VANGUARD GROUP for VANGUARD GROUP

Financial Institutions/Investments/Securities FIN

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

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

Bills named: H.R. 3555 (115th), H.R. 4566 (115th), H.R. 2319 (115th), H.R. 4601 (115th), S. 1117 (115th)

Taxation/Internal Revenue Code TAX

General tax issues related to mutual funds Issues related to tax incentives for retirement savings, including the potential for Roth mandates Capital gains and dividend tax rates Issues related to limitations on exclusion of municipal bond interest Issues related to 529 college savings plans; encourage retention of 529 plan tax incentives Issues related to REIT pass-through deduction

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

Retirement RET

Issues in support of providing for electronic delivery of ERISA mandated retirement information, including H.R. 4610, the RETIRE Act Issues related to tax incentives for retirement savings; encourage retention of current tax incentives Issues related to employee benefit plan administration Issues related to limitations on retirement plan contributions or assets Issues related to state-based and municipal based retirement plans for private sector workers Issues related to multiple-employer retirement plans Issues related to retirement coverage proposals Issues related to expanding relief under IRS Employee Plans Compliance Resolution Systems (EPCRS) Issues related to auto-enrollment safe harbor Issues related to improving, simplifying, and enhancing retirement plans, including the Retirement Enhancement and Savings Act S. 2526 and H.R. 5282, the Retirement Plan Simplification and Enhancement Act H.R. 4524, and the Family Savings Act H.R. 6757 Issues related to lifetime income options Issues related to federal budget implications for retirement and health benefits Issues related to universal savings account vehicles Issues related to portable retirement accounts

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

Bills named: S. 2526 (115th), H.R. 6757 (115th), H.R. 5282 (115th), H.R. 4524 (115th), H.R. 4610 (115th)

Budget/Appropriations BUD

Issues related to reductions in the federal debt and federal budget deficit Issues related to raising the debt ceiling and avoiding federal government default Issues related to funding the federal government

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

Homeland Security HOM

Cybersecurity Issues (e.g., information sharing abilities, data breach notifications, enforcement actions, NIST cybersecurity framework and related matters)

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