59–008 

114TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 114–341 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1210) TO AMEND THE 

TRUTH IN LENDING ACT TO PROVIDE A SAFE HARBOR FROM CERTAIN 

REQUIREMENTS RELATED TO QUALIFIED MORTGAGES FOR RESIDENTIAL MORTGAGE LOANS HELD ON AN ORIGINATING DEPOSITORY INSTITUTION’S PORTFOLIO, AND FOR OTHER PURPOSES; PROVIDING FOR 

CONSIDERATION OF THE BILL (H.R. 3189) TO AMEND THE FEDERAL RESERVE ACT TO ESTABLISH REQUIREMENTS FOR POLICY RULES AND 

BLACKOUT PERIODS OF THE FEDERAL OPEN MARKET COMMITTEE, TO 

ESTABLISH REQUIREMENTS FOR CERTAIN ACTIVITIES OF THE BOARD 

OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AND TO AMEND 

TITLE 31, UNITED STATES CODE, TO REFORM THE MANNER IN WHICH 

THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM IS AUDITED, AND FOR OTHER PURPOSES; AND PROVIDING FOR PROCEEDINGS 

DURING THE PERIOD FROM NOVEMBER 20, 2015, THROUGH NOVEMBER 

27, 2015 

NOVEMBER 17, 2015.—Referred to the House Calendar and ordered to be printed 

Mr. STIVERS, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 529] 

The Committee on Rules, having had under consideration House 

Resolution 529, by a record vote of 7 to 1, 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. 1210, the Portfolio Lending and Mortgage Access 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 

an amendment in the nature of a substitute consisting of the text 

of Rules Committee Print 114–34 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 amendment 

printed in part A of this report, if offered by Representative Norcross of New Jersey, or his designee, which shall be considered as 

read, shall be debatable for 10 minutes equally divided and conVerDate Sep 11 2014 03:43 Nov 18, 2015 Jkt 059008 PO 00000 Frm 00001 Fmt 6659 Sfmt 6602 E:\HR\OC\HR341.XXX HR341

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trolled 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 part A of this report. The resolution provides one motion to recommit with or without instructions. 

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

3189, the Fed Oversight Reform and Modernization Act of 2015, 

under a structured rule. The resolution provides one hour of general 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 114–35, 

modified by the amendment printed in part B of this report, shall 

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

the bill, as amended. The resolution makes in order only those further amendments printed in part C of this report. Each such 

amendment may be offered only in the order printed in this report, 

may be offered only by a Member designated in this report, 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 in the House or in the 

Committee of the Whole. The resolution waives all points of order 

against the amendments printed in part C of this report. The resolution provides one motion to recommit with or without instructions. 

Section 3 of the resolution provides that on any legislative day 

during the period from November 20, 2015, through November 27, 

2015: the Journal of the proceedings of the previous day shall be 

considered as approved; and the Chair may at any time declare the 

House adjourned to meet at a date and time to be announced by 

the Chair in declaring the adjournment. 

Section 4 of the resolution provides that the Speaker may appoint Members to perform the duties of the Chair for the duration 

of the period addressed by section 3. 

EXPLANATION OF WAIVERS

The waiver of all points of order against consideration of H.R. 

1210 includes a waiver of clause 3(e)(1) of rule XIII (‘‘Ramseyer’’), 

requiring a committee report accompanying a bill amending or repealing statutes to show, by typographical device, parts of statute 

affected. 

Although the resolution waives all points of order against provisions in H.R. 1210, 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. 1210 printed in part A of this report, the Committee is not aware of any points of order. The waiver is prophylactic in nature. 

The waiver of all points of order against consideration of H.R. 

3189 includes a waiver of clause 3(e)(1) of rule XIII (‘‘Ramseyer’’), 

requiring a committee report accompanying a bill amending or reVerDate Sep 11 2014 03:43 Nov 18, 2015 Jkt 059008 PO 00000 Frm 00002 Fmt 6659 Sfmt 6602 E:\HR\OC\HR341.XXX HR341

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pealing statutes to show, by typographical device, parts of statute 

affected. 

Although the resolution waives all points of order against provisions in H.R. 3189, 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 

amendments to H.R. 3189 printed in part C of this report, the 

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

The waivers of clause 3(e)(1) of rule XIII are provided because 

the submissions provided by the Committee on Financial Services 

were insufficient to meet the standards established by the rule in 

its current form. The Committee on Rules continues to work with 

the House Office of Legislative Counsel and committees to determine the steps necessary to comply with the updated rule. 

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. 122 

Motion by Mr. Woodall to report the rule. Adopted: 7–1 

Majority Members Vote Minority Members Vote 

Ms. Foxx ............................................................ ................... Ms. Slaughter .................................................. Nay 

Mr. Cole ............................................................ ................... Mr. McGovern ................................................... ...................

Mr. Woodall ...................................................... Yea Mr. Hastings of Florida ................................... ...................

Mr. Burgess ...................................................... Yea Mr. Polis ........................................................... ...................

Mr. Stivers ........................................................ Yea 

Mr. Collins ........................................................ Yea 

Mr. Byrne .......................................................... Yea 

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

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

SUMMARY OF THE AMENDMENT TO H.R. 1210 IN PART A MADE IN

ORDER

Norcross (NJ): Clarifies that systemically important financial institutions (SIFI) are excluded from the safe harbor provisions 

under the bill. (10 minutes) 

SUMMARY OF THE AMENDMENT TO H.R. 3189 IN PART B CONSIDERED

AS ADOPTED

Hensarling (TX): Executes a liquidation of the Federal Reserve 

surplus account and remittance of funds to the U.S. Treasury. Dissolves the existence of the surplus account on a go-forward basis. 

Ensures future net earnings of the Federal Reserve, in excess of 

dividend paid, are remitted to the U.S. Treasury. Strikes a superfluous date from the text of H.R. 2912 as printed in Rules Committee Print 114–35 and strikes a ‘‘such sums’’ authorization of appropriations. 


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SUMMARY OF THE AMENDMENTS TO H.R. 3189 IN PART C MADE IN

ORDER

1. Heck, Denny (WA): Suspends the requirement for rules-based 

decisionmaking when unemployment or inflation significantly diverges from targets. (10 minutes) 

2. Heck, Denny (WA): Requires FOMC to use fully revised data 

rather than the initial readings that are first available. (10 minutes) 

3. Grayson (FL): Provides for an annual audit of the Federal Reserve. (10 minutes) 

4. King, Steve (IA): Requires study of the effects of the GDP output section of the ‘‘dual mandate’’ on the US economy, Fed Actions, 

and federal debt. (10 minutes) 

5. Grayson (FL): Establishes three new Federal Reserve districts: 

one for Northern California (located in San Francisco); one for 

Southern California (located in Los Angeles); and one for Florida 

(located in Orlando). (10 minutes) 

6. King, Steve (IA): Requires the FOMC to make public the full 

transcriptions of their meetings. (10 minutes) 

PART A—TEXT OF AMENDMENT TO H.R. 1210 MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE NORCROSS

OF NEW JERSEY OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 3, line 17, insert ‘‘, and does not include an entity that has 

been designated as systemically important by the Financial Stability Oversight Council or is a wholly owned subsidiary of such an 

entity’’ before the period at the end. 

Page 3, after line 21, insert the following: 

(D) MORTGAGE ORIGINATOR.—The term ‘‘mortgage originator’’ does not include an entity that has been designated 

as systemically important by the Financial Stability Oversight Council or is a wholly owned subsidiary of such an 

entity. 

PART B—TEXT OF AMENDMENT TO H.R. 3189 CONSIDERED AS ADOPTED

Add at the end of the bill the following new section: 

SEC. 17. ELIMINATION OF SURPLUS FUNDS OF FEDERAL RESERVE 

BANKS. 

(a) IN GENERAL.—Section 7 of the Federal Reserve Act (12 U.S.C. 

289 et seq.) is amended— 

(1) in subsection (a)— 

(A) in the heading of such subsection, by striking ‘‘AND

SURPLUS FUNDS’’; and 

(B) in paragraph (2), by striking ‘‘deposited in the surplus fund of the bank’’ and inserting ‘‘transferred to the 

Board of Governors of the Federal Reserve System for 

transfer to the Secretary of the Treasury for deposit in the 

general fund of the Treasury’’; and 

(C) by striking the first subsection (b) (relating to a 

transfer for fiscal year 2000). 

(b) TRANSFER TO THE TREASURY.—The Federal reserve banks 

shall transfer all of the funds of the surplus funds of such banks 

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fer to the Secretary of the Treasury for deposit in the general fund 

of the Treasury. 

Page 54, beginning on line 24, strike ‘‘not before January 5, 2015, 

and’’. 

Page 59, beginning on line 19, strike ‘‘are authorized to be appropriated such sums as may be necessary to carry out this section 

and such sums’’ and insert ‘‘is authorized to be appropriated to 

carry out this section $1,000,000, which’’. 

PART C—TEXT OF AMENDMENTS TO H.R. 3189 MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE HECK OF

WASHINGTON OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 5, line 8, strike ‘‘Not’’. 

Page 5, line 9, insert the following: 

‘‘(1) IN GENERAL.—Not’’. 

Page 5, after line 15, insert the following: 

‘‘(2) EXCEPTION.—The requirements of paragraph (1) shall 

not apply if the Federal Open Market Committee determines 

at the end of a meeting that the current conditions represent 

a significant divergence from the goals of maximum employment and stable prices described in section 2A.’’. 

2. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE HECK OF

WASHINGTON OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 6, line 25, strike ‘‘and’’. 

Page 7, line 3, strike the period at the end and insert ‘‘; and’’. 

Page 7, after line 3, insert the following: 

‘‘(9) include a plan to use the most accurate data, subject to 

all historical revisions, for inputs into the Directive Policy Rule 

and the Reference Policy Rule.’’. 

3. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE GRAYSON

OF FLORIDA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 44, line 25, insert ‘‘annually’’ after ‘‘shall’’. 

Page 45, line 7, strike ‘‘the audit’’ and insert ‘‘each audit’’. 

4. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE KING OF

IOWA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 53, line 4, strike ‘‘and’’. 

Page 53, line 11, strike the period and insert ‘‘; and’’. 

Page 53, after line 11, insert the following: 

(F) consider the effects of the GDP output and employment targets of the ‘‘dual mandate’’ (both from the creation 

of the dual mandate in 1977 until the present time and estimates of the future effect of the dual mandate ) on— 

(i) United States economic activity; 

(ii) Federal Reserve actions; and 

(iii) Federal debt. 


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Page 53, line 18, add at the end the following: ‘‘In making such 

report, the Commission shall specifically report on the considerations required under paragraph (1)(F).’’. 

5. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE GRAYSON

OF FLORIDA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Add at the end of the bill the following: 

SEC. 17. AMENDMENT TO FEDERAL RESERVE DISTRICTS. 

(a) IN GENERAL.—Section 2 of the Federal Reserve Act, (12 

U.S.C. 222 et seq.) is amended— 

(1) by striking ‘‘twelve’’ each place such term appears and inserting ‘‘fifteen’’; 

(2) by inserting after the fourth sentence the following: ‘‘One 

such Federal reserve districts shall be for Northern California 

(located in San Francisco), one such district shall be for Southern California (located in Los Angeles), and one such district 

shall be for Florida (located in Orlando). The border between 

the two California districts shall be drawn so that the districts 

are contiguous and compact, the population of the districts is 

approximately equal, and the districts do not divide any California county border as in existence on the date of enactment 

of this sentence.’’ 

(b) CONFORMING AMENDMENTS.—Section 16 of such Act is 

amended by striking ‘‘twelve’’ and inserting ‘‘fifteen’’. 

6. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE KING OF

IOWA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Add at the end the following: 

SEC. 17. PUBLIC TRANSCRIPTS OF FOMC MEETINGS. 

Section 12A of the Federal Reserve Act (12 U.S.C. 263), as 

amended by this Act, is further amended by adding at the end the 

following: 

‘‘(e) PUBLIC TRANSCRIPTS OF MEETINGS.—The Committee shall— 

‘‘(1) record all meetings of the Committee; and 

‘‘(2) make the full transcript of such meetings available to 

the public.’’. 

Æ 


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