H.R. 3945House109th Congress (2005-2007)Passed House

Hurricane Katrina Financial Services Relief Act of 2005

Introduced September 29, 2005

Legislative Activity

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12 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

October 28, 2005

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HouseIntro Referral

Introduced in House

September 29, 2005

HouseIntro Referral

Referred to the House Committee on Financial Services.

September 29, 2005

HouseFloor

Mr. Baker moved to suspend the rules and pass the bill, as amended.

October 26, 2005 • 11:56 AM

HouseFloor

Considered under suspension of the rules. (consideration: CR H9123-9125)

October 26, 2005 • 11:56 AM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 3945.

October 26, 2005 • 11:56 AM

HouseFloor

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

October 26, 2005 • 12:04 PM

HouseFloor

Considered as unfinished business. (consideration: CR H9309-9310)

October 27, 2005 • 1:09 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 0 (Roll no. 549).(text: CR 10/26/2005 H9123-9124)

October 27, 2005 • 1:17 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

October 27, 2005 • 1:17 PM

HouseFloor

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 0 (Roll no. 549). (text: CR 10/26/2005 H9123-9124)

October 27, 2005 • 1:17 PM

HouseFloor

The title of the measure was amended. Agreed to without objection.

October 27, 2005 • 1:17 PM

SenateIntro Referral

Received in the Senate.

October 27, 2005

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

October 28, 2005

Floor Debate

23 members

What members said about H.R. 3945 on the floor

10 Republicans13 Democrats
David L. Hobson
Rep. David L. HobsonR-OH-7 · Oct 27, 2005

Mr. Chairman, I rise reluctantly in support of this motion. I have always supported the BRAC. I have been here through three of these, and I always thought they were well reasoned before, win, lose…

Jim Cooper
Rep. Jim CooperD-TN-5 · Oct 27, 2005

Mr. Chairman, I come here today to praise the men and women of the 118th Air Wing who fly out of Nashville, Tennessee. They have been mistreated by this BRAC process. I do not blame the BRAC…

Terry Everett
Rep. Terry EverettR-AL-2 · Oct 27, 2005

Mr. Chairman, I rise today in opposition to H.J. Res. 65, a resolution disapproving the recommendations of the Defense Base Realignment and Closure Commission. It is clear that we have too much…

Thomas H. Allen
Rep. Thomas H. AllenD-ME-1 · Oct 27, 2005

Mr. Chairman, I rise in support of H.J. Res. 65, to disapprove the recommendations of the Base Realignment and Closure Commission--BRAC. Closing surplus military infrastructure makes sense, but only…

Gene Green
Rep. Gene GreenD-TX-29 · Oct 27, 2005

Mr. Chairman, I am proud to follow my neighbor from Texas (Mr. DeLay). Ellington is in his district, but I am the next closest Member. I rise to express my disapproval for the recommendations of the…

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Michael G. Oxley
Rep. Michael G. OxleyR-OH-4 · Oct 27, 2005

Mr. Chairman, I stand in support of House Joint Resolution 65, disapproving the recommendations of the Base Realignment and Closure Commission. This will be my first vote against a BRAC list, and it…

Barney Frank
Rep. Barney FrankD-MA-4 · Oct 26, 2005

Madam Chairman, will the gentleman yield? Madam Chairman, I just wanted to add my voice. The ranking member of the subcommittee has spent a good deal of time focused on the corporate governance of…

Richard H. Baker
Rep. Richard H. BakerR-LA-6 · Oct 26, 2005

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3945) to facilitate recovery from the effects of Hurricane Katrina by providing greater flexibility for, and temporary waivers of…

Sherwood Boehlert
Rep. Sherwood BoehlertR-NY-24 · Oct 27, 2005

Mr. Chairman, I thank the gentleman for yielding me time. Mr. Chairman, many of us who have been privileged to serve in this great institution for some time have been through this process many times.…

Gene Taylor
Rep. Gene TaylorD-MS-4 · Oct 27, 2005

Mr. Chairman, I have come to the same conclusion as the great gentleman from Ohio (Mr. Hobson). I have just probably been at it longer. Article I, section 8 of the Constitution gives Congress the…

Rob Simmons
Rep. Rob SimmonsR-CT-2 · Oct 27, 2005

Mr. Chairman, I stand in opposition today to H.J. Res. 65, a resolution to disapprove the recommendations of the Defense Base Closure and Realignment Commission. I oppose this resolution not because…

Ray LaHood
Rep. Ray LaHoodR-IL-18 · Oct 27, 2005

Mr. Chairman, I yield 4 minutes to the gentleman from New Jersey (Mr. Holt). (Mr. HOLT asked and was given permission to revise and extend his remarks.) Mr. Chairman, I yield 4 minutes to the…

Mark E. Souder
Rep. Mark E. SouderR-IN-3 · Oct 27, 2005

Mr. Chairman, I thank the distinguished gentleman from Colorado for the time. First, let me thank the BRAC Commission head Anthony Principi and all of the panel members for their hard work for…

Show 11 more
Steven C. LaTourette
Rep. Steven C. LaTouretteR-OH-14 · Oct 27, 2005

Mr. Chairman, I thank the gentleman for yielding me this time. In one of the few times since 1995 when we arrived in the House together, I am going to disagree with the gentleman from Illinois and…

Paul E. Kanjorski
Rep. Paul E. KanjorskiD-PA-11 · Oct 26, 2005

Madam Chairman, I offer an amendment. Madam Chairman, I yield myself such time as I may consume. Madam Chairman, simply stated, the amendment would ensure a continued independent public voice in the…

Martin T. Meehan
Rep. Martin T. MeehanD-MA-5 · Oct 27, 2005

Mr. Chairman, as a member of the House Armed Services Committee, I reluctantly support the BRAC recommendations today, and oppose this motion of disapproval pending before the House. I support these…

Neil Abercrombie
Rep. Neil AbercrombieD-HI-1 · Oct 27, 2005

Mr. Chairman, I thank the gentleman for yielding me time. Look, we are down here on the floor, it is empty. Maybe some folks are listening in their offices. I hope they are. I hope at least some of…

Rush Holt
Rep. Rush HoltD-NJ-12 · Oct 27, 2005

Mr. Chairman, I thank the gentleman from Illinois both for introducing this resolution and for yielding me some time to speak in support of the resolution. The stakes could not be higher. Of course,…

Stephanie Tubbs Jones
Rep. Stephanie Tubbs JonesD-OH-11 · Oct 27, 2005

Mr. Chairman, I thank the gentleman from Missouri (Mr. Skelton) for the opportunity to be heard. After a series of hearings and debates today, the House will vote on H.J. Res. 65, disapproving…

Joel Hefley
Rep. Joel HefleyR-CO-5 · Oct 27, 2005

Mr. Chairman, I yield 7 minutes to the gentleman from New York (Mr. Boehlert), the distinguished chairman of the Committee on Science. (Mr. BOEHLERT asked and was given permission to revise and…

Solomon P. Ortiz
Rep. Solomon P. OrtizD-TX-27 · Oct 27, 2005

Mr. Chairman, I rise in support of the bill before us to reject the BRAC recommendations; and I thank the gentleman from Illinois for his work on this bill. While this process has proceeded during a…

Michael G. Oxley
Rep. Michael G. OxleyR-OH-4 · Oct 26, 2005

Madam Chairman, I yield myself such time as I may consume. Madam Chairman, let me just say to my friend from Pennsylvania there are some sections of that amendment that I support in terms of…

Dennis J. Kucinich
Rep. Dennis J. KucinichD-OH-10 · Oct 27, 2005

Mr. Chairman, I rise in opposition to this resolution because I believe the BRAC Commission has performed its job admirably. It wisely chose to remove from the closure list the Defense Finance and…

Earl Blumenauer
Rep. Earl BlumenauerD-OR-3 · Oct 27, 2005

Mr. Chairman, I appreciate the gentleman's courtesy in permitting me to speak against this resolution. I understand the frustrations that have been expressed by some of our colleagues here on the…

Bill Text

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Latest
Referred in SenateIssued October 28, 2005
        [Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3945 Referred in Senate (RFS)]

109th CONGRESS
1st Session
H. R. 3945

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

October 27, 2005

Received

October 28, 2005

Read twice and referred to the Committee on Banking, Housing, and Urban
Affairs

_______________________________________________________________________

AN ACT

To facilitate recovery from the effects of Hurricane Katrina by
providing greater flexibility for, and temporary waivers of certain
requirements and fees imposed on, depository institutions, credit
unions, and Federal regulatory agencies, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Hurricane Katrina Financial Services
Relief Act of 2005''.

SEC. 2. FINDINGS.

The Congress finds as follows:
(1) On August 29, 2005, Hurricane Katrina, a category 4
storm with an impact area of 90,000 square miles, reached
landfall devastating the States of Louisiana, Mississippi and
Alabama, causing loss of life and property.
(2) Levee breaches in the flood control system for the city
of New Orleans as a result of Hurricane Katrina resulted in
tragic flooding, causing additional loss of life and property.
(3) Due to the substantial damage to both property and
infrastructure, more than 1,000,000 people were made homeless
or brought under financial duress by the effects of Hurricane
Katrina.
(4) At least 120 insured depository institutions and 96
insured credit unions are located in the areas of Texas,
Louisiana, Mississippi and Alabama, declared as major disaster
areas by the President.

SEC. 3. DEFINITIONS.

For purposes of this Act, the following definitions shall apply:
(1) Appropriate federal banking agency.--The term
``appropriate Federal banking agency'' has the same meaning as
in section 3 of the Federal Deposit Insurance Act.
(2) Insured credit union.--The term ``insured credit
union'' has the same meaning as in section 101 of the Federal
Credit Union Act.
(3) Insured depository institution.--The term ``insured
depository institution'' has the same meaning as in section 3
of the Federal Deposit Insurance Act.
(4) Qualified disaster area.--The term ``qualified disaster
area'' means any area within Alabama, Louisiana, Florida, or
Mississippi in which the President, pursuant to section 401 of
the Robert T. Stafford Disaster Relief and Emergency Assistance
Act, has determined, on or after August 25, 2005, that a major
disaster exists due to Hurricane Katrina.

SEC. 4. SENSE OF THE CONGRESS ON CASHING OF GOVERNMENT CHECKS.

It is the sense of the Congress that--
(1) it is vital that insured depository institutions and
insured credit unions continue to provide financial services to
consumers displaced or otherwise affected by Hurricane Katrina,
which includes the cashing of Federal government assistance and
benefit checks;
(2) the Secretary of the Treasury and the Federal financial
regulators should seek to educate insured depository
institutions and insured credit unions on the proper
application of the guidance issued by the Secretary on cashing
of Federal government assistance and benefit checks and
published in the Federal Register while such guidance is in
effect; and
(3) the Federal financial regulators should continue to
work with the insured depository institutions and insured
credit unions operating under extraordinary circumstances to
facilitate the cashing of Federal government assistance and
benefit checks.

SEC. 5. WAIVER OF FEDERAL RESERVE BOARD FEES FOR CERTAIN SERVICES.

Notwithstanding section 11A of the Federal Reserve Act or any other
provision of law, during the effective period of this section, a
Federal reserve bank shall waive or rebate any transaction fee for wire
transfer services that otherwise would be imposed on any insured
depository institution or insured credit union that as of August 28,
2005, was headquartered in a qualified disaster area.

SEC. 6. FLEXIBILITY IN CAPITAL AND NET WORTH STANDARDS FOR AFFECTED
INSTITUTIONS.

(a) In General.--Notwithstanding section 38 of the Federal Deposit
Insurance Act, section 216 of the Federal Credit Union Act, or any
other provision of Federal law, during the 18-month period beginning on
the date of enactment of this Act, the appropriate Federal banking
agency and the National Credit Union Administration may forbear from
taking any action required under any such section or provision, on a
case-by-case basis, with respect to any undercapitalized insured
depository institution or undercapitalized insured credit union that is
not significantly or critically undercapitalized, if such agency or
Administration determines that--
(1) the insured depository institution or insured credit
union derives more than 50 percent of its total deposits from
persons who normally reside within, or whose principal place of
business is normally within, a qualified disaster area;
(2) the insured depository institution or insured credit
union was at least adequately capitalized as of August 25,
2005;
(3) the reduction in the capital or net worth category of
the insured depository institution or insured credit union is
directly attributable to the impact of Hurricane Katrina; and
(4) forbearance from any such action--
(A) would facilitate the recovery of the insured
depository institution or insured credit union from the
disaster in accordance with a recovery plan or a
capital or net worth restoration plan established by
such depository institution or credit union; and
(B) would be consistent with safe and sound
practices.
(b) Capital and Net Worth Categories Defined.--For purposes of this
section, the terms relating to capital categories for insured
depository institutions have the same meaning as in section 38(b)(1) of
the Federal Deposit Insurance Act and the terms relating to net worth
categories for insured credit unions have the same meaning as in
section 216(c)(1) of the Federal Credit Union Act.

SEC. 7. DEPOSIT OF INSURANCE PROCEEDS.

(a) In General.--The appropriate Federal banking agency and the
National Credit Union Administration may, by order, permit an insured
depository institution or insured credit union, during the 18-month
period beginning on the date of enactment of this Act, to subtract from
such institution's or credit union's total assets in calculating
compliance with the leverage limit, applicable under section 38 of the
Federal Deposit Insurance Act or section 216(c)(2) of the Federal
Credit Union Act with respect to such insured depository institution or
insured credit union, an amount not exceeding the qualifying amount
attributable to insurance proceeds, if the agency or Administration
determines that--
(1) such institution or credit union--
(A) derives more than 50 percent of its total
deposits from persons who normally reside within, or
whose principal place of business is normally within, a
qualified disaster area;
(B) was at least adequately capitalized as of
August 25, 2005; and
(C) has an acceptable plan for managing the
increase in its total assets and total deposits; and
(2) the subtraction is consistent with the purpose of
section 38 of the Federal Deposit Insurance Act, in the case of
an insured depository institution, and section 216 of the
Federal Credit Union Act, in the case of an insured credit
union.
(b) Definitions.--For purposes of this section, the following
definitions shall apply:
(1) Leverage limit.--The term ``leverage limit''--
(A) with respect to an insured depository
institution, has the same meaning as in section 38 of
the Federal Deposit Insurance Act; and
(B) with respect to an insured credit union, means
the net worth ratio that corresponds to the leverage
limit, as established in accordance with section
216(c)(2).
(2) Qualifying amount attributable to insurance proceeds.--
The term ``qualifying amount attributable to insurance
proceeds'' means the amount (if any) by which the institution's
or credit union's total assets exceed the institution's or
credit union's average total assets during the calendar quarter
ending before the date of the earliest Presidential
determination referred to in section 3(4), because of the
deposit of insurance payments or governmental assistance,
including government disaster relief payments, made with
respect to damage caused by, or other costs resulting from, the
major disaster within a qualified disaster area.

SEC. 8. EFFECTIVE PERIOD.

(a) In General.--Except as provided in sections 4(2), 6(a), and
7(a) and subject to subsection (b), the provisions of this Act shall
not apply after the end of the 180-day period beginning on the date of
the enactment of this Act.
(b) 30-Day Extension Authorized.--With respect to the provisions of
section 5, the 180-day period referred to in subsection (a) may be
extended for 1 additional 30-day period upon a determination by the
Board of Governors of the Federal Reserve System that such extension is
appropriate to achieve the purposes of this Act.

Passed the House of Representatives October 27, 2005.

Attest:

JEFF TRANDAHL,

Clerk.