Union Calendar No. 479 104Th Congress, 2D Session – – – – – – – – – – – – House Report 104–877

Union Calendar No. 479 104th Congress, 2d Session – – – – – – – – – – – – House Report 104–877

SUMMARY OF ACTIVITIES

A REPORT

OF THE

COMMITTEE ON BANKING AND FINANCIAL SERVICES

HOUSE OF REPRESENTATIVES

ONE HUNDRED FOURTH CONGRESS

SECOND SESSION

PURSUANT TO HOUSE RULES

JANUARY 2, 1997.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

U.S. GOVERNMENT PRINTING OFFICE 39–006 WASHINGTON : 1997 COMMITTEE ON BANKING AND FINANCIAL SERVICES One Hundred Fourth Congress

JAMES A. LEACH, Iowa, Chairman BILL MCCOLLUM, Florida HENRY B. GONZALEZ, Texas MARGE ROUKEMA, New Jersey JOHN J. LAFALCE, New York DOUG BEREUTER, Nebraska BRUCE F. VENTO, Minnesota TOBY ROTH, Wisconsin CHARLES E. SCHUMER, New York RICHARD H. BAKER, Louisiana BARNEY FRANK, Massachusetts RICK LAZIO, New York PAUL E. KANJORSKI, Pennsylvania SPENCER BACHUS, Alabama JOSEPH P. KENNEDY II, Massachusetts MICHAEL N. CASTLE, Delaware FLOYD H. FLAKE, New York PETER T. KING, New York KWEISI MFUME, Maryland 3 TOM CAMPBELL, California 1 MAXINE WATERS, California EDWARD R. ROYCE, California BILL ORTON, Utah FRANK D. LUCAS, Oklahoma CAROLYN B. MALONEY, New York JERRY WELLER, Illinois LUIS V. GUTIERREZ, Illinois J.D. HAYWORTH, Arizona LUCILLE ROYBAL-ALLARD, California JACK METCALF, Washington THOMAS M. BARRETT, Wisconsin SONNY BONO, California NYDIA M. VELA´ ZQUEZ, New York ROBERT W. NEY, Ohio ALBERT RUSSELL WYNN, Maryland ROBERT L. EHRLICH, JR., Maryland CLEO FIELDS, Louisiana BOB BARR, Georgia MELVIN L. WATT, North Carolina DICK CHRYSLER, Michigan MAURICE D. HINCHEY, New York FRANK A. CREMEANS, Ohio GARY L. ACKERMAN, New York JON D. FOX, Pennsylvania KEN BENTSEN, Texas FREDERICK K. (FRED) HEINEMAN, North JESSIE L. JACKSON, JR., Illinois 2 Carolina CYNTHIA A. MCKINNEY, Georgia 4 STEVE STOCKMAN, Texas BERNARD SANDERS, Vermont FRANK A. LOBIONDO, New Jersey J.C. WATTS, JR., Oklahoma SUE W. KELLY, New York

1 December 27, 1995, pursuant to H. Res. 324, Tom Campbell (R–CA) was elected to the Committee on Banking and Financial Services. 2 January 5, 1996, pursuant to H. Res. 337, Jesse L. Jackson, Jr. (D–IL) was elected to the Committee on Banking and Financial Services. 3 February 18, 1996, Kweisi Mfume resigned as Representative to the U.S. Congress from Maryland’s 7th Congressional District. 4 February 28, 1996, pursuant to H. Res. 367, Cynthia A. McKinney (D–GA) was elected to the Committee on Banking and Financial Services.

(II) SUBCOMMITTEES OF THE COMMITTEE ON BANKING AND FINANCIAL SERVICES Housing and Community Opportunity RICK LAZIO, New York, Chairman DOUG BEREUTER, Nebraska JOSEPH P. KENNEDY II, Massachusetts RICHARD H. BAKER, Louisiana HENRY B. GONZALEZ, Texas MICHAEL N. CASTLE, Delaware BRUCE F. VENTO, Minnesota JERRY WELLER, Illinois BERNARD SANDERS, Vermont J.D. HAYWORTH, Arizona LUIS V. GUTIERREZ, Illinois SONNY BONO, California NYDIA M. VELA´ ZQUEZ, New York ROBERT W. NEY, Ohio BARNEY FRANK, Massachusetts ROBERT L. EHRLICH, JR., Maryland MAURICE D. HINCHEY, New York FRANK A. CREMEANS, Ohio JESSE L. JACKSON, JR., Illinois JON D. FOX, Pennsylvania CYNTHIA A. MCKINNEY, Georgia FREDERICK K. (FRED) HEINEMAN, North Carolina

Financial Institutions and Consumer Credit MARGE ROUKEMA, New Jersey, Chairwoman BILL MCCOLLUM, Florida BRUCE F. VENTO, Minnesota DOUG BEREUTER, Nebraska JOHN J. LAFALCE, New York TOBY ROTH, Wisconsin CHARLES E. SCHUMER, New York PETER T. KING, New York BILL ORTON, Utah EDWARD R. ROYCE, California CAROLYN B. MALONEY, New York FRANK D. LUCAS, Oklahoma THOMAS M. BARRETT, Wisconsin JERRY WELLER, Illinois ALBERT RUSSELL WYNN, Maryland JACK METCALF, Washington MELVIN L. WATT, North Carolina SONNY BONO, California LUCILLE ROYBAL-ALLARD, California ROBERT W. NEY, Ohio CLEO FIELDS, Louisiana ROBERT L. EHRLICH, JR., Maryland GARY L. ACKERMAN, New York TOM CAMPBELL, California

(III) Domestic and International Monetary Policy MICHAEL N. CASTLE, Delaware, Chairman EDWARD R. ROYCE, California FLOYD H. FLAKE, New York FRANK D. LUCAS, Oklahoma BARNEY FRANK, Massachusetts JACK METCALF, Washington JOSEPH P. KENNEDY II, Massachusetts BOB BARR, Georgia BERNARD SANDERS, Vermont DICK CHRYSLER, Michigan LUCILLE ROYBAL-ALLARD, California FRANK A. LOBIONDO, New Jersey THOMAS M. BARRETT, Wisconsin J.C. WATTS, JR., Oklahoma CLEO FIELDS, Louisiana SUE W. KELLY, New York MELVIN L. WATT, North Carolina ROBERT W. NEY, Ohio PAUL E. KANJORSKI, Pennsylvania JON D. FOX, Pennsylvania NYDIA M. VELA´ ZQUEZ, New York TOM CAMPBELL, California

Capital Markets, Securities, and Government Sponsored Enterprises RICHARD H. BAKER, Louisiana, Chairman J.D. HAYWORTH, Arizona PAUL E. KANJORSKI, Pennsylvania FRANK A. CREMEANS, Ohio KEN BENTSEN, Texas JON D. FOX, Pennsylvania JOHN L. LAFALCE, New York STEVE STOCKMAN, Texas CHARLES E. SCHUMER, New York FRANK A. LOBIONDO, New Jersey FLOYD H. FLAKE, New York J.C. WATTS, JR., Oklahoma MAXINE WATERS, California SUE W. KELLY, New York BILL ORTON, Utah MARGE ROUKEMA, New Jersey CAROLYN B. MALONEY, New York RICK LAZIO, New York LUIS V. GUTIERREZ, Illinois SPENCER BACHUS, Alabama

General Oversight and Investigations SPENCER BACHUS, Alabama, Chairman BOB BARR, Georgia MAXINE WATERS, California DICK CHRYSLER, Michigan ALBERT RUSSELL WYNN, Maryland FREDERICK K. (FRED) HEINEMAN, North MAURICE D. HINCHEY, New York Carolina GARY L. ACKERMAN, New York PETER T. KING, New York STEVE STOCKMAN, Texas

(IV) LETTER OF SUBMITTAL

HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND FINANCIAL SERVICES, Washington, DC, January 2, 1997. Hon. ROBIN H. CARLE, Clerk, House of Representatives, Washington, DC. DEAR MS. CARLE: The enclosed report for the 104th Congress en- titled ‘‘Summary of Activities of the Committee on Banking and Fi- nancial Services,’’ is being sent to you in accordance with clause 1(d) of rule XI, of the Rules of the House of Representatives, 104th Congress. The report contains a record of activities through which the Committee discharged its responsibilities for legislative and oversight activity on matters within its jurisdiction. In addition, the report contains the Committee’s oversight plan adopted by the Committee pursuant to clause 2(d) of rule X and a summary of the actions the Committee took in accomplishing the oversight plan. Sincerely, JAMES A. LEACH, Chairman.

(V)

C O N T E N T S

Page Letter of submittal ...... v Committee Rules ...... 3 Summary of legislation reported ...... 18 Public Law 104–12 Truth in Lending Class Action Relief Act of 1995 ...... 18 Public Law 104–29 Truth in Lending Act Amendments of 1995 ...... 18 Public Law 104–64 Defense Production Act Amendments of 1995 ...... 19 Public Law 104–74 To amend the Doug Barnard, Jr.—1996 Atlanta Cen- tennial Olympic Games Commemorative Coin Act ...... 19 Public Law 104–96 Smithsonian Institution Sesquicentennial Commemo- rative Coin Act of 1995 ...... 19 Public Law 104–97 Reauthorization of the Tied Aid Credit Program ...... 20 Public Law 104–102 Saddleback Mountain-Arizona Settlement Act of 1995 ...... 20 Public Law 104–111 Congressional Gold Medal for Ruth and Billy Gra- ham ...... 20 Public Law 104–114 Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1995 ...... 21 Public Law 104–120 Housing Opportunity Program Extension Act of 1996 ...... 21 Public Law 104–131 Deposit Insurance Funds Act of 1996 ...... 22 Public Law 104–172 Iran Oil Sanctions Act of 1996 ...... 22 Public Law 104–208 Making Omnibus Consolidated Appropriations for Fiscal Year 1997 ...... 23 Public Law 104–329 Black Revolutionary War Patriots Commemorative Coin Act ...... 25 Public Law 104–330 Native American Housing Assistance and Self-Deter- mination Act of 1996 ...... 26 Summary of legislation reported but not enacted ...... 32 H.R. 4 Personal Responsibility Act of 1995 ...... 32 H.R. 117 Senior Citizens Housing Safety and Economic Relief Act of 1995 ...... 33 H.R. 1062 Financial Institutions Competitiveness Act of 1995 ...... 33 H.R. 1574 Bank Insurance Fund and Depositor Protection Act of 1995 ..... 35 H.R. 1684 Dolley Madison Commemorative Coin Act ...... 35 H.R. 1691 Homesteading and Neighborhood Restoration Act of 1995 ...... 35 H.R. 1858 Financial Institutions Regulatory Relief Act of 1995 ...... 36 H.R. 2026 George Washington Commemorative Coin Act of 1995 ...... 40 H.R. 2058 China Policy Act of 1995 ...... 40 H.R. 2202 Immigration in the National Interest Act of 1995 ...... 41 H.R. 2406 United States Housing Act of 1995 ...... 41 H.R. 2614 Commemorative Coin Authorization and Reform Act of 1995 .... 41 H.R. 3793 50 States Commemorative Coin Program Act ...... 42 H. Res. 80 The Use of the Exchange Stabilization Fund to Strengthen the Mexican Peso ...... 42 Summary of legislative and oversight activities ...... 44 Full Committee ...... 44 Subcommittee on Housing and Community Opportunity ...... 52 Subcommittee on Financial Institutions and Consumer Credit ...... 56 Subcommittee on Domestic and International Monetary Policy ...... 59 Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises ...... 63 Subcommittee on General Oversight and Investigations ...... 69 Committee Oversight Plan ...... 72 Hearings ...... 97 Committee and Subcommittee Prints ...... 116

(VII) Union Calendar No. 479

104TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 104–877 "!

SUMMARY OF ACTIVITIES

JANUARY 2, 1997.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

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

REPORT

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