79–008 

115TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 115–462 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 2396) TO AMEND THE 

GRAMM-LEACH-BLILEY ACT TO UPDATE THE EXCEPTION FOR CERTAIN 

ANNUAL NOTICES PROVIDED BY FINANCIAL INSTITUTIONS, AND PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 4015) TO IMPROVE THE 

QUALITY OF PROXY ADVISORY FIRMS FOR THE PROTECTION OF INVESTORS AND THE U.S. ECONOMY, AND IN THE PUBLIC INTEREST, BY FOSTERING ACCOUNTABILITY, TRANSPARENCY, RESPONSIVENESS, AND 

COMPETITION IN THE PROXY ADVISORY FIRM INDUSTRY 

DECEMBER 12, 2017.—Referred to the House Calendar and ordered to be printed 

Mr. WOODALL, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 657] 

The Committee on Rules, having had under consideration House 

Resolution 657, by a record vote of 8 to 4, report the same to the 

House with the recommendation that the resolution be adopted. 

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 2396, the Privacy Notification Technical Clarification Act, under a structured 

rule. The resolution provides one hour of debate equally divided 

and controlled by the chair and ranking minority member of the 

Committee on Financial Services. The resolution waives all points 

of order against consideration of the bill. The resolution provides 

that the amendment in the nature of a substitute recommended by 

the Committee on Financial Services now printed in the bill shall 

be considered as adopted and the bill, as amended, shall be considered as read. The resolution waives all points of order against provisions in the bill, as amended. The resolution makes in order only 

the further amendment printed in this report, if offered by the 

Member designated in this report, which shall be considered as 

read, shall be debatable for the time specified in this report equally 

divided and controlled by the proponent and an opponent, shall not 

be subject to amendment, and shall not be subject to a demand for 

division of the question. The resolution waives all points of order 

against the amendment printed in this report. The resolution provides one motion to recommit with or without instructions. 

Section 2 of the resolution provides for consideration of H.R. 

4015, the Corporate Governance Reform and Transparency Act of 

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2017, under a closed rule. The resolution provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services. The resolution waives all points of order against consideration of the bill. The 

resolution provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 115–46 shall 

be considered as adopted and the bill, as amended, shall be considered as read. The resolution waives all points of order against provisions in the bill, as amended. The resolution provides for one motion to recommit with or without instructions. 

EXPLANATION OF WAIVERS

Although the resolution waives all points of order against consideration of H.R. 2396, the Committee is not aware of any points of 

order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against provisions in H.R. 2396, as amended, the Committee is not aware of any 

points of order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against the 

amendment to H.R. 2396 printed in this report, the Committee is 

not aware of any points of order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against consideration of H.R. 4015, the Committee is not aware of any points of 

order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against provisions in H.R. 4015, as amended, the Committee is not aware of any 

points of order. The waiver is prophylactic in nature. 

COMMITTEE VOTES

The results of each record vote on an amendment or motion to 

report, together with the names of those voting for and against, are 

printed below: 

Rules Committee record vote No. 162 

Motion by Mr. Cole to report the rule. Adopted: 8–4 

Majority Members Vote Minority Members Vote 

Mr. Cole ............................................................ Yea Ms. Slaughter .................................................. Nay 

Mr. Woodall ...................................................... Yea Mr. McGovern ................................................... Nay 

Mr. Burgess ...................................................... Yea Mr. Hastings of Florida ................................... Nay 

Mr. Collins ........................................................ Yea Mr. Polis ........................................................... Nay 

Mr. Byrne .......................................................... ...................

Mr. Newhouse ................................................... Yea 

Mr. Buck ........................................................... Yea 

Ms. Cheney ....................................................... Yea 

Mr. Sessions, Chairman ................................... Yea 

SUMMARY OF THE AMENDMENT TO H.R. 2396 MADE IN ORDER

1. Clay (MO), Trott (MI): Page 3, line 11, strike ‘‘financial institution’’ and insert ‘‘vehicle financial company’’. (10 minutes) 

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TEXT OF AMENDMENT TO H.R. 2396 MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE CLAY OF

MISSOURI OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 3, line 11, strike ‘‘financial institution’’ and insert ‘‘vehicle 

financial company’’. 

Page 3, line 18, strike ‘‘financial institution’’ and insert ‘‘vehicle 

financial company’’. 

Page 3, line 24, strike ‘‘and’’. 

Page 4, line 1, strike ‘‘financial institution’’ and insert ‘‘vehicle financial company’’. 

Page 4, line 6, strike ‘‘or with’’ and insert ‘‘the front page of’’. 

Page 4, beginning on line 10, strike ‘‘on its’’ and insert ‘‘through 

a link on the landing page of the company’s’’. 

Page 4, line 13, strike the period and insert ‘‘; and’’. 

Page 4, after line 13, insert the following: 

‘‘(C) the vehicle financial company— 

‘‘(i) provides consumers with the ability to opt out, 

subject to any exemption or exception provided under 

subsection (b)(2) or (e) of section 502 or under regulations prescribed under section 504(b), of having the 

consumer’s nonpublic personal information disclosed to 

a nonaffiliated third party; and 

‘‘(ii) includes a description about where to locate the 

procedures for a consumer to select such opt out in 

each periodic billing statement sent to the consumer.’’. 

Page 4, line 15, strike ‘‘financial institution’’ and insert ‘‘vehicle 

financial company’’. 

Page 4, line 18, strike ‘‘financial institution’’ and insert ‘‘vehicle 

financial company’’. 

Page 4, line 21, strike ‘‘financial institution’’ and insert ‘‘vehicle 

financial company’’. 

Add at the end the following: 

‘‘(3) VEHICLE FINANCIAL COMPANY DEFINED.—For purposes of 

this subsection, the term ‘vehicle financial company’ means— 

‘‘(A) a financial institution that— 

‘‘(i) is regularly engaged in the business of extending 

credit for the purchase of vehicles; 

‘‘(ii) is affiliated with a vehicle manufacturer; and 

‘‘(iii) only shares nonpublic personal information of 

consumers with nonaffiliated third parties that are vehicle dealers; or 

‘‘(B) a financial institution that— 

‘‘(i) regularly engages in the business of extending 

credit for the purchase or lease of vehicles from vehicle 

dealers; or 

‘‘(ii) purchases vehicle installment sales contracts or 

leases from vehicle dealers.’’. 

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