H9732 CONGRESSIONAL RECORD — HOUSE November 29, 2018 These are the numbers just for the back to America. He actually promised There is a new administration taking year of 2016. You can see how big the that in all the towns that have just power in Mexico itself. We need to lis- trade deficit is with Mexico, nearly $70 gotten these pink slips. He said it in ten and work with them. billion and with Canada, $8 billion. Youngstown. He told the people in Any new North American trade Now, that is up fourfold since back in Warren, Michigan, that they never had agreement must raise wages and create the early nineties, before NAFTA was to worry if they voted for him; that a level playing field across the board. passed, when we already had a small they would never have a plant close The American people are not interested trade deficit with those countries, but down. in staged production signing cere- it has just exploded. Well, guess what? General Motors is monies. They want a NAFTA deal that The original NAFTA fueled massive closing down the transmission facility is fixed and that will create good-pay- migration on the Mexican side from in Warren, Michigan. ing jobs in America with benefits you their countryside to our Nation as mil- Thus far, both the trade deficit and can depend upon and heal the economic lions upon millions of small farmers’ the job outsourcing continue to, as the injustices suffered for the past 3 dec- livelihoods were extinguished in Mex- expression goes, go south. These num- ades as people are exploited by institu- ico. Mexico’s white corn industry was bers are going to get much worse for tions more powerful than themselves. decimated. the workers and communities in our And if America is going to be the Why do you think people fled to the country. leader of the free world, she has to be ? If you were hungry, and And the workers in Mexico, since the leader in free trade agreements you had nothing, and you lived in des- NAFTA’s passage, guess what? Their that are fair and offer the opportunity peration, well, you might do the same. wages are going down. What kind of a of rising living standards for all people, What a humanitarian tragedy has been system is this? not harming people, but helping people. occurring for over a quarter century. Anything short of specifics in this Trade is not just about goods, it is And yet, policymakers in the United redone agreement that will clearly im- about people. We have to put people States and Mexico close their eyes to prove job prospects for Americans will first. We have to put people at the top the human tragedy. fall short of Trump’s promises. of the agenda. We have to put workers Trade with our closest neighbors is Mr. Speaker, this is too important a at the top of the agenda and treat them never simply a zero-sum game. There moment to hang America’s economy on for their true worth, and not any have been lots of losers. In fact, our faulty assumptions. We, in Congress, longer allow trade deals like NAFTA to country’s been a loser. not I, but some in Congress, fell for hollow them out, to hollow their com- Yeah, there are some pockets of NAFTA in 1994. We can’t let it happen munities out, and to hollow America transportation jobs down at the border. again. out. Anybody would expect that. But over- The signing of text tomorrow leaves Mr. Speaker, I yield back the balance all, a net loser. with us a lot of work yet to complete. of my time. And guess what? Under the Trump Let Congress do its job. f administration, the red ink is growing. Has this administration answered the question of whether the job outsourc- BIPARTISAN WORK OF THE In the nearly 3 decades since FINANCIAL SERVICES COMMITTEE NAFTA’s original passage, we have not ing bonanza that has taken hold since The SPEAKER pro tempore. Under even had 1 year of balanced trade ac- NAFTA’s passage in 1994 has truly been the Speaker’s announced policy of Jan- counts, which is the true measure of addressed? It is hard to believe that will be the uary 3, 2017, the gentleman from whether a trade agreement is success- case, given the current news about (Mr. HENSARLING) is recognized for 60 ful or not. So we look at the Trump trade fig- General Motors; and that is not the minutes as the designee of the major- ures here, going across the months, and only company moving jobs out of this ity leader. Mr. HENSARLING. Mr. Speaker, I you look at the red line. Every month country. Have strong labor standards been in- rise tonight on behalf of the Financial the trade deficit grows, including with cluded in NAFTA 2.0 subject to swift Services Committee. Mexico and Canada; not even 1 year of and certain enforcement? No. Mr. Speaker, it has been my great balanced trade accounts, and the num- Will corporate interests retain the privilege to have the responsibility to bers are getting worse. means to outsource American jobs, to chair this committee for the last 6 NAFTA provided vivid evidence of a take advantage of rock-bottom Mexi- years. I take no pride on behalf of my- severely-flawed trade agreement that can wages? Yeah, they will. self, but I take a lot of pride in the failed America’s workers and commu- Will we protect the rights of Ameri- work that has been done on this com- nities as plant after plant shuts down. cans to know what is in the food they mittee. And you know, the sad tragedy is, at are feeding their families, or will trade A lot of that work, Mr. Speaker, has Lordstown, the third shift was gone a facilitation hold priority over food been bipartisan. And I believe, indeed, couple of years ago. But as the second safety? that the Financial Services Committee shift left this week, they were told by Congress has to ask, will Americans is the hardest-working, most produc- the GM officials in the plant, these jobs have access to affordable prescription tive committee in the United States are going to Mexico. drugs made in Mexico, or will the new House. We have produced more bills; we Beyond just the NAFTA deficit, all NAFTA further rig the system to delay have had more bills passed on the floor; our global trade deficits have ballooned access to more affordable and safe ge- we have had more bills signed into law under this administration’s erratic neric drugs and biosimilars? than any other committee. trade and tariff agenda. It makes no Globally, will we work to open closed I am especially proud of the work sense. and controlled markets? that we have done to create more pro- General Motors says that one of the Will we equalize the negative impact growth economic policy throughout reasons they are moving the jobs to of the value-added tax in our trade banking and finance, and the passage Mexico is because of the cost of the agreement? There is nothing in this on of S. 2155, the Economic Growth, Regu- Trump tariffs, and that they have had that. latory Relief and Consumer Protection to pay several billion dollars more for Will tax policy stop favoring out- Act, has meant so much to helping cre- steel that goes into making these vehi- sourcing? No, actually the Trump tax ate more capital to help save our credit cles. bill favored more outsourcing. unions and community banks, and to Well, you know, in this wake, a mod- Democrats look forward to holding really play a part in the unparalleled ern NAFTA agreement to correct all of hearings and oversight of how these economic growth that we see in our the injustices associated with conti- questions will truly impact all of Nation today. I take great pride in that nental trade is long overdue. I have ea- America and America’s workers and work on behalf of all our members. gerly anticipated the release of specific communities. We have called on this text in this NAFTA 2.0 and strategic administration to work with us to b 1930 agenda from the administration on how reach necessary and substantive I also take great pride on behalf of President Trump plans to bring jobs achievements. our Members for a piece of legislation

VerDate Sep 11 2014 05:21 Nov 30, 2018 Jkt 089060 PO 00000 Frm 00040 Fmt 4634 Sfmt 0634 E:\CR\FM\K29NO7.092 H29NOPT1 lotter on DSKBCFDHB2PROD with HOUSE November 29, 2018 CONGRESSIONAL RECORD — HOUSE H9733 that modernized the foreign invest- Mr. Speaker, Chairman HENSARLING’s So this bill and our interests are even ment in the U.S. The bill is technically leadership and the quality of person he more secure as a result of the jobs bill known by its acronym, FIRRMA, and it is, he got out in front. He enabled us to that the chairman has advanced for us modernizes a regime that had not been become leaders, he enabled us to learn, today. It does continue to ensure the modernized in quite some time. to give focus, direction on important security against predatory Chinese in- Mr. Speaker, so many of us know we issues relative to the security of this vestments by modernizing our securi- have challenges in America today with country, relative to the economic free- ties laws to reclaim the U.S. IPO mar- foreign interests that come in and es- doms of this country, and for that, I ket, all of this as China lays out its sentially take our intellectual prop- have the deepest sense of gratitude and blueprint for dominance in the tech in- erty, that take our technology, and re- respect that he empowered us as he led dustry. grettably China is one of the prime per- us. This package would also cut down on petrators of this. I have had the occa- That is a great testament and a leg- the regulations that burden our small sion to go to China and meet with their acy I think that he will carry through- business community. This is key to leadership. And I want China to rise, I out this , and continuing the innovation and eco- want them to have economic growth, the model that he has been for each of nomic growth we are seeking today. but not at the expense of the United us as we have watched, not just his This tax relief and jobs package States of America and not by violating work ethic, but his character and who would continue the innovation and eco- either the letter or the spirit of the he is and how that translated into the nomic growth and would allow inves- WTO, of the World Trade Organization, public policy for the good of the Amer- tors to have legal certainty by allow- which we helped them enter a couple of ican people. ing them to interact with entre- decades ago. So, Mr. Speaker, let me say in my preneurs without fear of securities vio- Mr. Speaker, I am proud of the work, deepest heart my appreciation and my lation. especially, done by the gentleman from love for him and his sweet wife and his Furthermore, the cost of initial com- , who is the vice chair- wonderful kids. What a tribute it was pliance for an IPO filing now exceeds man of our Terrorism and Illicit Fi- to be there with him yesterday when over $2 million. This hinders small nance Subcommittee. He was the they unveiled the painting that will go businesses that are ready to go public House leader on this legislation and in the Financial Services room, to the but can’t afford these regulatory costs. worked with the senior senator from accolades of the Vice President and So, Mr. Speaker, I commend this bill. Texas, JOHN CORNYN, my friend, to Senator Phil Gramm and so many oth- JOBS 3.0 would lengthen ‘‘on-ramp’’ bring this onto the President’s desk ers who were there to pay tribute to a exceptions for IPO compliance, helping that ultimately got signed into law. great leader for our country. So I small business owners navigate one of This was really a revolutionary law thank the chairman. the most expensive aspects of securi- dealing with both export controls, for- And as Chairman HENSARLING spoke ties law. eign investment in the U.S., and the to the issues relative to FIRRMA, yes, It also allows companies to test the gentleman from North Carolina, Mr. we have great challenges from nation waters before going public to help give PITTENGER, was an early leader. He saw states who seek to exploit our laws, them time for their IPO to have a bet- the threat before others saw it. who have sought to secure proprietary ter chance of success. I have had a number of great privi- technology for their own interests and These provisions are vital to encour- leges serving as chairman, but one of objectives, and particularly, as Chair- age business growth and to reassure the greatest privileges is serving with man HENSARLING mentioned, China. the small business community. I men and women who have vision, who China, since 2015, has acquired 50 strongly encourage the Senate, there- have commitment, who have principle, technology companies, semiconductor fore, to pass this bill. and that certainly describes the gen- companies, many of them a part of our So, yes, Mr. Speaker, what Chairman tleman from North Carolina. Department of Defense. These are crit- HENSARLING has done through this leg- Regrettably, he and I are both de- ical companies for our own national se- islation has helped give greater finan- parting after this Congress, and that is curity. They have been able to cir- cial empowerment and liberty and free- a bittersweet feeling. I think we both cumvent our laws through joint ven- dom to the American people, that is look forward to the next opportunity tures, through minority partnerships what it is all about today, is freedom. that we have. to be able to obtain this technology. So my gratitude to him for the leader- Mr. Speaker, I want to yield him In fact, on one occasion, Chairman ship that he has given us. some time, because it is important for HENSARLING and I were coming back Mr. Speaker, I also want to say a us to hear from him about the signifi- from Asia, and we stopped in Anchor- word of thanks to some other folks who cance of this legislation and how im- age and we visited our base there, and I have probably this last moment to portant it is. I was happy to be in the they showed us the Stealth F–22. And address in this Chamber. As Jesse White House not too long ago to have as the general was showing the incred- Helms used to say, a wonderful man the President extoll the virtues of this ible aspects of this remarkable plane, from North Carolina: That turtle didn’t law as well. the greatest aircraft we have, he said: get up on the fence post by himself. Mr. Speaker, I will miss his company, By the way, the technology of this And that is true, I think, for each of us I will miss his leadership, and there is plane, the engine was sold to China by in this Chamber, but I know it is true no one that I know of who is a greater GE. for this Member of Congress. authority on terrorist finance who is Companies have been forced, extorted What I have been able to do, by the serving in the U.S. Congress today than in a sense, to gain access to Chinese grace of God and through the ROBERT PITTENGER of North Carolina. markets. This is wrong. It is morally enablement and empowerment of my Mr. Speaker, I yield to the gentleman wrong. It is ethically wrong. It is chairman and others, will hopefully from North Carolina (Mr. PITTENGER), wrong for our national security. last, but it happened because of people my friend. The FIRRMA bill, which Chairman along the way who stood with me, who Mr. PITTENGER. Mr. Speaker, I HENSARLING recognized and helped supported my efforts. thank the chairman for his kind re- pass, it wouldn’t have happened with- Of course, I start with my family. I marks. I remember the first time we out his total commitment and leader- have the most wonderful family in the met. It was across the street, and I ap- ship. So this country is more secure world. I have ten grandkids I get to go proached him about wanting to serve today because of what passed regarding home to, 10 years and younger. I am on his committee. Little did I know the FIRRMA bill. Pitto to them, and that is all the world that I was headed back to graduate The rules will be written over the to me, and we have a fun time chasing school. He gave me a binder about 6 next year or so. We trust that all that around. inches thick and said: Go study it. I was done will come out and close off But my team, my staff, enabled me had to look up all the acronyms, about these loopholes that have allowed for- to serve the Ninth Congressional Dis- 100 of them, and memorize those to get eign entities to exploit our Nation’s trict of North Carolina, those people started. national security. that I love, those eight counties out

VerDate Sep 11 2014 05:21 Nov 30, 2018 Jkt 089060 PO 00000 Frm 00041 Fmt 4634 Sfmt 0634 E:\CR\FM\K29NO7.094 H29NOPT1 lotter on DSKBCFDHB2PROD with HOUSE H9734 CONGRESSIONAL RECORD — HOUSE November 29, 2018 there that I am endeared to, but the And, indeed, don’t just take my word been such a workhorse in helping some people who really helped them were the for it, but the President of the United of our economic growth measures that folks back home in my district, in my States thinks this is one of the most have helped save community banking office. I speak specifically of Linda significant pieces of legislation when it and credit unions. Ferster, Chris Sullivan, Jamie Bowers, comes to dealing with the threats of Mr. Speaker, I am happy to yield to Graham Long, Robert Becker. They those who would take our intellectual the gentleman from Ohio (Mr. DAVID- were with me from day one. They stood property, who would take our tech- SON). with me the whole 6 years. Nobody nology by hook or crook, or however Mr. DAVIDSON. Mr. Speaker, I rise flinched, nobody went anywhere. That they might do it. to applaud the hard work and great team was so incredible. So, Mr. Speaker, I want to commend success of the House Financial Services Robert Becker is one of the greatest Mr. PITTENGER for his leadership. Committee these the past 2 years in leaders we have in North Carolina for I must admit, this was kind of faint the 115th Congress. our veterans. He gets calls from all on my radar screen, this issue, but Under the leadership of Chairman over the State and he says: What do I among Mr. PITTENGER’s other endear- JEB HENSARLING, the Financial Serv- do to help this veteran? ing qualities, he is persistent. He is a ices Committee became the most pro- Linda Ferster has been working these very persistent individual. And I am ductive committee in Congress. Over 44 issues in the bureaucracy for 18 years. glad he was persistent, because it be- bills signed into law originated from These are great, faithful people who came a major piece of legislation. our committee, including S. 2155. It have stood up for my constituents in Part of my job as chairman and one began as the Financial CHOICE Act, my district, and all the good that hap- of my great privileges is I get to take Creating Hope and Opportunity for In- pened in that district was because of credit for a lot of other people’s good vestors, Consumers, and Entre- them. And I just gave them a door to work. I shouldn’t, I shouldn’t be ac- preneurs. say: Go through it and you go serve. corded this. And so I get many thanks, Unfortunately, the whole bill hasn’t And they served like they were mis- but this was a team effort and it was made it into law, but the core of that sionaries. They love those people. led by Mr. PITTENGER. bill was dealing with the unintended Every day they wake up thinking, who consequences and, frankly, whether b 1945 can I help today? You know, whose life they were intended or not, the harmful can I change in a positive way today? Other countries are now put on no- consequences of Dodd-Frank. And that is the nature of the service tice. We are watching. These rules, as Under Dodd-Frank, we found that the that my team provided, the same type Mr. PITTENGER, the gentleman from biggest banks got bigger and the small- of leadership that I had up here in North Carolina, has said, will be un- est banks became fewer. We found that Washington. veiled in the weeks and months to banks were not too-big-to-fail, but My role in FIRRMA just didn’t hap- come. But a new day has dawned for some of them became too-small-to-suc- pen by myself. There are many people those who think that they are going to ceed under the burden of Dodd-Frank’s on my team up here that supported take, by hook or crook, our tech- regulatory framework. So much so that effort. Clark Fonda was a great nology. that even Barney Frank, whose name leader for me in that. There are other We want our global neighbors to suc- is part of the Dodd-Frank Act, came to people outside Congress. Heath ceed, but, again, not to succeed at our support the reforms for community Tarbert, the Assistant Secretary of the expense. Those applications of tech- banking. Treasury, a remarkable individual who nology and intellectual property that I am very proud to have participated served this country so well over such a have any type of national defense im- in regulatory relief that helped thou- key part of what we did in this na- plications, that is going to stop, and it sands of community financial institu- tional security bill on FIRRMA. is going to stop because of the leader- So my heart is just filled with grati- tions help lend to their communities. ship of ROBERT PITTENGER, the gen- tude for the privilege of serving the It is making a difference today as we tleman from North Carolina. good folks in the Ninth District of watch the impact in our economy. In- It has been a great, great source of North Carolina; my gratitude for the deed, it is, in some measure, fitting pride and joy to be associated with body in this Chamber; my gratitude for that the title began with ‘‘Creating him. I will count him as a friend for being able to serve on the Financial Hope and Opportunity for Investors, life. I appreciate the fact that he would Services Committee under the leader- Consumers, and Entrepreneurs,’’ be- come and spend time here. ship of Chairman HENSARLING. It cause that is what is happening in this I have no doubt, Mr. Speaker, that couldn’t be greater. I couldn’t be more amazing economy. his leadership is not done. His leader- fulfilled in the 6 years that I had here. There is more good news that is hap- I will always treasure and remember ship may be done in this body, but his pening in our economy than is prob- this time. leadership in fighting global terrorism ably going to get covered anywhere. So, Mr. Speaker, I thank you, I from illicit finance and global terrorist Some of it is out there for the C–SPAN thank Chairman HENSARLING. He is an finance, that leadership is not done. In viewer to find. absolute important friend for me, and I many respects, it is just starting. I You might not see in the news that hope we can continue to work together look forward to continuing to follow we have the strongest sanctions that for many years to come. God bless you. his career and his leadership. have been imposed on Russia since it Mr. HENSARLING. Mr. Speaker, I Mr. Speaker, we are also joined to- has been Russia. Post-Soviet Union, we certainly thank the gentleman for his night by another real authority on have never had a stronger posture to- comments tonight. global terrorist finance, a gentleman ward Russia than we do today. I hope that there are a fair amount of who has been incredibly active on the The Financial Services Committee Americans who are watching this this Terrorism and Illicit Finance Sub- helps implement those because the De- evening, because they need to know committee of the Financial Services partment of the Treasury has an Office that they owe this gentleman, Mr. Committee. I have come to really ap- of Foreign Asset Control. As part of PITTENGER of North Carolina, a great preciate his intellect, his knowledge, the Monetary Policy and Trade Sub- debt of gratitude. And indeed America and his work ethic. He is clearly one of committee and as part of the Ter- is going to be a safer, more secure Na- the hardest working members of the rorism and Illicit Finance Sub- tion because of his leadership. Financial Services Committee. committee, we look at how to choke off In his three terms, Mr. Speaker, Mr. As, regrettably, the gentleman from these sources of funds, whether it is PITTENGER achieved more in three North Carolina departs, and I am sad- Russian oligarchs, Iranian bad actors, terms than many Members achieve in dened by that, we are both heartened North Koreans, or others. ten terms. to know that the gentleman from Ohio Frankly, I believe we only have Many people, unfortunately, come to (Mr. DAVIDSON) will remain, and he will tapped the surface on the potential the People’s House to be somebody. Mr. be one of the key leaders in the entire that sanctions have. Indeed, we may be PITTENGER of North Carolina came to United States House of Representatives able to apply sanctions to our trade do something. in combating terrorist finance. He has policy and, very targeted, deal with

VerDate Sep 11 2014 05:21 Nov 30, 2018 Jkt 089060 PO 00000 Frm 00042 Fmt 4634 Sfmt 0634 E:\CR\FM\K29NO7.095 H29NOPT1 lotter on DSKBCFDHB2PROD with HOUSE November 29, 2018 CONGRESSIONAL RECORD — HOUSE H9735 bad actors, like those who are dumping mittee for a year and a half. It has cause you cannot have a free Nation steel, rather than just putting a uni- been over a year since it passed the that is not a virtuous Nation and a form tariff out there. We can be pre- House with very modest reforms. godly Nation. cise. Instead of maximizing collateral One of the sticking points seems to I know that there is a new generation damage, we can minimize it. be that the Senate can’t live with re- of conservative leaders who are coming But that shows that there is plenty building someone’s home three times up who know how important our fami- of work left to do. What we are here to after it has flooding. We will rebuild it lies are, our families who care for our say is that there are plenty of great not once, not twice, but a third time, elderly and nurture our youth and per- things that did, in fact, happen. and then after that, we are saying, you petuate our values. They know how im- With respect to trade, one of the know, maybe you should move. portant free enterprise is, not just be- things the Financial Services Com- But that is too much to ask, appar- cause it allows people to sleep at night mittee got to do was take a bipartisan ently, for the Senate. We can’t even get knowing the bills are paid, but how em- delegation trip to China. We talked a vote on it. It is time for the Senate powering it is to finally leave the as- with folks in Japan, in Hong Kong, in to act. sembly line and to start your own busi- China, and in South Korea about the Another is JOBS 3.0. This is a bill ness; how empowering it is to send that importance of trade, not just in a way that provides new 21st century frame- first kid to college; but, ultimately, that draws in our Foreign Investment work for capital formation. You think how important it is to pursue happi- Risk Review Modernization Act, but capital formation, that sounds like ness, to use your God-given talents in with all of our trade policy. Wall Street, that sounds like a big, Re- any way that can help you and your The reality is that we were able to publican, stereotypical talking point family prosper. send a message to the people in China, bill. It passed with more than 400 votes I know I take great solace to know to the leadership of China—their Vice in this body, incredibly bipartisan, there is a new generation of conserv- President down to their leadership in very modest reforms, commonsense, for ative leaders who know that, ulti- the trade negotiations—that with re- early stage capital formation, and it mately, liberty is an inalienable right spect to China, there is no separation hasn’t yet been voted on in the Senate. given to us by our creator, the Al- between Congress and President There is still time in this Congress, and mighty, and how precious it is and how Trump, and with respect to China, I sure hope they can deliver on it. few people on the face of the planet there is no separation between Repub- There are a lot of things that we really enjoy the full fruits of liberty. licans and Democrats on trade. haven’t been able to get to. In spite of I count Mr. DAVIDSON among those Our hope is that we can continue to being the most productive committee people, and I will always count him as trade, and we can continue to prosper in Congress, there are still things that my friend. But it makes it much easier, together. As a former Army Ranger, I have been left undone. My hope is that after 16 years, to leave this body know- never thought I would go to China we can continue to collaborate in a ing that there is a WARREN DAVIDSON in under friendly terms and conditions. I very bipartisan way as we experience a Congress and knowing that there is a am quite thankful that we were able to transition. from North Carolina who do that. I hope that we can continue As sad as I am to be headed to the will remain in Congress as well. Mr. Speaker, I yield to the gentleman that peace and prosperity together. minority as a member of the majority from North Carolina (Mr. BUDD). He But the days of the American people party today, I am very sad that Chair- also has become a fast friend of mine. being taken advantage of, whether it is man HENSARLING is leaving Congress. More importantly, I count his wife as a by China or any other Nation, I hope This week, we were able to see his re- friend of my wife, and me as well. Not has long passed. Clearly, today, that is tirement ceremony where a portrait unlike Mr. DAVIDSON, he is one of the the trend. Not only has the Foreign In- was unveiled. But the most important hardest working members of our com- vestment Risk Review Modernization thing that happened there is, frankly, I mittee, and he never, never gives up. Act, FIRRMA, passed, and that gives think everyone in that room was in- Again, a significant portion of the us this review, but we have an adminis- spired. economic growth packages that we tration that is aggressively imple- I think one of the most unfortunate have passed out of the House Financial menting a policy that puts that into ef- things about Congress is the way it is Services Committee, two or three of perceived by the American people. fect. them I know contain Mr. BUDD’s name. There are plenty of things that did There are more truly good men and That is unusual for somebody who has pass our House that haven’t yet made women who serve in this body, in both been a freshman member of our com- it into law. A staggering number is 115. parties, than I would have ever be- mittee, to have so many bills passed. It While 44 bills were signed into law, 115 lieved before I got here, and one of the is a testament to the great citizens of passed our committee and haven’t yet very best is JEB HENSARLING. I am his congressional district that they been taken up across the building in thankful to count him as my chairman, would return him to office. I hope, next the Senate. Unfortunately, and often as a mentor, and as a friend. I look for- time, maybe a few more will join in despite overwhelmingly bipartisan sup- ward to seeing how God continues to and make it a little less interesting. port in the House, many of these bills bless this great man and how God con- But I am also proud to call him col- have yet to receive the same attention tinues to bless this body and our great league; I am proud to call him friend; in the Senate. Nation. It is now time for deeds, not and I, again, take great solace to know One example of this is a bill I intro- words. that this body will see his conservative duced, the Market Data Protection Mr. HENSARLING. Mr. Speaker, leadership for quite some time. Act. This passed the House of Rep- well, after hearing those kind com- resentatives unanimously, and it is yet ments, I would be happy to yield the b 2000 to receive a vote in the Senate. This gentleman even more time. I say that Mr. BUDD. Mr. Speaker, I thank deals with the protection of govern- tongue-in-cheek. Chairman HENSARLING, and after those ment-controlled data by the Securities Mr. Speaker, I have learned that if kind words, maybe we all should just and Exchange Commission. In fact, our you want kind things said about you, yield back. But I am going to hang on EDGAR database was hacked. We are announce your retirement. So, I must for a few minutes and talk about some simply asking that the SEC do the admit, I am humbled by this experi- of the great things that we have done same thing and certify to Congress in ence, and I thank the kind words of the on Chairman HENSARLING’s committee the same way they would expect a pub- gentleman. that I have been honored to be a part of licly traded company to certify to I must admit that it is a real mixed for these last 2 years and look forward them, that they have dealt with the blessing that I get ready to leave Con- to continuing on. One of the things to risk and they now have a secure net- gress, but I take a lot of solace know- mention in the 115th Congress is to work. ing that there is a new generation of highlight the need to bring JOBS 3.0 Just earlier tonight, we passed yet conservative leaders who are coming to across the finish line. another extension of the Flood Act. this body, who know how important But before I do that, I have to say, This bill has been passed by our com- faith is in the life of a great Nation, be- Mr. Speaker, that I don’t think there

VerDate Sep 11 2014 05:21 Nov 30, 2018 Jkt 089060 PO 00000 Frm 00043 Fmt 4634 Sfmt 0634 E:\CR\FM\K29NO7.096 H29NOPT1 lotter on DSKBCFDHB2PROD with HOUSE H9736 CONGRESSIONAL RECORD — HOUSE November 29, 2018 has been a harder working committee which directs the Secretary of the Mr. Speaker, in closing, like my col- in Washington, D.C., over the past 2 Treasury to encourage the use of tech- leagues have said before, I want to years, from our leadership all the way nological innovations that improve fi- thank our chairman, JEB HENSARLING, down to the committee’s staff level, nancial institutions’ anti-money laun- for his principled leadership of this and it shows in our accomplishments. I dering programs. committee and for seeing us through am proud to have played a small role in Financial institutions currently have some great wins in the 115th Congress. some of these victories. little incentive to invest in innovative He has been a friend, a mentor, and One simply cannot start a speech like technology solutions to BSA compli- somebody I respect in the way he leads, this without talking about the tremen- ance because of the regulatory inflexi- and leads his family greatly, and I dous work that went into the Financial bility. The Bank Secrecy Innovation know that he will be missed. CHOICE Act, which ultimately became Act will provide financial institutions Mr. HENSARLING. Mr. Speaker, I known as S. 2155. with greater incentive and certainty thank the gentleman for his kind As we all know, Dodd-Frank was en- when experimenting with technology words, and far more importantly, I acted in 2010 in an effort to end the so- to aid in BSA compliance by providing thank him for his leadership. He is called too-big-to-fail financial institu- a safe harbor against having the use of truly one of the workhorses for eco- tions. However, Dodd-Frank and Con- such technology be the basis for regu- nomic growth in the United States gress inadvertently created too-small- latory penalty. Congress. to-succeed financial institutions, The application of innovative tech- Again, I take great solace, as I will which punished our regional and com- nology by financial institutions in soon leave this august body, in know- munity banks and credit unions. It was their BSA compliance programs will ing that somebody like Mr. BUDD will unfortunate, but in the end, commu- likely improve the detection of illicit be here. He has such principle, char- nity financial institutions were shut activity, leading to more efficient and acter, is a hard worker, and has success down, while the consumer and small higher quality reporting of suspicious in actually getting bills done that business owner were starved of the ac- activity by financial institutions. Bet- make a difference in the lives of work- cess to credit at a time when they ter, more targeted reports likely will ing people. Mr. Speaker, it is such a needed it the most. aid law enforcement in focusing their pleasure to serve with the gentleman However, with the passage and ulti- limited resources on real criminal ac- from North Carolina (Mr. BUDD). Mr. Speaker, several of our Members mate enactment of S. 2155, the status tivities, while also reducing the time have spoken tonight about what we quo that I just highlighted has that law enforcement must spend weed- call the JOBS 3.0 Act, Jumpstart Our changed, instead, for good. Dodd-Frank ing out reports that are just irrelevant. reform was a win for North Carolina’s As I said earlier, Mr. Speaker, there Business Startups. Thanks to the lead- ership of President Trump, thanks to community financial institutions, is still one more package of bills that the leadership of Speaker RYAN, and small businesses, innovators, and the passed out of our committee and this thanks to the leadership of Chairman economy as a whole. Under this bill, body with strong bipartisan backing KEVIN BRADY, we have a great econ- the consumer and small business will that still needs to be pushed across the omy. We have, perhaps, the greatest get access to the credit they need, finish line. I am talking, of course, economy in most Americans’ lifetimes. whether it be used to buy a home or fi- about JOBS 3.0 and the capital forma- Unemployment is at about a 50-year nally start and expand their busi- tion package that would further im- low. For the first time in a decade, we nesses. prove our economy and make it easier are seeing paychecks rise. We are see- I think this bill, Mr. Speaker, is, ar- for companies to go public. ing that take-home pay increase. guably, the most important legislative This package included bills like Small business optimism, consumer win this Congress has seen in a long mine, H.R. 3903, the Encouraging Pub- optimism, is off the charts. It is amaz- time. It will benefit all sectors of the lic Offerings Act, that I introduced ing what can happen with some tax re- economy, and I am so excited that we with my friend on the other side of the form and regulatory reform. And, yes, I got this done. aisle from New York, GREGORY MEEKS. take pride—not on my behalf, but on On a more personal note, outside of It passed the House, if you can imag- behalf of the Financial Services Com- Dodd-Frank reform, I have really en- ine, 417–0. mittee—in what we have done to help joyed the work that has gone on at the It allows issuers to submit to the take some of the shackles off of our Terrorism and Illicit Finance Sub- SEC for confidential review, before community banks and our credit committee. Under the leadership of our publicly filing, draft registrations for unions. But there is so much more chairman, STEVE PEARCE, my bipar- IPOs. H.R. 3903 will reduce the risk to work to be done. tisan bill, H.R. 3321, the National companies that are just thinking about Mr. Speaker, as you probably know, Strategy for Combating Terrorist, Un- going public, in order to make listing the whole idea of capital formation for derground, and Other Illicit Financing on exchanges even more attractive, our entrepreneurs, for our small busi- Act, is just one example of this work. I which, in the end, will only strengthen nesses, traditionally, that has been a was able to get this bipartisan bill our financial markets. bipartisan effort. And, in fact, the very signed by the President and passed into Mr. Speaker, the legislation found first, what we call JOBS 1.0, was signed law as part of the Countering Amer- under JOBS will make it easier for into law by President Barack Obama. I ica’s Adversaries Through Sanctions startups and small businesses in North don’t quite have the quote at my fin- Act. Carolina to attract the investments gertips, but at the time, he said some- My bill directs the Department of the they need to go public, grow, and cre- thing along the lines that we have to, Treasury to develop a national strat- ate more jobs. from time to time, remove the regu- egy to combat the financing of ter- I also want to highlight, briefly, title latory burdens to capital formation rorism and related forms of illicit fi- 14 of JOBS, which protects the Amer- that are preventing our entrepreneurs nance involving all levels of govern- ican insurance standards. This strong, from accessing capital. ment. H.R. 3321 will get us closer to a bipartisan language found under title So the first point I would like to coordinated strategy on disrupting 14 will give U.S. negotiators the strong make, Mr. Speaker, is the economy of these illicit financial networks in the legislative backing they need when today is in great shape. But can we hopes that we are able to starve ter- they negotiate with international bod- count on it for the economy of tomor- rorist groups like ISIS of the resources ies like the IAIS. row? Particularly, Mr. Speaker, when I they need to carry out their radical Now, as we try to bring JOBS over look at public companies, what I see is agendas. the finish line, I am hopeful that we that our public companies are fewer, I also want to highlight and think can keep this strong, bipartisan lan- they are older, and they are bigger. that we should be proud of the balance guage in the bill. We must keep it in Today, in America, we still have far we have been trying to strike with re- whatever version of JOBS that we pass. too many old cars and not enough gard to fintech. I have my own legisla- The American insurance consumer startups in our garages. tion on this front, for example, H.R. needs it and also deserves it. So let’s I sometimes think—and I am the fa- 6849, the Bank Secrecy Innovation Act, get JOBS done. ther of a 16-year-old daughter, a 15-

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Months later, the United newspaper in America is The Wall But what we see as recently as 2016, States Senate has done nothing on this Street Journal. It is certainly the most just a couple of years ago, is that new piece of legislation. This cannot hold. influential economic publication in startups’ entrepreneurial capitalism This cannot be. There is no excuse for America, and probably the world. For- was at a 40-year low. Now, fortunately, the United States Senate back there tunately, their lead editorial today was under this administration, it is taking behind my shoulder to do nothing to encourage the Senate to take up a turn upwards, but we have got a lot while, for example, we see more compa- JOBS 3.0. In fact—I am kind of para- of ground to make up. nies go public in China. phrasing here because I don’t have the Our public companies have been cut We had a discussion a little earlier, newspaper at my fingertips—they said in half, a 20-year low, as recently as Mr. Speaker, how China, unfortu- that Congress has done yeoman’s work 2016. Half of the number of companies nately, too often has taken our tech- shepherding a compendium of bipar- are going public. And so not only is nology—our intellectual property—by tisan bills to access capital. They were that bad for America’s economy, but it hook and crook. But a lot of it is com- referring to JOBS 3.0. is bad for the family economy because panies are choosing to confine their Again, go online. It is their lead edi- they lose out on investment opportuni- capital in China because they find it torial. ties. easier, and now we are looking at over They said that the Senate shouldn’t Had you invested early in Apple, you one-third of public companies are going scuttle what could be one of Congress’ would have made a gazillion percent- public in China, and we are down to 11 better achievements. I agree. This will age rate of return. It would have been percent. They have an ascending curve; be one of Congress’ better achieve- an incredible investment opportunity. we have a descending curve. ments to be able to capitalize our small At the time, the Commonwealth of In order to successfully compete with businesses to make sure, again, they Massachusetts wouldn’t even allow China in a global economy, we have to can access capital, they can go public, Apple to sell their securities because make it easier throughout the eco- and that they are not treated like a they were fearful it was too specula- system of our small entrepreneurial Fortune 500 company on day one. tive. ventures to make it easier, and so that Mr. Speaker, many of our biotech We want to make sure that every is what the whole thrust of the JOBS companies that provide lifesaving American family has the opportunity 3.0 Act is all about. pharmaceuticals, some of them don’t to invest in the next Apple. But, unfor- Again, it is a very, very strong bipar- even cash flow positive for a decade. tunately, what we see is a regulatory tisan measure. So often the lead Demo- They can’t be treated with the same burden that is absolutely strangling a crat in this institution, known as rank- regulatory burden on their capital as a lot of these startup companies. ing member, the gentlewoman from Fortune 500 company. If you do, again, Over the past 21⁄2 decades, Mr. Speak- California (Ms. MAXINE WATERS) and I er, the U.S. share of global venture in- they are going to go to China. They are don’t see eye to eye on much. We see vestment has steadily declined. And not going to stay in the USA. They are eye to eye on very little. But we are when we see it decline, what we also going to go to China. As we continue to joined at the hip in wanting to see the see is that regulatory restrictions on compete with them, we cannot allow JOBS 3.0 Act. She has been stalwart, securities and investment have in- this to happen. and she has been a good negotiating creased 54 percent in 10 years—in just So we have had such great support. I partner to get this done. 10 years, a 54 percent increase in regu- alluded to the ranking member, the So you have one of the most liberal latory restrictions on securities, and gentlewoman from California (Ms. Members of Congress and one of the an 80 percent increase over 20 years. MAXINE WATERS). She said that this We are wondering why there is so lit- most conservative Members of Con- bill is ‘‘a carefully crafted bipartisan tle entrepreneurial activity, and we are gress come together to advocate for compromise.’’ Those are her words. She wondering why so few companies have our small businesses, for our entre- said that it is ‘‘an example of Members gone public. preneurs, to help us compete with on both sides of the aisle working to- Part of what we have to do is simply China in the JOBS 3.0 Act, but some- gether to support our Nation’s small modernize antiquated statutes. And so how they are still not hearing this in businesses and investors.’’ with the exceptions of Sarbanes-Oxley, the United States Senate. Again, she is one of the most liberal and with the exception of, frankly, the Please, the gentlewoman from Cali- Members of the United States House of first version of the JOBS Act and the fornia (Ms. MAXINE WATERS), gives Representatives and most likely the second version of the JOBS Act, almost every liberal permission to vote for the next chairman of the House Financial all of our other significant Federal se- JOBS 3.0 Act. As chairman of the Services Committee. She said that this curities laws date back to the 1930s. House Financial Services Committee bill will help entrepreneurs, small busi- Mr. Speaker, a couple of these, the and one who used to chair the conserv- nesses, investors, and our economy to Securities and Exchange Act, the Secu- ative caucus in the House, I give every thrive. rities Act, they are foundational. But conservative permission in the United In the 6 years I have been chairman, so many of these other laws that we States Senate to vote for JOBS 3.0. it has kind of been rare for us to agree still labor under, I mean, there was a Please, we need a message for all on the time of day, but we definitely time that the telephone was the cut- Americans who care about small busi- agree that the JOBS 3.0 Act is impor- ting-edge technology. That is when the nesses. We want to make it easier. We tant. It is important to America’s SEC was created, in 1934, and the tele- want to make it easier for these busi- economy not only today, but more im- phone was the cutting-edge technology nesses to get funding. portantly, it is important for the econ- of the time. The bottom line is, Mr. Speaker, you omy of tomorrow. So many of the security laws we have cannot have capitalism without cap- If there is one aspect of America’s date back to that particular era. At ital, and we want to make it easier to economy that is somewhat unique in that time, stock offerings were part of access this capital. the world, it is how we have ensured the daily newspaper. Well, we don’t see So I was very heartened by the fact that entrepreneurial capitalism can’t that anymore. Pneumatic tubes and that, although maybe our Senators— just survive in America, but thrive. So ticker tape transmitted the news of a and I have many friends who are those seeds have to be planted today. stock sale. United States Senators. I still cannot There is so much competition world- If we are going to be able to fuel the understand why they haven’t taken up wide, and that is why it is important economy of tomorrow, we are going to a piece of legislation that came out of that we get this done.

VerDate Sep 11 2014 05:21 Nov 30, 2018 Jkt 089060 PO 00000 Frm 00045 Fmt 4634 Sfmt 0634 E:\CR\FM\K29NO7.099 H29NOPT1 lotter on DSKBCFDHB2PROD with HOUSE H9738 CONGRESSIONAL RECORD — HOUSE November 29, 2018 The U.S. Chamber of Commerce MESSAGE FROM THE SENATE wanted to do. But if you look at the weighed in, and they said that the A message from the Senate by Ms. original draft of the Declaration of House amendment to S. 488—I am talk- Lasky, one of its clerks, announced Independence, the original draft that ing about the JOBS 3.0 bill—would re- that the Senate has passed without an Jefferson did, probably the biggest move barriers for raising capital for amendment a bill of the House of the paragraph that listed one of the many America’s businesses. Approximately following title: grievances that in Jefferson’s mind jus- three-fourths of financing for busi- H.R. 7187. An act to extend the National tified a war for independence and a nesses in the United States comes from Flood Insurance Program until December 7, Declaration of Independence was that capital markets, but regulations have 2018. King George III allowed slavery to ever failed to keep up with the demands of f get started in America. the 21st century. That came from Jefferson’s heart. He The Angel Capital Association has GOVERNMENT REFORM saw the problems that were creating written: ‘‘Thank you again for your The SPEAKER pro tempore (Mr. the inequities, and he blamed King leadership in promoting American BERGMAN). Under the Speaker’s an- George for ever allowing it to get start- startups, capital formation, and job nounced policy of January 3, 2017, the ed. That ended up being struck from creation. The JOBS and Investor Con- Chair recognizes the gentleman from the final draft, but that was part of fidence Act will help foster innovation Texas (Mr. GOHMERT) for 30 minutes. Jefferson’s original heart. and job growth.’’ Mr. GOHMERT. Mr. Speaker, I do ap- The job of government does not in- The Biotechnology Industry Organi- preciate the efforts of my friend from clude spying on its law-abiding people zation, known as BIO, said: ‘‘The JOBS the district that adjoins mine in Texas. who have committed no crimes. It is and Investor Confidence Act of 2018, or He has done a yeoman’s work, much of not supposed to include telling its peo- JOBS Act 3.0, will significantly im- which he hasn’t gotten adequate credit ple where they have to live and what prove the ability of emerging biotech for. Hopefully not only the Senate, but they have to do for a living or not do. companies to access capital and invest the House will respect the work that It is supposed to be about freedom. in their potentially lifesaving research has been done—including on flood in- In fact, Dennis Miller made an amus- rather than unnecessary compliance surance—and stop putting off what Fi- ing comment that, if the Founders costs that do not add value to inves- nancial Services has done to reform were willing to go to war and risk or tors.’’ flood insurance. sacrifice their lives in a war over a lit- There is widespread support. I am al- We have extension after extension tle tax on their breakfast drink, then most baffled, Mr. Speaker, why the when the people whose homes are pro- think how upset they would be today. United States Senate won’t take this tected are begging for reforms so they Yet we see the problems and we dis- up. Again, this is a strongly bipartisan can take their insurance money and cuss the problems here, but when the package. It doesn’t get much stronger build somewhere else instead of being going gets tough, apparently the tough than 406–4. forced to build where their house was get going by heading home. Again, our business startups have destroyed. b 2030 neared a 40-year low in 2016. Our IPOs, Or how about people who have $50,000 our initial public offerings that allow homes having to pay enough in insur- We have until January 3, apparently, our working families to invest in the ance so they insure the multimillion- when the new Congress is sworn in, to American economy, are half of what dollar castles that have been built? get things done with a Republican ma- they were 20 years ago. They want to make the poor folks pay jority in the House and a Republican Why? The average regulatory compli- for the rich folks, and it seems like majority in the Senate. We passed a ance for initial public offerings has today most rich folks are Democrats tax bill. There have been other good now doubled. It has doubled in the last when you look at contributions in re- bills passed, as Chairman HENSARLING 25 years. It costs $2.5 million to go pub- cent years. Regardless of what party was talking about. But when it comes lic, with average compliance costs they are a part of, it is not fair. There to bills that have to do with whether or clocking in at $1.5 million. are just so many reforms. not this little experiment in self-gov- Sometimes, Mr. Speaker, we have to Or how about if the Federal Govern- ernment continues, we ought to be tak- take a look at regulations that date ment insurance program pays for the ing those up. back to the 1930s and start to ask the same house three times after it is de- It has been interesting. There have question: How is that going to impact stroyed, then they get their own insur- been many times since I have been here the economy of the 2030s? The answer ance, not government? when we saw Republicans and some is not too well, particularly in a global There are so many brilliant, yet seem Democrats who were defeated in a No- economy competing with China. pretty basic, reforms that Chairman vember election and some of them So I just want to conclude by saying HENSARLING and his committee have threw up their hands and said: Why that I have so many friends in the pushed forward. None of them was my should I even come back? I am going to United States Senate. I respect the idea, but you can read them and go: have to have a new job, come January. United States Senate. I used to be a Oh, that is a really good idea. It is a I have sacrificed so much time being staffer of the United States Senate. basic idea. away from my family. What is the use But there is no excuse why they can’t For some reason, we don’t have the of my coming back in November and do what the House did and follow our gumption to just go ahead and do the December? leadership and work on a strong, bipar- necessary reforms that saved a country But I was greatly gratified at our tisan basis to make sure that America whose spending is in trouble. Spending Conference yesterday to hear people, just doesn’t have the strongest econ- is putting the Nation at risk. some who are coming back because omy of today but has the strongest There is a very important purpose for they were reelected and some, surpris- economy of tomorrow. government in the United States. It is ingly, based on past history, who have It started with men and women, not supposed to be a government that been defeated and have said, as DANA Democrats and Republicans on the subdues its people or has the Orwellian ROHRABACHER said: Look, I am not House Financial Services Committee, job of monitoring them, as we hear going to be back in January, but I to ensure that the economy of tomor- China expects to have total monitoring would like to have Christmas Day with row, once again, will be strong for all of its citizens by 2020. That is not the my family. But other than Christmas Americans. job of the government in a free coun- Day, I am willing to come back every Mr. Speaker, I urge my colleagues try. day if we can help America protect and my friends in the United States The Revolution was about freedom. their future. Senate to follow our lead, to listen to And I know Jefferson has taken a lot of There are some very noble people the administration, and to pass the flack for having slaves. He and Wash- here who understand that the burden of JOBS 3.0 Act immediately. ington had hoped to free their slaves, Congress, the House and Senate, is not Mr. Speaker, I yield back the balance but as I understand it, there were pro- to impose our will on the American of my time. visions that didn’t allow what they people. It is to protect them. We are

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