"The Committee will review issues such as the status of IMF changes and compliance by IMF borrowers with new conditions of financial system transparency and other reforms."
The Banking Committee's Agenda for 2000
WASHINGTON, Feb. 9— Financial Over-the-Counter Derivatives:
The Committee will review and consider legislative recommendations made by the President's Working Group on Financial Markets on the Over-the-Counter Derivatives Markets, including those recommendations concerning the netting of derivatives contracts as contained in H.R. 1161 and the House passed bankruptcy bill. While some of the working group's recommendations may amend the Commodities Exchange Act, which is under the primary jurisdiction of the Agriculture Committee, other elements of the recommendations affect matters under the jurisdiction of the Banking Committee. The Committee, since the publication in the 103rd Congress of the then minority's 902-page report on Safety and Soundness Issues related to Bank Derivatives Activities, has had an interest in these transactions in which the vast majority of participants are commercial banks.
Money Laundering:
Money laundering has become a trauma in international finance and carries enormous implications not only for the illegal drug trade, but for financial activities in countries, like Russia, where questions have arisen about the integrity of governmental and financial institutions. The Committee is particularly interested in elevating the importance attached to governmental corruption and the use of so-called offshore secrecy havens.
Review of Recent Bank Failures and FDIC Special Examination Authority:
The Committee will review the underlying factors of recent bank failures, and examine regulatory initiatives to address the risks that have contributed to several of these failures. In particular, bank lending to subprime borrowers, the securitization and transfer of assets, and the valuation of retained interests will be reviewed. The Committee will also assess the independence of the FDIC relating to the exercise of the FDIC's special examination authority, and whether adequate coordination exists between various federal and state agencies responsible for bank regulation.
Oversight of Holocaust Assets Restitution Issues:
Over the past four years, the Committee has held a series of hearings about restitution of property stolen or extorted from Holocaust victims during the Nazi era. The Committee has heard from more than 100 witnesses from the U.S. and a dozen foreign countries on subjects ranging from dormant accounts in Swiss banks to insurance company accountability to the theft of art from Holocaust victims to questions of moral responsibility for the Holocaust itself. In addition, the Committee initiated legislation creating a U.S. commission to study the disposition of Holocaust victims' assets in the U.S. During this session, the Committee will hold further hearings on these issues to review proposed settlements with Swiss Banks and the German government and industry for forced and slave laborers. The Committee will also examine indemnification of survivors or their heirs for wartime insurance policies and stolen or extorted art works.
Financial Services Modernization Act:
The Committee and Subcommittees will formally and informally review the implementation of aspects of the financial services modernization act approved last year.
World Bank AIDS Prevention Trust Fund Act (H.R. 3519):
In Africa, a human tragedy is unfolding on a scale terrifyingly reminiscent of the plagues that swept through Europe during the Middle Ages. Although Sub-Saharan Africa has only 10% of the world's population, it has 70% of all those who have contracted HIV/AIDS. To address the urgency of this public health and economic development crisis, H.R. 3519 directs the U.S. government to seek the establishment of a special AIDS trust fund at the World Bank to support AIDS education, prevention, treatment, and vaccine development in the world's poorest countries, particularly in Sub-Saharan Africa and parts of Asia where the epicenter of this disease is fast moving. It authorizes U.S. contributions of $100 million a year for five years in hopes of leveraging this support to obtain funds from other governments as well as private sector companies toward a goal of $1 billion a year. Hearings on the bill are tentatively scheduled for early March.
Debt Relief for the World's Poorest Countries:
Last year, the Committee reported out H.R. 1095 authorizing bilateral and international organization debt relief for up to 45 of the poorest countries of the world. This plan was 70 percent funded in the Omnibus Appropriations Bill. This year, working with faith-based organizations, the Administration and the Senate, the Committee will assess approaches to comprehensive funding for this initiative.
Creating Homeownership and Economic Renewal Opportunities (H.R. 1776): Housing Subcommittee and Committee markup is expected for H.R. 1776, the "American Homeownership and Economic Opportunity Act," in early 2000. Homeownership is a building block for family security and stability as well as for healthy, prosperous communities. All families deserve the opportunity to achieve the American dream of owning a home. To advance this goal, H.R. 1776 is designed to help communities reclaim distressed neighborhoods and rebuild America's inner cities by reducing barriers to affordable housing, expanding creative homeownership tools for states and local non-profits, giving localities more flexibility to create homeownership opportunities for municipal employees, providing deep discounts on the sale of HUD-held homes to teachers, and improving accountability and strengthening consumer safeguards regarding manufactured housing.
Ending the Cycle of Homelessness (H.R. 1073):
The Committee expects to take to the Floor in early 2000, H.R. 1073, the "Homeless Housing Programs Consolidation and Flexibility Act." H.R. 1073, which is based on legislation that passed the House by a vote of 386 to 23 in the 105th Congress, passed the Committee in April 1999 by voice vote. Although the federal government has more than doubled spending on homelessness programs in the 1990s, hundreds of thousands of men, women and children remain homeless. Families with children comprise more than a third of the homeless population, at least 25% of homeless men are veterans, and nearly 75% of the homeless population struggles with additional burdens of mental illness, substance abuse or chronic illness. H.R. 1073 would address these issues by consolidating seven disparate federal homeless programs and requiring coordination among affected federal agencies, thereby eliminating wasteful duplication and directing resources where most needed. The bill focuses on prevention and permanent housing solutions.
Protecting Homeowners from Natural Disasters (H.R. 21):
H.R. 21, the "Homeowners' Insurance Availability Act," passed the Committee in November 1999 by a vote of 34 to 18. The Committee expects to take the bill to the Floor during this session. The Federal government has spent more than $80 billion since 1983 on natural disaster assistance. In certain earthquake-and-hurricane-prone areas, families are unable to obtain affordable homeowners' insurance. Forecasters are warning that both the East and Gulf Coasts are entering a prolonged siege of more frequent and more destructive hurricanes that may last for decades. To address these issues, H.R. 21 provides a targeted, voluntary Federal reinsurance backstop to state and private sector efforts to encourage homeowners' insurance availability in the private sector. While creating an explicit federal liability, the bill is designed to develop private sector insurance contributions which reduce the implicit federal liability for disasters which exist in current programmatic approaches.
Building on Protections for Seniors and Individuals with Disabilities Living in Affordable Housing (H.R. 202):
H.R. 202, "Preserving Affordable Housing for Seniors and Vulnerable Families into the 21st Century" passed the House in September 1999 by a vote of 405 to 5. While some provisions of the legislation were enacted into law through the Appropriations process, much remains to conference with the Senate. H.R. 202 provides common sense reforms and flexibility to HUD's senior and disabled housing programs administered by non-profits. The bill allows for modernization of project financing, streamlined refinancing, the creation of mixed-income senior and disabled housing environments, the conversion of senior housing projects to assisted living facilities for "aging in place, " and greater flexibility for provision of supportive services to vulnerable families.
Depository Institution Regulatory Streamlining Act (H.R. 1585):
Led by the Subcommittee on Financial Institutions, the Committee will consider legislation to provide for regulatory relief for financial services institutions, including provisions to allow banks to pay interest on business checking accounts and receive interest on sterile reserves held at the Federal Reserve.
Merger of Bank and Savings Association Insurance Funds:
The Subcommittee on Financial Institutions will hold a hearing on the proposal to merge the Bank Insurance Fund and the Savings Association Insurance Fund and related issues.
Rural Television Loan Guarantees:
The Banking Committee will consider legislation providing for federal loan guarantees to multi-channel video providers serving households in unserved and underserved rural communities.
Fair Credit Reporting Act and Employment Investigations:
The Committee will review how the Fair Credit Reporting Act (FCRA) affects employer investigations of on-the-job employee misconduct.
Hedge Fund Disclosure Bill (H.R. 2924):
The Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises will take up legislation to require large hedge funds to report appropriate financial information to regulators and the public.
GSE Oversight:
The Subcommittee on Capital Markets, Securities and Government-Sponsored Enterprises will hold hearings on the effectiveness with which the Federal Housing Finance Board and the Office of Federal Housing Enterprise Oversight regulate the Federal Home Loan Bank System, Fannie Mae and Freddie Mac, and on possible legislation creating a single oversight agency for the three housing GSEs.
Oversight of International Financial System Reforms:
The 1998 International Monetary Fund quota increase legislation included language which originated in the Banking Committee requiring the Treasury Department to submit a report on International Financial Institutions reforms. The Committee will review issues such as the status of IMF changes and compliance by IMF borrowers with new conditions of financial system transparency and other reforms.
Community Development Financial Institution Program:
The Committee expects to take to the floor H.R. 629, legislation the Committee approved last year to reform and reauthorize the CDFI program for four years at $95 million for fiscal year 2000 with $5 million increments thereafter. The bill requires installation of an objective scoring system and multi-person panels to review and evaluate all funding applications.
Banking and Housing Agency Accountability Preservation Act (H.R. 3046):
The Committee will work with the Senate on this bill which the House approved last fall. Among the reports slated for continuation are the semi-annual Humphrey-Hawkins testimony of the Federal Reserve Board on the state of the nation's economy and the Fed's annual survey of bank fees and services. The bill also provides for continuation of several reports by Department of Housing and Urban Development, the Treasury, the Ex-Im Bank and the Federal Housing Finance Board in order to enhance Congressional oversight of activities of these agencies.
gop.gov |
