H.R. 3189 - Fed Oversight Reform and Modernization Act of 2015

Fed Oversight Reform and Modernization Act of 2015

H.R. 3189 — 114^th Congress (2015–2016)

Summary

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. (by CRS)

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Title

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.

Other Titles

• Fed Oversight Reform and Modernization Act of 2015
• FORM Act of 2015
• Fed Oversight Reform and Modernization Act of 2015
• FORM Act of 2015
• Fed Oversight Reform and Modernization Act of 2015
• FORM Act of 2015
• Centennial Monetary Commission Act of 2015
• Fed Oversight Reform and Modernization Act of 2015

Sponsor

Bill Huizenga

Co-Sponsors

• Rick W. Allen
• Dan Benishek
• Tom Emmer
• Stephen Lee Fincher
• Bill Flores
• Scott Garrett
• Louie Gohmert
• Paul A. Gosar
• Frank C. Guinta
• Randy Hultgren
• Luke Messer
• Alexander X. Mooney
• Mick Mulvaney
• Robert Pittenger
• Keith J. Rothfus
• Marlin A. Stutzman
• Scott R. Tipton
• Randy K. Weber, Sr.
• Roger Williams
• Robert J. Wittman

Subjects

• Finance and financial sector
• Accounting and auditing
• Administrative law and regulatory procedures
• Bank accounts, deposits, capital
• Banking and financial institutions regulation
• Congressional oversight
• Economic performance and conditions
• Federal officials
• Federal Reserve System
• Financial services and investments
• Foreign and international banking
• Government employee pay, benefits, personnel management
• Government ethics and transparency, public corruption
• Government information and archives
• Government studies and investigations
• Inflation and prices
• Interest, dividends, interest rates
• International monetary system and foreign exchange
• International organizations and cooperation
• Monetary policy
• Securities

Related Bills

• H.Res. 529 (114^th) : 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.
• S. 2232 (114^th) : Federal Reserve Transparency Act of 2015
• H.R. 24 (114^th) : Federal Reserve Transparency Act of 2015
• H.R. 5429 (114^th) : SEC Regulatory Accountability Act
• H.R. 5983 (114^th) : Financial CHOICE Act of 2016

Major Actions

Introduced	7/22/2015
Referred to Committee
Amendments (5 proposed)
Passed House	11/19/2015

Bill History

• All Votes
• All Actions
• Amendments

	Chamber/Committee	Motion	Date	Result
select this vote	House	On agreeing to the Heck (WA) amendment (A001) Failed by voice vote.	11/18/2015	by voice vote
select this vote	House	On agreeing to the Heck (WA) amendment (A002) Agreed to by voice vote.	11/18/2015	by voice vote
select this vote	House	On agreeing to the Grayson amendment (A003) Agreed to by voice vote.	11/18/2015	by voice vote
select this vote	House	On agreeing to the Grayson amendment (A004) Failed by voice vote.	11/19/2015	by voice vote
select this vote	House	On agreeing to the King (IA) amendment (A005) as modified Agreed to by voice vote.	11/19/2015	by voice vote
select this vote	House	On Motion to Recommit with Instructions: H R 3189 Fed Oversight Reform and Modernization (FORM) Act of 2015	11/19/2015	This motion DID NOT PASS the House 182 voted YES 242 voted NO 10 voted present/not voting
currently selected	House	On Passage: H R 3189 Fed Oversight Reform and Modernization (FORM) Act of 2015	11/19/2015	This bill PASSED the House 241 voted YES 185 voted NO 8 voted present/not voting

	Action	Date	Description
	Introduced	7/23/2015
		7/22/2015	Hearings Held by the Subcommittee on Monetary Policy and Trade Prior to Referral.
		7/23/2015	Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
		7/23/2015	Introduced in House
		7/29/2015	Committee Consideration and Mark-up Session Held.
	Put on a legislative calendar	7/29/2015	Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 25.
		11/16/2015	Reported (Amended) by the Committee on Financial Services. H. Rept. 114-332, Part I.
		11/16/2015	Committee on Oversight and Government discharged.
	Put on a legislative calendar	11/16/2015	Placed on the Union Calendar, Calendar No. 253.
		11/17/2015	Rules Committee Resolution H. Res. 529 Reported to House. Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.
		11/18/2015	Rule H. Res. 529 passed House.
		11/18/2015	ORDER OF PROCEDURE - Mr. Hensarling asked unanimous consent that the question of adopting a motion to recommit on H.R. 3189 may be subject to postponement as though under clause 8 of rule 20. Agreed to without objection.
		11/18/2015	Considered under the provisions of rule H. Res. 529.
		11/18/2015	Rule provides for consideration of H.R. 1210 and H.R. 3189. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Rule provides that H.R. 1210 shall be amended by the text of Rules Committee Print 114-34 and that the amendment printed in part A of the report from the Committee on Rules shall be separately debatable for 10 minutes. H.R. 3189 shall be amended by the text of Rules Committee Print 114-35 and modified by the amendment printed in Part B of the report. No further amendments other than those printed in Part C of the report shall be in order for H.R. 3189.
		11/18/2015	House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 529 and Rule XVIII.
		11/18/2015	The Speaker designated the Honorable Kevin Yoder to act as Chairman of the Committee.
		11/18/2015	GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3189.
		11/18/2015	DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Heck (WA) amendment No. 1.
		11/18/2015	DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Heck (WA) amendment No. 2.
		11/18/2015	DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Grayson amendment No. 3.
		11/18/2015	DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the Grayson amendment No. 5.
		11/18/2015	DEBATE - Pursuant to the provisions of H.Res. 529, the Committee of the Whole proceeded with 10 minutes of debate on the King (IA) amendment No. 6.
		11/18/2015	The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3189.
		11/18/2015	The previous question was ordered pursuant to the rule.
		11/18/2015	The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.
		11/18/2015	POSTPONED PROCEEDINGS - Pursuant to clause 1(c) of Rule 19, the Speaker postponed further proceedings on H.R. 3189.
		11/18/2015
		11/18/2015	House amendment offered
		11/18/2015
		11/18/2015	House amendment offered
		11/18/2015
		11/18/2015	House amendment offered
		11/18/2015
		11/18/2015	House amendment offered
		11/18/2015
		11/18/2015	House amendment offered
		11/18/2015	Amendment (A001) offered by Mr. Heck (WA).
		11/18/2015	House amendment offered/reported by : Amendment (A001) offered by Mr. Heck (WA).
select this vote	Vote	11/18/2015	On agreeing to the Heck (WA) amendment (A001) Failed by voice vote.
		11/18/2015	House amendment not agreed to: On agreeing to the Heck (WA) amendment (A001) Failed by voice vote.
		11/18/2015	Amendment failed in Committee of the Whole
		11/18/2015	Amendment (A002) offered by Mr. Heck (WA).
		11/18/2015	House amendment offered/reported by : Amendment (A002) offered by Mr. Heck (WA).
select this vote	Vote	11/18/2015	On agreeing to the Heck (WA) amendment (A002) Agreed to by voice vote.
		11/18/2015	Amendment agreed to Committee of the Whole
		11/18/2015	House amendment agreed to: On agreeing to the Heck (WA) amendment (A002) Agreed to by voice vote.
		11/18/2015	Amendment (A003) offered by Mr. Grayson.
		11/18/2015	House amendment offered/reported by : Amendment (A003) offered by Mr. Grayson.
select this vote	Vote	11/18/2015	On agreeing to the Grayson amendment (A003) Agreed to by voice vote.
		11/18/2015	Amendment agreed to Committee of the Whole
		11/18/2015	House amendment agreed to: On agreeing to the Grayson amendment (A003) Agreed to by voice vote.
		11/19/2015	Considered as unfinished business.
		11/19/2015	Ms. Matsui moved to recommit with instructions to the Committee on Financial Services.
		11/19/2015	DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding new language outlining further considerations the Board shall take when determining which companies would be eligible to participate in the program.
		11/19/2015	The previous question on the motion to recommit with instructions was ordered without objection.
		11/19/2015	Motion to reconsider laid on the table Agreed to without objection.
		11/19/2015	Amendment (A004) offered by Mr. Grayson.
		11/19/2015	House amendment offered/reported by : Amendment (A004) offered by Mr. Grayson.
select this vote	Vote	11/19/2015	On agreeing to the Grayson amendment (A004) Failed by voice vote.
		11/19/2015	Amendment failed in Committee of the Whole
		11/19/2015	House amendment not agreed to: On agreeing to the Grayson amendment (A004) Failed by voice vote.
		11/19/2015	Amendment (A005) offered by Mr. King (IA).
		11/19/2015	House amendment offered/reported by : Amendment (A005) offered by Mr. King (IA).
		11/19/2015	King (IA) amendment (A005) modified by unanimous consent. Modification adds the provisions of the amendment No. 4 printed in House Report 114-341.
select this vote	Vote	11/19/2015	On agreeing to the King (IA) amendment (A005) as modified Agreed to by voice vote.
		11/19/2015	House amendment agreed to: On agreeing to the King (IA) amendment (A005) as modified Agreed to by voice vote.
		11/19/2015	Amendment agreed to Committee of the Whole
select this vote	Vote	11/19/2015	On Motion to Recommit with Instructions: H R 3189 Fed Oversight Reform and Modernization (FORM) Act of 2015
currently selected	House Vote on Passage	11/19/2015	On Passage: H R 3189 Fed Oversight Reform and Modernization (FORM) Act of 2015
		11/30/2015	Received in the Senate.
		12/17/2015	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

	Number	Sponsor	Date Offered	Status
select this vote	H. Amdt. 834	Heck, Denny [D-WA10]	November 18, 2015	Failed by voice vote on November 18, 2015.
	Amendment sought to suspend the requirement for rules-based decisionmaking when unemployment or inflation significantly diverges from targets. Show amendment details
select this vote	H. Amdt. 835	Heck, Denny [D-WA10]	November 18, 2015	Passed by voice vote on November 18, 2015.
	Amendment requires the Federal Open Market Committee to use fully revised data rather than the initial readings that are first available. Show amendment details
select this vote	H. Amdt. 836	Grayson, Alan [D-FL9]	November 18, 2015	Passed by voice vote on November 18, 2015.
	Amendment provides for an annual audit of the Federal Reserve. Show amendment details
select this vote	H. Amdt. 837	Grayson, Alan [D-FL9]	November 18, 2015	Failed by voice vote on November 18, 2015.
	Amendment sought to establish 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). Show amendment details
select this vote	H. Amdt. 838	King, Steve [R-IA4]	November 18, 2015	Passed by voice vote on November 18, 2015.
	Senate amendments insert a complete new text entitled "Hizballah International Financing Prevention Act of 2015" and appears on page H9341 of the December 16, 2015 Congressional Record. Show amendment details