[House Report 115-462]
[From the U.S. Government Publishing Office]
115th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 115-462
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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 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
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Majority Members Vote Minority Members Vote
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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
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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)
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.''.
[all]