The House Is Not In Session
House Session - November 9, 2017

The House debated H.R. 2201, the Micro Offering Safe Harbor Act, which seeks to help small businesses raise capital by exempting certain micro-offerings from Securities and Exchange Commission (SEC) requirements.

Speakers:
Time
Action
  • 09:00:21 AM

    The House convened, starting a new legislative day.

    • 09:00:25 AM

      Today's prayer was offered by the House Chaplain, Rev. Patrick J. Conroy.

      • 09:00:27 AM

        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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      • 09:01:31 AM

        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 OF RULE 1, THE JOURNAL STANDS APPROVED. THE PLEDGE OF ALLEGIANCE WILL BE LED BY THE GENTLEMAN FROM ARKANSAS, MR. WESTERMAN.

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    • 09:01:41 AM

      The Speaker announced approval of the Journal. Pursuant to clause 1, rule I, the Journal stands approved.

      • 09:01:43 AM

        MR. WESTERMAN

        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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  • 09:01:45 AM

    PLEDGE OF ALLEGIANCE

    The Chair designated Mr. Westerman to lead the Members in reciting the Pledge of Allegiance to the Flag.

    • 09:01:52 AM

      ONE MINUTE SPEECHES

      The House proceeded with one minute speeches, which by direction of the Chair would be limited to 5 per side of the aisle.

      • 09:01:57 AM

        THE SPEAKER

        THE CHAIR WILL ENTERTAIN UP TO FIVE REQUESTS FOR ONE MINUTE SPEECHES ON…

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

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      • 09:02:05 AM

        MR. WESTERMAN

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

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

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      • 09:02:17 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED.

      • 09:02:19 AM

        MR. WESTERMAN

        MR. SPEAKER, I RISE TODAY TO PAY TRIBUTE TO THE 15 MEN AND WOMEN RECENTLY…

        MR. SPEAKER, I RISE TODAY TO PAY TRIBUTE TO THE 15 MEN AND WOMEN RECENTLY INDUCTED INTO THE REVISE AND EXTEND.

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      • 09:02:24 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED.

      • 09:02:25 AM

        MR. WESTERMAN

        ARKANSAS MILITARY VETERANS HALL OF FAME. OF THE 15 INDUCTEES, THE HALL OF…

        ARKANSAS MILITARY VETERANS HALL OF FAME. OF THE 15 INDUCTEES, THE HALL OF FAME SELECTED 10 EXCLUSIVELY FOR THEIR BRAVE MILITARY SERVICE TO OUR COUNTRY, WHILE IT SELECTED AN ADDITIONAL FIVE FOR THEIR COMBINED MILITARY AND CIVILIAN SERVICE TO OUR COMMUNITY, STATE, AND NATION. I AM PROUD TO NOTE THAT EIGHT OF THESE 15 AMERICAN HEROES HAIL FROM THE FOURTH CONGRESSIONAL DISTRICT OF ARKANSAS SERVING IN CONFLICTS RANGING FROM WORLD WAR II TO VIETNAM, AS WELL AS IRAQ AND AFGHANISTAN. THIS SERVING IN CONFLICTS SPEECH SIMPLY IS NOT ENOUGH TIME TO RECOGNIZE THEIR COURAGE AND SACRIFICE FOR OUR NATION. MR. SPEAKER, I ASK UNANIMOUS CONSENT TO SUBMIT TO THE RECORD A BRIEF BIOGRAPHY OF EACH OF THE FOURTH DISTRICT HEROES HONORED BY THE ARKANSAS MILITARY VETERANS HALL OF FAME AND I EXTEND MY THANKS TO ALL THOSE WHO SERVED AS WE RECOGNIZE VETERANS DAY. I YIELD BACK.

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      • 09:03:14 AM

        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 MARYLAND SEEK RECOGNITION?

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      • 09:03:18 AM

        >>

        UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. AND IF NECESSARY,…

        UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. AND IF NECESSARY, TO REVISE AND EXTEND MY ARKANSAS MILITARY VETERANS HALL OF FAME AND I EXTEND MY THANKS TO ALL REMARKS.

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      • 09:03:26 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION.

      • 09:03:29 AM

        MR. BROWN

        MR. SPEAKER, I RISE TODAY IN SUPPORT OF EVERY IMMIGRANT WHO HAS BEEN…

        MR. SPEAKER, I RISE TODAY IN SUPPORT OF EVERY IMMIGRANT WHO HAS BEEN GRANTED TEMPORARY PROTECTIVE STATUS IN MY DISTRICT AND ACROSS THE NATION. WE HAVE NEARLY 23,000 IN MARYLAND, THE SIXTH HIGHEST IN THE CONTRY, AND 4,000 IN MY DISTRICT, ONE OF THE TOP FIVE DISTRICTS IN THE COUNTRY. MANY PEOPLE WITH T.P.S. FLED COUNTRIES SUCH AS HAITI, SOMALIA, AND SYRIA RAVAGED BY ARMED CONFLICTS OR WITH ENVIRONMENTAL DISASTERS. FOR OVER 20 YEARS THEY HAVE RAISED THEIR FAMILIES HERE IN THE UNITED STATES, THEY ARE OUR NEIGHBORS AND CO-WORKERS, THEIR KIDS ATTEND OUR SCHOOLS, T.P.S. HOLDERS HAVE BEEN WOVEN INTO THE FABRIC OF OUR COMMUNITY. EARLIER THIS WEEK THOSE FROM NICARAGUA WERE TOLD THEY'LL BE DEPORTED. THOSE FROM HONDURAS ARE NEXT. DEPORTING PEOPLE AND GIVING THEM MERE MONTHS TO PACK THEIR BAGS AFTER 20 YEARS IN THE UNITED STATES IS CRUEL AND ISN'T WHO WE'RE AS AMERICANS. MR. SPEAKER, AS THE TRUMP ADMINISTRATION PUTS THE LIVES OF THOUSANDS IN LEGAL LIMBO, I URGE MY COLLEAGUES TO ENSURE T.P.S. HOLDERS CAN STAY AND PURSUE AN EARNED PATH TO CITIZENSHIP. I YIELD BACK MY TIME, MR. SPEAKER.

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      • 09:04:43 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

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      • 09:04:48 AM

        >>

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

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

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      • 09:04:52 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

      • 09:04:54 AM

        MR. LAMALFA

        THANK YOU, MR. SPEAKER. AS THE HOUSE CONTEMPLATES THE TAX CUTS AND JOBS…

        THANK YOU, MR. SPEAKER. AS THE HOUSE CONTEMPLATES THE TAX CUTS AND JOBS ACT, A LOT OF MISINFORMATION IS GETTING AROUND THE COUNTRY ON THAT. THE INTENT HERE IS TO MAKE SIMPLER THE TAX CODE, THE ABILITY FOR AMERICANS TO -- INSTEAD OF SPENDING BILLIONS OF HOURS AND DOLLARS COMBINED ON TAXES TO GET IT DOWN TO A SIMPLE FORM. PERHAPS A POSTCARD FOR MANY AMERICANS AND THE ABILITY TO WEED THROUGH THEIR TAXES AND GET THEM DONE AND PUT MORE MONEY IN THEIR POCKETS. WHAT OUR PLAN DOES IS PUT APPROXIMATELY $1,200 INTO THE AVERAGE MIDDLE INCOME FAMILY POCKET, LEAVES IT THERE INSTEAD OF TAKING IT OUT. ALSO, RESTORING MORE OPPORTUNITY ON MAIN STREET FOR SMALL BUSINESSES, MEDIUM BUSINESSES, AND THE THINGS -- JOBS WE WANT TO COME BACK HOME TO THIS CONTRY, THOSE TRILLIONS OF DOLLARS WE CAN REPATRIATE BACK TO THIS COUNTRY AND HELP THE MIDDLE CLASS, HELP MIDDLE INCOME AMERICANS, HELP EVERYBODY TO HAVE A STRONGER, MORE VIBRANT ECONOMY WHICH HELPS EVERYBODY INSTEAD OF A COMPLICATED TAX CODE PUT TOGETHER BY LOBBYISTS. WE NEED TO PUSH FORWARD ON THIS AND BUSINESSES, MEDIUM HAVE SUCCESS FOR THE AMERICAN PEOPLE. MR. SPEAKER, I YIELD BACK.

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      • 09:05:56 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NORTH CAROLINA SEEK RECOGNITION?

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      • 09:06:01 AM

        >>

        PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

      • 09:06:06 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

      • 09:06:08 AM

        MR. BUTTERFIELD

        THANK YOU, MR. SPEAKER. I RISE TODAY IN OPPOSITION TO THE TAX CUTS AND…

        THANK YOU, MR. SPEAKER. I RISE TODAY IN OPPOSITION TO THE TAX CUTS AND JOBS ACT, ALSO KNOWN AS THE TRICK, TRICK, TRICK ACT. THIS BILL, MR. SPEAKER, INCLUDES A $1.5 TRILLION CUT TO MEDICARE AND MEDICAID. RAISES TAXES ON MIDDLE INCOME FAMILIES. GIVES THE BIGGEST TAX CUTS TO CORPORATIONS ANTI-WEALTHIEST AMERICANS. THIS BILL ELIMINATES PERSONAL DEDUCTIONS FOR MEDICAL EXPENSES, CREATING FURTHER HARDSHIP FOR PEOPLE FACING ILLNESSES. ELIMINATES DEDUCTIONS FOR STATE AND LOCAL INCOME TAXES. RESULTING IN HIRE TAXES FOR PEOPLE WHO CAN'T AFFORD T AND ELIMINATES DEDUCTIONS FOR INTEREST PAID ON STUDENT LOANS, MAKING QUALITY EDUCATION LESS ACCESSIBLE. PROPONENTS OF THE BILL, MR. SPEAKER, WILL HAVE YOU BELIEVE THAT THESE TAX CUTS BENEFIT WORKING FAMILIES. GROW OUR ECONOMY, AND DECREASE THE FEDERAL DEFICIT. THAT'S FAKE NEWS. THIS BILL DOES NOTHING MORE THAN DESTROY THE HOPES AND DREAMS OF MIDDLE AMERICANS SEEKING A STABLE CAREER, A FULFILLED LIFE, AND BRIGHTER FUTURE. THE AMERICAN PEOPLE DESERVE BETTER. I REMAIN WILLING AND ABLE TO WORK ACROSS PARTY LINES TO ACHIEVE RESPONSIBLE TAX REFORM. I SAY TO MY REPUBLICAN COLLEAGUES, DO NOT PASS THIS BILL AS A REPUBLICAN BILL. IT MUST BE BIPARTISAN. IF YOU DO IT, YOU WILL REGRET IT. I YIELD BACK.

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      • 09:07:24 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM MISSOURI SEEK RECOGNITION?

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      • 09:07:29 AM

        >>

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

      • 09:07:33 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION, THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

      • 09:07:35 AM

        MRS. HARTZLER

        THANK YOU. MR. SPEAKER, I RISE TODAY TO HONOR AND THANK MR. STEVEN GAITER…

        THANK YOU. MR. SPEAKER, I RISE TODAY TO HONOR AND THANK MR. STEVEN GAITER FOR HIS DEDICATION AND SERVICE TO OUR NATION'S VETERANS. AFTER OVER 40 YEARS OF SERVICE, HE'S RETIRING AS A PUBLIC AFFAIRS OFFICER AT THE HARRY S. TRUMAN MEMORIAL VETERANS HOSPITAL IN COLUMBIA, MISSOURI. HE HAS SPENT HIS ENTIRE LIFE SERVING THIS GREAT NATION. IN ADDITION TO HIS NUMEROUS YEARS SERVING OUR VETERANS AT THE TRUMAN V.A., HE SERVED IN THE UNITED STATES AIR FORCE. THE UTAH AIR NATIONAL GUARD, AND THE ARMY RESERVES. SINCE 1989, HE HAS BEEN AN ACTIVE VOLUNTEER FOR THE HEART OF MISSOURI UNITED WAY, A NONPROFIT ORGANIZATION THAT WORKS TO IMPROVE THE ECONOMIC AND SOCIAL CONDITIONS OF THOSE THAT RESIDE IN OUR LOCAL COMMUNITY. HIS PASSION FOR SERVING OTHERS WILL FOREVER LEAVE A MARK ON THE TRUMAN V.A. AND THE CITY OF COLUMBIA. SO, MR. GATHER, THIS WEEK AS WE CELEBRATE VETERANS DAY, I WANT TO THANK YOU FOR YOUR DEVOTION AND WORK ON BEHALF OF OUR NATION'S VETERANS AND COMMUNITY. I WANT TO WISH YOU THE VERY BEST IN YOUR RETIREMENT. MR. SPEAKER, I YIELD BACK.

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      • 09:08:44 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLELADY…

        THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM VIRGIN ISLANDS SEEK RECOGNITION?

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      • 09:08:54 AM

        MS. PLASKETT

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

      • 09:08:59 AM

        POLICE PLASKETT

        FOR ONE MINUTE. POLICE PLASKETT: THANK YOU, MR. SPEAKER. I ASK UNANIMOUS…

        FOR ONE MINUTE. POLICE PLASKETT: THANK YOU, MR. SPEAKER. I ASK UNANIMOUS CONSENT -- ON BEHALF OF MY FAMILY AND STAFF I WANT TO SALUTE AND COMMEMORATE THE VETERANS OF U.S. VIRGIN ISLANDS AND THROUGHOUT THE UNITED STATES ON THIS VETERANS DAY. THE VIRGIN ISLANDS ALONG WITH OTHER TERRITORIES SEND MORE MEN AND WOMEN PER CAPITA TO SERVE IN THE U.S. MILITARY THAN ANYWHERE ELSE IN THIS NATION. I WOULD LIKE TO PERSONALLY RECOGNIZE TASK FORCE ALFONSE ON ST. CROY, AND ST. JOHN RESPONDERS. ON VETERANS DAY WE SALUTE THE MEN AND WOMEN WHO HAVE PROUDLY WORN THE UNIFORM AND THE FAMILIES WHO HAVE SERVED ALONGSIDE THEM. AND WE AFFIRM OUR SACRED DUTY AS CITIZENS TO EXPRESS OUR ENDURING GRATITUDE, BOTH IN WORDS AND ACTIONS, FOR THEIR SERVICE. AS PART OF VETERANS DAY THIS YEAR IN THE HAVE I VIRKS WE'LL BE HONORING FEMALE VETERANS IN THE TERRITORY. BEING HONORED AS PARADE MARSHALL AND GUESS SPEAKER ON THE ISLAND OF ST. CROIX IS MAJOR KATHLEEN PARIS. ON ST. THOMAS, SERGEANT FIRST CLASS LAUREL FRANCIS. SERVING AS PARADE MARSHALL AND GUEST SEEKER ON THE ISLAND OF SAINT THOMAS WILL BE FORMER MILITARY SPOUSE, MONIQUE FERRELL, DIRECTOR OF ARMY SEXUAL HARASSMENT, ASSAULT RESPONSE, AND PREVENTION PROGRAM. MR. SPEAKER, JUST AS WE VOW TO LEAVE NO SOLDIER BEHIND ON THE BATTLEFIELD, WE VOW NOT TO FORGET ANY VETERAN WHEN THEY RETURN HOME. I YIELD BACK.

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      • 09:10:19 AM

        THE SPEAKER PRO TEMPORE

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

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

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      • 09:10:23 AM

        >>

        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.

        Show Full Text
      • 09:10:32 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

      • 09:10:34 AM

        MR. SMITH

        MR. SPEAKER, I HAVE A MESSAGE FOR THE LIBERAL SO-CALLED MAINSTREAM MEDIA.…

        MR. SPEAKER, I HAVE A MESSAGE FOR THE LIBERAL SO-CALLED MAINSTREAM MEDIA. YOU ARE ESEDGES TO DEMOCRACY -- ESSENTIAL TO DEMOCRATCY. YOU HAVE ALMOST A SACRED RESPONSIBILITY TO INFORM THE AMERICAN PEOPLE. BUT THEY DON'T BELIEVE YOU ANYMORE. YOUR COVERAGE OF THE PRESIDENT AND CONSERVATIVE REPUBLICANS IS NOW OBVIOUSLY SO SLANTED, SO BIASED, THAT YOU HAVE LOST YOUR CREDIBILITY. IN FACT, POLLS SHOW THAT IT IS AT A RECORD LOW. IN TRYING TO DESTROY THIS PRESIDENT, YOU ARE DESTROYING YOURSELF. IS THAT WHAT YOU WANT? REMEMBER THE CHINESE PROVERB, WHEN YOU SET OUT ON A JOURNEY OF REVENGE, DIG TWO GRAVES. WHY NOT TRUST THE AMERICAN PEOPLE WITH THE FACTS AND LET THEM MAKE UP THEIR OWN MINDS RATHER THAN TELLING THEM WHAT TO THINK. I DON'T KNOW OF ANY OTHER WAY YOU CAN RESTORE YOUR CREDIBILITY.

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      • 09:11:23 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

        THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY -- SEEK RECOGNITION. WITHOUT OBJECTION, THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

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      • 09:11:41 AM

        >>

        THANK YOU, MR. SPEAKER. EACH NOVEMBER COMMUNITIES ACROSS THE COUNTRY…

        THANK YOU, MR. SPEAKER. EACH NOVEMBER COMMUNITIES ACROSS THE COUNTRY OBSERVE NATIONAL DIABETES AWARENESS MONTH. WE COME TOGETHER TO EDUCATE OUR NEIGHBORS AND TO BRING ATTENTION TO THE IMPACT THAT DIABETES HAS IN THE LIVES OF MILLIONS OF AMERICANS. AS A DIABETIC, I KNOW THE CHALLENGES FACED BY PEOPLE WITH THIS CONDITION. IN 2015, DIABETES WAS THE SEVENTH LEADING CAUSE OF DEATH FOR AMERICANS AND DIAGNOSIS RATES CONTINUE TO GROW EACH YEAR.

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      • 09:12:08 AM

        MS. ADAMS

        TO LIVE A LONG AND PROSPEROUS LIFE WITH THIS DISEASE IT IS IMPERATIVE THAT…

        TO LIVE A LONG AND PROSPEROUS LIFE WITH THIS DISEASE IT IS IMPERATIVE THAT DIABETES RECEIVE PROPER NUTRITION AND ACCESS TO HEALTH CARE. THANKS TO THE AFFORDABLE CARE ACT, PRE-EXISTING CONDITIONS SUCH AND ACCESS TO HEALTH CARE. THANKS TO THE AFFORDABLE CARE ACT, PRE-EXISTING CONDITIONS SUCH AS DIABETES ARE COVERED BY HEALTH INSURANCE. THANKS TO SNAP, THE POOREST IN OUR COMMUNITIES HAVE ACCESS TO NUTRITION. BUT A.C.A. AND SNAP ARE UNDER ATTACK. AS A MEMBER OF THE DIABETES CAUCUS AND YOUR REPRESENTATIVE IN CONGRESS, I'LL CONTINUE TO VIGOROUSLY PROTECT THE A.C.A. AND TRY TO INCREASE SNAP BENEFITS FOR THOSE IN NEED. MY LIFE IS A LIVING TESTAMENT TO THE OPPORTUNITIES THAT EXIST WHEN DIABETES IS PROPERLY TREATED. WE MUST ENSURE THESE OPPORTUNITIES ARE AVAILABLE FOR THE NEXT GENERATION. I YIELD BACK.

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      • 09:12:50 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN…

        THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA SEEK RECOGNITION?

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      • 09:12:55 AM

        >>

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

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

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      • 09:13:00 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE. MR. MINUTE.

      • 09:13:08 AM

        MR. BILIRAKIS

        THANK YOU, MR. SPEAKER. NOVEMBER IS DIABETES AWARENESS MONTH. OVER 30…

        THANK YOU, MR. SPEAKER. NOVEMBER IS DIABETES AWARENESS MONTH. OVER 30 MILLION CHILDREN AND ADULTS, INCLUDING MYSELF, SUFFER FROM DIABETES. ANOTHER 34 -- 84 MILLION HAVE PREDIABETES, AND 90% OF THEM DON'T EVEN KNOW T DIABETES CAN CAUSE STROKE, BLINDNESS, KIDNEY DISEASE, HEART DISEASE, LOSS OF TOES, FEET, OR EVEN LEGS. IN ADDITION TO THE PERSONAL TOLL THIS DISEASE TAKES ON THE LIVES OF THOSE AFFECTED, HEALTH CARE COSTS FOR DIABETIC PATIENTS ARE 2.3 TIMES GREATER THAN THOSE WITHOUT DIABETES. THIS AWFUL DISEASE COSTS THE HEALTH CARE SYSTEM AN ESTIMATED $322 BILLION. RATE OF DIABETES HAVE RAISEN. RATES HAVE RAISEN DRAMATICALLY, UNFORTUNATELY, IN RECENT YEARS. WE MUST DO SOMETHING TO STOP IT. THE U.S. CONGRESS IS WORKING TOWARDS THAT END. I WAS PROUD TO HAVE WORKED ON THE 21ST CENTURY CURES ACT, WHICH INVESTS IN RESEARCH FOR A CURE. THE BILL STREAMLINES THE F.D.A. APPROVAL PROCESS AND PROVIDES MORE MONEY FOR RESEARCH TO THE N.I.H. THERE IS MUCH MORE WE CAN F.D.A. DO, MR. SPEAKER, TO TACKLE THE SERIOUS PUBLIC HEALTH ISSUE. I THANK YOU. I YIELD BACK.

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      • 09:14:24 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

        THE GENTLEMAN'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MR. SPEAKER, TO TEXAS, MR. HENSARLING, SEEK RECOGNITION?

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      • 09:14:26 AM

        Considered under the provisions of rule H. Res. 609. H.R. 2201 — "To amend the Securities Act of 1933 to exempt certain micro-offerings from the registration requirements of such Act, and for other purposes."

        • 09:14:30 AM

          MR. HENSARLING

          MR. SPEAKER, PURSUANT TO HOUSE RESOLUTION 609, I CALL UP H.R. 2201, THE…

          MR. SPEAKER, PURSUANT TO HOUSE RESOLUTION 609, I CALL UP H.R. 2201, THE MICROOFFERING SAFE HARBOR ACT, AND ASK FOR ITS IMMEDIATE CONSIDERATION IN THE HOUSE.

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      • 09:14:31 AM

        Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.

        • 09:14:51 AM

          THE SPEAKER PRO TEMPORE

          THE CLERK WILL REPORT THE TITLE OF THE BILL.

        • 09:14:53 AM

          THE CLERK

          UNION CALENDAR NUMBER 280, H.R. 2201, A BILL TO AMEND THE SECURITIES ACT…

          UNION CALENDAR NUMBER 280, H.R. 2201, A BILL TO AMEND THE SECURITIES ACT OF HOUSE.

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        • 09:14:56 AM

          THE SPEAKER PRO TEMPORE

          THE CLERK WILL REPORT THE TITLE OF THE BILL.

    • 09:15:02 AM

      DEBATE

      The House proceeded with one hour of debate on H.R. 2201.

      • 09:15:08 AM

        CLERK 1933

        1933 TO EXEMPT CERTAIN MICROOFFICIAL FROM THE REGISTRATION REQUIREMENTS OF…

        1933 TO EXEMPT CERTAIN MICROOFFICIAL FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND FOR OTHER PURPOSES. 1933 TO EXEMPT CERTAIN MICROOFFICIAL FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND FOR OTHER PURPOSES.

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      • 09:15:16 AM

        TEMPORE PURSUANT

        PURSUANT TO HOUSE RESOLUTION 609, THE BILL IS CONSIDERED AS READ. AFTER…

        PURSUANT TO HOUSE RESOLUTION 609, THE BILL IS CONSIDERED AS READ. AFTER ONE HOUR OF DEBATE ON THE BILL, IT SHALL BE IN ORDER TO CONSIDER THE AMENDMENT PRINTED IN HOUSE REPORT 115-401, IF OFFERED, BY THE GENTLEMAN FROM MINNESOTA, MR. EMMER, OR HIS DESIGNEE, WHICH SHALL BE 1933 TO CONSIDERED AS READ AND SHALL BE SEPARATELY DEBATABLE FOR 10 MINUTES EQUALLY DIVIDED AND CONTROLLED BY THE PROPONENT AND AN OPPONENT. . THE GENTLEMAN FROM TEXAS, MR. HENSARLING, AND THE GENTLEWOMAN FROM CALIFORNIA, MS. WATERS, WILL EACH CONTROL 30 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM TEXAS.

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      • 09:15:41 AM

        MR. HENSARLING

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

      • 09:15:44 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 09:15:46 AM

        MR. HENSARLING

        THANK YOU, MR. SPEAKER. WE KNOW THAT UNFORTUNATELY AFTER EIGHT YEARS OF…

        THANK YOU, MR. SPEAKER. WE KNOW THAT UNFORTUNATELY AFTER EIGHT YEARS OF BAD ECONOMIC POLICIES FROM THE OBAMA ADMINISTRATION, WORKING PEOPLE DID NOT RECEIVE A PAY INCREASE. WE KNOW WE HAD THE LOWEST WORK PARTICIPATION RATES IN MODERN HISTORY. WE KNOW THE ECONOMY WAS LIMPING ALONG AT 1.5% TO 2% ECONOMIC GROWTH BUT FORTUNATELY, MR. SPEAKER, A NEW DAY HAS DAWNED. AND NOW WE SEE WITH THE POLICIES OF THE REPUBLICANS IN CONGRESS, WITH THE POLICIES OF THE TRUMP ADMINISTRATION, WE'RE SEEING PROMISING SIGNS. WHAT WE'RE SEEING ALL OF A SUDDEN IS TWO, TWO QUARTERS, MR. SPEAKER, OF 3%-PLUS OF ECONOMIC GROWTH. THEY ARE FINALLY SEEING INCREASES IN THEIR PAYCHECKS. INCREASES IN THEIR TAKE-HOME PAY. AND THAT'S WHY ONE OF THE MOST EXCITING POLICIES THAT ARE BEING WORKED UPON TODAY THAT WE HOPE TO SEE SOON IS FUNDAMENTAL PRO-GROWTH TAX REFORM FOR THE ENTIRE AMERICAN ECONOMY. ONE THAT WOULD GROW OUR ECONOMY AND MAKES A TAX CODE FAIRER, FLATTER, SIMPLER, MORE COMPETITIVE. ONE THAT WOULD LOWER RATES FOR FAMILIES AND ALLOW 90% OF AMERICANS TO FILL OUT THEIR FORMS ON SOMETHING AKIN TO A POSTCARD. SOMETHING THAT WOULD HELP OUR SMALL BUSINESSES AND ENTREPRENEURS AND I LOOK FORWARD, MR. SPEAKER, TO HAVING THAT LEGISLATION ON THE FLOOR SOON. BUT WE HAVE LEGISLATION TODAY, LEGISLATION TODAY THAT IS ALSO IMPORTANT TO OUR SMALL BUSINESSES AND OUR ENTREPRENEURS. H.R. 2201 BY THE GENTLEMAN FROM MINNESOTA. AND WHAT'S SO IMPORTANT ABOUT THIS LEGISLATION, MR. SPEAKER, IS THAT IT WOULD ALLOW OUR ENTREPRENEURS AND OUR SMALL BUSINESSES TO MORE EFFECTIVELY BE ABLE TO REACH OUT TO FAMILY AND FRIENDS TO GET THE NEEDED CAPITAL TO START THEIR BUSINESSES. A 2014 SURVEY BY THE COFFMAN FOUNDATION FOUND OUT OVER 28% OF STARTUPS RAISED THEIR FUNDING FROM THEIR PERSONAL NETWORK. BUT MR. SPEAKER, WE HAVE A CHALLENGE AND THAT IS THE SECURITIES ACT DOES NOT CLEARLY DEFINE WHAT IS A PUBLIC OFFERING OR CONVERSELY A NONPUBLIC OFFERING. SO THIS MAKES IT VERY DIFFICULT FOR OUR EARLY STAGE ENTREPRENEURIAL GROWTH COMPANIES TO GO OUT AND DO ANY KIND OF PRIVATE PLACEMENT TO RAISE FUNDS FROM FRIENDS AND FAMILY. NOW, WE KNOW A PRIVATE PLACEMENT IS ALREADY SOMETHING THAT IS ESTABLISHED IN LAW, BUT WHAT ISN'T ESTABLISHED IS A BRIGHT LINE SAFE HARBOR FOR THESE BUSINESS ENTERPRISES TO GO OUT AND RAISE THESE FUNDS. AND SO WHAT WE ALSO KNOW UNFORTUNATELY FROM OUR SECURITIES AND EXCHANGE COMMISSION, A REGISTERED OFFERING IS SIMPLY NOT ECONOMICALLY FEASIBLE FOR A SMALL BUSINESS AND ENTREPRENEUR AND ISSUER WHO IS SEEKING TO RAISE LESS THAN $1 MILLION. SO TOO OFTEN, MR. SPEAKER, WE HAVE A NUMBER OF THESE ENTERPRISES THAT FRANKLY JUST NEVER GET JUMP-STARTED BECAUSE THEY DON'T HAVE THE OPPORTUNITY FOR A PRIVATE OFFERING. THAT'S WHY IT'S SO IMPORTANT, AND I WANT TO THANK THE GENTLEMAN FROM MINNESOTA, MR. EMMER, FOR HIS LEADERSHIP IN BRINGING THIS LEGISLATION TO THE HOUSE FLOOR TODAY. AND SO IT'S A SIMPLE PIECE OF LEGISLATION. AGAIN, IT SIMPLY ALLOWS A BRIGHT LINE SAFE HARBOR FOR VERY, VERY SMALL OFFERINGS. IT REQUIRES THAT EACH PURCHASER HAS A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH AN OFFICER, DIRECTOR OR SHAREHOLDER OF THE ISSUER. THE ISSUER MUST REASONABLY BELIEVE THERE ARE NO MORE THAN 35, 35 PURCHASERS OF THE SECURITIES AND THE AGGREGATE CANNOT EXCEED HALF A MILLION IN A 12-MONTH PERIOD. SO MR. SPEAKER, WE ARE TALKING ABOUT A VERY, VERY SMALL PORTION OF STARTUPS, BUT A VERY VITALLY IMPORTANT SECTION OF OUR STARTUPS THAT NEED CAPITAL. YOU KNOW, MR. SPEAKER, A COUPLE OF FEW DECADES AGO THERE WAS A COMPANY WHERE A GENTLEMAN BORROWED MONEY FROM HIS FATHER TO IMPORT JAPANESE SPORTS SHOES AND HE PURCHASED 200 PAIRS OF THESE JAPANESE SPORTS SHOES. HE STARTED A BUSINESS CALLED BLUE RIBBON SPORTS, AND TODAY WE KNOW IT AS NIKE. A FEW DECADES AGO THERE WAS AN INVESTOR OUT IN OMAHA, NEBRASKA, WHO BORROWED MONEY FROM SEVEN FRIENDS AND FAMILY MEMBERS, INCLUDING HIS SISTER, DORIS, AND AUNT ALICE, AND OVER THE NEXT NINE YEARS THIS INITIAL INVESTMENT GREW AND THIS GENTLEMAN PURCHASED SOMETHING CALLED BERKSCHEYER HATHAWAY, A TEXTILE COMPANY THAT HAS LED TO THE BERKSHIRE HATHAWAY EMPIRE. IN 1994 THERE WAS A GENTLEMAN WHO TOOK A LOAN FROM HIS PARENTS, MOVED TO A TWO-BEDROOM SMALL APARTMENT, LAUNCHED A COMPANY CALLED AMAZON. WE WANT TO MAKE SURE THAT THE NEXT BERKSHIRE HATHAWAY, THE NEXT AMAZON GET LAUNCHED AND THAT'S WHY IT'S SO CRITICAL WE LAUNCH H.R. 2201 AND I RESERVE THE BALANCE OF MY TIME.

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      • 09:21:16 AM

        THE SPEAKER PRO TEMPORE

        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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      • 09:21:19 AM

        MS. WATERS

        I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

      • 09:21:23 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY IS RECOGNIZED.

      • 09:21:25 AM

        MS. WATERS

        THAT NORMALLY APPLY TO SUCH TRANSACTIONS. SPECIFICALLY, THE BILL WOULD…

        THAT NORMALLY APPLY TO SUCH TRANSACTIONS. SPECIFICALLY, THE BILL WOULD ALLOW A COMPANY TO RAISE UP TO $500,000 FROM 35 OR FEWER INVESTORS SUBJECT ONLY TO THE REQUIREMENT THAT EACH OF THESE INVESTORS HAVE A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH THE COMPANY. CURRENTLY, BEFORE A COMPANY CAN OFFER OR SELL ITS SECURITIES, IT MUST EITHER REGISTER THE OFFERING WITH THE SECURITIES AND EXCHANGE COMMISSION. THAT IS THE S.E.C. OR QUALIFY FOR AT LEAST ONE OF SEVERAL EXISTING EXEMPTIONS FROM REGISTRATION. THESE EXEMPTIONS PROVIDE REDUCED REGULATORY REQUIREMENTS FOR BUSINESSES CONDUCTING THE OFFERINGS BUT ARE LIMITED TO INVESTORS WHO HAVE THE FINANCIAL SOPHISTICATION TO UNDERSTAND THE RISK OR ENOUGH ASSETS TO BEAR LOSSES WITHOUT THE FULL PROTECTIONS OF THE SECURITIES LAWS. ADDITIONALLY, UNLIKE H.R. 2201, THESE EXISTING EXEMPTIONS INCLUDE SEVERAL CRITICAL INVESTOR PROTECTIONS, SUCH AS NOTICE TO REGULATORS, LIMITATIONS ON ADVERTISING, AND RESTRICTIONS ON RESELL. FOR EXAMPLE, SECURITIES OFFER PURSUANT TO RULE 506 OF REGULATION D ARE RESTRICTED. MEANING, THEY CANNOT BE RESOLD FOR AT LEAST A YEAR WITHOUT REGISTERING THEM. THAT IS REREGISTERING THEM. ADDITIONALLY, THE REREGISTRATION EXEMPTIONS AVAILABLE UNDER THE CROWDFUNDING RULES AND REGULATION A IMPOSE LIMITATIONS ON THE AMOUNT AN INDIVIDUAL CAN INVEST IN A YEAR, THEREBY PLACING A CAP ON POTENTIAL LOSSES. H.R. 2201'S LACK OF BASIC SAFEGUARDS WOULD LEAVE INVESTORS VULNERABLE TO AN ARRAY OF INVESTMENT SCAMS. FOR EXAMPLE, A PURCHASER OF SECURITIES OFFERED PURSUANT TO H.R. 2201 WOULD BE ABLE TO IMMEDIATELY RESELL THE SECURITIES IN SECONDARY TRANSACTIONS. IN THE PAST, THE FAILURE TO RESTRICT THE RESELL OF UNREGISTERED SECURITIES HAS EXPOSED SECONDARY INVESTORS TO PUMP AND DUMP SCHEMES, A FORM OF FRAUD THAT INVOLVES HYPING UP CHEAP JUNK STOCK IN ORDER TO RESELL IT AT A HIGHER PRICE TO UNWITTING INVESTORS. ADDITIONALLY, INVESTOR AND CONSUMER ADVOCATES, LIKE AMERICANS FOR FINANCIAL REFORM, CENTER FOR AMERICAN PROGRESS AND PUBLIC CITIZENS OPPOSE H.R. 2201 BECAUSE IT WOULD ENABLE A PARTICULARLY DECEPTIVE SCAM KNOWN AS AFFINITY FRAUD. BAD ACTORS PERPETRATING AFFINITY FRAUD COULD USE H.R. 2201 TO PREY UPON RELIGIOUS COMMUNITIES, ETHNIC GROUPS AND THE ELDERLY. JUST A FEW YEARS AGO, THE S.E.C. SHUT DOWN A SCHEME TARGETING THE HISPANIC COMMUNITY IN SOUTHERN CALIFORNIA. THE PERPETRATORS RAISED MORE THAN $800,000 BY REPRESENTING TO CLOSE FRIENDS AND FAMILY MEMBERS THAT THEIR INVESTMENT WOULD BE USED TO DEVELOP A FINANCIAL SERVICES FIRM SERVING THE HISPANIC COMMUNITY. THE S.E.C. FOUND THAT INSTEAD OF DEVELOPING THE PURPORTED BUSINESS, THE SCAMMERS, QUOTE, USED A LARGE PART OF THE INVESTORS' MONEY TO ENGAGE UNSUCCESSFULLY IN HIGH-RISK DAY TRADING OF STOCKS, PAY PERSONAL LIVING TRAVEL AND ENTERTAINMENT EXPENSES OR MAKE OTHER UNEXPLAINED EXPENDITURES WITH NO CONNECTION TO THE PURPORTED STARTUP BUSINESS ACTIVITIES, QUOTE-UNQUOTE. H.R. 2201 WOULD PROVIDE A ROAD MAP FOR BAD ACTORS TO SIMILARLY RIP OFF INVESTORS. THE BILL'S $500,000 CAP ON OFFERINGS DOES NOT ELIMINATE THE NEED FOR ROBUST SAFEGUARDS AGAINST FRAUD AND ABUSE. IN FACT, THESE PROTECTIONS ARE EVEN MORE IMPORTANT FOR OFFERINGS OF THIS SIZE GIVEN THE PROLIFERATION OF INVESTMENT SCHEMES IN THE SMALLER OFFERING SPACE. THE S.E.C. HAS FOUND THAT, QUOTE, FRAUD IN THE MICRO CAP STOCK MARKETS IS OF INCREASING CONCERN TO REGULATORS AS SUCH MARKETS HAVE PROVEN TO BE FERTILE GROUNDS FOR FRAUD AND ABUSE, QUOTE-UNQUOTE. WHILE $500,000 MAY NOT SEEM LIKE A LOT ON WALL STREET, MORE MAIN STREET AMERICANS, LOSING EVEN A FRACTION OF THAT AMOUNT WOULD DESTROY THE HOPE OF ONE DAY RETIRING WITH DIGNITY. EXISTING EXEMPTIONS SUCH AS THOSE AVAILABLE UNDER THE S.E.C.'S REGULATION D, REGULATION A AND CROWDFUNDING RULES PROVIDE AMPLE OPPORTUNITIES FOR COMPANIES TO RAISE CAPITAL WHILE ALSO PROTECTING INVESTORS. H.R. 2201 WOULD ONLY EXPOSE HARDWORKING AMERICANS TO A NEW AND WHOLLY UNNECESSARY RISK. FOR THESE REASONS, I URGE MY COLLEAGUES TO VOTE NO ON H.R. 2201, AND I RESERVE THE BALANCE OF MY TIME.

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      • 09:27:08 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS.

      • 09:27:11 AM

        MR. HENSARLING

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

        MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS AND SUBMIT EXTRANEOUS MATERIALS ON THE BILL UNDER CONSIDERATION.

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      • 09:27:23 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION.

      • 09:27:24 AM

        MR. HENSARLING

        MR. SPEAKER, I AM NOW PLEASED TO YIELD FIVE MINUTES TO THE SPONSOR OF THE…

        MR. SPEAKER, I AM NOW PLEASED TO YIELD FIVE MINUTES TO THE SPONSOR OF THE LEGISLATION, AN OUTSTANDING MEMBER OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM MINNESOTA, MR. EMMER.

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      • 09:27:34 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 09:27:36 AM

        MR. EMMER

        THANK YOU, MR. CHAIRMAN. WHILE GOVERNMENT ISN'T MEANT TO CREATE JOBS, WITH…

        THANK YOU, MR. CHAIRMAN. WHILE GOVERNMENT ISN'T MEANT TO CREATE JOBS, WITH THE HELP OF THE PRESIDENT, CONGRESS CAN SET FEDERAL POLICIES THAT ESTABLISHES A PRO-WORKER, PRO-BUSINESS ENVIRONMENT THAT LIFTS PEOPLE OUT OF POVERTY, HELPS FAMILIES AND DRIVES OUR COUNTRY FORWARD. ONE PROBLEM TODAY THAT IS IMPEDING JOB GROWTH IS ACCESS TO CAPITAL FOR SMALL BUSINESSES. AMERICAN BUSINESS MEN AND WOMEN ARE OFTEN UNABLE TO GET THE LOANS THEY NEED TO START A NEW ENTERPRISE OR TO GROW AN EXISTING ONE. ADDITIONALLY, IF A FIRM WOULD LIKE TO PUBLICLY SELL STOCK TO RAISE MONEY, IT MUST REGISTER WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH COSTS $2.5 MILLION ON AVERAGE, AN AMOUNT MOST SMALL BUSINESSES SIMPLY CANNOT AFFORD. SMALL AND EMENTALING BUSINESSES ARE KEY TO THE -- EMERGING BUSINESSES ARE KEY TO THE ECONOMIC ENGINE. THEY CREATE HALF OF THE NEW JOBS ON AN ANNUAL BASIS IN THIS COUNTRY. MORE IMPORTANTLY, TODAY'S SMALL BUSINESSES ARE TOMORROW'S SUCCESS STORY. JUST THINK OF ALL THE GREAT BUSINESSES IN THIS COUNTRY THAT STARTED WITH A DREAM IN A GARAGE -- AMAZON, APPLE, MICROSOFT, DISNEY, HARLEY-DAVIDSON AND MINNESOTA'S OWN MEDTRONIC. WE WANT TO EMPOWER THE ENTREPRENEURS IN THIS COUNTRY TO DREAM, INNOVATE AND CREATE JOBS THAT GROW OUR ECONOMY. THAT'S WHY I INTRODUCED THE MICRO OFFERING SAFE HARBOR ACT. THIS BILL WOULD MAKE IT EASY FOR ENTREPRENEURS AND SMALL BUSINESSES TO RAISE MONEY FROM FAMILY, FRIENDS AND THEIR PERSONAL NETWORK WITHOUT RUNNING AFOUL OF THE VAGUE AND UNDEFINED PRIVATE OFFERING SAFE HARBOR PROVISION IN THE SECURITIES ACT OF 1933. THUS, THE MICRO OFFERING SAFE HARBOR ACT HELPS BRING CLARITY TO EXISTING LAW SO THAT OUR CURRENT AND FUTURE JOB CREATORS CAN EASILY RAISE CAPITAL WITHIN THE CONFINES OF AN EASY TO UNDERSTAND PROVISION WITHOUT THE HELP OF AN EXPERT. THIS LEGISLATION REQUIRES THREE SPECIFIC CRITERIA TO BE MET SIMULTANEOUSLY IN ORDER TO TRIGGER A SAFE HARBOR EXEMPTION FOR A SECURITY OFFERING INSTEAD OF JUST ONE OR MORE. THESE CRITERIA ENSURE THAT, ONE, EACH PURCHASER HAS A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH AN OWNER. TWO, THERE ARE NO MORE THAN 35 PURCHASERS OF SECURITIES FROM THE ISSUER THAT ARE SOLD IN RELIANCE ON THE EXEMPTION DURING THE 12 MONTHS PRECEDING. AND THREE, THE AGGREGATE AMOUNT OF ALL DOES NOT EXCEED $500,000 DURING THE 12-MONTH PRECEDING THE OFFERING. THE BILL ALSO EXEMPTION ANY OF THE AFOREMENTIONED BLUE SKY LAWS WHILE MAINTAINING ANTI-FRAUD PROVISIONS AT THE FEDERAL AND STATE LEVEL. THESE PROVISIONS PROTECT AMERICANS FROM CRIMINALS TRYING TO SWINDLE THEM OUT OF THEIR HARD-EARNED MONEY WHILE MAKING CAPITAL MORE ACCESSIBLE TO BUSINESSES BY INVESTORS FROM AROUND THE COUNTRY. IN FACT, I WILL BE OFFERING AN AMENDMENT TO ENHANCE THESE ANTI-FRAUD PROVISIONS. THIS AMENDMENT, WHICH INCORPORATES THE SUGGESTIONS MADE BY MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE DURING A LEGISLATIVE HEARING IN THE LAST CONGRESS, WILL ENSURE THAT INDIVIDUALS WHO HAVE BEEN DISQUALIFIED UNDER THE BAD ACTOR DISQUALIFICATION STANDARD, AS IS LISTED UNDER CURRENT LAW, ARE PROHIBITED FROM USING THE EXEMPTION PROVIDED UNDER H.R. 2201, ESTABLISHING YET AN ADDITIONAL LAYER OF INVESTOR PROTECTION. . ENTREPRENEURS AND BUSINESS OWNERS NEED ACCESS TO CAPITAL TO ACHIEVE THE AMERICAN DREAM. ALTHOUGH SMALL BUSINESSES ACCOUNTED FOR MORE THAN 97% OF ALL BUSINESSES LAST YEAR IN THE UNITED STATES, ONLY HALF WILL SURVIVE LONGER THAN FIVE YEARS, ACCORDING TO OUR BUREAU OF LABOR STATISTICS. LACK OF CAPITAL OR DIFFICULTY ACCESSING CAPITAL IS ONE OF THE MAIN CAUSES OF FAILURE FOR MANY OF THESE SMALL BUSINESSES. A 2015 SURVEY CONDUCTED BY BLUE VINE FOUND THAT 75% OF SMALL AND EMERGING BUSINESS OWNERS REPORTED THEIR PRIMARY SOURCE OF FUNDING COMES FROM THEIR OWN PERSONAL FINANCES. FOLLOWED BY BANKS AT 16% AND FAMILY AND FRIENDS AT 6%. WHILE BANKS AND CREDIT UNIONS DO THEIR BEST TO OFERT FUNDING THESE BUSINESSES NEED TO GROW AND THRIVE, THERE ARE STILL THREE MILLION FEWER SMALL BUSINESS LOANS MADE ANNUALLY TODAY THAN THERE WERE BEFORE THE 2008 FINANCIAL CRISIS. H.R. 2201 SEEKS TO BUILD OFF THE SUCCESS OF THE JUMP-START OUR BUSINESS START-UPS ACT OF 2012, BET KNOWN AS THE JOBS ARKTS AND WILL CONTINUE TO SPUR CAPITAL FORMATION FOR THE TRUE JOB CREATORS AND DRIVERS OF OUR COUNTRY'S COMPANY. THE MICRO OFFERING SAFE HARBOR ACT ADD ANOTHER TOOL TO THE TOOL KIT ENABLING TO CONFIDENTLY FIND ALTERNATIVE WAYS OF RAISING THESE FUNDS WITHOUT HAVING TO PAY FOR COSTLY SECURITIES EXPERTS AND WITHOUT THE FEAR OF LAWS SUITS -- LAWSUITS THEY OPERATE WITHIN THESE EASY TO UNDERSTAND PARAMETERS. THAT'S WHY THIS ACT IS ENDORSED BY THE NATIONAL SMALL BUSINESS ASSOCIATION, THE SMALL BUSINESS AND ENTREPRENEURSHIP COUNCIL, THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS, THE CHAMBER OF BY THE NATIONAL SMALL BUSINESS ASSOCIATION, THE SMALL BUSINESS AND ENTREPRENEURSHIP COUNCIL, THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS, THE CHAMBER OF COMMERCE, HERITAGE ACTION, AND ENGINE, THE VOICE OF START-UPS IN GOVERNMENT. THE HOUSE APPROVED AN IDENTICAL COMMERCIAL OF THIS LEGISLATION DURING THE 114TH CONGRESS AS PART OF THE ACCELERATING ACCESS TO CAPITAL ACT AND LANGUAGE SIMILAR TO H.R. 2201 WAS INCLUDED IN THE FINANCIAL CHOICE ACT WHICH WAS ADOPTED BY THIS CHAMBER IN JUNE.

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      • 09:33:04 AM

        MR. HENSARLING

        I YIELD THE GENTLEMAN AN ADDITIONAL 30 SECONDS.

      • 09:33:06 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED FOR AN ADDITIONAL 30 SECONDS.

      • 09:33:09 AM

        MR. EMMER

        THE TIME HAS COME FOR CONGRESS TO COME TOGETHER AND HELP SMALL BUSINESSES…

        THE TIME HAS COME FOR CONGRESS TO COME TOGETHER AND HELP SMALL BUSINESSES HELP THEMSELVES BY MAKING THIS IMPORTANT UPDATE AND IMPROVEMENT TO THE SECURITIES ACT OF 1933. I WANT TO THANK CHAIRMAN HENSARLING, CAPITAL MARKETS SUBCOMMITTEE CHAIRMAN HUIZENGA, AND ALL THE STAFF ON THE FINANCIAL SERVICES COMMITTEE FOR THEIR HARD WORK ON THIS LEGISLATION. I URGE MY COLLEAGUES TO SUPPORT THIS LEGISLATION AND HOPE THAT BOTH PARTIES WILL USE H.R. 2201 AS A WAY TO SHOW THEIR SUPPORT FOR MORE OPPORTUNITIES AND BETTER LIVES FOR OUR JOB CREATORS. I YIELD BACK.

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      • 09:33:36 AM

        THE SPEAKER PRO TEMPORE

        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 HIS TIME. THE GENTLELADY FROM CALIFORNIA.

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      • 09:33:41 AM

        MS. WATERS

        THANK YOU, MR. SPEAKER. I YIELD SUCH TIME AS HE MAY BACK.

      • 09:33:43 AM

        THE SPEAKER PRO TEMPORE

        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 HIS CONSUME TO THE GENTLEMAN FROM RHODE ISLAND, MR. CICILLINE.

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      • 09:33:49 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 09:33:51 AM

        MR. CICILLINE

        I THANK THE GENTLELADY FOR YIELDING. I WANT TO BEGIN, MR. SPEAKER, BY…

        I THANK THE GENTLELADY FOR YIELDING. I WANT TO BEGIN, MR. SPEAKER, BY RESPONDING TO THE GENTLEMAN FROM TEXAS WHO BEGAN THIS DEBATE BY SAYING HOW THIS WAS A CONTINUATION OF AN ONGOING EFFORT BY REPUBLICANS TO PROMOTE PRO-GROWTH TAX REFORM IN PARTICULAR. I WANT TO BE VERY CLEAR, MR. SPEAKER, THE PROPOSAL CURRENTLY BEFORE THIS HOUSE WITH RESPECT TO THE TAX CHANGES IS A TAX SCAM. IT'S NOT A TAX PLAN, IT'S A SCAM. IT GIVES $1.5 TRILLION IN TAX CUTS TO THE WEALTHIEST AMERICANS, BIGGEST CORPORATIONS, THE MILLIONAIRES AND BILLIONAIRES. IT INCREASES TAXES ON TENS OF MILLIONS OF MIDDLE CLASS FAMILIES. AND IT PAYS FOR THIS BIG GIFT BACK TO CORPORATIONS AND BILLIONAIRES AND MILLIONAIRES BY DEEP CUTS IN MEDICARE, MEDICAID, INFRASTRUCTURE SPENDING, EDUCATION. THE THINGS THAT ACTUALLY CREATE JOBS. IT CREATES ADDITIONAL INCENTIVES TO SHIP AMERICAN JOBS OVERSEAS. CREATES -- INCENTIVES FOR AMERICAN COMPANIES TO TAKE JOBS HERE AND SHIP THEM OVERSEAS. NOT TO KEEP THEM HERE IN OUR OWN COUNTRY. IT'S ANOTHER MAYBE MORE ROBUST EXAMPLE OF TRICKLE-DOWN ECONOMICS. IT HAS FAILED BEFORE. IT WILL FAIL AGAIN. WE -- THE PEOPLE MIGHT HAVE THE BENEFIT OF UNDERSTANDING THIS MORE COMPLETELY IF THERE WERE A PROCESS WHERE THIS WAS DEBATED, WITNESSES TESTIFIED, EXPERTS CAME IN TO TALK ABOUT THE IMPLICATIONS. BUT THIS IS BEING DONE IN THE DARK OF NIGHT, AT THE SPEED OF LIGHT. SO THE AMERICAN PEOPLE WON'T FIND OUT WHAT'S ABOUT TO HAPPEN TO THEM. SO THE IDEA OF DESCRIBING THIS AS PRO-GROWTH IN THIS CONTEXT, BOTH WITH THE PROVISIONS AND THE PROCESS SEEMS TO ME LAUGHABLE. LET ME JUST GIVE THE AMERICAN PEOPLE A COUPLE OF EXAMPLES. IT DENIES INDIVIDUALS THE RIGHT TO DEDUCT STATE AND LOCAL TAXES. BUT PRESERVES THAT RIGHT FOR CORPORATIONS. IT DENIES A WORKER WHO IS FORCED TO LEAVE HIS HOME AND MOVE BECAUSE HIS EMPLOYER IS MOVING, HE DOES THAT OR LOSES HIS JOB, FROM DENYING THE COSTS OF MOVING. IT PRESERVES THE RIGHT OF A COMPANY WHO IS OFFSHORING JOBS OVERSEAS TO TAKE A DID HE DUCKS -- DEDUCTION FOR THE COST OF MOVING THOSE JOBS OVERSEAS. SO THIS ISN'T A PRO-GROWTH TAX POLICY, THIS IS TRICKLE-DOWN ECONOMICS DESIGNED TO LET THE PEOPLE AT THE VERY TOP HOLD ON TO MORE OF THEIR MONEY, CORPORATIONS TO KEEP MORE OF THEIR PROFITS IN THE HOPE IT WILL TRICKLE DOWN TO THE REST OF THE AMERICAN PEOPLE. IT DOESN'T WORK. IT DOESN'T REPRESENT A PRO-GROWTH TAXPOLICY. IT'S A TAX SCAM. SO I WANT TO JUST CORRECT THE RECORD, MR. SPEAKER, WITH ALL DUE RESPECT TO THE GENTLEMAN FROM TEXAS. I RISE IN ADDITION TO THAT, MR. SPEAKER, TO EXPRESS MY STRONG OPPOSITION TO H.R. 2201, THE MICRO OFFERING SAFE HARBOR ACT. IN LIGHT OF THE DEVASTATING 2008 FINANCIAL CRISIS AND THE REGULATORY WEAKNESSES REVEALED BY THE WELLS FARGO AND EQUIFACTION SCANDALS, WE SHOULD BE CONSIDERING LEGISLATION THAT WILL BOLSTER CONSUMER AND INVESTMENT PROTECTIONS. TODAY INSTEAD WE'RE CONSIDERING H.R. 2201, WHICH WILL ENABLE ABUSIVE FINANCIAL PRACTICES. GENERALLY A COMPANY THAT SEEKS TO MAKE PUBLIC OFFICIAL MUST REGISTER THEM WITH THE SECURITIES AND EXCHANGE COMMISSION OR FIT INTO ONE EXCEPTIONS DESIGNED TO BALANCE INVESTOR PROTECTION WITH REGULATORY BURDENS ON SMALLER COMPANIES. THIS WOULD ALLOW MICROCAP OFFICIAL, OFFICIAL VALUED AT $500 OR LESS IN A SINGLE YEAR, TO BE SOLD TO 35 OR FEWER INVESTORS. SUBJECT ONLY TO THE REQUIREMENT THAT EACH INVESTOR HAS A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH THE COMPANY. DESPITE THESE RESTRICTIONS IMPOSED ON UNREGISTERED SECURITY OFFICIAL. THIS BILL OMITS SEVERAL PROTECTIONS. IN PARTICULAR MICROCAP OFFICIAL WOULD BE EXEMPT FROM IMPORTANT REGULATORY PROTECTIONS SET OUT IN THE 1933 SECURITIES ACT INCLUDING, REGISTRATION, DISCLOSURE, AND FRAUD PROSECTION. OVERSIGHT IN THE SMALLER OFFERING SPACE SUCH AS THE ONE PROPOSED IN H.R. 2201 IS IMPORTANT BECAUSE THE S.E.C. HAS FOUND FLAWED IN THE MICROCAP STOCK MARKETS IS OF INCREASING CONCERN TO REGULATORS AS SUCH MARKETS HAVE PROVEN TO BE FERTILE GROUNDS FOR FRAUD AND ABUSE. WITHOUT CORE PROTECTIONS H.R. 2201 WOULD LEAVE INVESTORS VULNERABLE TO AN ARRAY OF INVESTMENT SCAMS AND ABUSES WITH UNFICTED INVESTORS, PARTICULARLY AT RESK. -- UNSOPHISTICATED INVESTORS PARTICULARLY AT RISK. IN THE PAST FAILURE TO PROTECT THE RESALE OF UNREGISTERED SECURITIES HAS CAUSED THE HUMP AND DUMP SCHEMES AS THE GENTLELADY FROM CALIFORNIA MENTIONED. GROUPS LIKE THE AMERICANS FOR FINANCIAL REFORM, AND PUBLIC CITIZEN OPPOSE H.R. OF UNREGISTERED SECURITIES HAS CAUSED THE 2201 BECAUSE IT WOULD ENABLE A TYPE OF INVESTMENT SCAM KNOWN AS, A AFFINITY FRAUD. THESE SCHEMES SCAM ARTISTS PREY UPON MEMBERS OF IDENTIFYLE GROUPS SUCH AS ETHNIC AND RELIGIOUS COMMUNITIES OR ELDERLY, OFTEN BY ENLISTING RESPECTED COMMUNITY OR RELIGIOUS MEMBERS TO HELP CONVINCE VICTIMS OF A DUBIOUS INVESTMENT IS LEGITIMATE. THE PROLIFERATION OF AFFINITY FRAUD ON LOW-INCOME COMMUNITIES DEMONSTRATES THAT H.R. 2201'S PRE-EXISTING RELATIONSHIP REQUIREMENT WOULD NOT PREVENT -- PROVIDE SAFEGUARDS AGAINST SUCH ABUSE. GIVEN EXISTING EXEMPTIONS FOR SMALLER COMPANIES WHICH PROVIDE AMPLE OPPORTUNITY FOR COMPANIES TO RAISE CAPITAL WHILE ALSO PROTECTING INVESTORS, H.R. 2201 IS AT BEST UNNECESSARY. THIS BILL WOULD SIMPLY CREATE A LOOPHOLE THAT UNDERMINES PROTECTIONS AGAINST THE KINDS OF FINANCIAL ABUSES AND RECKLESSNESS WE HAVE ALREADY SEEN DAMAGE OUR FINANCIAL SYSTEM AND HURT PEOPLE. I URGE MY COLLEAGUES TO OPPOSE H.R. 2201. I THANK THE GENTLELADY FOR YIELDING. YIELD BACK.

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      • 09:39:46 AM

        THE SPEAKER PRO TEMPORE

        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 RESERVES HER TIME. GENTLEMAN FROM TEXAS.

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      • 09:39:51 AM

        MR. HENSARLING

        MR. SPEAKER, I YIELD MYSELF 30 SECONDS TO SAY THAT LISTENING TO THE…

        MR. SPEAKER, I YIELD MYSELF 30 SECONDS TO SAY THAT LISTENING TO THE GENTLEMAN FROM RHODE ISLAND ANTI-RANKING MEMBER, THEIR COMMENTS ARE VERY INTERESTING BUT EVERYTHING THEY DESCRIBED IS ALREADY ILLEGAL AND THEIR REMARKS ACKNOWLEDGE THAT THE S.E.C. CAN AND DOES BRING ACTIONS TO ENFORCE THE SECURITIES LAWS AND SHUT DOWN FRAUD WHEN THEY DISCOVER THE FRAUD. NOTHING IN 2201 ELIMINATES THE D.O.J.'S ABILITY TO PURSUE CRIMINAL PROSECUTIONS OR FRAUD. NOTHING THAT IMPACTS THE AND THEIR REMARKS ACKNOWLEDGE THAT THE S.E.C. CAN AND DOES BRING ACTIONS S.E.C.'S ABILITY TO PURSUE CIVIL ACTIONS AGAINST ISSUERS ENGAGED IN FRAUD UNDER SECTION 17-A IS A RED HERRING. IT'S ONE OF THE REASONS WE HAVE HAD POOR ECONOMIC GROWTH UNDER THE DEMOCRATIC REGIME. NOW, MR. SPEAKER, I'M VERY, VERY PLEASED TO YIELD THREE MINUTES TO THE CHAIRMAN OF THE FINANCIAL INSTITUTIONS AND CONSUMER CREDIT SUBCOMMITTEE OF OUR COMMITTEE, THE GENTLEMAN FROM MISSOURI, MR. LUETKEMEYER.

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      • 09:40:51 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 09:40:53 AM

        MR. LUETKEMEYER

        THANK YOU, MR. CHAIRMAN. THANK YOU, CHAIRMAN HENSARLING, FOR YOUR LEADER…

        THANK YOU, MR. CHAIRMAN. THANK YOU, CHAIRMAN HENSARLING, FOR YOUR LEADER SHFMENT I ALSO WANT TO THANK THE GENTLEMAN FROM MINNESOTA, MR. EMMER, FOR TAKING A LEAD ON THIS IMPORTANT LEGISLATION. AS ELECTED OFFICIAL I HAVE THE OPPORTUNITY TOINT ACT WITH INDIVIDUALS ACROSS MY DISTRICT WHO STRIVE TO CREATE NEW OR EXPAND EXISTING SMALL BUSINESSES. THESE ARE FOLKS THAT WORK HARD TO PROVIDE FOR THEIR STRIVE TO FAMILIES AND SERVE AS COMMUNITIES. UNFORTUNATELY, FOR MANY ENTREPRENEURS OVERREGULATION HAS STIFLED THEIR ABILITY TO INNOVATE AND GROW. THE NATIONAL FEDERATION OF INDEPENDENT BUSINESSES PUBLISHED A RECENT STUDY SHOWING 30% OF SMALL BUSINESS RESPONDENTS CITED TAXES, REGULATION, AND RED TAPE AS THE MOST SIGNIFICANT BUSINESS A BACKBONE TO THEIR PROBLEM. WHILE CERTAIN SECTORS ARE REAPING THE BENEFITS OF A STRONGER ECONOMY, THE REALITY IS START-UPS AND SMALL BUSINESSES ARE SITTING ON THE SIDELINES WITH LIMITED ACCESS TO CREDIT. IT'S SOMETHING I HEAR ABOUT FROM BUSINESS MEN AND WOMEN EVERY SINGLE DAY. BE THEY BANKERS, EVERY SINGLE DAY. BE THEY BANKERS, RETAILERS, FARMERS, DOCTORS, AND EVERY PROFESSION IN BETWEEN. WE ALSO KNOW THAT MANY START-UPS AND SMALL BUSINESS VS. HISTORICALLY TURNED TO LOCAL FINANCIAL INSTITUTIONS FOR INITIAL FINANCING. IN THE YEARS AFTER PASSAGE OF DODD-FRANK, SMALL BANK LEND SOMETHING DOWN DRAMATICALLY, LEAVING MANY COMMERCIAL CUSTOMERS SCRAMBLING TO FIND OTHER FORMS OF REASONABLY PRICED FINANCING. ACROSS-THE-BOARD WE'RE ENABLING BURDENING SYSTEM. WE NEED TO REVERSE THIS COURSE IF WE WANT TO SEE A RESURGENCE OF SMALL BUSINESS CREATION AND GROWTH. H.R. 2201 IS COMMONSENSE LEGISLATION THAT SEEKS TO REVERSE ONE IMPEDIMENT TO ENTREPRENEURSHIP. MR. EMMER'S BILL OFFERS A THOUGHTFUL APPROACH TO A PROBLEM THAT'S HINDERED AND SOME CASES PREVENTED SMALL OFFICIAL ACROSS THE NATION. IT WILL APPROPRIATELY SCALE FEDERAL RULES AND REGULATORY COMPLIANCE AND ALLOW SMALL BUSINESSES TO ACCESS THE CAPITAL NECESSARY FOR GROWTH. MORE SPECIFICALLY, THIS LEGISLATION WOULD EXEMPT CERTAIN NONPUBLIC MICROOFFICIAL FROM THE S.E.C. REQUIREMENTS. THE MILL -- MICRO OFFERINGS FROM THE S.E.C. REQUIREMENTS. IT SUBJECTS ANY AND OTHER MICROOFFICIAL TO THE FULL SWEEP OF FEDERAL STATE AND ANTI-FRAUD LAWS. THAT COMPLY WITH THE PARAMETERS INCLUDED IN THE BILL. THIS BILL IS ABOUT MAIN STREET, ABOUT THE SMALL BUSINESS MEN AND WOMEN IN EACH OUR DISTRICTS. I WANT TO AGAIN THANK AND APPLAUD THE GENTLEMAN FROM MINNESOTA FOR HIS HARD WORK ON THIS LEGISLATION. ASK MY COLLEAGUES TO JOIN ME IN VOTING IN FAVOR OF THE LEGISLATION. WITH THAT, MR. SPEAKER, I YIELD BACK THE BALANCE OF MY TIME.

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      • 09:43:17 AM

        THE SPEAKER PRO TEMPORE

        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 HIS TIME. THE CHAIR WILL RECEIVE A MESSAGE. THE MESSENGER: MR. SPEAKER --

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      • 09:43:24 AM

        THE MESSENGER

        MR. SPEAKER --

      • 09:43:26 AM

        THE SPEAKER PRO TEMPORE

      • 09:43:28 AM

        THE MESSENGER

        MESSAGE. THE MESSENGER: MR. SPEAKER, A MESSAGE FROM THE SENATE.

      • 09:43:29 AM

        The House received a message from the Senate. The Senate passed H.R. 194 and H.R. 3243.

        • 09:43:31 AM

          THE SPEAKER PRO TEMPORE

          MR. SPEAKER.

        • 09:43:32 AM

          THE SPEAKER PRO TEMPORE

          MR. SPEAKER.

        • 09:43:34 AM

          THE SECRETARY

          MOUNTAIN SECRETARY. THE SECRETARY: I HAVE BEEN DIRECTED BY THE SENATE TO…

          MOUNTAIN SECRETARY. THE SECRETARY: I HAVE BEEN DIRECTED BY THE SENATE TO INFORM THE HOUSE THAT THE SENATE HAS PASSED H.R. 194, AN ACT TO ENSURE THE EFFECTIVE PROCESSING OF MAIL BY FEDERAL AGENCIES AND FOR OTHER PURPOSES.

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        • 09:43:48 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLEWOMAN FROM CALIFORNIA.

        • 09:43:56 AM

          MS. WATERS

          MY INQUIRE HOW MUCH TIME I HAVE LEFT?

        • 09:43:57 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLELADY HAS 18 1/2 MINUTES. THE GENTLEMAN FROM TEXAS HAS 16 MINUTES.

    • 09:44:00 AM

      DEBATE

      The House resumed debate on H.R. 2201.

      • 09:44:01 AM

        MS. WATERS

        THANK YOU VERY MUCH, MR. SPEAKER. MR. SPEAKER AND MEMBERS, WE HAVE LAID…

        THANK YOU VERY MUCH, MR. SPEAKER. MR. SPEAKER AND MEMBERS, WE HAVE LAID OUT THIS MORNING

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      • 09:44:08 AM

        MS. WATERS

        EXACTLY HOW VULNERABLE GROUPS AND INDIVIDUALS CAN BE TAKEN ADVANTAGE OF…

        EXACTLY HOW VULNERABLE GROUPS AND INDIVIDUALS CAN BE TAKEN ADVANTAGE OF WITH LEGISLATION LIKE THIS. I DON'T KNOW EXACTLY WHERE THIS LEGISLATION ORIGINATED, BUT I CAN ALMOST GUARANTEE YOU THAT WE ARE CREATING OPPORTUNITIES FOR INDIVIDUALS WHO DON'T HAVE THE BEST INTEREST OF OUR CONSTITUENTS AT HEART. TO LITERALLY GET SMALL GROUPS TOGETHER, 35 I GUESS, OR LESS, AND SELL THEM ON IDEAS WHERE THEY ARE RAISING FUNDS THAT PROBABLY WILL NOT RESULT IN PROFITS IN PROFITS AS EXPECTED BY THOSE WHO ARE INVESTING IN THESE SCHEMES. NO, THERE ARE NO PROTECTIONS. THERE IS NO NOTICE. THE S.E.C. WILL NOT KNOW WHEN AND WHERE THESE SCHEMES ARE ARISING. . SO I SAY TO MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE, WHEN ARE WE GOING TO ACT THAT WE HAVE THE BEST INTERESTS OF OUR CONSTITUENTS AT HEART? WHEN ARE WE GOING TO BE ABOUT PROTECTING CONSUMERS RATHER THAN OPENING UP OPPORTUNITIES FOR THEM TO BE THE VICTIMS OF FRAUD? WE HAVE FRAUDULENT SCHEMES THAT ARE DIRECTED AT THE MOST VULNERABLE PEOPLE. I KNOW WHERE THOSE PEOPLE WHO ARE ORGANIZING THESE SCHEMES WILL GO. THEY'LL GO TO OUR CHURCHES WHERE WELL-MEANING MINISTERS AND PARISHIONERS WILL BE TAKING ADVANTAGE OF -- TAKEN ADVANTAGE OF. THESE COMMUNITIES THAT ARE BEING TAKEN ADVANTAGE OF, WE HAVE PEOPLE WHO ARE THE VICTIMS OF PAYDAY LOANS, WHERE THEY'RE PAYING 400 PERCENT FOR MONEYS -- 400% FOR MONEYS THEY ARE BORROWING IN BETWEEN PAYCHECKS. WE HAVE RENT-TO-OWN SCHEMES. WE HAVE ALL KIND OF SCHEMES WHERE THESE CONVENIENT STORES AND PLACES WHERE WE HAVE FOOD DESERTS ARE PAYING EXTREMELY HIGH FOR FOOD THAT ARE BASICALLY BEING SOLD FOR ORDINARY GOOD PRICES IN OTHER COMMUNITIES. IN SOME COMMUNITIES, EVEN IN CALIFORNIA, THE GAS TAX IS RISING. WE HAVE THE RENTAL MARKET THAT'S GOING OFF THE SCALE, ALL OVER THIS COUNTRY, WITH PEOPLE NOT ABLE TO AFFORD A DECENT LEASE, RENTAL SPACE. SO HERE WE ARE JUST OPENING UP ANOTHER OPPORTUNITY FOR FOLKS TO BE RIPPED OFF. IT IS GOING TO HAPPEN, I CAN GUARANTEE YOU THAT. WHEN YOU HAVE SOMETHING LIKE THIS THAT'S PASSED BY THE CONGRESS OF THE UNITED STATES, IT'S GOING TO BE TAKEN ADVANTAGE OF AND THE WAY THAT THIS IS CONSTRUCTED, IT ALMOST BEGS TO BE TAKEN ADVANTAGE OF. AND SO, YOU KNOW WHAT HAPPENS WHEN THIS KIND OF THING TAKES PLACE AND MEMBERS OF CONGRESS PUT THEIR REPUTATIONS ON PASSING THIS KIND OF LEGISLATION, WHEN THE RIPOFFS START AND PEOPLE ARE HARMED A FEW YEARS LATER, THEN THEY'RE GOING TO COME BACK WITH LEGISLATION TALKING ABOUT CORRECTING THE FRAUD AND THE RIPOFFS THAT WE CAUSED IN THE FIRST PLACE. WHEN IS THIS GOING TO STOP? WE HAVE A CONSUMER FINANCIAL PROTECTION BUREAU THAT'S STRUGGLING EVERY DAY TO PROTECT OUR CONSUMERS. AND PRIOR TO DODD-FRANK, WE HAD OUR OVERSIGHT AGENCIES WITH THE RESPONSIBILITY OF PROTECTING CONSUMERS, BUT THEY DIDN'T HAVE ANY REAL PROTECTION. AND SO DODD-FRANK REFORMED, HELPED TO CREATE OPPORTUNITIES FOR MEMBERS OF CONGRESS TO BE ABLE TO PROTECT THEIR CONSUMERS. AND NOT TO BE INVOLVED IN THESE KIND OF SCHEMES. BUT THE OPPOSITE SIDE OF THE AISLE HAS SPENT AN INORDER NATE AMOUNT OF TIME TRYING TO KILL OFF THE CONSUMER FINANCIAL PROTECTION BUREAU, AND THEY'VE DONE IT IN SO MANY WAYS. NOT ONLY DO THEY COME UP WITH AMENDMENTS TIME AND TIME AGAIN TO TRY AND SHUT DOWN THE CONSUMER FINANCIAL PROTECTION BUREAU, THEY TREAT THE DIRECTOR OF THE FINANCIAL SERVICES BUREAU SO BADLY THAT THEY ALMOST DENY HIM THE OPPORTUNITY TO COME BEFORE OUR COMMITTEE AND TO BE HEARD. SO I DON'T KNOW WHOSE SIDE LEGISLATORS ARE ON WHO CREATE THIS KIND OF CRAP. I DON'T UNDERSTAND WHY IT IS DEEMED TO BE IMPORTANT TO OPEN UP THE OPPORTUNITY FOR SCHEMES AND TO NOT HAVE THE S.E.C. WITH THE ABILITY TO KNOW WHEN THEY ARE GETTING STARTED, TO HAVE THE KIND OF DISCLOSURES, TO HAVE THE KIND OF OVERSIGHT THAT WOULD PROTECT THE MOST VULNERABLE PEOPLE IN OUR SOCIETY. WELL, MR. SPEAKER AND MEMBERS, YES, THIS LEGISLATION WILL PROBABLY PASS TODAY. THE REPUBLICANS HAVE THE MAJORITY VOTES IN THIS CONGRESS, AND I SUPPOSE THEY ARE GOING TO GET ALL OF THEIR PEOPLE TO VOTE FOR THIS BILL THAT'S GOING TO RIP OFF SOME OF THEIR CONSTITUENTS. AND, AGAIN, WE WON'T BE ABLE TO STOP IT BECAUSE, AGAIN, THEY HAVE THE MAJORITY VOTES. BUT I WANT THE PEOPLE OF THIS COUNTRY TO KNOW AND UNDERSTAND WHAT IS HAPPENING AND WHO'S DOING IT TO THEM AND WHY THEY'RE HAVING A DIFFICULT TIME AT A TIME WHEN THE RENTAL MARKET IS GOING OFF THE SCALE AND THEY CAN'T AFFORD TO PAY THE FIRST AND THE LAST MONTH'S RENT TO GET INTO A PLACE, I WANT THEM TO KNOW WHO'S CREATING THE DIFFICULTIES IN THEIR LIVES WHEN THEIR JOBS HAVE NOT INCREASED THEIR PAY AND THEY'RE STILL TRYING TO HAVE A DECENT QUALITY OF LIFE FOR THEIR FAMILIES DESPITE THE FACT THAT THE PAY DOES NOT MATCH THE JOB THAT THEY'RE DOING AND THEY HAVEN'T HAD THE PAY INCREASES. WHEN ARE WE GOING TO SHOW THAT WE STAND UP FOR THE LEAST OF THESE? WHEN YOUR CHURCHES GET RIPPED OFF -- AND WE'RE WORKING ON SOME OF THOSE SCHEMES NOW WHERE EVEN WITH THE RESPONSIBILITIES THAT THE S.E.C. HAS WE HAVE PEOPLE WHO ARE GETTING RIPPED OFF. AND HERE WE COME WITH ANOTHER PIECE OF LEGISLATION. AND THEN WHAT WE DO IS WE SHADED IN TERMS OF THIS IS FOR SMALL BUSINESS DEVELOPMENT. AND THEN WE HEAR FROM THE OPPOSITE SIDE ABOUT ALL OF THE COMPANIES WHO STARTED AS LITTLE BITTY COMPANIES IN THEIR GARAGE. WELL, THEY ALL STARTED WITHOUT THIS BILL. THEY DIDN'T NEED THIS BILL TO START. SO WHY YOU DOING THIS? YEAH, YOU'RE RIGHT. THERE ARE A LOT OF COMPANIES, AND YOU HAVE NAMED IN PARTICULAR THE HIGH TECH COMPANIES THAT STARTED AND THEY HAD SOME OF THEIR OWN MONEY TO GET STARTED WITH AND MAYBE THE FAMILY HELPED THEM. I DON'T KNOW. THEY DIDN'T HAVE THIS LEGISLATION. THEY DIDN'T NEED THIS LEGISLATION. NOBODY NEEDS THIS LEGISLATION. THIS LEGISLATION IS HARMFUL, AND I WOULD ASK MY COLLEAGUES TO VOTE AGAINST THE BILL AND IF THERE ARE ANY MEMBERS ON THE OPPOSITE SIDE OF THE AISLE WHO REALLY ARE CONCERNED ABOUT THEIR CONSTITUENTS, I WOULD ASK THEM TO DEFY THEIR LEADERSHIP AND VOTE AGAINST THIS BILL. I RESERVE THE BALANCE OF MY TIME.

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      • 09:52:07 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS.

      • 09:52:11 AM

        MR. HENSARLING

        NUMBER ONE, I WAS VERY PLEASED TO HEAR ONE OF THE MOST COMPELLING…

        NUMBER ONE, I WAS VERY PLEASED TO HEAR ONE OF THE MOST COMPELLING INDICTMENTS OF EIGHT YEARS OF THE OBAMA ADMINISTRATION I EVER HEARD ON THE HOUSE FLOOR. I THANK THE RANKING MEMBER FOR IT. OTHERWISE, I AM PLEASED TO YIELD THREE MINUTES TO THE VICE CHAIRMAN OF THE FINANCIAL INSTITUTIONS AND CONSUMER CREDIT SUBCOMMITTEE, THE GENTLEMAN FROM PENNSYLVANIA, MR. ROTHFUS.

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      • 09:52:31 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 09:52:33 AM

        MR. ROTHFUS

        I THANK THE CHAIRMAN FOR YIELDING AND I THANK THE SPEAKER. JOBS, JOBS,…

        I THANK THE CHAIRMAN FOR YIELDING AND I THANK THE SPEAKER. JOBS, JOBS, JOBS -- THAT IS WHY, MR. SPEAKER, I RISE TODAY TO EXPRESS MY SUPPORT FOR THE MICRO OFFERING SAFE HARBOR ACT. WHOSE SIDE AM I ON? THE TENS OF MILLIONS OF FOLKS WHO DON'T HAVE JOBS OUT THERE, WHO WANT JOB OPPORTUNITIES. WE KNOW FROM STUDIES THAT OVER THE LAST EIGHT YEARS OF WRONG REGULATION THAT 650,000 SMALL BUSINESSES HAVE NOT BEEN CREATED. THAT MEANS 6 1/2 MILLION JOBS, 6 1/2 MILLION PEOPLE WHO ARE NOT PAYING MEDICARE TAX, 6 1/2 MILLION PEOPLE NOT PAYING SOCIAL SECURITY TAX. WE NEED THESE PEOPLE IN THE GAME, MR. SPEAKER. AND THIS ACT CAN HELP THEM GET INTO THE GAME. THIS IS AN IMPORTANT PIECE OF PRO-JOBS LEGISLATION, AND I THANK MY COLLEAGUE, MR. EMMER, FOR INTRODUCING IT. WE ALL WANT OUR ECONOMY TO BECOME VIBRANT ONCE AGAIN SO IT GENERATE OPPORTUNITY AND PROSPERITY FOR ALL AMERICANS. UNFORTUNATELY, REGULATORY BURDENS, BOTH NEW AND PRE-EXISTING, OFTEN GET IN THE WAY OF RAISING CAPITAL AND BUILDING A BUSINESS. HEARING AFTER HEARING AT THE FINANCIAL SERVICES COMMITTEE WE HAVE HEARD FROM FINANCIAL INSTITUTIONS THAT ARE UNABLE TO LEND SMALL BUSINESSES OR AFRAID TO DO SO. WE ALSO HAVE HEARD FROM BUSINESSES THAT CANNOT FIND THE CAPITAL THEY NEED TO EXPAND OR TO RETOOL. ALL OF THIS HAS AN IMPACT ON JOBS AND WAGES AS WELL AS ON OUR OVERALL ECONOMY. THE MICRO OFFERING SAFE HARBOR ACT IS A TARGETED, COMMONSENSE BILL THAT WILL MAKE IT EASIER FOR SMALL BUSINESSES TO ACCESS CAPITAL THAT THEY NEED TO GROW. SPECIFICALLY, H.R. 2201 WILL PERMIT BUSINESSES TO ISSUE A LIMITED NUMBER OF SECURITIES TO INDIVIDUALS WHOM PRINCIPALS HAVE A PRE-EXISTING RELATIONSHIP. THIS INCLUDES FAMILY, FRIENDS WHO ARE OFTEN INVESTORS IN STARTUPS. BUSINESSES WILL ONLY BE ISSUE A SMALL AMOUNT OF SECURITIES, $500,000 A YEAR, BUT THAT'S A RIGHT STEP. THIS WILL MAKE IT EASIER FOR SMALL BUSINESSES TO GET OFF THE GROUND AND GROW AND ADD JOBS. AT THE SAME TIME, THIS BILL ENSURES THAT OUR REGULATORS CAN CONTINUE TO POLICE FRAUD AND ABUSE AND TO DO SO AGGRESSIVELY. ON THAT POINT, THERE IS NO AMBIGUITY. FRAUD IS ILLEGAL AND IT WILL NOT BE TOLERATED OR EXCUSED. AGAIN, I STRONGLY SUPPORT THE MICRO OFFERING SAFE HARBOR ACT. IT'S GOOD FOR THE ECONOMY AND GOOD FOR HARDWORKING AMERICANS. IT'S GOOD FOR JOBS, JOBS, JOBS. I URGE MY COLLEAGUES TO SUPPORT THIS LEGISLATION, AND I YIELD BACK.

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      • 09:55:22 AM

        THE SPEAKER PRO TEMPORE

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

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

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      • 09:55:28 AM

        MS. WATERS

        THANK YOU VERY MUCH, MR. SPEAKER. BY ALLOWING ENTITIES TO SELL…

        THANK YOU VERY MUCH, MR. SPEAKER. BY ALLOWING ENTITIES TO SELL UNREGISTERED SECURITIES, BASED SOLELY ON A PRE-EXISTING RELATIONSHIP WITH THE INVESTOR, H.R. 2201 WOULD CREATE A ROAD MAP FOR AFFINITY FRAUD. AFFINITY FRAUD IS THE TYPE OF INVESTMENT SCAM WHERE SWINDLERS PREY UPON MEMBERS OF IDENTIFIABLE GROUPS SUCH AS ETHNIC OR RELIGIOUS COMMUNITIES OR THE ELDERLY. OFTEN AFFINITY FRAUDSTERS TAKE ADVANTAGE OF PRE-EXISTING RELATIONSHIPS TO ENDANGER TRUST AND CONVINCE THEIR VICTIMS THAT A DUBIOUS INVESTMENT IS LEGITIMATE. THE SECURITIES AND EXCHANGE COMMISSION HAS FOUND THAT SUCH FRAUD POSE HEIGHTENED RISKS TO INVESTORS BECAUSE THEY CAN BE DIFFICULT FOR REGULATORS OR LAW ENFORCEMENT OFFICIALS TO DETECT, PARTICULARLY WHERE THE FRAUDSTERS HAVE USED RESPECTIVE COMMUNITY OR RELIGIOUS LEADERS TO CONVINCE OTHERS TO JOIN THE INVESTMENT. THE FOLLOWING CASES REPRESENT A SAMPLING OF RECENT AFFINITY FRAUD ACTIONS FROM AROUND THE UNITED STATES. IN AUGUST, 2013, THE S.E.C. HALTED AN OFFERING FRAUD SCHEME WHERE STEVEN BRUCE HEINTZ, A UTAH RESIDENT, PURPORTING TO BE AN INVESTMENT ADVISOR, SOLD PHONY INVESTMENT CONTRACTS TO MORE THAN 15 OF HIS FORMER CLIENTS, FAMILY MEMBERS AND FRIENDS. ACCORDING TO THE S.E.C.'S COMPLAINTS, HE RAISED $4 MILLION IN INVESTOR FUNDS WHICH HE USED TO ENGAGE IN HIGH-RISK TRADING, A FUTURES CONTRACT, AND TO PAY HIS OWN PERSONAL EXPENSES SUCH AS FAMILY VACATIONS TO MEXICO, AND A $600,000 LOAN. AMONG THE INVESTORS TAKEN IN BY HIS SCAM WAS, QUOTE, THE RECENT WIDOW OF A CHURCH ASSOCIATE OF HIS WHO INVESTED WITH HIM AFTER HE VOLUNTEERED TO ASSIST HER WITH HER FINANCES AND INVESTMENTS AFTER HER SPOUSE DIED, QUOTE-UNQUOTE. IN 2012, THE S.E.C. STOPPED A $7.5 MILLION FRAUD OPERATION TARGETING THE PERSIAN JEWISH COMMUNITY IN LOS ANGELES. THE S.E.C.'S ASSISTANT REGIONAL DIRECTOR STATED THAT SHRBIN, QUOTE, DECEIVED MEMBERS OF HIS OWN COMMUNITY TO RAISE MONEY BY EXPLOITING TRUST IN HIM. HE WAS ABLE TO RAISE MORE MONEY TO PAY BACK EXISTING INVESTORS AND FINANCE AN EXTRAVAGANT LIFESTYLE, QUOTE-UNQUOTE. ACCORDING TO THE S.E.C. COMPLAINT, QUOTE, AMONG OTHER THINGS, NEIMAN USED INVESTOR FUNDS TO PAY FOR HIS WEDDING AND HONEYMOON, HIS WIFE'S ENGAGEMENT RINGS, LUXURY CARS AND V.I.P. TICKETS TO ENTERTAINMENT VENUES, QUOTE-UNQUOTE. IN 2015, THE S.E.C. PERMANENTLY BARRED JOHN ALLEN RUSSELL FROM THE SECURITIES INDUSTRY AFTER RUSSELL PLED GUILTY TO SECURITIES FRAUD IN COLORADO STATE COURT. THE S.E.C.'S ADMINISTRATIVE LAW JUDGE FOUND THAT RUSSELL OBTAINED ALMOST $300,000 BY SELLING DEBT SECURITIES TO AN ELDERLY VICTIM WHO SUFFERED FROM DEMENTIA AND ALZHEIMER'S DISEASE. THE A.L.J. ALSO DETERMINED THAT, QUOTE, RUSSELL'S SCHEME MAY HAVE INVOLVED AFFINITY FRAUD BECAUSE THE MISCONDUCT BEGAN A FEW YEARS AFTER HE WAS HIS GODFATHER AT HIS BACK TISM. H.R. 2201'S -- IT WOULD -- I WOULD URGE MY COLLEAGUES TO JOIN ME IN VOTING NO FOR THIS BILL. GIVEN ALL THAT THE S.E.C.'S ABLE TO DO, THEY CAN'T KEEP UP WITH THESE SCHEMES. AND NOW YOU GOING TO OPEN UP THE DOOR FOR THEM TO HAVE TO WRESTLE WITH TRYING TO HELP PEOPLE WHO ARE VICTIMS OF THESE KIND OF SCHEMES. I RESERVE THE BALANCE OF MY TIME.

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      • 09:59:31 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEWOMAN RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS.

      • 09:59:34 AM

        MR. HENSARLING

        MR. SPEAKER, I AM PLEASED TO YIELD THREE MINUTES TO THE GENTLEMAN FROM…

        MR. SPEAKER, I AM PLEASED TO YIELD THREE MINUTES TO THE GENTLEMAN FROM COLORADO, MR. TIPTON.

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      • 09:59:39 AM

        THE SPEAKER PRO TEMPORE

        MR. TIPTON.

      • 09:59:40 AM

        TIPTON

        THE GENTLEMAN IS RECOGNIZED.

      • 09:59:41 AM

        MR. TIPTON

        TIME.

      • 10:01:49 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN FROM TEXAS RESERVES HIS TIME. THE GENTLELADY FROM CALIFORNIA.

      • 10:01:52 AM

        MS. WATERS

        MR. SPEAKER AND MEMBERS, THE NORTH AMERICAN SECURITIES ADMINISTRATORS…

        MR. SPEAKER AND MEMBERS, THE NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION SENT THIS LETTER OF CONCERN. H.R. 2201, THEY SAID, WOULD RESULT IN AN OVERLY BROAD FEDERAL EXEMMINGS THAT WOULD ALLOW PUBLIC SOLICITATION AND SALES TO ANY INVESTOR REGARDLESS OF SOPHISTICATION OR FINANCIAL WHEREWITHAL. SUBJECT ONLY TO THE REQUIREMENT THAT THERE BE A PREVIOUSLY EXISTING RELATIONSHIP, A STANDARD THAT IS NOT DIFFICULT TO ESTABLISH. IN PRACTICAL TERMS, THIS MEANS THAT MAIN STREET INVESTORS COULD BE SOLICITED AND SOLD UP TO $500,000 IN PRIVATE SECURITIES BY BAD ACTORS, INCLUDING PERSONS HAVING BEEN CONVICTED OF CRIMES OR SUBJECT TO ONE OR MORE PREVIOUS STATE ENFORCEMENT ACTIONS WITHOUT ANY DISCLOSURE TO THE INVESTOR AND WITHOUT ANY NOTICE TO STATE OR FEDERAL REGULATORS. THERE IS NO VALID BASIS FOR CONGRESS TO PREVENT STATE OFFICIALS CHARGED WITH PROTECTING THEIR CONSTITUENTS FROM MAKING DECISION ABOUTS PURELY LOCAL OR REGIONAL ISSUES THAT WOULD RELY ON THE EXEMPTION ESTABLISHED BY H.R. 2201. FURTHER, PREEMPTION OF STATE REVIEW OR EVEN NOTIFICATION FOR THE TYPE OF SMALL, LOCALIZED OFFICIAL CONTEMPLATED BY H.R. 2201 WOULD EFFECTIVELY HANDCUFF THE REGULATEORS BEST POSITIONED TO OVERSEE SUCH OFFICIAL. PUBLIC CITIZENS ON THIS BILL SAID, AND I QUOTE, WOULD PERMIT SMALL OFFICIAL WITH NO INVESTOR PROTECTIONS SUCH AS NOTICE OF THE OFFICIAL. IT WILL ENABLE A TYPE OF AFFINITY FRAUD WHERE THE SELLER CAN PUBLIC CITIZENS ON THIS BILL UNLOAD DUBIOUS SECURITIES PROVIDED THERE IS SOME RELATIONSHIP BETWEEN SELLER AND PURCHASER THIS. BILL ASSUMES THAT A PRE-EXISTING RELATIONSHIP WILL DETER ABUSE, WHICH IS A TENUOUS FOUNDATION AT BEST. FURTHER, THE RELATIONSHIP CAN BEGIN WITH THE OFFER. OH, THEY DON'T HAVE TO HAVE A PREVIOUS RELATIONSHIP, IT WOULD START WHEN THE OFFER TAKES PLACE. THE BILL SAYS THE RELATIONSHIP MUST ONLY EXIST BEFORE THE PURCHASE. I ASK UNANIMOUS CONSENT TO ENTER LETTERS FROM THESE GROUPS INTO THE RECORD.

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      • 10:04:30 AM

        TEMPORE WITHOUT

        WITHOUT OBJECTION.

      • 10:04:31 AM

        MS. WATERS

        MR. SPEAKER AND MEMBERS, I DON'T UNDERSTAND WHY MEMBERS OF CONGRESS WOULD…

        MR. SPEAKER AND MEMBERS, I DON'T UNDERSTAND WHY MEMBERS OF CONGRESS WOULD DISREGARD WHAT THE STATE REGULATORS ARE SAYING. A STATE REGULATORS ARE SAYING DON'T DO THIS. DON'T PREEMPT US. DON'T PASS LEGISLATION THAT WOULD UNDERMINE OUR ABILITY TO PROTECT YOUR CONSTITUENTS. AND YET THEY IGNORE THIS ALL TOGETHER. I KNOW THAT THEY RECEIVED THIS INFORMATION. I KNOW THAT THEY KNOW THAT THE ASSOCIATION HAS CAUTIONED AGAINST THIS LEGISLATION. AND LET ME JUST MAKE SURE THAT EVERYBODY KNOWS IT IS THE NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION, AND THEY REPRESENT ALL OF THE STATES IN CAUTIONING AGAINST THIS LEGISLATION. I WILL RESERVE THE BALANCE OF MY TIME.

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      • 10:05:35 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY RESERVES HER TIME. THE GENTLEMAN FROM TEXAS.

      • 10:05:39 AM

        MR. HENSARLING

        MR. SPEAKER, I YIELD MYSELF 10 SECONDS JUST TO SAY I HEARD THE WORD…

        MR. SPEAKER, I YIELD MYSELF 10 SECONDS JUST TO SAY I HEARD THE WORD PROTECTION OFTEN USED BY MY FRIEND, THE RANKING MEMBER, BUT SHE AND HER FRIENDS ON THE OTHER SIDE OF THE AISLE HAD 10 YEARS TO PROTECT PAYCHECKS, TO PROTECT SAVINGS, AND TO PROTECT ECONOMIC OPPORTUNITY AND THE AMERICAN DREAM AND THEY FAILED MISERABLY. MR. SPEAKER, I'M NOW PLEASED TO YIELD TWO MINUTES TO MISDEMEANOR OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM OHIO, MR. DAVIDSON.

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      • 10:06:05 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 10:06:07 AM

        MR. DAVIDSON

        THANK YOU, MR. SPEAKER. THANK YOU, CHAIRMAN. I WANT TO THANK MR. EMMER FOR…

        THANK YOU, MR. SPEAKER. THANK YOU, CHAIRMAN. I WANT TO THANK MR. EMMER FOR HIS LEADERSHIP ON THIS BILL. AS A SMALL BUSINESS MAN PRIOR TO COMING TO CONGRESS, I RAISED CAPITAL FOR START-UPS, AND I CAN TELL YOU ONE OPTION IS NO OPTION. I CAN TELL YOU THAT THE REGULATORY FRAMEWORK, PARTICULARLY MADE WORSE BY DODD-FRANK IS CRIPPLING ACCESS TO CAPITAL FOR SMALL AND MEDIUM-SIZED BUSINESSES. THIS IS A VERY IMPORTANT THING. ONE OPTION IS NO OPTION. IT'S GREAT TO HAVE THIS FOR SMALL EARLY STAGE COMPANIES TRYING TO RAISE CAPITAL IN PRIVATE PLACEMENTS. RIGHT NOW MOST OF THIS IS DONE FOR ACCREDITED INVESTORS. THIS PROTECTS DEAL FLOW FOR PEOPLE ALREADY WEALTHY. IT ALLOWS PEOPLE -- IT LOCKS PEOPLE OUT OF ACCESS TO CAPITAL. SOMETIMES THE POOR IN DISADVANTAGED COMMUNITIES THEY DON'T HAVE THIS VAST NETWORK OF ACCREDITED INVESTORS TO GO THRUE, THEY DON'T KNOW HOW TO ACCESS THE S.E.C. OR TIME OR MONEY TO SPEND WORKING ON S.E.C. ON REGULATION. THEY HAVE A BUSINESS TO GROW. THEY NEED TO HAVE ACCESS TO THEIR FRIENDS AND FAMILY. THIS EARLY STAGE CAPITAL TO COME IN. $500,000 ISN'T MUCH, BUT IT'S A START. I HOPE WE CANNOT JUST SECURE THIS WIN BUT GROW THE PROTECTION SO WE CAN RAISE EVEN MORE CAPITAL IN THIS WAY. MR. SPEAKER, I URGE OUR COLLEAGUES TO SUPPORT THIS BILL AND I YIELD.

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      • 10:07:35 AM

        THE SPEAKER PRO TEMPORE

        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 HIS TIME.

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      • 10:07:39 AM

        MS. WATERS

        I RESERVE THE BALANCE OF MY TIME.

      • 10:07:45 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY RESERVES HER TIME OF THE GENTLEMAN FROM TEXAS.

      • 10:07:53 AM

        MR. HENSARLING

        NOW I'M PLEASED TO YIELD TWO MINUTES TO ANOTHER MEMBER OF THE FINANCIAL…

        NOW I'M PLEASED TO YIELD TWO MINUTES TO ANOTHER MEMBER OF THE FINANCIAL SERVICES COMMITTEE, GENTLELADY RESERVES HER TIME OF THE GENTLEMAN FROM TEXAS. MR. THE GENTLEMAN FROM INDIANA, HOLLINGSWORTH.

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      • 10:08:02 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 10:08:03 AM

        MR. HOLLINGSWORTH

        I THANK THE CHAIRMAN FOR YIELDING. I, TOO, STAND IN STRONG SUPPORT OF THIS…

        I THANK THE CHAIRMAN FOR YIELDING. I, TOO, STAND IN STRONG SUPPORT OF THIS LEGISLATION. A RECENT POLL PUT OUT HOLLINGSWORTH.

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      • 10:08:08 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 10:08:10 AM

        MR. HOLLINGSWORTH

      • 10:09:31 AM

        THE SPEAKER PRO TEMPORE

        YIELD BACK. THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE…

        YIELD BACK. THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLELADY FROM CALIFORNIA. RESERVES HER TIME. THE GENTLEMAN FROM TEXAS.

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      • 10:09:41 AM

        MR. HENSARLING

        TO YIELD TWO MINUTES TO THE GENTLEMAN FROM SOUTH CAROLINA, MR. NORMAN, NOT…

        TO YIELD TWO MINUTES TO THE GENTLEMAN FROM SOUTH CAROLINA, MR. NORMAN, NOT A MEFMENT FINANCIAL SERVICES COMMITTEE, BUT WE WOULD BE PROUD IF HE WAS.

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      • 10:09:58 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 10:10:00 AM

        MR. NORMAN

        THANK YOU, MR. SPEAKER. AS I LISTEN TO MY LIBERAL COLLEAGUES, THE ANSWER…

        THANK YOU, MR. SPEAKER. AS I LISTEN TO MY LIBERAL COLLEAGUES, THE ANSWER TO EVERY BUSINESS IS MORE GOVERNMENT, MORE REGULATIONS. THE AMERICAN PEOPLE ARE REJECTING THAT. AS A SMALL BUSINESS OWNER CAN I TELL YOU THE STIFLING EFFECTS OF OVERREGULATION. THAT'S WHAT THIS BILL TAKES AWAY. AND THAT'S WHAT THIS BILL ACCOMPLISHES. SO I STRONGLY SUPPORT H.R. 2201, THE MICRO OFFERING SAFE HARBOR ACT. THIS BILL IS A CRITICAL STEP TO REDUCE UNNECESSARY BURDENS ON ECONOMIC GROWTH AND ENSURE THAT SMALL BUSINESS HAVE ACCESS TO THE CAPITAL THEY NEED. I APPLAUD REPRESENTATIVE EMMER FOR CHAMPIONING THIS LEGISLATION. AS A MEMBER OF THE HOUSE SMALL BUSINESS COMMITTEE AND A BUSINESSMAN MYSELF, I UNDERSTAND THE NEED OF THE NUMBER OF CHALLENGES FACED BY SMALL BUSINESSES, ESPECIALLY IF THAT BUSINESS WANTS TO GROW THROUGH TAPPING INTO THE CAPITAL MARKETS. DUE TO ONEROUS S.E.C. REGULATIONS, THE COST OF REGISTRATION IS EXPENSIVE AND OUT OF REACH FOR SO MANY OF THE BUSINESSES WANTING TO EXPAND. WE ALL KNOW THAT THE S.E.C. PROVIDES AN IMPORTANT FUNCTION WHICH IS TO PREVENT SECURITIES FRAUD AND PROTECT THE INTEGRITY OF THE MARKET. HOWEVER, WE MUST S.E.C. PROVIDES AN IMPORTANT FUNCTION WHICH BE WARY OF A REGULATORY REGIME THAT FAILS TO PROVIDE SUFFICIENT FLEXIBILITY FOR BUSINESSES TO RAISE CAPITAL. WHILE NOT PROVIDING ANY ADDITIONAL PROTECTION FOR INVESTORS. THE CENTRAL PURPOSE OF H.R. 2201 IS TO STRIKE THIS PROPER BALANCE BETWEEN PROTECTION AND INVESTMENT. THE BILL ACHIEVES THIS OBJECTIVE THROUGH EMPOWERING BUSINESSES TO SELL A LIMITED NUMBER OF SECURITIES TO A LIMITED NUMBER OF INVESTORS WITHOUT NEEDING TO COMPLY WITH A NUMBER OF S.E.C. REGISTRATION REQUIREMENTS. ALSO, IT IS IMPORTANT TO NOTE THAT THIS NARROWLY TAILORED EXEMPTION ONLY APPLIES TO INVESTORS THAT HAVE SUBSTANTIVE PRE-EXISTING RELATIONSHIPS WITH BUSINESSES. FINALLY, NOTHING IN THIS BILL UNDERMINES EXISTING INVESTOR PROTECTIONS. FRAUD IS FINALLY, NOTHING STILL ILLEGAL ANTI-S.E.C. AND DEPARTMENT OF JUSTICE HAS THE -- AND THE S.E.C. AND DEPARTMENT OF JUSTICE HAS THE AUTHORITY TO PROSECUTE BAD ACTORS. I URGE MY COLLEAGUES TO SUPPORT THIS IMPORTANT LEGISLATION AND IMPLEMENT A COMMONSENSE LUTION AND STIMULATE SMALL BUSINESS GROWTH. I YIELD BACK.

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      • 10:12:18 AM

        THE SPEAKER PRO TEMPORE

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

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

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      • 10:12:26 AM

        MS. WATERS

        I RESERVE THE BALANCE OF MY TIME.

      • 10:12:28 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY RESERVES HER TIME OF THE THE GENTLEMAN FROM TEXAS.

      • 10:12:31 AM

        MR. HENSARLING

        I NOW YIELD ONE MINUTE TO THE GENTLEMAN FROM WISCONSIN, MR. DUFFY, THE…

        I NOW YIELD ONE MINUTE TO THE GENTLEMAN FROM WISCONSIN, MR. DUFFY, THE CHAIRMAN OF THE HOUSING AND INSURANCE SUBCOMMITTEE.

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      • 10:12:35 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN IS RECOGNIZED.

      • 10:12:37 AM

        MR. DUFFY

        THANK YOU, MR. SPEAKER. I APPRECIATE THE CHAIRMAN FOR YIELDING. I WANT TO…

        THANK YOU, MR. SPEAKER. I APPRECIATE THE CHAIRMAN FOR YIELDING. I WANT TO THANK MR. EMMER, MY COLLEAGUE AND FRIEND FROM THE NEIGHBORING STATE OF MINNESOTA, FOR OFFERING SUCH A COMMONSENSE PIECE OF LEGISLATION. I'M HEARING FREQUENTLY OF HORROR STORIES OF FRAUD AND ABUSE. ALL OF US STAND AGAINST FRAUD AND ABUSE. I HAVE A NEWS FLASH FOR EVERYBODY. THIS LAW DOESN'T CHANGE THAT FRAUD IS ILLEGAL. IT IS ILLEGAL BEFORE THIS BILL. ILLEGAL BEFORE THIS BILL. IT WILL BE ILLEGAL AFTER THIS BILL. FRAUD IS ILLEGAL. BUT ALL WE'RE DOING IS SAYING, WE'RE GOING TO KEEP THE PROMISE THAT ALL OF US SAY WE HAVE TO SMALL ENTREPRENEURS AND START UPS, TO MAKE SURE THEY GET SPEED CAPITAL. MAKE SURE THEY CAN THRIVE AND GROW AND CREATE JOBS IN OUR COMMUNITY. ALL WE'RE TRYING TO DO IS GIVE CLARITY ON WHAT CONSTITUTES A NONPUBLIC OFFERING. WHAT'S WRONG WITH CLARITY? WHAT'S WRONG WITH BRIGHT LINES THEY KNOW THEY CAN OPERATE IN BETWEEN WITHOUT VIOLATING THE RULE? THIS IS SIMPLE, IT'S STRAIGHTFORWARD, IT'S COMMON SENSE, IT SUPPORTS EVERYTHING THAT WE SAY WE SUPPORT TO SMALL BUSINESSES. I THINK THIS IS A GREAT PIECE OF LEGISLATION.

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      • 10:13:49 AM

        MR. HENSARLING

        I YIELD ARNE ADDITIONAL 30 SECONDS. MR. -- I YIELD AN ADDITIONAL 30…

        I YIELD ARNE ADDITIONAL 30 SECONDS. MR. -- I YIELD AN ADDITIONAL 30 SECONDS.

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      • 10:13:55 AM

        MR. DUFFY

        I ASK ALL MY COLLEAGUES TO STAND TOGETHER. LET'S NOT PLAY PARTISANSHIP…

        I ASK ALL MY COLLEAGUES TO STAND TOGETHER. LET'S NOT PLAY PARTISANSHIP WITH THE SMALLEST BUSINESSES IN OUR COMMUNITIES, THE ONES WE BOTH AGREE CREATES JOBS. THIS IS A TIME FOR UNITY. LET'S WORK TOGETHER. ESPECIALLY WHEN IT'S SO COMMON SENSE. I LOVE THE PASSION FROM THE RANKING MEMBER. BUT ON THIS ONE IT'S PASSION WITHOUT A CAUSE. BECAUSE IT MAKES SENSE. GIVE THEM BRIGHT LINES. STAND UP FOR SMALL BUSINESSES THAT CREATE JOBS IN OUR COMMUNITY. MR. EMMER'S BILL DOES THIS. I ASK US ALL TO STAND UP AND SUPPORT SMALL BUSINESSES AND THIS BILL.

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      • 10:14:32 AM

        THE SPEAKER PRO TEMPORE

        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 LINES. STAND UP FOR SMALL BUSINESSES THAT CREATE JOBS IN OUR FROM CALIFORNIA.

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      • 10:14:48 AM

        MS. WATERS

        MR. SPEAKER, MEMBERS, FOR MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE…

        MR. SPEAKER, MEMBERS, FOR MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE WE HAVE BEKNOWNING THE FACT THAT SMALL BUSINESSES DON'T HAVE ACCESS TO CAPITAL. THEY HAVE THESE RELATIONSHIPS WITH ALL THESE BIG BANKS, WHY DON'T THEY GET TO THE BIG BANKS AND TELL THEM THAT THEY OUGHT TO BE MAKING LOANS TO SMALL BUSINESSES? I DON'T HEAR THEM. -- HEAR THEM AS PART OF THEIR FROM RHETORIC TALKING ABOUT HOW MANY OF THE BIG BANKS ARE NOT BEING RESPONSIBLE. AND SO MY COLLEAGUE ON THE OFF SIT SIDE OF THE AISLE AND MY FRIEND TALK ABOUT WHAT'S COMMON SENSE? I'LL TELL YOU. COMMON SENSE IS NOT TO PLACE VULNERABLE PEOPLE IN A POSITION WHERE THEY ARE GOING TO GET RIPPED OFF. SO, MR. CHAIRMAN, H.R. 2201 IS A HARMFUL BILL THAT WOULD SIMPLY SERVE AS AN INVITATION FOR INVESTMENT SCAMS. THE BILL FAILS TO TAKE INTO ACCOUNT THE NUMEROUS OTHER EXEMPTIONS WE HAVE FOR SMALL DOLLAR OFFICIAL, INCLUDING UNDER REGULATION D, A, AND CROWD FUNDING RULES. THESE EXEMPTIONS ALREADY PERMIT SMALL BUSINESSES TO RAISE CAPITAL WHILE ALSO PROTECTING AGAINST FRAUD. IN LIGHT OF THESE EXEMPTIONS, THERE SEEMS TO BE NO REASONABLE EXPLANATION FOR THE AMOUNT OF LEGISLATIVE EFFORT THAT HAS BEEN WASTED ON THIS BILL. INSTEAD OF H.R. 2201, WHICH IS UNWARRANTED AND MAY ACTUALLY HARM INVESTORS AND THE INTEGRITY OF OUR MARKETS, THE HOUSE SHOULD BE FOCUSED ON PASSING LEGISLATION THAT COULD ACTUALLY IMPROVE THE LIVES OF THE AMERICANS WHOM WE SERVE. I URGE MY COLLEAGUES TO VOTE NO ON H.R. 2201. DON'T BE A PART OF AN ACTING -- ENACTING ONE MORE SCHEME THAT'S GOING TO RIP OFF OUR CONSTITUENTS AND THEN A FEW YEARS LATER COME BACK HERE AND TALK ABOUT WHAT A TERRIBLE THING IT IS THAT PEOPLE ARE BEING RIPPED OFF BY THESE INVESTORS. SOME OF THEM WHO ARE CRIMINALS, BUT NOBODY KNOWS IT. THE DISCLOSURE DOES NOT HAVE TO TAKE PLACE. THEY DON'T KNOW THAT THEY HAVE PEOPLE WHO HAVE ALREADY BEEN INVOLVED IN CRIMES WHO ARE COMING TO THEM TALKING ABOUT LET ME HELP YOU EARN SOME PROFITS ON THIS INVESTMENT. . WE KNOW BETTER. COMMON SENSE TELLS US BETTER. IF IN FACT WE ARE COMMITTED TO THE PROPOSITION THAT WE HAVE A RESPONSIBILITY TO PROTECT OUR CONSTITUENTS FROM RIPOFFS, FROM FRAUD, FROM BEING TAKEN ADVANTAGE OF, WE WILL NOT SUPPORT THIS BILL, AND I WOULD HOPE THAT MY FRIENDS ON THE OPPOSITE SIDE OF THE AISLE, DESPITE HOW FAR THEY HAVE GONE IN TRYING TO REPRESENT THAT THIS BILL IS SOMETHING THAT IT'S NOT, WOULD AT LEAST CHANGE THEIR MINDS TODAY AND SUPPORT THEIR CONSTITUENTS AND VOTE NO ON THIS BILL.

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      • 10:17:17 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLELADY RESERVES HER TIME. THE GENTLEMAN FROM TEXAS.

      • 10:17:20 AM

        MR. HENSARLING

        MR. SPEAKER, MAY I INQUIRE HOW MUCH TIME I HAVE REMAINING?

      • 10:17:26 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN HAS 4 1/4 MINUTES.

      • 10:17:30 AM

        MR. HENSARLING

        I BELIEVE I HAVE THE RIGHT TO CLOSE SO I RESERVE, MR. SPEAKER.

      • 10:17:35 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN RESERVES.

      • 10:17:38 AM

        MS. WATERS

        TIME, IS THAT RIGHT? I YIELD BACK.

      • 10:17:42 AM

        THE SPEAKER PRO TEMPORE

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

      • 10:17:47 AM

        MR. HENSARLING

        THANK YOU, MR. SPEAKER. AS ALWAYS, I LISTEN VERY CAREFULLY TO MY FRIEND,…

        THANK YOU, MR. SPEAKER. AS ALWAYS, I LISTEN VERY CAREFULLY TO MY FRIEND, THE RANKING MEMBER. I KNOW THAT SHE STARTED OFF HER CLOSING REMARKS BY SAYING, WE DON'T NEED THIS BILL, H.R. 2201, BECAUSE THE BIG BANKS CAN LOAN TO THE SMALL BUSINESSES. WELL, THAT'S FASCINATING TO ME, MR. SPEAKER, BECAUSE OF THE DODD-FRANK ACT, WHICH SHE SO JEALOUSLY SUPPORTS, ALL OF A SUDDEN THE RISK-BASED CAPITAL STANDARDS SAY THAT THE BANKS HAVE TO RESERVE MORE FOR SMALL BUSINESS LOANS THAN THEY DO FOR SOVEREIGN DEBT AND MUNICIPAL DEBT. SO ALL OF A SUDDEN IT'S BECAUSE OF DODD-FRANK. IN ADDITION WE KNOW THAT THE RANKING MEMBER SUPPORTS THE FEDERAL RESERVE POLICY OF PAYING INTEREST ON EXCESS RESERVES WHERE THE FEDERAL RESERVE TAKES TAXPAYER MONEY TO PAY THE BIG BANKS, NOT TO LOAN MONEY. AND SO IF THE RANKING MEMBER WAS CURIOUS WHY THE BIG BANKS AREN'T LOANING TO THE SMALL BUSINESSES, WHICH THEY AREN'T, AND PRIOR TO THE TRUMP ADMINISTRATION WE KNOW THAT SMALL BUSINESS LENDING BY BANKS WAS AT A 25-YEAR LOW, IT'S THE VERY REASON, THE VERY REASON, MR. SPEAKER, THAT WE NEED THE BILL, THE LEGISLATION OF THE GENTLEMAN FROM MINNESOTA, MR. EMMER, SO THAT WE CAN UNLOCK THIS. AGAIN, THERE IS NO SURPRISE WHY AFTER EIGHT YEARS OF OBAMANOMICS AND THE THINKING FROM MY FRIENDS ON THE OTHER SIDE OF THE AISLE THAT SMALL BUSINESS HAVE LANGUISHED, WHY THE ECONOMY HAS DROPPED DOWN TO A 1.5% TO 2% G.D.P. GROWTH. IN FACT, I THINK PRESIDENT OBAMA IS ONE OF THE FEW PRESIDENTS IN AMERICAN HISTORY NEVER TO ENJOY A YEAR OF 3% ECONOMIC GROWTH. NOW, HE MAY PERSONALLY HAVE ENJOYED IT, BUT THE AMERICAN PEOPLE DIDN'T, MR. SPEAKER, BUT THE GOOD NEWS IS THAT THERE IS A CHANGE IN ADMINISTRATION AND A CHANGE OF ATTITUDE, AND THAT'S WHY IT IS SO IMPORTANT THAT WE BE ABLE TO GET CAPITAL TO OUR ENTREPRENEURS, TO OUR SMALL BUSINESSES. LET THEM THRIVE AGAIN ON MAIN STREET. WE HEAR SO OFTEN THE RANKING MEMBER DECRY WALL STREET. WE ARE TALKING ABOUT OFFERINGS OF HALF A MILLION DOLLARS. NO ONE IN WALL STREET WOULD TOUCH THAT WITH A 10-FOOT POLE. THIS IS ABOUT MAIN STREET, NOT WALL STREET, MR. SPEAKER, AND IT'S INTERESTING AS I LISTEN TO MY FRIEND, THE RANKING MEMBER, DECRY THE FACT THAT SOMEONE MIGHT BE ABLE TO RAISE CAPITAL UNDER THIS PARTICULAR SET OF CIRCUMSTANCES. WELL, I HAVE A NEWS FLASH FOR ALL MY COLLEAGUES. ALREADY THE S.E.C. CAN GRANT A PRIVATE OFFERING FOR EXACTLY THE SET OF CIRCUMSTANCES THAT MY FRIEND, THE GENTLEMAN FROM MINNESOTA, PUTS INTO HIS BILL. ALL THE GENTLEMAN IS DOING IS CREATING A BRIGHT LINE, SAFE HARBOR SO THE NEXT NIKE OR THE NEXT AMAZON ISN'T STOPPED FROM LAUNCHING THEIR ENTERPRISE BY HAVING TO SPEND $1 MILLION ON LAWYERS AND ACCOUNTANTS TRYING TO NAVIGATE THIS UNCERTAIN, MURKY LABYRINTH OF S.E.C. WATERS TRYING TO DETERMINE WHAT'S A PRIVATE OFFERING AND WHAT'S A PUBLIC OFFERING. THAT'S ALL HE'S DOING. AND, AGAIN, THIS IS ALREADY LEGAL. IT SIMPLY IS DISCRETIONARY TO DECIDE WHAT IS A PRIVATE OFFERING AND WHAT IS A PUBLIC OFFERING BY THE SECURITIES AND EXCHANGE COMMISSION. WE NOW, MR. SPEAKER, HAVE HAD TWO, TWO QUARTERS OF 3 PERCENT-PLUS OF ECONOMIC GROWTH. WE ARE SEEING WORKING AMERICANS, WE ARE SEEING THEIR PAYCHECKS INCREASE YET AGAIN. WE ARE SEEING HOPE AND RESILIENCE IN THE AMERICAN DREAM YET AGAIN, BUT WE HAVE SO MUCH MORE WORK TO DO, AND THAT'S WHY H.R. 2201 IS SO CRITICAL. IT TAKES SMALL BUSINESSES TODAY TO BE THE BIG BUSINESSES OF TOMORROW. THEY ARE THE CREATORS. THEY ARE THE JOB ENGINE OF AMERICA. THEY ARE THE DRIVERS OF INCREASED PAYCHECKS AND GREATER ECONOMIC OPPORTUNITY AND A BIGGER, BOLD AMERICAN DREAM. I THANK THE GENTLEMAN FROM MINNESOTA FOR THIS GREAT LEGISLATION. I ENCOURAGE ALL OF MY COLLEAGUES TO ADOPT IT. I YIELD BACK THE BALANCE OF MY TIME.

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      • 10:22:17 AM

        THE SPEAKER PRO TEMPORE

        THE GENTLEMAN YIELDS BACK. ALL TIME FOR DEBATE ON THE BILL HAS EXPIRED.…

        THE GENTLEMAN YIELDS BACK. ALL TIME FOR DEBATE ON THE BILL HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MINNESOTA SEEK RECOGNITION?

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      • 10:22:25 AM

        MR. EMMER

        I HAVE AN AMENDMENT AT THE DESK.

      • 10:22:28 AM

        THE SPEAKER PRO TEMPORE

        THE CLERK WILL DESIGNATE THE AMENDMENT.

      • 10:22:30 AM

        THE CLERK

        AMENDMENT NUMBER 1 PRINTED IN HOUSE REPORT 115-401 OFFERED BY MR. EMMER OF…

        AMENDMENT NUMBER 1 PRINTED IN HOUSE REPORT 115-401 OFFERED BY MR. EMMER OF MINNESOTA.

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      • 10:22:31 AM

        An amendment, offered by Mr. Emmer, numbered 1 printed in House Report 115-401 to amend the bill to not allow the exemption to be available for those who have been disqualified under the "bad actor" disqualification standard of section 230.506(d) of title 17, Code of Federal Regulations, providing an additional layer of investor protection in the bill.

      • 10:22:34 AM

        DEBATE

        Pursuant to the provisions of H. Res. 609, the House proceeded with 10 minutes of debate on the Emmer amendment.

        • 10:22:37 AM

          TEMPORE PURSUANT

          PURSUANT TO HOUSE RESOLUTION 609, THE GENTLEMAN FROM MINNESOTA, MR. EMMER,…

          PURSUANT TO HOUSE RESOLUTION 609, THE GENTLEMAN FROM MINNESOTA, MR. EMMER, AND A MEMBER OPPOSED, EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM MINNESOTA.

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        • 10:22:50 AM

          MR. EMMER

          MR. CHAIRMAN, I RECOGNIZE MYSELF FOR AS MUCH TIME AS I MAY CONSUME.

        • 10:22:56 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLEMAN IS RECOGNIZED.

        • 10:22:58 AM

          MR. EMMER

          THANK YOU, MR. CHAIRMAN. THE AMENDMENT I'M OFFERING TODAY WILL ENHANCE…

          THANK YOU, MR. CHAIRMAN. THE AMENDMENT I'M OFFERING TODAY WILL ENHANCE ANTI-FRAUD AND CONSUMER PROTECTIONS FOR SMALL BUSINESSES AND STARTUPS SEEKING TO TAKE ADVANTAGE OF THE MICRO OFFERING EXEMPTION OUTLINED IN THE UNDERLYING BILL. WHILE THE LEGISLATION ITSELF REQUIRES THREE SPECIFIC CRITERIA TO BE MET SIMULTANEOUSLY IN ORDER TO TRIGGER A SAFE HARBOR EXEMPTION FOR A SECURITY OFFERING, MY AMENDMENT ADDS AN ADDITIONAL LAYER OF PROTECTION TO FURTHER SAFEGUARD INVESTORS FROM BAD ACTORS. SPECIFICALLY, MY AMENDMENT PROHIBITS THE EXEMPTION FROM BEING AVAILABLE FOR THOSE WHO HAVE BEEN DISQUALIFIED UNDER THE BAD ACTOR DISQUALIFICATION STANDARD ESTABLISHED BY THE S.E.C. THIS LANGUAGE WAS INCLUDED WITH THE SUPPORT OF MY COLLEAGUES FROM BOTH SIDES OF THE AISLE DURING CONSIDERATION IN COMMITTEE IN THE 114TH CONGRESS, AND I AM HOPEFUL THEY WILL SUPPORT ITS INCLUSION AGAIN IN THE 115TH. I WANT TO REITERATE THAT NOTHING IN THE BASE TEXT OF THIS BILL ERODES OR LIMITS THE ABILITY OF FEDERAL OR STATE REGULATORS TO PROSECUTE FRAUD, NOR WOULD IT PREVENT PRIVATE COMMON LAW CAUSES OF ACTION FOR FRAUD OR BREACH OF CONTRACT BETWEEN THE INTERESTED PARTIES. THIS AMENDMENT BUILDS UPON THESE EXISTING PROTECTIONS AND DRIVES HOME THE POINT THAT THE MICRO OFFERING SAFE HARBOR ACT IS PURELY FOCUSED ON HELPING OUR SMALL BUSINESSES AND ENTREPRENEURS ACCESS THE TOOLS THEY NEED TO GROW AND CREATE JOBS IN AN ORDERLY AND LEGAL MANNER. THANK YOU AND I RESERVE THE BALANCE OF MY TIME.

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        • 10:24:27 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE…

          THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM CALIFORNIA RISE?

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        • 10:24:32 AM

          MS. WATERS

          MR. SPEAKER, I CLAIM TIME IN OPPOSITION TO THE AMENDMENT EVEN THOUGH I AM…

          MR. SPEAKER, I CLAIM TIME IN OPPOSITION TO THE AMENDMENT EVEN THOUGH I AM NOT OPPOSED.

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        • 10:24:41 AM

          TEMPORE WITHOUT

          WITHOUT OBJECTION, THE GENTLEWOMAN IS RECOGNIZED.

        • 10:24:43 AM

          MS. WATERS

          THANK YOU, MR. SPEAKER. UNDER THE CURRENT LANGUAGE OF H.R. 2201, INVESTORS…

          THANK YOU, MR. SPEAKER. UNDER THE CURRENT LANGUAGE OF H.R. 2201, INVESTORS COULD BE SOLD PRIVATE SECURITIES BY PERSONS WHO HAVE COMMITTED FRAUD OR VIOLATED SECURITY LAWS. REPRESENTATIVE EMMER'S AMENDMENT PURPORTS TO ADD A LAYER OF INVESTOR PROTECTIONS BY ADDING A PROVISION TO SO-CALLED DISQUALIFIED CERTAIN BAD ACTORS FROM UTILIZING THE EXEMPTION. WHILE I APPLAUD MR. EMMER'S ATTEMPT TO ADD THIS MOST BASIC GUARDRAIL TO A BILL THAT OTHERWISE CREATES AN UNMITIGATED SAFEGUARD, I WONDER WHY THIS PROVISION WAS DROPPED FROM A SIMILAR BILL THAT MR. EMMER INTRODUCED LAST CONGRESS. UNFORTUNATELY, THIS AMENDMENT IS WOEFULLY INADEQUATE TO ADDRESS THE OTHERWISE DANGEROUS NEW EXEMPTION CREATED BY H.R. 2201 BECAUSE THE UNDERLYING BILL REQUIRES NO DISCLOSURE TO INVESTORS AND IMPOSES NO OBLIGATION TO NOTIFY REGULATORS OF THE OFFERING EVEN IF AMENDED H.R. 2201 WOULD LEAVE CONVICTED FRAUDSTERS AND LAW BREAKERS TO POLICE THEMSELVES. MOREOVER, THE BILL TIES THE HANDS OF STATE SECURITIES REGULATORS WHO ARE THE PRIMARY WATCHDOGS OVER SMALL, LOCAL SECURITIES OFFERINGS. IF ENACTED, H.R. 2201 WOULD LEAVE A GAPING HOLE IN OVERSIGHT OF THE VERY OFFERINGS IT PERMITS. H.R. 2201 IS A MISGUIDED ATTEMPT TO SUPPORT SMALL BUSINESSES THAT IS NOT MEANINGFULLY IMPROVED BY THE MEAGER PROTECTIONS OF THIS AMENDMENT. FOR THESE REASONS, I CONTINUE TO OPPOSE THIS BILL, AND I URGE ALL OF MY COLLEAGUES TO VOTE NO ON H.R. 2201. I RESERVE THE BALANCE OF MY TIME.

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        • 10:26:38 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLELADY RESERVES HER TIME. THE GENTLEMAN FROM MINNESOTA.

        • 10:26:44 AM

          MR. EMMER

          I'LL CLOSE AT THIS POINT, MR. SPEAKER. I WANT TO THANK THE RANKING MEMBER…

          I'LL CLOSE AT THIS POINT, MR. SPEAKER. I WANT TO THANK THE RANKING MEMBER FOR HER ENCOURAGEMENT AND HER COMPLIMENTS, AND I WANT TO JUST POINT OUT THAT THE MICRO SAFE HARBOR -- MICRO OFFERING SAFE HARBOR BILL WAS IMPROVED AS A DIRECT RESULT OF THE RANKING MEMBER'S SUGGESTIONS. SO, AGAIN, I WANT TO THANK HER FOR HER COMPLIMENTS HERE TODAY, HER ENCOURAGEMENT IN HELPING US MAKE THIS AN EVEN BETTER BILL FOR ENTREPRENEURS AND SMALL BUSINESSES ACROSS THE COUNTRY. AT THIS POINT, I'D ENCOURAGE SUPPORT FOR THE AMENDMENT AND YIELD BACK.

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        • 10:27:23 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLEMAN YIELDS BACK HIS TIME. THE GENTLELADY FROM CALIFORNIA.

        • 10:27:26 AM

          MS. WATERS

          TO WARN THE MEMBERS OF THIS HOUSE NOT TO TAKE THE COMPLIMENTS SERIOUSLY…

          TO WARN THE MEMBERS OF THIS HOUSE NOT TO TAKE THE COMPLIMENTS SERIOUSLY THAT IS BEING GIVEN BY THE GENTLEMAN WHO WOULD HAVE YOU BELIEVE THAT SOMEHOW I HAVE TOTALLY EMBRACED THIS AMENDMENT BECAUSE I THINK IT IS GOING TO CHANGE THE FACT THAT THERE IS NO DISCLOSURE TO THOSE WHO WOULD BE INVESTING AND NO NOTICE TO THE S.E.C. SO DON'T TAKE HIM SERIOUSLY WHEN HE TALKS ABOUT THANKING HIM FOR ENCOURAGING OREM BRACING. I AM GOING TO TOLERATE THIS AMENDMENT. IT'S LATE. IT DOESN'T DO WHAT HE SAYS IT'S GOING TO DO. THE BILL IS STILL A BAD BILL. IT'S A BILL THAT'S GOING TO HARM BILL. IT'S A BILL THAT TARGETS THE MOST VULNERABLE PEOPLE IN OUR SOCIETY. IT'S A BILL WHERE FRAUDSTERS ARE GOING TO GO INTO THE CHURCHES AND CONVINCE MINISTERS AND PARISHIONERS THAT THEY'RE OUT TO HELP THEM. AND SO MEMBERS OF CONGRESS, DO THE RIGHT THING. TODAY STAND UP AGAINST ANOTHER ATTEMPT BY MISGUIDED FOLKS WHO WOULD HAVE YOU BELIEVE THAT THEY'RE HELPING PEOPLE WHEN IN FACT THEY'RE OPENING UP OPPORTUNITIES FOR THEM TO BE RIPPED OFF ONE MORE TIME, RIPPED OFF IN WAYS THAT COULD HAVE BEEN AVOIDED. AND SO MR. SPEAKER, MEMBERS, I OPPOSE THIS BILL. I ASK EVERYBODY TO VOTE AGAINST THIS BILL, AND I WILL RESERVE MY TIME IF I HAVE ANY LEFT. I YIELD BACK THE BALANCE OF MY TIME.

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        • 10:29:01 AM

          THE SPEAKER PRO TEMPORE

          THE GENTLELADY YIELDS BACK HER TIME. PURSUANT TO THE RULE, THE PREVIOUS…

          THE GENTLELADY YIELDS BACK HER TIME. PURSUANT TO THE RULE, THE PREVIOUS QUESTION IS ORDERED ON THE BILL AND ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM MINNESOTA, MR. EMMER. THE QUESTION IS ON THE AMENDMENT BY THE GENTLEMAN FROM MINNESOTA, MR. EMMER. 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 OF THE BILL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT. THIRD READING.

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        • 10:29:04 AM

          The previous question was ordered on the amendment and the bill pursuant to the rule.

        • 10:29:15 AM

          On agreeing to the Emmer amendment; Agreed to by voice vote.

          • 10:29:35 AM

            THE CLERK

            A BILL TO AMEND THE SECURITIES ACT OF 1933 TO EXEMPT CERTAIN MICRO…

            A BILL TO AMEND THE SECURITIES ACT OF 1933 TO EXEMPT CERTAIN MICRO OFFERINGS FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND FOR OTHER PURPOSES.

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          • 10:29:45 AM

            THE SPEAKER PRO TEMPORE

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

            THE QUESTION IS ON PASSAGE OF THE BILL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT. THE GENTLELADY FROM CALIFORNIA.

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          • 10:29:56 AM

            MS. WATERS

            I RISE TO ASK FOR THE YEAS AND NAYS.

          • 10:29:58 AM

            THE SPEAKER PRO TEMPORE

            AND NAYS.

        • 10:30:08 AM

          POSTPONED PROCEEDINGS

          At the conclusion of debate on H.R. 2201, the Chair put the question on passage and by voice vote, announced the ayes had prevailed. Ms. Maxine Waters (CA) demanded the yeas and nays and the Chair postponed further proceedings on the question of passage until a time to be announced.

          • 10:30:36 AM

            Recess

            The Speaker announced that the House do now recess for a period of less than 15 minutes.

            • 10:30:53 AM

              >>

            • 10:30:56 AM

              HOST

            • 10:31:03 AM

              GUEST

            • 10:31:06 AM

              HOST

            • 10:31:15 AM

              GUEST

            • 10:32:01 AM

              HOST

            • 10:32:15 AM

              GUEST

            • 10:33:08 AM

              THERE NEEDS TO BE SOUL SEARCHINGHOS

            • 10:33:16 AM

              GUEST

            • 10:34:00 AM

              HOST

            • 10:34:05 AM

              GUEST

            • 10:35:41 AM

              HOST

            • 10:44:46 AM

              >>

              YOU BACK TO THE HOUSE FLOOR FOR VOTES. ATTEMPT CERTAIN MICRO-- EXEMPTION…

              YOU BACK TO THE HOUSE FLOOR FOR VOTES. ATTEMPT CERTAIN MICRO-- EXEMPTION CERTAIN MICRO OFFERINGS OF REGISTRATION REQUIREMENTS AND FOR OTHER PURPOSES.

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          • 10:44:49 AM

            Reconvened

            The House convened, returning from a recess continuing the legislative day of November 9.

            • 10:44:53 AM

              Considered as unfinished business. H.R. 2201 — "To amend the Securities Act of 1933 to exempt certain micro-offerings from the registration requirements of such Act, and for other purposes."

              • 10:45:00 AM

                THE SPEAKER PRO TEMPORE

                THE QUESTION IS ON PASS AFPBLGT BILL. MEMBERS WILL RECORD THEIR VOTES BY…

                THE QUESTION IS ON PASS AFPBLGT BILL. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS 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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            • 10:45:06 AM

              On passage Roll Call 622 - Yea and Nay vote pending.

              • 11:23:04 AM

                THE SPEAKER PRO TEMPORE

                VOTE THE YEAS ARE 232, THE NAYS ARE 188. THE BILL IS PASSED. WITHOUT…

                VOTE THE YEAS ARE 232, THE NAYS ARE 188. THE BILL IS PASSED. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION?

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          • 11:23:12 AM

            House Vote 622 - On Passage

            Micro Offering Safe Harbor Act

            Passed (232 - 188)
            Yea
            Nay

            Vote Details: Yea - 232
            Republican - 232

            Vote Details: Nay - 188
            Democratic - 187
            Republican - 1

            Vote Details: Not Voting - 12
            Republican - 5
            Democratic - 7

            • 11:23:14 AM

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

              • 11:23:24 AM

                >>

                MR. SPEAKER, PURSUANT TO CLAUSE 7 OF RULE 2, I PRESENT A PRIVILEGE RED…

                MR. SPEAKER, PURSUANT TO CLAUSE 7 OF RULE 2, I PRESENT A PRIVILEGE RED PORT.

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            • 11:23:27 AM

              Conference report H. Rept. 115-404 filed.

              • 11:23:30 AM

                THE SPEAKER PRO TEMPORE

                WILL REPORT A TITE -- THE TITLE.

              • 11:23:35 AM

                THE CLERK

                CONFERENCE REPORT TO TO ACCOMPANY H.R. 2810, AUTHORIZE MILITARY ACTIVITIES…

                CONFERENCE REPORT TO TO ACCOMPANY H.R. 2810, AUTHORIZE MILITARY ACTIVITIES FOR THE DEPARTMENT OF DEFENSE, AND DEFENSE ACTIVE TOIFS THE DEPARTMENT OF ENERGY TO DESCRIBE MILITARY PERSONNEL STRENGTHS FOR SUCH FISCAL YEAR AND FOR OTHER PURPOSES.

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              • 11:23:51 AM

                THE SPEAKER PRO TEMPORE

                ORDERED TO BE PRINTED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND…

                ORDERED TO BE PRINTED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND SEEK RECOGNITION?

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              • 11:24:00 AM

                MR. HOYER

                I ASK UNANIMOUS CONSENT TO SPEAK OUT OF ORDER FOR ONE MINUTE FOR THE…

                I ASK UNANIMOUS CONSENT TO SPEAK OUT OF ORDER FOR ONE MINUTE FOR THE PURPOSE OF INQUIRING OF THE MAJORITY LEADER THE SCHEDULE FOR THE WEEK TO COME.

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          • 11:24:01 AM

            COLLOQUY ON HOUSE SCHEDULE

            The Chair recognized Mr. Hoyer for the purpose of engaging in a colloquy with Mr. McCarthy on the expectations regarding the legislative schedule for the House for the upcoming week.

            • 11:24:08 AM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION THE GENTLEMAN IS ELECT NICED. MR. HIGHWAYERER --

            • 11:24:14 AM

              MR. HOYER

              I YIELD TO THE GENTLEMAN FROM CALIFORNIA, MR. MCCARTHY.

            • 11:24:22 AM

              MR. MCCARTHY

              I ASK THAT THE HOUSE COME TO ORDER.

            • 11:24:24 AM

              THE SPEAKER PRO TEMPORE

              THE HOUSE SHALL COME TO ORDER.

            • 11:24:30 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING AND I ASK UNANIMOUS CONSENT TO REVISE…

              I THANK THE GENTLEMAN FOR YIELDING AND I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

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            • 11:24:35 AM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION.

            • 11:24:38 AM

              MR. MCCARTHY

              MORNING HOUR AND 2:00 FOR LEGISLATIVE BUSINESS, VOTES WILL BE POSTPONED…

              MORNING HOUR AND 2:00 FOR LEGISLATIVE BUSINESS, VOTES WILL BE POSTPONED UNTIL 6:30 P.M. ON TUESDAY AND WEDNESDAY THE HOUSE WILL MEET AT 10:00 A.M. FOR MORNING HOUR AND NOON FOR LEGISLATIVE BUSINESS. ON THURSDAY THE HOUSE WILL MEET AT 9:00 A.M. FOR LEGISLATIVE BUSINESS. THE HOUSE WILL CONSIDER SEVERAL ITEMS WHICH WILL BE ANNOUNCED BY CLOSE OF BUSINESS TOMORROW. IN ADDITION THEY'LL CONSIDER THE CONFERENCE REPORT. THIS BIPARTISAN AGREEMENT WILL FIRST STRENGTHEN OUR MILITARY, GIVE OUR MEN AND WOMEN IN UNIFORM A 2.4% PAY RAISE AND ENSURE AMERICA'S FIGHTING FORCES HAVE THE RESOURCES THEY NEED TO SECURE PEACE AT HOME AND ABROAD. I WANT TO THANK CHAIRMAN THORNBERRY AND THE ENTIRE HOUSE COMMITTEE ON ARMED SERVICES FOR THEIR WORK ON THIS. MR. SPEAKER, THE HOUSE SHOULD ALSO LOOK FORWARD TO VOTING ON THE MOST SIGNIFICANT TAX REFORM IN OVER THREE DECADES, H.R. 1. THE TAX CUT AND JOBS ACT SPONSORED BY REPRESENTATIVE KEVIN BRADY. AMERICA IS AMONG THE HIGHEST TAXED NATIONS IN THE DEVELOPED WORLD. AMERICANS PAY MORE IN TAXES THAN WE SPEND ON HOUSING, CLOTHING, AND FOOD COMBINED. AT OUR CURRENT TAX CODE IS ALMOST 2,600 PAGES LONG WITH AN ADDITIONAL 70,000 PAGES OF FORMS AND OTHER REGULATIONS. THAT IS JUST UNACCEPTABLE. WE WANT TO SEE ECONOMIC GROWTH THIS -- IN THIS COUNTRY. INSTEAD OF CLOSED FOR BUSINESS SIGN WELL, WANT TO SEE NOW HIRING SIGNS. WE WANT TO DOUBLE THE STANDARD THE DUCKS. WHAT DOES THAT MEAN? IT MEANS EVERY AMERICAN MAKING THE FIRST $12,000 OF INCOME FOR AN INDIVIDUAL IS TAX-FREE. FOR A COUPLE, THAT'S $24,000 TAX-FREE. WE WANT TO SIMPLIFY THE TAX CODE SO YOU CAN FILE IN MINUTES INSTEAD OF SPENDING WEEKS ON A FORM THE SIZE OF A POSTCARD. WE WANT TO BRING BACK THE TRILLIONS OF DOLLARS OF AMERICAN WEALTH THAT HAS FORCE -- THAT IS FORCED TO SIT OVERSEAS AND COME BACK TO AMERICA AND INVEST IN AMERICA. THAT IS WHAT VOTING FOR THE TAX CUTS AND JOBS ACT WILL ACCOMPLISH. AND THAT IS WHY I LOOK FORWARD TO THE HOUSE PASSING THIS CRITICAL BILL WITHOUT DELAY. LASTLY, ADDITIONAL LEGISLATIVE ITEMS ARE POSSIBLE IN THE HOUSE IF ANYTHING IS ADDED TO OUR SCHEDULE I'LL BE SURE TO INFORM ALL MEMBERS. WITH THAT, I WANT TO THANK MY FRIEND AND YIELD BACK TO HIM.

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            • 11:27:15 AM

              MR. HOYER

              I THANK THE GENTLEMAN FOR THAT INFORMATION. I'M GOING TO HAVE SOME…

              I THANK THE GENTLEMAN FOR THAT INFORMATION. I'M GOING TO HAVE SOME SPECIFIC QUESTIONS ABOUT THEN TAX BILL, MR. LEADER, BUT BEFORE I DO THAT, IT IS OUR UNDERSTANDING THAT SUBSTANTIAL CHANGES ARE BEING MADE IN THE TAX BILL THAT WAS PUT ON THE FLOOR LAST THURSDAY. A WEEK AGO. DOES THE GENTLEMAN KNOW WHETHER THAT'S ACCURATE OR NOT?

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            • 11:27:41 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING, I WOULD NOT USE THE TERM SUBSTANTIAL…

              I THANK THE GENTLEMAN FOR YIELDING, I WOULD NOT USE THE TERM SUBSTANTIAL BECAUSE AS YOU KNOW AS WE'VE GONE THROUGH THIS PROCESS FOR QUITE SOME TIME WE'RE ALL RIDING TO THE SAME NUMBER, $1.5 TRILLION. ANY BILL, WHEN IT MOVES THROUGH REGULAR ORDER, WHERE IT GETS INTRODUCED IN COMMITTEE, WE HAVE A MARKUP AS WAYS AND MEANS HAS DONE ALL WEEK LONG, THEY WILL COME TOLL FINAL VOTE TODAY AND WHATEVER AMENDMENTS PASS, YOU WILL THEN SEE THAT BILL POSTED, YOU WILL THEN SEE RULES TAKE IT UP NEXT WEEK AND YOU'LL SEE THE BILL ON THE FLOOR JUST AS ANY OTHER REGULAR ORDER IN THE PROCESS. I I YIELD BACK.

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            • 11:28:21 AM

              MR. HOYER

              REGULAR ORDER IS HAVING HEARINGS AND WITNESS, IS IT NOT? MR. MCCARTHY…

              REGULAR ORDER IS HAVING HEARINGS AND WITNESS, IS IT NOT? MR. MCCARTHY FEATHER FOR THE LAST THREE DECADES WE HAVE DONE THAT. I DON'T THINK THE AMERICAN PEOPLE WANT TO CONTINUE TO WAIT. I KNOW WE GO THIS TIME AND AGAIN. I CAN QUOTE YOU BACK THE NUMBER OF HEARINGS. I CAN QUOTE YOU BACK WHAT PEOPLE CAMPAIGNED ON AND PUT OUT TO THE AMERICAN PUBLIC. WHAT'S MOST IMPORTANT THAT I CAN QUOTE YOU IS THE LACK OF GROWTH THAT HAS HAPPENED. HOW MUCH PEOPLE HAVE TO PAY, THE TRILLIONS OF DOLLARS SITTING OVERSEAS. WHAT I HAVE FOUND TIME AND AGAIN, AND I KNOW WE'VE TALKED ABOUT THIS BEFORE, BUT JUST BY THE INTRODUCTION OF OUR BILL, I WAS SITTING IN THE OVAL OFFICE LAST WEEK, A COMPANY CALLED BROADCOMM, CREATED IN AMERICA, BUT BECAUSE OF OUR TAX CODE FORCED THEM TO LEAVE AMERICA TO TRY TO BE COMPETITIVE. THEY LOOKED AT THIS BILL, THEY TOLD ME A COUPLE OF DAYS BEFORE. YOU REALY BELIEVE THIS BILL IS GOING TO PASS? WE WILL COME BACK. WHEN THEY COME BACK THAT'S $20 BILLION IN REVENUE EACH YEAR. THEY'LL SPEND ANOTHER $3 BILLION EACH YEAR ON R&D. THEN THEY'LL SPEND $6 BILLION IN MANUFACTURING. WE HAVE HAD SO MANY DISCUSSIONS ABOUT HOW TO BRENG MANUFACTURING JOBS BACK, THAT'S WHY I'M EXCITED ABOUT THIS BILL COMING TO THE FLOOR NEXT WEEK. I YIELD BACK.

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            • 11:29:43 AM

              MR. HOYER

              I THANK THE GENTLEMAN, I DENT SHARE HIS ENTHUSIASM FOR THIS BILL WHICH I…

              I THANK THE GENTLEMAN, I DENT SHARE HIS ENTHUSIASM FOR THIS BILL WHICH I THINK WILL BE HARMFUL, EXPLODE THE DEBT AND BE A BAIT AND SWITCH ON THE MIDDLE CLASS, WHERE THEY'LL GET A TAX CUT EARLY AND A TAX INCREASE LATER ON. BUT IS THE GENTLEMAN AWARE, HE TALKS ABOUT GROWTH, THAT IN THE COMPARABLE NINE MONTHS OF 016 THROUGH THE SAME MONTHS IN 2017 UNDER TRUMP, IS THE GENTLEMAN AWARE THAT WE'RE -- THERE WERE 326,000 MORE JOBS CREATED IN 2016 THAN HAVE BEEN CREATED IN 2017 IN THOSE ANALOGOUS MONTHS? I YIELD TO MY FRIEND.

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            • 11:30:27 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING. I'M CONFUSED THAT YOU'RE NOT…

              I THANK THE GENTLEMAN FOR YIELDING. I'M CONFUSED THAT YOU'RE NOT ENTHUSIASTIC ABOUT THIS BILL. I HAVE READ WHAT SOME PEOPLE ON THE OTHER SIDE HAVE SAID ABOUT THIS BILL. AND I HEARD ONE PHRASE THAT YOU RECENTLY USED ABOUT THE MIDDLE CLASS. I WOULD JUST CAUTION MY FRIEND IN REFERRING ANYTHING NEGATIVE TO THE MIDDLE CLASS WITH THIS BILL BECAUSE THERE WERE SOME ON THE OTHER SIDE OF THE AISLE THAT MADE SOME COMMENTS. AND LIKE MOST THINGS WE SAY YOU GET FACT CHECKED. "THE WASHINGTON POST" A FEW SENATORS TRIED TO CLAIM THIS WAS POOR FOR THE MIDDLE CLASS. YOU KNOW WHAT HAPPENED? SHE DID NOT RECEIVE ONE PINOCCHIO, OR TWO, OR EVEN THREE PINOCCHIOS, SHE RECEIVED FOUR PINOCCHIOS ON THAT STATEMENT, THAT'S THE MOST YOU CAN GET. IF I MAY, I WANTED TO DO THE RESEARCH. I WANTED TO LOOK, IS THIS BILL, TAX BILL, GOOD FOR ALL OF AMERICA AND ESPECIALLY BECAUSE I WANT YOU ENTHUSIASTIC ABOUT IT, I LOOKED AT THE -- AT MARYLAND'S FIFTH. . CURRENTLY IN THE FIFTH OF MARYLAND CONGRESSIONAL DISTRICT, 47% OF THE FILERS IN MARYLAND TAKE THE STANDARD DEDUCTION. SO NOT ONLY WILL THEY BE BETTER OFF, IT WILL ACTUALLY DOUBLE AND THEY WILL SEE THEIR INCREASE IN THEIR PAY DAY ONE, JANUARY 1. ANOTHER 11% HAVE ITEMIZED DEDUCTIONS. THAT'S LESS THAN OUR NEW HIGHER STANDARD DEDUCTION, SO THEY'LL ALSO SAVE MORE MONEY, NOT TO MENTION THE TIME AND CONFUSION SO THEY WON'T HAVE TO ITEMIZE. THAT MEANS BEFORE WE EVEN LOOK AT LOWERING TAX RATES, 58% OF MY FRIENDS' DISTRICT IS BETTER OFF ON DAY ONE. NOW, HOW ABOUT THE MEDIUM FAMILY OF FOUR? A MEDIUM FAMILY OF FOUR IN MARYLAND'S FIFTH CONGRESSIONAL DISTRICT EARNS $123,000. FOR THE AT LOWERING TAX RATES, 58% OF MY FRIENDS' DISTRICT IS BETTER OFF ON DAY ONE. 20% OF THOSE FAMILIES THAT DON'T ITEMIZE TODAY, THEY WILL RECEIVE A TAX CUT OF $5,000. FOR THE 80% WHO ARE ITEMIZING TODAY, THEY WILL GET ON AVERAGE $2,200 IN A TAX CUT. BUT THAT'S NOT THE ONLY PEOPLE I'M WORRIED ABOUT. HOW IS THE SINGLE MOTHER WHO IS EARNING $30,000 IN YOUR DISTRICT? WELL, SHE WILL NO LONGER HAVE TO PAY ANY TAX UNDER THIS PLAN. IN FACT, SHE WILL RECEIVE A REFUND OF ABOUT $500 TO $700. HOW ABOUT THE SMALL BUSINESS, THE ENTREPRENEUR, THE FACTOR OF CREATING JOBS? OK. THE SMALL BUSINESS MAKING ABOUT $400,000 IN MARYLAND'S FIFTH DISTRICT, THAT SMALL BUSINESS OWNER WILL SEE A SAVINGS OF NEARLY $19,000. SO WHAT I'M CONFUSED IS HOW CAN'T YOU BE EXCITED ABOUT THIS BILL? IN SHORT, MR. SPEAKER, UNDER OUR PLAN I BELIEVE THE PEOPLE, NOT JUST IN MY FRIEND'S DISTRICT, BUT ALL OF AMERICA. LET ME STATE THIS, THE AVERAGE FAMILY OF FOUR EARNING $55,000 A YEAR WILL NOT PAY ANY TAX. FOR SO MANY DAYS, SO MANY YEARS I HAVE HEARD FROM THE OTHER SIDE OF THE AISLE, MY FRIEND, TALKING ABOUT THE MIDDLE CLASS. WE HAVE A BILL THAT'S ON THE FLOOR THAT'S GOING TO HELP THE MIDDLE CLASS. THE SINGLE MOTHER NOT TO PAY ANY TAX, GET MONEY BACK. THE MEDIUM FAMILY THERE GETTING $5,000 BACK. THE SMALL BUSINESS GETTING 19. I DON'T KNOW HOW MUCH MORE WE HAVE TO DO TO GET YOU EXCITED? NEXT WEEK YOU'LL HAVE THE OPPORTUNITY. I YIELD BACK.

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            • 11:34:09 AM

              MR. HOYER

              I WANT MORE, IS THE ANSWER. WHY IS THE NFIB, MR. SPEAKER, AGAINST THIS…

              I WANT MORE, IS THE ANSWER. WHY IS THE NFIB, MR. SPEAKER, AGAINST THIS BILL IF IT'S SO GOOD FOR SMALL BUSINESS? WHY IS THE AARP AGAINST THIS BILL IF IT'S SO GOOD FOR SMALL BUSINESS? WHY IS THE PETERSON FOUNDATION, WHICH IS WORRIED ABOUT THE NATIONAL DEBT. OUR REPUBLICAN FRIENDS, MR. SPEAKER, SINCE I HAVE BEEN HERE, HAVE BEEN TALKING ABOUT WE GOT TO BALANCE THE BUDGET. THE PRESIDENT SAID HE'S GOING TO BALANCE THE BUDGET IN NINE YEARS. THAT WAS HOOEY. OUR REPUBLICAN FRIENDS SAID THEY ARE GOING TO BAT BUDGET. THEY SAID IN THE PRICE BUDGET. RYAN BUDGETS. THE BUDGET DEFICIT KEEPS GETTING BIGGER. THEY HAVE BEEN IN CHARGE OF ECONOMIC POLICY FOR A LONG TIME. THE FACT OF THE MATTER IS, MR. SPEAKER, I'VE GOT A LIST OF 50 GROUPS THAT ARE AGAINST THIS BILL BECAUSE THEY THINK IT HURTS. BOTH THE DEBT AND MIDDLE INCOME PEOPLE. THE DISTRIBUTION ACCORDING NOT TO FACT CHECKERS BUT THE JOINT COMMITTEE ON TAXATION. $1 TRILLION OF THE TAX CUTS GO TO BUSINESS. $230 BILLION TO INDIVIDUALS. AND $170 BILLION ON THE STATES. ESSENTIALLY. THAT DOESN'T ADD UP TO THE $1.7 OR $1.8 TRILLION THAT HAS BEEN COMPUTED TO BE THE DEFICIT CREATED -- ADDITIONAL DEBT CREATED BY THIS BILL. IN FACT, THAT'S WHY THIS BILL IS BEING REWRITTEN RIGHT NOW. I GUARANTEE YOU. YOU CAN CALL ME ON THIS NEXT WEEK. THE BILL THAT WAS INTRODUCED LAST THURSDAY WILL NOT LOOK LIKE THE BILL THAT YOU CONSIDER ON THE FLOOR. IT WON'T. IT WON'T BECAUSE, FIRST OF ALL, THE DEBT IS A PROBLEM. FOR APPARENTLY SOME PEOPLE. IT'S A BIG PROBLEM FOR ME. WE OUGHT TO PAY FOR WHAT WE BUY. THAT'S WHAT THE CHAIRMAN OF THE WAYS AND MEANS COMMITTEE, MR. CAMP, DID. A BILL THAT WAS PAID FOR. AN HONEST BILL THAT WAS PAID FOR, AS WAS THE 1986 TAX REFORM BILL. IT DID NOT ADD TO THE DEBT. THIS ADDS AN EXTRAORDINARY AMOUNT TO THE DEBT. AS A MATTER OF FACT, IT ADDS IN ONE FELL SWOOP THE DEBT THAT WAS CREATED ON THE REAGAN ADMINISTRATION, APPROXIMATELY $1.7 TRILLION. IT'S BEING REWRITTEN NOW. MY PRESUMPTION IS AS WE HAVE DONE 49 TIMES THIS YEAR, THAT THIS BILL WILL BE PRESENTED UNDER A CLOSED RULE. IN A TRANSPARENT CONGRESS. WHERE EVERYBODY'S VIEWS ARE GOING TO BE CONSIDERED. I WOULD -- I STAND HERE AND SAY, YOU'RE NOT GOING TO BRING THIS BILL TO THE FLOOR WITH AN OPEN RULE WHERE AMENDMENTS CAN BE OFFERED AND PEOPLE CAN DISCUSS OPTIONS. AND WE CAN SEE WHAT THE RAMIFICATIONS ARE TO MIDDLE CLASS TAXPAYERS. JOINT COMMITTEE ON TAXATION ALSO POINTED OUT THAT OF THIS FIGURELE INDIVIDUALS ARE GOING TO GET A TAX CUT OF WHICH MR. RYAN TALKS ABOUT OF $1,182 IN TYPICAL FAMILY HE REFERS TO THEM. BUT THAT THAT FIGURE WILL START TO GO DOWN IN 2019, WILL GO DOWN FURTHER IN 2020. SO THAT IT IS A BAIT AND SWITCH . GET IT UP FRONT BUT WE'LL TAKE IT AWAY. IN THE WAYS AND MEANS COMMITTEE ONE OF THE REASONS, MR. SPEAKER, I TELL THE MAJORITY LEADER, I'M NOT VERY ENTHUSIASTIC, IS BECAUSE IN THE WAYS AND MEANS COMMITTEE THEY SAID, DO WE ALSO DO THIS FOR BUSINESSES? DO WE ALSO DO IT FOR THE ESTATE TAX? DO WE ALSO DO IT FOR THE WEALTHY? THE ANSWER TO THAT QUESTION IS -- NO NO. ONLY THE TO THAT QUESTION IS -- NO NO. ONLY THE MIDDLE INCOME WORKER HAS THEIR TAX CUT REDUCED OVER THE NEXT FIVE YEARS. BUT NOT SO BUSINESS. WE ELIMINATE THE STUDENT LOAN DEDUCTION. WE ELIMINATE THE MEDICAL EXPENSE DEDUCTION SO IF YOU HAVE A MAJOR MEDICAL EXPENSE YOU ARE GOING TO LOOSE UNDER THIS BILL. ELIMINATION OF THE DEDUCTION FOR MOVING EXPENSES IF YOUR EMPLOYER WANTS YOU TO GO MORE THAN 50 MILES FROM YOUR HOME. ELIMINATES THE DEDUCTION FOR THE ADOPTION TAX CREDIT. THAT COULD BE A CREDIT OF $13,570 PER ELIGIBLE CHILD THAT YOU WILL LOSE. ELIMINATES DEDUCTION FOR TEACHERS THAT HELPS THEM PURCHASE PENCILS, PAPERS, RULERS, OTHER MATERIALS FOR STUDENTS. IT ELIMINATES THE DEDUCTION FOR DEPENDENT CARE ASSISTANCE, A SUBSTANTIAL CHALLENGE FOR MANY, MANY OF OUR FAMILIES IN AMERICA. ELIMINATES PERSONAL EXEMPTIONS THAT AMERICANS CURRENTLY -- WHICH THEY CAN CURRENTLY DEDUCT FOR THEMSELVES, A SPOUSE, AND DEPENDENTS THAT GROWS WITH THE SIZE OF FAMILY. AND IF YOU HAVE A LARGE FAMILY, YOU LOSE UNDER THIS BILL. IF YOU HAVE ONE CHILD, THE MAJORITY LEADER MAY BE RIGHT. WHEN YOU GET TO TWO CHILDREN, THREE CHILDREN, FOUR CHILDREN, WITH NO DEDUCTIONS, YOU ARE GOING TO LOSE UNDER THIS BILL. THAT'S WHY I'M NOT VERY ENTHUSIASTIC ABOUT IT. I TELL THE LEADER, MR. SPEAKER, AND PERHAPS THE CHANGES WILL MAKE ME MORE ENTHUSIASTIC. PERHAPS THERE WILL BE A RECOGNITION THAT THIS IS NOT THE BILL THAT IS GOING TO DO WHAT IT IS PURPORTED TO DO. NEXT, MR. SPEAKER, I WANT TO GO TO ONE OTHER ISSUE -- I JACKSON LEE TO MY FRIEND.

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            • 11:40:19 AM

              MR. MCARTHY

              I THANK THE GENTLEMAN FOR YIELDING. I CAUTION THE GENTLEMAN ON SOME OF THE…

              I THANK THE GENTLEMAN FOR YIELDING. I CAUTION THE GENTLEMAN ON SOME OF THE THINGS THAT HE SAYS BECAUSE DO I NOT WANT HIM TO END UP WITH ANY PINOCCHIOS. THE GENTLEMAN KNOWS MY FONDNESS FOR HIM. JUST TODAY IN THE "WASHINGTON POST" WE HAD A JOINT EDITORIAL ABOUT OUR TRIP DOWN TO PUERTO RICO, VIRGIN ISLANDS, AND TO FLORIDA, THE KEYS. BUT THE ONE THING DO I WANT TO SAY TO THE GENTLEMAN, I KNOW YOU MENTIONED A FEW PEOPLE AT THE VERY BEGINNING, NFIB, WHETHER THEY SUPPORT THE BILL OR NOT. I'D SAY JUST STAY TUNED. WHEN THE GENTLEMAN TALKS ABOUT WILL THERE BE NFIB, WHETHER THEY SUPPORT CHANGES IN THE BILL, THIS IS THE PROCESS. WHEN YOU GO THROUGH COMMITTEE, DO YOU NOT WANT TO HAVE THE COMMITTEE TO HAVE INPUT? SO THERE WILL BE SOME CHANGES. SUBSTANTIALLY? NO. I DO ALSO WANT TO ADVISE MY GOOD FRIEND, MAYBE I CHANGES IN THE BILL, YOU TO CLAUSE 5-A OF RULE 21 OF THE HOUSE RULES. THAT WILL TELL YOU HOW A BILL COMES TO THE FLOOR COMING OUT OF COULD REFER WAYS AND MEANS WHEN IT DEALS WITH TAXES. I KNOW THE GENTLEMAN TALKS ABOUT DEBT. I KNOW THE GENTLEMAN BROUGHT UP ABOUT TEACHERS. THAT'S A $250 TAX CREDIT. THE ONLY CONCERN I HAVE, IT'S ONLY IN WASHINGTON THAT THEY COULD BE OPPOSED TO A BILL BECAUSE THEY THINK WE'RE ELIMINATING A $250 TAX DEDUCTION WHILE WE'RE GIVING SOMEBODY $12,000 MORE TAX FREE. THERE'S A LOT MORE THERE GOING AROUND. I THINK THAT IS A MUCH BIGGER GIFT. IF YOU ASK THE AMERICAN PUBLIC WHAT THEY WANTED, I GUARANTEE YOU WHICH SIDE THEY WOULD PICK. YOU TALK ABOUT DEBT. ABOUT DEBT. I HAVE GREAT RESPECT FOR YOU. JUST A FEW WEEKS AGO YOU VOTED FOR A BUDGET THAT CALLED TO RAISE TAXES FOR $3.9 TRILLION. THAT SAME BUDGET WOULD ALSO INCREASE THE DEFICIT BY $6.8 TRILLION. THAT'S NOT WHAT YOU SAID ON THE FLOOR, THAT'S WHAT YOU DID ON THE FLOOR. OVER 10 YEARS. AND IT ASSUMED A $764 BILLION DEFICIT IN 2027. NOW, WE HAD A BUDGET RAISE TAXES FOR $3.9 TRILLION. THAT SAME BUDGET ON OUR SIDE, AND A BUDGET LAYS OUT THE FRAMEWORK FOR THE FUTURE. THE REPUBLICAN BUDGET RESULTED IN $197 BILLION SURPLUS IN 20 27. AND A $2.6 TRILLION IN DEFICIT OVER 10 YEARS. SO I AM CONCERNED ABOUT THE BUDGET AND MY VOTES SHOW THAT. AND I WANT TO PUT US ON A PATH WHERE WE BALANCE. WE HAD THIS DEBATE JUST A COUPLE WEEKS AGO. IN THAT DEBATE SET UP THE MECHANISM TO GO TO TAX. AND THE ONE THING I HAVE LEARNED TIME AND AGAIN, YOU AND I HAVE HAD THIS DISCUSSION, WE GOT TO PROTECT THE ENTITLEMENTS FOR THE FUTURE, BUT WE KNOW THAT'S WHAT'S GOING TO BREAK IF WE DON'T DO SOMETHING ABOUT IT. BUT WE HAVE TO GROW THE ECONOMY. AND WE HAVE WATCHED THE HISTORY OF AMERICA, EVERY GENERATION HAS IMPROVED ON THE GENERATION BEFORE IT. WITH 75% OF AMERICANS BELIEVE THIS GENERATION WILL NOT. WHY? THE LAST 10 YEARS. IT'S BEEN OUR LOWEST GROWTH AND WE HAVE SEEN IN DECADES. WE HAVE ALWAYS AVERAGED MORE THAN THREE BUT WE DIDN'T THEN. WE HAVE JUST GONE THROUGH TWO QUARTERS AT 3%. WE HAD FIVE HURRICANES. I WATCHED THE ATLANTA FED LOOK AT THIS AND SAY WE COULD BE ABOVE FOUR. YOU KNOW WHAT OPPORTUNITIES WE HAVE? SO IT JUST WON'T BE THE MARYLAND FIFTH THAT IS GETTING THAT MONEY BACK OR THE SMALL BUSINESSES THAT ARE HIRING MORE WITH THAT 19,000. IMAGINE WHAT THAT FAMILY WILL DO WITH THAT $5,000. THEY'LL GET TO DETERMINE THAT. THEY'LL BUY MORE THAN JUST THE PENCIL. THEY'LL INVEST IN THEIR KIDS' FUTURE. SO I THINK IT IS AN OPPORTUNITY FOR ALL OF US TO COME TOGETHER. PUT PEOPLE BEFORE POLITICS AND LET'S MAKE SURE THIS BILL GOES OUT IN A VERY STRONG VOTE. I YIELD BACK. IMAGINE WHAT THAT FAMILY WILL DO WITH THAT $5,000. THEY'LL GET TO

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            • 11:44:08 AM

              MR. HOYER

              I THANK THE GENTLEMAN. MR. SPEAKER, I HEARD ALMOST WORD FOR WORD THE…

              I THANK THE GENTLEMAN. MR. SPEAKER, I HEARD ALMOST WORD FOR WORD THE MAJORITY PARTY INTONE THAT VISION AND PREDICTION WHEN WE PASSED THE 2001 AND 2003 TAX CUTS. ALMOST WORD FOR WORD. THAT ECONOMIC POLICY STAYED IN PLACE UNTIL 2009. WHY? BECAUSE THE REPUBLICANS CONTROLLED THE HOUSE, THEY CONTROLLED THE SENATE, AND THEY CONTROLLED THE PRESIDENCY. AND WHAT DID IT BRING US? AN ALMOST HOOVER-LIKE DEPRESSION. NOT QUITE. NOT QUITE BECAUSE WHEN WE CAME INTO OFFICE WE I VEST -- WE INVESTED IN A DECLINING ECONOMY TO BRING IT BACK. MR. SPEAKER, THE MAJORITY LEADER DIDN'T RESPOND WHEN I SAID THE GROWTH OF JOBS WAS BETTER IN 2016 UNDER BARACK OBAMA THAN IT HAS BEEN UNDER ROND REAGAN -- EXCUSE ME, UNDER DONALD TRUMP. . WE'RE GOING TO HAVE AN OPPORTUNITY TO DEBATE THIS BILL BUT I WILL TELL MY FRIEND WHEN HE SAYS THIS IS THE PROCESS. THE PROCESS IS GOING TO BE THAT THE CHAIRMAN OF THE COMMITTEE WILL COME IN WITH A MAJOR AMENDMENT TO THIS BILL THAT NONE OF US ON THIS SIDE WILL HAVE SEEN AND THE BILL WILL BE BROUGHT TO THE FLOOR NEXT WEEK. MY FRIEND THE MAJORITY LEADER, AND I WANT TO SAY SOMETHING, HE'S MY FRIEND AND WE DO COOPERATE IN A POSITIVE FASHION. WE DISAGREE STRONGLY ON THIS ISSUE. I'M AGAINST THE CREATION OF DEBT. HE MENTIONS THE BUDGET. OK. THAT'S A FAIR POINT. BUT I'VE BEEN PRETTY CONSISTENT THROUGHOUT MY CAREER TO JOIN WITH THE PETERSON FOUNDATION THAT SAYS WE HAVE TO GET A HANDLE ON THIS DEBT. WE HAVE A GROWING ECONOMY, 4.1% UNEMPLOYMENT. STOCK MARKET GOING UP. SO WHAT DO WE HAVE HERE? AN EXTRAORDINARY STIMULUS BILL. 1.5, 1.6, 1.7 TRILLION DOLLARS OF DEBT. PRESUMABLY AS THE MAJORITY LEADER ADMITS, TO STIMULATE THE ECONOMY. VERY FRANKLY IF DEMOCRATS WERE DOING THIS, WE WOULD BE SAVAGED BY THE OTHER SIDE. BUT WE'LL DEBATE THIS. WE'LL LOOK FORWARD TO SEING HOW THE BILL IS GOING TO BE WHEN IT COMES TO THE FLOOR. HOPEFULLY WE MIGHT GET THE MANAGER'S AMENDMENT OR THE, BETTER SAID, THE CHAIRMAN'S AMENDMENT, PRIOR TO ITS COMING TO THE FLOOR. I WOULD HOPE WE WOULD HAVE AT LEAST 48 OR EVEN 24 HOURS NOTICE OF WHAT THAT AMENDMENT IS GOING TO LOOK LIKE. SO THE -- NOT ONLY WE, BUT THE AMERICAN PEOPLE THAT WILL HAVE NO OPPORTUNITY TO COME IN AND GIVE THEIR OPINIONS, TESTIFY, BUT AT LEAST THEY WILL KNOW WHAT WE'RE VOTING ON. AND WE WILL TRY TO MAKE SURE THEY KNOW. ONE OTHER ISSUE I WOULD LIKE TO SPEAK ABOUT, MR. SPEAKER, BEFORE WE END AND THAT IS THE REQUEST OF THE PRESIDENT OF THE UNITED STATES -- REQUEST THAT THE PRESIDENT OF THE UNITED STATES MADE TO US. HE SAID THAT THE ORDER ISSUED BY PRESIDENT OBAMA DEALING WITH CHILDHOOD ARRIVALS WHO CAME HERE AS MINORS, NOT OF THEIR OWN VOLITION, DACA. DEFERRED ACTION FOR CHILDHOOD ARRIVALS. THERE WERE A NUMBER OF REPUBLICANS WHO HAD A PRESS CONFERENCE TODAY AND THEY SAID WE OUGHT TO PASS THAT BILL BEFORE THE END OF THIS YEAR. I URGE THE MAJORITY LEADER PASS THIS BILL BY THE END OF NEXT WEEK, BEFORE THE THANKSGIVING BREAK. THIS, MR. SPEAKER, I BELIEVE IS AN ISSUE ON WHICH, AS MR. BARTON SAID, ONE OF THE SENIOR MEMBERS ON THE REPUBLICAN SIDE OF THE AISLE, SAID, IF IT BROUGHT TO THE FLOOR IT WOULD HAVE OVER 300 VOTES. REPRESENTATIVE BARTON SAID THAT, NOT ME. I SAID THAT LAST WEEK. I'M GLAD MR. BARTON AGREES WITH ME. WE NEED TO TAKE CARE OF THIS ISSUE AT THE REQUEST OF THE PRESIDENT OF THE UNITED STATES WHO SAID, I LOVE THESE KIDS. HE DIDN'T FOLLOW THAT WITH, I'M NOT GOING TO SEND THEM OUT OF THE COUNTRY. WHAT HE SAID WAS, THEY WERE NOT PROTECTED IN THE PROPER WAY AND ASK THE CONGRESS TO TAKE CARE OF THIS. I HAVE URGED THE MAJORITY LEADER, MR. SPEAKER, FOR THE LAST 2 1/2 MONTH, TWO MONTHS, TO BRING THIS TO THE FLOOR. I KNOW THAT A TASK FORCE HAS BEEN APPOINTED. I DON'T KNOW THAT THE TASK FORCE HAS REACHED A CONCLUSION. BUT I WOULD URGE THE MAJORITY LEADER AND SPEAKER RYAN WHO URGED THE PRESIDENT NOT TO RESCIND THE PROTECTION OF THESE YOUNG PEOPLE, HE URGED HIM NOT TO RESCIND OBAMA'S ORDER, BUT WHEN HE DID, THE PRESIDENT SAID, I'M GOING TO DO IT, IT WASN'T DONE PROPERLY. IT'S THE CONGRESS' RESPONSIBILITY. MR. LEADER, I WOULD URGE YOU TO BRING TO THE FLOOR THE DREAM ACT WHICH IS THE MANIFESTATION OF THE RESPONSE TO THAT, AND THERE ARE OTHER OPTIONS AS WELL. WE UNDERSTAND THAT. BUT SOMETHING OUGHT TO BE BROUGHT TO THE FLOOR SO THAT THESE YOUNG PEOPLE ARE NOT TWISTING IN THE WIND THROUGH THANKSGIVING, THROUGH CHRISTMAS, THIS IS THE COUNTRY THEY KNOW. THIS IS THE COUNTRY IN WHICH THEY HAVE BEEN BROUGHT UP. AND WHEN RUSH LIMBAUGH SAYS WE'RE NOT GOING TO SEND THESE KIDS HOME, I CAN'T BELIEVE THAT ANY OF US ON THIS FLOOR ARE GOING TO VOTE TO SEND THESE YOUNG PEOPLE HOME. BUT WE NEED LEGISLATION TO PASS TO PROTECT THEM. TO GIVE THEM THE CONFIDENCE. THERE'S A WONDERFUL EDITORIAL. I URGE ALL OF YOU TO READ IT. BOB GATES, OUR FORMER SEC RETEAR OF DEFENSE, UNDER BOTH BUSH AND OBAMA, WROTE AN EDITORIAL ABOUT THE THOUSANDS OF ESSENTIALLY DACA CHILDREN WHO HAVE SERVED, YOUNG PEOPLE, WHO HAVE SERVED IN OUR ARMED FORCES. SERVED VALIANTLY. AS A MATTER OF FACT , HE SAYS THE ATTRITION RATE IS A LOT LESS WITH DACA PROTECTED INDIVIDUALS THAN IT IS WITH OTHERS. BOB GATES IS RIGHT. WE OUGHT TO ACT. PRESIDENT TRUMP IN THIS INSTANCE IS RIGHT. IT'S OUR RESPONSIBILITY, WE OUGHT TO ACT. FRED UPTON SAID THAT TODAY IN A PRESS CONFERENCE. JOE BARTON SAID THAT IN A PRESS CONFERENCE. THE GENTLEMAN FROM WASHINGTON STATE WHO LED THE PRESS CONFERENCE SAID THAT. MR. LEADER, THIS IS AN ISSUE I THINK ON WHICH WE AGREE. TAX BILL IS GOING TO BE AN ISSUE ON WHICH WE IN CONTENTION. LET'S GIVE THE AMERICAN PEOPLE ANOTHER EXAMPLE, AS WE HAVE IN THE PAST OF COURSE A PLACE WHERE WE CAN WORK TOGETHER, GET SOMETHING CONSTRUCTIVE AND POSITIVE DONE FOR OUR COUNTRY, AND FOR THESE YOUNG PEOPLE. I YIELD TO MY FRIEND.

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            • 11:51:53 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING. WE HAVE PUT A TASK FORCE TOGETHER, I…

              I THANK THE GENTLEMAN FOR YIELDING. WE HAVE PUT A TASK FORCE TOGETHER, I SERVE ON THAT TASK FORCE, WE HAVE MET OVER HALF A DOZEN TIMES. IT'S TRUE WHEN THE PRESIDENT MADE THE DECISION HE MADE IT BASED UPON WHETHER IT WAS LEGAL OR NOT FOR AN ACTION THE EXECUTIVE BRANCH TOOK. BECAUSE COURTS SAID IT WAS NOT. SO IT WAS RIGHTFULLY SO MOVED BACK INTO THIS BODY WHICH IS THE LEGISLATIVE BRANCH HE GAVE US SIX MONTHS TO GET THE JOB DONE. AND THAT'S WHAT WE'RE CONTINUING TO WORK ON. I LOOK FORWARD TO CONTINUING TO WORK WITH THE GENTLEMAN TO GET THIS DONE AND I BELIEVE WE'LL BE ABLE TO. THERE'S ONE POINT I DO WANT TO BRING UP THAT THE GENTLEMAN MADE BEFORE. I DO KNOW HE'S CONCERNED ABOUT. THE GENTLEMAN KNOWS IF WE JUST GET 1% OF GROWTH IN THE G.D.P., THAT WILL ADD OVER $1 TRILLION OF EXTRA REVENUE. THE ATLANTA FED IS SAYING WE'RE GOING TO GET ONE AND A HALF. WHO KNOW HOUSE HIGH WE COULD GO, BUT I WOULD NEVER WANT TO PUT A CEILING ON AMERICA. I WILL ALWAYS BET ON AMERICA. I JUST WANT TO UNSHACKLE THE THINGS THAT HOLD US BACK. AND YOU ARE CORRECT YOU TALKED ABOUT, WE NOW HAVE THE LOWEST UNEMPLOYMENT IN DECADES. THE STOCK MARKET HIT THIS WEEK THE 58TH TIME THEY BROKE A RECORD SINCE WE HAD THE ELECTION A YEAR AGO. AND BUSINESS CONFIDENCE IS AT AN ALL-TIME HIGH. AND MOST OF THAT IS HAPPENING BECAUSE AMERICA HAS THE ANTICIPATION OF US PASSING THE TAX BILL. THAT'S WHY I THINK THIS IS A MOMENT THAT'LL BE SIGNIFICANT IN EVERY MEMORY. THEY'LL LOOK BACK ON THEIR VOTE NEXT WEEK AS ONE OF THE MOST IMPORTANT VOTES THEY WOULD EVER TAKE. WHAT WAS THE FUTURE YOU WANT TO HAVE FOR YOUR CHILDREN? WHAT HAVE THE -- WHAT WAS THE OPPORTUNITY YOU WANTED TO GIVE THEM? DID YOU PUT THE RHETORIC ASIDE? DID YOU LOOK AT THE BILL PACE BASE ODDEN CONSTITUTIONALITY, DID YOU LOOK AT THE BILL PACED ON YOUR OWN CONSTITUENTS? TAKE YOUR PARTISAN HAT OFF AND WHEN YOU LOOK AT THAT, AT THE END OF THE DAY, IF IT EMPOWERS YOUR SMALL BUSINESS IF IT GIVES EVERY AMERICAN MORE MONEY IN THEIR OWN POCKET, IF THE PROJECTIONS ARE IT'S GOING TO GROW DO WHAT'S RIGHT. DO WHAT'S RIGHT FOR AMERICA AND I BELIEVE AT THE END OF THE DAY, HISTORY WILL TREAT YOU WELL. I YIELD BACK.

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            • 11:54:22 AM

              MR. HOYER

              I THANK THE GENTLEMAN FOR HIS REMARKS. I WILL SAY ON THIS FLOOR, THE FACT…

              I THANK THE GENTLEMAN FOR HIS REMARKS. I WILL SAY ON THIS FLOOR, THE FACT CHECKERS CHECK ME, MILLIONS AND MILLION AND MILLIONS OF TAXPAYERS -- MIDDLE CLASS TAXPAYERS WILL GET A TAX INCREASE ON THIS BILL. CHECK ME. MILLIONS OF PEOPLE. AND WHY DO I SAY THAT? BECAUSE THE JOINT COMMITTEE ON TAXATION TELLS ME THAT. OTHER THINK GROUPS TELL ME THAT. FROM THE CONSERVATIVE SIDE OF THE LEDGER. SO WE'LL ARGUE THIS BILL BUT I WILL REPEAT AGAIN I'VE HEARD THAT ARGUMENT OVER AND OVER AND OVER AGAIN. I HEARD IT IN 1981, WE EXPLODED THE DEBT. I HEARD IT IN 2001 AND 2003 AND WE EXPLODED THE DEBT. AND WE HAD THE DEEPEST RECESSION ANYBODY ON THIS FLOOR WHO IS SITTING HERE NOW HAS EXPERIENCED. AND I HEAR IT TODAY. AND THE REASON THE PETE PETERSON FOUNDATION IS AGAINST THIS, THEY BELIEVE EXPLODING THE DEBT BY ANOTHER $1.5 TRILLION WILL BE OF EXTRAORDINARY DETRIMENT TO OUR COUNTRY, AND I WANT TO SAY TO EVERY MEMBER, MR. SPEAKER, WHEN YOU GET UP AND SAY, I DON'T WANT TO HURT MY CHILDREN, THERE MAY BE PEOPLE WHO GET A TAX CUT UNDER THIS BILL. BUT I GUARANTEE YOU THE PEOPLE WHO ARE GETTING A TAX INCREASE, IN ADDITION TO THE MIDDLE CLASS I HAVE JUST TALKED TO, ARE THE CHILDREN. THEY'RE GOING TO HAVE TO PAY OFF THIS DEBT. WE WILL NOT PAY IT OFF. SO IF, WHEN YOU SPEAK ON THIS FLOOR AND SAY IT IS A MORAL ACT TO PUT OUR CHILDREN MORE DEEPLY INTO ACT IF YOU BELIEVE THAT, YOU WILL NOT BE ABLE TO VOTE FOR THIS BILL. UNLESS THE GENTLEMAN WANTS TO SAY SOMETHING FURTHER, I YIELD BACK THE BALANCE OF MY TIME. I YIELD BACK THE BALANCE OF MY TIME.

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            • 11:56:25 AM

              THE SPEAKER PRO TEMPORE

              THE CHAIR WILL NOW ENTERTAIN REQUESTS FOR ONE-MINUTE SPEECHES. FOR WHAT…

              THE CHAIR WILL NOW ENTERTAIN REQUESTS FOR ONE-MINUTE SPEECHES. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MONTANA SEEK RECOGNITION? WITHOUT OBJECTION THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 11:56:43 AM

              >>

              MR. SPEAKER, WITH VETERANS DAY APPROACHING I WANT TO RECOGNIZE THE LIFE,…

              MR. SPEAKER, WITH VETERANS DAY APPROACHING I WANT TO RECOGNIZE THE LIFE, SERVICE, AND HEROISM OF JACK HENLEY OF HAMILTON, MT. -- HAMILTON, MT. -- MONTANA.

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            • 11:57:04 AM

              MR. GIANFORTE

              MEN THROUGH HEAVY FIRE AND DIDN'T LOSE A SINGLE MAN HE TWICE REENTERED THE…

              MEN THROUGH HEAVY FIRE AND DIDN'T LOSE A SINGLE MAN HE TWICE REENTERED THE FIELD TO SAVE TWO MEN HE EARNED A SILVER STAR AN PURR -- PURPLE HEART HE RE-ENLISTED IN 1948, TRAINING TROOPERS IN KOREAN WAR AND CONTINUED TO SERVE IN THE ARMY RESERVE UNTIL 1984. DURING HIS 28 YEAR OF SERVICE HE WAS AWARDED 18 MEDALS AND DECORATIONS. HIS NAME IS INCLUDED IN THE HALL OF VALOR HERE IN WASHINGTON, D.C. I'M PROUD TO HAVE HIM AS A FELLOW MT.IAN AND I'M HONORED TO RECOGNIZE -- FELLOW MONTANAN AND I'M HONORED TO RECOGNIZE HIS LIFE. MAY WE ALWAYS RECOGNIZE HIS STORY AND ALL OF OUR NATION'S VETERANS. THANK YOU, MR. SPEAKER, WITH THAT, I YIELD BACK.

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            • 11:57:50 AM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW JERSEY SEEK RECOGNITION?…

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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          • 11:58:21 AM

            ONE MINUTE SPEECHES

            The House proceeded with further one minute speeches.

            • 11:59:13 AM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM PENNSYLVANIA SEEK RECOGNITION?

            • 11:59:20 AM

              >>

              CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE AND EXTEND MY…

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

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            • 11:59:25 AM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 11:59:28 AM

              MR. THOMPSON

              MARKS THE 242ND BIRTHDAY OF THE U.S. MARINE CORPS. IN TODAY'S…

              MARKS THE 242ND BIRTHDAY OF THE U.S. MARINE CORPS. IN TODAY'S UNPREDICTABLE WORLD, THE MARINES ARE AS IMPORTANT AS EVER BEFORE. I'M PROUD TO HAVE A MEMBER OF THE MARINE CORPS SERVING AS A LEGISLATIVE FELLOW IN MY WASHINGTON OFFICE. PAUL CAMACHO ACHIEVED THE RANK OF STAFF SERGEANT FROM 2000 TO 2008. HE SERVED AS A FIELD ARTILLERY CANNONEER. AT ONE POINT HE WAS THE YOUNGEST MARINE IN THE MARINE CORPS AN ACHIEVEMENT CELEBRATED EACH YEAR DURING CAKE-CUTTING CEREMONIES TON THE MARINE CORPS BIRTHDAY. THANK YOU TO YOUR SERVICE AND THANK YOU TO ALL WHO HAVE SERVED IN ONE OF THE MOST RESPECTED FIGHTING FORCES IN THE WORLD. MR. SPEAKER, IT WAS PRESIDENT RONALD REAGAN WHO SAID, QUOTE, SOME PEOPLE SPEND AN ENTIRE LIFETIME WONDERING IF THEY MADE A DIFFERENCE IN THE WORLD BUT THE MARINES DON'T HAVE THAT PROBLEM. END QUOTE. HAPPY BIRTHDAY. THANK YOU, MR. SPEAKER, I YIELD BACK. .

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            • 12:00:35 PM

              THE SPEAKER PRO TEMPORE

              FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION. THE GENTLEMAN IS…

              FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:00:49 PM

              >>

              MR. SPEAKER, STUDY AFTER STUDY HAS SHOWN THAT ILLEGAL VOTING IS…

              MR. SPEAKER, STUDY AFTER STUDY HAS SHOWN THAT ILLEGAL VOTING IS EXTRAORDINARILY RARE AND VOTER FRAUD IS ALMOST NONEXISTENT. INSTEAD OF CHASING AFTER MYTHICAL CLAIMS OF VOTER FRAUD, THE FEDERAL GOVERNMENT MUST ADDRESS ACTUAL THREATS TO OUR ELECTORAL SYSTEM. IT IS IMPERATIVE WE PROTECT THE INTEGRITY OF OUR ELECTIONS, BUT THE ADMINISTRATION IS INTERESTED IN CHASING VOTER FRAUD UNY CORN, CYBERSECURITY, WEAKNESS AND FOREIGN MEDLING.

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            • 12:01:33 PM

              MR. PAYNE

              PROTECT THE INTEGRITY OF OUR ELECTIONS, WE MUST EXPAND VOTING RIGHTS FOR…

              PROTECT THE INTEGRITY OF OUR ELECTIONS, WE MUST EXPAND VOTING RIGHTS FOR ALL AMERICANS AND MUST MODERNIZE OUR VOTING SYSTEM. AND WE MUST APPOINT AN INDEPENDENT COMMISSION TO INVESTIGATE FOREIGN MEDLING INTO THE ELECTORAL SYSTEM BEFORE THE 2018 FEDERAL ELECTION. WITH THAT, I YIELD BACK.

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            • 12:01:56 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA -- PENNSYLVANIA SEEK…

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA -- PENNSYLVANIA SEEK RECOGNITION?

              Show Full Text
            • 12:02:04 PM

              >>

              SEEK RECOGNITION?

            • 12:02:09 PM

              THE SPEAKER PRO TEMPORE

              AND EXTEND. THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. THE GENTLEMAN IS…

              AND EXTEND. THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:02:13 PM

              >>

              TODAY ON VETERANS' DAY WE SALUTE THOSE WHO DEFENDED OUR GREAT NATION AND…

              TODAY ON VETERANS' DAY WE SALUTE THOSE WHO DEFENDED OUR GREAT NATION AND SERVED IN UNIFORM. WE SAY THANK YOU FOR OFFERING YOURSELF AND YOUR SERVICES FOR THE BETTERMENT OF OUR NATION.

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            • 12:02:30 PM

              MR. FITZPATRICK

              THE FREEDOM WE ENJOY HERE AT HOME. YOU COMMAND OUR RESPECT. YOU CONTINUE…

              THE FREEDOM WE ENJOY HERE AT HOME. YOU COMMAND OUR RESPECT. YOU CONTINUE THE GREATEST TRADITION AND YOU ARE A ROLE MODEL TORE YOUNGER GENERATIONS OF AMERICANS. TO THE TAM LIST WHO HAVE SACRIFICED, WE SAY THANK YOU. YOU PROVIDE THE LOVE AND CARE NECESSARY FOR OUR MEN AND WOMEN TO CONTINUE THEIR HONORABLE WORK. OUR GRATITUDE IS ENDURING, OUR SUPPORT FOR YOU STEADFAST. WE HAVE YOUR BACK. I YIELD BACK.

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            • 12:03:11 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

            • 12:03:15 PM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE -- THE GENTLELADY SEEK…

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE -- THE GENTLELADY SEEK RECOGNITION?

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            • 12:03:21 PM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

            • 12:03:24 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

            • 12:03:30 PM

              >>

              MR. SPEAKER, I RISE TODAY TO OPPOSE THE REPUBLICAN TAX PLAN AND TO…

              MR. SPEAKER, I RISE TODAY TO OPPOSE THE REPUBLICAN TAX PLAN AND TO HIGHLIGHT ANOTHER DEVASTATING PROPOSAL IN IT. THE REPUBLICAN TAX PLAN PROPOSES TO ELIMINATE THE MEDICAL EXPENSE DEDUCTION. ELIMINATING THIS DEDUCTION COULD RAISE TAXES ON NEARLY NINE MILLION PEOPLE INCLUDING CANCER PATIENTS AND THEIR FAMILIES, SENIORS AND CHRONIC HEALTH PLANS. CURRENTLY PEOPLE WITH HIGH HEALTH CARE COSTS CAN DEDUCT MEDICAL EXPENSES THAT EXCEED 10% OF THEIR TOTAL INCOME. IF YOU ARE A RETIREE LIVING IN SOUTHERN CALIFORNIA SUFFERING FROM M.S. AND YOU LIVE ON $75,000 A YEAR ANNUAL PENSION, YOU COULD WRITE OFF 70,000 A YEAR IN MEDICAL EXPENSES GIVING THAT PERSON A TAX BAKE OF $20,000. REMOVING THE MEDICAL DEDUCTION WOULD SPELL FINANCIAL DISASTER. NOW HALF OF THOSE CLAIMING THE DEDUCTION HAVE INCOME BELOW $50,000. THINK ABOUT HOW DEVASTATING LOSING THIS DEDUCTION WILL BE. I CAN'T STAND BY WHILE MY REPUBLICAN COLLEAGUES TAKES MONEY FROM THE SICKEST AND NEEDIEST IN ORDER TO GIVE TAX CUTS TO CORPORATIONS AND TOP 1% OF EARNERS. THIS IS A BAD BILL. WITH THAT, I YIELD BACK.

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            • 12:04:56 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM VIRGINIA SEEK RECOGNITION?

            • 12:05:00 PM

              >>

              THE HOUSE AND REVISE AND EXTEND.

            • 12:05:05 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 12:05:12 PM

              >>

              MR. SPEAKER, I RISE TO SALUTE ALL VETERANS ON THIS DAY. AS VETERANS YOU…

              MR. SPEAKER, I RISE TO SALUTE ALL VETERANS ON THIS DAY. AS VETERANS YOU MAY FOREVER AND ETERNALLY TAKE YOUR LINE WHETHER VOLUNTARY OR DRAFTED WITH USE, VIGOR AND BRAVERY FOR YOUR NATION, YOUR FAMILY AND THE SOLDIER ON YOUR LEFT OR RIGHT. ON THIS DAY, WE BESTOW HONOR UPON YOU. BLAUSE OF THE STANDARD YOU HAVE SET, FUTURE GENERATIONS WILL CONTINUE TO SERVE WITH PROVIDED IN OUR AMERICAN HERITAGE AND WILLING TO UPHOLD OUR AS FREE PEOPLE AND SHALL FIGHT FOR FREEDOM WHATEVER THE COSTS WITH DOGGED PERSISTENCE AND HAPPY VETERANS DAY AND MAY GOD LIFT YOU UP AND MAY HE ALWAYS BLESS THESE UNITED STATES. AND I YIELD BACK.

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            • 12:06:08 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

            • 12:06:11 PM

              >>

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

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

              Show Full Text
            • 12:06:19 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED.

            • 12:06:24 PM

              >>

              LET US STRIVE TO BIND UP OUR NATION'S WOUNDS TO CARE TORE HIM THAT HAVE…

              LET US STRIVE TO BIND UP OUR NATION'S WOUNDS TO CARE TORE HIM THAT HAVE BORNE THE BATTLE, HIS WIDOW AND HIS ORPHAN. THOSE WORDS WERE BY PRESIDENT LINCOLN IN THE SECOND INAUGURAL ADDRESS WHERE HE SET OUR NATION'S OBLIGATION TO OUR VETERANS. ON THE EVE OF VETERANS DAY, I RISE TO HONOR OUR HEROES, THE MEN AND WOMEN AND WHO SERVED OUR NATION AND REMIND US OF OUR RESPONSIBILITY TO THOSE OUR VETERANS.

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            • 12:06:57 PM

              MR. PANETTA

              TO THOSE WHO SERVE US. I YIELD BACK.

            • 12:07:47 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TENNESSEE SEEK RECOGNITION?

            • 12:07:52 PM

              >>

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

            • 12:07:57 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION.

            • 12:07:58 PM

              >>

              I RISE TODAY IN HONOR OF VETERANS DAY WHICH IS SATURDAY, NOVEMBER 11. ON…

              I RISE TODAY IN HONOR OF VETERANS DAY WHICH IS SATURDAY, NOVEMBER 11. ON THIS VETERANS DAY, I KNOW YOU JOIN ME IN HONORING THE BRAVE MEN AND WOMEN WHO SERVE IN OUR ARMED FORCES. THERE IS NO GREATER SACRIFICE THAN TO LAY YOUR LIFE ON THE LINE FOR YOUR FAMILY, FRIENDS, NEIGHBORS AND COUNTRY. WE MUST REMEMBER THE GREAT DEBT THAT WE OWE OUR VETERANS AND MEMBERS OF THE ARMED SERVICES WHO FIGHT TO MAINTAIN OUR FREEDOM. TO ALL THOSE WHO HAVE LOST LOVED ONES TO WAR, WE JOIN YOU IN HONORING THEIR REMARKABLE SERVICE. THEIR COURAGE IS WHAT MAKES THE UNITED STATES OF AMERICA THE GREATEST NATION ON EARTH. OUR VETERANS HAVE SACRIFICED SO MUCH ON OUR BEHALF. IT'S OUR DUTY TO MAKE SURE THEIR SACRIFICE ENDS WHENG THEY COME BACK HOME. I PROMISE TO FIGHT FOR OUR VETERANS AND ACTIVE SERVICE MEMBERS. THANK YOU, MR. SPEAKER. I YIELD BACK.

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            • 12:08:57 PM

              THE SPEAKER PRO TEMPORE

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

            • 12:09:01 PM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

            • 12:09:06 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED.

            • 12:09:10 PM

              MR. ENGEL

              LET'S PUT RHETORIC ASIDE WHEN IT COMES TO THE REPUBLICAN TAX BILL. THIS IS…

              LET'S PUT RHETORIC ASIDE WHEN IT COMES TO THE REPUBLICAN TAX BILL. THIS IS A BILL THAT GIVES TREMENDOUS TAX BREAKS TO MILLIONAIRES AND BILLIONAIRES WHILE IT HITS THE MIDDLE CLASS. IT MAY LOOK LIKE THEY ARE GETTING A TAX BREAK BUT ADD ON THE DEDUCTIONS THAT THEY WILL TO THE BE ALLOWED TO TAKE, IT'S A NEGATIVE FOR THE MIDDLE CLASS. THE GOVERNMENT IS ALWAYS ACCUSED OF GIVING YOU SOMETHING IN ONE HAND AND TAKING IT BACK IN THE OTHER HAND. A CLASSIC BATHE AND SWITCH. AND IN MY HOME STATE OF NEW YORK WHICH IS A HIGH-TAX STATE PEOPLE WILL NO LONGER TO DEDUCT STATE AND LOCAL TAXES. SO WHEN YOU ADD IT ALL UP, WHAT DOES IT DO? HIGHER TAXES FOR THE MIDDLE CLASS, LOWER TAXES FOR MILLIONAIRES AND BILLIONAIRES LIKE OUR PRESIDENT. A CLASSIC BAIT AND SWITCH. NEW YORK IS A DONOR STATE. WE GIVE MORE MURN TO THE FEDERAL GOVERNMENT THAN WE GET BACK. WE SHOULD BE PROTECTING THE MIDDLE CLASS AND LETTING PEOPLE WHO CAN AFFORD TO PAY MORE, MILLIONAIRES AND BILLIONAIRES TO PAY MORE, NOT THE OTHER WAY AROUND. WHAT HAPPENED TO THE FISCAL RESPONSIBILITY OF THE REPUBLICAN PARTY? THIS BLOWS A HOLE IN THE DEFICIT, $1.75 TRILLION OVER 10 YEARS.

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            • 12:10:37 PM

              >>

              I RISE TO SEEK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE…

              I RISE TO SEEK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE AND STEPPED MY REMARKS.

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            • 12:10:46 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 12:10:48 PM

              >>

              GAS BUSINESS FOR MANY, MANY YEARS AND DRILLING BUSINESS AND BEEN OUT TO…

              GAS BUSINESS FOR MANY, MANY YEARS AND DRILLING BUSINESS AND BEEN OUT TO DRILLING RIGS OFFSHORE AND PLATFORMS OFFSHORE AND INTERESTS IN SEVERAL COUNTRIES, BUT I MUST OPPOSE ANY MOVE TOWARDS SEISMIC TESTING OR OFFSHORE DRILLING IN THE EASTERN GULF OF MEXICO AND WEST COAST OF FLORIDA. OUR WEST COAST OF FLORIDA IS HIGHLY DEVELOPED WITH DEVELOPMENT. WE CAN'T TOLERATE THE KINDS OF TANK FARMS AND INFRASTRUCTURE NECESSARY TO SERVE OFFSHORE RIGS. IT'S NOT ABOUT THE RIGS. THIS IS ABOUT BOATS GOING OUT TO THE MANY, MANY RIGS OFF SHORE. THIS IS A PICTURE OF WORK BOATS. THIS IS WHAT GOES BACK AND FORTH TO OFFSHORE RIGS EVERY DAY. WE DON'T HAVE ROOMS FOR THESE THINS IN OUR BAYS OR TIME TO SEE THESE THINGS GOING OFF OUR COAST. THAT IS A CABLE TOER PUTTING DOWN MOORINGS THAT THESE BOATS TIE OFF ON. WE DON'T HAVE ROOM FOR THOSE MOORINGS IN OUR RIVERS AND BAYS. I OPPOSE TO ANY MOVE TOWARDS DRILLING OFF OF SOUTHWEST FLORIDA'S COAST.

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            • 12:12:09 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEVADA SEEK RECOGNITION?

            • 12:12:23 PM

              >>

              MY COLIGE FROM NEVADA SEEK RECOGNITION?

            • 12:12:27 PM

              >>

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

            • 12:12:31 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE. KIKI --

            • 12:12:41 PM

              >>

              I REMEMBER THE LIFE OF JACK BEACON. JACK TRAVELED TO THE ROUTE 91 MUSIC…

              I REMEMBER THE LIFE OF JACK BEACON. JACK TRAVELED TO THE ROUTE 91 MUSIC FESTIVAL WITH HIS WIFE LORI TO CELEBRATE THEIR WEDDING ANNIVERSARY. HE SHIELDED HIS WIFE FROM THE GUN TIRE. SHE SAID JACK MADE HER FEEL LOVED AND HE WAS A LOVING FATHER TO HIS TWO CHILDREN AND ALWAYS HAD A SMILE ON HIS FACE AND WAS A KID AT HEART. JACK WAS KNOWN AS A HARD WORKER WHO WAS WILLING TO GIVE SOMEONE A HELPING HAND. HE WAS THE TYPE OF PERSON WHO HAD GIVEN T-SHIRT OFF HIS BACK. HIS CHILDREN'S FRIEND SAID JACK WAS A ROLE MODEL TO THEM BOTH AS A FATHER FIGURE AND BEST FRIEND. I WOULD LIKE TO EXTEND MY CONDOLENCES. THE CITY OF LAS VEGAS AND STATE OF NEVADA AND THE WHOLE COUNTRY GRIEVE WITH YOU. I YIELD THE REMAINING BALANCE OF TIME.

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            • 12:13:42 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MICHIGAN SEEK RECOGNITION?

            • 12:13:48 PM

              >>

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

            • 12:13:51 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED

            • 12:13:54 PM

              >>

              MR. SPEAKER, AS A NATION, WE FIND OURSELVES IN SEEMINGLY UNCERTAIN TIMES,…

              MR. SPEAKER, AS A NATION, WE FIND OURSELVES IN SEEMINGLY UNCERTAIN TIMES, INSTABILITY IN NORTH KOREA AND DIVISIVENESS ON SO MANY FRONTS. YOUNG MEN AND WOMEN CONTINUE TO STEP UP TO SERVE WHEN THEIR COUNTRY NEEDS THEM MOST. THEY SERVE OUR GREAT NATION WILLINGLY, HONORABLY AND WITHOUT BIAS. IN THE 190'S WHEN AN ATTACK ON AMERICAN SOIL LED US INTO THE SECOND WORLD WAR, OUR MEN AND WOMEN STOOD UP TO DEFEND OUR NATION. IN THE 1950'S WHEN OUR COUNTRY FACED THE SPREAD OF COMMUNISM IN KOREA, OUR VETERANS WERE THERE. WHEN THE UNITED STATES WAS BROUGHT INTO THE WAR IN VIETNAM KNOWING THERE WOULD BE NO HEROES WELCOMED, OUR MEN AND STEADFAST. OPERATION IRAQI FREEDOM AND MISSIONS THEY HAVE FACED, OUR SOLDIERS, SAILORS, AIRMEN AND MARINES HAVE DEFENDED OUR NATION. ON THIS VETERANS DAY I SUBMIT TO OUR MEN AND WOMEN YOUR SERVICE IS NOT OVER. AND YOUR MISSION IS NOT COMPLETE. NOW MORE THAN EVER YOUR COUNTRY NEEDS YOU. STAND UP. TELL YOUR STORY, THE NEXT GENERATION NEEDS TO HEAR FROM YOU. WE ARE FOREVER GRATEFUL FOR YOUR SERVICE. THANK YOU. .

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            • 12:15:24 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN RISE? WITHOUT OBJECTION THE GENTLEMAN…

              FOR WHAT PURPOSE DOES THE GENTLEMAN RISE? WITHOUT OBJECTION THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

              Show Full Text
            • 12:15:28 PM

              >>

              MR. SPEAKER, MEMBERS OF THE HOUSE, THE SIMPLE TRUTH IS, IS THAT THE RICH…

              MR. SPEAKER, MEMBERS OF THE HOUSE, THE SIMPLE TRUTH IS, IS THAT THE RICH ARE GETTING RICHER IN DEGREES UNPARALLELED IN HUMAN HISTORY IN THIS COUNTRY. THE POOR ARE GETTING POORER AND THE MIDDLE CLASS IS GETTING CRUSHED. NOW OUR REPUBLICAN COLLEAGUES OFFERED A PROPOSAL TO THE CONGRESS OF THE UNITED STATES TO MAKE IT WORSE. THE FACT IS UNDER THE REPUBLICAN TAX BILL, THE UPPER 1% WILL BE GETTING A $1.7 TRILLION TAX DEDUCTION. AND AT THE SAME TIME, INDEPENDENT REPORTS TELL US THE MIDDLE CLASS WILL BE GETTING MILLIONS OF THEM, WILL BE GETTING AN INCREASE IN THEIR TAXES AND WE WILL BE PASSING ON $1.5 TRILLION IN DEBT TO OUR CHILDREN AND OUR CHILDREN'S CHILDREN. MR. SPEAKER, THIS TAX BILL IS A SCAM.

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            • 12:16:19 PM

              MR. NOLAN

              OLD-FASHIONED, TRICKLE DOWN ECONOMICS THAT HAS NEVER WORKED, BEEN THE…

              OLD-FASHIONED, TRICKLE DOWN ECONOMICS THAT HAS NEVER WORKED, BEEN THE RUINATION OF EVERY GREAT ECONOMY IN EVERY COUNTRY IN THE WORLD. WE HAVE TO OPPOSE IT AND STOP THEM FROM SUCCEEDING IN THIS TAX SCAM. THANK YOU, MR. SPEAKER.

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            • 12:16:34 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM TEXAS SEEK RECOGNITION? THE…

              FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM TEXAS SEEK RECOGNITION? THE GENTLEMAN FROM TEXAS, I'M SORRY. THERE'S TWO OF YOU. OK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION? WITHOUT OBJECTION THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR ONE MINUTE.

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            • 12:16:51 PM

              >>

              BEFORE I GO BACK TO THE GREAT STATE OF TEXAS TODAY I WANT TO SAY HAPPY…

              BEFORE I GO BACK TO THE GREAT STATE OF TEXAS TODAY I WANT TO SAY HAPPY VETERAN DAYS TO OUR MEN AND WOMEN WHO HAVE SACRIFICED AN SERVED SO BRAVELY. I WANTED TO SAY FROM ALL THOSE WHO I REPRESENT IN WEST TEXAS, THANK YOU FOR GIVING UP YOUR DAY SO THAT WE COULD HAVE OUR TOMORROW. YOU REPRESENT THE VERY BEST OF OUR AMERICAN VALUES AND WE ARE THE MOST POWERFUL, THE MOST PROSPEROUS, AND MOST GENEROUS NATION IN THE WORLD. WE ARE THE MOST FREE NATION IN THE HISTORY OF THE WORLD BECAUSE OF YOU. GOD BLESS OUR VETERANS AND GOD BLESS AMERICA.

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            • 12:17:30 PM

              THE SPEAKER PRO TEMPORE

              RECOGNITION? WITHOUT OBJECTION THE GENTLEWOMAN IS RECOGNIZED FOR ONE…

              RECOGNITION? WITHOUT OBJECTION THE GENTLEWOMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:17:43 PM

              MS. JACKSON LEE

              AND TO INDICATE -- TO IS A LITE OUR VETERANS AND INDICATE TO -- TO…

              AND TO INDICATE -- TO IS A LITE OUR VETERANS AND INDICATE TO -- TO ABSOLUTE OUR VETERANS AND TO END -- TO SALUTE OUR VETERANS AND TO INDICATE THAT WE ARE GRATEFUL TO THEM, THEY GET UP EVERY DAY, PUTTING ON THE UNIFORM UNSELFISHLY AND STANDING IN THE GAP. I THINK IT IS ALSO IMPORTANT TO NOTE THE MANY FAMILIES WHO ARE ALSO PART OF THIS FREEDOM AND LET ME ACKNOWLEDGE THE 21.6 MILLION BRAVE MEN AND WOMEN THAT ARE VETERANS OF OUR NATION'S MILITARY SERVICE, 30,000 OF THEM IN THE 18TH CONGRESSIONAL DISTRICT. BUT I WANT TO TAKE A MOMENT, AND I'LL BE SPEAKING ABOUT THIS TOMORROW AND ON SATURDAY, VETERANS DAY, ABOUT P.O.W.'S AND M.I.A.'S. I WANT TO SALUTE CONGRESSMAN SAM JOHNSON OF TEXAS AND SENATOR JOHN MCCAIN OF ARIZONA. BOTH OF WHOM SUFFERED INJURIES THAT YOU CAN EVEN SEE NOW IN THE UNITED STATES CONGRESS DURING THEIR TIME AS P.O.W. I HONOR THEM AND I HOLD THEM IN HIGH ESTEEM AND TO THE FAMILIES OF THOSE OF THE M.I.A.'S FROM ALL THE WARS, I WANT TO SAY TO THEM WE CONTINUE TO PRAY FOR YOUR LOVED ONES AS A SPONSOR OF EIGHT PIECES OF LEGISLATION AND 35 PIECES OF LEGISLATION THAT I CO-SPONSORED TO MAKE LIFE FOR VETERANS BETTER, TODAY I SALUTE YOU AND SAY HAPPY VETERANS DAY. GOD BLESS ALL OF YOU, GOD BLESS THIS FREE NATION, THE UNITED STATES OF AMERICA. I YIELD BACK.

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            • 12:19:13 PM

              THE SPEAKER PRO TEMPORE

              THE CHAIR LAYS BEFORE THE HOUSE THE FOLLOWING PERSONAL REQUESTS.

            • 12:19:19 PM

              THE CLERK

              LEAVE OF ABSENCE REQUESTED FOR MS. ROYBAL-ALLARD OF CALIFORNIA FOR TODAY.

            • 12:19:26 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 TEXAS, MR. GOHMERT, IS RECOGNIZED FOR 60 MINUTES AS THE DESIGNEE OF THE MAJORITY LEADER.

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          • 12:19:35 PM

            SPECIAL ORDER SPEECHES

            The House has concluded all anticipated legislative business and has proceeded to Special Order speeches.

            • 12:19:50 PM

              MR. GOHMERT

              THANK YOU, MR. SPEAKER. AND I JUST WANT TO START OUT ECHOING WHAT MY…

              THANK YOU, MR. SPEAKER. AND I JUST WANT TO START OUT ECHOING WHAT MY FRIEND, CONGRESSMAN RICK NOLAN, WAS SAYING. WE SHOULD NOT BE ABOUT THE RICH GETTING RICHER. AND THERE ARE DIFFERENT STRATEGIES TO TRY TO ACCOMPLISH FAIRNESS IN A FREE COUNTRY. IF IT'S TRULY FREE, PEOPLE ARE GOING TO HAVE TO HAVE THE OPPORTUNITY TO FAIL AS WELL AS SUCCEED. THE ONLY OTHER ALTERNATIVE IS THE GOVERNMENT KILLS ANY INCENTIVES TO BE MORE PRODUCTIVE AND JUST SAYS WE'RE GOING TO FLAT LINE EVERYBODY ACROSS THE BOARD NO MATTER HOW MUCH YOU PRODUCE AND WE'VE SEEN OVER AND OVER THROUGHOUT HISTORY, THAT NEVER WORKS. INCOME REDISTRIBUTION NEVER WORKS. YOU KILL THE INCENTIVES. AND AS I WAS TOLD BACK IN THE SUMMER OF 1973, IN AN EXCHANGE PROGRAM IN THE SOVIET UNION, BY A BUNCH OF FARMERS WHO WERE SITTING IN THE SHADE MID MORNING IN THE MIDDLE OF THE SUMMER, I ASKED WHEN, TRIED TO USE MY BEST RUSSIAN, WHEN ARE YOU -- WHEN DO YOU WORK OUT IN THE FIELD, I COULDN'T TELL WHAT WAS AS A RESULT KATED -- CULTIVATED, WHAT WASN'T, IT ALL LOOKED TERRIBLE. THEY ALL LAUGHED. I THOUGHT MAYBE I TRANSLATED SOMETHING WRONG. BUT ONE OF THE FARMERS IN RUSSIAN SAID I MAKE THE SAME NUMBER OF RUBLES IF I'M OUT THERE IN THE FIELD OR IN THE SUN OR HERE IN THE SHADE. SO I'M HERE IN THE SHADE. THAT'S WHY SOCIALISM DOESN'T WORK. SO THERE HAVE BEEN MANY DIFFERENT STRATEGIES. THAT HAVE BEEN UTILIZED THROUGHOUT THIS NATION'S HISTORY AND THROUGH THE THE HISTORY OF THE WORLD. TO TRY TO CREATE, SOMETIMES IT'S NOT AN EFFORT TO CREATE FAIRNESS. IN THIS COUNTRY IT'S NORMALLY BEEN, THANK GOD. BUT UNDER THE OBAMA ADMINISTRATION'S EFFORTS TO REDISTRIBUTE INCOME, IT BROUGHT ABOUT FOR THE FIRST TIME IN OUR NATION'S HISTORY THE TOP 1% OF OUR NATION MADE 95% OF THE INCOME. SO I MEAN, I JUST WAS STAGGERED. BUT THAT HAD HAPPENED UNDER THE OBAMA ADMINISTRATION AND OBVIOUSLY THAT TELLS US THAT THE STRATEGY FOR ENCOURAGING SUCCESS , FINANCIAL SUCCESS, WAS AN ABYSMAL FAILURE UNDER THE EIGHT YEARS OF COMMANDER IN CHIEF OBAMA AS HE COMMANDED OVER THE ECONOMY. HE MADE SURE, I DON'T THINK IT WAS INTENTIONAL, BUT HIS EFFORTS MADE SURE THAT THE VERY, VERY RICHEST IN THE COUNTRY BECAME MUCH, MUCH, MUCH RICHER. AND THE REST OF THE COUNTRY SUFFERED. AND THOSE ON FOOD STAMPS SKYROCKETED TO THE HIGHEST LEVEL EVER. IC OVER 50 MILLION. WE HAD 95 MILLION AMERICANS FOR THE FIRST TIME IN OUR HISTORY WHO GOT SO TIRED OF APPLYING FOR JOBS UNSUCCESSFULLY THEY QUIT EVEN APPLYING. AND SO HOW DOES THE OBAMA ADMINISTRATION RESPOND? THEY RESPONDED BY NOT COUNTING THOSE 95 MILLION IN THE UNEMPLOYED NUMBERS BECAUSE THEY WERE NO LONGER LOOKING FOR JOBS. THE ECONOMY -- IT REALLY HASN'T RECOVERED. PEOPLE HAVE BEEN FLAT LINED OR LESS WHEN ADJUSTED FOR THE LITTLE INFLATION WE'VE HAD, SO IT'S TIME TO TRY SOMETHING DIFFERENT. THAN THE OBAMA EFFORTS THAT PUT 95% OF THE NATION'S INCOME IN THE TOP 1% POCKETS. WE'RE ALREADY SEING THAT CHANGE. I'M HOPING THAT OUR EFFORTS, ESPECIALLY IN CREATING TAX CUTS WILL CAUSE THE ECONOMY TO JUST SKYROCKET THE WAY IT DID AFTER THE 30% TAX CUT KICKED IN UNDER PRESIDENT REAGAN BY 1983. I DO WANT TO TOUCH ON SOMETHING THAT CAME OUT IN THE LAST WEEK. THIS ARTICLE FROM "THE HILL." IT SAYS EARLY COMEY MEMO ACCUSED CLINTON OF GROSS NEGLIGENCE ON EMAILS. IT TURNS OUT, WE FIND OUT NOW, THAT F.B.I. DIRECTOR COMEY STARTED DRAFTING MONTHS BEFORE HILLARY CLINTON WAS INTERVIEWED, MONTHS BEFORE DISCUSSION WITH SHERYL MILLS AND THE OTHER POTENTIAL TARGETS OF THE CRIMINAL INVESTIGATION OVER THE DESTRUCTION OF HILLARY CLINTON'S EMAILS, SHOULD HAVE BEEN OBSTRUCTION OF JUSTICE. THAT'S NOT GROSS NEGLIGENCE WHEN YOU TELL SOMEBODY TO GO DESTROY YOUR PHONE WITH A HAMMER AND YOU'VE HAD THEM USE BLEACH BIT TO TAKE OUT EVERYTHING IN YOUR PHONE OR IN YOUR COMPUTER. THAT'S NOT GROSS NEGLIGENCE. THAT'S INTENTIONAL OBSTRUCTION OF JUSTICE. WHEN YOU KNOW THAT THERE'S SUBPOENAS AFTER THE THINGS YOU'RE DESTROYING. BUT F.B.I. DIRECTOR COMEY DECIDED TO PLAY POLITICS INSTEAD OF LAW AND ORDER. MAYBE THAT WOULD MAKE A GOOD NEW SERIES ON TELEVISION OR NETFLIX. NOT "HOUSE OF CARDS," BUT "HOUSE OF INJUSTICE" WHERE WE PLAY POLITICS WITH JUSTICE INSTEAD OF TRYING TO DO JUSTICE. TRYING TO FULFILL THE OATH TO PURSUE JUSTICE. BUT IN ANY EVENT HE HAD FWROSE NEGLIGENCE AS THE TERM HE ATTRIBUTED TO HILLARY CLINTON IN THAT FIRST DRAFT. BUT APPARENTLY WHEN HE REALIZED THAT GROSS NEGLIGENCE WOULD BE A CRIME THE ELIMINATED WHAT WOULD CLEARLY HAVE BEEN A COMPLETE ACCUSATION OF A CRIME HAVING BEEN COMMITTED BY HILLARY CLINTON. SO INTERESTING, JUST MORE INFORMATION COMING OUT. ABOUT WHY JAMES COMEY SHOULD NOT -- WELL HE SHOULD BE CONSIDERED SOMEONE WORTHY OF INVESTIGATION HIMSELF. HE ADMITTED TO LEAKING INFORMATION IN ORDER TO MANIPULATE THE JUSTICE DEPARTMENT. NOT BY BEING UPFRONT AND RECOMMENDING A SPECIAL COUNSEL. OH, NO. HE WANTED TO CREATE A SPECIAL COUNSEL JUST LIKE HE DID WHEN HE TOLD JOHN ASHCROFT TO RECUSE HIMSELF, ASHCROFT OBVIOUSLY NOT KNOWING WHAT COMEY HAD IN MIND, BUT THAT HE WAS GOING TO APPOINT HIS CHILD'S GODFATHER TO BE SPECIAL COUNSEL, PATRICK FITZGERALD, AND LET HIM GO ON A WITCH HUNT TRYING TO GET KARL ROVE OR VICE PRESIDENT CHANEY, UNSUCCESSFUL, SO HE MANIPULATES AND CREATES A CASE AGAINST SCOOTER LIBBY SO HE COULD AT LEAST HAVE A SCOUT TO SHOW FOR THE MILLIONS AND MILLIONS OF DOLLARS THAT WERE WASTED. BUT, FROM COMEY'S STANDPOINT, HIS CHILD'S GODFATHER MADE A LOT OF MONEY AND COMEY GOT TO LASH OUT AT THE BUSH ADMINISTRATION, SO PROBABLY FROM THEIR STANDPOINT IT WORKED OUT REAL WELL. BUT IT ALSO POINTS TO THE FACT THAT SINCE JAMES COMEY HAS BEEN INVOLVED UP TO HIS EYEBALLS IN WHAT'S GOING ON AS F.B.I. DIRECTOR, WHOEVER WERE TO BE SPECIAL COUNSEL, IF ANYONE, THEY WOULD NEED TO BE SOMEONE WHO WAS NOT CLOSE FRIENDS WITH JAMES COMEY. AND AS COMEY APPARENTLY POINTED OUT TO THE WASHINGTONIAN WHEN THEY WERE DOING A BIG ARTICLE ON HIM BACK IN 2013, BASICALLY, BOB MUELLER IF THE WORLD WERE ON FIRE, BOB MUELLER WOULD BE THE ONE THAT WOULD BE STANDING THERE WITH HIM TO DEFEND HIM AT THE END. SO CLEARLY MUELLER, IF HE WERE INTERESTED IN ETHICS, WOULD HAVE REFUSED, AND ACTUALLY INTERESTED IN FOLLOWING THE LAW HIMSELF, HE WOULD HAVE REFUSED TO BE APPOINTED SPECIAL COUNSEL BUT WE NOW KNOW THAT SINCE MUELLER AS F.B.I. DIRECTOR WAS INVOLVED IN THE INVESTIGATION OF RUSSIA'S EFFORTS TO GAIN UNITED STATES URANIUM TO TRY TO CORNER THE MARKET ON URANIUM, AND THEY WERE APPARENTLY COMMITTING CRIMES IN THEIR EFFORTS, PAYING BRIBES, WHATEVER IS NECESSARY, TO TRY TO ACQUIRE UNITED STATES URANIUM, AS THE INVESTIGATION WENT ON FOR THREE OR FOUR YEARS, UNDERCOVER PERSON, WELL, MUELLER AND U.S. ATTORNEY IN CHARGE OF THE INVESTIGATION NAMED ROD ROSENSTEIN, THE GUY THAT APPOINTED MUELLER TO BE SPECIAL COUNSEL, THEY ENDED UP ENSURING THAT THE RECORDS OF THAT LONG-TERM INVESTIGATION WOULD BE SEALED AND THEY EVEN WENT TO COURT AND GOT A COURT ORDER TO SEAL IT AND WHOSE NAME WAS ON THE MOTION TO SEAL THOSE DOCUMENTS? ROD ROSENSTEIN HE DID HAVE A DEPUTY SIGN ON HIS BEHALF BUT ROD ROSENSTMBINGS TEIN WAS -- BUT ROD ROSENSTEIN WAS SALING RECORDS SO NO ONE WOULD KNOW THEY WERE TRYING TO ACQUIRE U.S. URANIUM BECAUSE IF PEOPLE SAW THE F.B.I. AND JUSTICE DEPARTMENT KNEW THAT RUSSIA WAS COMMITTING CRIMES, PAYING BRIBES, TRYING TO ACQUIRE U.S. URANIUM THEN THEY WOULD HAVE BEEN COMPLICIT WITH THE EFFORT TO APPROVE THE SALE OF URANIUM TO A COUNTRY THAT WAS COMMITTING CRIMES TO GET IT. AND IF THEY HAD NOT APPROVED THAT IT'S DOUBTFUL THAT THE CLINTONS WOULD HAVE STRUCK THE MEGA MILLIONS RUSSIAN LOTTERY THE WAY THEY DID. . SO THE LAST TWO PEOPLE IN THE COUNTRY THAT SHOULD HAVE BEEN INVOLVED IN AN INVESTIGATION INTO POTENTIAL RUSH AND COLLUSION, SHOULD BE A PERSON NAMED ROD ROSENSTEIN AND ANOTHER PERSON NAMED ROBERT MUELLER. I HAVE GREAT RESPECT FOR HIS VALIANT SERVICE TO OUR COUNTRY IN VIETNAM. THIS ISN'T ABOUT VIETNAM. THIS IS ABOUT MANIPULATING THE JUSTICE SYSTEM. IT'S ABOUT CEILING AN ONGOING INVESTIGATION THAT SHOWED CRIMES BEING COMMITTED TO PUT OUR NATIONAL SECURITY AT RISK AND NOT SPEAKING UP AGAINST THE SALE OF 25% OR SO OF AMERICA'S URANIUM TO AN ENTITY THAT WOULD PROVIDE IT TO RUSSIA. WE NOW KNOW THAT URANIUM DID NOT STAY IN THE UNITED STATES, AS SOME HAVE SAID. WELL, I MEAN, WHEN YOU'RE GOING TO SELL URANIUM TO PEOPLE THAT HAVE BEEN PAYING BRIBES, ACTING ILLEGALLY, IS IT ANY SURPRISE IF THEY'RE WILLING TO VIOLATE THE LAW, THAT THEY WOULD BE WILLING TO VIOLATE THE TERMS OF AN AGREEMENT OR OTHER LAWS REGARDING THAT URANIUM? SO I'M STILL HOPING AND YES I BELIEVE IN PRAYER. AND I'M HOPING AND PRAYER THAT JUSTICE WILL BE DONE, THAT THOSE WHO SHOULD NOT BE INVESTIGATING WILL STEP OUT OF THE PICTURE OR BE FORCED TO STEP OUT OF THE PICTURE. AND WE CAN HAVE A FAIR INVESTIGATION INTO POTENTIAL CRIMES. ANOTHER VERY IMPORTANT PIECE OF INFORMATION THAT'S COME OUT ABOUT THE SHOOTER IN THE SUTHERLAND SPRINGS BASICALLY MASSACRE, HAS BEEN THIS CRY FOR MORE GUN CONTROL. AND THAT'S IMMEDIATELY AFTER WE HAD A RADICAL ISLAMIST SCREAMING AND HE WENT ON FOX -- IT IS PRAISE BE TO ALLAH. IF YOU LOOK TO PRAISE BE TO GOD OR YOU COULD LOOK ON TOP OF THE WASHINGTON MONUMENT WHERE AMERICAN LEADERS HAD INSUBSCRIPTIONS ON ALL FOUR SIDES OF THE METAL CAPSTONE ON TOP OF THE WASHINGTON MONUMENT, BUT ON THE SIDE FACING THE U.S. CAPITOL, THEY HAD INCRIBED IN LATIN, MEANING PRAISE BE TO GOD IN LATIN. AND THE REASON THEY HAD PRAISE BE TO GOD FACING THE CAPITOL IS THAT THIS IS EAST OF THE WASHINGTON MONUMENT AND WHAT THEY ASPIRED TO HAVE IS THE FIRST RAISE OF GOD'S SON EVERY MORNING, STRIKING PRAISE BE TO GOD, ENLIGHTENING THOSE WORDS BEFORE ANYTHING ELSE IN OUR NATION'S CAPITOL WAS LIT. PRAISE BE TO GOD AND THE REST OF THE CAPITAL CITY WOULD BE LIT. AND THAT'S WHY IT'S THERE. IT TURNS OUT THAT THE NEW YORK KILLER, THE RADICAL ISLAMIST, HE CAME TO THE U.S. UNDER THE DIVERSITY VISA PROGRAM THAT WAS STARTED BECAUSE APPARENTLY SOME SENATORS AND A FEW DEMOCRATIC HOUSE MEMBERS BELIEVED THAT WE WERE HAVING TOO MANY HISPANICS COMING IN AND NOT ENOUGH IRISH COME IN. SO IMMIGRANTS LIKE IRISH WHO WERE NOT BEING PROPERLY REPRESENTED IN THE NUMBERS COULD HAVE A CHANCE TO COME INTO THE U.S. THE WAY SO MANY HISPANICS WERE. WELL, I DIDN'T THINK WE CARED ABOUT NATIONAL ORIGIN THAT WE NEEDED A SPECIAL PROGRAM TO GIVE SOME OTHER COUNTRIES A CHANCE, THAT HISPANIC COUNTRIES WOULD NOT HAVE. BUT APPARENTLY SOME THOUGHT THAT WAS GOING TO BE APPROPRIATE. IT'S HIGH TIME TO GET RID OF THE PROGRAM. WE HAVE KNOWN FOR YEARS, TERRORISTS HAVE BEEN TRYING TO WIN THE LOTTERY AND TERRORISTS HAVE WON THE LOTTERY. AND MY FRIEND, CHAIRMAN OF THE JUDICIARY COMMITTEE, BOB GOODLATTE HAD A TERRIFIC OP ED IN "THE HILL." REPUBLICANS IN THE HOUSE, WE VOTED TO END THE DIVERSITY VISA LOTTERY IN 2005 AND THE SENATOR WOULDN'T TAKE IT UP. SENATOR SCHUMER HELPED START THE PROGRAM. DEMOCRATS THEN HAD THE MAJORITY FOR THE NEXT FOUR YEARS AFTER 2006. THEY CERTAINLY WEREN'T GOING TO END THE DIVERSITY VISA PROGRAM AND THEN IN 2012 IN THE SESSION AFTER WE GOT THE MAJORITY BACK, WE VOTED AGAIN TO END THE LOTTERY, THE VISA LOTTERY PROGRAM IN 2012. BUT THE SENATE AGAIN WOULDN'T TAKE IT UP. IN THE LAST SESSION, WE DIDN'T GET IT VOTED OUT, BUT I'M GRATEFUL TO THE CHAIRMAN OF THE JUDICIARY, BOB GOODLATTE, FOR PUSHING, AS HE HAS AND I'M HOPING WE CAN GET THAT BILL TO THE FLOOR THAT WILL ALLOW US TO END IT. IN THAT OP ED, CHAIRMAN DEMRAT SAYS THE VISA LOTTERY WHICH WAS ENACTED 10 YEARS PRIOR TO 9/11 IS FOOLISH IN THE AGE IN WHICH WE LIVE. THOSE WHO WISH US HARM CAN EASILY ENGAGE IN THE STATISTICAL GAMBLE WITH NOTHING TO LOSE. THE OFFICE OF THE INSPECTOR GENERAL, THE STATE DEPARTMENT HAS FOUND THAT IT POSES SIGNIFICANT NATIONAL SECURITY RISKS. IN FACT, SIGH POSITIVE, THE NEW YORK CITY RADICAL ISLAMIC TERRORIST IS THE FIFTH PERSON WHO HAS BEEN ACCUSED OR CONVICTED IN CONNECTION WITH TERRORISM PLOTS WHO HAVE COME HERE THROUGH THE VISA LOTTERY. ANOTHER INSTANCE, AN EGYPTIAN TERRORIST WHO KILLED TWO AND WOUNDED SEVERAL OTHERS AT LOS ANGELES INTERNATIONAL AIRPORT ON JULY 4, 2002, WAS A LAWFUL PERMANENT RESIDENT WHO RECEIVED HIS GREEN CARD THROUGH THE PROGRAM, THE DIVERSITY VISA LOTTERY PROGRAM SINCE HIS WIFE WAS A VISA LOTTERY WINNER. SO THIS EGYPTIAN TERRORIST WAS A LOTTERY WINNER OR HIS WIFE WAS, AND THE TWO PEOPLE THAT HE KILLED IN L.A. AIRPORT AND THOSE HE WOUNDED WERE THE LOSERS OF THAT LOTTERY. IN AUGUST OF 2002, A PAKISTANI NATIONAL PLEADED GUILTY TO CONSPIRING TO WAGE JIHAD BY PLOTTING TO DESTROY ELECTRICAL POWER STATIONS, TO DESTROY THE ISRAELI CONSULATE. HE ENTERED THE UNITED STATES WITH HIS PARENTS, WHO HAD WON THE VISA LOTTERY IN 1998. IN AUGUST OF 2002, TWO VISA LOTTERY WINNERS FROM MOROCCO WERE INDICTED AS MEMBERS OF AN ALLEGED TERRORIST SLEEPER CELL IN MICHIGAN. IN JUNE OF 2003, A JURY CONVICTED ONE OF CONSPIRING TO PROVIDE MATERIAL SUPPORT OR RESOURCES TO TERRORISTS AND HANAN OF POSSESSING FALSE DOCUMENTS. SO THE MANY VISA LOTTERY APPLICANTS SUBMIT -- MANY OF THEM SUBMIT SEVERAL APPLICATIONS UNDER DIFFERENT NAMES IN ORDER TO INCREASE THEIR CHANCES OF WINNING THE VISA LOTTERY. AND MARRIAGE FRAUD IS RAMPANT IN THE PROGRAM. POP-UP SPOUSES OFTEN APPEAR IN BETWEEN THE APPLICANT REGISTERS FOR THE LOTTERY AND THE TIME WHEN THE APPLICANT IS INTERVIEWED BY THE STATE DEPARTMENT. THESE SPOUSES PAY THE APPLICANT IN ORDER TO BE PART OF THE APPLICANT'S GREEN CARD WINNINGS, WINNINGS FROM THE VISA LOTTERY. THE UNITED STATES HAS THE MOST GENEROUS IMMIGRATION SYSTEM IN THE WORLD. ADMITTING MORE THAN ONE MILLION LEGAL IMMIGRANTS EACH YEAR. THERE'S NO COUNTRY IN THE WORLD THAT ALLOWS THAT MANY PEOPLE TO COME INTO THEIR COUNTRY LEGALLY. WE'RE FAR FROM BEING THE LARGEST COUNTRY EITHER GEOGRAPHICICALLY OR POPULATION WISE AND YET WE ARE THE MOST GENEROUS COUNTRY IN THE WORLD IN ALLOWING PEOPLE INTO OUR COUNTRY LEGALLY. BUT CHAIRMAN DEMRAT SAYS ELIMINATING THE PROGRAM WILL MAKE IT SMARTER AND SAFER FOR THE AGE IN WHICH WE LIVE. OUR IMMIGRATION POLICY SHOULD BE BASED ON OUR NATIONAL NEEDS, SECURITY AND ECONOMICS AS OPPOSED TO AN ARBITRARY SYSTEM. THE VISA LOTTERY IS TOO MUCH OF A GAMBLE FOR OUR NATION TO MAKE WITH OUR ONGOING THREAT OF TERRORISM AND IT MUST COME TO AN END. THERE IS NO OTHER COUNTRY IN THE WORLD THAT IS SO STUPID REGARDING ITS OWN NATIONAL SECURITY AND NATIONAL INTERESTS THAT IT ALLOWS A LOTTERY TO DETERMINE WHO WOULD GET A VISA TO COME INTO THEIR COUNTRY. IT HOPEFULLY WILL BE ENDING SOON. AND THAT'S WHY THERE WAS THIS ARTICLE IN "THE DAILY COLLAR" G.O.P. SENATORS DISTANCE THEMSELVES FROM DIVERSITY VISA PROGRAM THAT HELPED CREATE. FOR THOSE WHO HELPED CREATE IT, THE SENATOR IS SAYING, MAYBE IT'S TIME TO GET RID OF IT. YESTERDAY, THOUGH, IN THE HOUSE JUDICIARY COMMITTEE, WE DID HAVE A BILL COME UP AND IT IS BEING URGED BY LAW ENFORCEMENT, FEDERAL LAW ENFORCEMENT, BY THE JUSTICE DEPARTMENT AND F.B.I. THAT NATIONAL SECURITY ADMINISTRATION, C.I.A., OUR INTELLIGENCE FOLKS, THEY'RE SAYING WE'VE GOT TO HAVE THIS 702 PROGRAM RE-AUTHORIZED THAT WILL END ON DECEMBER 31 OF THIS YEAR. WELL, WE KNOW THAT THE SYSTEM HAS BEEN ABUSED. WE WERE ASSURED WHEN I WAS HERE EARLY ON IN CONGRESS THAT, GEE, JUST RE-AUTHORIZE THIS BECAUSE, YOU KNOW, THERE'S NO AMERICANS THAT ARE GOING TO BE HARMED BY ALLOWING THESE WARRANTLESS WIRETAPPING SITUATIONS. THE ONLY WAY AN AMERICAN COULD BE CAUGHT UP IN THIS WIRETAPPING WOULD BE IF THEY ARE TALKING TO A FOREIGN -- KNOWN FOREIGN TERRORISTS OR MEMBER OF A KNOWN FOREIGN TERRORIST ORGANIZATION. SO THAT GAVE ME SOME SECURITY. AND BACK THEN, SOME YEARS BACK, WHEN WE WERE AUTHORIZING THE PROGRAM, I SAID, LOOK, MY FRIENDS THAT WERE AGAINST THE PROGRAM BECAUSE THEY ARE AFRAID AN AMERICAN WILL BE CAUGHT UP, WELL, IF THEY'RE AFRAID OF BEING CAUGHT UP IN THIS WIRETAPPING, THIS TAPPING INTO PHONE CALLS, THEN JUST MAKE SURE THEIR FOREIGN TERRORIST FRIENDS CALL THEM ON SOMEBODY ELSE'S PHONE. BUT THAT WAS GLIBLY SAID. LITTLE DID I KNOW IT'S NOT JUST FOREIGN -- KNOWN FOREIGN TERRORISTS AND IT'S NOT MEMBERS OF KNOWN TERRORIST ORGANIZATIONS, IT HAS GOTTEN SO FAR AFIELD THAT EVEN IF A MEMBER OF CONGRESS HAS AN INNOCENT VISIT WITH A DIPLOMAT OR AN AMBASSADOR FROM A FOREIGN COUNTRY, THAT CAN BE AND APPARENTLY BEEN TOLD HAS BEEN USED TO LISTEN IN AND MONITOR CONVERSATIONS. BUT WE WERE ASSURED THERE'S A GREAT SAFEGUARD BECAUSE IF AN AMERICAN IS PICKED UP UNDER THIS MONITORING OF FOREIGN TERRORISTS, THEN AMERICAN NAME WILL BE MASKED SO NOBODY WILL KNOW WHO IT WAS, SO IT WILL PROTECT THROUGH THE FOURTH AMENDMENT, PROTECT THEM FROM HAVING A WARRANTLESS SEARCH OF A CONVERSATION WITHOUT A WARRANT FROM A JUDGE, WHICH REQUIRES THAT THEY ARE PROVING PROXIMATE CAUSE OR PROBABLE CAUSE, RATHER, THAT THE INDIVIDUAL IS INVOLVED IN A CRIME, HAS COMMITTED A CRIME AND THEN THAT PROBABLE CAUSE BEING PROVED, AS A JUDGE, I SIGNED FELONY WARRANTS FOR SEARCHES, FOR SEIZURES, FOR ARRESTS, BUT YOU HAD TO HAVE PROBABLE CAUSE. THIS ALLOWS THEM TO GRAB THOSE CONVERSATIONS WITHOUT PROBABLE CAUSE. . SO WITH ALL WE'VE BEGUN TO LEARN AND ESPECIALLY THEN WE FOUND OUT HOW LIBERAL THE OBAMA ADMINISTRATION WAS WITH UNMASKING AMERICAN NAMES AND THAT WE HAD PEOPLE THAT HAVE SHOWN THEMSELVES TO BE EXTREMELY POLITICAL IN THEIR DECISIONS AND ACTIVITIES EVEN BEING WILLING TO GO ON SUNDAY MORNING TELEVISION SHOWS SIX TIMES IN ONE DAY AND LIE INTENTIONALLY TO THE AMERICAN PUBLIC ABOUT THE BENGHAZI MATTER, THAT THAT SAME POLITICAL PERSON WOULD BE UNMASKING AMERICAN NAMES RIGHT AND LEFT. AND ALTHOUGH -- ALTHOUGH I KNOW THERE'S ONE REPUBLICAN WHO SAID, I TALKED TO HER, I'M CONVINCED SHE'S FINE, WELL, I'M NOT. AND WE NEED THAT BEING THOROUGHLY INVESTIGATED AS WELL AS THE OTHER UNMASKINGS BEING PROPERLY AND THOROUGHLY INVESTIGATED. BY PEOPLE THAT ARE NOT SO GULLIBLE. THIS IS SERIOUS STUFF. WHEN WE IN CONGRESS ALLOW THIS LOOPHOLE AROUND THE FOURTH AMENDMENT REQUIREMENT FOR WARRANTS IN ORDER TO SEIZE OR OBTAIN EVIDENCE, WE ANTICIPATED THAT IT WOULD BE CAREFULLY AND STRICTLY ADHERED TO. AND THEN WE SEE THE UNMASKING HAS BEEN SO LIBERALLY DONE AND THERE CERTAINLY SEEMS TO BE A PRIMA FACIE INDICATION WHEN YOU LOOK AT WHO UNMASKINGS -- UNMASKED AND THE PEOPLE WHO WERE UNMASKED THAT YOU HAVE ONE POLITICAL PARTY IN POWER INVESTIGATING THEIR POLITICAL OPPONENTS FOR POLITICAL GAIN. AND ONCE AGAIN, THANK GOD IT DIDN'T END UP THE WAY THEY HOPED. BUT THIS IS STILL QUITE SERIOUS. AND THAT'S WHY I APPLAUDED MY FRIEND, ANOTHER FELLOW FELONY JUDGE IN OUR BACKGROUND, FORMER JUDGE TED POE, AND ZOE LOFGREN FROM CALIFORNIA, DEMOCRAT, HAD A GOOD AMENDMENT. IN MY OPINION. AND IT WAS GOING TO REQUIRE THAT BEFORE LAW ENFORCEMENT THEY OBTAIN THESE AMERICAN NAMES AND NUMBERS, WELL, LAW ENFORCEMENT APPARENTLY ONCE THEY'VE OBTAINED THESE AMERICAN NAMES AND PHONE NUMBERS AND CONVERSATIONS AND OBTAINED THEM WITHOUT PROXIMATE CAUSE IN COMPLIANCE WITH THE FOURTH AMENDMENT, WE HAVE COUNTLESS NUMBERS OF QUERIES BEING MADE INTO THE DATABASE ON THAT INDIVIDUAL OR ON THE PHONE NUMBER JUST DOING FISHING EXPEDITIONS. AND THEN IF THEY FIND SOMETHING, SEING IF THEY CAN USE THAT INFORMATION TO HELP PROSECUTE THEM ON ANOTHER MATTER. THOSE ARE TRULY FISHING EXPEDITIONS. THEY SHOULD NOT BE ALLOWED WITHOUT A WARRANT. OK, SAY YOU OBTAINED THE INFORMATION LEGALLY EVEN THOUGH YOU DID IT IN VIOLATION OF THE FOURTH AMENDMENT, BUT IF YOU'RE GOING TO GO BACK AND RESEARCH THAT DATABASE YOU SHOULD HAVE PROXIMATE CAUSE BEFORE YOU START -- SHOULD HAVE PROBABLE CAUSE BEFORE YOU START BEING ALLOWED TO BASICALLY LISTEN IN ON CONVERSATIONS OR FOLLOW UP ON ALL KINDS OF ACTIVITY THAT WAS GATHERED WITHOUT ANY PROBABLE CAUSE. THIS IS WHAT THE GOVERNMENT DOES THAT FOUNDERS WERE AFRAID OF. THEY DIDN'T KNOW THERE WOULD BE CELL PHONES SOMEDAY. OR THE HIGHLY TECHNICALLY PROFICIENT ABILITY TO COMMUNICATE WE HAVE NOW. BUT THEY KNEW THAT MANKIND WOULD NOT CHANGE. IT HAS NOT CHANGED. THERE'S ALWAYS BEEN EVIL. THERE WILL ALWAYS BE EVIL. IN THIS WORLD. AND WE HAVE TO GUARD AGAINST BECOMING PART OF THE PROBLEM WHEN WE ARE IN THE GOVERNMENT. AND THE FOUNDERS SAFEGUARD THROUGH THE -- ALL OF THOSE AMENDMENTS BASICALLY WERE SAFEGUARDS, WHETHER IT WAS THE FIRST, SECOND, FOURTH, FIFTH, EIGHTH, 10TH, THOSE ARE CRITICALLY IMPORTANT, SIXTH AMENDMENT, THOSE ARE ALL IMPORTANT TO PRESERVING OUR RIGHTS. AND SO I WAS SADDENED THAT THAT AMENDMENT FAILED, 12 VOTING FOR IT, 21 VOTING AGAINST IT. I APPRECIATE THE CHAIRMAN AND THE RANKING MEMBER, MR. CONYERS, AGREEING TO AN AMENDMENT THAT MR. CICILLINE MADE, DEMOCRATIC FRIEND, IN FACT, I HAD AN IDENTICAL AMENDMENT UFFS GOING TO MAKE EXCEPT MINE ADDED TWO OTHER SAFEGUARDS, TWO OTHER LAWS, AND MY FRIEND AND NEIGHBOR, OFFICE NEIGHBOR, THAT IS, AGREED TO ACCEPT MY FRIENDLY AMENDMENT TO ADD THOSE OTHER TWO LAWS TO ENSURE THAT WHEN THE U.S. GOVERNMENT WENT AFTER AND EXAMINED AND QURERIED THIS 702 -- QURRIED THIS 702 MATERIAL, WIRELESS TAPPING, AS THE HILL CALLS IT, THIS LAW WOULD APPLY TO THOSE QUERIES TO HOPEFULLY INCREASE THE CONCERN BY THOSE MAKING QUERIES THAT THEY COULD BE PUNISHED. BUT THIS ARTICLE GOES ON AND SAYS CURRENT LAW ALLOWS FEDERAL INVESTIGATORS TO SEARCH COLLECTED DATA BELONGING TO AMERICAN CITIZENS AND AUTHORITY -- AN AUTHORITY CRITICS SAY CIRCUMVENTS FOURTH AMENDMENT PROTECTIONS AGAINST UNLAWFUL SEARCH AND SEIZURE. THE LIBERTY ACT WOULD REQUIRE CRIMINAL INVESTIGATORS TO OBTAIN A COURT ORDER BEFORE VIEWING THE CONTENTS AND AMERICAN COMMUNICATIONS COLLECTED UNDER THE N.S.A. PROGRAM BUT WOULD NOT REQUIRE A WARRANT TO SEARCH THE DATABASE IN THE FIRST PLACE. SO THE LIBERTY ACT IS REFERRING TO ACTUALLY WAS USED AS THE AMENDMENT TO THAT BILL. ANYWAY. I KNOW MR. CONYERS, HE'S QUOTED IN THE ARTICLE, SAYING WE'VE BEEN ASSURED IN EXPLICIT TERMS THAT IF WE ADOPT THIS AMENDMENT TODAY, TALKING ABOUT THE LOFGREN AMENDMENT THAT LEADERSHIP WILL NOT PERMIT THE BILL TO PROCEED TO THE HOUSE FLOOR. THAT WAS ALSO A CONCERN MENTIONED BY OUR FRIEND FROM NEW YORK, JERRY NADLER. BUT I WOULD SUBMIT THAT WE SHOULD NOT BE AFRAID OF REPUBLICAN LEADERSHIP DOING THE WRONG THING, AT LEAST DOESN'T HURT, I GUESS, TO HAVE A HEALTHY FEAR, BECAUSE THAT CERTAINLY HAS HAPPENED, BUT WE STILL OUGHT TO BE PUSHING TO DO EVERYTHING WE CAN TO ENSURE THAT THE U.S. CONSTITUTION IS PROPERLY FOLLOWED AND WE DON'T CONTINUE TO HAVE LOOPHOLES AROUND IT. SO THAT IS AN ONGOING FIGHT AND THE SENATE'S GOT TO TAKE IT UP, BUT THERE ARE CONCERNS THAT THE SENATE IS JUST GOING TO RUBBER STAMP WHAT THE N.S.A. WANTS, THEY'RE NOT GOING TO HAVE ANY OF THE SAFE FORWARDS THAT WE PUT IN THE BILL AS IT IS ALREADY, WHICH I STILL DON'T FEEL IS ENOUGH AND THAT'S WHY I VOTED AGAINST IT, INSTEAD THE MAN WHO SITS NEXT TO ME IN JUDICIARY COMMITTEE, JIM JORDAN, ANDY BIGGS, VOTED AGAINST IT AS WELL. SO THERE WERE A NUMBER OF US THAT VOTED AGAINST THE BILL BECAUSE THE PROPER PROTECTIONS IN OUR OPINION ARE NOT THERE. WE JUST GOT TO CONTINUE TO ADVOCATE FOR THAT. THEN ALSO I WANT TO MENTION A BIT OF FAKE NEWS THAT CAME FROM THE HUFFINGTON POST AND I'VE MET MS. HUFFINGTON. SHE COULD NOT HAVE BEEN MORE CONGENIAL, WHEN I WAS AT ABC, GOING TO BE ON THE STEPHANOPOULOS SHOW ON SUNDAY MORNING, SHE WAS A DELIGHT TO TALK TO. BUT THE STUFF COMING OUT OF HER PUBLICATION SOMETIMES IS RATHER ASTOUNDING. BUT WE HAD A DEBATE IN NATURAL RESOURCES COMMITTEE, WE WERE VOTING ON SOME BILLS, AND A COMMENT I MADE THAT WAS NOT NECESSARILY CENTRAL TO THE DISCUSSION, BUT I THOUGHT MIGHT BE INTERESTING, I MEAN, IF THEY WOULD LOOK AT MY FULL COMMENTS AND COMMENTS I HAVE MADE IN -- AND CONTINUE TO MAKE, AS I HAVE SAID BEFORE, BRITISH PETROLEUM SHOULD NEVER HAVE BEEN ALLOWED TO KEEP OPERATING THEIR DRILLING PLATFORM IN THE GULF OF MEXICO, CALLED DEEPWATER HORIZON. THEY HAD HUNDREDS OF EGREGIOUS SAFETY VIOLATIONS WHEN OTHER COMPANIES HAD ONE OR TWO AND THE ONLY REASON WE CAN FIND THAT THE OBAMA ADMINISTRATION ALLOWED BRITISH PETROLEUM TO CONTINUE TO DRILL WITH SUCH EGREGIOUS SAFETY VIOLATIONS, SUCH COMPLETE, UTTER DISREGARD FOR THE SAFETY AND WELL BEING OF THOSE ON THE PLATFORM AND OF WILDLIFE IN THE GULF OF MEXICO AND THOSE BORDERING THE GULF OF MEXICO, ALL WE CAN FIND IS THEY WERE ABOUT TO COME OUT AND ENDORSE THE PRESIDENT'S CAP AND TRADE PROGRAM, SOMETHING THAT SPEAKER PELOSI DESPERATELY WANTED AND I'D READ AN ARTICLE THAT INDICATED THAT THEY EVEN HAD B.P. REPRESENTATIVES IN THE OFFICE OF SENATOR JOHN KERRY TRYING TO WORK OUT WHEN THEY'D DO THE BIG ROLLOUT OF THIS BIG OIL COMPANY THAT WAS GOING TO SUPPORT CAP AND TRADE, BASICALLY THEY WOULD HAVE AN INSIDE DEAL AND IT MADE BILLIONS OF DOLLARS THAT OTHER OIL COMPANIES WOULD NOT HAVE MADE BECAUSE THEY DID NOT HAVE THE INSIDE TRACK LIKE THE OBAMA ADMINISTRATION WAS GOING TO GIVE B.P. BUT THAT'S WHY -- THAT'S WHEN THE DEEPWATER HORIZON BLEW, IS WHAT I UNDERSTOOD. SO THAT'S WHY THE ADO BA MA ADMINISTRATION WAS SO SLOW TO RESPOND. THEY KEPT HOPING THIS WAS GOING TO GO AWAY AND WASN'T GOING TO BE AS SERIOUS AS B.P. -- B.P. WAS ASSURING THEM, OH, WE GOT IT UNDER CONTROL. THEY DIDN'T HAVE IT UNDER CONTROL. SHOULD NEVER HAVE BEEN ALLOWED TO HAVE BEEN DRILLING WHEN THAT BLOWOUT OCCURRED. IT DID HAVE AN ADVERSE EFFECT ON THE GULF. IT DID HAVE A VERY ADVERSE EFFECT ON SO MANY THINGS. BUT THE COMMENT THAT THE HUFFINGTON POST, WANT TO CREATE SOME FAKE NEWS LATCHED ONTO, IS, I WAS REALLY UPSET AND CONCERNED ABOUT THE DAMAGE THAT B.P. HAD CAUSED. AND I'D HAVE TO GO BACK AND LOOK, IT WASN'T THAT LONG AFTER THIS HAPPENED BUT I DROVE 100 MILES ALONG THE BEACH AND I KEPT GETTING OUT WITH MY HIGH DEF CAMERA EXPECTING TO BE ABLE TO FIND A LOT OF OIL ON THE BEACHES. AND I KNOW I RAD READ -- I HAD READ AND SEEN THERE WAS A SPOT SOUTH OF NEW ORLEANS. APPARENTLY I DIDN'T START CLOSE ENOUGH TO THAT. BUT I UNDERSTOOD IT WAS REALLY RUINING THE BEACHES OF FLORIDA. AND I WENT ALONG THE MIRACLE COAST AND THE -- MISSISSIPPI AND ALABAMA COAST THERE. AND EVERYWHERE I WENT, I'D MAYBE FIND A FEW DROPS OF OIL LIKE WE HAVE ON OUR TEXAS BEACHES QUITE OFTEN, BUT IT'S JUST A DROP OR TWO HERE OR THERE. AND I WAS GOING WHERE IS ALL THE OIL? EVERYBODY SAID WELL IT'S LIKE FIVE, 10 MILES UP THE COAST. AND SO I KEPT GOING UP, LOOKING FOR THIS BIG OIL SPILL. ON THE BEACH. AND I KNEW THERE WERE PEOPLE THAT WERE UNDERTAKING HEROIC EFFORTS, YOU KNOW, I'D SEEN THOSE ON THE NEWS. TALKED TO PEOPLE THAT WERE DOING IT. KEVIN COSTNER HAD A GREAT IDEA, IT APPEARED, FOR SOPPING UP THE OIL TO KEEP IT FROM GETTING TO THE COAST. SO THERE WERE HERCULEAN EFFORTS BEING MADE TO STOP THE OIL BUT THERE SHOULD HAVE BEEN MORE OIL ON THE BEACH. AND SO THEY WANT TO MAKE IT SOUND LIKE THAT I'M JUST OBLIVIOUS TO ANY OIL EVER COMING ASHORE BECAUSE I DID SAY WHAT IS ABSOLUTELY TRUE THAT IT IS AMAZING THE WAY NATURE SEEMS TO TAKE CARE OF PROBLEMS. AND WE KNOW THAT BECAUSE THERE ARE ONGOING OIL SEEPAGE EVERY DAY. I DON'T WANT OIL ON THE BEACHES. I HATE OIL ON THE BEACHES. IT'S INFURIATING WHEN YOU'RE WALKING ON THE BEACH AND STEP ON AN OIL BUBBLE AND HAVE TO SPEND A BUNCH OF TIME TRYING TO GET THAT OIL OFF YOUR FOOT, EVEN A SMALL DROP. BUT, YOU COULD GO TO SOUTHERN CALIFORNIA OFF THE COAST AND FIND DROPS OF OIL HERE AND THERE. FROM NATURAL SEEPAGE. THE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, GO TO THEIR WEBSITE THEY TALK ABOUT NATURAL OIL SEEPS. AND THEY SAID 2003 REPORT FROM THE NATIONAL RESEARCH COUNCIL ESTIMATES ON AVERAGE APPROXIMATELY 160 TONS, IT'S SPELLED TONNES, APPARENTLY METRIC TONS, ENTER NORTH AMERICAN WATERS THROUGH NATURAL SEEPS EACH YEAR. AND THAT'S APPARENTLY ONE TON IS ABOUT 7.33 BARRELS PER TON OR 307.86 U.S. GALLONS PER METRIC TON. SO YOU MULTIPLY 307 OR 308 IF YOU WANT TO ROUND IT, MULTIPLY 160,000 TONS WITH 308, THEN YOU WOULD GET AN IDEA OF HOW MANY GALLONS OF OIL SEEP OUT JUST THROUGH CRACKS IN THE EARTH'S SURFACE AND COME UP THROUGH THE WATERS. . AND THEN THEY'RE HARD TO FIND, ALTHOUGH SOMETIMES YOU CAN SEE THEM FROM SATELLITES OR AIRCRAFT, YOU CAN SEE THE OIL SHIMMERING ON TOP OF THE WATER SINCE ITS LIGHTER THAN WATER, IT FLOATS UP THROUGH THE SEA WATER AND COMES THROUGH THE SURFACE. BUT ANY WAY, MORE FAKE NEWS TRYING TO CREATE A BIG DEAL WHEN THERE WASN'T ANY. YOU CAN GO ONLINE TO WOODS HOLE OCEANOGRAPHIC INSTITUTION AND HAVE AN ARTICLE ON OIL SEEPS AND SAY AS MUCH OF ONE HALF OF THE OIL COMES FROM NATURAL SEEPS OF OIL AND NATURAL GAS. THESE FEATURES KNOWN TO OCCUR IN CLUSTERS AROUND THE WORLD SUCH AS OFF THE SOUTHERN COAST OF CALIFORNIA AND IN THE GULF OF MEXICO, ARE STILL RELATIVELY UNSTUDIED. IN RECENT YEARS, ADVANCES IN REMOTE SENSING HAVE ENABLED MORE ACCURATE DETECTION AND ESTIMATES OF NATURAL OIL FLOWS INTO THE OCEAN. IN LOCATIONS WHERE SEEPS ARE FOUND, OIL FLOWS THROUGH CRACKS FORMING SPRINGS OF HYDRO CASH BONS. LIGHTER COMPOUNDS RISE TO THE WATER'S SURFACE AND EVAPORATE OR GET IN SEA CURRENT. THEY COLLECT OVER THOUSANDS OF YEARS. YOU MULTIPLY 308 TIMES 160 TONS AND THEN MULTIPLY THAT TIMES THOUSANDS OF YEARS, YOU WILL GET AN IDEA OF HOW MUCH NATURAL SEEPAGE OF CRUDE OIL HAS BEEN INTO THE OCEAN. BUT AT LEAST, THE ARTICLE POINTS OUT THAT -- AND THIS IS FROM THE "HUFFINGTON POST," ABOUT 24% OF THE OIL THAT COMES OUT -- AND THIS WAS FROM THE DEEPWATER HORIZON BLOWOUT. 24% IS BELIEVED TO HAVE EVAPORATED OR DISSOLVED. THE REMAINING 35% WAS NATURALLY DISPERSED OR PERSISTED IN THE ENVIRONMENT AND ONLY 41% WAS DIRECTLY OR CHEMICICALLY BURNED OR SKIMMED. THEY ONLY GOT 41%. THAT'S PRETTY GOOD. IT'S NOT GOOD ENOUGH. WE NEED TO BE BETTER AT DOING THAT. BUT IT REALLY IS AMAZING HOW NATURE SEEMS TO RESPOND TO CATASTROPHES. BUT WE ARE SUPPOSED TO TEND THE GARDEN AND THAT MEANS WE DO THE BEST WE CAN TO KEEP THE GARDEN CLEAN -- SO. I WANT TO RETURN TO THE ISSUE ABOUT THE SHOOTING DOWN IN SUTHERLAND SPRINGS. THE PRESIDENT I THINK APPROPRIATELY POINTED OUT WHEN HE WAS ASKED ABOUT IT, HE SAID I THINK MENTAL HEALTH IS YOUR PROBLEM HERE. PEOPLE ARE SCREAMING FOR MORE GUN CONTROL. AND YET EVERY TIME IT SEEMS THAT MORE GUN CONTROL IS PLED FOR OR PEOPLE THAT MEAN WELL STAND UP AND SCREAM, OH, YOU GOT TO DO SOMETHING. I DON'T THINK IF IT'S WRONG, JUST DO SOMETHING. WELL, IT MAY BE WELL INTENDED, BUT THAT'S EXTREMELY FOOLISH. YOU CAN DO MORE HARM BY DOING SOMETHING EVEN IF IT'S WRONG. AND IT'S OFTEN TRAGEDIES THAT LEAD TO THE WORST LEGISLATION BECAUSE PEOPLE IN CONGRESS FEEL LIKE WE GOT TO DO SOMETHING. WE GOT TO DO SOMETHING EVEN IF IT'S WRONG SO THE AMERICAN PEOPLE THINK WE ARE DEALING WITH IT. JEFFERSON WASN'T AT THE CONSTITUTIONAL CONVENTION, BUT HE SUGGESTED THAT A GOOD AMENDMENT WOULD BE THAT YOU COULD NOT PASS A BILL HERE IN CONGRESS UNTIL IT HAD BEEN ON FILE FOR A YEAR. OBVIOUSLY THAT'S NEVER MADE ITS WAY INTO THE LAW. BUT SOME OF OUR WORST LEGISLATION COMES TOO QUICK WITH AN OVERREACTION TO SOME TRAGEDY, SOME FAILURE WHEN WE DON'T HAVE ADEQUATE TIME TO SEE WHAT WOULD BE THE BEST THING TO DO. AND AS IT TURNS OUT IN THE TEXAS SHOOTING, THE GUN LAWS WERE ENTIRELY ADEQUATE TO PREVENT THAT FROM HAPPENING, BUT FOR THOSE WHO PUT THEIR FAITH IN THE GOVERNMENT KEEPING US PROTECTED, WHICH OUR FOUNDERS DID NOT DO, THAT'S WHY WE HAVE A SECOND AMENDMENT, YOU HAVE TO LOOK NO FURTHER THAN THIS TRAGIC MASSACRE TO UNDERSTAND THE GOVERNMENT IS NOT LIKELY GOING TO BE THERE TO PROTECT YOU. TURNS OUT THE SHOOTER, MAN FULL OF EVIL, WAS CONVICTED OF A CRIME THAT SHOULD HAVE PREVENTED HIM FROM EVEN HAVING A GUN. AND YET THE AIR FORCE FAILED TO GET THE CONVICTION INTO THE DATA BANK SO THAT WHEN SEARCHES WERE DONE, BACKGROUND CHECKS DIDN'T PICK IT UP. SO WHEN THE GOVERNMENT FAILS, THE FOUNDERS EXPECTED THAT BY HAVING A SECOND AMENDMENT WHERE NOT THE MILITARY OF THE UNITED STATES, BUT ACTUALLY MILITIA GROUPS THAT FORM UP, THEY WOULD BE ABLE TO HAVE WEAPONS. THOSE WERE RANK AND FILE CITIZENS THAT WERE NOT HIRED BY THE GOVERNMENT. THEY WERE SIMPLE CITIZENS OF THE UNITED STATES THAT WOULD RESPOND TO SUPPRESS ANY OUTRAGE THAT THE GOVERNMENT MIGHT TRY TO IMPOSE. AND THAT'S WHAT HAPPENED WHEN PATRICK HENRY GOT PERHAPS 5,000 PEOPLE TO COME OUT WHEN THE BRITISH GOVERNMENT THAT WAS THE LAW OF THE LAND, STARTED GOING THROUGH THEIR HOMES AND TAKING WHATEVER THEY WANTED. THEY RESPONDED WITH GUNS, CITIZENS COMING OUT OF THEIR HOMES, AND NO I'M NOT ADVOCATING FOR THOSE WANTING TO CREATE FAKE NEWS, ADVOCATING A REVOLUTION. WE HAVE A CONSTITUTION IN PLACE THAT THEY DIDN'T HAVE IN 177 H 5 THAT ALLOWS US -- 1775 THAT ALLOWS US TO FIX THINGS WITHOUT HAVING A REVOLUTION. BUT THE ANSWER IS NOT MORE GUN CONTROL LAWS. THIS GUY WAS FULL OF EVIL. HE HAD MENTAL HEALTH PROBLEMS. THE SYSTEM SHOULD HAVE PREVENTED HIM FROM HAVING A GUN. THE LAWS THAT WERE IN PLACE SHOULD HAVE PREVENTED THAT AND I'M GRATEFUL THE STATE OF TEXAS DID ITS PART. HE APPLIED FOR A CONCEALED CARRY PERMIT AND EVEN THOUGH THE AIR FORCE CONVICTION WASN'T THERE, THERE WAS ENOUGH EVIDENCE TO PREVENT HIM FROM GETTING A CONCEALED CARRY PERMIT FROM THE STATE OF TEXAS. BUT THE OTHER LAWS WHERE THE FEDERAL GOVERNMENT IS SUPPOSED TO PROTECT US, FAILED TO WORK BECAUSE THE GOVERNMENT OFTEN FAILS TO DO ITS JOB. SO THE THING THAT REALLY TO ME BECAME AN OUTRAGE AND IT IS SOMETHING THAT OUR FOUNDERS FEARED PERHAPS MORE THAN ANYTHING ELSE WHEN THEY WERE TRYING TO SET UP A GOOD GOVERNING DOCUMENT WAS PERSECUTION OF CHRISTIANS. THAT'S WHY SO MANY PEOPLE CAME TO THIS COUNTRY IN ITS EARLIEST DAYS. CHRISTIANS WERE AS HAS HAPPENED OVER 2000 YEARS, THEY WERE BEING PERSECUTED. THEY THOUGHT IF THEY CAME TO AMERICA AND THEY COULD HAVE A COUNTRY WHERE THEY COULD BE FREE TO PRACTICE THEIR CHRISTIAN BELIEFS WITHOUT GOVERNMENT PROSECUTING AND PERSECUTING THEM. THAT IT WOULD BE A LITTLE SLICE OF HEAVEN ON EARTH AS MUCH AS YOU COULD GET WHILE THERE IS STILL SO MUCH EVIL IN THE WORLD. AND NOW AS THIS COUNTRY LED BY ITS SUPREME COURT, OTHERS LIKE THE ALCU AND FREEDOM FROM RELIGION GROUPS, WE HAVE BEEN TOLD, YOU CAN'T MENTION GOD, YOU CAN'T PRAY, YOU CAN'T MENTION YOUR RELIGION, WELL THAT'S CERTAINLY NOT WHAT WAS THE FEELING OF THOSE WHO WERE THE PREDOMINANT FOUNDERS AND THOSE WHO MADE THE BEST IMPROVEMENTS IN AMERICA. IT WAS A GREAT AWAKENING. HUGE REVIVAL IN AMERICA RIGHT BEFORE THE MID-1700'S, SO MUCH OF THE COUNTRY TURNED TO GOD, HAD CHRISTIAN BELIEFS, BIBLICAL BELIEFS AND CHILDREN LIKE SAM ADAMS GREW UP HAVING SUCH PROFOUND FAITH IN GOD, PROFOUND FAITH IN THE BIBLE, LOOKING DOWN THE HALL IN WHAT'S RIGHT BELOW THE RONTONDA AND ONE OF THE SIGNS UP THERE MENTIONED SAM ADAMS. SAM ADAMS WAS CALLED THE FATHER OF THE AMERICAN REVOLUTION. HE WAS A PRODUCT OF THE GREAT AWAKENING IN THE 1700'S. HE WAS SO MORAL AND SO MANY PEOPLE KNEW -- GEE, HE KNEW HOW TO MAKE GOOD BEER, BUT HE ALSO HAD A PROFOUND BELIEF IN THE BIBLE, IN GOD AND THAT'S WHAT DROVE HIM TO PUSH FOR A COUNTRY WHERE THERE COULD BE EQUALITY, WHERE PEOPLE COULD PRACTICE THEIR RELIGIOUS BELIEFS, WHETHER THEY WERE AGENTIVITY, BUDDHISTS, ORTHODOX JEW, MUSLIM, JUST SO LONG AS THEIR RELIGION SHOULD OVERTAKE AND SUPLANT THAT RADICAL ISLAMISTS BELIEVE. WE HAVE COME TO A TIME WHERE CHRISTIANS ARE BEING VILLIFIED, BELITTLED AND THIS COUNTRY IS BEGINNING TO LOOK LIKE THE PLACES THAT THE CHRISTIANS THAT FLED TO AMERICA HAD TO LEAVE TO AVOID PERSECUTION. SO WE GET THESE TWITTER COMMENTS -- THERE'S AN ARTICLE FROM THE "HUFFINGTON POST" PLAYING UP THE RIDICULE. ONE TWITTER FROM ROSE CASH SAID THEY NEED A GOVERNMENT THAT WILL ENACT COMMONSENSE GUN LAWS. THOUSANDS AND PEOPLE WHO WERE MOWED. ANOTHER, THEY WERE IN A CHURCH. THEY HAD THE PRAYERS SHOT RIGHT OUT OF THEM. KEITH, THOUGHTS AND PRAYERS AGAIN. IDIOT, THESE PEOPLE WERE IN A CHURCH. THEY WERE PRAYING. AT THIS POINT THOUGHTS AND PRAYERS MEANS SHUT UP AND TAKE IT, KATIE MACK. THE MURDER VICTIMS WERE IN A CHURCH IF PRAYERS WERE DOING YOU WORTHLESS SLACK OF S DOT, DOT, DOT. THEY WERE ALREADY IN CHURCH. SEEMS LIKE PRAYERS DO NOTHING. ACTUAL REFORM IS NEEDED. ANOTHER, TO ALL THOSE ASKING FOR THOUGHTS AND PRAYERS SEEMS YOUR DIRECT LINE TO GOD IS NOT WORKING. JOSH, TERROR ATTACKS THAT KILL SIX GET TRAVEL BAN SAME DAY. DEADLIEST MASS SHOOTING GETS PRAYERS AND TOO SOON TO TALK. ANOTHER, AFTER A MASS SHOOTING IN THE CHURCH, THOUGHTS AND PRAYERS FROM THE MOUTHS OF USELESS POLITICIANS BECAUSE MORE ASA NINE. WE NEED MORE THAN PRAYERS. THE VICTIMS WERE IN A CHURCH PRAYING. WE NEED A BAN ON AR-15. IF THERE WERE A BAN OF AR-15'S, THE SHOOTER PROBABLY WOULD HAVE BEEN ABLE TO KILL EVERYBODY IN THE CHURCH BECAUSE THE GUY THAT STOPPED HIM, THANK GOD, HAD AN AR-15 THAT HE USED TO SHOOT HIM AND GET THE CARNAGE TO STOP. . CLEARLY YOUR PRAYERS AREN'T WORKING IF A MASS SHOOTING CAN TAKE PLACE IN A CHURCH. MANY WE CAN TRY A LEGISLATIVE SOLUTION NOW. I MEAN, IT JUST GOES ON AND ON. BELITTLING CHRISTIANS, BELITTLING PEOPLE WHO BELIEVE IN THE POWER OF PRAYER. THEN WE HAD AN ARTICLE FROM "THE HILL". TODAY. REPRESENTATIVE JAROD HUFFMAN IN A NEW INTERVIEW SAYS HE THINKS THERE'S TOO MUCH RELIGION IN POLITICS. HUFFMAN TOLD "THE WASHINGTON POST" HE HAS FOR YEARS NOT AND HE QUESTIONNAIRES THAT ASK HIM ABOUT RELIGIOUS BELIEFS. INSTEAD PUTTING UNSPECIFIED OR NONE OF YOUR BUSINESS. I DON'T BELIEVE IN RELIGIOUS TESTS. I DON'T EITHER. ALTHOUGH IF SOMEBODY SAYS, THEY'RE A CHRISTIAN AND THEY COME BEFORE OUR COMMITTEE, AND THEY MAKE -- KEEP MAKING A BIG DEAL ABOUT I'M A CHRISTIAN, THEN AS WE KNOW, EVEN IN COURT, CREDIBILITY IS ALWAYS AN ISSUE. IF YOU SAY UNDER OATH YOU'RE ONE THING AND IT TURNS OUT YOU'RE NOT, YOU'RE NOT REALLY A CHRISTIAN, YOU DON'T HAVE CHRISTIAN BELIEFS, THEN THAT IS WORTH KNOWING. YOU SAY YOU'RE A CHRISTIAN, WHAT DOES THAT MEAN? I WILL NOT HESITATE TO ASK THAT. IF IT'S GOING TO REFLECT NOT ON THEIR RELIGIOUS BELIEFS, I'M NOT GOING TO HOLD THOSE AGAINST ANYBODY, BUT IF YOU SAY YOU'RE ONE THING AND YOU'RE LYING, THAT'S IMPORTANT TO FIND OUT. BUT ANYWAY. MORE OF THE SAME. BUT THERE'S A GREAT ARTICLE IN NATIONAL VERY VIEW BY DAVID FRENCH, NOVEMBER 6, IN THE FACE OF EVIL, PRAYER IS THE MOST RATIONAL AND EFFECTIVE RESPONSE. HE POINTS OUT THAT WHILE I DISAGREE WITH AVEGYIFTS, MY WAR HE WILL RIGHT NOW ISN'T WITH THEIR DISBELIEF, IT'S WITH THEIR CHOOSING THIS MOMENT TO NOT ONLY MOCK CHRISTIANS, BUT ALSO DISPLAY THEIR IGNORANCE OF BASIC CHRISTIAN THEOLOGY. YOU SEE THE PRESENCE OF EVIL, ESPECIALLY THE INCREASING PRESENCE OF EVIL, DEMANDS A PRAYERFUL RESPONSE. SCRIPTURE IS FULL OF EXAMPLES OF GOD'S PEOPLE CRYING OUT TO HIM IN GREAT DISTRELLS. JESUS CRIES OUT TO GOD -- DISTRESS. GEEUS CRIES OUTER TO GOD IN GREAT DISTRESS. HE ALWAYS RESPONDS IN SOME WAY. BUT OFTEN NOT THE WAY WE ASK OR DEMAND. IF HE WERE TO INTERVENE AND STOP ALL EVIL, THEN IT MEANS WE BECOME ROW BOTS. WE DON'T HAVE FREE CHOICE. WE BECOME BASICALLY ROBOTS AND AS ANY PARENT NORKS YOU CAN ORDER YOUR CHILD TO LOVE YOU OR TO HUG YOU, BUT THERE IS NOTHING THAT MEANS MORE TO YOUR HEART AND SOUL THAN A SWEET LITTLE CHILD RUNNING UP TO YOU VOLUNTARILY, THROWING THEIR ARMS AROUND YOU, SAYING, I LOVE YOU, DADDY, FROM THE HEART. IF WE HAVE A HEAVENLY PARENT, DOESN'T IT MAKE SENSE THAT THAT HEAVENLY PARENT WOULD WANT US FREE TO CHOOSE TO LOVE THE HEAVENLY PARENT? THE ARTICLE SAYS, PROGRESSIVES ALWAYS RESPOND TO MASS SHOOTINGS WITH A SERIES OF PROPOSALS THAT WOULDN'T HAVE STOPPED THE MASS SHOOTINGS. IT'S HAPPENING AGAIN. IT'S HAPPENING AGAIN. THIS SHOOTER IN TEXAS, SUTHERLAND SPRINGS, COULD NOT HAVE LAWFULLY POSSESSED HIS WEAPONS, BUT HE IGNORED EXISTING GUN LAWS. SO WHO FOLLOWS THE LAWS? IF YOU PASS LOSE IT TAKE AWAY GUNS? THE HONEST PEOPLE. THE ONES THAT ARE VICTIMS IN A SHOOTING LIKE THIS. THAT'S WHO FOLLOWS. THERE ARE LAWS IN TEXAS THAT ENABLE A CHURCH TO BE A GUN-FREE ZONE. AND APPARENTLY TOO MANY PEOPLE ASSUME EVERY CHOO CHURCH IS GUN-FREE. IF SOMEONE HAD HAD A GUN IN THAT CHURCH, THERE BOO NOT HAVE BEEN 25 PEOPLE -- THERE WOULD NOT HAVE BEEN 25 PEOPLE KILLED. SO, MR. SPEAKER, MY THOUGHTS AND PRAYERS ARE WITH THE COUNTRY AND I HOPE AND PRAY OTHERS WILL JOIN. I YIELD BACK.

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            • 01:20:08 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 CALIFORNIA, MR. SHERMAN, IS RECOGNIZED FOR 60 MINUTES AS THE DESIGNEE OF THE MINORITY LEADER.

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            • 01:20:46 PM

              MR. SHERMAN

              I WANT TO THANK THE SPEAKER FOR RECOGNIZING ME AND INDICATING THAT I CAN…

              I WANT TO THANK THE SPEAKER FOR RECOGNIZING ME AND INDICATING THAT I CAN SPEAK FOR AN HOUR. YOU KNOW, WE GET CAUGHT UP IN SO MANY ISSUES HERE THAT WE SOMETIMES DON'T EXPLORE THEM IN DEPTH. AND WITH AN HOUR I PLAN TO LOOK IN DEPTH FIRST AT THE PRESIDENT'S TRADE POLICY TOWARD CHINA, AND THEN TOWARD THE REPUBLICAN TAX BILL. THE PRESIDENT IS MEETING AGAIN WITH PRESIDENT XI OF CHINA. THEY'LL OUT A BEAUTIFUL JOINT STATEMENT. THEY'LL POSE FOR PHOTOGRAPHS. AND YOU KNOW, THEY'LL EITHER BE A -- THERE WILL EITHER BE A BUSINESS DEAL OR TWO TO ANNOUNCE. THESE ARE THE TWO LARGEST ECONOMIES IN THE WORLD. THEY INVOLVE TENS OF TRILLIONS OF DOLLARS. SO EVERY MONTH A FEW BIG THINGS HAPPEN THAT ARE BAD AND ONE OR TWO BIG THINGS HAPPEN THAT ARE GOOD. THERE'S ALWAYS A PARTICULAR BUSINESS DEAL THAT YOU CAN PACKAGE AND WRAP AS A PHOTO OP. BUT THE FACT IS THAT WE HAVE TO LOOK AT THE OVERALL TRADING RELATIONSHIP. AND THE TRADING RELATIONSHIP IS THIS. WE RUN HUNDREDS OF BILLIONS OF DOLLARS OF TRADE DEFICIT AND EVERY BILLION DOLLARS OF TRADE DEFICIT COSTS US 10,000 JOBS. SO LET'S LOOK AT WHAT HAS HAPPENED WHILE PRESIDENT TRUMP HAS BEEN IN OFFICE. WE LOOK AT EACH MONTH AT OUR TRADE AND GOODS WITH THE PEOPLE'S REPUBLIC OF CHINA. AND WE START WITH A DEFICIT OF JUST A BIT OVER $22 BILLION, AND FOR THE MOST RECENT STATISTICS AVAILABLE, AUGUST OF THIS YEAR, WE'RE UP TO ALMOST $35 BILLION. WHAT'S INTERESTING ABOUT THIS CHART IS THAT EVERY MONTH TRUMP HAS BEEN IN OFFICE OUR TRADE DEFICIT WITH CHINA HAS GROWN. NOW, HE CAN SAY THAT HE DOESN'T HAVE THE POWER TO DO ANYTHING ABOUT THAT. HE JUST WANTS TO BE A PRETEND PRESIDENT. A PRETENSE PRESIDENT. OPPOSING PRESIDENT -- A POSING PRESIDENT. HE CAN POSE FOR A PICTURE BUT HE DOESN'T HAVE THE AUTHORITY TO DO ANYTHING. THAT IS COMPLETELY WRONG. LOOK AT SECTION 338 OF THE TARIFF ACT OF 1930. AND YOU WILL SEE THAT THE PRESIDENT ACTING ALONE COULD ELIMINATE THIS DEFICIT BY IMPOSING TARIFFS ON CHINESE GOODS NOW. BUT HE WON'T DO THAT. BECAUSE HIS PLAN AND WHAT HE'S DONE OVER THE LAST TWO YEARS, HE CAMPAIGNS LIKE HE'S BERNIE SANDERS, AT LEAST ON THESE ISSUES, AND HE GOVERNS LIKE HE'S FROM GOLDEN -- GOLDMAN SACHS. WHICH OF COURSE MANY OF HIS ADVISORSING TOO ACTUALLY ARE. AND EVEN AFTER -- ADVISORS ACTUALLY ARE. AND EVEN AFTER THE CAMPAIGN WAS OVER IN NOVEMBER OF LAST YEAR, THE CAMPAIGN CONTINUES. AND HE CONTINUES TO PRETEND TO BE IN FAVOR OF THE TRADE POLICIES ASSOCIATED WITH BERNIE SANDERS AND OTHERS AND HE CONTINUES TO GOVERN IN THE INTERESTS OF GOLDMAN SACHS. NOW, THIS CHART DOES NOT REFLECT SERVICES BECAUSE SERVICES TRADE BETWEEN THE UNITED STATES AND CHINA IS NOT AVAILABLE ON A MONTHLY BASIS. BUT THE TREND WOULD BE EXACTLY THE SAME. HUGE GROWTH IN THE DEFICIT, MONTH AFTER MONTH AFTER MONTH AFTER MONTH, FEBRUARY, MARCH, APRIL, MAY, JUNE, JULY AND AUGUST OF THIS YEAR. AND LIKELY TO CONTINUE FOR THE OTHER MONTHS THAT THE PRESIDENT CONTINUES TO SERVE AND THAT STATISTICS BECOME AVAILABLE. NOW, WE'RE TOLD PERHAPS THAT IT'S OK TO GIVE AWAY ALL THESE AMERICAN JOBS BECAUSE WE NEED CHINESE HELP TO DEAL WITH NORTH KOREA. LET'S SEE HOW THAT'S WORKING OUT. THE PRESIDENT, PRIOR TO THIS TRIP, HAD MET WITH PRESIDENT XI TWICE. NOW WE HAVE A THIRD MEETING. AFTER THOSE FIRST TWO MEETINGS, THE NORTH KOREA EXPLODES A HYDROGEN BOMB AND TESTS A MISSILE CAPABLE OF REACHING MAJOR CITIES IN THE MAINLAND OF THE UNITED STATES. ALL WITH THE ACQUIESCENCE OF THE CHINESE GOVERNMENT. SO WHETHER YOU'RE CONCERNED WITH OUR NATIONAL SECURITY OR WHETHER YOU'RE CONCERNED WITH JOBS AND TRADE POLICY, WE CAN NO LONGER HAVE A PRESIDENT WHO POSES AND PRETENDS ANDING NORSE THE STATUTORY AUTHORITY THAT HE HAS ON LAWS THAT HAVE BEEN ON THE BOOKS SINCE THE 1930'S. NOW LET'S TALK ABOUT THE REPUBLICAN TAX BILL. THIS IS A BILL WHICH WILL RAISE TAXES ON MILLIONS OF MIDDLE CLASS FAMILIES. NOW, IT GETS WORSE IN A FEW YEARS. THERE'S A BIT OF A BAIT AND SWITCH. THEY'LL WANT TO TELL YOU, JUST LOOK AT HOW THIS BILL WILL EFFECT YOUR TAX RETURN IN 2019. WELL, IF YOU PLAN TO STILL BE ALIVE IN 2027, TAKE A LOOK AT THE EFFECT IT'S GOING TO HAVE THEN. LET'S LOOK AT MIDDLE CLASS FAMILIES. NOT THE POOREST 20% IN OUR COUNTRY, NOT THE RICHEST 20%, THAT MIDDLE 60%. ROUGHLY 30% OF THOSE FAMILIES IN THE MIDDLE CLASS ARE GOING TO SEE A TAX INCREASE ON THEIR 2027 TAX RETURN. AND THAT TAX INCREASE IS LIKELY -- IS CALCULATED AS AN AVERAGE OF $1,300 PER FAMILY. WELL, LET'S LOOK AT THE INDIVIDUAL PROVISIONS. TO SEE HOW FAIR THEY ARE TO MIDDLE CLASS FAMILIES. FIRST, RIGHT OFF THE BAT, THEY TAKE AWAY THE PERSONAL EXEMPTION. WHICH ON NEXT YEAR'S TAX RETURN, THE FIRST YEAR THAT THIS NEW BILL WOULD BE EFFECTIVE, IS WORTH $4,150 PER PERSON IN YOUR FAMILY. THAT'S NEARLY $21,000 FOR A FAMILY LIKE MINE, OF FIVE. THEY TAKE AWAY $21,000 OF DEDUCTIONS EVEN FROM THE POOREST FAMILIES IN AMERICA AND FROM EVERY MIDDLE CLASS FAMILY AS WELL. NOW, THEY SAY THEY'RE GOING TO REPLACE THAT WITH A CHILD TAX CREDIT, BUT IF YOUR YOUR CHILDREN ARE OVER AGE 16, THAT CREDIT IS LIMITED TO A FEW HUNDRED DOLLARS NEXT YEAR AND THEN THEY MAKE IT ZERO FIVE YEARS FROM NOW. SO IF YOUR KIDS ARE GOING TO TURN AGE 17 SOMETIME IN THE NEXT FIVE YEARS, THEY'VE GOT YOUR NAME ON THIS BILL. AND THEY ALSO DO INCREASE THE STANDARD DEDUCTION. BUT TENS OF MILLIONS OF AMERICANS DON'T EVEN TAKE THE STANDARD DEDUCTION. THEY CHOOSE TO ITEMIZE THEIR DEDUCTIONS. SO ONE REPLACEMENT IS INAPPLICABLE IN A FEW YEARS TO KIDS OF A FEW YEARS OLD. AND THE OTHER IS INAPPLICABLE TO THE MILLIONS OF FAMILIES THAT DON'T ITEMIZE THEIR DEDUCTIONS. BUT EVEN IF IT IS APPLICABLE TO YOU, YOU'RE LOSING, FOR A FAMILY OF FIVE, $2,100 ROUGHLY, AND WHAT ABOUT A FAMILY OF SIX, A FAMILY OF SEVEN, A FAMILY OF EIGHT, ANOTHER $4,150 PER CHILD . AND THEY REPLACE IT WITH AN INCREASE IN THE STANDARD DEDUCTION OF $1,200 AND A PER CHILD CREDIT OF $600 OR $300 OR ABSOLUTELY ZERO. IF YOUR KIDS ARE OVER AGE 16 AND IT'S A FEW YEARS FROM NOW. NEXT, LET'S TALK ABOUT MOVING EXPENSES. THE CURRENT CODE IS A THAT YOU'RE WORK AT FACTORY AND IT CLOSES DOWN AND IT'S MOVING, 100 MILES 3RKS00 MILES AWAY, AND YOU HAVE TO MOVE YOUR HOME, YOU HAVE TO FIND A NEW HOME TO LIVE IN, YOU GET TO DEDUCT YOUR MOVING EXPENSES. THEY TAKE THAT AWAY. BUT WHAT DO THEY SFLEEVE IF YOU OWN A FACTORY AND YOU SHUT IT DOWN AND YOU TO MOVE TO CHINA, ALL OF THE MOVING EXPENSES ARE TAX DEDUCTIBLE. SO DON'T LET THEM TELL YOU THEY'RE TAKING AWAY THE MOVING EXPENSE DEDUCTION. SURE, THEY'RE TAKING IT AWAY FROM INDIVIDUALS. AND EMPLOYEES. BUT THEY ARE LEAVING THE MOVING TAX DEDUCTION FOR THOSE WHO ARE MOVING THEIR FACTORIES TO CHINA. AND OF COURSE THEY TAKE AWAY THE STUDENT LOAN DEBT INTEREST DEDUCTION. SO IF YOU ARE INVESTING IN YOURSELF OR IN A FAMILY MEMBER, EDUCATION, THE INTEREST DEDUCTION WIPED OFF YOUR TAX RETURN. BUT IF YOU'RE INVESTING IN A CHINESE FACTORY, THE DEDUCTIONS ARE THERE FOR YOU. SO THEY'RE NOT ANTI-INVESTMENT. THEY'RE JUST ANTI-INVESTMENT IN THE SKILLS AND CAPACITIES OF AMERICAN WORKERS. NEXT IS THE MEDICAL DEDUCTION. NEXT IS THE MEDICAL DEDUCTION. IT'S AVAILABLE ONLY TO FAMILIES WITH LARGE MEDICAL NEEDS. BECAUSE YOU DON'T GET THE MEDICAL DEDUCTION UNLESS YOUR UNRURMED MEDICAL EXPENSES AND THANKS TO THE AFFORDABLE CARE ACT, AT LEAST MOST PEOPLE HAVE DECENT INSURANCE, BUT YOU STILL HAVE MEDICAL EXPENSES THAT ARE OUT OF POCKET. IF THEY EXCEED 10% OF YOUR INCOME, TO THE EXTENT OF THAT, YOU CAN TAKE A DEDUCTION. IF IT IS 13% OF YOUR INCOME, YOU CAN DEDUCT THE 3%. THAT'S NOT OVERLY GENEROUS. IT'S NOT EVEN APPLICABLE TO MOST FAMILIES WHO NEED IT. WHO NEEDS IT? PEOPLE WITH DISABILITIES, FAMILIES WITH CHILDREN WITH SPECIAL NEEDS, PEOPLE WITH CANCER. THAT'S WHO THEY TARGET. AND THEY SAY, WELL, IF YOU MAKE SOME MONEY AND THEN YOU HAVE TO SPEND IT DEALING WITH MEDICAL SERVICES, DEALING WITH THERAPIES FOR SPECIAL NEEDS CHILDREN, FOR DISABLED, FOR CANCER, WELL JUST BECAUSE YOU DON'T HAVE THE MONEY BECAUSE YOU HAD TO SPEND IT ON MEDICAL SERVICES, WE WILL TAX YOU ON THE MONEY. AND THEY DO. THERE'S ANOTHER GROUP OF PEOPLE WHO ARE UNLUCKY ENOUGH TO HAVE EXTRAORDINARY EXPENSES AND THAT IS CASUALTY LOSSES. IF YOU HAVE A SMALL FIRE OR SOME SMALL CASUALTY, YOU'RE NOT GOING TO GET A DEDUCTION. THE DEDUCTION APPLIES WHEN YOUR CASUALTY LOSSES EXCEED 10% OF YOUR INCOME AND THEN ONLY TO THE EXTENT THAT THEY EXCEED 10% OF YOUR INCOME. WE HAVE HAD THE WILDFIRES IN MY STATE OF CALIFORNIA, NOT TO MENTION THE HURRICANES IN THE CARIBBEAN AND THERE ARE PEOPLE WHO ARE GOING TO SAY, WELL, THANK GOD IF THE DISASTER HAD TO HIT US IT HAPPENED IN 2017 BECAUSE OUR CASUALTY LOSSES ARE DEDUCTIBLE. WHAT ABOUT THE NEXT DISASTER? PEOPLE WITH UNINSURED OUT OF POCKET LOSSES EXCEEDING 10% OF THEIR INCOME WILL NOT GET AN A DEDUCTION. IF THERE IS AN ENORMOUS DISASTER AND THE CNN CAMERAS ARE THERE THEN YOUR REPRESENTATIVE CAN COME AND ASK FOR A SPECIAL TAX RULE. FIRST, WHAT IF YOUR HOME BURNS DOWN AND CNN ISN'T THERE BECAUSE IT'S NOT PART OF AN ENORMOUS DISASTER BUT JUST SOMETHING THAT HITS YOU AND A COUPLE OF NEIGHBORS. YOU'LL NEVER GET A SPECIAL TAX PROVISION. YOU AREN'T GOING TO WRITE ONE FOR THREE OR FOUR PEOPLE, 30 OR 40 PEOPLE OR 80, 90 PEOPLE AFFECTED BY A SMALL BRUSHFIRE, BUT WHAT IF YOU ARE PART OF THE NEXT ENORMOUS CATASTROPHE, YOUR CONGRESSIONAL DELEGATION WILL BE HERE HAVING TO DECIDE WHETHER TO BARGAIN TO GIVE YOU A CHANCE TO TAKE THE SAME DEDUCTION THAT'S BEEN IN THE CODES SINCE THE 1950'S OR WHETHER TO BARGAIN TO TRY TO GET DISASTER RELIEF TO REREBILLED THE -- REBUILD THE INFRASTRUCTURE. SO WHAT ARE THEY GOING TO DO? IT IS CLEARLY WRONG AND UNFAIR TO TAX PEOPLE ON THAT PORTION OF THEIR INCOME THAT THEY HAVE TO USE TO DEAL WITH IN A TRULY EXTRAORDINARY CASUALTY LOSS. AGH, THERE IS ANOTHER PROVISION THAT HASN'T BEEN TALKED ABOUT MUCH AND THAT IS THE WAY THEY INDEX CODE PROVISIONS FOR INFLATION. THERE'S SOME OF THE PROVISIONS THEY DON'T INDEX AT ALL. SO THEY SAY, WELL, YOU CAN TAKE YOUR PROPERTY TAX DEDUCTION AND ITEMIZE IT, ONLY THE PORTION UP TO $10,000. THAT SOUNDS LIKE A MONEY, BUT THEY DON'T INDEX IT. SO WHAT ABOUT 10 YEARS FROM NOW, WHAT ABOUT 20 YEARS FROM NOW? YOU SAY I WON'T BE IN MY HOUSE 20 YEARS FROM NOW BUT THE PERSON YOU SELL YOUR HOUSE TO WILL BE THERE. AND IF THEY SAY, MY GOD, ALL THE PRICES ARE HIGHER, THE WAGES ARE HIGHER AND TAXES ARE HIGHER, THAT $10,000 LIMIT IS THAT I CAN'T DEDUCT HALF OF MY PROPERTY TAX BILL. THAT WILL BE FACTORED INTO THE PRICE OF YOUR HOUSE. SO AS TO THE THINGS AFFECTING HOME OWNERSHIP, NO INDEXING, EVERYTHING LOOKS BIG NOW GETS SMALLER AND SMALLER EVERY YEAR AS A RESULT OF INFLATION. AND THIS TAX BILL IS GOING TO CAUSE MORE INFLATION AND THERE ARE OTHER PROVISIONS WHERE THEY SEE THEY ARE KEEPING THE INDEXING BUT CHANGE FROM C.P.I. INDEXING TO CHAIN INDEXING. IT'S A SYSTEM FOR INDEXING THE BRACKETS LESS THAN WOULD BE IF YOU JUST LOOK AT THE CONSUMER PRICE INDEX. SO YOU SAY, WELL, I'M ONLY GOING TO BE IN THE 25% BRACKET UNDER THIS BILL. AND AS I GET RAISES TO COMPENSATE ME FOR INFLATION, I WILL BE IN THE 25%. NO, YOU WON'T, BECAUSE IF YOU ARE FORTUNATE, YOUR EMPLOYER WILL ADJUST YOUR WAGES FOR REAL INFLATION, BUT THE BRACKETS ARE ONLY GOING TO INCREASE FOR CHAINED C.P.I. WE TAKE AWAY THE STATE AND LOCAL TAX DEDUCTION. FIRST, THIS IS A DEPARTURE AS OTHER PROVISIONS ARE FROM THE CONCEPT THAT WE SHOULD TAX PEOPLE BASED ON THEIR ABILITY TO PAY. IF YOU MAKE A CERTAIN SALARY AND 10% OF IT IS TAKEN OUT AND USED BY YOUR LOCAL AND STATE GOVERNMENTS, THEN YOUR ABILITY TO PAY IS THE 90% OF YOUR SALARY YOU GET TO KEEP. BUT THEY DON'T WANT TO TAX YOU ON WHAT YOU KEEP AFTER STATE AND LOCAL TAXES, THEY WANT TO TAX YOU ON THE MONEY THAT HAS ALREADY BEEN SPENT ON TAXES. THE EFFECT OF THIS IS NOT JUST ON THE MIDDLE CLASS FAMILIES WHO ARE GOING TO LOSE A TAX DEDUCTION ON THEIR RETURN AND BE TAXED UNFAIRLY. THE RIGHT-WING THINK TANKS SAY WE KNOW WHY. THAT WILL CREATE A POLITICAL ATMOSPHERE WHERE STATES LIKE CALIFORNIA AND NEW YORK AND NEW JERSEY WILL SLASH THE AMOUNT OF MONEY THAT THEY SPEND ON THINGS LIKE PUBLIC SERVICE, PUBLIC SAFETY AND EDUCATION. AND SO WE WON'T JUST BE AFFECTING THE PEOPLE WHO ARE NOT TAKING THE TAX DEDUCTION, WE WILL BE TURNING TO LOWER FAMILIES AND MIDDLE-CLASS FAMILIES WHO DEPEND UPON PUBLIC SCHOOLS AND WILL JUST CAUSE A POLITICAL SITUATION WHERE LESS MONEY IS SPENT ON LOCAL EDUCATION. SO THIS JUST DOESN'T AFFECT THOSE THAT AFFECTS THEIR TAX RETURN BUT AFFECTS EVERYONE WHO LIVES IN THE COMMUNITY. NOW, AS I HAVE ALLUDED TO BEFORE, TAKE AWAY A BIG CHUNK OF THE HOME MORTGAGE DEDUCTION, PARTICULARLY THE PERSON YOU SELL YOUR HOUSE TO LATER. SO IF YOU SELL YOUR HOUSE AND GOT KNOWS WHAT THE INFLATION RATE MAY BE, IT MAY BE SIGNIFICANT, IT MAY BE $500,000, DOESN'T SOUND LIKE A LOT OF MONEY THEN BUT SOUNDS LIKE $500,000 IS NOW. SO ANY WAY THE HOME MORTGAGE DEDUCTION LIMITED FOR THAT BUYER TO $500,000 OF MORTGAGE AND THE PROPERTY TAX LIMITED TO $10,000 OF PROPERTY TAX. WHAT EFFECT IS THIS GOING TO HAVE ON THE ABILITY TO SELL YOUR HOME WHICH IN MANY PARTS OF THE COUNGET TRY ARE YOUR HOME NEST EGG. PEOPLE IN CALIFORNIA HAVE EQUITY IN THEIR HOME AND MAYBE THEY CAN RETIRE BECAUSE THEY HAVE 25% EQUITY IN THEIR HOME. YESTERDAY BEFORE THE FINANCIAL SERVICES COMMITTEE, WE HAD TESTIFYING MARK ZANDI, ONE OF THE LEADING ECONOMIST, WHO IS HEAD OF THE ECONOMICS OPERATION AT MOODY'S. AND HE SAID IN MAJOR METRO AREAS LIKE THE ONE I REPRESENT ARE GOING TO SEE A DOUBLE-DIGIT DECLINE IN HOME VALUES AS A RESULT OF THIS BILL. A LOT OF THAT IS THE LIMIT ON HOME MORTGAGE DEDUCTION AND THE PROPERTY TAX. THERE ARE OTHER ELEMENTS IN THIS BILL THAT ALSO ADVERSELY AFFECT HOME PRICES, DOUBLE-DIGIT DECLINE. AND WHAT DOES THAT DO TO THE COMMUNITY? YOU MAY SAY I DON'T OWN A HOME, I LIVE IN AN APARTMENT, WHO IS GOING TO COME TO THAT RESTAURANT AND HOW BIG ARE THEY GOING TO TIP IF THEY JUST BEEN TOLD, GO TO ZILLO AND SEE THE VALUE OF THEIR HOME AND SEE A DOUBLE-DIGIT DECLINE. THE WHOLE COMMUNITY. AND SO WHETHER -- THIS AFFECTS FOLKS FROM THE NEW YORK METRO AREA, PHILLY METRO AREA, LOS ANGELES, SAN DIEGO, ORANGE COUNTY IN CALIFORNIA. YOU ARE SUCKING MONEY OUT OF THE LOCAL ECONOMY AND GIVING IT TO THE FEDERAL GOVERNMENT BY TAKING AWAY THE STATE AND LOCAL PROPERTY TAX DEDUCTION. YOU ARE THEN SLASHING THE VALUE OF HOMES, DOUBLE-DIGIT DECLINE, WHAT MONEY IS GOING TO BE IN CIRCULATION TO SUPPORT THE ENTIRE REGIONAL COMMUNITY? THIS IS GOING TO HIT LIKE A HURRICANE EVEN IN AREAS OF THE COUNTRY THAT DID NOT EXPERIENCE A HURRICANE. NOW, MY PARTY IS SO FOCUSED ON THE GREAT UNFAIRNESS OF THIS BILL. THE FACT THAT IT PROVIDES THE BULK OF ITS BENEFITS TO THE TOP 5%, EVEN THE TOP 1%. AND THAT FACT IS HIDDEN BY THE ANOMALY THAT MOST OF THE ECONOMIC PROJECTIONS OF THIS BILL DON'T EVEN LOOK AT THE REPEAL OF THE ESTATE TAX. THEY ONLY LOOK AT THE INCOME TAX PROVISIONS. YOU CAN'T EXCLUDE A WHOLE CHUNK OF THIS TAX BILL AND ANALYZE IT. BUT WE ARE FOCUSED ON THE HUGE UNFAIRNESSES THAT WE ALMOST DON'T WANT TO TALK ABOUT THE EFFECT IT WILL HAVE ON THE OVERALL NATIONAL ECONOMY. THIS ISN'T JUST AN UNFAIR BILL OR ENRICHES THE RICH, THIS IS A DEFICIT EXPLODING, OUTSOURCE PROMOTING, JOB-KILLING, GROWTH-REDUCING DISASTER FOR OUR NATION'S ECONOMY. NOW, YOU WANT TO KNOW THE EFFECT OF HUGE TAX CUTS ON AN ECONOMY? LOOK AT KANSAS. THEY SLASHED THEIR TAXES. AND NOW A REPUBLICAN LEGISLATURE IS REVERSING IT BECAUSE OF WHAT THAT HAS DONE TO TAX RECEIPTS AND TO THE KANSAS ECONOMY. BUT LET'S TAKE A LOOK AND SEE WHAT EFFECT THIS IS LIKELY TO HAVE AT THE NATIONAL LEVEL. I TURN TO THE CENTER FOR ON BUDGET AND POLICY PRIORITIES, WHERE THEY SAY THAT THIS TAX CUT IS AN INEFFECTIVE WAY TO SPUR ECONOMIC GROWTH AND IS LIKELY TO HARM THE ECONOMY IF IT ADDS TO THE DEFICIT. WELL, WHAT'S THE PLAN IN THE BUDGET REPUBLICANS ALL VOTED FOR? TO DELIBERATELY USE THIS TAX CUT TO INCREASE THE DEFICIT BY $1.5 TRILLION. BUT THE CONGRESSIONAL BUDGET OFFICE UNDER REPUBLICAN ADMINISTRATION OF THIS HOUSE AND THIS CONGRESS SAYS IT IS GOING TO DO $1.7 TRILLION. BUT THEY SAY, WELL LET'S LOOK AT IT MORE DYNAMICICALLY. IT WILL INCREASE THE DEFICIT BY $2 TRILLION BECAUSE IT RAISES INTEREST RATES AND ENCOURAGES OFFSHORE INVESTMENT STRIPPING ECONOMIC GROWTH OUT OF THE UNITED STATES AND FOR A HOST OF REASONS I'LL GET TO. THE MORE YOU LOOK AT THE TAX CUT, THE MORE APPARENT IT IS THAT IT WILL CUT ECONOMIC GROWTH AND INCREASE THE DEFICIT EVEN MORE THAN THE $1.7 TRILLION THAT THE CONGRESSIONAL BUDGET OFFICE DURING REPUBLICAN CONTROL OF CONGRESS, THE CONGRESSIONAL BUDGET OFFICE IS CURRENTLY ESTIMATING. WHY IS THIS? WELL, FIRST, BECAUSE INCENTIVES TO INVEST IN THE TAX CODE HAVE LITTLE OR NO EFFECT ON PRIVATE SAVINGS, ACCORDING TO A CONGRESSIONAL RESEARCH SERVICE REPORT. BECAUSE THE IMPERICAL EVIDENCE AND NUMEROUS REPORTS SHOWS THAT THE 2003 TAX CUTS HAD LITTLE IMPACT ON INVESTMENT OR EMPLOYMENT. NOW I SPEAK WITH A LITTLE BIT OF EXPERIENCE HERE BECAUSE I LIVED 20 YEARS OF MY LIFE IN THE TAX WORLD. MOST OF IT RIGHT AT THE INTERSECTION OF INVESTMENT AND TAX LAW. I SAT WITH FAMILIES AND CHARGED THEM A LARGE AMOUNT PER HOUR TO DESCRIBE WHAT THE LATEST TAX LAW SAID AND WHAT INVESTMENTS -- WHAT EFFECT IT WOULD HAVE ON DIFFERENT INVESTMENTS. AND MY EXPERIENCE AS A C.P.A. AND TAX ATTORNEY AND CERTIFIED TAX LAW SPECIALIST BY MY STATE BAR WAS IDENTICAL TO THAT OF WARREN BUFFETT. WHO SAID, I'VE WORKED WITH INVESTORS FOR 60 YEARS AND I HAVE YET TO SEE ANYONE, NOT EVEN WHEN CAPITAL GAINS RATES WERE AT 39.9%, OR WHEN THEY WERE 15% AS THEY ARE NOW, I'VE NEVER SEEN ANYONE SHY AWAY FROM A SENSIBLE INVESTMENT BECAUSE THE TAX RATE ON THE TO -- BECAUSE OF THE TAX RATE ON THE POTENTIAL GAIN. PEOPLE INVEST TO MAKE MONEY AND POTENTIAL TAXES HAVE NEVER SCARED THEM OFF. NOW, THAT IS WHY WHEN YOU LOOK AT THE EFFECT OF THIS BILL, YOU COME TO THE CONCLUSION, AS THE CONGRESSIONAL BUDGET OFFICE DID IN LOOKING AT THE BUSH TAX CUTS, AND WHETHER TO EXTEND THEM OR ALLOW THEM TO EXPIRE, THAT IF YOU HAVE TAXES AND YOU USE THAT MONEY TO PAY THE DEFICIT, THAT DOES MORE TO HELP THE ECONOMY, IT IS MORE IMPORTANT TO FIGHT THE DEFICIT THAN IT IS TO TELL VARIOUS FAMILIES, OFTEN AT THE VERY HIGH END, THAT THEY GET A TAX CUT. WELL, LET'S LOOK AT AMERICAN ECONOMIC HISTORY. I'VE DESIGNED THIS CHART HERE AND I FOCUSED ONLY AFTER THE 1986 TAX CUT FOR WHICH RONALD REAGAN IS FAMOUS. THERE WERE MANY THINGS ABOUT OUR ECONOMY BACK IN THE EARLY 1980'S AND THE 1970'S AND 1960'S THAT AREN'T RELEVANT TODAY. WE DIDN'T HAVE THE TRADE POLICIES BACK IN THE 1970'S THAT WE HAVE TODAY. SO WE LOOK AT THE 19 -- THE RONALD REAGAN 1986 TAX POLICY AS SLIGHTLY ADJUSTED BY GEORGE H.W. BUSH. WE LOOK AT THE POLICIES THAT WE HAD -- I KNOW THE 1986 TAX LAW, YOU'D THINK, WELL, THAT MUST HAVE AFFECTED 1986. NO, IT REALLY BECAME EFFECTIVE IN 1988. SO YOU LOOK AT 1998 -- 1988 TO 2003 AND WE HAD AN ECONOMIC ECONOMIC GROWTH. THEN IN 1994 YOU SEE THE EFFECT OF THE CLINTON TAX POLICIES ADOPTED IN 1993. AND WE SEE ECONOMIC GROWTH OF WELL OVER 4%. AND THESE FIGURES HERE ARE REAL ECONOMIC GROWTH PER YEAR, ADJUSTED FOR INFLATION. 4.4%. SO THEN GEORGE W. BUSH GETS ELECTED AND STARTING IN 2001, HIS TAX POLICIES ARE ADOPTED BY THIS CONGRESS AND ENACTED INTO LAW. AND WE SEE THAT ECONOMIC GROWTH IS ONLY 1.7%. NOW, THOSE BUSH TAX POLICIES CONTINUE ENFORCE UNTIL 2013 BECAUSE DEMOCRATS ALLOWED THEM TO STAY IN FORCE. UNTIL WE FINALLY ADOPTED OBAMA TAX POLICIES EFFECTIVE IN 2013. THOSE POLICIES CONTINUE TO BE ENFORCED RIGHT UP TO TODAY. AND THE MOST RECENT STATISTICS WE HAVE ARE UP THROUGH SEPTEMBER 30 OF THIS YEAR. THE ECONOMIC GROWTH UNDER THOSE POLICIES HAS BEEN 2.22%. SO WHAT WE'VE SEEN HERE IS THAT WHEN WE ADOPT REPUBLICAN ECONOMIC POLICIES, AND THEY BECOME EFFECTIVE, WE HAVE SUBSTANTIALLY LOWER ECONOMIC GROWTH THAN WHEN WE ADOPT DEMOCRATIC TAX POLICIES AND WHEN DEMOCRATS ACTUALLY PASS THOSE POLICIES AND HAVE THE GUTS TO PASS THOSE POLICIES AND PUT THEM INTO LAW. SO, YOU'VE GOT TO ADMIRE THE REPUBLICAN PARTY. THEY'RE ABLE TO GET MEMBER AFTER MEMBER AFTER MEMBER TO SAY WITHOUT ANY PROOF THAT TRICKLE-DOWN ECONOMICS WORKS, THAT IF YOU JUST CUT TAXES, YOU SOMEHOW HELP THE ECONOMY. IT DOESN'T MATTER IF YOU CAN LINE UP 100 MEMBERS TO SAY THE SAME FALSEHOOD AT THE SAME LECTERN IN THE SAME CONGRESSIONAL HALL. ON THE SAME HOUSE FLOOR. WHAT MATTERS IS THE REAL HISTORY AND THE REAL HISTORY IS THAT THE HIGHER RATES IMPOSED UNDER DEMOCRATIC ADMINISTRATIONS HAVE NOT JUST LED TO HIGHER TAX REVENUES, THEY'VE LED TO HIGHER RATES OF ECONOMIC GROWTH. WHY IS THIS? FIRST AND PERHAPS MOST IMPORTANT, IS HAVING MONEY AVAILABLE FOR BUSINESS INVESTMENT. THERE'S A POOL OF SAVINGS CAPITAL AVAILABLE IN OUR MARKETS AND IN OUR ECONOMY. AND THE REPUBLICAN PROPOSAL WOULD COME IN AND SCOOP $1.2 TRILLION OF THAT, TAKE IT OUT OF THE MARKETS, TAKE IT OUT OF THE BANKS WHERE IT COULD BE LENT TO SMALL BUSINESSES, TAKE IT OUT OF THE BOND MARKETS WHERE IT CAN BE USED FOR EXPANSIONS BY BIG BUSINESS, AND JUST USE IT TO PAY FOR THE TAX CUTS. NO WONDER TAX CUTS THAT INCREASE DEFICITS HURT BUSINESS INVESTMENT AND HURT THE ECONOMY. BUT THERE'S MORE. WE THEN ADD TO OUR NATIONAL DEBT AND THE NATIONAL DEBT IS FOREVER. NOT ONLY DO WE HAVE THE INCREASE IN THE DEBT OF $1.5 TRILLION TO $1.7 TRILLION, BUT THAT DEBT WILL BE HERE NOT JUST 10 YEARS FROM NOW, IT'S THERE FOREVER. YOUR GREAT-GRANDCHILDREN ARE GOING TO BE PAYING INTEREST ON THAT DEBT. BUT THEN WE HAVE THE INTERNATIONAL IMPACT. YOU SEE, THEY'RE PROPOSAL PROVIDES FOR -- THEIR PROPOSAL PROVIDES FOR A ZERO PERCENT TAX, ZERO PERCENT U.S. TAX, ON ANY MONEY MADE BY ANY FACTORY AS LONG AS YOU MOVE THAT FACTORY ABROAD. AND IF THE WAGE RATES ARE TOO HIGH IN CHINA, YOU CAN PUT IT IN VIETNAM. NOW, THEY DO, IN ADDITION TO SAYING YOU MOVE YOUR FACTORY ABROAD YOU PAY ZERO TAX ON ALL THE MANUFACTURING PROFITS, BUT BECAUSE THAT MANUFACTURING IS BEING DONE ABROAD. SO WE ENCOURAGE MOVING THE FACTORY ABROAD. THE WORK IS BEING DONE ABROAD. WE DON'T TAX IT. BUT IN ADDITION, WHAT IS AN AREA OF ECONOMIC ACTIVITY WHERE AMERICANS EXCEL? IT IS THE CREATION OF INTELLECTUAL PROPERTY. WHILE THE MANUFACTURING MIGHT BE DONE ABROAD, THE DESIGN, THE PATENTS, THE COPYRIGHT, THE TRADE NAMES, THE MARKETING PLANS, THE TRADE SECRETS, THE INTELLECTUAL PROPERTY IS CREATED HERE. BUT UNDER THIS BILL, NOT ONLY THE PROFIT YOU MAKE ON THE FOREIGN FACTORY, BUT THE PROFIT YOU MAKE FROM ALL THAT INTELLECTUAL PROPERTY CAN PAY ALMOST STEERO PERCENT AMERICAN TAX IF -- ZERO PERCENT AMERICAN TAX IF YOU JUST TAKE THAT PATENT AND PUT IT IN A FILE IN THE CAIMAN ISLANDS. NOW, I DON'T WANT TO SAY THAT OUR CURRENT SYSTEM FOR TAXING INTERNATIONAL TRANSACTIONS IS ANYTHING THAT WE CAN BE PROUD OF. THE PRESENT SYSTEM, IF YOU MAKE MONEY IN THAT -- IN A U.S. FACTORY, AS A TASKS 35%, YOU MAKE IT IN A FOREIGN FACTORY, WE ALSO HAVE A TAX 356%, BUT YOU CAN DEFER IT. SO RIGHT NOW IF YOU'RE JUST TRYING TO DECIDE WHERE TO PUT THE FACTORY, YOU'VE GOT A TAX IN THE UNITED STATES THAT YOU ACTUALLY HAVE TO PAY, AND A TAX ON A FACTORY ABROAD THAT YOU'LL PAY EVENTUALLY. WELL, WHAT DO THEY DO? THEY TAKE THAT 35% EVENTUALLY TAX AND TURN IT INTO A ZERO PERCENT FOREVER TAX. HOW MUCH MORE INCENTIVE COULD THEY PROVIDE TO MOVE AMERICAN FACTORIES OVERSEAS? NOW, THE PRESENT SYSTEM ALSO HAS A PROBLEM IN THAT YOU CAN DEFER TAX ONLY ON THE MONEY YOU KEEP OFFSHORE. SO THEIR SOLUTION IS TO SAY, WELL, BRING IT ONSHORE, WE'LL PROVIDE A LITTLE TINY TAX ON IT AND THEN ALL THE MONEY YOU'VE MADE OVERSEAS THE LAST 10 OR 20 YEARS, NO U.S. TAX. AND AT LEAST THE MONEY GETS REPATRIATED. DEMOCRATS ARE ANXIOUS TO WORK WITH REPUBLICANS ON REPATRIATION. THEY CAN PROBABLY GET A MORE REPUBLICAN PLAN ADOPTED THAN ONE THAT I WOULD ENDORSE IN THIS SPEECH. BUT WHY NOT TAX THE UNREPATRIATED MONEY? THAT WAY WE WOULD BE SAYING, BRING THAT MONEY BACK OR DON'T BRING IT BACK. YOU PAY THE SAME TAX. SO YOU MIGHT AS WELL BRING IT BACK. WHAT WE CAN ALSO DO IS MOVE TO WORLDWIDE UNITARY APPORTIONMENT. ELIMINATE ALL THE TAX GAINS, AND MOST OF THEM ARE INTERNATIONAL. ELIMINATE ALL THE REASONS TO MOVE FACTORIES ABROAD. AND GENERATE ANOTHER TRILLION DOLLARS EVERY 10 YEARS FOR OUR TREASURY. THAT'S THE SYSTEM THAT WE OUGHT TO BE MOVING TO. I'M NOT HERE TO SAY OUR PRESENT SYSTEM IS WONDERFUL. I'M HERE TO SAY THAT WE SHOULD NOT ADOPT A REPUBLICAN SYSTEM BECAUSE IT MOVES US EVEN FURTHER AWAY FROM WHAT WOULD BE A FAIR SYSTEM THAT WOULD NOT ENCOURAGE OFFSHORING. ANOTHER WAY IN WHICH WE'RE AFFECTED INTERNATIONALLY IS THAT THIS TAX BILL WOULD CHANGE CURRENCY VALUES. CHANGE THE EXCHANGE RATE BETWEEN THE EURO, THE YEN, THE CHINESE CURRENCY, AND OTHER CURRENCIES AROUND THE WORLD. IN A WAY THAT WILL ENCOURAGE AMERICANS TO IMPORT AND DISCOURAGE THOSE ABROAD FROM BUYING OUR PRODUCTS. JUST ANOTHER ECONOMIC HARM. ANOTHER ECONOMIC HARM IS TOUTED BY THE CONSERVATIVE SUPPORTERS OF THIS POLICY. THEY SAY THAT BY CUTTING TAXES, WE'LL GET THE FEDERAL GOVERNMENT AND STATE AND LOCAL GOVERNMENTS TO SPEND LESS MONEY ON INFRASTRUCTURE AND EDUCATION . IF YOU WANT TO ASK WHAT IS IT THAT MAKES A COUNTRY WEALTHIER THAN OTHERS, IT'S FIRST AND FOREMOST THE EDUCATION OF ITS WORKERS AND THEN, SECOND, THE INFRASTRUCTURE THAT'S AVAILABLE TO PRODUCTIVE ACTIVITY. IN ADDITION, AS I MENTIONED BEFORE, THEY'RE GOING TO CUT THE VALUE OF HOMES NAGSEWIDE. MOST PRONOUNCED IN THE -- NATIONWIDE. MOST PRONOUNCED IN THE MAJOR METROPOLITAN AREAS. WHAT DOES THAT DO TO MIDDLE CLASS SPENDING, WHICH DRIVES OUR ECONOMY? IT DRIVES THAT MIDDLE CLASS SPENDING DOWN. WHO'S GOING TO GO OUT TO A RESTAURANT IF YOU JUST HAVE BEEN TOLD THAT YOU'VE HAD A DOUBLE-DIGIT DECLINE IN THE VALUE OF YOUR HOME? THIS BILL WILL ALSO CAUSE HIGHER INTEREST RATES BECAUSE THE FEDERAL GOVERNMENT'S GOING TO BE BORROWING ANOTHER TRILLION AND A HALF TODAY 1.7 TRILLION. -- TO $1.7 TRILLION. SO THERE IS A DIFFERENCE BETWEEN ME AND MY PARTY LEADERSHIP. THEY SAY THAT THE MAIN REASON TO VOTE AGAINST THIS BILL IS THAT IT IS UNFAIR BY GIVING HUGE TAX BREAKS TO THE TOP 1% AND INCREASING TAXES FOR MILLIONS OF AMERICAN FAMILIES. I SAY YOU SHOULD VOTE AGAINST THIS BILL BECAUSE IT'S A DEFICIT-EXPOSING, OUTSOURCING-PROMOTING, JOB-KILLING, ECONOMIC GROWTH-DEPRESSING BILL. BUT I THINK WE'LL AGREE, WHETHER YOU VOTE AGAINST THIS BILL BECAUSE IT'S UNFAIR OR YOU VOTE AGAINST THIS BILL BECAUSE IT'S BAD FOR OUR ECONOMY, YOU WILL BE PERFORMING AN IMPORTANT SERVICE TO OUR COUNTRY. BUT LET ME NOT NEGLECT, LET ME NOT NEGLECT THE FACT THAT IF YOU VOTE THAT THE BILL ISN'T TOTALLY WITHOUT BEING USEFUL TO SOMEBODY. IT WILL REDUCE TAXES FOR THE DONALD TRUMP FAMILY BY OVER $1 BILLION. IN ESTATE TAX AND TENS OF MILLIONS OF DOLLARS IN INCOME TAX. BUT MAYBE THAT'S NOT ENOUGH FOR YOU. LOOK AT WHAT IT WILL DO FOR THE KOCH BROTHERS. FAR MORE THAN IT WILL DO FOR THE TRUMP FAMILY. SO IF THAT'S IMPORTANT TO YOU, IF THAT'S THE RESULT YOU WANT TO ACHIEVE, THEN VOTE FOR THE BILL. I THINK I WANT TO THANK THE SPEAKER FOR THE OPPORTUNITY TO SPEAK THIS LONG. AND I WILL HAVE A MOTION TO MAKE AS SOON AS I FIND IT ON THESE PAPERS OR JUST SAY THAT I MOVE THAT THE -- I'VE BEEN ASKED BY STAFF TO WAIT ONE SECOND.

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            • 01:59:11 PM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE CHAIR LAYS BEFORE…

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE CHAIR LAYS BEFORE THE HOUSE THE FOLLOWING ENROLLED BILL.

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            • 01:59:22 PM

              THE CLERK

              H.R. 3243, AN ACT TO AMEND TITLE 40, UNITED STATES CODE, TO ELIMINATE THE…

              H.R. 3243, AN ACT TO AMEND TITLE 40, UNITED STATES CODE, TO ELIMINATE THE SUNSET OF CERTAIN PROVISIONS RELATING TO INFORMATION TECHNOLOGY TO AMEND THE NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2015, TO EXTEND THE SUNSET RELATING TO THE FEDERAL DATA CENTER CONSOLIDATION INITIATIVE, AND FOR OTHER PURPOSES.

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            • 01:59:43 PM

              THE SPEAKER PRO TEMPORE

              DOES THE GENTLEMAN HAVE A MOTION?

            • 01:59:46 PM

              MR. SHERMAN

              I DO INDEED. AND THAT IS A MOTION THAT WE ADJOURN TO THE APPROPRIATE TIME.

            • 01:59:52 PM

              THE SPEAKER PRO TEMPORE

              TIME.

            • 02:00:00 PM

              Mr. Sherman moved that the House do now adjourn.

              • 02:00:02 PM

                DICK

                IS A DICK: -- THE MOTION IS ADOPTED. ACCORDING LIQUOR THE HOUSE STANDS…

                IS A DICK: -- THE MOTION IS ADOPTED. ACCORDING LIQUOR THE HOUSE STANDS ADJOURNED -- -- ACCORDINGLY THE HOUSE STANDS

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          • 02:00:02 PM

            On motion to adjourn Agreed to by voice vote.

            • 02:00:04 PM

              Adjourned

              The House adjourned. The next meeting is scheduled for 9:00 a.m. on November 10, 2017.

              • 02:00:08 PM

                >>

                STANDS

            • 09:00:11 AM

              HOST

            • 09:00:27 AM

              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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            • 09:01:31 AM

              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 OF RULE 1, THE JOURNAL STANDS APPROVED. THE PLEDGE OF ALLEGIANCE WILL BE LED BY THE GENTLEMAN FROM ARKANSAS, MR. WESTERMAN.

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            • 09:01:43 AM

              MR. WESTERMAN

              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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            • 09:01:57 AM

              THE SPEAKER

              THE CHAIR WILL ENTERTAIN UP TO FIVE REQUESTS FOR ONE MINUTE SPEECHES ON…

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

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            • 09:02:05 AM

              MR. WESTERMAN

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

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

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            • 09:02:17 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED.

            • 09:02:19 AM

              MR. WESTERMAN

              MR. SPEAKER, I RISE TODAY TO PAY TRIBUTE TO THE 15 MEN AND WOMEN RECENTLY…

              MR. SPEAKER, I RISE TODAY TO PAY TRIBUTE TO THE 15 MEN AND WOMEN RECENTLY INDUCTED INTO THE REVISE AND EXTEND.

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            • 09:02:24 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED.

            • 09:02:25 AM

              MR. WESTERMAN

              ARKANSAS MILITARY VETERANS HALL OF FAME. OF THE 15 INDUCTEES, THE HALL OF…

              ARKANSAS MILITARY VETERANS HALL OF FAME. OF THE 15 INDUCTEES, THE HALL OF FAME SELECTED 10 EXCLUSIVELY FOR THEIR BRAVE MILITARY SERVICE TO OUR COUNTRY, WHILE IT SELECTED AN ADDITIONAL FIVE FOR THEIR COMBINED MILITARY AND CIVILIAN SERVICE TO OUR COMMUNITY, STATE, AND NATION. I AM PROUD TO NOTE THAT EIGHT OF THESE 15 AMERICAN HEROES HAIL FROM THE FOURTH CONGRESSIONAL DISTRICT OF ARKANSAS SERVING IN CONFLICTS RANGING FROM WORLD WAR II TO VIETNAM, AS WELL AS IRAQ AND AFGHANISTAN. THIS SERVING IN CONFLICTS SPEECH SIMPLY IS NOT ENOUGH TIME TO RECOGNIZE THEIR COURAGE AND SACRIFICE FOR OUR NATION. MR. SPEAKER, I ASK UNANIMOUS CONSENT TO SUBMIT TO THE RECORD A BRIEF BIOGRAPHY OF EACH OF THE FOURTH DISTRICT HEROES HONORED BY THE ARKANSAS MILITARY VETERANS HALL OF FAME AND I EXTEND MY THANKS TO ALL THOSE WHO SERVED AS WE RECOGNIZE VETERANS DAY. I YIELD BACK.

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            • 09:03:14 AM

              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 MARYLAND SEEK RECOGNITION?

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            • 09:03:18 AM

              >>

              UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. AND IF NECESSARY,…

              UNANIMOUS CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE. AND IF NECESSARY, TO REVISE AND EXTEND MY ARKANSAS MILITARY VETERANS HALL OF FAME AND I EXTEND MY THANKS TO ALL REMARKS.

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            • 09:03:26 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION.

            • 09:03:29 AM

              MR. BROWN

              MR. SPEAKER, I RISE TODAY IN SUPPORT OF EVERY IMMIGRANT WHO HAS BEEN…

              MR. SPEAKER, I RISE TODAY IN SUPPORT OF EVERY IMMIGRANT WHO HAS BEEN GRANTED TEMPORARY PROTECTIVE STATUS IN MY DISTRICT AND ACROSS THE NATION. WE HAVE NEARLY 23,000 IN MARYLAND, THE SIXTH HIGHEST IN THE CONTRY, AND 4,000 IN MY DISTRICT, ONE OF THE TOP FIVE DISTRICTS IN THE COUNTRY. MANY PEOPLE WITH T.P.S. FLED COUNTRIES SUCH AS HAITI, SOMALIA, AND SYRIA RAVAGED BY ARMED CONFLICTS OR WITH ENVIRONMENTAL DISASTERS. FOR OVER 20 YEARS THEY HAVE RAISED THEIR FAMILIES HERE IN THE UNITED STATES, THEY ARE OUR NEIGHBORS AND CO-WORKERS, THEIR KIDS ATTEND OUR SCHOOLS, T.P.S. HOLDERS HAVE BEEN WOVEN INTO THE FABRIC OF OUR COMMUNITY. EARLIER THIS WEEK THOSE FROM NICARAGUA WERE TOLD THEY'LL BE DEPORTED. THOSE FROM HONDURAS ARE NEXT. DEPORTING PEOPLE AND GIVING THEM MERE MONTHS TO PACK THEIR BAGS AFTER 20 YEARS IN THE UNITED STATES IS CRUEL AND ISN'T WHO WE'RE AS AMERICANS. MR. SPEAKER, AS THE TRUMP ADMINISTRATION PUTS THE LIVES OF THOUSANDS IN LEGAL LIMBO, I URGE MY COLLEAGUES TO ENSURE T.P.S. HOLDERS CAN STAY AND PURSUE AN EARNED PATH TO CITIZENSHIP. I YIELD BACK MY TIME, MR. SPEAKER.

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            • 09:04:43 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

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            • 09:04:48 AM

              >>

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

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

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            • 09:04:52 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 09:04:54 AM

              MR. LAMALFA

              THANK YOU, MR. SPEAKER. AS THE HOUSE CONTEMPLATES THE TAX CUTS AND JOBS…

              THANK YOU, MR. SPEAKER. AS THE HOUSE CONTEMPLATES THE TAX CUTS AND JOBS ACT, A LOT OF MISINFORMATION IS GETTING AROUND THE COUNTRY ON THAT. THE INTENT HERE IS TO MAKE SIMPLER THE TAX CODE, THE ABILITY FOR AMERICANS TO -- INSTEAD OF SPENDING BILLIONS OF HOURS AND DOLLARS COMBINED ON TAXES TO GET IT DOWN TO A SIMPLE FORM. PERHAPS A POSTCARD FOR MANY AMERICANS AND THE ABILITY TO WEED THROUGH THEIR TAXES AND GET THEM DONE AND PUT MORE MONEY IN THEIR POCKETS. WHAT OUR PLAN DOES IS PUT APPROXIMATELY $1,200 INTO THE AVERAGE MIDDLE INCOME FAMILY POCKET, LEAVES IT THERE INSTEAD OF TAKING IT OUT. ALSO, RESTORING MORE OPPORTUNITY ON MAIN STREET FOR SMALL BUSINESSES, MEDIUM BUSINESSES, AND THE THINGS -- JOBS WE WANT TO COME BACK HOME TO THIS CONTRY, THOSE TRILLIONS OF DOLLARS WE CAN REPATRIATE BACK TO THIS COUNTRY AND HELP THE MIDDLE CLASS, HELP MIDDLE INCOME AMERICANS, HELP EVERYBODY TO HAVE A STRONGER, MORE VIBRANT ECONOMY WHICH HELPS EVERYBODY INSTEAD OF A COMPLICATED TAX CODE PUT TOGETHER BY LOBBYISTS. WE NEED TO PUSH FORWARD ON THIS AND BUSINESSES, MEDIUM HAVE SUCCESS FOR THE AMERICAN PEOPLE. MR. SPEAKER, I YIELD BACK.

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            • 09:05:56 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NORTH CAROLINA SEEK RECOGNITION?

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            • 09:06:01 AM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

            • 09:06:06 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 09:06:08 AM

              MR. BUTTERFIELD

              THANK YOU, MR. SPEAKER. I RISE TODAY IN OPPOSITION TO THE TAX CUTS AND…

              THANK YOU, MR. SPEAKER. I RISE TODAY IN OPPOSITION TO THE TAX CUTS AND JOBS ACT, ALSO KNOWN AS THE TRICK, TRICK, TRICK ACT. THIS BILL, MR. SPEAKER, INCLUDES A $1.5 TRILLION CUT TO MEDICARE AND MEDICAID. RAISES TAXES ON MIDDLE INCOME FAMILIES. GIVES THE BIGGEST TAX CUTS TO CORPORATIONS ANTI-WEALTHIEST AMERICANS. THIS BILL ELIMINATES PERSONAL DEDUCTIONS FOR MEDICAL EXPENSES, CREATING FURTHER HARDSHIP FOR PEOPLE FACING ILLNESSES. ELIMINATES DEDUCTIONS FOR STATE AND LOCAL INCOME TAXES. RESULTING IN HIRE TAXES FOR PEOPLE WHO CAN'T AFFORD T AND ELIMINATES DEDUCTIONS FOR INTEREST PAID ON STUDENT LOANS, MAKING QUALITY EDUCATION LESS ACCESSIBLE. PROPONENTS OF THE BILL, MR. SPEAKER, WILL HAVE YOU BELIEVE THAT THESE TAX CUTS BENEFIT WORKING FAMILIES. GROW OUR ECONOMY, AND DECREASE THE FEDERAL DEFICIT. THAT'S FAKE NEWS. THIS BILL DOES NOTHING MORE THAN DESTROY THE HOPES AND DREAMS OF MIDDLE AMERICANS SEEKING A STABLE CAREER, A FULFILLED LIFE, AND BRIGHTER FUTURE. THE AMERICAN PEOPLE DESERVE BETTER. I REMAIN WILLING AND ABLE TO WORK ACROSS PARTY LINES TO ACHIEVE RESPONSIBLE TAX REFORM. I SAY TO MY REPUBLICAN COLLEAGUES, DO NOT PASS THIS BILL AS A REPUBLICAN BILL. IT MUST BE BIPARTISAN. IF YOU DO IT, YOU WILL REGRET IT. I YIELD BACK.

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            • 09:07:24 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM MISSOURI SEEK RECOGNITION?

              Show Full Text
            • 09:07:29 AM

              >>

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

            • 09:07:33 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

            • 09:07:35 AM

              MRS. HARTZLER

              THANK YOU. MR. SPEAKER, I RISE TODAY TO HONOR AND THANK MR. STEVEN GAITER…

              THANK YOU. MR. SPEAKER, I RISE TODAY TO HONOR AND THANK MR. STEVEN GAITER FOR HIS DEDICATION AND SERVICE TO OUR NATION'S VETERANS. AFTER OVER 40 YEARS OF SERVICE, HE'S RETIRING AS A PUBLIC AFFAIRS OFFICER AT THE HARRY S. TRUMAN MEMORIAL VETERANS HOSPITAL IN COLUMBIA, MISSOURI. HE HAS SPENT HIS ENTIRE LIFE SERVING THIS GREAT NATION. IN ADDITION TO HIS NUMEROUS YEARS SERVING OUR VETERANS AT THE TRUMAN V.A., HE SERVED IN THE UNITED STATES AIR FORCE. THE UTAH AIR NATIONAL GUARD, AND THE ARMY RESERVES. SINCE 1989, HE HAS BEEN AN ACTIVE VOLUNTEER FOR THE HEART OF MISSOURI UNITED WAY, A NONPROFIT ORGANIZATION THAT WORKS TO IMPROVE THE ECONOMIC AND SOCIAL CONDITIONS OF THOSE THAT RESIDE IN OUR LOCAL COMMUNITY. HIS PASSION FOR SERVING OTHERS WILL FOREVER LEAVE A MARK ON THE TRUMAN V.A. AND THE CITY OF COLUMBIA. SO, MR. GATHER, THIS WEEK AS WE CELEBRATE VETERANS DAY, I WANT TO THANK YOU FOR YOUR DEVOTION AND WORK ON BEHALF OF OUR NATION'S VETERANS AND COMMUNITY. I WANT TO WISH YOU THE VERY BEST IN YOUR RETIREMENT. MR. SPEAKER, I YIELD BACK.

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            • 09:08:44 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLELADY…

              THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM VIRGIN ISLANDS SEEK RECOGNITION?

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            • 09:08:54 AM

              MS. PLASKETT

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

            • 09:08:59 AM

              POLICE PLASKETT

              FOR ONE MINUTE. POLICE PLASKETT: THANK YOU, MR. SPEAKER. I ASK UNANIMOUS…

              FOR ONE MINUTE. POLICE PLASKETT: THANK YOU, MR. SPEAKER. I ASK UNANIMOUS CONSENT -- ON BEHALF OF MY FAMILY AND STAFF I WANT TO SALUTE AND COMMEMORATE THE VETERANS OF U.S. VIRGIN ISLANDS AND THROUGHOUT THE UNITED STATES ON THIS VETERANS DAY. THE VIRGIN ISLANDS ALONG WITH OTHER TERRITORIES SEND MORE MEN AND WOMEN PER CAPITA TO SERVE IN THE U.S. MILITARY THAN ANYWHERE ELSE IN THIS NATION. I WOULD LIKE TO PERSONALLY RECOGNIZE TASK FORCE ALFONSE ON ST. CROY, AND ST. JOHN RESPONDERS. ON VETERANS DAY WE SALUTE THE MEN AND WOMEN WHO HAVE PROUDLY WORN THE UNIFORM AND THE FAMILIES WHO HAVE SERVED ALONGSIDE THEM. AND WE AFFIRM OUR SACRED DUTY AS CITIZENS TO EXPRESS OUR ENDURING GRATITUDE, BOTH IN WORDS AND ACTIONS, FOR THEIR SERVICE. AS PART OF VETERANS DAY THIS YEAR IN THE HAVE I VIRKS WE'LL BE HONORING FEMALE VETERANS IN THE TERRITORY. BEING HONORED AS PARADE MARSHALL AND GUESS SPEAKER ON THE ISLAND OF ST. CROIX IS MAJOR KATHLEEN PARIS. ON ST. THOMAS, SERGEANT FIRST CLASS LAUREL FRANCIS. SERVING AS PARADE MARSHALL AND GUEST SEEKER ON THE ISLAND OF SAINT THOMAS WILL BE FORMER MILITARY SPOUSE, MONIQUE FERRELL, DIRECTOR OF ARMY SEXUAL HARASSMENT, ASSAULT RESPONSE, AND PREVENTION PROGRAM. MR. SPEAKER, JUST AS WE VOW TO LEAVE NO SOLDIER BEHIND ON THE BATTLEFIELD, WE VOW NOT TO FORGET ANY VETERAN WHEN THEY RETURN HOME. I YIELD BACK.

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            • 09:10:19 AM

              THE SPEAKER PRO TEMPORE

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

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

              Show Full Text
            • 09:10:23 AM

              >>

              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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            • 09:10:32 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 09:10:34 AM

              MR. SMITH

              MR. SPEAKER, I HAVE A MESSAGE FOR THE LIBERAL SO-CALLED MAINSTREAM MEDIA.…

              MR. SPEAKER, I HAVE A MESSAGE FOR THE LIBERAL SO-CALLED MAINSTREAM MEDIA. YOU ARE ESEDGES TO DEMOCRACY -- ESSENTIAL TO DEMOCRATCY. YOU HAVE ALMOST A SACRED RESPONSIBILITY TO INFORM THE AMERICAN PEOPLE. BUT THEY DON'T BELIEVE YOU ANYMORE. YOUR COVERAGE OF THE PRESIDENT AND CONSERVATIVE REPUBLICANS IS NOW OBVIOUSLY SO SLANTED, SO BIASED, THAT YOU HAVE LOST YOUR CREDIBILITY. IN FACT, POLLS SHOW THAT IT IS AT A RECORD LOW. IN TRYING TO DESTROY THIS PRESIDENT, YOU ARE DESTROYING YOURSELF. IS THAT WHAT YOU WANT? REMEMBER THE CHINESE PROVERB, WHEN YOU SET OUT ON A JOURNEY OF REVENGE, DIG TWO GRAVES. WHY NOT TRUST THE AMERICAN PEOPLE WITH THE FACTS AND LET THEM MAKE UP THEIR OWN MINDS RATHER THAN TELLING THEM WHAT TO THINK. I DON'T KNOW OF ANY OTHER WAY YOU CAN RESTORE YOUR CREDIBILITY.

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            • 09:11:23 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES…

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY -- SEEK RECOGNITION. WITHOUT OBJECTION, THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

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            • 09:11:41 AM

              >>

              THANK YOU, MR. SPEAKER. EACH NOVEMBER COMMUNITIES ACROSS THE COUNTRY…

              THANK YOU, MR. SPEAKER. EACH NOVEMBER COMMUNITIES ACROSS THE COUNTRY OBSERVE NATIONAL DIABETES AWARENESS MONTH. WE COME TOGETHER TO EDUCATE OUR NEIGHBORS AND TO BRING ATTENTION TO THE IMPACT THAT DIABETES HAS IN THE LIVES OF MILLIONS OF AMERICANS. AS A DIABETIC, I KNOW THE CHALLENGES FACED BY PEOPLE WITH THIS CONDITION. IN 2015, DIABETES WAS THE SEVENTH LEADING CAUSE OF DEATH FOR AMERICANS AND DIAGNOSIS RATES CONTINUE TO GROW EACH YEAR.

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            • 09:12:08 AM

              MS. ADAMS

              TO LIVE A LONG AND PROSPEROUS LIFE WITH THIS DISEASE IT IS IMPERATIVE THAT…

              TO LIVE A LONG AND PROSPEROUS LIFE WITH THIS DISEASE IT IS IMPERATIVE THAT DIABETES RECEIVE PROPER NUTRITION AND ACCESS TO HEALTH CARE. THANKS TO THE AFFORDABLE CARE ACT, PRE-EXISTING CONDITIONS SUCH AND ACCESS TO HEALTH CARE. THANKS TO THE AFFORDABLE CARE ACT, PRE-EXISTING CONDITIONS SUCH AS DIABETES ARE COVERED BY HEALTH INSURANCE. THANKS TO SNAP, THE POOREST IN OUR COMMUNITIES HAVE ACCESS TO NUTRITION. BUT A.C.A. AND SNAP ARE UNDER ATTACK. AS A MEMBER OF THE DIABETES CAUCUS AND YOUR REPRESENTATIVE IN CONGRESS, I'LL CONTINUE TO VIGOROUSLY PROTECT THE A.C.A. AND TRY TO INCREASE SNAP BENEFITS FOR THOSE IN NEED. MY LIFE IS A LIVING TESTAMENT TO THE OPPORTUNITIES THAT EXIST WHEN DIABETES IS PROPERLY TREATED. WE MUST ENSURE THESE OPPORTUNITIES ARE AVAILABLE FOR THE NEXT GENERATION. I YIELD BACK.

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            • 09:12:50 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN…

              THE GENTLELADY YIELDS BACK HER TIME. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA SEEK RECOGNITION?

              Show Full Text
            • 09:12:55 AM

              >>

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

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

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            • 09:13:00 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE. MR. MINUTE.

            • 09:13:08 AM

              MR. BILIRAKIS

              THANK YOU, MR. SPEAKER. NOVEMBER IS DIABETES AWARENESS MONTH. OVER 30…

              THANK YOU, MR. SPEAKER. NOVEMBER IS DIABETES AWARENESS MONTH. OVER 30 MILLION CHILDREN AND ADULTS, INCLUDING MYSELF, SUFFER FROM DIABETES. ANOTHER 34 -- 84 MILLION HAVE PREDIABETES, AND 90% OF THEM DON'T EVEN KNOW T DIABETES CAN CAUSE STROKE, BLINDNESS, KIDNEY DISEASE, HEART DISEASE, LOSS OF TOES, FEET, OR EVEN LEGS. IN ADDITION TO THE PERSONAL TOLL THIS DISEASE TAKES ON THE LIVES OF THOSE AFFECTED, HEALTH CARE COSTS FOR DIABETIC PATIENTS ARE 2.3 TIMES GREATER THAN THOSE WITHOUT DIABETES. THIS AWFUL DISEASE COSTS THE HEALTH CARE SYSTEM AN ESTIMATED $322 BILLION. RATE OF DIABETES HAVE RAISEN. RATES HAVE RAISEN DRAMATICALLY, UNFORTUNATELY, IN RECENT YEARS. WE MUST DO SOMETHING TO STOP IT. THE U.S. CONGRESS IS WORKING TOWARDS THAT END. I WAS PROUD TO HAVE WORKED ON THE 21ST CENTURY CURES ACT, WHICH INVESTS IN RESEARCH FOR A CURE. THE BILL STREAMLINES THE F.D.A. APPROVAL PROCESS AND PROVIDES MORE MONEY FOR RESEARCH TO THE N.I.H. THERE IS MUCH MORE WE CAN F.D.A. DO, MR. SPEAKER, TO TACKLE THE SERIOUS PUBLIC HEALTH ISSUE. I THANK YOU. I YIELD BACK.

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            • 09:14:24 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM…

              THE GENTLEMAN'S TIME HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MR. SPEAKER, TO TEXAS, MR. HENSARLING, SEEK RECOGNITION?

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            • 09:14:30 AM

              MR. HENSARLING

              MR. SPEAKER, PURSUANT TO HOUSE RESOLUTION 609, I CALL UP H.R. 2201, THE…

              MR. SPEAKER, PURSUANT TO HOUSE RESOLUTION 609, I CALL UP H.R. 2201, THE MICROOFFERING SAFE HARBOR ACT, AND ASK FOR ITS IMMEDIATE CONSIDERATION IN THE HOUSE.

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            • 09:14:51 AM

              THE SPEAKER PRO TEMPORE

              THE CLERK WILL REPORT THE TITLE OF THE BILL.

            • 09:14:53 AM

              THE CLERK

              UNION CALENDAR NUMBER 280, H.R. 2201, A BILL TO AMEND THE SECURITIES ACT…

              UNION CALENDAR NUMBER 280, H.R. 2201, A BILL TO AMEND THE SECURITIES ACT OF HOUSE.

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            • 09:14:56 AM

              THE SPEAKER PRO TEMPORE

              THE CLERK WILL REPORT THE TITLE OF THE BILL.

            • 09:15:08 AM

              CLERK 1933

              1933 TO EXEMPT CERTAIN MICROOFFICIAL FROM THE REGISTRATION REQUIREMENTS OF…

              1933 TO EXEMPT CERTAIN MICROOFFICIAL FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND FOR OTHER PURPOSES. 1933 TO EXEMPT CERTAIN MICROOFFICIAL FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND FOR OTHER PURPOSES.

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            • 09:15:16 AM

              TEMPORE PURSUANT

              PURSUANT TO HOUSE RESOLUTION 609, THE BILL IS CONSIDERED AS READ. AFTER…

              PURSUANT TO HOUSE RESOLUTION 609, THE BILL IS CONSIDERED AS READ. AFTER ONE HOUR OF DEBATE ON THE BILL, IT SHALL BE IN ORDER TO CONSIDER THE AMENDMENT PRINTED IN HOUSE REPORT 115-401, IF OFFERED, BY THE GENTLEMAN FROM MINNESOTA, MR. EMMER, OR HIS DESIGNEE, WHICH SHALL BE 1933 TO CONSIDERED AS READ AND SHALL BE SEPARATELY DEBATABLE FOR 10 MINUTES EQUALLY DIVIDED AND CONTROLLED BY THE PROPONENT AND AN OPPONENT. . THE GENTLEMAN FROM TEXAS, MR. HENSARLING, AND THE GENTLEWOMAN FROM CALIFORNIA, MS. WATERS, WILL EACH CONTROL 30 MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM TEXAS.

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            • 09:15:41 AM

              MR. HENSARLING

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

            • 09:15:44 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 09:15:46 AM

              MR. HENSARLING

              THANK YOU, MR. SPEAKER. WE KNOW THAT UNFORTUNATELY AFTER EIGHT YEARS OF…

              THANK YOU, MR. SPEAKER. WE KNOW THAT UNFORTUNATELY AFTER EIGHT YEARS OF BAD ECONOMIC POLICIES FROM THE OBAMA ADMINISTRATION, WORKING PEOPLE DID NOT RECEIVE A PAY INCREASE. WE KNOW WE HAD THE LOWEST WORK PARTICIPATION RATES IN MODERN HISTORY. WE KNOW THE ECONOMY WAS LIMPING ALONG AT 1.5% TO 2% ECONOMIC GROWTH BUT FORTUNATELY, MR. SPEAKER, A NEW DAY HAS DAWNED. AND NOW WE SEE WITH THE POLICIES OF THE REPUBLICANS IN CONGRESS, WITH THE POLICIES OF THE TRUMP ADMINISTRATION, WE'RE SEEING PROMISING SIGNS. WHAT WE'RE SEEING ALL OF A SUDDEN IS TWO, TWO QUARTERS, MR. SPEAKER, OF 3%-PLUS OF ECONOMIC GROWTH. THEY ARE FINALLY SEEING INCREASES IN THEIR PAYCHECKS. INCREASES IN THEIR TAKE-HOME PAY. AND THAT'S WHY ONE OF THE MOST EXCITING POLICIES THAT ARE BEING WORKED UPON TODAY THAT WE HOPE TO SEE SOON IS FUNDAMENTAL PRO-GROWTH TAX REFORM FOR THE ENTIRE AMERICAN ECONOMY. ONE THAT WOULD GROW OUR ECONOMY AND MAKES A TAX CODE FAIRER, FLATTER, SIMPLER, MORE COMPETITIVE. ONE THAT WOULD LOWER RATES FOR FAMILIES AND ALLOW 90% OF AMERICANS TO FILL OUT THEIR FORMS ON SOMETHING AKIN TO A POSTCARD. SOMETHING THAT WOULD HELP OUR SMALL BUSINESSES AND ENTREPRENEURS AND I LOOK FORWARD, MR. SPEAKER, TO HAVING THAT LEGISLATION ON THE FLOOR SOON. BUT WE HAVE LEGISLATION TODAY, LEGISLATION TODAY THAT IS ALSO IMPORTANT TO OUR SMALL BUSINESSES AND OUR ENTREPRENEURS. H.R. 2201 BY THE GENTLEMAN FROM MINNESOTA. AND WHAT'S SO IMPORTANT ABOUT THIS LEGISLATION, MR. SPEAKER, IS THAT IT WOULD ALLOW OUR ENTREPRENEURS AND OUR SMALL BUSINESSES TO MORE EFFECTIVELY BE ABLE TO REACH OUT TO FAMILY AND FRIENDS TO GET THE NEEDED CAPITAL TO START THEIR BUSINESSES. A 2014 SURVEY BY THE COFFMAN FOUNDATION FOUND OUT OVER 28% OF STARTUPS RAISED THEIR FUNDING FROM THEIR PERSONAL NETWORK. BUT MR. SPEAKER, WE HAVE A CHALLENGE AND THAT IS THE SECURITIES ACT DOES NOT CLEARLY DEFINE WHAT IS A PUBLIC OFFERING OR CONVERSELY A NONPUBLIC OFFERING. SO THIS MAKES IT VERY DIFFICULT FOR OUR EARLY STAGE ENTREPRENEURIAL GROWTH COMPANIES TO GO OUT AND DO ANY KIND OF PRIVATE PLACEMENT TO RAISE FUNDS FROM FRIENDS AND FAMILY. NOW, WE KNOW A PRIVATE PLACEMENT IS ALREADY SOMETHING THAT IS ESTABLISHED IN LAW, BUT WHAT ISN'T ESTABLISHED IS A BRIGHT LINE SAFE HARBOR FOR THESE BUSINESS ENTERPRISES TO GO OUT AND RAISE THESE FUNDS. AND SO WHAT WE ALSO KNOW UNFORTUNATELY FROM OUR SECURITIES AND EXCHANGE COMMISSION, A REGISTERED OFFERING IS SIMPLY NOT ECONOMICALLY FEASIBLE FOR A SMALL BUSINESS AND ENTREPRENEUR AND ISSUER WHO IS SEEKING TO RAISE LESS THAN $1 MILLION. SO TOO OFTEN, MR. SPEAKER, WE HAVE A NUMBER OF THESE ENTERPRISES THAT FRANKLY JUST NEVER GET JUMP-STARTED BECAUSE THEY DON'T HAVE THE OPPORTUNITY FOR A PRIVATE OFFERING. THAT'S WHY IT'S SO IMPORTANT, AND I WANT TO THANK THE GENTLEMAN FROM MINNESOTA, MR. EMMER, FOR HIS LEADERSHIP IN BRINGING THIS LEGISLATION TO THE HOUSE FLOOR TODAY. AND SO IT'S A SIMPLE PIECE OF LEGISLATION. AGAIN, IT SIMPLY ALLOWS A BRIGHT LINE SAFE HARBOR FOR VERY, VERY SMALL OFFERINGS. IT REQUIRES THAT EACH PURCHASER HAS A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH AN OFFICER, DIRECTOR OR SHAREHOLDER OF THE ISSUER. THE ISSUER MUST REASONABLY BELIEVE THERE ARE NO MORE THAN 35, 35 PURCHASERS OF THE SECURITIES AND THE AGGREGATE CANNOT EXCEED HALF A MILLION IN A 12-MONTH PERIOD. SO MR. SPEAKER, WE ARE TALKING ABOUT A VERY, VERY SMALL PORTION OF STARTUPS, BUT A VERY VITALLY IMPORTANT SECTION OF OUR STARTUPS THAT NEED CAPITAL. YOU KNOW, MR. SPEAKER, A COUPLE OF FEW DECADES AGO THERE WAS A COMPANY WHERE A GENTLEMAN BORROWED MONEY FROM HIS FATHER TO IMPORT JAPANESE SPORTS SHOES AND HE PURCHASED 200 PAIRS OF THESE JAPANESE SPORTS SHOES. HE STARTED A BUSINESS CALLED BLUE RIBBON SPORTS, AND TODAY WE KNOW IT AS NIKE. A FEW DECADES AGO THERE WAS AN INVESTOR OUT IN OMAHA, NEBRASKA, WHO BORROWED MONEY FROM SEVEN FRIENDS AND FAMILY MEMBERS, INCLUDING HIS SISTER, DORIS, AND AUNT ALICE, AND OVER THE NEXT NINE YEARS THIS INITIAL INVESTMENT GREW AND THIS GENTLEMAN PURCHASED SOMETHING CALLED BERKSCHEYER HATHAWAY, A TEXTILE COMPANY THAT HAS LED TO THE BERKSHIRE HATHAWAY EMPIRE. IN 1994 THERE WAS A GENTLEMAN WHO TOOK A LOAN FROM HIS PARENTS, MOVED TO A TWO-BEDROOM SMALL APARTMENT, LAUNCHED A COMPANY CALLED AMAZON. WE WANT TO MAKE SURE THAT THE NEXT BERKSHIRE HATHAWAY, THE NEXT AMAZON GET LAUNCHED AND THAT'S WHY IT'S SO CRITICAL WE LAUNCH H.R. 2201 AND I RESERVE THE BALANCE OF MY TIME.

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            • 09:21:16 AM

              THE SPEAKER PRO TEMPORE

              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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            • 09:21:19 AM

              MS. WATERS

              I YIELD MYSELF SUCH TIME AS I MAY CONSUME.

            • 09:21:23 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY IS RECOGNIZED.

            • 09:21:25 AM

              MS. WATERS

              THAT NORMALLY APPLY TO SUCH TRANSACTIONS. SPECIFICALLY, THE BILL WOULD…

              THAT NORMALLY APPLY TO SUCH TRANSACTIONS. SPECIFICALLY, THE BILL WOULD ALLOW A COMPANY TO RAISE UP TO $500,000 FROM 35 OR FEWER INVESTORS SUBJECT ONLY TO THE REQUIREMENT THAT EACH OF THESE INVESTORS HAVE A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH THE COMPANY. CURRENTLY, BEFORE A COMPANY CAN OFFER OR SELL ITS SECURITIES, IT MUST EITHER REGISTER THE OFFERING WITH THE SECURITIES AND EXCHANGE COMMISSION. THAT IS THE S.E.C. OR QUALIFY FOR AT LEAST ONE OF SEVERAL EXISTING EXEMPTIONS FROM REGISTRATION. THESE EXEMPTIONS PROVIDE REDUCED REGULATORY REQUIREMENTS FOR BUSINESSES CONDUCTING THE OFFERINGS BUT ARE LIMITED TO INVESTORS WHO HAVE THE FINANCIAL SOPHISTICATION TO UNDERSTAND THE RISK OR ENOUGH ASSETS TO BEAR LOSSES WITHOUT THE FULL PROTECTIONS OF THE SECURITIES LAWS. ADDITIONALLY, UNLIKE H.R. 2201, THESE EXISTING EXEMPTIONS INCLUDE SEVERAL CRITICAL INVESTOR PROTECTIONS, SUCH AS NOTICE TO REGULATORS, LIMITATIONS ON ADVERTISING, AND RESTRICTIONS ON RESELL. FOR EXAMPLE, SECURITIES OFFER PURSUANT TO RULE 506 OF REGULATION D ARE RESTRICTED. MEANING, THEY CANNOT BE RESOLD FOR AT LEAST A YEAR WITHOUT REGISTERING THEM. THAT IS REREGISTERING THEM. ADDITIONALLY, THE REREGISTRATION EXEMPTIONS AVAILABLE UNDER THE CROWDFUNDING RULES AND REGULATION A IMPOSE LIMITATIONS ON THE AMOUNT AN INDIVIDUAL CAN INVEST IN A YEAR, THEREBY PLACING A CAP ON POTENTIAL LOSSES. H.R. 2201'S LACK OF BASIC SAFEGUARDS WOULD LEAVE INVESTORS VULNERABLE TO AN ARRAY OF INVESTMENT SCAMS. FOR EXAMPLE, A PURCHASER OF SECURITIES OFFERED PURSUANT TO H.R. 2201 WOULD BE ABLE TO IMMEDIATELY RESELL THE SECURITIES IN SECONDARY TRANSACTIONS. IN THE PAST, THE FAILURE TO RESTRICT THE RESELL OF UNREGISTERED SECURITIES HAS EXPOSED SECONDARY INVESTORS TO PUMP AND DUMP SCHEMES, A FORM OF FRAUD THAT INVOLVES HYPING UP CHEAP JUNK STOCK IN ORDER TO RESELL IT AT A HIGHER PRICE TO UNWITTING INVESTORS. ADDITIONALLY, INVESTOR AND CONSUMER ADVOCATES, LIKE AMERICANS FOR FINANCIAL REFORM, CENTER FOR AMERICAN PROGRESS AND PUBLIC CITIZENS OPPOSE H.R. 2201 BECAUSE IT WOULD ENABLE A PARTICULARLY DECEPTIVE SCAM KNOWN AS AFFINITY FRAUD. BAD ACTORS PERPETRATING AFFINITY FRAUD COULD USE H.R. 2201 TO PREY UPON RELIGIOUS COMMUNITIES, ETHNIC GROUPS AND THE ELDERLY. JUST A FEW YEARS AGO, THE S.E.C. SHUT DOWN A SCHEME TARGETING THE HISPANIC COMMUNITY IN SOUTHERN CALIFORNIA. THE PERPETRATORS RAISED MORE THAN $800,000 BY REPRESENTING TO CLOSE FRIENDS AND FAMILY MEMBERS THAT THEIR INVESTMENT WOULD BE USED TO DEVELOP A FINANCIAL SERVICES FIRM SERVING THE HISPANIC COMMUNITY. THE S.E.C. FOUND THAT INSTEAD OF DEVELOPING THE PURPORTED BUSINESS, THE SCAMMERS, QUOTE, USED A LARGE PART OF THE INVESTORS' MONEY TO ENGAGE UNSUCCESSFULLY IN HIGH-RISK DAY TRADING OF STOCKS, PAY PERSONAL LIVING TRAVEL AND ENTERTAINMENT EXPENSES OR MAKE OTHER UNEXPLAINED EXPENDITURES WITH NO CONNECTION TO THE PURPORTED STARTUP BUSINESS ACTIVITIES, QUOTE-UNQUOTE. H.R. 2201 WOULD PROVIDE A ROAD MAP FOR BAD ACTORS TO SIMILARLY RIP OFF INVESTORS. THE BILL'S $500,000 CAP ON OFFERINGS DOES NOT ELIMINATE THE NEED FOR ROBUST SAFEGUARDS AGAINST FRAUD AND ABUSE. IN FACT, THESE PROTECTIONS ARE EVEN MORE IMPORTANT FOR OFFERINGS OF THIS SIZE GIVEN THE PROLIFERATION OF INVESTMENT SCHEMES IN THE SMALLER OFFERING SPACE. THE S.E.C. HAS FOUND THAT, QUOTE, FRAUD IN THE MICRO CAP STOCK MARKETS IS OF INCREASING CONCERN TO REGULATORS AS SUCH MARKETS HAVE PROVEN TO BE FERTILE GROUNDS FOR FRAUD AND ABUSE, QUOTE-UNQUOTE. WHILE $500,000 MAY NOT SEEM LIKE A LOT ON WALL STREET, MORE MAIN STREET AMERICANS, LOSING EVEN A FRACTION OF THAT AMOUNT WOULD DESTROY THE HOPE OF ONE DAY RETIRING WITH DIGNITY. EXISTING EXEMPTIONS SUCH AS THOSE AVAILABLE UNDER THE S.E.C.'S REGULATION D, REGULATION A AND CROWDFUNDING RULES PROVIDE AMPLE OPPORTUNITIES FOR COMPANIES TO RAISE CAPITAL WHILE ALSO PROTECTING INVESTORS. H.R. 2201 WOULD ONLY EXPOSE HARDWORKING AMERICANS TO A NEW AND WHOLLY UNNECESSARY RISK. FOR THESE REASONS, I URGE MY COLLEAGUES TO VOTE NO ON H.R. 2201, AND I RESERVE THE BALANCE OF MY TIME.

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            • 09:27:08 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS.

            • 09:27:11 AM

              MR. HENSARLING

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

              MR. SPEAKER, I ASK UNANIMOUS CONSENT THAT ALL MEMBERS MAY HAVE FIVE LEGISLATIVE DAYS TO REVISE AND EXTEND THEIR REMARKS AND SUBMIT EXTRANEOUS MATERIALS ON THE BILL UNDER CONSIDERATION.

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            • 09:27:23 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION.

            • 09:27:24 AM

              MR. HENSARLING

              MR. SPEAKER, I AM NOW PLEASED TO YIELD FIVE MINUTES TO THE SPONSOR OF THE…

              MR. SPEAKER, I AM NOW PLEASED TO YIELD FIVE MINUTES TO THE SPONSOR OF THE LEGISLATION, AN OUTSTANDING MEMBER OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM MINNESOTA, MR. EMMER.

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            • 09:27:34 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 09:27:36 AM

              MR. EMMER

              THANK YOU, MR. CHAIRMAN. WHILE GOVERNMENT ISN'T MEANT TO CREATE JOBS, WITH…

              THANK YOU, MR. CHAIRMAN. WHILE GOVERNMENT ISN'T MEANT TO CREATE JOBS, WITH THE HELP OF THE PRESIDENT, CONGRESS CAN SET FEDERAL POLICIES THAT ESTABLISHES A PRO-WORKER, PRO-BUSINESS ENVIRONMENT THAT LIFTS PEOPLE OUT OF POVERTY, HELPS FAMILIES AND DRIVES OUR COUNTRY FORWARD. ONE PROBLEM TODAY THAT IS IMPEDING JOB GROWTH IS ACCESS TO CAPITAL FOR SMALL BUSINESSES. AMERICAN BUSINESS MEN AND WOMEN ARE OFTEN UNABLE TO GET THE LOANS THEY NEED TO START A NEW ENTERPRISE OR TO GROW AN EXISTING ONE. ADDITIONALLY, IF A FIRM WOULD LIKE TO PUBLICLY SELL STOCK TO RAISE MONEY, IT MUST REGISTER WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH COSTS $2.5 MILLION ON AVERAGE, AN AMOUNT MOST SMALL BUSINESSES SIMPLY CANNOT AFFORD. SMALL AND EMENTALING BUSINESSES ARE KEY TO THE -- EMERGING BUSINESSES ARE KEY TO THE ECONOMIC ENGINE. THEY CREATE HALF OF THE NEW JOBS ON AN ANNUAL BASIS IN THIS COUNTRY. MORE IMPORTANTLY, TODAY'S SMALL BUSINESSES ARE TOMORROW'S SUCCESS STORY. JUST THINK OF ALL THE GREAT BUSINESSES IN THIS COUNTRY THAT STARTED WITH A DREAM IN A GARAGE -- AMAZON, APPLE, MICROSOFT, DISNEY, HARLEY-DAVIDSON AND MINNESOTA'S OWN MEDTRONIC. WE WANT TO EMPOWER THE ENTREPRENEURS IN THIS COUNTRY TO DREAM, INNOVATE AND CREATE JOBS THAT GROW OUR ECONOMY. THAT'S WHY I INTRODUCED THE MICRO OFFERING SAFE HARBOR ACT. THIS BILL WOULD MAKE IT EASY FOR ENTREPRENEURS AND SMALL BUSINESSES TO RAISE MONEY FROM FAMILY, FRIENDS AND THEIR PERSONAL NETWORK WITHOUT RUNNING AFOUL OF THE VAGUE AND UNDEFINED PRIVATE OFFERING SAFE HARBOR PROVISION IN THE SECURITIES ACT OF 1933. THUS, THE MICRO OFFERING SAFE HARBOR ACT HELPS BRING CLARITY TO EXISTING LAW SO THAT OUR CURRENT AND FUTURE JOB CREATORS CAN EASILY RAISE CAPITAL WITHIN THE CONFINES OF AN EASY TO UNDERSTAND PROVISION WITHOUT THE HELP OF AN EXPERT. THIS LEGISLATION REQUIRES THREE SPECIFIC CRITERIA TO BE MET SIMULTANEOUSLY IN ORDER TO TRIGGER A SAFE HARBOR EXEMPTION FOR A SECURITY OFFERING INSTEAD OF JUST ONE OR MORE. THESE CRITERIA ENSURE THAT, ONE, EACH PURCHASER HAS A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH AN OWNER. TWO, THERE ARE NO MORE THAN 35 PURCHASERS OF SECURITIES FROM THE ISSUER THAT ARE SOLD IN RELIANCE ON THE EXEMPTION DURING THE 12 MONTHS PRECEDING. AND THREE, THE AGGREGATE AMOUNT OF ALL DOES NOT EXCEED $500,000 DURING THE 12-MONTH PRECEDING THE OFFERING. THE BILL ALSO EXEMPTION ANY OF THE AFOREMENTIONED BLUE SKY LAWS WHILE MAINTAINING ANTI-FRAUD PROVISIONS AT THE FEDERAL AND STATE LEVEL. THESE PROVISIONS PROTECT AMERICANS FROM CRIMINALS TRYING TO SWINDLE THEM OUT OF THEIR HARD-EARNED MONEY WHILE MAKING CAPITAL MORE ACCESSIBLE TO BUSINESSES BY INVESTORS FROM AROUND THE COUNTRY. IN FACT, I WILL BE OFFERING AN AMENDMENT TO ENHANCE THESE ANTI-FRAUD PROVISIONS. THIS AMENDMENT, WHICH INCORPORATES THE SUGGESTIONS MADE BY MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE DURING A LEGISLATIVE HEARING IN THE LAST CONGRESS, WILL ENSURE THAT INDIVIDUALS WHO HAVE BEEN DISQUALIFIED UNDER THE BAD ACTOR DISQUALIFICATION STANDARD, AS IS LISTED UNDER CURRENT LAW, ARE PROHIBITED FROM USING THE EXEMPTION PROVIDED UNDER H.R. 2201, ESTABLISHING YET AN ADDITIONAL LAYER OF INVESTOR PROTECTION. . ENTREPRENEURS AND BUSINESS OWNERS NEED ACCESS TO CAPITAL TO ACHIEVE THE AMERICAN DREAM. ALTHOUGH SMALL BUSINESSES ACCOUNTED FOR MORE THAN 97% OF ALL BUSINESSES LAST YEAR IN THE UNITED STATES, ONLY HALF WILL SURVIVE LONGER THAN FIVE YEARS, ACCORDING TO OUR BUREAU OF LABOR STATISTICS. LACK OF CAPITAL OR DIFFICULTY ACCESSING CAPITAL IS ONE OF THE MAIN CAUSES OF FAILURE FOR MANY OF THESE SMALL BUSINESSES. A 2015 SURVEY CONDUCTED BY BLUE VINE FOUND THAT 75% OF SMALL AND EMERGING BUSINESS OWNERS REPORTED THEIR PRIMARY SOURCE OF FUNDING COMES FROM THEIR OWN PERSONAL FINANCES. FOLLOWED BY BANKS AT 16% AND FAMILY AND FRIENDS AT 6%. WHILE BANKS AND CREDIT UNIONS DO THEIR BEST TO OFERT FUNDING THESE BUSINESSES NEED TO GROW AND THRIVE, THERE ARE STILL THREE MILLION FEWER SMALL BUSINESS LOANS MADE ANNUALLY TODAY THAN THERE WERE BEFORE THE 2008 FINANCIAL CRISIS. H.R. 2201 SEEKS TO BUILD OFF THE SUCCESS OF THE JUMP-START OUR BUSINESS START-UPS ACT OF 2012, BET KNOWN AS THE JOBS ARKTS AND WILL CONTINUE TO SPUR CAPITAL FORMATION FOR THE TRUE JOB CREATORS AND DRIVERS OF OUR COUNTRY'S COMPANY. THE MICRO OFFERING SAFE HARBOR ACT ADD ANOTHER TOOL TO THE TOOL KIT ENABLING TO CONFIDENTLY FIND ALTERNATIVE WAYS OF RAISING THESE FUNDS WITHOUT HAVING TO PAY FOR COSTLY SECURITIES EXPERTS AND WITHOUT THE FEAR OF LAWS SUITS -- LAWSUITS THEY OPERATE WITHIN THESE EASY TO UNDERSTAND PARAMETERS. THAT'S WHY THIS ACT IS ENDORSED BY THE NATIONAL SMALL BUSINESS ASSOCIATION, THE SMALL BUSINESS AND ENTREPRENEURSHIP COUNCIL, THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS, THE CHAMBER OF BY THE NATIONAL SMALL BUSINESS ASSOCIATION, THE SMALL BUSINESS AND ENTREPRENEURSHIP COUNCIL, THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS, THE CHAMBER OF COMMERCE, HERITAGE ACTION, AND ENGINE, THE VOICE OF START-UPS IN GOVERNMENT. THE HOUSE APPROVED AN IDENTICAL COMMERCIAL OF THIS LEGISLATION DURING THE 114TH CONGRESS AS PART OF THE ACCELERATING ACCESS TO CAPITAL ACT AND LANGUAGE SIMILAR TO H.R. 2201 WAS INCLUDED IN THE FINANCIAL CHOICE ACT WHICH WAS ADOPTED BY THIS CHAMBER IN JUNE.

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            • 09:33:04 AM

              MR. HENSARLING

              I YIELD THE GENTLEMAN AN ADDITIONAL 30 SECONDS.

            • 09:33:06 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED FOR AN ADDITIONAL 30 SECONDS.

            • 09:33:09 AM

              MR. EMMER

              THE TIME HAS COME FOR CONGRESS TO COME TOGETHER AND HELP SMALL BUSINESSES…

              THE TIME HAS COME FOR CONGRESS TO COME TOGETHER AND HELP SMALL BUSINESSES HELP THEMSELVES BY MAKING THIS IMPORTANT UPDATE AND IMPROVEMENT TO THE SECURITIES ACT OF 1933. I WANT TO THANK CHAIRMAN HENSARLING, CAPITAL MARKETS SUBCOMMITTEE CHAIRMAN HUIZENGA, AND ALL THE STAFF ON THE FINANCIAL SERVICES COMMITTEE FOR THEIR HARD WORK ON THIS LEGISLATION. I URGE MY COLLEAGUES TO SUPPORT THIS LEGISLATION AND HOPE THAT BOTH PARTIES WILL USE H.R. 2201 AS A WAY TO SHOW THEIR SUPPORT FOR MORE OPPORTUNITIES AND BETTER LIVES FOR OUR JOB CREATORS. I YIELD BACK.

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            • 09:33:36 AM

              THE SPEAKER PRO TEMPORE

              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 HIS TIME. THE GENTLELADY FROM CALIFORNIA.

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            • 09:33:41 AM

              MS. WATERS

              THANK YOU, MR. SPEAKER. I YIELD SUCH TIME AS HE MAY BACK.

            • 09:33:43 AM

              THE SPEAKER PRO TEMPORE

              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 HIS CONSUME TO THE GENTLEMAN FROM RHODE ISLAND, MR. CICILLINE.

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            • 09:33:49 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 09:33:51 AM

              MR. CICILLINE

              I THANK THE GENTLELADY FOR YIELDING. I WANT TO BEGIN, MR. SPEAKER, BY…

              I THANK THE GENTLELADY FOR YIELDING. I WANT TO BEGIN, MR. SPEAKER, BY RESPONDING TO THE GENTLEMAN FROM TEXAS WHO BEGAN THIS DEBATE BY SAYING HOW THIS WAS A CONTINUATION OF AN ONGOING EFFORT BY REPUBLICANS TO PROMOTE PRO-GROWTH TAX REFORM IN PARTICULAR. I WANT TO BE VERY CLEAR, MR. SPEAKER, THE PROPOSAL CURRENTLY BEFORE THIS HOUSE WITH RESPECT TO THE TAX CHANGES IS A TAX SCAM. IT'S NOT A TAX PLAN, IT'S A SCAM. IT GIVES $1.5 TRILLION IN TAX CUTS TO THE WEALTHIEST AMERICANS, BIGGEST CORPORATIONS, THE MILLIONAIRES AND BILLIONAIRES. IT INCREASES TAXES ON TENS OF MILLIONS OF MIDDLE CLASS FAMILIES. AND IT PAYS FOR THIS BIG GIFT BACK TO CORPORATIONS AND BILLIONAIRES AND MILLIONAIRES BY DEEP CUTS IN MEDICARE, MEDICAID, INFRASTRUCTURE SPENDING, EDUCATION. THE THINGS THAT ACTUALLY CREATE JOBS. IT CREATES ADDITIONAL INCENTIVES TO SHIP AMERICAN JOBS OVERSEAS. CREATES -- INCENTIVES FOR AMERICAN COMPANIES TO TAKE JOBS HERE AND SHIP THEM OVERSEAS. NOT TO KEEP THEM HERE IN OUR OWN COUNTRY. IT'S ANOTHER MAYBE MORE ROBUST EXAMPLE OF TRICKLE-DOWN ECONOMICS. IT HAS FAILED BEFORE. IT WILL FAIL AGAIN. WE -- THE PEOPLE MIGHT HAVE THE BENEFIT OF UNDERSTANDING THIS MORE COMPLETELY IF THERE WERE A PROCESS WHERE THIS WAS DEBATED, WITNESSES TESTIFIED, EXPERTS CAME IN TO TALK ABOUT THE IMPLICATIONS. BUT THIS IS BEING DONE IN THE DARK OF NIGHT, AT THE SPEED OF LIGHT. SO THE AMERICAN PEOPLE WON'T FIND OUT WHAT'S ABOUT TO HAPPEN TO THEM. SO THE IDEA OF DESCRIBING THIS AS PRO-GROWTH IN THIS CONTEXT, BOTH WITH THE PROVISIONS AND THE PROCESS SEEMS TO ME LAUGHABLE. LET ME JUST GIVE THE AMERICAN PEOPLE A COUPLE OF EXAMPLES. IT DENIES INDIVIDUALS THE RIGHT TO DEDUCT STATE AND LOCAL TAXES. BUT PRESERVES THAT RIGHT FOR CORPORATIONS. IT DENIES A WORKER WHO IS FORCED TO LEAVE HIS HOME AND MOVE BECAUSE HIS EMPLOYER IS MOVING, HE DOES THAT OR LOSES HIS JOB, FROM DENYING THE COSTS OF MOVING. IT PRESERVES THE RIGHT OF A COMPANY WHO IS OFFSHORING JOBS OVERSEAS TO TAKE A DID HE DUCKS -- DEDUCTION FOR THE COST OF MOVING THOSE JOBS OVERSEAS. SO THIS ISN'T A PRO-GROWTH TAX POLICY, THIS IS TRICKLE-DOWN ECONOMICS DESIGNED TO LET THE PEOPLE AT THE VERY TOP HOLD ON TO MORE OF THEIR MONEY, CORPORATIONS TO KEEP MORE OF THEIR PROFITS IN THE HOPE IT WILL TRICKLE DOWN TO THE REST OF THE AMERICAN PEOPLE. IT DOESN'T WORK. IT DOESN'T REPRESENT A PRO-GROWTH TAXPOLICY. IT'S A TAX SCAM. SO I WANT TO JUST CORRECT THE RECORD, MR. SPEAKER, WITH ALL DUE RESPECT TO THE GENTLEMAN FROM TEXAS. I RISE IN ADDITION TO THAT, MR. SPEAKER, TO EXPRESS MY STRONG OPPOSITION TO H.R. 2201, THE MICRO OFFERING SAFE HARBOR ACT. IN LIGHT OF THE DEVASTATING 2008 FINANCIAL CRISIS AND THE REGULATORY WEAKNESSES REVEALED BY THE WELLS FARGO AND EQUIFACTION SCANDALS, WE SHOULD BE CONSIDERING LEGISLATION THAT WILL BOLSTER CONSUMER AND INVESTMENT PROTECTIONS. TODAY INSTEAD WE'RE CONSIDERING H.R. 2201, WHICH WILL ENABLE ABUSIVE FINANCIAL PRACTICES. GENERALLY A COMPANY THAT SEEKS TO MAKE PUBLIC OFFICIAL MUST REGISTER THEM WITH THE SECURITIES AND EXCHANGE COMMISSION OR FIT INTO ONE EXCEPTIONS DESIGNED TO BALANCE INVESTOR PROTECTION WITH REGULATORY BURDENS ON SMALLER COMPANIES. THIS WOULD ALLOW MICROCAP OFFICIAL, OFFICIAL VALUED AT $500 OR LESS IN A SINGLE YEAR, TO BE SOLD TO 35 OR FEWER INVESTORS. SUBJECT ONLY TO THE REQUIREMENT THAT EACH INVESTOR HAS A SUBSTANTIVE PRE-EXISTING RELATIONSHIP WITH THE COMPANY. DESPITE THESE RESTRICTIONS IMPOSED ON UNREGISTERED SECURITY OFFICIAL. THIS BILL OMITS SEVERAL PROTECTIONS. IN PARTICULAR MICROCAP OFFICIAL WOULD BE EXEMPT FROM IMPORTANT REGULATORY PROTECTIONS SET OUT IN THE 1933 SECURITIES ACT INCLUDING, REGISTRATION, DISCLOSURE, AND FRAUD PROSECTION. OVERSIGHT IN THE SMALLER OFFERING SPACE SUCH AS THE ONE PROPOSED IN H.R. 2201 IS IMPORTANT BECAUSE THE S.E.C. HAS FOUND FLAWED IN THE MICROCAP STOCK MARKETS IS OF INCREASING CONCERN TO REGULATORS AS SUCH MARKETS HAVE PROVEN TO BE FERTILE GROUNDS FOR FRAUD AND ABUSE. WITHOUT CORE PROTECTIONS H.R. 2201 WOULD LEAVE INVESTORS VULNERABLE TO AN ARRAY OF INVESTMENT SCAMS AND ABUSES WITH UNFICTED INVESTORS, PARTICULARLY AT RESK. -- UNSOPHISTICATED INVESTORS PARTICULARLY AT RISK. IN THE PAST FAILURE TO PROTECT THE RESALE OF UNREGISTERED SECURITIES HAS CAUSED THE HUMP AND DUMP SCHEMES AS THE GENTLELADY FROM CALIFORNIA MENTIONED. GROUPS LIKE THE AMERICANS FOR FINANCIAL REFORM, AND PUBLIC CITIZEN OPPOSE H.R. OF UNREGISTERED SECURITIES HAS CAUSED THE 2201 BECAUSE IT WOULD ENABLE A TYPE OF INVESTMENT SCAM KNOWN AS, A AFFINITY FRAUD. THESE SCHEMES SCAM ARTISTS PREY UPON MEMBERS OF IDENTIFYLE GROUPS SUCH AS ETHNIC AND RELIGIOUS COMMUNITIES OR ELDERLY, OFTEN BY ENLISTING RESPECTED COMMUNITY OR RELIGIOUS MEMBERS TO HELP CONVINCE VICTIMS OF A DUBIOUS INVESTMENT IS LEGITIMATE. THE PROLIFERATION OF AFFINITY FRAUD ON LOW-INCOME COMMUNITIES DEMONSTRATES THAT H.R. 2201'S PRE-EXISTING RELATIONSHIP REQUIREMENT WOULD NOT PREVENT -- PROVIDE SAFEGUARDS AGAINST SUCH ABUSE. GIVEN EXISTING EXEMPTIONS FOR SMALLER COMPANIES WHICH PROVIDE AMPLE OPPORTUNITY FOR COMPANIES TO RAISE CAPITAL WHILE ALSO PROTECTING INVESTORS, H.R. 2201 IS AT BEST UNNECESSARY. THIS BILL WOULD SIMPLY CREATE A LOOPHOLE THAT UNDERMINES PROTECTIONS AGAINST THE KINDS OF FINANCIAL ABUSES AND RECKLESSNESS WE HAVE ALREADY SEEN DAMAGE OUR FINANCIAL SYSTEM AND HURT PEOPLE. I URGE MY COLLEAGUES TO OPPOSE H.R. 2201. I THANK THE GENTLELADY FOR YIELDING. YIELD BACK.

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            • 09:39:46 AM

              THE SPEAKER PRO TEMPORE

              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 RESERVES HER TIME. GENTLEMAN FROM TEXAS.

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            • 09:39:51 AM

              MR. HENSARLING

              MR. SPEAKER, I YIELD MYSELF 30 SECONDS TO SAY THAT LISTENING TO THE…

              MR. SPEAKER, I YIELD MYSELF 30 SECONDS TO SAY THAT LISTENING TO THE GENTLEMAN FROM RHODE ISLAND ANTI-RANKING MEMBER, THEIR COMMENTS ARE VERY INTERESTING BUT EVERYTHING THEY DESCRIBED IS ALREADY ILLEGAL AND THEIR REMARKS ACKNOWLEDGE THAT THE S.E.C. CAN AND DOES BRING ACTIONS TO ENFORCE THE SECURITIES LAWS AND SHUT DOWN FRAUD WHEN THEY DISCOVER THE FRAUD. NOTHING IN 2201 ELIMINATES THE D.O.J.'S ABILITY TO PURSUE CRIMINAL PROSECUTIONS OR FRAUD. NOTHING THAT IMPACTS THE AND THEIR REMARKS ACKNOWLEDGE THAT THE S.E.C. CAN AND DOES BRING ACTIONS S.E.C.'S ABILITY TO PURSUE CIVIL ACTIONS AGAINST ISSUERS ENGAGED IN FRAUD UNDER SECTION 17-A IS A RED HERRING. IT'S ONE OF THE REASONS WE HAVE HAD POOR ECONOMIC GROWTH UNDER THE DEMOCRATIC REGIME. NOW, MR. SPEAKER, I'M VERY, VERY PLEASED TO YIELD THREE MINUTES TO THE CHAIRMAN OF THE FINANCIAL INSTITUTIONS AND CONSUMER CREDIT SUBCOMMITTEE OF OUR COMMITTEE, THE GENTLEMAN FROM MISSOURI, MR. LUETKEMEYER.

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            • 09:40:51 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 09:40:53 AM

              MR. LUETKEMEYER

              THANK YOU, MR. CHAIRMAN. THANK YOU, CHAIRMAN HENSARLING, FOR YOUR LEADER…

              THANK YOU, MR. CHAIRMAN. THANK YOU, CHAIRMAN HENSARLING, FOR YOUR LEADER SHFMENT I ALSO WANT TO THANK THE GENTLEMAN FROM MINNESOTA, MR. EMMER, FOR TAKING A LEAD ON THIS IMPORTANT LEGISLATION. AS ELECTED OFFICIAL I HAVE THE OPPORTUNITY TOINT ACT WITH INDIVIDUALS ACROSS MY DISTRICT WHO STRIVE TO CREATE NEW OR EXPAND EXISTING SMALL BUSINESSES. THESE ARE FOLKS THAT WORK HARD TO PROVIDE FOR THEIR STRIVE TO FAMILIES AND SERVE AS COMMUNITIES. UNFORTUNATELY, FOR MANY ENTREPRENEURS OVERREGULATION HAS STIFLED THEIR ABILITY TO INNOVATE AND GROW. THE NATIONAL FEDERATION OF INDEPENDENT BUSINESSES PUBLISHED A RECENT STUDY SHOWING 30% OF SMALL BUSINESS RESPONDENTS CITED TAXES, REGULATION, AND RED TAPE AS THE MOST SIGNIFICANT BUSINESS A BACKBONE TO THEIR PROBLEM. WHILE CERTAIN SECTORS ARE REAPING THE BENEFITS OF A STRONGER ECONOMY, THE REALITY IS START-UPS AND SMALL BUSINESSES ARE SITTING ON THE SIDELINES WITH LIMITED ACCESS TO CREDIT. IT'S SOMETHING I HEAR ABOUT FROM BUSINESS MEN AND WOMEN EVERY SINGLE DAY. BE THEY BANKERS, EVERY SINGLE DAY. BE THEY BANKERS, RETAILERS, FARMERS, DOCTORS, AND EVERY PROFESSION IN BETWEEN. WE ALSO KNOW THAT MANY START-UPS AND SMALL BUSINESS VS. HISTORICALLY TURNED TO LOCAL FINANCIAL INSTITUTIONS FOR INITIAL FINANCING. IN THE YEARS AFTER PASSAGE OF DODD-FRANK, SMALL BANK LEND SOMETHING DOWN DRAMATICALLY, LEAVING MANY COMMERCIAL CUSTOMERS SCRAMBLING TO FIND OTHER FORMS OF REASONABLY PRICED FINANCING. ACROSS-THE-BOARD WE'RE ENABLING BURDENING SYSTEM. WE NEED TO REVERSE THIS COURSE IF WE WANT TO SEE A RESURGENCE OF SMALL BUSINESS CREATION AND GROWTH. H.R. 2201 IS COMMONSENSE LEGISLATION THAT SEEKS TO REVERSE ONE IMPEDIMENT TO ENTREPRENEURSHIP. MR. EMMER'S BILL OFFERS A THOUGHTFUL APPROACH TO A PROBLEM THAT'S HINDERED AND SOME CASES PREVENTED SMALL OFFICIAL ACROSS THE NATION. IT WILL APPROPRIATELY SCALE FEDERAL RULES AND REGULATORY COMPLIANCE AND ALLOW SMALL BUSINESSES TO ACCESS THE CAPITAL NECESSARY FOR GROWTH. MORE SPECIFICALLY, THIS LEGISLATION WOULD EXEMPT CERTAIN NONPUBLIC MICROOFFICIAL FROM THE S.E.C. REQUIREMENTS. THE MILL -- MICRO OFFERINGS FROM THE S.E.C. REQUIREMENTS. IT SUBJECTS ANY AND OTHER MICROOFFICIAL TO THE FULL SWEEP OF FEDERAL STATE AND ANTI-FRAUD LAWS. THAT COMPLY WITH THE PARAMETERS INCLUDED IN THE BILL. THIS BILL IS ABOUT MAIN STREET, ABOUT THE SMALL BUSINESS MEN AND WOMEN IN EACH OUR DISTRICTS. I WANT TO AGAIN THANK AND APPLAUD THE GENTLEMAN FROM MINNESOTA FOR HIS HARD WORK ON THIS LEGISLATION. ASK MY COLLEAGUES TO JOIN ME IN VOTING IN FAVOR OF THE LEGISLATION. WITH THAT, MR. SPEAKER, I YIELD BACK THE BALANCE OF MY TIME.

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            • 09:43:17 AM

              THE SPEAKER PRO TEMPORE

              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 HIS TIME. THE CHAIR WILL RECEIVE A MESSAGE. THE MESSENGER: MR. SPEAKER --

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            • 09:43:24 AM

              THE MESSENGER

              MR. SPEAKER --

            • 09:43:26 AM

              THE SPEAKER PRO TEMPORE

            • 09:43:28 AM

              THE MESSENGER

              MESSAGE. THE MESSENGER: MR. SPEAKER, A MESSAGE FROM THE SENATE.

            • 09:43:31 AM

              THE SPEAKER PRO TEMPORE

              MR. SPEAKER.

            • 09:43:32 AM

              THE SPEAKER PRO TEMPORE

              MR. SPEAKER.

            • 09:43:34 AM

              THE SECRETARY

              MOUNTAIN SECRETARY. THE SECRETARY: I HAVE BEEN DIRECTED BY THE SENATE TO…

              MOUNTAIN SECRETARY. THE SECRETARY: I HAVE BEEN DIRECTED BY THE SENATE TO INFORM THE HOUSE THAT THE SENATE HAS PASSED H.R. 194, AN ACT TO ENSURE THE EFFECTIVE PROCESSING OF MAIL BY FEDERAL AGENCIES AND FOR OTHER PURPOSES.

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            • 09:43:48 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEWOMAN FROM CALIFORNIA.

            • 09:43:56 AM

              MS. WATERS

              MY INQUIRE HOW MUCH TIME I HAVE LEFT?

            • 09:43:57 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY HAS 18 1/2 MINUTES. THE GENTLEMAN FROM TEXAS HAS 16 MINUTES.

            • 09:44:01 AM

              MS. WATERS

              THANK YOU VERY MUCH, MR. SPEAKER. MR. SPEAKER AND MEMBERS, WE HAVE LAID…

              THANK YOU VERY MUCH, MR. SPEAKER. MR. SPEAKER AND MEMBERS, WE HAVE LAID OUT THIS MORNING

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            • 09:44:08 AM

              MS. WATERS

              EXACTLY HOW VULNERABLE GROUPS AND INDIVIDUALS CAN BE TAKEN ADVANTAGE OF…

              EXACTLY HOW VULNERABLE GROUPS AND INDIVIDUALS CAN BE TAKEN ADVANTAGE OF WITH LEGISLATION LIKE THIS. I DON'T KNOW EXACTLY WHERE THIS LEGISLATION ORIGINATED, BUT I CAN ALMOST GUARANTEE YOU THAT WE ARE CREATING OPPORTUNITIES FOR INDIVIDUALS WHO DON'T HAVE THE BEST INTEREST OF OUR CONSTITUENTS AT HEART. TO LITERALLY GET SMALL GROUPS TOGETHER, 35 I GUESS, OR LESS, AND SELL THEM ON IDEAS WHERE THEY ARE RAISING FUNDS THAT PROBABLY WILL NOT RESULT IN PROFITS IN PROFITS AS EXPECTED BY THOSE WHO ARE INVESTING IN THESE SCHEMES. NO, THERE ARE NO PROTECTIONS. THERE IS NO NOTICE. THE S.E.C. WILL NOT KNOW WHEN AND WHERE THESE SCHEMES ARE ARISING. . SO I SAY TO MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE, WHEN ARE WE GOING TO ACT THAT WE HAVE THE BEST INTERESTS OF OUR CONSTITUENTS AT HEART? WHEN ARE WE GOING TO BE ABOUT PROTECTING CONSUMERS RATHER THAN OPENING UP OPPORTUNITIES FOR THEM TO BE THE VICTIMS OF FRAUD? WE HAVE FRAUDULENT SCHEMES THAT ARE DIRECTED AT THE MOST VULNERABLE PEOPLE. I KNOW WHERE THOSE PEOPLE WHO ARE ORGANIZING THESE SCHEMES WILL GO. THEY'LL GO TO OUR CHURCHES WHERE WELL-MEANING MINISTERS AND PARISHIONERS WILL BE TAKING ADVANTAGE OF -- TAKEN ADVANTAGE OF. THESE COMMUNITIES THAT ARE BEING TAKEN ADVANTAGE OF, WE HAVE PEOPLE WHO ARE THE VICTIMS OF PAYDAY LOANS, WHERE THEY'RE PAYING 400 PERCENT FOR MONEYS -- 400% FOR MONEYS THEY ARE BORROWING IN BETWEEN PAYCHECKS. WE HAVE RENT-TO-OWN SCHEMES. WE HAVE ALL KIND OF SCHEMES WHERE THESE CONVENIENT STORES AND PLACES WHERE WE HAVE FOOD DESERTS ARE PAYING EXTREMELY HIGH FOR FOOD THAT ARE BASICALLY BEING SOLD FOR ORDINARY GOOD PRICES IN OTHER COMMUNITIES. IN SOME COMMUNITIES, EVEN IN CALIFORNIA, THE GAS TAX IS RISING. WE HAVE THE RENTAL MARKET THAT'S GOING OFF THE SCALE, ALL OVER THIS COUNTRY, WITH PEOPLE NOT ABLE TO AFFORD A DECENT LEASE, RENTAL SPACE. SO HERE WE ARE JUST OPENING UP ANOTHER OPPORTUNITY FOR FOLKS TO BE RIPPED OFF. IT IS GOING TO HAPPEN, I CAN GUARANTEE YOU THAT. WHEN YOU HAVE SOMETHING LIKE THIS THAT'S PASSED BY THE CONGRESS OF THE UNITED STATES, IT'S GOING TO BE TAKEN ADVANTAGE OF AND THE WAY THAT THIS IS CONSTRUCTED, IT ALMOST BEGS TO BE TAKEN ADVANTAGE OF. AND SO, YOU KNOW WHAT HAPPENS WHEN THIS KIND OF THING TAKES PLACE AND MEMBERS OF CONGRESS PUT THEIR REPUTATIONS ON PASSING THIS KIND OF LEGISLATION, WHEN THE RIPOFFS START AND PEOPLE ARE HARMED A FEW YEARS LATER, THEN THEY'RE GOING TO COME BACK WITH LEGISLATION TALKING ABOUT CORRECTING THE FRAUD AND THE RIPOFFS THAT WE CAUSED IN THE FIRST PLACE. WHEN IS THIS GOING TO STOP? WE HAVE A CONSUMER FINANCIAL PROTECTION BUREAU THAT'S STRUGGLING EVERY DAY TO PROTECT OUR CONSUMERS. AND PRIOR TO DODD-FRANK, WE HAD OUR OVERSIGHT AGENCIES WITH THE RESPONSIBILITY OF PROTECTING CONSUMERS, BUT THEY DIDN'T HAVE ANY REAL PROTECTION. AND SO DODD-FRANK REFORMED, HELPED TO CREATE OPPORTUNITIES FOR MEMBERS OF CONGRESS TO BE ABLE TO PROTECT THEIR CONSUMERS. AND NOT TO BE INVOLVED IN THESE KIND OF SCHEMES. BUT THE OPPOSITE SIDE OF THE AISLE HAS SPENT AN INORDER NATE AMOUNT OF TIME TRYING TO KILL OFF THE CONSUMER FINANCIAL PROTECTION BUREAU, AND THEY'VE DONE IT IN SO MANY WAYS. NOT ONLY DO THEY COME UP WITH AMENDMENTS TIME AND TIME AGAIN TO TRY AND SHUT DOWN THE CONSUMER FINANCIAL PROTECTION BUREAU, THEY TREAT THE DIRECTOR OF THE FINANCIAL SERVICES BUREAU SO BADLY THAT THEY ALMOST DENY HIM THE OPPORTUNITY TO COME BEFORE OUR COMMITTEE AND TO BE HEARD. SO I DON'T KNOW WHOSE SIDE LEGISLATORS ARE ON WHO CREATE THIS KIND OF CRAP. I DON'T UNDERSTAND WHY IT IS DEEMED TO BE IMPORTANT TO OPEN UP THE OPPORTUNITY FOR SCHEMES AND TO NOT HAVE THE S.E.C. WITH THE ABILITY TO KNOW WHEN THEY ARE GETTING STARTED, TO HAVE THE KIND OF DISCLOSURES, TO HAVE THE KIND OF OVERSIGHT THAT WOULD PROTECT THE MOST VULNERABLE PEOPLE IN OUR SOCIETY. WELL, MR. SPEAKER AND MEMBERS, YES, THIS LEGISLATION WILL PROBABLY PASS TODAY. THE REPUBLICANS HAVE THE MAJORITY VOTES IN THIS CONGRESS, AND I SUPPOSE THEY ARE GOING TO GET ALL OF THEIR PEOPLE TO VOTE FOR THIS BILL THAT'S GOING TO RIP OFF SOME OF THEIR CONSTITUENTS. AND, AGAIN, WE WON'T BE ABLE TO STOP IT BECAUSE, AGAIN, THEY HAVE THE MAJORITY VOTES. BUT I WANT THE PEOPLE OF THIS COUNTRY TO KNOW AND UNDERSTAND WHAT IS HAPPENING AND WHO'S DOING IT TO THEM AND WHY THEY'RE HAVING A DIFFICULT TIME AT A TIME WHEN THE RENTAL MARKET IS GOING OFF THE SCALE AND THEY CAN'T AFFORD TO PAY THE FIRST AND THE LAST MONTH'S RENT TO GET INTO A PLACE, I WANT THEM TO KNOW WHO'S CREATING THE DIFFICULTIES IN THEIR LIVES WHEN THEIR JOBS HAVE NOT INCREASED THEIR PAY AND THEY'RE STILL TRYING TO HAVE A DECENT QUALITY OF LIFE FOR THEIR FAMILIES DESPITE THE FACT THAT THE PAY DOES NOT MATCH THE JOB THAT THEY'RE DOING AND THEY HAVEN'T HAD THE PAY INCREASES. WHEN ARE WE GOING TO SHOW THAT WE STAND UP FOR THE LEAST OF THESE? WHEN YOUR CHURCHES GET RIPPED OFF -- AND WE'RE WORKING ON SOME OF THOSE SCHEMES NOW WHERE EVEN WITH THE RESPONSIBILITIES THAT THE S.E.C. HAS WE HAVE PEOPLE WHO ARE GETTING RIPPED OFF. AND HERE WE COME WITH ANOTHER PIECE OF LEGISLATION. AND THEN WHAT WE DO IS WE SHADED IN TERMS OF THIS IS FOR SMALL BUSINESS DEVELOPMENT. AND THEN WE HEAR FROM THE OPPOSITE SIDE ABOUT ALL OF THE COMPANIES WHO STARTED AS LITTLE BITTY COMPANIES IN THEIR GARAGE. WELL, THEY ALL STARTED WITHOUT THIS BILL. THEY DIDN'T NEED THIS BILL TO START. SO WHY YOU DOING THIS? YEAH, YOU'RE RIGHT. THERE ARE A LOT OF COMPANIES, AND YOU HAVE NAMED IN PARTICULAR THE HIGH TECH COMPANIES THAT STARTED AND THEY HAD SOME OF THEIR OWN MONEY TO GET STARTED WITH AND MAYBE THE FAMILY HELPED THEM. I DON'T KNOW. THEY DIDN'T HAVE THIS LEGISLATION. THEY DIDN'T NEED THIS LEGISLATION. NOBODY NEEDS THIS LEGISLATION. THIS LEGISLATION IS HARMFUL, AND I WOULD ASK MY COLLEAGUES TO VOTE AGAINST THE BILL AND IF THERE ARE ANY MEMBERS ON THE OPPOSITE SIDE OF THE AISLE WHO REALLY ARE CONCERNED ABOUT THEIR CONSTITUENTS, I WOULD ASK THEM TO DEFY THEIR LEADERSHIP AND VOTE AGAINST THIS BILL. I RESERVE THE BALANCE OF MY TIME.

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            • 09:52:07 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS.

            • 09:52:11 AM

              MR. HENSARLING

              NUMBER ONE, I WAS VERY PLEASED TO HEAR ONE OF THE MOST COMPELLING…

              NUMBER ONE, I WAS VERY PLEASED TO HEAR ONE OF THE MOST COMPELLING INDICTMENTS OF EIGHT YEARS OF THE OBAMA ADMINISTRATION I EVER HEARD ON THE HOUSE FLOOR. I THANK THE RANKING MEMBER FOR IT. OTHERWISE, I AM PLEASED TO YIELD THREE MINUTES TO THE VICE CHAIRMAN OF THE FINANCIAL INSTITUTIONS AND CONSUMER CREDIT SUBCOMMITTEE, THE GENTLEMAN FROM PENNSYLVANIA, MR. ROTHFUS.

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            • 09:52:31 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 09:52:33 AM

              MR. ROTHFUS

              I THANK THE CHAIRMAN FOR YIELDING AND I THANK THE SPEAKER. JOBS, JOBS,…

              I THANK THE CHAIRMAN FOR YIELDING AND I THANK THE SPEAKER. JOBS, JOBS, JOBS -- THAT IS WHY, MR. SPEAKER, I RISE TODAY TO EXPRESS MY SUPPORT FOR THE MICRO OFFERING SAFE HARBOR ACT. WHOSE SIDE AM I ON? THE TENS OF MILLIONS OF FOLKS WHO DON'T HAVE JOBS OUT THERE, WHO WANT JOB OPPORTUNITIES. WE KNOW FROM STUDIES THAT OVER THE LAST EIGHT YEARS OF WRONG REGULATION THAT 650,000 SMALL BUSINESSES HAVE NOT BEEN CREATED. THAT MEANS 6 1/2 MILLION JOBS, 6 1/2 MILLION PEOPLE WHO ARE NOT PAYING MEDICARE TAX, 6 1/2 MILLION PEOPLE NOT PAYING SOCIAL SECURITY TAX. WE NEED THESE PEOPLE IN THE GAME, MR. SPEAKER. AND THIS ACT CAN HELP THEM GET INTO THE GAME. THIS IS AN IMPORTANT PIECE OF PRO-JOBS LEGISLATION, AND I THANK MY COLLEAGUE, MR. EMMER, FOR INTRODUCING IT. WE ALL WANT OUR ECONOMY TO BECOME VIBRANT ONCE AGAIN SO IT GENERATE OPPORTUNITY AND PROSPERITY FOR ALL AMERICANS. UNFORTUNATELY, REGULATORY BURDENS, BOTH NEW AND PRE-EXISTING, OFTEN GET IN THE WAY OF RAISING CAPITAL AND BUILDING A BUSINESS. HEARING AFTER HEARING AT THE FINANCIAL SERVICES COMMITTEE WE HAVE HEARD FROM FINANCIAL INSTITUTIONS THAT ARE UNABLE TO LEND SMALL BUSINESSES OR AFRAID TO DO SO. WE ALSO HAVE HEARD FROM BUSINESSES THAT CANNOT FIND THE CAPITAL THEY NEED TO EXPAND OR TO RETOOL. ALL OF THIS HAS AN IMPACT ON JOBS AND WAGES AS WELL AS ON OUR OVERALL ECONOMY. THE MICRO OFFERING SAFE HARBOR ACT IS A TARGETED, COMMONSENSE BILL THAT WILL MAKE IT EASIER FOR SMALL BUSINESSES TO ACCESS CAPITAL THAT THEY NEED TO GROW. SPECIFICALLY, H.R. 2201 WILL PERMIT BUSINESSES TO ISSUE A LIMITED NUMBER OF SECURITIES TO INDIVIDUALS WHOM PRINCIPALS HAVE A PRE-EXISTING RELATIONSHIP. THIS INCLUDES FAMILY, FRIENDS WHO ARE OFTEN INVESTORS IN STARTUPS. BUSINESSES WILL ONLY BE ISSUE A SMALL AMOUNT OF SECURITIES, $500,000 A YEAR, BUT THAT'S A RIGHT STEP. THIS WILL MAKE IT EASIER FOR SMALL BUSINESSES TO GET OFF THE GROUND AND GROW AND ADD JOBS. AT THE SAME TIME, THIS BILL ENSURES THAT OUR REGULATORS CAN CONTINUE TO POLICE FRAUD AND ABUSE AND TO DO SO AGGRESSIVELY. ON THAT POINT, THERE IS NO AMBIGUITY. FRAUD IS ILLEGAL AND IT WILL NOT BE TOLERATED OR EXCUSED. AGAIN, I STRONGLY SUPPORT THE MICRO OFFERING SAFE HARBOR ACT. IT'S GOOD FOR THE ECONOMY AND GOOD FOR HARDWORKING AMERICANS. IT'S GOOD FOR JOBS, JOBS, JOBS. I URGE MY COLLEAGUES TO SUPPORT THIS LEGISLATION, AND I YIELD BACK.

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            • 09:55:22 AM

              THE SPEAKER PRO TEMPORE

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

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

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            • 09:55:28 AM

              MS. WATERS

              THANK YOU VERY MUCH, MR. SPEAKER. BY ALLOWING ENTITIES TO SELL…

              THANK YOU VERY MUCH, MR. SPEAKER. BY ALLOWING ENTITIES TO SELL UNREGISTERED SECURITIES, BASED SOLELY ON A PRE-EXISTING RELATIONSHIP WITH THE INVESTOR, H.R. 2201 WOULD CREATE A ROAD MAP FOR AFFINITY FRAUD. AFFINITY FRAUD IS THE TYPE OF INVESTMENT SCAM WHERE SWINDLERS PREY UPON MEMBERS OF IDENTIFIABLE GROUPS SUCH AS ETHNIC OR RELIGIOUS COMMUNITIES OR THE ELDERLY. OFTEN AFFINITY FRAUDSTERS TAKE ADVANTAGE OF PRE-EXISTING RELATIONSHIPS TO ENDANGER TRUST AND CONVINCE THEIR VICTIMS THAT A DUBIOUS INVESTMENT IS LEGITIMATE. THE SECURITIES AND EXCHANGE COMMISSION HAS FOUND THAT SUCH FRAUD POSE HEIGHTENED RISKS TO INVESTORS BECAUSE THEY CAN BE DIFFICULT FOR REGULATORS OR LAW ENFORCEMENT OFFICIALS TO DETECT, PARTICULARLY WHERE THE FRAUDSTERS HAVE USED RESPECTIVE COMMUNITY OR RELIGIOUS LEADERS TO CONVINCE OTHERS TO JOIN THE INVESTMENT. THE FOLLOWING CASES REPRESENT A SAMPLING OF RECENT AFFINITY FRAUD ACTIONS FROM AROUND THE UNITED STATES. IN AUGUST, 2013, THE S.E.C. HALTED AN OFFERING FRAUD SCHEME WHERE STEVEN BRUCE HEINTZ, A UTAH RESIDENT, PURPORTING TO BE AN INVESTMENT ADVISOR, SOLD PHONY INVESTMENT CONTRACTS TO MORE THAN 15 OF HIS FORMER CLIENTS, FAMILY MEMBERS AND FRIENDS. ACCORDING TO THE S.E.C.'S COMPLAINTS, HE RAISED $4 MILLION IN INVESTOR FUNDS WHICH HE USED TO ENGAGE IN HIGH-RISK TRADING, A FUTURES CONTRACT, AND TO PAY HIS OWN PERSONAL EXPENSES SUCH AS FAMILY VACATIONS TO MEXICO, AND A $600,000 LOAN. AMONG THE INVESTORS TAKEN IN BY HIS SCAM WAS, QUOTE, THE RECENT WIDOW OF A CHURCH ASSOCIATE OF HIS WHO INVESTED WITH HIM AFTER HE VOLUNTEERED TO ASSIST HER WITH HER FINANCES AND INVESTMENTS AFTER HER SPOUSE DIED, QUOTE-UNQUOTE. IN 2012, THE S.E.C. STOPPED A $7.5 MILLION FRAUD OPERATION TARGETING THE PERSIAN JEWISH COMMUNITY IN LOS ANGELES. THE S.E.C.'S ASSISTANT REGIONAL DIRECTOR STATED THAT SHRBIN, QUOTE, DECEIVED MEMBERS OF HIS OWN COMMUNITY TO RAISE MONEY BY EXPLOITING TRUST IN HIM. HE WAS ABLE TO RAISE MORE MONEY TO PAY BACK EXISTING INVESTORS AND FINANCE AN EXTRAVAGANT LIFESTYLE, QUOTE-UNQUOTE. ACCORDING TO THE S.E.C. COMPLAINT, QUOTE, AMONG OTHER THINGS, NEIMAN USED INVESTOR FUNDS TO PAY FOR HIS WEDDING AND HONEYMOON, HIS WIFE'S ENGAGEMENT RINGS, LUXURY CARS AND V.I.P. TICKETS TO ENTERTAINMENT VENUES, QUOTE-UNQUOTE. IN 2015, THE S.E.C. PERMANENTLY BARRED JOHN ALLEN RUSSELL FROM THE SECURITIES INDUSTRY AFTER RUSSELL PLED GUILTY TO SECURITIES FRAUD IN COLORADO STATE COURT. THE S.E.C.'S ADMINISTRATIVE LAW JUDGE FOUND THAT RUSSELL OBTAINED ALMOST $300,000 BY SELLING DEBT SECURITIES TO AN ELDERLY VICTIM WHO SUFFERED FROM DEMENTIA AND ALZHEIMER'S DISEASE. THE A.L.J. ALSO DETERMINED THAT, QUOTE, RUSSELL'S SCHEME MAY HAVE INVOLVED AFFINITY FRAUD BECAUSE THE MISCONDUCT BEGAN A FEW YEARS AFTER HE WAS HIS GODFATHER AT HIS BACK TISM. H.R. 2201'S -- IT WOULD -- I WOULD URGE MY COLLEAGUES TO JOIN ME IN VOTING NO FOR THIS BILL. GIVEN ALL THAT THE S.E.C.'S ABLE TO DO, THEY CAN'T KEEP UP WITH THESE SCHEMES. AND NOW YOU GOING TO OPEN UP THE DOOR FOR THEM TO HAVE TO WRESTLE WITH TRYING TO HELP PEOPLE WHO ARE VICTIMS OF THESE KIND OF SCHEMES. I RESERVE THE BALANCE OF MY TIME.

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            • 09:59:31 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEWOMAN RESERVES THE BALANCE OF HER TIME. THE GENTLEMAN FROM TEXAS.

            • 09:59:34 AM

              MR. HENSARLING

              MR. SPEAKER, I AM PLEASED TO YIELD THREE MINUTES TO THE GENTLEMAN FROM…

              MR. SPEAKER, I AM PLEASED TO YIELD THREE MINUTES TO THE GENTLEMAN FROM COLORADO, MR. TIPTON.

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            • 09:59:39 AM

              THE SPEAKER PRO TEMPORE

              MR. TIPTON.

            • 09:59:40 AM

              TIPTON

              THE GENTLEMAN IS RECOGNIZED.

            • 09:59:41 AM

              MR. TIPTON

              TIME.

            • 10:01:49 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN FROM TEXAS RESERVES HIS TIME. THE GENTLELADY FROM CALIFORNIA.

            • 10:01:52 AM

              MS. WATERS

              MR. SPEAKER AND MEMBERS, THE NORTH AMERICAN SECURITIES ADMINISTRATORS…

              MR. SPEAKER AND MEMBERS, THE NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION SENT THIS LETTER OF CONCERN. H.R. 2201, THEY SAID, WOULD RESULT IN AN OVERLY BROAD FEDERAL EXEMMINGS THAT WOULD ALLOW PUBLIC SOLICITATION AND SALES TO ANY INVESTOR REGARDLESS OF SOPHISTICATION OR FINANCIAL WHEREWITHAL. SUBJECT ONLY TO THE REQUIREMENT THAT THERE BE A PREVIOUSLY EXISTING RELATIONSHIP, A STANDARD THAT IS NOT DIFFICULT TO ESTABLISH. IN PRACTICAL TERMS, THIS MEANS THAT MAIN STREET INVESTORS COULD BE SOLICITED AND SOLD UP TO $500,000 IN PRIVATE SECURITIES BY BAD ACTORS, INCLUDING PERSONS HAVING BEEN CONVICTED OF CRIMES OR SUBJECT TO ONE OR MORE PREVIOUS STATE ENFORCEMENT ACTIONS WITHOUT ANY DISCLOSURE TO THE INVESTOR AND WITHOUT ANY NOTICE TO STATE OR FEDERAL REGULATORS. THERE IS NO VALID BASIS FOR CONGRESS TO PREVENT STATE OFFICIALS CHARGED WITH PROTECTING THEIR CONSTITUENTS FROM MAKING DECISION ABOUTS PURELY LOCAL OR REGIONAL ISSUES THAT WOULD RELY ON THE EXEMPTION ESTABLISHED BY H.R. 2201. FURTHER, PREEMPTION OF STATE REVIEW OR EVEN NOTIFICATION FOR THE TYPE OF SMALL, LOCALIZED OFFICIAL CONTEMPLATED BY H.R. 2201 WOULD EFFECTIVELY HANDCUFF THE REGULATEORS BEST POSITIONED TO OVERSEE SUCH OFFICIAL. PUBLIC CITIZENS ON THIS BILL SAID, AND I QUOTE, WOULD PERMIT SMALL OFFICIAL WITH NO INVESTOR PROTECTIONS SUCH AS NOTICE OF THE OFFICIAL. IT WILL ENABLE A TYPE OF AFFINITY FRAUD WHERE THE SELLER CAN PUBLIC CITIZENS ON THIS BILL UNLOAD DUBIOUS SECURITIES PROVIDED THERE IS SOME RELATIONSHIP BETWEEN SELLER AND PURCHASER THIS. BILL ASSUMES THAT A PRE-EXISTING RELATIONSHIP WILL DETER ABUSE, WHICH IS A TENUOUS FOUNDATION AT BEST. FURTHER, THE RELATIONSHIP CAN BEGIN WITH THE OFFER. OH, THEY DON'T HAVE TO HAVE A PREVIOUS RELATIONSHIP, IT WOULD START WHEN THE OFFER TAKES PLACE. THE BILL SAYS THE RELATIONSHIP MUST ONLY EXIST BEFORE THE PURCHASE. I ASK UNANIMOUS CONSENT TO ENTER LETTERS FROM THESE GROUPS INTO THE RECORD.

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            • 10:04:30 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION.

            • 10:04:31 AM

              MS. WATERS

              MR. SPEAKER AND MEMBERS, I DON'T UNDERSTAND WHY MEMBERS OF CONGRESS WOULD…

              MR. SPEAKER AND MEMBERS, I DON'T UNDERSTAND WHY MEMBERS OF CONGRESS WOULD DISREGARD WHAT THE STATE REGULATORS ARE SAYING. A STATE REGULATORS ARE SAYING DON'T DO THIS. DON'T PREEMPT US. DON'T PASS LEGISLATION THAT WOULD UNDERMINE OUR ABILITY TO PROTECT YOUR CONSTITUENTS. AND YET THEY IGNORE THIS ALL TOGETHER. I KNOW THAT THEY RECEIVED THIS INFORMATION. I KNOW THAT THEY KNOW THAT THE ASSOCIATION HAS CAUTIONED AGAINST THIS LEGISLATION. AND LET ME JUST MAKE SURE THAT EVERYBODY KNOWS IT IS THE NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION, AND THEY REPRESENT ALL OF THE STATES IN CAUTIONING AGAINST THIS LEGISLATION. I WILL RESERVE THE BALANCE OF MY TIME.

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            • 10:05:35 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES HER TIME. THE GENTLEMAN FROM TEXAS.

            • 10:05:39 AM

              MR. HENSARLING

              MR. SPEAKER, I YIELD MYSELF 10 SECONDS JUST TO SAY I HEARD THE WORD…

              MR. SPEAKER, I YIELD MYSELF 10 SECONDS JUST TO SAY I HEARD THE WORD PROTECTION OFTEN USED BY MY FRIEND, THE RANKING MEMBER, BUT SHE AND HER FRIENDS ON THE OTHER SIDE OF THE AISLE HAD 10 YEARS TO PROTECT PAYCHECKS, TO PROTECT SAVINGS, AND TO PROTECT ECONOMIC OPPORTUNITY AND THE AMERICAN DREAM AND THEY FAILED MISERABLY. MR. SPEAKER, I'M NOW PLEASED TO YIELD TWO MINUTES TO MISDEMEANOR OF THE FINANCIAL SERVICES COMMITTEE, THE GENTLEMAN FROM OHIO, MR. DAVIDSON.

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            • 10:06:05 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 10:06:07 AM

              MR. DAVIDSON

              THANK YOU, MR. SPEAKER. THANK YOU, CHAIRMAN. I WANT TO THANK MR. EMMER FOR…

              THANK YOU, MR. SPEAKER. THANK YOU, CHAIRMAN. I WANT TO THANK MR. EMMER FOR HIS LEADERSHIP ON THIS BILL. AS A SMALL BUSINESS MAN PRIOR TO COMING TO CONGRESS, I RAISED CAPITAL FOR START-UPS, AND I CAN TELL YOU ONE OPTION IS NO OPTION. I CAN TELL YOU THAT THE REGULATORY FRAMEWORK, PARTICULARLY MADE WORSE BY DODD-FRANK IS CRIPPLING ACCESS TO CAPITAL FOR SMALL AND MEDIUM-SIZED BUSINESSES. THIS IS A VERY IMPORTANT THING. ONE OPTION IS NO OPTION. IT'S GREAT TO HAVE THIS FOR SMALL EARLY STAGE COMPANIES TRYING TO RAISE CAPITAL IN PRIVATE PLACEMENTS. RIGHT NOW MOST OF THIS IS DONE FOR ACCREDITED INVESTORS. THIS PROTECTS DEAL FLOW FOR PEOPLE ALREADY WEALTHY. IT ALLOWS PEOPLE -- IT LOCKS PEOPLE OUT OF ACCESS TO CAPITAL. SOMETIMES THE POOR IN DISADVANTAGED COMMUNITIES THEY DON'T HAVE THIS VAST NETWORK OF ACCREDITED INVESTORS TO GO THRUE, THEY DON'T KNOW HOW TO ACCESS THE S.E.C. OR TIME OR MONEY TO SPEND WORKING ON S.E.C. ON REGULATION. THEY HAVE A BUSINESS TO GROW. THEY NEED TO HAVE ACCESS TO THEIR FRIENDS AND FAMILY. THIS EARLY STAGE CAPITAL TO COME IN. $500,000 ISN'T MUCH, BUT IT'S A START. I HOPE WE CANNOT JUST SECURE THIS WIN BUT GROW THE PROTECTION SO WE CAN RAISE EVEN MORE CAPITAL IN THIS WAY. MR. SPEAKER, I URGE OUR COLLEAGUES TO SUPPORT THIS BILL AND I YIELD.

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            • 10:07:35 AM

              THE SPEAKER PRO TEMPORE

              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 HIS TIME.

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            • 10:07:39 AM

              MS. WATERS

              I RESERVE THE BALANCE OF MY TIME.

            • 10:07:45 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES HER TIME OF THE GENTLEMAN FROM TEXAS.

            • 10:07:53 AM

              MR. HENSARLING

              NOW I'M PLEASED TO YIELD TWO MINUTES TO ANOTHER MEMBER OF THE FINANCIAL…

              NOW I'M PLEASED TO YIELD TWO MINUTES TO ANOTHER MEMBER OF THE FINANCIAL SERVICES COMMITTEE, GENTLELADY RESERVES HER TIME OF THE GENTLEMAN FROM TEXAS. MR. THE GENTLEMAN FROM INDIANA, HOLLINGSWORTH.

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            • 10:08:02 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 10:08:03 AM

              MR. HOLLINGSWORTH

              I THANK THE CHAIRMAN FOR YIELDING. I, TOO, STAND IN STRONG SUPPORT OF THIS…

              I THANK THE CHAIRMAN FOR YIELDING. I, TOO, STAND IN STRONG SUPPORT OF THIS LEGISLATION. A RECENT POLL PUT OUT HOLLINGSWORTH.

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            • 10:08:08 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 10:08:10 AM

              MR. HOLLINGSWORTH

            • 10:09:31 AM

              THE SPEAKER PRO TEMPORE

              YIELD BACK. THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE…

              YIELD BACK. THE SPEAKER PRO TEMPORE: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE GENTLEMAN FROM TEXAS RESERVES. THE GENTLELADY FROM CALIFORNIA. RESERVES HER TIME. THE GENTLEMAN FROM TEXAS.

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            • 10:09:41 AM

              MR. HENSARLING

              TO YIELD TWO MINUTES TO THE GENTLEMAN FROM SOUTH CAROLINA, MR. NORMAN, NOT…

              TO YIELD TWO MINUTES TO THE GENTLEMAN FROM SOUTH CAROLINA, MR. NORMAN, NOT A MEFMENT FINANCIAL SERVICES COMMITTEE, BUT WE WOULD BE PROUD IF HE WAS.

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            • 10:09:58 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 10:10:00 AM

              MR. NORMAN

              THANK YOU, MR. SPEAKER. AS I LISTEN TO MY LIBERAL COLLEAGUES, THE ANSWER…

              THANK YOU, MR. SPEAKER. AS I LISTEN TO MY LIBERAL COLLEAGUES, THE ANSWER TO EVERY BUSINESS IS MORE GOVERNMENT, MORE REGULATIONS. THE AMERICAN PEOPLE ARE REJECTING THAT. AS A SMALL BUSINESS OWNER CAN I TELL YOU THE STIFLING EFFECTS OF OVERREGULATION. THAT'S WHAT THIS BILL TAKES AWAY. AND THAT'S WHAT THIS BILL ACCOMPLISHES. SO I STRONGLY SUPPORT H.R. 2201, THE MICRO OFFERING SAFE HARBOR ACT. THIS BILL IS A CRITICAL STEP TO REDUCE UNNECESSARY BURDENS ON ECONOMIC GROWTH AND ENSURE THAT SMALL BUSINESS HAVE ACCESS TO THE CAPITAL THEY NEED. I APPLAUD REPRESENTATIVE EMMER FOR CHAMPIONING THIS LEGISLATION. AS A MEMBER OF THE HOUSE SMALL BUSINESS COMMITTEE AND A BUSINESSMAN MYSELF, I UNDERSTAND THE NEED OF THE NUMBER OF CHALLENGES FACED BY SMALL BUSINESSES, ESPECIALLY IF THAT BUSINESS WANTS TO GROW THROUGH TAPPING INTO THE CAPITAL MARKETS. DUE TO ONEROUS S.E.C. REGULATIONS, THE COST OF REGISTRATION IS EXPENSIVE AND OUT OF REACH FOR SO MANY OF THE BUSINESSES WANTING TO EXPAND. WE ALL KNOW THAT THE S.E.C. PROVIDES AN IMPORTANT FUNCTION WHICH IS TO PREVENT SECURITIES FRAUD AND PROTECT THE INTEGRITY OF THE MARKET. HOWEVER, WE MUST S.E.C. PROVIDES AN IMPORTANT FUNCTION WHICH BE WARY OF A REGULATORY REGIME THAT FAILS TO PROVIDE SUFFICIENT FLEXIBILITY FOR BUSINESSES TO RAISE CAPITAL. WHILE NOT PROVIDING ANY ADDITIONAL PROTECTION FOR INVESTORS. THE CENTRAL PURPOSE OF H.R. 2201 IS TO STRIKE THIS PROPER BALANCE BETWEEN PROTECTION AND INVESTMENT. THE BILL ACHIEVES THIS OBJECTIVE THROUGH EMPOWERING BUSINESSES TO SELL A LIMITED NUMBER OF SECURITIES TO A LIMITED NUMBER OF INVESTORS WITHOUT NEEDING TO COMPLY WITH A NUMBER OF S.E.C. REGISTRATION REQUIREMENTS. ALSO, IT IS IMPORTANT TO NOTE THAT THIS NARROWLY TAILORED EXEMPTION ONLY APPLIES TO INVESTORS THAT HAVE SUBSTANTIVE PRE-EXISTING RELATIONSHIPS WITH BUSINESSES. FINALLY, NOTHING IN THIS BILL UNDERMINES EXISTING INVESTOR PROTECTIONS. FRAUD IS FINALLY, NOTHING STILL ILLEGAL ANTI-S.E.C. AND DEPARTMENT OF JUSTICE HAS THE -- AND THE S.E.C. AND DEPARTMENT OF JUSTICE HAS THE AUTHORITY TO PROSECUTE BAD ACTORS. I URGE MY COLLEAGUES TO SUPPORT THIS IMPORTANT LEGISLATION AND IMPLEMENT A COMMONSENSE LUTION AND STIMULATE SMALL BUSINESS GROWTH. I YIELD BACK.

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            • 10:12:18 AM

              THE SPEAKER PRO TEMPORE

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

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

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            • 10:12:26 AM

              MS. WATERS

              I RESERVE THE BALANCE OF MY TIME.

            • 10:12:28 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES HER TIME OF THE THE GENTLEMAN FROM TEXAS.

            • 10:12:31 AM

              MR. HENSARLING

              I NOW YIELD ONE MINUTE TO THE GENTLEMAN FROM WISCONSIN, MR. DUFFY, THE…

              I NOW YIELD ONE MINUTE TO THE GENTLEMAN FROM WISCONSIN, MR. DUFFY, THE CHAIRMAN OF THE HOUSING AND INSURANCE SUBCOMMITTEE.

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            • 10:12:35 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 10:12:37 AM

              MR. DUFFY

              THANK YOU, MR. SPEAKER. I APPRECIATE THE CHAIRMAN FOR YIELDING. I WANT TO…

              THANK YOU, MR. SPEAKER. I APPRECIATE THE CHAIRMAN FOR YIELDING. I WANT TO THANK MR. EMMER, MY COLLEAGUE AND FRIEND FROM THE NEIGHBORING STATE OF MINNESOTA, FOR OFFERING SUCH A COMMONSENSE PIECE OF LEGISLATION. I'M HEARING FREQUENTLY OF HORROR STORIES OF FRAUD AND ABUSE. ALL OF US STAND AGAINST FRAUD AND ABUSE. I HAVE A NEWS FLASH FOR EVERYBODY. THIS LAW DOESN'T CHANGE THAT FRAUD IS ILLEGAL. IT IS ILLEGAL BEFORE THIS BILL. ILLEGAL BEFORE THIS BILL. IT WILL BE ILLEGAL AFTER THIS BILL. FRAUD IS ILLEGAL. BUT ALL WE'RE DOING IS SAYING, WE'RE GOING TO KEEP THE PROMISE THAT ALL OF US SAY WE HAVE TO SMALL ENTREPRENEURS AND START UPS, TO MAKE SURE THEY GET SPEED CAPITAL. MAKE SURE THEY CAN THRIVE AND GROW AND CREATE JOBS IN OUR COMMUNITY. ALL WE'RE TRYING TO DO IS GIVE CLARITY ON WHAT CONSTITUTES A NONPUBLIC OFFERING. WHAT'S WRONG WITH CLARITY? WHAT'S WRONG WITH BRIGHT LINES THEY KNOW THEY CAN OPERATE IN BETWEEN WITHOUT VIOLATING THE RULE? THIS IS SIMPLE, IT'S STRAIGHTFORWARD, IT'S COMMON SENSE, IT SUPPORTS EVERYTHING THAT WE SAY WE SUPPORT TO SMALL BUSINESSES. I THINK THIS IS A GREAT PIECE OF LEGISLATION.

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            • 10:13:49 AM

              MR. HENSARLING

              I YIELD ARNE ADDITIONAL 30 SECONDS. MR. -- I YIELD AN ADDITIONAL 30…

              I YIELD ARNE ADDITIONAL 30 SECONDS. MR. -- I YIELD AN ADDITIONAL 30 SECONDS.

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            • 10:13:55 AM

              MR. DUFFY

              I ASK ALL MY COLLEAGUES TO STAND TOGETHER. LET'S NOT PLAY PARTISANSHIP…

              I ASK ALL MY COLLEAGUES TO STAND TOGETHER. LET'S NOT PLAY PARTISANSHIP WITH THE SMALLEST BUSINESSES IN OUR COMMUNITIES, THE ONES WE BOTH AGREE CREATES JOBS. THIS IS A TIME FOR UNITY. LET'S WORK TOGETHER. ESPECIALLY WHEN IT'S SO COMMON SENSE. I LOVE THE PASSION FROM THE RANKING MEMBER. BUT ON THIS ONE IT'S PASSION WITHOUT A CAUSE. BECAUSE IT MAKES SENSE. GIVE THEM BRIGHT LINES. STAND UP FOR SMALL BUSINESSES THAT CREATE JOBS IN OUR COMMUNITY. MR. EMMER'S BILL DOES THIS. I ASK US ALL TO STAND UP AND SUPPORT SMALL BUSINESSES AND THIS BILL.

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            • 10:14:32 AM

              THE SPEAKER PRO TEMPORE

              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 LINES. STAND UP FOR SMALL BUSINESSES THAT CREATE JOBS IN OUR FROM CALIFORNIA.

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            • 10:14:48 AM

              MS. WATERS

              MR. SPEAKER, MEMBERS, FOR MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE…

              MR. SPEAKER, MEMBERS, FOR MY COLLEAGUES ON THE OPPOSITE SIDE OF THE AISLE WE HAVE BEKNOWNING THE FACT THAT SMALL BUSINESSES DON'T HAVE ACCESS TO CAPITAL. THEY HAVE THESE RELATIONSHIPS WITH ALL THESE BIG BANKS, WHY DON'T THEY GET TO THE BIG BANKS AND TELL THEM THAT THEY OUGHT TO BE MAKING LOANS TO SMALL BUSINESSES? I DON'T HEAR THEM. -- HEAR THEM AS PART OF THEIR FROM RHETORIC TALKING ABOUT HOW MANY OF THE BIG BANKS ARE NOT BEING RESPONSIBLE. AND SO MY COLLEAGUE ON THE OFF SIT SIDE OF THE AISLE AND MY FRIEND TALK ABOUT WHAT'S COMMON SENSE? I'LL TELL YOU. COMMON SENSE IS NOT TO PLACE VULNERABLE PEOPLE IN A POSITION WHERE THEY ARE GOING TO GET RIPPED OFF. SO, MR. CHAIRMAN, H.R. 2201 IS A HARMFUL BILL THAT WOULD SIMPLY SERVE AS AN INVITATION FOR INVESTMENT SCAMS. THE BILL FAILS TO TAKE INTO ACCOUNT THE NUMEROUS OTHER EXEMPTIONS WE HAVE FOR SMALL DOLLAR OFFICIAL, INCLUDING UNDER REGULATION D, A, AND CROWD FUNDING RULES. THESE EXEMPTIONS ALREADY PERMIT SMALL BUSINESSES TO RAISE CAPITAL WHILE ALSO PROTECTING AGAINST FRAUD. IN LIGHT OF THESE EXEMPTIONS, THERE SEEMS TO BE NO REASONABLE EXPLANATION FOR THE AMOUNT OF LEGISLATIVE EFFORT THAT HAS BEEN WASTED ON THIS BILL. INSTEAD OF H.R. 2201, WHICH IS UNWARRANTED AND MAY ACTUALLY HARM INVESTORS AND THE INTEGRITY OF OUR MARKETS, THE HOUSE SHOULD BE FOCUSED ON PASSING LEGISLATION THAT COULD ACTUALLY IMPROVE THE LIVES OF THE AMERICANS WHOM WE SERVE. I URGE MY COLLEAGUES TO VOTE NO ON H.R. 2201. DON'T BE A PART OF AN ACTING -- ENACTING ONE MORE SCHEME THAT'S GOING TO RIP OFF OUR CONSTITUENTS AND THEN A FEW YEARS LATER COME BACK HERE AND TALK ABOUT WHAT A TERRIBLE THING IT IS THAT PEOPLE ARE BEING RIPPED OFF BY THESE INVESTORS. SOME OF THEM WHO ARE CRIMINALS, BUT NOBODY KNOWS IT. THE DISCLOSURE DOES NOT HAVE TO TAKE PLACE. THEY DON'T KNOW THAT THEY HAVE PEOPLE WHO HAVE ALREADY BEEN INVOLVED IN CRIMES WHO ARE COMING TO THEM TALKING ABOUT LET ME HELP YOU EARN SOME PROFITS ON THIS INVESTMENT. . WE KNOW BETTER. COMMON SENSE TELLS US BETTER. IF IN FACT WE ARE COMMITTED TO THE PROPOSITION THAT WE HAVE A RESPONSIBILITY TO PROTECT OUR CONSTITUENTS FROM RIPOFFS, FROM FRAUD, FROM BEING TAKEN ADVANTAGE OF, WE WILL NOT SUPPORT THIS BILL, AND I WOULD HOPE THAT MY FRIENDS ON THE OPPOSITE SIDE OF THE AISLE, DESPITE HOW FAR THEY HAVE GONE IN TRYING TO REPRESENT THAT THIS BILL IS SOMETHING THAT IT'S NOT, WOULD AT LEAST CHANGE THEIR MINDS TODAY AND SUPPORT THEIR CONSTITUENTS AND VOTE NO ON THIS BILL.

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            • 10:17:17 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES HER TIME. THE GENTLEMAN FROM TEXAS.

            • 10:17:20 AM

              MR. HENSARLING

              MR. SPEAKER, MAY I INQUIRE HOW MUCH TIME I HAVE REMAINING?

            • 10:17:26 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN HAS 4 1/4 MINUTES.

            • 10:17:30 AM

              MR. HENSARLING

              I BELIEVE I HAVE THE RIGHT TO CLOSE SO I RESERVE, MR. SPEAKER.

            • 10:17:35 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN RESERVES.

            • 10:17:38 AM

              MS. WATERS

              TIME, IS THAT RIGHT? I YIELD BACK.

            • 10:17:42 AM

              THE SPEAKER PRO TEMPORE

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

            • 10:17:47 AM

              MR. HENSARLING

              THANK YOU, MR. SPEAKER. AS ALWAYS, I LISTEN VERY CAREFULLY TO MY FRIEND,…

              THANK YOU, MR. SPEAKER. AS ALWAYS, I LISTEN VERY CAREFULLY TO MY FRIEND, THE RANKING MEMBER. I KNOW THAT SHE STARTED OFF HER CLOSING REMARKS BY SAYING, WE DON'T NEED THIS BILL, H.R. 2201, BECAUSE THE BIG BANKS CAN LOAN TO THE SMALL BUSINESSES. WELL, THAT'S FASCINATING TO ME, MR. SPEAKER, BECAUSE OF THE DODD-FRANK ACT, WHICH SHE SO JEALOUSLY SUPPORTS, ALL OF A SUDDEN THE RISK-BASED CAPITAL STANDARDS SAY THAT THE BANKS HAVE TO RESERVE MORE FOR SMALL BUSINESS LOANS THAN THEY DO FOR SOVEREIGN DEBT AND MUNICIPAL DEBT. SO ALL OF A SUDDEN IT'S BECAUSE OF DODD-FRANK. IN ADDITION WE KNOW THAT THE RANKING MEMBER SUPPORTS THE FEDERAL RESERVE POLICY OF PAYING INTEREST ON EXCESS RESERVES WHERE THE FEDERAL RESERVE TAKES TAXPAYER MONEY TO PAY THE BIG BANKS, NOT TO LOAN MONEY. AND SO IF THE RANKING MEMBER WAS CURIOUS WHY THE BIG BANKS AREN'T LOANING TO THE SMALL BUSINESSES, WHICH THEY AREN'T, AND PRIOR TO THE TRUMP ADMINISTRATION WE KNOW THAT SMALL BUSINESS LENDING BY BANKS WAS AT A 25-YEAR LOW, IT'S THE VERY REASON, THE VERY REASON, MR. SPEAKER, THAT WE NEED THE BILL, THE LEGISLATION OF THE GENTLEMAN FROM MINNESOTA, MR. EMMER, SO THAT WE CAN UNLOCK THIS. AGAIN, THERE IS NO SURPRISE WHY AFTER EIGHT YEARS OF OBAMANOMICS AND THE THINKING FROM MY FRIENDS ON THE OTHER SIDE OF THE AISLE THAT SMALL BUSINESS HAVE LANGUISHED, WHY THE ECONOMY HAS DROPPED DOWN TO A 1.5% TO 2% G.D.P. GROWTH. IN FACT, I THINK PRESIDENT OBAMA IS ONE OF THE FEW PRESIDENTS IN AMERICAN HISTORY NEVER TO ENJOY A YEAR OF 3% ECONOMIC GROWTH. NOW, HE MAY PERSONALLY HAVE ENJOYED IT, BUT THE AMERICAN PEOPLE DIDN'T, MR. SPEAKER, BUT THE GOOD NEWS IS THAT THERE IS A CHANGE IN ADMINISTRATION AND A CHANGE OF ATTITUDE, AND THAT'S WHY IT IS SO IMPORTANT THAT WE BE ABLE TO GET CAPITAL TO OUR ENTREPRENEURS, TO OUR SMALL BUSINESSES. LET THEM THRIVE AGAIN ON MAIN STREET. WE HEAR SO OFTEN THE RANKING MEMBER DECRY WALL STREET. WE ARE TALKING ABOUT OFFERINGS OF HALF A MILLION DOLLARS. NO ONE IN WALL STREET WOULD TOUCH THAT WITH A 10-FOOT POLE. THIS IS ABOUT MAIN STREET, NOT WALL STREET, MR. SPEAKER, AND IT'S INTERESTING AS I LISTEN TO MY FRIEND, THE RANKING MEMBER, DECRY THE FACT THAT SOMEONE MIGHT BE ABLE TO RAISE CAPITAL UNDER THIS PARTICULAR SET OF CIRCUMSTANCES. WELL, I HAVE A NEWS FLASH FOR ALL MY COLLEAGUES. ALREADY THE S.E.C. CAN GRANT A PRIVATE OFFERING FOR EXACTLY THE SET OF CIRCUMSTANCES THAT MY FRIEND, THE GENTLEMAN FROM MINNESOTA, PUTS INTO HIS BILL. ALL THE GENTLEMAN IS DOING IS CREATING A BRIGHT LINE, SAFE HARBOR SO THE NEXT NIKE OR THE NEXT AMAZON ISN'T STOPPED FROM LAUNCHING THEIR ENTERPRISE BY HAVING TO SPEND $1 MILLION ON LAWYERS AND ACCOUNTANTS TRYING TO NAVIGATE THIS UNCERTAIN, MURKY LABYRINTH OF S.E.C. WATERS TRYING TO DETERMINE WHAT'S A PRIVATE OFFERING AND WHAT'S A PUBLIC OFFERING. THAT'S ALL HE'S DOING. AND, AGAIN, THIS IS ALREADY LEGAL. IT SIMPLY IS DISCRETIONARY TO DECIDE WHAT IS A PRIVATE OFFERING AND WHAT IS A PUBLIC OFFERING BY THE SECURITIES AND EXCHANGE COMMISSION. WE NOW, MR. SPEAKER, HAVE HAD TWO, TWO QUARTERS OF 3 PERCENT-PLUS OF ECONOMIC GROWTH. WE ARE SEEING WORKING AMERICANS, WE ARE SEEING THEIR PAYCHECKS INCREASE YET AGAIN. WE ARE SEEING HOPE AND RESILIENCE IN THE AMERICAN DREAM YET AGAIN, BUT WE HAVE SO MUCH MORE WORK TO DO, AND THAT'S WHY H.R. 2201 IS SO CRITICAL. IT TAKES SMALL BUSINESSES TODAY TO BE THE BIG BUSINESSES OF TOMORROW. THEY ARE THE CREATORS. THEY ARE THE JOB ENGINE OF AMERICA. THEY ARE THE DRIVERS OF INCREASED PAYCHECKS AND GREATER ECONOMIC OPPORTUNITY AND A BIGGER, BOLD AMERICAN DREAM. I THANK THE GENTLEMAN FROM MINNESOTA FOR THIS GREAT LEGISLATION. I ENCOURAGE ALL OF MY COLLEAGUES TO ADOPT IT. I YIELD BACK THE BALANCE OF MY TIME.

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            • 10:22:17 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK. ALL TIME FOR DEBATE ON THE BILL HAS EXPIRED.…

              THE GENTLEMAN YIELDS BACK. ALL TIME FOR DEBATE ON THE BILL HAS EXPIRED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MINNESOTA SEEK RECOGNITION?

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            • 10:22:25 AM

              MR. EMMER

              I HAVE AN AMENDMENT AT THE DESK.

            • 10:22:28 AM

              THE SPEAKER PRO TEMPORE

              THE CLERK WILL DESIGNATE THE AMENDMENT.

            • 10:22:30 AM

              THE CLERK

              AMENDMENT NUMBER 1 PRINTED IN HOUSE REPORT 115-401 OFFERED BY MR. EMMER OF…

              AMENDMENT NUMBER 1 PRINTED IN HOUSE REPORT 115-401 OFFERED BY MR. EMMER OF MINNESOTA.

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            • 10:22:37 AM

              TEMPORE PURSUANT

              PURSUANT TO HOUSE RESOLUTION 609, THE GENTLEMAN FROM MINNESOTA, MR. EMMER,…

              PURSUANT TO HOUSE RESOLUTION 609, THE GENTLEMAN FROM MINNESOTA, MR. EMMER, AND A MEMBER OPPOSED, EACH WILL CONTROL FIVE MINUTES. THE CHAIR RECOGNIZES THE GENTLEMAN FROM MINNESOTA.

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            • 10:22:50 AM

              MR. EMMER

              MR. CHAIRMAN, I RECOGNIZE MYSELF FOR AS MUCH TIME AS I MAY CONSUME.

            • 10:22:56 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN IS RECOGNIZED.

            • 10:22:58 AM

              MR. EMMER

              THANK YOU, MR. CHAIRMAN. THE AMENDMENT I'M OFFERING TODAY WILL ENHANCE…

              THANK YOU, MR. CHAIRMAN. THE AMENDMENT I'M OFFERING TODAY WILL ENHANCE ANTI-FRAUD AND CONSUMER PROTECTIONS FOR SMALL BUSINESSES AND STARTUPS SEEKING TO TAKE ADVANTAGE OF THE MICRO OFFERING EXEMPTION OUTLINED IN THE UNDERLYING BILL. WHILE THE LEGISLATION ITSELF REQUIRES THREE SPECIFIC CRITERIA TO BE MET SIMULTANEOUSLY IN ORDER TO TRIGGER A SAFE HARBOR EXEMPTION FOR A SECURITY OFFERING, MY AMENDMENT ADDS AN ADDITIONAL LAYER OF PROTECTION TO FURTHER SAFEGUARD INVESTORS FROM BAD ACTORS. SPECIFICALLY, MY AMENDMENT PROHIBITS THE EXEMPTION FROM BEING AVAILABLE FOR THOSE WHO HAVE BEEN DISQUALIFIED UNDER THE BAD ACTOR DISQUALIFICATION STANDARD ESTABLISHED BY THE S.E.C. THIS LANGUAGE WAS INCLUDED WITH THE SUPPORT OF MY COLLEAGUES FROM BOTH SIDES OF THE AISLE DURING CONSIDERATION IN COMMITTEE IN THE 114TH CONGRESS, AND I AM HOPEFUL THEY WILL SUPPORT ITS INCLUSION AGAIN IN THE 115TH. I WANT TO REITERATE THAT NOTHING IN THE BASE TEXT OF THIS BILL ERODES OR LIMITS THE ABILITY OF FEDERAL OR STATE REGULATORS TO PROSECUTE FRAUD, NOR WOULD IT PREVENT PRIVATE COMMON LAW CAUSES OF ACTION FOR FRAUD OR BREACH OF CONTRACT BETWEEN THE INTERESTED PARTIES. THIS AMENDMENT BUILDS UPON THESE EXISTING PROTECTIONS AND DRIVES HOME THE POINT THAT THE MICRO OFFERING SAFE HARBOR ACT IS PURELY FOCUSED ON HELPING OUR SMALL BUSINESSES AND ENTREPRENEURS ACCESS THE TOOLS THEY NEED TO GROW AND CREATE JOBS IN AN ORDERLY AND LEGAL MANNER. THANK YOU AND I RESERVE THE BALANCE OF MY TIME.

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            • 10:24:27 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE…

              THE GENTLEMAN RESERVES THE BALANCE OF HIS TIME. FOR WHAT PURPOSE DOES THE GENTLELADY FROM CALIFORNIA RISE?

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            • 10:24:32 AM

              MS. WATERS

              MR. SPEAKER, I CLAIM TIME IN OPPOSITION TO THE AMENDMENT EVEN THOUGH I AM…

              MR. SPEAKER, I CLAIM TIME IN OPPOSITION TO THE AMENDMENT EVEN THOUGH I AM NOT OPPOSED.

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            • 10:24:41 AM

              TEMPORE WITHOUT

              WITHOUT OBJECTION, THE GENTLEWOMAN IS RECOGNIZED.

            • 10:24:43 AM

              MS. WATERS

              THANK YOU, MR. SPEAKER. UNDER THE CURRENT LANGUAGE OF H.R. 2201, INVESTORS…

              THANK YOU, MR. SPEAKER. UNDER THE CURRENT LANGUAGE OF H.R. 2201, INVESTORS COULD BE SOLD PRIVATE SECURITIES BY PERSONS WHO HAVE COMMITTED FRAUD OR VIOLATED SECURITY LAWS. REPRESENTATIVE EMMER'S AMENDMENT PURPORTS TO ADD A LAYER OF INVESTOR PROTECTIONS BY ADDING A PROVISION TO SO-CALLED DISQUALIFIED CERTAIN BAD ACTORS FROM UTILIZING THE EXEMPTION. WHILE I APPLAUD MR. EMMER'S ATTEMPT TO ADD THIS MOST BASIC GUARDRAIL TO A BILL THAT OTHERWISE CREATES AN UNMITIGATED SAFEGUARD, I WONDER WHY THIS PROVISION WAS DROPPED FROM A SIMILAR BILL THAT MR. EMMER INTRODUCED LAST CONGRESS. UNFORTUNATELY, THIS AMENDMENT IS WOEFULLY INADEQUATE TO ADDRESS THE OTHERWISE DANGEROUS NEW EXEMPTION CREATED BY H.R. 2201 BECAUSE THE UNDERLYING BILL REQUIRES NO DISCLOSURE TO INVESTORS AND IMPOSES NO OBLIGATION TO NOTIFY REGULATORS OF THE OFFERING EVEN IF AMENDED H.R. 2201 WOULD LEAVE CONVICTED FRAUDSTERS AND LAW BREAKERS TO POLICE THEMSELVES. MOREOVER, THE BILL TIES THE HANDS OF STATE SECURITIES REGULATORS WHO ARE THE PRIMARY WATCHDOGS OVER SMALL, LOCAL SECURITIES OFFERINGS. IF ENACTED, H.R. 2201 WOULD LEAVE A GAPING HOLE IN OVERSIGHT OF THE VERY OFFERINGS IT PERMITS. H.R. 2201 IS A MISGUIDED ATTEMPT TO SUPPORT SMALL BUSINESSES THAT IS NOT MEANINGFULLY IMPROVED BY THE MEAGER PROTECTIONS OF THIS AMENDMENT. FOR THESE REASONS, I CONTINUE TO OPPOSE THIS BILL, AND I URGE ALL OF MY COLLEAGUES TO VOTE NO ON H.R. 2201. I RESERVE THE BALANCE OF MY TIME.

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            • 10:26:38 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY RESERVES HER TIME. THE GENTLEMAN FROM MINNESOTA.

            • 10:26:44 AM

              MR. EMMER

              I'LL CLOSE AT THIS POINT, MR. SPEAKER. I WANT TO THANK THE RANKING MEMBER…

              I'LL CLOSE AT THIS POINT, MR. SPEAKER. I WANT TO THANK THE RANKING MEMBER FOR HER ENCOURAGEMENT AND HER COMPLIMENTS, AND I WANT TO JUST POINT OUT THAT THE MICRO SAFE HARBOR -- MICRO OFFERING SAFE HARBOR BILL WAS IMPROVED AS A DIRECT RESULT OF THE RANKING MEMBER'S SUGGESTIONS. SO, AGAIN, I WANT TO THANK HER FOR HER COMPLIMENTS HERE TODAY, HER ENCOURAGEMENT IN HELPING US MAKE THIS AN EVEN BETTER BILL FOR ENTREPRENEURS AND SMALL BUSINESSES ACROSS THE COUNTRY. AT THIS POINT, I'D ENCOURAGE SUPPORT FOR THE AMENDMENT AND YIELD BACK.

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            • 10:27:23 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK HIS TIME. THE GENTLELADY FROM CALIFORNIA.

            • 10:27:26 AM

              MS. WATERS

              TO WARN THE MEMBERS OF THIS HOUSE NOT TO TAKE THE COMPLIMENTS SERIOUSLY…

              TO WARN THE MEMBERS OF THIS HOUSE NOT TO TAKE THE COMPLIMENTS SERIOUSLY THAT IS BEING GIVEN BY THE GENTLEMAN WHO WOULD HAVE YOU BELIEVE THAT SOMEHOW I HAVE TOTALLY EMBRACED THIS AMENDMENT BECAUSE I THINK IT IS GOING TO CHANGE THE FACT THAT THERE IS NO DISCLOSURE TO THOSE WHO WOULD BE INVESTING AND NO NOTICE TO THE S.E.C. SO DON'T TAKE HIM SERIOUSLY WHEN HE TALKS ABOUT THANKING HIM FOR ENCOURAGING OREM BRACING. I AM GOING TO TOLERATE THIS AMENDMENT. IT'S LATE. IT DOESN'T DO WHAT HE SAYS IT'S GOING TO DO. THE BILL IS STILL A BAD BILL. IT'S A BILL THAT'S GOING TO HARM BILL. IT'S A BILL THAT TARGETS THE MOST VULNERABLE PEOPLE IN OUR SOCIETY. IT'S A BILL WHERE FRAUDSTERS ARE GOING TO GO INTO THE CHURCHES AND CONVINCE MINISTERS AND PARISHIONERS THAT THEY'RE OUT TO HELP THEM. AND SO MEMBERS OF CONGRESS, DO THE RIGHT THING. TODAY STAND UP AGAINST ANOTHER ATTEMPT BY MISGUIDED FOLKS WHO WOULD HAVE YOU BELIEVE THAT THEY'RE HELPING PEOPLE WHEN IN FACT THEY'RE OPENING UP OPPORTUNITIES FOR THEM TO BE RIPPED OFF ONE MORE TIME, RIPPED OFF IN WAYS THAT COULD HAVE BEEN AVOIDED. AND SO MR. SPEAKER, MEMBERS, I OPPOSE THIS BILL. I ASK EVERYBODY TO VOTE AGAINST THIS BILL, AND I WILL RESERVE MY TIME IF I HAVE ANY LEFT. I YIELD BACK THE BALANCE OF MY TIME.

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            • 10:29:01 AM

              THE SPEAKER PRO TEMPORE

              THE GENTLELADY YIELDS BACK HER TIME. PURSUANT TO THE RULE, THE PREVIOUS…

              THE GENTLELADY YIELDS BACK HER TIME. PURSUANT TO THE RULE, THE PREVIOUS QUESTION IS ORDERED ON THE BILL AND ON THE AMENDMENT OFFERED BY THE GENTLEMAN FROM MINNESOTA, MR. EMMER. THE QUESTION IS ON THE AMENDMENT BY THE GENTLEMAN FROM MINNESOTA, MR. EMMER. 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 OF THE BILL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT. THIRD READING.

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            • 10:29:35 AM

              THE CLERK

              A BILL TO AMEND THE SECURITIES ACT OF 1933 TO EXEMPT CERTAIN MICRO…

              A BILL TO AMEND THE SECURITIES ACT OF 1933 TO EXEMPT CERTAIN MICRO OFFERINGS FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND FOR OTHER PURPOSES.

              Show Full Text
            • 10:29:45 AM

              THE SPEAKER PRO TEMPORE

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

              THE QUESTION IS ON PASSAGE OF THE BILL. THOSE IN FAVOR SAY AYE. THOSE OPPOSED, NO. THE AYES HAVE IT. THE GENTLELADY FROM CALIFORNIA.

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            • 10:29:56 AM

              MS. WATERS

              I RISE TO ASK FOR THE YEAS AND NAYS.

            • 10:29:58 AM

              THE SPEAKER PRO TEMPORE

              AND NAYS.

            • 10:30:53 AM

              >>

            • 10:30:56 AM

              HOST

            • 10:31:03 AM

              GUEST

            • 10:31:06 AM

              HOST

            • 10:31:15 AM

              GUEST

            • 10:32:01 AM

              HOST

            • 10:32:15 AM

              GUEST

            • 10:33:08 AM

              THERE NEEDS TO BE SOUL SEARCHINGHOS

            • 10:33:16 AM

              GUEST

            • 10:34:00 AM

              HOST

            • 10:34:05 AM

              GUEST

            • 10:35:41 AM

              HOST

            • 10:44:46 AM

              >>

              YOU BACK TO THE HOUSE FLOOR FOR VOTES. ATTEMPT CERTAIN MICRO-- EXEMPTION…

              YOU BACK TO THE HOUSE FLOOR FOR VOTES. ATTEMPT CERTAIN MICRO-- EXEMPTION CERTAIN MICRO OFFERINGS OF REGISTRATION REQUIREMENTS AND FOR OTHER PURPOSES.

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            • 10:45:00 AM

              THE SPEAKER PRO TEMPORE

              THE QUESTION IS ON PASS AFPBLGT BILL. MEMBERS WILL RECORD THEIR VOTES BY…

              THE QUESTION IS ON PASS AFPBLGT BILL. MEMBERS WILL RECORD THEIR VOTES BY ELECTRONIC DEVICE. THIS IS 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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            • 11:23:04 AM

              THE SPEAKER PRO TEMPORE

              VOTE THE YEAS ARE 232, THE NAYS ARE 188. THE BILL IS PASSED. WITHOUT…

              VOTE THE YEAS ARE 232, THE NAYS ARE 188. THE BILL IS PASSED. WITHOUT OBJECTION, THE MOTION TO RECONSIDER IS LAID ON THE TABLE. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION?

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            • 11:23:24 AM

              >>

              MR. SPEAKER, PURSUANT TO CLAUSE 7 OF RULE 2, I PRESENT A PRIVILEGE RED…

              MR. SPEAKER, PURSUANT TO CLAUSE 7 OF RULE 2, I PRESENT A PRIVILEGE RED PORT.

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            • 11:23:30 AM

              THE SPEAKER PRO TEMPORE

              WILL REPORT A TITE -- THE TITLE.

            • 11:23:35 AM

              THE CLERK

              CONFERENCE REPORT TO TO ACCOMPANY H.R. 2810, AUTHORIZE MILITARY ACTIVITIES…

              CONFERENCE REPORT TO TO ACCOMPANY H.R. 2810, AUTHORIZE MILITARY ACTIVITIES FOR THE DEPARTMENT OF DEFENSE, AND DEFENSE ACTIVE TOIFS THE DEPARTMENT OF ENERGY TO DESCRIBE MILITARY PERSONNEL STRENGTHS FOR SUCH FISCAL YEAR AND FOR OTHER PURPOSES.

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            • 11:23:51 AM

              THE SPEAKER PRO TEMPORE

              ORDERED TO BE PRINTED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND…

              ORDERED TO BE PRINTED. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MARYLAND SEEK RECOGNITION?

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            • 11:24:00 AM

              MR. HOYER

              I ASK UNANIMOUS CONSENT TO SPEAK OUT OF ORDER FOR ONE MINUTE FOR THE…

              I ASK UNANIMOUS CONSENT TO SPEAK OUT OF ORDER FOR ONE MINUTE FOR THE PURPOSE OF INQUIRING OF THE MAJORITY LEADER THE SCHEDULE FOR THE WEEK TO COME.

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            • 11:24:08 AM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION THE GENTLEMAN IS ELECT NICED. MR. HIGHWAYERER --

            • 11:24:14 AM

              MR. HOYER

              I YIELD TO THE GENTLEMAN FROM CALIFORNIA, MR. MCCARTHY.

            • 11:24:22 AM

              MR. MCCARTHY

              I ASK THAT THE HOUSE COME TO ORDER.

            • 11:24:24 AM

              THE SPEAKER PRO TEMPORE

              THE HOUSE SHALL COME TO ORDER.

            • 11:24:30 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING AND I ASK UNANIMOUS CONSENT TO REVISE…

              I THANK THE GENTLEMAN FOR YIELDING AND I ASK UNANIMOUS CONSENT TO REVISE AND EXTEND MY REMARKS.

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            • 11:24:35 AM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION.

            • 11:24:38 AM

              MR. MCCARTHY

              MORNING HOUR AND 2:00 FOR LEGISLATIVE BUSINESS, VOTES WILL BE POSTPONED…

              MORNING HOUR AND 2:00 FOR LEGISLATIVE BUSINESS, VOTES WILL BE POSTPONED UNTIL 6:30 P.M. ON TUESDAY AND WEDNESDAY THE HOUSE WILL MEET AT 10:00 A.M. FOR MORNING HOUR AND NOON FOR LEGISLATIVE BUSINESS. ON THURSDAY THE HOUSE WILL MEET AT 9:00 A.M. FOR LEGISLATIVE BUSINESS. THE HOUSE WILL CONSIDER SEVERAL ITEMS WHICH WILL BE ANNOUNCED BY CLOSE OF BUSINESS TOMORROW. IN ADDITION THEY'LL CONSIDER THE CONFERENCE REPORT. THIS BIPARTISAN AGREEMENT WILL FIRST STRENGTHEN OUR MILITARY, GIVE OUR MEN AND WOMEN IN UNIFORM A 2.4% PAY RAISE AND ENSURE AMERICA'S FIGHTING FORCES HAVE THE RESOURCES THEY NEED TO SECURE PEACE AT HOME AND ABROAD. I WANT TO THANK CHAIRMAN THORNBERRY AND THE ENTIRE HOUSE COMMITTEE ON ARMED SERVICES FOR THEIR WORK ON THIS. MR. SPEAKER, THE HOUSE SHOULD ALSO LOOK FORWARD TO VOTING ON THE MOST SIGNIFICANT TAX REFORM IN OVER THREE DECADES, H.R. 1. THE TAX CUT AND JOBS ACT SPONSORED BY REPRESENTATIVE KEVIN BRADY. AMERICA IS AMONG THE HIGHEST TAXED NATIONS IN THE DEVELOPED WORLD. AMERICANS PAY MORE IN TAXES THAN WE SPEND ON HOUSING, CLOTHING, AND FOOD COMBINED. AT OUR CURRENT TAX CODE IS ALMOST 2,600 PAGES LONG WITH AN ADDITIONAL 70,000 PAGES OF FORMS AND OTHER REGULATIONS. THAT IS JUST UNACCEPTABLE. WE WANT TO SEE ECONOMIC GROWTH THIS -- IN THIS COUNTRY. INSTEAD OF CLOSED FOR BUSINESS SIGN WELL, WANT TO SEE NOW HIRING SIGNS. WE WANT TO DOUBLE THE STANDARD THE DUCKS. WHAT DOES THAT MEAN? IT MEANS EVERY AMERICAN MAKING THE FIRST $12,000 OF INCOME FOR AN INDIVIDUAL IS TAX-FREE. FOR A COUPLE, THAT'S $24,000 TAX-FREE. WE WANT TO SIMPLIFY THE TAX CODE SO YOU CAN FILE IN MINUTES INSTEAD OF SPENDING WEEKS ON A FORM THE SIZE OF A POSTCARD. WE WANT TO BRING BACK THE TRILLIONS OF DOLLARS OF AMERICAN WEALTH THAT HAS FORCE -- THAT IS FORCED TO SIT OVERSEAS AND COME BACK TO AMERICA AND INVEST IN AMERICA. THAT IS WHAT VOTING FOR THE TAX CUTS AND JOBS ACT WILL ACCOMPLISH. AND THAT IS WHY I LOOK FORWARD TO THE HOUSE PASSING THIS CRITICAL BILL WITHOUT DELAY. LASTLY, ADDITIONAL LEGISLATIVE ITEMS ARE POSSIBLE IN THE HOUSE IF ANYTHING IS ADDED TO OUR SCHEDULE I'LL BE SURE TO INFORM ALL MEMBERS. WITH THAT, I WANT TO THANK MY FRIEND AND YIELD BACK TO HIM.

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            • 11:27:15 AM

              MR. HOYER

              I THANK THE GENTLEMAN FOR THAT INFORMATION. I'M GOING TO HAVE SOME…

              I THANK THE GENTLEMAN FOR THAT INFORMATION. I'M GOING TO HAVE SOME SPECIFIC QUESTIONS ABOUT THEN TAX BILL, MR. LEADER, BUT BEFORE I DO THAT, IT IS OUR UNDERSTANDING THAT SUBSTANTIAL CHANGES ARE BEING MADE IN THE TAX BILL THAT WAS PUT ON THE FLOOR LAST THURSDAY. A WEEK AGO. DOES THE GENTLEMAN KNOW WHETHER THAT'S ACCURATE OR NOT?

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            • 11:27:41 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING, I WOULD NOT USE THE TERM SUBSTANTIAL…

              I THANK THE GENTLEMAN FOR YIELDING, I WOULD NOT USE THE TERM SUBSTANTIAL BECAUSE AS YOU KNOW AS WE'VE GONE THROUGH THIS PROCESS FOR QUITE SOME TIME WE'RE ALL RIDING TO THE SAME NUMBER, $1.5 TRILLION. ANY BILL, WHEN IT MOVES THROUGH REGULAR ORDER, WHERE IT GETS INTRODUCED IN COMMITTEE, WE HAVE A MARKUP AS WAYS AND MEANS HAS DONE ALL WEEK LONG, THEY WILL COME TOLL FINAL VOTE TODAY AND WHATEVER AMENDMENTS PASS, YOU WILL THEN SEE THAT BILL POSTED, YOU WILL THEN SEE RULES TAKE IT UP NEXT WEEK AND YOU'LL SEE THE BILL ON THE FLOOR JUST AS ANY OTHER REGULAR ORDER IN THE PROCESS. I I YIELD BACK.

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            • 11:28:21 AM

              MR. HOYER

              REGULAR ORDER IS HAVING HEARINGS AND WITNESS, IS IT NOT? MR. MCCARTHY…

              REGULAR ORDER IS HAVING HEARINGS AND WITNESS, IS IT NOT? MR. MCCARTHY FEATHER FOR THE LAST THREE DECADES WE HAVE DONE THAT. I DON'T THINK THE AMERICAN PEOPLE WANT TO CONTINUE TO WAIT. I KNOW WE GO THIS TIME AND AGAIN. I CAN QUOTE YOU BACK THE NUMBER OF HEARINGS. I CAN QUOTE YOU BACK WHAT PEOPLE CAMPAIGNED ON AND PUT OUT TO THE AMERICAN PUBLIC. WHAT'S MOST IMPORTANT THAT I CAN QUOTE YOU IS THE LACK OF GROWTH THAT HAS HAPPENED. HOW MUCH PEOPLE HAVE TO PAY, THE TRILLIONS OF DOLLARS SITTING OVERSEAS. WHAT I HAVE FOUND TIME AND AGAIN, AND I KNOW WE'VE TALKED ABOUT THIS BEFORE, BUT JUST BY THE INTRODUCTION OF OUR BILL, I WAS SITTING IN THE OVAL OFFICE LAST WEEK, A COMPANY CALLED BROADCOMM, CREATED IN AMERICA, BUT BECAUSE OF OUR TAX CODE FORCED THEM TO LEAVE AMERICA TO TRY TO BE COMPETITIVE. THEY LOOKED AT THIS BILL, THEY TOLD ME A COUPLE OF DAYS BEFORE. YOU REALY BELIEVE THIS BILL IS GOING TO PASS? WE WILL COME BACK. WHEN THEY COME BACK THAT'S $20 BILLION IN REVENUE EACH YEAR. THEY'LL SPEND ANOTHER $3 BILLION EACH YEAR ON R&D. THEN THEY'LL SPEND $6 BILLION IN MANUFACTURING. WE HAVE HAD SO MANY DISCUSSIONS ABOUT HOW TO BRENG MANUFACTURING JOBS BACK, THAT'S WHY I'M EXCITED ABOUT THIS BILL COMING TO THE FLOOR NEXT WEEK. I YIELD BACK.

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            • 11:29:43 AM

              MR. HOYER

              I THANK THE GENTLEMAN, I DENT SHARE HIS ENTHUSIASM FOR THIS BILL WHICH I…

              I THANK THE GENTLEMAN, I DENT SHARE HIS ENTHUSIASM FOR THIS BILL WHICH I THINK WILL BE HARMFUL, EXPLODE THE DEBT AND BE A BAIT AND SWITCH ON THE MIDDLE CLASS, WHERE THEY'LL GET A TAX CUT EARLY AND A TAX INCREASE LATER ON. BUT IS THE GENTLEMAN AWARE, HE TALKS ABOUT GROWTH, THAT IN THE COMPARABLE NINE MONTHS OF 016 THROUGH THE SAME MONTHS IN 2017 UNDER TRUMP, IS THE GENTLEMAN AWARE THAT WE'RE -- THERE WERE 326,000 MORE JOBS CREATED IN 2016 THAN HAVE BEEN CREATED IN 2017 IN THOSE ANALOGOUS MONTHS? I YIELD TO MY FRIEND.

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            • 11:30:27 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING. I'M CONFUSED THAT YOU'RE NOT…

              I THANK THE GENTLEMAN FOR YIELDING. I'M CONFUSED THAT YOU'RE NOT ENTHUSIASTIC ABOUT THIS BILL. I HAVE READ WHAT SOME PEOPLE ON THE OTHER SIDE HAVE SAID ABOUT THIS BILL. AND I HEARD ONE PHRASE THAT YOU RECENTLY USED ABOUT THE MIDDLE CLASS. I WOULD JUST CAUTION MY FRIEND IN REFERRING ANYTHING NEGATIVE TO THE MIDDLE CLASS WITH THIS BILL BECAUSE THERE WERE SOME ON THE OTHER SIDE OF THE AISLE THAT MADE SOME COMMENTS. AND LIKE MOST THINGS WE SAY YOU GET FACT CHECKED. "THE WASHINGTON POST" A FEW SENATORS TRIED TO CLAIM THIS WAS POOR FOR THE MIDDLE CLASS. YOU KNOW WHAT HAPPENED? SHE DID NOT RECEIVE ONE PINOCCHIO, OR TWO, OR EVEN THREE PINOCCHIOS, SHE RECEIVED FOUR PINOCCHIOS ON THAT STATEMENT, THAT'S THE MOST YOU CAN GET. IF I MAY, I WANTED TO DO THE RESEARCH. I WANTED TO LOOK, IS THIS BILL, TAX BILL, GOOD FOR ALL OF AMERICA AND ESPECIALLY BECAUSE I WANT YOU ENTHUSIASTIC ABOUT IT, I LOOKED AT THE -- AT MARYLAND'S FIFTH. . CURRENTLY IN THE FIFTH OF MARYLAND CONGRESSIONAL DISTRICT, 47% OF THE FILERS IN MARYLAND TAKE THE STANDARD DEDUCTION. SO NOT ONLY WILL THEY BE BETTER OFF, IT WILL ACTUALLY DOUBLE AND THEY WILL SEE THEIR INCREASE IN THEIR PAY DAY ONE, JANUARY 1. ANOTHER 11% HAVE ITEMIZED DEDUCTIONS. THAT'S LESS THAN OUR NEW HIGHER STANDARD DEDUCTION, SO THEY'LL ALSO SAVE MORE MONEY, NOT TO MENTION THE TIME AND CONFUSION SO THEY WON'T HAVE TO ITEMIZE. THAT MEANS BEFORE WE EVEN LOOK AT LOWERING TAX RATES, 58% OF MY FRIENDS' DISTRICT IS BETTER OFF ON DAY ONE. NOW, HOW ABOUT THE MEDIUM FAMILY OF FOUR? A MEDIUM FAMILY OF FOUR IN MARYLAND'S FIFTH CONGRESSIONAL DISTRICT EARNS $123,000. FOR THE AT LOWERING TAX RATES, 58% OF MY FRIENDS' DISTRICT IS BETTER OFF ON DAY ONE. 20% OF THOSE FAMILIES THAT DON'T ITEMIZE TODAY, THEY WILL RECEIVE A TAX CUT OF $5,000. FOR THE 80% WHO ARE ITEMIZING TODAY, THEY WILL GET ON AVERAGE $2,200 IN A TAX CUT. BUT THAT'S NOT THE ONLY PEOPLE I'M WORRIED ABOUT. HOW IS THE SINGLE MOTHER WHO IS EARNING $30,000 IN YOUR DISTRICT? WELL, SHE WILL NO LONGER HAVE TO PAY ANY TAX UNDER THIS PLAN. IN FACT, SHE WILL RECEIVE A REFUND OF ABOUT $500 TO $700. HOW ABOUT THE SMALL BUSINESS, THE ENTREPRENEUR, THE FACTOR OF CREATING JOBS? OK. THE SMALL BUSINESS MAKING ABOUT $400,000 IN MARYLAND'S FIFTH DISTRICT, THAT SMALL BUSINESS OWNER WILL SEE A SAVINGS OF NEARLY $19,000. SO WHAT I'M CONFUSED IS HOW CAN'T YOU BE EXCITED ABOUT THIS BILL? IN SHORT, MR. SPEAKER, UNDER OUR PLAN I BELIEVE THE PEOPLE, NOT JUST IN MY FRIEND'S DISTRICT, BUT ALL OF AMERICA. LET ME STATE THIS, THE AVERAGE FAMILY OF FOUR EARNING $55,000 A YEAR WILL NOT PAY ANY TAX. FOR SO MANY DAYS, SO MANY YEARS I HAVE HEARD FROM THE OTHER SIDE OF THE AISLE, MY FRIEND, TALKING ABOUT THE MIDDLE CLASS. WE HAVE A BILL THAT'S ON THE FLOOR THAT'S GOING TO HELP THE MIDDLE CLASS. THE SINGLE MOTHER NOT TO PAY ANY TAX, GET MONEY BACK. THE MEDIUM FAMILY THERE GETTING $5,000 BACK. THE SMALL BUSINESS GETTING 19. I DON'T KNOW HOW MUCH MORE WE HAVE TO DO TO GET YOU EXCITED? NEXT WEEK YOU'LL HAVE THE OPPORTUNITY. I YIELD BACK.

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            • 11:34:09 AM

              MR. HOYER

              I WANT MORE, IS THE ANSWER. WHY IS THE NFIB, MR. SPEAKER, AGAINST THIS…

              I WANT MORE, IS THE ANSWER. WHY IS THE NFIB, MR. SPEAKER, AGAINST THIS BILL IF IT'S SO GOOD FOR SMALL BUSINESS? WHY IS THE AARP AGAINST THIS BILL IF IT'S SO GOOD FOR SMALL BUSINESS? WHY IS THE PETERSON FOUNDATION, WHICH IS WORRIED ABOUT THE NATIONAL DEBT. OUR REPUBLICAN FRIENDS, MR. SPEAKER, SINCE I HAVE BEEN HERE, HAVE BEEN TALKING ABOUT WE GOT TO BALANCE THE BUDGET. THE PRESIDENT SAID HE'S GOING TO BALANCE THE BUDGET IN NINE YEARS. THAT WAS HOOEY. OUR REPUBLICAN FRIENDS SAID THEY ARE GOING TO BAT BUDGET. THEY SAID IN THE PRICE BUDGET. RYAN BUDGETS. THE BUDGET DEFICIT KEEPS GETTING BIGGER. THEY HAVE BEEN IN CHARGE OF ECONOMIC POLICY FOR A LONG TIME. THE FACT OF THE MATTER IS, MR. SPEAKER, I'VE GOT A LIST OF 50 GROUPS THAT ARE AGAINST THIS BILL BECAUSE THEY THINK IT HURTS. BOTH THE DEBT AND MIDDLE INCOME PEOPLE. THE DISTRIBUTION ACCORDING NOT TO FACT CHECKERS BUT THE JOINT COMMITTEE ON TAXATION. $1 TRILLION OF THE TAX CUTS GO TO BUSINESS. $230 BILLION TO INDIVIDUALS. AND $170 BILLION ON THE STATES. ESSENTIALLY. THAT DOESN'T ADD UP TO THE $1.7 OR $1.8 TRILLION THAT HAS BEEN COMPUTED TO BE THE DEFICIT CREATED -- ADDITIONAL DEBT CREATED BY THIS BILL. IN FACT, THAT'S WHY THIS BILL IS BEING REWRITTEN RIGHT NOW. I GUARANTEE YOU. YOU CAN CALL ME ON THIS NEXT WEEK. THE BILL THAT WAS INTRODUCED LAST THURSDAY WILL NOT LOOK LIKE THE BILL THAT YOU CONSIDER ON THE FLOOR. IT WON'T. IT WON'T BECAUSE, FIRST OF ALL, THE DEBT IS A PROBLEM. FOR APPARENTLY SOME PEOPLE. IT'S A BIG PROBLEM FOR ME. WE OUGHT TO PAY FOR WHAT WE BUY. THAT'S WHAT THE CHAIRMAN OF THE WAYS AND MEANS COMMITTEE, MR. CAMP, DID. A BILL THAT WAS PAID FOR. AN HONEST BILL THAT WAS PAID FOR, AS WAS THE 1986 TAX REFORM BILL. IT DID NOT ADD TO THE DEBT. THIS ADDS AN EXTRAORDINARY AMOUNT TO THE DEBT. AS A MATTER OF FACT, IT ADDS IN ONE FELL SWOOP THE DEBT THAT WAS CREATED ON THE REAGAN ADMINISTRATION, APPROXIMATELY $1.7 TRILLION. IT'S BEING REWRITTEN NOW. MY PRESUMPTION IS AS WE HAVE DONE 49 TIMES THIS YEAR, THAT THIS BILL WILL BE PRESENTED UNDER A CLOSED RULE. IN A TRANSPARENT CONGRESS. WHERE EVERYBODY'S VIEWS ARE GOING TO BE CONSIDERED. I WOULD -- I STAND HERE AND SAY, YOU'RE NOT GOING TO BRING THIS BILL TO THE FLOOR WITH AN OPEN RULE WHERE AMENDMENTS CAN BE OFFERED AND PEOPLE CAN DISCUSS OPTIONS. AND WE CAN SEE WHAT THE RAMIFICATIONS ARE TO MIDDLE CLASS TAXPAYERS. JOINT COMMITTEE ON TAXATION ALSO POINTED OUT THAT OF THIS FIGURELE INDIVIDUALS ARE GOING TO GET A TAX CUT OF WHICH MR. RYAN TALKS ABOUT OF $1,182 IN TYPICAL FAMILY HE REFERS TO THEM. BUT THAT THAT FIGURE WILL START TO GO DOWN IN 2019, WILL GO DOWN FURTHER IN 2020. SO THAT IT IS A BAIT AND SWITCH . GET IT UP FRONT BUT WE'LL TAKE IT AWAY. IN THE WAYS AND MEANS COMMITTEE ONE OF THE REASONS, MR. SPEAKER, I TELL THE MAJORITY LEADER, I'M NOT VERY ENTHUSIASTIC, IS BECAUSE IN THE WAYS AND MEANS COMMITTEE THEY SAID, DO WE ALSO DO THIS FOR BUSINESSES? DO WE ALSO DO IT FOR THE ESTATE TAX? DO WE ALSO DO IT FOR THE WEALTHY? THE ANSWER TO THAT QUESTION IS -- NO NO. ONLY THE TO THAT QUESTION IS -- NO NO. ONLY THE MIDDLE INCOME WORKER HAS THEIR TAX CUT REDUCED OVER THE NEXT FIVE YEARS. BUT NOT SO BUSINESS. WE ELIMINATE THE STUDENT LOAN DEDUCTION. WE ELIMINATE THE MEDICAL EXPENSE DEDUCTION SO IF YOU HAVE A MAJOR MEDICAL EXPENSE YOU ARE GOING TO LOOSE UNDER THIS BILL. ELIMINATION OF THE DEDUCTION FOR MOVING EXPENSES IF YOUR EMPLOYER WANTS YOU TO GO MORE THAN 50 MILES FROM YOUR HOME. ELIMINATES THE DEDUCTION FOR THE ADOPTION TAX CREDIT. THAT COULD BE A CREDIT OF $13,570 PER ELIGIBLE CHILD THAT YOU WILL LOSE. ELIMINATES DEDUCTION FOR TEACHERS THAT HELPS THEM PURCHASE PENCILS, PAPERS, RULERS, OTHER MATERIALS FOR STUDENTS. IT ELIMINATES THE DEDUCTION FOR DEPENDENT CARE ASSISTANCE, A SUBSTANTIAL CHALLENGE FOR MANY, MANY OF OUR FAMILIES IN AMERICA. ELIMINATES PERSONAL EXEMPTIONS THAT AMERICANS CURRENTLY -- WHICH THEY CAN CURRENTLY DEDUCT FOR THEMSELVES, A SPOUSE, AND DEPENDENTS THAT GROWS WITH THE SIZE OF FAMILY. AND IF YOU HAVE A LARGE FAMILY, YOU LOSE UNDER THIS BILL. IF YOU HAVE ONE CHILD, THE MAJORITY LEADER MAY BE RIGHT. WHEN YOU GET TO TWO CHILDREN, THREE CHILDREN, FOUR CHILDREN, WITH NO DEDUCTIONS, YOU ARE GOING TO LOSE UNDER THIS BILL. THAT'S WHY I'M NOT VERY ENTHUSIASTIC ABOUT IT. I TELL THE LEADER, MR. SPEAKER, AND PERHAPS THE CHANGES WILL MAKE ME MORE ENTHUSIASTIC. PERHAPS THERE WILL BE A RECOGNITION THAT THIS IS NOT THE BILL THAT IS GOING TO DO WHAT IT IS PURPORTED TO DO. NEXT, MR. SPEAKER, I WANT TO GO TO ONE OTHER ISSUE -- I JACKSON LEE TO MY FRIEND.

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            • 11:40:19 AM

              MR. MCARTHY

              I THANK THE GENTLEMAN FOR YIELDING. I CAUTION THE GENTLEMAN ON SOME OF THE…

              I THANK THE GENTLEMAN FOR YIELDING. I CAUTION THE GENTLEMAN ON SOME OF THE THINGS THAT HE SAYS BECAUSE DO I NOT WANT HIM TO END UP WITH ANY PINOCCHIOS. THE GENTLEMAN KNOWS MY FONDNESS FOR HIM. JUST TODAY IN THE "WASHINGTON POST" WE HAD A JOINT EDITORIAL ABOUT OUR TRIP DOWN TO PUERTO RICO, VIRGIN ISLANDS, AND TO FLORIDA, THE KEYS. BUT THE ONE THING DO I WANT TO SAY TO THE GENTLEMAN, I KNOW YOU MENTIONED A FEW PEOPLE AT THE VERY BEGINNING, NFIB, WHETHER THEY SUPPORT THE BILL OR NOT. I'D SAY JUST STAY TUNED. WHEN THE GENTLEMAN TALKS ABOUT WILL THERE BE NFIB, WHETHER THEY SUPPORT CHANGES IN THE BILL, THIS IS THE PROCESS. WHEN YOU GO THROUGH COMMITTEE, DO YOU NOT WANT TO HAVE THE COMMITTEE TO HAVE INPUT? SO THERE WILL BE SOME CHANGES. SUBSTANTIALLY? NO. I DO ALSO WANT TO ADVISE MY GOOD FRIEND, MAYBE I CHANGES IN THE BILL, YOU TO CLAUSE 5-A OF RULE 21 OF THE HOUSE RULES. THAT WILL TELL YOU HOW A BILL COMES TO THE FLOOR COMING OUT OF COULD REFER WAYS AND MEANS WHEN IT DEALS WITH TAXES. I KNOW THE GENTLEMAN TALKS ABOUT DEBT. I KNOW THE GENTLEMAN BROUGHT UP ABOUT TEACHERS. THAT'S A $250 TAX CREDIT. THE ONLY CONCERN I HAVE, IT'S ONLY IN WASHINGTON THAT THEY COULD BE OPPOSED TO A BILL BECAUSE THEY THINK WE'RE ELIMINATING A $250 TAX DEDUCTION WHILE WE'RE GIVING SOMEBODY $12,000 MORE TAX FREE. THERE'S A LOT MORE THERE GOING AROUND. I THINK THAT IS A MUCH BIGGER GIFT. IF YOU ASK THE AMERICAN PUBLIC WHAT THEY WANTED, I GUARANTEE YOU WHICH SIDE THEY WOULD PICK. YOU TALK ABOUT DEBT. ABOUT DEBT. I HAVE GREAT RESPECT FOR YOU. JUST A FEW WEEKS AGO YOU VOTED FOR A BUDGET THAT CALLED TO RAISE TAXES FOR $3.9 TRILLION. THAT SAME BUDGET WOULD ALSO INCREASE THE DEFICIT BY $6.8 TRILLION. THAT'S NOT WHAT YOU SAID ON THE FLOOR, THAT'S WHAT YOU DID ON THE FLOOR. OVER 10 YEARS. AND IT ASSUMED A $764 BILLION DEFICIT IN 2027. NOW, WE HAD A BUDGET RAISE TAXES FOR $3.9 TRILLION. THAT SAME BUDGET ON OUR SIDE, AND A BUDGET LAYS OUT THE FRAMEWORK FOR THE FUTURE. THE REPUBLICAN BUDGET RESULTED IN $197 BILLION SURPLUS IN 20 27. AND A $2.6 TRILLION IN DEFICIT OVER 10 YEARS. SO I AM CONCERNED ABOUT THE BUDGET AND MY VOTES SHOW THAT. AND I WANT TO PUT US ON A PATH WHERE WE BALANCE. WE HAD THIS DEBATE JUST A COUPLE WEEKS AGO. IN THAT DEBATE SET UP THE MECHANISM TO GO TO TAX. AND THE ONE THING I HAVE LEARNED TIME AND AGAIN, YOU AND I HAVE HAD THIS DISCUSSION, WE GOT TO PROTECT THE ENTITLEMENTS FOR THE FUTURE, BUT WE KNOW THAT'S WHAT'S GOING TO BREAK IF WE DON'T DO SOMETHING ABOUT IT. BUT WE HAVE TO GROW THE ECONOMY. AND WE HAVE WATCHED THE HISTORY OF AMERICA, EVERY GENERATION HAS IMPROVED ON THE GENERATION BEFORE IT. WITH 75% OF AMERICANS BELIEVE THIS GENERATION WILL NOT. WHY? THE LAST 10 YEARS. IT'S BEEN OUR LOWEST GROWTH AND WE HAVE SEEN IN DECADES. WE HAVE ALWAYS AVERAGED MORE THAN THREE BUT WE DIDN'T THEN. WE HAVE JUST GONE THROUGH TWO QUARTERS AT 3%. WE HAD FIVE HURRICANES. I WATCHED THE ATLANTA FED LOOK AT THIS AND SAY WE COULD BE ABOVE FOUR. YOU KNOW WHAT OPPORTUNITIES WE HAVE? SO IT JUST WON'T BE THE MARYLAND FIFTH THAT IS GETTING THAT MONEY BACK OR THE SMALL BUSINESSES THAT ARE HIRING MORE WITH THAT 19,000. IMAGINE WHAT THAT FAMILY WILL DO WITH THAT $5,000. THEY'LL GET TO DETERMINE THAT. THEY'LL BUY MORE THAN JUST THE PENCIL. THEY'LL INVEST IN THEIR KIDS' FUTURE. SO I THINK IT IS AN OPPORTUNITY FOR ALL OF US TO COME TOGETHER. PUT PEOPLE BEFORE POLITICS AND LET'S MAKE SURE THIS BILL GOES OUT IN A VERY STRONG VOTE. I YIELD BACK. IMAGINE WHAT THAT FAMILY WILL DO WITH THAT $5,000. THEY'LL GET TO

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            • 11:44:08 AM

              MR. HOYER

              I THANK THE GENTLEMAN. MR. SPEAKER, I HEARD ALMOST WORD FOR WORD THE…

              I THANK THE GENTLEMAN. MR. SPEAKER, I HEARD ALMOST WORD FOR WORD THE MAJORITY PARTY INTONE THAT VISION AND PREDICTION WHEN WE PASSED THE 2001 AND 2003 TAX CUTS. ALMOST WORD FOR WORD. THAT ECONOMIC POLICY STAYED IN PLACE UNTIL 2009. WHY? BECAUSE THE REPUBLICANS CONTROLLED THE HOUSE, THEY CONTROLLED THE SENATE, AND THEY CONTROLLED THE PRESIDENCY. AND WHAT DID IT BRING US? AN ALMOST HOOVER-LIKE DEPRESSION. NOT QUITE. NOT QUITE BECAUSE WHEN WE CAME INTO OFFICE WE I VEST -- WE INVESTED IN A DECLINING ECONOMY TO BRING IT BACK. MR. SPEAKER, THE MAJORITY LEADER DIDN'T RESPOND WHEN I SAID THE GROWTH OF JOBS WAS BETTER IN 2016 UNDER BARACK OBAMA THAN IT HAS BEEN UNDER ROND REAGAN -- EXCUSE ME, UNDER DONALD TRUMP. . WE'RE GOING TO HAVE AN OPPORTUNITY TO DEBATE THIS BILL BUT I WILL TELL MY FRIEND WHEN HE SAYS THIS IS THE PROCESS. THE PROCESS IS GOING TO BE THAT THE CHAIRMAN OF THE COMMITTEE WILL COME IN WITH A MAJOR AMENDMENT TO THIS BILL THAT NONE OF US ON THIS SIDE WILL HAVE SEEN AND THE BILL WILL BE BROUGHT TO THE FLOOR NEXT WEEK. MY FRIEND THE MAJORITY LEADER, AND I WANT TO SAY SOMETHING, HE'S MY FRIEND AND WE DO COOPERATE IN A POSITIVE FASHION. WE DISAGREE STRONGLY ON THIS ISSUE. I'M AGAINST THE CREATION OF DEBT. HE MENTIONS THE BUDGET. OK. THAT'S A FAIR POINT. BUT I'VE BEEN PRETTY CONSISTENT THROUGHOUT MY CAREER TO JOIN WITH THE PETERSON FOUNDATION THAT SAYS WE HAVE TO GET A HANDLE ON THIS DEBT. WE HAVE A GROWING ECONOMY, 4.1% UNEMPLOYMENT. STOCK MARKET GOING UP. SO WHAT DO WE HAVE HERE? AN EXTRAORDINARY STIMULUS BILL. 1.5, 1.6, 1.7 TRILLION DOLLARS OF DEBT. PRESUMABLY AS THE MAJORITY LEADER ADMITS, TO STIMULATE THE ECONOMY. VERY FRANKLY IF DEMOCRATS WERE DOING THIS, WE WOULD BE SAVAGED BY THE OTHER SIDE. BUT WE'LL DEBATE THIS. WE'LL LOOK FORWARD TO SEING HOW THE BILL IS GOING TO BE WHEN IT COMES TO THE FLOOR. HOPEFULLY WE MIGHT GET THE MANAGER'S AMENDMENT OR THE, BETTER SAID, THE CHAIRMAN'S AMENDMENT, PRIOR TO ITS COMING TO THE FLOOR. I WOULD HOPE WE WOULD HAVE AT LEAST 48 OR EVEN 24 HOURS NOTICE OF WHAT THAT AMENDMENT IS GOING TO LOOK LIKE. SO THE -- NOT ONLY WE, BUT THE AMERICAN PEOPLE THAT WILL HAVE NO OPPORTUNITY TO COME IN AND GIVE THEIR OPINIONS, TESTIFY, BUT AT LEAST THEY WILL KNOW WHAT WE'RE VOTING ON. AND WE WILL TRY TO MAKE SURE THEY KNOW. ONE OTHER ISSUE I WOULD LIKE TO SPEAK ABOUT, MR. SPEAKER, BEFORE WE END AND THAT IS THE REQUEST OF THE PRESIDENT OF THE UNITED STATES -- REQUEST THAT THE PRESIDENT OF THE UNITED STATES MADE TO US. HE SAID THAT THE ORDER ISSUED BY PRESIDENT OBAMA DEALING WITH CHILDHOOD ARRIVALS WHO CAME HERE AS MINORS, NOT OF THEIR OWN VOLITION, DACA. DEFERRED ACTION FOR CHILDHOOD ARRIVALS. THERE WERE A NUMBER OF REPUBLICANS WHO HAD A PRESS CONFERENCE TODAY AND THEY SAID WE OUGHT TO PASS THAT BILL BEFORE THE END OF THIS YEAR. I URGE THE MAJORITY LEADER PASS THIS BILL BY THE END OF NEXT WEEK, BEFORE THE THANKSGIVING BREAK. THIS, MR. SPEAKER, I BELIEVE IS AN ISSUE ON WHICH, AS MR. BARTON SAID, ONE OF THE SENIOR MEMBERS ON THE REPUBLICAN SIDE OF THE AISLE, SAID, IF IT BROUGHT TO THE FLOOR IT WOULD HAVE OVER 300 VOTES. REPRESENTATIVE BARTON SAID THAT, NOT ME. I SAID THAT LAST WEEK. I'M GLAD MR. BARTON AGREES WITH ME. WE NEED TO TAKE CARE OF THIS ISSUE AT THE REQUEST OF THE PRESIDENT OF THE UNITED STATES WHO SAID, I LOVE THESE KIDS. HE DIDN'T FOLLOW THAT WITH, I'M NOT GOING TO SEND THEM OUT OF THE COUNTRY. WHAT HE SAID WAS, THEY WERE NOT PROTECTED IN THE PROPER WAY AND ASK THE CONGRESS TO TAKE CARE OF THIS. I HAVE URGED THE MAJORITY LEADER, MR. SPEAKER, FOR THE LAST 2 1/2 MONTH, TWO MONTHS, TO BRING THIS TO THE FLOOR. I KNOW THAT A TASK FORCE HAS BEEN APPOINTED. I DON'T KNOW THAT THE TASK FORCE HAS REACHED A CONCLUSION. BUT I WOULD URGE THE MAJORITY LEADER AND SPEAKER RYAN WHO URGED THE PRESIDENT NOT TO RESCIND THE PROTECTION OF THESE YOUNG PEOPLE, HE URGED HIM NOT TO RESCIND OBAMA'S ORDER, BUT WHEN HE DID, THE PRESIDENT SAID, I'M GOING TO DO IT, IT WASN'T DONE PROPERLY. IT'S THE CONGRESS' RESPONSIBILITY. MR. LEADER, I WOULD URGE YOU TO BRING TO THE FLOOR THE DREAM ACT WHICH IS THE MANIFESTATION OF THE RESPONSE TO THAT, AND THERE ARE OTHER OPTIONS AS WELL. WE UNDERSTAND THAT. BUT SOMETHING OUGHT TO BE BROUGHT TO THE FLOOR SO THAT THESE YOUNG PEOPLE ARE NOT TWISTING IN THE WIND THROUGH THANKSGIVING, THROUGH CHRISTMAS, THIS IS THE COUNTRY THEY KNOW. THIS IS THE COUNTRY IN WHICH THEY HAVE BEEN BROUGHT UP. AND WHEN RUSH LIMBAUGH SAYS WE'RE NOT GOING TO SEND THESE KIDS HOME, I CAN'T BELIEVE THAT ANY OF US ON THIS FLOOR ARE GOING TO VOTE TO SEND THESE YOUNG PEOPLE HOME. BUT WE NEED LEGISLATION TO PASS TO PROTECT THEM. TO GIVE THEM THE CONFIDENCE. THERE'S A WONDERFUL EDITORIAL. I URGE ALL OF YOU TO READ IT. BOB GATES, OUR FORMER SEC RETEAR OF DEFENSE, UNDER BOTH BUSH AND OBAMA, WROTE AN EDITORIAL ABOUT THE THOUSANDS OF ESSENTIALLY DACA CHILDREN WHO HAVE SERVED, YOUNG PEOPLE, WHO HAVE SERVED IN OUR ARMED FORCES. SERVED VALIANTLY. AS A MATTER OF FACT , HE SAYS THE ATTRITION RATE IS A LOT LESS WITH DACA PROTECTED INDIVIDUALS THAN IT IS WITH OTHERS. BOB GATES IS RIGHT. WE OUGHT TO ACT. PRESIDENT TRUMP IN THIS INSTANCE IS RIGHT. IT'S OUR RESPONSIBILITY, WE OUGHT TO ACT. FRED UPTON SAID THAT TODAY IN A PRESS CONFERENCE. JOE BARTON SAID THAT IN A PRESS CONFERENCE. THE GENTLEMAN FROM WASHINGTON STATE WHO LED THE PRESS CONFERENCE SAID THAT. MR. LEADER, THIS IS AN ISSUE I THINK ON WHICH WE AGREE. TAX BILL IS GOING TO BE AN ISSUE ON WHICH WE IN CONTENTION. LET'S GIVE THE AMERICAN PEOPLE ANOTHER EXAMPLE, AS WE HAVE IN THE PAST OF COURSE A PLACE WHERE WE CAN WORK TOGETHER, GET SOMETHING CONSTRUCTIVE AND POSITIVE DONE FOR OUR COUNTRY, AND FOR THESE YOUNG PEOPLE. I YIELD TO MY FRIEND.

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            • 11:51:53 AM

              MR. MCCARTHY

              I THANK THE GENTLEMAN FOR YIELDING. WE HAVE PUT A TASK FORCE TOGETHER, I…

              I THANK THE GENTLEMAN FOR YIELDING. WE HAVE PUT A TASK FORCE TOGETHER, I SERVE ON THAT TASK FORCE, WE HAVE MET OVER HALF A DOZEN TIMES. IT'S TRUE WHEN THE PRESIDENT MADE THE DECISION HE MADE IT BASED UPON WHETHER IT WAS LEGAL OR NOT FOR AN ACTION THE EXECUTIVE BRANCH TOOK. BECAUSE COURTS SAID IT WAS NOT. SO IT WAS RIGHTFULLY SO MOVED BACK INTO THIS BODY WHICH IS THE LEGISLATIVE BRANCH HE GAVE US SIX MONTHS TO GET THE JOB DONE. AND THAT'S WHAT WE'RE CONTINUING TO WORK ON. I LOOK FORWARD TO CONTINUING TO WORK WITH THE GENTLEMAN TO GET THIS DONE AND I BELIEVE WE'LL BE ABLE TO. THERE'S ONE POINT I DO WANT TO BRING UP THAT THE GENTLEMAN MADE BEFORE. I DO KNOW HE'S CONCERNED ABOUT. THE GENTLEMAN KNOWS IF WE JUST GET 1% OF GROWTH IN THE G.D.P., THAT WILL ADD OVER $1 TRILLION OF EXTRA REVENUE. THE ATLANTA FED IS SAYING WE'RE GOING TO GET ONE AND A HALF. WHO KNOW HOUSE HIGH WE COULD GO, BUT I WOULD NEVER WANT TO PUT A CEILING ON AMERICA. I WILL ALWAYS BET ON AMERICA. I JUST WANT TO UNSHACKLE THE THINGS THAT HOLD US BACK. AND YOU ARE CORRECT YOU TALKED ABOUT, WE NOW HAVE THE LOWEST UNEMPLOYMENT IN DECADES. THE STOCK MARKET HIT THIS WEEK THE 58TH TIME THEY BROKE A RECORD SINCE WE HAD THE ELECTION A YEAR AGO. AND BUSINESS CONFIDENCE IS AT AN ALL-TIME HIGH. AND MOST OF THAT IS HAPPENING BECAUSE AMERICA HAS THE ANTICIPATION OF US PASSING THE TAX BILL. THAT'S WHY I THINK THIS IS A MOMENT THAT'LL BE SIGNIFICANT IN EVERY MEMORY. THEY'LL LOOK BACK ON THEIR VOTE NEXT WEEK AS ONE OF THE MOST IMPORTANT VOTES THEY WOULD EVER TAKE. WHAT WAS THE FUTURE YOU WANT TO HAVE FOR YOUR CHILDREN? WHAT HAVE THE -- WHAT WAS THE OPPORTUNITY YOU WANTED TO GIVE THEM? DID YOU PUT THE RHETORIC ASIDE? DID YOU LOOK AT THE BILL PACE BASE ODDEN CONSTITUTIONALITY, DID YOU LOOK AT THE BILL PACED ON YOUR OWN CONSTITUENTS? TAKE YOUR PARTISAN HAT OFF AND WHEN YOU LOOK AT THAT, AT THE END OF THE DAY, IF IT EMPOWERS YOUR SMALL BUSINESS IF IT GIVES EVERY AMERICAN MORE MONEY IN THEIR OWN POCKET, IF THE PROJECTIONS ARE IT'S GOING TO GROW DO WHAT'S RIGHT. DO WHAT'S RIGHT FOR AMERICA AND I BELIEVE AT THE END OF THE DAY, HISTORY WILL TREAT YOU WELL. I YIELD BACK.

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            • 11:54:22 AM

              MR. HOYER

              I THANK THE GENTLEMAN FOR HIS REMARKS. I WILL SAY ON THIS FLOOR, THE FACT…

              I THANK THE GENTLEMAN FOR HIS REMARKS. I WILL SAY ON THIS FLOOR, THE FACT CHECKERS CHECK ME, MILLIONS AND MILLION AND MILLIONS OF TAXPAYERS -- MIDDLE CLASS TAXPAYERS WILL GET A TAX INCREASE ON THIS BILL. CHECK ME. MILLIONS OF PEOPLE. AND WHY DO I SAY THAT? BECAUSE THE JOINT COMMITTEE ON TAXATION TELLS ME THAT. OTHER THINK GROUPS TELL ME THAT. FROM THE CONSERVATIVE SIDE OF THE LEDGER. SO WE'LL ARGUE THIS BILL BUT I WILL REPEAT AGAIN I'VE HEARD THAT ARGUMENT OVER AND OVER AND OVER AGAIN. I HEARD IT IN 1981, WE EXPLODED THE DEBT. I HEARD IT IN 2001 AND 2003 AND WE EXPLODED THE DEBT. AND WE HAD THE DEEPEST RECESSION ANYBODY ON THIS FLOOR WHO IS SITTING HERE NOW HAS EXPERIENCED. AND I HEAR IT TODAY. AND THE REASON THE PETE PETERSON FOUNDATION IS AGAINST THIS, THEY BELIEVE EXPLODING THE DEBT BY ANOTHER $1.5 TRILLION WILL BE OF EXTRAORDINARY DETRIMENT TO OUR COUNTRY, AND I WANT TO SAY TO EVERY MEMBER, MR. SPEAKER, WHEN YOU GET UP AND SAY, I DON'T WANT TO HURT MY CHILDREN, THERE MAY BE PEOPLE WHO GET A TAX CUT UNDER THIS BILL. BUT I GUARANTEE YOU THE PEOPLE WHO ARE GETTING A TAX INCREASE, IN ADDITION TO THE MIDDLE CLASS I HAVE JUST TALKED TO, ARE THE CHILDREN. THEY'RE GOING TO HAVE TO PAY OFF THIS DEBT. WE WILL NOT PAY IT OFF. SO IF, WHEN YOU SPEAK ON THIS FLOOR AND SAY IT IS A MORAL ACT TO PUT OUR CHILDREN MORE DEEPLY INTO ACT IF YOU BELIEVE THAT, YOU WILL NOT BE ABLE TO VOTE FOR THIS BILL. UNLESS THE GENTLEMAN WANTS TO SAY SOMETHING FURTHER, I YIELD BACK THE BALANCE OF MY TIME. I YIELD BACK THE BALANCE OF MY TIME.

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            • 11:56:25 AM

              THE SPEAKER PRO TEMPORE

              THE CHAIR WILL NOW ENTERTAIN REQUESTS FOR ONE-MINUTE SPEECHES. FOR WHAT…

              THE CHAIR WILL NOW ENTERTAIN REQUESTS FOR ONE-MINUTE SPEECHES. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MONTANA SEEK RECOGNITION? WITHOUT OBJECTION THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 11:56:43 AM

              >>

              MR. SPEAKER, WITH VETERANS DAY APPROACHING I WANT TO RECOGNIZE THE LIFE,…

              MR. SPEAKER, WITH VETERANS DAY APPROACHING I WANT TO RECOGNIZE THE LIFE, SERVICE, AND HEROISM OF JACK HENLEY OF HAMILTON, MT. -- HAMILTON, MT. -- MONTANA.

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            • 11:57:04 AM

              MR. GIANFORTE

              MEN THROUGH HEAVY FIRE AND DIDN'T LOSE A SINGLE MAN HE TWICE REENTERED THE…

              MEN THROUGH HEAVY FIRE AND DIDN'T LOSE A SINGLE MAN HE TWICE REENTERED THE FIELD TO SAVE TWO MEN HE EARNED A SILVER STAR AN PURR -- PURPLE HEART HE RE-ENLISTED IN 1948, TRAINING TROOPERS IN KOREAN WAR AND CONTINUED TO SERVE IN THE ARMY RESERVE UNTIL 1984. DURING HIS 28 YEAR OF SERVICE HE WAS AWARDED 18 MEDALS AND DECORATIONS. HIS NAME IS INCLUDED IN THE HALL OF VALOR HERE IN WASHINGTON, D.C. I'M PROUD TO HAVE HIM AS A FELLOW MT.IAN AND I'M HONORED TO RECOGNIZE -- FELLOW MONTANAN AND I'M HONORED TO RECOGNIZE HIS LIFE. MAY WE ALWAYS RECOGNIZE HIS STORY AND ALL OF OUR NATION'S VETERANS. THANK YOU, MR. SPEAKER, WITH THAT, I YIELD BACK.

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            • 11:57:50 AM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW JERSEY SEEK RECOGNITION?…

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 11:59:13 AM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM PENNSYLVANIA SEEK RECOGNITION?

            • 11:59:20 AM

              >>

              CONSENT TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE AND EXTEND MY…

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

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            • 11:59:25 AM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION, THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 11:59:28 AM

              MR. THOMPSON

              MARKS THE 242ND BIRTHDAY OF THE U.S. MARINE CORPS. IN TODAY'S…

              MARKS THE 242ND BIRTHDAY OF THE U.S. MARINE CORPS. IN TODAY'S UNPREDICTABLE WORLD, THE MARINES ARE AS IMPORTANT AS EVER BEFORE. I'M PROUD TO HAVE A MEMBER OF THE MARINE CORPS SERVING AS A LEGISLATIVE FELLOW IN MY WASHINGTON OFFICE. PAUL CAMACHO ACHIEVED THE RANK OF STAFF SERGEANT FROM 2000 TO 2008. HE SERVED AS A FIELD ARTILLERY CANNONEER. AT ONE POINT HE WAS THE YOUNGEST MARINE IN THE MARINE CORPS AN ACHIEVEMENT CELEBRATED EACH YEAR DURING CAKE-CUTTING CEREMONIES TON THE MARINE CORPS BIRTHDAY. THANK YOU TO YOUR SERVICE AND THANK YOU TO ALL WHO HAVE SERVED IN ONE OF THE MOST RESPECTED FIGHTING FORCES IN THE WORLD. MR. SPEAKER, IT WAS PRESIDENT RONALD REAGAN WHO SAID, QUOTE, SOME PEOPLE SPEND AN ENTIRE LIFETIME WONDERING IF THEY MADE A DIFFERENCE IN THE WORLD BUT THE MARINES DON'T HAVE THAT PROBLEM. END QUOTE. HAPPY BIRTHDAY. THANK YOU, MR. SPEAKER, I YIELD BACK. .

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            • 12:00:35 PM

              THE SPEAKER PRO TEMPORE

              FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION. THE GENTLEMAN IS…

              FROM NEW JERSEY SEEK RECOGNITION? WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:00:49 PM

              >>

              MR. SPEAKER, STUDY AFTER STUDY HAS SHOWN THAT ILLEGAL VOTING IS…

              MR. SPEAKER, STUDY AFTER STUDY HAS SHOWN THAT ILLEGAL VOTING IS EXTRAORDINARILY RARE AND VOTER FRAUD IS ALMOST NONEXISTENT. INSTEAD OF CHASING AFTER MYTHICAL CLAIMS OF VOTER FRAUD, THE FEDERAL GOVERNMENT MUST ADDRESS ACTUAL THREATS TO OUR ELECTORAL SYSTEM. IT IS IMPERATIVE WE PROTECT THE INTEGRITY OF OUR ELECTIONS, BUT THE ADMINISTRATION IS INTERESTED IN CHASING VOTER FRAUD UNY CORN, CYBERSECURITY, WEAKNESS AND FOREIGN MEDLING.

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            • 12:01:33 PM

              MR. PAYNE

              PROTECT THE INTEGRITY OF OUR ELECTIONS, WE MUST EXPAND VOTING RIGHTS FOR…

              PROTECT THE INTEGRITY OF OUR ELECTIONS, WE MUST EXPAND VOTING RIGHTS FOR ALL AMERICANS AND MUST MODERNIZE OUR VOTING SYSTEM. AND WE MUST APPOINT AN INDEPENDENT COMMISSION TO INVESTIGATE FOREIGN MEDLING INTO THE ELECTORAL SYSTEM BEFORE THE 2018 FEDERAL ELECTION. WITH THAT, I YIELD BACK.

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            • 12:01:56 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA -- PENNSYLVANIA SEEK…

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM FLORIDA -- PENNSYLVANIA SEEK RECOGNITION?

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            • 12:02:04 PM

              >>

              SEEK RECOGNITION?

            • 12:02:09 PM

              THE SPEAKER PRO TEMPORE

              AND EXTEND. THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. THE GENTLEMAN IS…

              AND EXTEND. THE SPEAKER PRO TEMPORE: WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:02:13 PM

              >>

              TODAY ON VETERANS' DAY WE SALUTE THOSE WHO DEFENDED OUR GREAT NATION AND…

              TODAY ON VETERANS' DAY WE SALUTE THOSE WHO DEFENDED OUR GREAT NATION AND SERVED IN UNIFORM. WE SAY THANK YOU FOR OFFERING YOURSELF AND YOUR SERVICES FOR THE BETTERMENT OF OUR NATION.

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            • 12:02:30 PM

              MR. FITZPATRICK

              THE FREEDOM WE ENJOY HERE AT HOME. YOU COMMAND OUR RESPECT. YOU CONTINUE…

              THE FREEDOM WE ENJOY HERE AT HOME. YOU COMMAND OUR RESPECT. YOU CONTINUE THE GREATEST TRADITION AND YOU ARE A ROLE MODEL TORE YOUNGER GENERATIONS OF AMERICANS. TO THE TAM LIST WHO HAVE SACRIFICED, WE SAY THANK YOU. YOU PROVIDE THE LOVE AND CARE NECESSARY FOR OUR MEN AND WOMEN TO CONTINUE THEIR HONORABLE WORK. OUR GRATITUDE IS ENDURING, OUR SUPPORT FOR YOU STEADFAST. WE HAVE YOUR BACK. I YIELD BACK.

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            • 12:03:11 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

            • 12:03:15 PM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE -- THE GENTLELADY SEEK…

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE -- THE GENTLELADY SEEK RECOGNITION?

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            • 12:03:21 PM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

            • 12:03:24 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLELADY IS RECOGNIZED FOR ONE MINUTE.

            • 12:03:30 PM

              >>

              MR. SPEAKER, I RISE TODAY TO OPPOSE THE REPUBLICAN TAX PLAN AND TO…

              MR. SPEAKER, I RISE TODAY TO OPPOSE THE REPUBLICAN TAX PLAN AND TO HIGHLIGHT ANOTHER DEVASTATING PROPOSAL IN IT. THE REPUBLICAN TAX PLAN PROPOSES TO ELIMINATE THE MEDICAL EXPENSE DEDUCTION. ELIMINATING THIS DEDUCTION COULD RAISE TAXES ON NEARLY NINE MILLION PEOPLE INCLUDING CANCER PATIENTS AND THEIR FAMILIES, SENIORS AND CHRONIC HEALTH PLANS. CURRENTLY PEOPLE WITH HIGH HEALTH CARE COSTS CAN DEDUCT MEDICAL EXPENSES THAT EXCEED 10% OF THEIR TOTAL INCOME. IF YOU ARE A RETIREE LIVING IN SOUTHERN CALIFORNIA SUFFERING FROM M.S. AND YOU LIVE ON $75,000 A YEAR ANNUAL PENSION, YOU COULD WRITE OFF 70,000 A YEAR IN MEDICAL EXPENSES GIVING THAT PERSON A TAX BAKE OF $20,000. REMOVING THE MEDICAL DEDUCTION WOULD SPELL FINANCIAL DISASTER. NOW HALF OF THOSE CLAIMING THE DEDUCTION HAVE INCOME BELOW $50,000. THINK ABOUT HOW DEVASTATING LOSING THIS DEDUCTION WILL BE. I CAN'T STAND BY WHILE MY REPUBLICAN COLLEAGUES TAKES MONEY FROM THE SICKEST AND NEEDIEST IN ORDER TO GIVE TAX CUTS TO CORPORATIONS AND TOP 1% OF EARNERS. THIS IS A BAD BILL. WITH THAT, I YIELD BACK.

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            • 12:04:56 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM VIRGINIA SEEK RECOGNITION?

            • 12:05:00 PM

              >>

              THE HOUSE AND REVISE AND EXTEND.

            • 12:05:05 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 12:05:12 PM

              >>

              MR. SPEAKER, I RISE TO SALUTE ALL VETERANS ON THIS DAY. AS VETERANS YOU…

              MR. SPEAKER, I RISE TO SALUTE ALL VETERANS ON THIS DAY. AS VETERANS YOU MAY FOREVER AND ETERNALLY TAKE YOUR LINE WHETHER VOLUNTARY OR DRAFTED WITH USE, VIGOR AND BRAVERY FOR YOUR NATION, YOUR FAMILY AND THE SOLDIER ON YOUR LEFT OR RIGHT. ON THIS DAY, WE BESTOW HONOR UPON YOU. BLAUSE OF THE STANDARD YOU HAVE SET, FUTURE GENERATIONS WILL CONTINUE TO SERVE WITH PROVIDED IN OUR AMERICAN HERITAGE AND WILLING TO UPHOLD OUR AS FREE PEOPLE AND SHALL FIGHT FOR FREEDOM WHATEVER THE COSTS WITH DOGGED PERSISTENCE AND HAPPY VETERANS DAY AND MAY GOD LIFT YOU UP AND MAY HE ALWAYS BLESS THESE UNITED STATES. AND I YIELD BACK.

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            • 12:06:08 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM CALIFORNIA SEEK RECOGNITION?

            • 12:06:11 PM

              >>

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

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

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            • 12:06:19 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED.

            • 12:06:24 PM

              >>

              LET US STRIVE TO BIND UP OUR NATION'S WOUNDS TO CARE TORE HIM THAT HAVE…

              LET US STRIVE TO BIND UP OUR NATION'S WOUNDS TO CARE TORE HIM THAT HAVE BORNE THE BATTLE, HIS WIDOW AND HIS ORPHAN. THOSE WORDS WERE BY PRESIDENT LINCOLN IN THE SECOND INAUGURAL ADDRESS WHERE HE SET OUR NATION'S OBLIGATION TO OUR VETERANS. ON THE EVE OF VETERANS DAY, I RISE TO HONOR OUR HEROES, THE MEN AND WOMEN AND WHO SERVED OUR NATION AND REMIND US OF OUR RESPONSIBILITY TO THOSE OUR VETERANS.

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            • 12:06:57 PM

              MR. PANETTA

              TO THOSE WHO SERVE US. I YIELD BACK.

            • 12:07:47 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TENNESSEE SEEK RECOGNITION?

            • 12:07:52 PM

              >>

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

            • 12:07:57 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION.

            • 12:07:58 PM

              >>

              I RISE TODAY IN HONOR OF VETERANS DAY WHICH IS SATURDAY, NOVEMBER 11. ON…

              I RISE TODAY IN HONOR OF VETERANS DAY WHICH IS SATURDAY, NOVEMBER 11. ON THIS VETERANS DAY, I KNOW YOU JOIN ME IN HONORING THE BRAVE MEN AND WOMEN WHO SERVE IN OUR ARMED FORCES. THERE IS NO GREATER SACRIFICE THAN TO LAY YOUR LIFE ON THE LINE FOR YOUR FAMILY, FRIENDS, NEIGHBORS AND COUNTRY. WE MUST REMEMBER THE GREAT DEBT THAT WE OWE OUR VETERANS AND MEMBERS OF THE ARMED SERVICES WHO FIGHT TO MAINTAIN OUR FREEDOM. TO ALL THOSE WHO HAVE LOST LOVED ONES TO WAR, WE JOIN YOU IN HONORING THEIR REMARKABLE SERVICE. THEIR COURAGE IS WHAT MAKES THE UNITED STATES OF AMERICA THE GREATEST NATION ON EARTH. OUR VETERANS HAVE SACRIFICED SO MUCH ON OUR BEHALF. IT'S OUR DUTY TO MAKE SURE THEIR SACRIFICE ENDS WHENG THEY COME BACK HOME. I PROMISE TO FIGHT FOR OUR VETERANS AND ACTIVE SERVICE MEMBERS. THANK YOU, MR. SPEAKER. I YIELD BACK.

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            • 12:08:57 PM

              THE SPEAKER PRO TEMPORE

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

            • 12:09:01 PM

              >>

              PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE.

            • 12:09:06 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED.

            • 12:09:10 PM

              MR. ENGEL

              LET'S PUT RHETORIC ASIDE WHEN IT COMES TO THE REPUBLICAN TAX BILL. THIS IS…

              LET'S PUT RHETORIC ASIDE WHEN IT COMES TO THE REPUBLICAN TAX BILL. THIS IS A BILL THAT GIVES TREMENDOUS TAX BREAKS TO MILLIONAIRES AND BILLIONAIRES WHILE IT HITS THE MIDDLE CLASS. IT MAY LOOK LIKE THEY ARE GETTING A TAX BREAK BUT ADD ON THE DEDUCTIONS THAT THEY WILL TO THE BE ALLOWED TO TAKE, IT'S A NEGATIVE FOR THE MIDDLE CLASS. THE GOVERNMENT IS ALWAYS ACCUSED OF GIVING YOU SOMETHING IN ONE HAND AND TAKING IT BACK IN THE OTHER HAND. A CLASSIC BATHE AND SWITCH. AND IN MY HOME STATE OF NEW YORK WHICH IS A HIGH-TAX STATE PEOPLE WILL NO LONGER TO DEDUCT STATE AND LOCAL TAXES. SO WHEN YOU ADD IT ALL UP, WHAT DOES IT DO? HIGHER TAXES FOR THE MIDDLE CLASS, LOWER TAXES FOR MILLIONAIRES AND BILLIONAIRES LIKE OUR PRESIDENT. A CLASSIC BAIT AND SWITCH. NEW YORK IS A DONOR STATE. WE GIVE MORE MURN TO THE FEDERAL GOVERNMENT THAN WE GET BACK. WE SHOULD BE PROTECTING THE MIDDLE CLASS AND LETTING PEOPLE WHO CAN AFFORD TO PAY MORE, MILLIONAIRES AND BILLIONAIRES TO PAY MORE, NOT THE OTHER WAY AROUND. WHAT HAPPENED TO THE FISCAL RESPONSIBILITY OF THE REPUBLICAN PARTY? THIS BLOWS A HOLE IN THE DEFICIT, $1.75 TRILLION OVER 10 YEARS.

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            • 12:10:37 PM

              >>

              I RISE TO SEEK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE…

              I RISE TO SEEK PERMISSION TO ADDRESS THE HOUSE FOR ONE MINUTE AND REVISE AND STEPPED MY REMARKS.

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            • 12:10:46 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

            • 12:10:48 PM

              >>

              GAS BUSINESS FOR MANY, MANY YEARS AND DRILLING BUSINESS AND BEEN OUT TO…

              GAS BUSINESS FOR MANY, MANY YEARS AND DRILLING BUSINESS AND BEEN OUT TO DRILLING RIGS OFFSHORE AND PLATFORMS OFFSHORE AND INTERESTS IN SEVERAL COUNTRIES, BUT I MUST OPPOSE ANY MOVE TOWARDS SEISMIC TESTING OR OFFSHORE DRILLING IN THE EASTERN GULF OF MEXICO AND WEST COAST OF FLORIDA. OUR WEST COAST OF FLORIDA IS HIGHLY DEVELOPED WITH DEVELOPMENT. WE CAN'T TOLERATE THE KINDS OF TANK FARMS AND INFRASTRUCTURE NECESSARY TO SERVE OFFSHORE RIGS. IT'S NOT ABOUT THE RIGS. THIS IS ABOUT BOATS GOING OUT TO THE MANY, MANY RIGS OFF SHORE. THIS IS A PICTURE OF WORK BOATS. THIS IS WHAT GOES BACK AND FORTH TO OFFSHORE RIGS EVERY DAY. WE DON'T HAVE ROOMS FOR THESE THINS IN OUR BAYS OR TIME TO SEE THESE THINGS GOING OFF OUR COAST. THAT IS A CABLE TOER PUTTING DOWN MOORINGS THAT THESE BOATS TIE OFF ON. WE DON'T HAVE ROOM FOR THOSE MOORINGS IN OUR RIVERS AND BAYS. I OPPOSE TO ANY MOVE TOWARDS DRILLING OFF OF SOUTHWEST FLORIDA'S COAST.

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            • 12:12:09 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM NEVADA SEEK RECOGNITION?

            • 12:12:23 PM

              >>

              MY COLIGE FROM NEVADA SEEK RECOGNITION?

            • 12:12:27 PM

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

            • 12:12:31 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE. KIKI --

            • 12:12:41 PM

              >>

              I REMEMBER THE LIFE OF JACK BEACON. JACK TRAVELED TO THE ROUTE 91 MUSIC…

              I REMEMBER THE LIFE OF JACK BEACON. JACK TRAVELED TO THE ROUTE 91 MUSIC FESTIVAL WITH HIS WIFE LORI TO CELEBRATE THEIR WEDDING ANNIVERSARY. HE SHIELDED HIS WIFE FROM THE GUN TIRE. SHE SAID JACK MADE HER FEEL LOVED AND HE WAS A LOVING FATHER TO HIS TWO CHILDREN AND ALWAYS HAD A SMILE ON HIS FACE AND WAS A KID AT HEART. JACK WAS KNOWN AS A HARD WORKER WHO WAS WILLING TO GIVE SOMEONE A HELPING HAND. HE WAS THE TYPE OF PERSON WHO HAD GIVEN T-SHIRT OFF HIS BACK. HIS CHILDREN'S FRIEND SAID JACK WAS A ROLE MODEL TO THEM BOTH AS A FATHER FIGURE AND BEST FRIEND. I WOULD LIKE TO EXTEND MY CONDOLENCES. THE CITY OF LAS VEGAS AND STATE OF NEVADA AND THE WHOLE COUNTRY GRIEVE WITH YOU. I YIELD THE REMAINING BALANCE OF TIME.

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            • 12:13:42 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN FROM MICHIGAN SEEK RECOGNITION?

            • 12:13:48 PM

              >>

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

            • 12:13:51 PM

              THE SPEAKER PRO TEMPORE

              WITHOUT OBJECTION. THE GENTLEMAN IS RECOGNIZED

            • 12:13:54 PM

              >>

              MR. SPEAKER, AS A NATION, WE FIND OURSELVES IN SEEMINGLY UNCERTAIN TIMES,…

              MR. SPEAKER, AS A NATION, WE FIND OURSELVES IN SEEMINGLY UNCERTAIN TIMES, INSTABILITY IN NORTH KOREA AND DIVISIVENESS ON SO MANY FRONTS. YOUNG MEN AND WOMEN CONTINUE TO STEP UP TO SERVE WHEN THEIR COUNTRY NEEDS THEM MOST. THEY SERVE OUR GREAT NATION WILLINGLY, HONORABLY AND WITHOUT BIAS. IN THE 190'S WHEN AN ATTACK ON AMERICAN SOIL LED US INTO THE SECOND WORLD WAR, OUR MEN AND WOMEN STOOD UP TO DEFEND OUR NATION. IN THE 1950'S WHEN OUR COUNTRY FACED THE SPREAD OF COMMUNISM IN KOREA, OUR VETERANS WERE THERE. WHEN THE UNITED STATES WAS BROUGHT INTO THE WAR IN VIETNAM KNOWING THERE WOULD BE NO HEROES WELCOMED, OUR MEN AND STEADFAST. OPERATION IRAQI FREEDOM AND MISSIONS THEY HAVE FACED, OUR SOLDIERS, SAILORS, AIRMEN AND MARINES HAVE DEFENDED OUR NATION. ON THIS VETERANS DAY I SUBMIT TO OUR MEN AND WOMEN YOUR SERVICE IS NOT OVER. AND YOUR MISSION IS NOT COMPLETE. NOW MORE THAN EVER YOUR COUNTRY NEEDS YOU. STAND UP. TELL YOUR STORY, THE NEXT GENERATION NEEDS TO HEAR FROM YOU. WE ARE FOREVER GRATEFUL FOR YOUR SERVICE. THANK YOU. .

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            • 12:15:24 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEMAN RISE? WITHOUT OBJECTION THE GENTLEMAN…

              FOR WHAT PURPOSE DOES THE GENTLEMAN RISE? WITHOUT OBJECTION THE GENTLEMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:15:28 PM

              >>

              MR. SPEAKER, MEMBERS OF THE HOUSE, THE SIMPLE TRUTH IS, IS THAT THE RICH…

              MR. SPEAKER, MEMBERS OF THE HOUSE, THE SIMPLE TRUTH IS, IS THAT THE RICH ARE GETTING RICHER IN DEGREES UNPARALLELED IN HUMAN HISTORY IN THIS COUNTRY. THE POOR ARE GETTING POORER AND THE MIDDLE CLASS IS GETTING CRUSHED. NOW OUR REPUBLICAN COLLEAGUES OFFERED A PROPOSAL TO THE CONGRESS OF THE UNITED STATES TO MAKE IT WORSE. THE FACT IS UNDER THE REPUBLICAN TAX BILL, THE UPPER 1% WILL BE GETTING A $1.7 TRILLION TAX DEDUCTION. AND AT THE SAME TIME, INDEPENDENT REPORTS TELL US THE MIDDLE CLASS WILL BE GETTING MILLIONS OF THEM, WILL BE GETTING AN INCREASE IN THEIR TAXES AND WE WILL BE PASSING ON $1.5 TRILLION IN DEBT TO OUR CHILDREN AND OUR CHILDREN'S CHILDREN. MR. SPEAKER, THIS TAX BILL IS A SCAM.

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            • 12:16:19 PM

              MR. NOLAN

              OLD-FASHIONED, TRICKLE DOWN ECONOMICS THAT HAS NEVER WORKED, BEEN THE…

              OLD-FASHIONED, TRICKLE DOWN ECONOMICS THAT HAS NEVER WORKED, BEEN THE RUINATION OF EVERY GREAT ECONOMY IN EVERY COUNTRY IN THE WORLD. WE HAVE TO OPPOSE IT AND STOP THEM FROM SUCCEEDING IN THIS TAX SCAM. THANK YOU, MR. SPEAKER.

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            • 12:16:34 PM

              THE SPEAKER PRO TEMPORE

              FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM TEXAS SEEK RECOGNITION? THE…

              FOR WHAT PURPOSE DOES THE GENTLEWOMAN FROM TEXAS SEEK RECOGNITION? THE GENTLEMAN FROM TEXAS, I'M SORRY. THERE'S TWO OF YOU. OK. FOR WHAT PURPOSE DOES THE GENTLEMAN FROM TEXAS SEEK RECOGNITION? WITHOUT OBJECTION THE GENTLEMAN FROM TEXAS IS RECOGNIZED FOR ONE MINUTE.

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            • 12:16:51 PM

              >>

              BEFORE I GO BACK TO THE GREAT STATE OF TEXAS TODAY I WANT TO SAY HAPPY…

              BEFORE I GO BACK TO THE GREAT STATE OF TEXAS TODAY I WANT TO SAY HAPPY VETERAN DAYS TO OUR MEN AND WOMEN WHO HAVE SACRIFICED AN SERVED SO BRAVELY. I WANTED TO SAY FROM ALL THOSE WHO I REPRESENT IN WEST TEXAS, THANK YOU FOR GIVING UP YOUR DAY SO THAT WE COULD HAVE OUR TOMORROW. YOU REPRESENT THE VERY BEST OF OUR AMERICAN VALUES AND WE ARE THE MOST POWERFUL, THE MOST PROSPEROUS, AND MOST GENEROUS NATION IN THE WORLD. WE ARE THE MOST FREE NATION IN THE HISTORY OF THE WORLD BECAUSE OF YOU. GOD BLESS OUR VETERANS AND GOD BLESS AMERICA.

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            • 12:17:30 PM

              THE SPEAKER PRO TEMPORE

              RECOGNITION? WITHOUT OBJECTION THE GENTLEWOMAN IS RECOGNIZED FOR ONE…

              RECOGNITION? WITHOUT OBJECTION THE GENTLEWOMAN IS RECOGNIZED FOR ONE MINUTE.

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            • 12:17:43 PM

              MS. JACKSON LEE

              AND TO INDICATE -- TO IS A LITE OUR VETERANS AND INDICATE TO -- TO…

              AND TO INDICATE -- TO IS A LITE OUR VETERANS AND INDICATE TO -- TO ABSOLUTE OUR VETERANS AND TO END -- TO SALUTE OUR VETERANS AND TO INDICATE THAT WE ARE GRATEFUL TO THEM, THEY GET UP EVERY DAY, PUTTING ON THE UNIFORM UNSELFISHLY AND STANDING IN THE GAP. I THINK IT IS ALSO IMPORTANT TO NOTE THE MANY FAMILIES WHO ARE ALSO PART OF THIS FREEDOM AND LET ME ACKNOWLEDGE THE 21.6 MILLION BRAVE MEN AND WOMEN THAT ARE VETERANS OF OUR NATION'S MILITARY SERVICE, 30,000 OF THEM IN THE 18TH CONGRESSIONAL DISTRICT. BUT I WANT TO TAKE A MOMENT, AND I'LL BE SPEAKING ABOUT THIS TOMORROW AND ON SATURDAY, VETERANS DAY, ABOUT P.O.W.'S AND M.I.A.'S. I WANT TO SALUTE CONGRESSMAN SAM JOHNSON OF TEXAS AND SENATOR JOHN MCCAIN OF ARIZONA. BOTH OF WHOM SUFFERED INJURIES THAT YOU CAN EVEN SEE NOW IN THE UNITED STATES CONGRESS DURING THEIR TIME AS P.O.W. I HONOR THEM AND I HOLD THEM IN HIGH ESTEEM AND TO THE FAMILIES OF THOSE OF THE M.I.A.'S FROM ALL THE WARS, I WANT TO SAY TO THEM WE CONTINUE TO PRAY FOR YOUR LOVED ONES AS A SPONSOR OF EIGHT PIECES OF LEGISLATION AND 35 PIECES OF LEGISLATION THAT I CO-SPONSORED TO MAKE LIFE FOR VETERANS BETTER, TODAY I SALUTE YOU AND SAY HAPPY VETERANS DAY. GOD BLESS ALL OF YOU, GOD BLESS THIS FREE NATION, THE UNITED STATES OF AMERICA. I YIELD BACK.

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            • 12:19:13 PM

              THE SPEAKER PRO TEMPORE

              THE CHAIR LAYS BEFORE THE HOUSE THE FOLLOWING PERSONAL REQUESTS.

            • 12:19:19 PM

              THE CLERK

              LEAVE OF ABSENCE REQUESTED FOR MS. ROYBAL-ALLARD OF CALIFORNIA FOR TODAY.

            • 12:19:26 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 TEXAS, MR. GOHMERT, IS RECOGNIZED FOR 60 MINUTES AS THE DESIGNEE OF THE MAJORITY LEADER.

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            • 12:19:50 PM

              MR. GOHMERT

              THANK YOU, MR. SPEAKER. AND I JUST WANT TO START OUT ECHOING WHAT MY…

              THANK YOU, MR. SPEAKER. AND I JUST WANT TO START OUT ECHOING WHAT MY FRIEND, CONGRESSMAN RICK NOLAN, WAS SAYING. WE SHOULD NOT BE ABOUT THE RICH GETTING RICHER. AND THERE ARE DIFFERENT STRATEGIES TO TRY TO ACCOMPLISH FAIRNESS IN A FREE COUNTRY. IF IT'S TRULY FREE, PEOPLE ARE GOING TO HAVE TO HAVE THE OPPORTUNITY TO FAIL AS WELL AS SUCCEED. THE ONLY OTHER ALTERNATIVE IS THE GOVERNMENT KILLS ANY INCENTIVES TO BE MORE PRODUCTIVE AND JUST SAYS WE'RE GOING TO FLAT LINE EVERYBODY ACROSS THE BOARD NO MATTER HOW MUCH YOU PRODUCE AND WE'VE SEEN OVER AND OVER THROUGHOUT HISTORY, THAT NEVER WORKS. INCOME REDISTRIBUTION NEVER WORKS. YOU KILL THE INCENTIVES. AND AS I WAS TOLD BACK IN THE SUMMER OF 1973, IN AN EXCHANGE PROGRAM IN THE SOVIET UNION, BY A BUNCH OF FARMERS WHO WERE SITTING IN THE SHADE MID MORNING IN THE MIDDLE OF THE SUMMER, I ASKED WHEN, TRIED TO USE MY BEST RUSSIAN, WHEN ARE YOU -- WHEN DO YOU WORK OUT IN THE FIELD, I COULDN'T TELL WHAT WAS AS A RESULT KATED -- CULTIVATED, WHAT WASN'T, IT ALL LOOKED TERRIBLE. THEY ALL LAUGHED. I THOUGHT MAYBE I TRANSLATED SOMETHING WRONG. BUT ONE OF THE FARMERS IN RUSSIAN SAID I MAKE THE SAME NUMBER OF RUBLES IF I'M OUT THERE IN THE FIELD OR IN THE SUN OR HERE IN THE SHADE. SO I'M HERE IN THE SHADE. THAT'S WHY SOCIALISM DOESN'T WORK. SO THERE HAVE BEEN MANY DIFFERENT STRATEGIES. THAT HAVE BEEN UTILIZED THROUGHOUT THIS NATION'S HISTORY AND THROUGH THE THE HISTORY OF THE WORLD. TO TRY TO CREATE, SOMETIMES IT'S NOT AN EFFORT TO CREATE FAIRNESS. IN THIS COUNTRY IT'S NORMALLY BEEN, THANK GOD. BUT UNDER THE OBAMA ADMINISTRATION'S EFFORTS TO REDISTRIBUTE INCOME, IT BROUGHT ABOUT FOR THE FIRST TIME IN OUR NATION'S HISTORY THE TOP 1% OF OUR NATION MADE 95% OF THE INCOME. SO I MEAN, I JUST WAS STAGGERED. BUT THAT HAD HAPPENED UNDER THE OBAMA ADMINISTRATION AND OBVIOUSLY THAT TELLS US THAT THE STRATEGY FOR ENCOURAGING SUCCESS , FINANCIAL SUCCESS, WAS AN ABYSMAL FAILURE UNDER THE EIGHT YEARS OF COMMANDER IN CHIEF OBAMA AS HE COMMANDED OVER THE ECONOMY. HE MADE SURE, I DON'T THINK IT WAS INTENTIONAL, BUT HIS EFFORTS MADE SURE THAT THE VERY, VERY RICHEST IN THE COUNTRY BECAME MUCH, MUCH, MUCH RICHER. AND THE REST OF THE COUNTRY SUFFERED. AND THOSE ON FOOD STAMPS SKYROCKETED TO THE HIGHEST LEVEL EVER. IC OVER 50 MILLION. WE HAD 95 MILLION AMERICANS FOR THE FIRST TIME IN OUR HISTORY WHO GOT SO TIRED OF APPLYING FOR JOBS UNSUCCESSFULLY THEY QUIT EVEN APPLYING. AND SO HOW DOES THE OBAMA ADMINISTRATION RESPOND? THEY RESPONDED BY NOT COUNTING THOSE 95 MILLION IN THE UNEMPLOYED NUMBERS BECAUSE THEY WERE NO LONGER LOOKING FOR JOBS. THE ECONOMY -- IT REALLY HASN'T RECOVERED. PEOPLE HAVE BEEN FLAT LINED OR LESS WHEN ADJUSTED FOR THE LITTLE INFLATION WE'VE HAD, SO IT'S TIME TO TRY SOMETHING DIFFERENT. THAN THE OBAMA EFFORTS THAT PUT 95% OF THE NATION'S INCOME IN THE TOP 1% POCKETS. WE'RE ALREADY SEING THAT CHANGE. I'M HOPING THAT OUR EFFORTS, ESPECIALLY IN CREATING TAX CUTS WILL CAUSE THE ECONOMY TO JUST SKYROCKET THE WAY IT DID AFTER THE 30% TAX CUT KICKED IN UNDER PRESIDENT REAGAN BY 1983. I DO WANT TO TOUCH ON SOMETHING THAT CAME OUT IN THE LAST WEEK. THIS ARTICLE FROM "THE HILL." IT SAYS EARLY COMEY MEMO ACCUSED CLINTON OF GROSS NEGLIGENCE ON EMAILS. IT TURNS OUT, WE FIND OUT NOW, THAT F.B.I. DIRECTOR COMEY STARTED DRAFTING MONTHS BEFORE HILLARY CLINTON WAS INTERVIEWED, MONTHS BEFORE DISCUSSION WITH SHERYL MILLS AND THE OTHER POTENTIAL TARGETS OF THE CRIMINAL INVESTIGATION OVER THE DESTRUCTION OF HILLARY CLINTON'S EMAILS, SHOULD HAVE BEEN OBSTRUCTION OF JUSTICE. THAT'S NOT GROSS NEGLIGENCE WHEN YOU TELL SOMEBODY TO GO DESTROY YOUR PHONE WITH A HAMMER AND YOU'VE HAD THEM USE BLEACH BIT TO TAKE OUT EVERYTHING IN YOUR PHONE OR IN YOUR COMPUTER. THAT'S NOT GROSS NEGLIGENCE. THAT'S INTENTIONAL OBSTRUCTION OF JUSTICE. WHEN YOU KNOW THAT THERE'S SUBPOENAS AFTER THE THINGS YOU'RE DESTROYING. BUT F.B.I. DIRECTOR COMEY DECIDED TO PLAY POLITICS INSTEAD OF LAW AND ORDER. MAYBE THAT WOULD MAKE A GOOD NEW SERIES ON TELEVISION OR NETFLIX. NOT "HOUSE OF CARDS," BUT "HOUSE OF INJUSTICE" WHERE WE PLAY POLITICS WITH JUSTICE INSTEAD OF TRYING TO DO JUSTICE. TRYING TO FULFILL THE OATH TO PURSUE JUSTICE. BUT IN ANY EVENT HE HAD FWROSE NEGLIGENCE AS THE TERM HE ATTRIBUTED TO HILLARY CLINTON IN THAT FIRST DRAFT. BUT APPARENTLY WHEN HE REALIZED THAT GROSS NEGLIGENCE WOULD BE A CRIME THE ELIMINATED WHAT WOULD CLEARLY HAVE BEEN A COMPLETE ACCUSATION OF A CRIME HAVING BEEN COMMITTED BY HILLARY CLINTON. SO INTERESTING, JUST MORE INFORMATION COMING OUT. ABOUT WHY JAMES COMEY SHOULD NOT -- WELL HE SHOULD BE CONSIDERED SOMEONE WORTHY OF INVESTIGATION HIMSELF. HE ADMITTED TO LEAKING INFORMATION IN ORDER TO MANIPULATE THE JUSTICE DEPARTMENT. NOT BY BEING UPFRONT AND RECOMMENDING A SPECIAL COUNSEL. OH, NO. HE WANTED TO CREATE A SPECIAL COUNSEL JUST LIKE HE DID WHEN HE TOLD JOHN ASHCROFT TO RECUSE HIMSELF, ASHCROFT OBVIOUSLY NOT KNOWING WHAT COMEY HAD IN MIND, BUT THAT HE WAS GOING TO APPOINT HIS CHILD'S GODFATHER TO BE SPECIAL COUNSEL, PATRICK FITZGERALD, AND LET HIM GO ON A WITCH HUNT TRYING TO GET KARL ROVE OR VICE PRESIDENT CHANEY, UNSUCCESSFUL, SO HE MANIPULATES AND CREATES A CASE AGAINST SCOOTER LIBBY SO HE COULD AT LEAST HAVE A SCOUT TO SHOW FOR THE MILLIONS AND MILLIONS OF DOLLARS THAT WERE WASTED. BUT, FROM COMEY'S STANDPOINT, HIS CHILD'S GODFATHER MADE A LOT OF MONEY AND COMEY GOT TO LASH OUT AT THE BUSH ADMINISTRATION, SO PROBABLY FROM THEIR STANDPOINT IT WORKED OUT REAL WELL. BUT IT ALSO POINTS TO THE FACT THAT SINCE JAMES COMEY HAS BEEN INVOLVED UP TO HIS EYEBALLS IN WHAT'S GOING ON AS F.B.I. DIRECTOR, WHOEVER WERE TO BE SPECIAL COUNSEL, IF ANYONE, THEY WOULD NEED TO BE SOMEONE WHO WAS NOT CLOSE FRIENDS WITH JAMES COMEY. AND AS COMEY APPARENTLY POINTED OUT TO THE WASHINGTONIAN WHEN THEY WERE DOING A BIG ARTICLE ON HIM BACK IN 2013, BASICALLY, BOB MUELLER IF THE WORLD WERE ON FIRE, BOB MUELLER WOULD BE THE ONE THAT WOULD BE STANDING THERE WITH HIM TO DEFEND HIM AT THE END. SO CLEARLY MUELLER, IF HE WERE INTERESTED IN ETHICS, WOULD HAVE REFUSED, AND ACTUALLY INTERESTED IN FOLLOWING THE LAW HIMSELF, HE WOULD HAVE REFUSED TO BE APPOINTED SPECIAL COUNSEL BUT WE NOW KNOW THAT SINCE MUELLER AS F.B.I. DIRECTOR WAS INVOLVED IN THE INVESTIGATION OF RUSSIA'S EFFORTS TO GAIN UNITED STATES URANIUM TO TRY TO CORNER THE MARKET ON URANIUM, AND THEY WERE APPARENTLY COMMITTING CRIMES IN THEIR EFFORTS, PAYING BRIBES, WHATEVER IS NECESSARY, TO TRY TO ACQUIRE UNITED STATES URANIUM, AS THE INVESTIGATION WENT ON FOR THREE OR FOUR YEARS, UNDERCOVER PERSON, WELL, MUELLER AND U.S. ATTORNEY IN CHARGE OF THE INVESTIGATION NAMED ROD ROSENSTEIN, THE GUY THAT APPOINTED MUELLER TO BE SPECIAL COUNSEL, THEY ENDED UP ENSURING THAT THE RECORDS OF THAT LONG-TERM INVESTIGATION WOULD BE SEALED AND THEY EVEN WENT TO COURT AND GOT A COURT ORDER TO SEAL IT AND WHOSE NAME WAS ON THE MOTION TO SEAL THOSE DOCUMENTS? ROD ROSENSTEIN HE DID HAVE A DEPUTY SIGN ON HIS BEHALF BUT ROD ROSENSTMBINGS TEIN WAS -- BUT ROD ROSENSTEIN WAS SALING RECORDS SO NO ONE WOULD KNOW THEY WERE TRYING TO ACQUIRE U.S. URANIUM BECAUSE IF PEOPLE SAW THE F.B.I. AND JUSTICE DEPARTMENT KNEW THAT RUSSIA WAS COMMITTING CRIMES, PAYING BRIBES, TRYING TO ACQUIRE U.S. URANIUM THEN THEY WOULD HAVE BEEN COMPLICIT WITH THE EFFORT TO APPROVE THE SALE OF URANIUM TO A COUNTRY THAT WAS COMMITTING CRIMES TO GET IT. AND IF THEY HAD NOT APPROVED THAT IT'S DOUBTFUL THAT THE CLINTONS WOULD HAVE STRUCK THE MEGA MILLIONS RUSSIAN LOTTERY THE WAY THEY DID. . SO THE LAST TWO PEOPLE IN THE COUNTRY THAT SHOULD HAVE BEEN INVOLVED IN AN INVESTIGATION INTO POTENTIAL RUSH AND COLLUSION, SHOULD BE A PERSON NAMED ROD ROSENSTEIN AND ANOTHER PERSON NAMED ROBERT MUELLER. I HAVE GREAT RESPECT FOR HIS VALIANT SERVICE TO OUR COUNTRY IN VIETNAM. THIS ISN'T ABOUT VIETNAM. THIS IS ABOUT MANIPULATING THE JUSTICE SYSTEM. IT'S ABOUT CEILING AN ONGOING INVESTIGATION THAT SHOWED CRIMES BEING COMMITTED TO PUT OUR NATIONAL SECURITY AT RISK AND NOT SPEAKING UP AGAINST THE SALE OF 25% OR SO OF AMERICA'S URANIUM TO AN ENTITY THAT WOULD PROVIDE IT TO RUSSIA. WE NOW KNOW THAT URANIUM DID NOT STAY IN THE UNITED STATES, AS SOME HAVE SAID. WELL, I MEAN, WHEN YOU'RE GOING TO SELL URANIUM TO PEOPLE THAT HAVE BEEN PAYING BRIBES, ACTING ILLEGALLY, IS IT ANY SURPRISE IF THEY'RE WILLING TO VIOLATE THE LAW, THAT THEY WOULD BE WILLING TO VIOLATE THE TERMS OF AN AGREEMENT OR OTHER LAWS REGARDING THAT URANIUM? SO I'M STILL HOPING AND YES I BELIEVE IN PRAYER. AND I'M HOPING AND PRAYER THAT JUSTICE WILL BE DONE, THAT THOSE WHO SHOULD NOT BE INVESTIGATING WILL STEP OUT OF THE PICTURE OR BE FORCED TO STEP OUT OF THE PICTURE. AND WE CAN HAVE A FAIR INVESTIGATION INTO POTENTIAL CRIMES. ANOTHER VERY IMPORTANT PIECE OF INFORMATION THAT'S COME OUT ABOUT THE SHOOTER IN THE SUTHERLAND SPRINGS BASICALLY MASSACRE, HAS BEEN THIS CRY FOR MORE GUN CONTROL. AND THAT'S IMMEDIATELY AFTER WE HAD A RADICAL ISLAMIST SCREAMING AND HE WENT ON FOX -- IT IS PRAISE BE TO ALLAH. IF YOU LOOK TO PRAISE BE TO GOD OR YOU COULD LOOK ON TOP OF THE WASHINGTON MONUMENT WHERE AMERICAN LEADERS HAD INSUBSCRIPTIONS ON ALL FOUR SIDES OF THE METAL CAPSTONE ON TOP OF THE WASHINGTON MONUMENT, BUT ON THE SIDE FACING THE U.S. CAPITOL, THEY HAD INCRIBED IN LATIN, MEANING PRAISE BE TO GOD IN LATIN. AND THE REASON THEY HAD PRAISE BE TO GOD FACING THE CAPITOL IS THAT THIS IS EAST OF THE WASHINGTON MONUMENT AND WHAT THEY ASPIRED TO HAVE IS THE FIRST RAISE OF GOD'S SON EVERY MORNING, STRIKING PRAISE BE TO GOD, ENLIGHTENING THOSE WORDS BEFORE ANYTHING ELSE IN OUR NATION'S CAPITOL WAS LIT. PRAISE BE TO GOD AND THE REST OF THE CAPITAL CITY WOULD BE LIT. AND THAT'S WHY IT'S THERE. IT TURNS OUT THAT THE NEW YORK KILLER, THE RADICAL ISLAMIST, HE CAME TO THE U.S. UNDER THE DIVERSITY VISA PROGRAM THAT WAS STARTED BECAUSE APPARENTLY SOME SENATORS AND A FEW DEMOCRATIC HOUSE MEMBERS BELIEVED THAT WE WERE HAVING TOO MANY HISPANICS COMING IN AND NOT ENOUGH IRISH COME IN. SO IMMIGRANTS LIKE IRISH WHO WERE NOT BEING PROPERLY REPRESENTED IN THE NUMBERS COULD HAVE A CHANCE TO COME INTO THE U.S. THE WAY SO MANY HISPANICS WERE. WELL, I DIDN'T THINK WE CARED ABOUT NATIONAL ORIGIN THAT WE NEEDED A SPECIAL PROGRAM TO GIVE SOME OTHER COUNTRIES A CHANCE, THAT HISPANIC COUNTRIES WOULD NOT HAVE. BUT APPARENTLY SOME THOUGHT THAT WAS GOING TO BE APPROPRIATE. IT'S HIGH TIME TO GET RID OF THE PROGRAM. WE HAVE KNOWN FOR YEARS, TERRORISTS HAVE BEEN TRYING TO WIN THE LOTTERY AND TERRORISTS HAVE WON THE LOTTERY. AND MY FRIEND, CHAIRMAN OF THE JUDICIARY COMMITTEE, BOB GOODLATTE HAD A TERRIFIC OP ED IN "THE HILL." REPUBLICANS IN THE HOUSE, WE VOTED TO END THE DIVERSITY VISA LOTTERY IN 2005 AND THE SENATOR WOULDN'T TAKE IT UP. SENATOR SCHUMER HELPED START THE PROGRAM. DEMOCRATS THEN HAD THE MAJORITY FOR THE NEXT FOUR YEARS AFTER 2006. THEY CERTAINLY WEREN'T GOING TO END THE DIVERSITY VISA PROGRAM AND THEN IN 2012 IN THE SESSION AFTER WE GOT THE MAJORITY BACK, WE VOTED AGAIN TO END THE LOTTERY, THE VISA LOTTERY PROGRAM IN 2012. BUT THE SENATE AGAIN WOULDN'T TAKE IT UP. IN THE LAST SESSION, WE DIDN'T GET IT VOTED OUT, BUT I'M GRATEFUL TO THE CHAIRMAN OF THE JUDICIARY, BOB GOODLATTE, FOR PUSHING, AS HE HAS AND I'M HOPING WE CAN GET THAT BILL TO THE FLOOR THAT WILL ALLOW US TO END IT. IN THAT OP ED, CHAIRMAN DEMRAT SAYS THE VISA LOTTERY WHICH WAS ENACTED 10 YEARS PRIOR TO 9/11 IS FOOLISH IN THE AGE IN WHICH WE LIVE. THOSE WHO WISH US HARM CAN EASILY ENGAGE IN THE STATISTICAL GAMBLE WITH NOTHING TO LOSE. THE OFFICE OF THE INSPECTOR GENERAL, THE STATE DEPARTMENT HAS FOUND THAT IT POSES SIGNIFICANT NATIONAL SECURITY RISKS. IN FACT, SIGH POSITIVE, THE NEW YORK CITY RADICAL ISLAMIC TERRORIST IS THE FIFTH PERSON WHO HAS BEEN ACCUSED OR CONVICTED IN CONNECTION WITH TERRORISM PLOTS WHO HAVE COME HERE THROUGH THE VISA LOTTERY. ANOTHER INSTANCE, AN EGYPTIAN TERRORIST WHO KILLED TWO AND WOUNDED SEVERAL OTHERS AT LOS ANGELES INTERNATIONAL AIRPORT ON JULY 4, 2002, WAS A LAWFUL PERMANENT RESIDENT WHO RECEIVED HIS GREEN CARD THROUGH THE PROGRAM, THE DIVERSITY VISA LOTTERY PROGRAM SINCE HIS WIFE WAS A VISA LOTTERY WINNER. SO THIS EGYPTIAN TERRORIST WAS A LOTTERY WINNER OR HIS WIFE WAS, AND THE TWO PEOPLE THAT HE KILLED IN L.A. AIRPORT AND THOSE HE WOUNDED WERE THE LOSERS OF THAT LOTTERY. IN AUGUST OF 2002, A PAKISTANI NATIONAL PLEADED GUILTY TO CONSPIRING TO WAGE JIHAD BY PLOTTING TO DESTROY ELECTRICAL POWER STATIONS, TO DESTROY THE ISRAELI CONSULATE. HE ENTERED THE UNITED STATES WITH HIS PARENTS, WHO HAD WON THE VISA LOTTERY IN 1998. IN AUGUST OF 2002, TWO VISA LOTTERY WINNERS FROM MOROCCO WERE INDICTED AS MEMBERS OF AN ALLEGED TERRORIST SLEEPER CELL IN MICHIGAN. IN JUNE OF 2003, A JURY CONVICTED ONE OF CONSPIRING TO PROVIDE MATERIAL SUPPORT OR RESOURCES TO TERRORISTS AND HANAN OF POSSESSING FALSE DOCUMENTS. SO THE MANY VISA LOTTERY APPLICANTS SUBMIT -- MANY OF THEM SUBMIT SEVERAL APPLICATIONS UNDER DIFFERENT NAMES IN ORDER TO INCREASE THEIR CHANCES OF WINNING THE VISA LOTTERY. AND MARRIAGE FRAUD IS RAMPANT IN THE PROGRAM. POP-UP SPOUSES OFTEN APPEAR IN BETWEEN THE APPLICANT REGISTERS FOR THE LOTTERY AND THE TIME WHEN THE APPLICANT IS INTERVIEWED BY THE STATE DEPARTMENT. THESE SPOUSES PAY THE APPLICANT IN ORDER TO BE PART OF THE APPLICANT'S GREEN CARD WINNINGS, WINNINGS FROM THE VISA LOTTERY. THE UNITED STATES HAS THE MOST GENEROUS IMMIGRATION SYSTEM IN THE WORLD. ADMITTING MORE THAN ONE MILLION LEGAL IMMIGRANTS EACH YEAR. THERE'S NO COUNTRY IN THE WORLD THAT ALLOWS THAT MANY PEOPLE TO COME INTO THEIR COUNTRY LEGALLY. WE'RE FAR FROM BEING THE LARGEST COUNTRY EITHER GEOGRAPHICICALLY OR POPULATION WISE AND YET WE ARE THE MOST GENEROUS COUNTRY IN THE WORLD IN ALLOWING PEOPLE INTO OUR COUNTRY LEGALLY. BUT CHAIRMAN DEMRAT SAYS ELIMINATING THE PROGRAM WILL MAKE IT SMARTER AND SAFER FOR THE AGE IN WHICH WE LIVE. OUR IMMIGRATION POLICY SHOULD BE BASED ON OUR NATIONAL NEEDS, SECURITY AND ECONOMICS AS OPPOSED TO AN ARBITRARY SYSTEM. THE VISA LOTTERY IS TOO MUCH OF A GAMBLE FOR OUR NATION TO MAKE WITH OUR ONGOING THREAT OF TERRORISM AND IT MUST COME TO AN END. THERE IS NO OTHER COUNTRY IN THE WORLD THAT IS SO STUPID REGARDING ITS OWN NATIONAL SECURITY AND NATIONAL INTERESTS THAT IT ALLOWS A LOTTERY TO DETERMINE WHO WOULD GET A VISA TO COME INTO THEIR COUNTRY. IT HOPEFULLY WILL BE ENDING SOON. AND THAT'S WHY THERE WAS THIS ARTICLE IN "THE DAILY COLLAR" G.O.P. SENATORS DISTANCE THEMSELVES FROM DIVERSITY VISA PROGRAM THAT HELPED CREATE. FOR THOSE WHO HELPED CREATE IT, THE SENATOR IS SAYING, MAYBE IT'S TIME TO GET RID OF IT. YESTERDAY, THOUGH, IN THE HOUSE JUDICIARY COMMITTEE, WE DID HAVE A BILL COME UP AND IT IS BEING URGED BY LAW ENFORCEMENT, FEDERAL LAW ENFORCEMENT, BY THE JUSTICE DEPARTMENT AND F.B.I. THAT NATIONAL SECURITY ADMINISTRATION, C.I.A., OUR INTELLIGENCE FOLKS, THEY'RE SAYING WE'VE GOT TO HAVE THIS 702 PROGRAM RE-AUTHORIZED THAT WILL END ON DECEMBER 31 OF THIS YEAR. WELL, WE KNOW THAT THE SYSTEM HAS BEEN ABUSED. WE WERE ASSURED WHEN I WAS HERE EARLY ON IN CONGRESS THAT, GEE, JUST RE-AUTHORIZE THIS BECAUSE, YOU KNOW, THERE'S NO AMERICANS THAT ARE GOING TO BE HARMED BY ALLOWING THESE WARRANTLESS WIRETAPPING SITUATIONS. THE ONLY WAY AN AMERICAN COULD BE CAUGHT UP IN THIS WIRETAPPING WOULD BE IF THEY ARE TALKING TO A FOREIGN -- KNOWN FOREIGN TERRORISTS OR MEMBER OF A KNOWN FOREIGN TERRORIST ORGANIZATION. SO THAT GAVE ME SOME SECURITY. AND BACK THEN, SOME YEARS BACK, WHEN WE WERE AUTHORIZING THE PROGRAM, I SAID, LOOK, MY FRIENDS THAT WERE AGAINST THE PROGRAM BECAUSE THEY ARE AFRAID AN AMERICAN WILL BE CAUGHT UP, WELL, IF THEY'RE AFRAID OF BEING CAUGHT UP IN THIS WIRETAPPING, THIS TAPPING INTO PHONE CALLS, THEN JUST MAKE SURE THEIR FOREIGN TERRORIST FRIENDS CALL THEM ON SOMEBODY ELSE'S PHONE. BUT THAT WAS GLIBLY SAID. LITTLE DID I KNOW IT'S NOT JUST FOREIGN -- KNOWN FOREIGN TERRORISTS AND IT'S NOT MEMBERS OF KNOWN TERRORIST ORGANIZATIONS, IT HAS GOTTEN SO FAR AFIELD THAT EVEN IF A MEMBER OF CONGRESS HAS AN INNOCENT VISIT WITH A DIPLOMAT OR AN AMBASSADOR FROM A FOREIGN COUNTRY, THAT CAN BE AND APPARENTLY BEEN TOLD HAS BEEN USED TO LISTEN IN AND MONITOR CONVERSATIONS. BUT WE WERE ASSURED THERE'S A GREAT SAFEGUARD BECAUSE IF AN AMERICAN IS PICKED UP UNDER THIS MONITORING OF FOREIGN TERRORISTS, THEN AMERICAN NAME WILL BE MASKED SO NOBODY WILL KNOW WHO IT WAS, SO IT WILL PROTECT THROUGH THE FOURTH AMENDMENT, PROTECT THEM FROM HAVING A WARRANTLESS SEARCH OF A CONVERSATION WITHOUT A WARRANT FROM A JUDGE, WHICH REQUIRES THAT THEY ARE PROVING PROXIMATE CAUSE OR PROBABLE CAUSE, RATHER, THAT THE INDIVIDUAL IS INVOLVED IN A CRIME, HAS COMMITTED A CRIME AND THEN THAT PROBABLE CAUSE BEING PROVED, AS A JUDGE, I SIGNED FELONY WARRANTS FOR SEARCHES, FOR SEIZURES, FOR ARRESTS, BUT YOU HAD TO HAVE PROBABLE CAUSE. THIS ALLOWS THEM TO GRAB THOSE CONVERSATIONS WITHOUT PROBABLE CAUSE. . SO WITH ALL WE'VE BEGUN TO LEARN AND ESPECIALLY THEN WE FOUND OUT HOW LIBERAL THE OBAMA ADMINISTRATION WAS WITH UNMASKING AMERICAN NAMES AND THAT WE HAD PEOPLE THAT HAVE SHOWN THEMSELVES TO BE EXTREMELY POLITICAL IN THEIR DECISIONS AND ACTIVITIES EVEN BEING WILLING TO GO ON SUNDAY MORNING TELEVISION SHOWS SIX TIMES IN ONE DAY AND LIE INTENTIONALLY TO THE AMERICAN PUBLIC ABOUT THE BENGHAZI MATTER, THAT THAT SAME POLITICAL PERSON WOULD BE UNMASKING AMERICAN NAMES RIGHT AND LEFT. AND ALTHOUGH -- ALTHOUGH I KNOW THERE'S ONE REPUBLICAN WHO SAID, I TALKED TO HER, I'M CONVINCED SHE'S FINE, WELL, I'M NOT. AND WE NEED THAT BEING THOROUGHLY INVESTIGATED AS WELL AS THE OTHER UNMASKINGS BEING PROPERLY AND THOROUGHLY INVESTIGATED. BY PEOPLE THAT ARE NOT SO GULLIBLE. THIS IS SERIOUS STUFF. WHEN WE IN CONGRESS ALLOW THIS LOOPHOLE AROUND THE FOURTH AMENDMENT REQUIREMENT FOR WARRANTS IN ORDER TO SEIZE OR OBTAIN EVIDENCE, WE ANTICIPATED THAT IT WOULD BE CAREFULLY AND STRICTLY ADHERED TO. AND THEN WE SEE THE UNMASKING HAS BEEN SO LIBERALLY DONE AND THERE CERTAINLY SEEMS TO BE A PRIMA FACIE INDICATION WHEN YOU LOOK AT WHO UNMASKINGS -- UNMASKED AND THE PEOPLE WHO WERE UNMASKED THAT YOU HAVE ONE POLITICAL PARTY IN POWER INVESTIGATING THEIR POLITICAL OPPONENTS FOR POLITICAL GAIN. AND ONCE AGAIN, THANK GOD IT DIDN'T END UP THE WAY THEY HOPED. BUT THIS IS STILL QUITE SERIOUS. AND THAT'S WHY I APPLAUDED MY FRIEND, ANOTHER FELLOW FELONY JUDGE IN OUR BACKGROUND, FORMER JUDGE TED POE, AND ZOE LOFGREN FROM CALIFORNIA, DEMOCRAT, HAD A GOOD AMENDMENT. IN MY OPINION. AND IT WAS GOING TO REQUIRE THAT BEFORE LAW ENFORCEMENT THEY OBTAIN THESE AMERICAN NAMES AND NUMBERS, WELL, LAW ENFORCEMENT APPARENTLY ONCE THEY'VE OBTAINED THESE AMERICAN NAMES AND PHONE NUMBERS AND CONVERSATIONS AND OBTAINED THEM WITHOUT PROXIMATE CAUSE IN COMPLIANCE WITH THE FOURTH AMENDMENT, WE HAVE COUNTLESS NUMBERS OF QUERIES BEING MADE INTO THE DATABASE ON THAT INDIVIDUAL OR ON THE PHONE NUMBER JUST DOING FISHING EXPEDITIONS. AND THEN IF THEY FIND SOMETHING, SEING IF THEY CAN USE THAT INFORMATION TO HELP PROSECUTE THEM ON ANOTHER MATTER. THOSE ARE TRULY FISHING EXPEDITIONS. THEY SHOULD NOT BE ALLOWED WITHOUT A WARRANT. OK, SAY YOU OBTAINED THE INFORMATION LEGALLY EVEN THOUGH YOU DID IT IN VIOLATION OF THE FOURTH AMENDMENT, BUT IF YOU'RE GOING TO GO BACK AND RESEARCH THAT DATABASE YOU SHOULD HAVE PROXIMATE CAUSE BEFORE YOU START -- SHOULD HAVE PROBABLE CAUSE BEFORE YOU START BEING ALLOWED TO BASICALLY LISTEN IN ON CONVERSATIONS OR FOLLOW UP ON ALL KINDS OF ACTIVITY THAT WAS GATHERED WITHOUT ANY PROBABLE CAUSE. THIS IS WHAT THE GOVERNMENT DOES THAT FOUNDERS WERE AFRAID OF. THEY DIDN'T KNOW THERE WOULD BE CELL PHONES SOMEDAY. OR THE HIGHLY TECHNICALLY PROFICIENT ABILITY TO COMMUNICATE WE HAVE NOW. BUT THEY KNEW THAT MANKIND WOULD NOT CHANGE. IT HAS NOT CHANGED. THERE'S ALWAYS BEEN EVIL. THERE WILL ALWAYS BE EVIL. IN THIS WORLD. AND WE HAVE TO GUARD AGAINST BECOMING PART OF THE PROBLEM WHEN WE ARE IN THE GOVERNMENT. AND THE FOUNDERS SAFEGUARD THROUGH THE -- ALL OF THOSE AMENDMENTS BASICALLY WERE SAFEGUARDS, WHETHER IT WAS THE FIRST, SECOND, FOURTH, FIFTH, EIGHTH, 10TH, THOSE ARE CRITICALLY IMPORTANT, SIXTH AMENDMENT, THOSE ARE ALL IMPORTANT TO PRESERVING OUR RIGHTS. AND SO I WAS SADDENED THAT THAT AMENDMENT FAILED, 12 VOTING FOR IT, 21 VOTING AGAINST IT. I APPRECIATE THE CHAIRMAN AND THE RANKING MEMBER, MR. CONYERS, AGREEING TO AN AMENDMENT THAT MR. CICILLINE MADE, DEMOCRATIC FRIEND, IN FACT, I HAD AN IDENTICAL AMENDMENT UFFS GOING TO MAKE EXCEPT MINE ADDED TWO OTHER SAFEGUARDS, TWO OTHER LAWS, AND MY FRIEND AND NEIGHBOR, OFFICE NEIGHBOR, THAT IS, AGREED TO ACCEPT MY FRIENDLY AMENDMENT TO ADD THOSE OTHER TWO LAWS TO ENSURE THAT WHEN THE U.S. GOVERNMENT WENT AFTER AND EXAMINED AND QURERIED THIS 702 -- QURRIED THIS 702 MATERIAL, WIRELESS TAPPING, AS THE HILL CALLS IT, THIS LAW WOULD APPLY TO THOSE QUERIES TO HOPEFULLY INCREASE THE CONCERN BY THOSE MAKING QUERIES THAT THEY COULD BE PUNISHED. BUT THIS ARTICLE GOES ON AND SAYS CURRENT LAW ALLOWS FEDERAL INVESTIGATORS TO SEARCH COLLECTED DATA BELONGING TO AMERICAN CITIZENS AND AUTHORITY -- AN AUTHORITY CRITICS SAY CIRCUMVENTS FOURTH AMENDMENT PROTECTIONS AGAINST UNLAWFUL SEARCH AND SEIZURE. THE LIBERTY ACT WOULD REQUIRE CRIMINAL INVESTIGATORS TO OBTAIN A COURT ORDER BEFORE VIEWING THE CONTENTS AND AMERICAN COMMUNICATIONS COLLECTED UNDER THE N.S.A. PROGRAM BUT WOULD NOT REQUIRE A WARRANT TO SEARCH THE DATABASE IN THE FIRST PLACE. SO THE LIBERTY ACT IS REFERRING TO ACTUALLY WAS USED AS THE AMENDMENT TO THAT BILL. ANYWAY. I KNOW MR. CONYERS, HE'S QUOTED IN THE ARTICLE, SAYING WE'VE BEEN ASSURED IN EXPLICIT TERMS THAT IF WE ADOPT THIS AMENDMENT TODAY, TALKING ABOUT THE LOFGREN AMENDMENT THAT LEADERSHIP WILL NOT PERMIT THE BILL TO PROCEED TO THE HOUSE FLOOR. THAT WAS ALSO A CONCERN MENTIONED BY OUR FRIEND FROM NEW YORK, JERRY NADLER. BUT I WOULD SUBMIT THAT WE SHOULD NOT BE AFRAID OF REPUBLICAN LEADERSHIP DOING THE WRONG THING, AT LEAST DOESN'T HURT, I GUESS, TO HAVE A HEALTHY FEAR, BECAUSE THAT CERTAINLY HAS HAPPENED, BUT WE STILL OUGHT TO BE PUSHING TO DO EVERYTHING WE CAN TO ENSURE THAT THE U.S. CONSTITUTION IS PROPERLY FOLLOWED AND WE DON'T CONTINUE TO HAVE LOOPHOLES AROUND IT. SO THAT IS AN ONGOING FIGHT AND THE SENATE'S GOT TO TAKE IT UP, BUT THERE ARE CONCERNS THAT THE SENATE IS JUST GOING TO RUBBER STAMP WHAT THE N.S.A. WANTS, THEY'RE NOT GOING TO HAVE ANY OF THE SAFE FORWARDS THAT WE PUT IN THE BILL AS IT IS ALREADY, WHICH I STILL DON'T FEEL IS ENOUGH AND THAT'S WHY I VOTED AGAINST IT, INSTEAD THE MAN WHO SITS NEXT TO ME IN JUDICIARY COMMITTEE, JIM JORDAN, ANDY BIGGS, VOTED AGAINST IT AS WELL. SO THERE WERE A NUMBER OF US THAT VOTED AGAINST THE BILL BECAUSE THE PROPER PROTECTIONS IN OUR OPINION ARE NOT THERE. WE JUST GOT TO CONTINUE TO ADVOCATE FOR THAT. THEN ALSO I WANT TO MENTION A BIT OF FAKE NEWS THAT CAME FROM THE HUFFINGTON POST AND I'VE MET MS. HUFFINGTON. SHE COULD NOT HAVE BEEN MORE CONGENIAL, WHEN I WAS AT ABC, GOING TO BE ON THE STEPHANOPOULOS SHOW ON SUNDAY MORNING, SHE WAS A DELIGHT TO TALK TO. BUT THE STUFF COMING OUT OF HER PUBLICATION SOMETIMES IS RATHER ASTOUNDING. BUT WE HAD A DEBATE IN NATURAL RESOURCES COMMITTEE, WE WERE VOTING ON SOME BILLS, AND A COMMENT I MADE THAT WAS NOT NECESSARILY CENTRAL TO THE DISCUSSION, BUT I THOUGHT MIGHT BE INTERESTING, I MEAN, IF THEY WOULD LOOK AT MY FULL COMMENTS AND COMMENTS I HAVE MADE IN -- AND CONTINUE TO MAKE, AS I HAVE SAID BEFORE, BRITISH PETROLEUM SHOULD NEVER HAVE BEEN ALLOWED TO KEEP OPERATING THEIR DRILLING PLATFORM IN THE GULF OF MEXICO, CALLED DEEPWATER HORIZON. THEY HAD HUNDREDS OF EGREGIOUS SAFETY VIOLATIONS WHEN OTHER COMPANIES HAD ONE OR TWO AND THE ONLY REASON WE CAN FIND THAT THE OBAMA ADMINISTRATION ALLOWED BRITISH PETROLEUM TO CONTINUE TO DRILL WITH SUCH EGREGIOUS SAFETY VIOLATIONS, SUCH COMPLETE, UTTER DISREGARD FOR THE SAFETY AND WELL BEING OF THOSE ON THE PLATFORM AND OF WILDLIFE IN THE GULF OF MEXICO AND THOSE BORDERING THE GULF OF MEXICO, ALL WE CAN FIND IS THEY WERE ABOUT TO COME OUT AND ENDORSE THE PRESIDENT'S CAP AND TRADE PROGRAM, SOMETHING THAT SPEAKER PELOSI DESPERATELY WANTED AND I'D READ AN ARTICLE THAT INDICATED THAT THEY EVEN HAD B.P. REPRESENTATIVES IN THE OFFICE OF SENATOR JOHN KERRY TRYING TO WORK OUT WHEN THEY'D DO THE BIG ROLLOUT OF THIS BIG OIL COMPANY THAT WAS GOING TO SUPPORT CAP AND TRADE, BASICALLY THEY WOULD HAVE AN INSIDE DEAL AND IT MADE BILLIONS OF DOLLARS THAT OTHER OIL COMPANIES WOULD NOT HAVE MADE BECAUSE THEY DID NOT HAVE THE INSIDE TRACK LIKE THE OBAMA ADMINISTRATION WAS GOING TO GIVE B.P. BUT THAT'S WHY -- THAT'S WHEN THE DEEPWATER HORIZON BLEW, IS WHAT I UNDERSTOOD. SO THAT'S WHY THE ADO BA MA ADMINISTRATION WAS SO SLOW TO RESPOND. THEY KEPT HOPING THIS WAS GOING TO GO AWAY AND WASN'T GOING TO BE AS SERIOUS AS B.P. -- B.P. WAS ASSURING THEM, OH, WE GOT IT UNDER CONTROL. THEY DIDN'T HAVE IT UNDER CONTROL. SHOULD NEVER HAVE BEEN ALLOWED TO HAVE BEEN DRILLING WHEN THAT BLOWOUT OCCURRED. IT DID HAVE AN ADVERSE EFFECT ON THE GULF. IT DID HAVE A VERY ADVERSE EFFECT ON SO MANY THINGS. BUT THE COMMENT THAT THE HUFFINGTON POST, WANT TO CREATE SOME FAKE NEWS LATCHED ONTO, IS, I WAS REALLY UPSET AND CONCERNED ABOUT THE DAMAGE THAT B.P. HAD CAUSED. AND I'D HAVE TO GO BACK AND LOOK, IT WASN'T THAT LONG AFTER THIS HAPPENED BUT I DROVE 100 MILES ALONG THE BEACH AND I KEPT GETTING OUT WITH MY HIGH DEF CAMERA EXPECTING TO BE ABLE TO FIND A LOT OF OIL ON THE BEACHES. AND I KNOW I RAD READ -- I HAD READ AND SEEN THERE WAS A SPOT SOUTH OF NEW ORLEANS. APPARENTLY I DIDN'T START CLOSE ENOUGH TO THAT. BUT I UNDERSTOOD IT WAS REALLY RUINING THE BEACHES OF FLORIDA. AND I WENT ALONG THE MIRACLE COAST AND THE -- MISSISSIPPI AND ALABAMA COAST THERE. AND EVERYWHERE I WENT, I'D MAYBE FIND A FEW DROPS OF OIL LIKE WE HAVE ON OUR TEXAS BEACHES QUITE OFTEN, BUT IT'S JUST A DROP OR TWO HERE OR THERE. AND I WAS GOING WHERE IS ALL THE OIL? EVERYBODY SAID WELL IT'S LIKE FIVE, 10 MILES UP THE COAST. AND SO I KEPT GOING UP, LOOKING FOR THIS BIG OIL SPILL. ON THE BEACH. AND I KNEW THERE WERE PEOPLE THAT WERE UNDERTAKING HEROIC EFFORTS, YOU KNOW, I'D SEEN THOSE ON THE NEWS. TALKED TO PEOPLE THAT WERE DOING IT. KEVIN COSTNER HAD A GREAT IDEA, IT APPEARED, FOR SOPPING UP THE OIL TO KEEP IT FROM GETTING TO THE COAST. SO THERE WERE HERCULEAN EFFORTS BEING MADE TO STOP THE OIL BUT THERE SHOULD HAVE BEEN MORE OIL ON THE BEACH. AND SO THEY WANT TO MAKE IT SOUND LIKE THAT I'M JUST OBLIVIOUS TO ANY OIL EVER COMING ASHORE BECAUSE I DID SAY WHAT IS ABSOLUTELY TRUE THAT IT IS AMAZING THE WAY NATURE SEEMS TO TAKE CARE OF PROBLEMS. AND WE KNOW THAT BECAUSE THERE ARE ONGOING OIL SEEPAGE EVERY DAY. I DON'T WANT OIL ON THE BEACHES. I HATE OIL ON THE BEACHES. IT'S INFURIATING WHEN YOU'RE WALKING ON THE BEACH AND STEP ON AN OIL BUBBLE AND HAVE TO SPEND A BUNCH OF TIME TRYING TO GET THAT OIL OFF YOUR FOOT, EVEN A SMALL DROP. BUT, YOU COULD GO TO SOUTHERN CALIFORNIA OFF THE COAST AND FIND DROPS OF OIL HERE AND THERE. FROM NATURAL SEEPAGE. THE NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, GO TO THEIR WEBSITE THEY TALK ABOUT NATURAL OIL SEEPS. AND THEY SAID 2003 REPORT FROM THE NATIONAL RESEARCH COUNCIL ESTIMATES ON AVERAGE APPROXIMATELY 160 TONS, IT'S SPELLED TONNES, APPARENTLY METRIC TONS, ENTER NORTH AMERICAN WATERS THROUGH NATURAL SEEPS EACH YEAR. AND THAT'S APPARENTLY ONE TON IS ABOUT 7.33 BARRELS PER TON OR 307.86 U.S. GALLONS PER METRIC TON. SO YOU MULTIPLY 307 OR 308 IF YOU WANT TO ROUND IT, MULTIPLY 160,000 TONS WITH 308, THEN YOU WOULD GET AN IDEA OF HOW MANY GALLONS OF OIL SEEP OUT JUST THROUGH CRACKS IN THE EARTH'S SURFACE AND COME UP THROUGH THE WATERS. . AND THEN THEY'RE HARD TO FIND, ALTHOUGH SOMETIMES YOU CAN SEE THEM FROM SATELLITES OR AIRCRAFT, YOU CAN SEE THE OIL SHIMMERING ON TOP OF THE WATER SINCE ITS LIGHTER THAN WATER, IT FLOATS UP THROUGH THE SEA WATER AND COMES THROUGH THE SURFACE. BUT ANY WAY, MORE FAKE NEWS TRYING TO CREATE A BIG DEAL WHEN THERE WASN'T ANY. YOU CAN GO ONLINE TO WOODS HOLE OCEANOGRAPHIC INSTITUTION AND HAVE AN ARTICLE ON OIL SEEPS AND SAY AS MUCH OF ONE HALF OF THE OIL COMES FROM NATURAL SEEPS OF OIL AND NATURAL GAS. THESE FEATURES KNOWN TO OCCUR IN CLUSTERS AROUND THE WORLD SUCH AS OFF THE SOUTHERN COAST OF CALIFORNIA AND IN THE GULF OF MEXICO, ARE STILL RELATIVELY UNSTUDIED. IN RECENT YEARS, ADVANCES IN REMOTE SENSING HAVE ENABLED MORE ACCURATE DETECTION AND ESTIMATES OF NATURAL OIL FLOWS INTO THE OCEAN. IN LOCATIONS WHERE SEEPS ARE FOUND, OIL FLOWS THROUGH CRACKS FORMING SPRINGS OF HYDRO CASH BONS. LIGHTER COMPOUNDS RISE TO THE WATER'S SURFACE AND EVAPORATE OR GET IN SEA CURRENT. THEY COLLECT OVER THOUSANDS OF YEARS. YOU MULTIPLY 308 TIMES 160 TONS AND THEN MULTIPLY THAT TIMES THOUSANDS OF YEARS, YOU WILL GET AN IDEA OF HOW MUCH NATURAL SEEPAGE OF CRUDE OIL HAS BEEN INTO THE OCEAN. BUT AT LEAST, THE ARTICLE POINTS OUT THAT -- AND THIS IS FROM THE "HUFFINGTON POST," ABOUT 24% OF THE OIL THAT COMES OUT -- AND THIS WAS FROM THE DEEPWATER HORIZON BLOWOUT. 24% IS BELIEVED TO HAVE EVAPORATED OR DISSOLVED. THE REMAINING 35% WAS NATURALLY DISPERSED OR PERSISTED IN THE ENVIRONMENT AND ONLY 41% WAS DIRECTLY OR CHEMICICALLY BURNED OR SKIMMED. THEY ONLY GOT 41%. THAT'S PRETTY GOOD. IT'S NOT GOOD ENOUGH. WE NEED TO BE BETTER AT DOING THAT. BUT IT REALLY IS AMAZING HOW NATURE SEEMS TO RESPOND TO CATASTROPHES. BUT WE ARE SUPPOSED TO TEND THE GARDEN AND THAT MEANS WE DO THE BEST WE CAN TO KEEP THE GARDEN CLEAN -- SO. I WANT TO RETURN TO THE ISSUE ABOUT THE SHOOTING DOWN IN SUTHERLAND SPRINGS. THE PRESIDENT I THINK APPROPRIATELY POINTED OUT WHEN HE WAS ASKED ABOUT IT, HE SAID I THINK MENTAL HEALTH IS YOUR PROBLEM HERE. PEOPLE ARE SCREAMING FOR MORE GUN CONTROL. AND YET EVERY TIME IT SEEMS THAT MORE GUN CONTROL IS PLED FOR OR PEOPLE THAT MEAN WELL STAND UP AND SCREAM, OH, YOU GOT TO DO SOMETHING. I DON'T THINK IF IT'S WRONG, JUST DO SOMETHING. WELL, IT MAY BE WELL INTENDED, BUT THAT'S EXTREMELY FOOLISH. YOU CAN DO MORE HARM BY DOING SOMETHING EVEN IF IT'S WRONG. AND IT'S OFTEN TRAGEDIES THAT LEAD TO THE WORST LEGISLATION BECAUSE PEOPLE IN CONGRESS FEEL LIKE WE GOT TO DO SOMETHING. WE GOT TO DO SOMETHING EVEN IF IT'S WRONG SO THE AMERICAN PEOPLE THINK WE ARE DEALING WITH IT. JEFFERSON WASN'T AT THE CONSTITUTIONAL CONVENTION, BUT HE SUGGESTED THAT A GOOD AMENDMENT WOULD BE THAT YOU COULD NOT PASS A BILL HERE IN CONGRESS UNTIL IT HAD BEEN ON FILE FOR A YEAR. OBVIOUSLY THAT'S NEVER MADE ITS WAY INTO THE LAW. BUT SOME OF OUR WORST LEGISLATION COMES TOO QUICK WITH AN OVERREACTION TO SOME TRAGEDY, SOME FAILURE WHEN WE DON'T HAVE ADEQUATE TIME TO SEE WHAT WOULD BE THE BEST THING TO DO. AND AS IT TURNS OUT IN THE TEXAS SHOOTING, THE GUN LAWS WERE ENTIRELY ADEQUATE TO PREVENT THAT FROM HAPPENING, BUT FOR THOSE WHO PUT THEIR FAITH IN THE GOVERNMENT KEEPING US PROTECTED, WHICH OUR FOUNDERS DID NOT DO, THAT'S WHY WE HAVE A SECOND AMENDMENT, YOU HAVE TO LOOK NO FURTHER THAN THIS TRAGIC MASSACRE TO UNDERSTAND THE GOVERNMENT IS NOT LIKELY GOING TO BE THERE TO PROTECT YOU. TURNS OUT THE SHOOTER, MAN FULL OF EVIL, WAS CONVICTED OF A CRIME THAT SHOULD HAVE PREVENTED HIM FROM EVEN HAVING A GUN. AND YET THE AIR FORCE FAILED TO GET THE CONVICTION INTO THE DATA BANK SO THAT WHEN SEARCHES WERE DONE, BACKGROUND CHECKS DIDN'T PICK IT UP. SO WHEN THE GOVERNMENT FAILS, THE FOUNDERS EXPECTED THAT BY HAVING A SECOND AMENDMENT WHERE NOT THE MILITARY OF THE UNITED STATES, BUT ACTUALLY MILITIA GROUPS THAT FORM UP, THEY WOULD BE ABLE TO HAVE WEAPONS. THOSE WERE RANK AND FILE CITIZENS THAT WERE NOT HIRED BY THE GOVERNMENT. THEY WERE SIMPLE CITIZENS OF THE UNITED STATES THAT WOULD RESPOND TO SUPPRESS ANY OUTRAGE THAT THE GOVERNMENT MIGHT TRY TO IMPOSE. AND THAT'S WHAT HAPPENED WHEN PATRICK HENRY GOT PERHAPS 5,000 PEOPLE TO COME OUT WHEN THE BRITISH GOVERNMENT THAT WAS THE LAW OF THE LAND, STARTED GOING THROUGH THEIR HOMES AND TAKING WHATEVER THEY WANTED. THEY RESPONDED WITH GUNS, CITIZENS COMING OUT OF THEIR HOMES, AND NO I'M NOT ADVOCATING FOR THOSE WANTING TO CREATE FAKE NEWS, ADVOCATING A REVOLUTION. WE HAVE A CONSTITUTION IN PLACE THAT THEY DIDN'T HAVE IN 177 H 5 THAT ALLOWS US -- 1775 THAT ALLOWS US TO FIX THINGS WITHOUT HAVING A REVOLUTION. BUT THE ANSWER IS NOT MORE GUN CONTROL LAWS. THIS GUY WAS FULL OF EVIL. HE HAD MENTAL HEALTH PROBLEMS. THE SYSTEM SHOULD HAVE PREVENTED HIM FROM HAVING A GUN. THE LAWS THAT WERE IN PLACE SHOULD HAVE PREVENTED THAT AND I'M GRATEFUL THE STATE OF TEXAS DID ITS PART. HE APPLIED FOR A CONCEALED CARRY PERMIT AND EVEN THOUGH THE AIR FORCE CONVICTION WASN'T THERE, THERE WAS ENOUGH EVIDENCE TO PREVENT HIM FROM GETTING A CONCEALED CARRY PERMIT FROM THE STATE OF TEXAS. BUT THE OTHER LAWS WHERE THE FEDERAL GOVERNMENT IS SUPPOSED TO PROTECT US, FAILED TO WORK BECAUSE THE GOVERNMENT OFTEN FAILS TO DO ITS JOB. SO THE THING THAT REALLY TO ME BECAME AN OUTRAGE AND IT IS SOMETHING THAT OUR FOUNDERS FEARED PERHAPS MORE THAN ANYTHING ELSE WHEN THEY WERE TRYING TO SET UP A GOOD GOVERNING DOCUMENT WAS PERSECUTION OF CHRISTIANS. THAT'S WHY SO MANY PEOPLE CAME TO THIS COUNTRY IN ITS EARLIEST DAYS. CHRISTIANS WERE AS HAS HAPPENED OVER 2000 YEARS, THEY WERE BEING PERSECUTED. THEY THOUGHT IF THEY CAME TO AMERICA AND THEY COULD HAVE A COUNTRY WHERE THEY COULD BE FREE TO PRACTICE THEIR CHRISTIAN BELIEFS WITHOUT GOVERNMENT PROSECUTING AND PERSECUTING THEM. THAT IT WOULD BE A LITTLE SLICE OF HEAVEN ON EARTH AS MUCH AS YOU COULD GET WHILE THERE IS STILL SO MUCH EVIL IN THE WORLD. AND NOW AS THIS COUNTRY LED BY ITS SUPREME COURT, OTHERS LIKE THE ALCU AND FREEDOM FROM RELIGION GROUPS, WE HAVE BEEN TOLD, YOU CAN'T MENTION GOD, YOU CAN'T PRAY, YOU CAN'T MENTION YOUR RELIGION, WELL THAT'S CERTAINLY NOT WHAT WAS THE FEELING OF THOSE WHO WERE THE PREDOMINANT FOUNDERS AND THOSE WHO MADE THE BEST IMPROVEMENTS IN AMERICA. IT WAS A GREAT AWAKENING. HUGE REVIVAL IN AMERICA RIGHT BEFORE THE MID-1700'S, SO MUCH OF THE COUNTRY TURNED TO GOD, HAD CHRISTIAN BELIEFS, BIBLICAL BELIEFS AND CHILDREN LIKE SAM ADAMS GREW UP HAVING SUCH PROFOUND FAITH IN GOD, PROFOUND FAITH IN THE BIBLE, LOOKING DOWN THE HALL IN WHAT'S RIGHT BELOW THE RONTONDA AND ONE OF THE SIGNS UP THERE MENTIONED SAM ADAMS. SAM ADAMS WAS CALLED THE FATHER OF THE AMERICAN REVOLUTION. HE WAS A PRODUCT OF THE GREAT AWAKENING IN THE 1700'S. HE WAS SO MORAL AND SO MANY PEOPLE KNEW -- GEE, HE KNEW HOW TO MAKE GOOD BEER, BUT HE ALSO HAD A PROFOUND BELIEF IN THE BIBLE, IN GOD AND THAT'S WHAT DROVE HIM TO PUSH FOR A COUNTRY WHERE THERE COULD BE EQUALITY, WHERE PEOPLE COULD PRACTICE THEIR RELIGIOUS BELIEFS, WHETHER THEY WERE AGENTIVITY, BUDDHISTS, ORTHODOX JEW, MUSLIM, JUST SO LONG AS THEIR RELIGION SHOULD OVERTAKE AND SUPLANT THAT RADICAL ISLAMISTS BELIEVE. WE HAVE COME TO A TIME WHERE CHRISTIANS ARE BEING VILLIFIED, BELITTLED AND THIS COUNTRY IS BEGINNING TO LOOK LIKE THE PLACES THAT THE CHRISTIANS THAT FLED TO AMERICA HAD TO LEAVE TO AVOID PERSECUTION. SO WE GET THESE TWITTER COMMENTS -- THERE'S AN ARTICLE FROM THE "HUFFINGTON POST" PLAYING UP THE RIDICULE. ONE TWITTER FROM ROSE CASH SAID THEY NEED A GOVERNMENT THAT WILL ENACT COMMONSENSE GUN LAWS. THOUSANDS AND PEOPLE WHO WERE MOWED. ANOTHER, THEY WERE IN A CHURCH. THEY HAD THE PRAYERS SHOT RIGHT OUT OF THEM. KEITH, THOUGHTS AND PRAYERS AGAIN. IDIOT, THESE PEOPLE WERE IN A CHURCH. THEY WERE PRAYING. AT THIS POINT THOUGHTS AND PRAYERS MEANS SHUT UP AND TAKE IT, KATIE MACK. THE MURDER VICTIMS WERE IN A CHURCH IF PRAYERS WERE DOING YOU WORTHLESS SLACK OF S DOT, DOT, DOT. THEY WERE ALREADY IN CHURCH. SEEMS LIKE PRAYERS DO NOTHING. ACTUAL REFORM IS NEEDED. ANOTHER, TO ALL THOSE ASKING FOR THOUGHTS AND PRAYERS SEEMS YOUR DIRECT LINE TO GOD IS NOT WORKING. JOSH, TERROR ATTACKS THAT KILL SIX GET TRAVEL BAN SAME DAY. DEADLIEST MASS SHOOTING GETS PRAYERS AND TOO SOON TO TALK. ANOTHER, AFTER A MASS SHOOTING IN THE CHURCH, THOUGHTS AND PRAYERS FROM THE MOUTHS OF USELESS POLITICIANS BECAUSE MORE ASA NINE. WE NEED MORE THAN PRAYERS. THE VICTIMS WERE IN A CHURCH PRAYING. WE NEED A BAN ON AR-15. IF THERE WERE A BAN OF AR-15'S, THE SHOOTER PROBABLY WOULD HAVE BEEN ABLE TO KILL EVERYBODY IN THE CHURCH BECAUSE THE GUY THAT STOPPED HIM, THANK GOD, HAD AN AR-15 THAT HE USED TO SHOOT HIM AND GET THE CARNAGE TO STOP. . CLEARLY YOUR PRAYERS AREN'T WORKING IF A MASS SHOOTING CAN TAKE PLACE IN A CHURCH. MANY WE CAN TRY A LEGISLATIVE SOLUTION NOW. I MEAN, IT JUST GOES ON AND ON. BELITTLING CHRISTIANS, BELITTLING PEOPLE WHO BELIEVE IN THE POWER OF PRAYER. THEN WE HAD AN ARTICLE FROM "THE HILL". TODAY. REPRESENTATIVE JAROD HUFFMAN IN A NEW INTERVIEW SAYS HE THINKS THERE'S TOO MUCH RELIGION IN POLITICS. HUFFMAN TOLD "THE WASHINGTON POST" HE HAS FOR YEARS NOT AND HE QUESTIONNAIRES THAT ASK HIM ABOUT RELIGIOUS BELIEFS. INSTEAD PUTTING UNSPECIFIED OR NONE OF YOUR BUSINESS. I DON'T BELIEVE IN RELIGIOUS TESTS. I DON'T EITHER. ALTHOUGH IF SOMEBODY SAYS, THEY'RE A CHRISTIAN AND THEY COME BEFORE OUR COMMITTEE, AND THEY MAKE -- KEEP MAKING A BIG DEAL ABOUT I'M A CHRISTIAN, THEN AS WE KNOW, EVEN IN COURT, CREDIBILITY IS ALWAYS AN ISSUE. IF YOU SAY UNDER OATH YOU'RE ONE THING AND IT TURNS OUT YOU'RE NOT, YOU'RE NOT REALLY A CHRISTIAN, YOU DON'T HAVE CHRISTIAN BELIEFS, THEN THAT IS WORTH KNOWING. YOU SAY YOU'RE A CHRISTIAN, WHAT DOES THAT MEAN? I WILL NOT HESITATE TO ASK THAT. IF IT'S GOING TO REFLECT NOT ON THEIR RELIGIOUS BELIEFS, I'M NOT GOING TO HOLD THOSE AGAINST ANYBODY, BUT IF YOU SAY YOU'RE ONE THING AND YOU'RE LYING, THAT'S IMPORTANT TO FIND OUT. BUT ANYWAY. MORE OF THE SAME. BUT THERE'S A GREAT ARTICLE IN NATIONAL VERY VIEW BY DAVID FRENCH, NOVEMBER 6, IN THE FACE OF EVIL, PRAYER IS THE MOST RATIONAL AND EFFECTIVE RESPONSE. HE POINTS OUT THAT WHILE I DISAGREE WITH AVEGYIFTS, MY WAR HE WILL RIGHT NOW ISN'T WITH THEIR DISBELIEF, IT'S WITH THEIR CHOOSING THIS MOMENT TO NOT ONLY MOCK CHRISTIANS, BUT ALSO DISPLAY THEIR IGNORANCE OF BASIC CHRISTIAN THEOLOGY. YOU SEE THE PRESENCE OF EVIL, ESPECIALLY THE INCREASING PRESENCE OF EVIL, DEMANDS A PRAYERFUL RESPONSE. SCRIPTURE IS FULL OF EXAMPLES OF GOD'S PEOPLE CRYING OUT TO HIM IN GREAT DISTRELLS. JESUS CRIES OUT TO GOD -- DISTRESS. GEEUS CRIES OUTER TO GOD IN GREAT DISTRESS. HE ALWAYS RESPONDS IN SOME WAY. BUT OFTEN NOT THE WAY WE ASK OR DEMAND. IF HE WERE TO INTERVENE AND STOP ALL EVIL, THEN IT MEANS WE BECOME ROW BOTS. WE DON'T HAVE FREE CHOICE. WE BECOME BASICALLY ROBOTS AND AS ANY PARENT NORKS YOU CAN ORDER YOUR CHILD TO LOVE YOU OR TO HUG YOU, BUT THERE IS NOTHING THAT MEANS MORE TO YOUR HEART AND SOUL THAN A SWEET LITTLE CHILD RUNNING UP TO YOU VOLUNTARILY, THROWING THEIR ARMS AROUND YOU, SAYING, I LOVE YOU, DADDY, FROM THE HEART. IF WE HAVE A HEAVENLY PARENT, DOESN'T IT MAKE SENSE THAT THAT HEAVENLY PARENT WOULD WANT US FREE TO CHOOSE TO LOVE THE HEAVENLY PARENT? THE ARTICLE SAYS, PROGRESSIVES ALWAYS RESPOND TO MASS SHOOTINGS WITH A SERIES OF PROPOSALS THAT WOULDN'T HAVE STOPPED THE MASS SHOOTINGS. IT'S HAPPENING AGAIN. IT'S HAPPENING AGAIN. THIS SHOOTER IN TEXAS, SUTHERLAND SPRINGS, COULD NOT HAVE LAWFULLY POSSESSED HIS WEAPONS, BUT HE IGNORED EXISTING GUN LAWS. SO WHO FOLLOWS THE LAWS? IF YOU PASS LOSE IT TAKE AWAY GUNS? THE HONEST PEOPLE. THE ONES THAT ARE VICTIMS IN A SHOOTING LIKE THIS. THAT'S WHO FOLLOWS. THERE ARE LAWS IN TEXAS THAT ENABLE A CHURCH TO BE A GUN-FREE ZONE. AND APPARENTLY TOO MANY PEOPLE ASSUME EVERY CHOO CHURCH IS GUN-FREE. IF SOMEONE HAD HAD A GUN IN THAT CHURCH, THERE BOO NOT HAVE BEEN 25 PEOPLE -- THERE WOULD NOT HAVE BEEN 25 PEOPLE KILLED. SO, MR. SPEAKER, MY THOUGHTS AND PRAYERS ARE WITH THE COUNTRY AND I HOPE AND PRAY OTHERS WILL JOIN. I YIELD BACK.

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            • 01:20:08 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 CALIFORNIA, MR. SHERMAN, IS RECOGNIZED FOR 60 MINUTES AS THE DESIGNEE OF THE MINORITY LEADER.

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            • 01:20:46 PM

              MR. SHERMAN

              I WANT TO THANK THE SPEAKER FOR RECOGNIZING ME AND INDICATING THAT I CAN…

              I WANT TO THANK THE SPEAKER FOR RECOGNIZING ME AND INDICATING THAT I CAN SPEAK FOR AN HOUR. YOU KNOW, WE GET CAUGHT UP IN SO MANY ISSUES HERE THAT WE SOMETIMES DON'T EXPLORE THEM IN DEPTH. AND WITH AN HOUR I PLAN TO LOOK IN DEPTH FIRST AT THE PRESIDENT'S TRADE POLICY TOWARD CHINA, AND THEN TOWARD THE REPUBLICAN TAX BILL. THE PRESIDENT IS MEETING AGAIN WITH PRESIDENT XI OF CHINA. THEY'LL OUT A BEAUTIFUL JOINT STATEMENT. THEY'LL POSE FOR PHOTOGRAPHS. AND YOU KNOW, THEY'LL EITHER BE A -- THERE WILL EITHER BE A BUSINESS DEAL OR TWO TO ANNOUNCE. THESE ARE THE TWO LARGEST ECONOMIES IN THE WORLD. THEY INVOLVE TENS OF TRILLIONS OF DOLLARS. SO EVERY MONTH A FEW BIG THINGS HAPPEN THAT ARE BAD AND ONE OR TWO BIG THINGS HAPPEN THAT ARE GOOD. THERE'S ALWAYS A PARTICULAR BUSINESS DEAL THAT YOU CAN PACKAGE AND WRAP AS A PHOTO OP. BUT THE FACT IS THAT WE HAVE TO LOOK AT THE OVERALL TRADING RELATIONSHIP. AND THE TRADING RELATIONSHIP IS THIS. WE RUN HUNDREDS OF BILLIONS OF DOLLARS OF TRADE DEFICIT AND EVERY BILLION DOLLARS OF TRADE DEFICIT COSTS US 10,000 JOBS. SO LET'S LOOK AT WHAT HAS HAPPENED WHILE PRESIDENT TRUMP HAS BEEN IN OFFICE. WE LOOK AT EACH MONTH AT OUR TRADE AND GOODS WITH THE PEOPLE'S REPUBLIC OF CHINA. AND WE START WITH A DEFICIT OF JUST A BIT OVER $22 BILLION, AND FOR THE MOST RECENT STATISTICS AVAILABLE, AUGUST OF THIS YEAR, WE'RE UP TO ALMOST $35 BILLION. WHAT'S INTERESTING ABOUT THIS CHART IS THAT EVERY MONTH TRUMP HAS BEEN IN OFFICE OUR TRADE DEFICIT WITH CHINA HAS GROWN. NOW, HE CAN SAY THAT HE DOESN'T HAVE THE POWER TO DO ANYTHING ABOUT THAT. HE JUST WANTS TO BE A PRETEND PRESIDENT. A PRETENSE PRESIDENT. OPPOSING PRESIDENT -- A POSING PRESIDENT. HE CAN POSE FOR A PICTURE BUT HE DOESN'T HAVE THE AUTHORITY TO DO ANYTHING. THAT IS COMPLETELY WRONG. LOOK AT SECTION 338 OF THE TARIFF ACT OF 1930. AND YOU WILL SEE THAT THE PRESIDENT ACTING ALONE COULD ELIMINATE THIS DEFICIT BY IMPOSING TARIFFS ON CHINESE GOODS NOW. BUT HE WON'T DO THAT. BECAUSE HIS PLAN AND WHAT HE'S DONE OVER THE LAST TWO YEARS, HE CAMPAIGNS LIKE HE'S BERNIE SANDERS, AT LEAST ON THESE ISSUES, AND HE GOVERNS LIKE HE'S FROM GOLDEN -- GOLDMAN SACHS. WHICH OF COURSE MANY OF HIS ADVISORSING TOO ACTUALLY ARE. AND EVEN AFTER -- ADVISORS ACTUALLY ARE. AND EVEN AFTER THE CAMPAIGN WAS OVER IN NOVEMBER OF LAST YEAR, THE CAMPAIGN CONTINUES. AND HE CONTINUES TO PRETEND TO BE IN FAVOR OF THE TRADE POLICIES ASSOCIATED WITH BERNIE SANDERS AND OTHERS AND HE CONTINUES TO GOVERN IN THE INTERESTS OF GOLDMAN SACHS. NOW, THIS CHART DOES NOT REFLECT SERVICES BECAUSE SERVICES TRADE BETWEEN THE UNITED STATES AND CHINA IS NOT AVAILABLE ON A MONTHLY BASIS. BUT THE TREND WOULD BE EXACTLY THE SAME. HUGE GROWTH IN THE DEFICIT, MONTH AFTER MONTH AFTER MONTH AFTER MONTH, FEBRUARY, MARCH, APRIL, MAY, JUNE, JULY AND AUGUST OF THIS YEAR. AND LIKELY TO CONTINUE FOR THE OTHER MONTHS THAT THE PRESIDENT CONTINUES TO SERVE AND THAT STATISTICS BECOME AVAILABLE. NOW, WE'RE TOLD PERHAPS THAT IT'S OK TO GIVE AWAY ALL THESE AMERICAN JOBS BECAUSE WE NEED CHINESE HELP TO DEAL WITH NORTH KOREA. LET'S SEE HOW THAT'S WORKING OUT. THE PRESIDENT, PRIOR TO THIS TRIP, HAD MET WITH PRESIDENT XI TWICE. NOW WE HAVE A THIRD MEETING. AFTER THOSE FIRST TWO MEETINGS, THE NORTH KOREA EXPLODES A HYDROGEN BOMB AND TESTS A MISSILE CAPABLE OF REACHING MAJOR CITIES IN THE MAINLAND OF THE UNITED STATES. ALL WITH THE ACQUIESCENCE OF THE CHINESE GOVERNMENT. SO WHETHER YOU'RE CONCERNED WITH OUR NATIONAL SECURITY OR WHETHER YOU'RE CONCERNED WITH JOBS AND TRADE POLICY, WE CAN NO LONGER HAVE A PRESIDENT WHO POSES AND PRETENDS ANDING NORSE THE STATUTORY AUTHORITY THAT HE HAS ON LAWS THAT HAVE BEEN ON THE BOOKS SINCE THE 1930'S. NOW LET'S TALK ABOUT THE REPUBLICAN TAX BILL. THIS IS A BILL WHICH WILL RAISE TAXES ON MILLIONS OF MIDDLE CLASS FAMILIES. NOW, IT GETS WORSE IN A FEW YEARS. THERE'S A BIT OF A BAIT AND SWITCH. THEY'LL WANT TO TELL YOU, JUST LOOK AT HOW THIS BILL WILL EFFECT YOUR TAX RETURN IN 2019. WELL, IF YOU PLAN TO STILL BE ALIVE IN 2027, TAKE A LOOK AT THE EFFECT IT'S GOING TO HAVE THEN. LET'S LOOK AT MIDDLE CLASS FAMILIES. NOT THE POOREST 20% IN OUR COUNTRY, NOT THE RICHEST 20%, THAT MIDDLE 60%. ROUGHLY 30% OF THOSE FAMILIES IN THE MIDDLE CLASS ARE GOING TO SEE A TAX INCREASE ON THEIR 2027 TAX RETURN. AND THAT TAX INCREASE IS LIKELY -- IS CALCULATED AS AN AVERAGE OF $1,300 PER FAMILY. WELL, LET'S LOOK AT THE INDIVIDUAL PROVISIONS. TO SEE HOW FAIR THEY ARE TO MIDDLE CLASS FAMILIES. FIRST, RIGHT OFF THE BAT, THEY TAKE AWAY THE PERSONAL EXEMPTION. WHICH ON NEXT YEAR'S TAX RETURN, THE FIRST YEAR THAT THIS NEW BILL WOULD BE EFFECTIVE, IS WORTH $4,150 PER PERSON IN YOUR FAMILY. THAT'S NEARLY $21,000 FOR A FAMILY LIKE MINE, OF FIVE. THEY TAKE AWAY $21,000 OF DEDUCTIONS EVEN FROM THE POOREST FAMILIES IN AMERICA AND FROM EVERY MIDDLE CLASS FAMILY AS WELL. NOW, THEY SAY THEY'RE GOING TO REPLACE THAT WITH A CHILD TAX CREDIT, BUT IF YOUR YOUR CHILDREN ARE OVER AGE 16, THAT CREDIT IS LIMITED TO A FEW HUNDRED DOLLARS NEXT YEAR AND THEN THEY MAKE IT ZERO FIVE YEARS FROM NOW. SO IF YOUR KIDS ARE GOING TO TURN AGE 17 SOMETIME IN THE NEXT FIVE YEARS, THEY'VE GOT YOUR NAME ON THIS BILL. AND THEY ALSO DO INCREASE THE STANDARD DEDUCTION. BUT TENS OF MILLIONS OF AMERICANS DON'T EVEN TAKE THE STANDARD DEDUCTION. THEY CHOOSE TO ITEMIZE THEIR DEDUCTIONS. SO ONE REPLACEMENT IS INAPPLICABLE IN A FEW YEARS TO KIDS OF A FEW YEARS OLD. AND THE OTHER IS INAPPLICABLE TO THE MILLIONS OF FAMILIES THAT DON'T ITEMIZE THEIR DEDUCTIONS. BUT EVEN IF IT IS APPLICABLE TO YOU, YOU'RE LOSING, FOR A FAMILY OF FIVE, $2,100 ROUGHLY, AND WHAT ABOUT A FAMILY OF SIX, A FAMILY OF SEVEN, A FAMILY OF EIGHT, ANOTHER $4,150 PER CHILD . AND THEY REPLACE IT WITH AN INCREASE IN THE STANDARD DEDUCTION OF $1,200 AND A PER CHILD CREDIT OF $600 OR $300 OR ABSOLUTELY ZERO. IF YOUR KIDS ARE OVER AGE 16 AND IT'S A FEW YEARS FROM NOW. NEXT, LET'S TALK ABOUT MOVING EXPENSES. THE CURRENT CODE IS A THAT YOU'RE WORK AT FACTORY AND IT CLOSES DOWN AND IT'S MOVING, 100 MILES 3RKS00 MILES AWAY, AND YOU HAVE TO MOVE YOUR HOME, YOU HAVE TO FIND A NEW HOME TO LIVE IN, YOU GET TO DEDUCT YOUR MOVING EXPENSES. THEY TAKE THAT AWAY. BUT WHAT DO THEY SFLEEVE IF YOU OWN A FACTORY AND YOU SHUT IT DOWN AND YOU TO MOVE TO CHINA, ALL OF THE MOVING EXPENSES ARE TAX DEDUCTIBLE. SO DON'T LET THEM TELL YOU THEY'RE TAKING AWAY THE MOVING EXPENSE DEDUCTION. SURE, THEY'RE TAKING IT AWAY FROM INDIVIDUALS. AND EMPLOYEES. BUT THEY ARE LEAVING THE MOVING TAX DEDUCTION FOR THOSE WHO ARE MOVING THEIR FACTORIES TO CHINA. AND OF COURSE THEY TAKE AWAY THE STUDENT LOAN DEBT INTEREST DEDUCTION. SO IF YOU ARE INVESTING IN YOURSELF OR IN A FAMILY MEMBER, EDUCATION, THE INTEREST DEDUCTION WIPED OFF YOUR TAX RETURN. BUT IF YOU'RE INVESTING IN A CHINESE FACTORY, THE DEDUCTIONS ARE THERE FOR YOU. SO THEY'RE NOT ANTI-INVESTMENT. THEY'RE JUST ANTI-INVESTMENT IN THE SKILLS AND CAPACITIES OF AMERICAN WORKERS. NEXT IS THE MEDICAL DEDUCTION. NEXT IS THE MEDICAL DEDUCTION. IT'S AVAILABLE ONLY TO FAMILIES WITH LARGE MEDICAL NEEDS. BECAUSE YOU DON'T GET THE MEDICAL DEDUCTION UNLESS YOUR UNRURMED MEDICAL EXPENSES AND THANKS TO THE AFFORDABLE CARE ACT, AT LEAST MOST PEOPLE HAVE DECENT INSURANCE, BUT YOU STILL HAVE MEDICAL EXPENSES THAT ARE OUT OF POCKET. IF THEY EXCEED 10% OF YOUR INCOME, TO THE EXTENT OF THAT, YOU CAN TAKE A DEDUCTION. IF IT IS 13% OF YOUR INCOME, YOU CAN DEDUCT THE 3%. THAT'S NOT OVERLY GENEROUS. IT'S NOT EVEN APPLICABLE TO MOST FAMILIES WHO NEED IT. WHO NEEDS IT? PEOPLE WITH DISABILITIES, FAMILIES WITH CHILDREN WITH SPECIAL NEEDS, PEOPLE WITH CANCER. THAT'S WHO THEY TARGET. AND THEY SAY, WELL, IF YOU MAKE SOME MONEY AND THEN YOU HAVE TO SPEND IT DEALING WITH MEDICAL SERVICES, DEALING WITH THERAPIES FOR SPECIAL NEEDS CHILDREN, FOR DISABLED, FOR CANCER, WELL JUST BECAUSE YOU DON'T HAVE THE MONEY BECAUSE YOU HAD TO SPEND IT ON MEDICAL SERVICES, WE WILL TAX YOU ON THE MONEY. AND THEY DO. THERE'S ANOTHER GROUP OF PEOPLE WHO ARE UNLUCKY ENOUGH TO HAVE EXTRAORDINARY EXPENSES AND THAT IS CASUALTY LOSSES. IF YOU HAVE A SMALL FIRE OR SOME SMALL CASUALTY, YOU'RE NOT GOING TO GET A DEDUCTION. THE DEDUCTION APPLIES WHEN YOUR CASUALTY LOSSES EXCEED 10% OF YOUR INCOME AND THEN ONLY TO THE EXTENT THAT THEY EXCEED 10% OF YOUR INCOME. WE HAVE HAD THE WILDFIRES IN MY STATE OF CALIFORNIA, NOT TO MENTION THE HURRICANES IN THE CARIBBEAN AND THERE ARE PEOPLE WHO ARE GOING TO SAY, WELL, THANK GOD IF THE DISASTER HAD TO HIT US IT HAPPENED IN 2017 BECAUSE OUR CASUALTY LOSSES ARE DEDUCTIBLE. WHAT ABOUT THE NEXT DISASTER? PEOPLE WITH UNINSURED OUT OF POCKET LOSSES EXCEEDING 10% OF THEIR INCOME WILL NOT GET AN A DEDUCTION. IF THERE IS AN ENORMOUS DISASTER AND THE CNN CAMERAS ARE THERE THEN YOUR REPRESENTATIVE CAN COME AND ASK FOR A SPECIAL TAX RULE. FIRST, WHAT IF YOUR HOME BURNS DOWN AND CNN ISN'T THERE BECAUSE IT'S NOT PART OF AN ENORMOUS DISASTER BUT JUST SOMETHING THAT HITS YOU AND A COUPLE OF NEIGHBORS. YOU'LL NEVER GET A SPECIAL TAX PROVISION. YOU AREN'T GOING TO WRITE ONE FOR THREE OR FOUR PEOPLE, 30 OR 40 PEOPLE OR 80, 90 PEOPLE AFFECTED BY A SMALL BRUSHFIRE, BUT WHAT IF YOU ARE PART OF THE NEXT ENORMOUS CATASTROPHE, YOUR CONGRESSIONAL DELEGATION WILL BE HERE HAVING TO DECIDE WHETHER TO BARGAIN TO GIVE YOU A CHANCE TO TAKE THE SAME DEDUCTION THAT'S BEEN IN THE CODES SINCE THE 1950'S OR WHETHER TO BARGAIN TO TRY TO GET DISASTER RELIEF TO REREBILLED THE -- REBUILD THE INFRASTRUCTURE. SO WHAT ARE THEY GOING TO DO? IT IS CLEARLY WRONG AND UNFAIR TO TAX PEOPLE ON THAT PORTION OF THEIR INCOME THAT THEY HAVE TO USE TO DEAL WITH IN A TRULY EXTRAORDINARY CASUALTY LOSS. AGH, THERE IS ANOTHER PROVISION THAT HASN'T BEEN TALKED ABOUT MUCH AND THAT IS THE WAY THEY INDEX CODE PROVISIONS FOR INFLATION. THERE'S SOME OF THE PROVISIONS THEY DON'T INDEX AT ALL. SO THEY SAY, WELL, YOU CAN TAKE YOUR PROPERTY TAX DEDUCTION AND ITEMIZE IT, ONLY THE PORTION UP TO $10,000. THAT SOUNDS LIKE A MONEY, BUT THEY DON'T INDEX IT. SO WHAT ABOUT 10 YEARS FROM NOW, WHAT ABOUT 20 YEARS FROM NOW? YOU SAY I WON'T BE IN MY HOUSE 20 YEARS FROM NOW BUT THE PERSON YOU SELL YOUR HOUSE TO WILL BE THERE. AND IF THEY SAY, MY GOD, ALL THE PRICES ARE HIGHER, THE WAGES ARE HIGHER AND TAXES ARE HIGHER, THAT $10,000 LIMIT IS THAT I CAN'T DEDUCT HALF OF MY PROPERTY TAX BILL. THAT WILL BE FACTORED INTO THE PRICE OF YOUR HOUSE. SO AS TO THE THINGS AFFECTING HOME OWNERSHIP, NO INDEXING, EVERYTHING LOOKS BIG NOW GETS SMALLER AND SMALLER EVERY YEAR AS A RESULT OF INFLATION. AND THIS TAX BILL IS GOING TO CAUSE MORE INFLATION AND THERE ARE OTHER PROVISIONS WHERE THEY SEE THEY ARE KEEPING THE INDEXING BUT CHANGE FROM C.P.I. INDEXING TO CHAIN INDEXING. IT'S A SYSTEM FOR INDEXING THE BRACKETS LESS THAN WOULD BE IF YOU JUST LOOK AT THE CONSUMER PRICE INDEX. SO YOU SAY, WELL, I'M ONLY GOING TO BE IN THE 25% BRACKET UNDER THIS BILL. AND AS I GET RAISES TO COMPENSATE ME FOR INFLATION, I WILL BE IN THE 25%. NO, YOU WON'T, BECAUSE IF YOU ARE FORTUNATE, YOUR EMPLOYER WILL ADJUST YOUR WAGES FOR REAL INFLATION, BUT THE BRACKETS ARE ONLY GOING TO INCREASE FOR CHAINED C.P.I. WE TAKE AWAY THE STATE AND LOCAL TAX DEDUCTION. FIRST, THIS IS A DEPARTURE AS OTHER PROVISIONS ARE FROM THE CONCEPT THAT WE SHOULD TAX PEOPLE BASED ON THEIR ABILITY TO PAY. IF YOU MAKE A CERTAIN SALARY AND 10% OF IT IS TAKEN OUT AND USED BY YOUR LOCAL AND STATE GOVERNMENTS, THEN YOUR ABILITY TO PAY IS THE 90% OF YOUR SALARY YOU GET TO KEEP. BUT THEY DON'T WANT TO TAX YOU ON WHAT YOU KEEP AFTER STATE AND LOCAL TAXES, THEY WANT TO TAX YOU ON THE MONEY THAT HAS ALREADY BEEN SPENT ON TAXES. THE EFFECT OF THIS IS NOT JUST ON THE MIDDLE CLASS FAMILIES WHO ARE GOING TO LOSE A TAX DEDUCTION ON THEIR RETURN AND BE TAXED UNFAIRLY. THE RIGHT-WING THINK TANKS SAY WE KNOW WHY. THAT WILL CREATE A POLITICAL ATMOSPHERE WHERE STATES LIKE CALIFORNIA AND NEW YORK AND NEW JERSEY WILL SLASH THE AMOUNT OF MONEY THAT THEY SPEND ON THINGS LIKE PUBLIC SERVICE, PUBLIC SAFETY AND EDUCATION. AND SO WE WON'T JUST BE AFFECTING THE PEOPLE WHO ARE NOT TAKING THE TAX DEDUCTION, WE WILL BE TURNING TO LOWER FAMILIES AND MIDDLE-CLASS FAMILIES WHO DEPEND UPON PUBLIC SCHOOLS AND WILL JUST CAUSE A POLITICAL SITUATION WHERE LESS MONEY IS SPENT ON LOCAL EDUCATION. SO THIS JUST DOESN'T AFFECT THOSE THAT AFFECTS THEIR TAX RETURN BUT AFFECTS EVERYONE WHO LIVES IN THE COMMUNITY. NOW, AS I HAVE ALLUDED TO BEFORE, TAKE AWAY A BIG CHUNK OF THE HOME MORTGAGE DEDUCTION, PARTICULARLY THE PERSON YOU SELL YOUR HOUSE TO LATER. SO IF YOU SELL YOUR HOUSE AND GOT KNOWS WHAT THE INFLATION RATE MAY BE, IT MAY BE SIGNIFICANT, IT MAY BE $500,000, DOESN'T SOUND LIKE A LOT OF MONEY THEN BUT SOUNDS LIKE $500,000 IS NOW. SO ANY WAY THE HOME MORTGAGE DEDUCTION LIMITED FOR THAT BUYER TO $500,000 OF MORTGAGE AND THE PROPERTY TAX LIMITED TO $10,000 OF PROPERTY TAX. WHAT EFFECT IS THIS GOING TO HAVE ON THE ABILITY TO SELL YOUR HOME WHICH IN MANY PARTS OF THE COUNGET TRY ARE YOUR HOME NEST EGG. PEOPLE IN CALIFORNIA HAVE EQUITY IN THEIR HOME AND MAYBE THEY CAN RETIRE BECAUSE THEY HAVE 25% EQUITY IN THEIR HOME. YESTERDAY BEFORE THE FINANCIAL SERVICES COMMITTEE, WE HAD TESTIFYING MARK ZANDI, ONE OF THE LEADING ECONOMIST, WHO IS HEAD OF THE ECONOMICS OPERATION AT MOODY'S. AND HE SAID IN MAJOR METRO AREAS LIKE THE ONE I REPRESENT ARE GOING TO SEE A DOUBLE-DIGIT DECLINE IN HOME VALUES AS A RESULT OF THIS BILL. A LOT OF THAT IS THE LIMIT ON HOME MORTGAGE DEDUCTION AND THE PROPERTY TAX. THERE ARE OTHER ELEMENTS IN THIS BILL THAT ALSO ADVERSELY AFFECT HOME PRICES, DOUBLE-DIGIT DECLINE. AND WHAT DOES THAT DO TO THE COMMUNITY? YOU MAY SAY I DON'T OWN A HOME, I LIVE IN AN APARTMENT, WHO IS GOING TO COME TO THAT RESTAURANT AND HOW BIG ARE THEY GOING TO TIP IF THEY JUST BEEN TOLD, GO TO ZILLO AND SEE THE VALUE OF THEIR HOME AND SEE A DOUBLE-DIGIT DECLINE. THE WHOLE COMMUNITY. AND SO WHETHER -- THIS AFFECTS FOLKS FROM THE NEW YORK METRO AREA, PHILLY METRO AREA, LOS ANGELES, SAN DIEGO, ORANGE COUNTY IN CALIFORNIA. YOU ARE SUCKING MONEY OUT OF THE LOCAL ECONOMY AND GIVING IT TO THE FEDERAL GOVERNMENT BY TAKING AWAY THE STATE AND LOCAL PROPERTY TAX DEDUCTION. YOU ARE THEN SLASHING THE VALUE OF HOMES, DOUBLE-DIGIT DECLINE, WHAT MONEY IS GOING TO BE IN CIRCULATION TO SUPPORT THE ENTIRE REGIONAL COMMUNITY? THIS IS GOING TO HIT LIKE A HURRICANE EVEN IN AREAS OF THE COUNTRY THAT DID NOT EXPERIENCE A HURRICANE. NOW, MY PARTY IS SO FOCUSED ON THE GREAT UNFAIRNESS OF THIS BILL. THE FACT THAT IT PROVIDES THE BULK OF ITS BENEFITS TO THE TOP 5%, EVEN THE TOP 1%. AND THAT FACT IS HIDDEN BY THE ANOMALY THAT MOST OF THE ECONOMIC PROJECTIONS OF THIS BILL DON'T EVEN LOOK AT THE REPEAL OF THE ESTATE TAX. THEY ONLY LOOK AT THE INCOME TAX PROVISIONS. YOU CAN'T EXCLUDE A WHOLE CHUNK OF THIS TAX BILL AND ANALYZE IT. BUT WE ARE FOCUSED ON THE HUGE UNFAIRNESSES THAT WE ALMOST DON'T WANT TO TALK ABOUT THE EFFECT IT WILL HAVE ON THE OVERALL NATIONAL ECONOMY. THIS ISN'T JUST AN UNFAIR BILL OR ENRICHES THE RICH, THIS IS A DEFICIT EXPLODING, OUTSOURCE PROMOTING, JOB-KILLING, GROWTH-REDUCING DISASTER FOR OUR NATION'S ECONOMY. NOW, YOU WANT TO KNOW THE EFFECT OF HUGE TAX CUTS ON AN ECONOMY? LOOK AT KANSAS. THEY SLASHED THEIR TAXES. AND NOW A REPUBLICAN LEGISLATURE IS REVERSING IT BECAUSE OF WHAT THAT HAS DONE TO TAX RECEIPTS AND TO THE KANSAS ECONOMY. BUT LET'S TAKE A LOOK AND SEE WHAT EFFECT THIS IS LIKELY TO HAVE AT THE NATIONAL LEVEL. I TURN TO THE CENTER FOR ON BUDGET AND POLICY PRIORITIES, WHERE THEY SAY THAT THIS TAX CUT IS AN INEFFECTIVE WAY TO SPUR ECONOMIC GROWTH AND IS LIKELY TO HARM THE ECONOMY IF IT ADDS TO THE DEFICIT. WELL, WHAT'S THE PLAN IN THE BUDGET REPUBLICANS ALL VOTED FOR? TO DELIBERATELY USE THIS TAX CUT TO INCREASE THE DEFICIT BY $1.5 TRILLION. BUT THE CONGRESSIONAL BUDGET OFFICE UNDER REPUBLICAN ADMINISTRATION OF THIS HOUSE AND THIS CONGRESS SAYS IT IS GOING TO DO $1.7 TRILLION. BUT THEY SAY, WELL LET'S LOOK AT IT MORE DYNAMICICALLY. IT WILL INCREASE THE DEFICIT BY $2 TRILLION BECAUSE IT RAISES INTEREST RATES AND ENCOURAGES OFFSHORE INVESTMENT STRIPPING ECONOMIC GROWTH OUT OF THE UNITED STATES AND FOR A HOST OF REASONS I'LL GET TO. THE MORE YOU LOOK AT THE TAX CUT, THE MORE APPARENT IT IS THAT IT WILL CUT ECONOMIC GROWTH AND INCREASE THE DEFICIT EVEN MORE THAN THE $1.7 TRILLION THAT THE CONGRESSIONAL BUDGET OFFICE DURING REPUBLICAN CONTROL OF CONGRESS, THE CONGRESSIONAL BUDGET OFFICE IS CURRENTLY ESTIMATING. WHY IS THIS? WELL, FIRST, BECAUSE INCENTIVES TO INVEST IN THE TAX CODE HAVE LITTLE OR NO EFFECT ON PRIVATE SAVINGS, ACCORDING TO A CONGRESSIONAL RESEARCH SERVICE REPORT. BECAUSE THE IMPERICAL EVIDENCE AND NUMEROUS REPORTS SHOWS THAT THE 2003 TAX CUTS HAD LITTLE IMPACT ON INVESTMENT OR EMPLOYMENT. NOW I SPEAK WITH A LITTLE BIT OF EXPERIENCE HERE BECAUSE I LIVED 20 YEARS OF MY LIFE IN THE TAX WORLD. MOST OF IT RIGHT AT THE INTERSECTION OF INVESTMENT AND TAX LAW. I SAT WITH FAMILIES AND CHARGED THEM A LARGE AMOUNT PER HOUR TO DESCRIBE WHAT THE LATEST TAX LAW SAID AND WHAT INVESTMENTS -- WHAT EFFECT IT WOULD HAVE ON DIFFERENT INVESTMENTS. AND MY EXPERIENCE AS A C.P.A. AND TAX ATTORNEY AND CERTIFIED TAX LAW SPECIALIST BY MY STATE BAR WAS IDENTICAL TO THAT OF WARREN BUFFETT. WHO SAID, I'VE WORKED WITH INVESTORS FOR 60 YEARS AND I HAVE YET TO SEE ANYONE, NOT EVEN WHEN CAPITAL GAINS RATES WERE AT 39.9%, OR WHEN THEY WERE 15% AS THEY ARE NOW, I'VE NEVER SEEN ANYONE SHY AWAY FROM A SENSIBLE INVESTMENT BECAUSE THE TAX RATE ON THE TO -- BECAUSE OF THE TAX RATE ON THE POTENTIAL GAIN. PEOPLE INVEST TO MAKE MONEY AND POTENTIAL TAXES HAVE NEVER SCARED THEM OFF. NOW, THAT IS WHY WHEN YOU LOOK AT THE EFFECT OF THIS BILL, YOU COME TO THE CONCLUSION, AS THE CONGRESSIONAL BUDGET OFFICE DID IN LOOKING AT THE BUSH TAX CUTS, AND WHETHER TO EXTEND THEM OR ALLOW THEM TO EXPIRE, THAT IF YOU HAVE TAXES AND YOU USE THAT MONEY TO PAY THE DEFICIT, THAT DOES MORE TO HELP THE ECONOMY, IT IS MORE IMPORTANT TO FIGHT THE DEFICIT THAN IT IS TO TELL VARIOUS FAMILIES, OFTEN AT THE VERY HIGH END, THAT THEY GET A TAX CUT. WELL, LET'S LOOK AT AMERICAN ECONOMIC HISTORY. I'VE DESIGNED THIS CHART HERE AND I FOCUSED ONLY AFTER THE 1986 TAX CUT FOR WHICH RONALD REAGAN IS FAMOUS. THERE WERE MANY THINGS ABOUT OUR ECONOMY BACK IN THE EARLY 1980'S AND THE 1970'S AND 1960'S THAT AREN'T RELEVANT TODAY. WE DIDN'T HAVE THE TRADE POLICIES BACK IN THE 1970'S THAT WE HAVE TODAY. SO WE LOOK AT THE 19 -- THE RONALD REAGAN 1986 TAX POLICY AS SLIGHTLY ADJUSTED BY GEORGE H.W. BUSH. WE LOOK AT THE POLICIES THAT WE HAD -- I KNOW THE 1986 TAX LAW, YOU'D THINK, WELL, THAT MUST HAVE AFFECTED 1986. NO, IT REALLY BECAME EFFECTIVE IN 1988. SO YOU LOOK AT 1998 -- 1988 TO 2003 AND WE HAD AN ECONOMIC ECONOMIC GROWTH. THEN IN 1994 YOU SEE THE EFFECT OF THE CLINTON TAX POLICIES ADOPTED IN 1993. AND WE SEE ECONOMIC GROWTH OF WELL OVER 4%. AND THESE FIGURES HERE ARE REAL ECONOMIC GROWTH PER YEAR, ADJUSTED FOR INFLATION. 4.4%. SO THEN GEORGE W. BUSH GETS ELECTED AND STARTING IN 2001, HIS TAX POLICIES ARE ADOPTED BY THIS CONGRESS AND ENACTED INTO LAW. AND WE SEE THAT ECONOMIC GROWTH IS ONLY 1.7%. NOW, THOSE BUSH TAX POLICIES CONTINUE ENFORCE UNTIL 2013 BECAUSE DEMOCRATS ALLOWED THEM TO STAY IN FORCE. UNTIL WE FINALLY ADOPTED OBAMA TAX POLICIES EFFECTIVE IN 2013. THOSE POLICIES CONTINUE TO BE ENFORCED RIGHT UP TO TODAY. AND THE MOST RECENT STATISTICS WE HAVE ARE UP THROUGH SEPTEMBER 30 OF THIS YEAR. THE ECONOMIC GROWTH UNDER THOSE POLICIES HAS BEEN 2.22%. SO WHAT WE'VE SEEN HERE IS THAT WHEN WE ADOPT REPUBLICAN ECONOMIC POLICIES, AND THEY BECOME EFFECTIVE, WE HAVE SUBSTANTIALLY LOWER ECONOMIC GROWTH THAN WHEN WE ADOPT DEMOCRATIC TAX POLICIES AND WHEN DEMOCRATS ACTUALLY PASS THOSE POLICIES AND HAVE THE GUTS TO PASS THOSE POLICIES AND PUT THEM INTO LAW. SO, YOU'VE GOT TO ADMIRE THE REPUBLICAN PARTY. THEY'RE ABLE TO GET MEMBER AFTER MEMBER AFTER MEMBER TO SAY WITHOUT ANY PROOF THAT TRICKLE-DOWN ECONOMICS WORKS, THAT IF YOU JUST CUT TAXES, YOU SOMEHOW HELP THE ECONOMY. IT DOESN'T MATTER IF YOU CAN LINE UP 100 MEMBERS TO SAY THE SAME FALSEHOOD AT THE SAME LECTERN IN THE SAME CONGRESSIONAL HALL. ON THE SAME HOUSE FLOOR. WHAT MATTERS IS THE REAL HISTORY AND THE REAL HISTORY IS THAT THE HIGHER RATES IMPOSED UNDER DEMOCRATIC ADMINISTRATIONS HAVE NOT JUST LED TO HIGHER TAX REVENUES, THEY'VE LED TO HIGHER RATES OF ECONOMIC GROWTH. WHY IS THIS? FIRST AND PERHAPS MOST IMPORTANT, IS HAVING MONEY AVAILABLE FOR BUSINESS INVESTMENT. THERE'S A POOL OF SAVINGS CAPITAL AVAILABLE IN OUR MARKETS AND IN OUR ECONOMY. AND THE REPUBLICAN PROPOSAL WOULD COME IN AND SCOOP $1.2 TRILLION OF THAT, TAKE IT OUT OF THE MARKETS, TAKE IT OUT OF THE BANKS WHERE IT COULD BE LENT TO SMALL BUSINESSES, TAKE IT OUT OF THE BOND MARKETS WHERE IT CAN BE USED FOR EXPANSIONS BY BIG BUSINESS, AND JUST USE IT TO PAY FOR THE TAX CUTS. NO WONDER TAX CUTS THAT INCREASE DEFICITS HURT BUSINESS INVESTMENT AND HURT THE ECONOMY. BUT THERE'S MORE. WE THEN ADD TO OUR NATIONAL DEBT AND THE NATIONAL DEBT IS FOREVER. NOT ONLY DO WE HAVE THE INCREASE IN THE DEBT OF $1.5 TRILLION TO $1.7 TRILLION, BUT THAT DEBT WILL BE HERE NOT JUST 10 YEARS FROM NOW, IT'S THERE FOREVER. YOUR GREAT-GRANDCHILDREN ARE GOING TO BE PAYING INTEREST ON THAT DEBT. BUT THEN WE HAVE THE INTERNATIONAL IMPACT. YOU SEE, THEY'RE PROPOSAL PROVIDES FOR -- THEIR PROPOSAL PROVIDES FOR A ZERO PERCENT TAX, ZERO PERCENT U.S. TAX, ON ANY MONEY MADE BY ANY FACTORY AS LONG AS YOU MOVE THAT FACTORY ABROAD. AND IF THE WAGE RATES ARE TOO HIGH IN CHINA, YOU CAN PUT IT IN VIETNAM. NOW, THEY DO, IN ADDITION TO SAYING YOU MOVE YOUR FACTORY ABROAD YOU PAY ZERO TAX ON ALL THE MANUFACTURING PROFITS, BUT BECAUSE THAT MANUFACTURING IS BEING DONE ABROAD. SO WE ENCOURAGE MOVING THE FACTORY ABROAD. THE WORK IS BEING DONE ABROAD. WE DON'T TAX IT. BUT IN ADDITION, WHAT IS AN AREA OF ECONOMIC ACTIVITY WHERE AMERICANS EXCEL? IT IS THE CREATION OF INTELLECTUAL PROPERTY. WHILE THE MANUFACTURING MIGHT BE DONE ABROAD, THE DESIGN, THE PATENTS, THE COPYRIGHT, THE TRADE NAMES, THE MARKETING PLANS, THE TRADE SECRETS, THE INTELLECTUAL PROPERTY IS CREATED HERE. BUT UNDER THIS BILL, NOT ONLY THE PROFIT YOU MAKE ON THE FOREIGN FACTORY, BUT THE PROFIT YOU MAKE FROM ALL THAT INTELLECTUAL PROPERTY CAN PAY ALMOST STEERO PERCENT AMERICAN TAX IF -- ZERO PERCENT AMERICAN TAX IF YOU JUST TAKE THAT PATENT AND PUT IT IN A FILE IN THE CAIMAN ISLANDS. NOW, I DON'T WANT TO SAY THAT OUR CURRENT SYSTEM FOR TAXING INTERNATIONAL TRANSACTIONS IS ANYTHING THAT WE CAN BE PROUD OF. THE PRESENT SYSTEM, IF YOU MAKE MONEY IN THAT -- IN A U.S. FACTORY, AS A TASKS 35%, YOU MAKE IT IN A FOREIGN FACTORY, WE ALSO HAVE A TAX 356%, BUT YOU CAN DEFER IT. SO RIGHT NOW IF YOU'RE JUST TRYING TO DECIDE WHERE TO PUT THE FACTORY, YOU'VE GOT A TAX IN THE UNITED STATES THAT YOU ACTUALLY HAVE TO PAY, AND A TAX ON A FACTORY ABROAD THAT YOU'LL PAY EVENTUALLY. WELL, WHAT DO THEY DO? THEY TAKE THAT 35% EVENTUALLY TAX AND TURN IT INTO A ZERO PERCENT FOREVER TAX. HOW MUCH MORE INCENTIVE COULD THEY PROVIDE TO MOVE AMERICAN FACTORIES OVERSEAS? NOW, THE PRESENT SYSTEM ALSO HAS A PROBLEM IN THAT YOU CAN DEFER TAX ONLY ON THE MONEY YOU KEEP OFFSHORE. SO THEIR SOLUTION IS TO SAY, WELL, BRING IT ONSHORE, WE'LL PROVIDE A LITTLE TINY TAX ON IT AND THEN ALL THE MONEY YOU'VE MADE OVERSEAS THE LAST 10 OR 20 YEARS, NO U.S. TAX. AND AT LEAST THE MONEY GETS REPATRIATED. DEMOCRATS ARE ANXIOUS TO WORK WITH REPUBLICANS ON REPATRIATION. THEY CAN PROBABLY GET A MORE REPUBLICAN PLAN ADOPTED THAN ONE THAT I WOULD ENDORSE IN THIS SPEECH. BUT WHY NOT TAX THE UNREPATRIATED MONEY? THAT WAY WE WOULD BE SAYING, BRING THAT MONEY BACK OR DON'T BRING IT BACK. YOU PAY THE SAME TAX. SO YOU MIGHT AS WELL BRING IT BACK. WHAT WE CAN ALSO DO IS MOVE TO WORLDWIDE UNITARY APPORTIONMENT. ELIMINATE ALL THE TAX GAINS, AND MOST OF THEM ARE INTERNATIONAL. ELIMINATE ALL THE REASONS TO MOVE FACTORIES ABROAD. AND GENERATE ANOTHER TRILLION DOLLARS EVERY 10 YEARS FOR OUR TREASURY. THAT'S THE SYSTEM THAT WE OUGHT TO BE MOVING TO. I'M NOT HERE TO SAY OUR PRESENT SYSTEM IS WONDERFUL. I'M HERE TO SAY THAT WE SHOULD NOT ADOPT A REPUBLICAN SYSTEM BECAUSE IT MOVES US EVEN FURTHER AWAY FROM WHAT WOULD BE A FAIR SYSTEM THAT WOULD NOT ENCOURAGE OFFSHORING. ANOTHER WAY IN WHICH WE'RE AFFECTED INTERNATIONALLY IS THAT THIS TAX BILL WOULD CHANGE CURRENCY VALUES. CHANGE THE EXCHANGE RATE BETWEEN THE EURO, THE YEN, THE CHINESE CURRENCY, AND OTHER CURRENCIES AROUND THE WORLD. IN A WAY THAT WILL ENCOURAGE AMERICANS TO IMPORT AND DISCOURAGE THOSE ABROAD FROM BUYING OUR PRODUCTS. JUST ANOTHER ECONOMIC HARM. ANOTHER ECONOMIC HARM IS TOUTED BY THE CONSERVATIVE SUPPORTERS OF THIS POLICY. THEY SAY THAT BY CUTTING TAXES, WE'LL GET THE FEDERAL GOVERNMENT AND STATE AND LOCAL GOVERNMENTS TO SPEND LESS MONEY ON INFRASTRUCTURE AND EDUCATION . IF YOU WANT TO ASK WHAT IS IT THAT MAKES A COUNTRY WEALTHIER THAN OTHERS, IT'S FIRST AND FOREMOST THE EDUCATION OF ITS WORKERS AND THEN, SECOND, THE INFRASTRUCTURE THAT'S AVAILABLE TO PRODUCTIVE ACTIVITY. IN ADDITION, AS I MENTIONED BEFORE, THEY'RE GOING TO CUT THE VALUE OF HOMES NAGSEWIDE. MOST PRONOUNCED IN THE -- NATIONWIDE. MOST PRONOUNCED IN THE MAJOR METROPOLITAN AREAS. WHAT DOES THAT DO TO MIDDLE CLASS SPENDING, WHICH DRIVES OUR ECONOMY? IT DRIVES THAT MIDDLE CLASS SPENDING DOWN. WHO'S GOING TO GO OUT TO A RESTAURANT IF YOU JUST HAVE BEEN TOLD THAT YOU'VE HAD A DOUBLE-DIGIT DECLINE IN THE VALUE OF YOUR HOME? THIS BILL WILL ALSO CAUSE HIGHER INTEREST RATES BECAUSE THE FEDERAL GOVERNMENT'S GOING TO BE BORROWING ANOTHER TRILLION AND A HALF TODAY 1.7 TRILLION. -- TO $1.7 TRILLION. SO THERE IS A DIFFERENCE BETWEEN ME AND MY PARTY LEADERSHIP. THEY SAY THAT THE MAIN REASON TO VOTE AGAINST THIS BILL IS THAT IT IS UNFAIR BY GIVING HUGE TAX BREAKS TO THE TOP 1% AND INCREASING TAXES FOR MILLIONS OF AMERICAN FAMILIES. I SAY YOU SHOULD VOTE AGAINST THIS BILL BECAUSE IT'S A DEFICIT-EXPOSING, OUTSOURCING-PROMOTING, JOB-KILLING, ECONOMIC GROWTH-DEPRESSING BILL. BUT I THINK WE'LL AGREE, WHETHER YOU VOTE AGAINST THIS BILL BECAUSE IT'S UNFAIR OR YOU VOTE AGAINST THIS BILL BECAUSE IT'S BAD FOR OUR ECONOMY, YOU WILL BE PERFORMING AN IMPORTANT SERVICE TO OUR COUNTRY. BUT LET ME NOT NEGLECT, LET ME NOT NEGLECT THE FACT THAT IF YOU VOTE THAT THE BILL ISN'T TOTALLY WITHOUT BEING USEFUL TO SOMEBODY. IT WILL REDUCE TAXES FOR THE DONALD TRUMP FAMILY BY OVER $1 BILLION. IN ESTATE TAX AND TENS OF MILLIONS OF DOLLARS IN INCOME TAX. BUT MAYBE THAT'S NOT ENOUGH FOR YOU. LOOK AT WHAT IT WILL DO FOR THE KOCH BROTHERS. FAR MORE THAN IT WILL DO FOR THE TRUMP FAMILY. SO IF THAT'S IMPORTANT TO YOU, IF THAT'S THE RESULT YOU WANT TO ACHIEVE, THEN VOTE FOR THE BILL. I THINK I WANT TO THANK THE SPEAKER FOR THE OPPORTUNITY TO SPEAK THIS LONG. AND I WILL HAVE A MOTION TO MAKE AS SOON AS I FIND IT ON THESE PAPERS OR JUST SAY THAT I MOVE THAT THE -- I'VE BEEN ASKED BY STAFF TO WAIT ONE SECOND.

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            • 01:59:11 PM

              THE SPEAKER PRO TEMPORE

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE CHAIR LAYS BEFORE…

              THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME. THE CHAIR LAYS BEFORE THE HOUSE THE FOLLOWING ENROLLED BILL.

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            • 01:59:22 PM

              THE CLERK

              H.R. 3243, AN ACT TO AMEND TITLE 40, UNITED STATES CODE, TO ELIMINATE THE…

              H.R. 3243, AN ACT TO AMEND TITLE 40, UNITED STATES CODE, TO ELIMINATE THE SUNSET OF CERTAIN PROVISIONS RELATING TO INFORMATION TECHNOLOGY TO AMEND THE NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2015, TO EXTEND THE SUNSET RELATING TO THE FEDERAL DATA CENTER CONSOLIDATION INITIATIVE, AND FOR OTHER PURPOSES.

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            • 01:59:43 PM

              THE SPEAKER PRO TEMPORE

              DOES THE GENTLEMAN HAVE A MOTION?

            • 01:59:46 PM

              MR. SHERMAN

              I DO INDEED. AND THAT IS A MOTION THAT WE ADJOURN TO THE APPROPRIATE TIME.

            • 01:59:52 PM

              THE SPEAKER PRO TEMPORE

              TIME.

            • 02:00:02 PM

              DICK

              IS A DICK: -- THE MOTION IS ADOPTED. ACCORDING LIQUOR THE HOUSE STANDS…

              IS A DICK: -- THE MOTION IS ADOPTED. ACCORDING LIQUOR THE HOUSE STANDS ADJOURNED -- -- ACCORDINGLY THE HOUSE STANDS

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            • 02:00:08 PM

              >>

              STANDS

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            115th Congress - House
            Total Hours: 1481 (After 651 days)
            • Debate689 Hours
            • Special Orders287 Hours
            • Votes231 Hours
            • One Minute Speeches120 Hours
            • Morning Hour107 Hours
            • Opening Procedures8 Hours

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            Source: Resume of Congressional Activity (senate.gov)