Congressional Record: Proceedings and Debates of the 106th Congress, First Session, Volume 145, Part 11 Page: 15,025
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July 1, 1999
CONGRESSIONAL RECORD-HOUSE
Hon. JIM LEACH,
Chairman, Committee on Banking and Finan-
cial Services,
Washington, DC.
Hon. TOM BLILEY,
Chairman, Committee on Commerce,
Washington, DC.
DEAR JIM AND TOM. I am writing to let you
know of the Committee on the Judiciary's
jurisdictional interest in H.R. 10, the "Fi-
nancial Services Act of 1999." As you know,
the Committee on Banking and Financial
Services has filed its report on H.R. 10, and
the Committee on Commerce will do so
shortly.
The Committee on the Judiciary has juris-
diction over several provisions of the bill as
introduced: 104(a)(3) (dealing with the pres-
ervation of state antitrust laws);
104(b)(3)(A) & (b)(4)(B) (dealing with the
non-preemption of the McCarran-Ferguson
Act); 122 (amending Title 18 to create crime
for mispresentations regarding financial in-
stitution liability for obligations of affili-
ates); 136(b) (to the extent that it deals with
the treatment of wholesale financial institu-
tions under the Bank Merger Act and the
Bankruptcy Code in the new 9B(b)(5) &
(e)(3) of the Federal Reserve Act); 136(d)
(dealing with amendments to the Bank-
ruptcy Code for wholesale financial institu-
tions); 136(e) (to the extent that it deals
with the treatment under the Bankruptcy
Code of corporations organized under 25A of
the Federal Reserve Act); 141-44 (dealing
with the antitrust review mergers in the fi-
nancial services industry); 206(b) & (d)
(dealing with administrative procedures for
the Securities and Exchange Commission
outside the Administrative Procedure Act);
214 (to the extent that it creates a new
crime under the Investment Company Act);
301 (dealing with the continued viability of
the McCarran-Ferguson Act); 306 (dealing
with expedited dispute resolution for dis-
putes between state and federal regulators);
314(a) (dealing with court jurisdiction over
litigation concerning redomesticated in-
surer); 321(d) (dealing with court jurisdic-
tion over litigation concerning reciprocity
or uniformity determinations); 335 (dealing
with court jurisdiction over litigation con-
cerning the National Association of Reg-
istered Agents and Brokers). In addition,
there are at least two provisions of the bill
as reported by the Banking Committee over
which this committee has jurisdiction: 179
(creating new criminal and civil liability for
violations of new privacy requirements) and
193 (to the extent that it limits the claims
of bankruptcy trustees).
The foregoing list is intended to be as com-
prehensive as possible, but any inadvertent
omission of a provision in either the intro-
duced or reported versions of the bill that
the Committee would otherwise have juris-
diction over does not waive that jurisdiction.
The Committee has not yet been able to ob-
tain a copy of the bill as ordered reported by
the Commerce Committee, and it reserves its
rights with respect to any additional provi-
sions that may be included therein.
As you know, I have several relatively
minor concerns with the language of these
provisions, and my staff has been working
with yours to resolve them. I am confident
that we will resolve them in the near future.
For that reason, I am willing to waive the
Committee's right to a sequential referral of
H.R. 10 subject to the good faith commit-
ment of all concerned that these minor con-
cerns will be addressed to our satisfaction ei-
ther in the base text made in order under the
rule or a manager's amendment which H.R.
10 goes to the floor.However, my doing so does not constitute
any waiver of the Committee's jurisdiction
over these provisions and does not prejudice
its rights in any future legislation relating
to these provisions or any other similar pro-
visions that may be included in the Act. I
will, of course, insist that Members of this
Committee be named as conferees on these
provisions or any other similar provisions in
the bill should it go to conference. By sepa-
rate letter, a copy of which is attached, I am
making that request Speaker Hastert today.
I appreciate your consideration of my
views on this issue. Please let me know if
you need any further information.
Sincerely,
HENRY J. HYDE,
Chaiman.
U.S. HOUSE OF REPRESENTATIVES,
COMMITTEE ON COMMERCE,
Washington, DC, June 18, 1999.
Hon. HENRY HYDE,
Chairman, Committee on the Judiciary,
Washington, DC.
DEAR HENRY: Thank you for your letter re-
garding the Committee on the Judiciary's ju-
risdictional interest in H.R. 10, the "Finan-
cial Services Act of 1999."
I acknowledge the Judiciary Committee
jurisdictional interest in a number of provi-
sions in H.R. 10. The Committee on Com-
merce has included your proposed revision to
the antitrust subtitle in its consideration of
the legislation. I will work with you to ad-
dress any other concerns you have either in
base text or as part of a manager's amend-
ment on the House floor.
I would not oppose Members of the Judici-
ary Committee being named as conferees for
provisions within your Committee's jurisdic-
tion.
Thank you for foregoing a request for a se-
quential referral of this important legisla-
tion. I appreciate your willingness to work
with me.
Sincerely,
TOM BLILEY,
Chairman.
U.S. HOUSE OF REPRESENTATIVES,
COMMITTEE ON BANKING AND FI-
NANCIAL SERVICES,
Washington, DC, June 15, 1999.
Hon. HENRY HYDE,
Chairman, Committee on the Judiciary,
Washington, DC.
DEAR HENRY: Thank you for your letter re-
garding the Judiciary Committee's jurisdic-
tional interest in H.R. 10, the "Financial
Services Act of 1999."
I recognize that the Committee on the Ju-
diciary has jurisdictional claims to those
provisions in H.R. 10 which affect the Bank-
ruptcy Code, criminal sanctions, antitrust
laws, the McCarran-Ferguson Act, adminis-
trative procedures and the court system.
Your willingness to waive the Committee's
right to a sequential referral of this legisla-
tion so that we may move it to the floor ex-
peditiously is appreciated. As outlined in
your letter, I will continue to work with you
in good faith to see that the thrust of the Ju-
diciary Committee's concerns will be ad-
dressed as H.R. 10 goes to the floor. In addi-
tion, I agree with you that on the provisions
within the Judiciary Committee's jurisdic-
tion the Judiciary Committee should be rep-
resented when the bill goes to conference.
Thanks again for your cooperation. I ap-
preciate your willingness to work with the
Committee on Banking and Financial Serv-
ices.
Sincerely,
JAMES A. LEACH,
Chairman.The CHAIRMAN. All time for general
debate has expired.
Pursuant to the rule, the amendment
in the nature of a substitute consisting
of the text of the Committee on Rules
print dated June 24, 1999, is considered
as an original bill for the purpose of
amendment under the 5-minute rule
and is considered read.
The text of the amendment in the na-
ture of a substitute is as follows:
Strike out all after the enacting clause and
insert the following:
SECTION 1. SHORT TITLE; PURPOSES; TABLE OF
CONTENTS.
(a) SHORT TITLE.-This Act may be cited as
the "FinancialEServices Act of 1999".
(b) PURPOSES-The purposes of this Act
are as follows:
(1) To enhance competition in the financial
services industry, in order to foster innova-
tion and efficiency.
(2) To ensure the continued safety and
soundness of depository institutions.
(3) To provide necessary and appropriate
protections for investors and ensure fair and
honest markets in the delivery of financial
services.
(4) To avoid duplicative, potentially con-
flicting, and overly burdensome regulatory
requirements through the creation of a regu-
latory framework for financial holding com-
panies that respects the divergent require-
ments of each of the component businesses of
the holding company, and that is based upon
principles of strong functional regulation
and enhanced regulatory coordination.
(5) To reduce and, to the maximum extent
practicable, to eliminate the legal barriers
preventing affiliation among depository in-
stitutions, securities firms, insurance com-
panies, and other financial service providers
and to provide a prudential framework for
achieving that result.
(6) To enhance the availability of financial
services to citizens of all economic cir-
cumstances and in all geographic areas.
(7) To enhance the competitiveness of
United States financial service providers
internationally.
(8) To ensure compliance by depository in-
stitutions with the provisions of the Commu-
nity Reinvestment Act of 1977 and enhance
the ability of depository institutions to meet
the capital and credit needs of all citizens
and communities, including underserved
communities and populations.
(c) TABLE OF CONTENTS.-The table of con-
tents for this Act is as follows:
Sec. 1. Short title; purposes; table of con-
tents.
TITLE I-FACILITATING AFFILIATION
AMONG SECURITIES FIRMS, INSUR-
ANCE COMPANIES, AND DEPOSITORY
INSTITUTIONS
Subtitle A-Affiliations
Sec. 101. Glass-Steagall Act reformed.
Sec. 102. Activity restrictions applicable to
bank holding companies which
are not financial holding com-
panies.
Sec. 103. Financial holding companies.
Sec. 104. Operation of State law.
Sec. 105. Mutual bank holding companies
authorized.
Sec. 105A. Public meetings for large bank
acquisitions and mergers.
Sec. 106. Prohibition on deposit production
offices.
Sec. 107. Clarification of branch closure re-
quirements.
Sec. 108. Amendments relating to limited
purpose banks.15025
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United States. Congress. Congressional Record: Proceedings and Debates of the 106th Congress, First Session, Volume 145, Part 11, book, July 1999; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc30909/m1/68/: accessed April 24, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.