdiction to strengthen diversity and inclusion. The
Committee will also consider legislation to provide
opportunities to formerly incarcerated individuals that face
barriers to full participation in the financial services
industry and in obtaining affordable housing.
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, indigenous 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 college
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 homeownership, increase wages, promote
employment within high-growth industries, encourage savings
(including retirement savings), and investments.
Wealth and 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 continue 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, and exacerbated by
the ongoing pandemic. The Committee will consider how the
economic disparities 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 monitor, 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.
Diversity Data. The Committee will review regulated
entities' diversity data, including whether and how such
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 inclusion goals; and, using such data to inform
the composition of their boards of directors.
Offices of Minority and Women Inclusion (OMWIs). The
Committee will examine all matters relating to the diversity
and inclusion activities within the agencies under the
Committee's jurisdiction, 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 review will include, among
other things, monitoring whether the agencies have allocated
appropriate resources for their OMWIs, maintained frequent
interaction with and direct reporting lines between the heads
of the agencies and their OMWI Directors, and established
tangible and measurable outcomes within their long-term
strategic plans and daily operations to achieve a diverse and
inclusive culture throughout all levels of their agencies.
Workforce, Supplier, and Business Diversity Efforts Within
Agencies and their Regulated Entities. The Committee will
consider measures to further leverage diverse and inclusive
perspectives, skills, and talents within the workforces of
agencies under the Committee's jurisdiction, particularly at
the middle- and senior- management level, executive, and C-
suite positions, to help improve 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
review the policies and practices of all the agencies under the
Committee's jurisdiction, and of their regulated entities, to
promote the recruitment, retention, and promotion of a diverse
pool of employees, 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 commitment and behavior of leaders,
as well as consider measures, to ensure that diversity and
inclusion goals are effectively transmitted throughout their
organizations, including holding managers accountable for
achieving diverse and inclusive environments.
The Rooney Rule. The Committee will consider policies that
mandate the consideration of diverse employment candidates
(such as ``the Rooney Rule''), and whether and how such
policies have affected diversity and inclusion efforts,
including efforts by the Federal Reserve to identify and select
a diverse pool of candidates for senior-management positions
throughout the entire Federal Reserve System.
Vendor, Contractor, and Business Diversity. The Committee
will monitor the agencies' efforts to increase diversity within
their vendor 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 consider changes to increase the
transparency of the diversity practices 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.
Public Companies. The Committee will consider proposals to
enhance diversity and inclusion practices and policies at
public companies, including by more transparently reporting
information regarding the equitable inclusion of women and
people of color in the workforce including compensation equity,
and the selection 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, particularly any unique challenges faced by
minority-owned businesses, women-owned businesses, veteran-
owned businesses, Native-owned businesses, disability-owned
businesses, and small businesses in obtaining access to capital
and opportunities to obtain a fair allocation of federal funds
and participation in federal programs. The Committee will also
review how corporations collaborate 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; externally 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 efficiently
inform the public, investors, regulators, and Congress about
patterns and trends of business lending and other types of
financing.
Minority Views
Republicans' top priority remains safely reopening our
economy and getting Americans back to work. This can be
accomplished by ensuring more vaccines and testing are
available to our communities. With the extraordinary effort to
provide support to those impacted by COVID-19, comes the need
for diligent oversight of the CARES Act and related relief
programs. Additionally, Committee Republicans remain committed
to carrying out commonsense oversight priorities, to not only
ensure the safety and soundness of our financial system, but
its full recovery as well. Committee Republicans expect to
conduct oversight of the following areas during the 117th
Congress, as well as oversight and investigations of additional
matters or programs as they arise.
ADDRESSING SYSTEMIC RISK
Cybersecurity. The coronavirus pandemic and
related relief programs have created an environment ripe for
cybercriminal activity. Committee Republicans will continue to
conduct oversight of cybersecurity in the public and private
sectors to protect the financial system from cybercrime.
Republicans will facilitate information sharing and identify
best practices among financial regulators and industry
participants, especially for threats related to COVID-19 and
related federal relief programs.
Digitization. Regulators must continue to
digitize their operations and interactions with regulated
entities. These changes should be made permanent even after the
pandemic subsides. It is necessary to ensure that new and
modernized digital infrastructure is in place to allow for
efficient and secure digital operations. The minority will
continue to conduct oversight of financial regulators as they
transition to increased digital interactions with regulated
entities on a more permanent basis.
Democratization of Finance. Increased retail
participation in the stock market has allowed more Americans to
generate wealth and provided new sources of capital for
companies to hire workers and invest in research and
development, among other things. Republicans will conduct
oversight of the retail marketplace to ensure the regulatory
environment, including the accredited investor rule, is
favorable for investors. Within that context, Republicans will
make findings and recommendations related to trading in
GameStop and other stocks in late January 2021.
Politicization of Access to Capital. Republicans
support fair access to financing for legally operating
businesses, which supports jobs and promotes long-term economic
growth. Financial regulators have committed to addressing
social causes unrelated to their regulatory authorities and
financial firms continue to limit access to capital to certain
politically unpopular industries. Republicans will conduct
oversight of the federal financial regulators to determine
whether their activities are outside their mandates, and of
regulated firms within the committee's jurisdiction to
determine whether they limit access to capital for legally
operating businesses based on non-pecuniary factors to
accomplish unrelated social or political goals.
Role of Proxy Advisory Firms. SEC guidance
states that advisers who vote proxies must do so in a manner
consistent with their fiduciary obligations and, to the extent
they rely on voting advice from proxy advisory firms they must
take reasonable steps to ensure the use of that advice is
consistent with their fiduciary duties. Republicans will
conduct oversight of the regulatory environment that covers the
relationship between proxy advisory firms, their clients, and
corporate boards of directors, to ensure boards are positioned
to meet their fiduciary obligations and determine the most
situationally appropriate course for companies to take.
IMPROVING EFFICIENCY AND EFFECTIVENESS
Federal Housing Assistance. Despite significant
federal investment over the past several years, homelessness
persists as an issue. Data from the Department of Education
shows two million children experience homelessness at some
point during the school year. Republicans will conduct
oversight of homelessness programs and uses of funding intended
for that purpose to ensure resources are directed toward those
in greatest need.
Implementation of Recommendations from the
Community of Inspectors General. The audits and investigative
work of the IG community provides a roadmap for congressional
oversight of agencies within the Committee's jurisdiction. The
minority will review the inventory of open and unimplemented
recommendations from the inspectors general within the
committee's jurisdiction to identify opportunities for cost
savings and areas of common concern. The minority will also
seek to hold quarterly hearings with IGs to highlight some of
the most urgent areas for oversight.
Rulemaking Process. The regulatory rulemaking
process has gone relatively unchanged for decades. Technology
tools including AI could improve the efficiency and
effectiveness of the notice and comment process. Republicans
will continue to conduct oversight of agencies as they develop
new strategies and further integrate technology into the
rulemaking process.
Fannie Mae and Freddie Mac. Fannie Mae and
Freddie Mac have been operating under federal conservatorship
since being bailed out for nearly $200 billion at the height of
the financial crisis. The minority will conduct oversight of
the government-sponsored enterprises and assess the role of the
federal government in mortgage finance to ensure the
administration remains on track to end government
conservatorship of Fannie Mae and Freddie Mac.
PREVENTING WASTE AND FRAUD
Paycheck Protection Program and Economic Impact
Payment Program Fraud. The minority will continue to monitor
and investigate fraud associated with COVID-19 relief programs,
specifically whether internal program controls effectively
balance the need to distribute relief quickly against fraud
prevention. The minority will seek data from relevant agencies,
inspectors general, GAO, and private sector participants, to
identify potential systemic risk concerns, among other things.
CARES Act. The CARES Act provided trillions of
dollars to the Treasury and Federal Reserve to stabilize the
economy amidst the COVID-19 pandemic. The minority will
continue to conduct oversight to ensure loan recipients and
other program participants comply with the terms of the
programs in conformity with congressional intent and to protect
against waste, fraud, and abuse.
Abuse of the Paycheck Protection Program by
Political Organizations. The Paycheck Protection Program was
designed to provide a direct incentive for small businesses to
keep their workers on the payroll. The Small Business
Administration released data that shows political organizations
may have taken advantage of the program's expedited nature to
obtain funds for which they were ineligible. The minority will
partner with relevant agencies, inspectors general, and the
Justice Department to ensure ineligible political organizations
are held accountable.
CFPB Oversight. The Dodd-Frank Act created a
CFPB that was unaccountable to Congress. Republicans supported
a successful legal challenge to the Bureau's unconstitutional
structure that made the CFPB Director removable at will by the
President. Still, the Bureau is funded outside of the
congressional appropriations process, which positions the
Federal Reserve Board of Governors to act as a rubber stamp for
the Director's funding request. The fact that the Board has no
statutory mechanism to scrutinize the Bureau's funding request
has raised concerns that the CFPB's budget process is exposed
to waste, fraud, and abuse. In light of CFPB's continued
operation outside the congressional appropriations process,
Republicans will conduct oversight to ensure the Director does
not abuse the Bureau's vast enforcement authority to punish
industries disfavored by the Administration.
Elder Fraud. As the United States' elder
population continues to grow, financial fraud targeting that
community will have massive implications for financial
institutions. Evidence suggests that one in every five elder
Americans has been a victim of some form of financial fraud.
These numbers have increased due to the amount of COVID-related
fraud cases. Republicans will investigate how regulators and
the financial services industry are addressing elder fraud.
NATIONAL SECURITY
Terrorism Finance. Republicans will continue to
conduct oversight of the growing network of non-governmental
organizations (NGOs), primarily in Western countries, including
the United States, which, in recent years, has engaged in an
organized and well-coordinated boycott, divestment and
sanctions (BDS) campaign against Israel. Documents show
connections between that network and groups that operate in the
Middle east with known connections to terrorist activities.
Republicans will ensure the administration uses the full range
of tools to prevent money from moving between domestic BDS
groups and terrorist groups abroad. Republicans will also
examine whether entities that do business with government
agencies provide goods and services to state sponsors of
terrorism.
Money Laundering. Financial institutions and law
enforcement agencies face constantly evolving tactics from
sophisticated criminals and terrorists attempting to leverage
the global financial system. Republicans will continue to
assess the Bank Secrecy Act and Anti-Money Laundering (BSA/AML)
regulatory regime to investigate the effectiveness of the
current rules, highlight the need to modernize the reporting
system in the digital era, and prevent criminal activity.
North Korean Sanctions. North Korea uses
corporations with opaque ownership structures to move money
through American banks. The current enforcement of
international sanctions intended to block Pyongyang's access to
the global financial system appear insufficient to prevent
these transactions. The minority will investigate how agencies
and financial institutions are combating money laundering
schemes like this and assess whether new legislation is
necessary.
China. Analysts have observed China offering
funding for international projects to secure Chinese access to
resources or local markets, causing countries to become
ensnared in a debt trap that leaves them vulnerable to China's
influence. The minority will examine China's debt trap and
Chinese resistance to transparent disclosure in its lending and
discuss the implications of China's financing decisions in
terms of the IMF, World Bank, and global systemic risk.
IMPLEMENTATION OF THE 117TH CONGRESS OVERSIGHT PLAN
Implementation of the Oversight Plan of the Committee on Financial
Services for the One Hundred and Seventeenth Congress
COVID-19 Pandemic Response
Ensure Equitable Administration and Distribution of Housing
Relief Funds. The Full Committee held three separate hearings
examining housing relief and protections during the ongoing
pandemic.
``More than a Shot in the Arm: The Need for
Additional COVID-19 Stimulus,'' February 4, 2021: This
hearing focused on the need for additional COVID relief
through the American Rescue Plan Act, including for
supplemental stimulus payments, housing, employment
benefits, community relief, and health measures.
``Oversight of the Treasury Department's
Federal Reserve's Pandemic Response,'' March 23, 2021:
This statutorily required hearing focused on oversight
of the Treasury Department and Federal Reserve's
equitable response to the COVID-19 pandemic, including
Treasury's distribution of pandemic relief funds
through the CARES Act.
``Build Back Better: Investing in Equitable
and Affordable Housing Infrastructure,'' April 14,
2021: This hearing focused on the state of the nation's
housing infrastructure and the need for robust
investments augment, repair, and maintain housing as
part of U.S. infrastructure, including the effects of
the COVID-19 pandemic on housing needs.
The Housing, Community Development, and Insurance
Subcommittee held two separate hearings examining housing
relief and protections during the ongoing pandemic.
``Slipping Through the Cracks: Policy
Options to Help America's Consumer During the
Pandemic,'' March 11, 2021: This hearing focused on the
gaps in consumer protections during the pandemic and
evaluated possible policy responses to ensure the
stability of all consumers and small business owners
and could share in economic recovery. This hearing also
focused on existing racial and economic disparities
that have been dangerously exacerbated by the pandemic.
``Preserving a Lifeline: Examining Public
Housing in a Pandemic,'' March 24, 2021: This hearing
focused on the role of public housing as an important
lifeline for stabilizing and providing services to low-
income families during the pandemic, as well as the
funding and capacity challenges of Public Housing
Authorities.
The Committee considered the following legislation to
address housing relief and protections during the ongoing
pandemic:
H.R. 618, the ``Promoting Access to Credit
for Homebuyers Act,'' introduced by Representative
Vargas, would promote access to credit for homebuyers
during the COVID-19 pandemic by preventing Fannie Mae,
Freddie Mac, and the Federal Housing Administration
from imposing additional restrictions or costs on
borrowers who have inquired about, requested, or
received forbearance.
H.R. 659, the ``Repeal the Faircloth
Amendment Act of 2021,'' introduced by Representative
Ocasio-Cortez, would repeal the Faircloth Amendment
that prohibits the expansion of public housing.
H.R. 1682, the ``Stabilizing Rural
Homeowners During COVID Act of 2021,'' introduced by
Representative Cleaver, would provide additional FY2021
funding to the Department of Agriculture's Direct Home
Loan and Housing Repair Loan programs for rural housing
assistance.
H.R. 1710, the ``Coronavirus Homeowner
Assistance Act of 2021,'' introduced by Representative
Scott, would provide emergency assistance to homeowners
to respond to the coronavirus pandemic, and for other
purposes.
H.R. 4948, the ``Choice Neighborhoods
Initiative Act of 2021,'' introduced by Representative
Cleaver, would permanently authorize the Choice
Neighborhoods Initiative Program.
H.R. ___, the ``Relief for Consumers During
COVID-19 Act,'' offered by Representative Beatty, is a
discussion draft that would provide a temporary debt
collection moratorium and sustainable repayment plans
for consumers, as well as creditor access to Federal
Reserve (Fed) loans during the pandemic, and for 120
days thereafter.
H.R. ___, the ``COVID-19 Mortgage Relief
Act,'' offered by Representative Garcia (TX), is a
discussion draft that would extend foreclosure and
forbearance protections in the CARES Act to provide
more relief for all homeowners, rental property owners,
and mortgage services in part by extending the ``GSE
patch'' until at least June 1, 2022 to help ensure
market stability. Similar provisions were included in
H.R. 925 the Heroes Act, the Heroes Act in the 116th
Congress.
H.R. ___, the ``Public Housing Tenant
Protection Act of 2021,'' offered by Chairwoman Waters,
is a discussion draft that would: (1) require one-for-
one replacement for any public housing units that are
demolished or disposed of; (2) provide additional
protections for residents through the revitalization
process, including stronger notification requirements,
increased resident involvement in the planning and
implementation stages, and more robust tenant
protections regarding relocation; (3) allow the
Secretary of HUD to establish the Capital Fund Loan
Guarantee, which would allow housing authorities to
attract private investment to rehabilitate public
housing properties; and (4) support public housing
residents through job training to provide for increased
earnings and positive life outcomes.
H.R. ___, the ``Supporting Seniors and
Tenants in Subsided Housing Act,'' offered by
Representative Cleaver, is a discussion draft that
would provide additional protections for public housing
residents during the coronavirus pandemic and would
provide supplemental funding for supportive housing for
the elderly.
H.R. ___, the ``Public Housing and Section 8
Operational Response Act for COVID-19,'' offered by
Representative Velazquez, is a discussion draft that
would provide $5 billion for the Public Housing
Operating fund and $3.5 billion for tenant-based rental
assistance to respond to the coronavirus pandemic.
H.R. ___, the ``Affordable Housing
Preservation Act,'' offered by Representative Torres,
is a discussion draft to reform the Rental Assistance
Demonstration to provide additional protections for
residents and to better ensure long-term affordability.
Members of the Committee also sent several letters
regarding housing relief and protections during the ongoing
pandemic.
June 21, 2021, Chairwoman Maxine Waters sent
a letter to HUD Secretary Marcia Fudge, USDA Secretary
Thomas Vilsack, VA Secretary Denis McDonough, former
Acting CFPB Director Dave Uejio, and former FHFA
Director Mark Calabria, urging them to administratively
extend their moratoria on foreclosures at least until
the CFPB is able to finalize and implement its pandemic
recovery mortgage servicing rule.
On June 30, 2021, Chairwoman Maxine Waters
sent a letter to Governor of California Galvin Newsom
and Mayor of Los Angeles Eric Garcetti, urging them to
reduce barriers to assistance to ensure that critical
COVID-19 relief reaches Californians who continue to
struggle during the pandemic.
On July 2, 2021, Chairwoman Maxine Waters
sent a letter to 33 of the nation's largest corporate
landlords and top eviction filers during the pandemic,
urging them to work with tenants to inform them of
their rights and connect them with emergency rental
assistance.
On August 2, 2021, Chairwoman Maxine Waters
sent a letter to Speaker Nancy Pelosi expressing her
strong support for Speaker Pelosi in urging the Biden
Administration and the Centers for Disease Control and
Prevention (CDC) to administratively extend the
eviction moratorium.
On August 5, 2021, Chairwoman Maxine Waters
sent two letters to 9 federal agencies and banking
regulators, urging them to strengthen foreclosure and
mortgage servicing protections for borrowers and
provide greater oversight to prevent unnecessary
foreclosures during the pandemic.
On February 16, 2022, Chairwoman Maxine
Waters and Congressman Jimmy Gomez (D-CA) co-led a
letter with 36 Members of California's Congressional
delegation sent a letter to Treasury Secretary Janet
Yellen, urging the Department of the Treasury to
reallocate unused Emergency Rental Assistance Program
(ERA) funds to states with the highest need for such
aid.
Support for Minority Depository Institutions (MDIS) and
Community Development Financial Institutions (CDFIS). The Full
Committee held six separate hearings examining support for MDIs
and CDFIs.
``Justice for All: Achieving Racial Equity
Through Fair Access to Housing and Financial
Services,'' March 10, 2021: This hearing focused on
ways to promote racial equity, including through
support provided to MDIs and CDFIs to strengthen their
ability to serve communities of color and other
underserved communities.
``Oversight of Prudential Regulators:
Ensuring the Safety, Soundness, Diversity, and
Accountability of Depository Institutions,'' May 19,
2021: This hearing examined, among other things, how
prudential regulators worked to achieve their statutory
goal to promote and preserve MDIs, as well as support
depository CDFIs.
``Oversight of the Treasury Department's and
Federal Reserve's Pandemic Response,'' September 30,
2021: This hearing provided the Committee with an
update on the deployment of grants and capital
investments to strengthen CDFIs and MDIs.
``Oversight of the Treasury Department's and
Federal Reserve's Pandemic Response,'' December 1,
2021: This hearing provided the Committee with an
update on the deployment of grants and capital
investments to strengthen CDFIs and MDIs.
``An Unprecedented Investment for Historic
Results: How Federal Support for MDIs and CDFIs Have
Launched a New Era for Disadvantaged Communities,''
February 16, 2022: This hearing focused on the impact
of federal investments in MDIs and CDFIs, as well as
proposals to enhance such support.
``Oversight of Prudential Regulators:
Ensuring the Safety, Soundness, Diversity, and
Accountability of Depository Institutions,'' November
16, 2022: This hearing provided the Committee with an
update on how prudential regulators worked to achieve
their statutory goal to promote and preserve MDIs, as
well as support depository CDFIs.
The Consumer Protection and Financial Institutions
Subcommittee held two separate hearings examining opportunities
and challenges relating to MDIs and CDFIs.
``Cyber Threats, Consumer Data, and the
Financial System,'' November 3, 2021: This hearing
focused on, among other things, the technology
capabilities and partnerships of, as well as the
cybersecurity threats faced by, financial institutions,
including MDIs and CDFIs.
``Small Businesses, Big Impact: Ensuring
Small and Minority-Owned Businesses Share in the
Economic Recovery,'' February 17, 2022: This hearing
explored, among other things, the need to support MDIs
and CDFIs to help ensure small businesses, especially
those owned by people of color, have access to capital
and banking services.
The Committee considered the following legislation to
support CDFIs and MDIs:
H.R. 2543, the ``Financial Services Racial
Equity, Inclusion, and Economic Justice Act,''
introduced by Chairwoman Waters, which includes a
number of provisions to promote racial equity and
support for MDIs and CDFIs, including H.R. 4590, H.R.
5322, H.R. 7022, and H.R. 7953, as well as providing
technology support for MDIs and CDFIs; creating a
searchable map to make it easier for communities to
locate nearby institutions; understanding the impact of
CDFI lending and investments; supporting the creation
of de novo MDIs and CDFIs; establishing a grant program
to incentivize CDFIs to provide start-up capital and
other support for young entrepreneurs; study
securitization options for CDFIs; and ensure access to
emergency liquidity through the Federal Reserve's
discount window.
H.R. 3323, the ``Federal Home Loan Banks''
Mission Implementation Act'' introduced by
Representative Torres, which would expand the ability
of Federal Home Loan Banks (FHLBs) to provide advances
and grants for investments in small businesses,
affordable housing, and community development,
including by, among other things, expanding the
availability of advances to certain CDFIs and credit
unions.
H.R. 4590, the ``Promoting New and Diverse
Depository Institutions Act,'' introduced by
Representative Auchincloss, would require banking
regulators to conduct a study about the challenges
faced by proposed depository institutions seeking de
novo bank charters, and to implement a strategic plan
to promote the creation of new depository institutions,
including MDIs and depository CDFIs.
H.R. 5322, the ``Ensuring Diversity in
Community Banking Act'' introduced by Representative
Meeks, which would strengthen minority depository
institutions and ``impact banks'' that predominantly
serve low-income communities through partnerships,
technical assistance, and deposits.
H.R. 7022, the ``CDFI Bond Guarantee Program
Improvement Act'' introduced by Representative Cleaver,
which would reduce the CDFI Bond Guarantee Program
minimum issuance threshold from $100 million to $25
million, and make the program permanent.
H.R. 7953, the ``Expanding Opportunity for
MDIs Act'' introduced by Representative Beatty, which
would codify the Financial Agent Mentor-Protege Program
within the Department of the Treasury, providing MDIs
with mentorship from larger financial institutions on
becoming a financial agent for Treasury and improving
service capacity.
Members of the Committee also sent several letters
regarding MDIs and CDFIs.
On April 7, 2021, Chairwoman Maxine Waters
and Senator Mark Warner (D-VA) sent a letter to
Treasury Secretary Janet Yellen, urging the extension
of the Emergency Capital Investment Program (ECIP)
application deadline to ensure the highest level of
participation from eligible CDFIs and MDIs.
On January 18, 2022, Chairwoman Waters and
Senator Warner sent a letter to urge the Federal
Reserve to provide guidance to Subchapter S and Mutual
bank ECIP recipients on concerns they raised.
On June 15, 2022, Chairwoman Waters sent a
letter with Senator Warner to the U.S. Government
Accountability Office (GAO), asking for a study on
supporting the technology modernization needs of CDFIs
and MDIs.
Protecting Consumers During the Pandemic. The Full
Committee held nine hearings examining topic.
``More than a Shot in the Arm: The Need for
Additional COVID-19 Stimulus,'' February 4, 2021. This
hearing focused on the need for additional support in
many parts of the economy as the COVID-19 pandemic
persisted.
``Oversight of the Treasury Department's and
Federal Reserve's Pandemic Response,'' March 23, 2021.
This hearing examined the various pandemic programs
Treasury and the Fed administer, including those
designed to support individuals, workers, families, and
renters.
``Holding Megabanks Accountable: An Update
on Banking Practices, Programs and Policies,'' May 27,
2021: This hearing examined the practices, programs and
policies of the largest U.S. banks, including how they
treated consumers during the COVID-19 pandemic.
``Oversight of the Treasury Department's and
Federal Reserve's Pandemic Response,'' September 30,
2021. This hearing examined the various pandemic
programs Treasury and the Fed administer, including
those designed to support individuals, workers,
families, and renters.
``Bringing Consumer Protection Back: A Semi-
Annual Review of the Consumer Financial Protection
Bureau,'' October 27, 2021: This hearing focused on the
priorities of newly-confirmed Director, Rohit Chopra,
as well as updated on the CFPB's activities, including
research, rule-making, and new initiatives highlighted
in the most recent semi-annual report.
``Oversight of the Treasury Department's and
Federal Reserve's Pandemic Response,'' December 1,
2021. This hearing examined the various pandemic
programs Treasury and the Fed administer, including
those designed to support individuals, workers,
families, and renters.
``Consumers First: Semi-Annual Review of the
Consumer Financial Protection Bureau,'' April 27, 2022:
This hearing focused on the CFPB's most recent
activities, including reports, research, rule-making
updates, enforcement actions, and new initiatives
highlighted in the most recent semi-annual report.
``Holding Megabanks Accountable: Oversight
of America's Largest Consumer Facing Banks,'' September
21, 2022: This hearing provided the Committee with an
update on the products and practices of the largest
banks that are predominantly engaged in the consumer
financial marketplace.
``Consumers First: Semi-Annual Report of the
Consumer Financial Protection Bureau,'' December 14,
2022: The hearing focused on the CFPB's most recent
activities, including reports, research, rule-making
updates, enforcement actions, and new initiatives
highlighted in the most recent semi-annual report.
The Subcommittee on Consumer Protection and Financial
Institutions held one hearing examining consumer protections
during the pandemic.
``Slipping Through the Cracks: Policy
Options to Help Consumers During the Pandemic,'' March
11, 2021: This hearing focused on consumer protection
shortcomings and the need for additional safeguards as
the pandemic persisted.
The National Security, International Development, and
Monetary Policy Subcommittee held one hearing exploring what
additional economic support small and diverse-owned businesses
needed during the pandemic.
``Supporting Small and Minority-Owned
Businesses Through the Pandemic,'' February 4, 2021:
This hearing focused on the successes and challenges of
various small business support programs, and the
consideration of additional support, such as renewing
the State Small Business Credit Initiative.
The Committee considered the following legislation to
address the negative impacts of the COVID-19 pandemic on
consumers, small businesses and communities:
H.R. 618, the ``Promoting Access to Credit
for Homebuyers Act'' introduced by Representative
Vargas, which would promote access to credit for
homebuyers during the COVID-19 pandemic by preventing
Fannie Mae, Freddie Mac, and the Federal Housing
Administration from imposing additional restrictions or
costs on borrowers who have inquired about, requested,
or received forbearance.
H.R. 2959, the ``COVID-19 Fraud Prevention
Act'' introduced by Representative Axne, which would
establish a joint CFPB and Security and Exchange
Commission (SEC) fraud working group to better protect
consumers and investors against fraudulent consumer and
investment schemes during the pandemic.
H.R. 5914, the Empowering States to Protect
Seniors from Bad Actors Act introduced by
Representative Gottheimer, which would authorize grants
by the SEC to States to protect seniors and vulnerable
adults from fraudulent marketing or sales practices
related to the COVID-19 pandemic and other unlawful
scams.
H.R. 6741, the ``COVID-19 Mortgage Relief
Act'' introduced by Representative S. Garcia, which
would extend foreclosure and forbearance protections in
the CARES Act to provide more relief for all
homeowners, rental property owners, and mortgage
servicers in part by extending the ``GSE patch'' until
at least June 1, 2022 to help ensure market stability.
Global Response to the Pandemic. The Subcommittee on
National Security, International Development, and Monetary
Policy held one hearing examining the global response to the
pandemic.
``The Role of the International Monetary
Fund in a Changing Global Landscape,'' February 17,
2022: This hearing focused on the evolving role the
International Monetary Fund (IMF) plays as a central
pillar of global economic cooperation, responsible for
monitoring and preserving the stability of the
international financial system. This hearing examined
the shifts and challenges the IMF currently faces,
including disruptions brought on by climate change,
rising levels of unsustainable sovereign debt, and the
potential for an uneven COVID-19 recovery to exacerbate
inequality, undermine social cohesion, and increase
instability across the globe.
The Chairwoman sent the following letter regarding the
global response to the pandemic.
On December 4, 2020, Chairwoman Maxine
Waters sent a letter to then-President-Elect Joseph R.
Biden providing recommendation on areas where the Biden
Administration should focus. The letter laid out key
priorities with regard to restoring America's
leadership role in international development
particularly in light of challenges created by the
pandemic.
Defense Production Act. The Full Committee held 1 hearing
examining the use of Defense Production Act authorities in the
American Rescue Plan.
``More than a Shot in the Arm: The Need for
Additional COVID-19 Stimulus,'' February 4, 2021: This
hearing focused on the Response and Relief Act, the
CARES Act stimulus programs, and the American Rescue
Plan, which included $10 billion to expand domestic
manufacturing of pandemic supplies using executive
authorities under the Defense Production Act.
The Committee considered the following legislation to
address the use of Defense Production Act for the COVID-19
emergency:
H.R. 3125, the ``COVID-19 Emergency Medical
Supplies Enhancement Act of 2021'' introduced by
Representative Juan Vargas, which would expand certain
authorities under the Defense Production Act to support
the production of critical medical supplies during the
COVID-19 emergency.
Housing and Community Development
Department of Housing and Urban Development (HUD) and U.S.
Department of Agriculture (USDA). The Full Committee held two
hearings conducting general oversight of HUD.
``Build Back Better: Investing in Equitable
and Affordable Housing Infrastructure,'' April 14,
2021: This hearing focused on the state of the nation's
housing infrastructure and the need for robust
investments augment, repair, and maintain housing as
part of U.S. infrastructure, including the effects of
the COVID-19 pandemic on housing needs.
``Building Back A Better, More Equitable
Housing Infrastructure for America: Oversight of the
Department of Housing and Urban Development,'' July 20,
2021: This hearing focused on oversight of HUD.
The Housing, Community Development, and Insurance
Subcommittee held three separate hearings examining HUD and
USDA.
``Flexible Federal Funding: Examining the
Community Development Block Grant Program and Its
Impact on Addressing Local Challenges,'' June 16, 2021:
This hearing focused on the state of the CDBG program,
current program limitations, and funding challenges.
``Housing America: Addressing Challenges in
Serving People Experiencing Homelessness,'' February 2,
2022. This hearing focused on the state of the ongoing
homelessness crisis, the increased challenges presented
by the coronavirus pandemic at all levels of government
in addressing homelessness, and the need for flexible
funding to meet the unique needs of communities,
including in rural areas.
``Persistent Poverty in America: Addressing
Chronic Disinvestment in Colonias, the Southern Black
Belt, and the U.S. Territories,'' November 15, 2021:
This hearing focused on the housing and community
development needs and challenges in these communities,
which are predominantly rural face.
The Oversight and Investigations Subcommittee held one
hearing examining HUD and USDA.
``Ensuring Equitable Delivery of Disaster
Benefits to Vulnerable Communities and Peoples: An
Examination of GAO's Findings of the CDBG Program,''
January 19, 2022: This hearing focused on the findings
of a report issued by the Government Accountability
Office entitled, ``Better Data Are Needed to Ensure HUD
Block Grant Funds Reach Vulnerable Populations.''
The Committee considered the following legislation to
address HUD and USDA:
H.R. 2851, the ``Affordable Housing
Preservation Act of 2021'' introduced by Representative
Omar, would establish a demonstration program to
support zero equity and limited equity cooperative
developments.
H.R. 2965, the ``Naomi Schwartz Safe Parking
Program Act of 2021'' introduced by Representative
Carbajal, would provide grants to local governments to
establish safe parking programs.
H.R. 3111, the ``Grandfamily Housing Act of
2021'' introduced by Representatives McGovern and
Pressley, would provide supportive services to
households headed by grandparents.
H.R. 3279, the ``HUD Inspection Oversight
Act of 2021'' introduced by Representative Lawson,
would increase transparency, and strengthen enforcement
of the inspection process for properties supported by
project-based rental assistance that fail to come into
compliance with federal housing laws.
H.R. 3332, the ``Manufactured Housing
Community Preservation Act of 2021'' introduced by
Representative Axne, would help nonprofits, resident-
formed cooperatives, and other local entities purchase
and maintain manufactured housing communities through
awards up to $1 million.
H.R. 3333, the ``Manufactured Housing
Tenant's Bill of Rights'' introduced by Representative
Axne, would establish a set of minimum standards for
MHC tenants that receive federal financial through
Fannie Mae, Freddie Mac, or the Federal Housing
Administration.
H.R. 3555, the ``Voters on the Move
Registration Act'' introduced by Chairwoman Waters and
Representative Williams, would require public housing
agencies, owners of federally assisted housing, and
lenders of federally-backed mortgages to provide
tenants and borrowers with voter registration
information upon applying for a mortgage loan or
receiving federal rental assistance.
H.R. 4237, the ``Tenant Empowerment Act''
introduced by Chairwoman Waters, Representative Tlaib
and Pressley, would protect and empower residents of
certain federally assisted rental housing to hold HUD
and providers accountable for poor housing conditions
and improve the quality of their homes.
H.R. 4495, the ``Downpayment Toward Equity
Act of 2021'' introduced by Chairwoman Waters,
Representatives Green, Garcia (TX), Pressley, Axne, and
Garcia (IL), would address the U.S. racial wealth and
homeownership gaps by providing $100 billion toward
downpayment and other financial assistance, including
for interest rate buydowns, for first-generation
homebuyers to purchase their first home.
H.R. 4496, the ``Ending Homelessness Act of
2021'' introduced by Chairwoman Waters, would establish
a universal voucher program, ban housing discrimination
based on source of income and veteran status, and
provide supplemental emergency funding to address the
homelessness crisis in the United States.
H.R. 4497, the ``Housing Is Infrastructure
Act of 2021'' introduced by Chairwoman Waters, would
provide a historic investment of over $600 billion in
equitable, affordable, and accessible housing
infrastructure.
H.R. 5376, the ``Build Back Better Act''
introduced by Representative Yarmuth, would provide
more than $150 billion in fair and affordable housing
investments, representing the single largest investment
in affordable housing in our nation's history. These
funds will expand the supply of fair and affordable
housing; help end homelessness; lower housing costs;
build, upgrade, and retrofit affordable housing units;
and help close the racial wealth gap through the first-
ever national investments in homeownership for first-
time, first-generation homebuyers.
H.R. 7981, the ``Public and Federal Assisted
Housing and Fire Safety Act of 2022,'' introduced by
Representative Dean, would a discussion draft to
require the installation of sealed, tamper-resistant
smoke detectors in federally assisted housing, and to
authorize $2 million for a public awareness campaign on
health and safety features in housing.
H. Res. 332, the ``Recognizing the duty of
the Federal Government to Create a Green New Deal,''
introduced by Representative Ocasio-Cortez, this
resolution would call for the creation of the Green New
Deal, which includes providing affordable, safe, and
adequate housing to all.
H.R. ___, the ``Fair Chance at Housing Act''
offered by Representative Ocasio-Cortez, is a
discussion draft that would reform the eviction and
screening policies for federal housing assistance.
H.R. ___, the ``Federal Financing Bank Risk-
Sharing Act of 2021'' offered by Representative
Velazquez, is a discussion draft that would require the
continuation of the FHA affordable rental housing
financing partnership with the Federal Financing Bank,
and for other purposes.
H.R. ___, the ``Preventing Foreclosures on
Seniors Act,'' is a discussion draft that would revise
the FHA program for home equity conversion mortgages to
add safeguards to present the displacement of elderly
homeowners and their spouses.
H.R. ___, the ``Improving Federal Oversight
of PACE Financing Act'' offered by Representative
Sherman, is a discussion draft that would require
Property Assessed Clean Energy (PACE) financiers to
receive the consent of mortgage holders before
providing financing.
H.R. ___, offered by Representative Cleaver,
is a discussion draft that would reauthorize HUD's
Community Development Block Grant (CDBG) program,
streamline program use for housing production, and
expand flexibility to support public services. The
draft also advances capacity and technical assistance
resources to better support small and rural
communities.
H.R. ___, is a discussion draft that would
establish a federal task force to assess the housing
and community development needs in areas of persistent
poverty, including colonias, the Southern Black Belt,
and the U.S. territories. The draft also requires that
the task force report to Congress within 12 months with
a set of policy recommendations to address the needs
identified.
H.R. ___, is a discussion draft that would
authorize $700 million in housing and community
development investments through HUD's CDBG Program for
colonias, including those located outside of the 150-
mile U.S.-Mexico border area.
H.R. ___, is a discussion draft that would
authorize $500 million for affordable housing and
community infrastructure upgrades in manufactured
housing communities through HUD's CDBG Program.
H.R. ___, is a discussion draft that would
authorize $3 billion through HUD's CDBG Program to
establish a competitive grant program to create
affordable, accessible housing and economic
redevelopment in neighborhoods experiencing
underinvestment and cycles of blight and abandonment.
H.R. ___, the ``Federal Financing Bank Risk-
Sharing Act of 2021'' offered by Representative
Velazquez, is a discussion draft that would require the
continuation of the FHA affordable rental housing
financing partnership with the Federal Financing Bank,
and for other purposes.
Members of the Committee also sent the following letters
regarding HUD and USDA.
On April 26, 2021, Chairwoman Maxine Waters
sent a letter to the Committee on Appropriations
requesting fiscal year 2022 (FY22) funding for HUD's
McKinney Vento Homeless Assistance Grants, Housing
Choice Vouchers, and new permanent supportive housing
to address homelessness; the Community Development
Block Grant (CDBG) program; and direct rental
assistance programs, including public housing, the
Section 8 Housing Choice Voucher (HCV) and Project-
Based Rental Assistance (PBRA) programs, the Section
202 Supportive Housing for the Elderly program (Section
202), and the Section 811 Supportive Housing for People
with Disabilities program.
On April 26, 2021, Chairwoman Maxine Waters
sent a letter to the Committee on Appropriations
requesting FY22 funding for the USDA's Rural Housing
Service, which provides relief for thousands of rural
residents who may otherwise face significant rent
increases or displacement.
On January 13, 2022, Chairwoman Maxine
Waters sent a letter to HUD Secretary Marcia Fudge, as
well as to New York and Philadelphia housing
authorities, local officials, and property owners
following two fire-related tragedies that occurred in
January 2022.
On February 22, 2022, Chairwoman Maxine
Waters sent a letter to Marcia Fudge, Secretary of the
United States Department of Housing and Urban
Development (HUD) as well as the Appraisal
Subcommittee, the Appraisal Foundation, and the
Appraisal Institute regarding ongoing appraisal bias
and discrimination, calling on the federal regulators
and the Appraisal Institute to investigate appraiser
misconduct and potential illegal discrimination.
On June 28, 2022, Chairwoman Maxine Waters
sent a letter to President Biden's Property Appraisal
and Valuation Equity (PAVE) Task Force, co-chaired by
HUD Secretary Fudge and White House Domestic Policy
Council Director Susan Rice, asking that the Task Force
move quickly to implement its planned administrative
actions and provide the Committee with a clear timeline
for implementation of each action.
On June 29, 2022, Chairwoman Maxine Waters
sent a letter to regulators, including HUD Secretary
Marcia Fudge, urging them to investigate recent
allegations that Wells Fargo denied Black refinancing
applicants when interest rates were at their lowest and
hosted ``mock'' interviews with diverse candidates to
pad diversity numbers.
On November 10, 2022, Chairwoman Maxine
Waters sent a letter to HUD Secretary Marcia Fudge
expressing concerns about HUD's latest draft
solicitation for Housing Assistance Payments (HAP)
Contract Support Services and its negative impact on
mission-driven Performance Based Contract
Administrators (PBCAs), and urges Secretary Marcia
Fudge to ensure the final solicitation prioritizes the
needs of HUD-assisted residents who rely on the long-
term preservation and robust oversight of our county's
federally assisted affordable housing stock.
Homelessness. The Full Committee held five separate
hearings examining homelessness.
``Build Back Better: Investing in Equitable
and Affordable Housing Infrastructure,'' April 14,
2021: This hearing focused on the state of the nation's
housing infrastructure and the need for robust
investments augment, repair, and maintain housing as
part of U.S. infrastructure, including the effects of
the COVID-19 pandemic on housing needs.
``Universal Vouchers: Ending Homelessness
and Expanding Economic Opportunity in America,'' June
9, 2021: This hearing focused on the need for vouchers
to address the nation's affordable housing crisis.
``Building Back A Better, More Equitable
Housing Infrastructure for America: Oversight of the
Department of Housing and Urban Development,'' July 20,
2021: This hearing focused on HUD's plan to respond to
increases in housing instability and homelessness as a
result of the coronavirus pandemic.
``A Strong Foundation: How Housing is the
Key to Building Back a Better America,'' October 21,
2021: This hearing focused on the need for $150 billion
in investments for fair and affordable housing, which
was included in the Build Back Better Act.
``Boom and Bust: The Need for Bold
Investments in Fair and Affordable Housing to Combat
Inflation,'' December 1, 2022: This hearing focused on
high housing costs, inflation in the economy and in
housing, monetary policy, and efforts to reduce
inflation and address housing costs.
The Housing, Community Development, and Insurance
Subcommittee held one hearing examining the homelessness
crisis.
``Housing America: Addressing Challenges in
Serving People Experiencing Homelessness,'' February 2,
2022: This hearing focused on the state of the ongoing
homelessness crisis, the increased challenges presented
by the coronavirus pandemic at all levels of government
in addressing homelessness, and the need for flexible
funding to meet the unique needs of communities,
including in rural areas.
The Diversity and Inclusion held two separate hearings
examining the homelessness crisis.
``Access Denied: Eliminating Barriers and
Increasing Economic Opportunity for Justice-Involved
Individuals,'' September 28, 2021: This hearing focused
on barriers to housing and financial services for
justice-involved individuals, including the prison-to-
homelessness pipeline.
``There's No Pride in Prejudice: Eliminating
Barriers to Full Economic Inclusion for the LGBTQ+
Community,'' November 9, 2021: This hearing focused on
economic and financial inclusion barriers facing
individuals in the LGBTQ+ community, including wealth
inequality, challenges in locating safe and affordable
housing and employment in the financial sector.
The Committee considered the following legislation to
address homelessness:
H.R. 2965, the ``Naomi Schwartz Safe Parking
Program Act of 2021'' introduced by Representative
Carbajal, would provide grants to local governments to
establish safe parking programs for people experiencing
homelessness who are living in their vehicles.
H.R. 3891, the ``Trafficking Survivors
Housing Act of 2021,'' introduced by Representative
Beatty, would require the Interagency Council on
Homelessness to study and report on the availability of
housing and related services for human trafficking
victims and individuals vulnerable to becoming human
trafficking victims. Specifically, the study must
assess the availability and accessibility of housing
and services for such individuals who are experiencing
homelessness or housing instability and must identify
best practices in meeting the housing and service needs
of those individuals.
H.R. 4495, the ``Downpayment Toward Equity
Act of 2021'' introduced by Chairwoman Waters,
Representatives Green, Garcia (TX), Pressley, Axne, and
Garcia (IL), would address the U.S. racial wealth and
homeownership gaps by providing $100 billion toward
downpayment and other financial assistance, including
for interest rate buydowns, for first-generation
homebuyers to purchase their first home.
H.R. 4496, the ``Ending Homelessness Act''
introduced by Chairwoman Waters, would end homelessness
and significantly reduce poverty in America by
transforming the Housing Choice Voucher program into a
federal entitlement, so that every household who
qualifies for assistance would receive it. The bill
also amends the Fair Housing Act to prohibit housing
discrimination based on an individual's source of
income.
H.R. 4497, the ``Housing Is Infrastructure
Act of 2021'' introduced by Chairwoman Waters, would
provide a historic investment of over $600 billion in
equitable, affordable, and accessible housing
infrastructure.
H.R. 4731, the ``Veteran's Service
Organization Modernization Act of 2021,'' introduced by
Chairwoman Waters, would create a competitive grant
program for veteran service organizations for facility
rehabilitation and modernization.
H.R. 5376, the ``Build Back Better Act,''
introduced by Representative Yarmuth, would provide
more than $150 billion in fair and affordable housing
investments, representing the single largest investment
in affordable housing in our nation's history. These
funds will expand the supply of fair and affordable
housing; help end homelessness; lower housing costs;
build, upgrade, and retrofit affordable housing units;
and help close the racial wealth gap through the first-
ever national investments in homeownership for first-
time, first-generation homebuyers.
H.R. 6528, the ``Housing Temperature Safety
Act of 2022,'' introduced by Representative Torres,
would require the installation of temperature sensors
in federally assisted housing.
H.R. 6529, the ``Twin Parks North West Fire
Safety Act of 2022,'' introduced by Representative
Torres, would require the installation of self-closing
doors in federally assisted housing.
H.R. 7196, the ``Flexibility in Addressing
Rural Homelessness Act of 2022'' introduced by
Representative Axne, would provide additional
flexibilities to homeless service providers in rural
communities to better serve people experiencing
homelessness and to increase provider capacity.
H.R. 7123, the ``Studying Barriers to
Homelessness Act,'' introduced by Representative Garcia
(TX), would require the Government Accountability
Office to conduct a study to identify any barriers to
the use of public housing to provide assistance to
people experiencing homelessness.
H.R. 7716, the ``Coordinating Substance Use
and Homelessness Care Act of 2022,'' introduced by
Representative Dean, would authorize a competitive
grant program at HUD to better coordinate health care
and homeless services for people with substance abuse
disorders who are experiencing homelessness.
H.R. 8327, the ``Stables Families Act''
introduced by Representative Torres, would authorize a
new program to provide short-term financial assistance
to extremely low-income families at risk of eviction.
H.R. 8599, the ``GROW Affordable Housing
Act'' introduced by Representative Beatty, would
increase funding for the national Housing Trust Fund
and the Capital Magnet Fund and to target a portion of
such funds to building permanent supportive housing for
people with disabilities experiencing homelessness.
H.R. ___, the ``Public Housing Procurement
Improvement Act'' offered by Representative Torres, is
a discussion draft that would reform certain
procurement process for PHAs.
H.R. ___, the ``Homeless Assistance Act of
2021'' offered by Representative Sherman, would
authorize PHs to disclose certain information to
homeless service provider agencies to facilitate
providing housing and services for people experiencing
homelessness.
H.R. ___, is a discussion draft that would
have the Government Accountability Office examine
barriers public housing agencies face when serving
people experiencing homelessness.
H.R. ___, the ``Housing Is Health Care Act
of 2022,'' offered by Chairwoman Waters, is a
discussion draft that would establish a joint HUD-HHS
voucher program to pair housing assistance with
supportive health services.
H.R. ___, the ``Housing Emergencies Lifeline
Program (HELP) Act of 2019,'' offered by Representative
Pressley, is a discussion draft that would provide
protections for tenants who have been evicted from
their homes by making several key changes to Fair
Credit Reporting Act. The legislation would also create
a database of eviction information.
H.R. ___, the ``Helping People Experiencing
Substance Use Disorder and Homelessness Act of 2022,''
offered by Representative Dean, is a discussion draft
that would authorize a competitive grant program at HUD
to better coordinate health care and homeless services
for people with substance abuse disorders who are
experiencing homelessness.
H.R. ___, the ``Safe at Home Act of 2022,''
is a discussion draft that would unify and strengthen
health and safety inspection standards for HUD and USDA
assisted housing.
H.R. ___, the ``Housing Inspections
Accountability Act of 2022,'' is a discussion draft
that requires HUD and USDA to submit annual reports to
Congress regarding failed property inspections of
federally assisted housing and to make such reports
publicly available.
H.R. ___, is a discussion draft that would
require the installation of sealed, tamper-resistant
smoke detectors in federally assisted housing, and to
authorize $2 million for a public awareness campaign on
health and safety features in housing.
H.R. ___, the ``Fair Chance at Housing
Act,'' offered by Representative Ocasio-Cortez, would
reform the eviction and screening policies for
federally assisted housing to remove barriers to
housing, family reunification, and rehabilitation for
justice involved individuals.
H.R. ___, the ``Generating Resources and
Opportunities Within Affordable Housing Act,'' would
increase funding for the national Housing Trust Fund
and the Capital Magnet Fund and to target a portion of
such funds to building permanent supportive housing for
homeless individuals with disabilities.
Members of the Committee also sent the following letters
regarding the homelessness crisis.
On April 26, 2021, Chairwoman Maxine Waters
sent a letter to the Committee on Appropriations
requesting FY22 funding for HUD's McKinney Vento
Homeless Assistance Grants, Housing Choice Vouchers,
and new permanent supportive housing to address
homelessness.
On August 4, 2022, Chairwoman Maxine Waters
sent a letter to the Government Accountability Office
(GAO) requesting that the agency conduct a review of
the risks that seniors experiencing housing insecurity
face and the federal programs that exist to prevent
homelessness among this population. The request also
urges the agency to identify racial and ethnic
disparities in its review.
Rental Housing Crisis. The Full Committee held five
separate hearings examining the rental housing crisis.
``Build Back Better: Investing in Equitable
and Affordable Housing Infrastructure,'' April 14,
2021: This hearing focused on the state of the nation's
housing infrastructure and the need for robust
investments augment, repair, and maintain housing as
part of U.S. infrastructure, including the effects of
the COVID-19 pandemic on housing needs.
``Universal Vouchers: Ending Homelessness
and Expanding Economic Opportunity in America,'' June
9, 2021: This hearing focused on the need for vouchers
to address the nation's affordable housing crisis.
``Protecting Renters During the Pandemic:
Reviewing Reforms to Expedite Emergency Rental
Assistance,'' September 10, 2021: This hearing focused
on the Emergency Rental Assistance program limitations
grantees and landlords face when assisting renters at
risk of eviction.
``A Strong Foundation: How Housing is the
Key to Building Back a Better America,'' October 21,
2021: This hearing focused on the need for $150 billion
in investments for fair and affordable housing, which
was included in the Build Back Better Act.
``The Inflation Equation: Corporate
Profiteering, Supply Chain Bottlenecks, and COVID-19,''
March 8. 2022: This hearing focused on housing being
the largest supply-demand imbalances spurring
inflation.
The Housing, Community Development, and Insurance
Subcommittee held three separate hearings examining rental
housing crisis.
``Built to Last: Examining Housing
Resilience in the Face of Climate Change,'' May 4,
2021: This hearing focused on the nation's affordable
housing being vulnerable to the growing costs of
climate and weather disasters. which may accelerate the
need for maintenance and repair or render units of
housing infrastructure uninhabitable.
``Zoned Out: Examining the Impact of
Exclusionary Zoning on People, Resources,'' October 15,
2021: This hearing focused on the need to promote
inclusionary zoning policies to increase the supply of
housing, advance equitable housing outcomes, and
redress residential segregation.
``Persistent Poverty in America: Addressing
Chronic Disinvestment in Colonias, the Southern Black
Belt, and the U.S. Territories,'' November 15, 2021:
This hearing focused on the housing and community
development needs and challenges in these communities,
which are predominantly rural face.
The Oversight and Investigations Subcommittee held one
hearing examining the rental housing crisis.
``Where Have All the Houses Gone? Private
Equity, Single Family Rentals, and America's
Neighborhoods,'' June 28, 2022: This hearing focused on
the results of a Committee survey of the five largest
owners and operators of single family rental homes in
the United States and the effects that their growing
role in the housing market has had in limiting the
supply of affordable housing, perpetuating barriers to
homeownership, and exacerbating the increasing costs of
rentership in America.
The Committee considered the following legislation to
address the rental housing crisis:
H.R. 1728, the ``Investment and Strategy in
Rural Housing Preservation Act'' introduced by
Representative Axne, would permanently authorize the
U.S. Department of Agriculture's (USDA) Multifamily
Housing and Preservation ad Revitalization (MPR)
Program and further authorizes $1 billion to carry out
the program and require USDA to come up with a plan for
preservation of rural multifamily housing backed by
USDA loans.
H.R. 2126, the ``Housing Supply and
Affordability Act,'' introduced by Representative Blunt
Rochester, would allow HUD to award grants for the
development and implementation of housing plans,
including zoning reforms.
H.R. 2513, the ``Lead Abatement for Families
Act'' introduced by Representative Garcia (IL), would
authorize $250 million to remove lead service lines
from federally assisted housing.
H.R. 2768, the ``American Housing and
Economic Mobility Act,'' introduced by Representee
Cleaver, would provide $10 billion in competitive
grants to encourage local governments to eliminate
zoning restrictions.
H.R. 3198, the ``Yes In My Backyard Act,''
introduced by Representative Kilmer, would require
Community Development Block Grant (CDBG) recipients to
submit plans to track land use policies.
H.R. 4695, the ``Eleanor Smith Inclusive
Home Design Act of 2021,'' introduced by Representative
Schakowsky, would require certain newly constructed,
federally assisted housing, including single-family
homes and town houses, to contain at least one level
that complies with specified minimum standards of
accessibility for individuals with disabilities. An
aggrieved person may commence a civil action with
respect to a violation of this requirement.
H.R. 4497, the ``Housing Is Infrastructure
Act of 2021'' introduced by Chairwoman Waters, would
provide a historic investment of over $600 billion in
equitable, affordable, and accessible housing
infrastructure.
H.R. 5196, the ``Expediting Assistance to
Renters and Landlords Act of 2021'' introduced by
Chairwoman Maxine Waters, would make changes to ERA 1
and ERA 2 by allowing landlords to apply for assistance
on behalf of the tenant and allow grantees to accept
self-attestation from tenants. This bill would also
require Treasury and grantees to conduct additional
outreach and provide technical assistance and IT
solutions to grantees to expedite the application
process.
H.R. 5376, the ``Build Back Better Act''
introduced by Representative Yarmuth, would provide
more than $150 billion in fair and affordable housing
investments, representing the single largest investment
in affordable housing in our nation's history. These
funds will expand the supply of fair and affordable
housing; help end homelessness; lower housing costs;
build, upgrade, and retrofit affordable housing units;
and help close the racial wealth gap through the first-
ever national investments in homeownership for first-
time, first-generation homebuyers.
H.R. 7165, the ``Lead-Safe Housing for Kids
Act'' introduced by Representatives McEachin, Garcia
(IL), and Pressley, would provide comprehensive
measures to reduce the threat of childhood lead
exposure and poisoning in federally assisted housing,
including new funding for lead abatement.
H.R. 8599, the ``GROW Affordable Housing
Act'' introduced by Representative Beatty, would
increase funding for the national Housing Trust Fund
and the Capital Magnet Fund and to target a portion of
such funds to building permanent supportive housing for
people with disabilities experiencing homelessness.
H.R. ___, introduced by Representative
Cleaver, is a discussion draft that would reauthorize
HUD's Community Development Block Grant (CDBG) program,
streamline program use for housing production, and
expand flexibility to support public services. The
draft also advances capacity and technical assistance
resources to better support small and rural
communities.
H.R. ___, is a discussion draft that would
establish a federal task force to assess the housing
and community development needs in areas of persistent
poverty, including colonias, the Southern Black Belt,
and the U.S. territories. The draft also requires that
the task force report to Congress within 12 months with
a set of policy recommendations to address the needs
identified.
H.R. ___, is a discussion draft to authorize
$700 million in housing and community development
investments through HUD's CDBG Program for colonias,
including those located outside of the 150-mile U.S.-
Mexico border area.
H.R. ___, is a discussion draft to authorize
$500 million for affordable housing and community
infrastructure upgrades in manufactured housing
communities through HUD's CDBG Program.
H.R. ___, is a discussion draft to authorize
$3 billion through HUD's CDBG Program to establish a
competitive grant program to create affordable,
accessible housing and economic redevelopment in
neighborhoods experiencing underinvestment and cycles
of blight and abandonment.
H.R. ___, the ``Stable Families Act,'' is a
discussion draft to authorize a new program to provide
short-term financial assistance to extremely low-income
families at risk of eviction.
Members of the Committee also sent the following letters
regarding the rental housing crisis.
On April 26, 2021, Chairwoman Maxine Waters
sent a letter to the Committee on Appropriations
requesting funding for HUD's direct rental assistance
programs, including for public housing, the Section 8
Housing Choice Voucher (HCV) and Project-Based Rental
Assistance (PBRA) programs, the Section 202 Supportive
Housing for the Elderly program (Section 202), and the
Section 811 Supportive Housing for People with
Disabilities program.
On January 13, 2022, Chairwoman Maxine
Waters sent a letter to HUD Secretary Marcia Fudge, as
well as to New York and Philadelphia housing
authorities, local officials, and property owners
following two fire-related tragedies that occurred in
January 2022.
On February 16, 2022, Chairwoman Maxine
Waters and Congressman Jimmy Gomez (D-CA) co-led a
letter with 36 Members of California's Congressional
delegation sent a letter to Treasury Secretary Janet
Yellen urging the Department of the Treasury to
reallocate unused Emergency Rental Assistance Program
(ERA) funds to states with the highest need for such
aid.
On November 4, 2022, Chairwoman Maxine
Waters sent a letter to Chair Powell urging him to
consider the significant pain that these rate increases
may inflict on families across the country and the
impact these increases are having on the cost of
housing, which remains a key driver of core inflation.
Public Housing. The Full Committee held two separate
hearings examining public housing:
``Build Back Better: Investing in Equitable
and Affordable Housing Infrastructure,'' April 14,
2021: This hearing focused on the state of the nation's
housing infrastructure and the need for robust
investments augment, repair, and maintain housing as
part of U.S. infrastructure, including the effects of
the COVID-19 pandemic on housing needs.
``A Strong Foundation: How Housing is the
Key to Building Back a Better America,'' October 21,
2021: This hearing focused on the need for $150 billion
in investments for fair and affordable housing, which
was included in the Build Back Better Act.
The Housing, Community Development and Insurance
Subcommittee held four separate hearings examining public
housing:
``Preserving a Lifeline: Examining Public
Housing in a Pandemic,'' March 24, 2021: This hearing
focused on topic ensuring residents have an affordable
home and provide supportive services to help residents
are safe and connected to their communities.
``A Matter of Life and Death: Improving Fire
Safety in Federally Assisted Housing,'' April 20, 2022:
This hearing focused on the need for HUD to conduct
routine inspections in federally assisted housing to
ensure safety and their units are up to code. This
hearing also focuses on HUD's new physical inspection
model NSPIRE.
``Built to Last: Examining Housing
Resilience in the Face of Climate Change,'' May 4,
2021: This hearing focused on the nation's affordable
housing being vulnerable to the growing costs of
climate and weather disasters, which may accelerate the
need for maintenance and repair or render units of
housing infrastructure uninhabitable.
``Persistent Poverty in America: Addressing
Chronic Disinvestment in Colonias, the Southern Black
Belt, and the U.S. Territories,'' November 15, 2022:
This hearing focused on the housing and community
development needs and challenges in these communities,
which are predominantly rural face.
The Committee considered the following legislation to
address public housing:
H.R. 165, the ``Improving Access to Homes
for Heroes Act of 2021,'' introduced by Representative
Green, would require public housing agencies to
consider the housing needs of veterans when creating
their annual plans and housing strategies, the latter
in consultation with agencies that serve veterans.
Similarly, the Department of Housing and Urban
Development (HUD) must revise its regulations to
require jurisdictions that receive funding from HUD to
include information relating to veterans in their
consolidated plans.
H.R. 235, the ``Public Housing Emergency
Response Act,'' introduced by representative Velazquez,
would authorize $70 billion to the Public Housing
Capital Fund.
H.R. 659, the ``Repeal the Faircloth
Amendment Act of 2021,'' introduced by Representative
Ocasio Cortez, would repeal the Faircloth Amendment
that prohibits the expansion of public housing.
H.R. 1904, the ``Broadband Justice Act of
2021,'' introduced by Representative Bowman, would
require HUD and USDA to update agency definitions on
utility allowances to include broadband, and to
authorize a grant program to help wire federally
assisted housing.
H.R. 2215, the Our Homes, Our Votes Act,''
introduced by Representative Garcia (IL), would
facilitate voter registration for residents of certain
federally assisted housing for the purpose of federal
elections. Specifically, this bill requires each lease
and annual income recertification for such housing that
is administered by a public housing agency (PHA) to
include a voter registration application. A PHA must
send any completed application to state election
officials. This bill would also treat owners of
federally assisted housing as voter registration
officials.
H.R. 2513, the ``Lead Abatement for Families
Act,'' introduced by Representative Garcia of Illinois,
would authorize $250 million to remove lead service
lines from federally assisted housing.
H.R. 2638, the ``Public Housing Fire Safety
Act,'' introduced by Watson Coleman, would create a
grant program for public housing agencies to install
automatic sprinkler systems.
H.R. 3006, the ``Promoting Resident
Opportunities and Self-Sufficiency Act,'' introduced by
Representative Adams, would ensure public housing
residents remain eligible to participate in the
Resident Opportunities and Self-Sufficiency (ROSS) and
Jobs Plus programs after the public housing development
where they live have been converted to Section 8
housing under the Rental Assistance Demonstration
(RAD).
H.R. 3279, the ``HUD Inspection Oversight
Act of 2021,'' introduced by Representative Lawson,
would modify inspection and oversight protocols under
the Housing Choice Voucher Program, including by
directing HUD to take certain enforcement actions when
a property's inspection score falls below a specific
threshold.
H.R. 3555, the ``Voters on the Move
Registration Act,'' introduced by Representative
Williams, would require he Consumer Financial
Protection Bureau to develop, and specified agencies to
distribute, a statement providing individuals with
information on how to register to vote and their voting
rights. This information must be provided to
individuals upon their participation in certain rental
assistance programs or application for certain
residential mortgages.
H.R. 3891, the ``Trafficking Survivors
Housing Act of 2021,'' introduced by Representative
Beatty, would require the Interagency Council on
Homelessness to study and report on the availability of
housing and related services for human trafficking
victims and individuals vulnerable to becoming human
trafficking victims. Specifically, the study must
assess the availability and accessibility of housing
and services for such individuals who are experiencing
homelessness or housing instability and must identify
best practices in meeting the housing and service needs
of those individuals.
H.R. 4442, the ``Green New Deal for Public
Housing Act of 2021,'' introduced by Representative
Ocasio-Cortez, would authorize funding to repair and
modernize public housing.
H.R. 4497, the ``Housing Is Infrastructure
Act of 2021,'' introduced by Chairwoman Waters, would
provide a historic investment of over $600 billion in
equitable, affordable, and accessible housing
infrastructure.
H.R. 4948, the ``Choice Neighborhoods
Initiative Act of 2021,'' introduced by Representative
Cleaver, would permanently authorize the Choice
Neighborhoods Initiative Program.
H.R. 4901, the ``Public Housing Procurement
Improvement Act of 2021,'' introduced by Representative
Torres, would allow a public housing agency (PHA) to
use any of the following contract arrangements in a
federally funded low-income housing project for the
development of dwelling units owned or operated by the
PHA: (1) design-build, (2) construction management, (3)
best value, (4) prequalification, or (5) guaranteed
maximum price.
H.R. 5376, the ``Build Back Better Act,''
introduced by Representative Yarmuth, would provide
more than $150 billion in fair and affordable housing
investments, representing the single largest investment
in affordable housing in our nation's history. These
funds will expand the supply of fair and affordable
housing; help end homelessness; lower housing costs;
build, upgrade, and retrofit affordable housing units;
and help close the racial wealth gap through the first-
ever national investments in homeownership for first-
time, first-generation homebuyers.
H.R. 6556, the ``Landlord Accountability Act
of 2022,'' introduced by Representative Velazquez,
would provide protections to tenants in federally
assisted housing and establishes a low-income tax
credit for eligible landlords.
H.R. 6528, the ``Housing Temperature Safety
Act of 2022,'' introduced by Representative Torres,
would require the installation of temperature sensors
in federally assisted housing.
H.R. 6529, the ``Twin Parks North West Fire
Safety Act of 2022,'' introduced by Representative
Torres, would require the installation of self-closing
doors in federally assisted housing.
H.R. 6696, the ``HELP Act of 2022,''
introduced by Representative Pressley, would create a
database of eviction information, establish grant
programs for eviction prevention and legal aid, and
limit use of housing court-related records in consumer
reports, and for other purposes.
H.R. 6880, the ``Choice in Affordable
Housing Act of 2022,'' introduced by Representative
Cleaver, would improve the ability of Housing Choice
Voucher (HCV) holders to access safe and decent
affordable housing through grants to encourage landlord
participation in the HCV program, as well as reforms to
the HCV program.
H.R. 7165, the ``Lead-Safe Housing for Kids
Act,'' introduced by Representatives McEachin, Garcia
(IL), and Pressley, would provide comprehensive
measures to reduce the threat of childhood lead
exposure and poisoning in federally assisted housing,
including new funding for lead abatement.
H.R. 8778, the ``Home Internet Accessibility
Act,'' introduced by Representative Williams, would
require the Comptroller General submit a report to
Congress on the accessibility and capacity federally
assisted housing are able to support broadband service.
H.R. ___, the ``Consumer Protection for
Tenants Act,'' introduced by Representative Williams,
is a discussion draft to authorize the Consumer
Financial Protection Bureau to collect and address
consumer complaints from renters, such as unlawful
evictions or maintenance delays.
H.R. ___, the ``Public Housing Tenant
Protection Act of 2021,'' offered by Chairwoman Waters,
is a discussion draft that would (1) require one-for-
one replacement for any public housing units that are
demolished or disposed of; (2) provide additional
protections for residents through the revitalization
process, including stronger notification requirements,
increased resident involvement in the planning and
implementation stages, and more robust tenant
protections regarding relocation; (3) allow the
Secretary of HUD to establish the Capital Fund Loan
Guarantee, which would allow housing authorities to
attract private investment to rehabilitate public
housing properties; and (4) support public housing
residents through job training to provide for increased
earnings and positive life outcomes.
H.R. ___, the ``Supporting Seniors and
Tenants in Subsidized Housing Act,'' offered by
Representative Cleaver, is a discussion draft that
would provide additional protections for public housing
residents during the coronavirus pandemic and would
provide supplemental funding for supportive housing for
the elderly.
H.R. ___, the ``Public Housing and Section 8
Operational Response Act for COVID-19,'' offered by
Representative Velazquez, is a discussion draft that
would provide $5 billion for the Public Housing
Operating fund and $3.5 billion for tenant-based rental
assistance to respond to the coronavirus pandemic.
H.R. ___, the ``Affordable Housing
Preservation Act,'' offered by Representative Torres,
is a discussion draft that would reform the Rental
Assistance Demonstration to provide additional
protections for residents and to better ensure long-
term affordability.
H.R. ___, the ``Safe at Home Act of 2022,''
is a discussion draft that would unify and strengthen
health and safety standards for HUD and USDA assisted
housing.
H.R. ___, offered by Representative Dean, is
a discussion draft that would require the installation
of sealed, tamper-resistant smoke detectors in
federally assisted housing, and to authorize $2 million
for a public awareness campaign on health and safety
features in housing.
H.R. ___, the ``Housing Inspections
Accountability Act of 2022,'' offered by Representative
Ocasio-Cortez, is a discussion draft that would require
HUD and USDA to submit annual reports to Congress
regarding filed property inspections of federally
assisted housing and to make such reports publicly
available.
H.R. ___, the ``Consumer Protection for
Tenants Act,'' offered by Representative Williams, is a
discussion draft to authorize the Consumer Financial
Protection Bureau to collect and address consumer
complaints from renters, such as unlawful evictions or
maintenance delays.
H.R. ___, offered by Representative Cleaver,
is a discussion draft that would reauthorize HUD's
Community Development Block Grant (CDBG) program,
streamline program use for housing production, and
expand flexibility to support public services. The
draft also advances capacity and technical assistance
resources to better support small and rural
communities.
H.R. ___, is a discussion draft to establish
a federal task force to assess the housing and
community development needs in areas of persistent
poverty, including colonias, the Southern Black Belt,
and the U.S. territories. The draft also requires that
the task force report to Congress within 12 months with
a set of policy recommendations to address the needs
identified.
H.R. ___, is a discussion draft to authorize
$700 million in housing and community development
investments through HUD's CDBG Program for colonias,
including those located outside of the 150-mile U.S.-
Mexico border area.
H.R. ___, is a discussion draft to authorize
$500 million for affordable housing and community
infrastructure upgrades in manufactured housing
communities through HUD's CDBG Program.
H.R. ___, is a discussion draft to authorize
$3 billion through HUD's CDBG Program to establish a
competitive grant program to create affordable,
accessible housing and economic redevelopment in
neighborhoods experiencing underinvestment and cycles
of blight and abandonment.
H.R. ___, the ``Consumer Protection for
Tenants Act,'' introduced by Representative Williams,
is a discussion draft to authorize the Consumer
Financial Protection Bureau to collect and address
consumer complaints from renters, such as unlawful
evictions or maintenance delays.
Members of the Committee also sent the following letters
regarding public housing.
On April 26, 2021, Chairwoman Maxine Waters
sent a letter to the Committee on Appropriations
requesting funding for HUD's direct rental assistance
programs, including for public housing.
On January 13, 2022, Chairwoman Maxine
Waters sent a letter to HUD Secretary Marcia Fudge, as
well as to New York and Philadelphia housing
authorities, local officials, and property owners
following two fire-related tragedies that occurred in
January 2022.
Rural Housing. The Full Committee held two separate
hearings examining rural housing and community development
needs.
``Build Back Better: Investing in Equitable
and Affordable Housing Infrastructure,'' April 14,
2021: This hearing focused on the state of the nation's
housing infrastructure and the need for robust
investments augment, repair, and maintain housing as
part of U.S. infrastructure, including the effects of
the COVID-19 pandemic on housing needs.
``A Strong Foundation: How Housing is the
Key to Building Back a Better America,'' October 21,
2021: This hearing focused on the need for $150 billion
in investments for fair and affordable housing, which
was included in the Build Back Better Act.
The Housing, Community Development and Insurance
Subcommittee held three separate hearings examining rural
housing and community development needs.
``NAHASDA Reauthorization: Addressing
Historic Disinvestment and the Ongoing Plight of the
Freedmen in Native American Communities,'' July 27,
2021: This hearing focused on the severe housing needs
of Native Americans and Native Hawaiians. This hearing
also is focused on the recognition of the descendants
of the Black Native American Freedmen equal to native
citizens.
``Housing America: Addressing Challenges in
Serving People Experiencing Homelessness,'' February 2,
2022: This hearing focused on the state of the ongoing
homelessness crisis, the increased challenges presented
by the coronavirus pandemic at all levels of government
in addressing homelessness, and the need for flexible
funding to meet the unique needs of communities,
including in rural areas.
``Persistent Poverty in America: Addressing
Chronic Disinvestment in Colonias, the Southern Black
Belt, and the U.S. Territories,'' November 15, 2022:
This hearing focused on the need for investments in
rural areas.
The Committee considered the following legislation to
address rural housing and community development needs:
H.R. 816, the ``Restoring Communities Left
Behind Act,'' introduced by Representative Kaptur,
would establish a new competitive grant program to
provide funds to carry out neighborhood revitalization
activities.
H.R. 1706, the ``Emergency Homelessness
Assistance Act of 2021,'' introduced by Representative
Sherman, would authorize PHAs to disclose certain
information to homeless service provider agencies to
facilitate providing housing and services for people
experiencing homelessness.
H.R. 1719, the Emergency Tribal Housing
Assistance Act of 2021,'' introduced by Representative
Vargas, would provide additional FY2021 funding for
tribal communities to prevent, prepare for, and respond
to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides funding for federal
housing assistance through the Native American Housing
Block Grant, Native Hawaiian Housing Block Grant, and
Indian Community Development Block Grant programs.
H.R. 1728, the ``Investment and Strategy in
Rural Housing Preservation Act,'' introduced by
Representative Axne, would permanently authorize the
U.S. Department of Agriculture's (USDA) Multifamily
Housing and Preservation ad Revitalization (MPR)
Program and further authorizes $1 billion to carry out
the program and require USDA to come up with a plan for
preservation of rural multifamily housing backed by
USDA loans.
H.R. 1882, the ``VAWA Protections for Rural
Women Act of 2021,'' introduced by Representative
Gonzalez, would add the Rural Development Voucher
Program to the list of covered housing programs under
the Violence Against Women Act of 1994 (VAWA).
Specifically, it extends VAWA's housing protections
(e.g., protection from eviction or denial of housing)
to residents and applicants under the Rural Development
Voucher Program who are victims of domestic violence,
dating violence, sexual assault, or stalking.
H.R. 2126, the ``Housing Supply and
Affordability Act,'' introduced by Representative Blunt
Rochester, would allow the Department of Housing and
Urban Development to award grants to states, local
governments, Indian tribes, and Native Hawaiian
organizations for the development and implementation of
housing policy plans. These plans must increase the
housing supply while avoiding resident displacement,
increasing housing affordability, and reduce barriers
to housing development.
H.R. 2513, the ``Lead Abatement for Families
Act,'' introduced by Representative Garcia of Illinois,
would authorize $250 million to remove lead service
lines from federally assisted housing.
H.R. 4377, the ``Volunteer First Responders
Housing Act,'' introduced by Representative Axne, would
expand eligibility to qualified volunteer first
responders for assistance under (1) the Department of
Agriculture Single Family Housing Guaranteed Loan
Program, and (2) certain Department of Housing and
Urban Development single-family property disposition
programs.
H.R. 4497, the ``Housing Is Infrastructure
Act of 2021,'' introduced by Chairwoman Waters, would
provide a historic investment of over $600 billion in
equitable, affordable, and accessible housing
infrastructure.
H.R. 5195, the ``Native American Housing
Assistance and Self-Determination Act,'' introduced by
Chairwoman Waters, would reauthorize and reform Native
American housing programs and ensure equal access to
housing and community development resources for the
descendants of Black Native American Freedmen.
H.R. 5376, the ``Build Back Better Act,''
introduced by Representative Yarmuth, would provide
more than $150 billion in fair and affordable housing
investments, representing the single largest investment
in affordable housing in our nation's history. These
funds will expand the supply of fair and affordable
housing; help end homelessness; lower housing costs;
build, upgrade, and retrofit affordable housing units;
and help close the racial wealth gap through the first-
ever national investments in homeownership for first-
time, first-generation homebuyers.
H.R. 6556, the ``Landlord Accountability Act
of 2022,'' introduced by Representative Velazquez,
would provide protections to tenants in federally
assisted housing and establishes a low-income tax
credit for eligible landlords.
H.R. 7123, the ``Studying Barriers to
Homelessness Act,'' introduced by Representative Garcia
(TX), would require the Government Accountability
Office to conduct a study to identify any barriers to
the use of public housing to provide assistance for the
homeless.
H.R. 7165, the ``Lead-Safe Housing for Kids
Act,'' introduced by Representatives McEachin, Garcia
(IL), and Pressley, would provide comprehensive
measures to reduce the threat of childhood lead
exposure and poisoning in federally assisted housing,
including new funding for lead abatement.
H.R. 7196, the ``Flexibility in Addressing
Rural Homelessness Act of 2022,'' introduced by
Representative Axne, would provide additional
flexibilities to homeless service providers in rural
communities to better serve people experiencing
homelessness and to increase provider capacity.
H.R. 7911, the ``Safe at Home Act of 2022,''
introduced by Representative Axne, would unify, and
strengthen health and safety inspection standards for
HUD and USDA assisted housing.
H.R. 8476, the ``Housing Inspections
Accountability Act of 2022,'' introduced by
Representative Ocasio-Cortez, would require HUD and
USDA to submit annual reports to Congress regarding
failed property inspections of federally assisted
housing and to make such reports publicly available.
H.R. 8599, the ``GROW Affordable Housing
Act,'' introduced by Representative Beatty, would
increase funding for the national Housing Trust Fund
and the Capital Magnet Fund and to target a portion of
such funds to building permanent supportive housing for
people with disabilities experiencing homelessness.
H.R. ___, offered by Representative Cleaver,
is a discussion draft that would reauthorize HUD's
Community Development Block Grant (CDBG) program,
streamline program use for housing production, and
expand flexibility to support public services. The
draft also advances capacity and technical assistance
resources to better support small and rural
communities.
H.R. ___, is a discussion draft to establish
a federal task force to assess the housing and
community development needs in areas of persistent
poverty, including colonias, the Southern Black Belt,
and the U.S. territories. The draft also requires that
the task force report to Congress within 12 months with
a set of policy recommendations to address the needs
identified.
H.R. ___, is a discussion draft to authorize
$700 million in housing and community development
investments through HUD's CDBG Program for colonias,
including those located outside of the 150-mile U.S.-
Mexico border area.
H.R. ___, is a discussion draft to authorize
$500 million for affordable housing and community
infrastructure upgrades in manufactured housing
communities through HUD's CDBG Program.
H.R. ___, is a discussion draft to authorize
$3 billion through HUD's CDBG Program to establish a
competitive grant program to create affordable,
accessible housing and economic redevelopment in
neighborhoods experiencing underinvestment and cycles
of blight and abandonment.
Members of the Committee also sent the following letter
regarding rural housing and community development needs.