E1586 CONGRESSIONAL RECORD — Extensions of Remarks November 30, 2018 Aside from his work for the New York State India’s investigation and only temporarily took Rule, which was consistent with recommenda- Supreme Court, Alphonso B. Deal was a life- action against LeT, briefly closing their offices tions made by the U.S. Treasury last year. long member of the NAACP, an active mem- and dismissing charges against the group’s The Volcker Rule has been one of the most ber of the Tribune Society, and a founding leader. Today, LeT and Hafiz Saeed are ac- indecipherable regulations; complete with 930 member of the New York State Commission tively involved in Pakistani politics under the pages of language and overseen by five dif- on Minorities. Jamaat ud Dawa front and inciting new gen- ferent regulatory authorities. Evidence of the ‘‘E Pluribus Unum’’ is our motto in the erations of violent extremists. United States. The Latin term which translates Ten years after the Mumbai massacre we Volcker Rule’s ill effects and profound unin- to ‘‘Out of many, one’’ is center to the values know with absolute certainty that Pakistan’s tended consequences were widely reported. we hold dear as a nation. Alphonso B. Deal status as a ‘‘counterterrorism partner’’ is an A bank in my home state, which at the time understood that diversity is this country’s absolute joke. Thousands of terrorists use had less than $8 billion in assets, was forced strength and fought to bring about impactful Pakistan as a base to fundraise, recruit, and to divest a $2 million investment in a bank change in his field. We all come from different train for their ongoing war against India, Amer- fund because of regulatory interpretation as it backgrounds but come together as one beau- ica, Afghanistan, and the wider world. Ter- related to the Volcker Rule. This resulted in an tiful American people—regardless of our race rorism is Pakistan’s foreign policy. It is time $80,000 loss for that year. or ethnicity. we stop subsidizing it with American’s tax dol- It is my pleasure and distinct honor to cele- lars. Community banks are spending too much brate the life of Mr. Alphonso B. Deal, whose And that’s just the way it is. time trying to comply with unnecessary regula- tremendous work left a lasting impact on his f tions taking away from their main mission of community. serving their customers. By exempting banks ACKNOWLEDGING FINANCIAL f under $10 billion, the law allows for a tailored SERVICES COMMITTEE ACCOM- and more appropriate regulatory regime. TEN YEARS AFTER THE MUMBAI PLISHMENTS DURING 115TH CON- ATTACK, PAKISTAN IS STILL OB- GRESS Again, I would like to thank Mr. FOSTER for STRUCTING JUSTICE his co-sponsorship on this legislation as well HON. J. FRENCH HILL as the many Senators involved in helping cre- OF ARKANSAS ate a sensible and tailored regulatory relief HON. TED POE package with S. 2155. OF TEXAS IN THE HOUSE OF REPRESENTATIVES IN THE HOUSE OF REPRESENTATIVES Friday, November 30, 2018 Having worked in the banking and invest- ment industry for the past three decades, I ap- Friday, November 30, 2018 Mr. HILL. Mr. Speaker, I am pleased to stand here today acknowledging the great preciate Chairman HENSARLING’s, Senator Mr. POE of Texas. Mr. Speaker, this week work of the Financial Services Committee dur- CRAPO’s and the Congress’ efforts to promote marks the ten year anniversary of the most ing the 115th Congress. capital formation, reduce unnecessary bur- horrific terrorist attacks in India’s history. In I would like to highlight two of my bills that dens, and grow jobs and the economy. 2008, the city of Mumbai became a warzone originated in the Committee and have now be- when ten terrorists attacked hotels, railway I’m proud of the exceptional, productive bi- come law. stations, cafes, and a Jewish community cen- partisan record of accomplishment with 142 First, H.R. 910, the Fair Access to Invest- bills marked up, 126 bills passed the House ter, killing 166 people. We still mourn the loss ment Research Act, allows ETF research to of so many innocent lives, including six Ameri- and 50 enacted into law—more than any other be issued like stock research. House Committee. cans. But justice for this awful attack has yet Prior to the passage of this bill, if ETF re- to be served. The one obstacle: Pakistan. search was provided from a financial services None of this would have been possible with- Pakistan is already well known for helping firm to a client, it would be considered an out the skilled leadership of Chairman HEN- give birth to the Taliban and providing safe ‘‘offer’’ under Section 5 of the Securities Act of SARLING who has been a dedicated and fear- haven for international terrorists like Osama 1933. This legislation now gives safe harbor less leader of the House Financial Services bin Laden and al-Qaeda’ s central leadership. for these reports allowing investors access to Committee. It has been an honor to serve with But Pakistan has held a cozy relationship with useful information in this rapidly growing mar- him over the last four years and I wish him terrorists that predates September 11, 2001 ket. well in his next chapter. and undoubtedly continues to this day. The Since starting an investment firm in the late Mumbai attack and Pakistan’s response pro- 1990s, I have seen ETFs grow from about 100 f vide amble evidence. funds with $100 billion in assets to over 1,900 The Mumbai attackers, all Pakistani citizens, funds with over $3 trillion in assets today. HONORING JOSH TAULBEE belong to Lashkar-e-Taiba, or LeT. This ETFs average 30 percent of trading volumes group—which is designated as a terrorist (by value) on any given day. group by the United States, European Union, Yet, despite their growing popularity and in- HON. LUKE MESSER India, and the United Nations—does not act creasing importance to retail investors, most without approval and support from Pakistan’s broker-dealers did not publish research on OF INDIANA Inter-Services Intelligence Directorate (ISI). ETFs due to anomalies in the securities laws IN THE HOUSE OF REPRESENTATIVES The LeT and ISI have been joined at the hip and regulations. But with the passage of my since the 1980s, first working together to fight bill, nearly 6 million U.S. households holding Friday, November 30, 2018 the Soviets in Afghanistan, then in fighting ETFs will have access to this important re- Mr. MESSER. Mr. Speaker, I rise to recog- India in Kashmir. After 9/11, when LeT was search. found to be closely working with al-Qaeda and With this new law, I’ve personally seen the nize a former member of my staff, Josh the Taliban, including training and sheltering amazing research produced by financial serv- Taulbee, for his work in my office and his senior al-Qaeda leaders like Abu Zubaydah, ices firms and am thrilled that retail investors service to our state. Pakistan claimed to have outlawed the terror both in Arkansas and across the country now Josh worked in my Muncie office for over a group. But it never arrested LeT’s leader, have access to it. year, serving in a variety of capacities and fo- Hafiz Saeed, and the group was allowed to I would like to thank my friends, Mr. FOSTER cused primarily on field operations. Josh has continue operating under its supposed charity from Illinois, who helped me push this through an incredible work ethic and was a tremen- wing, Jamaat ud Dawa. the House, and Senator HELLER of Nevada, dous asset to our organization. Since leaving Pakistan’s true policy towards LeT became for leading the charge in the Senate and work- our office, Josh has worked in political roles clear after the Mumbai attack, when multiple ing with me on this bipartisan, common-sense on various local campaigns in Indiana and ISI officers were specifically implicated in or- legislation. now works in the Delaware County Auditor’s ganizing and supporting the 2008 assault. Second, I would like to highlight the Volcker office. Pakistani investigators have even admitted Rule Regulatory Harmonization Act, which had that LeT was responsible for the attack and a provision become law as part of the S. 2155 I want to thank Josh for his friendship and that it had been planned and prepared for at regulatory relief package. his hard work in our office. I wish him contin- LeT training camps within Pakistan. But the The provision exempts community banks ued success in all that God has planned for Pakistani government refused to cooperate in under $10 billion in assets from the Volcker his family.

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