,,ib ,union ,calendar ,no4 #hhc #aaeth ,,congress #b;d ,session ,h4 ,r4 #fgda ,report ,no4 #aae-aaaf1 ,part ,i ,,in ,,the ,,house ,,of ,,representatives ,september #g1 #bjah ,mr4 ,barr 7for himself1 ,mr4 ,lucas1 ,mr4 ,mooney of ,west ,virginia1 ,ms4 ,tenney1 and ,mr4 ,davidson7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,rules1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,january #b1 #bjai ,reported from the ,committee on ,financial ,services with an amendment ,strike out all after the enacting clause and insert the part printed in italic ,january #b1 #bjai;,committee on ,rules discharged2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed,for text of introduced bill1 see copy of bill as introduced on ,september #g1 #bjah ,a ,,bill ,to amend the ,federal ,reserve ,act to increase monetary policy transparency and accountability and to make reforms to the ,federal ,reserve ,system1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,federal ,reserve ,reform ,act of #bjah4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,monetary policy transparency and accountability4 ,sec4 #c4 ,independence from credit policy4 ,sec4 #d4 ,congressional accountability for emergency lending programs4 ,sec4 #e4 ,interest rates on balances maintained at a ,federal ,reserve ,bank by depository institutions established by ,federal ,open ,market ,committee4 ,sec4 #f4 ,membership of ,federal ,open ,market ,committee4 ,sec4 #g4 ,bringing the non-monetary policy related functions of the ,board of ,governors of the ,federal ,reserve ,system into the appropriations process4 ,sec4 #h4 ,amendment to appointment of presidents of ,federal ,reserve ,banks4 ,sec4 #i4 ,federal ,open ,market ,committee blackout period4 ,sec4 #aj4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #aa4 ,vice ,chairman for ,supervision report requirement4 #b4 ,monetary policy transparency and accountability ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is amended-- 7#a7 by redesignating subsections 7b7 and 7c7 as subsections 7d7 and 7e71 respectively2 and 7#b7 by inserting after subsection 7a7 the following new subsections3 7b7 ,policy transparency 7#a7 ,monetary policy strategy 7,a7 ,in general ,the ,committee shall annually establish exactly #a monetary policy strategy1 which shall serve as a non-technical public communication of the ,committee's consensus expectation for the conduct of monetary policy during that calendar year4 7,b7 ,requirements ,each monetary policy strategy of the ,committee shall include the following3 7i7 ,a plain ,english description of how the ,committee would adjust each of the following monetary policy instruments in reaction to changes in a small and well-defined set of publicly available economic indicators3 7,i7 ,short-term interest rate targets established by the ,committee4 7,,ii7 ,open-market operations authorized under section #ad4 7,,iii7 ,earnings on balances maintained at a ,federal reserve bank by or on behalf of a depository institution under section #ai7;b77#ab74 7ii7 ,an identification of #a monetary policy instrument from the list in clause 7i7 that the ,committee expects to use as the primary instrument for implementing the monetary policy strategy described under subparagraph 7,a74 7#b7 ,reference monetary policy rules ,in addition to the monetary policy strategy required under paragraph 7#a71 the ,committee shall annually adopt at least #a and not more than #c reference monetary policy rules1 each of which shall mathematically express how the primary monetary policy instrument identified under paragraph 7#a77;,b77ii7 reacts to changes in a small and well-defined set of publicly available economic indicators4 7#c7 ,deviations ,nothing in this subsection shall be construed to prevent the ,committee from setting short-term interest rate targets1 conducting open-market operations1 or paying earnings on balances pursuant to section #ai7;b77#ab7 in a manner that deviates from a monetary policy strategy or any reference monetary policy rules established under this subsection4 7c7 ,testimony and reports of the ,chairman ,the ,chairman shall1 concurrent with each semi-annual hearing required under section #b;,b1 submit a report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,banking and ,financial ,services of the ,house of ,representatives1 containing-- 7#a7 a statement as to whether the monetary policy strategy established under subsection 7b77#a7 qualitatively differs from any of the reference monetary policy rules required under subsection 7b77#b7 and1 if applicable1 a full and non-technical explanation of any such difference2 7#b7 a statement as to whether the ,committee's conduct of monetary policy since the previous report quantitatively differs from any reference monetary policy rule and1 if applicable1 a full and non-technical explanation of any such differences2 and 7#c7 a description of-- 7,a7 the circumstances under which the ,committee's monetary policy strategy may be amended from year to year2 and 7,b7 a full and non-technical explanation of any such actual amendment4 4 #c4 ,independence from credit policy 7a7 ,returning to a monetary policy balance sheet 7#a7 ,in general ,not later than #a year after the date of the enactment of this ,act-- 7,a7 the ,board of ,governors of the ,federal ,reserve ,system shall transfer to the ,department of the ,treasury all covered assets that are neither gold stock1 ,treasury currency1 nor direct obligations of the ,united ,states1 foreign central banks1 or the ,international ,monetary ,fund2 and 7,b7 the ,secretary of the ,treasury shall transfer to the ,federal reserve banks direct obligations of the ,united ,states of equivalent market value to such covered assets4 7#b7 ,covered assets defined ,in this subsection1 the term covered assets means all assets-- 7,a7 purchased through open-market operations by the ,federal reserve banks2 or 7,b7 acquired through transactions under the following sections of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq473 7i7 ,section #aj;,a before the date of the enactment of this ,act4 7ii7 ,section #aj;,b4 7iii7 ,section #ac4 7iv7 ,section #ac;,a4 7v7 ,section #bd4 7b7 ,open market asset purchases ,section #ad7;b7 7#ab ,u4,s4,c4 #cee7 of the ,federal ,reserve ,act 7relating to ,purchase and sale of obligations of ,united ,states1 ,states1 counties1 etc47 is amended to read as follows3 7b7 ,to buy and sell in the open market1 at home or abroad1 under the direction and regulations of the ,federal ,open ,market ,committee1 gold stock1 ,treasury currency1 or direct obligations of the ,united ,states1 foreign central banks1 or the ,international ,monetary ,fund4 ,nothing in this subsection shall be construed to limit advances under section #aj;,b1 or discount loans under sections #ac1 #ac;,a1 or #bd4 4 7c7 ,maintaining a monetary policy balance sheet 7#a7 ,assets acquired under emergency lending ,section #ac7c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cdc7c77 is amended by adding at the end the following new subparagraph3 7,f7 ,not later than #a year after a ,federal reserve bank acquires any assets under this paragraph that are neither gold nor direct obligations of the ,united ,states1 foreign central banks1 or the ,international ,monetary ,fund-- 7i7 the ,board shall transfer such assets of the ,federal reserve bank to the ,department of the ,treasury2 and 7ii7 the ,secretary of the ,treasury shall transfer to the ,federal reserve banks direct obligations of the ,united ,states of equivalent market value to the assets described in clause 7i74 4 7#b7 ,repeal of authority to provide emergency advances to groups of member banks ,section #aj;,a of the ,federal ,reserve ,act is repealed4 7#c7 ,assets acquired through advances to member banks ,the second undesignated paragraph of subsection 7a7 of section #aj;,b of the ,federal ,reserve ,act is amended-- 7,a7 by inserting not before secured by mortgage loans2 and 7,b7 by striking lowest discount rate and inserting highest discount rate4 #d4 ,congressional accountability for emergency lending programs ,section #ac7c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cdc7c771 as amended by section #c1 is further amended-- 7#a7 in subparagraph 7,a7-- 7,a7 by inserting that pose a threat to the financial stability of the ,united ,states after unusual and exigent circumstances2 and 7,b7 by striking the affirmative vote of not less than five members and inserting the prior approval of the ,secretary of the ,treasury and not less than #b_/c of the members of the ,federal ,open ,market ,committee2 7#b7 in subparagraph 7,b7-- 7,a7 by moving such subparagraph #d ems to the left2 7,b7 in clause 7i71 by inserting at the end the following3 ,federal reserve banks may not accept equity securities issued by the recipient of any loan or other financial assistance under this paragraph as collateral4 ,not later than #f months after the date of the enactment of this sentence1 the ,board shall1 by rule1 establish-- 7,i7 a method for determining the sufficiency of the collateral required under this paragraph2 7,,ii7 acceptable classes of collateral2 7,,iii7 the amount of any discount on the value of the collateral that the ,federal reserve banks will apply for purposes of calculating the sufficiency of collateral under this paragraph2 and 7,,iv7 a method for obtaining independent appraisals of the value of collateral the ,federal reserve banks receive4 2 7,c7 in clause 7ii7-- 7i7 by striking the second sentence2 and 7ii7 by inserting after the first sentence the following3 ,a borrower shall not be eligible to borrow from any emergency lending program or facility unless the ,board and all ,federal banking regulators with jurisdiction over the borrower certify that1 at the time the borrower initially borrows under the program or facility1 the borrower is not insolvent42 and 7,d7 by striking clause 7iv72 7#c7 by inserting financial institution before participant each place such term appears2 7#d7 in subparagraph 7,d77i71 by inserting financial institution before participants2 and 7#e7 by adding at the end the following new subparagraphs3 7,g7 ,joint resolution of approval 7i7 ,in general ,a program or facility created under subparagraph 7,a7 shall terminate on the date that is #cj calendar days after the date on which ,congress receives a report described in subparagraph 7,c7 unless there is enacted into law a joint resolution approving the program or facility not later than #cj calendar days after the date on which the report is received4 ,any loan offered through the program or facility that is outstanding as of the date on which the program or facility is terminated shall be repaid in full not later than #cj calendar days after the date on which the program or facility is terminated4 7ii7 ,contents of joint resolution ,for the purpose of this subparagraph1 the term joint resolution means only a joint resolution-- 7,i7 that is introduced not later than #c calendar days after the date on which the report described in subparagraph 7,c7 is received by ,congress2 7,,ii7 that does not have a preamble2 7,,iii7 the title of which is as follows3 ,joint resolution relating to the approval of a program or facility created by the ,board of ,governors of the ,federal ,reserve ,system2 and 7,,iv7 the matter after the resolving clause of which is as follows3 ,that ,congress approves the program or facility created by the ,board of ,governors of the ,federal ,reserve ,system on 4 7,the blank space being appropriately filled in74 7iii7 ,fast track consideration in ,house of ,representatives 7,i7 ,reconvening ,upon receipt of a report under subparagraph 7,c71 the ,speaker1 if the ,house would otherwise be adjourned1 shall notify the ,members of the ,house that1 pursuant to this subparagraph1 the ,house shall convene not later than the second calendar day after receipt of such report4 7,,ii7 ,reporting and discharge ,any committee of the ,house of ,representatives to which a joint resolution is referred shall report it to the ,house not later than #e calendar days after the date of receipt of the report described in subparagraph 7,c74 ,if a committee fails to report the joint resolution within that period1 the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar4 7,,iii7 ,proceeding to consideration ,after each committee authorized to consider a joint resolution reports it to the ,house or has been discharged from its consideration1 it shall be in order1 not later than the sixth day after ,congress receives the report described in subparagraph 7,c71 to move to proceed to consider the joint resolution in the ,house4 ,all points of order against the motion are waived4 ,such a motion shall not be in order after the ,house has disposed of a motion to proceed on the joint resolution4 ,the previous question shall be considered as ordered on the motion to its adoption without intervening motion4 ,the motion shall not be debatable4 ,a motion to reconsider the vote by which the motion is disposed of shall not be in order4 7,,iv7 ,consideration ,the joint resolution shall be considered as read4 ,all points of order against the joint resolution and against its consideration are waived4 ,the previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except #b hours of debate equally divided and controlled by the proponent and an opponent4 ,a motion to reconsider the vote on passage of the joint resolution shall not be in order4 7iv7 ,fast track consideration in ,senate 7,i7 ,reconvening ,upon receipt of a report under subparagraph 7,c71 if the ,senate has adjourned or recessed for more than #b days1 the majority leader of the ,senate1 after consultation with the minority leader of the ,senate1 shall notify the ,members of the ,senate that1 pursuant to this subparagraph1 the ,senate shall convene not later than the second calendar day after receipt of such report4 7,,ii7 ,placement on calendar ,upon introduction in the ,senate1 the joint resolution shall be placed immediately on the calendar4 7,,iii7 ,floor consideration 7aa7 ,in general ,notwithstanding ,rule ,,xxii of the ,standing ,rules of the ,senate1 it is in order at any time during the period beginning on the fourth day after the date on which ,congress receives a report described in subparagraph 7,c7 and ending on the sixth day after the date on which ,congress receives the report 7even though a previous motion to the same effect has been disagreed to7 to move to proceed to the consideration of the joint resolution1 and all points of order against the joint resolution 7and against consideration of the joint resolution7 are waived4 ,the motion to proceed is not debatable4 ,the motion is not subject to a motion to postpone4 ,a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order4 ,if a motion to proceed to the consideration of the resolution is agreed to1 the joint resolution shall remain the unfinished business until disposed of4 7bb7 ,debate ,debate on the joint resolution1 and on all debatable motions and appeals in connection therewith1 shall be limited to not more than #aj hours1 which shall be divided equally between the majority and minority leaders or their designees4 ,a motion further to limit debate is in order and not debatable4 ,an amendment to1 or a motion to postpone1 or a motion to proceed to the consideration of other business1 or a motion to recommit the joint resolution is not in order4 7cc7 ,vote on passage ,the vote on passage shall occur immediately following the conclusion of the debate on a joint resolution1 and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the ,senate4 7dd7 ,rulings of the chair on procedure ,appeals from the decisions of the ,chair relating to the application of the rules of the ,senate1 as the case may be1 to the procedure relating to a joint resolution shall be decided without debate4 7v7 ,coordination with action by other ,house 7,i7 ,in general ,if1 before the passage by one ,house of a joint resolution of that ,house1 that ,house receives from the other ,house a joint resolution1 then the following procedures shall apply3 7aa7 ,the joint resolution of the other ,house shall not be referred to a committee4 7bb7 ,with respect to a joint resolution of the ,house receiving the resolution-- 7,,aa7 the procedure in that ,house shall be the same as if no joint resolution had been received from the other ,house2 but 7,,bb7 the vote on passage shall be on the joint resolution of the other ,house4 7,,ii7 ,treatment of joint resolution of other ,house ,if one ,house fails to introduce or consider a joint resolution under this section1 the joint resolution of the other ,house shall be entitled to expedited floor procedures under this section4 7,,iii7 ,consideration after passage ,if1 following passage of the joint resolution in the ,senate1 the ,senate then receives the companion measure from the ,house of ,representatives1 the companion measure shall not be debatable4 7,,iv7 ,vetoes ,if the ,president vetoes the joint resolution1 the period beginning on the date the ,president vetoes the joint resolution and ending on the date the ,congress receives the veto message with respect to the joint resolution shall be disregarded in computing the #cj-;calendar day period described in clause 7i7 and debate on a veto message in the ,senate under this section shall be #a hour equally divided between the majority and minority leaders or their designees4 7,v7 ,rules of ,house of ,representatives and ,senate ,this subparagraph is enacted by ,congress-- 7aa7 as an exercise of the rulemaking power of the ,senate and ,house of ,representatives1 respectively1 and as such it is deemed a part of the rules of each ,house1 respectively1 but applicable only with respect to the procedure to be followed in that ,house in the case of a joint resolution1 and it supersedes other rules only to the extent that it is inconsistent with such rules2 and 7bb7 with full recognition of the constitutional right of either ,house to change the rules 7so far as relating to the procedure of that ,house7 at any time1 in the same manner1 and to the same extent as in the case of any other rule of that ,house4 7,h7 ,penalty rate 7i7 ,in general ,not later than #f months after the date of enactment of this subparagraph1 the ,board shall1 with respect to a recipient of any loan or other financial assistance under this paragraph1 establish by rule a minimum interest rate on the principal amount of any loan or other financial assistance4 7ii7 ,minimum interest rate defined ,in this subparagraph1 the term minimum interest rate shall mean the sum of-- 7,i7 the average of the secondary discount rate of all ,federal reserve banks over the most recent #ij-;day period2 and 7,,ii7 the average of the difference between a distressed corporate bond yield index 7as defined by rule of the ,board7 and a bond yield index of debt issued by the ,united ,states 7as defined by rule of the ,board7 over the most recent #ij-;day period4 7,i7 ,financial institution participant defined ,for purposes of this paragraph1 the term financial institution participant-- 7i7 means a company that is predominantly engaged in financial activities 7as defined in section #ajb7;a7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecaa7;a7772 and 7ii7 does not include an agency described in subparagraph 7,w7 of section #ecab7;a77#b7 of title #ca1 ,united ,states ,code1 or an entity controlled or sponsored by such an agency4 4 #e4 ,interest rates on balances maintained at a ,federal ,reserve ,bank by depository institutions established by ,federal ,open ,market ,committee ,subparagraph 7,a7 of section #ai7;b77#ab7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is amended by inserting established by the ,federal ,open ,market ,committee after rate or rates4 #f4 ,membership of ,federal ,open ,market ,committee ,section #ab;,a7a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7;a77 is amended-- 7#a7 in the first sentence1 by striking five representatives of the ,federal ,reserve banks to be selected as hereinafter provided and inserting one representative from each of the ,federal ,reserve banks2 7#b7 in the second sentence1 by striking and1 beginning and all that follows through ,san ,francisco2 and 7#c7 by striking the third and fourth sentences4 #g4 ,bringing the non-monetary policy related functions of the ,board of ,governors of the ,federal ,reserve ,system into the appropriations process 7a7 ,in general ,the ,federal ,reserve ,act is amended by inserting after section #aa;,b the following3 #aa;,c4 ,appropriations requirement for non-monetary policy related administrative costs 7a7 ,appropriations requirement 7#a7 ,recovery of costs of annual appropriation ,the ,board of ,governors of the ,federal ,reserve ,system and the ,federal reserve banks shall collect assessments and other fees1 as provided under this ,act1 that are designed to recover the costs to the ,government of the annual appropriation to the ,board of ,governors of the ,federal ,reserve ,system by ,congress4 ,the ,board of ,governors of the ,federal ,reserve ,system and the ,federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations ,act4 7#b7 ,offsetting collections ,assessments and other fees described under paragraph 7#a7 for any fiscal year-- 7,a7 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,board of ,governors of the ,federal ,reserve ,system2 and 7,b7 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7#c7 ,limitation ,this subsection shall only apply to the non-monetary policy related administrative costs of the ,board of ,governors of the ,federal ,reserve ,system4 7b7 ,definitions ,for purposes of this section3 7#a7 ,monetary policy ,the term monetary policy means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value4 7#b7 ,non-monetary policy related administrative costs ,the term non-monetary policy related administrative costs means administrative costs not related to the conduct of monetary policy1 and includes-- 7,a7 direct operating expenses for supervising and regulating entities supervised and regulated by the ,board of ,governors of the ,federal ,reserve ,system1 including conducting examinations1 conducting stress tests1 communicating with the entities regarding supervisory matters and laws1 and regulations2 7,b7 operating expenses for activities integral to carrying out supervisory and regulatory responsibilities1 such as training staff in the supervisory function1 research and analysis functions including library subscription services1 and collecting and processing regulatory reports filed by supervised institutions2 and 7,c7 support1 overhead1 and pension expenses related to the items described under subparagraphs 7,a7 and 7,b74 4 7b7 ,effective date ,the amendments made by this section shall apply with respect to expenses paid and fees collected on or after ,october #a1 #bjah4 #h4 ,amendment to appointment of presidents of ,federal ,reserve ,banks ,the fifth subparagraph of the fourth undesignated paragraph of section #d of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cda7 is amended by striking ,class ,b and ,class ,c directors and inserting board of directors4 #i4 ,federal ,open ,market ,committee blackout period ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc71 as amended by section #b1 is further amended by adding at the end the following new subsection3 7f7 ,blackout period 7#a7 ,in general ,during a blackout period1 the only public communications that may be made by members and staff of the ,committee with respect to macroeconomic or financial developments or about current or prospective monetary policy issues are the following3 7,a7 ,the dissemination of published data1 surveys1 and reports that have been cleared for publication by the ,board of ,governors of the ,federal ,reserve ,system4 7,b7 ,answers to technical questions specific to a data release4 7,c7 ,communications with respect to the prudential or supervisory functions of the ,board of ,governors4 7#b7 ,blackout period defined ,for purposes of this subsection1 and with respect to a meeting of the ,committee described under subsection 7a71 the term blackout period means the time period that-- 7,a7 begins immediately after midnight on the day that is one week prior to the date on which such meeting takes place2 and 7,b7 ends at midnight on the day after the date on which such meeting takes place4 7#c7 ,exemption for chairman of the board of governors ,nothing in this section shall prohibit the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system from participating in or issuing public communications4 4 #aj4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7#a7 by redesignating the second subsection 7s7 7relating to ,assessments1 ,fees1 and ,other ,charges for ,certain ,companies7 as subsection 7t72 and 7#b7 by adding at the end the following new subsections3 7u7 ,prohibited and restricted financial interests and transactions ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to the provisions under section #ddja4ajb of title #e1 ,code of ,federal ,regulations1 to the same extent as such provisions apply to an employee of the ,securities and ,exchange ,commission4 7v7 ,disclosure of staff salaries and financial information ,the ,board of ,governors of the ,federal ,reserve ,system shall make publicly available1 on the website of the ,board of ,governors1 a searchable database that contains the names of all members1 officers1 and employees of the ,board of ,governors who receive an annual salary in excess of the annual rate of basic pay for ,,gs-#ae of the ,general ,schedule1 and-- 7#a7 the yearly salary information for such individuals1 along with any nonsalary compensation received by such individuals2 and 7#b7 any financial disclosures required to be made by such individuals4 4 7b7 ,office staff for each member of the ,board of ,governors ,subsection 7l7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended by adding at the end the following3 ,each member of the ,board of ,governors of the ,federal ,reserve ,system may employ1 at a minimum1 #b individuals1 with such individuals selected by such member and the salaries of such individuals set by such member4 ,a member may employ additional individuals as determined necessary by the ,board of ,governors44 #aa4 ,vice ,chairman for ,supervision report requirement ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg;b7 is amended-- 7#a7 by redesignating such paragraph as paragraph 7#aa72 and 7#b7 in such paragraph-- 7,a7 by striking shall appear and inserting shall provide written testimony and appear2 and 7,b7 by adding at the end the following3 ,if1 at the time of any appearance described in this paragraph1 the position of ,vice ,chairman for ,supervision is vacant1 the ,chairman or their designee shall appear instead and provide the required written testimony44 ,january #b1 #bjai ,reported from the ,committee on ,financial ,services with an amendment,january #b1 #bjai;,committee on ,rules discharged2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed