Consumer Financial Choice and Capital Markets Protection Act of 2018

S.1117 and H.R. 2319, The Consumer Financial Choice and Capital Markets Protection Act of 2017

Client expense: Not reported · Firm income: Not reported

S. 1117, H.R. 2319

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Consumer Financial Choice and Capital Markets Protection Act of 2017 (S. 1117/H.R. 2319)

Client expense: Not reported · Firm income: $37,500

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.1667; H.R.3179; S.2155; H.R.4292; H.R.4296; H.R.4293; H.R.2319; H.R.4790; H.R.4659; H.R.5749; H.R.5961; H.R.6258; H.R.6068; H.R.6147; H.R.6757; H.R.3555; H.R.5282; S.3107; S.2526; S.868; H.R.2055; H.R.695; S.488; H.J.Res.143; - Discussed implementation of the Basel capital accord and issues related to capital and liquidity. Discussed margin issues; and SEC and equity market structure reform. Discussed proposals related to bank structure, capital requirements, capital formation, market structure, and market liquidity, and proxy voting issues. Discussed issues related to financial institution bankruptcy reform, including issues related to resolution and recovery under the Bankruptcy Code. Discussed the recommendations from the Treasury Financial Reports. Discussed BSA/AML. Discussed retirement savings issues, including multi-employer pension plans. Discussed SEC's Best Interest Rule. Discussed money market reform. Discussed issues around financial technology policy.

Client expense: $690,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues arising from Dodd-Frank regulations - including systemic risk regulation of non-bank financial institutions, FSOC process improvements, SIFI designations for non-bank financial institutions, and approaches to reducing systemic risk in the financial system, including H.R. 4601 the Financial Stability Oversight Council Improvement Act and S.3577 the Financial Stability Oversight Council Improvement Act of 2018 Issues related to systemic risk standards being developed by the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) for mutual funds and fund companies Issues related to ETF regulation, including Proposed Rule 6c-11 Issues related to municipal bonds and other securities and the structure of the municipal securities market, including issues related to bankruptcy Issues related to equity market structure matters, Regulation NMS reform, minimizing latency of market data feeds, improving resiliency of technology and infrastructure to avoid single points of failure, access fees, the maker-taker model, ETF trading, limit-up/limit-down, and reopening processes Issues related to the SEC's proposed transaction fee pilot Issues related to FINRA Rule 5250 Issues related to the definition of a "facility of an exchange" H.R. 3555, Exchange Regulatory Improvement Act Issues related to margin rules for uncleared swaps, including eligible collateral, initial margin thresholds, variation margin and segregation of margin Issues related to supplemental leverage ratio Issues related to security-based swaps reporting Issues related to cross border derivative trading provisions Issues related to legislation and regulations affecting mutual funds and the mutual fund industry Issues related to the availability and management of liquidity in the fixed income markets Issues related to the delay of corporate bond market transparency Issues related to the structure of the fixed income markets, including the Treasury market Issues related to proposed regulation on best interest Issues related to modernization of mutual fund information reporting Issues related to operational risk in the asset management industry Issues related to liquidity management rules for mutual funds and ETFs Issues related to funds' use of derivatives Issues related to corporate governance Issues related to SEC rulemaking toward electronic delivery of mutual fund disclosures Issues related to money market fund reforms, including H.R. 2319 and S. 1117, the Consumer Financial Choice and Capital Markets Protection Act Issues related to stress testing for asset managers, including H.R. 4566, the Alleviating Stress Test Burdens to Help Investors Act

Client expense: $900,000 · Firm income: Not reported

Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 10, Financial CHOICE Act of 2017 H.R. 21/S. 34, Midnight Rules Relief Act of 2017 H.R. 78, SEC Regulatory Accountability Act H.R. 79/S. 588, Helping Angels Lead Our Startups (HALOS) Act H.R. 238, Commodity End-User Relief Act H.R. 477, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 H.R. 1116, Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 H.R. 1153, Mortgage Choice Act of 2017 H.R. 1219/S. 444, Supporting America's Innovators Act of 2017 H.R. 1257, Securities and Exchange Commission Overpayment Credit Act H.R. 1312/S. 416, Small Business Capital Formation Enhancement Act H.R. 1343, Encouraging Employee Ownership Act of 2017 H.R. 1457, Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017 H.R. 1585, Fair Investment Opportunities for Professional Experts Act H.R. 1611, Gender Diversity in Corporate Leadership Act of 2017 H.R. 1645/S. 2126, Fostering Innovation Act of 2017 H.R. 1702, Small Business Development Centers Improvement Act of 2018 H.R. 2128, Due Process Restoration Act of 2017 H.R. 2201, Micro Offering Safe Harbor Act H.R. 2226/S. 2013, Portfolio Lending and Mortgage Access Act H.R. 2319, Consumer Financial Choice and Capital Markets Protection Act of 2018 H.R. 2396, Privacy Notification Technical Clarification Act H.R. 2553, Taking Account of Bureaucrats Spending (TABS) Act of 2017 H.R. 2706, Financial Institution Customer Protection Act of 2017 H.R. 3089, Corporate Transparency Act of 2017 H.R. 3093, Investor Clarity and Bank Parity Act H.R. 3179, Transparency and Accountability for Business Standards Act H.R. 3299, Protecting Consumers' Access to Credit Act of 2017 H.R. 3312/S. 1893, Systemic Risk Designation Improvement Act of 2017 H.R. 3746/S. 2702, Business of Insurance Regulatory Reform Act of 2017 H.R. 3762, International Insurance Standards Act of 2017 H.R. 3857, Protecting Advice for Small Savers (PASS) Act of 2017 H.R. 3860, IRS Data Verification Modernization Act of 2017 H.R. 3903/S. 2347, Encouraging Public Offerings Act of 2017 H.R. 3911, Risk-Based Credit Examination Act H.R. 3948, Protection of Source Code Act H.R. 3972, Family Office Technical Correction Act of 2017 H.R. 3973, Market Data Protection Act of 2017 H.R. 3978, TRID Improvement Act of 2017 H.R. 4015, Corporate Governance Reform and Transparency Act of 2017 H.R. 4061, Financial Stability Oversight Council Improvement Act of 2017 H.R. 4248, To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals, and for other purposes H.R. 4263, Regulation A+ Improvement Act of 2017 H.R. 4267, Small Business Credit Availability Act H.R. 4279, Expanding Investment Opportunities Act H.R. 4281/S. 2953, Expanding Access to Capital for Rural Job Creators Act H.R. 4289, To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain disclosure requirements related to coal and mine safety H.R. 4292, Financial Institution Living Will Improvement Act of 2017 H.R. 4293, Stress Test Improvement Act of 2017 H.R. 4294, Prevention of Private Information Dissemination Act of 2017 H.R. 4296, To place requirements on operational risk capital requirements for banking organizations established by an appropriate Federal banking agency H.R. 4311, Foreign Investment Risk Review Modernization Act of 2017 H.R. 4519, To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to resource extraction, and for other purposes H.R. 4529, Accelerating Access to Capital Act of 2017 H.R. 4537, International Insurance Standards Act of 2017 H.R. 4545, Financial Institutions Examination Fairness and Reform Act H.R. 4550, Practice of Law Technical Clarification Act of 2017 H.R. 4566, Alleviating Stress Test Burdens to Help Investors Act H.R. 4607, Comprehensive Regulatory Review Act H.R. 4659, To require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivatives H.R. 4753, Federal Reserve Supervision Testimony Clarification Act H.R. 4771, Small Bank Holding Company Relief Act of 2018 H.R. 4790, Volcker Rule Regulatory Harmonization Act H.R. 4861, Ensuring Quality Unbiased Access to Loans (EQUAL) Act of 2018 H.R. 5036, Financial Technology Protection Act H.R. 5051, Public Company Registration Threshold Act H.R. 5054, Small Company Disclosure Simplification Act of 2018 H.R. 5059, State Insurance Regulation Preservation Act H.R. 5105/S. 2436, Better Utilization of Investments Leading to Development (BUILD) Act of 2018 H.R. 5266, Financial Product Safety Commission Act of 2018 H.R. 5323, Derivatives Fairness Act H.R. 5534, Give Useful Information to Define Effective (GUIDE) Compliance Act H.R. 5645, Standard Merger and Acquisition Reviews Through Equal Rules Act of 2018 H.R. 5749, Options Markets Stability Act H.R. 5756, To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals H.R. 5783, Cooperate with Law Enforcement Agencies and Watch Act of 2018 H.R. 5877, Main Street Growth Act H.R. 5970, Modernizing Disclosures for Investors Act H.R. 5999, Streamlining Communications for Investors Act H.R. 6021, Small Business Audit Correction Act of 2018 H.R. 6035, Streamlining Communications for Investors Act H.R. 6068, Counter Terrorism and Illicit Finance Act H.R. 6130, Helping Startups Continue to Grow Act H.R. 6139, Improving Investment Research for Small and Emerging Issuers Act H.R. 6158, Brokered Deposit Affiliate-Subsidiary Modernization Act of 2018 H.R. 6177, Developing and Empowering our Aspiring Leaders Act of 2018 H.R. 6319, Expanding Investment in Small Businesses Act H.R. 6320, Promoting Transparent Standards for Corporate Insiders Act H.R. 6321, Investment Adviser Regulatory Flexibility Improvement Act H.R. 6322, Enhancing Multi-Class Stock Disclosures Act H.R. 6324, Middle Market IPO Underwriting Cost Act S. 366, Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 S. 462, Securities and Exchange Commission Overpayment Credit Act S. 488, Encouraging Employee Ownership Act S. 488, JOBS and Investor Confidence Act of 2018 (House Amendment) S. 536, Cybersecurity Disclosure Act of 2017 S. 1117, Consumer Financial Choice and Capital Markets Protection Act of 2017 S. 1241, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 S. 1454, True Incorporation Transparency for Law Enforcement (TITLE) Act S. 1717, Corporate Transparency Act of 2017 S. 1744, Brokaw Act S. 2098, Foreign Investment Risk Review Modernization Act of 2017 S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act S. 2499, A bill to require the Financial Industry Regulatory Authority to establish a relief fund to provide investors with the full value of unpaid arbitration awards issued against brokerage firms or brokers regulated by the Authority S. 2756, Fair Investment Opportunities for Professional Experts Act S. 2765, RBIC Advisers Relief Act of 2018 S. 3004, Small Business Audit Correction Act of 2018 S. 3421, Blue Sky Harmonization Act S. 3577, Financial Stability Oversight Council Improvement Act of 2018 S. 3614, Corporate Governance Fairness Act S. J. Res. 57, A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act" Draft legislation titled Credit Services Protection Act of 2017 Draft legislation titled Counter Terrorism and Illicit Finance Act Draft legislation titled Data Acquisition and Technology Accountability and Security Act Draft legislation directing the Securities and Exchange Commission to increase and align the smaller reporting company and nonaccelerated filer financial thresholds Draft legislation to remove the limitation on large accelerated filers qualifying as an emerging growth company Draft legislation to require the Securities and Exchange Commission to revise the definition of a qualifying portfolio company to include an emerging growth company, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940 Draft legislation to amend the Investment Company Act of 1940 to increase the percentage of voting shares a diversified company may hold in a single issuer Draft legislation on cryptocurrencies Potential legislation similar to H.R. 1090, Retail Investor Protection Act (114th Cong.) Potential legislation similar to H.R. 4294, Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015 Proposed regulations on universal proxy (81 Fed. Reg. 79,122-79,186, November 10, 2016) Proposed rule on auditor independence with respect to certain loans or debtor-creditor relationships (83 Fed. Reg. 20,753-20,773, May 8, 2018) Proposed regulation on Regulation Best Interest (83 Fed. Reg. 21,574-21,682, May 9, 2018) Proposed Commission interpretation regarding standard of conduct for investment advisers; request for comment on enhancing investment (83 Fed. Reg. 21,203-21,214, May 9, 2018) Proposed rule on form CRS relationship summary; amendments to form ADV; required disclosures in retail communications and restrictions on the use of certain names or titles (83 Fed. Reg. 21,416-21,575, May 9, 2018) Policy to Encourage Trial Disclosure Programs (83 Fed. Reg. 45,574-45,578, September, 10, 2018) Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Security Exchange Commission, Commodity Futures Trading Commission: Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds - Docket No. OCC-2018-0010 (OCC); Docket No. R-1608 (Federal Reserve); RIN 3064-AE67 (FDIC); File Number S7- 14-18 (SEC); RIN 3038-AE72 (CFTC) Proposed changes to applicability thresholds for regulatory capital and liquidity requirements. Docket IDs: OCC-2018--0037 RIN 1557-AE56; Docket No. R-1628 RIN 7100-AF21 Nomination of Kathleen Kraninger to serve as Director of the Bureau of Consumer Financial Protection Nomination of Elad Roisman to serve as a Commissioner of the Securities and Exchange Commission Nomination of Dr. Dino Falaschetti to serve as Director of the Office of Financial Research Nomination of Jelena McWilliams to be Chair of the Federal Deposit Insurance Corporation Nomination of Kimberly Reed to serve as President of the Export-Import Bank of the United States (Ex-Im) Various issues relating to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); implementation of the Jumpstart Our Business Startups Act (P.L. 112-106); implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (P.L. 115-174); Executive Order 13772, Core Principles for Regulating the United States Financial System; Presidential Memorandum for the Secretary of the Treasury regarding Orderly Liquidation Authority; Basel III capital standards, bank capital, and liquidity reform; Consumer Financial Protection Bureau (CFPB) transparency and accountability; CFPB regulatory sandbox for disclosures; CFPB reform; anti-money laundering and Bank Secrecy Act (P.L. 91-508) improvements; political spending disclosures; systemic risk regulation and Financial Stability Oversight Council (FSOC) designation of non-bank financial companies; Financial Stability Oversight Council (FSOC) reform; Department of Treasury review of FSOC determination and designation process; Federal Reserve: Enhanced Disclosure of the Models Used in the Federal Reserves Supervisory Stress Test, Docket No. OP-1586; Stress Testing Policy Statement, Docket No. OP-1587; Policy Statement on the Scenario Design Framework for Stress Testing, Docket No. OP-1588; Office of Financial Research transparency and accountability; reform of international standard setting bodies including Financial Stability Board, International Association of Insurance Supervisors and Basel Committee on Banking Supervision; Federal Reserve reform; Federal Reserve proposed guidance on supervisory expectation for boards of directors 2017-16735; proxy voting systems; Security Exchange Commission strategic plan; Security Exchange Commission Rule 701 Form S-8 reforms; Security Exchange Commission conflict mineral rule; Security Exchange Commission pay ratio rule; Security Exchange Commission Advisory Committee on Small and Emerging Companies; Security Exchange Commission request for information regarding standards of conduct for investment advisors and broker-dealers; Security Exchange Commission staff legal bulletin 141 (CF) shareholder proposals; Security Exchange Commission FAST Act (P.L. 114-94) modernization and simplification of regulations S-K file no. S7-08-17; Security Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; Security Exchange Commission auditor independence with respect to certain loans or debtor-creditor relationships file no. S7-10-18; Security Exchange Commission Staff Legal Bulletin 20 Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms; Security Exchange Commission proposal on the use of derivatives by registered investment companies and business development companies; Security Exchange Commission capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants and capital requirements for broker-dealers (File No. S7-08-12); Consumer Financial Protection Bureau trial disclosures and no action letter process; Public Company Accounting Oversight Board (PCAOB) draft strategic plan for 2018-2022; Federal Trade Commission competition and consumer protection in the 21st century hearings regarding common ownership; disclosure requirements and materiality; JOBS Act 3.0; Accounting standards developed by the Financial Accounting Standards Board, including the current expected credit loss (CECL) standard; potential legislation to create legal framework for venture exchange; potential legislation on anti-money laundering and Bank Secrecy Act reporting improvements; credit bureau issues; financial technology issues; beneficial ownership; reforms to the Committee on Foreign Investment in the United States; modernization of the Community Reinvestment Act (P.L. 95-128); application of Customer Identification Program requirements under anti-money laundering rules to bank-affiliated premium finance companies; application of the May 2016 Customer Due Diligence Rule to routine cash refunds issued by bank-affiliated premium finance companies; proposals to audit the Board of Governors of the Federal Reserve System; small business lending; impact of prudential regulations on lending to small businesses by depository institutions; CFTC Proposed rulemaking on the De Minimis Exception to the Swap Dealer Definition; HUD proposed rulemaking regarding implementation of the Fair Housing Acts Disparate Impact Standard; Federal Trade Commission concerning Common Ownership; SEC proposed amendments to the Commissions Whistleblower Program rules; blockchain and fintech; adoption of the current expected credit loss accounting standard; proxy process, proxy advisory firms, and other related aspects of corporate governance

Client expense: $15,950,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Education, Dept of, Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Energy Regulatory Commission (FERC), Federal Reserve System, Federal Trade Commission (FTC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Natl Security Council (NSC), Natl Telecommunications & Information Administration (NTIA), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), Office of the Vice President of the United States, Patent & Trademark Office (PTO), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Social Security Administration (SSA), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Copyright Office, U.S. Customs & Border Protection, U.S. Trade Representative (USTR), White House Office

Lobbied in support of Consumer Financial Choice and Capital Markets Protection Act (S. 1117/H.R. 2319)

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S. 1117, H.R. 2319

Client expense: Not reported · Firm income: $80,000

Government targets: SENATE

H.R. 2319, the Consumer Financial Choice and Capital Markets Protection Act. H.R. 3555, the Exchange Regulatory Improvement Act. SEC Regulation Best Interest (Release No. 34-83062). SEC Form CRS Relationship Summary and related amendments (Release No. 34-83063). SEC Proposed Interpretation Regarding Standard of Conduct for Investment Advisers (Release No. IA- 4889). SEC Proposed and Final Rule on Disclosure of Order Handling Information (Release No. 34-84528). SEC Transaction Fee Pilot for NMS Stocks (Release No. 34-82873). Regulation of exchange-traded funds, including SEC Proposed Rule on Exchange-Traded Funds (Release No. 33-10515). Financial regulatory examination consolidation and coordination. Issues related to the role and responsibilities of self-regulatory organizations.

Client expense: $860,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Federal Reserve Supervision of Savings and Loan Holding Companies as in the following bill: - State Insurance Regulation Preservation Act (H.R.5059) Dodd-Frank Wall Street Reform and Consumer Protection Act in regards to: - Systemic Risk Designation Asset Manager SIFI Designation as in the following bill: - Financial Stability Oversight Council Improvement Act of 2017 (H.R.4061) FDIC Treatment of Brokered Deposits (H.R.3070) Section 11 of the Home Owners Loan Act Consumer Financial Choice and Capital Markets Protection Act of 2017 (H.R.2319) International Insurance Standards Act of 2017 (H.R.4537) Proxy Advisory Firms/Corporate Governance - Corporate Governance Fairness Act (S.3614) Data Privacy Legislation - Data Care Act of 2018 (S.3744)

Client expense: $500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 2319 - Consumer Financial Choice and Capital Markets Protection Act of 2017 (Rothfus) H.R. 4015 - Corporate Governance Reform and Transparency Act of 2017 (Duffy) H.R. 4061 - Financial Stability Oversight Council Improvement Act of 2017 (Ross) H.R. 4738 - Mutual Fund Litigation Reform Act (Emmer) S. 488 - JOBS and Investor Confidence Act of 2018 S. 1117 - Consumer Financial Choice and Capital Markets Protection Act of 2017 (Toomey) S. 3574 - Alleviating Stress Test Burdens to Help Investors Act (Rounds) S. 3577 - Financial Stability Oversight Council Improvement Act of 2018 (Rounds) S. 3614 - Corporate Governance Fairness Act (Reed) Exchange-Traded Funds US Equity and Fixed Income Market Structure SEC Best-Interest Standard for Broker-Dealers Cryptocurrencies

Client expense: $891,589 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Treasury, Dept of, White House Office

Dodd-Frank regulations - systemic risk, FSOC, SIFI issues; Mutual Fund, ETF, Money Market Fund, and securities issues; Financial Choice Act; electronic delivery of shareholder reports; H.R. 4061, FSOC Improvement Act; H.R. 4566, Alleviating Stress Test Burdens to Help Investors Act. Equity Market Structure; H.R. 2319 and S. 1117, Consumer Financial Choice and Capital markets Protection Act.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues as they relate to financial institution regulation reform. H.R.2319, Consumer Financial Choice and Capital Markets Protection Act of 2018.

Client expense: Not reported · Firm income: $40,000

Advocating in support of S. 1117 and HR 2319 and financial services legislation generally.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2319: Consumer Financial Choice and Capital Markets Protection Act of 2017 Monitored the following: Constitutional design of the Consumer Financial Protection Bureau Amendments to Section 36(b) of the Investment Company Act of 1940 to improve the ability of federal courts to terminate before trial abusive lawsuits. H.R. 4738: Mutual Fund Litigation Reform Act Non-bank SIFI (Systemically Important Financial Institution) designation provisions, H.R. 6258 & H.R. 6147: FY2019 Financial Services & General Government Appropriations Bill H.R. 4566: Alleviating Stress Test Burdens to Help Investors Act The use of common ownership as an anti-competitive measure

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES

HR 2319-Consumer Financial Choice and Capital markets protection act of 2018, S 3542-Sanders bill to break up large financial entities, Volcker Rule-Dodd Frank Sec 619, S 2605-Reward Work Act, Community reinvestment act ideas, House financial services investigations, general bank reform initiatives, derivative rules, Title VII Dodd Frank, executive compensation issues, Dodd Frank-Section 955, oppose Volcker rule weakening, oversight priorities for 116th-ESG and shareholder issues, strong oversight of the financial sector

Client expense: $70,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), U.S. Trade Representative (USTR)

Financial Stability Councils (FSOC) review process of asset managers as systemically important financial institutions (SIFI). H.R. 4061 "The FSOC Improvement Act of 2017." Opposed inclusion of language in the FY18 Omnibus Appropriations Bill that would have prohibit the new SEC Proposed Rule 30e-3 that allows mutual funds to communicate to their customers using digital delivery of financial reporting information. Opposition to H.R. 2319 the "Consumer Financial Choice and Capital Markets Protection Act of 2018."

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S.1117 HR. 2319 Consumer Financial Choice and Capital Markets Protection Act of 2018

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

passage of S.1117 passage of HR. 2319 Consumer Financial Choice and Capital Markets Protection Act of 2018

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

SEC Rule 2a-7, Choice Act, Repeal of Dodd-Frank, S.1117, HR 2319-Consumer Financial Choice and Protection Act of 2018.

Client expense: Not reported · Firm income: Not reported

Government targets: Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), SENATE, Treasury, Dept of

Regulation of asset managers as systemically important financial institutions. Regulation of money market funds, including H.R. 2319 and S. 1117, the "Consumer Financial Choice and Capital Markets Protection Act of 2017."

Client expense: Not reported · Firm income: $80,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Regulation of asset managers as systemically important financial institutions. Regulation of money market funds, including H.R. 2319 and S. 1117, the "Consumer Financial Choice and Capital Markets Protection Act of 2017."

Client expense: Not reported · Firm income: $80,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Non-bank SIFI (Systemically Important Financial Institution) designation Constitutional design of the Consumer Financial Protection Bureau Amendments to Section 36(b) of the Investment Company Act of 1940 to improve the ability of federal courts to terminate before trial abusive law suits. HR 4738, Mutual Fund Litigation Reform Act HR 4566, Alleviating Stress Test Burdens to Help Investors Act HR 2319, Consumer Financial Choice and Capital Markets Protection Act of 2017 The use of common ownership as a anti-competitive measure Opposition to the inclusion of the Lifetime Income Disclosure Act in HR88 (the Brady tax bill)

Client expense: Not reported · Firm income: $10,000

H.R. 2319 & S.1117, Consumer Financial Choice and Capital Markets Protection Act of 2017.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2319, the Consumer Financial Choice and Capital Markets Protection Act of 2018, pertaining to money market reforms, especially language requiring that prime institutional and tax exempt institutional money market funds float their net asset values (NAVs); S. 3577, the Financial Stability Oversight Council (FSOC) Improvement Act to amend the Financial Stability Act of 2010 to require the FSOC to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES

H.R. 2319, the Consumer Financial Choice and Capital Markets Protection Act of 2018, pertaining to money market reforms, especially language requiring that prime institutional and tax exempt institutional money market funds float their net asset values (NAVs); monitoring of financial services generally.

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES

S. 1117, H.R. 2319

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.1624; H.R.1667; S.828; H.R.3179; H.R.3439; S.2155; H.R.4292; H.R.4296; H.R.4293; H.R.2319; H.R.3978; H.R.2121; H.R.4790; H.R.4659; H.R.5323; H.R.5749; S.3107; H.R.5961; H.R.6258; H.R.6068; S.2499; H.R.5841; S.2098 - Discussed implementation of the Basel capital accord and issues related to capital and liquidity. Discussed margin issues; CFTC reauthorization; and SEC and equity market structure reform. Discussed proposals related to bank structure, capital requirements, capital formation, market structure, and market liquidity, and proxy advisors. Discussed issues related to financial institution bankruptcy reform, including issues related to resolution and recovery under the Bankruptcy Code. Discussed access to capital for emerging growth companies. Discussed budget and revenue measures involving the financial services sector. Discussed the recommendation from the Treasury Financial Reports. Financial CHOICE Act. Discussed treatment of municipal securities. Discussed BSA/AML. Discussed retirement savings issues. Discussed SEC's Best Interest Rule. Discussed e-delivery issues.

Client expense: $820,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Economic Council (NEC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

Federal Reserve Supervision of Savings and Loan Holding Companies as in the following bill: - State Insurance Regulation Preservation Act (H.R.5059) Dodd-Frank Wall Street Reform and Consumer Protection Act in regards to: - Systemic Risk Designation Asset Manager SIFI Designation as in the following bill: - Financial Stability Oversight Council Improvement Act of 2017 (H.R.4061) FDIC Treatment of Brokered Deposits Section 11 of the Home Owners Loan Act Consumer Financial Choice and Capital Markets Protection Act of 2017 (H.R.2319) International Insurance Standards Act of 2017 (H.R.4537)

Client expense: $370,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Consumer Financial Choice and Capital Markets Protection Act of 2018 (S. 1117 and H.R. 2319)

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.1624; H.R.1667; H.R.3179; H.R.3439; S.2155; H.R.4292; H.R.4296; H.R.4293; H.R.2319; H.R.3978; H.R.2121; H.R.4790; H.R.4659; H.R.5749; H.R.5961; H.R.6258; H.R.6068; H.R.6157; H.R.6147; H.R.6757; H.R.3555; H.R. 5282; S.3107; S.2526; S.2499; H.R.2319 - Discussed implementation of the Basel capital accord and issues related to capital and liquidity. Discussed margin issues; CFTC reauthorization; and SEC and equity market structure reform. Discussed proposals related to bank structure, capital requirements, capital formation, market structure, and market liquidity, and proxy voting issues. Discussed issues related to financial institution bankruptcy reform, including issues related to resolution and recovery under the Bankruptcy Code. Discussed access to capital for emerging growth companies. Discussed budget and revenue measures involving the financial services sector. Discussed the recommendations from the Treasury Financial Reports. Discussed treatment of municipal securities. Discussed BSA/AML. Discussed retirement savings issues. Discussed SEC's Best Interest Rule. Discussed money market reform. Discussed issues around financial technology policy.

Client expense: $730,000 · Firm income: Not reported

Government targets: Executive Office of the President (EOP), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Non-bank SIFI (Systemically Important Financial Institution) designation provisions, H.R. 6258 & H.R. 6147: FY2019 Financial Services & General Government Appropriations Bill H.R. 2319: Consumer Financial Choice and Capital Markets Protection Act of 2017 Monitored the following: Constitutional design of the Consumer Financial Protection Bureau Amendments to Section 36(b) of the Investment Company Act of 1940 to improve the ability of federal courts to terminate before trial abusive lawsuits. H.R. 4738: Mutual Fund Litigation Reform Act H.R. 4566: Alleviating Stress Test Burdens to Help Investors Act The use of common ownership as an anti-competitive measure

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

passage of S.1117 passage of HR. 2319 Consumer Financial Choice and Capital Markets Protection Act of 2018

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S.1117 HR. 2319 Consumer Financial Choice and Capital Markets Protection Act of 2018

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

SEC Rule 2a-7, Choice Act, Repeal of Dodd-Frank, S.1117, HR 2319-Consumer Financial Choice and Protection Act of 2018.

Client expense: Not reported · Firm income: Not reported

Government targets: Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), SENATE, Treasury, Dept of

Issues as they relate to financial institution regulation reform. H.R.2319, Consumer Financial Choice and Capital Markets Protection Act of 2018.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES

H.R. 2319, the Consumer Financial Choice and Capital Markets Protection Act. H.R. 3555, the Exchange Regulatory Improvement Act. SEC Regulation Best Interest (Release No. 34-83062). SEC Form CRS Relationship Summary and related amendments (Release No. 34-83063). SEC Proposed Interpretation Regarding Standard of Conduct for Investment Advisers (Release No. IA- 4889). SEC Transaction Fee Pilot for NMS Stocks (Release No. 34-82873). Financial regulatory examination consolidation and coordination. Issues related to the structure and regulatory responsibilities of the Federal Reserve. Issues related to the role and responsibilities of self-regulatory organizations.

Client expense: $820,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

S. 1117, H.R. 2319

Client expense: Not reported · Firm income: $80,000

Government targets: SENATE

Issues arising from Dodd-Frank regulations - including systemic risk regulation of non-bank financial institutions, FSOC process improvements, SIFI designations for non-bank financial institutions, and approaches to reducing systemic risk in the financial system, including H.R. 4601 the Financial Stability Oversight Council Improvement Act Issues related to systemic risk standards being developed by the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) for mutual funds and fund companies Issues related to ETF regulation, including Proposed Rule 6c-11 Issues related to municipal bonds and other securities and the structure of the municipal securities market, including issues related to bankruptcy Issues related to equity market structure matters, Regulation NMS reform, minimizing latency of market data feeds, improving resiliency of technology and infrastructure to avoid single points of failure, access fees, the maker-taker model, ETF trading, limit-up/limit-down, and reopening processes Issues related to the SEC's proposed transaction fee pilot Issues related to FINRA Rule 5250 Issues related to the definition of a "facility of an exchange" H.R. 3555, Exchange Regulatory Improvement Act Issues related to margin rules for uncleared swaps, including eligible collateral, initial margin thresholds, variation margin and segregation of margin Issues related to supplemental leverage ratio Issues related to security-based swaps reporting Issues related to cross border derivative trading provisions Issues related to legislation and regulations affecting mutual funds and the mutual fund industry Issues related to the availability and management of liquidity in the fixed income markets Issues related to the structure of the fixed income markets, including the Treasury market Issues related to proposed regulation on best interest Issues related to modernization of mutual fund information reporting Issues related to operational risk in the asset management industry Issues related to liquidity management rules for mutual funds and ETFs Issues related to funds' use of derivatives Issues related to corporate governance Issues related to SEC rulemaking toward electronic delivery of mutual fund disclosures Issues related to money market fund reforms, including H.R. 2319 and S. 1117, the Consumer Financial Choice and Capital Markets Protection Act Issues related to stress testing for asset managers, including H.R. 4566, the Alleviating Stress Test Burdens to Help Investors Act

Client expense: $670,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Lobbied in support of Consumer Financial Choice and Capital Markets Protection Act (S. 1117/H.R. 2319)

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Dodd-Frank regulations - systemic risk, FSOC, SIFI issues; Mutual Fund, ETF, Money Market Fund, and securities issues; Financial Choice Act; electronic delivery of shareholder reports; H.R. 4061, FSOC Improvement Act; H.R. 4566, Alleviating Stress Test Burdens to Help Investors Act. Equity Market Structure; H.R. 2319 and S. 1117, Consumer Financial Choice and Capital markets Protection Act.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 2319 - Consumer Financial Choice and Capital Markets Protection Act of 2017 (Rothfus) H.R. 4015 - Corporate Governance Reform and Transparency Act of 2017 (Duffy) H.R. 4061 - Financial Stability Oversight Council Improvement Act of 2017 (Ross) S. 488 - JOBS and Investor Confidence Act of 2018 S. 1117 - Consumer Financial Choice and Capital Markets Protection Act of 2017 (Toomey) S. 1744 - Brokaw Act (Baldwin) S. 2756 - Fair Investment Opportunities for Professional Experts Act (Tillis) FSOC Procedures for SIFI Designation of Nonbank Financial Companies Electronic Delivery of Mutual Fund Shareholder Reports Exchange-Traded Funds SEC Best-Interest Standard for Broker-Dealers Volcker Rule Cryptocurrencies

Client expense: $1,484,905 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Financial Stability Councils (FSOC) review process of asset managers as systemically important financial institutions (SIFI). Opposed inclusion of language in the FY18 Omnibus Appropriations Bill that would have prohibit the new SEC Proposed Rule 30e-3 that allows mutual funds to communicate to their customers using digital delivery of financial reporting information. H.R. 4061 "The FSOC Improvement Act of 2017." Opposition to H.R. 2319 the "Consumer Financial Choice and Capital Markets Protection Act of 2018."

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

Consumer Financial Choice and Capital Markets Protection Act of 2017 (S. 1117/H.R. 2319)

Client expense: Not reported · Firm income: $37,500

Government targets: HOUSE OF REPRESENTATIVES, SENATE