Union Calendar No. 478 105Th Congress, 2D Session – – – – – – – – – – – – House Report 105–837

Union Calendar No. 478 105th Congress, 2d Session – – – – – – – – – – – – House Report 105–837

SUMMARY OF ACTIVITIES

A REPORT

OF THE

COMMITTEE ON BANKING AND FINANCIAL SERVICES

HOUSE OF REPRESENTATIVES

ONE HUNDRED FIFTH CONGRESS

SECOND SESSION

DECEMBER 31, 1998.—Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

U.S. GOVERNMENT PRINTING OFFICE 69–006 WASHINGTON : 1999 COMMITTEE ON BANKING AND FINANCIAL SERVICES

One Hundred Fifth 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 RICHARD H. BAKER, Louisiana CHARLES E. SCHUMER, New York RICK LAZIO, New York BARNEY FRANK, Massachusetts SPENCER BACHUS, Alabama PAUL E. KANJORSKI, Pennsylvania MICHAEL CASTLE, Delaware JOSEPH P. KENNEDY II, Massachusetts PETER T. KING, New York FLOYD H. FLAKE, New York 10 TOM CAMPBELL, California MAXINE WATERS, California EDWARD R. ROYCE, California CAROLYN B. MALONEY, New York FRANK D. LUCAS, Oklahoma LUIS V. GUTIERREZ, Illinois JACK METCALF, Washington LUCILLE ROYBAL-ALLARD, California ROBERT W. NEY, Ohio THOMAS M. BARRETT, Wisconsin ROBERT L. EHRLICH, Maryland NYDIA M. VELA´ ZQUEZ, New York BOB BARR, Georgia MELVIN WATT, North Carolina JON D. FOX, Pennsylvania MAURICE HINCHEY, New York FRANK LOBIONDO, New Jersey 1 GARY ACKERMAN, New York J.C. WATTS, JR., Oklahoma 2 KEN BENTSEN, Texas SUE KELLY, New York JESSE JACKSON, JR., Illinois RON PAUL, Texas CYNTHIA MCKINNEY, Georgia 6 DAVE WELDON, Florida CAROLYN CHEEKS KILPATRICK, Michigan JIM RYUN, Kansas JAMES H. MALONEY, Connecticut MERRILL COOK, Utah DARLENE HOOLEY, Oregon VINCE SNOWBARGER, Kansas JULIA M. CARSON, Indiana BOB RILEY, Alabama ROBERT A. WEYGAND, Rhode Island 7 RICK HILL, Montana BRAD SHERMAN, California 8 PETE SESSIONS, Texas ESTEBAN TORRES, California 4 STEVEN C. LATOURETTE, Ohio MAX SANDLIN, Texas 11 DONALD A. MANZULLO, Illinois 3 GREGORY MEEKS, New York 11 MARK FOLEY, Florida 3 BARBARA LEE, California 12 WALTER B. JONES, JR., North Carolina 3 VIRGIL GOODE, Virginia 13 BILL REDMOND, New Mexico 5 BERNARD SANDERS, Vermont VITO FOSSELLA, New York 9

1 February 25, 1997, Frank LoBiondo (R–NJ) resigned as a Member of the Committee on Banking and Financial Services. 2 February 27, 1997, J.C. Watts, Jr. (R–OK) requested a leave of absence from the Committee on Banking and Financial Services. 3 April 16, 1997, pursuant to H. Res 114, Donald A. Manzullo (R–IL), Mark Foley (R–FL), and Walter B. Jones (R–NC) were elected to the Committee on Banking and Financial Services. 4 April 17, 1997, by unanimous consent, Esteban Edward Torres, (D–CA) has been appointed to the Committee on Banking and Financial Services for a period of 30 days. 5 July 23, 1997, pursuant to H. Res. 196, Bill Redmond (R–NM) was elected to the Committee on Banking and Financial Services. 6 July 30, 1997, Cynthia McKinney (D–GA) resigned as a Member of the Committee on Bank- ing and Financial Services. 7 July 31, 1997, pursuant to H. Res. 208, Robert A. Weygand (D–RI) was elected to the Com- mittee on Banking and Financial Services. 8 September 5, 1997, pursuant to H. Res. 221, Brad Sherman (D–CA) was elected to the Com- mittee on Banking and Financial Services. 9 November 12, 1997, pursuant to H. Res. 325, Vito Fossella (R–NY) was elected to the Com- mittee on Banking and Financial Services. 10 November 15, 1997, Floyd Flake resigned as Representative to the U.S. Congress from New York’s 6th Congressional District. (II) III

11 February 5, 1998, pursuant to H. Res. 351, Max Sandlin (D–TX) and Gregory Meeks (D– NY) were elected to the Committee on Banking and Financial Services. 12 April 29, 1998, pursuant to H. Res. 412, Barbara Lee (D–CA) was elected to the Committee on Banking and Financial Services. 13 June 24, 1998, pursuant to H. Res. 492, Virgil Goode (D–VA) was elected to the Committee on Banking and Financial Services.

SUBCOMMITTEES OF THE COMMITTEE ON BANKING AND FINANCIAL SERVICES

HOUSING AND COMMUNITY OPPORTUNITY

RICK LAZIO, New York, Chairman ROBERT W. NEY, Ohio JOSEPH P. KENNEDY II, Massachusetts DOUG BEREUTER, Nebraska LUIS V. GUTIERREZ, Illinois RICHARD H. BAKER, Louisiana NYDIA M. VELA´ ZQUEZ, New York MICHAEL CASTLE, Delaware BARNEY FRANK, Massachusetts ROBERT EHRLICH, Maryland MAURICE HINCHEY, New York JON D. FOX, Pennsylvania JESSE JACKSON, JR., Illinois SUE KELLY, New York JAMES MALONEY, Connecticut MERRILL COOK, Utah DARLENE HOOLEY, Oregon RICK HILL, Montana JULIA CARSON, Indiana PETE SESSIONS, Texas ROBERT WEYGAND, Rhode Island JACK METCALF, Washington CHARLES SCHUMER, New York WALTER B. JONES, JR., North Carolina MAXINE WATERS, California BILL REDMOND, New Mexico

FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

MARGE ROUKEMA, New Jersey, Chairwoman BILL MCCOLLUM, Florida BRUCE F. VENTO, Minnesota DOUG BEREUTER, Nebraska CHARLES E. SCHUMER, New York PETER T. KING, New York CAROLYN B. MALONEY, New York TOM CAMPBELL, California THOMAS BARRETT, Wisconsin EDWARD R. ROYCE, California MELVIN WATT, North Carolina JACK METCALF, Washington LUCILLE ROYBAL-ALLARD, California ROBERT L. EHRLICH, Maryland GARY ACKERMAN, New York BOB BARR, Georgia KEN BENTSEN, Texas SUE KELLY, New York CAROLYN CHEEKS KILPATRICK, Michigan RON PAUL, Texas PAUL KANJORSKI, Pennsylvania DAVE WELDON, Florida BRAD SHERMAN, California JIM RYUN, Kansas MAX SANDLIN, Texas BILL REDMOND, New Mexico GREGORY MEEKS, New York VITO FOSSELLA, New York

DOMESTIC AND INTERNATIONAL MONETARY POLICY

MICHAEL N. CASTLE, Delaware, Chairman JON D. FOX, Pennsylvania MAXINE WATERS, California STEVEN LATOURETTE, Ohio BARNEY FRANK, Massachusetts FRANK LUCAS, Oklahoma JOSEPH P. KENNEDY II, Massachusetts JACK METCALF, Washington BERNARD SANDERS, Vermont ROBERT W. NEY, Ohio CAROLYN MALONEY, New York BOB BARR, Georgia MAURICE HINCHEY, New York RON PAUL, Texas JESSE JACKSON, JR., Illinois DAVE WELDON, Florida MELVIN WATT, North Carolina MARGE ROUKEMA, New Jersey DARLENE HOOLEY, Oregon DOUG BEREUTER, Nebraska JULIA CARSON, Indiana MERRILL COOK, Utah GREGORY MEEKS, New York DONALD MANZULLO, Illinois BARBARA LEE, California MARK FOLEY, Florida

(V) VI

CAPITAL MARKETS, SECURITIES, AND GOVERNMENT SPONSORED ENTERPRISES RICHARD H. BAKER, Louisiana, Chairman FRANK D. LUCAS, Oklahoma PAUL E. KANJORSKI, Pennsylvania MERRILL COOK, Utah LUIS GUTIERREZ, Illinois VINCE SNOWBARGER, Kansas BRUCE VENTO, Minnesota BOB RILEY, Alabama LUCILLE ROYBAL-ALLARD, California RICK HILL, Montana THOMAS BARRETT, Wisconsin PETE SESSIONS, Texas GARY ACKERMAN, New York RICK LAZIO, New York NYDIA VELA´ ZQUEZ, New York SPENCER BACHUS, Alabama KEN BENTSEN, Texas PETER T. KING, New York CAROLYN CHEEKS KILPATRICK, Michigan TOM CAMPBELL, California JAMES MALONEY, Connecticut EDWARD ROYCE, California ROBERT WEYGAND, Rhode Island JON D. FOX, Pennsylvania BRAD SHERMAN, California WALTER B. JONES, JR., North Carolina MAX SANDLIN, Texas VITO FOSSELLA, New York

GENERAL OVERSIGHT AND INVESTIGATIONS SPENCER BACHUS, Alabama, Chairman BOB RILEY, Alabama BERNARD SANDERS, Vermont STEVEN LATOURETTE, Ohio MAXINE WATERS, California ROBERT W. NEY, Ohio JOHN LAFALCE, New York MARK FOLEY, Florida BARBARA LEE, California BOB BARR, Georgia LETTER OF TRANSMITTAL

HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND FINANCIAL SERVICES, Washington, DC, December 31, 1998. Hon. JEFFREY TRANDAHL, Acting Clerk, House of Representatives, The Capitol, Washington, DC. DEAR MR. TRANDAHL: The enclosed report for the 105th Congress entitled ‘‘Summary of Activities of the Committee on Banking and Financial Services,’’ is being sent to you in accordance with clause 1(d) of rule XI, of the Rules of the House of Representatives, 105th 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.

(VII)

CONTENTS

Page Letter of transmittal ...... VII Committee Rules ...... 7 Summary of legislation reported ...... 22 Public Law 105–14 Congressional Gold Medal for Frank Sinatra ...... 22 Public Law 105–16 Congressional Gold Medal for Mother Theresa ...... 22 Public Law 105–18 1997 Emergency Supplemental Appropriations Act for Recovery from Natural Disasters, and for Overseas Peacekeeping Efforts, Including Those in Bosnia ...... 22 Public Law 105–24 Riegle-Neal Clarification Act of 1997 ...... 23 Public Law 105–51 Congressional Gold Medal for Ecumenical Patriarch Bartholomew ...... 23 Public Law 105–118 Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1998 ...... 23 Public Law 105–121 Export-Import Bank Reauthorization Act of 1997 ...... 24 Public Law 105–124 50 States Commemorative Coin Program Act ...... 24 Public Law 105–164 Examination Parity and Year 2000 Readiness for Financial Institutions Act ...... 24 Public Law 105–176 Amendment to the 50 States Commemorative Coin Program ...... 25 Public Law 105–186 U.S. Holocaust Assets Commission Act of 1998 ...... 25 Public Law 105–215 Congressional Gold Medal for Nelson Rolihlahla Mandela ...... 26 Public Law 105–216 Homeowners Protection Act of 1998 ...... 26 Public Law 105–219 Credit Union Membership Access Act ...... 27 Public Law 105–261 Department of Defense Authorizations ...... 28 Public Law 105–268 Library of Congress Bicentennial Commemorative Coin Act of 1998 ...... 29 Public Law 105–276 Department of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999 ...... 29 Public Law 105–292 Freedom from Religious Persecution Act ...... 30 Public Law 105–310 Money Laundering and Financial Crimes Strategy Act of 1997 ...... 30 Public Law 105–347 Consumer Reporting Employment Clarification Act of 1998 ...... 31 H. Res. 122 Expressing the sense of the House of Representatives regarding Tactile Currency for the Blind and Visually Impaired ...... 32 H. Res. 147 Expressing the sense of the House that the House of Rep- resentatives should participate in and support activities to provide decent homes for people in the United States ...... 32 H. Res. 392 Relating to the importance of Japanese-American Relations .. 32 Summary of legislation reported but not enacted ...... 33 H.R. 2 Housing Opportunity and Responsibility Act of 1997 ...... 33 H.R. 10 Financial Services Competitiveness Act of 1997 ...... 35 H.R. 28 Rural Multifamily Rental Housing Loan Guarantee Extension Act of 1997 ...... 36 H.R. 217 Homeless Housing Programs Consolidation and Flexibility Act .. 36 H.R. 219 Homeowner’s Insurance Availability Act of 1997 ...... 39 H.R. 279 Congressional Gold Medal for Frank Sinatra ...... 39 H.R. 607 Homeowners Insurance Protection Act ...... 40 H.R. 1370 Reauthorization of the Export-Import Bank ...... 40 H.R. 1432 African Growth and Opportunity Act ...... 40 H.R. 1560 Lewis and Clark Expedition Bicentennial Commemorative Coin Act ...... 41

(IX) X Page Summary of legislation reported but not enacted—Continued H.R. 2343 Thrift Depositor Protection Oversight Board Abolishment Act .. 41 H.R. 2414 50 States Commemorative Coin Program Act ...... 41 H.R. 2560 Little Rock Nine Medals and Coins Act ...... 41 H.R. 2605 Communist China Subsidy Reduction Act of 1997 ...... 42 H.R. 3506 Congressional Gold Medal for Gerald R. and Betty Ford ...... 43 H.R. 3662 U.S. Holocaust Assets Commission Act of 1998 ...... 43 H.R. 3899 American Homeownership Act of 1998 ...... 44 H.R. 3989 User Fee Act of 1998 ...... 44 H.R. 4005 Money Laundering Deterrence Act of 1998 ...... 44 H.R. 4321 Financial Information Privacy Act of 1998 ...... 45 H.R. 4364 Depository Institution Regulatory Streamlining Act of 1998 ..... 46 H.R. 4393 Financial Contract Netting Improvement Act of 1998 ...... 47 H.R. 4756 Year 2000 Preparedness Act of 1998 ...... 48 H. Con. Res. 16 Concerning Urgent Need to Improve Living Standards of those South Asians Living in the Ganges and Brahmaputra River Basin ...... 49 H. Con. Res. 208 Expressing the Sense of the Congress Regarding Access to Affordable Housing and Expansion of Homeownership Opportunities 49 S. 562 Senior Citizen Home Equity Protection Act ...... 49 Summary of legislative and oversight activities ...... 51 Full Committee ...... 51 Subcommittee on Housing and Community Opportunity ...... 60 Subcommittee on Financial Institutions and Consumer Credit ...... 64 Subcommittee on Domestic and International Monetary Policy ...... 70 Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises ...... 74 Subcommittee on General Oversight and Investigations ...... 78 Committee Oversight Plan ...... 81 Hearings ...... 122 Committee and Subcommittee Prints ...... 142 Union Calendar No. 478

105TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 105–837 "!

SUMMARY OF ACTIVITIES

DECEMBER 31, 1998.—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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