June 23, 2015 CONGRESSIONAL RECORD — HOUSE H4563 and pass the bill (H.R. 1698) to amend coin programs. Each change saves HUIZENGA) that the House suspend the design and content requirements for money for the United States Mint, and rules and pass the bill, H.R. 1698, as certain gold and silver coins, and for it makes it easier to produce the coins amended. other purposes, as amended. or make the coins more attractive to The question was taken; and (two- The Clerk read the title of the bill. investors and collectors. thirds being in the affirmative) the The text of the bill is as follows: The changes include: first, making it rules were suspended and the bill, as H.R. 1698 less expensive to package gold invest- amended, was passed. Be it enacted by the Senate and House of Rep- ment coins; second, it allows the Mint A motion to reconsider was laid on resentatives of the United States of America in to buy standard coinage silver for col- the table. Congress assembled, lectible coins instead of the more ex- f SECTION 1. SHORT TITLE. pensive custom alloy; third, it removes This Act may be cited as the ‘‘Bullion and the requirement for an already com- UNITED STATES COTTON FUTURES Collectible Coin Production Efficiency and pleted study on the production of an ACT AMENDMENTS Cost Savings Act’’. investor coin made of palladium; and, Mr. AUSTIN SCOTT of Georgia. Mr. SEC. 2. TECHNICAL CORRECTIONS. fourth, it allows collector versions of Speaker, I move to suspend the rules Title 31, United States Code, is amended— the widely popular American eagle sil- and pass the bill (H.R. 2620) to amend (1) in section 5112— ver investment coin to bear an inscrip- the United States Cotton Futures Act (A) in subsection (q)— tion noting that next year is the 30th (i) by striking paragraphs (3) and (8); and to exclude certain cotton futures con- (ii) by redesignating paragraphs (4), (5), (6), anniversary of the first issuance of tracts from coverage under such Act, and (7) as paragraphs (3), (4), (5), and (6), re- those coins. as amended. spectively; These small changes will have an im- The Clerk read the title of the bill. (B) in subsection (t)(6)(B), by striking ‘‘90 pact on saving taxpayer dollars over The text of the bill is as follows: percent silver and 10 percent copper’’ and in- the next few years. H.R. 2620 serting ‘‘not less than 90 percent silver’’; and Mr. Speaker, I ask for immediate (C) in subsection (v)— Be it enacted by the Senate and House of Rep- passage of H.R. 1698. resentatives of the United States of America in (i) in paragraph (1), by striking ‘‘Subject I reserve the balance of my time. to’’ and all that follows through ‘‘the Sec- Congress assembled, retary shall’’ and inserting ‘‘The Secretary b 1600 SECTION 1. EXCLUDING CERTAIN COTTON FU- TURES CONTRACTS FROM COV- shall’’; Mrs. CAROLYN B. MALONEY of New (ii) in paragraph (2)(A), by striking ‘‘The ERAGE UNDER UNITED STATES COT- Secretary’’ and inserting ‘‘To the greatest York. Mr. Speaker, I yield myself as TON FUTURES ACT. extent possible, the Secretary’’; much time as I may consume. (a) IN GENERAL.—Subsection (c)(1) of the (iii) in paragraph (5), by inserting after Mr. Speaker, I rise today in support United States Cotton Futures Act (7 U.S.C. ‘‘may issue’’ the following: ‘‘collectible of this cost-saving legislation, which I 15B(c)(1)) is amended— versions of’’; and was proud to cosponsor with my friend (1) by striking ‘‘except that any cotton fu- tures contract’’ and inserting the following: (iv) by striking paragraph (8); and from Michigan. (2) in section 5132(a)(2)(B)(i), by striking ‘‘except that— People who see the big things that ‘‘(A) any cotton futures contract’’; ‘‘90 percent silver and 10 percent copper’’ and Congress does, they often forget that inserting ‘‘not less than 90 percent silver’’. (2) in subparagraph (A) (as designated by we have to pay attention to the little paragraph (1)), by striking the period at the SEC. 3. AMERICAN EAGLE SILVER BULLION 30TH end and inserting ‘‘; and’’; and ANNIVERSARY. things, too, and these little things are (3) by adding at the end the following new Proof and uncirculated versions of coins important. This is a very good example subparagraph: issued by the Secretary of the Treasury pur- of that. This is a small bill which ‘‘(B) any cotton futures contract that per- suant to subsection (e) of section 5112 of title makes the government better, saves mits tender of cotton grown outside of the 31, United States Code, during calendar year some taxpayers’ money, and makes our United States is excluded from the coverage 2016 shall have a smooth edge incused with a coin programs better for collectors and of this paragraph and section to the extent designation that notes the 30th anniversary for investors. that the cotton grown outside of the United of the first issue of coins under such sub- For years, the laws that specify the States is tendered for delivery under the cot- section. production of silver coins made by the ton futures contract.’’. The SPEAKER pro tempore. Pursu- Mint have required them to be 90 per- (b) APPLICATION.—The amendments made ant to the rule, the gentleman from cent silver. Today, the standard silver by subsection (a) shall apply with respect to Michigan (Mr. HUIZENGA) and the gen- used in coins is 91 percent silver. So cotton futures contracts entered into on or after the date of the enactment of this Act. tlewoman from New York (Mrs. CARO- the Mint has had to pay extra for cus- LYN B. MALONEY) each will control 20 tom coin blanks. This legislation fixes The SPEAKER pro tempore. Pursu- minutes. that problem. ant to the rule, the gentleman from The Chair recognizes the gentleman It also allows the Mint to make a Georgia (Mr. AUSTIN SCOTT) and the from Michigan. special collectible version of the Amer- gentleman from Georgia (Mr. DAVID GENERAL LEAVE ican Eagle silver bullion coin, noting SCOTT) each will control 20 minutes. Mr. HUIZENGA of Michigan. Mr. the popularity of the program over the The Chair recognizes the gentleman Speaker, I ask unanimous consent that past 30 years. from Georgia (Mr. AUSTIN SCOTT). all Members may have 5 legislative The bill also allows the sale of Amer- GENERAL LEAVE days in which to revise and extend ican Buffalo gold coins in bulk rather Mr. AUSTIN SCOTT of Georgia. Mr. their remarks and include extraneous than in individual packages, making Speaker, I ask unanimous consent that material on the bill. handling easier for the Mint and for in- all Members may have 5 legislative The SPEAKER pro tempore. Is there vestors and clears the final hurdle for days within which to revise and extend objection to the request of the gen- the Mint finally to produce investor their remarks and include extraneous tleman from Michigan? coins made of palladium, an idea from materials on the bill under consider- There was no objection. a 2010 bill from my former colleague ation. Mr. HUIZENGA of Michigan. Mr. and very good friend, Mr. Watt. The SPEAKER pro tempore. Is there Speaker, I yield myself such time as I Mr. Speaker, this bill saves money objection to the request of the gen- may consume. and makes coin programs more attrac- tleman from Georgia? Mr. Speaker, I rise today in support tive to collectors and investors. I ask There was no objection. of H.R. 1698, the Bullion and Collectible for its immediate passage. Mr. AUSTIN SCOTT of Georgia. Mr. Coin Production Efficiency and Cost I yield back the balance of my time. Speaker, I yield myself such time as I Savings Act, a bipartisan bill which I Mr. HUIZENGA of Michigan. Mr. may consume. introduced in March, along with the Speaker, I yield back the balance of I rise in strong support of H.R. 2620. gentlewoman from New York, Rep- my time. This bill would amend the United resentative MALONEY. The SPEAKER pro tempore. The States Cotton Futures Act to allow for This simple piece of legislation would question is on the motion offered by the creation of a world cotton contract make minor changes to four existing the gentleman from Michigan (Mr. listed on the United States exchange.

VerDate Sep 11 2014 02:15 Jun 24, 2015 Jkt 049060 PO 00000 Frm 00017 Fmt 7634 Sfmt 0634 E:\CR\FM\K23JN7.022 H23JNPT1 emcdonald on DSK67QTVN1PROD with HOUSE H4564 CONGRESSIONAL RECORD — HOUSE June 23, 2015 Current law, which requires sampling Now, under the 1916 Cotton Futures As I said, we live in a global market- and classing by the USDA of every bale Act, every bale of cotton tendered place. It is important that our rules of cotton tendered under contracts list- under a contract listed on a U.S. ex- and regulations reflect the moderniza- ed on a U.S. exchange reflects an anti- change must be sampled and classed or tion that has happened in our global quated picture of the global cotton graded by the United States Depart- markets since this act was written 100 market. Some market participants ment of Agriculture. However, seeing years ago. It is important, Mr. Speak- need to hedge price fluctuations in for- that cotton is grown all over the world, er, that we keep the United States eign markets, and the current law lim- my bill targets cotton that is grown economy the strongest economy in the its their ability to do so. We need to and delivered outside of the United world, and our bill, H.R. 2620, will do update our law to reflect the modern States’ borders. just. nature of this marketplace. Now, Mr. Speaker, here is the prob- Mr. Speaker, I urge passage of H.R. H.R. 2620 accomplishes this by pro- lem, the concern that our bill is solv- 2620. viding an option for cotton produced ing. As I mentioned earlier, because of I yield back the balance of my time. and delivered in foreign markets to be the fact that there are only five domes- Mr. AUSTIN SCOTT of Georgia. Mr. classed by rating facilities closer to tic cities that are cotton delivery Speaker, as my colleague, Mr. SCOTT, the point of delivery rather than by the points listed under the 1916 Cotton Fu- and I have said, this is simply a nec- United States Department of Agri- tures Act, there has been much concern essary, minor change. I would just ask culture. It makes no changes to the that the Cotton No. 2 contract cannot all Members to support passage of H.R. treatment of domestically produced accurately reflect price movement in 2620. and delivered cotton. foreign markets and, therefore, cannot I yield back the balance of my time. This legislation will allow any will- provide an effective risk management The SPEAKER pro tempore. The ing exchange to meet industry demand tool. That is simply the problem. question is on the motion offered by to design a world cotton contract. For Now, to solve this problem, what our the gentleman from Georgia (Mr. AUS- example, ICE Futures U.S., which has bill will do is simply allow U.S.-based TIN SCOTT) that the House suspend the already worked with market partici- future exchanges flexibility in how rules and pass the bill, H.R. 2620, as pants, has publicly announced their in- they handle foreign-grown cotton and amended. tention and preference to list a world foreign delivery points that will never The question was taken; and (two- cotton contract side by side with the touch the United States at all. thirds being in the affirmative) the domestically focused Cotton No. 2 con- Mr. Speaker, we live now and we op- rules were suspended and the bill, as tract they already list. erate in a rapidly changing global amended, was passed. H.R. 2620 allows for an important new economy. It is very important that we A motion to reconsider was laid on contract for cotton hedging to be de- not put our cotton producers or our the table. veloped, which would be beneficial to commodities exchanges into a dis- f advantaged position competitively commercial hedgers. However, it is im- DEPARTMENT OF HOMELAND SE- when it comes to being able to get the portant specifically to me and to oth- CURITY HEADQUARTERS CON- price fluctuations that occur in foreign ers to note, it would not disrupt the in- SOLIDATION ACCOUNTABILITY markets, thereby providing our busi- dustry’s benchmark hedging contract, ACT OF 2015 the No. 2 contract, which is relied upon nesses with the most effective tool by by U.S. cotton producers in my district which they can manage their risk. Mr. WALKER. Mr. Speaker, I move and around the country. So because the United States Depart- to suspend the rules and pass the bill Before I close, I would like to thank ment of Agriculture does not have the (H.R. 1640) to direct the Secretary of Chairman CONAWAY both for his contin- manpower to deploy personnel all over Homeland Security to submit to Con- ued leadership on the Agriculture Com- the world at one time, our bill will gress a report on the Department of mittee and his efforts on this legisla- allow cotton grown outside the United Homeland Security headquarters con- tion. Additionally, I want to thank States to be classed by either a United solidation project in the National Cap- Ranking Member DAVID SCOTT for States Department of Agriculture test- ital Region, and for other purposes, as working with me on this issue over the ing lab inside the United States or an amended. last few months. And I would like to international lab deemed to have com- The Clerk read the title of the bill. acknowledge LYNN WESTMORELAND’s parable comprehensive rules and regu- The text of the bill is as follows: work in this as well. He was instru- lations equivalent to the United H.R. 1640 mental in advancing this issue. States. That is it. It is clean and sim- Be it enacted by the Senate and House of Rep- I urge my colleagues to join me in ple. resentatives of the United States of America in support of H.R. 2620. Our bill solves this problem. It gives Congress assembled, Mr. Speaker, I reserve the balance of our cotton producers and it gives our SECTION 1. SHORT TITLE. my time. exchanges that ability to be able to This Act may be cited as the ‘‘Department Mr. DAVID SCOTT of Georgia. Mr. know how prices are sliding in each of Homeland Security Headquarters Consoli- Speaker, I yield myself such time as I foreign country that is producing cot- dation Accountability Act of 2015’’. may consume. ton while, at the same time, our pro- SEC. 2. REPORT ON DEPARTMENT OF HOMELAND SECURITY HEADQUARTERS CON- I, too, have enjoyed working with my ducers and our exchanges, without SOLIDATION PROJECT. colleague from Georgia, the chairman that, cannot apply good risk manage- (a) IN GENERAL.—Not later than 90 days of our Subcommittee on Commodity ment. That is why this is so essential. after the date of the enactment of this Act, Exchanges, Energy, and Credit, Con- So let me state again, as my col- the Secretary of Homeland Security, in co- gressman AUSTIN SCOTT. league from Georgia, Mr. AUSTIN ordination with the Administrator of Gen- Mr. Speaker, our bill, H.R. 2620, will SCOTT, made clear, I, too, want to eral Services, shall submit to the appro- modernize the way in which cotton fu- make clear that our bill does not priate committees of Congress a report on the Department of Homeland Security head- tures contracts are listed and regulated change the fact that 100 percent of all quarters consolidation project within the under the 1916 Cotton Futures Act. domestically produced and delivered National Capital Region. Such report shall More specifically, as many of you cotton will be classed by the United include each of the following: know, the main tool used in the mar- States Department of Agriculture. (1) A proposed occupancy plan for the con- ketplace for hedging cotton is the No. There is absolutely no change here. solidation project that includes specific in- 2 contract. Currently, the No. 2 con- Furthermore, the bill does not formation about which Department-wide op- tract only permits cotton grown within change or alter the Cotton No. 2 con- erations, component operations, and support the United States. That cotton is deliv- tract. What our bill does is simply offices will be located at the site, the aggre- ered to only five United States cities: allow our U.S.-based futures exchanges gate number of full time equivalent employ- ees projected to occupy the site, and sched- Galveston, Texas; Houston, Texas; Dal- that much-needed flexibility that is ule estimates for migrating operations to the las/Fort Worth, Texas; Greenville, needed in order to list cotton that will site. South Carolina; and Memphis, Ten- never touch the United States through (2) A comprehensive assessment of the cur- nessee. a world cotton contract. rent and future real property needed by the

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