The House Is Not In Session - Next Session Tuesday, November 20 At 10:30 AM
House Session - June 8, 2017

The House convened for Morning Hour, when members were permitted to speak on a variety of topics.

Speakers:
Time
Action
  • 10:00:18 AM

    THE CLERK

    THE SPEAKER'S ROOMS, WASHINGTON, D.C. JUNE 8, 2017. I HEREBY APPOINT THE…

    THE SPEAKER'S ROOMS, WASHINGTON, D.C. JUNE 8, 2017. I HEREBY APPOINT THE HONORABLE JEFF DUNCAN TO ACT AS SPEAKER PRO TEMPORE ON THIS DAY. SIGNED, PAUL D. RYAN, SPEAKER OF THE HOUSE OF REPRESENTATIVES.

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  • 10:00:34 AM

    TEMPORE PURSUANT

    PURSUANT TO THE ORDER OF THE HOUSE OF JANUARY 3, 2017, THE CHAIR WILL NOW…

    PURSUANT TO THE ORDER OF THE HOUSE OF JANUARY 3, 2017, THE CHAIR WILL NOW RECOGNIZE MEMBERS FROM LISTS SUBMITTED BY THE MAJORITY AND MINORITY LEADERS FOR MORNING HOUR DEBATE. THE CHAIR WILL ALTERNATE RECOGNITION BETWEEN THE PARTIES. ALL TIME SHALL BE EQUALLY ALLOCATED BETWEEN THE PARTIES AND IN NO EVENT SHALL DEBATE CONTINUE BEYOND 11:50 A.M. EACH MEMBER OTHER THAN THE MAJORITY AND MINORITY LEADERS AND MINORITY WHIP SHALL BE LIMITED TO FIVE MINUTES. THE CHAIR WILL NOW RECOGNIZE THE GENTLEMAN FROM MISSISSIPPI, MR. KELLY, FOR FIVE MINUTES.

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  • 10:01:04 AM

    MR. KELLY

    THANK YOU, MR. SPEAKER. I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND.

  • 10:01:18 AM

    TEMPORE WITHOUT

    MR. SPEAKER, I'M HUMBLED TO RISE TODAY IN THE MEMORY OF ARMY NATIONAL…

    MR. SPEAKER, I'M HUMBLED TO RISE TODAY IN THE MEMORY OF ARMY NATIONAL GUARD SERGEANT KYLE CLAYTON THOMAS WHO WAS KILLED ON MAY 29, 2017, IN A ROLLOVER INCIDENT AT THE NATIONAL TRAINING CENTER IN CALIFORNIA. SERGEANT THOMAS AND THREE OTHER SOLDIERS WERE CONDUCTING COMBAT MANEUVERS IN AN M-1-A-2 ABRAMS MAIN BATTLE TANK. A 2011 AIMRY HIGH SCHOOL GRADUATE WAS ASSIGNED TO ALPHA COMPANY, SECOND BATTALION, 198TH ARMORED, 155 ARMORED BRIGADE, HEADQUARTERED OUT OF TUPELO, MISSISSIPPI. HE HAS BEEN DESCRIBED AS A COMPASSIONATE PERSON WHO LOVED LIFE AND SPENDING TIME WITH HIS FAMILY. WHEN HIS DAUGHTER WAS BORN, AN INCREDIBLE BOND WAS FORMED BETWEEN SERGEANT THOMAS AND HIS DAUGHTER. SERGEANT THOMAS' FATHER, EDDIE, SAYS THE WHOLE FAMILY IS PROUD OF HIS SON'S COMMITMENT TO HIS FAMILY AND TO THE DEFENSE OF THIS GREAT NATION. HE DIVIDED HIS TEAM BETWEEN HIS JOB AT NATTIC STAR BOATS MANUFACTURING PLANT AND SERVICE IN THE MISSISSIPPI ARMY NATIONAL GUARD. HIS MOTHER SAYS HER SON WAS ALWAYS INTERESTED IN THE MILITARY. AS A YOUNG BOY SERGEANT THOMAS WOULD SAY HE WANTED TO BE A TANK DRIVER. THE FAMILY SAYS HE EXCELLED IN SOCCER AT HIGH SCHOOL WHERE HE LEARNED A SCHOLARSHIP TO PLAY AT A COMMUNITY COLLEGE BUT HIS PATRIOTISM LED HIM DOWN A DIFFERENT PATH AND HE TURNED DOWN THE SCHOLARSHIP AND JOINED THE MISSISSIPPI NATIONAL GUARD. SHE SAYS HER SON WAS ABLE TO FULFILL HIS DREAM AND SERVE IN THE MILITARY. SHE'S PROUD OF HER SON'S WILLINGNESS TO SACRIFICE HIS LIFE FOR THE SAFETY OF HIS FAMILY AND THIS NATION. PRIOR TO THE INCIDENT, SEVERAL COLLEAGUES AND I WENT TO FORT ORWIN TO ORWIN TO DISCUSS OUR DEFENSE READINESS CAPE INTERS AND WE RECEIVED THE TACKICLE OPERATINGS -- TACTICAL OPERATIONS BEING CARRIED OUT. MY BRIGADE, THE PRAY GADE I DEPLOYED TWICE WITH. WHILEDY NOT MEET HIM WHILE I WAS THERE I DID MEET SEVERAL OTHER SOLDIERS JUST LIKE HIM AND DEDICATED TO SERVING AND PRESERVING THE WAY OF LIFE WE HAVE IN THIS GREAT NATION. SERGEANT THOMAS DIED ON MEMORIAL DAY. THE DAY OUR NATION HAS SETASIDE TO HONOR THOSE SERVICE MEN AND WOMEN WHO HAVE FOUGHT AND DIED TO PROTECT THE FREEDOMS WE ENJOY. WE CANNOT FORGET WHAT THIS NATIONAL HOLIDAY MEANS TO THE FAMILIES LIKE SERGEANT THOMAS, WHO HAVE EXPERIENCED THIS LOSS. WE CAN NEVER FORGET THOSE WHO SAFE ALL FOR THE GREATNESS OF THIS NATION. DIXIE THUNDER SERGEANT THOMAS. DIXIE THUNDER. THANK YOU, MR. SPEAKER. I YIELD BACK.

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  • 10:04:07 AM

    THE SPEAKER PRO TEMPORE

  • 10:04:25 AM

    ARE BROWN

    THANK YOU, MR. SPEAKER. I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND.

  • 10:04:29 AM

    TEMPORE WITHOUT

    WITHOUT OBJECTION.

  • 10:04:30 AM

    MR. BROWN

    MR. SPEAKER, I TAKE TO THE FLOOR OF THE HOUSE TODAY IN OPPOSITION TO H.R.…

    MR. SPEAKER, I TAKE TO THE FLOOR OF THE HOUSE TODAY IN OPPOSITION TO H.R. 10, THE SO-CALLED FINANCIAL CHOICE ACT, WHICH IS MORE APPROPRIATELY CALLED THE WRONGFUL CHOICE ACT. NEARLY A DECADE SINCE THE BEGINNING OF THE FINANCIAL CRISIS, MY DISTRICT IS STILL DEALING WITH THE CONSEQUENCES OF IRRESPONSIBLE, UNDERREGULATED FINANCIAL INSTITUTIONS TARGETING TOXIC SUBLINE OF SCRIMMAGE LOANS TO UNSUSPECTED BORROWERS. IN PRINCE GEORGE'S COUNTY, 1/4 OF ALL MORTGAGES WERE SUBPRIME. NATIONALLY, BLACK HOMEOWNERS WERE DISPROPORTIONATELY AFFECTED BY THE FORECLOSURE CRISIS. 80% MORE LIKELY TO LOSE THEIR HOMES COMPARED TO OTHER FAMILIES WITH SIMILAR INCOMES AND LIFESTYLES. WE LATER LEARNED THAT SEVERAL BIG BANKS HAD DELIBERATELY GIVEN PEOPLE OF COLOR SUBPRIME MORTGAGES. ONE SUCH SCANDAL RIDDEN BANK, WELLS FARGO, OFFERED CASH INCENTIVES FOR LOANS, OFFICERS -- LOAN OFFICERS TO PEDAL WHAT THEY -- PEDDLE WHAT THEY CALL GHETTO LOANS TO MUD PEOPLE, IN OTHER WORDS BLACK CUSTOMERS, OFTEN SINGLE MOTHERS. FOR FAMILIES IN MY DISTRICT, IT WASN'T JUST ABOUT LOSING YOUR HOME, AN ENTIRE GENERATION OF WEALTH WAS WIPED OUT. THE FINANCIAL FOUNDATION FOR FUTURE GENERATIONS COLLAPSED AND MAY NEVER BE REBUILT. FAMILIES CAN'T START A FAMILY. SAVE FOR COLLEGE, OR SETASIDE FOR THEIR OWN RETIREMENT. IN THE WAKE OF THE CRISIS, DEMOCRATS IN CONGRESS SAID NEVER AGAIN. AND WE TOOK NEEDED ACTION TO ENSURE THAT THIS SORT OF ABUSIVE BEHAVIOR WOULD NEVER BE REPEATED. WE PASSED THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT AND CREATED THE CONSUMER PROTECTION BUREAU. TO PROTECT AMERICAN CONSUMERS WERE FROM THE TYPES OF PRACTICES THAT LED TO THIS CRISIS. NOW EVEN AS THE BIG BANKS, THE CREATORS OF THE FINANCIAL CRISIS ARE MAKING RECORD PROFITS. THE FINANCIAL CHOICE ACT WOULD ONCE AGAIN GIVE WALL STREET PERMISSION TO SWINDLE WORKING FAMILIES AND DESTROY THE CONSUMER FINANCIAL PROTECTION BUREAU. THIS WOULD BE EXTREMELY HARMFUL FOR HARDWORKING AMERICANS ACROSS THE COUNTRY. SINCE ITS FOUNDING, THE CONSUMER FINANCIAL PROTECTION BUREAU HAS BEEN A POWERFUL ALLY OF THE LITTLE GUY. IT'S DELIVERED NEARLY $IS 12 BILLION -- $12 BILLION IN RELIEF TO MORE THAN 29 MILLION CONSUMERS HARMED BY PREDATORY LENDERS, BIG BANKS, ABUSIVE DEBT COLLECTORS, AND OUTRIGHT SCAMMERS. OUR NATION'S VETERANS AND MILITARY FAMILIES HAVE BEEN SOME OF THE MAJOR BENEFICIARIES OF THE AGENCY'S WORK. THE AGENCY WORKED WITH STATES ATTORNEY GENERAL TO SECURE DEBT RELIEF FOR 17,000 SERVICE MEMBERS TRICKED INTO TAKING OUT HIGH-COST LOANS. IT ORDERED NAVY FEDERAL CREDIT UNION TO PAY $28.5 MILLION FOR USING ILLEGAL DEBT COLLECTION PRACTICES. AND IT'S SUING NAVIANT, THE NATION'S LARGEST STUDENT LOAN COMPANY, AGAINST MILLIONS OF BORROWERS, INCLUDING SEVERELY INJURED VETERANS. THE BUREAU HAS ALSO ADDRESSED THE DISCRIMINATORY PRACTICES THAT IMPACT COMMUNITIES OF COLOR IN THE FINANCIAL SYSTEM HEAD-ON. THE AGENCY ACTED AGAINST ALLIED BANK, HONDA, AND TOYOTA FOR CHARGING HIGHER INTEREST RATES FOR AFRICAN-AMERICANS, LATINO, AND ASIAN BORROWERS REGARDLESS OF THEIR CREDIT SCORES. IT STRENGTHENED PROTECTIONS FOR FAMILIES WHO DEPEND ON PREPAID DEBIT CARDS FOR THEIR WAGES AND OFTEN FALL INTO A SPIRAL OF DEBT FROM PAYDAY AND AUTO TITLE LOANS. THE BUREAU CONTINUES TO TARGET BANKS OR DENY LOANS TO QUALIFIED BORROWERS OF COLOR ACROSS THE COUNTRY. LET'S BE CLEAR, THE CONSUMER FINANCIAL PROTECTION BUREAU IS TRULY LIVING UP TO ITS NAME. MR. SPEAKER, NOBODY SHOULD WANT TO RETURN TO A SYSTEM THAT FAILED US AND PRODUCED THE FINANCIAL CRISIS THAT DAMAGED SO MANY LIVES. TOO MANY FAMILIES AND COMMUNITIES STILL CARRY THE DEVASTATING SCARS OF 2008. BUT THAT'S EXACTLY WHAT THE FINANCIAL CHOICE ACT IS TRYING TO DO. A RIGGED SYSTEM IS WHAT LED TO THE FINANCIAL CRISIS. BIG BANKS GOT BAILOUTS. AND SWEETHEART DEALS AND ORDINARY PEOPLE SUFFERED. THAT'S YIM' DETERMINED TO OPPOSE THE FINANCIAL CHOICE ACT -- I'M DETERMINED TO OPPOSE FINANCIAL CHOICE ACT WHICH SEEKS TO ELIMINATE THE CONSUMER PROTECTION BUREAU. THIS IS THE RIGHT THING TO DO FOR MY DISTRICT ANTI-RIGHT THING FOR AMERICA. I YIELD -- AND THE RIGHT THING FOR AMERICA. I YIELD BACK, MR. SPEAKER.

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  • 10:08:59 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR NOW RECOGNIZE THE GENTLEMAN FROM SOUTH CAROLINA, MR. DUNCAN, FOR…

    THE CHAIR NOW RECOGNIZE THE GENTLEMAN FROM SOUTH CAROLINA, MR. DUNCAN, FOR FIVE MINUTES.

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  • 10:09:04 AM

    MR. DUNCAN

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND…

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND.

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  • 10:09:11 AM

    TEMPORE WITHOUT

    WITHOUT OBJECTION.

  • 10:09:12 AM

    MR. DUNCAN

    MR. SPEAKER, I RISE TODAY IN HONOR OF ANDERSON COUNTY MASTER DEPUTY DEVIN…

    MR. SPEAKER, I RISE TODAY IN HONOR OF ANDERSON COUNTY MASTER DEPUTY DEVIN HODGES. WHO TRAGICALLY PASSED AWAY JUNE 1 IN THE LINE OF DUTY WHILE PARTICIPATING IN A TRAINING EXERCISE ON LAKE HARDWELL. HE PURSUED HIS CHILDHOOD DREAM AND STARTED HIS LAW ENFORCEMENT CAREER OUT OF HIGH SCHOOL WORKING AS A DISPATCHER IN ANDERSON COUNTY, THEN WORKING FOR THE LAWRENCE COUNTY, ABBYVILLE COUNTY, BEFORE RETURNING TO ANDERSON IN JANUARY OF THIS YEAR. AS ANDERSON COUNTY SHERIFF CHAD SAID, DEVIN HAD A BIG PERSONALITY AND A BIG HEART AND IT'S A BIG LOSS. DEVIN WAS A MAN OF CHARACTER, A MAN OF FAITH WHO WAS KNOWN AS A GREAT FATHER. MY THOUGHTS AND PRAYERS ARE WITH DEVIN'S WIFE, HIS FOUR CHILDREN, HIS BROTHER, HIS SISTER, AND HIS PARENTS. ALL OF WHOM ARE CONSTITUENTS IN MY DISTRICT, THE THIRD DISTRICT OF SOUTH CAROLINA. HIS FOUR CHILDREN I KNOW DEVIN IS IN A BETTER PLACE RIGHT NOW. JOIN IN PREDECEASED DAUGHTER, ISABELLA. BUT THE FAMILY HE LEAVES BEHIND WILL STILL ACUTELY FEEL HIS LOSS AS WE ALWAYS DO WITH THE LOSS OF A LOVED ONE I I WANT THE BHEN AND WOMEN IN ANDERSON COUNTY LAW ENFORCEMENT KNOW THAT THEY CONTINUE TO BE IN OUR PRAYERS AND THIS TRAGEDY AS ALWAYS WITH FIRST RESPONDERS AND OUR THOUGHTS, OUR PRAYERS. SO MAY GOD BLESS DEVIN'S FAMILY. AND MAY HE CONTINUE TO BLESS OUR COUNTRY WITH STOUT HEARTED MEN AND WOMEN LIKE DEVIN WHO ARE WILLING TO MAKE THE ULTIMATE SACRIFICE TO PROTECT US. WITH THAT I YIELD BACK.

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  • 10:11:18 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR NOW RECOGNIZES THE GENTLEMAN FROM RHODE ISLAND, MR. CICILLINE,…

    THE CHAIR NOW RECOGNIZES THE GENTLEMAN FROM RHODE ISLAND, MR. CICILLINE, FOR FIVE MINUTES.

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  • 10:11:23 AM

    MR. CICILLINE

  • 10:16:24 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM CALIFORNIA, MR. MCCLINTOCK, FOR…

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM CALIFORNIA, MR. MCCLINTOCK, FOR FIVE MINUTES.

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  • 10:16:29 AM

    MR. MCCLINTOCK

    I THANK YOU, MR. SPEAKER. WHEN OBAMACARE WAS IMPOSED ON THE NATION, WE…

    I THANK YOU, MR. SPEAKER. WHEN OBAMACARE WAS IMPOSED ON THE NATION, WE WERE PROMISED LOWER PREMIUMS, INCREASED CHOICES AND IMPROVED CARE. BUT EXACTLY THE OPPOSITE HAS HAPPENED. LAST YEAR, PREMIUMS INCREASED AN AVERAGE OF 25% AND THIS YEAR WE'RE WARNED THEY'LL INCREASE ANOTHER 40%. LAST YEAR ONLY ONE PROVIDER REMAINED IN A THIRD OF AMERICAN COUNTIES. THIS YEAR ENTIRE REGIONS HAVE NO PROVIDERS AT ALL. IN 2015, AMERICAN LIFE EXPECTANCIES ACTUALLY DECLINED. THE SENATE NOW HAS BEFORE IT THE AMERICAN HEALTH CARE ACT. IT GOES A LONG WAY TOWARD REPLACING OBAMACARE'S COMPULSARY ONE-SIZE-FITS-ALL MESS WITH A PATIENT-CENTERED SYSTEM. IT REPEALS THE EMPLOYER MANDATE WHICH TRAPPED MANY AMERICANS IN PART-TIME JOBS AND REPEALS THE INDIVIDUAL MANDATE WHICH FORCES AMERICANS TO BUY PLANS THEY DON'T WANT, DON'T NEED AND CAN'T AFFORD. IT CHANGES THE PREMIUM STRUCTURE THAT FORCED YOUNG FAMILIES TO SUBSIDIZE. IT REPEALS TRILLIONS OF TAXES ON THE AMERICAN ECONOMY. IT REPEALS THE MANDATES THAT FORCE AN OLDER COUPLE TO MAINTAIN PEDIATRIC COVERAGE. AND IT MAINTAINS THE SAFETY NET FOR THOSE WITH PRE-EXISTING CONDITIONS, AND IT ENSURES THESE PLANS ARE WITHIN THE FINANCIAL REACH OF EVERY FAMILY. DESPITE THE OBVIOUS FAILURE OF OBAMACARE AND THE URGENT NEED TO RESCUE OUR HEALTH CARE SYSTEM, OPPONENTS HAVE GONE INTO OVERDRIVE TO FRIGHTEN PEOPLE AND TO DISTORT THE FACTS. THE MOST LURID CLAIMS COME FROM THE CONGRESSIONAL BUDGET OFFICE, THAT 23 MILLION AMERICANS WILL LOSE THEIR HEALTH INSURANCE. NOW, WE SHOULD FIRST REMEMBER THIS IS THE SAME OFFICE THAT PREDICTED THAT OBAMACARE EXCHANGES WOULD COVER 26 MILLION AMERICANS BY 2017, THE ACTUAL NUMBER WAS 10 MILLION. IT PREDICTED THAT OBAMACARE WOULD RESULT IN SLIGHT PREMIUM INCREASES BETWEEN 10% AND 13% BY 2016. THE ACTUAL FIGURE WAS 105%. SO HOW DID THE C.B.O. COME UP WITH ITS LATEST CLAIM? WELL, MUCH IS BASED ON ASSUMING THAT PEOPLE WON'T BUY HEALTH INSURANCE UNLESS WE FORCE THEM. IN REALITY MORE PEOPLE ARE ALREADY CHOOSING NOT TO PURCHASE OBAMACARE POLICIES. THEY'RE PAYING A STEEP TAX PENALTY TO BOOT. THE C.B.O. IGNORED PROVISIONS THAT ALLOW PEOPLE TO TAILOR PLANS TO BEST MEET THEIR OWN NEEDS WHICH IS A POWERFUL MARKET INCENTIVE FOR THEM TO PURCHASE PLANS. SECOND, THE C.B.O. PREDICTS THAT IN FUTURE YEARS, MEDICAID RECIPIENTS WILL LEAVE DUE TO CHANGES THAT RESTRAIN THE GROWTH IN THIS PROGRAM. YET, IT IS PRECISELY THESE CHANGES THAT FOCUS RESOURCES ON SERVICES AND NOT ON WASTE AND FRAUD. THIRD, THE C.B.O. PREDICTS THAT LOW-INCOME OLDER AMERICANS IN THE INDIVIDUAL MARKET WILL LOSE NEARLY $13,000 OF SUBSIDIES AND BE PRICED OUT OF THAT MARKET. YET, IT IGNORES THE $90 BILLION THAT WAS FREED UP IN THE FINAL HOUSE VERSION WITH THE EXPRESSED UNDERSTANDING THAT THE SENATE WOULD REDISTRICT THESE FUNDS TO REPLACE THESE -- REDIRECT THESE FUNDS TO REPLACE THESE OBAMACARE SUBSIDIES. FOURTH, THE C.B.O. PREDICTS THAT SOME PEOPLE WILL CHOOSE LESS EXPENSIVE PLANS WITHOUT ALL THE BELLS AND WHISTLES REQUIRED UNDER OBAMACARE. WELL, THIS IS, OF COURSE, WHAT CHANGE IN CHOICE IS ALL ABOUT, PEOPLE MAKING THEIR OWN DECISIONS BASED ON THEIR OWN NEEDS AND WANTS. YET, THE C.B.O. CLASSIFIES THEM AS UNINSURED. THE OTHER MAJOR AND FALSE CLAIM IS THAT PEOPLE WITH PRE-EXISTING CONDITIONS WILL LOSE COVERAGE DESPITE EXPLICIT LANGUAGE IN THE AHCA THAT NOTHING IN THIS ACT SHALL BE CONSTRUED AS PERMITTING HEALTH INSURERS TO LIMIT ACCESS TO HEALTH COVERAGE FOR INDIVIDUALS WITH PRE-EXISTING CONDITIONS. THERE'S ONE EXCEPTION. IF YOU ARE ONE OF THE 7% OF PATIENTS IN THE INDIVIDUAL MARKET AND IF YOU HAVE A PRE-EXISTING CONDITION AND IF YOU LIVE IN THE STATE THAT'S REQUESTED AND RECEIVED A WAIVER BASED ON HAVING AN ALTERNATIVE PROGRAM TO ASSURE YOUR COVERAGE AND IF YOU'VE LET YOUR INSURANCE LAPSE FOR MORE THAN 62 DAYS IN THE PAST YEAR, THEN AND ONLY THEN CAN YOU BE CHARGED A HIGHER RATE THAN THE GENERAL POPULATION FOR YOUR HEALTH PLAN AND THEN ONLY FOR THE FIRST YEAR. THIS YEAR ENTIRE REGIONS OF THE COUNTRY WILL BE UNABLE TO OBTAIN POLICIES ON OBAMACARE EXCHANGES. PREMIUMS ARE SPIRALING OUT OF REACH FOR FAMILIES THAT DON'T QUALIFY FOR SUBSIDIES AND TAXPAYER COSTS ARE SKYROCKETING. THE AHCA OFFERS A WAY OUT OF THIS NIGHTMARE, RESTORING A HEALTHY, COMPETITIVE MARKET WHERE PATIENTS WILL HAVE THE WIDEST RANGE OF CHOICES AND THE FREEDOM TO CHOOSE THE PLAN THAT BEST MEETS THEIR OWN NEEDS, ALONG WITH THE SUPPORTIVE TAX SYSTEM TO ENSURE THESE PLANS ARE WITHIN THEIR FINANCIAL REACH. IF THE SENATE CAN COME UP WITH A BETTER PLAN, LET'S SEE IT. BUT ONE THING SHOULD BE CLEAR, INACTION IS NOT AN OPTION. I YIELD BACK.

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  • 10:21:52 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM MASSACHUSETTS, MR. KENNEDY, FOR…

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM MASSACHUSETTS, MR. KENNEDY, FOR FIVE MINUTES.

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  • 10:21:56 AM

    MR. KENNEDY

    THANK YOU, MR. SPEAKER. MR. SPEAKER, AMIDST THE BREAKING NEWS ALERTS AND…

    THANK YOU, MR. SPEAKER. MR. SPEAKER, AMIDST THE BREAKING NEWS ALERTS AND TWEETS THAT HAVE OVERWHELMED OUR NATION OVER THE PAST SEVERAL DAYS AND AS OUR NATION TUNES IN TO A HEARING TAKING PLACE ON THE OTHER SIDE OF THE CAPITOL AS I SPEAK, LIES A SIMPLE QUESTION -- DID THE PRESIDENT OF THE UNITED STATES PUT HIS OWN PERSONAL AND POLITICAL INTEREST ABOVE THE INTERESTS OF THE AMERICAN PEOPLE? CONGRESS CANNOT ALLOW ITSELF TO BECOME DESENSITIZED OR TO BE DETERRED FROM AN EXPEDITIOUS AND FULLY INDEPENDENT INVESTIGATION CONDUCTED IN FULL VIEW OF THE AMERICAN PUBLIC. BECAUSE THE REAL VICTIMS OF THIS INVESTIGATION'S CLOUD ARE OUR CONSTITUENTS, AMERICANS WHO WAKE UP EVERY MORNING PRAYING THEIR MONTHLY BUDGET WON'T BE COMPROMISED BY THE UNEXPECTED, WHO WALK INTO THEIR OFFICE HOPING THAT TODAY ISN'T THE DAY THAT THAT LAYOFF NOTICE ARRIVES, WHO TUCK THEIR SON OR DAUGHTER INTO BED AT NIGHT KNOWING THAT DESPITE WORKING TWO JOBS THEIR KID WON'T BE AFFORDED THE SAME LUXURIES AS THEIR FRIEND DOWN THE STREET, WHO LOOK TO WASHINGTON FOR A HAND AND INSTEAD SEE US FORCED TO WRESTLE WITH AN ALMOST UNBELIEVABLE QUESTION, WHETHER THE LEADER OF THE FREE WORLD COMPROMISED THE SECURITY OF HIS CITIZENS AND OUR DEMOCRACY TO A FOREIGN ADVERSARY. MR. SPEAKER, THERE'S BEEN AN AWFUL LOT OF TALK ABOUT LOYALTY IN THE PAST 24 HOURS. LET'S BE VERY, VERY CLEAR. THE AMERICAN PEOPLE SHOULD NEVER HAVE TO BE REASSURED OF THE LOYALTY OF THEIR COMMANDER IN CHIEF. THANK YOU AND I YIELD BACK.

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  • 10:24:17 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM GEORGIA, MR. CARTER, FOR FIVE…

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM GEORGIA, MR. CARTER, FOR FIVE MINUTES.

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  • 10:24:26 AM

    MR. CARTER

    MR. SPEAKER, I RISE TODAY TO REMEMBER THE LIFE OF MR. GREG ALLMAN,…

    MR. SPEAKER, I RISE TODAY TO REMEMBER THE LIFE OF MR. GREG ALLMAN, AWARD-WINNING ROCK 'N' ROLL SINGER AND SONGWRITER WHO PASSED AWAY IN SAVANNAH, GEORGIA, MAY 27, 2017, AT THE AGE OF 69. MR. ALLMAN WILL BE REMEMBERED AS THE KEYBOARDIST AND DISTINCTLY SOULFUL VOICE OF THE ALLMAN BAND WHO SPAWNED GENERATIONS OF FOLLOWERS THROUGHOUT THE WORLD. BORN IN NASHVILLE, TENNESSEE, IN 1947, HE AND HIS BROTHER WERE SKILLED GUITARISTS AND KEYBOARDISTS BY THE TIME THEY GRADUATED FROM HIGH SCHOOL. THEY TOURED THROUGHOUT THE WEST COAST IN THE 1960'S MOVING BETWEEN LOS ANGELES AND JACKSONVILLE, FLORIDA, BEFORE ESTABLISHING THE ALLMAN BROTHERS BAND IN 1969. THE BAND'S MOST POPULAR SONGS INCLUDED "MIDNIGHT RIDER," "WHIPPING POST" AND RAMBLIN' MAN." THESE SONGS WILL SPAN THE TEST OF TIME AND CONTINUE TO LIVE ON EVEN AS THE MUSIC INDUSTRY HAS DRASTICALLY CHANGED. IN 1973, MR. ALLMAN BEGAN HIS SOLO CAREER AND ENJOYED A GREAT DEAL OF SUCCESS AS BOTH A MEMBER OF THE ALLMAN BROTHERS AND A SOLO ACT. IN 1995, ALLMAN AND THE OTHER MEMBERS OF THE BAND WERE INDUCTED INTO THE ROCK 'N' ROLL HALL OF FAME. I'M PROUD THAT MR. ALLMAN CHOSE TO CALL SAVANNAH HOME, AND I'M HONORED TO HAVE THE OPPORTUNITY TO REPRESENT SUCH AN OUTSTANDING ARTIST. MR. SPEAKER, I RISE TODAY TO RECOGNIZE THE GROUNDBREAKING AND ALTRUISTIC LIVE OF A MAN WHO PASSED AWAY AT THE AGE OF 75. MR. CHAPPELL ALWAYS HAD A PASSION FOR SERVING OTHERS,. HE GREW UP AS AN INTEGRAL MEMBER OF HIS CHURCH AND HE FOUGHT IN THE KOREAN WAR. IN THE ARMY HE GAINED THE MOTIVATION HE NEEDED TO CONTINUE HIS EDUCATION, ENROLLING IN SAVANNAH STATE UNIVERSITY UPON HIS RETURN HOME FROM KOREA. HE MOVED TO SAVANNAH PERMANENTLY AFTER GRADUATION AND CONTINUED USING HIS PASSION FOR SERVICE TO MAKE SAVANNAH A BETTER PLACE TO LIVE. IN 1957, HE JOINED THE SAVANNAH POLICE DEPARTMENT. MR. CHAPPELL WAS IN THE GROUP OF -- SECOND GROUP OF AFRICAN-AMERICAN POLICE OFFICERS THAT THE DEPARTMENT EVER HIRED. THEY WERE NEVER ALLOWED TO ARREST CRIMINALS. HIS PERSONAL PERNABLE NATURE CREATED A CONNECTION WITH NEIGHBORS AND AROUND SAVANNAH THAT BEFORE 1957 HAD FELT UNDERREPRESENTED. HE RETIRED FROM THE POLICE FORCE AFTER 35 YEARS BUT SUBSEQUENTLY EMBARKED ON ANOTHER SERVICE POSITION AS A MEMBER OF THE CITY COUNCIL IN THUNDERBOLT, GEORGIA. HE BUILT A TOWN HALL AND SENIOR CITIZEN CENTER. I WANT TO THANK HIM AND HIS FAMILY FOR THEIR WORK IN THE SAVANNAH COMMUNITY. MR. SPEAKER, I RISE TO RECOGNIZE THE OUTSTANDING CAREER OF JUDGE ALEX ATWOOD, WHO RECEIVED THE AMERICAN PATRIOT AWARD ON MAY 29, 2017. EACH YEAR ONE INDIVIDUAL HAS EXHIBITED LEADERSHIP THAT POSITIVELY IMPACTS GLEN COUNTY, RECEIVES THIS AWARD. MR. ATWOOD IS CERTAINLY WORTHY OF THIS TITLE. HE STARTED HIS CAREER AS A LOCAL LAW ENFORCEMENT OFFICER BEFORE HE TRANSITIONED HIS KNOWLEDGE OF THE LAW INTO A CAREER AS A SPECIAL AGENT WITH THE FEDERAL LAW ENFORCEMENT TRAINING CENTER WHERE HE EDUCATED THOUSANDS ON THE ROLE OF PUBLIC DEFENDERS. IN GLEN COUNTY, JUDGE ATWOOD IS WELL-KNOWN FOR HIS EXTRAORDINARY LEGAL CAREER, SERVING AS MAGISTRATE JUDGE FOR GLEN COUNTY AND REPRESENTED FOR GEORGIA'S 179TH DISTRICT IN THE GEORGIA GENERAL ASSEMBLY. IN THIS CAPACITY, JUDGE ATWOOD HAS BEEN A CHAMPION FOR GEORGIANS. HE SET PARAMETERS FOR ILLEGAL IMMIGRATION, PROVIDES PROTECTIONS AGAINST HUMAN TRAFFICKING AND GENERATES STRUCTURAL LEGAL REFORM. JUDGE ATWOOD HAS FOUND THE TIME TO DEVOTE HIMSELF TO A NUMBER OF GLEN COUNTY ORGANIZATIONS, WORKING WITH EACH TO MAKE GLEN COUNTY A BETTER PLACE. JUDGE ATWOOD IS AN EXAMPLE OF LEADERSHIP AND HIS CAREER SERVES AS AN IMPORTANT LESSON IN FULFILLING OUR CIVIC DUTY AS AMERICANS. MR. SPEAKER, I YIELD BACK.

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  • 10:28:59 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM CALIFORNIA, MR. RUIZ, FOR FIVE…

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM CALIFORNIA, MR. RUIZ, FOR FIVE MINUTES.

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  • 10:29:03 AM

    MR. RUIZ

    MARGULIS, A TALENTED BUSINESSMAN AND A BLESSING TO THOSE WHO KNEW HIM. HE…

    MARGULIS, A TALENTED BUSINESSMAN AND A BLESSING TO THOSE WHO KNEW HIM. HE MADE A TREMENDOUS POSITIVE IMPACT ON SO MANY LIVES, INCLUDING MY OWN. HIS LIST OF CONTRIBUTIONS TO OUR NATION IS LONG. SADLY, HE PASSED AWAY JUNE 1, 2017. HIS SPIRIT OF SERVICE AND LEADERSHIP WILL LIVE FOR GENERATIONS TO COME. AS A BUSINESS LEADER, HE TOOK THE PRODUCE INDUSTRY BY STORM AS THE PRINCIPAL FOUNDER OF SUN WORLD INTERNATIONAL. HE BROUGHT MANY NEW PRODUCTS TO AMERICAN CONSUMER MARKETS, LIKE THE DELICIOUS NEW SEEDLESS WATERMELON, VARIOUS NEW TYPES OF GRAPES AND THE HAWAIIAN PINEAPPLE. SUN WORLD INTERNATIONAL BECAME A POWERHOUSE PRODUCE COMPANY UNDER HIS WATCH, ONE OF THE LARGEST IN THE NATION. HIS BUSINESS LEADERSHIP WAS WELL RECOGNIZED. HE SERVED ON THE CALIFORNIA STATE BOARD OF AGRICULTURE AS A KEY ADVISOR TO GOVERNOR PAT BROWN ON ISSUES IMPORTANT TO THE MANY FARMERS, RANCHERS AND CONSUMERS IN CALIFORNIA. . HE WAS NAMED AS ONE OF THE MOST INFLUENTIAL PRODUCE LEADERS IN THE PAST 100 YEARS BY "THE PACKER." HE WAS A GENUINELY GOOD MAN. HIS INCREDIBLE HEART OF GOLD WAS SHOWN THROUGH HIS AGAIN ROSSITY AS A PHILANTHROPIST. HE CHAMPIONED HEALTH CARE, AXIS IN EDUCATION, ISSUES NEAR AND DEAR TO MY OWN HEART. HE WAS VICE CHAIR AT THE UNIVERSITY OF CALIFORNIA AT RIVERSIDE AND SERVED AS A TRUSTEE AT THE EISENHOWER MEDICAL CENTER FOR MORE THAN 15 YEARS. HE ALSO HELPED FOUND THE COCHELLA VALLEY BOYS AND GIRLS CLUB WHICH HAD GROWN TO FIVE CLUB HOUSES SERVING THOUSANDS OF CHILDREN ACROSS THE VALLY. THIS IS JUST A SMALL PART OF THE INCREDIBLE WORK HE DID AS A PHILANTHROPIST AND COMMUNITY LEADER THROUGHOUT HIS LIFE. HE WAS VERY SPECIAL TO ME AND MY FAMILY IN A VERY DEEPLY PERSONAL WAY. HE GAVE MY FATHER, GILBERT, THE CHANCE AND LIFE THAT TRANSFORMED OUR ENTIRE FAMILY. MY FATHER, HE GAVE MY DAD WHO DIDN'T FINISH HIGH SCHOOL A GOOD JOB WORKING AT SUN WORLD PACKING. AND TAKEN TO THE MIDDLE HE CLASS -- A TICKET TO THE MIDDLE CLASS. HE PROMOTED MY DAD TO EVENTUALLY MANAGE THE PLANT THAT ALLOWED MY FAMILY TO MOVE FROM OUR TRAILER AND INTO OUR HOME. IN COCHELLA. HE USED TO GIVE US ANGELS AND DODGER BASEBALL TICKETS AND GIANT HER SHE -- HERSHEY CHOCOLATE BARS FOR CHRISTMAS. FOR A KID WHO LOVES CHOCOLATE, THOSE GIANT BARS WERE LIKE A GIFT FROM GOD HIMSELF. WHAT REALLY MOVES ME IS THAT HE PAID FOR A FULL YEAR OF MY UNDERGRAD STUDIES AT UCLA WHEN MY DAD COULDN'T AFFORD IT. IMAGINE THAT. HE HELPED A BOY FROM A TRAILER PARK, SON OF FARM WORKERS ACHIEVE HIS DREAMS TO BE A DOCTOR AND SERVE THE COMMUNITY. HE DID SO WITHOUT FANFARE, HEADLINES, OR PUBLIC RECOGNITION. HE DID IT BECAUSE HE CARED FOR MY DAD, MY FAMILY, AND FOR ME. WITHOUT HIM. I -- WITHOUT HIM I WOULDN'T BE WHERE I AM TODAY. THE AMAZING THING IS THAT I'M NOT THE SOLE PERSON HE TOUCHED AND TRANSFORMED BY HIS KINDNESS. THERE ARE SO MANY, MANY MORE. HIS AGAIN ROSSITY AND -- GENEROSITY AND KINDNESS ARE AN INSPIRATION AND MY THOUGHTS AND PRAYERS ARE WITH HIS WIFE, HIS FOUR CHILDREN, AND NINE GRANDCHILDREN. KNOW THAT HOWARD'S LEGACY WILL LIVE ON AND THAT HIS WORK TOUCHED SO MANY ACROSS CALIFORNIA AND THE NATION. SO ON BEHALF OF THE PEOPLE OF CALIFORNIA'S 36TH CONGRESSIONAL DISTRICT, MY WIFE, MONICA, MY GIRLS, SKY AND SAGE, MY MOTHER, BLANKA -- PLANNINGA, MY BROTHER ROBIN, SISTER STAR -- BLANCA, MY BROTHER ROBIN, SISTER STAR, THANK YOU, MR. MARGUELAS, YOU WILL -- MARGULEAS, YOU WILL FOREVER BE IN OUR HEARTS. AMEN.

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  • 10:34:25 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM ARIZONA, MS. MCSALLY, FOR FIVE…

    THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM ARIZONA, MS. MCSALLY, FOR FIVE MINUTES.

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  • 10:34:34 AM

    SALLY MS.

    MR. SPEAKER, I RISE TODAY TO HONOR THE LIFE OF PHILLIP D. LEDFORD. NAVY…

    MR. SPEAKER, I RISE TODAY TO HONOR THE LIFE OF PHILLIP D. LEDFORD. NAVY VETERAN, DOG LOVER, PATRIOT, AND HUSBAND TO HIS WIFE OF 41 YEARS. I WAS BLESSED TO BE HIS NEXT DOOR NEIGHBOR IN TUCSON FOR THE LAST 20 YEARS. HAVING LOST MY FATHER AT THE AGE OF 12, PHIL BECAME A FATHER FIGURE TO ME AND I LOVED HIM DEEPLY. HE WAS BORN IN OHIO AND JOINED THE NAVY IN 1963. AT THE AGE OF 17 REQUIRING HIS FATHER TO APPROVE HIS ENLISTMENT. AFTER FOUR YEARS SERVING AS A BOILERMAN AND TRAVELING THE WORLD, HE TRANSITIONED TO CIVILIAN LY. AFTER WORKING IN OHIO AS A COMMERCIAL REFRIGERATOR TECHNICIAN, PHIL TRAVELING THE AND HELENE AND THEIR DOG MOLLY MOVED TO TWO SOVEPBLET PHIL AND HIS BEST FRIEND AND BROTHER-IN-LAW WOULD GO ON ADVENTURES IN THE DESERTS AND MOUNTAINS, EXPLORING OLD MINES, AND HIKING THE BEAUTIFUL LANDSCAPES OF ARIZONA. AFTER MOLLY PASSED AWAY, PHIL AND HELENE COULDN'T IMAGINE BRINGING ANOTHER DOG INTO THEIR BROKEN HEARTS FOR A WHILE. SLOWLY MY GOLDEN RETRIEVER STARTED TO MELT HIS HEART AND SOON THEY WERE SPENDING THEIR DAYS TOGETHER. PHIL AND HELENE CARED FOR HER WHEN I WAS DEPLOYED TO AFGHANISTAN, THEN DROVE ACROSS THE COUNTRY TO HELP ME MOVE WHEN I GOT ORDERS TO AL AVEMENT PHIL CAME OUT TO BABYSIT AND DROVE HER ALL THE WAY BACK TO TUCSON TO BE AT HOME FOR A WHILE WITH HELENE. PHIL VOLUNTEERED TO BE A FOSTER FOR THE LOCAL GOLDEN RETRIEVER RESCUE ORGANIZATIONS. HE TO BE AT HOME FOR A WHILE TOOK THIS RESPONSIBILITY SERIOUSLY, CARING FOR MANY GOLDENS COMING OUT OF DIFFICULT CIRCUMSTANCES. ONE GOLDEN HAD CANCER AND PHIL AGREED TO CARE FOR HIM UNTIL HE PASSED. RUDY WAS DEATHLY AFRAID OF THUNDER, BUT PHIL DISCOVERED RUDY'S FEARS WERE CURED IF HE WAS RIDING IN CAR. EVERY TIME THE MONSOON STORMS CAME, PHIL WOULD LOWER RUDY UP, BORROWING MIKE'S VAN AND DRIVE HIM AROUND SO HE WASN'T AFRAID DURING THE STORM. EVEN IF THE STORM LASTED ALL NIGHT. NO COMPLAINTS, NO QUESTIONS ASKED. WHEN I RETURN HOME TO TUCSON, WE CUT A HOLE IN THE WALL BETWEEN THE TWO HOUSES AND DOGGY DOORS, FOOD BOWLS, TOYS AND STREETS IN BOTH PLACES. PENELOPE HAPPY LIVED IN BOTH HER HOMES AGAIN. WHAT A LIFE, WHAT LOVE. PHIL WAS WITH ME WHEN PEN NELLIE PASSED IN 2014. WITHIN A FEW WEEKS PHIL'S BEST FRIEND MIKE WENT TO BE WITH THE LORD AFTER BATTLING AGENT ORANGE CAUSE CANCER FOR YEAR. IT WAS A ROUGH SPRING FOR PHIL LOSING HIS BEST GUY FRIEND AND FURRY FRIEND SO QUICKLY. WE WELCOME A RESCUE DOG NAMED BOOMER INTO OUR HEARTS. HE WAS AN ENERGETIC HANDFUL. PHIL WAS A PATRIOT WHO LOVED HIS COUNTRY, GOD, AND VALUED A HARD DAY'S WORK. HE WAS A SKILLED TRADESMAN WHO WAS ALWAYS EAGER TO PULL OUT HIS TOOLS AND TRY TO FIX LITERALLY ANYTHING THAT BROKE IN THE HOUSE OR THE CAR. THOSE OF US WHO KNEW HIM BEST AND LOVED HIM CALL HIM OUR FAVORITE CURMUDGEON. HE WAS STUBBORN AND OPINIONATED, BUT WOULD LITERALLY GIVE YOU THE SHIRT OFF HIS BACK OR LAST DOLLAR IN HIS WALLET. HE USED TO SCOLD ME ON MY LACK OF DISCIPLINES WITH THE DOGS. BOOMER WOULD GET RAMBUNCTIOUS WITH ME AND NOT LISTEN BUT WAS WELL BEHAVED AS FIRL. I REALIZED HE SAW ME AS A LITTER MATE AND PHIL AS A PET PARENT. THE LAST YEAR AND A HALF PHIL WAS DIAGNOSED WITH CANCER AND HE NAVIGATED A DIFFICULT JOURNY. HE CHANNELED HIS STUBBORNNESS TO HIS FIGHT WITH CANCER. HIS CHARACTER TRAITS OF SELFLESSNESS, FAITH, LOVE, COURAGE, AND HUMILITY WERE TESTED AND PURIFIED ON THIS WALK. HE SUFFERED ADVERSITY AND THE END OF HIS PHYSICAL LIFE. IN MID APRIL THE CANCER CAME BACK AND RAPIDLY SPREAD. THE PAIN WAS UNBEARABLE AT TIMES AND DIFFICULT FOR US TO WATCH HIM SUFFER. TWO WEEKS AGO HE TOOK A TURN FOR THE WORSE. I FLEW HOME FROM D.C. TO BE WITH HIM. AFTER A LONG NIGHT, HELENE, BOOMER, AND I WERE BY HIS SIDE PRAYING HE WOULD BE WILLING TO LET GO AND FLEW HOME FROM D.C. TO BE WITH HIM. AFTER A LONG BE RECEIVED IN GOD'S HOLIE GRACE. HE WAS UNCONSCIOUS IN 24 HOURS N THAT PRAYER HE SCRUNGED HIS EYES CLOSE TWICE, TOOK HIS LAST BREATH, AND WENT TO BE WITH THE LORD FINALLY FREE OF ALL SUFFERING AND FULLY RESTORED. WE COULD LEARN A LOT FROM PHIL. HE DID NOT LIVE A COMPLICATED LIFE AND FOUND PURE JOY IN SIMPLE AND BEAUTIFUL THINGS. A WALK WITH A BELOVED DOG. EXPLORING WITH HIS BEST FRIEND, MIKE, WATCHING FOOTBALL WITH HIS ADORED BRIDE, HELENE. TINKERING WITH THE FURNACE OR HIS JEEP. A WALK AND CASUAL DINNER AT OUR LOCAL FAVORITE RESTAURANT. DRIVING ME TO THE AIRPORT OR TO EVENTS WITH CONSTITUENTS. TAKING CARE OF AND PROTECTING THOSE WHOM HE LOVED. HE DIDN'T SEEK GLORRY, FAME, OR RICHES, BUT HUMILITY, INTEGRITY, LOYALTY, AND SERVICE. PHIL WAS A GOOD MAN WITH A LARGE HEART AND A SELFLESS SPIRIT. I TRULY COULD NOT HAVE SERVED IN MY CALLING IN UNIFORM OR IN CONGRESS WITHOUT HIS LOVE AND SUPPORT. HE DIRECTED US NOT TO HAVE A MEMORIAL SERVICE OR A FUNERAL, BUT HE NEVER SAID ANYTHING ABOUT A SPEECH ON THE FLOOR OF THE HOUSE OF REPRESENTATIVES. IT IS THE LEAST I COULD DO TO HONOR HIS IMPACT ON MY LIFE AND ALL THOSE BLESSED WHO KNOW HIM AND LOVE HIM, HUMAN AND FURRY. WE LOVE YOU AND WE MISS YOU, PHIL. AS THE SONG SAYS, GO REST HIGH ON THAT MOUNTAIN, SON, YOUR WORK ON EARTH IS DONE. WITH THAT, MR. SPEAKER, I YIELD BACK.

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  • 10:40:11 AM

    THE SPEAKER PRO TEMPORE

    AMEN. THE CHAIR RECOGNIZES THE GENTLEMAN FROM CALIFORNIA, MR. KHANNA, FOR…

    AMEN. THE CHAIR RECOGNIZES THE GENTLEMAN FROM CALIFORNIA, MR. KHANNA, FOR FIVE MINUTES.

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  • 10:40:22 AM

    MR. KHANNA

    THANK YOU, MR. SPEAKER. I RISE TODAY TO EXPRESS A SIMPLE PRINCIPLE. PEOPLE…

    THANK YOU, MR. SPEAKER. I RISE TODAY TO EXPRESS A SIMPLE PRINCIPLE. PEOPLE WHO ARE WORKING TO BAG GROCERIES SHOULD NOT HAVE TO RELY ON GOVERNMENT ASSISTANCE AND NUTRITION ASSISTANCE TO BE ABLE TO BUY GROCERIES. AND YET ACROSS THIS COUNTRY THERE ARE THOUSANDS OF WORKERS WHO GO, PUT IN A FULL DAY'S WORK, AND YET CAN'T AFFORD THE BASIC NECESSARYITIES OF FOOD AND CLOTHING. AND IT'S THE TAXPAYERS, ALL OF US, THAT BEAR THE RESPONSIBILITY FOR THE UNDERPAYMENT BY LARGE CORPORATIONS. A BERKELEY STUDY HAS SAID THIS UNDERPAYMENT BY LARGE CORPORATIONS, LOW WAGES, IS COSTING THE AMERICAN TAXPAYERS $153 BILLION A YEAR. I'M PROUD TO INTRODUCE THE CORPORATE RESPONSIBILITY AND TAXPAYER PROTECTION ACT WITH NINE OTHER COLLEAGUES THAT WOULD REQUIRE COMPANIES TO BE RESPONSIBLE FOR THE UNDERPAYMENT OF THEIR EMPLOYEES. THE IDEA IS SIMPLE. IF PEOPLE ARE PUTTING IN A HARD DAY'S WORK AND A FULL WEEK'S WORTH, THEY DESERVE WAGES THAT WILL ALLOW THEM TO BE PART OF THE MIDDLE CLASS. AND TOO OFTEN WHAT HAPPENS IS CORPORATIONS, EVEN IF THEY ARE PAYING A $15 MINIMUM WAGE. WILL ADJUST AN EMPLOYEE'S HOURS SO THAT THEY DON'T GET MORE TAKE-HOME PAY FOR THE MONTH. WHAT THIS BILL WILL DO IS SAY THAT A CORPORATION THAT ISN'T PAYING A FAIR WAGE WHERE EMPLOYEES ARE RELYING ON GOVERNMENT ASSISTANCE, THE CORPORATION IS RESPONSIBLE FOR THAT GOVERNMENT ASSISTANCE. IT'S NOT THE TAXPAYERS WHO SHOULD BE PAYING FOR THAT, IT'S THE CORPORATIONS WHO SHOULD BE HELD RESPONSIBLE FOR THE UNDERPAYMENT OF WAGES. MY HOPE IS THAT NONE OF THE CORPORATIONS WILL HAVE TO PAY THIS TAX. THAT THEY WILL DO THE RIGHT THING BY WORKING FAMILIES IN THE MIDDLE CLASS. THAT THEY WILL RECOGNIZE THAT IN A TIME OF RECORD CORPORATE PROFITS, THEY CAN AFFORD TO PAY A DECENT WAGE. I'M HOPEFUL THAT THIS BILL WILL RECEIVE BIPARTISAN SUPPORT BECAUSE IT IS THE VERY PREMISE OF THIS COUNTRY, THAT IF YOU WORK HARD, IF YOU PLAY BY THE RULES, YOU SHOULD BE ABLE TO BE PART OF THE MIDDLE CLASS. THANK YOU, MR. SPEAKER.

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  • 10:43:16 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM NEBRASKA, MR. BACON, FOR FIVE…

    THE CHAIR RECOGNIZES THE GENTLEMAN FROM NEBRASKA, MR. BACON, FOR FIVE MINUTES.

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  • 10:43:21 AM

    MR. BACON

  • 10:48:29 AM

    THE SPEAKER PRO TEMPORE

    BACK. THE SPEAKER PRO TEMPORE: THE CHAIR RECOGNIZES THE GENTLEMAN FROM…

    BACK. THE SPEAKER PRO TEMPORE: THE CHAIR RECOGNIZES THE GENTLEMAN FROM GEORGIA, MR. COLLINS, FOR FIVE MINUTES.

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  • 10:48:35 AM

    MR. COLLINS

    THANK YOU, MR. SPEAKER. MR. SPEAKER, IT'S A JOY TODAY THAT I RISE TO…

    THANK YOU, MR. SPEAKER. MR. SPEAKER, IT'S A JOY TODAY THAT I RISE TO CONGRATULATE NORTH HALL HIGH SCHOOL ON WINNING THE STATE BASEBALL CHAMPIONSHIP IN GEORGIA IN THEIR CLASS. THIS IS ESPECIALLY HAPPY FOR ME BECAUSE I AM A TROJAN. I GRADUATED FROM NORTH HALL HIGH SCHOOL IN 1984. IT'S AMAZING IT SEEMS THAT LONG AGO, BUT IT'S ALSO LOOKING BACK AS THE FIRST -- ONE OF THE FIRST SPORTS CHAMPIONSHIPS IN BASEBALL THEY HAVE RECEIVED AND IT IS A TRULY EXCITING TIME IN OUR COMMUNITY. I WATCHED THESE YOUNG MEN GROW UP, MANY WITH MY SON PLAYING BALL, AND IT'S EXCITING TO SEE THAT FULFILLMENT. AT THE START OF THE SEASON, THE TEAM RALLIED AROUND THE PROMISE OF LEAVE NO DOUBT. IT REMINDED NORTH HALL PLAYERS AND COACHES TO OFFER THE BEST EFFORT WITHOUT EXCEPTION AND TO PROVE WRONG ANYONE WHO DOUBTED THEIR POTENTIAL FOR SUCCESS. PERSEVERING IN THE 2017 SEASON WAS NO SMALL TASK. THE TEAM OPENED THE FIRST ROUND OF THE STATE PLAYOFFS WITH A 6-1 LOSS. FEW PEOPLE EXPECTED THE TRONALANS TO RECOVER AFTER -- TROJANS TO RECOVER AFTER THAT GAME. NORTH HALL EARNED THE TITLE STATE CHAMPION AND THIS IS A TESTAMENT TO THE TEAM'S DETERMINATION AND REMINDER TO US ALL DEDICATION EVEN IN THE MOST UNLIKELY CIRCUMSTANCES. IT DOES PAY OFF. WHENEVER WE GIVE UP WE SURRENDER OUR DREAMS. TO THE YOUNG MEN I WATCHED GROW UP, THE YOUNG MEN IN OUR COMMUNITY WHO NOW HOLD THE TITLE STATE CHAMPION, I SAY CONGRATULATIONS. MR. SPEAKER, I RISE TODAY IN HONOR OF RETIRED ARMY LIEUTENANT COLONEL TERRY BARRON, GEORGIA'S FIRST FEMALE BLACKHAWK HELICOPTER PILOT. MY NEIGHBORS IN THE CITY OF GAINESVILLE HAS TERRI BARRON DAY. SHE SERVED IN THE GEORGIA NATIONAL GUARD FOR 30 YEARS AND IN 2011 WAS DEPLOYED TO IRAQ. SHE SERVED AS MATH PROFESSOR AND FORMER CHAIR OF THE UNIVERSITY MATH AND SCIENCE DEPARTMENT. IN THIS ROLE SHE EQUIPPED STUDENTS WITH THE KNOWLEDGE AND SKILLS THAT ALLOWED THEM TO PURSUE CAREERS IN MATH AND SCIENCE. AS BOTH A SOLDIER AND PROFESSOR, LIEUTENANT COLONEL BARRON HAS LIVED THE LIFE DEDICATED TO SERVING AND EMPOWERING OTHERS, MAKING THEM MORE CONFIDENT AS THEY APPROACH THE CHALLENGES OF EACH NEW DAY. I'D LIKE TO COMMEND LIEUTENANT COLONEL BARRON FOR THEIR SERVICE TO GEORGIA AND ON BEHALF HER COUNTRY. MR. SPEAKER, AS I RISE TODAY, IT IS A GOOD DAY ON THE FLOOR OF THE HOUSE. IT IS A GOOD DAY FOR THOSE OF US WHO HAVE WENT BEFORE THE VOTERS ON OCCASION AND SAID ONE OF THE ISSUES WE HAVE TO TAKE UP IN WASHINGTON, D.C., IS REMOVING THE BARRIERS TO LETTING EVERYDAY PEOPLE GET UP AND BE ABLE TO ACCESS THE FINANCIAL MARKETS, TO ACCESS THEIR BUSINESS OPPORTUNITIES, TO FOLLOW THEIR HOPES, DREAMS AND AMBITIONS AND ON THE FLOOR OF THE HOUSE TODAY, WE WILL FULFILL THAT. WE WILL TAKE UP AND PASS THE CHOICE ACT, WHICH REPEALS THE DODD-FRANK, WHICH TAKES THE CFPB, THE CONSUMER FINANCIAL PROTECTION BUREAU, WHICH MANY OF US BELIEVE IS UNCONSTITUTIONAL. HOW COULD A BODY OF CONGRESS ACTUALLY EMPOWER AN AGENCY THAT WE HAVE NO CONTROL OVER, NO ACCOUNTABILITY TO US, THEY DO AS THEY WANT TO DO AND YET CONTROL SO MUCH OF OUR ECONOMY? TODAY, WE TAKE A STEP FORWARD. WE TAKE A STEP FORWARD TO PUTTING PEOPLE BACK IN POWER, TO LETTING OUR COMMUNITY AND OUR CREDIT UNIONS, BANKS GET BACK TO DOING WHAT THEY DO BEST AND THAT'S TREATING THEIR COMMUNITY AND THEIR PEOPLE WITH RESPECT, FINDING LOANS, OPENING UP POSSIBILITIES, HAVING THAT NEXT DREAM OF SOMEONE WHO SAYS I JUST WANT TO TAKE THIS OPPORTUNITY AND BEING ABLE TO FUND IT. YOU SEE, A LOT IS BEING SAID AND THERE'S DISTRACTIONS EVERYWHERE, MR. SPEAKER. WHEN WE UNDERSTAND THAT MANY SAY NOTHING IS GETTING DONE BUT I LOOK BACK AND SAY THE REPUBLICAN MAJORITY IS MOVING FORWARD. WE HAVE A NEW SUPREME COURT JUSTICE. WE HAVE PASSED 14 C.R.A.'S, ROLLING BACK ALMOST $18 BILLION IN COMPLIANCE COSTS, OF REGULATIONS PROMULGATED BY THE FORMER ADMINISTRATION. WE HAVE BEGAN THE PROCESS OF DOING WHAT WE SAID WE ARE DOING BY REPLACING A FAILED HEALTH CARE SYSTEM AND WHICH WE HAVE JUST FOUND OUT IN OHIO, NEBRASKA, IOWA, GEORGIA IN WHICH PREMIUMS HAVE SKYROCKETED, WHERE MARKETS ARE NO LONGER VIABLE, WHERE INSURANCE IS NOT THERE AND EVEN IF IT IS THERE THERE ARE MANY PLACES WHERE THEY CAN BUY BUT NOT USE IT. THAT'S HEALTH INSURANCE, NOT HEALTH CARE. IN FACT, THAT'S NOTHING FOR THOSE WHO NEED IT. YOU SEE, IN CONGRESS WE ARE MOVING FORWARD. IT IS AN AGENDA LED BY THE ADMINISTRATION WITH THE HOUSE AND SENATE WORKING TOGETHER TO SAY WE BELIEVE IN THE AMERICAN PEOPLE, WE BELIEVE THAT THE SPIRIT OF AMERICA IS FOUND IN THE INDIVIDUAL HOMETOWNS AND IN THE INDIVIDUAL SPIRITS THAT LIVE THERE, NOT IN A GOVERNMENT THAT'S CONTROLLED COMPLETELY FROM WASHINGTON, D.C., WHERE WASHINGTON SAYS WE KNOW BEST. IT IS TIME WE UNLEASH THE SPIRIT AGAIN. THROUGH THIS HOUSE THAT PROCESS IS STARTING TODAY. THE CHOICE ACT IS A FULFILLMENT OF A PROMISE, AND THERE ARE MANY MORE TO COME. WITH THAT, MR. SPEAKER, I YIELD BACK.

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  • 10:53:30 AM

    THE SPEAKER PRO TEMPORE

    THE CHAIR RECOGNIZES MR. ROTHFUS FROM PENNSYLVANIA FOR FIVE MINUTES.

  • 10:53:36 AM

    MR. ROTHFUS

    THANK YOU, MR. SPEAKER. FOR THE PAST EIGHT YEARS WE HAVE BEEN STUCK IN THE…

    THANK YOU, MR. SPEAKER. FOR THE PAST EIGHT YEARS WE HAVE BEEN STUCK IN THE SLOWEST ECONOMIC RECOVERY IN 70 YEARS. WITH ALL THE DEBATE ABOUT THE FINANCIAL CHOICE ACT TODAY, A SIMPLE QUESTION GETS TO THE HEART OF THE MATTER. DO WE WANT TO GROW AGAIN? I CONTEND, MR. SPEAKER, THE ANSWER IS, THE ANSWER HAS TO BE A RESOUNDING YES. IT HAS TO BE YES BECAUSE THERE'S A MORAL IMPERATIVE AT PLAY. THE CHOICE ACT IS ABOUT ENDING A STAGNANT STATUS QUO THAT'S CRUSHING OUR ECONOMY AND OPPORTUNITY. MULTIPLE STUDIES SHOW THAT THE DODD-FRANK ACT HAS HINDERED ECONOMIC GROWTH. ONE STUDY ESTIMATES THAT BECAUSE OF THE OVERREGULATIONS WE HAVE SEEN SINCE THE 2008 FINANCIAL CRISIS, THERE ARE 650,000 FEWER SMALL BUSINESSES THAN THERE OTHERWISE WOULD BE WHICH WOULD HAVE PROVIDED 6 1/2 MILLION NEW JOBS, THAT'S 6 1/2 MILLION PEOPLE NOT UTILIZING THEIR GOD-GIVEN TALENTS FOR THE BETTERMENT OF SOCIETY, THAT'S 6 1/2 MILLION PEOPLE NOT PAYING THE SOCIAL SECURITY, MEDICARE AND INCOME TAXES THAT WE NEED TO FUND CRITICAL PROGRAMS. SOME JUST WANT TO RAISE TAXES ON THE ALREADY BURDEN TAXPAYERS. I SAY LET'S GET NEW TAXPAYERS INTO THE GAME. HAVING MORE TAXPAYERS HELPS US TO PAY FOR PROGRAMS FOR VETERANS, EDUCATION, MEDICAL RESEARCH TO FIND CURES FOR DISEASES LIKE ALZHEIMER'S AND CANCER, TAXPAYERS TO HELP FUND THE NATIONAL DEFENSE. A COUPLE WEEKS AGO I VISITED A SENIOR CENTER IN MY DISTRICT AND HAD SOME VERY SPECIAL CONVERSATIONS. FOLKS TOLD ME ABOUT THE DAYS WHEN THERE WERE LOTS OF JOBS IN THE FACTORY TOWNS IN WESTERN PENNSYLVANIA. ONE WORLD WAR II VETERAN SHOWED ME HIS BRONZE STAR. THESE INDIVIDUALS ARE COUNTING ON US TO ALLOW AN ECONOMY TO GROW THAT WILL CREATE THE TAXPAYERS WHO CAN HELP PAY FOR THE CRITICAL PROGRAMS THAT SUPPORT THEM, THAT PAY FOR THEIR CARE. WE HAVE A MORAL OBLIGATION, MR. SPEAKER, TO RESTORE HEALTHY GROWTH TO THIS ECONOMY. TODAY, LET'S PASS THE CHOICE ACT. LET'S MOVE FROM OVERREGULATION TO RIGHT-SIZED REGULATION. LET'S UNCLOG THE FLOW OF CAPITAL TO SMALL BUSINESSES. LET'S UNCLOG CONSUMERS' ACCESS TO CREDIT. LET'S LOWER THE COST OF FINANCIAL SERVICES FOR EVERYDAY CONSUMERS. LET'S BRING AN END TO THE ANTI-GROWTH POLICIES OF THE LAST EIGHT YEARS AND MOVE INTO A MUCH BRIGHTER, MORE PROSPEROUS FUTURE FOR EVERYONE. I THANK THE SPEAKER AND I YIELD BACK.

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  • 10:56:17 AM

    TEMPORE PURSUANT

  • 12:00:36 PM

    THE SPEAKER

    THE HOUSE WILL BE IN ORDER. THE PRAYER WILL BE OFFERED BY OUR CHAPLAIN,…

    THE HOUSE WILL BE IN ORDER. THE PRAYER WILL BE OFFERED BY OUR CHAPLAIN, FATHER CONROY.

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  • 12:01:34 PM

    THE SPEAKER

    THE CHAIR HAS EXAMINED THE JOURNAL OF THE LAST DAY'S PROCEEDINGS AND…

    THE CHAIR HAS EXAMINED THE JOURNAL OF THE LAST DAY'S PROCEEDINGS AND ANNOUNCES TO THE HOUSE HIS APPROVAL THEREOF. PURSUANT TO CLAUSE 1, RULE 1, THE JOURNAL STANDS APPROVED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM SEEK RECOGNITION

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  • 12:01:50 PM

    MR. DAVIS

    I DEMAND A VOTE.

  • 12:01:53 PM

    THE SPEAKER

    THE QUESTION IS ON AGREEING TO THE SPEAKER'S APPROVAL OF THE JOURNAL.…

    THE QUESTION IS ON AGREEING TO THE SPEAKER'S APPROVAL OF THE JOURNAL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT.

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  • 12:02:01 PM

    MR. DAVIS

    MR. SPEAKER. I OBJECT TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT…

    MR. SPEAKER. I OBJECT TO THE VOTE ON THE GROUNDS THAT A QUORUM IS NOT PRESENT AND MAKE A POINT OF ORDER THAT A QUORUM IS NOT PRESENT.

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  • 12:02:12 PM

    THE SPEAKER

    FURTHER PROCEEDINGS ON THIS QUESTION ARE POSTPONED. THE PLEDGE OF…

    FURTHER PROCEEDINGS ON THIS QUESTION ARE POSTPONED. THE PLEDGE OF ALLEGIANCE WILL BE LED BY THE GENTLEMAN FROM ARKANSAS, MR. CRAWFORD.

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  • 12:02:22 PM

    MR. CRAWFORD

    I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE…

    I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE WITH LIBERTY AND JUSTICE FOR ALL.

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  • 12:02:34 PM

    THE SPEAKER

    THE CHAIR WILL ENTERTAIN UP TO 15 REQUESTS FOR ONE-MINUTE SPEECHES ON EACH…

    THE CHAIR WILL ENTERTAIN UP TO 15 REQUESTS FOR ONE-MINUTE SPEECHES ON EACH SIDE OF THE AISLE. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM ILLINOIS SEEK RECOGNITION?

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  • 12:02:42 PM

    >>

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND…

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND MY REMARKS.

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  • 12:02:47 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED.

  • 12:02:48 PM

    >>

    THANK YOU, MR. SPEAKER. JUNE IS ALZHEIMER'S AWARENESS MONTH. IS A…

    THANK YOU, MR. SPEAKER. JUNE IS ALZHEIMER'S AWARENESS MONTH. IS A PROGRESSIVE DISEASE THAT LEADS TO MEMORY LOSS AND OTHER CHALLENGES IN BRAIN AND PHYSICAL FUNCTION. ULTIMATELY IT HAS FAILED. MORE THAN FIVE MILLION AMERICANS ARE LIVING WITH ALZHEIMER'S. INCLUDING OVER 220,000 RESIDENTS OF ILLINOIS. EVERY 66 SECONDS ANOTHER AMERICAN IS DIAGNOSED WITH THIS DISEASE, AND THE RATE OF A NEW CASE -- RATE OF NEW CASES ARE INCREASING.

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  • 12:03:19 PM

    MR. BOST

    NATION'S SIXTH LEADING CAUSE OF DEATH. LAST YEAR, CONGRESS AND THE WHITE…

    NATION'S SIXTH LEADING CAUSE OF DEATH. LAST YEAR, CONGRESS AND THE WHITE HOUSE WORKED IN A BIPARTISAN MANNER TO ENACT THE 21ST CENTURY CURES ACT. THE LEGISLATION TRANSFORMS OUR HEALTH RESEARCH SYSTEM TO SPEED UP THE FIGHT AGAINST ALZHEIMER'S AND OTHER DISEASES. BUT THAT'S JUST THE START. LET'S KEEP WORKING TOGETHER TO END THIS DEVASTATING DISEASE. WITH THAT, MR. SPEAKER, I YIELD BACK.

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  • 12:03:48 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM OHIO SEEK RECOGNITION?

  • 12:03:51 PM

    >>

    MR. SPEAKER, I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:03:55 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLELADY FROM OHIO IS RECOGNIZED FOR ONE MINUTE.

  • 12:04:00 PM

    MRS. BEATTY

    SPEAKER, I RISE TODAY AS A MEMBER OF THE FINANCIAL SERVICES COMMITTEE IN…

    SPEAKER, I RISE TODAY AS A MEMBER OF THE FINANCIAL SERVICES COMMITTEE IN STRONG OPPOSITION TO THE FINANCIAL CHOICE ACT. OR MORE APPROPRIATELY TITLED, THE WRONG CHOICE ACT. THE PERFORMANCE OF THIS FIELD CLAIMS IT'S ABOUT REGULATORY RELIEF FOR OUR NATION'S COMMUNITY BANKS, BUT IT IS NOT. THIS BILL GUTS THE CONSUMER FINANCIAL PROTECTION BUREAU, AN ORGANIZATION THAT WAS DEVELOPED TO PROTECT CONSUMERS FROM UNFAIR, DECEPTIVE, ABUSIVE PRACTICES. MR. SPEAKER, I STAND HERE TODAY BECAUSE THE CONSUMER FINANCIAL PROTECTION BUREAU HAS DONE AMAZING THINGS. THIS BILL WOULD DISMANTLE IT. DISMANTLE A BUREAU THAT JUST IN SIX YEARS HAS RECOVERED ALMOST $12 BILLION FOR OVER 29 MILLION AMERICANS. MR. SPEAKER, THIS IS THE WRONG CHOICE. THIS BILL RETURNS THE AMERICAN ECONOMY TO THE DEREGULATORY STATE THAT LED US TO THE GREAT FINANCIAL CRISES AND THE DEEPEST RECESSION SINCE THE GREAT DEPRESSION. MR. SPEAKER, I URGE MY COLLEAGUES TO VOTE NO ON THIS BILL BECAUSE THE FUNDAMENTAL QUESTION IS, IT DOES NOT PROVIDE CHOICE OR HOPE OR OPPORTUNITY FOR INVESTORS OR FOR ENTREPRENEURS.

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  • 12:05:27 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM ARKANSAS SEEK RECOGNITION?

  • 12:05:30 PM

    >>

    REQUEST UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:05:33 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM ARKANSAS IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION, THE GENTLEMAN FROM ARKANSAS IS RECOGNIZED FOR ONE MINUTE.

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  • 12:05:36 PM

    >>

    THANK YOU, MR. SPEAKER. I RISE TODAY IN MEMORY OF STAFF SERGEANT FOSTER.…

    THANK YOU, MR. SPEAKER. I RISE TODAY IN MEMORY OF STAFF SERGEANT FOSTER. IN NOVEMBER 1952 HE BOARDED AN AIRCRAFT AND TOOK OFF FROM AN AIR BASE IN WASHINGTON TO ALASKA. IN MID FLIGHT THE PLANE DISAPPEARED.

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  • 12:05:53 PM

    MR. CRAWFORD

    WERE RECOVERED AND THE FAMILY WAS NOTIFIED. THEY HELD A MEMORIAL SERVICE…

    WERE RECOVERED AND THE FAMILY WAS NOTIFIED. THEY HELD A MEMORIAL SERVICE FOR THEIR SON AT A CHURCH. THOUGH ALL HOPE SEEMED LOST, THE FAMILY TRIED TO SOLVE THE MYSTERY. FOR MANY YEARS THEY MADE EFFORTS TO LEARN ABOUT THE CRASH. HIS SISTER SHARED STORIES ABOUT IT WITH HER SON. AND KEVIN BEGAN TO SEEK AS MUCH INFORMATION AS HE COULD REGARDING HIS LATE UNCLE. IN JUNE, 2012, WHILE ON A TRAINING MISSION, A BLACKHAWK ARMY NATIONAL GUARD UNIT DISCOVERED WRECKAGE 12 MILES AWAY FROM THE ORIGINAL CRASH SITE. AFTER CLOSER INSPECTION, IT WAS DETERMINED IT WAS THE MISING PLANE FROM 1952. FINALLY, IN MARCH, 2016, STAFF STAR GENT ROBERT REMAINS WERE CONFIRMED FOUND IN ALASKA. THE FAMILY WAS INFORMED HE WOULD RETURN HOME. MR. SPEAKER, I'M PLEASED TO SAY THAT HE FINALLY RETURNED HOME LAST MONTH AND NOW AT LAST BURIED NEXT TO HIS SISTER AT THE CLEVELAND COUNTY MEMORIAL GARDENS. THE SPEAKER PRO TEMPORE: FOR WHAT PURPOSE DOES

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  • 12:06:57 PM

    THE SPEAKER PRO TEMPORE

    MEMORIAL GARDENS. THE SPEAKER PRO TEMPORE: FOR WHAT PURPOSE DOES THE…

    MEMORIAL GARDENS. THE SPEAKER PRO TEMPORE: FOR WHAT PURPOSE DOES THE GENTLEMAN FROM GEORGIA SEEK RECOGNITION?

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  • 12:07:02 PM

    >>

    TO REVISE AND EXTEND MY REMARKS.

  • 12:07:04 PM

    THE SPEAKER PRO TEMPORE

    DOES THE GENTLEMAN SEEK UNANIMOUS CONSENT?

  • 12:07:06 PM

    MR. JOHNSON

    DO I.

  • 12:07:09 PM

    MR. JOHNSON

    THANK YOU, MR. SPEAKER. IT'S WITH GREAT DISGUST I RISE IN CONDEMNATION OF…

    THANK YOU, MR. SPEAKER. IT'S WITH GREAT DISGUST I RISE IN CONDEMNATION OF PRESIDENT TRUMP'S WITHDRAWAL OF THE UNITED STATES FROM THE PARIS CLIMATE ACCORD. DESPITE HIS PROMISE TO MAKE AMERICA GREAT AGAIN, THE PRESIDENT'S PULL OUT FROM THIS AGREEMENT DOES EXACTLY THE OPPOSITE. IT PUTS AMERICA BEHIND 194 OTHER COUNTRIES THAT HAVE PLACED TRUTH AND REALITY OVER IGNORANCE. CLIMATE CHANGE IS REAL AND IT'S MAN-MADE. IT'S A THREAT THAT MUST BE ADDRESSED. IT'S EXTREMELY FRUSTRATING THAT THIS ADMINISTRATION HAS CHOSEN TO WITHDRAW FROM THE GLOBAL FIGHT AGAINST GLOBAL WARMING. THIS PULLOUT SENDS A MESSAGE THAT THE UNITED STATES IS NO LONGER INTERESTED IN LEADING THE EFFORTS TO STOP GLOBAL WARMING. AND IT'S A SELF FRUSTRATING THAT THIS ADMINISTRATION HAS CHOSEN TO WITHDRAW INFLICTED WOND -- SELF-INFLICTED WOUND AND UNDERCUTS TRUST IN AMERICAN LEADERSHIP. IT WON'T SAVE THE COAL STRIRKS IT WON'T MAKE AMERICA GREAT AGAIN, AND ANOTHER IMPULSIVE AND DESTRUCTIVE DECISION BY THIS ADMINISTRATION THAT HURTS OUR FUTURE. I YIELD BACK THE BALANCE OF MY TIME.

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  • 12:08:09 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MICHIGAN SEEK RECOGNITION?

  • 12:08:12 PM

    >>

    ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:08:16 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM MICHIGAN IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION, THE GENTLEMAN FROM MICHIGAN IS RECOGNIZED FOR ONE MINUTE.

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  • 12:08:18 PM

    >>

    MR. SPEAKER, DURING MY FIRST TERM IN CONGRESS, I HAD THE OPPORTUNITY TO…

    MR. SPEAKER, DURING MY FIRST TERM IN CONGRESS, I HAD THE OPPORTUNITY TO JOIN HABITAT FOR HUMANITY ON ONE OF THEIR BUILDS BACK IN OAKLAND COUNTY, MICHIGAN. IT WAS A LOT OF FUN AND TIME WELL SPENT. EARLIER THIS YEAR I MET WITH HABITAT AND HEARD ABOUT THEIR STRUGGLE TO PROVIDE AFFORDABLE HOMES UNDER THE REGULATIONS IMPOSED BY DODD-FRANK. HABITAT FOR HUMANITY RELIES ON THE AGAIN ROSSITY OF SO MANY, NOT JUST VOLUNTEERS WHO BUILD THE HOME OR DONATE TO THEIR CAUSE, BUT THOSE WHO PROVIDE PROFESSIONAL SERVICES FREE OF CHARGE. A HOME NEEDS TO BE APPRAISED BEFORE A LOAN IS APPROVED AND MANY TIMES PROFESSIONAL APPRAISERS VOLUNTEER THEIR SERVICES.

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  • 12:09:00 PM

    MR. LEWIS

    CAN CONTINUE ITS IMPORTANT MISSION. I YIELD BACK.

  • 12:09:33 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW YORK SEEK RECOGNITION?

  • 12:09:36 PM

    >>

    MR. SPEAKER, I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.…

    MR. SPEAKER, I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND.

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  • 12:09:42 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM NEW YORK IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION, THE GENTLEMAN FROM NEW YORK IS RECOGNIZED FOR ONE MINUTE.

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  • 12:09:45 PM

    MR. TONKO

    MR. SPEAKER, I RISE TO EXPRESS MY DEEP DISAPPOINTMENT THAT PRESIDENT TRUMP…

    MR. SPEAKER, I RISE TO EXPRESS MY DEEP DISAPPOINTMENT THAT PRESIDENT TRUMP INTENDS TO PULL THE UNITED STATES OUT OF THE HISTORIC PARIS CLIMATE AGREEMENT. THIS AGREEMENT IS A POWERFUL SYMBOL OF AMERICA'S STRENGTH AND GLOBAL LEADERSHIP. IT PROMISED A BRIGHT FUTURE FOR OUR NATION AND WORLD POWERED BY CLEAN ENERGY. AMERICA WAS POISED TO LEAD THAT CLEAN ENERGY REVOLUTION. INSTEAD, THE WORLD IS NOW MAKING PLANS TO MOVE AHEAD WITHOUT US. JOBS WILL BE CREATED WITHOUT US. NEW INDUSTRIES WILL BE BORN AND NEW INNOVATIVE TECHNOLOGIES, MANUFACTURED WITHOUT US. IF WE STICK WITH THIS PRESIDENT'S DECISION, AMERICA WILL BE ON THE OUTSIDE LOOKING IN. I WANT TO MAKE ONE THING PERFECTLY CLEAR. I'M STILL IN. SO ARE MORE THAN 1,000 OF AMERICA'S MOST FORWARD THINKING CITIES, STATES, UNIVERSITIES, AND BUSINESSES. INCLUDING THE CITIES OF ALBANY AND SARATOGA SPRINGS, UNION AND SKID MORE COLLEGES, AND SUNNI ALBANY. SO ARE -- SUNY ALBANY. AND SARATOGA SPRINGS, UNION AND SKID MORE AND SO ARE MANY AMERICANS IN EVERY CONGRESSIONAL DISTRICT ACROSS OUR NATION. WE'LL EMBRACE THE CLIMATE ECONOMY EVEN THE PRESIDENT DOES NOT. PRESIDENT TRUMP'S POSITION IS A SCAR ON AMERICA'S IMAGE, BUT THE AMERICAN PEOPLE WILL CONTINUE TO DEMAND LEADERSHIP ON REDUCING CARBON POLLUTION. OUR CHILDREN, OUR GRANDCHILDREN ARE COUNTING ON US. LET'S NOT FAIL THEM. WITH THAT I YIELD BACK.

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  • 12:11:04 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLELADY FROM ALABAMA SEEK RECOGNITION?

  • 12:11:08 PM

    MRS. ROBY

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:11:11 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION. THE GENTLELADY FROM ALABAMA IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION. THE GENTLELADY FROM ALABAMA IS RECOGNIZED FOR ONE MINUTE.

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  • 12:11:14 PM

    MRS. ROBY

    THE ENACTMENT OF 2010, A TOTAL OF 357 FINANCIAL INSTITUTION VS. BEEN…

    THE ENACTMENT OF 2010, A TOTAL OF 357 FINANCIAL INSTITUTION VS. BEEN FORCED OUT OF BUSINESS. FOUR COMMUNITY BANKS IN TAL AL ARE ON THAT LIST. THAT AMOUNTS TO NEARLY 7 1/2 BILLION LESS DOLLARS IN AN ALABAMA'S ECONOMY THAT COULD BE LENT TO SMALL BUSINESSINGS AND FARMERS. IN ALL, NEARLY 20% OF ALABAMA YEAS COMMUNITY BANKS HAVE EITHER CLOSED OR BEEN FORCED TO MERGE UNDER DODD-FRANK. WHY IS THIS HAPPENING? BECAUSE HOMEGROWN BANKS CAN'T KEEP UP WITH THE CRAZY COMPLIANCE COST THAT DODD-FRANK MANDATES. HERE'S AN EXAMPLE. ONE CREDIT UNION IN ALABAMA'S REGION THE NEW COMPLIANCE DEPARTMENT SIZE BECAUSE HOMEGROWN BANKS CAN'T KEEP UP WITH THE CRAZY COMPLIANCE HAS TRIPLED. THEIR COMPLIANCE DEPARTMENT SIZE HAS TRIPLED. THEY ESTIMATE THAT THESE NEW COST VS. LIMITED THEIR GROWTH BY AS MUCH AS $60 MILLION. THAT'S NOT RIGHT. HOMETOWN LENDERS IN ALABAMA DIDN'T CAUSE THE FINANCIAL CRISIS OF 2009. BUT NOW THEY AND THEIR CUSTOMERS ARE PAYING THE PRICE. THERE'S NO QUESTION WE NEED STRONG LAWS TO GOVERN OUR FINANCIAL MARKETS. BUT DODD-FRANK IS NOT THE ANSWER. WE NOW HAVE A CHANCE TO FIX THIS BROKEN LAW, UNTANGLE THIS REGULATORY WEB, AND UNLEASH THE CAPITAL INVESTMENT THAT IS SO CRUCIAL TO ECONOMIC GROWTH. I URGE MY COLLEAGUES TO SUPPORT THE CHOICE ACT. I YIELD BACK.

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  • 12:12:33 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

  • 12:12:36 PM

    >>

    SEEK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND…

    SEEK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. REVISE AND EXTEND MY REMARKS.

    Show Full Text
  • 12:12:40 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION, THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED FOR ONE MINUTE.

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  • 12:12:43 PM

    MR. MCNERNEY

    MINUTE.

  • 12:13:44 PM

    THE SPEAKER PRO TEMPORE

    I YIELD BACK. THE SPEAKER PRO TEMPORE: FOR WHAT PURPOSE DOES THE GENTLEMAN…

    I YIELD BACK. THE SPEAKER PRO TEMPORE: FOR WHAT PURPOSE DOES THE GENTLEMAN FROM KENTUCKY SEEK RECOGNITION?

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  • 12:13:49 PM

    >>

    MOVE TO SUSPEND THE RULES, ADDRESS THE BODY FOR ONE MINUTE.

  • 12:13:52 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM KENTUCKY IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION, THE GENTLEMAN FROM KENTUCKY IS RECOGNIZED FOR ONE MINUTE.

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  • 12:13:55 PM

    >>

    THIS WEEK IS NATIONAL HEMP HISTORY WEEK. INDUSTRIAL HEMP IS A CROP THAT…

    THIS WEEK IS NATIONAL HEMP HISTORY WEEK. INDUSTRIAL HEMP IS A CROP THAT CAN BE USED TO PRODUCE 25,000 PRODUCTS. IT IS SUCH AN INDUSTRIAL CROP THAT DURING WORLD WAR II THE USDA PRODUCED FAIL MANY ENCOURAGING FARMERS WHO GROW HEMP TO SUPPORT THE WAR EFFORT BECAUSE TEXTILES AND FIBERS WERE IN SHORT SUPPLY. GEORGE WASHINGTON, THOMAS JEFFERSON, JAMES MADISON, AND JAMES MONROE ALL GREW HEMP. TODAY, HOWEVER, INDUSTRIAL HEMP IS LARGELY ILLEGAL FOR WIDESPREAD PRODUCTION BECAUSE THE CONTROLLED SUBSTANCES ACT DOES NOT MAKE THE DISTINCTION BETWEEN HEMP AND MARIJUANA. BOTH VARIETIES OF THE CANNY BASS PLANT BUT -- CANNABIS PLANT BUT THAT'S IT ENDS. IT ONLY HAS MINUSCULE AMOUNTS OF P.S.C. IN 2004, CONGRESS BEGAN TO RECOGNIZE THE DIFFERENCES WHEN IT PASSED THE 2014 FARM BILL WHICH INCLUDED LANGUAGE TO ALLOW INDUSTRIAL HEMP PILOT PROGRAMS. TODAY MORE THAN 30 STATES HAVE ENACTED LAWS TO LEGALIZE INDUSTRIAL HEMP FOR RESEARCH OR COMMERCIAL PURPOSES. I WAS PROUD TO LEAD THE EFFORT TO CREATE A HEMP PROGRAM IN KENTUCKY HAS BEEN SUCCESSFUL.

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  • 12:15:04 PM

    MR. COMBER

    COMER: NOW WE NEED TO TAKE THE NEXT STEP. I LOOK

  • 12:15:09 PM

    COMER

    NOW WE NEED TO TAKE THE NEXT STEP. I LOOK FORWARD TO CONTINUING THE WORK…

    NOW WE NEED TO TAKE THE NEXT STEP. I LOOK FORWARD TO CONTINUING THE WORK OF MY COLLEAGUES ON BOTH SIDES OF THE AISLE TO ADVANCE LEGISLATION TO MAKE INDUSTRIAL HEMP A LEGAL CROP FOR THE FARMERS OF KENTUCKY AND ACROSS THE UNITED STATES STEP. I LOOK FORWARD TO CONTINUING THE WORK OF MY COLLEAGUES ON BOTH SIDES OF THE AISLE TO OF AMERICA. I YIELD BACK.

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  • 12:15:30 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION? .

  • 12:15:33 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

  • 12:15:35 PM

    >>

    TEXAS IS RECOGNIZED.

  • 12:16:04 PM

    MR. O'ROURKE

    RECREATION. MR. O'ROURKE: WHILE THIS ADMINISTRATION IS REVIEWING…

    RECREATION. MR. O'ROURKE: WHILE THIS ADMINISTRATION IS REVIEWING CERTAINMON YOUMENTS, WE NEED TO PROTECT THE ONES WE HAVE LIKE BEAR'S EARS IN UTAH AND EXPANDING NONE YOUMENTS LIKE CASTER RANGE THAT PRESERVES 1,000 YEARS OF CIVILIZATION IN EL PASO, TEXAS WHERE THE UNITED STATES AND MEXICO MEET. LET'S WORK TO STRENGTHEN THE ACT AND NOT DIMINISH ITS PROTECTIONS. I YIELD BACK.

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  • 12:16:34 PM

    THE SPEAKER PRO TEMPORE

    WHAT PURPOSE DOES THE GENTLEMAN FROM TENNESSEE SEEK RECOGNITION?

  • 12:16:39 PM

    MR. DUNCAN

    ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. PEOPLE WHO ARE…

    ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. PEOPLE WHO ARE THE LOUDEST IN PROCLAIMING THEIR INTOLERANCE. THIS HAS BEEN PROVEN AT THE MOST LEFT-WING LIBERAL CAMPUSES. ALMOST COLLEGES AND UNIVERSITIES HAVE PROGRAMS OR OFFICES SUPPOSEDLY PROMOTING DIVERSITY. HOWEVER THIS DIVERSITY DOES NOT APPLY TO CONSERVATIVES. PROBABLY THE LEAST DIVERSE GROUPS IN THIS NATION TODAY ARE THE FACULTY OF OUR UNIVERSITIES AND ALMOST EVERYONE IN EDUCATION WILL SAY THEY ARE FOR FREEDOM OF SPEECH, CONSERVATIVE STUDENTS CAN EXPRESS THEIR VIEWS AT THE RISK OF LOWER GRADES. NO CONSERVATIVES ARE INVITED TO BE COMMENCEMENT SPEAKERS. WE HAVE SEEN SOME VIOLENCE AT UNIVERSITIES WHEN CONSERVATIVE SPEAKERS HAVE BEEN INVITED TO SPEAK AT THESE COLLEGES OF FREE SPEECH. SOME OF THE YOUNG STUDENT HATERS WOULD HAVE FIT RIGHT IN DURING THE BOOK BURNING ANTI-FREE SPEECH DAYS IN NAZI GERMANY. I YIELD BACK.

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  • 12:17:51 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM PENNSYLVANIA SEEK RECOGNITION?

  • 12:17:55 PM

    >>

    RECOGNITION?

  • 12:18:04 PM

    SENATOR MANCHIN

    LIKE IT. SENATOR MANCHIN: IT'S EXTREMELY IMPORTANT, EXTREMELY DANGEROUS…

    LIKE IT. SENATOR MANCHIN: IT'S EXTREMELY IMPORTANT, EXTREMELY DANGEROUS WHAT WE'RE DEALING WITH AND NEEDED. DIRECTOR COMEY: YES, SIR. SENATOR MAN COMMIN:

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  • 12:18:07 PM

    DIRECTOR COMEY

    WITH AND NEEDED. DIRECTOR COMEY: YES, SIR. SENATOR MAN COMMIN: DO YOU…

    WITH AND NEEDED. DIRECTOR COMEY: YES, SIR. SENATOR MAN COMMIN: DO YOU BELIEVE THERE WERE ANY

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  • 12:18:08 PM

    SENATOR MAN COMMIN

    YES, SIR. SENATOR MAN COMMIN: DO YOU BELIEVE THERE WERE ANY TAPES OR…

    YES, SIR. SENATOR MAN COMMIN: DO YOU BELIEVE THERE WERE ANY TAPES OR RECORDINGS? DIRECTOR COMEY: IT NEVER OCCURRED TO

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  • 12:18:10 PM

    DIRECTOR COMEY

    TAPES OR RECORDINGS? DIRECTOR COMEY: IT NEVER OCCURRED TO ME TO THE…

    TAPES OR RECORDINGS? DIRECTOR COMEY: IT NEVER OCCURRED TO ME TO THE PRESIDENT'S GEET. I HOPE THERE ARE. I'LL CONSENT -- SENATOR MANCHIN: BOTH OF YOU ARE IN THE SAME -- YOU BOTH HOPE THERE ARE TAPES AND RECORDINGS? DIRECTOR COMEY: ALL I CAN DO IS HOPE. THE PRESIDENT SURELY

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  • 12:18:14 PM

    SENATOR MANCHIN

    IN THE SAME -- YOU BOTH HOPE THERE ARE TAPES AND RECORDINGS? DIRECTOR…

    IN THE SAME -- YOU BOTH HOPE THERE ARE TAPES AND RECORDINGS? DIRECTOR COMEY: ALL I CAN DO IS HOPE. THE PRESIDENT SURELY

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  • 12:18:17 PM

    DIRECTOR COMEY

    ALL I CAN DO IS HOPE. THE PRESIDENT SURELY KNOWS WHETHER HE TAPED ME. IF…

    ALL I CAN DO IS HOPE. THE PRESIDENT SURELY KNOWS WHETHER HE TAPED ME. IF HE DIDMP

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  • 12:19:55 PM

    >>

    HE WILL BE LAID TO RESS. THANKS TO THE OFFENSE OF THE ACCOUNTING AGENCY, A…

    HE WILL BE LAID TO RESS. THANKS TO THE OFFENSE OF THE ACCOUNTING AGENCY, A GROUP THAT SEARCHES THE WORLD FOR MISSING AMERICAN VETERANS. ALONG WITH HIS PLANE. THE EFFORT MADE TO BRING HIM HOME ALL THESE YEARS LATER IS A TRUE TESTAMENT TO THE MILITARY'S MOTTO OF NO SOLDIER LEFT BEHIND. HE WAS A POLITE YOUNG MAN WHO WAS EDUCATED EARNING A MASTER'S DEGREE IN BUSINESS AT NOTRE DAME UNIVERSITY. THOUGH HE DID NOT HAVE TO, JOE WENT INTO THE SERVICE WHERE HE BEGAN AS A FIRST LIEUTENANT AND WORKED HIS WAY UP TO THE PROMOTION OF BEING A CAPTAIN. WITH THE HELP OF THE ASSUMPTION HISTORICAL SOCIETY, JOE'S WIFE HAS WORKED TO KEEP HIS MEMORY ALIVE AND HONOR HIS SERVICE TO OUR NATION. I RECOGNIZE HIM TODAY ON THIS HOUSE FLOOR. JOE IS A TRUE HERO IN THIS COUNTRY AND WILL REMEMBER HIS VALOR.

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  • 12:20:58 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

  • 12:21:01 PM

    >>

    ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:21:07 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 12:21:08 PM

    >>

    70 YEARS AGO THIS WEEK, SECRETARY OF STATE GEORGE MARSHAL L HAD A PLAN TO…

    70 YEARS AGO THIS WEEK, SECRETARY OF STATE GEORGE MARSHAL L HAD A PLAN TO REBUILD EUROPE FOLLOWING THE DEVASTATION OF WORLD WAR II. OUT OF THE SPIFERT OF SHARED INTERESTS AND ECONOMIC COOPERATION, STRONGER MILITARY INTEGRATION AROSE IN THE FORM OF NATO. NATO ALONG SIDE WITH THE EUROPEAN UNION HAVE FORMED THE PILLARS OF A STRONG EUROPE WHILE PROMOTING THE U.S. SECURITY AND ECONOMIC INTERESTS. WE MU MUST BE FIRM IN OUR COMMITMENT TO ARTICLE 5 OF THE NATO TREATY. IF NATO'S COMMITMENT IS DOUBTED, THE PEACE, SECURED BY THE UNITED STATES AND ITS ALLIES, WILL BE THREATENED. MAKE NO MISTAKE ABOUT IT. THIS IS THE LONGEST PEACE TIME IN EUROPE IN OVER 1,000 YEARS. IT'S REMARKABLE. AND WE SHOULD NOT TAKE IT FOR GRANTED. IT IS OUR RESPONSIBILITY TO ENSURE THAT GLOBAL ORDER SECURED BY NATO IS STRENGTHENED, NOT DAMAGED. IT'S IMPORTANT WE RECOGNIZE THE 70TH ANNIVERSARY OF THE MARSHAL L PLAN AND I YIELD BACK. FOR WHAT PURPOSE DOES GENTLEMAN SEEK RECOGNITION?

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  • 12:22:30 PM

    >>

    PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE. MR. SPEAKER, I RISE TO…

    PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE. MR. SPEAKER, I RISE TO HONOR THE LIFE OF A LONG TIME ADVOCATE, MARRY GOSACK. THROUGH HER WORK AS PRESIDENT OF THE OSWEGO CHAPTER, SHE EDUCATED MEN AND WOMEN ON THE SYMPTOMS AND CAUSES OF OVARIAN CANCER. HER PASSION GAVE HOPE TO THOSE WHO WERE SUFFERING. MARRY'S STRENGTH AND DETERMINATION WAS MOST VISIBLE IN HER EFFORTS TO RAISE AWARENESS. WHETHER SHE WAS WORKING TOGETHER WITH HER HUSBAND ED TO TURN THE ICE HOCKEY RINK, ORGANIZING A TEAL TAKEOVER, MARRY WAS COMMITTED TO SAVING LIVES. HER SPIRIT WILL BE REMEMBERED. THEY SERVE AS AN INSPIRATION FOR OTHERS. I WILL CONTINUE TO ADVOCATE FOR INCREASED FUNDING FOR RESEARCH AND CURES, TREATMENT AND PREVENTION SO WE CAN SOMEDAY HAVE A DAY FREE OF OVARIAN CANCER. MAY HER NAME BE REMEMBERED. REST PEACEFULLY, MARY.

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  • 12:23:49 PM

    THE SPEAKER PRO TEMPORE

    WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

  • 12:23:53 PM

    >>

    UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE AND…

    UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE AND EXTEND MY REMARKS.

    Show Full Text
  • 12:24:00 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 12:24:02 PM

    MR. GARAMENDI

    I RISE TODAY TO SELL BAIT THE MEMORY OF MAYOR STEVE HARDY, A MAN WHO…

    I RISE TODAY TO SELL BAIT THE MEMORY OF MAYOR STEVE HARDY, A MAN WHO DEDICATED HIS LIFE TO SERVICE FIRST IN THE U.S. NAVY FOR FIVE YEARS AND AS A POLICEMAN AND LATER IN THE CALIFORNIA STATE SENATE WHERE I HAD THE PRIVILEGE OF WORKING WITH HIM WHEN HE WAS THE STAFF DIRECTOR OF THE GOVERNMENT AFFAIRS COMMITTEE. DURING HIS TENURE AS MAYOR, HE LED THE CITY THROUGH A VERY DIFFICULT PERIOD, THE GREAT RECESSION, REVISING THE CITY'S FINANCES AND BRINGING IT BACK TO VITALITY AND CONTINUING THE ROLE OF VACAVILLE AS ONE OF THE MAJOR CITIES IN MY DISTRICT. HIS MARRIAGE OF 46 YEARS TO HIS WIFE IS A TESTAMENT NOT ONLY TO HIS SERVICE TO THE COMMUNITY BUT ALSO TO HIS FAMILY. HE IS SURVIVED BY HIS CHILDREN. I LOOK FORWARD TO HIS MEMORY AND TO THE FUTURE OF VACAVILLE. WITH THAT, MR. SPEAKER. I YIELD BACK.

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  • 12:25:04 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION?

  • 12:25:09 PM

    MR. POE

    THE HOUSE THE -- FOR ONE MINUTE.

  • 12:25:15 PM

    MR. POE

    MR. SPEAKER, AMERICANS THOUGHT THE HALLS OF HUMAN TRAFFICKING WERE A…

    MR. SPEAKER, AMERICANS THOUGHT THE HALLS OF HUMAN TRAFFICKING WERE A FOREIGN PROBLEM. HOWEVER TRAFFICKERS LURK ALL AROUND US RIGHT HERE IN AMERICA. DEBBIE'S MOTHER HAD HER DAUGHTER MEET A FRIEND. HER MOTHER DIDN'T REALIZE HER 15-YEAR-OLD DAUGHTER WHO WAS CLAD IN PAJAMA WAS ABDUCTED. THEY DRUGGED HER AND GANG RAPED HER. THEY THREATENED TO SHOOT HER IF SHE TRIED TO ESCAPE. FOR 60 DAYS, SHE WAS FORCED TO HAVE SEX WITH COUNTLESS MEN. BUT A TIP LED THE POLICE TO A HOTEL ROOM WHERE THEY FOUND HER TIED UP AND STUCK AND STASHED UNDER A BED. BUT MANY TRAFFICKING VICTIMS ARE NEVER RESCUED. WE CANNOT ALLOW THIS TO CONTINUE. OUR CHILDREN ARE NOT FOR SALE, PERIOD. AND THAT'S JUST THE WAY IT IS. I YIELD BACK.

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  • 12:26:15 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND SEEK RECOGNITION?

  • 12:26:18 PM

    >>

    WITHOUT OBJECTION.

  • 12:26:23 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 12:26:25 PM

    >>

    I RISE TODAY BECAUSE THE MAJORITY IS EXPECTED TO REPEAL DODD-FRANK, THE…

    I RISE TODAY BECAUSE THE MAJORITY IS EXPECTED TO REPEAL DODD-FRANK, THE LEGISLATION THAT WE PASSED AFTER WALL STREET PREDATORS IN THE MORTGAGE MELTDOWN CRISIS COST THE AMERICAN PEOPLE 8.7 MILLION JOBS AND $19 TRILLION INCLUDING $2.7 TRILLION IN RETIREMENT SAVINGS. 10 MILLION AMERICANS LOST THEIR HOMES AND COMMUNITIES WERE DEVASTATED. THE MAJORITY WANTS TO DROY THE MOST IMPORTANT PIECE OF LEGISLATION PASSED FOR THE AMERICAN PEOPLE. THEY CALL IT THE CHOICE ACT, BUT WHAT KIND OF CHOICE DOES IT GIVE YOU? IT DESTROYS THE CONSUMER FINANCIAL PROTECTION BUREAU WHICH SAVED $12 BILLION FROM SCAMS AND RIPOFFS AND VOLCKER RULE. THE CHOICE ACT IS THE WRONG CHOICE FOR AMERICA AND A VERY BAD CHOICE FOR CONGRESS. I YIELD BACK.

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  • 12:27:22 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM KANSAS SEEK RECOGNITION?

  • 12:27:25 PM

    >>

    PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND RESIZE AND EXTEND.

  • 12:27:29 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. THE GENTLEMAN FROM KANSAS IS RECOGNIZED.

  • 12:27:31 PM

    >>

    TAKE UP AND CONSIDER AN IMPORTANT BILL THAT WILL CREATE OPPORTUNITY FOR…

    TAKE UP AND CONSIDER AN IMPORTANT BILL THAT WILL CREATE OPPORTUNITY FOR ALL AMERICANS. THE CHOICE ACT REPEALS THE MOST HARMFUL ASPECTS OF THE DODD-FRANK LEGISLATION WHICH DESTROYED SMALL COMMUNITY BANKS AND FRUSTRATED SMALL BUSINESSES AND MADE LIFE HARDER FOR AMERICANS. IT PROVIDES RELIEF TO MAIN STREET BUSINESSES THAT HAD NOTHING TO DO WITH THE 2008 FINANCIAL CRISIS BUT SLAMMED WITH UNNECESSARY REGULATIONS ANY WAY. MR. SPEAKER, WE NEED SMART REGULATIONS THAT PROTECT CONSUMERS AND MAKE OUR MARKETS LESS RISKY. DODD-FRANK DID THE OPPOSITE AND THIS IS A WET PLANK ET ON THE ECONOMY DESTROYING JOBS FOR MILLIONS OF AMERICANS. THE BILL ENDS GOVERNMENT BAILOUTS FOR LARGE BANKS CONSIDERED TOO BIG TO FAIL. IT WILL CUT OUR DEFICITS AND SUBJECT THE FEDERAL RESERVE TO A PROPER AUDIT. MR. SPEAKER, ABOVE ALL, OUR BILL PROMOTES ECONOMIC GROWTH SO AMERICANS CAN HAVE THE FREEDOM AND ABILITY TO GET THE JOB THEY WANT AND CREATE THE SMALL BUSINESS THEY DREAMED OFF. I YIELD BACK.

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  • 12:28:38 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA SEEK RECOGNITION?

  • 12:28:41 PM

    >>

    PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE, REVISE AND EXTEND.

  • 12:28:49 PM

    MR. BILIRAKIS

    AND ALL AMERICANS IN COASTAL REGIONS ARE SUSCEPTIBLE TO THESE DEVASTATING…

    AND ALL AMERICANS IN COASTAL REGIONS ARE SUSCEPTIBLE TO THESE DEVASTATING STORMS. DISASTER CAN STRIKE AT ANY TIME WITH LITTLE WARNING. IT IS NEVER TOO EARLY TO PREPARE. KNOW YOUR EVACUATION ROUTES AND HAVE A SUPPLY KIT READY. ENSURE YOUR HOME IS STRUCTURALLY SOUND TO WITHSTAND WIND AND RAIN. REINFORCE ROOF COVERINGS OR PROTECT AN CROR WINDOW COULD MEAN THE DIFFERENCE BETWEEN SAVING MONEY IN THE LONG RUN. I'M INTRODUCING THE SHELTER ACT, TO PROVIDE TAX CREDITS TO ENCOURAGE PEOPLE TO STORM PROOF THEIR HOMES AND PROPERTIES. THIS LEGISLATION IS ABOUT HELPING OUR COMMUNITIES BE PROACTIVE WHEN IT COMES TO PREPARING FOR HURRICANE SEASON. OUR LOCAL EMERGENCY MANAGERS IN PINELLAS AND HILLSBOROUGH COUNTIES ENSURE OUR COMMUNITIES ARE READY. BUT PREPAREDNESS MUST BEGIN AT HOME. THANK YOU. AND I YIELD BACK.

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  • 12:29:59 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM PENNSYLVANIA SEEK RECOGNITION?

  • 12:30:02 PM

    >>

    ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:30:05 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. . THE GENTLEMAN FROM PENNSYLVANIA IS RECOGNIZED FOR ONE…

    WITHOUT OBJECTION. . THE GENTLEMAN FROM PENNSYLVANIA IS RECOGNIZED FOR ONE MINUTE. .

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  • 12:30:11 PM

    >>

    MR. SPEAKER, THE SAN FRANCISCO FIRES SHAPED THE STUDENTS OF MANY FAMILIES…

    MR. SPEAKER, THE SAN FRANCISCO FIRES SHAPED THE STUDENTS OF MANY FAMILIES THAT HAVE PASSED THE HAUST HALLS IN LOWER BUCKS COUNTY. IT IS WITH A HEAVY HEART THAT I RISE TODAY TO ANNOUNCE THE DEPARTURE OF THE FRANCISCAN COMMUNITY. IF YOU WEPT TO EGAN LIKE ME, THEN YOU KNEW FATHER FIDEL LIST AND BROTHER LAYERRY. THEIR SERVICE OF MORE THAN 150 OTHER FRIARS WHO HAVE MINISTERED THERE, HAVE BROUGHT PROFOUND GRACE TO SO MANY MEN AND WOMEN. THE FRANCISCAN ORDER, REINFORCED THE SCHOOL MISSION OF BUILDING KIRK TER THROUGH SERVICE, ACHIEVING ACADEMIC EXCELLENCE, AND DEMONSTRATING A COMMITMENT TO A LIFE FULL OF LEARNING. MYSELF, MY FAMILY, AND THE ENTIRE LOWER BUCKS COUNTY COMMUNITY ARE FOREVER GRATEFUL FOR THEIR CONTINUOUS GUIDANCE AND SUPPORT. AS WE SAY GOODBYE TO THESE EXEMPLARY INDIVIDUALS, TRUE REPRESENTATIVES OF ST. FRANCIS, WE WISH THEM THE BEST AS THEY MOVE ON THEIR NEXT MISSION. MR. SPEAKER, I YIELD BACK.

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  • 12:31:16 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLELADY FROM OHIO SEEK RECOGNITION?

  • 12:31:20 PM

    >>

    UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:31:23 PM

    THE SPEAKER PRO TEMPORE

    DOES THE GENTLELADY SEEK UNANIMOUS CONSENT?

  • 12:31:26 PM

    >>

    I SEEK UNANIMOUS CONSENT.

  • 12:31:27 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

  • 12:31:30 PM

    MS. KAPTUR

    THANK YOU VERY MUCH. MR. SPEAKER, I RISE TODAY TO OPPOSE THE FINANCIAL…

    THANK YOU VERY MUCH. MR. SPEAKER, I RISE TODAY TO OPPOSE THE FINANCIAL CHOICE ACT WHICH ABANDONS THE AMERICAN PEOPLE AS WELL AS SAFETY AND SOUNDNESS IN FAVOR OF WALL STREET. SIX MEGABANKS NOW CONTROL 2/3 OF THE FINANCIAL SECTOR IN OUR COUNTRY, AND RECORD PROFITS OF OVER $170 BILLION IN 2016. THAT'S TOO MUCH POWER IN TOO FEW HANDS. CURRENT LAW HAS MADE PROGRESS IN PROTECT BILLION IN CONSUMERS FROM PREDATORY PRACTICES. REPEAL OF THESE CONSUMER PROTECTIONS IS NOT WHAT THE AMERICAN PEOPLE WANT. THIS WEEK CONGRESSMAN JONES AND I PROPOSED TO TABLE THE CURRENT LEGISLATION AND REPLACE IT WITH OUR BIPARTISAN BILL, THE PRUDENT BANKING ACT, WHICH REINSTATES GLASS-STEAGALL PROTECTIONS BY SEPARATING PRUDENTBACKING FROM RISKY -- PRUDENT BANKING FROM RISKY WALL STREET THAT TANKED OUR COUNTY. NEFRL THELESS, WE REMAIN RESOLUTE. GLASS-STEAGALL IS SOMETHING PRESIDENT TRUMP RAN ON AS DID BERNIE SANDERS N 2016 BOTH THE REPUBLICAN AND DEMOCRATIC FLAT FORMS ENSHRINED POLICIES TO RESURE THESE PROTECTIONS. AMERICANS SHOULD KNOW THERE IS A GROWING BIPARTISAN CONSENSUS FIGHTING TO PROTECT THE PROGRESS WE HAVE MADE, REIN IN WALL STREET, AND KEEP THE WOLVES AT BAY AND OUT OF YOUR POCKETBOOK. I'LL BE VOTING NO ON THIS BILL AND URGE MY COLLEAGUES TO DO THE SAME. I YIELD BACK MY REMAINING TIME.

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  • 12:32:58 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM OHIO SEEK RECOGNITION? ASK…

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM OHIO SEEK RECOGNITION? ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

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  • 12:33:05 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM OHIO IS RECOGNIZED FOR ONE MINUTE.

  • 12:33:07 PM

    >>

    THANK YOU, MR. SPEAKER. I RISE TODAY TO HONOR A BELOVED WARREN COUNTY OHIO…

    THANK YOU, MR. SPEAKER. I RISE TODAY TO HONOR A BELOVED WARREN COUNTY OHIO ICON, LESLIE SPATHE. WHO PASSED AWAY RECENTLY AT THE AGE OF 92. HE WAS A DEDICATED HUSBAND, FATHER, GREAT GAND FATHER.

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  • 12:33:26 PM

    MR. CHABOT

    LESLEY FIRST SERVED HIS NATION AS A CORPORATE DURING WORLD WAR II.…

    LESLEY FIRST SERVED HIS NATION AS A CORPORATE DURING WORLD WAR II. THROUGHOUT HIS LIFE HE CONTINUED TO SERVE OUR COMMUNITY AS A VOLUNTEER FIREFIGHTER, PRESIDENT OF THE MASON COUNCIL, WARREN COUNTY AUDITOR. AS A MEMBER OF THE WARREN COUNTY BOARD OF ELECTIONS. AND FINALLY AS THE WARREN COUNTY CHAIRMAN OF THE REPUBLICAN PARTY. IN HIS PERSONAL TIME HE BETTERED THE LIVES OF THOSE AROUND HIM. VOLUNTEERING WITH THE BUCKEYE STATE PROGRAM AND ELDER AT HIS CHURCH. MR. SPEAKER, LESLEY WAS A PATRIOT AND A FAMILY MAN AND IT'S BEEN MY HONOR TO REPRESENT HIM IN CONGRESS SINCE WARREN COUNTY CAME INTO MY DISTRICT. I WISH HIS FAMILY MY SINCERE CONDOLENCES AS WE SAY GOODBYE TO ONE OF OUR FINEST. I YIELD BACK THE BALANCE OF MY TIME.

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  • 12:34:14 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK WRECK --…

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK WRECK -- RECOGNITION?

    Show Full Text
  • 12:34:17 PM

    >>

    UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 12:34:20 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED FOR ONE FOR…

    WITHOUT OBJECTION, THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED FOR ONE FOR ONE MINUTE.

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  • 12:34:28 PM

    >>

    THANK YOU, MR. SPEAKER. I WOULD LIKE TO MAKE A POINT, I'M FROM THE STATE…

    THANK YOU, MR. SPEAKER. I WOULD LIKE TO MAKE A POINT, I'M FROM THE STATE OF CALIFORNIA.

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  • 12:34:31 PM

    MR. ROYCE

    THAT HAS LONG BEEN THE INNOVATION CAPITAL FOR NEW IDEAS IN AMERICA AND FOR…

    THAT HAS LONG BEEN THE INNOVATION CAPITAL FOR NEW IDEAS IN AMERICA AND FOR HIGH TECH AND A PLACE WHERE A PERSON WITH AN IDEA AND HARD WORK AND START UP CAPITAL CAN GROW A BUSINESS. WE HAVE HAD A MAJOR PROBLEM WITH RESPECT TO OUR COMMUNITY BANKS AND OUR CREDIT UNIONS, THE SMALLER ONES, THAT IS THEY ARE GOING OUT OF BUSINESS AT A VERY FAST, RAPID CLIP. A LARGE PERCENTAGE OF THEM ARE STRUGGLING UNDER THIS DODD-FRANK LEGISLATION THAT WAS PASSED IN 2010. NOW, I THINK THE LEGISLATION WAS WELL INTENDED, BUT TO PUT ALL THE REGULATORY BURDEN AND THESE COSTS ON THESE SMALLER INSTITUTIONS HAVE ENDED UP WITH THIS ONE-SIZE-FITS-ALL REGULATION THAT MAKES IT VERY, VERY DIFFICULT FOR THEM TO GIVE CREDIT TO ENTREPRENEURS ACROSS OUR STATE. I THINK THAT MANY OF THE PROVISIONS HAVE BEEN INJURIOUS. NOT ONLY TO THE COMMUNITY BANKS, THE CREDIT UNIONS, SMALLER ONES, BUT TO THE SMALL BUSINESSES. TO THE BORROWERS. TO THE SAVERS THAT RELY ON THESE INSTITUTIONS. WE DO NEED TO MAKE ADJUSTMENT IN OUR STATE. THIS. THE FINANCIAL CHOICE ACT WILL PROVIDE MUCH NEEDED RELIEF TO THE COMMUNITY FINANCIAL INSTITUTIONS IN A RESPONSIBLE AND PROACTIVE WAY. I THINK THAT THE PREMISE IS STRAIGHTFORWARD WHICH IS A BANKING INSTITUTION HAS TO BE STRONGLY CAPITALIZED AND WELL MANAGED TO GED THE OFF-RAMP FROM DODD-FRANK. I YIELD BACK THE BALANCE OF MY TIME.

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  • 12:36:02 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS. THE CHAIR LAYS BEFORE THE HOUSE A COMMUNICATION.

  • 12:36:09 PM

    THE CLERK

    THE HONORABLE, THE SPEAK E. HOUSE OF REPRESENTATIVES, SIR, PURSUANT TO THE…

    THE HONORABLE, THE SPEAK E. HOUSE OF REPRESENTATIVES, SIR, PURSUANT TO THE PERMISSION GRANTED IN CLAUSE 2-H RULE 2 OF THE RULES OF THE U.S. HOUSE OF REPRESENTATIVES, THE CLERK RECEIVED THE FOLLOWING MESSAGE FROM THE SECRETARY OF THE SENATE ON JUNE 8, 2017, AT 9:05 A.M. THAT THE SENATE AGREED TO SENATE RESOLUTION 184. SIGNED, SINCERELY, KAREN L. HAAS.

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  • 12:36:33 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION?

  • 12:36:38 PM

    MR. HENSARLING

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS HAVE FIVE…

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS HAVE FIVE LEGISLATIVE DAYS IN WHICH TO REVISE AND EXTEND AND SUBMIT EXTRANEOUS MATERIALS ON THE BILL H.R. 10, THE FINANCIAL CHOICE ACT OF 2017.

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  • 12:36:49 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION.

  • 12:36:54 PM

    HENSARLING THE

    CHAIR DECLARES THE HOUSE IN THE COMMITTEE OF THE WHOLE HOUSE ON THE

  • 12:36:55 PM

    TEMPORE PURSUANT

    CHAIR DECLARES THE HOUSE IN THE COMMITTEE OF THE WHOLE HOUSE ON THE STATE…

    CHAIR DECLARES THE HOUSE IN THE COMMITTEE OF THE WHOLE HOUSE ON THE STATE OF THE UNION FOR CONSIDERATION OF H.R. 10, THE CHAIR APPOINTS THE GENTLEMAN FROM ARKANSAS, MR. WOMACK, TO PRESIDE OVER THE COMMITTEE OF THE WHOLE.

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  • 12:37:13 PM

    THE CHAIR

    THE HOUSE IS IN THE COMMITTEE OF THE WHOLE HOUSE ON THE STATE OF THE UNION…

    THE HOUSE IS IN THE COMMITTEE OF THE WHOLE HOUSE ON THE STATE OF THE UNION FOR CONSIDERATION OF H.R. 10. THE CLERK WILL REPORT BY TITLE.

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  • 12:37:19 PM

    THE CLERK

    A BILL TO CREATE HOPE AND OPPORTUNITY FOR INVESTORS, CONSUMERS, AND…

    A BILL TO CREATE HOPE AND OPPORTUNITY FOR INVESTORS, CONSUMERS, AND ENTREPRENEURS BY ENDING BAILOUTS AND TOO BIG TO FAIL. HOLDING WASHINGTON AND WALL STREET ACCOUNTABLE, ELIMINATING RED TAPE TO INCREASE ACCESS TO CAPITAL AND CREDIT, AND PREELING THE PROVISIONS OF THE DODD-FRANK ACT THAT MAKE AMERICA LESS PROSPEROUS, LESS STABLE, AND LESS FREE, AND FOR OTHER PURPOSES.

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  • 12:37:41 PM

    TEMPORE PURSUANT

    PURSUANT TO THE RULE, THE BILL IS CONSIDERED AS READ THE FIRST TIME. THE…

    PURSUANT TO THE RULE, THE BILL IS CONSIDERED AS READ THE FIRST TIME. THE GENTLEMAN FROM TEXAS, MR. HENSARLING, AND THE GENTLELADY FROM CALIFORNIA, MS. WATERS, WILL EACH CONTROL 45 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM TEXAS.

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  • 12:37:54 PM

    MR. HENSARLING

    MR. CHAIRMAN, AT THIS TIME I PROUDLY YIELD ONE MINUTE TO THE GENTLEMAN…

    MR. CHAIRMAN, AT THIS TIME I PROUDLY YIELD ONE MINUTE TO THE GENTLEMAN FROM WISCONSIN, THE DISTINGUISHED SPEAKER OF THE HOUSE, MR. RYAN.

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  • 12:38:03 PM

    THE CHAIR

    THE GENTLEMAN FROM WISCONSIN, THE SPEAKER OF THE HOUSE OF REPRESENTATIVES,…

    THE GENTLEMAN FROM WISCONSIN, THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, IS RECOGNIZED FOR ONE MINUTE.

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  • 12:42:33 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA

  • 12:42:36 PM

    CALIFORNIA MS. WATERS

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

  • 12:42:40 PM

    THE CHAIR

    THE JEAKED IS RECOGNIZED.

  • 12:42:42 PM

    MS. WATERS

    10 IS BEING CALLED THE WRONG CHOICE ACT BY THE AMERICAN PUBLIC BECAUSE…

    10 IS BEING CALLED THE WRONG CHOICE ACT BY THE AMERICAN PUBLIC BECAUSE THIS BILL IS TRULY THE WRONG CHOICE FOR ALL OF US. INDEED, THIS IS ONE OF THE WORST BILLS I HAVE SEEN IN MY TIME IN CONGRESS. THIS BILL IS A VEHICLE FOR DONALD TRUMP'S AGENDA TO DEREGULATE AND HELP OUT WALL STREET. IT DESTROYS NEARLY ALL OF THE IMPORTANT POLICIES WE PUT IN PLACE IN THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT, TO PREVENT ANOTHER FINANCIAL CRISIS AND PROTECT CONSUMERS. THIS BILL WOULD CREATE VAST HARM AND LEAD US RIGHT BACK TO THE BAD OLD DAYS. WE ALL REMEMBER THE SUFFERING THAT RESULTED FROM THE GREAT RECESSION. $13 TRILLION IN HOUSEHOLD WEALTH WAS LOST. 11 MILLION PEOPLE LOST THEIR HOMES. THE UNEMPLOYMENT RATE HIT 10%. THE IMPACT WAS ENORMOUS AND FELT BY ALL. THIS BILL WOULD PAVE THE WAY BACK TO ECONOMIC DAMAGE AT THE SAME SCALE OR WORSE. THE WRONG CHOICE ACT GUTS THE HIGHLY SUCCESSFUL CONSUMER FINANCIAL PROTECTION BUREAU WHICH WORKS TO MAKE SURE CHOICE ACT GUTS THAT HARDWORKING AMERICANS ARE NOT SUBJECT -- SUBJECTED TO PREDATORY PRACTICES IN THE FINANCIAL MARKETPLACE. SINCE ITS CREATION, THE CONSUMER BUREAU HAS RETURNED NEARLY $12 BILLION TO MORE THAN 29 MILLION CONSUMERS WHO HAVE BEEN RIPPED OFF BY FINANCIAL INSTITUTIONS. THIS BILL WOULD FOOLISHLY PUT A STOP TO THE CONSUMER BUREAU'S GOOD WORK AND ONCE AGAIN LEAD CONSUMERS VULNERABLE. THAT'S NOT ALL. ACROSS THE BOARD THE WRONG CHOICE ACT REMOVES ESSENTIAL DODD-FRANK PROTECTIONS FOR CONSUMERS, INVESTORS, AND OUR ECONOMY. DESPITE WHAT REPUBLICANS WILL TELL YOU, BANKS, LARGE AND SMALL, ARE DOING JUST FINE SINCE THE PASSAGE OF DODD-FRANK. LAST YEAR, THEY POSTED RECORD PROFITS. HERE'S THE BOTTOM LINE. DONALD TRUMP AND REPUBLICANS WANT TO OPEN THE DOOR TO ANOTHER ECONOMIC CATASTROPHE LIKE THE GREAT RECESSION AND RETURN US TO A FINANCIAL SYSTEM WHERE RECKLESS AND PREDATORY PRACTICES HARM OUR FAMILIES AND COMMUNITIES. WE CANNOT ALLOW THAT TO HAPPENED. -- TO HAPPEN. I URGE ALL MY COLLEAGUES TO VOTE NO ON THIS CATASTROPHICALLY BAD BILL. I RESERVE THE BALANCE OF MY TIME. .

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  • 12:45:27 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 12:45:29 PM

    MR. HENSARLING

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

  • 12:45:33 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 12:45:35 PM

    MR. HENSARLING

    IT HAS BEEN SEVEN YEARS SINCE THE DODD-FRANK WAS PASSED, A MONUMENTAL…

    IT HAS BEEN SEVEN YEARS SINCE THE DODD-FRANK WAS PASSED, A MONUMENTAL TRIUMPH OF IDEOLOGY, COMPASSION AND COMMON SENSE. ALL OF THE PROMISES OF DODD-FRANK WERE BROKEN. IT PROMISED US IT WOULD LIFT THE ECONOMY, BUT WE ARE STYMIED IN THE WEAKEST AND SLOWEST RECOVERY IN THE POST-WAR ERA. IT HAS CODIFIED TOO BIG TO FAIL INTO LAW AND BACKED IT UP WITH A TAXPAYER BAILOUT FUND. IT PROMISED US, THEY PROMISED US THAT IT WOULD LEAD TO A MORE STABLE ECONOMY. BUT INSTEAD, THE BIG BANKS ARE BIGGER, THE SMALL BANKS ARE FEWER. WE ARE LOSING A COMMUNITY BANK OR CREDIT UNION A DAY. OUR CORPORATE BOND MARKET, A KEY COME PONT OF FINANCING OF JOBS. THEY PROMISED US, MR. CHAIRMAN, THAT IT WOULD HELP THE CONSUMER, BUT INSTEAD WE SEE FREE CHECKING CUT IN HALF AT BANKS, BANKS' FEES ARE UP. FOR MANY CREDIT WORTHY BORROWERS, PAYING $500 FOR AN AUTO LOAN. HAVE YOU TRIED GETTING A MORTGAGE RECENTLY? THEY ARE HARDER TO COME BY AND COST HUNDREDS OF DOLLARS TO CLOSE. EVERY PROMISE OF DODD-FRANK HAS BEEN BROKEN. MR. CHAIRMAN, WE HEAR ABOUT IT EVERY DAY. I HEARD FROM JULIE ANN A BANKER IN MASSACHUSETTS AND SAID WE EXPERIENCED A SPIKE IN LOANS TO WOMEN. WOMEN ATTEMPTING TO BUY THE FAMILY HOME TO SETTLE THEIR DIVORCE AND STABILIZE THEIR FAMILIES, WERE BEING DECLINED AT A HIGH RATE DUE TO THE DODD-FRANK QUALIFIED MORTGAGE RULES. DODD-FRANK HURTING RECENTLY DIVORCED WOMEN. I HEARD FROM ALAN IN NEW HAMPSHIRE, WHO TALKED ABOUT HIS NEED FOR A NEW CAR, BUT HE COULDN'T FIND A LOAN FROM A BANK AND HE SAID BUT FOR MY LOCAL DEALER'S EFFORTS ON MY BEHALF, THERE IS NO DOUBT I WOULD NOT BE DRIVING MY CURRENT CAR. AND THIS WAS A DESPERATE SITUATION FOR I'M THE SOLE INCOME EARNER FOR MY FAMILY. MY WIFE IS ILL AND WE HAVE TWO YOUNG CHILDREN IN SCHOOL. AFTER MY OLD VEHICLE BROKE DOWN, I NEEDED TO FIND RELIABLE, DECENT TRANSPORTATION TO CONTINUE TO PROVIDE FOR MY FAMILY. PLEASE ENSURE THAT FINANCING CAR AND TRUCK DEALERSHIPS ARE NOT STYMIED BY DODD-FRANK'S CFPB. I HEARD FROM MAXINE IN SALT LAKE CITY, WHO TALKED ABOUT HER COMPANY. SAID LAST FEBRUARY, WE WERE AWARDED A MAJOR CATERING CONTRACT FOR FOOD SERVICES IN THE NEW PERFORMING ARTS CENTER. IT REQUIRES TO MAKE AN INVESTMENT IN EQUIPMENT. WE WILL BE ABLE TO HIRE 50 ADDITIONAL STAFF. UNFORTUNATELY RED TAPE GOT IN THE WAY. IT SHOULD HAVE BEEN A GOLDEN OPPORTUNITY. THREE BANKS INFORMED US THAT OUR RATING, ACCORDING TO NEW BANK REGULATIONS IMPOSED BY DODD-FRANK DISQUALIFIED US FROM CONSIDERATION. MR. CHAIRMAN, LETTER AFTER LETTER, EMAIL AFTER EMAIL, HARMING WORKING FAMILIES, HARMING SMALL BUSINESSES, CRUSHING COMMUNITY BANKS. FORTUNATELY, MR. CHAIRMAN, THERE IS A BETTER, SMARTER WAY. IT'S CALLED THE FINANCIAL CHOICE ACT AND GOING TO CREATE HOPE AND OPPORTUNITY FOR INVESTORS AND CONSUMERS AND ENTREPRENEURS AND STANDS FOR ECONOMIC GROWTH FOR ALL BUT BANK BAILOUTS FOR NONE. CONTRARY, CONTRARY TO DODD-FRANK AND WHAT EVERY DEMOCRAT WILL COME HERE TODAY, MY FRIENDS ON THE OTHER SIDE OF THE AISLE IN DEFENSE, WE WILL END BANK BAILOUTS ONCE AND FOR ALL. WE WILL REPLACE BAILOUT WITH BANKRUPTCY. WE WILL REPLACE ECONOMIC STAGNATION WITH A GROWING HEALTHY ECONOMY. WE WILL ENSURE THAT THERE WILL TIMELY BE PAY INCREASES, WAGE INCREASES FOR WORKING AMERICANS WHO HAVEN'T SEEN A PAY INCREASE SINCE DODD-FRANK BECAME LAW. WE'LL REPLACE WASHINGTON MICRO MANAGEMENT WITH MARKET DISCIPLINE. WE WILL ENSURE THAT WE REPLACE TAXPAYER MONEY WITH PRIVATE MONEY, BECAUSE FOR EVERY BANK WHO HAVE A 10% SIMILAR LEVERAGE RATIO WHICH IS ANALOGOUS TO HAVING A PRIVATE INSURANCE POLICY AGAINST BAILOUT, WE WILL HAVE THEM THAT DODD-FRANK OFFERING. AND THAT IS SO IMPORTANT. MR. CHAIRMAN, WE ARE GOING TO HOLD WALL STREET ACCOUNTABLE, TOUGHEST PENALTIES THEY HAVE SEEN AND NO MORE BAILOUTS. MAYBE THAT'S ONE OF THE REASONS THEY OPPOSE THE FINANCIAL CHOICE ACT AND LIKE THE STATUS QUO OF DODD-FRANK AND MAKE SURE THERE IS REGULATORY RELIEF FOR OUR SMALL BANKS AND CREDIT UNIONS BECAUSE SMALL BANKS WHO LEND TO OUR SMALL BUSINESSES THAT CREATE THE JOB ENGINE IN AMERICA AND MAKE SURE THAT THE AMERICAN DREAM IS NOT A PIPE DREAM BUT INSTEAD A DREAM AND A VISION WHERE WE WILL ONLY BE LIMITED BY OUR IMAGINATION. I RESERVE.

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  • 12:51:23 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLELADY FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLELADY FROM CALIFORNIA.

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  • 12:51:27 PM

    MS. WATERS

    WOULD HAVE YOU BELIEVE COMMUNITY BANKS WOULD BE HURT. U.S. AND FOREIGN…

    WOULD HAVE YOU BELIEVE COMMUNITY BANKS WOULD BE HURT. U.S. AND FOREIGN BANKS PAID MORE THAN $160 BILLION IN PENALTIES TO RESOLVE CASES BROUGHT AGAINST THEM BY THE JUSTICE DEPARTMENT AND FEDERAL REGULATORY AGENCIES. THE CASES INVOLVING COLLUSION, FRAUD AGAINST CONSUMERS, BRIBERY AND OTHER ABUSES. THERE WERE 144 MAJOR CASES OF 100 MILLION OR MORE AGAINST 26 LARGE AND FOREIGN BANKS. BANK OF AMERICA, $56 BILLION. MORGAN, 15 BILLION. WELLS FARGO AND YOU KNOW ABOUT WHAT THEY DID, $11 BILLION. MORGAN STANLEY, $5 BILLION. THIS IS ABOUT RIPOFFS. AND SO THIS BILL WOULD PREVENT US FROM BEING ABLE TO ASSESS THESE KINDS OF PENALTIES ON THOSE WHO ARE RIPPING OFF THE AMERICAN PUBLIC. WITH THAT, I YIELD ONE MINUTE TO MR. CLAY, RANKING MEMBER OF THE FINANCIAL INSTITUTIONS SUBCOMMITTEE.

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  • 12:52:34 PM

    THE CHAIR

    THE GENTLEMAN FROM MISSOURI IS RECOGNIZED FOR ONE MINUTE.

  • 12:52:36 PM

    MR. CLAY

    MR. SPEAKER, I RISE TODAY TO OPPOSE H.R. 10, A DANGEROUS ASSAULT ON…

    MR. SPEAKER, I RISE TODAY TO OPPOSE H.R. 10, A DANGEROUS ASSAULT ON AMERICAN CONSUMERS THAT WOULD GUT THE LANDMARK DODD-FRANK WALL STREET REFORM ACT. IF THE WRONG CHOICE ACT IS ALLOWED TO BE INFLICTED ON WORKING FAMILIES, THE RECKLESS FAN SHAL SPECULATORS WHO SOLD OUT THE AMERICAN PEOPLE ON WALL STREET WOULD BE GIVEN A FREE PASS TO PERPETRATE FUTURE FINANCIAL ABUSES THAT WILL REAP BILLIONS FOR THEM AND ROB AVERAGE AMERICANS OF THEIR FINANCIAL SECURITY AGAIN. THE WRONG CHOICE ACT WOULD TAKE US BACK TO THE PRE-2008 ERA OF UNCHECKED, RECKLESS FINANCIAL ABUSES THAT RESULTED IN THE WORST RECESSION SINCE THE GREAT DEPRESSION. AND LET ME REMIND YOU OF THE CRUSHING COSTS OF THAT NATIONAL ECONOMIC EMERGENCY. OVER EIGHT MILLION JOBS LOST, 10% UNEMPLOYMENT, SEVEN MILLION HOME FORECLOSURES AND TRILLIONS OF DOLLARS WIPED OUT. NO PROPONENT OF THIS BILL CAN LOOK THE AMERICAN PEOPLE IN THE FACE AND TELL THEM THAT THIS IS BETTER FOR CONSUMERS, BECAUSE IT'S NOT.

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  • 12:54:04 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS.

  • 12:54:06 PM

    MR. HENSARLING

    MR. CHAIRMAN, AT THIS TIME, I'M PLEASED TO YIELD ONE MINUTE TO THE…

    MR. CHAIRMAN, AT THIS TIME, I'M PLEASED TO YIELD ONE MINUTE TO THE GENTLEMAN FROM VIRGINIA, MR. GOODLATTE.

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  • 12:54:14 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 12:54:17 PM

    MR. GOODLATTE

    THE GENTLELADY FROM CALIFORNIA.

  • 12:55:37 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 12:55:39 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MR. PERLMUTTER, RANKING MEMBER OF THE TERRORISM AND…

    I YIELD ONE MINUTE TO MR. PERLMUTTER, RANKING MEMBER OF THE TERRORISM AND ILLICIT FINANCE SUBCOMMITTEE.

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  • 12:55:46 PM

    THE CHAIR

    FROM COLORADO IS RECOGNIZED.

  • 12:55:50 PM

    MR. PERLMUTTER

    I RISE IN OPPOSITION TO H.R. 10, THE BAD CHOICE ACT, WHICH BRINGS BACK THE…

    I RISE IN OPPOSITION TO H.R. 10, THE BAD CHOICE ACT, WHICH BRINGS BACK THE WILD WEST TO OUR FINANCIAL MARKETS AND HURTS CONSUMERS. THE BAD CHOICE BECAUSE THIS TAKES US BACK TO A TIME WHEN WE WERE LOSING 800,000 JOBS A MONTH AND NOT IMAGINING 200,000 JOBS A MONTHS. COLORADO HAD 10% UNEMPLOYMENT. TAKES US BACK TO A TIME WHEN THE STOCK MARKET WAS 6500, NOT 21,000. IT TAKES BACK NO DISCIPLINE. THE MARKETS WERE IN CHAOS. PEOPLE GOT HURT. THIS KIND OF RETURN TO BAD LEGISLATION AND BAD REGULATION IS NOT GOOD FOR AMERICA. AND WE SHOULD ALL VOTE NO. WITH THAT, I YIELD BACK.

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  • 12:56:43 PM

    TEMPORE THE

  • 12:56:44 PM

    MR. HENSARLING

    I YIELD TWO MINUTES TO A REAL LEADER ON OUR COMMITTEE, THE GENTLEMAN FROM

  • 12:56:54 PM

    THE CHAIR

    THE GENTLEMAN FROM MISSOURI IS RECOGNIZED.

  • 12:56:58 PM

    MR. LUETKEMEYER

    I'M PROUD TO STAND WITH THE CHAIRMAN AND STAND IN SUPPORT OF H.R. 10. THIS…

    I'M PROUD TO STAND WITH THE CHAIRMAN AND STAND IN SUPPORT OF H.R. 10. THIS BILL OFFERS A RESPONSIBLE APPROACH TO FINANCIAL REGULATION THAT WILL PROTECT CONSUMERS AND ALLOW THE AMERICAN ECONOMY TO FLOURISH. IT MAKES MEANINGFUL REFORMS THAT ENSURE TRANSPARENCY, RESTORE RULE OF LAW AND HELP GAIN ACCESS TO MOVE TOWARDS FINANCIAL INDEPENDENCE AND BE THE ENTREPRENEURS THEY ARE AND BE ABLE TO REALIZE THEIR DREAMS. MR. CHAIRMAN, WE LOSE ONE COMMUNITY BANK OR CREDIT UNION A DAY, EVERY DAY. THESE ARE THE INSTITUTIONS THAT LEND TO FAMILIES AND SMALL BUSINESSES. THESE ARE INSTITUTIONS THAT ARE THE BACKBONE OF EACH OF OUR COMMUNITIES AND SOMETHING MUST BE DONE TO REVERSE THIS TREND. THERE HAS BEEN A CONSIDERABLE AMOUNT OF DISCUSSION ON BOTH SIDES OF THE AISLE ON THE NEED TO HELP COMMUNITY FINANCIAL INSTITUTIONS. THE LEGISLATION WE ARE CONSIDERING TODAY PROVIDES THAT OPPORTUNITY. FOR EVERY MEMBER IN CONGRESS TO CAST A VOTE TO CREDIT UNIONS AND COMMUNITY BANKS. IT WILL INCREASE ACCESS TO USING RULES THAT SHOULD HAVE NEVER BEEN APPLIED TO FINANCIAL INSTITUTIONS IN THE FIRST PLACE. IT MAKES IMPORTANT REFORMS. AND UNACCOUNTABLE AGENCY THAT EMBODIES THE WASHINGTON KNOWS BEST MENTALITY THAT THE NATION IS SO TIRED OF SEEING AND INSTEAD CREATES A MORE RESPONSIBLE FRAMEWORK THAT PROTECTS CONSUMERS INSTEAD OF SPECIAL INTERESTS. FINANCIAL CHOICE ACT OFFERS A NEW MODEL FOR FINANCIAL OPPORTUNITY AND RESPONSIBLE REGULATION. IT'S TIME TO TAKE STEPS TO REMOVE THE BOOT FROM OUR NATION LENDERS. FORMER FED CHAIRMAN SAID IT WOULD HAVE A STIMULUS EFFECT. IT WILL HELP GROW OUR ECONOMIES. I WANT TO THANK THE CHAIRMAN FOR HIS LEADERSHIP AND URGE MY COLLEAGUES TO SUPPORT H.R. 10. I YIELD BACK.

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  • 12:58:58 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 12:59:00 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MR. KILDEE, THE VICE RANKING MEMBER OF THE COMMITTEE…

    I YIELD ONE MINUTE TO MR. KILDEE, THE VICE RANKING MEMBER OF THE COMMITTEE ON FINANCIAL SERVICES.

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  • 12:59:08 PM

    THE CHAIR

    THE GENTLEMAN FROM MICHIGAN IS RECOGNIZED.

  • 12:59:10 PM

    MR. KILDEE

    I THANK THE RANKING MEMBER FOR YIELDING. LOOK, I UNDERSTAND THE PRESIDENT…

    I THANK THE RANKING MEMBER FOR YIELDING. LOOK, I UNDERSTAND THE PRESIDENT OF THE UNITED STATES HIMSELF HAS NO REAL UNDERSTANDING OF AMERICAN HISTORY, BUT THAT IS NO EXCUSE FOR THIS BODY FOR IGNORING EVEN THE RECENT HISTORY OF THIS COUNTRY AND RETURNING US TO THE CONDITIONS TO THE REGULATORY ENVIRONMENT THAT NOT ONLY PRECEDED BUT CONTRIBUTED TO CAUSE THE WORST FINANCIAL CRISIS THAT I HAVE EXPERIENCED IN MY LIFETIME, THE GREAT RECESSION. MILLIONS OF PEOPLE LOST THEIR HOMES. MILLIONS OF PEOPLE LOST THEIR JOBS, LOST EVERYTHING THEY WORKED FOR BECAUSE THEY WERE COMPLETELY UNPROTECTED AGAINST INSTITUTIONS AND ORGANIZATIONS THAT WERE PREDATORS AGAINST THEM. AND THIS PROPOSED LEGISLATION WOULD TAKE AWAY THOSE VERY PROTECTIONS AND RETURN US TO A TIME WHEN INSTITUTIONS, ORGANIZATIONS CAN USE UNFAIR AND DECEPTIVE PRACTICES AND THE CONSUMER FINANCIAL PROTECTION BUREAU UNDER THIS LEGISLATION WOULD BE BARRED, WOULD BE BARRED FROM GOING TO BAT FOR THOSE PEOPLE BEING TAKEN ADVANTAGE OF. THIS MAKES NO SENSE. WE OUGHT TO REJECT IT. I URGE MY COLLEAGUES TO JOIN ME IN DOING SO. .

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  • 01:00:34 PM

    MR. HENSARLING

    I YIELD ONE MINUTE TO THE GENTLEMAN FROM OHIO, MR. CHABOT.

  • 01:00:38 PM

    THE CHAIR

    THE GENTLEMAN FROM OHIO IS RECOGNIZED FOR ONE MINUTE.

  • 01:00:40 PM

    MR. CHABOT

    I RISE IN STRONG SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT, AND I WANT…

    I RISE IN STRONG SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT, AND I WANT TO THANK CHAIRMAN HENSARLING FOR HIS WORK ON THIS IMPORTANT ISSUE. FOR THE LAST SEVEN YEARS DODD-FRANK HAS BLOCKED PEOPLE TO GROW AND CREATE MORE JOBS. AS CHAIRMAN OF THE SMALL BUSINESS COMMITTEE, IT'S NO SURPRISE THAT SMALL BUSINESSES FROM ALL ACROSS THE COUNTRY TELL ME OVER AND OVER AGAIN THAT THIS BLOCKING OF CAPITAL TO THEM BY DODD-FRANK IS PREVENTING THEM FROM CREATING MORE JOBS WHICH ARE NEEDED IN THIS COUNTRY. WHETHER TO PAY EMPLOYEES OR TO BUY NEW EQUIPMENT, WE NEED TO MAKE IT EASIER FOR SMALL BUSINESS OWNERS TO GAIN ACCESS TO CAPITAL. H.R. 10 IS CHALK FULL OF REAL REFORMS, INCLUDING THE HELPING ANGELS LEAD OUR STARTUPS, OR HALOS ACT, TO ENCOURAGE AND INSPIRE SBURES ACROSS THE COUNTRY. THE NATION'S 29 MILLION SMALL BUSINESSES ARE WORKING HARD TO ACHIEVE THE AMERICAN DREAM. LET'S NOT LET OUR OWN GOVERNMENT CONTINUE TO STAND IN THEIR WAY. SUPPORT THIS LEGISLATION. IT'S VERY IMPORTANT. I YIELD BACK.

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  • 01:01:41 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:01:44 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MS. VELAZQUEZ, RANKING MEMBER OF THE SMALL BUSINESS…

    I YIELD ONE MINUTE TO MS. VELAZQUEZ, RANKING MEMBER OF THE SMALL BUSINESS COMMITTEE.

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  • 01:01:51 PM

    THE CHAIR

    THE GENTLELADY FROM NEW YORK IS RECOGNIZED FOR ONE MINUTE.

  • 01:01:53 PM

    MS. VELAZQUEZ

    THANK YOU, MR. CHAIRMAN. I WANT TO THANK RANKING MEMBER MAXINE WATERS.…

    THANK YOU, MR. CHAIRMAN. I WANT TO THANK RANKING MEMBER MAXINE WATERS. HERE THEY COME AGAIN, MR. CHAIRMAN. MY COLLEAGUES SEEM TO SUFFER FROM THE CASE OF POLICYMAKING AMNESIA. I WAS HERE IN 2008 AS OUR NATION STOOD ON THE EDGE OF FINANCIAL RUIN. I WILL NOT FORGET THOSE DARK DAYS. THANKS TO WALL STREET'S RECKLESS BETS AND INADEQUATE GOVERNMENT OVERSIGHT, MILLIONS OF AMERICANS LOST THEIR HOMES AND JOBS. TALK ABOUT MARKET DISCIPLINE IN 2008. MAIN STREET, SMALL BUSINESSES, EMPLOYEES SHUT THEIR DOORS FOR GOOD. OUR COUNTRY ALMOST SLID INTO ANOTHER GREAT DEPRESSION. MY COLLEAGUES MAY HAVE FORGOT THE SEQUENCE OF EVENTS WILL YOU LET ME TELL YOU SOMETHING. DODD-FRANK HAS PROTECTED CONSUMERS AND INVESTORS FROM PREDATORY PRACTICES. IT STABILIZED OUR MARKETS AND YET HERE WE ARE TALKING ABOUT GUTTING THIS LANDMARK LAW. THE AMERICAN PEOPLE ARE WATCHING. LET'S BE CLEAR. IF YOU VOTE YES YOU'RE VOTING TO RESTORE THE SAME CONDITIONS THAT FUELED THE CRISIS AND COLLAPSE OF 2008. IT IS A VOTE YOU WILL REGRET. VOTE NO.

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  • 01:03:21 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 01:03:22 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M HAPPY TO YIELD TWO MINUTES TO THE GENTLEMAN FROM…

    MR. CHAIRMAN, I'M HAPPY TO YIELD TWO MINUTES TO THE GENTLEMAN FROM MICHIGAN, MR. HUIZENGA, CHAIRMAN OF THE CAPITAL MARKETS SUBCOMMITTEE.

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  • 01:03:32 PM

    THE CHAIR

    THE GENTLEMAN FROM MICHIGAN IS RECOGNIZED FOR TWO MINUTES.

  • 01:03:35 PM

    MR. HUIZENGA

    DOWNTURN IN 2008 CAUSED MICHIGANNERS AND OTHERS AROUND THE COUNTRY TO LOSE…

    DOWNTURN IN 2008 CAUSED MICHIGANNERS AND OTHERS AROUND THE COUNTRY TO LOSE THEIR JOBS, FAMILIES TO LOSE THEIR SAVINGS AND EVEN SOME TO LOSE THEIR HOMES. SINCE THAT TIME, FOLKS ON THE OTHER SIDE OF THE AISLE HAVE BEEN ATTEMPTING TO CONVINCE THE AMERICAN PEOPLE THAT THE DODD-FRANK ACT IS, QUOTE, THE ANSWER TO THE FINANCIAL CRISIS, DESPITE THE LAW FAILING TO ACTUALLY ADDRESS THE ROOT CAUSE OF THE DOWNTURN. IN REALITY, DODD-FRANK HAS MADE IT MORE DIFFICULT FOR HARDWORKING TAXPAYERS TO SECURE A FUTURE FOR THEMSELVES AND THEIR CHILDREN BY DENYING THEM THE ECONOMIC RECOVERY THAT THEY DESERVE. HARDWORKING AMERICANS RELY ON CAPITAL MARKETS TO SAVE EVERYTHING FROM COLLEGE TO RETIREMENT. WE AS CONGRESS MUST ACT TO ELIMINATE THE BURDENSOME AND UNNECESSARY RED TAPE CREATED UNDER DODD-FRANK, TO ENSURE THAT U.S. CAPITAL MARKETS REMAIN THE MOST EFFECTIVE IN THE WORLD, SO THAT ALL INVESTORS CAN RECEIVE THE GREATEST RETURN ON THEIR INVESTMENTS. SINCE DODD-FRANK, OUR CAPITAL MARKETS HAVE BECOME LESS STABLE, LESS SUFFICIENT, LESS LIQUID, WHICH HAS MADE IT MORE DIFFICULT FOR SMALL BUSINESSES AND AMERICAN JOB CREATORS AROUND THE COUNTRY TO ACCESS THE NECESSARY FINANCIAL RESOURCES IN ORDER TO EXPAND AND CREATE JOBS. IN FACT, DODD-FRANK HAS SERVED -- SEVERED ACCESS TO THE CAPITAL MARKETS FOR MAIN STREET BUSINESSES AND ENTREPRENEURS WHO ARE THE HEARTBEAT OF THE AMERICAN ECONOMY. IN ORDER TO SUCCEED, SMALL AND GROWING COMPANIES NEED CAPITAL AND CREDIT, THE LIFEBLOOD FOR GROWTH, EXPANSION, JOB CREATION. YET, THE GOVERNMENT HAS CONTINUED TO CONSTRUCT ARBITRARY WALLS THAT CUT THEM OFF FROM ESSENTIAL FINANCING AS SMALLER COMPANIES ARE CAUGHT IN A SEA OF RED TAPE CREATED BY WASHINGTON BUREAUCRATS. ENOUGH IS ENOUGH. IN ORDER TO INCREASE ECONOMIC OPPORTUNITY, WE MUST ENACT COMMONSENSE REGULATORY REFORM AND RESTORE ACCOUNTABILITY TO WALL STREET AND TO WASHINGTON. THE HOUSE FINANCIAL SERVICES COMMITTEE ACHIEVES THROUGH THIS GOAL THROUGH THE CAREFULLY CRAFTED CHOICE ACT, WHICH WE'RE DEBATING HERE TODAY. IT ELIMINATES DODD-FRANK'S ONE-SIZE-FITS-ALL REGULATORY STRUCTURE THAT HAS STRANGLED COMMUNITY FINANCIAL INSTITUTIONS WITH OVERLY BURDENSOME REGULATIONS WHICH WERE MEANT FOR THE LARGEST BANKS HERE IN AMERICA. BY ENACTING THE CHOICE ACT, COMMUNITY BANKS --

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  • 01:05:49 PM

    MR. HENSARLING

    I YIELD THE GENTLEMAN AN ADDITIONAL 30 SECONDS.

  • 01:05:52 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR 30 SECONDS.

  • 01:05:55 PM

    MR. HUIZENGA

    COMMUNITY BANKS AND CREDIT UNIONS CAN UTILIZE THEIR RESOURCES TO HELP…

    COMMUNITY BANKS AND CREDIT UNIONS CAN UTILIZE THEIR RESOURCES TO HELP INDIVIDUAL CUSTOMERS AND SMALL BUSINESSES TO ACHIEVE FINANCIAL INDEPENDENCE. IF WE WANT SMALL BUSINESSES TO CONTINUE TO BE THE ENGINE OF ECONOMIC GROWTH, WE MUST REMOVE THE REGULATORY RED TAPE THAT'S PREVENTING COMMUNITY LENDERS TO SUPPORT THESE COMMUNITIES AND JOB CREATORS. WE HOLD WALL STREET ACCOUNTABLE AND WE HOLD THE CONSUMER FINANCIAL PROTECTION BUREAU ACCOUNTABLE AND WE MAKE IT MORE EFFECTIVE TO DO ITS JOB. NO GOVERNMENT AGENCY SHOULD BE UNACCOUNTABLE TO THE AMERICAN TAXPAYER. DODD-FRANK WAS A LARGER SOCIAL AGENDA WAITING FOR A CRISIS AND I UNDERSTAND THAT FROM MY FRIENDS ON THE OTHER SIDE, BUT TODAY SMALL BUSINESSES AND HARDWORKING AMERICANS CONTINUE TO PAY THE PRICE.

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  • 01:06:39 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 01:06:43 PM

    MR. HUIZENGA

    I ENCOURAGE A YES VOTE.

  • 01:06:46 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:06:47 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MR. GREEN, RANKING MEMBER OF THE SUBCOMMITTEE ON…

    I YIELD ONE MINUTE TO MR. GREEN, RANKING MEMBER OF THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS.

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  • 01:06:53 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR ONE MINUTE.

  • 01:06:56 PM

    MR. GREEN

    THANK YOU, MR. CHAIRMAN. I THANK THE RANKING MEMBER AS WELL. THIS BILL IS…

    THANK YOU, MR. CHAIRMAN. I THANK THE RANKING MEMBER AS WELL. THIS BILL IS A SETBACK BECAUSE IT ALLOWS THE AMERICAN PUBLIC TO BE SUBJECT TO RIPOFFS. IT ALLOWS YOU TO BE RIPPED OFF WHEN YOU GET YOUR AUTO LOAN WITHOUT YOUR KNOWING IT. IT WILL ALLOW YOU TO PAY A HIGHER AMOUNT THAN YOU SHOULD BE PAYING. IT ALLOWS YOU TO WITHOUT YOUR CONSENT HAVE THE MONEY THAT YOU PLACE IN THE BANK BE TAKEN AWAY FROM YOUR ACCOUNT, MOVED OVER TO ANOTHER PLACE AND USED TO GAMBLE, AND IF THEY WIN THEY KEEP THE PROFITS, ALL DONE WITHOUT YOUR CONSENT. IT ALLOWS WITHOUT YOUR KNOWLEDGE THE PERSON THAT YOU ARE WORKING WITH TO INVEST YOUR PENSION, TO PUT HIS INTERESTS AHEAD OF YOUR INTERESTS. THIS IS A RIPOFF BILL. WE SHOULD NOT SUPPORT IT. THE AMERICAN CONSUMERS ARE PLACED AT RISK. THIS IS THE TIME TO STAND. WE MUST SAY NO TO H.R. 10. IT IS INDEED THE WRONG CHOICE. I YIELD BACK.

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  • 01:08:03 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 01:08:06 PM

    MR. HENSARLING

    MR. CHAIRMAN, I AM VERY PLEASED TO YIELD TWO MINUTES TO THE GENTLELADY…

    MR. CHAIRMAN, I AM VERY PLEASED TO YIELD TWO MINUTES TO THE GENTLELADY FROM MISSOURI, MRS. WAGNER, A REAL FIGHTER ON OUR COMMITTEE, CHAIR OF THE OVERSIGHT AND INVESTIGATIONS SUBCOMMITTEE.

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  • 01:08:17 PM

    THE CHAIR

    THE GENTLELADY FROM MISSOURI IS RECOGNIZED FOR TWO MINUTES.

  • 01:08:20 PM

    MRS. WAGNER

    THANK YOU, MR. CHAIRMAN. AND MR. SPEAKER, I'M PROUD TO STAND BEFORE YOU…

    THANK YOU, MR. CHAIRMAN. AND MR. SPEAKER, I'M PROUD TO STAND BEFORE YOU TODAY TO SPEAK ON H.R. 10, THE FINANCIAL CHOICE ACT, AND I'D LIKE TO THANK CHAIRMAN HENSARLING AND ALL MY COLLEAGUES ON THE HOUSE FINANCIAL SERVICES COMMITTEE FOR THEIR HARD WORK ON THIS LEGISLATION, INCLUDING HOLDING 145 HEARINGS ON DODD-FRANK AND THE CHOICE ACT. FOR NEARLY 10 YEARS, FOLLOWING THE FINANCIAL CRISIS, OUR COUNTRY WITNESSED ONE OF THE WEAKEST RECOVERIES OF OUR LIFETIMES, AS DODD-FRANK HELD SMALL BUSINESSES AND FAMILIES HOSTAGE AND PREVENTED OUR ECONOMY FROM GROWING. NOW, IT IS HARDER FOR FAMILIES TO QUALIFY FOR A MORTGAGE, OBTAIN THAT AUTO LOAN AND ACCESS OTHER FORMS OF CREDIT THAT THEY DEPEND ON EVERY SINGLE DAY. THE ONLY BENEFICIARIES FROM DODD-FRANK HAVE BEEN WASHINGTON BUREAUCRATS WHO HAVE GROWN MORE POWERFUL AND BIG BANKS WHO'VE ONLY GROWN BIGGER AT THE EXPENSE OF YOUR PERSONAL FREEDOMS AND YOUR FREEDOM TO MAKE YOUR OWN FINANCIAL DECISIONS. DODD-FRANK HAS FAILED THE AMERICAN PEOPLE. INSTEAD, THE CHOICE ACT, WHICH STANDS FOR CREATING HOPE AND OPPORTUNITY FOR INVESTORS, CONSUMERS AND ENTREPRENEURS, REPRESENTS A BETTER WAY FROM THIS REPUBLICAN CONGRESS THAT WILL PROVIDE AMERICANS WITH THE FINANCIAL OPPORTUNITIES THAT THEY DESERVE. THE CHOICE ACT IS ABOUT HELPING MAIN STREET, NOT WALL STREET, AND WILL INCREASE LENDING IN OUR COMMUNITIES, OPEN UP OUR ECONOMY AND END TAXPAYER-FUNDED BANK BAILOUTS AND HOLD WALL STREET AND WASHINGTON ACCOUNTABLE. IT WILL ALLOW US TO IMPOSE THE TOUGHEST PENALTIES ON WALL STREET EXECUTIVES WHO ENGAGE IN FRAUD, DECEPTION AND SELF-DEALING. UNLIKE BEFORE, EXECUTIVES WHO COMMIT FINANCIAL CRIMES WILL BE HELD ACCOUNTABLE RATHER THAN INNOCENT TAXPAYERS AND SHAREHOLDERS. AMERICANS DESERVE RELIEF FROM THE REGULATORY BURDEN AND LACK OF FINANCIAL OPTIONS THAT DODD-FRANK HAS CREATED. AMERICANS DESERVE THE RIGHT CHOICE ACT. I URGE MY COLLEAGUES TO SUPPORT H.R. 10, AND I YIELD BACK THE BALANCE OF MY TIME, MR. SPEAKER.

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  • 01:10:35 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:10:37 PM

    MS. WATERS

    THANK YOU. I YIELD ONE MINUTE TO MS. MOORE, RANKING MEMBER OF THE MONETARY…

    THANK YOU. I YIELD ONE MINUTE TO MS. MOORE, RANKING MEMBER OF THE MONETARY POLICY AND TRADE SUBCOMMITTEE.

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  • 01:10:43 PM

    THE CHAIR

    THE GENTLELADY FROM WISCONSIN IS RECOGNIZED FOR ONE MINUTE.

  • 01:10:45 PM

    MS. MOORE

    THANK YOU, SIR. MR. SPEAKER, I RISE IN OPPOSITION TO THE WRONG CHOICE ACT.…

    THANK YOU, SIR. MR. SPEAKER, I RISE IN OPPOSITION TO THE WRONG CHOICE ACT. THIS IS A BAD BILL, AND I SUSPECT THE REPUBLICANS ARE PUSHING IT THROUGH WITH ONLY ONE HEARING BECAUSE THEY WANT TO PUSH IT PAST THE BELEAGUEURED PUBLIC WHO LOST TRILLIONS OF DOLLARS OF WEALTH AND HOME VALUE DURING THE LAST RECESSION. AND REPUBLICANS TALK ABOUT FREEDOM AND COMMUNITY BANKS IS NOT FOOLING ANYONE. THIS LEGISLATION UNLEASHES EVERY BLOOD-THIRSTY, GREEDY WALL STREET SUPERPREDATOR BACK TO THE AMERICAN PEOPLE TO FEAST ON OUR MISERY LIKE THEY DID PRE-DODD-FRANK. AND IN CONTRAST, YOU WILL ACTUALLY HEAR THE G.O.P. BLAME PREDATORY BORROWERS AND SAY THEY CAUSED THE CRISIS, LIKE BLAMING HUNGRY CHILDREN FOR FAMINES. IF THIS BILL PASSES WITH THE MERE 10% CAPITAL REQUIREMENTS, THE FINANCIAL SYSTEM WILL BECOME BRITTLE, PREEN TO SYSTEMIC CRISIS -- PRONE TO SYSTEMIC CRISIS, A SYSTEM THAT'S LESS FAIR AND RIPED WITH FRAUD. DIDN'T WE LEARN OUR LESSON IN 2008? 2008 TAUGHT US WE CANNOT HAVE SUSTAINABLE ECONOMIC GROWTH. I URGE MY COLLEAGUES TO REJECT THIS BAD BILL AND I YIELD BACK.

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  • 01:12:08 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 01:12:10 PM

    MR. HENSARLING

    MR. CHAIRMAN, I NOW AM PLEASED TO YIELD TWO MINUTES TO THE GENTLEMAN FROM…

    MR. CHAIRMAN, I NOW AM PLEASED TO YIELD TWO MINUTES TO THE GENTLEMAN FROM KENTUCKY, MR. BARR, CHAIRMAN OF THE MONETARY POLICY AND TRADE SUBCOMMITTEE.

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  • 01:12:20 PM

    THE CHAIR

    THE GENTLEMAN FROM KENTUCKY IS RECOGNIZED FOR TWO MINUTES.

  • 01:12:22 PM

    MR. BARR

    THANK YOU. MR. CHAIR, THE DODD-FRANK ACT IS A FAILURE, PERIOD. IT IS…

    THANK YOU. MR. CHAIR, THE DODD-FRANK ACT IS A FAILURE, PERIOD. IT IS ESTIMATED TO REDUCE ECONOMIC OUTPUT BY NEARLY $1 TRILLION OVER THE NEXT DECADE, AND IT CONTAINS MORE REGULATORY RESTRICTIONS THAN ALL OF THE OTHER REGULATIONS ENACTED BY THE PREVIOUS ADMINISTRATION COMBINED, INCLUDING OBAMACARE. THE FINANCIAL CHOICE ACT PROVIDES AN OFFRAMP, MUCH-NEEDED RELIEF TO DODD-FRANK'S GROWTH-RUSHING REGULATIONS. -- GROWTH-CRUSHING REGULATIONS. THEY CAN OPT FOR THE RELIEF THAT THEY ARE WILLING TO OBTAIN IF THEY MEET A 10% SIMPLE LEVERAGE RATIO, A LEVEL THAT ENSURES THEY CAN WEATHER ECONOMIC DOWNTURNS WITHOUT THE HELP OF TAXPAYER BAILOUTS. THIS LEGISLATION ALSO REINS IN THE PRIMARY CULPRIT OF THE REGULATORY ONSLAUGHT THAT'S CAUSED ONE IN FIVE COMMUNITY FINANCIAL INSTITUTIONS IN MY STATE OF KENTUCKY TO CLOSE. THE CONSUMER FINANCIAL PROTECTION BUREAU. THIS IS DONE BY GIVING CONGRESS THE POWER OF THE PURSE OVER THE BUREAU FOR THE FIRST TIME, MAKING ITS DIRECTOR REMOVEABLE BY THE PRESIDENT, REQUIRING IT TO CONDUCT COST-BENEFIT ANALYSIS AND ENHANCING ITS MISSION TO FOCUS ON CONSUMER PROTECTION THROUGH COMPETITION AND CHOICE. THIS LEGISLATION ALSO DELIVERS IMPORTANT REGULATORY RELIEF TO COMMUNITY FINANCIAL INSTITUTIONS BY INCORPORATING THE TAILOR -- TAYLOR ACT, WHICH REQUIRES THEM TO TAILOR THEIR RELATIONS BASED ON THE SIZE OF THE FINANCIAL INSTITUTIONS INSTEAD OF THE TYPICAL ONE-SIZE-FITS-ALL WASHINGTON MODEL. ADDITIONALLY, THE FINANCIAL CHOICE ACT ENDS STIFLING DODD-FRANK REGULATIONS THAT CONSTRAIN LENDING FOR MANUFACTURED HOMES BY INCLUDING THE PRESERVING ACCESS TO MANUFACTURED HOUSING ACT. IT ALSO FURTHER REDUCES THE CHANCES OF A MORTGAGE CRISIS BY GIVING FINANCIAL FIRMS AN INCENTIVE TO RETAIN 100% OF A MORTGAGE'S RISK AND GREATER FLEXIBILITY TO LEND BY INCLUDING MY PORTFOLIO LENDING AND MORTGAGE ACCESS ACT. AND FINALLY, THIS LEGISLATION PLACES THE STEEPEST PENALTIES IN HISTORY ON FINANCIAL FIRMS THAT ACTUALLY BREAK OUR LAWS. SO IT ENDS TOO-BIG-TO FAIL, IT INCLUDES TOUGH PENALTY PENLTS, THE TOUGHEST PENALTIES IN INDUSTRY FOR FINANCIAL FRAUD AND OTHER MISDEEDS BUT IT PRESERVES CONSUMER PROTECTIONS THROUGH COMPETITION AND CHOICE AND ACCESS TO THE CREDIT AMERICANS NEED TO BUILD OUR ECONOMY. AND I WANT TO THANK CHAIRMAN HENSARLING FOR HIS LEADERSHIP ON THIS ISSUE AND I YIELD BACK THE BALANCE OF MY TIME.

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  • 01:14:48 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:14:49 PM

    MS. WATERS

    THANK YOU VERY MUCH. MR. SPEAKER, WE GOT TO STOP SOME OF THIS…

    THANK YOU VERY MUCH. MR. SPEAKER, WE GOT TO STOP SOME OF THIS MISREPRESENTATION. EXEMPT FROM CFPB SUPERVISION AND ENFORCEMENT, WALL STREET REFORM, THAT IS DODD-FRANK, RECOGNIZES COMMUNITY BANKS AND CREDIT UNIONS HAVE A SMALL NUMBER OF EMPLOYEES THAN THE CONSUMER PROTECTION TRACK RECORD, THUS THEY ARE CARVED OUT FROM THE CONSUMER BUREAU SUPERVISION. IT FOCUSES ON THE LARGEST BANKS THAT THEY WON'T TALK ABOUT HERE AND NONBANKS THAT COMPETE WITH SMALL BANKS AND CREDIT UNIONS. I WILL YIELD ONE MINUTE TO MR. MEEKS, A SENIOR MEMBER OF THE FINANCIAL SERVICES COMMITTEE. .

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  • 01:15:31 PM

    MR. MEEKS

    MR. SPEAKER, HOW SOON DO WE FORGET? THE BILL BEFORE US TODAY IS AN AFRONT…

    MR. SPEAKER, HOW SOON DO WE FORGET? THE BILL BEFORE US TODAY IS AN AFRONT TO THE AMERICAN PEOPLE. THIS BILL IS FLAWED. IT WOULD SET AMERICA UP FOR MORE SEVERE FINANCIAL CRISES IN THE FUTURE. IT IS PLAIN AND SIMPLY THE WRONG CHOICE. LET ME GIVE YOU ONE EXAMPLE. UNDER THE WRONG CHOICE ACT, MANY BANKS WOULD BE FREE FROM REGULATORY OVERSIGHT IF THEY MERELY MAINTAINED A 10% LEVERAGE RATIO. LET'S BAKE THAT DOWN. IF THIS BILL WAS IN 2008, ONE-THIRD OF THE BANKS THAT EVENTLY FAILED WILL BE FREE FROM REGULATORY OVERSIGHT ALL TOGETHER. TO BE CLEAR, 125 BANKS THAT FAILED DURING THE CRISIS WOULD MEET THIS BILL'S LOW REQUIREMENT ACCORDING TO NOT ME BUT AN INDEPENDENT CLEARINGHOUSE ANALYSIS. YOU DON'T HAVE TO BE A FINESIER THAT THIS IS AN INSULT TO AMERICAN FAMILIES WHO LOST EVERYTHING AND I'M TALKING ABOUT FAMILIES WHO SAW THEIR NET WORTH DROP $10 MILLION, THE LARGEST LOSS OF WEALTH IN THE HISTORY OF THE UNITED STATES.

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  • 01:16:51 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS.

  • 01:16:54 PM

    MR. HENSARLING

    ONE MINUTE TO A GENTLEMAN ON LEAVE FROM THE FINANCIAL SERVICES COMMITTEE,…

    ONE MINUTE TO A GENTLEMAN ON LEAVE FROM THE FINANCIAL SERVICES COMMITTEE, ONE WE PROUDLY CALL OUR OWN, DISTINGUISHED THE GENTLEMAN FROM CALIFORNIA, THE MAJORITY LEADER,

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  • 01:17:12 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 01:17:13 PM

    MR. MCCARTHY

    I THANK THE GENTLEMAN FOR YIELDING. I FIRST WANT TO THANK CHAIRMAN…

    I THANK THE GENTLEMAN FOR YIELDING. I FIRST WANT TO THANK CHAIRMAN HENSARLING AND THE ENTIRE FINANCIAL SERVICES COMMITTEE FOR THE WORK THEY HAVE DONE ON THIS BILL. THEY HAVE LISTENED TO MEMBERS AND THEY LISTENED TO CONSTITUENTS THROUGHOUT THIS COUNTRY. THEY STUDIED THE ISSUE AND FOUND THE VERY BEST POLICY. NOW, WE ALL KNOW WE NEED ECONOMIC GROWTH, BUT WE ALSO KNOW THAT GROWTH MEANS LITTLE IF WAGES WILL NOT RISE, IF JOBS WILL NOT RETURN, AND IF MORE BUSINESSES CLOSE THAN OPEN. IF A RISING TIDE MISSES ALL BOATS, WE NEED TO MAKE SURE EVERY AMERICAN IS IN THE BOAT. REPEALING DODD-FRANK WITH THE CHOICE ACT, LIFTS PEOPLE BACK IN SO THEY CAN PARTICIPATE IN AMERICA'S ECONOMY. IT WILL RE-ESTABLISH THE SEVERED TIES THAT LINK COMMUNITIES TO THE MONEY THEY NEED TO START BUSINESSES AND HIRE EMPLOYEES. BRINGING BACK THE COMMUNITY BANKS THAT DODD-FRANK DESTROYED, MEANS THAT MORE PEOPLE, NOT JUST WEALTHY, WILL HAVE ACCESS TO CREDIT. BUT IF WE WANT EVERYONE TO BE PART OF THE AMERICAN ECONOMY, WE DON'T WANT PEOPLE TO FACE THE SAME RISKS THEY DID BEFORE. WE WANT PEOPLE TO BE TREATED FAIRLY. IN 2008, PEOPLE LOST EVERYTHING. AIDED BY MISGOVERNMENT IN WASHINGTON POLICIES. SOME PLAYED FAST AND LOOSE AND PUT EVERYONE ELSE AT RISK. IT'S ONLY NATURAL PEOPLE LOOK AROUND AND ASK, WHY DO WE HAVE A SYSTEM WHERE WHEN THINGS GO WRONG, BANKS NEED TO GET BAILOUTS, BUT THE AMERICAN PEOPLE GET NOTHING? IT'S NOT A FAIR SYSTEM. AND DODD-FRANK MADE IT WORSE. IT ACTUALLY CODIFIED BAILOUTS INTO LAW AND MADE TAXPAYERS A SLUSH FUND. AND ON TOP OF ALL THAT, THE REGULATIONS IT CREATED, WE ALL KNOW WERE JUST RIDICULOUS. WHY IS IT THAT THE RICH AND POWERFUL GET TO GAIN THE COMPLICATED RULES PRODUCED BY THEIR FRIENDS IN THE BUREAUCRACY WHILE EVERYONE ELSE FACES A MOUNT -- MOUNTAIN OF PAPERWORK THAT NO HUMAN BEING HAS A CHANCE OF UNDERSTANDING. AND WE ALL KNOW THAT'S NOT FAIR. ALL THIS ENDS UP IS BOXING OUT SMALL BUSINESS OWNERS AND NORMAL AMERICANS WHO CAN'T HIRE LAWYERS TO SIFT THROUGH IT ALL. THE CHOICE ACT LEVELS THE PLAYING FIELD AND MAKES BOTH WALL STEET AND WASHINGTON ACCOUNTABLE SO THAT THEIR BAD DECISIONS DON'T COST THE TAXPAYER THEIR MONEY. AND IT MAKES THINGS SIMPLE SO YOU DON'T NEED AN IVY LEAGUE LAW DEGREE TO UNDERSTAND THE RULES THAT GOVERN OUR LIVES. NOW AMERICA IS A NATION FOR THE PEOPLE. EVERYONE HAS A SHOT. EVERYONE SHOULD BE TREATED THE SAME. EVERYONE HAS A CHANCE TO SUCCEED. THE CHOICE ACT BRINGS US A LITTLE CLOSER TO THAT AMERICA ONE MORE TIME. AND I YIELD BACK.

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  • 01:20:47 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:20:48 PM

    MS. WATERS

    YES, MR. SPEAKER. I WILL YIELD ONE MINUTE TO ONE OF OUR SENIOR MEMBERS OF…

    YES, MR. SPEAKER. I WILL YIELD ONE MINUTE TO ONE OF OUR SENIOR MEMBERS OF THE FINANCIAL SERVICES COMMITTEE, MR. DAVID SCOTT.

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  • 01:20:56 PM

    THE CHAIR

    THE GENTLEMAN FROM GEORGIA IS RECOGNIZED FOR ONE MINUTE.

  • 01:21:03 PM

    MR. SCOTT

    THANK YOU VERY MUCH, RANKING MEMBER. LADIES AND GENTLEMEN, I LOVE THIS…

    THANK YOU VERY MUCH, RANKING MEMBER. LADIES AND GENTLEMEN, I LOVE THIS COUNTRY. AND THE HEART AND SOUL OF OUR COUNTRY IS OUR FINANCIAL SYSTEM AND THIS BILL IS A DANGEROUS BILL TO OUR ECONOMY. LET ME TELL YOU WHY. FIRST OF ALL, IT TAKES AWAY ALL OF OUR CONSUMER PROTECTIONS. SECONDLY, I WANT TO GIVE YOU AN EXAMPLE. BEFORE WE HAD DODD-FRANK, A BANK THAT IS INSURED BY THE TAXPAYERS COULD GO IN AND USE THEIR CUSTOMERS' MONEY, TAKE THEIR CUSTOMERS' MONEY OUT TO INVEST IN RISKY BETS AND THEN WHEN THE BETS GO SOUTH, IT'S THE TAXPAYERS THAT HAVE TO PICK UP THE FREIGHT. SECONDLY, LET US USE THIS EXAMPLE. BECAUSE OF THE IMPACT AND THE COMPLEXITIES OF OUR FINANCIAL SYSTEM, SO MUCH OF THE CAUSE AND EFFECT OF THE DOWNTURN WERE THE BIG BANKS. SO WHAT DODD-FRANK DID WAS PROVIDE STRESS TESTS TO BE ABLE TO GO IN AND SIMULATE AND CONFER WITH THE BANK TO PREVENT IT FROM GOING OVERBOARD. WAKE UP, AMERICA. I HAVE TALKED WITH OUR SENATORS AND THEY ASSURED ME THAT THIS BILL IS DEAD ON ARRIVAL.

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  • 01:22:44 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 01:22:46 PM

    MR. HENSARLING

    I YIELD TWO MINUTES TO THE THE GENTLEMAN FROM NEW MEXICO,

  • 01:22:52 PM

    THE CHAIR

    THE GENTLEMAN FROM NEW MEXICO IS RECOGNIZED FOR TWO MINUTES.

  • 01:22:55 PM

    MR. PEARCE

    THANK YOU, MR. SPEAKER AND THANK YOU, THE GENTLEMAN FROM TEXAS. CREDIT IS…

    THANK YOU, MR. SPEAKER AND THANK YOU, THE GENTLEMAN FROM TEXAS. CREDIT IS ONE OF THE MOST POWERFUL DEVICES OF OUR FINANCIAL SYSTEM THAT WAS DESIGNED OVER TIME BY SOCIETIES. IN SOME COUNTRIES, CREDIT IS NOT AVAILABLE TO THOSE WHO NEED IT THE MOST, THE PEOPLE AT THE BOTTOM END OF THE LADDER. IN UNITED STATES, CREDIT IS AVAILABLE NO MATTER HOW BAD YOUR CREDIT RATING MIGHT BE. IT WAS AVAILABLE UNTIL THE DODD-FRANK REGULATION CREATED THE CFPB. IN THE SECOND DISTRICT OF NEW MEXICO, 50% OF THE HOMES ARE MANUFACTURED HOUSING. THE DODD-FRANK IMMEDIATELY BEGAN TO SHOW THEY HAD NO CLUE ABOUT HOW RURAL SORKTS AND PUT INTO PLACE REGULATIONS THAT CHOKED OFF THE ACCESS OF MOST OF OUR HOMEOWNERS TO MANUFACTURED HOUSING. THAT WASN'T ENOUGH FOR THE CFPB. THEY BEGAN THEN TO SET FORWARD QUALIFIED MORTGAGES WHICH THEN CHOKED OFF TRADITIONAL MORTGAGES TO MANY PEOPLE IN THE SECOND DISTRICT OF NEW MEXICO. MANY PEOPLE IN NEW MEXICO WILL BUY THEIR FIRST MOBILE HOME AND THEN LIVE IN THAT AND OVER THEIR LIFETIME, THEY WILL BUY EIGHT OR 10 MORE. USUALLY THE PEOPLE WHO CAN'T GET CREDIT ANY OTHER WAY, CFPB SHUT THAT DOWN. SENIORS LIVING IN THEIR SENIOR YEARS WITH LESS INCOME, BUT PEOPLE WHO NEED THE LOANS THE MOST HAVING ONE MORE SOURCE OF CREDIT DRIED UP TO THEM, THE RULES THAT AFFECT THE RURAL MORTGAGES, SMALL BUSINESSES WERE SO PUNITIVE THAT THE ECONOMY IN NEW MEXICO HAS NEVER YET COME BACK. IT'S NOT JUST THAT THE CHOICE ACT IS THE RIGHT CHOICE IN THE RURAL AREAS, IN OUR AREAS, IT'S THE ONLY CHOICE. I WOULD SUPPORT H.R. 10 AND ASK MY COLLEAGUES TO VOTE YES ON THE BILL. I YIELD BACK.

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  • 01:24:58 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:25:01 PM

    MS. WATERS

    I YIELD 1 1/2 MINUTES TO BOBBY SCOTT.

  • 01:25:07 PM

    THE CHAIR

    THE GENTLEMAN FROM VIRGINIA IS RECOGNIZED.

  • 01:25:11 PM

    MR. SCOTT

    MR. CHAIRMAN, I THANK THE GENTLELADY FOR YIELDING AND RISE IN OPPOSITION…

    MR. CHAIRMAN, I THANK THE GENTLELADY FOR YIELDING AND RISE IN OPPOSITION TO THE WRONG CHOICE ACT. IN ADDITION TO WHAT ELSE IS WRONG WITH THE BILL, THERE ARE TWO SIGNIFICANT PROBLEMS WITH IT IMPACTING THE JURISDICTION OF THE EDUCATION AND WORK FORCE COMMITTEE WHERE I SERVE AS THE RANKING MEMBER. FIRST, THE BILL ESSENTIALLY ELIMINATES THE CFPB. THE BUREAU HAS PLAYED A CRUCIAL ROLE IN MAKING SURE THAT STUDENT LOAN BORROWERS ARE TREATED FAIRLY AND RECEIVE THE PROTECTIONS THAT THEY DESERVE. IT HAS SHUT DOWN FRAUDULENT SCAMS AND SECURED HUNDREDS OF MILLIONS OF DOLLARS IN LOAN FORGIVENESS FOR BORROWERS TAKING OUT COSTLY PRIVATE LOANS OF THE THE BILL REPEALS THE FIDUCIARY ROLE WHICH ENSURES THAT FINANCIAL ADVISERS PUT THEIR RETIREMENT CLIENTS' INTERESTS FIRST. THOSE WHO ARE GETTING READY TO RETIRE SEEK ASSISTANCE IN WHAT WOULD BE THE BIGGEST FINANCIAL DECISION IN THEIR LIVES. MANY OF THESE SET ASIDE A FEW HUNDRED DOLLARS A MONTH NOW HAVE HUNDREDS OF THOUSANDS OF DOLLARS TO INVEST AND COUNTING ON THEIR FINANCIAL ADVISER TO DO RIGHT BY THEM AND THEIR FAMILIES. THIS RULE SIMPLY SAYS THEY HAVE TO DO RIGHT BY THE FAMILIES AND WORKERS AND NOT WHAT MAY GENERATE THE HIGHEST FEES. MR. CHAIRMAN, THIS BILL UNDERMINES KEY POLICY PRIORITIES IMPACTING STUDENT LOANS AND RETIREMENT SAVINGS. WE SHOULD STAND UP FOR STUDENTS AND RETIREES AND REJECT THIS BILL. THANK YOU, MR. CHAIRMAN. I YIELD BACK.

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  • 01:26:49 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 01:26:50 PM

    MR. HENSARLING

    I YIELD TWO MINUTES TO THE GENTLEMAN FROM WISCONSIN,

  • 01:26:55 PM

    THE CHAIR

    THE GENTLEMAN FROM WISCONSIN IS RECOGNIZED.

  • 01:26:59 PM

    MR. DUFFY

    BECAUSE BANKING LAW IS CONFUSING. AND WE HEAR BOTH SIDES TAKE DIFFERENT…

    BECAUSE BANKING LAW IS CONFUSING. AND WE HEAR BOTH SIDES TAKE DIFFERENT POSITIONS ON THE FINANCIAL CHOICE ACT AND ON DODD-FRANK. BUT I THINK THE WAY YOU CUT TO THE FAT ABOUT WAS DODD-FRANK GREAT LAW AND DOES THE CHOICE ACT ACTUALLY MAKE THIS LAW WAY BETTER? I THINK WE HAVE TO LOOK AT A COUPLE OF SIMPLE FACTORS. BIG BANKS BROUGHT US TO THE CRISIS IN 2008. AND THE QUESTION TO MY FRIENDS ACROSS THE AISLE, HAVE BIG BANKS BECAUSE OF DODD-FRANK GOTTEN SMALLER OR HAVE BIG BANKS GOTTEN BIGGER BECAUSE OF DODD-FRANK? THE ANSWER BIG BANKS HAVE GOTTEN BIGGER. IN WISCONSIN, THE SMALL COMMUNITY BANKS AND CREDIT UNIONS THAT HELP PROVIDE CAPITAL TO OUR FAMILIES, THEY ARE GOING OUT OF BUSINESS AND BIG WALL STREET BANKS DON'T SET UP SHOP IN RURAL WISCONSIN. THE LITTLE GUY IS GETTING HURT. BIG GUYS ARE DOING REALLY WELL. YOU HAVE TO ASK YOURSELF, LOOK AT WHO SUPPORTS THE FINANCIAL CHOICE ACT, INDEPENDENT COMMUNITY BANKERS, NATIONAL ASSOCIATION OF CREDIT UNIONS, CREDIT UNION NATIONAL ASSOCIATION. CREDIT UNIONS AND SMALL BANKS SUPPORT THIS BILL. WHO DOESN'T SUPPORT THIS BILL? WELL, IF YOU LOOK TO THE "WASHINGTON POST," A QUOTE THERE, HENSARLING, OUR CHAIRMAN, FACES OPPOSITION FROM BIG BANKS' C.E.O.'S. THEY HATE THE CHOICE ACT. ANOTHER QUOTE, BIG BANKS HAVE AN UNEXPECTED MESSAGE FOR PRESIDENT-ELECT TRUMP, DON'T TRASH DODD-FRANK. SO BIG BANKS HATE THIS BILL AND LITTLE BANKS AND LITTLE CREDIT UNIONS, THEY LOVE IT. SO IF YOU WANT TO KNOW WHERE PEOPLE STAND ON THIS, GO TO YOUR SMALL COMMUNITY BANKER AND GO TO YOUR HE CREDIT UNION AND ASK THEM ABOUT DODD-FRANK AND THEY WILL GET YOU AN EARFUL AND ASK THEM IF YOU LIKE CHOICE ACT? THEY WILL GIVE YOU A SMALL CLAP. LET'S JOIN TOGETHER AND PASS H.R. 10 AND GIVE A WIN TO THE LITTLE GUY. I YIELD BACK.

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  • 01:29:15 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS RESERVES. THE…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLELADY FROM CALIFORNIA.

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  • 01:29:24 PM

    MS. WATERS

    THE GENTLEMAN DOESN'T SUPPORT THIS BILL. CIVIL RIGHTS GROUPS, VETERANS'…

    THE GENTLEMAN DOESN'T SUPPORT THIS BILL. CIVIL RIGHTS GROUPS, VETERANS' GROUPS, PENSION PLARNS AND COMPANY SHARE HOLDERS. WE ALSO RECEIVED A PETITION URGING A NO VOTE FROM MORE THAN 220,000 CONCERNED AMERICANS AND LET ME JUST SAY AARP HATES THIS BILL. THAT'S WHO OPPOSES THE BILL. I YIELD ONE MINUTE TO MR. SHERMAN, A SENIOR MEMBER OF THE COMMITTEE ON FINANCIAL SERVICES.

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  • 01:29:57 PM

    THE CHAIR

    THE GENTLEMAN FROM CALIFORNIA IS RECOGNIZED FOR ONE MINUTE. .

  • 01:30:08 PM

    MR. SHERMAN

    HELD HOSTAGE AND THIS ADDED TO A BILL THAT CONTAINS A PHARMACY OF POISON…

    HELD HOSTAGE AND THIS ADDED TO A BILL THAT CONTAINS A PHARMACY OF POISON PILLS. THE GENTLEMAN FROM NEW MEXICO POINTS OUT THAT WE NEED TO DO SOMETHING WITH MANUFACTURED HOUSING. I SUPPORT THAT BILL. LIBERATE THAT BILL. DON'T PUT IT IN A BILL THAT'S GOING TO DIE IN THE SENATE. THE GENTLEMAN FROM WISCONSIN TALKS ABOUT TOO BIG TO FAIL. PLEASE CO-SPONSOR THE SHERMAN BILL TO BREAK UP THAT BILL RATHER THAN THIS BILL THAT MAKES THEM STAY TOO BIG. I LOOK FORWARD TO WORKING IN A BIPARTISAN WAY TO SUPPORT THE FINANCIAL ACCOUNTING FOUNDATION'S EFFORTS TO HAVE STANDARDS FOR GOVERNMENT-ISSUED DEBT. THIS BILL TAKES THAT AWAY, AND I LOOK FORWARD TO WORKING IN A BIPARTISAN WAY TO HAVE DIFFERENT AND LESSER STANDARDS FOR COMMUNITY FINANCIAL INSTITUTIONS LIKE CREDIT UNIONS AND LOCAL BANKS. INSTEAD, THIS HIGHLY PARTISAN BILL TAKES US DOWN THE WRONG HIGHWAY. IT'S A HIGHWAY TO A BILL THAT WILL GO NOWHERE IN THE SENATE, AND THEN WE'LL RESUME OUR EFFORTS TO IMPROVE FINANCIAL REGULATION IN THIS COUNTRY.

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  • 01:31:25 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA RESERVES.…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA RESERVES. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 01:31:29 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M PLEASED TO YIELD ONE MINUTE TO THE GENTLEMAN FROM…

    MR. CHAIRMAN, I'M PLEASED TO YIELD ONE MINUTE TO THE GENTLEMAN FROM ILLINOIS,

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  • 01:31:33 PM

    THE CHAIR

    THE GENTLEMAN FROM ILLINOIS IS RECOGNIZED FOR ONE MINUTE.

  • 01:31:35 PM

    MR. HULTGREN

    THANK YOU, MR. CHAIRMAN. I ESPECIALLY WANT TO THANK CHAIRMAN HENSARLING…

    THANK YOU, MR. CHAIRMAN. I ESPECIALLY WANT TO THANK CHAIRMAN HENSARLING AND THE ENTIRE COMMITTEE IN GETTING US TO THIS POINT TO PASS H.R. 10, THE FINANCIAL CHOICE ACT, A VERY IMPORTANT BILL THAT WILL REFORM SIGNIFICANT PARTS OF DODD-FRANK THAT'S FAILING. THE FINANCIAL CHOICE ACT IS AN IMPORTANT RECOGNITION OF THE MANY MISTAKES POLICYMAKERS MADE LEADING UP AND RESPONDING TO THE FINANCIAL CRISIS. THERE'S NO DOUBT THE AMERICAN PEOPLE DEMANDED CHANGES FROM WASHINGTON WHEN THE FINANCIAL CRASH LED TO HIGHER UNEMPLOYMENT, HUGE DROPS IN HOME VALUES AND LOST HOPE IN COMMUNITIES. BUT INSTEAD OF REFORMS THAT INCREASED COMPETITION AND DECREASE SYSTEMIC RISK, THE DODD-FRANK ACT GREW GOVERNMENT AND PILED NEW REGULATION ON COMMUNITY BANKS AND CREDIT UNIONS AND ENSHRINED TOO BIG TO FAIL INTO LAW. 42 COMMUNITY BANKS AND 106 ILLINOIS CREDIT UNIONS HAVE CLOSED THEIR DOORS SINCE DODD-FRANK WAS SIGNED IN 2010. THIS IS UNACCEPTABLE. I'M GRATEFUL THAT REGULATORY RELIEF LEGISLATION HAS -- THAT I CHAMPIONED IS INCLUDED IN THE FINANCIAL CHOICE ACT. THINGS LIKE THE COMMUNITY BANK REPORTING RELIEF ACT AND MANY OTHER PROVISIONS THAT WILL PROVIDE GREAT RELIEF TO OUR LOCAL FINANCIAL INSTITUTIONS. THAT'S WHAT THE FINANCIAL CHOICE ACT IS ALL ABOUT, GIVING OPPORTUNITIES BACK TO LOCAL COMMUNITIES TO MAKE GOOD FINANCIAL DECISIONS FOR THEIR FUTURE. THANK YOU, MR. CHAIRMAN, WITH THAT I YIELD BACK.

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  • 01:32:54 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS RESERVES. THE…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLELADY FROM CALIFORNIA IS RECOGNIZED.

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  • 01:32:59 PM

    MS. WATERS

    THANK YOU. CONTINUING TO REMIND THOSE WHO OPPOSE THIS BILL, THE FORNSE OF…

    THANK YOU. CONTINUING TO REMIND THOSE WHO OPPOSE THIS BILL, THE FORNSE OF FOREIGN -- VETERANS OF FOREIGN WARS OF THE UNITED STATES OF AMERICA OPPOSES THIS BILL. I YIELD NOW THREE MINUTES TO THE DISTINGUISHED DEMOCRATIC WHIP,

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  • 01:33:12 PM

    THE CHAIR

    THE GENTLEMAN FROM MARYLAND IS RECOGNIZED FOR THREE MINUTES.

  • 01:33:16 PM

    MR. HOYER

    I THANK THE GENTLELADY FOR YIELDING. I RISE IN OPPOSITION TO THIS…

    I THANK THE GENTLELADY FOR YIELDING. I RISE IN OPPOSITION TO THIS LEGISLATION, WHICH I KNOW DOES NOT SURPRISE THE CHAIRMAN. I'VE BEEN HERE FOR SOME TIME. I WAS HERE IN THE 1990'S. I WAS HERE IN THE 2000'S, AND FRANKLY WE TOOK THE REFEREE OFF THE FIELD IN THE 2000'S AND WE DIDN'T PUT THE REFEREE AS TOUGHLY ON THE FIELD IN THE LATE 1990'S WHEN WE SHOULD HAVE. SOME WARNED US ABOUT THAT AND WE KEPT OUR EYES SHUT. AND KEEPING OUR EYES SHUT COST MILLIONS AND MILLIONS AND MILLIONS OF PEOPLE THEIR JOBS, THEIR HOMES AND THEIR SECURITY. LET US NOT RETURN TO THE TIME OF TAKING THE REFEREE OFF THE FIELD. THIS BILL DOES THAT. IT IS A DANGEROUS PIECE OF LEGISLATION. THE BILL, WHICH MY REPUBLICAN COLLEAGUES HAVE PUT FORWARD, WILL PUT THE AMERICAN PEOPLE AT RISK ONCE AGAIN OF HAVING TO BAIL OUT INSTITUTIONS IF THEY LOSE MONEY OR RISK INVESTMENTS. LET ME SAY TO MY REPUBLICAN FRIENDS, I SHARE THEIR VIEW THAT COMMUNITY BANKS OUGHT NOT TO BE TREATED AS TOO BIG TO FAIL BANKS. HOWEVER, HAVING SAID THAT, THIS BILL TAKES THE REFEREE OFF THE FIELD ONE MORE TIME. IT WOULD EFFECTIVELY ELIMINATE THE CONSUMER FINANCIAL PROTECTION BUREAU THAT IS NOW THE AMERICAN PEOPLE'S WATCHDOG. WE SPENT A LOT OF TIME THIS YEAR IN THE LAST FIVE MONTHS PASSING BILLS ON THE CONGRESSIONAL REVIEW ACT, REDUCED CONSUMER PROTECTIONS, CIVIL RIGHTS PROTECTIONS, TEACHER PROTECTIONS, ENVIRONMENTAL PROTECTIONS. ALL WE'RE DOING IS SPENDING OUR TIME TAKING AWAY PROTECTIONS FOR THE AMERICAN PEOPLE AND THEIR FUTURE. HAVE WE LEARNED NOTHING, MR. SPEAKER? THOSE WHO FAIL TO LEARN FROM HISTORY, IT IS OFTEN SAID, ARE DOOMED TO REPEAT IT. LET US NOT DOOM OUR CITIZENS TO REPEAT IT. LET US NOT FAIL TO LEARN THE LESSONS OF 2008. LET US NOT DOOM OURSELVES TO REPEATING THE MISTAKES OF THE PAST. THE AMERICAN PEOPLE, AVERAGE INVESTORS AND RETIREES, ALONG WITH THOSE WHO USE OUR MARKETS TO SAVE FOR COLLEGE AND PURCHASE THEIR HOME, THEY DESERVE AND NOW HAVE COMMONSENSE PROTECTIONS. NOBODY, NOBODY IS SEEKING TO PUNISH OR LIMIT WHAT FINANCIAL FIRMS DO WELL AND THAT'S CREATE AND RAISE CAPITAL. BUT WE MUST ENSURE THAT THERE ARE REFEREES ON THE FIELD TO PROTECT INVESTORS AND TAXPAYERS AND CITIZENS AND, YES, OUR FAMILIES AND OUR CHILDREN. THIS BILL DOES THE OPPOSITE. I URGE MY COLLEAGUES TO REJECT IT, AND I YIELD BACK THE BALANCE OF MY TIME.

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  • 01:36:26 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK. THE GENTLELADY FROM CALIFORNIA RESERVES. THE…

    THE GENTLEMAN YIELDS BACK. THE GENTLELADY FROM CALIFORNIA RESERVES. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 01:36:30 PM

    MR. HENSARLING

    MR. CHAIRMAN, I YIELD MYSELF 10 SECONDS JUST TO SAY THAT PERHAPS THE…

    MR. CHAIRMAN, I YIELD MYSELF 10 SECONDS JUST TO SAY THAT PERHAPS THE GENTLELADY FROM CALIFORNIA IS UNAWARE THAT V.F.W. HAS TWEETED THAT IT LAUDS REPRESENTATIVE HENSARLING TO PROTECT VETERANS AND WE ARE SO HAPPY THAT THE FINANCIAL CHOICE ACT HAS BEEN ENDURESED INCLUDING THE CONCERNED VETERANS FOR AMERICA BECAUSE WHAT WE DO TO PROTECT THEIR FREEDOMS. AT THIS POINT I AM VERY HAPPY TO YIELD TO THE GENTLEMAN FROM FLORIDA, PROUD MEMBER OF OUR COMMITTEE, ONE MINUTE.

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  • 01:37:02 PM

    THE CHAIR

    THE GENTLEMAN FROM FLORIDA IS RECOGNIZED FOR ONE MINUTE.

  • 01:37:04 PM

    >>

    THANK YOU, MR. CHAIRMAN. I THANK THE CHAIRMAN FOR YIELDING AND I THANK THE…

    THANK YOU, MR. CHAIRMAN. I THANK THE CHAIRMAN FOR YIELDING AND I THANK THE CHAIRMAN FOR BRINGING THIS MUCH-NEEDED BILL TO THE FLOOR. MR. CHAIRMAN, I RISE TODAY IN SUPPORT OF THE FINANCIAL CHOICE ACT, A BILL THAT WILL PROVIDE THE MUCH-NEEDED RELIEF FROM HARMFUL, COMPLEX AND EXCESSIVE REGULATORY ENVIRONMENT CREATED BY THE DODD-FRANK ACT. IN THE SEVEN YEARS SINCE THE PASSAGE OF THE DODD-FRANK ACT, OUR NATION HAS SUFFERED FROM AN ANEMIC ECONOMIC GROWTH, INCREASING -- UNPRECEDENTED LEVEL OF JOB-KILLING REGULATIONS.

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  • 01:37:35 PM

    MR. ROSS

    ALL THE WHILE SMALL BANKS AND CREDIT UNIONS HAVE SUFFERED. IN FACT,…

    ALL THE WHILE SMALL BANKS AND CREDIT UNIONS HAVE SUFFERED. IN FACT, COMMUNITY BANKS ARE CLOSING AT THE RATE OF ONE PER DAY. MANY OF OUR -- MY CONSTITUENTS IN SMALL AND RURAL TOWNS IN THE TAMPA BAY AREA RELY HEAVILY ON THEIR COMMUNITY BANKS FOR THEIR FINANCIAL SERVICES. WHEN THEIR CLOSING THEIR DOORS DUE TO EXCESSIVE REGULATION, MY CONSTITUENTS LOSE ACCESS TO ESSENTIAL SERVICES AND OPPORTUNITIES. SIMPLY PUT, DODD-FRANK HAS FAILED. THE FINANCIAL CHOICE ACT REPRESENTS AN ALTERNATIVE AND EFFECTIVE APPROACH TO FINANCIAL REGULATION WHICH WILL PROTECT TAXPAYERS AND BANK BAILOUTS, EMPOWER INVESTORS AND HOLD GOVERNMENT BUREAUCRACIES ACCOUNTABLE. THIS LEGISLATION MAKES IT EASIER FOR HARDWORKING AMERICANS TO SAVE AND INVEST FOR RETIREMENT, COLLEGE AND THEIR FUTURE. IT WILL ALSO INCREASE ACCESS TO AND REDUCE THE COST OF CREDIT FOR FAMILIES THAT WANT TO PURCHASE A HOME OR START A BUSINESS. I URGE MY COLLEAGUES TO JOIN ME IN SUPPORTING PASSAGE OF THIS BILL AND HELPING WASHINGTON GET OFF THE BACKS OF HARDWORKING TAXPAYERS. I YIELD BACK.

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  • 01:38:34 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS HE YIELDS --…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS HE YIELDS -- RESERVES. THE GENTLELADY FROM CALIFORNIA IS RECOGNIZED.

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  • 01:38:40 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MR. CAPUANO, A SENIOR MEMBER OF THE FINANCIAL…

    I YIELD ONE MINUTE TO MR. CAPUANO, A SENIOR MEMBER OF THE FINANCIAL SERVICES COMMITTEE.

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  • 01:38:49 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE. -- THE GENTLEMAN IS…

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE. -- THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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  • 01:39:00 PM

    MR. CAPUANO

    GOING TO TALK ABOUT VOLINGER RULES. IT'S NOT ABOUT THE DETAILS. IT'S ABOUT…

    GOING TO TALK ABOUT VOLINGER RULES. IT'S NOT ABOUT THE DETAILS. IT'S ABOUT THE CONCEPT. MAIN STREET VERSUS WALL STREET. IF YOU MAKE ME MAKE A CHOICE I AM WITH MAIN STREET. I KNOW THE RADICALS ARE AGAINST THIS BILL. THE RADICALS LIKE THE V.F.W. I'LL JUST READ WHAT THEY SAID. IF ENACTED THE FINANCIAL CHOICE -- FINANCIAL CHOICE ACT OF 2017 WOULD PUT THOSE WHO HAVE TAKEN AN OATH TO DEFEND THIS COUNTRY, END OUR WAY OF LIFE IN FINANCIAL HARM'S WAY. IN LIGHT OF THIS NUMBER, HALF OF THE NEARLY 1.7 MILLION MEMBERS OF THE V.F.W. AND ITS AUXILIARY, I CALL ON YOU TO OPPOSE H.R. 10. THE OTHER RADICAL GROUP THAT OPPOSES THIS BILL IS THE AARP, REPRESENTING 38 MILLION AMERICANS. AND THE COMMUNICATION WORKERS OF AMERICA WITH 700,000 MEMBERS . AND THE BROTHERHOOD OF TEAMSTERS REPRESENTING I THINK 900,000. AND OF COURSE THE CALIFORNIA TEACHERS ASSOCIATION, WHICH REPRESENTS 900,000 PEOPLE WHO ALSO INVEST $202 BILLION IN OUR COUNTRY. ALL THAT BEING SAID, I GUESS -- I'M SHOCKED THAT I'M SITTING HERE THINKING THAT THE DODD-FRANK ACT IS SOME KIND OF A FAILURE. BOTTOM LINE IS WE PUT AN END TO THE WILD WEST OF WALL STREET AND WE'RE ON TO A NICE, STEADY PLAYING FIELD. WE SHOULD BE ABLE TO ADJUST IT BUT WE SHOULD NOT THROW IT OUT.

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  • 01:40:26 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA RESERVES.…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA RESERVES. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 01:40:31 PM

    MR. HENSARLING

    I THANK YOU, MR. CHAIRMAN. APPARENTLY THE GENTLEMAN FORGOT THAT THE BIG…

    I THANK YOU, MR. CHAIRMAN. APPARENTLY THE GENTLEMAN FORGOT THAT THE BIG WALL STREET BANKS ALSO OPPOSE THIS, ACCORDING TO "THE WALL STREET JOURNAL," "WASHINGTON POST" AND "NEW YORK TIME" AND I AM HAPPY TO YOLD ONE MINUTE TO THE GENTLEMAN FROM NEW YORK, MR. PITTENGER.

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  • 01:40:46 PM

    THE CHAIR

    THE GENTLEMAN FROM NEW YORK IS RECOGNIZED FOR ONE MINUTE.

  • 01:40:48 PM

    MR. PATE INJURY

    THANK YOU, MR. CHAIRMAN --

  • 01:40:50 PM

    MR. PITTENGER

    THANK YOU, MR. CHAIRMAN, FOR YOUR LEADERSHIP. I RISE IN SUPPORT OF H.R.…

    THANK YOU, MR. CHAIRMAN, FOR YOUR LEADERSHIP. I RISE IN SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT. NORTH CAROLINA HAS LOST 50% OF ITS BANKS SINCE 2010. WHILE THREE COMMUNITY BANKS HAVE CONSOLIDATED JUST IN THE LAST MONTH. MONTHLY BANKING FEES HAVE INCREASED 111%. AS WELL, DODD-FRANK CREATED THE CONSUMER FINANCIAL PROTECTION BUREAU WHICH EVEN THE LIBERAL D.C. COURT OF APPEALS CALLS UNCONSTITUTIONAL AND A THREAT TO INDIVIDUAL LIBERTY. DODD-FRANK HAS MADE THE WALL STREET BANKS EVEN BIGGER AND MORE POWERFUL. AND DODD-FRANK HAS CONTRIBUTED TO THE SLOWEST, WEAKEST ECONOMIC RECOVERY IN 70 YEARS. IMPEDING THE ACCESS OF CAPITAL AND CREDIT IN THE MARKET FOR SMALL BUSINESS. MAINTAINING THE STATUS QUO IS NOT ACCEPTABLE. FINANCIAL CHOICE ACT WILL IMPOSE THE TOUGHEST PENALTIES IN THE HISTORY FOR FRAUD ON WALL STREET. IT WILL END TAXPAYER BAILOUTS FOR WALL STREET AND ALLOW YOUR COMMUNITY BANKS AND CREDIT UNIONS TO FOCUS ON SERVING YOU AND YOUR LOCAL BUSINESS, WHICH WILL HELP CREATE JOBS AND GROW THE ECONOMY. THE FINANCIAL CHOICE ACT MEANS OPPORTUNITIES FOR ALL AMERICANS AND BAILOUTS FOR NONE. THANK YOU AND I YIELD BACK.

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  • 01:42:00 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM TEXAS RESERVES. THE…

    THE GENTLEMAN YIELDS BACK. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLELADY FROM CALIFORNIA IS RECOGNIZED.

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  • 01:42:05 PM

    MS. WATERS

    THANK YOU. CONTINUING TO ANSWER, MR. DUFFY, WHO OPPOSES THIS BILL, THE…

    THANK YOU. CONTINUING TO ANSWER, MR. DUFFY, WHO OPPOSES THIS BILL, THE FLEET ASSOCIATION, WHICH INCLUDES THE MARINE, NAVY AND COAST GUARD, AND WITH THAT I YIELD TO MR. LYNCH, A SENIOR MEMBER OF THE FINANCIAL SERVICES COMMITTEE.

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  • 01:42:22 PM

    THE CHAIR

    THE GENTLEMAN FROM MASSACHUSETTS IS RECOGNIZED FOR ONE MINUTE.

  • 01:42:25 PM

    MR. LYNCH

    I THANK THE GENTLELADY FOR YIELDING. I HAVE TO SAY, MR. SPEAKER, THAT THIS…

    I THANK THE GENTLELADY FOR YIELDING. I HAVE TO SAY, MR. SPEAKER, THAT THIS IS THE SINGLE WORST PIECE OF LEGISLATION THAT I HAVE SEEN IN MY TIME HERE IN CONGRESS, AND I HAVE BEEN HERE A WHILE. I HAVE TO CONGRATULATE THE GENTLEMAN FROM TEXAS ON PUTTING THIS GROUP OF TERRIBLE IDEAS TOGETHER. THIS BILL BASICALLY DESTROYS THE WORK WE DID TO TRY TO SECURE THE BANKS AFTER THE FINANCIAL CRISIS OF 2008. IT HARMS CONSUMERS. IT LETS OFF BAD ACTORS AND HAMSTRINGS OUR FINANCIAL REGULATORS AND I BELIEVE IT WILL LEAD TO THE NEXT FINANCIAL CRISIS. THIS BILL WILL DESTROY THE ONLY CONSUMER PROTECTION AGENCY IN THE UNITED STATES GOVERNMENT BY HANDING OVER THE ABILITY TO DEFUND THE OPERATION TO THE PEOPLE WHO WERE COMMITTED TO OPPOSING ITS VERY CREATION. IT ALSO REPEALS THE DEPARTMENT OF LABOR'S FIDUCIARY RULE THAT SIMPLY REQUIRES THAT FINANCIAL ADVISORS PUT THE INTEREST OF ITS CLIENTS FIRST RATHER THAN ITS OWN. AND FINALLY, IT IS IMPORTANT TO EMPHASIZE THE CHOICE ACT ROLLS BACK THE ACCOUNTABILITY AND REPORTING STANDARDS FOR CREDIT RATING AGENCIES. AS GRETCHEN MORGANSON DISCUSSED IN THE FAIR GAME COLUMN ON MAY 7, TO SUM UP, MR. CHAIRMAN, THIS IS AN AWFUL BILL. THIS IS A REAL STINKER. HOPE THAT MY COLLEAGUES HERE VOTE AGAINST IT. I YIELD BACK THE BALANCE OF MY TIME.

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  • 01:43:53 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY RESERVES. THE GENTLEMAN…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY RESERVES. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 01:43:57 PM

    MR. HENSARLING

    MR. CHAIRMAN, I AM HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM…

    MR. CHAIRMAN, I AM HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM PENNSYLVANIA, MR. ROTHFUS.

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  • 01:44:00 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 01:44:03 PM

    MR. ROTHFUS

    I THANK THE GENTLEMAN FOR YIELDING. I THANK HIM FOR HIS LEADERSHIP ON THIS…

    I THANK THE GENTLEMAN FOR YIELDING. I THANK HIM FOR HIS LEADERSHIP ON THIS LEGISLATION. TODAY IS A GOOD DAY. IT IS YET ANOTHER DAY WHERE WE TURN THE PAGE ON THE ANTI-GROWTH POLICIES OF THE LAST EIGHT YEARS THAT HAVE GIVEN US THE SLOWEST ECONOMIC RECOVERY IN 70 YEARS. I URGE MY COLLEAGUES TO VOTE AGAINST THE STAGNANT STATUS QUO WITH A VOTE FOR THE FINANCIAL CHOICE ACT. WITH ALL THE DEBATE WE'RE HEARING, UNDERSTAND THIS, THE HEART OF THIS BILL IS ABOUT REGULATION, ACCOUNTABILITY AND GROWTH. RESTORING HEALTHY, ROBUST GROWTH THAT WILL CREATE JOBS, LIFT WAGES AND THROUGH THE CREATION OF NEW TAXPAYERS WILL INCREASE REVENUES TO THE FEDERAL TREASURY THAT WILL HELP PAY FOR CRITICAL PROGRAMS LIKE SOCIAL SECURITY, MEDICARE, VETERANS' BENEFITS AND NATIONAL DEFENSE. WE HAVE A MORAL OBLIGATION TO RESTORE HEALTHY ECONOMIC GROWTH. THE OPPONENTS OF THIS BILL, THE STATUS QUO DEFENDERS, ARE SEEMINGLY OK WITH SLOW GROWTH AND FEWER OPPORTUNITIES. MR. CHAIRMAN, TAKE A STAND FOR STRONGER GROWTH. TAKE A STAND FOR YOUNG PEOPLE WHO WANT MORE JOB OPPORTUNITIES. TAKE A STAND FOR YOUNG FAMILIES WHO WANT A NEW HOME. TAKE A STAND FOR SENIORS AND VETERANS FUNDED THROUGH A HEALTHY GROWING ECONOMY. TAKE A STAND FOR A BETTER WAY. TAKE A STAND FOR A BRIGHTER FUTURE. VOTE FOR H.R. 10. VOTE FOR THE FINANCIAL CHOICE ACT. AND I YIELD BACK. .

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  • 01:45:21 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 01:45:25 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MR. DELANEY.

  • 01:45:30 PM

    MR. DELANEY

    CHAIRMAN, DURING THE FINANCIAL CRISIS 19 OF THE 20 LARGEST FINANCIAL…

    CHAIRMAN, DURING THE FINANCIAL CRISIS 19 OF THE 20 LARGEST FINANCIAL INSTITUTIONS REQUIRED A BAILOUT OR SIGNIFICANT INVESTMENT BY THE TAXPAYERS. CLEARLY REFORM WAS NEEDED AND DODD-FRANK WAS THAT REFORM. SINCE DODD-FRANK, CONSUMER PROTECTIONS HAVE IMPROVED MATERIALLY. THE BANKING SYSTEM IS SAFER AND MORE SOUND AND OUR BANKS AND MARKETS HAVE FAR OUTPACED THEIR INTERNATIONAL COMPETITORS. DODD-FRANK IS WORKING. IS IT A PERFECT PIECE OF LEGISLATION? OF COURSE NOT. ANY TIME CONGRESS DOES SOMETHING LARGE AND TRANSFORMS AN ENTIRE INDUSTRY, WE SHOULD SIGN UP AS A BODY FOR 10 YEARS OF FIXES, WHICH IS WHAT WE HAVE NOT DONE AND LET THE AMERICAN PEOPLE DOWN. ARE WE FIXING DODD-FRANK TODAY? NO. WE ARE PURSUING A MISGUIDED, TIME CONSUMING REPEAL EFFORT. I URGE MY COLLEAGUES TO REJECT THE CHOICE ACT AND URGE MY REPUBLICANS TO WORK WITH DEMOCRATS ON BIPARTISAN REFORMS TO DODD-FRANK THAT BUILD ON ITS STRENGTH AND SOLVE AND IMPROVE WEAKNESSES IN THE LEGISLATION. I YIELD BACK.

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  • 01:46:40 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLELADY…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLELADY RESERVES. THE GENTLEMAN FROM TEXAS.

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  • 01:46:44 PM

    MR. HENSARLING

    I'M HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM NEW JERSEY, MR. LANCE.

  • 01:46:49 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 01:46:51 PM

    MR. LANCE

    THANK YOU, MR. SPEAKER, I RISE IN SUPPORT OF THE FINANCIAL CHOICE ACT. IN…

    THANK YOU, MR. SPEAKER, I RISE IN SUPPORT OF THE FINANCIAL CHOICE ACT. IN RESPONSE TO THE GREAT RECESSION, CONGRESS PASSED THE DODD-FRANK LAW AND WHILE WELL INTENTIONED, VARIOUS DODD-FRANK PROVISIONS AND REGULATIONS ARE ENCOURAGING SOME OF THE BEHAVIOR THAT LED TO THE FINANCIAL CRISIS. THE LAW PERMITS WALL STREET TO RECEIVE BAILOUTS AND HAS CONSTRICTED CREDIT LENDING FOR CONSUMERS AND SMALL BUSINESSES. IT HAS DRASTICALLY HURT COMMUNITY BANKS THROUGHOUT THIS COUNTRY. AND THEY HAD ABSOLUTELY NOTHING TO DO WITH THE FINANCIAL CRISIS. 2,000 COMMUNITY BANKS HAVE CLOSED NATIONWIDE SINCE DODD-FRANK, INCLUDING 4 IN NEW JERSEY. DODD-FRANK HAS INSTITUTIONALIZED TOO BIG TO FAIL FOR WALL STREET WHILE TELLING COMMUNITY BANKS ON MAIN STREET THAT THEY ARE TOO SMALL TO SUCCEED. CONGRESS AGREES ON THE NEED FOR STRONG REGULATION OF OUR FINANCIAL SYSTEM. THE FINANCIAL CHOICE ACT WILL BRING BALANCED REFORM TO OUR NATION'S FINANCIAL INSTITUTIONS AND I YIELD BACK.

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  • 01:48:00 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLELADY FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLELADY FROM CALIFORNIA IS RECOGNIZED.

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  • 01:48:03 PM

    MS. WATERS

    I YIELD ONE MINUTE TO MRS. BEATTY, A MEMBER OF THE FINANCIAL SERVICES…

    I YIELD ONE MINUTE TO MRS. BEATTY, A MEMBER OF THE FINANCIAL SERVICES COMMITTEE.

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  • 01:48:10 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED.

  • 01:48:12 PM

    MRS. BEATTY

    JOIN MY COLLEAGUES IN OPPOSITION TO THE FINANCIAL CHOICE ACT. IT IS THE…

    JOIN MY COLLEAGUES IN OPPOSITION TO THE FINANCIAL CHOICE ACT. IT IS THE WRONG ACT. AND LET ME JUST SAY THIS TO YOU, CERTAINLY IT DOES NOT PROVIDE CHOICE, AND NOR DOES IT CREATE HOPE AND OPPORTUNITY FOR INVESTORS AND FOR CONSUMERS AND ENTREPRENEURS. I'M FROM THE GREAT STATE OF OHIO, AND YOU MAY HAVE A SIGN THAT SAYS PEOPLE ARE FOR IT, I HAVE LETTERS FROM PROGRESS OHIO AND FROM POLICY MATTERS OHIO. I ALSO HAVE A LETTER HERE FROM THE NATIONAL CONSUMER LAW CENTER ADVANCING FAIRNESS IN THE MARKETPLACE FOR ALL. AND LET ME JUST TELL YOU WHAT THEY ARE SAYING. THEY ARE SAYING THAT IT IS BREATHTAKING THE ASSAULT ON HARDWORKING AMERICANS. THE ASSAULT ON BUSINESSES THAT WANT TO LEVEL THE PLAYING FIELD TO IMPROVE THE ECONOMY. MR. SPEAKER, AND RANKING MEMBER, THIS IS RIDICULOUS THAT WE STAND HERE, IF IT WAS SUCH A GOOD CHOICE, WE WOULD HAVE HAD MORE MEETINGS ON IT. IF IT WAS SUCH A GOOD CHOICE FOR HARDWORKING AMERICANS, WE WOULD HAVE WORKED WITH REPUBLICANS AND DEMOCRATS TO MAKE IT A FAIR CHOICE, TO MAKE IT A RIGHT CHOICE. I STAND HERE TODAY AND TELL YOU IT IS THE WRONG CHOICE FOR CONSUMERS. IT IS THE WRONG CHOICE BECAUSE IT AADVICE RATES THE CONSUMER PROTECTION BUREAU. IT IS AGAINST THE PEOPLE.

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  • 01:49:38 PM

    THE CHAIR

    THE GENTLELADY'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS.

  • 01:49:44 PM

    MR. HENSARLING

    I YIELD ONE MINUTE TO THE GENTLEMAN FROM INDIANA, MR. MESSER AND CHAIRMAN…

    I YIELD ONE MINUTE TO THE GENTLEMAN FROM INDIANA, MR. MESSER AND CHAIRMAN OF THE REPUBLICAN POLICY COMMITTEE.

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  • 01:49:53 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 01:49:55 PM

    MR. MESSER

    THANK YOU, MR. SPEAKER, DESPITE THE RHETORIC AND WHATEVER ITS INTENTIONS,…

    THANK YOU, MR. SPEAKER, DESPITE THE RHETORIC AND WHATEVER ITS INTENTIONS, SINCE DODD-FRANK'S PASSAGE, HOME OWNERSHIP IS DOWN, WAY DOWN. LOWEST LEVEL SEEN IN OVER 20 YEARS. CAR LOANS AND SMALL BUSINESS LOANS ARE MUCH HARDER TO GET, TOO. SIMPLY PUT, DODD-FRANK HAS BEEN GREAT FOR FEDERAL REGULATORS AND EVEN BIG BANKS, BUT VERY BAD FOR HOOSIER CONSUMERS. THE FINANCIAL CHOICE ACT CHANGES THAT. IT ENDS TOO BIG TO FAIL AND ENABLES FINANCIAL INSTITUTION TO ESCAPE ONE SIZE FITS ALL AND THAT WILL HELP HARDWORKING HOOSIERS GET MORE AFFORDABLE LOANS. THE FINANCIAL CHOICE ACT INCLUDES MY BILL THE RIGHTS OF THE CFPB ACT WHICH MEANS ANYONE PURSUED BY THIS FEDERAL AGENCY WILL HAVE THEIR RIGHTS PROTECTED AND GET THEIR DAY IN COURT. I URGE SUPPORT OF THE FINANCIAL CHOICE ACT AND I YIELD BACK.

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  • 01:50:58 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLELADY FROM CALIFORNIA.

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  • 01:51:04 PM

    MS. WATERS

    BY THE OPPOSITION BY THE OVERSIGHT. LET'S TAKE YOU COMMUNITY BANKS SHOWED…

    BY THE OPPOSITION BY THE OVERSIGHT. LET'S TAKE YOU COMMUNITY BANKS SHOWED STRENGTH IN RESS DETENTION, COMMERCIAL AND INDUSTRIAL LOANS AND SMALL BUSINESS LENDING. IN FACT, OVERALL LOAN GROWTH AT COMMUNITY BANKS HAS BEEN FASTER THAN AT BIGGER BANKS. IN THE FOURTH QUARTER OF 2016, LENDING WAS UP 8.3%. WITH THAT, I YIELD TO THE GENTLEMAN FROM ILLINOIS, A MEMBER OF THE FINANCIAL SERVICES COMMITTEE, MR. FOSTER.

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  • 01:51:44 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 01:51:46 PM

    MR. FOSTER

    SUCH TIME AS I MAY CONSUME. THANK YOU, RANKING MEMBER WATERS, AND FOR YOUR…

    SUCH TIME AS I MAY CONSUME. THANK YOU, RANKING MEMBER WATERS, AND FOR YOUR LEADERSHIP ON THIS. NINE YEARS AGO, I WAS THERE IN 2008 WHEN OUR FINANCIAL SYSTEM COLLAPSED. AS A NEW MEMBER, THE SOLE SCIENTISTS ON THE FINANCIAL SERVICES COMMITTEE, I WONDERED HOW WE COULD HAVE GOTTEN INTO A PLACE LIKE THAT. WITH OUR FINANCIAL SYSTEM CLOGGED WITH TOXIC ASSETS BASED ON TRILLIONS OF DOLLARS IN MORTGAGES THAT NEVER HAD A CHANCE OF BEING REPAID. WE SAW GIANT BANKS LEVERAGED. HUGE FINANCIAL CORPORATIONS SO COMPLEX THAT THEY HAD THOUSANDS OF BUSINESS UNITS THAT EVEN THEIR C.E.O.'S WAS UNAWARE OF IT. WHEN I LOOK AT THE CHOICE ACT THAT REPUBLICANS ARE ABOUT TO RAM THROUGH ON A PARTY-LINE VOTE, I UNDERSTAND PERFECTLY. I SEE ALL THE SAME FORCES OF MINDLESS DEREGULATION AND FREE MARKET IDEOLOGY AND OVERRIDING MANIA FOR TAX CUTS FOR THE RICH AND STRIPPING PROTECTIONS FOR ORDINARY FAMILIES AND REFUSAL TO LEARN THE HISTORY AND REPLACE THEM WITH ALTERNATIVE FACTS. I URGE MY COLLEAGUES TO STAND UP FOR WORKING FAMILIES AND PROTECT OUR ECONOMY BY OPPOSING THIS BILL TODAY. THANK YOU. AND I YIELD BACK.

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  • 01:53:18 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLELADY…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLELADY RESERVES. THE GENTLEMAN FROM TEXAS.

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  • 01:53:23 PM

    MR. HENSARLING

    I'M HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM COLORADO, MR. TIPTON.

  • 01:53:28 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 01:53:29 PM

    MR. TIPTON

    WANT TO THANK CHAIRMAN HENSARLING FOR OFFERING THE LEGISLATION UNDER…

    WANT TO THANK CHAIRMAN HENSARLING FOR OFFERING THE LEGISLATION UNDER CONSIDERATION. THE FINAL CHOICE ACT REFORMS THE SUPERVISION OF OUR FINANCIAL SYSTEM THAT THE DODD-FRANK ACT FAILED TO DO. AMONG OTHER PROVISIONS, THIS LEGISLATION REQUIRES REGULATORY AGENCIES TO TAKE ACTIONS TO FIT THE RISK PROFILE AND BUSINESS MODEL OF SUPERVISED INSTITUTIONS. NOT ONLY WILL THIS ENSURE OBLIGATIONS FOR BANKS AND CREDIT UNIONS WITH VARIOUS RISK PROFILES BUT SAVES VALUABLE TIME AND RESOURCES FOR BANK EXERCISE. COMMUNITY BANKS ARE FACING AN INCREASING REGULATORY BURDEN. THIS HAS HAD DEVASTATING IMPACT ON SMALL BANKS. STIFLELING THE CREATION OF NEW BANKS IN AREAS THAT NEED ACCESS TO CREDIT. A REPORT HIGHLIGHTED A PROBLEM NOTING THAT THE REGULATORY ENVIRONMENT TENDS TO BE ONE SIZE FITS ALL AND CONCLUDING THAT THE REGULATORY OVERSIGHT SHOULD MATCH THE RISK LEVEL OF THE INSTITUTION PO POSED TO THE ECONOMY AT LARGE. IT WILL STOP COMPLIANCE COSTS AND DECREASING FINANCIAL SERVICES. I THANK THE GENTLEMAN FROM TEXAS FOR HIS EFFORTS ON THIS LEGISLATION AND URGE MY COLLEAGUES TO SUPPORT IT. AND I YIELD BACK.

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  • 01:54:51 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA.

  • 01:54:55 PM

    MS. WATERS

    HOW MUCH TIME DO I HAVE REMAINING?

  • 01:55:01 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA HAS 21 MINUTES REMAINING AND THE GENTLEMAN…

    THE GENTLELADY FROM CALIFORNIA HAS 21 MINUTES REMAINING AND THE GENTLEMAN FROM TEXAS, 15 MINUTES REMAINING.

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  • 01:55:09 PM

    MS. WATERS

    WANTED TO MAKE SURE THAT WE INCLUDE IN OUR INFORMATION TO THEM, THE…

    WANTED TO MAKE SURE THAT WE INCLUDE IN OUR INFORMATION TO THEM, THE RELIGIOUS ORGANIZATIONS, THE CONGREGATION OF ST. JOSEPH, THE SEVENTH GENERATION INTERFAITH COALITION, THE DOMINICAN SISTERS OF HOUSTON, SISTERS OF MERCY, INTERFAITH CENTER ON CORPORATE RESPONSIBILITY, CHRISTIAN BROTHERS INVESTMENT SERVICES, NATIONAL ASSOCIATION OF EVANGELICALS, THE AMERICAN BAPTIST ASSOCIATION. ALL URGE A NO VOTE ON THIS TERRIBLE BILL. AND WITH THAT, I WILL GIVE ONE MINUTE TO MR. HECK, A SENIOR MEMBER NOW. HE HAS BEEN THERE FOR A WHILE, OF THE FINANCIAL SERVICES COMMITTEE.

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  • 01:55:58 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 01:56:00 PM

    MR. HECK

    THE WRONG CHOICE ACT -- ALL OF US ARE. JUST LIKE HEALTH CARE, THIS…

    THE WRONG CHOICE ACT -- ALL OF US ARE. JUST LIKE HEALTH CARE, THIS LEGISLATION TAKES THE APPROACH THAT THE BEST WAY TO PROCEED IS WITH THE MOST EXTREME BILL POSSIBLE, A BILL THAT ATTRACTS NO DEMOCRATS AND EVEN MAKES MODERATE REPUBLICANS DEEPLY UNCOMFORTABLE. ONE REASON, THE DODD-FRANK BILL ACT SET UP AN OFFICE AT CFPB TO PROTECT SERVICE MEMBERS. THAT OFFICE HAS DONE GREAT WORK IN EDUCATING AND EDUCATING SERVICE MEMBER FAMILIES. I WORKED WITH REPUBLICANS TO SUPPORT AND INHANS IT. THIS BILL MAKES THAT OFFICE OPTIONAL, OPTIONAL AND IT SPECIFICALLY STRIPS THE FUNDING FOR ITS FINANCIAL COUNSELING PROJECT. IT'S APPALLING. IT HURTS MY CONSTITUENTS AND MAKES MY REPUBLICAN FRIENDS DEEPLY UNCOMFORTABLE. IT'S ONE OF SCORES OF PROVISIONS THAT MAKE CLEAR THIS ISN'T A BILL DESIGNED TO HELP AMERICANS. IT'S AN IDEOLOGICAL DOCUMENT. IT HURTS MEN AND WOMEN IN UNIFORM. AND OH, BY THE WAY, MILLIONS OF OTHERS. IT'S A TERRIBLE APPROACH. PLEASE VOTE NO ON THE WRONG CHOICE ACT.

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  • 01:57:16 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY RESERVES. THE GENTLEMAN…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY RESERVES. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 01:57:21 PM

    MR. HENSARLING

    I'M HAPPY TO YIELD ONE MINUTE TO MY FRIEND AND NEIGHBOR, THE GENTLEMAN…

    I'M HAPPY TO YIELD ONE MINUTE TO MY FRIEND AND NEIGHBOR, THE GENTLEMAN FROM TEXAS, MR. WILLIAMS.

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  • 01:57:28 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 01:57:30 PM

    MR. WILLIAMS

    THANK YOU FOR YOUR LEADERSHIP ON THIS ISSUE. THE CONSUMER FINANCIAL…

    THANK YOU FOR YOUR LEADERSHIP ON THIS ISSUE. THE CONSUMER FINANCIAL PROTECTION BUREAU HAS COST MILLIONS OF DOLLARS IN REGULATORY COSTS SINCE THE INCEPTION. I ACTUALLY OWN A BUSINESS. I'M A SMALL BUSINESS OWNER AND I CAN TELL YOU IT'S HORRIBLE LEGISLATION. ALTHOUGH THIS IS ROGUE UNACCOUNTABLE AGENCY IT HIDES BEHIND ISSUES THAT THEY PROTECT CONSUMERS. THE ABILITY TO EXEMPT SMALL FINANCIAL INSTITUTIONS FROM ANY RULE THEY IMPOSE. DODD-FRANK GIVES THEM AUTHORITY TO DO SO. BECAUSE THEY LACK CONGRESSIONAL OVERSIGHT AND HAVE A DIRECTOR WHO CANNOT BE REMOVED AT WILL, THEY DO ABSOLUTELY NOTHING. MY COLLEAGUES ARE LOOKING FOR A REASON TO VOTE FOR THIS BILL THEY SHOULD LOOK NO FURTHER FOR THE REFORMS. I'M HAPPY TO SEE THE COMMITTEE INCORPORATE A PROVISION I INTRODUCED LAST CONGRESS WHICH WOULD APPLY THE RAINS ACT TO ALL FINANCIAL AGENCIES. OVER THE LAST 12 YEARS, $55 BILLION IN REGULATORY COSTS HAVE BEEN LEVIED BY OUR FINANCIAL INDUSTRIES AND IT MUST END AND END NOW. THE FINANCIAL CHOICE ACT IS A WIN AND PURELY A WINNER WHO ARE SICK OF TIRED OF THE HEAVY-HANDED WASHINGTON. I URGE MY COLLEAGUES TO SUPPORT THIS BILL. IN GOD WE TRUST. I YIELD BACK.

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  • 01:58:57 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA IS…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA IS RECOGNIZED.

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  • 01:59:02 PM

    MS. WATERS

    MEMBERS ON THE OP SIDE OF THE AISLE HAVE COME HERE TALKING ABOUT WHAT THEY…

    MEMBERS ON THE OP SIDE OF THE AISLE HAVE COME HERE TALKING ABOUT WHAT THEY ARE DOING FOR SMALL BANKS AND HOW THEY ARE AGAINST THE BIG BANKS. LET ME TELL YOU ABOUT A LETTER SENT YESTERDAY FROM THE AMERICAN BANKERS ASSOCIATION AND SAID WE ARE PLEASED THIS LEGISLATION CONTAINS PROVISIONS THAT A.B.A. AND OUR MEMBERS, BANKS HAVE LONG SUPPORTED. WHO ARE THEIR MEMBERS? WELLS FARGO, CTIGROUP, BANK OF AMERICA. I YIELD ONE MINUTE TO A SENIOR PROGRESSIVE CHAMPION OF THE FINANCIAL SERVICES COMMITTEE, MR. ELLISON.

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  • 01:59:41 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 01:59:44 PM

    MR. ELLISON

    SINCE DODD-FRANK'S PASSAGE, THE ECONOMY HAS CREATED 16 MILLION JOBS, OVER…

    SINCE DODD-FRANK'S PASSAGE, THE ECONOMY HAS CREATED 16 MILLION JOBS, OVER 85 MONTHS. BUSINESS LENDING, BUSINESS LENDING HAS INCREASED 75% AND BANKS LARGE AND SMALL ARE POSTING ALL-TIME RECORD PROFITS. COMMUNITY BANKS ARE OUTPERFORMING AND CREDIT UNIONS ARE EXPANDING THEIR MEMBERSHIP. AND OH, BECAUSE OF THE WORK OF THE CONSUMER FINANCIAL PROTECTION BUREAU, 29 MILLION PEOPLE HAVE SEEN $12 BILLION GET BACK INTO THEIR POCKET AND NOT INTO THOSE OF IMPROPER AND ILLEGAL PRACTICING FINANCIAL SERVICES FIRMS. YOU WANT TO KNOW WHY DO WE HAVE THE WRONG CHOICE ACT BEFORE US TODAY? BECAUSE THEY WANT THE MONEY. NOT WITH THE -- NOT THE $12 BILLION THAT WENT BACK TO THE 29 MILLION VETERANS AND FARMERS AND STUDENTS AND CITIZENS AND PEOPLE WHO NEED THAT KIND OF HELP FOR THEIR FAMILIES, THEY WANT THEIR MONEY GOING BACK TO THE BIG FINANCIAL INTERESTS AND THAT IS THE PURPOSE OF THE WRONG CHOICE BILL. IT'S JUST IT'S BETWEEN THE MANY AND THE MONEY AND THIS WRONG CHOICE ACT STANDS FIRMLY ON THE SIDE OF THOSE WHO WOULD LINE THEIR POCKETS IN THE TOP 1%.

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  • 02:01:08 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY RESERVES. THE GENTLEMAN…

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY RESERVES. THE GENTLEMAN FROM TEXAS IS RECOGNIZED.

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  • 02:01:12 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M HAPPY NOW TO YIELD ONE MINUTE TO A REAL WORKHORSE OF THE…

    MR. CHAIRMAN, I'M HAPPY NOW TO YIELD ONE MINUTE TO A REAL WORKHORSE OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM MAINE, MR. POLIQUIN.

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  • 02:01:19 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:01:21 PM

    MR. POLIQUIN

    THANK YOU VERY MUCH, MR. SPEAKER. THANK YOU, MR. CHAIRMAN. MR. SPEAKER, I…

    THANK YOU VERY MUCH, MR. SPEAKER. THANK YOU, MR. CHAIRMAN. MR. SPEAKER, I REPRESENT THE MOST HONEST, HARDWORKING FAMILIES IN THIS COUNTRY IN THE GREAT STATE OF MAINE. I ALSO REPRESENT TENS OF THOUSANDS OF SMALL BUSINESS OWNERS IN OUR STATE THAT CREATE THOUSANDS AND THOUSANDS OF JOBS FOR OUR FAMILIES. AND YOU KNOW, IN THE STATE OF MAINE, MR. SPEAKER, WE KNOW THE DIFFERENCE BETWEEN RIGHT AND WRONG, AND IT IS WRONG TO FORCE TAXPAYERS TO BAIL OUT HUGE WALL STREET BANKS THAT TAKE TOO MUCH RISK WHEN IT GOES WRONG. NOW, THE SMALL COMMUNITY BANKS AND CREDIT UNIONS THAT DOT OUR LANDSCAPE IN MAINE DID NOT CAUSE THE MOST RECENT RECESSION. AND THESE REFORMS THAT WE'RE PASSING TODAY IN THE CHOICE ACT REDUCE UNNECESSARY PAPERWORK AND COSTS THAT WILL HELP OUR SMALL COMMUNITY BANKS AND CREDIT UNIONS LEND MONEY TO OUR SMALL BUSINESSES AND FAMILIES. ALSO, I AM PROUD TO SAY THAT THE CHOICE ACT KEEPS IN PLACE VERY STRONG PROTECTIONS, MR. SPEAKER, FOR CONSUMERS OF FINANCIAL SERVICES WHILE AT THE SAME TIME IMPOSING THE TOUGHEST PENALTIES EVER FOR FRAUD AND INSIDE DEALINGS FOR FOLKS THAT PARTICIPATE IN THIS INDUSTRY. IT'S NO WONDER, MR. SPEAKER, THAT HUGE MONEY CENTER BANKS OF WALL STREET ARE NOT FOR THE CHOICE ACT, BUT I AM AND I ENCOURAGE EVERYBODY TO VOTE FOR THIS CHOICE ACT. IT'S A GREAT BILL FOR RURAL AREA.

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  • 02:02:52 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED. THE GENTLELADY FROM CALIFORNIA.

  • 02:02:56 PM

    MS. WATERS

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:04:28 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:04:30 PM

    MR. HENSARLING

    MR. CHAIRMAN, I AM VERY HAPPY NOW TO YIELD ONE MINUTE TO AN INCREDIBLY…

    MR. CHAIRMAN, I AM VERY HAPPY NOW TO YIELD ONE MINUTE TO AN INCREDIBLY TALENTED FROM OUR COMMITTEE, THE GENTLELADY FROM UTAH, MRS. LOVE.

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  • 02:04:38 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

  • 02:04:39 PM

    MRS. LOVE

    THANK YOU, MR. SPEAKER. I RISE IN SUPPORT FOR THE FINANCIAL CHOICE ACT AND…

    THANK YOU, MR. SPEAKER. I RISE IN SUPPORT FOR THE FINANCIAL CHOICE ACT AND URGE A VOTE FOR. AMERICAN WORKERS, FARMERS, BUSINESS OWNERS, HOUSEHOLDS, SAVERS AND INVESTORS ALL DESERVE THE FLEXIBILITY AND ACCESS TO CREDIT THAT THE CHOICE ACT PUTS IN PLACE FOR OUR FINANCIAL SYSTEM. AS A FORMER MAYOR, I KNOW THAT FAMILIES, CITIES AND COUNTIES NEED ACCESS TO CREDIT. WHETHER IT'S A CITY THAT WANTS TO BUILD A LIBRARY OR COMMUNITY PARK OR FAMILY THAT WANTS TO BUY A HOUSE OR A FARMER THAT NEEDS A NEW TRACTOR TO PLOW HER FIELD, WE NEED A FINANCIAL SYSTEM THAT'S STRONG, INNOVATIVE BUT MOST OF ALL ACCESSIBLE. RIGHT NOW UNDER DODD-FRANK THAT ISN'T THE CASE. FOR EXAMPLE, ONE OF MY CONSTITUENTS IN UTAH OWNS A CATERING BUSINESS THAT'S VERY SUCCESSFUL, BUT THE GROWTH OF HER COMPANY HAS BEEN STUNTED BECAUSE SHE RAN INTO RED TAPE AND DELAYS AFTER APPLYING FOR A SMALL BUSINESS LOAN. THAT IS NOT HOW THINGS SHOULD WORK. COMMUNITY BANKS PROVIDE THE MAJORITY OF SMALL BANK LOANS AND THEY'RE CLOSING AT THE RATE OF ONE PER DAY. MIDDLE TO LOW-INCOME AMERICANS ARE GETTING HIGHER FEES, LESS CONSUMER SERVICE AND LESS ACCESS TO CREDIT THAN EVER BEFORE. EVERYONE DESERVES A CHANCE TO REALIZE THEIR VERSION OF THE AMERICAN DREAM AND THE CHOICE ACT IS A BOLD STEP TOWARDS ACHIEVING THAT DREAM. THANK YOU.

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  • 02:06:01 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 02:06:02 PM

    MS. WATERS

    I NOW YIELD ONE MINUTE TO A NEW MEMBER OF THE FINANCIAL SERVICES…

    I NOW YIELD ONE MINUTE TO A NEW MEMBER OF THE FINANCIAL SERVICES COMMITTEE, MR. CRIS.

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  • 02:06:09 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:06:14 PM

    MR. CRIST

    THE BILL BEFORE US IS BROKEN, MEMBERS. I WAS GOVERNOR OF FLORIDA WHEN THE…

    THE BILL BEFORE US IS BROKEN, MEMBERS. I WAS GOVERNOR OF FLORIDA WHEN THE FINANCIAL CRISIS AND FORECLOSURE CRISIS ROLLED THROUGH MY STATE LIKE A HURRICANE. UNRESTRAINED GREED ON WALL STREET CAUSE A PREVENTABLE DISASTER BECAUSE AT NO POINT DID ANYONE SAY, THIS IS SIMPLY WRONG. I REMEMBER 2008 AND 2009, THE BAILOUTS, THE FORECLOSURES, THE LONG PAINFUL ROAD TO RECOVERY, THE FINANCIAL CRISIS EXPOSED A BROKEN REGULATORY SYSTEM, ALLOWING WALL STREET TO GAMBLE WITH MAIN STREET'S FUTURE. WITH THIS BILL, MEMBERS ARE BEING ASKED TO, AGAIN, TRUST THE VERY PEOPLE WHO BROUGHT US TO THIS FINANCIAL CRISIS. DON'T PUT THEM BACK IN CHARGE. DO NOT LET THEM DO IT AGAIN. PLEASE VOTE NO. I YIELD BACK.

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  • 02:07:05 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:07:07 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M NOW HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM…

    MR. CHAIRMAN, I'M NOW HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM ARKANSAS, MR. HILL, THE COMMITTEE WHIP.

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  • 02:07:14 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:07:17 PM

    MR. HILL

    THANK YOU, MR. CHAIRMAN, IN GUIDING THE FINANCIAL CHOICE ACT THROUGH THE…

    THANK YOU, MR. CHAIRMAN, IN GUIDING THE FINANCIAL CHOICE ACT THROUGH THE COMMITTEE AND THE HOUSE. MR. CHAIRMAN, I'D LIKE TO SUBMIT TO THE RECORD -- ASK UNANIMOUS CONSENT TO SUBMIT TO THE RECORD A LETTER FROM THE ARKANSAS STATE BANK DEPARTMENT.

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  • 02:07:30 PM

    THE CHAIR

    BE COVERED UNDER GENERAL LEAVE.

  • 02:07:32 PM

    MR. HILL

    MR. CHAIRMAN, THIS DEBATE TODAY, LET'S HEAR WHAT A COMMISSIONER OF BANKING…

    MR. CHAIRMAN, THIS DEBATE TODAY, LET'S HEAR WHAT A COMMISSIONER OF BANKING SAYS FROM ARKANSAS. I'M WRITING IN SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT. AS A STATE BANK REGULATOR, I'VE SEEN THE HUGE BURDEN DODD-FRANK HAS PLACED ON COMMUNITY BANKS. SINCE THE FINANCIAL CRISIS, COMMUNITY BANKS IN ARKANSAS HAVE CURTAILED OR DISCONTINUED LENDING ACTIVITIES, PARTICULARLY RESIDENTIAL MORTGAGES, WHICH HAS BEEN DETRIMENTAL TO THE CONSUMERS THEY DESERVE. THAT IS A COMPELLING ENDORSEMENT FROM A REGULATOR, NOT FROM A MEMBER OF CONGRESS. WHEN YOU LOOK AT WORKING FAMILIES IN ARKANSAS, RECENTLY I WAS TOLD ABOUT AN ARMY NATIONAL GUARD MEMBER FROM NORTH LITTLE ROCK IN MY DISTRICT WHO WAS INFORMED HE WOULD NOT RECEIVE A LOAN TO PURCHASE A MANUFACTURED HOME THAT WOULD HAVE BEEN TWICE AS LARGE AND LESS EXPENSIVE THAN THE 60-YEAR-OLD HOUSE HE WAS RENTING FOR HIS FAMILY. OR A HAIRSTYLIST THAT WE GOT A NOTE FROM FROM NEVADA COUNTY AND HER HUSBAND, A WELDER, WERE DENIED A LOAN TO PURCHASE A NEW HOME DESPITE HAVING VERIFIABLE INCOME. THAT'S WHY WE NEED TO REPEAL AND REPLACE THAT WITH THE FINANCIAL CHOICE ACT.

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  • 02:08:43 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 02:08:46 PM

    MS. WATERS

    I YIELD ONE MINUTE TO A NEW MEMBER OF THE COMMITTEE.

  • 02:08:51 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED.

  • 02:08:52 PM

    >>

    GENTLEWOMAN FOR HER TIRELESS WORK. MR. SPEAKER, THE CHOICE ACT IS NOTHING…

    GENTLEWOMAN FOR HER TIRELESS WORK. MR. SPEAKER, THE CHOICE ACT IS NOTHING MORE THAN A MISGUIDED ATTEMPT TO RETURN TO THE DAYS WHERE BAD ACTORS COULD PUT THE ENTIRE FINANCIAL SYSTEM AT RISK. THERE'S BIPARTISAN SUPPORT TO PROVIDE REGULATORY RELIEF FOR COMMUNITY BANKS AND CREDIT UNIONS. JUST LAST WEEK, I MET WITH CREDIT UNIONS IN MY DISTRICT AND THEY TALKED ABOUT THE NEED FOR THOUGHTFUL, TAILORED REGULATION. UNFORTUNATELY, THAT KIND OF THOUGHTFUL REFORM IS NOT WHAT'S BEFORE US TODAY. INSTEAD, WE HAVE A BILL BEFORE US THAT IS A FUNDAMENTAL ATTACK ON WORKING FAMILIES IN AMERICA. THIS BILL WILL MAKE IT HARDER TO GO AFTER BAD ACTORS IN THE FINANCIAL MARKET BY HAMSTRINGING REGULATORS AND WOULD COMPLETELY GUT THE CONSUMER FINANCIAL PROTECTION BUREAU. IT WOULD ELIMINATE IMPORTANT PROGRAMS THAT ENSURE THAT TAXPAYERS WILL NOT BE ON THE HOOK FOR FUTURE BAILOUTS. IT MAKES OUR FINANCIAL SYSTEM A WHOLE LOT LESS SECURE.

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  • 02:09:49 PM

    MR. KIHUEN

    THE DISTRICT I REPRESENT WAS ONE OF THE HARDEST HIT IN THE ENTIRE COUNTRY…

    THE DISTRICT I REPRESENT WAS ONE OF THE HARDEST HIT IN THE ENTIRE COUNTRY DURING THE FINANCIAL CRISIS. MY CONSTITUENTS SENT ME HERE TO ENSURE WE DON'T REPEAT THE MISTAKES OF THE PAST WHICH IS EXACTLY WHAT THIS BILL DOES. MR. CHAIRMAN, THIS BILL HAS BEEN NAMED THE CHOICE ACT, AND I THINK IT'S A FITTING NAME. EACH OF US HERE TODAY HAVE A SIMPLE CHOICE, DO WE SIDE WITH THE AMERICAN FAMILIES OR SIDE WITH THE BIG CORPORATIONS AND BIG SPECIAL INTERESTS. THANK YOU, MR. CHAIRMAN.

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  • 02:10:16 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:10:17 PM

    MR. HENSARLING

    I YIELD ONE MINUTE TO ANOTHER HARDWORKING MEMBER OF THIS COMMITTEE, THE…

    I YIELD ONE MINUTE TO ANOTHER HARDWORKING MEMBER OF THIS COMMITTEE, THE GENTLEMAN FROM MINNESOTA, MR. EMMER.

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  • 02:10:24 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:10:26 PM

    MR. EMMER

    I THANK THE CHAIRMAN FOR YIELDING. NEARLY SEVEN YEARS AGO THE AMERICAN…

    I THANK THE CHAIRMAN FOR YIELDING. NEARLY SEVEN YEARS AGO THE AMERICAN PEOPLE WAS PROMISED THAT THE DODD-FRANK ACT WOULD END WASHINGTON BAILOUTS, PROTECT CONSUMERS AND LEAD TO A MORE PROSPEROUS ECONOMY. INSTEAD, THE BIG BANKS AND THE INFLUENCE OF THE FEDERAL GOVERNMENT HAVE CONTINUED TO GET BIGGER WHILE SMALLER, LOCAL COMMUNITY BANKS AND CREDIT UNIONS ARE CLOSING UP SHOP AND OUR COUNTRY CONTINUES TO STRUGGLE WITH ANEMIC LEVELS OF ECONOMIC GROWTH. THIS IS WHY THE FINANCIAL CHOICE ACT IS SO IMPORTANT. THIS LEGISLATION GIVES US AN OPPORTUNITY TO RETURN THE POWER TO THE LITTLE GUY OR GAL WHO WANTS TO CREATE A BETTER LIFE FOR THEMSELVES AND BY DOING SO FOR ALL OF US. IT TAKES STEPS TO END THE FAILURE OF EXCESSIVE AND REDUNDANT BUREAUCRACY, AND IT WOULD GIVE OUR ENTREPRENEURS THE OPPORTUNITY TO ACCESS THE STARTUP CAPITAL THEY NEED TO GROW AND THRIVE ONCE AGAIN. I'M ESPECIALLY PLEASED THIS BILL INCLUDES PROVISIONS FROM MY MICROOFFERING SAFE HARBOR ACT, HOME MORTGAGE DISCLOSURE ACT AND THE FINANCIAL STABILITY OVERSIGHT COUNCIL REFORM ACT. THESE THREE BILLS IMPROVES OPPORTUNITY AND ACCOUNTABILITY FOR ALL. I APPRECIATE THE CHAIRMAN'S CONTINUED EFFORTS TO MAKE THIS GOAL A REALITY. I WANT TO THANK CHAIRMAN HENSARLING FOR ALL OF HIS WORK, AND I LOOK FORWARD TO SUPPORTING THE FINANCIAL CHOICE ACT, AND I HOPE ALL OF US WILL DO THE SAME. I YIELD BACK.

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  • 02:11:50 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 02:11:52 PM

    MS. WATERS

    THANK YOU. I NOW YIELD ONE MINUTE TO THE GENTLELADY FROM FLORIDA, MS.…

    THANK YOU. I NOW YIELD ONE MINUTE TO THE GENTLELADY FROM FLORIDA, MS. DENNY.

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  • 02:11:56 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

  • 02:11:58 PM

    MS. DENNY

    DO WE HAVE A ROLE AS CONGRESS TO PROTECT AMERICAN FAMILIES? IN MY HOME…

    DO WE HAVE A ROLE AS CONGRESS TO PROTECT AMERICAN FAMILIES? IN MY HOME STATE OF FLORIDA, IT'S HARD TO GO ANYWHERE WITHOUT MEETING FAMILY WHO WAS AFFECTED BY THE FORECLOSURE CRISIS. MANY NOT ONLY LOST THEIR HOMES, BUT THEIR LIFE SAVINGS. THROUGH DODD-FRANK, CONGRESS CREATED THE CONSUMER BUREAU TO GO AFTER THE BAD ACTORS THAT MADE TOUGH TIMES WORSE FOR HOMEOWNERS IN FLORIDA, BY GIVING THE CONSUMER BUREAU THE AUTHORITY TO GO AFTER MORTGAGE COMPANIES FOR DECEPTIVE PRACTICES, THREATENING PEOPLE WHO WERE BEHIND ON PAYMENTS AND PUTTING THEM INTO DEBT COLLECTION WHEN THEY WERE ELIGIBLE FOR LOAN MODIFICATION.

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  • 02:12:39 PM

    MRS. DEMINGS

    I YIELD BACK.

  • 02:13:12 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:13:14 PM

    MR. HENSARLING

    I YIELD ONE MINUTE TO A NEW MEMBER OF THE COMMITTEE, THE GENTLEMAN FROM…

    I YIELD ONE MINUTE TO A NEW MEMBER OF THE COMMITTEE, THE GENTLEMAN FROM MICHIGAN, MR. TROTT.

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  • 02:13:20 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:13:22 PM

    MR. TROTT

    THANK YOU, MR. CHAIRMAN. MR. SPEAKER, ONE OF THE THINGS ABOUT THE…

    THANK YOU, MR. CHAIRMAN. MR. SPEAKER, ONE OF THE THINGS ABOUT THE FINANCIAL CRISIS IS THE GOVERNMENT HAD TO STEP IN WITH TAXPAYER DOLLARS AND BAILOUT THE FINANCIAL INDUSTRY. ONCE DODD-FRANK WAS ENACTED, HOWEVER, WE WERE TOLD, DON'T WORRY. THERE WILL NEVER BE ANOTHER BAILOUT. REST ASSURED, THE ORDERLY LIQUIDATION AUTHORITY UNDER TITLE 2 WILL GIVE THE FDIC ALL THE TOOLS IT NEEDS TO RESOLVE A FAILED FINANCIAL INSTITUTION. INDEED, TITLE 2 DOES GIVE THE FDIC THE ABILITY TO BORROW FROM THE TREASURY ALL THE TAXPAYER DOLLARS IT NEEDS TO REORGANIZE A FAILED FINANCIAL INSTITUTION. KIND OF SOUNDS LIKE A BAILOUT TO ME. THE CHOICE ACT TRULY ENDS THE RISK OF A TAXPAYER-FUNDED BAILOUT. UNDER THE CHOICE ACT, A FAILED BANK WILL GO THROUGH BANKRUPTCY. BANKRUPTCY IS A TESTED, TRANSPARENCY PROCESS. JUDGES SITTING IN OPEN COURT INSTEAD OF UNELECTED BUREAUCRATS SITTING BEHIND CLOSED DOORS WILL MAKE CONSISTENT, PREDICTABLE DECISIONS BASED ON DECADES OF CASE LAW. MORE IMPORTANTLY, IT PUTS BANKRUPTCY -- BANKRUPTCY PUTS THE RISK OF FAILURE ON THE BANKS' SHAREHOLDERS AND CREDITORS, NOT THE TAXPAYERS. I URGE MY COLLEAGUES TO SUPPORT THE CHOICE ACT AND TRULY PUT AN END TO THE POSSIBILITY OF YET ANOTHER TAXPAYER-FUNDED BAILOUT. I YIELD BACK.

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  • 02:14:33 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 02:14:35 PM

    MS. WATERS

    I YIELD ONE MINUTE TO THE GENTLEMAN FROM PENNSYLVANIA, MR. CARTWRIGHT.

  • 02:14:39 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:14:42 PM

    MR. CARTWRIGHT

    I THANK THE GENTLELADY. MR. CHAIRMAN, MY COLLEAGUES HAVE ALREADY DONE A…

    I THANK THE GENTLELADY. MR. CHAIRMAN, MY COLLEAGUES HAVE ALREADY DONE A GOOD JOB OF TALKING IN GREAT DETAIL WHY THIS BILL IS REALLY A FESTIVAL OF BAD CHOICES, OF WRONG CHOICES FOR AMERICA, BUT I WANT TO FOCUS ON ONE ISSUE IN PARTICULAR -- EXECUTIVE PAY. THIS WRONG CHOICE ACT ACTUALLY TAKES AWAY PROVISIONS THAT REIN IN IRRESPONSIBLE PAY TO EXECUTIVES, THE VERY PEOPLE WHO DECIDE DECISIONS TO GET US INTO THIS ENTIRE MESS IN THE FIRST PLACE. NUMBER ONE, THIS BILL ELIMINATES A RULE BARRING INCENTIVE-BASED EXECUTIVE PAY THAT ENCOURAGES INAPPROPRIATE RISKS. IT PUTS THE AVERAGE AMERICAN IN DANGER OF HAVING TO PAY FOR ANOTHER BANK BAILOUT, GIVING OUT BONUSES FOR PUTTING OUR NATIONAL FINANCIAL STABILITY AT RISK IS FLAT WRONG. NUMBER TWO, IT ELIMINATES A REQUIREMENT FOR CORPORATIONS TO DISCLOSE HOW THEIR C.E.O.'S PAY COMPARED TO THEIR AVERAGE EMPLOYEE. THIS BILL ELIMINATES TRANSPARENCY. NUMBER THREE, IF YOU CAN BELIEVE IT, THIS BILL EVEN ABOLISHES A RULE TO REQUIRE WHETHER EXECUTIVES AND BOARD DIRECTORS ARE ALLOWED TO BET AGAINST THEIR OWN STOCK. . THIS BILL TAKES US BACK TO THE DAYS OF ENRON. I URGE MY COLLEAGUES TO VOTE NO ON THIS IRRESPONSIBLE LEGISLATION.

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  • 02:16:06 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:16:07 PM

    MR. HENSARLING

    HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM GEORGIA, NEW MEMBER OF OUR…

    HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM GEORGIA, NEW MEMBER OF OUR COMMITTEE,

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  • 02:16:12 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:16:14 PM

    MR. LOUDERMILK

    THANK YOU, MR. CHAIRMAN. THANK YOU, MR. SPEAKER. TODAY WE KNOW A MAJOR…

    THANK YOU, MR. CHAIRMAN. THANK YOU, MR. SPEAKER. TODAY WE KNOW A MAJOR FACTOR LEADING UP TO THE WORST ECONOMIC CRISIS IN OUR LIFETIME WAS THE HEAVY-HANDED AND MEDDLESOME POLITICS OF THE FEDERAL GOVERNMENT. UNFORTUNATELY, THE PREVIOUS ADMINISTRATION RESPONDED TO THAT CRISIS NOT BY LIMITING THE INTRUSION OF THE FEDERAL BUREAUCRACY, BUT BY INCREASING IT. THEY IMPLEMENTED DODD-FRANK UNDER THE GUISE OF PROTECTING THE CONSUMER. IN REALITY, THIS BILL EMPOWERED GOVERNMENT, CREATED NEW BUREAUCRACIES, MADE THE BIG BANKS BIGGER AND VIRTUALLY ENDED THE CREATION OF NEW COMMUNITY BANKS. IN THE WAKE OF FINANCIAL CRISIS, GEORGIA LOST MORE BANKS THAN ANY STATE IN THE NATION. UNEMPLOYMENT SCROKTED AND HUNDREDS OF BUSINESSES WENT UNDER UNDER. INSTEAD OF CREATING OPPORTUNITIES FOR GEORGIANS TO PICK THEMSELVES UP AND START AGAIN, DODD-FRANK CONTINUED TO SUPPRESS OUR ECONOMIC RECOVERY. TODAY NEARLY A DECADE AFTER THE END OF THE RECESSION, THERE IS STILL 47 COUNTIES IN GEORGIA WITHOUT A LOCAL COMMUNITY BANK, AND THREE COUNTIES WITHOUT A SINGLE BANK BRANCH AT ALL. THE FINANCIAL CHOICE ACT WILL REVERSE THESE BURDENSOME REGULATIONS AND ONCE AGAIN SOW THE SEEDS OF PROSPERITY ON MAIN STREET NOT JUST WALL STREET. THE BILL WILL END BAILOUTS OF BIG BANKS BY TAXPAYERS AND UNLEASH OUR ECONOMIC POTENTIAL BY OPENING THE ECONOMY TO EVERYONE. I URGE MY COLLEAGUES TO SUPPORT THE FINANCIAL CHOICE ACT. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:17:38 PM

    THE CHAIR

    THE GENTLEWOMAN FROM CALIFORNIA.

  • 02:17:41 PM

    MS. WATERS

    I YIELD ONE MINUTE TO THE GENTLEMAN FROM TEXAS,

  • 02:17:44 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR ONE MINUTE.

  • 02:17:46 PM

    MR. DOGGETT

    ABOUT OBSTRUCTING EFFECTIVE LAW ENFORCEMENT THAT CHALLENGES PREDATORY…

    ABOUT OBSTRUCTING EFFECTIVE LAW ENFORCEMENT THAT CHALLENGES PREDATORY PAYDAY LENDING, THAT PROTECTS MILITARY FAMILIES FROM UNJUSTIFIED FORECLOSURES, AND ADDRESSES THE BURDEN OF MOUNTING STUDENT DEBT. REPUBLICANS GIVE PROMPT NEW POWER TO FIRE THE CHIEF COP ON THE BEAT WHO PROTECTS CONSUMERS AGAINST WRONGFUL FINANCIAL PRACTICES. WE HAVE SEEN HOW WELL THAT WORKED WITH TRUMP AND THE F.B.I. HAVE YOU LEARNED NOTHING ABOUT GIVING TRUMP MORE POWER? FINANCIAL PRACTICES. WE HAVE SEEN HOW WELL THAT WORKED WITHOUT THE CONSUMER FINANCIAL PROTECTION BUREAU, WELLS FARGO WOULD NEVER HAVE BEEN PENALIZED FOR ITS MULTIMILLION DOLLAR FRAUD. REPUBLICANS HERE WANT TO SHIELD WALL STREET GRANTING IT FREE REIN TO RUN OVER PEOPLE ACROSS AMERICA AND LATER REWARD IT WITH EVEN MORE TAX BREAKS. THEY TOLERATE ALMOST ANY WRONGDOING, ANY CRAZY TRUMP TWEET SO LONG AS THEY CAN GET MORE TAX RELIEF AND LESS CONSUMER PROTECTION. ENOUGH IS ENOUGH. IT'S TIME TO SAY NO TO THIS SORRY BILL AND OFFER PROTECTION TO THE PEOPLE OF AMERICA FROM FINANCIAL WRONGDOING. I YIELD BACK.

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  • 02:19:01 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:19:03 PM

    MR. HENSARLING

    MR. CHAIRMAN, MAY I INQUIRE HOW MUCH TIME IS REMAINING?

  • 02:19:06 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS HAS EIGHT MINUTES REMAINING. THE GENTLELADY FROM…

    THE GENTLEMAN FROM TEXAS HAS EIGHT MINUTES REMAINING. THE GENTLELADY FROM CALIFORNIA HAS 12 MINUTES.

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  • 02:19:11 PM

    MR. HENSARLING

    TO BETTER BALANCE THE TIME. I RESERVE.

  • 02:19:13 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 02:19:16 PM

    MS. WATERS

    I YIELD ONE MINUTE TO THE GENTLELADY FROM ILLINOIS,

  • 02:19:22 PM

    THE CHAIR

    THE GENTLELADY FROM ILLINOIS IS RECOGNIZED FOR ONE MINUTE.

  • 02:19:26 PM

    MS. SCHAKOWSKY

    SENIOR CITIZENS, BEWARE THE FINANCIAL CHOICE ACT. THIS BILL REPEALS THE…

    SENIOR CITIZENS, BEWARE THE FINANCIAL CHOICE ACT. THIS BILL REPEALS THE BEST INTEREST RULE WHICH ENSURES THAT AMERICANS, THAT ARE SAVING FOR RETIREMENT, GET FINANCIAL ADVICE IN THEIR BEST INTERESTS. THAT ADVICE HAS REAL COSTS. STEVEN, A 69-YEAR-OLD VETERAN -- VIETNAM VETERAN IN ILLINOIS LOST $147,000 IN RETIREMENT SAVINGS WHEN HE GOT ADVICE THAT HAND SOMELY PROFITED HIS SO-CALLED INVESTMENT ADVISOR BUT DEVASTATED HIM. THIS BILL GUTS THE CONSUMER FINANCIAL PROTECTION BUREAU WHICH PREVENTS FINANCIAL EXPLOITATION OF SENIOR CITIZENS. IN DECEMBER, THE CFPB TOOK AN ACTION AGAINST THREE CROOKED REVERSE MORTGAGE COMPANIES THAT DELIBERATELY FAILED TO TELL SENIORS THAT THEY COULD LOSE THEIR HOMES. THE FINANCIAL CHOICE ACT IS DANGEROUS. IT'S DANGEROUS FOR OLDER AMERICANS. IT'S DANGEROUS FOR ALL AMERICANS. AND IT'S DANGEROUS FOR OUR ENTIRE ECONOMY. IT PUTS US ALL AT RISK. IT'S THE WRONG CHOICE FOR AMERICA. I URGE MY COLLEAGUES TO VOTE NO.

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  • 02:20:42 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:20:43 PM

    MR. HENSARLING

    RESERVE.

  • 02:20:45 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA.

  • 02:20:47 PM

    MS. WATERS

    I NOW YIELD ONE MINUTE TO THE GENTLELADY FROM OREGON, MS. BONAMICI.

  • 02:20:53 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

  • 02:20:55 PM

    MS. BONAMICI

    THANK YOU. I THANK THE RANKING MINORITY MEMBER FOR YIELDING. I RISE TODAY…

    THANK YOU. I THANK THE RANKING MINORITY MEMBER FOR YIELDING. I RISE TODAY IN STRONG OPPOSITION TO THE FINANCIAL CHOICE ACT BECAUSE IT WILL GUT THE CONSUMER FINANCIAL PROTECTION BUREAU AND ROLL BACK IMPORTANT PROTECTIONS FOR SENIORS, FOR STUDENTS, FOR HARDWORKING FAMILIES ACROSS THE COUNTRY. THE CFPB PROTECTS AMERICANS FROM UNSCRUPULOUS FINANCIAL PRACTICES AND DECEITFUL DEBT COLLECTORS. SINCE ITS CREATION, IT'S ASSISTED MORE THAN 29 MILLION CONSUMERS, MANY OF THEM SENIORS. WITH MORTGAGES, CREDIT CARDS, DEBT COLLECTIONS. UNFORTUNATELY, SENIORS ARE ESPECIALLY VULNERABLE TO FINANCIAL FRAUD AND ABUSE. THIS BILL WOULD ROLL BACK THE CFPB'S ABILITY TO IDENTIFY AND STOP UNFAIR AND ABUSIVE DEBT COLLECTION AND TELEMARKETING PRACTICE, AND THIS HARMFUL BILL WOULD ALSO PREVENT THE CFPB FROM CRACKING DOWN ON PREDATORY PAYDAY LENDERS WHO TAKE ADVANTAGE OF STRUGGLING FAMILIES BY ISSUING LOANS AT EXORBITANT RATES. I WORKED AS A CONSUMER PROTECTION ATTORNEY AND WORKED WITH TOO MANY FAMILIES WHO LOST THEIR HOMES, TOO MANY SENIORS WHO WERE HARASSED BY DEBT COLLECTORS, TOO MANY PEOPLE WHO WERE VICTIMS PREDATORY PAYDAY LENDING AND GOT INTO THE QUICKSAND AND NOT ABLE TO GET OUT. WE CANNOT ALLOW THIS SHORTSIGHTED BILL TO STOP THE GOOD WORK OF THE CFPB. THE BILL IS CALLED THE CHOICE ACT BUT IT'S THE WRONG CHOICE. I URGE MY COLLEAGUES TO POSE IT.

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  • 02:22:17 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:22:18 PM

    MR. HENSARLING

    RESERVE.

  • 02:22:20 PM

    THE CHAIR

    THE GENTLELADY FROM CALIFORNIA. MINNESOTA.

  • 02:22:25 PM

    MR. ELLISS

    I YIELD ONE MINUTE TO THE GENTLELADY FROM CALIFORNIA.

  • 02:22:29 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

  • 02:22:35 PM

    MS. BARRAGAN

    TODAY IN OPPOSITION TO THE WRONG CHOICE ACT. THIS BILL HAS A HIDDEN…

    TODAY IN OPPOSITION TO THE WRONG CHOICE ACT. THIS BILL HAS A HIDDEN PROVISION THAT STRIPS AWAY OVERSIGHT PER PAYDAY LENDERS. PAYDAY LENDERS ARE LIKE LOAN SHARKS, CHARGING UPWARDS ON 400% INTEREST ON LOANS. IT'S OUTRAGEOUS. THEY PREY ON VULNERABLE LOW-INCOME BORROWERS WHO ARE ALREADY STRUGGLING TO GET BY. THAT'S HOW A WOMAN FROM CALIFORNIA GOT TRAPPED. HER MOTHER WAS DIAGNOSED WITH BREAST CANCER AND LOST HER JOB. SO SHE HAD TO TAKE OUT A LOAN TO BUY FOOD. THE PAYDAY LEARNED GARNISHED HER WAGES AND CHARGED SKY-HIGH INTEREST RATES AND FEES. SHE ENDED UP PAYING BACK THOUSANDS MORE THAN SHE BORROW ALL BECAUSE SHE NEEDED FOOD HER AN HER MOTHER. LET'S PROTECT OUR WEERNINGS FAMILIES. LET'S NOT TAKEWAY OVERSIGHT OF THIS ABUSIVE LOAN INDUSTRY. I URGE MY COLLEAGUES TO OPPOSE H.R. 10. IT'S THE WRONG CHOICE. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:23:36 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:23:37 PM

    MR. HENSARLING

    MR. CHAIRMAN, AT THIS TIME I'M PLEASED TO YIELD ONE MINUTE TO A NEW MEMBER…

    MR. CHAIRMAN, AT THIS TIME I'M PLEASED TO YIELD ONE MINUTE TO A NEW MEMBER OF OUR COMMITTEE, THE GENTLEMAN FROM NEW YORK, MR. ZELDIN.

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  • 02:23:48 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:23:49 PM

    MR. ZELDIN

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THE CHOICE ACT, AND I THANK…

    MR. SPEAKER, I RISE IN STRONG SUPPORT OF THE CHOICE ACT, AND I THANK CHAIRMAN HENSARLING FOR HIS STRONG LEADERSHIP. IMPOSING REGULATIONS MEANT FOR LARGE TRANSNATIONAL FIRMS ON COMMUNITY BANKS AND CREDIT UNIONS MAY MAKE SENSE TO BUREAUCRATS IN WASHINGTON, BUT THE HARDWORKING FAMILIES ON LONG ISLAND IT MEANS YOU CAN'T BUY THAT FIRST HOME OR YOU CAN'T GET THAT SMALL BUSINESS LOAN. TODAY WE HAVE THE OPPORTUNITY TO REMOVE THE BARRIERS TO JOB CREATION AND PROSPERITY THAT HAVE GIVEN US THE WEAKEST ECONOMIC RECOVERY IN AMERICAN HISTORY. THE CHOICE ACT WILL END TAXPAYER FUNDED BAILOUTS, RESTORE ACCOUNTABILITY, AND JUMP-START INNOVATION AND JOB CREATION. I STRONGLY SUPPORT THIS LEGISLATION AND I URGE ITS ADOPTION. THANK YOU. I YIELD BACK.

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  • 02:24:38 PM

    THE CHAIR

    GENTLEMAN FROM MINNESOTA.

  • 02:24:41 PM

    MR. ELLIS

    MR. SPEAKER, WE YIELD ONE MINUTE TO GENTLEMAN FROM MARYLAND, MR. SARBANES.

  • 02:24:44 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:24:48 PM

    MR. SARBANES

    I THANK THE GENTLEMAN FOR YIELDING. MR. SPEAKER, IN 2008 OUR FINANCIAL…

    I THANK THE GENTLEMAN FOR YIELDING. MR. SPEAKER, IN 2008 OUR FINANCIAL SYSTEM CRATERED, BRINGING THE BROADER WORLD ECONOMY TO ITS KNEES. MILLIONS OF AMERICANS LOST THEIR HOMES. MILLIONS MORE LOST THEIR JOBS BY NO FAULT OF THEIR OWN. AND $13 TRILLION IN WEALTH AND SAVINGS WAS LOST. SO WE WENT TO WORK FIXING THE GLARING HOLES IN OUR NATION'S FINANCIAL REGULATORY SYSTEM. AMONG OTHER THINGS, WE ENACTED TOUGHER MORTGAGE STANDARDS. WE BROUGHT THE DERIVATIVES MARKET OUT OF THE SHADOWS. WE STOPPED THE CASINO-LIKE BETS AT OUR INVESTMENT BANKS, AND WE CREATED A CONSUMER FOCUS PROTECTION BUREAU. UNFORTUNATELY, WHAT WE COULDN'T DO WAS ERADICATE GREED. AND SADLY TODAY GREED IS REARING ITS UGLY HEAD ONCE AGAIN. THE REPUBLICAN-CONTROLLED CONGRESS IS ABOUT TO PASS H.R. 10, THE WRONG CHOICE ACT, A BILL THAT WOULD THROW AWAY THE LESSONS OF THE 2008 FINANCIAL CRASH AND UNLEASH THE DEMONS THAT NEARLY TOOK DOWN THE WORLD ECONOMY. I URGE THE HOUSE TO REJECT THIS BILL. YIELD BACK.

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  • 02:25:53 PM

    THE CHAIR

    GENTLEMAN FROM TEXAS.

  • 02:25:54 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M HAPPY TO YIELD ONE MINUTE TO ANOTHER NEW MEMBER OF OUR…

    MR. CHAIRMAN, I'M HAPPY TO YIELD ONE MINUTE TO ANOTHER NEW MEMBER OF OUR COMMITTEE, THE GENTLEMAN FROM WEST VIRGINIA, MR. MOONEY.

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  • 02:26:00 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:26:02 PM

    MR. MOONEY

    THANK YOU, MR. SPEAKER. I RISE TODAY IN STRONG SUPPORT OF H.R. 10, THE…

    THANK YOU, MR. SPEAKER. I RISE TODAY IN STRONG SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT. THIS CRITICAL PIECE OF LEGISLATION ROLLS BACK ONEROUS OBAMA-ERA REGULATIONS ON THE FINANCIAL SERVICES INDUSTRY THAT ARE STRANGLING SMALL BUSINESSES AND HURTING HARDWORKING AMERICAN TAXPAYERS. AS I HELD ROUND TABLES ACROSS WEST VIRGINIA, I HEARD FROM SMALL BUSINESS OWNERS AND JOB CREATORS THAT OBAMA-ERA REGULATIONS MAKE IT HARDER FOR COMMUNITY BANKS TO MAKE LOANS TO SMALL BUSINESSES AND FIRST TIME HOME BUYERS. THE FINANCIAL CHOICE ACT WILL REMOVE STIFLING FEDERAL REGULATIONS FROM OUT-OF-TOUCH WASHINGTON BUREAUCRATS AND RETURN FINANCIAL DECISIONMAKING TO YOU, THE INDIVIDUAL CONSUMERS, AND TO THE SMALL COMMUNITY BANKS. I KNOW THAT PRESIDENT TRUMP IS COMMITTED TO SUPPORTING THE REFORMS IN THE FINANCIAL CHOICE ACT. I LOOK FORWARD TO CONTINUING TO WORK WITH OUR PRESIDENT TO GROW OUR ECONOMY AND BRING MUCH NEEDED RELIEF TO WEST VIRGINIA CONSUMERS AND SMALL BUSINESS OWNERS. I WANT TO THANK CHAIRMAN HENSARLING AND MY COLLEAGUES ON THE FINANCIAL SERVICES COMMITTEE FOR THEIR LEADERSHIP ON THIS IMPORTANT LEGISLATION. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:27:17 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA.

  • 02:27:19 PM

    MR. ELLIS

    SPEAKER, I'D LIKE TO YIELD ONE MINUTE TO THE GENTLEMAN FROM VERMONT, MR.…

    SPEAKER, I'D LIKE TO YIELD ONE MINUTE TO THE GENTLEMAN FROM VERMONT, MR. WELCH.

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  • 02:27:24 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:27:26 PM

    MR. WELCH

    I WANT TO SAY TO MY REPUBLICAN COLLEAGUES, I HAVE HEARD A LOT OF ADVOCACY…

    I WANT TO SAY TO MY REPUBLICAN COLLEAGUES, I HAVE HEARD A LOT OF ADVOCACY FOR THE SMALL BANKS. I'M WITH YOU. THOSE FOLKS DID NOT CAUSE THE DEPRESSION. AND WE HAVE TO GIVE THEM RELIEF. BUT WHAT THIS BILL DOES IS ESSENTIALLY USE THE GOOD REPUTATION OF THOSE SMALL LENDING INSTITUTIONS IN ALL OUR COMMUNITIES TO CREATE AN OPENING FOR THE BAD ACTORS THAT DID CAUSE THIS ENORMOUS RECESSION. AND IT INVITES THEM TO GO BACK TO THEIR BAD OLD DAYS. THE BUSINESS MODEL OF OUR SMALL BANKS IS TO HELP OUR FOLKS IN SMALL COMMUNITIES. THE BUSINESS MODEL OF SOME OF THE WALL STREET BANKS IS TO PLAY COULD SEENO POKER WITH TAXPAYER MONEY. THAT'S WHAT HAPPENED. WE HAD INSTITUTIONS ON WALL STREET THAT WERE PUTTING TOGETHER PACKAGES TO PLAY COULD SEENO POKER OF BAD LOANS THAT THEY SHORTED FOR ONE INVESTOR AND SOLD THEM AS TRIPLE-A RATED PENSION WORTHY INVESTMENTS FOR PENSIONS FOR OUR FIREFIGHTERS AND TEACHERS. THAT IS ABSOLUTELY OUTRAGEOUS. WE'RE ALLOWING THAT TO OCCUR AGAIN. WE CAN HELP THE SMALL BANKS, WE SHOULD HELP THE SMALL BANKS, BUT WE SHOULDN'T GIVE THEM A FREE PASS. THERE IS ONE GOOD THING IN THIS BILL. I'M VERY BLOOD TO SEE THAT THE DURBIN RULE CONTINUES TO EXIST. THAT WAS A CRACKDOWN. WE FINALLY GOT SOME RELIEF FOR OUR RETAILERS ON THE DURBIN THE TRANSACTION FEES ON DEBIT CARDS. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:28:50 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:28:51 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M VERY HAPPY TO YIELD TWO MINUTES TO THE GENTLEMAN FROM…

    MR. CHAIRMAN, I'M VERY HAPPY TO YIELD TWO MINUTES TO THE GENTLEMAN FROM NORTH CAROLINA, A HUGE FIGHTER FOR FREEDOM AND A FIGHTER AGAINST FEDERAL PRICE CONTROLS, MR. BUDD.

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  • 02:29:06 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR TWO MINUTES.

  • 02:29:08 PM

    MR. BUDD

    I THANK THE CHAIRMAN. MR. CHAIRMAN, I DRAW A DISTINCTION BETWEEN POLITICAL…

    I THANK THE CHAIRMAN. MR. CHAIRMAN, I DRAW A DISTINCTION BETWEEN POLITICAL COSTS AND REAL COSTS. IN NO CITY IN THE COUNTRY ARE THE POLITICAL COSTS TREATED AS MORE REAL THAN WASHINGTON. THE TRUTH IS THAT FOR THE OTHER 99% OF THE COUNTRY, THE REAL COSTS ARE WHAT COUNT. THE REAL COSTS OF THE DURBIN AMENDMENT HAVE BEEN AMPLY DOCUMENTED. COMMUNITY BANKS HAVE SEE INTERCHANGE REVENUE FALL 20%. THE LOW-INCOME CONSUMER HAS SEEN HIS CHECKING FEES DOUBLE. THE SMALL TICKET MERCHANT HAS SEEN HIS INTERCHANGE COSTS INCREASE. FOR THOSE OF US WHO CAMPAIGNED ON A PLATFORM OF FREE MARKETS AND LIMITED GOVERNMENT, WHICH IS MOST OF OUR PARTY, I SUGGEST THAT A PRINCIPLE IS FOLLOWED ONLY WHEN IT COSTS NOTHING IS NOT MUCH OF A PRINCIPLE AT ALL. THE PRINCIPLE THAT GOVERNMENT SHOULDN'T BE SETTING PRICES ENDED UP HAVING A POLITICAL PRICE OF ITS OWN. AND FOR SOME THAT WAS THE ONLY REALITY OF THIS DEBATE. I ONLY WISH THAT I COULD SAY THE SAME FOR THE ONE MILLION PEOPLE THE DURBIN AMENDMENT HAS DRIVEN OUT OF THE BANKING SYSTEM. WITH THAT, I YIELD TO THE GENTLEMAN FROM MISSOURI, MR. LUETKEMEYER.

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  • 02:30:17 PM

    MR. LUETKEMEYER

    I THANK THE GENTLEMAN FROM NORTH CAROLINA AND ASSOCIATE MYSELF WITH HIS…

    I THANK THE GENTLEMAN FROM NORTH CAROLINA AND ASSOCIATE MYSELF WITH HIS REMARKS. THE DASH YUN AMENDMENT HAS NOT HELPED CONSUMERS AND HURT THEM. IT'S HURT SOME BANKS AND CREDIT UNIONS. THE ONLY ENTITIES WHO BENEFITED ARE THE RETAILERS WHO DESPITE THEIR PROMISES TO CONGRESS HAVE NOT LOWERED COSTS AND SOME STUDIES SHOW THEY HAVE INCREASED COSTS. CONGRESS SHOULD NOT BE IN THE BUSINESS OF PRICE FIXING. PRICE CONTROLS WILL NEVER WORK AND ALWAYS HAVE A NEGATIVE CONSEQUENCE. I'M COMMITTED TO RETURNING FREE MARKET PRINCIPLE THAT IS DELIVER REAL RESULTS FOR CONSUMERS W THAT I YIELD BACK TO THE GENTLEMAN. .

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  • 02:30:55 PM

    MR. BUDD

    I'D LIKE TO YIELD BACK TO

  • 02:30:59 PM

    MR. HENSARLING

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 02:31:32 PM

    THE CHAIR

    THE GENTLEMAN'S TIME HAS EXPIRED.

  • 02:31:33 PM

    MR. BUDD

    AND I YIELD BACK.

  • 02:31:34 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA.

  • 02:31:37 PM

    >>

    --

  • 02:31:40 PM

    MR. ELLISON

    THE ELEMENTS OF THE WRONG CHOICE ACT THAT IS PARTICULARLY TROUBLESOME TO…

    THE ELEMENTS OF THE WRONG CHOICE ACT THAT IS PARTICULARLY TROUBLESOME TO ME, AND THERE ARE MANY, IS REPEALING SECTION 953-B OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT. NOW, PEOPLE WATCHING THIS DEBATE, MR. SPEAKER, MIGHT FIND THAT TO BE JUST LEGISLATIVE TALK, BUT IT'S REALLY SUBSTANTIVELY REALLY IMPORTANT. SECTION 953-B, WAS A HARD-FOUGHT VICTORY FOR INVESTORS, CONSUMERS, WORKERS AND THE GENERAL PUBLIC. YOU SEE, MR. SPEAKER, THE LAW REQUIRES THAT PUBLICLY TRADED FIRMS DISCLOSED A RATIO BETWEEN WHAT THEY PAY THEIR C.E.O. AND WHAT THEY PAY THEIR MEDIAN WORKER. I THINK THIS IS IMPORTANT INFORMATION. A C.E.O. OF AN S&P 500 COMPANY MAKES ON AVERAGE ABOUT $331 FOR EVERY $1 A TYPICAL RANK AND FILE WORKER MAKES. IN SOME COMPANIES, THIS RATIO CAN REACH AS HIGH AS $1,000 TO $1. INVESTORS SHOULD BE ABLE TO ARE CONSIDER IF A C.E.O. PROVIDES -- ABLE TO CONSIDER IF A C.E.O. PROVIDES MORE TO EMPLOYEES BEFORE INVESTING IN A FIRM. EXACTLY EXORBITANT C.E.O. PAY, EXCESSIVE C.E.O. PAY CAN IMPACT DIVIDEND. IT CAN IMPACT ALL KINDS OF DECISIONS, LEAD TO RISK TAKING, AND IT IS A GOOD IDEA FOR INVESTORS AND THE GENERAL PUBLIC TO KNOW THAT INFORMATION. SO WHILE EXECUTIVES ARE MAKING CRITICAL DECISIONS ABOUT THE DIRECTION OF THEIR COMPANIES, QUALITY EMPLOYEES ENSURE THOSE DECISIONS ARE BEING PROPERLY IMPLEMENTED. THIS PAY RATIO INFORMATION BENEFITS INVESTORS BY GIVING THEM VALUABLE INFORMATION FOR ASCERTAINING WHETHER OR NOT A COMPANY'S EMPLOYEES ARE BEING TREATED FAIRLY AND THEREFORE ABLE TO RETAIN EMPLOYEES, A STABLE COMPANY AND A COMPANY THAT VALUES ITS PEOPLE. THE RATIO HELPS THEM TO DECIDE HOW TO CAST THEIR SAY ON PAY, ADVISORY VOTES ON EXECUTIVE COMPENSATION. RESEARCH SHOWS THAT THE HIGHER THE C.E.O. TO MEDIAN WORKER PAY RATIO THE MORE LIKELY THE C.E.O. IS TO PURSUE THE KIND OF RISKY INVESTMENTS THAT BROUGHT THE FINANCIAL -- THE GLOBAL FINANCIAL CRISIS TO BEAR. THE INSTITUTE ON POLICY STUDIES FOUND THAT NEARLY 40% OF THE C.E.O.'S ON THEIR TOP 2,500 -- EXCUSE ME -- TOP 25 HIGHEST PAID LIST OVER A 20-YEAR PERIOD WIND UP BEING FIRED, SOUGHT A BAILOUT OR FORCED TO PAY FRAUD-RELATED FINES. MOREOVER, LOWER RATIO OF C.E.O. TO WORKER -- TO MEDIAN WORKER PLAY IMPLIES MORE INVESTMENT IN HUMAN CAPITAL AND A LONGER TERM OUTLOOK ON A CORPORATION. ACCORDING TO THE CENTER FOR AUDIT QUALITIES ANNUAL INVESTOR SURVEY, 46% OF INVESTORS SAY THEY CONSIDER C.E.O. COMPENSATION IN THEIR DECISIONMAKING. THE CURRENT CULTURE OF PAYING C.E.O.'S HUNDREDS OF TIMES AND EVEN THOUSANDS IN SOME LIMITED CASES MORE THAN TYPICAL EMPLOYEES HURTS WORKING FAMILIES, IS DETRIMENTAL TO EMPLOYEE MORALE AND GOES AGAINST THE RESEARCH WHICH SHOWS US WHAT IS BEST PRACTICE. SO WITH THAT, MR. SPEAKER, I WILL YIELD -- I RESERVE.

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  • 02:34:50 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS.

  • 02:34:53 PM

    MR. HENSARLING

    MR. CHAIRMAN, I YIELD ONE MINUTE TO A NEW MEMBER OF OUR COMMITTEE, THE…

    MR. CHAIRMAN, I YIELD ONE MINUTE TO A NEW MEMBER OF OUR COMMITTEE, THE GENTLEMAN FROM TENNESSEE, MR. KUSTOFF.

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  • 02:35:01 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:35:03 PM

    MR. KUSTOFF

    THANK YOU, MR. SPEAKER. I RISE TODAY IN SUPPORT OF H.R. 10, THE FINANCIAL…

    THANK YOU, MR. SPEAKER. I RISE TODAY IN SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT. FOR SEVEN YEARS NOW, DODD-FRANK HAS STALLED OUR ECONOMIC GROWTH. WHILE COMMUNITY BANKS AND CREDIT UNIONS DID NOT CAUSE THE RECESSION, THEY'VE CARRIED MOST OF THE BURDEN FOLLOWING THE CRISIS. THESE SMALLER FINANCIAL INSTITUTIONS ARE THE LIFELINE OF LOCAL BUSINESSES, FARMERS, ENTREPRENEURS AND ANYONE STRIVING FOR TRUE FINANCIAL INDEPENDENCE. THE FINANCIAL CHOICE ACT WILL BRING RELIEF FROM ONEROUS RULES AND REGULATIONS THAT HAVE HAMSTRUNG THE ABILITY TO LOAN AND TO BORROW MONEY. ONCE BUSINESSES CAN ACCESS MORE CAPITAL, THEY'LL BE ABLE TO GROW, HIRE MORE EMPLOYEES, CONTRIBUTE MORE TO THEIR COMMUNITIES. I WANT TO THANK CHAIRMAN HENSARLING AND THIS COMMITTEE FOR WORKING TIRELESSLY TO BRING THE AMERICAN PEOPLE THE RELIEF THAT THEY NEED. I URGE ALL OF MY COLLEAGUES TO SUPPORT THIS IMPORTANT LEGISLATION, AND I YIELD BACK THE BALANCE OF MY TIME. THANK YOU.

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  • 02:36:05 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA.

  • 02:36:07 PM

    MR. ELLISON

    MR. SPEAKER, I YIELD ONE MINUTE TO THE GENTLELADY FROM CALIFORNIA, MS.…

    MR. SPEAKER, I YIELD ONE MINUTE TO THE GENTLELADY FROM CALIFORNIA, MS. BARBARA LEE.

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  • 02:36:11 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED 1. -- THE GENTLELADY IS RECOGNIZED FOR ONE…

    THE GENTLELADY IS RECOGNIZED 1. -- THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

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  • 02:36:20 PM

    MS. LEE

    TO THANK THE GENTLEMAN FOR HIS MOST DILIGENT WORK ON BEHALF OF THE…

    TO THANK THE GENTLEMAN FOR HIS MOST DILIGENT WORK ON BEHALF OF THE AMERICAN PEOPLE AND ALSO TO OUR RANKING MEMBER, CONGRESSWOMAN MAXINE WATERS. I JUST WANT TO THANK HER FOR REALLY EDUCATING THIS HOUSE AND THE PUBLIC OF THE DANGERS TO CONSUMERS OF THIS HORRIBLE BILL WHICH, OF COURSE, I STAND IN OPPOSITION TO. IT REALLY IS A WRONG CHOICE FOR AMERICAN FAMILIES. SHAPEFULLY, THIS BILL GIVES WALL STREET A HANDOUT WHILE STEALING FROM THE POCKETS OF EVERYDAY AMERICANS. IT WOULD DRAG US BACK TO THE DAYS WHERE WALL STREET AND BILLIONAIRES GET RICHER WHILE STRUGGLING FAMILIES ARE LEFT OUT IN THE COLD. THIS BILL SIGNIFICANTLY UNDERMINES BOTH THE CONSUMER BUREAU AND THE RULES IT PUT IN PLACE TO PREVENT PREDATORY LENDING AND SUBPRIME LOANS, PARTICULARLY IN COMMUNITIES OF COLOR. FAMILIES LOST A GENERATION OF WEALTH PRIOR TO DODD-FRANK AND HAVE YET BEEN ABLE TO RECOVER, BUT THIS BILL ALSO, I MUST SAY, PITS WALL STREET RECKLESSNESS BACK IN CHARGE AND IT WILL LEAVE CONSUMERS OUT IN THE COLD AGAIN. SO IT WILL TAKE US BACK TO WHERE WE WERE BEFORE, AND WE CANNOT GO BACK. THAT'S WHY WE'RE ASKING FOR A NO VOTE. IT DESTROYS PROTECTIONS FOR SENIORS AND JEOPARDIZES THEIR FINANCIAL SAFETY. SO I HOPE THAT WE VOTE NO ON THIS BILL.

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  • 02:37:38 PM

    THE CHAIR

    THE GENTLELADY'S TIME HAS EXPIRED. THE GENTLEMAN FROM TEXAS.

  • 02:37:42 PM

    MR. HENSARLING

    MR. CHAIRMAN, I AM NOW VERY HAPPY TO YIELD TO ANOTHER NEW MEMBER OF THE…

    MR. CHAIRMAN, I AM NOW VERY HAPPY TO YIELD TO ANOTHER NEW MEMBER OF THE COMMITTEE ONE TO THE GENTLELADY FROM NEW YORK, MS. TENNEY.

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  • 02:37:51 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED.

  • 02:37:53 PM

    MS. TENNEY

    I RISE IN SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT. AS A SINGLE PARENT…

    I RISE IN SUPPORT OF H.R. 10, THE FINANCIAL CHOICE ACT. AS A SINGLE PARENT AND SMALL BUSINESS OWNER, I KNOW FROM MY OWN EXPERIENCE THAT THE ONLY WAY FOR HARDWORKING AMERICANS TO ACHIEVE FINANCIAL INDEPENDENCE IS BY BUILDING AN ECONOMY FROM MAIN STREET UP, NOT WALL STREET DOWN. THE CHOICE ACT NOT ONLY IMPOSES THE TOUGHEST PENALTIES IN HISTORY FOR FINANCIAL FRAUD ON WALL STREET, IT SAVES TAXPAYERS $30 BILLION WITH A B. THE CHOICE ACT ALSO ELIMINATES TAXPAYER-FUNDED BAILOUTS WHILE PROVING CHOICES -- PROVIDING CHOICES FOR CONSUMERS AND A REAL OPPORTUNITY FOR ECONOMIC GROWTH. AS AN UPSTATE NEW YORKER, OUR REGION SUFFERS FROM ECONOMIC CHALLENGES CAUSED BY EXCESSIVE REGULATIONS SUCH AS THE CHOIT ACT -- SUCH AS THE DODD-FRANK ACT THAT HAVE CRUSHED SMALL BUSINESSES YET SMALL BUSINESSES CREATE NEARLY 70% OF THE NEW JOBS. THIS BILL WILL INCREASE ACCESS TO CAPITAL FOR SMALL BUSINESSES AND STARTUPS, OUR JOB CREATORS. IT WILL INCREASE JOB OPPORTUNITIES AND POSITIVELY BENEFIT NEW YORK'S 22ND DISTRICT. I URGE ALL MY COLLEAGUES TO VOTE TO SUPPORT OUR JOB CREATORS AND TO VOTE FOR THE FINANCIAL CHOICE ACT. I YIELD BACK.

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  • 02:39:07 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA HAS THREE MINUTES REMAINING. THE GENTLEMAN…

    THE GENTLEMAN FROM MINNESOTA HAS THREE MINUTES REMAINING. THE GENTLEMAN FROM TEXAS HAS 2 1/4 MINUTES REMAINING. THE GENTLEMAN FROM MINNESOTA.

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  • 02:39:15 PM

    MR. ELLISON

    YOU KNOW, MR. SPEAKER, DOES IT MAKE SENSE THAT AFTER EIGHT YEARS OF A…

    YOU KNOW, MR. SPEAKER, DOES IT MAKE SENSE THAT AFTER EIGHT YEARS OF A PIECE OF REGULATION, DODD-FRANK, THAT HAS BROUGHT US INCREASES IN G.D.P., INCREASES IN JOBS AND STABILITY IN FINANCIAL MARKETS THAT WE WOULD NOW REPEAL THAT PIECE OF LEGISLATION TO GO BACK TO A TIME WHEN WE SAW THAT DEREGULATION STRATEGY BRING US THE GREAT RECESSION? IT JUST DOESN'T MAKE ANY SENSE TO TAKE THE POSITION THAT WHAT WE NEED IS MORE WIDE OPEN WILD WEST, YOU'RE ON YOUR OWN KIND OF FINANCIAL RULES AND LAWS IN OUR COUNTRY. THE FACT IS BEFORE DODD-FRANK WAS PASSED, WE HAD AN ABYSMAL CONSUMER PROTECTION SYSTEM. WE REALLY HAD SEVEN OR EIGHT DIFFERENT AGENCIES THAT WERE SORT OF RESPONSIBLE BUT NOT REALLY. CONSUMER PROTECTION WAS NOT A PRIORITY OF THE FEDERAL GOVERNMENT, AND AS A RESULT OF IT, WE SAW PROLIFERATION OF MORTGAGES THAT GOT PEOPLE WHO REALLY COULDN'T HANDLE THAT PARTICULAR MORTGAGE THEY GOT OR THE PRODUCTS WERE JUST FRAUDULENT. TO GET INTO A SITUATION WHERE THEY ENDED UP GOING INTO FORECLOSURE. WE SAW THE SECONDARY MARKET PACKAGE UP SOME OF THESE BAD MORTGAGES. WE SAW RATING AGENCIES SAY WE WERE GOOD EQUITY PRODUCTS AND WHEN THESE PRODUCTS STARTED TO FAIL, WHAT WE SAW IS THOSE BIG BANKS THAT TRAFFICKED THOSE EQUITIES GET BAILED OUT AND WE SAW CITIZENS LOSE THEIR HOMES. THE FACT IS GOING BACK TO THE BAD OLD DAYS IS JUST A BAD IDEA. TO BRING US BACK TO A TIME WHEN WE DIDN'T HAVE ANY CONSUMER PROTECTION, WHEN WE DIDN'T HAVE ANY RESPONSIBILITY PLACED ON THE SHOULDERS OF MANAGEMENT, WHEN WE DIDN'T SAY THAT WE WERE GOING TO LOOK AFTER THESE RATING AGENCIES AND WE DIDN'T SAY THAT THESE SYSTEMICALLY IMPORTANT LARGE INSTITUTIONS WERE GOING TO GET A LITTLE BIT MORE SCRUTINY, WHEN WE -- BEFORE THE TIME THAT WE DID THAT, WE SAW RUIN IN THE ECONOMY. LET ME JUST REMIND THE AMERICAN PEOPLE, WE HAD MANY STATES WITH UNEMPLOYMENT ABOVE 10% BECAUSE OF THE DEREGULATION, LAISSEZ FAIRE ATTITUDE THAT PREVAILED IN THE AMERICAN FINANCIAL SERVICES LEGAL SYSTEM. THOSE BAD OLD DAYS NEARLY RUINED SO MANY FAMILIES, AND THEY ARE JUST NOW STARTING TO RECOVER. BUT UNDER DODD-FRANK WE HAVE SEEN MONTH AFTER MONTH OF PRIVATE SECTOR JOB GROWTH. WE'VE SEEN ECONOMIC ACTIVITY INCREASE. FAST ENOUGH FOR ME? NO. I THINK WE NEED MUCH MORE, BUT OVER $170 BILLION IN RECORD PROFITS FROM 2016, I CAN TELL YOU ONE THING, THIS CLAIM ON THE OTHER SIDE THAT THE -- THAT BANKS AND FINANCIAL SERVICES SECTOR IS BEING CRUSHED SIMPLY ISN'T A TRUE STATEMENT. IT'S JUST NOT RIGHT. BUSINESS LENDING IS UP 75% SINCE DODD-FRANK. DATA FROM THE FEDERAL RESERVE SHOW AGGREGATE BANK LENDING HAS INCREASED FROM ABOUT $1.2 TRILLION IN 2010 TO $2 TRILLION IN OUTSTANDING BUSINESS LOANS. AND I YIELD BACK. VOTE NO ON THE WRONG CHOICE ACT.

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  • 02:42:38 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:42:40 PM

    MR. HENSARLING

    MR. CHAIRMAN, WE'VE NOW HAD SEVEN YEARS OF HISTORY WITH DODD-FRANK, AND…

    MR. CHAIRMAN, WE'VE NOW HAD SEVEN YEARS OF HISTORY WITH DODD-FRANK, AND WHAT DO WE KNOW? WE KNOW THAT THE BIG BANKS ARE BIGGER. WE KNOW THAT THE SMALL BANKS ARE FEWER. THE GENTLEMAN CITES SOME STATISTICS ABOUT LENDING, BUT WHAT HE LEFT OUT IS WE ARE LOSING A COMMUNITY BANK OR CREDIT UNION A DAY, AND THEY'RE NOT DYING OF NATURAL CAUSES. THEY ARE DYING OF THE DREADED DODD-FRANK DISEASE. OUR SMALL BUSINESSES CONTINUE TO SUFFER. IT TAKES SMALL BANKS TO LEND TO SMALL BUSINESSES, THE JOB ENGINE OF AMERICA, AND SMALL BANK BUSINESS LENDING HASN'T RECOVERED AND IT CAN'T RECOVER AS LONG AS DODD-FRANK IS ON THE ROLLS OF THE FEDERAL REGISTER. I GOT TO TELL YOU, MR. CHAIRMAN, IT IS TIME, IT IS TIME FOR A BETTER WAY. IT IS TIME TO HELP OUR STRUGGLING FAMILIES. THAT'S REALLY WHAT THIS IS ALL ABOUT. WE'VE HAD SEVEN YEARS OF DODD-FRANK, AND YET, WORKING AMERICANS HAVEN'T RECEIVED A PAY INCREASE. THEIR SMALL BUSINESSES CAN'T GET LOANS. STRUGGLING FAMILIES HAVE NOT SEEN THEIR SAVINGS RECOVER FROM THE GREAT FINANCIAL PANIC WHICH, OH, BY THE WAY, WAS BROUGHT ABOUT GOVERNMENT IN THE FIRST PLACE WITH DUMB REGULATION TO PUT PEOPLE INTO HOMES THEY COULDN'T AFFORD TO KEEP. AND LET'S ALSO REMEMBER THAT DODD-FRANK IS ACTUALLY HURTING THE CONSUMERS IT CLAIMS TO HELP. FREE CHECKING CUT IN HALF. CREDIT CARDS, THERE'S FEW OF THEM. THEY COST 200 TO 300 BASIS POINTS MORE. HAVE YOU TRIED TO GET A MORTGAGE LATELY? THEY ARE HARDER TO COME BY. THEY COST HUNDREDS OF MORE DOLLARS TO CLOSE. INSTEAD, WHAT WE HAVE IS WASHINGTON ELITE NOW MAKING THE DECISION ON WHETHER OR NOT WE GET TO PUT A CREDIT CARD IN OUR WALLET, WHETHER WE GET TO PUT A MORTGAGE ON OUR HOME. NO, MR. CHAIRMAN. THERE IS A BETTER WAY. IT'S WHY WE MUST ENACT THE FINANCIAL CHOICE ACT. THERE WILL BE ECONOMIC GROWTH FOR ALL. BANK BAILOUTS FOR NONE. WE WILL ONCE AGAIN HAVE AN AMERICA THAT IS ONLY LIMITED BY THE SIZE OF ITS DREAMS. I ENCOURAGE ALL, ALL TO SUPPORT THE FINANCIAL CHOICE ACT, AND I YIELD BACK THE BALANCE OF MY TIME. . COUP ALL TIME FOR GENERAL GREAT HAS EXPIRED. PURSUANT TO THE RULE, THE RULE WILL BE CONSIDERED FOR AMENDMENT UNDER THE FIVE-MINUTE RULE. IN LIEU OF THE AMENDMENT RECOMMENDED BY THE COMMITTEE ON FINANCIAL SERVICE, IT SHALL BE IN ORDER TO CONSIDER AS ORIGINAL BILL FOR PURPOSE OF THE AMENDMENT UNDER THE FIVE-MINUTE RULE THE AMENDMENT IN THE NATURE OF A SUBSTITUTE PRINTED IN PART A OF HOUSE REPORT 115-163. THAT AMENDMENT IN THE NATURE OF A SUBSTITUTE SHALL BE CONSIDERED AS READ. NO AMENDMENT TO THAT AMENDMENT IN THE NATURE OF A SUBSTITUTE SHALL BE IN ORDER EXCEPT THOSE PRINTED IN PART B OF HOUSE REPORT 115-163. EACH SUCH AMENDMENT MAY BE OFFERED ONLY IN THE ORDER PRINTED IN THE REPORT BY A MEMBER DESIGNATED IN THE REPORT, SHALL BE CONSIDERED AS READ, SHALL BE DEBATABLE FOR THE TIME SPECIFIED IN THE REPORT, EQUALLY DIVIDED AND CONTROLLED BY THE PROPONENT AND OPPONENT, SHALL NOT BE SUBJECT TO AMENDMENT, AND SHALL NOT BE SUBJECT TO DEMAND FOR DIVISION OF THE QUESTION. IT IS NOW IN ORDER TO CONSIDER AMENDMENT NUMBER 1, PRINTED IN PART B OF HOUSE REPORT 115-163. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION?

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  • 02:46:05 PM

    MR. HENSARLING

    I HAVE AN AMENDMENT AT THE DESK.

  • 02:46:07 PM

    THE CHAIR

    THE CLERK WILL DESIGNATE THE AMENDMENT.

  • 02:46:09 PM

    THE CLERK

    AMENDMENT NUMBER 1 PRINTED IN PART B IN HOUSE REPORT NUMBER 115-163,…

    AMENDMENT NUMBER 1 PRINTED IN PART B IN HOUSE REPORT NUMBER 115-163, OFFERED BY MR. HENSARLING OF TEXAS.

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  • 02:46:15 PM

    THE CHAIR

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM TEXAS, MR.…

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM TEXAS, MR. HENSARLING, AND A MEMBER POSED, EACH WILL CONTROL FIVE MINUTES OF THE THE CHAIR RECOGNIZES THE GENTLEMAN FROM TEXAS.

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  • 02:46:22 PM

    MR. HENSARLING

    MR. CHAIRMAN, I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

  • 02:46:25 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 02:46:28 PM

    MR. HENSARLING

    MR. CHAIRMAN, THIS IS AN AMENDMENT THAT IS PURELY TECHNICAL IN NATURE THAT…

    MR. CHAIRMAN, THIS IS AN AMENDMENT THAT IS PURELY TECHNICAL IN NATURE THAT ADDRESSES A FEW DISCREET ISSUES IN THE AMENDMENT IN THE NATURE OF A SUBSTITUTE. SPECIFICALLY IT CLARIFIES THE NONINSURANCE RELATED FUNCTIONS OF THE FEDERAL DEPOSIT INSURANCE CORPORATION AND THE NATIONAL CREDIT UNION ADMINISTRATION, SUBJECT TO CONGRESSIONAL APPROPRIATIONS. THIS AMENDMENT WILL NOT NOT AFFECT THE ABILITY OF THE NCUA TO DETERMINE THE APPROPRIATE ALLOCATION OF EXPENSES BETWEEN THEIR INSURANCE AND OTHER FUNCTIONS FOR PURPOSE OF THEIR OVERALL FUNDING. BUT IT WILL, FOR THE FIRST TIME, GIVE CONGRESS THE POWER OF THE PURPOSE, CONSTITUTIONAL POWER OF THE PURSE OVER MANY OF THE FDIC AND NCUA'S OPERATING EXPENSES. ADDITIONALLY, IT REVISES THE VESTING OF THE APPOINTMENT POWER AND CLARIFIES CONGRESSIONAL ACCESS TO NONPUBLIC MEETINGS OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL. I URGE MY COLLEAGUES TO SUPPORT THE AMENDMENT. TO SUPPORT THE UNDERLYING BILL. I RESERVE THE BALANCE OF MY TIME.

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  • 02:47:26 PM

    THE CHAIR

    TIME IN OPPOSITION? THE GENTLEMAN FROM MINNESOTA. MR. ELSON --

  • 02:47:32 PM

    MR. ELLISON

    I CLAIM TIME IN OPPOSITION. THIS AMENDMENT FILED LATE SHOULD BE VIEWED AS…

    I CLAIM TIME IN OPPOSITION. THIS AMENDMENT FILED LATE SHOULD BE VIEWED AS AN ADMISSION BY REPUBLICANS THAT H.R. 10 WOULD BE BAD FOR OUR FINANCIAL MARKETS AND ECONOMY. THE AMENDMENT RECOGNIZES THAT IT WOULD BE INAPPROPRIATE FOR MEMBERS OF CONGRESS TO ATTEND NONPUBLIC MEETINGS OF THE COUNCIL CHARGED WITH REVIEWING SENSITIVE FINANCIAL INFORMATION AND DUST DISCUSSING POTENTIAL THREATS TO OUR ECONOMY. I AGREE WITH THE SPONSOR THAT THIS WAS ONE OF THE MANY HARMFUL PROVISIONS IN THE WRONG CHOICE ACT. HERE ARE A FEW MORE. THE WRONG CHOICE ACT ELIMINATES THE OFFICE OF FINANCIAL RESEARCH, WHICH IS TAVINGED WITH STUDYING EMERGING RISK TO OUR ECONOMY AND INFORMING THE FINANCIAL STABILITY OVERSIGHT COUNCIL. THE WRONG CHOICE ACT STOPS THE COUNCIL FROM TAKING ACTION TO PREVENT FIRMS LIKE A.I.G. FROM THREATENING OUR ECONOMY. THE WRONG CHOICE ACT ALLOWS BANKS TO CHOOSE THE REGULATORY SYSTEM THAT BEST SUITS THEIR BOTTOM LINE. EVEN IF DOING SO IS BAD FOR THE ECONOMY AND TAXPAYERS, MR. SPEAKER. THE AMENDMENT ALSO RECOGNIZES THE DANGERS OF SUBJECTING OUR INDEPENDENT FINANCIAL REGULATORS TO PARTISAN APPROPRIATIONS PROCESS. BY RESTORING THE FEDERAL -- BY THE FDIC INSURANCE CORPORATIONS AND THE NATIONAL CREDIT UNION ADMINISTRATION'S INDEPENDENT FUNDING WHEN IT COMES TO THEIR RESPONSIBILITIES FOR UNWINDING FAILED BANKS AND CREDIT UNIONS. I AGREE THIS IS IMPORTANT. BUT YOU KNOW WHAT, IT IS ALSO IMPORTANT AND NEEDING TO BE INDEPENDENT THE AUTHORITY TO SUPERVISE THOSE ENTITIES BEFORE THEY FAIL. THE BANK AND CREDIT UNION REGULATORS, INCLUDING THE CONSUMER FINANCIAL PROTECTION BUREAU, HAVE IMPORTANT YET SENSITIVE RESPONSIBILITIES TO MAKE SURE THAT FINANCIAL INSTITUTION FOLLOW THE RULES. THAT THEY ARE GOOD FOR THE ECONOMY, GOOD FOR CONSUMERS, BUT WHICH SOME INSTITUTIONS WOULD RATHER IGNORE. SUBJECTING THESE DECISIONS TO APPROPRIATIONS PROCESS WILL RESULT IN FEWER COPS ON THE BEAT, WEAKER GUARDRAILS, AND A GREATER LIKELIHOOD OF FINANCIAL CATASTROPHE. WE HAVE SEEN THIS HAPPEN BEFORE. ONE OF THE REASONS FOR THE FAILURE OF THE HOUSING GIANTS FANNIE MAE AND FREDDIE MAC WAS THEY HAD A WOEFULLY UNDERFUNDED REGULATOR WITHOUT INTERPEND FUNDING. DEMOCRATS FIXED THIS WHEN WE CREATED THE INDEPENDENTLY FUNDED FEDERAL HOUSING FINANCIAL AGENCY IN TWAY. SINCE THEN THIS AGENCY HAS SUCCESSFULLY MADE TOUGH DECISIONS TO RIGHT BOTH AGENCIES AND PUTTING THEM INTO CONSERVATIVESHIP AND CLEANING UP THEIR BUSINESS. IGNORING THIS HISTORY, H.R. 10 WOULD ONCE AGAIN STRIPWAY INDEPENDENT FUNDING OF THE G.S.E.'S REGULATOR AS IT WOULD FOR ALL FINANCIAL REGULATORS. I'M PLEASED THAT THIS AMENDMENT HAS BEEN RECOGNIZED WITH THE PROBLEMS TAKING AWAY INDEPENDENT FUNDING FOR OUR REGULATORS. BUT UNFORTUNATELY IT DOESN'T GO FAR ENOUGH. I OPPOSE THIS AMENDMENT AND URGE MY COLLEAGUES TO REJECT IT. AND THE ENTIRE WRONG CHOICE ACT. I RESERVE THE BALANCE OF MY TIME.

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  • 02:50:25 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS.

  • 02:50:29 PM

    MR. HENSARLING

    MR. CHAIRMAN, I'M HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM OHIO,…

    MR. CHAIRMAN, I'M HAPPY TO YIELD ONE MINUTE TO THE GENTLEMAN FROM OHIO, MR. DAVIDSON.

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  • 02:50:34 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 02:50:36 PM

    MR. DAVIDSON

    THANK YOU, MR. SPEAKER. I THANK THE CHAIRMAN ANTI-WORK OF THE COMMITTEE…

    THANK YOU, MR. SPEAKER. I THANK THE CHAIRMAN ANTI-WORK OF THE COMMITTEE FOR DOING THE WORK OF THE AMERICAN PEOPLE -- AND THE WORK OF THE COMMITTEE FOR DOING THE WORK OF THE AMERICAN PEOPLE. PRIOR TO COMING TO CONGRESS AS A SMALL BUSINESS OTHER I WAS FEELING THE PAIN OF THE DODD-FRANK ACT WONDERING WHETHER ANYONE IN WASHINGTON, D.C., WAS LISTENING. NOW I HAVE HAD THE OPPORTUNITY TO SERVE JUST THAT ONE YEAR NOW IN CONGRESS, I HAVE GONE AROUND THE DISTRICT, I HAVE GONE AROUND AND TALKED TO BUSINESS OWNERS, I HAVE TALKED TO FARMERS, I HAVE TALKED TO COMMUTE BANKERS THAT HAVE BEEN SUFFERING UNDER THIS LAW. BUT ONE OF THE THINGS THAT HASN'T BEEN TALKED ABOUT IS HOW THE DODD-FRANK ACT HAS HARMED THE S.E.C. HOW IT HAS DEPRIVED PEOPLE OF DUE PROCESS. ALL BUT THE WEALTHIEST AMERICANS ARE TRAPPED IN A SYSTEM WHERE THE S.E.C. HAS QUASI-JUDICIAL HEA, USING ADMINISTRATIVE LAW JUDGES. THEY HAVE A 90% WIN RATE BECAUSE THEY HAVE ALL THE KEYS. THEY CAN BLOCK DISCRETION, THEY CAN BLOCK DISCOVERY, THEY CAN LIMIT THE FACTS AND LIMIT THE DEBATE. SO ONE OF THE GOOD THINGS THAT THE DODD-FRANK REFORM, KNOWN AS THE CHOICE ACT, ACCOMPLISHES, IS ENDING THIS PROCESS SO THAT PEOPLE DO HAVE THE RIGHT TO DUE PROCESS IN OUR COURTS. I URGE MY COLLEAGUES TO VOTE YES ON H.R. 10 AND TO END THIS ABUSES OF THE PREVIOUS ERA.

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  • 02:51:59 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA.

  • 02:52:01 PM

    MR. ELLISON

    THEY REALLY ARE, BELIEVE THEM. SO WHEN CHIEF LOBBYISTS FOR THE AMERICAN…

    THEY REALLY ARE, BELIEVE THEM. SO WHEN CHIEF LOBBYISTS FOR THE AMERICAN BANKERS ASSOCIATION LEAD A PEP RALLY BEFORE 1,500 BANKERS, PAY ATTENTION. IN MARCH, HE TOLD THE A.B.A. MEMBERS ABOUT ALL THE OPPORTUNITIES FOR BANKING WITH THE REPUBLICAN CONGRESS. HE CROWED, I DON'T WANT TO SEAT AT THE TABLE. I WANT THE TABLE. IF WE READ THIS BILL, WE KNOW WHAT IT LOOKS LIKE TO GIVE THE FINANCIAL SERVICES SECTOR THE WHOLE TIME. WE KNOW THEY WANT THE WHOLE TABLE. H.R. 10 IS CLEVER AT UNDERMINING FINANCIAL REGULATORS, EMBOLDENING WALL STREET AND MAKING IT INCREDIBLY EASY TO DELAY REGULATORS EVERY STEP OF THE RULE MAKING PROCESS. IT'S IMPORTANT FOR THE PEOPLE OF AMERICA TO UNDERSTAND THAT WHEN REPUBLICANS SAY THEY WANT TO KILL REGULATIONS, USUALLY WHAT THEY ARE TALKING ABOUT IS SAFETY REGULATIONS. REGULATION THAT IS WAKE THE MATTER CLEAN, MEAT SAFE, AND THAT FINANCIAL PRODUCT THAT YOU JUST BOUGHT NOT BLOW UP IN YOUR FACE. THEY DON'T LIKE REGULATIONS BECAUSE REGULATIONS MEANS THAT THE PEOPLE WHO CONTROL SOME OF THESE PRODUCTS CAN'T JUST DO WHATEVER THEY WANT TO YOU. BUT FOR THE PEOPLE OF THE UNITED STATES, YOU SHOULD KNOW THAT FINANCIAL REGULATORS ARE GOING TO KEEP MONEY IN YOUR POCKET. THEY ARE GOING TO STOP PEOPLE WITH WAY MORE RESOURCES THAN YOU HAVE FROM PICKING YOUR POCKET. AND THAT'S WHY WE OPPOSE THIS AMENDMENT. I THINK IT'S PARTICULARLY IMPORTANT FOR PEOPLE TO REALIZE THAT THE RHETORIC THAT WE USE DENIGRATING REGULATION ALL THE TIME IS THE SAME REGULATION THAT PROTECTS US AND THAT INCLUDES IN THE FINANCIAL SERVICES SECTOR. I RESERVE. HOW MUCH TIME DO WE HAVE REMAINING?

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  • 02:53:56 PM

    THE CHAIR

    MINNESOTA HAS 15 SECONDS REMAINING.

  • 02:53:58 PM

    MR. ELLISON

    I YIELD BACK.

  • 02:53:59 PM

    THE CHAIR

    THE GENTLEMAN FROM TEXAS.

  • 02:54:01 PM

    MR. HENSARLING

    MR. CHAIRMAN, I INQUIRE HOW MUCH TIME I HAVE REMAINING.

  • 02:54:05 PM

    THE CHAIR

    THREE MINUTES.

  • 02:54:07 PM

    MR. HENSARLING

    I YIELD MYSELF THE BALANCE OF THE TIME. MR. CHAIRMAN, I KNOW THAT MY…

    I YIELD MYSELF THE BALANCE OF THE TIME. MR. CHAIRMAN, I KNOW THAT MY FRIEND AND COLLEAGUE FROM THE OTHER SIDE OF THE AISLE SPOKE ABOUT RHETORIC. UNFORTUNATELY, THAT'S PRETTY WELL ALL WE HAVE HEARD FROM MY FRIENDS ON THE OTHER SIDE OF THE AISLE. I AM FASCINATED, ABSOLUTELY FASCINATED, MR. CHAIRMAN, HOW OFTEN MEMBERS ON THE OTHER SIDE OF THE AISLE SAY I CARE SO MUCH ABOUT COMMUNITY BANKS. I CARE SO MUCH ABOUT SMALL BUSINESS. BUT, MR. CHAIRMAN, DO YOU KNOW HOW MANY AMENDMENTS THAT THEY FILED ON H.R. 10? LET ME COUNT THEM. ZERO. ZERO AMENDMENTS. WHERE'S THEIR BILL TO HELP SMALL BANKS? WHERE'S THEIR BILL TO HELP CREDIT UNIONS? THEY DON'T HAVE ONE. AND THEY DIDN'T OFFER ANY AMENDMENTS. SO THAT'S ALL WE HEAR. WE HEAR THE RHETORIC ABOUT WALL STREET, MR. CHAIRMAN. BUT IT'S FASCINATING TO ME, DON'T TAKE MY WORD FOR IT, BUT ACCORDING TO "THE WASHINGTON POST," "THE NEW YORK TIMES," THE "WALL STREET JOURNAL," THREE OF THE LARGEST PUBLICATIONS IN OUR COUNTRY, THEY ALL SAY THE SAME THING. LARGE WALL STREET BANKS SUPPORT DODD-FRANK AND THEY OPPOSE THE FINANCIAL CHOICE ACT. NOW, WHY DO THEY DO THAT? MAYBE IT'S BECAUSE MY FRIENDS ON THE OTHER SIDE OF THE AISLE ARE ONLY ALL TOO HAPPYLE TO PRESERVE WALL STREET BAILOUTS. THEY WROTE IT INTO THE LAW. THEY CODIFIED IT INTO THE LAW. AND THEN THEY TOOK THE REST OF US AND CREATED THIS THING CALLED THE ORDERLY LIQUIDATION AUTHORITY, WHICH IS NOTHING MORE THAN A TAXPAYER FUNDED BAILOUT SYSTEM. TRILLIONS OF DOLLSARS -- DOLLARS CAN BE TAKEN FROM TAXPAYERS TO BAIL OUT LARGE BANKS AND THEY DEFEND IT. NO WONDER THE LARGE BANKS SEEMINGLY ARE SATISFIED WITH THE DODD-FRANK ACT. WHO SUPPORTS THE FINANCIAL CHOICE ACT? THE CREDIT UNIONS SUPPORT IT. THE COMMUNITY BANKS SUPPORT IT. BECAUSE THEY ARE SUFFERING AND DYING UNDER THE WEIGHT OF THE LOAD OF THE DODD-FRANK ACT. AGAIN, IF WE WANT TO GET THIS ECONOMY MOVING AGAIN, IF WE WANT TO ENSURE THAT OUR HARDWORKING CONSTITUENTS FINALLY GET THE PAY INCREASE THEY DESERVE, THAT THEY FINALLY GET THE FUTURE THAT THEY DESERVE, WE MUST REJECT DODD-FRANK AND WE MUST, MUST SUPPORT NOT ONLY THIS AMENDMENT BUT THE UNDERLYING CHOICE ACT. I YIELD BACK THE BALANCE OF MY TIME.

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  • 02:56:37 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME BE. THE QUESTION SON THE…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME BE. THE QUESTION SON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM TEXAS. SO MANY AS ARE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES HAVE IT.

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  • 02:56:52 PM

    MR. ELLISON

    WE ASK FOR A RECORDED VOTE.

  • 02:56:53 PM

    THE CHAIR

    A RECORDED VOTE.

  • 02:57:08 PM

    THOSE OPPOSED, NO. WRT

    SAY AYE. THOSE OPPOSED, NO. WRT: I HAVE AN AMENDMENT AT THE DESK.

  • 02:57:10 PM

    THE CHAIR

    AMENDMENT NUMBER 2, PRINTED IN PART B OF HOUSE REPORT NUMBER 115-163,…

    AMENDMENT NUMBER 2, PRINTED IN PART B OF HOUSE REPORT NUMBER 115-163, OFFERED BY MR. HOLLINGSWORTH OF INDIANA.

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  • 02:57:15 PM

    THE CHAIR

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM INDIANA, MR.…

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM INDIANA, MR. HOLLINGSWORTH, MEMBER OPPOSED EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM INDIANA.

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  • 02:57:23 PM

    MR. HOLLINGSWORTH

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME. THANK YOU, MR. CHAIRMAN. I…

    I YIELD MYSELF SUCH TIME AS I MAY CONSUME. THANK YOU, MR. CHAIRMAN. I WOULD LIKE TO COMMEND THE CHAIRMAN OF THE FINANCIAL SERVICES COMMITTEE FOR THE HARD WORK AND ENTIRE FINANCIAL SERVICES COMMITTEE FOR ALL THE EFFORT THEY HAVE UNDERTAKEN IN TODAY'S GATE DEBATE FOR THE FINANCIAL CHOICE ACT. MR. CHAIRMAN, I RISE IN SUPPORT OF MY AMENDMENT TO THE FINANCIAL CHOICE ACT OF 2017. THIS AMENDMENT WOULD ALLOW FOR CERTAIN CLOSED IN FUNDS TO BE CONSIDERED WELL-KNOWN SEASONED ISSUERS. ULTIMATELY THE PROPOSED AMENDMENT IS BILL BUILT UPON THE FOUNDATION OF LOWERING COSTS AND INCREASING ACCESS FOR INVESTORS BY ALLOWING COMPANIES THAT MEET CERTAIN CRITERIA TO HAVE THE SAME EQUIVALENCE AS BIGGER COMPANIES THAT ALSO HAVE ACCESS TO CAPITAL MARKETS BY MAKING THEM AVAILABLE TO THOSE FAST LANES THAT ALLOW THEM TO ISSUE SHARES. IN 2005, THE S.E.C. PUT IN PLACE SIGNIFICANT REFORMS THAT WILL SOUGHT TO MODERNIZE REGISTRATION, COMMUNICATION AND OFFERING PROCESSES FOR TRADITIONAL OPERATING COMPANIES. THESE REFORMS WERE DESIGNED TO STREAMLINE THE REGISTRATION PROCESS, ESPECIALLY THOSE FOR LARGE REPORTING ISSUERS, OR WELL-KNOWN SEASONED ISSUERS. UNFORTUNATELY, THE S.E.C. EXCLUDED REGISTERED CLOSED IN FUNDS FROM THOSE REFORMS. THAT IS NOTHING MORE THAN A POOLED INVESTMENT FUND WITH A FIXED NUMBER OF SHARES THAT IS STRUCTURED AND LISTED EANCH-R AND TRADED JUST LIKE A STOCK ON THE STOCK EXCHANGE. CLOSED IN FUNDS ARE CRUCIAL TO RETIREMENT SAVINGS AND INVESTMENT VEHICLE THAT MANY RETAIL INVESTORS USE. ABOUT THREE MILLION MOM AND POP INVESTORS RELY ON CLOSED IN FUNDS TO MEET THEIR INVESTMENT NEEDS. THESE FUNDS SERVE AS LONG-TERM SOURCE OF CAPITAL, WHICH IN TURN PROMOTES JOB CREATION. SOMETHING WE CAN ALL AGREE NEEDS TO HAPPEN MORE OF IN THIS COUNTRY. CLOSED IN FUNDS ARE CURRENTLY UNDER ATTACK BY UNFAIR, ONEROUS FILING REGULATIONS. THIS COMMONSENSE AMENDMENT WOULD PROVIDE PARITY FOR THESE CERTAIN CLOSED IN FUNDS BY STREAMLINING THEIR REGISTRATION PROCESS, OFFERING COMMUNICATION PROCESSES THAT ARE CURRENTLY AVAILABLE TO OTHER PUBLICLY TRADED COMPANIES. THIS UNFAIR EXCLUSION OF CLOSED IN FUNDS HAS CREATED AN UNLEVEL PLAYING FIELD. GIVEN -- GIVING QUALIFIED CLOSED IN FUNDS THE ABILITY TO ENJOY WELL-KNOWN SEASONED ISSUER STATUS WOULD HELP THOSE FUNDS BETTER EVALUATE AND ASSESS THE MARKETS FOR THEIR OFFICIAL AND WOULD ENABLE THEM TO MORE QUICKLY ACCESS CAPITAL MARKETS. THOSE CLOSED IN FUNDS, AN IMPORTANT VEHICLE FOR RETAIL INVESTORS, WOULD ALLOW THEM TO GET CAPITAL TO MORE JOB CREATORS. THERE HAS BEEN A STEADY DECLINE IN THE NUMBER OF CLOSED IN FUNDS AND NUMBER OF NEW CLOSED IN FUNDS OFFICIAL BECAUSE OF THIS UNLEVEL PLAYING FIELD. SINCE 2007, THE NUMBER OF CLOSED IN FUNDS HAS DROPPED BY 20%. IN 2007, THERE WERE 42 NEW CLOSED IN FUND ISSUANCES. IN 2016, THERE WERE ONLY EIGHT. AND 81% DECLINE. WHAT WE CAN CALL AGREE ON IS AMERICANS NEED ACCESS TO CAPITAL. THEY NEED ACCESS TO THE CAPITAL MARKETS THAT WILL PROVIDE THEM THE CAPITAL TO THRIVE AS THEY CREATED NEW PRODUCTS. RETAIL INVESTORS ALSO NEED ACCESS TO THOSE INVESTMENTS IN ORDER TO MEET THEIR PARTICULAR NEEDS. THESE CLOSED IN FUNDS SHOULD NOT HAVE BEEN HAMSTRUNG IN THEIR ABILITY TO ACCESS THE ADVANTAGES AFFORDED TO OPERATING COMPANIES. IT IS TIME WE PROVIDE PARITY IN THIS MARKETPLACE BY LEVELING THE PLAYING FIELD. .

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  • 03:00:35 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME.

  • 03:00:37 PM

    MR. ELLISON

    I RISE IN OPPOSITION.

  • 03:00:41 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 03:00:43 PM

    MR. ELLISON

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME.

  • 03:04:16 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME.

  • 03:04:18 PM

    MR. HOLINGSWORTH

    HOW MUCH DO I HAVE LEFT?

  • 03:04:19 PM

    THE CHAIR

    THE GENTLEMAN HAS TWO MINUTES REMAINING.

  • 03:04:23 PM

    MR. HOLINGSWORTH

    I YIELD 1 1/2 MINUTES TO MR. HUIZENGA.

  • 03:06:22 PM

    MR. HOLINGSWORTH

    I WOULD JUST BUILD ON THAT TO SAY EVERY WKSI GOES THROUGH THE S.E.C.…

    I WOULD JUST BUILD ON THAT TO SAY EVERY WKSI GOES THROUGH THE S.E.C. REVIEW AND COMMENT PERIOD. WHAT WE ARE DOING HERE IS REMOVING THE DUPLICATIVE REVIEW AND COMMENT PERIOD WHICH SERVES TO DELAY CAPITAL GETTING OUT TO BUSINESSES, WHICH SERVES TO ADD COSTS TO RETAIL INVESTORS THAT USE THESE POOLS. I SUPPORT THE AMENDMENT AND I SUPPORT THE FINANCIAL CHOICE ACT OF 2017. I YIELD BACK.

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  • 03:06:50 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA.

  • 03:06:52 PM

    MR. ELLISON

    MR. CHAIRMAN, WE HAVE DISCUSSED BUSINESS DEVELOPMENT FUNDS. WE HAVE NOT…

    MR. CHAIRMAN, WE HAVE DISCUSSED BUSINESS DEVELOPMENT FUNDS. WE HAVE NOT TALKED ABOUT CLOSED-IN FUNDS IN COMMITTEE. THIS AMENDMENT INTRODUCES A NEW IDEA WHICH HAS NOT BEEN DEBATED AND FOR THAT REASON LEAN, WE SHOULD VOTE IT DOWN. WE HAVE TO HAVE REGULAR ORDER AROUND HERE. THIS IS A COMPLICATED ISSUE AND ALL THE AVENUES AND THE DIFFERENT PERSPECTIVES THAT NEED TO BE BROUGHT TO BEAR SHOULD BE DONE IN COMMITTEE, NOT RIGHT HERE. FOR THAT REASON ALONE, I ASK FOR A STRONG NO VOTE ON THIS PARTICULAR AMENDMENT. AND I YIELD BACK.

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  • 03:07:27 PM

    THE CHAIR

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM INDIANA.…

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM INDIANA. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES HAVE IT.

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  • 03:07:38 PM

    MR. ELLISON

    RECORDED VOTE.

  • 03:07:40 PM

    THE CHAIR

    PURSUANT TO CLAUSE 6, RULE 18, FURTHER PROCEEDINGS ON THIS AMENDMENT…

    PURSUANT TO CLAUSE 6, RULE 18, FURTHER PROCEEDINGS ON THIS AMENDMENT OFFERED BY THE GENTLEMAN FROM INDIANA WILL BE POSTPONED. IT IS IN ORDER TO CONSIDER AMENDMENT NUMBER 3 PRINTED IN HOUSE REPORT 115-163. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM RISE.

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  • 03:07:58 PM

    THE CLERK

    AMENDMENT NUMBER 3 PRINTED IN HOUSE REPORT 115-163 OFFERED BY MR. SMUCKER…

    AMENDMENT NUMBER 3 PRINTED IN HOUSE REPORT 115-163 OFFERED BY MR. SMUCKER OF PENNSYLVANIA.

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  • 03:08:05 PM

    THE CHAIR

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM PENNSYLVANIA, MR.…

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM PENNSYLVANIA, MR. SMUCKER, AND A MEMBER OPPOSED EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM PENNSYLVANIA.

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  • 03:08:16 PM

    MR. SMUCKER

    I THANK CHAIRMAN HENSARLING AND THE STAFF FOR THE HARD WORK THEY HAVE DONE…

    I THANK CHAIRMAN HENSARLING AND THE STAFF FOR THE HARD WORK THEY HAVE DONE ON THIS VERY IMPORTANT BILL. PROTECTING THE PERSONAL INFORMATION OF AMERICANS IS CRITICAL TO MAINTAINING FINANCIAL STABILITY. MANY OF OUR FAMILY, FRIENDS, NEIGHBORS AND CONSTITUENTS HAVE SUFFERED FROM THE THEFT OF THEIR PERSONAL INFORMATION. WHILE PRIVATE INDUSTRY WORKS HARD TO IMPLEMENT STRONG PROTECTIONS FOR OUR ONLINE INFORMATION, I BELIEVE THAT CONGRESS HAS A RESPONSIBILITY TO STAY INFORMED UNDER THREATS FACING CONSTITUENTS IN ORDER TO HELP PROTECT THOSE WE REPRESENT FROM IDENTITY THEFT AND I.R.S. FRAUD. AS YOU ARE AWARE, OVER THE PAST FEW YEARS, CONSUMER REPORTING AGENCIES AND THEIR SUBSIDIARIES EXPERIENCED DATA BREACHES. THEY OCCURRED IN 2017, 2015, 2013, 2011 AMONG OTHERS. A RECENT ATTACK ALLOWED THIEVES TO ACCESS TAXPAYER W-2'S GIVING THEM THE ABILITY TO FILE FRAUDULENT RETURNS. PROTECTING CONSUMERS AND THE CONSTITUENTS I SERVE IN PENNSYLVANIA'S 16TH DISTRICT IS MY DUTY IN CONGRESS AND THIS INCLUDES CYBERACTIVITY. IN 2015, THE I.R.S. PAID OUT $5.8 BILLION IN FRAUDULENT REFUNDS TO IDENTITY THIEVES. WHILE IT IS IMPORTANT THAT IT IS NOT ATTRIBUTABLE TO THE HACKS I ALREADY REFERENCED, WE SHOULD IMPROVE CONSUMER PROTECTIONS AND HELP STOP THE ABUSE. OUR CONSTITUENTS RELY ON CONSUMER REPORTING AGENCIES TO MONITOR THEIR CREDIT FOR THEFT OR NEFARIOUS ACTIVITIES. MY AMENDMENT ENCOURAGES THESE AGENCIES COLLECTING HIGHLY SENSITIVE FINANCIAL INFORMATION TO DO EVERYTHING THEY DEEM FEASIBLE TO ADEQUATELY PROTECT OUR CONSTITUENTS FROM IDENTITY FRAUD THAT CAN WREAK HAVOC ON THEIR FINANCIAL STABILITY AND PERSONAL MATTERS. C.R.A. COLLECT LARGE AMOUNTS OF CONFIDENTIAL DATA. THESE COMPANIES ARE UNDER CONSTANT ATTACK BY CYBER THIEVES. THFER THIS LANGUAGE MERELY ENCOURAGES THEM TO USE THE STRONGEST PROTECTION FOR CONSUMER DATA. H.R. 10 TAKES CRITICAL STEPS TO IMPROVING OUR CONSUMER PROTECTIONS WHILE IMPROVING OUR ECONOMIC AND REGULATORY ENVIRONMENT AND MY AMENDMENT IS ABOUT SIGNALLING OUR SHARED DESIRE TO PROTECT OUR CONSTITUENTS AND THEIR DATA. I WOULD LIKE TO THANK CHAIRMAN HENSARLING FOR HIS SUPPORT OF THIS AMENDMENT THAN -- AND I URGE SUPPORT OF THIS AMENDMENT. I RESERVE.

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  • 03:11:06 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MINNESOTA.

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  • 03:11:11 PM

    MR. ELLISON

    MR. CHAIRMAN, THERE MIGHT BE SOME MERIT TO THIS AMENDMENT BUT I STILL…

    MR. CHAIRMAN, THERE MIGHT BE SOME MERIT TO THIS AMENDMENT BUT I STILL CLAIM TIME IN OPPOSITION, BECAUSE IT WASN'T BROUGHT UP IN COMMITTEE. I THINK THERE'S A LOT OF HASHING OUT OF THIS PARTICULAR AMENDMENT COULD HAVE HAPPENED AND WHO KNOWS, WE MIGHT HAVE BEEN ABLE TO AGREE. AT THIS POINT IN THIS PROCESS, I CLAIM TIME IN OPPOSITION AND I'LL EXPLAIN WHY. IF WE CAN WORK ON IT LATER, WE'LL SEE WHAT HAPPENS. BUT FOR NOW, WE ARE URGING A STRONG NO. THIS AMENDMENT PURPORTS TO ADDRESS THE GROWING PROBLEM OF IDENTITY THEFT. HOWEVER, I'M CONCERNED THAT IT MAY MAKE IT HARDER FOR SOME CONSUMERS WHO WANT TO OBTAIN THEIR OWN REPORTS, PARTICULARLY THOSE USING THE WEB SITE ANNUALCREDITREPORT.COM TO ACCESS THEIR FREE CONSUMER REPORTS FROM NATIONWIDE CREDIT REPORTING AGENCIES OR C.R.A.'S. THE AMENDMENT PURPORTS TO COMBAT IDENTITY THEFT BUT FOCUSES ON AWE THEN TI FIX REQUIREMENTS, NOT ON ALL USERS WHO HAVE ACCESS TO CONSUMER REPORTS LIKE LANDLORDS OR EMPLOYERS. THE WEB SITE MAINTAINED BY THE THREE BIG C.R.A.'S REQUIRE CONSUMERS TO PROVIDE PERSONAL IDENTIFIABLE INFORMATION AND TO SUCCESSFULLY ANSWER QUESTIONS ABOUT INFORMATION ON THEIR CONSUMER FILES BEFORE GIVING THEM ACCESS TO REPORTS ONLINE. IN THE 2017 REPORT, THE CONSUMER BUREAU NOTED THAT CREDIT REPORTING COMPLAINTS ARE CONSISTENTLY AMONG THE TOP THREE TYPES OF CONSUMER COMPLAINTS IT HANDLES AND WITH CONSUMERS ARE DENIED ONLINE ACCESS, THEY HAVE TO MAIL COPIES OF SENSITIVE DOCUMENTS IN ORDER TO OBTAIN THEIR REPORTS WHICH CONSUMERS SAID IS TIME CONSUMING AND POTENTIALLY UNSECURED. THIS AMENDMENT COULD MAKE THIS SITUATION EVEN WORSE. I FIND IT CONFUSING THAT THE HOUSE IS CONSIDERING THIS AMENDMENT TO A BILL THAT WILL HAMSTRING THE ONLY FEDERAL AGENCY, THE CONSUMER BUREAU, THAT HAS RULEMAKING, SUPERVISORY AND AUTHORITY OVER MOST CONSUMER PRESENTENCE REPORTING AGENCIES AND ADDRESSED MANY CREDIT REPORTING PROBLEMS. IF MEMBERS SUPPORT THIS AMENDMENT, THEN IT SIMPLY DOES NOT MAKE SENSE TO ME FOR THE SAME MEMBERS TO SUPPORT H.R. 10, WHICH WILL GUT THE CONSUMER BUREAU'S POLICY TO ADDRESS PROBLEMS LIKE IDENTITY THEFT. BEFORE DODD-FRANK, THE FEDERAL TRADE COMMISSION WAS THE ONLY FEDERAL AGENCY WITH ENFORCEMENT AUTHORITY OVER THE C.R.A.'S, BUT THERE WAS NO ENTITY WITH SUPERVISORY AUTHORITY. DODD-FRANK CLOSED THAT GAP BY GIVING THEM THE SUPERVISORY AUTHORITY TO MONITOR OPERATIONS. JUST THIS YEAR THROUGH THE GOOD WORK OF THE CONSUMER BUREAU'S EXERCISE, THEY ISSUED ENFORCEMENT ORDERS AGAINST ALL OF THE BIG THREE C.R.A.'S FROM MISLEADING PRACTICES THAT HARM CONSUMERS. I URGE COLLEAGUES TO OPPOSE THIS AMENDMENT AND REJECT THE WRONG CHOICE ACT. AND I HOPE WE WITH CAN TALK ABOUT THIS LEGISLATION BEFORE IT GETS TO THE FLOOR BECAUSE THAT IT WOULD BE BETTER AND MORE PROPER IN ORDER. I RESERVE.

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  • 03:14:29 PM

    THE CHAIR

    THE GENTLEMAN FROM PENNSYLVANIA.

  • 03:14:32 PM

    MR. SMUCKER

    MY TIME TO THE GENTLEMAN FROM MISSOURI, MR. LUETKEMEYER.

  • 03:14:43 PM

    MR. LUETKEMEYER

    RESERVATIONS OVER THE AMENDMENT FROM THE GENTLEMAN FROM PENNSYLVANIA. I…

    RESERVATIONS OVER THE AMENDMENT FROM THE GENTLEMAN FROM PENNSYLVANIA. I THINK IT'S IMPORTANT WE SET THE RECORD STRAIGHT ON A FEW POINTS. INFORMATION THAT THE GENTLEMAN SEEMS TO INDICATE THAT THE CREDIT REPORTING AGENCIES ARE NOT REQUIRED TO ADHERE TO ANY THOROUGH SECURITY DATA STANDARD. THE FINANCIAL SERVICES INDUSTRY HAS HAD REQUIREMENTS IN PLACE FOR NEARLY 20 YEARS. THE AMENDMENT'S SPONSOR SAID THE CREDIT REPORTING AGENCIES DO NOT HAVE ANY FEDERAL REQUIREMENTS FOR CYBER REPORTING PRACTICES. AND SO IT ISN'T THE CASE. CREDIT REPORTING AGENCIES ARE REQUIRED TO ADHERE TO NUMEROUS DATA AND CONSUMER PROTECTION LAWS AND ALONG WITH SEVERAL FEDERAL RULES AND STANDARDS. I HAVE SOME CONCERNS THAT CONGRESS SHOULD NOT BE IN THE BUSINESS OF DICTATING SPECIFIC METHODOLOGIES. THE AWE THEN TI OCCASION PRURE COULD BE RIGHT SOMETIMES, BUT CIRCUMSTANCES, INNOVATION AND THE PASSAGE OF TIME INDICATE OTHERWISE. AS CHAIRMAN OF THE FINANCIAL SERVICES SUBCOMMITTEE ON FINANCIAL INSTITUTIONS, WE WANT TO LOOK AT THIS ISSUE AND HOPE THE GENTLEMAN WORKS WITH US. I YIELD BACK. .

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  • 03:16:08 PM

    THE CHAIR

    THE GENTLEMAN FROM PENNSYLVANIA HAS ONE MINUTE REMAINING.

  • 03:16:12 PM

    MR. SMUCKER

    I'D LIKE TO RESERVE THE BALANCE OF MY TIME.

  • 03:16:15 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MINNESOTA.

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  • 03:16:18 PM

    MR. ELLISON

    THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, I WOULD LIKE TO TALK ABOUT AN ISSUE…

    THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN, I WOULD LIKE TO TALK ABOUT AN ISSUE SOMEWHAT RELATED THAT IS CRITICAL IN THIS DEBATE AND WOULD GO A LONG WAY TOWARD IMPROVING OUR ECONOMY AND THE CHANCES OF CONSUMERS. I HAVE A BILL, H.R. 435, THE CREDIT ACCESS AND INCLUSION ACT. MY AMENDMENT WOULD HELP SOLVE PROBLEMS OF THE FINANCIAL SERVICES COMMITTEE -- PROBLEMS THE FINANCIAL SERVICES COMMITTEE HAS BEEN DISCUSSING FOR A DECADE. I WOULD LIKE TO BRING TO THE ATTENTION OF THE BODY THAT THIS CREDIT ACCESS AND INCLUSION ACT WAS GOOD LEGISLATION AND SHOULD BE TAKEN UP. IT WOULD ADDRESS A PROBLEM, ACCESS TO CREDIT, THAT THE LEADER OF THIS BILL SAYS HE WANTS TO SOLVE. MY BILL WOULD ALLOW UTILITY, TELECOM, PUBLIC AND SECTION 8 HOUSING RESIDENTS TO BUILD A CREDIT SCORE WITHOUT DEBT. IT PROVIDES AFFIRMATIVE PERMISSION FOR UTILITY, TELECOM AND HOUSING PROVIDERS TO REPORT ON-TIME PAYMENT INFORMATION TO CREDIT REPORTING AGENCIES. I'VE INTRODUCED THIS BILL IN FOUR CONSECUTIVE CONGRESSES. THIS BILL, I INTRODUCED IT WITH MR. PITTINGER AS A LEAD. IT HAS THE SUPPORT OF MANY MEMBERS OF THE COMMITTEE, INCLUDING REPRESENTATIVES MALONEY, DUFFY, GREEN, STIVERS, MEEKS, LOVE, CAPUANO AND MORE. TRULY BIPARTISAN PIECE OF LEGISLATION. WHY AM I COMMITTED TO PASSING THE BILL? BECAUSE ONE IN 10 AMERICANS DO NOT HAVE A CREDIT SCORE. THESE 26 MILLION PEOPLE ARE INVISIBLE. ARE CREDIT-INVISIBLE. THEY CAN HAVE TROUBLE GETTING AN APARTMENT AND MIGHT PAY MORE FOR INSURANCE AND THEY'LL HAVE A VERY HARD TIME QUALIFYING A LOAN TO BUY A CAR OR A HOME. ANOTHER 19 MILLION ARE UNSCOREABLE BECAUSE THERE'S TOO LITTLE INFORMATION IN THEIR FILES. ONE IN FOUR AFRICAN-AMERICANS AND ONE IN FOUR LATINOS ARE CREDIT-INVISIBLE AND UNSCOREABLE.

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  • 03:18:05 PM

    THE CHAIR

    THE GENTLEMAN FROM PENNSYLVANIA.

  • 03:18:07 PM

    MR. SMUCKER

    THE GENTLEMAN IS RECOGNIZED.

  • 03:18:13 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 03:18:14 PM

    MR. HENSARLING

    I THANK THE GENTLEMAN FROM PENNSYLVANIA FOR YIELDING. I THANK HIM FOR HIS…

    I THANK THE GENTLEMAN FROM PENNSYLVANIA FOR YIELDING. I THANK HIM FOR HIS LEADERSHIP, INDEED THE WHOLE ISSUE OF DATA SECURITY IS SO VITAL TO OUR CONSTITUENTS. SO MANY OF THEM HAVE BEEN VICTIMIZED BY IDENTITY THEFT. AND SO I APPRECIATE HIS LEADERSHIP ON THIS ISSUE. AND I KNOW THAT CHAIRMAN LUETKEMEYER AND OUR COMMITTEE WILL BE LEADING ON THIS ISSUE. SO I SUPPORT THIS UNDERLYING AMENDMENT. I DO HAVE SOME OUTSTANDING QUESTIONS ON WHAT TYPE OF MULTIFACTOR AUTHENTICATION WOULD BE REQUIRED. I WANT TO ENSURE THAT WE DO NOT SPECIFY THE TECHNOLOGY. THIS IS A SENSE OF CONGRESS PROVISION, BUT I LOOK FORWARD TO WORKING VERY CLOSELY WITH CONGRESSMAN SMUCKER TO REFINE THE CONCEPT AS IT GOES FORWARD. I THANK HIM FOR HIS LEADERSHIP. AND I YIELD BACK TO HIM.

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  • 03:19:00 PM

    THE CHAIR

    THE GENTLEMAN FROM PENNSYLVANIA.

  • 03:19:03 PM

    MR. SMUCKER

    THANK YOU TO BOTH CHAIRMEN. THIS DOES NOT OBVIOUSLY REPLACE ANY WORK THAT…

    THANK YOU TO BOTH CHAIRMEN. THIS DOES NOT OBVIOUSLY REPLACE ANY WORK THAT THEY'RE DOING. THIS IS A VERY, VERY IMPORTANT ISSUE. THIS IS A SENSE OF CONGRESS SIMPLY SAYING THAT WE ARE VERY CONCERNED ABOUT THE SECURITY OF THE DATA OF OUR CONSTITUENTS AND WE'RE ASKING THAT TO BE LOOKED AT. BUT CERTAINLY THERE'S A LOT OF WORK TO BE DONE AND I LOOK FORWARD TO WORKING WITH BOTH THE CHAIRMAN -- BOTH THE CHAIRMEN ON THIS ISSUE. I YIELD BACK THE BALANCE OF MY TIME.

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  • 03:19:28 PM

    THE CHAIR

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM…

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM PENNSYLVANIA. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES HAVE IT. THE AYES HAVE IT. THE AMENDMENT IS AGREED TO. IT IS NOW IN ORDER TO CONSIDER AMENDMENT NUMBER 4 PRINTED IN PART B OF HOUSE REPORT 115-163. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW YORK SEEK RECOGNITION?

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  • 03:19:45 PM

    MR. FASO

    I HAVE AN AMENDMENT AT THE DESK.

  • 03:19:47 PM

    THE CLERK

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM NEW YORK AND A MEMBER…

    PURSUANT TO HOUSE RESOLUTION 375, THE GENTLEMAN FROM NEW YORK AND A MEMBER OPPOSED EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM NEW YORK.

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  • 03:20:03 PM

    MR. FASO

    MR. CHAIRMAN, I YIELD MYSELF AS MUCH TIME AS I MAY CONSUME.

  • 03:20:06 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 03:20:07 PM

    MR. FASO

    MR. CHAIRMAN, I RISE TODAY TO EXPRESS MY SUPPORT FOR THE FINANCIAL CHOICE…

    MR. CHAIRMAN, I RISE TODAY TO EXPRESS MY SUPPORT FOR THE FINANCIAL CHOICE ACT AND TO EXPRESS MY APPRECIATION TO CHAIRMAN HENSARLING AND THE COMMITTEE FOR ALL THEIR FINE WORK. AND TO OFFER AN AMENDMENT THAT WILL HELP SMALL COMMUNITY BANKS ORGANIZED AS MUTUAL HOLDING COMPANIES ATTRACT INVESTORS AND MAINTAIN LONGEVITY IN COMMUNITIES ACROSS AMERICA AND IN UPSTATE NEW YORK, WHICH I REPRESENT. SEVEN YEARS SINCE ITS ENACTMENT, IT'S BECOME DEMRARINGLY APPARENT THAT DODD-FRANK -- GLARINGLY APPARENT THAT DODD-FRANK HAS WORKED TO ADVANTAGE BIG BANKS ON WALL STREET, BUT FOR MANY OF MY CONSTITUENTS, THE MOST DETRIMENTAL ASPECTS OF DODD-FRANK TO UPSTATE NEW YORK AREN'T NECESSARILY WHAT IS GOING ON ON WALL STREET, BUT RATHER THE DAMAGE IT HAS INFLICTED UPON SMALL COMMUNITY BANKS AND MAIN STREET. AS HAS BEEN HIGHLIGHTED HERE TODAY, THE U.S. IS LOSING COMMUNITY BANKS AT A RATE OF ONE PER DAY. THESE DISAPPEARING INSTITUTIONS ARE NEIGHBORHOOD BANKS THAT ARE WILLING TO MAKE LOANS TO FAMILIES FOR MORTGAGES OR HOME EQUITY, TO SMALL BUSINESSES TO COVER PAYROLL AND INVESTMENT, INVESTING IN OUR COMMUNITIES, SPONSORING OUR KIDS' BASEBALL TEAMS, AND UNDERSTANDING THE CORE PRINCIPLES OF THE COMMUNITIES THAT THEY SERVE. MR. CHAIRMAN, MY AMENDMENT IS QUITE SIMPLE. IT SEEKS TO HELP ALL COMMUNITY BANKS THAT ELECT TO RAISE CAPITAL THROUGH A MUTUAL HOLDING COMPANY OR AN M.H.C. CHARTER. DODD-FRANK AND THE IMPLEMENTING FEDERAL RESERVE REGULATIONS CAME DOWN HARD ON THESE MUTUAL HOLDING COMPANIES, PUTTING ONEROUS, EXPENSIVE REGULATIONS ON THESE MUTUAL HOLDING COMPANIES, JUST FOR THEM TO WAVE THE -- WAIVE THE RECEIPTS OF DIVIDENDS, PRACTICE WHICH WAS COMMON PRE-DODD-FRANK, AND IT WORKED VERY WELL. IN NEW YORK STATE, BANKS SUCH AS THE BANK OF GREEN COUNTY, NORTHEAST COMMUNITY BANK, LAKE SHORE SAVINGS BANK, AND MANY OTHERS THROUGHOUT THE EMPIRE STATE AND THROUGHOUT THE COUNTRY HAVE BEEN BURDENED BY DODD-FRANK'S NONSENSICAL DIVIDEND WAIVER RULES. MY AMENDMENT CUTS THE RED TAPE, RESTORES THE DIVIDEND WAIVER PROCESS TO WHAT IT WAS PRIOR TO DODD-FRANK, AND FREES UP CAPITAL TO BE RE-INVESTED IN OUR COMMUNITIES. I ASK MY COLLEAGUES TO SUPPORT MY AMENDMENT AND I RESERVE THE BALANCE OF MY TIME.

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  • 03:22:21 PM

    MR. ELLISON

    I CLAIM TIME IN OPPOSITION,

  • 03:22:23 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR FIVE MINUTES.

  • 03:22:25 PM

    MR. ELLISON

    MR. CHAIRMAN, THIS AMENDMENT IS ANOTHER EXAMPLE OF REPUBLICANS CHOOSING TO…

    MR. CHAIRMAN, THIS AMENDMENT IS ANOTHER EXAMPLE OF REPUBLICANS CHOOSING TO PRIORITIZE THE INTERESTS OF CORPORATE INSIDERS OVER CONSUMERS. WHICH IS WHAT THE WRONG CHOICE ACT REALLY SYMBOLIZES. WE SHOULD NOT PREVENT REGULATORS FROM ADDRESSING POTENTIAL CONFLICTS OF INTEREST, BUT INSTEAD LET ALL SHAREHOLDERS HAVE THEIR VOICE BE HEARD. WHILE DEMOCRATS STAND READY TO WORK ON TARGETED REFORMS TO HELP RESPONSIBLE COMMUNITY BANKS AND CREDIT UNIONS, WE WILL REJECT ANY IDEOLOGICAL LEGISLATION THAT PUTS OUR FINANCIAL SYSTEM AND ECONOMY AT RISK OF ANOTHER CRASH. AND IT GIVES A LEG UP TO WALL STREET AND PREDATORY LENDERS TO RIP OFF CONSUMERS ALL OVER AGAIN. REPUBLICANS LIKE TO PRETEND THAT WALL STREET REFORM DESTROYED OUR FINANCIAL SYSTEM AND ECONOMY. BUT THE ALTERNATIVE FACTS HAVE NO BASIS IN REALITY. THANKS TO WALL STREET REFORM AND OTHER DEMOCRATIC POLICIES, OUR ECONOMY HAS MADE SIGNIFICANT GAINS SINCE THE DEPTHS OF THE FINANCIAL CRISIS. SINCE DODD-FRANK BECAME LAW, WE HAVE SET A RECORD WITH 86 CONSECUTIVE MONTHS OF PRIVATE SECTOR JOB GROWTH, DURING WHICH THE ECONOMY CREATED MORE THAN 16 MILLION PRIVATE SECTOR JOBS. LET ME ASSURE YOU, MUCH MORE WORK NEEDS TO BE DONE. BUT THIS RECORD IS IMPORTANT AND MUST BE NOTED. FINANCIAL INSTITUTIONS ARE THRIVING SINCE THE PASSAGE OF DODD-FRANK. ACCORDING TO THE FDIC, BANKS ARE POSTING RECORD PROFITS SINCE THE CRISIS. PROFITS FOR COMMUNITY BANKS INCREASED MORE THAN 10% IN THE PAST YEAR. IN 2016 THE BANKING INDUSTRY SET AN ALL-TIME RECORD WITH $171 BILLION IN PROFITS. BUSINESS LENDING HAS INCREASED 75% SINCE DODD-FRANK BECAME LAW. CREDIT UNION MEMBERSHIP HAS EXPANDED BY MORE THAN 16 MILLION MEMBERS SINCE 2010 AND IN-- 2010, AN INCREASE OF 18%. THIS IS HAPPENING IN PART BECAUSE WE HAVE A SYSTEM THAT IS FAIRER, BECAUSE BAD ACTORS ARE HELD ACCOUNTABLE. THE HIGHLY SUCCESSFUL CONSUMER FINANCIAL PROTECTION BUREAU HAS RETURNED NEARLY $12 BILLION TO 29 MILLION CONSUMERS WHO WERE RIPPED OFF BY UNFAIR, DECEPTIVE AND ABUSIVE PRACTICES OF BAD ACTORS. THIS TOUGH CONSUMER ENFORCEMENT APPROACH HAS PUT THE ENTIRE FINANCIAL INDUSTRY ON NOTICE TO FOLLOW THE LAW AND TREAT THEIR CONSUMERS FAIRLY, OR SUFFER THE CONSEQUENCES. SO THE ECONOMY IS DOING AS WELL, FINANCIAL INSTITUTIONS ARE DOING WELL -- DOING WELL, FINANCIAL INSTITUTIONS ARE DOING WELL, AND CONSUMERS ARE FINALLY BEING PROTECTED. THE LAST THING WE SHOULD DO IS GO BACK TO A FAILED, WEAK REGULATORY MODEL THAT GAVE US BANK BAILOUTS AND THE GREAT RECESSION. BUT THAT IS WHAT THE REPUBLICANS ARE OFFERING THE AMERICAN PEOPLE WITH THIS BILL. I URGE MY COLLEAGUES TO REJECT THIS AMENDMENT AND THE WRONG CHOICE ACT AND I RESERVE THE BALANCE OF MY TIME.

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  • 03:25:12 PM

    THE CHAIR

    THE GENTLEMAN FROM NEW YORK.

  • 03:25:13 PM

    MR. FASO

    MR. CHAIRMAN, HOW MUCH TIME DO I HAVE?

  • 03:25:17 PM

    THE CHAIR

    THE GENTLEMAN FROM NEW YORK HAS THREE MINUTES REMAINING.

  • 03:25:19 PM

    MR. FASO

    MR. CHAIRMAN, THANK YOU. MR. CHAIRMAN, I LISTENED TO THE STATEMENT OF THE…

    MR. CHAIRMAN, THANK YOU. MR. CHAIRMAN, I LISTENED TO THE STATEMENT OF THE GENTLEMAN FROM MINNESOTA AND I IS -- I HAVE TO SAY, I'M REMINDED OF WHAT FORMER SENATOR MOYNIHAN SAID ABOUT, WE'RE ALL ENTITLED TO OUR OWN OPINIONS, BUT NOT OUR OWN FACTS. HERE ARE THE FACTS. THE BANKS THAT ARE ORGANIZED AS MUTUAL HOLDING COMPANIES, ORGANIZED THAT WAY, THEY ARE OWNED BY THEIR DEPOSITORS AND THEY'VE ALSO BEEN ABLE TO SELL PUBLICLY TRADED STOCKS. BUT THEY KEEP A MAJORITY POSITION IN THE MUTUAL HOLDING COMPANY. WHY? BECAUSE THEY WANT TO MAINTAIN THE COMMUNITY INVOLVEMENT, THEY WANT TO MAINTAIN THE COMMUNITY OWNERSHIP AND NOT HAVE THEIR BANK TAKEN OVER BY A DISTANT SERIES OF INVESTORS. AND THAT'S WHAT IS EXACTLY HAPPENING IN -- WITH THE BANK OF GREEN COUNTY, FOR INSTANCE, IN MY DISTRICT. THE BANK OF GREEN COUNTY HAS A -- IS A MUTUAL HOLDING COMPANY. THEY OWN 55%. THE MUTUAL HOLDING COMPANY OWNS 45% OF THE BANK. IT'S OWNED BY THE DEPOSITORS. THE PUBLIC -- 55% OF THE BANK. IT'S OWNED BY THE DEPOSITORS. THE PUBLIC SHAREHOLDERS, 45%. BECAUSE OF THE CHANGE IN THE REGULATORY PROCESS THAT WAS ELIMINATED IN DAUD, EVERY TIME THE MUTUAL -- DODD-FRANK, EVERY TIME THE MUTUAL HOLDING COMPANY HAS DIVIDENDS ANNUALLY TO WAIVING, THEY MUST SEND A NOTICE TO EVERY DEPOSITOR, A DEPOSITOR MIGHT HAVE $5 IN THE ACCOUNT OR $50,000, THEY HAVE TO MAIL A NOTICE TO THEM, IT COST THEM $150,000 A YEAR. THAT'S WASTED. IT'S SIMPLY WASTED. AND THAT MONEY CAN'T BE RE-INVESTED IN OUR COMMUNITY. SO, MR. CHAIRMAN, I REGRET THAT THE MINORITY IS MISREPRESENTING WHAT WE'RE TRYING TO DO HERE. WE ARE DEFENDING THE INTERESTS OF SMALL COMMUNITY BANKS, ORGANIZED AS MUTUAL HOLDING COMPANIES, THAT WANT TO KEEP THEIR OWNERSHIP OF THEIR BANK LOCAL. IN FACT, THE BANK THAT I'M TALKING ABOUT, THEY DON'T EVEN SECURITIZE THEIR MORTGAGES. THEY UNDERWRITE AND KEEP ALL THEIR MORTGAGES LOCALLY IN THEIR PORTFOLIO. MR. CHAIRMAN, I RESERVE THE BALANCE OF MY TIME.

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  • 03:27:21 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MINNESOTA.

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  • 03:27:31 PM

    MR. ELLISON

    I'LL RECOGNIZE THE GENTLELADY FROM CALIFORNIA, MINORITY LEADER, NANCY…

    I'LL RECOGNIZE THE GENTLELADY FROM CALIFORNIA, MINORITY LEADER, NANCY PELOSI, FOR ONE MINUTE.

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  • 03:27:36 PM

    THE CHAIR

    THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

  • 03:27:40 PM

    MS. PELOSI

    THANK YOU, MR. SPEAKER. I THANK THE GENTLEMAN FOR YIELDING. I THANK HIM,…

    THANK YOU, MR. SPEAKER. I THANK THE GENTLEMAN FOR YIELDING. I THANK HIM, MR. ELLISON, AND OUR RANKING MEMBER, CONGRESSWOMAN WATERS, FOR THEIR GREAT LEADERSHIP ON BEHALF OF AMERICAN CONSUMERS, AMERICAN INVESTORS, AND AMERICAN TAXPAYERS. I RISE IN OPPOSITION TO THE AMENDMENT AND TO THE BILL. MR. SPEAKER, TODAY HOUSE REPUBLICANS ARE PUSHING A DANGEROUS, WALL STREET-FIRST BILL THAT WOULD DRAG US RIGHT BACK TO THE DAYS OF THE GREAT RECESSION. EIGHT YEARS AGO UNCHECKED RECKLESSNESS ON WALL STREET IGNITED A FINANCIAL MELTDOWN THAT DEVASTATED FAMILIES IN EVERY STATE IN THE UNION. HUNDREDS OF THOUSANDS OF PEOPLE LOST THEIR JOBS EVERY MONTH AND THE UNEMPLOYMENT RATE SOARED TO 10%. MORE THAN 11 MILLION AMERICANS LOST THEIR HOMES THROUGH FORECLOSURE. $13 TRILLION IN WEALTH, INCLUDING FAMILIES' HARD-EARNED RETIREMENT SAVINGS AND COLLEGE SAVINGS, WERE DESTROYED. ON THE NIGHT OF THURSDAY, SEPTEMBER 18, 2008, THE TREASURY SECRETARY CAME TO THE CAPITOL FOR AN EMERGENCY MEETING WITH CONGRESSIONAL LEADERS, DEMOCRATS AND REPUBLICANS, FROM THE HOUSE AND THE SENATE, TO INFORM US OF THE FINANCIAL MELTDOWN. AND THAT WOULD BE SECRETARY PAULSON. HE DESCRIBED THE FINANCIAL MELTDOWN, WHICH WAS HORRIFIC. WHEN I ASKED THE CHAIRMAN OF THE FED, BERNANKE, WHAT HE THOUGHT OF THE TREASURY SECRETARY -- WHAT HE THOUGHT OF WHAT HE WAS TELLING US, HE TOLD US, CHAIRMAN BERNANKE TOLD US THAT IF WE DID NOT ACT IMMEDIATELY, WE WOULD NOT HAVE AN ECONOMY BY MONDAY. WE WOULD NOT HAVE AN ECONOMY, MR. HENSARLING, BY MONDAY. TENS OF MILLIONS OF MIDDLE CLASS FAMILIES ACROSS AMERICA STILL BEAR THE SCARS. YOU SAW ON THE RIGHT THE RISE OF THE TEA PARTY. ON THE LEFT, OCCUPY WALL STREET. THE DEMOCRATIC CONGRESS VOWED THAT MAIN STREET TAXPAYERS MUST NEVER AGAIN PAY THE PRICE FOR THE RECKLESSNESS OF SOME ON WALL STREET. I DON'T PAINT EVERYBODY THERE WITH THE SAME BRUSH. BUT MANY ON WALL STREET, THAT PREDATORY LENDERS AND PROFIT TEARS HAD ABUSED AMERICAN -- PROFIT EARS HAD ABUSED AMERICAN -- PROFITIERS HAD ABUSED AMERICANS FOR FAR TOO LONG. WE ENACTED DODD-FRANK. CRITICAL REFORMS TO PROTECT HARDWORKING AMERICANS AND TO ASSIST, INSIST ON ACCOUNTABILITY FROM WALL STREET. THE CONSUMER FINANCIAL THE CFPB HAS RETURNED NEARLY $12 BILLION WORTH OF COMPENSATION TO 29 MILLION WRONGED AMERICANS, MANY OF THEM SENIORS. MANY OF THEM SENIORS. WITH THIS BILL, THE REPUBLICANS WOULD UNDO THESE SAFEGUARDS, TAKE OUR COUNTRY BACK TO THE DAYS OF MASSIVE TAXPAYER BAILOUTS. WE CANNOT LET THAT HAPPEN. OUR REPUBLICAN COLLEAGUES HAVE NAMED THIS DREADFUL LEGISLATION, THIS WALL STREET FIRST LEGISLATION, THE CHOICE ACT. THE CHOICE ACT TO PREY ON INVESTORS, TO PREY ON CONSUMERS, TO PREY ON TAXPAYERS. THAT'S THE CHOICE THEY WANT TO GIVE THE FINANCIAL INSTITUTIONS. BUT LET'S LOOK AT THE CHOICES IT REPRESENTS. INSTEAD OF PROTECTING CONSUMERS, REPUBLICANS CHOOSE TO HELP THOSE WHO TRY TO CHEAT CONSUMERS. INSTEAD OF PROTECTING SENIORS, REPUBLICANS CHOOSE TO HELP THOSE WHO PREY ON THEIR RETIREMENT SAVINGS. INSTEAD OF PROTECTING MEN AND WOMEN IN UNIFORM, REPUBLICANS CHOOSE TO HELP THOSE WHO TAKE ADVANTAGE OF OUR SERVICE MEMBERS' FAMILIES, WHILE OUR HEROES ARE DEFENDING OUR FREEDOM ON THE BATTLEFIELD. INSTEAD OF ADVANCING AN ECONOMY THAT WORKS FOR EVERYONE. REPUBLICANS CHOOSE TO HELP THE SPECIAL INTERESTS AND STIFF WORKING PEOPLE WITH THE BILL FOR A BAILOUT. THEY HAVE BEEN HAND MAIDENS OF THE SPECIAL INTERESTS, BUT EVEN FOR THEM WHEN WE HAVE SEEN IT ALL, THIS TAKES THEM TO A NEW LOW. SO THEY CALL IT THE CHOICE ACT, BUT THESE ARE NOT THE CHOICES THAT THE AMERICAN PEOPLE WANT. THEY ARE CHOICES OF THE REPUBLICAN PARTY THAT PUTS WALL STREET FIRST, THEIR HAND MAIDENS OF SPECIAL INTERESTS. SO WHILE DIRECTOR COMEY TESTIFIED IN THE SENATE EARLIER TODAY, ON THIS SIDE OF THE CAPITOL, HOUSE REPUBLICANS ARE FEEDING WORKING FAMILIES TO THE WOLFS ON WALL STREET. THE PERVASIVE INCENTIVES BAKED INTO THE REPUBLICAN BILL WILL ENABLE THE PREDATORY TO PUNISH THE HONEST. HERE WE GO. WE HAVE A CONSUMER FINANCIAL PROTECTION BUREAU, 29 MILLION AMERICANS BENEFITING FROM $12 BILLION IN COMPENSATION. OH, THEY DON'T LIKE THAT. THEY WANT TO DO AWAY WITH THAT. THE VOLCKER RULE, WHICH WOULD PREVENT THE FINANCIAL INSTITUTIONS FROM TAKING RISKS AT THE TAXPAYERS' EXPENSE, THE CLASSIC REPUBLICAN PRIVATIZE THE GAIN, NATIONALIZE THE RISK. IF WE WIN, THE PRIVATE SECTOR AND THESE BANKS BENEFIT. IF WE LOSE, THE TAXPAYER PAYS THE TAG. SOMETHING THAT HAD NOTHING TO DO WITH THE DODD-FRANK BILL, THE FIDUCIARY RULE, WHICH ONLY SIMPLY SAID THAT FINANCIAL ADVISERS SHOULD HAVE THE INTERESTS OF THE INVESTOR THAT THEY ARE ADVISING AT HEART. THIS BILL SAYS, NO, WE'RE DOING AWAY FROM THE VERY COMPROMISE, I MIGHT SAY, FIDUCIARY RULE. THAT FIDUCIARY RULE TO PROTECT INVESTORS. AS I SAY, I DON'T PAINT ALL OF WALL STREET WITH THE SAME BRUSH -- I HAVE AS MUCH AS I NEED. I KNOW YOU DON'T WANT ME TO TALK ABOUT THIS BECAUSE IT IS THE TRUTH ABOUT WHAT YOU ARE DOING TO THE AMERICAN PEOPLE. BUT AS THE LEADER -- I'M ALLOWED TO SPEAK ON THE FLOOR.

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  • 03:34:31 PM

    THE CHAIR

    THE GENTLELADY CONTROLS THE TIME.

  • 03:34:36 PM

    MS. PELOSI

    I'M USING MY TIME TO SPEAK THE TRUTH TO THEM ABOUT WHAT THIS BILL DOES TO…

    I'M USING MY TIME TO SPEAK THE TRUTH TO THEM ABOUT WHAT THIS BILL DOES TO THEIR FINANCIAL STABILITY. THE AMERICAN PEOPLE WANT TO KNOW WHO STANDS WITH THEM AND WHO STANDS WITH THE SPECIAL INTERESTS, MY REPUBLICAN COLLEAGUE. IN THE NAME OF HARDWORKING AMERICAN FAMILIES, I USE MY TIME ON BEHALF OF AMERICA'S HARDWORKING FAMILIES AND NOT ON BEHALF OF THE SPECIAL INTERESTS.

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  • 03:35:03 PM

    THE CHAIR

    THE GENTLELADY CONTROLS THE TIME.

  • 03:35:06 PM

    >>

    HOW MUCH TIME DOES THE GENTLELADY HAVE LEFT?

  • 03:35:10 PM

    THE CHAIR

    THE GENTLELADY CONTROLS THE TIME.

  • 03:35:14 PM

    MS. PELOSI

    THIS DASTARDLY WALL STREET FIRST BILL AND VOTE IN SUPPORT OF OUR MEN AND…

    THIS DASTARDLY WALL STREET FIRST BILL AND VOTE IN SUPPORT OF OUR MEN AND WOMEN IN UNIFORM, OUR SENIORS WHO HAVE BUILT THIS COUNTRY IN SUPPORT OF THE HARDWORKING FAMILIES SAVING FOR THEIR CHILDREN'S EDUCATION AND ACHIEVING THE DREAM OF HOME OWNERSHIP AND NOT TO BE PREYED ON BY THE REPUBLICANS IN CONGRESS. I YIELD BACK THE BALANCE OF MY TIME.

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  • 03:35:43 PM

    THE CHAIR

    THE GENTLEMAN FROM NEW YORK.

  • 03:35:46 PM

    MR. FASO

    THE GENTLEMAN IS RECOGNIZED.

  • 03:35:56 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED.

  • 03:35:57 PM

    MR. HENSARLING

    HOW MUCH TIME IS REMAINING?

  • 03:36:00 PM

    THE CHAIR

    ONE MINUTE. THE GENTLEMAN FROM MINNESOTA HAS 1 1/2 MINUTES REMAINING AND…

    ONE MINUTE. THE GENTLEMAN FROM MINNESOTA HAS 1 1/2 MINUTES REMAINING AND THE GENTLEMAN FROM MINNESOTA HAS THE RIGHT TO CLOSE.

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  • 03:36:13 PM

    MR. HENSARLING

    THE LAST TIME THIS BODY LISTENED TO THE MINORITY LEADER AND ENACTED…

    THE LAST TIME THIS BODY LISTENED TO THE MINORITY LEADER AND ENACTED DODD-FRANK, PERMANENT WALL STREET BAILOUTS WERE ENSHRINED INTO LAW. THAT'S WHAT THE GENTLELADY REPRESENTS, BUT SOMEHOW WE DID NOT HEAR THAT IN HER SPEECH. THE LAST TIME WE LISTENED TO THE GENTLELADY FROM CALIFORNIA, WHAT WE SEE IS THAT WORKING AMERICANS HAVE NOT RECEIVED A PAY INCREASE. THEIR PAYCHECKS ARE STAG NAT AND SAVINGS WERE DECIMATED THE LAST TIME WE LISTENED TO THE MINORITY LEADER FROM CALIFORNIA. SINCE WE LISTENED TO HER, WE HAVE SEEN FREE CHECKING CUT IN HALF, BANK FEES HAVE GONE UP. MORTGAGES ARE MORE DIFFICULT TO COME BY AND MORE EXPENSIVE TO CLOSE. THAT'S THE LAST TIME WE LISTENED TO THE GENTLELADY FROM CALIFORNIA, THE MINORITY LEADER. HER COUNSEL MUST BE REJECTED, AS SHOULD THE WASHINGTON ALEASTISM THAT IS REPRESENTED BY HER PHILOSOPHY. AND DODD-FRANK MUST BE REJECTED AND THE FINANCIAL CHOICE ACT MUST BE ENACTED AND I SUPPORT THE AMENDMENT THE AMENDMENT BY THE GENTLEMAN FROM NEW YORK AND I YIELD BACK.

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  • 03:37:25 PM

    THE CHAIR

    THE GENTLEMAN FROM MINNESOTA.

  • 03:37:28 PM

    MR. ELLISON

    AND RETURNED $12 BILLION BACK TO THEIR FAMILIES. I THINK NANCY PELOSI HAS…

    AND RETURNED $12 BILLION BACK TO THEIR FAMILIES. I THINK NANCY PELOSI HAS A PRETTY GOOD RECORD OF HELPING OUT CONSUMERS. I THINK AMERICAN CONSUMERS WOULD LIKE $11.5 BILLION RETURNED TO THEIR FAMILY BUDGETS. THE LAST TIME WE LISTENED TO NANCY PELOSI, WE SAW A DODD-FRANK WHICH STABILIZED MARKETS AND GAVE US 85 CONSECUTIVE MARKETS OF PRIVATE SECTOR JOB GROWTH. LAST TIME WE HEARD FROM THESE CONSERVATIVES, OH, BOY, THEY RAN THE ECONOMY STRAIGHT INTO THE DITCH WITH THEIR DEREGULATORY SCHEMES AND THEIR HOSTILITY TO ANY KIND OF REGULATION ON BIG BUSINESS. WE SAW UNEMPLOYMENT RATES WELL NORTH OF 10% IN MANY PARTS OF THIS COUNTRY. WE SAW HOME VALUE PLUMMET. WE SAW MASS FORECLOSURES ALL BECAUSE OF THE FAILED FREE MARKET FUNDAMENTALIST ATTITUDES WE SEE ON THE OTHER SIDE OF THE AISLE. AND I WILL JUST NOTE TO MY FRESHMAN FRIEND THAT THE MINORITY LEADER CAN TALK AS LONG AS SHE WANTS. SO YOU MIGHT WANT TO CHECK THE RULES ON THAT ONE. AND I'LL YIELD BACK.

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  • 03:38:56 PM

    THE CHAIR

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM NEW YORK.…

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM NEW YORK. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR THE AYES HAVE IT. AYES HAVE IT.

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  • 03:39:08 PM

    MR. ELLISON

    RECORDED VOTE.

  • 03:39:10 PM

    THE CHAIR

    ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM NEW YORK, WILL BE…

    ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM NEW YORK, WILL BE POSTPONED. IT IS NOW IN ORDER TO CONSIDER AMENDMENT NUMBER 5 PRINTED IN PART B OF HOUSE REPORT 115-163. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM FROM ARIZONA SEEK RECOGNITION.

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  • 03:39:26 PM

    THE CLERK

    AMENDMENT NUMBER 5 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY…

    AMENDMENT NUMBER 5 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY MS. MCSALLY OF ARIZONA.

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  • 03:39:36 PM

    THE CHAIR

    THE GENTLEWOMAN FROM ARIZONA AND A MEMBER OPPOSED EACH WILL CONTROL FIVE…

    THE GENTLEWOMAN FROM ARIZONA AND A MEMBER OPPOSED EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEWOMAN FROM ARIZONA.

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  • 03:39:43 PM

    MS. MCSALLY

    SUPPORT OF MY AMENDMENT THE FINANCIAL CHOICE ACT. WHEN DODD FRANK WAS…

    SUPPORT OF MY AMENDMENT THE FINANCIAL CHOICE ACT. WHEN DODD FRANK WAS SIGNED INTO LAW, WE HAVE SEEN COMMUNITY FINANCIAL INSTITUTIONS CLOSE. RULES PROMULGATED TO COMBAT MONEY LAUNDERING HAVE UNINTENDED CONSEQUENCES ON LEGITIMATE BUSINESSES ALONG THE BORDER. IN ARIZONA, BANKS AND LEGITIMATE BUSINESSES ALONG THE U.S.-MEXICO BORDER HAVE BEEN HARD HIT BY OWNER ROUSE REGULATIONS. IN THE LAST DECADE, ARIZONA HAS LOST 70% OF ITS COMMUNITY BANKS. THESE REGULATIONS WERE TO MINIMIZE RISK BUT HAVE CONTRIBUTED TO HIGH TRANSACTION COSTS AND IMPOSED SUBSTANTIAL COMPANIES ENGAGED IN CASH-INTENSIVE BUSINESSES LIKE RANCHERS AND FARMERS. MANY BANKING INSTITUTIONS HAVE CLOSED THEIR DOORS. AS A RESULT, INDIVIDUALS AND LOCAL BUSINESSES, SOME OF THEM FAMILY-OWNED WHO HAVE BEEN OPERATING IN THE REGION HAVE LOST CAPITAL THEY RELY ON. I SUPPORT CAPITAL EFFORTS AND UNDERSTAND HOW TRANSNATIONAL CRIMINAL ORGANIZATIONS CAN EXPLOIT VULLNERKTS IN THE FIB SHAL SYSTEM. LIMITING THE AVAILABILITY OF BANKING SERVICES TO LEGITIMATE BUSINESSES HAS NEGATIVE IMPACTS IN COMMUNITIES. SHOULD THIS BE THE RESULT OF REGULATIONS HANDED DOWN BY WASHINGTON, THE TREASURY DEPARTMENT SHOULD EXAMINE WAYS TO REMOVE THESE UNINTENDED CONSEQUENCES. WE ASK THE DEPARTMENT OF TREASURY TO REVIEW REGULATIONS AND SUBMIT A REPORT TO CONGRESS TO WORK WITH FEDERAL BANK REGULATORS TO ENSURE THAT LEGITIMATE FINANCIAL TRANSACTIONS CAN MOVE FREELY AND GLOBALLY. THE NEW ADMINISTRATION NEEDS TO ENGAGE WITH BUSINESSES TO LEGITIMATE TRANSNATIONAL BUSINESSES AND BE A MAJOR CONTRIBUTOR. WE NEED TO FIND A BALANCE BETWEEN ECONOMIC BORDER COMMUNITIES WHILE MAINTAINING STRONG SAFEGUARDS. THIS AMENDMENT IS SUPPORTED BY THE FRESH PRODUCE ASSOCIATION, THE ELECTRONIC TRANSACTION ASSOCIATION AND THE ARIZONA BANKERS ASSOCIATION. I URGE MY COLLEAGUES TO SUPPORT MY AMENDMENT AND RESERVE.

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  • 03:41:57 PM

    MR. ELLISON

    I RISE IN OPPOSITION.

  • 03:41:59 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR FIVE MINUTES.

  • 03:42:04 PM

    MR. ELLISON

    THE PROBLEM THAT REPRESENTATIVE MCSALLY IS A LEGITIMATE PROBLEM THAT WE…

    THE PROBLEM THAT REPRESENTATIVE MCSALLY IS A LEGITIMATE PROBLEM THAT WE THINK NEEDS TO BE FOCUSED ON. I MUST OPPOSE IT BECAUSE IT IS INADEQUATE AND NOT ENOUGH. IT WOULD BE GOOD IF WE COULD GET TOGETHER AND COME UP WITH A BIPARTISAN SOLUTION TO THIS PROBLEM THAT SHE HAS IDENTIFIED AS A LEGITIMATE ISSUE. BUT ENSURING THAT LEGITIMATE FINANCIAL TRANSACTIONS MOVE FREELY AND GLOBALLY, KEY REMITANCE CHANNELS, IS A SUBJECT OF GREAT IMPORTANCE AND ONE ON WHICH I AND MY DEMOCRATIC COLLEAGUES REMAIN FOCUSED. MANY OF US REPRESENT DISTRICTS WITH IMMIGRANTS FROM CENTRAL CARIBBEAN, AFRICA AND ALL ACROSS THE GLOBE AND WE HAVE HEARD HOW CRITICAL IS FOR IMMIGRANTS TO MONEY TO THEIR LOVED ONES BACK HOME. WHILE THERE IS A BIPARTISAN RECOGNITION ABOUT THE NEED TO PRESERVE CRITICAL REMITANCE CHANNELS, I MUST SAY I'M DEEPLY CONCERNED BY SOME OF THE RHETORIC AND PROPOSALS WE HAVE SEEN FROM THE TRUMP ADMINISTRATION WHICH MAKE ME FEAR THAT ACCESS TO REMITANCES, PARTICULARLY FOR VULNERABLE POPULATIONS. NOT ONLY WAS PRESIDENT TRUMP -- HE PUT OUT A PROPOSAL HOW HE WOULD FORCE MEXICO TO PAY FOR A WALL ON OUR SOUTHERN BORDER AND PROPOSED TO CUT OFF REMITANCE TRANSFERS FOR ANYONE WHO COULDN'T DOCUMENT THEIR STATUS UNTIL MEXICO PAID BETWEEN $5 BILL AND $10 BILLION. WHILE IT IS ESSENTIAL THAT LEGITIMATE FINANCIAL TRANSACTIONS MOVE FREELY, IT IS EQUALLY IMPORTANT THAT ILLEGAL TRANSACTIONS DO NOT. I'M CONCERNED THAT THE AMENDMENT BEFORE US FALLS SHORT IN THAT IT FAILS TO CALL THE ADMINISTRATION TO DISCLOSE HOW IT PLANS TO CURTAIL ILLEGAL FUNDS, ESPECIALLY FUNDS THAT MAY BE COMING FROM LIKE THE RUSSIAN FEDERATION. ONE DOESN'T LOOK FAR TO SEE AND SEE NUMEROUS ENFORCEMENT ACTIONS GLOBAL BANKS HAVE FACILITATED SHADY TRANSACTIONS ESPECIALLY WHEN THEY HAVE NO ECONOMIC RATIONALE AND LIKELY INVOLVE MONEY LAUNDERING. DEUTCH BANK, WHICH OPERATES IN THE U.S. WAS FOUND BY THE FEDERAL RESERVE NEW YORK STATE AND THE UNITED KINGDOM TO HAVE FACILITATED A TRADING SCHEME THAT ALLOWED $10 BILLION TO FLOW OUT OF RUSSIA. IN ORDER TO BETTER UNDERSTAND THE SCHEME, I JOINED A NUMBER OF MY COLLEAGUES IN WRITING TO THE TREASURY SECRETARY TO ASK FOR RECORDS OF SUSPICIOUS ACTIVITY RELATED TO DEUTCH ON BANK'S SCHEME IN THE DEPARTMENT'S POSSESSION INCLUDING THE NAMES AND IDENTITIES AND ALL PARTIES THAT BENEFITED FROM THE SCHEME. LIKE MUCH OF THE OVERSIGHT DEMOCRATS ARE CONDUCTING ON THIS ADMINISTRATION, THIS REQUEST HAS FALLEN ON DEAF EARS. I COMMEND REPRESENTATIVE MCSALLY FOR IDENTIFYING THIS. IT SHOULD HAVE GONE FURTHER IN DEMANDING THAT THIS ADMINISTRATION DISCLOSE HOW IT WILL CURTAIL WELL KNOWN SCHEMES TO FACILITATE FRAUD. I MUST URGE A NO VOTE BUT I LOOK FORWARD TO WORKING WITH REPRESENTATIVE MCSALLY AND I YIELD BACK. .

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  • 03:45:44 PM

    THE CHAIR

    THE GENTLEWOMAN FROM ARIZONA.

  • 03:45:46 PM

    MS. MCSALLY

    I APPRECIATE MY COLLEAGUE RECOGNIZING THAT THIS IS A PROBLEM AND SAYING HE…

    I APPRECIATE MY COLLEAGUE RECOGNIZING THAT THIS IS A PROBLEM AND SAYING HE AGREES WITH IT, BUT THEN DOESN'T SUPPORT THE AMENDMENT BECAUSE IT ISN'T ENOUGH. I DON'T UNDERSTAND THAT. I HOPE YOU'D SUPPORT THE AMENDMENT AND WE COULD CONTINUE TO WORK TOGETHER ON OTHER INITIATIVES AS WELL. I WANT TO THANK CHAIRMAN HENSARLING AND I YIELD BACK THE BALANCE OF MY TIME.

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  • 03:46:03 PM

    THE CHAIR

    THE GENTLELADY YIELDS BACK THE BALANCE OF HER TIME?

  • 03:46:07 PM

    MS. MCSALLY

    YES, I YIELD BACK.

  • 03:46:08 PM

    THE CHAIR

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLELADY FROM ARIZONA.…

    THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLELADY FROM ARIZONA. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES HAVE IT. THE AMENDMENT IS AGREED TO. IT IS NOW IN ORDER TO CONSIDER AMENDMENT NUMBER 6 PRINTED IN PART B OF HOUSE REPORT 115-163. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM COLORADO SEEK RECOGNITION?

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  • 03:46:25 PM

    MR. BUCK

    MR. CHAIRMAN, I HAVE AN AMENDMENT AT THE DESK.

  • 03:46:27 PM

    THE CLERK

    AMENDMENT NUMBER 6 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY…

    AMENDMENT NUMBER 6 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY MR. BUCK OF COLORADO.

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  • 03:46:35 PM

    THE CHAIR

    A MEMBER OPPOSED EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE…

    A MEMBER OPPOSED EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM COLORADO.

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  • 03:46:44 PM

    MR. BUCK

    THANK YOU, MR. CHAIRMAN, AND THANK YOU FOR THE OPPORTUNITY TO EXPLAIN MY…

    THANK YOU, MR. CHAIRMAN, AND THANK YOU FOR THE OPPORTUNITY TO EXPLAIN MY AMENDMENT TO THE FINANCIAL CHOICE ACT. SINCE THE PASSAGE OF DODD-FRANK, THE CONSUMER FINANCIAL PROTECTION BUREAU HAS BEEN UNACCOUNTABLE TO CONGRESS. AND HARMED SMALL BUSINESSES ACROSS THIS COUNTRY. I AM THANKFUL FOR THE WORK DONE BY CHAIRMAN HENSARLING TO REIN IN THIS OUT OF CONTROL AGENCY. WITH THE UNITED STATES NEARLY $20 TRILLION IN DEBT, WE MUST DO EVERYTHING POSSIBLE TO BRING FINANCIAL ACCOUNT TO BE OUR FEDERAL GOVERNMENT. SPENDING AT THIS RATE WILL LEAVE US NOT ONLY FINANCIALLY BANKRUPT, BUT MORALLY BANKRUPT AS WELL. IT IS IMMORAL TO SPEND MONEY WE TO SPEND MONEY WE DON'T HAVE TODAY AND FORCE OUR CHILDREN TO PAY IN THE FUTURE. DESPITE THIS, THE CONSUMER FINANCIAL PROTECTION BUREAU DECIDED IT WAS NECESSARY TO RENOVATE THEIR HEADQUARTERS ESTIMATED AT MORE THAN $200 MILLION. OVER $50 MILLION MORE THAN THE BUILDING IS WORTH. EVEN IN THEIR INITIAL DESIGNS, A LAVISH TWO-STORY WATERFALL AND FOUR-STORY GLASS STAIRCASE WERE MORE IMPORTANT THAN FINANCIAL PROSPERITY OF OUR CHILDREN. THE FINANCIAL CHOICE ACT MAKES CHANGES TO THE CFPB WHICH WILL LIKERY RESULT IN DIFFERENT REAL ESTATE NEEDS FOR THE -- LIKELY RESULT IN DIFFERENT REAL ESTATE NEEDS FOR THE AGENCY. MY AMENDMENT WILL DECIDE IF THAT BUILDING IS A GOOD USE OF TAXPAYER DOLLARS. IF NOT IT AUTHORIZES THE GENERAL SERVICES ADMINISTRATION TO SELL THE BUILDING TO THE HIGHEST BIDDER, GENERATING HUNDREDS OF MILLIONS OF DOLLARS BY OFFLOADING A PROPERTY THAT IS UNNECESSARY FOR THE FEDERAL GOVERNMENT TO OWN. JUST A FEW MONTHS AGO, MY FIRST GRANDCHILD, NICKNAMED BEAR, WAS BORN. WHEN HE GROWS OLDER, I WANT HIM, I WANT TO TELL HIM I DID EVERYTHING IN MY POWER TO FIGHT THE OUT-OF-CONTROL SPENDING THAT PLAGUES OUR GENERATION. THIS AMENDMENT IS PART OF THAT FIGHT, FOR BEAR AND ALL OF OUR GRANDCHILDREN. THIS AMENDMENT REQUIRES OUR GOVERNMENT TO USE TAXPAYER DOLLARS EFFICIENTLY AND IT REINFORCES A CULTURE OF FISCAL CALIFORNIA RESTRAINT AND BUREAUCRATIC -- FISCAL RESTRAINT AND BUREAUCRATIC DECISION MAKING. I URGE MY COLLEAGUES TO SUPPORT THIS AMENDMENT. I RESERVE THE BALANCE OF MY TIME.

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  • 03:48:53 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME.

  • 03:48:55 PM

    MR. ELLISON

    I CLAIM TIME IN OPPOSITION.

  • 03:48:56 PM

    THE CHAIR

    THE GENTLEMAN IS RECOGNIZED FOR FIVE MINUTES.

  • 03:48:58 PM

    MR. ELLISON

    MR. CHAIRMAN, IF THE WRONG CHOICE ACT WAS NOT ENOUGH, THIS AMENDMENT PILES…

    MR. CHAIRMAN, IF THE WRONG CHOICE ACT WAS NOT ENOUGH, THIS AMENDMENT PILES ON TO THE REPUBLICANS' MISGUIDED ATTACKS ON THE HIGHLY SUCCESSFUL CONSUMER FINANCIAL PROTECTION BUREAU. I DON'T UNDERSTAND WHY MY REPUBLICAN FRIENDS DON'T GET 29 MILLION PEOPLE, GOT $11.5 BILLION OF THEIR MONEY BACK, BECAUSE UNSCRUPULOUS FINANCIAL SERVICES FIRMS UNLAWFULLY TOOK THEIR MONEY. I WOULD THINK WE COULD GET TOGETHER ON THAT. I WOULD THINK WE COULD AGREE THAT THAT IS AN IMPORTANT THING TO WORK ON. AND NOW YOU WE'RE TRYING TO MESS WITH THEIR BUILDING? FOR THE SAKE OF THE CHILDREN, NO LESS. THE BUREAU'S INSPECTOR GENERAL CONDUCTED A THOROUGH INVESTIGATION OF THE REPUBLICANS' MADE-UP SUGGESTION THAT THE CONSUMER BUREAU'S BUILDING RENOVATIONS WERE INAPPROPRIATE. THE INSPECTOR GENERAL RELEASED AN AUDIT IN 2015 THAT STATED, AND I QUOTE, WE DETERMINED THAT CONSTRUCTION COSTS APPEAR REASONABLE BASED ON COMPARISONS TO AN INDEPENDENT COST ESTIMATE AND THAT COSTS OF TWO COMPARABLE BUILDING RENOVATIONS IDENTIFIED BY THE U.S. GENERAL SERVICES ADMINISTRATION. WE ALSO DETERMINED THAT POTENTIAL RENOVATION COSTS ARE BELOW THE AMOUNT PREVIOUSLY BUDGETED AND OBLIGATED FOR RENOVATION. CURRENT CONTROLS FOR APPROVING, MANAGING, DOCUMENTING RENOVATION COSTS AND PROJECTED DECISIONS ARE DESIGNED APPROPRIATELY. MAY WE PUT THIS ISSUE TO BED, THAT THERE'S SOME NEFARIOUS PLOT GOING ON WITH THE BUILDING? IT WASN'T LEGITIMATE WHEN THEY FIRST RAISED IT, IT'S NOT LEGITIMATE NOW. TRYING TO BRING A BIG DEAL UP ABOUT THEIR BUILDING, WHICH IS AN ISSUE THAT'S BEEN RESOLVED, IS NOT GOING TO BENEFIT THE CHILDREN OF TOMORROW. I THINK IT WILL BENEFIT THE CHILDREN FOR THOSE 29 MILLION FAMILIES TO GET $12 BILLION BACK. THAT MIGHT HELP SOME KIDS. THAT MIGHT PAY FOR SOME LUNCHES AND SCHOOL FEES AND A WHOLE BUNCH OF OTHER THINGS TO HAPPEN FEM FAMILIES. BUT MESSING WITH THE CFPB WON'T HELP ANYONE. IF THE HOUSE REPUBLICANS ARE NOT WILLING TO THANK THE CONSUMER FINANCIAL BUREAU FOR ALL THAT IT HAS DONE, I AM. AND THE CONSUMER BUREAU HAS BEEN A TOUGH INDEPENDENT WATCHDOG, HAS DONE A GREAT JOB ON BEHALF OF AMERICAN CONSUMERS, AND HAS DONE A GREAT JOB FOR AMERICAN FINANCIAL FIRMS, WHICH DO HONEST WORK. IMAGINE, MR. SPEAKER, BEING A FINANCIAL SERVICES FIRM THAT IS ACTUALLY SELLING A GOOD PRODUCT AT A FAIR PRICE AND YOU GOT SOMEBODY DOWN THE STREET CUTTING CORNERS, RIPPING OFF CONSUMERS, AND YOU'RE LOSING YOUR COMPETITIVE ADVANTAGE BECAUSE YOU'RE HONEST. THE CONSUMER BUREAU HELPS KEEP GOOD FINANCIAL FIRMS GOOD. AND NOT CREATE THIS PERVERSE INCENTIVE TO DRAG THEM IN THE WRONG DIRECTION. THE CONSUMER BUREAU MAINTAINS TRANSPARENT DATABASE THAT'S COLLECTED OVER 1.1 MILLION CONSUMER COMPLAINTS ABOUT FINANCIAL INSTITUTIONS AND 97% OF THOSE RECEIVED ON A TIMELY -- RECEIVED A TIMELY RESPONSE. THE CONSUMER BUREAU HAS DEMYSTIFIED FINANCIAL TRANSACTIONS BY REQUIRING SIMPLE KNOW BEFORE YOU OWE DISCLOSURES AND PROVIDING EDUCATIONAL AND COMPARISON SHOPPING TOOLS SO CONSUMERS ARE EMPOWERED TO MAKE THE RIGHT CHOICE FOR THEM AND THEIR FAMILIES. PERHAPS ONE OF THE CONSUMER BUREAU'S MOST NOTABLE ACCOMPLISHMENTS TO DATE WAS THAT THE INVESTIGATION OF WELLS FARGO'S FRAUDULENT ACCOUNTS SCANDAL. LET ME TELL YOU, WELLS FARGO'S FRAUDULENT ACCOUNTS SCANDAL DEFINITELY HURT FAMILIES AND KIDS IN THOSE FAMILIES. AND THE CRP'S GOOD WORK HELPED THOSE FAMILY -- CFPB'S GOOD WORK HELPED THOSE FAMILIES. THEY FINED WELLS FARGO $100 MILLION FOR SECRETLY OPENING UP TWO MILLION UNAUTHORIZED ACCOUNTS ON BEHALF OF ITS CONSUMERS AND ORDER THE BANK TO COMPENSATE CUSTOMERS IT HARMED. THIS MARKS THE LARGEST PENALTY OF THE CONSUMER BUREAU HAS IMPOSED TO DATE AND THAT, MR. SPEAKER, HAS HELPED FAMILIES AND CHILDREN. I URGE MY COLLEAGUES TO REJECT THIS AMENDMENT, TO STOP THE PETTY STUFF ABOUT THE BUILDING. THIS HAS BEEN REVIEWED BY INDEPENDENT PEOPLE AND IT'S REALLY JUST A WASTE OF TIME. I URGE A NO VOTE. AND I RESERVE.

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  • 03:53:35 PM

    THE CHAIR

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. THE GENTLEMAN FROM COLORADO.

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  • 03:53:38 PM

    MR. BUCK

    I YIELD, MR. CHAIRMAN.

  • 03:53:41 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM MINNESOTA.

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  • 03:53:45 PM

    MR. ELLISON

    I YIELD BACK.

  • 03:53:46 PM

    THE CHAIR

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE QUESTION IS ON THE…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE QUESTION IS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM COLORADO. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR, THE AYES HAVE IT. THE AYES HAVE IT. THE AMENDMENT IS AGREED TO. PURSUANT TO CLAUSE 6 OF RULE 18, FURTHER PROCEEDINGS ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM COLORADO WILL BE POSTPONED. PURSUANT TO CLAUSE 6 OF RULE 18, PROCEEDINGS WILL NOW RESUME ON THOSE AMENDMENTS PRINTED IN PART B OF HOUSE REPORT 115-163 ON WHICH FURTHER PROCEEDINGS WERE POSTPONED IN THE FOLLOWING ORDER. AMENDMENT NUMBER 1 BY MR. HENSARLING OF TEXAS. AMENDMENT NUMBER 2 BY MR. HOLLINGSWORTH OF INDIANA. AMENDMENT NUMBER 4 BY MR. FASO OF NEW YORK. AMENDMENT NUMBER 6 BY MR. BUCK OF COLORADO. THE CHAIR WILL REDUCE TO TWO MINUTES THE MINIMUM TIME FOR ANY ELECTRONIC VOTE AFTER THE FIRST VOTE IN THIS SERIES. THE UNFINISHED BUSINESS IS THE REQUEST FOR A RECORDED VOTE ON AMENDMENT NUMBER 1 BY THE GENTLEMAN FROM TEXAS, MR. HENSARLING, ON WHICH FURTHER PROCEEDINGS WERE POSTPONED AND THE AYES PREVAILED BY VOICE VOTE. THE CLERK WILL REDESIGNATE THE AMENDMENT.

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  • 03:54:50 PM

    THE CLERK

    AMENDMENT NUMBER 1 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY…

    AMENDMENT NUMBER 1 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY MR. HENSARLINGING OF TGS -- BY MR. HENSARLING OF TEXAS.

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  • 03:54:59 PM

    THE CHAIR

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A…

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A RECORDED VOTE WILL RISE AND BE COUNTED. A SUFFICIENT NUMBER HAVING ARISEN, A RECORDED VOTE IS ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS WILL BE A 15-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 04:17:08 PM

    THE CHAIR

    ON THIS VOTE THE YEAS ARE 232. THE NAYS ARE 185. THE AMENDMENT IS NOT…

    ON THIS VOTE THE YEAS ARE 232. THE NAYS ARE 185. THE AMENDMENT IS NOT AGREED TO. EXCUSE ME. THE AMENDMENT IS AGREED TO. THE UNFINISHED BUSINESS IS THE REQUEST FOR A RECORDED VOTE ON AMENDMENT NUMBER 2 PRINTED IN PART B OF HOUSE REPORT 115-163 BY THE GENTLEMAN FROM INDIANA, MR. HOLLINGSWORTH, ON WHICH FURTHER PROCEEDINGS WERE POSTPONED AND ON WHICH THE AYES PREVAILED BY VOICE VOTE. THE CLERK WILL REDESIGNATE THE AMENDMENT.

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  • 04:17:34 PM

    THE CLERK

    AMENDMENT NUMBER 2 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY…

    AMENDMENT NUMBER 2 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY MR. HOLLINGSWORTH OF INDIANA.

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  • 04:17:41 PM

    THE CHAIR

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A…

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A RECORDED VOTE WILL RISE AND BE COUNTED. A SUFFICIENT NUMBER HAVING ARISEN, A RECORDED VOTE IS ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS WILL BE A TWO-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 04:21:13 PM

    THE CHAIR

    ON THIS VOTE THE YEAS ARE 231. THE NAYS ARE 180. THE AMENDMENT IS AGREED…

    ON THIS VOTE THE YEAS ARE 231. THE NAYS ARE 180. THE AMENDMENT IS AGREED TO. THE UNFINISHED BUSINESS IS THE REQUEST FOR A RECORDED VOTE ON AMENDMENT NUMBER 4 PRINTED IN PART B OF HOUSE REPORT 115-163 BY THE GENTLEMAN FROM NEW YORK, MR. FACEO, ON WHICH FURTHER PROCEEDINGS WERE POSTPONED AND ON WHICH THE AYES PREVAILED BY VOICE VOTE. THE CLERK WILL REDESIGNATE THE AMENDMENT.

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  • 04:21:33 PM

    THE CLERK

    AMENDMENT NUMBER 4 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY…

    AMENDMENT NUMBER 4 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY MR. FASO OF NEW YORK.

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  • 04:21:41 PM

    THE CHAIR

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A…

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A RECORDED VOTE WILL RISE AND BE COUNTED. A SUFFICIENT NUMBER HAVING ARISEN, A RECORDED VOTE IS ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS WILL BE A TWO-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 04:25:27 PM

    THE CHAIR

    ON THIS VOTE THE YEAS ARE 235. THE NAYS ARE 184. THE AMENDMENT IS AGREED…

    ON THIS VOTE THE YEAS ARE 235. THE NAYS ARE 184. THE AMENDMENT IS AGREED TO. THE UNFINISHED BUSINESS IS THE REQUEST FOR A RECORDED VOTE ON AMENDMENT NUMBER 6 PRINTED IN PART B OF HOUSE REPORT 115-163 BY THE GENTLEMAN FROM COLORADO, MR. BUCK, ON WHICH FURTHER PROCEEDINGS WERE POSTPONED AND ON WHICH THE AYES PREVAILED BY VOICE VOTE. THE CLERK WILL REDESIGNATE THE AMENDMENT.

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  • 04:25:47 PM

    THE CLERK

    AMENDMENT NUMBER 6 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY…

    AMENDMENT NUMBER 6 PRINTED IN PART B OF HOUSE REPORT 115-163 OFFERED BY MR. BUCK OF COLORADO.

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  • 04:25:55 PM

    THE CHAIR

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A…

    A RECORDED VOTE HAS BEEN REQUESTED. THOSE IN SUPPORT OF THE REQUEST FOR A RECORDED VOTE WILL RISE AND BE COUNTED. A SUFFICIENT NUMBER HAVING ARISEN, A RECORDED VOTE IS ORDERED. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS WILL BE A TWO-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.] TIVE

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  • 04:29:17 PM

    THE CHAIR

    ON THIS VOTE THE YEAS ARE 233. THE NAYS ARE 185. THE AMENDMENT IS ADOPTED.…

    ON THIS VOTE THE YEAS ARE 233. THE NAYS ARE 185. THE AMENDMENT IS ADOPTED. THE QUESTION IS ON THE AMENDMENT IN THE NATURE OF A SUBSTITUTE, AS AMENDED. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT. THE AMENDMENT IS ADOPTED. ACCORDINGLY UNDER THE RULE THE COMMITTEE RISES.

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  • 04:29:41 PM

    THE SPEAKER PRO TEMPORE

    MR. CHAIRMAN.

  • 04:29:57 PM

    THE SPEAKER PRO TEMPORE

    THE CHAIR OF THE COMMITTEE OF THE WHOLE HOUSE ON THE STATE OF THE UNION…

    THE CHAIR OF THE COMMITTEE OF THE WHOLE HOUSE ON THE STATE OF THE UNION REPORTS THAT THE COMMITTEE HAD UNDER CONSIDERATION H.R. 310 AND REPORTS BACK TTH HOUSE WITH AN AMENDMENT ADOPTED IN THE COMMITTEE OF THE WHOLE. UNDER THE RULE THE PREVIOUS QUESTION IS ORDERED. IS A SEPARATE VOTE DEMANDED ON THE AMENDMENT RECORDED? IF NOT THE QUESTION IS ON ADOPTION OF THE AMENDMENT IN THE NATURE OF A SUBSTITUTE AS AMENDED. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT. THE AMENDMENT IS AGREED TO. THE QUESTION IS ON ENGROSSMENT AND THIRD READING. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT.

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  • 04:30:31 PM

    THE CLERK

    THE BILL SUPPORTS CONSUMERS AND ENTREPRENEURS, ELIMINATING RED TAPE TO…

    THE BILL SUPPORTS CONSUMERS AND ENTREPRENEURS, ELIMINATING RED TAPE TO INCREASE ACCESS TO CAPITAL AND CREDIT AND REVIEWING THE -- THE PROVISIONS OF THE DODD-FRANK ACT THAT MAKES AMERICA LESS PROSPEROUS, LESS STABLE AND LESS FLEE.

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  • 04:30:53 PM

    THE SPEAKER PRO TEMPORE

    THE QUESTION IS ON THE PASSAGE OF THE BILL. THOSE IN FAVOR SAY AYE. THOSE…

    THE QUESTION IS ON THE PASSAGE OF THE BILL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS RISE?

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  • 04:31:01 PM

    >>

    I REQUEST THE YEAS AND NAYS.

  • 04:31:03 PM

    THE SPEAKER PRO TEMPORE

    THE YEAS AND NAYS ARE REQUESTED. THOSE FAVORING A VOTE BY THE YEAS AND…

    THE YEAS AND NAYS ARE REQUESTED. THOSE FAVORING A VOTE BY THE YEAS AND NAYS WILL RISE. A SUFFICIENT NUMBER HAVING RISEN, THE YEAS AND NAYS ARE ORDERED. PURSUANT TO CLAUSE 8 OF RULE 20 THE FIVE-MINUTE VOTE ON PASSAGE OF THE BILL WILL BE FOLLOWED BY A FIVE-MINUTE VOTE ON THE SPEAKER'S APPROVAL OF THE JOURNAL IF ORDERED. THIS IS A FIVE-MINUTE VOTE. [CAPTIONING MADE POSSIBLE BY THE NATIONAL CAPTIONING INSTITUTE, INC., IN COOPERATION WITH THE UNITED STATES HOUSE OF REPRESENTATIVES. ANY USE OF THE CLOSED-CAPTIONED COVERAGE OF THE HOUSE PROCEEDINGS FOR POLITICAL OR COMMERCIAL PURPOSES IS EXPRESSLY PROHIBITED BY THE U.S. HOUSE OF REPRESENTATIVES.]

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  • 04:38:57 PM

    THE SPEAKER PRO TEMPORE

    ON ON -- ON THIS VOTE, THE YEAS ARE 233, THE NAYS ARE 186. THE BILL IS…

    ON ON -- ON THIS VOTE, THE YEAS ARE 233, THE NAYS ARE 186. THE BILL IS PASSED. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. PURSUANT TO CLAUSE OF RULE 20, THE UNFINISHED BUSINESS IS THE QUESTION ON AGREEING TO THE SPEAKER'S APPROVAL OF THE JOURNAL, WHICH THE CHAIR WILL PUT DE NOVO. THE QUESTION IS ON AGREEING TO THE SPEAKER'S APPROVAL OF THE JOURNAL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. IN THE OPINION OF THE CHAIR THE AYES HAVE IT AND THE JOURNAL STANDS APPROVED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM WISCONSIN SEEK RECOGNITION?

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  • 04:39:34 PM

    >>

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT WHEN THE HOUSE ADJOURN TODAY IT…

    MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT WHEN THE HOUSE ADJOURN TODAY IT ADJOURN TO MEET ON MONDAY JUNE 12, 2017, WHEN IT SHALL CONVENE AT NOON FOR MORNING HOUR DEBATE AND 2:00 P.M. FOR LEGISLATIVE BUSINESS.

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  • 04:39:49 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION.

  • 04:41:50 PM

    THE SPEAKER PRO TEMPORE

    THE HOUSE WILL COME TO ORDER. THE CHAIR WILL NOW ENTERTAIN REQUESTS FOR…

    THE HOUSE WILL COME TO ORDER. THE CHAIR WILL NOW ENTERTAIN REQUESTS FOR ONE-MINUTE SPEECHES. WILL MEMBERS PLEASE TAKE THEIR CONVERSATIONS OFF THE FLOOR. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM PENNSYLVANIA SEEK RECOGNITION? WITHOUT OBJECTION THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE. THE HOUSE IS NOT IN ORDER. WILL THE HOUSE PLEASE COME TO ORDER. WILL THE MEMBERS PLEASE REMOVE THEIR CONVERSATIONS FROM THE FLOOR. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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  • 04:44:25 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM NEW…

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION THE GENTLEWOMAN IS RECOGNIZED FOR ONE MINUTE. I'M SORRY. LADY?

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  • 04:44:47 PM

    >>

    THANK YOU, MADAM SPEAKER. IN THE WAKE OF THE FINANCIAL CRISIS, 7.8 MILLION…

    THANK YOU, MADAM SPEAKER. IN THE WAKE OF THE FINANCIAL CRISIS, 7.8 MILLION AMERICAN CONSUMERS LOST THEIR HOMES THROUGH FORECLOSURE. THE FAILURE TO HAVE A RESPONSIBILITY REGULATORY ENVIRONMENT ALSO RESULTED IN TAXPAYERS PAYING $7 TRILLION TO BAIL OUT FINANCIAL INSTITUTIONS THROUGH LOANS AND ACCORDING TO SOME REPORTS, AN ADDITIONAL $22 TRILLION THROUGH THE FEDERAL GOVERNMENT'S PURCHASE OF ASSETS . MY HOME STATE OF NEW JERSEY WAS SEVERELY IMPACTED BY THIS CRISIS AND IS STILL FEELING THE EFFECTS, SO THRS PERSONAL.

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  • 04:45:25 PM

    MRS. WATSON COLEMAN

    MEMBERS WILL PLEASE REMOVE THEIR CONVERSATIONS FROM THE FLOOR.

  • 04:46:10 PM

    TEMPORE ME

    MEMBERS WILL PLEASE REMOVE THEIR CONVERSATIONS FROM THE FLOOR. FOR WHAT…

    MEMBERS WILL PLEASE REMOVE THEIR CONVERSATIONS FROM THE FLOOR. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM WASHINGTON SEEK RECOGNITION?

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  • 04:46:21 PM

    >>

    MADAM SPEAKER, I REQUEST PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE…

    MADAM SPEAKER, I REQUEST PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY REMARKS.

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  • 04:46:28 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEWOMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:46:32 PM

    >>

    THANK YOU. I HONOR JOHN WHO SPENT 48 YEARS IN EDUCATION AND ANNOUNCED HIS…

    THANK YOU. I HONOR JOHN WHO SPENT 48 YEARS IN EDUCATION AND ANNOUNCED HIS RETIREMENT.

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  • 04:46:47 PM

    MS. HERRERA BEUTLER

    HE WAS SUPERINTENDENT OF THE EVERGREEN SCHOOL DISTRICT, THE FIFTH LARGEST…

    HE WAS SUPERINTENDENT OF THE EVERGREEN SCHOOL DISTRICT, THE FIFTH LARGEST SCHOOL DISTRICT IN WASHINGTON FOR 11 YEARS. HE EXHIBITS HOW MUCH HE VALUES STUDENTS IN SETTING UP TO SUCCEED. THOSE WHO WORKED WITH JOHN KNOWS HE'S DEDICATED TO IMPROVING THE LEARNING IMPROVEMENT FOR THOSE IN SOUTHWEST WASHINGTON UNDER FIVE DECADES. THE HEALTH AND BIOSCIENCE HIGH SCHOOL WAS BUILT. IT PLACES AN EMPHASIS ON WORK FORCE DEVELOPMENT BE IN HEALTH SCIENCES AND BIOTECHNOLOGY THAT'S AN INVESTMENT IN OUR FUTURE LEADERS. IT TOOK A DECADE TO RESEARCH, PLAN AND BUILD THIS TRANSFORMATIONAL SCHOOL BUT JOHN REMAINED COMMITTED TO THE VISION OF THIS SCHOOL AND THROUGH -- THOUGH HIS FORMAL CAREER HAS ENDED, THE LEGACY OF HIS PERSISTENT LEADERSHIP THAT CAN BE SHOWN THROUGHOUT THE HIGH SCHOOL AND HIS STUDENTS. HIS COMMUNITY ENGAGEMENT ALSO SPANS WELL BEYOND HIS CAREER AS SUPERINTENDENT. HE'S TAKEN EVERY OPPORTUNITY TO SERVE AND IS A SHINING EXAMPLE WHAT MAKES THIS EXPANSIVE AND POPULATED REGION TO FEEL LIKE A TIGHT KNIT AND CARING COMMUNITY. HE'S AN INSPIRATIONAL TO ALL IN SOUTHWEST WASHINGTON AND I'M CONFIDENT KNOW HE WILL IMPROVE EDUCATION HERE AND BEYOND. I CONGRATULATE BEYOND IN HIS RETIREMENT AND WISH HIM ALL THE BEST IN FUTURE ENDEAVORS. WITH THAT I YIELD BACK, MADAM SPEAKER.

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  • 04:48:05 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

    THE GENTLEWOMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA SEEK RECOGNITION?

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  • 04:48:10 PM

    >>

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 04:48:15 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:48:20 PM

    >>

    THANK YOU, MADAM SPEAKER. I RISE TODAY TO RECOGNIZE CLEARWATER, FLORIDA'S…

    THANK YOU, MADAM SPEAKER. I RISE TODAY TO RECOGNIZE CLEARWATER, FLORIDA'S CALVARY CHRISTIAN HIGH SCHOOL WARRIORS BOYS' BASEBALL TEAM ON THEIR IMPRESSIVE STATE CHAMPIONSHIP WIN.

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  • 04:48:36 PM

    MR. CRIST

    LED TO THE CLASS 4-A TITLE CAPPING OFF A PERFECT SEASON OF 30 WINS AND NO…

    LED TO THE CLASS 4-A TITLE CAPPING OFF A PERFECT SEASON OF 30 WINS AND NO LOSSES. SUCH AN ACHIEVEMENT TAKES MORE THAN SKILL AND TALENT. IT TAKES DETERMINATION, UNWAVERING FOCUS AND PERHAPS MOST IMPORTANTLY THE ABILITY TO WORK TOGETHER. THESE SKILLS ARE INVALUABLE BOTH ON AND OFF THE FIELD. WHAT THEY HAVE LEARNED AS TEAMMATES WILL ENABLE THEIR SUCCESS NOT JUST AS ATHLETES BUT AS GOOD CITIZENS. OUR ENTIRE COMMUNITY IS PROUD OF THEIR OUTSTANDING SPORTSMANSHIP AND ACHIEVEMENTS. ON BEHALF OF PINELLAS COUNTY, CONGRATULATIONS, WARRIORS. THANK YOU, MADAM SPEAKER. I YIELD BACK.

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  • 04:49:23 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM KANSAS SEEK RECOGNITION?

  • 04:49:26 PM

    >>

    I REQUEST UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 04:49:30 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:49:33 PM

    >>

    IN RECOGNITION OF THE 100TH ANNIVERSARY OF THE ARMY'S FIRST INFANTRY…

    IN RECOGNITION OF THE 100TH ANNIVERSARY OF THE ARMY'S FIRST INFANTRY DIVISION, WHERE WE KNOW HER AS THE BIG RED ONE. FROM HER HEROIC START, THE FIRST INFANTRY DIVISION HAS PLAYED A VITAL ROLE IN OUR NATION'S HISTORY, SERVING IN ALMOST EVERY WAR SINCE 1917. TODAY THE BIG RED ONE HAS OVER 5,000 SOLDIERS DEPLOYED WORLDWIDE AND AN ADDITIONAL 10,000 SOLDIERS IN MY DISTRICT AT FORT RILEY. THEY ARE SUPPORTING THOSE ONGOING OPERATIONS. SINCE 1917, MORE THAN 13,000 SOLDIERS OF THE FIRST INFANTRY DIVISION HAVE PAID THE ULTIMATE SACRIFICE. WE HONOR THOSE WHO HAVE WORN THE PATCH OF THE BIG RED ONE AND THOSE THAT DO SO TODAY. I COULD NOT BE MORE PROUD OF OUR TROOPS AT FORT RILEY AND I AM HONORED TO REPRESENT THEM AND MAY I SAY TO ALL OF THEM, THANKS FOR YOUR SERVICE. I YIELD BACK.

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  • 04:50:27 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW…

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW JERSEY SEEK RECOGNITION?

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  • 04:50:35 PM

    MR. PAYNE

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE…

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO REVISE AND EXTEND MY REMARKS.

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  • 04:50:39 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:50:41 PM

    MR. PAYNE

    MADAM SPEAKER, I RISE TODAY TO CONGRATULATE THE GIRLS AND BOYS TRACK TEAMS…

    MADAM SPEAKER, I RISE TODAY TO CONGRATULATE THE GIRLS AND BOYS TRACK TEAMS AT WESTSIDE HIGH SCHOOL IN NEWARK, NEW JERSEY, FOR WINNING THE GOLD IN THEIR RESPECTIVE FOUR BY 400 METER RELAY HEATS AT THE PENN RELAYS THIS YEAR. THE OLDEST AND LARGEST TRACK AND FIELD COMPETITION IN THE WORLD, THE PENN RELAYS IS ALSO ONE OF THE MOST PRESTIGIOUS DRAWING NEARLY 20,000 ATHLETES FROM ACROSS THE GLOBE. THERE'S SOME REALLY TOUGH COMPETITION AT THE PENN RELAYS, BUT BOTH WESTSIDE TEAMS STOOD OUT. THE BOYS RELAY TEAM, MADE OF UP OF JAMES, JAKAI AND SHQUAN WON THEIR HEAT IN AN IMPRESSIVE THREE MINUTES AND 28 SECONDS. MORE THAN A SECOND FASTER THAN THE SECOND PLACE TEAM. THE GIRLS RELAY TEAM, MADE OF AMINA, FATINA, TANANA AND JANAE WON THEIR HEAT IN AN IMPRESSIVE FOUR MINUTES AND SEVEN SECONDS, MORE THAN THREE SECONDS FASTER THAN THE SECOND PLACE FINISHERS. MADAM SPEAKER, AGAIN, I WOULD LIKE TO CONGRATULATE THE WESTSIDE HIGH SCHOOL TRACK TEAM AND THEIR COACHES, RICKY AND EDDIE, FOR BRINGING HOME THE GOLD, A TESTAMENT OF THEIR SKILL, DEDICATION AND TEAMWORK. GO ROUGH RIDERS.

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  • 04:52:15 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM GEORGIA SEEK RECOGNITION?

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  • 04:52:18 PM

    >>

    I RISE TO REVISE AND EXTEND FOR ONE MINUTE.

  • 04:52:26 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:52:29 PM

    >>

    MADAM SPEAKER, I RISE TODAY TO COMMEND THE WORK OF THE TROOP COUNTY DRUG…

    MADAM SPEAKER, I RISE TODAY TO COMMEND THE WORK OF THE TROOP COUNTY DRUG COURT IN LAGRANGE, GEORGIA. I HAD AN OPPORTUNITY TO SPEAK AT THEIR COMMENCEMENT LAST WEEK. THIS HELPS THOSE WITH SUBSTANCE ABUSE AND MENTAL DISORDERS WHICH ALLOWS THEM TO GET THEIR LIVES BACK ON TRACK. AS A DENTIST I HAD AN OPPORTUNITY TO WORK WITH SUCH A PROGRAM AND WORK WITH THOSE SUFFERING FROM SUBSTANCE ABUSE THROUGH MY WORK WITH HOPE HARBOR. I'VE SEEN FIRSTHAND FOR EVERY ADDICTION THERE IS A REAL HUMAN BEING BEHIND THE STATISTIC.

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  • 04:53:07 PM

    MR. FERGUSON

    COURT. MADAM SPEAKER, I YIELD BACK.

  • 04:53:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM…

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM TEXAS SEEK RECOGNITION?

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  • 04:53:44 PM

    MS. JACKSON LEE

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 04:53:47 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEWOMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:53:50 PM

    MS. JACKSON LEE

    MADAM SPEAKER, I RISE TO DISCUSS TWO ISSUES AND TO REALLY SPEAK ON THE…

    MADAM SPEAKER, I RISE TO DISCUSS TWO ISSUES AND TO REALLY SPEAK ON THE IMPACT OF THE AMERICAN PEOPLE. THAT IS, OF COURSE, FIRST THE CHOICE ACT THAT WE JUST DEBATED AND TO OPPOSE IT FOR THE VERY REASON THAT WE PASSED DODD-FRANK. WE PASSED IT TO RESPOND TO THE GREATEST RECISION IN 80 YEARS, THAT SAW A FINANCIAL CRISIS THAT CAUSED WORKING MEN AND WOMEN TO LOSE THE GREATEST AMOUNT OF WEALTH THAT THEY HAD EVER DONE. BUT YET OUR COLLEAGUES HERE BELIEVE IT'S IMPORTANT TO CHOOSE LARGE CORPORATE INTERESTS OVER WORKING MEN AND WOMEN. AT THE SAME TIME, TODAY WE HEARD THE TESTIMONY OF DIRECTOR COMEY UNDER OATH. HE GAVE A LIST OF ALMOST TROUBLESOME, VERY TROUBLESOME ACTIONS AND ACTS AND WORDS OFFERED BY THE PRESIDENT OF THE UNITED STATES. SHORTLY THEREAFTER, THE LAWYER OF THE PRESIDENT, WHO IS NOT UNDER OATH, CAME FORWARD TO DENY, DISPARNLE AND SUGGEST THAT DIRECTOR COMEY -- DISPARAGE AND SUGGEST THAT DIRECTOR COMEY IS WAS NOT TELLING THE TRUTH. THAT'S SOMETHING THE JUDICIARY COMMITTEE SHOULD BELIEVE OR BEGIN AN INQUIRY. THAT'S OUR JURISDICTIONAL DUTY, TO BEGIN AN INQUIRY TO DISCERN WHO IS TELLING THE TRUTH. THE F.B.I. IS UNDER OUR JURISDICTION. IT'S TIME FOR THE HOUSE TO HOLD HEARINGS NOW. THE TRUTH MUST BE KNOWN BY THE AMERICAN PEOPLE. I YIELD BACK.

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  • 04:55:15 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLELADY YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

    THE GENTLELADY YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM GEORGIA SEEK RECOGNITION?

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  • 04:55:20 PM

    MR. CARTER

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO EXTEND…

    I ASK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND TO EXTEND AND REVISE MY REMARKS.

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  • 04:55:25 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:55:27 PM

    MR. CARTER

    MADAM SPEAKER, I RISE TODAY TO REMEMBER THE LIFE OF THE RESPECTED SAVANNAH…

    MADAM SPEAKER, I RISE TODAY TO REMEMBER THE LIFE OF THE RESPECTED SAVANNAH LAWYER AND GENTLEMAN, PAUL W. PAYNARD JR., WHO DIED AT THE AGE OF 71. HE COMES FROM A FAMILY WHO WORKED TIRELESSLY TO SERVE OUR COUNTRY BOTH IN THE ARMED FORCES AS WELL AS OUR JUDICIARY SYSTEM. HIS FATHER, PAUL PAINER SR., SERVED DURING WORLD WAR II AND CREATED A SUCCESSFUL LAW PRACTICE IN NORTH GEORGIA. PAUL JR. FOLLOWED IN HIS FATHER'S FOOTSTEPS. AFTER THAT HE ATTENDED LAW SCHOOL AT THE UNIVERSITY OF GEORGIA, BEGINNING A CAREER THAT WOULD BENEFIT MANY SAVANNAHIANS FOR MANY YEARS TO COME. HE STARTED A LAW FIRM FOR WHICH HE PRACTICED FOR NEARLY 30 YEARS. BY THE END OF HIS LAW CAREER HE WAS KNOWN AS ONE OF THE BEST LAWYERS IN THE ENTIRE STATE OF GEORGIA AND WAS NAMED TO THE LIST OF GEORGIA'S TOP 10 LAWYERS IN 2014. THE PAUL W. PAINER JR. CIVILITY AND PROFESSIONAL AWARD WAS ALSO CREATED IN HIS HONOR TO REMEMBER HIS FANTASTIC WORK AND REWARD OTHER OUTSTANDING LAWYERS IN GEORGIA. MR. PAINER WAS AN HONORABLE PERSON WHO DID EVERYTHING POSSIBLE TO IMPROVE OUR JUDICIAL SYSTEM AND HE GAINED RESPECT FROM LAWYERS ALL OVER. HE WILL CERTAINLY BE MISSED AS AN ASSET TO OUR COMMUNITY AND ENTIRE LEGAL FIELD. THANK YOU, MADAM SPEAKER, AND I YIELD BACK.

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  • 04:56:48 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM GEORGIA SEEK RECOGNITION?

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  • 04:56:54 PM

    >>

    TO REQUEST UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

  • 04:56:58 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:57:00 PM

    >>

    THANK YOU, MADAM SPEAKER. AS A FORMER PROSECUTOR, I RISE TO STATE THE…

    THANK YOU, MADAM SPEAKER. AS A FORMER PROSECUTOR, I RISE TO STATE THE OBVIOUS -- PRESIDENT TRUMP COMMITTED OBSTRUCTION OF JUSTICE. WE HAVE DIRECT EVIDENCE THAT THE PRESIDENT ASKED F.B.I. DIRECTOR FOR LOYALTY, THAT HE DEMANDED IT, THAT HE ASK THE F.B.I. DIRECTOR TO DROP AN INVESTIGATION INTO MICHAEL FLYNN, THAT THE PRESIDENT FIRED THE F.B.I. DIRECTOR AND THEN THAT THE PRESIDENT ON NATIONAL TV SAID DID HE IT BECAUSE OF THE RUSSIA PROBE AND THEN HE TOLD THE RUSSIANS IN HIS OVAL OFFICE THAT HE DID IT TO RELIEVE GREAT PRESSURE BECAUSE OF THE F.B.I. INVESTIGATION. THAT IS CLASSIC OBSTRUCTION OF JUSTICE. "THE WASHINGTON POST" TODAY HAS A QUOTE FROM ONE OF THE PROSECUTORS OF WATERGATE AND HE SAYS, I HELP PROSECUTE WATERGATE. COMEY'S STATEMENT IS SUFFICIENT EVIDENCE FOR AN OBSTRUCTION OF JUSTICE CASE. I CALL ON SPECIAL COUNSEL MUELLER TO INVESTIGATE THE PRESIDENT OF THE UNITED STATES FOR VIOLATING THE OBSTRUCTION OF JUSTICE STATUTE, WHICH IS A FELONY.

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  • 04:58:02 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. MEMBERS ARE REMINDED TO REFRAIN FROM ENGAGING…

    THE GENTLEMAN YIELDS BACK. MEMBERS ARE REMINDED TO REFRAIN FROM ENGAGING IN PERSONALITIES TOWARD THE PRESIDENT. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM VIRGINIA SEEK RECOGNITION?

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  • 04:58:12 PM

    >>

    MADAM SPEAKER, I RISE TO SEEK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR…

    MADAM SPEAKER, I RISE TO SEEK UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE.

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  • 04:58:17 PM

    TEMPORE WITHOUT

    WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

  • 04:58:19 PM

    >>

    VERY PROFOUND EVENTS -- WAR AND RECESSION. TO SOME FOLKS, A DECADE SEEMS…

    VERY PROFOUND EVENTS -- WAR AND RECESSION. TO SOME FOLKS, A DECADE SEEMS LIKE FOREVER AGO, BUT FOR MOST VIRGINIANS, MOST AMERICANS, THE EVENTS OF THE FINANCIAL COLLAPSE 10 YEARS AGO STILL HAUNT THEIR MEMORIES TODAY. FINANCIAL DEVASTATION HIT THE POOR AND MIDDLE CLASS IN THIS COUNTRY UNLIKE ANYTHING WE HAVE WITNESSED IN OUR LIFETIMES. BUSINESSES SHUTTERED. RETIREMENT PLANS HALTED.

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  • 04:58:48 PM

    MR. TAYLOR

    FAMILIES LOSING MANY HOMES. IN RESPONSE CONGRESS PASSED DODD-FRANK, A BILL…

    FAMILIES LOSING MANY HOMES. IN RESPONSE CONGRESS PASSED DODD-FRANK, A BILL WITH MORE REGULATIONS THAN ALL OTHER BILLS PASSED DURING THE OBAMA ADMINISTRATION. DODD-FRANK REGULATIONS HAVE PUSHED MANY COMMUNITY BANKS OUT OF BUSINESS. WE LOSE ONE OF THEM OR A CREDIT UNION EVERY SINGLE DAY. SMALL BUSINESS LENDING, THE DRIVER OF JOBS IN THIS COUNTRY, HAS DECLINED. EVERYDAY BANKING SERVICES HAVE BEEN REDUCED, AND HOMEOWNERSHIP IS INCREASINGLY OUT OF REACH. THE FINANCIAL CHOICE ACT PROVIDES MORE ACCOUNTABILITY OVER UNELECTED BODIES, UNLOCKS SMALL BUSINESS LENDING, ALLOWS COMMUNITY BANKS TO SURVIVE, STOPS BIG BANK BAILOUTS WITH OUR TAX DOLLARS AND IT WILL INCREASE HOMEOWNERSHIP AND IT IMPOSES THE TOUGHEST PENALTIES EVER FOR FINANCIAL FRAUD. THIS BILL PUTS THE AMERICAN DREAM INTO REACH FOR MILLIONS OF AMERICANS AND I YIELD BACK.

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  • 04:59:42 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM…

    THE GENTLEMAN YIELDS BACK. FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM CALIFORNIA SEEK RECOGNITION? WITHOUT OBJECTION GENTLEWOMAN IS RECOGNIZED FOR ONE MINUTE.

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  • 04:59:56 PM

    >>

    BAG TO BE RECOGNIZED AS AMERICANS. LAST WEEKEND, I WENT ALONG WITH SOME OF…

    BAG TO BE RECOGNIZED AS AMERICANS. LAST WEEKEND, I WENT ALONG WITH SOME OF MY COLLEAGUES TO NEW MEXICO, WHERE WE VISITED VETERANS THAT HAVE SERVED THIS COUNTRY WHO PICKED UP A WEAPON TO GO AND FIGHT IN WAR TO PROTECT OUR FREEDOMS. THEY SURVIVED, CAME HOME AND SOME OF THEM WERE DEPORTED. DO YOU KNOW THAT IF YOU GO AND FIGHT OVERSEAS AND YOU ARE NOT A CITIZEN AND YOU DIE, YOU GET AUTOMATIC CITIZENSHIP. ONE OF THESE PEOPLE WE SAW THIS WEEKEND IS MY CONSTITUENT HECTOR BORASSAS. HE WAS WEARING HIS UNIFORM, WAS DEPORTED TO MEXICO AFTER SERVING 5 1/2 YEARS IN THE U.S. ARMY. I'M PROUD TO CO-SPONSOR H.R. 1405 TO ALLOW VETERANS TO COME BACK TO THE UNITED STATES. I HOPE HE GETS TO COME BACK, TOO. THANK YOU, I YIELD BACK.

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  • 05:01:05 PM

    THE SPEAKER PRO TEMPORE

    FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEBRASKA SEEK RECOGNITION?

  • 05:01:07 PM

    >>

    WITHOUT OBJECTION.

  • 05:02:23 PM

    THE CLERK

    LEAVES OF ABSENCE REQUESTED FOR MR. CLYBURN FOR TODAY.

  • 05:02:29 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION. THE REQUEST IS GRANTED. UNDER THE SPEAKER'S ANNOUNCED…

    WITHOUT OBJECTION. THE REQUEST IS GRANTED. UNDER THE SPEAKER'S ANNOUNCED POLICY OF JANUARY 3, 2017, THE GENTLEMAN FROM PENNSYLVANIA, MR. SMUCKER, IS RECOGNIZED FOR 60 MINUTES AS THE DESIGNEE OF THE MAJORITY LEADER.

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  • 05:02:45 PM

    MR. SMUCKER

    I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS IN…

    I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS IN WHICH TO REVISE AND EXTEND THEIR REMARKS AND INCLUDE EXTRANEOUS MATERIAL ON THE TOPIC OF THIS SPECIAL ORDER.

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  • 05:02:58 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 05:03:00 PM

    MR. SMUCKER

    SPECIAL ORDER ON CAREER AND TECHNICAL EDUCATION. WE HAVE SEVERAL MEMBERS…

    SPECIAL ORDER ON CAREER AND TECHNICAL EDUCATION. WE HAVE SEVERAL MEMBERS JOINING US THIS EVENING TO HIGHLIGHT PROGRAMS IN THEIR DISTRICTS AND UPCOMING RE-AUTHORIZATION OF THE CARL BEEN PERKINS CAREER AND TECHNICAL EDUCATION ACT. I WOULD LIKE TORE INTRODUCE MY COLLEAGUE AND CO-LEAD, WHO HAS BEEN WORKING HARD WITH MY PENNSYLVANIA COLLEAGUE, CONGRESSMAN THOMPSON ON H.R. 2353, STRENGTHENING CAREER THAN AND TECHNICAL EDUCATION ACT FOR THE 21ST CENTURY.

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  • 05:03:47 PM

    >>

    THANK YOU, REPRESENTATIVE SMUCKER. I APPRECIATE YOUR LEADERSHIP, THANK YOU…

    THANK YOU, REPRESENTATIVE SMUCKER. I APPRECIATE YOUR LEADERSHIP, THANK YOU CONGRESSMAN FROM PENNSYLVANIA FOR YOUR LEADERSHIP. IT'S AN HONOR TO BE HERE. THANK YOU. MADAM SPEAKER, IN RECENT YEARS, GLOBAL ECONOMIC TREND HAVE LED TO AN EVER-GROWING SKILLS GAP. WHILE UNEMPLOYMENT HAS FALLEN TO 4.4% IN MY HOME STATE IN ILLINOIS, THERE IS A WIDENING GAP BETWEEN THE JOBS OPENED AND THE SKILLS WORKERS NEED. THIS HAS BECOME APPARENT TRAVELING THROUGHOUT MY DISTRICT LISTENING TO BUSINESSES, PARENTS AND STUDENTS AND HIGHER EDUCATION OFFICIALS DISCUSS THE LOCAL STATE OF THE ECONOMY. I HAVE BEEN PARTICULARLY CONCERNED WITH THE FEEDBACK I HAVE RECEIVED FROM BUSINESSES WHO CONTINUE TO REPORT THERE IS A GAP BETWEEN THE TALENT AND SKILLS THEY NEED IN EMPLOYEES AND WHAT THEY CAN ACTUALLY FIND. SHORTAGES AND IN SKILLED FIELDS LIKE MACHINEISTS, TECHNICIANS, OPERATORS, CYBERSECURITY AND HEALTH CARE ARE IMPAIRING THEIR ABILITY. THERE IS MUCH CONGRESS CAN DO TO IMPROVE THE SKILLS OF OUR LABOR FORCE, WHICH IS WHY I WAS PROUD TO PARTNER WITH MY GOOD FRIEND, CONGRESSMAN G.T. THOMPSON IN INTRODUCING H.R. 235. OUR BILL RE-AUTHORIZES THE CARL B. PERKINS' PROGRAM AND GIVES STATES AND LOCAL GOVERNMENTS TO GIVE THEM THE TOOLS TO COMPETE IN THE 21ST CENTURY. THE STRENGTHENING CAREER AND TECHNICAL EDUCATION FOR THE 21 CENTURY ACT ADDRESSES ONE OF THE UNDERLYING SKILLS OF THE GAP. WHAT IS BEING TAUGHT IN CLASSES DOES NOT SYNC TO GET WHAT IS NEEDED FOR A JOB. IT REQUIRES A STRONG BUY-IN FROM LOCAL BUSINESSES. WITH MORE LOCAL STAKEHOLDERS, IT WILL BETTER EQUIP STUDENTS WITH THE TECHNICAL SKILLS THEY NEED TO FIND SUCCESS IN LOCAL IN- DEMAND CAREERS. FINALLY, I BELIEVE IT IS IMPORTANT TO SHIFT THE CULTURE SURROUNDING CAREER AND TECHNICAL EDUCATION. EVERY STUDENT NO MATTER HIS OR HER CAREER GOALS SHOULD PARTICIPATE IN CAREER EDUCATION. I BELIEVE EVERY STUDENT NEEDS TO GRADUATE NOT JUST WITH A DIPLOMA BUT WITH ANOTHER PIECE OF PAPER, NAMELY AN OFFER LETTER. . AND THEY WILL LEARN THROUGH ON THE JOB TRAINING. I LOOK FORWARD TO WORKING WITH MY COLLEAGUES TO ENSURE ITS PASSAGE AND SENDING THIS BILL TO THE PRESIDENT LATER THIS YEAR FOR SIGNING. I YIELD BACK.

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  • 05:06:49 PM

    MR. SMUCKER

    THANK YOU, MADAM SPEAKER. I THANK THE CONGRESSMAN FOR HIS LEADERSHIP ON…

    THANK YOU, MADAM SPEAKER. I THANK THE CONGRESSMAN FOR HIS LEADERSHIP ON THIS ISSUE. HE IS A FELLOW MEMBER OF THE FRESHMAN CLASS AND I APPRECIATE THE OPPORTUNITY TO WORK WITH HIM PARTICULARLY ON THIS VERY, VERY IMPORTANT TOPIC. NEXT, I WOULD LIKE TO INTRODUCE CONGRESSMAN THOMPSON, THE SPONSOR OF H.R. 2353, WHO FOR MANY YEARS HAS BEEN LEADING THE CHARGE HERE IN THE HOUSE TO STRENGTHEN CAREER TECHNICAL EDUCATION. I YIELD MY TIME TO CONGRESSMAN THOMPSON.

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  • 05:07:24 PM

    MR. THOMPSON

    I THANK MY GOOD FRIEND FROM PENNSYLVANIA, REPRESENTATIVE SMUCKER, WHO IS…

    I THANK MY GOOD FRIEND FROM PENNSYLVANIA, REPRESENTATIVE SMUCKER, WHO IS DOING A GREAT JOB REPRESENTING HIS CONGRESSIONAL DISTRICT AND BEING A STRONG VOICE FOR PENNSYLVANIA FOR HOSTING THIS IMPORTANT SPECIAL ORDER TONIGHT FOCUSED ON CAREER AND TECHNICAL EDUCATION. MY APPRECIATION TO MY GOOD FRIEND, REPRESENTATIVE FROM ILLINOIS, WHO IS LEADING THE CHARGE WITH THE PIECE THE LEGISLATION. I HOPE WE WILL SEE ON THE HOUSE FLOOR IN WEEKS TO COME. AS CO-CHAIR, I OFTEN SAY HIGH QUALITY CAREER AND TECHNICAL EDUCATION CAN RESTORE WRUNGS ON THE LADDER OF OPPORTUNITY. THIS STATEMENT IS ONE I TRULY BELIEVE IN. FOR MANY AMERICANS, THOSE WRUNGS HAVE BEEN DISPLACED FOR DIFFERENT REASONS, WHETHER ACCESS TO TRAINING, ACCESS TO QUALITY EFFECTIVE TRAINING, WHETHER IT'S BEEN POVERTY, WHETHER IT'S BEEN UNEMPLOYMENT, UNDEREMPLOYMENT, ALL THINGS THAT TAKE AWAY WRUNGS ON THE LADDER OF OPPORTUNITY. THIS CAREER AND TECHNICAL EDUCATION CAN TRULY RESTORE WRUNGS ON THE LADDER OF OPPORTUNITY. IT IS UNDENYABLE THAT HAS HELPED AMERICANS TO BREAK THE CYCLE OF POVERTY AND ACHIEVE A LIFETIME OF SUCCESS. THE FIRST STEP TO INCREASING ACCESS TO THE PROGRAMS ACROSS THE UNITED STATES IS MODERNIZING THE FEDERAL INVESTMENT IN THESE PROGRAMS. IT HAS BEEN MORE THAN A DECADE SINCE CONGRESS HAS UPDATED THE FEDERAL LAW. THIS IS PROBLEMATIC DUE TO THE FACT THAT SO MUCH ABOUT OUR SOCIETY AND OUR NATION'S WORK FORCE THAT IS CHANGED. THE LAST TIME THE PERKINS' ACT WAS RE-AUTHORIZED, WE HAVE NEW SKILL SETS, NEW JOBS, NEW INDUSTRY, NEW OPPORTUNITIES, NEW TECHNOLOGY. SO FOR EXAMPLE, TODAY, MORE THAN ONE MILLION POSITIONS REMAIN OPEN IN THE TRADE, TRANSPORTATION AND UTILITY SECTORS AND 315,000 MANUFACTURING POSITIONS ARE CURRENTLY UNFILLED. IF WE ARE TO EMBARK ON A NEW ERA OF AMERICAN MANUFACTURING AND IMPROVED INFRASTRUCTURE, WE NEED A QUALIFIED AND WELL TRAINED WORK FORCE TO FILL THESE POSITIONS. AS THE NUMBER ONE ASSET OF ANY BUSINESS. IT'S NOT THE LOCATION. IT'S NOT THE COMPLIANCE. IT'S NOT THE MARKETING. IT'S REALLY THE QUALIFIED AND TRAINED WORK FORCE. WITH THIS IN MIND, I WORK WITH MY COLLEAGUES TO INTRODUCE STRENGTHENING EDUCATION AND TECHNICAL EDUCATION ACT. OUR LAST CONGRESS PASSED OUT OF THE HOUSE COMMITTEE OF EDUCATION AND WORK FORCE AND WIDELY SUPPORTED ON THE HOUSE FLOOR BY 405-5. UNFORTUNATELY, THINGS BOGGED DOWN IN THE SENATE WITH A LOT OF GOOD LEGISLATION AT THE END OF LAST CALENDAR YEAR AND SO HERE WE ARE AGAIN. AND WHICH IS OK, BECAUSE WE HAVE TAKEN THE OPPORTUNITY TO MAKE THIS JUST A LITTLE BIT BETTER, TOO. SMALL REFINEMENTS BUT IMPROVEMENTS. WE USED OUR TIME EFFECTIVELY. THIS ROBUST RE-AUTHORIZATION WILL ENSURE THAT FEDERAL POLICIES ACCURATELY REFLECT THE CHALLENGES AND REALITIES FACING STUDENTS, WORKERS AND EMPLOYERS. ADDITIONALLY, THE BILL SUPPORTS INNOVATIVE LEARNING OPPORTUNITIES AND STRONGER ENGAGEMENTS WITH EMPLOYERS BY PROMOTING WORK-BASED LEARNING AT THE FEDERAL LEVEL. MORE EMPLOYERS WILL BUILD RELATIONSHIPS WITH STUDENTS THROUGH HANDS-ON EXPERIENCE. THIS TYPE OF LEARNING IS INVALUABLE TO STUDENTS WITH A WIDE RANGE OF STUDENTS AND LEARNING STYLES. I'M HAPPY TO SEE THIS BILL PASSED OUT OF THE COMMITTEE UNANIMOUSLY AND LOOKING TO ITS CONSIDERATION ON THE HOUSE FLOOR AND IN THE SENATE. IF WE ARE SERIOUS ABOUT IMPROVING OUR NATION'S WORK FORCE AND PROVIDING GREATER OPPORTUNITIES FOR ALL AMERICANS, WE WILL WORK TOGETHER TO MOVE THIS BILL THROUGH THE LEGISLATIVE PROCESS. AFTER ALL, THIS BILL AS I SAID BEFORE DOES RESTORE WRUNGS ON THE LADDER OF OPPORTUNITY. INCREASING ACCESS TO EDUCATION IS FAR REACHING. TAKE, FOR EXAMPLE, 15-YEAR-OLD GIRL WHO WHEN IN SCHOOL WAS UNINSPIRED, HER HEAD IS ON HER DESK. SHE DOESN'T LEARN IN THE TYPICAL WAY THAT MANY OF US DO WHERE PEOPLE TALK AT YOU AND TEACH. BUT IF YOU CAN PUT SOMETHING IN HER HANDS, THE TOOLS OF CAREER AND TECHNICAL EDUCATION, THAT COULD BE A WELDER, A PAINT BRUSH, FARM IMPLEMENTS, SHE'S INSPIRED. SHE'S INSPIRED AND DOES GREAT AND EXCELS. A YOUNG BOY TODAY WHO IS A YOUNG MAN TODAY, BUT AS A YOUNG BOY, HE WAS ON THE -- ON THE SPECTRUM SCALE AND HAD SOME ISSUES OF AUTISM AND THIS YOUNG MAN THROUGH INTRODUCTION THROUGH CAREER AND TECHNICAL EDUCATION, THIS YOUNG MAN RIGHT OUT OF HIGH SCHOOL, WHILE HE WENT IN AS A WELDER AND TODAY, HE'S MAKING A LOT OF MONEY, SIGNIFICANT AMOUNT OF MONEY, MORE THAN WHAT HIS TEACHER WAS MAKING RIGHT OUT OF HIGH SCHOOL AS A WELDER BECAUSE OF WHAT CAREER AND TECHNICAL EDUCATION DID. THE YOUNG COUPLE WHO IS AT THE KITCHEN TABLE DECIDING HOW TO MAKE ENDS MEET, THIS IS AN OPPORTUNITY TO GET BACK INTO THE WORK FORCE. AND LIKE A PROMOTION, DO BETTER FOR HIS FAMILY AND BRING MORE MONEY HOME. IT SERVES THAT PERSON. THE FAMILY WHO IS STUCK IN POVERTY AND MAYBE FOR GENERATIONS. STUCK IN POVERTY, THEY DON'T REMEMBER WHAT WAS THE INCIDENT THAT PUT THEM IN POVERTY GENERATIONS AGO BUT THIS CAN BREAK POVERTY. AND THE SUCCESSFUL BUSINESS OWNER WHO IS DOING ALL THE RIGHT THINGS AND INVESTED IN HER BUSINESS AND GROWN THE BUSINESS AND HAS A GREAT PRODUCT AND IN A GREAT LOCATION AND A GREAT MARKETING PLAN, GREAT COMPLIANCE PLAN BECAUSE OF REGULATION ISSUES, BUT SHE IS CLOSING HER BUSINESS, BECAUSE SHE CAN'T FIND QUALIFIED AND TRAINED WORKERS TO KEEP THAT BUSINESS GOING LET ALONE GROW IT. THESE ARE ALL EXAMPLES OF FOLKS WHO WILL BENEFIT FROM THIS. I THANK MY COLLEAGUES FOR THEIR ENTHUSIASTIC SUPPORT, ON A DAY WHEN I KNOW THERE ARE OTHER PLACES AND PRESSURES TO BE HERE THIS EVENING AND RIGHT HERE ON THE HOUSE FLOOR AND LEADING IT FOR CAREER AND TECHNICAL EDUCATION AND THANKS REPRESENTATIVE SMUCKER FOR HIS LEADERSHIP AND TONIGHT'S SPECIAL ORDER. AND I YIELD BACK.

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  • 05:14:31 PM

    MR. SMUCKER

    THANK YOU, REPRESENTATIVE THOMPSON. I WOULD LIKE TO THANK THE CONGRESSMAN…

    THANK YOU, REPRESENTATIVE THOMPSON. I WOULD LIKE TO THANK THE CONGRESSMAN FOR HIS LEADERSHIP ON THIS VERY, VERY IMPORTANT ISSUE. AND VERY MUCH ENJOY IN THE FIVE MONTHS I HAVE BEEN HERE WORKING WITH CONGRESSMAN THOMPSON, FELLOW MEMBER OF THE PENNSYLVANIA DELEGATION, BUT I HAVE SEEN HIS PASSION FOR THIS ISSUE. SO AGAIN, LOOK FORWARD TO CONTINUE TO WORK WITH YOU ON THIS AND REALLY APPRECIATE YOUR LEADERSHIP. YOU MENTIONED THE CRITICAL NEED OF BUSINESSES TO FILL SPOTS THAT ARE AVAILABLE TODAY. AND WE SEE THE UNEMPLOYMENT RATE TODAY. WE KNOW THIS IS A PROBLEM TODAY AND WILL CONTINUE TO BE A PROBLEM. MY BACKGROUND IS IN CONSTRUCTION, OWNED A CONSTRUCTION FIRM, HAD ABOUT 150 EMPLOYEES. OUR BIGGEST PROBLEM ALWAYS, ALWAYS WAS FINDING QUALIFIED PEOPLE TO FILL THE SPOTS THAT ARE AVAILABLE. AND AT THE SAME TIME, I SAW THE OPPORTUNITY THAT AVAILABLE TO PEOPLE WHO DECIDED TO TAKE UP A CAREER IN CONSTRUCTION. IT'S NOT AS MANY PEOPLE THINK. NEITHER CONSTRUCTION OR MANUFACTURING ARE MANY JOBS THAT REQUIRE SKILLED TRAINING. THE INDUSTRY USES TECHNOLOGY AND IT'S NOT A DIRTY JOB THAT PEOPLE ONCE THOUGHT IT WAS AND MANUFACTURING IS THE SAME WAY. AND AT THE SAME TIME, THEY ARE GREAT PAYING JOBS, FAMILY-SUSTAINING JOBS AVAILABLE IN THESE FIELDS. WE NEED TO DO A BETTER JOB OF ENLIGHTENING THE OPPORTUNITIES, TALKING ABOUT THE OPPORTUNITIES THAT ARE AVAILABLE THROUGH CAREER AND TECHNICAL EDUCATION. . THERE'S NO BETTER WAY TO HELP PEOPLE OUT OF POVERTY THAN TO PROVIDE THEM -- CONNECTED THEM WITH A GOOD-PAYING JOB AND THE SELF-WORTH THAT'S ACHIEVED FROM FINDING A JOB. WE KNOW THOSE JOBS ARE AVAILABLE TODAY AND WHAT CAREER AND TECHNICAL EDUCATION DOES IS CONNECT PEOPLE, PREPARE PEOPLE FOR GREAT-PAYING JOBS THAT ARE AVAILABLE. SO AGAIN THANK YOU SO MUCH FOR YOUR LEADERSHIP ON THIS. NOW I'D LIKE TO YIELD AS MUCH OF MY TIME AS HE MAY NEED TO ANOTHER FRESHMAN COLLEAGUE OF MINE ON THE EDUCATION AND WORK FORCE COMMITTEE, MR. MITCHELL, WHO HAS AN EXTENSIVE BACKGROUND IN HIGHER EDUCATION AND BRINGS THAT EXPERTISE TO THE COMMITTEE.

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  • 05:17:09 PM

    MR. MITCHELL

    THANK YOU, MR. SMUCKER. MADAM SPEAKER, I RISE TODAY TO TALK ABOUT…

    THANK YOU, MR. SMUCKER. MADAM SPEAKER, I RISE TODAY TO TALK ABOUT EDUCATION AND WORK FORCE PREPAREDNESS. PRIOR TO SERVING IN CONGRESS, I DEDICATED MY 30-YEAR CAREER TO WORK FORCE EDUCATION. HELPING PEOPLE DEVELOP THE SKILLS NECESSARY TO GET A JOB AND START A CAREER PATH. THERE WAS SOMETHING ABOUT THE PRIDE THAT COMES WHEN SOMEONE BUILDS THE SKILLS NECESSARY TO START A CAREER. THEIR WHOLE WORLD CHANGES WHEN THEY SEE WHAT THEY CAN ACHIEVE AND THE DIFFERENCE IT MAKES TO THEIR FAMILY. I RAN FOR CONGRESS WITH THE DESIRE TO MAKE THAT OPPORTUNITY POSSIBLE FOR ALL AMERICANS, TO HELP ALL AMERICANS SUCCEED AS I'VE HAD AND SO MANY OTHERS IN THIS CHAMBER. FOR SOME PEOPLE, PURSUING THEIR DESIRED CAREER MEANS A FOUR-YEAR COLLEGE DEGREE. I'VE ALSO SEEN THAT'S NOT THE RIGHT PATH FOR MANY YEARS. YET, TOO OFTEN THOSE THAT WISH TO PURSUE AREAS IN TECHNICAL AREAS LACK THE SKILLS NEEDED IN THE AREA AND TO MOVE FORWARD. THIS IS A PROBLEM WE ALL HEARD OF, THE SKILLS GAP. PEOPLE YOUNG AND MORE MATURE LIKE US ARE UNABLE TO FIND JOBS BECAUSE THEY LACK NECESSARY SKILLS. WE'VE SEEN THIS REPEATEDLY IN MY HOME STATE OF MICHIGAN. SEVERAL COMPANIES HAVE BEEN AWARDED INCENTIVES TO GROW AND EXPAND TO THROUGH THE MICHIGAN STRATEGIC FUND BUT HAD TO DIAL BACK PLANNED EXPANSIONS DUE TO HIRING CHALLENGES. THE WEBSITE LISTS NEARLY 100,000 OPEN JOBS AND POSITIONS ACROSS THE RANGE OF INDUSTRIES. BUSINESSES SIMPLY CANNOT FIND QUALIFIED INDIVIDUALS TO FILL THEIR OPEN JOBS. IT THREATENS OUR NATION. WE MUST ADDRESS IT. IN EFFORTS TO ASSESS THE NEEDS OF OUR EDUCATION SYSTEM OVER THE LAST FIVE MONTHS, I MET WITH STUDENTS, ADMINISTRATORS, TEACHERS AND EMPLOYERS THROUGHOUT MY CONGRESSIONAL DISTRICT. EVERY SINGLE EMPLOYER I MET SINCE I STARTED OFFICE HAVE TOLD ME THE SAME THING, BELIEVE IT OR NOT. THEY NEED MORE EMPLOYEES WITH THE SKILLS NECESSARY, THE CORE TECHNICAL SKILLS NECESSARY TO CONTRIBUTE IN THE WORK FORCE. DESPITE EXPENSIVE AND EXTENSIVE RECRUITMENT EFFORTS, THEY CAN'T FIND THEM. IT'S CREATING A REAL PROBLEM. THEY ARE TURNING DOWN WORK AND TURNING DOWN OPPORTUNITY AND GROWTH ACROSS THIS NATION AND MY DISTRICT BECAUSE THEY CANNOT FIND SKILLED EMPLOYEES. SCHOOLS IN MY COMMUNITY RECOGNIZE THIS PROBLEM BUT TOO OFTEN THEIR HANDS ARE TIED. NEEDING TO ENSURE STUDENTS MEET ARBITRARY STANDARDS AND TESTING METRICS -- HERE'S THE IRONY. RATHER THAN ENSURE THEY ARE PREPARED FOR THE EMPLOYMENT IN THE COMMUNITY, WE ARE WORRIED ABOUT TEST SCORES. TEACHERS HAVE ASKED FOR MORE FLEXIBILITY TO OFFER CHOICES TO STUDENTS AND FAMILIES TO DEVELOP SKILLS TO MEET THE NEEDS OF EMPLOYERS AND FRANKLY THE NEEDS OF THE 21ST CENTURY. THE STRENGTHENING CAREER IN TECHNICAL EDUCATION ACT FOR THE 21ST CENTURY WOULD GIVE ADDITIONAL FLEXIBILITY TO THE COMMUNITY AND EDUCATORS ARE ASKING FOR. IT WILL ALLOW THEM TO BETTER ACCOMMODATE LOCAL WORK FORCE NEEDS. SCHOOLS, PARENTS, EMPLOYERS AND TEACHERS HAVE MADE IT CLEAR. CAREER IN TECHNICAL EDUCATION CAN ENSURE THAT PROGRAMS ARE ACCOUNTABLE, INVOLVING ALL STAKEHOLDERS AND GRANTING MORE FLEXIBILITY. THE BIPARTISAN STRENGTHENING CAREER IN TECHNICAL EDUCATION ACT OF THE 21ST CENTURY ACHIEVES THOSE GOALS. I AM PROUD TO SUPPORT IT AS ONE STEP TO EXPAND THE EDUCATIONAL OPPORTUNITIES AND CHOICE IN THIS COUNTRY. THANK YOU, MR. SMUCKER, AND I YIELD BACK.

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  • 05:20:45 PM

    MR. SMUCKER

    THANK YOU, REPRESENTATIVE MITCHELL. AGAIN APPRECIATE NOT ONLY YOUR PASSION…

    THANK YOU, REPRESENTATIVE MITCHELL. AGAIN APPRECIATE NOT ONLY YOUR PASSION FOR THIS ISSUE BUT THE WEALTH OF EXPERIENCE IN THIS FIELD THAT YOU BRING TO THE TABLE AND LOOK FORWARD AS WELL TO CONTINUING TO WORK WITH YOU ON THIS ISSUE. AND NOW I'D LIKE TO YIELD TO ONCE AGAIN ANOTHER FRESHMAN MEMBER OF THE CLASS WHO VERY MUCH ENJOY WORKING WITH, MR. FERGUSON. I YIELD AS MUCH TIME AS YOU MAY NEED.

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  • 05:21:21 PM

    MR. FERGUSON

    THANK YOU, MR. SMUCKER. I, TOO, WOULD LIKE TO EXPRESS MY APPRECIATION FOR…

    THANK YOU, MR. SMUCKER. I, TOO, WOULD LIKE TO EXPRESS MY APPRECIATION FOR REPRESENTATIVE THOMPSON FOR TAKING THE LEAD ON THIS ON OUR SIDE OF THE AISLE. HE DID A GREAT JOB, AND ALSO REPRESENTATIVE KRISHNAMOORTHI FROM ILLINOIS WHO WORKED TIRELESSLY TO MAKE THIS A REALLY, REALLY SOLID BILL. THANKS TO BOTH OF YOU AND THANK YOU FOR LEADING THIS SPECIAL ORDER TONIGHT. IN MY DISTRICT AND THROUGHOUT GEORGIA, OUR SCHOOL SYSTEMS, TECHNICAL COLLEGES AND COMMUNITIES ARE CREATING INNOVATIVE CAREER TECH OPPORTUNITIES TO HELP TRANSITION STUDENTS INTO A WORK FORCE. DUE DUAL ENROLLMENT IN THE TECHNICAL COLLEGE SYSTEM OF GEORGIA AND CAREER ACADEMIES LIKE THE THINK ACADEMY IN LAGRANGE, 12 FOR LIFE IN CARROLLTON, GEORGIA, THESE PROGRAMS ARE HELPING OUR YOUNG PEOPLE MAKE THE TRANSITION FROM HIGH SCHOOL DIRECTLY INTO THE WORK FORCE AND HELPING ADULT LEARNERS TRANSITION INTO NEW CAREERS. I VISITED THESE CENTERS AND LEARNED ABOUT THESE EDUCATION PROGRAMS, AND THEY PROVIDE A MEANINGFUL TRANSITION FOR THESE STUDENTS. THEY RELY HEAVILY ON THE CARL D. PERKINS CAREER AND TECHNICAL EDUCATION ACT. THIS IS A PIVOTAL WORK FORCE DEVELOPMENT TOOL. IT ENABLES THEM TO TAILOR PROGRAMS THAT REFLECT WORK FORCE NEEDS, LEVERAGING SMALL DOLLARS FOR VERY LARGE OUTCOMES. TRAVELING THROUGHOUT MY DISTRICT, THE NUMBER ONE ISSUE I HEAR FROM BUSINESS AND EDUCATION LEADERS IS WORK FORCE DEVELOPMENT. AND I HAVE SEEN EXAMPLES ACROSS THE THIRD DISTRICT OF HOW COMMUNITY STAKEHOLDERS ARE PILLING TOGETHER TO DO THEIR PART TO DEVELOP CAREER TECH EDUCATION AND IN TURN CREATE OPPORTUNITIES FOR YUCK PEOPLE TO CLIMB THE LADDER OF SUCCESS. I'M SO IMPRESSED BY THE EMERGING PARTNERSHIPS THAT HAVE NATURALLY COME ABOUT AS THESE GROUPS WORK TO CLOSE THE SKILLS GAP THAT WE HAVE IN THIS COUNTRY. THEY KNOW THE URGENT NEED WE HAVE TO EDUCATE STUDENTS AND DEVELOP THESE SKILLS TO FULFILL THE DEMANDS OF A 21ST CENTURY JOB. THIS STORY -- THIS IS A STORY OF HOW SO MANY OF OUR COMMUNITIES ACROSS THE COUNTRY AND THE REASON WHY I SUPPORT THE EFFORT TO MOVE FORWARD AND RE-AUTHORIZE THE PARKINS C.T.E. IT WILL UPGRADE THE LAW AND MORE ACCURATELY REFLECT THE NEEDS AND WORK BEING DONE BY STATES AND LOCAL COMMUNITIES, PROVIDING FLEXIBILITY, STREAMLINE APPLICATION PROCESSES, PROMOTING PARTNERSHIPS, ACCOUNTABILITY AND A LIMITED FEDERAL ROLE. IT'S TIME TO MAKE THESE REFORMS, AND I PROUDLY SUPPORT H.R. 2353. THANK YOU, MADAM SPEAKER, AND I YIELD BACK.

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  • 05:23:55 PM

    MR. SMUCKER

    THANK YOU, MR. FERGUSON. AS YOU MENTIONED, THIS IS ABOUT JOBS,…

    THANK YOU, MR. FERGUSON. AS YOU MENTIONED, THIS IS ABOUT JOBS, FAMILY-SUSTAINING JOBS. MR. FERGUSON HAS A LOT OF EXPERIENCE BRINGING JOBS TO HIS TOWN OF WEST POINT IN GEORGIA WHERE HE WAS MAYOR, CREATING THOUSANDS OF NEW JOBS THERE THROUGH INNOVATIVE POLICIES THERE. I LOOK FORWARD TO CONTINUE TO WORK WITH YOU ON THIS AS WELL. THANK YOU. NOW I'D LIKE TO YIELD TIME, MADAM SPEAKER, TO ANOTHER COLLEAGUE ON THE EDUCATION AND WORK FORCE COMMITTEE WHO HAS BEEN A LEADING VOICE AS WELL ON C.T.E., MR. WILSON.

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  • 05:24:39 PM

    MR. WILSON

    THANK YOU, CONGRESSMAN LLOYD SMUCKER FOR YIELDING. I APPRECIATE YOUR…

    THANK YOU, CONGRESSMAN LLOYD SMUCKER FOR YIELDING. I APPRECIATE YOUR DEDICATED LEADERSHIP TO THE PEOPLE OF PENNSYLVANIA. STUDENTS AND BUSINESSES IN SOUTH CAROLINA KNOW FIRSTHAND THE IMPORTANCE OF AN EDUCATED WORK FORCE TO PROMOTE JOBS. THEY ALSO KNOW THAT QUALITY EDUCATION DOESN'T HAVE TO COME AT THE TIME AND EXPENSE OF A TRADITIONAL FOUR-YEAR COLLEGE DEGREE TO ACHIEVE FULFILLING JOBS. WHILE VISITING THE SCHOOLS AND BUSINESSES ACROSS THE SECOND DISTRICT OF SOUTH CAROLINA, I REGULARLY LEARNED HOW THEY HAVE POSITIVELY BENEFITED FROM CAREER IN TECHNICAL EDUCATION PROGRAMS, PROGRAMS THAT CREATE JOBS AND LEAD TO FULFILLING LIVES. WITH CAREER IN TECHNICAL EDUCATION, STUDENTS CAN HAVE PRACTICAL SKILLS AND TRAINING INTO THEIR EDUCATIONAL EXPERIENCE, SKILLS THAT ARE VALUABLE TO THE WORK FORCE TO CREATE JOBS. BUSINESSES IN SOUTH CAROLINA ESPECIALLY APPRECIATE THE OPPORTUNITY TO WORK WITH THE TECHNICAL COLLEGES TO CLOSE THE SKILLS GAP AND HIRE TRAINED, EXPERIENCED EMPLOYEES FOR HIGHLY TECHNICAL JOBS. I HAVE BEEN GRATEFUL TO HAVE THE OPPORTUNITY TO VISIT MIDLAND TECHNICAL JOB, AKIN TECHNICAL JOB, CALHOUN -- AKIN TECHNICAL COLLEGE, CALHOUN TECHNICAL COLLEGE, AND I AM PROUD FOR THEIR ROLE IN CONNECTING STUDENTS WITH EMPLOYERS. I ALSO APPRECIATE THE COUNTLESS BUSINESSES IN SOUTH CAROLINA LIKE BOEING AIRCRAFT, MICHELIN TIRE, M.T.U., FLEUR AND OTHERS THAT SUPPORT THE CAREER AND TECHNICAL EDUCATION PROGRAMS AND HIRE STUDENTS FROM THE PROGRAMS OR FACILITATE APRESENT ISHSHIP -- APPRENTICESHIP PROGRAMS. THESE HAVE BEEN THE BASIS TO ESTABLISH THE TIRE INDUSTRY WHERE IN THE DISTRICT I REPRESENT, MICHELIN IS THE SINGLE LARGEST TIRING MANUFACTURER IN THE WORLD AT THAT LOCATION. ADDITIONALLY, SOUTH CAROLINA, WITH BRIDGESTONE, WHICH IS JAPANESE, CONTINENTAL, WHICH IS GERMAN, MICHELIN WHICH IS FRENCH, GITI WHICH IS SINGAPORE, AND SOON A CHINESE TIRE MANUFACTURER, THE TRAINING PROGRAMS WE HAVE, SOUTH CAROLINA IS NOW THE LEADING MANUFACTURER AND EXPORTER OF TIRES OF ANY STATE IN THE UNITED STATES. ADDITIONALLY, WITH B.M.W., WE HAVE -- SOUTH CAROLINA IS THE LEADING EXPORTER OF CARS OF ANY STATE IN THE UNITED STATES. IN FACT, LAST YEAR $9.4 BILLION WORTH OF B.M.W.'S WERE EXPORTED OUT OF CHARLESTON FOR WORLDWIDE DISTRIBUTION. WHILE SOUTH CAROLINA HAS BEEN HIGHLY SUCCESSFUL IN PROMOTING CAREER AND TECHNICAL EDUCATION PROGRAMS, I HOPE ALL COMMUNITIES ACROSS THE COUNTRY CAN EXPERIENCE THE SUCCESS THAT WE HAVE ACHIEVED CREATING JOBS. THE 21ST CENTURY CAREER AND TECHNICAL EDUCATION ACT WILL REDUCE REGULATIONS AND ALLOW STATE AND LOCAL LEADERS TO CREATE CAREER AND TECHNICAL EDUCATION PROGRAMS BEST FOR THEIR COMMUNITIES. AS THE HOUSE OF REPRESENTATIVES WILL CONSIDER THE BIPARTISAN 21ST CENTURY CAREER AND TECHNICAL EDUCATION ACT SOON, I URGE ALL OF MY COLLEAGUES TO SUPPORT THIS JOB-CREATING LEGISLATION FOR MEANINGFUL AND PRODUCTIVE FAMILIES. I YIELD BACK THE BALANCE OF MY TIME.

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  • 05:28:00 PM

    MR. SMUCKER

    THANK YOU, MR. WILSON. I'M HAPPY TO SAY I AM ONE OF THOSE THAT SUPPORTS…

    THANK YOU, MR. WILSON. I'M HAPPY TO SAY I AM ONE OF THOSE THAT SUPPORTS THE ECONOMY IN SOUTH CAROLINA BY BUYING THOSE BRIDGESTONE AND FIRESTONE TIRES ON MY VEHICLES. BUT MR. WILSON HAS BEEN A STRONG ADVOCATE, OBVIOUSLY, FOR THE PEOPLE OF HIS DISTRICT, THE PEOPLE OF HIS STATE AND HAS BEEN A LEADER IN RARS TO C.T.E. -- REGARDS TO C.T.E. AND LOOK FORWARD TO WORKING WITH HIM ON THIS BILL AS WELL. WE PROBABLY -- I THINK WE WILL HAVE ONE MORE SPEAKER WHO IS ON THE WAY, AND AS WE WAIT FOR HIM, I'D LIKE TO HIGHLIGHT -- MR. WILSON TALKED ABOUT SOME OF THE SCHOOLS IN HIS AREA THAT HAVE BEEN DOING A GREAT JOB IN CONNECTING PEOPLE, TRAINING PEOPLE FOR -- EDUCATING PEOPLE FOR THE KIND OF JOBS THAT ARE AVAILABLE IN OUR WORK FORCES. THESE PH-16 IS HOME TO COLLEGE OF TECHNOLOGY AND IT'S AN INCREDIBLE STORY AND SIMILAR TO STORIES OF MANY OF THE OTHER INSTITUTIONS THAT ARE PROVIDING CAREER AND TECHNICAL EDUCATION, BUT THERE WAS A JOB FAIR RECENTLY AT THADDEUS STEVENS AND FOR JUST A FEW HUNDRED POSITIONS AVAILABLE, GRADUATES, THERE WERE ABOUT 450 COMPANIES ESSENTIALLY COMPETING FOR THOSE INDIVIDUALS, COMPETING TO FILL SPOTS THEY HAD. AND SO IT GOES WITHOUT SAYING THAT THE PLACEMENT RATE AT MANY OF THESE SCHOOLS -- I KNOW CERTAINLY AT THADDEUS STEVENS, IT'S ALMOST 100% PLACEMENT RATE. I MEAN, THESE ARE -- THEY HAVE A PROBLEM IN FACT SOMETIMES KEEPING PEOPLE UNTIL GRADUATION BECAUSE STUDENTS ARE HIRED AWAY. THEY'RE OFFERED JOBS EVEN BEFORE THEY GRADUATE. SOME OF THE STUDENTS COMING OUT OF THADDEUS STEVENS ARE EARNING THE AVERAGE, I SHOULD SAY, IS $45,000 ANNUALLY, AND SOME OF THEM, WE HAVE THE MARCELLUS SHALE DRILLING IN OUR AREA, OR WELDERS. SOME OF THEM ARE EARNING UP TO SIX FIGURES, $100,000 OR MORE IN THE FIRST OR SECOND YEAR OF EMPLOYMENT. SO, AGAIN, THE KIND OF JOBS THAT WE ARE TALKING ABOUT HERE ARE GREAT-PAYING, FAMILY-SUSTAINING JOBS. . MY DISTRICT IS HOME TO READING AREA COMMUNITY COLLEGE AND PENNSYLVANIA COLLEGE OF HEALTH SCIENCES, BOTH OF WHICH OFFERS C.T. PROGRAMS. AND WE HAVE SPOKEN WITH AS A PART OF LEADING UP TO THIS BILL BEING INTRODUCED, WITH THEIR FACULTY, WITH STUDENTS AND THEIR STAFF ABOUT HOW SOME OF THESE PROGRAMS CAN BE IMPROVED. HARRISBURG AREA COMMUNITY COLLEGE HAS A CAMPUS IN MY DISTRICT IN LANCASTER. AND THEY DO SOMETHING THAT I THINK WE WILL BE SEEING MORE OF, SHOULD BE SEEING MORE OF. THAT IS THEY RUN AN INNOVATIVE APPRENTICESHIP PROGRAM. THEY BROUGHT TOGETHER PRIVATE BUSINESSES THAT WORK WITH THE SCHOOL TO HELP PREPARE SKILLED WORKERS TO FILL AVAILABLE JOBS. VERY INNOVATIVE PROGRAM. THE PROGRAM HAS BEEN VERY, VERY SUCCESSFUL AND FUTURE INITIATIVES THERE INCLUDE EXPANDING THE PROGRAM INTO OUR LOCAL HIGH SCHOOLS TO ENSURE THAT GRADUATES ARE COLLEGE OR CAREER READY. IT'S AN OPPORTUNITY WE HAVE ACROSS THE COUNTRY. IF YOU LOOK AT SOME OTHER MODELS, FROM THE EUROPEAN COUNTRIES, HAD LONG EXTENSIVE CONVERSATION WITH THE AMBASSADOR IN SWITZERLAND. WE THINK ABOUT APPRENTICESHIP AND MAY BE BLUE COLLAR WORKERS, CONSTRUCTION MANUFACTURING. IN SWITSERLAND. I WAS TOLD THEY HAVE A-- SWITZERLAND, THEY HAVE 3 -- 230 CAREERS. BANKERS, INSURERS, MANY, MANY DIFFERENT COMPANIES ARE TAKING ADVANTAGE OF THE APPRENTICESHIP PROGRAM THERE. AND IT GETS TO OUR STUDENT DEBT PROBLEM THAT WE HEAR SO MUCH ABOUT. STUDENTS ARE EARNING A DEGREE. STUDENTS ARE EARNING A DEGREE. SO IT DOES AWAY WITH DEBT. YOU ARE EARNING DOLLARS AS YOU ARE LEARNING. IT'S A GREAT MODEL THAT I HOPE TO SEE MORE OF HERE. WE ARE NOW JOINED BY CONGRESSMAN LANGEVIN FROM RHODE ISLAND, AND I WOULD LIKE TO YIELD AS MUCH TIME AS NEEDED TO THE CONGRESSMAN.

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  • 05:33:06 PM

    MR. LANGEVIN

    I THANK THE GENTLEMAN FOR YIELDING. AND I WANT TO THANK REPRESENTATIVE…

    I THANK THE GENTLEMAN FOR YIELDING. AND I WANT TO THANK REPRESENTATIVE SMUCKER FOR HOLDING THIS SPECIAL ORDER. MR. SPEAKER, AS CO-CHAIR OF THE CAREER AND TECHNICAL EDUCATION CAUCUS, I RISE TO HIGHLIGHT TO THE IMPORTANCE AND I APPRECIATE ALL THE COMMENTS THAT THE GENTLEMAN JUST MENTIONED. AND I CONCUR. MR. SPEAKER, ACROSS RHODE ISLAND, I CONTINUE TO HEAR FROM EMPLOYERS STRUGGLING TO FIND SKILLED WORKERS TO FILL OPEN JOBS IN MANUFACTURING AND I.T. AND OTHER TRADES. HUNDREDS OF THOUSANDS OF HIGH-SKILLED HIGH-PAYING JOBS ARE UNFULFILLED IN OUR COUNTRY AND THIS NUMBER IS CONTINUING TO GROW. ESPECIALLY AS WE HEAR ABOUT BRINGING JOBS BACK FROM OVERSEAS . MANUFACTURING JUST BY WAY OF EXAMPLE HAS CHANGED DRAMATICALLY. NO LONGER THESE FACTORIES, THE OLD DIRTY, NOISY FACTORIES, MANUFACTURING OF OLD THAT THEIR FATHERS OR GRANDFATHERS WERE USED TO, NOW THEY ARE ALL HIGH TECH. YOU SEE ROBOTS DOING A LOT OF THE MANUFACTURING THAT REQUIRE BOTH PROGRAMMING AND SOPHISTICATED KNOWLEDGE OF HOW TO RUN THIS ADVANCED EQUIPMENT. AND SO THE JOBS THOUGH ARE COMING BACK, THEY ARE COMING BACK IN DIFFERENT WAYS, NEEDING DIFFERENT SKILLS. AND RIGHT NOW WE NEED TO ENSURE OUR WORK FORCE IS EQUIPPED WITH THE TOOLS TO MEET THE DEMANDS OF THE ECONOMY TO CLOSE OUR NATION'S SKILLS GAP AND WE NEED TO ALIGN EDUCATION AND INDUSTRY. OUR STUDENTS SHOULD BE LEARNING THE SKILLS THEY NEED TO SUCCEED IN GROWING ECONOMIC SECTORS. ONE OF THE MOST IMPORTANT INVESTMENTS THAT WE CAN MAKE IN OUR NATION'S FUTURE. THE GOVERNOR OF RHODE ISLAND LIKES TO SAY WE NEED TO GIVE OUR WORKERS THE SKILLS THAT MATTER FOR JOBS THAT PAY. SO THE OCEAN STATE, THE NEW EDUCATION CENTER, IS WORKING TO PROMOTE C.T.E. PROVIDING A RANGE OF COURSES TO MEET THE PROJECTED NEEDS OF THE REGION'S ECONOMY. THE EDUCATION CENTER BRINGS TOGETHER HIGHER EDUCATION, INDUSTRY AND COMMUNITY PARTNERS TO ENSURE STUDENTS OF ALL AGES ARE PREPARED FOR WORK FORCE OPPORTUNITIES IN RHODE ISLAND. SO CLASSES RANGE FROM INDUSTRY-SPECIFIC SKILLS TRAINING TO COURSES IN CRITICAL THINKING, IN MANAGEMENT AND ALSO SOFT SKILLS. C.E.E. COURSES ARE IN DEMAND. 12.5 MILLION HIGH SCHOOL AND COLLEGE STUDENTS ARE ENROLLED IN C.T.E. ACROSS THE NATION, BUT FEDERAL INVOLVEMENT IN THIS HE AREA HAS DECREASED SINCE 2011 AND THE CARL PERKINS ACT HASN'T BEEN RE-AUTHORIZED SINCE 2006. I'M HOPING TO SEE THIS ACT RE-AUTHORIZED VERY SOON. PERKINS IS THE PRIMARY FEDERAL INVESTMENT IN C.T.E.'S AND MOST IMPORTANT THING WE CAN DO TO PROMOTE AND SUPPORT STUDENTS AND BUSINESSES ACROSS THE COUNTRY IS TO RE-AUTHORIZE THIS LEGISLATION. IT NEEDS TO BE UPDATED FOR OUR CHANGING ECONOMY AND FUNDING FOR PROGRAMS MUST BE ABLE TO SUPPORT PROGRAMS ACROSS THE NATION. LAST CONGRESS, THE HOUSE OVERWHELMINGLY PASSED THE STRENGTHENING CAREER AND TECHNICAL EDUCATION ACT AND I CALL ON MY COLLEAGUES TO DO THE SAME IN THIS CONGRESS AS WELL. IT WAS A WEIRD MOMENT OF BIPARTISANSHIP? THE CONGRESS AND HOW WE CAN WORK TOGETHER AND THAT WILL LEAD TO OTHER THINGS AS WELL. BUT H.R. 235 RECENTLY PASSED UNANIMOUSLY BY THE EDUCATION AND WORK FORCE COMMITTEE AND AGAIN THE PRODUCT OF AN INCLUSIVE AND THOUGHTFUL PROCESS. I COMMEND THE CHAIRMAN OF THE EDUCATION AND WORK FORCE COMMITTEE AND THE RANKING MEMBER AND ALL THE MEMBERS ON BOTH SIDES OF THE AISLE FOR WORKING CLOSELY TOGETHER. AGAIN, A VERY COMPLY COMPLICATED PIECE OF LEGISLATION THAT PASSED UNANIMOUSLY OUT OF COMMITTEE. I WOULD LIKE TO THANK MY CAUCUS CO-CHAIR AND REPRESENTATIVE THOMPSON FOR HIS GREAT WORK ON THIS BILL. A MEMBER OF THE EDUCATION AND WORK FORCE AND WE WORK IN LOCKSTEP ON THESE MATTERS AND PRESSURE TO -- PLEASURE TO WORK WITH HIM. IT MAKES THE NECESSARY UPDATES TO PERKINS WITH EMPHASIS ON TRAINING STUDENTS FOR THE SKILLS THEY WILL NEED IN HIGH GROWTH ECONOMIC SECTORS. AND THE BILL INCLUDES INCREASING COLLABORATION BETWEEN INDUSTRY AND EDUCATION AND EXPANDING APPRENTICESHIPS AND ALIGNING STATE PERFORMANCE INDICATORS WITH THE LOCAL LABOR MARKETS AMONG OTHER THINGS. UNFORTUNATELY AT A TIME WHEN IT'S MORE CRUCIAL THAN EVER TO INVEST IN C.T.E., THE PRESIDENT'S BUDGET HAS PROPOSED A BUDGET FOR FISCAL YEAR 2018 THAT CUTS GRANTS BY 15% THAT IS MORE THAN $168 MILLION. IN RHODE ISLAND, THAT PERKINS' FUNDING CUT WOULD MEAN A CUT OF MORE THAN $800,000. IF ENACTED THE PRESIDENT'S BUDGET WOULD NOT ONLY SLASH A CRUCIAL INVESTMENT IN OUR STUDENTS, IT WOULD DEEPLY HURT BUSINESSES. WE WANT BUSINESSES TO COME BACK TO THE COUNTRY AND FROM OVERSEAS AND RELOCATE THOSE JOBS HERE. WE NEED TO MAKE SURE WE HAVE THE WORK FORCE THAT CAN DO THE JOBS THAT WILL BE AVAILABLE ANDR IN FACT, AVAILABLE RIGHT NOW. THIS IS THE TIME TO INVEST IN WORK FORCE DEVELOPMENT AND NOT UNDERMINE. THE DEMAND FOR C.T.E. IS GROWING AND OUR ECONOMY DESPERATELY NEEDS IT. SO, MR. SPEAKER, IN CLOSING, LET ME SWRUSS SAY, I ENCOUNSELING MY COLLEAGUES TO PRIORITIZE C.T.E. IT MATTERS FOR YOUR CONSTITUENTS AND YIELDS BIG RETURNS FOR OUR STATES' ECONOMIES AND OUR NATION'S ECONOMY AS A WHOLE AND PROVIDING WORKERS WITH THE SKILLS NECESSARY TO THRIVE IN THE ECONOMY IS ESSENTIAL TO OUR ECONOMIC PROSPERITY. IT'S THE RIGHT THING TO DO GIVING OUR WORKERS THE SKILLS THEY NEED FOR THE JOBS THAT PAY. AND WITH THAT, I YIELD BACK THE BALANCE OF MY TIME -- I YIELD BACK TO THE GENTLEMAN.

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  • 05:40:01 PM

    MR. SMUCKER

    THANK YOU TO THE CONGRESSMAN. YOUR POINTS ARE VERY GOOD. AND I APPRECIATE…

    THANK YOU TO THE CONGRESSMAN. YOUR POINTS ARE VERY GOOD. AND I APPRECIATE YOUR LEADERSHIP AS CO-CHAIR OF THE C.T.E. CAUCUS AND FOR THE WORK THAT YOU'VE DONE IN BRINGING THIS BILL TO THE POINT WHERE IT IS NOW. YOU'RE RIGHT. IT WAS PASSED UNANIMOUSLY OUT OF THE EDUCATION AND WORK FORCE COMMITTEE AND THANK THE CHAIR FOR MAKING IT A PRIORITY. WE HOPE IT PASSES THE FLOOR THE HOUSE. IT DID LAST SESSION AND WE HOPE IT BECOMES A PRIORITY FOR THE SENATE. IT'S IMPORTANT. YOU MENTIONED SOME OF THE SCHOOLS, THE INSTITUTIONS IN YOUR DISTRICT AND TALKED ABOUT SOME IN MINE. I HAVE HEARD FROM ALL OF THEM. NOT ONLY GIVEN INPUT INTO THE BILL ITSELF AND IMPROVE THE ENTIRE SYSTEM, BUT THEY TALKED ABOUT THE IMPORTANCE OF THE GRANTS THAT ARE PROVIDED TO THEM THROUGH THE PERKINS ACT AND RE-AUTHORIZATION WILL BE VERY BENEFICIAL IN KEEPING THAT -- IN KEEPING THOSE GRANTS GOING AND PROVIDING THE HELP THAT WE CAN FROM THE FEDERAL LEVEL. SO THANK YOU. AS I CONCLUDE WITH MY REMARKS, FIRST AGAIN WOULD LIKE TO THANK ALL OF MY COLLEAGUES WHO HAVE PARTICIPATED IN THIS BIPARTISAN SPECIAL ORDER. IT IS REALLY AS WE HAVE SEEN A BIPARTISAN ISSUE HERE. AND I WOULD LIKE TO THANK THE CONGRESSMAN FROM ILLINOIS TO HELPING TO CO-LEAD THIS AND FOR SPONSORING THE BILL ALONG WITH CONGRESSMAN THOMPSON. MY OWN BACKGROUND, I WAS SOMEONE WITH A NONTRADITIONAL EDUCATION. I RECOGNIZE THE IMPORTANCE OF PROVIDING OUR CONSTITUENTS WITH EDUCATIONAL PATHWAYS THAT PROVIDE THEM THE SKILLS NECESSARY TO LAUNCH SUCCESSFUL CAREERS. MY EXPERIENCE, I KNOW FIRSTHAND WHAT IT'S LIKE TO WORK A FULL-TIME JOB WHILE ATTENDING SCHOOL. AND I BELIEVE IT'S IMPORTANT THAT WE ACCOMMODATE THE NEEDS OF MANY DIFFERENT TYPES OF STUDENTS THAT ARE READY TO LEARN AND WILLING TO WORK. SO AGAIN, I'M EXCITED, VERY HAPPY TO CO-SPONSOR AND SUPPORT THE STRENGTHENING CAREER AND TECHNICAL EDUCATION FOR THE 21ST CENTURY ACT. THIS BILL EMPOWERS STATE AND LOCAL COMMUNITY LEADERS. IT IMPROVES ALIGNMENT WITH IN-DEMAND JOBS, THOSE JOBS WE HAVE BEEN TALKING ABOUT. IT INCREASES TRANSPARENCY AND ACCOUNTABILITY AND IT ENSURES A LIMITED FEDERAL ROLE PUTTING THE DECISION MAKING WHERE IT SHOULD BE. I MENTIONED BEFORE, BUT IN CLOSING, I WOULD LIKE TO THANK MY PENNSYLVANIA COLLEAGUE, G.T. THOMPSON FOR HIS LEADERSHIP ON THIS CRITICALLY IMPORTANT LEGISLATION. THE LEVEL OF SUPPORT FOR STRENGTHENING CAREER AND TECHNICAL EDUCATION AMONG MY COLLEAGUES IN THE HOUSE AND ON A BIPARTISAN BASIS IS ABSOLUTELY OUTSTANDING AND I'M VERY EAGER TO CONTINUE FINDING NEW WAYS IN WHICH WE CAN GROW C.T.E. AND APPRENTICESHIP PROGRAMS AND EXPAND ACCESS FOR PENNSYLVANIA'S WORKING PEOPLE AND ALLOW THEM TO HELP THEM ACHIEVE THE AMERICAN DREAM. THANK YOU, MADAM SPEAKER. I YIELD BACK.

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  • 05:43:39 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. UNDER THE SPEAKER'S…

    THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. UNDER THE SPEAKER'S ANNOUNCED POLICY OF JANUARY 3, 2017, THE GENTLEMAN FROM MARYLAND, MR. RASKIN, IS RECOGNIZED FOR 60 MINUTES AS THE DESIGNEE OF THE MINORITY LEADER.

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  • 05:43:59 PM

    MR. RASKIN

    DELIGHTED TO BE HERE ON BEHALF OF THE PROGRESSIVE CAUCUS. THIS IS OUR…

    DELIGHTED TO BE HERE ON BEHALF OF THE PROGRESSIVE CAUCUS. THIS IS OUR SPECIAL ORDER HOUR. WE'VE DECIDED TO DEVOTE OUR REMARKS THIS EVENING TO THE TESTIMONY OF FORMER F.B.I. DIRECTOR COMEY, WHO TESTIFIED IN THE U.S. SENATE TODAY. I ASK UNANIMOUS CONSENT TO MEMBERS HAVE FIVE LEGISLATIVE DAYS TO INCLUDE EXTRANEOUS MATERIAL ON THE SUBJECT OF MY SPECIAL ORDER.

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  • 05:44:29 PM

    THE SPEAKER PRO TEMPORE

    WITHOUT OBJECTION.

  • 05:44:31 PM

    MR. RASKIN

    TODAY AMERICA WATCHED FORMER F.B.I. DIRECTOR COMEY OFFER HIS TESTIMONY…

    TODAY AMERICA WATCHED FORMER F.B.I. DIRECTOR COMEY OFFER HIS TESTIMONY BEFORE THE SENATE SELECT COMMITTEE ON INTELLIGENCE AND IT WAS A DRAMATIC AND SERIOUS MOMENT IN THE HISTORY OF OUR COUNTRY AND IN THE UNFOLDING OF THE CRISIS RELATED TO THE INVESTIGATION OF RUSSIA'S INVOLVEMENT IN THE U.S. ELECTION AND THEN THE FIRING OF GENERAL FLYNN BY PRESIDENT TRUMP. FIRST TIME THAT DIRECTOR COMEY SPOKE PUBLICLY ABOUT HIS FIRING BY PRESIDENT TRUMP AND THE INVESTIGATION SINCE HE LEFT THE F.B.I. IN HIS TESTIMONY, HE CONFIRMED MUCH OF WHAT HAS BEEN REPORTED ABOUT THE MATTER. NOW WHAT ANY REASONABLE-MINDED OBSERVER WOULD HAVE TO CONCLUDE AFTER WATCHING THE TESTIMONY TODAY, AFTER READING MR. COMEY'S TESTIMONY IS THAT PRESIDENT TRUMP WAS TRYING MIGHTILY TO USE HIS OFFICE AND HIS INFLUENCE TO GET DIRECTOR COMEY TO DROP THE INVESTIGATION OF GENERAL FLYNN, HIS FORMER NATIONAL SECURITY ADVISOR. INDEED, PRESIDENT TRUMP AS MUCH AS SAID SO WHEN HE SAID HE FIRED -- HE FIRED MUELLER -- SORRY -- THAT HE FIRED DIRECTOR COMEY BECAUSE HE WAS UNHAPPY ABOUT THE RUSSIA INVESTIGATION AND PRESUMABLY THE RUSSIA INVESTIGATION INTO GENERAL FLYNN. NOW, MADAM SPEAKER, DISTINGUISHED COLLEAGUES, LOOK HOW FAR WE'VE COME OVER THE LAST SEVERAL MONTHS. THE PRESIDENT OF THE UNITED STATES HIRED A NATIONAL SECURITY ADVISOR AFTER BEING WARNED NOT TO BY THE FORMER PRESIDENT OF THE UNITED STATES, BY THEN-PRESIDENT OBAMA. THAT NATIONAL SECURITY ADVISOR LASTED A TOTAL OF 24 DAYS IN OFFICE WHEN IT WAS DETERMINED THAT HE HAD LIED TO VICE PRESIDENT PENCE ABOUT HIS DEALINGS WITH RUSSIA, AND THEN LATER WE LEARNED HE WAS REGISTERED FOR AN AGENT OR HE REGISTERED RETROACTIVELY AS A FOREIGN AGENT FOR -- AN AGENT FOR FOREIGN GOVERNMENT. NOW, THINK HOW DRAMATIC THIS SEQUENCE OF EVENTS IS. IMAGINE, IF YOU WOULD, IF PRESIDENT BARACK OBAMA HAD MET WITH ATTORNEY GENERAL ERIC HOLDER AND VICE PRESIDENT JOE BIDEN AND F.B.I. DIRECTOR COMEY IN HIS OFFICE AND THEN ASKED VICE PRESIDENT BIDEN AND ATTORNEY GENERAL HOLDER TO LEAVE HIS OFFICE, SAYING HE WANTED TO SPEAK ALONE TO THE F.B.I. DIRECTOR AND THEN PROCEEDED ESSENTIALLY TO TELL THE F.B.I. DIRECTOR COMEY THAT HE WANTED HIM TO DROP THE INVESTIGATION INTO HILLARY CLINTON'S EMAILS SAYING, YOU KNOW, HILLARY CLINTON'S A GOOD WOMAN, SHE'S A GOOD PERSON AND I HOPE YOU CAN JUST LET THE INVESTIGATION INTO HER EMAILS GO, JUST LET IT GO, AND TO DEMAND REPEATEDLY WITH ABSOLUTE PERSONAL LOYALTY. NOW, AS IT HAPPENED, DIRECTOR COMEY REFUSED TO TAKE A VOW OF ABSOLUTE LOYALTY TO THE PRESIDENT. AFTER ALL, HE TAKES AN OATH OF OFFICE TO THE CONSTITUTION OF THE UNITED STATES AND THE PEOPLE OF THE COUNTRY. SO HE COULDN'T SAY THAT HE WOULD GIVE ABSOLUTE LOYALTY TO THE PRESIDENT OF THE UNITED STATES. THAT'S NOT CONSISTENT WITH OUR CONSTITUTIONAL FORM OF GOVERNMENT. BUT IMAGINE THIS HAD HAPPENED UNDER THE OBAMA ADMINISTRATION. OBAMA HAD MADE A SIMILAR DEMAND OF F.B.I. DIRECTOR COMEY WHO WAS INVESTIGATING, AFTER ALL, HILLARY CLINTON'S EMAILS, HAD DISMISSED THE VICE PRESIDENT AND ATTORNEY GENERAL TO HAVE A ONE-ON-ONE CONVERSATION AND SAID, I REALLY HOPE YOU LET THIS GO, LET THE FULL TRAPPINGS OF HIS OFFICE AND INFLUENCE TO TRY TO GET THE ATTORNEY GENERAL TO DROP THE INVESTIGATION. IF THAT HAPPENED I DARE SAY EVERY MEMBER OF THIS BODY, EVERY MEMBER WOULD HAVE RECOGNIZED THAT AS AN ATTEMPT TO OBSTRUCT JUSTICE BY THE PRESIDENT OF THE UNITED STATES. AND LOTS OF MEMBERS CERTAINLY WOULD HAVE BEEN CALLING FOR IMPEACHMENT OF PRESIDENT OBAMA FOR INTERFERING WITH AN ONGOING INVESTIGATION BY THE F.B.I. WELL, WHAT'S HAPPENING NOW IN CONGRESS? WELL, LOTS OF OUR COLLEAGUES ARE

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  • 05:49:07 PM

    MR. MURPHY

  • 05:59:18 PM

    MS. JAYAPAL

    THANK YOU SO MUCH, REPRESENTATIVE RASKIN, FOR YOUR LEADERSHIP IN THE…

    THANK YOU SO MUCH, REPRESENTATIVE RASKIN, FOR YOUR LEADERSHIP IN THE HOUSE. IT'S BEEN A GREAT HONOR TO CO-CHAIR THE C.P.C. SPECIAL ORDER HOUR. SINCE I WAS THE VICE CHAIR OF THE CONGRESSIONAL PROGRESSIVE CAUCUS, I WILL BE RIGHT HERE FOR THE SPECIAL ORDER HOURS BECAUSE I DO THINK THEY ARE AN IMPORTANT OPPORTUNITY FOR MEMBERS TO TALK ABOUT ISSUES ALL AT ONCE AND TO KIND OF PICK AN ISSUE AND TO FOCUS ON IT. OBVIOUSLY TODAY WE'RE TALKING ABOUT THE TESTIMONY FROM FORMER F.B.I. DIRECTOR JAMES COMEY. THIS WAS HIGHLY ANTICIPATED TESTIMONY AND I'D BE WILLING TO GUESS A LOT MORE PEOPLE, PERHAPS EVEN WATCHED THE TESTIMONY THAN WATCHED THE INAUGURATION, BUT I THINK WE LEARNED A GREAT DEAL FROM DIRECTOR COMEY. I APPRECIATE THAT HE WAS WILLING TO COME AND TESTIFY, AND HE SAID SOME VERY IMPORTANT THINGS IN THAT TESTIMONY. MR. COMEY CONFIRMED THAT PRESIDENT TRUMP SOUGHT TO INFLUENCE THE F.B.I. INVESTIGATION INTO HIS CAMPAIGN'S TIES TO RUSSIA, INCLUDING THAT OF MICHAEL FLYNN. . WHILE THE PRESIDENT CLAIMED HE DID NOT ASK DIRECTOR COMEY TO DROP THE INVESTIGATION, MR. COMEY ACTUALLY TESTIFIED UNDER OATH THAT TRUMP'S DIRECTIVE WAS CLEAR AND THAT THIS WAS APPARENTLY SO OFF PUTTING THAT HE BEGAN TO MEMORIALIZE THEIR MEETINGS. EVERY SINGLE MEETING HE HAD WITH PRESIDENT TRUMP, HE WOULD HAVE THE MEETING AND THEN GO BACK TO THE CAR AND PEEDLY TAKE NOTES ON THE MEETING -- IMMEDIATELY TAKE NOTES ON THE MEETING. THAT WAS TROUBLING. THAT WAS SOMETHING DIRECTOR COMEY NEVER DID WITH PREVIOUS ADMINISTRATIONS. ONE OF THE THINGS THAT STUCK OUT TO ME IN HIS SYSTEM IS HE FELT SO UNCOMFORTABLE WITH THE INTERACTIONS THAT HE WAS HAVING WITH THE PRESIDENT, BECAUSE I THINK THE AMERICAN PEOPLE NEED TOND, THE F.B.I. IS BUILT TO BE -- NEED TO UNDERSTAND, THE F.B.I. IS BUILT TO BE AN INDEPENDENT ORGANIZATION. THE REASON THAT THE TERM OF THE F.B.I. DIRECTOR IS 10 YEARS IS BECAUSE IT WAS A SIGNAL FROM CONGRESS THAT EVEN THOUGH THE F.B.I. DIRECTOR DOES SERVE AT THE PLEASURE OF THE PRESIDENT, AND MR. COMEY WAS CLEAR ABOUT THAT IN HIS TESTIMONY TODAY, HE IS -- THE PRESIDENT HAS THE ABILITY TO HIRE AND FIRE THE F.B.I. DIRECTOR. BUT THE REASON CONGRESS SIGNALED -- THROUGH LEGISLATION THAT THE TERM OF THE F.B.I. DIRECTOR SHOULD BE 10 YEARS WAS BECAUSE THEY WANTED TO SEND A SIGNAL THAT THIS BODY IS INCREDIBLY IMPORTANT AND THE INDEPENDENCE OF THIS BODY IS INCREDIBLY IMPORTANT. AND SO THE FACT THAT MR. COMEY AS F.B.I. DIRECTOR FELT SO UNCOMFORTABLE ABOUT THESE INTERACTIONS WITH THE PRESIDENT, NINE INTERACTIONS WITH THE PRESIDENT, I THINK HE HAD ONLY TWO INTERACTIONS WITH PRESIDENT OBAMA DURING HIS ENTIRE TERM, AND YET IN JUST THE FIRST FEW MONTHS HE HAD NINE INTERACTIONS WITH PRESIDENT TRUMP. AND HE ACTUALLY ASKED ATTORNEY GENERAL SESSIONS AND DEPUTY ATTORNEY GENERAL ROSENSTEIN NOT TO LEAVE HIM ALONE WITH THE PRESIDENT. THAT IS REALLY A REMARKABLE, SCARY THING. THAT HE WOULD HAVE TO ASK FOR THAT. IT CERTAINLY SHOULD HAVE RAISED SOME RED FLAGS AND SHOULD HAVE TRIGGERED SOME ACTION FROM THE ATTORNEY GENERAL OR THE DEPUTY ATTORNEY GENERAL. IT DID NOT. HE NEVER RECEIVED AN ANSWER TO THAT. MR. COMEY ALSO SAID THAT HE EXPECTS THE SPECIAL COUNSEL'S INVESTIGATION TO LOOK INTO THE POSSIBILITY THAT TRUMP'S ACTIONS WERE AN OBSTRUCTION OF JUSTICE. HE SAID THAT THIS DID FALL WITHIN THE INVESTIGATION'S SCOPE. SO WHILE HE DIDN'T DIRECTLY SAY THAT TRUMP WAS DIRECTLY UNDER INVESTIGATION, HE DID SAY THAT THIS -- THE PRESIDENT'S BEHAVIOR DOES FALL WITHIN THE INVESTIGATION'S SCOPE. THAT FRANKLY DOES NOTHING TO DISPEL ANY CONCERNS THAT ARE OUT THERE AMONGST THE AMERICAN PEOPLE, AN MANY OF US IN CONGRESS, -- AND MANY OF US IN CONGRESS, THAT PRESIDENT TRUMP'S CAMPAIGN DID NOT COLLUDE WITH RUSSIA. APPARENTLY HE DID NOT SEEM PARTICULARLY CONCERNED ABOUT WHETHER OR NOT RUSSIA DID INTERFERE IN THE ELECTIONS, BUT WAS MORE INTERESTED IN WHETHER OR NOT HIS CIRCLE OF FRIENDS, MICHAEL FLYNN, WAS UNDER THREAT. DIRECTOR COMEY OR FORMER DIRECTOR COMEY ALSO CONFIRMED THAT MICHAEL FLYNN IS UNDER CRIMINAL INVESTIGATION AND HE RAISED MORE QUESTIONS ABOUT ATTORNEY GENERAL JEFF SESSIONS. AS I HAVE SPOKEN ABOUT ON THE FLOOR BEFORE, ATTORNEY GENERAL SESSIONS SHOULD NOT HAVE BEEN INVOLVED IN THE FIRING OF JAMES COMEY IN THE FIRST PLACE. HE HAD RECUSED HIMSELF FROM ALL THINGS RELATED TO THE INVESTIGATION, INTO THE CAMPAIGN'S TIES TO RUSSIA, BECAUSE OF HIS INVOLVEMENT WITH THE TRUMP CAMPAIGN. AND SO THAT WAS GOOD. WE THOUGHT THAT WAS A VERY GOOD MOVE THAT HE MADE TO RECUSE HIMSELF. BUT THEN HE IMMEDIATELY WENT AND WAS DIRECTLY INVOLVED IN THE DECISION MAKING AROUND THE PERSON WHO WAS LEADING THE INVESTIGATION. IN FACT, INVOLVED IN THE DECISION TO FIRE THE PERSON WHO WAS LEADING THE INVESTIGATION. MR. COMEY ALSO HINTED THAT JEFF SESSIONS HAD MORE CONTACT WITH THE RUSSIANS THAN MAYBE WE EVEN KNEW ABOUT. HE COULD NOT SPEAK TO THAT IN A PUBLIC SETTING. HE SAID THAT IS FOR A CLASSIFIED SETTING. BUT OBVIOUSLY THAT RAISES A LOT MORE QUESTIONS AND THE AMERICAN PEOPLE CERTAINLY DESERVE THE TRUTH. ONE OF THE BIGGEST TAKEAWAYS FROM THE TESTIMONY WAS THIS. PRESIDENT TRUMP GAVE MANY CHANGING REASONS AS TO WHY DIRECTOR COMEY WAS FIRED. AND DIRECTOR COMEY SPOKE TO THIS TODAY. HE SAID, AT FIRST IT WAS BECAUSE IT WAS BECAUSE OF COMEY'S HANDLING OF THE CLINTON EMAILS. THEN IT WAS THAT HE HAD LOST THE SUPPORT OF THE F.B.I. AGENTS, SOMETHING THAT JAMES COMEY RESPONDED TO AND SAID, THOSE WERE LIES, PLAIN AND SIMILAR. ACTUALLY MR. COMEY SPENT QUITE SOME TIME REALLY ACKNOWLEDGING THE WORK OF THE ORGANIZATION, THE F.B.I. ORGANIZATION, AND THE AGENTS AND EVERYTHING THAT HE'S DONE. I CERTAINLY GOT THE IMPRESSION THAT HE FELT VERY, VERY DEEPLY UPSET BY ANY INDICATION THAT PERHAPS IT WAS BECAUSE HIS AGENTS DIDN'T WANT HIM TO BE THERE. WHAT HE POINTED TO, WHAT MR. COMEY POINTED TO, IS THAT EVENTUALLY THE PRESIDENT IN HIS OWN WORDS ADMITTED THAT HE FIRED JAMES COMEY OVER THE RUSSIAN INVESTIGATION. AND THEN RIGHT AFTER THAT ACTUALLY SAID TO THE RUSSIANS THAT THE PRESSURE HAS NOW BEEN TAKEN OFF, NOW THAT COMEY HAS BEEN FIRED. THOSE ARE ALL INCREDIBLY DISTURBING. I AM SAD, MR. SPEAKER, THAT THE REPUBLICAN -- SOME REPUBLICAN COLLEAGUES, NOT ALL, BUT SOME HAVE TRIED TO DISMISS THE PRESIDENT'S ACTIONS AS, QUOTE, MISTAKES. MADE BY A NEW PRESIDENT WHO'S LEARNING HOW TO DO HIS JOB. SPEAKER PAUL RYAN WENT SO FAR AS TO SAY THAT, AND THANKS QUOTE, THAT HE'S NEW AT GOVERNMENT -- AND THIS IS A QUOTE, THAT HE'S NEW AT GOVERNMENT, THERE ARE I THINK HE'S LEARNING AS HE GOES. THIS IS JUST ONE DAY AFTER THE SPEAKER SAID THAT IT'S OBVIOUSLY, THAT WAS HIS WORD, NOT APPROPRIATE FOR THE PRESIDENT TO ASK FOR MR. COMEY'S LOYALTY. SO WHICH ONE IS IT, MR. SPEAKER? IT IS UNACCEPTABLE TO EX THE PRESIDENT'S ACTIONS SIMPLY BECAUSE -- EXCUSE THE PRESIDENT'S ACTIONS SIMPLY BECAUSE HE'S NOT A CAREER PROFESSIONAL, ESPECIALLY WHEN WE'RE TALKING ABOUT SOMETHING OF THIS MAGNITUDE. THE MAGNITUDE OF INTERFERENCE IN OUR ELECTION PROCESS IN THE UNITED STATES OF AMERICA BY A FOREIGN GOVERNMENT. AND WE DO NOT HAVE ANY INFORMATION STILL ABOUT ALL OF THE WAYS IN WHICH A PRESIDENT OF THE UNITED STATES, THIS PRESIDENT OF THE UNITED STATES, MAY BE INDEBTED TO SOME FOREIGN GOVERNMENT BECAUSE OF THEIR ACTIONS WITH THE ELECTION. IT HAS BEEN REPEATEDLY REPORTED THAT THE PRESIDENT DOES NOT SIT FOR BRIEFINGS, DOES NOT READ THE REPORTS THAT ARE PROVIDED TO HIM, DOES NOT STICK TO SPEECHES ON POLICIES THAT ARE WRITTEN FOR HIM, AND FRANKLY SHOWS VERY LITTLE INTEREST IN PARTICIPATING IN THE ADMINISTRATIVE RESPONSIBILITIES THAT MOST PRESIDENTS GO THROUGH IN ORDER TO LEARN WHAT IS A VERY BIG JOB. YES, THE JOB OF THE PRESIDENT OF THE UNITED STATES IS A VERY BIG JOB. AND ANYBODY WHO GETS INTO THAT JOB, JUST AS I DO IN THIS BODY AS A NEW MEMBER OF CONGRESS, WE TRY TO LEARN THE RULES. WE GO TO THE PEOPLE WHO KNOW THE MOST, WE ASK THEM TO GIVE US BRIEFINGS, WE SUCK UP AS MUCH INFORMATION AS WE POSSIBLY CAN SO THAT WE UNDERSTAND BOTH CONTENT AND PROCESS. BUT UNFORTUNATELY THIS PRESIDENT HAS NOT DONE ANY OF THAT. AND HE HAS MADE MANY, MANY UNFORCED ERRORS. FRANKLY, HE HAS PUT OUR NATIONAL SECURITY AT RISK BY GIVING AWAY SECRETS TO RUSSIA, INSULATING KEY -- INSULTING KEY ALLIES WHO HAVE NOW SAID THAT THEY WON'T SHARE INFORMATION WITH US BECAUSE THEY DON'T TRUST THAT WE'RE GOING TO BE ABLE TO KEEP IT SECRET. AND NATO AND OUR ALLIES IN THE EUROPEAN UNION WHERE I JUST CAME BACK, EVERYBODY AROUND THE WORLD IS UNSURE OF WHAT LEADERSHIP, IF ANY, TO EXPECT FROM THE UNITED STATES OF AMERICA. ANGELA MERKEL SAID IN THE BEST WHEN SHE SAID, WE CAN'T RELY ON ANYBODY ELSE ANYMORE. AND SHE SAID, WE AS THE EUROPEAN UNION HAVE TO JUST COME TOGETHER AND RELY ON OURSELVES. AND WHILE THAT'S GREAT FOR THE EUROPEAN UNION, I'M GLAD THAT THERE'S SOMETHING THAT HAS HAPPENED HERE THAT'S DRAWN THE EUROPEAN UNION TOGETHER, IT'S INCREDIBLY IMPORTANT -- IT'S AN INCREDIBLY IMPORTANT ENTITY FOR THE WORLD, AND HAS BEEN DOING REMARKABLE WORK. BUT WHAT I WOULD HOPE, MR. SPEAKER, IS THAT COUNTRIES AROUND THE WORLD COULD KNOW THAT THE UNITED STATES WAS GOING TO CONTINUE TO TAKE GLOBAL LEADERSHIP, WAS GOING TO CONTINUE TO DEMONSTRATE THAT GLOBAL LEADERSHIP. MOST OF ALL, WAS GOING TO BE TRUSTED TO MAKE RELATIONSHIPS AND RESPECT THE RULES OF THOSE RELATIONSHIPS. THE AMERICAN PEOPLE ARE AWARE THAT THE PRESIDENT'S BACKGROUND IS NOT IN POLITICS. HOWEVER, THE WHITE HOUSE IS NOT "THE APPRENTICE." HAD A NEW EMPLOYEE IN THE TRUMP ORGANIZATION MADE AS MANY ERRORS AS HAVE BEEN MADE IN THIS ADMINISTRATION, HE WOULD HAVE BEEN FIRED A LONG TIME AGO. THE AMERICAN PEOPLE DESERVE BETTER. AND NOT ONLY DO WE DEMAND THAT THE PRESIDENT NOT INTERVENE IN ANY NEGATIVE WAY IN DIRECTOR MUELLER'S INVESTIGATION, AND WE'RE VERY PLEASED THAT DIRECTOR MUELLER HAS BEEN APPOINTED. I BELIEVE THAT THAT WAS AN INCREDIBLY IMPORTANT STEP THAT ASSISTANT ATTORNEY GENERAL ROD ROSENSTEIN TOOK TO APPOINT SOMEBODY WITH THE CREDIBILITY THAT MUELLER HAS. WE HOPE THAT THIS INVESTIGATION WILL CONTINUE. BECAUSE I THINK THE IMPORTANT FOR THE AMERICAN PEOPLE TO UNDERSTAND, THIS IS NOT AN INDEPENDENT INVESTIGATOR OR PROSECUTOR. THIS IS SPECIAL COUNSEL. SO THAT STILL MEANS THAT ANYTHING THAT DIRECTOR MUELLER FINDS, HIS FINDINGS, HIS REPORTS THEY DO GET RUN UP THE CHAIN OF COMMAND -- HIS REPORTS, THEY DO GET RUN UP THE CHAIN OF COMMAND AT THE DEPARTMENT OF JUSTICE. SO IF YOU WATCHED INSTEAD'S -- YESTERDAY'S HEARINGS, YOU MIGHT HAVE SEEN A SENATOR ASK THAT WE HAVE -- YOU KNOW, ASK ROD ROSENSTEIN IF HE COULD ASSURE THAT THERE REALLY WOULD BE INDEPENDENCE, THAT NEITHER ROSENSTEIN NOR JEFF SESSIONS WOULD GET INVOLVED IN TRYING TO CHANGE OR INFLUENCE IN ANY WAY WHATEVER DIRECTOR MUELLER COMES UP WITH. SHE WAS NOT GIVEN THAT ASSURANCE YESTERDAY, UNFORTUNATELY. AND SO WE STILL DON'T KNOW. BUT WE HAVE TO HOPE AND BELIEVE THAT THE PRESIDENT THAT ADMINISTRATION WILL PRESERVE THE INDEPENDENCE OF THE SPECIAL COUNSEL AND WILL TAKE ALL OF THE FINDINGS AND THE RECOMMENDATIONS AS WHAT THEY'RE PRESENTED AND NOT TRY TO CHANGE THEM. I REALLY BELIEVE, MR. SPEAKER, AT THIS POINT THAT WHILE THE SPECIAL COUNSEL IS AN IMPORTANT STEP FORWARD, I JOIN MY COLLEAGUE, MR. RASKIN, AND MANY, MANY OTHERS IN THIS CAUCUS IN OUR DEMOCRATIC CAUCUS, IN CALLING FOR -- CAUCUS, IN OUR DEMOCRATIC CAUCUS, IN CALLING FOR A SPECIAL COMMISSION, AN INDEPENDENT COMMISSION, SIMILAR TO THE 9/11 COMMISSION, FILLED WITH CITIZENS, NOT WITH MEMBERS OF CONGRESS, BUT WITH RESPECTED CITIZENS AND PEOPLE WITH EXPERTISE, AS WELL AS THOSE CITIZENS. TO ACTUALLY COME TOGETHER AND THINK NOT ONLY ABOUT THE IMMEDIATE IMPACT OF HOW WE GET TO THE BOTTOM OF WHAT HAS HAPPENED, BUT REALLY HOW DO WE PREVENT THIS GOING FORWARD? WHAT WE'RE TALKING ABOUT IS THE SANCTITY OF OUR DEMOCRACY. WE'RE TALKING ABOUT WHETHER OUR ELECTIONS CAN BE FREE OF INFLUENCE FROM OTHER COUNTRIES. WE'RE TALKING ABOUT IF AN AMERICAN CITIZEN CASTS A VOTE HERE IN THE UNITED STATES FOR THE PRESIDENT OF THE UNITED STATES, THAT THAT VOTE IS NOT BEING INFLUENCED BY A FOREIGN GOVERNMENT WHO HAS HACKED OUR ELECTIONS OR WORKED IN COLLUSION WITH A CAMPAIGN FOR THE PRESIDENT OF THE UNITED STATES. AND THAT ULTIMATELY WHOEVER WE SELECT, WHETHER IT IS THIS PRESIDENT OR ANY PRESIDENT IN THE FUTURE, THAT THAT PRESIDENT MUST BE RESPONSIBLE TO THE AMERICAN PEOPLE. THAT IS WHAT DEMOCRACY IS ABOUT. WE DON'T WANT ANY PRESIDENT, NOW OR IN THE FUTURE, TO EVER BE IN A SITUATION WHERE THERE'S INFORMATION IS THAT CAN BE USED AGAINST THEM, WHERE THEY COULD BE BLACKMAILED, LEVERAGED, OR WHERE THEY ARE ACTIVELY COLLUDING WITH ANY GOVERNMENT OUTSIDE OF THIS COUNTRY. THESE ARE OUR ELECTIONS. IT IS WHAT MAKES THIS COUNTRY GREAT. IT IS WHY SO MANY PEOPLE FROM ALL AROUND THE WORLD LOOK AT AMERICA WITH TREMENDOUS GRATITUDE, WITH TREMENDOUS RESPECT, EVEN AWE. FOR THE WAY IN WHICH WE'VE CONSTRUCTED OUR DEMOCRACY. AND THAT IS PART OF WHATS GOES ON IN THIS CHAMBER. AND WE NEED TO KNOW THAT THE ELECTION OF THE PRESIDENT OF THIS GREAT COUNTRY IS ALWAYS AN ELECTION THAT THE AMERICAN PEOPLE HAVE FAITH IN, AND THAT DEMOCRACY IS PRESERVED. AND SO, MR. SPEAKER, I THINK WHAT JAMES COMEY'S TESTIMONY SHOWED US TODAY IS, WE HAVE A LOT -- WE GOT A LOT OF ANSWERS. BUT WE DIDN'T GET ENOUGH ANSWERS. THERE'S STILL MORE INFORMATION THAT WE NEED TO FIND. THERE'S MORE INFORMATION THAT THE SENATE INTELLIGENCE COMMITTEE NEEDS TO FIND. THERE'S MORE INFORMATION THAT THE PRESIDENT MAY HAVE TO PROVIDE. AND THERE'S MORE INFORMATION THAT THE AMERICAN PEOPLE ARE GOING TO DEMAND IN ORDER TO ENSURE THAT WE GET TO THE BOTTOM OF WHERE WE ARE, THAT WE GET AN INDEPENDENT COMMISSION ESTABLISHED, AND THAT WE ALLOW DIRECTOR MUELLER AND HIS INVESTIGATION TO PROCEED WITHOUT ANY INTERFERENCE. THAT IS THE LEAST THAT WE HAVE TO BE WILLING TO DO AND WE HAVE TO BE WILLING TO PUT COUNTRY ABOVE PARTY AS WE TRY TO ENSURE THAT WE UNDERSTAND EXACTLY WHAT'S HAPPENED. THE AMERICAN PEOPLE DESERVE THAT. AND WITH THAT, MR. SPEAKER, I YIELD BACK.

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  • 06:14:57 PM

    THE SPEAKER PRO TEMPORE

    THE GENTLEWOMAN YIELDS BACK. UNDER THE SPEAKER'S ANNOUNCED POLICY OF…

    THE GENTLEWOMAN YIELDS BACK. UNDER THE SPEAKER'S ANNOUNCED POLICY OF JANUARY 3, 2017, THE CHAIR RECOGNIZES THE GENTLEMAN FROM TEXAS, MR. FWOMEERT, FOR 30 MINUTES.

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  • 06:15:37 PM

    MR. GOHMERT

    THANK YOU, MR. SPEAKER. IT IS INDEED AN HONOR, MR. SPEAKER, TO COME…

    THANK YOU, MR. SPEAKER. IT IS INDEED AN HONOR, MR. SPEAKER, TO COME BEFORE, STAND BEFORE THE SPEAKER, STAND ON THIS FLOOR WHERE SO MUCH GREAT DEBATE HAS OCCURRED OVER THE DECADES, EVEN BACK TO, I GUESS, 150 YEARS AGO. NOW, I HAVE BEEN HEARD TO SAY OVER THE LAST FEW DAYS A NUMBER OF TIMES THAT I THOUGHT THE COMEY TESTIMONY WAS ULTIMATELY THE MOST OVERHYPED EVENT SINCE Y2K. MUCH ADO ABOUT NOTHING. BUT ONE THING CAME THROUGH VERY, VERY, VERY CLORELY. I DIDN'T WATCH THE TESTIMONY. I WAS BUSY PRESIDING OVER A HEARING INVOLVING THE JUSTICE DEPARTMENT, AND GRANTS TO LOCAL COMMUNITIES AND HOW THAT MONEY IS BEING SPENT. BUT I HAVE GONE BACK AND BEEN REVIEWING THE TESTIMONY. BUT THE THING THAT STRIKES ME MOST CLEARLY IS THAT OUR PRESIDENT, DONALD J. TRUMP, IS ONE OF THE MOST PERCEPTIVE, INTUITIVE LEADERS THIS COUNTRY HAS EVER HAD. HE WASN'T SURE, APPARENTLY, IF HE COULD TRUST COMEY. NOW, WE'VE HEARD FROM A LOT OF OTHER PEOPLE IN THE ADMINISTRATION, SOME STILL THERE, SOME NOT. THIS ISSUE ABOUT THE PRESIDENT'S CONCERN FOR LOYALTY WITH COMEY INDICATES OUR PRESIDENT'S GUT INSTINCT WAS RIGHT ON. HE WAS DEALING WITH AN F.B.I. DIRECTOR WHO WAS SUCH A POLITICAL ANIMAL, THAT HE WOULD LISTEN TO THE ATTORNEY GENERAL OF THE UNITED STATES INSTRUCT HIM TO CHANGE HIS TESTIMONY, TO, I WOULD SUBMIT, WHEN YOU KNOW IT'S AN INVESTIGATION, THAT YOU'RE ENGAGED IN, LOOKING AT THE EMAILS, AND THE POTENTIAL CRIMINALITY OF HILLARY CLINTON, AND YOUR BOSS, THE ATTORNEY GENERAL, SAID NO, NO, NO. OBVIOUSLY IT'S AN INVESTIGATION. CALL IT A MATTER. NOBODY CALLS THE F.B.I. INVESTIGATIONS MATTERS. SO HE HAS NO PROBLEM CHANGING HIS STATEMENT FROM THE TRUTH TO POLITICAL MANIPULATION TO COVER FOR HILLARY CLINTON AND TO IMMEDIATELY DO WHAT HIS BOSS TELLS HIM TO DO, LIE ABOUT IT. YOU KNOW IT'S AN INVESTIGATION, I KNOW IT'S AN INVESTIGATION, BUT WE NEED YOU TO LIE ABOUT IT, JUST CALL IT A MATTER. I'VE DEALT WITH SOME OF THE FINEST PEOPLE I'VE EVER KNOWN IN MY LIFE THAT HAPPEN TO WORK FOR THE F.B.I. AT THE TIME WE WERE WORKING TOGETHER, I WORKED WITH THEM, AND I HAVE NEVER, EVER IN ANY FEDERAL COURT SETTING OR FEDERAL INVESTIGATION SETTING HEARD ANY F.B.I. AGENT IN CHARGE, FIELD AGENT, LEADER IN THE F.B.I. OR THE JUSTICE DEPARTMENT, CALL AN INVESTIGATION A MATTER, BUT MR. COMEY IS SUCH A POLITICAL ANIMAL THAT HE WAS WILLING TO SALUTE, NOT THE FLAG, BUT HILLARY CLINTON AND LORETTA LYNCH AND CHANGE WHAT HE KNEW TO BE THE TRUTH SO THAT HIS ANSWER WAS MORE MISLEADING. SO IT IS REALLY INTERESTING, COMEY USED THE WORD, SAID THAT TRUMP USED THE WORD HOPE THAT HE WOULD LET IT GO. LET'S VISIT THE CONSTITUTION BRIEFLY HERE. THE CONSTITUTION DOES NOT MENTION AN ATTORNEY GENERAL. THE CONSTITUTION DOES NOT MENTION THE FEDERAL BUREAU OF INVESTIGATION AND DOES NOT MENTION A FEDERAL BUREAU OF NGS DIRECTOR. IT MENTIONS CONGRESS, IT MENTIONS THE COURTS, IT MENTIONS THE EXECUTIVE BRANCH, THE PRESIDENT, DOESN'T MENTION F.B.I. DIRECTOR, ATTORNEY GENERAL. IT IS THE PRESIDENT UNDER OUR CONSTITUTION WHO IS CHARGED WITH SEEING TO THE PROSECUTION OR THE FAILURE TO PROSECUTE AS HE BELIEVES IS APPROPRIATE. SO OF COURSE WE HAD -- SOMEBODY HAD TO HAVE BEEN COMMITTING CRIMES IN THE FAST AND FURIOUS PROJECT, WHATEVER YOU WANT TO CALL IT, I'M NOT SURE WHAT IT WAS. IT SURE APPEARED TO BE A CRIMINAL ENTERPRISE. WITH PEOPLE INVOLVED FROM D.O.J. IN MAKING SURE THAT THEY CONSPIRED TO MAKE SURE THAT WEAPONS GOT INTO THE HANDS OF CRIMINALS, WHICH IN AND OF ITSELF WAS A CRIME. WE ALSO KNOW THAT BY THE DEPARTMENT OF JUSTICE'S REPRESENTATIVES GETTING INVOLVED DURING THE OBAMA ADMINISTRATION, AS PART OF THIS FAST AND FURIOUS EFFORT, THEY CALLED IT, GUNS GOT INTO THE HANDS OF CRIMINALS AND BRIAN TERRY WAS KILLED, FEDERAL AGENT DOING HIS JOB AND THERE'S NO INDICATION THAT IF THE DEPARTMENT OF JUSTICE HAD NOT FORCED THOSE GUNS TO BE SOLD AND TO GET INTO THE HANDS OF CRIMINALS THAT BRIAN TERRY WOULD NOT BE DEAD. I MEAN IF THEY -- IF THE DEPARTMENT OF JUSTICE HAD NOT FORCED THIS ISSUE, FORCED GUNS INTO CRIMINALS' HANDS, WE MAY VERY WELL HAVE BEEN HEARING BRIAN TERRY TESTIFY A NUMBER OF TIMES INSTEAD OF POINTING BACK TOWARD HIS MURDER. AT THE HANDS OF CRIMINALS WHO OUR DEPARTMENT OF JUSTICE REPRESENTATIVES UNDER ERIC HOLDER GOT GUNS TO. IT MIGHT HAVE BEEN GOOD TO HAVE A SPECIAL COUNSEL IN THE FAST AND FURIOUS INVESTIGATION, OR AS LORETTA LYNCH AND MR. COMEY LIKE TO USE TO DECEIVE PEOPLE, MATTER, FAST AND FURIOUS MATTER, BECAUSE TRUTH IS, THEY DIDN'T DO MUCH OF AN INVESTIGATION. WE SAW EMAILS INDICATING THAT THERE WAS AN EFFORT TO TRY TO USE GETTING THOSE GUNS INTO THE HANDS OF CRIMINALS, DRUG CARTELS, AS AN EXCUSE TO TAKE AWAY LAW-ABIDING AMERICANS' SECOND AMENDMENT RIGHTS. AND CONTINUE TO PURSUE THAT EFFORT. WE ALSO KNOW THAT THE I.R.S. HAD PEOPLE WHO WERE WORKING TO PREVENT CONSERVATIVES FROM HAVING AN EFFECT IN THE 2012 ELECTION THE WAY THEY DID IN 2010. AS THE MOVEMENT WAS GROWING, THE OBAMA ADMINISTRATION USED THE I.R.S. AS A POLITICAL WEAPON TO DISARM THOSE WHO WOULD BRING TOGETHER FUNDS AND TRY TO DEFEAT PRESIDENT OBAMA IN HIS SECOND TERM. THAT CERTAINLY DESERVED A SPECIAL COUNSEL SINCE ALL WE SEEM TO GET IN OUR INVESTIGATIONS FROM CONGRESS' ANGLE WAS A COVERUP AND IT HARKENS US BACK TO THE CLINTON ADMINISTRATION WHEN THIS TACTIC WAS DISCOVERED BY PEOPLE WITHIN THE CLINTON ADMINISTRATION. IF YOU JUST COVER THINGS UP, IF YOU JUST DENY, OBFUSCATE, REFUSE TO ALLOW PEOPLE TO SEE THE DOCUMENTATION, DESTROY IT, AFTER SOMEBODY DIES, GET THE RECORDS OUT OF THEIR OFFICE BEFORE ANYONE ELSE HAS A CHANCE TO PROPERLY INVESTIGATE WHAT HAPPENED, IF SOMEBODY IS ALLEGE TO HAVE KILLED THEMSELVES AT MARCY PARK THEN -- IS ALLEGED TO HAVE KILLED THEMSELVES AT MARCY PARK, THEN, AS I HEARD FROM MY FRIEND DAN BURTON, THEY'RE QUESTIONING THE PERSON WHO SUPPOSEDLY FOUND THE BODY OUT THERE, THAT'S NOT WHERE IT WAS, THAT'S NOT WHERE THE GUN WAS. EVERYTHING APPEARS TO BE CHANGED. WELL, THE CLINTON ADMINISTRATION DISCOVERED THIS WONDERFUL TACTIC OF OBFUSCATING. JUST KEEP DENYING AND DENYING ABILITY TO GET INFORMATION AND RECORDS. AND IF YOU DO IT LONG ENOUGH YOU RUN OUT THE CLOCK AND PEOPLE DON'T GET PROSECUTED. AND WE'VE SEEN THAT OCCUR FOR EIGHT YEARS. THERE WERE VERY, VERY SERIOUS MATTERS IN WHICH SOMEBODY COMMITTED CRIMES. WE DIDN'T GET A SPECIAL INVESTIGATOR. WE DIDN'T GET A PROPER INVESTIGATION. WE GOT A STONE WALL PROTECTING THOSE WHO MUST HAVE DONE WRONG. I'M HOPING THE CURRENT ATTORNEY GENERAL WILL DIG AND PEOPLE THAT ARE RESPONSIBLE FOR CRIMES WILL BE HELD TO ACCOUNT, BUT THE FACT IS, IT'S THE PRESIDENT'S OBLIGATION UNDER THEY ARE CONSTITUTION TO EITHER PURSUE PEOPLE OR NOT PURSUE PEOPLE. THAT'S WHY EVEN THOUGH MANY OF US WERE EXTREMELY UPSET THAT THE PRESIDENT, PRESIDENT OBAMA, KEPT PARDONING PEOPLE WHO WERE CONVICTED FELONS AND AS MUCH AS IT UPSET US THAT HE IN A LITERAL SENSE NOT ONLY OBSTRUCTED JUSTICE, HE DESTROYED IT, UNFORTUNATELY, THE PRESIDENT HAS AUTHORITY TO DEMAND PEOPLE NOT BE PROSECUTED. SO WE HEARD NEW PRIORITIES AROUND THE COUNTRY WHEN PRESIDENT OBAMA TOOK OFFICE. HE DIDN'T WANT HIS JUSTICE DEPARTMENT SPENDING A LOT OF TIME ON ENFORCING DRUG LAWS. AND IT TURNS OUT THEY HARDLY EVER PROSECUTED, COMPARED TO OTHER ADMINISTRATIONS, HARDLY EVER PROSECUTED CRIMINAL GUN VIOLATIONS. FAR FEWER THAN PAST ADMINISTRATION. BECAUSE WHAT THEY WANTED TO DO WAS ALLOW THE GUN CRIMES TO CONTINUE TO RATCHET OUT OF CONTROL AND THEN USE THAT TO DEMAND MORE GUN CONTROL. WHEN THEY WEREN'T EVEN USING THE LAWS THAT WERE IN EFFECT. AND INSTEAD OF ENFORCING THE LAWS IN EFFECT CONTINUE TO DEMAND MORE GUN CONTROL. JUST ENFORCE WHAT WE HAD. MOST ALL THE CRIMES BROUGHT UP DURING THAT PERIOD WERE CRIMES ALREADY WITHOUT ANY OTHER GUN CONTROL LAWS NEEDING TO BE PASSED AND SIGNED INTO LAW. JUST ENFORCE WHAT WE HAD. BUT THAT WASN'T HAPPENING. BUT NOBODY STOOD UP AND SAID PRESIDENT OBAMA SHOULD BE PROSECUTED FOR OBSTRUCTION OF JUSTICE BECAUSE HIS -- BECAUSE AS DISTASTEFUL AS IT WAS TO ME AND SO MANY OTHER THE PRESIDENT HAS A RIGHT TO SET PRIORITIES AS TO WHAT HIS PROSECUTORS WILL PURSUE AND WHAT WILL BE LEFT ALONE. SO IT'S INTERESTING ON THE FLYNN MATTER, PRESIDENT -- PRESIDENT TRUMP HAD EVERY RIGHT TO SAY, LOOK. I AM GIVING A PARDON A PASS TO THIS -- A PARDON, A PASS, TO THIS PERSON, LET'S MOVE ON. TRUMP DIDN'T EVEN DO THAT. PRESIDENT TRUMP SAID HE HOPED, AN ASPIRATION, BUT THERE WAS NO OBSTRUCTION OF JUSTICE. HOW DO WE KNOW THAT? BECAUSE WE HAVE FOUND THROUGH THE TESTIMONY OF FORMER DIRECTOR COMEY AN INCREDIBLE, INNATE ABILITY TO SEE EVERYTHING THROUGH A POLITICAL LENS. INSTEAD OF A LAW AND ORDER LENS. AND THAT'S WHY HE COULD HAVE ONE ATTORNEY GENERAL TELL HIM, CHANGE WHAT YOU'RE GOING TO SAY SO IT DECEIVES THE PUBLIC, AND THAT'S NOT A PROBLEM. WE DON'T DO A MEMO ABOUT THAT. BUT ANOTHER PRESIDENT INDICATES HE'S CONCERNED ABOUT MY LOYALTY AND HE BRINGS IT UP, SO I BETTER DO MEMOS SO THAT I CAN TAKE HIM DOWN LATER, BECAUSE HE DOESN'T TRUST ME. WELL, FOR GOOD REASON. THE LOYALTY WAS TO LORETTA LYNCH, THE LOYALTY WAS TO HILLARY CLINTON, THE LOYALTY WAS TO BARACK OBAMA. AND TRUMP, WHAT AN INCREDIBLE, INNATE ABILITY. HE KNEW COMEY WAS NOT A LOYAL LAW AND ORDER MAN. HE WOULD TWIST THE TRUTH, AS HE WAS DIRECTED BY SOMEONE ELSE. BUT HE WOULD ALSO TWIST AN UNTRUTH TO HURT THE CURRENT PRESIDENT. IT APPEARS PRESIDENT DONALD J. TRUMP WAS EXACTLY RIGHT IN FIRING COMEY. WE DIDN'T NEED TO CONTINUE TO HAVE A POLITICALLY ASTUTE DIPLOMAT WANNABE RUNNING OUR F.B.I.. WE NEEDED SUN -- F.B.I. WE NEEDED SOMEBODY THAT WAS LAW AND ORDER NO MATTER WHAT. SO, A STAUNCH DEMOCRAT, THROUGH THE YEARS THINGS I DISAGREED WITH HIM ON, I KNEW HE'S A SMART MAN, ALLEN. SOME OF THE THINGS HE TWEETED OUT. COMEY SAID HE UNDERSTOOD THE WORD HOPE TO BE A DIRECTION. IF SO, WHY DIDN'T HE TELL THE PRESIDENT THAT SUCH A DIRECTION WOULD BE VIE VIOLATION OF D.O.J. -- IN VIOLATION OF D.O.J. RULES IN WELL, HERE AGAIN -- RULES? WELL, HERE AGAIN, THE FACT IS, IF DIRECTOR AT THE TIME D.O.J. -- IN COMEY BELIEVED THERE WAS ANY EFFORT TO OBSTRUCT JUSTICE, THEN HE WAS COMMITTING A CRIME BY NOT REPORTING IT. SO I WAS SURPRISED THAT HE WENT AS FAR AS HE DID TODAY BECAUSE HE DID, BY PUSHING HIS -- AS HARD AS HE DID ON THIS IDEA THAT SAYING HOPE MIGHT HAVE BEEN A DIRECTION, THE MORE HE PUSHED THAT, THE MORE HE EXPOSED HIMSELF TO PROSECUTION FOR THE FELONY BECAUSE HE DIDN'T REPORT IT. BUT THE TRUTH IS, EVEN THOUGH HE WRONGLY BELIEVED THAT THERE WAS SOMETHING, A VIOLATION OF LAW OR OBSTRUCTION, IT WASN'T. BUT IF HE HONESTLY BELIEVED THAT, HE HAD TO REPORT IT AND HE DIDN'T. OH, YEAH, HE DID A MEMO. WONDER IF WE'D EVER SEEN THAT MEMO IF HE HAD NOT BEEN FIRED. BUT I CAN GUARANTEE YOU, MR. SPEAKER, IF HE HAD NOT BEEN FIRED, FROM WHAT WE HAVE NOW LEARNED TODAY, YOU CAN COUNT ON THE FACT THAT HE AS DIRECTOR OF THE F.B.I. WOULD MAKE MEMOS ANY TIME IT MIGHT HELP HIM HARM PRESIDENT DONALD TRUMP. BUT HE WOULD CONTINUE NOT TO DO MEMOS WHEN SOMEBODY, A DEMOCRAT, TOLD HIM TO MISLEAD THE PUBLIC. ALLEN SAID, IF A PRESIDENT COMMITS INDEPENDENT CRIMES, FOR EXAMPLE, NIXON TELLING THE STAFF TO LIE TO THE F.B.I., THAT'S A CRIME. YOU CAN'T TELL SOMEBODY TO COMMIT A CRIME. EVEN IF YOU'RE PRESIDENT. OR PAYING CLARS TO SILENCE WITNESSES -- DOLLARS TO SILENCE WITNESSES, THAT'S A CRIME. YOU CAN'T COMMIT A CRIME OR TELL SOMEBODY TO COMMIT A CRIME IF YOU'RE PRESIDENT, EVEN THOUGH YOU'RE PRESIDENT. THAT'S ON STRUCK. IT SHOULD BE PROSECUTED. HE ALSO SAID -- ON STRUCK. IT SHOULD BE PROSECUTED. HE -- OBSTRUCTION. IT SHOULD BE PROSECUTED. HE ALSO -- JUST AS BARACK OBAMA SAYS, I PARDON YOU, I AM TAKING AWAY THE JUSTICE THAT'S BEEN DONE IN YOUR CASE, I'M ELIMINATING -- I AM OBSTRUCTING JUSTICE IN PARDON AFTER PARDON -- JUSTICE, IN PARDON AFTER PARDON HE OBSTRUCTED JUSTICE. BUT WHEN A PRESIDENT DOES IT AS OBAMA DID, BEING PRESIDENT OBAMA, IT WAS NOT A CRIME WHEN HE PARDONNED PEOPLE. NOW, IF YOU HAVE A PRESIDENT THAT, SAY, HAS SOMEBODY RICH, WHETHER THAT'S THEIR NAME OR JUST THEIR MONETARY STATUS, AND THEY GIVE YOU A BUNCH OF THEIR RICHNESS, AND YOU PARDON THEM, THEN YOU MAY HAVE SOLD PART OF YOUR OFFICE, WHICH COULD VERY WELL BE A CRIME AND PROBABLY IS. BUT IN THE CASE OF PRESIDENT OBAMA, THERE'S NO INDICATION ANYBODY PAID HIM TO PARDON PEOPLE. AND IF NOBODY PAID HIM, JUST DID IT BECAUSE HE THOUGHT IT WAS A GOOD IDEA TO HAVE PEOPLE INVOLVED WITH DRUGS OUT ON THE STREET AGAIN, OR PEOPLE AT GUANTANAMO BAY BACK KILLING AMERICANS, IF HE THINKS THAT'S A GOOD IDEA, THEN HE CAN LEGALLY OBSTRUCT JUSTICE, WHICH PRESIDENT OBAMA LEGALLY DID TIME AND TIME AGAIN. ALLEN ALSO SAYS, TALKING ABOUT COMEY, HE CONFIRMED THAT THE PRESIDENT CAN ORDER ANYONE TO BE INVESTIGATED OR NOT BE INVESTIGATED. HE ALSO SAID, YOME STATED THE CONSTITUTIONAL -- COMEY STATED THE CONSTITUTIONAL PRINCIPLE, THE PRESIDENT HAS AUTHORITY TO DIRECT THE F.B.I. TO END A CRIMINAL INVESTIGATION. HE CAN ALSO PARDON ANYONE, ENDING AN INVESTIGATION. THERE'S SOMEBODY ON THE INTERNET THAT GOES BY THE SUED NAME OF -- PSEUDONYM OF ACE OF SPADES. THIS GUY HAS A WICKED WIT. ACE OF SPADES SENT OUT THIS TWEET, AS IF HE'S QUOTING COMEY, THESE ARE ACE OF SPADES WORDS, AN SBERMINGS OF THE -- AN INTERPRETATION OF THE TESTIMONY TODAY. HE SAYS, COMEY, LORETTA LYNCH TOLD ME TO LIE AND I DIDN'T WRITE THAT DOWN. BUT I WROTE DOWN TRUMP'S STUFF BECAUSE I WAS AFRAID HE WOULD LIE. WOW. AND IT'S GOT THE NETWORKS ALL STIRRED UP. THAT FORMER F.B.I. DIRECTOR COMEY CAME IN TODAY AND ACTUALLY EXPOSED THE DISLOYALTY TO THE PRESIDENT OF THE UNITED STATES, TO THE CONSTITUTION, TO THE THINGS HE SWORE TO UPHOLD AND PROTECT. AND LET'S LOOK AT ONE OTHER THING. I HAVEN'T HEARD ANYBODY ELSE MENTION IT. BUT WHEN YOU HAVE AN ATTORNEY, F.B.I. DIRECTOR, AND HE'S TALKING TO THE PRESIDENT OF THE UNITED STATES, THERE IS A PRIVILEGE INVOLVED THERE. AND EVEN THE LEAST MODICUM OF LOYALTY AND OF HONOR AND INTEGRITY WOULD CAUSE SOMEONE WHO'S TAKEN AN OATH AS AN ATTORNEY, SOMEONE WHO HAS TAKEN AN OATH AS DIRECTOR OF THE F.B.I., SOMEONE THAT KNOWS THEIR BOSS IS THE PRESIDENT AND ALL POWER IS IN THE PRESIDENT FOR THE EXECUTIVE BRANCH, AND THE F.B.I. DIRECTOR ENTIRELY GET HIS POWER FROM THE PRESIDENT, THERE WOULD BE SOME SMIDGEN OF HONOR TO WANT TO PROTECT THOSE PRIVATE CONVERSATIONS. AS FAR AS WE KNOW THEY WEREN'T CLASSIFIED. BUT IT'S SOMETHING CALLED PRIVILEGE. AND IT'S SOMETHING CALLED LOYALTY. AND IT'S SOMETHING CALLED HONOR. AND THE TESTIMONY WE HEARD TODAY WAS A FORMER F.B.I. DIRECTOR SAYING, WHEN IT CAME TO PRESIDENT TRUMP, I WASN'T GOING TO HONOR OUR PRIVILEGED CONVERSATIONS, I WASN'T GOING TO HONOR THE EXECUTIVE PRIVILEGE, I WASN'T GOING TO HONOR THE FACT THAT MY POWER AS F.B.I. DIRECTOR AND THE AUTHORITY TO INVESTIGATE SOMEONE OR NOT INVESTIGATE SOMEONE IS DERIVED ENTIRELY FROM THE PRESIDENT OF THE UNITED STATES. I'LL HONOR A PERSON THAT TELLS ME TO MISREPRESENT THE TRUTH, BUT I'M NOT GOING TO HONOR SOMEONE WHO IS CONCERNED ABOUT FAIRNESS. EVEN THOUGH THE F.B.I. DIRECTOR KNOWS BETTER THAN MOST ANYONE ELSE THERE'S NO EVIDENCE OF COLLUSION BETWEEN THE RUSSIANS AND DONALD TRUMP. THERE'S NO EVIDENCE OF COLLUSION , ANYBODY IN THE TRUMP ADMINISTRATION AT THIS TIME. AND YET THERE WAS NO SENSE OF LOYALTY THERE. THINK OF SHAKE PEER'S WORDS -- SHAKESPEARE'S WORDS AND THE MAR CHASM OF MARK ANTONY. BR YOU UTUS SAYS THEY'RE ALL HONORABLE MEN. THESE ARE HONORABLE PEOPLE WHO TOLD ME TO MISREPRESENT THE TRUTH TO THE AMERICAN PEOPLE. AND TO THE PRESS. THESE ARE PEOPLE THAT LOVE ME BECAUSE I LEAK THINGS. AND I WAS HOPING ONE QUESTION -- I SHOULD HAVE CONTACTED ONE OF MY SENATOR FRIENDS AND TOLD THEM TO ASK IT. BECAUSE I'D LIKE TO KNOW THE TRUTH. I KNOW THAT MY DEMOCRATIC FRIENDS WERE SO FURIOUS, JUST LIVID AT COMEY WHEN JUST DAYS BEFORE THE ELECTION HE ANNOUNCES HE'S REOPENING THE INVESTIGATION. AND THE RUMOR AROUND HERE WAS THAT THERE WERE F.B.I. AGENTS WHO HAD BEEN INVESTIGATING AND THEY KNEW THAT HILLARY CLINTON HAD VIOLATED THE LAW ALL KINDS OF WAYS. INTENT WAS NOT AN ISSUE. AND SHE HAD TAKEN CLASSIFIED MATERIAL INTO AN UNCLASSIFIED COMPUTER AND SENT IT TO UNCLASSIFIED COMPUTERS AND COMEY HAS SAID, CLEAN BILL OF HEALTH. EVERYTHING'S GOOD. AND THEY KNEW IT WASN'T GOOD. SO WHEN THEY SAW -- THIS WAS THE RUMOR FLOATING AROUND, I'D LIKE TO KNOW THE TRUTH. THAT THERE WERE F.B.I. AGENTS, AND YOU KNOW SOME F.B.I. AGENTS HAD TO HAVE FOUND ANTHONY WEINER'S COMPUTER AND FOUND TENS OF THOUSANDS OF EMAILS THAT WE WERE TOLD HAD BEEN DESTROYED. OH, WE CAN'T GET THOSE TENS OF THOUSANDS OF EMAILS. THEY'RE GONE. AND THEN THEY FOUND THEM. AND NOT ONLY WERE THEY NOT IN A CLASSIFIED AREA, NOT IN A SKIFF, NOT IN A CLASSIFIED CONNECTION, LAPTOP, NOT EVEN IN A GOVERNMENT EMPLOYEE'S LAPTOP, THEY WERE ON THE LAPTOP OF SOMEONE WHO HAS SHOWN THE WORST JUDGMENT IN THE WORLD. AND YOU WANT TO TALK ABOUT POTENTIAL FOR BLACKMAILING, ALTHOUGH PROBABLY BY THIS TIME I DON'T KNOW WHAT YOU'D HAVE TO COME UP WITH TO BLACKMAIL HIM. BUT NONETHELESS, ALL OF THESE EMAILS ARE FOUND THAT WERE SUPPOSED TO BE GONE. THERE IS ABSOLUTELY NO QUESTION THAT THESE CAME, SOME OF THEM CAME FROM HILLARY CLINTON, WERE SENT TO AN UNCLASSIFIED SETTING. AND NOW NOT ONLY THAT, THEY'RE IN THE HANDS OF ANTHONY WEINER. WHO HAS HAD HIS OWN CRIMINAL JUSTICE ISSUES. AND THE RUMOR CONTINUED THAT WE HAD SUCH HONORABLE F.B.I. AGENTS THAT THEY SAID, MR. DIRECTOR, IN ESSENCE, CLEARLY THIS IS CRIMINAL MATERIAL AND EVIDENCE AND IF YOU DON'T ANNOUNCE YOU'RE REOPENING THE INVESTIGATION, WE'RE GOING TO RESIGN, HAVE A PRESS CONFERENCE, AND SHOW THE WORLD THAT YOU HAVE BEEN COVERING FOR HILLARY CLINTON THE WHOLE TIME. NOW, THAT WAS A RUMOR. IF THAT WERE TRUE, AND UNDER THOSE TYPE OF CIRCUMSTANCES DIRECTOR COMEY THEN RUSHES OUT, JUST DAYS BEFORE THE ELECTION, SAID, I'M REOPENING THE INVESTIGATION BECAUSE WE FOUND THESE EMAILS, THEN THAT WOULD MAKE SENSE. BECAUSE HE CERTAINLY WOULDN'T WANT F.B.I. AGENTS TO COMPLETELY DESTROY ANY ELECTION CHANCES JUST DAYS BEFORE THE ELECTION OF HILLARY CLINTON. SO, IF DIRECTOR COMEY GOES OUT, SAYS I'M RE-OPENING THE INVESTIGATION, EVEN THOUGH REPUBLICANS WERE REJOICING AND DEMOCRATS WERE LIVID, AS I POINTED OUT SOMEONE BACK AT THE TIME IN THE MEDIA, WELL, IF, YEAH, I GUESS IT COULD HURT HILLARY CLINTON, BUT IF DIRECTOR COMEY COMES OUT A DAY OR TWO BEFORE THE ELECTION AND SAYS THERE'S NOTHING HERE, CLEAN BILL OF HEALTH, HILLARY CLINTON IS GREAT, NO PROBLEMS. WHEN WE KNEW HE DIDN'T HAVE TIME, NOBODY HAD TIME TO ADEQUATELY REVIEW THE EMAILS, THE TENS OF THOUSANDS OF EMAILS, OH, YOU CAN RUN A FEW ALGORITHMS . BUT REAL LAW ENFORCEMENT MEANS LOOKING AT THE EVIDENCE LINE BY LINE. I'VE KNOWN PEOPLE THAT DID IT. I'VE DONE IT IN A CIVIL SETTING. UNTIL YOU FIND THE SMOKING GUN. BUT YOU'VE GOT TO GO THROUGH THE MONOTONY OF REVIEWING EACH OF THOSE, THEY HAD NO TIME TO DO THAT. . AND YET DIRECTOR COMEY CAME OUT, CLEAN BILL OF HEALTH, IT COULD NOT HAVE BEEN DISCERNED IN THAT AMOUNT OF TIME LIKE THAT. SO IT APPEARED PRETTY CLEARLY THE REASON HE SAID WE'RE REOPENING THE CASE IS SO HE COULD SAY, WE CLOSED IT, ELIMINATE ANY CHANCE OF SOMEBODY, EVEN A NONF.B.I. PERSON, WHO COMES FORWARD AND SAYS, YOU KNOW, THERE ARE CLASSIFIED EMAILS THAT ENDED UP ON ANTHONY WIENER'S COMPUTER THAT CAME FROM HILLARY CLINTON. THERE WERE CRIMES HERE. IN THE F.B.I. DIRECTOR'S -- AND THE F.B.I. DIRECTOR IS COVERING FOR THEM. THAT WOULD LIKELY HAVE BROUGHT DOWNHILLRY CLINTON MUCH WORSE THAN THE DEFEAT SHE SUFFERED. SO IT'S JUST INTERESTING BUT MR. SPEAKER, THE IRONY WITH WHICH DIRECTOR COMEY'S TESTIMONY DRIPS THIS EVENING IS THAT OUR PRESIDENT, DONALD J. TRUMP, HE'S GOT GOOD GUT INSTINCTS. HE HAD CONCERNS THAT THE DIRECTOR COMEY WAS DISLOYAL, MANIPULATIVE, THAT HE MAY BE SOMEONE THAT THE UNITED STATES GOVERNMENT SHOULD NOT TRUST AND IT TURNS OUT PRESIDENT TRUMP'S GUT INSTINCTS WERE EXACTLY RIGHT. HE COMMITTED TO CRIME. THAT'S BECOME CLEAR. AND SO NOW WE EXPECT WE'LL SEE THE MEDIA AND MY FRIENDS ON THE OTHER SIDE OF THE AISLE QUIT TALKING ABOUT RUSSIA. THERE'S NOTHING THERE. THERE'S BEEN NOTHING THERE UNLESS WE START LOOKING AT POTENTIAL PROSECUTION FOR TAKING MILLIONS AND MILLIONS OF DOLLARS FOR OWNERS OF URANIUM ONE WHO GAVE THOSE TO THE CLINTON FOUNDATION WHICH THEN AGAIN ENDED UP BENEFITING THE CLINTON FAMILY AND HILLARY CLINTON THEN APPROVED RUSSIA GETTING AROUND 25% OF OUR URANIUM PRODUCTION TO THE POTENTIAL DETRIMENT AND POSSIBLY IN FUTURE ALTERCATIONS, DEATH OF AMERICANS. AT THE HANDS OF THE URANIUM THAT HILLARY CLINTON PROFITED FROM, POTENTIALLY, MIGHTILY, EVEN IF IT WASN'T DIRECTLY. AND YET AMERICA SUFFERED. IT'S TIME TO TALK ABOUT REAL CRIMES. INVESTIGATE REAL CRIMES. INVESTIGATE RACKETEERING -- RACKETEER-INFLUENCED CORRUPT ORGANIZATIONS THAT WOULD PAY FOR PEOPLE TO COMMIT VIOLENCE AT TRUMP EVENTS. NOW WE'RE TALKING. AMERICA DESERVES BETTER AND THANK GOD WE'RE GOING TO HAVE A NEW F.B.I. DIRECTOR, DIRECTOR COMEY DID SOME GOOD THINGS WHILE AT THE F.B.I. BUT UNFORTUNATELY WE SAW THE EXTENT THAT POLITICS TAINTED THE DIRECTOR TODAY. I YIELD BACK.

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  • 06:48:39 PM

    THE SPEAKER PRO TEMPORE

    THE CHAIR WOULD ENTERTAIN A MOTION FROM THE GENTLEMAN.

  • 06:48:43 PM

    MR. GOHMERT

    I MOVE WE DO NOW HEREBY ADJOURN.

  • 06:48:46 PM

    THE SPEAKER PRO TEMPORE

    ADJOURN.

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115th Congress - House
Total Hours: 1491 (After 686 days)
  • Debate695 Hours
  • Special Orders287 Hours
  • Votes232 Hours
  • One Minute Speeches120 Hours
  • Morning Hour109 Hours
  • Opening Procedures8 Hours

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Source: Resume of Congressional Activity (senate.gov)