E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 115 CONGRESS, FIRST SESSION

Vol. 163 WASHINGTON, THURSDAY, JUNE 8, 2017 No. 98 House of Representatives The House met at 10 a.m. and was Sergeant Thomas, an Amory native Sergeant Thomas died on Memorial called to order by the Speaker pro tem- and a 2011 Amory High School grad- Day, the day our Nation has set aside pore (Mr. DUNCAN of South Carolina). uate, was assigned to Alpha Company, to honor those servicemen and women f 2nd Battalion 198th Armored, 155th Ar- who have fought and died to protect mored Brigade headquartered out of the freedoms we all enjoy. We cannot DESIGNATION OF SPEAKER PRO Tupelo, Mississippi. forget what this national holiday TEMPORE He has been described as a compas- means to the families like Sergeant The SPEAKER pro tempore laid be- sionate person who loved life and Thomas’, who have experienced this fore the House the following commu- spending time with his family. When loss. We can never forget those who nication from the Speaker: his daughter, Devina Jayde Smith, was gave all for the greatness of this Na- WASHINGTON, DC, born, an incredible bond was formed be- tion. June 8, 2017. tween Sergeant Thomas and his daugh- Dixie Thunder, Sergeant Thomas, I hereby appoint the Honorable JEFF DUN- ter. Sergeant Thomas’ father, Eddie Dixie Thunder. CAN to act as Speaker pro tempore on this Thomas, says the whole family is proud day. of his son’s commitment to his family f PAUL D. RYAN, and to the defense of this great Nation. CONSEQUENCES OF IRRESPON- Speaker of the House of Representatives. He divided his time between his job SIBLE FINANCIAL INSTITUTIONS f at NauticStar Boats manufacturing The SPEAKER pro tempore (Mr. MORNING-HOUR DEBATE plant in Amory and service in the Mis- RUTHERFORD). The Chair recognizes the sissippi Army National Guard. gentleman from Maryland (Mr. BROWN) The SPEAKER pro tempore. Pursu- His mother, Jo Ann Boussouar, says for 5 minutes. ant to the order of the House of Janu- her son was always interested in the Mr. BROWN of Maryland. Mr. Speak- ary 3, 2017, the Chair will now recog- military. As a young boy, Sergeant er, I take to the floor of the House nize Members from lists submitted by Thomas would say that he wanted to be today in opposition to H.R. 10, the so- the majority and minority leaders for a tank driver. morning-hour debate. The family says he excelled at soccer called Financial CHOICE Act, which is The Chair will alternate recognition in high school, where he earned a more appropriately called the ‘‘Wrong- between the parties. All time shall be scholarship to play at Itawamba Com- ful’’ CHOICE Act. equally allocated between the parties, munity College, but his patriotism led Nearly a decade since the beginning and in no event shall debate continue him down a different path, and he of the financial crisis, my district is beyond 11:50 a.m. Each Member, other turned down the scholarship and joined still dealing with the consequences of than the majority and minority leaders the Mississippi Army National Guard. irresponsible, underregulated financial and the minority whip, shall be limited Ms. Boussouar says her son was able to institutions targeting toxic subprime to 5 minutes. fulfill his dream and to serve in the loans to unsuspecting borrowers. In f military. She is proud of her son’s will- Prince George’s County, one-quarter of ingness to sacrifice his life for the safe- all mortgages were subprime. IN MEMORY OF SERGEANT KYLE ty of his family and of this Nation. Nationally, Black homeowners were CLAYTON THOMAS Prior to the incident, several col- disproportionately affected by the fore- The SPEAKER pro tempore. The leagues and I went to Fort Irwin to dis- closure crisis, 80 percent more likely to Chair recognizes the gentleman from cuss our defense readiness capabilities lose their homes compared to other Mississippi (Mr. KELLY) for 5 minutes. at the National Training Center, and families with similar incomes and life- Mr. KELLY of Mississippi. Mr. we observed the tactical operations styles. We later learned that several Speaker, I am humbled to rise today in being carried out by the 155 Brigade big banks had deliberately given people the memory of Mississippi Army Na- Combat Team of the Mississippi Army of color subprime mortgages. One such tional Guard Sergeant Kyle Clayton National Guard, my brigade, the bri- scandal-ridden bank, Wells Fargo, of- Thomas, who was killed on May 29, gade that I deployed twice with. While fered cash incentives for loan officers 2017, in a rollover incident at the Na- I did not get to meet Sergeant Thomas to peddle these, what they called ghet- tional Training Center at Fort Irwin, while I was there, I did meet several to loans to who they called mud people; California. Sergeant Thomas and three other soldiers that were just like him in other words, Black customers, often other soldiers were conducting combat and that were dedicated to serving and single mothers. maneuvers in an M1A2 SEPv2 Abrams preserving the way of life we have in For families in my district, it wasn’t Main Battle Tank. this great Nation. just about losing your home. An entire

b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.

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VerDate Sep 11 2014 23:40 Jun 08, 2017 Jkt 069060 PO 00000 Frm 00001 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.000 H08JNPT1 H4706 CONGRESSIONAL RECORD — HOUSE June 8, 2017 generation of wealth was wiped out. am determined to oppose the Financial Washington bailed out the big banks The financial foundation for future CHOICE Act, which seeks to roll back and they said they were too big to fail, generations collapsed and may never be Wall Street reform and eliminate the but the American people never got a rebuilt. Families can’t start a family, Consumer Financial Protection Bu- bailout. The American people were save for college, or set aside for their reau. Voting against this bill is the told: You are on your own. And in own retirement. right thing to do for my district and it seven States, including my home State In the wake of the crisis, Democrats is the right thing for America. of Rhode Island, we are still working to in Congress said, never again, and we f recover jobs that were lost in this took needed action to ensure that this Great Recession. That is why it was so IN HONOR OF DEPUTY DEVIN sort of abusive behavior would never be important 2 years later when Congress HODGES repeated. We passed the Dodd-Frank passed and President Obama signed Wall Street Reform and Consumer Pro- The SPEAKER pro tempore. The into law the Dodd-Frank Wall Street tection Act and created the Consumer Chair recognizes the gentleman from Reform and Consumer Protection Act Financial Protection Bureau to protect South Carolina (Mr. DUNCAN) for 5 min- of 2010. American consumers from the types of utes. This law was a landmark victory for practices that led to this crisis. Mr. DUNCAN of South Carolina. Mr. the American people, especially the Now, even as the big banks, the cre- Speaker, I rise today in honor of An- American consumer. That is why it is ators of the financial crisis, are mak- derson County Master Deputy Devin so disturbing that Republicans now ing record profits, the Financial Hodges, who tragically passed away want to take us back to the days of too CHOICE Act would once again give June 1 in the line of duty while partici- big to fail, a time when powerful Wall Wall Street permission to swindle pating in a training exercise on Lake Street special interests exploited con- working families and destroy the Con- Hartwell. sumers and small investors, and our Deputy Hodges pursued his childhood sumer Financial Protection Bureau. entire economy was put at risk. dream and started his law enforcement This would be extremely harmful for The bill before us today, which I call career out of high school working as a hardworking Americans across the the ‘‘Wrong’’ CHOICE Act, will turn dispatcher in Anderson County, then country. Wall Street into the Wild West again working for the Laurens County Sher- Since its founding, the Consumer Fi- and it will empower the big banks to do iff’s Office, the Abbeville County Sher- nancial Protection Bureau has been a what they want at the expense of hon- iff’s Office, and the Lander Police De- powerful ally of the little guy. It has est, hardworking families. This bill partment before returning to Anderson delivered nearly $12 billion in relief to takes us back to an era when financial in January of this year. more than 29 million consumers As Anderson County Sheriff Chad institutions could wipe out someone’s harmed by predatory lenders, big McBride said, Devin had a big person- retirement and foreclose on innocent banks, abusive debt collectors, and out- ality and a big heart, and it is a big homeowners completely unchecked. right scammers. loss. Devin was a man of character, a This bill repeals commonsense require- Our Nation’s veterans and military man of faith, who was known as a great ments that require financial advisers families have been some of the major father. to act in the best interests of their cli- beneficiaries of the agency’s work. The My thoughts and prayers are with ents. It will allow bad actors to push agency worked with state attorneys Devin’s wife, Krystal; his four children, bad products on working people and general to secure debt relief for 17,000 Jeffrey, James, Katie, and Dianna; his seniors in exchange for paybacks. servicemembers tricked into taking brother, Christopher; his sister, This bill protects forced arbitration out high-cost loans. It ordered Navy Dominique; and his parents, Shari and clauses and allows companies to re- Federal Credit Union to pay $28.5 mil- Ronnie; all of whom are constituents in quire their customers to waive their lion for using illegal debt collection my district, the Third District of right to a jury trial, and deny them practices. It is suing Navient, the Na- South Carolina. their day in court when their rights are tion’s largest student loan company, I know Devin is in a better place violated. for illegal practices against millions of right now, joining his predeceased By the way, that includes service- borrowers, including severely injured daughter, Isabella Faith, but the fam- members, brave men and women who veterans. ily he leaves behind will still acutely have worn the uniform of the American The Bureau has also addressed the feel his loss, as we always do with the Armed Forces. Unfortunately, service- discriminatory practices that impact loss of a loved one. members and veterans are often tar- communities of color in the financial I want to let the men and women in geted for financial fraud and unscrupu- system head-on. The agency acted Anderson County law enforcement lous creditors because they are held to against Ally Bank, Honda, and Toyota know that they continue to be in our a higher standard of debt repayment. for charging higher interest rates for prayers in this tragedy, as always with In addition, their frequent time away African-American, Latino, and Asian first responders, in our thoughts and from home makes it harder for our borrowers regardless of their credit our prayers. servicemembers to identify scams. score. It strengthened protections for So may God bless Devin’s family, and The CFPB has already taken at least families who depend on prepaid debit may He continue to bless our country 12 major enforcement actions directly cards for their wages and often fall into with stouthearted men and women like protecting servicemembers and their a spiral of debt from payday and auto Devin, who are willing to make the ul- families. In 2016, the CFPB fined Navy title loans. The Bureau continues to timate sacrifice in order to protect us. Federal Credit Union $28 million for il- target banks who are denying loans to f legal debt collection tactics. The CFPB qualified borrowers of color across the took action against two for-profit col- country. BAD ACTORS ON WALL STREET leges, ITT Technical Institute and Co- Let’s be clear: the Consumer Finan- The SPEAKER pro tempore. The rinthian Colleges, both of which have cial Protection Bureau is truly living Chair recognizes the gentleman from been linked to predatory treatment of up to its name. Rhode Island (Mr. CICILLINE) for 5 min- servicemembers and veterans. The Mr. Speaker, nobody should want to utes. now-defunct Corinthian was ordered to return to a system that failed us and Mr. CICILLINE. Mr. Speaker, less provide $480 million in debt relief to de- produced the financial crisis that dam- than 10 years ago in 2008, bad actors on frauded students, including service- aged so many lives. Too many families Wall Street brought the economy of members. and communities still carry the dev- our country to the brink of collapse. In 2013, the CFPB ordered high-cost, astating scars of 2008, but that is ex- Because of their greed, recklessness, small-dollar lender Cash America to actly what the Financial CHOICE Act and deceit, millions of Americans lost pay up to $14 million in restitution and is trying to do. A rigged system is what their jobs, families were thrown out of a $5 million penalty for violations of led to the financial crisis, big banks their homes, and seniors saw their life the Military Lending Act. got bailouts and sweetheart deals, and savings evaporate before their very Just 2 months ago, CFPB sanctioned ordinary people suffered. That is why I eyes. an auto lender that harassed and

VerDate Sep 11 2014 23:40 Jun 08, 2017 Jkt 069060 PO 00000 Frm 00002 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4707 preyed on servicemembers. Security providers at all. In 2015, American life sions based on their own needs and National Automotive Acceptance Com- expectancies actually declined. wants. Yet the CBO classifies them as pany threatened that they would con- The Senate now has before it the uninsured. tact commanding officers about debts American Health Care Act. It goes a The other major and false claim is that our veterans incurred, and lied to long way toward replacing that people with preexisting conditions our brave men and women in uniform ObamaCare’s compulsory one-size-fits- will lose coverage, despite explicit lan- about their obligations, and they have all bureaucratic mess with a consumer- guage in the AHCA that nothing in this been held accountable because of the friendly, patient-centered system. act shall be construed as permitting CFPB. The AHCA repeals the employer man- health insurers to limit access to The CFPB was created to protect date that has trapped many Americans health coverage for individuals with families and small businesses, and in part-time jobs. It repeals the indi- preexisting conditions. since 2010, the Consumer Financial vidual mandate that forces Americans There is one exception. If you are one Protection Bureau has returned nearly to buy plans they don’t want, don’t of the 7 percent of patients in the indi- $12 billion to 29 million consumers in need, and can’t afford. It changes the vidual market, and if you have a pre- all 50 States. More than 1 million con- premium structure that forced young existing condition, and if you live in a sumers have used the CFPB’s com- families to subsidize premiums for State that has requested and received a plaint database, and nearly all of them those in their peak earning years. It re- waiver based on having an alternative have received a timely resolution to peals nearly $1 trillion of taxes on the program to assure your coverage, and their issues. American economy. It repeals the man- if you have let your insurance lapse for dates that force an older couple to more than 62 days in the past year, b 1015 maintain pediatric coverage, and it then, and only then, can you be The CFPB held Wells Fargo account- maintains the safety net for those with charged a higher rate than the general able to the tune of $100 million after preexisting conditions. It assures that population for your health plan, and they opened millions of fraudulent ac- these plans are within the financial then only for the first year. counts for customers without telling reach of every family. This year, entire regions of the coun- them. Wells Fargo surreptitiously col- Well, despite the obvious failure of try will be unable to obtain policies on lected fees from these victims, and ObamaCare and the urgent need to res- ObamaCare exchanges; premiums are every dime was returned to consumers cue our healthcare system, opponents spiraling out of reach for families that because the CFPB was on the job. have gone into overdrive to frighten don’t qualify for subsidies; and tax- The sole purpose of CFPB’s existence people and to distort the facts. The payer costs are skyrocketing. The is to ensure that bank loans, mort- most lurid claim comes from the Con- AHCA offers a way out of this night- gages, and credit cards are fair, afford- gressional Budget Office: that 23 mil- mare, restoring a healthy, competitive able, understandable, and transparent. lion Americans will lose their health market, where patients will have the That is exactly what it is doing. Re- insurance. widest range of choices and the free- publicans want nothing more than to Now, we should first remember that dom to choose a plan that best meets kill it. this is the same office that predicted their own needs, along with a sup- No honest, hardworking American that ObamaCare exchanges would cover portive tax system to assure that these should be exploited when they are tak- 26 million Americans by 2017. The ac- plans are within their financial reach. ing out a mortgage, trying to pay off tual number was 10 million. It pre- If the Senate can come up with a bet- their college debt, buying a car, or dicted that ObamaCare would result in ter plan, let’s see it. But one thing opening a bank account, but that is slight premium increases between 10 should be clear: inaction is not an op- what is going to happen if Republicans and 13 percent by 2016. The actual fig- tion. get their way today. Passage of this ure was 105 percent. f bill will confirm what so many Ameri- So how did the CBO come up with its cans believe: that Washington works latest claim? Well, much is based on LOYALTY OF COMMANDER IN for big business, the very rich, and assuming that people won’t buy health CHIEF powerful special interests, but not for insurance unless we force them. In re- The SPEAKER pro tempore. The them. ality, more people are already choosing Chair recognizes the gentleman from Let’s remind ourselves that the not to purchase ObamaCare policies, Massachusetts (Mr. KENNEDY) for 5 American people sent us to Washington and they are paying a steep tax penalty minutes. to work for them. They didn’t send us to boot. The CBO ignored provisions Mr. KENNEDY. Mr. Speaker, amidst here to fight for the big banks and that allow people to tailor plans to the breaking news alerts and tweets credit card companies that already best meet their own needs, which is a that have overwhelmed our Nation have too much power here in Wash- powerful market incentive for them to over the past several days, and as our ington. purchase plans. Nation tunes in to a hearing taking Reject this bad bill. Vote for the Second, the CBO predicts that in fu- place on the other side of the Capitol American people. Protect consumers, ture years Medicaid recipients will as I speak, lies a simple question: Did and very strongly vote ‘‘no.’’ leave due to changes that restrain the the President of the United States put f growth in this program, yet it is pre- his own personal and political interests cisely these changes that focus re- above the interests of the American RESCUING AMERICA’S sources on services and not on waste people? HEALTHCARE SYSTEM and fraud. Congress cannot allow itself to be- The SPEAKER pro tempore. The Third, the CBO predicts that low-in- come desensitized to the gravity of Chair recognizes the gentleman from come, older Americans in the indi- those accusations or be deterred from California (Mr. MCCLINTOCK) for 5 min- vidual market will lose nearly $13,000 an aggressive, expeditious, and fully utes. of subsidies and be priced out of that independent investigation conducted in Mr. MCCLINTOCK. Mr. Speaker, market, yet it ignores the $90 billion full view of the American public, be- when ObamaCare was imposed on the that were freed up in the final House cause the real victims of this inves- Nation, we were promised lower pre- version with the express understanding tigation’s ‘‘cloud’’ are our constitu- miums, increased choices, and im- that the Senate would redirect these ents: Americans who wake up every proved care, but exactly the opposite funds to replace these ObamaCare sub- morning praying that their monthly has happened. sidies. budget won’t be compromised by the Last year, premiums increased an av- Fourth, the CBO predicts some peo- unexpected; who walk into their office erage of 25 percent, and this year we ple will choose less expensive plans hoping that today isn’t the day that are warned they will increase another without all the bells and whistles re- that layoff notice arrives; who tuck 40 percent. Last year, only one provider quired under ObamaCare. Well, this, of their son or daughter into bed at night remained in a third of American coun- course, is exactly what choice is all knowing that, despite working two ties. This year, entire regions have no about: people making their own deci- jobs, their kid won’t be afforded the

VerDate Sep 11 2014 23:40 Jun 08, 2017 Jkt 069060 PO 00000 Frm 00003 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.004 H08JNPT1 H4708 CONGRESSIONAL RECORD — HOUSE June 8, 2017 same luxuries as their friend down the education, enrolling in Savannah State businessman, incredible father and street; who look to Washington for a University upon his return home from friend, and blessing to those who knew hand and instead see us forced to wres- Korea. him. He made a tremendous positive tle with an almost unbelievable ques- He moved to Savannah permanently impact on so many lives, including my tion: whether the leader of the free after graduation and continued using own. His list of achievements and con- world compromised the security of his his passion for service to make Savan- tributions to our Nation is long. citizens and our democracy to a foreign nah a better place to live. In 1957, he Sadly, he passed away June 1, 2017. adversary. joined the Savannah police depart- His spirit of service and leadership will Mr. Speaker, there has been an awful ment. live for generations to come. lot of talk about loyalty in the past 24 Mr. Chappell was in the second group As a business leader, he took the hours. Let’s be very, very clear. The of African-American police officers the produce industry by storm as the prin- American people should never have to department had ever hired. However, at cipal founder of Sun World Inter- be reassured of the loyalty of their that time, these officers were still un- national. He brought many new prod- Commander in Chief. able to drive in police cars or arrest po- ucts to American consumer markets, f tential criminals. Nevertheless, Mr. like the delicious new seedless water- Chappell’s personable nature created a melon, various new types of grapes, IN MEMORY OF GREGG ALLMAN connection with neighbors around Sa- and the Hawaiian pineapple. The SPEAKER pro tempore. The vannah that, before 1957, had felt b 1030 Chair recognizes the gentleman from underrepresented. Georgia (Mr. CARTER) for 5 minutes. He retired from the police force after Sun World International became a Mr. CARTER of Georgia. Mr. Speak- 35 years but, subsequently, embarked powerhouse produce company under his er, I rise today to remember the life of on another service position as a mem- watch, one of the largest in the Nation. Mr. Gregg Allman, award-winning rock ber of the city council for Thunderbolt, His business leadership was well recog- and roll singer and songwriter who Georgia. During his term there, he was nized. passed away in Savannah, Georgia, on instrumental in building a new town He served on the California State Sunday May 27, 2017, at the age of 69. hall and senior citizen building. Board of Food and Agriculture as a key Mr. Allman will be remembered as I am proud to thank Mr. Chappell, as adviser to Governor Pat Brown on the keyboardist and distinctly soulful well as his family, for all of his out- issues important to the many farmers, voice of the Allman Brothers, a three- standing work in the Savannah com- ranchers, and consumers in California. time Grammy Award-winning South- munity. He certainly will be missed. He was named as one of the most influ- ern rock band whose popularity has AMERICAN PATRIOT AWARD WINNER JUDGE J. ential produce leaders of the past 100 spawned generations of dedicated fol- ALEXANDER ATWOOD years by the industry publication, The lowers throughout the world. Mr. CARTER of Georgia. Mr. Speak- Packer. Born in Nashville, Tennessee, in 1947, er, I rise today to recognize the out- Mr. Marguleas was a genuinely good Mr. Allman and his brother, Duane, standing career of Judge Alex Atwood, man. His incredible heart of gold was were skilled guitarists and who received the American Patriot shown through his generosity as a phi- keyboardists by the time they grad- Award from the Glynn County Vet- lanthropist. uated from high school. The brothers erans Council on May 29, 2017. Each He championed healthcare access and went on to perform with a number of year, one individual that has exhibited education, issues near and dear to my small West Coast sound rock bands leadership that positively impacts own heart. He was vice chair at the throughout the 1960s, moving between Glynn County receives this award. University of California at Riverside, Los Angeles and Jacksonville, before Mr. Atwood is certainly worthy of and served as a trustee at the Eisen- establishing the Allman Brothers Band this title. He started his career as a hower Medical Center for more than 15 in 1969. local law enforcement officer before he years. The band’s most popular songs in- transitioned his knowledge of the law He also helped found the Coachella cluded ‘‘Midnight Rider,’’ ‘‘Whipping into a career as a special agent with Valley Boys and Girls Club, which has Post,’’ and ‘‘Ramblin’ Man,’’ which ref- the Federal Law Enforcement Training grown to five clubhouses serving thou- erences Macon’s Highway 41, where Mr. Center, where he educated thousands sands of children across the valley. Allman was laid to rest. These songs on the role of public defenders. This is just a small part of the in- will span the test of time and continue In Glynn County, Judge Atwood is credible work he did as a philan- to live on, even as the music industry well known for his extraordinary legal thropist and community leader has drastically changed. career, serving as a magistrate judge throughout his life. In 1973, Mr. Allman began a solo ca- for Glynn County and as a representa- Mr. Marguleas was very special to me reer and enjoyed a great deal of success tive for Georgia’s 179th District in the and my family in a very deeply per- as both a member of the Allman Broth- Georgia General Assembly. In this ca- sonal way. He gave my father, Gilbert, ers and a solo act. In 1995, Allman and pacity, Judge Atwood has been a cham- the chance in life that transformed our the other members of the band were in- pion for Georgians. He introduced leg- entire family. He gave my dad, who ducted into the Rock and Roll Hall of islation that set parameters for illegal didn’t finish high school, a good job Fame. immigration, provides protections working at Sun World packing in Ther- I am proud that Mr. Allman chose to against human trafficking, and gen- mal and a ticket to the middle class. call Savannah home, and I am honored erates structured legal reform. He promoted my dad to eventually to have the opportunity to represent Judge Atwood has found the time to manage the plant. That allowed my such an outstanding artist. devote himself to a number of Glynn family to move from our trailer and REMEMBERING FRANK CHAPPELL, JR. County organizations, working with into our home in Coachella. Mr. CARTER of Georgia. Mr. Speak- each to make Glynn County a better He used to give us Angels and Dodg- er, I rise today to recognize the place. Judge Atwood is a beaming ex- ers baseball tickets and giant Hershey groundbreaking and altruistic life of ample of leadership, and his career chocolate bars for Christmas. For a kid Mr. Frank Chappell, who passed away serves as an important lesson in ful- who loves chocolate, those giant bars on Saturday, May 27, 2017, at the age of filling our civic duty as Americans. were like a gift from God Himself. 85. f What really moves me is that he paid Originally from Quitman, Georgia, for a full year of my undergrad studies Mr. Chappell always had a passion for THANKING HOWARD P. at UCLA, when my dad couldn’t afford serving others. He grew up as an inte- MARGULEAS it. Imagine that. He helped a boy from gral member of his church and joined The SPEAKER pro tempore. The a trailer park, son of farmworkers, the Army directly after high school to Chair recognizes the gentleman from achieve his dreams to be a doctor and serve his country and fight in the Ko- California (Mr. RUIZ) for 5 minutes. serve the community. He did so with- rean war. In the Army, he gained the Mr. RUIZ. Mr. Speaker, I rise to out fanfare, headlines, or public rec- motivation he needed to continue his honor Howard Marguleas, a talented ognition. He did it because he cared for

VerDate Sep 11 2014 23:40 Jun 08, 2017 Jkt 069060 PO 00000 Frm 00004 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.006 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4709 my dad, my family, and me. Without borrowing Mike’s van so that Rudy beautiful things: a walk with a beloved him, I wouldn’t be where I am today. could enter more easily—and drive him dog; exploring with his best friend The amazing thing is that I am not around so he wasn’t afraid during the Mike; watching football with his the sole person touched and trans- storm, even if the storm lasted all adored bride, Helene; tinkering with formed by his kindness. There are so night—no complaints and no questions the furnace or his Jeep; a walk and cas- many more. His generosity and kind- asked. ual dinner at our local favorite res- ness are an inspiration. When I returned home to Tucson, we taurant, Papa Locos; driving me to the My thoughts and prayers are with his cut a hole in the wall between the two airport or events with constituents; wife, Ardith, his four children, and nine houses, and we had doggy doors, food taking care of and protecting those grandchildren. I know that Howard’s bowls, toys, and treats in both places. whom he loved. He didn’t seek glory, legacy will live on because his work Penelope happily lived in both of her fame, or riches, but humanity, integ- touched so many across California and homes again, roaming freely. What a rity, loyalty, and service. the Nation. life. What love. Phil Ledford was a good man with a So on behalf of the people of Califor- Phil was with me when Penelope large heart and a selfless spirit. I truly nia’s 36th Congressional District; my passed in 2014. Within a few weeks, could not have served in my calling in wife, Monica; my girls, Sky and Sage; Phil’s best friend Mike went to be with uniform and in Congress without his my mother, Blanca; my brother, the Lord after battling Agent Orange- love and support. He directed us to not Robbin; and my sister, Star, thank caused cancer for years. It was a rough have a memorial service or funeral, but you, Mr. Marguleas. You will forever be spring for Phil, losing his best guy he never said anything about a speech in our hearts. friend and furry friend so quickly. on the floor of the House of Represent- f Despite our grief, we soon welcomed atives. It is the least I could do to a rescue golden named Boomer into our honor his impact on my life and all HONORING THE LIFE OF PHILLIP lives and hearts. Boomer was a 10- those blessed to know him and love D. LEDFORD month-old, energetic handful, and Phil him, human and furry. We love you and The SPEAKER pro tempore. The got to work with his training, coach- miss you, Phil. As the song says: ‘‘Go Chair recognizes the gentlewoman from ing, and love. rest high on that mountain. Son, your Arizona (Ms. MCSALLY) for 5 minutes. Phil was a patriot, who loved his work on Earth is done.’’ Ms. MCSALLY. Mr. Speaker, I rise country, God, and valued a hard day’s f today to honor the life of Phillip D. work. He was a skilled tradesman, who Ledford, Navy veteran, dog lover, pa- was always eager to pull out his tools UNDERPAYMENT OF EMPLOYEES triot, and husband to Helene, his wife and try to fix literally anything that The SPEAKER pro tempore. The of 41 years. broke in the house or car. Chair recognizes the gentleman from I was blessed to be Phil’s next-door Those of us who knew him best and California (Mr. KHANNA) for 5 minutes. neighbor in Tucson for the last 20 loved him called him our favorite cur- Mr. KHANNA. Mr. Speaker, I rise years. Having lost my father at the age mudgeon. He was stubborn and opin- today to express a simple principle: of 12, Phil became a father figure to ionated but would literally give you People who are working to bag gro- me, and I loved him deeply. the shirt off his back or the last dollar ceries should not have to rely on gov- Phil was born in Ohio and joined the in his wallet. ernment assistance, on nutrition as- Navy in 1963, at the age of 17, requiring He used to scold me on my lack of sistance, to be able to buy groceries. his father to approve his enlistment. discipline with the dogs. Boomer would Yet, across this country, there are After 4 years serving as a boilerman get rambunctious with me and not lis- thousands of workers who go and put in and traveling the world, he ten but was perfectly well behaved a full day’s work yet can’t afford the transitioned to civilian life. After with Phil. I realized, finally, that basic necessities of food and clothing. working in Ohio as a commercial re- Boomer saw me as a litter mate and And it is the taxpayers, all of us, that frigerator technician, Phil, Helene, and Phil as the pet parent. bear the responsibility for the under- their beloved English Setter named In November 2015, Phil was diagnosed payment by large corporations. A Molley moved to Tucson. with head and neck cancer. The last Berkeley study has said that this un- Phil and his best friend and brother- year and a half, he navigated an ex- derpayment by large corporations, low in-law Mike would go on adventures in tremely difficult journey. He channeled wages, is costing the American tax- the desert and mountains, exploring his stubbornness towards his fight payers $153 billion a year. old mines, gold prospecting, and hiking against cancer and refused to give up I am proud to introduce the Cor- the beautiful landscapes of Arizona. or get down. His deep character traits porate Responsibility and Taxpayer After Molley passed away, Phil and of selflessness, faith, love, courage, and Protection Act with nine other col- Helene couldn’t imagine bringing an- humility were tested and purified on leagues that would require companies other dog into their broken hearts for this walk. He was a hero and example to be responsible for the underpayment a while. Slowly, my Golden Retriever, to all of us in the face of extreme pain, of their employees. The idea is simple: Penelope, started to melt his heart, suffering, adversity, and eventually the If people are putting in a hard day’s and soon they were spending their days end of his physical life. work and a full week’s work, they de- together. Phil and Helene cared for Pe- In mid-April, the cancer came back serve wages that will allow them to be nelope when I was deployed to Afghani- with a vengeance and rapidly spread. part of the middle class. Too often, stan, then drove across the country to The pain was unbearable at times, and what happens is corporations, even if help me move when I got orders to Ala- it was so difficult for us to watch him they are paying a $15 minimum wage, bama. Phil came out to babysit Penel- suffer. will adjust an employee’s hours so that ope and even drove her all the way Two weeks ago yesterday, he took a they don’t get more take-home pay for back to Tucson to be at home for a turn for the worse. I flew home from the month. while with Helene. D.C. to be with him. After a long night, What this bill will do is say that a Phil volunteered to be a foster for Helene, Boomer, and I were by his side, corporation that isn’t paying a fair the local Golden Retriever rescue orga- praying he would be willing to let go wage, where employees are relying on nizations. He took this responsibility and be received into God’s holy em- government assistance, the corporation seriously, caring for many goldens brace. He was unconscious for over 24 is responsible for that government as- coming out of difficult circumstances. hours, but in that prayer, he scrunched sistance. It is not the taxpayers who One golden named Rudy had cancer, his eyes closed twice, took his last should be paying for that; it is the cor- and Phil agreed to care for him until breath, and went to be with the Lord, porations who should be held respon- he passed. Rudy was deathly afraid of finally free of all the suffering and sible for the underpayment of wages. thunder, but Phil discovered that fully restored. My hope is that none of the corpora- Rudy’s fears were cured if he was We could all learn a lot from Phil tions will have to pay this tax. That riding in a car. So every time storms Ledford. He did not live a complicated they will do the right thing by working came, Phil would load Rudy up—even life and found pure joy in simple and families in the middle class. That they

VerDate Sep 11 2014 23:40 Jun 08, 2017 Jkt 069060 PO 00000 Frm 00005 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.008 H08JNPT1 H4710 CONGRESSIONAL RECORD — HOUSE June 8, 2017 will recognize that, in a time of record ning of our Nation’s history, there were CONGRATULATING NORTH HALL corporate profits, they can afford to very aggressive debates between the HIGH SCHOOL BASEBALL TEAM pay a decent wage. followers of John Adams and Thomas The SPEAKER pro tempore. The I am hopeful that this bill will re- Jefferson, for example. We saw strife Chair recognizes the gentleman from ceive bipartisan support, because it is during Andrew Jackson’s Presidency, Georgia (Mr. COLLINS) for 5 minutes. the very premise of this country that if when many of his opponents feared he Mr. COLLINS of Georgia. Mr. Speak- you work hard, if you play by the rules, was going to be America’s Napoleon, er, it is a joy today that I rise to con- you should be able to be part of the and we survived those times. gratulate North Hall High School on middle class. But let us not forget the bitter acri- winning the State baseball champion- f mony leading up to the 1860s, when we ship in Georgia in their class. This is saw physical assaults on the floor of especially happy for me because I am a CIVILITY Congress. That divide was only solved Trojan. I graduated from North Hall The SPEAKER pro tempore. The after over 600,000 Americans died in the High School in 1984. Chair recognizes the gentleman from Civil War. It is amazing that it seems that long Nebraska (Mr. BACON) for 5 minutes. Let us debate the issues. I have al- ago, but it is also looking back as one Mr. BACON. Mr. Speaker, I rise ready held five townhalls myself to en- of the first sports championships in today to urge my colleagues and fellow gage in the essential debates to im- baseball that they have received, and it citizens to elevate our political dis- prove our country, and I will hold is a truly exciting time in our commu- course in which we participate for the more. But when it comes to the vitriol nity. I have watched these young men good of our country. and verbal assaults, let us all take a grow up, many with my own son play- Some of what I see in America knee and reflect. ing ball, and it is exciting to see that grieves me. The partisan divide grows Are we taking our Nation to a poten- fulfillment. more volatile, and decency shrinking tial precipice of a disaster if we keep At the start of the season, the team in our political dialogue. Many on the turning up the volume of this partisan- rallied around the promise of ‘‘Leave left continue to say, Mr. Trump is ‘‘not ship? No Doubt.’’ It reminded North Hall my President.’’ And in the past, some Earlier this year, the congressional players and coaches to offer the best ef- freshman class signed a civility pledge. on the right have said, Mr. Obama is fort without exception and to prove I again pledge civility, but I also im- ‘‘not my President.’’ wrong anyone who doubted their poten- plore our Nation to include our media Now we have people who think it is tial for success. and entertainment to reflect on the comical to be photographed with the Persevering in the 2017 season was no tone and ugliness that we are seeing. depiction of the President’s bloodied small task. The team opened the first Let us rein in the anger and disrespect. head. I can only think of real-life intel- round of the State playoffs, in fact, I implore our President, our Senate, all ligence photos I have viewed of inno- with a 6–1 loss. Few people expected of us in the people’s House, all of our cent men and women shortly after the Trojans to recover after that game, citizens, let us raise the bar of our de- their decapitation at the hands of a but they followed it with 10 straight bate and treat each other with respect. wins. terrorist. Escalating America’s polit- Let us not cross the line between criti- ical discussion to actions like what Ms. Mr. Speaker, there is no doubt that cizing the issues to criticizing the per- North Hall earned the title of State Griffin is guilty of undermines our Na- son. tion’s discourse and weakens the unity Champion. I have served in the military next to This victory serves as a testament to of our citizens, and I don’t know where many great Americans for nearly 30 the team’s determination and a re- it stops. years, and we all swore to protect and minder to us all that dedication, even I fear we are pulling apart. The left defend every American with our lives, in the most unlikely circumstances, and right should not hate each other. regardless of our party affiliations. In does pay off. Whenever we give up, we As Dr. Martin Luther King, Jr., as- fact, I rarely knew if a person was a surrender our dreams. serted: ‘‘Hate cannot drive out hate: Republican or a Democrat during my To the young men that I have only love can do that.’’ We must be time in the Air Force. watched grow up, the young men in our able to disagree, debate, and then Let us not forget, too, that, during community who now hold the title of strive together for America. When we our history, 1.2 million Americans gave State Champion, I say congratulations. pull apart, our Nation weakens and our their lives in the defense of this coun- HONORING ARMY LIEUTENANT COLONEL TERRY citizens become more vulnerable. I fear try. They were Democrats, Repub- BARRON that if we continue down this path, the licans, Independents. Some had no Mr. COLLINS of Georgia. Mr. Speak- political wedge will be so ugly it will party at all. Some were Federalists. er, I rise today in honor of retired not be so easily repaired. Some were Whigs. They paid the ulti- Army Lieutenant Colonel Terry Bar- b 1045 mate price so we could have the privi- ron, Georgia’s first female Blackhawk lege of a free and open debate that we helicopter pilot. My neighbors in the It is this pulling apart that caused us enjoy today. They fought and died so city of Gainesville recently declared not to pass a defense spending bill on our citizens could be the sovereigns of May 25 to be Terry Barron Day in time for almost a decade. Our military our Nation. honor of this outstanding servicemem- leaders have stated we are back to the Let us turn away from the anger, ber. hollow force of the 1970s due to this outrage upon outrage, away from the Lieutenant Colonel Barron served in congressional malpractice. Our Navy is character assassinations. Let us turn the Georgia National Guard for 30 unable to fly half of their aircraft; the toward civil debate and contend for our years and, in 2011, was deployed to Iraq. Army only has 3 of their 58 combat bri- ideas and values in a manner pursuant In addition to her military service, gades fully ready to deploy; and our to life, liberty, and the pursuit of hap- Lieutenant Colonel Barron served as a Air Force pilots fly less hours today piness. When we lose an election, re- math professor and the former chair of than they did during the hollow force gardless of the party, let us do so Brenau University’s math and science years. gracefully, and respect the will of the department. In this role, she equipped In other words, the partisan rancor voters and the Constitution. Let us students with the knowledge and skills has undermined our Nation’s defense, agree when we agree, and respectfully that allowed them to pursue careers in and our servicemen and -women are disagree when we disagree. But to re- math and science. paying for this price in readiness. If sist at all costs, on every issue, is dam- As both a soldier and a professor, North Korea, Russia, or another threat aging to our country. Lieutenant Colonel Barron has lived a tries to take advantage of our weak- Today, some are calling for impeach- life dedicated to serving and empow- nesses, our great warriors will pay for ment of our President. With the facts ering others, making them more con- it with their blood. that we have, it is wrong and it is put- fident as they approach the challenges I love our country and our represent- ting politics over the well-being of our of each new day. ative democracy. We have had our country, and we are better than this. I would like to commend Lieutenant times of extreme divide. At the begin- Let us turn down the volume. Colonel Barron for her service to

VerDate Sep 11 2014 23:40 Jun 08, 2017 Jkt 069060 PO 00000 Frm 00006 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.009 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4711 northeast Georgia and on behalf of her DODD-FRANK HINDERS ECONOMIC Accordingly (at 10 o’clock and 56 country. GROWTH minutes a.m.), the House stood in re- PUTTING PEOPLE BACK IN POWER The SPEAKER pro tempore. The cess. Mr. COLLINS of Georgia. Mr. Speak- Chair recognizes the gentleman from f er, as I rise today, it is a good day on Pennsylvania (Mr. ROTHFUS) for 5 min- the floor of the House. It is a good day utes. b 1200 for those of us who have went before Mr. ROTHFUS. Mr. Speaker, for the the voters on occasions and said that past 8 years, we have been stuck in the AFTER RECESS one of the issues that we have to take slowest economic recovery in 70 years. The recess having expired, the House up in Washington, D.C., is removing With all the debate about the Financial was called to order by the Speaker at the barriers to letting everyday people CHOICE Act today, a simple question noon. get up and be able to access the finan- gets to the heart of the matter: Do we f cial markets, to access their business want to grow again? opportunities, to follow their hopes, I contend, Mr. Speaker, the answer PRAYER dreams, and ambitions. And on the is—the answer has to be a resounding The Chaplain, the Reverend Patrick floor of the House today, we will fulfill yes. It has to be yes because there is a that. J. Conroy, offered the following prayer: moral imperative at play. The Finan- God of grace and goodness, thank We will take up and pass the Finan- cial CHOICE Act is about ending a cial CHOICE Act, which repeals Dodd- You for giving us another day. stagnant status quo that is crushing We ask Your blessing of strength and Frank, which takes the Consumer Fi- our economy and opportunity. nancial Protection Bureau, which perseverance that each Member might Multiple studies show that the Dodd- best serve their constituents and our many of us believe is unconstitu- Frank Act has hindered economic tional—how could a body of Congress entire Nation. growth. One study estimates that, be- May it be their purpose to see to the actually empower an agency that we cause of the overregulation we have have no control over, no accountability hopes of so many Americans, so as to seen since the 2008 financial crisis, authenticate the grandeur and glory of to us, they do as they want to do and, there are 650,000 fewer small businesses yet, control so much of our economy? the ideals and principles of our demo- than there otherwise would be, which cratic Republic with the work they do. Today we take a step forward. We would have provided 6.5 million jobs. take a step forward to putting people Grant that the men and women of the That is 6.5 million people not utilizing people’s House find the courage and back in power, to letting our commu- their God-given talents for the better- nity banks and our credit unions get wisdom to work together to forge solu- ment of society. That is 6.5 million tions to the many needs of our Nation back to doing what they do best, and people not paying the Social Security, that is treating their community and and ease the anxieties of so many. Medicare, and income taxes that we May all that is done this day be for their people with respect, finding need to fund critical programs. loans, opening up possibilities, having Your greater honor and glory. Some just want to raise taxes on the Amen. that next dream of someone who says, already-burdened taxpayers. I say, let ‘‘I just want to take this opportunity,’’ us get new taxpayers into the game. f and being able to fund it. Having more taxpayers helps us to pay You see, a lot has been said, and for programs for veterans, education, THE JOURNAL there are distractions everywhere, Mr. medical research to find cures for dis- The SPEAKER. The Chair has exam- Speaker. We understand that many say eases like Alzheimer’s and cancer, tax- ined the Journal of the last day’s pro- nothing is getting done, but I look payers to help fund the national de- ceedings and announces to the House back and I say that the Republican ma- fense. his approval thereof. jority is moving forward. Pursuant to clause 1, rule I, the Jour- We have a new Supreme Court Jus- A couple of weeks ago, I visited a nal stands approved. tice. We have passed 14 CRAs, rolling senior center in my district and had Mr. RODNEY DAVIS of Illinois. Mr. back almost $18 billion in compliance some very special conversations. Folks Speaker, pursuant to clause 1, rule I, I costs of regulations promulgated by told me about the days when there demand a vote on agreeing to the the former administration. were lots of jobs in factory towns in We have begun the process of doing western Pennsylvania, and one World Speaker’s approval of the Journal. what we said we are doing by replacing War II veteran showed me his Bronze The SPEAKER. The question is on a failed healthcare system in which we Star. the Speaker’s approval of the Journal. have just found out in Ohio, Nebraska, These individuals are counting on us The question was taken; and the Iowa, Georgia, that premiums have to allow an economy to grow that will Speaker announced that the ayes ap- skyrocketed, where markets are no create the taxpayers who can help pay peared to have it. longer viable, where insurance is not for the critical programs that support Mr. RODNEY DAVIS of Illinois. Mr. there, and even if it is there, there are them, that pay for their care. Speaker, I object to the vote on the many places where they can buy it but We have a moral obligation, Mr. ground that a quorum is not present not use it. That is health insurance, Speaker, to restore healthy growth to and make the point of order that a not healthcare. In fact, that is nothing this economy. Today, let us pass the quorum is not present. for those who need it. Financial CHOICE Act. Let us move The SPEAKER. Pursuant to clause 8, You see, in Congress, we are moving from overregulation to right-sized reg- rule XX, further proceedings on this forward. It is an agenda led by the ad- ulation. Let us unclog the flow of cap- question will be postponed. ministration, with the House and the ital to small businesses. Let us unclog The point of no quorum is considered Senate working together to say that consumers’ access to credit. Let us withdrawn. lower the cost of financial services for we believe in the American people. We f believe that the spirit of America is everyday consumers. Let us bring an found in the individual hometowns, in end to the anti-growth policies of the PLEDGE OF ALLEGIANCE the individual spirits that live there, last 8 years and move into a much The SPEAKER. Will the gentleman brighter, more prosperous future for not in a government that is controlled from Arkansas (Mr. CRAWFORD) come completely from Washington, D.C., everyone. forward and lead the House in the where Washington says we know best. f Pledge of Allegiance. It is time we unleash the spirit again. RECESS Mr. CRAWFORD led the Pledge of Al- Through this House, that process is legiance as follows: starting today. The SPEAKER pro tempore. Pursu- I pledge allegiance to the Flag of the The Financial CHOICE Act is a ful- ant to clause 12(a) of rule I, the Chair United States of America, and to the Repub- fillment of a promise, and there are declares the House in recess until noon lic for which it stands, one nation under God, many more to come. today. indivisible, with liberty and justice for all.

VerDate Sep 11 2014 01:05 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00007 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.012 H08JNPT1 H4712 CONGRESSIONAL RECORD — HOUSE June 8, 2017 ANNOUNCEMENT BY THE SPEAKER IN MEMORY OF STAFF SERGEANT global warming. This pullout sends a The SPEAKER. The Chair will enter- ROBERT DALE VAN FOSSEN message that the United States is no longer interested in leading the efforts tain up to 15 requests for 1-minute (Mr. CRAWFORD asked and was to stop global warming, and it is a self- speeches on each side of the aisle. given permission to address the House for 1 minute.) inflicted wound and undercuts trust in Mr. CRAWFORD. Mr. Speaker, I rise American leadership. f Withdrawal from the Paris Agree- today in memory of Staff Sergeant ment will not save the coal industry, it ALZHEIMER’S AWARENESS MONTH Robert Dale Van Fossen of the Army won’t make America great again, and National Guard and celebrate his re- it is another impulsive and destructive (Mr. BOST asked and was given per- turn home after more than half a cen- mission to address the House for 1 decision by this administration that tury. hurts our future. minute and to revise and extend his re- In November 1952, Staff Sergeant Van marks.) Fossen boarded an aircraft and took off f Mr. BOST. Mr. Speaker, June is Alz- from McChord Air Base in Tacoma, HABITAT FOR HUMANITY AND heimer’s Awareness Month. Alz- Washington, to Elmendorf Air Force DODD-FRANK heimer’s is a progressive disease that Base in Alaska. In midflight, the plane (Mr. TROTT asked and was given per- leads to memory loss and other chal- disappeared in bad weather near Mid- mission to address the House for 1 lenges in brain and physical function. dleton Island in the Gulf of Alaska. Al- minute.) Ultimately, it is fatal. though some wreckage was found, no Mr. TROTT. Mr. Speaker, during my More than 5 million Americans are remains were recovered, and the De- first term in Congress, I had the oppor- living with Alzheimer’s, including over partment of Defense notified the vic- tunity to join Habitat for Humanity on 220,000 residents of Illinois. Every 66 tims’ families that they would have no one of their builds back in Oakland seconds, another American is diag- remains to bury. County, Michigan. It was a lot of fun nosed with this disease, and the rate of Van Fossen’s parents held a memo- and time well spent. new cases are increasing. It has become rial service for their son in Greenbrier Earlier this year, I met with Habitat our Nation’s sixth leading cause of at the Macedonia Baptist Church. and heard about their struggle to pro- death. Though all hope seemed lost, the Van vide affordable homes under the regu- Last year, Congress and the White Fossen family kept trying to solve the lations imposed by Dodd-Frank. Habi- House worked in a bipartisan manner mystery. tat for Humanity relies on the gen- to enact the 21st Century Cures Act. For many years, they made efforts to erosity of so many: not just volunteers The legislation transforms our health learn about the crash. His sister Wilma who build the home or donate to their cause, but those who provide profes- research system to speed up the fight Jean shared stories about it with her son Kevin Caid, and Kevin Caid began sional services free of charge. against Alzheimer’s and other diseases, Of course a home needs to be ap- to seek as much information as he but that is just the start. Let’s keep praised before a loan is approved, and could regarding his late uncle. working together to end this dev- many times professional appraisers In June 2012, on a training mission, a astating disease. volunteer their services. Under Dodd- Black Hawk Army National Guard unit Frank, however, that is not allowed. f discovered the wreckage only 12 miles Dodd-Frank mandates that appraisers away from the original crash site of receive customary and reasonable com- DISMANTLING THE CONSUMER the C–124. After closer inspection of the pensation for their services. This FINANCIAL PROTECTION BUREAU spot, it was determined it was indeed means Habitat can no longer accept do- the missing plane from 1952. nated services. In fact, Habitat told me (Mrs. BEATTY asked and was given Finally, in March 2016, Staff Ser- that the complex Dodd-Frank rules permission to address the House for 1 geant Robert Dale Van Fossen’s re- have tripled the cost of loans. minute.) mains were confirmed found in Alaska. That is why I introduced the HOME Mrs. BEATTY. Mr. Speaker, I rise Along with the news of his remains Act; and I urge my colleagues to sup- today as a member of the Financial being found, the family was informed port the act, as it is part of the Services Committee in strong opposi- that he would be returning home. CHOICE Act we are considering later tion to the Financial CHOICE Act, or, Mr. Speaker, I am pleased to say that today. Let’s make sure Habitat can more appropriately titled, the ‘‘Wrong’’ Staff Sergeant Robert Dale Van Fossen continue its important mission. CHOICE Act. finally returned home last month and f The proponents of this bill claim it is is now at last buried next to his sister about regulatory relief for our Nation’s Wilma Jean Caid at the Cleburne Coun- PULLING OUT OF THE PARIS community banks, but it is not. This ty Memorial Gardens. AGREEMENT (Mr. TONKO asked and was given bill guts the Consumer Financial Pro- f tection Bureau, an organization that permission to address the House for 1 was developed to protect consumers PARIS CLIMATE AGREEMENT minute and to revise and extend his re- from unfair, deceptive, abusive prac- (Mr. JOHNSON of Georgia asked and marks.) Mr. TONKO. Mr. Speaker, I rise to tices. was given permission to address the Mr. Speaker, I stand here today be- express my deep disappointment that House for 1 minute and to revise and President Trump intends to pull the cause the Consumer Financial Protec- extend his remarks.) tion Bureau has done amazing things. United States out of the historic Paris Mr. JOHNSON of Georgia. Mr. Speak- climate agreement. This agreement is This bill would dismantle it, dismantle er, it is with great disgust that I rise in a powerful symbol of America’s a Bureau that just in 6 years has recov- condemnation of President Trump’s strength and global leadership. It ered almost $12 billion for over 29 mil- withdrawal of the United States from promised a bright future for our Nation lion Americans. the Paris climate accord. and the world powered by clean energy. Mr. Speaker, this is the wrong Despite his promise to make America America was poised to lead that choice. This bill returns the American great again, the President’s pullout clean energy revolution. Instead, the economy to the deregulatory state that from this agreement does exactly the world is now making plans to move led us to the great financial crisis and opposite. It puts America behind 194 ahead without us. Jobs will be created the deepest recession since the Great other countries that have placed truth without us. New industries will be born Depression. and reality over ignorance. and new innovative technologies manu- Mr. Speaker, I urge my colleagues to Climate change is real and it is man- factured without us. If we stick with vote ‘‘no’’ on this bill, because the fun- made. It is a threat that must be ad- this President’s decision, America will damental question is, it does not pro- dressed, and it is extremely frustrating be on the outside looking in. vide choice or hope or opportunity for that this administration has chosen to I want to make one thing perfectly investors or for entrepreneurs. withdraw from the global fight against clear. I am still in, and so are more

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00008 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.014 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4713 than 1,000 of America’s most forward- ership and increases the likelihood of Mr. O’ROURKE. Mr. Speaker, today thinking cities, States, universities, climate disasters. marks the 111th anniversary of the An- and businesses, including the cities of However, where our President has tiquities Act. Over more than a cen- Albany, Schenectady, and Saratoga failed, State and local leaders are step- tury, Presidents of both parties have Springs, Union and Skidmore Colleges, ping up and leading. For example, last preserved and opened to the public over and SUNY Albany. So are millions of week, California’s Governor, Jerry 157 monuments, like the Grand Canyon our fellow Americans and communities Brown, brokered an agreement with by President Theodore Roosevelt, or in every single congressional district China on reducing emissions. On the Zion in Utah by President William across our great Nation. Together, we campaign trail, the President had a lot Howard Taft, or the Pacific National will embrace the climate economy, to say about China taking American Monument in Hawaii by President even if our President does not. jobs, but when he had the chance to George W. Bush. It is also connected to President Trump’s decision is a scar pave the way to create American job our economy and jobs, with 7 million on America’s image, but the American growth, he failed. jobs in the United States connected to people will continue to demand leader- We must combat climate change and outdoor recreation in our national ship on reducing carbon pollution. Our continue to deploy clean energy monuments. children and our grandchildren are sources across the Nation that benefit While this administration is review- counting on us. Let’s not fail them. our national security and create jobs. ing certain monuments, we need to protect the ones that we already have, f f like Organ Mountains National Monu- COMMUNITY BANKS AND DODD- NATIONAL HEMP HISTORY WEEK ment in New Mexico, or Bears Ears Na- FRANK tional Monument in Utah. (Mr. COMER asked and was given (Mrs. ROBY asked and was given per- We also need to think about expand- permission to address the House for 1 ing national monuments where we have mission to address the House for 1 minute.) heritage that we want to preserve, like minute and to revise and extend her re- Mr. COMER. Mr. Speaker, this week Castner Range, that preserves 10,000 marks.) is National Hemp History Week. years of human history and civilization Mrs. ROBY. Mr. Speaker, since the Industrial hemp is a crop that can be in El Paso, Texas, where the United enactment of Dodd-Frank in 2010, a used to produce more than 25,000 prod- States and Mexico meet. total of 357 financial institutions have ucts, from textiles and fabrics to com- Mr. Speaker, let’s work together to been forced out of business. Four com- posites, auto parts, or even food. Hemp strengthen the Antiquities Act and not munity banks in Alabama are on that is such an industrial crop that, during diminish its protections. list. That amounts to nearly $7.5 bil- World War II, the USDA produced a f lion less in Alabama’s economy that film encouraging farmers to grow hemp could be lent to small businesses and to support the war effort because tex- FREE SPEECH farmers. In all, nearly 20 percent of tiles and fibers were in such short sup- (Mr. DUNCAN of Tennessee asked Alabama’s community banks have ei- ply. and was given permission to address ther closed or been forced to merge George Washington, Thomas Jeffer- the House for 1 minute and to revise under Dodd-Frank. son, James Madison, and James Mon- and extend his remarks.) Why is this happening? Because roe all grew hemp. Today, however, in- Mr. DUNCAN of Tennessee. Mr. homegrown banks can’t keep up with dustrial hemp is largely illegal for Speaker, people who are the loudest in the crazy compliance costs that Dodd- widespread production because the proclaiming their tolerance are often Frank mandates. Here is an example: Controlled Substances Act does not the most intolerant people of all. This has been proven in spades this One credit union in Alabama’s make the distinction between hemp year at the most liberal leftwing col- Wiregrass region, their compliance de- and marijuana. lege campuses all over this country. partment size has tripled. They esti- Both are varieties of the cannabis Almost all colleges and universities mate that these new costs have limited plant, but that is where the similar- their growth by as much as $60 million. now have programs or offices sup- ities end. Unlike marijuana, hemp is posedly promoting diversity. However, That is not right. Hometown lenders in high in fiber that makes it so useful Alabama didn’t cause the financial cri- this diversity apparently does not and only has miniscule amounts of apply to conservatives. sis of 2009, but now they and their cus- PSC. tomers are paying the price. Probably the least diverse groups in In 2004, Congress began to recognize this Nation today are the faculties of There is no question we need strong the differences when it passed the 2014 laws to govern our financial markets, our universities. And while almost ev- farm bill, which included language to eryone in higher education will say but Dodd-Frank is not the answer. We allow industrial hemp pilot programs. they are for freedom of speech, con- now have a chance to fix this broken Today, more than 30 States have en- servative students know they can ex- law, untangle this regulatory web, and acted laws to legalize industrial hemp press their views only at the risk of unleash the capital investment that is for research or commercial purposes. lower grades. so crucial to economic growth. I was proud to lead the effort to cre- In addition, almost no leading con- I urge my colleagues to support the ate a hemp program in Kentucky that servatives are invited to be college CHOICE Act. has been highly successful, with nearly commencements speakers. This year, f 250 permitted growers and small busi- we have even seen very hateful dem- WITHDRAWING FROM THE PARIS nesses today. Now we need to take the onstrations and some violence at uni- CLIMATE ACCORD next step in bringing hemp into the versities when conservative speakers mainstream as a crop. have been invited to speak at these (Mr. MCNERNEY asked and was I look forward to continuing to work supposed bastions of free speech. Some given permission to address the House with my colleagues on both sides of the of the young student haters conducting for 1 minute and to revise and extend aisle to advance legislation to make in- their far-left demonstrations would his remarks.) dustrial hemp a legal crop for the farm- have fit right in during the book-burn- Mr. MCNERNEY. Mr. Speaker, I rise ers of Kentucky and across the United ing, anti-free speech days in Nazi Ger- today because the safety and future of States of America. many. the American people is in jeopardy. Last week, the President made the f f irresponsible decision to withdraw the b 1215 FOOD POLICY IS FOREIGN POLICY United States from the Paris climate (Mr. EVANS asked and was given PROTECT AND EXPAND accord. Military and national security permission to address the House for 1 leaders have asserted the need to ad- MONUMENT DESIGNATIONS minute.) dress climate change as an imminent (Mr. O’ROURKE asked and was given Mr. EVANS. Mr. Speaker, for years, I global threat. Removal from the Paris permission to address the House for 1 have said: Food policy is foreign pol- accord abdicates America’s global lead- minute.) icy.

VerDate Sep 11 2014 01:05 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00009 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.016 H08JNPT1 H4714 CONGRESSIONAL RECORD — HOUSE June 8, 2017 And I will say it again: Our food pol- With the help of the Assumption His- takeover of the Oswego Speedway, or icy is our foreign policy. torical Society, Joe’s widow, Elaine sharing her own experiences in Wash- Think about it. Food unites family Mills, a native of Decatur, has worked ington or Albany, Mary was committed and friends. Food is nutritional. Food hard to keep his memory alive and to saving lives. Her spirit and tenacity is medicine. Food is the cement that honor his service to our Nation. in the fight against ovarian cancer will sets a foundation for strong, healthy I hope to do the same by recognizing always be remembered. May it serve as neighborhoods. him today on this House floor. Joe is a an inspiration for others. Just as Senator Dole and Senator true hero. This country and this House In Mary’s memory, I will continue to McGovern worked together to rebuild will long remember his valor. advocate for increased funding for re- SNAP, expand our School Lunch Pro- f search into cures, treatment, and pre- gram, and create WIC to fight hunger vention so that we can someday know MARSHALL PLAN 40 years ago, we know food security is a day free of ovarian cancer. May her a bipartisan issue. (Mr. COSTA asked and was given per- name forever be remembered in the In Philadelphia, 20 percent of our mission to address the House for 1 CONGRESSIONAL RECORD. population is food insecure, meaning 1 minute and to revise and extend his re- Rest peacefully, Mary. in 5 Philadelphians often don’t know marks.) f where their next meal will come from. Mr. COSTA. Mr. Speaker, 70 years To make our neighborhoods stronger ago this week, Secretary of State HONORING STEVE HARDY block by block, we need to lay the George Marshall proposed an ambitious (Mr. GARAMENDI asked and was framework for a strategy that gives plan to rebuild Europe following the given permission to address the House our cities the resources to tackle this devastation of World War II. for 1 minute and to revise and extend issue. Out of the Marshall Plan’s trans- his remarks.) Believe me when I say that I know atlantic spirit of shared interests and Mr. GARAMENDI. Mr. Speaker, I rise our country is facing trying times we economic cooperation, stronger mili- today to celebrate the memory of have never seen before. From Comey to tary integration arose in the form of Mayor Steve Hardy of Vacaville, Cali- Russia, to the President’s budget, and NATO. NATO, alongside the European fornia, a man who dedicated his life to the Republican attack on healthcare, I Union, have formed the pillars of a service, first in the U.S. Navy for 5 know firsthand that the Nation has a safe, secure, and strong Europe while years, then as a policeman, and later in lot to lose under this administration. promoting the U.S. security and eco- the California State Senate, where I This is why we need to ensure that nomic interests, our interests. had the privilege of working with him we have more tools in our toolbox. It is We must be firm in our commitment when he was the staff director of the time to retool to fight hunger. to article 5 of the NATO treaty. If Governmental Organization Com- Food is the glue that keeps neighbor- America’s commitment to the alliance mittee. hoods and nations united. Together, is doubted, either by other NATO coun- During his tenure as mayor, he led let’s roll up our sleeves and work to re- tries or adversaries of NATO, the peace the city through a very difficult pe- tool the way we fight hunger in our cit- secured by the United States and its al- riod—the Great Recession—revising ies, our Nation, and around the globe. lies will be threatened, make no mis- the city’s finances, bringing it back to Our food policy is our foreign policy. take about it. vitality, and also continuing the role of f This is the longest peacetime period Vacaville as one of the major cities in in Europe in over 1,000 years, which is my district. It was a great pleasure HONORING AIR FORCE CAPTAIN really remarkable, and we should not working with him during those years. JOE SMITH take it for granted. It is our responsi- His marriage of 46 years to his wife, (Mr. RODNEY DAVIS of Illinois bility in Congress and in the White Jerri, is a testament not only to his asked and was given permission to ad- House to ensure that global order se- service to the community, but also to dress the House for 1 minute and to re- cured by NATO is strengthened, not his family. He is survived by his chil- vise and extend his remarks.) damaged. dren. I look forward to his memory and Mr. RODNEY DAVIS of Illinois. Mr. So it is important that we recognize to the future of Vacaville. Speaker, I rise today to honor an this 70th anniversary of the Marshall f American hero, Air Force Captain Joe Plan. DEBBIE’S KIDNAPPING STORY Smith, as he makes his final flight f home. (Mr. POE of Texas asked and was Though it has been nearly half a cen- HONORING THE LIFE OF MARY given permission to address the House tury since the 25-year-old fighter pilot GOSEK for 1 minute.) was fatally shot down during the Viet- (Mr. KATKO asked and was given Mr. POE of Texas. Mr. Speaker, nam war, he will finally be laid to rest permission to address the House for 1 Americans once thought that the hor- in his hometown of Assumption, Illi- minute and to revise and extend his re- rors of human trafficking were a for- nois. marks.) eign problem. However, traffickers Thanks to the efforts of the Defense Mr. KATKO. Mr. Speaker, I rise lurk all around us right here in Amer- POW/MIA Accounting Agency, a group today to honor the life of a longtime ica. which searches the world for missing central New York ovarian cancer advo- Debbie’s mother thought nothing of American veterans, the remains of Joe cate, Mary Gosek, who recently lost letting her young daughter meet a Smith were identified, along with his her own tremendous battle with the friend in front of their yard one night plane, by using DNA analysis. The ef- horrible disease. to play. Her mother didn’t realize her fort made to bring him home all these Through her work as president of the 15-year-old daughter, who was clad in years later is a true testament to the Oswego Chapter of Hope for Heather, her cartoon pajamas, was quickly ab- military’s motto of no soldier left be- Mary devoted countless hours to edu- ducted by two men in front of their hind. cating women and men throughout our house. Those who knew Joe remember him community on the symptoms and These deviants threw Debbie in the as being a bright, polite young man, causes of ovarian cancer. Her great car, drugged her, and gang raped her. who was well educated, earning his passion for finding a cure inspired They threatened to shoot her if she master’s degree in business at the Uni- many and gave hope to those who were ever tried to escape. For 60 days she versity of Notre Dame and Washington suffering. was forced to have sex with countless University. Mary’s strength and determination men. Though he did not have to, Joe went was most visible in her efforts to raise An anonymous tip led police to a willingly into the service, where he awareness for ovarian cancer. Whether hotel room where they found Debbie began as a first lieutenant and quickly she was working together with her hus- tied up and stashed under a bed. But worked his way up to the promotion of band, Ed, to turn the Oswego State’s many trafficking victims are never res- being a captain. ice hockey arena teal, organizing a teal cued. We cannot allow this scourge to

VerDate Sep 11 2014 01:05 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00010 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.018 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4715 continue to rage in America. Our chil- the small business they have always Francis, we wish them the best as they dren are not for sale, period. dreamed of, and secure their family’s move on to their next mission. And that is just the way it is. future. f f f REPEAL OF CONSUMER PROTEC- REPEALING DODD-FRANK PREPARING FOR DISASTER TIONS IS NOT WHAT AMERICAN PEOPLE WANT (Mr. RASKIN asked and was given (Mr. BILIRAKIS asked and was given permission to address the House for 1 permission to address the House for 1 (Ms. KAPTUR asked and was given minute and to revise and extend his re- minute and to revise and extend his re- permission to address the House for 1 marks.) marks.) minute.) Mr. RASKIN. Mr. Speaker, I rise be- Mr. BILIRAKIS. Mr. Speaker, with Ms. KAPTUR. Mr. Speaker, I rise cause the majority is expected to vote hurricane season underway, my con- today to oppose the Financial CHOICE today to repeal Dodd-Frank, the legis- stituents in Florida and all Americans Act, which abandons the American peo- lation that we passed after Wall Street living in coastal regions are suscep- ple, as well as safety and soundness, in predators in the mortgage meltdown tible to these devastating storms. favor of Wall Street. crisis cost the American people 8.7 mil- Disaster can strike at any time, Six megabanks now control two- lion jobs and $19 trillion, including $2.7 often with little warning. It is never thirds of the financial sector in our trillion in retirement savings. Ten mil- too early to prepare. Know your evacu- country and reaped record profits of lion Americans lost their homes and ation routes and have a supply kit over $170 billion in 2016. That is too entire communities were devastated. ready. Also important, ensure your much power in too few hands. Current law has made progress in But, amazingly, the majority wants home is structurally sound to with- protecting consumers from predatory to destroy the most important piece of stand intense winds and rain. practices. Repeal of these consumer financial safety legislation passed for Taking steps now to reinforce a roof protections is not what the American the American people in 75 years. They covering or protect an exterior window people want. call it the Financial CHOICE Act, but could mean the difference between sav- what kind of choice does it give you? This week, Congressman JONES and I ing money in the long run and dealing propose to table the current legislation It destroys the Consumer Financial with major property damage. Protection Bureau, which has saved 26 and replace it with our bipartisan bill, That is why I am introducing the the Prudent Banking Act, which rein- million people nearly $12 billion from SHELTER Act, to provide tax credits scams and rip-offs. It destroys the states Glass-Steagall protections by to encourage people to stormproof separating prudent banking from risky Volcker rule, which keeps banks from their homes and properties. This legis- making speculative bets with your Wall Street speculation that tanked lation is about helping our commu- our economy in 2008. money. nities be proactive when it comes to The Financial CHOICE Act is the The Rules Committee refused to preparing for hurricane season. allow our bill a vote. Nevertheless, we wrong choice for America and a very Our local emergency managers in bad choice for Congress. remain resolute. Pasco, Pinellas, and Hillsborough Glass-Steagall is something Presi- f Counties do an incredible job of ensur- dent Trump ran on, as did BERNIE CREATING OPPORTUNITY FOR ALL ing our communities are ready. But SANDERS, and, in 2016, both the Repub- AMERICANS preparedness must also begin at home. lican and Democratic platforms en- (Mr. YODER asked and was given f shrined policies to restore Glass- Steagall protections. permission to address the House for 1 b 1230 minute and to revise and extend his re- Americans should know there is a marks.) FRANCISCAN COMMUNITY growing bipartisan consensus fighting Mr. YODER. Mr. Speaker, today the DEPARTS CONWELL-EGAN to protect the progress we have made, House will take up and consider an im- (Mr. FITZPATRICK asked and was rein in Wall Street, and keep the portant bill that will help create oppor- given permission to address the House wolves at bay and out of your pocket- tunity for all Americans: the Financial for 1 minute.) book. CHOICE Act. Mr. FITZPATRICK. Mr. Speaker, I will be voting ‘‘no’’ on this bill and The Financial CHOICE Act repeals over the last 60 years, the Franciscan urge my colleagues to do the same. the most harmful aspects of the Dodd- Friars shaped the lives of many stu- f Frank legislation that halted the flow dents and families that have passed HONORING THE LIFE OF LESLIE of capital to our constituents, de- through the halls of Conwell-Egan SPAETH stroyed small community banks, frus- Catholic High School in lower Bucks (Mr. CHABOT asked and was given trated small businesses, and generally County. It is with a heavy heart that I permission to address the House for 1 made life harder for Americans. The rise today to announce the departure of minute.) Financial CHOICE Act provides relief the Franciscan community from Mr. CHABOT. Mr. Speaker, I rise to Main Street businesses that had Conwell-Egan. today to honor a beloved Warren Coun- nothing to do with the 2008 financial If you went to Egan like me, then ty, Ohio, icon, Leslie Spaeth, who crisis, but were slammed with onerous you knew Father Fidelis and Brother passed away recently at the age of 92. and unnecessary regulations anyway. Larry. Their service and the service of Mr. Spaeth was a dedicated husband Mr. Speaker, we need smart regula- more than 150 other Friars who have and father and grandfather and great- tions that protect consumers and make ministered there have brought pro- grandfather. What made him so special our markets less risky. In many cases, found grace and enrichment to the was his dedication, not only to his fam- Dodd-Frank did the opposite, and this lives of so many young men and women ily, but also to his community and to has been a wet blanket on the econ- throughout lower Bucks County. his country. omy, destroying jobs and opportunities The Franciscan Order at Conwell- Leslie Spaeth first served his Nation for millions of Americans. Egan reinforced the school mission of as a corporal during World War II. Importantly, Mr. Speaker, the bill building character through service, Throughout his life, he continued to also ends government bailouts for large achieving academic excellence, and serve our community as a volunteer banks considered too big to fail once demonstrating a commitment to a life firefighter, as president of the Mason and for all. It will cut our deficits by full of learning. Council, as Warren County Auditor, as $25 billion and finally subject the Fed- Myself, my family, and the entire a member of the Warren County Board eral Reserve to a proper audit. lower Bucks County community are of Elections, and, finally, as the War- Mr. Speaker, above all, our bill pro- forever grateful for their continuous ren County chairman of the Republican motes economic growth so that all guidance and their continuous support. Party. Americans can have the freedom and As we say good-bye to these exemplary In his personal time, he bettered the ability to get the job they want, create individuals, true representatives of St. lives of those around him, volunteering

VerDate Sep 11 2014 01:05 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00011 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.020 H08JNPT1 H4716 CONGRESSIONAL RECORD — HOUSE June 8, 2017 with the American Legion’s Buckeye That the Senate agreed to S. Res. 184. crushed by the costly rules imposed on Boys State program and as an elder at With best wishes, I am them by the Dodd-Frank Act. This law his church. Sincerely, may have had good intentions, but its KAREN L. HAAS. Mr. Speaker, Leslie Spaeth was a pa- consequences have been dire for Main triot and a family man, and it has been f Street. my honor to represent him in Congress FINANCIAL CHOICE ACT OF 2017 Let me put it this way: It is more than 1,000 pages long and has more since Warren County came into my GENERAL LEAVE rules and regulations than any other congressional district. I wish his fam- Mr. HENSARLING. Mr. Speaker, I Obama-era law. The burdens created ily my sincere condolences as we say ask unanimous consent that all Mem- are real and deep. good-bye to one of our finest. bers may have 5 legislative days in These costs are unsustainable for f which to revise and extend their re- small community banks who simply marks and submit extraneous mate- PROVIDING RELIEF TO AMERICA’S cannot afford to meet all the require- rials on the bill, H.R. 10, the Financial COMMUNITY FINANCIAL INSTI- ments and can’t hire a team of lawyers CHOICE Act of 2017. TUTIONS to decipher the seemingly endless The SPEAKER pro tempore. Is there (Mr. ROYCE of California asked and rules. objection to the request of the gen- was given permission to address the So what do they do? They hunker tleman from Texas? House for 1 minute.) down. They are unable to loan out There was no objection. Mr. ROYCE of California. Mr. Speak- The SPEAKER pro tempore. Pursu- money. Or worse, they are shutting er, I would like to make the point: I am ant to House Resolution 375 and rule down. The CHOICE Act reins in Dodd- from the State of California, and that XVIII, the Chair declares the House in Frank, and it delivers the regulatory has long been the innovation capital the Committee of the Whole House on relief these small banks so desperately for new ideas in America, for high-tech, the state of the Union for the consider- need. This will change our commu- and a place where a person with an idea ation of the bill, H.R. 10. nities because these banks are the life- and hard work and a little startup cap- The Chair appoints the gentleman ital can grow a business. blood of our Main Streets. from Arkansas (Mr. WOMACK) to preside Where I come from, representing We have had a major problem with over the Committee of the Whole. respect to our community banks and towns small and medium, they are not our credit unions, the smaller ones, b 1237 big companies in big cities getting and that is they are going out of busi- IN THE COMMITTEE OF THE WHOLE money from big banks. They are small- ness at a very fast, rapid clip. A large Accordingly, the House resolved and medium-size businesses in small- percentage of them are struggling itself into the Committee of the Whole and medium-size towns hoping the under this Dodd-Frank legislation that House on the state of the Union for the community banker will be able to give was passed in 2010. consideration of the bill (H.R. 10) to them the loan they need to hire some Now, I think the legislation was well- create hope and opportunity for inves- people, to take a risk, to start a small intended, but to put all the regulatory tors, consumers, and entrepreneurs by business, to expand their small busi- burden and these costs on these small- ending bailouts and Too Big to Fail, ness. They know the needs of their er institutions has ended up with this holding Washington and Wall Street communities, and they are able to one-size-fits-all regulation that makes accountable, eliminating red tape to identify the people who can fill those it very, very difficult for them to give increase access to capital and credit, needs successfully. credit to entrepreneurs across our and repealing the provisions of the There is a reason why they handle State. Dodd-Frank Act that make America the vast majority of small-business I think that many of the provisions less prosperous, less stable, and less loans in this country: because they are have been injurious, then, not only to free, and for other purposes, with Mr. the ones who are the closest to the the community banks, the credit WOMACK in the chair. small businesses. unions, the smaller ones, but to the The Clerk read the title of the bill. Here is the difference: The people big small businesses, to the borrowers, and The CHAIR. Pursuant to the rule, the banks may overlook thinking it is to the savers that rely on these institu- bill is considered read the first time. some guy with a pipe dream, the com- tions. The gentleman from Texas (Mr. HEN- munity banker is able to recognize We do need to make adjustment in SARLING) and the gentlewoman from that as a father of four with the drive this, and the Financial CHOICE Act California (Ms. MAXINE WATERS) each to make his dream of a bicycle shop will provide, I think, much-needed re- will control 45 minutes. into a reality or a woman seeking to lief to the community financial insti- The Chair recognizes the gentleman rent out retail space to open her dream tutions in a responsible and proactive from Texas. restaurant using her family recipes, or way. I think that the premise is Mr. HENSARLING. Mr. Chairman, at maybe it is a young farmer with a new straightforward, which is a banking in- this time I proudly yield 1 minute to idea to integrate the latest technology stitution has to be strongly capitalized the gentleman from Wisconsin (Mr. into the family farm. The big banks and well-managed to get the off-ramp RYAN), the distinguished Speaker of don’t pay attention to that; only com- from Dodd-Frank. the House. munity banks do. f Mr. RYAN. Mr. Chairman, I just want A couple of years later, with the help to start off by thanking Chairman HEN- of these kinds of loans from these local COMMUNICATION FROM THE SARLING and the entire Financial Serv- banks, these so-called pipe dreams in CLERK OF THE HOUSE ices Committee for their leadership on these small towns and these rural The SPEAKER pro tempore (Mr. this vital and important legislation. counties become successful businesses. FITZPATRICK) laid before the House the Job well done. They become job creators. These are following communication from the The Financial CHOICE Act answers a the ultimate success stories that our Clerk of the House of Representatives: deep need at the very heart of our communities in America are built OFFICE OF THE CLERK, economy. We have heard about this upon. HOUSE OF REPRESENTATIVES, need time and again from our constitu- This is why the Financial CHOICE Washington, DC, June 8, 2017. ents back home. I sure have. Act is so important. It helps commu- Hon. PAUL D. RYAN, Small businesses are struggling. nity banks and the small businesses The Speaker, House of Representatives, They have been unable to hire, invest, that absolutely depend on them, it Washington, DC. or get the loans that they need to get helps them thrive. It protects con- DEAR MR. SPEAKER: Pursuant to the per- sumers by increasing accountability mission granted in Clause 2(h) of Rule II of off the ground. Families looking to the Rules of the U.S. House of Representa- keep their money safe are hit with fees and transparency over the wider finan- tives, the Clerk received the following mes- that they cannot afford. cial sector, and it also repeals ‘‘too big sage from the Secretary of the Senate on And why is this? Our community to fail,’’ the rules codified by Dodd- June 8, 2017, at 9:04 a.m.: banks are in trouble. They are being Frank that have left taxpayers on the

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00012 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.022 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4717 hook for too long. Ultimately, the Fi- trophe like the Great Recession and re- Last February, we were awarded a major nancial CHOICE Act is a jobs bill, and turn us to a financial system where catering contract for all food services in the it is one that will bring hope back to reckless and predatory practices harm new performing arts center. The new con- Main Street. our families and communities. We can- tract will require us to make a major invest- ment in equipment in small wares. We will It is easy to talk about the economy not allow that to happen. be able to hire 50 additional staff. Unfortu- and regulations as a series of numbers. Mr. Chair, I urge all of my colleagues nately, red tape got in the way, turned what It is easy to talk in vague terms about to vote ‘‘no’’ on this catastrophically should have been a golden opportunity into job creators and small-business owners. bad bill. an unbelievable headache. Three banks in- But what is far more important is iden- Mr. Chair, I reserve the balance of formed us that our rating, according to new tifying the problems that they actually my time. bank regulations imposed by Dodd-Frank, face and actually doing something Mr. HENSARLING. Mr. Chair, I yield disqualified us from consideration. about those problems to help make a myself such time as I may consume. Mr. Chairman, we have letter after difference to improve their lives. Mr. Chairman, it has been 7 years letter, email after email, showing how That is what this CHOICE Act is all since the Dodd-Frank Act was passed, a Dodd-Frank is harming working fami- about. It is why we were sent here: to monumental triumph of ideology over lies, harming small businesses, crush- look out for the people who work hard compassion and common sense. All of ing community banks. and who do the right thing. the promises of Dodd-Frank were bro- Fortunately, Mr. Chairman, there is Let’s get this done for them. Let’s ken. They promised us it would lift the a better, smarter way, and it is called get this done for the people who take economy, Mr. Chairman, but, instead, the Financial CHOICE Act. It is going the risks, who live and breathe their we are still stymied in the weakest, to create hope and opportunity for in- work, for the people who strive and slowest recovery in the postwar era. vestors and consumers, and entre- struggle every day for their families. They promised us that it would end preneurs, and it stands for economic Let’s pass the CHOICE Act today. too big to fail, but, instead, it cyni- growth for all, but bank bailouts for Ms. MAXINE WATERS of California. cally codified too-big-to-fail banks in none. Mr. Chairman, I yield myself such time the law and backed it up with a tax- Contrary to Dodd-Frank, and what as I may consume. payer bailout fund. every Democrat will come here today— H.R. 10 is being called the ‘‘Wrong’’ It promised us, Mr. Chairman—they my friends on the other side of the CHOICE Act by the American public promised us that it would lead to a aisle—and defend, we will end bank because this bill is truly the wrong more stable economy, but, instead, the bailouts once and for all. We will re- choice for all of us. Indeed, this is one big banks are bigger. The small banks place bailout with bankruptcy. We will of the worst bills I have seen in my are fewer. We are losing a community replace economic stagnation with a time in Congress. bank or credit union a day. growing healthy economy. We will en- This bill is a vehicle for Donald Our corporate bond market, a key sure that there will finally be pay in- Trump’s agenda to deregulate and help component of financing of jobs, his- creases, wage increases for working out Wall Street. It destroys nearly all toric levels of volatility and Americans who haven’t seen a pay in- of the important policies we put in illiquidity. crease since Dodd-Frank became law. place in the Dodd-Frank Wall Street They promised us, Mr. Chairman, We will replace Washington micro- Reform and Consumer Protection Act that it would help the consumer, but, management with market discipline. to prevent another financial crisis and instead, we see free checking cut in We will ensure that we replace tax- protect consumers. This bill would cre- half at banks, bank fees are up. The payer money with private money be- ate vast harm and lead us right back to ranks of the unbanked have increased. cause for every bank who will have a 10 the bad old days. For many creditworthy borrowers, percent simple leverage ratio, which is We all remember the suffering that they are paying $500 more for an auto analogous to having a private insur- resulted from the Great Recession: $13 loan. Have you tried getting a mort- ance policy against bailout, we will let trillion in household wealth was lost; gage recently? They are harder to come them have that Dodd-Frank off-ramp, 11 million people lost their homes; the by and cost hundreds of dollars more to and that is so important. unemployment rate hit 10 percent. The close. But, Mr. Chairman, we are also going impact was enormous and felt by all. Every promise of Dodd-Frank has to hold Wall Street accountable with This bill would pave the way back to been broken. And, Mr. Chairman, we the toughest penalties that they have economic damage of the same scale—or hear about it every day. I heard from seen, and no more bailouts. Perhaps worse. Julieann, a banker in Massachusetts, that is one of the reasons they oppose The ‘‘Wrong’’ CHOICE Act guts the and she wrote, ‘‘ ‘We have experienced a the Financial CHOICE Act and support highly successful Consumer Financial spike in loan declines to women,’ for the status quo of Dodd-Frank. Protection Bureau, which works to their investigation identified that We will make sure that there is need- make sure that hardworking Ameri- women attempting to buy the family ed regulatory relief for our small banks cans are not subjected to predatory home to settle their divorce and sta- and credit unions, because it is our practices in the financial marketplace. bilize their family were being declined small banks who loan to our small Since its creation, the Consumer Bu- at a high rate due to the Dodd-Frank businesses, that create the job engine reau has returned nearly $12 billion to Qualified Mortgage rules. . . .’’ of America, and make sure that the more than 29 million consumers who Dodd-Frank is hurting recently di- American Dream is not a pipe dream; have been ripped off by financial insti- vorced women. I heard from Allen in but, instead, it is a dream and a vision tutions. This bill would foolishly put a New Hampshire who talked about his where we will only be limited by our stop to the Consumer Bureau’s good need for a new car, but he couldn’t find imagination. work and once again leave consumers a loan from a bank, and he said: Mr. Chair, I reserve the balance of vulnerable. But for my local dealer’s efforts on my be- my time. That is not all. Across the board, the half, there is no doubt I would not be driving Ms. MAXINE WATERS of California. my current car, and this was a desperate sit- Mr. Chair, the Speaker and Mr. HEN- ‘‘Wrong’’ CHOICE Act removes essen- uation, for I am the sole income earner for tial Dodd-Frank protections for con- SARLING would have you think this is my family. My wife is ill, and we have two all about community banks being hurt, sumers, investors, and our economy. young children in school. After my old vehi- but let me tell you what this is all b 1245 cle broke down, I needed to find reliable, re- placement transportation so that I could get about. Despite what Republicans will tell to work and continue to provide for my fam- U.S. and foreign banks have paid you, banks large and small are doing ily. Please ensure that financing car and more than $160 billion in penalties to just fine since the passage of Dodd- truck dealerships are not stymied by Dodd- resolve cases brought against them by Frank. Last year, they posted record Frank’s CFPB. the Justice Department and Federal profits. Here is the bottom line: Donald I heard from Maxine in Salt Lake regulatory agencies for cases involving Trump and Republicans want to open City, who talked about her company. collusion, fraud against consumers, the door to another economic catas- She said: bribery, and other abuses.

VerDate Sep 11 2014 01:05 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00013 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.024 H08JNPT1 H4718 CONGRESSIONAL RECORD — HOUSE June 8, 2017 There were 144 major cases of $100 diligence in order to reduce the likeli- There has been a considerable million or more against 26 large U.S. hood of another financial crisis. amount of discussion on both sides of and foreign banks. Just look at this: The Financial Institution Bank- the aisle on the need to help commu- Bank of America, $56 billion; ruptcy Act is the culmination of a nity financial institutions. The legisla- J.P.Morgan, $28 billion; Citigroup, $15 multiyear, bipartisan process that so- tion we will consider today provides billion; Wells Fargo—and you know licited and incorporated the views of a every Member of Congress the oppor- about Wells Fargo and what they did— wide range of leading experts and rel- tunity to cast a vote in favor of respon- $11 billion; Goldman Sachs, $9 billion; evant regulators. The CHOICE Act in- sible regulatory relief for credit unions Morgan Stanley, $5 billion. This is corporates all of the provisions of the and community banks across the Na- about rip-offs, so this bill will prevent Financial Institution Bankruptcy Act, tion. us from being able to assess these providing a balanced approach that in- The Financial CHOICE Act will in- kinds of penalties on those who are rip- creases transparency and predictability crease access to credit for consumers ping off the American public. in the resolution of a financial firm. by easing rules and regulations that Mr. Chair, I yield 1 minute to the Furthermore, it ensures that share- never should have been applied to gentleman from Missouri (Mr. CLAY), holders and creditors—not taxpayers— smaller financial institutions in the ranking member of the Financial Insti- bear the losses related to the failure of first place. tutions and Consumer Credit Sub- a financial company. H.R. 10 also makes important re- committee. Mr. Chair, I urge my colleagues to forms to the Consumer Financial Pro- Mr. CLAY. Mr. Chair, I thank the support this legislation. tection Bureau, an unaccountable ranking member. I rise today to oppose Ms. MAXINE WATERS of California. agency that embodies the Washington- Mr. Chairman, I yield 1 minute to the H.R. 10, a dangerous assault on Amer- knows-best mentality that the Nation gentleman from Colorado (Mr. PERL- is so tired of seeing and, instead, cre- ican consumers that would gut the MUTTER), ranking member of the Ter- ates a more responsible framework landmark Dodd-Frank Wall Street Re- rorism, Nonproliferation, and Trade that actually protects consumers in- form Act. Subcommittee. stead of special interests. If the ‘‘Wrong’’ CHOICE Act is al- Mr. PERLMUTTER. Mr. Chair, I The Financial CHOICE Act offers a lowed to be inflicted on working fami- thank the gentlewoman from Cali- new model for financial opportunity lies, the reckless financial speculators fornia (Ms. MAXINE WATERS) for yield- and responsible regulation. It is time who sold out the American people on ing me time. to take steps to remove the boot from Wall Street would be given a free pass I rise in opposition to H.R. 10, the the neck of our Nation’s lenders and to perpetrate future financial abuses ‘‘Bad’’ CHOICE Act, which brings back their customers. that will reap billions for them and rob the Wild West to our financial markets Former Fed Chairman Alan Green- average Americans of their financial and hurts consumers. span has said about the bill that it security again. It is a bad choice because this takes would have a tremendous stimulative The ‘‘Wrong’’ CHOICE Act would us back to a time when we were losing effect on our economy. The Financial take us back to the pre-2008 era of un- 800,000 jobs a month—not gaining CHOICE Act is the right choice to help checked reckless financial abuses that 200,000 jobs a month. Colorado takes us our communities grow their economies resulted in the worst recession since back to when we had 10 percent unem- and our citizens realize their dreams. the Great Depression. ployment—not 2.5 percent unemploy- Mr. Chair, I want to thank Chairman Let me remind Members of the crush- ment. It takes us back to a time when HENSARLING for his unwavering leader- ing cost of that national economic the stock market was 6,500—not 21,000. ship and urge my colleagues to support emergency: over 8 million jobs lost, 10 It brings back no discipline. The mar- H.R. 10. percent unemployment, 7 million home kets were in chaos. People got hurt. Ms. MAXINE WATERS of California. foreclosures, and trillions of dollars of This kind of return to bad legislation Mr. Chair, I yield 1 minute to the gen- personal institutional wealth wiped and bad regulation is not good for tleman from Michigan (Mr. KILDEE), out. America, and we should all vote ‘‘no.’’ the vice ranking member of the Com- No proponent of this bill can look the Mr. HENSARLING. Mr. Chairman, I mittee on Financial Services. American people in the face and tell yield 2 minutes to the gentleman from Mr. KILDEE. Mr. Chairman, I thank them that this is better for consumers, Missouri (Mr. LUETKEMEYER), a real the ranking member for yielding. because it is not. leader on our committee and chairman I understand the President of the Mr. HENSARLING. Mr. Chairman, I of the Financial Institution and Con- United States himself has no real un- yield 1 minute to the gentleman from sumer Credit Subcommittee. derstanding of American history, but Virginia (Mr. GOODLATTE), chairman of Mr. LUETKEMEYER. Mr. Chairman, that is no excuse for this body for ig- the Judiciary Committee. I am very proud to stand with Chair- noring even the recent history of this country and returning us to the condi- Mr. GOODLATTE. Mr. Chair, I would man HENSARLING today and offer my tions, to the regulatory environment first like to thank Chairman HEN- support for H.R. 10, the Financial that not only preceded but contributed SARLING for introducing this important CHOICE Act of 2017. piece of legislation. This bill offers a responsible ap- to cause the worst financial crisis that The CHOICE Act replaces the orderly proach to financial regulation that will I have experienced in my lifetime, the liquidation authority under title II of protect consumers and allow the Amer- Great Recession. Dodd-Frank with a new bankruptcy ican economy to flourish. The Finan- b 1300 procedure developed by the Committee cial CHOICE Act makes meaningful re- Millions of people lost their homes. on the Judiciary in the Financial Insti- forms that ensure transparency, re- Millions of people lost their job and tution Bankruptcy Act. store a rule of law, and help consumers lost everything they worked for be- In 2008, our economy suffered one of and small businesses gain access to the cause they were completely unpro- the most significant financial crises in credit they need to move forward to- tected against institutions and organi- history. In the ensuing years, experts wards financial independence, be the zations that were predators against from the financial, regulatory, legal, entrepreneurs they are, and be able to them. This proposed legislation would and academic communities have exam- realize their dreams. take away those very protections and ined how best to prevent another simi- Mr. Chairman, we lose one commu- return us to a time when institutions lar crisis from occurring and to elimi- nity bank or credit union a day, as the and organizations can use unfair and nate the possibility of using taxpayer chairman just mentioned, every day. deceptive practices, and the Consumer moneys to bail out failing firms. These are the institutions that lend to Financial Protection Bureau under this The Judiciary Committee has ad- families and small businesses across legislation would be barred—would be vanced the review of this issue, with America. These institutions are the barred—from going to bat for those the aim of crafting a solution that will backbone of each of our communities people being taken advantage of. better equip our bankruptcy laws to re- and something that must be done to re- This makes no sense. We ought to re- solve failing firms, while also encour- verse this dangerous trend of consoli- ject it, and I urge my colleagues to join aging greater private counterparty dation and closure. me in doing so.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00014 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.027 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4719 Mr. HENSARLING. Mr. Chairman, I leader on our Capital Markets, Securi- engine of economic growth, we must yield 1 minute to the gentleman from ties, and Investments Subcommittee. remove the regulatory red tape that is Ohio (Mr. CHABOT), the chairman of our Mr. HUIZENGA. Mr. Chairman, the preventing community lenders from Small Business Committee. economic downturn in 2008 caused supporting these small business job Mr. CHABOT. Mr. Chairman, I thank Michiganders and folks around the creators. the chairman for yielding. country to lose their jobs, families to We hold Wall Street accountable. We Mr. Chairman, I rise in strong sup- lose their savings, and even some to hold the Consumer Financial Protec- port of H.R. 10, the Financial CHOICE lose their homes. Since that time, folks tion Bureau accountable, and we make Act, and I want to thank Chairman on the other side of the aisle have been it more effective to do its job. No gov- HENSARLING for his leadership on this attempting to convince the American ernment agency should be unaccount- important issue. people that the Dodd-Frank Act is ‘‘the able to the American taxpayer. For the last 7 years, Dodd-Frank has answer’’ to the financial crisis, despite Dodd-Frank was a larger social agen- blocked small businesses from getting the law failing to actually address the da waiting for a crisis, and I under- the capital they need to grow and cre- root cause of the downturn. In reality, stand that from my friends on the ate more jobs. As chairman of the Dodd-Frank has made it more difficult other side; but today, small businesses Small Business Committee, it is no for hardworking taxpayers to secure a and hardworking Americans continue surprise that small businesses from all future for themselves and their chil- to pay the price. across the country tell me over and dren by denying them the economic re- The Financial CHOICE Act enacts over again that this blocking of capital covery that they deserve. progrowth reforms, restores account- to them by Dodd-Frank is preventing Hardworking Americans rely on cap- ability, and provides opportunity. I en- them from creating more jobs which ital markets to save for everything courage a ‘‘yes’’ vote. are needed in this country. from college to retirement. We as Con- Ms. MAXINE WATERS of California. Whether to pay employees or to buy gress must act to eliminate the burden- Mr. Chairman, I yield 1 minute to the new equipment, we need to make it some and unnecessary red tape created gentleman from Texas (Mr. AL GREEN), easier for small-business owners to under Dodd-Frank to ensure U.S. cap- who is the ranking member of the Sub- gain access to capital. H.R. 10 is chock- ital markets remain the most effective committee on Oversight and Investiga- full of real reforms, including the Help- in the world so that all investors can tions. ing Angels Lead Our Startups, or receive the greatest return on their in- Mr. AL GREEN of Texas. Mr. Chair- HALOS, Act to encourage and inspire vestments. man, I thank the ranking member. entrepreneurs across the country. Since Dodd-Frank, our capital mar- Mr. Chairman, this bill is a setback The Nation’s 29 million small busi- kets have become less stable, less effi- because it allows the American public nesses are working hard to achieve the cient, and less liquid, which has made to be subject to rip-offs. It allows you American Dream. Let’s not let our own it more difficult for small businesses to be ripped off when you get your auto government continue to stand in their and American job creators around the loan. Without your knowing it, it will way. Support this legislation. It is very country to access the necessary finan- allow you to pay a higher amount than important. cial resources in order to expand and you should be paying. Ms. MAXINE WATERS of California. create jobs. In fact, Dodd-Frank has It allows you to, without your con- Mr. Chairman, I yield 1 minute to the severed access to the capital markets sent, have the money that you place in gentlewoman from New York (Ms. for Main Street businesses and entre- the bank be taken away from your ac- VELA´ ZQUEZ), who is the ranking mem- preneurs who are the heartbeat of the count, moved over to another place, ber of the Small Business Committee. American economy. and used to gamble; if they win, they Ms. VELA´ ZQUEZ. Mr. Chairman, I In order to succeed, small and grow- keep the profits—all done without your want to thank the ranking member, ing companies need capital and cred- consent. MAXINE WATERS. it—the lifeblood for growth, expansion, It allows, without your knowledge, Here they come again, Mr. Chairman. and job creation. Yet the government the person that you are working with My colleagues seem to suffer from a has continued to construct arbitrary to invest your pension and to put his case of policymaking amnesia. I was walls that cut them off from essential interests ahead of your interests. here in 2008 as our Nation stood on the financing as smaller companies are This is a rip-off bill. We should not edge of financial ruin. I will never for- caught in a sea of red tape created by support it. The American consumers get those dark days. Washington bureaucrats. are placed at risk. This is the time to Thanks to Wall Street making reck- Enough is enough. In order to in- stand. We must say ‘‘no’’ to H.R. 10. It less bets and inadequate government crease economic opportunity, we must is, indeed, the wrong choice. oversight, millions of Americans lost enact commonsense regulatory reform Mr. HENSARLING. Mr. Chairman, I their homes and jobs. Tell them about and restore accountability to Wall yield 2 minutes to the gentlewoman market discipline back in 2008. Main Street and to Washington. The House from Missouri (Mrs. WAGNER), who is a Street small businesses shed employ- Financial Services Committee achieves fighter on our committee. She is the ees, and many shut their doors for this goal through the carefully crafted chair of the Oversight and Investiga- good. Our economy nearly slid into an- CHOICE Act, which we are debating tions Subcommittee. other Depression. here today. Mrs. WAGNER. Mr. Chairman, I am Now, my Republican colleagues may The Financial CHOICE Act elimi- proud to stand before you today to have forgotten that sequence of events, nates Dodd-Frank’s one-size-fits-all speak on H.R. 10, the Financial but let me tell you something: The regulatory structure which has stran- CHOICE Act. American people have not forgotten. gled community financial institutions I would like to thank Chairman HEN- Dodd-Frank has improved account- with overly burdensome regulations SARLING and all my colleagues on the ability in the financial system. It has that were meant for the largest banks House Financial Services Committee protected consumers and investors here in America. for their hard work on this legislation, from predatory practices. It stabilizes The CHAIR. The time of the gen- including holding 145 hearings on Dodd- our markets. And yet here we are talk- tleman has expired. Frank and the CHOICE Act. ing about gutting this landmark law. Mr. HENSARLING. Mr. Chairman, I For nearly 10 years following the fi- The American people are watching. yield the gentleman from Michigan an nancial crisis, our country witnessed Let’s be clear. If you vote ‘‘yes,’’ you additional 30 seconds. one of the weakest recoveries of our are voting to restore the same condi- Mr. HUIZENGA. Mr. Chairman, by lifetimes as Dodd-Frank held small tions that fueled the crisis and collapse enacting the CHOICE Act, community businesses and families hostage and of 2008. It is a vote you will regret—and banks and credit unions can utilize prevented our economy from growing. be remembered for. Vote ‘‘no.’’ their resources to help their individual Now it is harder for families to qualify Mr. HENSARLING. Mr. Chairman, I customers and small businesses achieve for a mortgage, obtain an auto loan, yield 2 minutes to the gentleman from financial independence. If we want and access other forms of credit that Michigan (Mr. HUIZENGA), who is a small businesses to continue to be the they depend on every single day.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00015 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.029 H08JNPT1 H4720 CONGRESSIONAL RECORD — HOUSE June 8, 2017 The only beneficiaries from Dodd- Mr. BARR. Mr. Chairman, the Dodd- they are carved out from the Consumer Frank have been Washington bureau- Frank Act is a failure, period. It is es- Financial Protection Bureau’s super- crats, who have grown more powerful; timated to reduce economic output by vision. and big banks have only grown bigger nearly $1 trillion over the next 10 b 1315 at the expense of your personal free- years, and it contains more regulatory doms and your freedom to make your restrictions than all of the other regu- The Consumer Financial Protection own financial decisions. Dodd-Frank lations enacted by the previous admin- Bureau’s supervision and enforcement has failed the American people. istration combined, including focuses on the largest banks that they Instead, the CHOICE Act, which ObamaCare. won’t talk about here today and non- stands for creating hope and oppor- The Financial CHOICE Act provides banks that compete with small banks tunity for investors, consumers, and an off-ramp—much-needed relief—to and credit unions. entrepreneurs, represents a better way Dodd-Frank’s growth-crushing regula- Mr. Chair, I yield 1 minute to the from this Republican Congress that tions. Financial institutions like com- gentleman from New York (Mr. will provide Americans with the finan- munity banks and credit unions will MEEKS), a senior member of the Finan- cial opportunities that they deserve. have the choice to stay under the cial Services Committee. The CHOICE Act is about helping Main Dodd-Frank regulatory regime or opt Mr. MEEKS. Mr. Chair, how soon do Street, not Wall Street, and will in- for the relief that they are willing to we forget? crease lending in our communities, obtain if they meet a 10 percent simple The bill before us today is an affront open up our economy, end taxpayer- leverage ratio, a level that ensures to the American people. This bill is fa- funded bank bailouts, and hold Wall that they can weather economic down- tally flawed. It would set America up Street and Washington accountable. turns without the help of taxpayer for more severe financial crises in the It will allow us to impose the tough- bailouts. future. It is plain and simply the wrong est penalties on Wall Street executives This legislation also reins in the pri- choice. who engage in fraud, deception, and mary culprit of the regulatory on- Let me give you one example. Under self-dealing. Unlike before, executives slaught that has caused one in five the ‘‘Wrong’’ CHOICE Act, many banks who commit financial crimes will be community financial institutions in would be free from regulatory over- held accountable, rather than innocent my State of Kentucky to close: the sight if they merely maintain a 10 per- taxpayers and shareholders. Consumer Financial Protection Bu- cent leverage ratio. Americans deserve relief from the reau. This is done by giving Congress Let’s break that down for the Amer- regulatory burden and lack of financial the power of the purse over the Bureau ican people. If this bill was law in 2008, options that Dodd-Frank has created. for the first time, making its Director one-third of the banks that eventually Americans deserve the ‘‘Right’’ removable by the President, requiring failed would be free from regulatory CHOICE Act. oversight altogether. To be clear, 125 Mr. Chairman, I urge my colleagues it to conduct cost-benefit analysis, and enhancing its mission to focus on con- banks that failed during the crisis to support H.R. 10. would meet the bill’s low requirement Ms. MAXINE WATERS of California. sumer protection through competition and choice. for regulatory relief, not according to Mr. Chairman, I yield 1 minute to the me, but to an independent clearing- gentlewoman from Wisconsin (Ms. This legislation also delivers impor- tant regulatory relief to community fi- house analysis. MOORE), who is the ranking member of You don’t have to be a financier to the Monetary Policy and Trade Sub- nancial institutions, incorporating the TAILOR Act, which requires Federal realize that this proposal is dangerous committee. and an insult to American families who Ms. MOORE. Mr. Chairman, I thank regulators to tailor their regulations lost nearly everything. I am talking the ranking member. based on the size of financial institu- Mr. Chairman, I rise in opposition to tions instead of using the typical one- about those families in rural and urban the ‘‘Wrong’’ CHOICE Act. This is a size-fits-all Washington model. America who saw their household net bad bill, and I suspect that Republicans Additionally, the Financial CHOICE worth drop $10 million, the largest loss are pushing it through with only one Act ends stifling Dodd-Frank regula- of wealth in the history of the United hearing because they want to push it tions that constrain lending for manu- States of America. past the beleaguered public who lost factured homes by including the Pre- Mr. HENSARLING. Mr. Chairman, I trillions of dollars of wealth and home serving Access to Manufactured Hous- yield 1 minute to the gentleman from value during the last recession. ing Act. It also further reduces the California (Mr. MCCARTHY), a gen- Republicans’ rubric about freedom chances of a mortgage crisis by giving tleman on leave from the Financial and community banks is not fooling financial firms an incentive to retain Services Committee and one we proud- anyone. This legislation unleashes 100 percent of a mortgage’s risk and ly call our own. every bloodthirsty and greedy Wall greater flexibility to lend by including Mr. MCCARTHY. I thank the gen- Street superpredator back into the my Portfolio Lending and Mortgage tleman for yielding. American people to feast on our misery Access Act. Mr. Chair, I first want to thank like they did pre-Dodd-Frank. In con- Finally, this legislation places the Chairman HENSARLING and the entire trast, you will actually hear the GOP steepest penalties in history on finan- Financial Services Committee for the blame predatory borrowers and say cial firms that actually break our laws. work they have done on this bill. They that they caused the crisis—like blam- So it ends too big to fail, it includes have listened to Members and they ing hungry children for famines. tough penalties—the toughest pen- have listened to constituents through- If this bill passes with the mere 10 alties in history—for financial fraud out this country. They studied the percent capital requirements, the fi- and other misdeeds, but it preserves issue and they found the very best pol- nancial system will become brittle, consumer protections through competi- icy. prone to systemic crisis and taxpayer tion, choice, and access to the credit We all know we need economic bailouts—a system that is less fair and Americans need to build our economy. growth, but we also know that growth rife with fraud. Mr. Chairman, I want to thank means little if wages will not rise, if Didn’t we learn our lesson in 2008? Chairman HENSARLING for his leader- jobs do not return, and if more busi- 2008 taught us that we cannot have sus- ship on this issue. nesses close than open. tainable economic growth absent good Ms. MAXINE WATERS of California. If a rising tide lifts all boats, we need regulation. Mr. Chairman, I have just got to stop to make sure every American is in the Mr. Chairman, I urge my colleagues some of this misrepresentation. boat. Repealing Dodd-Frank with the to reject this bad bill. Exempt from CFPB’s supervision and Financial CHOICE Act lifts people Mr. HENSARLING. Mr. Chairman, I enforcement, Wall Street reform—that back in so they can participate in yield 2 minutes to the gentleman from is Dodd-Frank—recognizes community America’s economy. It will reestablish Kentucky (Mr. BARR), who is the chair- banks and credit unions have a small the severed ties that link communities man of the Monetary Policy and Trade number of employees and a better con- to the money they need to start busi- Subcommittee. sumer protection track record; thus, nesses and hire employees.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00016 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.030 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4721 Bringing back the community banks Wake up, America. I have talked debt relief scams, resolved countless that Dodd-Frank destroyed means that with our Senators and they have as- consumer complaints, and secured hun- more people, not just the wealthy, will sured me that this bill is dead on ar- dreds of millions of dollars in loan for- have access to credit. But if we want rival in the Senate. giveness for borrowers tricked into everyone to be part of the American Mr. HENSARLING. Mr. Chairman, I taking out costly private loans. economy, we don’t want people to face yield 2 minutes to the gentleman from The bill also repeals the Department the same risks they did before. We New Mexico (Mr. PEARCE), who is the of Labor’s fiduciary rule, which simply want people to be treated fairly. chairman of the Terrorism and Illicit ensures that financial advisers put In 2008, people lost everything. Aided Finance Subcommittee. their retirement clients’ interests first. by misguided Washington policies, Mr. PEARCE. Mr. Chair, credit is one Workers getting ready to retire often some played fast and loose and put al- of the most powerful devices of our fi- seek assistance in making what would most everyone else at risk. So it is nancial system. It was designed over be the biggest financial decision in only natural that people looked around time by modern societies. In some their life. Let’s be clear: many of these and asked: Why do we have a system countries, credit is simply not avail- just set aside a few hundred dollars a where, when things go wrong, banks able to those who need it the most: month throughout their career, and need to get bailouts, but the American people at the bottom of the ladder. now have hundreds of thousands of dol- people get nothing? In the United States, we have got a lars to invest. They are counting on It is not a fair system. Dodd-Frank well-developed system where credit is their financial adviser to do right by made it worse. It actually codified bail- available no matter how bad their cred- them and their families. This rule sim- outs into law and made a taxpayer it rating might be. That is, it was ply says that they have to do right for slush fund. On top of all that, we all available until the Dodd-Frank regula- the families and the workers, not what know the regulations it created were tion created the CFPB. may generate the highest fees. just ridiculous. In the Second District of New Mex- Mr. Chairman, this bill undermines Why is it that the rich and powerful ico, 50 percent of the homes are mobile key policy priorities impacting student get to game the complicated rules pro- homes or manufactured housing. Dodd- loans and retirement savings. We duced by their friends in the bureauc- Frank immediately began to show that should stand up for students and retir- racy while everyone else faces a moun- they had no clue about how rural soci- ees and reject this bill. tain of paperwork and regulations that eties worked, and put into place regu- Mr. HENSARLING. Mr. Chairman, I no human being has a chance of under- lations that choked off the access of yield 2 minutes to the gentleman from standing? most of our homeowners to manufac- Wisconsin (Mr. DUFFY), the chairman We all know that is not fair. All this tured housing. of the Housing and Insurance Sub- ends up boxing out small-business own- That wasn’t enough for the CFPB. committee. ers and normal Americans who can’t They began then to set forward quali- Mr. DUFFY. Mr. Chairman, this de- hire lawyers to sift through it all. bate oftentimes can become confusing The Financial CHOICE Act levels the fied mortgages, which then choked off traditional mortgages to many people because banking law is confusing. playing field. It makes both Wall We hear both sides take different po- in the Second District of New Mexico. Street and Washington accountable so sitions on the Financial CHOICE Act Many people in New Mexico will buy that their bad decisions don’t cost the and on Dodd-Frank, but I think the their first mobile home and they will taxpayers money. It makes things sim- way you cut to the fat about whether live in that. Then, over their life, they ple so that you don’t need an Ivy Dodd-Frank was great law and does the will buy 8 or 10 more. Then they sell League law degree to understand the Financial CHOICE Act actually make those one at a time, usually to people rules that govern our lives. this law way better, I think we have to who can’t get credit any other way. America is a nation for the people. look at a couple simple factors. Everyone has a shot. Everyone should The CFPB simply shut that down. Now, Big banks brought us to the crisis in be treated the same. Everyone has a seniors with less income, but people 2008. The question for my friends across chance to succeed. The Financial who need the loans the most, have one the aisle and people watching this de- CHOICE Act brings us a little closer to more source of credit dried up to them. bate is: Because of Dodd-Frank, have The rules that affect the rural mort- that America one more time. big banks gotten smaller or have big gages and small businesses were so pu- Ms. MAXINE WATERS of California. banks gotten bigger? Mr. Chair, I yield 1 minute to the gen- nitive that the economy in New Mexico The answer is: Big banks have gotten tleman from Georgia (Mr. DAVID has never come back. It is not just that bigger. SCOTT), one of our senior members of the Financial CHOICE Act is the right If you go to rural Wisconsin, small the Financial Services Committee. choice in the rural areas, in our areas; community banks and credit unions Mr. DAVID SCOTT of Georgia. Mr. it is the only choice. that help grow businesses and help pro- Chairman, I love this country. The I support H.R. 10, and I ask my col- vide to capital to our families are heart and soul of our country is our fi- leagues to vote ‘‘yes’’ on the bill. going out of business. Big Wall Street nancial system. Ms. MAXINE WATERS of California. banks don’t set up shop in rural Wis- 1 This bill is a dangerous bill to our Mr. Chair, I yield 1 ⁄2 minutes to the consin. So the little guy is getting hurt economy. Let me tell you why. First of gentleman from Virginia (Mr. SCOTT), and the big guys are doing really well. all, it takes away all of our consumer the ranking member of the Education You have got to ask yourself: Who protections. I want to give you an ex- and the Workforce Committee. supports the Financial CHOICE Act? ample. Mr. SCOTT of Virginia. Mr. Chair- You have the NFIB protecting small Before we had Dodd-Frank, a bank man, I thank the gentlewoman for businesses, the Independent Commu- that is insured by the taxpayers could yielding. nity Bankers of America, the National go in and use their customer’s money. I rise in opposition to the ‘‘Wrong’’ Association of Federally-Insured Credit They could take their customer’s CHOICE Act. In addition to what else Unions, and the Credit Union National money out to invest in risky bets, and is wrong with the bill, there are two Association. Credit unions and small then when the bets go south, it is the significant problems with it impacting banks support this bill. taxpayers that have to pick up the the jurisdiction of the Education and Who doesn’t support this bill? freight. the Workforce Committee, where I Well, if you look to The Washington Secondly, let us use this example. Be- serve as the ranking Democratic mem- Post: HENSARLING, our chairman, faces cause of the impact and the complex- ber. opposition from big-bank CEOs that ities of our financial system, so much First, the bill essentially eliminates like Dodd-Frank. They hate the Finan- of the cause and effect of the downturn the Consumer Financial Protection Bu- cial CHOICE Act. were the big banks. What Dodd-Frank reau. The Bureau has played a crucial Another quote from The Wall Street did was provide a test to be able to go role in making sure student loan bor- Journal: ‘‘Big banks have an unex- in and simulate and confer with the rowers are treated fairly and receive pected message for President-elect bank to prevent it from going over- the protections that they deserve. It Trump: Don’t trash the Dodd-Frank board. has shut down fraudulent student loan Act.’’

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00017 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.032 H08JNPT1 H4722 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Big banks hate this bill, and little nancial CHOICE Act is an important ing away protections for the American banks and little credit unions love it. If recognition of the many mistakes that people and their futures. you want to know where people stand policymakers made leading up to and Have we learned nothing, Mr. Chair- on this, go to your small community responding to the financial crisis. man? Those who fail to learn from his- banker, go to your credit union, ask There is no doubt that the American tory, it is often said, are doomed to re- them about Dodd-Frank, and they will people demanded changes from Wash- peat it. Let us not doom our citizens to give you an earful. Then ask them: Do ington when the financial crash led to repeat it. Let us not fail to learn the you like the Financial CHOICE Act? higher unemployment, huge drops in lessons of 2008. Let us not doom our- They will sit back and give you a home values, and lost hope and oppor- selves to repeating the mistakes of the small, slow clap. tunities; but instead of reforms that past. Let’s do what is right for the Amer- would increase competition and de- The American people, average inves- ican people and the small banks and crease systemic risk, the Dodd-Frank tors, and retirees, along with those small credit unions. Let’s join to- Act grew government and piled new who use our markets to save for college gether, pass H.R. 10, and give a win to regulations on community banks and and purchase a home, deserve, and now the little guy. credit units and enshrined too big to have, commonsense protections. Ms. MAXINE WATERS of California. fail into law. Nobody is seeking to punish or limit Mr. Chairman, the gentleman asked: Forty-two community banks and 106 what financial firms do well, and that Who does not support this bill? Illinois credit unions have closed their is create and raise capital, but we must Let me tell him: advocates, experts, doors since Dodd-Frank was signed in ensure that there are referees on the civil rights groups, labor groups, vet- 2007. This is unacceptable. field to protect investors and taxpayers erans groups, pension plans, and com- I am grateful that regulatory relief and citizens and, yes, our families and pany shareholders. legislation that I have championed is our children. This bill does the oppo- We also received a petition urging a included in the Financial CHOICE Act, site. I urge my colleagues to reject it. ‘‘no’’ vote from more than 220,000 con- things like the Community Bank Re- Mr. HENSARLING. Mr. Chairman, I cerned Americans. porting Relief Act and many other pro- yield myself 10 seconds just to say that Let me just say that AARP hates visions that will provide great relief to perhaps the gentlewoman from Cali- this bill. That is who opposes this bill. our local financial institutions. That is fornia is unaware that the VFW has Mr. Chairman, I yield 1 minute to the what the Financial CHOICE Act is all tweeted that it lauds Representative gentleman from California (Mr. SHER- about: giving opportunities back to HENSARLING for a commitment to pro- MAN), a senior member of the com- local communities to make good finan- tect veterans, and then: mittee on Financial Services. cial decisions for their future. We are so happy that the Financial Ms. MAXINE WATERS of California. CHOICE Act has been endorsed by over 100 b 1330 Mr. Chairman, continuing to remind groups, including the Concerned Veterans for Mr. SHERMAN. Mr. Chairman, this Mr. Duffy who opposes this bill, the America, because of what we do to protect bill contains 12 measures that have Veterans of Foreign Wars of the United their freedoms. wide Democratic support. Unfortu- States of America opposes this bill. At this point, I am very happy to nately, they have been held hostage I yield 3 minutes to the gentleman yield 1 minute to the gentleman from and added to a bill that contains a from Maryland (Mr. HOYER), the distin- Florida (Mr. ROSS), a proud member of pharmacy of poison pills. guished Democratic whip. our committee. The gentleman from New Mexico Mr. HOYER. Mr. Chairman, I rise in Mr. ROSS. Mr. Chairman, I rise points out that we need to do some- opposition to this legislation, which I today in support of the Financial thing with manufactured housing. I know does not surprise the chairman. CHOICE Act, a bill that will provide support that bill. Liberate that bill. I have been here for some time. I was the much-needed relief from the harm- Don’t put it in a bill that is going to here in the 1990s. I was here in the ful, complex, and excessive regulatory die in the Senate. 2000s. Frankly, we took the referee off environment created by the Dodd- The gentleman from Wisconsin talks the field in the 2000s, and we didn’t put Frank Act. about too big to fail. Please cosponsor the referee as toughly on the field in In the 7 years since the passage of the Sanders-Sherman bill to break up the late 1990s as we should have. the Dodd-Frank Act, our Nation has the too big to fail rather than this bill Brooksley Born warned us about that, suffered from anemic economic growth, that lets them stay too big and takes and we kept our eyes shut, and keeping increasingly limited financial choices away the regulation. our eyes shut cost millions and mil- for consumers, and an unprecedented I look forward to working in a bipar- lions and millions of people their jobs, level of job-killing regulations. All the tisan way to support the Financial Ac- their homes, and their security. while, big banks have grown larger, counting Foundation’s efforts to have Let us not return to the time of tak- and small banks and credit unions have independently funded standards for ing the referee off the field. This bill suffered. In fact, community banks are government-issued debt. This bill takes does that. It is a dangerous piece of closing at the rate of one per day. that away. legislation. The bill which my Repub- Many of my constituents in small I look forward to working in a bipar- lican colleagues have put forward and rural towns in the Tampa Bay area tisan way to have different and lesser would put the American people at risk rely heavily on their community banks standards for community financial in- once again of having to bail out insti- for financial services. When those stitutions like credit unions and local tutions if they lose money on risky in- banks are forced to close their doors or banks. Instead, this highly partisan vestments. raise their fees due to excessive regula- bill takes us down the wrong highway. Let me say to my Republican friends: tion, my constituents lose access to es- It is a highway to a bill that will go no- I share their view that community sential services and opportunities. where in the Senate, and then we will banks should not be treated as too-big- Simply put, Dodd-Frank has failed. resume our efforts to improve financial to-fail banks. However, having said The Financial CHOICE Act rep- regulation in this country. that, this bill takes the referee off the resents an alternative and effective ap- Mr. HENSARLING. Mr. Chairman, I field one more time. It would effec- proach to financial regulation, which yield 1 minute to the gentleman from tively eliminate the Consumer Finan- will protect taxpayers and bank bail- Illinois (Mr. HULTGREN). cial Protection Bureau that is now the outs, empower investors, and hold gov- Mr. HULTGREN. Mr. Chairman, I es- American people’s watchdog. ernment bureaucracies accountable. pecially want to thank Chairman HEN- We have spent a lot of time this year This legislation makes it easier for SARLING and the entire committee for in the last 5 months passing bills under hardworking Americans to save and in- all their hard work in getting us to this the Congressional Review Act that vest for retirement, college, and their point to be able to pass H.R. 10, the Fi- have reduced consumer protections, future. It will also increase access to nancial CHOICE Act, a very important civil rights protections, teacher protec- and reduce the cost of credit for fami- bill to reform significant parts of tions, environmental protections. All lies that want to purchase a home or Dodd-Frank that are failing. The Fi- we are doing is spending our time tak- start a business.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00018 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.033 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4723 I urge my colleagues to join me in recovery in 70 years, impeding access is about right regulation, account- supporting passage of this bill and to capital and credit in the market for ability, and growth, restoring healthy, helping Washington get off the backs of small business. robust growth that will create jobs, lift hardworking taxpayers. Maintaining the status quo is not ac- wages, and, through the creation of Ms. MAXINE WATERS of California. ceptable. new taxpayers, will increase revenues I yield 1 minute to the gentleman from The Financial CHOICE Act will im- to the Federal Treasury that will help Massachusetts (Mr. CAPUANO), a senior pose the toughest penalties in history pay for critical programs like Social member of the Financial Services Com- for fraud on Wall Street. It will end Security, Medicare, veterans benefits, mittee. taxpayer bailouts for Wall Street and and national defense. Mr. CAPUANO. Mr. Chairman, you allow your community banks and cred- We have a moral obligation to re- know, I was going to talk about lever- it unions to focus on serving you and store healthy economic growth. The aged buyouts, and I was going to talk your local business, which will help opponents of this bill, the status quo about CDOs and CDO squared and create jobs and grow the economy. The defenders, are seemingly okay with Volcker rules and all those other Financial CHOICE Act means oppor- slow growth and fewer opportunities. things, but the truth is that is not tunity for all Americans and bailouts Mr. Chairman, take a stand for what this is about. It is not about the for none. stronger growth. Take a stand for details of the bill. It is about the con- Ms. MAXINE WATERS of California. young people who want more job oppor- cept. It is about Main Street versus Mr. Chairman, continuing to answer tunities. Take a stand for young fami- lies who want a new home. Take a Wall Street. Mr. DUFFY about who opposes this bill, Now, I am not opposed to Wall the Fleet Reserve Association, which stand for seniors and veterans who rely on programs funded through a growing, Street, but if you make me make a includes the Navy, the Marine Corps, healthy economy. Take a stand for a choice, I am with Main Street. And I and the Coast Guard. better way. Take a stand for a brighter know that the radicals are against this With that, I yield 1 minute to the future. Vote for H.R. 10. Vote for the bill, the radicals like the VFW, and I gentleman from Massachusetts (Mr. Financial CHOICE Act. will just read what they said. LYNCH), a senior member of the Finan- If enacted, the Financial CHOICE Act of cial Services Committee. b 1345 2017 would put those who have taken an oath Mr. LYNCH. Mr. Chairman, I have to Ms. MAXINE WATERS of California. to defend this country and our way of life in say that this is the single worst piece Mr. Chairman, I yield 1 minute to the financial harm’s way. of legislation that I have seen in my gentleman from Maryland (Mr. In light of this and on behalf of the time here in Congress, and I have been DELANEY), a member of the Financial nearly 1.7 million members of the VFW here awhile. So I have to congratulate Services Committee. and its auxiliary, I call on you to op- the gentleman from Texas for putting Mr. DELANEY. Mr. Chair, I want to pose H.R. 10. this amalgamation of terrible ideas to- thank the gentlewoman for yielding me The other radical group that opposes gether. time. this bill is the AARP, representing 38 This bill basically destroys the work Mr. Chairman, during the financial million Americans; and the Commu- that we did to try to secure the banks crisis, 19 of the 20 largest financial in- nications Workers of America, with after the financial crisis of 2008. It stitutions in the United States either 700,000 members; and the Brotherhood harms consumers, it lets off bad actors, required a bailout or a significant in- of Teamsters, representing, I think, it hamstrings our financial regulators, vestment by the taxpayers. Clearly, re- 900,000; and, of course, the California and I believe it will lead to the next fi- form was needed, and Dodd-Frank was Teachers Association, which represents nancial crisis. that reform. 900,000 people, who also invest $202 bil- This bill will destroy the only con- Since Dodd-Frank was put in place, lion in our country. sumer protection agency in the United consumer protections have improved All that being said, I am shocked States Government by handing over materially, the banking system is safer that I am sitting here thinking that the ability to defund the operation to and more sound, and our banks and our the Dodd-Frank Act is some kind of a the people who were committed to op- markets have far outpaced their inter- failure. Bottom line is we put an end to posing its very creation. national competitors. Dodd-Frank is the Wild West of Wall Street and we It also repeals the Department of La- working. Is it a perfect piece of legislation? Of are on to a nice, steady playing field. bor’s fiduciary rule that simply re- course not. Anytime Congress does We should be able to adjust it, but we quires that financial advisers put the something large and transforms an en- should not throw it out. interests of its clients first rather than tire industry, we should sign up as a Mr. HENSARLING. Mr. Chairman, its own. body for 10 years of fixes, which is what apparently the gentleman forgot that And finally, it is important to em- we have not done, and we have let the the big Wall Street banks also oppose phasize that the Financial CHOICE Act American people down. this, according to the Wall Street Jour- rolls back the accountability and re- Are we fixing Dodd-Frank today? No. nal, Washington Post, and New York porting standards for credit rating We are pursuing a misguided and time- Times. agencies, as Gretchen Morgenson dis- consuming and wasteful repeal effort. And I am now very happy to yield 1 cussed in a New York Times ‘‘Fair I urge my colleagues to reject the minute to the gentleman from North Game’’ column on May 7. CHOICE Act, and I urge my Republican Carolina (Mr. PITTENGER). Mr. Chairman, to sum up, this is an colleagues to work with Democrats on Mr. PITTENGER. Mr. Chairman, I awful bill. This is a real stinker. I hope bipartisan reforms to Dodd-Frank that am here to support the Financial that my colleagues here vote against build on its strength and solve and im- CHOICE Act, and for good reasons. it. prove weaknesses in the legislation. Under Dodd-Frank, North Carolina Mr. HENSARLING. Mr. Chairman, I Mr. HENSARLING. Mr. Chair, I yield has lost 50 percent of our banks since am happy to yield 1 minute to the gen- 1 minute to the gentleman from New 2010, while three community banks tleman from Pennsylvania (Mr. Jersey (Mr. LANCE). have consolidated just in the last ROTHFUS). Mr. LANCE. Mr. Chair, I rise today month. Monthly banking fees have in- Mr. ROTHFUS. Mr. Chairman, today in support of the Financial CHOICE creased 111 percent. is a good day. It is yet another day Act. In response to the Great Reces- As well, Dodd-Frank created the Con- where we turn the page on the sion, Congress passed the Dodd-Frank sumer Financial Protection Bureau, antigrowth policies of the last 8 years law. While well intentioned, various which even the liberal D.C. Court of that have given us the slowest eco- Dodd-Frank provisions and regulations Appeals calls unconstitutional and a nomic recovery in 70 years. I urge my are actually encouraging some of the threat to individual liberty. colleagues to vote against the stagnant behavior that led to the financial cri- Dodd-Frank has made the Wall status quo with a vote for the Finan- sis. Street banks even bigger and more cial CHOICE Act. The law permits Wall Street to re- powerful; and Dodd-Frank has contrib- With all the debate we are hearing, ceive bailouts and has constricted cred- uted to the slowest, weakest economic understand this: The heart of this bill it lending for consumers and small

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00019 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.035 H08JNPT1 H4724 CONGRESSIONAL RECORD — HOUSE June 8, 2017 businesses. It has drastically hurt com- the one-size-fits-all regulatory regime vision of our financial system that the munity banks throughout this country, of Dodd-Frank. That will help hard- Dodd-Frank Act failed to do. Among and they had absolutely nothing to do working Hoosiers get more affordable other provisions, this legislation re- with the financial crisis. Two thousand loans. quires financial regulatory agencies to community banks have closed nation- The Financial CHOICE Act also in- tailor regulatory actions to fit the risk wide since Dodd-Frank, including 42 in cludes my bill, the RIGHTS at the profile and business model of super- New Jersey. CFPB Act, which ensures that anyone vised institutions. Not only will this Dodd-Frank has institutionalized too pursued by this Federal agency will ensure appropriately tailored compli- big to fail for Wall Street, while telling have their rights protected and get ance obligations for banks and credit community banks on Main Street that their day in court. unions of various risk profiles, but it they are too small to succeed. I urge support of the Financial saves valuable time and resources for Congress agrees on the need for CHOICE Act. bank examiners. strong regulation of our financial sys- Ms. MAXINE WATERS of California. As it stands now, community banks tem. The Financial CHOICE Act will Mr. Chair, we have already debunked are facing an ever-increasing regu- bring balanced reform to our Nation’s what we have been told by the opposi- latory burden that they can no longer financial institutions. tion about the oversight, CFPB’s su- shoulder. This has had a devastating Ms. MAXINE WATERS of California. pervision and enforcement. Of course, impact on small banks, forcing consoli- Mr. Chair, I yield 1 minute to the gen- we have told you about that. Let’s take dation or failure and stifling the cre- tlewoman from Ohio (Mrs. BEATTY), a a moment to tell you that community ation of new banks in areas that need member of the Financial Services Com- banks have showed strength in residen- access to credit. mittee. tial, commercial, industrial loans, and In December 2015, a report by the Mrs. BEATTY. Mr. Chair, I thank small-business lending. In fact, overall Dallas Fed highlighted this problem, Ranking Member WATERS for yielding loan growth at community banks has noting that the regulatory environ- me time. been faster than at bigger banks. In the ment tends to be one-size-fits-all and I stand here and I join my colleagues fourth quarter of 2016, lending was up concluding that the regulatory over- in opposition to the Financial CHOICE 8.3 percent for community banks and sight should match the risk level an in- Act. It is the wrong act. And let me 4.8 percent for larger banks. stitution poses to the financial system Mr. Chair, with that, I yield 1 minute just say this to you: Certainly, it does and the economy at large. to the gentleman from Illinois (Mr. not provide choice nor does it create The CHOICE Act will stop the trend FOSTER), a member of the Financial hope and opportunity for investors and of increasing compliance costs and de- for consumers and for entrepreneurs. Services Committee. Mr. FOSTER. Mr. Chair, I thank creasing financial services. I am from the great State of Ohio, Mr. Chair, I thank the gentleman Ranking Member WATERS for yielding and you may have a sign that says peo- me time and for her leadership on this. from Texas (Mr. HENSARLING) for his ple are for it; I have letters from Nine years ago, I was there, in 2008, tireless efforts on this legislation and ProgressOhio; I have letters from Pol- when our financial system collapsed, as urge my colleagues to support it. icy Matters Ohio; I also have a letter a new Member of Congress, the sole sci- Ms. MAXINE WATERS of California. here from the National Consumer Law entist on the Financial Services Com- Mr. Chairman, may I inquire as to how Center, Advancing Fairness In The mittee. And as we surveyed the wreck- much time I have remaining? Marketplace For All. Let me just tell age of our economy, I wondered how we The ACTING CHAIR (Mr. RODNEY you what they are saying. They are ever could have gotten into a place like DAVIS of Illinois). The gentlewoman saying that it is breathtaking—the as- that with our financial system clogged from California has 21 minutes remain- sault on hardworking Americans, the with toxic assets based on trillions of ing, and the gentleman from Texas has assault on businesses that want to dollars of mortgages that never had 15 minutes remaining. level the playing field to improve the any realistic chance of being repaid by Ms. MAXINE WATERS of California. economy. their homeowners. Mr. Chairman, since it has been asked Mr. Chair, this is ridiculous that we We saw giant banks and trading about who opposes this bill, I wanted stand here. If it was such a good firms leveraged beyond belief, huge fi- to make sure that we include in our in- choice, we would have had more meet- nancial corporations so complex that formation to them the religious organi- ings on it. If it was such a good choice they had thousands of business units zations. The Congregation of St. Jo- for hardworking Americans, then we that even their CEOs were unaware of, seph, the Seventh Generation Inter- would have worked with Republicans and risk management software that faith Coalition for Responsible Invest- and Democrats to make it a fair was being ignored, if it existed at all. ment, the Dominican Sisters of Hous- choice, to make it a right choice. But How could we have gotten there? But ton, the Sisters of Mercy, the Inter- I stand here today and tell you it is the when I look at the CHOICE Act that faith Center on Corporate Responsi- wrong choice for consumers. It is the Republicans are about to ram through bility, the Christian Brothers Invest- wrong choice because it eviscerates the on a party-line vote, I understand per- ment Services, the National Associa- Consumer Financial Protection Bu- fectly how we got there. I see all the tion of Evangelicals, the American reau. It is against the people, and it is same forces of mindless deregulation Baptist Home Mission Society, and the not for hardworking Americans. and free market ideology, an over- Mercy Investment Services all urge a Mr. HENSARLING. Mr. Chair, I yield riding mania for tax cuts for the rich, ‘‘no’’ vote on this terrible bill. 1 minute to the gentleman from Indi- while stripping financial protection for Mr. Chairman, with that, I yield 1 ana (Mr. MESSER), a member of our ordinary American families; the same minute to the gentleman from Wash- committee and chairman of the Repub- refusal to learn the lessons of financial ington (Mr. HECK), a senior member lican Policy Committee. history and to replace them with alter- now—he has been there for a while—of Mr. MESSER. Mr. Chairman, despite native facts that fit their ideology. the Financial Services Committee. the rhetoric and whatever its inten- Mr. Chair, I urge my colleagues to Mr. HECK. Mr. Chair, I am voting tions, since Dodd-Frank’s passage, big stand up for working families and pro- ‘‘no’’ on the ‘‘Wrong’’ CHOICE Act. All bank profits are shattering records, tect our economy by opposing this bill of us are. Just like healthcare, this leg- and home ownership is down, way today. islation takes the approach that the down, to the lowest level seen in over Mr. HENSARLING. Mr. Chair, I yield best way to proceed is with the most 20 years. Car loans and small-business 1 minute to the gentleman from Colo- extreme bill possible, a bill that at- loans are much harder to get, too. Sim- rado (Mr. TIPTON). tracts no Democrats and even makes ply put, Dodd-Frank has been great for Mr. TIPTON. Mr. Chair, I also want moderate Republicans deeply uncom- Federal regulators and even big banks to thank Chairman HENSARLING for of- fortable. but very bad for Hoosier consumers. fering the legislation under consider- One reason, the Dodd-Frank Act set The Financial CHOICE Act changes ation today. up an office at CFPB to protect serv- that. It ends too big to fail and enables The Financial CHOICE Act takes the icemembers. That office, initially led Hoosier financial institutions to escape necessary steps in reforming the super- by Holly Petraeus, has done great work

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00020 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.037 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4725 in educating and fighting for service- this legislation contains provisions very strong protections, Mr. Chairman, member families. I have worked with that ABA and our member banks have for consumers of financial services Republicans for years to support and long supported.’’ while at the same time imposing the enhance it. Who are their members? JPMorgan toughest penalties ever for fraud and This bill makes that office optional. Chase, Wells Fargo, Citigroup, Bank of inside dealings for folks that partici- And it specifically strips the funding America. Wall Street loves this bad pate in this industry. for its financial counseling project. bill. It is no wonder, Mr. Chairman, that That is appalling. It hurts my constitu- I yield 1 minute to the gentleman huge money center banks and Wall ents, and, again, it makes my Repub- from Minnesota (Mr. ELLISON), a senior Street are not for the Financial lican friends deeply uncomfortable. It progressive champion of the Financial CHOICE Act. But I am, and I encourage is one of scores of provisions that make Services Committee. everybody to vote for this Financial clear this isn’t a bill designed to help b 1400 CHOICE Act. It is a great bill for rural Americans. It is an ideological docu- America. ment. It hurts men and women in uni- Mr. ELLISON. Mr. Chairman, I thank Ms. MAXINE WATERS of California. form. And oh, by the way, millions of the ranking member for yielding. Mr. Chairman, I yield 1 minute to the others. It is a terrible approach. Since Dodd-Frank’s passage, the gentleman from Texas (Mr. GONZALEZ), Please vote ‘‘no’’ on the ‘‘Wrong’’ economy has created over 16 million a new member of the Financial Serv- CHOICE Act. jobs over 85 consecutive months. Busi- ices Committee. Mr. HENSARLING. Mr. Chairman, I ness lending has increased 75 percent. Mr. GONZALEZ of Texas. Mr. Chair- yield 1 minute to the gentleman from Banks, large and small, are posting all- man, I thank Ranking Member WATERS Texas (Mr. WILLIAMS), my friend and time record profits, community banks for yielding. neighbor. are outperforming larger banks, and Mr. Chairman, today I rise in opposi- Mr. WILLIAMS. Mr. Chairman, I credit unions are expanding their mem- tion to H.R. 10. thank Chairman HENSARLING for his bership. And because of the work of the While this bill may contain some lan- leadership on this issue. Consumer Financial Protection Bu- guage that I would agree with and that Mr. Chair, the Consumer Financial reau, 29 million people have seen $12 is helpful to our community banks, as Protection Bureau has cost American billion back into their pocket and not well as some of our credit unions, it small businesses, American entre- into those of improper and illegal prac- would be very harmful to our seniors preneurs, and the American taxpayers ticing financial services firms. and the elderly. millions of dollars in regulatory costs Do you want to know why we have Additionally, the Financial CHOICE since the inception. the ‘‘Wrong’’ CHOICE Act before us Act, as written, would be dead on ar- I actually own a business. I am a today? rival in the U.S. Senate and a monu- small-business owner, and I can tell Because they want the money. Not mental waste of time for this Chamber. you it is horrible legislation. And al- the $12 billion that went back to the 29 As a public servant, we are called to though this rouge and unaccountable million veterans and farmers and stu- serve the citizens of our great Nation, agency hides behind the false pretense dents and citizens and people who need those who raised us; those who consist- that its actions protect consumers, that kind of help for their families. ently told us, ‘‘it is more important to there could be nothing further from the They want that money going back to have the will than to have mere abil- truth. the big financial interests. ity,’’ ‘‘hace mas el que quiere que el Take, for example, the ability to ex- And that is the purpose of the que puede;’’ those who forged a new empt small community financial insti- ‘‘Wrong’’ CHOICE Act. It is between path and a better way of life. tutions from any rule they impose. In the many and the money, and the One of the best measures of a nation fact, Dodd-Frank gives them explicit ‘‘Wrong’’ CHOICE Act stands firmly on is how it cares for its elderly. As a authority to do so. Yet because they the side of those who would line their country, we made a promise to our el- lack congressional oversight, because pockets in the top 1 percent. derly, to protect them and ensure that they have a director who cannot be re- Mr. HENSARLING. Mr. Chairman, I they would have reliable access to re- moved at will, they simply do abso- yield 1 minute to the gentleman from sources, and the support they need to lutely nothing. Maine (Mr. POLIQUIN), a real workhorse live a dignified life in their later years. Mr. Chair, if my colleagues are look- of the Financial Services Committee. In my book, a promise made should ing for a reason to vote for this bill, Mr. POLIQUIN. Mr. Chairman, I be a promise kept. they should look no further than the thank the chairman for yielding. Today, my colleagues in support of reforms that helped rein in the CFPB. Mr. Chairman, I represent the most the ‘‘Wrong’’ CHOICE Act seek to re- Specifically, I am happy to see the honest, hardworking families in this nege on this promise and leave millions committee-incorporated provision I in- country, in the great State of Maine. I of elderly Americans vulnerable to fi- troduced last Congress which would also represent tens of thousands of nancial exploitation schemes. One in apply the REINS Act to all financial small-business owners in our State every five Americans have been vic- agencies, including the CFPB. that create thousands of jobs for our tims of financial abuse, accounting for Over the last 12 years, $55 billion in families. a cost of over $36 billion annually. We regulatory costs have been levied by In the State of Maine, Mr. Chairman, cannot abandon our elderly when their our financial agencies, and this must we know the difference between right resources and, ultimately, their inde- end, and it must end now. and wrong, and it is wrong to force tax- pendence is threatened. We must stand Again, the Financial CHOICE Act is a payers to bail out huge Wall Street with them and enable the Consumer Fi- win for American taxpayers. It is pure- banks that take too much risk when it nancial Protection Bureau to continue ly a win for Americans who are sick goes wrong. Now, the small community to protect our elderly. and tired of the heavy hand of Wash- banks and credit unions that dot our Mr. HENSARLING. Mr. Chairman, I ington. landscape in Maine did not cause the yield 1 minute to the gentlewoman Mr. Chair, I urge all my colleagues to most recent recession. from Utah (Mrs. LOVE), an incredibly support this bill. These reforms that we are passing talented member of the Financial Serv- In God we trust. today in the Financial CHOICE Act re- ices Committee. Ms. MAXINE WATERS of California. duce unnecessary paperwork and costs Mrs. LOVE. Mr. Chairman, I rise in Mr. Chairman, the Members on the op- that will help our small community support for the Financial CHOICE Act, posite side of the aisle have come here banks and credit unions lend money to and I urge a vote for it. talking about what they are doing for small businesses and our families so America’s workers, farmers, busi- small banks and how they are against they can live better lives with more nesses, households, savers, and inves- the big banks. Let me tell you about a freedom and have better job opportuni- tors all deserve the flexibility and ac- letter that was sent yesterday, June 7, ties. cess to credit that the Financial from the American Bankers Associa- Also, I am proud to say that the Fi- CHOICE Act puts in place for our fi- tion. They said: ‘‘We are pleased that nancial CHOICE Act keeps in place nancial system.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00021 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.038 H08JNPT1 H4726 CONGRESSIONAL RECORD — HOUSE June 8, 2017 As a former mayor, I know that fami- ARKANSAS STATE buyers, in our state. But the fact is it does. lies, cities, and counties need access to BANK DEPARTMENT, And, it is time to fix this. Chairman Hensarling’s The Financial credit. Whether it is a city that wants May 1, 2017. Hon. JEB HENSARLING, CHOICE Act was recently sent to the floor to build a library or a community Chairman, House Committee on Financial Serv- for a vote. It includes multiple changes that park, or a family that wants to buy a ices, Washington, DC. our banking industry endorses, and we feel house, or the farmer that needs a new Hon. MAXINE WATERS, we need these changes to help spur the econ- tractor to plow her field, we need a fi- Ranking Member, House Committee on Finan- omy. This legislation would ease some re- nancial system that is strong, innova- cial Services, Washington, DC. quirements on mortgages that banks hold in DEAR CHAIRMAN HENSARLING AND RANKING their own portfolios. This would let our tive, but, most of all, accessible. MEMBER WATERS: I am writing in support of bankers make many more loans to self-em- Right now, under Dodd-Frank, that H.R. 10, the ‘‘Financial CHOICE Act of 2017.’’ ployed businessmen, or entrepreneurs with isn’t the case. For example, one of my As a state bank regulator, I have seen the unstable incomes. The Act looks to tailor huge burden Dodd-Frank Act of 2010 has the regs and requirements based on the risks constituents in Utah owns a catering placed on community banks. Since the finan- and business types of each bank. We need business that is very successful, but cial crisis, several community banks in Ar- this to continue to give our customers more the growth of her company has been kansas have curtailed or discontinued lend- diversity and more choices of where and how stunted because she ran into red tape ing activities—particularly, residential to bank. and delays after applying for a small mortgages—which has been detrimental to The U.S. economy is unique. We need a business loan. the consumers they serve. In addition, the healthy and broad mix of banks to meet our number of small community banks in our customers’ needs. From international cor- That is not how things should work. state and across the country has decreased, porations, to the startup food truck, our Community banks, which provide the primarily through mergers with larger banks bankers are involved and are integral parts majority of small bank loans, are clos- better equipped to handle Dodd-Frank’s on- of our economy. If we cannot get sensible re- erous compliance regimen. form in Washington, Arkansas’s banking sec- ing at the rate of one per day. Middle- I believe the Financial CHOICE Act will tor will continue to shrink and become less to low-income Americans are getting address a number of issues which will im- diverse. Arkansans, and all Americans, will higher fees, less consumer service, and prove the business climate for community pay the price in terms of less lending and less access to credit than ever before. banks. In particular, providing broad regu- fewer opportunities for growth. latory relief to banks with an average lever- Everyone deserves a chance to realize Mr. HILL. Mr. Chairman, in this de- age capital ratio of at least 10 percent will bate today, let’s hear what a commis- their version of the American Dream, enhance our community banks ability to and the Financial CHOICE Act is a bold serve the public. With fewer financial and sioner of banking from Arkansas says: step toward achieving that dream. employee resources allocated to compliance ‘‘I am writing in support of H.R. 10, issues, community banks will be able to in- the ‘Financial CHOICE Act of 2017.’ As Ms. MAXINE WATERS of California. crease lending to businesses and individuals, a State bank regulator, I have seen the Mr. Chairman, I yield 1 minute to the which will stimulate much-needed economic huge burden Dodd-Frank Act of 2010 gentleman from Florida (Mr. CRIST), a growth in their communities. Additionally, I has placed on community banks. Since new member of the Financial Services strongly believe the leverage capital ratio is the financial crisis, several community Committee. a better standard by which to assess a bank’s banks in Arkansas have curtailed or health than risk-based measures. Mr. CRIST. Mr. Chairman, I thank Thank you for your work in advancing the discontinued lending activities—par- the ranking member for her strong Financial CHOICE Act. I greatly appreciate ticularly, residential mortgages— leadership in this fight against the your efforts to help community banks. which has been detrimental to the con- ‘‘Wrong’’ CHOICE Act. Sincerely, sumers they serve.’’ CANDACE A. FRANKS, That is a compelling endorsement of The bill before us is broken. I was Commissioner. this bill from a regulator, Mr. Chair- Governor of Florida when the financial man, not from a Member of Congress. crisis and foreclosure crisis rolled [From the Arkansas Banker Association] And when you look at working fami- through my State like a hurricane. Un- DISAPPEARING COMMUNITY BANKS lies in Arkansas, recently I was told restrained greed on Wall Street caused (By Bill Holmes, President & CEO, Arkansas about an Army National Guard mem- a preventable disaster because at no Bankers Association) ber from north Little Rock, in my dis- point did anyone say: This is simply In 1994 I was working for the original Twin trict, who was informed that he would City Bank. We were in a bank wide campaign not receive a home to purchase a man- wrong. to break a billion dollars in assets. There ufactured home that would have been I remember 2008 and 2009: the bail- were 260 banks headquartered in Arkansas. twice as large and less expensive than outs, the foreclosures, and the long, Today, there are 103. If we continue to lose the 60-year-old house he was renting painful road to recovery. The financial community banks at the same pace our small businesses, home buyers and farmers for his family. crisis exposed a broken regulatory sys- will have only a third of the bank choices Or a hairstylist from Nevada County, tem, allowing Wall Street to gamble they enjoyed in 1994. This is a problem for who I received a letter from. She and with Main Street’s future. our mostly rural state. And it is not just a her husband, a welder, were denied a With this bill, Members are being local problem, it is happening across the loan to purchase a new home, despite country. asked to again trust the very people There are any number of reasons for this having verifiable income. who brought us to this financial crisis. decline in community banks. For the last That is why we need to repeal, re- Don’t put them back in charge. Do not ten years, the reason I hear more than any place, and pass the Financial CHOICE let them do it again. Please vote ‘‘no.’’ other is the increasing cost of the federal Act. regulatory burden. The costs of complying Ms. MAXINE WATERS of California. Mr. HENSARLING. Mr. Chairman, I with regulations that should never have been Mr. Chairman, I yield 1 minute to the yield 1 minute to the gentleman from intended for rural banks, the costs of train- gentleman from Nevada (Mr. KIHUEN), Arkansas (Mr. HILL), the Financial ing more and more staff for compliance a new member of the Financial Serv- Services Committee whip. issues, the cost of newly required software to feed a never ending appetite for data. ices Committee. Mr. HILL. Mr. Chairman, I thank the I will grant you that after the financial Mr. KIHUEN. Mr. Chairman, I thank chairman for his leadership in guiding crisis some regulatory changes were nec- the ranking member for yielding me the Financial CHOICE Act through the essary to improve financial stability. But time and for her tireless work on be- Financial Services Committee and the ten years later we’ve ended up with too half of working families in America. many regs that don’t improve our banks, but House. Mr. Chairman, the Financial CHOICE do limit our bankers’ discretion and look to Act is nothing more than a misguided Mr. Chairman, I include in the drive credit decisions to a score sheet de- attempt to return to the days where RECORD a letter from the Arkansas signed inside the beltway. Our community bad actors could put the entire finan- State Bank Department, and an article bankers have decades of history on their cus- tomers, and have always been a key to the cial system at risk. by the Arkansas Bankers Association economic growth in their communities. I There is bipartisan support to pro- entitled ‘‘Disappearing Community don’t think the intent of these regulations vide regulatory relief for community Banks.’’ was to limit the growth, or limit the home banks and credit unions. Just last

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00022 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.040 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4727 week, I met with credit unions in my Mr. Chairman, I thank Chairman holders and creditors, not the tax- district, and they talked about the HENSARLING for all of his work. I look payers. need for thoughtful, tailored regula- forward to supporting the Financial I urge my colleagues to support the tion. Unfortunately, that kind of CHOICE Act, and I hope all of us will Financial CHOICE Act, and truly put thoughtful reform is not what is before do the same. an end to the possibility of yet another us today. Ms. MAXINE WATERS of California. taxpayer-funded bailout. Instead, we have a bill before us that Mr. Chairman, I yield 1 minute to the b 1415 is a fundamental attack on working gentlewoman from Florida (Mrs. families in America. This bill will DEMINGS). Ms. MAXINE WATERS of California. make it harder to go after bad actors Mrs. DEMINGS. Mr. Chairman, do we Mr. Chairman, I yield 1 minute to the in the financial markets by have a role as Congress to protect gentleman from Pennsylvania (Mr. hamstringing regulators, and would American families? CARTWRIGHT). completely gut the Consumer Finan- In my home State of Florida, it is Mr. CARTWRIGHT. Mr. Chairman, cial Protection Bureau. It would elimi- hard to go anywhere without meeting a my colleagues have already done a nate important programs that ensure family who was affected by the fore- good job of talking in great detail that taxpayers will not be on the hook closure crisis. Many not only lost their about why this bill is really a festival for future bailouts. And it makes our homes, but their life savings. of bad choices, of wrong choices for financial system a whole lot less se- Through Dodd-Frank, Congress cre- America, but I want to focus on one cure. ated the Consumer Financial Protec- issue in particular: executive pay. The district that I represent was one tion Bureau to go after the bad actors This ‘‘Wrong’’ CHOICE Act actually of the hardest hit in the entire country that made tough times worse for home- takes away provisions that rein in irre- during the financial crisis. My con- owners in Florida by giving the Con- sponsible pay to executives, the very stituents sent me here to ensure that sumer Financial Protection Bureau the people who decide decisions that get us we don’t repeat the mistakes of the authority to go after mortgage compa- into this entire mess in the first place. past, which is exactly what this bill nies for deceptive practices, threat- Number one, this bill eliminates a does. ening people who were behind on pay- rule barring incentive-based executive Mr. Chairman, this bill has been ments and putting them into debt col- pay that encourages ‘‘inappropriate named the Financial CHOICE Act, and lection when they were eligible for risks.’’ It puts the average American in I think it is a fitting name. loan modification programs. danger of having to pay for another Each of us here today has a simple Dodd-Frank also allowed state attor- bank bailout. Giving out bonuses for choice to make: Do we side with the neys general to file consumer protec- putting our national financial stability working families of America? Or do we tion lawsuits against bad actors on be- at risk is flat wrong. side with the big corporations and the half of families in their States. Number two, it eliminates a require- special interests? The Financial CHOICE Act would re- ment for corporations to disclose how Mr. HENSARLING. Mr. Chairman, I peal these important consumer protec- their CEO’s pay compares to the aver- yield 1 minute to the gentleman from tions and return us to a time when age employee’s salary. This bill elimi- Minnesota (Mr. EMMER), another hard- families were being unfairly forced into nates transparency. working member of the Financial Serv- foreclosure. And number three, if you can believe ices Committee. Mr. Chairman, we can’t go back. This it, this bill even abolishes a rule re- Mr. EMMER. Mr. Chairman, I thank is America, where we take care of our quiring companies to disclose whether the chairman for yielding. own, don’t we? If Congress doesn’t pro- Nearly 7 years ago, the American executives and board directors are al- tect American families, who will? lowed to bet against their own stock. people were promised that the Dodd- I urge my colleagues to do the right This bill takes us back to the days of Frank Wall Street Reform and Con- thing and to reject this bill. sumer Protection Act would end Wash- Mr. HENSARLING. Mr. Chairman, I Enron. ington bailouts, protect consumers, yield 1 minute to the gentleman from I urge my colleagues to vote ‘‘no’’ on this irresponsible legislation. and lead to a more prosperous econ- Michigan (Mr. TROTT), a new and very omy. knowledgeable member of the Finan- Mr. HENSARLING. Mr. Chairman, I Instead, the big banks and the influ- cial Services Committee. am happy to yield 1 minute to the gen- ence of the Federal Government have Mr. TROTT. Mr. Chairman, one of tleman from Georgia (Mr. continued to get bigger while smaller, the consequences of the financial crisis LOUDERMILK), a new member of our local community banks and credit is the government had to step in with committee. unions are closing up shop and our taxpayer dollars and bail out the finan- Mr. LOUDERMILK. Mr. Chairman, country continues to struggle with cial industry. today we know that a major factor anemic levels of economic growth. Once Dodd-Frank was enacted, how- leading up to the worst economic crisis This is why the Financial CHOICE ever, we were told: Don’t worry. There in our lifetime was the heavyhanded Act is so important. This legislation will never be another bailout. Rest as- and meddlesome politics of the Federal gives us an opportunity to return the sured, the orderly liquidation author- Government. power to the ‘‘little guy or gal’’ who ity under title II will give the FDIC all Unfortunately, the previous adminis- wants to create a better life for them- the tools it needs to resolve a failed fi- tration responded to that crisis not by selves and, by doing so, for all of us. nancial institution. limiting the intrusion of the Federal It takes steps to end the failure of ex- Indeed, title II does give the FDIC bureaucracy, but by increasing it. They cessive and redundant bureaucracy, the ability to borrow from the Treas- implemented Dodd-Frank under the and it will give our entrepreneurs the ury all of the taxpayer dollars it needs guise of protecting the consumer, but, opportunity to access the startup cap- to reorganize a failed financial institu- in reality, this bill empowered govern- ital they need to grow and thrive once tion. That kind of sounds like a bailout ment, created new bureaucracies, made again. to me. the big banks bigger, and virtually I am especially pleased that this bill The Financial CHOICE Act truly ended the creation of new community includes provisions from my Micro Of- ends the risk of taxpayer-funded bail- banks. fering Safe Harbor Act, the Home out. Under the Financial CHOICE Act, In the wake of the financial crisis, Mortgage Disclosure Adjustment Act, a failed bank will go through bank- Georgia lost more banks than any and the Financial Stability Oversight ruptcy. Bankruptcy is a tested, trans- other State in the Nation. Unemploy- Council Reform Act. These three bills parent process. Judges sitting in open ment skyrocketed, and hundreds of are important components of the Fi- court instead of unelected bureaucrats businesses went under. But instead of nancial Services Committee’s broader sitting behind closed doors will make creating opportunities for Georgians to intent of improving opportunity and consistent, predictable decisions based pick themselves up and start again, accountability for all. I appreciate the on decades of case law. Dodd-Frank continued to suppress our chairman’s continued efforts to make More importantly, bankruptcy puts economic recovery, and today, nearly a this goal a reality. the risk of failure on the bank’s share- decade after the end of the recession,

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00023 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.042 H08JNPT1 H4728 CONGRESSIONAL RECORD — HOUSE June 8, 2017 there are still 47 counties in Georgia mortgage companies that deliberately payday lender garnished her wages and without a local community bank, and 3 failed to tell seniors that they could charged sky-high interest rates and counties without a single bank branch lose their homes. fees. She ended up paying back thou- at all. The Financial CHOICE Act is dan- sands more than she borrowed, all be- The Financial CHOICE Act will re- gerous. It is dangerous for older Ameri- cause she needed food for her and her verse these burdensome regulations cans, it is dangerous for all Americans, mother. and, once again, sow the seeds of pros- and it is dangerous for our entire econ- Let’s protect our workers and fami- perity on Main Street, not just Wall omy. It puts us all at risk. It is the lies. Let’s not take away oversight of Street. The bill will end bailouts of big wrong choice for America, and I urge this abusive loan industry. I urge my banks by taxpayers and unleash our my colleagues to vote ‘‘no.’’ colleagues to oppose H.R. 10. It is the economic potential by opening the Mr. HENSARLING. Mr. Chairman, I wrong choice. economy to everyone. reserve the balance of my time. Mr. HENSARLING. Mr. Chairman, at I urge my colleagues to support the Ms. MAXINE WATERS of California. this time I am pleased to yield 1 Financial CHOICE Act. Mr. Chairman, I yield 1 minute to the minute to the gentleman from New Ms. MAXINE WATERS of California. gentlewoman from Oregon (Ms. York (Mr. ZELDIN), a new member of Mr. Chairman, I yield 1 minute to the BONAMICI). our committee. gentleman from Texas (Mr. DOGGETT). Ms. BONAMICI. Mr. Chairman, I Mr. ZELDIN. Mr. Chairman, I rise in Mr. DOGGETT. Mr. Chairman, this thank the ranking member for yield- strong support of the CHOICE Act, and bill is all about obstructing effective ing. I thank Chairman HENSARLING for his law enforcement that challenges preda- I rise today in strong opposition to strong leadership. tory payday lending, that protects the Financial CHOICE Act because it Imposing regulations meant for military families from unjustified fore- will gut the Consumer Financial Pro- large, transnational firms on commu- closures, and addresses the burden of tection Bureau and roll back important nity banks and credit unions may mounting student debt. protections for seniors, for students, make sense to bureaucrats in Wash- Republicans give Trump new power and for hardworking families across ington, but to hardworking families on to fire the chief cop on the beat who the country. Long Island, it means you can’t buy protects consumers against wrongful The CFPB protects Americans from that first home or you can’t get that financial practices. We have seen how unscrupulous financial practices and small-business loan. Today we have the opportunity to re- well that worked with Trump and the deceitful debt collectors. Since its cre- move the barriers to job creation and FBI. Have you learned nothing about ation, it has assisted more than 29 mil- prosperity that have given us the giving Trump more power? lion consumers, many of them seniors, weakest economic recovery in Amer- Without the Consumer Financial with mortgages, credit cards, and debt ican history. The CHOICE Act will end Protection Bureau, Wells Fargo would collection. taxpayer-funded bailouts, restore ac- never have been penalized for its multi- Unfortunately, seniors are especially countability, and jumpstart innovation million-dollar fraud. vulnerable to financial fraud and Republicans here want to shield Wall and job creation. abuse. This bill would roll back the I strongly support this legislation, Street, granting it free rein to run over CFPB’s ability to identify and stop un- people across America and later reward and I urge its adoption. fair and abusive debt collection and Mr. ELLISON. Mr. Chairman, I yield it with even more tax breaks. They tol- telemarketing practices; and this erate almost any wrongdoing, any 1 minute to the gentleman from Mary- harmful bill would also prevent the land (Mr. SARBANES). crazy Trump tweet, so long as they can CFPB from cracking down on preda- get more tax breaks and less consumer Mr. SARBANES. Mr. Chairman, in tory payday lenders who take advan- 2008 our financial system cratered, protection. tage of struggling families by issuing Enough is enough. It is time to say bringing the broader world economy to loans at exorbitant rates. no to this sorry bill and offer protec- its knees. Millions of Americans lost I worked as a consumer protection tion to the people of America from fi- their homes; millions more lost their attorney, and I worked with too many nancial wrongdoing. jobs by no fault of their own; and $13 Mr. HENSARLING. Mr. Chairman, families there who lost their homes, trillion in wealth and savings was lost. may I inquire how much time is re- too many seniors who were harassed by We went to work fixing the glaring maining on either side? debt collectors, too many people who holes in our Nation’s financial regu- The Acting CHAIR (Mr. SIMPSON). were victims of predatory payday lend- latory system. Among other things, we The gentleman from Texas has 8 min- ing and got into the quicksand and enacted tougher mortgage standards; utes remaining. The gentlewoman from were not able to get out. We cannot we brought the derivatives market out California has 12 minutes remaining. allow this shortsighted bill to stop the of the shadows; we stopped the casino- Mr. HENSARLING. Mr. Chairman, to good work of the CFPB. like bets at our investment banks; and better balance the time, I reserve the This bill is called the CHOICE Act, we created a consumer-focused protec- balance of my time. but it is the wrong choice, and I urge tion bureau. Ms. MAXINE WATERS of California. my colleagues to oppose it. Unfortunately, what we couldn’t do Mr. Chairman, I yield 1 minute to the Mr. HENSARLING. Mr. Chairman, I was eradicate greed; and, sadly, today gentlewoman from Illinois (Ms. SCHA- reserve the balance of my time. greed is rearing its ugly head once KOWSKY). Mr. ELLISON. Mr. Chairman, I yield again. The Republican-controlled Con- Ms. SCHAKOWSKY. Senior citizens, 1 minute to the gentlewoman from gress is about to pass H.R. 10, the beware of the Financial CHOICE Act. California (Ms. BARRAGA´ N). ‘‘Wrong’’ CHOICE Act, a bill that ´ This bill repeals the best interest rule, Ms. BARRAGAN. Mr. Chairman, I would throw away the lessons of the which ensures that Americans that are rise today in opposition to the 2008 financial crash and unleash the de- saving for retirement get financial ad- ‘‘Wrong’’ CHOICE Act. This bill has a mons that nearly took down the world vice in their best interest. hidden provision that strips away over- economy. Bad advice has real costs. Steven, a sight for payday lenders. I urge the House to reject this bill. 69-year-old Vietnam veteran in Illinois, Payday lenders are like loan sharks, Mr. HENSARLING. Mr. Chairman, I lost $147,000 in retirement savings when charging upwards of 400 percent inter- am happy to yield 1 minute to the gen- he got advice that handsomely profited est on loans. It is outrageous. They tleman from West Virginia (Mr. MOON- his so-called investment adviser but prey on vulnerable, low-income bor- EY), another new member of our com- devastated him. rowers who are already struggling to mittee. This bill guts the Consumer Finan- get by. Mr. MOONEY of West Virginia. Mr. cial Protection Bureau, which prevents That is how Yesenia from California Chairman, I rise today in strong sup- financial exploitation of senior citi- got trapped in a cycle of debt. Her port of H.R. 10, the Financial CHOICE zens. mother was diagnosed with breast can- Act. This critical piece of legislation In December, the CFPB took an ac- cer and lost her job, so Yesenia had to rolls back onerous Obama-era regula- tion against three crooked reverse take out a loan just to buy food. The tions on the financial services industry

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00024 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.044 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4729 that are strangling small businesses than Washington. But the truth is that Dodd-Frank Wall Street Reform and and hurting hardworking American for the other 99 percent of the country, Consumer Protection Act. taxpayers. the real costs are what count. Now, people watching this debate, Mr. Chair, might find that to be just As I held roundtables across West b 1430 Virginia, I heard from small-business legislative talk, but it is substantively, owners and job creators that Obama- The real costs of the Durbin amend- really important. Section 953(b) was a era regulations make it harder for ment have been amply documented. hard-fought victory for investors, con- community banks to make loans to Community banks have seen inter- sumers, workers, and the general pub- small businesses and first-time home change revenue fall 20 percent. The lic. Mr. Chair, the law requires that buyers. low-income consumer has seen his publicly traded firms disclose the ratio The Financial CHOICE Act will re- checking fees double. The small-ticket between what they pay their CEO and move stifling Federal regulations from merchant has seen his interchange cost what they pay their median worker. out-of-touch Washington bureaucrats increase. I think this is important informa- and return financial decisionmaking to For those of us who campaigned on a tion. A CEO of an S&P 500 company you, the individual consumers and to platform of free markets and limited makes, on average, about $331 for every the small community banks. government, which is most of our $1 a typical rank-and-file worker I know that President Trump is com- party, I suggest that a principle that is makes. In some companies, this ratio mitted to supporting the reforms in the followed only when it costs nothing is can reach as high as $1,000-to-$1. Inves- Financial CHOICE Act, and I look for- not much of a principle at all. tors should be able to consider if a CEO ward to continuing to work with our The principle that government provides hundreds of times more value President to grow our economy and shouldn’t be setting prices, ended up to their employees before investing in bring much-needed relief to West Vir- having a political price of its own. And a firm. Actually, exorbitant CEO pay, ginia consumers and small-business for some, that was the only reality of excessive CEO pay, can impact divi- owners. this debate. I only wish that I could dends. It can impact all kinds of deci- I want to thank Chairman HEN- say the same for the 1 million people sions, lead to risk taking, and it is a SARLING and my colleagues on the Fi- the Durbin amendment has driven out good idea for investors and the general nancial Services Committee for their of the banking system. public to know that information. leadership on this important legisla- Mr. Chair, I yield to the gentleman So while executives are making crit- tion. from Missouri (Mr. LUETKEMEYER). ical decisions about the direction of Mr. ELLISON. Mr. Chairman, I yield Mr. LUETKEMEYER. Mr. Chair, I their companies, quality employees en- 1 minute to the gentleman from thank the gentleman from North Caro- sure those decisions are being properly Vermont (Mr. WELCH). lina for yielding to me and I associate implemented. Mr. WELCH. Mr. Chairman, I want to myself with his remarks. This pay ratio information benefits say to my Republican colleagues, I The Durbin amendment has not investors by giving them valuable in- formation for ascertaining whether or have heard a lot of advocacy for the helped consumers and, in fact, has hurt not a company’s employees are being small banks. I am with you. Those them. It has hurt small banks and treated fairly and, therefore, able to re- folks did not cause the Depression, and credit unions. The only entities that tain employees; whether or not it is a we have got to give them relief. have benefited are the retailers, who, stable company, and a company that But what this bill does is essentially despite their promises to Congress, values its people. use the good reputation of those small have not lowered cost, and some stud- The ratio helps them to decide how lending institutions in all our commu- ies even show that they have increased to cast their say-on-pay advisory votes nities to create an opening for the bad cost. on executive compensation. And re- actors that did cause this enormous re- Congress should not be in the busi- search shows that the higher the CEO- cession, and it invites them to go back ness of price fixing. Price controls will to-median-worker pay ratio, the more to their bad old days. never work and will always have nega- likely the CEO is to pursue the kind of The business model of our small tive consequences. I am committed to risky investments that brought the banks is to help our folks in small com- returning to free market principles global financial crisis to bear. that deliver real results for consumers. munities. The business model of some Institute for Policy Studies found Mr. HENSARLING. Will the gen- of the Wall Street banks is to play ca- that nearly 40 percent of the CEOs on tleman yield? sino poker with taxpayer money, and their top 25 highest paid list over a 20- Mr. BUDD. Mr. Chair, I yield to the that is what happened. We had institu- year period wound up being fired, gentleman from Texas. tions on Wall Street that were putting sought a bailout, or were forced to pay Mr. HENSARLING. Mr. Chair, I together packages of bad loans that fraud-related fines. they shorted for one investor, and then would like to thank both gentlemen for Moreover, a lower ratio of CEO-to- they sold them as AAA-rated, pension- their steadfast leadership on this issue. median-worker pay, implies more in- worthy investments for pensions for Basic economics tell us that when gov- vestment in human capital, and a our firefighters and teachers. That is ernment fixes market prices, consumer longer-term outlook on the corpora- absolutely outrageous, and we are al- welfare suffers. So it is not a surprise tion. lowing that to occur again. that researchers have found that the According to the Center for Audit We can help the small banks, and we Durbin amendment resulted in a net Quality’s annual investor survey, 46 should help the small banks, but we loss of perhaps $25 billion for con- percent of investors say they consider shouldn’t give a free pass. sumers. CEO compensation in their decision- Now, there is one good thing in this But in a larger sense, what we have is making. bill. I am glad, very glad to see that a legal dispute between two parties. The current culture of paying CEOs the Durbin rule continues to exist. This is an issue that belongs in the hundreds of times—and even thousands That was a crackdown. We finally got courts, not Congress, which is why we in some limited cases—more than typ- some relief for our retailers on the sought to repeal the Durbin amend- ical employees hurts working families, transaction fees on debit cards. ment. is detrimental to employee morale, and Mr. HENSARLING. Mr. Chairman, I I remain hopeful that Congress will goes against the research which shows am now very happy to yield 2 minutes correct this mistake, and I will work us what is best practice. to the gentleman from North Carolina towards that goal in the future. Mr. Chair, I reserve the balance of (Mr. BUDD), a huge fighter for freedom Mr. ELLISON. Mr. Chair, I yield my- my time. and a fighter against Federal price con- self such time as I may consume. Mr. HENSARLING. Mr. Chairman, I trols. One of the elements of the ‘‘Wrong’’ yield 1 minute to the gentleman from Mr. BUDD. Mr. Chairman, I draw a CHOICE Act that is particularly trou- Tennessee (Mr. KUSTOFF), a new mem- distinction between political costs and blesome to me—and there are many— ber of our committee. real costs. In no city in the country are has to do with the ‘‘Wrong’’ CHOICE Mr. KUSTOFF of Tennessee. Mr. the political costs treated as more real Act repealing section 953(b) of the Chair, I rise today in support of H.R.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00025 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.046 H08JNPT1 H4730 CONGRESSIONAL RECORD — HOUSE June 8, 2017 10, the Financial CHOICE Act. For 7 The CHOICE Act not only imposes Those bad old days nearly ruined so years now, Dodd-Frank has stalled our the toughest penalties in history for fi- many families, and they are just now economic growth. While community nancial fraud on Wall Street, it saves starting to recover. But under Dodd- banks and credit unions did not cause taxpayers $30 billion. The CHOICE Act Frank, we have seen month after the recession, they have carried most also eliminates taxpayer-funded bail- month of private sector job growth. We of the burden following the crisis. outs while providing choices for con- have seen economic activity increase. These smaller financial institutions sumers and a real opportunity for eco- Fast enough for me? No. I think we are the lifeline of local businesses, nomic growth. need much more. farmers, entrepreneurs, and anyone As an upstate New Yorker, our region But with over $170 billion in record striving for true financial independ- suffers from economic challenges profits from 2016, I can tell you one ence. The Financial CHOICE Act will caused by excessive regulations, such thing: this claim on the other side that bring relief from onerous rules and reg- as the Dodd-Frank Act, that have the banks and financial services sector ulations that have hamstrung the abil- crushed small businesses. Yet small is being crushed simply isn’t a true ity to loan and to borrow money. businesses create nearly 70 percent of statement. It is just not right. Once businesses can access more cap- the new jobs. This bill will increase ac- Business lending is up 75 percent ital, they will be able to grow, hire cess to capital for small businesses and since Dodd-Frank. Data from the Fed- more employees, contribute more to startups—our job creators. It will in- eral Reserve shows aggregate bank their communities. crease job opportunities and positively lending has increased from about $1.2 I want to thank Chairman HEN- benefit New York’s 22nd District. trillion, in 2010, to $2 trillion in out- SARLING and this committee for work- Mr. Chair, I urge all of my colleagues standing business loans. Vote ‘‘no’’ on ing tirelessly to bring the American to vote to support our job creators and the ‘‘Wrong’’ CHOICE Act. people the relief that they need. to vote for the Financial CHOICE Act. Mr. Chair, I yield back the balance of Mr. Chair, I urge all of my colleagues Mr. ELLISON. Mr. Chair, I yield my- my time. to support this important legislation. self such time as I may consume. Mr. HENSARLING. Mr. Chairman, I Mr. ELLISON. Mr. Chair, I yield 1 Mr. Chair, does it make sense that, yield myself such time as I may con- minute to the gentlewoman from Cali- after 8 years of a piece of regulation, sume. fornia (Ms. LEE). Dodd-Frank, that has brought us in- We have now had 7 years of history Ms. LEE. Mr. Chairman, I want to creases in GDP, increases in jobs, and with Dodd-Frank, and what do we thank the gentleman for yielding and stability in financial markets, that we know? We know that the big banks are for his most diligent work on behalf of would now repeal that piece of legisla- bigger. We know that the small banks the American people, and also to our tion to go back to a time when we saw are fewer. The gentleman cites some ranking member, Congresswoman MAX- that deregulation strategy bring us the statistics about lending, but what he INE WATERS. I just want to thank her Great Recession? left out is, we are losing a community for really educating this House and the It just doesn’t make any sense to bank or credit union a day, and they public of the dangers to consumers of take the position that what we need is are not dying of natural causes. They this horrible bill, of course, which I more wide open, Wild West, you are on are dying of the dreaded Dodd-Frank stand in opposition to. your own kind of financial rules and disease. It really is a wrong choice for Amer- laws in our country. Our small businesses continue to suf- ican families. Shamefully, this bill The fact is, before Dodd-Frank was fer. It takes small banks to lend to gives Wall Street a handout while passed, we had an abysmal consumer small businesses. The job engine of stealing from the pockets of everyday protection system. We really had seven America and small bank business lend- Americans. It would drag us back to or eight different agencies that were ing isn’t recovering, and it can’t re- the days where Wall Street and billion- sort of responsible, but not really. Con- cover, as long as Dodd-Frank is on the aires get richer, while struggling fami- sumer protection was not a priority of rolls of the Federal Register. lies are left out in the cold. the Federal Government. And as a re- I got to tell you, Mr. Chairman, it is The bill significantly undermines sult of it, we saw a proliferation of time. It is time for a better way. It is both the Consumer Financial Protec- mortgages that got people who really time to help our struggling families. tion Bureau and the rules it put in couldn’t handle that particular mort- That is really what this is all about. place to prevent predatory lending and gage that they got, or the products We have had 7 years of Dodd-Frank, subprime loans, particularly in com- were just fraudulent, get into a situa- and yet working Americans haven’t re- munities of color. Families lost a gen- tion where they ended up going into ceived a pay increase. Their small busi- eration of wealth prior to Dodd-Frank foreclosure. nesses can’t get loans. Struggling fami- and have yet been able to recover. We saw the secondary market pack- lies have not seen their savings recover But this bill also, I must say, puts age up some of these bad mortgages. from the great financial panic which, Wall Street recklessness back in We saw rating agencies say that these oh, by the way, was brought about by charge, and it will leave consumers out were good equity products, and when government in the first place, with in the cold again. So it will take us these products started to fail, what we dumb regulation to put people into back to where we were before, and we saw is that those big banks that traf- homes they couldn’t afford to keep. cannot go back. ficked in those equities get bailed out, And let’s also remember that Dodd- That is why we are asking for a ‘‘no’’ and we saw citizens lose their homes. Frank is actually hurting the con- vote. It destroys protections for seniors The fact is, going back to those bad sumers it claims to help. Free checking and jeopardizes their financial safety. old days is just a bad idea—to bring us was cut in half. Credit cards, there are So I hope that Members vote ‘‘no’’ on back to a time when we didn’t have fewer of them. They cost 200 to 300 this bill. any consumer protection, when we basis points more. Have you tried to Mr. HENSARLING. Mr. Chairman, I didn’t have any responsibility placed get a mortgage lately? They are harder yield 1 minute to the gentlewoman on the shoulders of management, when to come by. They cost hundreds of from New York (Ms. TENNEY), another we didn’t say that we were going to more dollars to close. new member of the committee. look after these rating agencies, and Instead, what we have is, Washington Ms. TENNEY. Mr. Chair, I thank we didn’t say that these systemically elites now making the decision on Chairman HENSARLING for this impor- important large institutions were whether or not we get to put a credit tant bill. I rise today in support of H.R. going to get a little bit more scrutiny. card in our wallet, whether we get to 10, the Financial CHOICE Act. Before the time that we did that, we put a mortgage on our home. As a single parent and small-business saw ruin in the economy. Let me just No, Mr. Chairman, there is a better owner, I know from my own experience remind the American people: we had way. It is why we must enact the Fi- that the only way for hardworking many States with unemployment nancial CHOICE Act. There will be eco- Americans to achieve financial inde- above 10 percent because of the deregu- nomic growth for all, bank bailouts for pendence is by building an economy lation, laissez-faire attitude that pre- none, and we will, once again, have an from Main Street up, not Wall Street vailed in the American financial serv- America that is only limited by the down. ices legal system. size of its dreams.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00026 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.047 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4731 Mr. Chair, I encourage all to support which would gut major provisions of Dodd- This bill strips the bureau’s ability to stop the Financial CHOICE Act. Frank and allow Wall Street to return to the unfair and abusive practices perpetuated by fi- Mr. Chair, I yield back the balance of same reckless practices that occurred before nancial institutions by removing the bureau’s my time. the law was passed. The Financial CHOICE political independence, threatening its funding Mr. PASCRELL. Mr. Chair, prior to 2010, Act removes the watchdog from Wall Street, and crippling its ability to ensure Americans’ fi- banks lending to consumers operated with too opening the door to destructive trading at the nancial welfare. little oversight and often exploited the lack of expense of pension funds, value investors, Taking away CFPB’s power is harmful to rules to turn a profit at any cost. We saw the and average Americans. consumers and small investors, those whose dire consequences in the 2008 financial crisis. Additionally, those on Wall Street who broke life savings and futures depend on the protec- The Consumer Financial Protection Bureau the law and used Americans’ investments as tions that Congress provides. was created to enforce laws and protect con- a casino should be held accountable for their People of color and low-income families re- sumers in the marketplace. Their mission is to deceptive actions, including jail time. Yet, to main especially vulnerable to the abuse per- root out deceptive and abusive practices. And this day, no Wall Street executive has seen petuated by financial institutions. so far, the agency has returned $11.8 billion to jail time for the damage they did on our finan- Houston, home to some of the most diverse consumers from enforcement against abusive cial system. Instead, Wall Street executives population in the nation, would see direct con- practices from banks, lenders, and financial are being rewarded with powerful jobs in the sequences. H.R. 10 would risk the livelihood companies. Trump administration. of many living in Houston. I challenge any member of this body to go It is outrageous that Republicans want to The ‘‘Wrong’’ CHOICE Act abandons hard to one of their constituents and ask whether or allow the banking sector to return to ‘‘business working people and aids Wall Street in the not they would like a consumer watchdog to as usual’’ with dangerous financial products abuse of hard working Americans, jeopard- stand up for them against abuses from big and high-speed speculation. We need strong- izing the financial stability of the entire nation. banks, or if they’d like us to leave them to go er, not weaker, financial reforms, which is why The ‘‘Wrong’’ CHOICE Act will drag us back it alone. I’m taking on reckless Wall Street trading with to the days when lax lending, predatory prac- The CFPB has already returned $11.8 bil- my ‘Putting Main Street FIRST Act’ legislation tices and profiteers on Wall Street take advan- lion to more than 29 million consumers. That to discourage speculative trading by imposing tage of vulnerable American families. is $11.8 billion dollars that went back into the a tax of a fraction of a percent on stock, bond, We must not return to the days when mas- pockets of 29 million of our constituents. A and derivative trades. Congress should be sive taxpayer bailouts were the norm. vote for this legislation is a vote against those fighting for the interests of the American peo- We must not put our financial stability in 29 million consumers who have been helped ple, not Wall Street. jeopardy of another financial meltdown. by the CFPB’s actions. Ms. JACKSON LEE. Mr. Chair, I rise today In my home state of New Jersey, one resi- to speak in opposition to H.R. 10, the ‘‘Finan- b 1445 dent held a mortgage with Citibank, who failed cial CHOICE Act of 2017’’. The Acting CHAIR. All time for gen- to report accurately the status of a closed ac- I agree with Ranking Member MAXINE eral debate has expired. count and incorrectly reported it as late. A WATERS by calling this bill the ‘‘Wrong’’ Pursuant to the rule, the bill shall be complaint was submitted to the CFPB and CHOICE Act. H.R. 10 is a misguided anti-reg- considered for amendment under the 5- when they intervened, the issue was resolved ulatory bill that will only diminish national ef- minute rule. and the late mark removed. forts to protect and secure the financial sta- In lieu of the amendment in the na- Stories like these are not uncommon. Deci- bility of our nation. ture of a substitute recommended by sions like these can impact a consumer’s H.R. 10 is ill-conceived, destroying key fi- the Committee on Financial Services, credit for life and cause tremendous distress. nancial regulations and consumer protections printed in the bill, it shall be in order Before the CFPB, consumers facing deceptive put in place by the Dodd-Frank Wall Street to consider as an original bill for the practices could go ignored by mega-banks Reform and Consumer Protection Act. purpose of amendment under the 5- and lending institutions. But when a govern- H.R. 10 aims to deregulate a financial sys- minute rule the amendment in the na- ment agency with enforcement powers gets in- tem that has failed to regulate itself in the past ture of a substitute printed in part A of volved, these banks pay attention. They can’t leading to the financial crash of 2008. House Report 115–163. That amendment ignore the CFPB. The nation still feels the reverberations of When the cards are stacked against the ev- in the nature of a substitute shall be that crisis to this day. considered as read. eryday consumer, the need for the CFPB is a We all remember the foreclosures, the The text of the amendment in the na- no-brainer. neighborhoods and communities financially ture of a substitute is as follows: The New York Times this morning reported devastated, the jobs lost, and the retirements that the President’s pick to oversee the na- deferred. H.R. 10 tion’s largest banks, Joseph Otting, formerly Americans lost $13 trillion in household Be it enacted by the Senate and House of Rep- ran OneWest, which has been criticized for wealth, 11 million Americans lost their homes, resentatives of the United States of America in ‘‘robo-signing’’ foreclosure documents in the and the unemployment rate climbed to 10 per- Congress assembled, wake of the financial crisis. If Mr. Otting didn’t Sec. 1. Short title; table of contents. cent. Sec. 2. Directed rulemaking repeals. protect consumers when he ran a mortgage This bill is inherently paradoxical because it lender, why would he protect them as Comp- TITLE I—ENDING ‘‘TOO BIG TO FAIL’’ AND claims to promote self-accountability on Wall BANK BAILOUTS troller of the Currency? Street, by taking away governmental regula- Especially in this Administration, we need Subtitle A—Repeal of the Orderly Liquidation tions on financial institutions, but that is not Authority an independent consumer watchdog that can the nature of the beast. act without the influence of politics on behalf As evidenced by a very recent past, if given Sec. 111. Repeal of the orderly liquidation au- thority. of consumers. Some would choose to erode the opportunity, Wall Street runs rampant with this bulwark of protection against the big greed and disregard for the citizens of our Subtitle B—Financial Institution Bankruptcy banks but it is needed now more than ever. country. Sec. 121. General provisions relating to covered Mr. Chair, this vote is a clear marker of who After the 2008 financial crash, Congress en- financial corporations. Sec. 122. Liquidation, reorganization, or recapi- you stand with: I stand on the side of my con- acted legislation to protect those that are most talization of a covered financial stituents in urging a no vote. vulnerable and to help the country regain its corporation. Mr. DEFAZIO. Mr. Chair, In 2008, Wall rightful place in the economic system. Sec. 123. Amendments to title 28, United States Street’s criminal behavior drove the economy H.R. 10 attempts to halt the progress made Code. into the greatest financial crisis since the to protect our economy and puts our entire na- Subtitle C—Ending Government Guarantees Great Depression, creating the grossly unbal- tion’s economy at risk of another crisis by Sec. 131. Repeal of obligation guarantee pro- anced playing field that is our economy today. launching an attack against the Consumer Fi- gram. In response, Congress passed the Wall Street nancial Protection Bureau (CFPB), an institu- Sec. 132. Repeal of systemic risk determination Reform and Consumer Protection Act (Dodd- tion designed to ensure a financial crash such in resolutions. Frank) in 2010. While Dodd-Frank fell short on as the 2008 crisis does not occur again. Sec. 133. Restrictions on use of the Exchange major banking reforms, I supported it because CFPB is an effective government institution Stabilization Fund. it was better than no reforms at all. that has returned nearly $12 billion to con- Subtitle D—Eliminating Financial Market I am appalled that House Republicans sumers cheated by banks and other financial Utility Designations pushed through the Financial CHOICE Act, institutions. Sec. 141. Repeal of title VIII.

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00027 Fmt 7634 Sfmt 6343 E:\CR\FM\K08JN7.049 H08JNPT1 H4732 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Subtitle E—Reform of the Financial Stability Subtitle F—International Processes Subtitle O—Supporting America’s Innovators Act of 2010 Sec. 371. Requirements for international proc- Sec. 471. Investor limitation for qualifying ven- Sec. 151. Repeal and modification of provisions esses. ture capital funds. of the Financial Stability Act of Subtitle G—Unfunded Mandates Reform Subtitle P—Fix Crowdfunding 2010. Sec. 152. Operational risk capital requirements Sec. 381. Definitions. Sec. 476. Crowdfunding exemption. Sec. 382. Application of the Unfunded Man- Sec. 477. Exclusion of crowdfunding investors for banking organizations. dates Reform Act. from shareholder cap. TITLE II—DEMANDING ACCOUNTABILITY Subtitle H—Enforcement Coordination Sec. 478. Preemption of State law. FROM WALL STREET Sec. 479. Treatment of funding portals. Subtitle A—SEC Penalties Modernization Sec. 391. Policies to minimize duplication of en- forcement efforts. Subtitle Q—Corporate Governance Reform and Sec. 211. Enhancement of civil penalties for se- Transparency curities laws violations. Subtitle I—Penalties for Unauthorized Sec. 212. Updated civil money penalties of Pub- Disclosures Sec. 481. Definitions. Sec. 482. Registration of proxy advisory firms. lic Company Accounting Over- Sec. 392. Criminal penalty for unauthorized dis- Sec. 483. Commission annual report. sight Board. closures. Subtitle R—Senior Safe Sec. 213. Updated civil money penalty for con- Subtitle J—Stop Settlement Slush Funds trolling persons in connection Sec. 491. Immunity. Sec. 393. Limitation on donations made pursu- with insider trading. Sec. 492. Training required. Sec. 214. Update of certain other penalties. ant to settlement agreements to Sec. 493. Relationship to State law. Sec. 215. Monetary sanctions to be used for the which certain departments or agencies are a party. Subtitle S—National Securities Exchange relief of victims. Regulatory Parity Sec. 216. GAO report on use of civil money pen- TITLE IV—UNLEASHING OPPORTUNITIES alty authority by Commission. FOR SMALL BUSINESSES, INNOVATORS, Sec. 496. Application of exemption. Subtitle B—FIRREA Penalties Modernization AND JOB CREATORS BY FACILITATING Subtitle T—Private Company Flexibility and Sec. 221. Increase of civil and criminal penalties CAPITAL FORMATION Growth originally established in the Fi- Subtitle A—Small Business Mergers, Acquisi- Sec. 497. Shareholder threshold for registration. nancial Institutions Reform, Re- tions, Sales, and Brokerage Simplification Subtitle U—Small Company Capital Formation covery, and Enforcement Act of Sec. 401. Registration exemption for merger and Enhancements 1989. acquisition brokers. Sec. 498. JOBS Act-related exemption. TITLE III—DEMANDING ACCOUNTABILITY Sec. 402. Effective date. Subtitle V—Encouraging Public Offerings FROM FINANCIAL REGULATORS AND DE- Subtitle B—Encouraging Employee Ownership VOLVING POWER AWAY FROM WASH- Sec. 499. Expanding testing the waters and con- Sec. 406. Increased threshold for disclosures re- INGTON fidential submissions. lating to compensatory benefit Subtitle A—Cost-Benefit Analyses TITLE V—REGULATORY RELIEF FOR MAIN plans. STREET AND COMMUNITY FINANCIAL IN- Sec. 311. Definitions. Subtitle C—Small Company Disclosure STITUTIONS Sec. 312. Required regulatory analysis. Simplification Sec. 313. Rule of construction. Subtitle A—Preserving Access to Manufactured Sec. 314. Public availability of data and regu- Sec. 411. Exemption from XBRL requirements Housing latory analysis. for emerging growth companies Sec. 501. Mortgage originator definition. Sec. 315. Five-year regulatory impact analysis. and other smaller companies. Sec. 502. High-Cost mortgage definition. Sec. 316. Retrospective review of existing rules. Sec. 412. Analysis by the SEC. Sec. 317. Judicial review. Sec. 413. Report to Congress. Subtitle B—Mortgage Choice Sec. 318. Chief Economists Council. Sec. 414. Definitions. Sec. 506. Definition of points and fees. Sec. 319. Conforming amendments. Subtitle D—Securities and Exchange Subtitle C—Financial Institution Customer Sec. 320. Other regulatory entities. Protection Sec. 321. Avoidance of duplicative or unneces- Commission Overpayment Credit sary analyses. Sec. 416. Refunding or crediting overpayment of Sec. 511. Requirements for deposit account ter- mination requests and orders. Subtitle B—Congressional Review of Federal section 31 fees. Sec. 512. Amendments to the Financial Institu- Financial Agency Rulemaking Subtitle E—Fair Access to Investment Research tions Reform, Recovery, and En- Sec. 331. Congressional review. Sec. 421. Safe harbor for investment fund re- forcement Act of 1989. Sec. 332. Congressional approval procedure for search. Subtitle D—Portfolio Lending and Mortgage major rules. Subtitle F—Accelerating Access to Capital Sec. 333. Congressional disapproval procedure Access for nonmajor rules. Sec. 426. Expanded eligibility for use of Form S– Sec. 516. Safe harbor for certain loans held on Sec. 334. Definitions. 3. portfolio. Sec. 335. Judicial review. Subtitle G—Enhancing the RAISE Act Subtitle E—Application of the Expedited Funds Sec. 336. Effective date of certain rules. Sec. 431. Certain accredited investor trans- Availability Act Sec. 337. Budgetary effects of rules subject to actions. section 332 of the Financial Sec. 521. Application of the Expedited Funds CHOICE Act of 2017. Subtitle H—Small Business Credit Availability Availability Act. Sec. 338. Nonapplicability to monetary policy. Sec. 436. Business development company owner- Subtitle F—Small Bank Holding Company Subtitle C—Judicial Review of Agency Actions ship of securities of investment Policy Statement Sec. 341. Scope of judicial review of agency ac- advisers and certain financial Sec. 526. Changes required to small bank hold- tions. companies. ing company policy statement on Sec. 437. Expanding access to capital for busi- Subtitle D—Leadership of Financial Regulators assessment of financial and man- ness development companies. agerial factors. Sec. 351. Federal Deposit Insurance Corpora- Sec. 438. Parity for business development com- tion. panies regarding offering and Subtitle G—Community Institution Mortgage Sec. 352. Federal Housing Finance Agency. proxy rules. Relief Subtitle E—Congressional Oversight of Subtitle I—Fostering Innovation Sec. 531. Community financial institution mort- Appropriations gage relief. Sec. 441. Temporary exemption for low-revenue Sec. 361. Bringing the Federal Deposit Insur- issuers. Subtitle H—Financial Institutions Examination ance Corporation into the appro- Fairness and Reform Subtitle J—Small Business Capital Formation priations process. Sec. 536. Timeliness of examination reports. Sec. 362. Bringing the Federal Housing Finance Enhancement Agency into the appropriations Sec. 446. Annual review of government-business Subtitle I—National Credit Union process. forum on capital formation. Administration Budget Transparency Sec. 363. Bringing the National Credit Union Subtitle K—Helping Angels Lead Our Startups Sec. 541. Budget transparency for the NCUA. Administration into the appro- Sec. 451. Definition of angel investor group. Subtitle J—Taking Account of Institutions With priations process. Sec. 452. Clarification of general solicitation. Low Operation Risk Sec. 364. Bringing the Office of the Comptroller Sec. 546. Regulations appropriate to business of the Currency into the appro- Subtitle L—Main Street Growth models. priations process. Sec. 456. Venture exchanges. Subtitle K—Federal Savings Association Charter Sec. 365. Bringing the non-monetary policy re- Subtitle M—Micro Offering Safe Harbor lated functions of the Board of Flexibility Sec. 461. Exemptions for micro-offerings. Governors of the Federal Reserve Sec. 551. Option for Federal savings associa- System into the appropriations Subtitle N—Private Placement Improvement tions to operate as a covered sav- process. Sec. 466. Revisions to SEC Regulation D. ings association.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00028 Fmt 7634 Sfmt 6343 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4733 Subtitle L—SAFE Transitional Licensing TITLE VIII—CAPITAL MARKETS Sec. 844. Shareholder Proposals. Sec. 556. Eliminating barriers to jobs for loan IMPROVEMENTS Sec. 845. Prohibition on requiring a single bal- originators. Subtitle A—SEC Reform, Restructuring, and lot. Sec. 846. Requirement for municipal advisor for Subtitle M—Right to Lend Accountability issuers of municipal securities. Sec. 801. Authorization of appropriations. Sec. 561. Small business loan data collection re- Sec. 847. Small issuer exemption from internal quirement. Sec. 802. Report on unobligated appropriations. Sec. 803. SEC Reserve Fund abolished. control evaluation. Subtitle N—Community Bank Reporting Relief Sec. 804. Fees to offset appropriations. Sec. 848. Streamlining of applications for an ex- Sec. 566. Short form call report. Sec. 805. Commission Federal construction emption from the Investment Com- pany Act of 1940. Subtitle O—Homeowner Information Privacy funding prohibition. Sec. 849. Restriction on recovery of erroneously Protection Sec. 806. Implementation of recommendations. Sec. 807. Office of Credit Ratings to report to awarded compensation. Sec. 571. Study regarding privacy of informa- the Division of Trading and Mar- Sec. 850. Exemptive authority for certain provi- tion collected under the Home kets. sions relating to registration of Mortgage Disclosure Act of 1975. Sec. 808. Office of Municipal Securities to re- nationally recognized statistical Subtitle P—Home Mortgage Disclosure port to the Division of Trading rating organizations. Adjustment and Markets. Sec. 851. Risk-based examinations of Nationally Sec. 576. Depository institutions subject to Sec. 809. Independence of Commission Ombuds- Recognized Statistical Rating Or- maintenance of records and dis- man. ganizations. closure requirements. Sec. 810. Investor Advisory Committee improve- Sec. 852. Transparency of credit rating meth- odologies. Subtitle Q—Protecting Consumers’ Access to ments. Sec. 853. Repeal of certain attestation require- Credit Sec. 811. Duties of Investor Advocate. Sec. 812. Elimination of exemption of Small ments relating to credit ratings. Sec. 581. Rate of interest after transfer of loan. Business Capital Formation Advi- Sec. 854. Look-back review by NRSRO. Subtitle R—NCUA Overhead Transparency sory Committee from Federal Ad- Sec. 855. Approval of credit rating procedures Sec. 586. Fund transparency. visory Committee Act. and methodologies. Sec. 856. Exception for providing certain mate- Subtitle S—Housing Opportunities Made Easier Sec. 813. Internal risk controls. Sec. 814. Applicability of notice and comment rial information relating to a Sec. 591. Clarification of donated services to requirements of the Administra- credit rating. non-profits. tive Procedure Act to guidance Sec. 857. Repeals. TITLE VI—REGULATORY RELIEF FOR voted on by the Commission. Sec. 858. Exemption of and reporting by private STRONGLY CAPITALIZED, WELL MAN- Sec. 815. Limitation on pilot programs. equity fund advisers. AGED BANKING ORGANIZATIONS Sec. 816. Procedure for obtaining certain intel- Sec. 859. Records and reports of private funds. Sec. 601. Capital election. lectual property. Sec. 860. Definition of accredited investor. Sec. 602. Regulatory relief. Sec. 817. Process for closing investigations. Sec. 861. Repeal of certain provisions requiring Sec. 603. Contingent capital study. Sec. 818. Enforcement Ombudsman. a study and report to Congress. Sec. 604. Study on altering the current prompt Sec. 819. Adequate notice. Sec. 862. Repeal. corrective action rules. Sec. 820. Advisory committee on Commission’s Subtitle C—Harmonization of Derivatives Rules enforcement policies and prac- Sec. 605. Definitions. Sec. 871. Commissions review and harmoni- tices. TITLE VII—EMPOWERING AMERICANS TO Sec. 821. Process to permit recipient of Wells no- zation of rules relating to the reg- ACHIEVE FINANCIAL INDEPENDENCE tification to appear before Com- ulation of over-the-counter swaps Subtitle A—Separation of Powers and Liberty mission staff in-person. markets. Enhancements Sec. 822. Publication of enforcement manual. Sec. 872. Treatment of transactions between af- filiates. Sec. 711. Consumer Law Enforcement Agency. Sec. 823. Private parties authorized to compel Sec. 712. Bringing the Agency into the regular the Securities and Exchange Com- TITLE IX—REPEAL OF THE VOLCKER appropriations process. mission to seek sanctions by filing RULE AND OTHER PROVISIONS Sec. 713. Consumer Law Enforcement Agency civil actions. Sec. 901. Repeals. Inspector General Reform. Sec. 824. Certain findings required to approve TITLE X—FED OVERSIGHT REFORM AND Sec. 714. Private parties authorized to compel civil money penalties against MODERNIZATION issuers. the Agency to seek sanctions by Sec. 1001. Requirements for policy rules of the filing civil actions; Adjudications Sec. 825. Repeal of authority of the Commission to prohibit persons from serving Federal Open Market Committee. deemed actions. Sec. 1002. Federal Open Market Committee Sec. 715. Civil investigative demands to be ap- as officers or directors. Sec. 826. Subpoena duration and renewal. blackout period. pealed to courts. Sec. 1003. Public transcripts of FOMC meetings. Sec. 716. Agency dual mandate and economic Sec. 827. Elimination of automatic disqualifica- tions. Sec. 1004. Membership of Federal Open Market analysis. Committee. Sec. 717. No deference to Agency interpretation. Sec. 828. Denial of award to culpable whistle- blowers. Sec. 1005. Frequency of testimony of the Chair- Subtitle B—Administrative Enhancements Sec. 829. Clarification of authority to impose man of the Board of Governors of Sec. 721. Advisory opinions. sanctions on persons associated the Federal Reserve System to Sec. 722. Reform of Consumer Financial Civil with a broker or dealer. Congress. Penalty Fund. Sec. 830. Complaint and burden of proof re- Sec. 1006. Vice Chairman for Supervision report Sec. 723. Agency pay fairness. quirements for certain actions for requirement. Sec. 724. Elimination of market monitoring breach of fiduciary duty. Sec. 1007. Salaries, financial disclosures, and functions. Sec. 831. Congressional access to information office staff of the Board of Gov- Sec. 725. Reforms to mandatory functional held by the Public Company Ac- ernors of the Federal Reserve Sys- units. counting Oversight Board. tem. Sec. 726. Repeal of mandatory advisory board. Sec. 832. Abolishing Investor Advisory Group. Sec. 1008. Amendments to powers of the Board Sec. 727. Elimination of supervision authority. Sec. 833. Repeal of requirement for Public Com- of Governors of the Federal Re- Sec. 728. Transfer of old OTS building from pany Accounting Oversight Board serve System. OCC to GSA. to use certain funds for merit Sec. 1009. Interest rates on balances maintained Sec. 729. Limitation on Agency authority. scholarship program. at a Federal Reserve bank by de- Subtitle C—Policy Enhancements Sec. 834. Reallocation of fines for violations of pository institutions established by Federal Open Market Com- Sec. 731. Consumer right to financial privacy. rules of municipal securities rule- mittee. Sec. 732. Repeal of Council authority to set making board. Sec. 1010. Audit reform and transparency for aside Agency rules and require- Subtitle B—Eliminating Excessive Government the Board of Governors of the ment of safety and soundness Intrusion in the Capital Markets Federal Reserve System. considerations when issuing rules. Sec. 841. Repeal of Department of Labor fidu- Sec. 1011. Establishment of a Centennial Mone- Sec. 733. Removal of authority to regulate ciary rule and requirements prior tary Commission. small-dollar credit. to rulemaking relating to stand- Sec. 734. Reforming indirect auto financing ards of conduct for brokers and TITLE XI—IMPROVING INSURANCE CO- guidance. dealers. ORDINATION THROUGH AN INDE- Sec. 735. Removal of Agency UDAAP authority. Sec. 842. Exemption from risk retention require- PENDENT ADVOCATE Sec. 736. Preservation of UDAP authority for ments for nonresidential mort- Sec. 1101. Repeal of the Federal Insurance Of- Federal banking regulators. gage. fice; Creation of the Office of the Sec. 737. Repeal of authority to restrict arbitra- Sec. 843. Frequency of shareholder approval of Independent Insurance Advocate. tion. executive compensation. Sec. 1102. Treatment of covered agreements.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00029 Fmt 7634 Sfmt 6343 E:\CR\FM\A08JN7.003 H08JNPT1 H4734 CONGRESSIONAL RECORD — HOUSE June 8, 2017 TITLE XII—TECHNICAL CORRECTIONS menting its authority to provide for orderly liq- (e)(1) Section 726(a)(1) of title 11, United Sec. 1201. Table of contents; Definitional cor- uidation of any such company under title II of States Code, is amended by inserting after rections. that Act’’. ‘‘first,’’ the following: ‘‘in payment of any un- Sec. 1202. Antitrust savings clause corrections. (3) FEDERAL RESERVE ACT.—Section 13(3) of paid fees, costs, and expenses of a special trust- Sec. 1203. Title I corrections. the Federal Reserve Act is amended— ee appointed under section 1186, and then’’. Sec. 1204. Title III corrections. (A) in subparagraph (B)— (2) Section 1129(a) of title 11, United States (i) in clause (ii), by striking ‘‘, resolution Sec. 1205. Title IV correction. Code, is amended by inserting after paragraph under title II of the Dodd-Frank Wall Street Re- Sec. 1206. Title VI corrections. (16) the following: form and Consumer Protection Act, or’’ and in- Sec. 1207. Title VII corrections. ‘‘(17) In a case under subchapter V, all pay- serting ‘‘or is subject to resolution under’’; and Sec. 1208. Title IX corrections. able fees, costs, and expenses of the special (ii) in clause (iii), by striking ‘‘, resolution Sec. 1209. Title X corrections. trustee have been paid or the plan provides for under title II of the Dodd-Frank Wall Street Re- Sec. 1210. Title XII correction. the payment of all such fees, costs, and expenses form and Consumer Protection Act, or’’ and in- Sec. 1211. Title XIV correction. on the effective date of the plan. serting ‘‘or resolution under’’; and ‘‘(18) In a case under subchapter V, confirma- Sec. 1212. Technical corrections to other stat- (B) by striking subparagraph (E). utes. tion of the plan is not likely to cause serious ad- Subtitle B—Financial Institution Bankruptcy verse effects on financial stability in the United SEC. 2. DIRECTED RULEMAKING REPEALS. SEC. 121. GENERAL PROVISIONS RELATING TO States.’’. With respect to any directed rulemaking re- COVERED FINANCIAL CORPORA- (f) Section 322(b)(2) of title 11, United States quired by a provision of law repealed by this TIONS. Code, is amended by striking ‘‘The’’ and insert- Act, to the extent any rule was issued or revised (a) DEFINITION.—Section 101 of title 11, United ing ‘‘In cases under subchapter V, the United pursuant to such directed rulemaking, such rule States Code, is amended by inserting the fol- States trustee shall recommend to the court, and or revision shall have no force or effect. lowing after paragraph (9): in all other cases, the’’. TITLE I—ENDING ‘‘TOO BIG TO FAIL’’ AND ‘‘(9A) The term ‘covered financial corporation’ SEC. 122. LIQUIDATION, REORGANIZATION, OR BANK BAILOUTS means any corporation incorporated or orga- RECAPITALIZATION OF A COVERED Subtitle A—Repeal of the Orderly Liquidation nized under any Federal or State law, other FINANCIAL CORPORATION. Authority than a stockbroker, a commodity broker, or an Chapter 11 of title 11, United States Code, is entity of the kind specified in paragraph (2) or amended by adding at the end the following SEC. 111. REPEAL OF THE ORDERLY LIQUIDATION (3) of section 109(b), that is— AUTHORITY. (and conforming the table of contents for such ‘‘(A) a bank holding company, as defined in chapter accordingly): (a) IN GENERAL.—Title II of the Dodd-Frank section 2(a) of the Bank Holding Company Act ‘‘SUBCHAPTER V—LIQUIDATION, REORGA- Wall Street Reform and Consumer Protection of 1956; or NIZATION, OR RECAPITALIZATION OF A Act is hereby repealed and any Federal law ‘‘(B) a corporation that exists for the primary COVERED FINANCIAL CORPORATION amended by such title shall, on and after the ef- purpose of owning, controlling and financing its fective date of this Act, be effective as if title II subsidiaries, that has total consolidated assets ‘‘§ 1181. Inapplicability of other sections of the Dodd-Frank Wall Street Reform and Con- of $50,000,000,000 or greater, and for which, in ‘‘Sections 303 and 321(c) do not apply in a sumer Protection Act had not been enacted. its most recently completed fiscal year— case under this subchapter concerning a covered (b) CONFORMING AMENDMENTS.— ‘‘(i) annual gross revenues derived by the cor- financial corporation. Section 365 does not (1) DODD-FRANK WALL STREET REFORM AND poration and all of its subsidiaries from activi- apply to a transfer under section 1185, 1187, or CONSUMER PROTECTION ACT.—The Dodd-Frank ties that are financial in nature (as defined in 1188. Wall Street Reform and Consumer Protection section 4(k) of the Bank Holding Company Act ‘‘§ 1182. Definitions for this subchapter Act is amended— of 1956) and, if applicable, from the ownership ‘‘In this subchapter, the following definitions (A) in the table of contents for such Act, by or control of one or more insured depository in- shall apply: striking all items relating to title II; stitutions, represents 85 percent or more of the ‘‘(1) The term ‘Board’ means the Board of (B) in section 165(d)— consolidated annual gross revenues of the cor- Governors of the Federal Reserve System. (i) in paragraph (1), by striking ‘‘, the Coun- poration; or ‘‘(2) The term ‘bridge company’ means a cil, and the Corporation’’ and inserting ‘‘and ‘‘(ii) the consolidated assets of the corporation newly formed corporation to which property of the Council’’; and all of its subsidiaries related to activities the estate may be transferred under section (ii) in paragraph (2), by striking ‘‘, the Coun- that are financial in nature (as defined in sec- 1185(a) and the equity securities of which may cil, and the Corporation’’ and inserting ‘‘and tion 4(k) of the Bank Holding Company Act of be transferred to a special trustee under section the Council’’; 1956) and, if applicable, related to the owner- 1186(a). (iii) in paragraph (3), by striking ‘‘and the ship or control of one or more insured depository ‘‘(3) The term ‘capital structure debt’ means Corporation’’; institutions, represents 85 percent or more of the all unsecured debt of the debtor for borrowed (iv) in paragraph (4)— consolidated assets of the corporation.’’. money for which the debtor is the primary obli- (I) by striking ‘‘and the Corporation jointly (b) APPLICABILITY OF CHAPTERS.—Section 103 determine’’ and inserting ‘‘determines’’; of title 11, United States Code, is amended by gor, other than a qualified financial contract (II) by striking ‘‘their’’ and inserting ‘‘its’’; adding at the end the following: and other than debt secured by a lien on prop- (III) in subparagraph (A), by striking ‘‘and ‘‘(l) Subchapter V of chapter 11 of this title erty of the estate that is to be transferred to a the Corporation’’; and applies only in a case under chapter 11 con- bridge company pursuant to an order of the (IV) in subparagraph (B), by striking ‘‘and cerning a covered financial corporation.’’. court under section 1185(a). the Corporation’’; (c) WHO MAY BEADEBTOR.—Section 109 of ‘‘(4) The term ‘contractual right’ means a con- (v) in paragraph (5)— title 11, United States Code, is amended— tractual right of a kind defined in section 555, (I) in subparagraph (A), by striking ‘‘and the (1) in subsection (b)— 556, 559, 560, or 561. Corporation may jointly’’ and inserting ‘‘may’’; (A) in paragraph (2), by striking ‘‘or’’ at the ‘‘(5) The term ‘qualified financial contract’ and end; means any contract of a kind defined in para- (II) in subparagraph (B)— (B) in paragraph (3)(B), by striking the period graph (25), (38A), (47), or (53B) of section 101, (aa) by striking ‘‘and the Corporation’’ each at the end and inserting ‘‘; or’’; and section 741(7), or paragraph (4), (5), (11), or (13) place such term appears; (C) by adding at the end the following: of section 761. ‘‘(4) a covered financial corporation.’’; and (bb) by striking ‘‘may jointly’’ and inserting ‘‘(6) The term ‘special trustee’ means the (2) in subsection (d)— trustee of a trust formed under section ‘‘may’’; (A) by striking ‘‘and’’ before ‘‘an uninsured (cc) by striking ‘‘have jointly’’ and inserting 1186(a)(1). State member bank’’; ‘‘§ 1183. Commencement of a case concerning ‘‘has’’; (B) by striking ‘‘or’’ before ‘‘a corporation’’; a covered financial corporation (vi) in paragraph (6), by striking ‘‘, a receiver and appointed under title II,’’; and (C) by inserting ‘‘, or a covered financial cor- ‘‘(a) A case under this subchapter concerning (vii) by amending paragraph (8) to read as fol- poration’’ after ‘‘Federal Deposit Insurance a covered financial corporation may be com- lows: Corporation Improvement Act of 1991’’. menced by the filing of a petition with the court ‘‘(8) RULES.—Not later than 12 months after (d) CONVERSION TO CHAPTER 7.—Section 1112 by the debtor under section 301 only if the debt- enactment of this paragraph, the Board of Gov- of title 11, United States Code, is amended by or states to the best of its knowledge under pen- ernors shall issue final rules implementing this adding at the end the following: alty of perjury in the petition that it is a cov- section.’’; and ‘‘(g) Notwithstanding section 109(b), the court ered financial corporation. (C) in section 716(g), by striking ‘‘or a covered may convert a case under subchapter V to a ‘‘(b) The commencement of a case under sub- financial company under title II’’. case under chapter 7 if— section (a) constitutes an order for relief under (2) FEDERAL DEPOSIT INSURANCE ACT.—Section ‘‘(1) a transfer approved under section 1185 this subchapter. 10(b)(3) of the Federal Deposit Insurance Act (12 has been consummated; ‘‘(c) The members of the board of directors (or U.S.C. 1820(b)(3)) is amended by striking ‘‘, or of ‘‘(2) the court has ordered the appointment of body performing similar functions) of a covered such nonbank financial company supervised by a special trustee under section 1186; and financial company shall have no liability to the Board of Governors or bank holding com- ‘‘(3) the court finds, after notice and a hear- shareholders, creditors, or other parties in inter- pany described in section 165(a) of the Financial ing, that conversion is in the best interest of the est for a good faith filing of a petition to com- Stability Act of 2010, for the purpose of imple- creditors and the estate.’’. mence a case under this subchapter, or for any

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00030 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4735 reasonable action taken in good faith in con- agreement (including a qualified financial con- ‘‘(2) that the special trustee provide— templation of such a petition or a transfer under tract) of the debtor unless— ‘‘(A) quarterly reporting to the estate, which section 1185 or section 1186, whether prior to or ‘‘(A)(i) the bridge company assumes such debt, shall be filed with the court; and after commencement of the case. executory contract, unexpired lease or agree- ‘‘(B) information about the bridge company ‘‘(d) Counsel to the debtor shall provide, to ment (including a qualified financial contract), reasonably requested by a party in interest to the greatest extent practicable without dis- including any claims arising in respect thereof prepare a disclosure statement for a plan pro- closing the identity of the potential debtor, suf- that would not be allowed secured claims under viding for distribution of any securities of the ficient confidential notice to the chief judge of section 506(a)(1) and after giving effect to such bridge company if such information is necessary the court of appeals for the circuit embracing transfer, such property remains subject to the to prepare such disclosure statement; the district in which such counsel intends to file lien securing such debt, executory contract, un- ‘‘(3) that for as long as the equity securities of a petition to commence a case under this sub- expired lease or agreement (including a quali- the bridge company are held by the trust, the chapter regarding the potential commencement fied financial contract); and special trustee shall file a notice with the court of such case. The chief judge of such court shall ‘‘(ii) the court has determined that assump- in connection with— randomly assign to preside over such case a tion of such debt, executory contract, unexpired ‘‘(A) any change in a director or senior officer bankruptcy judge selected from among the lease or agreement (including a qualified finan- of the bridge company; bankruptcy judges designated by the Chief Jus- cial contract) by the bridge company is in the ‘‘(B) any modification to the governing docu- tice of the United States under section 298 of best interests of the estate; or ments of the bridge company; and title 28. ‘‘(B) such property is being transferred to the ‘‘(C) any material corporate action of the bridge company in accordance with the provi- ‘‘§ 1184. Regulators bridge company, including— sions of section 363; ‘‘(i) recapitalization; ‘‘The Board, the Securities Exchange Commis- ‘‘(4) the transfer does not provide for the as- ‘‘(ii) a material borrowing; sion, the Office of the Comptroller of the Cur- sumption by the bridge company of any debt, ‘‘(iii) termination of an intercompany debt or rency of the Department of the Treasury, the executory contract, unexpired lease or agree- guarantee; Commodity Futures Trading Commission, and ment (including a qualified financial contract) ‘‘(iv) a transfer of a substantial portion of the the Federal Deposit Insurance Corporation may of the debtor secured by a lien on property of assets of the bridge company; or raise and may appear and be heard on any issue the estate unless the transfer provides for such ‘‘(v) the issuance or sale of any securities of in any case or proceeding under this sub- property to be transferred to the bridge company the bridge company; chapter. in accordance with paragraph (3)(A) of this sub- ‘‘(4) that any sale of any equity securities of ‘‘§ 1185. Special transfer of property of the es- section; ‘‘(5) the transfer does not provide for the the bridge company shall not be consummated tate transfer of the equity of the debtor; until the special trustee consults with the Fed- ‘‘(a) On request of the trustee, and after no- ‘‘(6) the trustee has demonstrated that the eral Deposit Insurance Corporation and the tice and a hearing that shall occur not less than bridge company is not likely to fail to meet the Board regarding such sale and discloses the re- 24 hours after the order for relief, the court may obligations of any debt, executory contract, sults of such consultation with the court; order a transfer under this section of property of qualified financial contract, or unexpired lease ‘‘(5) that, subject to reserves for payments per- the estate, and the assignment of executory con- assumed and assigned to the bridge company; mitted under paragraph (1) provided for in the tracts, unexpired leases, and qualified financial ‘‘(7) the transfer provides for the transfer to a trust agreement, the proceeds of the sale of any contracts of the debtor, to a bridge company. special trustee all of the equity securities in the equity securities of the bridge company by the Upon the entry of an order approving such bridge company and appointment of a special special trustee be held in trust for the benefit of transfer, any property transferred, and any ex- trustee in accordance with section 1186; or transferred to the estate; ecutory contracts, unexpired leases, and quali- ‘‘(8) after giving effect to the transfer, ade- ‘‘(6) the process and guidelines for the re- fied financial contracts assigned under such quate provision has been made for the fees, placement of the special trustee; and order shall no longer be property of the estate. costs, and expenses of the estate and special ‘‘(7) that the property held in trust by the spe- Except as provided under this section, the provi- trustee; and cial trustee is subject to distribution in accord- sions of section 363 shall apply to a transfer and ‘‘(9) the bridge company will have governing ance with subsection (c). assignment under this section. documents, and initial directors and senior offi- ‘‘(c)(1) The special trustee shall distribute the ‘‘(b) Unless the court orders otherwise, notice cers, that are in the best interest of creditors assets held in trust— of a request for an order under subsection (a) and the estate. ‘‘(A) if the court confirms a plan in the case, shall consist of electronic or telephonic notice of ‘‘(d) Immediately before a transfer under this in accordance with the plan on the effective not less than 24 hours to— section, the bridge company that is the recipient date of the plan; or ‘‘(1) the debtor; of the transfer shall— ‘‘(B) if the case is converted to a case under ‘‘(2) the holders of the 20 largest secured ‘‘(1) not have any property, executory con- chapter 7, as ordered by the court. claims against the debtor; tracts, unexpired leases, qualified financial con- ‘‘(2) As soon as practicable after a final dis- ‘‘(3) the holders of the 20 largest unsecured tracts, or debts, other than any property ac- tribution under paragraph (1), the office of the claims against the debtor; quired or executory contracts, unexpired leases, special trustee shall terminate, except as may be ‘‘(4) counterparties to any debt, executory or debts assumed when acting as a transferee of necessary to wind up and conclude the business contract, unexpired lease, and qualified finan- a transfer under this section; and and financial affairs of the trust. ‘‘(2) have equity securities that are property cial contract requested to be transferred under ‘‘(d) After a transfer to the special trustee of the estate, which may be sold or distributed this section; under this section, the special trustee shall be in accordance with this title. ‘‘(5) the Board; subject only to applicable nonbankruptcy law, ‘‘(6) the Federal Deposit Insurance Corpora- ‘‘§ 1186. Special trustee and the actions and conduct of the special tion; ‘‘(a)(1) An order approving a transfer under trustee shall no longer be subject to approval by ‘‘(7) the Secretary of the Treasury and the Of- section 1185 shall require the trustee to transfer the court in the case under this subchapter. fice of the Comptroller of the Currency of the to a qualified and independent special trustee, ‘‘§ 1187. Temporary and supplemental auto- Treasury; who is appointed by the court, all of the equity matic stay; assumed debt ‘‘(8) the Commodity Futures Trading Commis- securities in the bridge company that is the re- sion; cipient of a transfer under section 1185 to hold ‘‘(a)(1) A petition filed under section 1183 op- ‘‘(9) the Securities and Exchange Commission; in trust for the sole benefit of the estate, subject erates as a stay, applicable to all entities, of the ‘‘(10) the United States trustee or bankruptcy to satisfaction of the special trustee’s fees, costs, termination, acceleration, or modification of administrator; and and expenses. The trust of which the special any debt, contract, lease, or agreement of the ‘‘(11) each primary financial regulatory agen- trustee is the trustee shall be a newly formed kind described in paragraph (2), or of any right cy, as defined in section 2(12) of the Dodd- trust governed by a trust agreement approved by or obligation under any such debt, contract, Frank Wall Street Reform and Consumer Protec- the court as in the best interests of the estate, lease, or agreement, solely because of— tion Act, with respect to any affiliate the equity and shall exist for the sole purpose of holding ‘‘(A) a default by the debtor under any such securities of which are proposed to be trans- and administering, and shall be permitted to debt, contract, lease, or agreement; or ferred under this section. dispose of, the equity securities of the bridge ‘‘(B) a provision in such debt, contract, lease, ‘‘(c) The court may not order a transfer under company in accordance with the trust agree- or agreement, or in applicable nonbankruptcy this section unless the court determines, based ment. law, that is conditioned on— upon a preponderance of the evidence, that— ‘‘(2) In connection with the hearing to ap- ‘‘(i) the insolvency or financial condition of ‘‘(1) the transfer under this section is nec- prove a transfer under section 1185, the trustee the debtor at any time before the closing of the essary to prevent serious adverse effects on fi- shall confirm to the court that the Board has case; nancial stability in the United States; been consulted regarding the identity of the pro- ‘‘(ii) the commencement of a case under this ‘‘(2) the transfer does not provide for the as- posed special trustee and advise the court of the title concerning the debtor; sumption of any capital structure debt by the results of such consultation. ‘‘(iii) the appointment of or taking possession bridge company; ‘‘(b) The trust agreement governing the trust by a trustee in a case under this title concerning ‘‘(3) the transfer does not provide for the shall provide— the debtor or by a custodian before the com- transfer to the bridge company of any property ‘‘(1) for the payment of the fees, costs, ex- mencement of the case; or of the estate that is subject to a lien securing a penses, and indemnities of the special trustee ‘‘(iv) a credit rating agency rating, or absence debt, executory contract, unexpired lease or from the assets of the debtor’s estate; or withdrawal of a credit rating agency rating—

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00031 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4736 CONGRESSIONAL RECORD — HOUSE June 8, 2017 ‘‘(I) of the debtor at any time after the com- provision in the debt, contract, lease, or agree- claim that, under the terms of the qualified fi- mencement of the case; ment or in applicable nonbankruptcy law— nancial contract, is subordinated to the claims ‘‘(II) of an affiliate during the period from the ‘‘(A) of the kind described in subsection of general unsecured creditors) are assigned to commencement of the case until 48 hours after (a)(1)(B) as applied to the debtor; and assumed by the bridge company; such order is entered; ‘‘(B) that prohibits, restricts, or conditions the ‘‘(3) all claims of the debtor against the entity ‘‘(III) of the bridge company while the trustee assignment of the debt, contract, lease, or agree- under any qualified financial contract between or the special trustee is a direct or indirect bene- ment; or the entity and the debtor are assigned to and ficial holder of more than 50 percent of the eq- ‘‘(C) that accelerates, terminates, or modifies, assumed by the bridge company; and uity securities of— or permits a party other than the debtor to ter- ‘‘(4) all property securing or any other credit ‘‘(aa) the bridge company; or minate or modify, the debt, contract, lease or enhancement furnished by the debtor for any ‘‘(bb) the affiliate, if all of the direct or indi- agreement on account of— qualified financial contract described in para- rect interests in the affiliate that are property of ‘‘(i) the assignment of the debt, contract, graph (1) or any claim described in paragraph the estate are transferred under section 1185; or lease, or agreement; or (2) or (3) under any qualified financial contract ‘‘(IV) of an affiliate while the trustee or the ‘‘(ii) a change in control of any party to the between the entity and the debtor is assigned to special trustee is a direct or indirect beneficial debt, contract, lease, or agreement. and assumed by the bridge company. holder of more than 50 percent of the equity se- ‘‘(2) If there is a default by the debtor under ‘‘(d) Notwithstanding any provision of a curities of— a provision other than the kind described in qualified financial contract or of applicable ‘‘(aa) the bridge company; or paragraph (1) in a debt, contract, lease or agree- nonbankruptcy law, a qualified financial con- ‘‘(bb) the affiliate, if all of the direct or indi- ment of the kind described in subparagraph (A) tract of the debtor that is assumed or assigned rect interests in the affiliate that are property of or (B) of subsection (a)(2), the bridge company in a transfer under section 1185 may not be ac- the estate are transferred under section 1185. may assume such debt, contract, lease, or agree- celerated, terminated, or modified, after the ‘‘(2) A debt, contract, lease, or agreement de- ment only if the bridge company— entry of the order approving a transfer under scribed in this paragraph is— ‘‘(A) shall cure the default; section 1185, and any right or obligation under ‘‘(A) any debt (other than capital structure ‘‘(B) compensates, or provides adequate assur- the qualified financial contract may not be ac- debt), executory contract, or unexpired lease of ance in connection with a transfer under section celerated, terminated, or modified, after the the debtor (other than a qualified financial con- 1185 that the bridge company will promptly com- entry of the order approving a transfer under tract); pensate, a party other than the debtor to the section 1185 solely because of a condition de- ‘‘(B) any agreement under which the debtor debt, contract, lease, or agreement, for any ac- scribed in section 1187(c)(1), other than a condi- issued or is obligated for debt (other than cap- tual pecuniary loss to the party resulting from tion of the kind specified in section 1187(b) that ital structure debt); the default; and occurs after property of the estate no longer in- ‘‘(C) any debt, executory contract, or unex- ‘‘(C) provides adequate assurance in connec- cludes a direct beneficial interest or an indirect pired lease of an affiliate (other than a qualified tion with a transfer under section 1185 of future beneficial interest through the special trustee, in financial contract); or performance under the debt, contract, lease, or more than 50 percent of the equity securities of ‘‘(D) any agreement under which an affiliate agreement, as determined by the court under the bridge company. issued or is obligated for debt. section 1185(c)(4). ‘‘(e) Notwithstanding any provision of any ‘‘(3) The stay under this subsection termi- ‘‘§ 1188. Treatment of qualified financial con- agreement or in applicable nonbankruptcy law, nates— tracts and affiliate contracts an agreement of an affiliate (including an exec- ‘‘(A) for the benefit of the debtor, upon the utory contract, an unexpired lease, qualified fi- ‘‘(a) Notwithstanding sections 362(b)(6), earliest of— nancial contract, or an agreement under which 362(b)(7), 362(b)(17), 362(b)(27), 362(o), 555, 556, ‘‘(i) 48 hours after the commencement of the the affiliate issued or is obligated for debt) and 559, 560, and 561, a petition filed under section case; any right or obligation under such agreement 1183 operates as a stay, during the period speci- ‘‘(ii) assumption of the debt, contract, lease, may not be accelerated, terminated, or modified, fied in section 1187(a)(3)(A), applicable to all en- or agreement by the bridge company under an solely because of a condition described in sec- tities, of the exercise of a contractual right— order authorizing a transfer under section 1185; tion 1187(c)(1), other than a condition of the ‘‘(1) to cause the modification, liquidation, ‘‘(iii) a final order of the court denying the re- kind specified in section 1187(b) that occurs termination, or acceleration of a qualified fi- quest for a transfer under section 1185; or after the bridge company is no longer a direct or nancial contract of the debtor or an affiliate; ‘‘(iv) the time the case is dismissed; and indirect beneficial holder of more than 50 per- ‘‘(B) for the benefit of an affiliate, upon the ‘‘(2) to offset or net out any termination value, payment amount, or other transfer obli- cent of the equity securities of the affiliate, at earliest of— any time after the commencement of the case ‘‘(i) the entry of an order authorizing a trans- gation arising under or in connection with a qualified financial contract of the debtor or an if— fer under section 1185 in which the direct or in- ‘‘(1) all direct or indirect interests in the affil- affiliate; or direct interests in the affiliate that are property iate that are property of the estate are trans- ‘‘(3) under any security agreement or arrange- of the estate are not transferred under section ferred under section 1185 to the bridge company ment or other credit enhancement forming a 1185; within the period specified in subsection (a); part of or related to a qualified financial con- ‘‘(ii) a final order by the court denying the re- ‘‘(2) the bridge company assumes— tract of the debtor or an affiliate. quest for a transfer under section 1185; ‘‘(A) any guarantee or other credit enhance- ‘‘(b)(1) During the period specified in section ‘‘(iii) 48 hours after the commencement of the ment issued by the debtor relating to the agree- 1187(a)(3)(A), the trustee or the affiliate shall case if the court has not ordered a transfer ment of the affiliate; and perform all payment and delivery obligations under section 1185; or ‘‘(B) any obligations in respect of rights of under such qualified financial contract of the ‘‘(iv) the time the case is dismissed. setoff, netting arrangement, or debt of the debt- debtor or the affiliate, as the case may be, that ‘‘(4) Subsections (d), (e), (f), and (g) of section or that directly arises out of or directly relates become due after the commencement of the case. 362 apply to a stay under this subsection. to the guarantee or credit enhancement; and ‘‘(b) A debt, executory contract (other than a The stay provided under subsection (a) termi- ‘‘(3) any property of the estate that directly qualified financial contract), or unexpired lease nates as to a qualified financial contract of the serves as collateral for the guarantee or credit of the debtor, or an agreement under which the debtor or an affiliate immediately upon the fail- enhancement is transferred to the bridge com- debtor has issued or is obligated for any debt, ure of the trustee or the affiliate, as the case pany. may be assumed by a bridge company in a may be, to perform any such obligation during transfer under section 1185 notwithstanding any such period. ‘‘§ 1189. Licenses, permits, and registrations provision in an agreement or in applicable non- ‘‘(2) Any failure by a counterparty to any ‘‘(a) Notwithstanding any otherwise applica- bankruptcy law that— qualified financial contract of the debtor or any ble nonbankruptcy law, if a request is made ‘‘(1) prohibits, restricts, or conditions the as- affiliate to perform any payment or delivery ob- under section 1185 for a transfer of property of signment of the debt, contract, lease, or agree- ligation under such qualified financial contract, the estate, any Federal, State, or local license, ment; or including during the pendency of the stay pro- permit, or registration that the debtor or an af- ‘‘(2) accelerates, terminates, or modifies, or vided under subsection (a), shall constitute a filiate had immediately before the commence- permits a party other than the debtor to termi- breach of such qualified financial contract by ment of the case and that is proposed to be nate or modify, the debt, contract, lease, or the counterparty. transferred under section 1185 may not be accel- agreement on account of— ‘‘(c) Subject to the court’s approval, a quali- erated, terminated, or modified at any time after ‘‘(A) the assignment of the debt, contract, fied financial contract between an entity and the request solely on account of— lease, or agreement; or the debtor may be assigned to or assumed by the ‘‘(1) the insolvency or financial condition of ‘‘(B) a change in control of any party to the bridge company in a transfer under, and in ac- the debtor at any time before the closing of the debt, contract, lease, or agreement. cordance with, section 1185 if and only if— case; ‘‘(c)(1) A debt, contract, lease, or agreement of ‘‘(1) all qualified financial contracts between ‘‘(2) the commencement of a case under this the kind described in subparagraph (A) or (B) of the entity and the debtor are assigned to and title concerning the debtor; subsection (a)(2) may not be accelerated, termi- assumed by the bridge company in the transfer ‘‘(3) the appointment of or taking possession nated, or modified, and any right or obligation under section 1185; by a trustee in a case under this title concerning under such debt, contract, lease, or agreement ‘‘(2) all claims of the entity against the debtor the debtor or by a custodian before the com- may not be accelerated, terminated, or modified, in respect of any qualified financial contract be- mencement of the case; or as to the bridge company solely because of a tween the entity and the debtor (other than any ‘‘(4) a transfer under section 1185.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00032 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4737 ‘‘(b) Notwithstanding any otherwise applica- Subtitle C—Ending Government Guarantees (II) by striking subparagraphs (B) through (J) ble nonbankruptcy law, any Federal, State, or SEC. 131. REPEAL OF OBLIGATION GUARANTEE and inserting the following: local license, permit, or registration that the PROGRAM. ‘‘(B) each member of the Board of Governors, debtor had immediately before the commence- (a) IN GENERAL.—The following sections of who shall collectively have 1 vote on the Coun- ment of the case that is included in a transfer the Dodd-Frank Wall Street Reform and Con- cil; under section 1185 shall be valid and all rights sumer Protection Act (12 U.S.C. 5301 et seq.) are ‘‘(C) the Comptroller of the Currency; and obligations thereunder shall vest in the repealed: ‘‘(D) the Director of the Consumer Law En- bridge company. (1) Section 1104. forcement Agency; ‘‘(E) each member of the Commission, who ‘‘§ 1190. Exemption from securities laws (2) Section 1105. (3) Section 1106. shall collectively have 1 vote on the Council; ‘‘For purposes of section 1145, a security of (b) CLERICAL AMENDMENT.—The table of con- ‘‘(F) each member of the Corporation, who the bridge company shall be deemed to be a se- tents under section 1(b) of the Dodd-Frank Wall shall collectively have 1 vote on the Council; curity of a successor to the debtor under a plan Street Reform and Consumer Protection Act is ‘‘(G) each member of the Commodity Futures if the court approves the disclosure statement amended by striking the items relating to sec- Trading Commission, who shall collectively have for the plan as providing adequate information tions 1104, 1105, and 1106. 1 vote on the Council; (as defined in section 1125(a)) about the bridge SEC. 132. REPEAL OF SYSTEMIC RISK DETERMINA- ‘‘(H) the Director of the Federal Housing Fi- company and the security. TION IN RESOLUTIONS. nance Agency; ‘‘§ 1191. Inapplicability of certain avoiding Section 13(c)(4)(G) of the Federal Deposit In- ‘‘(I) each member of the National Credit powers surance Act (12 U.S.C. 1823(c)(4)(G)) is hereby Union Administration Board, who shall collec- tively have 1 vote on the Council; and ‘‘A transfer made or an obligation incurred by repealed. ‘‘(J) the Independent Insurance Advocate.’’; the debtor to an affiliate prior to or after the SEC. 133. RESTRICTIONS ON USE OF THE EX- (ii) in paragraph (2)— commencement of the case, including any obli- CHANGE STABILIZATION FUND. (I) by striking subparagraphs (A) and (B); gation released by the debtor or the estate to or (a) IN GENERAL.—Section 5302 of title 31, and for the benefit of an affiliate, in contemplation United States Code, is amended by adding at the end the following: (II) by redesignating subparagraphs (C), (D), of or in connection with a transfer under sec- and (E) as subparagraphs (A), (B), and (C), re- tion 1185 is not avoidable under section 544, 547, ‘‘(e) Amounts in the fund may not be used for the establishment of a guaranty program for spectively; and 548(a)(1)(B), or 549, or under any similar non- (iii) by adding at the end the following: bankruptcy law. any nongovernmental entity.’’. (b) CONFORMING AMENDMENT.—Section 131(b) ‘‘(4) VOTING BY MULTI-PERSON ENTITY.— ‘‘§ 1192. Consideration of financial stability of the Emergency Economic Stabilization Act of ‘‘(A) VOTING WITHIN THE ENTITY.—An entity ‘‘The court may consider the effect that any 2008 (12 U.S.C. 5236(b)) is amended by inserting described under subparagraph (B), (E), (F), (G), decision in connection with this subchapter may ‘‘, or for the purposes of preventing the liquida- or (I) of paragraph (1) shall determine the enti- have on financial stability in the United tion or insolvency of any entity’’ before the pe- ty’s Council vote by using the voting process States.’’. riod. normally applicable to votes by the entity’s members. SEC. 123. AMENDMENTS TO TITLE 28, UNITED Subtitle D—Eliminating Financial Market STATES CODE. ‘‘(B) CASTING OF ENTITY VOTE.—The 1 collec- Utility Designations tive Council vote of an entity described under (a) AMENDMENT TO CHAPTER 13.—Chapter 13 SEC. 141. REPEAL OF TITLE VIII. subparagraph (A) shall be cast by the head of of title 28, United States Code, is amended by (a) REPEAL.—Title VIII of the Dodd-Frank such agency or, in the event such head is un- adding at the end the following: Wall Street Reform and Consumer Protection able to cast such vote, the next most senior mem- ‘‘§ 298. Judge for a case under subchapter V of Act (12 U.S.C. 5461 et seq.) is repealed, and pro- ber of the entity available.’’; chapter 11 of title 11 visions of law amended by such title are restored (B) in subsection (c)(1), by striking ‘‘The inde- ‘‘(a)(1) Notwithstanding section 295, the Chief and revived as if such title had never been en- pendent member of the Council shall serve for a Justice of the United States shall designate not acted. term of 6 years, and each nonvoting member de- fewer than 10 bankruptcy judges to be available (b) CLERICAL AMENDMENT.—The table of con- scribed in subparagraphs (C), (D), and (E) of’’ to hear a case under subchapter V of chapter 11 tents in section 1(b) of the Dodd-Frank Wall and inserting ‘‘Each nonvoting members de- of title 11. Bankruptcy judges may request to be Street Reform and Consumer Protection Act is scribed under’’; considered by the Chief Justice of the United amended by striking the items relating to title (C) in subsection (e), by adding at the end the States for such designation. VIII. following: ‘‘(2) Notwithstanding section 155, a case Subtitle E—Reform of the Financial Stability ‘‘(3) STAFF ACCESS.—Any member of the Coun- under subchapter V of chapter 11 of title 11 Act of 2010 cil may select to have one or more individuals on shall be heard under section 157 by a bank- SEC. 151. REPEAL AND MODIFICATION OF PROVI- the member’s staff attend a meeting of the ruptcy judge designated under paragraph (1), SIONS OF THE FINANCIAL STABILITY Council, including any meeting of representa- who shall be randomly assigned to hear such ACT OF 2010. tives of the member agencies other than the case by the chief judge of the court of appeals (a) REPEALS.—The following provisions of the members themselves. for the circuit embracing the district in which Financial Stability Act of 2010 are repealed, and ‘‘(4) CONGRESSIONAL OVERSIGHT.—All meetings the case is pending. To the greatest extent prac- the provisions of law amended or repealed by of the Council, whether or not open to the pub- ticable, the approvals required under section 155 such provisions are restored or revived as if such lic, shall be open to the attendance by members should be obtained. provisions had not been enacted: of the authorization and oversight committees of ‘‘(3) If the bankruptcy judge assigned to hear (1) Subtitle B. the House of Representatives and the Senate. a case under paragraph (2) is not assigned to (2) Section 113. ‘‘(5) MEMBER AGENCY MEETINGS.—Any meet- the district in which the case is pending, the (3) Section 114. ing of representatives of the member agencies bankruptcy judge shall be temporarily assigned (4) Section 115. other than the members themselves shall be open (5) Section 116. to the district. to attendance by staff of the authorization and (6) Section 117. oversight committees of the House of Represent- ‘‘(b) A case under subchapter V of chapter 11 (7) Section 119. of title 11, and all proceedings in the case, shall atives and the Senate.’’; (8) Section 120. (D) by striking subsection (g) (relating to the take place in the district in which the case is (9) Section 121. pending. nonapplicability of FACA); (10) Section 161. (E) by inserting after subsection (f) the fol- ‘‘(c) In this section, the term ‘covered finan- (11) Section 162. lowing: cial corporation’ has the meaning given that (12) Section 164. ‘‘(g) OPEN MEETING REQUIREMENT.—The term in section 101(9A) of title 11.’’. (13) Section 166. Council shall be an agency for purposes of sec- (b) AMENDMENT TO SECTION 1334 OF TITLE (14) Section 167. tion 552b of title 5, United States Code (com- 28.—Section 1334 of title 28, United States Code, (15) Section 168. monly referred to as the ‘Government in the is amended by adding at the end the following: (16) Section 170. (17) Section 172. Sunshine Act’). ‘‘(f) This section does not grant jurisdiction to ‘‘(h) CONFIDENTIAL CONGRESSIONAL BRIEF- the district court after a transfer pursuant to an (18) Section 174. (19) Section 175. INGS.—The Chairperson shall at regular times order under section 1185 of title 11 of any pro- but not less than annually provide confidential ceeding related to a special trustee appointed, or (b) ADDITIONAL MODIFICATIONS.—The Finan- cial Stability Act of 2010 (12 U.S.C. 5311 et seq.) briefings to the Committee on Financial Services to a bridge company formed, in connection with of the House of Representatives and the Com- a case under subchapter V of chapter 11 of title is amended— (1) in section 102(a), by striking paragraph mittee on Banking, Housing, and Urban Affairs 11.’’. (5); of the Senate, which may in the discretion of ECHNICAL AND CONFORMING AMEND- (c) T (2) in section 111— the Chairman of the respective committee be at- MENT.—The table of sections for chapter 13 of (A) in subsection (b)— tended by any combination of the committee’s title 28, United States Code, is amended by add- (i) in paragraph (1)— members or staff.’’; and ing at the end the following: (I) by striking ‘‘who shall each’’ and inserting (F) by redesignating subsections (h) through ‘‘298. Judge for a case under subchapter V of ‘‘who shall, except as provided below, each’’; (j) as subsections (i) through (k), respectively; chapter 11 of title 11.’’. and (3) in section 112—

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00033 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4738 CONGRESSIONAL RECORD — HOUSE June 8, 2017 (A) in subsection (a)(2)— (III) in subparagraph (A), by striking ‘‘; and’’ described in subsection (a), as applicable’’ and (i) in subparagraph (A), by striking ‘‘the Fed- and inserting a period; and inserting ‘‘a bank holding company described in eral Insurance Office and, if necessary to assess (IV) by striking subparagraph (B); subsection (a)’’; and risks to the United States financial system, di- (iii) in paragraph (3)— (II) in subparagraph (B), by striking ‘‘the rect the Office of Financial Research to’’ and (I) in subparagraph (A)— nonbank financial company supervised by the inserting ‘‘and, if necessary to assess risks to (aa) by striking clause (i); Board of Governors or a bank holding company the United States financial system,’’; (bb) by redesignating clauses (ii), (iii), and described in subsection (a), as applicable’’ and (ii) by striking subparagraphs (B), (H), (I), (iv) as clauses (i), (ii), and (iii), respectively; inserting ‘‘a bank holding company described in and (J); and subsection (a)’’; (iii) by redesignating subparagraphs (C), (D), (cc) in clause (iii), as so redesignated, by add- (J) in subsection (i)— (E), (F), (G), (K), (L), (M), and (N) as subpara- ing ‘‘and’’ at the end; (i) in paragraph (1)— graphs (B), (C), (D), (E), (F), (G), (H), (I), and (II) by striking subparagraphs (B) and (C); (I) in subparagraph (A), by striking ‘‘, in co- (J), respectively; and ordination with the appropriate primary finan- (iv) in subparagraph (J), as so redesignated— (III) by redesignating subparagraph (D) as cial regulatory agencies and the Federal Insur- (I) in clause (iii), by adding ‘‘and’’ at the end; subparagraph (B); and ance Office,’’; (II) by striking clauses (iv) and (v); and (iv) in paragraph (4), by striking ‘‘a nonbank (II) in subparagraph (B)— (aa) by amending clause (i) to read as follows: (III) by redesignating clause (vi) as clause financial company supervised by the Board of Governors or’’; ‘‘(i) shall— (iv); and ‘‘(I) issue regulations, after providing for pub- (B) in subsection (d)— (E) in subsection (c)— (i) in paragraph (1), by striking ‘‘under sec- lic notice and comment, that provide for at least (i) in paragraph (1), by striking ‘‘the Office of 3 different sets of conditions under which the Financial Research, member agencies, and the tion 115(c)’’; and (ii) in paragraph (2)— evaluation required by this subsection shall be Federal Insurance Office’’ and inserting ‘‘mem- conducted, including baseline, adverse, and se- ber agencies’’; (I) by amending subparagraph (A) to read as follows: verely adverse, and methodologies, including (ii) in paragraph (2), by striking ‘‘the Office models used to estimate losses on certain assets, of Financial Research, any member agency, and ‘‘(A) any recommendations of the Council;’’; and and the Board of Governors shall not carry out the Federal Insurance Office,’’ and inserting any such evaluation until 60 days after such ‘‘member agencies’’; (II) in subparagraph (D), by striking ‘‘nonbank financial company supervised by the regulations are issued; and (iii) in paragraph (3)— ‘‘(II) provide copies of such regulations to the (I) by striking ‘‘, acting through the Office of Board of Governors or’’; (F) in subsection (d)— Comptroller General of the United States and Financial Research,’’ each place it appears; and the Panel of Economic Advisors of the Congres- (II) in subparagraph (B), by striking ‘‘the Of- (i) by striking ‘‘a nonbank financial company supervised by the Board of Governors or’’ each sional Budget Office before publishing such reg- fice of Financial Research or’’; and ulations;’’; (iv) in paragraph (5)(A), by striking ‘‘, the Of- place such term appears; (ii) in paragraph (1), by striking ‘‘periodi- (bb) in clause (ii), by striking ‘‘and nonbank fice of Financial Research,’’; cally’’ and inserting ‘‘not more often than every financial companies’’; (4) by amending section 118 to read as follows: 2 years’’; (cc) in clause (iv), by striking ‘‘and’’ at the ‘‘SEC. 118. COUNCIL FUNDING. (iii) in paragraph (3)— end; ‘‘There is authorized to be appropriated to the (I) by striking ‘‘The Board’’ and inserting the (dd) in clause (v), by striking the period and Council $4,000,000 for fiscal year 2017 and each following: inserting the following: ‘‘, including any results fiscal year thereafter to carry out the duties of ‘‘(A) IN GENERAL.—The Board’’; of a resubmitted test;’’; and the Council.’’; (II) by striking ‘‘shall review’’ and inserting (ee) by adding at the end the following: ‘‘(vi) shall, in establishing the severely ad- (5) in section 163— the following: ‘‘shall— verse condition under clause (i), provide de- (A) by striking subsection (a); ‘‘(i) review’’; tailed consideration of the model’s effects on fi- (B) by redesignating subsection (b) as sub- (III) by striking the period and inserting ‘‘; nancial stability and the cost and availability of section (a); and and’’; and credit; (C) in subsection (a), as so redesignated— (IV) by adding at the end the following: ‘‘(vii) shall, in developing the models and (i) by striking ‘‘or a nonbank financial com- ‘‘(ii) not later than the end of the 6-month pe- methodologies and providing them for notice pany supervised by the Board of Governors’’ riod beginning on the date the bank holding and comment under this subparagraph, publish each place such term appears; company submits the resolution plan, provide a process to test the models and methodologies (ii) in paragraph (4), by striking ‘‘In addi- feedback to the bank holding company on such for their potential to magnify systemic and insti- tion’’ and inserting the following: plan. tutional risks instead of facilitating increased ‘‘(A) IN GENERAL.—In addition’’; and ‘‘(B) DISCLOSURE OF ASSESSMENT FRAME- (iii) by adding at the end the following: resiliency; WORK.—The Board of Governors shall publicly ‘‘(viii) shall design and publish a process to ‘‘(B) EXCEPTION FOR QUALIFYING BANKING OR- disclose, including on the website of the Board test and document the sensitivity and uncer- GANIZATION.—Subparagraph (A) shall not apply of Governors, the assessment framework that is tainty associated with the model system’s data to a proposed acquisition by a qualifying bank- used to review information under this para- ing organization, as defined under section 605 of quality, specifications, and assumptions; and graph and shall provide the public with a notice ‘‘(ix) shall communicate the range and sources the Financial CHOICE Act of 2017.’’; and and comment period before finalizing such as- of uncertainty surrounding the models and (6) in section 165— sessment framework.’’. methodologies.’’; and (A) by striking ‘‘nonbank financial companies (iv) in paragraph (6), by striking ‘‘nonbank fi- (III) by adding at the end the following: supervised by the Board of Governors and’’ each nancial company supervised by the Board, any ‘‘(C) CCAR REQUIREMENTS.— place such term appears; bank holding company,’’ and inserting ‘‘bank ‘‘(i) PARAMETERS AND CONSEQUENCES APPLICA- (B) by striking ‘‘nonbank financial company holding company’’; BLE TO CCAR.—The requirements of subpara- supervised by the Board of Governors and’’ each (G) in subsection (e)— graph (B) shall apply to CCAR. place such term appears; (i) in paragraph (1), by striking ‘‘a nonbank ‘‘(ii) TWO-YEAR LIMITATION.—The Board of (C) in subsection (a), by amending paragraph financial company supervised by the Board of Governors may not subject a company to CCAR (2) to read as follows: Governors or’’; more than once every two years. ‘‘(2) TAILORED APPLICATION.—In prescribing (ii) in paragraph (3), by striking ‘‘the ‘‘(iii) MID-CYCLE RESUBMISSION.—If a com- more stringent prudential standards under this nonbank financial company supervised by the pany receives a quantitative objection to, or oth- section, the Board of Governors may differen- Board of Governors or’’ each place such term erwise desires to amend the company’s capital tiate among companies on an individual basis or appears; and plan, the company may file a new streamlined by category, taking into consideration their cap- (iii) in paragraph (4), by striking ‘‘a nonbank plan at any time after a capital planning exer- ital structure, riskiness, complexity, financial financial company supervised by the Board of cise has been completed and before a subsequent activities (including the financial activities of Governors or’’; capital planning exercise. their subsidiaries), size, and any other risk-re- (H) in subsection (g)(1), by striking ‘‘and any ‘‘(iv) LIMITATION ON QUALITATIVE CAPITAL lated factors that the Board of Governors deems nonbank financial company supervised by the PLANNING OBJECTIONS.—In carrying out CCAR, appropriate.’’; Board of Governors’’; the Board of Governors may not object to a com- (D) in subsection (b)— (I) in subsection (h)— pany’s capital plan on the basis of qualitative (i) in paragraph (1)(B)(iv), by striking ‘‘, on (i) by striking paragraph (1); deficiencies in the company’s capital planning its own or pursuant to a recommendation made (ii) by redesignating paragraphs (2), (3), and process. by the Council in accordance with section 115,’’; (4) as paragraphs (1), (2), and (3), respectively; ‘‘(v) COMPANY INQUIRIES.—The Board of Gov- (ii) in paragraph (2)— (iii) in paragraph (1), as so redesignated, by ernors shall establish and publish procedures for (I) by striking ‘‘foreign nonbank financial striking ‘‘paragraph (3)’’ each place such term responding to inquiries from companies subject company supervised by the Board of Governors appears and inserting ‘‘paragraph (2)’’; and to CCAR, including establishing the time frame or’’; (iv) in paragraph (2), as so redesignated— in which such responses will be made, and make (II) by striking ‘‘shall—’’ and all that follows (I) in subparagraph (A), by striking ‘‘the such procedures publicly available. through ‘‘give due’’ and inserting ‘‘shall give nonbank financial company supervised by the ‘‘(vi) CCAR DEFINED.—For purposes of this due’’; Board of Governors or bank holding company subparagraph and subparagraph (E), the term

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00034 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4739 ‘CCAR’ means the Comprehensive Capital Anal- (1) by striking ‘‘financial company’’ each ‘‘(II) such act or omission directly or indi- ysis and Review established by the Board of place such term appears and inserting ‘‘banking rectly resulted in— Governors.’’; and organization’’; ‘‘(aa) substantial losses or created a signifi- (ii) in paragraph (2)— (2) in subsection (a)— cant risk of substantial losses to other persons; (I) in subparagraph (A)— (A) by amending paragraph (2) to read as fol- or (aa) by striking ‘‘a bank holding company’’ lows: ‘‘(bb) substantial pecuniary gain to the person and inserting ‘‘bank holding company’’; ‘‘(2) the term ‘banking organization’ means— who committed the act or omission. (bb) by striking ‘‘semiannual’’ and inserting ‘‘(A) an insured depository institution; ‘‘(ii) MAXIMUM AMOUNT OF PENALTY.—The ‘‘annual’’; ‘‘(B) a bank holding company; amount referred to in clause (i) is the greatest (cc) by striking ‘‘All other financial compa- ‘‘(C) a savings and loan holding company; of— nies’’ and inserting ‘‘All other bank holding ‘‘(D) a company that controls an insured de- ‘‘(I) $300,000 for a natural person or $1,450,000 companies’’; and pository institution; and for any other person; (dd) by striking ‘‘and are regulated by a pri- ‘‘(E) a foreign bank or company that is treat- ‘‘(II) 3 times the gross amount of pecuniary mary Federal financial regulatory agency’’; ed as a bank holding company for purposes of gain to the person who committed the act or (II) in subparagraph (B)— this Act; and’’; omission; or (aa) by striking ‘‘and to its primary financial (B) in paragraph (3)— ‘‘(III) the amount of losses incurred by victims regulatory agency’’; and (i) in subparagraph (A)(ii), by adding ‘‘and’’ as a result of the act or omission.’’. (bb) by striking ‘‘primary financial regulatory at the end; (B) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- agency’’ the second time it appears and insert- (ii) in subparagraph (B)(ii), by striking ‘‘; tion 20(d)(2) of the Securities Act of 1933 (15 ing ‘‘Board of Governors’’; and and’’ and inserting a period; and U.S.C. 77t(d)(2)) is amended— (III) in subparagraph (C)— (iii) by striking subparagraph (C); and (i) in subparagraph (A)— (aa) by striking ‘‘Each Federal primary finan- (3) in subsection (b), by striking ‘‘financial (I) by striking ‘‘$5,000’’ and inserting cial regulatory agency, in coordination with the companies’’ and inserting ‘‘banking organiza- ‘‘$10,000’’; and Board of Governors and the Federal Insurance tions’’. (II) by striking ‘‘$50,000’’ and inserting Office,’’ and inserting ‘‘The Board of Gov- (f) CONFORMING AMENDMENT.—Section 3502(5) ‘‘$100,000’’; ernors’’; and of title 44, United States Code, is amended by (ii) in subparagraph (B)— (bb) by striking ‘‘consistent and comparable’’. striking ‘‘the Office of Financial Research,’’. (I) by striking ‘‘$50,000’’ and inserting (K) in subsection (j)— (g) CLERICAL AMENDMENT.—The table of con- ‘‘$100,000’’; and (i) in paragraph (1), by striking ‘‘or a tents under section 1(b) of the Dodd-Frank Wall (II) by striking ‘‘$250,000’’ and inserting nonbank financial company supervised by the Street Reform and Consumer Protection Act is ‘‘$500,000’’; and Board of Governors’’; and amended by striking the items relating to sub- (iii) by striking subparagraph (C) and insert- (ii) in paragraph (2), by striking ‘‘the factors title B of title I and 113, 114, 115, 116, 117, 119, ing the following: ‘‘(C) THIRD TIER.— described in subsections (a) and (b) of section 120, 121, 161, 162, 164, 166, 167, 168, 170, 172, 174, 113 and any other’’ and inserting ‘‘any’’; ‘‘(i) IN GENERAL.—Notwithstanding subpara- and 175. graphs (A) and (B), the amount of penalty for (L) in subsection (k)(1), by striking ‘‘or SEC. 152. OPERATIONAL RISK CAPITAL REQUIRE- nonbank financial company supervised by the each such violation shall not exceed the amount MENTS FOR BANKING ORGANIZA- specified in clause (ii) if— Board of Governors’’; and TIONS. ‘‘(I) the violation described in paragraph (1) (M) by adding at the end the following: (a) IN GENERAL.—An appropriate Federal involved fraud, deceit, manipulation, or delib- ‘‘(l) EXEMPTION FOR QUALIFYING BANKING OR- banking agency may not establish an oper- erate or reckless disregard of a regulatory re- GANIZATIONS.—This section shall not apply to a ational risk capital requirement for banking or- quirement; and proposed acquisition by a qualifying banking ganizations, unless such requirement— organization, as defined under section 605 of the ‘‘(II) such violation directly or indirectly re- (1) is based on the risks posed by a banking sulted in substantial losses or created a signifi- Financial CHOICE Act of 2017.’’. organization’s current activities and businesses; (c) TREATMENT OF OTHER RESOLUTION PLAN cant risk of substantial losses to other persons. (2) is appropriately sensitive to the risks posed AXIMUM AMOUNT OF PENALTY REQUIREMENTS.— ‘‘(ii) M .—The by such current activities and businesses; amount referred to in clause (i) is the greatest (1) IN GENERAL.—With respect to an appro- (3) is determined under a forward-looking as- priate Federal banking agency that requires a of— sessment of potential losses that may arise out ‘‘(I) $300,000 for a natural person or $1,450,000 banking organization to submit to the agency a of a banking organization’s current activities resolution plan not described under section for any other person; and businesses, which is not solely based on a ‘‘(II) 3 times the gross amount of pecuniary 165(d) of the Dodd-Frank Wall Street Reform banking organization’s historical losses; and gain to such defendant as a result of the viola- and Consumer Protection Act— (4) permits adjustments based on qualifying (A) the agency shall comply with the require- tion; or operational risk mitigants. ‘‘(III) the amount of losses incurred by victims ments of paragraphs (3) and (4) of such section (b) DEFINITIONS.—For purposes of this section, as a result of the violation.’’. 165(d); the terms ‘‘appropriate Federal banking agen- (2) SECURITIES EXCHANGE ACT OF 1934.— (B) the agency may not require the submission cy’’ and ‘‘banking organization’’ have the (A) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- of such a resolution plan more often than every meaning given those terms, respectively, under tion 21(d)(3)(B) of the Securities Exchange Act 2 years; and section 605. of 1934 (15 U.S.C. 78u(d)(3)(B)) is amended— (C) paragraphs (6) and (7) of such section (i) in clause (i)— 165(d) shall apply to such a resolution plan. TITLE II—DEMANDING ACCOUNTABILITY FROM WALL STREET (I) by striking ‘‘$5,000’’ and inserting (2) DEFINITIONS.—For purposes of this sub- ‘‘$10,000’’; and section, the terms ‘‘appropriate Federal banking Subtitle A—SEC Penalties Modernization (II) by striking ‘‘$50,000’’ and inserting agency’’ and ‘‘banking organization’’ have the SEC. 211. ENHANCEMENT OF CIVIL PENALTIES ‘‘$100,000’’; meaning given those terms, respectively, under FOR SECURITIES LAWS VIOLATIONS. (ii) in clause (ii)— section 105. (a) UPDATED CIVIL MONEY PENALTIES.— (I) by striking ‘‘$50,000’’ and inserting (d) ACTIONS TO CREATE A BANK HOLDING (1) SECURITIES ACT OF 1933.— ‘‘$100,000’’; and COMPANY.—Section 3(b)(1) of the Bank Holding (A) MONEY PENALTIES IN ADMINISTRATIVE AC- (II) by striking ‘‘$250,000’’ and inserting Company Act of 1956 (12 U.S.C. 1842(b)(1)) is TIONS.—Section 8A(g)(2) of the Securities Act of ‘‘$500,000’’; and amended— 1933 (15 U.S.C. 77h–1(g)(2)) is amended— (iii) by striking clause (iii) and inserting the (1) by striking ‘‘Upon receiving’’ and inserting (i) in subparagraph (A)— following: the following: (I) by striking ‘‘$7,500’’ and inserting ‘‘(iii) THIRD TIER.— ‘‘(A) IN GENERAL.—Upon receiving’’; ‘‘$10,000’’; and ‘‘(I) IN GENERAL.—Notwithstanding clauses (i) (2) by striking ‘‘Notwithstanding any other (II) by striking ‘‘$75,000’’ and inserting and (ii), the amount of penalty for each such provision’’ and inserting the following: ‘‘$100,000’’; violation shall not exceed the amount specified ‘‘(B) IMMEDIATE ACTION.— (ii) in subparagraph (B)— in subclause (II) if— ‘‘(i) IN GENERAL.—Notwithstanding any other (I) by striking ‘‘$75,000’’ and inserting ‘‘(aa) the violation described in subparagraph provision’’; and ‘‘$100,000’’; and (A) involved fraud, deceit, manipulation, or de- (3) by adding at the end the following: (II) by striking ‘‘$375,000’’ and inserting liberate or reckless disregard of a regulatory re- ‘‘(ii) EXCEPTION.—The Board may not take ‘‘$500,000’’; and quirement; and any action pursuant to clause (i) on an applica- (iii) by striking subparagraph (C) and insert- ‘‘(bb) such violation directly or indirectly re- tion that would cause any company to become a ing the following: sulted in substantial losses or created a signifi- bank holding company unless such application ‘‘(C) THIRD TIER.— cant risk of substantial losses to other persons. involves the company acquiring a bank that is ‘‘(i) IN GENERAL.—Notwithstanding subpara- ‘‘(II) MAXIMUM AMOUNT OF PENALTY.—The critically undercapitalized (as such term is de- graphs (A) and (B), the amount of penalty for amount referred to in subclause (I) is the great- fined under section 38(b) of the Federal Deposit each such act or omission shall not exceed the est of— Insurance Act).’’. amount specified in clause (ii) if— ‘‘(aa) $300,000 for a natural person or (e) CONCENTRATION LIMITS APPLIED ONLY TO ‘‘(I) the act or omission described in para- $1,450,000 for any other person; BANKING ORGANIZATIONS.—Section 14 of the graph (1) involved fraud, deceit, manipulation, ‘‘(bb) 3 times the gross amount of pecuniary Bank Holding Company Act of 1956 (12 U.S.C. or deliberate or reckless disregard of a regu- gain to such defendant as a result of the viola- 1852) is amended— latory requirement; and tion; or

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00035 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4740 CONGRESSIONAL RECORD — HOUSE June 8, 2017 ‘‘(cc) the amount of losses incurred by victims (I) by striking ‘‘$5,000’’ and inserting (iii) by striking subparagraph (C) and insert- as a result of the violation.’’. ‘‘$10,000’’; and ing the following: (B) MONEY PENALTIES IN ADMINISTRATIVE AC- (II) by striking ‘‘$50,000’’ and inserting ‘‘(C) THIRD TIER.— TIONS.—Section 21B(b) of the Securities Ex- ‘‘$100,000’’; ‘‘(i) IN GENERAL.—Notwithstanding subpara- change Act of 1934 (15 U.S.C. 78u–2(b)) is (ii) in subparagraph (B)— graphs (A) and (B), the amount of penalty for amended— (I) by striking ‘‘$50,000’’ and inserting each such violation shall not exceed the amount (i) in paragraph (1)— ‘‘$100,000’’; and specified in clause (ii) if— (I) by striking ‘‘$5,000’’ and inserting (II) by striking ‘‘$250,000’’ and inserting ‘‘(I) the violation described in paragraph (1) ‘‘$10,000’’; and ‘‘$500,000’’; and involved fraud, deceit, manipulation, or delib- (II) by striking ‘‘$50,000’’ and inserting (iii) by striking subparagraph (C) and insert- erate or reckless disregard of a regulatory re- ‘‘$100,000’’; ing the following: quirement; and (ii) in paragraph (2)— ‘‘(C) THIRD TIER.— ‘‘(II) such violation directly or indirectly re- (I) by striking ‘‘$50,000’’ and inserting ‘‘(i) IN GENERAL.—Notwithstanding subpara- sulted in substantial losses or created a signifi- ‘‘$100,000’’; and graphs (A) and (B), the amount of penalty for cant risk of substantial losses to other persons. (II) by striking ‘‘$250,000’’ and inserting each such violation shall not exceed the amount ‘‘(ii) MAXIMUM AMOUNT OF PENALTY.—The ‘‘$500,000’’; and specified in clause (ii) if— amount referred to in clause (i) is the greatest (iii) by striking paragraph (3) and inserting ‘‘(I) the violation described in paragraph (1) of— the following: involved fraud, deceit, manipulation, or delib- ‘‘(I) $300,000 for a natural person or $1,450,000 ‘‘(3) THIRD TIER.— erate or reckless disregard of a regulatory re- for any other person; ‘‘(A) IN GENERAL.—Notwithstanding para- quirement; and ‘‘(II) 3 times the gross amount of pecuniary graphs (1) and (2), the amount of penalty for ‘‘(II) such violation directly or indirectly re- gain to such defendant as a result of the viola- each such act or omission shall not exceed the sulted in substantial losses or created a signifi- tion; or amount specified in subparagraph (B) if— cant risk of substantial losses to other persons. ‘‘(III) the amount of losses incurred by victims ‘‘(i) the act or omission described in subsection ‘‘(ii) MAXIMUM AMOUNT OF PENALTY.—The as a result of the violation.’’. (a) involved fraud, deceit, manipulation, or de- amount referred to in clause (i) is the greatest (b) PENALTIES FOR RECIDIVISTS.— liberate or reckless disregard of a regulatory re- of— (1) SECURITIES ACT OF 1933.— quirement; and ‘‘(I) $300,000 for a natural person or $1,450,000 (A) MONEY PENALTIES IN ADMINISTRATIVE AC- ‘‘(ii) such act or omission directly or indirectly for any other person; TIONS.—Section 8A(g)(2) of the Securities Act of resulted in substantial losses or created a sig- ‘‘(II) 3 times the gross amount of pecuniary 1933 (15 U.S.C. 77h–1(g)(2)) is amended by add- nificant risk of substantial losses to other per- gain to such defendant as a result of the viola- ing at the end the following: sons or resulted in substantial pecuniary gain to tion; or ‘‘(D) FOURTH TIER.—Notwithstanding sub- the person who committed the act or omission. ‘‘(III) the amount of losses incurred by victims paragraphs (A), (B), and (C), the maximum ‘‘(B) MAXIMUM AMOUNT OF PENALTY.—The as a result of the violation.’’. amount of penalty for each such act or omission amount referred to in subparagraph (A) is the (4) INVESTMENT ADVISERS ACT OF 1940.— shall be 3 times the otherwise applicable amount greatest of— (A) MONEY PENALTIES IN ADMINISTRATIVE AC- in such subparagraphs if, within the 5-year pe- ‘‘(i) $300,000 for a natural person or $1,450,000 TIONS.—Section 203(i)(2) of the Investment Ad- riod preceding such act or omission, the person for any other person; visers Act of 1940 (15 U.S.C. 80b–3(i)(2)) is who committed the act or omission was crimi- ‘‘(ii) 3 times the gross amount of pecuniary amended— nally convicted for securities fraud or became gain to the person who committed the act or (i) in subparagraph (A)— subject to a judgment or order imposing mone- omission; or (I) by striking ‘‘$5,000’’ and inserting tary, equitable, or administrative relief in any ‘‘(iii) the amount of losses incurred by victims ‘‘$10,000’’; and Commission action alleging fraud by that per- as a result of the act or omission.’’. (II) by striking ‘‘$50,000’’ and inserting son.’’. (3) INVESTMENT COMPANY ACT OF 1940.— ‘‘$100,000’’; (B) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- (A) MONEY PENALTIES IN ADMINISTRATIVE AC- (ii) in subparagraph (B)— tion 20(d)(2) of the Securities Act of 1933 (15 TIONS.—Section 9(d)(2) of the Investment Com- (I) by striking ‘‘$50,000’’ and inserting U.S.C. 77t(d)(2)) is amended by adding at the pany Act of 1940 (15 U.S.C. 80a–9(d)(2)) is ‘‘$100,000’’; and end the following: amended— (II) by striking ‘‘$250,000’’ and inserting ‘‘(D) FOURTH TIER.—Notwithstanding sub- (i) in subparagraph (A)— ‘‘$500,000’’; and paragraphs (A), (B), and (C), the maximum (I) by striking ‘‘$5,000’’ and inserting (iii) by striking subparagraph (C) and insert- amount of penalty for each such violation shall ‘‘$10,000’’; and ing the following: be 3 times the otherwise applicable amount in (II) by striking ‘‘$50,000’’ and inserting ‘‘(C) THIRD TIER.— such subparagraphs if, within the 5-year period ‘‘$100,000’’; ‘‘(i) IN GENERAL.—Notwithstanding subpara- preceding such violation, the defendant was (ii) in subparagraph (B)— graphs (A) and (B), the amount of penalty for criminally convicted for securities fraud or be- (I) by striking ‘‘$50,000’’ and inserting each such act or omission shall not exceed the came subject to a judgment or order imposing ‘‘$100,000’’; and amount specified in clause (ii) if— monetary, equitable, or administrative relief in (II) by striking ‘‘$250,000’’ and inserting ‘‘(I) the act or omission described in para- any Commission action alleging fraud by that ‘‘$500,000’’; and graph (1) involved fraud, deceit, manipulation, defendant.’’. (iii) by striking subparagraph (C) and insert- or deliberate or reckless disregard of a regu- (2) SECURITIES EXCHANGE ACT OF 1934.— ing the following: latory requirement; and (A) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- ‘‘(C) THIRD TIER.— ‘‘(II) such act or omission directly or indi- tion 21(d)(3)(B) of the Securities Exchange Act ‘‘(i) IN GENERAL.—Notwithstanding subpara- rectly resulted in substantial losses or created a of 1934 (15 U.S.C. 78u(d)(3)(B)) is amended by graphs (A) and (B), the amount of penalty for significant risk of substantial losses to other adding at the end the following: each such act or omission shall not exceed the persons or resulted in substantial pecuniary ‘‘(iv) FOURTH TIER.—Notwithstanding clauses amount specified in clause (ii) if— gain to the person who committed the act or (i), (ii), and (iii), the maximum amount of pen- ‘‘(I) the act or omission described in para- omission. alty for each such violation shall be 3 times the graph (1) involved fraud, deceit, manipulation, ‘‘(ii) MAXIMUM AMOUNT OF PENALTY.—The otherwise applicable amount in such clauses if, or deliberate or reckless disregard of a regu- amount referred to in clause (i) is the greatest within the 5-year period preceding such viola- latory requirement; and of— tion, the defendant was criminally convicted for ‘‘(II) such act or omission directly or indi- ‘‘(I) $300,000 for a natural person or $1,450,000 securities fraud or became subject to a judgment rectly resulted in substantial losses or created a for any other person; or order imposing monetary, equitable, or ad- significant risk of substantial losses to other ‘‘(II) 3 times the gross amount of pecuniary ministrative relief in any Commission action al- persons or resulted in substantial pecuniary gain to the person who committed the act or leging fraud by that defendant.’’. gain to the person who committed the act or omission; or (B) MONEY PENALTIES IN ADMINISTRATIVE AC- omission. ‘‘(III) the amount of losses incurred by victims TIONS.—Section 21B(b) of the Securities Ex- ‘‘(ii) MAXIMUM AMOUNT OF PENALTY.—The as a result of the act or omission.’’. change Act of 1934 (15 U.S.C. 78u–2(b)) is amount referred to in clause (i) is the greatest (B) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- amended by adding at the end the following: of— tion 209(e)(2) of the Investment Advisers Act of ‘‘(4) FOURTH TIER.—Notwithstanding para- ‘‘(I) $300,000 for a natural person or $1,450,000 1940 (15 U.S.C. 80b–9(e)(2)) is amended— graphs (1), (2), and (3), the maximum amount of for any other person; (i) in subparagraph (A)— penalty for each such act or omission shall be 3 ‘‘(II) 3 times the gross amount of pecuniary (I) by striking ‘‘$5,000’’ and inserting times the otherwise applicable amount in such gain to the person who committed the act or ‘‘$10,000’’; and paragraphs if, within the 5-year period pre- omission; or (II) by striking ‘‘$50,000’’ and inserting ceding such act or omission, the person who ‘‘(III) the amount of losses incurred by victims ‘‘$100,000’’; committed the act or omission was criminally as a result of the act or omission.’’. (ii) in subparagraph (B)— convicted for securities fraud or became subject (B) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- (I) by striking ‘‘$50,000’’ and inserting to a judgment or order imposing monetary, equi- tion 42(e)(2) of the Investment Company Act of ‘‘$100,000’’; and table, or administrative relief in any Commission 1940 (15 U.S.C. 80a–41(e)(2)) is amended— (II) by striking ‘‘$250,000’’ and inserting action alleging fraud by that person.’’. (i) in subparagraph (A)— ‘‘$500,000’’; and (3) INVESTMENT COMPANY ACT OF 1940.—

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00036 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4741

(A) MONEY PENALTIES IN ADMINISTRATIVE AC- ‘‘(ii) an order entered or obtained by the Com- the injunction or order shall be deemed a sepa- TIONS.—Section 9(d)(2) of the Investment Com- mission pursuant to this title that bars, sus- rate offense. pany Act of 1940 (15 U.S.C. 80a–9(d)(2)) is pends, places limitations on the activities or ‘‘(B) INJUNCTIONS AND ORDERS.—Subpara- amended by adding at the end the following: functions of, or prohibits the activities of, a per- graph (A) shall apply with respect to any action ‘‘(D) FOURTH TIER.—Notwithstanding sub- son; or to enforce— paragraphs (A), (B), and (C), the maximum ‘‘(iii) a cease-and-desist order entered by the ‘‘(i) a Federal court injunction obtained pur- amount of penalty for each such act or omission Commission pursuant to section 8A.’’. suant to this title; shall be 3 times the otherwise applicable amount (2) SECURITIES EXCHANGE ACT OF 1934.—Section ‘‘(ii) an order entered or obtained by the Com- in such subparagraphs if, within the 5-year pe- 21(d)(3) of the Securities Exchange Act of 1934 mission pursuant to this title that bars, sus- riod preceding such act or omission, the person (15 U.S.C. 78u(d)(3)) is amended— pends, places limitations on the activities or who committed the act or omission was crimi- (A) in subparagraph (A), by inserting after functions of, or prohibits the activities of, a per- nally convicted for securities fraud or became ‘‘the rules or regulations thereunder,’’ the fol- son; or subject to a judgment or order imposing mone- lowing: ‘‘a Federal court injunction or a bar ob- ‘‘(iii) a cease-and-desist order entered by the tary, equitable, or administrative relief in any tained or entered by the Commission under this Commission pursuant to section 203(k).’’. Commission action alleging fraud by that per- title,’’; and (d) EFFECTIVE DATE.—The amendments made son.’’. (B) by striking subparagraph (D) and insert- by this section shall apply with respect to con- (B) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- ing the following: duct that occurs after the date of the enactment tion 42(e)(2) of the Investment Company Act of ‘‘(D) SPECIAL PROVISIONS RELATING TO A VIO- of this Act. 1940 (15 U.S.C. 80a–41(e)(2)) is amended by add- LATION OF AN INJUNCTION OR CERTAIN ORDERS.— SEC. 212. UPDATED CIVIL MONEY PENALTIES OF ing at the end the following: ‘‘(i) IN GENERAL.—Each separate violation of PUBLIC COMPANY ACCOUNTING ‘‘(D) FOURTH TIER.—Notwithstanding sub- an injunction or order described in clause (ii) OVERSIGHT BOARD. paragraphs (A), (B), and (C), the maximum shall be a separate offense, except that in the (a) IN GENERAL.—Section 105(c)(4)(D) of the amount of penalty for each such violation shall case of a violation through a continuing failure Sarbanes-Oxley Act of 2002 (15 U.S.C. be 3 times the otherwise applicable amount in to comply with such injunction or order, each 7215(c)(4)(D)) is amended— such subparagraphs if, within the 5-year period day of the failure to comply with the injunction (1) in clause (i)— preceding such violation, the defendant was or order shall be deemed a separate offense. (A) by striking ‘‘$100,000’’ and inserting criminally convicted for securities fraud or be- ‘‘(ii) INJUNCTIONS AND ORDERS.—Clause (i) ‘‘$200,000’’; and came subject to a judgment or order imposing shall apply with respect to an action to en- (B) by striking ‘‘$2,000,000’’ and inserting monetary, equitable, or administrative relief in force— ‘‘$4,000,000’’; and any Commission action alleging fraud by that ‘‘(I) a Federal court injunction obtained pur- (2) in clause (ii)— defendant.’’. suant to this title; (A) by striking ‘‘$750,000’’ and inserting (4) INVESTMENT ADVISERS ACT OF 1940.— ‘‘(II) an order entered or obtained by the Com- ‘‘$1,500,000’’; and (A) MONEY PENALTIES IN ADMINISTRATIVE AC- mission pursuant to this title that bars, sus- TIONS.—Section 203(i)(2) of the Investment Ad- (B) by striking ‘‘$15,000,000’’ and inserting pends, places limitations on the activities or ‘‘$22,000,000’’. visers Act of 1940 (15 U.S.C. 80b–3(i)(2)) is functions of, or prohibits the activities of, a per- amended by adding at the end the following: (b) EFFECTIVE DATE.—The amendments made son; or by this section shall apply with respect to con- ‘‘(D) FOURTH TIER.—Notwithstanding sub- ‘‘(III) a cease-and-desist order entered by the paragraphs (A), (B), and (C), the maximum duct that occurs after the date of the enactment Commission pursuant to section 21C.’’. of this Act. amount of penalty for each such act or omission (3) INVESTMENT COMPANY ACT OF 1940.—Section shall be 3 times the otherwise applicable amount 42(e) of the Investment Company Act of 1940 (15 SEC. 213. UPDATED CIVIL MONEY PENALTY FOR in such subparagraphs if, within the 5-year pe- CONTROLLING PERSONS IN CON- U.S.C. 80a–41(e)) is amended— NECTION WITH INSIDER TRADING. riod preceding such act or omission, the person (A) in paragraph (1), by inserting after ‘‘the (a) IN GENERAL.—Section 21A(a)(3) of the Se- who committed the act or omission was crimi- rules or regulations thereunder,’’ the following: curities Exchange Act of 1934 (15 U.S.C. 78u– nally convicted for securities fraud or became ‘‘a Federal court injunction or a bar obtained or 1(a)(3)) is amended by striking ‘‘$1,000,000’’ and subject to a judgment or order imposing mone- entered by the Commission under this title,’’; inserting ‘‘$2,500,000’’. tary, equitable, or administrative relief in any and (b) EFFECTIVE DATE.—The amendment made Commission action alleging fraud by that per- (B) by striking paragraph (4) and inserting by this section shall apply with respect to con- son.’’. the following: duct that occurs after the date of the enactment (B) MONEY PENALTIES IN CIVIL ACTIONS.—Sec- ‘‘(4) SPECIAL PROVISIONS RELATING TO A VIO- of this Act. tion 209(e)(2) of the Investment Advisers Act of LATION OF AN INJUNCTION OR CERTAIN ORDERS.— 1940 (15 U.S.C. 80b–9(e)(2)) is amended by add- ‘‘(A) IN GENERAL.—Each separate violation of SEC. 214. UPDATE OF CERTAIN OTHER PEN- ing at the end the following: an injunction or order described in subpara- ALTIES. ‘‘(D) FOURTH TIER.—Notwithstanding sub- graph (B) shall be a separate offense, except (a) IN GENERAL.—Section 32 of the Securities paragraphs (A), (B), and (C), the maximum that in the case of a violation through a con- Exchange Act of 1934 (15 U.S.C. 78ff) is amend- amount of penalty for each such violation shall tinuing failure to comply with such injunction ed— be 3 times the otherwise applicable amount in or order, each day of the failure to comply with (1) in subsection (a), by striking ‘‘$5,000,000’’ such subparagraphs if, within the 5-year period the injunction or order shall be deemed a sepa- and inserting ‘‘$7,000,000’’; and preceding such violation, the defendant was rate offense. (2) in subsection (c)— criminally convicted for securities fraud or be- ‘‘(B) INJUNCTIONS AND ORDERS.—Subpara- (A) in paragraph (1)— came subject to a judgment or order imposing graph (A) shall apply with respect to any action (i) in subparagraph (A), by striking monetary, equitable, or administrative relief in to enforce— ‘‘$2,000,000’’ and inserting ‘‘$4,000,000’’; and any Commission action alleging fraud by that ‘‘(i) a Federal court injunction obtained pur- (ii) in subparagraph (B), by striking ‘‘$10,000’’ defendant.’’. suant to this title; and inserting ‘‘$50,000’’; and (c) VIOLATIONS OF INJUNCTIONS AND BARS.— ‘‘(ii) an order entered or obtained by the Com- (B) in paragraph (2)— (1) SECURITIES ACT OF 1933.—Section 20(d) of mission pursuant to this title that bars, sus- (i) in subparagraph (A), by striking the Securities Act of 1933 (15 U.S.C. 77t(d)) is pends, places limitations on the activities or ‘‘$100,000’’ and inserting ‘‘$250,000’’; and amended— functions of, or prohibits the activities of, a per- (ii) in subparagraph (B), by striking ‘‘$10,000’’ (A) in paragraph (1), by inserting after ‘‘the and inserting ‘‘$50,000’’. rules or regulations thereunder,’’ the following: son; or ‘‘(iii) a cease-and-desist order entered by the (b) EFFECTIVE DATE.—The amendments made ‘‘a Federal court injunction or a bar obtained or by this section shall apply with respect to con- entered by the Commission under this title,’’; Commission pursuant to section 9(f).’’. (4) INVESTMENT ADVISERS ACT OF 1940.—Section duct that occurs after the date of the enactment and of this Act. (B) by striking paragraph (4) and inserting 209(e) of the Investment Advisers Act of 1940 (15 the following: U.S.C. 80b–9(e)) is amended— SEC. 215. MONETARY SANCTIONS TO BE USED FOR THE RELIEF OF VICTIMS. ‘‘(4) SPECIAL PROVISIONS RELATING TO A VIO- (A) in paragraph (1), by inserting after ‘‘the LATION OF AN INJUNCTION OR CERTAIN ORDERS.— rules or regulations thereunder,’’ the following: (a) IN GENERAL.—Section 308(a) of the Sar- ‘‘(A) IN GENERAL.—Each separate violation of ‘‘a Federal court injunction or a bar obtained or banes-Oxley Act of 2002 (15 U.S.C. 7246(a)) is an injunction or order described in subpara- entered by the Commission under this title,’’; amended to read as follows: graph (B) shall be a separate offense, except and ‘‘(a) MONETARY SANCTIONS TO BE USED FOR that in the case of a violation through a con- (B) by striking paragraph (4) and inserting THE RELIEF OF VICTIMS.— tinuing failure to comply with such injunction the following: ‘‘(1) IN GENERAL.—If, in any judicial or ad- or order, each day of the failure to comply with ‘‘(4) SPECIAL PROVISIONS RELATING TO A VIO- ministrative action brought by the Commission the injunction or order shall be deemed a sepa- LATION OF AN INJUNCTION OR CERTAIN ORDERS.— under the securities laws, the Commission ob- rate offense. ‘‘(A) IN GENERAL.—Each separate violation of tains a monetary sanction (as defined in section ‘‘(B) INJUNCTIONS AND ORDERS.—Subpara- an injunction or order described in subpara- 21F(a) of the Securities Exchange Act of 1934) graph (A) shall apply with respect to any action graph (B) shall be a separate offense, except against any person for a violation of such laws, to enforce— that in the case of a violation through a con- or such person agrees, in settlement of any such ‘‘(i) a Federal court injunction obtained pur- tinuing failure to comply with such injunction action, to such monetary sanction, the amount suant to this title; or order, each day of the failure to comply with of such monetary sanction shall, on the motion

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or at the direction of the Commission, be added (c) AMENDMENTS TO THE FEDERAL DEPOSIT IN- (C) in section 1344, by striking ‘‘$1,000,000’’ to and become part of a disgorgement fund or SURANCE ACT.—The Federal Deposit Insurance and inserting ‘‘$1,500,000’’. other fund established for the benefit of the vic- Act (12 U.S.C. 1811 et seq.) is amended— TITLE III—DEMANDING ACCOUNTABILITY tims of such violation. (1) in section 7— FROM FINANCIAL REGULATORS AND DE- ‘‘(2) DEFINITION OF VICTIM.—In this sub- (A) in subsection (a)(1), by striking VOLVING POWER AWAY FROM WASH- section, the term ‘victim’ has the meaning given ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’; and INGTON the term ‘crime victim’ in section 3771(e) of title (B) in subsection (j)(16)(D), by striking Subtitle A—Cost-Benefit Analyses 18, United States Code.’’. ‘‘$1,000,000’’ each place such term appears and (b) MONETARY SANCTION DEFINED.—Section inserting ‘‘$1,500,000’’; SEC. 311. DEFINITIONS. 21F(a)(4)(A) of the Securities Exchange Act of (2) in section 8— As used in this subtitle— 1934 (15 U.S.C. 78u–6(a)(4)(A)) is amended by (A) in subsection (i)(2)(D), by striking (1) the term ‘‘agency’’ means the Board of striking ‘‘ordered’’ and inserting ‘‘required’’. ‘‘$1,000,000’’ each place such term appears and Governors of the Federal Reserve System, the (c) EFFECTIVE DATE.—The amendments made inserting ‘‘$1,500,000’’; and Consumer Law Enforcement Agency, the Com- by this section apply with respect to any mone- (B) in subsection (j), by striking ‘‘$1,000,000’’ modity Futures Trading Commission, the Fed- tary sanction ordered or required to be paid be- and inserting ‘‘$1,500,000’’; and eral Deposit Insurance Corporation, the Federal fore or after the date of enactment of this Act. (3) in section 19(b), by striking ‘‘$1,000,000’’ Housing Finance Agency, the Office of the SEC. 216. GAO REPORT ON USE OF CIVIL MONEY and inserting ‘‘$1,500,000’’. Comptroller of the Currency, the National Cred- PENALTY AUTHORITY BY COMMIS- (d) AMENDMENTS TO THE FEDERAL CREDIT it Union Administration, and the Securities and SION. UNION ACT.—The Federal Credit Union Act (12 Exchange Commission; (a) IN GENERAL.—Not later than 2 years after U.S.C. 1751 et seq.) is amended— (2) the term ‘‘chief economist’’ means— the date of the enactment of this Act, the Comp- (1) in section 202(a)(3), by striking (A) with respect to the Board of Governors of troller General of the United States shall submit ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’; the Federal Reserve System, the Director of the to the Committee on Financial Services of the (2) in section 205(d)(3), by striking Division of Research and Statistics, or an em- House of Representatives and the Committee on ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’; and ployee of the agency with comparable authority; Banking, Housing, and Urban Affairs of the (3) in section 206— (B) with respect to the Consumer Law En- Senate a report on the use by the Commission of (A) in subsection (k)(2)(D), by striking forcement Agency, the Head of the Office of the authority to impose or obtain civil money ‘‘$1,000,000’’ each place such term appears and Economic Analysis, or an employee of the agen- penalties for violations of the securities laws inserting ‘‘$1,500,000’’; and cy with comparable authority; (B) in subsection (l), by striking ‘‘$1,000,000’’ during the period beginning on June 1, 2010, (C) with respect to the Commodity Futures and inserting ‘‘$1,500,000’’. and ending on the date of the enactment of this Trading Commission, the Chief Economist, or an (e) AMENDMENTS TO THE REVISED STATUTES OF Act. employee of the agency with comparable author- THE UNITED STATES.—Title LXII of the Revised (b) MATTERS REQUIRED TO BE INCLUDED.— ity; Statutes of the United States is amended— The matters covered by the report required by (D) with respect to the Federal Deposit Insur- (1) in section 5213(c), by striking ‘‘$1,000,000’’ subsection (a) shall include the following: ance Corporation, the Director of the Division of and inserting ‘‘$1,500,000’’; and (1) The types of violations for which civil Insurance and Research, or an employee of the (2) in section 5239(b)(4), by striking money penalties were imposed or obtained. agency with comparable authority; ‘‘$1,000,000’’ each place such term appears and (2) The types of persons on whom civil money (E) with respect to the Federal Housing Fi- inserting ‘‘$1,500,000’’. penalties were imposed or from whom such pen- nance Agency, the Chief Economist, or an em- (f) AMENDMENTS TO THE FEDERAL RESERVE alties were obtained. ployee of the agency with comparable authority; ACT.—The Federal Reserve Act (12 U.S.C. 221 et (3) The number and dollar amount of civil (F) with respect to the Office of the Comp- seq.) is amended— troller of the Currency, the Director for Policy money penalties imposed or obtained, (1) in the 6th undesignated paragraph of sec- Analysis, or an employee of the agency with disaggregated as follows: tion 9, by striking ‘‘$1,000,000’’ and inserting (A) Penalties imposed in administrative ac- comparable authority; ‘‘$1,500,000’’; (G) with respect to the National Credit Union tions and penalties obtained in judicial actions. (2) in section 19(l)(4), by striking ‘‘$1,000,000’’ (B) Penalties imposed on or obtained from Administration, the Chief Economist, or an em- each place such term appears and inserting issuers (individual and aggregate filers) and ployee of the agency with comparable authority; ‘‘$1,500,000’’; and and penalties imposed on or obtained from other per- (3) in section 29(d), by striking ‘‘$1,000,000’’ (H) with respect to the Securities and Ex- sons. each place such term appears and inserting (C) Penalties permitted to be retained for use change Commission, the Director of the Division ‘‘$1,500,000’’. by the Commission and penalties deposited in of Economic and Risk Analysis, or an employee (g) AMENDMENTS TO THE BANK HOLDING COM- the general fund of the Treasury of the United of the agency with comparable authority; PANY ACT AMENDMENTS OF 1970.—Section (3) the term ‘‘Council’’ means the Chief States. 106(b)(2)(F)(iv) of the Bank Holding Company Economists Council established under section (4) For penalties imposed on or obtained from Act Amendments of 1970 (12 U.S.C. 318; and issuers: 1978(b)(2)(F)(iv)) is amended by striking (A) Whether the violations involved resulted (4) the term ‘‘regulation’’— ‘‘$1,000,000’’ each place such term appears and in direct economic benefit to the issuers. (A) means an agency statement of general ap- inserting ‘‘$1,500,000’’. (B) The impact of the penalties on the share- plicability and future effect that is designed to (h) AMENDMENTS TO THE BANK HOLDING COM- holders of the issuers. implement, interpret, or prescribe law or policy PANY ACT OF 1956.—Section 8 of the Bank Hold- (c) DEFINITIONS.—In this section, the terms or to describe the procedure or practice require- ing Company Act of 1956 (12 U.S.C. 1847) is ‘‘Commission’’, ‘‘issuer’’, and ‘‘securities laws’’ ments of an agency, including rules, orders of amended— have the meanings given such terms in section (1) in subsection (a)(2), by striking general applicability, interpretive releases, and 3(a) of the Securities Exchange Act of 1934 (15 ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’; and other statements of general applicability that U.S.C. 78c(a)). (2) in subsection (d)(3), by striking the agency intends to have the force and effect Subtitle B—FIRREA Penalties Modernization ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’. of law; and (B) does not include— SEC. 221. INCREASE OF CIVIL AND CRIMINAL PEN- (i) AMENDMENTS TO TITLE 18, UNITED STATES ALTIES ORIGINALLY ESTABLISHED CODE.—Title 18, United States Code, is amend- (i) a regulation issued in accordance with the IN THE FINANCIAL INSTITUTIONS ed— formal rulemaking provisions of section 556 or REFORM, RECOVERY, AND ENFORCE- (1) in section 215(a) of chapter 11, by striking 557 of title 5, United States Code; MENT ACT OF 1989. ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’; (ii) a regulation that is limited to agency orga- (a) AMENDMENTS TO FIRREA.—Section 951(b) (2) in chapter 31— nization, management, or personnel matters; of the Financial Institutions Reform, Recovery, (A) in section 656, by striking ‘‘$1,000,000’’ and (iii) a regulation promulgated pursuant to and Enforcement Act of 1989 (12 U.S.C. 1833a(b)) inserting ‘‘$1,500,000’’; and statutory authority that expressly prohibits is amended— (B) in section 657, by striking ‘‘$1,000,000’’ and compliance with this provision; (1) in paragraph (1), by striking ‘‘$1,000,000’’ inserting ‘‘$1,500,000’’; (iv) a regulation that is certified by the agen- and inserting ‘‘$1,500,000’’; and (3) in chapter 47— cy to be an emergency action, if such certifi- (2) in paragraph (2), by striking ‘‘$1,000,000 (A) in section 1005, by striking ‘‘$1,000,000’’ cation is published in the Federal Register; per day or $5,000,000’’ and inserting ‘‘$1,500,000 and inserting ‘‘$1,500,000’’; (v) a regulation that is promulgated by the per day or $7,500,000’’. (B) in section 1006, by striking ‘‘$1,000,000’’ Board of Governors of the Federal Reserve Sys- (b) AMENDMENTS TO THE HOME OWNERS’ LOAN and inserting ‘‘$1,500,000’’; tem or the Federal Open Market Committee ACT.—The Home Owners’ Loan Act (12 U.S.C. (C) in section 1007, by striking ‘‘$1,000,000’’ under section 10A, 10B, 13, 13A, or 19 of the 1461 et seq.) is amended— and inserting ‘‘$1,500,000’’; and Federal Reserve Act, or any of subsections (a) (1) in section 5(v)(6), by striking ‘‘$1,000,000’’ (D) in section 1014, by striking ‘‘$1,000,000’’ through (f) of section 14 of that Act; and inserting ‘‘$1,500,000’’; and and inserting ‘‘$1,500,000’’; and (vi) a regulation filed with the Securities and (2) in section 10— (4) in chapter 63— Exchange Commission by the Public Company (A) in subsection (r)(3), by striking (A) in section 1341, by striking ‘‘$1,000,000’’ Accounting Oversight Board, the Municipal Se- ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’; and and inserting ‘‘$1,500,000’’; curities Rulemaking Board, or any national se- (B) in subsection (i)(1)(B), by striking (B) in section 1343, by striking ‘‘$1,000,000’’ curities association registered under section 15A ‘‘$1,000,000’’ and inserting ‘‘$1,500,000’’. and inserting ‘‘$1,500,000’’; and of the Securities Exchange Act of 1934 (15 U.S.C.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00038 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4743 78o–3(a)) for which the board or association has sumers and investors, assuming that they will nection with a regulation, the agency is not re- itself conducted the cost-benefit analysis and pursue their economic interests. quired to comply with section 3506(c)(2) of title otherwise complied with the requirements of sec- (b) REQUIREMENTS FOR NOTICES OF FINAL 44, United States Code, with respect to any in- tion 312; or RULEMAKING.— formation collection request— (vii) a regulation filed with the Securities and (1) IN GENERAL.—Notwithstanding any other (1) that identifies the advanced notice of pro- Exchange Commission by a national securities provision of law, an agency may not issue a no- posed rulemaking in such request; association registered under section 15A(k) of tice of final rulemaking with respect to a regula- (2) that informs the person from whom the in- the Securities Exchange Act of 1934 (15 U.S.C. tion unless the agency— formation is obtained or solicited that the provi- 78o–3(k)). (A) has issued a notice of proposed rule- sion of such information is voluntary; SEC. 312. REQUIRED REGULATORY ANALYSIS. making for the relevant regulation; (3) that is necessary to comply with section (B) has conducted and includes in the notice (a) REQUIREMENTS FOR NOTICES OF PROPOSED 312; and of final rulemaking an analysis that contains, RULEMAKING.—An agency may not issue a no- (4) with respect to which the information col- at a minimum, the elements required under sub- tice of proposed rulemaking unless the agency lected will not be used for purposes other than section (a); and includes in the notice of proposed rulemaking compliance with this title. (C) includes in the notice of final rulemaking an analysis that contains, at a minimum, with SEC. 314. PUBLIC AVAILABILITY OF DATA AND regulatory impact metrics selected by the chief respect to each regulation that is being pro- REGULATORY ANALYSIS. economist to be used in preparing the report re- posed— (a) IN GENERAL.—At or before the commence- quired pursuant to section 315. (1) an identification of the need for the regu- ment of the public comment period with respect (2) CONSIDERATION OF COMMENTS.—The agen- lation and the regulatory objective, including to a regulation, the agency shall make available cy shall incorporate in the elements described in on its public website sufficient information identification of the nature and significance of paragraph (1)(B) the data and analyses pro- the market failure, regulatory failure, or other about the data, methodologies, and assumptions vided to the agency by commenters during the underlying the analyses performed pursuant to problem that necessitates the regulation; comment period, or explain why the data or (2) an explanation of why the private market section 312 so that the analytical results of the analyses are not being incorporated. agency are capable of being substantially repro- or State, local, or tribal authorities cannot ade- (3) COMMENT PERIOD.—An agency shall not duced, subject to an acceptable degree of impre- quately address the identified market failure or publish a notice of final rulemaking with re- cision or error. other problem; spect to a regulation, unless the agency— (b) CONFIDENTIALITY.—The agency shall com- (3) an analysis of the adverse impacts to regu- (A) has allowed at least 90 days from the date ply with subsection (a) in a manner that pre- lated entities, other market participants, eco- of publication in the Federal Register of the no- serves the nonpublic nature of confidential in- nomic activity, or agency effectiveness that are tice of proposed rulemaking for the submission formation, including confidential trade secrets, engendered by the regulation and the mag- of public comments; or confidential commercial or financial informa- nitude of such adverse impacts; (B) includes in the notice of final rulemaking tion, and confidential information about posi- (4) a quantitative and qualitative assessment an explanation of why the agency was not able tions, transactions, or business practices. of all anticipated direct and indirect costs and to provide a 90-day comment period. benefits of the regulation (as compared to a (4) PROHIBITED RULES.— SEC. 315. FIVE-YEAR REGULATORY IMPACT ANAL- benchmark that assumes the absence of the reg- (A) IN GENERAL.—An agency may not publish YSIS. ulation), including— a notice of final rulemaking if the agency, in its (a) IN GENERAL.—Not later than 5 years after (A) compliance costs; analysis under paragraph (1)(B), determines the date of publication in the Federal Register (B) effects on economic activity, net job cre- that the quantified costs are greater than the of a notice of final rulemaking, the chief econo- ation (excluding jobs related to ensuring compli- quantified benefits under subsection (a)(5). mist of the agency shall issue a report that ex- ance with the regulation), efficiency, competi- (B) PUBLICATION OF ANALYSIS.—If the agency amines the economic impact of the subject regu- tion, and capital formation; is precluded by subparagraph (A) from pub- lation, including the direct and indirect costs (C) regulatory administrative costs; and lishing a notice of final rulemaking, the agency and benefits of the regulation. (D) costs imposed by the regulation on State, shall publish in the Federal Register and on the (b) REGULATORY IMPACT METRICS.—In pre- local, or tribal governments or other regulatory public website of the agency its analysis under paring the report required by subsection (a), the authorities; paragraph (1)(B), and provide the analysis to chief economist shall employ the regulatory im- (5) if quantified benefits do not outweigh each House of Congress. pact metrics included in the notice of final rule- quantitative costs, a justification for the regula- (C) CONGRESSIONAL WAIVER.—If the agency is making pursuant to section 312(b)(1)(C). tion; precluded by subparagraph (A) from publishing (c) REPRODUCIBILITY.—The report shall in- (6) an identification and assessment of all a notice of final rulemaking, Congress, by joint clude the data, methodologies, and assumptions available alternatives to the regulation, includ- resolution pursuant to the procedures set forth underlying the evaluation so that the agency’s ing modification of an existing regulation or for joint resolutions in section 802 of title 5, analytical results are capable of being substan- statute, together with— United States Code, may direct the agency to tially reproduced, subject to an acceptable de- (A) an explanation of why the regulation publish a notice of final rulemaking notwith- gree of imprecision or error. meets the objectives of the regulation more effec- standing the prohibition contained in subpara- (d) CONFIDENTIALITY.—The agency shall com- tively than the alternatives, and if the agency is graph (A). In applying section 802 of title 5, ply with subsection (c) in a manner that pre- proposing multiple alternatives, an explanation United States Code, for purposes of this para- serves the nonpublic nature of confidential in- of why a notice of proposed rulemaking, rather graph, section 802(e)(2) shall not apply and the formation, including confidential trade secrets, than an advanced notice of proposed rule- terms— confidential commercial or financial informa- making, is appropriate; and (i) ‘‘joint resolution’’ or ‘‘joint resolution de- tion, and confidential information about posi- (B) if the regulation is not a pilot program, an scribed in subsection (a)’’ means only a joint tions, transactions, or business practices. explanation of why a pilot program is not ap- resolution introduced during the period begin- (e) REPORT.—The agency shall submit the re- propriate; ning on the submission or publication date and port required by subsection (a) to the Committee (7) if the regulation specifies the behavior or ending 60 days thereafter (excluding days either on Banking, Housing, and Urban Affairs of the manner of compliance, an explanation of why House of Congress is adjourned for more than 3 Senate and the Committee on Financial Services the agency did not instead specify performance days during a session of Congress), the matter of the House of Representatives and post it on objectives; after the resolving clause of which is as follows: the public website of the agency. Notwith- (8) an assessment of how the burden imposed ‘‘That Congress directs, notwithstanding the standing the previous sentence, the Commodity by the regulation will be distributed among mar- prohibition contained in section 312(b)(4)(A) of Futures Trading Commission shall only submit ket participants, including whether consumers, the Financial CHOICE Act of 2017, the ll to its report to the Committee on Agriculture, Nu- investors, small businesses, or independent fi- publish the notice of final rulemaking for the trition, and Forestry of the Senate and the Com- nancial firms and advisors will be disproportion- regulation or regulations that were the subject mittee on Agriculture of the House of Represent- ately burdened; of the analysis submitted by the ll to Con- atives. (9) an assessment of the extent to which the gress on ll.’’ (The blank spaces being appro- SEC. 316. RETROSPECTIVE REVIEW OF EXISTING regulation is inconsistent, incompatible, or du- priately filled in.); and RULES. plicative with the existing regulations of the (ii) ‘‘submission or publication date’’ means— (a) REGULATORY IMPROVEMENT PLAN.—Not agency or those of other domestic and inter- (I) the date on which the analysis under later than 1 year after the date of enactment of national regulatory authorities with overlap- paragraph (1)(B) is submitted to Congress under this Act and every 5 years thereafter, each ping jurisdiction; paragraph (4)(B); or agency shall develop, submit to the Committee (10) a description of any studies, surveys, or (II) if the analysis is submitted to Congress on Banking, Housing, and Urban Affairs of the other data relied upon in preparing the anal- less than 60 session days or 60 legislative days Senate and the Committee on Financial Services ysis; before the date on which the Congress adjourns of the House of Representatives, and post on the (11) an assessment of the degree to which the a session of Congress, the date on which the public website of the agency a plan, consistent key assumptions underlying the analysis are same or succeeding Congress first convenes its with law and its resources and regulatory prior- subject to uncertainty; and next session. ities, under which the agency will modify, (12) an explanation of predicted changes in SEC. 313. RULE OF CONSTRUCTION. streamline, expand, or repeal existing regula- market structure and infrastructure and in be- Provided that an agency has first issued an tions so as to make the regulatory program of havior by market participants, including con- advanced notice of proposed rulemaking in con- the agency more effective or less burdensome in

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00039 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4744 CONGRESSIONAL RECORD — HOUSE June 8, 2017 achieving the regulatory objectives. Notwith- (6) recommendations for legislative or regu- (iv) any other relevant information or require- standing the previous sentence, the Commodity latory action to enhance the efficiency and ef- ments under any other Act and any relevant Ex- Futures Trading Commission shall only submit fectiveness of financial regulation in the United ecutive orders. its plan to the Committee on Agriculture, Nutri- States. (C) Upon receipt of a report submitted under tion, and Forestry of the Senate and the Com- SEC. 319. CONFORMING AMENDMENTS. subparagraph (A), each House shall provide mittee on Agriculture of the House of Represent- Section 15(a) of the Commodity Exchange Act copies of the report to the chairman and rank- atives. (7 U.S.C. 19(a)) is amended— ing member of each standing committee with ju- (b) IMPLEMENTATION PROGRESS REPORT.—Two (1) by striking paragraph (1); risdiction under the rules of the House of Rep- years after the date of submission of each plan (2) in paragraph (2), by striking ‘‘(2)’’ and all resentatives or the Senate to report a bill to required under subsection (a), each agency shall that follows through ‘‘light of—’’ and inserting amend the provision of law under which the develop, submit to the Committee on Banking, the following: rule is issued. Housing, and Urban Affairs of the Senate and ‘‘(1) CONSIDERATIONS.—Before promulgating a (2)(A) The Comptroller General shall provide a the Committee on Financial Services of the regulation under this chapter or issuing an report on each major rule to the committees of House of Representatives, and post on the pub- order (except as provided in paragraph (2)), the jurisdiction by the end of 15 calendar days after lic website of the agency a report of the steps Commission shall take into consideration—’’; the submission or publication date. The report that it has taken to implement the plan, steps (3) in paragraph (1), as so redesignated— of the Comptroller General shall include an as- that remain to be taken to implement the plan, (A) in subparagraph (B), by striking ‘‘fu- sessment of the agency’s compliance with proce- and, if any parts of the plan will not be imple- tures’’ and inserting ‘‘the relevant’’; dural steps required by paragraph (1)(B) and an mented, reasons for not implementing those (B) in subparagraph (C), by adding ‘‘and’’ at assessment of whether the major rule imposes parts of the plan. Notwithstanding the previous the end; any new limits or mandates on private-sector sentence, the Commodity Futures Trading Com- (C) in subparagraph (D), by striking ‘‘; and’’ activity. mission shall only submit its plan to the Com- and inserting a period; and (B) Agencies shall cooperate with the Comp- (D) by striking subparagraph (E); and mittee on Agriculture, Nutrition, and Forestry troller General by providing information rel- (4) by redesignating paragraph (3) as para- of the Senate and the Committee on Agriculture evant to the Comptroller General’s report under graph (2). of the House of Representatives. subparagraph (A). SEC. 320. OTHER REGULATORY ENTITIES. SEC. 317. JUDICIAL REVIEW. (3) A major rule relating to a report submitted Not later than 1 year after the date of enact- under paragraph (1) shall take effect upon en- (a) IN GENERAL.—Notwithstanding any other ment of this Act, the Securities and Exchange provision of law, during the period beginning on actment of a joint resolution of approval de- Commission shall provide to the Committee on scribed in section 332 or as provided for in the the date on which a notice of final rulemaking Banking, Housing, and Urban Affairs of the for a regulation is published in the Federal Reg- rule following enactment of a joint resolution of Senate and the Committee on Financial Services approval described in section 332, whichever is ister and ending 1 year later, a person that is of the House of Representatives, and make pub- adversely affected or aggrieved by the regula- later. licly available on the Commission’s website a re- (4) A nonmajor rule shall take effect as pro- tion is entitled to bring an action in the United port setting forth a plan for subjecting the Pub- States Court of Appeals for the District of Co- vided by section 333 after submission to Congress lic Company Accounting Oversight Board, the under paragraph (1). lumbia Circuit for judicial review of agency Municipal Securities Rulemaking Board, and compliance with the requirements of section 312. (5) If a joint resolution of approval relating to any national securities association registered a major rule is not enacted within the period (b) STAY.—The court may stay the effective under section 15A of the Securities Exchange date of the regulation or any provision thereof. provided in subsection (b)(2), then a joint reso- Act of 1934 (15 U.S.C. 78o–4(a)), other than sub- lution of approval relating to the same rule may (c) RELIEF.—If the court finds that an agency section (k) of such section 15A, to the require- has not complied with the requirements of sec- not be considered under this subtitle in the same ments of this subtitle, other than direct rep- Congress by either the House of Representatives tion 312, the court shall vacate the subject regu- resentation on the Council. lation, unless the agency shows by clear and or the Senate. SEC. 321. AVOIDANCE OF DUPLICATIVE OR UN- convincing evidence that vacating the regula- (b)(1) A major rule shall not take effect unless NECESSARY ANALYSES. the Congress enacts a joint resolution of ap- tion would result in irreparable harm. Nothing An agency may perform the analyses required in this section affects other limitations on judi- proval described under section 332. by this subtitle in conjunction with, or as a part (2) If a joint resolution described in subsection cial review or the power or duty of the court to of, any other agenda or analysis required by (a) is not enacted into law by the end of 70 ses- dismiss any action or deny relief on any other any other provision of law, if such other anal- sion days or legislative days, as applicable, be- appropriate legal or equitable ground. ysis satisfies the provisions of this subtitle. ginning on the date on which the report referred SEC. 318. CHIEF ECONOMISTS COUNCIL. Subtitle B—Congressional Review of Federal to in subsection (a)(1)(A) is received by Congress (a) ESTABLISHMENT.—There is established the Financial Agency Rulemaking (excluding days either House of Congress is ad- Chief Economists Council. SEC. 331. CONGRESSIONAL REVIEW. journed for more than 3 days during a session of (b) MEMBERSHIP.—The Council shall consist (a)(1)(A) Before a rule may take effect, an Congress), then the rule described in that reso- of the chief economist of each agency. The mem- agency shall publish in the Federal Register a lution shall be deemed not to be approved and bers of the Council shall select the first chair- list of information on which the rule is based, such rule shall not take effect. person of the Council. Thereafter the position of including data, scientific and economic studies, (c)(1) Notwithstanding any other provision of Chairperson shall rotate annually among the and cost-benefit analyses, and identify how the this section (except subject to paragraph (3)), a members of the Council. public can access such information online, and major rule may take effect for one 90-calendar- (c) MEETINGS.—The Council shall meet at the shall submit to each House of the Congress and day period if the President makes a determina- call of the Chairperson, but not less frequently tion under paragraph (2) and submits written than quarterly. to the Comptroller General a report containing— (i) a copy of the rule; notice of such determination to the Congress. (d) REPORT.—One year after the effective date (ii) a concise general statement relating to the (2) Paragraph (1) applies to a determination of this Act and annually thereafter, the Council rule; made by the President by Executive order that shall prepare and submit to the Committee on (iii) a classification of the rule as a major or the major rule should take effect because such Banking, Housing, and Urban Affairs and the nonmajor rule, including an explanation of the rule is— Committee on Agriculture, Nutrition, and For- classification specifically addressing each cri- (A) necessary because of an imminent threat estry of the Senate and the Committee on Fi- teria for a major rule contained within subpara- to health or safety or other emergency; nancial Services and the Committee on Agri- graphs (A) through (C) of section 334(2); (B) necessary for the enforcement of criminal culture of the House of Representatives, and (iv) a list of any other related regulatory ac- laws; make publicly available on the Council’s tions intended to implement the same statutory (C) necessary for national security; or website, a report on— provision or regulatory objective as well as the (D) issued pursuant to any statute imple- (1) the benefits and costs of regulations adopt- individual and aggregate economic effects of menting an international trade agreement. ed by the agencies during the past 12 months; those actions; and (3) An exercise by the President of the author- (2) the regulatory actions planned by the (v) the proposed effective date of the rule. ity under this subsection shall have no effect on agencies for the upcoming 12 months; (B) On the date of the submission of the re- the procedures under section 332. (3) the cumulative effect of the existing regu- port under subparagraph (A), the agency shall (d)(1) In addition to the opportunity for re- lations of the agencies on economic activity, in- submit to the Comptroller General and make view otherwise provided under this subtitle, in novation, international competitiveness of enti- available to each House of Congress— the case of any rule for which a report was sub- ties regulated by the agencies, and net job cre- (i) a complete copy of the cost-benefit analysis mitted in accordance with subsection (a)(1)(A) ation (excluding jobs related to ensuring compli- of the rule, if any, including an analysis of any during the period beginning on the date occur- ance with the regulation); jobs added or lost, differentiating between pub- ring— (4) the training and qualifications of the per- lic and private sector jobs; (A) in the case of the Senate, 60 session days; sons who prepared the cost-benefit analyses of (ii) the agency’s actions pursuant to sections or each agency during the past 12 months; 603, 604, 605, 607, and 609 of title 5, United (B) in the case of the House of Representa- (5) the sufficiency of the resources available to States Code; tives, 60 legislative days, the chief economists during the past 12 months (iii) the agency’s actions pursuant to sections before the date the Congress is scheduled to ad- for the conduct of the activities required by this 202, 203, 204, and 205 of the Unfunded Mandates journ a session of Congress through the date on subtitle; and Reform Act of 1995 and subtitle G; and which the same or succeeding Congress first

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00040 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4745 convenes its next session, sections 332 and 333 lution is agreed to, the joint resolution shall re- SEC. 333. CONGRESSIONAL DISAPPROVAL PROCE- shall apply to such rule in the succeeding ses- main the unfinished business of the Senate until DURE FOR NONMAJOR RULES. sion of Congress. disposed of. (a) For purposes of this section, the term (2)(A) In applying sections 332 and 333 for (2) In the Senate, debate on the joint resolu- ‘‘joint resolution’’ means only a joint resolution purposes of such additional review, a rule de- tion, and on all debatable motions and appeals introduced in the period beginning on the date scribed under paragraph (1) shall be treated as in connection therewith, shall be limited to not on which the report referred to in section though— more than 2 hours, which shall be divided 331(a)(1)(A) is received by Congress and ending (i) such rule were published in the Federal equally between those favoring and those oppos- 60 days thereafter (excluding days either House Register on— ing the joint resolution. A motion to further of Congress is adjourned for more than 3 days (I) in the case of the Senate, the 15th session limit debate is in order and not debatable. An during a session of Congress), the matter after day; or amendment to, or a motion to postpone, or a mo- the resolving clause of which is as follows: (II) in the case of the House of Representa- tion to proceed to the consideration of other ‘‘That Congress disapproves the nonmajor rule tives, the 15th legislative day, business, or a motion to recommit the joint reso- submitted by the lll relating to lll, and after the succeeding session of Congress first lution is not in order. such rule shall have no force or effect.’’ (The convenes; and (3) In the Senate, immediately following the blank spaces being appropriately filled in). (ii) a report on such rule were submitted to conclusion of the debate on a joint resolution (b) A joint resolution described in subsection Congress under subsection (a)(1) on such date. described in subsection (a), and a single quorum (a) shall be referred to the committees in each (B) Nothing in this paragraph shall be con- call at the conclusion of the debate if requested House of Congress with jurisdiction. (c) In the Senate, if the committee to which is strued to affect the requirement under sub- in accordance with the rules of the Senate, the referred a joint resolution described in sub- section (a)(1) that a report shall be submitted to vote on final passage of the joint resolution section (a) has not reported such joint resolu- Congress before a rule can take effect. shall occur. tion (or an identical joint resolution) at the end (3) A rule described under paragraph (1) shall (4) Appeals from the decisions of the Chair re- of 15 session days after the date of introduction take effect as otherwise provided by law (includ- lating to the application of the rules of the Sen- of the joint resolution, such committee may be ing other subsections of this section). ate to the procedure relating to a joint resolu- discharged from further consideration of such SEC. 332. CONGRESSIONAL APPROVAL PROCE- tion described in subsection (a) shall be decided joint resolution upon a petition supported in DURE FOR MAJOR RULES. without debate. writing by 30 Members of the Senate, and such (a)(1) For purposes of this section, the term (e) In the House of Representatives, if any ‘‘joint resolution’’ means only a joint resolution joint resolution shall be placed on the calendar. committee to which a joint resolution described (d)(1) In the Senate, when the committee to addressing a report classifying a rule as major in subsection (a) has been referred has not re- which a joint resolution is referred has reported, pursuant to section 331(a)(1)(A)(iii) that— ported it to the House at the end of 15 legislative or when a committee is discharged (under sub- (A) bears no preamble; days after its introduction, such committee shall section (c)) from further consideration of a joint (B) bears the following title (with blanks filled be discharged from further consideration of the resolution described in subsection (a), it is at as appropriate): ‘‘Approving the rule submitted joint resolution, and it shall be placed on the any time thereafter in order (even though a pre- by lll relating to lll.’’; appropriate calendar. On the second and fourth vious motion to the same effect has been dis- (C) includes after its resolving clause only the Thursdays of each month it shall be in order at agreed to) for a motion to proceed to the consid- following (with blanks filled as appropriate): any time for the Speaker to recognize a Member eration of the joint resolution, and all points of ‘‘That Congress approves the rule submitted by who favors passage of a joint resolution that order against the joint resolution (and against lll relating to lll.’’; and has appeared on the calendar for at least 5 leg- consideration of the joint resolution) are (D) is introduced pursuant to paragraph (2). islative days to call up that joint resolution for (2) After a House of Congress receives a report waived. The motion is not subject to amend- immediate consideration in the House without ment, or to a motion to postpone, or to a motion classifying a rule as major pursuant to section intervention of any point of order. When so to proceed to the consideration of other busi- 331(a)(1)(A)(iii), the majority leader of that called up a joint resolution shall be considered ness. A motion to reconsider the vote by which House (or his or her respective designee) shall as read and shall be debatable for 1 hour equal- the motion is agreed to or disagreed to shall not introduce (by request, if appropriate) a joint res- ly divided and controlled by the proponent and be in order. If a motion to proceed to the consid- olution described in paragraph (1)— an opponent, and the previous question shall be eration of the joint resolution is agreed to, the (A) in the case of the House of Representa- considered as ordered to its passage without in- joint resolution shall remain the unfinished tives, within 3 legislative days; and tervening motion. It shall not be in order to re- business of the Senate until disposed of. (B) in the case of the Senate, within 3 session consider the vote on passage. If a vote on final (2) In the Senate, debate on the joint resolu- days. passage of the joint resolution has not been tion, and on all debatable motions and appeals (3) A joint resolution described in paragraph taken by the third Thursday on which the in connection therewith, shall be limited to not (1) shall not be subject to amendment at any Speaker may recognize a Member under this more than 10 hours, which shall be divided stage of proceeding. subsection, such vote shall be taken on that equally between those favoring and those oppos- (b) A joint resolution described in subsection day. ing the joint resolution. A motion to further (a) shall be referred in each House of Congress (f)(1) If, before passing a joint resolution de- limit debate is in order and not debatable. An to the committees having jurisdiction over the scribed in subsection (a), one House receives amendment to, or a motion to postpone, or a mo- provision of law under which the rule is issued. from the other a joint resolution having the (c) In the Senate, if the committee or commit- tion to proceed to the consideration of other same text, then— business, or a motion to recommit the joint reso- tees to which a joint resolution described in sub- (A) the joint resolution of the other House section (a) has been referred have not reported lution is not in order. shall not be referred to a committee; and (3) In the Senate, immediately following the it at the end of 15 session days after its intro- (B) the procedure in the receiving House shall conclusion of the debate on a joint resolution duction, such committee or committees shall be be the same as if no joint resolution had been re- described in subsection (a), and a single quorum automatically discharged from further consider- ceived from the other House until the vote on call at the conclusion of the debate if requested ation of the resolution and it shall be placed on passage, when the joint resolution received from in accordance with the rules of the Senate, the the calendar. A vote on final passage of the res- the other House shall supplant the joint resolu- vote on final passage of the joint resolution olution shall be taken on or before the close of tion of the receiving House. shall occur. the 15th session day after the resolution is re- (2) This subsection shall not apply to the (4) Appeals from the decisions of the Chair re- ported by the committee or committees to which House of Representatives if the joint resolution lating to the application of the rules of the Sen- it was referred, or after such committee or com- received from the Senate is a revenue measure. ate to the procedure relating to a joint resolu- mittees have been discharged from further con- (g) If either House has not taken a vote on tion described in subsection (a) shall be decided sideration of the resolution. final passage of the joint resolution by the last without debate. (d)(1) In the Senate, when the committee or day of the period described in section 331(b)(2), (e) In the Senate, the procedure specified in committees to which a joint resolution is re- then such vote shall be taken on that day. subsection (c) or (d) shall not apply to the con- ferred have reported, or when a committee or (h) This section and section 333 are enacted by sideration of a joint resolution respecting a committees are discharged (under subsection (c)) Congress— nonmajor rule— from further consideration of a joint resolution (1) as an exercise of the rulemaking power of (1) after the expiration of the 60 session days described in subsection (a), it is at any time the Senate and House of Representatives, re- beginning with the applicable submission or thereafter in order (even though a previous mo- spectively, and as such is deemed to be part of publication date; or tion to the same effect has been disagreed to) for the rules of each House, respectively, but appli- (2) if the report under section 331(a)(1)(A) was a motion to proceed to the consideration of the cable only with respect to the procedure to be submitted during the period referred to in sec- joint resolution, and all points of order against followed in that House in the case of a joint res- tion 331(d)(1), after the expiration of the 60 ses- the joint resolution (and against consideration olution described in subsection (a) and super- sion days beginning on the 15th session day of the joint resolution) are waived. The motion seding other rules only where explicitly so; and after the succeeding session of Congress first is not subject to amendment, or to a motion to (2) with full recognition of the Constitutional convenes. postpone, or to a motion to proceed to the con- right of either House to change the rules (so far (f) If, before the passage by one House of a sideration of other business. A motion to recon- as they relate to the procedure of that House) at joint resolution of that House described in sub- sider the vote by which the motion is agreed to any time, in the same manner and to the same section (a), that House receives from the other or disagreed to shall not be in order. If a motion extent as in the case of any other rule of that House a joint resolution described in subsection to proceed to the consideration of the joint reso- House. (a), then the following procedures shall apply:

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00041 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4746 CONGRESSIONAL RECORD — HOUSE June 8, 2017 (1) The joint resolution of the other House commercial, recreational, or subsistence activity SEC. 352. FEDERAL HOUSING FINANCE AGENCY. shall not be referred to a committee. related to hunting, fishing, or camping, or Section 1312(b)(2) of the Federal Housing En- (2) With respect to a joint resolution described (2) any rule other than a major rule which the terprises Financial Safety and Soundness Act of in subsection (a) of the House receiving the joint Federal financial agency for good cause finds 1992 (12 U.S.C. 4512) is amended by striking ‘‘for resolution— (and incorporates the finding and a brief state- cause’’. (A) the procedure in that House shall be the ment of reasons therefore in the rule issued) Subtitle E—Congressional Oversight of same as if no joint resolution had been received that notice and public procedure thereon are im- Appropriations from the other House; but practicable, unnecessary, or contrary to the (B) the vote on final passage shall be on the public interest, SEC. 361. BRINGING THE FEDERAL DEPOSIT IN- shall take effect at such time as the Federal fi- SURANCE CORPORATION INTO THE joint resolution of the other House. APPROPRIATIONS PROCESS. nancial agency promulgating the rule deter- SEC. 334. DEFINITIONS. (a) IN GENERAL.—Section 10(a) of the Federal mines. For purposes of this subtitle: Deposit Insurance Act (12 U.S.C. 1820(a)) is (1) The term ‘‘agency’’ has the meaning given SEC. 337. BUDGETARY EFFECTS OF RULES SUB- amended— JECT TO SECTION 332 OF THE FINAN- such term under section 311. (1) by striking ‘‘(a) The’’ and inserting the (2) The term ‘‘major rule’’ means any rule, in- CIAL CHOICE ACT OF 2017. Section 257(b)(2) of the Balanced Budget and following: cluding an interim final rule, that the Adminis- Emergency Deficit Control Act of 1985 is amend- ‘‘(a) POWERS.— trator of the Office of Information and Regu- ed by adding at the end the following new sub- ‘‘(1) IN GENERAL.—The’’; latory Affairs of the Office of Management and paragraph: (2) by inserting ‘‘, subject to paragraph (2),’’ Budget finds has resulted in or is likely to result ‘‘(E) BUDGETARY EFFECTS OF RULES SUBJECT after ‘‘The Board of Directors of the Corpora- in— TO SECTION 332 OF THE FINANCIAL CHOICE ACT OF tion’’; and (A) an annual cost on the economy of 2017.—Any rules subject to the congressional ap- (3) by adding at the end the following new $100,000,000 or more, adjusted annually for in- proval procedure set forth in section 332 of the paragraph: flation; Financial CHOICE Act of 2017 affecting budget ‘‘(2) APPROPRIATIONS REQUIREMENT.— (B) a major increase in costs or prices for con- authority, outlays, or receipts shall be assumed ‘‘(A) OPERATING FUND.—There is established sumers, individual industries, Federal, State, or to be effective unless it is not approved in ac- an Operating Fund, to which Congress shall local government agencies, or geographic re- cordance with such section.’’. provide annual appropriations to the Corpora- gions; or tion, which shall be separate from the Deposit (C) significant adverse effects on competition, SEC. 338. NONAPPLICABILITY TO MONETARY POL- ICY. Insurance Fund. employment, investment, productivity, innova- Nothing in this subtitle shall apply to rules ‘‘(B) RECOVERY OF COSTS OF ANNUAL APPRO- tion, or on the ability of United States-based en- that concern monetary policy proposed or imple- PRIATION.—The Corporation shall collect assess- terprises to compete with foreign-based enter- mented by the Board of Governors of the Fed- ments and other fees, as provided under this prises in domestic and export markets. eral Reserve System or the Federal Open Market Act, that are designed to recover the costs to the (3) The term ‘‘nonmajor rule’’ means any rule Committee. Government of the annual appropriation to the that is not a major rule. Subtitle C—Judicial Review of Agency Actions Corporation by Congress. Subject to subpara- (4) The term ‘‘rule’’ has the meaning given graph (E), the Corporation may only incur obli- such term in section 551 of title 5, United States SEC. 341. SCOPE OF JUDICIAL REVIEW OF AGEN- gations, or allow and pay expenses, from the CY ACTIONS. Code, except that such term does not include— Operating Fund pursuant to an appropriations (a) IN GENERAL.—Notwithstanding any other (A) any rule of particular applicability, in- Act. provision of law, in any judicial review of an cluding a rule that approves or prescribes for ‘‘(C) DEPOSITS.—Assessments and other fees agency action pursuant to chapter 7 of title 5, the future rates, wages, prices, services, or al- described under subparagraph (B) for any fiscal United States Code, to the extent necessary to lowances therefore, corporate or financial struc- year— decision and when presented, the reviewing tures, reorganizations, mergers, or acquisitions ‘‘(i) shall be deposited in the Operating Fund; court shall determine the meaning or applica- thereof, or accounting practices or disclosures and bility of the terms of an agency action and de- bearing on any of the foregoing; ‘‘(ii) except as provided in subparagraph (E), cide de novo all relevant questions of law, in- (B) any rule relating to agency management shall not be collected for any fiscal year except cluding the interpretation of constitutional and or personnel; or to the extent provided in advance in appropria- statutory provisions, and rules made by an (C) any rule of agency organization, proce- tion Acts. agency. If the reviewing court determines that a dure, or practice that does not substantially af- ‘‘(D) CREDITS.—Amounts deposited in the Op- statutory or regulatory provision relevant to its fect the rights or obligations of non-agency par- erating Fund during a fiscal year shall be cred- decision contains a gap or ambiguity, the court ties. ited as offsetting the amount appropriated to shall not interpret that gap or ambiguity as an (5) The term ‘‘submission date or publication the Operating Fund for such fiscal year. implicit delegation to the agency of legislative date’’, except as otherwise provided in this sub- ‘‘(E) EXCEPTION FOR CERTAIN PROGRAMS.— rule making authority and shall not rely on title, means— This paragraph shall not apply to the Corpora- such gap or ambiguity as a justification either (A) in the case of a major rule, the date on tion’s Insurance Business Line Programs and for interpreting agency authority expansively or which the Congress receives the report submitted Receivership Management Business Line Pro- for deferring to the agency’s interpretation on under section 331(a)(1)(A); and grams, as in existence on the date of enactment the question of law. Notwithstanding any other (B) in the case of a nonmajor rule, the later of this paragraph.’’. of— provision of law, this section shall apply in any (b) CONFORMING AMENDMENT.—Subsection (d) action for judicial review of agency action au- (i) the date on which the Congress receives the of section 7 of the Federal Deposit Insurance thorized under any provision of law. No law report submitted under section 331(a)(1)(A); and Act (12 U.S.C. 1817) is amended to read as fol- may exempt any such civil action from the ap- (ii) the date on which the nonmajor rule is lows: published in the Federal Register, if so pub- plication of this section except by specific ref- ‘‘(d) DEPOSIT INSURANCE FUND EXEMPT FROM lished. erence to this section. APPORTIONMENT.—Notwithstanding any other SEC. 335. JUDICIAL REVIEW. (b) AGENCY DEFINED.—For purposes of this section, the term ‘‘agency’’ has the meaning provision of law, amounts received pursuant to (a) No determination, finding, action, or omis- any assessments or other fees that are deposited sion under this subtitle shall be subject to judi- given such term under section 311. (c) EFFECTIVE DATE.—Subsection (a) shall into the Deposit Insurance Fund shall not be cial review. take effect after the end of the 2-year period be- subject to apportionment for the purposes of (b) Notwithstanding subsection (a), a court ginning on the date of the enactment of this chapter 15 of title 31, United States Code, or may determine whether a Federal financial Act. under any other authority.’’. agency has completed the necessary require- (c) EFFECTIVE DATE.—The amendments made Subtitle D—Leadership of Financial ments under this subtitle for a rule to take ef- by this section shall apply with respect to ex- Regulators fect. penses paid and fees collected on or after Octo- (c) The enactment of a joint resolution of ap- SEC. 351. FEDERAL DEPOSIT INSURANCE COR- ber 1, 2017. proval under section 332 shall not be interpreted PORATION. Section 2 of the Federal Deposit Insurance Act SEC. 362. BRINGING THE FEDERAL HOUSING FI- to serve as a grant or modification of statutory NANCE AGENCY INTO THE APPRO- authority by Congress for the promulgation of a (12 U.S.C. 1812) is amended— PRIATIONS PROCESS. (1) in subsection (a)(1), by striking ‘‘5 mem- rule, shall not extinguish or affect any claim, (a) IN GENERAL.—Section 1316 of the Housing bers’’ and all that follows through ‘‘3 of whom’’ whether substantive or procedural, against any and Community Development Act of 1992 (12 alleged defect in a rule, and shall not form part and inserting the following: ‘‘5 members, who’’; (2) by amending subsection (d) to read as fol- U.S.C. 4516) is amended— of the record before the court in any judicial lows: (1) by amending subsection (a) to read as fol- proceeding concerning a rule except for pur- ‘‘(d) VACANCY.—Any vacancy on the Board of lows: poses of determining whether or not the rule is Directors shall be filled in the manner in which ‘‘(a) APPROPRIATIONS REQUIREMENT.— in effect. the original appointment was made.’’; and ‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO- SEC. 336. EFFECTIVE DATE OF CERTAIN RULES. (3) in subsection (f)— PRIATION.—The Agency shall collect assessments Notwithstanding section 331— (A) by striking paragraph (2); and and other fees that are designed to recover the (1) any rule that establishes, modifies, opens, (B) by redesignating paragraph (3) as para- costs to the Government of the annual appro- closes, or conducts a regulatory program for a graph (2). priation to the Agency by Congress.

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‘‘(2) OFFSETTING COLLECTIONS.—Assessments SEC. 364. BRINGING THE OFFICE OF THE COMP- ministrative costs of the Board of Governors of and other fees described under paragraph (1) for TROLLER OF THE CURRENCY INTO the Federal Reserve System. any fiscal year— THE APPROPRIATIONS PROCESS. ‘‘(b) DEFINITIONS.—For purposes of this sec- ‘‘(A) shall be deposited and credited as offset- (a) IN GENERAL.—Section 5240A of the Revised tion: ting collections to the account providing appro- Statutes of the United States (12 U.S.C. 16) is ‘‘(1) MONETARY POLICY.—The term ‘monetary priations to the Agency; and amended— policy’ means a strategy for producing a gen- (1) by striking ‘‘Sec. 5240A. The Comptroller of ‘‘(B) shall not be collected for any fiscal year erally acceptable exchange medium that sup- the Currency may collect an assessment, fee, or ports the productive employment of economic re- except to the extent provided in advance in ap- other charge from any entity described in sec- propriation Acts.’’; and sources by reliably serving as both a unit of ac- tion 3(q)(1) of the Federal Deposit Insurance Act count and store of value. (2) by striking subsection (f). (12 U.S.C. 1813(q)(1)), as the Comptroller deter- ‘‘(2) NON-MONETARY POLICY RELATED ADMINIS- FFECTIVE ATE (b) E D .—The amendments made mines is necessary or appropriate to carry out TRATIVE COSTS.—The term ‘non-monetary policy by this section shall apply with respect to ex- the responsibilities of the Office of the Comp- related administrative costs’ means administra- penses paid and assessments and other fees col- troller of the Currency. In establishing the tive costs not related to the conduct of monetary lected on or after October 1, 2017. amount of an assessment, fee, or charge col- policy, and includes— SEC. 363. BRINGING THE NATIONAL CREDIT lected from an entity under this section,’’ and ‘‘(A) direct operating expenses for supervising UNION ADMINISTRATION INTO THE inserting the following: and regulating entities supervised and regulated APPROPRIATIONS PROCESS. ‘‘SEC. 5240A. COLLECTION OF FEES; APPROPRIA- by the Board of Governors of the Federal Re- (a) IN GENERAL.—Section 105 of the Federal TIONS REQUIREMENT. serve System, including conducting examina- Credit Union Act (12 U.S.C. 1755) is amended— ‘‘(a) IN GENERAL.—In establishing the amount tions, conducting stress tests, communicating (1) by amending subsections (a) and (b) to of an assessment, fee, or charge collected from with the entities regarding supervisory matters read as follows: an entity under subsection (b),’’; and laws, and regulations; ‘‘(a) PAYMENT BY FEDERAL CREDIT UNIONS TO (2) by striking ‘‘Funds derived’’ and all that ‘‘(B) operating expenses for activities integral ADMINISTRATION.—Each insured credit union follows through the end of the section; and to carrying out supervisory and regulatory re- shall pay to the Administration an annual fee. (3) by adding at the end the following: sponsibilities, such as training staff in the su- ‘‘(b) APPROPRIATIONS REQUIREMENT.— ‘‘(b) DETERMINATIONS OF ASSESSMENT PERIODS pervisory function, research and analysis func- ‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO- AND PAYMENT DATES.—The Board shall deter- tions including library subscription services, PRIATION.—The Comptroller of the Currency mine the periods for which the fee referred to and collecting and processing regulatory reports shall impose and collect assessments, fees, or under subsection (a) shall be assessed and the filed by supervised institutions; and other charges that are designed to recover the date for the payment of such fee or increments ‘‘(C) support, overhead, and pension expenses costs to the Government of the annual appro- thereof.’’; related to the items described under subpara- priation to the Office of the Comptroller of the (2) in subsection (c), by striking ‘‘operating’’; graphs (A) and (B).’’. Currency by Congress. (b) EFFECTIVE DATE.—The amendments made (3) by amending subsection (d) to read as fol- ‘‘(2) OFFSETTING COLLECTIONS.—Assessments by this section shall apply with respect to ex- lows: and other fees described under paragraph (1) for penses paid and fees collected on or after Octo- ‘‘(d) APPROPRIATIONS REQUIREMENT.— any fiscal year— ber 1, 2017. ‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO- ‘‘(A) shall be deposited and credited as offset- Subtitle F—International Processes PRIATION.—The Administration shall collect fees ting collections to the account providing appro- other than those fees referred to under sub- priations to the Office of the Comptroller of the SEC. 371. REQUIREMENTS FOR INTERNATIONAL section (a) from each insured credit union, as Currency; and PROCESSES. provided under this Act, in an amount stated as ‘‘(B) shall not be collected for any fiscal year (a) BOARD OF GOVERNORS REQUIREMENTS.— a percentage of insured shares of each insured except to the extent provided in advance in ap- Section 11 of the Federal Reserve Act (12 U.S.C. credit union (which percentage shall be the propriation Acts.’’. 248), as amended by section 1007(a), is further same for all insured credit unions). Such fees (b) CONFORMING AMENDMENT.—Section 5240 amended by adding at the end the following shall be designed to recover the costs to the Gov- (12 U.S.C. 481 et seq.) of the Revised Statutes of new subsection: ‘‘(w) INTERNATIONAL PROCESSES.— ernment of the annual appropriation to the Ad- the United States is amended by striking the ‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At ministration by Congress. fourth undesignated paragraph. least 30 calendar days before any member or em- ‘‘(2) OFFSETTING COLLECTIONS.—Fees de- (c) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to ex- ployee of the Board of Governors of the Federal scribed under paragraph (1) for any fiscal Reserve System participates in a process of set- year— penses paid and fees collected on or after Octo- ber 1, 2017. ting financial standards as a part of any foreign ‘‘(A) shall be deposited and credited as offset- or multinational entity, the Board of Governors SEC. 365. BRINGING THE NON-MONETARY POLICY ting collections to the account providing appro- shall— priations to the Administration; and RELATED FUNCTIONS OF THE BOARD OF GOVERNORS OF THE FED- ‘‘(A) issue a notice of the process, including ‘‘(B) shall not be collected for any fiscal year ERAL RESERVE SYSTEM INTO THE the subject matter, scope, and goals of the proc- except to the extent provided in advance in ap- APPROPRIATIONS PROCESS. ess, to the Committee on Financial Services of propriation Acts. (a) IN GENERAL.—The Federal Reserve Act is the House of Representatives and the Committee ‘‘(3) EXCEPTION FOR INSURANCE FUNCTIONS.— amended by inserting after section 11B the fol- on Banking, Housing, and Urban Affairs of the This subsection shall not apply to the National lowing: Senate; Credit Union Share Insurance Fund, including ‘‘SEC. 11C. APPROPRIATIONS REQUIREMENT FOR ‘‘(B) make such notice available to the public, assessments and other fees that are deposited NON-MONETARY POLICY RELATED including on the website of the Board of Gov- into, and amounts paid from, the National Cred- ADMINISTRATIVE COSTS. ernors; and it Union Share Insurance Fund.’’; and ‘‘(a) APPROPRIATIONS REQUIREMENT.— ‘‘(C) solicit public comment, and consult with (4) by striking subsection (e). ‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO- the committees described under subparagraph (b) CONFORMING AMENDMENTS.—The Federal PRIATION.—The Board of Governors of the Fed- (A), with respect to the subject matter, scope, Credit Union Act (12 U.S.C. 1751 et seq.) is eral Reserve System and the Federal reserve and goals of the process. amended— banks shall collect assessments and other fees, ‘‘(2) PUBLIC REPORTS ON PROCESS.—After the (1) in section 120(j), by striking paragraph (3); as provided under this Act, that are designed to end of any process described under paragraph (1), the Board of Governors shall issue a public (2) by amending section 128 to read as follows: recover the costs to the Government of the an- nual appropriation to the Board of Governors of report on the topics that were discussed during ‘‘SEC. 128. NATIONAL CREDIT UNION SHARE IN- the Federal Reserve System by Congress. The the process and any new or revised rulemakings SURANCE FUND EXEMPT FROM AP- Board of Governors of the Federal Reserve Sys- or policy changes that the Board of Governors PORTIONMENT. tem and the Federal reserve banks may only believes should be implemented as a result of the ‘‘Notwithstanding any other provision of law, incur obligations or allow and pay expenses process and make the report available on the amounts received pursuant to any assessments with respect to non-monetary policy related ad- website of the Board of Governors. or other fees that are deposited into the Na- ministrative costs pursuant to an appropriations ‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— tional Credit Union Share Insurance Fund or Act. At least 90 calendar days before any member or the Temporary Corporate Credit Union Sta- ‘‘(2) OFFSETTING COLLECTIONS.—Assessments employee of the Board of Governors of the Fed- bilization Fund shall not be subject to appor- and other fees described under paragraph (1) for eral Reserve System participates in a process of tionment for the purposes of chapter 15 of title any fiscal year— setting financial standards as a part of any for- 31, United States Code, or under any other au- ‘‘(A) shall be deposited and credited as offset- eign or multinational entity, the Board of Gov- thority.’’; and ting collections to the account providing appro- ernors shall— (3) in section 203(a), by striking ‘‘and for such priations to the Board of Governors of the Fed- ‘‘(A) issue a notice of agreement to the Com- administrative and other expenses incurred in eral Reserve System; and mittee on Financial Services of the House of carrying out the purposes of this title’’. ‘‘(B) shall not be collected for any fiscal year Representatives and the Committee on Banking, (c) EFFECTIVE DATE.—The amendments made except to the extent provided in advance in ap- Housing, and Urban Affairs of the Senate; by this section shall apply with respect to ex- propriation Acts. ‘‘(B) make such notice available to the public, penses paid and fees collected on or after Octo- ‘‘(3) LIMITATION.—This subsection shall only including on the website of the Board of Gov- ber 1, 2017. apply to the non-monetary policy related ad- ernors; and

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00043 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4748 CONGRESSIONAL RECORD — HOUSE June 8, 2017 ‘‘(C) consult with the committees described ‘‘(B) make such notice available to the public, ‘‘(3) consult with the committees described under subparagraph (A) with respect to the na- including on the website of the Department of under paragraph (1) with respect to the nature ture of the agreement and any anticipated ef- the Treasury; and of the agreement and any anticipated effects fects such agreement will have on the economy. ‘‘(C) solicit public comment, and consult with such agreement will have on the economy. ‘‘(4) DEFINITION.—For purposes of this sub- the committees described under subparagraph ‘‘(d) DEFINITION.—For purposes of this sec- section, the term ‘process’ shall include any offi- (A), with respect to the subject matter, scope, tion, the term ‘process’ shall include any official cial proceeding or meeting on financial regula- and goals of the process. proceeding or meeting on financial regulation of tion of a recognized international organization ‘‘(2) PUBLIC REPORTS ON PROCESS.—After the a recognized international organization with with authority to set financial standards on a end of any process described under paragraph authority to set financial standards on a global global or regional level, including the Financial (1), the Secretary shall issue a public report on or regional level, including the Financial Sta- Stability Board, the Basel Committee on Bank- the topics that were discussed at the process and bility Board, the Basel Committee on Banking ing Supervision (or a similar organization), and any new or revised rulemakings or policy Supervision (or a similar organization), and the the International Association of Insurance Su- changes that the Secretary believes should be International Association of Insurance Super- pervisors (or a similar organization).’’. implemented as a result of the process and make visors (or a similar organization).’’; and (b) FDIC REQUIREMENTS.—The Federal De- the report available on the website of the De- (2) in the table of contents for such chapter, posit Insurance Act (12 U.S.C. 1811 et seq.) is partment of the Treasury. by adding at the end the following new item: ‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— amended by adding at the end the following ‘‘5156B. International processes.’’. At least 90 calendar days before the Secretary new section: (e) SECURITIES AND EXCHANGE COMMISSION participates in a process of setting financial ‘‘SEC. 51. INTERNATIONAL PROCESSES. REQUIREMENTS.—Section 4 of the Securities Ex- standards as a part of any foreign or multi- ‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At change Act of 1934 (15 U.S.C. 78d), as amended national entity, the Secretary shall— least 30 calendar days before the Board of Di- by section 818(a), is further amended by adding ‘‘(A) issue a notice of agreement to the Com- rectors participates in a process of setting finan- at the end the following new subsection: mittee on Financial Services of the House of cial standards as a part of any foreign or multi- ‘‘(k) INTERNATIONAL PROCESSES.— Representatives and the Committee on Banking, national entity, the Board of Directors shall— ‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At Housing, and Urban Affairs of the Senate; ‘‘(1) issue a notice of the process, including least 30 calendar days before the Commission the subject matter, scope, and goals of the proc- ‘‘(B) make such notice available to the public, including on the website of the Department of participates in a process of setting financial ess, to the Committee on Financial Services of standards as a part of any foreign or multi- the House of Representatives and the Committee the Treasury; and ‘‘(C) consult with the committees described national entity, the Commission shall— on Banking, Housing, and Urban Affairs of the ‘‘(A) issue a notice of the process, including Senate; under subparagraph (A) with respect to the na- ture of the agreement and any anticipated ef- the subject matter, scope, and goals of the proc- ‘‘(2) make such notice available to the public, ess, to the Committee on Financial Services of including on the website of the Corporation; fects such agreement will have on the economy. ‘‘(4) DEFINITION.—For purposes of this sub- the House of Representatives and the Committee and on Banking, Housing, and Urban Affairs of the ‘‘(3) solicit public comment, and consult with section, the term ‘process’ shall include any offi- Senate; the committees described under paragraph (1), cial proceeding or meeting on financial regula- ‘‘(B) make such notice available to the public, with respect to the subject matter, scope, and tion of a recognized international organization including on the website of the Commission; and goals of the process. with authority to set financial standards on a ‘‘(C) solicit public comment, and consult with ‘‘(b) PUBLIC REPORTS ON PROCESS.—After the global or regional level, including the Financial the committees described under subparagraph end of any process described under subsection Stability Board, the Basel Committee on Bank- (A), with respect to the subject matter, scope, (a), the Board of Directors shall issue a public ing Supervision (or a similar organization), and and goals of the process. report on the topics that were discussed at the the International Association of Insurance Su- ‘‘(2) PUBLIC REPORTS ON PROCESS.—After the process and any new or revised rulemakings or pervisors (or a similar organization).’’. end of any process described under paragraph policy changes that the Board of Directors be- (d) OCC REQUIREMENTS.—Chapter one of title (1), the Commission shall issue a public report lieves should be implemented as a result of the LXII of the Revised Statutes of the United on the topics that were discussed at the process process and make the report available on the States (12 U.S.C. 21 et seq.) is amended— and any new or revised rulemakings or policy website of the Corporation. (1) by adding at the end the following new changes that the Commission believes should be ‘‘(c) NOTICE OF AGREEMENTS; CONSULTA- section: implemented as a result of the process and make TION.—At least 90 calendar days before the ‘‘SEC. 5156B. INTERNATIONAL PROCESSES. the report available on the website of the Com- Board of Directors participates in a process of ‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At setting financial standards as a part of any for- least 30 calendar days before the Comptroller of mission. OTICE OF AGREEMENTS; CONSULTATION.— eign or multinational entity, the Board of Direc- the Currency participates in a process of setting ‘‘(3) N At least 90 calendar days before the Commission tors shall— financial standards as a part of any foreign or ‘‘(1) issue a notice of agreement to the Com- multinational entity, the Comptroller of the participates in a process of setting financial mittee on Financial Services of the House of Currency shall— standards as a part of any foreign or multi- Representatives and the Committee on Banking, ‘‘(1) issue a notice of the process, including national entity, the Commission shall— Housing, and Urban Affairs of the Senate; the subject matter, scope, and goals of the proc- ‘‘(A) issue a notice of agreement to the Com- ‘‘(2) make such notice available to the public, ess, to the Committee on Financial Services of mittee on Financial Services of the House of including on the website of the Corporation; the House of Representatives and the Committee Representatives and the Committee on Banking, and on Banking, Housing, and Urban Affairs of the Housing, and Urban Affairs of the Senate; ‘‘(3) consult with the committees described Senate; ‘‘(B) make such notice available to the public, under paragraph (1) with respect to the nature ‘‘(2) make such notice available to the public, including on the website of the Commission; and of the agreement and any anticipated effects including on the website of the Office of the ‘‘(C) consult with the committees described such agreement will have on the economy. Comptroller of the Currency; and under subparagraph (A) with respect to the na- ‘‘(d) DEFINITION.—For purposes of this sec- ‘‘(3) solicit public comment, and consult with ture of the agreement and any anticipated ef- tion, the term ‘process’ shall include any official the committees described under paragraph (1), fects such agreement will have on the economy. proceeding or meeting on financial regulation of with respect to the subject matter, scope, and ‘‘(4) DEFINITION.—For purposes of this sub- a recognized international organization with goals of the process. section, the term ‘process’ shall include any offi- authority to set financial standards on a global ‘‘(b) PUBLIC REPORTS ON PROCESS.—After the cial proceeding or meeting on financial regula- or regional level, including the Financial Sta- end of any process described under subsection tion of a recognized international organization bility Board, the Basel Committee on Banking (a), the Comptroller of the Currency shall issue with authority to set financial standards on a Supervision (or a similar organization), and the a public report on the topics that were discussed global or regional level, including the Financial International Association of Insurance Super- at the process and any new or revised Stability Board, the Basel Committee on Bank- visors (or a similar organization).’’. rulemakings or policy changes that the Comp- ing Supervision (or a similar organization), and (c) TREASURY REQUIREMENTS.—Section 325 of troller of the Currency believes should be imple- the International Association of Insurance Su- title 31, United States Code, is amended by add- mented as a result of the process. pervisors (or a similar organization).’’. ing at the end the following new subsection: ‘‘(c) NOTICE OF AGREEMENTS; CONSULTA- (f) COMMODITY FUTURES TRADING COMMIS- ‘‘(d) INTERNATIONAL PROCESSES.— TION.—At least 90 calendar days before the SION REQUIREMENTS.—Section 2 of the Com- ‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At Comptroller of the Currency participates in a modity Exchange Act (7 U.S.C. 2) is amended by least 30 calendar days before the Secretary par- process of setting financial standards as a part adding at the end the following: ticipates in a process of setting financial stand- of any foreign or multinational entity, the ‘‘(k) INTERNATIONAL PROCESSES.— ards as a part of any foreign or multinational Comptroller of the Currency shall— ‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At entity, the Secretary shall— ‘‘(1) issue a notice of agreement to the Com- least 30 calendar days before the Commission ‘‘(A) issue a notice of the process, including mittee on Financial Services of the House of participates in a process of setting financial the subject matter, scope, and goals of the proc- Representatives and the Committee on Banking, standards as a part of any foreign or multi- ess, to the Committee on Financial Services of Housing, and Urban Affairs of the Senate; national entity, the Commission shall— the House of Representatives and the Committee ‘‘(2) make such notice available to the public, ‘‘(A) issue a notice of the process, including on Banking, Housing, and Urban Affairs of the including on the website of the Office of the the subject matter, scope, and goals of the proc- Senate; Comptroller of the Currency; and ess, to—

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‘‘(i) the Committee on Agriculture of the (b) STATEMENTS TO ACCOMPANY SIGNIFICANT other factors that may differentiate varying House of Representatives; and REGULATORY ACTIONS.— points of view should be considered. ‘‘(ii) the Committee on Agriculture, Nutrition, (1) IN GENERAL.—Unless otherwise expressly (C) Agencies should estimate benefits and and Forestry of the Senate; prohibited by law, before promulgating any gen- costs to assist with these consultations. The ‘‘(B) make such notice available to the public, eral notice of proposed rulemaking or any final scope of the consultation should reflect the cost including on the website of the Commission; and rule, or within six months after promulgating and significance of the Federal mandate being ‘‘(C) solicit public comment, and consult with any final rule that was not preceded by a gen- considered. the committees described under subparagraph eral notice of proposed rulemaking, if the pro- (D) Agencies shall, to the extent practicable— (A), with respect to the subject matter, scope, posed rulemaking or final rule includes a Fed- (i) seek out the views of State, local, and Trib- and goals of the process. eral mandate that may result in an annual ef- al governments, and impacted parties within the ‘‘(2) PUBLIC REPORTS ON PROCESS.—After the fect on State, local, or Tribal governments, or to private sector (including small businesses), on end of any process described under paragraph the private sector, in the aggregate of costs, benefits, and risks; and (ii) solicit ideas about alternative methods of (1), the Commission shall issue a public report $100,000,000 or more in any 1 year, the agency compliance and potential flexibilities, and input on the topics that were discussed during the shall prepare a written statement containing the on whether the Federal regulation will har- process and any new or revised rulemakings or following: policy changes that the Commission believes (A) The text of the draft proposed rulemaking monize with and not duplicate similar laws in other levels of government. should be implemented as a result of the process or final rule, together with the information re- (E) Consultations shall address the cumu- and make the report available on the website of quired under subsections (a) and (b)(1) of sec- lative impact of regulations on the affected enti- the Commission. tion 312, as applicable, including an explanation ties. ‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— of the manner in which the proposed rule- (F) Agencies may accept electronic submis- At least 90 calendar days before the Commission making or final rule is consistent with the statu- sions of comments by relevant parties but may participates in a process of setting financial tory requirement and avoids undue interference not use those comments as the sole method of standards as a part of any foreign or multi- with State, local, and Tribal governments in the satisfying the guidelines in this subsection. national entity, the Commission shall— exercise of their governmental functions. (d) OFFICE OF INFORMATION AND REGULATORY ‘‘(A) issue a notice of agreement to— (B) Estimates by the agency, if and to the ex- AFFAIRS RESPONSIBILITIES.— ‘‘(i) the Committee on Agriculture of the tent that the agency determines that accurate (1) IN GENERAL.—The Administrator of the Of- House of Representatives; and estimates are reasonably feasible, of— fice of Information and Regulatory Affairs shall ‘‘(ii) the Committee on Agriculture, Nutrition, (i) the future compliance costs of the Federal provide meaningful guidance and oversight so and Forestry of the Senate; mandate; and that each agency’s regulations for which a writ- ‘‘(B) make such notice available to the public, (ii) any disproportionate budgetary effects of ten statement is required under subsection (b) including on the website of the Commission; and the Federal mandate upon any particular re- and section 202 of the Unfunded Mandates Re- ‘‘(C) consult with the committees described gions of the nation or particular State, local, or form Act of 1995 (2 U.S.C. 1532) are consistent under subparagraph (A) with respect to the na- Tribal governments, urban or rural or other with the principles and requirements of this ture of the agreement and any anticipated ef- types of communities, or particular segments of title, as well as other applicable laws, and do fects such agreement will have on the economy. the private sector. not conflict with the policies or actions of an- ‘‘(4) DEFINITION.—For purposes of this sub- (C)(i) A detailed description of the extent of other Federal agency (as the term ‘‘agency’’ is section, the term ‘process’ shall include any offi- the agency’s prior consultation with the private defined under section 551 of title 5, United cial proceeding or meeting on financial regula- sector and elected representatives (under sub- States Code). If the Administrator determines tion of a recognized international organization section (c) and section 204 of the Unfunded that an agency’s regulations for which a writ- with authority to set financial standards on a Mandates Reform Act of 1995 (2 U.S.C. 1534) of ten statement is required under subsection (b) global or regional level, including the Financial the affected State, local, and tribal govern- and section 202 of the Unfunded Mandates Re- Stability Board, the Basel Committee on Bank- ments. form Act of 1995 do not comply with such prin- ing Supervision (or a similar organization), and (ii) A detailed summary of the comments and ciples and requirements, are not consistent with the International Association of Insurance Su- concerns that were presented by the private sec- other applicable laws, or conflict with the poli- pervisors (or a similar organization).’’. tor and State, local, or Tribal governments ei- cies or actions of another Federal agency (as the Subtitle G—Unfunded Mandates Reform ther orally or in writing to the agency. term ‘‘agency’’ is defined under section 551 of (iii) A detailed summary of the agency’s eval- title 5, United States Code), the Administrator SEC. 381. DEFINITIONS. uation of those comments and concerns. For purposes of this subtitle: shall identify areas of noncompliance, notify (D) A detailed summary of how the agency the agency, and request that the agency comply (1) AGENCY.—The term ‘‘agency’’ has the complied with section 312, as applicable. before the agency finalizes the regulation con- meaning given such term under section 311. (2) PREVENTION OF DUPLICATIVE REQUIRE- (2) DIRECT COSTS.—The term ‘‘direct costs’’ cerned. MENTS.—If an agency is required to prepare a (2) ANNUAL STATEMENTS TO CONGRESS ON has the meaning given such term under section written statement under both paragraph (1) and AGENCY COMPLIANCE.—The Administrator of the 421(3) of the Congressional Budget and Im- section 202(a) of the Unfunded Mandates Re- Office of Information and Regulatory Affairs poundment Control Act of 1974 (2 U.S.C. 658(3)), form Act of 1995 (2 U.S.C. 1532(a)), the agency shall submit to the Director of the Office of except that— shall prepare only one written statement that Management and Budget for inclusion in the (A) in the case of a Federal intergovernmental consolidates and meets the requirements of such annual report required by section 208 of the Un- mandate, the term means the aggregate esti- paragraph and such section. funded Mandates Reform Act of 1995 (2 U.S.C. mated amounts that all State, local, and Tribal (c) STATE, LOCAL, AND TRIBAL GOVERNMENT 1538) a written report detailing compliance by governments would incur or be required to AND PRIVATE SECTOR INPUT.— each agency with the requirements of this title spend or would be prohibited from raising in (1) IN GENERAL.—Each agency shall, to the ex- that relate to regulations for which a written revenues in order to comply with the Federal tent permitted in law, develop an effective proc- statement is required by subsection (b) and sec- intergovernmental mandate; and ess to permit impacted parties within the private tion 202 of the Unfunded Mandates Reform Act (B) in the case of a Federal private sector sector (including small businesses) to provide mandate, the term means the aggregate esti- of 1995 (2 U.S.C. 1532), including activities un- meaningful and timely input in the development dertaken at the request of the Administrator to mated amounts that the private sector will be re- of regulatory proposals containing significant quired to spend or could forgo in profits, includ- improve compliance, during the preceding re- Federal mandates. porting period. The report shall also contain an ing costs passed on to consumers or other enti- (2) PREVENTION OF DUPLICATIVE PROCESSES.— ties taking into account, to the extent prac- appendix detailing compliance by each agency If an agency is required to develop a process with subsection (c) and section 204 of the Un- ticable, behavioral changes, in order to comply under both paragraph (1) and section 204(a) of with the Federal private sector mandate. funded Mandates Reform Act. the Unfunded Mandates Reform Act of 1995 (2 (e) EXPANDED JUDICIAL REVIEW.— (3) OTHER DEFINITIONS.—Except as provided U.S.C. 1534(a)), the agency shall develop only (1) AGENCY STATEMENTS ON SIGNIFICANT REGU- under paragraphs (1) and (2), the definitions one process that consolidates and meets the re- LATORY ACTIONS.— under section 421 of the Congressional Budget quirements of such paragraph and such section. (A) IN GENERAL.—Compliance or noncompli- and Impoundment Control Act of 1974 shall (3) GUIDELINES.—For appropriate implementa- ance by any agency with the provisions of sub- apply to this subtitle. tion of this subsection and of section 204 of the section (b) and sections 202, 203(a)(1) and (2), SEC. 382. APPLICATION OF THE UNFUNDED MAN- Unfunded Mandates Reform Act, consistent and 205 of the Unfunded Mandates Reform Act DATES REFORM ACT. with applicable laws and regulations, the fol- of 1995 shall be subject to judicial review in ac- (a) IN GENERAL.—The Unfunded Mandates lowing guidelines shall be followed: — cordance with this subsection. Reform Act of 1995 (2 U.S.C. 1501 et seq.) shall (A) Consultations shall take place as early as (B) LIMITED REVIEW OF AGENCY COMPLIANCE apply to the Board of Governors of the Federal possible, before issuance of a notice of proposed OR NONCOMPLIANCE.— Reserve System, the Consumer Law Enforcement rulemaking, continue through the final rule (i) SCOPE OF REVIEW UNDER TITLE 5.—Agency Agency, the Commodity Futures Trading Com- stage, and be integrated explicitly into the rule- compliance or noncompliance with the provi- mission, the Federal Deposit Insurance Corpora- making process. sions of subsection (b) and sections 202, 203(a)(1) tion, the Federal Housing Finance Agency, the (B) Agencies shall consult with a wide variety and (2), and 205 of the Unfunded Mandates Re- Office of the Comptroller of the Currency, the of State, local, and Tribal officials and impacted form Act of 1995 shall be subject to judicial re- National Credit Union Administration, and the parties within the private sector (including view under section 706(1) of title 5, United Securities and Exchange Commission. small businesses). Geographic, political, and States Code, and as provided under clause (ii).

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(ii) COURT MAY COMPEL PREPARATION OF Subtitle I—Penalties for Unauthorized TITLE IV—UNLEASHING OPPORTUNITIES WRITTEN STATEMENT.—If an agency fails to pre- Disclosures FOR SMALL BUSINESSES, INNOVATORS, pare the written statement (including the prepa- SEC. 392. CRIMINAL PENALTY FOR UNAUTHOR- AND JOB CREATORS BY FACILITATING ration of the estimates, analyses, statements, or IZED DISCLOSURES. CAPITAL FORMATION descriptions) under subsection (b) and section Section 165 of the Financial Stability Act of Subtitle A—Small Business Mergers, Acquisi- 202 of the Unfunded Mandates Reform Act, pre- 2010 (12 U.S.C. 5365), as amended by section tions, Sales, and Brokerage Simplification pare a written plan under paragraphs (1) and 151(b)(6)(M), is further amended by adding at SEC. 401. REGISTRATION EXEMPTION FOR MERG- (2) of section 203 of the Unfunded Mandates Re- the end the following: ER AND ACQUISITION BROKERS. form Act, or comply with section 205 of the Un- ‘‘(m) CRIMINAL PENALTY FOR UNAUTHORIZED Section 15(b) of the Securities Exchange Act of funded Mandates Reform Act, a court may com- DISCLOSURES.— 1934 (15 U.S.C. 78o(b)) is amended by adding at pel the agency to prepare such written state- ‘‘(1) IN GENERAL.—Any officer or employee of the end the following: ment, prepare such written plan, or comply with a Federal department or agency, who by virtue ‘‘(13) REGISTRATION EXEMPTION FOR MERGER such section. of such officer or employee’s employment or offi- AND ACQUISITION BROKERS.— (C) REVIEW OF AGENCY RULES.—In any judi- cial position, has possession of, or access to, ‘‘(A) IN GENERAL.—Except as provided in sub- cial review under any other Federal law of an agency records which contain individually iden- paragraph (B), an M&A broker shall be exempt agency rule for which compliance with this sub- tifiable information submitted pursuant to the from registration under this section. title is required, the inadequacy or failure to requirements of this section, the disclosure of ‘‘(B) EXCLUDED ACTIVITIES.—An M&A broker prepare required material, or to comply with which is prohibited by Federal statute, rule, or is not exempt from registration under this para- provisions of subsection (b) and sections 202, regulation, and who knowing that disclosure of graph if such broker does any of the following: 203(a)(1) and (2), and 205 of the Unfunded Man- the specific material is so prohibited, willfully ‘‘(i) Directly or indirectly, in connection with dates Reform Act of 1995 may be used as a basis discloses the material in any manner to any per- the transfer of ownership of an eligible privately for staying, enjoining, invalidating or otherwise son or agency not entitled to receive it, shall be held company, receives, holds, transmits, or has affecting such agency rule. guilty of a misdemeanor and fined not more custody of the funds or securities to be ex- (D) CERTAIN INFORMATION AS PART OF than $5,000. changed by the parties to the transaction. RECORD.—Any information generated under ‘‘(2) OBTAINING RECORDS UNDER FALSE PRE- ‘‘(ii) Engages on behalf of an issuer in a pub- subsection (b) and sections 202, 203(a)(1) and TENSES.—Any person who knowingly and will- lic offering of any class of securities that is reg- (2), and 205 of the Unfunded Mandates Reform fully requests or obtains information described istered, or is required to be registered, with the Act of 1995 that is part of the rulemaking record under paragraph (1) from a Federal department Commission under section 12 or with respect to for judicial review under the provisions of any or agency under false pretenses shall be guilty which the issuer files, or is required to file, peri- other Federal law may be considered as part of of a misdemeanor and fined not more than odic information, documents, and reports under the record for judicial review conducted under $5,000. subsection (d). such other provisions of Federal law. ‘‘(3) TREATMENT OF DETERMINATIONS.—For ‘‘(iii) Engages on behalf of any party in a (E) APPLICATION OF OTHER FEDERAL LAW.— purposes of this subsection, a determination transaction involving a public shell company. For any petition under subparagraph (B) the made under subsection (d) or (i) based on indi- ‘‘(C) DISQUALIFICATIONS.—An M&A broker is provisions of such other Federal law shall con- vidually identifiable information submitted pur- not exempt from registration under this para- trol all other matters, such as exhaustion of ad- suant to the requirements of this section shall be graph if such broker is subject to— ministrative remedies, the time for and manner deemed individually identifiable information, ‘‘(i) suspension or revocation of registration of seeking review and venue, except that if such the disclosure of which is prohibited by Federal under paragraph (4); other Federal law does not provide a limitation statute.’’. ‘‘(ii) a statutory disqualification described in on the time for filing a petition for judicial re- Subtitle J—Stop Settlement Slush Funds section 3(a)(39); ‘‘(iii) a disqualification under the rules adopt- view that is less than 180 days, such limitation SEC. 393. LIMITATION ON DONATIONS MADE PUR- ed by the Commission under section 926 of the shall be 180 days after a final rule is promul- SUANT TO SETTLEMENT AGREE- Investor Protection and Securities Reform Act of gated by the appropriate agency. MENTS TO WHICH CERTAIN DEPART- 2010 (15 U.S.C. 77d note); or (F) EFFECTIVE DATE.—This paragraph shall MENTS OR AGENCIES ARE A PARTY. ‘‘(iv) a final order described in paragraph apply to any agency rule for which a general (a) LIMITATION ON REQUIRED DONATIONS.—No (4)(H). notice of proposed rulemaking is promulgated on settlement to which a department or agency is a ‘‘(D) RULE OF CONSTRUCTION.—Nothing in this or after the date of the enactment of this Act. party may direct or provide for a payment to any person who is not a victim of the alleged paragraph shall be construed to limit any other (2) JUDICIAL REVIEW AND RULE OF CONSTRUC- authority of the Commission to exempt any per- TION.—Except as provided in paragraph (1)— wrongdoing. (b) PENALTY.—Any Executive branch official son, or any class of persons, from any provision (A) any estimate, analysis, statement, descrip- or agent thereof who enters into or enforces a of this title, or from any provision of any rule tion, or report prepared under this subtitle, any settlement in violation of subsection (a), shall be or regulation thereunder. compliance or noncompliance with the provi- subject to the same penalties that would apply ‘‘(E) DEFINITIONS.—In this paragraph: sions of this subtitle, and any determination in the case of a violation of section 3302 of title ‘‘(i) CONTROL.—The term ‘control’ means the concerning the applicability of the provisions of 31, United States Code. power, directly or indirectly, to direct the man- this subtitle shall not be subject to judicial re- (c) EFFECTIVE DATE.—Subsections (a) and (b) agement or policies of a company, whether view; and apply only in the case of a settlement agreement through ownership of securities, by contract, or (B) no provision of this subtitle shall be con- concluded on or after the date of enactment of otherwise. There is a presumption of control for strued to create any right or benefit, substantive this Act. any person who— or procedural, enforceable by any person in any (d) DEFINITIONS.— ‘‘(I) is a director, general partner, member or administrative or judicial action. (1) The term ‘‘department or agency’’— manager of a limited liability company, or offi- Subtitle H—Enforcement Coordination (A) has the meaning given the term ‘‘agency’’ cer exercising executive responsibility (or has under section 311; and similar status or functions); SEC. 391. POLICIES TO MINIMIZE DUPLICATION ‘‘(II) has the right to vote 20 percent or more OF ENFORCEMENT EFFORTS. (B) means the Department of Housing and Urban Development, the Department of Justice, of a class of voting securities or the power to sell (a) IN GENERAL.—Each agency (as defined and the Rural Housing Service of the Depart- or direct the sale of 20 percent or more of a class under section 311) shall, not later than the end ment of Agriculture. of voting securities; or of the 90-day period beginning on the date of (2) The term ‘‘settlement agreement’’ means a ‘‘(III) in the case of a partnership or limited the enactment of this Act, implement policies settlement agreement resolving a civil action or liability company, has the right to receive upon and procedures— potential civil action, a plea agreement, a de- dissolution, or has contributed, 20 percent or (1) to minimize duplication of efforts with ferred prosecution agreement, or a non-prosecu- more of the capital. other Federal or State authorities when bringing tion agreement. ‘‘(ii) ELIGIBLE PRIVATELY HELD COMPANY.— an administrative or judicial action against an (3) The term ‘‘payment’’ means a payment or The term ‘eligible privately held company’ individual or entity; loan. means a privately held company that meets both (2) to establish when joint investigations, ad- (4) The term ‘‘payment to any person who is of the following conditions: ministrative actions, or judicial actions or the not a victim’’ means any payment other than a ‘‘(I) The company does not have any class of coordination of law enforcement activities are payment— securities registered, or required to be registered, necessary and appropriate and in the public in- (A) to a person who is party to the lawsuit or with the Commission under section 12 or with terest; and settlement; respect to which the company files, or is re- (3) to, in the course of a joint investigation, (B) that provides restitution for or otherwise quired to file, periodic information, documents, administrative action, or judicial action, estab- directly remedies actual harm (including to the and reports under subsection (d). lish a lead agency to avoid duplication of efforts environment) directly and proximately caused ‘‘(II) In the fiscal year ending immediately be- and unnecessary burdens and to ensure con- by the party making the payment as a result of fore the fiscal year in which the services of the sistent enforcement, as necessary and appro- that party’s alleged wrongdoing; M&A broker are initially engaged with respect priate and in the public interest. (C) that constitutes payment for services ren- to the securities transaction, the company meets (b) RULE OF CONSTRUCTION.—Nothing in this dered in connection with the case; or either or both of the following conditions (deter- section may be construed to preempt State law (D) made pursuant to section 3663 of title 18, mined in accordance with the historical finan- or mandate coordination by a State authority. United States Code. cial accounting records of the company):

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00046 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4751 ‘‘(aa) The earnings of the company before in- change Commission shall revise section SEC. 413. REPORT TO CONGRESS. terest, taxes, depreciation, and amortization are 230.701(e) of title 17, Code of Federal Regula- Not later than one year after the date of en- less than $25,000,000. tions, so as to increase from $5,000,000 to actment of this Act, the Commission shall pro- ‘‘(bb) The gross revenues of the company are $20,000,000 the aggregate sales price or amount vide the Committee on Financial Services of the less than $250,000,000. of securities sold during any consecutive 12- House of Representatives and the Committee on ‘‘(iii) M&A BROKER.—The term ‘M&A broker’ month period in excess of which the issuer is re- Banking, Housing, and Urban Affairs of the means a broker, and any person associated with quired under such section to deliver an addi- Senate a report regarding— a broker, engaged in the business of effecting se- tional disclosure to investors. The Commission (1) the progress in implementing XBRL report- curities transactions solely in connection with shall index for inflation such aggregate sales ing within the Commission; the transfer of ownership of an eligible privately price or amount every 5 years to reflect the (2) the use of XBRL data by Commission offi- held company, regardless of whether the broker change in the Consumer Price Index for All cials; acts on behalf of a seller or buyer, through the Urban Consumers published by the Bureau of (3) the use of XBRL data by investors; purchase, sale, exchange, issuance, repurchase, Labor Statistics, rounding to the nearest (4) the results of the analysis required by sec- or redemption of, or a business combination in- $1,000,000. tion 412; and volving, securities or assets of the eligible pri- (5) any additional information the Commis- vately held company, if the broker reasonably Subtitle C—Small Company Disclosure Simplification sion considers relevant for increasing trans- believes that— parency, decreasing costs, and increasing effi- ‘‘(I) upon consummation of the transaction, SEC. 411. EXEMPTION FROM XBRL REQUIRE- ciency of regulatory filings with the Commis- any person acquiring securities or assets of the MENTS FOR EMERGING GROWTH sion. eligible privately held company, acting alone or COMPANIES AND OTHER SMALLER in concert, will control and, directly or indi- COMPANIES. SEC. 414. DEFINITIONS. (a) EXEMPTION FOR EMERGING GROWTH COM- rectly, will be active in the management of the As used in this subtitle, the terms ‘‘Commis- PANIES.—Emerging growth companies are ex- eligible privately held company or the business sion’’, ‘‘emerging growth company’’, ‘‘issuer’’, conducted with the assets of the eligible pri- empted from the requirements to use Extensible and ‘‘securities laws’’ have the meanings given vately held company; and Business Reporting Language (XBRL) for fi- such terms in section 3 of the Securities Ex- ‘‘(II) if any person is offered securities in ex- nancial statements and other periodic reporting change Act of 1934 (15 U.S.C. 78c). required to be filed with the Commission under change for securities or assets of the eligible pri- Subtitle D—Securities and Exchange the securities laws. Such companies may elect to vately held company, such person will, prior to Commission Overpayment Credit becoming legally bound to consummate the use XBRL for such reporting. (b) EXEMPTION FOR OTHER SMALLER COMPA- SEC. 416. REFUNDING OR CREDITING OVERPAY- transaction, receive or have reasonable access to MENT OF SECTION 31 FEES. the most recent fiscal year-end financial state- NIES.—Issuers with total annual gross revenues (a) IN GENERAL.—Section 31 of the Securities ments of the issuer of the securities as custom- of less than $250,000,000 are exempt from the re- quirements to use XBRL for financial state- Exchange Act of 1934 (15 U.S.C. 78ee) is amend- arily prepared by the management of the issuer ed by adding at the end the following: in the normal course of operations and, if the fi- ments and other periodic reporting required to be filed with the Commission under the securi- ‘‘(n) OVERPAYMENT.—If a national securities nancial statements of the issuer are audited, re- exchange or national securities association pays viewed, or compiled, any related statement by ties laws. Such issuers may elect to use XBRL for such reporting. An exemption under this to the Commission an amount in excess of fees the independent accountant, a balance sheet and assessments due under this section and in- dated not more than 120 days before the date of subsection shall continue in effect until— (1) the date that is five years after the date of forms the Commission of such amount paid in the offer, and information pertaining to the enactment of this Act; or excess within 10 years of the date of the pay- management, business, results of operations for (2) the date that is two years after a deter- ment, the Commission shall offset future fees the period covered by the foregoing financial mination by the Commission, by order after con- and assessments due by such exchange or asso- statements, and material loss contingencies of ducting the analysis required by section 3, that ciation in an amount equal to such excess the issuer. the benefits of such requirements to such issuers amount.’’. ‘‘(iv) PUBLIC SHELL COMPANY.—The term ‘pub- (b) APPLICABILITY.—The amendment made by lic shell company’ is a company that at the time outweigh the costs, but no earlier than three this section shall apply to any fees and assess- of a transaction with an eligible privately held years after enactment of this Act. (c) MODIFICATIONS TO REGULATIONS.—Not ments paid before, on, or after the date of enact- company— ‘‘(I) has any class of securities registered, or later than 60 days after the date of enactment of ment of this section. required to be registered, with the Commission this Act, the Commission shall revise its regula- Subtitle E—Fair Access to Investment under section 12 or that is required to file re- tions under parts 229, 230, 232, 239, 240, and 249 Research ports pursuant to subsection (d); of title 17, Code of Federal Regulations, to re- flect the exemptions set forth in subsections (a) SEC. 421. SAFE HARBOR FOR INVESTMENT FUND ‘‘(II) has no or nominal operations; and RESEARCH. and (b). ‘‘(III) has— (a) EXPANSION OF THE SAFE HARBOR.—Not ‘‘(aa) no or nominal assets; SEC. 412. ANALYSIS BY THE SEC. later than the end of the 45-day period begin- ‘‘(bb) assets consisting solely of cash and cash The Commission shall conduct an analysis of ning on the date of enactment of this Act, the equivalents; or the costs and benefits to issuers described in sec- ‘‘(cc) assets consisting of any amount of cash Securities and Exchange Commission shall pro- tion 411(b) of the requirements to use XBRL for pose, and not later than the end of the 120-day and cash equivalents and nominal other assets. financial statements and other periodic report- ‘‘(F) INFLATION ADJUSTMENT.— period beginning on such date, the Commission ing required to be filed with the Commission shall adopt, upon such terms, conditions, or re- ‘‘(i) IN GENERAL.—On the date that is 5 years under the securities laws. Such analysis shall after the date of the enactment of this para- quirements as the Commission may determine include an assessment of— necessary or appropriate in the public interest, graph, and every 5 years thereafter, each dollar (1) how such costs and benefits may differ for the protection of investors, and for the pro- amount in subparagraph (E)(ii)(II) shall be ad- from the costs and benefits identified by the motion of capital formation, revisions to section justed by— Commission in the order relating to interactive 230.139 of title 17, Code of Federal Regulations, ‘‘(I) dividing the annual value of the Employ- data to improve financial reporting (dated Janu- to provide that a covered investment fund re- ment Cost Index For Wages and Salaries, Pri- ary 30, 2009; 74 Fed. Reg. 6776) because of the search report that is published or distributed by vate Industry Workers (or any successor index), size of such issuers; as published by the Bureau of Labor Statistics, (2) the effects on efficiency, competition, cap- a broker or dealer— for the calendar year preceding the calendar ital formation, and financing and on analyst (1) shall be deemed, for purposes of sections year in which the adjustment is being made by coverage of such issuers (including any such ef- 2(a)(10) and 5(c) of the Securities Act of 1933 (15 the annual value of such index (or successor) fects resulting from use of XBRL by investors); U.S.C. 77b(a)(10), 77e(c)), not to constitute an for the calendar year ending December 31, 2012; (3) the costs to such issuers of— offer for sale or an offer to sell a security that and (A) submitting data to the Commission in is the subject of an offering pursuant to a reg- ‘‘(II) multiplying such dollar amount by the XBRL; istration statement that is effective, even if the quotient obtained under subclause (I). (B) posting data on the website of the issuer broker or dealer is participating or will partici- ‘‘(ii) ROUNDING.—Each dollar amount deter- in XBRL; pate in the registered offering of the covered in- mined under clause (i) shall be rounded to the (C) software necessary to prepare, submit, or vestment fund’s securities; and nearest multiple of $100,000.’’. post data in XBRL; and (2) shall be deemed to satisfy the conditions of SEC. 402. EFFECTIVE DATE. (D) any additional consulting services or fil- subsection (a)(1) or (a)(2) of section 230.139 of This subtitle and any amendment made by ing agent services; title 17, Code of Federal Regulations, or any this subtitle shall take effect on the date that is (4) the benefits to the Commission in terms of successor provisions, for purposes of the Com- 90 days after the date of the enactment of this improved ability to monitor securities markets, mission’s rules and regulations under the Fed- Act. assess the potential outcomes of regulatory al- eral securities laws and the rules of any self- Subtitle B—Encouraging Employee Ownership ternatives, and enhance investor participation regulatory organization. SEC. 406. INCREASED THRESHOLD FOR DISCLO- in corporate governance and promote capital (b) IMPLEMENTATION OF SAFE HARBOR.—In SURES RELATING TO COMPEN- formation; and implementing the safe harbor pursuant to sub- SATORY BENEFIT PLANS. (5) the effectiveness of standards in the section (a), the Commission shall— Not later than 60 days after the date of the United States for interactive filing data relative (1) not, in the case of a covered investment enactment of this Act, the Securities and Ex- to the standards of international counterparts. fund with a class of securities in substantially

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00047 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4752 CONGRESSIONAL RECORD — HOUSE June 8, 2017 continuous distribution, condition the safe har- subject of such report satisfies the reporting his- Subtitle G—Enhancing the RAISE Act bor on whether the broker’s or dealer’s publica- tory requirements (without regard to Form S–3 SEC. 431. CERTAIN ACCREDITED INVESTOR tion or distribution of a covered investment fund or Form F–3 eligibility) and minimum float pro- TRANSACTIONS. research report constitutes such broker’s or visions of such subsections for purposes of the Section 4 of the Securities Act of 1933 (15 dealer’s initiation or reinitiation of research Commission’s rules and regulations under the U.S.C. 77d) is amended— coverage on such covered investment fund or its Federal securities laws and the rules of any self- (1) by amending subsection (d) to read as fol- securities; regulatory organization, as if revised and imple- lows: (2) not— mented in accordance with subsections (a) and ‘‘(d)(1) The transactions referred to in sub- (A) require the covered investment fund to (b). section (a)(7) are transactions where— have been registered as an investment company (2) STATUS OF COVERED INVESTMENT FUND.— ‘‘(A) each purchaser is an accredited investor, under the Investment Company Act of 1940 (15 After such period and until the Commission has as that term is defined in section 230.501(a) of U.S.C. 80a–1 et seq.) or subject to the reporting adopted revisions to section 230.139 and FINRA title 17, Code of Federal Regulations (or any requirements of section 13 or 15(d) of the Securi- has revised rule 2210, for purposes of subsection successor thereto); and ties Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)) (c)(7)(O) of such rule, a covered investment fund ‘‘(B) if any securities sold in reliance on sub- for any period exceeding the period of time ref- shall be deemed to be a security that is listed on section (a)(7) are offered by means of any gen- erenced under paragraph (a)(1)(i)(A)(1) of sec- a national securities exchange and that is not eral solicitation or general advertising, all such tion 230.139 of title 17, Code of Federal Regula- subject to section 24(b) of the Investment Com- sales are made through a platform available tions; or pany Act of 1940 (15 U.S.C. 80a–24(b)). Commu- only to accredited investors. (B) impose a minimum float provision exceed- nications concerning only covered investment ‘‘(2) Securities sold in reliance on subsection ing that referenced in paragraph funds that fall within the scope of such section (a)(7) shall be deemed to have been acquired in (a)(1)(i)(A)(1)(i) of section 230.139 of title 17, shall not be required to be filed with FINRA. a transaction not involving any public offering. Code of Federal Regulations; (e) DEFINITIONS.—For purposes of this section: ‘‘(3) The exemption provided by this sub- (3) provide that a self-regulatory organization (1) The term ‘‘covered investment fund re- section shall not be available for a transaction may not maintain or enforce any rule that search report’’ means a research report pub- where the seller is— would— ‘‘(A) an issuer, its subsidiaries or parent; (A) prohibit the ability of a member to publish lished or distributed by a broker or dealer about a covered investment fund or any securities ‘‘(B) an underwriter acting on behalf of the or distribute a covered investment fund research issuer, its subsidiaries or parent, which receives report solely because the member is also partici- issued by the covered investment fund, but not including a research report to the extent that it compensation from the issuer with respect to pating in a registered offering or other distribu- such sale; or tion of any securities of such covered investment is published or distributed by the covered invest- ment fund or any affiliate of the covered invest- ‘‘(C) a dealer. fund; or ‘‘(4) A transaction meeting the requirements of (B) prohibit the ability of a member to partici- ment fund. this subsection shall be deemed not to be a dis- pate in a registered offering or other distribution (2) The term ‘‘covered investment fund’’ tribution for purposes of section 2(a)(11).’’; and of securities of a covered investment fund solely means— (2) by striking subsection (e). because the member has published or distributed (A) an investment company registered under, a covered investment fund research report about or that has filed an election to be treated as a Subtitle H—Small Business Credit such covered investment fund or its securities; business development company under, the In- Availability and vestment Company Act of 1940 and that has SEC. 436. BUSINESS DEVELOPMENT COMPANY (4) provide that a covered investment fund re- filed a registration statement under the Securi- OWNERSHIP OF SECURITIES OF IN- search report shall not be subject to section 24(b) ties Act of 1933 for the public offering of a class VESTMENT ADVISERS AND CERTAIN of the Investment Company Act of 1940 (15 of its securities, which registration statement FINANCIAL COMPANIES. U.S.C. 80a–24(b)) or the rules and regulations has been declared effective by the Commission; (a) IN GENERAL.—Section 60 of the Investment thereunder, except that such report may still be and Company Act of 1940 (15 U.S.C. 80a–59) is subject to such section and the rules and regula- (B) a trust or other person— amended— tions thereunder to the extent that it is other- (i) issuing securities in an offering registered (1) by striking ‘‘Notwithstanding’’ and insert- wise not subject to the content standards in the under the Securities Act of 1933 and which class ing ‘‘(a) Notwithstanding’’; rules of any self-regulatory organization related of securities is listed for trading on a national (2) by striking ‘‘except that the Commission to research reports, including those contained in securities exchange; shall not’’ and inserting the following: ‘‘except that— the rules governing communications with the (ii) the assets of which consist primarily of ‘‘(1) section 12 shall not apply to the pur- public regarding investment companies or sub- commodities, currencies, or derivative instru- chasing, otherwise acquiring, or holding by a stantially similar standards. ments that reference commodities or currencies, business development company of any security (c) RULES OF CONSTRUCTION.—Nothing in this or interests in the foregoing; and issued by, or any other interest in the business Act shall be construed as in any way limiting— (iii) that provides in its registration statement (1) the applicability of the antifraud or of, any person who is an investment adviser reg- under the Securities Act of 1933 that a class of antimanipulation provisions of the Federal se- istered under title II of this Act, who is an in- its securities are purchased or redeemed, subject curities laws and rules adopted thereunder to a vestment adviser to an investment company, or to conditions or limitations, for a ratable share covered investment fund research report, includ- who is an eligible portfolio company; and of its assets. ing section 17 of the Securities Act of 1933 (15 ‘‘(2) the Commission shall not’’; (3) The term ‘‘FINRA’’ means the Financial U.S.C. 77q), section 34(b) of the Investment Com- (3) by adding at the end the following: Industry Regulatory Authority. pany Act of 1940 (15 U.S.C. 80a–33), and sections ‘‘(b) Nothing in this section shall prevent the 9 and 10 of the Securities Exchange Act of 1934 (4) The term ‘‘research report’’ has the mean- Commission from issuing rules to address poten- (15 U.S.C. 78i, 78j); or ing given that term under section 2(a)(3) of the tial conflicts of interest between business devel- (2) the authority of any self-regulatory orga- Securities Act of 1933 (15 U.S.C. 77b(a)(3)), ex- opment companies and investment advisers.’’. nization to examine or supervise a member’s cept that such term shall not include an oral (b) DEFINITION OF ELIGIBLE PORTFOLIO COM- practices in connection with such member’s pub- communication. PANY.—Section 2(a)(46)(B) of the Investment lication or distribution of a covered investment (5) The term ‘‘self-regulatory organization’’ Company Act of 1940 (15 U.S.C. 80a–2(a)(46)(B)) fund research report for compliance with appli- has the meaning given to that term under sec- is amended by inserting before the semicolon the cable provisions of the Federal securities laws or tion 3(a)(26) of the Securities Exchange Act of following: ‘‘(unless it is described in paragraph self-regulatory organization rules related to re- 1934 (15 U.S.C. 78c(a)(26)). (2), (3), (4), (5), (6), or (9) of such section)’’. search reports, including those contained in Subtitle F—Accelerating Access to Capital (c) INVESTMENT THRESHOLD.—Section 55(a) of rules governing communications with the public. the Investment Company Act of 1940 is amended SEC. 426. EXPANDED ELIGIBILITY FOR USE OF (d) INTERIM EFFECTIVENESS OF SAFE HAR- by inserting before the colon the following: ‘‘, FORM S–3. BOR.— provided that no more than 50 percent of its (1) IN GENERAL.—From and after the 120-day Not later than 45 days after the date of the total assets are assets described in section 3(c)’’. enactment of this Act, the Securities and Ex- period beginning on the date of enactment of SEC. 437. EXPANDING ACCESS TO CAPITAL FOR this Act, if the Commission has not adopted re- change Commission shall revise Form S–3— BUSINESS DEVELOPMENT COMPA- visions to section 230.139 of title 17, Code of Fed- (1) so as to permit securities to be registered NIES. eral Regulations, as required by subsection (a), pursuant to General Instruction I.B.1. of such (a) IN GENERAL.—Section 61(a) of the Invest- and until such time as the Commission has done form provided that either— ment Company Act of 1940 (15 U.S.C. 80a–60(a)) so, a broker or dealer distributing or publishing (A) the aggregate market value of the voting is amended— a covered investment fund research report after and non-voting common equity held by non-af- (1) by redesignating paragraphs (2) through such date shall be able to rely on the provisions filiates of the registrant is $75,000,000 or more; or (4) as paragraphs (3) through (5), respectively; of section 230.139 of title 17, Code of Federal (B) the registrant has at least one class of (2) by striking paragraph (1) and inserting the Regulations, and the broker or dealer’s publica- common equity securities listed and registered following: tion of such report shall be deemed to satisfy the on a national securities exchange; and ‘‘(1) Except as provided in paragraph (2), the conditions of subsection (a)(1) or (a)(2) of sec- (2) so as to remove the requirement of para- asset coverage requirements of subparagraphs tion 230.139 of title 17, Code of Federal Regula- graph (c) from General Instruction I.B.6. of (A) and (B) of section 18(a)(1) (and any related tions, if the covered investment fund that is the such form. rule promulgated under this Act) applicable to

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00048 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4753 business development companies shall be 200 ‘‘(i) Subparagraphs (C) and (D) of section (B) to provide an exception for a business de- percent. 18(a)(2). velopment company from the requirement that a ‘‘(2) The asset coverage requirements of sub- ‘‘(ii) Subparagraph (E) of section 18(a)(2), to Form N–2 registrant must furnish the under- paragraphs (A) and (B) of section 18(a)(1) and the extent such subparagraph requires any pri- takings required by item 34.4 of Form N–2. of subparagraphs (A) and (B) of section 18(a)(2) ority over any other class of stock as to distribu- (9) The Commission shall revise rule 497 under (and any related rule promulgated under this tion of assets upon liquidation. the Securities Act of 1933 (17 C.F.R. 230.497) to Act) applicable to a business development com- ‘‘(iii) With respect to a senior security which include a process for a business development pany shall be 150 percent if— is a stock, subsections (c) and (i) of section 18. company to file a form of prospectus that is par- ‘‘(A) within five business days of the approval ‘‘(B) Subparagraph (A) shall not apply with allel to the process for filing a form of pro- of the adoption of the asset coverage require- respect to preferred stock issued to a person who spectus under rule 424(b). ments described in clause (ii), the business de- is not known by the company to be a qualified (10) The Commission shall revise rules 172 and velopment company discloses such approval and institutional buyer (as defined in section 3(a) of 173 under the Securities Act of 1933 (17 C.F.R. the date of its effectiveness in a Form 8–K filed the Securities Exchange Act of 1934).’’. 230.172 and 230.173) to remove the exclusion of with the Commission and in a notice on its (b) CONFORMING AMENDMENTS.—The Invest- an offering of a business development company website and discloses in its periodic filings made ment Company Act of 1940 (15 U.S.C. 80a–1 et from those rules. under section 13 of the Securities and Exchange seq.) is amended— (11) The Commission shall revise rule 418 Act of 1934 (15 U.S.C. 78m)— (1) in section 57— under the Securities Act of 1933 (17 C.F.R. ‘‘(i) the aggregate value of the senior securi- (A) in subsection (j)(1), by striking ‘‘section 230.418) to provide that a business development ties issued by such company and the asset cov- 61(a)(3)(B)’’ and inserting ‘‘section 61(a)(4)(B)’’; company that would otherwise meet the eligi- erage percentage as of the date of such com- and bility requirements of General Instruction I.A of pany’s most recent financial statements; and (B) in subsection (n)(2), by striking ‘‘section Form S–3 shall be exempt from paragraph (a)(3) ‘‘(ii) that such company has adopted the asset 61(a)(3)(B)’’ and inserting ‘‘section 61(a)(4)(B)’’; of that rule. coverage requirements of this subparagraph and and (12) The Commission shall revise rule 14a–101 the effective date of such requirements; (2) in section 63(3), by striking ‘‘section under the Securities Exchange Act of 1934 (17 ‘‘(B) with respect to a business development 61(a)(3)’’ and inserting ‘‘section 61(a)(4)’’. C.F.R. 240.14a–101) to provide that a business company that issues equity securities that are SEC. 438. PARITY FOR BUSINESS DEVELOPMENT development company that would otherwise registered on a national securities exchange, the COMPANIES REGARDING OFFERING meet the requirements of General Instruction I.A periodic filings of the company under section AND PROXY RULES. of Form S–3 shall be deemed to meet the require- 13(a) of the Securities Exchange Act of 1934 (15 (a) REVISION TO RULES.—Not later than 1 year ments of Form S–3 for purposes of Schedule 14A. U.S.C. 78m) include disclosures reasonably de- after the date of enactment of this Act, the Se- (13) The Commission shall revise rule 103 signed to ensure that shareholders are informed curities and Exchange Commission shall revise under Regulation FD (17 C.F.R. 243.103) to pro- of— any rules to the extent necessary to allow a vide that paragraph (a) of that rule applies for ‘‘(i) the amount of indebtedness and asset cov- business development company that has filed an purposes of Form N–2. erage ratio of the company, determined as of the election pursuant to section 54 of the Investment (b) REVISION TO FORM N–2.—Not later than 1 date of the financial statements of the company Company Act of 1940 (15 U.S.C. 80a–53) to use year after the date of enactment of this Act, the dated on or most recently before the date of the securities offering and proxy rules that are Commission shall revise Form N–2— such filing; and available to other issuers that are required to (1) to include an item or instruction that is ‘‘(ii) the principal risk factors associated with file reports under section 13 or section 15(d) of such indebtedness, to the extent such risk is in- similar to item 12 on Form S–3 to provide that a the Securities Exchange Act of 1934 (15 U.S.C. business development company that would oth- curred by the company; and 78m; 78o(d)). Any action that the Commission ‘‘(C)(i) the application of this paragraph to erwise meet the requirements of Form S–3 shall takes pursuant to this subsection shall include incorporate by reference its reports and docu- the company is approved by the required major- the following: ity (as defined in section 57(o)) of the directors ments filed under the Securities Exchange Act of (1) The Commission shall revise rule 405 under 1934 into its registration statement filed on Form of or general partners of such company who are the Securities Act of 1933 (17 C.F.R. 230.405)— not interested persons of the business develop- N–2; and (A) to remove the exclusion of a business de- (2) to include an item or instruction that is ment company, which application shall become velopment company from the definition of a effective on the date that is 1 year after the date similar to the instruction regarding automatic well-known seasoned issuer provided by that shelf offerings by well-known seasoned issuers of the approval, and, with respect to a business rule; and development company that issues equity securi- on Form S–3 to provide that a business develop- (B) to add registration statements filed on ment company that is a well-known seasoned ties that are not registered on a national securi- Form N–2 to the definition of automatic shelf ties exchange, the company extends, to each issuer may file automatic shelf offerings on registration statement provided by that rule. Form N–2. person who is a shareholder as of the date of (2) The Commission shall revise rules 168 and (c) TREATMENT IF REVISIONS NOT COMPLETED the approval, an offer to repurchase the equity 169 under the Securities Act of 1933 (17 C.F.R. IN TIMELY MANNER.—If the Commission fails to securities held by such person as of such ap- 230.168 and 230.169) to remove the exclusion of a proval date, with 25 percent of such securities to complete the revisions required by subsections business development company from an issuer (a) and (b) by the time required by such sub- be repurchased in each of the four quarters fol- that can use the exemptions provided by those lowing such approval date; or sections, a business development company shall rules. be entitled to treat such revisions as having ‘‘(ii) the company obtains, at a special or an- (3) The Commission shall revise rules 163 and nual meeting of shareholders or partners at been completed in accordance with the actions 163A under the Securities Act of 1933 (17 C.F.R. required to be taken by the Commission by such which a quorum is present, the approval of more 230.163 and 230.163A) to remove a business devel- than 50 percent of the votes cast of the applica- subsections until such time as such revisions are opment company from the list of issuers that are completed by the Commission. tion of this paragraph to the company, which ineligible to use the exemptions provided by application shall become effective on the date (d) RULE OF CONSTRUCTION.—Any reference in those rules. this section to a rule or form means such rule or immediately after the date of the approval.’’; (4) The Commission shall revise rule 134 under form or any successor rule or form. (3) in paragraph (3) (as redesignated), by in- the Securities Act of 1933 (17 C.F.R. 230.134) to serting ‘‘or which is a stock’’ after ‘‘indebted- remove the exclusion of a business development Subtitle I—Fostering Innovation ness’’; company from that rule. SEC. 441. TEMPORARY EXEMPTION FOR LOW-REV- (4) in subparagraph (A) of paragraph (4) (as (5) The Commission shall revise rules 138 and ENUE ISSUERS. redesignated)— 139 under the Securities Act of 1933 (17 C.F.R. Section 404 of the Sarbanes-Oxley Act of 2002 (A) in the matter preceding clause (i), by 230.138 and 230.139) to specifically include a (15 U.S.C. 7262) is amended by adding at the end striking ‘‘voting’’; and (B) by amending clause (iii) to read as fol- business development company as an issuer to the following: lows: which those rules apply. ‘‘(d) TEMPORARY EXEMPTION FOR LOW-REV- ‘‘(iii) the exercise or conversion price at the (6) The Commission shall revise rule 164 under ENUE ISSUERS.— date of issuance of such warrants, options, or the Securities Act of 1933 (17 C.F.R. 230.164) to ‘‘(1) LOW-REVENUE EXEMPTION.—Subsection rights is not less than— remove a business development company from (b) shall not apply with respect to an audit re- ‘‘(I) the market value of the securities issuable the list of issuers that are excluded from that port prepared for an issuer that— upon the exercise of such warrants, options, or rule. ‘‘(A) ceased to be an emerging growth com- rights at the date of issuance of such warrants, (7) The Commission shall revise rule 433 under pany on the last day of the fiscal year of the options, or rights; or the Securities Act of 1933 (17 C.F.R. 230.433) to issuer following the fifth anniversary of the ‘‘(II) if no such market value exists, the net specifically include a business development com- date of the first sale of common equity securities asset value of the securities issuable upon the pany that is a well-known seasoned issuer as an of the issuer pursuant to an effective registra- exercise of such warrants, options, or rights at issuer to which that rule applies. tion statement under the Securities Act of 1933; the date of issuance of such warrants, options, (8) The Commission shall revise rule 415 under ‘‘(B) had average annual gross revenues of or rights; and’’; and the Securities Act of 1933 (17 C.F.R. 230.415)— less than $50,000,000 as of its most recently com- (5) by adding at the end the following: (A) to state that the registration for securities pleted fiscal year; and ‘‘(6)(A) Except as provided in subparagraph provided by that rule includes securities reg- ‘‘(C) is not a large accelerated filer. (B), the following shall not apply to a business istered by a business development company on ‘‘(2) EXPIRATION OF TEMPORARY EXEMPTION.— development company: Form N–2; and An issuer ceases to be eligible for the exemption

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00049 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4754 CONGRESSIONAL RECORD — HOUSE June 8, 2017 described under paragraph (1) at the earliest (F) any other group, person or entity as the of providing continuous trading of the venture of— Securities and Exchange Commission may deter- security; and ‘‘(A) the last day of the fiscal year of the mine by rule; ‘‘(E) may not extend unlisted trading privi- issuer following the tenth anniversary of the (2) where any advertising for the event does leges to any venture security. date of the first sale of common equity securities not reference any specific offering of securities ‘‘(3) EXEMPTIONS FROM CERTAIN NATIONAL SE- of the issuer pursuant to an effective registra- by the issuer; CURITY EXCHANGE REGULATIONS.—A venture ex- tion statement under the Securities Act of 1933; (3) the sponsor of which— change shall not be required to— ‘‘(B) the last day of the fiscal year of the (A) does not make investment recommenda- ‘‘(A) comply with any of sections 242.600 issuer during which the average annual gross tions or provide investment advice to event through 242.612 of title 17, Code of Federal Reg- revenues of the issuer exceed $50,000,000; or attendees; ulations; ‘‘(C) the date on which the issuer becomes a (B) does not engage in an active role in any ‘‘(B) comply with any of sections 242.300 large accelerated filer. investment negotiations between the issuer and through 242.303 of title 17, Code of Federal Reg- ‘‘(3) DEFINITIONS.—For purposes of this sub- investors attending the event; ulations; section: (C) does not charge event attendees any fees ‘‘(C) submit any data to a securities informa- ‘‘(A) AVERAGE ANNUAL GROSS REVENUES.—The other than administrative fees; and tion processor; or term ‘average annual gross revenues’ means the (D) does not receive any compensation with ‘‘(D) use decimal pricing. total gross revenues of an issuer over its most re- respect to such event that would require reg- ‘‘(4) TREATMENT OF CERTAIN EXEMPTED SECU- cently completed three fiscal years divided by istration of the sponsor as a broker or a dealer RITIES.—A security that is exempt from registra- three. under the Securities Exchange Act of 1934, or as tion pursuant to section 3(b) of the Securities ‘‘(B) EMERGING GROWTH COMPANY.—The term an investment advisor under the Investment Ad- Act of 1933 shall be exempt from section 12(a) of ‘emerging growth company’ has the meaning visers Act of 1940; and this title with respect to the trading of such se- given such term under section 3 of the Securities (4) where no specific information regarding an curity on a venture exchange, if the issuer of Exchange Act of 1934 (15 U.S.C. 78c). offering of securities by the issuer is commu- such security is in compliance with all disclo- ‘‘(C) LARGE ACCELERATED FILER.—The term nicated or distributed by or on behalf of the sure obligations of such section 3(b) and the reg- ‘large accelerated filer’ has the meaning given issuer, other than— ulations issued under such section. ‘‘(5) DEFINITIONS.—For purposes of this sub- that term under section 240.12b–2 of title 17, (A) that the issuer is in the process of offering section: Code of Federal Regulations, or any successor securities or planning to offer securities; ‘‘(A) EARLY-STAGE, GROWTH COMPANY.— thereto.’’. (B) the type and amount of securities being ‘‘(i) IN GENERAL.—The term ‘early-stage, Subtitle J—Small Business Capital offered; growth company’ means an issuer— Formation Enhancement (C) the amount of securities being offered that ‘‘(I) that has not made an initial public offer- have already been subscribed for; and SEC. 446. ANNUAL REVIEW OF GOVERNMENT- ing of any securities of the issuer; and BUSINESS FORUM ON CAPITAL FOR- (D) the intended use of proceeds of the offer- ‘‘(II) with a market capitalization of MATION. ing. $1,000,000,000 (as such amount is indexed for in- Section 503 of the Small Business Investment (b) RULE OF CONSTRUCTION.—Subsection (a) flation every 5 years by the Commission to re- Incentive Act of 1980 (15 U.S.C. 80c–1) is amend- may only be construed as requiring the Securi- flect the change in the Consumer Price Index for ed by adding at the end the following: ties and Exchange Commission to amend the re- All Urban Consumers published by the Bureau ‘‘(e) The Commission shall— quirements of Regulation D with respect to pres- of Labor Statistics, setting the threshold to the ‘‘(1) review the findings and recommendations entations and communications, and not with re- nearest $1,000,000) or less. of the forum; and spect to purchases or sales. ‘‘(ii) TREATMENT WHEN MARKET CAPITALIZA- ‘‘(2) each time the forum submits a finding or Subtitle L—Main Street Growth TION EXCEEDS THRESHOLD.— recommendation to the Commission, promptly SEC. 456. VENTURE EXCHANGES. ‘‘(I) IN GENERAL.—In the case of an issuer that is an early-stage, growth company the se- issue a public statement— (a) SECURITIES EXCHANGE ACT OF 1934.—Sec- ‘‘(A) assessing the finding or recommendation tion 6 of the Securities Exchange Act of 1934 (15 curities of which are traded on a venture ex- of the forum; and U.S.C. 78f) is amended by adding at the end the change, such issuer shall not cease to be an ‘‘(B) disclosing the action, if any, the Commis- following: early-stage, growth company by reason of the sion intends to take with respect to the finding market capitalization of such issuer exceeding ‘‘(m) VENTURE EXCHANGE.— or recommendation.’’. the threshold specified in clause (i)(II) until the ‘‘(1) REGISTRATION.— end of the period of 24 consecutive months dur- Subtitle K—Helping Angels Lead Our ‘‘(A) IN GENERAL.—A national securities ex- Startups change may elect to be treated (or for a listing ing which the market capitalization of such issuer exceeds $2,000,000,000 (as such amount is SEC. 451. DEFINITION OF ANGEL INVESTOR tier of such exchange to be treated) as a venture indexed for inflation every 5 years by the Com- GROUP. exchange by notifying the Commission of such mission to reflect the change in the Consumer As used in this subtitle, the term ‘‘angel inves- election, either at the time the exchange applies Price Index for All Urban Consumers published tor group’’ means any group that— to be registered as a national securities ex- (1) is composed of accredited investors inter- change or after registering as a national securi- by the Bureau of Labor Statistics, setting the ested in investing personal capital in early-stage ties exchange. threshold to the nearest $1,000,000). ‘‘(II) EXEMPTIONS.—If an issuer would cease companies; ‘‘(B) DETERMINATION TIME PERIOD.—With re- to be an early-stage, growth company under (2) holds regular meetings and has defined spect to a securities exchange electing to be subclause (I), the venture exchange may, at the processes and procedures for making investment treated (or for a listing tier of such exchange to request of the issuer, exempt the issuer from the decisions, either individually or among the mem- be treated) as a venture exchange— market capitalization requirements of this sub- bership of the group as a whole; and ‘‘(i) at the time the exchange applies to be reg- paragraph for the 1-year period that begins on (3) is neither associated nor affiliated with istered as a national securities exchange, such the day after the end of the 24-month period de- brokers, dealers, or investment advisers. application and election shall be deemed to have scribed in such subclause. The venture exchange been approved by the Commission unless the SEC. 452. CLARIFICATION OF GENERAL SOLICITA- may, at the request of the issuer, extend the ex- TION. Commission denies such application before the emption for 1 additional year. (a) IN GENERAL.—Not later than 6 months end of the 6-month period beginning on the date ‘‘(B) VENTURE SECURITY.—The term ‘venture the Commission received such application; and after the date of enactment of this Act, the Se- security’ means— curities and Exchange Commission shall revise ‘‘(ii) after registering as a national securities ‘‘(i) securities of an early-stage, growth com- Regulation D of its rules (17 C.F.R. 230.500 et exchange, such election shall be deemed to have pany that are exempt from registration pursuant seq.) to require that in carrying out the prohibi- been approved by the Commission unless the to section 3(b) of the Securities Act of 1933; and tion against general solicitation or general ad- Commission denies such approval before the end ‘‘(ii) securities of an emerging growth com- vertising contained in section 230.502(c) of title of the 6-month period beginning on the date the pany.’’. 17, Code of Federal Regulations, the prohibition Commission received notification of such elec- (b) SECURITIES ACT OF 1933.—Section 18(b)(1) shall not apply to a presentation or other com- tion. of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) munication made by or on behalf of an issuer ‘‘(2) POWERS AND RESTRICTIONS.—A venture is amended— which is made at an event— exchange— (1) in subparagraph (B), by striking ‘‘or’’ at (1) sponsored by— ‘‘(A) may only constitute, maintain, or pro- the end; (A) the United States or any territory thereof, vide a market place or facilities for bringing to- (2) in subparagraph (C), by striking the period by the District of Columbia, by any State, by a gether purchasers and sellers of venture securi- and inserting ‘‘; or’’; and political subdivision of any State or territory, or ties; (3) by adding at the end the following: by any agency or public instrumentality of any ‘‘(B) may determine the increment to be used ‘‘(D) a venture security, as defined under sec- of the foregoing; for quoting and trading venture securities on tion 6(m)(5) of the Securities Exchange Act of (B) a college, university, or other institution the exchange; 1934.’’. of higher education; ‘‘(C) shall disseminate last sale and quotation (c) SENSE OF CONGRESS.—It is the sense of the (C) a nonprofit organization; information on terms that are fair and reason- Congress that the Securities and Exchange Com- (D) an angel investor group; able and not unreasonably discriminatory; mission should— (E) a venture forum, venture capital associa- ‘‘(D) may choose to carry out periodic auc- (1) when necessary or appropriate in the pub- tion, or trade association; or tions for the sale of a venture security instead lic interest and consistent with the protection of

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00050 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4755 investors, make use of the Commission’s general securities in the offering. The Commission shall ‘‘(1) warns investors, including on the exemptive authority under section 36 of the Se- not require such an issuer to file any notice of intermediary’s website used for the offer and curities Exchange Act of 1934 (15 U.S.C. 78mm) sales containing the information required by sale of such securities, of the speculative nature with respect to the provisions added by this sec- Form D except for the single notice described in generally applicable to investments in startups, tion; and the previous sentence. emerging businesses, and small issuers, includ- (2) if the Commission determines appropriate, (2) The Commission shall make the informa- ing risks in the secondary market related to create an Office of Venture Exchanges within tion contained in each Form D filing available illiquidity; the Commission’s Division of Trading and Mar- to the securities commission (or any agency or ‘‘(2) warns investors that they are subject to kets. office performing like functions) of each State the restriction on sales requirement described (d) RULE OF CONSTRUCTION.—Nothing in this and territory of the United States and the Dis- under subsection (e); section or the amendments made by this section trict of Columbia. ‘‘(3) takes reasonable measures to reduce the shall be construed to impair or limit the con- (3) The Commission shall not condition the risk of fraud with respect to such transaction; struction of the antifraud provisions of the secu- availability of any exemption for an issuer ‘‘(4) registers with the Commission and the Fi- rities laws (as defined in section 3(a) of the Se- under Rule 506 of Regulation D (17 C.F.R. nancial Industry Regulatory Authority, includ- curities Exchange Act of 1934 (15 U.S.C. 78c(a))) 230.506) on the issuer’s or any other person’s fil- ing by providing the Commission with the or the authority of the Securities and Exchange ing with the Commission of a Form D or any intermediary’s physical address, website ad- Commission under those provisions. similar report. dress, and the names of the intermediary and (e) EFFECTIVE DATE FOR TIERS OF EXISTING (4) The Commission shall not require issuers to employees of the intermediary, and keep such NATIONAL SECURITIES EXCHANGES.—In the case submit written general solicitation materials to information up-to-date; of a securities exchange that is registered as a the Commission in connection with a Rule 506(c) ‘‘(5) provides the Commission with continuous national securities exchange under section 6 of offering, except when the Commission requests investor-level access to the intermediary’s the Securities Exchange Act of 1934 (15 U.S.C. such materials pursuant to the Commission’s website; 78f) on the date of the enactment of this Act, authority under section 8A or section 20 of the ‘‘(6) requires each potential investor to answer any election for a listing tier of such exchange Securities Act of 1933 (15 U.S.C. 77h–1 or 77t) or questions demonstrating— to be treated as a venture exchange under sub- section 9, 10(b), 21A, 21B, or 21C of the Securi- ‘‘(A) an understanding of the level of risk section (m) of such section shall not take effect ties Exchange Act of 1934 (15 U.S.C. 78i, 78j(b), generally applicable to investments in startups, before the date that is 180 days after such date 78u–1, 78u–2, or 78u–3). emerging businesses, and small issuers; of enactment. (5) The Commission shall not extend the re- ‘‘(B) an understanding of the risk of illiquidity; and Subtitle M—Micro Offering Safe Harbor quirements contained in Rule 156 to private funds. ‘‘(C) such other areas as the Commission may SEC. 461. EXEMPTIONS FOR MICRO-OFFERINGS. (6) The Commission shall revise Rule 501(a) of determine appropriate by rule or regulation, in- (a) IN GENERAL.—Section 4 of the Securities Regulation D to provide that a person who is a cluding information relating to the owners’ and Act of 1933 (15 U.S.C. 77d) is amended— ‘‘knowledgeable employee’’ of a private fund or management’s experience, and any related party (1) in subsection (a), by adding at the end the the fund’s investment adviser, as defined in transactions and conflicts of interest; following: Rule 3c–5(a)(4) (17 C.F.R. 270.3c–5(a)(4)), shall ‘‘(7) carries out a background check on the ‘‘(8) transactions meeting the requirements of be an accredited investor for purposes of a Rule issuer’s principals; subsection (e).’’; and 506 offering of a private fund with respect to ‘‘(8) provides the Commission and potential (2) as amended by section 431(2), by inserting which the person is a knowledgeable employee. investors with notice of the offering not less after subsection (d) the following: than 10 days prior to such offering, not later ‘‘(e) CERTAIN MICRO-OFFERINGS.—The trans- Subtitle O—Supporting America’s Innovators than the first day securities are offered to po- actions referred to in subsection (a)(8) are trans- SEC. 471. INVESTOR LIMITATION FOR QUALI- tential investors, including— actions involving the sale of securities by an FYING VENTURE CAPITAL FUNDS. ‘‘(A) the issuer’s name, legal status, physical issuer (including all entities controlled by or Section 3(c)(1) of the Investment Company Act address, and website address; under common control with the issuer) that meet of 1940 (15 U.S.C. 80a–3(c)(1)) is amended— ‘‘(B) the names of the issuer’s principals; all of the following requirements: (1) by inserting after ‘‘one hundred persons’’ ‘‘(C) the stated purpose and intended use of ‘‘(1) PRE-EXISTING RELATIONSHIP.—Each pur- the following: ‘‘(or, with respect to a qualifying the proceeds of the offering sought by the issuer; chaser has a substantive pre-existing relation- venture capital fund, 500 persons)’’; and and ship with an officer of the issuer, a director of (2) by adding at the end the following: ‘‘(D) the target offering amount and the dead- the issuer, or a shareholder holding 10 percent ‘‘(C) The term ‘qualifying venture capital line to reach the target offering amount; or more of the shares of the issuer. fund’ means any venture capital fund (as de- ‘‘(9) outsources cash-management functions to ‘‘(2) 35 OR FEWER PURCHASERS.—There are no fined pursuant to section 203(l)(1) of the Invest- a qualified third party custodian, such as a more than, or the issuer reasonably believes that ment Advisers Act of 1940 (15 U.S.C. 80b–3(l)(1)) broker or dealer registered under section 15(b)(1) there are no more than, 35 purchasers of securi- with no more than $50,000,000 in aggregate cap- of the Securities Exchange Act of 1934, a trust ties from the issuer that are sold in reliance on ital contributions and uncalled committed cap- company, or an insured depository institution; the exemption provided under subsection (a)(8) ital, as such dollar amount is annually adjusted ‘‘(10) makes available on the intermediary’s during the 12-month period preceding such by the Commission to reflect the change in the website a method of communication that permits transaction. Consumer Price Index for All Urban Consumers the issuer and investors to communicate with ‘‘(3) SMALL OFFERING AMOUNT.—The aggre- published by the Bureau of Labor Statistics of one another; and gate amount of all securities sold by the issuer, the Department of Labor.’’. ‘‘(11) provides the Commission with a notice including any amount sold in reliance on the Subtitle P—Fix Crowdfunding upon completion of the offering, which shall in- exemption provided under subsection (a)(8), dur- clude the aggregate offering amount and the SEC. 476. CROWDFUNDING EXEMPTION. ing the 12-month period preceding such trans- number of purchasers. (a) SECURITIES ACT OF 1933.—Section 4(a) of action, does not exceed $500,000.’’. ‘‘(b) REQUIREMENTS ON ISSUERS IF NO INTER- the Securities Act of 1933 (15 U.S.C. 77d) is (b) EXEMPTION UNDER STATE REGULATIONS.— MEDIARY.—For purposes of section 4(a)(6), an amended by striking paragraph (6) and insert- Section 18(b)(4) of the Securities Act of 1933 (15 issuer who offers or sells securities without an ing the following: U.S.C. 77r(b)(4)) is amended— intermediary shall comply with the requirements ‘‘(6) transactions involving the offer or sale of (1) in subparagraph (F), by striking ‘‘or’’ at of this subsection if the issuer— securities by an issuer, provided that— the end; ‘‘(1) warns investors, including on the issuer’s ‘‘(A) in the case of a transaction involving an (2) in subparagraph (G), by striking the period website, of the speculative nature generally ap- intermediary between the issuer and the inves- and inserting ‘‘; or’’; and plicable to investments in startups, emerging tor, such intermediary complies with the re- (3) by adding at the end the following: businesses, and small issuers, including risks in quirements under section 4A(a); and ‘‘(H) section 4(a)(8).’’. the secondary market related to illiquidity; ‘‘(B) in the case of a transaction not involving ‘‘(2) warns investors that they are subject to Subtitle N—Private Placement Improvement an intermediary between the issuer and the in- the restriction on sales requirement described SEC. 466. REVISIONS TO SEC REGULATION D. vestor, the issuer complies with the requirements under subsection (e); Not later than 45 days following the date of under section 4A(b).’’. ‘‘(3) takes reasonable measures to reduce the the enactment of this Act, the Securities and Ex- (b) REQUIREMENTS TO QUALIFY FOR risk of fraud with respect to such transaction; change Commission shall revise Regulation D CROWDFUNDING EXEMPTION.—Section 4A of the ‘‘(4) provides the Commission with the issuer’s (17 C.F.R. 501 et seq.) in accordance with the Securities Act of 1933 (15 U.S.C. 77d–1) is amend- physical address, website address, and the following: ed to read as follows: names of the principals and employees of the (1) The Commission shall revise Form D filing ‘‘SEC. 4A. REQUIREMENTS WITH RESPECT TO issuers, and keeps such information up-to-date; requirements to require an issuer offering or CERTAIN SMALL TRANSACTIONS. ‘‘(5) provides the Commission with continuous selling securities in reliance on an exemption ‘‘(a) REQUIREMENTS ON INTERMEDIARIES.—For investor-level access to the issuer’s website; provided under Rule 506 of Regulation D to file purposes of section 4(a)(6), a person acting as ‘‘(6) requires each potential investor to answer with the Commission a single notice of sales an intermediary in a transaction involving the questions demonstrating— containing the information required by Form D offer or sale of securities shall comply with the ‘‘(A) an understanding of the level of risk for each new offering of securities no earlier requirements of this subsection if the inter- generally applicable to investments in startups, than 15 days after the date of the first sale of mediary— emerging businesses, and small issuers;

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00051 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4756 CONGRESSIONAL RECORD — HOUSE June 8, 2017 ‘‘(B) an understanding of the risk of regulations adopted in accordance with section rectly controlling, controlled by, or under com- illiquidity; and 926 of the Dodd-Frank Wall Street Reform and mon control with a proxy advisory firm, or any ‘‘(C) such other areas as the Commission may Consumer Protection Act (15 U.S.C. 77d note). employee of a proxy advisory firm, except that determine appropriate by rule or regulation; SEC. 477. EXCLUSION OF CROWDFUNDING INVES- persons associated with a proxy advisory firm ‘‘(7) provides the Commission with notice of TORS FROM SHAREHOLDER CAP. whose functions are clerical or ministerial shall the offering not less than 10 days prior to such Section 12(g)(5) of the Securities Exchange Act not be included in the meaning of such term. offering, not later than the first day securities of 1934 (15 U.S.C. 78l(g)(5)) is amended— The Commission may by rules and regulations are offered to potential investors, including— (1) by striking ‘‘(5) For the purposes’’ and in- classify, for purposes or any portion or portions ‘‘(A) the stated purpose and intended use of serting: of this Act, persons, including employees con- the proceeds of the offering sought by the issuer; ‘‘(5) DEFINITIONS.— trolled by a proxy advisory firm.’’. and ‘‘(A) IN GENERAL.—For the purposes’’; and (b) APPLICABLE DEFINITIONS.—As used in this ‘‘(B) the target offering amount and the dead- (2) by adding at the end the following: subtitle— line to reach the target offering amount; ‘‘(B) EXCLUSION FOR PERSONS HOLDING CER- (1) the term ‘‘Commission’’ means the Securi- ‘‘(8) outsources cash-management functions to TAIN SECURITIES.—For purposes of this sub- ties and Exchange Commission; and a qualified third party custodian, such as a section, securities held by persons who purchase (2) the term ‘‘proxy advisory firm’’ has the broker or dealer registered under section 15(b)(1) such securities in transactions described under same meaning as in section 3(a)(83) of the Secu- of the Securities Exchange Act of 1934, a trust section 4(a)(6) of the Securities Act of 1933 shall rities Exchange Act of 1934, as added by this company, or an insured depository institution; not be deemed to be ‘held of record’.’’. subtitle. ‘‘(9) makes available on the issuer’s website a SEC. 482. REGISTRATION OF PROXY ADVISORY SEC. 478. PREEMPTION OF STATE LAW. method of communication that permits the FIRMS. issuer and investors to communicate with one (a) IN GENERAL.—Section 18(b)(4)(C) of the Se- (a) AMENDMENT.—The Securities Exchange another; curities Act of 1933 (15 U.S.C. 77r(b)(4)(C)) is Act of 1934 is amended by inserting after section ‘‘(10) does not offer personalized investment amended by striking ‘‘section 4(6)’’ and insert- 15G the following new section: advice; ing ‘‘section 4(a)(6)’’. ‘‘SEC. 15H. REGISTRATION OF PROXY ADVISORY ‘‘(11) provides the Commission with a notice (b) CLARIFICATION OF THE PRESERVATION OF FIRMS. upon completion of the offering, which shall in- STATE ENFORCEMENT AUTHORITY.— ‘‘(a) CONDUCT PROHIBITED.—It shall be un- clude the aggregate offering amount and the (1) IN GENERAL.—The amendments made by lawful for a proxy advisory firm to make use of number of purchasers; and section 305(a) of the Jumpstart Our Business the mails or any means or instrumentality of ‘‘(c) VERIFICATION OF INCOME.—For purposes Startups Act, as amended by subsection (a), re- interstate commerce to provide proxy voting re- of section 4(a)(6), an issuer or intermediary may late solely to State registration, documentation, search, analysis, or recommendations to any cli- rely on certifications as to annual income pro- and offering requirements, as described under ent, unless such proxy advisory firm is reg- vided by the person to whom the securities are section 18(a) of Securities Act of 1933 (15 U.S.C. istered under this section. sold to verify the investor’s income. 77r(a)), and shall have no impact or limitation ‘‘(b) REGISTRATION PROCEDURES.— ‘‘(d) INFORMATION AVAILABLE TO STATES.— on other State authority to take enforcement ac- ‘‘(1) APPLICATION FOR REGISTRATION.— The Commission shall make the notices de- tion with regard to an issuer, intermediary, or ‘‘(A) IN GENERAL.—A proxy advisory firm must scribed under subsections (a)(9), (a)(13), (b)(8), any other person or entity using the exemption file with the Commission an application for reg- and (b)(13) and the information described under from registration provided by section 4(a)(6) of istration, in such form as the Commission shall subsections (a)(4) and (b)(4) available to the such Act. Notwithstanding monetary penalties require, by rule or regulation, and containing States. or sanctions, a State may not impose any filing the information described in subparagraph (B). ‘‘(e) RESTRICTION ON SALES.—With respect to or fee under such authority. ‘‘(B) REQUIRED INFORMATION.—An applica- a transaction involving the issuance of securi- (2) CLARIFICATION OF STATE JURISDICTION tion for registration under this section shall ties described under section 4(a)(6), a purchaser OVER UNLAWFUL CONDUCT OF INTERMEDIARIES, contain information regarding— may not transfer such securities during the 1- ISSUERS, AND CUSTODIANS.—Section 18(c)(1) of ‘‘(i) a certification that the applicant has ade- year period beginning on the date of purchase, the Securities Act of 1933 is amended by striking quate financial and managerial resources to unless such securities are sold to— ‘‘in connection with securities or securities consistently provide proxy advice based on ac- ‘‘(1) the issuer of such securities; or transactions’’ and all that follows and inserting curate information; ‘‘(2) an accredited investor. the following: ‘‘in connection with securities or ‘‘(ii) the procedures and methodologies that ‘‘(f) CONSTRUCTION.— securities transactions, with respect to— the applicant uses in developing proxy voting ‘‘(1) NO REGISTRATION AS BROKER.—With re- ‘‘(A) fraud or deceit; recommendations, including whether and how spect to a transaction described under section ‘‘(B) unlawful conduct by a broker or dealer; the applicant considers the size of a company 4(a)(6) involving an intermediary, such inter- and when making proxy voting recommendations; mediary shall not be required to register as a ‘‘(C) with respect to a transaction described ‘‘(iii) the organizational structure of the ap- broker under section 15(a)(1) of the Securities under section 4(a)(6), unlawful conduct by an plicant; Exchange Act of 1934 solely by reason of partici- intermediary, issuer, or custodian.’’. ‘‘(iv) whether or not the applicant has in ef- fect a code of ethics, and if not, the reasons pation in such transaction. SEC. 479. TREATMENT OF FUNDING PORTALS. ‘‘(2) NO PRECLUSION OF OTHER CAPITAL RAIS- therefor; Section 5312(c) of title 31, United States Code, ‘‘(v) any potential or actual conflict of inter- ING.—Nothing in this section or section 4(a)(6) is amended by adding at the end the following: shall be construed as preventing an issuer from est relating to the ownership structure of the ‘‘(2) FUNDING PORTALS NOT INCLUDED IN DEFI- applicant or the provision of proxy advisory raising capital through methods not described NITION.—The term ‘financial institution’ (as de- under section 4(a)(6).’’. services by the applicant, including whether the fined in subsection (a)) does not include a fund- proxy advisory firm engages in services ancil- (c) RULEMAKING.—Not later than 180 days ing portal (as defined under section 3(a) of the after the date of enactment of this Act, the Se- lary to the provision of proxy advisory services Securities Exchange Act of 1934 (15 U.S.C. such as consulting services for corporate issuers, curities and Exchange Commission shall issue or 78c(a))).’’. revise such rules as may be necessary to carry and if so the revenues derived therefrom; out section 4A of the Securities Act of 1933, ans Subtitle Q—Corporate Governance Reform ‘‘(vi) the policies and procedures in place to amended by this Act. In issuing or revising such and Transparency manage conflicts of interest under subsection rules, the Commission shall consider the costs SEC. 481. DEFINITIONS. (f); and ‘‘(vii) any other information and documents and benefits of the action. (a) SECURITIES EXCHANGE ACT OF 1934.—Sec- concerning the applicant and any person associ- (d) DISQUALIFICATION.—Not later than 180 tion 3(a) of the Securities Exchange Act of 1934 ated with such applicant as the Commission, by days after the date of enactment of this Act, the (15 U.S.C. 78c(a)) is amended by adding at the rule, may prescribe as necessary or appropriate Securities and Exchange Commission shall by end the following new paragraphs: in the public interest or for the protection of in- rule or regulation establish disqualification pro- ‘‘(83) PROXY ADVISORY FIRM.—The term ‘proxy vestors. visions under which an issuer shall not be eligi- advisory firm’ means any person who is pri- ‘‘(2) REVIEW OF APPLICATION.— ble to utilize the exemption under section 4(a)(6) marily engaged in the business of providing ‘‘(A) INITIAL DETERMINATION.—Not later than of the Securities Act of 1933 (as amended by this proxy voting research, analysis, or recommenda- 90 days after the date on which the application Act) based on the disciplinary history of the tions to clients, which conduct constitutes a so- for registration is filed with the Commission issuer or its predecessors, affiliates, officers, di- licitation within the meaning of section 14 and under paragraph (1) (or within such longer pe- rectors, or persons fulfilling similar roles. The the Commission’s rules and regulations there- riod as to which the applicant consents) the Commission shall also establish disqualification under, except to the extent that the person is ex- Commission shall— provisions under which an intermediary shall empted by such rules and regulations from re- ‘‘(i) by order, grant registration; or not be eligible to act as an intermediary in con- quirements otherwise applicable to persons en- ‘‘(ii) institute proceedings to determine wheth- nection with an offering utilizing the exemption gaged in a solicitation. er registration should be denied. under section 4(a)(6) of the Securities Act of ‘‘(84) PERSON ASSOCIATED WITH A PROXY ADVI- ‘‘(B) CONDUCT OF PROCEEDINGS.— 1933 based on the disciplinary history of the SORY FIRM.—The term ‘person associated with’ a ‘‘(i) CONTENT.—Proceedings referred to in sub- intermediary or its predecessors, affiliates, offi- proxy advisory firm means any partner, officer, paragraph (A)(ii) shall— cers, directors, or persons fulfilling similar roles. or director of a proxy advisory firm (or any per- ‘‘(I) include notice of the grounds for denial Such provisions shall be substantially similar to son occupying a similar status or performing under consideration and an opportunity for the disqualification provisions contained in the similar functions), any person directly or indi- hearing; and

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00052 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4757 ‘‘(II) be concluded not later than 120 days subparagraph (A), (D), (E), (H), or (G) of sec- ‘‘(F) issuing recommendations where proxy after the date on which the application for reg- tion 15(b)(4), has been convicted of any offense advisory firms provide advisory services to a istration is filed with the Commission under specified in section 15(b)(4)(B), or is enjoined company; and paragraph (1). from any action, conduct, or practice specified ‘‘(G) any other potential conflict of interest, ‘‘(ii) DETERMINATION.—At the conclusion of in subparagraph (C) of section 15(b)(4), during as the Commission deems necessary or appro- such proceedings, the Commission, by order, the 10-year period preceding the date of com- priate in the public interest or for the protection shall grant or deny such application for reg- mencement of the proceedings under this sub- of investors. istration. section, or at any time thereafter; ‘‘(g) RELIABILITY OF PROXY ADVISORY FIRM ‘‘(iii) EXTENSION AUTHORIZED.—The Commis- ‘‘(2) has been convicted during the 10-year pe- SERVICES.— sion may extend the time for conclusion of such riod preceding the date on which an application ‘‘(1) IN GENERAL.—Each registered proxy advi- proceedings for not longer than 90 days, if it for registration is filed with the Commission sory firm shall have staff sufficient to produce finds good cause for such extension and pub- under this section, or at any time thereafter, proxy voting recommendations that are based on lishes its reasons for so finding, or for such of— accurate and current information. Each reg- longer period as to which the applicant con- ‘‘(A) any crime that is punishable by impris- istered proxy advisory firm shall detail proce- sents. onment for one or more years, and that is not dures sufficient to permit companies receiving ‘‘(C) GROUNDS FOR DECISION.—The Commis- described in section 15(b)(4)(B); or proxy advisory firm recommendations access in sion shall grant registration under this sub- ‘‘(B) a substantially equivalent crime by a for- a reasonable time to the draft recommendations, section— eign court of competent jurisdiction; with an opportunity to provide meaningful com- ‘‘(i) if the Commission finds that the require- ‘‘(3) is subject to any order of the Commission ment thereon, including the opportunity to ments of this section are satisfied; and barring or suspending the right of the person to present details to the person responsible for de- ‘‘(ii) unless the Commission finds (in which be associated with a registered proxy advisory veloping the recommendation in person or tele- case the Commission shall deny such registra- firm; phonically. Each registered proxy advisory firm tion) that— ‘‘(4) fails to furnish the certifications required shall employ an ombudsman to receive com- ‘‘(I) the applicant has failed to certify to the under subsections (b)(2)(C)(ii)(I) and (c)(2); plaints about the accuracy of voting informa- Commission’s satisfaction that it has adequate ‘‘(5) has engaged in one or more prohibited tion used in making recommendations from the financial and managerial resources to consist- acts enumerated in paragraph (1); or subjects of the proxy advisory firm’s voting rec- ‘‘(6) fails to maintain adequate financial and ently provide proxy advice based on accurate in- ommendations, and shall resolve those com- managerial resources to consistently offer advi- formation and to materially comply with the plaints in a timely fashion and in any event sory services with integrity, including by failing procedures and methodologies disclosed under prior to voting on the matter to which the rec- to comply with subsections (f) or (g). paragraph (1)(B) and with subsections (f) and ommendation relates. ‘‘(e) TERMINATION OF REGISTRATION.— (g); or ‘‘(1) VOLUNTARY WITHDRAWAL.—A registered ‘‘(2) DRAFT RECOMMENDATIONS DEFINED.—For ‘‘(II) if the applicant were so registered, its proxy advisory firm may, upon such terms and purposes of this subsection, the term ‘draft rec- registration would be subject to suspension or conditions as the Commission may establish as ommendations’— revocation under subsection (e). necessary in the public interest or for the pro- ‘‘(A) means the overall conclusions of proxy ‘‘(3) PUBLIC AVAILABILITY OF INFORMATION.— tection of investors, which terms and conditions voting recommendations prepared for the clients Subject to section 24, the Commission shall make shall include at a minimum that the registered of a proxy advisory firm, including any public the information and documents submitted to the proxy advisory firm will no longer conduct such data cited therein, any company information or Commission by a proxy advisory firm in its com- activities as to bring it within the definition of substantive analysis impacting the recommenda- pleted application for registration, or in any proxy advisory firm in section 3(a)(83) of the Se- tion, and the specific voting recommendations amendment submitted under paragraph (1) or curities Exchange Act of 1934, withdraw from on individual proxy ballot issues; and (2) of subsection (c), publicly available on the ‘‘(B) does not include the entirety of the proxy registration by filing a written notice of with- Commission’s website, or through another com- advisory firm’s final report to its clients. drawal to the Commission. parable, readily accessible means. ‘‘(h) DESIGNATION OF COMPLIANCE OFFICER.— ‘‘(2) COMMISSION AUTHORITY.—In addition to ‘‘(c) UPDATE OF REGISTRATION.— Each registered proxy advisory firm shall des- any other authority of the Commission under ‘‘(1) UPDATE.—Each registered proxy advisory ignate an individual responsible for admin- this title, if the Commission finds that a reg- firm shall promptly amend and update its appli- istering the policies and procedures that are re- istered proxy advisory firm is no longer in exist- cation for registration under this section if any quired to be established pursuant to subsections ence or has ceased to do business as a proxy ad- information or document provided therein be- (f) and (g), and for ensuring compliance with visory firm, the Commission, by order, shall can- comes materially inaccurate, except that a reg- the securities laws and the rules and regulations cel the registration under this section of such istered proxy advisory firm is not required to thereunder, including those promulgated by the registered proxy advisory firm. amend the information required to be filed ‘‘(f) MANAGEMENT OF CONFLICTS OF INTER- Commission pursuant to this section. under subsection (b)(1)(B)(i) by filing informa- ‘‘(i) PROHIBITED CONDUCT.— EST.— tion under this paragraph, but shall amend ‘‘(1) ORGANIZATION POLICIES AND PROCE- ‘‘(1) PROHIBITED ACTS AND PRACTICES.—The such information in the annual submission of DURES.—Each registered proxy advisory firm Commission shall issue final rules to prohibit the organization under paragraph (2) of this shall establish, maintain, and enforce written any act or practice relating to the offering of subsection. policies and procedures reasonably designed, proxy advisory services by a registered proxy ‘‘(2) CERTIFICATION.—Not later than 90 cal- taking into consideration the nature of the busi- advisory firm that the Commission determines to endar days after the end of each calendar year, ness of such registered proxy advisory firm and be unfair or coercive, including any act or prac- each registered proxy advisory firm shall file associated persons, to address and manage any tice relating to— with the Commission an amendment to its reg- conflicts of interest that can arise from such ‘‘(A) conditioning a voting recommendation or istration, in such form as the Commission, by business. other proxy advisory firm recommendation on rule, may prescribe as necessary or appropriate ‘‘(2) COMMISSION AUTHORITY.—The Commis- the purchase by an issuer or an affiliate thereof in the public interest or for the protection of in- sion shall issue final rules to prohibit, or require of other services or products, of the registered vestors— the management and disclosure of, any conflicts proxy advisory firm or any person associated ‘‘(A) certifying that the information and doc- of interest relating to the offering of proxy advi- with such registered proxy advisory firm; and uments in the application for registration of sory services by a registered proxy advisory firm, ‘‘(B) modifying a voting recommendation or such registered proxy advisory firm continue to including, without limitation, conflicts of inter- otherwise departing from its adopted systematic be accurate in all material respects; and est relating to— procedures and methodologies in the provision ‘‘(B) listing any material change that oc- ‘‘(A) the manner in which a registered proxy of proxy advisory services, based on whether an curred to such information or documents during advisory firm is compensated by the client, or issuer, or affiliate thereof, subscribes or will the previous calendar year. any affiliate of the client, for providing proxy subscribe to other services or product of the reg- ‘‘(d) CENSURE, DENIAL, OR SUSPENSION OF advisory services; istered proxy advisory firm or any person associ- REGISTRATION; NOTICE AND HEARING.—The ‘‘(B) the provision of consulting, advisory, or ated with such organization. Commission, by order, shall censure, place limi- other services by a registered proxy advisory ‘‘(2) RULE OF CONSTRUCTION.—Nothing in tations on the activities, functions, or oper- firm, or any person associated with such reg- paragraph (1), or in any rules or regulations ations of, suspend for a period not exceeding 12 istered proxy advisory firm, to the client; adopted thereunder, may be construed to mod- months, or revoke the registration of any reg- ‘‘(C) business relationships, ownership inter- ify, impair, or supersede the operation of any of istered proxy advisory firm if the Commission ests, or any other financial or personal interests the antitrust laws (as defined in the first section finds, on the record after notice and oppor- between a registered proxy advisory firm, or any of the Clayton Act, except that such term in- tunity for hearing, that such censure, placing of person associated with such registered proxy ad- cludes section 5 of the Federal Trade Commis- limitations, suspension, or revocation is nec- visory firm, and any client, or any affiliate of sion Act, to the extent that such section 5 ap- essary for the protection of investors and in the such client; plies to unfair methods of competition). public interest and that such registered proxy ‘‘(D) transparency around the formulation of ‘‘(j) STATEMENTS OF FINANCIAL CONDITION.— advisory firm, or any person associated with proxy voting policies; Each registered proxy advisory firm shall, on a such an organization, whether prior to or subse- ‘‘(E) the execution of proxy votes if such votes confidential basis, file with the Commission, at quent to becoming so associated— are based upon recommendations made by the intervals determined by the Commission, such fi- ‘‘(1) has committed or omitted any act, or is proxy advisory firm in which someone other nancial statements, certified (if required by the subject to an order or finding, enumerated in than the issuer is a proponent; rules or regulations of the Commission) by an

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00053 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4758 CONGRESSIONAL RECORD — HOUSE June 8, 2017 independent public auditor, and information (2) specify the number of and actions taken on vestment Company Act of 1940 (15 U.S.C. 80a– concerning its financial condition, as the Com- such applications; 2(a)); mission, by rule, may prescribe as necessary or (3) specify the views of the Commission on the (11) the term ‘‘registered representative’’ appropriate in the public interest or for the pro- state of competition, transparency, policies and means an individual who represents a broker- tection of investors. methodologies, and conflicts of interest among dealer in effecting or attempting to affect a pur- ‘‘(k) ANNUAL REPORT.—Each registered proxy proxy advisory firms; chase or sale of securities; advisory firm shall, at the beginning of each fis- (4) include the determination of the Commis- (12) the term ‘‘senior citizen’’ means an indi- cal year of such firm, report to the Commission sion with regard to— vidual who is not less than 65 years of age; on the number of shareholder proposals its staff (A) the quality of proxy advisory services (13) the term ‘‘State insurance regulator’’ has reviewed in the prior fiscal year, the number of issued by proxy advisory firms; the meaning given such term in section 315 of recommendations made in the prior fiscal year, (B) the financial markets; the Gramm-Leach-Bliley Act (15 U.S.C. 6735); the number of staff who reviewed and made rec- (C) competition among proxy advisory firms; (14) the term ‘‘State securities or law enforce- ommendations on such proposals in the prior (D) the incidence of undisclosed conflicts of ment authority’’ has the meaning given the term fiscal year, and the number of recommendations interest by proxy advisory firms; in section 24(f)(4) of the Securities Exchange Act made in the prior fiscal year where the pro- (E) the process for registering as a proxy advi- of 1934 (15 U.S.C. 78x(f)(4)); and ponent of such recommendation was a client of sory firm; and (15) the term ‘‘transfer agent’’ has the mean- or received services from the proxy advisory (F) such other matters relevant to the imple- ing given the term in section 3(a) of the Securi- firm. mentation of this subtitle and the amendments ties Exchange Act of 1934 (15 U.S.C. 78c(a)). ‘‘(l) TRANSPARENT POLICIES.—Each registered made by this subtitle, as the Commission deter- (b) IMMUNITY FROM SUIT.— proxy advisory firm shall file with the Commis- mines necessary to bring to the attention of the (1) IMMUNITY FOR INDIVIDUALS.—An indi- sion and make publicly available its method- Congress; vidual who has received the training described ology for the formulation of proxy voting poli- (5) identify problems, if any, that have re- in section 492 shall not be liable, including in cies and voting recommendations. sulted from the implementation of this subtitle any civil or administrative proceeding, for dis- ‘‘(m) RULES OF CONSTRUCTION.— and the amendments made by this subtitle; and closing the possible exploitation of a senior cit- ‘‘(1) NO WAIVER OF RIGHTS, PRIVILEGES, OR DE- (6) recommend solutions, including any legis- izen to a covered agency if the individual, at the FENSES.—Registration under and compliance lative or regulatory solutions, to any problems time of the disclosure— with this section does not constitute a waiver of, identified under paragraphs (4) and (5). (A) served as a supervisor, compliance officer (including a Bank Secrecy Act Officer), or reg- or otherwise diminish, any right, privilege, or Subtitle R—Senior Safe istered representative for a covered financial in- defense that a registered proxy advisory firm SEC. 491. IMMUNITY. may otherwise have under any provision of stitution; and (a) DEFINITIONS.—In this subtitle— (B) made the disclosure with reasonable care State or Federal law, including any rule, regu- (1) the term ‘‘Bank Secrecy Act Officer’’ including reasonable efforts to avoid disclosure lation, or order thereunder. means an individual responsible for ensuring other than to a covered agency. ‘‘(2) NO PRIVATE RIGHT OF ACTION.—Nothing compliance with the requirements mandated by (2) IMMUNITY FOR COVERED FINANCIAL INSTI- in this section may be construed as creating any subchapter II of chapter 53 of title 31, United TUTIONS.—A covered financial institution shall private right of action, and no report filed by a States Code; not be liable, including in any civil or adminis- registered proxy advisory firm in accordance (2) the term ‘‘broker-dealer’’ means a broker trative proceeding, for a disclosure made by an with this section or section 17 shall create a pri- or dealer, as those terms are defined, respec- individual described in paragraph (1) if— vate right of action under section 18 or any tively, in section 3(a) of the Securities Exchange (A) the individual was employed by, or, in the other provision of law. Act of 1934 (15 U.S.C. 78c(a)); case of a registered representative, affiliated or ‘‘(n) REGULATIONS.— (3) the term ‘‘covered agency’’ means— associated with, the covered financial institu- ‘‘(1) NEW PROVISIONS.—Such rules and regula- (A) a State financial regulatory agency, in- tion at the time of the disclosure; and tions as are required by this section or are oth- cluding a State securities or law enforcement (B) before the time of the disclosure, the cov- erwise necessary to carry out this section, in- authority and a State insurance regulator; ered financial institution provided the training cluding the application form required under (B) each of the Federal financial institutions described in section 492 to each individual de- subsection (a)— regulatory agencies; scribed in section 492(a). ‘‘(A) shall be issued by the Commission, not (C) the Securities and Exchange Commission; SEC. 492. TRAINING REQUIRED. later than 180 days after the date of enactment (D) a law enforcement agency; (a) IN GENERAL.—A covered financial institu- of this section; and (E) and State or local agency responsible for tion may provide training described in sub- ‘‘(B) shall become effective not later than 1 administering adult protective service laws; and section (b)(1) to each officer or employee of, or year after the date of enactment of this section. (F) a State attorney general. registered representative affiliated or associated ‘‘(2) REVIEW OF EXISTING REGULATIONS.—Not (4) the term ‘‘covered financial institution’’ with, the covered financial institution who— later than 270 days after the date of enactment means— (1) is described in section 491(b)(1)(A); of this section, the Commission shall— (A) a credit union; (2) may come into contact with a senior citizen ‘‘(A) review its existing rules and regulations (B) a depository institution; as a regular part of the duties of the officer, em- which affect the operations of proxy advisory (C) an investment advisor; ployee, or registered representative; or firms; (D) a broker-dealer; (3) may review or approve the financial docu- ‘‘(B) amend or revise such rules and regula- (E) an insurance company; ments, records, or transactions of a senior cit- tions in accordance with the purposes of this (F) a State attorney general; and izen in connection with providing financial section, and issue such guidance, as the Com- (G) a transfer agent. services to a senior citizen. mission may prescribe as necessary or appro- (5) the term ‘‘credit union’’ means a Federal (b) TRAINING.— priate in the public interest or for the protection credit union, State credit union, or State-char- (1) IN GENERAL.—The training described in of investors; and tered credit union, as those terms are defined in this paragraph shall— ‘‘(C) direct Commission staff to withdraw the section 101 of the Federal Credit Union Act (12 (A) instruct any individual attending the Egan Jones Proxy Services (May 27, 2004) and U.S.C. 1752); training on how to identify and report the sus- Institutional Shareholder Services, Inc. (Sep- (6) the term ‘‘depository institution’’ has the pected exploitation of a senior citizen; tember 15, 2004) no-action letters. meaning given the term in section 3(c) of the (B) discuss the need to protect the privacy ‘‘(o) APPLICABILITY.—This section, other than Federal Deposit Insurance Act (12 U.S.C. and respect the integrity of each individual cus- subsection (n), which shall apply on the date of 1813(c)); tomer of a covered financial institution; and enactment of this section, shall apply on the (7) the term ‘‘exploitation’’ means the fraudu- (C) be appropriate to the job responsibilities of earlier of— lent or otherwise illegal, unauthorized, or im- the individual attending the training. ‘‘(1) the date on which regulations are issued proper act or process of an individual, including (2) TIMING.—The training required under sub- in final form under subsection (n)(1); or a caregiver or fiduciary, that— section (a) shall be provided as soon as reason- ‘‘(2) 270 days after the date of enactment of (A) uses the resources of a senior citizen for ably practicable but not later than 1 year after this section.’’. monetary personal benefit, profit, or gain; or the date on which an officer, employee, or reg- (b) CONFORMING AMENDMENT.—Section (B) results in depriving a senior citizen of istered representative begins employment with or 17(a)(1) of the Securities Exchange Act of 1934 rightful access to or use of benefits, resources, becomes affiliated or associated with the covered (15 U.S.C. 78q(a)(1)) is amended by inserting belongings or assets; financial institution. ‘‘proxy advisory firm,’’ after ‘‘nationally recog- (8) the term ‘‘Federal financial institutions (3) BANK SECRECY ACT OFFICER.—An indi- nized statistical rating organization,’’. regulatory agencies’’ has the meaning given the vidual who is designated as a compliance officer SEC. 483. COMMISSION ANNUAL REPORT. term in section 1003 of the Federal Financial In- under an anti-money laundering program estab- The Commission shall make an annual report stitutions Examination Council Act of 1978 (12 lished pursuant to section 5318(h) of title 31, publicly available on the Commission’s Internet U.S.C. 3302); United States Code, shall be deemed to have re- website. Such report shall, with respect to the (9) the term ‘‘investment adviser’’ has the ceived the training described under this sub- year to which the report relates— meaning given the term in section 202 of the In- section. (1) identify applicants for registration under vestment Advisers Act of 1940 (15 U.S.C. 80b–2); SEC. 493. RELATIONSHIP TO STATE LAW. section 15H of the Securities Exchange Act of (10) the term ‘‘insurance company’’ has the Nothing in this Act shall be construed to pre- 1934, as added by this subtitle; meaning given the term in section 2(a) of the In- empt or limit any provision of State law, except

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00054 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4759 only to the extent that section 491 provides a act on behalf of an emerging growth company’’ Enforcement Agency to reflect the change in the greater level of protection against liability to an and inserting ‘‘an issuer or any person author- Consumer Price Index); or’’. individual described in section 491(b)(1) or to a ized to act on behalf of an issuer’’; and Subtitle B—Mortgage Choice covered financial institution described in section (2) in section 6(e)— SEC. 506. DEFINITION OF POINTS AND FEES. 491(b)(2) than is provided under State law. (A) in the heading, by striking ‘‘EMERGING GROWTH COMPANIES’’ and inserting ‘‘DRAFT (a) AMENDMENT TO SECTION 103 OF TILA.— Subtitle S—National Securities Exchange Paragraph (4) of section 103(aa) of the Truth in Regulatory Parity REGISTRATION STATEMENTS’’; and (B) by amending paragraph (1) to read as fol- Lending Act, as redesignated by section 502, is SEC. 496. APPLICATION OF EXEMPTION. lows: amended— Section 18(b)(1) of the Securities Act of 1933 ‘‘(1) IN GENERAL.—Any issuer, prior to its ini- (1) by striking ‘‘paragraph (1)(B)’’ and insert- (15 U.S.C. 77r(b)(1)), as amended by section tial public offering date, may confidentially sub- ing ‘‘paragraph (1)(A) and section 129C’’; 456(b), is further amended— mit to the Commission a draft registration state- (2) in subparagraph (C)— (1) by striking subparagraph (A); ment, for confidential nonpublic review by the (A) by inserting ‘‘and insurance’’ after (2) in subparagraph (B), by striking ‘‘that the staff of the Commission prior to public filing, ‘‘taxes’’; Commission determines by rule (on its own ini- provided that the initial confidential submission (B) in clause (ii), by inserting ‘‘, except as re- tiative or on the basis of a petition) are substan- and all amendments thereto shall be publicly tained by a creditor or its affiliate as a result of tially similar to the listing standards applicable filed with the Commission not later than 15 days their participation in an affiliated business ar- to securities described in subparagraph (A)’’ before the date on which the issuer conducts a rangement (as defined in section 3(7) of the Real and inserting ‘‘that have been approved by the road show, as such term is defined in section Estate Settlement Procedures Act of 1974 (12 Commission’’; 230.433(h)(4) of title 17, Code of Federal Regula- U.S.C. 2602(7)),’’ after ‘‘compensation’’; and (3) in subparagraph (C), by striking ‘‘or (B)’’; tions, or any successor thereto.’’. (C) by striking clause (iii) and inserting the and following: (4) by redesignating subparagraphs (B), (C), TITLE V—REGULATORY RELIEF FOR MAIN ‘‘(iii) the charge is— and (D) as subparagraphs (A), (B), and (C), re- STREET AND COMMUNITY FINANCIAL ‘‘(I) a bona fide third-party charge not re- spectively. INSTITUTIONS tained by the mortgage originator, creditor, or Subtitle T—Private Company Flexibility and Subtitle A—Preserving Access to an affiliate of the creditor or mortgage origi- Growth Manufactured Housing nator; or SEC. 501. MORTGAGE ORIGINATOR DEFINITION. ‘‘(II) a charge set forth in section 106(e)(1);’’; SEC. 497. SHAREHOLDER THRESHOLD FOR REG- ISTRATION. Section 103 of the Truth in Lending Act (15 and The Securities Exchange Act of 1934 (15 U.S.C. U.S.C. 1602) is amended— (3) in subparagraph (D)— (A) by striking ‘‘accident,’’; and 78a et seq.) is amended— (1) by redesignating the second subsection (cc) (1) in section 12(g)— and subsection (dd) as subsections (dd) and (ee), (B) by striking ‘‘or any payments’’ and insert- (A) in paragraph (1)— respectively; and ing ‘‘and any payments’’. (i) by striking ‘‘shall—’’ and all that follows (2) in paragraph (2)(C) of subsection (dd), as (b) AMENDMENT TO SECTION 129C OF TILA.— through ‘‘register such security’’ and inserting so redesignated, by striking ‘‘an employee of a Section 129C of the Truth in Lending Act (15 ‘‘shall, not later than 120 days after the last day retailer of manufactured homes who is not de- U.S.C. 1639c) is amended— of its first fiscal year ended after the effective scribed in clause (i) or (iii) of subparagraph (A) (1) in subsection (a)(5)(C), by striking ‘‘103’’ date of this subsection on which the issuer has and who does not advise a consumer on loan and all that follows through ‘‘or mortgage origi- total assets exceeding $10,000,000 (or such great- terms (including rates, fees, and other costs)’’ nator’’ and inserting ‘‘103(aa)(4)’’; and (2) in subsection (b)(2)(C)(i), by striking ‘‘103’’ er amount of assets as the Commission may es- and inserting ‘‘a retailer of manufactured or and all that follows through ‘‘or mortgage origi- tablish by rule) and a class of equity security modular homes or its employees unless such re- nator)’’ and inserting ‘‘103(aa)(4)’’. (other than an exempted security) held of record tailer or its employees receive compensation or by 2,000 or more persons (or such greater num- gain for engaging in activities described in sub- Subtitle C—Financial Institution Customer ber of persons as the Commission may establish paragraph (A) that is in excess of any com- Protection by rule), register such security’’; and pensation or gain received in a comparable cash SEC. 511. REQUIREMENTS FOR DEPOSIT AC- (ii) by adding at the end the following: ‘‘The transaction’’. COUNT TERMINATION REQUESTS dollar figure in this paragraph shall be indexed SEC. 502. HIGH-COST MORTGAGE DEFINITION. AND ORDERS. for inflation every 5 years by the Commission to Section 103 of the Truth in Lending Act (15 (a) TERMINATION REQUESTS OR ORDERS MUST reflect the change in the Consumer Price Index U.S.C. 1602), as amended by section 501, is fur- BE MATERIAL.— for All Urban Consumers published by the Bu- ther amended— (1) IN GENERAL.—An appropriate Federal reau of Labor Statistics, rounded to the nearest (1) by redesignating subsection (aa) (relating banking agency may not formally or informally $100,000.’’; and to disclosure of greater amount or percentage), request or order a depository institution to ter- (B) in paragraph (4), by striking ‘‘300 per- as so designated by section 1100A of the Con- minate a specific customer account or group of sons’’ and all that follows through ‘‘1,200 per- sumer Financial Protection Act of 2010, as sub- customer accounts or to otherwise restrict or dis- sons persons’’ and inserting ‘‘1,200 persons’’; section (bb); courage a depository institution from entering and (2) by redesignating subsection (bb) (relating into or maintaining a banking relationship with (2) in section 15(d)(1), by striking ‘‘300 per- to high cost mortgages), as so designated by sec- a specific customer or group of customers un- sons’’ and all that follows through ‘‘1,200 per- tion 1100A of the Consumer Financial Protection less— sons persons’’ and inserting ‘‘1,200 persons’’. Act of 2010, as subsection (aa), and moving such (A) the agency has a material reason for such Subtitle U—Small Company Capital subsection to immediately follow subsection (z); request or order; and Formation Enhancements and (B) such reason is not based solely on reputa- (3) in subsection (aa)(1)(A), as so redesig- tion risk. SEC. 498. JOBS ACT-RELATED EXEMPTION. nated— (2) TREATMENT OF NATIONAL SECURITY Section 3(b) of the Securities Act of 1933 (15 (A) in clause (i)(I), by striking ‘‘(8.5 percent- THREATS.—If an appropriate Federal banking U.S.C. 77c(b)) is amended— age points, if the dwelling is personal property agency believes a specific customer or group of (1) in paragraph (2)(A), by striking and the transaction is for less than $50,000)’’ customers is, or is acting as a conduit for, an ‘‘$50,000,000’’ and inserting ‘‘$75,000,000, ad- and inserting ‘‘(10 percentage points if the entity which— justed for inflation by the Commission every 2 dwelling is personal property or is a transaction (A) poses a threat to national security, years to the nearest $10,000 to reflect the change that does not include the purchase of real prop- (B) is involved in terrorist financing, in the Consumer Price Index for All Urban Con- erty on which a dwelling is to be placed, and (C) is an agency of the government of Iran, sumers published by the Bureau of Labor Statis- the transaction is for less than $75,000 (as such North Korea, Syria, or any country listed from tics’’; and amount is adjusted by the Consumer Law En- time to time on the State Sponsors of Terrorism (2) in paragraph (5)— forcement Agency to reflect the change in the list, (A) by striking ‘‘such amount as’’ and insert- Consumer Price Index))’’; and (D) is located in, or is subject to the jurisdic- ing: ‘‘such amount, in addition to the adjust- (B) in clause (ii)— tion of, any country specified in subparagraph ment for inflation provided for under such para- (i) in subclause (I), by striking ‘‘or’’ at the (C), or graph (2)(A), as’’; and end; and (E) does business with any entity described in (B) by striking ‘‘such amount, it’’ and insert- (ii) by adding at the end the following: subparagraph (C) or (D), unless the appropriate ing ‘‘such amount, in addition to the adjust- ‘‘(III) in the case of a transaction for less Federal banking agency determines that the ment for inflation provided for under such para- than $75,000 (as such amount is adjusted by the customer or group of customers has used due graph (2)(A), it’’. Consumer Law Enforcement Agency to reflect diligence to avoid doing business with any enti- Subtitle V—Encouraging Public Offerings the change in the Consumer Price Index) in ty described in subparagraph (C) or (D), SEC. 499. EXPANDING TESTING THE WATERS AND which the dwelling is personal property (or is a such belief shall satisfy the requirement under CONFIDENTIAL SUBMISSIONS. consumer credit transaction that does not in- paragraph (1). The Securities Act of 1933 (15 U.S.C. 77a et clude the purchase of real property on which a (b) NOTICE REQUIREMENT.— seq.) is amended— dwelling is to be placed) the greater of 5 percent (1) IN GENERAL.—If an appropriate Federal (1) in section 5(d), by striking ‘‘an emerging of the total transaction amount or $3,000 (as banking agency formally or informally requests growth company or any person authorized to such amount is adjusted by the Consumer Law or orders a depository institution to terminate a

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00055 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4760 CONGRESSIONAL RECORD — HOUSE June 8, 2017 specific customer account or a group of customer ‘‘(ii) either personally or through delegation (2) in section 602(21) (12 U.S.C. 4001(21)) by in- accounts, the agency shall— no lower than the Deputy Attorney General, serting ‘‘American Samoa, the Commonwealth of (A) provide such request or order to the insti- issues and signs a subpoena for such actions the Northern Mariana Islands,’’ after ‘‘Puerto tution in writing; and and such subpoena is supported by specific and Rico,’’; (B) accompany such request or order with a articulable facts showing that there are reason- (3) in section 602(23) (12 U.S.C. 4001(23)) by in- written justification for why such termination is able grounds to believe that the information or serting ‘‘American Samoa, the Commonwealth of needed, including any specific laws or regula- testimony sought is relevant for conducting an the Northern Mariana Islands,’’ after ‘‘Puerto tions the agency believes are being violated by investigation under this section.’’. Rico,’’; and the customer or group of customers, if any. Subtitle D—Portfolio Lending and Mortgage (4) in section 603(d)(2)(A) (12 U.S.C. (2) JUSTIFICATION REQUIREMENT.—A justifica- Access 4002(d)(2)(A)), by inserting ‘‘American Samoa, tion described under paragraph (1)(B) may not SEC. 516. SAFE HARBOR FOR CERTAIN LOANS the Commonwealth of the Northern Mariana Is- be based solely on the reputation risk to the de- HELD ON PORTFOLIO. lands,’’ after ‘‘Puerto Rico,’’. pository institution. (a) IN GENERAL.—Section 129C of the Truth in (b) EFFECTIVE DATE.—This section shall take (c) CUSTOMER NOTICE.— Lending Act (15 U.S.C. 1639c) is amended by (1) NOTICE REQUIRED.—Except as provided effect on January 1, 2017. adding at the end the following: under paragraph (2), if an appropriate Federal ‘‘(j) SAFE HARBOR FOR CERTAIN LOANS HELD Subtitle F—Small Bank Holding Company banking agency orders a depository institution ON PORTFOLIO.— Policy Statement to terminate a specific customer account or a ‘‘(1) SAFE HARBOR FOR CREDITORS THAT ARE group of customer accounts, the depository in- SEC. 526. CHANGES REQUIRED TO SMALL BANK DEPOSITORY INSTITUTIONS.— HOLDING COMPANY POLICY STATE- stitution shall inform the customer or customers ‘‘(A) IN GENERAL.—A creditor that is a deposi- MENT ON ASSESSMENT OF FINAN- of the justification for the customer’s account tory institution shall not be subject to suit for CIAL AND MANAGERIAL FACTORS. termination described under subsection (b). failure to comply with subsection (a), (c)(1), or (a) IN GENERAL.—Before the end of the 6- (2) NOTICE PROHIBITED IN CASES OF NATIONAL (f)(2) of this section or section 129H with respect month period beginning on the date of the en- SECURITY.—If an appropriate Federal banking to a residential mortgage loan, and the banking actment of this Act, the Board of Governors of agency requests or orders a depository institu- regulators shall treat such loan as a qualified the Federal Reserve System shall revise the tion to terminate a specific customer account or mortgage, if— Small Bank Holding Company Policy Statement a group of customer accounts based on a belief ‘‘(i) the creditor has, since the origination of on Assessment of Financial and Managerial that the customer or customers pose a threat to the loan, held the loan on the balance sheet of Factors (12 C.F.R. part 225—appendix C) to national security, or are otherwise described the creditor; and raise the consolidated asset threshold under under subsection (a)(2), neither the depository ‘‘(ii) all prepayment penalties with respect to such policy statement from $1,000,000,000 (as ad- institution nor the appropriate Federal banking the loan comply with the limitations described justed by Public Law 113–250) to $10,000,000,000. agency may inform the customer or customers of under subsection (c)(3). the justification for the customer’s account ter- ‘‘(B) EXCEPTION FOR CERTAIN TRANSFERS.—In (b) CONFORMING AMENDMENT.—Subparagraph mination. the case of a depository institution that trans- (C) of section 171(b)(5) of the Dodd-Frank Wall (d) REPORTING REQUIREMENT.—Each appro- fers a loan originated by that institution to an- Street Reform and Consumer Protection Act (12 priate Federal banking agency shall issue an other depository institution by reason of the U.S.C. 5371(b)(5)) is amended to read as follows: annual report to the Congress stating— bankruptcy or failure of the originating deposi- ‘‘(C) any bank holding company or savings (1) the aggregate number of specific customer tory institution or the purchase of the origi- and loan holding company that is subject to the accounts that the agency requested or ordered a nating depository institution, the depository in- application of the Small Bank Holding Com- depository institution to terminate during the stitution transferring such loan shall be deemed pany Policy Statement on Assessment of Finan- previous year; and to have complied with the requirement under cial and Managerial Factors of the Board of (2) the legal authority on which the agency subparagraph (A)(i). Governors (12 C.F.R. part 225—appendix C).’’. ‘‘(2) SAFE HARBOR FOR MORTGAGE ORIGINA- relied in making such requests and orders and Subtitle G—Community Institution Mortgage TORS.—A mortgage originator shall not be sub- the frequency on which the agency relied on Relief each such authority. ject to suit for a violation of section (e) DEFINITIONS.—For purposes of this section: 129B(c)(3)(B) for steering a consumer to a resi- SEC. 531. COMMUNITY FINANCIAL INSTITUTION (1) APPROPRIATE FEDERAL BANKING AGENCY.— dential mortgage loan if— MORTGAGE RELIEF. The term ‘‘appropriate Federal banking agen- ‘‘(A) the creditor of such loan is a depository (a) EXEMPTION FROM ESCROW REQUIREMENTS cy’’ means— institution and has informed the mortgage origi- FOR LOANS HELD BY SMALLER CREDITORS.—Sec- (A) the appropriate Federal banking agency, nator that the creditor intends to hold the loan tion 129D of the Truth in Lending Act (15 U.S.C. as defined under section 3 of the Federal De- on the balance sheet of the creditor for the life 1639d) is amended— posit Insurance Act (12 U.S.C. 1813); and of the loan; and (1) by adding at the end the following: (B) the National Credit Union Administration, ‘‘(B) the mortgage originator informs the con- sumer that the creditor intends to hold the loan ‘‘(k) SAFE HARBOR FOR LOANS HELD BY in the case of an insured credit union. SMALLER CREDITORS.— (2) DEPOSITORY INSTITUTION.—The term ‘‘de- on the balance sheet of the creditor for the life ‘‘(1) IN GENERAL.—A creditor shall not be in pository institution’’ means— of the loan. (A) a depository institution, as defined under ‘‘(3) DEFINITIONS.—For purposes of this sub- violation of subsection (a) with respect to a loan section 3 of the Federal Deposit Insurance Act section: if— (12 U.S.C. 1813); and ‘‘(A) BANKING REGULATORS.—The term ‘bank- ‘‘(A) the creditor has consolidated assets of (B) an insured credit union. ing regulators’ means the Federal banking agen- $10,000,000,000 or less; and SEC. 512. AMENDMENTS TO THE FINANCIAL IN- cies, the Consumer Law Enforcement Agency, ‘‘(B) the creditor holds the loan on the bal- STITUTIONS REFORM, RECOVERY, and the National Credit Union Administration. ance sheet of the creditor for the 3-year period AND ENFORCEMENT ACT OF 1989. ‘‘(B) DEPOSITORY INSTITUTION.—The term ‘de- beginning on the date of the origination of the Section 951 of the Financial Institutions Re- pository institution’ has the meaning given that loan. term under section 19(b)(1) of the Federal Re- form, Recovery, and Enforcement Act of 1989 (12 ‘‘(2) EXCEPTION FOR CERTAIN TRANSFERS.—In serve Act (12 U.S.C. 505(b)(1)). U.S.C. 1833a) is amended— the case of a creditor that transfers a loan to (1) in subsection (c)(2), by striking ‘‘affecting ‘‘(C) FEDERAL BANKING AGENCIES.—The term ‘Federal banking agencies’ has the meaning another person by reason of the bankruptcy or a federally insured financial institution’’ and failure of the creditor, the purchase of the cred- inserting ‘‘against a federally insured financial given that term under section 3 of the Federal Deposit Insurance Act.’’. itor, or a supervisory act or recommendation institution or by a federally insured financial from a State or Federal regulator, the creditor institution against an unaffiliated third per- (b) RULE OF CONSTRUCTION.—Nothing in the amendment made by this section may be con- shall be deemed to have complied with the re- son’’; and quirement under paragraph (1)(B).’’; and (2) in subsection (g)— strued as preventing a balloon loan from quali- (2) by striking the term ‘‘Board’’ each place (A) in the heading, by striking ‘‘SUBPOENAS’’ fying for the safe harbor provided under section such term appears and inserting ‘‘Consumer and inserting ‘‘INVESTIGATIONS’’; and 129C(j) of the Truth in Lending Act if the bal- (B) by amending paragraph (1)(C) to read as loon loan otherwise meets all of the require- Law Enforcement Agency’’. follows: ments under such subsection (j), regardless of (b) MODIFICATION TO EXEMPTION FOR SMALL ‘‘(C) summon witnesses and require the pro- whether the balloon loan meets the requirements SERVICERS OF MORTGAGE LOANS.—Section 6 of duction of any books, papers, correspondence, described under clauses (i) through (iv) of sec- the Real Estate Settlement Procedures Act of memoranda, or other records which the Attor- tion 129C(b)(2)(E) of such Act. 1974 (12 U.S.C. 2605) is amended by adding at ney General deems relevant or material to the Subtitle E—Application of the Expedited the end the following: inquiry, if the Attorney General— Funds Availability Act ‘‘(n) SMALL SERVICER EXEMPTION.—The Con- ‘‘(i) requests a court order from a court of SEC. 521. APPLICATION OF THE EXPEDITED sumer Law Enforcement Agency shall, by regu- competent jurisdiction for such actions and of- FUNDS AVAILABILITY ACT. lation, provide exemptions to, or adjustments fers specific and articulable facts showing that (a) IN GENERAL.—The Expedited Funds Avail- for, the provisions of this section for a servicer there are reasonable grounds to believe that the ability Act (12 U.S.C. 4001 et seq.) is amended— that annually services 20,000 or fewer mortgage information or testimony sought is relevant and (1) in section 602(20) (12 U.S.C. 4001(20)) by in- loans, in order to reduce regulatory burdens material for conducting an investigation under serting ‘‘, located in the United States,’’ after while appropriately balancing consumer protec- this section; or ‘‘ATM’’; tions.’’.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00056 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4761 Subtitle H—Financial Institutions ‘‘(1) receive and, at the Director’s discretion, mine the appropriateness of the agency’s deci- Examination Fairness and Reform investigate complaints from financial institu- sion based upon the relevant statutes, regula- SEC. 536. TIMELINESS OF EXAMINATION RE- tions, their representatives, or another entity tions, and other appropriate guidance, as well PORTS. acting on behalf of such institutions, concerning as evidence adduced at any hearing. (a) IN GENERAL.—The Federal Financial Insti- examinations, examination practices, or exam- ‘‘(d) FINAL DECISION.—A decision by the Di- tutions Examination Council Act of 1978 (12 ination reports; rector on an independent review under this sec- U.S.C. 3301 et seq.) is amended by adding at the ‘‘(2) hold meetings, at least once every three tion shall— end the following: months and in locations designed to encourage ‘‘(1) be made not later than 60 days after the participation from all sections of the United record has been closed; and ‘‘SEC. 1012. TIMELINESS OF EXAMINATION RE- ‘‘(2) be deemed final agency action and shall PORTS. States, with financial institutions, their rep- bind the agency whose supervisory determina- ‘‘(a) IN GENERAL.— resentatives, or another entity acting on behalf tion was the subject of the review and the finan- ‘‘(1) FINAL EXAMINATION REPORT.—A Federal of such institutions, to discuss examination pro- cial institution requesting the review. financial institutions regulatory agency shall cedures, examination practices, or examination policies; ‘‘(e) RIGHT TO JUDICIAL REVIEW.—A financial provide a final examination report to a financial institution shall have the right to petition for institution not later than 60 days after the later ‘‘(3) review examination procedures of the Federal financial institutions regulatory agen- review of final agency action under this section of— by filing a Petition for Review within 60 days of ‘‘(A) the exit interview for an examination of cies to ensure that the written examination poli- the Director’s decision in the United States the institution; or cies of those agencies are being followed in prac- Court of Appeals for the District of Columbia ‘‘(B) the provision of additional information tice and adhere to the standards for consistency Circuit or the Circuit in which the financial in- by the institution relating to the examination. established by the Council; stitution is located. ‘‘(2) EXIT INTERVIEW.—If a financial institu- ‘‘(4) conduct a continuing and regular review ‘‘(f) REPORT.—The Director shall report annu- tion is not subject to a resident examiner pro- of examination quality assurance for all exam- ination types conducted by the Federal finan- ally to the Committee on Financial Services of gram, the exit interview shall occur not later the House of Representatives and the Committee than the end of the 9-month period beginning cial institutions regulatory agencies; ‘‘(5) adjudicate any supervisory appeal initi- on Banking, Housing, and Urban Affairs of the on the commencement of the examination, ex- Senate on actions taken under this section, in- cept that such period may be extended by the ated under section 1015; and ‘‘(6) report annually to the Committee on Fi- cluding the types of issues that the Director has Federal financial institutions regulatory agency reviewed and the results of those reviews. In no by providing written notice to the institution nancial Services of the House of Representa- tives, the Committee on Banking, Housing, and case shall such a report contain information and the Independent Examination Review Di- about individual financial institutions or any rector describing with particularity the reasons Urban Affairs of the Senate, and the Council, on the reviews carried out pursuant to para- confidential or privileged information shared by that a longer period is needed to complete the financial institutions. examination. graphs (3) and (4), including compliance with the requirements set forth in section 1012 regard- ‘‘(g) RETALIATION PROHIBITED.—A Federal fi- ‘‘(b) EXAMINATION MATERIALS.—Upon the re- nancial institutions regulatory agency may quest of a financial institution, the Federal fi- ing timeliness of examination reports, and the Council’s recommendations for improvements in not— nancial institutions regulatory agency shall in- ‘‘(1) retaliate against a financial institution, clude with the final report an appendix listing examination procedures, practices, and policies. ‘‘(e) CONFIDENTIALITY.—The Director shall including service providers, or any institution- all examination or other factual information re- keep confidential all meetings with, discussions affiliated party (as defined under section 3 of lied upon by the agency in support of a material with, and information provided by financial in- the Federal Deposit Insurance Act), for exer- supervisory determination. stitutions. cising appellate rights under this section; or ‘‘SEC. 1013. EXAMINATION STANDARDS. ‘‘(2) delay or deny any agency action that ‘‘SEC. 1015. RIGHT TO INDEPENDENT REVIEW OF ‘‘(a) IN GENERAL.—In the examination of a fi- MATERIAL SUPERVISORY DETER- would benefit a financial institution or any in- nancial institution— MINATIONS. stitution-affiliated party on the basis that an ‘‘(1) a commercial loan shall not be placed in ‘‘(a) IN GENERAL.—A financial institution appeal under this section is pending under this non-accrual status solely because the collateral shall have the right to obtain an independent section. for such loan has deteriorated in value; review of a material supervisory determination ‘‘(h) RULE OF CONSTRUCTION.—Nothing in this ‘‘(2) a modified or restructured commercial contained in a final report of examination. section may be construed— loan shall be removed from non-accrual status if ‘‘(b) NOTICE.— ‘‘(1) to affect the right of a Federal financial the borrower demonstrates the ability to perform ‘‘(1) TIMING.—A financial institution seeking institutions regulatory agency to take enforce- on such loan over a maximum period of 6 review of a material supervisory determination ment or other supervisory actions related to a months, except that with respect to loans on a under this section shall file a written notice material supervisory determination under review quarterly, semiannual, or longer repayment with the Independent Examination Review Di- under this section; or schedule such period shall be a maximum of 3 rector (the ‘Director’) within 60 days after re- ‘‘(2) to prohibit the review under this section consecutive repayment periods; ceiving the final report of examination that is of a material supervisory determination with re- ‘‘(3) a new appraisal on a performing commer- the subject of such review. spect to which there is an ongoing enforcement cial loan shall not be required unless an ad- ‘‘(2) IDENTIFICATION OF DETERMINATION.—The or other supervisory action.’’. vance of new funds is involved; and written notice shall identify the material super- (b) ADDITIONAL AMENDMENTS.— (1) RIEGLE COMMUNITY DEVELOPMENT AND ‘‘(4) in classifying a commercial loan in which visory determination that is the subject of the REGULATORY IMPROVEMENT ACT OF 1994.—Section there has been deterioration in collateral value, independent examination review, and a state- 309 of the Riegle Community Development and the amount to be classified shall be the portion ment of the reasons why the institution believes Regulatory Improvement Act of 1994 (12 U.S.C. of the deficiency relating to the decline in col- that the determination is incorrect or should 4806) is amended— lateral value and repayment capacity of the bor- otherwise be modified. (A) in subsection (a), by inserting after ‘‘ap- rower. ‘‘(3) INFORMATION TO BE PROVIDED TO INSTI- propriate Federal banking agency’’ the fol- ‘‘(b) WELL CAPITALIZED INSTITUTIONS.—The TUTION.—Any information relied upon by the lowing: ‘‘, the Consumer Law Enforcement Federal financial institutions regulatory agen- agency in the final report that is not in the pos- Agency,’’; cies may not require a financial institution that session of the financial institution may be re- is well capitalized to raise additional capital in (B) in subsection (b)— quested by the financial institution and shall be (i) in paragraph (2), by striking ‘‘the appel- lieu of an action prohibited under subsection delivered promptly by the agency to the finan- lant from retaliation by agency examiners’’ and (a). cial institution. inserting ‘‘the insured depository institution or ‘‘(c) CONSISTENT LOAN CLASSIFICATIONS.—The ‘‘(c) RIGHT TO HEARING.— insured credit union from retaliation by the Federal financial institutions regulatory agen- ‘‘(1) IN GENERAL.—The Director shall deter- cies shall develop and apply identical defini- agencies referred to in subsection (a)’’; and mine the merits of the appeal on the record or, (ii) by adding at the end the following flush- tions and reporting requirements for non-ac- at the financial institution’s election, shall refer left text: crual loans. the appeal to an Administrative Law Judge to ‘‘For purposes of this subsection and subsection ‘‘SEC. 1014. OFFICE OF INDEPENDENT EXAMINA- conduct a confidential hearing pursuant to the (e), retaliation includes delaying consideration TION REVIEW. procedures set forth under sections 556 and 557 of, or withholding approval of, any request, no- ‘‘(a) ESTABLISHMENT.—There is established in of title 5, United States Code, which hearing tice, or application that otherwise would have the Council an Office of Independent Examina- shall take place not later than 60 days after the been approved, but for the exercise of the insti- tion Review (the ‘Office’). petition for review was received by the Director, tution’s or credit union’s rights under this sec- ‘‘(b) HEAD OF OFFICE.—There is established and to issue a proposed decision to the Director tion.’’; the position of the Independent Examination based upon the record established at such hear- (C) in subsection (e)(2)— Review Director (the ‘Director’), as the head of ing. (i) in subparagraph (B), by striking ‘‘and’’ at the Office. The Director shall be appointed by ‘‘(2) STANDARD OF REVIEW.—In rendering a the end; the Council and shall be independent from any determination or recommendation under this (ii) in subparagraph (C), by striking the pe- member agency of the Council. subsection, neither the Administrative Law riod and inserting ‘‘; and’’; and ‘‘(c) STAFFING.—The Director is authorized to Judge nor the Director shall defer to the opin- (iii) by adding at the end the following: hire staff to support the activities of the Office. ions of the examiner or agency, but shall con- ‘‘(D) ensure that appropriate safeguards exist ‘‘(d) DUTIES.—The Director shall— duct a de novo review to independently deter- for protecting the insured depository institution

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00057 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4762 CONGRESSIONAL RECORD — HOUSE June 8, 2017 or insured credit union from retaliation by any (3) tailor such regulatory action in a manner institutions regulatory agencies’’ means the Of- agency referred to in subsection (a) for exer- that limits the regulatory compliance impact, fice of the Comptroller of the Currency, the cising its rights under this subsection.’’; and cost, liability risk, and other burdens, as appro- Board of Governors of the Federal Reserve Sys- (D) in subsection (f)(1)(A)— priate, for the risk profile and business model of tem, the Federal Deposit Insurance Corporation, (i) in clause (ii), by striking ‘‘and’’ at the end; the institution or class of institutions involved. the National Credit Union Administration, and (ii) in clause (iii), by striking ‘‘and’’ at the (b) OTHER CONSIDERATIONS.—In carrying out the Consumer Law Enforcement Agency. end; and the requirements of subsection (a), each Federal (2) REGULATORY ACTION.—The term ‘‘regu- (iii) by adding at the end the following: financial institutions regulatory agency shall latory action’’ means any proposed, interim, or ‘‘(iv) any issue specifically listed in an exam consider— final rule or regulation, guidance, or published report as a matter requiring attention by the in- (1) the impact that such regulatory action, interpretation. stitution’s management or board of directors; both by itself and in conjunction with the ag- Subtitle K—Federal Savings Association and gregate effect of other regulations, has on the Charter Flexibility ‘‘(v) any suspension or removal of an institu- ability of the applicable institution or class of tion’s status as eligible for expedited processing institutions to serve evolving and diverse cus- SEC. 551. OPTION FOR FEDERAL SAVINGS ASSO- of applications, requests, notices, or filings on tomer needs; CIATIONS TO OPERATE AS A COV- the grounds of a supervisory or compliance con- (2) the potential impact of examination manu- ERED SAVINGS ASSOCIATION. cern, regardless of whether that concern has als, regulatory actions taken with respect to The Home Owners’ Loan Act is amended by been cited as a basis for another material super- third-party service providers, or other regu- inserting after section 5 (12 U.S.C. 1464) the fol- visory determination or matter requiring atten- latory directives that may be in conflict or in- lowing: tion in an examination report, provided that the consistent with the tailoring of such regulatory ‘‘SEC. 5A. ELECTION TO OPERATE AS A COVERED conduct at issue did not involve violation of any action described in subsection (a)(3); and SAVINGS ASSOCIATION. criminal law; and’’. (3) the underlying policy objectives of the reg- ‘‘(a) DEFINITION.—In this section, the term (2) FEDERAL CREDIT UNION ACT.—Section 205(j) ulatory action and statutory scheme involved. ‘covered savings association’ means a Federal of the Federal Credit Union Act (12 U.S.C. (c) NOTICE OF PROPOSED AND FINAL RULE- savings association that makes an election ap- 1785(j)) is amended by inserting ‘‘the Consumer MAKING.—Each Federal financial institutions proved under subsection (b). Law Enforcement Agency,’’ before ‘‘the Admin- regulatory agency shall disclose in every notice ‘‘(b) ELECTION.— istration’’ each place such term appears. of proposed rulemaking and in any final rule- ‘‘(1) IN GENERAL.—Upon issuance of the rules (3) FEDERAL FINANCIAL INSTITUTIONS EXAM- making for a regulatory action how the agency described in subsection (f), a Federal savings as- INATION COUNCIL ACT OF 1978.—The Federal Fi- has applied subsections (a) and (b). sociation may elect to operate as a covered sav- nancial Institutions Examination Council Act of (d) REPORTS TO CONGRESS.— ings association by submitting a notice to the 1978 (12 U.S.C. 3301 et seq.) is amended— (1) INDIVIDUAL AGENCY REPORTS.— Comptroller of such election. (A) in section 1003, by amending paragraph (A) IN GENERAL.—Not later than 1 year after ‘‘(2) APPROVAL.—A Federal savings associa- (1) to read as follows: the date of the enactment of this Act and annu- tion shall be deemed to be approved to operate ‘‘(1) the term ‘Federal financial institutions ally thereafter, each Federal financial institu- as a covered savings association on the date regulatory agencies’— tions regulatory agency shall report to the Com- that is 60 days after the date on which the ‘‘(A) means the Office of the Comptroller of mittee on Financial Services of the House of Comptroller receives the notice under paragraph the Currency, the Board of Governors of the Representatives and the Committee on Banking, (1), unless the Comptroller notifies the Federal Federal Reserve System, the Federal Deposit In- Housing, and Urban Affairs of the Senate on savings association otherwise. surance Corporation, and the National Credit the specific actions taken to tailor the regu- ‘‘(c) RIGHTS AND DUTIES.—Notwithstanding Union Administration; and latory actions of the agency pursuant to the re- any other provision of law and except as other- ‘‘(B) for purposes of sections 1012, 1013, 1014, quirements of this Act. wise provided in this section, a covered savings and 1015, includes the Consumer Law Enforce- (B) APPEARANCE BEFORE THE COMMITTEES.— association shall— ment Agency;’’; and The head of each Federal financial institution ‘‘(1) have the same rights and privileges as a (B) in section 1005, by striking ‘‘One-fifth’’ regulatory agency shall appear before the Com- national bank that has its main office situated and inserting ‘‘One-fourth’’. mittee on Financial Services of the House of in the same location as the home office of the Subtitle I—National Credit Union Representatives and the Committee on Banking, covered savings association; and Administration Budget Transparency Housing, and Urban Affairs of the Senate after ‘‘(2) be subject to the same duties, restrictions, each report is made pursuant to subparagraph SEC. 541. BUDGET TRANSPARENCY FOR THE penalties, liabilities, conditions, and limitations NCUA. (A) to testify on the contents of such report. that would apply to such a national bank. (2) FIEC REPORTS.— Section 209(b) of the Federal Credit Union Act ‘‘(d) TREATMENT OF COVERED SAVINGS ASSO- (A) IN GENERAL.—Not later than 3 months (12 U.S.C. 1789) is amended— CIATIONS.—A covered savings association shall after each report is submitted under paragraph (1) by redesignating paragraphs (1) and (2) as be treated as a Federal savings association for (1), the Financial Institutions Examination paragraphs (2) and (3), respectively; the purposes— (2) by inserting before paragraph (2), as so re- Council shall report to the Committee on Finan- ‘‘(1) of governance of the covered savings as- designated, the following: cial Services of the House of Representatives sociation, including incorporation, bylaws, ‘‘(1) on an annual basis and prior to the sub- and the Committee on Banking, Housing, and boards of directors, shareholders, and distribu- mission of the detailed business-type budget re- Urban Affairs of the Senate on— tion of dividends; (i) the extent to which regulatory actions tai- quired under paragraph (2)— ‘‘(2) of consolidation, merger, dissolution, con- lored pursuant to this Act result in different ‘‘(A) make publicly available and cause to be version (including conversion to a stock bank or treatment of similarly situated institutions of di- printed in the Federal Register a draft of such to another charter), conservatorship, and receiv- verse charter types; and detailed business-type budget; and ership; and (ii) the reasons for such differential treatment. ‘‘(B) hold a public hearing, with public notice ‘‘(3) determined by regulation of the Comp- (B) APPEARANCE BEFORE THE COMMITTEES.— provided of such hearing, wherein the public The Chairman of the Financial Institutions Ex- troller. can submit comments on the draft of such de- amination Council shall appear before the Com- ‘‘(e) EXISTING BRANCHES.—A covered savings tailed business-type budget;’’; and mittee on Financial Services of the House of association may continue to operate any branch (3) in paragraph (2), as so redesignated— or agency the covered savings association oper- (A) by inserting ‘‘detailed’’ after ‘‘submit a’’; Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate after ated on the date on which an election under and subsection (b) is approved. (B) by inserting ‘‘, and where such budget each report is made pursuant to subparagraph (A) to testify on the contents of such report. ‘‘(f) RULEMAKING.—The Comptroller shall shall address any comments submitted by the issue rules to carry out this section— public pursuant to paragraph (1)(B)’’ after (e) LIMITED LOOK-BACK APPLICATION.— (1) IN GENERAL.—Each Federal financial insti- ‘‘(1) that establish streamlined standards and ‘‘Control Act’’. tutions regulatory agency shall conduct a re- procedures that clearly identify required docu- Subtitle J—Taking Account of Institutions view of all regulations adopted during the pe- mentation or timelines for an election under With Low Operation Risk riod beginning on the date that is seven years subsection (b); SEC. 546. REGULATIONS APPROPRIATE TO BUSI- before the date of the introduction of this Act in ‘‘(2) that require a Federal savings association NESS MODELS. the House of Representatives and ending on the that makes an election under subsection (b) to (a) IN GENERAL.—For any regulatory action date of the enactment of this Act, and apply the identify specific assets and subsidiaries— occurring after the date of the enactment of this requirements of this Act to such regulations. ‘‘(A) that do not conform to the requirements Act, each Federal financial institutions regu- (2) REVISION.—If the application of the re- for assets and subsidiaries of a national bank; latory agency shall— quirements of this Act to any such regulation and (1) take into consideration the risk profile and requires such regulation to be revised, the appli- ‘‘(B) that are held by the Federal savings as- business models of each type of institution or cable Federal financial institutions regulatory sociation on the date on which the Federal sav- class of institutions subject to the regulatory ac- agency shall revise such regulation within 3 ings association submits a notice of such elec- tion; years of the enactment of this Act. tion; (2) determine the necessity, appropriateness, (f) DEFINITIONS.—In this Act, the following ‘‘(3) that establish— and impact of applying such regulatory action definitions shall apply: ‘‘(A) a transition process for bringing such as- to such institutions or classes of institutions; (1) FEDERAL FINANCIAL INSTITUTIONS REGU- sets and subsidiaries into conformance with the and LATORY AGENCIES.—The term ‘‘Federal financial requirements for a national bank; and

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‘‘(B) procedures for allowing the Federal sav- ‘‘(2) PERIOD.—The period described in para- ‘‘(12) SHORT FORM REPORTING.— ings association to provide a justification for graph (1) shall begin on the date that the State- ‘‘(A) IN GENERAL.—The appropriate Federal grandfathering such assets and subsidiaries licensed loan originator submits the information banking agencies shall issue regulations allow- after electing to operate as a covered savings as- required under section 1505(a) in connection ing for a reduced reporting requirement for cov- sociation; with the application submitted to the applica- ered depository institutions when making the ‘‘(4) that establish standards and procedures tion State and end on the earliest of— first and third report of condition for a year, as to allow a covered savings association to termi- ‘‘(A) the date that the State-licensed loan required pursuant to paragraph (3). nate an election under subsection (b) after an originator withdraws the application to be a ‘‘(B) COVERED DEPOSITORY INSTITUTION DE- appropriate period of time or to make a subse- State-licensed loan originator in the application FINED.—For purposes of this paragraph, the quent election; State; term ‘covered depository institution’ means an ‘‘(5) that clarify requirements for the treat- ‘‘(B) the date that the application State de- insured depository institution that— ment of covered savings associations, including nies, or issues a notice of intent to deny, the ap- ‘‘(i) is well capitalized (as defined under sec- the provisions of law that apply to covered sav- plication; tion 38(b)); and ings associations; and ‘‘(C) the date that the application State ‘‘(ii) satisfies such other criteria as the appro- ‘‘(6) as the Comptroller deems necessary and grants a State license; or priate Federal banking agencies determine ap- in the interests of safety and soundness.’’. ‘‘(D) the date that is 120 days after the date propriate.’’. on which the State-licensed loan originator sub- Subtitle L—SAFE Transitional Licensing (b) REPORT TO CONGRESS.—Not later than 180 mits the application, if the application is listed days after the date of the enactment of this Act, SEC. 556. ELIMINATING BARRIERS TO JOBS FOR on the Nationwide Mortgage Licensing System LOAN ORIGINATORS. and every 365 days thereafter until the appro- and Registry as incomplete. (a) IN GENERAL.—The S.A.F.E. Mortgage Li- priate Federal banking agencies (as defined ‘‘(c) APPLICABILITY.— under section 3 of the Federal Deposit Insur- censing Act of 2008 (12 U.S.C. 5101 et seq.) is ‘‘(1) Any person employing an individual who ance Act) have issued the regulations required amended by adding at the end the following: is deemed to have temporary authority to act as under section 7(a)(12)(A) of the Federal Deposit ‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN a loan originator in an application State pursu- Insurance Act, such agencies shall submit to the ORIGINATORS. ant to this section shall be subject to the re- Committee on Financial Services of the House of ‘‘(a) TEMPORARY AUTHORITY TO ORIGINATE quirements of this title and to applicable State Representatives and the Committee on Banking, LOANS FOR LOAN ORIGINATORS MOVING FROM A law to the same extent as if such individual was Housing, and Urban Affairs of the Senate a re- DEPOSITORY INSTITUTION TO A NON-DEPOSITORY a State-licensed loan originator licensed by the port describing the progress made in issuing INSTITUTION.— application State. ‘‘(1) IN GENERAL.—Upon employment by a ‘‘(2) Any individual who is deemed to have such regulations. State-licensed mortgage company, an individual temporary authority to act as a loan originator Subtitle O—Homeowner Information Privacy who is a registered loan originator shall be in an application State pursuant to this section Protection deemed to have temporary authority to act as a and who engages in residential mortgage loan SEC. 571. STUDY REGARDING PRIVACY OF INFOR- loan originator in an application State for the origination activities shall be subject to the re- MATION COLLECTED UNDER THE period described in paragraph (2) if the indi- quirements of this title and to applicable State HOME MORTGAGE DISCLOSURE ACT vidual— law to the same extent as if such individual was OF 1975. ‘‘(A) has not had an application for a loan a State-licensed loan originator licensed by the (a) STUDY.—The Comptroller General of the originator license denied, or had such a license application State. United States shall conduct a study to deter- revoked or suspended in any governmental ju- ‘‘(d) DEFINITIONS.—In this section, the fol- mine whether the data required to be published, risdiction; lowing definitions shall apply: made available, or disclosed under the final ‘‘(B) has not been subject to or served with a ‘‘(1) STATE-LICENSED MORTGAGE COMPANY.— rule, in connection with other publicly available cease and desist order in any governmental ju- The term ‘State-licensed mortgage company’ data sources, including data made publicly risdiction or as described in section 1514(c); means an entity licensed or registered under the available under Regulation C (12 C.F.R. 1003) ‘‘(C) has not been convicted of a felony that law of any State to engage in residential mort- before the effective date of the final rule, could would preclude licensure under the law of the gage loan origination and processing activities. allow for or increase the probability of— application State; ‘‘(2) APPLICATION STATE.—The term ‘applica- (1) exposure of the identity of mortgage appli- ‘‘(D) has submitted an application to be a tion State’ means a State in which a registered cants or mortgagors through reverse engineer- State-licensed loan originator in the application loan originator or a State-licensed loan origi- ing; State; and nator seeks to be licensed.’’. (2) exposure of mortgage applicants or mortga- ‘‘(E) was registered in the Nationwide Mort- (b) TABLE OF CONTENTS AMENDMENT.—The gors to identity theft or the loss of sensitive per- gage Licensing System and Registry as a loan table of contents in section 1(b) of the Housing sonal financial information; originator during the 12-month period preceding and Economic Recovery Act of 2008 (42 U.S.C. (3) the marketing or sale of unfair or deceptive the date of submission of the information re- 4501 note) is amended by inserting after the item financial products to mortgage applicants or quired under section 1505(a). relating to section 1517 the following: mortgagors based on such data; ‘‘(2) PERIOD.—The period described in para- ‘‘Sec. 1518. Employment transition of loan origi- (4) personal financial loss or emotional dis- graph (1) shall begin on the date that the indi- nators.’’. tress resulting from the exposure of mortgage vidual submits the information required under (c) AMENDMENT TO CIVIL LIABILITY OF THE applicants or mortgagors to identify theft or the section 1505(a) and shall end on the earliest of— CONSUMER LAW ENFORCEMENT AGENCY AND ‘‘(A) the date that the individual withdraws loss of sensitive personal financial information; OTHER OFFICIALS.—Section 1513 of the S.A.F.E. the application to be a State-licensed loan origi- and Mortgage Licensing Act of 2008 (12 U.S.C. 5112) (5) the potential legal liability facing the Con- nator in the application State; is amended by striking ‘‘are loan originators or ‘‘(B) the date that the application State de- sumer Law Enforcement Agency and market are applying for licensing or registration as loan nies, or issues a notice of intent to deny, the ap- participants in the event the data required to be originators’’ and inserting ‘‘are applying for li- plication; published, made available, or disclosed under censing or registration using the Nationwide ‘‘(C) the date that the application State the final rule leads or contributes to identity Mortgage Licensing System and Registry’’. grants a State license; or theft or the capture of sensitive personal finan- ‘‘(D) the date that is 120 days after the date Subtitle M—Right to Lend cial information. on which the individual submits the application, SEC. 561. SMALL BUSINESS LOAN DATA COLLEC- (b) REPORT.—The Comptroller General of the if the application is listed on the Nationwide TION REQUIREMENT. United States shall submit to the Committee on Mortgage Licensing System and Registry as in- (a) REPEAL.—Section 704B of the Equal Credit Financial Services of the House of Representa- complete. Opportunity Act (15 U.S.C. 1691c–2) is repealed. tives and the Committee on Banking, Housing, ‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE (b) CONFORMING AMENDMENTS.—Section 701(b) and Urban Affairs of the Senate a report that LOANS FOR STATE-LICENSED LOAN ORIGINATORS of the Equal Credit Opportunity Act (15 U.S.C. includes— MOVING INTERSTATE.— 1691(b)) is amended— (1) the findings and conclusions of the Comp- ‘‘(1) IN GENERAL.—A State-licensed loan origi- (1) in paragraph (3), by inserting ‘‘or’’ at the troller General with respect to the study re- nator shall be deemed to have temporary au- end; quired under subsection (a); and thority to act as a loan originator in an applica- (2) in paragraph (4), by striking ‘‘; or’’ and (2) any recommendations for legislative or reg- tion State for the period described in paragraph inserting a period; and ulatory actions that— (2) if the State-licensed loan originator— (3) by striking paragraph (5). (A) would enhance the privacy of a consumer (c) CLERICAL AMENDMENT.—The table of sec- ‘‘(A) meets the requirements of subparagraphs when accessing mortgage credit; and tions for title VII of the Consumer Credit Protec- (A), (B), (C), and (D) of subsection (a)(1); (B) are consistent with consumer protections ‘‘(B) is employed by a State-licensed mortgage tion Act is amended by striking the item relating and safe and sound banking operations. to section 704B. company in the application State; and (c) SUSPENSION OF DATA SHARING REQUIRE- ‘‘(C) was licensed in a State that is not the Subtitle N—Community Bank Reporting MENTS.—Notwithstanding any other provision of application State during the 30-day period pre- Relief law, including the final rule— ceding the date of submission of the information SEC. 566. SHORT FORM CALL REPORT. (1) depository institutions shall not be re- required under section 1505(a) in connection (a) IN GENERAL.—Section 7(a) of the Federal quired to publish, disclose, or otherwise make with the application submitted to the applica- Deposit Insurance Act (12 U.S.C. 1817(a)) is available to the public, pursuant to the Home tion State. amended by adding at the end the following: Mortgage Disclosure Act of 1975 (or regulations

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00059 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4764 CONGRESSIONAL RECORD — HOUSE June 8, 2017 issued under such Act) any data that was not Credit Union Act (12 U.S.C. 1785(g)(1)) is submit an election to the appropriate Federal required to be published, disclosed, or otherwise amended by adding at the end the following banking agency (and any applicable State bank made available pursuant to such Act (or regula- new sentence: ‘‘A loan that is valid when made supervisor that regulates the banking organiza- tions issued under such Act) on the day before as to its maximum rate of interest in accordance tion) containing— the date of the enactment of the Dodd-Frank with this subsection shall remain valid with re- (1) a notice of such election; Wall Street Reform and Consumer Protection spect to such rate regardless of whether the loan (2) the banking organization’s average lever- Act; and is subsequently sold, assigned, or otherwise age ratio, as well as the organization’s quarterly (2) the Consumer Law Enforcement Agency transferred to a third party, and may be en- leverage ratio for each of the most recently com- and the Financial Institutions Examination forced by such third party notwithstanding any pleted four calendar quarters; Council shall not publish, disclose, or otherwise State law to the contrary.’’. (3) if the banking organization is a depository make available to the public any such informa- (d) AMENDMENT TO THE FEDERAL DEPOSIT IN- institution holding company, the information tion received from a depository institution pur- SURANCE ACT.—Section 27(a) of the Federal De- described under paragraph (2) for each of the suant to the final rule, except as required by posit Insurance Act (12 U.S.C. 1831d(a)) is organization’s insured depository institution law. amended by adding at the end the following subsidiaries; and (d) TEMPORARY SUSPENSION OF DATA REPORT- new sentence: ‘‘A loan that is valid when made (4) if the banking organization is an insured ING REQUIREMENTS..—Notwithstanding any as to its maximum rate of interest in accordance depository institution, the information described other provision of law, the effective date for new with this section shall remain valid with respect under paragraph (2) for any parent depository reporting requirements contained in the final to such rate regardless of whether the loan is institution holding company of the institution. rule shall be January 1, 2019. subsequently sold, assigned, or otherwise trans- (d) EFFECTIVE DATE OF ELECTION.— (e) DEFINITIONS.—For purposes of this section: ferred to a third party, and may be enforced by (1) IN GENERAL.—An election made under this (1) DEPOSITORY INSTITUTION.—The term ‘‘de- such third party notwithstanding any State law section shall take effect at the end of the 30-day pository institution’’ has the meaning given that to the contrary.’’. period beginning on the date that the appro- term under section 303 of the Home Mortgage Subtitle C—NCUA Overhead Transparency priate Federal banking agency receives the ap- Disclosure Act of 1975 (12 U.S.C. 2802). plication described under subsection (c), unless (2) FINAL RULE.—The term ‘‘final rule’’ means SEC. 586. FUND TRANSPARENCY. the appropriate Federal banking agency deter- the final rule issued by the Bureau of Consumer Section 203 of the Federal Credit Union Act mines that the banking organization has not Financial Protection titled ‘‘Home Mortgage (12 U.S.C. 1783) is amended by adding at the end met the requirements described under subsection Disclosure (Regulation C)’’ (October 28, 2015; 80 the following: (b). Fed. Reg. 66128). ‘‘(g) FUND TRANSPARENCY.— ‘‘(1) IN GENERAL.—The Board shall accom- (2) NOTICE OF FAILURE TO MEET REQUIRE- Subtitle A—Home Mortgage Disclosure pany each annual budget submitted pursuant to MENTS.—If the appropriate Federal banking Adjustment section 209(b) with a report containing— agency determines that a banking organization SEC. 576. DEPOSITORY INSTITUTIONS SUBJECT ‘‘(A) a detailed analysis of how the expenses submitting an election notice under subsection TO MAINTENANCE OF RECORDS AND of the Administration are assigned between pru- (c) does not meet the requirements described DISCLOSURE REQUIREMENTS. dential activities and insurance-related activi- under subsection (b), the agency shall— (a) IN GENERAL.—Section 304 of the Home ties and the extent to which those expenses are (A) notify the banking organization (and any Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) paid from the fees collected pursuant to section applicable State bank supervisor that regulates is amended— 105 or from the Fund; and the banking organization), in writing, of such (1) by redesignating subsection (i) as para- ‘‘(B) the Board’s supporting rationale for any determination as soon as possible after such de- graph (2) and adjusting the margin appro- proposed use of amounts in the Fund contained termination is made, but in no case later than priately; and in such budget, including detailed breakdowns (2) by inserting before such paragraph (2) the the end of the 30-day period beginning on the and supporting rationales for any such pro- following: date that the appropriate Federal banking agen- posed use related to titles of this Act other than ‘‘(i) EXEMPTIONS.— cy receives the election; and ‘‘(1) IN GENERAL.—With respect to a deposi- this title. (B) include in such notification the specific tory institution, the requirements of subsections ‘‘(2) PUBLIC DISCLOSURE.—The Board shall reasons for such determination and steps that (a) and (b) shall not apply— make each report described under paragraph (1) the banking organization can take to meet such ‘‘(A) with respect to closed-end mortgage available to the public and available on the requirements. loans, if such depository institution originated Board’s website.’’. (e) TREATMENT OF CERTAIN NEW BANKING OR- less than 100 closed-end mortgage loans in each Subtitle D—Housing Opportunities Made GANIZATIONS.—In the case of a banking organi- of the two preceding calendar years; and Easier zation that is a newly-chartered insured deposi- ‘‘(B) with respect to open-end lines of credit, SEC. 591. CLARIFICATION OF DONATED SERVICES tory institution or a banking organization that if such depository institution originated less TO NON-PROFITS. becomes a banking organization because it con- than 200 open-end lines of credit in each of the Section 129E(i) of the Truth in Lending Act trols a newly-chartered insured depository insti- two preceding calendar years.’’. (15 U.S.C. 1639e(i)) is amended by adding at the tution, such banking organization may be treat- (b) TECHNICAL CORRECTION.—Section 304(i)(2) end the following: ed as a qualifying banking organization imme- of such Act, as redesignated by subsection (a), is ‘‘(4) RULE OF CONSTRUCTION RELATED TO AP- diately upon becoming a banking organization, amended by striking ‘‘section 303(2)(A)’’ and in- PRAISAL DONATIONS.—For purposes of para- if— serting ‘‘section 303(3)(A)’’. graph (1), if a fee appraiser voluntarily donates (1) an election to be treated as a qualifying Subtitle B—Protecting Consumers’ Access to appraisal services to an organization described banking organization was included in the appli- Credit in section 170(c)(2) of the Internal Revenue Code cation filed with the appropriate Federal bank- SEC. 581. RATE OF INTEREST AFTER TRANSFER of 1986, such voluntary donation shall be ing agency in connection with becoming a bank- OF LOAN. deemed customary and reasonable.’’. ing organization; and (a) AMENDMENT TO THE REVISED STATUTES.— TITLE VI—REGULATORY RELIEF FOR (2) as of the date the banking organization be- Section 5197 of the Revised Statutes of the STRONGLY CAPITALIZED, WELL MAN- comes a banking organization, the banking or- United States (12 U.S.C. 85) is amended by add- AGED BANKING ORGANIZATIONS ganization’s tangible equity divided by the ing at the end the following new sentence: ‘‘A SEC. 601. CAPITAL ELECTION. banking organization’s leverage exposure, ex- pressed as a percentage, is at least 10 percent. loan that is valid when made as to its maximum (a) IN GENERAL.—A banking organization may rate of interest in accordance with this section make an election under this section to be treated (f) FAILURE TO MAINTAIN QUARTERLY LEVER- shall remain valid with respect to such rate re- as a qualifying banking organization for pur- AGE RATIO AND LOSS OF ELECTION.— gardless of whether the loan is subsequently poses of the regulatory relief described under (1) EFFECT OF FAILURE TO MAINTAIN QUAR- sold, assigned, or otherwise transferred to a section 602. TERLY LEVERAGE RATIO.— third party, and may be enforced by such third (b) REQUIREMENTS.—A banking organization (A) IN GENERAL.—If, with respect to the most party notwithstanding any State law to the con- may qualify to be treated as a qualifying bank- recently completed calendar quarter, the appro- trary.’’. ing organization if— priate Federal banking agency determines that (b) AMENDMENT TO THE HOME OWNERS’ LOAN (1) the banking organization has an average a qualifying banking organization’s quarterly ACT.—Section 4(g)(1) of the Home Owners’ Loan leverage ratio of at least 10 percent; leverage ratio is below 10 percent— Act (12 U.S.C. 1463(g)(1)) is amended by adding (2) with respect to a depository institution (i) the appropriate Federal banking agency at the end the following new sentence: ‘‘A loan holding company, each insured depository insti- shall notify the qualifying banking organization that is valid when made as to its maximum rate tution subsidiary of the holding company simul- and any applicable State bank supervisor that of interest in accordance with this subsection taneously makes the election described under regulates the banking organization of such de- shall remain valid with respect to such rate re- subsection (a); and termination; gardless of whether the loan is subsequently (3) with respect to an insured depository insti- (ii) the appropriate Federal banking agency sold, assigned, or otherwise transferred to a tution, any parent depository institution hold- may prohibit the banking organization from third party, and may be enforced by such third ing company of the institution simultaneously making a capital distribution; and party notwithstanding any State law to the con- makes the election described under subsection (iii) the banking organization shall, within 3 trary.’’. (a). months of the first such determination, submit a (c) AMENDMENT TO THE FEDERAL CREDIT (c) ELECTION PROCESS.—To make an election capital restoration plan to the appropriate Fed- UNION ACT.—Section 205(g)(1) of the Federal under this section, a banking organization shall eral banking agency.

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(B) LOSS OF ELECTION AFTER ONE-YEAR REME- (D) Whether the acquisition of control of (1) all findings and determinations made by DIATION PERIOD.—If a banking organization de- shares of a company engaged in an activity de- the agency in carrying out the study required scribed under subparagraph (A) does not, with- scribed in section 4(j)(1)(A) of the Bank Holding under subsection (a); and in the 1-year period beginning on the date of Company Act of 1956 could possibly pose a ‘‘risk (2) the agency’s recommendations on how the such determination, raise the organization’s to the stability of the United States banking or Congress should design a requirement that quarterly leverage ratio for a calendar quarter financial system’’, under section 4(j)(2)(A) of the banking organizations issue contingent capital ending in such 1-year period to at least 10 per- Bank Holding Company Act of 1956, so long as with a market-based conversion trigger. cent, the banking organization’s election under the banking organization, after acquiring con- SEC. 604. STUDY ON ALTERING THE CURRENT this section shall be terminated, and the appro- trol of such company, would maintain a quar- PROMPT CORRECTIVE ACTION priate Federal banking agency shall notify any terly leverage ratio of at least 10 percent. RULES. applicable State bank supervisor that regulates (E) Whether a merger would pose a ‘‘risk to (a) STUDY.—The Comptroller General of the the banking organization of such termination. the stability of the United States banking or fi- United States shall conduct a study to assess (C) EFFECT OF SUBSIDIARY ON PARENT ORGANI- nancial system’’, under section 18(c)(5) of the the benefits and feasibility of altering the cur- ZATION.—With respect to a qualifying banking Federal Deposit Insurance Act, so long as the rent prompt corrective action rules and replac- organization described under subparagraph (A) banking organization, after such proposed merg- ing the Basel-based capital ratios with the non- that is an insured depository institution, any er, would maintain a quarterly leverage ratio of performing asset coverage ratio or NACR as the parent depository institution holding company at least 10 percent. trigger for specific required supervisory inter- of the qualifying banking organization shall— (F) Any risk the qualifying banking organiza- ventions. The Comptroller General shall ensure (i) if the appropriate Federal banking agency tion may pose to ‘‘the stability of the financial that such study includes the following: determines it appropriate, be prohibited from system of the United States’’, under section (1) An assessment of the performance of an making a capital distribution (other than a cap- 10(b)(4) of the Home Owners’ Loan Act. NACR forward-looking measure of a banking or- ital contribution to such qualifying banking or- (4) Subsections (i)(8) and (k)(6)(B)(ii) of sec- ganization’s solvency condition relative to the ganization described under subparagraph (A)); tion 4 and section 14 of the Bank Holding Com- regulatory capital ratios currently used by and pany Act of 1956. prompt corrective action rules. (ii) if the qualifying banking organization has (5) Section 18(c)(13) of the Federal Deposit In- (2) An analysis of the performance of alter- an election terminated under subparagraph (B), surance Act. native definitions of nonperforming assets. any such parent depository institution holding (6) Section 163 of the Financial Stability Act (3) An assessment of the impact of two alter- company shall also have its election under this of 2010. native intervention thresholds: section terminated. (7) Section 10(e)(2)(E) of the Home Owners’ (A) An initial (high) intervention threshold, (2) IMMEDIATE LOSS OF ELECTION IF THE QUAR- Loan Act. below which appropriate Federal banking agen- TERLY LEVERAGE RATIO FALLS BELOW 6 PER- (8) Any Federal law, rule, or regulation imple- cy examiners are required to intervene and as- CENT.— menting standards of the type provided for in sess a banking organization’s condition and pre- (A) IN GENERAL.—If, with respect to the most subsections (b), (c), (d), (e), (g), (h), (i), and (j) scribe remedial measures. recently completed calendar quarter, the appro- of section 165 of the Financial Stability Act of (B) A lower threshold, below which banking priate Federal banking agency determines that 2010. organizations must increase their capital, seek a qualifying banking organization’s quarterly (9) Any Federal law, rule, or regulation pro- an acquirer, or face mandatory resolution with- leverage ratio is below 6 percent, the banking viding limitations on mergers, consolidations, or in 90 days. organization’s election under this section shall acquisitions of assets or control, to the extent (b) REPORT.—Not later than the end of the 1- be terminated, and the appropriate Federal such limitations relate to capital or liquidity year period beginning on the date of the enact- banking agency shall notify any applicable standards or concentrations of deposits or as- ment of this Act, the Comptroller General shall State bank supervisor that regulates the bank- sets, so long as the banking organization, after submit a report to the Congress containing— ing organization of such termination. such proposed merger, consolidation, or acquisi- (1) all findings and determinations made in (B) EFFECT OF SUBSIDIARY ON PARENT ORGANI- tion, would maintain a quarterly leverage ratio carrying out the study required under sub- ZATION.—With respect to a qualifying banking of at least 10 percent. section (a); and organization described under subparagraph (A) (2) recommendations on the most suitable defi- (b) QUALIFYING BANKING ORGANIZATIONS that is an insured depository institution, any nition of nonperforming assets, as well as the TREATED AS WELL CAPITALIZED.—A qualifying parent depository institution holding company banking organization shall be deemed to be two numerical thresholds that trigger specific of the qualifying banking organization shall ‘‘well capitalized’’ for purposes of— required supervisory interventions. also have its election under this section termi- (1) section 216 of the Federal Credit Union SEC. 605. DEFINITIONS. nated. Act; and For purposes of this title: (3) ABILITY TO MAKE FUTURE ELECTIONS.—If a (2) sections 29, 38, 44, and 46 of the Federal (1) APPROPRIATE FEDERAL BANKING AGENCY.— banking organization has an election under this Deposit Insurance Act. The term ‘‘appropriate Federal banking agen- section terminated, the banking organization (c) TREATMENT OF CERTAIN RISK-WEIGHTED cy’’— may not apply for another election under this ASSET REQUIREMENTS FOR QUALIFYING BANKING (A) has the meaning given such term under section until the banking organization has ORGANIZATIONS.— section 3 of the Federal Deposit Insurance Act; maintained a quarterly leverage ratio of at least (1) ACQUISITION SIZE CRITERIA TREATMENT.—A and 10 percent for 8 consecutive calendar quarters. qualifying banking organization shall be (B) means the National Credit Union Adminis- SEC. 602. REGULATORY RELIEF. deemed to meet the criteria described under sec- tration, in the case of an insured credit union. (a) IN GENERAL.—A qualifying banking orga- tion 4(j)(4)(D) of the Bank Holding Company (2) BANKING ORGANIZATION.—The term ‘‘bank- nization shall be exempt from the following: Act of 1956, so long as after the proposed trans- ing organization’’ means— (1) Any Federal law, rule, or regulation ad- (A) an insured depository institution; action the acquiring qualifying banking organi- dressing capital or liquidity requirements or (B) an insured credit union; zation would maintain a quarterly leverage standards. (C) a depository institution holding company; ratio of at least 10 percent. (2) Any Federal law, rule, or regulation that (D) a company that is treated as a bank hold- (2) USE OF LEVERAGE EXPOSURE.—With respect permits an appropriate Federal banking agency ing company for purposes of section 8 of the to a qualifying banking organization, in deter- to object to a capital distribution. International Banking Act; and mining whether a proposal qualifies with the (3) Any consideration by an appropriate Fed- (E) a U.S. intermediate holding company es- criteria described under subparagraphs (A)(iii) eral banking agency of the following: tablished by a foreign banking organization (A) Any risk the qualifying banking organiza- and (B)(i) of section 4(j)(4) of the Bank Holding pursuant to section 252.153 of title 12, Code of tion may pose to ‘‘the stability of the financial Company Act of 1956, the Board of Governors of Federal Regulations. system of the United States’’, under section the Federal Reserve System shall consider the (3) FOREIGN EXCHANGE SWAP .—The term ‘‘for- 5(c)(2) of the Bank Holding Company Act of leverage exposure of an insured depository insti- eign exchange swap’’ has the meaning given 1956. tution instead of the total risk-weighted assets that term under section 1a of the Commodity Ex- (B) The ‘‘extent to which a proposed acquisi- of such institution. change Act. tion, merger, or consolidation would result in SEC. 603. CONTINGENT CAPITAL STUDY. (4) INSURED CREDIT UNION.—The term ‘‘in- greater or more concentrated risks to the sta- (a) STUDY.—The Board of Governors of the sured credit union’’ has the meaning given that bility of the United States banking or financial Federal Reserve System, the Federal Deposit In- term under section 101 of the Federal Credit system’’, under section 3(c)(7) of the Bank Hold- surance Corporation, and the Office of the Union Act. ing Company Act of 1956, so long as the banking Comptroller of the Currency shall each carry (5) LEVERAGE EXPOSURE.—The term ‘‘leverage organization, after such proposed acquisition, out a study, which shall include holding public exposure’’— merger, or consolidation, would maintain a hearings, on how to design a requirement that (A) with respect to a banking organization quarterly leverage ratio of at least 10 percent. banking organizations issue contingent capital other than an insured credit union or a tradi- (C) Whether the performance of an activity by with a market-based conversion trigger. tional banking organization, has the meaning the banking organization could possibly pose a (b) REPORT.—Not later than the end of the 1- given the term ‘‘total leverage exposure’’ under ‘‘risk to the stability of the United States bank- year period beginning on the date of the enact- section 3.10(c)(4)(ii), 217.10(c)(4), or 324.10(c)(4) ing or financial system’’, under section ment of this Act, each agency described under of title 12, Code of Federal Regulations, as ap- 4(j)(2)(A) of the Bank Holding Company Act of subsection (a) shall submit a report to the Con- plicable, as in effect on the date of the enact- 1956. gress containing— ment of this Act;

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(B) with respect to a traditional banking orga- (14) OTHER BANKING TERMS.—The terms ‘‘in- (ii) in the subsection heading, by striking nization other than an insured credit union, sured depository institution’’ and ‘‘depository ‘‘BUREAU OF CONSUMER FINANCIAL PROTEC- means total assets (minus any items deducted institution holding company’’ have the meaning TION’’ and inserting ‘‘CONSUMER LAW ENFORCE- from common equity tier 1 capital) as calculated given those terms, respectively, under section 3 MENT AGENCY’’; in accordance with generally accepted account- of the Federal Deposit Insurance Act. (E) in section 1411(a)(1), by striking ‘‘Bureau’’ ing principles and as reported on the traditional (15) OTHER CAPITAL TERMS.—With respect to a and inserting ‘‘Agency’’; and banking organization’s applicable regulatory fil- banking organization, the terms ‘‘additional tier (F) in section 1447, by striking ‘‘Director of ing with the banking organization’s appropriate 1 capital’’ and ‘‘common equity tier 1 capital’’ the Bureau’’ each place such term appears and Federal banking agency; and have the meaning given such terms, respectively, inserting ‘‘Director of the Consumer Law En- (C) with respect to a banking organization under section 3.20, 217.20, or 324.20 of title 12, forcement Agency’’. that is an insured credit union, has the meaning Code of Federal Regulations, as applicable, as (2) ALTERNATIVE MORTGAGE TRANSACTION PAR- given the term ‘‘total assets’’ under section 702.2 in effect on the date of the enactment of this ITY ACT OF 1982.—The Alternative Mortgage of title 12, Code of Federal Regulations, as in ef- Act. Transaction Parity Act of 1982 (12 U.S.C. 3801 et fect on the date of the enactment of this Act. TITLE VII—EMPOWERING AMERICANS TO seq.) is amended— (A) by striking ‘‘Bureau of Consumer Finan- (6) LEVERAGE RATIO DEFINITIONS.— ACHIEVE FINANCIAL INDEPENDENCE (A) AVERAGE LEVERAGE RATIO.—With respect cial Protection’’ each place such term appears to a banking organization, the term ‘‘average le- Subtitle A—Separation of Powers and Liberty and inserting ‘‘Consumer Law Enforcement verage ratio’’ means the average of the banking Enhancements Agency’’; and organization’s quarterly leverage ratios for each SEC. 711. CONSUMER LAW ENFORCEMENT AGEN- (B) in the subsection heading of subsection (d) of the most recently completed four calendar CY. of section 804 (12 U.S.C. 3803(d)), by striking quarters. (a) MAKING THE BUREAU AN INDEPENDENT ‘‘BUREAU’’ and inserting ‘‘AGENCY’’. (B) QUARTERLY LEVERAGE RATIO.—With re- CONSUMER LAW ENFORCEMENT AGENCY.—The (3) ELECTRONIC FUND TRANSFER ACT.—The spect to a banking organization and a calendar Consumer Financial Protection Act of 2010 (12 Electronic Fund Transfer Act (15 U.S.C. 1693 et quarter, the term ‘‘quarterly leverage ratio’’ U.S.C. 5481 et seq.) is amended— seq.) is amended— means the organization’s tangible equity divided (1) in section 1011— (A) by amending the second paragraph (4) by the organization’s leverage exposure, ex- (A) in the heading of such section, by striking (defining the term ‘‘Bureau’’) to read as follows: pressed as a percentage, on the last day of such ‘‘BUREAU OF CONSUMER FINANCIAL PRO- ‘‘(4) the term ‘Agency’ means the Consumer quarter. TECTION’’ and inserting ‘‘CONSUMER LAW Law Enforcement Agency;’’; (7) NACR.—The term ‘‘NACR’’ means— ENFORCEMENT AGENCY’’; (B) in section 916(d)(1), by striking ‘‘Bureau (A) book equity less nonperforming assets plus (B) in subsection (a)— of Consumer Financial Protection’’ and insert- loan loss reserves, divided by (i) in the heading of such subsection, by strik- ing ‘‘Consumer Law Enforcement Agency’’; and (B) total banking organization assets. ing ‘‘BUREAU’’ and inserting ‘‘AGENCY’’; (C) by striking ‘‘Bureau’’ each place that term (8) NONPERFORMING ASSETS.—The term ‘‘non- (ii) by striking ‘‘in the Federal Reserve Sys- appears in heading or text and inserting ‘‘Agen- performing assets’’ means— tem,’’; cy’’. (A) 20 percent of assets that are past due 30 to (iii) by striking ‘‘independent bureau’’ and in- (4) EQUAL CREDIT OPPORTUNITY ACT.—The 89 days, plus serting ‘‘independent agency’’; and Equal Credit Opportunity Act (15 U.S.C. 1691 et (B) 50 percent of assets that are past due 90 (iv) by striking ‘‘ ‘Bureau of Consumer Finan- seq.) is amended— days or more, plus cial Protection’ ’’ and inserting ‘‘ ‘Consumer (A) in section 702 (15 U.S.C. 1691a), by amend- (C) 100 percent of nonaccrual assets and other Law Enforcement Agency’ (hereinafter in this ing subsection (c) to read as follows: real estate owned. section referred to as the ‘Agency’)’’; ‘‘(c) The term ‘Agency’ means the Consumer (9) QUALIFYING BANKING ORGANIZATION.—The (C) in subsection (b)(5), by amending subpara- Law Enforcement Agency.’’; and term ‘‘qualifying banking organization’’ means graph (A) to read as follows: (B) by striking ‘‘Bureau’’ each place that term a banking organization that has made an elec- ‘‘(A) shall be appointed by the President; appears in heading or text and inserting ‘‘Agen- tion under section 601 and with respect to which and’’; cy’’. such election is in effect. (D) in subsection (c), by striking paragraph (5) EXPEDITED FUNDS AVAILABILITY ACT.—The (10) SECURITY-BASED SWAP .—The term ‘‘secu- (3); Expedited Funds Availability Act (12 U.S.C. rity-based swap’’ has the meaning given that (E) in subsection (e), by striking ‘‘, including 4001 et seq.) is amended— (A) by striking ‘‘Bureau of Consumer Finan- term under section 3 of the Securities Exchange in cities in which the Federal reserve banks, or cial Protection’’ each place such term appears Act of 1934. branches of such banks, are located,’’; and (11) SWAP.—The term ‘‘swap’’ has the mean- (F) by striking ‘‘Bureau’’ each place such and inserting ‘‘Consumer Law Enforcement ing given that term under section 1a of the Com- term appears and inserting ‘‘Agency’’; and Agency’’; and modity Exchange Act. (B) in the heading of section 605(f)(1), by (2) in section 1012— (12) TANGIBLE EQUITY.—The term ‘‘tangible striking ‘‘BOARD AND BUREAU’’ and inserting (A) in subsection (a)(10), by striking ‘‘exami- equity’’— ‘‘BOARD AND AGENCY’’. nations,’’; and (A) with respect to a banking organization (6) FAIR AND ACCURATE CREDIT TRANSACTIONS (B) by striking subsection (c). other than a credit union, means the sum of— ACT OF 2003.—The Fair and Accurate Credit (b) DEEMING OF NAME.—Any reference in a (i) common equity tier 1 capital; Transactions Act of 2003 (Public Law 108–159) is law, regulation, document, paper, or other (ii) additional tier 1 capital consisting of in- amended by striking ‘‘Bureau’’ each place such record of the United States to the Bureau of struments issued on or before the date of enact- term appears in heading and text and inserting Consumer Financial Protection shall be deemed ment of this Act; and ‘‘Agency’’. a reference to the Consumer Law Enforcement (iii) with respect to a depository institution (7) FAIR CREDIT REPORTING ACT.—The Fair holding company that had less than Agency. Credit Reporting Act (15 U.S.C. 1681 et seq.) is (c) CONFORMING AMENDMENTS.— $15,000,000,000 in total consolidated assets as of amended— December 31, 2009, or March 31, 2010, or a bank- (1) DODD-FRANK WALL STREET REFORM AND (A) by amending section 603(w) to read as fol- ing organization that was a mutual holding CONSUMER PROTECTION ACT.—The Dodd-Frank lows: company as of May 19, 2010, trust preferred se- Wall Street Reform and Consumer Protection ‘‘(w) AGENCY.—The term ‘Agency’ means the curities issued prior to May 19, 2010, to the ex- Act (12 U.S.C. 5301 et seq.) is amended— Consumer Law Enforcement Agency.’’; and tent such organization was permitted, as of the (A) in the table of contents in section 1(b)— (B) by striking ‘‘Bureau’’ each place such date of the enactment of this Act, to consider (i) by striking ‘‘Bureau of Consumer Finan- term appears, other than in sections 626 and such securities as tier 1 capital under existing cial Protection’’ each place such term appears 603(v), and inserting ‘‘Agency’’. regulations of the appropriate Federal banking and inserting ‘‘Consumer Law Enforcement (8) FAIR DEBT COLLECTION PRACTICES ACT.— agency; and Agency’’; and The Fair Debt Collection Practices Act (15 (B) with respect to a banking organization (ii) in the table of contents relating to title X, U.S.C. 1692 et seq.) is amended— that is a credit union, has the meaning given in the items relating to subtitle B, subtitle C, (A) by amending section 803(1) to read as fol- the term ‘‘net worth’’ under section 702.2 of title and section 1027, by striking ‘‘Bureau’’ each lows: 12, Code of Federal Regulations, as in effect on place such term appears and inserting ‘‘Agen- ‘‘(1) The term ‘Agency’ means the Consumer the date of the enactment of this Act. cy’’; Law Enforcement Agency.’’; and (13) TRADITIONAL BANKING ORGANIZATION.— (B) in section 2, by amending paragraph (4) to (B) by striking ‘‘Bureau’’ each place such The term ‘‘traditional banking organization’’ read as follows: term appears in heading or text and inserting means a banking organization that— ‘‘(4) AGENCY.—The term ‘Agency’ means the ‘‘Agency’’. (A) has zero trading assets and zero trading Consumer Law Enforcement Agency established (9) FEDERAL DEPOSIT INSURANCE ACT.—The liabilities; under title X.’’; Federal Deposit Insurance Act (12 U.S.C. 1811 et (B) does not engage in swaps or security- (C) in section 342 by striking ‘‘Bureau’’ each seq.) is amended— based swaps, other than swaps or security-based place such term appears in headings and text (A) in the second paragraph (6) (with the swaps referencing interest rates or foreign ex- and inserting ‘‘Agency’’; heading ‘‘Referral to bureau of consumer finan- change swaps; and (D) in section 1400(b)— cial protection’’) of section 8(t) (12 U.S.C. (C) has a total notional exposure of swaps (i) by striking ‘‘Bureau of Consumer Finan- 1818(t))— and security-based swaps of not more than cial Protection’’ and inserting ‘‘Consumer Law (i) in the paragraph heading, by striking ‘‘BU- $8,000,000,000. Enforcement Agency’’; and REAU OF CONSUMER FINANCIAL PROTECTION’’;

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and inserting ‘‘CONSUMER LAW ENFORCEMENT (16) HOME OWNERSHIP AND EQUITY PROTECTION and inserting ‘‘CONSUMER LAW ENFORCEMENT AGENCY’’; and ACT OF 1994.—Section 158(a) of the Home Owner- AGENCY’’; (ii) by striking ‘‘Bureau of Consumer Finan- ship and Equity Protection Act of 1994 (15 (ii) by striking ‘‘Bureau of Consumer Finan- cial Protection’’ and inserting ‘‘Consumer Law U.S.C. 1601 note) is amended by striking ‘‘Bu- cial Protection’’ and inserting ‘‘Consumer Law Enforcement Agency’’; reau’’ and inserting ‘‘Consumer Law Enforce- Enforcement Agency’’; (B) by amending clause (vi) of section ment Agency’’. (B) in section 609(d)(2), by striking ‘‘Consumer 11(t)(2)(A) (12 U.S.C. 1821(t)(2)(A)(vi)) to read as (17) INTERSTATE LAND SALES FULL DISCLOSURE Financial Protection Bureau of the Federal Re- follows: ACT.—The Interstate Land Sales Full Disclosure serve System’’ and inserting ‘‘Consumer Law ‘‘(vi) The Consumer Law Enforcement Agen- Act (12 U.S.C. 1701 et seq.) is amended— Enforcement Agency’’; and cy.’’; (A) by striking ‘‘Bureau of Consumer Finan- (C) in section 3132(a)(1)(D), by inserting ‘‘the (C) in section 18(x) (12 U.S.C. 1828(x)), by cial Protection’’ each place such term appears Consumer Law Enforcement Agency,’’ before striking ‘‘Bureau of Consumer Financial Protec- and inserting ‘‘Agency’’; ‘‘and the National Credit Union Administra- tion’’ each place such term appears and insert- (B) in section 1402, by amending paragraph tion’’. ing ‘‘Consumer Law Enforcement Agency’’; (12) to read as follows: (24) TITLE 10, UNITED STATES CODE.— (D) by striking ‘‘Bureau’’ each place such ‘‘(12) ‘Agency’ means the Consumer Law En- (A) SECTION 987.—Section 987(h)(3)(E) of title term appears and inserting ‘‘Agency’’; and forcement Agency.’’; and 10, United States Code, is amended by striking (E) in section 43(e) (12 U.S.C. 1831t(e)), by (C) in section 1416, by striking ‘‘Bureau’’ each ‘‘Bureau of Consumer Financial Protection’’ amending paragraph (5) to read as follows: place such term appears and inserting ‘‘Agen- and inserting ‘‘Consumer Law Enforcement ‘‘(5) AGENCY.—The term ‘Agency’ means the cy’’. Agency’’. Consumer Law Enforcement Agency.’’. (18) REAL ESTATE SETTLEMENT PROCEDURES (B) NDAA FY 2015.—Section 557(a) of the Carl (10) FEDERAL FINANCIAL INSTITUTIONS EXAM- ACT OF 1974.—The Real Estate Settlement Proce- Levin and Howard P. ‘‘Buck’’ McKeon National INATION COUNCIL ACT OF 1978.—The Federal Fi- dures Act of 1974 (12 U.S.C. 2601 et seq.) is Defense Authorization Act for Fiscal Year 2015 nancial Institutions Examination Council Act of amended— (Public Law 113–29; 128 Stat. 3381; 10 U.S.C. 1978 (12 U.S.C. 3301 et seq.) is amended— (A) by striking ‘‘Bureau of Consumer Finan- 1144 note), is amended by striking ‘‘Consumer (A) in section 1004(a)(4), by striking ‘‘Con- cial Protection’’ each place such term appears Financial Protection Bureau’’ each place such sumer Financial Protection Bureau’’ and insert- and inserting ‘‘Consumer Law Enforcement term appears and inserting ‘‘Consumer Law En- ing ‘‘Consumer Law Enforcement Agency’’; and Agency’’; forcement Agency’’. (B) in section 1011, by striking ‘‘Bureau of (B) by striking ‘‘Bureau’’ each place such (25) TITLE 44, UNITED STATES CODE.—Title 44, Consumer Financial Protection’’ and inserting term appears and inserting ‘‘Agency’’; and United States Code, is amended— ‘‘Consumer Law Enforcement Agency’’. (C) in section 3, by amending paragraph (9) to (A) in section 3502(5), by striking ‘‘the Bureau (11) FINANCIAL INSTITUTIONS REFORM, RECOV- read as follows: of Consumer Financial Protection,’’; and ERY, AND ENFORCEMENT ACT OF 1989.—The Fi- ‘‘(9) the term ‘Agency’ means the Consumer (B) in section 3513(c), by striking ‘‘Bureau of nancial Institutions Reform, Recovery, and En- Law Enforcement Agency.’’. Consumer Financial Protection’’ and inserting forcement Act of 1989 (Public Law 101–73; 103 (19) REVISED STATUES OF THE UNITED ‘‘Consumer Law Enforcement Agency’’. Stat. 183) is amended— STATES.—Section 5136C(b)(3)(B) of the Revised (26) TRUTH IN LENDING ACT.—The Truth in (A) in section 1112(b) (12 U.S.C. 3341), by Statutes of the United States (12 U.S.C. Lending Act (15 U.S.C. 1601 et seq.) is amend- striking ‘‘Bureau of Consumer Financial Protec- 25b(b)(3)(B)) is amended by striking ‘‘Bureau of ed— tion’’ and inserting ‘‘Consumer Law Enforce- Consumer Financial Protection’’ and inserting (A) by amending section 103(b) (15 U.S.C. ment Agency’’; ‘‘Consumer Law Enforcement Agency’’. 1602(b)) to read as follows: (B) in section 1124 (12 U.S.C. 3353), by striking (20) RIGHT TO FINANCIAL PRIVACY ACT OF ‘‘(b) AGENCY.—The term ‘Agency’ means the ‘‘Bureau of Consumer Financial Protection’’ 1978.—The Right to Financial Privacy Act of Consumer Law Enforcement Agency.’’; each place such term appears and inserting 1978 (12 U.S.C. 3401 et seq.) is amended— (B) by amending section 103(c) (15 U.S.C. ‘‘Consumer Law Enforcement Agency’’; (A) by amending subparagraph (B) of section 1602(c)) to read as follows: (C) in section 1125 (12 U.S.C. 3354), by striking 1101(7) (12 U.S.C. 3401(7)(B)) to read as follows: ‘‘(c) BOARD.—The term ‘Board’ means the ‘‘Bureau of Consumer Financial Protection’’ ‘‘(B) the Consumer Law Enforcement Agen- Board of Governors of the Federal Reserve Sys- each place such term appears and inserting cy;’’; and tem.’’; and ‘‘Consumer Law Enforcement Agency’’; and (B) by striking ‘‘Bureau of Consumer Finan- (C) in section 128(f) (15 U.S.C. 1638(f)), by (D) in section 1206(a) (12 U.S.C. 1833b(a)), by cial Protection’’ each place such term appears in striking ‘‘Board’’ each place such term appears striking ‘‘Federal Housing Finance Board’’ and heading or text and inserting ‘‘Consumer Law and inserting ‘‘Agency’’; all that follows through ‘‘Farm Credit Adminis- Enforcement Agency’’. (D) in sections 129B (15 U.S.C. 1639b) and tration’’ and inserting ‘‘Federal Housing Fi- (21) S.A.F.E. MORTGAGE LICENSING ACT OF 129C (15 U.S.C. 1639c), by striking ‘‘Board’’ each nance Agency, the Consumer Law Enforcement 2008.—The S.A.F.E. Mortgage Licensing Act of place such term appears and inserting ‘‘Agen- Agency, and the Farm Credit Administration’’. 2008 (12 U.S.C. 5101 et seq.) is amended— cy’’; (12) FINANCIAL LITERACY AND EDUCATION IM- (A) in section 1507, by striking ‘‘Bureau, and (E) in section 140A (15 U.S.C. 1651), by strik- PROVEMENT ACT.—Section 513 of the Financial the Bureau of Consumer Financial Protection’’ ing ‘‘in consultation with the Bureau’’ and in- Literacy and Education Improvement Act (20 each place such term appears and inserting serting ‘‘in consultation with the Federal Trade U.S.C. 9702) is amended by striking ‘‘Bureau of ‘‘Consumer Law Enforcement Agency’’; Commission’’; Consumer Financial Protection’’ each place (B) by striking ‘‘Bureau of Consumer Finan- (F) by striking ‘‘Bureau’’ each place such such term appears and inserting ‘‘Consumer cial Protection’’ each place such term appears term appears in heading or text and inserting Law Enforcement Agency’’. and inserting ‘‘Consumer Law Enforcement ‘‘Agency’’; and (13) GRAMM-LEACH-BLILEY ACT.—Title V of Agency’’; (G) by striking ‘‘BUREAU’’ and inserting the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et (C) by striking ‘‘Bureau’’ each place such ap- ‘‘AGENCY’’ in the paragraph headings for— seq.) is amended— pears, other than in sections 1505(a)(1), (i) section 122(d)(2) (15 U.S.C. 1632(d)(2)); (A) by striking ‘‘Bureau of Consumer Finan- 1507(a)(2)(A), and 1511(b), and inserting ‘‘Agen- (ii) section 127(c)(5) (15 U.S.C. 1637(c)(5)); cial Protection’’ each place such term appears cy’’; (iii) section 127(r)(3) (15 U.S.C. 1637(r)(3)); and and inserting ‘‘Consumer Law Enforcement (D) in section 1503, by amending paragraph (iv) section 127A(a)(14) (15 U.S.C. Agency’’; and (1) to read as follows: 1637a(a)(14)). (B) in section 505(a)(8) (15 U.S.C. 6805(a)(8)), ‘‘(1) AGENCY.—The term ‘Agency’ means the (27) TRUTH IN SAVINGS ACT.—The Truth in by striking ‘‘Bureau’’ and inserting ‘‘Agency’’. Consumer Law Enforcement Agency.’’; Savings Act (12 U.S.C. 4301 et seq.) is amended— (14) HOME MORTGAGE DISCLOSURE ACT OF (E) in the heading of section 1508, by striking (A) by amending paragraph (4) of section 274 1975.—The Home Mortgage Disclosure Act of 1975 ‘‘BUREAU OF CONSUMER FINANCIAL PRO- (12 U.S.C. 4313(4)) to read as follows: (12 U.S.C. 2801 et seq.) is amended— TECTION’’ and inserting ‘‘CONSUMER LAW ‘‘(4) AGENCY.—The term ‘Agency’ means the (A) by striking ‘‘Bureau of Consumer Finan- ENFORCEMENT AGENCY’’; and Consumer Law Enforcement Agency.’’; cial Protection’’ each place such term appears (F) in the heading of section 1514, by striking (B) by striking ‘‘National Credit Union Ad- and inserting ‘‘Consumer Law Enforcement ‘‘BUREAU’’ and inserting ‘‘AGENCY’’. ministration Bureau’’ each place such term ap- Agency’’; (22) TELEMARKETING AND CONSUMER FRAUD pears and inserting ‘‘National Credit Union Ad- (B) by striking ‘‘Bureau’’ each place such AND ABUSE PREVENTION ACT.—The Tele- ministration Board’’; and term appears and inserting ‘‘Agency’’; and marketing and Consumer Fraud and Abuse Pre- (C) by striking ‘‘Bureau’’ each place such (C) in section 303, by amending paragraph (1) vention Act (15 U.S.C. 6101 et seq.) is amended term appears and inserting ‘‘Agency’’, except in to read as follows: by striking ‘‘Bureau of Consumer Financial section 233(b)(4)(B). ‘‘(1) the term ‘Agency’ means the Consumer Protection’’ each place such term appears in SEC. 712. BRINGING THE AGENCY INTO THE REG- Law Enforcement Agency;’’. heading or text and inserting ‘‘Consumer Law ULAR APPROPRIATIONS PROCESS. (15) HOMEOWNERS PROTECTION ACT OF 1998.— Enforcement Agency’’. Section 1017 of the Consumer Financial Pro- Section 10(a)(4) of the Homeowners Protection (23) TITLE 5, UNITED STATES CODE.—Title 5, tection Act of 2010 (12 U.S.C. 5497) is amended— Act of 1998 (12 U.S.C. 4909(a)(4)) is amended by United States Code, is amended— (1) in subsection (a)— striking ‘‘Bureau of Consumer Financial Protec- (A) in section 552a(w)— (A) by amending the heading of such sub- tion’’ and inserting ‘‘Consumer Law Enforce- (i) in the subsection heading, by striking ‘‘BU- section to read as follows: ‘‘BUDGET, FINANCIAL ment Agency’’. REAU OF CONSUMER FINANCIAL PROTECTION’’ MANAGEMENT, AND AUDIT.—’’;

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(B) by striking paragraphs (1), (2), and (3); that time, the Inspector General of the Board of (1) IN GENERAL.—Section 1013 of the Consumer (C) by redesignating paragraphs (4) and (5) as Governors of the Federal Reserve System and Financial Protection Act of 2010 (12 U.S.C. paragraphs (1) and (2), respectively; and the Bureau of Consumer Financial Protection 5493), as amended by section 725, is further (D) by striking subparagraphs (E) and (F) of shall become the Inspector General of the Board amended by adding at the end the following: paragraph (1), as so redesignated; of Governors of the Federal Reserve System. ‘‘(h) OFFICE OF ECONOMIC ANALYSIS.— (2) by striking subsections (b) and (c); SEC. 714. PRIVATE PARTIES AUTHORIZED TO ‘‘(1) ESTABLISHMENT.—The Director shall, not (3) by redesignating subsections (d) and (e) as COMPEL THE AGENCY TO SEEK later than the end of the 60-day period begin- subsections (b) and (c), respectively; and SANCTIONS BY FILING CIVIL AC- ning on the date of the enactment of this sub- (4) in subsection (c), as so redesignated— TIONS; ADJUDICATIONS DEEMED AC- section, establish an Office of Economic Anal- (A) by striking paragraphs (1), (2), and (3) TIONS. ysis. and inserting the following: Section 1053 of the Consumer Financial Pro- ‘‘(2) DIRECT REPORTING.—The head of the Of- ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— tection Act of 2010 (12 U.S.C. 5563) is amended fice of Economic Analysis shall report directly to There is authorized to be appropriated to the by adding at the end the following: the Director. Agency for each of fiscal years 2017 and 2018 an ‘‘(f) PRIVATE PARTIES AUTHORIZED TO COMPEL ‘‘(3) REVIEW AND ASSESSMENT OF PROPOSED amount equal to the aggregate amount of funds THE AGENCY TO SEEK SANCTIONS BY FILING CIVIL RULES AND REGULATIONS.—The Office of Eco- transferred by the Board of Governors to the ACTIONS.— nomic Analysis shall— Bureau of Consumer Financial Protection dur- ‘‘(1) TERMINATION OF ADMINISTRATIVE PRO- ‘‘(A) review all proposed rules and regula- ing fiscal year 2015.’’; and CEEDING.—In the case of any person who is a tions, including regulatory guidance, of the (B) by redesignating paragraph (4) as para- party to a proceeding brought by the Agency Agency; graph (2). under this section, to which chapter 5 of title 5, ‘‘(B) assess the impact of such rules and regu- SEC. 713. CONSUMER LAW ENFORCEMENT AGEN- United States Code, applies, and against whom lations, including regulatory guidance, on con- CY INSPECTOR GENERAL REFORM. an order imposing a cease and desist order or a sumer choice, price, and access to credit prod- (a) APPOINTMENT OF INSPECTOR GENERAL.— penalty may be issued at the conclusion of the ucts; and The Inspector General Act of 1978 (5 U.S.C. proceeding, that person may, not later than 20 ‘‘(C) publish a report on such reviews and as- App.) is amended— days after receiving notice of such proceeding, sessments in the Federal Register. (1) in section 8G— and at that person’s discretion, require the ‘‘(4) MEASURING EXISTING RULES AND REGULA- (A) in subsection (a)(2), by striking ‘‘and the Agency to terminate the proceeding. TIONS.—The Office of Economic Analysis shall— Bureau of Consumer Financial Protection’’; ‘‘(2) CIVIL ACTION AUTHORIZED.—If a person ‘‘(A) review each rule and regulation issued (B) in subsection (c), by striking ‘‘For pur- requires the Agency to terminate a proceeding by the Agency after 1, 2, 6, and 11 years of the poses of implementing this section’’ and all that pursuant to paragraph (1), the Agency may date such rule became effective; follows through the end of the subsection; and bring a civil action against that person for the ‘‘(B) measure the rule or regulation’s success (C) in subsection (g)(3), by striking ‘‘and the same remedy that might be imposed. in solving the problem that the rule or regula- Bureau of Consumer Financial Protection’’; and ‘‘(g) ADJUDICATIONS DEEMED ACTIONS.—Any tion was intended to solve when issued; and (2) in section 12— administrative adjudication commenced under ‘‘(C) publish a report on such review and (A) in paragraph (1), by inserting ‘‘the Con- this section shall be deemed an ‘action’ for pur- measurement in the Federal Register. sumer Law Enforcement Agency;’’ after ‘‘the poses of section 1054(g).’’. ‘‘(5) COST-BENEFIT ANALYSIS RELATED TO AD- President of the Export-Import Bank;’’; and SEC. 715. CIVIL INVESTIGATIVE DEMANDS TO BE MINISTRATIVE ENFORCEMENT AND CIVIL AC- (B) in paragraph (2), by inserting ‘‘the Con- APPEALED TO COURTS. TIONS.—The Office of Economic Analysis shall— sumer Law Enforcement Agency,’’ after ‘‘the Section 1052 of the Consumer Financial Pro- ‘‘(A) carry out a cost-benefit analysis of any Export-Import Bank,’’. tection Act of 2010 (12 U.S.C. 5562) is amended— proposed administrative enforcement action, (b) REQUIREMENTS FOR THE INSPECTOR GEN- (1) in subsection (c)— civil lawsuit, or consent order of the Agency; ERAL FOR THE CONSUMER LAW ENFORCEMENT (A) in paragraph (2), by inserting after ‘‘shall and AGENCY.— state’’ the following: ‘‘with specificity’’; and ‘‘(B) assess the impact of such complaint, law- (1) ESTABLISHMENT.—Section 1011 of the Con- (B) by adding at the end the following: suit, or order on consumer choice, price, and ac- sumer Financial Protection Act of 2010 (12 ‘‘(14) MEETING REQUIREMENT.—The recipient cess to credit products.’’. U.S.C. 5491), as amended by section 311, is fur- of a civil investigative demand shall meet and (2) CONSIDERATION OF REVIEW AND ASSESS- ther amended by adding at the end the fol- confer with an Agency investigator within 30 MENT; RULEMAKING REQUIREMENTS.—Section lowing: calendar days after receipt of the demand to dis- 1022(b) of the Consumer Financial Protection ‘‘(f) INSPECTOR GENERAL.—There is estab- cuss and attempt to resolve all issues regarding Act of 2010 (12 U.S.C. 5512(b)) is amended by lished the position of the Inspector General of compliance with the civil investigative demand, adding at the end the following: the Agency.’’; and unless the Agency grants an extension requested ‘‘(5) CONSIDERATION OF REVIEW AND ASSESS- (2) HEARINGS.—Section 1016 of the Consumer by such recipient.’’; MENT BY THE OFFICE OF ECONOMIC ANALYSIS.— Financial Protection Act of 2010 (12 U.S.C. 5496) (2) in subsection (f)— Before issuing any rule or regulation, the Direc- is amended by inserting after subsection (c) the (A) by amending paragraph (1) to read as fol- tor shall consider the review and assessment of following: lows: such rule or regulation, including regulatory ‘‘(d) ADDITIONAL REQUIREMENT FOR INSPEC- ‘‘(1) IN GENERAL.—Not later than 45 days after guidance, carried out by the Office of Economic TOR GENERAL.—On a separate occasion from the service of any civil investigative demand Analysis. that described in subsection (a), the Inspector upon any person under subsection (c), or at any ‘‘(6) IDENTIFICATION OF PROBLEMS AND General of the Agency shall appear before each time before the return date specified in the de- METRICS FOR JUDGING SUCCESS.— of the Committee on Banking, Housing, and mand, whichever period is shorter, or within ‘‘(A) IN GENERAL.—The Director shall, in each Urban Affairs of the Senate and the Committee such period exceeding 45 days after service or in proposed rulemaking of the Agency— on Financial Services of the House of Represent- excess of such return date as may be prescribed ‘‘(i) identify the problem that the particular atives at semi-annual hearings no less fre- in writing, subsequent to service, by any Agency rule or regulations is seeking to solve; and quently than twice annually, at a date deter- investigator named in the demand, such person ‘‘(ii) specify the metrics by which the Agency mined by the chairman of the respective com- may file, in the district court of the United will measure the success of the rule or regula- mittee, to testify regarding the reports required States for any judicial district in which such tion in solving such problem. under subsection (b) and the reports required person resides, is found, or transacts business, a ‘‘(B) REQUIRED METRICS.—The metrics speci- under section 5 of the Inspector General Act of petition for an order modifying or setting aside fied under subparagraph (A)(ii) shall include a 1978 (5 U.S.C. App.).’’. the demand.’’; and measurement of changes to consumer access to, (3) PARTICIPATION IN THE COUNCIL OF INSPEC- (B) in paragraph (2), by striking ‘‘at the Bu- and cost of, consumer financial products and TORS GENERAL ON FINANCIAL OVERSIGHT.—Sec- reau’’; and services.’’. tion 989E(a)(1) of the Dodd-Frank Wall Street (3) in subsection (h)— (3) CONSIDERATION OF COST-BENEFIT REVIEW Reform and Consumer Protection Act is amend- (A) by striking ‘‘(1) IN GENERAL.—’’; and RELATED TO ADMINISTRATIVE ACTIONS.—The ed by adding at the end the following: (B) by striking paragraph (2). Dodd-Frank Wall Street Reform and Consumer ‘‘(J) The Consumer Law Enforcement Agen- SEC. 716. AGENCY DUAL MANDATE AND ECO- Protection Act (12 U.S.C. 5301 et seq.) is amend- cy.’’. NOMIC ANALYSIS. ed— (4) DEADLINE FOR APPOINTMENT.—Not later (a) PURPOSE.—Section 1021(a) of the Con- (A) in subtitle E of title X, by adding at the than 60 days after the date of the enactment of sumer Financial Protection Act of 2010 (12 end the following: this Act, the President shall appoint an Inspec- U.S.C. 5511(a)) is amended by adding at the end ‘‘SEC. 1059. CONSIDERATION OF COST-BENEFIT tor General for the Consumer Law Enforcement the following: ‘‘In addition, the Director shall ANALYSIS RELATED TO ADMINISTRA- Agency in accordance with section 3 of the In- seek to implement and, where applicable, en- TIVE ENFORCEMENT AND CIVIL AC- spector General Act of 1978 (5 U.S.C. App.). force Federal consumer financial law consist- TIONS. (c) TRANSITION PERIOD.—The Inspector Gen- ently for the purpose of strengthening participa- ‘‘Before initiating any administrative enforce- eral of the Board of Governors of the Federal tion in markets by covered persons, without ment action or civil lawsuit or entering into a Reserve System and the Bureau of Consumer Fi- Government interference or subsidies, to in- consent order, the Director shall consider the nancial Protection shall serve in that position crease competition and enhance consumer cost-benefit analysis of such action, lawsuit, or until the confirmation of an Inspector General choice.’’. order carried out by the Office of Economic for the Consumer Law Enforcement Agency. At (b) OFFICE OF ECONOMIC ANALYSIS.— Analysis.’’; and

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00064 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4769

(B) in the table of contents under section 1(b), ‘‘(IV) asks about past conduct that the cov- ‘‘(3) PAYMENT TO VICTIMS.— by inserting after the item relating to section ered person on whose behalf the request is made ‘‘(A) IN GENERAL.— 1058 the following: does not plan to continue in the future; or ‘‘(i) IDENTIFICATION OF CLASS.—Not later than ‘‘Sec. 1059. Consideration of cost-benefit anal- ‘‘(V) fails to provide necessary supporting in- 60 days after the date of deposit of amounts in ysis related to administrative en- formation requested by the Agency within a rea- a segregated account in the Civil Penalty Fund, forcement and civil actions.’’. sonable time established by the Agency. the Agency shall identify the class of victims of (c) AVOIDANCE OF DUPLICATIVE OR UNNECES- ‘‘(iv) AMENDMENT AND REVOCATION.—An advi- the violation of Federal consumer financial laws SARY ANALYSES.—The Consumer Law Enforce- sory opinion issued under this paragraph may for which such amounts were collected and de- ment Agency may perform any of the analyses be amended or revoked at any time. posited under paragraph (2). required by the amendments made by this sec- ‘‘(v) PUBLIC DISCLOSURE.—An opinion ren- ‘‘(ii) PAYMENTS.—The Agency, within 2 years tion in conjunction with, or as part of, any dered pursuant to this paragraph shall be after the date on which such class of victims is other agenda or analysis required by any other placed in the Agency’s public record 90 days identified, shall locate and make payments from provision of law, if such other agenda or anal- after the requesting party has received the ad- such amounts to each victim. ysis satisfies the provisions of this section. vice, subject to any limitations on public disclo- ‘‘(B) FUNDS DEPOSITED IN TREASURY.— sure arising from statutory restrictions, Agency ‘‘(i) IN GENERAL.—The Agency shall deposit SEC. 717. NO DEFERENCE TO AGENCY INTERPRE- into the general fund of the Treasury any TATION. regulations, or the public interest. The Agency amounts remaining in a segregated account in The Consumer Financial Protection Act of shall redact any personal, confidential, or iden- the Civil Penalty Fund at the end of the 2-year 2010 (12 U.S.C. 5481 et seq.) is amended— tifying information about the covered person or period for payments to victims under subpara- (1) in section 1022(b)(4)— any other persons mentioned in the advisory graph (A). (A) by striking ‘‘(A) IN GENERAL.—’’; and opinion, unless the covered person consents to ‘‘(ii) IMPOSSIBLE OR IMPRACTICAL PAYMENTS.— (B) by striking subparagraph (B); and such disclosure. If the Agency determines before the end of the (2) in section 1061(b)(5)(E)— ‘‘(vi) REPORT TO CONGRESS.—The Agency 2-year period for payments to victims under sub- (A) by striking ‘‘affords to the—’’ and all that shall, concurrent with the semi-annual report paragraph (A) that such victims cannot be lo- follows through ‘‘(i) Federal Trade Commission’’ required under section 1016(b), submit informa- cated or payments to such victims are otherwise and inserting ‘‘affords to the Federal Trade tion regarding the number of requests for an ad- not practicable, the Agency shall deposit into Commission’’; visory opinion received, the subject of each re- (B) by striking ‘‘; or’’ and inserting a period; quest, the number of requests denied pursuant the general fund of the Treasury the amounts in and to clause (iii), and the time needed to respond to the segregated account in the Civil Penalty (C) by striking clause (ii). each request. Fund.’’. ‘‘(C) RELIANCE ON OPINION.—Any person may (c) EFFECTIVE DATE.— Subtitle B—Administrative Enhancements rely on an opinion issued by the Director pursu- (1) IN GENERAL.—The amendments made by SEC. 721. ADVISORY OPINIONS. ant to this paragraph that has not been amend- this section shall apply with respect to civil pen- Section 1022(b) of the Consumer Financial ed or withdrawn. No liability under Federal alties collected after the date of enactment of Protection Act of 2010 (12 U.S.C. 5512(b)), as consumer financial law shall attach to conduct this Act. amended by section 716, is further amended by consistent with an advisory opinion that had (2) AMOUNTS IN CONSUMER FINANCIAL CIVIL adding at the end the following: not been amended or withdrawn at the time the PENALTY FUND ON DATE OF ENACTMENT.—With ‘‘(7) ADVISORY OPINIONS.— conduct was undertaken. respect to amounts in the Consumer Financial ‘‘(A) ESTABLISHING PROCEDURES.— ‘‘(D) ASSISTANCE FOR SMALL BUSINESSES.— Civil Penalty Fund on the date of enactment of ‘‘(i) IN GENERAL.—The Director shall establish ‘‘(i) IN GENERAL.—The Agency shall assist, to this Act that were not allocated for consumer a procedure and, as necessary, promulgate rules the maximum extent practicable, small busi- education and financial literacy programs on or to provide written opinions in response to in- nesses in preparing inquiries under this para- before September 30, 2015, the Consumer Law quiries concerning the conformance of specific graph. Enforcement Agency shall separate such conduct with Federal consumer financial law. ‘‘(ii) SMALL BUSINESS DEFINED.—For purposes amounts into segregated accounts in accordance In establishing the procedure, the Director shall of this subparagraph, the term ‘small business’ with, and for purposes of, section 1017(d) of the consult with the prudential regulators and such has the meaning given the term ‘small business Consumer Financial Protection Act of 2010, as other Federal departments and agencies as the concern’ under section 3 of the Small Business amended by this section. The date of deposit of Director determines appropriate, and obtain the Act (15 U.S.C. 632). such amounts shall be deemed to be the date of views of all interested persons through a public ‘‘(E) INQUIRY FEE.— enactment of this Act. notice and comment period. ‘‘(i) IN GENERAL.—The Director shall develop SEC. 723. AGENCY PAY FAIRNESS. ‘‘(ii) SCOPE OF REQUEST.—A request for an a system to charge a fee for each inquiry made (a) IN GENERAL.—Section 1013(a)(2) of the opinion under this paragraph must relate to under this paragraph in an amount sufficient, Consumer Financial Protection Act of 2010 (12 specific proposed or prospective conduct by a in the aggregate, to pay for the cost of carrying U.S.C. 5493(a)(2)) is amended to read as follows: covered person contemplating the proposed or out this paragraph. ‘‘(2) COMPENSATION.—The rates of basic pay prospective conduct. ‘‘(ii) NOTICE AND COMMENT.—Not later than 45 for all employees of the Agency shall be set and ‘‘(iii) SUBMISSION.—A request for an opinion days after the date of the enactment of this adjusted by the Director in accordance with the under this paragraph may be submitted to the paragraph, the Director shall publish a descrip- General Schedule set forth in section 5332 of title Director either by or on behalf of a covered per- tion of the fee system described in clause (i) in 5, United States Code.’’. son. the Federal Register and shall solicit comments (b) EFFECTIVE DATE.—The amendment made ‘‘(iv) RIGHT TO WITHDRAW INQUIRY.—Any in- from the public for a period of 60 days after by subsection (a) shall apply to service by an quiry under this paragraph may be withdrawn publication. employee of the Consumer Law Enforcement at any time prior to the Director issuing an ‘‘(iii) FINALIZATION.—The Director shall pub- Agency following the 90-day period beginning opinion in response to such inquiry, and any lish a final description of the fee system and im- on the date of enactment of this Act. opinion based on an inquiry that has been with- plement such fee system not later than 30 days SEC. 724. ELIMINATION OF MARKET MONITORING drawn shall have no force or effect. after the end of the public comment period de- FUNCTIONS. ‘‘(B) ISSUANCE OF OPINIONS.— scribed in clause (ii).’’. The Consumer Financial Protection Act of ‘‘(i) IN GENERAL.—The Director shall, within SEC. 722. REFORM OF CONSUMER FINANCIAL 2010 (12 U.S.C. 5481 et seq.) is amended— 90 days of receiving the request for an opinion CIVIL PENALTY FUND. (1) in section 1021(c)— under this paragraph, either— (a) SEGREGATED ACCOUNTS.—Section 1017(b) (A) by striking paragraph (3); and ‘‘(I) issue an opinion stating whether the de- of the Consumer Financial Protection Act of (B) by redesignating paragraphs (4), (5), and scribed conduct would violate Federal consumer 2010, as redesignated by section 712, is amended (6) as paragraphs (3), (4), and (5), respectively; financial law; by redesignating paragraph (2) as paragraph (2) in section 1022, by striking subsection (c); ‘‘(II) if permissible under clause (iii), deny the (3), and by inserting after paragraph (1) the fol- and request; or lowing new paragraph: (3) in section 1026(b), by striking ‘‘, and to as- ‘‘(III) explain why it is not feasible to issue an ‘‘(2) SEGREGATED ACCOUNTS IN CIVIL PENALTY sess and detect risks to consumers and consumer opinion. FUND.— financial markets’’. ‘‘(ii) EXTENSION.—Notwithstanding clause (i), ‘‘(A) IN GENERAL.—The Agency shall establish SEC. 725. REFORMS TO MANDATORY FUNCTIONAL if the Director determines that the Agency re- and maintain a segregated account in the Civil UNITS. quires additional time to issue an opinion, the Penalty Fund each time the Agency obtains a The Consumer Financial Protection Act of Director may make a single extension of the civil penalty against any person in any judicial 2010 (12 U.S.C. 5481 et seq.) is amended— deadline of 90 days or less. or administrative action under Federal con- (1) in section 1013— ‘‘(iii) DENIAL OF REQUESTS.—The Director sumer financial laws. (A) in subsection (b)— shall not issue an opinion, and shall so inform ‘‘(B) DEPOSITS IN SEGREGATED ACCOUNTS.— (i) in paragraph (1), by striking ‘‘shall estab- the requestor, if the request for an opinion— The Agency shall deposit each civil penalty col- lish’’ and inserting ‘‘may establish’’; ‘‘(I) asks a general question of interpretation; lected into the segregated account established (ii) in paragraph (2), by striking ‘‘shall estab- ‘‘(II) asks about a hypothetical situation; for such penalty under subparagraph (A).’’. lish’’ and inserting ‘‘may establish’’; and ‘‘(III) asks about the conduct of someone (b) PAYMENT TO VICTIMS.—Paragraph (3) of (iii) paragraph (3)(D)— other than the covered person on whose behalf section 1017(b) of such Act, as redesignated by (I) by striking ‘‘To facilitate preparation of the request is made; subsection (a), is amended to read as follows: the reports required under subparagraph (C),

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00065 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4770 CONGRESSIONAL RECORD — HOUSE June 8, 2017 supervision and enforcement activities, and tees pursuant to the Federal Advisory Com- Agency receives a recommendation under sub- monitoring of the market for consumer financial mittee Act. paragraph (B), initiate an enforcement pro- products and services, the’’ and inserting SEC. 727. ELIMINATION OF SUPERVISION AU- ceeding, the other agency referred to in sub- ‘‘The’’; and THORITY. paragraph (B) may initiate an enforcement pro- (II) by adding at the end the following: ‘‘In- (a) IN GENERAL.—The Consumer Financial ceeding.’’; and formation collected under this paragraph may Protection Act of 2010 (12 U.S.C. 5481 et seq.) is (F) in subsection (d), as so redesignated— not be made publicly available, except as re- amended— (i) by inserting after ‘‘subsection (a)’’ the fol- quired by law.’’; (1) in section 1002(15)(B)(ii)(I), by striking lowing: ‘‘, or to any person described under sub- (B) in subsection (c)— ‘‘examination or’’; section (c)(3)(A),’’; (i) in paragraph (1), by striking ‘‘shall estab- (2) in section 1013(a)(1)(B), by striking ‘‘com- (ii) by striking ‘‘section 1025’’ and inserting lish’’ and inserting ‘‘may establish’’; and pliance examiners, compliance supervision ana- ‘‘this section’’; and (ii) in paragraph (3), by striking ‘‘There is es- lysts,’’; (iii) by striking ‘‘When conducting any exam- tablished the’’ and inserting ‘‘At any time when (3) in section 1016(c)— ination or requiring any report from a service the Office of Fair Lending and Equal Oppor- (A) in paragraph (5), by striking ‘‘supervisory provider subject to this subsection’’ and insert- tunity exists within the Agency, there shall be and’’; and ing ‘‘In carrying out any authority pursuant to a’’; (B) in paragraph (6), by striking ‘‘orders, and this subsection with respect to a service pro- (C) in subsection (d)— supervisory actions’’ and inserting ‘‘and or- vider’’; (i) in paragraph (1), by striking ‘‘shall estab- ders’’; (7) in section 1027— lish’’ and inserting ‘‘may establish’’; (4) in section 1024— (A) by striking ‘‘supervisory,’’ each place such (ii) in paragraph (3)— (A) in the heading, by striking ‘‘SUPER- term appears; (I) in subparagraph (A), by inserting ‘‘, if VISION OF’’ and inserting ‘‘AUTHORITY (B) in subsection (e)(1), by striking ‘‘super- such Office exists within the Agency,’’ after WITH RESPECT TO CERTAIN’’; visory or’’; and ‘‘Community Affairs Office’’; and (B) in subsection (a)— (C) in subsection (p), by striking ‘‘section (II) in subparagraph (B), by striking ‘‘estab- (i) in paragraph (1)(B), by striking ‘‘as de- 1024(c)(1)’’ and inserting ‘‘section 1024(b)(1)’’; lished by the Director’’ and inserting ‘‘, if estab- fined by rule in accordance with paragraph (2)’’ (8) in section 1034— lished by the Director,’’; and and inserting ‘‘as of the date of the enactment (A) by striking subsections (b) and (c); and (iii) in paragraph (4), by striking ‘‘Not later of the Financial CHOICE Act of 2017’’; (B) by redesignating subsection (d) as sub- than 24 months after the designated transfer (ii) by striking paragraph (2); section (b); date, and annually thereafter,’’ and inserting (iii) by redesignating paragraph (3) as para- (9) in section 1053— ‘‘Annually, at any time when the Office of Fi- graph (2); and (A) in subsection (b)(1)(A), by striking ‘‘sec- nancial Education exists within the Agency,’’; (iv) in subparagraph (A) of paragraph (2), as tions 1024, 1025, and 1026’’ and inserting ‘‘sec- (D) in subsection (e)(1), by striking ‘‘shall es- so redesignated, by striking ‘‘1025(a) or’’; tions 1024 and 1026’’; and tablish’’ and inserting ‘‘may establish’’; (C) by striking subsection (b); (B) in subsection (c)(3)(B)(ii)(II), by striking (E) by striking subsection (f); (D) by redesignating subsections (c), (d), (e), ‘‘, by examination or otherwise,’’; (F) by redesignating subsections (g) and (h) as and (f) as subsections (b), (c), (d), and (e), re- (10) in section 1054(a), by striking ‘‘sections subsections (f) and (g), respectively; and spectively; 1024, 1025, and 1026’’ and inserting ‘‘sections (G) in subsection (f), as so redesignated— (E) in subsection (c), as so redesignated— 1024 and 1026’’; (i) in paragraph (1)— (i) in the heading, by striking ‘‘AND EXAMINA- (11) in section 1061— (I) by striking ‘‘Before the end of the 180-day TION AUTHORITY’’; and (A) in subsection (a)(1)— period beginning on the designated transfer (ii) by striking ‘‘, conduct examinations,’’ (i) in subparagraph (A), by striking ‘‘; and’’ date, the Director shall’’ and inserting ‘‘The Di- each place such term appears; at the end and inserting a period; rector may’’; and (F) in subsection (d), as so redesignated— (ii) by striking ‘‘means—’’ and all that follows (II) by striking ‘‘on protection from unfair, (i) by inserting ‘‘rulemaking and enforcement, through ‘‘(A) all’’ and inserting ‘‘means all’’; deceptive, and abusive practices and’’; but not supervisory,’’ before ‘‘authority of the (iii) by striking subparagraph (B); and (ii) in paragraph (2), by striking ‘‘The Office’’ Bureau’’; and (B) in subsection (c)— and inserting ‘‘At any time when the Office of (ii) by striking ‘‘conducting any examination (i) by amending paragraph (1) to read as fol- Financial Protection for Older Americans exists or requiring any report from a service provider lows: within the Agency, the Office’’; and subject to this subsection’’ and inserting ‘‘car- ‘‘(1) EXAMINATION.—A transferor agency that (iii) in paragraph (3)— rying out any authority pursuant to this sub- is a prudential regulator shall have exclusive (I) in subparagraph (A)— section with respect to a service provider’’; authority (relative to the Bureau) to require re- (aa) by striking clause (i); (5) by striking section 1025; ports from and conduct examinations for compli- (bb) by redesignating clauses (ii) and (iii) as (6) in section 1026— ance with Federal consumer financial laws with clauses (i) and (ii), respectively; and (A) by amending subsection (a) to read as fol- respect to a person described in section (cc) in clause (ii), as so redesignated, by strik- lows: 1026(a).’’; ing ‘‘to respond to consumer problems caused by ‘‘(a) SCOPE OF COVERAGE.—This section shall (ii) in paragraph (2)— unfair, deceptive, or abusive practices’’; apply to any covered person that is an insured (I) by striking subparagraph (A); and (II) in subparagraph (B), by striking ‘‘and depository institution or an insured credit (II) by redesignating subparagraphs (B) and alert the Commission and State regulators of union.’’; (C) as subparagraphs (A) and (B), respectively; certifications or designations that are identified (B) in subsection (b)(3), by striking ‘‘report of (12) in section 1063, by striking ‘‘sections 1024, as unfair, deceptive, or abusive’’; and examination or related’’; 1025, and 1026’’ each place such term appears (III) in subparagraph (D)— (C) by striking subsection (c); and inserting ‘‘sections 1024 and 1026’’; and (aa) by striking clause (i); and (D) by redesignating subsections (d) and (e) as (13) in section 1067, by striking subsection (e). (bb) by redesignating clauses (ii) and (iii) as subsections (c) and (d), respectively; (b) HOME MORTGAGE DISCLOSURE ACT OF clauses (i) and (ii), respectively; (E) in subsection (c), as so redesignated, by 1975.—Section 305(d) of the Home Mortgage Dis- (2) in section 1029(e), by inserting after ‘‘Af- adding at the end the following: closure Act of 1975 (12 U.S.C. 2804(d)) is amend- fairs,’’ the following: ‘‘if established under this ‘‘(3) VERY LARGE INSTITUTIONS.— ed by striking ‘‘examine and’’. title,’’; and ‘‘(A) PRIMARY ENFORCEMENT AUTHORITY.— (c) OMNIBUS APPROPRIATIONS ACT, 2009.—Sec- (3) in section 1035— Notwithstanding paragraph (1), to the extent tion 626 of the Omnibus Appropriations Act, (A) in subsection (a), by striking ‘‘shall des- that the Agency and another Federal agency 2009 (15 U.S.C. 1638 note) is repealed. ignate’’ and inserting ‘‘may designate’’; and are authorized to enforce a Federal consumer fi- (d) CLERICAL AMENDMENT.—The table of con- (B) in subsection (b), by striking ‘‘The Sec- nancial law, the Agency shall have primary au- tents in section 1(b) of the Dodd-Frank Wall retary’’ and inserting ‘‘If the Secretary des- thority to enforce that Federal consumer finan- Street Reform and Consumer Protection Act is ignates the Ombudsman under subsection (a), cial law with respect to an insured depository amended— the Secretary’’. institution or insured credit union, if such de- (1) in the item relating to section 1024, by SEC. 726. REPEAL OF MANDATORY ADVISORY pository institution or credit union has total as- striking ‘‘SUPERVISION OF’’ and inserting BOARD. sets of more than $10,000,000,000, and any affil- ‘‘AUTHORITY WITH RESPECT TO CER- (a) IN GENERAL.—Section 1014 of the Con- iate thereof. TAIN’’; and sumer Financial Protection Act of 2010 (12 ‘‘(B) REFERRAL.—Any Federal agency, other (2) by striking the item relating to section U.S.C. 5494) is repealed. than the Federal Trade Commission, that is au- 1025. (b) CLERICAL AMENDMENT.—The table of con- thorized to enforce a Federal consumer financial SEC. 728. TRANSFER OF OLD OTS BUILDING FROM tents in section 1(b) of the Dodd-Frank Wall law may recommend, in writing, to the Agency OCC TO GSA. Street Reform and Consumer Protection Act is that the Agency initiate an enforcement pro- Within 180 days of the date of the enactment amended by striking the item relation to section ceeding with respect to a person described in of this Act, the Comptroller of the Currency 1014. subparagraph (A), as the Agency is authorized shall transfer, at no cost, the parcel of real (c) RULE OF CONSTRUCTION.—Nothing in this to do by that Federal consumer financial law. property in the District of Columbia located at section may be construed as limiting the author- ‘‘(C) BACKUP ENFORCEMENT AUTHORITY.—If 1700 G Street, Northwest, to the administrative ity of the Director of the Consumer Law En- the Agency does not, before the end of the 120- jurisdiction, custody, and control of the Admin- forcement Agency to establish advisory commit- day period beginning on the date on which the istrator of General Services.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00066 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4771 SEC. 729. LIMITATION ON AGENCY AUTHORITY. SEC. 733. REMOVAL OF AUTHORITY TO REGULATE the Telemarketing and Consumer Fraud and Section 1027 of the Consumer Financial Pro- SMALL-DOLLAR CREDIT. Abuse Prevention Act (15 U.S.C. 6102) is amend- tection Act of 2010 (12 U.S.C. 5517) is amended— The Consumer Financial Protection Act of ed— (1) in subsection (g)(3)(A), by striking ‘‘may 2010 (12 U.S.C. 5481 et seq.) is amended— (1) in paragraph (1), by striking ‘‘; and’’ at not exercise any rulemaking or enforcement au- (1) in section 1024(a)(1)— the end and inserting a period; thority’’ and inserting ‘‘may not exercise any (A) in subparagraph (C), by adding ‘‘or’’ at (2) by striking paragraph (2); and rulemaking, enforcement, or other authority’’; the end; (3) by striking ‘‘subsection (a)—’’ and all that (2) in subsection (i)(1), by striking ‘‘shall have (B) in subparagraph (D), by striking ‘‘; or’’ follows through ‘‘(1) shall’’ and inserting ‘‘sub- no authority to exercise any power to enforce and inserting a period; and section (a) shall’’. this title’’ and inserting ‘‘may not exercise any (C) by striking subparagraph (E); and (c) CLERICAL AMENDMENT.—The table of con- rulemaking, enforcement, or other authority’’; (2) in section 1027, by adding at the end the tents in section 1(b) of the Dodd-Frank Wall and following: Street Reform and Consumer Protection Act is (3) in subsection (j)(1), by striking ‘‘shall have ‘‘(t) NO AUTHORITY TO REGULATE SMALL-DOL- amended by striking the item relating to section no authority to exercise any power to enforce LAR CREDIT.—The Agency may not exercise any 1031. rulemaking, enforcement, or other authority this title’’ and inserting ‘‘may not exercise any SEC. 736. PRESERVATION OF UDAP AUTHORITY rulemaking, enforcement, or other authority’’. with respect to payday loans, vehicle title loans, FOR FEDERAL BANKING REGU- Subtitle C—Policy Enhancements or other similar loans.’’. LATORS. SEC. 734. REFORMING INDIRECT AUTO FINANC- SEC. 731. CONSUMER RIGHT TO FINANCIAL PRI- (a) IN GENERAL.—Section 18(f) of the Federal ING GUIDANCE. VACY. Trade Commission Act (15 U.S.C. 57a(f)) is (a) NULLIFICATION OF AUTO LENDING GUID- (a) REQUIREMENT OF THE AGENCY TO OBTAIN amended to read as follows: ANCE.—Bulletin 2013–02 of the Bureau of Con- PERMISSION BEFORE COLLECTING NONPUBLIC ‘‘(f) UNFAIR OR DECEPTIVE ACTS OR PRACTICES sumer Financial Protection (published March PERSONAL INFORMATION.—Section 1022 of the BY DEPOSITORY INSTITUTIONS.— 21, 2013) shall have no force or effect. Consumer Financial Protection Act of 2010 (12 ‘‘(1) IN GENERAL.—In order to prevent unfair (b) GUIDANCE REQUIREMENTS.—Section 1022(b) U.S.C. 5512), as amended by section 724(2), is or deceptive acts or practices in or affecting of the Consumer Financial Protection Act of further amended by inserting after subsection commerce (including acts or practices which are 2010 (12 U.S.C. 5512(b)), as amended by section (b) the following: unfair or deceptive to consumers) by depository 721, is further amended by adding at the end the ‘‘(c) CONSUMER PRIVACY.— institutions, each Federal banking regulator ‘‘(1) IN GENERAL.—The Agency may not re- following: shall prescribe regulations to carry out the pur- quest, obtain, access, collect, use, retain, or dis- ‘‘(8) GUIDANCE ON INDIRECT AUTO FINANC- poses of this section, including regulations de- close any nonpublic personal information about ING.—In proposing and issuing guidance pri- fining with specificity such unfair or deceptive a consumer unless— marily related to indirect auto financing, the acts or practices, and containing requirements ‘‘(A) the Agency clearly and conspicuously Agency shall— prescribed for the purpose of preventing such discloses to the consumer, in writing or in an ‘‘(A) provide for a public notice and comment acts or practices. electronic form, what information will be re- period before issuing the guidance in final form; ‘‘(2) PROMULGATING SUBSTANTIALLY SIMILAR ‘‘(B) make available to the public, including quested, obtained, accessed, collected, used, re- REGULATIONS.—Whenever the Commission pre- tained, or disclosed; and on the website of the Agency, all studies, data, scribes a rule under subsection (a)(1)(B), then ‘‘(B) before such information is requested, ob- methodologies, analyses, and other information within 60 days after such rule takes effect each tained, accessed, collected, used, retained, or relied on by the Agency in preparing such guid- Federal banking regulator shall promulgate sub- disclosed, the consumer informs the Agency that ance; stantially similar regulations prohibiting acts or ‘‘(C) redact such information as necessary to such information may be requested, obtained, practices of depository institutions which are maintain the nonpublic nature of confidential accessed, collected, used, retained, or disclosed. substantially similar to those prohibited by rules information, such as trade secrets and other ‘‘(2) APPLICATION OF REQUIREMENT TO CON- of the Commission and which impose substan- confidential commercial or financial informa- TRACTORS OF THE AGENCY.—Paragraph (1) shall tially similar requirements, unless— apply to any person directed or engaged by the tion, and personally identifiable information; ‘‘(A) the Federal banking regulator finds that ‘‘(D) consult with the Board of Governors of Agency to collect information to the extent such such acts or practices of depository institutions the Federal Reserve System, the Federal Trade information is being collected on behalf of the are not unfair or deceptive; or Agency. Commission, and the Department of Justice; and ‘‘(B) the Board of Governors of the Federal ‘‘(E) conduct a study on the costs and impacts ‘‘(3) DEFINITION OF NONPUBLIC PERSONAL IN- Reserve System finds that implementation of of such guidance to consumers and women- FORMATION.—In this subsection, the term ‘non- similar regulations with respect to depository in- owned, minority-owned, veteran-owned, and public personal information’ has the meaning stitutions would seriously conflict with essential small businesses, including consumers and small given the term in section 509 of the Gramm- monetary and payments systems policies of such businesses in rural areas.’’. Leach-Bliley Act (15 U.S.C. 6809).’’. Board, and publishes any such finding, and the (c) RULE OF CONSTRUCTION.—Nothing in this (b) REMOVAL OF EXEMPTION FOR THE AGENCY reasons therefor, in the Federal Register. section shall be construed to apply to guidance FROM THE RIGHT TO FINANCIAL PRIVACY ACT.— ‘‘(3) ENFORCEMENT.— issued by the Consumer Law Enforcement Agen- Section 1113 of the Right to Financial Privacy ‘‘(A) IN GENERAL.—Compliance with regula- cy that is not primarily related to indirect auto Act of 1978 (12 U.S.C. 3413) is amended by strik- tions prescribed under this subsection shall be financing. ing subsection (r). enforced— SEC. 732. REPEAL OF COUNCIL AUTHORITY TO SEC. 735. REMOVAL OF AGENCY UDAAP AUTHOR- ‘‘(i) under section 8 of the Federal Deposit In- SET ASIDE AGENCY RULES AND RE- ITY. surance Act, with respect to a depository insti- QUIREMENT OF SAFETY AND SOUND- (a) IN GENERAL.—The Consumer Financial tution other than a Federal credit union; and NESS CONSIDERATIONS WHEN Protection Act of 2010 (12 U.S.C. 5481 et seq.) is ‘‘(ii) under sections 120 and 206 of the Federal ISSUING RULES. amended— Credit Union Act, with respect to a Federal (a) REPEAL OF AUTHORITY.— (1) in section 1021(b)(2), by striking ‘‘from un- (1) IN GENERAL.—Section 1023 of the Consumer credit union. fair, deceptive, or abusive acts and practices ‘‘(B) DEEMING OF VIOLATION.—For the pur- Financial Protection Act of 2010 (12 U.S.C. 5513) and’’; is hereby repealed. pose of the exercise by a Federal banking regu- (2) by striking section 1031; lator of the regulator’s powers under any Act (2) CONFORMING AMENDMENT.—Section (3) in section 1036(a)— referred to in subparagraph (A), a violation of 1022(b)(2)(C) of the Consumer Financial Protec- (A) in paragraph (1)— tion Act of 2010 (12 U.S.C. 5512(b)(2)(C)) is (i) by striking ‘‘provider’’ and all that follows any regulation prescribed under this subsection amended by striking ‘‘, except that nothing in through ‘‘to offer’’ and inserting ‘‘provider to shall be deemed to be a violation of a require- this clause shall be construed as altering or lim- offer’’; ment imposed under that Act. iting the procedures under section 1023 that may (ii) by striking subparagraph (B); and ‘‘(C) ENFORCEMENT THROUGH ANY EXISTING apply to any rule prescribed by the Bureau’’. (B) in paragraph (2)(C), by striking ‘‘; or’’ at AUTHORITY.—In addition to its powers under (3) CLERICAL AMENDMENT.—The table of con- the end and inserting a period; and any provision of law specifically referred to in tents under section 1(b) of the Dodd-Frank Wall (C) by striking paragraph (3); and subparagraph (A), each Federal banking regu- Street Reform and Consumer Protection Act is (4) in section 1061(b)(5)— lator may exercise, for the purpose of enforcing amended by striking the item relating to section (A) in subparagraph (B)— compliance with any regulation prescribed 1023. (i) by striking ‘‘(i) In general.—’’; and under this subsection, any other authority con- (b) SAFETY AND SOUNDNESS CHECK.—Section (ii) by striking clause (ii); ferred on the regulator by law. 1022(b)(2)(A) of the Consumer Financial Protec- (B) by striking subparagraph (D); and ‘‘(4) RULE OF CONSTRUCTION.—The authority tion Act of 2010 (12 U.S.C. 5512(b)(2)(A)) is (C) by redesignating subparagraph (E) (as of the Board of Governors of the Federal Re- amended— amended by section 717(2)) as subparagraph (D); serve System to issue regulations under this sub- (1) in clause (i), by striking ‘‘and’’ at the end; and section does not impair the authority of any (2) in clause (ii), by adding ‘‘and’’ at the end; (5) in section 1076(b)(2), by striking ‘‘deter- other Federal banking regulator to make rules and mine—’’ and all that follows through ‘‘(B) pro- respecting the regulator’s own procedures in en- (3) by adding at the end the following: vide for’’ and inserting ‘‘determine, provide forcing compliance with regulations prescribed ‘‘(iii) the impact of such rule on the financial for’’. under this subsection. safety or soundness of an insured depository in- (b) TELEMARKETING AND CONSUMER FRAUD ‘‘(5) REPORT TO CONGRESS.—Each Federal stitution;’’. AND ABUSE PREVENTION ACT.—Section 3(c) of banking regulator exercising authority under

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00067 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4772 CONGRESSIONAL RECORD — HOUSE June 8, 2017 this subsection shall transmit to the Congress ‘‘(3) for fiscal year 2019, $1,705,000,000; rities exchange) during such fiscal year as de- each year a detailed report on its activities ‘‘(4) for fiscal year 2020, $1,755,000,000; termined by the Commission, after consultation under this subsection during the preceding cal- ‘‘(5) for fiscal year 2021, $1,805,000,000; and with the Congressional Budget Office and the endar year. ‘‘(6) for fiscal year 2022, $1,855,000,000.’’. Office of Management and Budget, using the ‘‘(6) DEFINITIONS.—For purposes of this Act: SEC. 802. REPORT ON UNOBLIGATED APPROPRIA- methodology required for making projections ‘‘(A) BANK.—The term ‘bank’ means— TIONS. pursuant to section 257 of the Balanced Budget ‘‘(i) national banks and Federal branches and Section 23 of the Securities Exchange Act of and Emergency Deficit Control Act of 1985.’’. Federal agencies of foreign banks; 1934 (15 U.S.C. 78w) is amended by adding at (b) SECTION 6(b) OF THE SECURITIES ACT OF ‘‘(ii) member banks of the Federal Reserve the end the following: 1933.—Section 6(b) of the Securities Act of 1933 System (other than national banks), branches ‘‘(e) REPORT ON UNOBLIGATED APPROPRIA- (15 U.S.C. 77f(b)) is amended— and agencies of foreign banks (other than Fed- TIONS.—If, at the end of any fiscal year, there (1) by striking ‘‘target fee collection amount’’ eral branches, Federal agencies, and insured remain unobligated any funds that were appro- each place it appears and inserting ‘‘target off- State branches of foreign banks), commercial priated to the Commission for such fiscal year, setting collection amount’’; lending companies owned or controlled by for- the Commission shall, not later than 30 days (2) in paragraph (4), by striking the last sen- eign banks, and organizations operating under after the last day of such fiscal year, submit to tence and inserting the following: ‘‘Subject to section 25 or 25A of the Federal Reserve Act; the Committee on Financial Services and the paragraphs (6)(B) and (7), an adjusted rate pre- and Committee on Appropriations of the House of scribed under paragraph (2) shall take effect on ‘‘(iii) banks insured by the Federal Deposit Representatives and the Committee on Banking, the later of— Insurance Corporation (other than banks re- Housing, and Urban Affairs and the Committee ‘‘(A) the first day of the fiscal year to which ferred to in clause (i) or (ii)) and insured State on Appropriations of the Senate and make such rate applies; or branches of foreign banks. available on the Commission’s website a report ‘‘(B) five days after the date on which a reg- ‘‘(B) DEPOSITORY INSTITUTION.—The term ‘de- stating the amount of such unobligated funds. ular appropriation to the Commission for such pository institution’ means a bank, a savings If there is any material change in the amount fiscal year is enacted.’’; and loan institution, or a Federal credit union. stated in the report, the Commission shall, not (3) in paragraph (5), by inserting ‘‘of the Se- ‘‘(C) FEDERAL BANKING REGULATOR.—The later than 7 days after determining the amount curities Exchange Act of 1934’’ after ‘‘sections term ‘Federal banking regulator’— of the change, submit to such committees and 13(e) and 14(g)’’; ‘‘(i) has the meaning given the term ‘appro- make available on the Commission’s website a (4) by redesignating paragraph (6) as para- priate Federal banking agency’ under section 3 supplementary report stating the amount of and graph (8); of the Federal Deposit Insurance Act; and reason for the change.’’. (5) by inserting after paragraph (5) the fol- ‘‘(ii) means the National Credit Union Admin- lowing: SEC. 803. SEC RESERVE FUND ABOLISHED. istration, in the case of a Federal credit union. ‘‘(6) OFFSETTING COLLECTIONS.—Fees collected Section 4 of the Securities Exchange Act of ‘‘(D) FEDERAL CREDIT UNION.—The term ‘Fed- pursuant to this subsection for any fiscal year— 1934 (15 U.S.C. 78d) is amended by striking sub- eral credit union’ has the same meaning as in ‘‘(A) except as provided in section 31(i)(2) of section (i). section 101 of the Federal Credit Union Act. the Securities Exchange Act of 1934, shall be de- ‘‘(E) SAVINGS AND LOAN INSTITUTION.—The SEC. 804. FEES TO OFFSET APPROPRIATIONS. posited and credited as offsetting collections to term ‘savings and loan institution’ has the same (a) SECTION 31 OF THE SECURITIES EXCHANGE the account providing appropriations to the meaning as in section 3 of the Federal Deposit ACT OF 1934.—Section 31 of the Securities Ex- Commission; and Insurance Act. change Act of 1934 (15 U.S.C. 78ee) is amended— ‘‘(B) except as provided in paragraph (7), ‘‘(F) OTHER TERMS.—The terms used in this (1) by striking subsection (a) and inserting the shall not be collected for any fiscal year except paragraph that are not defined in this Act or following: to the extent provided in advance in appropria- otherwise defined in section 3(s) of the Federal ‘‘(a) COLLECTION.—The Commission shall, in tion Acts. Deposit Insurance Act shall have the meaning accordance with this section, collect transaction ‘‘(7) LAPSE OF APPROPRIATION.—If on the first given to them in section 1(b) of the Inter- fees and assessments.’’; day of a fiscal year a regular appropriation to national Banking Act of 1978.’’. (2) in subsection (i)— the Commission has not been enacted, the Com- (b) CONFORMING AMENDMENTS.—The Federal (A) in paragraph (1)(A), by inserting ‘‘except mission shall continue to collect fees (as offset- Trade Commission Act (15 U.S.C. 41 et seq.) is as provided in paragraph (2),’’ before ‘‘shall’’; ting collections) under this subsection at the amended— and rate in effect during the preceding fiscal year, (1) in section 6(j)(6), by striking ‘‘section (B) by striking paragraph (2) and inserting until 5 days after the date such a regular appro- 18(f)(3) (15 U.S.C. 57a(f)(3)), a Federal credit the following: priation is enacted.’’; and union described in section 18(f)(4) (15 U.S.C. ‘‘(2) GENERAL REVENUE.—Any fees collected (6) in subparagraph (A) of paragraph (8) (as 57a(f)(4))’’ and inserting ‘‘section 18(f), a Fed- for a fiscal year pursuant to this section, sec- so redesignated)— eral credit union described in section 18(f)’’; tions 13(e) and 14(g) of this title, and section (A) by striking the subparagraph heading and (2) in section 21(b)(6)(C), by striking ‘‘section 6(b) of the Securities Act of 1933 in excess of the inserting ‘‘TARGET OFFSETTING COLLECTION 18(f)(3) of the Federal Trade Commission Act (15 amount provided in appropriation Acts for col- AMOUNT.—’’; and U.S.C. 57a(f)(3)), or a Federal credit union de- lection for such fiscal year pursuant to such (B) in the heading of the right column of the scribed in section 18(f)(4) of the Federal Trade sections shall be deposited and credited as gen- table, by striking ‘‘fee’’ and inserting ‘‘offset- Commission Act (15 U.S.C. 57a(f)(4))’’ and in- eral revenue of the Treasury.’’; ting’’. serting ‘‘section 18(f), or a Federal credit union (3) in subsection (j)— (c) SECTION 13(e) OF THE SECURITIES EX- described in section 18(f)’’; (A) by striking ‘‘the regular appropriation to CHANGE ACT OF 1934.—Section 13(e) of the Secu- (3) by striking ‘‘section 18(f)(2)’’ and inserting the Commission by Congress for such fiscal rities Exchange Act of 1934 (15 U.S.C. 78m(e)) is ‘‘section 18(f)’’; year’’ each place it appears and inserting ‘‘the amended— (4) by striking ‘‘section 18(f)(3)’’ each place target offsetting collection amount for such fis- (1) by striking paragraph (5) and inserting the such term appears and inserting ‘‘section 18(f)’’; cal year’’; and following: and (B) in paragraph (2), by striking ‘‘subsection ‘‘(5) OFFSETTING COLLECTIONS.—Fees collected (5) by striking ‘‘section 18(f)(4)’’ each place (l)’’ and inserting ‘‘subsection (l)(2)’’; and pursuant to this subsection for any fiscal year— such term appears and inserting ‘‘section 18(f)’’. (4) by striking subsection (l) and inserting the ‘‘(A) except as provided in section 31(i)(2), SEC. 737. REPEAL OF AUTHORITY TO RESTRICT following: shall be deposited and credited as offsetting col- ARBITRATION. ‘‘(l) DEFINITIONS.—For purposes of this sec- lections to the account providing appropriations (a) IN GENERAL.—Section 1028 of the Con- tion: to the Commission; and sumer Financial Protection Act of 2010 (12 ‘‘(1) TARGET OFFSETTING COLLECTION ‘‘(B) except as provided in paragraph (8), U.S.C. 5518) is hereby repealed. AMOUNT.—The target offsetting collection shall not be collected for any fiscal year except (b) CLERICAL AMENDMENT.—The table of con- amount for a fiscal year is— to the extent provided in advance in appropria- tents under section 1(b) of the Dodd-Frank Wall ‘‘(A) for fiscal year 2017, $1,400,000,000; and tions Acts.’’; and Street Reform and Consumer Protection Act is ‘‘(B) for each succeeding fiscal year, the tar- (2) by adding at the end the following: amended by striking the item relating to section get offsetting collection amount for the prior fis- ‘‘(8) LAPSE OF APPROPRIATION.—If on the first 1028. cal year, adjusted by the rate of inflation. day of a fiscal year a regular appropriation to ‘‘(2) BASELINE ESTIMATE OF THE AGGREGATE the Commission has not been enacted, the Com- TITLE VIII—CAPITAL MARKETS DOLLAR AMOUNT OF SALES.—The baseline esti- mission shall continue to collect fees (as offset- IMPROVEMENTS mate of the aggregate dollar amount of sales for ting collections) under this subsection at the Subtitle A—SEC Reform, Restructuring, and any fiscal year is the baseline estimate of the rate in effect during the preceding fiscal year, Accountability aggregate dollar amount of sales of securities until 5 days after the date such a regular appro- SEC. 801. AUTHORIZATION OF APPROPRIATIONS. (other than bonds, debentures, other evidences priation is enacted.’’. Section 35 of the Securities Exchange Act of of indebtedness, security futures products, and (d) SECTION 14(g) OF THE SECURITIES EX- 1934 (15 U.S.C. 78kk) is amended by striking options on securities indexes (excluding a nar- CHANGE ACT OF 1934.—Section 14(g) of the Secu- paragraphs (1) through (5) and inserting the fol- row-based security index)) to be transacted on rities Exchange Act of 1934 (15 U.S.C. 78n(g)) is lowing: each national securities exchange and by or amended— ‘‘(1) for fiscal year 2017, $1,605,000,000; through any member of each national securities (1) by striking paragraph (5) and inserting the ‘‘(2) for fiscal year 2018, $1,655,000,000; association (otherwise than on a national secu- following:

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00068 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4773

‘‘(5) OFFSETTING COLLECTIONS.—Fees collected (1) in subparagraph (A), by striking ‘‘the In- ‘‘SEC. 4H. INTERNAL RISK CONTROLS. pursuant to this subsection for any fiscal year— vestor Advocate shall appoint’’ and all that fol- ‘‘(a) IN GENERAL.—Each of the following enti- ‘‘(A) except as provided in section 31(i)(2), lows through ‘‘Investor Advocate’’ and inserting ties, in consultation with the Chief Economist, shall be deposited and credited as offsetting col- ‘‘the Chairman shall appoint an Ombudsman, shall develop comprehensive internal risk con- lections to the account providing appropriations who shall report to the Commission’’; and trol mechanisms to safeguard and govern the to the Commission; and (2) in subparagraph (D)— storage of all market data by such entity, all ‘‘(B) except as provided in paragraph (8), (A) by striking ‘‘report to the Investor Advo- market data sharing agreements of such entity, shall not be collected for any fiscal year except cate’’ and inserting ‘‘report to the Commission’’; and all academic research performed at such en- to the extent provided in advance in appropria- and tity using market data: tions Acts.’’; (B) by striking the last sentence. ‘‘(1) The Commission. ‘‘(2) Each national security association re- (2) by redesignating paragraph (8) as para- SEC. 810. INVESTOR ADVISORY COMMITTEE IM- graph (9); and PROVEMENTS. quired to register under section 15A. ONSOLIDATED AUDIT TRAIL.—The Com- (3) by inserting after paragraph (7) the fol- Section 39 of the Securities Exchange Act of ‘‘(b) C mission may not approve a national market sys- lowing: 1934 (15 U.S.C. 78pp) is amended— ‘‘(8) LAPSE OF APPROPRIATION.—If on the first (1) in subsection (a)(2)(B), by striking ‘‘sub- tem plan pursuant to part 242.613 of title 17, Code of Federal Regulations (or any successor day of a fiscal year a regular appropriation to mit’’ and inserting ‘‘in consultation with the regulation), unless the operator of the consoli- the Commission has not been enacted, the Com- Small Business Capital Formation Advisory dated audit trail created by such plan has de- mission shall continue to collect fees (as offset- Committee established under section 40, sub- veloped, in consultation with the Chief Econo- ting collections) under this subsection at the mit’’; mist, comprehensive internal risk control mecha- rate in effect during the preceding fiscal year, (2) in subsection (b)— until 5 days after the date such a regular appro- (A) in paragraph (1)— nisms to safeguard and govern the storage of all priation is enacted.’’. (i) in subparagraph (C), by striking ‘‘and’’; market data by such operator, all market data (e) EFFECTIVE DATE.—The amendments made (ii) in subparagraph (D)(iv), by striking the sharing agreements of such operator, and all by this section— period at the end and inserting ‘‘; and’’; and academic research performed at such operator (1) shall apply beginning on October 1, 2017, (iii) by adding at the end the following: using market data.’’; except that for fiscal year 2018, the Securities ‘‘(E) a member of the Small Business Capital (2) in section 3(a), by redesignating the second and Exchange Commission shall publish— Formation Advisory Committee who shall be a paragraph (80) (relating to funding portals) as paragraph (81); and (A) the rates established under section 31 of nonvoting member.’’; (3) in section 3(a), by adding at the end the the Securities Exchange Act of 1934, as amended (B) by amending paragraph (2) to read as fol- by this section, not later than 30 days after the following: lows: ‘‘(82) CHIEF ECONOMIST.—The term ‘Chief date on which an Act making a regular appro- ‘‘(2) TERM.— priation to the Commission for fiscal year 2018 is Economist’ means the Director of the Division of ‘‘(A) LENGTH OF TERM FOR MEMBERS OF THE Economic and Risk Analysis, or an employee of enacted; and COMMITTEE.—Each member of the Committee ap- (B) the rate established under section 6(b) of the Commission with comparable authority, as pointed under paragraph (1), other than the In- determined by the Commission.’’. the Securities Act of 1933, as amended by this vestor Advocate, shall serve for a term of 4 SEC. 814. APPLICABILITY OF NOTICE AND COM- section, not later than August 31, 2017; and years. (2) shall not apply with respect to fees for any MENT REQUIREMENTS OF THE AD- ‘‘(B) LIMITATION ON MULTIPLE TERMS.—A fiscal year before fiscal year 2018. MINISTRATIVE PROCEDURE ACT TO member of the Committee may not serve for more GUIDANCE VOTED ON BY THE COM- SEC. 805. COMMISSION FEDERAL CONSTRUCTION than one term, except for the Investor Advocate, MISSION. FUNDING PROHIBITION. a representative of State securities commissions, The Securities Exchange Act of 1934 (15 U.S.C. The Securities and Exchange Commission may and the member of the Small Business Capital 78a et seq.) is amended by inserting after section not obligate any funds for the purpose of Fed- Formation Advisory Committee.’’; and 4H, as added by this Act, the following: eral construction of a new headquarters facility (C) in paragraph (3), by striking ‘‘paragraph ‘‘SEC. 4I. APPLICABILITY OF NOTICE AND COM- of the Commission. (1)(B)’’ and inserting ‘‘paragraph (1)’’; MENT REQUIREMENTS OF THE AD- SEC. 806. IMPLEMENTATION OF RECOMMENDA- (3) in subsection (c), by amending paragraph MINISTRATIVE PROCEDURE ACT TO TIONS. (2) to read as follows: GUIDANCE VOTED ON BY THE COM- Section 967 of the Dodd-Frank Wall Street Re- MISSION. ‘‘(2) TERM.— ‘‘The notice and comment requirements of sec- form and Consumer Protection Act is amended ‘‘(A) LENGTH OF TERM.—Each member elected tion 553 of title 5, United States Code, shall also by adding at the end the following: under paragraph (1) shall serve for a term of 3 MPLEMENTATION OF RECOMMENDA- apply with respect to any Commission statement ‘‘(d) I years in the capacity for which the member was TIONS.—Not later than 6 months after the date or guidance, including interpretive rules, gen- elected under paragraph (1). of enactment of this subsection, the Securities eral statements of policy, or rules of Commission ‘‘(B) LIMITATION ON MULTIPLE TERMS.—A organization, procedure, or practice, that has and Exchange Commission shall complete an im- member elected under paragraph (1) may not the effect of implementing, interpreting, or pre- plementation of the recommendations contained serve for more than one term in the capacity for scribing law or policy and that is voted on by in the report of the independent consultant which the member was elected under paragraph the Commission.’’. issued under subsection (b) on March 10, 2011. (1).’’; and To the extent that implementation of certain (4) by striking subsections (i) and (j). SEC. 815. LIMITATION ON PILOT PROGRAMS. recommendations requires legislation, the Com- (a) IN GENERAL.—Section 4 of the Securities SEC. 811. DUTIES OF INVESTOR ADVOCATE. mission shall submit a report to Congress con- Exchange Act of 1934 (15 U.S.C. 78d), as amend- Section 4(g)(4) of the Securities Exchange Act taining a request for legislation granting the ed by section 371(e), is further amended by add- of 1934 (15 U.S.C. 78d(g)(4)) is amended— Commission such authority it needs to fully im- ing at the end the following: (1) in subparagraph (D)(ii), by striking plement such recommendations.’’. ‘‘(l) LIMITATION ON PILOT PROGRAMS.— ‘‘and’’; ‘‘(1) IN GENERAL.—Any pilot program estab- SEC. 807. OFFICE OF CREDIT RATINGS TO RE- (2) in subparagraph (E), by striking the period PORT TO THE DIVISION OF TRADING lished by self-regulatory organizations, either AND MARKETS. at the end and inserting a semicolon; and individually or jointly, and filed with the Com- Section 15E(p)(1) of the Securities Exchange (3) by adding at the end the following: mission, including under section 11A or 19, shall Act of 1934 (15 U.S.C. 78o–7(p)(1)) is amended— ‘‘(F) not take a position on any legislation terminate after the end of the 5-year period be- (1) in subparagraph (A), by striking ‘‘within pending before Congress other than a legislative ginning on the date that the Commission ap- the Commission’’ and inserting ‘‘within the Di- change proposed by the Investor Advocate pur- proved such program, unless the Commission vision of Trading and Markets’’; and suant to subparagraph (E); issues a rule to permanently continue such pro- (2) in subparagraph (B), by striking ‘‘report to ‘‘(G) consult with the Advocate for Small gram or approves such program on a permanent the Chairman’’ and inserting ‘‘report to the Business Capital Formation on proposed rec- basis. head of the Division of Trading and Markets’’. ommendations made under subparagraph (E); ‘‘(2) EXTENSION.—With respect to a particular SEC. 808. OFFICE OF MUNICIPAL SECURITIES TO and pilot program described under paragraph (1), REPORT TO THE DIVISION OF TRAD- ‘‘(H) advise the Advocate for Small Business the Commission may extend the 5-year period ING AND MARKETS. Capital Formation on issues related to small described under such paragraph for an addi- Section 979 of the Dodd-Frank Wall Street Re- business investors.’’. tional 3 years if the Commission determines such form and Consumer Protection Act (15 U.S.C. SEC. 812. ELIMINATION OF EXEMPTION OF SMALL extension is necessary or appropriate in the 78o–4a) is amended— BUSINESS CAPITAL FORMATION AD- public interest or for the protection of investors. (1) in subsection (a), by inserting ‘‘, within VISORY COMMITTEE FROM FEDERAL ‘‘(3) LACK OF STATUTORY AUTHORITY.—If, the Division of Trading and Markets,’’ after ADVISORY COMMITTEE ACT. with respect to a pilot program described under ‘‘There shall be in the Commission’’; and Section 40 of the Securities Exchange Act of paragraph (1), the Commission determines that (2) in subsection (b), by striking ‘‘report to the 1934 (as added by Public Law 114–284) is amend- the pilot program should continue permanently, Chairman’’ and inserting ‘‘report to the head of ed by striking subsection (h). but the Commission lacks sufficient statutory the Division of Trading and Markets’’. SEC. 813. INTERNAL RISK CONTROLS. authority to permanently continue the program, SEC. 809. INDEPENDENCE OF COMMISSION OM- The Securities Exchange Act of 1934 (15 U.S.C. the Commission shall, not later than 1 year be- BUDSMAN. 78a et seq.) is amended— fore such pilot program is scheduled to termi- Section 4(g)(8) of the Securities Exchange Act (1) by inserting after section 4G, as added by nate pursuant to paragraph (1), notify the Com- of 1934 (15 U.S.C. 78d(g)(8)) is amended— this Act, the following: mittee on Financial Services of the House of

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00069 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4774 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Representatives and the Committee on Banking, investigation is closed, subject to any applicable to the Commission regarding changes to such Housing, and Urban Affairs of the Senate that statute of limitations. policies and practices. the Commission believes the program should SEC. 818. ENFORCEMENT OMBUDSMAN. (B) SPECIFIC MATTERS INCLUDED.—In carrying continue permanently but does not have suffi- (a) IN GENERAL.—Section 4 of the Securities out subparagraph (A), the Committee shall ana- cient statutory authority to continue the pro- Exchange Act of 1934 (15 U.S.C. 78d), as amend- lyze and make recommendations to the Commis- gram.’’. ed by section 803, is further amended by insert- sion regarding matters including the following: (b) TREATMENT OF EXISTING PILOT PRO- ing after subsection (h) the following: (i) How the Commission’s enforcement objec- GRAMS.—For purposes of section 4(k) of Securi- ‘‘(i) ENFORCEMENT OMBUDSMAN.— tives and strategies may be more effective. (ii) The Commission’s enforcement practices ties Exchange Act of 1934, as added by sub- ‘‘(1) ESTABLISHMENT.—The Commission shall section (a), the date on which the Commission have an Enforcement Ombudsman, who shall be and procedures from the point of view of due approved a pilot program that was in existence appointed by and report directly to the Commis- process, the relationship of enforcement action on the date of the enactment of this Act shall be sion. to notice of legal requirements, the attribution of responsibility for violations, and the protec- deemed to be the date of the enactment of this ‘‘(2) DUTIES.—The Enforcement Ombudsman Act. shall— tion of reputation and rights of privacy. (iii) The Commission’s enforcement policies SEC. 816. PROCEDURE FOR OBTAINING CERTAIN ‘‘(A) act as a liaison between the Commission and practices in light of its statutory responsi- INTELLECTUAL PROPERTY. and any person who is the subject of an inves- bility to protect investors, maintain fair, or- (a) PERSONS UNDER SECURITIES ACT OF 1933.— tigation (including a preliminary or informal in- derly, and efficient markets, and facilitate cap- Section 8 of the Securities Act of 1933 (15 U.S.C. vestigation) by the Commission or an adminis- ital formation. 77h) is amended by adding at the end the fol- trative or judicial action brought by the Com- (iv) The appropriate blend of regulation, pub- lowing: mission in resolving problems that such persons licity, and formal enforcement action and on ‘‘(g) PROCEDURE FOR OBTAINING CERTAIN IN- may have with the Commission or the conduct methods of furthering voluntary compliance. TELLECTUAL PROPERTY.—The Commission is not of Commission staff; and (v) Criteria for the selection and disposition of authorized to compel under this title a person to ‘‘(B) establish safeguards to maintain the con- enforcement actions, the adequacy of sanctions produce or furnish source code, including algo- fidentiality of communications between the per- authorized by law, and the suitability and effec- rithmic trading source code or similar intellec- sons described in subparagraph (A) and the En- tiveness of sanctions imposed by the Commission tual property, to the Commission unless the forcement Ombudsman. proceedings. Commission first issues a subpoena.’’. ‘‘(3) LIMITATION.—In carrying out the duties (2) REPORT.—Not later than 1 year after the (b) PERSONS UNDER THE SECURITIES EXCHANGE of the Enforcement Ombudsman under para- establishment of the Committee under subsection ACT OF 1934.—Section 23 of the Securities Ex- graph (2), the Enforcement Ombudsman shall (a), the Committee shall submit to the Commis- change Act of 1934 (15 U.S.C. 78w), as amended utilize personnel of the Commission to the extent sion and the appropriate congressional commit- by section 802, is further amended by adding at practicable. Nothing in this subsection shall be tees a report containing the results of the anal- the end the following: construed as replacing, altering, or diminishing ysis and the recommendations required by para- ‘‘(f) PROCEDURE FOR OBTAINING CERTAIN IN- the activities of any ombudsman or similar office graph (1)(A). TELLECTUAL PROPERTY.—The Commission is not of any other agency. (c) MEMBERSHIP.— authorized to compel under this title a person to ‘‘(4) REPORT.—The Enforcement Ombudsman (1) NUMBER AND APPOINTMENT.—The Com- produce or furnish source code, including algo- shall submit to the Commission and to the Com- mittee shall be composed of not less than 3 and rithmic trading source code or similar intellec- mittee on Financial Services of the House of not greater than 7 members appointed by the tual property, to the Commission unless the Representatives and the Committee on Banking, Chairman. Commission first issues a subpoena.’’. Housing, and Urban Affairs of the Senate an (2) CHAIRPERSON.—The Chairperson of the (c) INVESTMENT COMPANIES.—Section 31 of the annual report that describes the activities and Committee shall be designated by the Chairman Investment Company Act of 1940 (15 U.S.C. 80a– evaluates the effectiveness of the Enforcement at the time of appointment of the members. 30) is amended by adding at the end the fol- Ombudsman during the preceding year.’’. (d) SUPPORT.—The Commission shall provide lowing: (b) DEADLINE FOR INITIAL APPOINTMENT.—The the Committee with the administrative, profes- ‘‘(e) PROCEDURE FOR OBTAINING CERTAIN IN- Securities and Exchange Commission shall ap- sional, and technical support required by the TELLECTUAL PROPERTY.—The Commission is not point the initial Enforcement Ombudsman under Committee to carry out its responsibilities under authorized to compel under this title an invest- subsection (i) of section 4 of the Securities Ex- this section. ment company to produce or furnish source change Act of 1934, as added by subsection (a), (e) TERMINATION OF COMMITTEE.—The Com- code, including algorithmic trading source code not later than 180 days after the date of the en- mittee established by subsection (a) shall termi- or similar intellectual property, to the Commis- actment of this Act. nate on the date that the report required by sub- sion unless the Commission first issues a sub- SEC. 819. ADEQUATE NOTICE. section (b)(2) is submitted. poena.’’. Section 21 of the Securities Exchange Act of (f) CONSIDERATION AND ADOPTION OF REC- (d) INVESTMENT ADVISERS.—Section 204 of the 1934 (15 U.S.C. 78u) is amended by adding at the OMMENDATIONS BY COMMISSION.—Not later than Investment Advisers Act of 1940 (15 U.S.C. 80b– end the following: 180 days after the Committee submits the report 4) is amended— ‘‘(j) ADEQUATE NOTICE REQUIRED BEFORE required by subsection (b)(2), the Commission (1) by adding at the end the following: BRINGING AN ENFORCEMENT ACTION.— shall— ‘‘(f) PROCEDURE FOR OBTAINING CERTAIN IN- ‘‘(1) IN GENERAL.—No person shall be subject (1) consider the analysis and recommenda- TELLECTUAL PROPERTY.—The Commission is not to an enforcement action by the Commission for tions included in such report; (2) adopt such recommendations, with any authorized to compel under this title an invest- an alleged violation of the securities laws or the modifications, as the Commission considers ap- ment adviser to produce or furnish source code, rules and regulations issued thereunder if such propriate; and including algorithmic trading source code or person did not have adequate notice of such (3) submit to the appropriate congressional similar intellectual property, to the Commission law, rule, or regulation. committees a report that— unless the Commission first issues a subpoena.’’; ‘‘(2) PUBLISHING OF INTERPRETATION DEEMED and (A) lists each recommendation included in ADEQUATE NOTICE.—With respect to an enforce- such report that the Commission does not adopt (2) in the second subsection (d), by striking ment action, adequate notice of a securities law ‘‘(d)’’ and inserting ‘‘(e)’’. or adopts with material modifications; and or a rule or regulation issued thereunder shall (B) for each recommendation listed under sub- SEC. 817. PROCESS FOR CLOSING INVESTIGA- be deemed to have been provided to a person if paragraph (A), explains why the Commission TIONS. the Commission approved a statement or guid- does not consider it appropriate or does not (a) IN GENERAL.—Not later than 180 days ance, in accordance with section 4I, with respect have sufficient authority to adopt the rec- after the date of the enactment of this Act, the to the conduct that is the subject of the enforce- ommendation or to adopt the recommendation Securities and Exchange Commission shall es- ment action, prior to the time that the person without material modification. tablish a process for closing investigations (in- engaged in the conduct that is the subject of the (g) DEFINITIONS.—In this section: cluding preliminary or informal investigations) enforcement action.’’. (1) APPROPRIATE CONGRESSIONAL COMMIT- that is designed to ensure that the Commission, SEC. 820. ADVISORY COMMITTEE ON COMMIS- TEES.—The term ‘‘appropriate congressional in a timely manner— SION’S ENFORCEMENT POLICIES committees’’ means the Committee on Financial (1) makes a determination of whether or not to AND PRACTICES. Services of the House of Representatives and the institute an administrative or judicial action in (a) ESTABLISHMENT.—Not later than 6 months Committee on Banking, Housing, and Urban Af- a matter or refer the matter to the Attorney after the date of the enactment of this Act, the fairs of the Senate. General for potential criminal prosecution; and Chairman shall establish an advisory committee (2) CHAIRMAN.—The term ‘‘Chairman’’ means (2) if the Commission determines not to insti- on the Commission’s enforcement policies and the Chairman of the Commission. tute such an action or refer the matter to the practices (in this section referred to as the (3) COMMISSION.—The term ‘‘Commission’’ Attorney General, informs the persons who are ‘‘Committee’’). means the Securities and Exchange Commission. the subject of the investigation that the inves- (b) DUTIES.— (4) SECURITIES LAWS.—The term ‘‘securities tigation is closed. (1) ANALYSIS AND RECOMMENDATIONS.— laws’’ has the meaning given such term in sec- (b) RULE OF CONSTRUCTION.—Nothing in this (A) IN GENERAL.—The Committee shall con- tion 3(a) of the Securities Exchange Act of 1934 section shall be construed to affect the authority duct an analysis of the policies and practices of (15 U.S.C. 78c(a)). of the Commission to re-open an investigation if the Commission relating to the enforcement of (h) APPLICATION OF THE FEDERAL ADVISORY the Commission obtains new evidence after the the securities laws and make recommendations COMMITTEE ACT.—The Committee is an advisory

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00070 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4775 committee for purposes of the Federal Advisory ‘‘SEC. 41. PRIVATE PARTIES AUTHORIZED TO amended by inserting after section 4F the fol- Committee Act (5 U.S.C. App.). COMPEL THE COMMISSION TO SEEK lowing: SANCTIONS BY FILING CIVIL AC- SEC. 821. PROCESS TO PERMIT RECIPIENT OF ‘‘SEC. 4G. ELIMINATION OF AUTOMATIC DIS- TIONS. WELLS NOTIFICATION TO APPEAR QUALIFICATIONS. ‘‘(a) TERMINATION OF ADMINISTRATIVE PRO- BEFORE COMMISSION STAFF IN-PER- ‘‘(a) IN GENERAL.—Notwithstanding any other CEEDING.—In the case of any person who is a SON. provision of law, a non-natural person may not party to a proceeding brought by the Commis- (a) IN GENERAL.—Not later than 180 days be disqualified or otherwise made ineligible to sion under a securities law, to which section 554 after the date of the enactment of this Act, the use an exemption or registration provision, en- of title 5, United States Code, applies, and Securities and Exchange Commission shall es- gage in an activity, or qualify for any similar against whom an order imposing a cease and de- tablish a process under which, in any instance treatment under a provision of the securities sist order and a penalty may be issued at the in which the Commission staff provides a writ- laws or the rules issued by the Commission conclusion of the proceeding, that person may, ten Wells notification to an individual inform- under the securities laws by reason of having, not later than 20 days after receiving notice of ing the individual that the Commission staff has or a person described in subsection (b) having, such proceeding, and at that person’s discre- made a preliminary determination to recommend been convicted of any felony or misdemeanor or tion, require the Commission to terminate the that the Commission bring an administrative or made the subject of any judicial or administra- proceeding. judicial action against the individual, the indi- tive order, judgment, or decree arising out of a ‘‘(b) CIVIL ACTION AUTHORIZED.—If a person vidual shall have the right to make an in-person governmental action (including an order, judg- requires the Commission to terminate a pro- presentation before the Commission staff con- ment, or decree agreed to in a settlement), or ceeding pursuant to subsection (a), the Commis- cerning such recommendation and to be rep- having, or a person described in subsection (b) sion may bring a civil action against that person resented by counsel at such presentation, at the having, been suspended or expelled from mem- for the same remedy that might be imposed. individual’s own expense. bership in, or suspended or barred from associa- (b) ATTENDANCE BY COMMISSIONERS.—Such ‘‘(c) STANDARD OF PROOF IN ADMINISTRATIVE tion with a member of, a registered national se- process shall provide that each Commissioner of PROCEEDING.—Notwithstanding any other pro- curities exchange or a registered national or af- the Commission, or a designee of the Commis- vision of law, in the case of a proceeding filiated securities association for any act or sioner, may attend any such presentation. brought by the Commission under a securities omission to act constituting conduct incon- (c) REPORT BY COMMISSION STAFF.—Such law, to which section 554 of title 5, United States sistent with just and equitable principles of process shall provide that, before any Commis- Code, applies, a legal or equitable remedy may trade, unless the Commission, by order, on the sion vote on whether to bring the administrative be imposed on the person against whom the pro- record after notice and an opportunity for hear- or judicial action against the individual, the ceeding was brought only on a showing by the ing, makes a determination that such non-nat- Commission staff shall provide to each Commis- Commission of clear and convincing evidence ural person should be so disqualified or other- sioner a written report on any such presen- that the person has violated the relevant provi- wise made ineligible for purposes of such provi- tation, including any factual or legal arguments sion of law.’’. sion. made by the individual and any supporting doc- SEC. 824. CERTAIN FINDINGS REQUIRED TO AP- ‘‘(b) PERSON DESCRIBED.—A person is de- uments provided by the individual. PROVE CIVIL MONEY PENALTIES AGAINST ISSUERS. scribed in this subsection if the person is— SEC. 822. PUBLICATION OF ENFORCEMENT MAN- ‘‘(1) a natural person who is a director, offi- UAL. The Securities Exchange Act of 1934 (15 U.S.C. cer, employee, partner, member, or shareholder (a) IN GENERAL.—Not later than 1 year after 78a et seq.) is amended by inserting after section of the non-natural person referred to in sub- the date of the enactment of this Act, the Secu- 4E the following: section (a) or is otherwise associated or affili- rities and Exchange Commission shall approve, ‘‘SEC. 4F. CERTAIN FINDINGS REQUIRED TO AP- ated with such non-natural person in any way; by vote of the Commission, and publish an up- PROVE CIVIL MONEY PENALTIES or dated manual that sets forth the policies and AGAINST ISSUERS. ‘‘(2) a non-natural person who is associated practices that the Commission will follow in the ‘‘The Commission may not seek against or im- or affiliated with the non-natural person re- enforcement of the securities laws (as defined in pose on an issuer a civil money penalty for vio- ferred to in subsection (a) in any way. section 3(a) of the Securities Exchange Act of lation of the securities laws unless the publicly ‘‘(c) RULE OF CONSTRUCTION.—Nothing in this 1934 (15 U.S.C. 78c(a))). Such manual shall in- available text of the order approving the seeking or imposition of such penalty contains findings, section shall be construed to limit any authority clude policies and practices required by this Act, of the Commission, by order, on the record after and by the amendments made by this Act, and supported by an analysis by the Division of Eco- nomic and Risk Analysis and certified by the notice and an opportunity for hearing, to pro- shall be developed so as to ensure transparency hibit a person from using an exemption or reg- in such enforcement and uniform application of Chief Economist, of whether— ‘‘(1) the alleged violation resulted in direct istration provision, engaging in an activity, or such laws by the Commission. qualifying for any similar treatment under a (b) ENFORCEMENT PLAN AND REPORT.—Begin- economic benefit to the issuer; and provision of the securities laws, or the rules ning on the date that is one year after the date ‘‘(2) the penalty will harm the shareholders of issued by the Commission under the securities of enactment of this Act, and each year there- the issuer.’’. laws, by reason of a circumstance referred to in after, the Securities and Exchange Commission SEC. 825. REPEAL OF AUTHORITY OF THE COM- subsection (a) or any similar circumstance.’’. shall transmit to Congress and publish on its MISSION TO PROHIBIT PERSONS FROM SERVING AS OFFICERS OR DI- Internet website an annual enforcement plan SEC. 828. DENIAL OF AWARD TO CULPABLE WHIS- RECTORS. TLEBLOWERS. and report that shall— (a) UNDER SECURITIES ACT OF 1933.—Sub- (1) detail the priorities of the Commission with Section 21F(c) of the Securities Exchange Act section (f) of section 8A of the Securities Act of regard to enforcement and examination activi- of 1934 (15 U.S.C. 78u–6(c)) is amended— 1933 (15 U.S.C. 77h–1) is repealed. ties for the forthcoming year; (1) in paragraph (2)— (b) UNDER SECURITIES EXCHANGE ACT OF (2) report on the Commission’s enforcement (A) in subparagraph (C), by striking ‘‘or’’ at 1934.—Subsection (f) of section 21C of the Secu- and examination activities for the previous year, the end; rities Exchange Act of 1934 (15 U.S.C. 78u–3) is including an assessment of how such activities (B) in subparagraph (D), by striking the pe- repealed. comported with the priorities identified for that riod and inserting ‘‘; or’’; and year pursuant to paragraph (1); SEC. 826. SUBPOENA DURATION AND RENEWAL. (C) by adding at the end the following: (3) contain an analysis of litigated decisions Section 21(b) of the Securities Exchange Act of ‘‘(E) to any whistleblower who is responsible found not in favor of the Commission over the 1934 (15 U.S.C. 78u(b)) is amended— for, or complicit in, the violation of the securi- preceding year; (1) by inserting ‘‘SUBPOENA.—’’ after the enu- ties laws for which the whistleblower provided (4) contain a description of any emerging merator; information to the Commission.’’; and trends the Commission has focused on as part of (2) by striking ‘‘For the purpose of’’ and in- (2) by adding at the end the following: its enforcement program, including whether and serting the following: ‘‘(3) DEFINITION.—For purposes of paragraph how the Commission has alerted or commu- ‘‘(1) IN GENERAL.—For the purpose of’’; and (2)(E), a person is responsible for, or complicit (3) by adding at the end the following: nicated with those who may be subject to the in, a violation of the securities laws if, with the ‘‘(2) OMNIBUS ORDERS OF INVESTIGATION.— Commission’s regulation of emerging trends; intent to promote or assist the violation, the per- ‘‘(A) DURATION AND RENEWAL.—An omnibus (5) contain a description of legal theories or son— order of investigation shall not be for an indefi- standards employed by the Commission in en- ‘‘(A) procures, induces, or causes another per- nite duration and may be renewed only by Com- forcement over the preceding year that had not son to commit the offense; mission action. previously been employed, and a summary justi- ‘‘(B) aids or abets another person in commit- ‘‘(B) DEFINITION.—In subparagraph (A), the fying each such theory or standard; and ting the offense; or term ‘omnibus order of investigation’ means an (6) provide an opportunity and mechanism for ‘‘(C) having a duty to prevent the violation, order of the Commission authorizing 1 or more public comment. fails to make an effort the person is required to members of the Commission or its staff to issue SEC. 823. PRIVATE PARTIES AUTHORIZED TO make.’’. COMPEL THE SECURITIES AND EX- subpoenas under paragraph (1) to multiple per- SEC. 829. CLARIFICATION OF AUTHORITY TO IM- CHANGE COMMISSION TO SEEK sons in relation to a particular subject matter POSE SANCTIONS ON PERSONS AS- SANCTIONS BY FILING CIVIL AC- area.’’. SOCIATED WITH A BROKER OR DEAL- TIONS. SEC. 827. ELIMINATION OF AUTOMATIC DISQUALI- ER. Title I of the Securities Exchange Act of 1934 FICATIONS. Section 15(b)(6)(A)(i) of the Securities Ex- (15 U.S.C. 78a et seq.) is amended by adding at The Securities Exchange Act of 1934 (15 U.S.C. change Act of 1934 (15 U.S.C. 78o(b)(6)(A)(i)) is the end the following: 78a et seq.), as amended by this Act, is further amended by striking ‘‘enumerated’’ and all that

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00071 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4776 CONGRESSIONAL RECORD — HOUSE June 8, 2017 follows and inserting ‘‘enumerated in subpara- Subtitle B—Eliminating Excessive tail customers (and such other customers as the graph (A), (D), (E), (G), or (H) of paragraph (4) Government Intrusion in the Capital Markets Commission may by rule provide) due to dif- of this subsection;’’. SEC. 841. REPEAL OF DEPARTMENT OF LABOR FI- ferent standards of conduct applicable to bro- SEC. 830. COMPLAINT AND BURDEN OF PROOF DUCIARY RULE AND REQUIREMENTS kers, dealers, and investment advisors. REQUIREMENTS FOR CERTAIN AC- PRIOR TO RULEMAKING RELATING ‘‘(6) REQUIREMENTS UNDER INVESTMENT ADVIS- TIONS FOR BREACH OF FIDUCIARY TO STANDARDS OF CONDUCT FOR ERS ACT OF 1940.—In proposing rules under para- DUTY. BROKERS AND DEALERS. graph (1) for brokers or dealers, the Commission Section 36(b) of the Investment Company Act (a) REPEAL OF DEPARTMENT OF LABOR FIDU- shall consider the differences in the registration, of 1940 (15 U.S.C. 80a–35(b)) is amended by add- CIARY RULE.—The final rule of the Department supervision, and examination requirements ap- ing at the end the following: of Labor titled ‘‘Definition of the Term ‘Fidu- plicable to brokers, dealers, and investment ad- ciary’; Conflict of Interest Rule—Retirement In- ‘‘(7) In any such action brought by a security visors.’’. vestment Advice’’ and related prohibited trans- SEC. 842. EXEMPTION FROM RISK RETENTION RE- holder of a registered investment company on action exemptions published April 8, 2016 (81 behalf of such company— QUIREMENTS FOR NONRESIDENTIAL Fed. Reg. 20946) shall have no force or effect. MORTGAGE. ‘‘(A) the complaint shall state with particu- (b) STAY ON RULES DEFINING CERTAIN FIDU- (a) IN GENERAL.—Section 15G of the Securities larity all facts establishing a breach of fiduciary CIARIES.—After the date of enactment of this Exchange Act of 1934 (15 U.S.C. 78o–11) is duty, and, if an allegation of any such facts is Act, the Secretary of Labor shall not prescribe amended— based on information and belief, the complaint any regulation under the Employee Retirement (1) in subsection (a)— shall state with particularity all facts on which Income Security Act of 1974 (29 U.S.C. 1001 et (A) in paragraph (3)(B), by striking ‘‘and’’ at that belief is formed; and seq.) defining the circumstances under which an the end; ‘‘(B) such security holder shall have the bur- individual is considered a fiduciary until the (B) in paragraph (4)(B), by striking the period den of proving a breach of fiduciary duty by date that is 60 days after the Securities and Ex- and inserting ‘‘; and’’; and clear and convincing evidence.’’. change Commission issues a final rule relating (C) by adding at the end the following: SEC. 831. CONGRESSIONAL ACCESS TO INFORMA- to standards of conduct for brokers and dealers ‘‘(5) the term ‘asset-backed security’ refers TION HELD BY THE PUBLIC COM- pursuant to the second subsection (k) of section only to an asset-backed security that is com- PANY ACCOUNTING OVERSIGHT 15 of the Securities Exchange Act of 1934 (15 prised wholly of residential mortgages.’’; BOARD. U.S.C. 78o(k)). (2) in subsection (b)— Section 105(b)(5) of the Sarbanes-Oxley Act of (c) REQUIREMENTS PRIOR TO RULEMAKING RE- (A) by striking paragraph (1); and 2002 (15 U.S.C. 7215(b)(5)) is amended— LATING TO STANDARDS OF CONDUCT FOR BRO- (B) by striking ‘‘(2) RESIDENTIAL MORT- (1) in subparagraph (A), by striking ‘‘sub- KERS AND DEALERS.—The second subsection (k) GAGES.—’’; paragraphs (B) and (C)’’ and inserting ‘‘sub- of section 15 of the Securities Exchange Act of (3) by striking subsection (h) and redesig- paragraphs (B), (C), and (D)’’; and 1934 (15 U.S.C. 78o(k)), as added by section nating subsection (i) as subsection (h); and 913(g)(1) of the Dodd-Frank Wall Street Reform (2) by adding at the end the following: (4) in subsection (h) (as so redesignated)— and Consumer Protection Act (12 U.S.C. 5301 et (A) by striking ‘‘effective—’’ and all that fol- ‘‘(D) AVAILABILITY TO THE CONGRESSIONAL seq.), is amended by adding at the end the fol- COMMITTEES.—The Board shall make available lows through ‘‘(1) with respect to’’ and inserting lowing: ‘‘effective with respect to’’; to the Committees specified under section ‘‘(3) REQUIREMENTS PRIOR TO RULEMAKING.— 101(h)— (B) in paragraph (1), by striking ‘‘; and’’ and The Commission shall not promulgate a rule inserting a period; and ‘‘(i) such information as the Committees shall pursuant to paragraph (1) before providing a re- (C) by striking paragraph (2). request; and port to the Committee on Financial Services of (b) CONFORMING AMENDMENT.—Section 941 of ‘‘(ii) with respect to any confidential or privi- the House of Representatives and the Committee the Dodd-Frank Wall Street Reform and Con- leged information provided in response to a re- on Banking, Housing, and Urban Affairs of the sumer Protection Act is amended by striking quest under clause (i), including any informa- Senate and making such report available on the subsection (c). tion subject to section 104(g) and subparagraph Commission’s website describing whether— (A), or any confidential or privileged informa- ‘‘(A) retail investors (and such other cus- SEC. 843. FREQUENCY OF SHAREHOLDER AP- PROVAL OF EXECUTIVE COMPENSA- tion provided orally in response to such a re- tomers as the Commission may provide) are TION. quest, such information shall maintain the pro- being harmed due to brokers or dealers oper- Section 14A(a) of the Securities Exchange Act tections provided in subparagraph (A), and ating under different standards of conduct than of 1934 (15 U.S.C. 78n–1(a)) is amended— shall retain its confidential and privileged sta- those that apply to investment advisors under (1) in paragraph (1), by striking ‘‘Not less fre- tus in the hands of the Board and the Commit- section 211 of the Investment Advisers Act of quently than once every 3 years’’ and inserting tees.’’. 1940 (15 U.S.C. 80b–11); ‘‘Each year in which there has been a material ‘‘(B) alternative remedies will reduce any con- SEC. 832. ABOLISHING INVESTOR ADVISORY change to the compensation of executives of an fusion or harm to retail investors due to brokers GROUP. issuer from the previous year’’; and or dealers operating under different standards The Public Company Accounting Oversight (2) by striking paragraph (2) and redesig- of conduct than those standards that apply to Board shall abolish the Investor Advisory nating paragraph (3) as paragraph (2). investment advisors under section 211 of the In- Group. vestment Advisers Act of 1940 (15 U.S.C. 80b–11), SEC. 844. SHAREHOLDER PROPOSALS. SEC. 833. REPEAL OF REQUIREMENT FOR PUBLIC including— (a) RESUBMISSION THRESHOLDS.—The Securi- COMPANY ACCOUNTING OVERSIGHT ‘‘(i) simplifying the titles used by brokers, ties and Exchange Commission shall revise sec- BOARD TO USE CERTAIN FUNDS FOR dealers, and investment advisers; and tion 240.14a–8(i)(12) of title 17, Code of Federal MERIT SCHOLARSHIP PROGRAM. ‘‘(ii) enhancing disclosure surrounding the Regulations to— (a) IN GENERAL.—Section 109(c) of the Sar- different standards of conduct currently appli- (1) in paragraph (i), adjust the 3 percent banes-Oxley Act of 2002 (15 U.S.C. 7219(c)) is cable to brokers, dealers, and investment advis- threshold to 6 percent; amended by striking paragraph (2). ers; (2) in paragraph (ii), adjust the 6 percent (b) CONFORMING AMENDMENTS.—Section 109 of ‘‘(C) the adoption of a uniform fiduciary threshold to 15 percent; and the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7219) standard of conduct for brokers, dealers, and in- (3) in paragraph (iii), adjust the 10 percent is amended— vestment advisors would adversely impact the threshold to 30 percent. (1) in subsection (c), by striking ‘‘USES OF commissions of brokers and dealers, the avail- (b) HOLDING REQUIREMENT.—The Securities FUNDS’’ and all that follows through ‘‘The ability of proprietary products offered by bro- and Exchange Commission shall revise the hold- budget’’ and inserting ‘‘USES OF FUNDS.—The kers and dealers, and the ability of brokers and ing requirement for a shareholder to be eligible budget’’; and dealers to engage in principal transactions with to submit a shareholder proposal to an issuer in (2) in subsection (f), by striking ‘‘subsection customers; and section 240.14a–8(b)(1) of title 17, Code of Fed- (c)(1)’’ and inserting ‘‘subsection (c)’’. ‘‘(D) the adoption of a uniform fiduciary eral Regulations, to— standard of conduct for brokers or dealers and (1) eliminate the option to satisfy the holding SEC. 834. REALLOCATION OF FINES FOR VIOLA- investment advisors would adversely impact re- requirement by holding a certain dollar amount; TIONS OF RULES OF MUNICIPAL SE- (2) require the shareholder to hold 1 percent of CURITIES RULEMAKING BOARD. tail investor access to personalized and cost-ef- fective investment advice, recommendations the issuer’s securities entitled to be voted on the (a) IN GENERAL.—Section 15B(c)(9) of the Se- about securities, or the availability of such ad- proposal, or such greater percentage as deter- curities Exchange Act of 1934 (15 U.S.C. 78o– vice and recommendations. mined by the Commission; and 4(c)(9)) is amended to read as follows: ‘‘(4) ECONOMIC ANALYSIS.—The Commission’s (3) adjust the 1 year holding period to 3 years. ‘‘(9) Fines collected for violations of the rules conclusions contained in the report described in (c) SHAREHOLDER PROPOSALS ISSUED BY PROX- of the Board shall be deposited and credited as paragraph (3) shall be supported by economic IES.—Section 14 of the Securities Exchange Act general revenue of the Treasury, except as oth- analysis. of 1934 (15 U.S.C. 78n) is amended by adding at erwise provided in section 308 of the Sarbanes- ‘‘(5) REQUIREMENTS FOR PROMULGATING A the end the following: Oxley Act of 2002 or section 21F of this title.’’. RULE.—The Commission shall publish in the ‘‘(j) SHAREHOLDER PROPOSALS BY PROXIES (b) EFFECTIVE DATE.—The amendment made Federal Register alongside the rule promulgated NOT PERMITTED.—An issuer may not include in by subsection (a) shall apply to fines collected pursuant to paragraph (1) formal findings that its proxy materials a shareholder proposal sub- after the date of enactment of this Act. such rule would reduce confusion or harm to re- mitted by a person in such person’s capacity as

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00072 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4777 a proxy, representative, agent, or person other- mentation or made certain amendments to the peding competition among such organizations, wise acting on behalf of a shareholder.’’. application— or that such an exemption is necessary or ap- SEC. 845. PROHIBITION ON REQUIRING A SINGLE ‘‘(I) provide the applicant with the specific propriate in the public interest and is consistent BALLOT. additional supporting documentation or amend- with the protection of investors.’’. Section 14 of the Securities Exchange Act of ments that the Commission believes are nec- SEC. 851. RISK-BASED EXAMINATIONS OF NATION- 1934 (15 U.S.C. 78n) is amended by adding at the essary for the applicant to provide in order for ALLY RECOGNIZED STATISTICAL end the following: the application to be approved; and RATING ORGANIZATIONS. ‘‘(k) PROHIBITION ON REQUIRING A SINGLE ‘‘(II) request that the applicant withdraw the Section 15E(p)(3) of the Securities Exchange BALLOT.—The Commission may not require that application and re-submit the application with Act of 1934 (15 U.S.C. 78o–7(p)(3)) is amended— a solicitation of a proxy, consent, or authoriza- such additional supporting documentation and (1) in subparagraph (A)— tion to vote a security of an issuer in an election amendments; or (A) in the heading, by striking ‘‘ANNUAL’’ and of members of the board of directors of the issuer ‘‘(iii) deny the application. inserting ‘‘RISK-BASED’’; be made using a single ballot or card that lists ‘‘(B) EXTENSION OF TIME PERIOD.—The Com- (B) by striking ‘‘an examination’’ and insert- both individuals nominated by (or on behalf of) mission may extend the time period described ing ‘‘examinations’’; and the issuer and individuals nominated by (or on under subparagraph (A) by not more than an (C) by striking ‘‘at least annually’’; and behalf of) other proponents and permits the per- additional 45 days, if— (2) in subparagraph (B), in the matter pre- son granting the proxy, consent, or authoriza- ‘‘(i) the Commission determines that a longer ceding clause (i), by inserting ‘‘, as appro- tion to select from among individuals in both period is appropriate and publishes the reasons priate,’’ after ‘‘Each examination under sub- groups.’’. for such determination; or paragraph (A) shall include’’. ‘‘(ii) the applicant consents to the longer pe- SEC. 846. REQUIREMENT FOR MUNICIPAL ADVI- SEC. 852. TRANSPARENCY OF CREDIT RATING SOR FOR ISSUERS OF MUNICIPAL SE- riod. METHODOLOGIES. CURITIES. ‘‘(C) TIME PERIOD FOR WITHDRAWAL.—If the Section 15E(s) of the Securities Exchange Act Section 15B(d) of the Securities Exchange Act Commission makes a request under subpara- of 1934 (15 U.S.C. 78o–7(s)) is amended— of 1934 (15 U.S.C. 78o–4(d)) is amended by add- graph (A)(ii) for an applicant to withdraw an (1) in paragraph (2)(B), by inserting before ing at the end the following: application, such application shall be deemed to the semicolon the following: ‘‘rated by the na- ‘‘(3) An issuer of municipal securities shall not be denied if the applicant informs the Commis- tionally recognized statistical rating agency’’; be required to retain a municipal advisor prior sion that the applicant will not withdraw the and to issuing any such securities.’’. application or if the applicant does not with- (2) in paragraph (3)— draw the application before the end of the 30- SEC. 847. SMALL ISSUER EXEMPTION FROM IN- (A) in subparagraph (A)(ix), by inserting be- TERNAL CONTROL EVALUATION. day period beginning on the date the Commis- fore the period the following: ‘‘, except that the sion makes such request. Section 404(c) of the Sarbanes-Oxley Act of Commission may not require the inclusion of ref- ‘‘(4) PROCEEDINGS; NOTICE AND HEARING.—If 2002 (15 U.S.C. 7262(c)) is amended to read as erences to statutory or regulatory requirements an application is denied pursuant to paragraph follows: or statutory provision headings or enumerators (3), the Commission shall provide the applicant ‘‘(c) EXEMPTION FOR SMALLER ISSUERS.—Sub- for any specific disclosure’’; with— section (b) shall not apply with respect to any (B) in subparagraph (B)(iv), by inserting be- ‘‘(A) a written explanation for why the appli- audit report prepared for an issuer that has fore the period the following: ‘‘, except that the cation was not approved; and total market capitalization of less than Commission may not require the inclusion of ref- ‘‘(B) an opportunity for hearing, if requested $500,000,000, nor to any issuer that is a deposi- erences to statutory or regulatory requirements by the applicant not later than 20 days after the tory institution with assets of less than or statutory provision headings or enumerators date of such denial, with such hearing to be $1,000,000,000.’’. for any specific disclosure’’; and commenced not later than 30 days after the date (C) by adding at the end the following: SEC. 848. STREAMLINING OF APPLICATIONS FOR of such denial. AN EXEMPTION FROM THE INVEST- ‘‘(C) NO MANDATE ON THE ORGANIZATION OF ‘‘(5) RESULT OF FAILURE TO INSTITUTE OR MENT COMPANY ACT OF 1940. DISCLOSURES.—The Commission may not man- COMMENCE PROCEEDINGS.—An application shall Section 6(c) of the Investment Company Act of date the specific organization of the disclosures be deemed to have been approved by the Com- 1940 (15 U.S.C. 80a–6(c)) is amended— required under this paragraph.’’. mission, if— SEC. 853. REPEAL OF CERTAIN ATTESTATION RE- (1) by striking ‘‘(c) The Commission’’ and in- ‘‘(A) the Commission fails to either approve, serting the following: QUIREMENTS RELATING TO CREDIT request the withdrawal of, or deny the applica- RATINGS. ‘‘(c) GENERAL EXEMPTIVE AUTHORITY.— tion, as required under paragraph (3)(A), within ‘‘(1) IN GENERAL.—The Commission’’; and Section 15E of the Securities Exchange Act of the time period required under paragraph 1934 (15 U.S.C. 78o–7) is amended— (2) by adding at the end the following: (3)(A), as such time period may have been ex- ‘‘(2) APPLICATION PROCESS.— (1) in subsection (c)(3)(B)— tended pursuant to paragraph (3)(B); or (A) in clause (i), by adding ‘‘and’’ at the end; ‘‘(A) IN GENERAL.—A person who wishes to re- ‘‘(B) the applicant requests an opportunity for ceive an exemption from the Commission pursu- (B) in clause (ii), by striking ‘‘; and’’ and in- hearing, pursuant to paragraph (4)(B), but the serting a period; and ant to paragraph (1) shall file an application Commission does not commence such hearing with the Commission in such form and manner (C) by striking clause (iii); and within the time period required under para- (2) in subsection (q)(2)— and containing such information as the Com- graph (4)(B). mission may require. (A) in subparagraph (D), by adding ‘‘and’’ at ‘‘(6) RULEMAKING.—Not later than 180 days the end; ‘‘(B) PUBLICATION; REJECTION OF INVALID AP- after the date of enactment of this paragraph, PLICATIONS.— (B) in subparagraph (E), by striking ‘‘; and’’ the Commission shall issue rules to carry out and inserting a period; and ‘‘(i) IN GENERAL.—Not later than the end of this subsection.’’. the 5-day period beginning on the date that the (C) by striking subparagraph (F). SEC. 849. RESTRICTION ON RECOVERY OF ERRO- SEC. 854. LOOK-BACK REVIEW BY NRSRO. Commission receives an application under sub- NEOUSLY AWARDED COMPENSA- paragraph (A), the Commission shall either— TION. Section 15E(h)(4)(A) of the Securities Ex- ‘‘(I) publish the application, including by Section 10D(b)(2) of the Securities Exchange change Act of 1934 (15 U.S.C. 78o–7(h)(4)(A)) is publication on the website of the Commission; or Act of 1934 (15 U.S.C. 78j–4(b)(2)) is amended by amended— ‘‘(II) if the Commission determines that the inserting before the period the following: ‘‘, (1) by striking ‘‘Each nationally’’ and insert- application does not comply with the proper where such executive officer had control or au- ing the following: form, manner, or information requirements de- thority over the financial reporting that resulted ‘‘(i) IN GENERAL.—Each nationally’’; scribed under subparagraph (A), reject such ap- in the accounting restatement’’. (2) by striking ‘‘underwriter’’ and inserting plication and notify the applicant of the specific ‘‘lead underwriter’’; SEC. 850. EXEMPTIVE AUTHORITY FOR CERTAIN reasons the application was rejected. PROVISIONS RELATING TO REG- (3) by striking ‘‘in any capacity’’; ‘‘(ii) FAILURE TO PUBLISH APPLICATION.—If ISTRATION OF NATIONALLY RECOG- (4) by striking ‘‘during the 1-year period pre- the Commission does not reject an application NIZED STATISTICAL RATING ORGA- ceding the date an action was taken with re- under clause (i)(II), but fails to publish the ap- NIZATIONS. spect to the credit rating’’; plication by the end of the time period specified Section 15E of the Securities Exchange Act of (5) by redesignating clauses (i) and (ii) as sub- under clause (i), such application shall be 1934 (15 U.S.C. 78o–7) is amended by adding at clauses (I) and (II), respectively, and adjusting deemed to have been published on the date that the end the following: the margin of such subclauses accordingly; is the end of such time period. ‘‘(w) COMMISSION EXEMPTIVE AUTHORITY.— (6) in subclause (I), as so redesignated, by in- ‘‘(3) DETERMINATION BY COMMISSION.— The Commission, by rules and regulations upon serting before the semicolon the following: ‘‘dur- ‘‘(A) IN GENERAL.—Not later than 45 days its own motion, or by order upon application, ing the 1-year period preceding the departure of after the date that the Commission publishes an may conditionally or unconditionally exempt the employee from the nationally recognized sta- application pursuant to paragraph (2)(B), the any person from any provision or provisions of tistical rating organization’’; and Commission shall, by order— this title or of any rule or regulation there- (7) by adding at the end the following: ‘‘(i) approve the application; under, if and to the extent it determines that ‘‘(ii) MAINTENANCE OF RATINGS ACTIONS.—In ‘‘(ii) if the Commission determines that the ap- such rule, regulation, or requirement is creating the case of maintenance of ratings actions, the plication would have been approved had the ap- a barrier to entry into the market for nationally requirement under clause (i) shall only apply to plicant provided additional supporting docu- recognized statistical rating organizations or im- employees of a person subject to a credit rating

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of the nationally recognized statistical rating (2) in section 953, by striking ‘‘(a) DISCLOSURE ‘‘(ii) indebtedness that is secured by the per- organization or an issuer of a security or money OF PAY VERSUS PERFORMANCE.—’’; and son’s primary residence, up to the estimated fair market instrument subject to a credit rating of (3) in section 989G, by striking ‘‘(a) EXEMP- market value of the primary residence at the the nationally recognized statistical rating orga- TION.—’’. time of the sale of securities, shall not be in- nization.’’. SEC. 858. EXEMPTION OF AND REPORTING BY cluded as a liability (except that if the amount SEC. 855. APPROVAL OF CREDIT RATING PROCE- PRIVATE EQUITY FUND ADVISERS. of such indebtedness outstanding at the time of DURES AND METHODOLOGIES. Section 203 of the Investment Advisers Act of sale of securities exceeds the amount out- Section 15E(r)(1)(A) of the Securities Ex- 1940 (15 U.S.C. 80b–3) is amended by adding at standing 60 days before such time, other than as change Act of 1934 (15 U.S.C. 78o–7(r)(1)(A)) is the end the following: a result of the acquisition of the primary resi- amended by inserting ‘‘, or the Chief Credit Of- ‘‘(o) EXEMPTION OF AND REPORTING BY PRI- dence, the amount of such excess shall be in- ficer’’ after ‘‘performing a function similar to VATE EQUITY FUND ADVISERS.— cluded as a liability); and that of a board’’. ‘‘(1) IN GENERAL.—Except as provided in this ‘‘(iii) indebtedness that is secured by the per- SEC. 856. EXCEPTION FOR PROVIDING CERTAIN subsection, no investment adviser shall be sub- son’s primary residence in excess of the esti- MATERIAL INFORMATION RELATING ject to the registration or reporting requirements mated fair market value of the primary resi- TO A CREDIT RATING. of this title with respect to the provision of in- dence at the time of the sale of securities shall Section 15E(h)(3) of the Securities Exchange vestment advice relating to a private equity be included as a liability; Act of 1934 (15 U.S.C. 78o–7(h)(3)) is amended by fund. ‘‘(C) any natural person who had an indi- adding at the end the following: ‘‘(2) MAINTENANCE OF RECORDS AND ACCESS BY vidual income in excess of $200,000 in each of ‘‘(C) EXCEPTION FOR PROVIDING CERTAIN MA- COMMISSION.—Not later than 6 months after the the 2 most recent years or joint income with that TERIAL INFORMATION.—Rules issued under this date of enactment of this subsection, the Com- person’s spouse in excess of $300,000 in each of paragraph may not prohibit a person who par- mission shall issue final rules— those years and has a reasonable expectation of ticipates in sales or marketing of a product or ‘‘(A) to require investment advisers described reaching the same income level in the current service of a nationally recognized statistical rat- in paragraph (1) to maintain such records and year; ing organization from providing material infor- provide to the Commission such annual or other ‘‘(D) any natural person who, by reason of mation, or information believed in good faith to reports as the Commission, taking into account their net worth or income, is an accredited in- be material, to the issuance or maintenance of a fund size, governance, investment strategy, risk, vestor under section 230.215 of title 17, Code of credit rating to a person who participates in de- and other factors, determines necessary and ap- Federal Regulations (as in effect on the day be- termining or monitoring the credit rating, or de- propriate in the public interest and for the pro- fore the date of enactment of this subpara- veloping or approving procedures or methodolo- tection of investors; and graph); gies used for determining the credit rating, so ‘‘(B) to define the term ‘private equity fund’ ‘‘(E) any natural person who is currently li- long as the information provided is not intended for purposes of this subsection.’’. censed or registered as a broker or investment to influence the determination of a credit rating, SEC. 859. RECORDS AND REPORTS OF PRIVATE adviser by the Commission, the Financial Indus- or the procedures or methodologies used to de- FUNDS. try Regulatory Authority, or an equivalent self- termine credit ratings.’’. The Investment Advisers Act of 1940 (15 U.S.C. regulatory organization (as defined in section SEC. 857. REPEALS. 80b–1 et seq.) is amended— 3(a)(26) of the Securities Exchange Act of 1934), (1) in section 204(b)— (a) REPEALS.—The following provisions of title or the securities division of a State or the equiv- (A) in paragraph (1)— IX of the Dodd-Frank Wall Street Reform and alent State division responsible for licensing or (i) in subparagraph (A), by striking ‘‘inves- Consumer Protection Act are repealed, and the registration of individuals in connection with tors,’’ and all that follows and inserting ‘‘inves- provisions of law amended or repealed by such securities activities; tors.’’; sections are restored or revived as if such sec- ‘‘(F) any natural person the Commission de- (ii) by striking subparagraph (B); and termines, by regulation, to have demonstrable tions had not been enacted: (iii) by striking ‘‘this title—’’ and all that fol- (1) Section 912. education or job experience to qualify such per- lows through ‘‘to maintain’’ and inserting ‘‘this (2) Section 914. son as having professional knowledge of a sub- title to maintain’’; (3) Section 917. ject related to a particular investment, and (B) in paragraph (3)(H)— (4) Section 918. whose education or job experience is verified by (i) by striking ‘‘, in consultation with the (5) Section 919A. the Financial Industry Regulatory Authority or Council,’’; and (6) Section 919B. an equivalent self-regulatory organization (as (ii) by striking ‘‘or for the assessment of sys- (7) Section 919C. defined in section 3(a)(26) of the Securities Ex- temic risk’’; (8) Section 921. change Act of 1934); or’’. (C) in paragraph (4), by striking ‘‘, or for the (9) Section 929T. (b) REPEAL.—Section 413 of the Dodd-Frank assessment of systemic risk’’; (10) Section 929X. Wall Street Reform and Consumer Protection (D) in paragraph (5), by striking ‘‘or for the (11) Section 929Y. Act (Public Law 111–203) is hereby repealed. assessment of systemic risk’’; (12) Section 929Z. (E) in paragraph (6)(A)(ii), by striking ‘‘, or SEC. 861. REPEAL OF CERTAIN PROVISIONS RE- (13) Section 931. for the assessment of systemic risk’’; QUIRING A STUDY AND REPORT TO (14) Section 933. CONGRESS. (F) by striking paragraph (7) and redesig- (15) Section 937. The following provisions of the Dodd-Frank nating paragraphs (8) through (11) as para- (16) Section 939B. Wall Street Reform and Consumer Protection graphs (7) through (10), respectively; and (17) Section 939C. Act are repealed: (G) in paragraph (8) (as so redesignated), by (18) Section 939D. (1) Section 412. striking ‘‘paragraph (8)’’ and inserting ‘‘para- (19) Section 939E. (2) Section 415. graph (7)’’; and (20) Section 939F. (3) Section 416. (21) Section 939G. (2) in section 211(e)— (A) by striking ‘‘after consultation with the (4) Section 417. (22) Section 939H. SEC. 862. REPEAL. (23) Section 946. Council but’’; and (a) REPEAL.—The following sections of title (24) Subsection (b) of section 953. (B) by striking ‘‘subsection 204(b)’’ and insert- XV of the Dodd-Frank Wall Street Reform and (25) Section 955. ing ‘‘section 204(b)’’. Consumer Protection Act are repealed, and the (26) Section 956. SEC. 860. DEFINITION OF ACCREDITED INVESTOR. provisions of law amended or repealed by such (27) Section 964. (a) IN GENERAL.—Section 2(a)(15) of the Secu- (28) Section 965. rities Act of 1933 (15 U.S.C. 77b(a)(15)) is amend- sections are restored or revived as if such sec- (29) Section 968. ed— tions had not been enacted: (30) Section 971. (1) by redesignating clauses (i) and (ii) as sub- (1) Section 1502. (31) Section 972. paragraphs (A) and (G), respectively; and (2) Section 1503. (32) Section 976. (2) in subparagraph (A) (as so redesignated), (3) Section 1504. (33) Section 977. by striking ‘‘; or’’ at the end and inserting a (4) Section 1505. (34) Section 978. semicolon, and inserting after such subpara- (5) Section 1506. (35) Section 984. graph the following: (b) CLERICAL AMENDMENT.—The table of con- (36) Section 989. ‘‘(B) any natural person whose individual net tents in section 1(b) of the Dodd-Frank Wall (37) Section 989A. worth, or joint net worth with that person’s Street Reform and Consumer Protection Act is (38) Section 989F. spouse, exceeds $1,000,000 (which amount, along amended by striking the items relating to sec- (39) Subsection (b) of section 989G. with the amounts set forth in subparagraph (C), tions 1502, 1503, 1504, 1505, and 1506. (40) Section 989I. shall be adjusted for inflation by the Commis- Subtitle C—Harmonization of Derivatives (b) CONFORMING AMENDMENTS.—The Dodd- sion every 5 years to the nearest $10,000 to re- Rules Frank Wall Street Reform and Consumer Protec- flect the change in the Consumer Price Index for SEC. 871. COMMISSIONS REVIEW AND HARMONI- tion Act (12 U.S.C. 5301) is amended— All Urban Consumers published by the Bureau ZATION OF RULES RELATING TO THE (1) in the table of contents in section 1(b), by of Labor Statistics) where, for purposes of cal- REGULATION OF OVER-THE- striking the items relating to the sections de- culating net worth under this subparagraph— COUNTER SWAPS MARKETS. scribed under paragraphs (1) through (23), (25) ‘‘(i) the person’s primary residence shall not The Securities and Exchange Commission and through (38), and (40) of subsection (a); be included as an asset; the Commodity Futures Trading Commission

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00074 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4779 shall review each rule, order, and interpretive or other similar standards, and the financial ‘‘(C) shall include, specifying whether the guidance issued by either such Commission pur- statements include the financial results of the variable or estimate is historical, current, or a suant to title VII of the Dodd-Frank Wall Street majority-owned affiliated counterparty or forecast and the method of calculation, at least Reform and Consumer Protection Act (15 U.S.C. counterparties. one of— 8301 et seq.) and, where the Commissions find ‘‘(ii) REQUIREMENTS FOR EXEMPTED SECURITY- ‘‘(i) an estimate of real GDP, nominal GDP, or inconsistencies in any such rules, orders, or in- BASED SWAPS.—With respect to a security-based potential GDP; terpretive guidance, shall jointly issue new swap described under clause (i): ‘‘(ii) an estimate of the monetary aggregate rules, orders, or interpretive guidance to resolve ‘‘(I) REPORTING REQUIREMENT.—If at least one compiled by the Board of Governors of the Fed- such inconsistencies. counterparty is a security-based swap dealer or eral Reserve System and Federal reserve banks; SEC. 872. TREATMENT OF TRANSACTIONS BE- major security-based swap participant, that or TWEEN AFFILIATES. counterparty shall report the security-based ‘‘(iii) an interactive variable or a net estimate (a) COMMODITY EXCHANGE ACT.—Section swap pursuant to section 13A, within such time composed of the estimates described in clauses 1a(47) of the Commodity Exchange Act (7 U.S.C. period as the Commission may by rule or regula- (i) and (ii). 1a(47)) is amended by adding at the end the fol- tion prescribe— ‘‘(5) LEGISLATIVE DAY.—The term ‘legislative lowing: ‘‘(aa) to a security-based swap data reposi- day’ means a day on which either House of ‘‘(G) TREATMENT OF SWAP TRANSACTIONS BE- tory; or Congress is in session. TWEEN AFFILIATES.— ‘‘(bb) if there is no security-based swap data ‘‘(6) OPEN MARKET OPERATIONS DIRECTIVE.— ‘‘(i) EXEMPTION FROM SWAP RULES.—Except as repository that would accept the agreement, The term ‘Open Market Operations Directive’ provided under clause (ii), the Commission may contract or transaction, to the Commission. means an order to achieve a specified Policy In- not regulate a swap under this Act if all of the ‘‘(II) RISK MANAGEMENT REQUIREMENT.—If at strument Target provided to the Federal Reserve following apply to such swap: least one counterparty is a security-based swap Bank of New York by the Federal Open Market ‘‘(I) AFFILIATION.—One counterparty, directly dealer or major security-based swap participant, Committee pursuant to powers authorized under or indirectly, holds a majority ownership inter- the security-based swap shall be subject to a section 14 of this Act that guide open-market op- est in the other counterparty, or a third party, centralized risk management program pursuant erations. directly or indirectly, holds a majority owner- to section 15F(j) that is reasonably designed to ‘‘(7) POLICY INSTRUMENT.—The term ‘Policy ship interest in both counterparties. monitor and to manage the risks associated with Instrument’ means— ‘‘(II) FINANCIAL STATEMENTS.—The affiliated the security-based swap. ‘‘(A) the nominal Federal funds rate; counterparty that holds the majority interest in ‘‘(III) ANTI-EVASION REQUIREMENT.—The secu- ‘‘(B) the nominal rate of interest paid on non- the other counterparty or the third party that, rity-based swap shall not be structured to evade borrowed reserves; or directly or indirectly, holds the majority inter- the Dodd-Frank Wall Street Reform and Con- ‘‘(C) the discount window primary credit in- ests in both affiliated counterparties, reports its sumer Protection Act in violation of any rule terest rate most recently published on the Fed- financial statements on a consolidated basis promulgated by the Commission pursuant to sec- eral Reserve Statistical Release on selected in- under generally accepted accounting principles tion 761(b)(3) of such Act.’’. terest rates (daily or weekly), commonly referred or International Financial Reporting Standards, TITLE IX—REPEAL OF THE VOLCKER RULE to as the H.15 release. or other similar standards, and the financial AND OTHER PROVISIONS ‘‘(8) POLICY INSTRUMENT TARGET.—The term statements include the financial results of the SEC. 901. REPEALS. ‘Policy Instrument Target’ means the target for majority-owned affiliated counterparty or (a) IN GENERAL.—The following sections of the Policy Instrument specified in the Open counterparties. title VI of the Dodd-Frank Wall Street Reform Market Operations Directive. ‘‘(ii) REQUIREMENTS FOR EXEMPTED SWAPS.— and Consumer Protection Act are repealed, and ‘‘(9) REFERENCE POLICY RULE.—The term ‘Ref- With respect to a swap described under clause the provisions of law amended or repealed by erence Policy Rule’ means a calculation of the (i): such sections are restored or revived as if such nominal Federal funds rate as equal to the sum ‘‘(I) REPORTING REQUIREMENT.—If at least one sections had not been enacted: of the following: counterparty is a swap dealer or major swap (1) Section 603. ‘‘(A) The rate of inflation over the previous participant, that counterparty shall report the (2) Section 618. four quarters. swap pursuant to section 4r, within such time (3) Section 619. ‘‘(B) One-half of the percentage deviation of period as the Commission may by rule or regula- (4) Section 620. the real GDP from an estimate of potential tion prescribe— (5) Section 621. GDP. ‘‘(aa) to a swap data repository; or (b) CLERICAL AMENDMENT.—The table of con- ‘‘(C) One-half of the difference between the ‘‘(bb) if there is no swap data repository that tents under section 1(b) of the Dodd-Frank Wall rate of inflation over the previous four quarters would accept the agreement, contract or trans- Street Reform and Consumer Protection Act is and two percent. action, to the Commission. amended by striking the items relating to sec- ‘‘(D) Two percent. ‘‘(II) RISK MANAGEMENT REQUIREMENT.—If at tions 603, 618, 619, 620, and 621. ‘‘(b) SUBMITTING A DIRECTIVE POLICY RULE.— least one counterparty is a swap dealer or major TITLE X—FED OVERSIGHT REFORM AND Not later than 48 hours after the end of a meet- swap participant, the swap shall be subject to a MODERNIZATION ing of the Federal Open Market Committee, the Chairman of the Federal Open Market Com- centralized risk management program pursuant SEC. 1001. REQUIREMENTS FOR POLICY RULES OF to section 4s(j) that is reasonably designed to THE FEDERAL OPEN MARKET COM- mittee shall submit to the appropriate congres- monitor and to manage the risks associated with MITTEE. sional committees and the Comptroller General the swap. The Federal Reserve Act (12 U.S.C. 221 et seq.) of the United States a Directive Policy Rule and ‘‘(III) ANTI-EVASION REQUIREMENT.—The swap is amended by inserting after section 2B the fol- a statement that identifies the members of the shall not be structured to evade the Dodd-Frank lowing new section: Federal Open Market Committee who voted in Wall Street Reform and Consumer Protection ‘‘SEC. 2C. DIRECTIVE POLICY RULES OF THE FED- favor of the Directive Policy Rule. Act in violation of any rule promulgated by the ERAL OPEN MARKET COMMITTEE. ‘‘(c) REQUIREMENTS FOR A DIRECTIVE POLICY Commission pursuant to section 721(c) of such ‘‘(a) DEFINITIONS.—In this section the fol- RULE.—A Directive Policy Rule shall— Act.’’. lowing definitions shall apply: ‘‘(1) identify the Policy Instrument the Direc- (b) SECURITIES EXCHANGE ACT OF 1934.—Sec- ‘‘(1) APPROPRIATE CONGRESSIONAL COMMIT- tive Policy Rule is designed to target; tion 3(a)(68) of the Securities Exchange Act of TEES.—The term ‘appropriate congressional com- ‘‘(2) describe the strategy or rule of the Fed- 1934 (15 U.S.C. 78c(a)(68)) is amended by adding mittees’ means the Committee on Financial Serv- eral Open Market Committee for the systematic at the end the following: ices of the House of Representatives and the quantitative adjustment of the Policy Instru- ‘‘(F) TREATMENT OF SECURITY-BASED SWAP Committee on Banking, Housing, and Urban Af- ment Target to respond to a change in the Inter- TRANSACTIONS BETWEEN AFFILIATES.— fairs of the Senate. mediate Policy Inputs; ‘‘(i) EXEMPTION FROM SECURITY-BASED SWAP ‘‘(2) DIRECTIVE POLICY RULE.—The term ‘Di- ‘‘(3) include a function that comprehensively RULES.—Except as provided under clause (ii), rective Policy Rule’ means a policy rule devel- models the interactive relationship between the the Commission may not regulate a security- oped by the Federal Open Market Committee Intermediate Policy Inputs; based swap under this Act if all of the following that meets the requirements of subsection (c) ‘‘(4) include the coefficients of the Directive apply to such security-based swap: and that provides the basis for the Open Market Policy Rule that generate the current Policy In- ‘‘(I) AFFILIATION.—One counterparty, directly Operations Directive. strument Target and a range of predicted future or indirectly, holds a majority ownership inter- ‘‘(3) GDP.—The term ‘GDP’ means the gross values for the Policy Instrument Target if est in the other counterparty, or a third party, domestic product of the United States as com- changes occur in any Intermediate Policy Input; directly or indirectly, holds a majority owner- puted and published by the Department of Com- ‘‘(5) describe the procedure for adjusting the ship interest in both counterparties. merce. supply of bank reserves to achieve the Policy In- ‘‘(II) FINANCIAL STATEMENTS.—The affiliated ‘‘(4) INTERMEDIATE POLICY INPUT.—The term strument Target; counterparty that holds the majority interest in ‘Intermediate Policy Input’— ‘‘(6) include a statement as to whether the Di- the other counterparty or the third party that, ‘‘(A) may include any variable determined by rective Policy Rule substantially conforms to the directly or indirectly, holds the majority inter- the Federal Open Market Committee as a nec- Reference Policy Rule and, if applicable— ests in both affiliated counterparties, reports its essary input to guide open-market operations; ‘‘(A) an explanation of the extent to which it financial statements on a consolidated basis ‘‘(B) shall include an estimate of, and the departs from the Reference Policy Rule; under generally accepted accounting principles method of calculation for, the current rate of in- ‘‘(B) a detailed justification for that depar- or International Financial Reporting Standards, flation or current inflation expectations; and ture; and

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00075 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4780 CONGRESSIONAL RECORD — HOUSE June 8, 2017 ‘‘(C) a description of the circumstances under man of either of the appropriate congressional (1) by striking ‘‘semi-annual’’ each place it which the Directive Policy Rule may be amend- committees and not later than 7 legislative days appears and inserting ‘‘quarterly’’; and ed in the future; after such request, appear before such committee (2) in subsection (a)(2)— ‘‘(7) include a certification that the Directive to explain any change to the Directive Policy (A) by inserting ‘‘and October 20’’ after ‘‘July Policy Rule is expected to support the economy Rule.’’. 20’’ each place it appears; and in achieving stable prices and maximum natural SEC. 1002. FEDERAL OPEN MARKET COMMITTEE (B) by inserting ‘‘and May 20’’ after ‘‘Feb- employment over the long term; BLACKOUT PERIOD. ruary 20’’ each place it appears. ‘‘(8) include a calculation that describes with Section 12A of the Federal Reserve Act (12 (b) CONFORMING AMENDMENT.—Paragraph mathematical precision the expected annual in- U.S.C. 263) is amended by adding at the end the (12) of section 10 of the Federal Reserve Act (12 flation rate over a 5-year period; and following new subsection: U.S.C. 247b(12)) is amended by striking ‘‘semi- ‘‘(9) include a plan to use the most accurate ‘‘(d) BLACKOUT PERIOD.— annual’’ and inserting ‘‘quarterly’’. data, subject to all historical revisions, for in- ‘‘(1) IN GENERAL.—During a blackout period, the only public communications that may be SEC. 1006. VICE CHAIRMAN FOR SUPERVISION RE- puts into the Directive Policy Rule and the Ref- PORT REQUIREMENT. erence Policy Rule. made by members and staff of the Committee Paragraph (12) of section 10 of the Federal ‘‘(d) GAO REPORT.—The Comptroller General with respect to macroeconomic or financial de- Reserve Act (12 U.S.C. 247(b)) is amended— of the United States shall compare the Directive velopments or about current or prospective mon- (1) by redesignating such paragraph as para- Policy Rule submitted under subsection (b) with etary policy issues are the following: graph (11); and the rule that was most recently submitted to de- ‘‘(A) The dissemination of published data, (2) in such paragraph, by adding at the end termine whether the Directive Policy Rule has surveys, and reports that have been cleared for the following: ‘‘In each such appearance, the materially changed. If the Directive Policy Rule publication by the Board of Governors of the Vice Chairman for Supervision shall provide has materially changed, the Comptroller Gen- Federal Reserve System. written testimony that includes the status of all eral shall, not later than 7 days after each meet- ‘‘(B) Answers to technical questions specific to pending and anticipated rulemakings that are ing of the Federal Open Market Committee, pre- a data release. ‘‘(C) Communications with respect to the pru- being made by the Board of Governors of the pare and submit a compliance report to the ap- dential or supervisory functions of the Board of Federal Reserve System. If, at the time of any propriate congressional committees specifying Governors. appearance described in this paragraph, the po- whether the Directive Policy Rule submitted ‘‘(2) BLACKOUT PERIOD DEFINED.—For pur- sition of Vice Chairman for Supervision is va- after that meeting and the Federal Open Market poses of this subsection, and with respect to a cant, the Vice Chairman for the Board of Gov- Committee are in compliance with this section. meeting of the Committee described under sub- HANGING MARKET CONDITIONS.— ernors of the Federal Reserve System (who has ‘‘(e) C section (a), the term ‘blackout period’ means the ‘‘(1) RULE OF CONSTRUCTION.—Nothing in this the responsibility to serve in the absence of the time period that— Chairman) shall appear instead and provide the Act shall be construed to require that the plans ‘‘(A) begins immediately after midnight on the with respect to the systematic quantitative ad- required written testimony. If, at the time of day that is one week prior to the date on which any appearance described in this paragraph, justment of the Policy Instrument Target de- such meeting takes place; and scribed under subsection (c)(2) be implemented if both Vice Chairman positions are vacant, the ‘‘(B) ends at midnight on the day after the Chairman of the Board of Governors of the Fed- the Federal Open Market Committee determines date on which such meeting takes place. eral Reserve System shall appear instead and that such plans cannot or should not be ‘‘(3) EXEMPTION FOR CHAIRMAN OF THE BOARD provide the required written testimony.’’. achieved due to changing market conditions. OF GOVERNORS.—Nothing in this section shall ‘‘(2) GAO APPROVAL OF UPDATE.—Upon deter- prohibit the Chairman of the Board of Gov- SEC. 1007. SALARIES, FINANCIAL DISCLOSURES, mining that plans described in paragraph (1) ernors of the Federal Reserve System from par- AND OFFICE STAFF OF THE BOARD cannot or should not be achieved, the Federal OF GOVERNORS OF THE FEDERAL ticipating in or issuing public communica- RESERVE SYSTEM. Open Market Committee shall submit an expla- tions.’’. nation for that determination and an updated (a) IN GENERAL.—Section 11 of the Federal SEC. 1003. PUBLIC TRANSCRIPTS OF FOMC MEET- Reserve Act (12 U.S.C. 248) is amended— version of the Directive Policy Rule to the INGS. Comptroller General of the United States and Section 12A of the Federal Reserve Act (12 (1) by redesignating the second subsection (s) the appropriate congressional committees not U.S.C. 263), as amended by section 1002, is fur- (relating to ‘‘Assessments, Fees, and Other later than 48 hours after making the determina- ther amended by adding at the end the fol- Charges for Certain Companies’’) as subsection tion. The Comptroller General shall, not later lowing: (t); and than 48 hours after receiving such updated ‘‘(e) PUBLIC TRANSCRIPTS OF MEETINGS.—The (2) by inserting before subsection (w), as version, prepare and submit to the appropriate Committee shall— added by section 371(a), the following new sub- congressional committees a compliance report ‘‘(1) record all meetings of the Committee; and sections: determining whether such updated version and ‘‘(2) make the full transcript of such meetings ‘‘(u) ETHICS STANDARDS FOR MEMBERS AND the Federal Open Market Committee are in com- available to the public.’’. EMPLOYEES.— pliance with this section. SEC. 1004. MEMBERSHIP OF FEDERAL OPEN MAR- ‘‘(1) PROHIBITED AND RESTRICTED FINANCIAL ‘‘(f) DIRECTIVE POLICY RULE AND FEDERAL KET COMMITTEE. INTERESTS AND TRANSACTIONS.—The members OPEN MARKET COMMITTEE NOT IN COMPLI- Section 12A(a) of the Federal Reserve Act (12 and employees of the Board of Governors of the ANCE.— U.S.C. 263(a)) is amended— Federal Reserve System shall be subject to the ‘‘(1) IN GENERAL.—If the Comptroller General (1) in the first sentence, by striking ‘‘five’’ provisions under section 4401.102 of title 5, Code of the United States determines that the Direc- and inserting ‘‘six’’; of Federal Regulations, to the same extent as (2) in the second sentence, by striking ‘‘One tive Policy Rule and the Federal Open Market such provisions apply to an employee of the Se- by the board of directors’’ and all that follows Committee are not in compliance with this sec- curities and Exchange Commission. through the period at the end and inserting the tion in the report submitted pursuant to sub- ‘‘(2) TREATMENT OF BROKERAGE ACCOUNTS AND following: ‘‘One by the boards of directors of the section (d), or that the updated version of the AVAILABILITY OF ACCOUNT STATEMENTS.—The Federal Reserve Banks of New York and Bos- Directive Policy Rule and the Federal Open members and employees of the Board of Gov- ton; one by the boards of directors of the Fed- Market Committee are not in compliance with ernors of the Federal Reserve System shall— eral Reserve Banks of Philadelphia and Cleve- ‘‘(A) disclose all brokerage accounts that the this section in the report submitted pursuant to land; one by the boards of directors of the Fed- subsection (e)(2), the Chairman of the Board of member or employee maintains, as well as any eral Reserve Banks of Richmond and Atlanta; accounts in which the member or employee con- Governors of the Federal Reserve System shall, one by the boards of directors of the Federal Re- trols trading or has a financial interest (includ- if requested by the chairman of either of the ap- serve Banks of Chicago and St. Louis; one by ing managed accounts, trust accounts, invest- propriate congressional committees, not later the boards of directors of the Federal Reserve ment club accounts, and accounts of spouses or than 7 legislative days after such request, testify Banks of Minneapolis and Kansas City; and minor children who live with the member or em- before such committee as to why the Directive one by the boards of directors of the Federal Re- ployee); and Policy Rule, the updated version, or the Federal serve Banks of Dallas and San Francisco.’’; and Open Market Committee is not in compliance. (3) by inserting after the second sentence the ‘‘(B) with respect to any securities account ‘‘(2) GAO AUDIT.—Notwithstanding subsection following: ‘‘In odd numbered calendar years, that the member or employee is required to dis- (b) of section 714 of title 31, United States Code, one representative shall be elected from each of close to the Board of Governors, authorize the upon submitting a report of noncompliance pur- the Federal Reserve Banks of Boston, Philadel- brokers and dealers of such account to send du- suant to subsection (d) or subsection (e)(2) and phia, Richmond, Chicago, Minneapolis, and plicate account statements directly to Board of after the period of 7 legislative days described in Dallas. In even-numbered calendar years, one Governors. paragraph (1), the Comptroller General shall representative shall be elected from each of the ‘‘(3) PROHIBITIONS RELATED TO OUTSIDE EM- audit the conduct of monetary policy by the Federal Reserve Banks of New York, Cleveland, PLOYMENT AND ACTIVITIES.—The members and Board of Governors of the Federal Reserve Sys- Atlanta, St. Louis, Kansas City, and San Fran- employees of the Board of Governors of the Fed- tem and the Federal Open Market Committee cisco.’’. eral Reserve System shall be subject to the pro- upon request of the appropriate congressional SEC. 1005. FREQUENCY OF TESTIMONY OF THE hibitions related to outside employment and ac- committee. Such committee may specify the pa- CHAIRMAN OF THE BOARD OF GOV- tivities described under section 4401.103(c) of rameters of such audit. ERNORS OF THE FEDERAL RESERVE title 5, Code of Federal Regulations, to the same ‘‘(g) CONGRESSIONAL HEARINGS.—The Chair- SYSTEM TO CONGRESS. extent as such prohibitions apply to an em- man of the Board of Governors of the Federal (a) IN GENERAL.—Section 2B of the Federal ployee of the Securities and Exchange Commis- Reserve System shall, if requested by the chair- Reserve Act (12 U.S.C. 225b) is amended— sion.

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00076 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4781

‘‘(4) ADDITIONAL ETHICS STANDARDS.—The (3) by inserting ‘‘financial institution’’ before findings and conclusion of the Comptroller Gen- members and employees of the Board of Gov- ‘‘participant’’ each place such term appears; eral with respect to the audit that is the subject ernors of the Federal Reserve System shall be (4) in subparagraph (D)(i), by inserting ‘‘fi- of the report, together with such recommenda- subject to— nancial institution’’ before ‘‘participants’’; and tions for legislative or administrative action as ‘‘(A) the employee responsibilities and conduct (5) by adding at the end the following new the Comptroller General may determine to be ap- regulations of the Office of Personnel Manage- subparagraphs: propriate. ment under part 735 of title 5, Code of Federal ‘‘(E) PENALTY RATE.— (c) REPEAL OF CERTAIN LIMITATIONS.—Sub- Regulations; ‘‘(i) IN GENERAL.—Not later than 6 months section (b) of section 714 of title 31, United ‘‘(B) the canons of ethics contained in subpart after the date of enactment of this subpara- States Code, is amended by striking the second C of part 200 of title 17, Code of Federal Regula- graph, the Board shall, with respect to a recipi- sentence. tions, to the same extent as such subpart applies ent of any loan or other financial assistance (d) TECHNICAL AND CONFORMING AMEND- to the employees of the Securities and Exchange under this paragraph, establish by rule a min- MENTS.— Commission; and imum interest rate on the principal amount of (1) IN GENERAL.—Section 714 of title 31, United ‘‘(C) the regulations concerning the conduct any loan or other financial assistance. States Code, is amended— of members and employees and former members ‘‘(ii) MINIMUM INTEREST RATE DEFINED.—In (A) in subsection (d)(3), by striking ‘‘or (f)’’ and employees contained in subpart M of part this subparagraph, the term ‘minimum interest each place such term appears; 200 of title 17, Code of Federal Regulations, to rate’ shall mean the sum of— (B) in subsection (e), by striking ‘‘the third the same extent as such subpart applies to the ‘‘(I) the average of the secondary discount undesignated paragraph of section 13’’ and in- employees of the Securities and Exchange Com- rate of all Federal Reserve banks over the most serting ‘‘section 13(3)’’; and mission. recent 90-day period; and (C) by striking subsection (f). ‘‘(v) DISCLOSURE OF STAFF SALARIES AND FI- ‘‘(II) the average of the difference between a (2) FEDERAL RESERVE ACT.—Subsection (s) (re- NANCIAL INFORMATION.—The Board of Gov- distressed corporate bond yield index (as defined lating to ‘‘Federal Reserve Transparency and ernors of the Federal Reserve System shall make by rule of the Board) and a bond yield index of Release of Information’’) of section 11 of the publicly available, on the website of the Board debt issued by the United States (as defined by Federal Reserve Act (12 U.S.C. 248) is amend- of Governors, a searchable database that con- rule of the Board) over the most recent 90-day ed— tains the names of all members, officers, and em- period. (A) in paragraph (4)(A), by striking ‘‘has the ployees of the Board of Governors who receive ‘‘(F) FINANCIAL INSTITUTION PARTICIPANT DE- same meaning as in section 714(f)(1)(A) of title an annual salary in excess of the annual rate of FINED.—For purposes of this paragraph, the 31, United States Code’’ and inserting ‘‘means a basic pay for GS–15 of the General Schedule, term ‘financial institution participant’— program or facility, including any special pur- and— ‘‘(i) means a company that is predominantly pose vehicle or other entity established by or on ‘‘(1) the yearly salary information for such in- engaged in financial activities (as defined in behalf of the Board of Governors of the Federal dividuals, along with any nonsalary compensa- section 102(a) of the Dodd-Frank Wall Street Reserve System or a Federal reserve bank, au- tion received by such individuals; and Reform and Consumer Protection Act (12 U.S.C. thorized by the Board of Governors under sec- ‘‘(2) any financial disclosures required to be 5311(a))); and tion 13(3), that is not subject to audit under sec- made by such individuals.’’. ‘‘(ii) does not include an agency described in tion 714(e) of title 31, United States Code’’; (b) OFFICE STAFF FOR EACH MEMBER OF THE subparagraph (W) of section 5312(a)(2) of title (B) in paragraph (6), by striking ‘‘or in sec- BOARD OF GOVERNORS.—Subsection (l) of sec- 31, United States Code, or an entity controlled tion 714(f)(3)(C) of title 31, United States Code, tion 11 of the Federal Reserve Act (12 U.S.C. or sponsored by such an agency.’’. the information described in paragraph (1) and 248) is amended by adding at the end the fol- (b) CONFORMING AMENDMENT.—Section information concerning the transactions de- lowing: ‘‘Each member of the Board of Gov- 11(r)(2)(A) of the Federal Reserve Act (12 U.S.C. scribed in section 714(f) of such title,’’ and in- ernors of the Federal Reserve System may em- 248(r)(2)(A)) is amended— serting ‘‘the information described in paragraph ploy, at a minimum, 2 individuals, with such in- (1) in clause (ii)(IV), by striking ‘‘; and’’ and (1)’’; and dividuals selected by such member and the sala- inserting a semicolon; (C) in paragraph (7), by striking ‘‘and section ries of such individuals set by such member. A (2) in clause (iii), by striking the period at the 13(3)(C), section 714(f)(3)(C) of title 31, United member may employ additional individuals as end and inserting ‘‘; and’’; and States Code, and’’ and inserting ‘‘, section determined necessary by the Board of Gov- (3) by adding at the end the following new 13(3)(C), and’’. ernors.’’. clause: ‘‘(iv) the available members secure the affirm- SEC. 1011. ESTABLISHMENT OF A CENTENNIAL SEC. 1008. AMENDMENTS TO POWERS OF THE MONETARY COMMISSION. ative vote of not less than nine presidents of the BOARD OF GOVERNORS OF THE FED- (a) FINDINGS.—Congress finds the following: Federal reserve banks.’’. ERAL RESERVE SYSTEM. (1) The Constitution endows Congress with (a) IN GENERAL.—Section 13(3) of the Federal SEC. 1009. INTEREST RATES ON BALANCES MAIN- the power ‘‘to coin money, regulate the value Reserve Act (12 U.S.C. 343(3)), as amended by TAINED AT A FEDERAL RESERVE thereof’’. section 111(b)(3), is further amended— BANK BY DEPOSITORY INSTITU- TIONS ESTABLISHED BY FEDERAL (2) Following the financial crisis known as (1) in subparagraph (A)— the Panic of 1907, Congress established the Na- (A) by inserting ‘‘that pose a threat to the fi- OPEN MARKET COMMITTEE. tional Monetary Commission to provide rec- nancial stability of the United States’’ after Subparagraph (A) of section 19(b)(12) of the ommendations for the reform of the financial ‘‘unusual and exigent circumstances’’; and Federal Reserve Act (12 U.S.C. 461(b)(12)(A)) is and monetary systems of the United States. (B) by inserting ‘‘and by the affirmative vote amended by inserting ‘‘established by the Fed- (3) Incorporating several of the recommenda- of not less than nine presidents of the Federal eral Open Market Committee’’ after ‘‘rate or tions of the National Monetary Commission, reserve banks’’ after ‘‘five members’’; rates’’. Congress created the Federal Reserve System in (2) in subparagraph (B)— SEC. 1010. AUDIT REFORM AND TRANSPARENCY (A) in clause (i), by inserting at the end the FOR THE BOARD OF GOVERNORS OF 1913. As currently organized, the Federal Re- following: ‘‘Federal reserve banks may not ac- THE FEDERAL RESERVE SYSTEM. serve System consists of the Board of Governors cept equity securities issued by the recipient of (a) IN GENERAL.—Notwithstanding section 714 in Washington, District of Columbia, and the any loan or other financial assistance under of title 31, United States Code, or any other pro- Federal reserve banks organized into 12 districts this paragraph as collateral. Not later than 6 vision of law, the Comptroller General of the around the United States. The stockholders of months after the date of enactment of this sen- United States shall annually complete an audit the 12 Federal reserve banks include national tence, the Board shall, by rule, establish— of the Board of Governors of the Federal Re- and certain State-chartered commercial banks, ‘‘(I) a method for determining the sufficiency serve System and the Federal reserve banks which operate on a fractional reserve basis. of the collateral required under this paragraph; under subsection (b) of such section 714 within (4) Originally, Congress gave the Federal Re- ‘‘(II) acceptable classes of collateral; 12 months after the date of the enactment of this serve System a monetary mandate to provide an ‘‘(III) the amount of any discount on the Act. elastic currency, within the context of a gold value of the collateral that the Federal reserve (b) REPORT.— standard, in response to seasonal fluctuations banks will apply for purposes of calculating the (1) IN GENERAL.—Not later than 90 days after in the demand for currency. sufficiency of collateral under this paragraph; each audit required pursuant to subsection (a) (5) Congress also gave the Federal Reserve and is completed, the Comptroller General— System a financial stability mandate to serve as ‘‘(IV) a method for obtaining independent ap- (A) shall submit to Congress a report on such the lender of last resort to solvent but illiquid praisals of the value of collateral the Federal re- audit; and banks during a financial crisis. serve banks receive.’’; and (B) shall make such report available to the (6) In 1977, Congress changed the monetary (B) in clause (ii)— Speaker of the House, the majority and minority mandate of the Federal Reserve System to a (i) by striking the second sentence; and leaders of the House of Representatives, the ma- dual mandate for maximum employment and (ii) by inserting after the first sentence the fol- jority and minority leaders of the Senate, the stable prices. lowing: ‘‘A borrower shall not be eligible to bor- Chairman and Ranking Member of the com- (7) Empirical studies and historical evidence, row from any emergency lending program or fa- mittee and each subcommittee of jurisdiction in both within the United States and in other cility unless the Board and all Federal banking the House of Representatives and the Senate, countries, demonstrate that price stability is de- regulators with jurisdiction over the borrower and any other Member of Congress who requests sirable because both inflation and deflation certify that, at the time the borrower initially the report. damage the economy. borrows under the program or facility, the bor- (2) CONTENTS.—The report under paragraph (8) The economic challenge of recent years— rower is not insolvent.’’; (1) shall include a detailed description of the most notably the bursting of the housing bubble,

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00077 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4782 CONGRESSIONAL RECORD — HOUSE June 8, 2017 the financial crisis of 2008, and the ensuing ane- mission shall submit to Congress and make pub- extent authorized by law, furnish such informa- mic recovery—have occurred at great cost in licly available a report containing a statement tion upon request made by— terms of lost jobs and output. of the findings and conclusions of the Commis- (i) the Chair; (9) Policymakers are reexamining the struc- sion in carrying out the study under paragraph (ii) the Chair of any subcommittee created by ture and functioning of financial institutions (1), together with the recommendations the Com- a majority of the Commission; or and markets to determine what, if any, changes mission considers appropriate. In making such (iii) any member of the Commission designated need to be made to place the financial system on report, the Commission shall specifically report by a majority of the commission to request such a stronger, more sustainable path going for- on the considerations required under paragraph information. ward. (1)(F). (4) ASSISTANCE FROM FEDERAL AGENCIES.— (10) The Federal Reserve System has taken ex- (d) MEMBERSHIP.— (A) GENERAL SERVICES ADMINISTRATION.—The traordinary actions in response to the recent (1) NUMBER AND APPOINTMENT.— Administrator of General Services shall provide economic challenges. (A) APPOINTED VOTING MEMBERS.—The Com- to the Commission on a reimbursable basis ad- (11) The Federal Open Market Committee has mission shall contain 12 voting members as fol- ministrative support and other services for the engaged in multiple rounds of quantitative eas- lows: performance of the functions of the Commission. ing, providing unprecedented liquidity to finan- (i) Six members appointed by the Speaker of (B) OTHER DEPARTMENTS AND AGENCIES.—In cial markets, while committing to holding short- the House of Representatives, with four members addition to the assistance prescribed in subpara- term interest rates low for a seemingly indefinite from the majority party and two members from graph (A), at the request of the Commission, de- period, and pursuing a policy of credit alloca- the minority party. partments and agencies of the United States tion by purchasing Federal agency debt and (ii) Six members appointed by the President shall provide such services, funds, facilities, mortgage-backed securities. Pro Tempore of the Senate, with four members staff, and other support services as may be au- (12) In the wake of the recent extraordinary from the majority party and two members from thorized by law. actions of the Federal Reserve System, Con- the minority party. (5) POSTAL SERVICE.—The Commission may gress—consistent with its constitutional respon- (B) CHAIRMAN.—The Speaker of the House of use the United States mails in the same manner sibilities and as it has done periodically Representatives and the majority leader of the and under the same conditions as other depart- throughout the history of the United States— Senate shall jointly designate one of the mem- ments and agencies of the United States. has once again renewed its examination of mon- bers of the Commission as Chairman. (f) COMMISSION PERSONNEL.— etary policy. (C) NON-VOTING MEMBERS.—The Commission (1) APPOINTMENT AND COMPENSATION OF (13) Central in such examination has been a shall contain 2 non-voting members as follows: STAFF.— renewed look at what is the most proper man- (i) One member appointed by the Secretary of (A) IN GENERAL.—Subject to rules prescribed date for the Federal Reserve System to conduct the Treasury. by the Commission, the Chair may appoint and monetary policy in the 21st century. (ii) One member who is the president of a dis- fix the pay of the executive director and other (b) ESTABLISHMENT OF A CENTENNIAL MONE- trict Federal reserve bank appointed by the personnel as the Chair considers appropriate. TARY COMMISSION.—There is established a com- Chair of the Board of Governors of the Federal (B) APPLICABILITY OF CIVIL SERVICE LAWS.— mission to be known as the ‘‘Centennial Mone- Reserve System. The staff of the Commission may be appointed tary Commission’’ (in this section referred to as (2) PERIOD OF APPOINTMENT.—Each member without regard to the provisions of title 5, the ‘‘Commission’’). shall be appointed for the life of the Commis- United States Code, governing appointments in (c) STUDY AND REPORT ON MONETARY POL- sion. the competitive service, and may be paid with- ICY.— (3) TIMING OF APPOINTMENT.—All members of out regard to the provisions of chapter 51 and (1) STUDY.—The Commission shall— the Commission shall be appointed not later subchapter III of chapter 53 of that title relating (A) examine how United States monetary pol- than 30 days after the date of the enactment of to classification and General Schedule pay icy since the creation of the Board of Governors this section. rates, except that an individual so appointed of the Federal Reserve System in 1913 has af- (4) VACANCIES.—A vacancy in the Commission may not receive pay in excess of level V of the fected the performance of the United States shall not affect its powers, and shall be filled in Executive Schedule. economy in terms of output, employment, prices, the manner in which the original appointment (2) CONSULTANTS.—The Commission may pro- and financial stability over time; was made. cure temporary and intermittent services under (B) evaluate various operational regimes (5) MEETINGS.— section 3109(b) of title 5, United States Code, but under which the Board of Governors of the Fed- (A) INITIAL MEETING.—The Commission shall at rates for individuals not to exceed the daily eral Reserve System and the Federal Open Mar- hold its initial meeting and begin the operations equivalent of the rate of pay for a person occu- ket Committee may conduct monetary policy in of the Commission as soon as is practicable. pying a position at level IV of the Executive terms achieving the maximum sustainable level (B) FURTHER MEETINGS.—The Commission Schedule. of output and employment and price stability shall meet upon the call of the Chair or a major- (3) STAFF OF FEDERAL AGENCIES.—Upon re- over the long term, including— ity of its members. quest of the Commission, the head of any Fed- (i) discretion in determining monetary policy (6) QUORUM.—Seven voting members of the eral department or agency may detail, on a re- without an operational regime; Commission shall constitute a quorum but a imbursable basis, any of the personnel of such (ii) price level targeting; lesser number may hold hearings. department or agency to the Commission to as- (iii) inflation rate targeting; (7) MEMBER OF CONGRESS DEFINED.—In this sist it in carrying out its duties under this sec- (iv) nominal gross domestic product targeting subsection, the term ‘‘Member of Congress’’ tion. (both level and growth rate); means a Senator or a Representative in, or Dele- (v) the use of monetary policy rules; and (g) TERMINATION OF COMMISSION.— gate or Resident Commissioner to, the Congress. (1) IN GENERAL.—The Commission shall termi- (vi) the gold standard; (e) POWERS.— (C) evaluate the use of macro-prudential su- nate 6 months after the date on which the re- (1) HEARINGS AND SESSIONS.—The Commission pervision and regulation as a tool of monetary port is submitted under subsection (c)(2). or, on the authority of the Commission, any (2) ADMINISTRATIVE ACTIVITIES BEFORE TERMI- policy in terms of achieving the maximum sus- subcommittee or member thereof, may, for the tainable level of output and employment and NATION.—The Commission may use the period purpose of carrying out this section, hold hear- between the submission of its report and its ter- price stability over the long term; ings, sit and act at times and places, take testi- (D) evaluate the use of the lender-of-last-re- mination for the purpose of concluding its ac- mony, receive evidence, or administer oaths as sort function of the Board of Governors of the tivities, including providing testimony to the the Commission or such subcommittee or member Federal Reserve System as a tool of monetary committee of Congress concerning its report. thereof considers appropriate. policy in terms of achieving the maximum sus- (h) AUTHORIZATION OF APPROPRIATIONS.— (2) CONTRACT AUTHORITY.—To the extent or in tainable level of output and employment and There is authorized to be appropriated to carry the amounts provided in advance in appropria- price stability over the long term; out this section $1,000,000, which shall remain tion Acts, the Commission may contract with (E) recommend a course for United States available until the date on which the Commis- and compensate government and private agen- monetary policy going forward, including— sion terminates. cies or persons to enable the Commission to dis- (i) the legislative mandate; TITLE XI—IMPROVING INSURANCE CO- charge its duties under this section, without re- (ii) the operational regime; ORDINATION THROUGH AN INDE- gard to section 3709 of the Revised Statutes (41 (iii) the securities used in open-market oper- PENDENT ADVOCATE ations; and U.S.C. 5). (3) OBTAINING OFFICIAL DATA.— SEC. 1101. REPEAL OF THE FEDERAL INSURANCE (iv) transparency issues; and OFFICE; CREATION OF THE OFFICE (F) consider the effects of the GDP output and (A) IN GENERAL.—The Commission is author- ized to secure directly from any executive de- OF THE INDEPENDENT INSURANCE employment targets of the ‘‘dual mandate’’ ADVOCATE. partment, bureau, agency, board, commission, (both from the creation of the dual mandate in (a) ESTABLISHMENT.—Section 313 of title 31, office, independent establishment, or instrumen- 1977 until the present time and estimates of the United States Code, is amended to read as fol- tality of the Government, any information, in- future effect of the dual mandate ) on— lows (and conforming the table of contents for cluding suggestions, estimates, or statistics, for (i) United States economic activity; chapter 3 of such title accordingly): (ii) actions of the Board of Governors of the the purposes of this section. Federal Reserve System; and (B) REQUESTING OFFICIAL DATA.—The head of ‘‘§ 313. Office of the Independent Insurance (iii) Federal debt. such department, bureau, agency, board, com- Advocate (2) REPORT.—Not later than 1 year after the mission, office, independent establishment, or ‘‘(a) ESTABLISHMENT.—There is established in date of the enactment of this section, the Com- instrumentality of the government shall, to the the Department of the Treasury a bureau to be

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00078 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4783

known as the Office of the Independent Insur- ‘‘(3) PRESIDENT’S BUDGET.—The President shall not, with or without compensation, rep- ance Advocate (in this section referred to as the shall include in each budget of the United resent anyone to or before any officer or em- ‘Office’). States Government submitted to the Congress— ployee of— ‘‘(b) INDEPENDENT INSURANCE ADVOCATE.— ‘‘(A) a separate statement of the budget esti- ‘‘(A) the Financial Stability Oversight Council ‘‘(1) ESTABLISHMENT OF POSITION.—The chief mate prepared in accordance with paragraph on any matter; or officer of the Office of the Independent Insur- (1); ‘‘(B) the Department of Justice with respect to ance Advocate shall be known as the Inde- ‘‘(B) the amount requested by the President litigation involving a matter described in sub- pendent Insurance Advocate. The Independent for the Independent Insurance Advocate; and paragraph (A). Insurance Advocate shall perform the duties of ‘‘(C) any comments of the Independent Insur- ‘‘(3) COMPENSATION FOR SERVICES PROVIDED such office under the general direction of the ance Advocate with respect to the proposal if BY ANOTHER.—For purposes of section 203 of Secretary of the Treasury. the Independent Insurance Advocate concludes title 18, United States Code, and if a special gov- ‘‘(2) APPOINTMENT.—The Independent Insur- that the budget submitted by the President ernment employee— ance Advocate shall be appointed by the Presi- would substantially inhibit the Independent In- ‘‘(A) the Independent Insurance Advocate dent, by and with the advice and consent of the surance Advocate from performing the duties of shall not be subject to the restrictions of sub- Senate, from among persons having insurance the office. section (a)(1) of section 203,of title 18, United expertise. ‘‘(f) ASSISTANCE.—The Secretary of the Treas- States Code, for sharing in compensation earned ‘‘(3) TERM.— ury shall provide the Independent Insurance by another for representations on matters cov- ‘‘(A) IN GENERAL.—The Independent Insur- Advocate such services, funds, facilities and ered by such section; and ance Advocate shall serve a term of 6 years, un- other support services as the Independent Insur- ‘‘(B) a person shall not be subject to the re- less sooner removed by the President upon rea- ance Advocate may request and as the Secretary strictions of subsection (a)(2) of such section for sons which shall be communicated to the Sen- may approve. sharing such compensation with the Inde- ate. ‘‘(g) PERSONNEL.— pendent Insurance Advocate. ‘‘(B) SERVICE AFTER EXPIRATION.—If a suc- ‘‘(1) EMPLOYEES.—The Independent Insurance ‘‘(i) ADVISORY, TECHNICAL, AND PROFESSIONAL cessor is not nominated and confirmed by the Advocate may fix the number of, and appoint COMMITTEES.—The Independent Insurance Ad- end of the term of service of the Independent In- and direct, the employees of the Office, in ac- vocate may appoint such special advisory, tech- surance Advocate, the person serving as Inde- cordance with the applicable provisions of title nical, or professional committees as may be use- pendent Insurance Advocate shall continue to 5, United States Code. The Independent Insur- ful in carrying out the functions of the Office serve until such time a successor is appointed ance Advocate is authorized to employ attor- and the members of such committees may be and confirmed. neys, analysts, economists, and other employees staff of the Office, or other persons, or both. ‘‘(C) VACANCY.—An Independent Insurance as may be deemed necessary to assist the Inde- ‘‘(j) MISSION AND FUNCTIONS.— Advocate who is appointed to serve the remain- pendent Insurance Advocate to carry out the ‘‘(1) MISSION.—In carrying out the functions der of a predecessor’s uncompleted term shall be duties and functions of the Office. Unless other- under this subsection, the mission of the Office eligible thereafter to be appointed to a full 6 wise provided expressly by law, any individual shall be to act as an independent advocate on year term. appointed under this paragraph shall be an em- behalf of the interests of United States policy- ‘‘(D) ACTING OFFICIAL ON FINANCIAL STABILITY ployee as defined in section 2105 of title 5, holders on prudential aspects of insurance mat- OVERSIGHT COUNCIL.—In the event of a vacancy United States Code, and subject to the provi- ters of importance, and to provide perspective on in the office of the Independent Insurance Ad- sions of such title and other laws generally ap- protecting their interests, separate and apart vocate, and pending the appointment and con- plicable to the employees of the Executive from any other Federal agency or State insur- firmation of a successor, or during the absence Branch. ance regulator. ‘‘(2) OFFICE.—The Office shall have the au- or disability of the Independent Insurance Ad- ‘‘(2) COMPENSATION.—Employees of the Office vocate, the Independent Member shall appoint a shall be paid in accordance with the provisions thority— ‘‘(A) to coordinate Federal efforts on pruden- federal official appointed by the President and of chapter 51 and subchapter III of chapter 53 tial aspects of international insurance matters, confirmed by the Senate from a member agency of title 5, United States Code, relating to classi- including representing the United States, as ap- of the Financial Stability Oversight Council, not fication and General Schedule pay rates. propriate, in the International Association of otherwise serving on the Council, who shall ‘‘(3) PROCUREMENT OF TEMPORARY AND INTER- Insurance Supervisors (or a successor entity) serve as a member of the Council and act in the MITTENT SERVICES.—The Independent Insurance and assisting the Secretary in negotiating cov- place of the Independent Insurance Advocate Advocate may procure temporary and intermit- ered agreements (as such term is defined in sub- until such vacancy, absence, or disability con- tent services under section 3109(b) of title 5, section (q)) in coordination with States (includ- cludes. United States Code, at rates for individuals ing State insurance commissioners) and the ‘‘(4) EMPLOYMENT.—The Independent Insur- which do not exceed the daily equivalent of the United States Trade Representative; ance Advocate shall be an employee of the Fed- annual rate of basic pay prescribed for Level V ‘‘(B) to consult with the States (including eral Government within the definition of em- of the Executive Schedule under section 5316 of State insurance regulators) regarding insurance ployee under section 2105 of title 5, United such title. matters of national importance and prudential States Code. ‘‘(4) DETAILS.—Any employee of the Federal ‘‘(c) INDEPENDENCE; OVERSIGHT.— insurance matters of international importance; Government may be detailed to the Office with ‘‘(1) INDEPENDENCE.—The Secretary of the ‘‘(C) to assist the Secretary in administering or without reimbursement, and such detail shall Treasury may not delay or prevent the issuance the Terrorism Insurance Program established in be without interruption or loss of civil service of any rule or the promulgation of any regula- the Department of the Treasury under the Ter- status or privilege. An employee of the Federal tion by the Independent Insurance Advocate, rorism Risk Insurance Act of 2002 (15 U.S.C. Government detailed to the Office shall report to and may not intervene in any matter or pro- 6701 note); and be subject to oversight by the Independent ceeding before the Independent Insurance Advo- ‘‘(D) to observe all aspects of the insurance Insurance Advocate during the assignment to cate, unless otherwise specifically provided by industry, including identifying issues or gaps in the office, and may be compensated by the law. the regulation of insurers that could contribute ‘‘(2) OVERSIGHT BY INSPECTOR GENERAL.—The branch, department, or agency from which the to a systemic crisis in the insurance industry or Office of the Independent Insurance Advocate employee was detailed. the United States financial system; and shall be an office in the establishment of the De- ‘‘(5) INTERGOVERNMENTAL PERSONNEL.—The ‘‘(E) to make determinations and exercise the partment of the Treasury for purposes of the In- Independent Insurance Advocate may enter into authority under subsection (m) with respect to spector General Act of 1978 (5 U.S.C. App.). agreements under subchapter VI of chapter 33 of covered agreements and State insurance meas- ‘‘(d) RETENTION OF EXISTING STATE REGU- title 5, United States Code, with State and local ures. LATORY AUTHORITY.—Nothing in this section or governments, institutions of higher education, ‘‘(3) MEMBERSHIP ON FINANCIAL STABILITY section 314 shall be construed to establish or Indian tribal governments, and other eligible or- OVERSIGHT COUNCIL.— provide the Office or the Department of the ganizations for the assignment of intermittent, ‘‘(A) IN GENERAL.—The Independent Insur- Treasury with general supervisory or regulatory part-time, and full-time personnel, on a reim- ance Advocate shall serve, pursuant to section authority over the business of insurance. bursable or non-reimbursable basis. 111(b)(1)(J) of the Financial Stability Act of 2010 ‘‘(e) BUDGET.— ‘‘(h) ETHICS.— (12 U.S.C. 5321(b)(1)(J)), as a member on the Fi- ‘‘(1) ANNUAL TRANSMITTAL.—For each fiscal ‘‘(1) DESIGNATED ETHICS OFFICIAL.—The Legal nancial Stability Oversight Council. year, the Independent Insurance Advocate shall Counsel of the Financial Stability Oversight ‘‘(B) AUTHORITY.—To assist the Financial transmit a budget estimate and request to the Council, or in the absence of a Legal Counsel of Stability Oversight Council with its responsibil- Secretary of the Treasury, which shall specify the Council, the designated ethics official of any ities to monitor international insurance develop- the aggregate amount of funds requested for Council member agency, as chosen by the Inde- ments, advise the Congress, and make rec- such fiscal year for the operations of the Office pendent Insurance Advocate, shall be the ethics ommendations, the Independent Insurance Ad- of the Independent Insurance Advocate. official for the Independent Insurance Advo- vocate shall have the authority— ‘‘(2) INCLUSIONS.—In transmitting the pro- cate. ‘‘(i) to regularly consult with international in- posed budget to the President for approval, the ‘‘(2) RESTRICTION ON REPRESENTATION.—In surance supervisors and international financial Secretary of the Treasury shall include— addition to any restriction under section 205(c) stability counterparts; ‘‘(A) an aggregate request for the Independent of title18, United States Code, except as provided ‘‘(ii) to consult with the Board of Governors of Insurance Advocate; and in subsections (d) through (i) of section 205 of the Federal Reserve System and the States with ‘‘(B) any comments of the Independent Insur- such title, the Independent Insurance Advocate respect to representing the United States, as ap- ance Advocate with respect to the proposal. (except in the proper discharge of official duties) propriate, in the International Association of

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00079 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 H4784 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Insurance Supervisors (including to become a ‘‘(iv) provide interested parties a reasonable limit the authority of any Federal financial reg- non-voting member thereof), particularly on opportunity to submit written comments to the ulatory agency, including the authority to de- matters of systemic risk; Office; and velop and coordinate policy, negotiate, and ‘‘(iii) to participate at the Financial Stability ‘‘(v) consider any comments received. enter into agreements with foreign governments, Board of The Group of Twenty and to join with ‘‘(B) SCOPE OF REVIEW.—For purposes of this authorities, regulators, and multinational regu- other members from the United States including subsection, any determination of the Inde- latory committees and to preempt State measures on matters related to insurance; and pendent Insurance Advocate regarding State in- to affect uniformity with international regu- ‘‘(iv) to participate with the United States del- surance measures, and any preemption under latory agreements. egation to the Organization for Economic Co- paragraph (1) as a result of such determination, ‘‘(r) RETENTION OF AUTHORITY OF UNITED operation and Development and observe and shall be limited to the subject matter contained STATES TRADE REPRESENTATIVE.—Nothing in participate at the Insurance and Private Pen- within the covered agreement involved and shall this section or section 314 shall be construed to sions Committee. achieve a level of protection for insurance or re- affect the authority of the Office of the United ‘‘(4) LIMITATIONS ON PARTICIPATION IN SUPER- insurance consumers that is substantially equiv- States Trade Representative pursuant to section VISORY COLLEGES.—The Office may not engage alent to the level of protection achieved under 141 of the Trade Act of 1974 (19 U.S.C. 2171) or in any activities that it is not specifically au- State insurance or reinsurance regulation. any other provision of law, including authority thorized to engage in under this section or any ‘‘(C) NOTICE OF DETERMINATION OF INCONSIST- over the development and coordination of other provision of law, including participation ENCY.—Upon making any determination under United States international trade policy and the in any supervisory college or other meetings or paragraph (1), the Director shall— administration of the United States trade agree- fora for cooperation and communication be- ‘‘(i) notify the appropriate State of the deter- ments program. tween the involved insurance supervisors estab- mination and the extent of the inconsistency; ‘‘(s) CONGRESSIONAL TESTIMONY.—The Inde- lished for the fundamental purpose of facili- ‘‘(ii) establish a reasonable period of time, pendent Insurance Advocate shall appear before tating the effectiveness of supervision of entities which shall not be less than 30 days, before the the Committee on Financial Services of the which belong to an insurance group. determination shall become effective; and House of Representatives and the Committee on ‘‘(k) SCOPE.—The authority of the Office as ‘‘(iii) notify the Committees on Financial Banking, Housing, and Urban Affairs at semi- specified and limited in this section shall extend Services and Ways and Means of the House of annual hearings and shall provide testimony, to all lines of insurance except— Representatives and the Committees on Bank- which shall include submitting written testi- ‘‘(1) health insurance, as determined by the ing, Housing, and Urban Affairs and Finance of mony in advance of such appearances to such Secretary in coordination with the Secretary of the Senate. committees and to the Committee on Ways and Health and Human Services based on section ‘‘(3) NOTICE OF EFFECTIVENESS.—Upon the Means of the House of Representatives and the 2791 of the Public Health Service Act (42 U.S.C. conclusion of the period referred to in para- Committee on Finance of the Senate, on the fol- 300gg-91); graph (2)(C)(ii), if the basis for such determina- lowing matters: ‘‘(2) long-term care insurance, except long- tion still exists, the determination shall become ‘‘(1) OFFICE ACTIVITIES.—The efforts, activi- term care insurance that is included with life or effective and the Independent Insurance Advo- ties, objectives, and plans of the Office. annuity insurance components, as determined cate shall— ‘‘(2) SECTION 313(L) ACTIONS.—Any actions by the Secretary in coordination with the Sec- ‘‘(A) cause to be published a notice in the taken by the Office pursuant to subsection (l) retary of Health and Human Services, and in Federal Register that the preemption has become (regarding preemption pursuant to covered the case of long-term care insurance that is in- effective, as well as the effective date; and agreements). cluded with such components, the Secretary ‘‘(B) notify the appropriate State. ‘‘(3) INSURANCE INDUSTRY.—The state of, and ‘‘(4) LIMITATION.—No State may enforce a shall coordinate with the Secretary of Health developments in, the insurance industry. and Human Services in performing the functions State insurance measure to the extent that such ‘‘(4) U.S. AND GLOBAL INSURANCE AND REIN- of the Office; and measure has been preempted under this sub- SURANCE MARKETS.—The breadth and scope of ‘‘(3) crop insurance, as established by the section. the global insurance and reinsurance markets Federal Crop Insurance Act (7 U.S.C. 1501 et ‘‘(5) APPLICABILITY OF ADMINISTRATIVE PRO- and the critical role such markets plays in sup- seq.). CEDURES ACT.—Determinations of inconsistency porting insurance in the United States and the ‘‘(l) ACCESS TO INFORMATION.—In carrying made pursuant to paragraph (2) shall be subject ongoing impacts of part II of the Nonadmitted out the functions required under subsection (j), to the applicable provisions of subchapter II of and Reinsurance Reform Act of 2010 on the abil- the Office may coordinate with any relevant chapter 5 of title 5, United States Code (relating ity of State regulators to access reinsurance in- Federal agency and any State insurance regu- to administrative procedure), and chapter 7 of formation for regulated companies in their juris- lator (or other relevant Federal or State regu- such title (relating to judicial review), except dictions. latory agency, if any, in the case of an affiliate that in any action for judicial review of a deter- of an insurer) and any publicly available mination of inconsistency, the court shall deter- ‘‘(5) OTHER.—Any other matters as deemed sources for the provision to the Office of pub- mine the matter de novo. relevant by the Independent Insurance Advo- cate or requested by such Committees. licly available information. Notwithstanding ‘‘(n) CONSULTATION.—The Independent Insur- any other provision of law, each such relevant ance Advocate shall consult with State insur- ‘‘(t) REPORT UPON END OF TERM OF OFFICE.— Federal agency and State insurance regulator or ance regulators, individually or collectively, to Not later than two months prior to the expira- other Federal or State regulatory agency is au- the extent the Independent Insurance Advocate tion of the term of office, or discontinuation of thorized to provide to the Office such data or in- determines appropriate, in carrying out the service, of each individual serving as the Inde- formation. functions of the Office. pendent Insurance Advocate, the Independent ‘‘(m) PREEMPTION PURSUANT TO COVERED ‘‘(o) NOTICES AND REQUESTS FOR COMMENT.— Insurance Advocate shall submit a report to the AGREEMENTS.— In addition to the other functions and duties Committees on Financial Services and Ways and ‘‘(1) STANDARDS.—A State insurance measure specified in this section, the Independent Insur- Means of the House of Representatives and the shall be preempted pursuant to this section or ance Advocate may prescribe such notices and Committees on Banking, Housing, and Urban section 314 if, and only to the extent that the requests for comment in the Federal Register as Affairs and Finance of the Senate setting forth Independent Insurance Advocate determines, in are deemed necessary related to and governing recommendations regarding the Financial Sta- accordance with this subsection, that the meas- the manner in which the duties and authorities bility Oversight Council and the role, duties, ure— of the Independent Insurance Advocate are car- and functions of the Independent Insurance Ad- ‘‘(A) results in less favorable treatment of a ried out; vocate. non-United States insurer domiciled in a foreign ‘‘(p) SAVINGS PROVISIONS.—Nothing in this ‘‘(u) DEFINITIONS.—In this section and section jurisdiction that is subject to a covered agree- section shall— 314, the following definitions shall apply: ment than a United States insurer domiciled, li- ‘‘(1) preempt— ‘‘(1) AFFILIATE.—The term ‘affiliate’ means, censed, or otherwise admitted in that State; and ‘‘(A) any State insurance measure that gov- with respect to an insurer, any person who con- ‘‘(B) is inconsistent with a covered agreement. erns any insurer’s rates, premiums, under- trols, is controlled by, or is under common con- ‘‘(2) DETERMINATION.— writing, or sales practices; trol with the insurer. ‘‘(A) NOTICE OF POTENTIAL INCONSISTENCY.— ‘‘(B) any State coverage requirements for in- ‘‘(2) COVERED AGREEMENT.—The term ‘covered Before making any determination under para- surance; agreement’ means a written bilateral or multi- graph (1), the Independent Insurance Advocate ‘‘(C) the application of the antitrust laws of lateral agreement regarding prudential measures shall— any State to the business of insurance; or with respect to the business of insurance or re- ‘‘(i) notify and consult with the appropriate ‘‘(D) any State insurance measure governing insurance that— State regarding any potential inconsistency or the capital or solvency of an insurer, except to ‘‘(A) is entered into between the United States preemption; the extent that such State insurance measure re- and one or more foreign governments, authori- ‘‘(ii) notify and consult with the United States sults in less favorable treatment of a non-United ties, or regulatory entities; and Trade Representative regarding any potential State insurer than a United States insurer; or ‘‘(B) relates to the recognition of prudential inconsistency or preemption; ‘‘(2) affect the preemption of any State insur- measures with respect to the business of insur- ‘‘(iii) cause to be published in the Federal ance measure otherwise inconsistent with and ance or reinsurance that achieves a level of pro- Register notice of the issue regarding the poten- preempted by Federal law. tection for insurance or reinsurance consumers tial inconsistency or preemption, including a de- ‘‘(q) RETENTION OF AUTHORITY OF FEDERAL that is substantially equivalent to the level of scription of each State insurance measure at FINANCIAL REGULATORY AGENCIES.—Nothing in protection achieved under State insurance or re- issue and any applicable covered agreement; this section or section 314 shall be construed to insurance regulation.

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‘‘(3) INSURER.—The term ‘insurer’ means any (e) TEMPORARY SERVICE; TRANSITION.—Not- (1) by inserting ‘‘(15 U.S.C. 12(a))’’ after person engaged in the business of insurance, in- withstanding the amendment made by sub- ‘‘Clayton Act’’; and cluding reinsurance. section (a) of this section, during the period be- (2) by striking ‘‘Act, to’’ and inserting ‘‘Act ‘‘(4) FEDERAL FINANCIAL REGULATORY AGEN- ginning on the date of the enactment of this Act (15 U.S.C. 45) to’’. CY.—The term ‘Federal financial regulatory and ending on the date on which the Inde- SEC. 1203. TITLE I CORRECTIONS. agency’ means the Department of the Treasury, pendent Insurance Advocate is appointed and Title I of the Dodd-Frank Wall Street Reform the Board of Governors of the Federal Reserve confirmed pursuant to section 313(b)(2) of title and Consumer Protection Act (12 U.S.C. 5311 et System, the Office of the Comptroller of the Cur- 31, United States Code, as amended by such seq.) is amended— rency, the Office of Thrift Supervision, the Se- amendment, the person serving, on such date of (1) in section 102(a)(6) (12 U.S.C. 5311(a)(6)), curities and Exchange Commission, the Com- enactment, as the independent member of the by inserting ‘‘(12 U.S.C. 1843(k))’’ after ‘‘of modity Futures Trading Commission, the Fed- Financial Stability Oversight Council pursuant 1956’’ each place that term appears; eral Deposit Insurance Corporation, the Federal to section 111(b)(1)(J) of the Dodd-Frank Wall (2) in section 111(c)(3) (12 U.S.C. 5321(c)(3)), Housing Finance Agency, or the National Credit Street Reform and Consumer Protection Act (12 by striking ‘‘that agency or department head’’ Union Administration. U.S.C. 5321(b)(1)(J)) shall act for all purposes and inserting ‘‘the head of that member agency ‘‘(5) FINANCIAL STABILITY OVERSIGHT COUN- as, and with the full powers of, the Independent or department’’; CIL.—The term ‘Financial Stability Oversight Insurance Advocate. (3) in section 112 (12 U.S.C. 5322)— Council ’ means the Financial Stability Over- (f) COMPARABILITY IN COMPENSATION SCHED- (A) in subsection (a)(2)— sight Council established under section 111(a) of ULES.—Subsection (a) of section 1206 of the Fi- (i) in subparagraph (C) (as redesignated by the Dodd-Frank Wall Street Reform and Con- nancial Institutions Reform, Recovery, and En- section 151)— sumer Protection Act (12 U.S.C. 5321(a)). forcement Act of 1989 (12 U.S.C. 1833b(a)), as (I) by striking ‘‘to monitor’’ and inserting ‘‘(6) MEMBER AGENCY.—The term ‘member amended by section 711(c)(11)(D), is further ‘‘monitor’’; and agency’ has the meaning given such term in sec- amended by inserting ‘‘the Office of the Inde- (II) by striking ‘‘to advise’’ and inserting ‘‘ad- tion 111(a) of the Dodd-Frank Wall Street Re- pendent Insurance Advocate of the Department vise’’; form and Consumer Protection Act (12 U.S.C. of the Treasury,’’ before ‘‘and the Farm Credit (ii) in subparagraph (H) (as redesignated by 5321(a)). Administration,’’. section 151), by striking ‘‘may’’; and ‘‘(7) NON-UNITED STATES INSURER.—The term (g) SENIOR EXECUTIVES.—Subparagraph (D) of (B) in subsection (d)(5), by striking ‘‘sub- ‘non-United States insurer’ means an insurer section 3132(a)(1) of title 5, United States Code, section and subtitle B’’ each place such term ap- that is organized under the laws of a jurisdic- is amended by inserting ‘‘the Office of the Inde- pears and inserting ‘‘subtitle’’; and tion other than a State, but does not include pendent Insurance Advocate of the Department (4) in section 171(b)(4)(D) (12 U.S.C. any United States branch of such an insurer. of the Treasury,’’ after ‘‘Finance Agency,’’. 5371(b)(4)(D)), by adding a period at the end. ‘‘(8) OFFICE.—The term ‘Office’ means the Of- SEC. 1102. TREATMENT OF COVERED AGREE- SEC. 1204. TITLE III CORRECTIONS. fice of the Independent Insurance Advocate es- MENTS. (a) IN GENERAL.—Title III of the Dodd-Frank tablished by this section. Subsection (c) of section 314 of title 31, United Wall Street Reform and Consumer Protection ‘‘(9) STATE INSURANCE MEASURE.—The term States Code is amended— Act (12 U.S.C. 5401 et seq.) is amended— ‘State insurance measure’ means any State law, (1) by redesignating paragraphs (1) and (2) as (1) in section 327(b)(5) (12 U.S.C. 5437(b)(5)), regulation, administrative ruling, bulletin, paragraphs (2) and (3), respectively; and by striking ‘‘in’’ and inserting ‘‘into’’; guideline, or practice relating to or affecting (2) by inserting before paragraph (2), as so re- (2) in section 333(b)(2) (124 Stat. 1539), by in- prudential measures applicable to insurance or designated, the following new paragraph: serting ‘‘the second place that term appears’’ be- reinsurance. ‘‘(1) the Secretary of the Treasury and the fore ‘‘and inserting’’; and ‘‘(10) STATE INSURANCE REGULATOR.—The term United States Trade Representative have caused (3) in section 369(5) (124 Stat. 1559)— ‘State insurance regulator’ means any State reg- to be published in the Federal Register, and (A) in subparagraph (D)(i)— ulatory authority responsible for the supervision made available for public comment for a period (i) in subclause (III), by redesignating items of insurers. of not fewer than 30 days and not greater than (aa), (bb), and (cc) as subitems (AA), (BB), and ‘‘(11) SUBSTANTIALLY EQUIVALENT TO THE 90 days (which period may run concurrently (CC), respectively, and adjusting the margins LEVEL OF PROTECTION ACHIEVED.—The term with the 90-day period for the covered agree- accordingly; ‘substantially equivalent to the level of protec- ment referred to in paragraph (3)), the proposed (ii) in subclause (IV), by redesignating items tion achieved’ means the prudential measures of text of the covered agreement;’’. (aa) and (bb) as subitems (AA) and (BB), re- a foreign government, authority, or regulatory TITLE XII—TECHNICAL CORRECTIONS spectively, and adjusting the margins accord- entity achieve a similar outcome in consumer ingly; protection as the outcome achieved under State SEC. 1201. TABLE OF CONTENTS; DEFINITIONAL CORRECTIONS. (iii) in subclause (V), by redesignating items insurance or reinsurance regulation. (a) TABLE OF CONTENTS.—The table of con- (aa), (bb), and (cc) as subitems (AA), (BB), and ‘‘(12) UNITED STATES INSURER.—The term tents for the Dodd-Frank Wall Street Reform (CC), respectively, and adjusting the margins ‘United States insurer’ means— accordingly; and ‘‘(A) an insurer that is organized under the and Consumer Protection Act (Public Law 111– 203; 124 Stat. 1376) is amended by striking the (iv) by redesignating subclauses (III), (IV), laws of a State; or and (V) as items (bb), (cc), and (dd), respec- ‘‘(B) a United States branch of a non-United items relating to sections 407 through 414 and tively, and adjusting the margins accordingly; States insurer.’’. inserting the following: (B) in subparagraph (F)— (b) PAY AT LEVEL III OF EXECUTIVE SCHED- ‘‘Sec. 407. Exemption of and reporting by ven- (i) in clause (ii), by adding ‘‘and’’ at the end; ULE.—Section 5314 of title 5, United States Code, ture capital fund advisers. (ii) in clause (iii), by striking ‘‘and’’ at the is amended by adding at the end the following ‘‘Sec. 408. Exemption of and reporting by cer- end and inserting a semicolon; and tain private fund advisers. new item: (iii) by striking clause (iv); and ‘‘Independent Insurance Advocate, Depart- ‘‘Sec. 409. Family offices. (C) in subparagraph (G)(i), by inserting ‘‘each ment of the Treasury.’’. ‘‘Sec. 410. State and Federal responsibilities; place such term appears’’ before ‘‘and insert- (c) INDEPENDENCE.—Section 111 of Public Law asset threshold for Federal reg- ing’’. 93–495 (12 U.S.C. 250) is amended— istration of investment advisers. (1) by inserting ‘‘the Independent Insurance ‘‘Sec. 411. Custody of client assets. (b) EFFECTIVE DATES.— (1) SECTION 333.—The amendment made by Advocate of the Department of the Treasury,’’ ‘‘Sec. 414. Rule of construction relating to the subsection (a)(2) of this section shall take effect after ‘‘Federal Housing Finance Agency,’’; and Commodity Exchange Act. (2) by inserting ‘‘or official’’ before ‘‘submit- ‘‘Sec. 418. Qualified client standard. as though enacted as part of subtitle C of title ting them’’. ‘‘Sec. 419. Transition period.’’. III of the Dodd-Frank Wall Street Reform and (d) TRANSFER OF EMPLOYEES.—All employees (b) DEFINITIONS.—Section 2 of the Dodd- Consumer Protection Act (124 Stat. 1538). of the Department of Treasury who are per- Frank Wall Street Reform and Consumer Protec- (2) SECTION 369.—The amendments made by forming staff functions for the independent tion Act (12 U.S.C. 5301) is amended— subsection (a)(3) of this section shall take effect member of the Financial Stability Oversight (1) in paragraph (1)— as though enacted as part of subtitle E of title (A) by striking ‘‘section 3’’ and inserting ‘‘sec- Council under section 111(b)(2)(J) of the Dodd- III of the Dodd-Frank Wall Street Reform and tion 3(w)’’; and Consumer Protection Act (124 Stat. 1546). Frank Wall Street Reform and Consumer Protec- (B) by striking ‘‘(12 U.S.C. 1813)’’ and insert- SEC. 1205. TITLE IV CORRECTION. tion Act (12 U.S.C. 5321(b)(2)(J)) on a full-time ing ‘‘(12 U.S.C. 1813(w))’’; equivalent basis as of the date of enactment of (2) in paragraph (6), by striking ‘‘1 et seq.’’ Section 414 of the Dodd-Frank Wall Street Re- this Act shall be eligible for transfer to the Of- and inserting ‘‘1a’’; and form and Consumer Protection Act (124 Stat. fice of the Independent Insurance Advocate es- (3) in paragraph (18)(A)— 1578) is amended in the section heading by strik- tablished pursuant to the amendment made by (A) by striking ‘‘ ‘bank holding company’,’’; ing ‘‘COMMODITIES’’ and inserting ‘‘COM- subsection (a) of this section for appointment as and MODITY’’. an employee and shall be transferred at the (B) by inserting ‘‘ ‘includes’,’’ before ‘‘ ‘includ- SEC. 1206. TITLE VI CORRECTIONS. joint discretion of the Independent Insurance ing’,’’. (a) IN GENERAL.—Section 610 of the Dodd- Advocate and the eligible employee. Any em- SEC. 1202. ANTITRUST SAVINGS CLAUSE CORREC- Frank Wall Street Reform and Consumer Protec- ployee eligible for transfer that is not appointed TIONS. tion Act (124 Stat. 1596) is amended— within 360 days from the date of enactment of Section 6 of the Dodd-Frank Wall Street Re- (1) by striking subsection (b); and this Act shall be eligible for detail under section form and Consumer Protection Act (12 U.S.C. (2) by redesignating subsection (c) as sub- 313(f)(4) of title 31, United States Code. 5303) is amended, in the second sentence— section (b).

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(b) EFFECTIVE DATE.—The amendments made (ii) by striking ‘‘seq)’’ and inserting ‘‘seq.)’’; U.S.C. 7706(b)(1)(D)) is amended by striking by subsection (a) of this section shall take effect (8) in section 1064(i)(1)(A)(iii) (12 U.S.C. ‘‘Director of the Office of Thrift Supervision’’ as though enacted as part of section 610 of the 5584(i)(1)(A)(iii)), by inserting a period before and inserting ‘‘Comptroller of the Currency or Dodd-Frank Wall Street Reform and Consumer ‘‘If an’’; the Board of Directors of Federal Deposit Insur- Protection Act (124 Stat. 1611). (9) in section 1073(c)(2) (12 U.S.C. 5601(c)(2))— ance Corporation, as applicable’’. SEC. 1207. TITLE VII CORRECTIONS. (A) in the paragraph heading, by inserting (f) CHILDREN’S ONLINE PRIVACY PROTECTION (a) IN GENERAL.—Title VII of the Dodd-Frank ‘‘AND EDUCATION’’ after ‘‘FINANCIAL LITERACY’’; ACT OF 1998.—Section 1306(b)(2) of the Chil- Wall Street Reform and Consumer Protection and dren’s Online Privacy Protection Act of 1998 (15 Act (15 U.S.C. 8301 et seq.) is amended— (B) by striking ‘‘its duties’’ and inserting U.S.C. 6505(b)(2)) is amended by striking ‘‘Direc- (1) in section 719(c)(1)(B) (15 U.S.C. ‘‘their duties’’; tor of the Office of Thrift Supervision’’ and in- 8307(c)(1)(B)), by adding a period at the end; (10) in section 1076(b)(1) (12 U.S.C. 5602(b)(1)), serting ‘‘Comptroller of the Currency or the (2) in section 723(a)(1)(B) (124 Stat. 1675), by by inserting before the period at the end the fol- Board of Directors of Federal Deposit Insurance inserting ‘‘, as added by section 107 of the Com- lowing: ‘‘, the Agency may, after notice and op- Corporation, as applicable’’. modity Futures Modernization Act of 2000 (Ap- portunity for comment, prescribe regulations’’; (g) COMMUNITY REINVESTMENT ACT OF 1977.— pendix E of Public Law 106–554; 114 Stat. 2763A– (11) in section 1077(b)(4)(F) (124 Stat. 2076), by The Community Reinvestment Act of 1977 (12 382),’’ after ‘‘subsection (i)’’; striking ‘‘associates’’ and inserting ‘‘associ- U.S.C. 2901 et seq.) is amended— (3) in section 724(a), by striking ‘‘adding at ate’s’’; (1) in section 803(1)(C) (12 U.S.C. 2902(1)(C)), the end’’ and inserting ‘‘inserting after sub- (12) in section 1084(1) (124 Stat. 2081), by in- by striking the period at the end and inserting section (e)’’; serting a comma after ‘‘2009)’’; a semicolon; and (4) in section 734(b)(1) (124 Stat. 1718), by (13) in section 1089 (124 Stat. 2092)— (2) in section 806 (12 U.S.C. 2905), by striking striking ‘‘is amended’’ and all that follows (A) in paragraph (3)— ‘‘companies,,’’ and inserting ‘‘companies,’’. through ‘‘(B) in’’ and inserting ‘‘is amended (i) in subparagraph (A), by striking ‘‘and’’ at (h) CREDIT REPAIR ORGANIZATIONS ACT.—Sec- in’’; the end; and tion 403(4) of the Credit Repair Organizations (5) in section 741(b)(10) (124 Stat. 1732), by (ii) in subparagraph (B)(vi), by striking the Act (15 U.S.C. 1679a(4)) is amended by striking striking ‘‘1a(19)(A)(iv)(II)’’ each place it ap- period at the end and inserting ‘‘; and’’; and ‘‘103(e)’’ and inserting ‘‘103(f)’’. pears and inserting ‘‘1a(18)(A)(iv)(II)’’; and (B) by redesignating paragraph (4) as sub- (i) DEPOSITORY INSTITUTION MANAGEMENT (6) in section 749 (124 Stat. 1746)— paragraph (C) and adjusting the margins ac- INTERLOCKS ACT.—Section 205(9) of the Deposi- (A) in subsection (a)(2), by striking ‘‘adding cordingly; and tory Institution Management Interlocks Act (12 at the end’’ and inserting ‘‘inserting after sub- (14) in section 1098(6) (124 Stat. 2104), by in- U.S.C. 3204(9)) is amended by striking ‘‘Director section (f)’’; and serting ‘‘the first place that term appears’’ be- of the Office of Thrift Supervision’’ and insert- (B) in subsection (h)(1)(B), by inserting ‘‘the fore ‘‘and’’. ing ‘‘appropriate Federal banking agency’’. second place that term appears’’ before the semi- (b) EFFECTIVE DATE.—The amendments made (j) ECONOMIC GROWTH AND REGULATORY PA- colon. by paragraphs (11), (12), (13), (14), and (15) of PERWORK REDUCTION ACT OF 1996.—Section (b) EFFECTIVE DATE.—The amendments made subsection (a) shall take effect as though en- 2227(a)(1) of the Economic Growth and Regu- by paragraphs (3), (4), (5), and (6) of subsection acted as part of subtitle H of title X of the latory Paperwork Reduction Act of 1996 (12 (a) of this section shall take effect as though en- Dodd-Frank Wall Street Reform and Consumer U.S.C. 252(a)(1)) is amended by striking ‘‘the Di- acted as part of part II of subtitle A of title VII Protection Act (124 Stat. 2080). rector of the Office of Thrift Supervision,’’. of the Dodd-Frank Wall Street Reform and Con- SEC. 1210. TITLE XII CORRECTION. (k) ELECTRONIC FUND TRANSFER ACT.—The sumer Protection Act (124 Stat. 1658). Title XII of the Dodd-Frank Wall Street Re- Electronic Fund Transfer Act (15 U.S.C. 1693 et SEC. 1208. TITLE IX CORRECTIONS. form and Consumer Protection Act (124 Stat. seq.) is amended— Section 939(h)(1) of the Dodd-Frank Wall 2129) is amended, in section 1208(b) (12 U.S.C. (1) in section 903 (15 U.S.C. 1693a)— Street Reform and Consumer Protection Act (124 5626(b)), by inserting ‘‘, as defined in section (A) in paragraph (2), by striking ‘‘103(i)’’ and Stat. 1887) is amended— 103(10) of the Riegle Community Development inserting ‘‘103(j)’’; and (1) in the matter preceding subparagraph (A), and Regulatory Improvement Act of 1994 (12 (B) by redesignating the first paragraph des- by inserting ‘‘The’’ before ‘‘Commission’’; and U.S.C. 4702(10)),’’ after ‘‘appropriated to the ignated as paragraph (4) (defining the term (2) by striking ‘‘feasability’’ and inserting Fund’’. ‘‘Board’’), as paragraph (3); ‘‘feasibility’’. (2) in section 904(a) (15 U.S.C. 1693b(a))— SEC. 1211. TITLE XIV CORRECTION. SEC. 1209. TITLE X CORRECTIONS. (A) by redesignating the second paragraph Title XIV of the Dodd-Frank Wall Street Re- designated as paragraph (1) (relating to con- (a) IN GENERAL.—Title X of the Dodd-Frank form and Consumer Protection Act (124 Stat. Wall Street Reform and Consumer Protection sultation with other agencies), the second para- 2136) is amended, in section 1451(c) (12 U.S.C. graph designated as paragraph (2) (relating to Act (12 U.S.C. 5481 et seq.) is amended— 1701x–1(c)), by striking ‘‘pursuant’’. (1) in section 1002(12)(G) (12 U.S.C. the preparation of an analysis of economic im- 5481(12)(G)), by striking ‘‘Home Owners’’ and SEC. 1212. TECHNICAL CORRECTIONS TO OTHER pact), paragraph (3), and paragraph (4), as sub- STATUTES. inserting ‘‘Homeowners’’; paragraphs (A), (B), (C), and (D), respectively, (a) ALTERNATIVE MORTGAGE TRANSACTION (2) in section 1013(a)(1)(C) (12 U.S.C. and adjusting the margins accordingly; PARITY ACT OF 1982.—The Alternative Mortgage 5493(a)(1)(C)), by striking ‘‘section 11(1) of the (B) by striking ‘‘In prescribing such regula- Transaction Parity Act of 1982 (12 U.S.C. 3801 et Federal Reserve Act (12 U.S.C. 248(1))’’ and in- tions, the Board shall:’’ and inserting the fol- seq.) is amended— serting ‘‘subsection (l) of section 11 of the Fed- lowing: (1) in section 802(a)(3) (12 U.S.C. 3801(a)(3)), eral Reserve Act (12 U.S.C. 248(l)’’; ‘‘(3) REGULATIONS.—In prescribing regulations (3) in section 1017(a)(2) (as so redesignated by by striking ‘‘the Director of the Office of Thrift under this subsection, the Agency and the section 712) (12 U.S.C. 5497(a)(5))— Supervision’’ and inserting ‘‘the Consumer Law Board shall—’’; (A) in subparagraph (A), in the last sentence Enforcement Agency’’; (C) in paragraph (3)(C), as so redesignated, by by striking ‘‘716(c) of title 31, United States (2) in section 804 (12 U.S.C. 3803)— striking ‘‘the Board shall’’; and Code’’ and inserting ‘‘716 of title 31, United (A) in subsection (a), by striking ‘‘the Director (D) in paragraph (3)(D), as so redesignated— States Code’’; and of the Office of Thrift Supervision’’ each place (i) by inserting ‘‘send promptly’’ before (B) in subparagraph (C), by striking ‘‘section such term appears and inserting ‘‘the Comp- ‘‘any’’; and 3709 of the Revised Statutes of the United States troller of the Currency’’; and (ii) by striking ‘‘shall be sent promptly to Con- (41 U.S.C. 5)’’ and inserting ‘‘section 6101 of title (B) in subsection (d)(1), by striking the comma gress by the Board’’ and inserting ‘‘to Con- 41, United States Code’’; after ‘‘Administration’’. gress’’; (4) in section 1027(d)(1)(B) (12 U.S.C. (b) BANK HOLDING COMPANY ACT AMEND- (3) in section 909(c) (15 U.S.C. 1693g(c)), by 5517(d)(1)(B)), by inserting a comma after MENTS OF 1970.—Section 106(b)(1) of the Bank striking ‘‘103(e)’’ and inserting ‘‘103(f)’’; ‘‘(A)’’; Holding Company Act Amendments of 1970 (12 (4) in section 918(a)(4) (15 U.S.C. 1693o(a)(4), (5) in section 1029(d) (12 U.S.C. 5519(d)), by U.S.C. 1972(1)) is amended, in the undesignated by striking ‘‘Act and’’ and inserting ‘‘Act; striking the period after ‘‘Commission Act’’; matter at the end, by striking ‘‘Federal Deposit and’’; (6) in section 1061(b)(7) (12 U.S.C. 5581(b)(7))— Insurance Company’’ and inserting ‘‘Federal (5) by redesignating the section added by sec- (A) by striking ‘‘Secretary of the Department Deposit Insurance Corporation’’. tion 1073(4) of the Dodd-Frank Wall Street Re- of Housing and Urban Development’’ each place (c) BALANCED BUDGET AND EMERGENCY DEF- form and Consumer Protection Act (relating to that term appears and inserting ‘‘Department of ICIT CONTROL ACT.—Section 255(g)(1)(A) of the remittance transfers) (15 U.S.C. 1693o–1) as sec- Housing and Urban Development’’; and Balanced Budget and Emergency Deficit Con- tion 920 of the Electronic Fund Transfer Act; (B) in subparagraph (A), by striking ‘‘(12 trol Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amend- (6) by redesignating the section headed ‘‘Rea- U.S.C. 5102 et seq.)’’ and inserting ‘‘(12 U.S.C. ed by striking ‘‘Office of Thrift Supervision (20– sonable fees and rules for payment card trans- 5101 et seq.)’’; 4108–0–3–373).’’. action’’ (15 U.S.C. 1693o–2) as section 921 of the (7) in section 1063 (12 U.S.C. 5583)— (d) BRETTON WOODS AGREEMENTS ACT.—Sec- Electronic Fund Transfer Act; (A) in subsection (f)(1)(B), by striking ‘‘that’’; tion 68(a)(1) of the Bretton Woods Agreements (7) by redesignating the section headed ‘‘Rela- and Act (22 U.S.C. 286tt(a)(1)) is amended by strik- tion to State laws’’ (15 U.S.C. 1693q) as section (B) in subsection (g)(1)(A)— ing ‘‘Fund ,’’ and inserting ‘‘Fund,’’. 922 of the Electronic Fund Transfer Act; (i) by striking ‘‘(12 U.S.C. 5102 et seq.)’’ and (e) CAN–SPAM ACT OF 2003.—Section (8) by redesignating the section headed ‘‘Ex- inserting ‘‘(12 U.S.C. 5101 et seq.)’’; and 7(b)(1)(D) of the CAN–SPAM Act of 2003 (15 emption for State regulation’’ (15 U.S.C. 1693r)

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00082 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4787 as section 923 of the Electronic Fund Transfer (A) by striking ‘‘103(i)’’ each place that term Fire Prevention and Control Act of 1974 (15 Act; and appears and inserting ‘‘103(j)’’ ; and U.S.C. 2227(a)(5)(B)) is amended by striking (9) by redesignating the section headed ‘‘Ef- (B) by striking ‘‘open-end’’ each place that ‘‘the Federal Deposit Insurance Corporation’’ fective date’’ (15 U.S.C. 1693 note) as section 924 term appears and inserting ‘‘open end’’; and all that follows through the period and in- of the Electronic Fund Transfer Act. (5) in section 607(e)(3)(A) (15 U.S.C. serting ‘‘or the Federal Deposit Insurance Cor- (l) EMERGENCY ECONOMIC STABILIZATION ACT 1681e(e)(3)(A)), by striking ‘‘section poration under the affordable housing program OF 2008.—Section 101(b) of the Emergency Eco- 604(b)(4)(E)(i)’’ and inserting ‘‘section under section 40 of the Federal Deposit Insur- nomic Stabilization Act of 2008 (12 U.S.C. 604(b)(4)(D)(i)’’; ance Act.’’. 5211(b)) is amended by striking ‘‘the Director of (6) in section 609 (15 U.S.C. 1681g)— (s) FEDERAL HOME LOAN BANK ACT.—The the Office of Thrift Supervision,’’. (A) in subsection (a)(3)(C)(i), by striking ‘‘sec- Federal Home Loan Bank Act (12 U.S.C. 1421 et (m) EQUAL CREDIT OPPORTUNITY ACT.—The tion 604(b)(4)(E)(i)’’ and inserting ‘‘section seq.) is amended— Equal Credit Opportunity Act (15 U.S.C. 1691 et 604(b)(4)(D)(i)’’; (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), by seq.) is amended— (B) in subsection (c)(1)— striking ‘‘Director of the Office of Thrift Super- (1) in section 703 (15 U.S.C. 1691b)— (i) in the paragraph heading, by striking vision’’ and inserting ‘‘Comptroller of the Cur- (A) in each of subsections (c) and (d), by ‘‘COMMISSION’’ and inserting ‘‘BUREAU’’; and rency or the Board of Directors of the Federal striking ‘‘paragraph’’ each place that term ap- (ii) in subparagraph (B)(vi), by striking Deposit Insurance Corporation, as applicable’’; pears and inserting ‘‘subsection’’; and ‘‘603(w)’’ and inserting ‘‘603(x)’’; and (B) in subsection (g), by adding a period at (C) in subsection (e)(2)(B)(ii)(II), by striking (2) in section 22(a) (12 U.S.C. 1442(a))— the end; ‘‘an’’; and (A) in the matter preceding paragraph (1), by (2) in section 704 (15 U.S.C. 1691c)— (D) by striking ‘‘The Commission’’ each place striking ‘‘Comptroller of the Currency’’ and all (A) in subsection (a)— that term appears and inserting ‘‘The Bureau’’; that follows through ‘‘Supervision’’ and insert- (i) by striking ‘‘Consumer Protection Finan- (7) in section 610 (15 U.S.C. 1681h)— ing ‘‘Comptroller of the Currency, the Chairman cial Protection Act of 2010 with’’ and inserting (A) in subsection (b)(1), by inserting ‘‘section’’ of the Board of Governors of the Federal Re- ‘‘Consumer Financial Protection Act of 2010, after ‘‘under’’; and serve System, the Chairperson of the Federal compliance with’’; (B) in subsection (e), by inserting a comma Deposit Insurance Corporation, and the Chair- (ii) in paragraph (1)— after ‘‘on the report’’; man of the National Credit Union Administra- (I) by striking ‘‘section 8’’ and inserting ‘‘Sec- (8) in section 611 (15 U.S.C. 1681i), by striking tion’’; and tion 8’’; and ‘‘The Commission’’ each place that term appears (B) in the undesignated matter following (II) in subparagraph (C), by striking ‘‘banks;’’ and inserting ‘‘The Agency’’; paragraph (2), by striking ‘‘Comptroller of the and inserting ‘‘banks.’’; (9) in section 612 (15 U.S.C. 1681j)— Currency’’ and all that follows through ‘‘Super- (iii) in each of paragraphs (6) and (7), by (A) in subsection (a)(1)— vision’’ and inserting ‘‘Comptroller of the Cur- striking the semicolon at the end and inserting (i) by striking ‘‘(w)’’ and inserting ‘‘(x)’’; and rency, the Chairman of the Board of Governors a period; and (ii) in subparagraph (C), by striking ‘‘603(w)’’ of the Federal Reserve System, and the Chair- (iv) in paragraph (8), by striking ‘‘; and’’ and each place that term appears and inserting man of the National Credit Union Administra- inserting a period; and ‘‘603(x)’’; tion’’. (B) in subsection (c), in the second sentence, (B) in subsection (g), by striking ‘‘televison’’ (t) FEDERAL RESERVE ACT.—Paragraph (8)(B) by striking ‘‘subchapter’’ and inserting ‘‘title’’; and inserting ‘‘television’’; and of section 11(s) of the Federal Reserve Act and (C) by striking ‘‘The Commission’’ each place (headed ‘‘Federal Reserve Transparency and (3) in section 706(k) (15 U.S.C. 1691e(k)), by that term appears and inserting ‘‘The Bureau’’; Release of Information’’) (12 U.S.C. 248) is striking ‘‘, (2), or (3)’’ and inserting ‘‘or (2)’’. (10) in section 621 (15 U.S.C. 1681s)— amended by striking ‘‘this section’’ and insert- (n) EXPEDITED FUNDS AVAILABILITY ACT.— (A) in subsection (a)(1), in the first sentence, ing ‘‘this subsection’’. The Expedited Funds Availability Act (12 U.S.C. by striking ‘‘, subsection (b)’’; (u) FINANCIAL INSTITUTIONS REFORM, RECOV- 4001 et seq.) is amended— (B) in subsection (e)(2), by inserting a period ERY, AND ENFORCEMENT ACT OF 1989.—The Fi- (1) in section 605(f)(2)(A) (12 U.S.C. after ‘‘provisions of this title’’; and nancial Institutions Reform, Recovery, and En- 4004(f)(2)(A)), by striking ‘‘,,’’ and inserting a (C) in subsection (f)(2), by striking ‘‘The Com- forcement Act of 1989 (Public Law 101–73; 103 semicolon; and mission’’ and inserting ‘‘The Agency’’ and Stat. 183) is amended in section 1121(6) (12 (2) in section 610(a)(2) (12 U.S.C. 4009(a)(2)), (11) in section 623(a)(5) (15 U.S.C. 1681s– U.S.C. 3350(6)), by striking ‘‘the Office of Thrift by striking ‘‘Director of the Office of Thrift Su- 2(a)(5)), by striking ‘‘OF ACCOUNTS.—(A) IN GEN- Supervision,’’. pervision’’ and inserting ‘‘Comptroller of the ERAL.—A person’’ and inserting ‘‘OF AC- (v) GRAMM-LEACH-BLILEY ACT.—The Gramm- Currency and the Board of Directors of the Fed- COUNTS.— Leach-Bliley Act (Public Law 106–102; 113 Stat. eral Deposit Insurance Corporation, as appro- ‘‘(A) IN GENERAL.—A person’’. 1338) is amended— priate,’’. (p) FEDERAL CREDIT UNION ACT.—Section (1) in section 132(a) (12 U.S.C. 1828b(a)), by (o) FAIR CREDIT REPORTING ACT.—The Fair 206(g)(7)(D)(iv) of the Federal Credit Union Act striking ‘‘the Director of the Office of Thrift Su- Credit Reporting Act (15 U.S.C. 1681 et seq.) is (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by strik- pervision,’’; amended— ing the semicolon at the end and inserting a pe- (2) in section 206(a) (15 U.S.C. 78c note), by (1) in section 603 (15 U.S.C. 1681a)— riod. striking ‘‘Except as provided in subsection (e), (A) in subsection (d)(2)(D), by striking ‘‘(x)’’ (q) FEDERAL DEPOSIT INSURANCE ACT.—The for’’ and inserting ‘‘For’’; and inserting ‘‘(y)’’; Federal Deposit Insurance Act (12 U.S.C. 1811 et (3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), (B) in subsection (q)(5), by striking ‘‘103(i)’’ seq.) is amended— by striking ‘‘a Federal’’ and inserting ‘‘, a Fed- and inserting ‘‘103(j)’’; and (1) in section 3(q)(2)(C) (12 U.S.C. eral’’; (C) in subsection (v), by striking ‘‘Bureau’’ 1813(q)(2)(C)), by adding ‘‘and’’ at the end; (4) in section 504(a)(2) (15 U.S.C. 6804(a)(2)), and inserting ‘‘Federal Trade Commission’’; (2) in section 7 (12 U.S.C. 1817)— by striking ‘‘and, as appropriate, and with’’ (2) in section 604 (15 U.S.C. 1681b)— (A) in subsection (b)(2)— and inserting ‘‘and, as appropriate, with’’; (A) in subsection (b)— (i) in subparagraph (A), by striking ‘‘(D)’’ (5) in section 509(2) (15 U.S.C. 6809(2))— (A) by striking subparagraph (D); and (i) in paragraph (2)(B)(i), by striking ‘‘section and inserting ‘‘(C)’’; and (B) by redesignating subparagraphs (E) and 615(a)(3)’’ and inserting ‘‘section 615(a)(4)’’; (ii) by redesignating subparagraphs (D) and (F) as subparagraphs (D) and (E), respectively; (ii) in paragraph (3)(B)(ii), by striking ‘‘clause (E) as subparagraphs (C) and (D), respectively; and (B)(i)(IV)’’ and inserting ‘‘clause (i)(IV)’’; and (6) in section 522(b)(1)(A)(iv) (15 U.S.C. (iii) in paragraph (4)(A)(ii), by inserting (B) in subsection (e)(2)(C), by adding a period 6822(b)(1)(A)(iv)), by striking ‘‘Director of the ‘‘and’’ after the semicolon; and at the end; Office of Thrift Supervision’’ and inserting (iv) by striking ‘‘section 609(c)(3)’’ each place (3) in section 8 (12 U.S.C. 1818)— ‘‘Comptroller of the Currency and the Board of (A) in subsection (b)(3), by striking ‘‘Act))’’ that term appears and inserting ‘‘section Directors of the Federal Deposit Insurance Cor- and inserting ‘‘Act)’’; and 609(c)’’; and poration, as appropriate’’. PARA (B) in subsection (t)(2)(C), by striking ‘‘de- (B) in subsection (g)(5), by striking ‘‘ - (w) HELPING FAMILIES SAVE THEIR HOMES GRAPH (2) positors or’’ and inserting ‘‘depositors; or’’; .—’’ and all that follows through ‘‘The ACT OF 2009.—Section 104 of the Helping Fami- Bureau’’ and inserting ‘‘PARAGRAPH (2).—The (4) in section 11 (12 U.S.C. 1821)— lies Save Their Homes Act of 2009 (12 U.S.C. Agency’’; (A) in subsection (d)(2)(I)(ii), by striking ‘‘and 1715z–25) is amended— (3) in section 605 (15 U.S.C. 1681c)— section 21A(b)(4)’’; and (1) in subsection (a)— (A) in subsection (f), by striking ‘‘who’’ and (B) in subsection (m), in each of paragraphs (A) in the matter preceding paragraph (1)— inserting ‘‘which’’; and (16) and (18), by striking the comma after (i) by striking ‘‘and the Director of the Office (B) in subsection (h)(2)(A)— ‘‘Comptroller of the Currency’’ each place it ap- of Thrift Supervision, shall jointly’’ and insert- (i) by striking ‘‘shall,,’’ and inserting pears; and ing ‘‘shall’’; ‘‘shall,’’; and (5) in section 26(a) (12 U.S.C. 1831c(a)), by (ii) by striking ‘‘Senate,’’ and inserting ‘‘Sen- (ii) by striking ‘‘Commission,,’’ and inserting striking ‘‘Holding Company Act’’ each place ate and’’; ‘‘Commission,’’; that term appears and inserting ‘‘Holding Com- (iii) by striking ‘‘and the Office of Thrift Su- (4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), pany Act of 1956’’. pervision’’; and and (2)(B) of section 605A(h) (15 U.S.C. 1681c– (r) FEDERAL FIRE PREVENTION AND CONTROL (iv) by striking ‘‘each such’’ and inserting 1(h))— ACT OF 1974.—Section 31(a)(5)(B) of the Federal ‘‘such’’; and

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(B) in paragraph (1), by striking ‘‘and the Of- (C) in subsection (e)(7)(B)(iii)— (kk) SECURITIES EXCHANGE ACT OF 1934.—The fice of Thrift Supervision’’; and (i) by striking ‘‘Board of the Office of Thrift Securities Exchange Act of 1934 (15 U.S.C. 78a et (2) in subsection (b)(1)— Supervision’’ and inserting ‘‘Director of the Of- seq.) is amended— (A) in subparagraph (A)— fice of Thrift Supervision’’; and (1) in section 3D(d)(10)(A) (15 U.S.C. 78c– (i) in the first sentence— (ii) by inserting ‘‘, as defined in section 2 of 4(d)(10)(A)), by striking ‘‘taking’’ and inserting (I) by striking ‘‘and the Director of the Office the Dodd-Frank Wall Street Reform and Con- ‘‘take’’; of Thrift Supervision,’’; and sumer Protection Act (12 U.S.C. 5301)’’ after (2) in section 3E(b)(1) (15 U.S.C. 78c–5(b)(1)), (II) by striking ‘‘or the Director’’; and ‘‘transfer date’’; and by striking ‘‘though’’ and inserting ‘‘through’’; (ii) in the second sentence, by striking ‘‘and (4) in section 13 (12 U.S.C. 1468b), by striking (3) in section 4(g)(8)(A) (15 U.S.C. the Director of the Office of Thrift Super- ‘‘the a’’ and inserting ‘‘a’’. 78d(g)(8)(A)), by striking ‘‘(2)(A)(i)’’ and insert- vision’’; and (z) HOUSING ACT OF 1948.—Section 502(c)(3) of ing ‘‘(2)(A)(ii)’’; (B) in subparagraph (B), by striking ‘‘and the the Housing Act of 1948 (12 U.S.C. 1701c(c)(3)) is (4) in section 15 (15 U.S.C. 78o)— Director of the Office of Thrift Supervision’’. amended by striking ‘‘Federal Home Loan Bank (A) in each of subparagraphs (B)(ii) and (C) (x) HOME MORTGAGE DISCLOSURE ACT OF Agency’’ and inserting ‘‘Federal Housing Fi- of subsection (b)(4), by striking ‘‘dealer munic- 1975.—The Home Mortgage Disclosure Act of nance Agency’’. ipal advisor,,’’ and inserting ‘‘dealer, municipal 1975 (12 U.S.C. 2801 et seq.) is amended— (aa) HOUSING AND URBAN DEVELOPMENT ACT advisor,’’; (1) in section 304— OF 1968.—Section 106(h)(5) of the Housing and (B) by redesignating subsection (j) (relating to (A) in subsection (b)(5)(A), by striking ‘‘15 Urban Development Act of 1968 (12 U.S.C. the authority of the Commission) as subsection U.S.C. 1602(aa)(4)’’ and inserting ‘‘section 1701x(h)(5)) is amended by striking (p) and moving that subsection after subsection 103(aa)(4) of the Truth in Lending Act’’; and ‘‘authorised’’ and inserting ‘‘authorized’’. (o); (B) in subsection (j)(3) (12 U.S.C. 2803(j)(3)), (bb) INTERNATIONAL BANKING ACT OF 1978.— (C) as amended by section 841(d), by redesig- by adding a period at the end; and Section 15 of the International Banking Act of nating the second subsection (k) and second (2) in section 305(b)(1)(A) (12 U.S.C. 1978 (12 U.S.C. 3109) is amended— subsection (l) (relating to standard of conduct 2804(b)(1)(A))— (1) in each of subsections (a) and (b)— and other matters, respectively), as added by (A) in the matter preceding clause (i), by in- (A) by striking ‘‘, and Director of the Office of section 913(g)(1) of the Dodd-Frank Wall Street serting ‘‘by’’ before ‘‘the appropriate Federal Thrift Supervision’’ each place that term ap- Reform and Consumer Protection Act (124 Stat. banking agency’’; and pears; and 1828), as subsections (q) and (r), respectively (B) in clause (iii), by striking ‘‘bank as,’’ and (B) by inserting ‘‘and’’ before ‘‘Federal De- and moving those subsections to the end; and inserting ‘‘bank, as’’. posit’’ each place that term appears; (D) in subsection (m), by inserting ‘‘the’’ be- (y) HOME OWNERS’ LOAN ACT.—The Home (2) in subsection (a), by striking ‘‘Comptroller, fore ‘‘same extent’’; Owners’ Loan Act (12 U.S.C. 1461 et seq.) is Corporation, or Director’’ and inserting ‘‘Comp- (5) in section 15F(h) (15 U.S.C. 78o–10(h))— amended— troller of the Currency, or Corporation’’; and (A) in paragraph (2)— (1) in section 5 (12 U.S.C. 1464)— (3) in subsection (c)(4)— (i) in subparagraph (A), by inserting ‘‘a’’ (A) in subsection (d)(2)(E)(ii)— (A) by inserting ‘‘and’’ before ‘‘the Federal after ‘‘that acts as an advisor to’’; and (i) in the first sentence, by striking ‘‘Except as Deposit’’; and (ii) in subparagraph (B), by inserting ‘‘a’’ provided in section 21A of the Federal Home (B) by striking ‘‘, and the Director of the Of- after ‘‘offers to enter into’’; and Loan Bank Act, the’’ and inserting ‘‘The’’; and fice of Thrift Supervision’’. (B) in paragraph (5)(A)(i)— (ii) by striking ‘‘, at the Director’s discre- (cc) INTERNATIONAL LENDING SUPERVISION (i) by inserting ‘‘(A)’’ after ‘‘(18)’’; and tion,’’; ACT OF 1983.—Section 912 of the International (ii) in subclause (VII), by striking ‘‘act of’’ (B) in subsection (i)(6), by striking ‘‘the Office Lending Supervision Act of 1983 (12 U.S.C. 3911) and inserting ‘‘Act of’’; of Thrift Supervision or’’; is amended— (6) in section 15G (15 U.S.C. 78o–11)— (C) in subsection (m), by striking ‘‘Director’s’’ (A) in subsection (e)(4)(A), by striking ‘‘sub- (1) by amending the section heading to read each place that term appears and inserting ‘‘ap- section’’ and inserting ‘‘section’’; as follows: ‘‘EQUAL REPRESENTATION FOR propriate Federal banking agency’s’’; (B) in subsection (e)(4)(C)— (D) in subsection (n)(9)(B), by striking ‘‘Direc- FEDERAL DEPOSIT INSURANCE CORPORA- (i) by striking ‘‘129C(c)(2)’’ and inserting ’’; tor’s’’ and inserting ‘‘Comptroller’s’’; and TION ‘‘129C(b)(2)(A)’’; and (E) in subsection (s)— (2) by striking ‘‘(a) IN GENERAL.—’’; (ii) by inserting ‘‘(15 U.S.C. 1639c(b)(2)(A))’’ (3) by striking subsection (b); and (i) in paragraph (1)— after ‘‘Lending Act’’; and (I) in the matter preceding subparagraph (A), (4) by striking ‘‘4’’ and inserting ‘‘3’’. (C) in subsection (e)(5), by striking ‘‘sub- (dd) INTERSTATE LAND SALES FULL DISCLO- by striking ‘‘of such Act)’’ and all that follows section’’ and inserting ‘‘section’’; and through ‘‘shall require’’ and inserting ‘‘of such SURE ACT.—The Interstate Land Sales Full Dis- (7) in section 17A (15 U.S.C. 78q–1), by redesig- Act), the appropriate Federal banking agency closure Act (15 U.S.C. 1701 et seq.) is amended in nating subsection (g), as added by section 929W shall require’’; and each of section 1411(b) (15 U.S.C. 1710(b)) and of the Dodd-Frank Wall Street Reform and Con- (II) in subparagraph (B), by striking ‘‘other subsections (b)(4) and (d) of section 1418a (15 sumer Protection Act (relating to due diligence methods’’ and all that follows through ‘‘deter- U.S.C. 1717a), by striking ‘‘Secretary’s’’ each for the delivery of dividends, interest, and other mines’’ and inserting ‘‘other methods as the ap- place that term appears and inserting ‘‘Direc- valuable property rights) as subsection (n) and propriate Federal banking agency determines’’; tor’s’’. moving that subsection to the end. NVESTMENT DVISERS CT OF (ii) in paragraph (2)— (ee) I A A 1940.—Sec- (ll) TELEMARKETING AND CONSUMER FRAUD (I) by striking ‘‘DETERMINED’’ and all that fol- tion 224 of the Investment Company Act of 1940 AND ABUSE PREVENTION ACT.—Section 3(b) of lows through ‘‘may, consistent’’ and inserting (15 U.S.C. 80b–18c) is amended in the heading of the Telemarketing and Consumer Fraud and ‘‘DETERMINED BY APPROPRIATE FEDERAL BANK- the section by striking ‘‘COMMODITIES’’ and Abuse Prevention Act (15 U.S.C. 6102(b)) is ING AGENCY CASE-BY-CASE.—The appropriate inserting ‘‘COMMODITY’’. amended by inserting before the period at the Federal banking agency may, consistent’’; and (ff) LEGAL CERTAINTY FOR BANK PRODUCTS end the following: ‘‘, provided, however, noth- (II) by striking ‘‘capital-to-assets’’ and all ACT OF 2000.—Section 403(b)(1) of the Legal Cer- ing in this section shall conflict with or super- that follows through ‘‘determines to be nec- tainty for Bank Products Act of 2000 (7 U.S.C. sede section 6 of the Federal Trade Commission essary’’ and inserting ‘‘capital-to-assets as the 27a(b)(1)) is amended by striking ‘‘that section’’ Act (15 U.S.C. 46)’’. appropriate Federal banking agency determines and inserting ‘‘section’’. (mm) TITLE 5.—Title 5, United States Code, is to be necessary’’; and (gg) PUBLIC LAW 93–495.—Section 111 of Pub- amended— (iii) in paragraph (3)— lic Law 93–495 (12 U.S.C. 250) is amended by (1) in section 3132(a)(1)(D), as amended by (I) by striking ‘‘agency, may’’ and inserting striking ‘‘the Director of the Office of Thrift Su- section 711, by striking ‘‘the Office of Thrift Su- ‘‘agency may’’; and pervision,’’. pervision,, the Resolution Trust Corporation,’’; (II) by striking ‘‘the Comptroller’’ and insert- (hh) REVISED STATUTES OF THE UNITED and ing ‘‘the appropriate Federal banking agency’’; STATES.—Section 5136C(i) of the Revised Stat- (2) in section 5314, by striking ‘‘Director of the (2) in section 6(c) (12 U.S.C. 1465(c)), by strik- utes of the United States (12 U.S.C. 25b(i)) is Office of Thrift Supervision.’’. ing ‘‘sections’’ and inserting ‘‘section’’; amended by striking ‘‘POWERS.—’’ and all that (nn) TITLE 31.— (3) in section 10 (12 U.S.C. 1467a)— follows through ‘‘In accordance’’ and inserting (1) AMENDMENTS.—Title 31, United States (A) in subsection (b)(6), by striking ‘‘time’’ ‘‘POWERS.—In accordance’’. Code, is amended— and all that follows through ‘‘release’’ and in- (ii) RIEGLE COMMUNITY DEVELOPMENT AND (A) by striking section 309; and serting ‘‘time, upon the motion or application of REGULATORY IMPROVEMENT ACT OF 1994.—Sec- (B) in section 714(d)(3)(B) by striking ‘‘a the Board, release’’; tion 117(e) of the Riegle Community Develop- audit’’ and inserting ‘‘an audit’’. (B) in subsection (c)(2)(H)— ment and Regulatory Improvement Act of 1994 (2) ANALYSIS.—The analysis for subchapter I (i) in the matter preceding clause (i)— (12 U.S.C. 4716(e)) is amended by striking ‘‘the of chapter 3 of title 31, United States Code, is (I) by striking ‘‘1841(p))’’ and inserting Director of the Office of Thrift Supervision,’’. amended by striking the item relating to section ‘‘1841(p)))’’; and (jj) S.A.F.E. MORTGAGE LICENSING ACT OF 309. (II) by inserting ‘‘(12 U.S.C. 1843(k))’’ before 2008.—Section 1514 of the S.A.F.E. Mortgage Li- (oo) TRUTH IN LENDING ACT.—The Truth in ‘‘if—’’; and censing Act of 2008 (12 U.S.C. 5113) is amended Lending Act (15 U.S.C. 1601 et seq.) is amend- (ii) in clause (i), by inserting ‘‘of 1956 (12 in each of subsections (b)(5) and (c)(4)(C), by ed— U.S.C. 1843(l) and (m))’’ after ‘‘Company Act’’; striking ‘‘Secretary’s’’ each place that term ap- (1) in section 105 (15 U.S.C. 1604), by inserting and pears and inserting ‘‘Director’s’’. subsection (h), as added by section 1472(c) of the

VerDate Sep 11 2014 02:10 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00084 Fmt 7634 Sfmt 6333 E:\CR\FM\A08JN7.003 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4789 Dodd-Frank Wall Street Reform and Consumer Amend section 361 to read as follows: the Board related to the examination and su- Protection Act (124 Stat. 2187), before subsection SEC. 361. BRINGING THE FEDERAL DEPOSIT IN- pervision of Federal credit unions. (i), as added by section 1100A(7) of that Act (124 SURANCE CORPORATION INTO THE ‘‘(B) Subparagraph (A) shall not apply to Stat. 2108); APPROPRIATIONS PROCESS. the Board’s activities carried out pursuant (2) in section 106(f)(2)(B)(i) (15 U.S.C. (a) IN GENERAL.—Section 10(a) of the Fed- to title II.’’. 1605(f)(2)(B)(i)), by striking ‘‘103(w)’’ and in- eral Deposit Insurance Act (12 U.S.C. 1820(a)) (b) STAFF FUNDING.—Section 120(j)(3) of the serting ‘‘103(x)’’; is amended— Federal Credit Union Act (12 U.S.C. 1766(j)(3)) (3) in section 121(b) (15 U.S.C. 1631(b)), by (1) by striking ‘‘(a) The’’ and inserting the is amended— striking ‘‘103(f)’’ and inserting ‘‘103(g)’’; following: (1) by inserting ‘‘related to the examina- (4) in section 122(d)(5) (15 U.S.C. 1632(d)(5)), ‘‘(a) POWERS.— tion and supervision of Federal credit unions by striking ‘‘section 603)’’ and all that follows ‘‘(1) IN GENERAL.—The’’; under this Act and the proportion of the ad- through ‘‘promulgate’’ and inserting ‘‘section (2) by inserting ‘‘, subject to paragraph ministrative costs of the Board related to 603), may promulgate’’; (2),’’ after ‘‘The Board of Directors of the the examination and supervision of Federal (5) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), Corporation’’; and credit unions under this Act’’ before ‘‘shall by striking ‘‘103(w)’’ and inserting ‘‘103(x)’’; (3) by adding at the end the following new be paid’’; and (6) in section 129 (15 U.S.C. 1639)— paragraph: (2) by striking ‘‘insured credit unions (A) in subsection (q), by striking ‘‘(l)(2)’’ and ‘‘(2) APPROPRIATIONS REQUIREMENT.—Ex- under this Act’’ and inserting ‘‘Federal cred- inserting ‘‘(p)(2)’’; and cept as provided under paragraph (3), the it unions under this title, only to the extent (B) in subsection (u)(3), by striking ‘‘Board’’ Corporation may, only to the extent as pro- as provided in advance by appropriations each place that term appears and inserting vided in advance by appropriations Acts, Acts’’. ‘‘Agency’’; cover the costs incurred in carrying out the (c) USE OF DEPOSIT FUNDS.—Section (7) in section 129C (15 U.S.C. 1639c)— provisions of this Act, including with respect 202(c)(1)(B)(iv) of the Federal Credit Union (A) in subsection (b)(2)(B), by striking the sec- to the administrative costs of the Corpora- Act (12 U.S.C. 1782(c)(1)(B)(iv)) is amended— ond period at the end; and tion and the costs of the examination and su- (1) by striking ‘‘The’’ and inserting ‘‘To (B) in subsection (c)(1)(B)(ii)(I), by striking pervision of insured depository institutions. the extent provided for in advance by appro- ‘‘a original’’ and inserting ‘‘an original’’; ‘‘(3) EXCEPTION FOR CERTAIN PROGRAMS.— priations Acts, the’’; and (8) in section 148(d) (15 U.S.C. 1665c(d)), by Paragraph (2) shall not apply to the Corpora- (2) by adding at the end the following new striking ‘‘Bureau’’ and inserting ‘‘Board’’; sentence: ‘‘This clause shall not apply to the (9) in section 149 (15 U.S.C. 1665d)— tion’s Insurance Business Line Programs and Board’s activities carried out pursuant to (A) by striking ‘‘the Director of the Office of Receivership Management Business Line this title.’’. Thrift Supervision,’’ each place that term ap- Programs, as in existence on the date of en- actment of this paragraph, and the propor- (d) EFFECTIVE DATE.—The amendments pears; made by this section shall apply with respect (B) by striking ‘‘National Credit Union Ad- tion of the administrative costs of the Cor- to expenses paid and fees collected on or ministration Bureau’’ each place that term ap- poration related to such programs.’’. after October 1, 2017. pears and inserting ‘‘National Credit Union Ad- (b) EXAMINATION FEES.—Section 10(e)(1) of the Federal Deposit Insurance Act (12 U.S.C. Page 297, line 18, strike ‘‘Council’’ and in- ministration Board’’; and sert ‘‘Secretary of the Treasury’’. (C) by striking ‘‘Bureau of Directors of the 1820(e)(1)) is amended by striking ‘‘to meet the expenses of the Corporation in carrying Page 326, line 6, strike ‘‘A’’ and insert ‘‘P’’. Federal Deposit Insurance Corporation’’ each Page 327, line 9, strike ‘‘B’’ and insert ‘‘Q’’. out such examinations’’ and inserting ‘‘and place that term appears and inserting ‘‘Board of Page 329, line 3, strike ‘‘C’’ and insert ‘‘R’’. Directors of the Federal Deposit Insurance Cor- may be expended by the Board only to the Page 330, line 5, strike ‘‘D’’ and insert ‘‘S’’. poration’’; and extent as provided in advance by appropria- Page 370, beginning on line 24, strike (10) in section 181(1) (15 U.S.C. 1667(1)), by tions Acts to cover the costs incurred in car- ‘‘DEADLINE FOR APPOINTMENT.—Not later striking ‘‘103(g)’’ and inserting ‘‘103(h)’’. rying out such examinations’’. than 60 days after the date of the enactment (pp) TRUTH IN SAVINGS ACT.—The Truth in (c) OFFSET OF ADDITIONAL FEES.—The Fed- of this Act, the’’ and insert ‘‘APPOINTMENT.— Savings Act (12 U.S.C. 4301 et seq.) is amended eral Deposit Insurance Corporation shall re- The’’. in each of sections 269(a)(4) (12 U.S.C. duce the amount of insurance premiums Page 527, line 2, strike ‘‘Independent Mem- 4308(a)(4)), 270(a)(2) (12 U.S.C. 4309(a)(2)), and charged by the Corporation under the Fed- ber’’ and insert ‘‘President’’. 274(6) (12 U.S.C. 4313(6)), by striking ‘‘Adminis- eral Deposit Insurance Act in an amount The Acting CHAIR. Pursuant to equal to any additional fees charged by the tration Bureau’’ each place that term appears House Resolution 375, the gentleman and inserting ‘‘Administration Board’’. Corporation by reason of the amendments from Texas (Mr. HENSARLING) and a The Acting CHAIR. No amendment made by this section. (d) EFFECTIVE DATE.—The amendments Member opposed each will control 5 to that amendment in the nature of a made by this section shall apply with respect minutes. substitute shall be in order except to expenses paid and fees collected on or The Chair recognizes the gentleman those printed in part B of House Report after October 1, 2017. from Texas. 115–163. Each such amendment may be Amend section 363 to read as follows: Mr. HENSARLING. Mr. Chairman, I offered only in the order printed in the SEC. 363. BRINGING THE EXAMINATION AND SU- yield myself such time as I may con- report, by a Member designated in the PERVISION FUNCTIONS OF THE NA- TIONAL CREDIT UNION ADMINIS- sume. report, shall be considered read, shall TRATION INTO THE APPROPRIA- Mr. Chairman, this is an amendment be debatable for the time specified in TIONS PROCESS. that is purely technical in nature that the report, equally divided and con- (a) OPERATING FEES.—Section 105(d) of the addresses a few discrete issues in the trolled by the proponent and an oppo- Federal Credit Union Act (12 U.S.C. 1755(d)) amendment in the nature of a sub- nent, shall not be subject to amend- is amended— stitute. ment, and shall not be subject to a de- (1) by striking ‘‘All’’ and inserting ‘‘(1) Specifically, it clarifies the noninsur- All’’; mand for division of the question. (2) by striking ‘‘for the account of the Ad- ance-related functions of the Federal AMENDMENT NO. 1 OFFERED BY MR. HENSARLING ministration and may be expended by the Deposit Insurance Corporation and the The Acting CHAIR. It is now in order Board to defray the expenses incurred in car- National Credit Union Administration to consider amendment No. 1 printed in rying out the provisions of this Act includ- subject to congressional appropria- part B of House Report 115–163. ing the examination and supervision of Fed- tions. Mr. HENSARLING. Mr. Chairman, I eral credit unions’’ and inserting ‘‘and may This amendment will not—not—af- have an amendment at the desk. be expended by the Board only to the extent fect the ability of the NCUA to deter- The Acting CHAIR. The Clerk will as provided in advance by appropriations mine the appropriate allocation of ex- Acts, to cover the costs incurred in carrying penses between their insurance and designate the amendment. out the provisions of this Act with respect to The text of the amendment is as fol- the costs of the examination and supervision other functions for purpose of their lows: of Federal credit unions and the proportion overall funding, but it will, for the first Page 48, beginning on line 15, strike ‘‘meet- of the administrative costs of the Board re- time, give Congress the power of the ings of the Council, whether or not open to lated to the examination and supervision of purse—our constitutional power of the the public,’’ and insert ‘‘public meetings of Federal credit unions’’; and purse—over many of the FDIC and the Council’’. (3) by adding at the end the following: NCUA’s operating expenses. Page 48, after line 19, insert the following ‘‘(2)(A) The Board may only use amounts Additionally, the amendment revises (and redesignate the subsequent paragraph in the NCUA Operating Fund to the extent as the vesting of the appointment power accordingly): provided in advance by appropriations Acts, ‘‘(5) TRANSCRIPTION REQUIREMENT FOR NON- including to pay for the costs incurred by for certain positions and clarifies con- PUBLIC MEETINGS.—The Council shall create the Board in carrying out the examination gressional access to nonpublic meet- and preserve transcripts for all non-public and supervision of Federal credit unions and ings of the Financial Stability Over- meetings of the Council.’’. the proportion of the administrative costs of sight Council.

VerDate Sep 11 2014 02:34 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00085 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.003 H08JNPT1 H4790 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Mr. Chairman, I urge my colleagues made tough decisions to right both to delay regulators at every step of the to support the amendment and to sup- GSEs by putting them into con- rulemaking process. port the underlying bill. servatorship and cleaning up their It is important for the people of I reserve the balance of my time. businesses. America to understand that when Re- Mr. ELLISON. Mr. Chairman, I claim Ignoring this success and history, publicans say they want to kill regula- the time in opposition to the amend- H.R. 10 would once again strip away tions, usually what they are talking ment. the independent funding of the GSE’s about is safety regulations, regulations The Acting CHAIR. The gentleman regulator, as it would for all of the fi- that make the water clean, the meat from Minnesota is recognized for 5 min- nancial regulators. safe, and that financial product that utes. I am pleased that this amendment you just bought not blow up in your Mr. ELLISON. Mr. Chairman, this has recognized the problems taking face. They don’t like regulations be- amendment, which was filed late, away independent funding for our regu- cause regulations mean that the people should be viewed as the first admission lators, but, unfortunately, it doesn’t go who control some of these products by the Republicans that H.R. 10 would far enough. I oppose this amendment can’t just do whatever they want to do. be bad for our financial markets and and I urge my colleagues to reject it But for the people in the United our economy. and the entire ‘‘Wrong’’ CHOICE Act. States, you should know that financial The amendment recognizes that it Mr. Chairman, I reserve the balance regulators are going to keep money in would be inappropriate for Members of of my time. your pocket, they are going to stop Congress to attend nonpublic meetings Mr. HENSARLING. Mr. Chairman, I people with way more resources than of the council charged with reviewing yield 1 minute to the gentleman from you have from picking your pocket. sensitive financial information and dis- Ohio (Mr. DAVIDSON). That is why we oppose this amend- cussing potential threats to our econ- Mr. DAVIDSON. Mr. Chairman, I ment. I think it is particularly impor- omy. thank the chairman and the work of tant for people to realize that the rhet- I agree with the sponsor that this the committee for doing the work of oric that we use denigrating regulation was one of many harmful provisions in the American people. all the time is the same regulation the ‘‘Wrong’’ CHOICE Act. Prior to coming to Congress, as a that protects us, and that includes in Here are a few more: the ‘‘Wrong’’ small-business owner and small-busi- the financial services sector. CHOICE Act eliminates the Office of ness leader, I was feeling the pain of Mr. Chairman, how much time do I Financial Research, which is tasked the Dodd-Frank Act, wondering wheth- have remaining? with studying emerging risks to our er anyone in Washington, D.C., was lis- The Acting CHAIR. The gentleman economy and informing the Financial tening. Now that I have had the oppor- from Minnesota has 15 seconds remain- Stability Oversight Council. The tunity to serve just this 1 year now in ing. ‘‘Wrong’’ CHOICE Act stops the council Congress, I have gone around the dis- Mr. ELLISON. Mr. Chairman, I yield from taking actions to prevent firms trict. I have gone around and talked to back the balance of my time. like AIG from threatening our econ- businessowners, to farmers, and to Mr. HENSARLING. Mr. Chairman, omy. The ‘‘Wrong’’ CHOICE Act allows community bankers who have been suf- may I inquire how much time I have banks to choose the regulatory system fering under this law. remaining? that best suits their bottom line, even One of the things that hasn’t been The Acting CHAIR. The gentleman if doing so is bad for the economy and talked about is how the Dodd-Frank from Texas has 3 minutes remaining. Mr. HENSARLING. Mr. Chairman, I taxpayers. Act has harmed the SEC, how it has de- yield myself the balance of my time. Mr. Chairman, the amendment also prived people of due process. All but Mr. Chairman, I know that my friend recognizes the dangers of subjecting the wealthiest Americans are trapped and colleague from the other side of our independent financial regulators to in a system where the SEC has quasi- the aisle spoke about rhetoric. Unfor- the partisan appropriations process, by judicial hearings using administrative tunately, that is pretty well all we restoring the Federal Deposit Insur- law judges. They have a 90 percent win have heard from my friends on the ance Corporation’s and the National rate because they have all the keys. other side of the aisle. Credit Union Administration’s inde- They can block discretion, they can I am absolutely fascinated, Mr. pendent funding when it comes to their block discovery, and they can limit the Chairman, how often Members on the responsibilities for unwinding failed facts and limit the debate. other side of the aisle say: I care so banks and credit unions. So one of the good things that the much about community banks; I care I agree, this is important, but do you Dodd-Frank reform—known as the so much about small business. know what is also important and need- CHOICE Act—accomplishes is ending But, Mr. Chairman, do you know how ing to be independent? this process so that people do have the many amendments that they filed on The authority to supervise those en- right to due process in our courts. H.R. 10? tities before they fail. Mr. Chairman, I urge my colleagues Let me count them. Zero. Zero The bank and credit union regu- to vote ‘‘yes’’ on H.R. 10 and to end the amendments. lators, including the Consumer Finan- abuses of the previous era. Where is their bill to help small cial Protection Bureau, have important Mr. ELLISON. Mr. Chairman, the banks? Where is their bill to help cred- yet sensitive responsibilities to make late poet Maya Angelou had a saying: it unions? sure that financial institutions follow ‘‘When people show you who they real- They don’t have one, and they didn’t rules that are good for the economy, ly are, believe them.’’ offer any amendments, so that is all we good for consumers, but which some in- So when the chief lobbyist for the hear. stitutions would rather ignore. American Bankers Association leads a We hear the rhetoric about Wall Subjecting these decisions to the ap- pep rally before 1,500 bankers, we Street, Mr. Chairman, but it is fas- propriations process will result in should pay attention. He probably cinating to me—don’t take my word for fewer cops on the beat, weaker guard- means what he is saying. it, but according to The Washington rails, and a greater likelihood of finan- In March, he told ABA members Post, The New York Times, and The cial catastrophe. about all the opportunities for banking Wall Street Journal, three of the larg- We have seen this happen before. One with a Republican Congress, he crowed: est publications in our country, they of the reasons for the failure of the ‘‘I don’t want a seat at the table. I all say the same thing: Large, Wall housing giants, Fannie Mae and want the table.’’ Street banks support Dodd-Frank, and Freddie Mac, was that they had a woe- If we read this bill, we know what it they oppose the Financial CHOICE Act. fully underfunded regulator without looks like to give the financial services Now, why do they do that? independent funding. sector the whole table. We know they Maybe it is because my friends on the Democrats fixed this when we cre- want the whole table. other side of the aisle are only all too ated the independently funded Federal H.R. 10 is clever at undermining fi- happy to preserve Wall Street bailouts. Housing Finance Agency in 2008. Since nancial regulators, emboldening Wall They wrote it into the law. They codi- then, this agency has successfully Street, and making it incredibly easy fied it into the law; and then they took

VerDate Sep 11 2014 02:34 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00086 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.052 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4791 the rest of us and created this thing shelf registration statement provided by (2) include an item or instruction that is called the orderly liquidation author- that section. similar to the instruction regarding auto- ity, which is nothing more than a tax- (2) The Commission shall revise sections matic shelf offerings by well-known seasoned payer-funded bailout system. Trillions 230.168 and 230.169 of title 17, Code of Federal issuers on Form S–3 to provide that any reg- Regulations, to remove the exclusion of a istered closed-end company that is a well- of dollars can be taken from taxpayers registered closed-end company from the list known seasoned issuer may file automatic to bail out large banks. And they de- of issuers that can use the exemptions pro- shelf offerings on Form N–2. fend it. No wonder the large banks, vided by those sections. (c) TREATMENT IF REVISIONS NOT COM- seemingly, are satisfied with the Dodd- (3) The Commission shall revise sections PLETED IN A TIMELY MANNER.—If the Com- Frank Act. 230.163 and 230.163A of title 17, Code of Fed- mission fails to complete the revisions re- But who supports the Financial eral Regulations, to remove a registered quired by subsections (a) and (b) by the time CHOICE Act? closed-end company from the list of issuers required by such subsections, any registered The credit unions support it and the that are ineligible to use the exemptions pro- closed-end company shall be entitled to treat community banks support it because vided by those sections. such revisions as having been completed in (4) The Commission shall revise section accordance with the actions required to be they are suffering and dying under the 230.134 of title 17, Code of Federal Regula- taken by the Commission by such sub- weight of the load of the Dodd-Frank tions, to remove the exclusion of a registered sections until such time as such revisions Act. closed-end company from that section. are completed by the Commission. Again, if we want to get this econ- (5) The Commission shall revise sections (d) RULES OF CONSTRUCTION.— omy moving again, if we want to en- 230.138 and 230.139 of title 17, Code of Federal (1) NO EFFECT ON RULE 482.—(1) Nothing in sure that our hardworking constituents Regulations, to specifically include any reg- this section or the amendments made by this finally get the pay increase they de- istered closed-end company as an issuer to section shall be construed to impair or limit serve, that they finally get the future which those sections apply. in any way a registered closed-end company (6) The Commission shall revise section from using section 230.482 of title 17, Code of that they deserve, we must reject 230.164 of title 17, Code of Federal Regula- Federal Regulations, to distribute sales ma- Dodd-Frank, and we must support not tions, to remove a registered closed-end com- terial. only this amendment, but the under- pany from the list of issuers that are ex- (2) REFERENCES.—Any reference in this sec- lying Financial CHOICE Act. cluded from that section. tion to a section of title 17, Code of Federal Mr. Chairman, I yield back the bal- (7) The Commission shall revise section Regulations, or to any form or schedule ance of my time. 230.433, of title 17, Code of Federal Regula- means such rule, section, form, or schedule, The Acting CHAIR. The question is tions, to specifically include any registered or any successor to any such rule, section, on the amendment offered by the gen- closed-end company that is a well-known form, or schedule. seasoned issuer as an issuer to which that tleman from Texas (Mr. HENSARLING). The Acting CHAIR. Pursuant to section applies. House Resolution 375, the gentleman The question was taken; and the Act- (8) The Commission shall revise section ing Chair announced that the ayes ap- 230.415 of title 17, Code of Federal Regula- from Indiana (Mr. HOLLINGSWORTH) and peared to have it. tions, to— a Member opposed each will control 5 Mr. ELLISON. Mr. Chairman, I de- (A) state that the registration for securi- minutes. mand a recorded vote. ties provided by that section includes securi- The Chair recognizes the gentleman The Acting CHAIR. Pursuant to ties registered by any registered closed-end from Indiana. clause 6 of rule XVIII, further pro- company on Form N–2; and Mr. HOLLINGSWORTH. Mr. Chair- ceedings on the amendment offered by (B) eliminate the requirement that a Form man, I yield myself such time as I may the gentleman from Texas will be post- N–2 registrant must furnish the under- consume. takings required by item 34.4 of Form N–2. poned. (9) The Commission shall revise section Mr. Chairman, I would like to com- AMENDMENT NO. 2 OFFERED BY MR. 230.497 of title 17, Code of Federal Regula- mend the chairman of the Financial HOLLINGSWORTH tions, to include a process for any registered Services Committee for his hard work, The Acting CHAIR. It is now in order closed-end company to file a form of pro- and the entire Financial Services Com- to consider amendment No. 2 printed in spectus that is parallel to the process for fil- mittee for all the effort they have un- part B of House Report 115–163. ing a form of prospectus under section dertaken in today’s debate of the Fi- Mr. HOLLINGSWORTH. Mr. Chair- 230.424(b) of such title. nancial CHOICE Act. man, I have an amendment at the desk. (10) The Commission shall revise sections Mr. Chairman, I rise in support of my The Acting CHAIR. The Clerk will 230.172 and 230.173 of title 17, Code of Federal amendment to the Financial CHOICE Regulations, to remove the exclusion of an designate the amendment. offering of any registered closed-end com- Act of 2017. This amendment would The text of the amendment is as fol- pany from those sections. allow for certain closed-end funds to be lows: (11) The Commission shall revise section considered well-known seasoned At the end of title IV, insert the following: 230.418 of title 17, Code of Federal Regula- issuers. Subtitle X—Modernized Offering and Proxy tions, to provide that any registered closed- Ultimately, the proposed amendment Rules for Closed-End Funds end company that would otherwise meet the is built upon the foundation of low- eligibility requirements of General Instruc- SEC. 499A. PARITY FOR CLOSED-END COMPANIES ering costs and increasing access for tion I.A of Form S–3 shall be exempt from REGARDING OFFERING AND PROXY investors by allowing companies that RULES. paragraph (a)(3) of that section. (12) The Commission shall revise section meet certain criteria to have the same (a) REVISION TO RULES.—Not later than 1 equivalence as bigger companies that year after the date of enactment of this Act, 240.14a–101 of title 17, Code of Federal Regu- the Securities and Exchange Commission lations, to provide that any registered also have access to capital markets by shall revise any rules to the extent necessary closed-end company that would otherwise making them available to those fast to allow any closed-end company, as defined meet the requirements of General Instruc- lanes that allow them to issue shares. in section 5(a)(2) of the Investment Company tion I.A of Form S–3 shall be deemed to meet In 2005, the SEC put in place signifi- Act of 1940 (15 U.S.C. 80a-5), that is registered the requirements of Form S–3 for purposes of cant reforms that sought to modernize as an investment company under such Act to Schedule 14A. registration, communication, and of- use the securities offering and proxy rules (13) The Commission shall revise section 243.103 of title 17, Code of Federal Regula- fering processes for traditional oper- that are available to other issuers that are ating companies. These reforms were required to file reports under section 13 or tions, to provide that paragraph (a) of that section 15(d) of the Securities Exchange Act section applies for purposes of Form N–2. designed to streamline the registration of 1934 (15 U.S.C. 78m; 78o(d)). Any action (b) REVISIONS TO FORM N–2.—Not later than process, especially those for large re- that the Commission takes pursuant to this 1 year after the date of enactment of this porting issuers or well-known seasoned subsection shall include the following: Act, the Commission shall revise Form N–2 issuers. Unfortunately, the SEC ex- (1) The Commission shall revise section to— cluded registered closed-end funds from 230.405 of title 17, Code of Federal Regula- (1) include an item or instruction that is those reforms. tions, to— similar to item 12 on Form S–3 to provide A closed-end fund is nothing more (A) remove the exclusion of a registered that any registered closed-end company that than a pooled investment fund with a closed-end company from the definition of a would otherwise meet the requirements of well-known seasoned issuer provided by that Form S–3 shall incorporate by reference its fixed number of shares that is struc- section; and reports and documents filed under the Secu- tured, listed, and traded just like a (B) add registration statements filed on rities Exchange Act of 1934 into its registra- stock on the stock exchange. Closed- Form N–2 to the definition of automatic tion statement filed on Form N–2; and end funds are crucial to retirement

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00087 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.053 H08JNPT1 H4792 CONGRESSIONAL RECORD — HOUSE June 8, 2017 savings and investment vehicles that debate on these issues until now. Per- ted. For that reason, I must oppose this many retail investors use. About 3 mil- haps that is why the amendment has bill and this amendment. lion mom-and-pop investors rely on been mislabeled as only benefiting I will add, my colleague on other side closed-end funds to meet their invest- closed-end funds traded on an exchange of the aisle, Mr. Chairman, said: Where ment needs. These funds serve as a with well-known seasoned issuer sta- is our bill? That would be Dodd-Frank. long-term source of capital, which, in tus. Mr. Chair, I reserve the balance of turn, promotes job creation—some- In fact, the amendment is much my time. thing we can all agree needs to happen broader, as it would allow even illiquid, Mr. HOLLINGSWORTH. Mr. Chair- more in this country. nontraded funds to claim multiple ex- man, may I inquire how much time I Closed-end funds, though, are cur- emptions. This effort would make it have left? rently under attack by unfair onerous harder for the Securities and Exchange The Acting CHAIR. The gentleman filing and offering regulations. This Commission, or SEC, to police these from Indiana has 2 minutes remaining. commonsense amendment would pro- products for investors. Mr. HOLLINGSWORTH. Mr. Chair, I 1 vide parity for these certain closed-end This last-minute, partisan approach yield 1 ⁄2 minutes to the gentleman funds by streamlining their registra- is not the way that Congress should from Michigan (Mr. HUIZENGA), the tion process, offering and communica- proceed in making laws, but it is con- subcommittee chair. Mr. HUIZENGA. Mr. Chair, I support tions processes that are currently sistent with this bill. Although Demo- this amendment offered by Congress- available to other publicly traded com- crats conducted 41 hearings to develop man HOLLINGSWORTH, who is a great panies. This unfair exclusion of closed- Dodd-Frank, Republicans planned only member of our committee. 1 hearing on this bill. It is not sur- end funds has created an unlevel play- But folks watching this, you have to prising, then, that the ‘‘Wrong’’ ing field. understand what is going on. You just CHOICE Act is a 600-page bill chock- Giving qualifying closed-end funds heard about how we are trying to roll full of bad partisan ideas and special the ability to enjoy well-known sea- back things, roll back bipartisan con- interest wish lists that will harm our soned issuer status would help those sensus. We have bipartisan consensus Nation’s investors, consumers, and tax- funds better evaluate and assess the on this. market for their offerings and would payers. This very issue was in a bill that was enable them to more quickly access For example, the bill would severely proposed by current OMB Director capital markets. Those closed-end undermine the ability of the SEC, our Mick Mulvaney. In fact, when it came funds, an important vehicle for retail Wall Street cop on the beat, to protect out of committee, there were 4 ‘‘no’’ investors, would allow them to get cap- investors and hold bad actors account- votes against it. The ranking member ital to more job creators. able. Specifically, it would remove val- herself voted for this very issue in a There has been a steady decline in uable law enforcement tools, burden Business Development Corporation the number of closed-end funds and the the SEC with onerous cost-benefit bill, a BDC bill, that had been spon- number of new closed-end funds offer- analysis, and generate more and more sored the last Congress. In addition, ings because of this unlevel playing endless litigation, tying the agency up. the omnibus bill that had passed had Worse, the bill repeals the Depart- field. Since 2007, the number of closed- this very provision in it as well. end funds has dropped by 20 percent. ment of Labor’s fiduciary rule and ef- So what you are seeing is hypocrisy, fectively prevents the DOL or the SEC b 1500 at best. Gamesmanship and politics from ever moving forward to protect In 2007, there were 42 new closed-end really is probably what is going on. our Nation’s investors and seniors from This amendment builds upon a bipar- fund issuances; in 2016, there were only conflicted advice by unscrupulous fi- tisan provision in the CHOICE Act that 8. That is an 81 percent decline. nancial advisers. directs the SEC to do something that What we can all agree on is that I will say, most financial advisers are had been an oversight. It is stream- Americans need access to capital. They not unscrupulous, but for the ones that lining these securities-offering provi- need access to the capital markets that are, there needs to be authority in the sions. will provide them the capital to thrive law to stop them. We need the fidu- I know it is complicated and very es- as they have created new products. Re- ciary rule. The ‘‘Wrong’’ CHOICE Act oteric, but these well-known, seasoned tail investors also need access to those takes it away. issuers, or WKSIs as they are known, investments in order to meet their par- But this should come as no surprise, really have been a secure and safe way ticular needs. since the Republicans in Congress have of investing for Joe and Janet retire- These closed-end funds should not been relentless in their opposition to ment investor. That is what I like to have been hamstrung in their ability to the DOL’s commonsense requirement the call them. It is my mom and dad access the advantages afforded to oper- that financial advisers put their cli- and your mom and dad, us, and our ating companies. It is time we provide ents’ interests ahead of their own when brothers and sisters. It is retail inves- parity in this marketplace by leveling providing investment advice about re- tors. What this amendment does is con- the playing field. tirement products. forms the filing and offering regula- Mr. Chairman, I urge my colleagues Their extreme partisan efforts to kill tions for closed-end funds to those tra- to support this commonsense amend- the fiduciary rule ignore the facts that ditional operating companies. ment, and I reserve the balance of my 9 in 10 Americans reportedly agree with With that, I offer my support and en- time. the rule. An overwhelming majority— courage support. Let’s stop the hypoc- Mr. ELLISON. Mr. Chair, I rise in op- 65 percent—of Americans who voted for risy and politics. position. President Trump appear to support the Mr. HOLLINGSWORTH. Mr. Chair, I The Acting CHAIR. The gentleman regulation. would just build on that to say that from Minnesota is recognized for 5 min- Tellingly, just last week, after robust every WKSI goes through the SEC re- utes. bipartisan debate, the Republican Gov- view and comment period. Mr. ELLISON. Mr. Chair, the Hol- ernor of Nevada signed into law a bill What we are doing here is removing lingsworth amendment seeks to insert requiring financial advisers to act in the duplicative SEC review and com- a totally new and unvetted set of ex- their clients’ best interests. ment period, which only serves to emptions from the security laws for The ‘‘Wrong’’ CHOICE Act continues delay capital getting out to businesses, closed-end funds. These are the type of this partisan slant by also rolling back which only serves to add cost to retail pooled investment vehicles that typi- bipartisan efforts from this and past investors that use these pools. cally issue a fixed number of shares Congresses to craft legislation that So I support the amendment, and I that, unlike mutual funds, are not re- helps grow small business and protect support the Financial CHOICE Act of deemable on a daily basis by the fund, investors. 2017. making them harder for investors to Mr. Chair, we owe it to our constitu- Mr. Chairman, I yield back the bal- sell. ents and the American people to work ance of my time. The Financial Services Committee together to address real problems with Mr. ELLISON. Mr. Chairman, we has had no hearings, no markups, no real solutions that are thoroughly vet- have discussed business development

VerDate Sep 11 2014 02:34 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00088 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.055 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4793 funds. We have not talked about mation. While private industry works might have been able to agree, but at closed-end funds in committee. This hard to implement strong protections this point in the process I have to amendment introduces a new idea for our online information, I believe claim time in opposition and I will ex- which has not been debated. For that that Congress has the responsibility to plain why. I will say that, if we can reason alone, we should vote it down. stay informed on the threats facing work on it later, we will see what hap- We have got to have regular order constituents in order to help protect pens, but as now for now, we are urging around here. This is a complicated those we represent from identity theft a strong ‘‘no.’’ issue. All the avenues and all the dif- and IRS fraud. I think the amendment is well-inten- ferent perspectives that need to be As you are aware, over the past few tioned because it purports to address brought to bear should be done in com- years, consumer reporting agencies the growing problem of identity theft, mittee, not right here. have experienced numerous breaches of something we all need to be concerned Mr. Chairman, for those reasons information. High-profile data about. However, I am concerned that it alone, I would ask for a strong ‘‘no’’ breaches occurred in 2017, 2015, 2013, may make it harder for some con- vote on this particular amendment, and 2011, among others. sumers who want to obtain their own and I yield back the balance of my A recent cyber attack on a CRA sub- reports, particularly those using the time. sidiary allowed thieves to access tax- website annualcreditreport.com, to ac- The Acting CHAIR. The question is payer W–2s, giving them the ability to cess their free annual consumer reports on the amendment offered by the gen- file fraudulent tax returns. Another at- from nationwide credit reporting agen- tleman from Indiana (Mr. HOLLINGS- tack exposed the Social Security num- cies, or CRAs. WORTH). bers of an estimated 200 million Ameri- Also, the amendment purports to The question was taken; and the Act- cans. combat identity theft, but solely fo- ing Chair announced that the ayes ap- Protecting consumers and the con- cuses on tougher authentication re- peared to have it. stituents I serve in Pennsylvania’s 16th quirements for consumers who want to Mr. ELLISON. Mr. Chair, I demand a District is my duty in Congress, and access their own files, not on all users recorded vote. this includes cyber activity. who have access to consumer reports The Acting CHAIR. Pursuant to In 2015, the IRS paid out $5.8 billion like landlords or employers. I think clause 6 of rule XVIII, further pro- in fraudulent refunds to identity that is a weakness. ceedings on the amendment offered by thieves. While it is important to clarify The website annualcreditreport.com the gentleman from Indiana will be that that is not attributable fully to and reports maintained by the big postponed. the hacks that I have already ref- three require consumers to provide per- AMENDMENT NO. 3 OFFERED BY MR. SMUCKER erenced, we should work to improve sonally identifiable information and to The Acting CHAIR. It is now in order consumer protections and help stop the successfully answer several questions to consider amendment No. 3 printed in wasteful abuse of taxpayer dollars. about information on the consumer part B of House Report 115–163. Our constituents rely on consumer files before giving them access to re- Mr. SMUCKER. Mr. Chairman, I have reporting agencies to monitor their ports online. an amendment at the desk. credit for theft or nefarious activities. In a 2017 report, the Consumer Bu- The Acting CHAIR. The Clerk will My amendment simply encourages reau noted that credit reporting com- designate the amendment. these agencies collecting our highly plaints are consistently among the top The text of the amendment is as fol- sensitive financial information to do three types of consumer complaints it lows: everything they deem feasible to ade- handles. When consumers are denied Add at the end of title V the following new quately protect our constituents from online access, they have to mail copies subtitle: identity fraud that can wreak havoc on of sensitive identifying documents in Subtitle T—Protection of Consumer Informa- their financial stability and personal order to obtain their reports, which tion by Consumer Reporting Agencies matters. consumers note is time consuming as SEC. 596. SENSE OF CONGRESS RELATED TO PRO- CRAs collect large amounts of per- well as potentially not secure. This TECTION OF CONSUMER INFORMA- sonal, confidential data. The facts amendment could make that situation TION BY CONSUMER REPORTING AGENCIES. show these companies are under con- even worse. (a) IN GENERAL.—It is the sense of the Con- stant attack by cyber thieves. There- I also find it a little confusing that gress that consumer reporting agencies and fore, this language merely encourages the House is considering this amend- subsidiaries of consumer reporting agencies them to use the strongest protection ment to a bill that will hamstring the should, when providing access to consumers for consumer data. only Federal agency, the Consumer Bu- to the information contained in the file of H.R. 10 takes critical steps to im- reau, that has rulemaking, super- the consumer maintained by the consumer proving our consumer protections visory, and enforcement authority over reporting agency, use strong multi-factor au- while improving our economic and reg- most consumer reporting agencies and thentication procedures to verify the iden- tity of consumers. ulatory environment. My amendment has actually addressed many credit re- (b) DEFINITIONS.—For purposes of this sec- is about signaling our shared desire to porting problems. tion, the terms ‘‘consumer’’, ‘‘consumer re- protect our constituents and their If Members support this amendment, porting agency’’, and ‘‘file’’ have the mean- data. then it simply does not make sense to ings given those terms in section 603 of the Again, I would like to thank Chair- me for the same Members to support Fair Credit Reporting Act (15 U.S.C. 1681a). man HENSARLING for his work on this H.R. 10, which will gut the Consumer The Acting CHAIR. Pursuant to bill and for his support of this amend- Bureau’s capacity to effectively ad- House Resolution 375, the gentleman ment, and I urge my colleagues to sup- dress problems like identity theft. from Pennsylvania (Mr. SMUCKER) and port this amendment. Before Dodd-Frank, the Federal a Member opposed each will control 5 Mr. Chairman, I reserve the balance Trade Commission was the only Fed- minutes. of my time. eral agency with enforcement author- The Chair recognizes the gentleman Mr. ELLISON. Mr. Chairman, I claim ity over the CRAs, but there was no en- from Pennsylvania. the time in opposition. tity with supervising authority. Dodd- Mr. SMUCKER. Mr. Chairman, I The Acting CHAIR. The gentleman Frank closed that gap by giving the start by thanking Chairman HEN- from Minnesota is recognized for 5 min- Consumer Bureau the supervisory SARLING and the committee and the utes. power to monitor CRAs’ operations. staff for all the hard work that they Mr. ELLISON. Mr. Chairman, I be- Just this year, through the good have done on this very important bill. lieve that there might be some merit work of the Consumer Bureau’s exam- Mr. Chairman, protecting the per- to this amendment, but I still claim iners, the Consumer Bureau issued en- sonal information of Americans is crit- time in opposition. forcement orders against all of the big ical to maintaining financial stability. Because it wasn’t brought up in com- three CRAs for misleading practices Many of our families, friends, neigh- mittee, I think that there is a lot of that harm consumers. bors, and constituents have suffered hashing out of this particular amend- I urge colleagues to oppose the from the threat of their personal infor- ment that could have happened and we amendment and reject the ‘‘Wrong’’

VerDate Sep 11 2014 02:34 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00089 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.058 H08JNPT1 H4794 CONGRESSIONAL RECORD — HOUSE June 8, 2017 CHOICE Act. I hope next time we can to build a credit score without debt. It The Acting CHAIR. The Clerk will talk about this legislation before it provides affirmative permission for designate the amendment. gets to the floor. That would be better utility, telecom, and housing providers The text of the amendment is as fol- and more proper. to report on-time payment information lows: Mr. Chairman, I reserve the balance to credit reporting agencies. Add at the end of title V the following new of my time. I have introduced this bill in four subtitle: Mr. SMUCKER. Mr. Chairman, I consecutive Congresses. I introduced yield 1 minute to the gentleman from Subtitle T—Dividend Waiver Authority for this bill with Mr. PITTENGER as a lead. Mutual Holding Companies Missouri (Mr. LUETKEMEYER). It has the support of many members of Mr. LUETKEMEYER. I thank the SEC. 596. DIVIDEND WAIVER AUTHORITY FOR MU- the committee, including Representa- TUAL HOLDING COMPANIES. gentleman for yielding. tives MALONEY, DUFFY, GREEN, STIV- Mr. Chair, it is not my intent today Section 10(o)(11) of the Home Owners’ Loan ERS, MEEKS, LOVE, CAPUANO, and more, Act (12 U.S.C. 1467a(o)(11)) is amended— to oppose the amendment; however, I a truly bipartisan piece of legislation. do want to express my reservations (1) in subparagraph (D)— Why am I committed to passing the (A) in clause (i), by adding ‘‘and’’ at the over the amendment from the gen- bill? Because 1 in 10 Americans do not end; tleman from Pennsylvania. I think it is have a credit score. These 26 million (B) in clause (ii), by striking ‘‘; and’’ and important that we set the record people are credit invisible, and they inserting a period; and straight on a few points. can have trouble getting an apartment (C) by striking clause (iii); The credit reporting agencies are not and might pay more for insurance, and (2) by amending subparagraph (E) to read required to adhere to any sort of thor- as follows: they will have a very hard time quali- ough data security standard. Unlike ‘‘(E) VALUATION.—The appropriate Federal fying for a loan to buy a car or a home. many other industries, the financial banking agency may not consider waived Another 19 million are not scorable be- services industry has had Federal secu- dividends in determining an appropriate ex- cause there is too little information in change ratio in the event of a full conversion rity requirements in place for nearly 20 their files. One in four African Ameri- to stock form.’’; and years. cans and one in four Latinos are credit (3) by adding at the end the following new b 1515 invisible and not scorable. subparagraph: ‘‘(F) RULE OF CONSTRUCTION.—Nothing in The amendment sponsor’s press re- Mr. Chair, I yield back the balance of my time. this paragraph shall be construed to author- lease last week said credit reporting ize the appropriate Federal banking agency agencies do not have any Federal re- Mr. SMUCKER. Mr. Chairman, I to require a vote of members of a mutual quirements for cybersecurity practices. yield 30 seconds to the gentleman from holding company to approve one or more div- That is news to the House Banking Texas (Mr. HENSARLING). idend waivers or to place any additional re- Services Committee, which has au- Mr. HENSARLING. Mr. Chair, I strictions on dividend waivers by mutual thored some of those requirements. So thank the gentleman from Pennsyl- holding companies that are inconsistent it simply isn’t the case. vania for yielding me the time, and I with or exceed the requirements set forth in this paragraph.’’. Credit reporting agencies are re- thank him for his leadership. quired to adhere to numerous data and Indeed, the whole issue of data secu- The Acting CHAIR. Pursuant to consumer protection laws, including rity is so vital to our constituents, so House Resolution 375, the gentleman the Fair Credit Reporting Act and many of them have been victimized by from New York (Mr. FASO) and a Mem- Gramm-Leach-Bliley Act, along with identity theft. So I appreciate his lead- ber opposed each will control 5 min- several Federal rules and standards on ership on this issue, and I know that utes. data security. Chairman LUETKEMEYER in our com- The Chair recognizes the gentleman I have some concerns that Congress mittee will be leading on this issue. I from New York. should not be in the business of dic- support this underlying amendment. Mr. FASO. Mr. Chair, I yield myself I do have some outstanding questions tating specific security methodologies. such time as I may consume. on what type of multifactor authen- The multifactor authentication proce- Mr. Chair, I rise today to express my dures specified in the gentleman’s tication would be required. I want to ensure that we do not specify the tech- support for the Financial CHOICE Act, amendment could be right sometimes, to express my appreciation to Chair- even many times, but circumstances, nology, that this is a sense of Congress man HENSARLING and the committee innovation, and the passage of time provision. But I look forward to work- ing very closely with Congressman for all their fine work, and to offer an may indicate otherwise. amendment that will help small com- As chairman of the Financial Serv- SMUCKER to refine the concept as it munity banks, organized as mutual ices Subcommittee on Financial Insti- goes forward, and I thank him for his holding companies, attract investors tutions, we want to spend some time leadership. and maintain longevity in commu- on trying to look at this issue and hope Mr. SMUCKER. Mr. Chair, I thank nities across America and in upstate that the gentleman works with our both chairmen. New York, which I represent. committee. This does not, obviously, replace any Mr. ELLISON. Mr. Chairman, I would work that they are doing. This is a Seven years since its enactment, it like to talk about an issue somewhat very, very important issue. This is a has become glaringly apparent that related that is critical in this debate sense of Congress simply saying that Dodd-Frank has worked to advantage and would go a long way toward im- we are very concerned about the secu- big banks on Wall Street; but for many proving our economy and the chances rity of the data of our constituents, of my constituents, the most detri- of consumers. and we are asking that to be looked at. mental aspects of Dodd-Frank to up- I have a bill, H.R. 435, the Credit Ac- But certainly there is a lot of work to state New York aren’t necessarily what cess and Inclusion Act. My amendment be done, and I look forward to working is going on on Wall Street but, rather, would help solve problems the Finan- with both the chairmen on this issue. the damage it has inflicted upon small cial Services Committee has been dis- Mr. Chair, I yield back the balance of community banks and Main Street. cussing for more than a decade. This is my time. As has been highlighted here today, not an amendment that I have sub- The Acting CHAIR. The question is the U.S. is losing community banks at mitted for disposition today, but I on the amendment offered by the gen- a rate of one per day. These dis- would like to bring to the attention of tleman from Pennsylvania (Mr. appearing institutions are neighbor- the body that this Credit Access and SMUCKER). hood banks that are willing to make Inclusion Act was good legislation and The amendment was agreed to. loans to families for mortgages or should be taken up. It would address a AMENDMENT NO. 4 OFFERED BY MR. FASO home equity, to small businesses to problem of access to credit that the The Acting CHAIR. It is now in order cover payroll and investment, invest- leader of this bill says he wants to to consider amendment No. 4 printed in ing in our communities, sponsoring our solve. part B of House Report 115–163. kids’ baseball teams, and under- My bill would allow utility, telecom, Mr. FASO. Mr. Chair, I have an standing the core principles of the public and Section 8 housing residents amendment at the desk. communities that they serve.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00090 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.061 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4795 Mr. Chairman, my amendment is cent since Dodd-Frank became law. nized as mutual holding companies quite simple. It seeks to help all com- Credit union membership has expanded that want to keep their ownership of munity banks that elect to raise cap- by more than 16 million members since their bank local. In fact, the bank that ital through a mutual holding com- 2010, an increase of 18 percent. I am talking about, they don’t even pany, or an MHC, charter. This has happened in part because we securitize their mortgages. They un- Dodd-Frank and the implementing have a system that is fairer, because derwrite and they keep all their mort- Federal Reserve regulations came down bad actors are held accountable. The gages locally in their portfolio. hard on these mutual holding compa- highly successful Consumer Financial Mr. Chair, I reserve the balance of nies, putting onerous, expensive regu- Protection Bureau was established and lations on these mutual holding com- has returned nearly $12 billion to 29 my time. panies just for them to waive the re- million consumers who were ripped off Mr. ELLISON. I yield 1 minute to the ceipts of dividends, a practice which by unfair, deceptive, and abusive prac- gentlewoman from California (Ms. was common pre-Dodd-Frank, and it tices of bad actors. This tough con- PELOSI), the minority leader. worked very well. sumer enforcement approach has put Ms. PELOSI. Mr. Chair, I thank the In New York State, banks such as the the entire financial industry on notice gentleman for yielding. I thank Mr. Bank of Greene County, NorthEast to follow the law and treat their con- ELLISON and our ranking member, Con- Community Bank, Lake Shore Savings sumers fairly or suffer the con- gresswoman WATERS, for their great Bank, and many others throughout the sequences. leadership on behalf of American con- Empire State and throughout the coun- So the economy is doing well, finan- sumers, American investors, and Amer- try have been burdened by Dodd- cial institutions are doing well, and ican taxpayers. Frank’s nonsensical dividend waiver consumers are finally being protected. rules. My amendment cuts the red The last thing we should do is go back I rise in opposition to the amend- tape, restores the dividend waiver proc- to a failed, weak regulatory model that ment and to the bill. ess to what it was prior to Dodd-Frank, gave us bank bailouts and the Great Mr. Chair, today House Republicans and frees up capital to be reinvested in Recession. But that is what the Repub- are pushing a dangerous Wall Street our communities. licans are offering the American people first bill that would drag us right back I ask my colleagues to support my with this bill. to the days of the Great Recession. amendment, and I reserve the balance I urge my colleagues to reject this Eight years ago, unchecked reckless- of my time. amendment and the ‘‘Wrong’’ CHOICE ness on Wall Street ignited a financial Mr. ELLISON. Mr. Chair, I claim the Act, and I reserve the balance of my meltdown that devastated families in time in opposition. time. every State in the Union: hundreds of The Acting CHAIR. The gentleman Mr. FASO. Mr. Chair, how much time thousands of people lost their jobs from Minnesota is recognized for 5 min- do I have remaining? every month, and the unemployment utes. The Acting CHAIR. The gentleman Mr. ELLISON. Mr. Chairman, this from New York has 3 minutes remain- rate soared to 10 percent; more than 11 amendment is another example of Re- ing. million Americans lost their homes publicans choosing to prioritize the in- Mr. FASO. Mr. Chair, I have listened through foreclosure; $13 trillion in terests of corporate insiders over con- to the statement of the gentleman wealth, including families’ hard-earned sumers, which is what the ‘‘Wrong’’ from Minnesota, and I have to say I am retirement savings and college savings, CHOICE Act really symbolizes. We reminded of what former Senator Moy- was destroyed. should not prevent regulators from ad- nihan said about we are all entitled to On the night of Thursday, September dressing potential conflicts of interest our own opinion, but not our own facts, 18, 2008, the Treasury Secretary came but, instead, let all shareholders have and here are the facts. to the Capitol for an emergency meet- their voice be heard. The banks that are organized as mu- ing with congressional leaders, Demo- While Democrats stand ready to tual holding companies organize that crats and Republicans from the House work on targeted reforms to help re- way. They are owned by their deposi- and the Senate, to inform us of the fi- sponsible community banks and credit tors, and they have also been able to nancial meltdown. Secretary Paulson unions, we will reject any ideological sell publicly traded stock, but they described the financial meltdown, legislation that puts our financial sys- keep a majority position in the mutual which was horrific. When I asked the tem and economy at risk of another holding company. Why? Because they Chairman of the Federal Reserve, Mr. crash and that gives a leg up to Wall want to maintain the community in- Bernanke, what he thought of what he Street and predatory lenders to rip off volvement. They want to maintain the was telling us, Chairman Bernanke consumers all over again. community ownership and not have told us that, if we did not act imme- Republicans like to pretend that Wall their bank taken over by a distanced diately, we would not have an economy Street reform destroyed our financial series of investors. That is what is ex- by Monday. system and economy, but the alter- actly happening with the Bank of native facts have no basis in reality. Greene County, for instance, in my dis- We would not have an economy by Thanks to Wall Street reform and trict. Monday. other Democratic policies, our econ- The Bank of Greene County, as a mu- Tens of millions of middle class fami- omy has made significant gains since tual holding company, they own 55 per- lies across America still bear the scars. the depths of the financial crisis. cent of the bank. So it is owned by the You saw on the right the rise of the Since Dodd-Frank became law, we depositors, the public shareholders, 45 Tea Party, on the left, Occupy Wall have set a record, with 86 consecutive percent; but because of Dodd-Frank Street. months of private sector job growth, and because of the change in the regu- The Democratic Congress vowed that during which the economy created latory process that was eliminated in Main Street taxpayers must never more than 16 million private sector Dodd-Frank, every time the mutual again pay the price for the recklessness jobs. Let me assure you, much more holding company has dividends, annu- of some on Wall Street. I don’t paint work needs to be done, but this record ally, to waive, they must send a notice everybody there with the same brush, is important and must be noted. to every depositor. A depositor who but many on Wall Street, the preda- Financial institutions are thriving might have $5 in the account or $50,000, tory lenders and profiteers, had abused since the passage of Dodd-Frank. Ac- they have to mail a notice to them. It American families for far too long. cording to the FDIC, banks are posting costs them $150,000 a year that is sim- record profits since the crisis. Profits ply wasted, and that money can’t be re- With Dodd-Frank, Democrats en- for community banks increased more invested in our community. acted the strongest Wall Street con- than 10 percent in the past year. In Mr. Chair, I regret that the minority sumer financial protections in history, 2010, the banking industry set an all- is misrepresenting what we are trying critical reforms to protect hard- time record with $171 billion in profits. to do here. We are defending the inter- working Americans and to insist on ac- Business lending has increased 75 per- ests of small community banks orga- countability from Wall Street.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00091 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.064 H08JNPT1 H4796 CONGRESSIONAL RECORD — HOUSE June 8, 2017 b 1530 away with the very compromised, I Mr. Chairman, I support the amend- The Consumer Financial Protection might say, fiduciary rule to protect in- ment from the gentleman from New Bureau that the law created has re- vestors. York. turned nearly $12 billion worth of com- So as I say, I don’t paint all of Wall Mr. FASO. Mr. Chair, I yield back pensation to 29 million wronged Ameri- Street with the same brush. The Amer- the balance of my time. cans—many of them seniors, many of ican people want to know who stands Mr. ELLISON. Mr. Chair, I don’t them servicemembers. with them. I know you want me not to know if it was the last time, but one of But with this bill, the Republicans talk about this because it is the truth the many times that we listened to will undo these safeguards, eviscerate about what you are doing to the Amer- NANCY PELOSI, we passed the Dodd- the Consumer Bureau, and take our ican people, but as the minority leader, Frank Act, which protected consumers country back to the days of massive I have the right to speak on the floor. to the tune of 29 million of them to re- taxpayer bailouts. We cannot let that You had plenty of time to spread your turn $11.5 billion to $12 billion back to happen. malicious legislation to hurt the Amer- their families. I think that NANCY Our Republican colleagues have ican people. I am using my time to PELOSI has a pretty good record of named this dreadful and dangerous leg- speak the truth to them about what helping out consumers. I think con- islation, this Wall Street-first legisla- this bill does to their financial sta- sumers of America would appreciate tion, the Financial CHOICE Act. The bility. $11.5 billion returned to their family Financial CHOICE Act to prey on in- The American people want to know budgets. vestors, to prey on consumers, to prey who stands with them and who stands The last time we listened to NANCY on taxpayers. That is the choice they with the special interests. My Repub- PELOSI, we saw a Dodd-Frank which want to give the financial institutions. lican colleagues, in the name of hard- has stabilized markets, which gave us But let’s look at the appalling working American families, I use my 85 consecutive months of private sector choices it represents. Instead of pro- time on behalf of America’s hard- job growth. tecting consumers, Republicans choose working families, not on behalf of spe- But the last time we heard from to help those who try to cheat con- cial interests. these free-market, Ayn Randian con- servatives, oh, boy, these guys ran the sumers. Instead of protecting seniors, I urge my colleagues to make the economy straight into the ditch with Republicans choose to help those who choice to reject this dastardly Wall their deregulatory schemes and their prey on retirement savings. Instead of Street-first bill and to vote in support hostility to any kind of regulation on protecting men and women in uniform, of our men and women in uniform, our Big Business. Republicans choose to help those who seniors who have built our country, in We saw unemployment rates well take advantage of our servicemembers’ support of those hardworking Ameri- north of 10 percent in many parts of families while our heroes are defending cans who are saving for their children’s this country; we saw home values our freedom on the battlefield. Instead education, hoping to achieve the Amer- plummet; and we saw mass fore- of advancing an economy that works ican Dream of homeownership, and do closures, all because of the failed Ayn for everyone, Republicans choose to not want to be preyed upon by Repub- Randian, free-market fundamentalist help the special interests get richer licans in Congress. attitudes that we see so often on the and to stick working people with a bill Mr. FASO. Mr. Chairman, I yield the for a bailout when it goes wrong. other side of the aisle. balance of my time to the gentleman I will just note to my freshman They have always been handmaidens from Texas (Mr. HENSARLING), the dis- of the special interests. We know that. friend that the minority leader can tinguished chairman of the committee. talk as long as she wants. You might But even for them, when we think we Mr. HENSARLING. May I inquire have seen it all, this really takes them want to check the rules on that one. how much time is remaining, Mr. Mr. Chair, I yield back the balance of to a new low. Chairman? So they call it the Financial CHOICE my time. The Acting CHAIR. The gentleman Act, but these are not the choices that The Acting CHAIR. The question is from New York has 1 minute remain- the American people want. They are on the amendment offered by the gen- ing. The gentleman from Minnesota choices of the Republican Party that tleman from New York (Mr. FASO). has 11⁄2 minutes remaining, and the puts Wall Street first, that are The question was taken; and the Act- gentleman from Minnesota has the handmaidens of special interests. ing Chair announced that the ayes ap- So while Director Comey testified in right to close. peared to have it. the Senate earlier today, on this side of Mr. HENSARLING. Mr. Chairman, Mr. ELLISON. Mr. Chair, I demand a the Capitol, House Republicans are the last time this body listened to the recorded vote. feeding working families to the wolves minority leader and enacted Dodd- The Acting CHAIR. Pursuant to on Wall Street. Frank, permanent Wall Street bailouts clause 6 of rule XVIII, further pro- As I said, I don’t paint all on Wall were enshrined into law. That is what ceedings on the amendment offered by Street with the same brush. The perva- the gentlewoman represents, but some- the gentleman from New York will be sive incentives baked into the Repub- how we did not hear that in her speech. postponed. lican bill will enable the predatory to The last time we listened to the gentle- AMENDMENT NO. 5 OFFERED BY MS. MCSALLY punish the honest. woman from California, what we see is The Acting CHAIR. It is now in order Now, here we go. Think of it. We that working Americans have not re- to consider amendment No. 5 printed in have a Consumer Financial Protection ceived a pay increase. Their paychecks part B of House Report 115–163. Bureau, 29 million Americans benefit- are stagnant and their savings remain Ms. MCSALLY. Mr. Chairman, I have ting from $12 billion in compensation. decimated the last time we listened to an amendment at the desk. Oh, they don’t like that. They want to the gentlewoman from California, the The Acting CHAIR. The Clerk will do away with that. minority leader. Since we listened to designate the amendment. The Volcker Rule, which would pre- her, we have seen that free checking The text of the amendment is as fol- vent the financial institutions from has been cut in half, bank fees have lows: taking risk at taxpayers’ expense, the gone up, mortgages are more difficult At the end of title V, add the following: classic Republican: privatize the gain, to come by and they are more expen- Subtitle T—Legitimate Financial nationalize the risk. If we win, the pri- sive to close. That is the last time we Transactions Report vate sector and these banks benefit. If listened to the gentlewoman from Cali- SEC. 596. TREASURY REPORT ON LEGITIMATE FI- we lose, the taxpayer pays the tab. fornia, the minority leader. NANCIAL TRANSACTIONS. Something that had nothing to do Her counsel must be rejected, as Not later than the end of the 90-day period with the Dodd-Frank bill, the fiduciary should the Washington elitism that is beginning on the date of the enactment of this Act, the Secretary of the Treasury shall rule, which only simply said that fi- represented by her philosophy must be issue a report to the Congress on— nancial advisers should have the inter- rejected as well. It is why Dodd-Frank (1) the Secretary’s efforts to ensure that est of the investor they are advising at must be rejected and why the Financial legitimate financial transactions move free- heart. This bill says no. We are doing CHOICE Act must be enacted. ly and globally; and

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00092 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.066 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4797 (2) how the Secretary coordinates on such perative we do everything we can to enforcement actions, global megabanks efforts with Federal bank regulators, finan- find a balance between economic needs have continued to facilitate shady cial institutions, and money service busi- of border communities while maintain- transactions even when such trans- nesses. ing strong safeguards against illicit ac- actions are highly suspicious, have no The Acting CHAIR. Pursuant to tivities. economic rationale, and even likely in- House Resolution 375, the gentlewoman This amendment is supported by the volve money laundering and tax eva- from Arizona (Ms. MCSALLY) and a Fresh Produce Association, the Elec- sion. Member opposed each will control 5 tronic Transactions Association, and One example of concern, Deutsche minutes. the Arizona Bankers Association. Bank, which operates in the U.S. and The Chair recognizes the gentle- Mr. Chairman, I urge my colleagues around the globe, was found by the woman from Arizona. to support my amendment, and I re- Federal Reserve, New York State, and Ms. MCSALLY. Mr. Chairman, I rise serve the balance of my time. the United Kingdom to have facilitated today in strong support of my amend- Mr. ELLISON. Mr. Chair, I rise in op- a massive fraudulent trading scheme ment to H.R. 10, the Financial CHOICE position to the amendment. that allowed $10 billion to flow out of Act. The Acting CHAIR. The gentleman Russia to unknown locales. Since Dodd-Frank was signed into from Minnesota is recognized for 5 min- law, we have seen more than 1,900 com- utes. b 1545 munity financial institutions in the Mr. ELLISON. Mr. Chair, let me rec- In order to better understand the U.S. close. ognize that the problem that Rep- scheme, I recently joined with a num- Additionally, rules promulgated to resentative MCSALLY is trying to ad- ber of my colleagues in writing to the combat money laundering in dress here is a legitimate problem that Treasury Secretary to ask for any and transnational organizations have had we think needs to be focused on. all records of suspicious activity re- unintended consequences on legitimate I must oppose it because it is inad- lated to Deutsche Bank’s 2011 scheme businesses along the border. equate and simply not enough. It would in the Department’s possession, includ- In my home State of Arizona, banks be good if we could get together and ing the names and identities of all par- and legitimate businesses along the try to come up with a bipartisan solu- ties who participated in, or benefited U.S.-Mexico border have been particu- tion to this problem that she has, I from, the scheme. larly hard hit by ambiguous and oner- think, identified as a legitimate issue. But, like much of the oversight But ensuring that legitimate finan- ous regulations. In the last decade, Ari- Democrats are conducting on this ad- cial transactions move freely and glob- zona has lost 70 percent of its commu- ministration, this request has appar- ally, particularly key remittance chan- nity banks. ently fallen on deaf ears. nels for vulnerable populations, is a These regulations, which were meant So, again, I do appreciate the intent subject of great importance and one on to minimize risk and combat money of the amendment—I even commend which I and my Democratic colleagues laundering, have actually contributed Representative MCSALLY for identi- remain focused. fying this is an important issue—it to high transaction costs and imposed Many of us represent districts with should have gone further in demanding substantial difficulties for legitimate significant immigrant populations that this administration disclose how companies engaged in cash-intensive from Central and South America, the it will curtail well-known schemes types of businesses, like ranchers and Caribbean, Africa, all across the globe. being used to facilitate fraud. So I farmers. We have heard just how critical it is must urge a ‘‘no’’ vote, but I look for- Many banking institutions have for immigrants here in the United ward to working with Representative closed their doors, and others have States to be able to send money that MCSALLY on this important issue. dropped customers participating in sustain their loved ones back home. cross-border commerce. As a result, in- While I am pleased that there is a bi- Mr. Chairman, I yield back the bal- dividuals and local businesses, some of partisan recognition about the need to ance of my time. them family-owned who have been op- preserve critical remittance channels Ms. MCSALLY. Mr. Chairman, I ap- erating in the region for generations, for legitimate transactions, I must say preciate my colleague recognizing that have since lost access to banking serv- that I am deeply concerned by some of this is a problem and saying he agrees ices and the capital they rely on. the rhetoric and proposals that we with it, but then doesn’t support the I strongly support Federal efforts to have seen from the Trump administra- amendment because it is not enough. I combat money laundering and illicit tion, which make me fear that access don’t understand that. I had hoped that activities, and I understand how to remittances, particularly for vulner- he would support the amendment, and transnational criminal organizations able populations, may be in jeopardy. then we could continue to work to- can exploit vulnerabilities in the finan- Not only has the President been gether on other initiatives as well. cial system for their own gain. How- overtly anti-immigrant in his rhetoric Mr. Chairman, I yield back the bal- ever, limiting the availability of bank- during the 2016 campaign and since, he ance of my time. ing services and hampering cross-bor- put out an alarming proposal about The Acting CHAIR. The question is der transactions to legitimate busi- how he would force Mexico to pay for a on the amendment offered by the gen- nesses has negative impacts on commu- wall on our Southern border. He pro- tlewoman from Arizona (Ms. nities in my district. Should this be posed cutting off access to remittance MCSALLY). the result of regulations handed down transfers for anyone who couldn’t doc- The amendment was agreed to. by Washington, the Treasury Depart- ument their immigration status until AMENDMENT NO. 6 OFFERED BY MR. BUCK ment should examine ways to remove Mexico agreed to pay an extortion pay- The Acting CHAIR. It is now in order these unintended consequences. ment of between $5 billion and $10 bil- to consider amendment No. 6 printed in As such, my amendment simply asks lion. part B of House Report 115–163. the Department of Treasury to review I also note that while it is essential Mr. BUCK. Mr. Chairman, I have an existing regulations and submit a re- that legitimate financial transactions amendment at the desk. port to Congress regarding its efforts move freely and globally, it is equally The Acting CHAIR. The Clerk will to work with Federal bank regulators, important that illegitimate and illicit designate the amendment. financial institutions, and money serv- transactions do not. The text of the amendment is as fol- ice businesses to ensure that legiti- For this reason, I am concerned that lows: mate financial transactions can move the amendment before us falls short in Page 400, line 22, insert ‘‘(a) IN GENERAL.— freely and globally. that it fails to call the administration ’’ before ‘‘Within’’. It is critical that the new adminis- to disclose how it plans to curtail the Page 401, after line 2, insert the following: (b) GSA STUDY.— tration engage with small businesses flow of illicit funds, particularly funds (1) STUDY.—The Administrator of General and local stakeholders in the South- which may be coming from key adver- Services shall carry out a study to deter- west to ensure legitimate cross-border saries like the Russian Federation. mine— commerce can continue to be a major One doesn’t have to look far to see (A) the Consumer Law Enforcement Agen- contributor to our economy. It is im- that, despite record fines and numerous cy’s office real estate leasing needs, in light

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00093 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.012 H08JNPT1 H4798 CONGRESSIONAL RECORD — HOUSE June 8, 2017 of the changes to the Agency’s structure thorizes the General Services Adminis- But just messing with the CFPB over made by this Act; tration to sell the building to the high- their building will not help anyone. (B) whether the office space referenced in est bidder, generating hundreds of mil- Even if the House Republicans are subsection (a) is the most cost-effective use lions of dollars by offloading a property not willing to thank the Consumer Fi- of taxpayer money in meeting those needs, relative to alternative leasing options in the that is unnecessary for the Federal nancial Protection Bureau for all it has Washington, D.C. Metropolitan Area; and Government to own. done, I am. (C) if there is a Government department or Just a few months ago, my first The Consumer Financial Protection agency that has building needs that could be grandchild, nicknamed Bear, was born. Bureau has been a tough independent met by moving all or a portion of the em- When he grows older, I want to tell him watchdog, has done a great job on be- ployees of such department or agency to the I did everything in my power to fight half of American consumers, and has property described under subsection (a). the out-of-control spending that done a great job for American financial (2) REPORT.—Not later than the end of the plagues our generation. This amend- firms which do honest work. Imagine, 6-month period beginning on the date of the Mr. Chairman, being a financial serv- enactment of this Act, the Administrator of ment is part of that fight for Bear and General Services shall issue a report to the all of our grandchildren. ices firm that is actually selling a good Congress containing all findings and deter- This amendment requires our govern- product at a fair price and you have minations made in carrying out the study re- ment to use taxpayer dollars effi- somebody down the street cutting cor- quired under paragraph (1). ciently, and it reinforces a culture of ners, ripping off consumers, and you (3) AUTHORITY TO SELL PROPERTY.—If, after fiscal restraint and bureaucratic deci- are losing your competitive advantage carrying out the study required under para- sionmaking. because you are honest. The Consumer graph (1), the Administrator of General Serv- I encourage all of my colleagues to Financial Protection Bureau helps ices determines that— support this commonsense and fiscally keep good financial firms good and not (A) the Consumer Law Enforcement Agen- cy’s office real estate leasing needs have responsible amendment, and I reserve create this pervasive sentence to drag changed in light of the changes to the Agen- the balance of my time. them in the wrong direction. cy’s structure made by this Act, and Mr. ELLISON. Mr. Chairman, I rise The Consumer Financial Protection (B) that there is no Government depart- in opposition to the amendment. Bureau maintains a transparent data- ment or agency that has building needs that The Acting CHAIR. The gentleman base that has collected over 1.1 million could be met by moving all or a portion of from Minnesota is recognized for 5 min- consumer complaints about financial the employees of such department or agency utes. institutions, and 97 percent of those to the property described under subsection Mr. ELLISON. Mr. Chairman, as if have received a timely response. (a), the CHOICE Act was not bad enough, The Consumer Financial Protection the Administrator may sell such property to this amendment piles on to the Repub- Bureau has demystified financial trans- the highest bidder, so long as the revenue licans’ misguided attacks on the highly actions by requiring simple know-be- from the sale exceeds the combined cost of successful Consumer Financial Protec- building such property and the cost of the fore-you-owe disclosures, and providing most recently completed renovation of such tion Bureau. educational and comparison shopping property. I don’t understand why my Repub- tools so that consumers are empowered The Acting CHAIR. Pursuant to lican friends don’t get—29 million peo- to make the right choice for them and House Resolution 375, the gentleman ple got $11.5 billion of their money their families. back because unscrupulous financial from Colorado (Mr. BUCK) and a Mem- Perhaps one of the Consumer Finan- ber opposed each will control 5 min- services firms unlawfully took their cial Protection Bureau’s most notable utes. money. I would think we could get to- accomplishments to date was its inves- The Chair recognizes the gentleman gether on that. I would think we could tigation of Wells Fargo’s fraudulent ac- from Colorado. agree that that is an important thing count scandal. Let me tell you, Wells Mr. BUCK. Mr. Chairman, I rise to work on. And now we are trying to Fargo’s fraudulent account scandal today to explain my amendment to the mess with their building, for the sake definitely hurt families and kids in Financial CHOICE Act. of the children, no less. those families, and the CFPB’s good Since the passage of Dodd-Frank, the The Bureau’s inspector general con- work helped those families. Consumer Financial Protection Bureau ducted a thorough investigation of the Last September, the Consumer Fi- has been unaccountable to Congress Republican’s made-up suggestion that nancial Protection Bureau fined Wells and harmed small businesses across the Consumer Financial Protection Bu- Fargo $100 million for secretly opening this country. I am thankful for the reau’s building renovations were inap- up 2 million unauthorized accounts on work done by Chairman HENSARLING to propriate. behalf of its consumers and ordered the rein in this out-of-control agency. The inspector general released an bank to compensate customers it With the United States nearly $20 audit back in 2015, that stated: harmed. This marks the largest pen- trillion in debt, we must do everything We determined that construction costs ap- alty the Consumer Financial Protec- possible to bring financial account- pear reasonable based on comparisons to an tion Bureau has imposed to date. And ability to our Federal Government. independent cost estimate and the costs of that, Mr. Chairman, has helped fami- Spending at this rate will leave us not two comparable building renovations identi- fied by the U.S. General Services Adminis- lies and children. only financially bankrupt but morally tration. We also determined that potential I urge my colleagues to reject this bankrupt as well. It is immoral to renovation costs are below the amount pre- amendment, to stop the petty stuff spend money we don’t have today and viously budgeted and obligated for the ren- about the building. This has been re- force our children to pay in the future. ovation. . . . Current controls for approving, viewed by independent people. It is Despite this, the Consumer Financial managing, and documenting renovation really just a waste of time. Protection Bureau decided it was nec- costs and project decisions are designed ap- Mr. Chairman, I urge a ‘‘no’’ vote, essary to renovate their headquarters, propriately. . . . and I yield back the balance of my estimated at more than $200 million, May we put this issue to bed that time. over $50 million more than the building there is some nefarious plot going on Mr. BUCK. Mr. Chairman, I yield is worth. Even in their initial designs, with the building? It wasn’t legitimate back the balance of my time. a lavish two-story waterfall and four- when they first raised it. It is not le- The Acting CHAIR. The question is story glass staircase were more impor- gitimate now. And trying to bring a big on the amendment offered by the gen- tant than the financial prosperity of deal up about their building, which is tleman from Colorado (Mr. BUCK). our children. an issue that has been resolved, is not The question was taken; and the Act- The Financial CHOICE Act makes going to benefit the children of tomor- ing Chair announced that the ayes ap- changes to the CFPB, which will likely row. I think it will benefit the children peared to have it. result in different real estate needs for for those 29 million families to get $12 Mr. ELLISON. Mr. Chairman, I de- the agency. My amendment is simple: billion back. Now, that might help mand a recorded vote. it will require an assessment of wheth- some kids. That might pay for some The Acting CHAIR. Pursuant to er the current CFPB building is a good lunches, some school fees, and a whole clause 6 of rule XVIII, further pro- use of taxpayer dollars. If not, it au- bunch of other things to help families. ceedings on the amendment offered by

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00094 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.013 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4799 the gentleman from Colorado will be Massie Renacci Stefanik NOT VOTING—13 Mast Rice (SC) Stewart postponed. Aguilar Dunn Maloney, McCarthy Roby Stivers Clyburn Engel Carolyn B. ANNOUNCEMENT BY THE ACTING CHAIR McCaul Roe (TN) Taylor Costa Johnson, Sam Marino McClintock Rogers (AL) Tenney The Acting CHAIR. Pursuant to Cummings LaMalfa Napolitano clause 6 of rule XVIII, proceedings will McHenry Rogers (KY) Thompson (PA) DeFazio Reichert McKinley Rohrabacher Thornberry now resume on those amendments McMorris Rokita Tiberi b 1616 printed in part B of House Report 115– Rodgers Rooney, Francis Tipton 163 on which further proceedings were McSally Rooney, Thomas Trott Mrs. DINGELL, Mr. CARSON of Indi- postponed, in the following order: Meadows J. Turner ana, Ms. WASSERMAN SCHULTZ, Meehan Ros-Lehtinen Upton Messrs. BUTTERFIELD, RUPPERS- Amendment No. 1 by Mr. HENSARLING Messer Roskam Valadao of Texas. Mitchell Ross Wagner BERGER, Mrs. MURPHY of Florida, Amendment No. 2 by Mr. HOLLINGS- Moolenaar Rothfus Walberg and Mr. GOTTHEIMER changed their Mooney (WV) Rouzer Walden WORTH of Indiana. vote from ‘‘aye’’ to ‘‘no.’’ Mullin Royce (CA) Walker So the amendment was agreed to. Amendment No. 4 by Mr. FASO of Murphy (PA) Russell Walorski New York. Newhouse Rutherford Walters, Mimi The result of the vote was announced Amendment No. 6 by Mr. BUCK of Col- Noem Sanford Weber (TX) as above recorded. Nunes Scalise Webster (FL) AMENDMENT NO. 2 OFFERED BY MR. orado. Olson Schweikert Wenstrup HOLLINGSWORTH The Chair will reduce to 2 minutes Palazzo Scott, Austin Westerman the minimum time for any electronic Palmer Sensenbrenner Williams The Acting CHAIR. The unfinished vote after the first vote in this series. Paulsen Sessions Wilson (SC) business is the demand for a recorded Pearce Shimkus Wittman vote on the amendment offered by the AMENDMENT NO. 1 OFFERED BY MR. HENSARLING Perry Shuster Womack The Acting CHAIR. The unfinished Pittenger Simpson Woodall gentleman from Indiana (Mr. HOL- business is the demand for a recorded Poe (TX) Smith (MO) Yoder LINGSWORTH) on which further pro- Poliquin Smith (NE) Yoho vote on the amendment offered by the ceedings were postponed and on which Posey Smith (NJ) Young (AK) the ayes prevailed by voice vote. gentleman from Texas (Mr. HEN- Ratcliffe Smith (TX) Young (IA) The Clerk will redesignate the SARLING) on which further proceedings Reed Smucker Zeldin were postponed and on which the ayes amendment. prevailed by voice vote. NOES—185 The Clerk redesignated the amend- The Clerk will redesignate the Adams Gottheimer O’Rourke ment. Barraga´ n Green, Al Pallone RECORDED VOTE amendment. Bass Green, Gene Panetta The Clerk redesignated the amend- Beatty Grijalva Pascrell The Acting CHAIR. A recorded vote ment. Bera Gutie´rrez Payne has been demanded. Beyer Hanabusa Pelosi A recorded vote was ordered. RECORDED VOTE Bishop (GA) Hastings Perlmutter The Acting CHAIR. This is a 2- The Acting CHAIR. A recorded vote Blumenauer Heck Peters minute vote. has been demanded. Blunt Rochester Higgins (NY) Peterson Bonamici Himes Pingree The vote was taken by electronic de- A recorded vote was ordered. Boyle, Brendan Hoyer Pocan vice, and there were—ayes 231, noes 180, The vote was taken by electronic de- F. Huffman Polis not voting 19, as follows: vice, and there were—ayes 232, noes 185, Brady (PA) Jackson Lee Price (NC) Brown (MD) Jayapal Quigley [Roll No. 296] not voting 13, as follows: Brownley (CA) Jeffries Raskin AYES—231 [Roll No. 295] Bustos Johnson (GA) Rice (NY) Butterfield Johnson, E. B. Richmond Abraham Crawford Hensarling AYES—232 Capuano Jones Rosen Aderholt Cuellar Herrera Beutler Abraham Cook Harper Carbajal Kaptur Roybal-Allard Allen Culberson Hice, Jody B. Aderholt Costello (PA) Harris Ca´ rdenas Keating Ruiz Amash Curbelo (FL) Higgins (LA) Allen Cramer Hartzler Carson (IN) Kelly (IL) Ruppersberger Amodei Davidson Hill Amash Crawford Hensarling Cartwright Kennedy Rush Arrington Davis, Rodney Holding Amodei Cuellar Herrera Beutler Castor (FL) Khanna Ryan (OH) Babin Denham Hollingsworth Arrington Culberson Hice, Jody B. Castro (TX) Kihuen Sa´ nchez Bacon Dent Hudson Babin Curbelo (FL) Higgins (LA) Chu, Judy Kildee Sarbanes Banks (IN) DeSantis Huizenga Bacon Davidson Hill Cicilline Kilmer Schakowsky Barletta DesJarlais Hultgren Banks (IN) Davis, Rodney Holding Clark (MA) Kind Schiff Barr Diaz-Balart Hunter Barletta Denham Hollingsworth Clarke (NY) Krishnamoorthi Schneider Barton Donovan Hurd Barr Dent Hudson Clay Kuster (NH) Schrader Bergman Duffy Issa Barton DeSantis Huizenga Cleaver Langevin Scott (VA) Biggs Duncan (SC) Jenkins (KS) Bergman DesJarlais Hultgren Cohen Larsen (WA) Scott, David Bilirakis Duncan (TN) Jenkins (WV) Biggs Diaz-Balart Hunter Connolly Larson (CT) Serrano Bishop (MI) Dunn Johnson (LA) Bilirakis Donovan Hurd Conyers Lawrence Sewell (AL) Black Emmer Johnson (OH) Bishop (MI) Duffy Issa Cooper Lawson (FL) Shea-Porter Blackburn Estes (KS) Jordan Bishop (UT) Duncan (SC) Jenkins (KS) Correa Lee Sherman Blum Farenthold Joyce (OH) Black Duncan (TN) Jenkins (WV) Courtney Levin Sinema Bost Faso Katko Blackburn Emmer Johnson (LA) Crist Lewis (GA) Sires Brady (TX) Ferguson Kelly (MS) Blum Estes (KS) Johnson (OH) Crowley Lieu, Ted Slaughter Brat Fitzpatrick Kelly (PA) Bost Farenthold Jordan Davis (CA) Lipinski Smith (WA) Bridenstine Fleischmann King (IA) Brady (TX) Faso Joyce (OH) Davis, Danny Loebsack Soto Brooks (AL) Flores King (NY) Brat Ferguson Katko DeGette Lofgren Speier Brooks (IN) Fortenberry Kinzinger Bridenstine Fitzpatrick Kelly (MS) Delaney Lowenthal Suozzi Buchanan Foxx Knight Brooks (AL) Fleischmann Kelly (PA) DeLauro Lowey Swalwell (CA) Buck Franks (AZ) Kustoff (TN) Brooks (IN) Flores King (IA) DelBene Lujan Grisham, Takano Bucshon Frelinghuysen Labrador Buchanan Fortenberry King (NY) Demings M. Thompson (CA) Budd Gaetz LaHood Buck Foxx Kinzinger DeSaulnier Luja´ n, Ben Ray Thompson (MS) Burgess Gallagher LaMalfa Bucshon Franks (AZ) Knight Deutch Lynch Titus Byrne Garrett Lance Budd Frelinghuysen Kustoff (TN) Dingell Maloney, Sean Tonko Calvert Gibbs Latta Burgess Gaetz Labrador Doggett Matsui Torres Carter (GA) Gohmert Lewis (MN) Byrne Gallagher LaHood Doyle, Michael McCollum Tsongas Carter (TX) Goodlatte LoBiondo Calvert Garrett Lamborn F. McEachin Vargas Chabot Gosar Long Carter (GA) Gibbs Lance Ellison McGovern Veasey Chaffetz Gottheimer Loudermilk Carter (TX) Gohmert Latta Eshoo McNerney Vela Cheney Gowdy Love Chabot Goodlatte Lewis (MN) Espaillat Meeks Vela´ zquez Coffman Granger Lucas Chaffetz Gosar LoBiondo Esty (CT) Meng Visclosky Collins (GA) Graves (GA) Luetkemeyer Cheney Gowdy Long Evans Moore Walz Collins (NY) Graves (LA) MacArthur Coffman Granger Loudermilk Foster Moulton Wasserman Comer Graves (MO) Marchant Cole Graves (GA) Love Frankel (FL) Murphy (FL) Schultz Comstock Griffith Marshall Collins (GA) Graves (LA) Lucas Fudge Nadler Waters, Maxine Conaway Grothman Massie Collins (NY) Graves (MO) Luetkemeyer Gabbard Neal Watson Coleman Cook Guthrie Mast Comer Griffith MacArthur Gallego Nolan Welch Cooper Harper McCarthy Comstock Grothman Marchant Garamendi Norcross Wilson (FL) Costello (PA) Harris McCaul Conaway Guthrie Marshall Gonzalez (TX) O’Halleran Yarmuth Cramer Hartzler McClintock

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00095 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.073 H08JNPT1 H4800 CONGRESSIONAL RECORD — HOUSE June 8, 2017 McHenry Rogers (AL) Taylor DeFazio Lynch Napolitano Love Poliquin Smith (TX) McKinley Rogers (KY) Tenney Engel Maloney, Polis Lucas Posey Smucker McMorris Rohrabacher Thompson (PA) Green, Al Carolyn B. Reichert Luetkemeyer Ratcliffe Stefanik Rodgers Rokita Thornberry Johnson, Sam Marino Smith (NE) MacArthur Reed Stewart McSally Rooney, Francis Tiberi Lamborn Meadows Marchant Renacci Stivers Meehan Rooney, Thomas Tipton Marshall Rice (SC) Taylor ANNOUNCEMENT BY THE ACTING CHAIR Messer J. Trott Massie Roby Tenney Mitchell Ros-Lehtinen Turner The Acting CHAIR (during the vote). Mast Roe (TN) Thompson (PA) Moolenaar Roskam Upton There is 1 minute remaining. McCarthy Rogers (AL) Thornberry Mooney (WV) Ross Valadao McCaul Rogers (KY) Tiberi Mullin Rothfus Wagner McClintock Rohrabacher Tipton Murphy (PA) Rouzer b 1620 Walberg McHenry Rokita Trott Newhouse Royce (CA) Walden So the amendment was agreed to. McKinley Rooney, Francis Turner Noem Russell Walker McMorris Rooney, Thomas Upton Nunes Rutherford The result of the vote was announced Rodgers J. Valadao Olson Sanford Walorski as above recorded. McSally Ros-Lehtinen Wagner Palazzo Scalise Walters, Mimi Stated for: Weber (TX) Meadows Roskam Walberg Palmer Schweikert Mr. SMITH of Nebraska. Mr. Chair, I was Paulsen Scott, Austin Webster (FL) Meehan Ross Walden Pearce Sensenbrenner Wenstrup unavoidably detained. Had I been present, I Messer Rothfus Walker Perry Sessions Westerman would have voted ‘‘yea’’ on rollcall No. 296. Mitchell Rouzer Walorski Moolenaar Royce (CA) Walters, Mimi Pittenger Shimkus Williams Mr. COLE. Mr. Chair, I was unavoidably de- Poe (TX) Shuster Wilson (SC) Mooney (WV) Russell Weber (TX) Poliquin Simpson Wittman tained. Had I been present, I would have Mullin Rutherford Webster (FL) Posey Smith (MO) Womack voted ‘‘yea’’ on rollcall No. 296. Murphy (PA) Sanford Wenstrup Woodall Newhouse Scalise Westerman Ratcliffe Smith (NJ) AMENDMENT NO. 4 OFFERED BY MR. FASO Reed Smith (TX) Yoder Noem Schweikert Williams Renacci Smucker Yoho The Acting CHAIR. The unfinished Nunes Scott, Austin Wilson (SC) Rice (SC) Stefanik Young (AK) business is the demand for a recorded Olson Sensenbrenner Wittman Roby Stewart Young (IA) vote on the amendment offered by the Palazzo Sessions Womack Roe (TN) Stivers Zeldin Palmer Shimkus Woodall gentleman from New York (Mr. FASO) Paulsen Shuster Yoder NOES—180 on which further proceedings were Pearce Simpson Yoho Adams Green, Gene Panetta postponed and on which the ayes pre- Perry Smith (MO) Young (AK) Barraga´ n Grijalva Pascrell vailed by voice vote. Pittenger Smith (NE) Young (IA) Bass Gutie´rrez Payne The Clerk will redesignate the Poe (TX) Smith (NJ) Zeldin Beatty Hanabusa Pelosi amendment. Bera Hastings Perlmutter NOES—184 Beyer Heck Peters The Clerk redesignated the amend- Adams Garamendi Nolan Bishop (GA) Higgins (NY) Peterson ment. Barraga´ n Gottheimer Norcross Blumenauer Himes Pingree Bass Green, Al O’Halleran Blunt Rochester Hoyer RECORDED VOTE Pocan Beatty Green, Gene O’Rourke Bonamici Huffman Price (NC) The Acting CHAIR. A recorded vote Bera Grijalva Pallone Boyle, Brendan Jackson Lee Quigley has been demanded. Beyer Gutie´rrez Panetta F. Jayapal Raskin Bishop (GA) Hanabusa Pascrell Brady (PA) Jeffries A recorded vote was ordered. Rice (NY) Blumenauer Hastings Payne Brown (MD) Johnson (GA) The Acting CHAIR. This is a 2- Richmond Blunt Rochester Heck Pelosi Brownley (CA) Johnson, E. B. minute vote. Bonamici Higgins (NY) Bustos Jones Rosen Perlmutter Roybal-Allard The vote was taken by electronic de- Boyle, Brendan Himes Peters Butterfield Kaptur F. Hoyer Capuano Keating Ruiz vice, and there were—ayes 235, noes 184, Peterson Ruppersberger Brady (PA) Huffman Pingree Carbajal Kelly (IL) not voting 11, as follows: Brown (MD) Jackson Lee ´ Rush Pocan Cardenas Kennedy Brownley (CA) Jayapal Ryan (OH) [Roll No. 297] Polis Carson (IN) Khanna Bustos Jeffries Sa´ nchez Price (NC) Cartwright Kihuen AYES—235 Butterfield Johnson (GA) Sarbanes Quigley Castor (FL) Kildee Abraham Conaway Graves (MO) Capuano Johnson, E. B. Castro (TX) Kilmer Schakowsky Raskin Aderholt Cook Griffith Carbajal Jones Rice (NY) Chu, Judy Kind Schiff Allen Costello (PA) Grothman Ca´ rdenas Kaptur Richmond Cicilline Krishnamoorthi Schneider Amash Cramer Guthrie Carson (IN) Keating Rosen Clark (MA) Kuster (NH) Schrader Amodei Crawford Harper Cartwright Kelly (IL) Roybal-Allard Clarke (NY) Langevin Scott (VA) Arrington Cuellar Harris Castor (FL) Kennedy Ruiz Clay Larsen (WA) Scott, David Babin Culberson Hartzler Castro (TX) Khanna Ruppersberger Cleaver Larson (CT) Serrano Bacon Curbelo (FL) Hensarling Chu, Judy Kihuen Rush Cohen Lawrence Sewell (AL) Banks (IN) Davidson Herrera Beutler Cicilline Kildee Ryan (OH) Connolly Lawson (FL) Shea-Porter Barletta Davis, Rodney Hice, Jody B. Clark (MA) Kilmer Sa´ nchez Conyers Lee Sherman Barr Denham Higgins (LA) Clarke (NY) Kind Sarbanes Correa Levin Sinema Barton Dent Hill Clay Krishnamoorthi Schakowsky Courtney Lewis (GA) Sires Bergman DeSantis Holding Cleaver Kuster (NH) Crist Lieu, Ted Slaughter Biggs DesJarlais Hollingsworth Cohen Langevin Schiff Crowley Lipinski Smith (WA) Bilirakis Diaz-Balart Hudson Connolly Larsen (WA) Schneider Davis (CA) Loebsack Soto Bishop (MI) Donovan Huizenga Conyers Larson (CT) Schrader Scott (VA) Davis, Danny Lofgren Speier Bishop (UT) Duffy Hultgren Cooper Lawrence DeGette Lowenthal Scott, David Suozzi Black Duncan (SC) Hunter Correa Lawson (FL) Delaney Lowey Serrano Swalwell (CA) Blackburn Duncan (TN) Hurd Courtney Lee DeLauro Lujan Grisham, Sewell (AL) Takano Blum Dunn Issa Crist Levin DelBene M. Shea-Porter Thompson (CA) Bost Emmer Jenkins (KS) Crowley Lewis (GA) Demings Luja´ n, Ben Ray Sherman Thompson (MS) Brady (TX) Estes (KS) Jenkins (WV) Davis (CA) Lieu, Ted DeSaulnier Maloney, Sean Sinema Titus Brat Farenthold Johnson (LA) Davis, Danny Lipinski Deutch Matsui Sires Tonko Bridenstine Faso Johnson (OH) DeGette Loebsack Dingell McCollum Slaughter Torres Brooks (AL) Ferguson Jordan Delaney Lofgren Doggett McEachin Smith (WA) Tsongas Brooks (IN) Fitzpatrick Joyce (OH) DeLauro Lowenthal Doyle, Michael McGovern Soto Vargas Buchanan Fleischmann Katko DelBene Lowey F. McNerney Buck Flores Kelly (MS) Demings Lujan Grisham, Speier Ellison Meeks Veasey Suozzi Vela Bucshon Fortenberry Kelly (PA) DeSaulnier M. Eshoo Meng ´ Swalwell (CA) Vela´ zquez Budd Foxx King (IA) Deutch Lujan, Ben Ray Espaillat Moore Burgess Franks (AZ) King (NY) Dingell Lynch Takano Visclosky Esty (CT) Moulton Byrne Frelinghuysen Kinzinger Doggett Maloney, Sean Thompson (CA) Walz Evans Murphy (FL) Calvert Gaetz Knight Doyle, Michael Matsui Thompson (MS) Wasserman Foster Nadler Carter (GA) Gallagher Kustoff (TN) F. McCollum Titus Schultz Frankel (FL) Neal Carter (TX) Garrett Labrador Ellison McEachin Tonko Waters, Maxine Fudge Nolan Chabot Gibbs LaHood Eshoo McGovern Torres Watson Coleman Gabbard Norcross Chaffetz Gohmert LaMalfa Espaillat McNerney Tsongas Gallego O’Halleran Welch Cheney Gonzalez (TX) Lamborn Esty (CT) Meeks Vargas Garamendi O’Rourke Wilson (FL) Coffman Goodlatte Lance Evans Meng Veasey Gonzalez (TX) Pallone Yarmuth Cole Gosar Latta Foster Moore Vela Collins (GA) Gowdy Lewis (MN) Frankel (FL) Moulton Vela´ zquez NOT VOTING—19 Collins (NY) Granger LoBiondo Fudge Murphy (FL) Visclosky Aguilar Clyburn Costa Comer Graves (GA) Long Gabbard Nadler Walz Bishop (UT) Cole Cummings Comstock Graves (LA) Loudermilk Gallego Neal Wasserman

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00096 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.017 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4801 SchultzWaters, Watson Coleman Wilson (FL) Pearce Russell Turner b 1628 Maxine Welch Yarmuth Perry Rutherford Upton Pittenger Sanford Valadao So the amendment was agreed to. NOT VOTING—11 Poe (TX) Scalise Wagner The result of the vote was announced Aguilar Engel Napolitano Poliquin Schweikert Walberg as above recorded. Clyburn Johnson, Sam Reichert Posey Scott, Austin Walden Costa Maloney, Ratcliffe Sensenbrenner Walker The Acting CHAIR. The question is Cummings Carolyn B. Reed Sessions Walorski on the amendment in the nature of a DeFazio Marino Renacci Shimkus Walters, Mimi substitute, as amended. Rice (SC) Simpson Weber (TX) b 1624 The amendment was agreed to. Roby Smith (MO) Webster (FL) The Acting CHAIR. Under the rule, Roe (TN) Smith (NE) Wenstrup So the amendment was agreed to. the Committee rises. The result of the vote was announced Rogers (AL) Smith (NJ) Westerman Rogers (KY) Smith (TX) Williams Accordingly, the Committee rose; as above recorded. Rohrabacher Smucker Wilson (SC) and the Speaker pro tempore (Mr. AMENDMENT NO. 6 OFFERED BY MR. BUCK Rokita Stefanik Wittman HULTGREN) having assumed the chair, The Acting CHAIR. The unfinished Rooney, Francis Stewart Womack Rooney, Thomas Stivers Woodall Mr. SIMPSON, Acting Chair of the Com- business is the demand for a recorded J. Taylor Yoder mittee of the Whole House on the state vote on the amendment offered by the Ros-Lehtinen Tenney Yoho of the Union, reported that that Com- gentleman from Colorado (Mr. BUCK) Roskam Thompson (PA) Young (AK) mittee, having had under consideration on which further proceedings were Ross Thornberry Young (IA) the bill (H.R. 10) to create hope and op- Rothfus Tiberi Zeldin postponed and on which the ayes pre- Rouzer Tipton portunity for investors, consumers, and vailed by voice vote. Royce (CA) Trott entrepreneurs by ending bailouts and The Clerk will redesignate the Too Big to Fail, holding Washington amendment. NOES—185 and Wall Street accountable, elimi- The Clerk redesignated the amend- Adams Gottheimer O’Rourke nating red tape to increase access to ment. Barraga´ n Green, Al Pallone capital and credit, and repealing the Bass Green, Gene Panetta RECORDED VOTE Beatty Grijalva Pascrell provisions of the Dodd-Frank Act that The Acting CHAIR. A recorded vote Bera Gutie´rrez Payne make America less prosperous, less sta- has been demanded. Beyer Hanabusa Pelosi ble, and less free, and for other pur- A recorded vote was ordered. Bishop (GA) Hastings Perlmutter poses, and, pursuant to House Resolu- Blumenauer Heck Peters tion 375, he reported the bill back to The Acting CHAIR. This is a 2- Blunt Rochester Higgins (NY) Peterson minute vote. Bonamici Himes Pingree the House with an amendment adopted The vote was taken by electronic de- Boyle, Brendan Hoyer Pocan in the Committee of the Whole. vice, and there were—ayes 233, noes 185, F. Huffman Polis The SPEAKER pro tempore. Under Brady (PA) Jackson Lee Price (NC) the rule, the previous question is or- not voting 12, as follows: Brown (MD) Jayapal Quigley [Roll No. 298] Brownley (CA) Jeffries Raskin dered. AYES—233 Bustos Johnson (GA) Rice (NY) Is a separate vote demanded on any Butterfield Johnson, E. B. Richmond amendment to the amendment re- Abraham Denham Jenkins (WV) Capuano Jones Rosen ported from the Committee of the Aderholt Dent Johnson (LA) Carbajal Kaptur Roybal-Allard Allen DeSantis Johnson (OH) Ca´ rdenas Keating Ruiz Whole? Amash DesJarlais Jordan Carson (IN) Kelly (IL) Ruppersberger If not, the question is on the amend- Amodei Diaz-Balart Joyce (OH) Cartwright Kennedy Rush Arrington Donovan Katko ment in the nature of a substitute, as Castor (FL) Khanna Ryan (OH) Babin Duffy Kelly (MS) amended. Castro (TX) Kihuen Sa´ nchez Bacon Duncan (SC) Kelly (PA) The amendment was agreed to. Banks (IN) Duncan (TN) King (IA) Chu, Judy Kildee Sarbanes Barletta Dunn King (NY) Cicilline Kilmer Schakowsky The SPEAKER pro tempore. The Barr Emmer Kinzinger Clark (MA) Kind Schiff question is on the engrossment and Barton Estes (KS) Knight Clarke (NY) Krishnamoorthi Schneider third reading of the bill. Clay Bergman Farenthold Kustoff (TN) Kuster (NH) Schrader The bill was ordered to be engrossed Biggs Faso Labrador Cleaver Langevin Scott (VA) Bilirakis Ferguson LaHood Cohen Larsen (WA) Scott, David and read a third time, and was read the Bishop (MI) Fitzpatrick LaMalfa Connolly Larson (CT) Serrano third time. Bishop (UT) Fleischmann Lamborn Conyers Lawrence Sewell (AL) The SPEAKER pro tempore. The Black Flores Lance Cooper Lawson (FL) Shea-Porter Blackburn Fortenberry Latta Correa Lee Sherman question is on the passage of the bill. Blum Foxx Lewis (MN) Courtney Levin Sinema The question was taken; and the Bost Franks (AZ) LoBiondo Crist Lewis (GA) Sires Speaker pro tempore announced that Brady (TX) Frelinghuysen Long Crowley Lieu, Ted Slaughter the ayes appeared to have it. Brat Gaetz Loudermilk Davis (CA) Lipinski Smith (WA) Bridenstine Gallagher Love Davis, Danny Loebsack Soto Mr. HENSARLING. Mr. Speaker, on Brooks (AL) Garrett Lucas DeGette Lofgren Speier that I demand the yeas and nays. Brooks (IN) Gibbs Luetkemeyer Delaney Lowenthal Suozzi The yeas and nays were ordered. Buchanan Gohmert MacArthur DeLauro Lowey Swalwell (CA) The SPEAKER pro tempore. Pursu- Buck Goodlatte Marchant DelBene Lujan Grisham, Takano Bucshon Gosar Marshall Demings M. Thompson (CA) ant to clause 8 of rule XX, this 5- Budd Gowdy Massie DeSaulnier Luja´ n, Ben Ray Thompson (MS) minute vote on passage of the bill will Burgess Granger Mast Deutch Lynch Titus be followed by a 5-minute vote on Byrne Graves (GA) McCarthy Dingell Maloney, Sean Tonko agreeing to the Speaker’s approval of Calvert Graves (LA) McCaul Doggett Matsui Torres Carter (GA) Graves (MO) McClintock Doyle, Michael McCollum Tsongas the Journal, if ordered. Carter (TX) Griffith McHenry F. McEachin Vargas The vote was taken by electronic de- Chabot Grothman McKinley Ellison McGovern Veasey Chaffetz Guthrie McMorris vice, and there were—yeas 233, nays Eshoo McNerney Vela Cheney Harper Rodgers 186, not voting 11, as follows: Espaillat Meeks Vela´ zquez Coffman Harris McSally Esty (CT) Meng Visclosky [Roll No. 299] Cole Hartzler Meadows Evans Moore Walz Collins (GA) Hensarling Meehan YEAS—233 Foster Moulton Wasserman Collins (NY) Herrera Beutler Messer Abraham Bergman Brooks (AL) Comer Hice, Jody B. Mitchell Frankel (FL) Murphy (FL) Schultz Fudge Nadler Waters, Maxine Aderholt Biggs Brooks (IN) Comstock Higgins (LA) Moolenaar Allen Bilirakis Buchanan Conaway Hill Mooney (WV) Gabbard Neal Watson Coleman Gallego Nolan Welch Amash Bishop (MI) Buck Cook Holding Mullin Amodei Bishop (UT) Bucshon Garamendi Norcross Wilson (FL) Costello (PA) Hollingsworth Murphy (PA) Arrington Black Budd Gonzalez (TX) O’Halleran Yarmuth Cramer Hudson Newhouse Babin Blackburn Burgess Crawford Huizenga Noem Bacon Blum Byrne Cuellar Hultgren Nunes NOT VOTING—12 Banks (IN) Bost Calvert Culberson Hunter Olson Aguilar Engel Napolitano Barletta Brady (TX) Carter (GA) Curbelo (FL) Hurd Palazzo Clyburn Johnson, Sam Reichert Barr Brat Carter (TX) Davidson Issa Palmer Costa Maloney, Shuster Barton Bridenstine Chabot Davis, Rodney Jenkins (KS) Paulsen Cummings Carolyn B. DeFazio Marino

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00097 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.019 H08JNPT1 H4802 CONGRESSIONAL RECORD — HOUSE June 8, 2017

Chaffetz Hunter Rice (SC) Kind Nolan Serrano PERSONAL EXPLANATION Cheney Hurd Roby Krishnamoorthi Norcross Sewell (AL) Mr. AGUILAR. Mr. Speaker, I was not Coffman Issa Roe (TN) Kuster (NH) O’Halleran Shea-Porter Cole Jenkins (KS) Rogers (AL) Langevin O’Rourke Sherman present for votes on Thursday, June 8, 2017 Collins (GA) Jenkins (WV) Rogers (KY) Larsen (WA) Pallone Sinema because of a family obligation. Had I been Collins (NY) Johnson (LA) Rohrabacher Larson (CT) Panetta Sires present, I would have voted ‘‘no’’ on rollcall Comer Johnson (OH) Lawrence Pascrell Rokita Slaughter No. 295, on Agreeing to the Hensarling Comstock Jordan Rooney, Francis Lawson (FL) Payne Smith (WA) Lee Pelosi Conaway Joyce (OH) Rooney, Thomas Soto Amendment; ‘‘no’’ on rollcall No. 296, on Cook Katko Levin Perlmutter J. Speier Agreeing to the Hollingsworth Amendment; Costello (PA) Kelly (MS) Ros-Lehtinen Lewis (GA) Peters Lieu, Ted Suozzi ‘‘no’’ on rollcall No. 297, on Agreeing to the Cramer Kelly (PA) Roskam Peterson Lipinski Pingree Swalwell (CA) Faso Amendment; ‘‘no’’ on rollcall No. 298, on Crawford King (IA) Ross Culberson King (NY) Loebsack Pocan Takano Rothfus Agreeing to the Buck Amendment; and ‘‘no’’ Curbelo (FL) Kinzinger Lofgren Polis Thompson (CA) Rouzer on rollcall No. 299, on Passage of H.R. 10, Davidson Knight Lowenthal Price (NC) Thompson (MS) Royce (CA) Davis, Rodney Kustoff (TN) Lowey Quigley Titus the Financial Choice Act. Russell Denham Labrador Lujan Grisham, Raskin Tonko PERSONAL EXPLANATION Rutherford Dent LaHood M. Rice (NY) Torres Mr. MARINO. Mr. Speaker, I was unable to DeSantis LaMalfa Sanford Luja´ n, Ben Ray Richmond Tsongas DesJarlais Lamborn Scalise Lynch Rosen Vargas attend votes on June 8, 2017, on account of Diaz-Balart Lance Schweikert Maloney, Sean Roybal-Allard Veasey attending my son’s graduation. Had I been Donovan Latta Scott, Austin Matsui Ruiz Vela present, I would have voted as follows: ‘‘Yea’’ Duffy Lewis (MN) Sensenbrenner McCollum Ruppersberger Vela´ zquez Sessions for rollcall vote 295, ‘‘yea’’ for rollcall vote 296, Duncan (SC) LoBiondo McEachin Rush Visclosky Shimkus Duncan (TN) Long McGovern Ryan (OH) Walz ‘‘yea’’ for rollcall vote 297, ‘‘yea’’ for rollcall Shuster McNerney ´ Dunn Loudermilk Sanchez Wasserman vote 298, and ‘‘yea’’ for rollcall vote 299. Emmer Love Simpson Meeks Sarbanes Schultz Estes (KS) Lucas Smith (MO) Meng Schakowsky f Waters, Maxine Farenthold Luetkemeyer Smith (NE) Moore Schiff Watson Coleman THE JOURNAL Faso MacArthur Smith (NJ) Moulton Schneider Welch Ferguson Marchant Smith (TX) Murphy (FL) Schrader The SPEAKER pro tempore. The un- Wilson (FL) Fitzpatrick Marshall Smucker Nadler Scott (VA) finished business is the question on Fleischmann Massie Stefanik Neal Scott, David Yarmuth Flores Mast Stewart agreeing to the Speaker’s approval of NOT VOTING—11 Fortenberry McCarthy Stivers the Journal, which the Chair will put Foxx McCaul Taylor Aguilar Engel Napolitano de novo. Franks (AZ) McClintock Tenney Clyburn Johnson, Sam Reichert The question is on the Speaker’s ap- Frelinghuysen McHenry Costa Maloney, Thompson (PA) proval of the Journal. Gaetz McKinley Thornberry Cummings Carolyn B. Gallagher McMorris Tiberi DeFazio Marino Pursuant to clause 1, rule I, the Jour- Garrett Rodgers Tipton nal stands approved. Gibbs McSally ANNOUNCEMENT BY THE SPEAKER PRO TEMPORE Trott f Gohmert Meadows Turner The SPEAKER pro tempore (during Goodlatte Meehan Upton Gosar Messer the vote). There are 2 minutes remain- ADJOURNMENT FROM THURSDAY, Valadao Gowdy Mitchell ing. JUNE 8, 2017, TO MONDAY, JUNE Wagner Granger Moolenaar Walberg 12, 2017 Graves (GA) Mooney (WV) Walden Graves (LA) Mullin b 1638 Mr. DUFFY. Mr. Speaker, I ask Walker Graves (MO) Murphy (PA) Walorski So the bill was passed. unanimous consent that when the Griffith Newhouse House adjourns today, it adjourn to Grothman Noem Walters, Mimi The result of the vote was announced Guthrie Nunes Weber (TX) as above recorded. meet on Monday, June 12, 2017, when it Webster (FL) Harper Olson A motion to reconsider was laid on shall convene at noon for morning-hour Harris Palazzo Wenstrup debate and 2 p.m. for legislative busi- Hartzler Palmer Westerman the table. Hensarling Paulsen Williams Stated for: ness. Herrera Beutler Pearce Wilson (SC) Mr. REICHERT. Mr. Speaker, on rollcall No. The SPEAKER pro tempore. Is there Wittman Hice, Jody B. Perry 299, I missed the vote due to a personal ill- objection to the request of the gen- Higgins (LA) Pittenger Womack tleman from Wisconsin? Hill Poe (TX) Woodall ness. Had I been present, I would have voted Holding Poliquin Yoder ‘‘yes.’’ There was no objection. Hollingsworth Posey Yoho Stated against: f Hudson Ratcliffe Young (AK) Huizenga Reed Young (IA) Mr. ENGEL. Mr. Speaker, I am unavoidably NUTRITION SUBCOMMITTEE Hultgren Renacci Zeldin detained in my Congressional District. Had I EXAMINES SNAP TECHNOLOGY been present to vote on H.R. 10, the Financial NAYS—186 (Mr. THOMPSON of Pennsylvania CHOICE Act of 2017, I would have voted asked and was given permission to ad- Adams Cohen Gabbard ‘‘no.’’ Barraga´ n Connolly Gallego dress the House for 1 minute and to re- PERSONAL EXPLANATION Bass Conyers Garamendi vise and extend his remarks.) Beatty Cooper Gonzalez (TX) Mrs. NAPOLITANO. Mr. Speaker, I was ab- Mr. THOMPSON of Pennsylvania. Bera Correa Gottheimer sent during rollcall votes No. 295, No. 296, Beyer Courtney Green, Al Madam Speaker, earlier this morning, Bishop (GA) Crist Green, Gene No. 297, No. 298, and No. 299 due to my the House Agriculture Subcommittee Blumenauer Crowley Grijalva spouse’s health situation in California. Had I on Nutrition hosted a hearing to exam- Blunt Rochester Cuellar Gutie´rrez been present, I would have voted ‘‘nay’’ on the ine SNAP technology and moderniza- Bonamici Davis (CA) Hanabusa Hensarling Amendment. I would have also Boyle, Brendan Davis, Danny Hastings tion. F. DeGette Heck voted ‘‘nay’’ on the Hollingsworth Amendment. SNAP, the Supplemental Nutrition Brady (PA) Delaney Higgins (NY) I would have also voted ‘‘nay’’ on the Faso Assistance Program, was formerly Brown (MD) DeLauro Himes Amendment. I would have also voted ‘‘nay’’ on Brownley (CA) DelBene Hoyer known as food stamps. The Agriculture Bustos Demings Huffman the Buck Amendment. I would have also voted Committee has conducted a thorough Butterfield DeSaulnier Jackson Lee ‘‘nay’’ on the Final Passage of H.R. 10—Fi- review of SNAP over the past 30 Capuano Deutch Jayapal nancial CHOICE Act of 2017. months. Carbajal Dingell Jeffries Ca´ rdenas Doggett Johnson (GA) PERSONAL EXPLANATION This program is critically important Carson (IN) Doyle, Michael Johnson, E. B. Mr. COSTA. Mr. Speaker, I was unable to to 42 million Americans who utilize it Cartwright F. Jones be present for rollcall votes taken on the each month. It is the largest domestic Castor (FL) Ellison Kaptur Castro (TX) Eshoo Keating House floor on June 8, 2017 as I had to return hunger safety net program in the coun- Chu, Judy Espaillat Kelly (IL) to California for medical reasons. Had I been try, and it is imperative that it re- Cicilline Esty (CT) Kennedy present, I would have voted ‘‘no’’ on rollcall mains viable so we can continue to Clark (MA) Evans Khanna Vote No. 295, ‘‘no’’ on rollcall Vote No. 296, serve so many who are struggling. That Clarke (NY) Foster Kihuen Clay Frankel (FL) Kildee ‘‘no’’ on rollcall Vote No. 297, ‘‘no’’ on rollcall is why, at today’s hearing, we dis- Cleaver Fudge Kilmer vote No. 298, ‘‘no’’ on rollcall Vote No. 299. cussed technology and modernization

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00098 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.023 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4803 of SNAP, including areas to enhance superintendent, and more. More re- 100TH ANNIVERSARY OF 1ST program integrity, streamline delivery cently, he served as superintendent of INFANTRY DIVISION of services, improve the customer expe- the Evergreen Public Schools, the fifth (Mr. MARSHALL asked and was rience, and ease administrative bur- largest in Washington State, for 11 given permission to address the House dens. years. His career in teaching exhibits for 1 minute.) In just 2004, EBT, or electronic ben- how much he values educating students Mr. MARSHALL. Madam Speaker, I efit transfer, was completed. This is and setting them up to succeed. Those rise today in recognition of the 100th the electronic system that allows a re- who have worked with John know that anniversary of the Army’s 1st Infantry cipient to authorize transfer of their he has been dedicated to improving the Division, or the ‘‘Big Red One.’’ supplemental benefits to a retailer to learning experiences for kids in south- From their heroic start, the 1st In- pay for products. This was a tremen- west Washington for just shy of 5 dec- fantry Division has played a vital role dous step forward toward improving ades. in our Nation’s history, serving in al- the program. Under his innovative leadership, an most every American war since 1917. As chairman of the Nutrition Sub- incredible bioscience high school called Today, the Big Red One has over 5,000 committee, I look forward to con- the Henrietta Lacks Health and Bio- soldiers deployed worldwide, with an tinuing to improve the efficiency of science High School was built. HeLa additional 10,000 in my district at Fort SNAP. High School places an emphasis on Riley. They are preparing to deploy in f workforce development in health support of ongoing operations. sciences and biotechnology that is an Since 1917, more than 13,000 soldiers 1645 b investment in our future leaders. It of the 1st Infantry Division have paid DARK DAYS OF THE FINANCIAL took a decade to research, plan, and the ultimate sacrifice. We honor those CRISIS build this transformational school, but who have worn the patch of the Big John remained committed to the vision (Mrs. WATSON COLEMAN asked and Red One and those that do so today. I of this school. Though John’s formal was given permission to address the cannot be more proud of our troops at career has ended, the legacy of his per- House for 1 minute.) Fort Riley. I am honored to represent sistent leadership can be seen through- Mrs. WATSON COLEMAN. Madam them. I thank them all for their serv- out HeLa High School and its students. Speaker, in the wake of the financial ice. While John has extensive involve- crisis, 7.8 million American consumers f ment in education, his community en- lost their homes through foreclosure. gagement also spans well beyond his CONGRATULATING THE WEST SIDE The failure to have a responsible regu- career as superintendent. He has taken HIGH SCHOOL TRACK TEAMS latory environment also resulted in every opportunity to serve, and is a (Mr. PAYNE asked and was given taxpayers paying $7 trillion to bail out shining example of what makes this ex- permission to address the House for 1 financial institutions through loans pansive and populated region feel like minute and to revise and extend his re- and, according to some reports, an ad- a tight-knit and caring community. He marks.) ditional $22 trillion through the Fed- is an inspiration to all in southwest Mr. PAYNE. Madam Speaker, I rise eral Government’s purchase of assets. Washington, and I am confident he will today to congratulate the girls and My home State of New Jersey was se- continue working to improve education boys track teams at West Side High verely impacted by this crisis and still here and beyond. School in Newark, New Jersey, for win- feeling the effects. So this is personal. I congratulate John on his retire- ning gold in their respective 4x400 The Financial CHOICE Act is the ment and wish him all the best in his meter relay heats at the Penn Relays wrong choice for Americans. This bill future endeavors. this year. guts many of the commonsense protec- The oldest and largest track and field tions that are outlined in Dodd-Frank f competition in the world, the Penn Re- and severely restricts the Consumer Fi- lays is also one of the most prestigious, nancial Protection Bureau from doing RECOGNIZING THE CALVARY drawing nearly 20,000 athletes from its job. across the globe. There is some really The ‘‘Wrong’’ CHOICE Act gives Wall CHRISTIAN WARRIORS BOYS BASEBALL TEAM tough competition at the Penn Relays, Street a hand while ignoring the needs but both West Side teams stood out. of hardworking Americans. It will (Mr. CRIST asked and was given per- The boys relay team, made up of allow predatory lending practices to go mission to address the House for 1 James Bell, Jarrett Gentle, Jakai unchecked and profiteers on Wall minute.) Coker, and Shaquan Williams, won Street to skirt consequences. Mr. CRIST. Madam Speaker, I rise their heat in an impressive 3 minutes Wall Street reform and other Demo- today to recognize Clearwater, Flor- 28 seconds, more than a second faster cratic policies have given our country ida’s Calvary Christian High School than the second place team. the strongest consumer protections in Warriors boys baseball team on their The girls relay team, made up of history. impressive State championship win. Aminah Muhammad, Fatima Sannor, I will continue to stand up for hard- Coach Greg Olsen and the Warriors Tiyauna Evans, and Jahne Slocum, working Americans and reject the clinched an 11–1 victory against Pensa- won their heat in an impressive 4 min- ‘‘Wrong’’ CHOICE Act before Repub- cola Catholic High School to lead them utes and 7 seconds, more than 3 seconds licans pave the way back to the dark to the Class 4A title, clinching the faster than the second place finishers. days of the financial crisis. school’s first State championship and Madam Speaker, again, I congratu- f capping off a perfect season of 30 wins late the West Side High School track and no losses. team and their coaches, Rickey HONORING JOHN DEEDER ON HIS Such an achievement takes more RETIREMENT Meekins and Eddie Greene, for bringing than skill and talent. It takes steely home the gold—a testament to their (Ms. HERRERA BEUTLER asked and determination, unwavering focus, and skill, dedication, and teamwork. was given permission to address the perhaps, most importantly, the ability Go, Roughriders. House for 1 minute.) to work together. These skills are in- f Ms. HERRERA BEUTLER. Madam valuable both on and off the field. What Speaker, I rise today to honor the ca- they have learned as teammates will TROUP COUNTY DRUG reer of John Deeder, a valued member enable their success not just as ath- TREATMENT COURT of the community in southwest Wash- letes, but as good citizens. Our entire (Mr. FERGUSON asked and was ington. John spent 48 years in edu- community is proud of their out- given permission to address the House cation and announced his retirement standing sportsmanship and achieve- for 1 minute and to revise and extend earlier this year. ments. his remarks.) Throughout his life, John has been a On behalf of Pinellas County, con- Mr. FERGUSON. Madam Speaker, I coach, counselor, teacher, principal, gratulations Warriors. rise today to commend the work of the

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00099 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.083 H08JNPT1 H4804 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Troup County Drug Court in LaGrange, House for 1 minute and to revise and PUTTING THE AMERICAN DREAM Georgia. I had the opportunity to extend his remarks.) BACK INTO REACH speak at their commencement cere- Mr. CARTER of Georgia. Madam (Mr. TAYLOR asked and was given mony last week while I was back in the Speaker, I rise today to remember the permission to address the House for 1 life of the respected Savannah lawyer district. minute.) This program holds offenders with and gentleman, Paul W. Painter, Jr., Mr. TAYLOR. Madam Speaker, my substance abuse and mental health dis- who passed away on Saturday, May 27, generation has known two very pro- orders accountable through strict su- 2017, at the age of 71. pervision and treatment, and allows Mr. Painter comes from a family that found events: war and recession. them to get their lives back on track. has worked tirelessly to serve our To some folks, a decade seems like As a dentist, I have had the oppor- country both in the Armed Forces as forever ago, but for most Virginians, tunity to work with those suffering well as our judiciary system. His fa- most Americans, the events of the fi- from substance abuse problems ther, Paul Painter, Sr., served during nancial collapse 10 years ago still through my work with Hope Harbor, a World War II, and then created a suc- haunt their memories today. Financial Christian recovery center in my dis- cessful law practice. devastation hit the poor and middle trict. I have seen firsthand that, for Paul Painter, Jr., followed in his fa- class in this country unlike anything every addiction, there is a real human ther’s footsteps, graduating from Geor- we have witnessed in our lifetimes: being behind the statistic. These men gia Tech, and then serving in the Navy businesses shuttered, retirement plans and women have the potential to live for 4 years. After that, Mr. Painter at- halted, families losing many homes. long, productive lives serving their tended law school at the University of In response, Congress passed Dodd- families and communities, and pro- Georgia, beginning a career that would Frank, a bill with more regulations grams like this help them do just that. benefit and serve many Savannahians than all other bills passed during the The success rate of these programs for years to come. Obama administration. speaks volumes about their value to Mr. Painter started his own firm in Dodd-Frank regulations have pushed the community and those that grad- Savannah, now known as the Ellis, many community banks out of busi- uate from the program. Seventy-five Painter, Ratterree, & Adams Law ness. We lose one of them or a credit percent of drug court graduates never Firm, with which he practiced for near- union every single day. Small-business reoffend. This is almost 21⁄2 times high- ly 30 years. By the end of his law ca- lending, the driver of jobs in this coun- er than the 30 percent success rate of reer, he was known as one of the best try, has declined; everyday banking those who serve a prison sentence and lawyers in the entire State of Georgia services have been reduced; and home- receive no treatment. and was named to the list of Georgia’s ownership is increasingly out of reach. I commend the hard work of the men Top 10 lawyers in 2014. The Financial CHOICE Act provides and women of the Troup County Drug The Paul W. Painter, Jr., Civility and more accountability over unelected Court. Professional Award was also created in bodies, unlocks small-business lending, f his honor to remember his fantastic allows community banks to survive, TWO IMPORTANT ISSUES work and to reward other outstanding stops big-bank bailouts with our tax (Ms. JACKSON LEE asked and was lawyers in Georgia. dollars, will increase homeownership, given permission to address the House Mr. Painter was an honorable person and it imposes the toughest penalties for 1 minute.) who did everything possible to improve ever for financial fraud. This bill puts Ms. JACKSON LEE. Madam Speaker, our judicial system, and he gained re- the American Dream into reach for I rise to discuss two issues and to spect from lawyers all over. He will millions of Americans. certainly be missed as an asset to our speak on their impact to the American f people. community and the entire legal field. The first one is the Financial f b 1700 CHOICE Act, which we just debated. I OBSTRUCTION OF JUSTICE oppose it for the very reason that we HECTOR BARAJAS-VARELA (Mr. TED LIEU of California asked passed Dodd-Frank. We passed it to re- (Ms. BARRAGA´ N asked and was and was given permission to address spond to the greatest recession in 80 given permission to address the House the House for 1 minute.) years, which saw a financial crisis that for 1 minute and to revise and extend caused working men and women to lose Mr. TED LIEU of California. Madam Speaker, as a former prosecutor, I rise her remarks.) the greatest amount of wealth they Ms. BARRAGA´ N. Madam Speaker, have ever lost. Yet, our colleagues here to state the obvious: President Trump committed obstruction of justice. veterans shouldn’t have to come home believe that it is important to choose in a body bag to be recognized as Amer- large corporate interests over working We have direct evidence that the President asked the FBI Director for icans. men and women. Last weekend, I went, along with At the same time, today we heard the loyalty. He demanded it. He asked the FBI Director to drop an investigation some of my colleagues, to Tijuana, testimony of Director Comey under Mexico, where we visited veterans who oath. He gave a list of very trouble- into Michael Flynn. have served this country, who have some acts and words offered by the The President fired the FBI Director. picked up a weapon to go and fight in President of the United States. Shortly Then, on national TV, he said he did it war to protect our freedoms. They sur- thereafter, the President’s lawyer, who because of the Russian probe. Then he vived, came home, and some of them was not under oath, came forward to told the Russians in the Oval Office were deported. deny, disparage, and suggest that Di- that he did it to relieve great pressure Do you know that if you go and you rector Comey was not telling the truth. because of the FBI investigation. That That is clearly an indication that the is classic obstruction of justice. fight overseas and you are not a citizen Judiciary Committee should begin an The Washington Post today has a and you die, you get automatic citizen- inquiry. That is our jurisdictional quote from one of the prosecutors of ship? duty: to begin an inquiry to discern Watergate. He says: ‘‘I helped pros- One of those people we saw this who is telling the truth. The FBI is ecute Watergate. Comey’s statement is weekend is my constituent, Hector under our jurisdiction. sufficient evidence for an obstruction Barajas, from Compton. This is a photo It is time for the House to hold hear- of justice case.’’ of him. He was proudly still wearing ings now. The truth must be known by I call on Special Counsel Mueller to his uniform. He was deported to Mexico the American people. investigate the President of the United after serving 51⁄2 years in the U.S. Army, receiving two commendations. f States for violating the obstruction of justice statute, which is a felony. I am proud to cosponsor H.R. 1405, REMEMBERING THE LIFE OF PAUL The SPEAKER pro tempore (Ms. CHE- which would allow noncitizen veterans W. PAINTER, JR. NEY). Members are reminded to refrain who have been deported to come home (Mr. CARTER of Georgia asked and from engaging in personalities toward and come back to the United States. I was given permission to address the the President. hope that he gets to come back, too.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00100 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.085 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4805 IN RECOGNITION OF LIEUTENANT man G.T. THOMPSON from Pennsylvania appreciate the opportunity to work COLONEL LISA L.A. EPPERSON as well for his leadership. It is an honor with him, particularly on this very im- (Mr. BACON asked and was given per- to be here. portant topic. mission to address the House for 1 Madam Speaker, in recent years, Madam Speaker, I yield to Congress- minute.) global economic trends have led to an man THOMPSON, the sponsor of H.R. Mr. BACON. Madam Speaker, I rise ever-growing skills gap. While unem- 2353, who, for many years, has been today to recognize Lieutenant Colonel ployment has fallen to 4.4 percent in leading the charge here in the House to Lisa L.A. Epperson on the occasion of my home State of Illinois, there is still strengthen career technical education. her retirement from the United States a widening gap between the jobs that Mr. THOMPSON of Pennsylvania. Air Force, the best Air Force in the are open and the skills workers need. Madam Speaker, I thank my good world. This has become apparent as I have friend from Pennsylvania, Representa- MUCKER—he is doing a great job Colonel Epperson has given a great traveled throughout my district listen- tive S representing his congressional district deal to this Nation through her service. ing to community representatives, and being a strong voice for Pennsyl- Her assignments include Wright-Pat- businesses, parents, students, and high- vania—for hosting this important Spe- terson, Tyndall, Los Angeles, Hill, and er education officials discuss the local cial Order tonight focused on career Nellis Air Force Bases, and finally here state of the economy. and technical education. at the Pentagon. Colonel Epperson has I have been particularly concerned I appreciate my good friend, Rep- influenced mission systems from De- with the feedback I have received from resentative KRISHNAMOORTHI, who is fense Satellite Communications Sys- businesses, who continue to report that with me and is leading the charge with tem and Minuteman III, an ICBM, to there is a gap between the talent and the piece of legislation that I hope we the F–15 and F–22. Most importantly, skills they need in employees and what will see on the House floor in the weeks she impacted our warfighting oper- they can actually find. Shortages in skilled fields like machinists, techni- to come. ations in Operations Noble Eagle, En- As co-chair of the House Career and during Freedom, and Iraqi Freedom. cians, operators, cybersecurity, and healthcare are impairing their ability Technical Education Caucus, I often Throughout her distinguished career, say that a high quality career in tech- Colonel Epperson represented our coun- to grow their businesses. There is much Congress can do to im- nical education can help restore rungs try with honor, and I am privileged to prove the skills of our labor force, on the ladder of opportunity. Now, this pay tribute to her. On behalf of Con- which is why I was proud to partner statement is one I truly believe in. gress and the United States, I want to with my good friend and fellow member For many Americans, those rungs thank Colonel Epperson; her husband, of the Education and the Workforce have been displaced for different rea- David; and their children, Trevor and Committee, Congressman G.T. THOMP- sons, whether it is training that they Cassidy, for their 20 years of service. I SON, in introducing H.R. 2353. have had, access to training, access to wish them Godspeed and continued Our bill reauthorizes the Carl D. Per- quality, effective training; whether it happiness as they start this new chap- kins grant program through fiscal year has been poverty; whether it has been ter. 2023 and gives States and local govern- unemployment, underemployment, all f ments the tools to better equip work- things that take away rungs on the CAREER AND TECHNICAL ers for higher paying middle class jobs ladder of opportunity, this career and EDUCATION in the 21st century. technical education can truly restore The Strengthening Career and Tech- rungs on the ladder of opportunity. The SPEAKER pro tempore. Under nical Education for the 21st Century It is undeniable that career and tech- the Speaker’s announced policy of Jan- Act addresses one of the underlying nological education has helped many uary 3, 2017, the gentleman from Penn- causes of the skills gap: what is being Americans obtain the knowledge and sylvania (Mr. SMUCKER) is recognized taught in classes does not necessarily skills they need to break the cycle of for 60 minutes as the designee of the sync up with what is needed to get a poverty and achieve a lifetime of suc- majority leader. job. H.R. 2353 requires a strong buy-in cess. GENERAL LEAVE from local businesses in developing The first step to increasing access to Mr. SMUCKER. Madam Speaker, I State plans. CTE programs, as we refer to them, ask unanimous consent that all Mem- With more local stakeholders in- across the United States is modern- bers may have 5 legislative days in volved in the process, it will better izing the Federal investment in these which to revise and extend their re- equip students with the technical skills programs, and it has been more than a marks and include extraneous material they need to find success in local in-de- decade since Congress has updated the on the topic of this Special Order. mand careers. Federal law governing CTE programs. The SPEAKER pro tempore. Is there Finally, I believe it is important that This is problematic, due to the fact objection to the request of the gen- we start to shift the culture sur- that so much about our society and our tleman from Pennsylvania? rounding career and technical edu- Nation’s workforce has changed during There was no objection. cation. Every student, no matter his or this time. Since the last time the Per- Mr. SMUCKER. Madam Speaker, to- her career goals, should participate in kins Act was reauthorized, we have night I am honored to lead a bipartisan some form of career education. I be- new skill sets, new jobs, new industry, Special Order on career and technical lieve that every student needs to grad- new opportunities, new technology. education. We have several Members uate, not just with a diploma but with So, for example, today, more than 1 joining us here this evening to high- another piece of paper, namely an offer million positions remain open in the light CTE programs in their districts letter. trade, transportation, utility sectors, and the upcoming reauthorization of Some students will find success in a and an additional 315,000 manufac- the Carl D. Perkins Career and Tech- traditional 4-year college program; turing positions are currently unfilled. nical Education Act. others, however, will learn the skills If we are to embark on a new era of I would like to start the order by they need through a 2-year community American manufacturing and improved yielding to my colleague and colead, college or on-the-job training. infrastructure, we need a qualified and Congressman KRISHNAMOORTHI, who I look forward to working with my well trained workforce to fill these po- has been working hard with my Penn- colleagues from both sides of the aisle sitions. That is the number one asset of sylvania colleague, Congressman to ensure its passage, and I look for- any business. It is not the location; it THOMPSON, on H.R. 2353, the Strength- ward to sending this bill to the Presi- is not the compliance; it is not the ening Career and Technical Education dent later this year for signing. marketing. It really is a qualified and for the 21st Century Act. Mr. SMUCKER. Madam Speaker, I trained workforce. Mr. KRISHNAMOORTHI. Madam would like to thank Congressman With all this in mind, I have worked Speaker, I thank Representative KRISHNAMOORTHI for his leadership on with my colleagues in introducing the SMUCKER for yielding. I really appre- this issue. The Congressman is a fellow Strengthening Career and Technical ciate his leadership. I thank Congress- member of the freshman class. I really Education for the 21st Century Act

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00101 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.088 H08JNPT1 H4806 CONGRESSIONAL RECORD — HOUSE June 8, 2017 once again this Congress. Last Con- home, it provides and serves that per- out of poverty than to connect them gress, this bill did pass unanimously son. The family who is stuck in pov- with a good-paying job and the self- out of the House Committee on Edu- erty maybe for generations, stuck in worth that is achieved from finding a cation and the Workforce and was poverty so long, they don’t even re- job. We know those jobs are available widely supported on the House floor by member what was the incident that put today. What career and technical edu- a vote of 405–5. Unfortunately, things them into poverty generations ago, but cation does is prepare people for great- bogged down in the Senate, with a lot this is a way to break that cycle of paying jobs that are available. of good legislation at the end of the poverty. Again, thank you so much for your last congressional cycle, and so here we And certainly the successful business leadership on this. are again, which is okay, because we owner, who is doing all the right Now I would like to yield to another have taken the opportunity to make things, and she is invested in her busi- freshman colleague of mine on the this just a little bit better, too. We had ness and has grown the business and Education and Workforce Committee, some small refinements, but some im- has a great product and a great loca- Mr. MITCHELL, who has an extensive provements. We used our time effec- tion and a great marketing plan, great background in higher education and tively. compliance plan, because of regulation brings that expertise to the committee. Now, this robust reauthorization of issues, but she is closing her business, Mr. MITCHELL. I thank Mr. the Perkins Act will help ensure that because, Madam Speaker, she can’t SMUCKER for yielding to me. Federal policies accurately reflect the find qualified and trained workers to Madam Speaker, I rise today to talk challenges and realities facing today’s keep that business going, let alone about education and workforce pre- students, workers, and employers. Ad- grow it. These are all examples of folks paredness. ditionally, the bill supports innovative who will benefit from this. Prior to serving in Congress, I dedi- learning opportunities and stronger en- I really want to thank my colleagues cated my 35-year career to workforce gagements with employers. By pro- for their enthusiastic support of career education, helping people develop moting work-based learning at the and technical education. On a day skills necessary to get a job and start Federal level, more employers will when I know there are other places a career path. build relationships with students where there are pressures to be this There is something about the pride through hands-on experience. This type evening, you are right here on the that comes when someone builds the of learning is invaluable to students House floor and leading the cause for skills necessary to start a career. Their with a wide range of interests and career and technical education, and I whole world changes when they see learning styles. am very thankful for that. Once again, what they can achieve and the dif- I am proud to see this bill pass out of thanks to Representative SMUCKER for ference that makes for their family. the committee unanimously once again his leadership and tonight’s Special I ran for Congress with the desire to last month. I am looking forward to its Order. make that opportunity possible for all consideration on the House floor and in Mr. SMUCKER. Madam Speaker, I Americans; to help all Americans suc- the Senate in the future. would like to again thank the Con- ceed, as I and so many others in this Now, if we are serious about improv- gressman for his leadership on this Chamber have. ing our Nation’s workforce and pro- very important issue. I very much en- For some people, pursuing their de- viding greater opportunities for all joyed, in the 5 months I have been sired career means a 4-year college de- Americans, we will work together to here, working with Congressman gree. I have also seen that that is not move this bill through the legislative THOMPSON, a fellow member of the the right path for many others. Yet, process. After all, this new bill, as I Pennsylvania delegation, but I have too often, those that wish to pursue ca- have said before, does restore rungs on seen his passion for this issue. So, reers in technical areas lack the skills the ladder of opportunity. again, I look forward to continuing to to gain the employment and access the The impact of increasing access and work with you on this and really ap- skills training necessary to move for- quality of career and technical edu- preciate your leadership. ward. cation is far-reaching. Take, for exam- This leads to a problem we have all ple, maybe a 15-year-old girl who when b 1715 heard of, the skills gap. People, young in school was uninspired, her head is on You mentioned the critical need of and mature, are unable to find jobs be- her desk. She doesn’t learn in the typ- businesses to fill spots that are avail- cause they lack the necessary skills, ical way that many of us do, where able today. We see the unemployment and employers are unable to find quali- people talk at you and teach, but if you rate today. We know this is a problem fied staff to fill their jobs. can put something in her hands, the today and will continue to be a prob- We are seeing this repeatedly in my tools of career and technical education, lem. home State of Michigan. Several com- that could be a welder, a set of wrench- My background is in construction. panies that have been awarded incen- es, it could be a paint brush, it could be We owned a construction firm. We had tives to grow and expand through the a stethoscope, farm implements, she is about 150 employees. Our biggest prob- Michigan Strategic Fund have had to inspired, and she does great, she excels. lem always was finding qualified people dial back planned expansions due to I just heard about a young boy today, to fill the spots that are available. At hiring challenges. The Pure Michigan who is a young man now, but as a the same time, I saw the opportunities Talent Connect website lists nearly young boy was on the spectrum scale, that were available to people who de- 100,000 open jobs and positions across a he had some issues of autism. I was so cided to take up a career in construc- range of industries. Businesses simply inspired to hear this today. This young tion. It is not, as many people think, cannot find qualified individuals to fill man went into career and technical neither construction nor manufac- their open jobs. It threatens our Na- education as a welder. And today, he is turing nor many jobs that require tech- tion, and we must address it. making a significant amount of money, nical trade skills today. Construction In efforts to assess the needs of our more than what his teacher was mak- uses technology, and it is not a dirty education system over the last 5 ing, right out of high school, as a weld- job that people once thought it was. months, I have met with students, ad- er because of what career and technical The manufacturing is the same way. At ministrators, teachers, and employers education did. the same time, there are great-paying throughout my congressional district. The young couple facing unemploy- jobs, family-sustaining jobs available Every single employer I have met since ment and underemployment who is at in these fields. I started office have told me the same the kitchen table trying to decide how I think we need to do a better job of thing, believe it or not. They need to make ends meet, and this is an op- enlightening, essentially, the opportu- more employees with the skills nec- portunity to get back into the work- nities and talking about the opportuni- essary, the core technical skills nec- force. The middle-aged worker who has ties that are available through career essary, to contribute in the workforce. been working the line manufacturing and technical education. Despite expensive and extensive re- who would like a promotion, do a little To your point again, Congressman, cruitment efforts, they can’t find better by his family, bring more money there is no better way to help people them. It is creating a real problem.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00102 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.089 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4807 They are turning down work and turn- force, and they are also helping adult With career and technical education, ing down opportunity and growth learners transition into new careers. students can incorporate practical across this Nation and in my district I visited these centers and learned skills and training into their edu- because they cannot find skilled em- about these education programs, and cational experience; skills that are val- ployees. they provide a meaningful transition uable to the workforce to create jobs. Schools in my community recognize for these students. They rely heavily Businesses in South Carolina espe- this problem, but too often their hands on the Carl D. Perkins Career and cially appreciate the opportunity to are tied, needing to ensure that stu- Technical Eduction Act. This is a piv- work with the technical colleges to dents meet arbitrary standards and otal workforce development tool. It en- work to close the skills gap and hire testing metrics. Here is the irony: ables our education leaders to develop trained, experienced employees for rather than ensuring that they are pre- tailored programs that reflect the highly technical jobs. pared for employment in the commu- workforce needs, leveraging small dol- I have been grateful to have the op- nity, we worry about test scores. lars for very large outcomes. portunity to visit Midlands Technical School leaders throughout my dis- Travelling throughout my district, College, Aiken Technical College, and trict have asked for one thing: more the number one issue I hear from busi- Orangeburg-Calhoun Technical College, flexibility to offer choices to students ness and education leaders is workforce along with the extraordinary programs and families to develop skills to meet development. I have seen examples at their area high schools. the needs of employers and, frankly, across the Third District of how com- I am grateful for the work of the Ap- the needs of the 21st century. munity stakeholders are pulling to- prenticeship Carolina, readySC, and The Strengthening Career and Tech- gether to do their part to develop ca- the South Carolina Technical College nical Education for the 21st Century reer tech education and, in turn, create System for their role in connecting Act would give additional flexibility to opportunities for young people to climb students with employers. the community that education leaders the ladder of success. I also appreciate the countless busi- are asking for. It will also allow States I am so impressed by the emerging nesses in South Carolina, like Boeing, to better accommodate the local work- partnerships that have naturally come Michelin, MTU, Fluor, and others that force needs. Schools, parents, employ- about as these groups work to close the support the career and technical edu- ers, and teachers have made it clear: skills gap that we have in this country. cation programs and hire students career and technical education can be They know the urgent need we have to from the programs or facilitate appren- improved by making it more relevant educate students and develop these ticeship programs for meaningful jobs. to students and employers, ensuring skills to fill the demands of a 21st cen- In fact, these programs have been the programs are accountable, involving tury job. basis for establishing the tire industry This is a story of so many of our all stakeholders, and granting more in South Carolina where, in the district communities across the country and flexibility. I represent, Michelin is the largest sin- the reason why I support the effort to The bipartisan Strengthening Career gle tire manufacturer in the world at move forward and reauthorize the Per- and Technical Education for the 21st that location. kins CTE. Reauthorizing Perkins CTE Century Act achieves those goals. I am Additionally, with Bridgestone, will upgrade the law and more accu- proud to support it as one step to ex- which is Japanese; Continental, which rately reflect the needs and work being is German; Michelin, which is French; pand the educational opportunities in done by States and local communities, Giti, which is GT, which is Singapore; choice in this country. providing flexibility, streamlined ap- Mr. SMUCKER. I thank Representa- and soon a Chinese tire manufacturer, plication processes, promoting partner- tive MITCHELL for his comments. ships, accountability, and a limited because of the training programs we Again, I appreciate not only his pas- Federal role. have, South Carolina now is the lead- sion for this issue, but the wealth of It is time to make these reforms, and ing manufacturer and exporter of tires experience in this field that he brings I proudly support H.R. 2353. of any State in the United States. to the table, and I look forward as well Mr. SMUCKER. I thank Mr. FER- Additionally, with BMW, South Caro- to continuing to work with him on this GUSON for his comments. As he men- lina is the leading exporter of cars of issue. tioned, this is about family-sustaining any State in the United States. In fact, I now would like to yield to, once jobs. Mr. FERGUSON has a lot of experi- last year, $9.4 billion worth of BMWs again, another freshman Member of the ence bringing jobs to his town of West were exported out of Charleston for class who I very much enjoy working Point in Georgia, where he was mayor, worldwide distribution. with, Mr. FERGUSON. creating thousands of new jobs there While South Carolina has been highly Mr. FERGUSON. I thank Mr. through innovative policies. I look for- successful in promoting career and SMUCKER for yielding to me. ward to continuing to work with him technical education programs, I hope I, too, would like to express my ap- on this as well. all communities across the country can preciation for Representative THOMP- Now I yield to another colleague on experience the success that we have SON for taking the lead on this on our the Education and Workforce Com- achieved creating jobs. side of aisle. He did a great job. I also mittee who has been a leading voice as The Strengthening Career and Tech- appreciate Representative well on CTE, Mr. WILSON. nical Education for the 21st Century KRISHNAMOORTHI from Illinois, who Mr. WILSON of South Carolina. I Act will reduce regulations and allow worked tirelessly to make this a real thank Congressman LLOYD SMUCKER State and local leaders to create career solid bill. So thanks to both of them. for yielding to me. I appreciate his and technical education programs best Thank you for taking time to lead dedicated leadership to the people of for their communities. these Special Orders tonight. Pennsylvania. As the House of Representatives will In my district and throughout Geor- Students and businesses in South consider the bipartisan Strengthening gia, our school systems, technical col- Carolina know firsthand the impor- Career and Technical Education for the leges, and communities are creating in- tance of an educated workforce to pro- 21st Century Act soon, I urge all of my novative career tech opportunities to mote jobs. They also know that quality colleagues to support this job-creating help transition students into a work- education doesn’t have to come at the legislation for meaningful and produc- force through dual enrollment with the time and expense of a traditional 4- tive families. Technical College System of Georgia, year college degree to achieve fulfilling Mr. SMUCKER. I thank Mr. WILSON work-based learning apprenticeships, jobs. for his comments. and Career Academies like the THINC While visiting these schools and busi- I am happy to say that I am one of Academy in LaGrange, the Central nesses across the Second District of those who supports the economy in Education Center in Newnan, and 12 for South Carolina, I regularly learn how South Carolina by buying those Life in Carrollton, Georgia. they have positively benefited from ca- Bridgestone and Firestone tires for my These programs are helping our reer and technical education programs vehicles. young people make the transition from that create jobs and lead to fulfilling Mr. WILSON has been a strong advo- high school directly into the work- lives. cate, obviously, for the people of his

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00103 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.091 H08JNPT1 H4808 CONGRESSIONAL RECORD — HOUSE June 8, 2017 district, the people of his State, and Here, we often think of apprentice- Westerly Education Center effectively has been a leader in regards to CTE. I ship in what we may refer to as blue- brings together higher education, in- look forward to working with him on collar workers, construction and manu- dustry, and community partners to en- this bill as well. facturing. In Switzerland, I was told sure students of all ages are prepared I think I will have one more speaker, that they have apprenticeship pro- for workforce opportunities in Rhode who is on the way. As I wait for him, grams in up to 230 careers. So it is Island. Classes range from industry- Mr. WILSON talked about some of the bankers and insurers. Many, many dif- specific skills training to courses in schools in his area that have been ferent companies are taking advantage critical thinking, management, and doing a great job in connecting people, of the apprenticeship program there. also soft skills. training people, educating people for It gets to the student debt problem CTE courses, Madam Speaker, are in the kind of jobs that are available in that we hear so much about. Here, stu- demand. Approximately 12.5 million our workforces. dents are earning a degree. In an ap- high school and college students are Pennsylvania’s 16th Congressional prenticeship program, students are enrolled in CTE across the Nation. But District is home to Thaddeus Stevens earning a degree while earning dollars, Federal investment in this area has de- College of Technology, and it is an in- so it sort of does away with that, if you creased, actually, since 2011, and the credible story and similar to stories of think about it. You are earning dollars Carl D. Perkins Career and Technical many of the other institutions that are as you are learning. So it is a great Education Act hasn’t been authorized providing career and technical edu- model that I hope to see more of here. since 2006. I am hoping that we are cation. Madam Speaker, I yield to the gen- going to be able to see this act reau- There was a job fair recently at tleman from Rhode Island (Mr. LAN- thorized very soon. Thaddeus Stevens College, and for just GEVIN). Perkins is the primary Federal in- a few hundred graduates, there were Mr. LANGEVIN. Madam Speaker, I vestment in CTE, and the most impor- about 450 companies essentially com- thank the gentleman for yielding, and tant thing that we can do to support peting for those individuals, competing I thank Representative SMUCKER for CTE across the country, to support stu- to fill spots they had. So it goes with- holding this Special Order. dents and businesses across the coun- out saying that the placement rate at Madam Speaker, as co-chair of the try, is to reauthorize this legislation. many of these schools—I know cer- Career and Technical Education Cau- It needs to be updated for our changing tainly at Thaddeus Stevens College—is cus, I rise to highlight the importance economy, and funding for CTE pro- grams must be increased to support almost 100 percent placement rate. of career and technical education for growing programs across the Nation. They have a problem, in fact, some- our Nation’s workforce. I really appre- ciate all of the comments that the gen- Last Congress, I know that the House times keeping people until graduation overwhelmingly passed the bipartisan because students are offered jobs even tleman just mentioned, and I concur. Madam Speaker, across Rhode Island, Strengthening Career and Technical before they graduate, and they are Education Act, and I call on my col- hired away. I continue to hear from employers struggling to find skilled workers to leagues to do the same in this Congress b 1730 as well. It was, in some ways, a rare fill open jobs in fields such as manufac- moment of bipartisanship in the Con- Some of the students coming out of turing, IT, and other trades. Thaddeus Stevens College are earning, Hundreds of thousands of high- gress and a great example of how we on average, $45,000 annually. We have skilled, high-paying jobs are right now can work together. Hopefully, that will lead to other things as well. the Marcellus shale drilling in our unfulfilled in our country, and this H.R. 2353 recently passed unani- area, welders, some of them are earn- number is continuing to grow. Espe- ing up to six figures, $100,000 or more in mously by the Education and the cially as we hear about bringing jobs Workforce Committee, and it is, again, the first or second year of employment. back from overseas, manufacturing, the product of an inclusive and So, again, the kind of jobs that we are just by way of example, has changed thoughtful process. I commend the talking about here are great-paying, dramatically. These factories are no chairman of the Education and the family-sustaining jobs. longer the old, dirty, noisy manufac- Workforce Committee and the ranking My district is also home to Reading turing factories of old that, say, our fa- member and all of the members on Area Community College and the Penn- thers or grandfathers were used to. both sides of the aisle for working so sylvania College of Health Sciences, They are now all high-tech. You see ro- closely together—again, a very com- both of which offer CTE programs. We bots doing a lot of the manufacturing plicated piece of legislation that passed have spoken with, as a part of leading that require both programming and so- unanimously out of committee. up to this bill being introduced, their phisticated knowledge how to run this So, again, I thank my fellow CTE faculty, students, and staff about how advanced equipment. Caucus co-chair as well, Representative some of these programs can be im- So the jobs are coming back, but THOMPSON from Pennsylvania, for all of proved. they are coming back in different his great work on this bill. He is a Harrisburg Area Community College ways, needing different skills. And member of the Education and the has a campus in my district in Lan- right now we need to ensure that our Workforce Committee, and he is the caster. They do something that I think workforce is equipped with the tools to co-chair of the CTE Caucus. We work we will be seeing more of and should be meet the demands of the economy to in lockstep on these matters. It has seeing more of: they run an innovative close our Nation’s skills gap. We can do been a pleasure to work with him. I am apprenticeship program. They brought this by better aligning education and grateful for his leadership, along with together private businesses that work industry. many other colleagues. with the school to help prepare skilled Our students, Madam Speaker, It makes many necessary updates to workers to fill available jobs. It is a should be learning the skills they need Perkins, with an emphasis on training very innovative program. The program to succeed in growing economic sec- students for the skills that they will has been very, very successful. tors. This is one of the most important need in high-growth economic sectors. Future initiatives there include ex- investments that we can make in our The bill contains several important re- panding the program into our local Nation’s future. forms, including increasing collabora- high schools to ensure that graduates The Governor of Rhode Island, Gov- tion between education and industry, are college or career ready. It is an op- ernor Raimondo, likes to say: We need expanding student access to appren- portunity that I think we have across to give our workers the skills that ticeships, supporting career counselors, the country. matter for jobs that pay. and aligning State performance indica- If you look at some other models, In the Ocean State, the newly opened tors with local labor markets, among some of the European countries—for Westerly Education Center right now is other things. instance, I just had a long, extensive working to promote CTE, providing a Unfortunately, at a time when it is conversation with the Swiss Ambas- range of courses to help Rhode Island- more crucial than ever to invest in sador about the apprenticeship pro- ers to meet the current and projected CTE, the President’s budget has pro- gram in Switzerland. needs of the region’s economy. The posed, though, a budget for fiscal year

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00104 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.093 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4809 2018 that cuts Perkins State grants by necessary to launch successful careers. by President Trump and the investiga- 15 percent. That is more than $168 mil- In my experience, I know firsthand tion since he left the FBI, and his testi- lion across the country. In Rhode Is- what it is like to work a full-time job mony confirmed much of what has been land, that Perkins funding cut would while attending school, and I believe reported about the matter. mean a cut of more than $800,000. If en- that it is important that we accommo- Now, what any reasonable-minded acted, the President’s budget would not date the needs of many different types observer would have to conclude after only slash a crucial investment in our of students that are ready to learn and watching the testimony today, after students, but it would deeply hurt busi- willing to work. reading Mr. Comey’s testimony, is that nesses. So, again, I am excited and very President Trump was trying mightily If we want businesses to come back happy to cosponsor and support the to use his office and his influence to to the country from overseas, if we Strengthening Career and Technical get Director Comey to drop the inves- want to relocate those jobs here, we Education for the 21st Century Act. tigation of General Flynn, his former need to make sure that we have the This bill empowers State and local National Security Advisor. Indeed, workforce that can actually do the jobs community leaders. It improves align- President Trump as much as said so that would be available and that are, in ment with in-demand jobs, those jobs when he said that he had fired Director fact, available right now. that we have been talking about. It in- Comey because he was unhappy about This is the time to invest in work- creases transparency and account- the Russian investigation and, presum- force development, not undermine it. ability, and it ensures a limited Fed- ably, the Russian investigation into Demand for CTE is growing from stu- eral role, putting the decisionmaking General Flynn. dents and industry, and our economy where it should be. Madam Speaker, I mentioned before, Now, Madam Speaker, distinguished desperately needs it. colleagues, look how far we have come Madam Speaker, in closing, let me but, in closing, I thank my Pennsyl- vania colleague, Representative G.T. over the last several months. The just say that I encourage my col- President of the United States hired a leagues to prioritize CTE. It matters THOMPSON, for his leadership on this critically important legislation. The National Security Advisor after being for your constituents, and it yields big warned not to by the former President returns for our States’ economies and level of support for strengthening ca- reer and technical education among my of the United States, by then-President for our Nation’s economy as a whole. Obama. That National Security Advi- Put simply, providing workers with the colleagues in the House and on a bipar- tisan basis is absolutely outstanding, sor lasted a total of 24 days in office, skills necessary to thrive in the econ- when it was determined that he had omy is essential to our economic pros- and I am very eager to continue finding new ways in which we can grow CTE lied to Vice President PENCE about his perity. It is the right thing to do, giv- dealings with Russia. And then later ing our workers the skills they need for and apprenticeship programs and ex- pand access for Pennsylvania’s working we learned that he was a registered for- jobs that pay. eign agent, or he registered retro- Mr. SMUCKER. Madam Speaker, I people to allow them to help achieve the American Dream. actively as a foreign agent, an agent thank Representative LANGEVIN. His for a foreign government. Now, think points are very good. We appreciate his Madam Speaker, I yield back the bal- ance of my time. how dramatic this sequence of events leadership as co-chair of the CTE Cau- is. cus and for the work that he has done f Imagine, if you will, if President in bringing this bill to the point where PROGRESSIVE CAUCUS it is now. Barack Obama had met with Attorney The SPEAKER pro tempore. Under He is right. It was passed unani- General Eric Holder and Vice President the Speaker’s announced policy of Jan- mously out of the Education and the Joe Biden and FBI Director Comey in uary 3, 2017, the gentleman from Mary- Workforce Committee. We thank the his office and then asked Vice Presi- land (Mr. RASKIN) is recognized for 60 chair of the committee for making that dent Biden and Attorney General Hold- minutes as the designee of the minor- a priority. We hope it passes the floor er to leave his office, saying that he ity leader. of the House—it did, of course, last ses- wanted to speak alone to the FBI Di- Mr. RASKIN. Madam Speaker, I am rector, and then proceeded, essentially, sion—and then we hope it becomes a delighted to be here on behalf of the priority for the Senate as well. It is im- to tell FBI Director Comey that he Progressive Caucus. This is our Special wanted him to drop the investigation portant. Order hour. We have decided to devote He has mentioned some of the into Hillary Clinton’s emails, saying, our remarks this evening to the testi- schools, the institutions, in his dis- you know, ‘‘Hillary Clinton’s a good mony of former FBI Director Comey, trict. I have talked about some in woman. She’s a good person, and I hope who testified in the U.S. Senate today. mine. I have heard from all of them. you can just let the investigation into GENERAL LEAVE Not only have they given input into her emails go. Just let it go,’’ and to Mr. RASKIN. Madam Speaker, I ask the bill itself and how we can improve demand repeatedly for absolute per- unanimous consent that all Members the entire system across the country, sonal loyalty. may have 5 legislative days to revise but they have also talked about the Now, as it happened, Director Comey and extend their remarks and include importance of the grants that are pro- refused to take a vow of absolute loy- extraneous material on the subject of vided to them through the Perkins Act. alty to the President. After all, he my Special Order. takes an oath of office to the Constitu- Reauthorization will be very beneficial The SPEAKER pro tempore. Is there in keeping those grants going, in pro- tion of the United States and the peo- objection to the request of the gen- ple of the country, so he couldn’t say viding the help that we can from the tleman from Maryland? Federal level. So I thank him. that he would give absolute loyalty to There was no objection. the President of the United States. Madam Speaker, as I conclude with Mr. RASKIN. Madam Speaker, today, That is not consistent with our con- my remarks, I would first, again, like America watched former FBI Director stitutional form of government. to thank all of my colleagues who have Comey offer his testimony before the participated in this bipartisan Special Senate Select Committee on Intel- But imagine that this had happened Order. It is really, as we have seen, a ligence. It was a dramatic and serious under the Obama administration. bipartisan issue here. moment in the history of our country Obama had made a similar demand of I thank Congressman and in the unfolding of the crisis re- FBI Director Comey who was inves- KRISHNAMOORTHI for helping to colead lated to the investigation of Russia’s tigating, after all, Hillary Clinton’s this and for cosponsoring the bill, involvement in the U.S. election and emails, had dismissed the Vice Presi- along with Congressman THOMPSON. then the firing of General Flynn by dent and the Attorney General to have In my own background, I was some- President Trump. a one-on-one conversation, and then one with a nontraditional education. I said, ‘‘I really hope that you let this recognize the importance of providing b 1745 go,’’ using the full trappings of his of- our constituents with educational This was the first time that Director fice and his influence to try to get the pathways that provide them the skills Comey spoke publicly about his firing FBI Director to drop the investigation.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00105 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.095 H08JNPT1 H4810 CONGRESSIONAL RECORD — HOUSE June 8, 2017 If that happened, I dare say that something now that former FBI Direc- what happened to us in this election. every Member of this body, every Mem- tor Comey has spoken about publicly, And we will let, for the time being, the ber would have recognized that as an and it is something that 18 of our intel- Department of Justice and Special attempt to obstruct justice by the ligence agencies have reported to Con- Counselor Mueller deal with the ques- President of the United States, and gress and the American people in a tion of criminal culpability and crimi- lots of Members certainly would have public report with a high degree of cer- nal deeds, but that is of less impor- been calling for impeachment of Presi- tainty that there was an orchestrated tance, in truth, than the integrity of dent Obama for interfering with an on- campaign to undermine and subvert our political institution and the future going investigation by the FBI. our campaign, starting at the highest of American democracy. Well, what is happening now in Con- levels of the Russian Government. There is the question which remains gress? That took place, okay? unresolved and, at this point, still rel- Well, lots of our colleagues are mur- So the criminal or counterintel- atively untouched, about what is so muring a defense of President Trump ligence investigation doesn’t go to the special about Michael Flynn. saying: Well, it doesn’t look good and question that has got to concern us in We have a President who is unafraid maybe he shouldn’t have done it, but Congress, which is the threat to our to offend anybody. He told our best al- he is new to government. Trump is new democratic form of government. As lies in the world in NATO that NATO is to Washington. He is not schooled in FBI Director Comey restated today, obsolete. I think he has changed course the ways of Washington, it is being 2016 could just be a dress rehearsal for on that, but he was very willing to ba- said. He is actually a breath of fresh what is coming at us in 2018 and 2020. sically wave off the importance of air that he doesn’t know how Wash- The intelligence agencies said that NATO. ington operates. they would try to do it again. He was willing to tell one of our big- I think that that completely confuses Russia is no match for the military gest trade partners in the world, Mex- the question. Dear colleagues, Madam might of the United States of America. ico, that he was going to force them to Speaker, the law against obstruction of Russia is no match for the economic build a wall on the border, force them justice in the United States, which is a might of the United States of America. to pay for it. And again, I think he felony criminal offense, 18 U.S.C. 1503, Russia’s autocratic, kleptocratic, dic- seems to have backtracked from that. I applies against experienced govern- tatorial-style government is no match don’t know where he stands on that ment officials and inexperienced gov- for the constitutional democracy that now. He was willing to insult and affront ernment officials. It applies to all citi- we have built up in the United States the Government of Australia, which zens of the United States. It applies to of America. But the Russians have fig- has been a great ally of America. people who have worked in Washington ured out a way to use the internet to He had a TV show called ‘‘You’re their whole life and people who have try to penetrate the democracies of the Fired,’’ so he is not afraid of offending worked in Washington for several world on the cheap. It is not that ex- people, and we see him offend people months. In fact, it applies to people pensive to have paid trolls to orches- all of the time and pick fights with across the country. trate fake news and propaganda and to people all of the time. He picked a It is not a law that applies just in the try to distort the electoral process in fight with Meryl Streep. He is willing District of Columbia. It applies in New the United States of America—or in to tweet at anybody. York. It applies in Mar-a-Lago. It ap- the Netherlands, or in France, or in But suddenly, with Michael Flynn, plies in California. It applies every- other countries around the world. this disgraced National Security Advi- where. Now, we don’t have all of the facts. sor whom he fired, President Trump No American citizen can interfere That is why what we need is an inde- goes to great lengths to try to interfere with the due administration of justice, pendent, outside investigation by a in an ongoing investigation which I whether it is trying to persuade a juror commission that we set up outside of think everybody can recognize is ob- to do a certain thing, whether it is try- Congress—no Democratic Members of struction or attempted an obstruction ing to influence a judge in a particular Congress, no Republican Members of of justice. He interferes with the FBI case, or whether it is trying to get a Congress, no elected officials. What we Director in a really astonishing and prosecutor to drop an investigation will put on there are statesmen and unprecedented way to try to get Flynn into a particular person or into an en- stateswomen who are experienced in carved out of the investigation. tire subject matter. questions of democracy and foreign Why? What does Flynn know? What No one has the right to interfere with policy, who are trusted, and we will is the nature of their relationship such the due administration of justice in ask them to give us the kind of report that the President goes to such ex- America. That is both a criminal statu- that the 9/11 Commission gave to us traordinary lengths to carve him out tory principle in 18 U.S. Code. It is also but about what happened in the 2016 from the investigation? a constitutional principle, which is election and how do we prepare to stop That is something that we are going well recognized because democracy, it from happening again to us in the fu- to need to get to the bottom of because our constitutional democracy, depends ture. democracies operate on the truth. upon the rule of law; and there is no Now, notice that you can support Truth is built into our system. That is rule of law if there is no this, and I think you should support why we have judges and we have juries. evenhandedness and no impartiality in this, whether or not there was any col- That is why we have due process. That the administration of justice. No one lusion by anybody within the Trump is why we have congressional oversight has the right to interfere with justice. administration. You can be completely over the President of the United Now what should be done about this? convinced that there was collusion be- States. That is why all of us in public Nobody quite knows what to do at tween particular members of the service swear an oath to the Constitu- this point. We do have a special coun- Trump administration or Trump cam- tion. The truth means something in a sel, Mr. Mueller, who has been ap- paign and Russia or you could be com- democracy, so we are going to have to pointed, and that is good, but what he pletely convinced that there was no get to the bottom of that. is looking for is counterintelligence in- collusion at all, that they knew noth- But, in the meantime, Congress can formation, and he is looking for pos- ing about those efforts. It doesn’t make act effectively and in a unified way. sible criminal activity. any difference. There was still a mas- And I was encouraged by what both Re- But if we take a step back, what is sive assault on American democracy, publican and Democratic Senators on all of this really about? and we have got to respond to it. the Senate committee today were say- I was very pleased that former Direc- That is why I think the pathway for- ing, which is that everybody agreed, or tor Comey talked about this in his tes- ward for us now is for both sides in at least a lot of them agreed, that timony today. What this is about was a Congress, both parties, to come to- there had been this unacceptable as- concerted, deliberate, comprehensive gether and to act in a patriotic way, sault on the electoral institution of our effort, orchestrated from the very top not in a partisan way, to say let’s cre- political democracy in 2016, and we of the Russian Government, to inter- ate an objective, disinterested, outside have got to prevent it from happening fere with the U.S. election. That is commission to get to the bottom of again.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00106 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.097 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4811 We need to have a bipartisan, or non- That was something that former Di- the campaign’s ties to Russia because partisan, independent commission out- rector Comey never did with previous of his involvement with the Trump side of Congress to study exactly what administrations. And one of the things campaign, and so that was good. We happened and to report back to us that stuck out to me in his testimony thought that was a very good move about what we need to do to build up is that he had actually asked—he felt that he made to recuse himself, but our defenses so our democracy is as so uncomfortable with the interactions then he immediately went and was di- strong as our economy and as our mili- that he was having with the President, rectly involved in the decisionmaking tary. So our democratic institutions because I think the American people around the person who was leading the need to be fortified against subversion, need to understand, the FBI is built to investigation, in fact, involved in the against hacking, against cyber propa- be an independent organization. decision to fire the person who was ganda and fake news and so on. The reason that the term of the FBI leading the investigation. Madam Speaker, I am going to call Director is 10 years is because it was a Mr. Comey also hinted that Jeff Ses- up and invite the very distinguished signal from Congress that even though sions had more contact with the Rus- Congresswoman from Seattle, Wash- the FBI Director does serve at the sians than maybe we even knew about. ington, PRAMILA JAYAPAL, who has pleasure of the President—and Mr. He could not speak to that in a public been a terrific leader for human rights Comey was clear about that in his tes- setting. He said that is for a classified and for democracy in the U.S. House of timony today—the President has the setting, but, obviously, that raises a Representatives since her arrival in ability to hire and fire the FBI Direc- lot more questions, and the American January. tor. people certainly deserve the truth. Mr. Speaker, I yield back the balance But the reason Congress signaled One of the biggest takeaways from of my time. through legislation that the term of the testimony was this: President Trump gave many changing reasons as f the FBI Director should be 10 years was because they wanted to send a signal to why former Director Comey was b 1800 that this body is incredibly important, fired. And former Director Comey FORMER FBI DIRECTOR COMEY’S and the independence of this body is in- spoke to this today. He said, at first, it TESTIMONY credibly important. was because it was the handling—it The fact that Mr. Comey, as FBI Di- was because of Comey’s handling of the The SPEAKER pro tempore (Mr. rector, felt so uncomfortable about Clinton emails. Then it was that he HOLLINGSWORTH). Under the Speaker’s these interactions with the President— had lost the support of the FBI agents, announced policy of January 3, 2017, nine interactions with the President. I something that James Comey re- the gentlewoman from Washington think he had only two interactions sponded to, and said: ‘‘Those were lies, (Ms. JAYAPAL) is recognized for the re- with President Obama during his entire plain and simple.’’ mainder of the hour as the designee of term, and yet, in just the first few Actually, Mr. Comey spent quite the minority leader. months, he had nine interactions with some time really acknowledging the Ms. JAYAPAL. Mr. Speaker, I thank President Trump. He actually asked work of the organization, the FBI orga- Representative RASKIN for his leader- Attorney General Sessions and Deputy nization, and the agents, and every- ship in the House. It has been a great Attorney General Rod Rosenstein not thing that he has done. I certainly got honor to co-chair the CPC Special to leave him alone with the President. the impression that he felt very deeply Order hour here every week on the That is really a remarkable, scary upset by any indication that perhaps it floor. thing that he would have to ask for was because his agents didn’t want him Since I have just been elected the that, and it certainly should have to be there. first vice chair of the Congressional raised some red flags and should have What Mr. Comey pointed to is that Progressive Caucus, I, unfortunately, triggered some action from the Attor- eventually the President, in his own won’t be continuing to do that. But I ney General, or the Deputy Attorney words, admitted that he fired James am still going to be right here for these General. It did not. He never received Comey over the Russian investigation, Special Order hours, because I do think an answer to that. and then, right after that, actually that they are an important oppor- Mr. Comey also said that he expects said to the Russians that the pressure tunity for Members to talk about the special counsel’s investigation to has now been taken off now that issues all at once, and to kind of pick look into the possibility that Trump’s Comey has been fired. Those are all in- an issue, and then to focus on it. actions were an obstruction of justice. credibly disturbing. Obviously, today, we are talking He said that this did fall within the in- And I am sad, Mr. Speaker, that the about the testimony from former FBI vestigation scope. So while he didn’t Republicans—some Republican col- Director James Comey. This was high- directly say that Trump was directly leagues, not all, but some—have tried ly anticipated testimony, and I would under investigation, he did say that to dismiss the President’s actions as be willing to guess that a lot more peo- the President’s behavior does fall with- ‘‘mistakes made by a new President ple, perhaps, even watched the testi- in the investigation’s scope. who is learning how to do his job.’’ mony than watched the inauguration. That, frankly, does nothing to dispel Speaker PAUL RYAN went so far as to But I think we learned a great deal any concerns that are out there say: ‘‘He is new at government. There- from former Director Comey. I appre- amongst the American people, and fore, I think he is learning as he goes.’’ ciate that he was willing to come and many of us in Congress, that President This is just 1 day after the Speaker testify, and he said some very impor- Trump’s campaign did not collude with said that it is obviously—that was his tant things. Russia. word—not appropriate for the Presi- In that testimony, Mr. Comey con- Apparently, he did not seem particu- dent to ask for Mr. Comey’s loyalty. So firmed that President Trump sought to larly concerned about whether or not which one is it, Mr. Speaker? It is un- influence the FBI investigation into Russia did interfere in the elections acceptable to excuse the President’s his campaign’s ties to Russia, includ- but was more interested in whether or actions simply because he is not a ca- ing that of Michael Flynn. not his circle of friends, Michael reer professional, especially when we While the President had claimed that Flynn, was under threat. are talking about something of this he did not ask former Director Comey Former Director Comey also con- magnitude—the magnitude of inter- to drop the investigation, Mr. Comey firmed that Michael Flynn is under ference in our election process in the actually testified under oath that criminal investigation, and he raised United States of America by a foreign Trump’s directive was clear, and that more questions about Attorney Gen- government. this was apparently so off-putting that eral Jeff Sessions. As I have spoken We do not have any information still he began to memorialize their meet- about on the floor before, Attorney about all of the ways in which a Presi- ings. Every single meeting he had with General Sessions should not have been dent of the United States, this Presi- President Trump, he would have the involved in the firing of James Comey dent of the United States, may be in- meeting and then go back to the car in the first place. debted to some foreign government be- and immediately take notes on the He had recused himself from all cause of their actions with the elec- meeting, and that is troubling. things related to the investigation into tion.

VerDate Sep 11 2014 04:28 Sep 20, 2017 Jkt 079060 PO 00000 Frm 00107 Fmt 7634 Sfmt 0634 E:\RECORD17\JUNE\H08JN7.REC H08JN7 H4812 CONGRESSIONAL RECORD — HOUSE June 8, 2017 It has been repeatedly reported that So that still means that anything we got a lot of answers, but we didn’t the President does not sit for briefings, that Director Mueller finds in his find- get enough answers. There is still more does not read the reports that are pro- ings, his reports, they do get run up the information that we need to find. vided to him, does not stick to speech- chain of command at the Department There is more information that the es on policies that are written for him, of Justice. So if you watched yester- Senate Intelligence Committee needs and, frankly, shows very little interest day’s Senate Intelligence Committee to find. There is more information that in participating in the administrative hearings, you might have seen Senator the President may have to provide, and responsibilities that most Presidents KAMALA HARRIS discuss this and ask there is more information that the go through in order to learn what is a Rod Rosenstein if he could assure that American people are going to demand very big job. there really would be independence, in order to ensure that we get to the Yes, the job of the President of the that neither Rosenstein nor Jeff Ses- bottom of where we are, that we get an United States is a very big job, and sions would get involved in trying to independent commission established, anybody who gets into that job, just as change or influence, in any way, what- and that we allow Director Mueller, in I do in this body as a new Member of ever Director Mueller comes up with. his investigation, to proceed without Congress, we try to learn the rules. We She was not given that assurance any interference. go to the people who know the most. yesterday, unfortunately, and so we That is the least that we have to be We ask them to give us briefings. We still don’t know. But we have to hope willing to do, and we have to be willing suck up as much information as we and believe that the President and this to put country above party as we try to possibly can so that we understand administration will preserve the inde- ensure that we understand exactly both content and process. pendence of the special counsel and what has happened. The American peo- But, unfortunately, this President will take all of the findings and the ple deserve that. Mr. Speaker, I yield back. has not done any of that, and he has recommendations as to what they are made many unforced errors. Frankly, presented and not try to change them. f I really believe, Mr. Speaker, at this he has put our national security at risk point, that while the special counsel is b 1815 by giving secrets away to Russia, in- an important step forward, I join my FORMER FBI DIRECTOR COMEY’S sulting key allies who have now said colleague Mr. RASKIN and many others SENATE TESTIMONY that they won’t share information with in this caucus, in our Democratic Cau- us because they don’t trust that we are The SPEAKER pro tempore. Under cus, in calling for a special commis- the Speaker’s announced policy of Jan- going to be able to keep it secret. sion, an independent commission, simi- NATO and our allies in the European uary 3, 2017, the Chair recognizes the lar to the 9/11 Commission, filled with Union, where I just came back from, gentleman from Texas (Mr. GOHMERT) citizens—not with Members of Con- everybody around the world is unsure for 30 minutes. gress but with respected citizens—and of what leadership, if any, to expect Mr. GOHMERT. Mr. Speaker, it is in- people with expertise, as well as those deed an honor to come before and stand from the United States of America. citizens, to actually come together and Angela Merkel said it the best when before the Speaker and stand on this think not only about the immediate she said: We can’t rely on anybody else floor where so much great debate has impact of how we get to the bottom of occurred over the decades, even back to anymore. And she said: We, as a Euro- what has happened, but, really, how do 150 years ago. pean Union, have to just come together we prevent this going forward? Now, I have been heard to say over and rely on ourselves. What we are talking about is the the last few days a number of times And while that is great for the Euro- sanctity of our democracy; we are talk- that I thought the Comey testimony pean Union, I am glad that there is ing about whether our elections can be was ultimately the most overhyped something that has happened here that free of influence from other countries; event since Y2K, much ado about noth- has drawn the European Union to- we are talking about if an American ing, but one thing came through very, gether. It is an incredibly important citizen casts a vote here in the United very, very clearly. I didn’t watch the entity for the world and has been doing States for the President of the United testimony. I was busy presiding over a remarkable work. But what I would States, that that vote is not being in- hearing involving the Justice Depart- hope, Mr. Speaker, is that countries fluenced by a foreign government who ment and grants to local communities around the world know that the United has hacked our elections, or worked in and how that money is being spent, but States is going to continue to take collusion with a campaign for the I have gone back and been reviewing global leadership, is going to continue President of the United States; and the testimony. The thing that strikes to demonstrate that global leadership, that ultimately, whoever we select, me most clearly is that our President, and, most of all, is going to be trusted whether it is this President or any Donald J. Trump, is one of the most to make relationships and respect the President in the future, that that perceptive, intuitive leaders this coun- rules of those relationships. President must be responsible to the try has ever had. He wasn’t sure, appar- The American people are aware that American people. ently, if he could trust Comey. the President’s background is not in That is what democracy is about. We Now, we have heard from a lot of politics. However, the White House is don’t want any President, now or in other people in the administration, not ‘‘The Apprentice.’’ Had a new em- the future, to ever be in a situation some still there, some not. This issue ployee in The Trump Organization where there is information that can be about the President’s concern for loy- made as many errors as have been used against them, where they could be alty with Comey indicates our Presi- made in this administration, he would blackmailed, leveraged, or where they dent’s gut instinct was right on. He have been fired a long time ago. are actively colluding with any govern- was dealing with an FBI Director who The American people deserve better. ment outside of this country. was such a political animal that he And not only do we demand that the These are our elections. It is what would listen to the Attorney General of President not intervene in any nega- makes this country great. It is why so the United States and instruct him to tive way in Director Mueller’s inves- many people from all around the world change his testimony to—I would sub- tigation—and we are very pleased that look at America with tremendous grat- mit, when you know it is an investiga- Director Mueller has been appointed. I itude, with tremendous respect, even tion that you are engaged in, looking believe that was an incredibly impor- awe for the way in which we have con- at the emails and the potential crimi- tant step that Assistant Attorney Gen- structed our democracy. That is part of nality of Hillary Clinton, and your eral Rod Rosenstein took to appoint what goes on in this Chamber, and we boss, the Attorney General, said: No, somebody with the credibility that need to know that the election of the no, no—obviously it is an investiga- Mueller has—but we hope that this in- President of this great country is al- tion—call it a matter. vestigation will continue, because I ways an election that the American Nobody calls the FBI investigations think it is important for the American people have faith in, and that democ- matters. So he has no problem chang- people to understand that this is not an racy is preserved. ing his statement from the truth to po- independent investigator, or pros- Mr. Speaker, I think what James litical manipulation to cover for Hil- ecutor. This is special counsel. Comey’s testimony showed us today is, lary Clinton and to immediately do

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00108 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.100 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4813 what his boss tells him to do: Lie about those guns into the hands of criminals, they weren’t even using the laws that it. You know it is an investigation and drug cartels, as an excuse to take away were in effect. Instead of enforcing the I know it is an investigation, but we law-abiding Americans’ Second Amend- laws in effect, they continued to de- need you to lie about it. Just call it a ment rights and continue to pursue mand more gun control. matter. that effort. Just enforce what we had. Most all I have dealt with some of the finest We also know that the IRS had peo- the crimes that were brought up during people I have known in my life that ple who were working to prevent con- that period were crimes already with- happened to work for the FBI at the servatives from having an effect in the out any other gun control laws needing time we were working together. I 2012 election the way they did in 2010. to be passed and signed into law. Just worked with them, and I have never, As the movement was growing, the enforce what we have. ever in any Federal court setting or Obama administration used the IRS as But that wasn’t happening. Nobody Federal investigation setting heard a political weapon to disarm those who stood up and said President Obama any FBI agent in charge—field agent, would bring together funds and try to should be prosecuted for obstruction of leader in the FBI, the Justice Depart- defeat President Obama in a second justice, because as distasteful as it was ment—call an investigation a matter. term. That certainly deserved a special to me and so many others, the Presi- But Mr. Comey is such a political ani- counsel since all we seemed to get in dent has a right to set priorities as to mal that he was willing to salute not our investigations from Congress’ what his prosecutors will pursue and the flag, but Hillary Clinton and Loret- angle was a coverup. what will be left alone. So it is interesting on the Flynn ta Lynch and change what he knew to It harkens us back to the Clinton ad- matter. President Trump had every be the truth so that his answer was ministration when this tactic was dis- right to say: Look, I am giving a par- more misleading. covered by people within the Clinton don, a pass, to this person and to that So it is really interesting. Comey administration: Just cover things up. person. Let’s move on. I hope you will used the word, or said that Trump used Just deny, obfuscate, and refuse to the word, hoped that he would let it go. find something else to do. allow people to see the documentation. Trump didn’t even do that. President Let’s visit the Constitution briefly Destroy it after somebody dies. Get the here. The Constitution does not men- Trump said he hoped, an aspiration, records out of their office before any- but there was no obstruction of justice. tion an Attorney General. The Con- one else has a chance to properly inves- stitution does not mention the Federal How do we know that? Because we tigate what happened. have found, through the testimony of Bureau of Investigation and does not Somebody is alleged to have killed mention a Federal Bureau of Investiga- former Director Comey, an incredibly themselves at Fort Marcy Park. Then innate ability to see everything tion Director. It mentions Congress, it as I heard from my friend Dan Burton, mentions the courts, and it mentions through a political lens instead of a they were questioning the person that law-and-order lens. That is why he the executive branch, the President. It supposedly found the body out there: could have one Attorney General tell- doesn’t mention FBI Director, Attor- Well, that is not where it was. That is ing him, ‘‘Change what you are going ney General. It is the President, under not where the gun was. Everything ap- to say so it deceives the public,’’ and our Constitution, who is charged with pears to be changed. that is not a problem, we don’t do a seeing to the prosecution or the failure Well, the Clinton administration dis- memo about that, but another Presi- to prosecute as he believes is appro- covered this wonderful tactic of obfus- dent indicates: He is concerned about priate. cating: just keep denying and denying So, of course, somebody had to have my loyalty and he brings it up, so I the ability to get information and been committing crimes in the Fast better do memos so that I can take him records, and if you do it long enough, and Furious project, whatever you down later because he doesn’t trust me. you run out the clock and people don’t want to call it. I am not sure what it b 1830 get prosecuted. was. It sure appeared to be a criminal We have seen that occur for 8 years. Well, for good reason. The loyalty enterprise with people involved from There were very, very serious matters was to Loretta Lynch, the loyalty was DOJ conspiring to make sure that in which somebody committed crimes. to Hillary Clinton, the loyalty was to weapons got into the hands of crimi- We didn’t get a special investigator. Barack Obama. nals, which, in and of itself, was a We didn’t get a proper investigation. And Trump, what an incredible in- crime. nate ability. He knew Comey was not a We also know that by the Depart- We got a stonewall protecting those who must have done wrong. I am hop- loyal, law-and-order man. He would ment of Justice’s representatives get- twist the truth, as he was directed by ting involved during the Obama admin- ing the current Attorney General will dig and people that are responsible for someone else, but he would also twist istration as part of this Fast and Furi- an untruth through, hurting the cur- ous effort, they called it, guns got into crimes will be held to account. But the fact is it is the President’s rent President. the hands of criminals, and Brian It appears President Donald J. obligation under the Constitution to Terry was killed, a Federal agent doing Trump was exactly right in firing either pursue people or not pursue peo- his job. There is no indication that if Comey. We didn’t need to continue to ple. That is why, even though many of the Department of Justice had not have a politically astute diplomat us were extremely upset that President forced those guns to be sold and to get wannabe running our FBI. We needed Obama kept pardoning people who were into the hands of criminals that Brian somebody that was law and order, no convicted felons, and as much as it Terry would not be dead. matter what. If the Department of Justice had not upset us that he, in a literal sense, not Alan Dershowitz is a staunch Demo- forced this issue, forced guns into only obstructed justice, he destroyed crat, but through the years and with criminals’ hands, we may very well it, unfortunately, the President has au- the things I disagreed with him on, I have been hearing Brian Terry testify a thority to demand people not be pros- know he is a smart man. Here are some number of times instead of pointing ecuted. of the things he tweeted out: back toward his murder at the hands of So we heard new priorities around ‘‘Comey says he understood word criminals who our Department of Jus- the country when President Obama ‘hope’ to be a direction. If so, why tice representatives under Eric Holder took office. He didn’t want his Justice didn’t he tell the President that such a got guns to. Department spending a lot of time on direction would be violation of DOJ It might have been good to have a enforcing drug laws. It turns out they rules?’’ special counsel in the Fast and Furious hardly ever prosecuted. Compared to Well, here, again, the fact is, if Direc- investigation—or, as Loretta Lynch other administrations, they hardly tor-at-the-time Comey believed there and Mr. Comey liked to use to deceive ever prosecuted criminal gun viola- was any effort to obstruct justice, then people, matter, Fast and Furious mat- tions—far fewer than past administra- he was committing a crime, a felony, ter—because the truth is they didn’t do tions—because what they wanted to do by not reporting it. much of an investigation. was allow the gun crimes to continue I was surprised that he went as far as We saw emails indicating that there to ratchet out of control and then use he did today—because he did—by push- was an effort to try to use getting that to demand more gun control when ing as hard as he did on this idea that

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00109 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.102 H08JNPT1 H4814 CONGRESSIONAL RECORD — HOUSE June 8, 2017 saying ‘‘hope’’ might have been a direc- of Spades’ words—an interpretation of Clinton had violated the law all kinds tion. The more he pushed that, the the testimony today—he says, Comey: of ways. Intent was not an issue. She more he exposed himself to prosecution Loretta Lynch told me to lie and I had taken classified material into an for a felony because he didn’t report it. didn’t write that down, but I wrote unclassified computer and sent it to But the truth is, even though he down Trump’s stuff because I was unclassified computers. wrongly believed that there was some- afraid he would lie. Comey said: Clean bill of health. Ev- thing—a violation of law or obstruc- Wow. It has got the networks all erything is good. tion—it wasn’t. If he honestly believed stirred up that former FBI Director And they knew it wasn’t good. So that, he had to report it, and he didn’t. Comey came in today and actually ex- when they saw this was the rumor Oh, yeah, he did a memo. I wonder if posed the disloyalty to the President of floating around, I would like to know we would have ever seen that memo if the United States, to the Constitution, the truth. he had not been fired. I can guarantee to the things he swore to uphold and You know some FBI agents had to if he had not been fired, from what we protect. have found Anthony Weiner’s computer have now learned today, you can count Let’s look at one other thing I hadn’t and found tens of thousands of emails on the fact that he, as Director of the heard anybody else mention. When you that we were told had been destroyed. FBI, would make memos any time it have an attorney as the FBI Director Oh, we can’t get those tens of thou- might help him harm President Donald and he is talking to the President of sands of emails. They are gone. And Trump, but he would continue not to the United States, there is a privilege then they found them. Not only were do memos when somebody, a Democrat, involved there. Even the least mod- they not in a classified area, not in a told him to mislead the public. icum of loyalty and honor and integ- SCIF, not in a classified connection, Alan Dershowitz said: If President rity would cause someone who is tak- laptop, not even in a government em- commits independent crimes, for exam- ing an oath as an attorney, someone ployee’s laptop. They were on the ple, Nixon telling the staff to lie to the who has taken an oath as Director of laptop of someone who had shown the FBI, that is a crime. the FBI, someone that knows their worst judgment in the world. You want to talk about the potential You can’t tell somebody to commit a boss is the President and that all power for blackmailing—although, probably crime, even if you are President. is in the President for the executive by this time, I don’t know what you Alan Dershowitz said: Paying dollars branch and the FBI Director entirely would have to come up with to black- to silence witnesses is a crime. gets his power from the President, it You can’t commit a crime or tell mail him, because it is pretty well all would be some smidgeon of honor to somebody to commit a crime even out there. Nonetheless, all of these want to protect those private conversa- though you are President. That is ob- emails were found that were supposed tions. struction. You should be prosecuted. to be gone. There is absolutely no ques- As far as we know, they weren’t clas- Mr. Dershowitz said: ‘‘Comey con- tion that some of them came to Hillary sified, but it is something called privi- firmed my view that, under the Con- Clinton, were sent to an unclassified lege, it is something called loyalty, stitution, the President would have the setting, and now, not only that, they and it is something called honor. authority to order FBI Director to stop are in the hands of Anthony Weiner, The testimony we heard today was investigating Flynn.’’ who has had his own criminal justice the former FBI Director saying: When He would. Just as Barack Obama issues. says: I pardon you, I am taking away it came to President Trump, I wasn’t The rumor continued that we had the justice that has been done in your going to honor our privileged conversa- such honorable FBI agents that they case. I am obstructing justice. tions. I wasn’t going to honor the exec- said, in essence: Mr. Director, clearly, In pardon after pardon, he obstructed utive privilege. I wasn’t going to honor this is criminal material and evidence. justice. But when a President does it, the fact that my power as FBI Director If you don’t announce you are reopen- as Obama did being President Obama, and the authority to investigate some- ing the investigation, we are going to it was not a crime when he pardoned one or not investigate someone is de- resign, have a press conference, and people. rived entirely from the President of the show the world that you have been cov- Now, if you have a President that has United States. I will honor a person ering for Hillary Clinton the whole somebody rich, whether that is their that tells me to misrepresent the time. name or just their monetary status, truth, but I am not going to honor Now, that was the rumor. If that and they give you a bunch of their someone who is concerned about fair- were true, and, under those type cir- richness and you pardon them, then ness. cumstances, Director Comey then you may have sold part of your office, Even though the FBI Director knows rushes out just days before the election which could very well be a crime, and better than most anyone else there is and said, I am reopening the investiga- probably is. no evidence of collusion between the tion because we found these emails, But in the case of President Obama, Russians and Donald Trump, there is then that would make sense. He cer- there is no indication anybody paid no evidence of collusion with anybody tainly would want FBI agents to com- him to pardon people. If nobody paid in the Trump administration at this pletely destroy any election chances him, he just did it because he thought time, yet there was no sense of loyalty just days before the election of Hillary it was a good idea to have people in- there. Clinton. volved with drugs out on the street Think of Shakespeare’s words and If Director Comey went out and said: again, or people at Guantanamo Bay the sarcasm of Marc Antony. Brutus I am reopening the investigation, even back killing Americans. If he thinks says he is an honorable man. They are though Republicans were rejoicing and that is a good idea, then he can legally all honorable men. These are honorable Democrats were livid, as I pointed out obstruct justice, which President people who told me to misrepresent the to someone back at the time in the Obama legally did time and time again. truth to the American people and to media, I guess it could hurt Hillary Alan Dershowitz also says, talking the press. These are people that love Clinton. about Comey: ‘‘He confirmed that the me because I leak things. But if Director Comey comes out a President can order anyone to be inves- I was hoping for one question that I day or two before the election and says tigated or not be investigated.’’ should have contacted one of my Sen- there is nothing here, clean bill of Dershowitz also said: ‘‘Comey stated ator friends and told them to ask, be- health, Hillary Clinton is great, no the constitutional principle: President cause I would like to know the truth. I problems, when we knew he didn’t have has authority to direct FBI to end a know that my Democratic friends were time, nobody had time to adequately criminal investigation. Can also pardon so furious, just livid at Comey when, review the tens of thousands of emails, anyone, ending investigation.’’ just days before the election, he an- you could run a few algorithms. Real There is somebody on the internet nounces he is reopening the investiga- law enforcement means looking at the that goes by the pseudonym ‘‘Ace of tion. evidence line by line—I have known Spades.’’ This guy has a wicked wit. The rumor around here was that people who did it; I have done it in a Ace of Spades sent out this tweet as there were FBI agents who had been in- civil setting—until you find the smok- if he is quoting Comey. These are Ace vestigating and they knew that Hillary ing gun. But you have got to go

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00110 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.104 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4815 through the monotony of reviewing ADJOURNMENT [EPA-HQ-OAR-2016-0631; FRL-9963-54-OAR] each of those. received June 2, 2017, pursuant to 5 U.S.C. Mr. GOHMERT. Mr. Speaker, I move 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 that the House do now adjourn. Stat. 868); to the Committee on Energy and b 1845 The motion was agreed to; accord- Commerce. They had no time to do that, and yet ingly (at 6 o’clock and 48 minutes 1553. A letter from the Director, Regu- former Director Comey came out, clean p.m.), under its previous order, the latory Management Division, Environmental House adjourned until Monday, June Protection Agency, transmitting the Agen- bill of health. It could not have been cy’s final rule — Approval of Nevada Air discerned in that amount of time like 12, 2017, at noon for morning-hour de- Plan Revisions, Clark County Department of that. So it appeared pretty clearly the bate. Air Quality and Washoe County Health Dis- reason he said we are reopening the f trict [EPA-R09-OAR-2016-0653; FRL-9963-43- case was so he could say we closed it, Region 9] received June 2, 2017, pursuant to 5 EXECUTIVE COMMUNICATIONS, to eliminate any chance of even a non- U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. ETC. FBI person who comes forward and 251; (110 Stat. 868); to the Committee on En- Under clause 2 of rule XIV, executive ergy and Commerce. says, you know, there are classified 1554. A letter from the Director, Regu- emails that ended up on Anthony communications were taken from the latory Management Division, Environmental Weiner’s computer that came from Hil- Speaker’s table and referred as follows: Protection Agency, transmitting the Agen- lary Clinton, to Huma, and to Weiner. 1547. A letter from the Director, Regu- cy’s final rule — Approval of California Air There were crimes here, and the FBI latory Management Division, Environmental Plan Revisions, Imperial County Air Pollu- Director is covering for him. That Protection Agency, transmitting the Agen- tion Control District [EPA-R09-OAR-2016- cy’s final rule — Pesticides; Certification of 0318; FRL-9960-07-Region 9] received June 2, would likely have brought down Hil- Pesticide Applicators Rule; Delay of Effec- 2017, pursuant to 5 U.S.C. 801(a)(1)(A); Public lary Clinton much worse than the de- tive Date [EPA-HQ-OPP-2011-0183; FRL-9963- Law 104-121, Sec. 251; (110 Stat. 868); to the feat she suffered. 34] received June 2, 2017, pursuant to 5 U.S.C. Committee on Energy and Commerce. So it is just interesting, but, Mr. 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 1555. A letter from the Director, Regu- Speaker, the irony with which former Stat. 868); to the Committee on Agriculture. latory Management Division, Environmental Director Comey’s testimony drips this 1548. A letter from the Chief Counsel, Protection Agency, transmitting the Agen- FEMA, Department of Homeland Security, cy’s direct final rule — Approval and Pro- evening is that our President, Donald mulgation of State Plans for Designated Fa- J. Trump, he has got good gut in- transmitting the Department’s final rule — Suspension of Community Eligibility (Erie cilities and Pollutants: Colorado, Montana, stincts. He had concerns that former County, PA, et al.) [Docket ID: FEMA-2017- North Dakota, South Dakota, Utah, and Wy- Director Comey was disloyal, was ma- 0002; Internal Agency Docket No.: FEMA- oming; Negative Declarations [EPA-R08- nipulative, that he may be someone 8481] received June 2, 2017, pursuant to 5 OAR-2017-0171; FRL-9963-21-Region 8] re- ceived June 2, 2017, pursuant to 5 U.S.C. that the United States Government U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 251; (110 Stat. 868); to the Committee on Fi- should not trust, and it turns out Stat. 868); to the Committee on Energy and nancial Services. President Trump’s gut instincts were Commerce. exactly right. 1549. A letter from the Assistant General 1556. A letter from the Director, Regu- He committed no crime. That has be- Counsel for Legislation, Regulation, and En- latory Management Division, Environmental ergy Efficiency, Office of Energy Efficiency Protection Agency, transmitting the Agen- come clear. And so now we expect we and Renewable Energy, Department of En- will see the media and my friends on cy’s final rule — Air Plan Approval; Nevada, ergy, transmitting the Department’s final Lake Tahoe; Second 10-Year Carbon Mon- the other side of the aisle quit talking rule — Energy Conservation Program: En- oxide Limited Maintenance Plan [EPA-R09- about Russia—there is nothing there, ergy Conservation Standards for Ceiling OAR-2015-0399; FRL-9963-25-Region 9] re- there has been nothing there—unless Fans [Docket No.: EERE-2012-BT-STD-0045] ceived June 2, 2017, pursuant to 5 U.S.C. we start looking at potential prosecu- (RIN: 1904-AD28) received May 31, 2017, pursu- 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 tion for taking millions and millions of ant to 5 U.S.C. 801(a)(1)(A); Public Law 104- Stat. 868); to the Committee on Energy and dollars from owners of Uranium One, 121, Sec. 251; (110 Stat. 868); to the Committee Commerce. on Energy and Commerce. 1557. A letter from the Director, Regu- who gave those to the Clinton Founda- 1550. A letter from the Assistant General latory Management Division, Environmental tion, which then again ended up bene- Counsel for Legislation, Regulation, and En- Protection Agency, transmitting the Agen- fiting the Clinton family, and Hillary ergy Efficiency, Office of Energy Efficiency cy’s final rule — Air Plan Approval; CT; Ap- Clinton then approves Russia getting and Renewable Energy, Department of En- proval of Single Source Orders; Correction around 25 percent of our uranium pro- ergy, transmitting the Department’s con- [EPA-R01-OAR-2016-0648; A-1-FRL-9962-83-Re- duction, to the potential detriment firmation of effective date and compliance gion 1] received June 2, 2017, pursuant to 5 and, possibly in future altercations, date for direct final rule — Energy Conserva- U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 Stat. 868); to the Committee on En- death of Americans at the hands of the tion Program: Energy Conservation Stand- ards for Residential Central Air Conditioners ergy and Commerce. uranium that Hillary Clinton profited and Heat Pumps [EERE-2014-BT-STD-0048] 1558. A letter from the Attorney-Advisor, from potentially mightily, even if it (RIN: 1904-AD37) received May 31, 2017, pursu- U.S. Coast Guard, Department of Homeland wasn’t directly, and yet America suf- ant to 5 U.S.C. 801(a)(1)(A); Public Law 104- Security, transmitting the Department’s fered. 121, Sec. 251; (110 Stat. 868); to the Committee temporary final rule — Safety Zone; Main Look, it is time to talk about real on Energy and Commerce. Branch of the Chicago River, Chicago, IL [Docket No.: USCG-2017-0196] (RIN: 1625- crimes, investigate real crimes, inves- 1551. A letter from the Assistant General Counsel for Legislation, Regulation and En- AA00) received June 1, 2017, pursuant to 5 tigate racketeer influence of corrupt U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. organizations that would pay for peo- ergy Efficiency, Office of Energy Efficiency and Renewable Energy, Department of En- 251; (110 Stat. 868); to the Committee on Transportation and Infrastructure. ple to commit violence at Trump ergy, transmitting the Department’s con- 1559. A letter from the Attorney, U.S. events. Now we are talking. firmation of effective date and compliance America deserves better, and thank Coast Guard, Department of Homeland Secu- date for direct final rule — Energy Conserva- rity, transmitting the Department’s tem- God we are going to have a new FBI Di- tion Program: Energy Conservation Stand- porary final rule — Safety Zone; Upper Mis- rector. Former Director Comey did ards for Dedicated-Purpose Pool Pumps sissippi River, St. Louis, MO [Docket No.: some good things while at the FBI, but, [EERE-2015-BT-STD-0008] (RIN: 1904-AD52) USCG-2017-0319] (RIN: 1625-AA00) received unfortunately, we saw the extent that received May 31, 2017, pursuant to 5 U.S.C. June 1, 2017, pursuant to 5 U.S.C. 801(a)(1)(A); politics tainted the Director today. 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 Public Law 104-121, Sec. 251; (110 Stat. 868); to Stat. 868); to the Committee on Energy and Mr. Speaker, I yield back the balance the Committee on Transportation and Infra- Commerce. structure. of my time. 1552. A letter from the Director, Regu- 1560. A letter from the Attorney-Advisor, latory Management Division, Environmental U.S. Coast Guard, Department of Homeland f Protection Agency, transmitting the Agen- Security, transmitting the Department’s cy’s final rule — Approval of Tennessee’s Re- temporary final rule — Special Local Regu- LEAVE OF ABSENCE quest to Relax the Federal Reid Vapor Pres- lation; Stuart, FL [Docket No.: USCG-2017- sure Gasoline Volatility Standard for David- 0167] (RIN: 1625-AA08) received June 1, 2017, By unanimous consent, leave of ab- son, Rutherford, Sumner, Williamson, and pursuant to 5 U.S.C. 801(a)(1)(A); Public Law sence was granted to: Wilson Counties; and Minor Technical Cor- 104-121, Sec. 251; (110 Stat. 868); to the Com- Mr. CLYBURN (at the request of Ms. rections for Federal Reid Vapor Pressure mittee on Transportation and Infrastruc- PELOSI) for today. Gasoline Volatility Standards in Other Areas ture.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00111 Fmt 7634 Sfmt 0634 E:\CR\FM\K08JN7.105 H08JNPT1 H4816 CONGRESSIONAL RECORD — HOUSE June 8, 2017 1561. A letter from the Attorney-Advisor, Homeland Security, transmitting the De- Workforce, and in addition to the Committee U.S. Coast Guard, Department of Homeland partment’s final rule — Special Local Regu- on Ways and Means, for a period to be subse- Security, transmitting the Department’s lation, Temporary Anchorages and Safety quently determined by the Speaker, in each final rule — Safety Zone; Tall Ships Charles- Zones: Sail Boston 2017; Port of Boston, MA case for consideration of such provisions as ton, Cooper River, Charleston, SC [Docket [Docket No.: USCG-2016-0949] (RIN: 1625- fall within the jurisdiction of the committee No.: USCG-2017-0121] (RIN: 1625-AA00) re- AA08; AA01; AA87) received June 1, 2017, pur- concerned. ceived June 1, 2017, pursuant to 5 U.S.C. suant to 5 U.S.C. 801(a)(1)(A); Public Law 104- By Mr. SMITH of Nebraska (for him- 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 121, Sec. 251; (110 Stat. 868); to the Committee self, Mr. BURGESS, Mr. TIBERI, Mr. Stat. 868); to the Committee on Transpor- on Transportation and Infrastructure. REED, Mr. MEEHAN, Mrs. NOEM, and tation and Infrastructure. 1570. A letter from the Attorney-Advisor, Mrs. WALORSKI): 1562. A letter from the Attorney-Advisor, Office of Regulations and Administrative H.R. 2824. A bill to amend title V of the So- U.S. Coast Guard, Department of Homeland Law, U.S. Coast Guard, Department of cial Security Act to extend the Maternal, In- Security, transmitting the Department’s Homeland Security, transmitting the De- fant, and Early Childhood Home Visiting temporary final rule — Safety Zone; Ten- partment’s temporary final rule — Regulated Program; to the Committee on Ways and nessee River 323.0-325.0, Huntsville, AL Navigation Area; East River, Brooklyn, NY Means, and in addition to the Committee on [Docket No.: USCG-2017-0336] (RIN: 1625- [Docket No.: USCG-2017-0434] (RIN: 1625- Energy and Commerce, for a period to be AA00) received June 1, 2017, pursuant to 5 AA11) received June 1, 2017, pursuant to 5 subsequently determined by the Speaker, in U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. each case for consideration of such provi- 251; (110 Stat. 868); to the Committee on 251; (110 Stat. 868); to the Committee on sions as fall within the jurisdiction of the Transportation and Infrastructure. Transportation and Infrastructure. committee concerned. 1563. A letter from the Attorney-Advisor, 1571. A letter from the Deputy Assistant By Mr. MCCAUL (for himself and Mr. U.S. Coast Guard, Department of Homeland Secretary, Employment and Training Ad- HIGGINS of Louisiana): Security, transmitting the Department’s ministration, Department of Labor, trans- H.R. 2825. A bill to amend the Homeland final rule — Special Local Regulation; mitting the Department’s final rule — Fed- Security Act of 2002 to make certain im- Breakers to Bridge Paddle Festival, Lake eral State Unemployment Compensation provements in the laws administered by the Superior, Keweenaw Waterway, MI [Docket Program; Middle Class Tax Relief and Job Secretary of Homeland Security, and for No.: USCG-2017-0170] (RIN: 1625-AA08) re- Creation Act of 2012 Provision on Estab- other purposes; to the Committee on Home- ceived June 1, 2017, pursuant to 5 U.S.C. lishing Appropriate Occupations for Drug land Security. 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 Testing of Unemployment Compensation Ap- By Mr. LABRADOR (for himself, Mr. Stat. 868); to the Committee on Transpor- plicants (RIN: 1205-AB63) received June 1, GOODLATTE, and Mr. SMITH of Texas): H.R. 2826. A bill to provide for an annual tation and Infrastructure. 2017, pursuant to 5 U.S.C. 801(a)(1)(A); Public adjustment of the number of admissible refu- 1564. A letter from the Attorney-Advisor, Law 104-121, Sec. 251; (110 Stat. 868); to the gees, and for other purposes; to the Com- U.S. Coast Guard, Department of Homeland Committee on Ways and Means. mittee on the Judiciary. Security, transmitting the Department’s 1572. A letter from the Chief, Publications By Ms. DELBENE (for herself, Mr. temporary final rule — Safety Zone; Upper and Regulations Branch, Internal Revenue WALZ, Ms. ESTY of Connecticut, Ms. Mississippi River, St. Louis, MO [Docket No.: Service, transmitting the Service’s IRB only BROWNLEY of California, Mr. PETERS, USCG-2017-0312] (RIN: 1625-AA00) received rule — Revenue Procedure 2017-38 (Rev. Proc. Miss RICE of New York, Ms. KUSTER June 1, 2017, pursuant to 5 U.S.C. 801(a)(1)(A); 2017-38) (RP-113603-17) received June 6, 2017, of New Hampshire, Mr. TAKANO, Ms. Public Law 104-121, Sec. 251; (110 Stat. 868); to pursuant to 5 U.S.C. 801(a)(1)(A); Public Law ROS-LEHTINEN, Ms. VELA´ ZQUEZ, Mr. the Committee on Transportation and Infra- 104-121, Sec. 251; (110 Stat. 868); to the Com- HECK, Mr. PALLONE, Mr. EVANS, Mr. structure. mittee on Ways and Means. GUTIE´ RREZ, Mr. RUSH, Ms. MENG, Mr. 1565. A letter from the Attorney-Advisor, 1573. A letter from the Chief, Publications SEAN PATRICK MALONEY of New York, U.S. Coast Guard, Department of Homeland and Regulations Branch, Internal Revenue Ms. SINEMA, Mr. CARTWRIGHT, Mr. Security, transmitting the Department’s Service, transmitting the Service’s IRB only POCAN, Ms. NORTON, Mr. LEWIS of temporary final rule — Safety Zone; United rule — Credit for Renewable Electricity Pro- Georgia, Mr. NADLER, Mrs. LOWEY, Illuminating Company Housatonic River duction and Refined Coal Production, and Ms. TSONGAS, Mr. SERRANO, Mr. Crossing Project; Housatonic River, Milford Publication of Inflation Adjustment Factor LYNCH, Mr. RYAN of Ohio, Mr. WELCH, and Stratford, CT [Docket No.: USCG-2016- and Reference Prices for Calendar Year 2017 Mr. MOULTON, Mr. JEFFRIES, Ms. 0825] (RIN: 1625-AA00) received June 1, 2017, [Notice 2017-33] received June 1, 2017, pursu- JACKSON LEE, Mrs. DAVIS of Cali- pursuant to 5 U.S.C. 801(a)(1)(A); Public Law ant to 5 U.S.C. 801(a)(1)(A); Public Law 104- fornia, Mr. RUIZ, Mr. KILDEE, Mr. BEN 104-121, Sec. 251; (110 Stat. 868); to the Com- 121, Sec. 251; (110 Stat. 868); to the Committee RAY LUJA´ N of New Mexico, Mr. PERL- mittee on Transportation and Infrastruc- on Ways and Means. MUTTER, Mr. LANGEVIN, Mr. ture. 1574. A letter from the Chief, Publications 1566. A letter from the Attorney-Advisor, SWALWELL of California, Mr. POLIS, and Regulations Branch, Internal Revenue U.S. Coast Guard, Department of Homeland Mr. MCGOVERN, Mr. TED LIEU of Cali- Service, transmitting the Service’s IRB only Security, transmitting the Department’s fornia, Mr. SMITH of Washington, Mr. rule — Credit for Carbon Dioxide Sequestra- final rule — Special Local Regulations and LOWENTHAL, Mr. HASTINGS, Mr. tion; 2017 Section 45Q Inflation Adjustment Safety Zones; Annually Recurring Events in HUFFMAN, Mr. KILMER, Mr. NORCROSS, Factor [Notice 2017-32] received June 1, 2017, Coast Guard Southeastern New England Cap- Ms. SHEA-PORTER, Ms. SPEIER, Mr. pursuant to 5 U.S.C. 801(a)(1)(A); Public Law tain of the Port Zone [Docket No.: USCG- ELLISON, Ms. SLAUGHTER, Ms. WILSON 104-121, Sec. 251; (110 Stat. 868); to the Com- 2016-1022] (RIN: 1625-AA08; AA00) received of Florida, Ms. JUDY CHU of Cali- mittee on Ways and Means. June 1, 2017, pursuant to 5 U.S.C. 801(a)(1)(A); fornia, Mr. LARSEN of Washington, 1575. A letter from the Director, Office of Public Law 104-121, Sec. 251; (110 Stat. 868); to Mr. BLUMENAUER, Ms. DEGETTE, Mr. Management and Budget, transmitting the Committee on Transportation and Infra- ENGEL, Ms. MCCOLLUM, Mr. YARMUTH, OMB’s final sequestration report for fiscal structure. Mr. BEYER, Ms. ESHOO, Ms. MOORE, year 2017, pursuant to 2 U.S.C. 904(f)(1); Pub- 1567. A letter from the Attorney-Advisor, Ms. WASSERMAN SCHULTZ, Ms. LOF- lic Law 99-177, Sec. 254 (as amended by Public U.S. Coast Guard, Department of Homeland GREN, Mr. KIND, Ms. GABBARD, and Law 112-25, Sec. 103); (125 Stat. 246) (H. Doc. Security, transmitting the Department’s Mr. RASKIN): No. 115—46); to the Committee on the Whole temporary final rule — Safety Zone; Buffalo H.R. 2827. A bill to amend title 38, United House on the State of the Union and ordered Carnival; Buffalo Outer Harbor, Buffalo, NY States Code, to extend and expand the mem- to be printed. [Docket No.: USCG-2017-0408] (RIN: 1625- bership of the Advisory Committee on Mi- AA00) received June 1, 2017, pursuant to 5 f nority Veterans to include veterans who are U.S.C. 801(a)(1)(A); Public Law 104-121, Sec. lesbian, gay, bisexual, or transgender; to the 251; (110 Stat. 868); to the Committee on PUBLIC BILLS AND RESOLUTIONS Committee on Veterans’ Affairs. Transportation and Infrastructure. Under clause 2 of rule XII, public By Mr. NEWHOUSE: 1568. A letter from the Attorney-Advisor, bills and resolutions of the following H.R. 2828. A bill to extend the deadline for U.S. Coast Guard, Department of Homeland titles were introduced and severally re- commencement of construction of a hydro- Security, transmitting the Department’s electric project; to the Committee on Energy final rule — Safety Zone; Lower Niagara ferred, as follows: and Commerce. River at Niagara Falls, New York [Docket By Mr. ROE of Tennessee (for himself, By Mr. POE of Texas (for himself, Mr. No.: USCG-2015-0492] (RIN: 1625-AA00) re- Mr. ROSKAM, Mr. WALBERG, and Mr. COHEN, Mr. SWALWELL of California, ceived June 1, 2017, pursuant to 5 U.S.C. WILSON of South Carolina): Ms. SHEA-PORTER, Ms. BORDALLO, Mr. 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 H.R. 2823. A bill to amend the Employee NADLER, and Mr. COSTA): Stat. 868); to the Committee on Transpor- Retirement Income Security Act of 1974 and H.R. 2829. A bill to amend title 18, United tation and Infrastructure. the Internal Revenue Code of 1986 to ensure States Code, to strengthen enforcement of 1569. A letter from the Attorney-Advisory, that retirement investors receive advice in spousal court-ordered property distributions, Office of Regulations and Administrative their best interests, and for other purposes; and for other purposes; to the Committee on Law, U.S. Coast Guard, Department of to the Committee on Education and the the Judiciary.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00112 Fmt 7634 Sfmt 0634 E:\CR\FM\L08JN7.000 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4817

By Mr. VEASEY (for himself, Mr. and military dependents, to amend title 38, Pennsylvania, Mr. RASKIN, Mr. CURBELO of Florida, and Mr. MAST): United States Code, to ensure access to EVANS, Mr. SEAN PATRICK MALONEY H.R. 2830. A bill to authorize methane leak acupuncturist services through the Depart- of New York, and Ms. JUDY CHU of detection and mitigation research activities ment of Veterans Affairs, to amend title California): by the Department of Energy; to the Com- XVIII of the Social Security Act to provide H.R. 2841. A bill to prevent a person who mittee on Science, Space, and Technology. for coverage of qualified acupuncturist serv- has been convicted of a misdemeanor hate By Mr. RUTHERFORD (for himself, ices under the Medicare program; to amend crime, or received an enhanced sentence for Mr. MCCAUL, and Mr. DONOVAN): the Public Health Service Act to authorize a misdemeanor because of hate or bias in its H.R. 2831. A bill to improve the port and the appointment of qualified acupuncturists commission, from obtaining a firearm; to the maritime security functions of the Depart- as officers in the commissioned Regular Committee on the Judiciary. ment of Homeland Security, and for other Corps and the Ready Reserve Corps of the By Mr. CURBELO of Florida (for him- purposes; to the Committee on Homeland Se- Public Health Service, and for other pur- self and Mr. DANNY K. DAVIS of Illi- curity, and in addition to the Committee on poses; to the Committee on Energy and Com- nois): Transportation and Infrastructure, for a pe- merce, and in addition to the Committees on H.R. 2842. A bill to provide for the conduct riod to be subsequently determined by the Armed Services, Veterans’ Affairs, and Ways of demonstration projects to test the effec- Speaker, in each case for consideration of and Means, for a period to be subsequently tiveness of subsidized employment for TANF such provisions as fall within the jurisdic- determined by the Speaker, in each case for recipients; to the Committee on Ways and tion of the committee concerned. consideration of such provisions as fall with- Means. By Mr. JORDAN (for himself, Mr. in the jurisdiction of the committee con- By Ms. DEGETTE (for herself and Mr. BRAT, Mr. WESTERMAN, and Mr. cerned. KENNEDY): MEADOWS): By Mr. CICILLINE (for himself, Mr. H.R. 2843. A bill to amend titles XI and XIX H.R. 2832. A bill to help individuals receiv- LOWENTHAL, Mr. HASTINGS, Ms. of the Social Security Act to establish a ing assistance under means-tested welfare ADAMS, Mr. BROWN of Maryland, Ms. comprehensive and nationwide system to programs obtain self-sufficiency, to provide LEE, Mr. FOSTER, Mr. SCOTT of Vir- evaluate the quality of care provided to information on total spending on means- ginia, Mrs. WATSON COLEMAN, Mr. beneficiaries of Medicaid and the Children’s tested welfare programs, to provide an over- BRENDAN F. BOYLE of Pennsylvania, Health Insurance Program and to provide in- all spending limit on means-tested welfare Mr. HIGGINS of New York, Mrs. CARO- centives for voluntary quality improvement; programs, and for other purposes; to the LYN B. MALONEY of New York, Mrs. to the Committee on Energy and Commerce. Committee on Ways and Means, and in addi- BUSTOS, Mr. KILDEE, Mr. LOEBSACK, By Ms. DEGETTE (for herself, Mr. tion to the Committees on Agriculture, En- Ms. WASSERMAN SCHULTZ, Mr. KIL- PERLMUTTER, Mr. TIPTON, Mr. BUCK, ergy and Commerce, Financial Services, and MER, Mr. BEYER, Mr. BLUMENAUER, Mr. LAMBORN, Mr. COFFMAN, and Mr. the Budget, for a period to be subsequently Ms. EDDIE BERNICE JOHNSON of Texas, POLIS): determined by the Speaker, in each case for Ms. NORTON, Mr. CUMMINGS, Mr. H.R. 2844. A bill to authorize 2 additional consideration of such provisions as fall with- SWALWELL of California, Mr. PAL- district judgeships for the district of Colo- in the jurisdiction of the committee con- LONE, Ms. WILSON of Florida, Mr. rado; to the Committee on the Judiciary. cerned. BUTTERFIELD, Mr. CONNOLLY, Mr. By Mr. ESPAILLAT (for himself, Mr. By Mr. SCHNEIDER (for himself and MEEKS, Ms. MOORE, Mr. JEFFRIES, Mr. KILDEE, Mr. SCOTT of Virginia, Mr. Ms. TENNEY): MCGOVERN, Ms. SCHAKOWSKY, Mr. SERRANO, Mrs. DAVIS of California, H.R. 2833. A bill to require the President to HUFFMAN, Mr. MCNERNEY, Mr. COO- Ms. MOORE, Mr. SABLAN, Ms. WILSON assess the effects of the sale or export of PER, Mr. LANGEVIN, Mr. CROWLEY, Mr. of Florida, Ms. NORTON, Mr. NADLER, major defense equipment to countries in the CONYERS, Mr. DELANEY, Mr. Ms. SHEA-PORTER, Mr. GONZALEZ of Middle East on the qualitative military edge GARAMENDI, Mr. SARBANES, Mr. YAR- Texas, Mr. TAKANO, Mr. DANNY K. of Israel, and for other purposes; to the Com- MUTH, Mr. SERRANO, Mrs. BEATTY, DAVIS of Illinois, Mr. CROWLEY, Mr. mittee on Foreign Affairs. Ms. BROWNLEY of California, Ms. CARTWRIGHT, Mr. NOLAN, Mr. ENGEL, By Mr. DANNY K. DAVIS of Illinois BASS, Ms. FRANKEL of Florida, Ms. Mr. DESAULNIER, Mr. GRIJALVA, Mr. (for himself and Mrs. NOEM): FUDGE, Ms. KAPTUR, Mr. POCAN, Mr. VARGAS, Mr. NORCROSS, Ms. BLUNT H.R. 2834. A bill to improve the well-being TAKANO, Mr. CARTWRIGHT, Ms. ROCHESTER, Ms. ADAMS, Mr. POLIS, of, and improve permanency outcomes for, MICHELLE LUJAN GRISHAM of New Ms. BONAMICI, Mr. RASKIN, and Mr. children and families affected by heroin, Mexico, Ms. TSONGAS, Ms. SWALWELL of California): opioids, and other substance abuse; to the VELA´ ZQUEZ, Mr. TONKO, Mr. AGUILAR, H.R. 2845. A bill to direct the Secretary of Committee on Ways and Means. Mr. WELCH, Ms. DELAURO, Mr. SEAN Education to make grants to support early By Mr. BRAT (for himself and Mrs. PATRICK MALONEY of New York, Ms. college high schools and dual or concurrent MURPHY of Florida): JACKSON LEE, Mr. COHEN, Mrs. DAVIS enrollment programs; to the Committee on H.R. 2835. A bill to amend the Small Busi- of California, Ms. DELBENE, Ms. Education and the Workforce. ness Act to waive the guarantee fee for loans BONAMICI, Mr. DEUTCH, Ms. SEWELL of By Mr. FARENTHOLD (for himself and of not more than $150,000 provided to vet- Alabama, Mr. RYAN of Ohio, Ms. Mr. FITZPATRICK): erans and spouses of veterans under the Ex- CLARKE of New York, Ms. MATSUI, H.R. 2846. A bill to require the collection of port Working Capital, International Trade, Mr. TED LIEU of California, Mr. voluntary feedback on services provided by and Export Express programs; to the Com- THOMPSON of California, Ms. PINGREE, agencies, and for other purposes; to the Com- mittee on Small Business. Mr. QUIGLEY, Mr. SMITH of Wash- mittee on Oversight and Government Re- By Mr. BILIRAKIS (for himself and Mr. ington, Mr. COURTNEY, Mr. ELLISON, form. CRIST): Ms. KUSTER of New Hampshire, Mr. By Mr. FASO (for himself, Mr. REED, H.R. 2836. A bill to amend the Internal Rev- LEWIS of Georgia, Ms. MENG, Mr. CAS- and Ms. BASS): enue Code of 1986 to provide a credit against TRO of Texas, Mr. DESAULNIER, Ms. H.R. 2847. A bill to make improvements to tax for hurricane and tornado mitigation ex- ESHOO, Mr. KIND, Ms. ESTY of Con- the John H. Chafee Foster Care Independence penditures; to the Committee on Ways and necticut, Ms. LOFGREN, Mrs. LAW- Program and related provisions; to the Com- Means. RENCE, Mr. SUOZZI, Mr. NEAL, and Mr. mittee on Ways and Means. By Mr. CARTWRIGHT (for himself, Mr. PANETTA): By Mr. GALLEGO (for himself and Mr. JONES, Ms. DELAURO, Ms. NORTON, H.R. 2840. A bill to amend the National SWALWELL of California): Ms. SCHAKOWSKY, Ms. SLAUGHTER, Voter Registration Act of 1993 to require H.R. 2848. A bill to amend the Higher Edu- Mr. THOMPSON of Pennsylvania, and each State to ensure that each individual cation Act of 1965 to allow qualified entre- Mr. KEATING): who provides identifying information to the preneurs to temporarily defer Federal stu- H.R. 2837. A bill to amend title 38, United State motor vehicle authority is automati- dent loan payments after starting a new States Code, to grant family of members of cally registered to vote in elections for Fed- business; to the Committee on Education the uniformed services temporary annual eral office held in the State unless the indi- and the Workforce. leave during the deployment of such mem- vidual does not meet the eligibility require- By Mr. GRAVES of Louisiana (for him- bers, and for other purposes; to the Com- ments for registering to vote in such elec- self, Mr. RICHMOND, Mr. ABRAHAM, mittee on Veterans’ Affairs. tions or declines to be registered to vote in and Mr. HIGGINS of Louisiana): By Ms. JUDY CHU of California: such elections, and for other purposes; to the H.R. 2849. A bill to provide emergency tax H.R. 2838. A bill to amend title 38, United Committee on House Administration. relief for persons affected by severe storms States Code, to ensure access to By Mr. CICILLINE (for himself, Mr. and flooding occurring in Louisiana; to the acupuncturist services through the Depart- ENGEL, Mr. DEUTCH, Ms. NORTON, Mr. Committee on Ways and Means. ment of Veterans Affairs; to the Committee CUMMINGS, Mr. QUIGLEY, Ms. By Mr. JONES (for himself and Mr. on Veterans’ Affairs. WASSERMAN SCHULTZ, Mr. KEATING, WALZ): By Ms. JUDY CHU of California: Ms. LOFGREN, Mr. CONYERS, Ms. H.R. 2850. A bill to establish the Military H.R. 2839. A bill to amend title 10, United JAYAPAL, Mr. JEFFRIES, Mr. Resale Patron Benefits Advisory Commis- States Code, to ensure access to qualified GUTIE´ RREZ, Mr. SWALWELL of Cali- sion, and for other purposes; to the Com- acupuncturist services for military members fornia, Mr. BRENDAN F. BOYLE of mittee on Armed Services.

VerDate Sep 11 2014 02:56 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00113 Fmt 7634 Sfmt 0634 E:\CR\FM\L08JN7.100 H08JNPT1 H4818 CONGRESSIONAL RECORD — HOUSE June 8, 2017

By Mr. KATKO (for himself, Miss RICE Mr. KENNEDY, Ms. ADAMS, Mr. to accept professional credentials related to of New York, Mr. GOODLATTE, and BUTTERFIELD, Mr. RICHMOND, Mr. military training and skills that are ob- Mr. GOWDY): LEWIS of Georgia, Ms. DELAURO, Mr. tained by members of the Armed Forces H.R. 2851. A bill to amend the Controlled DAVID SCOTT of Georgia, Mr. GRI- while serving in the Armed Forces; to the Substances Act to clarify how controlled JALVA, and Mr. PALLONE): Committee on Armed Services. substance analogues are to be regulated, and H.R. 2854. A bill to amend the Help Amer- By Mr. SIMPSON (for himself, Mr. for other purposes; to the Committee on En- ica Vote Act of 2002 to permit an individual SCHRADER, Mrs. MCMORRIS RODGERS, ergy and Commerce, and in addition to the who is subject to a requirement to present Mr. DEFAZIO, Mr. CALVERT, Ms. Committee on the Judiciary, for a period to identification as a condition of voting in an MCCOLLUM, Mr. WALDEN, Ms. be subsequently determined by the Speaker, election for Federal office to meet such re- BONAMICI, Mr. AMODEI, Mr. COSTA, in each case for consideration of such provi- quirement by presenting a sworn written Mr. LABRADOR, Ms. KAPTUR, Mr. sions as fall within the jurisdiction of the statement attesting to the individual’s iden- NEWHOUSE, Mr. KILMER, Mr. TIPTON, committee concerned. tification, and for other purposes; to the Mr. POLIS, Ms. SINEMA, and Mr. STIV- By Mr. KILMER (for himself, Mr. Committee on House Administration. ERS): JONES, and Mr. PETERS): By Mr. LAWSON of Florida (for him- H.R. 2862. A bill to provide for wildfire sup- H.R. 2852. A bill to amend the Internal Rev- self, Ms. VELA´ ZQUEZ, Mr. ESPAILLAT, pression operations, and for other purposes; enue Code of 1986 to require certain tax ex- Ms. ADAMS, Mr. HASTINGS, Ms. LEE, to the Committee on the Budget, and in ad- empt organizations to certify that foreign Mr. BRENDAN F. BOYLE of Pennsyl- dition to the Committees on Agriculture, funds will not be used to make any contribu- vania, Mr. MCEACHIN, Mr. EVANS, Ms. and Natural Resources, for a period to be tion or expenditure in connection with any NORTON, Ms. WILSON of Florida, Mr. subsequently determined by the Speaker, in election in the United States, and for other CONYERS, Ms. KAPTUR, Mr. COHEN, each case for consideration of such provi- purposes; to the Committee on Ways and Ms. KELLY of Illinois, and Mr. sions as fall within the jurisdiction of the Means, and in addition to the Committee on CA´ RDENAS): committee concerned. House Administration, for a period to be sub- H.R. 2855. A bill to amend title II of the So- By Mr. SIMPSON: sequently determined by the Speaker, in cial Security Act to enhance Social Security H.R. 2863. A bill to provide for consistent each case for consideration of such provi- benefits and maintain the commitment and and reliable authority and funding to meet sions as fall within the jurisdiction of the the long-term solvency of the Social Secu- conservation and deferred maintenance committee concerned. rity program; to the Committee on Ways and needs affecting lands under the administra- By Mr. KIND (for himself, Mr. REED, Means, and in addition to the Committees on tive jurisdiction of the Department of the In- Ms. DELBENE, Mrs. WALORSKI, Ms. Education and the Workforce, Transpor- terior and the Department of Agriculture, STEFANIK, Mr. POCAN, Mr. NEWHOUSE, tation and Infrastructure, and Energy and and for other purposes; to the Committee on Mr. WELCH, Mr. SIMPSON, Mr. SCHRA- Commerce, for a period to be subsequently Natural Resources, and in addition to the DER, Mr. THOMPSON of Pennsylvania, determined by the Speaker, in each case for Committees on the Budget, and Agriculture, Mr. COURTNEY, Mr. VALADAO, Mr. consideration of such provisions as fall with- for a period to be subsequently determined GIBBS, Mr. ROKITA, Mr. THOMAS J. in the jurisdiction of the committee con- by the Speaker, in each case for consider- ROONEY of Florida, Mr. ARRINGTON, cerned. ation of such provisions as fall within the ju- Mr. BLUM, Mr. SMUCKER, Mr. KATKO, By Mr. MCHENRY (for himself, Mr. risdiction of the committee concerned. Mr. STIVERS, Mr. THORNBERRY, and VARGAS, Mr. ROYCE of California, Mr. By Ms. SINEMA (for herself and Mr. Mr. COLLINS of New York): GOTTHEIMER, Mr. EMMER, Mr. SHER- HOLLINGSWORTH): H.R. 2853. A bill to amend the Internal Rev- H.R. 2864. A bill to direct the Securities MAN, Mr. ROSKAM, and Mr. SCHNEI- enue Code of 1986 to make qualified biogas and Exchange Commission to allow certain DER): property and qualified manure resource re- H.R. 2856. A bill to provide for nonpreemp- issuers to be exempt from registration re- covery property eligible for the energy credit tion of measures by State and local govern- quirements, and for other purposes; to the and to permit new clean renewable energy ments to divest from entities that engage in Committee on Financial Services. bonds to finance qualified biogas property, commerce-related or investment-related By Mr. SIRES: H.R. 2865. A bill to amend the Internal Rev- and for other purposes; to the Committee on boycott, divestment, or sanctions activity enue Code of 1986 to provide a credit for em- Ways and Means, and in addition to the Com- targeting Israel, and for other purposes; to ployer-provided job training, and for other mittee on Science, Space, and Technology, the Committee on Financial Services. purposes; to the Committee on Ways and for a period to be subsequently determined By Mrs. NOEM (for herself and Ms. by the Speaker, in each case for consider- Means, and in addition to the Committee on JUDY CHU of California): ation of such provisions as fall within the ju- H.R. 2857. A bill to support foster care Education and the Workforce, for a period to risdiction of the committee concerned. maintenance payments for children with par- be subsequently determined by the Speaker, By Mr. LARSEN of Washington (for ents in a licensed residential family-based in each case for consideration of such provi- sions as fall within the jurisdiction of the himself, Mr. VEASEY, Mr. SMITH of treatment facility for substance abuse; to committee concerned. Washington, Mrs. BEATTY, Mr. the Committee on Ways and Means. By Mr. SMUCKER (for himself and Ms. THOMPSON of Mississippi, Mr. BISHOP By Mr. PETERS (for himself, Mr. SEWELL of Alabama): of Georgia, Mr. BLUMENAUER, Mr. CURBELO of Florida, Mr. CARTWRIGHT, BRENDAN F. BOYLE of Pennsylvania, H.R. 2866. A bill to review and improve li- Mr. DELANEY, Mr. LOWENTHAL, Mr. censing standards for placement in a relative Ms. BROWNLEY of California, Mr. LIPINSKI, Mr. COFFMAN, and Mr. CARBAJAL, Ms. CASTOR of Florida, Mr. foster family home; to the Committee on CARBAJAL): Ways and Means. CLAY, Mr. COHEN, Mr. CRIST, Mr. H.R. 2858. A bill to establish a task force to By Mrs. TORRES (for herself, Mrs. CUMMINGS, Ms. DEGETTE, Ms. review policies and measures to promote, NAPOLITANO, Mr. GONZALEZ of Texas, DELBENE, Mr. DEUTCH, Mr. GALLEGO, and to develop best practices for, reduction Mr. SOTO, Mr. GALLEGO, Mrs. DIN- Mr. GARAMENDI, Mr. GENE GREEN of of short-lived climate pollutants, and for GELL, Mrs. LAWRENCE, Mr. Texas, Mr. HASTINGS, Mr. HECK, Mr. other purposes; to the Committee on Energy GARAMENDI, Mr. BUTTERFIELD, and HIMES, Ms. JACKSON LEE, Ms. KAP- and Commerce. TUR, Mr. KILMER, Mr. MCGOVERN, Mr. Mr. NORCROSS): By Mr. POLIS (for himself, Mr. H.R. 2867. A bill to amend the Workforce MEEKS, Ms. MOORE, Mr. MOULTON, MESSER, Mrs. DAVIS of California, Mrs. NAPOLITANO, Ms. NORTON, Mr. Innovation and Opportunity Act to establish Mr. TAKANO, Mr. ESPAILLAT, Mr. a pilot program to facilitate education and PAYNE, Mr. PETERS, Mr. POCAN, Mr. SCOTT of Virginia, Mr. SABLAN, and training programs in the field of advanced QUIGLEY, Mr. RASKIN, Mr. RUSH, Mr. Mr. DANNY K. DAVIS of Illinois): manufacturing; to the Committee on Edu- SEAN PATRICK MALONEY of New York, H.R. 2859. A bill to amend the Higher Edu- cation and the Workforce. Ms. SLAUGHTER, Ms. SPEIER, Mr. cation Act of 1965 to establish demonstration By Mr. ZELDIN: SWALWELL of California, Mr. TAKANO, projects for competency-based education; to H.R. 2868. A bill to protect National Flood Mr. RYAN of Ohio, Ms. TITUS, Mrs. the Committee on Education and the Work- Insurance Program policyholders from un- TORRES, Ms. TSONGAS, Mr. WELCH, force. reasonable premium rates and to require the Ms. WILSON of Florida, Ms. By Mr. REICHERT (for himself, Mr. Program to consider the unique characteris- BARRAGA´ N, Mr. JOHNSON of Georgia, KILMER, Ms. DELBENE, and Mr. COLE): tics of urban properties, and for other pur- Mr. KIND, Mr. ELLISON, Mr. BRADY of H.R. 2860. A bill to amend title II of the So- poses; to the Committee on Financial Serv- Pennsylvania, Mr. CA´ RDENAS, Mr. cial Security Act to permit American Indian ices. SOTO, Ms. SCHAKOWSKY, Mr. tribal councils to enter into agreements with O’ROURKE, Ms. CLARKE of New York, the Commissioner of Social Security to ob- f Mr. CLYBURN, Ms. BONAMICI, Mr. tain social security coverage for services MEMORIALS TONKO, Ms. SEWELL of Alabama, Mr. performed by tribal council members; to the LAWSON of Florida, Mr. JEFFRIES, Ms. Committee on Ways and Means. Under clause 3 of rule XII, memorials MICHELLE LUJAN GRISHAM of New By Mr. RUSSELL: were presented and referred as follows: Mexico, Mr. TED LIEU of California, H.R. 2861. A bill to amend title 10, United 56. The SPEAKER presented a memorial of Ms. FUDGE, Mr. KEATING, Ms. LEE, States Code, to provide incentives for States the Legislature of the Commonwealth of

VerDate Sep 11 2014 03:12 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00114 Fmt 7634 Sfmt 0634 E:\CR\FM\L08JN7.100 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4819 Pennsylvania, relative to Senate Resolution Article I, Section 8, Clause 18—To make all The constitutional authority to law and No. 126, designating May 2017 as Laws which shall be necessary and proper for collect Taxes, Duties, Imposts and Excises as ‘‘Amyotrophic Lateral Sclerosis Awareness carrying into Execution the foregoing Pow- enumerated in Article I, Section 8, Clause 1 Month’’ in Pennsylvania; to the Committee ers, and all other Powers vested by this Con- of the United States Constitution. on Energy and Commerce. stitution in the Government of the United By Mr. CARTWRIGHT: 57. Also, a memorial of the Legislature of States, or in any Department or Officer H.R. 2837. the State of Hawaii, relative to Senate Con- thereof. Congress has the power to enact this legis- current Resolution No. 78, endorsing Tai- By Mr. LABRADOR: lation pursuant to the following: wan’s participation as an observer in the H.R. 2826. Article I; Section 8; Clause 1 of the Con- United Nations Framework Convention on Congress has the power to enact this legis- stitution states The Congress shall have Climate Change, International Civil Avia- lation pursuant to the following: Power To lay and collect Taxes, Duties, Im- tion Organization, World Health Organiza- Article 1 Section 8 Clause 4 of the United posts and Excises, to pay the Debts and pro- tion, and International Criminal Police Or- States Constitution. vide for the common Defence and general ganization, and supporting the 24th anniver- By Ms. DELBENE: Welfare of the United States . . . sary of sister-state relations between the H.R. 2827. By Ms. JUDY CHU of California: State of Hawaii and Taiwan Province of the Congress has the power to enact this legis- H.R. 2838. Republic of China; to the Committee on For- lation pursuant to the following: Congress has the power to enact this legis- eign Affairs. Article I, Section 8 of the United States lation pursuant to the following: Pursuant to Article 1, Section 8. 58. Also, a memorial of the Senate of the Constitution. By Ms. JUDY CHU of California: State of California, relative to Senate Reso- By Mr. NEWHOUSE: H.R. 2828. H.R. 2839. lution No. 35, supporting the current federal Congress has the power to enact this legis- Congress has the power to enact this legis- prohibition on new oil or gas drilling in fed- lation pursuant to the following: lation pursuant to the following: eral waters offshore California; to the Com- Article 1, Section 8, Clause 18, Congress Pursuant to Article 1, Section 8. mittee on Natural Resources. may enact laws necessary and proper to the By Mr. CICILLINE: 59. Also, a memorial of the Legislature of execution of its enumerated powers. As this H.R. 2840. the State of Missouri, relative to Senate legislation solely amends the amount of Congress has the power to enact this legis- Concurrent Resolution No. 4, requesting the time available for execution of previously lation pursuant to the following: Article I, Section 8 of the Constitution of Congress of the United States call a conven- granted authority, it is merely technical in the United States. tion of the states to propose amendments to nature and an appropriate exercise of Con- By Mr. CIC1LLINE: the Constitution of the United States; to the gress’ authority to amend its previous ac- Committee on the Judiciary. H.R. 2841. tions through necessary and proper statutes. Congress has the power to enact this legis- 60. Also, a memorial of the Legislature of By Mr. POE of Texas: the State of Michigan, relative to House lation pursuant to the following: H.R. 2829. Article I, Section 8 of the United States Concurrent Resolution No. 2, to express sup- Congress has the power to enact this legis- Constitution port for the construction of a new lock at lation pursuant to the following: By Mr. CURBELO of Florida: Sault Ste. Marie, Michigan, and urge the Clause 18 of section 8 of article I of the President and Congress of the United States H.R. 2842. Constitution which states that Congress has Congress has the power to enact this legis- to fully fund the project; to the Committee the power ‘‘to make all laws which shall be on Transportation and Infrastructure. lation pursuant to the following: necessary and proper for carrying into Exe- Article I, Section 8, Clause 1 of the United 61. Also, a memorial of the Legislature of cution the foregoing Powers, and all other States Constitution, to ‘‘provide for the com- the Territory of Guam, relative to Resolu- Powers vested by this Constitution in the mon Defence and general Welfare of the tion No. 25-34 (COR), expressing support for Government of the United States, or in any United States.’’ the passage of H.R. 809, the ‘‘Fighting For Department or Officer thereof. By Ms. DEGETTE: Orange-Stricken Territories In Eastern Re- By Mr. VEASEY: H.R. 2843. gions (Foster) Act’’; to the Committee on H.R. 2830. Congress has the power to enact this legis- Veterans’ Affairs. Congress has the power to enact this legis- lation pursuant to the following: f lation pursuant to the following: Article I, Section 8 of the U.S. Constitu- Article 1, Section 8 (relating to interstate tion PRIVATE BILLS AND commerce) By Ms. DEGETTE: RESOLUTIONS By Mr. RUTHERFORD: H.R. 2844. Under clause 3 of rule XII, H.R. 2831. Congress has the power to enact this legis- Congress has the power to enact this legis- lation pursuant to the following: Mr. GENE GREEN of Texas introduced lation pursuant to the following: Article I, Section 8 of the United States a bill (H.R. 2869) for the relief of Article 1, Section 8 of the United States Constitution, specifically clause 9, which Enrique Soriano and Areli Soriano; Constitution. states ‘‘The Congress shall have Power . . . which was referred to the Committee By Mr. JORDAN: To constitute Tribunals inferior to the su- on the Judiciary. H.R. 2832. preme Court.’’ f Congress has the power to enact this legis- Article III, Section 1 states that ‘‘The judi- lation pursuant to the following: cial Power of the United States, shall be CONSTITUTIONAL AUTHORITY The bill makes specific changes to existing vested in one supreme Court, and in such in- STATEMENT law in a manner that returns power to the ferior Courts as the Congress may from time Pursuant to clause 7 of rule XII of States and to the people, in accordance with to time ordain and establish.’’ Amendment X of the United States Constitu- the Rules of the House of Representa- By Mr. ESPAILLAT: tion. H.R. 2845. tives, the following statements are sub- By Mr. SCHNEIDER: Congress has the power to enact this legis- mitted regarding the specific powers H.R. 2833. lation pursuant to the following: granted to Congress in the Constitu- Congress has the power to enact this legis- Article One of the United States Constitu- tion to enact the accompanying bill or lation pursuant to the following: tion, section 8, clause 18: joint resolution. Article I, Section 8. The Congress shall have Power—To make By Mr. DANNY K. DAVIS of Illinois: all Laws which shall be necessary and proper By Mr. ROE of Tennessee: H.R. 2834. for carrying into Execution the foregoing H.R. 2823. Congress has the power to enact this legis- Powers, and all other Powers vested by this Congress has the power to enact this legis- lation pursuant to the following: Constitution in the Government of the lation pursuant to the following: Article I of the Constitution and its subse- United States, or in any Department or Offi- Article I, section 8 of the Constitution of quent amendments and further clarified and cer thereof the United States interpreted by the Supreme Court of the or By Mr. SMITH of Nebraska: United States. Article One of the United States Constitu- H.R. 2824. By Mr. BRAT: tion, Section 8, Clause 3: Congress has the power to enact this legis- H.R. 2835. The Congress shall have Power—To regu- lation pursuant to the following: Congress has the power to enact this legis- late Commerce with foreign Nations, and Article I, Section 8, Clause 1 of the United lation pursuant to the following: among the several States, and with the In- States Constitution, to ‘‘provide for the com- U.S. Constitution Article I, Section 8, dian tribes; mon Defence and general Welfare of the Clause 1, under the ‘‘Power To lay and col- By Mr. FARENTHOLD: United States.’’ lect Taxes, Duties, Imposts and Excises’’. H.R. 2846. By Mr. MCCAUL: By Mr. BILIRAKIS: Congress has the power to enact this legis- H.R. 2825. H.R. 2836. lation pursuant to the following: Congress has the power to enact this legis- Congress has the power to enact this legis- Article I, Section 8, Clause 1 of the U.S. lation pursuant to the following: lation pursuant to the following: Constitution

VerDate Sep 11 2014 04:27 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00115 Fmt 7634 Sfmt 0634 E:\CR\FM\L08JN7.001 H08JNPT1 H4820 CONGRESSIONAL RECORD — HOUSE June 8, 2017 Article I, Section 8, Clause 18 of the U.S. Congress has the power to enact this legis- States, or in any Department or Officer Constitution lation pursuant to the following: thereof. By Mr. FASO: Pursuant to Clause I of Section 8 of Article By Mr. ZELDIN: H.R. 2847. I of the United States Constitution and H.R. 2868. Congress has the power to enact this legis- Amendment XVI of the United States Con- Congress has the power to enact this legis- lation pursuant to the following: stitution, specifically clause 1 (relating to lation pursuant to the following: Article 1, Section 8 of the United States providing for the general welfare of the Article I, Section 8. Constitution. United States) and clause 18 (relating to the Mr. GENE GREEN of Texas: By Mr. GALLEGO: power to make all laws necessary and proper H.R. 2869. H.R. 2848. for carrying out the powers vested in Con- Congress has the power to enact this legis- Congress has the power to enact this legis- gress), and Article IV, section 3, clause 2 (re- lation pursuant to the following: lation pursuant to the following: lating to the power of Congress to dispose of Article I, Section 8, Clause 4 of the U.S. —Article I, Section 8, Clause 18 and make all needful rules and regulations Constitution (‘‘The Congress shall have the By Mr. GRAVES of Louisiana: respecting the territory or other property power to establish a uniform rule of natu- H.R. 2849. belonging to the United States). ralization . . .’’). Congress has the power to enact this legis- By Mr. RUSSELL: lation pursuant to the following: H.R. 2861. f Article 1, Section 8, Clause 1 Congress has the power to enact this legis- ADDITIONAL SPONSORS By Mr. JONES: lation pursuant to the following: H.R. 2850. Article I, Section 8, Clause 18 Under clause 7 of rule XII, sponsors Congress has the power to enact this legis- By Mr. SIMPSON: were added to public bills and resolu- lation pursuant to the following: H.R. 2862. tions, as follows: Under Article 1, Section 8, Congress has Congress has the power to enact this legis- H.R. 36: Mr. KUSTOFF of Tennessee. the authority to make rules for the govern- lation pursuant to the following: H.R. 38: Mr. SCHWEIKERT. ment and regulation of the land and naval ‘‘The constitutional authority of Congress H.R. 76: Mr. SMUCKER. forces and to make all laws which shall be to enact this legislation is provided by Arti- H.R. 102: Mrs. BEATTY. necessary and proper for carrying into execu- cle I, section 8 of the United States Constitu- H.R. 103: Mrs. BEATTY. tion the foregoing powers. tion, specifically clause 1 (relating to pro- H.R. 113: Mr. EVANS and Mr. GENE GREEN of By Mr. KATKO: viding for the general welfare of the United Texas. H.R. 2851. States) and clause 18 (relating to the power Congress has the power to enact this legis- H.R. 305: Mr. CAPUANO. to make all laws necessary and proper for lation pursuant to the following: H.R. 358: Mr. BISHOP of Michigan. carrying out the powers vested in Congress), Article I, Section 8 of the United States H.R. 367: Mr. CONAWAY, Mr. HUIZENGA, Mr. and Article IV, section 3, clause 2 (relating Constitution. SCHWEIKERT, and Mr. YOHO. to the power of Congress to dispose of and By Mr. KILMER: H.R. 389: Mr. KIND and Ms. TITUS. make all needful rules and regulations re- H.R. 2852. H.R. 398: Mr. MARINO, Mr. SWALWELL of specting the territory or other property be- Congress has the power to enact this legis- California, Mr. JOHNSON of Georgia, Mr. MEE- longing to the United States).’’ lation pursuant to the following: HAN, Mr. LOBIONDO, Mr. BLUMENAUER, and By Mr. SIMPSON: Article 1, Section 8 of the United States Mr. COHEN. Constitution H.R. 2863. Congress has the power to enact this legis- H.R. 535: Mr. DIAZ-BALART. By Mr. KIND: H.R. 539: Mr. GRAVES of Georgia. H.R. 2853. lation pursuant to the following: ‘‘The constitutional authority of Congress H.R. 635: Ms. CLARK of Massachusetts and Congress has the power to enact this legis- Mr. LOWENTHAL. lation pursuant to the following: to enact this legislation is provided by Arti- cle I, section 8 of the United States Constitu- H.R. 646: Mr. ROKITA. Article I, Section 7, Clause 1 H.R. 664: Mr. LAHOOD. ‘‘All Bills for raising Revenue shall tion, specifically clause 1 (relating to pro- viding for the general welfare of the United H.R. 667: Mr. LAHOOD. orginate in the House of Representatives’’ H.R. 669: Ms. VELA´ ZQUEZ. By Mr. LARSEN of Washington: States) and clause 18 (relating to the power to make all laws necessary and proper for H.R. 747: Ms. JACKSON LEE, Ms. KELLY of Il- H.R. 2854. linois, Mr. KINZINGER, Mr. BISHOP of Michi- Congress has the power to enact this legis- carrying out the powers vested in Congress), and Article IV, section 3, clause 2 (relating gan, Mr. VELA, and Mr. ROUZER. lation pursuant to the following: H.R. 758: Mr. HILL. Article 1, Section 1—All legislative powers to the power of Congress to dispose of and H.R. 770: Mr. DENT. herein granted shall be vested in a Congress make all needful rules and regulations re- H.R. 790: Mr. AL GREEN of Texas. of the United States, which shall consist of a specting the territory or other property be- H.R. 816: Mr. POCAN. Senate and House of Representatives. longing to the United States).’’ H.R. 820: Mr. KINZINGER. By Mr. LAWSON of Florida: By Ms. SINEMA: H.R. 830: Mr. CRIST. H.R. 2855. H.R. 2864. H.R. 848: Mr. COMER, Mr. SMITH of Mis- Congress has the power to enact this legis- Congress has the power to enact this legis- souri, Mr. MOOLENAAR, and Mr. DUNN. lation pursuant to the following: lation pursuant to the following: H.R. 849: Mr. LOUDERMILK, Mr. DONOVAN, Article 1, Section 8: To make all Laws Article 1. Section 8. Mr. LAHOOD, Mr. NORCROSS, Mr. LUETKE- which shall be necessary and proper for car- By Mr. SIRES: MEYER, Mr. BUCK, Mrs. TORRES, Ms. rying into Execution the foregoing Powers, H.R. 2865. MCSALLY, Mr. DUNCAN of South Carolina, and all other Powers vested by this Constitu- Congress has the power to enact this legis- Mr. BUCHANAN, and Mr. SCALISE. tion in the Government of the United States, lation pursuant to the following: H.R. 850: Mr. SMUCKER. or in any Department or Officer thereof. Pursuant to clause 3(d) (1) of rule XIII of H.R. 852: Ms. SEWELL of Alabama. By Mr. MCHENRY: the Rules of the House of Representatives, H.R. 873: Mr. KINZINGER, Mr. COLLINS of H.R. 2856. the Committee finds the authority for this Congress has the power to enact this legis- legislation in article I, section 8 of the Con- New York, and Mr. GOTTHEIMER. lation pursuant to the following: stitution. H.R. 909: Ms. CLARKE of New York and Mr. Article 1, Section 8, Clause 3 By Mr. SMUCKER: VELA. By Mrs. NOEM: H.R. 2866. H.R. 927: Mr. HUDSON. H.R. 2857. Congress has the power to enact this legis- H.R. 930: Mr. KEATING, Mrs. MCMORRIS Congress has the power to enact this legis- lation pursuant to the following: RODGERS, and Mr. HUNTER. lation pursuant to the following: Clause 3 of Section 8 of Article 1 of the H.R. 931: Mr. COFFMAN, Mr. COURTNEY, and Article I, Section 8 of the Constitution of Constitution Mr. GONZALEZ of Texas. the United States. By Mrs. TORRES: H.R. 959: Ms. BORDALLO, Mr. RYAN of Ohio, By Mr. PETERS: H.R. 2867. Ms. MCCOLLUM, Mr. RUSH, and Mr. DANNY K. H.R. 2858. Congress has the power to enact this legis- DAVIS of Illinois. Congress has the power to enact this legis- lation pursuant to the following: H.R. 964: Mr. COLE. lation pursuant to the following: According to Article 1: Section 8: Clause H.R. 996: Mr. RYAN of Ohio and Mr. SOTO. Article 1, Section 8 of US Constitution 18: of the United States Constitution, seen H.R. 1017: Mr. COHEN and Mr. LAHOOD. By Mr. POLIS: below, this bill falls within the Constitu- H.R. 1057: Mrs. DEMINGS, Mr. CLEAVER, Mr. H.R. 2859. tional Authority of the United States Con- RUTHERFORD, Mr. ROYCE of California, Ms. Congress has the power to enact this legis- gress. KAPTUR, Mr. BUCSHON, and Mr. BARTON. lation pursuant to the following: Article 1: Section 8: Clause 18: To make all H.R. 1090: Mr. KINZINGER and Mr. EMMER. Article I, Section 8 of the U.S. Constitu- Laws which shall be necessary and proper for H.R. 1094: Mrs. CAROLYN B. MALONEY of tion carrying into Execution the foregoing Pow- New York. By Mr. REICHERT: ers, and all other Powers vested by this Con- H.R. 1098: Mr. CHABOT, Mr. NOLAN, and Mr. H.R. 2860. stitution in the Government of the United ABRAHAM.

VerDate Sep 11 2014 03:12 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00116 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.035 H08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — HOUSE H4821

H.R. 1120: Mr. KING of New York. Carolina, Mr. PITTENGER, Mr. ROUZER, Mr. H.R. 2761: Ms. BARRAGA´ N, Mr. TAKANO, and H.R. 1143: Mr. RASKIN. YOHO, and Mr. KING of Iowa. Mr. SOTO. H.R. 1164: Mr. BARLETTA and Mr. MARCH- H.R. 2158: Mr. SWALWELL of California and H.R. 2762: Mr. WALZ and Mr. NOLAN. ANT. Ms. VELA´ ZQUEZ. H.R. 2765: Mr. MAST. H.R. 1225: Mr. KIND. H.R. 2207: Mr. PRICE of North Carolina. H.R. 2777: Mr. GENE GREEN of Texas. H.R. 1231: Mr. HASTINGS. H.R. 2224: Mr. HUDSON. H.R. 2788: Ms. VELA´ ZQUEZ and Mr. H.R. 1239: Mr. BRADY of Pennsylvania, Mr. H.R. 2248: Mr. MCGOVERN and Ms. O’ROURKE. NORCROSS, and Mr. O’ROURKE. BROWNLEY of California. H.R. 2790: Ms. TENNEY and Ms. BONAMICI. H.R. 1243: Mr. PRICE of North Carolina. H.R. 2260: Mr. DESAULNIER. H.R. 2796: Mr. FRANKS of Arizona. H.R. 1247: Mr. CONNOLLY, Mr. STIVERS, Ms. H.R. 2262: Mr. LOWENTHAL. H.R. 2804: Ms. NORTON. BORDALLO, Mr. SOTO, Mr. CONYERS, Mr. GRI- H.R. 2307: Mr. DEFAZIO, Mr. HASTINGS, and H.R. 2820: Mr. BROWN of Maryland and Mr. JALVA, Mr. MEEHAN, Mr. FORTENBERRY, and Mrs. COMSTOCK. HULTGREN. Mr. WELCH. H.R. 2309: Mr. BEYER. H.R. 2822: Mr. DUNN. H.R. 1267: Mr. AGUILAR. H.R. 2315: Mr. COFFMAN, Mr. BOST, and Mr. H.J. Res. 51: Mr. DONOVAN, Mr. SENSEN- H.R. 1311: Mr. ESTES of Kansas, Mrs. BISHOP of Michigan. BRENNER, Mr. BUCK, Mr. PETERSON, and Mr. H.R. 2318: Mr. PALLONE and Mr. SOTO. HARTZLER, Mr. GALLEGO, and Mr. SCALISE. H.R. 2322: Mr. MAST. KRISHNAMOORTHI. H. Con. Res. 10: Mr. MITCHELL. H.R. 2340: Mr. VALADAO. H.R. 1316: Mr. PALAZZO and Mr. GRIFFITH. H. Con. Res. 13: Mr. HARRIS. H.R. 2370: Mr. BROOKS of Alabama. H.R. 1318: Mr. NORCROSS and Mr. SERRANO. H. Con. Res. 44: Mr. SMITH of Washington. H.R. 2387: Mr. PALLONE. H.R. 1322: Mr. CRIST. H. Con. Res. 62: Mrs. NOEM. ´ H.R. 2392: Mrs. TORRES and Mrs. BEATTY. H.R. 1358: Mr. DEFAZIO and Ms. BARRAGAN. H. Con. Res. 63: Ms. GABBARD, Mr. H.R. 2414: Ms. PINGREE, Ms. CLARKE of New H.R. 1368: Mr. CARBAJAL. ESPAILLAT, Mr. BRENDAN F. BOYLE of Penn- York, Mr. GUTIE´ RREZ, and Mr. MCGOVERN. H.R. 1415: Mr. DONOVAN. OORE IGGINS H.R. 2421: Mr. RYAN of Ohio, Mr. POLIS, and sylvania, Ms. M , Mr. H of New H.R. 1422: Mr. SMITH of Missouri. York, Mr. CRIST, Mr. SMITH of Washington, H.R. 1441: Mr. KINZINGER, Mr. COLE, and Mr. HECK. H.R. 2422: Mr. ROUZER, Mr. RODNEY DAVIS Mrs. CAROLYN B. MALONEY of New York, Ms. Mr. GALLAGHER. of Illinois, Mr. HASTINGS, Mr. O’ROURKE, Mr. LOFGREN, and Ms. MENG. H.R. 1444: Ms. STEFANIK, Mr. GALLEGO, and FOSTER, and Mr. POCAN. H. Res. 58: Mr. WEBER of Texas and Mr. Mr. OLSON. H.R. 2428: Ms. KAPTUR. KING of New York. H.R. 1484: Ms. SHEA-PORTER. H.R. 2431: Mr. RATCLIFFE. H. Res. 128: Mr. BISHOP of Michigan, Mr. H.R. 1494: Mr. BARLETTA, Mr. PAYNE, Mr. H.R. 2432: Mr. COLLINS of New York. RUSH, and Mr. RASKIN. COFFMAN, Mr. CARTWRIGHT, Mr. MCNERNEY, H.R. 2452: Mr. AGUILAR. H. Res. 188: Mr. JOHNSON of Georgia. Mr. CROWLEY, Mr. CLAY, Ms. JAYAPAL, Mr. H.R. 2476: Mrs. DINGELL, Mrs. NOEM, Mr. H. Res. 199: Ms. WASSERMAN SCHULTZ. SHUSTER, Ms. WILSON of Florida, Mr. SUOZZI, ROE of Tennessee, Ms. SINEMA, Mr. RYAN of H. Res. 201: Mr. SCHNEIDER. and Mr. JOHNSON of Georgia. Ohio, and Mr. WITTMAN. H. Res. 256: Mr. BRENDAN F. BOYLE of Penn- H.R. 1519: Mr. DEFAZIO. H.R. 2484: Mr. DENT. sylvania and Mr. CALVERT. H.R. 1552: Mr. BISHOP of Michigan. H.R. 2495: Mr. CRIST, Mr. GOSAR, Ms. H. Res. 274: Ms. DELBENE. H.R. 1566: Mr. WELCH. ROSEN, Ms. SHEA-PORTER, Mr. RASKIN, Ms. H. Res. 307: Mr. MITCHELL. H.R. 1626: Mr. WENSTRUP, Mr. MESSER, and SHUSTER, and Mr. MACARTHUR. H. Res. 317: Mr. WEBER of Texas, Mr. TED Mr. HILL. H.R. 2505: Mr. CASTRO of Texas. LIEU of California, and Mr. STEWART. H.R. 1645: Mr. EMMER, Mr. HILL, and Mr. H.R. 2514: Mrs. DEMINGS. H. Res. 318: Ms. BROWNLEY of California. MACARTHUR. H.R. 2519: Mr. RODNEY DAVIS of Illinois and H. Res. 319: Mr. BILIRAKIS. H.R. 1649: Mr. PAYNE, Ms. ADAMS, and Ms. Mr. COLLINS of New York. H. Res. 370: Mr. KILMER, Mr. SOTO, and Mr. KUSTER of New Hampshire. H.R. 2523: Mr. PANETTA. LEWIS of Georgia. H.R. 1661: Ms. JAYAPAL, Mr. BARLETTA, Mr. H.R. 2526: Mr. GUTIE´ RREZ. f BUCHANAN, and Mr. Rimes. H.R. 2532: Mr. TAKANO and Mrs. BROOKS of H.R. 1671: Mr. SMITH of Missouri. Indiana. PETITIONS, ETC. H.R. 1681: Mr. DEFAZIO, Mr. DAVID SCOTT of H.R. 2544: Mr. SOTO. Georgia, Mr. KILMER, Ms. BLUNT ROCHESTER, H.R. 2550: Mr. AGUILAR. Under clause 3 of rule XII, petitions and Mr. HUFFMAN. H.R. 2583: Mr. POCAN. and papers were laid on the clerk’s H.R. 1697: Mr. FRELINGHUYSEN, Mr. WAL- H.R. 2587: Ms. VELA´ ZQUEZ. desk and referred as follows: DEN, Mr. UPTON, Mr. DESJARLAIS, Mr. SHIM- H.R. 2589: Mr. SENSENBRENNER. 49. The SPEAKER presented a petition of KUS, and Mr. WOMACK. H.R. 2591: Mr. WEBSTER of Florida and Mr. the Mayor and City Commission of Miami H.R. 1698: Mr. LAWSON of Florida, Mr. COLE. Beach, FL, relative to Resolution No. 2017- AMODEI, and Mr. DESJARLAIS. H.R. 2598: Mr. DESAULNIER, Mr. BROWN of 29870, supporting United States Senate Bill H.R. 1699: Mrs. ROBY and Mr. DEFAZIO. Maryland, and Ms. KELLY of Illinois. 928, and related House Bill 2119, creating the H.R. 1712: Mr. COFFMAN. H.R. 2603: Mr. CRAWFORD. Therapeutic Fraud Prevention Act of 2017; to H.R. 1719: Ms. NORTON. H.R. 2640: Mr. RUSH, Ms. HANABUSA, Mr. the Committee on Energy and Commerce. H.R. 1727: Mr. ELLISON. SCOTT of Virginia, Mrs. TORRES, and Mr. 50. Also, a petition of the Council of the H.R. 1734: Mr. LAWSON of Florida. SCHIFF. City of Warren, OH, relative to Resolution H.R. 1777: Mr. LAHOOD. H.R. 2645: Mr. BISHOP of Georgia. No. 4615/17, urging Ohio’s Governor, General H.R. 1802: Mr. KING of New York. H.R. 2652: Ms. BROWNLEY of California. H.R. 1810: Mr. JOYCE of Ohio and Mr. COFF- H.R. 2659: Mr. ESPAILLAT, Mr. GONZALEZ of Assembly, and the Congressional Delegation MAN. Texas, Mr. SUOZZI, Mr. HUFFMAN, Mr. to declare the opiate epidemic an emergency, H.R. 1825: Mr. SENSENBRENNER, Mr. AMODEI, CA´ RDENAS, Mr. PANETTA, Mr. LAWSON of prioritizing the need of Ohioans impacted by Mr. GALLEGO, Mr. KHANNA, Mr. LOBIONDO, Florida, and Mr. ROSS. opioid addiction by dramatically increasing Mr. EMMER, Mr. CONYERS, Ms. JUDY CHU of H.R. 2660: Mr. DUNCAN of South Carolina. investments in prevention, treatment, recov- California, Mr. MURPHY of Pennsylvania, Mr. H.R. 2668: Mr. NOLAN. ery support, education, and interdiction ef- THOMPSON of Pennsylvania, Mr. NORCROSS, H.R. 2670: Mr. LEWIS of Georgia and Mr. forts to end this epidemic; to the Committee and Mr. DANNY K. DAVIS of Illinois. KRISHNAMOORTHI. on Energy and Commerce. H.R. 1847: Ms. ESHOO, Mr. CROWLEY, and H.R. 2690: Mr. TED LIEU of California. 51. Also, a petition of Mr. Gregory D. Wat- Mr. BROWN of Maryland. H.R. 2703: Mr. JEFFRIES, Mr. COURTNEY, and son, a citizen of Austin, Texas, relative to H.R. 1874: Mr. JOHNSON of Ohio, Ms. KAP- Ms. SA´ NCHEZ. urging Congress to enact legislation that TUR, and Mr. MESSER. H.R. 2713: Mr. STIVERS. would establish uniform nationwide infra- H.R. 1904: Mr. SESSIONS. H.R. 2715: Ms. NORTON. structure and procedures for the holding of a H.R. 1920: Mr. MEEHAN. H.R. 2723: Mr. BIGGS, Mr. BISHOP of Michi- Convention to propose an amendment to the H.R. 1953: Mr. BROWN of Maryland, Mr. gan, Mr. PALMER, Mr. LOUDERMILK, Mr. United States Constitution, pursuant to Ar- KINZINGER, and Mr. GRIFFITH. GOSAR, and Mr. BRIDENSTINE. ticle V; ; to the Committee on the Judiciary. H.R. 1955: Ms. KUSTER of New Hampshire. H.R. 2729: Mrs. NAPOLITANO, Ms. CLARKE of 52. Also, a petition of the City Council of H.R. 1988: Ms. SA´ NCHEZ, Mr. RUIZ, Mr. New York, and Ms. JAYAPAL. Walker, LA, relative to a Resolution, urging BERA, Mr. AGUILAR, and Ms. MATSUI. H.R. 2746: Ms. LEE, Ms. CLARKE of New Congress to pass destination rate-based leg- H.R. 2011: Mr. SMITH of New Jersey. York, Mr. KHANNA, and Mr. QUIGLEY. islation that would give states the option to H.R. 2062: Mr. SHERMAN and Mr. NORCROSS. H.R. 2748: Ms. BORDALLO, Mr. PANETTA, and collect from remote online retailers the H.R. 2063: Mr. KILMER. Mr. KILMER. same tax that local brick-and-mortar mer- H.R. 2091: Mr. DESANTIS. H.R. 2756: Ms. DELAURO. chants currently collect; to the Committee H.R. 2147: Mrs. COMSTOCK. H.R. 2759: Ms. BARRAGA´ N, Mr. TAKANO, and on the Judiciary. H.R. 2148: Mr. BARR. Mr. SOTO. 53. Also, a petition of the Town of H.R. 2149: Mr. POSEY, Mr. DESANTIS, Mr. H.R. 2760: Ms. BARRAGA´ N, Mr. TAKANO, and Shutesbury, MA, relative to a Resolution, DAVIDSON, Mr. ISSA, Mr. WILSON of South Mr. SOTO. calling on the Massachusetts Legislature and

VerDate Sep 11 2014 03:12 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00117 Fmt 7634 Sfmt 0634 E:\CR\FM\A08JN7.026 H08JNPT1 H4822 CONGRESSIONAL RECORD — HOUSE June 8, 2017 the United States Congress to implement to the Committees on Energy and Commerce DISCHARGE PETITIONS— Carbon Fee and Dividend (or ‘‘Rebate’’), and Ways and Means. ADDITIONS AND WITHDRAWALS placing a steadily rising fee on carbon-based The following Member added his fuels, and returning all fees collected, minus name to the following discharge peti- administrative costs, to households; jointly tion: Petition 1 by Ms. ESHOO on H.R. 305: Mr. Danny K. Davis of Illinois.

VerDate Sep 11 2014 04:15 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00118 Fmt 7634 Sfmt 0634 E:\CR\FM\L08JN7.002 H08JNPT1 E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 115 CONGRESS, FIRST SESSION

Vol. 163 WASHINGTON, THURSDAY, JUNE 8, 2017 No. 98 Senate The Senate met at 9:30 a.m. and was U.S. SENATE, working toward final passage. The bill called to order by the Honorable LU- PRESIDENT PRO TEMPORE, makes clear that Congress recognizes THER STRANGE, a Senator from the Washington, DC, June 8, 2017. that Iran’s aggressive behavior and ef- State of Alabama. To the Senate: forts to expand its revolution across Under the provisions of rule I, paragraph 3, of the Standing Rules of the Senate, I hereby the broader Middle East must be f appoint the Honorable LUTHER STRANGE, a stopped. Senator from the State of Alabama, to per- Unfortunately, the Obama adminis- PRAYER form the duties of the Chair. tration’s desire to draw down our con- The Chaplain, Dr. Barry C. Black, of- ORRIN G. HATCH, ventional military presence from the fered the following prayer: President pro tempore. Persian Gulf and Iraq created the self- Let us pray. Mr. STRANGE thereupon assumed defeating imperative to avoid nation- Faithful Father, as our lawmakers the Chair as Acting President pro tem- state conflict at any cost, and they face the challenges of this day, infuse pore. were reluctant to take any action that their minds with a renewed sense of f might upset the Joint Comprehensive how much You have invested in them. Plan of Action—in other words, the so- RECOGNITION OF THE MAJORITY Lead them to live for Your glory, em- called Iran deal. They kept this hands- LEADER bracing Your vision for our Nation and off approach even when Iran supported world. Lord, guide and inspire them The ACTING PRESIDENT pro tem- terrorism and Shia militias and even as with the great plans You want to ac- pore. The majority leader is recog- they harassed U.S. ships at sea—ac- complish through their work. May the nized. tions that were not part of the nuclear knowledge that You are with them f program or the Iran deal. eviscerate fear, for You are our Lord Advancing this bill makes the logical MEASURES PLACED ON THE and Savior. point that our Nation needs a com- CALENDAR—H.R. 1628 Help us all to surrender to Your prehensive strategy to deal with all transforming power so that Your will Mr. MCCONNELL. Mr. President, I areas of Iran’s aggression. It will give may be accomplished on Earth, even as understand there is a bill at the desk the current administration more of the it is done in Heaven. due for a second reading. tools it needs to take a stronger ap- And, Lord, bless our wonderful pages The ACTING PRESIDENT pro tem- proach than the previous administra- as they prepare to leave Capitol Hill. pore. The clerk will read the bill by tion. It includes new mandatory bal- We pray in Your merciful Name. title for the second time. listic missile sanctions, new terrorism Amen. The legislative clerk read as follows: sanctions, and a mechanism to ensure A bill (H.R. 1628) to provide for reconcili- better enforcement of the arms embar- f ation pursuant to title II of the concurrent go. These sanctions represent another resolution on the budget for fiscal year 2017. key measure we can take now to keep PLEDGE OF ALLEGIANCE Mr. MCCONNELL. Mr. President, in American families safer and to support The Presiding Officer led the Pledge order to place the bill on the calendar our allies over in that region. of Allegiance, as follows: under the provisions of rule XIV, I ob- I want to again note the broad bipar- I pledge allegiance to the Flag of the ject to further proceedings. tisan support this legislation has al- United States of America, and to the Repub- The ACTING PRESIDENT pro tem- ready received and encourage my col- lic for which it stands, one nation under God, pore. Objection is heard. leagues on both sides of the aisle to indivisible, with liberty and justice for all. The bill will be placed on the cal- continue working together so we can endar. pass it. f f f APPOINTMENT OF ACTING IRAN SANCTIONS BILL HEALTHCARE LEGISLATION PRESIDENT PRO TEMPORE Mr. MCCONNELL. Mr. President, yes- Mr. MCCONNELL. On another mat- The PRESIDING OFFICER. The terday, Senators voted on an over- ter, Mr. President, just this week, clerk will please read a communication whelming bipartisan basis—91 to 8—to Ohioans learned that a major insurer to the Senate from the President pro advance critical legislation granting will exit their State’s ObamaCare ex- tempore (Mr. HATCH). the administration more of the policy changes next year, leaving thousands The legislative clerk read the fol- tools it needs to hold Iran accountable in at least 18 counties without a single lowing letter: for its actions. We must now keep option—not one; not a single option—

∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor.

S3345

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VerDate Sep 11 2014 04:08 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00001 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.000 S08JNPT1 S3346 CONGRESSIONAL RECORD — SENATE June 8, 2017 in the marketplace. The State’s insur- why Senate Republicans believe we sued. Let’s not lose sight of the very ance department cites ObamaCare as must act. That is why we are working heart of this matter: a foreign adver- the reason behind this troubling news, to keep our commitment to the Amer- sary interfering with our democracy. saying: ican people and finally provide relief There is an open counterintelligence Before the Affordable Care Act (ACA) Ohio from ObamaCare. This law has failed investigation into whether members of had a very competitive health insurance the American people, and the status the Trump campaign worked with that market. [But] new regulations from [the] quo is clearly unsustainable. foreign adversary to help that cam- ACA have driven some companies out of Ohio As Senate Republicans continue our paign win the White House. This issue and made it harder for them to do business, conversations on a path forward, I hope gets to the very foundation of our de- both of which have driven up the cost of our Democratic colleagues will finally mocracy: free and fair elections and health insurance in Ohio. put aside their last-ditch efforts to sal- the rule of law. Forcing insurance options out of the vage this failing law that is hurting so There is no process more sacred in marketplace, making it harder for peo- many people in the States they rep- democracy than the people exercising ple to find coverage, driving up costs of resent. It is time to face reality, no their voice at the ballot box. There is health insurance—these are the results matter how inconvenient it may be, no principle more enshrined in our of ObamaCare in Ohio and across the and help those who are counting on re- legal system than the principle that no country, and the pain is all too real for lief from ObamaCare. one—no one—is above the law. Mem- thousands of Americans like those the I suggest the absence of a quorum. bers of both parties should deeply care President visited with just yesterday. The ACTING PRESIDENT pro tem- about getting the truth, whole truth, As he addressed a crowd in Cin- pore. The clerk will call the roll. and nothing but the truth. I hope that cinnati, the President shared the story The legislative clerk proceeded to spirit will direct Senators in their of a small business owner from Louis- call the roll. questioning today. ville—my hometown—who, as the Mr. SCHUMER. Mr. President, I ask f President said, is just one of the unanimous consent that the order for ‘‘many victims of the ObamaCare ca- the quorum call be rescinded. RUSSIA AND IRAN SANCTIONS tastrophe’’ forced on the American peo- The ACTING PRESIDENT pro tem- LEGISLATION ple. Before ObamaCare, this Kentuck- pore. Without objection, it is so or- Mr. SCHUMER. Mr. President, Sen- ian’s employees had access to multiple dered. ators from both parties are negotiating options for high-quality, affordable f the content of an amendment to the healthcare. Now, under the failed bill for tough, bipartisan Russia sanc- healthcare law, these workers face pre- RECOGNITION OF THE MINORITY tions legislation. miums that are 150 percent higher, LEADER On the Democratic side, we feel very while having fewer choices. To make The ACTING PRESIDENT pro tem- strongly that we need a tough, effec- matters worse, health insurance under pore. The Democratic leader is recog- tive package of Russia sanctions to ObamaCare has become so unaffordable nized. move alongside Iran sanctions. I be- that he now has difficulty creating new f lieve many of my Republican col- jobs that would employ even more Ken- leagues do, as well, so there is very TESTIMONY OF JAMES COMEY tuckians. likely an agreement to be reached. This Louisville man is not alone ei- Mr. SCHUMER. Mr. President, this President Putin has violated the sov- ther. Just a couple of days ago, Dr. morning the Intelligence Committee is ereignty of Ukraine by annexing Cri- Tom Price, the Secretary of Health and hearing testimony from former FBI Di- mea. He has committed human rights Human Services, met with small busi- rector James Comey. I hope and expect abuses, including the propping up of ness owners who have faced similar him to be as forthright and straight- the brutal Assad regime in Syria, of challenges because of ObamaCare, peo- forward as he can. The Senate and, by stifling political dissent and the rights ple like one Kentuckian from Rich- extension, the American people deserve of his own people, and our intelligence mond. Here is what this Kentuckian to know the truth about Mr. Comey’s community has concluded that Russia and founder of a CPA firm said of her interactions with the President. made a direct assault on our democ- experience with the failed healthcare Based on the opening statement Mr. racy by conducting a campaign to law: Comey submitted to the committee, we interfere in our elections. Of all the clients that we see, there’s not know that he will confirm much of That is why, principally, I proposed a one good story about ObamaCare. And it’s what we have already learned about vote on a bill put forward by my friend, mostly without exception, horror stories of the events of the past few months the Republican Senator from South what has happened to themselves and their through the press. That is important in Carolina, Senator GRAHAM. This is a own employees. and of itself. Until now, we have read bill that includes as its cosponsors Sen- She, like so many others, knows that these reports with a healthy dose of ators MCCAIN and RUBIO on the Repub- the so-called Affordable Care Act has skepticism, waiting for Mr. Comey to lican side and Senators CARDIN, BROWN, really been anything but affordable for confirm or to refute their veracity. It and MCCASKILL on the Democratic side. too many small business owners and appears the bulk of what we learned It is a strong bipartisan bill. their employees. from the reports about Mr. Comey’s The bill would establish a process for These Kentuckians’ stories provide memos is true. Congress to review any Russia-related just a glimpse into the disastrous im- The President asked Mr. Comey to sanctions relief. The President and ad- pacts ObamaCare has had on Ameri- pledge ‘‘loyalty’’ to the President and ministration officials have dem- cans across the country. Although asked him if he could ‘‘let go’’ of an in- onstrated they are willing to consider some may try to paint a different pic- vestigation into one of the President’s lifting sanctions on Russia in exchange ture now, ObamaCare is responsible for close associates, former National Secu- for vague, yet-to-be-articulated conces- the failures and the hurt it has cre- rity Advisor General Flynn. That con- sions, if any concessions at all. Con- ated—not the American people, not versation took place in a meeting dur- gress ought to have the power to re- those of us trying to help rescue fami- ing which the President raised the view any decision made by this admin- lies from this ill-advised law. prospect of Mr. Comey not continuing istration before sanctions on Russia Since ObamaCare was fully enacted in the job. are lifted. in 2013, premiums have increased by an The Senate appreciates this testi- Senator MCCAIN has also introduced average of 105 percent and millions of mony. I am sure members of the Intel- an amendment, along with Senator Americans have lost their plans. This ligence Committee will seek answers to CARDIN, which would impose new sanc- year, people in just under three-quar- many of the remaining and new ques- tions on Russia. Given the revelations ters of counties nationally have only tions the testimony raises. of Russian interference in our elec- one or two choices on the ObamaCare There are so many questions that Mr. tions, new sanctions are warranted in exchanges, and the situation is likely Comey’s testimony leaves hanging out addition to the existing sanctions. In to only get worse next year. That is there. Every single lead should be pur- addition to the Graham-Cardin bill,

VerDate Sep 11 2014 00:50 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00002 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.001 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3347 which should definitely be included, I friends? We understand the ideologues Senate will resume consideration of hope Senator MCCAIN’s proposal is part are telling you that you must repeal. the motion to proceed to S. 722, which of our consideration of Russia-related But now that people have actually the clerk will report. sanctions as well. looked at repeal, they realize that is The senior assistant legislative clerk Chairman CORKER, Chairman CRAPO, not the way to go. read as follows: Ranking Member BROWN, and Ranking The right approach is not to move Motion to proceed to Calendar No. 110, S. Member CARDIN are in ongoing discus- backward, not to undo all the progress 722, a bill to impose sanctions with respect sions, as are the majority leader and I, we have made in healthcare over the to Iran in relation to Iran’s ballistic missile about the content of the Russia sanc- past 8 years and start from scratch. program, support for acts of international tions and amendment. I am hopeful The American people don’t want to go terrorism, and violations of human rights, and for other purposes. that we can resolve this issue and vote back to the days when an insurance to advance both measures. company could discriminate against Mrs. FISCHER. I suggest the absence of a quorum. f you because you have a preexisting condition or jack up your rates simply The PRESIDING OFFICER (Mr. SUL- HEALTHCARE LEGISLATION because you are older. That is not the LIVAN). The clerk will call the roll. Mr. SCHUMER. Mr. President, my kind of healthcare system the Amer- The bill clerk proceeded to call the friends on the other side of the aisle ican people want. But that seems to be roll. continue to work on their healthcare what our Republican colleagues, in the Mr. MCCONNELL. Madam President, bill behind closed doors. They haven’t dark of night, are considering. I ask unanimous consent that the order made public a shred of bill text or even The right approach is to keep all the for the quorum call be rescinded. considered holding a committee hear- good things in the existing law and The PRESIDING OFFICER (Mrs. ing to debate the topic. Yesterday my work in a bipartisan way to make more FISCHER). Without objection, it is so friend the majority leader filed a mo- progress on lowering costs for con- ordered. tion to bring TrumpCare directly to sumers and improving the quality of UNANIMOUS CONSENT AGREEMENT—EXECUTIVE the floor, skipping the committee proc- care. CALENDAR ess. Again, I urge my Republican col- Mr. MCCONNELL. Madam President, This is a party that screamed from leagues to drop their repeal efforts and, I ask unanimous consent that notwith- the rafters ‘‘Read the bill, read the instead, work with Democrats on actu- standing rule XXII, at 1:30 p.m. today, bill’’ when Democrats were putting to- ally improving our healthcare system. the Senate proceed to executive session gether the Affordable Care Act. We for the consideration of Calendar No. f spent over a year debating that bill. We 99, the nomination of Scott Brown to tried with a bipartisan group of six to INFRASTRUCTURE be Ambassador to New Zealand; I fur- come up with a solution. Mr. SCHUMER. Mr. President, I ther ask that there be 15 minutes of de- Republicans are putting together heard President Trump talk about bate on the nomination equally divided their bill in secret, with no Democratic Democrats being obstructionists yes- in the usual form; that following the input, and then will rush their bill to terday—out in Ohio, Kentucky—about use or yielding back of time, the Sen- the floor without a single committee a healthcare bill in which they are not ate vote on confirmation with no inter- hearing, all in the span of 3 short asking for Democratic help or input. vening action or debate; and that, if weeks. This is a bill that will alter one- They are tied in a knot because their confirmed, the President be imme- sixth of the American economy and af- own party can’t agree on the tax bill. diately notified of the Senate’s action. fect tens of millions of American lives. They again are not asking for Demo- The PRESIDING OFFICER. Without For many, it will have life-and-death cratic input. They are tied in a knot objection, it is so ordered. consequences. because their own party can’t agree. Mr. MCCONNELL. I suggest the ab- The way Republicans are crafting Now it looks as if they are doing the sence of a quorum. this legislation is pulling the wool over same thing on infrastructure. The The PRESIDING OFFICER. The the eyes of the American people on one President is in an ‘‘alter reality’’ clerk will call the roll. of the most crucial issues affecting world. He blames Democrats, but then The senior assistant legislative clerk their lives. Why? There is only one ex- his Republican colleagues, often at his proceeded to call the roll. planation: They don’t want the Amer- instruction, are told not to work on the Mr. VAN HOLLEN. Mr. President, I ican people to see their bill. They don’t bill with Democrats. What is going on ask unanimous consent that the order want to go home to townhall meetings here? for the quorum call be rescinded. and let people give their opinions. Keep What the President tweets and talks The PRESIDING OFFICER (Mr. it under wraps, rush it through? There about at his rallies and what is actu- ROUNDS). Without objection, it is so or- is only one good reason: They are not ally happening are two different dered. very proud of the product that they worlds—two different worlds. That is Mr. VAN HOLLEN. Mr. President, I have put together. no good. It is no good for America, no think we all know that former FBI Di- The Republicans know that even if good for the American people, and, rector Comey just completed his public they make some changes to the bill frankly, no good for the President. testimony before the Senate Intel- that came over from the House—they Mr. President, I yield the floor. ligence Committee. He testified about may increase subsidies a bit or lower how President Trump asked him to f the amount of tax breaks they give to pledge his loyalty to him personally millionaires—they will still wind up RESERVATION OF LEADER TIME and how the President asked the FBI with a bill that is far worse than the The ACTING PRESIDENT pro tem- to drop the investigation into former status quo: higher costs, less care. That pore. Under the previous order, the National Security Advisor Michael is because they are working from a fun- leadership time is reserved. Flynn. damentally flawed premise, which is to f We know that last December, Mi- take support away from healthcare chael Flynn had a discussion with the programs like Medicaid to give a tax CONCLUSION OF MORNING Russian Ambassador to the United break to the wealthiest Americans. BUSINESS States, Ambassador Kislyak, about Senate Republicans can nibble around The ACTING PRESIDENT pro tem- dropping some of the economic sanc- the edges, but they will not be able to pore. Morning business is closed. tions that the United States has im- excise the rotten core of their f posed on Russia. We know that Michael healthcare plan. Flynn subsequently lied about that The House bill has the support of ap- COUNTERING IRAN’S DESTA- conversation. proximately 18 percent of Americans. A BILIZING ACTIVITIES ACT OF We also know—and former FBI Direc- majority of Democrats, Independents, 2017—MOTION TO PROCEED tor Comey discussed it today—that he and Republicans don’t like it. Don’t The ACTING PRESIDENT pro tem- was fired by President Trump after he you get the message, my Republican pore. Under the previous order, the refused to pledge his loyalty to the

VerDate Sep 11 2014 00:50 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00003 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.003 S08JNPT1 S3348 CONGRESSIONAL RECORD — SENATE June 8, 2017 President and did not drop the inves- election to future influence efforts portant that, at the same time, we tigation into Michael Flynn. worldwide, including against our allies enact sanctions against Russia for its All of that has led to the appoint- and their election processes. violations of our democratic process. ment of a special counsel, Bob Mueller, In the months following our election, I am a cosponsor of a number of bills who has now taken over the executive we have seen Russia use a similar dis- that have been introduced to impose branch portion of the investigation—an ruption strategy to try to undermine sanctions on Russia for that inter- investigation which will likely go on moderate candidates throughout Eu- ference, and a number of those pro- for some time. It is essential for the rope, including elections in France and posals are now being converted into good of the country that we get to the the Netherlands. The Kremlin has also amendments that will be offered. In ad- truth of what happened and get a full targeted German Chancellor Merkel’s dition to those Russian sanctions accounting and report. Christian Democratic Party and Ger- amendments that have been proposed, I As that investigation proceeds, there man State computers. have filed two additional amendments is one thing that should not wait, The goal of these Russian attacks to ensure that we as a nation are which is really what I want to talk against our democracy and those of our thinking strategically about our long- about today. It is the need to take ac- allies is clear. In testimony before Con- term approach to combatting Russia’s tion against Russia for interfering in gress this year, experts across the po- cyber warfare, that we are shoring up our democratic process and in our elec- litical spectrum have stated that Rus- our own cyber defenses in advance of tions. There is no excuse for inaction sia’s goal is straightforward—to under- our next elections, and that we are not on that front. mine confidence in our democratic rewarding Putin for these attacks by We know that starting in 2015, Russia process, generate doubt about the le- returning the diplomatic compounds launched an unprecedented and multi- gitimacy of our elections, and under- that he used to spy on us. faceted campaign to undermine our mine the unity and resolve of the My amendments would ensure that elections—a view shared by our entire NATO alliance. They want to under- we have a concerted and unified strat- intelligence community. The Kremlin, mine confidence in democracy and the egy, developed with our NATO allies according to former Director of Na- unity that has been demonstrated and European partners, to counter Rus- tional Intelligence Clapper, wanted to through NATO over many decades. sia’s cyber attacks, including its ef- ‘‘undermine public faith in the U.S. We have seen these unprecedented at- forts to undermine our democratic democratic process.’’ This was and re- tacks on our democracy and on the de- elections. We do not currently have mains the unanimous verdict of the in- mocracies of our allies. The world is any kind of coordinated, developed telligence community. looking at us—and I am sure many of strategy here in our own country or We know that as part of this effort, my colleagues on both sides of the aisle with our NATO and other allies. Russia hacked the Democratic Na- are hearing from officials from around My amendments would require the tional Committee and the Clinton cam- the world, including our NATO allies— FBI to establish a high-level cyber se- paign. We know that Russia’s military and is asking: Why is it that the United curity liaison for Presidential cam- intelligence unit, the GRU, then re- States has not taken any action to pro- paigns and major national political leased those emails to the public in in- tect its democracy? party committees to ensure that we do crements which were timed to cause Why haven’t we responded to an at- not have a repeat of the 2016 elections turmoil in the American electorate. tack that goes to the heart of our or at least that we are prepared to con- Russia paid more than 1,000 people— democratic system of government? front it. The liaison would share cyber human trolls—to work out of a facility Why aren’t we working closely and ur- threats as they arise and cyber secu- in Saint Petersburg, Russia. These gently with our allies to prevent these rity protocols with these organizations trolls spent their waking hours cre- efforts to subvert our elections? Why, to stave off cyber attacks. ating anti-Clinton fake news reports instead, are we hearing reports that These amendments would also pre- and disseminating these stories in key President Trump is considering giving vent the executive branch from return- states and districts. Russia also used back the use of properties that the ing the diplomatic compounds that thousands of botnets to echo and am- Russians used to spy on us, including Russia used to spy on us. They would plify these fake news stories. one in my State of Maryland, on the prevent the return of those compounds Russia also targeted the election Eastern Shore? until the Secretary of State certifies boards of nearly half the states in our Following the overwhelming evi- that Russia is no longer conducting country, successfully infiltrating at dence of Russian interference in our cyber attacks against the United least four voter registration databases elections, the Obama administration States that threaten our national secu- and gaining access to hundreds of thou- took some very limited measures to rity, our economy, or our financial sta- sands of voter records. They even at- punish the Russians for those efforts, bility. tempted to infiltrate the Maryland including denying them access to those It is outrageous that this administra- State Board of Elections but were not properties. Those sanctions, of course, tion is actually thinking of rolling successful. are on top of the already existing sanc- back very modest sanctions that were My point here today is not to debate tions with respect to Russia’s actions put in place as a result of its attack on the extent to which those Russian ac- in Ukraine. It is very important that our democracy rather than joining us tions impacted or did not impact our we not talk about unwinding sanctions here in Congress on a bipartisan basis elections; my point is that there is that have been put in place. That to make it clear that one cannot at- unanimous agreement that they inter- would only reward the Russians for the tack our democracy with impunity. fered in our democratic process and actions they have taken. Instead, we Mr. Comey’s testimony today and the that tomorrow they could interfere in need to move on and pass legislation to work of the committees here and of it for other purposes and other means. send a clear message that we will sanc- Special Counsel Mueller are part of an We know they have targeted Senators tion Russia for the actions it took to ongoing effort to determine whether and Members of Congress on both sides undermine our democratic process there was any collusion between the of the aisle, and we can expect, espe- right here at home. Russians and the Trump campaign. cially if we do not take action, that As our colleague Senator MCCAIN That investigation will continue. Peo- these attacks will only grow in pace said yesterday on this floor, ‘‘The ple will investigate whether there are and sophistication as we head into fu- United States of America needs to send ongoing efforts to derail or disrupt or ture elections. a strong message to Vladimir Putin obstruct those investigations, and that We also know that Russia’s attacks and any other aggressor that we will will be a process which will play out on democratic forms of government not tolerate attacks on our democ- over many months. But there is no rea- reach well beyond our own borders. The racy.’’ son to wait another moment before we intelligence community has warned us This is the time for all Americans to take action on the question for which that Moscow will apply the lessons be patriots and not partisans. So, as there is no dispute and no disagree- learned from its Putin-ordered cam- the Senate soon considers a measure ment—the fact that the Russians inter- paign aimed at the U.S. Presidential relating to sanctions on Iran, it is im- fered in our elections. Maybe yesterday

VerDate Sep 11 2014 00:50 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00004 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.006 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3349 they interfered because they had a Mr. DURBIN. I announce that the tention turns—but not for long, for the preference for one candidate. Maybe Senator from New Jersey (Mr. MENEN- abortion industry and its profiteers are the next time they will interfere be- DEZ) is necessarily absent. never really beset by scandal. They are cause they have a preference for an- The PRESIDING OFFICER (Mr. a scandal. other candidate or another party. The DAINES). Are there any other Senators Just last month we got another re- point is that, on this issue, we need to in the Chamber desiring to vote? minder about the reality behind the show unity. The result was announced—yeas 94, talking points. Once again, it was the Our allies are asking us: How is it nays 4, as follows: undercover journalists of the Center that you can sit on your hands and do [Rollcall Vote No. 141 Ex.] for Medical Progress doing the inves- nothing in response to what is an obvi- YEAS—94 tigative journalism the mainstream ous attack on your democratic process? media refuses to do. Once again, the Baldwin Franken Paul How can you even be considering re- Barrasso Gardner Perdue video has been ignored by the pro-abor- lieving sanctions on Russia after its at- Bennet Graham Peters tion media elite, whose principal inter- tack on your democracy? Blumenthal Grassley Portman est is the story of the prosecution of I hope we will quickly take up legis- Blunt Hassan Reed the journalists for daring to speak this Boozman Hatch Risch lation to impose sanctions on Russia, Brown Heinrich truth to their power. Roberts The American people and their rep- to send a strong signal to Russia and to Burr Heitkamp Rounds Cantwell Heller our NATO allies and others around the Rubio resentatives in the U.S. Senate deserve Capito Hirono Sanders to know what the new video shows. It world that we will not stand idly by Cardin Hoeven when we have that kind of attack on Carper Inhofe Sasse shows the founder of Planned Parent- our democratic process, that we will Casey Isakson Schumer hood’s Consortium of Abortion Pro- Cassidy Johnson Scott viders on a conference panel. She re- act, and we will act now. Shaheen Cochran Kaine counts a harrowing experience while Mr. President, I suggest the absence Collins Kennedy Shelby of a quorum. Coons King Stabenow performing an abortion: ‘‘An eyeball The PRESIDING OFFICER. The Corker Klobuchar Strange just fell down into my lap, and that is clerk will call the roll. Cornyn Lankford Sullivan gross.’’ Her remarks were greeted with The senior assistant legislative clerk Cortez Masto Leahy Tester laughter from the audience. Cotton Lee Thune proceeded to call the roll. Crapo Manchin Tillis It shows another Planned Parenthood Mr. ISAKSON. Mr. President, I ask Cruz Markey Toomey doctor stating: ‘‘The fetus is a tough unanimous consent that the order for Daines McCain Udall little object, so taking it apart in the the quorum call be rescinded. Donnelly McCaskill Van Hollen womb is very difficult.’’ Duckworth McConnell Warner The PRESIDING OFFICER. Without Durbin This comment echoes a previous un- Merkley Warren Enzi Moran dercover video in which a Planned Par- objection, it is so ordered. Whitehouse Ernst Murkowski f Wicker enthood doctor says that the bones of a Feinstein Murphy Wyden 20-week old fetus were so strong that EXECUTIVE SESSION Fischer Murray Flake Nelson Young ‘‘I have to hit the gym for this.’’ The video shows the director of abor- NAYS—4 EXECUTIVE CALENDAR tion services for Planned Parenthood Booker Harris Gulf Coast saying that she sometimes The PRESIDING OFFICER. Under Gillibrand Schatz uses forceps to ‘‘pull off a leg or two’’ the previous order, the Senate will pro- NOT VOTING—2 to ensure an unborn child dies before ceed to executive session to consider Alexander Menendez being born—in other words, to avoid the following nomination, which the the moment when our Nation’s laws clerk will report. The nomination was confirmed. The PRESIDING OFFICER. The Sen- might protect that child. The legislative clerk read the nomi- The video shows the medical director nation of Scott P. Brown, of New ator from Utah. Mr. LEE. Mr. President, I ask unani- of Planned Parenthood in Michigan Hampshire, to be Ambassador Extraor- talking about surprising common dinary and Plenipotentiary of the mous consent that the motion to re- consider be considered made and laid ground between abortion doctors and United States of America to New Zea- pro-life activists. land, and to serve concurrently and upon the table. The PRESIDING OFFICER. Without We might actually both agree that there is without additional compensation as violence in here. Let’s just give them all the Ambassador Extraordinary and Pleni- objection, it is so ordered. violence, it’s a person, it’s killing. Let’s just potentiary of the United States of Under the previous order, the Presi- give them all that. America to the Independent State of dent will be immediately notified of That is not what they say in public. Samoa. the Senate’s action. It certainly isn’t what they tell their The PRESIDING OFFICER. There f patients, the women who come into will now be 15 minutes of debate equal- LEGISLATIVE SESSION their clinics—just in private, at indus- ly divided in the usual form. try conferences, between networking The Senator from Arizona. opportunities and drinks at the open Mr. FLAKE. Mr. President, I yield COUNTERING IRAN’S DESTA- bar. Because they know—deep down, back all time. everyone knows the Center for Medical The PRESIDING OFFICER. Is there BILIZING ACTIVITIES ACT OF 2017—MOTION TO PROCEED—Con- Progress videos shock, but they do not objection? surprise. They don’t teach us anything Without objection, it is so ordered. tinued we don’t already know. All they do is The question is, Will the Senate ad- The PRESIDING OFFICER. The Sen- remind us of an inconvenient truth vise and consent to the Brown nomina- ator from Utah. that demands our attention and our ac- tion? PLANNED PARENTHOOD Mr. FLAKE. I ask for the yeas and tion. Mr. LEE. Mr. President, last year the It is certainly stirring the pro-abor- nays. Nation was shocked by undercover vid- The PRESIDING OFFICER. Is there a tion political machine into action. As eos produced by investigative journal- sufficient second? expected, the Center for Medical There is a sufficient second. ists with the Center for Medical Progress is once again the target of The clerk will call the roll. Progress exposing Planned Parent- criminal and civil investigations de- The bill clerk called the roll. hood’s sale of fetal body parts and the signed to intimidate further questions Mr. CORNYN. The following Senator callousness with which Planned Par- about the abortion industry’s methods is necessarily absent: the Senator from enthood officials described their grisly and money. But the truth is out. It is Tennessee (Mr. ALEXANDER). work. there. Further, if present and voting, the As we know, as Planned Parenthood As we know, threats and intimida- Senator from Tennessee (Mr. ALEX- and its allies in the mainstream media tion are tactics of guilt and despera- ANDER) would have voted ‘‘yea.’’ hoped, outrage fades with time, and at- tion of the losing side in every battle

VerDate Sep 11 2014 00:50 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00005 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.007 S08JNPT1 S3350 CONGRESSIONAL RECORD — SENATE June 8, 2017 that has ever been fought. If Planned Corps, and then he moved to Alaska to I have so many good friends through- Parenthood were what they have pub- help his parents, Luther and helenka, out the State who are givers and doers. licly declared themselves to be, they establish a family construction busi- I just think we Alaskans have a tend- would welcome transparency. We all ness there in the Interior. ency to want to give back to our com- know why they hide because we know The story is pretty legendary about munities. We help our neighbors. Buzz what they hide. his mother helenka. His mother spelled Otis did that in spades. He was in- The question, as always, is not what her name always with a lower case volved in a lot of different levels politi- they will do, but what we will do. And ‘‘h’’. She didn’t want the capital, and cally. He was a strong supporter of the answer is always ‘‘as much as we always made sure that you put the em- mine and other members of the Alaska can.’’ We can start by enforcing exist- phasis on the ‘‘len’’ in helenka. She delegation. He served on the Fairbanks ing abortion laws and by reforming was really the epitome of an inde- North Star Borough Assembly and was others, for example, making the Mex- pendent, self-reliant, really strong elected as its presiding officer. He ico City policy permanent so taxpayer Alaskan woman, and she wouldn’t let chaired the Fairbanks Economic Devel- money is not used to promote abor- anyone forget that. She was very out- opment Corporation and managed the tions to disadvantaged people overseas going, vivacious, and had a heart of North Pole Economic Development or ending abortion after 20 weeks when gold. I think it all wore off on her chil- Corporation. unborn children begin to feel pain. We dren. We certainly saw that in Sam. He was just involved in so many dif- can confirm Federal judges who follow It was said that Sam Brice never met ferent aspects of his community. He the Constitution rather than reverse a stranger. He was known for remem- was an outdoorsman and loved sports. engineer their preferred policy out- bering every good deed that others did He was a rugby player and had a rugby comes. for him—no matter how many years in pitch. He loved the sport of dog The truth about abortion is spread- the past it may have been, decades mushing and encouraged young people ing because of advances in medical im- after the event. He always generously to take it up. He was just always doing, aging, because of brave journalists, returned the favor and always remem- always engaged. He was blessed in life to have a great tireless activists, compassionate doc- bered to just say: ‘‘Thank you for family and a wonderful, beautiful wife, tors, nurses, and other healthcare pro- that’’—‘‘thank you for that.’’ Renee. That family standing together fessionals. Statehouses are passing Sam was one who just did good. He was a beautiful thing to watch in terms laws to protect American women and did good throughout the State. Those in rural Alaska have fond memories of the support they all gave one an- their children. The rising generation of other, and it was truly so for Buzz, as young Americans is the most pro-life and affection for a man who helped build their communities and who was a a father and as a family man. I just in decades because they know too. can’t think of anything better. Family Little by little, the truth is fighting leader. He was a leader of the Associ- ated General Contractors, and in his really does come first. free, like green shoots through the That is ultimately what claimed the later years was well known for roasting frost. One day soon, we will reaffirm lives of these two wonderful men who his fellow contractors at the AGC din- our Nation’s principles in their dig- had so much life left in them. Buzz’s ners. He had a great sense of humor, nified fullness and avow, once again, son was out on the river, and Sam and and that humor was really contagious. that all men are created equal. All are Buzz went out to check on him in entitled to life. The lines from Sam’s obituary really say everything one needs to know Sam’s plane. It wasn’t out of the ordi- I yield the floor. nary to do this. It was good weather, about the man. They are: I suggest the absence of a quorum. good visibility, and a pretty fair day The PRESIDING OFFICER (Mr. In lieu of flowers, the family would wish all to remember Sam who lived by example, for the Interior. It turns out that PERDUE). The clerk will call the roll. Buzz’s son was OK, but the flight ended The bill clerk proceeded to call the whether a handshake, a smile, or a contribu- tion; he was always willing to lend a helping in tragedy. Sam’s plane went down roll. near the Salcha River on the morning Ms. MURKOWSKI. Madam President, hand. Please remember all the different ways Sam has touched people’s lives and con- of Saturday, May 27. I ask unanimous consent that the order sciously think how you can make the world If only this story had a happy ending. for the quorum call be rescinded. a better place, as Sam demonstrated Instead, it had somewhat of an Alaskan The PRESIDING OFFICER (Mrs. throughout his life. We ask you honor Sam’s ending. Sam and Buzz gave their lives CAPITO). Without objection, it is so or- memory by emulating his compassion to oth- doing what so many Alaskans do; that dered. ers and be a friend to man. is, looking out for one another, looking REMEMBERING SAM R. BRICE AND HOWARD A. Sam’s memorial services were this out for their families. ‘‘BUZZ’’ OTIS past Saturday. I was unable to attend. But we know we don’t remember peo- Ms. MURKOWSKI. Madam President, I know the church was packed to over- ple for how they lost their lives. We re- over the Memorial Day weekend, Alas- flowing. But as I was in another part of member people for how they lived their ka lost two really great men. These the State that day, I couldn’t help but lives. Sam and Buzz were truly ‘‘salt of men were doers and they were builders think of those words from the obituary the earth’’ Alaskans. They were hon- in every sense of the word—both lit- about how we can individually and col- est, hardworking, caring, and adven- erally and figuratively. They were fam- lectively think about how we can make turous. They hired local people, they ily people, and they were the best of the world a better place by being com- treated them well, and they were al- friends to one another and to so many passionate to others, being a friend to ways welcomed back by the commu- of us. others, and living that in our daily nities they served so faithfully. They Today I wish to pay tribute to Sam lives, as Sam did—truly, truly a great really dedicated their lives to the bet- R. Brice and Howard A. Otis—although, man. terment of the last frontier, and they nobody called him Howard. We all His friend Buzz Otis was also a trans- never forgot family. Family was al- knew him as ‘‘Buzz’’ Otis. I wish to plant to Alaska. He grew up in Michi- ways first. take just a few moments this afternoon gan. He was educated at Michigan Everyone says that you can’t say and tell Members of the Senate a little State and came to Alaska in 1975, enough about these people, and it is bit about these two very wonderful and thinking he was just going to explore true. So I will conclude my remarks great men. the State for a few months, like so and just simply express the Senate’s You really couldn’t find two more many who come to our State. They condolences to the Brice and Otis fami- genuine Alaskans than Sam or Buzz. think they are just going to come, take lies: to Joan Brice, to Renee Otis, to Yet neither was born in the State. a peek, and then leave, but as with their children, and to their families— They came to Alaska. many Alaskans, that didn’t happen great families—destined to carry on Sam grew up in Florida. He was edu- with Buzz. In 1976, he founded a land- the legacies of Sam Brice and Buzz cated at Columbia University in New scaping business in Fairbanks called Otis. York City. So he was a long way from Great Northwest, and this was really 75TH ANNIVERSARY OF THE ALEUTIAN CAMPAIGN New York City when he came to Fair- his ticket to business success and to a We just recognized Memorial Day banks, AK. He served in the Marine lifetime commitment to Alaska. last week in our respective States. I

VerDate Sep 11 2014 00:50 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00006 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.010 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3351 was pleased to be with many Alaskans fire, and frostbite. Let me just tell you, Zone. We see it at Eielson Air Force as we observed Memorial Day. We the elements out there in the Aleutians Base, which is preparing to receive two clearly revere those who serve in our are particularly harsh. When you don’t squadrons of F–35s beginning in 2020. military. In Alaska, we are home to have the equipment, it makes it even We see it in the soldiers of the 4th Air- more veterans per capita than any more so. borne Brigade Combat Team in An- other State in the Union. The war in the Aleutians came at a chorage, who are now waiting deploy- This year, I was privileged to host a great price for our Native people who ment to Afghanistan. We see it in the most distinguished veteran at Alaska’s had lived on those lands for thousands soldiers of the 1st Stryker Brigade, official State veterans’ memorial. This of years before the war. The homes who will soon begin their rotation of is located in a place called Byers Lake, were burned, churches were burned, pre-deployment training at the Na- which is midway on the Parks Highway and 881 of the Aleut residents of 9 sepa- tional Training Center. We see it in the between Fairbanks and Anchorage. It rate villages were relocated to aban- crews who are staffing ballistic missile is extraordinarily picturesque. It is doned mining and fishing camps in radars in the State, looking very care- very tranquil. It is almost a spiritual Southeastern Alaska, where they were fully at North Korea. We also see it in place in many, many ways, as we look forced to live under some pretty tough the patriotic construction workers who out to Denali in the background, being conditions. will begin building the new long-range surrounded by the memorials for hon- At the remembrance event that I at- missile discrimination radar at Clear oring those veterans who have served tended in Alaska on Sunday, some of Air Force Station this summer and on us. the evacuees were at the ceremony. the missile fields of Fort Greely, ready But I was able to bring to that gath- They were there. They shared their to intercept an ICBM aimed at the ering a very distinguished veteran, our stories about what it meant to literally North American continent from wher- Secretary of the Interior, Ryan Zinke, be ripped from their village—without ever. We see it in the Navy SEALs who a former Navy SEAL. having any idea what was really going train in Kodiak and in the coastguards- This following week, just on Sunday, on—and then sent to an area that may men who protect our coastline from I was able to do yet another Memorial have been a foreign country to them. Metlakatla in the south, all the way Day. Our focus was not on those who On the Aleutian Islands, the environ- north to the Arctic. gave their lives on foreign soil but in a ment is entirely different from that of I think it is very clear that never battle for American soil. Our focus this a cannery in in Southeast Alaska. But again will the United States leave past Sunday was on what is known as what was extraordinary about these Alaska undefended, which brings me the ‘‘forgotten battle’’ of World War II. evacuees was, despite the very harsh, back to the characterization of the It was the bombing and subsequent oc- difficult, and, in many cases, horrible Aleutian Campaign as the forgotten cupation of the Aleutian Islands of conditions, they never gave up. They battle. Seventy-five years ago, U.S. and Alaska by Japan. It was a yearlong didn’t give up hope, and they certainly Allied troops were called upon to repel campaign, and for those of us in Alas- didn’t give up their patriotism. Twen- an invader who occupied U.S. soil. We ka, it is a campaign that we often ty-five men from the evacuated vil- in Alaska, particularly, will never for- speak about and we share the stories. lages chose to join the fight. Three get that fact, but neither should Amer- There are veterans of that campaign men joined the retake of Attu. All were ica. who are still around today, sharing sto- awarded the Bronze Star for their Ignoring the fact that war has been, ries with us. They are living legends, if valor. in fact, waged on U.S. soil in this last you will. I think it is important to remember century is a dangerous and a tragic I recognize that for many, if you that the many lessons to be learned thing. Let’s resolve on this 75th anni- were to ask them whether the United from the Aleutian Campaign. America versary of the start of the Aleutian States has ever been occupied—occu- once perceived itself as a nation oceans Campaign that the forgotten battle is pied in World War II—they wouldn’t away from foreign threats. Today, I be forgotten no longer. know. I think, unfortunately, the name think it is unthinkable for us to think As I prepare to leave the floor, I the ‘‘forgotten battle’’ may be just ex- that any of our territory could be occu- would be remiss if I didn’t add that at actly that. Most Americans don’t rec- pied by a foreign power. But we must the remembrance event in Unalaska ognize that the Aleutians were occu- never forget that during World War II, this weekend, it was not only an oppor- pied by the Japanese, that Americans a portion of the United States was oc- tunity for many of the remaining evac- were killed in defending our homeland, cupied, and it was occupied in those uees to come together in Alaska—for and that some of the indigenous people days, as today, because Alaska is a some it was their former community; were either transported to Japan as strategic location. These lessons can- others were from the Pribilof, Kiska, prisoners of war or evacuated to the not and should not be lost to history. and Attu. It was a coming together. It southeastern coast of our State, a We all know the saying that those was a homecoming for some, but there thousand miles away. who forget history are condemned to was also an effort to bring together Making sure this ‘‘forgotten war’’ is repeat it. The Japanese incursion oc- many of our veterans who had served not forgotten is a mission for me. It is curred less than a decade after GEN in the Aleutian Campaign and whose an important part of our Nation’s his- Billy Mitchell testified that Alaska is only exposure to the Aleutians was tory. Again, that Aleutian Campaign indeed the most strategic place in the when they came in to defend that terri- was a yearlong campaign—fighting world. The incursion taught our Nation tory. To have the exchange between weather and terrain with equipment a vital lesson—that the defense of those who had been forced from their that was clearly not up to the chal- America begins in Alaska. Fortu- homeland and those Americans, those lenge—to reclaim U.S. territory from a nately, the lessons of the Aleutian veterans who had come to help—to determined Japanese force. Campaign and Alaska’s strategic loca- have them united in a conversation for A little bit of the history: On June 3, tion are not lost on today’s military the first time ever was an exceptional 1942, Japanese forces bombed Dutch planners. American story. Harbor and, over the succeeding days, Let me walk you through what we Over the course of 3 days, the sharing occupied the islands of Attu and Kiska. see in the State of Alaska right now, of stories was a remarkable oppor- These islands were occupied by Native recognizing the proximity of Alaska to tunity for us. I had a chance to speak people who had been there over a thou- some of the hot spots around the world, with one of our World War II veterans sand years. whether it is North Korea, Russia, or who said: I always knew what our part It was not until May of 1943 that China. Alaska is seeing a renaissance of the fight was about, but I had no Attu was retaken, and 549 U.S. and Al- when it comes to our military pres- idea how what we were doing from the lied troops were killed in combat. But ence. We see it at Joint Base Elmen- war effort had impacted these dis- there is evidence that the U.S. and Al- dorf-Richardson, where Air Force F–22s placed people—the original people of lied losses in the Battle of Attu were and AWACS launch to acknowledge the Aleutian Islands. To have that much higher as a result of exposure, their Russian counterparts that are sharing, again, was a remarkable part disease, Japanese booby-traps, friendly flying in the Air Defense Identification of the story.

VerDate Sep 11 2014 00:50 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00007 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.016 S08JNPT1 S3352 CONGRESSIONAL RECORD — SENATE June 8, 2017 Then, to complete that picture, there This has been very hard for us as parents, compassion in the government’s choice to were several individuals who were part but together we have worked to help her deport Magana Ortiz. of a Japanese film production company through school and life. We are unable to prevent Magana Ortiz’s I am not able to support this family by removal, yet it is contrary to the values of and were there to do the filming of this myself. this Nation and its legal system. Indeed, the 75th remembrance because, as they Andres is an amazing role model to my government’s decision to remove Magana said: This is an exceptional part of our children. He is a patient, loving, and sup- Ortiz diminishes not only our country but history coming together too. portive father to them in whatever they our courts, which are supposedly dedicated Recognizing, sharing that, and allow- need. Victoria, Paola, and Hector love An- to the pursuit of justice. ing the stories, again, to ensure that dres very much and would go through ex- Magana Ortiz and his family are in truth this is not forgotten was a very signifi- treme emotional hardship if he is deported. not the only victims. Among others are cant and, I think, healing opportunity She continues: judges who, forced to participate in such in- humane acts, suffer a loss of dignity and hu- My oldest daughter will need to halt her for so many. manity as well. I concur as a judge, but as a college career to help me support Paola and Madam President, I thank you for citizen I do not. Hector, especially because this deportation the opportunity to share this impor- Judge Reinhardt made an important tant part of our history, ensuring that would bar him from returning to the [United States] for 10 years. point, and I agree. The government has the forgotten battle is not forgotten. My children deserve a father to care for the power to prevent this family from With that, I yield the floor. them, they deserve the educational opportu- being torn apart. Even now, Secretary The PRESIDING OFFICER. The Sen- nities he can offer them, and the love he of Homeland Security John Kelly can ator from Hawaii. shares with them every day. issue an administrative stay to let An- DEPORTATION OF ANDRES MAGANA-ORTIZ I couldn’t agree more. dres stay in this country while the gov- Ms. HIRONO. Madam President, In September 2014, Andres received a ernment processes his application to today the Secretary of Homeland Secu- stay of removal in order to pursue var- receive legal status. rity has the opportunity to prevent an ious paths to achieving legal status. In Earlier this week, I spoke to Sec- injustice and keep a family together. fact, he has a pending application to retary Kelly on the phone to discuss At 9 a.m. Hawaii time, Andres Magana- receive such legal status. Andres’ case and to urge him to issue a Ortiz was scheduled to report to the Last November, he applied for an ad- stay that would allow him to stay in Immigration and Customs Enforcement ditional stay. Without warning or ex- this country. Hawaii’s congressional office in Honolulu to be deported from planation, the government changed its delegation has also written him a let- his home of nearly 30 years. position in March 2017 and ordered that ter and provided a variety of other let- Andres was brought to America when he be removed. ters of support that Andres’ friends, he was only 15 years old. In the years At that point, Andres filed for relief family, and neighbors have written on since, he has raised three children who in Federal court. His case ultimately his behalf. are U.S. citizens, is married to a U.S. reached the Ninth Circuit Court of Ap- Secretary Kelly, I renew our call citizen, has built a business, and has peals, where his request for an emer- once more: Let Andres stay in our distinguished himself as a hard worker gency stay was denied. Although the country. Let his children have a father and a pillar of the South Kona commu- Ninth Circuit found it could not stay present and active in their lives. It is nity in Hawaii. his removal, the chief judge of that not too late to keep this family to- Andres’ immigrant story is one fa- court, Judge Reinhardt, issued a pow- gether. miliar to so many American families. erful, concurring opinion that clarifies This entire ordeal speaks to the fear After working for more than a decade the injustice in this case and made a and anxiety spreading through immi- as a laborer on coffee farms across the powerful moral argument against grant communities across our country. Big Island, Andres saved enough money President Trump’s immigration policy. Even the good hombres, as Judge to buy his own farm. In the years since, Judge Reinhardt wrote: Reinhardt called them, are at risk of Andres has taken on management of 15 It was fully within the government’s power being torn away from their families. other area coffee farms. to once more grant his reasonable request. In an email, a spokesperson for ICE Suzanne Shriner, president of the Instead, it has ordered him deported imme- said: ‘‘While criminal aliens and those Kona Coffee Farmers Association, put diately. In doing so, the government forces who pose a threat to public safety will us to participate in ripping apart a family. it best in her letter of support for him continue to be a focus, DHS will when she said: Three United States citizen children will now have to choose between their father and NOT’’—and the word ‘‘not’’ is in all Mr. Ortiz is a true example of the Amer- their country. If they leave their homeland caps—‘‘exempt classes of removable ican Dream. Rising from a farm worker to a with their father, the children would be aliens from potential enforcement.’’ farm owner, he has created a successful busi- forced to move to a nation with which they This is chilling. It means that 11 mil- ness through hard work. have no connection. All three children were lion people in our country will live in He has sent his children to college. And he born in the United States. None has ever fear that they could be deported at a has given back to his community, by work- lived in Mexico or learned Spanish. Moving ing with other farms and farmers to control moment’s notice. with their father would uproot their lives, We must pass comprehensive immi- an invasive pest. His story is why we need to interrupt their education, and deprive them find a path to citizenship for these vital of the opportunities afforded by growing up gration reform that provides a pathway members of our farming community. in this country. If they remain in the United to citizenship and which prioritizes the Andres has three children. Victoria, States, however, the children would not only unity of families. Andres’ case is a age 20, is a junior at the University of lose a parent, but might also be deprived of tragedy, if not averted. There will be Hawaii. Paola, age 14, and Hector, age their home, their opportunity for higher edu- more cases like his in Hawaii and 12, are still in middle school. Their cation, and their financial support. across the country. We must continue Subjecting vulnerable children to a choice to fight on behalf of the good hombres lives will be shattered without their fa- between expulsion to a foreign land or losing ther. the care and support of their father is not and not stop until we succeed. Andres remains on very good terms how this nation should treat its citizens. I would like to conclude by reading with his first wife, Veronica Ledesma President Trump has claimed that his im- part of a letter I received from Gerald Magana. In a letter she wrote to me, migration policies would target the ‘‘bad Personius, one of Andres’ friends and a Veronica shared how much Andres hombres.’’ The government’s decision to re- fellow coffee farmer from Captain cares for his children and how dev- move Magana Ortiz shows that even the good Cook. He said: astated they would be if he is forced to hombres are not safe. Andres is a courageous, honest, caring, and leave. She said: Mr. Ortiz is by all accounts a pillar of dedicated person. So I ask you as a citizen of our beloved country to do the best you can Andres is a wonderful father to our chil- his community and a devoted father to help this man continue to pursue his citi- dren. They depend on him for so much and and husband. zenship. He will not let America down. need him during these years that are so im- The court went on to say: portant to their development as human It is difficult to see how the government’s We cannot let Mr. Ortiz down. beings and citizens of the United States. decision to expel him is consistent with the I yield the floor. Paola and Hector are children with special President’s promise of an immigration sys- Madam President, I suggest the ab- education needs. tem with ‘‘a lot of heart.’’ I find no such sence of a quorum.

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00008 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.017 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3353 The PRESIDING OFFICER. The enough potential evidence that a spe- The bill clerk proceeded to call the clerk will call the roll. cial counsel was warranted. Again, the roll. The legislative clerk proceeded to contrast is telling. Mr. SULLIVAN. Madam President, I call the roll. Democrats and Republicans alike and ask unanimous consent that the order Mr. SCHUMER. Madam President, I the American people as well should be for the quorum call be rescinded. ask unanimous consent that the order pleased that the investigation is in the The PRESIDING OFFICER. Without for the quorum call be rescinded. hands of former Director Mueller. objection, it is so ordered. The PRESIDING OFFICER. Without Third, the hearing raised serious TRIBUTE TO MARTY SHORYER objection, it is so ordered. questions about Attorney General Ses- Mr. SULLIVAN. Madam President, The Democratic leader. sions that he and the Justice Depart- every week for some months now, I RUSSIA INVESTIGATION ment must answer immediately. Sen- have been coming to the Senate floor Mr. SCHUMER. Madam President, I ators WYDEN and HARRIS repeatedly and I have been using the opportunity would like to address the hearings that asked Director Comey about Attorney to talk about someone in my State, the concluded just a few hours ago. General Sessions’ involvement in the great State of Alaska, who has made a After hearing Mr. Comey’s testimony investigation before he recused him- difference. We call that person the today, America is stunned. The cloud self. Director Comey didn’t have direct Alaskan of the Week. These are indi- hanging over this administration has knowledge of his involvement but viduals who are unsung in many ways just gotten a whole lot darker. made clear that he suspected that the and who are doing something for their I commend both the chairman, Sen- Attorney General needed to recuse community, for their State, and in ator BURR, and the vice chairman, Sen- himself weeks before he actually did so many ways are inspiring everybody. ator WARNER, for the way they ran this and that he could not share the reasons I am a little biased, but I believe I hearing. The Senate and the American for that in an unclassified briefing. live in the most beautiful State in the people are better informed as a result So we need to know the answers to a country, probably the most beautiful of their work. Few committee hearings number of questions regarding the At- place in the world, full of wonderful in the history of the Senate have pro- torney General. The Senate Intel- people and beautiful landscapes, and we duced the kind of eye-opening testi- ligence Committee investigation and certainly encourage everybody here in mony we heard today. In its wake, I Special Counsel Mueller ought to get the Senate or those who are watching would like to make a few points. to the bottom of this matter. on TV to come to Alaska and experi- First, for weeks, media reports indi- In conclusion, Mr. Comey’s testi- ence it themselves, and they will have cated that the President had directly mony has been very enlightening, but the trip of a lifetime, guaranteed. We and indirectly pressured the FBI Direc- there is much work ahead for inves- are also blessed to live in a land that tor to end the FBI’s investigation into tigators in Congress and those under provides so much for our physical and General Flynn. Innuendos and intima- the direction of Mr. Mueller. spiritual needs. It is a very spiritual tions swirled around. But we now know Thank you. place. much more of the truth. There is now I yield the floor. Alaskans are hardy people; however, no doubt that Mr. Comey understood I suggest the absence of a quorum. The PRESIDING OFFICER. The like anyplace in the country, people the President’s request that he let go clerk will call the roll. have tough times. Some people are of the investigation into General The legislative clerk proceeded to more fortunate than others. But Flynn—in a meeting during which it call the roll. thankfully we have people all across was discussed whether Mr. Comey Mr. MCCONNELL. Madam President, our State—like we have people all would keep his job as FBI Director—as I ask unanimous consent that the order across America—who give of them- a direct effort to prevent that inves- for the quorum call be rescinded. selves so that those in difficult situa- tigation from going further that looks The PRESIDING OFFICER. Without tions can receive the care they need. a lot like a quid pro quo. objection, it is so ordered. Today I want to take you to During questioning from a Repub- UNANIMOUS CONSENT AGREEMENT—EXECUTIVE Kotzebue, AK, or what we often just lican Senator, Mr. RISCH, Mr. Comey CALENDAR refer to as Kotz. Kotz is about 550 miles told us that he took the President’s Mr. MCCONNELL. Madam President, northwest of Anchorage, 26 miles north conversation with him about the FBI I ask unanimous consent that at 5 p.m. of the Arctic Circle in Alaska’s North- investigation into General Flynn as a on Monday, June 12, the Senate pro- west Arctic Borough. About 3,000 peo- directive to scuttle that investigation. ceed to executive session for consider- ple live in Kotzebue. It is one of our It is clear that President Trump’s ation of Executive Calendar No. 65. I bigger villages, and it is a hub for doz- legal defense is to refute Mr. Comey’s further ask that there be 30 minutes of ens of smaller villages that dot this account. Well, the President threat- debate on the nomination, equally di- enormous, beautiful region. Like most ened Mr. Comey with the release of vided in the usual form, and that fol- of Alaska, it is cold in the winter, and tapes of their conversations. Presum- lowing the use or yielding back of it is beautiful now under a never-set- ably that includes the conversation in time, the Senate vote on confirmation ting Sun. The midnight Sun in Kotz is which President Trump asked Director of the nomination with no intervening high in the sky. There are wonderful Comey to ‘‘let go’’ of the Flynn inves- action or debate, and that if confirmed, people there. tigation. It is awfully curious that no the motion to reconsider be considered Like most places in Alaska, particu- one from the President’s team will ei- made and laid upon the table and the larly in smaller villages in rural Alas- ther confirm or deny the existence of President be immediately notified of ka, community is everything. People the tapes when the tapes are the only the Senate’s action. take care of each other. People band way to prove that Mr. Comey’s testi- The PRESIDING OFFICER. Without together to help each other overcome mony, which came under oath, is false objection, it is so ordered. challenges that can exist in the ex- or misleading. If President Trump dis- ORDER OF PROCEDURE treme environments we have in Alaska. agrees with anything the Director has Mr. MCCONNELL. Madam President, Let me tell my colleagues today said today, he should play the tapes for I further ask unanimous consent that about Marty Shoryer, who is one of the all of America to hear or admit that following disposition of Executive Cal- very generous residents of Kotzebue there were no tapes. endar No. 65, the Senate resume legis- and who is our Alaskan of the Week. Second, Director Comey’s con- lative session and consideration of the Born in Kotzebue, Marty is the general trasting view of the Clinton email case motion to proceed to S. 722, with all manager of Kotzebue Electric Associa- and the Russia case is telling. Mr. postcloture time considered expired. tion, where he has worked for more Comey did not wish to see a special The PRESIDING OFFICER. Without than 24 years. He has been married to counsel in the Clinton case because he objection, it is so ordered. his wife Lucy since 1977. They have six looked at the facts and determined Mr. MCCONNELL. Madam President, children and seven grandchildren. In there wasn’t a case for one. With re- I suggest the absence of a quorum. his free time, he fishes—very com- spect to the Russia probe, the Director The PRESIDING OFFICER. The mon—plays hoops, and loves to cook examined the facts and felt there was clerk will call the roll. for his family. He is also involved in

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00009 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.012 S08JNPT1 S3354 CONGRESSIONAL RECORD — SENATE June 8, 2017 the Boys and Girls Club and his Tribal TRAVEL AND TOURISM things we can do as a Congress to make government. Mr. BLUNT. Madam President, I a difference in how people travel and But here is why I want to talk about come to the floor today to highlight where they travel. We have a role to Marty and why he has been such an in- the importance of travel and tourism play in promoting the United States as spiration not only in Kotzebue but in our economy and also to make the a travel destination and in helping our throughout the State. On Thanks- point that we are welcoming of people State and local tourism economies be a giving 2015, Marty got sick, and over from other countries—and we are wel- part of that travel. the next several weeks, he had to go to coming of people in our country, as The Visa Waiver Program is some- the hospital repeatedly. While he was well—who want to be part, for a short times questioned by some of our col- there, he noticed a group of people who time or a long time, of America. The leagues who say anybody can get on a would gather around the free coffee travel and tourism business is an in- plane in any of these visa waiver coun- that was served at the hospital. He ap- credibly important part of the tourism tries, and we particularly hear that proached one of them, a woman named economy. when something bad has just happened Jo-Ann, and asked a very simple ques- Last month, I, along with my fellow in 1 of those 38 countries—Great Brit- tion: ‘‘Why do you guys hang around cochairs of the Senate Travel and ain, France, or Germany. We hear: here? What are you doing?’’ Tourism Caucus—Senator AMY KLO- Anybody could come here because they She told him: ‘‘Well, we don’t really BUCHAR, Senator DEAN HELLER, and don’t have to go to the U.S. Embassy have another place to go right now.’’ Senator BRIAN SCHATZ—led the Senate and get a visa. Except that is not how This disturbed Marty greatly. At in the passage of a resolution recog- it works. That is not how the Visa that time of year in Kotzebue, it can nizing the week of May 7 as National Waiver Program works at all now. It get down to 20 and 30 below zero—a dif- Travel and Tourism Week. does enable citizens of the 38 countries ficult place. There are really good statistics— that we include to travel here for tour- ‘‘You guys must be hungry,’’ he said whether it is Missouri or West Virginia ism and business for 90 days or less to Jo-Ann, and she said that they were. or the country at-large—on this topic. without the need to obtain a specific So the next day and the day after One out of every nine jobs in the visa. By the way, in return, Americans that—5 days a week—Marty and Lucy United States depends on travel and go to those 38 countries without having together used their own money and tourism. It accounts for over 15 million to go to the Embassy of that country their own lunch hour during the work- jobs nationwide. International travel and get a visa and have an interview week to make sandwiches—a simple to the United States is our single larg- that allows them to travel there. So act—30 to 40 sandwiches for that group est export industry. The single largest at the hospital. Every day, every per- that is both ways. thing where people bring money into Most importantly from our perspec- son who needs one gets a sandwich, our country is tourism to the United tive, as to people who are coming here, sometimes turkey and cheese, some- States. It generates a trade surplus of the program has a lot of security built times caribou or sheefish spread. Marty roughly $87 billion. As to that trade into it. For all the travelers who come, is anxious for the salmon season to surplus with foreign travelers, foreign the Visa Waiver Program is adminis- start so he can make salmon spread travelers stay longer, they spend more, sandwiches. They also get a juice box tered by the Department of Homeland and they like us better when they and dessert. Simple but generous. Security. It works in consultation with Recently, another generous Kotzebue leave—virtually 100 percent of the the State Department. Visa waivers resident, Sophie Foster, began making time—than they did when they got use a risk-based, multilayered ap- sandwiches as well, and before you here. Even if they thought they were proach to detect and prevent terrorists, know it, we have a whole community going to like us a lot, they wind up lik- criminals, and other bad actors from that is doing this, taking this simple ing us more. If they questioned wheth- traveling here. If you have been in example and getting involved. So now er they were going to like us at all, some country lately that we don’t some people drop off cinnamon roles or they almost always wind up on the think you should have been in, if you fruit. Others bring back bulk items very positive side of that question. have a history of travel back and forth when they travel to Anchorage. Dozens So it is not only a huge economic to countries and we have had bad expe- of people in Kotzebue, AK, are now benefit of $87 billion, but it is also a riences with people who have been in helping in this effort because of huge foreign policy benefit—a huge those countries, not only do you not Marty’s simple act. diplomatic benefit. It is just like when get a waiver but you are in for a much People like Marty and his wife Lucy students come here and go to school. more extensive interview than if we make my State truly unique and a They have a connection to the United were trying to interview everybody wonderful place. His generosity—doing States that is almost always positive. from all of those 38 visa waiver coun- something seemingly so simple: mak- It is so positive that many of them tries who wants to come to the United ing a sandwich for someone who is hun- would like to stay, with that bachelor’s States. gry—has now had a big impact not only degree or that engineering certificate The President announced about 4 in Kotzebue but in Alaska. Marty and degree, because they have liked months ago that we were going to have didn’t know the impact he would have what they found when they were here. a more extensive visa process in coun- when he began making sandwiches. ‘‘I So $87 billion is the surplus from just tries that need a visa, but that also can was just trying to help a few people international travelers to the United be a more extensive visa process in that day, make them happier.’’ States. But all told, travel and tourism countries that have visa waivers, if Marty’s actions have initiated a generates nearly $2.3 trillion in annual someone requires more vetting. If growing conversation in Kotzebue economic input for our country. someone does not want to submit to about how best to take care of people In Missouri, it has been estimated additional vetting, then they don’t who need help. It has drawn attention that the tourism industry, which is have to come to the United States of to homelessness and hunger—very im- usually right behind agriculture in the America. Those kinds of questions are portant issues not only in Alaska but list of our top industries, provides easily answered throughout the country. Marty spurred more than $15 billion in annual eco- There are comprehensive vetting pro- this important conversation in nomic impact and directly supports al- grams for individuals prior to the time Kotzebue and in our State through his most 300,000 Missouri jobs. When inter- they can get here—as well as when simple actions, and that has inspired national tourists come here and spend they get here—if they are in that visa all of us. their money at hotels, restaurants, and waiver structure. So visa waiver works. Congratulations, Marty, for what you shops, they are not only supporting I think the visa program is working are doing, for your simple acts of inspi- U.S. businesses, but they are contrib- now with more extensive vetting than ration, and for being our Alaskan of uting to local, State, and Federal tax we have had in the past. the Week. revenue. The program requires participants to Madam President, I yield the floor. We have a great deal to offer when it have an electronic passport that has a The PRESIDING OFFICER. The Sen- comes to attracting these inter- chip in that passport that makes it vir- ator from Missouri. national visitors. We also have a lot of tually impossible to suggest that you

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00010 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.019 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3355 are somebody or to try to pretend that The PRESIDING OFFICER (Mr. make mischief in this country and you are somebody who you are not. The BLUNT). Without objection, it is so or- countries around the world. passport is much more secure than it dered. Today, a lot of attention was riveted used to be—both our passports and Mr. CARPER. Mr. President, when I on the testimony by former FBI Direc- passports from those countries. came onto the floor, you were not pre- tor Jim Comey on whether there was In 2015, I worked with a bipartisan siding; you were on the floor talking an attempt by the Russians to influ- group of our colleagues to reform and about the Visa Waiver Program. It is ence our Presidential election last improve this program and to secure an agreement we have with almost 40 year. All 17 intelligence agencies in that its robust security protocols other nations that allows for the free this country have decided unanimously would work as intended. We were also flow of visitors from those countries to that the question is not only did they able to remove visa waiver eligibility our country. It is viewed, in part, as a attempt or want to influence the out- for nationals of participating countries way to promote tourism and help grow come of the Presidential election—they who have visited a country with a ter- that part of our economy and the all say yes. The answer is yes. All rorism nexus, and for foreigners who economies of the other 38 or 39 nations those intelligence agencies say yes. participate who are originally from with which we already have this agree- The second thing they said is that they countries that may pose a terrorist ment. Some people believe it is a gap- feel the Russians succeeded in what threat. There are ways to screen that ing hole for fomenting terrorism and they wanted to accomplish because the process that Americans should feel se- giving terrorists the ability to infil- person they wanted to see defeated— cure about. Frankly, it is a process trate our countries and do mischief Secretary Clinton—lost, and the person that is getting better all the time. It is here and other places around the world. they wanted to see win—Donald still not absolutely without risk. Trav- I applaud the Presiding Officer, the Trump—won and now serves as Presi- el has some risk. But thousands of peo- Senator from Missouri, for actually ex- dent of the United States. ple are bringing billions of dollars in plaining how the system works. It is The issue that is going on right now tourism revenue to our economy, to see actually not just a way to enhance and in the hearings before the Intelligence our country, and to pay our taxes. We promote tourism, which is important Committee involve whether there was ought to be sure we are minimizing the to all of our economies, it actually en- collusion between the Trump organiza- risk and maximizing the welcome for hances our security if done well, done tion and the Russians during or prior people we want to travel here. right, and done correctly. I say to the to the time of the election. Ultimately, I also worked with my colleagues Presiding Officer, the former chairman we will find out the truth, and we will twice now to offer a public-private of the Senate Committee on Homeland let the chips fall where they may. I think we make a mistake in simply partnership called Brand USA. The Security, I appreciate very much your going forward and admonishing the Ira- United States of America, just a few making those comments today. years ago, was one of the few countries nians for testing ballistic missile weap- RESOLUTION CONDEMNING RECENT TERRORIST ons while at the same time this effort in the world that made no real effort to ATTACKS by the Russians to really make a encourage people in other countries to I am going to do something today, mockery of our election system and visit our country. In 2014, Senator KLO- Mr. President, that I have never done change the governance of this country BUCHAR and I worked to reauthorize before. I have never come to the floor Brand USA through 2020. In a combina- is a far greater threat. and actually read a resolution or a My hope is that when we come back tion of visa waiver fees and private dol- piece of legislation that we are going lars, efforts have been successfully and take up these issues next week, to be voting on later today. This is a that we will not address only the one made to encourage people who want to resolution that came out of discussions be part of our economy—even for a involving Iran but that we will address yesterday as we were contemplating in a thoughtful way the actions the short period of time, as a tourist. It is voting on additional sanctions with re- estimated that across all markets, Russians have taken and not let them spect to Iran—sanctions not related to get away with this. That is the debate each dollar of Brand USA marketing violations of the joint agreement on generated more than $30 in visitor for next week. nuclear weapons. They appear to be in In Iran, actually 2 or 3 weeks ago, spending. Let me repeat: everywhere full compliance with what they pro- we spent a dollar of Brand USA—and they had elections. I have spoken about fessed to do, promised to do a year or this before on the Senate floor. The that is a public-private dollar—more two ago. There doesn’t seem to be a than $30 came to the United States, it elections they had were Presidential question that they are doing what they elections. Here in this country, we is estimated, because of that. promised to do, and that is good. It is important for the Senate to sup- have Presidential elections every 4 There is what we believe is an obvi- years. As it turns out, in Iran they port programs that work. Brand USA is ous violation of U.N. requirements that one of those programs. The Visa Waiv- have them every 4 years as well. In this say the United Nations doesn’t believe country, most people age 18 and older er Program and many others have sig- that Iran should be testing ballistic nificant, positive economic impacts on are eligible to vote. The percentage of missile systems. Even though they our country, on individual States, on people among the electorate who actu- have no nuclear weapons—we don’t be- local communities, and, by the way, on ally vote is not great. Actually, for the lieve they are going to have them any- people whose business and travel nec- longest living democracy in the history time soon; hopefully not, because that essarily take them to other countries. of the world, it is sometimes a bit dis- Travel and tourism is one area where would help spark a nuclear arms race appointing. But the percentage of peo- we have successfully worked together in that part of that world—we still ple who turned out to vote in the Presi- in a bipartisan manner. I hope we can have, along with the U.N., this prohibi- dential election in Iran a few weeks continue that progress in this Con- tion against them developing and test- ago approached 75 percent, which is a gress. I will keep working with my col- ing ballistic missiles. They have vio- good deal higher, I believe, than what leagues to ensure that we have the lated that a number of times, and a lot we have accomplished in recent years. right policies in place to keep Ameri- of other nations, including us, are con- They have a lot of young people in that cans safe, while allowing our travel and cerned about that. We have before us country, and the average age of the 80 tourism industries to continue growing this week and again next week legisla- million people who work there is under and creating jobs. tion dealing with that. the age of 25. It turns out that the Madam President, I suggest the ab- My hope is that next week we will young people—not like the young peo- sence of a quorum. consider that legislation and have a ple in Vietnam and a bunch of other The PRESIDING OFFICER. The chance to offer amendments to it. My countries—they like our country. They clerk will call the roll. strong hope is that we will not only be want a better relationship with our The senior assistant legislative clerk talking about our desire to see Iran country, and the voting that occurred proceeded to call the roll. fully comply with the U.N. guidelines in Iran 2 or 3 weeks ago actually re- Mr. CARPER. Mr. President, I ask but that we will also couple with that flected that. unanimous consent that the order for legislation sanctions dealing with Rus- President Ruhani ran on a campaign the quorum call be rescinded. sia. This is a country that continues to that included better relations with,

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00011 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.020 S08JNPT1 S3356 CONGRESSIONAL RECORD — SENATE June 8, 2017 among others, the United States. And I Great Britain is one of our two or to weaponry, but if we can get over fi- think the election of a lot of mayors in three closest allies in the world. They nally our difficulties of war and hos- places like Tehran, the capital of Iran, are like brothers and sisters to us, and tilities and so forth with the Viet- which has changed from a hardliner we feel a special kinship and extend namese, maybe we can someday, with a who didn’t agree with President our condolences to those whose lives change in leadership with Iran, begin Ruhani’s views on this matter—they have been ended, whose lives have been to look more toward a constructive re- were turned out of office. That is all a shattered, and whose lives will be for- lationship in the future. very encouraging development. ever changed. The other thing I want to do is, I just There are still people in that country While we do that with our friends and want to take this resolution and actu- who don’t like us, and they wish us allies in Britain who suffered from ally read that which Senators CORKER harm, wish us ill, and they support ter- these attacks by ISIS, on the heels of a and CARDIN and their staffs have rorism. This is a source of concern. different kind of election in Iran—an worked on and thank them for their But, particularly with the younger peo- encouraging election in Iran—and simi- good work. ple there, it is a new day there, and I lar attacks by ISIS on Iran—some sug- There will probably be a vote later think that is encouraging. We gest it is because they have a willing- this evening in wrapup, where there shouldn’t be blind to the mischief that ness to actually have a better relation- will be a unanimous consent request some in their country would create, ship with us, and maybe that is what that this bipartisan resolution be ap- but we also shouldn’t be blind to the drew the attacks by ISIS. In any event, proved. I think it is a good thing, it is encouraging things happening among we certainly express our condolences to the right thing, it is a fair thing. How the young people, especially reflected the good people in Iran who lost their would we want to be treated by other in the voting. We congratulate them on brothers, sisters, parents, aunts, un- countries if ISIS attacks us and kills actually having an election where that cles, and sons, and we remember them our people? We want them to be sympa- many people voted. today. thetic and have some feeling for us and In some other countries around the The resolution has been drafted by not be quiet about it. That is essen- world where Muslim is the principal Senator CORKER, the chair of the For- tially what we want to do here. faith, they don’t allow women to vote. eign Relations Committee, and by Sen- The resolution goes something like They don’t allow women to participate ator CARDIN. It is a resolution that is in the elections, and they don’t allow not very long. I am going to read it. It this: them to get elected. In Iran, the elec- is a resolution that dates to these at- Condemning the recent terrorist attacks in tions in I think Tehran, in the city tacks and mentions both countries I the United Kingdom, the Philippines, Indo- nesia, Egypt, Iraq, Australia, and Iran. council alone—women do vote in Iran. just mentioned—Great Britain, our They get to run for office. I think in ally, and Iran, with which we have had It offers ‘‘thoughts and prayers and the city council in Tehran alone, six difficulty for the last 30, 40 years but sincere condolences to all of the vic- women were elected to serve on the which is now interested in a new day tims, their families, and the people of city council. So that is a positive. with us. To the extent that we can find their countries.’’ We commend them for having elec- a way to work together, especially in Whereas since May 22, 2017, the Islamic tions, and it is their job to figure out commerce, the Iranians want to buy State of Iraq and Syria (ISIS) has claimed whom they are going to elect. I am per- aircraft from us. They want to buy responsibility for multiple terrorist attacks sonally encouraged by the turnout and Boeing aircraft. They don’t want mili- against civilians that have left more than 180 the participation, especially of women, tary aircraft. They have an airline dead and many more wounded. Whereas ISIS frequently claims attacks the election of women, and the Presi- which is just awful. It is decrepit, old, perpetrated by individual actors or other dent and a lot of young leaders in that aged, and they want to buy $10 to $12 groups for propaganda purposes. country who have different view of us billion worth of Boeing aircrafts, pas- Whereas the people of the United Kingdom and their willingness to work with us senger airlines. I would say let’s sell to are grieving following two terrorist attacks and other like-minded nations in the them. The idea is, if we would do that, claimed by ISIS in London on June 4 and future. we would not just put 5 or 10,000 people Manchester on May 22 that targeted and On the heels of the election, roughly to work, we would provide job employ- killed innocent men, women, and children. 2 weeks later, there were terrorist at- ment opportunities for even more peo- Whereas government forces in the Phil- tacks in London, in Britain, I think in ple than that in this country. Why ippines are currently fighting ISIS militants in Mindanao, including ISIS-affiliated fight- Australia in the last couple of weeks, wouldn’t we be interested in that? I ers from the Philippines, Indonesia, Malay- and, in the last few days, in Iran. Their hope we will allow that to go forward. sia, Chechnya, Saudi Arabia, and Yemen, Parliament was attacked. You can It would be good for us and also it who launched an assault in Marawi City on imagine terrorists coming in and at- would be good for them, and maybe it May 23 in an apparent effort to establish a tacking those of us who work in this would provide a foundation for working caliphate in Southeast Asia. building, whether they happen to be more closely together. I don’t know if Whereas ISIS has claimed responsibility the pages or Senators or staff. That is we would have the kind of relationship for two explosions in Jakarta, Indonesia, what happened in Tehran a couple of that we have with Britain, but as a vet- killing three policemen. days ago at 10 o’clock in the morning, eran of the Vietnam war, I can state Whereas ISIS targeted Coptic Christians in Egypt during an attack on a bus on May 26, with folks breaking into Parliament that when I go for a run some morn- killing 29 people. and trying to kill folks. They also at- ings—when I stay down here and go for Whereas 22 people were killed when ISIS tacked a sacred site—I think a mau- a run early in the morning, I run down detonated a car bomb at a Baghdad ice soleum—in another part of the coun- to the Lincoln Memorial. I always run cream parlor, killing Iraqi families gath- try. Close to 15 people were killed, and by the Vietnam Memorial. I take my ering with their children to break the Rama- many times that number were wound- fingers, and as I go along the wall, I let dan fast, and then detonated a second bomb ed, some very seriously. my fingers brush over the names of the killing elderly Iraqis collecting their pen- On the heels of that attack and on people with whom I served, and there sions. the heels of the election, on the heels Whereas a terrorist attack claimed by ISIS are 55,000 who died in that war. They killed one person in Melbourne, Australia, of the attack by ISIS—in both of the were our friends, our colleagues, our and wounded three police officers. attacks on Iran, the attacks were mas- family members, people we literally Whereas on June 7, in an attack claimed terminded apparently by ISIS. We served with at that time, and they are by ISIS, at least 12 people were killed when don’t know for sure given that ISIS gone. Yet somehow we have been able gunmen and suicide bombers targeted Iran’s tries to take credit for attacks they to let bygones be bygones and develop parliament and a shrine— had nothing to do with or little to do a close, august friendship with the Vi- I believe it was a mausoleum or with. But there are people in Great etnamese. We are their strongest trad- where one of their earlier leaders was Britain who have lost loved ones, fam- ing partner. They are buying a lot of entombed, enshrined— ily members, friends. They are suf- aircraft from us these days, and we are in two coordinated attacks across Tehran. fering, they are hurting, and they are now going to sell weaponry to them. Whereas these reprehensible attacks have mourning today, and the same is true We are not going to do anything like no place in a peaceful world: Now, therefore, of Iran. that with Iran, certainly with respect be it

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00012 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.028 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3357 Resolved, That the Senate— was his name, not mine. I was Tommy, goodbye, and thank them for their (1) condemns ISIS’ horrific terrorist at- but she would call me Bobby. It was service during what has been really, as tacks in the United Kingdom, Philippines, kind of eerie. She would never try to the Presiding Officer knows, a chal- Indonesia, Egypt, Iraq, Australia, and Iran; lenging time for all of us. I would say (2) expresses its deepest condolences to the correct it. She would just call me victims of these attacks and their families; Bobby. I had to have a chance to address these (3) expresses solidarity with the people of Sometimes people would have nick- pages as well as the rest of our col- the United Kingdom, the Philippines, Indo- names for us as kids, and my grand- leagues here, but I want to say to the nesia, Egypt, Iraq, Australia, and Iran; father always called me Joe. So we pages, thanks a lot for your service, (4) recognizes the threat posed by ISIS and would go spend time, a week or two, and we hope you have been inspired not recommits to U.S. leadership in the Global with them in the summer, and my by our shortcoming but by the poten- Coalition working to defeat ISIS. grandmother called me Bobby and my tial you see here for us continuing to My father served in World War II. He grandfather called me Joe. I wasn’t send this ship of state into the future. was a chief petty officer. Most of my sure who I was when I would go back to A lot of people are concerned about uncles served in World War II and/or their home in Danville or Roanoke, the direction our country has taken. I Korea. One of my uncles I never met. VA, but I know my grandmother loved would like to remind them, especially My mom’s youngest brother served in her son Bobby, and the folks who took these pages, that 150 years ago we the U.S. Navy. He was stationed on a his life were Japanese. They were Japa- fought a civil war in this country. I ship called the USS Suwannee. It was nese. grew up in Danville, VA, the last cap- an aircraft carrier. In the Navy, I flew missions with ital of the Confederacy. I think some They were on duty in the Western Japanese forces during the Vietnam people were still fighting the Civil War Pacific in 1944, and their group of ships war and the Cold War when I was a when I got there. I was 9 years old and came under attack by Japanese kami- naval flight officer. Japan is among our my sister was 10. So 150 years ago, the kaze pilots, dive-bombing and crashing best friends today, one of our closest Civil War was fought, where hundreds their aircraft into several ships, includ- allies, despite the hundreds of thou- of thousands of people were killed, ing the USS Suwannee, the ship on sands of lives which were lost in the at- many more were crippled, wounded, which my uncle Bob was stationed. He tack on Pearl Harbor and the war that and maimed. was 19 years old. I think he was on the ensued. After that, we saw our President as- ship and they were trying to launch Germany, at the other side of the sassinated. President Lincoln was as- aircraft to take on the kamikaze pilots world, was a bitter enemy during World sassinated. After that, our President before they could do much damage and War II and is among our closest allies who succeeded him, Andrew Johnson, several of the aircraft apparently and has been for years the bulwark in was impeached, and somehow we got crashed into the aircraft carrier on that part of the world. through all of that in the 19th century. which my Uncle Bob was doing duty up I just mention them to say that the When we finally made it to the 20th on the deck of the aircraft carrier. folks that might be our adversaries century, what happened? World War I— His body, along with the bodies of a today—Vietnam, where I served, was a we fought it, won it, and led our allies number of people who were on the great adversary for a number of years, to victory. Then World War II, we deck, were never recovered. They were and today, as I said earlier, is one of fought it, won it, and led the allies to killed, missing in action for an ex- our closest trading partners, and they victory in World War II. The Cold tended period of time, and their bodies are one of our partners. We had, I War—won it, led our allies to victory were never recovered. thought, a wonderful trade agreement, in the Cold War. The Great Depres- I told folks back in Delaware about the Trans-Pacific Partnership should sion—we fought our way out of it and my grandmother during one of the Me- have been approved by us and never led the world to a much stronger econ- morial Day observances. I don’t know was. It was negotiated in the last ad- omy. When the 21st century dawned on if the Presiding Officer has this in Mis- ministration. I think in history they January 1, 2001, here is where we were souri, but in Delaware, during some of will say that it was a huge mistake we our observances, we have a place of as a nation: the strongest economy on made not to approve it after negoti- Earth, the most productive workforce honor where some of our Gold Star ating it over a period of several years on Earth, a nation of peace, four bal- families sit. I told the Gold Star fami- with 11 other countries, including the anced budgets in a row. We hadn’t bal- lies at a bridge ceremony in Wil- Vietnamese. anced our budget since 1968, but the mington near the Delaware Memorial The Vietnamese are amazingly close. last 4 years of the Clinton administra- Bridge—I pointed out where the Gold They love Americans. God, they love tion we were 4 and 0 in terms of a bal- Star families were sitting, and I said: Americans. They love us more than we anced budget. My grandmother, if she were still alive, love us, and you can feel it. Every time Since the century began, we were the would be 110 today, and she would be I go over there, I am reminded of that. world’s mightiest Nation—the mighti- sitting right over there with all the Things have a way of changing. Lead- est force for justice—and we were the Gold Star families and mothers. ership changes, people change, the atti- most admired Nation on the planet. I She never saw her son again after he tudes of people toward the rest of the would just keep in mind the words of went off to serve in the war. There was world, including us, will change. The Harry Truman: The only thing new in a lot of sorrow in that family for years results of the Iranian election give me the world is the history we have forgot- and years and years. They had pictures some encouragement. I hope they give ten and never learned. He was a guy for as long as I can remember. There the rest of us encouragement. I hope from Missouri, as I recall, like our Pre- was a picture of my Uncle Bob, age 19, someday some of those young Iranian siding Officer. posing, at the time, in his dress blue people who admire this country and We are going through a tough time uniform. love this country will have a chance to now, and we will get through it. My I was a dead ringer for him. My sister come here and visit. hope is that our pages, who have pro- and I, after we were born in West Vir- Ironically, today is the last day we vided a great service here in the recent ginia, grew up in Danville, VA. I went have a lot of young people here in this months of their service, will someday off to high school and then became a Chamber who are leaving us. We call come back as interns, maybe someday Navy midshipman and then went off to them pages. Some are sitting down as staff members, maybe someday as Southeast Asia. I would go home to here. I walked up to them earlier Senators and Representatives and visit my relatives in West Virginia, in- today. We have doors—seven doors— chiefs of staff, and will play other roles cluding my grandparents. I would go and when we are having votes, people in guiding our country. back to that house. I would go back to and Senators come in and out, and we We thank all of you. the picture and look at him because as have two pages stationed at every door. My hope is that, as time goes by, the I grew older, the resemblance was pret- We have pages down here at the foot of tensions around the world, the hatred, ty remarkable. My grandmother, from the Presiding Officer on either side. the vitriol, and the murder and the the time I was a little boy until I grew What I tried to do was just go around mayhem will have dissipated. Coun- up, would always call me Bobby. That to the pages and shake their hands, say tries just like Japan in World War II,

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00013 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.030 S08JNPT1 S3358 CONGRESSIONAL RECORD — SENATE June 8, 2017 like Germany in World War II, and like the nominations be printed in the resented me in Livingston, Washtenaw, Vietnam in the Vietnam war were our Record; that the President be imme- Monroe, Wayne, and Oakland Counties bitter enemies at one time but are now diately notified of the Senate’s action, as a regional manager in the Senate. our friends. Maybe we can turn the and the Senate then resume legislative For over 20 years, she has been an an- page with Iran, and they can turn the session. chor for me in southeast Michigan. page with us. They will be better for it, The PRESIDING OFFICER. Without Barb loved to tell the story of when and in the end, we will too. objection, it is so ordered. she first walked into my campaign of- Your generation, especially, will be The nominations considered and con- fice to volunteer when I ran for the better for that. firmed are as follows: U.S. House of Representatives. Coming I thank Senator CORKER and, again, NOMINATIONS PLACED ON THE SECRETARY’S from the hometown of my opponent, Senator CARDIN and their staffs. I DESK she would laugh that my team sus- thank our leadership—Senator MCCON- IN THE FOREIGN SERVICE pected that she was a spy. This NELL and Senator CHUCK SCHUMER—for PN359 FOREIGN SERVICE nominations (8) couldn’t have been further from the making sure that this resolution was beginning Fred Aziz, and ending Nathalie truth. Barb has been fiercely loyal and taken up and written. It worked out, Scharf, which nominations were received by steadfastly protective of me for over and we will have a chance to vote on it. the Senate and appeared in the Congres- two decades. I just do not want somebody sometime sional Record of April 25, 2017. I cannot think of anyone who has later—this evening or tonight—when PN360 FOREIGN SERVICE nominations spent more time over the years driving asking for unanimous consent to adopt (12) beginning David Gossack, and ending in a car with me. We have survived Pamela Ward, which nominations were re- a Senate resolution with a certain ceived by the Senate and appeared in the blizzards, avoided countless speed number on it, to ask: What was that all Congressional Record of April 25, 2017. traps, identified the fastest drive- about? I want people to know that this through restaurants, and I have never is about something that is important, f seen anyone who could bypass con- and I am grateful to all who had a hand LEGISLATIVE SESSION struction better than Barb. The count- in it. The PRESIDING OFFICER. The Sen- less hours we spent together over the Thank you very much. ate will now resume legislative session. years deepened my appreciation for her I suggest the absence of a quorum. resolve and determination and ce- The PRESIDING OFFICER. The f mented a lasting friendship. clerk will call the roll. MORNING BUSINESS Barb was a fighter. She faced many The legislative clerk proceeded to challenges early in her life. She took Mr. MCCONNELL. Mr. President, I call the roll. ask unanimous consent that the Sen- that fighting spirit and tenacity and Mr. MCCONNELL. Mr. President, I ate be in a period of morning business, fought throughout her career for so ask unanimous consent that the order with Senators permitted to speak many individuals, families, and com- for the quorum call be rescinded. therein for up to 10 minutes each. munities she helped represent. She was The PRESIDING OFFICER. Without The PRESIDING OFFICER. Without committed, tough, proud, and resilient. objection, it is so ordered. objection, it is so ordered. I watched Barb struggle with the de- NOMINATION REFERRAL bilitating effects of Parkinson’s disease (At the request of Mr. SCHUMER, the Mr. MCCONNELL. Mr. President, as following statement was ordered to be in recent months and, along with her in executive session, I ask unanimous family, friends, and coworkers, was printed in the RECORD.) consent that upon the reporting of the deeply affected by her losses earlier nomination of David P. Pekoske, of f this year. While we will all continue to Maryland, to be Assistant Secretary of VOTE EXPLANATION mourn her death, we also celebrate her the Department of Homeland Security, life, her accomplishments, and her en- ∑ Mr. MENENDEZ. Mr. President, Transportation Security Administra- during spirit. today I would have cast my vote in tion, by the Committee on Commerce, Barb is an example of the amazing favor of Scott Brown to represent the Science, and Transportation, the nomi- and talented professionals who commit United States as Ambassador to New nation be referred to the Committee on themselves to congressional service. Zealand and Samoa. New Zealand has Homeland Security and Governmental She has served the State of Michigan been a treaty ally of the United States Affairs for a period not to exceed 30 and her country with distinction and since the signing of the Australia-New calendar days, except that if the 30 honor. Zealand—United States Treaty in 1951. days lapse while the Senate is in re- No tribute to Barb can be done with- As a crucial partner and ally, the cess, the Committee on Homeland Se- out including her family. I remember United States and New Zealand share curity and Governmental Affairs shall many community events and parades core values of democracy, human have an additional 5 session days after over the years with Barb and her young rights, and liberty, and I believe it is the Senate reconvenes to report the sons. Although a private person, Barb imperative for the United States to nomination, after which the nomina- would light up when talking about her maintain strong allegiance to our long- tion, if still in committee, be dis- family; she was especially proud of her standing friends throughout the charged and placed on the Executive boys Patrick, Ian, and Brian and her world.∑ Calendar. grandson, Shane. On behalf of all of The PRESIDING OFFICER. Without f Team Stabenow, you will always be objection, it is so ordered. REMEMBERING BARBARA part of our family. f MCCALLAHAN Please join me and countless others as we honor the life of my longtime EXECUTIVE SESSION Ms. STABENOW. Mr. President, it is staff member and dear friend, Barbara with very great sadness today that I McCallahan. honor the life of my longtime staff EXECUTIVE CALENDAR member and dear friend, Barbara Wise f Mr. MCCONNELL. Mr. President, I McCallahan. Barb passed away on May ADDITIONAL STATEMENTS ask unanimous consent that the Sen- 26, 2017. ate proceed to executive session for the Barb has worked in my congressional consideration of all nominations placed and Senate offices for over 20 years, TRIBUTE TO COLONEL DANIEL Q. on the Secretary’s desk in the Foreign joining my team on my very first day GREENWOOD Service; that the nominations be con- in Congress in 1997. She was a volun- ∑ Mr. BOOZMAN. Mr. President, today firmed, the motions to reconsider be teer on my campaign for the U.S. I wish to recognize and congratulate a considered made and laid upon the House and worked many subsequent tremendous Marine officer, Col. Daniel table with no intervening action or de- campaigns. She staffed my Howell and Q. Greenwood, for his distinguished bate; that no further motions be in Flint Township offices when I served in service as the commanding officer, 2d order; that any statements related to the U.S. House. Over the years, she rep- Marine Regiment, 2d Marine Division

VerDate Sep 11 2014 04:08 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00014 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.032 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3359 and commanding officer, Special Pur- ognizing Jake Heinecke, a law enforce- TRIBUTE TO DANIELLE RIPICH pose Marine Air Ground Task Force, ment officer from Fergus County who ∑ Mr. KING. Mr. President, today I SPMAGTF—Crisis Response—Africa. retired from full-time service at the wish to recognize Danielle Ripich, who Colonel Greenwood’s dynamic leader- end of May. Deputy Heinecke spent two is retiring from over a decade of serv- ship and operational expertise brought decades protecting and serving the peo- ice not only to students but also to the about historic success for his unit and ple of Montana. State of Maine as president of the Uni- was instrumental to the accomplish- Deputy Heinecke was raised with a versity of New England, UNE, this ment of priority U.S. national security strong family background in law en- month. objectives throughout Europe and Afri- forcement. His father was an instructor Even though Danielle is not a native ca. at the Montana Law Enforcement of Maine, she has, in every regard, em- After taking command in April 2016, Academy, and the calling to law en- braced, cherished, and served the State Colonel Greenwood aptly led a fine forcement was clearly a natural fit for just as any Mainer would. Under her team of marines during their Jake. During the midnineties, Deputy tenure, UNE grew from 4,000 students predeployment training, ensuring a co- Heinecke began his career as a reserve to more than 10,000, increased its oper- hesive and highly effective regiment deputy in Beaverhead County, nestled ating surplus by $127 million, expanded that was able to singularly focus on in the southwestern corner of Montana. its campuses in Biddeford and Portland mission requirements. His clear and He quickly transitioned to full-time while opening a campus in Tangier, concise guidance set the tone for the law enforcement after finishing college Morocco—making UNE the only U.S. entire command, successfully focused and served Beaverhead County for 15 institution of higher education to own the regimental headquarters, and en- more years. During the final chapters a study-abroad campus specifically de- abled a positive command climate with of his full-time law enforcement ca- signed for the needs of science stu- open lines of communication and a reer, Deputy Heinecke served the peo- dents—and launched three new colleges constructive learning environment. ple of Fergus County, located in the ge- within the university. Additionally, in Upon deploying in October 2016, Colo- ographic center of the State. Troy the midst of a national crisis over stu- nel Greenwood’s excellent leadership Eades, the Fergus County sheriff, de- dent loans, Danielle presided over one and operational prowess brought about scribed Deputy Heinecke’s performance of the lowest default rates nationally continued organizational and oper- in the department with concise clarity, on student loans at only 2.5 percent, ational achievements, to include his ‘‘Great job. Great officer.’’ even with 95 percent of students at the team’s successful participation in mul- Despite retiring from full-time law university taking out loans. tiple operations and 15 theater security enforcement, Jake plans to continue to A native of Ohio, Danielle began her cooperation engagements across the play a role in the community by serv- impressive scholarly journey on her continent of Africa. Further, his vi- ing in the Central Montana Ambulance home turf, receiving her Ph.D. in brant personality and intuitive under- Service as a full-time EMT. Montanans speech pathology from Kent State Uni- standing of cultural complexities fos- appreciate the work of our law enforce- versity and both her bachelor’s and tered alliances with key partner na- ment and emergency services profes- master’s degrees in speech pathology tions, building valuable partner capa- sionals. When someone gives over two from Cleveland State University. She bility and enduring relationships. One decades of their professional life to then went on to serve in leadership of the most significant accomplish- protect and serve others, that accom- roles at Case Western Reserve Univer- ments of the SPMAGTF was the assess- plishment deserves our sincere grati- sity and later became dean of the col- ment of ‘‘high risk, high threat’’ U.S. tude. Thanks, Jake, for helping keep lege of health professions, as well as a embassies in West and North Africa. To ‘‘The Last Best Place’’ safe for all of us professor in the college of medicine’s to enjoy.∑ prepare for crisis response actions, department of neurology at Medical Colonel Greenwood personally f University of South Carolina before interacted with multiple ambassadors FIVE MILLIONTH SOLDIER COM- joining UNE. and regional security officers to form PLETES BASIC TRAINING AT Danielle’s accomplishments span be- essential relationships and facilitate yond her work in higher education. As necessary information sharing. His FORT JACKSON ∑ Mr. GRAHAM. Mr. President, today I a result of her successful efforts in ex- tireless efforts allowed current and fu- panding both accessibility and opportu- ture SPMAGTF rotations to develop wish to congratulate South Carolina’s Fort Jackson, as the 5 millionth sol- nities at UNE for Maine’s best and feasible, supportable, and comprehen- brightest, UNE’s contribution to the sive contingency plans for these stra- dier has just completed the Basic Com- Maine economy has topped more than tegic posts. bat Training, BCT, Program. $1 billion per year, with an annual do- I would also like to honor and thank Fort Jackson is located in Columbia, the Greenwood family for their tremen- SC, and has a deep and proud history. nation of more than $21 million worth dous service and sacrifice during the For 100 years, Fort Jackson has helped of health services to the community. past year. Colonel Greenwood’s oper- the U.S. Army train and fulfill needs The university is considered the lead- ational success was only possible be- for disciplined and skilled soldiers in ing supplier of healthcare professionals cause of the tireless support he re- times of war and peace. As the U.S. for the State of Maine. Danielle was ceived at home from his wife, Kim, and Army’s largest location for BCT, Fort named the 2016 Mainebiz Nonprofit son, Charlie. We often forget the hard- Jackson is responsible for training half Business Leader of the Year and is ship and extra load our military of the entire Army’s BCT population. internationally recognized for her lan- spouses and children take on during Fort Jackson also provides an array of guage research, particularly in the work-ups and deployments, and I thank services outside of BCT, including the areas of child language and Alzheimer’s Kim and Charlie for sharing their hus- U.S. Army’s Drill Sergeant School and disease and other forms of dementia. band and father with our Nation. Mili- Soldier Support Institute. Adding to her already remarkable and tary service is a family commitment, Today I join the citizens of South diverse portfolio of accomplishments, and I thank the Greenwoods for their Carolina in recognizing Fort Jackson, she was named a congressional fellow many years of public service. the soldiers, civilians, and retirees em- by the American Association for the Colonel Greenwood, congratulations ployed there, and the soldiers who have Advancement of Science. on a successful command and deploy- been trained there. I also extend my Throughout her years of service to ment. I am so proud of your many ac- deepest gratitude to these soldiers’ the State, our country, and the world complishments and wish you and your families, as they have also served and at large in her roles including presi- family the very best in your next as- sacrificed for our country. With the dent of UNE, mentor to student, and signment.∑ completion of each mission, Fort Jack- trailblazer in child language and Alz- heimer’s disease research, Danielle has f son continues to make the Palmetto State and the U.S. Army proud. I will demonstrated remarkable citizenship TRIBUTE TO JAKE HEINECKE always be thankful for Fort Jackson’s and a commitment to higher edu- ∑ Mr. DAINES. Mr. President, this dedication to protecting our great Na- cation, medicine, and community week, I have the distinct honor of rec- tion.∑ progress that is rarely seen. The UNE

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00015 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.021 S08JNPT1 S3360 CONGRESSIONAL RECORD — SENATE June 8, 2017 that has evolved from Danielle’s vision the Center for Automotive Research, help arrived, barricaded from the is bold, innovative, eager to disrupt the Metropolitan Affairs Council, and the fumes behind makeshift bulkheads. status quo, socially conscious and com- Detroit Institute of Arts. The Granite Mountain disaster re- mitted to imbuing its students with I would like to congratulate Dr. Ja- mains the worst hard rock mining dis- global awareness. I am glad to add my cobs on his retirement as president of aster in U.S. history, but Butte miners voice to all those who are recognizing Macomb Community College and thank managed to make progress out of this Danielle’s distinguished career, and I him for his decades of service to his tragedy. thank Danielle for her service and community. It is certainly my hope The Granite Mountain disaster led to many contributions to our State.∑ that in retirement he will continue a unification of the U.S. labor move- ment and an unprecedented push for f this type of work because we need his expertise and knowledge.∑ labor laws that are still in effect today. TRIBUTE TO DR. JAMES JACOBS One hundred years later, we are f ∑ Mr. PETERS. Mr. President, today I thankful for our union brothers and wish to recognize Dr. James Jacobs on REMEMBERING JOSEPH ELIJAH sisters who fought and continue to the occasion of his retirement as presi- ‘‘BUCKSHOT’’ COLLETON fight for better pay, safer working con- dent of Macomb Community College. ∑ Mr. SCOTT. Mr. President, today the ditions, civil rights, and a stronger ∑ Dr. Jacobs has worked at Macomb Awendaw and McClellanville commu- economy for working Americans. Community College for nearly 50 years nities will pay tribute to a man known f and was named president in 2008. He by many as Joseph Elijah ‘‘Buckshot’’ MESSAGE FROM THE HOUSE previously taught social science, polit- Colleton, who departed this life on At 10:10 a.m., a message from the ical science, economics, and served as June 3, 2016. House of Representatives, delivered by director for the Center for Workforce He was a gentle giant who loved chil- Mr. Novotny, one of its reading clerks, Development and Policy at the college. dren and cooking. Buckshot served in announced that the House has passed Under his leadership, Macomb Commu- many capacities in the community, but the following bill, in which it requests nity College has grown to be one of the he is most remembered for his loving the concurrence of the Senate: Nation’s leading community colleges, spirit towards children. He served the H.R. 2213. An act to amend the Anti-Border providing an education to nearly 48,000 Head Start community for more than Corruption Act of 2010 to authorize certain students a year. I appreciate the oppor- 35 years as their bus driver and often polygraph waiver authority, and for other tunity to recognize Dr. Jacobs’ success referred to Head Start students as all purposes. as an education leader, as well as the of his children. The message also announced that the contributions he has made to his com- When he was not with the children, House has agreed to the following con- munity. he was cooking and feeding people at current resolution, in which it requests Dr. Jacobs has long been at the heart Buckshot’s Restaurant in the concurrence of the Senate: of Macomb Community College, an McClellanville. People from all around H. Con. Res. 33. Concurrent resolution des- educational institution founded in 1954. would visit for a taste of his shrimp ignating the George C. Marshall Museum and The college has been growing ever and fish dishes and other southern cui- George C. Marshall Research Library in Lex- since. With three campuses, the sines. ington, Virginia, as the National George C. Lorenzo Cultural Center, and the Today we remember the life of Buck- Marshall Museum and Library. Michigan Technical Education Center, shot as loved ones, friends, and other The message further announced that Macomb Community College has grown guests come together to pay tribute to pursuant to 20 U.S.C. 4412, and the into one of the leading community col- a great American and South Caro- order of the House of January 3, 2017, leges in the Nation. It ranks in the top linian.∑ the Speaker reappoints the following Member on the part of the House of 2 percent for number of associate de- f grees awarded by community colleges Representatives to the Board of Trust- GRANITE MOUNTAIN MINE and is the largest grantor of associate ees of the Institute of American Indian DISASTER degrees in Michigan. and Alaska Native Culture and Arts Under Dr. Jacobs, the education plat- ∑ Mr. TESTER. Mr. President, today I Development: Mr. BEN RAY LUJA´ N of form and course offerings have flour- wish to honor the victims and sur- New Mexico. ished. Today Macomb Community Col- vivors of the Granite Mountain Mine f lege offers precollegiate and graduate disaster and commemorate the lasting MEASURES REFERRED degrees, workforce training, and pro- legacy of the labor movement in Mon- fessional education. One such program tana and across this nation. The following bill was read the first and the second times by unanimous that has prospered is the Macomb Uni- One hundred years ago, Butte, MT, consent, and referred as indicated: versity Center. The University Center was home to a booming mining com- partners with other colleges and uni- munity, where hard-working men and H.R. 2213. An act to amend the Anti-Border Corruption Act of 2010 to authorize certain versities throughout the State of women were working long hours to put polygraph waiver authority, and for other Michigan to offer students the oppor- food on the table and build a stronger purposes; to the Committee on Homeland Se- tunity to earn bachelors, masters, and State. curity and Governmental Affairs. doctoral degrees in over 80 fields. A great demand for copper during The following concurrent resolution Thanks to Dr. Jacobs, the university WWI and the Industrial Revolution led was read, and referred as indicated: center has become a national model for the 14,500 miners to work tirelessly, H. Con. Res. 33. Concurrent resolution des- educational partnerships. day and night. Long hours and high de- ignating the George C. Marshall Museum and Dr. Jacobs has grown Macomb Com- mands caused already insufficient safe- George C. Marshall Research Library in Lex- munity College around a vision and ty standards to deteriorate even fur- ington, Virginia, as the National George C. mission that put the student at the ther. Marshall Museum and Library; to the Com- forefront. With a focus on student suc- On June 8, 1917, as men were being mittee on Energy and Natural Resources. cess, efficiency and effectiveness, and lowered into the mine to begin their f community engagement, Macomb Com- shift, a lantern ignited an exposed EXECUTIVE AND OTHER munity College has dedicated itself to cable, causing the mineshaft to fill COMMUNICATIONS with fire and toxic gasses. provide learning opportunities and sup- The following communications were One hundred and sixty-eight men port services that enable students to laid before the Senate, together with tragically died in the blaze and the re- achieve their educational goals. accompanying papers, reports, and doc- Dr. Jacobs is also leader in Macomb sulting carbon monoxide poisoning. uments, and were referred as indicated: and the region, both on and off campus. The miners had minimal safety train- EC–1848. A communication from the Acting He is widely known for delivering the ing, and the mine lacked even basic Deputy Director, Office of Sustainable Fish- Macomb County Economic Forecast safety precautions, such as exit signs. eries, Department of Commerce, transmit- annually for the last 29 years. He also Many of those who were saved spent ting, pursuant to law, the report of a rule en- serves on numerous boards, including upward of 50 hours in the mine before titled ‘‘Coastal Migratory Pelagic Resources

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00016 Fmt 0624 Sfmt 0634 E:\CR\FM\G08JN6.024 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3361 of the Gulf of Mexico and Atlantic Region; EC–1857. A communication from the Acting a report relative to a vacancy in the position Reopening of the commercial Sector in the Commissioner of the Social Security Admin- of Chief Counsel, Office of Advocacy, Small Western, Northern, and Southern (Gillnet) istration, transmitting, pursuant to law, the Business Administration, received in the Of- Zones for King Mackerel in the Gulf of Mex- Semiannual Report of the Inspector General fice of the President of the Senate on June 6, ico’’ (RIN0648–XF351) received in the Office of for the period from October 1, 2016 through 2017; to the Committee on Small Business the President of the Senate on June 6, 2017; March 31, 2017 and the Uniform Resource Lo- and Entrepreneurship. to the Committee on Commerce, Science, cator (URL) for the report; to the Committee EC–1868. A communication from the Chief and Transportation. on Homeland Security and Governmental Af- Human Capital Officer, Small Business Ad- EC–1849. A communication from the Acting fairs. ministration, transmitting, pursuant to law, Director, Office of Sustainable Fisheries, De- EC–1858. A communication from the Sec- a report relative to a vacancy in the position partment of Commerce, transmitting, pursu- retary of Education, transmitting, pursuant of Administrator, Small Business Adminis- ant to law, the report of a rule entitled to law, the Department’s Semiannual Report tration, received in the Office of the Presi- ‘‘Fisheries of the Exclusive Economic Zone to Congress on Audit Follow-up for the pe- dent of the Senate on June 6, 2017; to the Off Alaska; Pacific Cod by Catcher Vessels riod of October 1, 2016 through March 31, 2017; Committee on Small Business and Entrepre- Greater Than or Equal to 60 Feet Length to the Committee on Homeland Security and neurship. Overall Using Pot Gear in the Bering Sea Governmental Affairs. f and Aleutian Islands Management Area’’ EC–1859. A communication from the Acting (RIN0648–XF190) received in the Office of the Chairman of the Consumer Product Safety PETITIONS AND MEMORIALS President of the Senate on June 6, 2017; to Commission, transmitting, pursuant to law, The following petition or memorial the Committee on Commerce, Science, and the Commission’s Annual Performance Re- Transportation. port for fiscal year 2016; to the Committee on was laid before the Senate and was re- EC–1850. A communication from the Sec- Homeland Security and Governmental Af- ferred or ordered to lie on the table as retary of the Interior, transmitting, pursu- fairs. indicated: ant to law, reports relative to Executive EC–1860. A communication from the Direc- POM–40. A concurrent resolution adopted Order 13783; to the Committee on Energy and tor, Congressional Affairs, Federal Election by the Legislature of the State of Missouri Natural Resources. Commission, transmitting, pursuant to law, applying to the United States Congress, EC–1851. A communication from the Direc- the Commission’s Semiannual Report of the under the provisions of Article V of the tor of the Regulatory Management Division, Inspector General for the period from Octo- United States Constitution, for the calling of Environmental Protection Agency, transmit- ber 1, 2016 through March 31, 2017; to the a convention of the states limited to pro- ting, pursuant to law, the report of a rule en- Committee on Homeland Security and Gov- posing amendments to the United States titled ‘‘Approval of Alternative Final Cover ernmental Affairs. Constitution that impose fiscal restraints on Request for Phase 2 of the City of Wolf EC–1861. A communication from the Chief the federal government, limit the power and Point, Montana, Landfill’’ (FRL No. 9962–18– Human Capital Officer, Small Business Ad- Region 8) received during adjournment of the jurisdiction of the federal government, and ministration, transmitting, pursuant to law, limit the terms of office for its officials and Senate in the Office of the President of the a report relative to a vacancy in the position Senate on May 30, 2017; to the Committee on members of Congress; to the Committee on of Administrator, Small Business Adminis- the Judiciary. Environment and Public Works. tration, received in the Office of the Presi- EC–1852. A communication from the Direc- SENATE CONCURRENT RESOLUTION NO. 4 dent of the Senate on June 6, 2017; to the tor of the Regulatory Management Division, Committee on Small Business and Entrepre- Whereas, the Founders of our Constitution Environmental Protection Agency, transmit- neurship. empowered state legislators to be guardians ting, pursuant to law, the report of a rule en- EC–1862. A communication from the Chief of liberty against future abuses of power by titled ‘‘Approval and Promulgation of Imple- Human Capital Officer, Small Business Ad- the federal government; and mentation Plans; Louisiana; Revisions to the ministration, transmitting, pursuant to law, Whereas, the federal government has cre- New Source Review State Implementation a report relative to a vacancy in the position ated a crushing national debt through im- Plan; Air Permit Procedure Revisions’’ (FRL of Administrator, Small Business Adminis- proper and imprudent spending; and No. 9958–84–Region 6) received during ad- tration, received in the Office of the Presi- Whereas, the federal government has in- journment of the Senate in the Office of the vaded the legitimate roles of the states President of the Senate on May 30, 2017; to dent of the Senate on June 6, 2017; to the Committee on Small Business and Entrepre- through the manipulative process of federal the Committee on Environment and Public mandates, most of which are unfunded to a Works. neurship. EC–1863. A communication from the Chief great extent; and EC–1853. A communication from the Direc- Whereas, the federal government has tor of the Regulatory Management Division, Human Capital Officer, Small Business Ad- ministration, transmitting, pursuant to law, ceased to live under a proper interpretation Environmental Protection Agency, transmit- of the Constitution of the United States; and ting, pursuant to law, the report of a rule en- a report relative to a vacancy in the position of Administrator, Small Business Adminis- Whereas, it is the solemn duty of the titled ‘‘Approval and Promulgation of Air states to protect the liberty of our people— Quality Implementation Plans; Montana; Re- tration, received in the Office of the Presi- dent of the Senate on June 6, 2017; to the particularly for the generations to come—to visions to the Administrative Rules of Mon- propose amendments to the United States tana’’ (FRL No. 9963–15–Region 8) received Committee on Small Business and Entrepre- Constitution through a convention of states during adjournment of the Senate in the Of- neurship. under Article V to place clear restraints on fice of the President of the Senate on May 30, EC–1864. A communication from the Chief these and related abuses of power: Now, 2017; to the Committee on Environment and Human Capital Officer, Small Business Ad- therefore, be it Public Works. ministration, transmitting, pursuant to law, EC–1854. A communication from the Direc- a report relative to a vacancy in the position Resolved, by the members of the Missouri tor of the Regulatory Management Division, of Deputy Administrator, Small Business Senate, Ninety-ninth General Assembly, Environmental Protection Agency, transmit- Administration, received in the Office of the First Regular Session, the House of Rep- ting, pursuant to law, the report of a rule en- President of the Senate on June 6, 2017; to resentatives concurring therein, Hereby titled ‘‘Stay of Standards of Performance for the Committee on Small Business and Entre- apply to Congress, under the provisions of Municipal Solid Waste Landfills and Emis- preneurship. Article V of the United States Constitution, sion Guidelines and Compliance Times for EC–1865. A communication from the Chief for the calling of a convention of the states Municipal Solid Waste Landfills’’ ((RIN2060– Human Capital Officer, Small Business Ad- limited to proposing amendments to the AT62) (FRL No. 9963–19–OAR)) received dur- ministration, transmitting, pursuant to law, United States Constitution that impose fis- ing adjournment of the Senate in the Office a report relative to a vacancy in the position cal restraints on the federal government, of the President of the Senate on May 30, of Deputy Administrator, Small Business limit the power and jurisdiction of the fed- 2017; to the Committee on Environment and Administration, received in the Office of the eral government, and limit the terms of of- Public Works. President of the Senate on June 6, 2017; to fice for its officials and members of Con- EC–1855. A communication from the Board the Committee on Small Business and Entre- gress; and be it further of Trustees, National Railroad Retirement preneurship. Resolved, That the General Assembly Board, transmitting, pursuant to law, the EC–1866. A communication from the Chief adopts this application with the following 2017 annual report on the financial status of Human Capital Officer, Small Business Ad- understandings (as the term ‘‘under- the railroad unemployment insurance sys- ministration, transmitting, pursuant to law, standings’’ is used within the context of tem; to the Committee on Finance. a report relative to a vacancy in the position ‘‘reservations, understandings, and declara- EC–1856. A communication from the Execu- of Chief Counsel, Office of Advocacy, Small tions’’): tive Director, United States Access Board, Business Administration, received in the Of- (1) An application to Congress for an Arti- transmitting, pursuant to law, the Board’s fice of the President of the Senate on June 6, cle V convention confers no power on Con- fiscal year 2016 annual report relative to the 2017; to the Committee on Small Business gress other than to perform a ministerial Notification and Federal Employee Anti- and Entrepreneurship. function to’ ‘‘call’’ for a convention; discrimination and Retaliation Act of 2002; EC–1867. A communication from the Chief (2) This ministerial duty shall be per- to the Committee on Homeland Security and Human Capital Officer, Small Business Ad- formed by Congress only when Article V ap- Governmental Affairs. ministration, transmitting, pursuant to law, plications for substantially the same purpose

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00017 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.005 S08JNPT1 S3362 CONGRESSIONAL RECORD — SENATE June 8, 2017 are received from two-thirds of the legisla- S. 1315. A bill to require the Bureau of Con- S. 1325. A bill to amend title 38, United tures of the several states; sumer Financial Protection to amend its States Code, to improve the authorities of (3) The power of Congress to ‘‘call’’ a con- regulations relating to qualified mortgages, the Secretary of Veterans Affairs to hire, re- vention solely consists of the authority to and for other purposes; to the Committee on cruit, and train employees of the Depart- name a reasonable time and place for the ini- Banking, Housing, and Urban Affairs. ment of Veterans Affairs, and for other pur- tial meeting of the convention; By Mrs. ERNST (for herself and Mr. poses; to the Committee on Veterans’ Af- (4) Congress possesses no power whatsoever TESTER): fairs. to name delegates to the convention, as this S. 1316. A bill to amend title 10, United By Mr. MURPHY: power remains exclusively within the au- States Code, to provide for a one-year exten- S. 1326. A bill to require the Secretary of thority of the legislatures of the several sion of the suicide prevention and resilience the Treasury to mint coins in recognition of states; program for the National Guard and Re- American innovation and significant innova- (5) Congress possesses no power to set the serves; to the Committee on Armed Services. tion and pioneering efforts of individuals or number of delegates to be sent by any states; By Mr. BROWN: groups from each of the 50 States, the Dis- S. 1317. A bill to amend titles XI and XIX (6) Congress possesses no power whatsoever trict of Columbia, and the United States ter- of the Social Security Act to establish a to determine any rules for such convention; ritories, to promote the importance of inno- comprehensive and nationwide system to (7) By definition, a Convention of States vation in the United States, the District of evaluate the quality of care provided to means that states vote on the basis of one Columbia, and the United States territories, beneficiaries of Medicaid and the Children’s state, one vote; Health Insurance Program and to provide in- and for other purposes; to the Committee on (8) A Convention of States convened pursu- centives for voluntary quality improvement; Banking, Housing, and Urban Affairs. ant to this application is limited to consider- to the Committee on Finance. By Mr. GRASSLEY (for himself and ation of topics specified herein and no other; By Ms. BALDWIN (for herself, Mr. Mrs. FEINSTEIN): (9) The General Assembly of Missouri may BLUMENTHAL, Mr. MARKEY, Ms. HAS- S. 1327. A bill to amend the Controlled Sub- recall its delegates at any time for breach of SAN, and Ms. DUCKWORTH): stances Act to clarify how controlled sub- their duties or violations of their instruc- S. 1318. A bill to protect the rights of pas- stance analogues are to be regulated, and for tions; sengers with disabilities in air transpor- other purposes; to the Committee on the Ju- (10) Pursuant to the text of Article V, Con- tation, and for other purposes; to the Com- diciary. gress may determine whether proposed mittee on Commerce, Science, and Transpor- By Mr. KAINE (for himself, Mr. VAN amendments shall be ratified by the legisla- tation. HOLLEN, Ms. BALDWIN, Ms. WARREN, tures of the several states or by special state By Mr. BROWN: Ms. HASSAN, Mr. LEAHY, Mrs. GILLI- ratification conventions. The General As- S. 1319. A bill to require the Secretary of BRAND, Mr. WYDEN, Mr. MARKEY, Mr. sembly of Missouri recommends that Con- Veterans Affairs to establish a continuing FRANKEN, Mr. MERKLEY, Mr. BOOKER, gress specify its choice on ratification meth- medical education program for non-Depart- Mr. BLUMENTHAL, Ms. CORTEZ MASTO, odology contemporaneously with the call for ment of Veterans Affairs medical profes- and Mr. BROWN): the convention; sionals who treat veterans to increase S. 1328. A bill to extend the protections of (11) Congress possesses no power whatso- knowledge and recognition of medical condi- the Fair Housing Act to persons suffering ever with regard to the Article V convention tions common to veterans, and for other pur- discrimination on the basis of sexual ori- beyond the two powers acknowledged herein; poses; to the Committee on Veterans’ Af- entation or gender identity, and for other (12) Missouri places express reliance on fairs. purposes; to the Committee on the Judici- prior legal and judicial determinations that By Mr. INHOFE (for himself and Ms. ary. Congress possesses no power under Article I DUCKWORTH): By Mrs. FISCHER (for herself and Mr. relative to the Article V process, and that S. 1320. A bill to reform apportionments to MANCHIN): Congress must act only as expressly specified general aviation airports under the airport S. 1329. A bill to amend title 31, United in Article V; and be it further improvement program, to improve project States Code, to permit the Secretary of the Resolved, That this application shall expire delivery at certain airports, and to designate Treasury to locate and recover certain assets five (5) years after the passage of this resolu- certain airports as disaster relief airports, of the United States Government; to the tion; and be it further and for other purposes; to the Committee on Committee on Finance. Resolved, That the Secretary of the Senate Commerce, Science, and Transportation. By Mr. ROUNDS (for himself and Mr. be instructed to prepare a properly inscribed By Mr. ISAKSON (for himself, Mr. BLUMENTHAL): copy of this resolution for the President and ALEXANDER, Mr. ENZI, Mr. HATCH, Mr. S. 1330. A bill to amend title 38, United Secretary of the United States Senate, the ROBERTS, Mr. SCOTT, and Mr. YOUNG): States Code, to authorize a dependent to S. 1321. A bill to amend the Employee Re- Speaker and Clerk of the United States transfer entitlement to Post-9/11 Education tirement Income Security Act of 1974 to en- House of Representatives, each member of Assistance in cases in which the dependent sure that retirement investors receive advice the Missouri Congressional delegation, and received the transfer of such entitlement to the presiding officers of each of the legisla- in their best interests, and for other pur- poses; to the Committee on Health, Edu- assistance from an individual who subse- tive houses in the several states requesting quently died, and for other purposes; to the their cooperation. cation, Labor, and Pensions. By Mr. SULLIVAN (for himself, Ms. Committee on Veterans’ Affairs. By Ms. STABENOW (for herself, Mr. f CANTWELL, and Ms. MURKOWSKI): S. 1322. A bill to establish the American PETERS, and Mr. BROWN): EXECUTIVE REPORTS OF Fisheries Advisory Committee to assist in S. 1331. A bill to establish the Great Lakes COMMITTEE the awarding of fisheries research and devel- Mass Marking Program, and for other pur- The following executive reports of opment grants, and for other purposes; to the poses; to the Committee on Environment and Public Works. nominations were submitted: Committee on Commerce, Science, and Transportation. By Ms. STABENOW (for herself, Mr. By Mr. GRASSLEY for the Committee on By Mr. SULLIVAN (for himself, Ms. PETERS, and Mr. BROWN): the Judiciary. MURKOWSKI, Mr. MARKEY, and Ms. S. 1332. A bill to establish the Great Lakes Noel J. Francisco, of the District of Colum- CANTWELL): Aquatic Connectivity and Infrastructure bia, to be Solicitor General of the United S. 1323. A bill to preserve United States Program, and for other purposes; to the States. fishing heritage through a national program Committee on Environment and Public Makan Delrahim, of California, to be an dedicated to training and assisting the next Works. Assistant Attorney General. generation of commercial fishermen, and for By Mr. WYDEN (for himself and Mr. Steven Andrew Engel, of the District of Co- other purposes; to the Committee on Com- MERKLEY): lumbia, to be an Assistant Attorney General. merce, Science, and Transportation. S.J. Res. 45. A joint resolution condemning (Nominations without an asterisk By Mr. CASEY (for himself, Ms. BALD- the deadly attack on May 26, 2017, in Port- were reported with the recommenda- WIN, Mr. BLUMENTHAL, Mrs. GILLI- land, Oregon, expressing deepest condolences tion that they be confirmed.) BRAND, Mr. MARKEY, Mr. MURPHY, to the families and friends of the victims, Mrs. SHAHEEN, Mr. VAN HOLLEN, Mr. and supporting efforts to overcome hatred, f WHITEHOUSE, Mr. WYDEN, and Ms. bigotry, and violence; considered and passed. HASSAN): INTRODUCTION OF BILLS AND S. 1324. A bill to prevent a person who has f JOINT RESOLUTIONS been convicted of a misdemeanor hate crime, The following bills and joint resolu- or received an enhanced sentence for a mis- tions were introduced, read the first demeanor because of hate or bias in its com- SUBMISSION OF CONCURRENT AND mission, from obtaining a firearm; to the SENATE RESOLUTIONS and second times by unanimous con- Committee on the Judiciary. sent, and referred as indicated: By Mr. TESTER (for himself, Mr. The following concurrent resolutions By Ms. HEITKAMP (for herself and Mr. MORAN, Mrs. MCCASKILL, Mr. KAINE, and Senate resolutions were read, and PORTMAN): Ms. HASSAN, and Mr. CRAPO): referred (or acted upon), as indicated:

VerDate Sep 11 2014 04:27 Sep 20, 2017 Jkt 079060 PO 00000 Frm 00018 Fmt 0624 Sfmt 0634 E:\RECORD17\JUNE\S08JN7.REC S08JN7 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3363 By Mr. CORKER (for himself and Mr. (Mr. BLUMENTHAL) was added as a co- S. 782 CARDIN): sponsor of S. 543, a bill to amend title At the request of Mr. CORNYN, the S. Res. 188. A resolution condemning the 38, United States Code, to require the names of the Senator from Louisiana recent terrorist attacks in the United King- Secretary of Veterans Affairs to in- (Mr. KENNEDY) and the Senator from dom, the Philippines, Indonesia, Egypt, Iraq, Australia, and Iran and offering thoughts clude in each contract into which the Texas (Mr. CRUZ) were added as cospon- and prayers and sincere condolences to all of Secretary enters for necessary services sors of S. 782, a bill to reauthorize the the victims, their families, and the people of authorities and mechanism for appro- National Internet Crimes Against Chil- their countries; considered and agreed to. priate oversight, and for other pur- dren Task Force Program, and for By Mr. WYDEN (for himself, Mr. PAUL, poses. other purposes. Mr. MERKLEY, and Mr. MCCONNELL): S. 563 S. 804 S. Res. 189. A resolution designating the At the request of Mr. HELLER, the At the request of Mr. HELLER, the week of June 5 through June 11, 2017, as name of the Senator from Connecticut ‘‘Hemp History Week’’; considered and name of the Senator from Mississippi agreed to. (Mr. COCHRAN) was added as a cospon- (Mr. BLUMENTHAL) was added as a co- sor of S. 563, a bill to amend the Flood sponsor of S. 804, a bill to improve the f Disaster Protection Act of 1973 to re- provision of health care for women vet- ADDITIONAL COSPONSORS quire that certain buildings and per- erans by the Department of Veterans S. 112 sonal property be covered by flood in- Affairs, and for other purposes. At the request of Mr. HELLER, the surance, and for other purposes. S. 808 name of the Senator from Connecticut S. 593 At the request of Mr. THUNE, the (Mr. BLUMENTHAL) was added as a co- At the request of Mrs. CAPITO, the name of the Senator from Missouri sponsor of S. 112, a bill to amend title name of the Senator from Utah (Mr. (Mrs. MCCASKILL) was added as a co- 38, United States Code, to authorize per HATCH) was added as a cosponsor of S. sponsor of S. 808, a bill to provide pro- diem payments under comprehensive 593, a bill to amend the Pittman-Rob- tections for certain sports medicine service programs for homeless veterans ertson Wildlife Restoration Act to fa- professionals who provide certain med- to furnish care to dependents of home- cilitate the establishment of additional ical services in a secondary State. less veterans, and for other purposes. or expanded public target ranges in S. 896 S. 242 certain States. At the request of Mr. BURR, the name At the request of Mr. CASSIDY, the S. 623 of the Senator from Indiana (Mr. DON- name of the Senator from Ohio (Mr. At the request of Mr. DURBIN, the NELLY) was added as a cosponsor of S. BROWN) was added as a cosponsor of S. name of the Senator from Florida (Mr. 896, a bill to permanently reauthorize 242, a bill to amend title 38, United NELSON) was added as a cosponsor of S. the Land and Water Conservation States Code, to permit veterans to 623, a bill to enhance the transparency Fund. grant access to their records in the and accelerate the impact of assistance S. 926 databases of the Veterans Benefits Ad- provided under the Foreign Assistance At the request of Mrs. ERNST, the ministration to certain designated con- Act of 1961 to promote quality basic name of the Senator from Massachu- gressional employees, and for other education in developing countries, to setts (Ms. WARREN) was added as a co- purposes. better enable such countries to achieve sponsor of S. 926, a bill to authorize the universal access to quality basic edu- Global War on Terror Memorial Foun- S. 266 cation and improved learning out- dation to establish the National Global At the request of Mr. HATCH, the comes, to eliminate duplication and War on Terrorism Memorial as a com- name of the Senator from Massachu- waste, and for other purposes. memorative work in the District of Co- setts (Ms. WARREN) was added as a co- lumbia, and for other purposes. sponsor of S. 266, a bill to award the S. 655 Congressional Gold Medal to Anwar At the request of Mr. RISCH, the S. 948 Sadat in recognition of his heroic name of the Senator from Mississippi At the request of Mr. DURBIN, the achievements and courageous contribu- (Mr. WICKER) was added as a cosponsor name of the Senator from Washington tions to peace in the Middle East. of S. 655, a bill to exempt certain 16- (Mrs. MURRAY) was added as a cospon- and 17-year-old individuals employed in sor of S. 948, a bill to designate as wil- S. 407 logging operations from child labor derness certain Federal portions of the At the request of Mr. CRAPO, the laws. red rock canyons of the Colorado Pla- name of the Senator from New Mexico S. 670 teau and the Great Basin Deserts in the (Mr. HEINRICH) was added as a cospon- At the request of Ms. WARREN, the State of Utah for the benefit of present sor of S. 407, a bill to amend the Inter- name of the Senator from Missouri and future generations of people in the nal Revenue Code of 1986 to perma- (Mrs. MCCASKILL) was added as a co- United States. nently extend the railroad track main- sponsor of S. 670, a bill to provide for S. 1015 tenance credit. the regulation of over-the-counter At the request of Mr. HATCH, the S. 425 hearing aids. name of the Senator from Alaska (Mr. At the request of Mr. CARDIN, the S. 700 SULLIVAN) was added as a cosponsor of name of the Senator from Ohio (Mr. At the request of Mrs. MURRAY, the S. 1015, a bill to require the Federal BROWN) was added as a cosponsor of S. name of the Senator from Connecticut Communications Commission to study 425, a bill to amend the Internal Rev- (Mr. BLUMENTHAL) was added as a co- the feasibility of designating a simple, enue Code of 1986 to improve the his- sponsor of S. 700, a bill to improve the easy-to-remember dialing code to be toric rehabilitation tax credit, and for reproductive assistance provided by the used for a national suicide prevention other purposes. Department of Defense and the Depart- and mental health crisis hotline sys- S. 479 ment of Veterans Affairs to severely tem. At the request of Mr. BROWN, the wounded, ill, or injured members of the S. 1038 name of the Senator from Connecticut Armed Forces, veterans, and their At the request of Mrs. ERNST, the (Mr. BLUMENTHAL) was added as a co- spouses or partners, and for other pur- name of the Senator from Hawaii (Ms. sponsor of S. 479, a bill to amend title poses. HIRONO) was added as a cosponsor of S. XVIII of the Social Security Act to S. 760 1038, a bill to require the Adminis- waive coinsurance under Medicare for At the request of Mr. SCHATZ, the trator of the Small Business Adminis- colorectal cancer screening tests, re- name of the Senator from Delaware tration to submit to Congress a report gardless of whether therapeutic inter- (Mr. COONS) was added as a cosponsor on the utilization of small businesses vention is required during the screen- of S. 760, a bill to expand the Govern- with respect to certain Federal con- ing. ment’s use and administration of data tracts. S. 543 to facilitate transparency, effective S. 1151 At the request of Mr. TESTER, the governance, and innovation, and for At the request of Mrs. ERNST, the name of the Senator from Connecticut other purposes. name of the Senator from Maine (Mr.

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00019 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.011 S08JNPT1 S3364 CONGRESSIONAL RECORD — SENATE June 8, 2017 KING) was added as a cosponsor of S. communities in cycles and cause devas- ture, distribute, or dispense controlled 1151, a bill to amend the Internal Rev- tation. For example, in Corpus Christi, substance analogues, the law contains enue Code of 1986 to provide a non- TX, there were 31 EMS calls in 1 day definition of a controlled substance refundable credit for working family related to synthetic drugs. In Syra- analogue that is vague and often mis- caregivers. cuse, NY, 18 individuals were taken to interpreted. As a result, court cases S. 1169 the emergency room in a 24-hour period using this law result in a drawn out At the request of Mr. DURBIN, the after taking synthetic marijuana, and and expensive battle of the experts. name of the Senator from Mississippi in Cincinnati, OH, a shocking 174 Moreover, because because controlled (Mr. WICKER) was added as a cosponsor overdoses occurred over 6 days. These substance analogues are not listed as of S. 1169, a bill to amend title XIX of overdoses were largely attributed to federally controlled substances, even if the Social Security Act to provide heroin laced with carfentanil, a syn- a prosecutor in one case successfully States with an option to provide med- thetic opioid that is 100,000 times proves that a substance is a controlled ical assistance to individuals between stronger than morphine. substance analogue, this ruling is not the ages of 22 and 64 for inpatient serv- In 2012, Congress outlawed many syn- applied across the board. A different ices to treat substance use disorders at thetic drugs, but manufacturers did person charged with manufacturing the certain facilities, and for other pur- not stop producing them. Instead, they exact same substance in another case poses. began producing controlled substance is not automatically guilty of a crime. S. 1202 analogues which mimic the effects of Instead, the prosecutor in the new case At the request of Mr. COTTON, the controlled substances, such as opioids, has to reprove that the substance in name of the Senator from Arkansas marijuana, PCP, and LSD. question is an analogue all over again. The new drug, even though it has an Therefore, to ensure that prosecutors (Mr. BOOZMAN) was added as a cospon- sor of S. 1202, a bill to modify the effect on the body that is similar to a do not have to reprove that a substance boundary of the Little Rock Central controlled substance, may no longer be is an analogue each and every time it High School National Historic Site, illegal under Federal law because it is appears, the bill establishes a new and for other purposes. not listed in one of the five schedules schedule A. of the Controlled Substances Act. Con- The legislation authorizes the Attor- S. 1277 sequently, these drugs are shipped to ney General to add new synthetic At the request of Mr. BOOZMAN, the our country and marketed as legal al- drugs, including fentanyl and other name of the Senator from Florida (Mr. ternatives to illegal drugs. analogues, to this new schedule, and NELSON) was added as a cosponsor of S. This makes enforcement efforts dif- make them illegal through an expe- 1277, a bill to require the Secretary of ficult. dited, temporary scheduling process. Veterans Affairs to carry out a high Synthetic opioids, like fentanyl, are It also authorizes the Attorney Gen- technology education pilot program, deadly. Since 2015, 130 deaths have been eral to permanently schedule these and for other purposes. linked to the drug in the Bay area of substances, either in schedule A or in S. 1309 California. Nationally, the Centers for another schedule, like schedule I. This At the request of Ms. CANTWELL, the Disease Control and Prevention reports provides the Attorney General with the name of the Senator from Washington that more than 15,000 deaths in 2015 in- maximum flexibility needed to better (Mrs. MURRAY) was added as a cospon- volved synthetic opioids other than combat these dangerous drugs. sor of S. 1309, a bill to amend title II of methadone, which includes fentanyl. Those found guilty of manufacturing, the Social Security Act to permit That is equivalent to 42 deaths per day. distributing, or dispensing schedule A American Indian tribal councils to Like other synthetic drugs, illicit substances would be subject to existing enter into agreements with the Com- fentanyl and its analogues are clandes- schedule III penalties, or a maximum missioner of Social Security to obtain tinely produced, and primarily enter of 10 years imprisonment for a first of- social security coverage for services the United States in one of three ways: fense. performed by tribal council members. (1) Chinese chemists produce and ship The Department of Justice has told S. RES. 54 it to the United States via inter- my staff that this approach will allow At the request of Mr. BLUMENTHAL, national mail; them to act quickly when new and dan- the name of the Senator from New (2) Mexican drug traffickers produce gerous substances threaten our com- Hampshire (Mrs. SHAHEEN) was added it with precursor chemicals from China munities. as a cosponsor of S. Res. 54, a resolu- and smuggle it across the Southwest Recognizing that the vast majority tion expressing the unwavering com- Border; or of synthetic drugs originate from out- mitment of the United States to the (3) Chinese chemists produce and ship side of the United States, the legisla- North Atlantic Treaty Organization. it to Canada, where it is smuggled tion imposes criminal penalties for the f across the northern border. illegal import and export of substances The point is, regardless of the type, designated as schedule A. It also au- STATEMENTS ON INTRODUCED synthetic drugs pose a deadly and thorizes penalties for those who manu- BILLS AND JOINT RESOLUTIONS quickly evolving public health threat. facture or distribute these substances By Mr. GRASSLEY (for himself It is clear that the current system while intending, knowing, or having and Mrs. FEINSTEIN): for scheduling controlled substances reasonable cause to believe they will S. 1327. A bill to amend the Con- and prosecuting controlled substance ultimately be imported into the United trolled Substances Act to clarify how analogues is not able to keep up with States. controlled substance analogues are to the speed with which new synthetic Third, the bill maintains the ability be regulated, and for other purposes; to drugs are produced or to prevent the of prosecutors to charge defendants the Committee on the Judiciary. deaths they cause. using the Federal Analogue Enforce- Mrs. FEINSTEIN. Mr. President, I That is why the Stop the Importation ment Act, but clarifies the definition am pleased to be an original cosponsor and Trafficking of Synthetic Drugs Act of a controlled substance analogue of the Stop the Importation and Traf- to provide the Department of Justice within the Act. ficking of Synthetic Analogues Act with new tools, using a multifaceted Specifically, the language clarifies with my colleague Senator CHUCK approach. that the chemical structure of the sub- GRASSLEY. This legislation addresses First, the bill immediately controls stance must be similar to that of the significant challenges associated 13 fentanyl analogues that law enforce- schedule I or II controlled substance to with prosecuting those who manufac- ment has come into contact with. be considered a controlled substance ture and traffic deadly synthetic drugs, These substances have already caused analogue. On top of this, the substance including synthetic opioids, like clan- 162 overdose deaths in the United must also have a stimulant, depressant destinely produced fentanyl, and syn- States. or hallucinogenic effect on the body thetic cannabinoids and cathinones. Second, while the existing Federal that is similar to a schedule I or II con- Synthetic drugs pose an increasing Analogue Enforcement Act allows pros- trolled substance or the person manu- threat to our Nation. They hit our ecutors to charge those who manufac- facturing, distributing or dispensing

VerDate Sep 11 2014 04:08 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00020 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.014 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3365 the drug must represent or intend for I am a former civil rights attorney. (1) condemns the deadly attack on May 26, the drug to have an effect that is simi- And during my practice, I focused on 2017, in Portland, Oregon, in which 2 inno- lar to a schedule I or II controlled sub- fair housing and I learned that a home cent people were killed and 1 other person stance. is more than just a door, a roof, rooms, was injured while standing up to hate and in- If prosecutors successfully prove a and walls. Your home is critical to tolerance; (2) offers deepest condolences to the fami- substance is a controlled substance your identity and central to the life of lies and friends of Rick Best and Taliesin analogue under the new definition, every American. Myrddin Namkai-Meche; those who traffic the drug could face And a home becomes even more im- (3) expresses hope for the swift and com- higher penalties than those assigned to portant when you are searching for a plete recovery of Micah David-Cole Fletcher; schedule A, because the penalty would safe, stable place to live. But, say you (4) supports community efforts to heal be associated with the drug it mimics. run into problems as you’re trying to from this terrible crime; and Finally, those trafficking these sub- rent that dream apartment and it is (5) supports nationwide efforts to overcome stances do not market them as syn- not because you are not a good tenant hatred, bigotry, and violence. thetic drugs. Instead, they mislabel the or a good neighbor. Instead, you learn f products, which are often sold at gas that the apartment you wanted is sud- SUBMITTED RESOLUTIONS stations and convenience stores. To denly no longer available because, prevent this from happening, the bill after you met the landlord in person, requires all schedule A substances to they don’t approve of your personal life SENATE RESOLUTION 188—CON- be properly labeled and establishes or your appearance. Or you learn your DEMNING THE RECENT TER- civil penalties for failure to do so. rental application cannot be processed RORIST ATTACKS IN THE This provision will allow civil en- because you and your partner share the UNITED KINGDOM, THE PHIL- forcement action to be taken to re- same sex. IPPINES, INDONESIA, EGYPT, move mislabeled products from the Housing discrimination is real. And IRAQ, AUSTRALIA, AND IRAN shelves of gas stations and convenience it is a reality for LGBT Americans be- AND OFFERING THOUGHTS AND stores. cause of incomplete protections in the PRAYERS AND SINCERE CONDO- I want to close by sharing the story Fair Housing Act (FHA), the landmark LENCES TO ALL OF THE VIC- of one of my constituents, a young man federal housing law. The FHA only pro- TIMS, THEIR FAMILIES, AND THE named Connor Eckhardt. Unfortu- hibits housing discrimination based on PEOPLE OF THEIR COUNTRIES nately, a synthetic drug known as race, color, religion, national origin, Spice claimed his life. Connor took one sex, familial status, or disability. And Mr. CORKER (for himself and Mr. hit of the drug, which, according to the if someone thinks this is not a real CARDIN) submitted the following reso- Drug Enforcement Administration, is a problem, more than 20 states and over lution; which was considered and mixture of herbs and spices that is 200 localities protect sexual orienta- agreed to: typically sprayed with a synthetic tion and gender identity in their own S. RES. 188 compound chemically similar to THC, housing discrimination statutes. Whereas since May 22, 2017, the Islamic the psychoactive ingredient in mari- This is about equality, plain and sim- State of Iraq and Syria (ISIS)has claimed re- juana. His brain swelled, causing him ple. I want to thank my fellow Vir- sponsibility for multiple terrorist attacks to go into a coma, and he never woke ginian, Representative SCOTT TAYLOR, against civilians that have left more than 180 for his leadership on this issue. I also dead and many more wounded. up. Whereas ISIS frequently claims attacks Sadly, Connor’s story has become all want to thank all the civil rights at- torneys across the nation who fight for perpetrated by individual actors or other too common. And this is unacceptable. groups for propaganda purposes. That is why I am pleased to be an justice on this issue every day. This is Whereas the people of the United Kingdom original cosponsor of the Stop the Im- the right thing to do. are grieving following two terrorist attacks portation and Trafficking of Synthetic claimed by ISIS in London on June 4 and Analogues Act. Law enforcement must By Mr. WYDEN (for himself and Manchester on May 22 that targeted and have the ability to swiftly bring those Mr. MERKLEY): killed innocent men, women, and children. S.J. Res. 45. A joint resolution con- who manufacture, distribute, and dis- Whereas government forces in the Phil- demning the deadly attack on May 26, ippines are currently fighting ISIS militants pense these deadly drugs to justice. 2017, in Portland, Oregon, expressing in Mindanao, including ISIS-affiliated fight- I look forward to working with and ers from the Philippines, Indonesia, Malay- obtaining feedback from my colleagues deepest condolences to the families and friends of the victims, and supporting sia, Chechnya, Saudi Arabia, and Yemen, and other stakeholders on this bill, efforts to overcome hatred, bigotry, who launched an assault in Marawi City on which provides new and necessary au- May 23 in an apparent effort to establish a and violence; considered and passed. thorities to combat synthetic drugs. caliphate in Southeast Asia. S.J. RES. 45 Whereas ISIS has claimed responsibility By Mr. KAINE (for himself, Mr. Whereas, on May 26, 2017, 3 brave commu- for two explosions in Jakarta, Indonesia, VAN HOLLEN, Ms. BALDWIN, Ms. nity members—Rick Best, Taliesin Myrddin killing three policemen. WARREN, Ms. HASSAN, Mr. Namkai-Meche, and Micah David-Cole Whereas ISIS targeted Coptic Christians in Fletcher—were stabbed as they protected 2 Egypt during an attack on a bus on May 26, LEAHY, Mrs. GILLIBRAND, Mr. young women who were the targets of killing 29 people. WYDEN, Mr. MARKEY, Mr. threatening anti-Muslim hate speech while Whereas 22 people were killed when ISIS FRANKEN, Mr. MERKLEY, Mr. riding on the Metropolitan Area Express detonated a car bomb at a Baghdad ice BOOKER, Mr. BLUMENTHAL, Ms. Light Rail (commonly known as the ‘‘MAX’’) cream parlor, killing Iraqi families gath- CORTEZ MASTO, and Mr. in Portland, Oregon; ering with their children to break the Rama- BROWN): Whereas Rick Best and Taliesin Myrddin dan fast, and then detonated a second bomb S. 1328. A bill to extend the protec- Namkai-Meche lost their lives and Micah killing elderly Iraqis collecting their pen- tions of the Fair Housing Act to per- David-Cole Fletcher was gravely injured as a sions. sons suffering discrimination on the result of the attack; Whereas a terrorist attack claimed by ISIS killed one person in Melbourne, Australia basis of sexual orientation or gender Whereas acts of heroism and sacrifice for the safety and sake of others in the face of and wounded three police officers. identity, and for other purposes; to the acts of domestic terrorism were dem- Whereas on June 7, in an attack claimed Committee on the Judiciary. onstrated by the deceased and surviving vic- by ISIS, at least 12 people were killed when Mr. KAINE. Mr. President, today, I tims; gunmen and suicide bombers targeted Iran’s am introducing the Fair and Equal Whereas Oregonians and people across the parliament and a shrine in two coordinated Housing Act of 2017, legislation to en- United States grieve for the families of all attacks across Tehran. sure equal housing opportunities for all people affected by this needless tragedy; and Whereas these reprehensible attacks have Americans. This bill would protect Whereas the people of the United States no place in a peaceful world: Now, therefore, Americans from housing discrimina- stand in solidarity against terrorism, white be it Resolved, That the Senate— tion based on gender identity and sex- supremacy, hate, and intolerance: Now, therefore, be it (1) condemns ISIS’ horrific terrorist at- ual orientation. No American should be Resolved by the Senate and House of Rep- tacks in the United Kingdom, the Phil- turned away from a home they love be- resentatives of the United States of America in ippines, Indonesia, Egypt, Iraq, Australia, cause of who they love. Congress assembled, That Congress— and Iran;

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00021 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.015 S08JNPT1 S3366 CONGRESSIONAL RECORD — SENATE June 8, 2017 (2) expresses its deepest condolences to the SA 226. Mr. VAN HOLLEN submitted an 2016, in accordance with subsection (b)(3), in victims of these attacks and. their families; amendment intended to be proposed by him response to efforts by the Government of (3) expresses solidarity with the people of to the bill S. 722, supra; which was ordered to Russia, or its surrogates, to interfere in the United Kingdom, the Philippines, Indonesia, lie on the table. 2016 United States presidential campaign, Egypt, Iraq, Australia, and Iran; SA 227. Mr. MCCONNELL (for Mr. MORAN shall be denied to all representatives of the (4) recognizes the threat posed by ISIS and (for himself and Mr. ROBERTS)) proposed an Government of Russia until the Secretary of recommits to U.S. leadership in the Global amendment to the resolution S. Res. 115, State, after consultation with Secretary of Coalition working to defeat ISIS. commemorating the 100th anniversary of the Treasury and the Attorney General, certifies f 1st Infrantry Division. to Congress that the Government of Russia SA 228. Mr. MCCONNELL (for Mr. MORAN is no longer conducting cyber-enabled activi- SENATE RESOLUTION 189—DESIG- (for himself and Mr. ROBERTS)) proposed an ties that— NATING THE WEEK OF JUNE 5 amendment to the resolution S. Res. 115, ‘‘(1) are reasonably likely to result in, or THROUGH JUNE 11, 2017, AS supra. have materially contributed to, a significant ‘‘HEMP HISTORY WEEK’’ SA 229. Mr. GRAHAM (for himself, Mr. threat to the national security, foreign pol- BROWN, Mr. MCCAIN, and Mr. CASEY) sub- icy, or economic health or financial stability Mr. WYDEN (for himself, Mr. PAUL, mitted an amendment intended to be pro- of the United States; or Mr. MERKLEY, and Mr. MCCONNELL) posed by him to the bill S. 722, to impose ‘‘(2) have the purpose or effect of— submitted the following resolution; sanctions with respect to Iran in relation to ‘‘(A) harming, or otherwise significantly which was considered and agreed to: Iran’s ballistic missile program, support for compromising the provision of services by, a S. RES. 189 acts of international terrorism, and viola- computer or network of computers that sup- port 1 or more entities in the United States Whereas Hemp History Week will be held tions of human rights, and for other pur- in a critical infrastructure sector; from June 5 through June 11, 2017; poses; which was ordered to lie on the table. ‘‘(B) significantly compromising the provi- Whereas the goals of Hemp History Week SA 230. Mr. HELLER submitted an amend- sion of services by 1 or more entities in the are to commemorate the historical relevance ment intended to be proposed by him to the United States in a critical infrastructure of industrial hemp in the United States and bill S. 722, supra; which was ordered to lie on sector; to promote the full growth potential of the the table. ‘‘(C) causing a significant disruption to the industrial hemp industry; f availability of a computer or network of Whereas industrial hemp is an agricultural computers in the United States; commodity that has been used for centuries TEXT OF AMENDMENTS ‘‘(D) causing a significant misappropria- to produce many innovative industrial and SA 223. Mr. SASSE submitted an tion of funds or economic resources, trade se- consumer products, including soap, fabric, amendment intended to be proposed by crets, personal identifiers, or financial infor- textiles, construction materials, clothing, him to the bill S. 722, to impose sanc- mation in the United States for commercial paper, cosmetics, food, and beverages; tions with respect to Iran in relation to or competitive advantage or private finan- Whereas the global market for hemp is es- cial gain; or timated to consist of more than 25,000 prod- Iran’s ballistic missile program, sup- ‘‘(E) tampering with, altering, or causing a ucts; port for acts of international ter- misappropriation of information with the Whereas the value of hemp imported into rorism, and violations of human rights, purpose or effect of interfering with or un- the United States for use in the production and for other purposes; which was or- dermining United States election processes of other retail products is estimated at ap- dered to lie on the table; as follows: or institutions.’’. proximately $76,000,000 annually; On page 31, between lines 12 and 13, insert Whereas the United States hemp industry the following: SA 226. Mr. VAN HOLLEN submitted estimates that the annual market value of (7) An assessment of Iran’s cyber capabilities, an amendment intended to be proposed hemp retail sales in the United States is cyber force structure, and hostile cyber activities more than $570,000,000; by him to the bill S. 722, to impose targeting the United States, United States inter- sanctions with respect to Iran in rela- Whereas despite the legitimate uses of ests, the interests of allies and partners of the hemp, many agricultural producers of the tion to Iran’s ballistic missile program, United States, and interests of Iran’s regional support for acts of international ter- United States are prohibited under current neighbors, including an assessment of the acqui- law from growing hemp; sition, development, and deployment by Iran of rorism, and violations of human rights, Whereas because most hemp cannot be cyber personnel and capabilities. and for other purposes; which was or- grown legally in the United States, raw dered to lie on the table; as follows: hemp material and hemp products are im- SA 224. Mr. SASSE submitted an At the end of the bill, add the following: ported for sale in the United States; amendment intended to be proposed by SEC. 13. STRENGTHENING ALLIED CYBERSECU- Whereas the United States is the largest him to the bill S. 722, to impose sanc- RITY. consumer of hemp products in the world, but (a) SHORT TITLE.—This section may be the United States is the only major industri- tions with respect to Iran in relation to cited as the ‘‘Strengthening Allied Cyberse- alized country that restricts hemp farming; Iran’s ballistic missile program, sup- curity Act of 2017’’. and port for acts of international ter- (b) FINDINGS.—Congress makes the fol- Whereas industrial hemp holds great po- rorism, and violations of human rights, lowing findings: tential to bolster the agricultural economy and for other purposes; which was or- (1) In January 2017, the Director of Na- of the United States: Now, therefore, be it dered to lie on the table; as follows: tional Intelligence (referred to in this Act as Resolved, That the Senate— the ‘‘DNI’’), in coordination with the Central (1) designates the week of June 5 through On page 28, line 18, strike ‘‘AND NORTH Intelligence Agency, the Federal Bureau of June 11, 2017, as ‘‘Hemp History Week’’; AFRICA’’ and insert ‘‘NORTH AFRICA, AND Investigation (referred to in this Act as the (2) recognizes the historical relevance of SOUTH AND CENTRAL ASIA’’. ‘‘FBI’’), and the National Security Agency, industrial hemp; and On page 29, line 2, strike ‘‘and beyond’’ and judged with high confidence that Russian (3) recognizes the growing economic poten- insert ‘‘South and Central Asia, and be- President Vladimir Putin ordered an influ- tial of industrial hemp. yond’’. ence campaign aimed at the 2016 United f States presidential election. SA 225. Mr. VAN HOLLEN submitted (2) The DNI report stated, ‘‘[The Depart- AMENDMENTS SUBMITTED AND an amendment intended to be proposed ment of Homeland Security] assesses that PROPOSED by him to the bill S. 722, to impose the types of systems Russian actors targeted SA 223. Mr. SASSE submitted an amend- sanctions with respect to Iran in rela- or compromised were not involved in vote ment intended to be proposed by him to the tion to Iran’s ballistic missile program, tallying.’’. bill S. 722, to impose sanctions with respect support for acts of international ter- (3) On January 10, 2017, the DNI stated, in to Iran in relation to Iran’s ballistic missile rorism, and violations of human rights, testimony before the Select Committee on program, support for acts of international and for other purposes; which was or- Intelligence of the Senate, ‘‘We can say that we did not see evidence of the Russians alter- terrorism, and violations of human rights, dered to lie on the table; as follows: and for other purposes; which was ordered to ing vote tallies.’’. lie on the table. At the end of the bill, add the following: (4) On March 20, 2017, FBI Director James SA 224. Mr. SASSE submitted an amend- SEC. 13. CONDITIONS FOR RETURN OF RUSSIAN Comey stated, in testimony before the Per- ment intended to be proposed by him to the DIPLOMATIC FACILITIES. manent Select Committee on Intelligence of bill S. 722, supra; which was ordered to lie on Section 205 of the State Department Basic the House of Representatives, ‘‘We also, as a the table. Authorities Act of 1956 (22 U.S.C. 4305) is government, supplied information to all the SA 225. Mr. VAN HOLLEN submitted an amended by adding at the end the following: states so they could equip themselves to amendment intended to be proposed by him ‘‘(e) Access to the Russian diplomatic fa- make sure there was no successful effort to to the bill S. 722, supra; which was ordered to cilities in Maryland and New York, which affect the vote and there was none, as we lie on the table. were closed by President Obama in December said earlier.’’.

VerDate Sep 11 2014 04:08 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00022 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.019 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3367 (5) The DNI, in coordination with the Cen- fare, informational warfare, and cyber war- Campaign Committee, and the National Re- tral Intelligence Agency, the FBI, and the fare. publican Congressional Committee; and National Security Agency, judged that Rus- (3) RELEVANT CONGRESSIONAL COMMIT- (2) provide the timely sharing of cyberse- sia’s intelligence services conducted cyber TEES.—The term ‘‘relevant congressional curity threats to such campaigns and com- operations against targets associated with committees’’ means— mittees to prevent or mitigate adverse ef- the 2016 United States presidential election. (A) the Committee on Foreign Relations of fects from such cybersecurity threats. (6) The DNI assessed that the Russian Gov- the Senate; (f) REPORTING REQUIREMENT.—The Sec- ernment’s campaign aimed at the United (B) the Committee on Foreign Affairs of retary of State, in coordination with the States election featured— the House of Representatives; heads of the appropriate Federal agencies, (A) disclosures of data obtained through (C) the Subcommittee on State, Foreign shall submit an annual report to the rel- Russian cyber operations; Operations, and Related Programs of the evant congressional committees on the im- (B) intrusions into United States state and Committee on Appropriations of the Senate; plementation of the trans-Atlantic cyberse- local election boards; and (D) the Subcommittee on State, Foreign curity cooperation strategy developed under (C) overt propaganda. Operations, and Related Programs of the subsection (d). (7) Russia’s use of public disclosures of Committee on Appropriations of the House Russian-collected data during the United of Representatives; SA 227. Mr. MCCONNELL (for Mr. States election was unprecedented. (E) the Select Committee on Intelligence MORAN (for himself and Mr. ROBERTS)) (8) The DNI, in coordination with the Cen- of the Senate; proposed an amendment to the resolu- tral Intelligence Agency, the FBI, and the (F) the Permanent Select Committee on tion S. Res. 115, commemorating the National Security Agency, assessed that Intelligence of the House of Representatives; 100th anniversary of the 1st Infantry (G) the Committee on Homeland Security Russia will apply lessons learned from its Division; as follows: Putin-ordered campaign aimed at the United and Governmental Affairs of the Senate; Strike all after the resolving clause and in- States presidential election to influence fu- (H) the Committee on Homeland Security sert the following: ture elections worldwide, including against of the House of Representatives; (I) the Committee on Armed Services of That the Senate— United States allies and their election proc- (1) commemorates ‘‘A Century of Service’’, esses. the Senate; (J) the Committee on Armed Services of the 100th anniversary of the 1st Infantry Di- (9) In May 2016, Germany’s domestic intel- vision on June 8, 2017; ligence agency assessed that hackers linked the House of Representatives; (K) the Committee on the Judiciary of the (2) commends the 1st Infantry Division for to the Russian Government had targeted continuing to exemplify the motto of the 1st Chancellor Angela Merkel’s Christian Demo- Senate; and (L) the Committee on the Judiciary of the Infantry Division, ‘‘No Mission Too Difficult. cratic Union party and German state com- No Sacrifice Too Great. Duty First!’’; puters. House of Representatives. (d) TRANS-ATLANTIC CYBERSECURITY CO- (3) honors the memory of the more than (10) The head of Germany’s foreign intel- 13,000 soldiers of the 1st Infantry Division ligence service, Bruno Kahl, later asserted OPERATION STRATEGY.— (1) IN GENERAL.—Not later than 120 days who lost their lives in battle; that Germany had ‘‘evidence that cyber-at- (4) expresses gratitude and support for all tacks are taking place that have no other after the date of the enactment of this Act, the Secretary of State, in coordination with 1st Infantry Division soldiers, veterans, and purpose than to elicit political uncertainty. their families, including 1st Infantry Divi- The perpetrators are interested in the heads of the appropriate Federal agen- cies, shall develop, and submit to the rel- sion soldiers and their families of the past delegitimizing the democratic process as and future and those who are serving as of such, regardless of who that ends of helping. evant congressional committees, a trans-At- lantic cybersecurity strategy, with a classi- May 2017; and We have indications that [the attacks] come (5) recognizes that the 1st Infantry Divi- from the Russian region.’’ In November 2016, fied annex, if necessary, that includes— (A) a plan of action to guide United States sion holds an honored place in United States German Chancellor Merkel, said, ‘‘such history. cyber-attacks, or hybrid conflicts as they are cooperation with North Atlantic Treaty Or- ganization (NATO) allies to respond to Rus- known in Russian doctrine, are now part of SA 228. Mr. MCCONNELL (for Mr. daily life and we must learn to cope with sia’s hybrid warfare against NATO allies; (B) a plan of action to guide United States MORAN (for himself and Mr. ROBERTS)) them’’. proposed an amendment to the resolu- (11) On May 9, 2017, Admiral Michael Rog- cooperation with European partners, includ- ers, United States Cyber Command com- ing non-NATO nations, to counter Russia’s tion S. Res. 115, commemorating the mander and Director of the National Secu- cyber efforts to undermine democratic elec- 100th anniversary of the 1st Infantry rity Agency, testified before the Committee tions in the United States and Europe; Division; as follows: (C) an assessment of nonmilitary tools and on Armed Services of the Senate that the Strike the preamble and insert the fol- tactics, including sanctions, indictments, or United States surveilled Russian hackers at- lowing: other actions that the United States can use, tack French computer systems as the French Whereas June 8, 2017, is the 100th anniver- unilaterally or in cooperation with like- election approached. In his testimony, Rog- sary of the organization of the 1st Infantry minded nations, to counter Russia’s mali- ers said, ‘‘We had talked to our French coun- Division; cious cyber activity in the United States and terparts prior to the public announcements Whereas the First Infantry Division was Europe; and of the events that were publicly attributed established in 1917 as the first permanent (D) a review of resources required by the this past weekend, and gave them a heads combined arms division in the Regular Army Department of State and appropriate Federal up, ‘Look we’re watching the Russians, we’re and has been on continuous active duty since agencies to conduct activities to build co- seeing them penetrate some of your infra- 1917; operation with NATO allies and European structure.’.’’. Whereas, from the heroic start of the 1st partners on countering Russia’s hybrid war- (12) In February 2017, the United Kingdom’s Infantry Division, the 1st Infantry Division fare and disinformation efforts. Defence Secretary Fallon stated that— has played an integral part in United States (2) CIVIL LIBERTIES AND PRIVACY.—The Sec- (A) all North Atlantic Treaty Organization history by serving in— (NATO) countries must support reform ‘‘to retary of State shall ensure that the imple- (1) World War I; make NATO more agile, resilient, and better mentation of the strategy described in para- (2) World War II; configured to operate in the contemporary graph (1) is consistent with United States (3) the Cold War; environment including against hybrid and standards for civil liberties and privacy pro- (4) the Vietnam War; (5) Operations Desert Shield and Desert cyber-attacks’’; and tections. (e) FEDERAL CYBERSECURITY LIAISON TO Storm; (B) ‘‘NATO must defend itself as effec- UNITED STATES PRESIDENTIAL CAMPAIGNS AND (6) the Balkans peacekeeping missions; tively in the cyber sphere as it does in the MAJOR NATIONAL POLITICAL PARTY COMMIT- (7) the War on Terror; and air, on land, and at sea.’’. TEES.—The Director of the Federal Bureau of (8) as of May 2017, multiple operations (c) DEFINITIONS.—In this section: Investigation shall appoint, at the rank of around the globe; (1) APPROPRIATE FEDERAL AGENCIES.—The Executive Assistant Director, a cybersecu- Whereas, immediately after its establish- term ‘‘appropriate Federal agencies’’ rity liaison for presidential campaigns and ment, the 1st Division started to build a means— major national political party committees, prestigious reputation for its service in (A) the Department of Defense; who, at the request of presidential cam- World War I; (B) the Department of Homeland Security; paigns and major national political party Whereas, in May 1918, the victory of the 1st (C) the Department of Justice; committees, shall— Division at the Battle of Cantigny, France, (D) the Department of the Treasury; (1) regularly share cybersecurity best prac- was the first United States victory of World (E) the Office of the Director of National tices and protocols with each presidential War I, and despite suffering more than 1,000 Intelligence; and campaign, the Democratic National Com- casualties in that battle, the 1st Division (F) the Department of Commerce mittee, the Republican National Committee, seized the village from German forces, de- (2) HYBRID WARFARE.—The term ‘‘hybrid the Democratic Senatorial Campaign Com- fended the village against repeated counter- warfare’’ means a military strategy that mittee, the National Republican Senatorial attacks, and bolstered the morale of the Al- blends conventional warfare, irregular war- Committee, the Democratic Congressional lies;

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00023 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.023 S08JNPT1 S3368 CONGRESSIONAL RECORD — SENATE June 8, 2017 Whereas, after the Battle of Cantigny, the Whereas 12 soldiers of the 1st Infantry Di- (3) the 2nd Brigade Combat Team, 1st In- 1st Division played a central role in other vision earned the Congressional Medal of fantry Division, is at Fort Riley, Kansas, monumental battles of World War I, such Honor during the Vietnam War; where it is honing its combat-readiness in as— Whereas, in recognition of exemplary serv- preparation for deployment; and (1) the Battle of Soissons; ice during the Vietnam War— Whereas, since the establishment of the 1st (2) the Battle of Saint-Mihiel; and (1) the 1st Infantry Division was the recipi- Infantry Division in 1917— (3) the Meuse-Argonne Offensive; ent of— (1) the 1st Infantry Division has been Whereas 5 soldiers of the 1st Division re- (A) the United States Army Meritorious present all over the world, assisting in com- ceived the Congressional Medal of Honor Unit Commendation; bat and noncombat missions for 100 years; during World War I; (B) the Republic of Vietnam Cross of Gal- (2) more than 13,000 soldiers of the 1st In- Whereas the 1st Division— lantry with Palm for the period of 1965 to fantry Division have sacrificed their lives in (1) remained on occupation duty in Ger- 1968; and combat; and many to enforce the Armistice; and (C) the Republic of Vietnam civic Action (3) 35 soldiers of the 1st Infantry Division (2) in September 1919, was the last combat Honor Medal, First Class; and have received the Medal of Honor: Now, division to return home after World War I; (2) the subordinate units of the 1st Infantry therefore, be it Whereas, following World War I, the 1st Di- Division earned numerous Presidential unit vision was 1 of only 3 United States Army di- citations and other Army awards; SA 229. Mr. GRAHAM (for himself, visions to remain on active duty, which is a Whereas, from 1970 to 1990 the 1st Infantry Mr. BROWN, Mr. MCCAIN, and Mr. strong testament to its accomplishments; Division— CASEY) submitted an amendment in- Whereas, in November 1939, the 1st Infan- (1) was a key component of the North At- tended to be proposed by him to the try Division was called to action again and, lantic Treaty Organization deterrent strat- bill S. 722, to impose sanctions with re- in August 1942, became 1 of the first United egy; spect to Iran in relation to Iran’s bal- States divisions sent to the European the- (2) maintained a forward-stationed brigade listic missile program, support for acts ater during World War II; in Germany and deployed additional ele- of international terrorism, and viola- ments annually to Germany on major exer- Whereas, during World War II, the 1st In- tions of human rights, and for other fantry Division fought bravely in Algeria, cises that demonstrated United States re- Tunisia, and Sicily in 1942 and 1943 before the solve to friend and foe alike; and purposes; which was ordered to lie on courage and resolve of the 1st Infantry Divi- (3) contributed directly to the peaceful end the table; as follows: sion was tested on Omaha Beach in Nor- of the Cold War; At the end, add the following: mandy, France; Whereas, in November 1990, the 1st Infan- SEC. 13. SENSE OF SENATE ON THE STRATEGIC Whereas the 1st Infantry Division, rein- try Division deployed to Saudi Arabia and IMPORTANCE OF ARTICLE 5 OF THE forced by units of the 29th Infantry Division, played a key role in the famous ‘‘left hook’’ NORTH ATLANTIC TREATY TO THE attack of the US VII Corps through the MEMBER NATIONS OF THE NORTH made the assault landing on Omaha Beach ATLANTIC TREATY ORGANIZATION. on D-Day, June 6, 1944, which began the lib- deserts of western Iraq to destroy the Tawakalna Division of the vaunted Repub- (a) FINDINGS.—The Senate makes the fol- eration of Western Europe from Nazi control; lowing findings: Whereas the 1st Infantry Division contin- lican Guard of Saddam Hussein, among many other enemy forces; (1) The principle of collective defense of ued its invaluable service throughout World the North Atlantic Treaty Organization War II, including in— Whereas the 1st Infantry Division deployed to Bosnia for 31 months between 1996 and (NATO) is immortalized in Article 5 of the (1) the liberation of France and Belgium; North Atlantic Treaty in which members (2) the seizing of Aachen, the first city of 2000, to Macedonia for 4 months in 1999, and to Kosovo for 22 months between 1999 and pledge that ‘‘an armed attack against one or Nazi Germany to fall to the Allies; more of them in Europe or North America (3) the Battle of the Huertgen Forest; 2003— shall be shall be considered an attack (4) the Battle of the Bulge, in which the 1st (1) to enforce international peace agree- against them all’’. Infantry Division held the critical northern ments; (2) For almost 7 decades, the principle of shoulder at Butgenbach, Belgium; (2) to halt the worst ethnic violence in Eu- collective defense has effectively served as a (5) the crossing of the Rhine River at Re- rope since the Holocaust; and strategic deterrent for the member nations magen; (3) to bring peace and stability to the Bal- (6) the battles around the Ruhr Pocket in kans; of the North Atlantic Treaty Organization Germany; and Whereas, in 2004, the 1st Infantry Division and provided stability throughout the world, (7) the offensive into Czechoslovakia, deployed to Iraq in Operation Iraqi Freedom strengthening the security of the United where the 1st Infantry Division liberated as Task Force Danger and conducted sophis- States and all 28 other member nations. Nazi labor camps at Falkenau and Zwodau; ticated counterinsurgency operations that (3) Following the September 11, 2001, ter- Whereas 17 members of the 1st Infantry Di- led to the first free and fair elections in Iraqi rorist attacks in New York, Washington, and vision received the Congressional Medal of history in 2005; Pennsylvania, the Alliance agreed to invoke Honor for their service during World War II; Whereas, between 2005 and 2014, the brigade Article 5 for the first time, affirming its Whereas, in recognition of exemplary serv- combat teams and other major headquarters commitment to collective defense. ice during World War II, the 1st Infantry Di- and units of the 1st Infantry Division have (4) The recent attacks in the United King- vision was the recipient of— deployed repeatedly to Iraq and Afghanistan dom underscore the importance of an inter- (1) 2 French Croix de Guerre with Palm, in Operation Enduring Freedom, Operation national alliance to combat hostile nation and Streamers embroidered with ‘‘Kas- Iraqi Freedom, and Operation New Dawn; states and terrorist groups. serine’’ and ‘‘Normandy’’; Whereas Specialist Ross A. McGinnis, a 1st (5) Collective defense unites the 29 mem- (2) the World War II French Fourragere; Infantry Division soldier, is 1 of the very few bers of the North Atlantic Treaty Organiza- (3) the Belgian Fourragere; and people of the United States to receive the tion, each committing to protecting and sup- (4) the subordinate units of the 1st Infantry Congressional Medal of Honor in the War on porting one another from external adver- Division earned numerous Presidential Unit Terror; saries, which bolsters the North Atlantic Al- Citations; Whereas, in the defense of United States liance. Whereas the 1st Infantry Division guarded interests, the 1st Infantry Division deployed (b) SENSE OF SENATE.—It is the sense of the the Nuremburg Trials and remained on occu- its units and soldiers to Africa in 2015 and Senate— pation duty in Germany before returning Kuwait in 2016; (1) to express the vital importance of Arti- home to Fort Riley, Kansas, in 1955; Whereas, since November 2016, the head- cle 5 of the North Atlantic Treaty, the char- Whereas, in 1965, the 1st Infantry Division quarters of the 1st Infantry Division has ter of the North Atlantic Treaty Organiza- was 1 of the first 2 divisions sent to the Viet- been in Iraq, where the 1st Infantry Division tion (NATO), as it continues to serve as a nam War, and the 1st Infantry Division re- is— critical deterrent to potential hostile na- mained in Vietnam for 5 years, during which (1) engaged in the fight against the Islamic tions and terrorist organizations; the 1st Infantry Division— State in Iraq and Syria (ISIS); and (2) to remember the first and only invoca- (1) protected the capital, Saigon, from at- (2) providing the leadership structure for tion of Article 5 by the North Atlantic Trea- tack by the North Vietnamese Army; the Combined Joint Forces Land Component ty Organization in support of the United (2) conducted hundreds of— Command–Operation Inherent Resolve; States after the terrorist attacks of Sep- (A) offensive operations between Saigon Whereas, as of May 2017— tember 11, 2001; and and Cambodia against Viet Cong and North (1) the Combat Aviation Brigade, 1st Infan- (3) to affirm that the United States re- Vietnamese Army units; and try Division, is deployed to Afghanistan and mains fully committed to the North Atlantic (B) civil action and pacification operations is conducting combat aviation operations in Treaty Organization and will honor its obli- to protect and assist the Vietnamese people; support of the Afghan and international se- gations enshrined in Article 5. and curity forces battling the Taliban; (3) responded to the 1968 Tet Offensive by (2) the 1st Brigade Combat Team, 1st Infan- SA 230. Mr. HELLER submitted an clearing Tan Son Nhut Air Force Base of try Division, is deployed to South Korea, amendment intended to be proposed by enemy forces, securing Saigon and counter- where it bolsters United States deterrence him to the bill S. 722, to impose sanc- attacking vigorously; against North Korea; and tions with respect to Iran in relation to

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00024 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.024 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3369 Iran’s ballistic missile program, sup- by Iran ‘‘provocative and destabilizing’’ and as its ‘‘preferred method of delivering nu- port for acts of international ter- called on the international community to clear weapons’’; and rorism, and violations of human rights, ‘‘degrade Iran’s missile program’’. (4) the Government of the United States and for other purposes; which was or- (11) On March 14, 2016, Ambassador Power should impose tough primary and secondary dered to lie on the table; as follows: said that the recent ballistic missile sanctions against any sector of the economy launches by Iran were ‘‘in defiance of provi- of Iran or any Iranian person that directly or Beginning on page 31, strike line 16 and all sions of UN Security Council Resolution indirectly supports the ballistic missile pro- that follows through page 35, line 25. 2231’’. gram of Iran as well as any foreign person or At the end, add the following: (12) Iran has demonstrated the ability to financial institution that engages in trans- TITLE II—SANCTIONS WITH RESPECT TO launch multiple rockets from fortified un- actions or trade that support that program. BALLISTIC MISSILE PROGRAM OF IRAN derground facilities and mobile launch sites SEC. 203. EXPANSION OF SANCTIONS WITH RE- SEC. 200. SHORT TITLE. not previously known. SPECT TO EFFORTS BY IRAN TO AC- This title may be cited as the ‘‘Iran Bal- (13) The ongoing procurement by Iran of QUIRE BALLISTIC MISSILE AND RE- listic Missile Sanctions Act’’. technologies needed to boost the range, accu- LATED TECHNOLOGY. SEC. 201. FINDINGS. racy, and payloads of its diverse ballistic (a) CERTAIN PERSONS.—Section 1604(a) of Congress finds the following: missile arsenal represents a threat to de- the Iran-Iraq Arms Non-Proliferation Act of (1) On April 2, 2015, President Barack ployed personnel of the United States and al- 1992 (Public Law 102–484; 50 U.S.C. 1701 note) Obama said, ‘‘Other American sanctions on lies of the United States in Europe and the is amended by inserting ‘‘, to acquire bal- Iran for its support of terrorism, its human Middle East, including Israel. listic missile or related technology,’’ after ‘‘nuclear weapons’’. rights abuses, its ballistic missile program, (14) Ashton Carter, Secretary of Defense, (b) FOREIGN COUNTRIES.—Section 1605(a) of will continue to be fully enforced.’’. testified in a hearing before the Armed Serv- (2) On July 7, 2015, General Martin the Iran-Iraq Arms Non-Proliferation Act of ices Committee of the Senate on July 7, 2015, 1992 (Public Law 102–484; 50 U.S.C. 1701 note) Dempsey, then-Chairman of the Joint Chiefs that, ‘‘[T]he reason that we want to stop of Staff, said, ‘‘Under no circumstances is amended, in the matter preceding para- Iran from having an ICBM program is that graph (1), by inserting ‘‘, to acquire ballistic should we relieve the pressure on Iran rel- the I in ICBM stands for intercontinental, ative to ballistic missile capabilities.’’. missile or related technology,’’ after ‘‘nu- which means having the capability to fly clear weapons’’. (3) On July 29, 2015, in his role as the top from Iran to the United States, and we don’t SEC. 204. EXPANSION OF SANCTIONS WITH RE- military officer in the United States and ad- want that. That’s why we oppose ICBMs.’’. visor to the President, General Dempsey con- SPECT TO PERSONS THAT ACQUIRE (15) Through recent ballistic missile OR DEVELOP BALLISTIC MISSILES. firmed that his military recommendation launch tests the Government of Iran has Section 5(b)(1)(B) of the Iran Sanctions Act was that sanctions relating to the ballistic shown blatant disregard for international of 1996 (Public Law 104–172; 50 U.S.C. 1701 missile program of Iran not be lifted. laws and its intention to continue tests of note) is amended— (4) The Government of Iran and Iran’s Rev- that nature throughout the implementation (1) in clause (i), by striking ‘‘would likely’’ olutionary Guard Corps have been respon- of the Joint Comprehensive Plan of Action. and inserting ‘‘may’’; and sible for the repeated testing of illegal bal- (16) The banking sector of Iran has facili- (2) in clause (ii)— listic missiles capable of carrying a nuclear tated the financing of the ballistic missile (A) in subclause (I), by striking ‘‘; or’’ and device, including observed tests in October programs in Iran and evidence has not been inserting a semicolon; and November 2015 and March 2016, violating provided that entities in that sector have (B) by redesignating subclause (II) as sub- United Nations Security Council resolutions. ceased facilitating the financing of those (5) On October 14, 2015, Samantha Power, clause (III); and programs. (C) by inserting after subclause (I) the fol- United States Ambassador to the United Na- (17) Iran has been able to amass a large ar- tions, said, ‘‘One of the really important fea- lowing: senal of ballistic missiles through its illicit tures in implementation of the recent Iran ‘‘(II) acquire or develop ballistic missiles smuggling networks and domestic manufac- deal to dismantle Iran’s nuclear program is and the capability to launch ballistic mis- turing capabilities that have been supported going to have to be enforcement of the reso- siles; or’’. and maintained by Iran’s Revolutionary lutions and the standards that remain on the SEC. 205. IMPOSITION OF SANCTIONS WITH RE- Guard Corps and specific sectors of the econ- books.’’. SPECT TO BALLISTIC MISSILE PRO- omy of Iran. GRAM OF IRAN. (6) On December 11, 2015, the United Na- (18) Penetration by Iran’s Revolutionary (a) IN GENERAL.—Title II of the Iran Threat tions Panel of Experts concluded that the Guard Corps into the economy of Iran is well Reduction and Syria Human Rights Act of missile launch on October 10, 2015, ‘‘was a documented including investments in the 2012 (22 U.S.C. 8721 et seq.) is amended by violation by Iran of paragraph 9 of Security adding at the end the following: Council resolution 1929 (2010)’’. construction, automotive, telecommuni- (7) On January 17, 2016, Adam Szubin, Act- cations, electronics, mining, metallurgy, and ‘‘Subtitle C—Measures Relating to Ballistic ing Under Secretary for Terrorism and Fi- petrochemical sectors of the economy of Missile Program of Iran nancial Intelligence, stated, ‘‘Iran’s ballistic Iran. ‘‘SEC. 231. DEFINITIONS. missile program poses a significant threat to (19) Items procured through sectors of Iran ‘‘(a) IN GENERAL.—In this subtitle: regional and global security, and it will con- specified in paragraph (18) have dual use ap- ‘‘(1) AGRICULTURAL COMMODITY.—The term tinue to be subject to international sanc- plications that are currently being used to ‘agricultural commodity’ has the meaning tions. We have consistently made clear that create ballistic missiles in Iran and will con- given that term in section 102 of the Agricul- the United States will vigorously press sanc- tinue to be a source of materials for the cre- tural Trade Act of 1978 (7 U.S.C. 5602). tions against Iranian activities outside of ation of future weapons. ‘‘(2) APPROPRIATE COMMITTEES OF CON- the Joint Comprehensive Plan of Action—in- (20) In order to curb future illicit activity GRESS.—The term ‘appropriate committees cluding those related to Iran’s support for by Iran, the Government of the United of Congress’ means— terrorism, regional destabilization, human States and the international community ‘‘(A) the committees specified in section rights abuses, and ballistic missile pro- must take action against persons that facili- 14(2) of the Iran Sanctions Act of 1996 (Public gram.’’. tate and profit from the illegal acquisition of Law 104–172; 50 U.S.C. 1701 note); and (8) On February 9, 2016, James Clapper, Di- ballistic missile parts and technology in sup- ‘‘(B) the congressional defense committees, rector of National Intelligence, testified port of the missile programs of Iran. as defined in section 101 of title 10, United that, ‘‘We judge that Tehran would choose SEC. 202. SENSE OF CONGRESS. States Code. ballistic missiles as its preferred method of It is the sense of Congress that— ‘‘(3) CORRESPONDENT ACCOUNT; PAYABLE- delivering nuclear weapons, if it builds them. (1) the ballistic missile program of Iran THROUGH ACCOUNT.—The terms ‘cor- Iran’s ballistic missiles are inherently capa- represents a serious threat to allies of the respondent account’ and ‘payable-through ble of delivering WMD, and Tehran already United States in the Middle East and Eu- account’ have the meanings given those has the largest inventory of ballistic missiles rope, members of the Armed Forces deployed terms in section 5318A of title 31, United in the Middle East. Iran’s progress on space in the those regions, and ultimately the States Code. launch vehicles—along with its desire to United States; ‘‘(4) FOREIGN FINANCIAL INSTITUTION.—The deter the United States and its allies—pro- (2) the testing and production by Iran of term ‘foreign financial institution’ has the vides Tehran with the means and motivation ballistic missiles capable of carrying a nu- meaning of that term as determined by the to develop longer-range missiles, including clear device is a clear violation of United Na- Secretary of the Treasury pursuant to sec- ICBMs.’’. tions Security Council Resolution 2231 (2015), tion 104(i) of the Comprehensive Iran Sanc- (9) On March 9, 2016, Iran reportedly fired which was unanimously adopted by the tions, Accountability, and Divestment Act of two Qadr ballistic missiles with a range of international community; 2010 (22 U.S.C. 8513(i)). more than 1,000 miles and according to pub- (3) Iran is using its space launch program ‘‘(5) GOOD.—The term ‘good’ has the mean- lic reports, the missiles were marked with a to develop the capabilities necessary to de- ing given that term in section 16 of the Ex- statement in Hebrew reading, ‘‘Israel must ploy an intercontinental ballistic missile port Administration Act of 1979 (50 U.S.C. be wiped off the arena of time.’’. that could threaten the United States, and 4618) (as continued in effect pursuant to the (10) On March 11, 2016, Ambassador Power the Director of National Intelligence has as- International Emergency Economic Powers called the recent ballistic missile launches sessed that Iran would use ballistic missiles Act (50 U.S.C. 1701 et seq.)).

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‘‘(6) GOVERNMENT.—The term ‘Govern- gency Economic Powers Act (50 U.S.C. 1701) days after the date of the enactment of the ment’, with respect to a foreign country, in- shall not apply for purposes of this sub- Iran Ballistic Missile Sanctions Act, con- cludes any agencies or instrumentalities of section. ducts or facilitates a significant financial that Government and any entities controlled ‘‘(c) EXCLUSION FROM UNITED STATES.— transaction for a person subject to blocking by that Government. ‘‘(1) IN GENERAL.—Except as provided in of property and interests in property under ‘‘(7) MEDICAL DEVICE.—The term ‘medical paragraph (2), the Secretary of State shall subsection (a). device’ has the meaning given the term ‘de- deny a visa to, and the Secretary of Home- ‘‘(c) IRAN MISSILE PROLIFERATION WATCH vice’ in section 201 of the Federal Food, land Security shall exclude from the United LIST.— Drug, and Cosmetic Act (21 U.S.C. 321). States, any alien subject to blocking of prop- ‘‘(1) IN GENERAL.—Not later than 90 days ‘‘(8) MEDICINE.—The term ‘medicine’ has erty and interests in property under sub- after the date of the enactment of the Iran the meaning given the term ‘drug’ in section section (b). Ballistic Missile Sanctions Act, and not less 201 of the Federal Food, Drug, and Cosmetic ‘‘(2) COMPLIANCE WITH UNITED NATIONS frequently than annually thereafter, the Sec- Act (21 U.S.C. 321). HEADQUARTERS AGREEMENT.—Paragraph (1) retary of the Treasury shall submit to the ‘‘(b) DETERMINATIONS OF SIGNIFICANCE.— shall not apply to the head of state of Iran, appropriate committees of Congress and pub- For purposes of this subtitle, in determining or necessary staff of that head of state, if ad- lish in the Federal Register a list of— if financial transactions or financial services mission to the United States is necessary to ‘‘(A) each entity in which the Aerospace are significant, the President may consider permit the United States to comply with the Industries Organization, the Shahid Hemmat the totality of the facts and circumstances, Agreement regarding the Headquarters of Industrial Group, the Shahid Bakeri Indus- including factors similar to the factors set the United Nations, signed at Lake Success trial Group, or any agent or affiliate of such forth in section 561.404 of title 31, Code of June 26, 1947, and entered into force Novem- organization or group has an ownership in- Federal Regulations (or any corresponding ber 21, 1947, between the United Nations and terest of more than 0 percent and less than 25 similar regulation or ruling). the United States. percent; ‘‘SEC. 232. IMPOSITION OF SANCTIONS WITH RE- ‘‘(d) FACILITATION OF CERTAIN TRANS- ‘‘(B) each entity in which the Aerospace SPECT TO PERSONS THAT SUPPORT ACTIONS.—The President shall prohibit the Industries Organization, the Shahid Hemmat THE BALLISTIC MISSILE PROGRAM opening, and prohibit or impose strict condi- Industrial Group, the Shahid Bakeri Indus- OF IRAN. tions on the maintaining, in the United trial Group, or any agent or affiliate of such ‘‘(a) IDENTIFICATION OF PERSONS.— States of a correspondent account or a pay- organization or group does not have an own- ‘‘(1) IN GENERAL.—Not later than 120 days able-through account by a foreign financial ership interest but maintains a presence on after the date of the enactment of the Iran institution that the President determines the board of directors of the entity or other- Ballistic Missile Sanctions Act, and not less knowingly, on or after the date that is 180 wise influences the actions, policies, or per- frequently than once every 180 days there- days after the date of the enactment of the sonnel decisions of the entity; and after, the President shall, in coordination Iran Ballistic Missile Sanctions Act, con- ‘‘(C) each person that controls, manages, with the Secretary of Defense, the Director ducts or facilitates a significant financial or directs an entity described in subpara- of National Intelligence, the Secretary of the transaction for a person subject to blocking graph (A) or (B). Treasury, and the Secretary of State, submit of property and interests in property under ‘‘(2) REFERENCE.—The list required by to the appropriate committees of Congress a subsection (b). paragraph (1) may be referred to as the ‘Iran report identifying persons that have know- ‘‘SEC. 233. BLOCKING OF PROPERTY OF PERSONS Missile Proliferation Watch List’. ingly aided the Government of Iran in the AFFILIATED WITH CERTAIN IRANIAN ‘‘(d) COMPTROLLER GENERAL REPORT.— development of the ballistic missile program ENTITIES. ‘‘(1) IN GENERAL.—The Comptroller General of Iran. ‘‘(a) BLOCKING OF PROPERTY.— of the United States shall— ‘‘(2) ELEMENTS.—Each report required by ‘‘(1) IN GENERAL.—The President shall, in ‘‘(A) conduct a review of each list required paragraph (1) shall include the following: accordance with the International Emer- by subsection (c)(1); and ‘‘(A) An identification of persons gency Economic Powers Act (50 U.S.C. 1701 ‘‘(B) not later than 60 days after each such (disaggregated by Iranian and non-Iranian et seq.), block and prohibit all transactions list is submitted to the appropriate commit- persons) that have knowingly aided the Gov- in all property and interests in property of tees of Congress under that subsection, sub- ernment of Iran in the development of the any person described in paragraph (3) if such mit to the appropriate committees of Con- ballistic missile program of Iran, including property and interests in property are in the gress a report on the review conducted under persons that have— United States, come within the United subparagraph (A) that includes a list of per- ‘‘(i) knowingly engaged in the direct or in- States, or are or come within the possession sons not included in that list that qualify for direct provision of material support to such or control of a United States person. inclusion in that list, as determined by the program; ‘‘(2) INAPPLICABILITY OF NATIONAL EMER- Comptroller General. ‘‘(ii) knowingly facilitated, supported, or GENCY REQUIREMENT.—The requirements ‘‘(2) CONSULTATIONS.—In preparing the re- engaged in activities to further the develop- under section 202 of the International Emer- port required by paragraph (1)(B), the Comp- ment of such program; gency Economic Powers Act (50 U.S.C. 1701) troller General shall consult with non- ‘‘(iii) knowingly transmitted information shall not apply for purposes of this sub- governmental organizations. relating to ballistic missiles to the Govern- section. ‘‘SEC. 234. IMPOSITION OF SANCTIONS WITH RE- SPECT TO CERTAIN PERSONS IN- ment of Iran; or ‘‘(3) PERSONS DESCRIBED.—A person de- VOLVED IN BALLISTIC MISSILE AC- ‘‘(iv) otherwise knowingly aided such pro- scribed in this paragraph is— TIVITIES. gram. ‘‘(A) an entity that is owned, directly or ‘‘(a) CERTIFICATION.—Not later than 120 ‘‘(B) A description of the character and sig- indirectly, by a 25 percent or greater inter- days after the date of the enactment of the nificance of the cooperation of each person est— Iran Ballistic Missile Sanctions Act, and not identified under subparagraph (A) with the ‘‘(i) by the Aerospace Industries Organiza- less frequently than once every 180 days Government of Iran with respect to such pro- tion, the Shahid Hemmat Industrial Group, thereafter, the President shall submit to the gram. the Shahid Bakeri Industrial Group, or any appropriate committees of Congress a cer- ‘‘(C) An assessment of the cooperation of agent or affiliate of such organization or tification that each person listed in an annex the Government of the Democratic People’s group; or of United Nations Security Council Resolu- Republic of Korea with the Government of ‘‘(ii) collectively by a group of individuals tion 1737 (2006), 1747 (2007), or 1929 (2010) is not Iran with respect to such program. that hold an interest in the Aerospace Indus- directly or indirectly facilitating, sup- ‘‘(3) CLASSIFIED ANNEX.—Each report re- tries Organization, the Shahid Hemmat In- porting, or involved with the development of quired by paragraph (1) shall be submitted in dustrial Group, the Shahid Bakeri Industrial or transfer to Iran of ballistic missiles or unclassified form, but may contain a classi- Group, or any agent or affiliate of such orga- technology, parts, components, or tech- fied annex. nization or group, even if none of those indi- nology information relating to ballistic mis- ‘‘(b) BLOCKING OF PROPERTY.— viduals hold a 25 percent or greater interest siles. ‘‘(1) IN GENERAL.—Not later than 15 days in the entity; ‘‘(b) BLOCKING OF PROPERTY.— after submitting a report required by sub- ‘‘(B) a person that controls, manages, or ‘‘(1) IN GENERAL.—If the President is unable section (a)(1), the President shall, in accord- directs an entity described in subparagraph to make a certification under subsection (a) ance with the International Emergency Eco- (A); or with respect to a person and the person is nomic Powers Act (50 U.S.C. 1701 et seq.), ‘‘(C) an individual who is on the board of not currently subject to sanctions with re- block and prohibit all transactions in all directors of an entity described in subpara- spect to Iran under any other provision of property and interests in property of any graph (A). law, the President shall, not later than 15 person specified in such report if such prop- ‘‘(b) FACILITATION OF CERTAIN TRANS- days after that certification would have been erty and interests in property are in the ACTIONS.—The President shall prohibit the required under that subsection— United States, come within the United opening, and prohibit or impose strict condi- ‘‘(A) in accordance with the International States, or are or come within the possession tions on the maintaining, in the United Emergency Economic Powers Act (50 U.S.C. or control of a United States person. States of a correspondent account or a pay- 1701 et seq.), block and prohibit all trans- ‘‘(2) INAPPLICABILITY OF NATIONAL EMER- able-through account by a foreign financial actions in all property and interests in prop- GENCY REQUIREMENT.—The requirements institution that the President determines erty of that person if such property and in- under section 202 of the International Emer- knowingly, on or after the date that is 180 terests in property are in the United States,

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00026 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.025 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3371 come within the United States, or are or gency Economic Powers Act (50 U.S.C. 1701 ‘‘(1) Automotive. come within the possession or control of a et seq.), block and prohibit all transactions ‘‘(2) Chemical. United States person; and in all property and interests in property of ‘‘(3) Computer Science. ‘‘(B) publish in the Federal Register a re- any person described in paragraph (4) if such ‘‘(4) Construction. port describing the reason why the President property and interests in property are in the ‘‘(5) Electronic. was unable to make a certification with re- United States, come within the United ‘‘(6) Energy. spect to that person. States, or are or come within the possession ‘‘(7) Metallurgy. ‘‘(2) INAPPLICABILITY OF NATIONAL EMER- or control of a United States person. ‘‘(8) Mining. GENCY REQUIREMENT.—The requirements ‘‘(B) INAPPLICABILITY OF NATIONAL EMER- ‘‘(9) Petrochemical. under section 202 of the International Emer- GENCY REQUIREMENT.—The requirements ‘‘(10) Research (including universities and gency Economic Powers Act (50 U.S.C. 1701) under section 202 of the International Emer- research institutions). shall not apply for purposes of this sub- gency Economic Powers Act (50 U.S.C. 1701) ‘‘(11) Telecommunications. section. shall not apply for purposes of this para- ‘‘(12) Any other sector of the economy of ‘‘(c) EXCLUSION FROM UNITED STATES.— graph. Iran identified under section 235(a). ‘‘(1) IN GENERAL.—Except as provided in ‘‘(2) EXCLUSION FROM UNITED STATES.— ‘‘(b) PERIOD SPECIFIED.—The period speci- paragraph (2), the Secretary of State shall ‘‘(A) IN GENERAL.—Except as provided in fied in this subsection is— deny a visa to, and the Secretary of Home- subparagraph (B), the Secretary of State ‘‘(1) with respect to the first list submitted land Security shall exclude from the United shall deny a visa to, and the Secretary of under subsection (a), the period beginning on States, any alien subject to blocking of prop- Homeland Security shall exclude from the the date of the enactment of the Iran Bal- erty and interests in property under sub- United States, any alien that is a person de- listic Missile Sanctions Act and ending on section (b). scribed in paragraph (4). the date that is 120 days after such date of ‘‘(2) COMPLIANCE WITH UNITED NATIONS ‘‘(B) COMPLIANCE WITH UNITED NATIONS enactment; and HEADQUARTERS AGREEMENT.—Paragraph (1) HEADQUARTERS AGREEMENT.—Subparagraph ‘‘(2) with respect to each subsequent list shall not apply to the head of state of Iran, (A) shall not apply to the head of state of submitted under such subsection, the one- or necessary staff of that head of state, if ad- Iran, or necessary staff of that head of state, year period preceding the submission of the mission to the United States is necessary to if admission to the United States is nec- list. permit the United States to comply with the essary to permit the United States to com- ‘‘(c) COMPTROLLER GENERAL REPORT.— Agreement regarding the Headquarters of ply with the Agreement regarding the Head- ‘‘(1) IN GENERAL.—With respect to each list the United Nations, signed at Lake Success quarters of the United Nations, signed at submitted under subsection (a), not later June 26, 1947, and entered into force Novem- Lake Success June 26, 1947, and entered into than 120 days after the list is submitted ber 21, 1947, between the United Nations and force November 21, 1947, between the United under that subsection, the Comptroller Gen- the United States. Nations and the United States. eral of the United States shall submit to the ‘‘(d) FACILITATION OF CERTAIN TRANS- ‘‘(3) FACILITATION OF CERTAIN TRANS- appropriate committees of Congress— ACTIONS.—The President shall prohibit the ACTIONS.—Except as provided in this section, ‘‘(A) an assessment of the processes fol- opening, and prohibit or impose strict condi- the President shall prohibit the opening, and lowed by the President in preparing the list; tions on the maintaining, in the United prohibit or impose strict conditions on the ‘‘(B) an assessment of the foreign persons States of a correspondent account or a pay- maintaining, in the United States of a cor- included in the list; and able-through account by a foreign financial respondent account or a payable-through ac- ‘‘(C) a list of persons not included in the institution that the President determines count by a foreign financial institution that list that qualify for inclusion in the list, as knowingly, on or after the date that is 180 the President determines knowingly, on or determined by the Comptroller General. days after the date of the enactment of the after the date that is 180 days after the date ‘‘(2) CONSULTATIONS.—In preparing the re- Iran Ballistic Missile Sanctions Act, con- of the enactment of the Iran Ballistic Missile port required by paragraph (1), the Comp- ducts or facilitates a significant financial Sanctions Act, conducts or facilitates a sig- troller General shall consult with non- transaction for a person subject to blocking nificant financial transaction for a person governmental organizations. of property and interests in property under described in paragraph (4). ‘‘(d) CREDIBLE INFORMATION DEFINED.—In subsection (b). ‘‘(4) PERSONS DESCRIBED.—A person is de- this section, the term ‘credible information’ ‘‘SEC. 235. IMPOSITION OF SANCTIONS WITH RE- scribed in this paragraph if the President de- has the meaning given that term in section SPECT TO CERTAIN SECTORS OF termines that the person, on or after the 14 of the Iran Sanctions Act of 1996 (Public IRAN THAT SUPPORT THE BAL- Law 104–172; 50 U.S.C. 1701 note).’’. LISTIC MISSILE PROGRAM OF IRAN. date that is 180 days after the date of the en- (b) CLERICAL AMENDMENT.—The table of ‘‘(a) LIST OF SECTORS.— actment of the Iran Ballistic Missile Sanc- tions Act— contents for the Iran Threat Reduction and ‘‘(1) IN GENERAL.—Not later than 120 days Syria Human Rights Act of 2012 is amended after the date of the enactment of the Iran ‘‘(A) operates in a sector of the economy of Iran included in the most recent list pub- by inserting after the item relating to sec- Ballistic Missile Sanctions Act, and not less tion 224 the following: frequently than once every 180 days there- lished by the President under subsection (a); ‘‘Subtitle C—Measures Relating to Ballistic after, the President shall submit to the ap- ‘‘(B) knowingly provides significant finan- Missile Program of Iran propriate committees of Congress and pub- cial, material, technological, or other sup- lish in the Federal Register a list of the sec- port to, or goods or services in support of, ‘‘Sec. 231. Definitions. tors of the economy of Iran that are directly any activity or transaction on behalf of or ‘‘Sec. 232. Imposition of sanctions with re- or indirectly facilitating, supporting, or in- for the benefit of a person described in sub- spect to persons that support volved with the development of or transfer paragraph (A); or the ballistic missile program of to Iran of ballistic missiles or technology, ‘‘(C) is owned or controlled by a person de- Iran. parts, components, or technology informa- scribed in subparagraph (A). ‘‘Sec. 233. Blocking of property of persons UMANITARIAN EXCEPTION.—The Presi- tion relating to ballistic missiles. ‘‘(c) H affiliated with certain Iranian dent may not impose sanctions under this entities. ‘‘(2) CERTAIN SECTORS.— section with respect to any person for con- ‘‘Sec. 234. Imposition of sanctions with re- ‘‘(A) IN GENERAL.—Not later than 120 days ducting or facilitating a transaction for the spect to certain persons in- after the date of enactment of the Iran Bal- sale of agricultural commodities, food, medi- volved in ballistic missile ac- listic Missile Sanctions Act, the President cine, or medical devices to Iran or for the shall submit to the appropriate committees tivities. provision of humanitarian assistance to the ‘‘Sec. 235. Imposition of sanctions with re- of Congress a determination as to whether people of Iran. spect to certain sectors of Iran each of the automotive, chemical, computer that support the ballistic mis- science, construction, electronic, energy, ‘‘SEC. 236. IDENTIFICATION OF FOREIGN PER- SONS THAT SUPPORT THE BAL- sile program of Iran. metallurgy, mining, petrochemical, research LISTIC MISSILE PROGRAM OF IRAN ‘‘Sec. 236. Identification of foreign persons (including universities and research institu- IN CERTAIN SECTORS OF IRAN. that support the ballistic mis- tions), and telecommunications sectors of ‘‘(a) IN GENERAL.—Not later than 120 days sile program of Iran in certain Iran meet the criteria specified in paragraph after the date of the enactment of the Iran sectors of Iran.’’. (1). Ballistic Missile Sanctions Act, and not less SEC. 206. EXPANSION OF MANDATORY SANC- ‘‘(B) INCLUSION IN INITIAL LIST.—If the frequently than annually thereafter, the TIONS WITH RESPECT TO FINANCIAL President determines under subparagraph President shall submit to the appropriate INSTITUTIONS THAT ENGAGE IN (A) that the sectors of the economy of Iran committees of Congress and publish in the CERTAIN TRANSACTIONS RELATING specified in such subparagraph meet the cri- Federal Register a list of all foreign persons TO BALLISTIC MISSILE CAPABILI- teria specified in paragraph (1), that sector that have, based on credible information, di- TIES OF IRAN. shall be included in the initial list submitted rectly or indirectly facilitated, supported, or Section 104 of the Comprehensive Iran and published under that paragraph. been involved with the development of bal- Sanctions, Accountability, and Divestment ‘‘(b) SANCTIONS WITH RESPECT TO SPECIFIED listic missiles or technology, parts, compo- Act of 2010 (22 U.S.C. 8513) is amended— SECTORS OF IRAN.— nents, or technology information related to (1) in subsection (c)(2)— ‘‘(1) BLOCKING OF PROPERTY.— ballistic missiles in the following sectors of (A) in subparagraph (A)— ‘‘(A) IN GENERAL.—The President shall, in the economy of Iran during the period speci- (i) in clause (i), by striking ‘‘; or’’ and in- accordance with the International Emer- fied in subsection (b): serting a semicolon;

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00027 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.025 S08JNPT1 S3372 CONGRESSIONAL RECORD — SENATE June 8, 2017 (ii) by redesignating clause (ii) as clause ate, the following committees are au- for the remainder of the month of June (iii); and thorized to meet during today’s session 2017. Those interns are Claire Faulk- (iii) by inserting after clause (i) the fol- of the Senate: ner, Fiona Kelty, Jackson Blackwell, lowing: Jaden Frazier, James Flemings, Kinani ‘‘(ii) to acquire or develop ballistic missiles COMMITTEE ON BANKING, HOUSING, AND URBAN and capabilities and launch technology re- AFFAIRS Halvorsen, Mary Crowley, Tasha lating to ballistic missiles; or’’; and The Committee on Banking, Housing, Elizarde, Taylor Holman, Tristan (B) in subparagraph (E)(ii)— and Urban Affairs is authorized to Douville, Fatos Redzepi, and Aimee (i) in subclause (I), by striking ‘‘; or’’ and meet during the session of the Senate Bushnell. inserting a semicolon; on Thursday, June 8, 2017 at 10 a.m. to The PRESIDING OFFICER. Without (ii) by redesignating subclause (II) as sub- conduct a hearing entitled, ‘‘Fostering objection, it is so ordered. clause (III); and Economic Growth: The Role of Finan- f (iii) by inserting after subclause (I) the fol- lowing: cial Institutions in Local Commu- CONDEMNING THE DEADLY AT- ‘‘(II) Iran’s development of ballistic mis- nities’’. TACK ON MAY 26, 2017, IN PORT- siles and capabilities and launch technology COMMITTEE ON COMMERCE, SCIENCE, AND LAND, OREGON relating to ballistic missiles; or’’; and TRANSPORTATION Mr. MCCONNELL. Mr. President, I (2) in subsection (f)— The Committee on Commerce, ask unanimous consent that the Sen- (A) by redesignating paragraphs (1) and (2) Science, and Transportation is author- ate proceed to the immediate consider- as subparagraphs (A) and (B), respectively, ized to hold a meeting during the ses- and moving those subparagraphs, as so redes- ation of S.J. Res. 45, submitted earlier sion of the Senate on Thursday, June 8, ignated, two ems to the right; today. (B) by striking ‘‘WAIVER.—The’’ and insert- 2017, at 10 a.m. in room 253 of the Rus- The PRESIDING OFFICER. The ing ‘‘WAIVER.— sell Senate Office Building. clerk will report the joint resolution ‘‘(1) IN GENERAL.—Except as provided in COMMITTEE ON ENERGY AND NATURAL by title. paragraph (2), the’’; and RESOURCES The legislative clerk read as follows: (C) by adding at the end the following: The Senate Committee on Energy A joint resolution (S.J. Res. 45) con- ‘‘(2) EXCEPTION.—The Secretary of the and Natural Resources is authorized to Treasury may not waive under paragraph (1) demning the deadly attack on May 26, 2017, the application of a prohibition or condition meet during the session of the Senate in Portland, Oregon, expressing deepest con- imposed with respect to an activity de- in order to hold a hearing on Thursday, dolences to the families and friends of the scribed in subparagraph (A)(ii) or (E)(ii)(II) June 8, 2017 at 10 a.m. in Room 366 of victims, and supporting efforts to overcome of subsection (c)(2).’’. the Dirksen Senate Office Building in hatred, bigotry, and violence. SEC. 207. DISCLOSURE TO THE SECURITIES AND Washington, DC. There being no objection, the Senate EXCHANGE COMMISSION OF ACTIVI- COMMITTEE ON FINANCE proceeded to consider the joint resolu- TIES WITH CERTAIN SECTORS OF tion. IRAN THAT SUPPORT THE BAL- The Committee on Finance is author- Mr. MCCONNELL. Mr. President, I LISTIC MISSILE PROGRAM OF IRAN. ized to meet during the session of the further ask unanimous consent that (a) IN GENERAL.—Section 13(r)(1) of the Se- Senate on Thursday, June 8, 2017, at the joint resolution be considered read curities Exchange Act of 1934 (15 U.S.C. 9:45 a.m., in 215 Dirksen Senate Office 78m(r)(1)) is amended— a third time and passed, the preamble Building, to conduct a hearing entitled (1) in subparagraph (C), by striking ‘‘; or’’ be agreed to, and the motions to recon- ‘‘The President’s Fiscal Year 2018 and inserting a semicolon; sider be considered made and laid upon Budget.’’ (2) by redesignating subparagraph (D) as the table with no intervening action or subparagraph (E); and COMMITTEE ON FOREIGN RELATIONS (3) by inserting after subparagraph (C) the debate. The Committee on Foreign Relations The PRESIDING OFFICER. Without following: is authorized to meet during the ses- ‘‘(D) knowingly engaged in any activity for objection, it is so ordered. which sanctions may be imposed under sec- sion of the Senate on Thursday, June 8, The joint resolution (S.J. Res. 45) tion 235 of the Iran Threat Reduction and 2017 at 10 a.m., to hold a hearing enti- was ordered to be engrossed for a third Syria Human Rights Act of 2012; or’’. tled ‘‘Beyond Iraq and Syria: ISIS’ reading, was read the third time, and (b) INVESTIGATIONS.—Section 13(r)(5)(A) of Global Reach.’’ passed. the Securities Exchange Act of 1934 is COMMITTEE ON THE JUDICIARY The preamble was agreed to. amended by striking ‘‘an Executive order The Committee on the Judiciary is The joint resolution, with its pre- specified in clause (i) or (ii) of paragraph amble, reads as follows: (1)(D)’’ and inserting ‘‘section 235 of the Iran authorized to meet during the session Threat Reduction and Syria Human Rights of the Senate, on June 8, 2017, at 9:30 S.J. RES. 45 Act of 2012, an Executive order specified in a.m., in SD–226 of the Dirksen Senate Whereas, on May 26, 2017, 3 brave commu- clause (i) or (ii) of paragraph (1)(E)’’. Office Building, to conduct an execu- nity members—Rick Best, Taliesin Myrddin (c) CONFORMING AMENDMENT.—Section tive business meeting. Namkai-Meche, and Micah David-Cole 13(r)(5) of the Securities Exchange Act of 1934 Fletcher—were stabbed as they protected 2 COMMITTEE ON INTELLIGENCE is amended, in the matter preceding subpara- young women who were the targets of graph (A), by striking ‘‘subparagraph The Senate Select Committee on In- threatening anti-Muslim hate speech while (D)(iii)’’ and inserting ‘‘subparagraph telligence is authorized to meet during riding on the Metropolitan Area Express (E)(iii)’’. the session of the 115th Congress of the Light Rail (commonly known as the ‘‘MAX’’) (d) EFFECTIVE DATE.—The amendments U.S. Senate on Thursday, June 8, 2017 in Portland, Oregon; made by this section shall take effect with from 10 a.m., in room SH–216 of the Whereas Rick Best and Taliesin Myrddin respect to reports required to be filed with Senate Hart Office Building to hold an Namkai-Meche lost their lives and Micah the Securities and Exchange Commission David-Cole Fletcher was gravely injured as a after the date that is 180 days after the date open hearing entitled ‘‘Open Hearing result of the attack; of the enactment of this Act. with Former CIA Director James Whereas acts of heroism and sacrifice for SEC. 208. REGULATIONS. Comey.’’ the safety and sake of others in the face of Not later than 90 days after the date of the COMMITTEE ON INTELLIGENCE acts of domestic terrorism were dem- enactment of this Act, the President shall The Senate Select Committee on In- onstrated by the deceased and surviving vic- prescribe regulations to carry out this title telligence is authorized to meet during tims; and the amendments made by this title. Whereas Oregonians and people across the the session of the 115th Congress of the f United States grieve for the families of all U.S. Senate on Thursday, June 8, 2017 people affected by this needless tragedy; and AUTHORITY FOR COMMITTEES TO from 1 p.m., in room SH–219 of the Sen- Whereas the people of the United States MEET ate Hart Office Building to hold a stand in solidarity against terrorism, white Mr. MCCONNELL. Mr. President, I closed hearing. supremacy, hate, and intolerance: Now, have 8 requests for committees to meet therefore, be it f Resolved by the Senate and House of Rep- during today’s session of the Senate. PRIVILEGES OF THE FLOOR resentatives of the United States of America in They have the approval of the Majority Congress assembled, That Congress— and Minority leaders. Ms. MURKOWSKI. Mr. President, I (1) condemns the deadly attack on May 26, Pursuant to rule XXVI, paragraph ask unanimous consent that privileges 2017, in Portland, Oregon, in which 2 inno- 5(a), of the Standing Rules of the Sen- of the floor be granted to my interns cent people were killed and 1 other person

VerDate Sep 11 2014 04:30 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00028 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.025 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3373 was injured while standing up to hate and in- Whereas the First Infantry Division was (1) 2 French Croix de Guerre with Palm, tolerance; established in 1917 as the first permanent and Streamers embroidered with ‘‘Kas- (2) offers deepest condolences to the fami- combined arms division in the Regular Army serine’’ and ‘‘Normandy’’; lies and friends of Rick Best and Taliesin and has been on continuous active duty since (2) the World War II French Fourragere; Myrddin Namkai-Meche; 1917; (3) the Belgian Fourragere; and (3) expresses hope for the swift and com- Whereas, from the heroic start of the 1st (4) the subordinate units of the 1st Infantry plete recovery of Micah David-Cole Fletcher; Infantry Division, the 1st Infantry Division Division earned numerous Presidential Unit (4) supports community efforts to heal has played an integral part in United States Citations; from this terrible crime; and history by serving in— Whereas the 1st Infantry Division guarded (5) supports nationwide efforts to overcome (1) World War I; the Nuremburg Trials and remained on occu- hatred, bigotry, and violence. (2) World War II; pation duty in Germany before returning (3) the Cold War; home to Fort Riley, Kansas, in 1955; f (4) the Vietnam War; Whereas, in 1965, the 1st Infantry Division (5) Operations Desert Shield and Desert was 1 of the first 2 divisions sent to the Viet- COMMEMORATING THE 100TH ANNI- Storm; VERSARY OF THE 1ST INFANTRY (6) the Balkans peacekeeping missions; nam War, and the 1st Infantry Division re- DIVISION (7) the War on Terror; and mained in Vietnam for 5 years, during which (8) as of May 2017, multiple operations the 1st Infantry Division— Mr. MCCONNELL. Mr. President, I around the globe; (1) protected the capital, Saigon, from at- ask unanimous consent that the Armed Whereas, immediately after its establish- tack by the North Vietnamese Army; Services Committee be discharged from ment, the 1st Division started to build a (2) conducted hundreds of— further consideration of and the Senate prestigious reputation for its service in (A) offensive operations between Saigon now proceed to the consideration of S. World War I; and Cambodia against Viet Cong and North Whereas, in May 1918, the victory of the 1st Vietnamese Army units; and Res. 115. (B) civil action and pacification operations The PRESIDING OFFICER. Without Division at the Battle of Cantigny, France, was the first United States victory of World to protect and assist the Vietnamese people; objection, it is so ordered. War I, and despite suffering more than 1,000 and The clerk will report the resolution casualties in that battle, the 1st Division (3) responded to the 1968 Tet Offensive by by title. seized the village from German forces, de- clearing Tan Son Nhut Air Force Base of The legislative clerk read as follows: fended the village against repeated counter- enemy forces, securing Saigon and counter- attacking vigorously; A resolution (S. Res. 115) commemorating attacks, and bolstered the morale of the Al- lies; Whereas 12 soldiers of the 1st Infantry Di- the 100th anniversary of the 1st Infantry Di- vision earned the Congressional Medal of vision. Whereas, after the Battle of Cantigny, the 1st Division played a central role in other Honor during the Vietnam War; There being no objection, the Senate monumental battles of World War I, such Whereas, in recognition of exemplary serv- proceeded to consider the resolution. as— ice during the Vietnam War— Mr. MCCONNELL. Mr. President, I (1) the Battle of Soissons; (1) the 1st Infantry Division was the recipi- ask unanimous consent that the Moran (2) the Battle of Saint-Mihiel; and ent of— (3) the Meuse-Argonne Offensive; amendment to the resolution be con- (A) the United States Army Meritorious Whereas 5 soldiers of the 1st Division re- Unit Commendation; sidered and agreed to; the resolution, ceived the Congressional Medal of Honor (B) the Republic of Vietnam Cross of Gal- as amended, be agreed to; the Moran during World War I; lantry with Palm for the period of 1965 to amendment to the preamble be consid- Whereas the 1st Division— 1968; and ered and agreed to; the preamble, as (1) remained on occupation duty in Ger- (C) the Republic of Vietnam civic Action amended, be agreed to; and the motions many to enforce the Armistice; and Honor Medal, First Class; and (2) in September 1919, was the last combat (2) the subordinate units of the 1st Infantry to reconsider be considered made and division to return home after World War I; laid upon the table. Division earned numerous Presidential unit Whereas, following World War I, the 1st Di- citations and other Army awards; The PRESIDING OFFICER. Without vision was 1 of only 3 United States Army di- Whereas, from 1970 to 1990 the 1st Infantry objection, it is so ordered. visions to remain on active duty, which is a Division— The amendment (No. 227) in the na- strong testament to its accomplishments; (1) was a key component of the North At- ture of a substitute was agreed to, as Whereas, in November 1939, the 1st Infan- lantic Treaty Organization deterrent strat- follows: try Division was called to action again and, egy; in August 1942, became 1 of the first United (2) maintained a forward-stationed brigade (Purpose: To provide a complete substitute) States divisions sent to the European the- in Germany and deployed additional ele- Strike all after the resolving clause and in- ater during World War II; ments annually to Germany on major exer- sert the following: Whereas, during World War II, the 1st In- cises that demonstrated United States re- That the Senate— fantry Division fought bravely in Algeria, solve to friend and foe alike; and (1) commemorates ‘‘A Century of Service’’, Tunisia, and Sicily in 1942 and 1943 before the (3) contributed directly to the peaceful end the 100th anniversary of the 1st Infantry Di- courage and resolve of the 1st Infantry Divi- of the Cold War; vision on June 8, 2017; sion was tested on Omaha Beach in Nor- Whereas, in November 1990, the 1st Infan- (2) commends the 1st Infantry Division for mandy, France; try Division deployed to Saudi Arabia and continuing to exemplify the motto of the 1st Whereas the 1st Infantry Division, rein- played a key role in the famous ‘‘left hook’’ Infantry Division, ‘‘No Mission Too Difficult. forced by units of the 29th Infantry Division, attack of the US VII Corps through the No Sacrifice Too Great. Duty First!’’; made the assault landing on Omaha Beach deserts of western Iraq to destroy the (3) honors the memory of the more than on D-Day, June 6, 1944, which began the lib- Tawakalna Division of the vaunted Repub- 13,000 soldiers of the 1st Infantry Division eration of Western Europe from Nazi control; lican Guard of Saddam Hussein, among many who lost their lives in battle; Whereas the 1st Infantry Division contin- other enemy forces; (4) expresses gratitude and support for all ued its invaluable service throughout World Whereas the 1st Infantry Division deployed 1st Infantry Division soldiers, veterans, and War II, including in— to Bosnia for 31 months between 1996 and their families, including 1st Infantry Divi- (1) the liberation of France and Belgium; 2000, to Macedonia for 4 months in 1999, and (2) the seizing of Aachen, the first city of sion soldiers and their families of the past to Kosovo for 22 months between 1999 and and future and those who are serving as of Nazi Germany to fall to the Allies; (3) the Battle of the Huertgen Forest; 2003— May 2017; and (1) to enforce international peace agree- (5) recognizes that the 1st Infantry Divi- (4) the Battle of the Bulge, in which the 1st Infantry Division held the critical northern ments; sion holds an honored place in United States shoulder at Butgenbach, Belgium; (2) to halt the worst ethnic violence in Eu- history. (5) the crossing of the Rhine River at Re- rope since the Holocaust; and The resolution (S. Res. 115), as magen; (3) to bring peace and stability to the Bal- amended, was agreed to. (6) the battles around the Ruhr Pocket in kans; The amendment (No. 228) in the na- Germany; and Whereas, in 2004, the 1st Infantry Division ture of a substitute was agreed to, as (7) the offensive into Czechoslovakia, deployed to Iraq in Operation Iraqi Freedom follows: where the 1st Infantry Division liberated as Task Force Danger and conducted sophis- Nazi labor camps at Falkenau and Zwodau; ticated counterinsurgency operations that (Purpose: To provide a complete substitute) Whereas 17 members of the 1st Infantry Di- led to the first free and fair elections in Iraqi Strike the preamble and insert the fol- vision received the Congressional Medal of history in 2005; lowing: Honor for their service during World War II; Whereas, between 2005 and 2014, the brigade Whereas June 8, 2017, is the 100th anniver- Whereas, in recognition of exemplary serv- combat teams and other major headquarters sary of the organization of the 1st Infantry ice during World War II, the 1st Infantry Di- and units of the 1st Infantry Division have Division; vision was the recipient of— deployed repeatedly to Iraq and Afghanistan

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00029 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.032 S08JNPT1 S3374 CONGRESSIONAL RECORD — SENATE June 8, 2017 in Operation Enduring Freedom, Operation monumental battles of World War I, such Whereas in recognition of exemplary serv- Iraqi Freedom, and Operation New Dawn; as— ice during the Vietnam War— Whereas Specialist Ross A. McGinnis, a 1st (1) the Battle of Soissons; (1) the 1st Infantry Division was the recipi- Infantry Division soldier, is 1 of the very few (2) the Battle of Saint-Mihiel; and ent of— people of the United States to receive the (3) the Meuse-Argonne Offensive; (A) the United States Army Meritorious Congressional Medal of Honor in the War on Whereas 5 soldiers of the 1st Division re- Unit Commendation; Terror; ceived the Congressional Medal of Honor (B) the Republic of Vietnam Cross of Gal- Whereas, in the defense of United States during World War I; lantry with Palm for the period of 1965 to interests, the 1st Infantry Division deployed Whereas the 1st Division— 1968; and (C) the Republic of Vietnam civic Action its units and soldiers to Africa in 2015 and (1) remained on occupation duty in Ger- Honor Medal, First Class; and Kuwait in 2016; many to enforce the Armistice; and (2) in September 1919, was the last combat (2) the subordinate units of the 1st Infantry Whereas, since November 2016, the head- Division earned numerous Presidential unit quarters of the 1st Infantry Division has division to return home after World War I; Whereas following World War I, the 1st Di- citations and other Army awards; been in Iraq, where the 1st Infantry Division Whereas from 1970 to 1990 the 1st Infantry is— vision was 1 of only 3 United States Army di- visions to remain on active duty, which is a Division— (1) engaged in the fight against the Islamic (1) was a key component of the North At- State in Iraq and Syria (ISIS); and strong testament to its accomplishments; Whereas in November 1939, the 1st Infantry lantic Treaty Organization deterrent strat- (2) providing the leadership structure for egy; the Combined Joint Forces Land Component Division was called to action again and, in August 1942, became 1 of the first United (2) maintained a forward-stationed brigade Command–Operation Inherent Resolve; in Germany and deployed additional ele- Whereas, as of May 2017— States divisions sent to the European the- ater during World War II; ments annually to Germany on major exer- (1) the Combat Aviation Brigade, 1st Infan- cises that demonstrated United States re- try Division, is deployed to Afghanistan and Whereas during World War II, the 1st In- fantry Division fought bravely in Algeria, solve to friend and foe alike; and is conducting combat aviation operations in (3) contributed directly to the peaceful end Tunisia, and Sicily in 1942 and 1943 before the support of the Afghan and international se- of the Cold War; courage and resolve of the 1st Infantry Divi- curity forces battling the Taliban; Whereas in November 1990, the 1st Infantry sion was tested on Omaha Beach in Nor- (2) the 1st Brigade Combat Team, 1st Infan- Division deployed to Saudi Arabia and mandy, France; try Division, is deployed to South Korea, played a key role in the famous ‘‘left hook’’ Whereas the 1st Infantry Division, rein- where it bolsters United States deterrence attack of the US VII Corps through the forced by units of the 29th Infantry Division, against North Korea; and deserts of western Iraq to destroy the made the assault landing on Omaha Beach (3) the 2nd Brigade Combat Team, 1st In- Tawakalna Division of the vaunted Repub- on D-Day, June 6, 1944, which began the lib- fantry Division, is at Fort Riley, Kansas, lican Guard of Saddam Hussein, among many eration of Western Europe from Nazi control; where it is honing its combat-readiness in other enemy forces; Whereas the 1st Infantry Division contin- preparation for deployment; and Whereas the 1st Infantry Division deployed ued its invaluable service throughout World Whereas, since the establishment of the 1st to Bosnia for 31 months between 1996 and Infantry Division in 1917— War II, including in— (1) the liberation of France and Belgium; 2000, to Macedonia for 4 months in 1999, and (1) the 1st Infantry Division has been to Kosovo for 22 months between 1999 and present all over the world, assisting in com- (2) the seizing of Aachen, the first city of Nazi Germany to fall to the Allies; 2003— bat and noncombat missions for 100 years; (1) to enforce international peace agree- (2) more than 13,000 soldiers of the 1st In- (3) the Battle of the Huertgen Forest; (4) the Battle of the Bulge, in which the 1st ments; fantry Division have sacrificed their lives in Infantry Division held the critical northern (2) to halt the worst ethnic violence in Eu- combat; and shoulder at Butgenbach, Belgium; rope since the Holocaust; and (3) 35 soldiers of the 1st Infantry Division (5) the crossing of the Rhine River at Re- (3) to bring peace and stability to the Bal- have received the Medal of Honor: Now, magen; kans; therefore, be it (6) the battles around the Ruhr Pocket in Whereas in 2004, the 1st Infantry Division The preamble, as amended, was Germany; and deployed to Iraq in Operation Iraqi Freedom agreed to. (7) the offensive into Czechoslovakia, as Task Force Danger and conducted sophis- The resolution, as amended, with its where the 1st Infantry Division liberated ticated counterinsurgency operations that preamble, as amended, reads as follows: Nazi labor camps at Falkenau and Zwodau; led to the first free and fair elections in Iraqi history in 2005; S. RES. 115 Whereas 17 members of the 1st Infantry Di- vision received the Congressional Medal of Whereas between 2005 and 2014, the brigade Whereas June 8, 2017, is the 100th anniver- Honor for their service during World War II; combat teams and other major headquarters sary of the organization of the 1st Infantry Whereas in recognition of exemplary serv- and units of the 1st Infantry Division have Division; ice during World War II, the 1st Infantry Di- deployed repeatedly to Iraq and Afghanistan Whereas the First Infantry Division was vision was the recipient of— in Operation Enduring Freedom, Operation established in 1917 as the first permanent (1) 2 French Croix de Guerre with Palm, Iraqi Freedom, and Operation New Dawn; combined arms division in the Regular Army and Streamers embroidered with ‘‘Kas- Whereas Specialist Ross A. McGinnis, a 1st and has been on continuous active duty since serine’’ and ‘‘Normandy’’; Infantry Division soldier, is 1 of the very few 1917; (2) the World War II French Fourragere; people of the United States to receive the Whereas from the heroic start of the 1st In- (3) the Belgian Fourragere; and Congressional Medal of Honor in the War on fantry Division, the 1st Infantry Division has (4) the subordinate units of the 1st Infantry Terror; played an integral part in United States his- Division earned numerous Presidential Unit Whereas in the defense of United States in- tory by serving in— Citations; terests, the 1st Infantry Division deployed (1) World War I; Whereas the 1st Infantry Division guarded its units and soldiers to Africa in 2015 and (2) World War II; the Nuremburg Trials and remained on occu- Kuwait in 2016; (3) the Cold War; pation duty in Germany before returning Whereas since November 2016, the head- (4) the Vietnam War; home to Fort Riley, Kansas, in 1955; quarters of the 1st Infantry Division has (5) Operations Desert Shield and Desert Whereas in 1965, the 1st Infantry Division been in Iraq, where the 1st Infantry Division Storm; was 1 of the first 2 divisions sent to the Viet- is— (6) the Balkans peacekeeping missions; nam War, and the 1st Infantry Division re- (1) engaged in the fight against the Islamic (7) the War on Terror; and mained in Vietnam for 5 years, during which State in Iraq and Syria (ISIS); and (8) as of May 2017, multiple operations the 1st Infantry Division— (2) providing the leadership structure for around the globe; (1) protected the capital, Saigon, from at- the Combined Joint Forces Land Component Whereas immediately after its establish- tack by the North Vietnamese Army; Command–Operation Inherent Resolve; ment, the 1st Division started to build a (2) conducted hundreds of— Whereas as of May 2017— prestigious reputation for its service in (A) offensive operations between Saigon (1) the Combat Aviation Brigade, 1st Infan- World War I; and Cambodia against Viet Cong and North try Division, is deployed to Afghanistan and Whereas in May 1918, the victory of the 1st Vietnamese Army units; and is conducting combat aviation operations in Division at the Battle of Cantigny, France, (B) civil action and pacification operations support of the Afghan and international se- was the first United States victory of World to protect and assist the Vietnamese people; curity forces battling the Taliban; War I, and despite suffering more than 1,000 and (2) the 1st Brigade Combat Team, 1st Infan- casualties in that battle, the 1st Division (3) responded to the 1968 Tet Offensive by try Division, is deployed to South Korea, seized the village from German forces, de- clearing Tan Son Nhut Air Force Base of where it bolsters United States deterrence fended the village against repeated counter- enemy forces, securing Saigon and counter- against North Korea; and attacks, and bolstered the morale of the Al- attacking vigorously; (3) the 2nd Brigade Combat Team, 1st In- lies; Whereas 12 soldiers of the 1st Infantry Di- fantry Division, is at Fort Riley, Kansas, Whereas after the Battle of Cantigny, the vision earned the Congressional Medal of where it is honing its combat-readiness in 1st Division played a central role in other Honor during the Vietnam War; preparation for deployment; and

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00030 Fmt 0624 Sfmt 0634 E:\CR\FM\A08JN6.033 S08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — SENATE S3375 Whereas since the establishment of the 1st The legislative clerk read as follows: Sec. 4006. Theodore Roosevelt Genius Prize for Infantry Division in 1917— A resolution (S. Res. 189) designating the nonlethal management of human- (1) the 1st Infantry Division has been week of June 5 through June 11, 2017, as wildlife conflicts. present all over the world, assisting in com- ‘‘Hemp History Week.’’ Sec. 4007. Administration of prize competitions. bat and noncombat missions for 100 years; There being no objection, the Senate TITLE I—PARTNERS FOR FISH AND (2) more than 13,000 soldiers of the 1st In- WILDLIFE PROGRAM REAUTHORIZATION fantry Division have sacrificed their lives in proceeded to consider the resolution. Mr. MCCONNELL. Mr. President, I SEC. 1001. PARTNERS FOR FISH AND WILDLIFE combat; and PROGRAM REAUTHORIZATION. (3) 35 soldiers of the 1st Infantry Division ask unanimous consent that the reso- Section 5 of the Partners for Fish and Wildlife have received the Medal of Honor: Now, lution be agreed to, the preamble be Act (16 U.S.C. 3774) is amended by striking therefore, be it agreed to, and the motions to recon- ‘‘$75,000,000 for each of fiscal years 2006 through Resolved, That the Senate— sider be considered made and laid upon 2011’’ and inserting ‘‘$100,000,000 for each of fis- (1) commemorates ‘‘A Century of Service’’, cal years 2018 through 2022’’. the 100th anniversary of the 1st Infantry Di- the table with no intervening action or vision on June 8, 2017; debate. TITLE II—FISH AND WILDLIFE (2) commends the 1st Infantry Division for The PRESIDING OFFICER. Without COORDINATION continuing to exemplify the motto of the 1st objection, it is so ordered. SEC. 2001. PURPOSE. Infantry Division, ‘‘No Mission Too Difficult. The resolution (S. Res. 189) was The purpose of this title is to protect water, No Sacrifice Too Great. Duty First!’’; agreed to. oceans, coasts, and wildlife from invasive spe- (3) honors the memory of the more than The preamble was agreed to. cies. 13,000 soldiers of the 1st Infantry Division (The resolution, with its preamble, is SEC. 2002. AMENDMENTS TO THE FISH AND WILD- who lost their lives in battle; printed in today’s RECORD under ‘‘Sub- LIFE COORDINATION ACT. (4) expresses gratitude and support for all mitted Resolutions.’’) (a) SHORT TITLE; AUTHORIZATION.—The first 1st Infantry Division soldiers, veterans, and section of the Fish and Wildlife Coordination their families, including 1st Infantry Divi- f Act (16 U.S.C. 661) is amended by striking ‘‘For sion soldiers and their families of the past WILDLIFE INNOVATION AND the purpose’’ and inserting the following: and future and those who are serving as of LONGEVITY DRIVER ACT ‘‘SECTION 1. SHORT TITLE; AUTHORIZATION. May 2017; and ‘‘(a) SHORT TITLE.—This Act may be cited as (5) recognizes that the 1st Infantry Divi- Mr. MCCONNELL. Mr. President, I the ‘Fish and Wildlife Coordination Act’. sion holds an honored place in United States ask unanimous consent that the Sen- ‘‘(b) AUTHORIZATION.—For the purpose’’. history. ate proceed to the immediate consider- (b) PROTECTION OF WATER, OCEANS, COASTS, f ation of Calendar No. 91, S. 826. AND WILDLIFE FROM INVASIVE SPECIES.—The The PRESIDING OFFICER. The Fish and Wildlife Coordination Act (16 U.S.C. CONDEMNING THE RECENT TER- clerk will report the bill by title. 661 et seq.) is amended by adding at the end the RORIST ATTACKS IN THE The legislative clerk read as follows: following: UNITED KINGDOM, THE PHIL- A bill (S. 826) to reauthorize the Partners ‘‘SEC. 10. PROTECTION OF WATER, OCEANS, COASTS, AND WILDLIFE FROM IPPINES, INDONESIA, EGYPT, for Fish and Wildlife Program and certain IRAQ, AUSTRALIA, AND IRAN INVASIVE SPECIES. wildlife conservation funds, to establish ‘‘(a) DEFINITIONS.—In this section: Mr. MCCONNELL. Mr. President, I prize competitions relating to the prevention ‘‘(1) CONTROL.—The term ‘control’, with re- ask unanimous consent that the Sen- of wildlife poaching and trafficking, wildlife spect to an invasive species, means the eradi- ate proceed to the consideration of S. conservation, the management of invasive cation, suppression, or reduction of the popu- species, and the protection of endangered lation of the invasive species within the area in Res. 188, submitted earlier today. species, and for other purposes. The PRESIDING OFFICER. The which the invasive species is present. clerk will report the resolution by There being no objection, the Senate ‘‘(2) ECOSYSTEM.—The term ‘ecosystem’ means proceeded to consider the bill, which the complex of a community of organisms and title. the environment of the organisms. The legislative clerk read as follows: had been reported from the Committee on Environment and Public Works, ‘‘(3) ELIGIBLE STATE.—The term ‘eligible State’ A resolution (S. Res. 188) condemning the with an amendment to strike all after means any of— recent terrorist attacks in the United King- ‘‘(A) a State; dom, the Philippines, Indonesia, Egypt, Iraq, the enacting clause and insert in lieu ‘‘(B) the District of Columbia; Australia, and Iran and offering thoughts thereof the following: ‘‘(C) the Commonwealth of Puerto Rico; and prayers and sincere condolences to all of SECTION 1. SHORT TITLE; TABLE OF CONTENTS. ‘‘(D) Guam; the victims, their families, and the people of (a) SHORT TITLE.—This Act may be cited as ‘‘(E) American Samoa; their countries. the ‘‘Wildlife Innovation and Longevity Driver ‘‘(F) the Commonwealth of the Northern Mar- There being no objection, the Senate Act’’or ‘‘WILD Act’’. iana Islands; and (b) TABLE OF CONTENTS.—The table of con- ‘‘(G) the United States Virgin Islands. proceeded to consider the resolution. tents for this Act is as follows: ‘‘(4) INVASIVE SPECIES.— Mr. MCCONNELL. Mr. President, I Sec. 1. Short title; table of contents. ‘‘(A) IN GENERAL.—The term ‘invasive species’ ask unanimous consent that the reso- means an alien species, the introduction of lution be agreed to, the preamble be TITLE I—PARTNERS FOR FISH AND WILDLIFE PROGRAM REAUTHORIZATION which causes, or is likely to cause, economic or agreed to, and the motions to recon- environmental harm or harm to human health. Sec. 1001. Partners for Fish and Wildlife Pro- sider be considered made and laid upon ‘‘(B) ASSOCIATED DEFINITION.—For purposes gram reauthorization. the table with no intervening action or of subparagraph (A), the term ‘alien species’, TITLE II—FISH AND WILDLIFE debate. with respect to a particular ecosystem, means COORDINATION any species (including the seeds, eggs, spores, or The PRESIDING OFFICER. Without Sec. 2001. Purpose. other biological material of the species that are objection, it is so ordered. Sec. 2002. Amendments to the Fish and Wildlife capable of propagating the species) that is not The resolution (S. Res. 188) was Coordination Act. native to the affected ecosystem. agreed to. TITLE III—WILDLIFE CONSERVATION ‘‘(C) INCLUSION.—The terms ‘invasive species’ The preamble was agreed to. and ‘alien species’ include any terrestrial or Sec. 3001. Reauthorization of multinational spe- aquatic species determined by the relevant trib- (The resolution, with its preamble, is cies conservation funds. printed in today’s RECORD under ‘‘Sub- al, regional, State, or local authority to meet the TITLE IV—PRIZE COMPETITIONS mitted Resolutions.’’) requirements of subparagraph (A) or (B), as ap- Sec. 4001. Definitions. plicable. f Sec. 4002. Theodore Roosevelt Genius Prize for ‘‘(5) MANAGE; MANAGEMENT.—The terms ‘man- the prevention of wildlife poach- age’ and ‘management’, with respect to an HEMP HISTORY WEEK ing and trafficking. invasive species, mean the active implementa- Mr. MCCONNELL. Mr. President, I Sec. 4003. Theodore Roosevelt Genius Prize for tion of any activity— ask unanimous consent that the Sen- the promotion of wildlife con- ‘‘(A) to reduce or stop the spread of the ate proceed to the immediate consider- servation. invasive species; and ation of S. Res. 189, submitted earlier Sec. 4004. Theodore Roosevelt Genius Prize for ‘‘(B) to inhibit further infestations of the the management of invasive spe- invasive species, the spread of the invasive spe- today. cies. cies, or harm caused by the invasive species, in- The PRESIDING OFFICER. The Sec. 4005. Theodore Roosevelt Genius Prize for cluding investigations regarding methods for clerk will report the resolution by the protection of endangered spe- early detection and rapid response, prevention, title. cies. control, or management of the invasive species.

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‘‘(6) PREVENT.—The term ‘prevent’, with re- ‘‘(e) COMPARATIVE ECONOMIC ASSESSMENT.— ‘‘(1) describing the use by the Secretary con- spect to an invasive species, means— To achieve compliance with subsection (d), the cerned during the 2 preceding fiscal years of ‘‘(A) to hinder the introduction of the invasive Secretary concerned shall require a comparative funds for programs that address or include species onto land or water; or economic assessment of invasive species control invasive species management; and ‘‘(B) to impede the spread of the invasive spe- and management methods to be conducted. ‘‘(2) specifying the percentage of funds ex- cies within land or water by inspecting, inter- ‘‘(f) EXPEDITED ACTION.— pended for each of the purposes specified in sub- cepting, or confiscating invasive species threats ‘‘(1) IN GENERAL.—The Secretaries concerned sections (g), (h), and (i). prior to the establishment of the invasive species shall use all tools and flexibilities available (as ‘‘(k) RELATION TO OTHER AUTHORITY.— onto land or water of an eligible State. of the date of enactment of this section) to expe- ‘‘(1) OTHER INVASIVE SPECIES CONTROL, PRE- ‘‘(7) SECRETARY CONCERNED.—The term ‘Sec- dite the projects and activities described in VENTION, AND MANAGEMENT AUTHORITIES.— retary concerned’ means— paragraph (2). Nothing in this section precludes the Secretary ‘‘(A) the Secretary of the Army, acting ‘‘(2) DESCRIPTION OF PROJECTS AND ACTIVI- concerned from pursuing or supporting, pursu- through the Chief of Engineers, with respect to TIES.—A project or activity referred to in para- ant to any other provision of law, any activity Federal land administered by the Corps of Engi- graph (1) is a project or activity— regarding the control, prevention, or manage- neers; ‘‘(A) to protect water or wildlife from an ment of an invasive species, including investiga- ‘‘(B) the Secretary of the Interior, with re- invasive species that, as determined by the Sec- tions to improve the control, prevention, or man- spect to Federal land administered by the Sec- retary concerned is, or will be, carried out on agement of the invasive species. retary of the Interior through— land or water that is— ‘‘(2) PUBLIC WATER SUPPLY SYSTEMS.—Nothing ‘‘(i) the United States Fish and Wildlife Serv- ‘‘(i) directly managed by the Secretary con- in this section authorizes the Secretary con- ice; cerned; and cerned to suspend any water delivery or diver- ‘‘(ii) the Bureau of Indian Affairs; ‘‘(ii) located in an area that is— sion, or otherwise to prevent the operation of a ‘‘(iii) the Bureau of Land Management; ‘‘(I) at high risk for the introduction, estab- public water supply system, as a measure to ‘‘(iv) the Bureau of Reclamation; or lishment, or spread of invasive species; and control, manage, or prevent the introduction or ‘‘(v) the National Park Service; ‘‘(II) determined by the Secretary concerned spread of an invasive species. ‘‘(C) the Secretary of Agriculture, with respect to require immediate action to address the risk ‘‘(l) USE OF PARTNERSHIPS.—Subject to the to Federal land administered by the Secretary of identified in subclause (I); and subsections (m) and (n), the Secretary concerned Agriculture through the Forest Service; and ‘‘(B) carried out in accordance with applica- may enter into any contract or cooperative ‘‘(D) the head or a representative of any other ble agency procedures, including any applica- agreement with another Federal agency, an eli- Federal agency the duties of whom require plan- ble— gible State, a political subdivision of an eligible ning relating to, and the treatment of, invasive ‘‘(i) land or resource management plan; or State, or a private individual or entity to assist species for the purpose of protecting water and ‘‘(ii) land use plan. with the control and management of an invasive wildlife on land and coasts and in oceans and ‘‘(g) ALLOCATION OF FUNDING.—Of the species. water. amount appropriated or otherwise made avail- ‘‘(m) MEMORANDUM OF UNDERSTANDING.— ‘‘(8) SPECIES.—The term ‘species’ means a able to each Secretary concerned for a fiscal ‘‘(1) IN GENERAL.—As a condition of a con- group of organisms, all of which— year for programs that address or include pro- tract or cooperative agreement under subsection ‘‘(A) have a high degree of genetic similarity; tection of land or water from an invasive spe- (l), the Secretary concerned and the applicable ‘‘(B) are morphologically distinct; cies, the Secretary concerned shall use not less Federal agency, eligible State, political subdivi- ‘‘(C) generally— than 75 percent for on-the-ground control and sion of an eligible State, or private individual or ‘‘(i) interbreed at maturity only among them- management of invasive species, which may in- entity shall enter into a memorandum of under- selves; and clude— standing that describes— ‘‘(ii) produce fertile offspring; and ‘‘(1) the purchase of necessary products, ‘‘(A) the nature of the partnership between ‘‘(D) show persistent differences from members equipment, or services to conduct that control the parties to the memorandum of under- of allied groups of organisms. and management; standing; and ‘‘(b) CONTROL AND MANAGEMENT.—Each Sec- ‘‘(2) the use of integrated pest management ‘‘(B) the control and management activities to retary concerned shall plan and carry out ac- options, including options that use pesticides be conducted under the contract or cooperative tivities on land directly managed by the Sec- authorized for sale, distribution, or use under agreement. retary concerned to protect water and wildlife the Federal Insecticide, Fungicide, and ‘‘(2) CONTENTS.—A memorandum of under- by controlling and managing invasive species— Rodenticide Act (7 U.S.C. 136 et seq.); standing under this subsection shall contain, at ‘‘(1) to inhibit or reduce the populations of ‘‘(3) the use of biological control agents that a minimum, the following: invasive species; and are proven to be effective to reduce invasive spe- ‘‘(A) A prioritized listing of each invasive spe- ‘‘(2) to effectuate restoration or reclamation cies populations; cies to be controlled or managed. efforts. ‘‘(B) An assessment of the total acres of land ‘‘(4) the use of revegetation or cultural res- ‘‘(c) STRATEGIC PLAN.— or area of water infested by the invasive species. toration methods designed to improve the diver- ‘‘(1) IN GENERAL.—Each Secretary concerned ‘‘(C) An estimate of the expected total acres of sity and richness of ecosystems; shall develop a strategic plan for the implemen- land or area of water infested by the invasive ‘‘(5) the use of monitoring and detection ac- tation of the invasive species program to species after control and management of the tivities for invasive species, including equip- achieve, to the maximum extent practicable, a invasive species is attempted. substantive annual net reduction of invasive ment, detection dogs, and mechanical devices; ‘‘(D) A description of each specific, integrated ‘‘(6) the use of appropriate methods to remove species populations or infested acreage on land pest management option to be used, including a invasive species from a vehicle or vessel capable or water managed by the Secretary concerned. comparative economic assessment to determine of conveyance; or ‘‘(2) COORDINATION.—Each strategic plan the least-costly method. under paragraph (1) shall be developed— ‘‘(7) the use of other effective mechanical or ‘‘(E) Any map, boundary, or Global Posi- ‘‘(A) in coordination with affected— manual control methods. tioning System coordinates needed to clearly ‘‘(i) eligible States; ‘‘(h) INVESTIGATIONS, OUTREACH, AND PUBLIC identify the area in which each control or man- ‘‘(ii) political subdivisions of eligible States; AWARENESS.—Of the amount appropriated or agement activity is proposed to be conducted. and otherwise made available to each Secretary con- ‘‘(F) A written assurance that each partner ‘‘(iii) federally recognized Indian tribes; and cerned for a fiscal year for programs that ad- will comply with section 15 of the Federal Nox- ‘‘(B) in accordance with the priorities estab- dress or include protection of land or water from ious Weed Act of 1974 (7 U.S.C. 2814). lished by 1 or more Governors of the eligible an invasive species, the Secretary concerned ‘‘(3) COORDINATION.—If a partner to a con- States in which an ecosystem affected by an may use not more than 15 percent for investiga- tract or cooperative agreement under subsection invasive species is located. tions, development activities, and outreach and (l) is an eligible State, political subdivision of an ‘‘(3) FACTORS FOR CONSIDERATION.—In devel- public awareness efforts to address invasive spe- eligible State, or private individual or entity, the oping a strategic plan under this subsection, the cies control and management needs. memorandum of understanding under this sub- Secretary concerned shall take into consider- ‘‘(i) ADMINISTRATIVE COSTS.—Of the amount section shall include a description of— ation the economic and ecological costs of action appropriated or otherwise made available to ‘‘(A) the means by which each applicable con- or inaction, as applicable. each Secretary concerned for a fiscal year for trol or management effort will be coordinated; ‘‘(d) COST-EFFECTIVE METHODS.—In selecting programs that address or include protection of and a method to be used to control or manage an land or water from an invasive species, not more ‘‘(B) the expected outcomes of managing and invasive species as part of a specific control or than 10 percent may be used for administrative controlling the invasive species. management project conducted as part of a stra- costs incurred to carry out those programs, in- ‘‘(4) PUBLIC OUTREACH AND AWARENESS EF- tegic plan developed under subsection (c), the cluding costs relating to oversight and manage- FORTS.—If a contract or cooperative agreement Secretary concerned shall prioritize the use of ment of the programs, recordkeeping, and imple- under subsection (l) involves any outreach or methods that— mentation of the strategic plan developed under public awareness effort, the memorandum of un- ‘‘(1) effectively control and manage invasive subsection (c). derstanding under this subsection shall include species, as determined by the Secretary con- ‘‘(j) REPORTING REQUIREMENTS.—Not later a list of goals and objectives for each outreach cerned, based on sound scientific data; than 60 days after the end of the second fiscal or public awareness effort that have been deter- ‘‘(2) minimize environmental impacts; and year beginning after the date of enactment of mined to be efficient to inform national, re- ‘‘(3) control and manage invasive species in this section, each Secretary concerned shall sub- gional, State, or local audiences regarding the least costly manner. mit to Congress a report— invasive species control and management.

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‘‘(n) INVESTIGATIONS.—The purpose of any ‘‘(1) AUTHORIZATION.—The Secretary may (2) PRIZE COMPETITION.—The term ‘‘prize com- invasive species-related investigation carried out award to a person who is otherwise eligible for petition’’ means the Theodore Roosevelt Genius under a contract or cooperative agreement a grant under this section a multiyear grant to Prize for the prevention of wildlife poaching under subsection (l) shall be— carry out a project that the person demonstrates and trafficking established under subsection (b). ‘‘(1) to develop solutions and specific rec- is an effective, long-term conservation strategy (b) AUTHORITY.—Not later than 180 days after ommendations for control and management of for great apes and the habitat of great apes. the date of enactment of this Act, the Secretary invasive species; and ‘‘(2) EFFECT OF SUBSECTION.—Nothing in this shall establish under section 24 of the Steven- ‘‘(2) specifically to provide faster implementa- subsection precludes the Secretary from award- son-Wydler Technology Innovation Act of 1980 tion of control and management methods. ing a grant on an annual basis.’’. (15 U.S.C. 3719) a prize competition, to be known ‘‘(o) COORDINATION WITH AFFECTED LOCAL (3) ADMINISTRATIVE EXPENSES.—Section as the ‘‘Theodore Roosevelt Genius Prize’’ for GOVERNMENTS.—Each project and activity car- 5(b)(2) of the Great Ape Conservation Act of the prevention of wildlife poaching and traf- ried out pursuant to this section shall be coordi- 2000 (16 U.S.C. 6304(b)(2)) is amended by strik- ficking— nated with affected local governments in a man- ing ‘‘$100,000’’ and inserting ‘‘$150,000’’. (1) to encourage technological innovation ner that is consistent with section 202(c)(9) of (4) AUTHORIZATION OF APPROPRIATIONS.—Sec- with the potential to advance the mission of the the Federal Land Policy and Management Act tion 6 of the Great Ape Conservation Act of 2000 United States Fish and Wildlife Service with re- of 1976 (43 U.S.C. 1712(c)(9)).’’. (16 U.S.C. 6305) is amended by striking ‘‘2006 spect to the prevention of wildlife poaching and TITLE III—WILDLIFE CONSERVATION through 2010’’ and inserting ‘‘2018 through trafficking; and 2022’’. (2) to award 1 or more prizes annually for a SEC. 3001. REAUTHORIZATION OF MULTI- (e) AMENDMENTS TO THE MARINE TURTLE CON- technological advancement that prevents wild- NATIONAL SPECIES CONSERVATION life poaching and trafficking. FUNDS. SERVATION ACT OF 2004.— (c) ADVISORY BOARD.— (a) REAUTHORIZATION OF THE AFRICAN ELE- (1) PURPOSE.—Section 2(b) of the Marine Tur- tle Conservation Act of 2004 (16 U.S.C. 6601(b)) (1) ESTABLISHMENT.—There is established an PHANT CONSERVATION ACT.—Section 2306(a) of advisory board, to be known as the ‘‘Prevention the African Elephant Conservation Act (16 is amended by inserting ‘‘and territories of the United States’’ after ‘‘foreign countries’’. of Wildlife Poaching and Trafficking Tech- U.S.C. 4245(a)) is amended by striking ‘‘2007 nology Advisory Board’’. through 2012’’ and inserting ‘‘2018 through (2) DEFINITIONS.—Section 3 of the Marine Turtle Conservation Act of 2004 (16 U.S.C. 6602) (2) COMPOSITION.—The Board shall be com- 2022’’. posed of not fewer than 9 members appointed by (b) REAUTHORIZATION OF THE ASIAN ELEPHANT is amended— (A) in paragraph (2), in the matter preceding the Secretary, who shall provide expertise in— CONSERVATION ACT OF 1997.—Section 8(a) of the (A) wildlife trafficking and trade; Asian Elephant Conservation Act of 1997 (16 subparagraph (A), by inserting ‘‘and territories of the United States’’ after ‘‘foreign countries’’; (B) wildlife conservation and management; U.S.C. 4266(a)) is amended by striking ‘‘2007 (C) biology; and through 2012’’ and inserting ‘‘2018 through (D) technology development; 2022’’. (B) by adding at the end the following: (E) engineering; ‘‘(7) TERRITORY OF THE UNITED STATES.—The (c) REAUTHORIZATION OF THE RHINOCEROS AND (F) economics; term ‘territory of the United States’ means— TIGER CONSERVATION ACT OF 1994.—Section (G) business development and management; 10(a) of the Rhinoceros and Tiger Conservation ‘‘(A) the Commonwealth of Puerto Rico; and Act of 1994 (16 U.S.C. 5306(a)) is amended by ‘‘(B) Guam; (H) any other discipline, as the Secretary de- striking ‘‘2007 through 2012’’ and inserting ‘‘2018 ‘‘(C) American Samoa; termines to be necessary to achieve the purposes through 2022’’. ‘‘(D) the Commonwealth of the Northern Mar- of this section. iana Islands; (d) AMENDMENTS TO THE GREAT APE CON- (3) DUTIES.—Subject to paragraph (4), with ‘‘(E) the United States Virgin Islands; and SERVATION ACT OF 2000.— respect to the prize competition, the Board ‘‘(F) any other territory or possession of the (1) PANEL.—Section 4(i) of the Great Ape Con- shall— servation Act of 2000 (16 U.S.C. 6303(i)) is United States.’’. (A) select a topic; (3) MARINE TURTLE CONSERVATION ASSIST- amended— (B) issue a problem statement; and ANCE.—Section 4 of the Marine Turtle Conserva- (A) by striking paragraph (1) and inserting (C) advise the Secretary on any opportunity tion Act of 2004 (16 U.S.C. 6603) is amended— the following: for technological innovation to prevent wildlife (A) in subsection (b)(1)(A), by inserting ‘‘or a ‘‘(1) CONVENTION.—Not later than 1 year after poaching and trafficking. territory of the United States’’ after ‘‘foreign ONSULTATION.—In selecting a topic and the date of the enactment of the Wildlife Inno- (4) C country’’; and issuing a problem statement for the prize com- vation and Longevity Driver Act, and every 5 (B) in subsection (d), by striking ‘‘foreign petition under subparagraphs (A) and (B) of years thereafter, the Secretary shall convene a countries’’ and inserting ‘‘a foreign country or paragraph (3), respectively, the Board shall con- panel of experts on great apes to identify the a territory of the United States’’. sult widely with Federal and non-Federal stake- greatest needs and priorities for the conserva- (4) ADMINISTRATIVE EXPENSES.—Section holders, including— tion of great apes.’’; 5(b)(2) of the Marine Turtle Conservation Act of (A) 1 or more Federal agencies with jurisdic- (B) by redesignating paragraph (2) as para- 2004 (16 U.S.C. 6604(b)(2)) is amended by strik- tion over the prevention of wildlife poaching graph (5); and ing ‘‘$80,000’’ and inserting ‘‘$150,000’’. and trafficking; (C) by inserting after paragraph (1) the fol- (5) AUTHORIZATION OF APPROPRIATIONS.—Sec- (B) 1 or more State agencies with jurisdiction lowing: tion 7 of the Marine Turtle Conservation Act of over the prevention of wildlife poaching and ‘‘(2) COMPOSITION.—The Secretary shall en- 2004 (16 U.S.C. 6606) is amended by striking trafficking; sure that the panel referred to in paragraph (1) ‘‘each of fiscal years 2005 through 2009’’ and in- (C) 1 or more State, regional, or local wildlife includes, to the maximum extent practicable, 1 serting ‘‘each of fiscal years 2018 through 2022’’. organizations, the mission of which relates to or more representatives— TITLE IV—PRIZE COMPETITIONS the prevention of wildlife poaching and traf- ‘‘(A) from each country that comprises the ficking; and natural range of great apes; and SEC. 4001. DEFINITIONS. (D) 1 or more wildlife conservation groups, ‘‘(B) with expertise in great ape conservation. In this title: technology companies, research institutions, in- ‘‘(3) CONSERVATION PLANS.—In identifying the (1) NON-FEDERAL FUNDS.—The term ‘‘non-Fed- stitutions of higher education, industry associa- conservation needs and priorities under para- eral funds’’ means funds provided by— tions, or individual stakeholders with an inter- graph (1), the panel referred to in that para- (A) a State; est in the prevention of wildlife poaching and graph shall consider any relevant great ape con- (B) a territory of the United States; trafficking. servation plan or strategy, including scientific (C) 1 or more units of local or tribal govern- (5) REQUIREMENTS.—The Board shall comply research and findings relating to— ment; with all requirements under section 4007(a). ‘‘(A) the conservation needs and priorities of (D) a private for-profit entity; (d) AGREEMENT WITH THE NATIONAL FISH AND great apes; (E) a nonprofit organization; or WILDLIFE FOUNDATION.— ‘‘(B) any regional or species-specific action (F) a private individual. (1) IN GENERAL.—The Secretary shall offer to plan or strategy; (2) SECRETARY.—The term ‘‘Secretary’’ means enter into an agreement under which the Na- ‘‘(C) any applicable strategy developed or ini- the Secretary of the Interior, acting through the tional Fish and Wildlife Foundation shall ad- tiated by the Secretary; and Director of the United States Fish and Wildlife minister the prize competition. ‘‘(D) any other applicable conservation plan Service. (2) REQUIREMENTS.—An agreement entered or strategy. (3) WILDLIFE.—The term ‘‘wildlife’’ has the into under paragraph (1) shall comply with all ‘‘(4) FUNDS.—Subject to the availability of ap- meaning given the term in section 8 of the Fish requirements under section 4007(b). propriations, the Secretary may use amounts and Wildlife Coordination Act (16 U.S.C. 666b). (e) JUDGES.— available to the Secretary to pay for the costs of SEC. 4002. THEODORE ROOSEVELT GENIUS PRIZE (1) APPOINTMENT.—The Secretary shall ap- convening and facilitating any meeting of the FOR THE PREVENTION OF WILDLIFE point not fewer than 3 judges who shall, except panel referred to in paragraph (1).’’. POACHING AND TRAFFICKING. as provided in paragraph (2), select the 1 or (2) MULTIYEAR GRANTS.—Section 4 of the (a) DEFINITIONS.—In this section: more annual winners of the prize competition. Great Ape Conservation Act of 2000 (16 U.S.C. (1) BOARD.—The term ‘‘Board’’ means the (2) DETERMINATION BY THE SECRETARY.—The 6303) is amended by adding at the end the fol- Prevention of Wildlife Poaching and Trafficking judges appointed under paragraph (1) shall not lowing: Technology Advisory Board established by sub- select any annual winner of the prize competi- ‘‘(j) MULTIYEAR GRANTS.— section (c)(1). tion if the Secretary makes a determination

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00033 Fmt 0624 Sfmt 6333 E:\CR\FM\A08JN6.035 S08JNPT1 S3378 CONGRESSIONAL RECORD — SENATE June 8, 2017 that, in any fiscal year, none of the techno- (C) 1 or more State, regional, or local wildlife (A) invasive species; logical advancements entered into the prize com- organizations, the mission of which relates to (B) biology; petition merits an award. the promotion of wildlife conservation; and (C) technology development; (f) REPORT TO CONGRESS.—Not later than 60 (D) 1 or more wildlife conservation groups, (D) engineering; days after the date on which a cash prize is technology companies, research institutions, in- (E) economics; awarded under this section, the Secretary shall stitutions of higher education, industry associa- (F) business development and management; submit to the Committee on Environment and tions, or individual stakeholders with an inter- and (G) any other discipline, as the Secretary de- Public Works of the Senate and the Committee est in the promotion of wildlife conservation. termines to be necessary to achieve the purposes on Natural Resources of the House of Represent- (5) REQUIREMENTS.—The Board shall comply with all requirements under section 4007(a). of this section. atives a report on the prize competition that in- (3) DUTIES.—Subject to paragraph (4), with (d) AGREEMENT WITH THE NATIONAL FISH AND cludes— respect to the prize competition, the Board (1) a statement by the Board that describes WILDLIFE FOUNDATION.— (1) IN GENERAL.—The Secretary shall offer to shall— the activities carried out by the Board relating (A) select a topic; to the duties described in subsection (c)(3); enter into an agreement under which the Na- (B) issue a problem statement; and (2) if the Secretary has entered into an agree- tional Fish and Wildlife Foundation shall ad- (C) advise the Secretary on any opportunity ment under subsection (d)(1), a statement by the minister the prize competition. for technological innovation to manage invasive National Fish and Wildlife Foundation that de- (2) REQUIREMENTS.—An agreement entered species. scribes the activities carried out by the National into under paragraph (1) shall comply with all (4) CONSULTATION.—In selecting a topic and Fish and Wildlife Foundation relating to the requirements under section 4007(b). issuing a problem statement for the prize com- duties described in section 4007(b); and (e) JUDGES.— petition under subparagraphs (A) and (B) of (1) APPOINTMENT.—The Secretary shall ap- (3) a statement by 1 or more of the judges ap- paragraph (3), respectively, the Board shall con- point not fewer than 3 judges who shall, except pointed under subsection (e) that explains the sult widely with Federal and non-Federal stake- as provided in paragraph (2), select the 1 or basis on which the winner of the cash prize was holders, including— selected. more annual winners of the prize competition. (A) 1 or more Federal agencies with jurisdic- (2) DETERMINATION BY THE SECRETARY.—The (g) TERMINATION OF AUTHORITY.—The Board tion over the management of invasive species; and all authority provided under this section judges appointed under paragraph (1) shall not (B) 1 or more State agencies with jurisdiction shall terminate on December 31, 2022. select any annual winner of the prize competi- over the management of invasive species; tion if the Secretary makes a determination SEC. 4003. THEODORE ROOSEVELT GENIUS PRIZE (C) 1 or more State, regional, or local wildlife FOR THE PROMOTION OF WILDLIFE that, in any fiscal year, none of the techno- organizations, the mission of which relates to CONSERVATION. logical advancements entered into the prize com- the management of invasive species; and (a) DEFINITIONS.—In this section: petition merits an award. (D) 1 or more wildlife conservation groups, (1) BOARD.—The term ‘‘Board’’ means the (f) REPORT TO CONGRESS.—Not later than 60 technology companies, research institutions, in- Promotion of Wildlife Conservation Technology days after the date on which a cash prize is stitutions of higher education, industry associa- Advisory Board established by subsection (c)(1). awarded under this section, the Secretary shall tions, or individual stakeholders with an inter- (2) PRIZE COMPETITION.—The term ‘‘prize com- submit to the Committee on Environment and est in the management of invasive species. petition’’ means the Theodore Roosevelt Genius Public Works of the Senate and the Committee (5) REQUIREMENTS.—The Board shall comply Prize for the promotion of wildlife conservation on Natural Resources of the House of Represent- with all requirements under section 4007(a). established under subsection (b). atives a report on the prize competition that in- (d) AGREEMENT WITH THE NATIONAL FISH AND (b) AUTHORITY.—Not later than 180 days after cludes— WILDLIFE FOUNDATION.— the date of enactment of this Act, the Secretary (1) a statement by the Board that describes (1) IN GENERAL.—The Secretary shall offer to shall establish under section 24 of the Steven- the activities carried out by the Board relating enter into an agreement under which the Na- son-Wydler Technology Innovation Act of 1980 to the duties described in subsection (c)(3); tional Fish and Wildlife Foundation shall ad- (15 U.S.C. 3719) a prize competition, to be known (2) if the Secretary has entered into an agree- minister the prize competition. as the ‘‘Theodore Roosevelt Genius Prize’’ for ment under subsection (d)(1), a statement by the (2) REQUIREMENTS.—An agreement entered the promotion of wildlife conservation— National Fish and Wildlife Foundation that de- into under paragraph (1) shall comply with all (1) to encourage technological innovation scribes the activities carried out by the National requirements under section 4007(b). with the potential to advance the mission of the Fish and Wildlife Foundation relating to the (e) JUDGES.— United States Fish and Wildlife Service with re- duties described in section 4007(b); and (1) APPOINTMENT.—The Secretary shall ap- spect to the promotion of wildlife conservation; (3) a statement by 1 or more of the judges ap- point not fewer than 3 judges who shall, except and pointed under subsection (e) that explains the as provided in paragraph (2), select the 1 or (2) to award 1 or more prizes annually for a basis on which the winner of the cash prize was more annual winners of the prize competition. technological advancement that promotes wild- selected. (2) DETERMINATION BY THE SECRETARY.—The life conservation. (g) TERMINATION OF AUTHORITY.—The Board judges appointed under paragraph (1) shall not (c) ADVISORY BOARD.— and all authority provided under this section select any annual winner of the prize competi- (1) ESTABLISHMENT.—There is established an shall terminate on December 31, 2022. tion if the Secretary makes a determination advisory board, to be known as the ‘‘Promotion SEC. 4004. THEODORE ROOSEVELT GENIUS PRIZE that, in any fiscal year, none of the techno- of Wildlife Conservation Technology Advisory FOR THE MANAGEMENT OF INVASIVE logical advancements entered into the prize com- Board’’. SPECIES. petition merits an award. (2) COMPOSITION.—The Board shall be com- (a) DEFINITIONS.—In this section: (f) REPORT TO CONGRESS.—Not later than 60 posed of not fewer than 9 members appointed by (1) BOARD.—The term ‘‘Board’’ means the days after the date on which a cash prize is the Secretary, who shall provide expertise in— Management of Invasive Species Technology awarded under this section, the Secretary shall (A) wildlife conservation and management; Advisory Board established by subsection (c)(1). submit to the Committee on Environment and (B) biology; (2) PRIZE COMPETITION.—The term ‘‘prize com- Public Works of the Senate and the Committee (C) technology development; petition’’ means the Theodore Roosevelt Genius on Natural Resources of the House of Represent- (D) engineering; Prize for the management of invasive species es- atives a report on the prize competition that in- (E) economics; tablished under subsection (b). cludes— (F) business development and management; (b) AUTHORITY.—Not later than 180 days after (1) a statement by the Board that describes and the date of enactment of this Act, the Secretary the activities carried out by the Board relating (G) any other discipline, as the Secretary de- shall establish under section 24 of the Steven- to the duties described in subsection (c)(3); termines to be necessary to achieve the purposes son-Wydler Technology Innovation Act of 1980 (2) if the Secretary has entered into an agree- of this section. (15 U.S.C. 3719) a prize competition, to be known ment under subsection (d)(1), a statement by the (3) DUTIES.—Subject to paragraph (4), with as the ‘‘Theodore Roosevelt Genius Prize’’ for National Fish and Wildlife Foundation that de- respect to the prize competition, the Board the management of invasive species— scribes the activities carried out by the National shall— (1) to encourage technological innovation Fish and Wildlife Foundation relating to the (A) select a topic; with the potential to advance the mission of the duties described in section 4007(b); and (B) issue a problem statement; and United States Fish and Wildlife Service with re- (3) a statement by 1 or more of the judges ap- (C) advise the Secretary on any opportunity spect to the management of invasive species; pointed under subsection (e) that explains the for technological innovation to promote wildlife and basis on which the winner of the cash prize was conservation. (2) to award 1 or more prizes annually for a selected. (4) CONSULTATION.—In selecting a topic and technological advancement that manages (g) TERMINATION OF AUTHORITY.—The Board issuing a problem statement for the prize com- invasive species. and all authority provided under this section petition under subparagraphs (A) and (B) of (c) ADVISORY BOARD.— shall terminate on December 31, 2022. paragraph (3), respectively, the Board shall con- (1) ESTABLISHMENT.—There is established an SEC. 4005. THEODORE ROOSEVELT GENIUS PRIZE sult widely with Federal and non-Federal stake- advisory board, to be known as the ‘‘Manage- FOR THE PROTECTION OF ENDAN- holders, including— ment of Invasive Species Technology Advisory GERED SPECIES. (A) 1 or more Federal agencies with jurisdic- Board’’. (a) DEFINITIONS.—In this section: tion over the promotion of wildlife conservation; (2) COMPOSITION.—The Board shall be com- (1) BOARD.—The term ‘‘Board’’ means the (B) 1 or more State agencies with jurisdiction posed of not fewer than 9 members appointed by Protection of Endangered Species Technology over the promotion of wildlife conservation; the Secretary, who shall provide expertise in— Advisory Board established by subsection (c)(1).

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(2) PRIZE COMPETITION.—The term ‘‘prize com- awarded under this section, the Secretary shall cies at risk due to conflict with human activi- petition’’ means the Theodore Roosevelt Genius submit to the Committee on Environment and ties; Prize for the protection of endangered species Public Works of the Senate and the Committee (B) 1 or more State agencies with jurisdiction established under subsection (b). on Natural Resources of the House of Represent- over the management of native wildlife species (b) AUTHORITY.—Not later than 180 days after atives a report on the prize competition that in- at risk due to conflict with human activities; the date of enactment of this Act, the Secretary cludes— (C) 1 or more State, regional, or local wildlife shall establish under section 24 of the Steven- (1) a statement by the Board that describes organizations, the mission of which relates to son-Wydler Technology Innovation Act of 1980 the activities carried out by the Board relating the management of native wildlife species at risk (15 U.S.C. 3719) a prize competition, to be known to the duties described in subsection (c)(3); due to conflict with human activities; and as the ‘‘Theodore Roosevelt Genius Prize’’ for (2) if the Secretary has entered into an agree- (D) 1 or more wildlife conservation groups, the protection of endangered species— ment under subsection (d)(1), a statement by the technology companies, research institutions, in- (1) to encourage technological innovation National Fish and Wildlife Foundation that de- stitutions of higher education, industry associa- with the potential to advance the mission of the scribes the activities carried out by the National tions, or individual stakeholders with an inter- United States Fish and Wildlife Service with re- Fish and Wildlife Foundation relating to the est in the management of native wildlife species spect to the protection of endangered species; duties described in section 4007(b); and at risk due to conflict with human activities. and (3) a statement by 1 or more of the judges ap- (5) REQUIREMENTS.—The Board shall comply (2) to award 1 or more prizes annually for a pointed under subsection (e) that explains the with all requirements under section 4007(a). technological advancement that protects endan- basis on which the winner of the cash prize was (d) AGREEMENT WITH THE NATIONAL FISH AND gered species. selected. WILDLIFE FOUNDATION.— (c) ADVISORY BOARD.— (g) TERMINATION OF AUTHORITY.—The Board (1) IN GENERAL.—The Secretary shall offer to (1) ESTABLISHMENT.—There is established an and all authority provided under this section enter into an agreement under which the Na- advisory board, to be known as the ‘‘Protection shall terminate on December 31, 2022. tional Fish and Wildlife Foundation shall ad- of Endangered Species Technology Advisory SEC. 4006. THEODORE ROOSEVELT GENIUS PRIZE minister the prize competition. Board’’. FOR NONLETHAL MANAGEMENT OF (2) REQUIREMENTS.—An agreement entered (2) COMPOSITION.—The Board shall be com- HUMAN-WILDLIFE CONFLICTS. into under paragraph (1) shall comply with all posed of not fewer than 9 members appointed by (a) DEFINITIONS.—In this section: requirements under section 4007(b). (e) JUDGES.— the Secretary, who shall provide expertise in— (1) BOARD.—The term ‘‘Board’’ means the (1) APPOINTMENT.—The Secretary shall ap- (A) endangered species; Nonlethal Management of Human-Wildlife Con- point not fewer than 3 judges who shall, except (B) biology; flicts Technology Advisory Board established by as provided in paragraph (2), select the 1 or (C) technology development; subsection (c)(1). (D) engineering; (2) PRIZE COMPETITION.—The term ‘‘prize com- more annual winners of the prize competition. (2) DETERMINATION BY THE SECRETARY.—The (E) economics; petition’’ means the Theodore Roosevelt Genius judges appointed under paragraph (1) shall not (F) business development and management; Prize for the nonlethal management of human- select any annual winner of the prize competi- and wildlife conflicts established under subsection (G) any other discipline, as the Secretary de- (b). tion if the Secretary makes a determination termines to be necessary to achieve the purposes (b) AUTHORITY.—Not later than 180 days after that, in any fiscal year, none of the techno- of this section. the date of enactment of this Act, the Secretary logical advancements entered into the prize com- petition merits an award. (3) DUTIES.—Subject to paragraph (4), with shall establish under section 24 of the Steven- (f) REPORT TO CONGRESS.—Not later than 60 respect to the prize competition, the Board son-Wydler Technology Innovation Act of 1980 days after the date on which a cash prize is shall— (15 U.S.C. 3719) a prize competition, to be known awarded under this section, the Secretary shall (A) select a topic; as the ‘‘Theodore Roosevelt Genius Prize’’ for (B) issue a problem statement; and the nonlethal management of human-wildlife submit to the Committee on Environment and (C) advise the Secretary on any opportunity conflicts— Public Works of the Senate and the Committee for technological innovation to protect endan- (1) to encourage technological innovation on Natural Resources of the House of Represent- gered species. with the potential to advance the mission of the atives a report on the prize competition that in- (4) CONSULTATION.—In selecting a topic and United States Fish and Wildlife Service with re- cludes— (1) a statement by the Board that describes issuing a problem statement for the prize com- spect to the nonlethal management of human- the activities carried out by the Board relating petition under subparagraphs (A) and (B) of wildlife conflicts; and to the duties described in subsection (c)(3); paragraph (3), respectively, the Board shall con- (2) to award 1 or more prizes annually for a (2) if the Secretary has entered into an agree- sult widely with Federal and non-Federal stake- technological advancement that promotes the ment under subsection (d)(1), a statement by the holders, including— nonlethal management of human-wildlife con- National Fish and Wildlife Foundation that de- (A) 1 or more Federal agencies with jurisdic- flicts. scribes the activities carried out by the National tion over the protection of endangered species; (c) ADVISORY BOARD.— Fish and Wildlife Foundation relating to the (B) 1 or more State agencies with jurisdiction (1) ESTABLISHMENT.—There is established an duties described in section 4007(b); and over the protection of endangered species; advisory board, to be known as the ‘‘Nonlethal (3) a statement by 1 or more of the judges ap- (C) 1 or more State, regional, or local wildlife Management of Human-Wildlife Conflicts Tech- pointed under subsection (e) that explains the organizations, the mission of which relates to nology Advisory Board’’. basis on which the winner of the cash prize was the protection of endangered species; and (2) COMPOSITION.—The Board shall be com- selected. (D) 1 or more wildlife conservation groups, posed of not fewer than 9 members appointed by the Secretary, who shall provide expertise in— (g) TERMINATION OF AUTHORITY.—The Board technology companies, research institutions, in- and all authority provided under this section stitutions of higher education, industry associa- (A) nonlethal wildlife management; (B) social aspects of human-wildlife conflict shall terminate on December 31, 2022. tions, or individual stakeholders with an inter- management; SEC. 4007. ADMINISTRATION OF PRIZE COMPETI- est in the protection of endangered species. (C) biology; TIONS. (5) REQUIREMENTS.—The Board shall comply (D) technology development; (a) ADDITIONAL REQUIREMENTS FOR ADVISORY with all requirements under section 4007(a). (E) engineering; BOARDS.—An advisory board established under (d) AGREEMENT WITH THE NATIONAL FISH AND (F) economics; section 4002(c)(1), 4003(c)(1), 4004(c)(1), WILDLIFE FOUNDATION.— (G) business development and management; 4005(c)(1), or 4006(c)(1) (referred to in this sec- (1) IN GENERAL.—The Secretary shall offer to and tion as a ‘‘Board’’) shall comply with the fol- enter into an agreement under which the Na- (H) any other discipline, as the Secretary de- lowing requirements: tional Fish and Wildlife Foundation shall ad- termines to be necessary to achieve the purposes (1) TERM; VACANCIES.— minister the prize competition. of this section. (A) TERM.—A member of the Board shall serve (2) REQUIREMENTS.—An agreement entered (3) DUTIES.—Subject to paragraph (4), with for a term of 5 years. into under paragraph (1) shall comply with all respect to the prize competition, the Board (B) VACANCIES.—A vacancy on the Board— requirements under section 4007(b). shall— (i) shall not affect the powers of the Board; (e) JUDGES.— (A) select a topic; and (1) APPOINTMENT.—The Secretary shall ap- (B) issue a problem statement; and (ii) shall be filled in the same manner as the point not fewer than 3 judges who shall, except (C) advise the Secretary on any opportunity original appointment was made. as provided in paragraph (2), select the 1 or for technological innovation to promote the (2) INITIAL MEETING.—Not later than 30 days more annual winners of the prize competition. nonlethal management of human-wildlife con- after the date on which all members of the (2) DETERMINATION BY THE SECRETARY.—The flicts. Board have been appointed, the Board shall judges appointed under paragraph (1) shall not (4) CONSULTATION.—In selecting a topic and hold the initial meeting of the Board. select any annual winner of the prize competi- issuing a problem statement for the prize com- (3) MEETINGS.— tion if the Secretary makes a determination petition under subparagraphs (A) and (B) of (A) IN GENERAL.—The Board shall meet at the that, in any fiscal year, none of the techno- paragraph (3), respectively, the Board shall con- call of the Chairperson. logical advancements entered into the prize com- sult widely with Federal and non-Federal stake- (B) REMOTE PARTICIPATION.— petition merits an award. holders, including— (i) IN GENERAL.—Any member of the Board (f) REPORT TO CONGRESS.—Not later than 60 (A) 1 or more Federal agencies with jurisdic- may participate in a meeting of the Board days after the date on which a cash prize is tion over the management of native wildlife spe- through the use of—

VerDate Sep 11 2014 02:44 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00035 Fmt 0624 Sfmt 6333 E:\CR\FM\A08JN6.035 S08JNPT1 S3380 CONGRESSIONAL RECORD — SENATE June 8, 2017 (I) teleconferencing; or (ix) subject to subparagraph (B), award 1 cash Senate completes its business today, it (II) any other remote business telecommuni- prize annually; and adjourn until 4 p.m., Monday, June 12; cations method that allows each participating (x) protect against unauthorized use or disclo- further, that following the prayer and sure by the National Fish and Wildlife Founda- member to simultaneously hear each other par- pledge, the morning hour be deemed ticipating member during the meeting. tion of any trade secret or confidential business (ii) PRESENCE.—A member of the Board who information of a prize competition participant. expired, the Journal of proceedings be participates in a meeting remotely under clause (B) ADDITIONAL CASH PRIZES.—The National approved to date, the time for the two (i) shall be considered to be present at the meet- Fish and Wildlife Foundation may award more leaders be reserved for their use later ing. than 1 cash prize annually if the initial cash in the day, and morning business be (4) QUORUM.—A majority of the members of prize referred to in subparagraph (A)(ix) and closed; finally, that following leader the Board shall constitute a quorum, but a less- any additional cash prize are awarded using only non-Federal funds. remarks, the Senate resume consider- er number of members may hold a meeting. ation of the motion to proceed to Cal- (5) CHAIRPERSON AND VICE CHAIRPERSON.—The (C) SOLICITATION OF FUNDS.—The National Board shall select a Chairperson and Vice Fish and Wildlife Foundation— endar No. 110, S. 722, postcloture. (i) may request and accept Federal funds and Chairperson from among the members of the The PRESIDING OFFICER. Without non-Federal funds for a cash prize; objection, it is so ordered. Board. (ii) may accept a contribution for a cash prize (6) ADMINISTRATIVE COST REDUCTION.—The in exchange for the right to name the prize; and Board shall, to the maximum extent practicable, (iii) shall not give special consideration to any f minimize the administrative costs of the Board, Federal agency or non-Federal entity in ex- including by encouraging the remote participa- change for a donation for a cash prize awarded ADJOURNMENT UNTIL MONDAY, tion described in paragraph (3)(B)(i) to reduce under this section. travel costs. (c) AWARD AMOUNTS.— JUNE 12, 2017, AT 4 P.M. (b) AGREEMENTS WITH THE NATIONAL FISH (1) IN GENERAL.—The amount of the initial Mr. MCCONNELL. Mr. President, if AND WILDLIFE FOUNDATION.—Any agreement cash prize referred to in subsection (b)(1)(A)(ix) there is no further business to come be- entered into under section 4002(d)(1), 4003(d)(1), shall be $100,000. fore the Senate, I ask unanimous con- 4004(d)(1), 4005(d)(1), or 4006(c)(1) shall comply (2) ADDITIONAL CASH PRIZES.—On notification with the following requirements: by the National Fish and Wildlife Foundation sent that it stand adjourned under the (1) CONTENTS.—An agreement shall provide that non-Federal funds are available for an ad- previous order. the following: ditional cash prize, the Secretary shall deter- There being no objection, the Senate, (A) DUTIES.—The National Fish and Wildlife mine the amount of the additional cash prize. at 5:43 p.m., adjourned until Monday, Foundation shall— Mr. MCCONNELL. Mr. President, I June 12, 2017, at 4 p.m. (i) advertise the prize competition; ask unanimous consent that the com- (ii) solicit prize competition participants; mittee-reported substitute amendment f (iii) administer funds relating to the prize be agreed to, the bill, as amended, be competition; considered read a third time and (iv) receive Federal funds— CONFIRMATIONS (I) to administer the prize competition; and passed, and the motion to reconsider be (II) to award a cash prize; considered made and laid upon the Executive nominations confirmed by (v) carry out activities to generate contribu- table. the Senate June 8, 2017: tions of non-Federal funds to offset, in whole or The PRESIDING OFFICER. Without DEPARTMENT OF STATE in part— objection, it is so ordered. SCOTT P. BROWN, OF NEW HAMPSHIRE, TO BE AMBAS- (I) the administrative costs of the prize com- The committee-reported amendment SADOR EXTRAORDINARY AND PLENIPOTENTIARY OF petition; and in the nature of a substitute was THE UNITED STATES OF AMERICA TO NEW ZEALAND, AND TO SERVE CONCURRENTLY AND WITHOUT ADDI- (II) the costs of a cash prize; agreed to. TIONAL COMPENSATION AS AMBASSADOR EXTRAOR- (vi) in consultation with, and subject to final The bill (S. 826), as amended, was or- DINARY AND PLENIPOTENTIARY OF THE UNITED STATES approval by, the Secretary, develop criteria for dered to be engrossed for a third read- OF AMERICA TO THE INDEPENDENT STATE OF SAMOA. the selection of prize competition winners; ing, was read the third time, and FOREIGN SERVICE (vii) provide advice and consultation to the passed. FOREIGN SERVICE NOMINATIONS BEGINNING WITH Secretary on the selection of judges under sec- FRED AZIZ AND ENDING WITH NATHALIE SCHARF, WHICH tions 4002(e), 4003(e), 4004(e), 4005(e), 4006(e) f NOMINATIONS WERE RECEIVED BY THE SENATE AND AP- PEARED IN THE CONGRESSIONAL RECORD ON APRIL 25, based on criteria developed in consultation ORDERS FOR MONDAY, JUNE 12, 2017. with, and subject to the final approval of, the 2017 FOREIGN SERVICE NOMINATIONS BEGINNING WITH Secretary; DAVID GOSSACK AND ENDING WITH PAMELA WARD, C WHICH NOMINATIONS WERE RECEIVED BY THE SENATE (viii) announce 1 or more annual winners of Mr. M CONNELL. Mr. President, I AND APPEARED IN THE CONGRESSIONAL RECORD ON the prize competition; ask unanimous consent that when the APRIL 25, 2017.

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HONORING VICTORIA MOYER ment that can be attained with hard work and becca Johnson, Associate of the University. In ARDEN perseverance. It is essential students at all a time when bipartisan discussion is often levels strive to make the most of their edu- contentious, Doctor Johnson has served on HON. JARED HUFFMAN cation and develop a work ethic which will the committee for the Gray Matter series, OF CALIFORNIA guide them for the rest of their lives. which aims to promote civil discussion of di- IN THE HOUSE OF REPRESENTATIVES I extend my deepest congratulations to vergent views on important topics. She is also McKenna Gubanich for winning the Arvada Thursday, June 8, 2017 the former president of the Board of Directors Wheat Ridge Service Ambassadors for Youth of the M.K. Gandhi Institute for Nonviolence Mr. HUFFMAN. Mr. Speaker, I rise today in award. I have no doubt she will exhibit the and continues to serve on the board in leader- recognition of Victoria (Vicki) Moyer Arden on same dedication and character in all of her fu- ship roles. Her passion also extends to civic her retirement as the Fine Arts Program Coor- ture accomplishments. engagement, best demonstrated through initia- dinator at Oak Grove Union School District in f tives such as RIT’s 2016 ‘‘Roar the Vote.’’ Sonoma County after over 16 years of excep- Thanks to her efforts, RIT has made impres- TRIBUTE TO DOCTORS WILLIAM tional service. sive strides toward energy sustainability DESTLER AND REBECCA JOHN- Born in Reading, Pennsylvania and raised in though programs like the greenRITnetwork SON OF THE ROCHESTER INSTI- Madison, Connecticut, Ms. Arden received her and FoodShare. TUTE OF TECHNOLOGY Bachelor’s degree from Towson State Univer- Over the course of their ten-year term, Doc- sity and a Master’s in Art Education from the tors Destler and Johnson have truly come to University of New Mexico. In 2001, she and HON. LOUISE McINTOSH SLAUGHTER embody the mantra of RIT, ‘‘The making of a her family moved to Sebastopol where she OF NEW YORK living and the living of life.’’ It is with sincere has resided ever since. IN THE HOUSE OF REPRESENTATIVES appreciation that we thank Doctors Destler During her tenure at Oak Grove Union Thursday, June 8, 2017 and Johnson for their selfless dedication to School District, Ms. Arden developed a robust Ms. SLAUGHTER. Mr. Speaker, I rise today higher education, RIT, and the proud city of and comprehensive Fine Arts program that is Rochester. We wish them the best in their fu- a model for elementary and middle schools to commemorate the service of two members of the Rochester, New York community, Roch- ture endeavors and affirm that they will always everywhere. She is well-regarded by her col- be at home in our community. leagues, students and their families for her ester Institute of Technology President William f passion for instilling a meaningful love of art in Destler and his wife Doctor Rebecca Johnson, her students. She dedicated her entire profes- Associate of the University. The Rochester area is home to an intelligent HONORING SERGEANT JOE MOSS sional career to supporting and promoting and curious community, thanks to residents quality education for Sonoma students, where who have dedicated their lives to the advance- HON. JEB HENSARLING the fundamental subjects always included a ment of higher education. Doctors Destler and OF TEXAS well-rounded fine arts program. Her skills, tal- Johnson are no exception and thanks to their IN THE HOUSE OF REPRESENTATIVES ent and energy helped Oak Grove Elementary efforts, Rochester continues to be home to receive two prestigious California Distin- Thursday, June 8, 2017 some of the finest institutes of higher learning guished School awards during her tenure that have produced notable alumni for genera- Mr. HENSARLING. Mr. Speaker, it is an there, among other distinctions. tions. honor to recognize Sergeant Joe Moss for his Her philosophy that, ‘‘arts offer students a Assuming the Presidency in 2007, Doctor courageous service to our country. Sergeant unique language to explore ideas, feelings, Destler became responsible for a world-re- Moss grew up in Kerens, Texas where he was subject matter, and cultures’’ was realized by nowned university that includes nearly 19,000 drafted by the United States Army. numerous students over the years, many of students from all 50 states and more than 100 Sergeant Moss grew up in the Fifth Con- whom will be grateful for this influence for foreign nations. One hundred and twenty one gressional District of Texas, which I have the years to come. thousand alumni around the world are proud privilege of representing. After he graduated Mr. Speaker, please join me in expressing to call RIT their alma mater and, at one point, from Malakoff High School, he began his serv- deep appreciation for Ms. Arden’s extraor- Rochester as their home. RIT is also the third ice in the infantry for the Army during the Viet- dinary service to our public school children, largest producer of undergraduate degrees in nam War. During his brave and valiant service and thank her for the indelible marks she has science, technology, engineering, and math to our country he was severely injured. As the undoubtedly left on the thousands of students among all private universities in the United squad leader, Sergeant Moss’ platoon came in she has educated over the years, as well as States. contact with a land mine while on a maneuver. her own two children, Paul and Gabe, and her During his tenure as President, Doctor Two of Sergeant Moss’ fellow soldiers were husband John, and extend to her best wishes Destler recognized the symbiotic relationship killed and several, including himself, were in- on her retirement. between RIT and the city of Rochester, serv- jured. Sergeant Moss lost both of his legs in f ing on multiple civic engagement boards in- the explosion, something that would dramati- MCKENNA GUBANICH cluding the Greater Rochester Chamber of cally change his life; it didn’t however, change Commerce and the Golisano Family Founda- who Sergeant Moss truly was. HON. ED PERLMUTTER tion. Leading his students by example, Doctor There is no doubt that his selfless service to Destler is an international authority on high- our country saved many lives while in Viet- OF COLORADO power microwave sources and is best known nam. He has helped countless veterans re- IN THE HOUSE OF REPRESENTATIVES for his pioneering work in the collective accel- turning from battle by selflessly giving his time Thursday, June 8, 2017 eration of heavy ions. Under his watch, female and sharing his own experiences to mentor Mr. PERLMUTTER. Mr. Speaker, I rise enrollment has increased 25 percent and inter- and support those who have fought for our today to recognize and applaud McKenna national enrollment has increased an astound- country. While Sergeant Moss returned home Gubanich for receiving the Arvada Wheat ing 120 percent. Forty-one percent of the in a wheelchair, he did not allow that to con- Ridge Service Ambassadors for Youth award. freshman class is deaf and hard of hearing, fine his tenacious spirit. Thirteen years after McKenna Gubanich is a student at Faith international and African, Asian, Latino, and he returned, Sergeant Moss, along with a few Christian Academy and received this award Native American. These numbers alone are a friends who were also paraplegics, succeeded because her determination and hard work testament to the strength through diversity of in climbing the rocky Guadalupe Peak—Texas’ have allowed her to overcome adversities. RIT. highest mountain which reaches 8,751 feet The dedication demonstrated by McKenna Doctor Destler is one-half of an unparalleled above sea level. The next day, President Ron- Gubanich is exemplary of the type of achieve- team. He is joined by his wife, Doctor Re- ald Reagan called to congratulate Sergeant

∑ This ‘‘bullet’’ symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor.

VerDate Sep 11 2014 04:42 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00001 Fmt 0626 Sfmt 9920 E:\CR\FM\K08JN8.001 E08JNPT1 E788 CONGRESSIONAL RECORD — Extensions of Remarks June 8, 2017 Moss. Sergeant Moss is an inspiration and de- America deserves a President that will work Mike was born March 18, 1952 and grad- serves to be honored. I know Sergeant Moss to establish an energy policy that will position uated from Penn State University in 1975 with and his fellow soldiers did not all receive the the United States as an energy independent a Bachelor of Science Degree in Environment return they truly deserved. So for Sergeant country that also leads the world toward a Resource Management. He married his wife Moss and others, welcome home and thank sustainable future. Andrea on May 15, 1976, and began working you. f for Washington Township the next year as Su- Humbly, I echo the words of President Ron- pervisor. In 1993, Mike began serving as the ald Reagan, ‘‘We will always remember. We HONORING DR. KARI MOE Township Treasurer as well as Supervisor. will always be proud. We will always be pre- Mike is one of those outstanding individuals pared, so we will always be free.’’ And hum- HON. KEITH ELLISON who is a true public servant, Mr. Speaker, and bly, I offer my sincere gratitude to Sergeant OF MINNESOTA he didn’t stop with working for his local com- Joe Moss for his service and acts of bravery IN THE HOUSE OF REPRESENTATIVES munity full time. He’s served on numerous that allow us the freedoms we enjoy today. Thursday, June 8, 2017 boards and committees in the Waynesboro area and Franklin County including the YMCA f Mr. ELLISON. Mr. Speaker, I rise today to Board of Directors and Building Committee, as commemorate the public service of Kari Moe, OPPOSITION OF U.S. WITHDRAWAL President of the Greater Waynesboro Cham- ON CLIMATE CHANGE my Chief of Staff for over 10 years. When I was first elected to Congress, many ber of Commerce, and as Secretary for the of my friends and colleagues said the one Waynesboro Area Drug Education Consor- HON. TERRI A. SEWELL thing I had to do was hire a great Chief of tium. He is also the founder of the Franklin OF ALABAMA Staff. Kari has been more than great—she has County Crime Solvers Board. IN THE HOUSE OF REPRESENTATIVES been irreplaceable. I am certainly not the first to recognize Mike Thursday, June 8, 2017 Kari Moe met my personal hero and a men- for his outstanding service. In addition to much tor, Senator Paul Wellstone, when she was a recognition throughout his career, just this Ms. SEWELL of Alabama. Mr. Speaker, year he was awarded the Chairman’s Distin- today, I rise in opposition to President Trump’s freshman at Carleton College, where he was a professor. When the college’s conservative guished Service Award at the Pennsylvania misguided decision to withdraw America from State Association of Township Supervisors the Paris Climate Agreement. This agreement, administration moved not to renew Senator Wellstone’s contract in 1975, Kari organized 95th Annual Conference in Hershey. which was negotiated and signed by President Mr. Speaker, Mike’s willingness to serve his Obama, was a strong step in the right direc- campus protests to grant him tenure. Kari and her fellow activists were victorious, and community and Pennsylvania sets him apart tion to combat climate change. The deal de- as an outstanding individual and I am honored veloped goals to reduce carbon pollution by Wellstone was granted tenure. That event marked the beginning of a long to represent him in the United States Con- increasing energy efficiency and investing in gress. I ask that all of my colleagues in the energy research and development. and successful career in organizing and lead- ership. Soon after graduating, she moved to United States House of Representatives join Joining Syria and Nicaragua, the United me in congratulating Mike on his retirement States is now one of three countries not par- Chicago to work for another personal hero, Harold Washington, the city’s first black and wishing him nothing but continued suc- ticipating in this groundbreaking pact of 195 cess. nations. With this decision, President Trump Mayor. f has chosen to relinquish America’s position as After Paul Wellstone won his Senate race in a leader in global environmental policy and 1990, he called Kari to ask her to join his MICKAYLA CUNNINGHAM thus, forfeits the United States from techno- team in D.C. As Senator Wellstone’s Chief, logical advancements and solar jobs that she helped achieve many progressive victories and helped develop staffers with her signature HON. ED PERLMUTTER would drive our global economic growth. To OF COLORADO retreat from the world stage gives other coun- nurturing leadership style. Kari has exceeded all expectations in her IN THE HOUSE OF REPRESENTATIVES tries, such as China and Russia, the oppor- role as lead staffer for my office. She has, per- tunity to gain universal influence. Thursday, June 8, 2017 haps more than anyone, shaped my Congres- Moreover, President Trump’s decision to Mr. PERLMUTTER. Mr. Speaker, I rise break America’s promise on energy commit- sional career. She helped us serve the 5th Congressional District, advance our policy today to recognize and applaud Mickayla ment with no plan in place to reduce our car- Cunningham for receiving the Arvada Wheat bon footprint jeopardizes our progress toward agenda, and build the work of the Congres- sional Progressive Caucus. We have worked Ridge Service Ambassadors for Youth award. a more sustainable energy future. Because of Mickayla Cunningham is a student at Ar- together every step of the way and I have ap- the lack of leadership in the White House, citi- vada K–8 School and received this award be- preciated her leadership. I will miss her and zens across our nation must rely on city and cause her determination and hard work have know she will continue to advance our agenda state officials to lead their communities in an allowed her to overcome adversities. effort to combat climate change. in her future work with young leaders. She will be remembered in my office for her The dedication demonstrated by Mickayla More than 200 mayors from around the strength, empathy and leadership, always urg- Cunningham is exemplary of the type of United States have joined the Mayors National ing staff to act with purpose, and to remember achievement that can be attained with hard Climate Action Agenda to adopt, honor, and that real change doesn’t come from the top— work and perseverance. It is essential stu- uphold the commitments to the goals en- it comes from empowering people at the grass dents at all levels strive to make the most of shrined in the Paris Agreement as well as roots. their education and develop a work ethic strengthen local efforts to reduce greenhouse I thank her for her service and will miss her which will guide them for the rest of their lives. gas emissions. I am proud to say that Bir- in my office. I extend my deepest congratulations to mingham Mayor William Bell has joined this Mickayla Cunningham for winning the Arvada f initiative. Wheat Ridge Service Ambassadors for Youth Our constituents deserve a responsible en- RECOGNIZING MIKE CHRISTOPHER award. I have no doubt she will exhibit the ergy strategy that meets our obligation to pro- ON HIS RETIREMENT AFTER 40 same dedication and character in all of her fu- tect the environment for future generations. YEARS OF PUBLIC SERVICE ture accomplishments. This strategy should also include a proposed f plan to eradicate environmental injustice, an HON. BILL SHUSTER issue that affects many Americans today, in- HONORING THE LIFE OF OF PENNSYLVANIA BALDOMERO VELA SR cluding citizens of my district. IN THE HOUSE OF REPRESENTATIVES For example, Perry County is a largely Afri- can American community in Alabama where Thursday, June 8, 2017 HON. VICENTE GONZALEZ coal ash from around the country is dumped. Mr. SHUSTER. Mr. Speaker, I rise today to OF TEXAS Time and time again, we see that communities congratulate Mike Christopher, a devoted pub- IN THE HOUSE OF REPRESENTATIVES of color, as well as the poor, are burdened lic servant in Franklin County, Pennsylvania. with the negative health outcomes that stem Mike is retiring after 40 years of dedicated Thursday, June 8, 2017 from exposure to pollution and industrial public service as supervisor of Washington Mr. GONZALEZ of Texas. Mr. Speaker, I waste. Township. rise today to honor the life of prominent Rio

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00002 Fmt 0626 Sfmt 9920 E:\CR\FM\K08JN8.013 E08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — Extensions of Remarks E789 Grande Valley businessman, Baldomero Vela Currently, Ms. Geter works at Buffalo State cheerful disposition—usually. He has made Sr., who passed away on Friday, June 2, College as Director of the Head Start Partner- this Committee, and helped make this Con- 2017. ship. As Director, she is a mentor and teacher gress and this system of government, work. Baldomero, or ‘‘Baldo,’’ as he was known to to Head Start teachers who go on to help chil- And our nation has benefited. friends and family, was born and raised in Hi- dren. In addition, Ms. Geter serves as the I believe that there is nothing more noble to dalgo, Texas. After graduating from McAllen President of the Hamlin Park Taxpayers Asso- which men and women can devote their lives High School, he enlisted in the U.S. Army in ciation, Board Chair of Restoring Our Commu- than to the protection of their fellow citizens 1944, serving in the 29th Infantry Division dur- nity Coalition, Board Chair of Elim Community and the security of our nation. Bob Simmons ing World War II. He then attended the Univer- Corporation, and is on the Board of the WNY has devoted his life to that cause, first in in- sity of Texas at Austin, graduating in 1949 Food Bank. As the Board Chair of Restoring dustry, then with us, now back to industry. But with a degree in pharmaceuticals. Our Community Coalition, she has used her it has always been the same cause. And the Following graduation, Baldo was a phar- leadership to revitalize neighborhoods along guiding light has always been what’s the right macist for 50 years in the Rio Grande Valley. Humboldt Parkway in Buffalo, NY. Ms. Geter thing to do for our country, and for the men In 1957, Baldo opened the Professional Phar- has worked with Elim Community Corporation, and women who serve it. macy in McAllen, Texas. In the 1970s, he pur- a bible-based ministry that offers worship to Everyone who serves in jobs like these chased Lee’s Pharmacy, which is now owned many in our community. In her role on the does so at some sacrifice to family. And so I and operated by two of his five children. In ad- Board of the WNY Food Bank, Ms. Geter or- want to thank Donna and Rob for sharing Bob dition to his role as a pharmacist, Baldo was ganized and helped provide services vital to with us these 12 years and for understanding deeply involved in a number of community or- the people of Western New York. The impacts the missed anniversaries and birthdays. We ganizations, including the Hidalgo Lions Club, of her work can be seen in many different were on quite a roll there for a while. Knights of Columbus, McAllen Public Utilities forms. While Ms. Geter has been involved in On behalf of the men and women who have Board and McAllen Housing Services. many different causes and organizations, one been privileged enough to serve in this room Baldomero will be remembered as a kind constant is her devotion to people in Western at some point over the past 12 years, we are and generous man, whose contributions to his New York. incredibly grateful for the opportunity to work community will not be easily forgotten. His Mr. Speaker, thank you for allowing me the with Bob, for what you have done for us, and generous spirit will live on in the Rio Grande time to recognize the remarkable work Ms. for all you have done for that most noble Valley, leaving those he loved better for hav- Stephanie Geter has done for the Western cause. ing known him. New York Community. Ms. Getter has truly f Mr. Speaker, South Texas lost a strong dedicated her life to helping the people of Buf- community member this month. He embodied HONORING CAPTAIN JERRY LYNN falo & Erie County. Stephanie’s devotion to the values of diligence, selflessness, and serv- TATE serving others is admirable and I would like to ice. He will be sorely missed. congratulate her on receiving the Medgar HON. JEB HENSARLING f Evers Award. OF TEXAS HONORING THE ACCOMPLISH- f IN THE HOUSE OF REPRESENTATIVES MENTS OF STEPHANIE BARBER EXPRESSING APPRECIATION FOR GETER AS SHE RECEIVES THE Thursday, June 8, 2017 ROBERT LEE SIMMONS II MEDGAR EVERS AWARD FROM Mr. HENSARLING. Mr. Speaker, it is an THE BUFFALO BRANCH OF THE honor to recognize Captain Jerry Lynn Tate NAACP HON. MAC THORNBERRY for his courageous service to our country. OF TEXAS While Captain Tate enjoys his retirement in HON. BRIAN HIGGINS IN THE HOUSE OF REPRESENTATIVES Mabank, Texas, his exemplary military career OF NEW YORK Thursday, June 8, 2017 leaves a far-reaching legacy of true, American IN THE HOUSE OF REPRESENTATIVES exceptionalism. Mr. THORNBERRY. Mr. Speaker, I rise Captain Tate joined the United States Army Thursday, June 8, 2017 today to express appreciation for the work of after graduating from the University of Okla- Mr. HIGGINS of New York. Mr. Speaker, I Robert Lee Simmons II, Staff Director of the homa’s Army ROTC. He was commissioned rise today to honor Stephanie Barber Geter, House Armed Services Committee. True con- as a Second Lieutenant in January of 1967. recipient of The Medgar Evers Award at the fession—I don’t like goodbyes, and I’m not Upon basic training and studies, Captain NAACP—Buffalo Chapter’s Medgar Evers Din- very good at them. So I wrote down a few Tate was an instructor in the Armor School of ner. Ms. Geter has dedicated much of her life things I want to say and then will yield to oth- Topographic Studies at Fort Knox. He went on to serving others, especially the people of ers. to earn his Army Aviator Wings and received Western New York. She has left a lasting im- Bob Simmons has been a superb leader of 18 Air Medals for meritorious achievement pact on our community by putting others be- the House Armed Services Committee staff for while participating in flight support for combat fore herself and combining her skills with com- 12 years, across four chairmen. That longevity ground forces throughout the Republic of Viet- passion to improve the lives of others. and continued confidence in him as chairmen nam. As a pilot as well as an instructor in the Ms. Geter served as Senior Vice President come and go, as Committee members come Grumman OV–1 Mohawk, Captain Tate flew of Funds Distribution & Community Initiatives and go, as the challenges that our military and 945 hours and 315 missions in combat. He at the United Way of Buffalo & Erie County. In our country face come and too often stay, is also received both the 1,000 and 2,000 hour this role, she distributed approximately $25 pretty remarkable, especially in the business plaque from Grumman Aerospace, commemo- million annually to agency providers and com- we are in. rating his accident-free flying hours. There is munity partners which played a vital role in I would say his greatest achievement is that no doubt that Captain Tate saved countless community development within Western New he assembled, led, and inspired an out- lives during his outstanding service to our York. Ms. Geter’s tireless work for the United standing group of people to give their best for country. Way of Buffalo & Erie County has improved our country through not only changing security His acts of bravery were commemorated the quality of life of countless members of our challenges, but through changing political en- with many awards and decorations, including community, and presented so many individ- vironments. And he has always operated in the Bronze Star Medal. Upon his release from uals with opportunities they would not have light of the unique responsibilities that the active duty as an instructor pilot and flight had without her. Constitution places on Congress as a sepa- commander at Fort Rucker, Captain Tate went The extensive background in community rate, independent branch of government. Our on to have a successful career as a pilot for service Ms. Geter possesses speaks volumes system is messy, difficult, usually inefficient— Delta Air Lines for 33 years. to her drive to make a positive impact on the as Churchill said, it ‘‘is the worst form of gov- Humbly, I echo the words of President Ron- world. She has experience working in the leg- ernment except for all of the others that have ald Reagan, ‘‘We will always remember. We islative service branch of government, neigh- ever been tried.’’ will always be proud. We will always be pre- borhood housing programs and youth job Over the years, Bob has spent the hours, pared, so we will always be free.’’ And hum- services. Ms. Geter has served diligently on incurred the headaches, the time in the car, bly, I offer my sincere gratitude to Captain numerous non-profit boards, community and the frustrations of dealing with knucklehead Jerry Lynn Tate for his service and acts of government committees and oversight groups Members like me with the next great idea. And bravery that allow us the freedoms we enjoy as well. he has done all of that with patience and a today.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00003 Fmt 0626 Sfmt 0634 E:\CR\FM\K08JN8.018 E08JNPT1 E790 CONGRESSIONAL RECORD — Extensions of Remarks June 8, 2017 IN RECOGNITION OF ANDREA On roll call Number 291, agreeing to House Mr. Anthony Wiley Jr., as he receives the LUNA CERVANTES’ RECEIPT OF Resolution 375, had I been present I would Youth Award, which has been awarded to him THE 2017 HAMILTON SCHOLARS have voted ‘‘yes.’’ by the Buffalo Branch of the National Associa- AWARD On roll call Number 292, the motion to table tion for the Advancement of Colored People. the appeal of the ruling of the chair, had I He is deserving of this award due to his in- HON. PAUL A. GOSAR been present I would have voted ‘‘yes.’’ volvement with his local Boy Scout Troop, and OF ARIZONA On roll call Number 293, passage of an his volunteer work for churches throughout his IN THE HOUSE OF REPRESENTATIVES amendment to H.R. 2213, had I been present community. I would have voted ‘‘no.’’ Anthony has been involved with community Thursday, June 8, 2017 On roll call Number 294, passage of H.R. service as a member of his Boy Scout troop Mr. GOSAR. Mr. Speaker, today I rise to 2213, had I been present I would have voted throughout his life, and has been promoted to recognize Ms. Andrea Luna Cervantes of ‘‘yes.’’ an Assistant Scoutmaster of Troop 237. He at- Prescott, Arizona. Andrea is an accomplished I am pleased that my colleagues in the tained this honor by earning his merit badges and dedicated student who has devoted tre- House voted to pass the Anti-Border Corrup- through service-oriented and camping experi- mendous amounts of time and energy to her tion Reauthorization Act of 2017 that will en- ences, and was further awarded the rank of studies and to improving her community. I am able the U.S. Customs and Border Protection Eagle Scout for his hard work and dedication. excited to announce that Andrea is one of 35 (CBP) to fulfill its duty to protect the American Some of Anthony’s achievements as a Boy national recipients of the 2017 Hamilton Schol- people by waiving specific pre-employment re- Scout include performing his role as Crew ars Award for outstanding academic accom- quirements for certain qualified candidates to Leader on an eighty-two mile journey at plishments and community service. Her work make the hiring process more expedient. The Philmont Scout Ranch in New Mexico, acting ethic, academic aptitude and ability to connect CBP is currently understaffed below its con- as a Patrol Leader and later as a Senior Pa- with people of all ages renders her receipt of gressionally mandated level and this bill will trol member, and becoming a member of the this award no surprise. help alleviate this staffing shortage. Arrow of the Arrow. His Eagle Scout Project Currently, Andrea is a rising senior at Yuma f involved supervising the building of a new High School, where she is well on her way to supply cabinet for his church. Notably, he DULLES HIGH SCIENCE TEAM becoming a productive service leader. In spent a total of 105 hours to complete this GOES FAR IN NATIONAL COM- reaching this point, she has overcome many project, and was acknowledged and rewarded PETITION hardships through determination and a sup- by the Eagle Scout board of review on De- portive community. I fully expect she will con- cember 22, 2015. tinue to grow into a productive and engaged HON. PETE OLSON Anthony has shown dedication to the Scout citizen—exactly the kind of leader our society OF TEXAS Oath, exhibiting an exemplary sense of duty is in need of. IN THE HOUSE OF REPRESENTATIVES and admirable mental and moral aptitude. He Those who know Andrea recognize that she Thursday, June 8, 2017 is extensively involved with his community, as has the natural ability to reach out and con- shown by his attendance at the Macedonia Mr. OLSON. Mr. Speaker, I rise today to nect with people of all backgrounds. Included Missionary Baptist Church, where he plays the congratulate Dulles High School of Sugar amongst her work in the community is her drums, volunteers regularly in the food pantry, Land, TX, for placing in the top 16 at the 2017 service as the Vice President of Junior State and helps those who run the church in their National Science Bowl Competition hosted by of America (JSA)—an American non-partisan duties by tending to the sanctuary in the eve- youth organization that helps high school stu- the U.S. Department of Energy. The National Science Bowl is a prestigious nings. dents acquire leadership skills and the req- He is a graduate of Tapestry Charter High academic competition that brings together uisite skills to be effective debaters and civic School, where he was a member of the Thun- thousands of middle and high school students participants. She also serves as the President der Hawks Varsity Basketball Team and of the from across the country. Students compete by of her chapter of the National Honor Society— school band. an academic membership-based organization solving technical problems and answering Mr. Speaker, it is with great pride that I rise that fosters a commitment to academic excel- questions on a range of topics, such as biol- today to honor Mr. Anthony Wiley Jr. for his lence. Andrea has competed at high levels of ogy, chemistry, earth and space science, hard work and his dedication to his commu- debate moderation and math competitions, physics and math. From January to March, re- nity. I wish him the best in his future endeav- and was a participant in the selective Yuma gional elimination tournaments were held ors and look forward to seeing how he will Youth Leadership Program. across the country. The top 111 teams from continue to serve others. the regional competitions earned the oppor- Andrea is an ambitious, high-achieving f young woman. She embodies the characteris- tunity to compete at the National Science tics which, when cultivated, give rise to the Bowl. Dulles High School made it to the top GOREVILLE HS GIRLS SOFTBALL best of our society’s leaders. It is an honor of 16, winning $1000 for their school’s science mine to recognize this Hamilton Scholar, and department. The team members included: An- HON. JOHN SHIMKUS I expect only the best from Andrea’s future en- drew Liu, Shree Mohan, Shreyas Balaji, Anish OF ILLINOIS deavors. Patel, Abin Antony, Coach Judy Matney and IN THE HOUSE OF REPRESENTATIVES Coach Chandra Mohan. f Thursday, June 8, 2017 On behalf of the Twenty-Second Congres- PERSONAL EXPLANATION sional District of Texas, congratulations again Mr. SHIMKUS. Mr. Speaker, I rise today to to Dulles High School for earning a top 16 salute the achievements of the Goreville Black HON. BRIAN BABIN spot at the National Science Bowl. We’re Cats softball team, which earlier this month brought home the Illinois Class 1A State OF TEXAS proud to have them represent TX–22 and look Championship. IN THE HOUSE OF REPRESENTATIVES forward to seeing their future accomplish- ments. The Black Cats put together a 26–8 season Thursday, June 8, 2017 this year, swept through the regional and the f Mr. BABIN. Mr. Speaker, on Wednesday, sectional, and knocked off two of the state’s June 7, I joined the Vice-President for an im- HONORING THE ACCOMPLISH- top teams at the state finals in order to claim portant event at Johnson Space Center in my MENTS OF ANTHONY WILEY JR. the title. The team beat Hardin-Calhoun 2–0 in congressional district. As a result, I missed the AS HE RECEIVES THE YOUTH extra innings in the championship game. following recorded votes: AWARD FROM THE BUFFALO These student-athletes and their coaches On roll call Number 288, ordering the pre- BRANCH OF THE NAACP have represented themselves, their school, vious question on House Resolution 374, had and their community in a first-rate fashion. I I been present I would have voted ‘‘yes.’’ HON. BRIAN HIGGINS join with the other Members of this House in On roll call Number 289, agreeing to House OF NEW YORK congratulating them and wishing them all the Resolution 374, had I been present I would IN THE HOUSE OF REPRESENTATIVES best in their future academic and athletic en- have voted ‘‘yes.’’ deavors. On roll call Number 290, ordering the pre- Thursday, June 8, 2017 Congratulations to: team members Katie vious question on House Resolution 375, had Mr. HIGGINS of New York. Mr. Speaker, I Schuetz, Camille Green, Shayna Elms, Mor- I been present I would have voted ‘‘yes.’’ stand today to honor the accomplishments of gan Dunning, Alexandria King, Payton

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00004 Fmt 0626 Sfmt 9920 E:\CR\FM\K08JN8.026 E08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — Extensions of Remarks E791 Sopczak, Adrianna Licka, Cheyenne Walker, ther the civil rights movement in the city of Congratulations to Greg on a remarkable Summar Albright (C), Kiara Miller, Breanna Buffalo. Under his leadership, the local legacy of service in Contra Costa. Stout, Camren Anderson (C), Macy Goins, NAACP chapter saw many successes in the f Samantha Licka, Kelsey Ray; coaches and public sector, notably in the city’s police force staff Steve Webb—Superintendent, Jeri Mil- and the public education system. IN RECOGNITION OF JAMES JA- ler—Principal, Christina King—Assistant Prin- Frank diligently played the role of watchdog COBS FOR HIS OUTSTANDING CA- cipal, Todd Tripp—Athletic Director, Shanna in the community by exposing racism and dis- REER WITH MACOMB COMMU- Massey—Head Coach, Brooke Merrill—Assist- crimination. Through the work of the NAACP, NITY COLLEGE ant Coach, and Mandy Schuetz—Score- the Buffalo Public Schools were desegregated, keeper. thanks in no small part to Frank’s efforts. He HON. DEBBIE DINGELL f also fought for reforms in the Buffalo police OF MICHIGAN force to ensure black and white officers were IN THE HOUSE OF REPRESENTATIVES RECOGNIZING LOGAN LEE FOR HIS treated equally in the workplace. The NAACP Thursday, June 8, 2017 STATE TITLE AS THE 1A 220- also advanced black teachers and administra- POUND ILLINOIS STATE WRES- tors in public schools. Mrs. DINGELL. Mr. Speaker, I rise today to TLING CHAMPION In addition to striving for improvements for recognize Dr. James Jacobs for his work on people of color in the city of Buffalo, Frank behalf of Macomb Community College. Mr. Ja- HON. CHERI BUSTOS fought for the rights of women, senior citizens, cobs has been a tireless advocate for the col- OF ILLINOIS and the gay and lesbian community. Buffalo is lege and higher education during his presi- IN THE HOUSE OF REPRESENTATIVES indebted to his remarkable determination and dency and career with MCC. steadfast resolve. While much work remains to After graduating from Princeton with a de- Thursday, June 8, 2017 be done, Frank’s work and the battles fought gree in politics, Dr. Jacobs began his career Mrs. BUSTOS. Mr. Speaker, I rise today to by the NAACP under his leadership have cre- with MCC as a professor in economics, where congratulate Logan Lee, a sophomore at ated a better place for us all. he specialized in occupational education and Orion High School, for being named the Class Mr. Speaker, thank you for allowing me the suburban economic development. After sev- 1A 220-pound Illinois State Champion in wres- opportunity to highlight the tremendous service eral decades of teaching, Dr. Jacobs moved tling. of Frank Mesiah and the Buffalo Chapter of into MCC’s administration in 1994. During his Logan Lee claimed a 12–9 victory at the Illi- the NAACP. Our city is so grateful for his time, he also worked with the Community Col- nois State Wrestling Championship, and I dedication to civil rights. I wish him the abso- lege Research Center at Columbia University, would like to recognize Logan for his tremen- lute best in all his future endeavors. where he directed efforts on addressing issues dous accomplishment. Logan’s dedication and f facing community colleges throughout the passion for his sport allowed him to overcome country. In 2008, Dr. Jacobs was named a difficult season, and a state bracket that in- RECOGNIZING GREG J. FEERE President of MCC and served in this position cluded the top seed in his path. As a former UPON HIS RETIREMENT until this year. During his tenure, Dr. Jacobs athlete, I understand the hard work and dedi- spearheaded a number of initiatives to grow cation that goes into being awarded such a HON. MARK DeSAULNIER and modernize the college, including expand- title. Logan has dedicated himself to his sport, OF CALIFORNIA ing its training and vocational education pro- and shows us all the value of perseverance IN THE HOUSE OF REPRESENTATIVES grams to provide students in the community and a strong work ethic. I am proud there is with in demand skillsets. These efforts have Thursday, June 8, 2017 such young talent in our community, and to helped solidify MCC as a leader in workforce see him represent our community throughout Mr. DESAULNIER. Mr. Speaker, I rise to development and training. the state. recognize Greg J. Feere upon his retirement Dr. Jacobs’ decades of service with MCC Mr. Speaker, I would like to again formally from the Contra Costa Building and Construc- has helped create a nationally renowned insti- congratulate Logan Lee on his title, and I join tion Trades Council. Mr. Feere has been an tution that effectively serves the needs of the the rest of our community in wishing him every extraordinary community leader at the Building Southeast Michigan community. Throughout success in the future. Trades Council and throughout Contra Costa his time as President, Dr. Jacobs has grown f County. and expanded the college’s workforce devel- During his tenure as Chief Executive Officer opment and entrepreneurship offering, includ- HONORING FRANK B. MESIAH AS (CEO), Mr. Feere also served as a Commis- ing the Innovation Fund Macomb Community HE RECEIVES THE PRESIDENT’S sioner for the Contra Costa County Fish & College, which provides assistance to early- AWARD FROM THE BUFFALO Wildlife and as a Trustee of Contra Costa Col- stage companies and entrepreneurs. His long- CHAPTER OF THE NAACP lege. Prior to his work with the Building Trades term planning has led to national recognition Council, Greg was the youngest Business for MCC, including visits by President Obama HON. BRIAN HIGGINS Manager for Asbestos Workers Local 16 to be and other state leaders. This legacy of excel- OF NEW YORK elected in 100 years of the Local’s history. lence has helped drive economic development IN THE HOUSE OF REPRESENTATIVES During his 30 years of service as CEO of and provide a quality education to countless the Council, Greg was elected uncontested for Thursday, June 8, 2017 students, and Dr. Jacobs’ leadership will be his seven terms, which reflects his accom- missed as he moves on from his current posi- Mr. HIGGINS of New York. Mr. Speaker, I plished tenure. Some highlights of his achieve- tion. rise today to honor the exceptional service of ments include designing the first Community Mr. Speaker, I ask my colleagues to join me civil rights and social justice pioneer Frank B. Outreach Program in Northern California to in honoring Dr. James Jacobs for his distin- Mesiah as the former president of the Buffalo create training and job opportunities for guished career with Macomb Community Col- Branch of the National Association for the Ad- women, minorities and economically disadvan- lege. Dr. Jacobs’ work with MCC has been vancement of Colored People (NAACP) as he taged workers, doubling the Council’s mem- critical to the development of southeast Michi- is presented with the President’s Award at the bership in two and a half years, at a time gan and the education of its workforce. NAACP Annual Medgar Evers Dinner. when other unions were losing members and f Frank Mesiah is from Buffalo’s West Side development and promotion of the Best Em- and a graduate of Grover Cleveland High ployee Safety Team (B.E.S.T.) program used MONICA VALIENTE School, in the Buffalo Public School system he at Shell refinery, which set a national safety would later fight to integrate. He earned his record of 4 million hours worked without a lost HON. ED PERLMUTTER Bachelor’s and Master’s degrees from Buffalo time accident; for which Shell refinery received OF COLORADO State College and worked as both a Buffalo the Business Roundtable National Safety IN THE HOUSE OF REPRESENTATIVES police officer, Buffalo teacher, and at the New Award. York State Department of Labor to support his Mr. Feere’s rich legacy is filled with positive Thursday, June 8, 2017 wife and three daughters. impacts on working families and the less fortu- Mr. PERLMUTTER. Mr. Speaker, I rise After serving our nation and earning an hon- nate for those living in Contra Costa County today to recognize and applaud Monica orable discharge from the United States Army and beyond. I wish Greg all of the best in his Valiente for receiving the Arvada Wheat Ridge in the 1950’s, Frank worked tirelessly to fur- retirement. Service Ambassadors for Youth award.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00005 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.002 E08JNPT1 E792 CONGRESSIONAL RECORD — Extensions of Remarks June 8, 2017 Monica Valiente is a student at Warren Judith Pitcher; his mother and father-in-law, He served as the Staff Director for the Cali- Tech North and received this award because Vera and Roger Lucas; and his brother-in-law, fornia State Senate Committee on Govern- her determination and hard work have allowed Roger Lucas. mental Organization for 19 years. From 1980 her to overcome adversities. SGT Bell’s service and sacrifice will always to 1985, Mr. Hardy was an advocate for the The dedication demonstrated by Monica be remembered. California State Employees Association, the Valiente is exemplary of the type of achieve- f union of California’s state workers. ment that can be attained with hard work and Mr. Hardy served as Chairman of the So- perseverance. It is essential students at all HONORING NATIONAL CANCER lano County Drug Abuse Advisory Council in levels strive to make the most of their edu- SURVIVORS DAY AND THE 1978 and 1979, and as a member of the cation and develop a work ethic which will SALISBURY VISITING NURSE AS- Vacaville Human Services Commission from guide them for the rest of their lives. SOCIATION 1977 through 1979. I extend my deepest congratulations to He also served as a Vacaville Unified Monica Valiente for winning the Arvada Wheat HON. ELIZABETH H. ESTY School Board Member from 1987 through Ridge Service Ambassadors for Youth award. OF CONNECTICUT 1991 where, among other positions, he served I have no doubt she will exhibit the same dedi- IN THE HOUSE OF REPRESENTATIVES as its President. Mr. Hardy was elected to the cation and character in all of her future Vacaville City Council in 2002, where he Thursday, June 8, 2017 accomplishments. served two terms. In 2007 he was appointed f Ms. ESTY of Connecticut. Mr. Speaker, I director of the state Department of Alcoholic rise today in recognition of National Cancer Beverage Control by then-Governor Arnold RECOGNIZING THE LIFE OF THE Survivors Day and to honor the cancer sur- Schwarzenegger, which led to his stepping FALLEN SOLDIER ARMY SER- vivors and medical professionals gathered in down as a city council member. He was elect- GEANT (SGT) CHRISTOPHER Salisbury, Connecticut who are champions in ed Mayor of Vacaville in 2010 and served one ROGER BELL the fight against cancer. term. Cancer has touched all of our lives in some Mayor Hardy was an excellent representa- HON. TRENT KELLY way, and there are more than 15 million sur- tive for the Vacaville community. He helped OF MISSISSIPPI vivors in our country. Whether we have seen lead the city through the Great Recession, im- IN THE HOUSE OF REPRESENTATIVES family, friends, or neighbors fight the disease, prove local surface transportation, and was al- they have shown us tremendous courage and ways able to take a principled approach to the Thursday, June 8, 2017 fortitude. Their perseverance and commitment most critical challenges and decisions the Mr. KELLY of Mississippi. Mr. Speaker, to a living fully after diagnosis is an inspiration Council faced. today I rise in memory of fallen soldier Army to us all. Today’s celebration in Salisbury Steve Hardy’s loss leaves a major void in Sergeant (SGT) Christopher Roger Bell who makes a powerful statement about our com- the community. Mr. Hardy’s wife of 46 years, paid the ultimate sacrifice while defending our munity’s commitment to those in need of sup- Jerri Hardy, passed away in March 2012. He nation on June 4, 2011, during Operation En- port and our goal to improve the lives of those is survived by a son, Stephen; and a daugh- during Freedom. SGT Bell was killed when an who have been diagnosed. ter, Shannon. The Vacaville community improvised explosive device hit his convoy in In Connecticut, we are lucky to have leaders mourns Steve’s passing and remembers his Laghman Province, Afghanistan. Also killed in medical treatment and patient care. The selfless commitment to the community. were Sergeant (SGT) Joshua David Powell, Salisbury Visiting Nurse Association has been f Sergeant (SGT) Devin Arielle Snyder, and serving the people of northwestern Con- IN RECOGNITION OF SAINT Specialist (SPC) Robert Lee Voakes, Jr. necticut for over a century. These profes- PARIZE-LE-CHAˆ TEL, FRANCE SGT Bell was assigned to the 164th Military sionals both provide high quality care to pa- Police Company, 793rd Military Police Bat- tients and address their personal needs, often talion, 3rd Maneuver Enhancement Brigade of ensuring they can remain in the safety and HON. WILLIAM R. KEATING OF MASSACHUSETTS Joint Base Elmendorf-Richardson, Alaska. comfort of their own home. It is dedicated IN THE HOUSE OF REPRESENTATIVES SGT Bell, a Golden, Mississippi native, was health care professionals like these who sup- 21 years old at the time of death. He joined port cancer patients and their families through Thursday, June 8, 2017 the Army in July 2008 after graduating from treatment and to lead a fulfilling life. Each day, Mr. KEATING. Mr. Speaker, I rise today in Tremont High School in Tremont, Mississippi, the nurses, social workers, and health care recognition of the people of Saint Parize-le- and served at Fort Leonard Wood, Missouri, professionals of our community make a dif- Chaˆtel, France as they commemorate the before being stationed in Alaska in January ference in the lives of our neighbors. 100th Anniversary of the arrival of American 2009. Mr. Speaker, National Cancer Survivors Day troops during World War I. ‘‘If he saw that someone needed help, he is a global event that reminds us of the cour- During the Great War, Saint Parize-le- did not hesitate to step in and lend a hand,’’ age shown by cancer patients and of the ev- Chaˆtel was the location of the Mars-sur-Allier said Robert Worthington. ‘‘He always put oth- eryday compassion that helps those who have Army Hospital which housed more than ers before himself. SGT Bell strived for perfec- been diagnosed. It is fitting and proper that we 40,000 wounded soldiers while it was in oper- tion in every aspect of life, and knowing that honor the survivors and care providers gath- ation. Thus a deep and abiding relationship perfection was out of reach, he still never ered in Salisbury, Connecticut today and cele- was established and continues to embody the stopped trying.’’ brate their lives and work. close bond that the United States and France He was awarded the Bronze Star Medal, f have maintained since the American Revolu- Purple Heart and Good Conduct Medal, NATO tion. Medal, and Combat Action Badge. He was HONORING STEVE HARDY This year, on the 100th Anniversary of the also awarded the National Defense Service arrival of American troops to their town, the Medal, Afghanistan Campaign Medal with HON. JOHN GARAMENDI people of Saint Parize-le-Chaˆtel are coming Bronze Service Star, Global War on Terrorism OF CALIFORNIA together to inaugurate a memorial that is dedi- Service Medal, Army Service Ribbon, Over- IN THE HOUSE OF REPRESENTATIVES cated to American servicemen and women seas Service Ribbon, Combat and Special who cared for their wounded comrades in Thursday, June 8, 2017 Skill Badge, Basic Marksmanship Qualification arms at Mars-sur-Allier. The commitment of Badge, and Overseas Service Bar. Mr. GARAMENDI. Mr. Speaker, I rise today the Saint Parize-le-Chaˆtel community to pre- On June 17, 2011, SGT Bell was buried in memory of Mayor Steve Hardy, a beloved serving and celebrating this history is a testa- with full military honors at the Living Faith member of the Vacaville community, who ment to the deeply held values of liberty, Tabernacle Cemetery in Columbus, Mis- passed away this May. equality, and fraternity by both French and sissippi. Mr. Hardy was born in San Francisco, and Americans alike. It is at times like this when SGT Bell is survived by his wife, Samantha served six years in the Navy from 1960 to we should all take a moment to remember and Lucas Bell; daughter, Lana Nicole Bell; his 1966 as a radar operator on a destroyer. He thank those who have risen, time and again, parents, Timothy and Barbara Bell; and broth- then returned home and worked as a San to defend these shared values throughout his- ers, Zachary and Timothy Bell. He is also sur- Francisco police officer for five years before tory. vived by his maternal grandparents, James leaving that position to become a public policy Mr. Speaker, I am proud to honor Saint and Mary Wooten; his paternal grandmother, specialist in Sacramento. Parize-le-Chaˆtel on this joyous occasion. I ask

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00006 Fmt 0626 Sfmt 9920 E:\CR\FM\K08JN8.004 E08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — Extensions of Remarks E793 that my colleagues join me in thanking Mayor those who might otherwise feel marginalized. MIGUEL NUNEZ Andre´ Garcia and the Council of Saint Parize- She teaches children and young adults about le-Chaˆtel for their efforts in organizing this his- the importance of taking care of their minds, HON. ED PERLMUTTER toric commemoration. bodies and spirits. Simultaneously, she advo- OF COLORADO f cates for the youth members of her commu- IN THE HOUSE OF REPRESENTATIVES nity, and continues to learn and develop ever- Thursday, June 8, 2017 HONORING THE CAREER OF TIF- improving methods of Esthetic care and com- FANY RENEE’ LEWIS AS SHE RE- munity development. Mr. PERLMUTTER. Mr. Speaker, I rise CEIVES THE DANIEL R. ACKER Formerly Ms. Lewis served as Vice-Chair for today to recognize and applaud Miguel Nunez COMMUNITY SERVICE AWARD the Buffalo Promise Neighborhood Community for receiving the Arvada Wheat Ridge Service FROM THE BUFFALO CHAPTER Council, and has been a member of the Na- Ambassadors for Youth award. OF THE NAACP Miguel Nunez is a student at Arvada High tional Notary Association, the Buffalo Niagara School and received this award because his Association of Realtors, the National Associa- determination and hard work have allowed him HON. BRIAN HIGGINS tion for the Advancement of Colored People, to overcome adversities. OF NEW YORK and the National Association of Realtors. The dedication demonstrated by Miguel IN THE HOUSE OF REPRESENTATIVES A native of Memphis, Tennessee, Ms. Lewis Nunez is exemplary of the type of achieve- Thursday, June 8, 2017 moved with her family to Buffalo, New York, at ment that can be attained with hard work and a young age. The Buffalo community is ex- Mr. HIGGINS of New York. Mr. Speaker, I perseverance. It is essential students at all tremely grateful to her for her hard work and stand today to honor the outstanding works of levels strive to make the most of their edu- her contributions to the overall health of its Ms. Tiffany Renee’ Lewis, as she receives the cation and develop a work ethic which will members. distinguished Daniel R. Acker Community guide them for the rest of their lives. Service Award from the Buffalo Branch of the Ms. Lewis has been recognized for her ac- I extend my deepest congratulations to National Association for the Advancement of complishments many times before, earning the Miguel Nunez for winning the Arvada Wheat Colored People. Her contributions to the com- Trailblazer Award by the program ‘‘Women Ridge Service Ambassadors for Youth award. munity of Buffalo are numerous, including her Making History,’’ the Women of Influence I have no doubt he will exhibit the same dedi- ownership of the Skin Deep Beauty Spa, her Award by Buffalo Business First, the New cation and character in all of his future accom- volunteer work for The American Cancer Soci- York State Award for Public Policy, the Volun- plishments. teer of the Year Award for her community ety’s ‘‘Look Good Feel Better’’ Program, her f service with the developmentally disabled, a work as a realtor for Realty USA and as a HONOR FLIGHT OF OREGON marketing assistant for Watts Architecture and Volunteer Award by the Buffalo Promise Engineering, and her development of the Neighborhood, and many more. youth mentorship program, ‘‘Confident Girl,’’ Mr. Speaker, it is with great pride that I rise HON. GREG WALDEN which she launched in 2016. today to honor Ms. Tiffany Renee’ Lewis for OF OREGON Through her volunteer work with The Amer- her inspirational dedication to the community. IN THE HOUSE OF REPRESENTATIVES ican Cancer Society’s Look Good Feel Better She has proven herself to be an extraor- Thursday, June 8, 2017 dinarily intelligent and accomplished woman, Program, she has provided invaluable assist- Mr. WALDEN. Mr. Speaker, I rise to recog- and I wish her the best in her future endeav- ance to those who are suffering by helping nize twenty-five World War II veterans from ors. cancer patients to look and feel their best. She Oregon who visited their memorial on the Na- is uniquely qualified for this service, as she re- tional Mall on Friday, June 9,2017 through f ceived her Esthetics license from The Salon Honor Flight of Oregon. Every time I have the Professional Academy, receiving top honor for CORBIN WINS KATY TOMPKIN chance to meet one of these heroes from the her hard work. She then further pursued her HIGH’S FIRST STATE CHAMPION- ‘‘Greatest Generation,’’ I am reminded of the Certification in Clinical Oncology Esthetics SHIP poignant words of General Dwight D. Eisen- through the Skin Therapy Institute, making her hower. In a message to Allied troops just be- the first African American female to do so in fore D-Day, he said, ‘‘The eyes of the world the Western New York Region. Notably, she HON. PETE OLSON are upon you. The hopes and prayers of lib- trained in Washington, D.C., with First Lady OF TEXAS erty loving people everywhere march with Michelle Obama’s Personal Esthetician JoElle IN THE HOUSE OF REPRESENTATIVES you.’’ Lee in June of 2014, earning a Certificate in Thursday, June 8, 2017 He was right then, of course, Mr. Speaker. Dealing with Multicultural Skin. Her dedication But over seventy years later, liberty loving has allowed her to become a celebrity Mr. OLSON. Mr. Speaker, I rise today to people everywhere continue to owe—these esthetician, speaker, educator and mentor congratulate Mason Corbin of Katy, TX, for heroes for their extraordinary service and their who specializes in the health and wellness of winning the state championship title in the incredible stories of sacrifice and bravery on the skin. In addition to her honorable work Boys High Jump 6A division at the University behalf of our country. That’s why it is my privi- with cancer patients, she has also dem- Interscholastic League Track and Field State lege to enter their names into the CONGRES- onstrated her preeminence in her field through Meet. SIONAL RECORD today. her work with celebrities, professional athletes Most people spend years training to win a The veterans on this Honor Flight from Or- and world renowned artistic directors. She state championship and then there is Mason. egon are as follows: Robert Turkisher, Air also offers guidance by contributing to maga- The Katy Tompkin High School junior tried out Force; Curtis Lyon, Army Air Force; Benny zine and newspaper articles, as well as radio for track and field in February for the first time Ashbaugh, Army; Lloyd Bert Baldwin, Army; shows. She is now a highly-regarded expert in at the recommendation of a friend, even Fred Feigner, Army; Albert Wellman, Army; the field of Esthetics. though he’s been an avid basketball player Kenneth Williams, Army; Helen Bennett, Wom- Ms. Lewis also holds a dual degree in Legal since seventh grade. Mason won his first high en’s Army Corps; Frank White, Army and and Religious Studies, and has spent more jump meet in March by clearing 6–7 and went Navy; Jack Rickard, Marine Corps; Ray than twelve years working within the commu- on to prove he can compete with the best by Rigutto, Navy Reserve and Marine Corps Re- nity on various development programs. She clearing 6–10 (and breaking a personal serve; Duane Amundson, Navy; Theodore combined her extensive experiences in com- record) at the District 19–6A championships. Bennett, Navy; Rudolph Fenk, Navy; Frank munity organizing and the beneficial social ef- He’s currently ranked 15th in the nation and Kline, Navy; Robert Martin, Navy; Thomas fects of Esthetics to create the ‘‘Confident will compete at the New Balance Outdoor Na- McAllisterr, Navy; Andrew Naylor, Navy; Girl’’ Mentoring Program, which works to em- tionals in the elite meet this June in North Julene Peterson, Navy; John Sefren, Navy; power youth, teens and young adults in New Carolina. We wish him good luck. Samuel Sorrels, Navy; Quentin Smith, Navy; York. The program serves over thirty young On behalf of the Twenty-Second Congres- Dan Smith, Navy; Donald Warneke, Navy; people in the Advantage After-School Program sional District of Texas, congratulations again Santo Regalbuto, Navy Reserve. in Niagara Falls, New York, by helping them to to Mason for winning the state championship. These twenty-five heroes join the over pursue self-discovery and wholesome devel- We’re proud of his quick success and look for- 150,000 veterans who have been honored opmental strategies. She works to promote ward to seeing him do well in his upcoming through the Honor Flight Network of volun- feelings of self-confidence and self-worth in meets. teers nationwide since 2005.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00007 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.009 E08JNPT1 E794 CONGRESSIONAL RECORD — Extensions of Remarks June 8, 2017 I also want to thank and recognize the Engineers. Before his command ends in June through their efforts, and they have dem- guardians and group leaders on this flight, as of 2017, he will have overseen nearly $200 onstrated a commitment to improving our pub- well as the dedicated Board Members of million in civil works water resource planning, lic schools in South Florida. Honor Flight of Oregon, who worked so hard design, construction, and regulatory functions The Broward Education Foundation helps to to make this trip happen. in the states of Illinois and Missouri. provide the students of Broward County with Mr. Speaker, at the height of the Civil War Mitchell began his duties as the 51st Com- an exceptional education, enabling them to in 1863, President Abraham Lincoln wrote, mander of the St. Louis District in 2014 and reach their greatest potential. The scholar- ‘‘Honor to the Soldier, and Sailor everywhere, has since then worked to provide leadership ships provided by the Foundation will enable who bravely bears his country’s cause.’’ Each and direction to more than 700 military and ci- 190 students this year alone to pursue their of us in this Chamber and in this Nation vilian personnel, functioning to provide water goals of higher education. should be humbled by the courage of these resource engineering solutions to the 300 brave veterans who put themselves in harm’s miles of the Mississippi watershed above the I express deep appreciation for the Broward way for our country and way of life. As a na- Ohio River. Education Foundation’s important work. Their tion, we can never fully repay the debt of grati- Aside from his accomplishments in engi- dedication has truly changed lives by providing tude owed to them for their honor, commit- neering, Mitchell’s military decorations are students the educational tools they need to ment, and sacrifice in defense of the freedoms praiseworthy as well. Featuring two Bronze achieve success. I thank them for their work we have today. Star Medals; the Defense Meritorious Service and service. My colleagues, please join me in thanking Medal, four Meritorious Service Medals, two these veterans and the volunteers of Honor Army Commendation Medals, four Army f Flight of Oregon for their exemplary dedication Achievement Medals, the Parachutist Badge HONORING BOB PESTONI and service to this great country. and the Army Engineer Association’s Bronze f de Fleury Medal. Additionally, in 2012 Mitchell was recognized as the Black Engineer of the HON. MIKE THOMPSON WELCOMING THE ROMANIAN Year Award Recipient for Professional PRESIDENT TO THE UNITED Achievement in Government. These awards OF CALIFORNIA STATES are truly a testament to Mitchell and the level IN THE HOUSE OF REPRESENTATIVES of dedication he puts in to his work. HON. MICHAEL R. TURNER Colonel Mitchell’s commitment to the St. Thursday, June 8, 2017 OF OHIO Louis District has undoubtedly contributed to Mr. THOMPSON of California. Mr. Speaker, IN THE HOUSE OF REPRESENTATIVES the Mississippi Valley Region’s excellence and I rise today to honor Bob Pestoni upon the oc- Thursday, June 8, 2017 I congratulate him on his many achievements casion of celebrating 125 years of family and thank him for his work. winemaking in the Napa Valley. Mr. TURNER. Mr. Speaker, I am proud to f welcome Romanian President Klaus Iohannis A native of St. Helena, California, Mr. to our Nation’s Capital, and I look forward to NEVAEH JENSEN Pestoni graduated from St. Helena High personally meeting with him this evening. Two School before attending Napa Valley College days ago, President Iohannis placed a wreath HON. ED PERLMUTTER and then joining the U.S. Army. Mr. Pestoni is the descendant of the Pestino and Domingos at the Tomb of the Unknown Soldier in the Ar- OF COLORADO winemaking families. lington National Cemetery, honoring the mem- IN THE HOUSE OF REPRESENTATIVES ory of our service members. Tomorrow, he is Mr. Pestoni’s great-great-grandfather, Albino meeting with President Trump and other Thursday, June 8, 2017 Pestoni, immigrated to Napa Valley from a American officials. Romania is a stalwart U.S. Mr. PERLMUTTER. Mr. Speaker, I rise small village in Switzerland near the Italian partner and an important member of the today to recognize and applaud Nevaeh Jen- border in 1892. Ten years later, he, his wife NATO Alliance. It hosts the Aegis Ashore Mis- sen for receiving the Arvada Wheat Ridge Maria Madonna, and their four sons estab- sile Defense System at Deveselu military Service Ambassadors for Youth award. lished Bonded Winery 935. One of those sons, base, which protects NATO members from Nevaeh Jensen is a student at Jefferson Henry, formed a vineyard management crew ballistic missile threats originating from the High School and received this award because and planted and managed vineyards through- Middle East. her determination and hard work have allowed out the upper Napa Valley. He learned how Romania has also been a staunch American her to overcome adversities. soil, sunlight, rootstock, and varietal selection ally in global counterterrorism operations The dedication demonstrated by Nevaeh could affect fruit quality, and, along with his against ISIS and Al Qaeda, collaborating on Jensen is exemplary of the type of achieve- wife Lena, he owned and operated Old Mill intelligence-sharing initiatives to support U.S. ment that can be attained with hard work and Winery from 1933 to 1958. and NATO operations. The Romanian armed perseverance. It is essential students at all Mr. Pestoni and his brother Marvin used forces have supported U.S. and NATO mis- levels strive to make the most of their edu- their foundation in sustainable farming to es- sions in Iraq, Afghanistan, and other theaters cation and develop a work ethic which will tablish Upper Valley Disposal Service in 1963. for over a decade, contributing more than guide them for the rest of their lives. Paying the same careful attention to the soil 30,000 total combat and support personnel. I extend my deepest congratulations to as their ancestors did, the brothers offered With over 600 troops currently serving in Af- Nevaeh Jensen for winning the Arvada Wheat composting as a solution to our local wine ghanistan, Romania maintains the fourth larg- Ridge Service Ambassadors for Youth award. community’s discarded grape skin, pulp, est NATO contingent protecting vital U.S. se- I have no doubt she will exhibit the same dedi- seeds, and stems. Upper Valley Disposal and curity interests and the safety of Afghan com- cation and character in all of her future ac- Recycling has been very successful, inspiring munities and international forces. complishments. our community to refer to Mr. Pestoni as the I join all my colleagues in welcoming a true f ‘‘King of Compost.’’ friend, Romanian President Klaus Iohannis. RECOGNIZING THE BROWARD After many years of growing winegrapes for f EDUCATION FOUNDATION other wine producers, Mr. Pestoni and his COMMENDING COLONEL ANTHONY wife, Sylvia, opened the doors of Rutherford MITCHELL HON. THEODORE E. DEUTCH Grove Winery in 1994. This year, in celebra- tion of their family’s 125th anniversary of Napa OF FLORIDA Valley Winemaking, the winery was renamed HON. RODNEY DAVIS IN THE HOUSE OF REPRESENTATIVES Pestoni Family Estate Winery. OF ILLINOIS Thursday, June 8, 2017 IN THE HOUSE OF REPRESENTATIVES Mr. Speaker, Bob Pestoni and his family be- Mr. DEUTCH. Mr. Speaker, I rise today to fore him have made single vineyard, hand- Thursday, June 8, 2017 recognize the honorees of the Broward Edu- crafted wines for 125 years. They are my Mr. RODNEY DAVIS of Illinois. Mr. Speak- cation Foundation for their efforts to make the friends. I am proud that this hardworking man er, I rise today to commend Colonel Anthony Broward County Public School system one of and family do so much for our community. It Mitchell for his efforts as Commander of the the best in the state. These men and women is fitting and proper that we honor them here St. Louis District of the U.S. Army Corps of have served Broward County with distinction today.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00008 Fmt 0626 Sfmt 0634 E:\CR\FM\A08JN8.011 E08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — Extensions of Remarks E795 TRIAD HS GIRLS SOCCER A social studies teacher at KIPP Spirit Col- sided in Buffalo, NY since 1997 and is a Vet- lege Prep, Daniel is one of 53 people nation- eran of Operation Enduring Freedom as well HON. JOHN SHIMKUS wide to receive this fellowship. The James as a retired Staff Sergeant of the New York OF ILLINOIS Madison Fellowship recognizes promising and Army National Guard. IN THE HOUSE OF REPRESENTATIVES distinguished teachers, while supporting fur- In addition to her commendable and brave ther study of American history and govern- service in our military, Ms. Blue is impressive Thursday, June 8, 2017 ment by those who want to teach related in her willingness to go above and beyond Mr. SHIMKUS. Mr. Speaker, I rise today to courses in secondary schools. The fellowship what is asked of her. While deployed in sup- pay tribute to an outstanding sports team from will fund up to $24,000 of Daniel’s master’s port of Operation Enduring Freedom, Ms. Blue southern Illinois. The Triad High School Wom- degree, which is focused on the history and organized a drive for personal care items and en’s Soccer team won the Illinois Class 2A principles of the U.S. Constitution. This will clothing for local workers in need that helped state championship on June 3, defeating allow Daniel to pursue a more in depth edu- close to 100 people meet their basic personal Wheaton Academy 5–4. After 100 minutes of cation, which he can pass on to his students. care needs. Recently, she supported deployed scoreless play the Lady Nights began to make On behalf of the Twenty-Second Congres- troops with a personal care item drive that re- goals and fight off their competitors’ shots re- sional District of Texas, congratulations again sulted in hundreds of dollars in products being sulting in their State Title. to Daniel for being awarded the James Madi- donated to the noble cause. These are just a The Lady Nights from Troy, Illinois, put to- son Fellowship. Our students will greatly ben- few examples of Ms. Blue actively searching gether a 22–6 record en route to the cham- efit from his hard work and will grow up to be for opportunities to help others. pionship, defeating rivals and earning one defenders of the U.S. Constitution. Ms. Blue volunteers with the Second Baptist small victory at a time. f Church Food Pantry, Lambda Pi Upsilon So- My congratulations go to: Madisyn Stauffer, rority, Inc., and the Buffalo/Niagara Mentorship Jody Ellis, Kalie Gibbs, Madison Mell, Mad- RECOGNIZING TYLER FLEETWOOD Program. She has used her leadership skills eline Keller, Jordyn Besserman, Hailey FOR HIS TITLE AS THE CLASS to bring about positive change in the lives of Busche, Chelsea Riden, Meaghan Smith (C), 1A 120-POUND ILLINOIS STATE countless individuals. Her ability to lead and Samantha Bassler (C), Ashley Newcombe, WRESTLING CHAMPION impact others led her to serve as President of Sydney Thomas, Eryn Fanning, Chloe Scott, Second Baptist Church Missionary/Deaconess Erynn Little (C), Sydney Beach, Katie Rogers, HON. CHERI BUSTOS Ministry, Third Vice Commander of the Amer- Jordan Wilson, Sierra Schlemmer, Rebecca OF ILLINOIS ican Legion Jesse Clipper Post 430, Executive Byrd, Morgan Bohnenstiehl (C), Molly Suess, IN THE HOUSE OF REPRESENTATIVES Committee member of the National Associa- Mercedes King and coaches and staff Matt tion for the Advancement of Colored People Thursday, June 8, 2017 Bettlach—Varsity Head Coach, Jim Jackson— (NAACP), and Co-Chair of the Young Adult Varsity Assistant Coach, Heather Seger—Jun- Mrs. BUSTOS. Mr. Speaker, I rise today to Action Committee (YAAC). ior Varsity Coach, and Bailey Stack—Fresh- congratulate Tyler Fleetwood, for being named Other accomplishments by Ms. Blue include man Coach. the Class 1A 120-pound Illinois State Cham- her Bachelor of Science Degree in Criminal f pion in wrestling. Justice from SUNY Buffalo State and a Mas- Tyler Fleetwood is now Fulton High School’s NICOLE DERWENT ter’s Degree in Public Administration from first two-time state champion with an 11–5 vic- Marist College. She enjoys spending time with tory over Aurora Christian in a 120-pound title her husband of two years, Robert Blue. HON. ED PERLMUTTER match, and I would like to recognize Tyler for Mr. Speaker, thank you for allowing me to OF COLORADO his tremendous accomplishment. Tyler’s dedi- take the time to recognize the great work Ms. IN THE HOUSE OF REPRESENTATIVES cation and passion for wrestling secured him Kanasha Blue has done for the Western New Thursday, June 8, 2017 the state championship title yet again, and a York community and people throughout the Mr. PERLMUTTER. Mr. Speaker, I rise state bracket that included the top seed in his world. Her generosity and dedication are ad- today to recognize and applaud Nicole path. As a former athlete, I understand the mirable and I wish her the best in all her fu- Derwent for receiving the Arvada Wheat Ridge amount of commitment and hard work it takes ture endeavors. Service Ambassadors for Youth award. to be awarded such a title. Tyler is an exam- f Nicole Derwent is a student at Wheat Ridge ple of the importance and value of persever- ance and a strong work ethic. I am proud that TO EXTEND THE DEADLINE FOR High School and received this award because COMMENCEMENT OF CONSTRUC- her determination and hard work have allowed there is such young talent in our community, and to see him represent our community TION OF A HYDROELECTRIC her to overcome adversities. PROJECT The dedication demonstrated by Nicole throughout the state. Derwent is exemplary of the type of achieve- Mr. Speaker, I would like to again formally ment that can be attained with hard work and congratulate Tyler Fleetwood on his title, and HON. DAN NEWHOUSE perseverance. It is essential students at all I join the rest of our community in wishing him OF WASHINGTON levels strive to make the most of their edu- every success in the future. IN THE HOUSE OF REPRESENTATIVES cation and develop a work ethic which will f Thursday, June 8, 2017 guide them for the rest of their lives. HONORING KANASHA BLUE AS SHE I extend my deepest congratulations to Ni- Mr. NEWHOUSE. Mr. Speaker, I rise today RECEIVES THE RUFUS FRAZIER to introduce legislation to extend the deadline cole Derwent for winning the Arvada Wheat HUMAN SERVICES AWARD FROM Ridge Service Ambassadors for Youth award. for commencement of construction of a hydro- THE BUFFALO CHAPTER OF THE electric project in my district. Specifically, this I have no doubt she will exhibit the same dedi- NAACP cation and character in all of her future ac- legislation will provide for a ‘‘commencement complishments. of construction’’ deadline extension for the Enloe Dam Hydroelectric Project that is being f HON. BRIAN HIGGINS OF NEW YORK developed in Washington State by the PEARLAND TEACHER AWARDED IN THE HOUSE OF REPRESENTATIVES Okanogan Public Utility District. NATIONAL FELLOWSHIP On July 9, 2013, the Federal Energy Regu- Thursday, June 8, 2017 latory Commission (FERC) granted the HON. PETE OLSON Mr. HIGGINS of New York. Mr. Speaker, I Okanogan Public Utility District an original li- OF TEXAS stand here today to recognize Kanasha Blue’s cense for the Enloe Dam Hydroelectric IN THE HOUSE OF REPRESENTATIVES service to others. Ms. Blue’s years of work in Project, which will be located at the existing public service have earned her the Rufus Enloe Dam that is situated about 3.5 miles Thursday, June 8, 2017 Frazier Human Services Award at the northwest of the City of Oroville in the State of Mr. OLSON. Mr. Speaker, I rise today to NAACP—Buffalo Chapter’s Medgar Evers Washington. The current Enloe Dam was con- congratulate Daniel Clason of Pearland, TX, award dinner. structed in 1920 on Bureau of Land Manage- for being awarded a Fellowship by the James A native of Montego Bay, Jamaica, Ms. Blue ment (BLM) land for power generation. How- Madison Memorial Fellowship Foundation of has made improving the lives of others a fun- ever, operations ceased in 1958 when the ex- Alexandria, VA. damental component of her life. She has re- tension of Bonneville Power Administration’s

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00009 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.016 E08JNPT1 E796 CONGRESSIONAL RECORD — Extensions of Remarks June 8, 2017 high voltage transmission line into the RECOGNIZING GLAD TIDINGS I extend my deepest congratulations to Pa- Okanogan Valley provided a less expensive CHURCH AND BISHOP JERRY tience Adams for winning the Arvada Wheat source of electricity. The proposed Enloe Dam WAYNE MACKLIN ON THEIR FIVE Ridge Service Ambassadors for Youth award. Hydroelectric Project makes economic and en- POINT CELEBRATION I have no doubt she will exhibit the same dedi- vironmental sense, as it will convert currently cation and character in all of her future ac- untapped energy in existing flow releases into HON. ERIC SWALWELL complishments. clean, renewable energy. OF CALIFORNIA f The Enloe Dam Hydroelectric Project will IN THE HOUSE OF REPRESENTATIVES HONORING JOAN CLAYBROOK ON have a footprint that is roughly half the size of Thursday, June 8, 2017 HER 80TH BIRTHDAY the existing facility but will provide approxi- Mr. SWALWELL of California. Mr. Speaker, mately three times the generating capacity of I rise to recognize Glad Tidings Church of God the decommissioned plant. Completion of the HON. JAMES P. McGOVERN in Christ on its ‘‘Five Point Celebration’’ and OF MASSACHUSETTS Project will provide Washingtonians and the the congregation’s continued service to our Pacific Northwest region with a clean, renew- IN THE HOUSE OF REPRESENTATIVES community. able energy resource that generates an esti- Thursday, June 8, 2017 Glad Tidings Church, celebrating its 39th mated 45,000 megawatt hours per year of car- anniversary, has been an anchor for the peo- Mr. MCGOVERN. Mr. Speaker, I rise today bon-free, renewable power. Additionally, the ple of South Hayward, California since its es- to recognize my good friend, Joan Claybrook, proposed project will create jobs and needed tablishment in 1978. Founder Bishop Jerry on her 80th birthday on June 12th. employment opportunities in a region with an Wayne Macklin has worked tirelessly with Joan has dedicated her life to improving the unemployment rate that far exceeds the na- local schools, government agencies, and non- health and safety of all Americans. She served tional average, underscoring the many positive profit organizations to transform a neighbor- as president of Public Citizen from 1982 until benefits this project will have for the local hood once overrun by drugs and crime into a 2009, where she led efforts to make our roads community, state, and region. community of faith and opportunity. safer, protects our civil rights and liberties, and The legislation will allow for development of The efforts of Bishop Macklin and his con- reform our campaign finance system. During this critical hydropower facility to move forward gregation are to be honored at their upcoming the Carter Administration, she was appointed under a realistic regulatory timeline and in a ‘‘Five Point Celebration’’. The four-day event Administrator of the National Highway Traffic manner consistent with prior congressional ac- will celebrate the Church’s 39th anniversary, Safety Administration. Joan is the recipient of tions on similar projects. By passing this the making of the final payment on the prop- numerous distinguished service awards for her measure and extending the commencement of erty’s mortgage agreement, the tireless commitment to consumer advocacy. construction deadline for the Enloe Dam Hy- groundbreaking of the Chester McGlockton Today, Joan continues to serve on the droelectric Project, Congress can help spur Wellness and Family Life Center, the Inau- boards of Public Citizen; Georgetown Univer- hydropower development in Central Wash- gural Episcopal Elevation of Bishop Macklin as sity Law Center; Citizens for Tax Justice; Pub- ington and ensure the Project’s many benefits 2nd Assistant Presiding Bishop of Church of lic Justice; Advocates for Highway and Auto are realized. For these reasons I urge my col- God and Christ, and last, but not least, the Safety; and Citizens for Reliable and Safe leagues to support this commonsense legisla- 65th birthday of Bishop Macklin. Highways. She frequently writes articles pub- tion, which will have a positive and lasting im- Today, under Bishop Macklin’s compas- lished in the nation’s major newspapers and pact on the region’s energy supply and eco- sionate leadership, Glad Tidings Church has has appeared on all major networks and hun- nomic viability. helped change perspectives on what a place dreds of local and syndicated radio programs. of worship can offer its community. Bishop I’ve had the privilege of knowing Joan for f Macklin has sought to provide accessible many years and I can’t think of a more dedi- healthcare through its Health and Wellness cated, more passionate public servant. I con- RECOGNIZING RABBI MICHAEL C. Department, organized food drives for our vul- tinue to be amazed by her energy and grit. I SIMON nerable citizens, and secured affordable hous- have no doubt that the lives of millions of ing for those most in need. Americans are better, and safer, because of These and countless other examples are Joan’s work. I’m proud to call her a friend and HON. LOIS FRANKEL what make Glad Tidings Church of God in I wish her the happiest of birthdays. Christ a pillar of our community and worthy of f OF FLORIDA our recognition today. I want to thank Bishop HONORING MR. JOHN MILLINGTON IN THE HOUSE OF REPRESENTATIVES Macklin and Glad Tidings devoted congrega- tion for the positive impact their services have Thursday, June 8, 2017 created in our community, and I offer my HON. ELIZABETH H. ESTY heartfelt congratulations during this time of OF CONNECTICUT Ms. FRANKEL of Florida. Mr. Speaker, I celebration. IN THE HOUSE OF REPRESENTATIVES rise today to recognize the outstanding con- tributions of Rabbi Michael C. Simon to the f Thursday, June 8, 2017 Jewish community and the South Florida com- PATIENCE ADAMS Ms. ESTY of Connecticut. Mr. Speaker, I munity at large. rise today to honor and pay tribute to the life For thirteen years, Temple Beth Kodesh in HON. ED PERLMUTTER of my friend Mr. John Millington and to recog- Boynton Beach, Florida has been blessed by OF COLORADO nize his extraordinary contributions to our na- Rabbi Simon’s wisdom and leadership. Thir- IN THE HOUSE OF REPRESENTATIVES tion’s understanding of global affairs, and his teen is a spiritually meaningful number in Ju- public service to the State of Connecticut and Thursday, June 8, 2017 daism, repeated numerous times throughout the Town of Washington, Connecticut. John the Torah, oral law, and liturgy. I would like to Mr. PERLMUTTER. Mr. Speaker, I rise passed away on December 16, 2016 at the join the congregation in celebrating Rabbi Si- today to recognize and applaud Patience age of 90, after a long life of dedicated serv- mon’s milestone. Adams for receiving the Arvada Wheat Ridge ice. Service Ambassadors for Youth award. John was born in Gwynedd Valley, Pennsyl- In addition to his leadership of the con- Patience Adams is a student at Drake Mid- vania and developed a love of nature early in gregation, Rabbi Simon is the author of a dle School and received this award because his life. He began working in publishing and book that focuses on Jewish life from a variety her determination and hard work have allowed embarked on a diverse career connecting his of different perspectives, and is an Adjunct her to overcome adversities. interests in global affairs and journalism. John Professor of Rabbinics at Gratz College and The dedication demonstrated by Patience began his career with Time, Inc., and later an Adjunct Professor of Jewish History at Flor- Adams is exemplary of the type of achieve- moved to Bangkok, Thailand to manage the ida Atlantic University. ment that can be attained with hard work and Bangkok World newspaper. With his experi- I congratulate Rabbi Simon and his family perseverance. It is essential students at all ence working in international journalism and for their exemplary service to the Jewish com- levels strive to make the most of their edu- publishing, John joined the Council on Foreign munity in South Florida, and wish them many cation and develop a work ethic which will Relations to support the organization’s busi- years of health and happiness. guide them for the rest of their lives. ness development and membership growth.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00010 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.019 E08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — Extensions of Remarks E797 In addition to his distinguished career in English classes and citizenship tutoring; as- FBCA softball team isn’t a stranger to winning journalism and foreign affairs, John was a sisting those with mental health concerns; though. Over the past 11 years, the FBCA well-known and active member of his commu- launching the first day camp for neighborhood softball team has won six TAPPS State Cham- nity in Washington. A lifelong advocate for children; developing a thriving nursery school; pionships, including last year’s 2016 title. conservation and environmental issues, John opening a center for new parents; building a That’s great. chaired Connecticut’s Council on Environ- 100-unit independent living facility for older On behalf of the Twenty-Second Congres- mental Quality during Governor Weicker’s ad- adults and the mobility impaired and providing sional District of Texas, congratulations again ministration and was an instrumental cham- services to support older adults to age in to the FBCA softball team for winning (again) pion of the campaign to protect the Shepaug place. the TAPPS State Championship. We are so River. Locally, he served as a board member Today, the ‘‘Y’’ has embraced the diverse proud of all their hard work and look forward of the Washington Community Housing Trust. and multicultural tableau of New York’s 13th to next year’s state championship. The Town of Washington recognized John’s district. All staff are trained in cultural diversity f tremendous contributions and passion for and services all offered in English, Spanish, PERSONAL EXPLANATION service in 2014 with the Stephen Reich award, and Russian. The commitment of the ‘‘Y’’ re- the town’s highest honor for citizenship. mains steadfast by expanding its after school Mr. Speaker, John Millington led a remark- program, senior center services, and estab- HON. LEE M. ZELDIN able career and enthusiastically lent his talents lishment of a new Camp Twelve Trails pro- OF NEW YORK to improve Washington, Connecticut, and our gram. Over the last century, the ‘‘Y’’ has con- IN THE HOUSE OF REPRESENTATIVES country. Therefore, it is fitting and proper that tinued to innovate and serve the needs of Thursday, June 8, 2017 we honor his life and memory here today. New York’s 13th district. Mr. ZELDIN. Mr. Speaker, on Tuesday John Millington was a friend and a mentor, Mr. Speaker, I am honored to celebrate and evening June 6 I was not present for votes. and I miss his wise counsel. My condolences commemorate the centennial anniversary of Had I been present, I would have voted YEA go out to his wife, Edwina, and to his children the YM&YWHA of Washington Heights and on Roll Call No. 287, and YEA on Roll Call and grandchildren. Those of us who knew Inwood. I sincerely hope that all Members of No. 286. John will cherish his memory, and his legacy Congress will have the benefit of such an in- f will live on in our community. stitution to one day laud and commemorate f 100 years of service as I do today. IN RECOGNITION OF THE CON- f GREGATIONAL CHURCH OF RECOGNIZING THE YOUNG MEN’S SOUTH DENNIS AND YOUNG WOMEN’S HEBREW REINA GUTIERREZ ASSOCIATION HON. WILLIAM R. KEATING HON. ED PERLMUTTER OF MASSACHUSETTS HON. ADRIANO ESPAILLAT OF COLORADO IN THE HOUSE OF REPRESENTATIVES OF NEW YORK IN THE HOUSE OF REPRESENTATIVES Thursday, June 8, 2017 IN THE HOUSE OF REPRESENTATIVES Thursday, June 8, 2017 Mr. KEATING. Mr. Speaker, I rise today to Thursday, June 8, 2017 Mr. PERLMUTTER. Mr. Speaker, I rise recognize the 200th Anniversary of the Con- Mr. ESPAILLAT. Mr. Speaker, I rise today to today to recognize and applaud Reina Gutier- gregational Church of South Dennis in Massa- recognize the Young Men’s & Young Women’s rez for receiving the Arvada Wheat Ridge chusetts. Hebrew Association (YM&YWHA)—colloquially Service Ambassadors for Youth award. Founded in 1817 by a collection of sea cap- known as the ‘‘Y’’—of Washington Heights Reina Gutierrez is a student at Mandalay tains, the Congregational Church of South and Inwood. On this agency’s centennial anni- Middle School and received this award be- Dennis today remains widely renowned as the versary, I want to highlight the indelible impact cause her determination and hard work have Sea Captains’ Church. Prior to its foundation, this institution has impressed upon our chil- allowed her to overcome adversities. since 1795, a house of worship was built at dren and adults in our community of all back- The dedication demonstrated by Reina the very location upon which the current build- grounds over several generations in New Gutierrez is exemplary of the type of achieve- ing stands. From 1795 to 1817 the people of York’s 13th district. ment that can be attained with hard work and South Dennis shared ministers with North Since its founding in 1917 the mission of the perseverance. It is essential students at all Dennis and Harwich. In 1817, the church re- ‘‘Y’’ has never wavered. The tradition of tikkun levels strive to make the most of their edu- ceived its first full-time minister, Reverend olam—literally ‘‘repairing the world’’—has been cation and develop a work ethic which will John Sanford, and was formally organized into exemplified by the ‘‘Y’’ in its acts of kindness guide them for the rest of their lives. the Congregational Church of South Dennis. and community service. Staff and lifelong vol- I extend my deepest congratulations to Construction of the current building used by unteers have always looked to their neighbors Reina Gutierrez for winning the Arvada Wheat the church was completed in 1837. to evaluate the most pressing needs and find Ridge Service Ambassadors for Youth award. The Congregational Church is further recog- out the best way to serve the needs of the I have no doubt she will exhibit the same dedi- nized for its unique feature—the oldest work- community. Over the last century, Washington cation and character in all of her future ac- ing organ in the United States. Built in 1762 Heights & Inwood has seen multiple changes complishments. by Swiss organ builder John Snetzler in Lon- to its composition and outward face. Each f don, England, very little is known regarding its year, a group of Jewish and Dominican stu- journey to the United States. Historians con- dents work together to study the history of the FORT BEND SOFTBALL TEAM firm that it was acquired by the Congregational Dominican Republic’s immigration policies WINS STATE CHAMPIONSHIP Church of South Dennis on September 22, prior to WWII, making the country one of a 1854 for $600—where it has remained for few safe harbors for Jews fortunate enough to HON. PETE OLSON over 160 years and delights and moves lis- escape Germany. OF TEXAS teners through its chords and music every What binds these diverse populations to IN THE HOUSE OF REPRESENTATIVES Sunday. New York’s 13th district is the ‘‘Y’’ embracing Today, the Congregational Church is made the mantle ofthe Mother of Exiles as Emma Thursday, June 8, 2017 up of an intimate, dedicated community of lov- Lazarus wrote in The New Collossus. In its Mr. OLSON. Mr. Speaker, I rise today to ing, caring, and welcoming neighbors. Part of early years, the ‘‘Y’’ dealt with the aftermath of congratulate the Fort Bend Christian Academy the United Church of Christ, the church is led World War I and World War II resettling refu- (FBCA) softball team of Sugar Land for win- by Rev. Dr. Paul R Adkins. To celebrate this gees from abroad here in our community. Dur- ning the Texas Association of Private and Pa- momentous occasion, the Congregational ing the 1970s, the ‘‘Y’’ aided Jewish refugees rochial Schools (TAPPS) State Championship. Church has organized a concert and guided from Russia with the same urgency and com- The FBCA softball team beat Dallas Chris- tours of the meetinghouse and cemetery, passion afforded earlier in the century. This is tian 6–2 in the Division II final, concluding an which will showcase the church’s fascinating emblematic of its mission to meet the needs of incredible 24–8 season. Their season included history and ties to seafaring. the time and people which has never wavered. an undefeated District 7 championship, along Mr. Speaker, the 200th Anniversary of the Over the last 100 years that has included with complete domination in their four playoff Congregational Church of South Dennis is tes- providing access to social services; offering games, outscoring opponents 37–2. The tament to the culture of acceptance and grace

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00011 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.023 E08JNPT1 E798 CONGRESSIONAL RECORD — Extensions of Remarks June 8, 2017 exhibited by this community. I ask that you coach and mentor, Mickey Thompson, the he attended the University of Southern Mis- join me in recognizing this historic anniversary. team finished with winning seasons each year sissippi according to the Associated Press arti- f he was there, and after graduating in 2013, cle. Mr. Allen attended the University of Alabama ‘‘I was a medic that worked with him in his HONORING TYLER HORTON AS HE as a five-star recruit, where he was named to first two rotations and I just found out about RECEIVES THE YOUTH AWARD the first team All-Southeastern Conference his death,’’ Troy Criddle said. ‘‘I am hurt by his FROM THE BUFFALO BRANCH OF during his sophomore, junior, and senior passing. He was a great soldier and will al- THE NAACP years. Additionally in 2016, as a junior, he was ways be a paratrooper.’’ instrumental in Alabama’s National Champion- ‘‘Clarence and I had the opportunity of HON. BRIAN HIGGINS ship, in which they defeated the Clemson Ti- spending a lot of time together in the 1st PLT OF NEW YORK gers. Company C 2nd Battalion 237th,’’ Staff Ser- IN THE HOUSE OF REPRESENTATIVES Mr. Allen has also won a number of indi- geant (SSG) Shannon Corbin said. ‘‘I believe that he was a shaping catalyst in me both pro- Thursday, June 8, 2017 vidual accolades, including being named the Washington Post All-Met Player twice in high fessionally and personally.’’ Mr. HIGGINS of New York. Mr. Speaker, school, being selected as the 2012 Virginia SFC McSwain is survived by his father and today I rise to honor the accomplishments of Gatorade Player of the Year, and lastly being mother; Theodis and Sandra Lee McSwain; this year’s recipient of the National Association recognized as a 2013 U.S. Army All-American. wife, Kendrah; children; Jasmin, Krista and for the Advancement of Colored People Buf- At the University of Alabama Mr. Allen’s foot- Kenneth McSwain; and siblings; David, Ash- falo Branch Youth Award, Tyler Horton. ball career blossomed. He was named the ley, Kimberly, and Christopher McSwain. Tyler was born and raised in Buffalo, and 2016 SEC Defensive Player of the Year and SFC McSwain proudly served our nation to has always been a contributor to his commu- was also the recipient of the Bronko Nagurski protect the freedoms we all enjoy. nity. At an early age Tyler displayed signs of Trophy and the Chuck Bednarik Award, which f leadership by becoming the Vice President of are given to the best defensive player in the IN RECOGNITION OF NANCY KATZ the National Junior Honors Society while at- National Collegiate Athletic Association AND MARGO DICHTELMILLER tending Westminster Community Charter (NCAA). School, where he achieved the title of Valedic- With Mr. Allen signing a four year contract FOR THEIR LIFETIME OF ADVO- torian. At the age of 12 he became a Boy with the Redskins, he is truly returning home. CACY FOR LGBT RIGHTS Scout, and later, an Assistant Scoutmaster for The team’s practice facility is located in Troop 237, where he earned many merit Ashburn, Virginia, and Mr. Allen is especially HON. DEBBIE DINGELL awards and badges. ready to give back to his community through OF MICHIGAN The lessons Tyler learned in his Boy Scouts the local mentorship of Coach Thompson’s IN THE HOUSE OF REPRESENTATIVES troops truly molded him into an outstanding Bulldogs at Stone Bridge High School. Thursday, June 8, 2017 citizen. In 2012 he was a Chaplain and Assist- Mr. Speaker, I ask that my colleagues join ant Patrol Leader at the Philmont Scout Ranch me in congratulating Mr. Jonathan Allen on Mrs. DINGELL. Mr. Speaker, I rise today to in New Mexico, where he was able to share becoming a Washington Redskins player. I recognize Nancy Katz and Margo Dichtelmiller his Scout experience, serving as a mentor to commend him for his impressive accomplish- for being recognized by tbe American Civil other young men. In 2016 Tyler supervised ments, and I am proud to represent him and Liberties Union’s LGBT Project for their advo- and assisted renovations of the Macedonia wish him all the best in his NFL career. cacy and efforts on behalf of LGBT rights. Ms. Katz and Dr. Dichtelmiller have played an im- Baptist Church’s food pantry. Through his ex- f ample of volunteerism and leadership, Tyler portant role in supporting the LGBT commu- eventually became an Eagle Scout and a RECOGNIZING THE LIFE OF FALL- nity through their engagement at the state and Member of the Order of the Arrow. Tyler now EN MISSISSIPPI SOLDIER ARMY local level. attends Bethesda World Harvest International SERGEANT FIRST CLASS (SFC) In a committed relationship for over 30 Church and contributes to the youth group and CLARENCE DOUGLAS MCSWAIN years, Ms. Katz and Dr. Dichtelmiller have Cinematography Team. been consistent champions for LGBT rights This year, Tyler is graduating from Health HON. TRENT KELLY and have played a crucial role in achieving Science Charter School, where he is the Salu- OF MISSISSIPPI victories at the state and local level. Both have been strong supporters of Affirmations, the tatorian, a member of the National Honors So- IN THE HOUSE OF REPRESENTATIVES ciety, a winner of the Jesse Ketchum Memo- LGBT community center in Ferndale, Michi- Thursday, June 8, 2017 rial Fund Bronze winner, and a Student Am- gan, that offers services and support to indi- bassador. Mr. KELLY of Mississippi. Mr. Speaker, viduals throughout southeast Michigan, having Mr. Speaker, I thank you for allowing me a today I rise in memory of Army Sergeant First served as co-chairs for its capital campaign to few moments to honor this impressive young Class (SFC) Clarence Douglas McSwain who raise funds for a new facility. Additionally, Ms. man as he is recognized by the NAACP. I paid the ultimate sacrifice while defending our Katz and Dr. Dichtelmiller have worked with wish him the best in all his future endeavors great nation on June 8, 2006, during Oper- nonprofits and advocacy groups to improve and look forward to seeing him continue to do ation Iraqi Freedom. SFC McSwain died from protections for same-sex couples and ensure good for others. injuries he sustained when an improvised ex- that they receive the benefits and protections f plosive device detonated near his military ve- that they deserve. They are well-known in the hicle during combat operations in Baghdad. Michigan civil rights community for their com- IN RECOGNITION OF JONATHAN SFC McSwain, of Meridian, was assigned to mitment to justice and long record of leader- ALLEN’S FIRST ROUND SELEC- the 2nd Battalion, 502nd Infantry Regiment, ship on these issues. TION BY THE WASHINGTON RED- 2nd Brigade Combat Team, 101st Airborne Di- Ms. Katz and Dr. Dichtelmiller have been at SKINS IN THE 2017 NFL DRAFT vision (Air Assault), Fort Campbell, Kentucky. the forefront of the battle for LGBT rights SFC McSwain was a proud soldier on his throughout their lives, and their work has HON. BARBARA COMSTOCK third tour in Iraq when he was killed. He met helped pave the way for progress at the fed- OF VIRGINIA his 4-month-old son, Kenneth, only once. SFC eral, state and local level in providing equal IN THE HOUSE OF REPRESENTATIVES McSwain’s Sister, Ashley McSwain, said her rights for all. The past decade has seen dra- brother put his family first. She said it was bad matic progress in strengthening LGBT rights Thursday, June 8, 2017 that the world had to lose him because he and protections, as well as a transformation in Mrs. COMSTOCK. Mr. Speaker, I rise to was one of the good guys. attitudes among the wider public, and this recognize and congratulate Mr. Jonathan SFC McSwain’s father, Reverend Theodis progress would not have been possible with- Allen, who was recently drafted in the first McSwain, recently reflected on his son’s serv- out Ms. Katz and Dr. Dichtelmiller’s tireless round of the 2017 National Football League ice. activism and support of local organizations draft by his hometown team, the Washington ‘‘I was very proud of him,’’ Rev. McSwain committed to this cause. Their visionary efforts Redskins. said. ‘‘He wanted to serve his country.’’ have helped break down barriers and improve Mr. Allen is from Leesburg, Virginia and SFC McSwain, a 1993 Meridian High the lives of LGBT Americans, and the signifi- played football at Stone Bridge High School in School graduate, played high school football cant accomplishments underscore the impact Ashburn, Virginia. Under the leadership of his and graduated with honors. After high school, of their actions.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00012 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.027 E08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — Extensions of Remarks E799 Mr. Speaker, I ask my colleagues to join me After his time in the Assembly, Mr. Knox I applaud Mr. Combs and all of the partici- in honoring Nancy Katz and Margo was always willing to sit down and discuss pating students for their dedication to this pro- Dichtelmiller for their leadership in promoting issues, whether that be in classrooms or sim- gram and for their hard work. I ask that we all LGBT rights. Their actions have set the stage ply over lunch with colleagues and peers. He congratulate Director Eric Combs and the stu- for key victories for LGBT Americans. was always willing to lend his knowledge and dents at Richland County Middle School for f experience to the betterment of the Contra their Best Communities for Music Education Costa community. Award. REMA-ELENA THOMAS John was an inspiration and a friend, and will be greatly missed by not only myself, but f HON. ED PERLMUTTER the entire Contra Costa community. SUGAR LAND, TX WINS BEST CITY OF COLORADO f IN THE HOUSE OF REPRESENTATIVES RECOGNIZING SHERIFF JIM HON. PETE OLSON Thursday, June 8, 2017 PADILLA ON HIS RETIREMENT OF TEXAS Mr. PERLMUTTER. Mr. Speaker, I rise IN THE HOUSE OF REPRESENTATIVES today to recognize and applaud Rema-Elena HON. CHERI BUSTOS Thursday, June 8, 2017 Thomas for receiving the Arvada Wheat Ridge OF ILLINOIS Mr. OLSON. Mr. Speaker, I rise today to Service Ambassadors for Youth award. IN THE HOUSE OF REPRESENTATIVES congratulate Sugar Land for being awarded Rema-Elena Thomas is a student at Arvada Thursday, June 8, 2017 the ‘‘best city’’ by the Texas Travel Coun- High School and received this award because Mrs. BUSTOS. Mr. Speaker, I rise today to selors. her determination and hard work have allowed recognize Sheriff Jim Padilla, who retired as Tourism and travel professionals recognized her to overcome adversities. Sugar Land with this prestigious award after The dedication demonstrated by Rema- the Henry County Sheriff on May 28. Sheriff action-packed visits to Sugar Land’s historic Elena Thomas is exemplary of the type of Padilla has honorably served Henry County locations. These visits included the Houston achievement that can be attained with hard over the past 41 years and he will be greatly Museum of Natural Science, the Fort Bend work and perseverance. It is essential stu- missed. Sheriff Padilla began a lifelong career in Children’s Discovery Center, Constellation dents at all levels strive to make the most of public service as a member of the Kewanee Field and a behind-the-scenes tour of the their education and develop a work ethic Police Department for 8 years, and later Smart Financial Centre. The Texas Travel which will guide them for the rest of their lives. served 33 years with the Sheriff’s Department. Counselors agreed that my hometown of I extend my deepest congratulations to He has dedicated his career ensuring public Sugar Land offers an impressive mixture of Rema-Elena Thomas for winning the Arvada safety and protecting the lives of all individuals old and new. Wheat Ridge Service Ambassadors for Youth within our community. Sheriff Padilla always On behalf of the Twenty-Second Congres- award. I have no doubt she will exhibit the exemplified what it meant to be a strong lead- sional District of Texas, congratulations again same dedication and character in all of her fu- er and worked tirelessly to pass the public to Sugar Land for being awarded the ‘‘best ture accomplishments. safety sales tax, which provided the depart- city’’ by the Texas Travel Counselors. We’re f ment with the resources it needed to better proud to have such an exemplary city rep- RECOGNIZING THE LIFE AND serve our community. I am proud to have such resent TX–22. SERVICE OF JOHN T. KNOX dedicated civil servants in our Illinois’ 17th Congressional district. f Mr. Speaker, as the wife of a Sheriff, I know ROSE MERRILL HON. MARK DeSAULNIER how hard law-enforcement officers work to OF CALIFORNIA keep our communities safe. I would like to HON. ED PERLMUTTER IN THE HOUSE OF REPRESENTATIVES again formally congratulate Sheriff Padilla on OF COLORADO Thursday, June 8, 2017 his well-earned retirement and thank him for IN THE HOUSE OF REPRESENTATIVES Mr. DESAULNIER. Mr. Speaker, I rise today all of his contributions and service to our com- to recognize the life and service of a former munity. Thursday, June 8, 2017 Contra Costa Assemblyman, Mr. John Knox. f Mr. PERLMUTTER. Mr. Speaker, I rise Mr. Knox spent 20 years in the Assembly, RICHLAND COUNTY MIDDLE today to recognize and applaud Rose Merrill representing western Contra Costa County. SCHOOL for receiving the Arvada Wheat Ridge Service Besides the state’s environmental law, he Ambassadors for Youth award. sponsored laws creating the San Francisco HON. JOHN SHIMKUS Rose Merrill is a student at Wheat Ridge Bay Conservation and Development Commis- High School and received this award because OF ILLINOIS sion, which was signed by Governor Reagan her determination and hard work have allowed IN THE HOUSE OF REPRESENTATIVES and thwarted plans to fill in parts of the bay; her to overcome adversities. authorizing state regulation of health mainte- Thursday, June 8, 2017 The dedication demonstrated by Rose Mer- nance organizations, rewriting standards for Mr. SHIMKUS. Mr. Speaker, I rise today to rill is exemplary of the type of achievement sales of stock and other corporate securities in pay tribute to Richland County Middle School that can be attained with hard work and perse- California, and establishing regional planning in Olney, Illinois, for their recognition by the verance. It is essential students at all levels agencies. National Association of Music Merchants. strive to make the most of their education and Even after he retired from the Legislature It is a great honor to be seen as one of the develop a work ethic which will guide them for and joined a law firm, he was often brought Best Communities for Music Education in the the rest of their lives. back to preside as the house parliamentarian. United States. With help from director Eric I extend my deepest congratulations to A section of Interstate 580 leading to the Rich- Combs, the middle school’s music program Rose Merrill for winning the Arvada Wheat mond-San Rafael Bridge is named the John T. has shown commitment and support of the Ridge Service Ambassadors for Youth award. Knox Freeway because of his success in ob- arts throughout the school and the community. I have no doubt she will exhibit the same dedi- taining funding to rebuild a dangerous, undi- The music program allows students to express cation and character in all of her future ac- vided highway. themselves and grow as a person. complishments.

VerDate Sep 11 2014 04:38 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00013 Fmt 0626 Sfmt 9920 E:\CR\FM\A08JN8.030 E08JNPT1 Thursday, June 8, 2017 Daily Digest Senate S. 703, to extend the authority of the Secretary of Chamber Action the Interior to carry out the Equus Beds Division of Routine Proceedings, pages S3345–S3380 the Wichita Project. (S. Rept. No. 115–102) Measures Introduced: Eighteen bills and three res- S. 710, to reinstate and extend the deadline for olutions were introduced, as follows: S. 1315–1332, commencement of construction of a hydroelectric S.J. Res. 45, and S. Res. 188–189. Pages S3362–63 project involving Jennings Randolph Dam, with amendments. (S. Rept. No. 115–103) Measures Reported: S. 534, to prevent the sexual abuse of minors and S. 1141, to ensure that the United States pro- amateur athletes by requiring the prompt reporting motes the meaningful participation of women in me- of sexual abuse to law enforcement authorities, with diation and negotiation processes seeking to prevent, an amendment in the nature of a substitute. mitigate, or resolve violent conflict. (S. Rept. No. 115–93 S. 782, to reauthorize the National Internet Crimes Against Children Task Force Program. S. 117, to designate a mountain peak in the State of Montana as ‘‘Alex Diekmann Peak’’, with an Measures Passed: amendment. (S. Rept. No. 115–94) Condemning the deadly attack on May 26, S. 167, to designate a National Memorial to Fall- 2017, in Portland, Oregon: Senate passed S.J. Res. en Educators at the National Teachers Hall of Fame 45, condemning the deadly attack on May 26, 2017, in Emporia, Kansas, with an amendment. (S. Rept. in Portland, Oregon, expressing deepest condolences No. 115–95) to the families and friends of the victims, and sup- S. 199, to authorize the use of the active capacity porting efforts to overcome hatred, bigotry, and vio- of the Fontenelle Reservoir. (S. Rept. No. 115–96) lence. Pages S3372–73 S. 216, to require the Secretary of the Interior to Commemorating the 100th anniversary of the submit to Congress a report on the efforts of the Bu- 1st Infantry Division: Committee on Armed Serv- reau of Reclamation to manage its infrastructure as- ices was discharged from further consideration of S. sets. (S. Rept. No. 115–97) Res. 115, commemorating the 100th anniversary of S. 267, to provide for the correction of a survey the 1st Infantry Division, and the resolution was of certain land in the State of Alaska. (S. Rept. No. then agreed to, after agreeing to the following 115–98) amendments proposed thereto: Pages S3373–75 S. 363, to revise the authorized route of the North McConnell (for Moran/Roberts) Amendment No. Country National Scenic Trail in northeastern Min- 227, in the nature of a substitute. Pages S3373–75 nesota and to extend the trail into Vermont to con- McConnell (for Moran/Roberts) Amendment No. nect with the Appalachian National Scenic Trail. (S. 228, in the nature of a substitute. Pages S3373–75 Rept. No. 115–99) S. 490, to reinstate and extend the deadline for Condemning Recent Terrorist Attacks: Senate commencement of construction of a hydroelectric agreed to S. Res. 188, condemning the recent ter- project involving the Gibson Dam, with an amend- rorist attacks in the United Kingdom, the Phil- ment in the nature of a substitute. (S. Rept. No. ippines, Indonesia, Egypt, Iraq, Australia, and Iran 115–100) and offering thoughts and prayers and sincere condo- S. 491, to reinstate and extend the deadline for lences to all of the victims, their families, and the commencement of construction of a hydroelectric people of their countries. Page S3375 project involving Clark Canyon Dam, with an Hemp History Week: Senate agreed to S. Res. amendment in the nature of a substitute. (S. Rept. 189, designating the week of June 5 through June No. 115–101) 11, 2017, as ‘‘Hemp History Week’’. Page S3375

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VerDate Sep 11 2014 04:13 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00001 Fmt 0627 Sfmt 0627 E:\CR\FM\D08JN7.REC D08JNPT1 D626 CONGRESSIONAL RECORD — DAILY DIGEST June 8, 2017 WILD Act: Senate passed S. 826, to reauthorize Nominations Confirmed: Senate confirmed the fol- the Partners for Fish and Wildlife Program and cer- lowing nominations: tain wildlife conservation funds, to establish prize By 94 yeas to 4 nays (Vote No. EX. 141), Scott competitions relating to the prevention of wildlife P. Brown, of New Hampshire, to be Ambassador to poaching and trafficking, wildlife conservation, the New Zealand, and to serve concurrently and without management of invasive species, and the protection additional compensation as Ambassador to the Inde- of endangered species, after agreeing to the com- pendent State of Samoa. Pages S3349, S3380 mittee amendment in the nature of a substitute. Routine lists in the Foreign Service. Pages S3375–80 Pages S3358, S3380 Measures Considered: Messages from the House: Page S3360 Countering Iran’s Destabilizing Activities Act— Measures Referred: Page S3360 Agreement: Senate continued consideration of the Executive Communications: Pages S3360–61 motion to proceed to consideration of S. 722, to im- Petitions and Memorials: Pages S3361–62 pose sanctions with respect to Iran in relation to Iran’s ballistic missile program, support for acts of Executive Reports of Committees: Page S3362 international terrorism, and violations of human Additional Cosponsors: Pages S3363–64 rights, post-cloture. Pages S3347–49, S3349–58 Statements on Introduced Bills/Resolutions: A unanimous-consent agreement was reached pro- Pages S3364–66 viding that following disposition of the nomination of Kenneth P. Rapuano, of Virginia, to be an Assist- Additional Statements: Pages S3358–60 ant Secretary of Defense, Senate resume consideration Amendments Submitted: Pages S3366–72 of the motion to proceed to consideration of the bill, Authorities for Committees to Meet: Page S3372 with all post-cloture time considered expired. Page S3372 Page S3353 Privileges of the Floor: A unanimous-consent agreement was reached pro- Record Votes: One record vote was taken today. viding that at approximately 4 p.m., on Monday, (Total—141) Page S3349 June 12, 2017, Senate resume consideration of the Adjournment: Senate convened at 9:30 a.m. and motion to proceed to consideration of the bill, post- adjourned at 5:43 p.m., until 4 p.m. on Monday, cloture. Page S3380 June 12, 2017. (For Senate’s program, see the re- Rapuano Nomination—Agreement: A unanimous- marks of the Majority Leader in today’s Record on consent-time agreement was reached providing that page S3380.) at 5 p.m., on Monday, June 12, 2017, Senate begin consideration of the nomination of Kenneth P. Committee Meetings Rapuano, of Virginia, to be an Assistant Secretary of Defense; and that there be 30 minutes of debate on (Committees not listed did not meet) the nomination, equally divided in the usual form, APPROPRIATIONS: DEPARTMENT OF and that following the use or yielding back of time, COMMERCE Senate vote on confirmation of the nomination, with no intervening action or debate. Page S3353 Committee on Appropriations: Subcommittee on Com- merce, Justice, Science, and Related Agencies con- Pekoske Nomination Referral—Agreement: A cluded a hearing to examine proposed budget esti- unanimous-consent agreement was reached providing mates and justification for fiscal year 2018 for the that upon the reporting of the nomination of David Department of Commerce, after receiving testimony P. Pekoske, of Maryland, to be an Assistant Secretary from Wilbur Ross, Secretary of Commerce. of Homeland Security, by the Committee on Com- merce, Science, and Transportation, the nomination FOSTERING ECONOMIC GROWTH be referred to the Committee on Homeland Security Committee on Banking, Housing, and Urban Affairs: and Governmental Affairs for a period not to exceed Committee concluded a hearing to examine fostering 30 calendar days, except that if the 30 days lapses economic growth, focusing on the role of financial while the Senate is in recess, the Committee on institutions in local communities, including S. 366, Homeland Security and Governmental Affairs shall to require the Federal financial institutions regu- have an additional 5 session days after the Senate re- latory agencies to take risk profiles and business convenes to report the nomination, after which the models of institutions into account when taking reg- nomination, if still in committee, be discharged and ulatory actions, S. 1002, to enhance the ability of placed on the Executive Calendar. Page S3358 community financial institutions to foster economic

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growth and serve their communities, boost small Cimarex Energy Co., Tulsa, Oklahoma; and Russell businesses, increase individual savings, S. 1152, to Vare, Mercedes-Benz Energy Americas, LLC, Sunny- create protections for depository institutions that vale, California. provide financial services to cannabis-related busi- nesses, and S. 1310, to amend the Home Mortgage DEPARTMENT OF HHS BUDGET Disclosure Act of 1975 to specify which depository Committee on Finance: Committee concluded a hearing institutions are subject to the maintenance of records to examine the President’s proposed budget request and disclosure requirements of such Act, after receiv- for fiscal year 2018 for the Department of Health ing testimony from Dorothy A. Savarese, American and Human Services, after receiving testimony from Bankers Association, Cape Cod, Massachusetts; Steve Thomas Price, Secretary of Health and Human Serv- Grooms, 1st Liberty Federal Credit Union, Great ices. Falls, Montana, on behalf of the National Association ISIS’S GLOBAL REACH of Federally-Insured Credit Unions; R. Scott Heitkamp, Value Bank, Corpus Christi, Texas, on Committee on Foreign Relations: Committee concluded behalf of the Independent Community Bankers of a hearing to examine ISIS’s global reach beyond Iraq America; Dallas Bergl, Inova Federal Credit Union, and Syria, after receiving testimony from Lorenzo Elkhart, Indiana, on behalf of the Credit Union Na- Vidino, The George Washington University Pro- tional Association; John Bissell, Greylock Federal gram on Extremism, and Daniel Byman, George- Credit Union, Pittsfield, Massachusetts; and Adam J. town University Edmund A. Walsh School of For- Levitin, Georgetown University Law Center, Som- eign Service, both of Washington, D.C. erset, Massachusetts. BUSINESS MEETING NOMINATIONS Committee on the Judiciary: Committee ordered favor- Committee on Commerce, Science, and Transportation: ably reported the following business items: Committee concluded a hearing to examine the S. 782, to reauthorize the National Internet nominations of Derek Kan, of California, to be Crimes Against Children Task Force Program; and Under Secretary of Transportation for Policy, David The nominations of Noel J. Francisco, of the Dis- J. Redl, of New York, to be Assistant Secretary of trict of Columbia, to be Solicitor General of the Commerce for Communications and Information, United States, and Makan Delrahim, of California, and Robert L. Sumwalt III, of South Carolina, to be and Steven Andrew Engel, of the District of Colum- a Member of the National Transportation Safety bia, each to be an Assistant Attorney General, all of Board, after the nominees, who were all introduced the Department of Justice. by Senator Gardner, testified and answered questions in their own behalf. FBI INTELLIGENCE MATTERS Select Committee on Intelligence: Committee concluded a EMERGING ENERGY TECHNOLOGIES hearing to examine certain intelligence matters relat- Committee on Energy and Natural Resources: Committee ing to the Federal Bureau of Investigation, after re- concluded a hearing to examine cost reductions in ceiving testimony from James B. Comey, former Di- emerging energy technologies with a specific focus rector, Federal Bureau of Investigation, Department on how recent trends may affect today’s energy land- of Justice. scape, after receiving testimony from Lily Donge, Rocky Mountain Institute Business Renewables Cen- INTELLIGENCE ter, and Kevin Yates, Siemens Energy Management Select Committee on Intelligence: Committee held closed Division, both of Washington, D.C.; Greg Merritt, hearings on intelligence matters, receiving testimony Cree, Inc., Durham, North Carolina; David Greeson, from officials of the intelligence community. NRG Energy, Houston, Texas; Steve Simonton, Committee recessed subject to the call.

VerDate Sep 11 2014 04:13 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00003 Fmt 0627 Sfmt 0627 E:\CR\FM\D08JN7.REC D08JNPT1 D628 CONGRESSIONAL RECORD — DAILY DIGEST June 8, 2017 House of Representatives of positions created by the Act, and providing con- Chamber Action gressional access to non-publicFSOC information (by Public Bills and Resolutions Introduced: 46 pub- a recorded vote of 232 ayes to 185 noes, Roll No. lic bills, H.R. 2823–2868; and 1 private bill, H.R. 295); Pages H4789–91, H4799 2869, were introduced. Pages H4816–18, H4819 Hollingsworth amendment (No. 2 printed in part Additional Cosponsors: Pages H4820–21 B of H. Rept. 115–163) that allows closed-end funds that are listed on a national securities ex- Reports Filed: There were no reports filed today. change, and that meet certain requirements to be Speaker: Read a letter from the Speaker wherein he considered ‘‘well-known seasoned issuers’’ or appointed Representative Duncan (SC) to act as ‘‘WKSIs’’ (by a recorded vote of 231 ayes to 180 Speaker pro tempore for today. Page H4705 noes, Roll No. 296); Pages H4791–93, H4799–H4800 Recess: The House recessed at 10:56 a.m. and re- Faso amendment (No. 4 printed in part B of H. convened at 12 noon. Page H4711 Rept. 115–163) that allows Mutual Holding Compa- nies (MHCs) to waive the receipt of dividends (by Journal: The House agreed to the Speaker’s approval a recorded vote of 235 ayes to 184 noes, Roll No. of the Journal by voice vote. Pages H4711, H4802 297); and Pages H4794–96, H4800–01 Financial CHOICE Act of 2017: The House passed Buck amendment (No. 6 printed in part B of H. H.R. 10, to create hope and opportunity for inves- Rept. 115–163) that requires the GSA to study tors, consumers, and entrepreneurs by ending bail- CLEA’s real estate needs due to changes in the outs and Too Big to Fail, holding Washington and Agency’s structure. It then authorizes the GSA to Wall Street accountable, eliminating red tape to in- sell the current CLEA building if CLEA’s real estate crease access to capital and credit, and repealing the needs have changed and there is no government de- provisions of the Dodd-Frank Act that make Amer- partment or agency that can utilize the building (by ica less prosperous, less stable, and less free, by a a recorded vote of 233 ayes to 185 noes, Roll No. yea-and-nay vote of 233 yeas to 186 nays, Roll No. 298). Pages H4797–99, H4801 299. Pages H4716–H4802 H. Res. 375, the rule providing for consideration Pursuant to the Rule, an amendment in the na- of the bill (H.R. 10) was agreed to yesterday, June ture of a substitute printed in part A of H. Rept. 7th. 115–163 shall be considered as an original bill for Meeting Hour: Agreed by unanimous consent that the purpose of amendment under the five-minute when the House adjourns today, it adjourn to meet rule, in lieu of the amendment in the nature of a at 12 noon on Monday, June 12th for Morning Hour substitute recommended by the Committee on Fi- debate. Page H4802 nancial Services now printed in the bill. Page H4731 Senate Message: Message received from the Senate Agreed to: by the Clerk and subsequently presented to the Smucker amendment (No. 3 printed in part B of House today appears on page H4716. H. Rept. 115–163) that expresses the sense of Con- gress that consumer reporting agencies and their Quorum Calls—Votes: One yea-and-nay vote and subsidiaries should implement stronger multi-factor four recorded votes developed during the proceedings authentication procedures when providing access to of today and appear on pages H4799, personal information files to moreadequately protect H4799–H4800, H4800–01, H4801, and consumer information from identity theft; H4801–02. There were no quorum calls. Pages H4793–94 Adjournment: The House met at 10 a.m. and ad- McSally amendment (No. 5 printed in part B of journed at 6:48 p.m. H. Rept. 115–163) that requires the Department of Treasury to submit a report to Congress regarding Committee Meetings its efforts to work with Federal bank regulators, fi- nancial institutions, and money service businesses to THE NEXT FARM BILL: SNAP ensure that legitimate financial transactions along TECHNOLOGY AND MODERNIZATION the southern border move freely; Pages H4796–97 Committee on Agriculture: Subcommittee on Nutrition Hensarling amendment (No. 1 printed in part B held a hearing entitled ‘‘The Next Farm Bill: SNAP of H. Rept. 115–163) that revises provisions sub- Technology and Modernization’’. Testimony was jecting certain FDIC and NCUA functions to con- heard from Vickie Yates Brown Glisson, Secretary, gressional appropriations, relating to appointments Kentucky Cabinet for Health and Family Services;

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Lauren Aaronson, Assistant Deputy Commissioner, EXAMINING THE ROLE OF THE Office of Business Process Innovation, New York DEPARTMENT OF HEALTH AND HUMAN City Human Resources Administration; and public SERVICES IN HEALTH CARE witnesses. CYBERSECURITY Committee on Energy and Commerce: Subcommittee on APPROPRIATIONS—DEPARTMENT OF THE Oversight and Investigations held a hearing entitled INTERIOR ‘‘Examining the Role of the Department of Health Committee on Appropriations: Subcommittee on Inte- and Human Services in Health Care Cybersecurity’’. rior, Environment and Related Agencies held a Testimony was heard from the following Department budget hearing on the Department of the Interior. of Health and Human Services officials: Emery Testimony was heard from the following Department Csulak, Chief Information Security Officer, Senior of the Interior officials: Ryan Zinke, Secretary; Olivia Privacy Official, Centers for Medicare and Medicaid Ferriter, Deputy Assistant Secretary, Budget, Fi- Services, and Co-Chair, Health Care Industry Cyber- nance, Performance, and Acquisition; and Denise security Task Force; Stephen Curren, Director, Divi- Flanagan, Director, Office of Budget. sion of Resilience, Office of Emergency Management, Office of the Assistant Secretary for Preparedness and APPROPRIATIONS—COMMODITY FUTURES Response; and Leo Scanlon, Deputy Chief Informa- tion Security Officer. TRADING COMMISSION VIRTUAL CURRENCY: FINANCIAL Committee on Appropriations: Subcommittee on Agri- INNOVATION AND NATIONAL SECURITY culture, Rural Development, Food and Drug Admin- IMPLICATIONS istration and Related Agencies held a budget hearing on the Commodity Futures Trading Commission. Committee on Financial Services: Subcommittee on Ter- Testimony was heard from J. Christopher Giancarlo, rorism and Illicit Finance held a hearing entitled Acting Chairman, Commodity Futures Trading ‘‘Virtual Currency: Financial Innovation and Na- Commission. tional Security Implications’’. Testimony was heard from public witnesses. APPROPRIATIONS—DEPARTMENT OF ATTACKING HEZBOLLAH’S FINANCIAL HOUSING AND URBAN DEVELOPMENT NETWORK: POLICY OPTIONS Committee on Appropriations: Subcommittee on Trans- Committee on Foreign Affairs: Full Committee held a portation, Housing and Urban Development, and hearing entitled ‘‘Attacking Hezbollah’s Financial Related Agencies held a budget hearing on the De- Network: Policy Options’’. Testimony was heard partment of Housing and Urban Development. Tes- from public witnesses. timony was heard from Ben Carson, Secretary, De- HOW CAN THE UNITED STATES SECRET partment of Housing and Urban Development. SERVICE EVOLVE TO MEET THE CHALLENGES AHEAD? APPROPRIATIONS—NATIONAL Committee on Homeland Security: Subcommittee on AERONAUTICS AND SPACE Transportation and Protective Security held a hear- ADMINISTRATION ing entitled ‘‘How Can the United States Secret Committee on Appropriations: Subcommittee on Com- Service Evolve to Meet the Challenges Ahead?’’. Tes- merce, Justice, Science and Related Agencies held a timony was heard from Randolph Alles, Director, budget hearing on the National Aeronautics and Secret Service, Department of Homeland Security; Space Administration. Testimony was heard from and John Roth, Inspector General, Department of Robert M. Lightfoot, Jr., Acting Administrator, Na- Homeland Security. tional Aeronautics and Space Administration. OVERSIGHT OF THE LIBRARY OF CONGRESS’ INFORMATION TECHNOLOGY DISRUPTER SERIES: IMPROVING MANAGEMENT CONSUMER’S FINANCIAL OPTIONS WITH Committee on House Administration: Full Committee FINTECH held a hearing entitled ‘‘Oversight of the Library of Committee on Energy and Commerce: Subcommittee on Congress’ Information Technology Management’’. Digital Commerce and Consumer Protection held a Testimony was heard from the following Library of hearing entitled ‘‘Disrupter Series: Improving Con- Congress officials: Carla D. Hayden, Librarian of sumer’s Financial Options with FinTech’’. Testimony Congress; Bernard A. Barton, Jr., Chief Information was heard from public witnesses. Officer; and Kurt W. Hyde, Inspector General.

VerDate Sep 11 2014 04:13 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00005 Fmt 0627 Sfmt 0627 E:\CR\FM\D08JN7.REC D08JNPT1 D630 CONGRESSIONAL RECORD — DAILY DIGEST June 8, 2017 OVERSIGHT OF DEPARTMENT OF JUSTICE AN OVERVIEW OF THE NATIONAL GRANT PROGRAMS AERONAUTICS AND SPACE Committee on the Judiciary: Subcommittee on Crime, ADMINISTRATION BUDGET FOR FISCAL Terrorism, Homeland Security, and Investigations YEAR 2018 held a hearing entitled ‘‘Oversight of Department of Committee on Science, Space, and Technology: Sub- Justice Grant Programs’’. Testimony was heard from committee on Space held a hearing entitled ‘‘An Alan Hanson, Acting Assistant Attorney General, Overview of the National Aeronautics and Space Ad- Office of Justice Programs, Department of Justice. ministration Budget for Fiscal Year 2018’’. Testi- mony was heard from Robert M. Lightfoot, Acting A TIME TO REFORM: OVERSIGHT OF THE Administrator, National Aeronautics and Space Ad- ACTIVITIES OF THE JUSTICE ministration. DEPARTMENT’S CIVIL, TAX AND ENVIRONMENT AND NATURAL AMERICAN SPACE COMMERCE FREE RESOURCES DIVISIONS AND THE U.S. ENTERPRISE ACT OF 2017 TRUSTEE PROGRAM Committee on Science, Space, and Technology: Full Com- Committee on the Judiciary: Subcommittee on Regu- mittee held a markup on H.R. 2809, the ‘‘American latory Reform, Commercial and Antitrust Law held Space Commerce Free Enterprise Act of 2017’’. H.R. a hearing entitled ‘‘A Time to Reform: Oversight of 2809, was ordered reported, as amended. the Activities of the Justice Department’s Civil, Tax and Environment and Natural Resources Divisions BUILDING A 21ST CENTURY and the U.S. Trustee Program’’. Testimony was INFRASTRUCTURE FOR AMERICA: heard from the following Department of Justice offi- FEDERAL AVIATION ADMINISTRATION cials: Chad Readler, Acting Assistant Attorney Gen- AUTHORIZATION eral, Civil Division; Jeffery Wood, Acting Assistant Committee on Transportation and Infrastructure: Full Attorney General, Environment and Natural Re- Committee held a hearing entitled ‘‘Building a 21st sources Division; David Hubbert, Acting Assistant Century Infrastructure for America: Federal Aviation Attorney General, Tax Division; Clifford White III, Administration Authorization’’. Testimony was heard Director, U.S. Trustee Program; and public wit- from Elaine Chao, Secretary, Department of Trans- nesses. portation.

LEGISLATIVE MEASURES VA AND ACADEMIC AFFILIATES: WHO’S Committee on Natural Resources: Subcommittee on BENEFITING NOW? Water, Power and Oceans held a hearing on H.R. Committee on Veterans’ Affairs: Subcommittee on Over- 2083, the ‘‘Endangered Salmon and Fisheries Preda- sight and Investigations held a hearing entitled ‘‘VA tion Prevention Act’’; and legislation to authorize and Academic Affiliates: Who’s Benefiting Now?’’. the Secretary of the Interior to facilitate the transfer Testimony was heard from Carolyn Clancy, M.D., to non-Federal ownership of appropriate reclamation Deputy Under Secretary for Health for Organization projects or facilities, and for other purposes. Testi- Excellence, Veterans Health Administration, Depart- mony was heard from Representative Herrera- ment of Veterans Affairs; and public witnesses. Beutler; James Hess, Chief of Staff, Bureau of Rec- lamation; and public witnesses. IMPROVING THE QUALITY AND TIMELINESS OF GI BILL PROCESSING FOR BURDENSOME LITIGATION AND FEDERAL STUDENT VETERANS BUREAUCRATIC ROADBLOCKS TO MANAGE OUR NATION’S OVERGROWN, Committee on Veterans’ Affairs: Subcommittee on Eco- FIRE-PRONE NATIONAL FORESTS nomic Opportunity held a hearing entitled ‘‘Improv- ing the Quality and Timeliness of GI Bill Processing Committee on Natural Resources: Subcommittee on Fed- for Student Veterans’’. Testimony was heard from eral Lands held a hearing entitled ‘‘Burdensome Liti- Robert M. Worley II, Director, Education Service, gation and Federal Bureaucratic Roadblocks to Man- Veterans Benefit Administration, Department of age our Nation’s Overgrown, Fire-Prone National Veterans Affairs; Lernes J. Herbert, Acting Deputy Forests’’. Testimony was heard from public wit- Assistant Secretary of Defense for Military Personnel nesses. Policy, Department of Defense; and public witnesses.

VerDate Sep 11 2014 04:13 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00006 Fmt 0627 Sfmt 0627 E:\CR\FM\D08JN7.REC D08JNPT1 June 8, 2017 CONGRESSIONAL RECORD — DAILY DIGEST D631 DEPARTMENT OF HEALTH AND HUMAN sity Woodrow Wilson School of Public and Inter- SERVICES’ FISCAL YEAR 2018 BUDGET national Affairs and the Economics Department, REQUEST Princeton, New Jersey; and Richard G. Frank, Har- Committee on Ways and Means: Full Committee held vard Medical School Department of Health Care Pol- a hearing entitled ‘‘Department of Health and icy, Boston, Massachusetts. Human Services’ Fiscal Year 2018 Budget Request’’. f Testimony was heard from Thomas E. Price, M.D., Secretary, Department of Health and Human Serv- COMMITTEE MEETINGS FOR MONDAY, ices. JUNE 12, 2017 (Committee meetings are open unless otherwise indicated) Joint Meetings Senate OPIOID CRISIS ECONOMIC ASPECTS Committee on Homeland Security and Governmental Affairs: business meeting to consider the nomination of Brock Joint Economic Committee: Committee concluded a Long, of North Carolina, to be Administrator of the Fed- hearing to examine economic aspects of the opioid eral Emergency Management Agency, Department of crisis, after receiving testimony from former Senator Homeland Security, 5:30 p.m., S–216, Capitol. Mike DeWine, Ohio Attorney General, Columbus; Lisa N. Sacco, Congressional Research Service, Li- House brary of Congress; Angus Deaton, Princeton Univer- No hearings are scheduled.

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Next Meeting of the SENATE Next Meeting of the HOUSE OF REPRESENTATIVES 4 p.m., Monday, June 12 12 noon, Monday, June 12

Senate Chamber House Chamber Program for Monday: Senate will resume consideration Program for Monday: To be announced. of the motion to proceed to consideration of S. 722, Countering Iran’s Destabilizing Activities Act, post-clo- ture. At 5 p.m., Senate will begin consideration of the nom- ination of Kenneth P. Rapuano, of Virginia, to be an As- sistant Secretary of Defense, and vote on confirmation of the nomination at approximately 5:30 p.m. Following disposition of the nomination of Kenneth P. Rapuano, Senate will continue consideration of the mo- tion to proceed to consideration of S. 722, Countering Iran’s Destabilizing Activities Act, with all post-cloture time being expired.

Extensions of Remarks, as inserted in this issue

HOUSE Frankel, Lois, Fla., E796 Perlmutter, Ed, Colo., E787, E788, E791, E793, E794, Garamendi, John, Calif., E792 E795, E796, E797, E799, E799 Babin, Brian, Tex., E790 Gonzalez, Vicente, Tex., E788 Sewell, Terri A., Ala., E788 Bustos, Cheri, Ill., E791, E795, E799 Gosar, Paul, Ariz., E790 Shimkus, John, Ill., E790, E795, E799 Comstock, Barbara, Va., E798 Hensarling, Jeb, Tex., E787, E789 Shuster, Bill, Pa., E788 Davis, Rodney, Ill., E794 Higgins, Brian, N.Y., E789, E790, E791, E793, E795, E798 Slaughter, Louise McIntosh, N.Y., E787 DeSaulnier, Mark, Calif., E791, E799 Huffman, Jared, Calif., E787 Swalwell, Eric, Calif., E796 Deutch, Theodore E., Fla., E794 Keating, William R., Mass., E792, E797 Thompson, Mike, Calif., E794 Dingell, Debbie, Mich., E791, E798 Kelly, Trent, Miss., E792, E798 Thornberry, Mac, Tex., E789 Ellison, Keith, Minn., E788 McGovern, James P., Mass., E796 Turner, Michael R., Ohio, E794 Espaillat, Adriano, N.Y., E797 Newhouse, Dan, Wash., E795 Walden, Greg, Ore., E793 Esty, Elizabeth H., Conn., E792, E796 Olson, Pete, Tex., E790, E793, E795, E797, E799 Zeldin, Lee M., N.Y., E797

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VerDate Sep 11 2014 04:13 Jun 09, 2017 Jkt 069060 PO 00000 Frm 00008 Fmt 0664 Sfmt 0664 E:\CR\FM\D08JN7.REC D08JNPT1 Wednesday, June 28, 2017 Daily Digest Senate pointed the following individual to serve as a mem- Chamber Action ber of the Western Hemisphere Drug Policy Com- Routine Proceedings, pages S3807–S3836 mission: John Walters of the District of Columbia. Measures Introduced: Twenty-two bills and six Page S3835 resolutions were introduced, as follows: S. Rao Nomination—Agreement: Senate continued 1450–1471, and S. Res. 204–209. Pages S3829–30 consideration of the nomination of Neomi Rao, of Measures Reported: the District of Columbia, to be Administrator of the S. 577, to require each agency, in providing notice Office of Information and Regulatory Affairs, Office of a rule making, to include a link to a 100 word of Management and Budget. Pages S3807–27 plain language summary of the proposed rule, with A unanimous-consent agreement was reached pro- an amendment. (S. Rept. No. 115–120) viding for further consideration of the nomination at S. 579, to require agencies to publish an advance approximately 11 a.m., on Thursday, June 29, 2017, notice of proposed rule making for major rules, with with the time until the vote on the motion to in- amendments. (S. Rept. No. 115–121) voke cloture on the nomination equally divided be- S. 381, to repeal the Act entitled ‘‘An Act to con- tween the two Leaders, or their designees. fer jurisdiction on the State of Iowa over offenses Pages S3835–36 committed by or against Indians on the Sac and Fox Nye Nomination—Cloture: Senate began consider- Indian Reservation’’. (S. Rept. No. 115–122) ation of the nomination of David C. Nye, of Idaho, S. 691, to extend Federal recognition to the Chickahominy Indian Tribe, the Chickahominy In- to be United States District Judge for the District dian Tribe-Eastern Division, the Upper Mattaponi of Idaho. Pages S3827–28 Tribe, the Rappahannock Tribe, Inc., the Monacan A motion was entered to close further debate on Indian Nation, and the Nansemond Indian Tribe. (S. the nomination, and, in accordance with the provi- Rept. No. 115–123) Page S3829 sions of Rule XXII of the Standing Rules of the Senate, a vote on cloture will occur upon disposition Appointments: of the nomination of Neomi Rao, of the District of Board of Visitors of the U.S. Merchant Marine Columbia, to be Administrator of the Office of In- Academy: The Chair, on behalf of the Vice Presi- formation and Regulatory Affairs, Office of Manage- dent, pursuant to Section 1295b(h) of title 46 App., ment and Budget. Page S3828 United States Code, appointed the following Senators Prior to consideration of this nomination, Senate to the Board of Visitors of the U.S. Merchant Marine took the following action: Academy: Senators Thune (ex officio as Chairman, Senate agreed to the motion to proceed to Legisla- Committee on Commerce, Science and Transpor- tive Session. Page S3827 tation) and Fischer (Committee on Commerce, Senate agreed to the motion to proceed to Execu- Science and Transportation). Page S3835 tive Session to consider the nomination. Page S3827 Board of Visitors of the U.S. Military Academy: Messages from the House: Page S3829 The Chair, on behalf of the Vice President, pursuant to 10 U.S.C. 4355(a), appointed the following Sen- Measures Referred: Page S3829 ator to the Board of Visitors of the U.S. Military Measures Placed on the Calendar: Page S3829 Academy: Senator Moran (Designated by the Chair- Measures Read the First Time: Pages S3829, S3835 man of the Committee on Armed Services). Page S3829 Page S3835 Executive Reports of Committees: Western Hemisphere Drug Policy Commission: Additional Cosponsors: Pages S3830–31 The Chair, on behalf of the Majority Leader, pursu- Statements on Introduced Bills/Resolutions: ant to the provisions of Public Law 114–323, ap- Pages S3831–35 D716

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Additional Statements: Pages S3828–29 NOMINATIONS Authorities for Committees to Meet: Page S3835 Committee on Homeland Security and Governmental Af- Adjournment: Senate convened at 12 p.m. and ad- fairs: Committee concluded a hearing to examine the journed at 6:43 p.m., until 11 a.m. on Thursday, nominations of Claire M. Grady, of Pennsylvania, to June 29, 2017. (For Senate’s program, see the re- be Under Secretary for Management, Department of marks of the Majority Leader in today’s Record on Homeland Security, and Henry Kerner, of California, pages S3835–36.) to be Special Counsel, Office of Special Counsel, after the nominees testified and answered questions Committee Meetings in their own behalf. NOMINATIONS (Committees not listed did not meet) Committee on the Judiciary: Committee concluded a APPROPRIATIONS: ARMY CORPS OF hearing to examine the nominations of Timothy J. ENGINEERS AND BUREAU OF Kelly, and Trevor N. McFadden, of Virginia, both RECLAMATION to be a United States District Judge for the District Committee on Appropriations: Subcommittee on Energy of Columbia, and Jeffrey Bossert Clark, of Virginia, and Water Development concluded a hearing to ex- and Beth Ann Williams, of New Jersey, both to be amine proposed budget estimates and justification an Assistant Attorney General, Department of Jus- for fiscal year 2018 for the Army Corps of Engineers tice, after the nominees testified and answered ques- and the Department of the Interior Bureau of Rec- tions in their own behalf. lamation, after receiving testimony from Lieutenant General Todd T. Semonite, USA, Chief of Engineers, BUSINESS MEETING Army Corps of Engineers; Douglas W. Lamont, Sen- Committee on Veterans’ Affairs: Committee ordered fa- ior Official performing the duties of the Assistant vorably reported S. 1024, to amend title 38, United Secretary of the Army (Civil Works); and Alan States Code, to reform the rights and processes relat- Mikkelsen, Acting Commissioner, Bureau of Rec- ing to appeals of decisions regarding claims for bene- lamation, Department of the Interior. fits under the laws administered by the Secretary of BUSINESS MEETING Veterans Affairs. Committee on Armed Services: Committee ordered favor- NOMINATION ably reported an original bill entitled, ‘‘National De- Select Committee on Intelligence: Committee concluded a fense Authorization Act for Fiscal Year 2018’’; and hearing to examine the nomination of David James The nomination of Patrick M. Shanahan, of Wash- Glawe, of Iowa, to be Under Secretary for Intel- ington, to be Deputy Secretary of Defense. ligence and Analysis, Department of Homeland Se- NOMINATIONS curity, after the nominee, who was introduced by Committee on Commerce, Science, and Transportation: Senator Grassley, testified and answered questions in Committee concluded a hearing to examine the his own behalf. nominations of Steven Gill Bradbury, of Virginia, to RUSSIAN INTERVENTION IN EUROPEAN be General Counsel of the Department of Transpor- ELECTIONS tation, and Elizabeth Erin Walsh, of the District of Columbia, to be Assistant Secretary of Commerce Select Committee on Intelligence: Committee concluded a and Director General of the United States and For- hearing to examine Russian intervention in European eign Commercial Service, after the nominees testified elections, after receiving testimony from Nicholas and answered questions in their own behalf. Burns, Harvard University John F. Kennedy School of Government Robert and Renee Belfer Center for NORTH KOREA Science and International Affairs, and Vesko Committee on Foreign Relations: Committee received a Garcevic, Boston University Frederick Pardee School closed briefing on North Korea, focusing on recent of Global Studies, both of Boston, Massachusetts; developments, from Joseph Y. Yun, Special Rep- Janis Sarts, NATO Strategic Communications Centre resentative for North Korea Policy, Deputy Assistant of Excellence, Riga, Latvia; and Constanze Secretary for Korea and Japan, Bureau of East Asian Stelzenmuller, Brookings Institution Center on the and Pacific Affairs, Department of State. United States and Europe, Washington, D.C.

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Suspension—Proceedings Resumed: The House heard from Nathaniel Schwartz, Chief Research and agreed to suspend the rules and pass the following Strategy Officer, Tennessee Department of Edu- measure. Consideration began Tuesday, June 27th. cation; and public witnesses. Robert Emmet Park Act of 2017: H.R. 1500, to MISCELLANEOUS MEASURES redesignate the small triangular property located in Washington, DC, and designated by the National Committee on Energy and Commerce: Full Committee Park Service as reservation 302 as ‘‘Robert Emmet held a markup on H.R. 3043, the ‘‘Hydropower Pol- Park’’, by a 2⁄3 yea-and-nay vote of 423 yeas with icy Modernization Act of 2017’’; H.R. 2786, to none voting ‘‘nay’’, Roll No. 338. Page H5287 amend the Federal Power Act with respect to the Senate Message: Message received from the Senate criteria and process to qualify a qualifying conduit by the Clerk and subsequently presented to the hydropower facility; H.R. 3050, the ‘‘Enhancing House today appears on page H5262. State Energy Security Planning and Emergency Pre- paredness Act of 2017’’; H.R. 2883, the ‘‘Promoting Quorum Calls—Votes: Three yea-and-nay votes Cross-Border Energy Infrastructure Act’’; H.R. 2910, and five recorded votes developed during the pro- the ‘‘Promoting Interagency Coordination for Review ceedings of today and appear on pages H5261, of Natural Gas Pipelines Act’’; H.R. 3017, the H5261–62, H5262, H5283–84, H5284, H5286, ‘‘Brownfields Enhancement Economic Redevelop- H5286–87 and H5287. There were no quorum calls. ment and Reauthorization Act of 2017’’; H.R. 3053, Adjournment: The House met at 10 a.m. and ad- the ‘‘Nuclear Waste Policy Amendments Act of journed at 6:42 p.m. 2017’’; and H.R. 806, the ‘‘Ozone Standards Imple- mentation Act of 2017’’. H.R. 3017, H.R. 2910 Committee Meetings were ordered reported, without amendment. H.R. MISCELLANEOUS MEASURE 3050, H.R. 2786, H.R. 3053, H.R. 3043, H.R. 2883, and H.R. 806, were ordered reported, as Committee on Appropriations: Subcommittee on Agri- amended. culture, Rural Development, Food and Drug Admin- istration, and Related Agencies held a markup on THE FEDERAL RESERVE’S IMPACT ON Agriculture, Rural Development, Food and Drug MAIN STREET, RETIREES, AND SAVINGS Administration, and Related Agencies Appropria- Committee on Financial Services: Subcommittee on tions Bill, FY 2018. The Agriculture, Rural Devel- Monetary Policy and Trade held a hearing entitled opment, Food and Drug Administration, and Re- ‘‘The Federal Reserve’s Impact on Main Street, Retir- lated Agencies Appropriations Bill, FY 2018, was ees, and Savings’’. Testimony was heard from public forwarded to the full committee, without amend- witnesses. ment. MISCELLANEOUS MEASURE EXAMINING THE BSA/AML REGULATORY Committee on Appropriations: Subcommittee on Energy COMPLIANCE REGIME and Water Development, and Related Agencies held Committee on Financial Services: Subcommittee on Fi- a markup on Energy and Water Development, and nancial Institutions and Consumer Credit held a Related Agencies Appropriations Bill, FY 2018. The hearing entitled ‘‘Examining the BSA/AML Regu- Energy and Water Development, and Related Agen- latory Compliance Regime’’. Testimony was heard cies Appropriations Bill, FY 2018, was forwarded to from public witnesses. the full committee, without amendment. ADVANCING U.S. INTERESTS AT THE MISCELLANEOUS MEASURE UNITED NATIONS Committee on Armed Services: Full Committee began a Committee on Foreign Affairs: Full Committee held a markup on H.R. 2810, the ‘‘National Defense Au- hearing entitled ‘‘Advancing U.S. Interests at the thorization Act for Fiscal Year 2018’’. H.R. 2810 United Nations’’. Testimony was heard from Nikki was ordered reported, as amended. R. Haley, United States Permanent Representative to EXPLORING OPPORTUNITIES TO the United Nations. STRENGTHEN EDUCATION RESEARCH WHILE PROTECTING STUDENT PRIVACY MISCELLANEOUS MEASURES Committee on Education and the Workforce: Sub- Committee on the Judiciary: Full Committee concluded committee on Early Childhood, Elementary, and Sec- a markup on H.R. 495, the ‘‘Protection of Children ondary Education held a hearing entitled ‘‘Exploring Act’’; H.R. 2826, the ‘‘Refugee Program Integrity Opportunities to Strengthen Education Research Restoration Act of 2017’’; H.R. 1096, the ‘‘Judg- While Protecting Student Privacy’’. Testimony was ment Fund Transparency Act of 2017’’; and H.R.

VerDate Sep 11 2014 04:29 Sep 20, 2017 Jkt 079060 PO 00000 Frm 00004 Fmt 0627 Sfmt 0627 E:\RECORD17\JUNE\D28JN7.REC D28JN7 June 28, 2017 CONGRESSIONAL RECORD — DAILY DIGEST D719 Suspension—Proceedings Resumed: The House While Protecting Student Privacy’’. Testimony was agreed to suspend the rules and pass the following heard from Nathaniel Schwartz, Chief Research and measure. Consideration began Tuesday, June 27th. Strategy Officer, Tennessee Department of Edu- Robert Emmet Park Act of 2017: H.R. 1500, to cation; and public witnesses. redesignate the small triangular property located in MISCELLANEOUS MEASURES Washington, DC, and designated by the National Committee on Energy and Commerce: Full Committee Park Service as reservation 302 as ‘‘Robert Emmet 2 held a markup on H.R. 3043, the ‘‘Hydropower Pol- Park’’, by a ⁄3 yea-and-nay vote of 423 yeas with icy Modernization Act of 2017’’; H.R. 2786, to none voting ‘‘nay’’, Roll No. 338. Page H5287 amend the Federal Power Act with respect to the Senate Message: Message received from the Senate criteria and process to qualify a qualifying conduit by the Clerk and subsequently presented to the hydropower facility; H.R. 3050, the ‘‘Enhancing House today appears on page H5262. State Energy Security Planning and Emergency Pre- Quorum Calls—Votes: Three yea-and-nay votes paredness Act of 2017’’; H.R. 2883, the ‘‘Promoting and five recorded votes developed during the pro- Cross-Border Energy Infrastructure Act’’; H.R. 2910, ceedings of today and appear on pages H5261, the ‘‘Promoting Interagency Coordination for Review H5261–62, H5262, H5283–84, H5284, H5286, of Natural Gas Pipelines Act’’; H.R. 3017, the H5286–87 and H5287. There were no quorum calls. ‘‘Brownfields Enhancement Economic Redevelop- ment and Reauthorization Act of 2017’’; H.R. 3053, Adjournment: The House met at 10 a.m. and ad- the ‘‘Nuclear Waste Policy Amendments Act of journed at 6:42 p.m. 2017’’; and H.R. 806, the ‘‘Ozone Standards Imple- mentation Act of 2017’’. H.R. 3017, H.R. 2910 Committee Meetings were ordered reported, without amendment. H.R. MISCELLANEOUS MEASURE 3050, H.R. 2786, H.R. 3053, H.R. 3043, H.R. 2883, and H.R. 806, were ordered reported, as Committee on Appropriations: Subcommittee on Agri- amended. culture, Rural Development, Food and Drug Admin- istration, and Related Agencies held a markup on THE FEDERAL RESERVE’S IMPACT ON Agriculture, Rural Development, Food and Drug MAIN STREET, RETIREES, AND SAVINGS Administration, and Related Agencies Appropria- Committee on Financial Services: Subcommittee on tions Bill, FY 2018. The Agriculture, Rural Devel- Monetary Policy and Trade held a hearing entitled opment, Food and Drug Administration, and Re- ‘‘The Federal Reserve’s Impact on Main Street, Retir- lated Agencies Appropriations Bill, FY 2018, was ees, and Savings’’. Testimony was heard from public forwarded to the full committee, without amend- witnesses. ment. EXAMINING THE BSA/AML REGULATORY MISCELLANEOUS MEASURE COMPLIANCE REGIME Committee on Appropriations: Subcommittee on Energy Committee on Financial Services: Subcommittee on Fi- and Water Development, and Related Agencies held nancial Institutions and Consumer Credit held a a markup on Energy and Water Development, and hearing entitled ‘‘Examining the BSA/AML Regu- Related Agencies Appropriations Bill, FY 2018. The latory Compliance Regime’’. Testimony was heard Energy and Water Development, and Related Agen- from public witnesses. cies Appropriations Bill, FY 2018, was forwarded to the full committee, without amendment. ADVANCING U.S. INTERESTS AT THE UNITED NATIONS MISCELLANEOUS MEASURE Committee on Foreign Affairs: Full Committee held a Committee on Armed Services: Full Committee began a hearing entitled ‘‘Advancing U.S. Interests at the markup on H.R. 2810, the ‘‘National Defense Au- United Nations’’. Testimony was heard from Nikki thorization Act for Fiscal Year 2018’’. R. Haley, United States Permanent Representative to EXPLORING OPPORTUNITIES TO the United Nations. STRENGTHEN EDUCATION RESEARCH MISCELLANEOUS MEASURES WHILE PROTECTING STUDENT PRIVACY Committee on the Judiciary: Full Committee concluded Committee on Education and the Workforce: Sub- a markup on H.R. 495, the ‘‘Protection of Children committee on Early Childhood, Elementary, and Sec- Act’’; H.R. 2826, the ‘‘Refugee Program Integrity ondary Education held a hearing entitled ‘‘Exploring Restoration Act of 2017’’; H.R. 1096, the ‘‘Judg- Opportunities to Strengthen Education Research ment Fund Transparency Act of 2017’’; and H.R.

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units in Delaware, General Services Administration reso- Iran’s state-sponsored persecution of its Baha’i minority lutions, and the nominations of Annie Caputo, of Vir- and its continued violation of the International Covenants ginia, and David Wright, of South Carolina, each to be on Human Rights; H. Res. 317, to call for the uncondi- a Member of the Nuclear Regulatory Commission, and tional release of United States citizens and legal perma- Susan Parker Bodine, of Maryland, to be an Assistant Ad- nent resident aliens being held for political purposes by ministrator of the Environmental Protection Agency, 12 the Government of Iran; H. Res. 359, to urge the Euro- noon, SD–406. pean Union to designate Hizballah in its entirety as a ter- Committee on Foreign Relations: business meeting to con- rorist organization and increase pressure on it and its sider the nomination of Mark Andrew Green, of Wis- members; and H.R. 2646, the ‘‘United States-Jordan De- consin, to be Administrator of the United States Agency fense Cooperation Extension Act’’, 10 a.m., 2172 Ray- for International Development, and routine lists in the burn. Foreign Service, Time to be announced, S–216, Capitol. Committee on the Judiciary, Subcommittee on Regulatory Committee on the Judiciary: business meeting to consider Reform, Commercial and Antitrust Law, hearing entitled S. 1312, to prioritize the fight against human trafficking ‘‘Recent Trends in International Antitrust Enforcement’’, in the United States, S. 1311, to provide assistance in 10 a.m., 2141 Rayburn. abolishing human trafficking in the United States, and Committee on Natural Resources, Subcommittee on Energy the nominations of Stephen Elliott Boyd, of Alabama, to and Mineral Resources, hearing entitled ‘‘Examining Ac- be an Assistant Attorney General, John Kenneth Bush, of cess to Oil and Gas Development on Federal Lands’’, 10 Kentucky, to be United States Circuit Judge for the Sixth a.m., 1324 Longworth. Circuit, Kevin Christopher Newsom, of Alabama, to be Committee on Science, Space, and Technology, Subcommittee United States Circuit Judge for the Eleventh Circuit, and on Space, hearing entitled ‘‘In-Space Propulsion: Strategic Damien Michael Schiff, of California, to be a Judge of the Choices and Options’’, 10 a.m., 2318 Rayburn. United States Court of Federal Claims, 10 a.m., SD–226. Committee on Small Business, Subcommittee on Economic Select Committee on Intelligence: to hold closed hearings to Growth, Tax, and Capital Access, hearing entitled ‘‘A Re- examine certain intelligence matters, 10 a.m., SH–219. view of SBA’s 504/CDC Loan Program’’, 10 a.m., 2360 Rayburn. House Committee on Veterans’ Affairs, Subcommittee on Over- Committee on Appropriations, Full Committee, markup on sight and Investigations, hearing on H.R. 2006, the ‘‘VA Legislative Branch Appropriations Bill, FY 2018, 10:30 Procurement Efficiency and Transparency Act’’; H.R. a.m., 2359 Rayburn. 2749, the ‘‘Protecting Business Opportunities for Vet- Subcommittee on Commerce, Justice, Science, and Re- erans Act of 2017’’; H.R. 2781, the ‘‘Ensuring Veteran lated Agencies, markup on Commerce, Justice, Science, Enterprise Participation in Strategic Sourcing Act’’; and and Related Agencies Appropriations Bill, FY 2018, 2 legislation to improve the hiring, training, and efficiency p.m., 2362–B Rayburn. of acquisition personnel and organizations of the Depart- Subcommittee on Financial Services and General Gov- ment of Veterans Affairs, and for other purposes, 10 a.m., ernment, markup on Financial Services and General Gov- 334 Cannon. ernment Appropriations Bill, FY 2018, 3 p.m., 2358–A, Subcommittee on Economic Opportunity, hearing on Rayburn. H.R. 282, the ‘‘Military Residency Choice Act’’; H.R. Committee on Education and the Workforce, Full Com- 1690, the ‘‘Department of Veterans Affairs Bonus Trans- mittee, markup on H.R. 986, the ‘‘Tribal Labor Sov- parency Act’’; H.R. 2631, the ‘‘Justice for ereignty Act of 2017’’; H.R. 2776, the ‘‘Workforce De- Servicemembers Act of 2017’’; H.R. 2772, the ‘‘SEA mocracy and Fairness Act’’; and H.R. 2775, the ‘‘Em- Act’’; legislation to amend title 38, United States Code, ployee Privacy Protection Act’’, 11:30 a.m., 2175 Ray- to authorize the Secretary of Veterans Affairs to furnish burn. assistance for adaptations of residences of veterans in reha- Committee on Energy and Commerce, Subcommittee on bilitation programs under chapter 31 of such title, and Health, markup on H.R. 767, the ‘‘SOAR to Health and for other purposes; and legislation to amend title 38, Wellness Act of 2017’’; H.R. 880, the ‘‘MISSION ZERO United States Code, to permit appraisers approved by the Act’’; H.R. 931, the ‘‘Firefighter Cancer Registry Act of Secretary of Veterans Affairs to make appraisals for pur- 2017’’; and H.R. 2422, the ‘‘Action for Dental Health poses of chapter 37 of such title based on inspections per- Act of 2017’’, 10 a.m., 2123 Rayburn. formed by third parties, 2 p.m., 334 Cannon. Committee on Foreign Affairs, Subcommittee on Middle Committee on Ways and Means, Subcommittee on Social East and North Africa, markup on H. Res. 185, to call Security; and Subcommittee on Oversight, joint hearing on the Government of Iran to fulfill repeated promises of entitled ‘‘Complexities and Challenges of Social Security assistance in the case of Robert Levinson, the longest held Coverage and Payroll Tax Compliance for State and Local United States civilian in our Nation’s history; H. Res. Governments’’, 10 a.m., 1100 Longworth. 218, to recognize the importance of the United States- Permanent Select Committee on Intelligence, Full Com- Israel economic relationship and encouraging new areas of mittee, hearing entitled ‘‘Ongoing Intelligence Activi- cooperation; H. Res. 274, to condemn the Government of ties’’, 9 a.m., HVC–304. This hearing will be closed.

VerDate Sep 11 2014 04:18 Jun 29, 2017 Jkt 069060 PO 00000 Frm 00006 Fmt 0627 Sfmt 0627 E:\CR\FM\D28JN7.REC D28JNPT1 rfrederick on DSK3GLQ082PROD with DIGEST D722 CONGRESSIONAL RECORD — DAILY DIGEST June 28, 2017

Next Meeting of the SENATE Next Meeting of the HOUSE OF REPRESENTATIVES 11 a.m., Thursday, June 29 10:00 a.m., Thursday, June 29

Senate Chamber House Chamber Program for Thursday: Senate will continue consider- Program for Thursday: Complete consideration of H.R. ation of the nomination of Neomi Rao, of the District of 3003—No Sanctuary for Criminals Act. Consideration of Columbia, to be Administrator of the Office of Informa- H.R. 3004—Kate’s Law (Subject to a Rule). tion and Regulatory Affairs, Office of Management and Budget, with a vote on the motion to invoke cloture thereon.

Extensions of Remarks, as inserted in this issue

HOUSE Frelinghuysen, Rodney P., N.J., E917 O’Halleran, Tom, Ariz., E918 Higgins, Brian, N.Y., E917 Panetta, Jimmy, Calif., E915 Barr, Andy, Ky., E918 Huffman, Jared, Calif., E916 Pascrell, Bill, Jr., N.J., E917 Bergman, Jack, Mich., E913, E914 Kind, Ron, Wisc., E914 Rogers, Harold, Ky., E915 Beyer, Donald S., Jr., Va., E916 Larsen, Rick, Wash., E913 Smith, Adam, Wash., E917 Bustos, Cheri, Ill., E916 Lewis, John, Ga., E915 Wilson, Joe, S.C., E919 Davis, Rodney, Ill., E915, E917 Marino, Tom, Pa., E915 Esty, Elizabeth H., Conn., E913 McCollum, Betty, Minn., E913 Yoder, Kevin, Kans., E918

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