DOCSLIB.ORG

Audit the Fed: Dodd-Frank, Qe3, and Federal Reserve Transparency Hearing Committee on Financial Services U.S. House of Represent

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Audit the Fed: Dodd-Frank, Qe3, and Federal Reserve Transparency Hearing Committee on Financial Services U.S. House of Represent AUDIT THE FED: DODD-FRANK, QE3, AND FEDERAL RESERVE TRANSPARENCY HEARING BEFORE THE SUBCOMMITTEE ON DOMESTIC MONETARY POLICY AND TECHNOLOGY OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION OCTOBER 4, 2011 Printed for the use of the Committee on Financial Services Serial No. 112–67 ( U.S. GOVERNMENT PRINTING OFFICE 72–608 PDF WASHINGTON : 2012 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 16:55 Mar 09, 2012 Jkt 072608 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\72608.TXT TERRIE HOUSE COMMITTEE ON FINANCIAL SERVICES SPENCER BACHUS, Alabama, Chairman JEB HENSARLING, Texas, Vice Chairman BARNEY FRANK, Massachusetts, Ranking PETER T. KING, New York Member EDWARD R. ROYCE, California MAXINE WATERS, California FRANK D. LUCAS, Oklahoma CAROLYN B. MALONEY, New York RON PAUL, Texas LUIS V. GUTIERREZ, Illinois DONALD A. MANZULLO, Illinois NYDIA M. VELA´ ZQUEZ, New York WALTER B. JONES, North Carolina MELVIN L. WATT, North Carolina JUDY BIGGERT, Illinois GARY L. ACKERMAN, New York GARY G. MILLER, California BRAD SHERMAN, California SHELLEY MOORE CAPITO, West Virginia GREGORY W. MEEKS, New York SCOTT GARRETT, New Jersey MICHAEL E. CAPUANO, Massachusetts RANDY NEUGEBAUER, Texas RUBE´ N HINOJOSA, Texas PATRICK T. MCHENRY, North Carolina WM. LACY CLAY, Missouri JOHN CAMPBELL, California CAROLYN MCCARTHY, New York MICHELE BACHMANN, Minnesota JOE BACA, California THADDEUS G. McCOTTER, Michigan STEPHEN F. LYNCH, Massachusetts KEVIN McCARTHY, California BRAD MILLER, North Carolina STEVAN PEARCE, New Mexico DAVID SCOTT, Georgia BILL POSEY, Florida AL GREEN, Texas MICHAEL G. FITZPATRICK, Pennsylvania EMANUEL CLEAVER, Missouri LYNN A. WESTMORELAND, Georgia GWEN MOORE, Wisconsin BLAINE LUETKEMEYER, Missouri KEITH ELLISON, Minnesota BILL HUIZENGA, Michigan ED PERLMUTTER, Colorado SEAN P. DUFFY, Wisconsin JOE DONNELLY, Indiana NAN A. S. HAYWORTH, New York ANDRE´ CARSON, Indiana JAMES B. RENACCI, Ohio JAMES A. HIMES, Connecticut ROBERT HURT, Virginia GARY C. PETERS, Michigan ROBERT J. DOLD, Illinois JOHN C. CARNEY, JR., Delaware DAVID SCHWEIKERT, Arizona MICHAEL G. GRIMM, New York FRANCISCO R. CANSECO, Texas STEVE STIVERS, Ohio STEPHEN LEE FINCHER, Tennessee LARRY C. LAVENDER, Chief of Staff (II) VerDate Nov 24 2008 16:55 Mar 09, 2012 Jkt 072608 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 K:\DOCS\72608.TXT TERRIE SUBCOMMITTEE ON DOMESTIC MONETARY POLICY AND TECHNOLOGY RON PAUL, Texas, Chairman WALTER B. JONES, North Carolina, Vice WM. LACY CLAY, Missouri, Ranking Chairman Member FRANK D. LUCAS, Oklahoma CAROLYN B. MALONEY, New York PATRICK T. MCHENRY, North Carolina GREGORY W. MEEKS, New York BLAINE LUETKEMEYER, Missouri AL GREEN, Texas BILL HUIZENGA, Michigan EMANUEL CLEAVER, Missouri NAN A. S. HAYWORTH, New York GARY C. PETERS, Michigan DAVID SCHWEIKERT, Arizona (III) VerDate Nov 24 2008 16:55 Mar 09, 2012 Jkt 072608 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 K:\DOCS\72608.TXT TERRIE C O N T E N T S Page Hearing held on: October 4, 2011 ................................................................................................. 1 Appendix: October 4, 2011 ................................................................................................. 29 WITNESSES TUESDAY, OCTOBER 4, 2011 Auerbach, Robert D., Professor of Public Affairs, Lyndon B. Johnson School of Public Affairs, University of Texas at Austin ................................................ 14 Brown, Orice Williams, Managing Director, Financial Markets and Commu- nity Investment, U.S. Government Accountability Office ................................. 3 Calabria, Mark A., Ph.D., Director, Financial Regulation Studies, Cato Insti- tute ........................................................................................................................ 16 APPENDIX Prepared statements: Paul, Hon. Ron .................................................................................................. 30 Auerbach, Robert D. ......................................................................................... 33 Brown, Orice Williams ..................................................................................... 43 Calabria, Mark A. ............................................................................................. 70 ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Brown, Orice Williams: Addendum to three responses provided during the hearing ......................... 77 (IV) VerDate Nov 24 2008 16:55 Mar 09, 2012 Jkt 072608 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 K:\DOCS\72608.TXT TERRIE AUDIT THE FED: DODD-FRANK, QE3, AND FEDERAL RESERVE TRANSPARENCY Tuesday, October 4, 2011 U.S. HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON DOMESTIC MONETARY POLICY AND TECHNOLOGY, COMMITTEE ON FINANCIAL SERVICES, Washington, D.C. The subcommittee met, pursuant to notice, at 10:05 a.m., in room 2128, Rayburn House Office Building, Hon. Ron Paul [chairman of the subcommittee] presiding. Members present: Representatives Paul, Luetkemeyer, Huizenga, Hayworth, Schweikert; and Peters. Chairman PAUL. This hearing will come to order. Without objection, all members’ opening statements will be made a part of the record. This morning, we are holding a hearing entitled, ‘‘Audit the Fed: Dodd-Frank, QE3, and Federal Reserve Transparency.’’ I will yield myself 5 minutes for opening remarks. Transparency of the Federal Reserve has been an issue that I have been working on for many years, and I consider it very, very important, and we have been making some progress on this. Back in the 1970s, there was a major effort made to get more trans- parency of the Fed, but unfortunately it actually backfired and gave more protection to the Fed from any inquiries made by the Congress. One thing I would like to make clear is my efforts to have more transparency of the Fed aren’t equated to that of wanting Congress to manage day-to-day operations of the monetary policy. Quite frankly, I think managing of the monetary policy should be more involved with a free market, free market of interest rates, rather than anybody believing they can manage that from a day-to-day viewpoint. Frequently, it is said that the independence of the Fed must be protected at all costs. I usually think once there is an emphasis on independence of the Fed, it usually means the secrecy of the Fed, and it is quite a bit of a difference, but the Fed hides behind this independence so there is no political influence. But I think more people now are starting to realize that the Fed isn’t truly independent from political influence because indirectly, and sometimes more directly, it is involved in political decisions or at least private and secret decisions made to serve some political interest. (1) VerDate Nov 24 2008 16:55 Mar 09, 2012 Jkt 072608 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 K:\DOCS\72608.TXT TERRIE 2 The Constitution is rather clear on if anybody is to have any oversight, it would be the Congress rather than the Executive Branch. The ability to do this, of course, has been hindered. The Congress created the Federal Reserve with the Federal Reserve Act of 1913, and therefore, obviously the Congress has something to say about it. Not only did they create the Fed, but they have changed the rules. Congress has passed laws giving instructions to the Federal Reserve, so clearly, Congress has the responsibility of oversight of the Federal Reserve. I think it is very interesting that one of the arguments for inde- pendence is that we can’t allow the people to know what is going on with the banks; that if all of the sudden, we knew that a bank was having a problem, this would be bad information for the people to know. And then that is used as an excuse to prop up certain banks and make sure bailouts occur and that there is a lender of last resort, and there is no confusion or, otherwise, no correction that might be necessary. But in many ways, the Fed performs a function exactly opposite of what the SEC is supposed to do. The SEC is a regulator that is supposed to go in and look at the books and throw out some rules so that people know what is going on and get information out. It seems to me at least, that the Federal Reserve does exactly the opposite. The significance of monetary policy is really the overriding issue about the Federal Reserve, and what has happened since 1913 and actually what is happening today, because we are in the midst of a major crisis, and there are many of us who have come to the con- clusion that the business cycle is very much related to monetary policy. So, if the business cycle is related to monetary policy, this should be of vital interest to all of us. If we connect the two, the Federal Reserve and the business cycle, then we see that recessions and depressions are a result of the business cycle. First, you have the boom and you have to have the correction, so you have to have the bust. The other important relationship of the Federal Reserve to what Congress does, and for too long, it has actually been symbiotic, the Congress has been negligent in oversight, but they have been very complacent about deficits being accommodated. If the Fed was not so accommodative and always buy the debt and keep interest rates artificially low, there would be a lot more restraints on the Con- gress. But as long as Congress wants to spend money and they don’t want to raise taxes—that is not popular—and borrowing be- comes difficult, then there is a better way from their viewpoint to do it, and that is just to allow the Fed to create money out of thin air, which for those of us who believe in less government is better than more government, whether it is warfare or welfare, we see that the Federal Reserve has a strong influence in allowing our government to grow. So I am very pleased to chair this hearing today, and I am very pleased to know that we are making progress. We didn’t get a full audit last year, but we did get an audit coming out of the Dodd- Frank Act.
Load more

Recommended publications
  • Conduct of Monetary Policy, Report of the Federal Reserve Board, July 24
    CONDUCT OF MONETARY POLICY HEARING BEFORE THE COMMITTEE ON BANKING AND FINANCIAL SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED FIFTH CONGRESS FIRST SESSION JULY 24, 1997 Printed for the use of the Committee on Banking and Financial Services Serial No. 105-25 U.S. GOVERNMENT PRINTING OFFICE 42-634 CC WASHINGTON : 1997 For sale by the U.S. Government Printing Office Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 ISBN 0-16-055923-5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis HOUSE COMMITTEE ON BANKING AND FINANCIAL SERVICES JAMES A. LEACH, Iowa, Chairman BILL MCCOLLUM, Florida, Vice Chairman MARGE ROUKEMA, New Jersey HENRY B. GONZALEZ, Texas DOUG BEREUTER, Nebraska JOHN J. LAFALCE, New York RICHARD H. BAKER, Louisiana BRUCE F. VENTO, Minnesota RICK LAZIO, New York CHARLES E. SCHUMER, New York SPENCER BACHUS, Alabama BARNEY FRANK, Massachusetts MICHAEL N. CASTLE, Delaware PAUL E. KANJORSKI, Pennsylvania PETER T. KING, New York JOSEPH P. KENNEDY II, Massachusetts TOM CAMPBELL, California FLOYD H. FLAKE, New York EDWARD R. ROYCE, California MAXINE WATERS, California FRANK D. LUCAS, Oklahoma CAROLYN B. MALONEY, New York JACK METCALF, Washington LUIS V. GUTIERREZ, Illinois ROBERT W. NEY, Ohio LUCILLE ROYBAL-ALLARD, California ROBERT L. EHRLICH JR., Maryland THOMAS M. BARRETT, Wisconsin BOB BARR, Georgia NYDIA M. VELAZQUEZ, New York JON D. FOX, Pennsylvania MELVIN L. WATT, North Carolina SUE W. KELLY, New York MAURICE D. HINCHEY, New York RON PAUL, Texas GARY L. ACKERMAN, New York DAVE WELDON, Florida KEN BENTSEN, Texas JIM RYUN, Kansas JESSE L. JACKSON JR., Illinois MERRILL COOK, Utah CYNTHIA A.
    [Show full text]
  • A Tale of Two Movements: Consumer Protection in the U.S. from 1969 to 2010
    University of Pennsylvania ScholarlyCommons CUREJ - College Undergraduate Research Electronic Journal College of Arts and Sciences 5-2-2013 A Tale of Two Movements: Consumer Protection in the U.S. from 1969 to 2010 Diya Berger [email protected] Follow this and additional works at: https://repository.upenn.edu/curej Recommended Citation Berger, Diya, "A Tale of Two Movements: Consumer Protection in the U.S. from 1969 to 2010" 02 May 2013. CUREJ: College Undergraduate Research Electronic Journal, University of Pennsylvania, https://repository.upenn.edu/curej/168. This paper is posted at ScholarlyCommons. https://repository.upenn.edu/curej/168 For more information, please contact [email protected]. A Tale of Two Movements: Consumer Protection in the U.S. from 1969 to 2010 Abstract The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and subsequent establishment of the Consumer Financial Protection Bureau marked an unexpected victory for consumers across America at the expense of the well-financed business lobby. Although classical social scientists, such as Mancur Olson, claim that consumer movements should fail to emerge due to the difficulty of providing public goods for large constituencies, consumer victories – like the passage of Dodd-Frank— have occurred in waves throughout the last century. In conducting this study, I thus sought to answer why it is that some consumer movements are able to push through consumer legislation while others fail. In order to answer this question, I conducted two cases studies, comparing Ralph Nader’s failed attempt to establish a Consumer Protection Agency in the 1970s with Elizabeth Warren’s successful push to create Consumer Financial Protection Bureau in 2010.
    [Show full text]
  • ALABAMA Senators Jeff Sessions (R) Methodist Richard C. Shelby
    ALABAMA Senators Jeff Sessions (R) Methodist Richard C. Shelby (R) Presbyterian Representatives Robert B. Aderholt (R) Congregationalist Baptist Spencer Bachus (R) Baptist Jo Bonner (R) Episcopalian Bobby N. Bright (D) Baptist Artur Davis (D) Lutheran Parker Griffith (D) Episcopalian Mike D. Rogers (R) Baptist ALASKA Senators Mark Begich (D) Roman Catholic Lisa Murkowski (R) Roman Catholic Representatives Don Young (R) Episcopalian ARIZONA Senators Jon Kyl (R) Presbyterian John McCain (R) Baptist Representatives Jeff Flake (R) Mormon Trent Franks (R) Baptist Gabrielle Giffords (D) Jewish Raul M. Grijalva (D) Roman Catholic Ann Kirkpatrick (D) Roman Catholic Harry E. Mitchell (D) Roman Catholic Ed Pastor (D) Roman Catholic John Shadegg (R) Episcopalian ARKANSAS Senators Blanche Lincoln (D) Episcopalian Mark Pryor (D) Christian Representatives Marion Berry (D) Methodist John Boozman (R) Baptist Mike Ross (D) Methodist Vic Snyder (D) Methodist CALIFORNIA Senators Barbara Boxer (D) Jewish Dianne Feinstein (D) Jewish Representatives Joe Baca (D) Roman Catholic Xavier Becerra (D) Roman Catholic Howard L. Berman (D) Jewish Brian P. Bilbray (R) Roman Catholic Ken Calvert (R) Protestant John Campbell (R) Presbyterian Lois Capps (D) Lutheran Dennis Cardoza (D) Roman Catholic Jim Costa (D) Roman Catholic Susan A. Davis (D) Jewish David Dreier (R) Christian Scientist Anna G. Eshoo (D) Roman Catholic Sam Farr (D) Episcopalian Bob Filner (D) Jewish Elton Gallegly (R) Protestant Jane Harman (D) Jewish Wally Herger (R) Mormon Michael M. Honda (D) Protestant Duncan Hunter (R) Protestant Darrell Issa (R) Antioch Orthodox Christian Church Barbara Lee (D) Baptist Jerry Lewis (R) Presbyterian Zoe Lofgren (D) Lutheran Dan Lungren (R) Roman Catholic Mary Bono Mack (R) Protestant Doris Matsui (D) Methodist Kevin McCarthy (R) Baptist Tom McClintock (R) Baptist Howard P.
    [Show full text]
  • Union Calendar No. 499
    Union Calendar No. 499 107TH CONGRESS REPORT " ! 2d Session HOUSE OF REPRESENTATIVES 107–798 REPORT ON THE ACTIVITY OF THE COMMITTEE ON FINANCIAL SERVICES FOR THE 107TH CONGRESS JANUARY 2, 2003.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. OXLEY, from the Committee on Financial Services, submitted the following REPORT Clause 1(d) of rule XI of the Rules of the House of Representa- tives requires each standing Committee, not later than January 2 of each odd-numbered year, submit to the House a report on the activities of that committee, including separate sections summa- rizing the legislative and oversight activities of that committee dur- ing that Congress. CONTENTS Page Letter of Transmittal ............................................................................................... 2 Jurisdiction ............................................................................................................... 3 Rules of the Committee ........................................................................................... 7 Membership and Organization ............................................................................... 19 Legislative and Oversight Activities ...................................................................... 27 Full Committee ..................................................................................................... 29 Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises .......................................................................................................
    [Show full text]
  • DOCUMENT RESUME Federal Public Library Programs in Alabama, 1995. Alabama Public Library Service, Montgomery. 16P
    DOCUMENT RESUME ED 402 941 IR 056 242 TITLE Federal Public Library Programs in Alabama, 1995. INSTITUTION Alabama Public Library Service, Montgomery. PUB DATE 95 NOTE 16p.; For the 1994 program report, see ED 389 308. PUB TYPE Reports Descriptive (141) EDRS PRICE MFO1 /PCO1 Plus Postage. DESCRIPTORS *Federal Aid; Grants; *Library Development; Library Funding; Library Services; *Public Libraries IDENTIFIERS *Alabama; Alabama Public Library Service; *Library Services and Construction Act ABSTRACT The Library Services and Construction Act (LSCA) assists the state of Alabama in the extension and improvement of public library services to areas and populations of the state which are without such services or to which such services are inadequate. Federal LSCA monies are spend on statewide projects at the Alabama Public Library Service. Projects include providing reference services, interlibrary loans, audiovisual materials, continuing education programs, and consultant services to the public libraries. This report describes the use of LSCA funds for library programs and services in Alabama's seven congressional districts. A map shows all counties and congressional districts in the state of Alabama. For each district, a table of library names, project names, title number, and grant amount is provided. The district representative's name and a brief paragraph naming the counties in the district and describing the major 1995 grants are provided for each congressional district. Member lists for the 1996 LSCA Advisory Council, the Alabama Public Library Service Executive Board, and the Alabama Public Library Service are also provided. (SWC) *********************************************************************** Reproductions supplied by EDRS are the best that can be made from the original document.
    [Show full text]
  • H. Doc. 108-222
    ONE HUNDRED EIGHTH CONGRESS JANUARY 3, 2003, TO JANUARY 3, 2005 FIRST SESSION—January 7, 2003, 1 to December 8, 2003 SECOND SESSION—January 20, 2004, 2 to December 8, 2004 VICE PRESIDENT OF THE UNITED STATES—RICHARD B. CHENEY, of Wyoming PRESIDENT PRO TEMPORE OF THE SENATE—THEODORE F. STEVENS, 3 of Alaska SECRETARY OF THE SENATE—EMILY J. REYNOLDS, 3 of Tennessee SERGEANT AT ARMS OF THE SENATE—ALFONSO E. LENHARDT, 4 of New York; WILLIAM H. PICKLE, 5 of Colorado SPEAKER OF THE HOUSE OF REPRESENTATIVES—J. DENNIS HASTERT, 3 of Illinois CLERK OF THE HOUSE—JEFF TRANDAHL, 3 of South Dakota SERGEANT AT ARMS OF THE HOUSE—WILSON (BILL) LIVINGOOD, 3 of Pennsylvania CHIEF ADMINISTRATIVE OFFICER—JAMES M. EAGEN III, 3 of Pennsylvania ALABAMA Trent Franks, Phoenix Robert T. Matsui, 6 Sacramento SENATORS John B. Shadegg, Phoenix Lynn Woolsey, Petaluma Ed Pastor, Phoenix George Miller, Martinez Richard C. Shelby, Tuscaloosa J. D. Hayworth, Scottsdale Nancy Pelosi, San Francisco Jefferson B. Sessions III, Mobile Jeff Flake, Mesa Barbara Lee, Oakland REPRESENTATIVES Rau´ l M. Grijalva, Tucson Ellen O. Tauscher, Alamo Jo Bonner, Mobile Jim Kolbe, Tucson Richard W. Pombo, Tracy Terry Everett, Enterprise Tom Lantos, San Mateo Mike Rogers, Saks ARKANSAS Fortney Pete Stark, Fremont Robert B. Aderholt, Haleyville SENATORS Anna G. Eshoo, Atherton Robert E. (Bud) Cramer, Huntsville Blanche Lambert Lincoln, Helena Michael M. Honda, San Jose Spencer Bachus, Vestavia Hills Mark Pryor, Little Rock Zoe Lofgren, San Jose Artur Davis, Birmingham REPRESENTATIVES Sam Farr, Carmel Dennis A. Cardoza, Atwater Marion Berry, Gillett ALASKA George Radanovich, Mariposa Vic Snyder, Little Rock SENATORS Calvin M.
    [Show full text]
  • H. Doc. 108-222
    ONE HUNDRED SEVENTH CONGRESS JANUARY 3, 2001, TO JANUARY 3, 2003 FIRST SESSION—January 3, 2001, to December 20, 2001 SECOND SESSION—January 23, 2002, 1 to November 22, 2002 VICE PRESIDENT OF THE UNITED STATES—ALBERT A. GORE, JR., 2 of Tennessee; RICHARD B. CHENEY, 3 of Wyoming PRESIDENT PRO TEMPORE OF THE SENATE—ROBERT C. BYRD, 4 of West Virginia; J. STROM THURMOND, 5 of South Carolina; ROBERT C. BYRD, 6 of West Virginia SECRETARY OF THE SENATE—GARY L. SISCO, 7 of Tennessee; JERI THOMSON, 8 of Virginia SERGEANT AT ARMS OF THE SENATE—JAMES W. ZIGLAR, 9 of Mississippi; ALFONSO E. LENHARDT, 10 of New York SPEAKER OF THE HOUSE OF REPRESENTATIVES—J. DENNIS HASTERT, 4 of Illinois CLERK OF THE HOUSE—JEFF TRANDAHL, 4 of South Dakota SERGEANT AT ARMS OF THE HOUSE—WILSON (BILL) LIVINGOOD, 4 of Pennsylvania CHIEF ADMINISTRATIVE OFFICER—JAMES M. EAGAN III, 4 of Pennsylvania ALABAMA ARIZONA CALIFORNIA SENATORS SENATORS SENATORS Dianne Feinstein, San Francisco Richard C. Shelby, Tuscaloosa John S. McCain III, Phoenix Barbara Boxer, Greenbrae Jefferson B. Sessions III, Mobile Jon L. Kyl, Phoenix REPRESENTATIVES REPRESENTATIVES REPRESENTATIVES Jeff Flake, Mesa Mike Thompson, Napa Valley Sonny Callahan, Mobile Ed Pastor, Phoenix Wally Herger, Marysville Terry Everett, Enterprise Bob Stump, Tolleson Doug Ose, Sacramento Bob Riley, Ashland John Shadegg, Phoenix John T. Doolittle, Rocklin Robert Aderholt, Haleyville Jim Kolbe, Tucson Robert T. Matsui, Sacramento Bud Cramer, Huntsville J. D. Hayworth, Scottsdale Lynn Woolsey, Petaluma Spencer Bachus, Vestavia Hills George Miller, Martinez Earl F. Hilliard, Birmingham ARKANSAS Nancy Pelosi, San Francisco SENATORS Barbara Lee, Oakland Ellen Tauscher, Pleasanton ALASKA Timothy Hutchinson, Bentonville Richard W.
    [Show full text]
  • Presidential Succession
    Fordham Law School FLASH: The Fordham Law Archive of Scholarship and History Congressional Materials Twenty-Fifth Amendment Archive 10-6-2004 Presidential Succession Act: Hearing Before the Subcommittee on the Constitution of the House Committee on the Judiciary, 108th Congress Subcommittee on the Constitution; Committee on the Judiciary. House of Representatives. United States. Follow this and additional works at: http://ir.lawnet.fordham.edu/ twentyfifth_amendment_congressional_materials Part of the Law Commons Recommended Citation Subcommittee on the Constitution; Committee on the Judiciary. House of Representatives. United States., "Presidential Succession Act: Hearing Before the Subcommittee on the Constitution of the House Committee on the Judiciary, 108th Congress" (2004). Congressional Materials. 1. http://ir.lawnet.fordham.edu/twentyfifth_amendment_congressional_materials/1 This Book is brought to you for free and open access by the Twenty-Fifth Amendment Archive at FLASH: The orF dham Law Archive of Scholarship and History. It has been accepted for inclusion in Congressional Materials by an authorized administrator of FLASH: The orF dham Law Archive of Scholarship and History. For more information, please contact [email protected]. PRESIDENTIAL SUCCESSION ACT HEARING BEFORE THE SUBCOMMITTEE ON THE CONSTITUTION OF THE COMMITTEE ON THE JUDICIARY HOUSE OF REPRESENTATIVES ONE HUNDRED EIGHTH CONGRESS SECOND SESSION OCTOBER 6, 2004 Serial No. 110 Printed for the use of the Committee on the Judiciary Available via the World Wide Web: http://www.house.gov/judiciary U.S. GOVERNMENT PRINTING OFFICE 96-287 PDF WASHINGTON : 2004 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512-1800; DC area (202) 512-1800 Fax: (202) 512-2250 Mail: Stop SSOP, Washington, DC 20402-0001 COMMITTEE ON THE JUDICIARY F.
    [Show full text]
  • Press Releases
    Press Releases October 2, 2006 OTS 06-047 - OTS Director Reich Commends Congress on Passage of Regulatory Relief Legislation Office of Thrift Supervision FOR RELEASE at 4:00 P.M. EDT For further information Monday, October 2, 2006 Contact: Kevin Petrasic OTS 06-047 202/906-6677 OTS Director Reich Commends Congress on Passage of Regulatory Relief Legislation WASHINGTON, D.C. --Office of Thrift Supervision (OTS) Director John Reich, who led the federal banking agencies' regulatory relief efforts the last three years, commended Congress for its passage of the "Financial Services Regulatory Relief Act of 2006," the regulatory burden relief bill for the financial services industry. Reich stated, "I applaud Congress for passing this important legislation to reduce unnecessary regulatory burdens imposed on our nation's banking industry. In particular, I want to thank Senator Mike Crapo, his staff member, Gregg Richard, and House Financial Services Committee Chairman Mike Oxley and his staff for their tremendous efforts to bring forward this crucial regulatory relief legislation." Reich added that there are many others in both the House and Senate who worked tirelessly to get the legislation enacted, including the staffs of Senate Banking Committee Chairman Richard Shelby, Ranking Member Paul Sarbanes, and Congressman Jeb Hensarling, House Financial Services Subcommittee Chairman Spencer Bachus, and House Financial Services Committee Ranking Member Barney Frank. He also noted, "I also want to take this opportunity to thank my colleagues, particularly our interagency project manager, Claude Rollin of the FDIC, and the staffs at the other regulatory agencies for working so closely with us on the inter-agency regulatory burden reduction project mandated by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA)." Reich stated he is committed to continuing to work with Congress next year to further reduce regulatory burden for all insured depository institutions.
    [Show full text]
  • Union Calendar No. 513
    1 Union Calendar No. 513 113TH CONGRESS " ! REPORT 2d Session HOUSE OF REPRESENTATIVES 113–682 ACTIVITY REPORT OF THE COMMITTEE ON THE JUDICIARY OF THE UNITED STATES HOUSE OF REPRESENTATIVES FOR THE PERIOD JANUARY 3, 2013 THROUGH DECEMBER 15, 2014 DECEMBER 22, 2014.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed U.S. GOVERNMENT PRINTING OFFICE 49–006 WASHINGTON : 2014 VerDate Sep 11 2014 23:54 Jan 05, 2015 Jkt 049006 PO 00000 Frm 00001 Fmt 4012 Sfmt 4012 E:\HR\OC\HR682.XXX HR682 SSpencer on DSK4SPTVN1PROD with REPORTS E:\Seals\Congress.#13 VerDate Sep 11 2014 23:54 Jan 05, 2015 Jkt 049006 PO 00000 Frm 00002 Fmt 4012 Sfmt 4012 E:\HR\OC\HR682.XXX HR682 SSpencer on DSK4SPTVN1PROD with REPORTS LETTER OF TRANSMITTALL HOUSE OF REPRESENTATIVES, COMMITTEE ON THE JUDICIARY, Washington, DC, December 22, 2014. Hon. KAREN HAAS, Clerk, U.S. House of Representatives, Washington, DC. DEAR MS. HAAS: Pursuant to clause 1(d) of rule XI of the Rules of the House of Representatives, I am transmitting the report on the activities of the Committee on the Judiciary of the U.S. House of Representatives in the 113th Congress. Sincerely, BOB GOODLATTE, Chairman. (III) VerDate Sep 11 2014 23:54 Jan 05, 2015 Jkt 049006 PO 00000 Frm 00003 Fmt 7633 Sfmt 7633 E:\HR\OC\HR682.XXX HR682 SSpencer on DSK4SPTVN1PROD with REPORTS VerDate Sep 11 2014 23:54 Jan 05, 2015 Jkt 049006 PO 00000 Frm 00004 Fmt 7633 Sfmt 7633 E:\HR\OC\HR682.XXX HR682 SSpencer on DSK4SPTVN1PROD with REPORTS C O N T E N T S Page Committee Membership .........................................................................................
    [Show full text]
  • Michael Oxley Interview
    Securities and Exchange Commission Historical Society Oral History Project Interview with Michael Oxley Conducted on March 9, 2012 by James Stocker JS: This is an interview with former Congressman Mike Oxley for the SEC Historical Society’s virtual museum and archive of the history of financial regulation. I am James Stocker. Today is March 9th, 2012. We’re talking at the Congressman’s office at Baker Hostetler in Washington, D.C. Congressman, it’s great to talk to you today. MO: Thank you, James. JS: To start off, tell me a little bit about the years before you came to Congress. Did you have much experience dealing with finance or securities? MO: No, I didn’t. I graduated from law school at Ohio State in ’69, and then I was recruited by the FBI and I went in the Bureau. Though I did have some experience – I was on the bank robbery squad, so I investigated unauthorized withdrawals from banking institutions. That was quite interesting. Then when I retired from the Bureau, I went back to my hometown of Findlay, Ohio, and joined my dad’s law practice. But I never had that much experience in the overall financial world until I came to Congress. Interview with Rep. Michael Oxley, March 9, 2012 ________ 2 JS: At the FBI, did any of your training deal with finance or securities, or did you ever talk about insider trading or anything like that? MO: Not really. Back in those days, it was pretty much stolen cars, bank robberies, bread-and- butter kind of things – kidnapping – you know, federal laws.
    [Show full text]
  • Mterrogatory No. 3
    i I- BEFORE THE FEDERAL ELjECTlON COMMISSION In the Matter of ) Witness Subpoena to ) m 3774 The National Right to) Work Committee ) SUPPLEMENTAL RESPONSE TO SUBPOENA The National Right to Work Committee (WRTWC), hereby submits this Supplemental Response to the Subpoena ?o Produce Documents/Order to Submit Written Answers served upcln “WC in the above-referenced MUR, following the June 10,1997, decision of the U.S. District Court for the District of Columbia in Misc. Action No. 97-0160, ordering NRWC to respond to Interrogatory No. 3 and Document Request No. 3, as modified by the Court. INTRODUCTORY COAKMENTS Intemgatory No. 3 and Document Request No. 3 relate to activities from more than four years ago. NRTWC has experienced changes in personnel over those years, and documents may no longer exist, if they ever existed. Nonetheless, “WC, with the assistance of counsel and staff, has conducted a diligent search for documents and facts, and responds on the basis of information so gathered. The Court limited the scope of Interrogatory No. 3 and Document Request No. 3 to the 1992 senatorial candidates, and the Commission, by its attorneys in discussions with “WC counsel, has further limited the scope to the 1992 general election senatorial candidates. Thus, NRTWC’s search has focused on the 1992 general election senatorial candidates. Also, the Commission and NRTWC, in briefing and in discussions between counsel, have agreed that NRTWC may redact documents to delete supporter-identitjing information from documents to be produced, and NRTWC is doing so. MTERROGATORY NO. 3 NRlwC did not engage in, or finance, in whole or in pa, “any activities relating to federal elections in October-December 1992 .
    [Show full text]