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

Vol. 164 WASHINGTON, WEDNESDAY, FEBRUARY 14, 2018 No. 29 House of Representatives The House met at 10 a.m. and was When Mr. Wood and his family were is undocumented, without fear that the called to order by the Speaker pro tem- recently informed of his pancreatic principal will call ICE or the authori- pore (Mr. FITZPATRICK). cancer diagnosis, he was focused on liv- ties. f ing until this January, the 75th anni- A sanctuary city is a city that allows versary of his becoming a Scout. What DESIGNATION OF SPEAKER PRO a senior citizen to go into an emer- an admirable spirit and a wonderful TEMPORE gency room to be treated in a hospital man. After a lifetime of service, Mr. without the fear that the nurse will The SPEAKER pro tempore laid be- Wood is now preparing for his next turn him or her in. fore the House the following commu- journey. A sanctuary city is a city that allows nication from the Speaker: Mr. Speaker, I commend Mr. Wood people who are living under the shad- WASHINGTON, DC, for his 75 years of dedication to the ows to go into a police precinct and re- February 14, 2018. Boy Scouts and Stokes County. I hereby appoint the Honorable BRIAN K. port a crime without the fear that they f FITZPATRICK to act as Speaker pro tempore will be deported. on this day. DREAMERS That is what a sanctuary city is. It is PAUL D. RYAN, an intricate part of our soul as a coun- Speaker of the House of Representatives. The SPEAKER pro tempore. The Chair recognizes the gentleman from try of immigrants and States and cities f New York (Mr. ESPAILLAT) for 5 min- of immigrants. MORNING-HOUR DEBATE utes. The Senate process is far from being The SPEAKER pro tempore. Pursu- Mr. ESPAILLAT. Mr. Speaker, I rise fair. A fair process would be to start a ant to the order of the House of Janu- today to express my concerns and my bipartisan debate on Dreamers. The ary 8, 2018, the Chair will now recog- deep shame for many in this Chamber Speaker of this Chamber has yet to nize Members from lists submitted by who continue to gamble with the lives make a commitment to bring a clean the majority and minority leaders for of over 800,000 Dreamers, young people Dream Act to the floor. morning-hour debate. who are workers and students. They Dreamers are our children. They are The Chair will alternate recognition are teachers and members of our my children. They belong to all of us. between the parties. All time shall be Armed Forces. They are dads and When we look into their faces, I see my equally allocated between the parties, moms. own face. When I look into their faces, and in no event shall debate continue After five continuing resolutions, we I see a genius MacArthur Fellow win- beyond 11:50 a.m. Each Member, other still have left them out in the cold, ner like Cristina Jimenez and Ivan than the majority and minority leaders over 800,000 of them. This week, the Rosales, who is working toward becom- and the minority whip, shall be limited Senate is, once again, sandbagging the ing a doctor in the military. Dreamers. While Senator MCCONNELL to 5 minutes. There is so much aspiration in these has publicly made this an open debate, f Dreamers. This is why over 80 percent it is far from being a fair process. of Americans in red States and blue SALUTING LEWIS WOOD Just yesterday, a Federal judge in States and in Republican districts and The SPEAKER pro tempore. The the Eastern District of New York ruled in Democratic districts support Dream- Chair recognizes the gentlewoman from conclusively that eliminating DACA ers staying here in the United States. North Carolina (Ms. FOXX) for 5 min- and the benefits extended to DACA re- utes. cipients is an illegal act. Just as this is They represent the best of us. They Ms. FOXX. Mr. Speaker, new Boy happening, the Senate continues and represent the foundation of our Nation Scouts make a promise to do their best begins to sandbag the Dreamers by and the tenets of what the Founding to do their duty to God and country first putting on the table the issue of Fathers believe in: that people should and to help other people at all times. sanctuary cities. come to America, prosper, and make Mr. Lewis Wood from Stokes County, Many have a flawed view of what her a better place for all of us to live North Carolina, has not only fulfilled sanctuary cities are. Many erroneously in. that promise, he has lived it to the think that sanctuary cities harbor Mr. Speaker, the fate of these young fullest. Mr. Wood joined the Boy hardened criminals. That is far from people rests right here in the palm of Scouts of America in January 1943. the truth. our hands. We need to ask ourselves: Later, he served as a volunteer and A sanctuary city is a city that allows Are we a nation of aspirations? Or are Scoutmaster for Troop 440 for 50 years. a mom to take her child to school, who we a nation of deportations?

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 03:24 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.000 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1130 CONGRESSIONAL RECORD — HOUSE February 14, 2018 It is in our hands. We cannot keep de- To this day, the same regime that cards and candy at school. Young men ferring a vote on a clean Dream Act. A violated international law to kill Car- and women will gather the courage to deferred vote is a dream denied. Jus- los, Mario, Armando, and Pablo re- speak with their crush, and many cou- tice delayed is justice denied. mains as oppressive as ever, routinely ples will get engaged to marry. But I tell the Dreamers this: Don’t be beating and harassing peaceful pro- I sent my first Valentine, my moth- afraid. Don’t be discouraged. Don’t be testers and incarcerating journalists. er, flowers. I will spend this evening deterred. Don’t be dismayed. You have We cannot let anyone forget the telling my wife, Monica, and my girls, to continue to fight for the most im- blood at the hands of the Castro re- Sky and Sage, the many ways that I portant issues facing America. You gime. The Brothers to the Rescue and love and appreciate them over have done a tremendous job. Keep this their families will forever serve as an FaceTime. fight moving forward for justice in inspiration to those who are willing to But for many, today is not a joyous America. endure great sacrifices for the sake of a day. There are too many victims of do- f free Cuba. mestic abuse who live in homes of bro- COMMEMORATING THE 2018 FLORIDA ken hearts and who search for love but COMMEMORATING THE 22ND ANNI- INTERNATIONAL UNIVERSITY TORCH AWARDS find violence instead. No form of men- VERSARY OF THE BROTHERS TO Ms. ROS-LEHTINEN. Mr. Speaker, I tal, emotional, sexual, or physical THE RESCUE SHOOT-DOWN would like to congratulate the recipi- abuse is acceptable no matter who it is The SPEAKER pro tempore. The ents of the 2018 Torch Awards from my from or under any circumstance, pe- Chair recognizes the gentlewoman from alma mater, Florida International Uni- riod. Florida (Ms. ROS-LEHTINEN) for 5 min- versity. I thank the many organizations, like utes. The Torch Award is the highest Shelter From the Storm, Coachella Ms. ROS-LEHTINEN. Mr. Speaker, I honor given to both faculty and alumni Valley Rescue Mission, and others in rise to commemorate the 22nd anniver- by the FIU Alumni Association, high- my district, for the refuge and support sary of the Brothers to the Rescue lighting the excellence that they bring that they provide. shoot-down, where three U.S. citizens to their professions and the pride they To the victims: I want you to know and one U.S. resident were murdered bring to FIU as an educational institu- that you are not broken and you are by the tyrannical Castro regime. tion. Their exceptional achievements not at fault. You are a survivor and On February 24, 1996, Carlos Costa, and contributions not only to our uni- you have the courage. Help is only one Mario de la Pena, Armando Alejandre, versity but to our Miami community phone call away. Happy Valentine’s and Pablo Morales were on a humani- at large have earned them this pres- Day. tarian mission over international air- tigious award. f space, over international waters when This year’s honorees include: b 1015 they were illegally and brutally shot Alumnus of the Year Chad Moss, down. This mission over the Florida class of 1994. Chad currently serves as ILLEGAL ALIEN AMNESTY straits sought to save the lives of Cu- the executive vice president of Moss FINANCIAL COSTS bans fleeing Castro’s grip of power in and Associates, one of Florida’s largest The SPEAKER pro tempore. The search of freedom. private construction companies. Chair recognizes the gentleman from Sylvia Iriondo was rescued in a Outstanding Faculty Award Recipi- Alabama (Mr. BROOKS) for 5 minutes. Cessna and brought to the safety of our ent Dr. Mark Allen Weiss. Dr. Weiss is Mr. BROOKS of Alabama. Mr. Speak- shores. You see, Mr. Speaker, Sylvia an eminent scholar chaired professor er, America cannot afford to be the was aboard the only plane that sur- and the associate director of academic world’s orphanage because we simply vived on that fatal day. She recounts affairs for the FIU School of Com- do not have the money. America’s 2015 how, after seeing the burst of smoke puting and Information Sciences. deficit was $438 billion. America’s 2016 over the skyline, the pilot, Jose Community Leadership Award recipi- deficit deteriorated to $585 billion. Basulto—who, along with Sylvia, has ent Seth Crapp of the class of 1998. America’s 2017 deficit deteriorated yet testified before the U.S. Congress— Seth is a pediatric radiologist and has again to $666 billion. pleaded on the radio for his colleagues demonstrated exemplary service and Now, thanks to last week’s debt to respond. Twenty-two years have civic engagement in his community junkie spending bill, America faces a passed and justice for the deaths of our through his activism at Knots4Kids, T. trillion-dollar deficit this year. By American heroes has yet to be Leroy Jefferson Medical Society, and every account, America’s deficit achieved. two-time chair of the group’s annual threatens a dangerous insolvency and Ruben Martinez Puente, Lorenzo health fair which has benefited thou- bankruptcy that will destroy the Alberto Perez y Perez, and Francisco sands of underserved children in Palm America it took our ancestors cen- Perez y Perez have all been indicted in Beach. turies to build. Let there be no mistake our U.S. courts for their roles in the Lastly, the Charles E. Perry Young about it, illegal aliens are a large part murderous Brothers to the Rescue Alumni Visionary Award recipient, of America’s debt problem. Per a re- shoot-down, but they have yet to be Manny Varas, class of 2010 and an MBA cent Federation for American Immi- held accountable. in 2014. Manny, the president and CEO gration Reform study, illegal aliens are I have urged administration after ad- of MV Group, a full service construc- a $116 billion per year net tax loss to ministration to bring these perpetra- tion company, has made great strides American taxpayers. tors to the United States so that they in the early stages of his career. Mr. Speaker, those who do not learn can be prosecuted and justice can be These individuals, Mr. Speaker, and from history are doomed to repeat it. served. the many other distinguished alumni America tried amnesty in 1986, and it Furthermore, the Obama administra- honored this year exemplify what it failed miserably, turning a 1 to 2 mil- tion made the grave error of releasing means to be an FIU Panther. Their lion illegal alien problem into today’s Cuban spy Gerardo Hernandez, who was service to the betterment of our com- 15 million illegal alien disaster. Why? convicted of conspiracy to commit es- munity makes them valuable and de- Because amnesty does not stop illegal pionage and conspiracy to commit serving of this great honor. I congratu- conduct; rather, it encourages illegal murder for his role in the deaths of late them all. conduct. these brave pilots—released. Go Panthers. It baffles me that Washington’s ‘‘Sur- I will continue to urge our Depart- f render Caucus’’ refuses to learn from ment of Justice to pursue legal action history and anxiously seeks to repeat against all current and former Cuban VALENTINE’S DAY DOMESTIC 1986’s bad mistake, at great cost to regime operatives who perpetrated that ABUSE REMINDER America. And the cost is great. murderous attack against the Brothers The SPEAKER pro tempore. The A 2015 Center for Immigration Stud- to the Rescue aircrafts, its unarmed Chair recognizes the gentleman from ies report disclosed that more than 60 victims, and all Cuban operatives who California (Mr. RUIZ) for 5 minutes. percent of households that have an ille- planned or otherwise participated in Mr. RUIZ. Mr. Speaker, today is Val- gal alien in them are on welfare, com- the shoot-down. entine’s Day. Children will pass around pared to only 30 percent of households

VerDate Sep 11 2014 23:19 Feb 14, 2018 Jkt 079060 PO 00000 Frm 00002 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.002 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1131 with no immigrants in them. Con- won’t mention his name—‘‘said on Sun- choices so that they may become pro- sistent with that data, the Congres- day that the Democratic Party should ductive, responsible, and engaged sional Budget Office determined that take away funding from Democratic young adults. the Democrats’ Dream Act that gives candidates who talk about impeaching I want to highlight the story of John amnesty to illegal aliens and that President Trump on the campaign Wilson, the board president and an in- Democrats recently shut down the gov- trail.’’ dividual who himself benefited from ernment over costs Federal taxpayers I am such a candidate. I have talked Big Brothers Big Sisters. John’s father $26 billion. And that $26 billion net tax about impeaching the President, and I passed away when he was 5. He was loss to Federal taxpayers does not in- will continue to talk about impeaching matched with a big brother when he clude even larger State and local tax the President. was 12 at a point when, in his own losses. I am defending The Hill for printing words, he was at a significant risk of By any measure, any amnesty, in- this, by the way. The Hill goes on to heading in the wrong direction. He cluding amnesty for DACA illegal say: ‘‘Any Democrat mentioning the credits his mentor with having a pro- aliens, makes the illegal alien problem word ‘impeachment’ on the campaign found impact on his life, without whom worse and, over the long haul, costs trail should have their campaign funds his life could have turned out very dif- American taxpayers hundreds of bil- pulled by the Democratic Party.’’ ferently, in John’s words. lions of dollars America does not have, This is what was tweeted by the host John graduated from college, enjoyed has to borrow to get, and cannot afford of ‘‘Morning Joe’’: a successful career, and now gives back to pay back. Of course, the leftist ‘‘I defend The Hill’s right to print it, as president of the board. John is still mainstream media rarely shares these and I defend the right of ‘Morning Joe’ in contact with his big brother and facts with Americans because it under- host to say what he said, and I hope working hard to pay back the invest- mines their fake news narrative that people will defend and respect my right ment made in him years ago. To all Dreamer amnesty pays for itself. to say what I’m about to say. those involved in Big Brothers Big Sis- Mr. Speaker, the executive branch ‘‘I will not be intimidated. I want the ters, including John, we thank you for must do its job. The executive branch host to know that, if those who have your work in helping our youth in must catch and evict illegal aliens. It threatened my life couldn’t intimidate Bucks County. is that simple. Further, the executive me, he will not. I want the host to SAVE STONE MEADOWS FARM branch must enforce section 212 of the know that I spoke about impeachment Mr. FITZPATRICK. Mr. Speaker, Immigration and Nationality Act, just this weekend that passed.’’ growing up in Middletown Township in which states that no person may seek And I am looking to future engage- Bucks County, Pennsylvania, and as a admission to the United States or be- ments to speak about impeachment. current Middletown Township resident come a permanent resident if the indi- And I will bring Articles of Impeach- now representing my hometown in vidual, ‘‘at the time of application for ment to the floor of the House of Rep- Congress, I have seen my community admission or adjustment of status, is resentatives again if conditions require change throughout the years. The one likely at any time to become a public it. I am not afraid. I have no fear of constant, however, has always been the charge.’’ these people who would have me abro- presence of Stone Meadows Farm, one If the executive branch will simply gate my constitutional rights. I will of the last remaining active agricul- enforce America’s immigration laws, stand and defend them, and I will exer- tural lands in our township. The 168- there will be no illegal alien problem cise my rights. acre farm has a rich history that con- and taxpayers will, over the long haul, The truth is this: We all have a duty nects the present to the past; and, as save hundreds of billions of dollars that to speak up and speak out and stand development continues throughout our could be better spent on debt reduction up. That is what I will do. region, Stone Meadows Farm reminds or American citizens. Unfortunately, God bless you. Happy Valentine’s residents why we chose to live in beau- instead of insisting that the executive Day. tiful Middletown Township, Pennsyl- branch enforce the law, Washington’s f vania. I firmly believe that this is ‘‘Surrender Caucus’’ wants to give up RECOGNIZING BIG BROTHERS BIG something worth preserving. and grant amnesty to illegal aliens, SISTERS OF BUCKS COUNTY In Bucks County, we are fortunate thereby, again, naively rewarding ille- that our local and county leaders con- gal conduct at great cost to American The SPEAKER pro tempore. The tinue to make concerted efforts to pre- taxpayers. Chair recognizes the gentleman from serve our open spaces, and here in Con- In so doing, Washington’s ‘‘Surrender Pennsylvania (Mr. FITZPATRICK) for 5 gress I am working to support preser- Caucus’’ betrays American families and minutes. vation and land conservation efforts taxpayers who must foot the bill for Mr. FITZPATRICK. Mr. Speaker, I nationwide. I stand ready to work with yet another bad mistake by Wash- rise today to recognize the Big Broth- any government official and our citi- ington that is motivated by election- ers Big Sisters of Bucks County, which zens, like members of the Save Stone year politics, not America’s best inter- has served tens of thousands of kids in Meadow Farm movement, who share ests. our community since its founding in this goal to preserve our quality of life f 1963. and the character of our community. The Bucks County chapter is unique. Whether in our hometown or across DEFENDING FREEDOM OF SPEECH Since 2015, they have piloted an expan- our great Nation, we must stand ready The SPEAKER pro tempore (Mr. sion of their mentorship program, to preserve and protect our open spaces EMMER). The Chair recognizes the gen- which pairs elementary schools with from overdevelopment. high school mentors to include chil- tleman from Texas (Mr. AL GREEN) for f 5 minutes. dren with autism spectrum disorder. Mr. AL GREEN of Texas. Mr. Speak- This tailored program caters to the HIGHLIGHTING THE IMPORTANCE er, I am always honored to stand in the students’ unique needs, providing these OF THE DAIRY INDUSTRY well of the House. children with two specially trained The SPEAKER pro tempore. The Mr. Speaker, today I rise as a liber- high school mentors rather than one to Chair recognizes the gentleman from ated Democrat, a liberated Democrat ensure a greater level of stability. Pennsylvania (Mr. THOMPSON) for 5 who will not only speak truth to power The program has been so successful minutes. but who will also speak truth about that Big Brothers Big Sisters of Bucks Mr. THOMPSON of Pennsylvania. power. County is now looking to expand it. Mr. Speaker, yesterday morning, I had Mr. Speaker, I rise today to defend Their community mentorship program the opportunity to attend part of Ful- freedom of speech. I rise to defend the matches at-risk youth ages 6 to 16 with ton Bank’s 39th annual Agriculture freedom of speech of The Hill news- volunteer mentors. This program pro- Seminar, which is a day-long informa- paper. I defend the freedom of speech of vides caring adult role models who con- tional event that draws individuals The Hill newspaper when it printed sistently spend time with their from all over the Commonwealth of these words: ‘‘ ‘Morning Joe’ host’’—I ‘‘littles’’ to help them make good Pennsylvania. The event is free and

VerDate Sep 11 2014 23:19 Feb 14, 2018 Jkt 079060 PO 00000 Frm 00003 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.004 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1132 CONGRESSIONAL RECORD — HOUSE February 14, 2018 featured numerous speakers, including Providing students the option to con- spect for the rule of law and compas- agriculture economist Andrew sume milk with flavor has the poten- sion for his fellow citizens made him an Frankenfield and other industry ex- tial to positively affect milk consump- exceptional sheriff. perts. tion trends among children and adults, During his time in office, Joe fos- Mr. Speaker, as the House Com- while supporting the local dairy farm- tered a relationship with neighboring mittee on Agriculture prepares the ers. counties to share a crime lab, which next farm bill, there has been universal This is why I introduced H.R. 4101, helped solve cases and bring justice. agreement that the dairy industry’s the School Milk Nutrition Act. This Every single day, Joe put the safety of Margin Protection Program needs to be bill provides the schools the option of Minnesotans above all else. reformed in advance. To address this, offering low-fat, 1 percent, flavored Sheriff Hagerty, I speak on behalf of we were able to make much-needed milk instead of only fat free. all Minnesotans when I say: Thank changes in last week’s bipartisan budg- On November 29, 2017, USDA Sec- you. We wish you a happy and healthy et deal. retary Sonny Perdue announced a new and well-deserved retirement. The final agreement took a number USDA rule that expands options for RECOGNIZING CARVER COUNTY SHERIFF JIM of actions that will revamp the pro- milk in school lunches. OLSON gram to better serve participating b 1030 Mr. EMMER. Mr. Speaker, I rise dairy farmers. To help the program to today to recognize and thank Carver Similar to my legislation, this rule be more accurate and responsive during County Sheriff Jim Olson for his in- gives schools the option to serve low- difficult months, monthly margined credible 31 years of service to the peo- fat, 1 percent, flavored milk. Thank- calculations have been changed to bi- ple of Minnesota. In Jim’s three-plus fully, this rule will be in effect for fis- monthly. To help the program better decades on the force, Sheriff Olson cal year 2018 and fiscal year 2019. reflect the growth in dairy herd sizes, oversaw some of Carver County’s most I look forward to continuing to craft the new law expands the first tier from exciting and turbulent times. a farm bill that puts forth the very 4 million to 5 million pounds. The new When the Ryder Cup was held in best policy for our farmers, our fami- law raises the catastrophic coverage Chaska, Minnesota, in 2016, Jim man- lies, and all Americans. I know Sec- level from $4 per hundred weight to $5 aged safety operations and maintained retary Perdue supports the legislation, per hundred weight for the first tier of a family-friendly environment for ev- H.R. 4101, moving ahead to codify what covered production. eryone. After the passing of Minnesota he has been able to do with what flexi- It also reduces premiums for the first legend Prince, Jim ensured that Pais- bility he has and to get that done for 5 million pounds of production, making ley Park in Carver County remained a our kids and for the dairy industry. higher levels of coverage more afford- safe place for Prince’s fans to mourn. able to provide more protection against f Jim has dedicated his life to Carver low margins. Finally, the new law al- REMEMBERING THE LIFE OF County, serving as an instructor of the lows for the development of insurance SARAH JANECEK Carver County Citizens Academy to in- policies for livestock producers, includ- The SPEAKER pro tempore (Mr. form the public about the services and ing for dairy farmers. This change en- role of the sheriff’s office. Impres- courages further adequate risk man- FITZPATRICK). The Chair recognizes the gentleman from Minnesota (Mr. sively, he also serves as a member of agement tools are available the next the Carver County Mental Health Con- time they are faced with disaster. EMMER) for 5 minutes. Mr. EMMER. Mr. Speaker, I rise sortium to spread awareness of mental Mr. Speaker, the state of the dairy health resources. He has been a faith- industry is much different today than today to remember the life of Sarah Janecek, a friend who passed away un- ful, selfless servant leader to the citi- it was when the last farm bill was writ- zens of Carver County. ten. Today we see low milk prices that expectedly and far too soon. Sheriff Olson, thank you for your have impacted the dairy industry Sarah was one of Minnesota’s best service. We wish you the best in your across the country. The House Com- political commentators. As a strate- retirement. mittee on Agriculture is not only gist, she understood all sides of the aware of the challenges facing the in- issues and brought humor everywhere RECOGNIZING OUTSTANDING BUSINESSMAN BUTCH AMES dustry, but we are working to help she went. bring relief. Over the course of her career, Sarah Mr. EMMER. Mr. Speaker, I rise Another factor negatively impacting built relationships across the political today in recognition of one of Min- the dairy industry is declining milk spectrum. She was known for lending nesota’s outstanding businessmen, consumption. This not only negatively her honesty and wit to every encoun- Butch Ames. As chief executive officer affects dairy farms and farm families ter. She commanded respect by becom- and cofounder of Ames Construction, a across the country but also students ing a source of political knowledge family-owned and privately held con- and their overall nutrition. Despite the through her writing, newsletters, and struction company headquartered in fact that public school enrollment was commentary, and she was sought after Minnesota, Butch has built and grown growing, schools served 213 million by local and national media to provide the industry nationwide. fewer half-pints of milk between 2014 her insights on Minnesota’s unusual Ames Construction is known for and 2016. Children over 4 years old are politics. heavy civil, transportation, and mining not meeting the recommended daily Our community has suffered a great construction. With Butch at the helm, servings of dairy in the Dietary Guide- loss. Sarah’s bright spirit will, indeed, the company continues to grow and ex- lines for Americans. be missed. My deepest condolences go pand its reach all across the Nation. We know that milk is a nutritional out to her family and loved ones. Sarah They have completed notable projects, powerhouse. Given the nutritional had a great heart, and we will all miss such as Denver’s International Airport, value of milk and because students her. the I–15 corridor reconstruction project need to be nourished to be at their HONORING THE LEGACY OF WRIGHT COUNTY in Salt Lake City, the Loop 202 in best, this is a cause for concern. Stead- SHERIFF JOE HAGERTY Phoenix, and the St. Croix River Cross- ily decreasing participation in the Mr. EMMER. Mr. Speaker, I rise ing in Minnesota. School Lunch Program, coupled with today to honor the legacy of Wright Butch holds his company to a stand- the fact that flavored milk, the most County Sheriff Joe Hagerty. Joe retires ard of professionalism and safety that popular variety in schools, must be fat after 33 honorable years of service to is unparalleled, serving this Nation and free under the current law, has led to the third largest sheriff’s office in the his industry proudly. an alarming decline in overall milk State of Minnesota. He has a reputa- Congratulations, Butch. consumption. tion for honesty and has become some- RECOGNIZING TORAH ACADEMY We have lost an entire generation of one that we all trust. Mr. EMMER. Mr. Speaker, I rise milk drinkers, and they have lost out, Our community has been honored to today to recognize Torah Academy for that generation, on the nourishment have a public servant with Joe’s level entering their 73rd year educating Jew- and nutrition that comes from milk. of integrity and accountability. His re- ish children in Minnesota. From the

VerDate Sep 11 2014 23:19 Feb 14, 2018 Jkt 079060 PO 00000 Frm 00004 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.005 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1133 beginning and to this day, Torah Acad- the Stellar Awards, the first and the in the seasons of our lifeline and for- emy maintains a focus on strength- oldest televised awards show in our Na- ever. ening the mind and spirit of our future tion that honored gospel music artists May all that is done this day in the leaders. for over 33 years. people’s House be for Your greater Because of educators like Dean and Dr. Jackson achieved so much in her honor and glory. Rabbi Pinchus Idstein and Principal life through hard work and determina- Amen. Matthew Cleary, Torah Academy offers tion. She never gave up, always fought f a quality education on firm spiritual for what was right, and made it her grounding. Pillars of our strong local life’s mission to help students in Chi- THE JOURNAL community like Dr. Joey Greenberg cago explore their potential and their The SPEAKER. The Chair has exam- and his wife, Mrs. Marina Greenberg, educational possibility. ined the Journal of the last day’s pro- spread kindness and generosity to Dr. Jackson was a truly remarkable, ceedings and announces to the House make certain Torah can execute its smart, and phenomenal woman who en- his approval thereof. mission and goals. joyed the arts, sports, and loved line Pursuant to clause 1, rule I, the Jour- A special thank-you to Citizens Inde- dancing. She had a smile that would nal stands approved. pendent Bank, that also dedicates their light up a room. support. Dr. Jackson will be missed by her f Torah students succeed because their family, her friends, our city, our State PLEDGE OF ALLEGIANCE community supports them, and they and, indeed, our Nation and all those The SPEAKER. Will the gentle- are guaranteed to make their corner of who fondly remember her beautiful and woman from Alabama (Mrs. ROBY) the world a better place. loving spirit. come forward and lead the House in the Congratulations to Torah Academy I was blessed to know her, and Chi- Pledge of Allegiance. for a successful 73 years. We wish you cago was better because of her. My Mrs. ROBY led the Pledge of Alle- many more. heart goes out to her entire family. giance as follows: f The last time I saw Dr. Jackson was I pledge allegiance to the Flag of the HONORING DR. ROSEMARY last year. My late wife, Carolyn, and I United States of America, and to the Repub- JACKSON were going into one of our favorite res- lic for which it stands, one nation under God, taurants in the Hyde Park community indivisible, with liberty and justice for all. The SPEAKER pro tempore. The and Rose and Don Jackson, her hus- f Chair recognizes the gentleman from band, were leaving, and we stopped for Illinois (Mr. RUSH) for 5 minutes. a moment and had a conversation. ANNOUNCEMENT BY THE SPEAKER Mr. RUSH. Mr. Speaker, I rise today Mr. Speaker, on behalf of the people The SPEAKER. The Chair will enter- to pay tribute and honor the memory of the First Congressional District of of Dr. Rosemary Jackson. tain up to 15 requests for 1-minute Illinois, thank you, Rose. Thank you. speeches on each side of the aisle. Dr. Jackson was an educator in Chi- God bless you. Enjoy your rest. You cago. Dr. Jackson was an entrepreneur. have earned it. f Dr. Jackson was an exceptional com- CAREER AND TECHNOLOGY PRO- munity leader who passed away last f GRAMS ARE A PATHWAY TO week and leaves behind a stellar legacy RECESS SUCCESS that will endure throughout the years. The SPEAKER pro tempore. Pursu- (Mr. THOMPSON of Pennsylvania Dr. Jackson was a lifelong Chicago ant to clause 12(a) of rule I, the Chair asked and was given permission to ad- resident who had a passion for edu- declares the House in recess until noon dress the House for 1 minute and to re- cation, a passion that began when she today. vise and extend his remarks.) was a young girl. She received her Accordingly (at 10 o’clock and 41 Mr. THOMPSON of Pennsylvania. Ph.D. from Loyola University and her minutes a.m.), the House stood in re- Mr. Speaker, on Monday, I had the master’s degree from both National cess. College of Education and DePaul Uni- privilege of visiting Central Mountain versity. f High School’s Career and Technology Beginning her career as an English b 1200 Education Center. It is a state-of-the- teacher at her alma mater, John Mar- art 235,000-square-foot academic career AFTER RECESS shall High School—my alma mater— technical education complex. she went on to teach at local institu- The recess having expired, the House The Keystone Central School District tions such as Hyde Park High School was called to order by the Speaker at has introduced and implemented a CTE on the South Side in my district, Ken- noon. curriculum that offers a totally inte- nedy-King College in my district, and f grated academic, career, and technical her beloved DePaul University. education for all 9th through 12th grad- In all of these places, Mr. Speaker, PRAYER ers. Dr. Jackson deeply touched countless The Chaplain, the Reverend Patrick The integration model allows all stu- lives and inspired so many young peo- J. Conroy, offered the following prayer: dents to explore and attain high aca- ple. Dr. Jackson, Mr. Speaker, was a Eternal God, we give You thanks for demic and technical skills in their cho- pillar of the community and a person giving us another day. sen profession. This system is designed deeply committed to public service. February weather would deceive us to provide all students with an edu- She was also a member of the Delta and have us think spring is yet a long cational exploration opportunity that Sigma Theta Sorority, for which she way off. Yet, even as cold winds blow is both rigorous and relevant for career chaired several committees during her and penetrate the depths of the Earth, and post-secondary success. 50-year tenure as an active member. Your laws nurture new life. Winter’s Mr. Speaker, as co-chair of the Ca- Beyond her love for education and weight breaks off what seems unfruit- reer and Technical Education Caucus her love for community service, Dr. ful branches and rushing streams wash and author of the Strengthening Career Jackson was a beloved wife and moth- away all that is rootless. and Technical Education for the 21st er. Invigorate the House of Representa- Century Act, I am thrilled to see this She was the vice chairman and the tives, that restorative justice may in- kind of educational complex in my chief administrative officer at Chicago- spire new confidence in this Nation and community. based Central City Productions, the the work of Congress may produce a Offering CTE programs to students in business that she helped develop with fruitful land. high school truly gives them an oppor- her lifelong partner, her devoted hus- Grant that the daily work of Your tunity to explore career options. There band, my longtime friend, Mr. Donald people might silence a cynical world is an enormous skills gap that exists Jackson. Central City Productions, Mr. with blossoms of truth, and early today in America. There are good-pay- Speaker, is best known for producing growth release the scent of eternal life ing, family-sustaining jobs out there,

VerDate Sep 11 2014 23:19 Feb 14, 2018 Jkt 079060 PO 00000 Frm 00005 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.007 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1134 CONGRESSIONAL RECORD — HOUSE February 14, 2018 but people need the right skills to ob- the land, and even two American Presi- attended Colgate University and Co- tain those jobs. CTE programs are the dents, Grover Cleveland and Teddy lumbia Business School. He is an up- pathway to success. Roosevelt, served in such a capacity. standing American citizen who does f Sheriff Judd has long been an advo- not deserve to be treated like a crimi- cate for the rule of law, and we will all nal, nor a political pawn, by a rogue re- DEMOCRATS HAVE A BETTER benefit as he rises to this position to gime as he promotes the extraordinary DEAL fight to uphold the noble tradition of heritage of Persia. (Mr. CICILLINE asked and was given keeping the peace. The Obama administration caved to permission to address the House for 1 My deepest congratulations to Sher- the dangerous ransom deals with Iran, minute.) iff Judd and his family, and to the but ‘‘strategic patience’’ only Mr. CICILLINE. Mr. Speaker, the Major County Sheriffs of America, who emboldened them to subjugate the President and our Republican col- do such important work to keep us all brave citizens of Iran. leagues are at it again, promoting eco- safe. As the Iranian Government continues to undermine peace, free nations must nomic policies that enrich the wealthy f and the biggest corporations in our work together to address this serious country. That will hurt middle class PRESIDENT TRUMP’S threat. I support Secretary of State families. We saw it in the tax scam. We INFRASTRUCTURE PLAN Rex Tillerson and U.N. Ambassador see it in the President’s budget. And (Mr. KILDEE asked and was given Nikki Haley in calling for the release now we even see it in the infrastruc- permission to address the House for 1 of all American citizens unjustly de- ture proposal. minute.) tained in Iran. President Trump proposes a $200 bil- Mr. KILDEE. Mr. Speaker, this week, In conclusion, God bless our troops, lion infrastructure plan that will raise the long-awaited Trump infrastructure and we will never forget September the fees and tolls on commuters, burden plan was finally released. What a dis- 11th in the global war on terrorism. cities and States and ask others to fill appointment, after coming here a year f the funding gap, sells off infrastructure ago and promising a $1 trillion plan. NATIONAL CHILDREN’S DENTAL to Wall Street and private companies, Then, in his State of the Union, saying HEALTH MONTH and ends vital worker and environ- it is going to be even bigger—huge— mental protections. $1.5 trillion. In the fine print, however, (Ms. KELLY of Illinois asked and was The Democrats have proposed a bet- $1.3 trillion of the $1.5 trillion comes given permission to address the House ter deal: a $1 trillion investment, five from communities like my hometown for 1 minute.) Ms. KELLY of Illinois. Mr. Speaker, times the President’s plan, to really re- of Flint, Michigan. February is National Children’s Dental build America. It will create 6 million Now, let’s be clear. If States and Health Month. local communities had an extra $1.3 good-paying jobs. It will deliver lower During this month, we raise aware- trillion laying around, they would be prices and better choices for con- ness about the importance of oral servicing those roads and bridges. They sumers. It safeguards clean air and health, especially for America’s kids. would be rebuilding their water sys- clean water and worker protection. It Tooth decay is the most common tems. They would be doing this work builds more resilient infrastructure to chronic childhood disease—five times already. withstand climate change and ensures more common than asthma and seven If we are going to have a Federal in- products are built with American ma- times more common than hay fever. frastructure plan, we need to have a terials. Oral health status is directly tied to There is a real contrast here between Federal infrastructure plan that is academic achievement and school at- what the President has proposed, which really investment and not just check- tendance. is basically to shift the burden to cities ing the box so that the President can One way we can fix this is by passing and States and for the Federal Govern- say he submitted a big, bold infrastruc- my Action for Dental Health Act, H.R. ment to abandon its responsibility to ture plan. 2422, which was unanimously reported help rebuild our country. Well, it is not big and bold, from the out of the Energy and Commerce Com- The Democrats have a better deal Federal Government’s point of view. mittee on September 25. This bipar- than this raw deal. It is a deal to re- The $200 billion investment from the tisan bill is cosponsored by 83 Members build our country to create 16 million Federal Government, offset by a $170 and supported by the American Dental good-paying jobs to make sure the Fed- billion reduction, boils down to $3 bil- Association, the National Dental Asso- eral Government remains a real part- lion a year over 10 years. ciation, the American Dental Edu- ner in rebuilding America. That is not big. That is not bold. cation Association, and 39 other advo- f That won’t fix the roads and bridges in cacy groups. this country. SHERIFF GRADY JUDD NAMED Once enacted, this bill will empower PRESIDENT OF THE MAJOR f the CDC to deliver more and better COUNTY SHERIFFS OF AMERICA NO MORE ‘‘STRATEGIC PATIENCE’’ healthcare to underserved populations, especially urban and rural commu- (Mr. ROSS asked and was given per- WITH IRAN nities, and increase education about mission to address the House for 1 (Mr. WILSON of South Carolina the importance of oral health. minute and to revise and extend his re- asked and was given permission to ad- I am proud to be working with Con- marks.) dress the House for 1 minute and to re- gressman MIKE SIMPSON from Idaho on Mr. ROSS. Mr. Speaker, today I rise vise and extend his remarks.) this bipartisan bill. I ask the Speaker in recognition of a man whose service Mr. WILSON of South Carolina. Mr. to schedule a vote on the bill before the to his community has resulted in Speaker, this weekend, Iran has wrong- end of National Children’s Dental greater safety, security, and justice in fully seized another American hostage. Health Month. Polk County, Florida. Morad Tahbaz, a dual American and Lastly, I would like to wish my col- Sheriff Grady Judd, a stalwart of law Iranian citizen, was volunteering with leagues and constituents a Happy Val- enforcement in the 15th District and a the Persian Wildlife Heritage Founda- entine’s Day. dear friend, has been sworn into the tion when he was maliciously arrested. f role of president of the Major County This is in addition to the tragic news Sheriffs of America, a position to that Canadian Kavous Seyed Emami, ADDRESSING ILLEGAL which he will bring his knowledge, his who was arrested working with the IMMIGRATION skill, and his integrity to advocate for Foundation, died last week under sus- (Mrs. ROBY asked and was given per- safer communities across our great Na- picious circumstances in an Iranian mission to address the House for 1 tion. prison. minute and to revise and extend her re- For centuries, the Anglo-American Morad Tahbaz is the CEO of the Per- marks.) sheriff system has produced officers sian Wildlife Heritage Foundation and Mrs. ROBY. Mr. Speaker, this week, who secure the peace and prosperity of former president of Empire Resorts. He the Senate is taking action to address

VerDate Sep 11 2014 23:19 Feb 14, 2018 Jkt 079060 PO 00000 Frm 00006 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.010 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1135 our illegal immigration problem, so I AMERICANS SUPPORT WELFARE RECOGNIZING COLORADO rise today to share some feedback from REFORM OLYMPIANS the people I represent in Alabama’s (Mr. SMITH of Texas asked and was (Mr. POLIS asked and was given per- Second Congressional District. given permission to address the House mission to address the House for 1 I recently held two telephone town- for 1 minute and to revise and extend minute and to revise and extend his re- hall events to hear directly from some his remarks.) marks.) of my constituents. Let me start by Mr. SMITH of Texas. Mr. Speaker, Mr. POLIS. Mr. Speaker, I rise today thanking every person who took the the welfare system in America has a in support of the Olympic athletes time to participate and ask questions. problem and the great majority of from the great State of Colorado. The During both townhalls, I asked ev- Americans want to fix it. Olympics are a demonstration of fel- eryone what their top priority was re- Since 2000, the amount of Federal lowship, sportsmanship, commitment, garding our country’s illegal immigra- dollars spent on Medicaid that goes to determination, and grit—a wonderful tion issue, and the vast majority of able-bodied adults has increased 713 example for the world. participants said they are most con- percent. The amount spent on food There are 36 Olympians participating cerned about securing our border. stamps for able-bodied adults has in- from Colorado, the most from any I couldn’t agree more. I have always creased nearly 500 percent. These fig- State in the USA, and they are com- said that, in order to truly fix our im- ures do not include seniors or individ- peting in 17 different disciplines. I am migration system, we absolutely have uals with disabilities. proud to say that 12 of these Olympic to start by securing our border. If I had Every welfare dollar that is spent on athletes are from Colorado’s Second a leak in my house, I wouldn’t start by able-bodied, working-age adults diverts Congressional District. Lindsey Vonn, replacing the damaged drywall. I would resources from the very individuals the Mikaela Shiffrin, Sarah Schleper, Jo- fix the leak first. program was designed to help—the anne Reid, Casey Andringa, Chris Del Mr. Speaker, the same idea applies truly needy—and from other important Bosco, Jaelin Kauf, Mike Testwuide, for our illegal immigration problem. priorities such as education and public Katie Uhlaender, Chris Corning, Kyle We will only be able to make real safety. Mack, and Red Gerard all hail from the progress towards fixing the issue once The solution is a work requirement. Second Congressional District of Colo- we secure our border once and for all. Able-bodied adults on welfare should be rado. I am proud to support these efforts in required to work, get training, or per- And I am exceptionally proud that the House, and I stand ready to con- form community service to receive this past Saturday Red Gerard, at 17 tinue to work to tackle this problem benefits. An overwhelming 90 percent years old, from Silverthorne, Colorado, where it starts: at the border. of voters support this reform, which won the Pyeongchang Olympic Gold f could move 10 million able-bodied Medal for the United States, the first TRUMPISM adults off of welfare. Olympic Gold Medal for Team USA, be- (Mr. HUFFMAN asked and was given Those who can work, should. Work is fore going from last place to first place permission to address the House for 1 essential to helping individuals regain on the final run. Red learned to minute and to revise and extend his re- their independence and self-worth. snowboard right in his backyard in marks.) f beautiful Summit County. Another young Coloradoan, Arielle Mr. HUFFMAN. Mr. Speaker, outside b 1215 this building, more and more Repub- Gold—and Gold is a great name if you COMMEMORATING 50TH licans bemoan the effect of Trumpism are going to be an Olympian—despite ANNIVERSARY OF THE 911 SYSTEM on their party. We should take a mo- dislocating her shoulder in training ment to define this new phenomenon. (Mr. BANKS of Indiana asked and earlier in the week, is bringing home a Trumpism is when the whims of our was given permission to address the bronze medal in the women’s halfpipe. authoritarian President ‘‘trump’’ the House for 1 minute.) Those are just two of the 36 Olympic values Republicans once stood for. It is Mr. BANKS of Indiana. Mr. Speaker, stories from Colorado. I wish I had when evangelicals say character I rise today to commemorate the 50th time to talk about the other 34 because doesn’t matter. It is when ‘‘rule of anniversary of the 911 system and to their dedication, perseverance, and law’’ constitutionalists shield Trump honor its founder, Congressman Ed spirit is an inspiration to all Ameri- by attacking the institutions that Roush from Huntington, Indiana. cans, and I am rooting for them every guarantee the rule of law. As the representative for my north- step of the way. It is when First Amendment cham- east Indiana district, the late Con- USA. USA. USA. pions join Trump in attacking our free gressman Roush was a driving force be- f press. It is when Russia hawks bow and hind the efforts to create one central scrape before a President who chooses telephone number that citizens could CHALLENGING MORNING JOE HOST to believe his pal Vladimir over our use in a time of crisis to receive help. FOR AN INVITATION TO SPEAK own intelligence agencies. Launching a one-man crusade in the ON THE PROGRAM Trumpism is when this House, which House, Congressman Roush wrote to all (Mr. AL GREEN of Texas asked and is supposed to conduct serious over- 50 Governors and countless public serv- was given permission to address the sight, acts like Trump’s lapdog, ignor- ants to gain support for an emergency House for 1 minute and to revise and ing or abetting corruption and obstruc- phone number that was easy to remem- extend his remarks.) tion of justice. ber under stress and short enough to Mr. AL GREEN of Texas. Mr. Speak- Because Trumpism threatens democ- dial quickly. er, I rise today because I am a pro- racy, many Republicans are leaving On March 1, 1968, the congressman’s ponent of impeachment. I have not their party or, like George Bush’s efforts were successful, and the 911 sys- only as much as said so but brought speechwriter, Michael Gerson, are call- tem went live in Huntington, Indiana, Articles of Impeachment before the ing on voters to deliver a message this with Congressman Roush placing the House of Representatives. There are a fall. Without that political jolt, Gerson first test call. Due to his efforts, Hun- good many people who are antithetical writes, ‘‘elected Republicans will just tington led the way for other munici- to my position, Mr. Speaker. keep clinging to the USS Trump as it palities to adopt the important emer- As a Member of the House, I would sinks further into the swamp.’’ gency system that has saved so many challenge any Member who desires to Now that we have defined Trumpism, lives. Hoosiers are proud of the late debate this issue on the floor of the let’s work together to save this coun- Congressman Roush for his leadership House. I would also challenge any try from it. 50 years ago on this initiative. member of a morning program, ‘‘Morn- The SPEAKER pro tempore (Mr. We as a nation are safer due to his ef- ing Joe,’’ who believes that he should CURTIS). Members are reminded to re- forts and the everyday lifesaving ac- back up his words, to talk to me on his frain from engaging in personalities to- tions of 911 operators and first respond- program. Never talked to me. Never ward the President. ers. said a word.

VerDate Sep 11 2014 23:19 Feb 14, 2018 Jkt 079060 PO 00000 Frm 00007 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.012 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1136 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Would you invite me on your pro- considered as read. All points of order rule today on behalf of the Rules Com- gram and show the courage to speak of against provisions in the bill are waived. The mittee. The rule provides for consider- these issues with me there so that I previous question shall be considered as or- ation of H.R. 620, the ADA Education dered on the bill and on any amendment and Reform Act; H.R. 3978, the TRID may defend and you may attack? thereto to final passage without intervening f motion except: (1) one hour of debate equally Improvement Act; and H.R. 3299, the Protecting Consumers’ Access to Cred- PROVIDING FOR CONSIDERATION divided and controlled by the chair and rank- ing minority member of the Committee on it Act of 2017. OF H.R. 620, ADA EDUCATION Financial Services; and (2) one motion to re- The rule provides for one hour of de- AND REFORM ACT OF 2017; PRO- commit. bate on H.R. 620, equally divided be- VIDING FOR CONSIDERATION OF SEC. 3. Upon adoption of this resolution it tween the chairman and ranking mem- H.R. 3299, PROTECTING CON- shall be in order to consider in the House the ber of the Judiciary Committee. The SUMERS’ ACCESS TO CREDIT bill (H.R. 3978) to amend the Real Estate Set- rule also provides for a motion to re- tlement Procedures Act of 1974 to modify re- ACT OF 2017; PROVIDING FOR commit and makes in order multiple CONSIDERATION OF H.R. 3978, quirements related to mortgage disclosures, and for other purposes. All points of order amendments from colleagues on both TRID IMPROVEMENT ACT OF 2017; against consideration of the bill are waived. sides of the aisle. AND PROVIDING FOR PRO- An amendment in the nature of a substitute It also provides for one hour of de- CEEDINGS DURING THE PERIOD consisting of the text of Rules Committee bate on the two Financial Services FROM FEBRUARY 16, 2018, Print 115-59, modified by the amendment bills, with time equally divided be- THROUGH FEBRUARY 23, 2018 printed in part B of the report of the Com- tween the chairman and ranking mem- mittee on Rules accompanying this resolu- ber of that committee. Mr. COLLINS of Georgia. Mr. Speak- tion, shall be considered as adopted. The bill, er, by direction of the Committee on Yesterday, the Rules Committee had as amended, shall be considered as read. All the opportunity to hear from my fellow Rules, I call up House Resolution 736 points of order against provisions in the bill, and ask for its immediate consider- as amended, are waived. The previous ques- Judiciary Committee members: Mr. ation. tion shall be considered as ordered on the NADLER, Mr. POE, as well as Mr. LAN- The Clerk read the resolution, as fol- bill, as amended, and on any further amend- GEVIN. We also heard from Mr. HILL and lows: ment thereto, to final passage without inter- Ms. WATERS on the Financial Services vening motion except: (1) one hour of debate H. RES. 736 bill. equally divided and controlled by the chair H.R. 620 received consideration by Resolved, That at any time after adoption and ranking minority member of the Com- of this resolution the Speaker may, pursuant the Judiciary Committee and enjoyed a mittee on Financial Services; (2) the further rigorous markup process. H.R. 3299 and to clause 2(b) of rule XVIII, declare the amendment printed in part C of the report of House resolved into the Committee of the H.R. 3978 were considered and reported the Committee on Rules, if offered by the by the Financial Services Committee. Whole House on the state of the Union for Member designated in the report, which shall consideration of the bill (H.R. 620) to amend be in order without intervention of any point The bills before us today address dif- the Americans with Disabilities Act of 1990 of order, shall be considered as read, shall be ferent topics on different segments of to promote compliance through education, separately debatable for the time specified in our economy and our Nation, but they to clarify the requirements for demand let- the report equally divided and controlled by have something in common. They are ters, to provide for a notice and cure period the proponent and an opponent, and shall not all pro-growth bills aimed at righting before the commencement of a private civil be subject to a demand for division of the wrongs, increasing common sense, and action, and for other purposes. The first question; and (2) one motion to recommit improving the way that the current reading of the bill shall be dispensed with. with or without instructions. All points of order against consideration of system works. SEC. 4. On any legislative day during the I am a cosponsor of H.R. 620, the ADA the bill are waived. General debate shall be period from February 16, 2018, through Feb- confined to the bill and shall not exceed one ruary 23, 2018— Education and Reform Act and, as a hour equally divided and controlled by the (a) the Journal of the proceedings of the member of the Judiciary Committee, chair and ranking minority member of the previous day shall be considered as approved; have had multiple occasions to talk Committee on the Judiciary. After general and and listen about this bill. It is spon- debate the bill shall be considered for (b) the Chair may at any time declare the sored by my good friend from Texas amendment under the five-minute rule. The House adjourned to meet at a date and time, (Mr. POE), and several of my friends bill shall be considered as read. All points of within the limits of clause 4, section 5, arti- from both sides of the aisle have co- order against provisions in the bill are cle I of the Constitution, to be announced by waived. No amendment to the bill shall be in the Chair in declaring the adjournment. sponsored this bill. order except those printed in part A of the SEC. 5. The Speaker may appoint Members Mr. Speaker, I have cosponsored this report of the Committee on Rules accom- to perform the duties of the Chair for the du- bill because I believe the Americans panying this resolution. Each such amend- ration of the period addressed by section 4 of with Disabilities Act is critical legisla- ment may be offered only in the order print- this resolution as though under clause 8(a) of tion. No individual should ever suffer ed in the report, may be offered only by a rule I. discrimination for any reason, and dis- Member designated in the report, shall be The SPEAKER pro tempore. The gen- abled individuals should have access to considered as read, shall be debatable for the tleman from Georgia is recognized for 1 businesses and other sites that provide time specified in the report equally divided hour. public accommodation. I am a former and controlled by the proponent and an op- ponent, shall not be subject to amendment, Mr. COLLINS of Georgia. Mr. Speak- small-business owner, so I speak from and shall not be subject to a demand for divi- er, for the purpose of debate only, I experience running businesses. sion of the question in the House or in the yield the customary 30 minutes to the Even more importantly, however, one Committee of the Whole. All points of order gentleman from Colorado (Mr. POLIS), of the main reasons I stand before you against such amendments are waived. At the pending which I yield myself such time on this issue and behind this bill is I conclusion of consideration of the bill for as I may consume. During consider- am the father of a strong, intelligent, amendment the Committee shall rise and re- ation of this resolution, all time yield- capable, and a little sassy daughter port the bill to the House with such amend- ed is for the purpose of debate only. named Jordan. Jordan is 26 years old ments as may have been adopted. The pre- and has spina bifida. Jordan has been vious question shall be considered as ordered GENERAL LEAVE on the bill and amendments thereto to final Mr. COLLINS of Georgia. Mr. Speak- in a wheelchair her entire life. Her first passage without intervening motion except er, I ask unanimous consent that all walk and first steps came in a little, one motion to recommit with or without in- Members have 5 legislative days to re- pink wheelchair. structions. vise and extend their remarks and in- Jordan makes this issue personal for SEC. 2. Upon adoption of this resolution it clude extraneous material on House me. Discrimination is unacceptable, shall be in order to consider in the House the Resolution 736, currently under consid- and it is also unacceptable for oppor- bill (H.R. 3299) to amend the Revised Stat- eration. tunists to build a cottage industry of utes, the Home Owners’ Loan Act, the Fed- serial litigation on the backs of the eral Credit Union Act, and the Federal De- The SPEAKER pro tempore. Is there posit Insurance Act to require the rate of in- objection to the request of the gen- disabled, especially when these drive- terest on certain loans remain unchanged tleman from Georgia? by lawsuits offer little to no discern- after transfer of the loan, and for other pur- There was no objection. ible benefit to disabled individuals. poses. All points of order against consider- Mr. COLLINS of Georgia. Mr. Speak- Mr. Speaker, my daughter Jordan ation of the bill are waived. The bill shall be er, I am pleased to bring forward this helps me understand the importance of

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00008 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.013 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1137 access to public space and the danger But it is a reason that good actors who poena. The SEC has had a data breach, posed by lawsuits that exploit the dis- may need to update their accommoda- and the GAO has been critical of its cy- abled community instead of serving its tions should have a chance to do so. bersecurity. members. I believe that there are good Mr. Speaker, it is important to note I think Mr. DUFFY and Mr. HILL, actors genuinely seeking to increase that this bill has bipartisan support along with my colleague DAVID SCOTT access and call to task those who block and that the Rules Committee made in from Georgia, are right to recognize access to disabled individuals. Unfortu- order several amendments from Mem- that we shouldn’t be forcing SEC reg- nately, what we are seeing too often is bers on both sides of the aisle so that istered entities to hand over their bad actors intentionally exploiting the we can consider ideas to even further highly sensitive source code without law for their own financial gain. strengthen this legislation. I would ask due process protections. This legisla- When these bad actors, these serial that all Members listen to that amend- tion ensures normal processes can be litigants, clog up the courts by drive- ment debate because these amend- followed to access this information is by lawsuits geared not at solutions but ments do have an impact on this bill, needed, but prevents unnecessary dis- at profits, they take up time the courts and I would encourage them to be a closures of this intellectual property. could be using to address issues that part of that. Mr. Speaker, source code for security truly need remediation. They also un- H.R. 620 makes sense and focuses on and other financial entities is similar dermine the Americans with Disabil- fixing issues rather than spending to what the Coke recipe is to Coca- ities Act. The intent and purpose of the money on trials or, better yet, extort- Cola, or the doughnut recipe is to ADA is not to drum up lawsuits; it is to ing money from businesses with no Krispy Kreme. It is critical intellectual prevent discrimination, increase ac- thought of helping those with disabil- property that represents the backbone cess, and to protect those with disabil- ities. of a company. This bill makes clear ities. We also have a chance to consider that this sensitive and highly valuable Mr. Speaker, the disability commu- some other commonsense measures information doesn’t have to be simply nity, my daughter included, represents today with the two important Finan- handed over to the SEC with the hope some of the strongest people I know. cial Services bills also provided for by that the information remains secure. They have a voice, and they are power- this rule. H.R. 3978 includes numerous other ful. Today, we are here making sure H.R. 3299, the Protecting Consumers’ key provisions, including recognizing the law works better for them and that Access to Credit Act, was introduced unique needs of emerging growth com- it isn’t being exploited by those who by Mr. MCHENRY and Mr. MEEKS, and panies and tailoring regulatory bur- seek to undermine that law. reported by the Financial Services dens accordingly, and requiring the Today, small businesses face legal Committee with bipartisan support. CFPB—the Consumer Financial Pro- fees and complex technical jargon Similar language was included in the tection Bureau—to allow for more ac- when presented with an impediment to House-passed CHOICE Act last year. curate and clear calculations to be pro- access. Most businesses want to fix This legislation codifies the ‘‘valid- vided to consumers when they purchase such issues and would, but instead of when-made’’ doctrine, a longstanding lenders and owners title insurance poli- being able to make this issue right, legal principle that, if a loan is valid cies. they are forced into court before they when it is made with respect to its in- Mr. Speaker, today, you are seeing a have the chance to do so. In some ex- terest rate, then it does not become in- theme. You are seeing a rule that pro- amples of these serial lawsuits, the valid or unenforceable when assigned vides for numerous bills that make issues have not even been perceptible to another party. This bill is a response commonsense changes to the current to the human eye; in others, building to the 2015 decision by the Second Cir- system to spur growth and simply in- codes have changed—and yes, even the cuit Court of Appeals in Madden v. creases fairness. And you are seeing bi- ADA—yet business owners have been Midland, which appears to have ignored partisan bills, including bipartisan hauled into court before they have a the longstanding legal principle. amendments, that will be coming for- chance to respond or to fix the prob- The decision in the Madden case cre- ward on this in support of these bills. lem. ated instability and uncertainty in the H.R. 620 ensures businesses have the Mr. Speaker, I reserve the balance of secondary credit market, and restricts opportunity to fix any access issues my time. the availability of loans to borrowers, once they have been made aware of Mr. POLIS. Mr. Speaker, I yield my- particularly those with less access to them. It provides notice and a cure pe- self such time as I may consume. traditional lending sources. It has also riod and clarifies the requirements for Mr. Speaker, I thank the gentleman demand letters. It also provides train- led to regulatory uncertainty and fall- for yielding me the customary 30 min- ing for business owners and State and out for fintech lenders. My home State utes. Mr. Speaker, today, sadly, we find local governments so that they can of Georgia has an increasing presence ourselves considering legislation that better understand proper ADA compli- in fintech, and H.R. 3299 provides a leg- would actually make it easier for un- ance. islative fix that increases certainty The number of ADA title III lawsuits and supports economic opportunity. scrupulous payday lenders to actually has skyrocketed in recent years. Since Additionally, Mr. Speaker, we are skirt State interest rate caps and an- 2013, there has been a 132 percent in- here to discuss 3978, the TRID Improve- other bill that guts enforcement of the crease in the number of lawsuits in ment Act, which incorporates numer- Americans with Disabilities Act that Federal courts. H.R. 620 addresses this ous important provisions from several puts an unfair burden on people with problem in a smart way that maintains smart Financial Services bills. It was disabilities. the integrity, purpose, and key provi- introduced by Congressman HILL from These bills hurt the American people. sions of the Americans with Disabil- Arkansas, and takes steps to provide Instead of spending our time here de- ities Act while ensuring there is a important regulatory relief and make bating a very important immigration chance to fix access issues. capital markets more competitive and bill, like the Senate is doing across the This bill does not take away an indi- efficient. way, we are considering bills that will vidual’s right to sue for access. This Dodd-Frank led to an explosion of only harm our most vulnerable popu- bill does not overturn the ADA. It does regulations and requirements that ulti- lations. give business owners a chance to fix mately have squeezed access to capital, Over on the other side of the Capitol, ADA problems quickly. Some owners created hurdles to smaller market en- the Senate is having an open debate may not even actually realize they are trants, and imposed burdens on small about immigration in our country. not in compliance. Codes have changed, businesses, startups, and investors. This House owes the American people and there are literally hundreds of One especially critical provision is no less. The Senate is trying to find so- pages of compliance. H.R. 3978, the language authored by Mr. lutions to help the hundreds of thou- DUFFY from Wisconsin. This provision sands of DACA recipients, to improve b 1230 prohibits the SEC from compelling the border security, or to address family That, however, is not an excuse for production of source code or similar in- reunification. The Senate is debating willful noncompliance. Far from it. tellectual property without a sub- different proposals from both sides of

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00009 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.015 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1138 CONGRESSIONAL RECORD — HOUSE February 14, 2018 the aisle. We will see what they come Specifically, the bill makes it easier for usury caps.’’ ’ In fact, the Colorado Attorney up with. payday lenders and other nonbanks to use General is in the midst of challenging online Again, this House is simply not doing rent-a-bank arrangements to ignore state in- lenders’ use of a rent-a-bank scheme to make its job. This House is doing nothing to terest rate caps and make high-rate loans. loans in violation of the state’s usury limits. The bill overrides the Second Circuit’s Mad- This bill aims to thwart actions like these improve border security, nothing to ad- den v. Midland decision, which held that a that seek to enforce state laws. dress the DACA recipients or family re- debt buyer purchasing debts originated by a The potential costs and damage to con- unification. Over here, there is not national bank could not benefit from the Na- sumers are significant. In about 34 states, a even a plan to bring any immigration tional Bank Act’s preemption of state inter- $2,000 loan, 2-year installment loan at an bill or amendment to the floor. In fact, est rate caps. The Madden decision did not APR exceeding 36% would be illegal. This there is no commitment at all to actu- limit the interest rates that banks may bill risks making high-cost loans permissible ally address the issues that the Amer- charge on credit cards and other forms of across the country. The bill also could poten- credit, but it does limit nonbanks from evad- tially expand short-term payday lending to ican people care about. We have bipar- ing state interest rate caps. Reversing the the 15 states plus the District of Colombia tisan bills today that Speaker RYAN Second Circuit’s decision, as this bill seeks whose state interest rate limits currently could bring to the floor. They would to do, would make it easier for payday lend- save borrowers over $2.2 billion annually in pass with probably 70 or 60 percent of ers, debt buyers, online lenders, fintech com- payday loan fees. the vote. panies, and other companies to use ‘‘rent-a- Fintech lenders also should not be allowed Mr. Speaker, the March 5 deadline for bank’’ arrangements to charge high rates on to make loans that exceed state interest rate DACA protections is rapidly approach- loans. caps. State interest rate caps have not im- ing. There is no plan in place to protect The bill provides that ‘‘a loan that is valid pacted responsible marketplace loans. The when made as to its maximum rate of inter- leading marketplace lenders do not make Dreamers like Anareli, Marcos, and est . . . shall remain valid with respect to loans above 36% and the vast majority of Javier in my district. Instead, over such rate regardless of whether the loan is their loans are well below that rate, com- 800,000 young adults are trying to see subsequently sold, assigned, or otherwise fortably within state interest rate caps. But what happens next, hoping that the transferred to a third party, and may be en- the mere fact that a lender uses the label court system intervenes, hoping that forced by such third party notwithstanding ‘‘fintech’’ or ‘‘martketplace lender’’ does not somebody somewhere does something any State law to the contrary.’’ In other ensure that it is a safe or affordable loan. so they can continue to live and work words, if a bank originates a loan that ex- For example, OnDeck, a lender focused on legally in the only country that they ceeds state interest rate caps, and then sells small business lending, offers term loans up or assigns the loan to a nonbank, that to 99%. know, the country that they call home, nonbank can continue to charge a usurious Moreover, many marketplace lenders make the United States of America. rate. very large loans of $30,000 to $50,000 or high- I have offered the Dream Act as an This bill could open the floodgates to a er, and even 36% is a very high rate for such amendment to every spending bill that wide range of predatory actors to make loans loans. Many states have tiered rate struc- has come through the Rules Com- at 300% annual interest or higher. The bill tures in recognition that interest becomes mittee. I will continue to do so until could bless arrangements such as the part- more unaffordable the larger the loan. Iowa, we finally get it done. nership between the payday lender Elevate for example, caps interest at 21% for loans But, again, instead of bringing up a and Republic Bank, through which Elevate is over $10,000. There are also signs that some online lend- bill to help protect Dreamers before making high-cost loans that exceed state in- terest rate caps. Through its Elastic brand, ers may not be appropriately underwriting the self-Trump-imposed March 5 dead- Elevate offers purportedly open-end loans in their loans to ensure that the loans are af- line, the House will consider legisla- 39 states and the District of Columbia. fordable, and that many borrowers may not tion that undermines the civil rights of Elevate does not disclose an APR, but a have the ability to repay, especially, if the disabled Americans, and it also makes $380 advance repaid with monthly minimum economy sours. Recent news reports and SEC it easier for predatory lenders to evade payments would cost $480 to repay over five filings show that delinquency and charge-off consumer protection laws. And people months. Including all fees, the annual rate rates at these marketplace lenders are ris- wonder why the House of Representa- for this extension of credit is about 100%, ing. One online lender apparently failed to which is nearly three times the 36% legal in- verify a borrower’s income for a full two- tives is as unpopular as it is. terest rate approved by voters in Montana, thirds of its loans in 2016. Another lender has H.R. 3299, the Protecting Consumers’ one of the states where the lines of credit are had so many of its loans fail, that it has had Access to Credit Act is a bill that hurts offered. Through its Rise brand, Elevate also to repay investors for their losses in the last consumers. It is one that makes it easi- makes closed-end loans at rates up to 365% three securitizations of the loans it bundled er for payday lenders to evade well- in states where those rates are permitted, up and sold to Wall Street. thought-out State-level protection and it could attempt to expand to other This bill would weaken lenders’ incentive laws. states. to underwrite properly by making it easier That is why over 200 national and Enova, dba NetCredit, also offers high-cost to make high-rate loans. High interest rates result in misaligned incentives that can lead State organizations have written in op- installment loans in a number of states through a rent-a-bank partnership. Enova, to lender profits but borrower catastrophe. position to this bill, which they fear like Elevate, relies on Republic Bank and Skewed incentives are already a problem in would open the floodgates for preda- Trust to facilitate this scheme. the marketplace loan industry. Moody’s tory lending with interest rates as high Other payday lenders have regularly at- credit-rating firms liken this industry to as 300 percent. Additionally, 20 State tempted to avoid state usury caps through mortgage lending in the years leading up to attorneys general have also written in rent-a-bank arrangements. For example, the 2008 financial crisis—‘‘because the com- opposition. CashCall has attempted to partner with panies that market the loans and approve Mr. Speaker, I include in the RECORD banks to make usurious loans in several them quickly sell them off to investors,’’ re- these two letters. states. Courts have struck down those ar- lieving themselves of the risk of the loan rangements, finding that CashCall had to later going bad. This bill could make that NOVEMBER 29, 2017. comply with state interest rate caps. The problem worse. Re Oppose H.R. 3299 (McHenry) and S. 1642 bill could undermine these decisions, by stat- The bill is not necessary to ensure access (Warner), Protecting Consumers’ Access ing that a loan’s interest rate remains valid to affordable credit. Proponents of this bill to Credit Act of 2017. even if a loan is transferred or assigned to a claim that the Madden decision has had an DEAR MEMBERS OF CONGRESS: The under- third party and ‘‘may be enforced by such adverse impact on access to credit. They signed 202 national and state organizations third party notwithstanding any State law point to a study that showed a drop in mar- write in strong opposition to H.R. 3299 to the contrary.’’ This could allow high-rate ketplace lending by three lenders in the Sec- (McHenry) and S. 1642 (Warner), the Pro- lenders to use banks to originate and then ond Circuit after the Madden decision for tecting Consumers’ Access to Credit Act of immediately transfer usurious loans. subprime borrowers, especially for those 2017. The primary impact of this bill will be This bill is a massive attack on state con- with FICO scores below 644. However, the enabling nonbank lenders to make high-cost sumer protection laws. In a letter by 20 study showed that these lenders offered only loans that exceed state interest rate limits State Attorneys General opposing provisions miniscule amounts of credit in the low FICO by using a bank to originate the loan. The in another bill that would have overturned range even before the Madden decision. Thus, bill poses a serious risk of enabling preda- the Madden decision, the state law enforce- the impact on access to credit was trivial. tory lending and unsafe lending practices. ment officers warned that the bill ‘‘would re- Moreover, it is likely that the credit ex- Unaffordable loans have devastating con- strict states’ abilities to enforce interest tended before the decision at the lower end sequences for borrowers—trapping them in a rate caps. It is essential to preserve the abil- of the FICO spectrum was made to borrowers cycle of unaffordable payments and leading ity of individual states to enforce their exist- who had trouble repaying, and that lenders to harms such as greater delinquency on ing usury caps and oppose any measures to were relying on high interest rates on large other bills. enact a federal law that would preempt state loans to compensate for high default rates.

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The bill wipes away the strongest available IDA and Asset Building Collaborative of STATE OF NEW YORK, tool against predatory lending practices. NC; Illinois People’s Action; Illinois PIRG; OFFICE OF THE ATTORNEY GENERAL, Strong state rate caps, coupled with effec- Indiana Assets & Opportunity Network; Indi- June 7, 2017. tive enforcement by states, remain the sim- ana Institute for Working Families; Indiana Re The Financial CHOICE Act of 2017 (H.R. plest and most effective method to protect PIRG; Innovative Systems Group; Iowa 10). consumers from the predatory lending debt PIRG; Jesuit Social Research Institute at Hon. PAUL RYAN, trap. Contrary to what lenders often claim, Loyola University New Orleans; Just Har- Speaker, House of Representatives, robust state loan laws do not drive people to vest; Kentucky Equal Justice Center; La Washington, DC. find loans online. In fact, illegal online lend- Casa de Don Pedro; Legal Aid Justice Center Hon. NANCY PELOSI, ing is more prevalent in states that do not (Virginia); Legal Aid Society of Milwaukee; Minority Leader, House of Representatives, effectively regulate predatory lending than Legal Services of Southern Piedmont; Long Washington, DC. it is in states that enforce state interest rate Island Housing Services, Inc.; Louisiana Hon. KEVIN MCCARTHY, caps. Budget Project; Lutheran Episcopal Advo- Accordingly, we urge you to reject this Majority Leader, House of Representatives, cacy Ministry NJ; Lutheran Advocacy Min- Washington, DC. bill. For more information, contact Lauren istry—New Mexico; Maine Center for Eco- Saunders at [email protected] or Scott Hon. STENY HOYER, nomic Policy; Maryland Consumer Rights Astrada at Minority Whip, House of Representatives, Coalition; Maryland PIRG; MASSPIRG; Met- [email protected]. Washington, DC. ropolitan Milwaukee Fair Housing Council. Action NC; Albany Center for Economic DEAR SPEAKER RYAN, MAJORITY LEADER Success, Inc.; Allied Progress; Americans for MICAH; Mobilization for Justice, Inc.; MCCARTHY, MINORITY LEADER PELOSI, AND Financial Reform; Arbor Farm Press; Ari- Montana Organizing Project; Montebello MINORITY WHIP HOYER: On behalf of the un- zona Community Action Association; Ari- Housing Development Corporation; MoPIRG; dersigned State Attorneys General and the zona PIRG; Arkansans Against Abusive Pay- Mountain State Justice; NAACP; NAOMI; Executive Director of the Office of Consumer day Lending; Ashe County Habitat for Hu- National Association of Consumer Advo- Protection for the State of Hawaii (the manity; Asheville Area Habitat for Human- cates; National Association of Social Work- ‘‘States’’), we write to express our strong op- ity; Baker Organizing School South.; Balti- ers West Virginia Chapter; National Con- position to H.R. 10 (the ‘‘Act’’), which we un- more Neighborhoods, Inc; Billings First Con- sumer Law Center (on behalf of its low-in- derstand the full House of Representatives gregational Church; Brazos Valley Afford- come clients); National Rural Social Work intends to vote on this week. The proposed able Housing Corp.; Bucks County Women’s Caucus; Native Community Finance; Act will eliminate many of the critical con- Advocacy Coalition; Business Outreach Cen- NCPIRG; New Economics for Women; New sumer protections implemented as a result ter Network, Inc.; California Reinvestment Economy Project; New Jersey Appleseed of the Dodd-Frank Wall Street Reform and Coalition; CALPIRG; Capital Good Fund; Public Interest Law Center; New Jersey Cit- Consumer Protection Act (‘‘Dodd-Frank’’) in CARECEN–Central American Resource Cen- izen Action; New Jersey Tenants Organiza- the wake of, and in response to, the financial ter. tion; New Mexico Fair Lending Coalition; crisis. As the chief consumer protection offi- Carolina Behavioral Health Alliance; Caro- NHPIRG; NJPIRG; North Carolina A. Philip cers in each of our respective States, we lina Jews for Justice; CASH Campaign of Randolph Institute, Inc. write to call your particular attention to Maryland; Catalyst Miami; Catholic Char- those portions of the Act that would effec- ities of Southern New Mexico; CCCS of WNC, North Carolina Assets Alliance; North Inc. DBA OnTrack Financial Education & Carolina Council of Churches; North Caro- tively eviscerate the role of the Consumer Counseling; Cedar Grove Institute for Sus- lina Housing Coalition; North Carolina Insti- Financial Protection Bureau (‘‘CFPB’’), the tainable Communities; Center for Economic tute of Minority Economic Development; only independent federal agency exclusively Integrity; Center for Economic Integrity— North Carolina Justice Center; North Caro- focused on consumer financial protection. New Mexico Office; Center for Financial So- lina PIRG; North Carolina Rural Center; While the Act purports to protect consumers cial Work; Center for Global Policy Solu- North Carolina State AFL–CIO; North Caro- from over-regulation by federal agencies, its tions; Center for Responsible Lending; CEO lina United Methodist Conference; North Da- far-reaching consequences would make con- Pipe Organs/Golden Ponds Farm; Children kota Economic Security and Prosperity Alli- sumers more vulnerable to fraud and abuse First/Communities In Schools of Buncombe ance; OhioPIRG; Oklahoma Policy Institute; in the marketplace. The undersigned States County; Church Women United in North Oregon PIRG; PennPIRG; Pennsylvania support the work of the CFPB and oppose Carolina; Clarifi; CO PIRG; Coalition on Council of Churches; Pennsylvania Military any effort to curtail its authority. While we Homelessness and Housing in Ohio; College Officers Association of America; Pennsyl- find numerous provisions of the Act to be ob- Park: An American Baptist Church; Colorado vania War Veterans Council; People’s Action jectionable, we write to highlight certain Center on Law & Policy; Communications Institute; Philadelphia Unemployment provisions that would significantly impact Workers of America (CWA). Project; Piedmont Housing Alliance (Vir- consumer protection — a core function of Community Capital New York; Community ginia); PIRG in Michigan; Power New Mex- our States. Council of Metropolitan Atlanta; Commu- ico. I. BACKGROUND nity Economic Development Association of Prince George’s CASH Campaign; Pros- MI (CEDAM); Community Loan Fund of the perity Indiana; Prosperity Works; Public Our States’ work to protect consumers Capital Region Inc.; Connecticut Association Justice; Public Justice Center; Public Law from unscrupulous marketplace actors and for Human Services; Connecticut Legal Serv- Center; Reinvestment Partners; Rural Dy- practices is greatly enhanced when the fed- ices, Inc.; ConnPIRG; Consumer Action; Con- namics, Inc.; Safety MD LLC; Samaritan eral government serves as an effective part- sumer Federation of America; Consumers Ministries; Sisters of Charity of Nazareth ner. In the years leading up to the global fi- Union; Covenant House of WV; Credit and Congregational Leadership; Sisters of Char- nancial crisis, residents of our States suf- Homeownership Empowerment Services Inc ity of Nazareth Western Province Leader- fered the consequences of a federal govern- (CHES, Inc.); Credit Counseling Agencies of ship; Sisters of Mercy South Central Com- ment that failed to fulfill its basic obliga- NC; Creighton College Democrats; Davidson munity; Southern Poverty Law Center; tions to U.S. consumers to prevent fraud and Housing Coalition; Demos; Disability Rights Statewide Poverty Action Network; Step Up misconduct by mortgage providers, North Carolina; Durham Regional Financial Savannah; Tabor Community Services; Ten- servicers, and other financial firms. Families Center; East LA Community Corporation; nessee Citizen Action; Texas Appleseed; nationwide suffered dire financial con- Ecumenical Poverty Initiative; Empire Jus- TexPIRG; The AMOS Project; The Bell Pol- sequences as a result of lax federal oversight tice Center. icy Center; The Episcopal Diocese of North and inaction. Faith in Action Alabama; Faith in Texas; Carolina; The Midas Collaborative; The One Fayetteville Area Habitat for Humanity; Since its inception, the CFPB has emerged Less Foundation. Federation of Democratic Women DAC; Fi- as the independent federal consumer watch- nancial Pathways of the Piedmont; Florida Tuscaloosa Citizens Against Predatory dog the nation has long needed, and as a key Alliance for Consumer Protection; Florida Practices; Tzedek DC; U.S. PIRG; Unitarian partner in critically important consumer Alliance for Retired Americans; Florida Con- Universalist Pennsylvania Legislative Advo- protection work undertaken by our States sumer Action Network; Florida PIRG; Fons cacy Network; UNITE HERE; United for a and by State Attorneys General across the Law Office, representing consumers; Georgia Fair Economy; University of Wisconsin Law country. The exceptional record of the CFPB PIRG; Georgia Watch; Gowen Consulting; School, Consumer Law Clinic; Virginia Citi- speaks for itself. As of January 1, 2017, the Greater Ward’s Corner Area Business Asso- zens Consumer Council; Virginia Interfaith CFPB has handled over one million con- ciation (Virginia); Habitat for Humanity of Center for Public Policy; Virginia Orga- sumer complaints, and obtained $11.8 billion Catawba Valley, Inc.; Habitat for Humanity nizing; Virginia Poverty Law Center; Vir- in relief for 29 million consumers. The CFPB of Davie County; Habitat for Humanity of ginians Against Payday Lending; VOICE has taken enforcement actions to stem Greater Greensboro; Habitat for Humanity of Oklahoma City; WASHPIRG; Watauga Coun- abuses by student loan originators and North Carolina; Heartland Alliance for ty Habitat for Humanity; WESST; West Vir- servicers, for-profit schools, debt collectors, Human Needs & Human Rights; Hispanic ginia Center on Budget and Policy; West Vir- credit reporting agencies, payday lenders, Baptist Convention of Texas; Hispanic Fed- ginia Citizen Action Group; WISDOM; and foreclosure ‘‘rescue’’ companies, among eration; HomesteadCS; Housing Consultants WISPIRG; Women AdvaNCe; Woodstock In- others. Among its more recent, significant Group. stitute; WV Citizen Action Group. enforcement actions have been cases against

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00011 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.012 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1140 CONGRESSIONAL RECORD — HOUSE February 14, 2018 mortgage servicer Ocwen Financial Corpora- dustry, where consumers, risk the loss of formation or assistance, please do not hesi- tion for widespread mortgage servicing fail- their vehicle (with the corresponding loss in tate to contact us. ures, including improperly calculating bal- mobility) if they find themselves unable to Respectfully submitted, ances, misapplying payments, and failing to repay their loans. The Act will strip the Eric T. Schneiderman, New York Attor- investigate consumer complaints, student CFPB of all authority in these areas, includ- ney General; loan servicer Navient for student loan serv- ing its enforcement authority and the ability Xavier Becerra, California Attorney Gen- icing abuses, including failing to notify to adopt sensible and common sense rules to eral; struggling borrowers of their eligibility for prevent consumers from falling into debt George Jepsen, Connecticut Attorney income-based repayment plans and steering traps that are often the result of payday and General; such borrowers into more costly forbearance vehicle title loans. Matthew Denn, Delaware Attorney Gen- plans—and Wells Fargo bank for its wide- eral; D. THE ACT WOULD PERMIT THIRD PARTY DEBT spread practice of opening unauthorized Karl A. Racine, Attorney General for the COLLECTORS TO CHARGE USURIOUS INTEREST bank and credit card accounts for con- District of Columbia; RATES sumers. In addition, as part of its statutory Douglas S. Chin, Hawaii Attorney Gen- mandate, the CFPB has conducted thorough Section 581 of the Act would restrict eral; and nuanced studies of complex financial states’ abilities to enforce interest rate caps. Stephen H. Levins, Executive Director, issues that impact consumers and has issued Currently, there are no federal interest rate Hawaii Office of Consumer Protection; rules intended to protect consumers in a caps that cover financial products and serv- Lisa Madigan, Illinois Attorney General; thoughtful, consensus-driven manner. ices offered by national banks. Rather, na- Tom Miller, Iowa Attorney General; II. THE DEVASTATING EFFECTS OF THE ACT ON tional banks are permitted to export the in- Janet T. Mills, Maine Attorney General; CONSUMER PROTECTION terest rate of their home state and disregard Brian E. Frosh, Maryland Attorney Gen- the more stringent interest rates of other The Act would effectively cripple the eral; states in which they do business. Section 581 CFPB from doing the job it has been doing so Maura Healey Massachusetts Attorney of the Act would add language to four federal effectively since its inception. General; statutes to provide that, when a national Lori Swanson, Minnesota Attorney Gen- A. THE ACT WOULD ELIMINATE THE CFPB’S bank sells or assigns debt covered by the Na- eral; RULEMAKING AND ENFORCEMENT AUTHORITY tional Bank Act, the buyer or assignee has Jim Hood, Mississippi Attorney General; OVER UNFAIR, DECEPTIVE, AND ABUSIVE ACTS the right to collect that same interest rate, Josh Stein, North Carolina Attorney AND PRACTICES regardless of the law of the state where the General; Section 736 of the Act would eliminate the buyer or assignee is located. This would Ellen F. Rosenblum, Oregon Attorney CFPB’s authority to prohibit unfair, decep- make it more difficult to ensure that debt General; tive, and abusive acts and practices buyers, online lenders, fintech companies, Josh Shapiro, Pennsylvania Attorney (‘‘UDAAP’’). The CFPB’s authority to pro- and rent-a-bank schemes comply with state General; hibit entities it supervises from engaging in interest rate caps. It is essential to preserve Peter F. Kilmartin, Rhode Island Attor- UDAAP violations has been the basis for the ability of individual states to enforce ney General; many of the CFPB’s most significant en- their existing usury caps and oppose any T.J. Donovan, Vermont Attorney Gen- forcement actions, including the Ocwen, measures to enact a federal law that would eral; Navient, and Wells Fargo matters discussed preempt state usury caps. Mark R. Herring, Virginia Attorney Gen- above. In addition, several of the under- eral; signed States have jointly filed cases with E. THE ACT WOULD ELIMINATE THE CFPB RULE- MAKING AUTHORITY REGARDING MANDATORY Bob Ferguson, Washington State Attor- the CFPB against businesses and individuals ney General. engaged in unfair, deceptive, or abusive prac- ARBITRATION tices. UDAAP authority gives the CFPB the Section 738 of the Act would repeal the Mr. POLIS. Mr. Speaker, States can, flexibility to respond swiftly to new tech- provision of Dodd-Frank that granted the and do, like my own State of Colorado, nologies and practices that harm consumers, CFPB authority to study and issue rules re- put limitations on the interest rates of without the need to wait for legislation ex- garding arbitration in financial services con- installment loans issued by nonbanks. pressly addressing a given practice. tracts. Dodd-Frank expressly authorized the Banks, on the other hand, have the pre- B. THE ACT WOULD ELIMINATE THE CFPB’SSU- CFPB to study arbitration provisions in fi- emption of State interest rate caps PERVISION AND ENFORCEMENT AUTHORITY nancial services contracts, and to issue regu- through the National Bank Act. lations prohibiting or restricting such provi- OVER LARGE BANKS So in order to get around State inter- Section 727 of the Act would similarly sions if the CFPB concluded that doing so would be ‘‘in the public interest and for the est rate caps, payday lenders often use eliminate the CFPB’s supervision and en- a bank to originate a loan at a higher forcement authority over large banks and protection of consumers.’’ After a thorough permit financial institutions that meet cer- review, the CFPB concluded that tens of mil- interest rate, but the nonbank designs tain criteria to elect to be exempted from lions of Americans use financial products or the loan, provides the funding for the the CFPB’s supervisory authority. This pro- services subject to mandatory arbitration loan, services the loan, and guarantees vision is concerning in a number of ways, not clauses that prohibit proceeding on a class any losses the bank incurs. In all but the least of which is that it is through the basis and that the effect of such provisions is in name, it is the nonbank entity that to prevent consumers from seeking redress, supervision process that the CFPB often is the loaning entity. Essentially, the learns of systemic issues in the companies particularly for small dollar claims. Elimi- nation of the CFPB’s authority in this area payday lender is the de facto lender and industries it regulates. The CFPB is the and the bank is simply a nominal par- only federal agency that has been conducting can only operate to the detriment of con- consumer protection reviews as the focus of sumers. ticipant to evade regulations. These their supervisory authority (rather than F. THE ACT WOULD REDUCE TRANSPARENCY AND are referred to as ‘‘rent-a-charter’’ safety and soundness), which is important DEPRIVE CONSUMERS OF A VALUABLE SOURCE schemes, and they are not new. for the reasons previously discussed. In addi- OF INFORMATION In the early 2000s, Federal banking tion, many of the CFPB’s enforcement ac- Finally, the Act would end the CFPB’s cur- regulators shut down several of these tions have been against the large banks. rent practice of publicly posting information arrangements between national banks C. THE ACT WOULD ELIMINATE THE CFPB’SAU- concerning individual consumer complaints and nonbank lenders. In 2014, the OCC THORITY TO REGULATE PAYDAY AND VEHICLE in a searchable database. This information made it clear that banks may not rent TITLE LOANS helps consumers make informed decisions out their charters to third parties. Section 733 of the Act expressly prohibits about the companies with which they choose Right now, our Federal banking regula- the CFPB from engaging in any rulemaking to do business, and increases transparency in or enforcement with respect to payday and tions are able to contain these the marketplace. Eliminating the release of schemes, but this legislation would un- vehicle title loans. Payday lending, as the this information provides no benefit to con- CFPB’s own extensive research has docu- sumers, but only to companies whose prac- dermine our ability to stop abusive and mented, has adversely affected the lives of tices generate repeated complaints. predatory practices. millions of financially vulnerable consumers States are leading the effort to stop III. CONCLUSION across the country. The CFPB has been at abusive lending practices. In my home the forefront of curbing abuses in the payday For these and other reasons, the under- State of Colorado, there is actually a lending industry and has supplemented state signed States urge you to support robust and lawsuit challenging this very scheme. enforcement by taking enforcement actions engaged consumer protection in the finan- And now that the new Director of the against payday and other lenders that are cial services industry by voting against the attempting to collect on loans that are void Act. A rollback of these significant post-fi- Consumer Financial Protection Bureau under state law. The CFPB has been simi- nancial crisis rules and regulations would has delayed a final rule that would larly aggressive in uncovering and con- substantially harm consumers and the public have helped protect borrowers, it is ac- fronting abuses in the vehicle title loan in- in general. If we can provide any further in- tually up to the States to help protect

VerDate Sep 11 2014 03:24 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00012 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.014 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1141 consumers, and this bill would make it We are celebrating the Americans Who has time to wait several years harder. This bill would cripple States’, with Disabilities Act that was signed to access a building that you need to be like Colorado’s, efforts to stop preda- into law 28 years ago to really allow in because of your job? tory lending from preying on their citi- Americans with disabilities to have It simply doesn’t make sense. That zens. every kind of opportunity that every- means that people with disabilities will The Republican assault on States’ body else does, free from discrimina- wait weeks, months, or years just to rights has gone from bad to worse. This tion in the workplace, schools, and gain the access that is required under is yet another part of the big govern- transportation. It was a landmark bi- law. ment Republican war on consumers partisan effort. For businesses, there is simply no in- across the country preempting States’ Title III of the Americans with Dis- centive to adhere to ADA guidelines. rights for Washington, D.C., control. abilities Act prohibits places of public All of this combined harms disabled It seems the Republicans want to accommodation from discriminating Americans and weakens the legal pro- control everything from Washington. against individuals with disabilities tections that, for decades, Republicans That is why we need to make sure that and sets a minimum reasonable stand- and Democrats have been proud of in our States are empowered to have the ard for accessibility, which has been the Americans with Disabilities Act. ability they need to protect consumers the law of our land for three decades. Mr. Speaker, I reserve the balance of and protect our law. H.R. 620 would make it more difficult my time. Lately, there has been an increased for people with disabilities to have The SPEAKER pro tempore (Mr. focus on fintech companies and how their rights guaranteed under the DUNCAN of Tennessee). Members are re- they can help serve the unbanked or Americans with Disabilities Act. Under minded to refrain from engaging in underbanked. And I agree. I am a big this bill, instead of requiring the public personalities toward the President. supporter of financial innovation and establishment to comply with the Mr. COLLINS of Georgia. Mr. Speak- promote financial inclusion, but we ADA, the burden should shift to the er, there are a lot of things that we can can’t do that at the expense of con- victim of the discrimination to prove a agree or disagree on here, but one of sumers or at the very high cost of put- violation has occurred. You are forcing the things, from my position, espe- ting consumers into cycles of debt, disabled Americans to go around with cially with a daughter who has a handi- which ends badly. clipboards and inspector goggles, rath- cap—this is not an insult to disabil- Why are we considering legislation er than forcing businesses to comply. It ities. It is actually keeping them from that would put all of the power in is simply not fair. being abused and used by folks who Washington, D.C., and take away It has been nearly three decades don’t even have a disability suing and State-level protections for consumers? since the Americans with Disabilities asking for money and not really caring Instead, we should be finding ways to Act was signed into law. All title III of if the issue gets fixed or not. increase access to affordable credit, the ADA requires is that businesses At the end of the day, which would make it easier for consumers to access make their facilities accessible to the somebody rather have: a person in a the financial services that meet their extent that it is readily achievable—a wheelchair have something fixed, or needs, rather than trying to force a Re- very reasonable burden under the law. have someone pay an attorney off so publican Washington solution on all of Businesses have flourished over the the States across our country. last three decades and we have had that they can make some money? We are considering this bill under a continued economic growth. Let’s at least put this in context of closed rule. There is only one amend- I have heard from so many of my what it truly is. ment filed to this bill, and it is not constituents about this bill, including Mr. Speaker, I am happy to yield even allowed to be debated about, no Cari Brown, a systems advocacy spe- such time as he may consume to the less voted on. cialist with the Arc of Larimer County, gentleman from California (Mr. Now, I want to talk about the other serving disabled residents. She said: ROYCE). bill under this rule. H.R. 3978, the TRID ‘‘The standards set forth in the ADA b 1245 Improvement Act, is actually a pack- are designed to ensure that people with Mr. ROYCE of California. Mr. Speak- age of several bills that came out of disabilities can access basic public ac- the House Financial Services Com- er, I am rising in strong support of the commodations. Requiring people with rule on the underlying bill. mittee, some which are more con- disabilities to file a complaint to en- troversial than others. Title I of the Included in this package of bills be- force compliance of a 28-year-old law is fore us today is the National Securities package, the TRID Improvement Act, a step backwards.’’ Exchange Regulatory Parity Act. This was reported out by a 53–5 vote, and all I think this is a Republican plan to is a bipartisan bill, and it is to ensure the Republicans and Democrats sup- turn everybody with disabilities into ported Title V of the package, Elimi- an attorney, because that is what they that future regulation can keep pace nating Barriers to Jobs for Loan Origi- are going to need to be to be able to as- with—and not stifle—innovation in our nators. sert the rights that they already have equity markets. I support Title II, the Protection of under the law. The SEC’s interpretation of the cur- Source Code Act, that is being included There is significant, if not universal, rent law has created a two-tiered play- in this package. I also support Rep- opposition to H.R. 620 from health and ing field by giving unintended pref- resentative FOSTER’s amendment to disabilities advocacy groups, including, erential treatment to three named ex- that title, which would provide addi- but not limited to: Disability Rights changes. Now, one of those three no tional clarification to the subpoena re- Education and Defense Fund, Epilepsy longer exists. quirement and would only apply to the Foundation, The Bazelon Center, the Enactment of the National Securities source for algorithmic trading. National Council on Disabilities, the Exchange Parity Act would strike ref- The problem is that it takes several American Association of People with erences to particular stock exchanges bills that have broad bipartisan sup- Disabilities, and the Consortium for in the 1933 Securities Act, and the bill port and combines them with other Citizens with Disabilities. would make it clear that the blue sky bills that should be considered sepa- We knew, Mr. Speaker, that this exemption from State-by-State reg- rately, which is forcing Democrats and President has mocked and taken on istration is extended to all national se- Republicans to weigh the package as a Americans with disabilities, but I curities exchanges registered with the whole. We simply can’t know the rami- frankly thought it was above the Re- SEC. fications of considering all these bills publicans in Congress to join President So why is that particular exemption at the same time, especially when they Trump in assaulting the rights of those important? If you were to ask anyone haven’t had hearings on the individual with disabilities. from Massachusetts, for example, who components. H.R. 620 will not allow people with tried to invest in Apple during its IPO, Finally, H.R. 620, the ADA Education disabilities to immediately file ADA State regulators banned the stock for and Reform Act, is, in many ways, the violations, essentially denying access being ‘‘too risky’’ under rules ‘‘aimed most damaging bill that is discussed to buildings due to a lengthy legal at weeding out highfliers that didn’t under this rule. process. have solid earnings foundations.’’

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00013 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.018 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1142 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Today, Apple is up 43,000 percent and is does not allow people to sue for com- biggest financial institutions, our most flirting with a $1 trillion market cap. pensatory or punitive damages, only complex financial institutions, compa- The bill before us today increases the injunctive relief, meaning that they nies like those headquartered up in number of securities that will not be solve the problem. New York. He just felt compelled to forced to register on a State-by-State H.R. 620 does nothing to address the exit the business and leave that town, basis, while maintaining important in- problem happening at the State level, leave the local board of directors, the vestor protections. nor does it target immoral lawyers. In- local management team, and turn it The SEC is and will remain the pri- stead, it sacrifices the rights of mil- over to an out-of-State company. mary enforcement agency of securities lions by reducing the impact and pro- Crossett, Arkansas, is a fine town, fraud. This bill in no way impacts the tections of the ADA which so many and it deserves a good banking pres- SEC’s oversight or enforcement au- have come to depend on. It does so by ence by a number of competitors, home thority. The SEC must also still ap- creating a ‘‘notice and cure’’ regime, as to Georgia-Pacific and all of their ac- prove individual exchange listing it is called, that will create an obvious tivities there. standards; they simply won’t be al- disincentive for ADA compliance. Mr. Speaker, these bills are, as I say, lowed to preset the standards. The idea that addressing architec- bipartisan, and they are needed across State-by-State securities registra- tural barriers with a written notice this country. Let me just touch on a tion not only potentially locks out in- that gives 60 days to acknowledge re- few of them. vestors from promising opportunities ceipt of a complaint and then 120 days The ones that I think provide the like Apple, but it can have significant to demonstrate ‘‘substantial progress’’ most benefit to community bankers negative economic consequences by in the removal of an obstruction ig- and businesses and customers of those chilling public offerings and, obviously, nores the tenets of the ADA that sup- local banks are, first of all, Mr. STIV- innovation. port an indisputable right to inclusion ERS’ bill, which eliminates a barrier, a The National Securities Exchange and respect; and it tells people with well-intended licensing provision if you Parity Act encourages new exchanges disabilities that we are not worthy of wanted to make mortgage loans after to become listing venues and a source inclusion until someone is caught, and the ’08 crisis. Congress thought it was a good idea of capital for companies looking to go even then, a remedy is not guaranteed. public, to expand, and to hire more Mr. Speaker, I am grateful that the to make sure that mortgage lenders were qualified, so they made them get workers. Rules Committee chose to make in a license. We can debate whether that The bill is identical to language in- order the bipartisan amendment that I was too much work or not or whether cluded in the larger regulatory reform will offer with my colleague and co- it was worthwhile or not. They made package already passed by the Senate chair of the Bipartisan Disabilities bankers get it and nonbanks. Banking Committee, and I urge my col- Caucus, Representative GREGG HARPER; But in this bill, Mr. STIVERS simply leagues on both sides of the aisle to but, to be frank, this bill should never says, if you are going to try to change support this commonsense, technical have been reported out of the Judiciary jobs and you hold a mortgage license, fix. It is good for market competition. Committee in the first place, much less that you just have a transition period It is good for capital formation. I urge to the floor. where you don’t have to go requalify passage of the rule and the underlying Mr. Speaker, H.R. 620 is a blunt tool for that if you are going to work for a bill. that wrongfully impedes the right of nonbank or you are going to work for Mr. POLIS. Mr. Speaker, I yield 5 people with disabilities. If H.R. 620 somebody in another State. It only minutes to the gentleman from Rhode passes with any kind of notice and cure passed our committee 60–0, so it Island (Mr. LANGEVIN). period, we will return to the days when doesn’t get much more bipartisan than Mr. LANGEVIN. Mr. Speaker, as the discrimination was commonplace, and that. That will help banks reduce red first quadriplegic elected to Congress, I it will be because elected officials tape, recruit loan officers, and get am here today not just as a Member of voted to remove civil rights instead of them to work faster serving customers. Congress, but as someone here with a protecting them. Likewise, the TRID Improvement disability—and, I hope, providing a Mr. COLLINS of Georgia. Mr. Speak- Act of 2017 is something that I worked voice for so many in our country who er, I yield such time as he may con- on in a variety of ways, and it is in- also have disabilities—to give my per- sume to my colleague from Arkansas cluded in this package. It allows States spective on H.R. 620, the misnamed (Mr. HILL). where you can buy both a personal pol- ADA Education and Reform Act. Mr. HILL. Mr. Speaker, I appreciate icy for your title insurance as well as Mr. Speaker, the Americans with the opportunity to come before the the title coverage for a closing to show Disabilities Act was passed nearly 30 House during this rules debate on this you the real discount. years ago as an enduring promise to an package of bipartisan bills that have Mr. Speaker, the real irony here is entire population of Americans that been worked on for two Congresses now that, when ELIZABETH WARREN was a discrimination on the basis of dis- and that address a number of issues staffer and a college professor, one of ability, including access to public ac- that I think Members on both sides of her goals for the CFPB was simplifica- commodations, will not be tolerated. the aisle and our committee recognize tion, that we take all these com- Now there have been decades for peo- would improve the capital market sys- plicated forms and we would make ple and organizations to understand tem, improve access to capital for busi- them easier to use. and implement provisions of the ADA. ness and consumers, and, also, reduce Well, here is an example of the exact And for those who are just learning the red tape, the bureaucracy associ- opposite. The new Truth in Lending about the ADA or who need a refresher ated with trying to run a community forms for real estate settlements were on the law, there are many free re- bank and provide services to our con- made more complicated. After 8 years sources that provide information and sumers, both businesses and families, of dealing with it, this was a classic ex- technical assistance. that has been made so challenging ample of trying to make it simpler. The ADA provides a lifeline to so since the passage of the Dodd-Frank Let’s actually show the consumer many who need access to classrooms, Act almost 8 years ago. what the real closing costs are for their restrooms, businesses, restaurants, You know, I was coming to Wash- title insurance. This will speed mort- transit, and so much more. I recognize ington yesterday, and I was reading the gage closings. This will reduce errors that there are some individuals who weekend business section. There was a in mortgage closings. This will reduce are unfairly targeted in States that story there about Richard Griffin from consumer confusion about the so-called have failed to protect against things Crossett, Arkansas, who has owned a Know Before You Owe rule. I would like these ‘‘drive-by lawsuits.’’ community bank there for decades. It argue this rule has made it much more But the root of the problem is not is about a $30 million, $35 million bank. difficult to know what you owe before the ADA; it is the unscrupulous law- He just said that, with his 13 employ- you borrow it, and this is a small step yers who take advantage of State laws ees, he just couldn’t comply with the in improving that. that go beyond the Federal law to per- level of regulatory burden following Mr. Speaker, these things help our mit monetary damages. Now, the ADA Dodd-Frank that was so geared to our community banks.

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00014 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.020 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1143 There is one other in this package we that we want, something that we have Dreamers because we still don’t have a are considering today, Mr. MCHENRY’s waited some 8 years for. So this allows fix for the Dreamers. bill, which allows community banks us to work better with our colleagues Yet 80 percent of our public supports that originate loans, consumer loans, over in the Senate, where 14 Democrats a fix for the Dreamers; 80 percent of commercial loans, that are selling have partnered with Senator CRAPO on our public supports a pathway to citi- those loans to a nonbank, a nonbank the Banking Committee to move bipar- zenship for our Dreamers; and even our servicer or a nonbank packager, to be tisan legislation that will help us grow President wants a fix for the Dreamers. able to pass through the rate that they our economy. Why? Because all of us recognize that originated the loan for. There was a Mr. POLIS. Mr. Speaker, I yield my- Dreamers are soldiers, teachers, police Supreme Court case that has made self such time as I may consume. officers. They are, effectively, our that more complicated, that said you President Trump continues to, frank- friends and our neighbors. Yet here we can’t pass through the rate and that ly, offend our sensibilities and values are again today, not sure of the future State banking laws don’t preempt our by insisting that somehow Democrats for Dreamers in this country. State usury laws for this kind of work. don’t care about fixing DACA. Well, I Folks, it is time to stop using So I commend Mr. MCHENRY for this, would beg to differ. This is the 22nd Dreamers as political pawns in a bigger because this improves liquidity to our time we have tried to bring the bipar- political chess game. community banking system and, again, tisan bill, H.R. 3440, the Dream Act, to Last week, at the State of the Union, lowers rates for consumers, makes the House floor for a vote. my guest was a Dreamer from my dis- products more accessible, and makes We have made our position clear. We trict. She is a college student majoring our small community banks more com- want immigration policies that reflect in chemistry, and I say to all of you, petitive. our values, that make America safer, she is going to make a tremendous sci- I will close by just touching on a cou- while realizing, of course, that we are a entist. We need scientists in this coun- ple of other measures that I think help nation both of laws and of immigrants. try. businesses, help capital markets, help Yesterday, the U.S. Chamber of Com- As you know, America is a land of capital flow. merce again urged Congress to pass immigrants, and all of us here are im- One, you just heard my friend from legislation that provides permanent re- migrants, and, as you know, 75 of our California (Mr. ROYCE) talk about his lief for Dreamers. Even the conserv- Fortune 500 companies are led by im- bill. That will help capital markets ative Cato Institute estimates that de- migrants. We need more hardworking flow. That will create parity among porting Dreamers would result in a $280 immigrants. our exchanges, lowering costs for com- billion reduction in economic growth That is what Dreamers are. They are panies that want to go public and have over the next decade. hardworking. They study hard, pay their action there, raise capital on the Mr. Speaker, if we don’t care about their taxes, follow the law, and, yes, la- public markets. the families, about the young people dies and gentlemen, Dreamers have Mr. DUFFY has a bill that requires affected, surely you care about $280 bil- been vetted. Let me repeat: Dreamers the SEC to actually get a subpoena if lion that will be lost if Republicans fail are immigrants who have been vetted. they want to get source code from a to act. Protecting these aspiring Amer- And yet today we still ask: What is capital markets provider, someone who icans is not only the right thing to do going to happen to Dreamers? is managing money, someone who is of- morally, it is the right thing to do for Mr. Speaker, let’s not live with any fering to manage portfolios or offer a our country and for our economy. regrets. Let’s not look back tomorrow, mutual fund company, and this is very, If we defeat the previous question next year, 10, 20 years from now and very helpful. I think, when you want to today, for the 23rd time, I will offer an say what we could have, should have, get your secret sauce for your business amendment to the rule to bring up would have. Let’s do the right thing, and the government wants it, they H.R. 3440, the Dream Act. This bipar- Mr. Speaker. Now is the time to act. ought to have a subpoena. tisan, bicameral legislation would fi- Let’s vote for our Dreamers. Let’s vote That is all that this bill does. It nally help hundreds of thousands of on H.R. 3440, and let’s do the right doesn’t change the rules about that. It young people who are American in thing. doesn’t change anything other than every way except for on paper. Mr. POLIS. Mr. Speaker, I yield my- saying, if you want this information, Mr. Speaker, I ask unanimous con- self such time as I may consume. you ought to go and get a subpoena, sent to insert the text of my amend- Mr. Speaker, I am not sure what is and I believe that will improve capital ment in the RECORD, along with extra- worse, the fact that we are taking up formation. neous material, immediately prior to legislation that would make it more So, Mr. Speaker, these are good bills. the vote on the previous question. difficult for Americans to gain access These are bipartisan bills. These are The SPEAKER pro tempore. Is there to buildings in their community, in- bills that we have worked on for two objection to the request of the gen- cluding buildings that they work in, or Congresses that will help consumers, tleman from Colorado? that we are considering legislation increase access to credit, lower the There was no objection. that makes it easier for payday lenders cost of that credit, and increase capital Mr. POLIS. Mr. Speaker, I yield 3 to prey on vulnerable consumers by flows to the business sector to support minutes to the gentleman from Cali- forcing in Washington, D.C., Big Gov- the growth that the American people fornia (Mr. CORREA) to discuss our pro- ernment Republican values on our want. posal. States’ rights; or is it worse that we I appreciate the Rules Committee al- Mr. CORREA. Mr. Speaker, again, I are not taking up legislation to protect lowing me to speak on these bills. I ap- stand on this floor to speak about the the hundreds of thousands of Dreamers preciate Chairman HENSARLING putting Dreamers, and this time I ask a simple at risk of deportation in the beginning them together. question: What happened? of March unless we act? And to my friends on the other side, For months here in Washington, we My Republican colleagues are work- these are bills that went through reg- couldn’t pass a budget; we refused to ing hard to put Washington, D.C., Big ular order. pass a budget. Numerous continuing Government ahead of people, to force resolutions were brought up. We even people with disabilities to get law de- b 1300 shut down government, and the press grees and wander around with notepads These are bills that are bipartisan. talked about the Dreamers. It was all to document when they are unable to These are bills that have the support of about the Dreamers. get into a building, and putting payday the opposition. We have put them to- Yet, last week, after the budget lenders ahead of hardworking Ameri- gether in a bipartisan package today spending caps were raised for both cans. under this rule because our friends military and nonmilitary expenditures, Instead, we should be focused on find- down the hall in the United States Sen- we got a budget, and that was a budget ing bipartisan solutions to protect as- ate are rapidly moving a bipartisan that was voted on by both Democrats piring Americans from being forcibly package of improvements for our cap- and Republicans. So, I guess, ladies and deported from the only country that ital markets and our banks, something gentlemen, this was not about the they know as home.

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00015 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.021 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1144 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Mr. Speaker, I urge my colleagues to else is simply, unfortunately at times, THE VOTE ON THE PREVIOUS QUESTION: WHAT vote ‘‘no’’ on the rule and ‘‘no’’ on H.R. tending to scare people for the wrong IT REALLY MEANS 3299 and H.R. 620, and I yield back the reasons. This vote, the vote on whether to order the balance of my time. If you want to defend trial lawyers previous question on a special rule, is not Mr. COLLINS of Georgia. Mr. Speak- and others who are willing to sue with merely a procedural vote. A vote against or- dering the previous question is a vote er, I yield myself such time as I may nondisabled people, to sue businesses consume. against the Republican majority agenda and taking Google photographs of Google a vote to allow the Democratic minority to Mr. Speaker, I think the interesting Maps and saying, ‘‘This is a business offer an alternative plan. It is a vote about thing is, as has been expressed by a that we are going to extort something what the House should be debating. couple of our speakers, especially on from,’’ then vote against this bill, but Mr. Clarence Cannon’s Precedents of the the Financial Services bills, these are then explain to somebody in a wheel- House of Representatives (VI, 308–311), de- bipartisan pieces of legislation that chair why you are using them and al- scribes the vote on the previous question on have come back. They have been vet- lowing these folks to use them for their the rule as ‘‘a motion to direct or control the ted. They came before not only this profit motive. That is wrong. consideration of the subject before the House body, many of them through the being made by the Member in charge.’’ To We can find a lot of ways to find defeat the previous question is to give the CHOICE Act, previously, but also have agreement here, but let’s at least look opposition a chance to decide the subject be- been coming back. And something that at the situation on how it is. fore the House. Cannon cites the Speaker’s is really interesting is the bicameral, So, with these Financial Services ruling of January 13, 1920, to the effect that bipartisan process of making sure that bills, they provide regulatory relief. ‘‘the refusal of the House to sustain the de- capital and these Financial Services They reduce unnecessary burdens. mand for the previous question passes the control of the resolution to the opposition’’ bills are actually something that we They are bipartisan. I am urging my can move and can improve. in order to offer an amendment. On March friends and colleagues to take a look at 15, 1909, a member of the majority party of- But I do, again, take a little bit of the amendments because there are a exception. And look, rhetoric is rhet- fered a rule resolution. The House defeated lot of amendments that are going to the previous question and a member of the oric, but deceit is also deceit in the come forward on these, especially the opposition rose to a parliamentary inquiry, sense that we don’t talk about, espe- ADA bill and others. asking who was entitled to recognition. cially in this ADA—I am not sure how Look at that. Listen to it. Talk Speaker Joseph G. Cannon (R-Illinois) said: opposing a bill that is designed to ‘‘The previous question having been refused, about it. But at the end of the day, make improvements for folks and in the gentleman from New York, Mr. Fitz- never forget what is actually hap- protecting trial lawyers who can get gerald, who had asked the gentleman to pening here, and what we are actually people who do not even have disabil- yield to him for an amendment, is entitled to seeing is something that we can make ities to sue or to send a demand letter the first recognition.’’ a difference in and we are looking to The Republican majority may say ‘‘the to get money without ever requiring make a difference in. vote on the previous question is simply a that the business actually solve the vote on whether to proceed to an immediate problem. That is what has been missing Mr. Speaker, I urge my colleagues on both sides of the aisle to support this vote on adopting the resolution . . . [and] in this debate today. has no substantive legislative or policy im- They can actually send a letter, say: rule and the underlying bill. plications whatsoever.’’ But that is not what Here is where our problem is. We are The material previously referred to they have always said. Listen to the Repub- going to sue you, but if you send us X by Mr. POLIS is as follows: lican Leadership Manual on the Legislative amount of dollars, that will do away AN AMENDMENT TO H. RES. 736 OFFERED BY Process in the United States House of Rep- resentatives, (6th edition, page 135). Here’s with it—never concerned at all if the MR. POLIS how the Republicans describe the previous decision is actually making a dif- At the end of the resolution, add the fol- question vote in their own manual: ‘‘Al- ference in the business or the location. lowing new sections: though it is generally not possible to amend They don’t care. SEC. 6. Immediately upon adoption of this the rule because the majority Member con- And, in fact, if you want to oppose resolution the Speaker shall, pursuant to trolling the time will not yield for the pur- this, then you are just actually, frank- clause 2(b) of rule XVIII, declare the House pose of offering an amendment, the same re- ly, saying: That is a good idea. I like resolved into the Committee of the Whole sult may be achieved by voting down the pre- House on the state of the Union for consider- vious question on the rule . . . When the mo- that. Let’s just pick on businesses, and ation of the bill (H.R. 3440) to authorize the at the end of the day, you know those tion for the previous question is defeated, cancellation of removal and adjustment of control of the time passes to the Member folks with disabilities, they are just status of certain individuals who are long- who led the opposition to ordering the pre- our key to making more money. term United States residents and who en- vious question. That Member, because he That is wrong. My daughter is not a tered the United States as children and for then controls the time, may offer an amend- money-making proposition. That has other purposes. The first reading of the bill ment to the rule, or yield for the purpose of got to cease. shall be dispensed with. All points of order amendment.’’ We can disagree on ways about this. against consideration of the bill are waived. In Deschler’s Procedure in the U.S. House My friend from Rhode Island and I have General debate shall be confined to the bill of Representatives, the subchapter titled and shall not exceed one hour equally di- ‘‘Amending Special Rules’’ states: ‘‘a refusal talked about this a great deal. We are vided and controlled by the chair and rank- of the same mind and same agreement. to order the previous question on such a rule ing minority member of the Committee on [a special rule reported from the Committee We may disagree on somehow this is it the Judiciary. After general debate the bill on Rules] opens the resolution to amend- and how to get there, but at the end of shall be considered for amendment under the ment and further debate.’’ (Chapter 21, sec- the day, the ADA is still there. The five-minute rule. All points of order against tion 21.2) Section 21.3 continues: ‘‘Upon re- ADA is not going away. The ADA is not provisions in the bill are waived. At the con- jection of the motion for the previous ques- being gutted, and nobody is asking clusion of consideration of the bill for tion on a resolution reported from the Com- folks with disabilities to get law de- amendment the Committee shall rise and re- mittee on Rules, control shifts to the Mem- port the bill to the House with such amend- ber leading the opposition to the previous grees. A lot of them have, and they are ments as may have been adopted. The pre- making a difference. question, who may offer a proper amendment vious question shall be considered as ordered or motion and who controls the time for de- But one of the greatest emphases to on the bill and amendments thereto to final bate thereon.’’ a business that may have an impedi- passage without intervening motion except Clearly, the vote on the previous question ment, they may have put something in one motion to recommit with or without in- on a rule does have substantive policy impli- the way, is for somebody with a dis- structions. If the Committee of the Whole cations. It is one of the only available tools ability to say: By the way, I can’t get rises and reports that it has come to no reso- for those who oppose the Republican major- in here. lution on the bill, then on the next legisla- ity’s agenda and allows those with alter- And most every business on Earth tive day the House shall, immediately after native views the opportunity to offer an al- the third daily order of business under clause ternative plan. does not want to stand at the door and 1 of rule XIV, resolve into the Committee of say: I don’t want disability folks in my the Whole for further consideration of the Mr. COLLINS of Georgia. Mr. Speak- business. bill. er, I yield back the balance of my time, No. They want to fix it because they SEC. 7. Clause 1(c) of rule XIX shall not and I move the previous question on want to do business. To say anything apply to the consideration of H.R. 3440. the resolution.

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00016 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.023 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1145 The SPEAKER pro tempore. The Turner Walters, Mimi Womack The SPEAKER pro tempore (Mr. Upton Weber (TX) Woodall question is on ordering the previous FORTENBERRY). The question is on the Valadao Webster (FL) Yoder question. Wagner Wenstrup Yoho resolution. The question was taken; and the Walberg Westerman Young (AK) The question was taken; and the Speaker pro tempore announced that Walden Williams Young (IA) Speaker pro tempore announced that Walker Wilson (SC) Zeldin the ayes appeared to have it. Walorski Wittman the ayes appeared to have it. Mr. POLIS. Mr. Speaker, on that I RECORDED VOTE demand the yeas and nays. NAYS—187 The yeas and nays were ordered. Adams Gonzalez (TX) O’Halleran Mr. POLIS. Mr. Speaker, I demand a Aguilar Gottheimer O’Rourke recorded vote. The SPEAKER pro tempore. Pursu- Barraga´ n Green, Al Pallone ant to clause 8 and clause 9 of rule XX, Beatty Green, Gene Panetta A recorded vote was ordered. this 15-minute vote on ordering the Bera Grijalva Pascrell The SPEAKER pro tempore. This is a previous question will be followed by 5- Beyer Hanabusa Payne 5-minute vote. Bishop (GA) Hastings Pelosi minute votes on: Blumenauer Heck Perlmutter The vote was taken by electronic de- Adopting the resolution, if ordered, Blunt Rochester Higgins (NY) Peters vice, and there were—ayes 227, noes 187, and Bonamici Himes Peterson Brady (PA) Hoyer not voting 16, as follows: Motions to suspend the rules with re- Pingree Brown (MD) Huffman Pocan [Roll No. 73] gard to H.R. 3542 and H. Res. 129. Brownley (CA) Jackson Lee Polis The vote was taken by electronic de- Bustos Jayapal Price (NC) AYES—227 Butterfield Jeffries vice, and there were—yeas 228, nays Quigley Abraham Gohmert Mooney (WV) Capuano Johnson (GA) Raskin Aderholt Goodlatte Mullin Carbajal Johnson, E. B. 187, not voting 15, as follows: Rice (NY) Allen Gosar Newhouse Ca´ rdenas Kaptur [Roll No. 72] Richmond Amash Gowdy Noem Carson (IN) Keating Rosen Amodei Granger Norman YEAS—228 Cartwright Kelly (IL) Roybal-Allard Arrington Graves (GA) Nunes Castor (FL) Kennedy Abraham Frelinghuysen McCarthy Ruiz Babin Graves (LA) Olson Castro (TX) Khanna Aderholt Gaetz McCaul Ruppersberger Bacon Graves (MO) Chu, Judy Kihuen Palazzo Allen Gallagher McClintock Rush Banks (IN) Griffith Cicilline Kildee Palmer Amash Garrett McHenry Ryan (OH) Barletta Grothman Clark (MA) Kilmer Paulsen Amodei Gianforte McKinley Sa´ nchez Barr Guthrie Clarke (NY) Kind Perry Arrington Gibbs McMorris Sarbanes Barton Handel Clay Krishnamoorthi Pittenger Babin Gohmert Rodgers Schakowsky Bergman Harper Cleaver Kuster (NH) Poe (TX) Bacon Goodlatte McSally Schiff Biggs Harris Clyburn Langevin Poliquin Banks (IN) Gosar Meadows Schneider Bilirakis Hartzler Ratcliffe Barletta Gowdy Meehan Cohen Larsen (WA) Bishop (MI) Hensarling Schrader Reed Barton Granger Messer Connolly Larson (CT) Bishop (UT) Herrera Beutler Scott (VA) Reichert Bergman Graves (GA) Mitchell Cooper Lawrence Black Hice, Jody B. Scott, David Renacci Biggs Graves (LA) Moolenaar Correa Lawson (FL) Blackburn Higgins (LA) Serrano Rice (SC) Bilirakis Graves (MO) Mooney (WV) Courtney Lee Blum Hill Sewell (AL) Roby Bishop (MI) Griffith Mullin Crist Levin Bost Holding Shea-Porter Roe (TN) Bishop (UT) Grothman Newhouse Crowley Lewis (GA) Brady (TX) Hollingsworth Cuellar Lieu, Ted Sherman Rogers (AL) Black Guthrie Noem Sinema Brat Hudson Blackburn Handel Norman Davis (CA) Lipinski Bridenstine Huizenga Rohrabacher Davis, Danny Loebsack Sires Rooney, Francis Blum Harper Nunes Slaughter Brooks (AL) Hultgren Bost Harris Olson DeFazio Lofgren Brooks (IN) Hunter Rooney, Thomas DeGette Lowenthal Smith (WA) J. Brady (TX) Hartzler Palazzo Soto Buchanan Hurd Brat Hensarling Palmer Delaney Lowey Buck Issa Ros-Lehtinen DeLauro Lujan Grisham, Speier Roskam Bridenstine Herrera Beutler Paulsen Suozzi Bucshon Jenkins (KS) DelBene M. Ross Brooks (AL) Hice, Jody B. Pittenger Swalwell (CA) Budd Jenkins (WV) Demings Luja´ n, Ben Ray Rothfus Brooks (IN) Higgins (LA) Poe (TX) Takano Burgess Johnson (LA) DeSaulnier Lynch Rouzer Buchanan Hill Poliquin Thompson (CA) Calvert Johnson (OH) Deutch Maloney, Royce (CA) Buck Holding Ratcliffe Thompson (MS) Carter (GA) Johnson, Sam Dingell Carolyn B. Russell Bucshon Hollingsworth Reed Titus Chabot Jones Budd Doggett Maloney, Sean Cheney Rutherford Hudson Reichert Tonko Jordan Burgess Huizenga Renacci Doyle, Michael Matsui Coffman Joyce (OH) Sanford Torres Calvert Hultgren Rice (SC) F. McCollum Cole Katko Scalise Tsongas Carter (GA) Hunter Roby Ellison McEachin Collins (GA) Kelly (MS) Schweikert Vargas Carter (TX) Hurd Roe (TN) Engel McGovern Collins (NY) Kelly (PA) Scott, Austin Eshoo McNerney Veasey Chabot Issa Rogers (AL) Comer King (IA) Sensenbrenner Vela Cheney Jenkins (KS) Rohrabacher Espaillat Meeks Comstock King (NY) Vela´ zquez Sessions Coffman Jenkins (WV) Rokita Esty (CT) Meng Conaway Kinzinger Visclosky Shimkus Cole Johnson (LA) Rooney, Francis Evans Moore Cook Knight Walz Shuster Collins (GA) Johnson (OH) Rooney, Thomas Foster Moulton Costello (PA) Kustoff (TN) Wasserman Simpson Collins (NY) Johnson, Sam J. Frankel (FL) Murphy (FL) Cramer Labrador Schultz Smith (MO) Comer Jones Ros-Lehtinen Fudge Nadler Crawford LaHood Waters, Maxine Smith (NE) Comstock Jordan Roskam Gabbard Napolitano Culberson LaMalfa Gallego Neal Welch Smith (NJ) Conaway Joyce (OH) Ross Curbelo (FL) Lamborn Smith (TX) Cook Katko Rothfus Garamendi Nolan Wilson (FL) Curtis Lance Gomez Norcross Yarmuth Smucker Costello (PA) Kelly (MS) Rouzer Davidson Latta Stefanik Cramer Kelly (PA) Royce (CA) NOT VOTING—15 Davis, Rodney Lewis (MN) Stewart Crawford King (IA) Russell Dent Long Taylor Culberson King (NY) Barr Cummings Posey DeSantis Loudermilk Rutherford Tenney Curbelo (FL) Kinzinger Sanford Bass Denham Rogers (KY) DesJarlais Love Thompson (PA) Curtis Knight Scalise Boyle, Brendan Duncan (SC) Stivers Diaz-Balart Lucas Thornberry Davidson Kustoff (TN) Schweikert F. Gutie´rrez Donovan Luetkemeyer Watson Coleman Tipton Davis, Rodney Labrador Scott, Austin Byrne Pearce Duffy MacArthur Trott Dent LaHood Sensenbrenner Costa Perry Duncan (TN) Marchant Turner DeSantis LaMalfa Sessions Dunn Marino DesJarlais Lamborn Shimkus Emmer Marshall Upton Diaz-Balart Lance Shuster b 1338 Estes (KS) Massie Valadao Donovan Latta Simpson Farenthold Mast Wagner Duffy Lewis (MN) Smith (MO) Messrs. PALLONE and DESAULNIER Faso McCarthy Walberg Duncan (TN) LoBiondo Smith (NE) changed their vote from ‘‘yea’’ to Ferguson McCaul Walden Dunn Long Smith (NJ) ‘‘nay.’’ Fitzpatrick McClintock Walker Emmer Loudermilk Smith (TX) Fleischmann McHenry Walorski Estes (KS) Love Smucker So the previous question was ordered. Flores McKinley Walters, Mimi Farenthold Lucas Stefanik The result of the vote was announced Fortenberry McMorris Weber (TX) Faso Luetkemeyer Stewart as above recorded. Foxx Rodgers Webster (FL) Ferguson MacArthur Taylor Frelinghuysen McSally Wenstrup Fitzpatrick Marchant Tenney Stated for: Gaetz Meadows Westerman Fleischmann Marino Thompson (PA) Mr. PERRY. Mr. Speaker, I was unavoidably Gallagher Meehan Williams Flores Marshall Thornberry Garrett Messer Wilson (SC) Fortenberry Massie Tipton detained. Had I been present, I would have Gianforte Mitchell Wittman Foxx Mast Trott voted ‘‘Yea’’ on rollcall No. 72. Gibbs Moolenaar Womack

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00017 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.025 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1146 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Woodall Yoho Young (IA) poses, as amended, on which the yeas Maloney, Poe (TX) Smith (NE) Yoder Young (AK) Zeldin and nays were ordered. Carolyn B. Poliquin Smith (NJ) NOES—187 Maloney, Sean Polis Smith (TX) The Clerk read the title of the bill. Marchant Price (NC) Smith (WA) Adams Gonzalez (TX) O’Halleran The SPEAKER pro tempore. The Marino Quigley Smucker Aguilar Gottheimer O’Rourke question is on the motion offered by Marshall Raskin Soto ´ Barragan Green, Al Pallone the gentleman from South Carolina Massie Ratcliffe Speier Beatty Green, Gene Panetta Mast Reed Stefanik ILSON Bera Grijalva Pascrell (Mr. W ) that the House suspend Matsui Reichert Stewart Beyer Hanabusa Payne the rules and pass the bill, as amended. McCarthy Renacci Suozzi Bishop (GA) Hastings Pelosi This is a 5-minute vote. McCaul Rice (NY) Swalwell (CA) Blumenauer Heck Perlmutter McClintock Rice (SC) Takano Blunt Rochester Higgins (NY) Peters The vote was taken by electronic de- Bonamici Himes vice, and there were—yeas 415, nays 0, McCollum Richmond Taylor Peterson McEachin Roby Tenney Brady (PA) Hoyer Pingree not voting 15, as follows: McGovern Roe (TN) Thompson (CA) Brown (MD) Huffman Pocan [Roll No. 74] McHenry Rogers (AL) Thompson (MS) Brownley (CA) Jackson Lee Polis McKinley Rohrabacher Thompson (PA) Bustos Jayapal Price (NC) YEAS—415 Butterfield Jeffries McMorris Rokita Thornberry Quigley Abraham Crist Heck Capuano Johnson (GA) Raskin Rodgers Rooney, Francis Tipton Carbajal Johnson, E. B. Adams Crowley Hensarling McNerney Rooney, Thomas Titus Rice (NY) Aderholt Cuellar Ca´ rdenas Kaptur Herrera Beutler McSally J. Tonko Richmond Aguilar Culberson Hice, Jody B. Carson (IN) Keating Meadows Ros-Lehtinen Torres Rosen Allen Curbelo (FL) Higgins (LA) Cartwright Kelly (IL) Meehan Rosen Trott Roybal-Allard Amash Curtis Higgins (NY) Castor (FL) Kennedy Ruiz Meeks Roskam Tsongas Castro (TX) Khanna Amodei Davidson Hill Ruppersberger Meng Ross Turner Chu, Judy Kihuen Arrington Davis (CA) Himes Rush Messer Rothfus Upton Cicilline Kildee Babin Davis, Danny Holding Ryan (OH) Mitchell Rouzer Valadao Clark (MA) Kilmer Bacon Davis, Rodney Hollingsworth Sa´ nchez Moolenaar Roybal-Allard Vargas Clarke (NY) Kind Banks (IN) DeFazio Hoyer Sarbanes Mooney (WV) Royce (CA) Veasey Clay Krishnamoorthi Barletta DeGette Hudson Schakowsky Cleaver Kuster (NH) Barr Delaney Huffman Moore Ruiz Vela Schiff ´ ´ Clyburn Langevin Barragan DeLauro Huizenga Moulton Ruppersberger Velazquez Schneider Cohen Larsen (WA) Barton DelBene Hultgren Mullin Rush Visclosky Schrader Connolly Larson (CT) Beatty Demings Hunter Murphy (FL) Russell Wagner Scott (VA) Cooper Lawrence Bera Dent Hurd Nadler Rutherford Walberg Correa Lawson (FL) Scott, David Bergman DeSantis Issa Napolitano Ryan (OH) Walden Courtney Lee Serrano Beyer DeSaulnier Jackson Lee Neal Sa´ nchez Walker Crist Levin Sewell (AL) Biggs DesJarlais Jayapal Newhouse Sanford Walorski Shea-Porter Crowley Lewis (GA) Bilirakis Deutch Jeffries Noem Sarbanes Walters, Mimi Sherman Bishop (GA) Diaz-Balart Cuellar Lieu, Ted Jenkins (KS) Nolan Scalise Walz Sinema Bishop (MI) Dingell Davis (CA) Lipinski Jenkins (WV) Norcross Schakowsky Wasserman Sires Bishop (UT) Doggett Davis, Danny Loebsack Johnson (GA) Norman Schiff Schultz Slaughter Black Donovan DeFazio Lofgren Johnson (LA) Nunes Schneider Waters, Maxine DeGette Lowenthal Smith (WA) Blackburn Doyle, Michael Johnson (OH) Soto Blum F. O’Halleran Schrader Weber (TX) Delaney Lowey Johnson, E. B. O’Rourke Schweikert Webster (FL) DeLauro Lujan Grisham, Speier Blumenauer Duffy Johnson, Sam Olson Scott (VA) Welch DelBene M. Suozzi Blunt Rochester Duncan (TN) Jones Palazzo Scott, Austin Wenstrup Demings Luja´ n, Ben Ray Swalwell (CA) Bonamici Dunn Jordan Bost Ellison Pallone Scott, David Westerman DeSaulnier Lynch Takano Kaptur Brady (PA) Emmer Palmer Sensenbrenner Williams Deutch Maloney, Thompson (CA) Katko Brady (TX) Engel Panetta Serrano Wilson (FL) Dingell Carolyn B. Thompson (MS) Keating Brat Eshoo Doggett Maloney, Sean Titus Kelly (IL) Pascrell Sessions Wilson (SC) Bridenstine Espaillat Doyle, Michael Matsui Tonko Kelly (MS) Paulsen Sewell (AL) Wittman Brooks (AL) Estes (KS) F. McCollum Torres Kelly (PA) Payne Shea-Porter Womack Brooks (IN) Esty (CT) Ellison McEachin Tsongas Kennedy Pelosi Sherman Woodall Brown (MD) Evans Engel McGovern Vargas Khanna Perlmutter Shimkus Yarmuth Brownley (CA) Farenthold Eshoo McNerney Veasey Kihuen Perry Shuster Yoder Buchanan Faso Espaillat Meeks Vela Kildee Peters Simpson Yoho Buck Ferguson Esty (CT) Meng Vela´ zquez Peterson Sinema Young (AK) Bucshon Fitzpatrick Kilmer Evans Moore Visclosky Kind Pingree Sires Young (IA) Foster Moulton Walz Budd Fleischmann Burgess Flores King (IA) Pittenger Slaughter Zeldin Frankel (FL) Murphy (FL) Wasserman King (NY) Pocan Smith (MO) Fudge Nadler Schultz Bustos Fortenberry Butterfield Foster Kinzinger Gabbard Napolitano Waters, Maxine Knight NOT VOTING—15 Gallego Neal Welch Calvert Foxx Capuano Frankel (FL) Krishnamoorthi Garamendi Nolan Wilson (FL) Kuster (NH) Bass Denham Posey Gomez Norcross Yarmuth Carbajal Frelinghuysen Boyle, Brendan Duncan (SC) Rogers (KY) ´ Kustoff (TN) Cardenas Fudge F. Gutie´rrez Stivers NOT VOTING—16 Carson (IN) Gabbard Labrador Byrne Joyce (OH) Watson Coleman Carter (GA) Gaetz LaHood Bass Cummings Posey Costa LoBiondo Carter (TX) Gallagher LaMalfa Boyle, Brendan Denham Rogers (KY) Cartwright Gallego Lamborn Cummings Pearce F. Duncan (SC) Rokita Castor (FL) Garamendi Lance Byrne Gutie´rrez Stivers Castro (TX) Garrett Langevin Carter (TX) LoBiondo Watson Coleman Larsen (WA) b 1358 Costa Pearce Chabot Gianforte Cheney Gibbs Larson (CT) b 1350 Chu, Judy Gohmert Latta So (two-thirds being in the affirma- Cicilline Gomez Lawrence tive) the rules were suspended and the So the resolution was agreed to. Lawson (FL) Clark (MA) Gonzalez (TX) bill, as amended, was passed. The result of the vote was announced Clarke (NY) Goodlatte Lee as above recorded. Clay Gosar Levin The result of the vote was announced A motion to reconsider was laid on Cleaver Gottheimer Lewis (GA) Clyburn Gowdy Lewis (MN) as above recorded. the table. Coffman Granger Lieu, Ted The title of the bill was amended so f Cohen Graves (GA) Lipinski Cole Graves (LA) Loebsack as to read: ‘‘A bill to impose sanctions HAMAS HUMAN SHIELDS Collins (GA) Graves (MO) Lofgren against Hamas for violating univer- PREVENTION ACT Collins (NY) Green, Al Long Comer Green, Gene Loudermilk sally applicable international laws of The SPEAKER pro tempore. The un- Comstock Griffith Love armed conflict by intentionally using finished business is the vote on the mo- Conaway Grijalva Lowenthal civilians and civilian property to shield Connolly Grothman Lowey tion to suspend the rules and pass the Cook Guthrie Lucas military objectives from lawful attack, bill (H.R. 3542) to impose sanctions Cooper Hanabusa Luetkemeyer and for other purposes.’’. against Hamas for gross violations of Correa Handel Lujan Grisham, internationally recognized human Costello (PA) Harper M. A motion to reconsider was laid on Courtney Harris Luja´ n, Ben Ray the table. rights by reason of the use of civilians Cramer Hartzler Lynch as human shields, and for other pur- Crawford Hastings MacArthur

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00018 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.005 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1147 CALLING ON GOVERNMENTS TO Hudson McEachin Sa´ nchez The title of the resolution was Huffman McGovern Sanford INTENSIFY EFFORTS TO INVES- Huizenga McHenry Sarbanes amended so as to read: ‘‘Calling on the TIGATE, RECOVER, AND IDEN- Hultgren McKinley Scalise Department of Defense, other appro- TIFY ALL MISSING AND UNAC- Hunter McMorris Schakowsky priate elements of the Federal Govern- COUNTED-FOR PERSONNEL OF Hurd Rodgers Schiff ment, and foreign governments to reso- Issa McNerney Schneider THE UNITED STATES Jackson Lee McSally Schrader lutely continue efforts to investigate, The SPEAKER pro tempore. The un- Jeffries Meadows Schweikert recover, and identify all United States Jenkins (KS) Meehan Scott (VA) finished business is the vote on the mo- personnel designated as unaccounted- Jenkins (WV) Meeks Scott, Austin for from past wars and conflicts around tion to suspend the rules and agree to Johnson (GA) Meng Scott, David the resolution (H. Res. 129) calling on Johnson (LA) Messer Sensenbrenner the world.’’. the Department of Defense, other ele- Johnson (OH) Mitchell Serrano A motion to reconsider was laid on Johnson, E. B. Moolenaar Sessions the table. ments of the Federal Government, and Johnson, Sam Mooney (WV) Sewell (AL) foreign governments to intensify ef- Jones Moore Shea-Porter f forts to investigate, recover, and iden- Jordan Moulton Sherman Joyce (OH) Mullin Shimkus AUTHORIZING THE USE OF EMAN- tify all missing and unaccounted-for Kaptur Murphy (FL) Shuster CIPATION HALL FOR A CERE- personnel of the United States, as Katko Nadler Simpson MONY AS PART OF THE COM- amended, on which the yeas and nays Keating Napolitano Sinema Kelly (IL) Neal Sires MEMORATION OF THE DAYS OF were ordered. Kelly (MS) Newhouse Slaughter REMEMBRANCE OF VICTIMS OF The Clerk read the title of the resolu- Kelly (PA) Noem Smith (MO) THE HOLOCAUST tion. Kennedy Nolan Smith (NE) The SPEAKER pro tempore. The Khanna Norcross Smith (NJ) Mr. HARPER. Mr. Speaker, I ask Kihuen Norman Smith (TX) unanimous consent that the Com- question is on the motion offered by Kildee Nunes Smith (WA) the gentleman from South Carolina Kilmer O’Halleran Smucker mittee on House Administration be dis- (Mr. WILSON) that the House suspend Kind O’Rourke Soto charged from further consideration of King (IA) Olson Speier House Concurrent Resolution 103, and the rules and agree to the resolution, King (NY) Palazzo Stefanik as amended. Kinzinger Pallone Stewart ask for its immediate consideration in This is a 5-minute vote. Knight Palmer Suozzi the House. Krishnamoorthi Panetta Swalwell (CA) The vote was taken by electronic de- The Clerk read the title of the con- Kuster (NH) Pascrell Takano current resolution. vice, and there were—yeas 411, nays 0, Kustoff (TN) Paulsen Taylor not voting 19, as follows: Labrador Payne Tenney The SPEAKER pro tempore. Is there LaHood Pelosi Thompson (CA) objection to the request of the gen- [Roll No. 75] LaMalfa Perlmutter Thompson (MS) tleman from Mississippi? YEAS—411 Lamborn Perry Thompson (PA) Lance Peters Thornberry There was no objection. Abraham Chu, Judy Espaillat Langevin Peterson Tipton The text of the concurrent resolution Adams Cicilline Estes (KS) Larsen (WA) Pingree Titus is as follows: Aderholt Clark (MA) Esty (CT) Larson (CT) Pittenger Tonko Aguilar Clarke (NY) Evans Latta Pocan Torres H. CON. RES. 103 Allen Clay Farenthold Lawrence Poe (TX) Trott Resolved by the House of Representatives (the Amash Cleaver Faso Lawson (FL) Poliquin Tsongas Senate concurring), Amodei Clyburn Ferguson Lee Polis Turner SECTION 1. USE OF EMANCIPATION HALL FOR Arrington Coffman Fitzpatrick Levin Price (NC) Upton HOLOCAUST DAYS OF REMEM- Bacon Cohen Fleischmann Lewis (GA) Quigley Valadao BRANCE CEREMONY. Banks (IN) Cole Flores Lewis (MN) Raskin Vargas Barletta Collins (GA) Fortenberry Lieu, Ted Ratcliffe Veasey Emancipation Hall in the Capitol Visitor Barr Collins (NY) Foster Lipinski Reed Vela Center is authorized to be used on April 9, Barraga´ n Comer Foxx Loebsack Reichert Visclosky 2018, for a ceremony as part of the com- Barton Comstock Frankel (FL) Lofgren Renacci Wagner memoration of the days of remembrance of Beatty Conaway Frelinghuysen Long Rice (NY) Walberg Bera Connolly Fudge victims of the Holocaust. Physical prepara- Loudermilk Rice (SC) Walden tions for the ceremony shall be carried out Bergman Cook Gabbard Love Richmond Walker Beyer Cooper Gaetz Lowenthal Roby Walorski in accordance with such conditions as the Biggs Correa Gallagher Lowey Roe (TN) Walters, Mimi Architect of the Capitol may prescribe. Bilirakis Costello (PA) Gallego Lucas Rogers (AL) Walz The concurrent resolution was agreed Bishop (GA) Courtney Garamendi Luetkemeyer Rohrabacher Wasserman Bishop (MI) Cramer Garrett Lujan Grisham, Rokita Schultz to. Bishop (UT) Crawford Gianforte M. Rooney, Francis Waters, Maxine A motion to reconsider was laid on Black Crist Gibbs Luja´ n, Ben Ray Rooney, Thomas Weber (TX) the table. Blackburn Crowley Gohmert Lynch J. Webster (FL) Blum Cuellar Gomez MacArthur Ros-Lehtinen Welch f Blumenauer Culberson Gonzalez (TX) Maloney, Rosen Wenstrup Blunt Rochester Curbelo (FL) Goodlatte Carolyn B. Roskam Westerman REQUEST TO REMOVE NAME OF Bonamici Curtis Gosar Maloney, Sean Ross Williams MEMBER AS COSPONSOR OF H.R. Bost Davidson Gottheimer Marchant Rothfus Wilson (FL) 620 Brady (PA) Davis (CA) Gowdy Marino Rouzer Wilson (SC) Brady (TX) Davis, Danny Granger Marshall Roybal-Allard Wittman Ms. SEWELL of Alabama. Mr. Speak- Brat Davis, Rodney Graves (GA) Massie Royce (CA) Womack er, I ask unanimous consent that my Bridenstine DeFazio Graves (MO) Mast Ruiz Woodall Brooks (AL) DeGette Green, Al Matsui Ruppersberger Yoder name be removed as a cosponsor of Brooks (IN) Delaney Green, Gene McCarthy Rush Yoho H.R. 620. Brown (MD) DeLauro Griffith McCaul Russell Young (AK) The SPEAKER pro tempore. The re- Brownley (CA) DelBene Grijalva McClintock Rutherford Young (IA) quest of the gentlewoman from Ala- Buchanan Demings Grothman McCollum Ryan (OH) Zeldin Buck Dent Guthrie bama cannot be entertained. Bucshon DeSantis Hanabusa NOT VOTING—19 f Budd DeSaulnier Handel Babin Denham Posey Burgess DesJarlais Harper Bass Duncan (SC) Rogers (KY) Bustos Deutch Harris PROTECTING CONSUMERS’ ACCESS Boyle, Brendan Graves (LA) Stivers Butterfield Diaz-Balart Hartzler TO CREDIT ACT OF 2017 F. Gutie´rrez Vela´ zquez Calvert Dingell Hastings Byrne Jayapal Capuano Doggett Heck Watson Coleman Mr. HENSARLING. Mr. Speaker, pur- Costa LoBiondo Yarmuth Carbajal Donovan Hensarling Cummings Pearce suant to House Resolution 736, I call up Ca´ rdenas Doyle, Michael Herrera Beutler the bill (H.R. 3299) to amend the Re- Carson (IN) F. Hice, Jody B. b 1405 Carter (GA) Duffy Higgins (LA) vised Statutes, the Home Owners’ Loan Carter (TX) Duncan (TN) Higgins (NY) So (two-thirds being in the affirma- Act, the Federal Credit Union Act, and Cartwright Dunn Hill tive) the rules were suspended and the the Federal Deposit Insurance Act to Castor (FL) Ellison Himes resolution, as amended, was agreed to. require the rate of interest on certain Castro (TX) Emmer Holding Chabot Engel Hollingsworth The result of the vote was announced loans remain unchanged after transfer Cheney Eshoo Hoyer as above recorded. of the loan, and for other purposes, and

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00019 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.031 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1148 CONGRESSIONAL RECORD — HOUSE February 14, 2018 ask for its immediate consideration in ‘‘(3) A loan that is valid when made as to to credit for American small businesses the House. its maximum rate of interest in accordance and consumers. The Clerk read the title of the bill. with this subsection shall remain valid with H.R. 3299 is a legislative response to The SPEAKER pro tempore (Mr. respect to such rate regardless of whether the 2015 Second Circuit Court of Ap- the loan is subsequently sold, assigned, or BRAT). Pursuant to House Resolution otherwise transferred to a third party, and peals decision in Madden v. Midland 736, the bill is considered read. may be enforced by such third party not- Funding, which clearly appears to have The text of the bill is as follows: withstanding any State law to the con- not not considered the valid-when- H.R. 3299 trary.’’. made legal doctrine, which is a nearly Be it enacted by the Senate and House of (c) AMENDMENT TO THE FEDERAL CREDIT 200-year-old principle of usury law in Representatives of the United States of America UNION ACT.—Section 205(g) of the Federal our Republic. Again, Mr. Speaker, 200 in Congress assembled, Credit Union Act (12 U.S.C. 1785(g)) is amend- years of settled common law upended SECTION 1. SHORT TITLE. ed by adding at the end the following: in one court case. ‘‘(3) A loan that is valid when made as to This Act may be cited as the ‘‘Protecting In the decision, the court held that, Consumers’ Access to Credit Act of 2017’’. its maximum rate of interest in accordance with this subsection shall remain valid with while the National Bank Act allowed a SEC. 2. FINDINGS. federally chartered bank to charge in- Congress finds that— respect to such rate regardless of whether (1) the contractual doctrine of valid when the loan is subsequently sold, assigned, or terest under the laws of its home State made which, as applied to lending agree- otherwise transferred to a third party, and on loans it makes nationwide, ments, provides that a loan that is valid at may be enforced by such third party not- nonbanks that bought those loans inception cannot become usurious upon sub- withstanding any State law to the con- could not continue to collect that in- sequent sale or transfer to another person; trary.’’. terest because nonbanks are generally (d) AMENDMENT TO THE FEDERAL DEPOSIT (2) this important and longstanding prin- subject to the limits of the borrower’s INSURANCE ACT.—Section 27 of the Federal ciple derives from the common law and its State. application has been a cornerstone of United Deposit Insurance Act (12 U.S.C. 1831d) is amended by adding at the end the following: The Second Circuit decision has States banking law for nearly 200 years, as caused considerable uncertainty and provided in the case Nichols v. Fearson, 32 ‘‘(c) A loan that is valid when made as to U.S. (7 Pet.) 103, 106 (1833), where the Su- its maximum rate of interest in accordance risk for many types of bank lending preme Court famously declared: ‘‘Yet the with this section shall remain valid with re- programs, including bank model mar- rule of law is everywhere acknowledged, that spect to such rate regardless of whether the ketplace lending where national banks a contract free from usury in its inception, loan is subsequently sold, assigned, or other- originate loans and then transfer them shall not be invalidated by any subsequent wise transferred to a third party, and may be enforced by such third party notwith- to nonbank third parties. usurious transactions upon it.’’; Being able to offer consistent terms (3) in 2016, the Solicitor General, in con- standing any State law to the contrary.’’. SEC. 4. RULE OF CONSTRUCTION. nationwide is vital to scaling the mar- sultation with all Federal banking regu- ketplace lending business, which, in lators, filed an amicus brief in the case of Nothing in this Act may be construed as Midland Funding, LLC v. Madden, 136 S. Ct. limiting the authority or jurisdiction of the turn, allows lenders to access cheaper 2505 (2016) (mem.), denying cert. to 786 F.3d Office of the Comptroller of the Currency, investment capital and then pass the 246 (2d Cir. 2015), that described the United the Federal Deposit Insurance Corporation, savings on to the borrowers who may States Court of Appeals for the Second Cir- the Board of Governors of the Federal Re- be looking to buy their first home, cuit in that case ‘‘incorrect’’ with an ‘‘anal- serve System, the Bureau of Consumer Fi- start a business, send a kid to college. ysis reflect[ing] a misunderstanding’’ of sec- nancial Protection, or the National Credit H.R. 3299, again, is a commonsense tion 85 of the National Bank Act and Su- Union Administration. bill that simply codifies the 200-year- preme Court precedent, because it contra- The SPEAKER pro tempore. The gen- old valid-when-made legal doctrine, dicted the contractual doctrine of valid when tleman from Texas (Mr. HENSARLING) which would preserve the lawful inter- made; and the gentlewoman from California (4) the valid-when-made doctrine, by est rate on a loan originated by a bank (Ms. MAXINE WATERS) each will control bringing certainty to the legal treatment of even if the loan is sold, assigned, or all valid loans that are transferred, greatly 30 minutes. transferred to a nonbank third party. enhances liquidity in the credit markets by The Chair recognizes the gentleman This fundamental concept is the widening the potential pool of loan buyers from Texas. backbone of how fintech companies and reducing the cost of credit to borrowers GENERAL LEAVE partner with banks. Without it, con- at the time of origination; Mr. HENSARLING. Mr. Speaker, I sumers are faced with higher costs and (5) a joint academic study from profes- ask unanimous consent that all Mem- less availability of credit, particularly sors at Stanford, Fordham, and Columbia universities concluded that the Madden v. bers have 5 legislative days to revise those consumers with less access to Midland decision has already disproportion- and extend their remarks and to sub- traditional lending sources. ately affected low- and moderate-income in- mit extraneous material on the bill Mr. Speaker, don’t take my word for dividuals in the United States with lower under consideration. it. According to a recent Columbia/ FICO scores; and The SPEAKER pro tempore. Is there Stanford University study, borrowers (6) if the valid-when-made doctrine is not objection to the request of the gen- with credit scores under 625 have seen reaffirmed soon by Congress, the lack of ac- tleman from Texas? their credit cut in half, cut in half cess to safe and affordable financial services There was no objection. thanks to this decision. Again, Mr. will force households in the United States Mr. HENSARLING. Mr. Speaker, I with the fewest resources to seek financial Speaker, borrowers with less than stel- products that are nontransparent, fail to in- yield myself such time as I may con- lar credit scores have seen their credit form consumers about the terms of credit sume. cut in half in the territory comprising available, and do not comply with State and I rise today in strong support of H.R. the Second Circuit. We simply cannot Federal laws (including regulations). 3299, the Protecting Consumers’ Access allow this to happen. SEC. 3. RATE OF INTEREST AFTER TRANSFER OF to Credit Act of 2017, a most important Now, Mr. Speaker, thanks to Presi- LOAN. goal of this Chamber. H.R. 3299 is an dent Trump and Congress passing the (a) AMENDMENT TO THE REVISED STAT- important bill that is cosponsored by a Tax Cuts and Jobs Act, we are begin- UTES.—Section 5197 of the Revised Statutes bipartisan group of Members of the ning to see this economy start to take (12 U.S.C. 85) is amended by adding at the end the following: ‘‘A loan that is valid when House and was approved by the House off. We are finally seeing wages begin made as to its maximum rate of interest in Financial Services Committee with a to grow after 8 years of failed economic accordance with this section shall remain very strong bipartisan vote of 42–17. policy, but so much work remains to be valid with respect to such rate regardless of I would like to start out by thanking done for working American families. whether the loan is subsequently sold, as- my colleague, the gentleman from We have heard, on our Financial signed, or otherwise transferred to a third North Carolina (Mr. MCHENRY), the Services Committee, Mr. Speaker, from party, and may be enforced by such third vice chairman of the committee, for in- so many of these families who are try- party notwithstanding any State law to the troducing this legislation and leading ing to make ends meet, and it is just contrary.’’. (b) AMENDMENT TO THE HOME OWNERS’ our congressional efforts to help create vital that they be able to access credit. LOAN ACT.—Section 4(g) of the Home Owners’ a regulatory framework which will en- Americans like Alan from New Loan Act (12 U.S.C. 1463(g)) is amended by courage the growth of financial tech- Hampshire, who recently had trouble adding at the end the following: nology and expand much-needed access finding credit through traditional

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00020 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.034 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1149 banks and credit unions due to the reg- terest rates that would otherwise be il- allow payday lenders to use banks as a ulatory load. As he explained: ‘‘But for legal because they exceed State caps. front for predatory behavior and the my local dealer’s efforts on my behalf, Now, this bill is an attempt to over- evasion of State interest rate caps. there is no doubt I would not be driving turn a court decision related to the Payday loans drain wealth from low- my current car. And this was a des- legal concept of ‘‘valid when made’’ income consumers, particularly those perate situation, as I am the sole in- from the Second Circuit Court of Ap- in communities of color, and payday come earner for my family. My wife is peals in Madden v. Midland Funding, loans trap their borrowers into a cycle ill, and we have two young children in LLC. In that case, the court held that, of debt that it takes years to climb out school. After my old vehicle broke when loans are transferred from banks of with high interest rates that are down, I needed to find reliable replace- to nonbank third parties, they must often in excess of 300 percent. ment transportation so I could get to maintain the same terms, rates, and So let’s be clear. Instead of simply work and continue to provide for my conditions as required by the State overturning the Madden decision, H.R. family.’’ where the originating bank is char- 3299 would go far beyond that and cod- Mr. Speaker, we should not let the tered. ify an expanded preemption power Second Circuit prevent Alan from get- Despite claims by proponents of the without any proof that it will benefit ting that car loan he desperately needs bill, legal experts have explained in consumers. In fact, all we do know is in order to get to work as the sole pro- testimony that ‘‘the valid-when-made that the bill will make it easier for bad vider for his family. doctrine is a modern invention, not a actors to evade safeguards that States A small-business owner from Utah cornerstone of U.S. banking law.’’ have put in place to protect borrowers. named Maxine applied for a loan for The Madden decision is only the rule We cannot advance a bill that will her 37-year-old established business so of law in the States under the Second allow nonbanks like payday lenders to she could update and purchase equip- Circuit, which are Connecticut, New ignore State interest rate caps and ment to support a contract that would York, and Vermont. Some industry ad- make high-rate loans. While Congress have led to the creation of 50 addi- vocates, particularly marketplace has preempted some State laws for na- tional jobs. She explained: ‘‘Three lender fintechs, have argued the ruling tional banks, it did not authorize na- banks informed us that our rating, ac- and confusion about valid when made tional banks to extend the privilege to cording to new bank regulations im- caused such great market ambiguity whatever entities they so choose. posed by Dodd-Frank, disqualified us that it has resulted in reduced lending I urge my colleagues to oppose this from loan consideration.’’ to needy borrowers in those States, but bill. Fifty jobs, poof, gone, Mr. Speaker. those claims have not been substan- Mr. Speaker, I reserve the balance of So is not Dodd-Frank bad enough? tiated. my time. Now we are going to add this Second The only purported evidence we have Mr. HENSARLING. Mr. Speaker, I Circuit opinion to deny credit, which, on the effect of the Madden rule is a yield 5 minutes to the gentleman from for lower credit score individuals, has single, unpublished study that cannot North Carolina (Mr. MCHENRY), vice cut credit opportunity in half? even be peer-reviewed because it relies chairman of the committee and spon- I don’t think so. I don’t think so. It on private data from a single, unidenti- sor of the legislation. is not up for the unelected to make fied marketplace lender, and the au- Mr. MCHENRY. Mr. Speaker, I want such decisions. thors of that study have not endorsed to thank the chairman for his kindness We cannot continue to allow, Mr. this bill. In addition, 20 State attor- in working with me and my team on Speaker, Washington red tape and the neys general, including the attorneys bringing this bill to the floor today, Second Circuit to cut off credit oppor- general for all three States under the and I want to thank his staff as well. tunities for hardworking Americans. Second Circuit, oppose this legislative What we have today is the Protecting As the bill says: ‘‘We must preserve change. Consumers’ Access to Credit Act, a bi- and protect consumers’ access to cred- But do you know what? Predatory partisan piece of legislation that we it.’’ lenders are worried about the Madden have both Republicans and the Demo- I urge every Member to support this case for a different reason. crats in the Senate in support of as very important bipartisan bill. Elevate, an online payday lender, is well as Democrats and Republicans Mr. Speaker, I reserve the balance of afraid that they won’t be able to con- here in the House of Representatives my time. tinue making predatory loans if the supportive of. Madden decision stays in place. In The issue we are dealing with is one b 1415 their public filings with the SEC, Ele- of the biggest challenges facing our Ms. MAXINE WATERS of California. vate said: country, which is the decline of lending Mr. Speaker, I yield myself such time To the extent that the holdings in Madden to consumers and small businesses in as I may consume. were broadened to cover circumstances ap- small towns and rural communities Mr. Speaker, I rise today in opposi- plicable to Elevate’s business or if other liti- like the ones I represent in western tion to H.R. 3299, or the so-called Pro- gation on related theories were brought North Carolina. It is the same issue tecting Consumers’ Access to Credit against us and were successful, we could be- facing so many in urban settings as Act of 2017. There is a good reason over come subject to State usury limits and State licensing laws in addition to the State con- well. This touches all of America. 200 civil rights, consumer, faith-based, sumer protection laws to which we are al- But the story in rural America is housing, labor, and veterans advocacy ready subject. In a greater number of States, bleak. Community banks are closing at organizations oppose this bill. The type loans in such States could be deemed void a rapid pace, and small businesses are of credit that this bill helps consumers and unenforceable, and we would be subject struggling to find loans. Many Ameri- access is the kind that makes it easier to substantial penalties in connection with cans don’t have the savings to cover a for vulnerable consumers to sink into such loans. common $1,000 emergency like a car re- insurmountable debt like payday and Mr. Speaker, I do not doubt the sin- pair. That is not just a rural issue; that other high-cost loans. cerity of the good actors that may be touches all American communities. H.R. 3299 expands the ability of trying to navigate a difficulty the Mad- The good news is, after the financial nonbanks to preempt State-level con- den ruling potentially caused, but this crisis, innovative companies and banks sumer protections by stating that the is not just about those businesses, be- partnered together to find new ways to interest rate on any loan originated by cause H.R. 3299 would go much further help hardworking Americans and a national bank that is subsequently to allow other third parties, including small-business owners. They call it transferred to a third party, no matter payday lenders, to evade or outright fintech. how quickly after it is originated, is disregard State-level laws and collect These innovative companies partner enforceable, which incentivizes riskier debt from borrowers at unreasonably with banks to help small businesses get and predatory lending. H.R. 3299 ad- high rates of interest if they purchase a loan. They help young people get out vances a dangerous precedent by allow- loans from a national bank. These ar- of student debt. They help everyday ing third parties that purchase loans rangements are called rent-a-bank or Americans find the financing they need from national banks to collect on in- rent-a-charter agreements, and they to lead better lives.

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00021 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.035 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1150 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Now, this should be something her- tually focus on what is important and Ms. MAXINE WATERS of California. alded by both parties. It shouldn’t be a necessary about this legislation. They I yield an additional 1 minute to the partisan issue. It shouldn’t be left or are straw men that don’t have any- gentleman from California. right, conservative or liberal. It is a thing to do with the contents of this Mr. KHANNA. This is going to hurt good thing that is happening with in- very simple, bipartisan piece of legisla- ordinary folks who can’t make pay- novation and different modes of lend- tion. check to paycheck, and they are going ing and borrowing in this country. Mr. Speaker, I ask my colleagues to to have to pay these exorbitant inter- And while this era of financial inno- vote for this. est rates. vation is brand-new, the actual struc- Ms. MAXINE WATERS of California. Now, if the majority comes up with a ture supporting fintech is based on one Mr. Speaker, I yield 2 minutes to the bill that says we want to expand the of the oldest bedrock principles in gentleman from California (Mr. SBA, we want to expand figuring out American law. The fundamental con- KHANNA), vice chair of the Congres- how to get venture capital into rural cept is called valid when made. sional Progressive Caucus. America, we want to expand the earned Valid when made, or what the Su- Mr. KHANNA. Mr. Speaker, I rise in income tax credit so that people have preme Court referred to in 1833 as ‘‘the opposition to this bill, Protecting Con- more money in their pocket so that cardinal rule’’ of American interest sumers’ Access to Credit Act. they can make a living and meet their rate laws, provides the legal foundation I represent Silicon Valley, and I am daily expenses, I agree. for how fintech companies partner with not opposed to fintech. Let’s be very If they say, look, all the capital, 85 banks. clear: If there is technology that is percent of the capital is in my district I don’t have to share with the rank- going to make it easier for people to in Massachusetts and New York, and ing member or other Members of our get access to capital, who is opposed to we have got to get the capital into Chamber that banks are heavily regu- that? other States, I agree. But to say that just to use the word lated; and if they even partner with an- But this has nothing to do with ‘‘fintech’’ and to say okay, because other firm, that, too, is a regulated fintech. This has to do with basic State thing. Yet all that changed when the there is something that is going to laws. The question is not: Are we going Supreme Court declined to hear the allow the diffusion of capital, that that to go to the future? The question is: case of Madden v. Midland Funding. means that you should get rid of the In Madden, activist judges on a Fed- Are we going to go back to ‘‘The Mer- State laws capping usury, that is really eral appeals court broke with a long- chant of Venice’’ when usury laws were going back to the Victorian era. I standing legal precedent of valid when allowed? That really is what the issue mean, we had that debate. I was read- made and, instead, held that the 1864 is. ing Shylock; that was what that was National Bank Act did not have a pre- What this bill does, just to be very all about. They were charging four emptive effect on loans created under clear, is it says: If you want to use times as much, and I just don’t think this fintech bank partnership. fintech, if you want to use technology, that that is what people want. Now the legal framework has been now there is no law against being Mr. HENSARLING. Mr. Speaker, I around almost for 200 years, and the charged 380 percent interest. yield myself 10 seconds just to say to particular law that we are dealing with Mr. MCHENRY. Will the gentleman the gentleman who says this is a ma- has been around for 150 years, roughly yield? jority bill, I would also point out it is speaking. This decision, though, has Mr. KHANNA. I yield to the gen- supported by Congressman MEEKS, created uncertainty for fintech compa- tleman from North Carolina. Democrat from New York; Congress- nies, financial institutions, and credit Mr. MCHENRY. Mr. Speaker, is the man CLAY, Democrat from Missouri; markets generally. gentleman asserting there is no law or Congressman SCOTT, Democrat from According to a study from Columbia Federal regulation against federally Georgia; Congressman CLEAVER, Demo- University and Stanford University, chartered banks giving loans to people? crat from Missouri; Congresswoman Madden significantly reduced credit Mr. Speaker, that is not simply the MOORE, Democrat from Wisconsin; Con- availability in that affected region, case. gressman PERLMUTTER, Democrat from and this matters for all Americans be- Mr. KHANNA. Mr. Speaker, let me Colorado; Congresswoman SINEMA, cause of the effect it is having. take back my comment. Democrat from Arizona, and the list What we saw is loan volumes de- Mr. Speaker, I understand the Second goes on. clined and the average FICO score for Circuit decision. The Second Circuit Mr. Speaker, I yield 4 minutes to the borrowers to get a loan increased. That decision basically said that, if you are gentleman from Pennsylvania (Mr. means that, if you are on the margins a bank and if you are a fintech com- ROTHFUS), the vice chairman of our of society, it got harder and more ex- pany and you are in a rural part of the Subcommittee on Financial Institu- pensive for you to get lending. So it is country—and I totally agree with the tions and Consumer Credit. a bad case. Simply put, this should not gentleman; we need more capital to Mr. ROTHFUS. Mr. Speaker, just lis- be happening, and if we are serious rural America; we need more tech tening to some of this debate, it seems about financial inclusion for all Ameri- there. I admire Steve Case’s work, the like some folks just want to find a way cans, we need this bill today. A bipar- ‘‘Rise of the Rest.’’ to vote ‘‘no’’ on this bill when there tisan bill, we need it. But what the Second Circuit said is are many reasons to vote ‘‘yes.’’ And if we are serious about modern- you can’t partner with a national bank I am pleased to rise today in support izing our financial system, we need this and preempt State law. So if North of Vice Chairman MCHENRY’s bill, H.R. bill passed into law. And if we are seri- Carolina has a law saying you can’t 3299, the Protecting Consumers’ Access ous about helping everyday Americans, charge 400 percent interest, if there is a to Credit Act of 2017. I also want to not just the fortunate few with un- bank in New York or a bank in Cali- commend him for his hard work on this blemished credit, we need to pass this fornia that wants to charge 400 percent very important issue. bill. interest just because they have some Under the valid-when-made doctrine, I am pleased this legislation enjoys magical fintech, they can’t charge peo- the interest rate on a loan that com- support from my colleagues on both ple 400 percent interest in North Caro- plies with Federal law when it is made sides of the aisle. I want to thank Rep- lina or Arkansas. will remain valid, regardless of wheth- resentative MEEKS, Democrat, of New I am all for giving more capital at af- er that loan is transferred to a third York; Senator MARK WARNER, Demo- fordable rates and using technology to party. This is an important principle, crat, of Virginia; and Senator PAT help rural America. and it is essential to maintaining a vi- TOOMEY, Republican, of Pennsylvania, We have done a terrible job of that. I brant secondary market and fostering who worked hard on this bipartisan, bi- concede that point. But this is not the continued growth in the online lending cameral legislation. It is important. It way to do that. industry. is needed. It will have a positive im- The Second Circuit’s decision in pact on people’s lives. b 1430 Madden v. Midland, which challenged All arguments that have been made The SPEAKER pro tempore. The the valid-when-made doctrine, intro- against this bill on the floor don’t ac- time of the gentleman has expired. duced significant uncertainty and risk,

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00022 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.037 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1151 threatening both the secondary market The SPEAKER pro tempore. Mem- own usury laws, which make it illegal and fintech lending partnerships. This bers are reminded to direct their re- for lenders to charge outrageously high ultimately hurts consumers. marks to the Chair. interest rates on their residents. At the Financial Services Com- Mr. HENSARLING. Mr. Speaker, I This is a core consumer protection mittee, we have extensively discussed yield 2 minutes to the gentleman from issue, and if we allow lenders that the difficulty that many Americans North Carolina (Mr. PITTENGER), the aren’t subject to the strict Federal reg- face in getting credit. Madden v. Mid- vice chairman of the Terrorism and Il- ulations for banks to circumvent State land will only intensify that challenge licit Finance Subcommittee. regulations too, then we are just for families and Main Street businesses Mr. PITTENGER. Mr. Speaker, I throwing consumers to the wolves, re- as it jeopardizes the ability of banks to thank the chairman for his leadership, moving protections. sell loans into the secondary market. and I thank Congressman MCHENRY, I know that some people have If banks find it difficult to sell debt also. claimed that this bill would promote to nonbanks, a common and healthy Mr. Speaker, I rise today to just, re- innovation by allowing financial tech- practice, they will be forced to become gretfully, say that this ruling, Madden nology companies to better serve lower more restrictive in offering credit, and v. Midland, is just another layer of Big income customers; but let’s be clear. they may do so at a higher cost. Be- Brother, a misguided ruling by some The only loans that would be allowed cause of this, fewer consumers will be people of good intentions and goodwill, by this bill that aren’t already allowed able to access the funds they need to but the net effect is fewer choices for are loans that violate State usury laws build, invest, and innovate. the American people. that are put in place in States to pro- Throughout the course of the slow Mr. Speaker, I think we have seen tect their consumers. Why in the world and uneven postcrisis economic recov- what has happened as a result of Dodd- would we want to do that to people? ery, we settled into a two-speed econ- Frank. We saw what happened to the I am sorry, but there is nothing inno- omy. The biggest and richest and best- American economy. We saw what hap- vative about usury, and there is noth- connected firms have done just fine. pened to the American consumers. ing innovative about gouging low-in- They have a relatively easy time ac- Mr. Speaker, regrettably, it is the come consumers with outrageous inter- cessing funds. Small businesses, how- low-income, minority people who have est rates. This is a terrible, terrible ever, have been struggling to keep up. suffered the most in the last decade as bill. In fact, many haven’t even gotten off a result of the misguided regulations So this bill is not about innovation. the ground. that were put upon the American peo- It is about taking away protections for Researchers found that our economy ple. Big Brother really doesn’t have the consumers from predatory loans. Why is currently missing 650,000 small busi- answers. in the world would we want to do that nesses; that is 650,000 fewer businesses What we do have is the opportunity to people? that can innovate, create jobs, and in- to provide choices for the American I urge my colleagues, I urge them to vest in our communities. And those people, and that is what H.R. 3299 is all protect consumers and to oppose this 650,000 businesses would have rep- about. bill. resented 61⁄2 million jobs, 61⁄2 million Mr. Speaker, in North Carolina, we Mr. HENSARLING. Mr. Speaker, I taxpayers, 61⁄2 million people contrib- have lost 50 percent of our banks be- yield 2 minutes to the gentleman from uting to help Social Security and Medi- cause of this misguided regulatory Colorado (Mr. TIPTON), vice chairman care and helping to pay for our vet- overmanagement by the Federal Gov- of the Subcommittee on Oversight and erans’ care. Anyone who travels this country ernment. There is less access to capital Investigations. Mr. TIPTON. Mr. Speaker, it is inter- talking to small-business owners and credit for small business. There is esting being able to listen to this de- knows that access to credit is a major less access to capital for that indi- cause. By codifying valid when made, vidual who has a real need. Maybe they bate. The common ground is we want this bill will help to address one of the want to start something, or maybe to be able to have consumers have ac- most pressing threats to our economic they have an emergency in their fam- cess to capital, and we also want re- recovery and the resurgence of Amer- ily. sponsible lending. We now need to reset ican small business. This is what this bill is all about, and this debate to the reality that is being As the OCC’s former Acting Comp- we need to be behind it. We need to faced on the ground. troller Keith Noreika noted, this ‘‘pro- support it. We need to understand that In an already challenging loan envi- posal supports economic opportunity.’’ the American people know how to ronment for many banks nationwide, H.R. 3299 will help to keep credit make good choices. We need to trust the Madden v. Midland decision has flowing through to those who need it, the American people and not trust Big further limited the ability of national while ensuring that consumers are pro- Brother and the Big Government. banks to be able to issue credit. Be- tected. This is a commonsense fix that Ms. MAXINE WATERS of California. cause of the court’s decision not to provides the market with the clarity Mr. Speaker, I yield myself such time apply the valid-when-made doctrine to needed to support continued economic as I may consume. its decision, which would have pre- growth. I urge my colleagues to sup- I would like to remind Mr. PITTENGER served lawful interest rates originated port the Protecting Consumers’ Access that his State, North Carolina, again, by a bank for nonbanks and third par- to Credit Act of 2017. along with Mr. MCHENRY, attorneys ties, access to credit and risk mitiga- Ms. MAXINE WATERS of California. general have opposed this bill. They do tion tools have been placed into jeop- Mr. Speaker, I yield myself such time not like this bill, and I just want to re- ardy. as I may consume. mind them that they don’t have the The legal uncertainty resulting from Both of the gentlemen, Mr. MCHENRY support of their States in doing so. the Madden decision has led to a reduc- and Mr. ROTHFUS, who are advancing Mr. Speaker, I yield 2 minutes to the tion in responsible and affordable lend- this legislation come from States that gentlewoman from New York (Mrs. ing, and has limited consumers’ access don’t support it. CAROLYN B. MALONEY), the ranking to better and cheaper choices. Mr. MCHENRY, North Carolina has member of the Capital Markets, Secu- Fortunately, the vice chairman’s leg- banned payday lending. Mr. ROTHFUS, rities, and Investments Subcommittee islation, the Protecting Consumers’ Pennsylvania has banned payday lend- on the Financial Services Committee. Access to Credit Act of 2017, would re- ing. And here you have a bill that Mrs. CAROLYN B. MALONEY of New assert the valid-when-made principle, would allow payday lenders to buy up York. Mr. Speaker, I thank the rank- to ensure that a loan that is valid at debt from national banks and, basi- ing member for yielding and for her ex- its inception cannot become invalid or cally, charge consumers whatever they traordinary efforts to protect con- unenforceable upon a subsequent trans- would like to charge them. They would sumers by opposing this bill. fer to another person or party. get around the ban of your own States. Mr. Speaker, I rise in very strong op- This legislation promotes healthy fi- Do you really want to do this? position to H.R. 3299. I don’t think that nancial markets and would help im- Mr. Speaker, I reserve the balance of we should be doing anything to take prove the often-limiting loan environ- my time. away States’ authority to enforce their ment facing banks nationwide. This

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00023 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.038 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1152 CONGRESSIONAL RECORD — HOUSE February 14, 2018 measure is important for our families The bottom line is that this bill is these speakers on the opposite side of and small businesses, for whom access not helping our consumers, but, rather, the aisle who are coming here to sup- to credit is critical to success. lining the pockets of predatory lenders port a bill that will open up the oppor- Further, this legislation ensures that who are looking for any way around tunity for payday lenders to basically innovative marketplace lending re- State interest rate caps and consumer rent a bank and put these payday loans mains intact while simultaneously pro- protections. out there at exorbitant amounts. viding safe consumer protections. Mr. Speaker, I reserve the balance of Mr. Speaker, again, this is rather odd I would like to thank Mr. MCHENRY my time. to see so many Members representing, for supporting and developing this bi- Mr. HENSARLING. Mr. Speaker, I supposedly, their constituents who partisan legislation to be able to help yield 2 minutes to the gentleman from come from States where payday lend- preserve access to credit for those who Minnesota (Mr. EMMER), a hardworking ing has been banned and their attor- need it most, and I encourage my col- member of the Financial Services Com- neys general oppose this legislation. leagues to support the measure here mittee. Mr. Speaker, I reserve the balance of today. Mr. EMMER. Mr. Speaker, I thank my time. Ms. MAXINE WATERS of California. the chairman for yielding me time. Mr. HENSARLING. Mr. Speaker, I Mr. Speaker, I yield myself such time Mr. Speaker, I rise today to support yield myself 2 minutes. as I may consume. another bill which builds on the good Mr. Speaker, number one, just for the Mr. Speaker, you have heard those of work of the House Financial Services RECORD, it is Mr. ROTHFUS from Penn- us who are opposed to this legislation Committee. sylvania and Mr. PITTENGER from repeat over and over again that this is The Protecting Consumers’ Access to North Carolina. Since we serve with all about predatory lending; that this Credit Act takes an important step to these colleagues, it would be nice to bill would open the gates wide to the provide certainty through our financial learn their names. kind of abuses that we have been fight- system and to support consumers. Mr. Speaker, what the ranking mem- ing so hard against. A 2015 court decision that we have ber is proposing is to take away credit Mrs. MALONEY asked the questions: heard other speakers talk about today, opportunities for those who need it the Why do you want to do this to your Madden v. Midland, is making it dif- most. constituents? Why do you want to do ficult for online lenders to offer busi- The greatest credit program is a this to the very consumers that we are nesses the funds they need to grow and competitive marketplace. And, unfor- supposed to be protecting? succeed. tunately, the policy that she is advo- I have raised a question to those who In Madden, the court held that, while cating, this Second Circuit court case, come from States where the attorneys the National Bank Act allows a feder- has cut credit opportunities in half. general oppose this legislation. The ally chartered bank to charge interest That means people are paying more. In gentlemen from North Carolina and under the laws of its home State on many respects, this is a more usurious Pennsylvania, who are here in support loans it makes nationwide, nonbanks result than what the ranking member of this bill, they are ignoring the fact that acquire these loans may not be is otherwise claiming will happen with- that their State attorneys general are able to maintain the same rate of in- out the Second Circuit decision. saying that this bill is a bad bill. Of course, if H.R. 3299 was really terest since nonbanks are subject to Again, I alluded to it in my opening about expanding access to underserved limits of the borrower’s State. statement, but we have the definitive At a time when lenders are eager to populations, as the proponents claim, academic study. We don’t have to guess help consumers and businesses gain ac- then they may be surprised to learn at this, Mr. Speaker. They studied cess to capital, Congress needs to step that the Nation’s leading civil and con- those with lower credit scores in the in to check this misguided ruling. sumer groups are all opposed to this Second Circuit. When a federally chartered bank And what did they find out? legislation because it will harm con- originates the interest on a loan, that I will quote from the study. The re- sumers, not help them. interest rate should remain consistent. sults presented in figure 3 indicate that b 1445 Representative MCHENRY’s legisla- the FICO increase was caused by a de- According to a news article from last tion provides that fix by codifying the cline—a decline—in lending to lower November, there is a reason the legal doctrine of valid when made. quality borrowers. NAACP, the Southern Poverty Law Further, it helps community banks Thank you, Second Circuit. Center, the National Consumer Law and credit unions access secondary The pattern is most obvious for the Center, the Consumer Federation of markets they need to generate liquid- lowest quality borrowers, those with America, and dozens of churches, wom- ity while also enabling new and emerg- FICO scores below 625. The growth rate en’s groups, and antipoverty organiza- ing financial technology innovators to for these borrowers in Connecticut and tions from around the country have de- find easier ways for consumers and New York was a negative 52 percent. nounced the bill. businesses to access credit and capital. Mr. Speaker, that means they had In September, those groups wrote a Mr. Speaker, I appreciate the hard their credit opportunities cut in half. joint letter to Congress warning that work of my colleague, our chief deputy So exactly what the ranking member H.R. 3299 ‘‘wipes away the strongest whip, on this important legislation. I says that she wants to do to help these available tool against predatory lend- encourage all of the Members of this people, she is hurting these people; ing practices’’ and ‘‘will open the flood- body to support the Protecting Con- taking away their opportunities to buy gates to a wide range of predatory ac- sumers’ Access to Credit Act. a home or taking away their opportu- tors to make loans at 300 percent an- We must fix the misguided Madden nities to buy a car when they may be nual interest or higher.’’ ruling and take another step forward in the sole breadwinner for their family; The article goes on to say: ‘‘But you supporting consumers, financial inno- taking away opportunities, perhaps, to don’t have to take the NAACP’s word vation, and our lenders that serve as send somebody to college. for it, just take a look at the compa- the backbone of Main Street America. The SPEAKER pro tempore. The nies who are lobbying in favor of H.R. Ms. MAXINE WATERS of California. time of the gentleman has expired. 3299.’’ Mr. Speaker, this is odd. Here, we have Mr. HENSARLING. Mr. Speaker, I Well, they aren’t many, as it is a another Member of Congress, whose yield myself an additional 30 seconds. complicated and obscure issue. But one State attorney general opposes the bill, And then this so-called radical bill of of them, according to a Federal lob- and who has banned payday lending. the gentleman from North Carolina, I bying disclosure form, is a firm called So, here, Mr. EMMER is joining with would note it is a Democrat bill in the CNU Online Holdings, LLC. Most cus- Mr. MCHENRY and Mr. PITTENGER, Senate. The exact companion bill is tomers of CNU Online Holdings don’t whose State opposes the bill, North carried by a Democrat Senator, Sen- even realize they use it. They are more Carolina. Again, the two of them are in ator WARNER from Virginia. It is a familiar with CNU’s parent company, opposition to their own State’s attor- Democrat bill. It is bipartisan. It is payday lending giant Enova Financial; ney general. And now we have Mr. supported by at least nine Members of or its flagship brand, CashNetUSA. ROTHFUS from Pennsylvania and all of the ranking member’s party that sit

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00024 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.040 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1153 with her in our hearings. Clearly, they House Financial Services Committee b 1500 heard something she didn’t hear. that actually support this legislation. Ms. MAXINE WATERS of California. Again, Mr. Speaker, it is important Mr. Speaker, I yield 2 minutes to the Mr. Speaker, I yield myself such time to note that what the Second Circuit gentleman from Michigan (Mr. TROTT), as I may consume. has done is change settled law that has a member of the Financial Services Mr. Speaker, Chairman HENSARLING been settled law for over 200 years; that Committee. will completely not only cut credit op- has named the Members on my side of Mr. TROTT. Mr. Speaker, I rise in the aisle, the Democrats who support portunities in the Second Circuit, but support of H.R. 3299, the Protecting cut credit opportunities all over Amer- this bill. None of them are on the floor Consumers’ Access to Credit Act. at this time. None of them came here ica. I thank my good friend from North We cannot allow that to happen. to defend the position that they took. Carolina (Mr. MCHENRY) for his leader- Mr. Speaker, I reserve the balance of Some of them are reconsidering the ship on this bipartisan, commonsense vote that they took, and so I don’t my time. bill. Ms. MAXINE WATERS of California. want him to try and wrap this bill Mr. Speaker, I yield myself such time This is a commonsense piece of legis- around the fact that there were some as I may consume. lation that is sponsored by two Repub- Democrats who supported it. Mr. Speaker, I think my friend on licans, two Democrats. It passed out of This is a Republican bill. This is a the opposite side of the aisle, the chair- our committee with a vote of 42–17. It bill by the opposite side of the aisle man, is right. I must make sure that I is the kind of bipartisan solution that that supports payday lending and the am correct in the way that I identify the American people expect from their ability for payday lenders to continue my colleagues, who they are and what elected officials. to exploit their consumers in a new and States they come from. Yet, opponents of this bill want peo- different way. They simply allow them So I would like to repeat: Mr. ple to believe that it will hurt con- to buy up this debt from the national MCHENRY is from North Carolina. Mr. sumers. We heard similar rhetoric on banks to be able to basically overcome PITTENGER is from North Carolina. The the recent tax bill passed in Congress. usury laws. attorney general from that State op- In fact, we still hear it, even though So while he would like everyone to poses this bill, and this State has millions of Americans are getting bo- believe there is all of this great Demo- banned payday lending. nuses, taking new and better jobs, and cratic support and he keeps saying over Also let me just mention that Mr. seeing their savings account grow. and over again how bipartisan this bill ROTHFUS from Pennsylvania is another Now, let’s be clear. This bill will is, none of them are on the floor at this one who is opposed by his attorney allow banks and credit unions to sell time. None of them came here to de- general. His attorney general is op- certain loans to investors, thus diversi- fend their position. None of them have posed to this bill, is opposed to his rep- fying their risk and freeing up capital said, ‘‘I know that I am absolutely cor- resentation, and Pennsylvania has that can be used to issue more loans in rect.’’ As a matter of fact, some of banned payday lending. local communities. Imagine that. them are raising questions about Of course, we were joined by Mr. Why is this commonsense legislation whether or not they should have voted EMMER, who is from Minnesota. Min- necessary? for the bill, understanding it in one nesota is in the same position as North A recent case out of the Second Cir- particular way, and some now under- Carolina and Pennsylvania. The attor- cuit ruled that certain loans would be standing what it really does. ney general of Minnesota opposes this valid when held on the books of a bank, So I thank the gentleman for his po- bill, and Minnesota bans payday lend- but would be invalid the minute they sition, and I thank him for being a ing. are sold to investors. strong advocate for his position. I So let’s be clear. We want to make I fail to see how a loan becomes more thank him for at least stepping up to sure that everybody understands who dangerous, usurious, or otherwise prob- the plate to say, in essence, he believes these Members are who are coming lematic because the owner of the loan that he is doing the right thing, despite here in opposition to their attorneys has changed. This is like saying a the fact that he has got Members on general, in opposition to their State. house’s roof becomes leaky the minute that side of the aisle who are going These are Representatives from States you sell it to your neighbor. This is the against their own States’ attorneys that oppose this bill. These are Rep- sort of logic that can only thrive in general. resentatives from States who have Washington. But let us not believe that this is banned payday lending. What happens when banks and credit some great Democratic bill. It is not. So I want to be sure that I agree with unions can no longer sell loans on the Mr. Speaker, I reserve the balance of my chairman. We should let everyone public market? my time. know who they are. We should pro- They issue fewer loans. Fewer young Mr. HENSARLING. Mr. Speaker, I nounce their names correctly. We parents can get a mortgage for their yield myself 10 seconds just to say— should be sure that all of their con- new home. Fewer single mothers can with the exception of the gentlewoman stituents understand who their Rep- get a loan for a new car. Fewer stu- from New York (Mrs. CAROLYN B. resentatives are and what they are dents can get a critical loan to pay for MALONEY)—I don’t see any of the com- doing here today on this bill that will their first year of college. Fewer busi- mittee Democrats on the floor, even help to explode predatory lending. those who are supporting the ranking This is the rent-a-bank bill that nesses can get loans to bring innova- member’s position. would allow payday lenders to buy up tive ideas to the market to create jobs. debt from national banks and be able This bill is not rent-a-bank. It will I am now pleased to yield 2 minutes to charge whatever they would like, 300 not result in usurious interest rates. to the gentleman from North Carolina percent and more, to the unsuspecting I recently was at a restaurant and I (Mr. BUDD), a hardworking member of consumers. struck up a conversation with the the Financial Services Committee. So I thank the chairman for helping waitress. She can’t get a mortgage. She Mr. BUDD. Mr. Speaker, I thank the me to make that clear. can’t buy a home, even though she and chairman and my friend and colleague Mr. Speaker, I reserve the balance of her husband have good credit. That is from North Carolina, the deputy whip, my time. the kind of problem we are trying to for his leadership on this very impor- Mr. HENSARLING. Mr. Speaker, I address. tant issue. yield myself 10 seconds just to say: Ap- Mr. Speaker, I would ask the oppo- Mr. Speaker, I rise today in strong parently, Mr. MEEKS is abusing these nents of this bill to put aside politics support of this bipartisan legislation, consumers, as is Mr. CLAY, as is Mr. and to join me in supporting legisla- the Protecting Consumers’ Access to SCOTT, as is Mr. CLEAVER, as is Ms. tion that will help young families, new Credit Act of 2017. MOORE, as is Mr. PERLMUTTER, as is Ms. businesses, and students. This bill will Mr. Speaker, we are on the verge of SINEMA, as is Mr. HECK, and as is Mr. make credit accessible, and I urge all something special in the financial serv- GOTTHEIMER, all Democrats on the Members to vote for it. ices space with financial technology

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00025 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.042 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1154 CONGRESSIONAL RECORD — HOUSE February 14, 2018 opening the industry up to amazing in- and much-needed rule on payday vehi- but it is also the case in 47 out of 50 novation. However, as many of us gath- cle title and certain high-cost install- States. And I don’t think those three ered here today know, the Second Cir- ment loans. That rule, put in place States, the consumers or the citizens of cuit’s decision in the Madden v. Mid- under the leadership of Richard those States, should be disadvantaged land Funding case has put this innova- Cordray, would require payday lenders by not being able to access affordable tion and movement in jeopardy. It has to ensure that consumers can actually capital to be able to grow better fu- done so by undermining a long-held afford to pay off their loans. tures. That is what I hear back home is principle which has left fintech lenders Essentially, Donald Trump and Mick they want the opportunity to get loans, and the secondary credit market with Mulvaney are helping out payday lend- to get credit, to get more chances for issues that need to be addressed. ers by undermining the Consumer Bu- them to build better financial futures. Luckily, Mr. MCHENRY’s legislation reau’s rule as well as rolling back and And, frankly, this bill does that. It provides a much-needed fix to the Sec- undermining many of the other critical solves the problem of uncertainty, and ond Circuit’s decision by codifying the protections put in place by Democrats capital flees uncertainty. This makes valid-when-made legal doctrine. This in the Dodd-Frank Wall Street Reform clear what has been the law of the common law principle has been around and Consumer Protection Act. land. It doesn’t change State usury and accepted in the financial services On top of his pull to reconsider the laws. It doesn’t impact payday. It space for some time now. This bill will payday rule, Mulvaney has also drawn merely restates that which we have op- ensure that innovative lending prac- a Consumer Bureau lawsuit against a erated under for decades before this tices remain intact, allowing creative group of payday lenders who allegedly Second Circuit decision and says the and innovative sources of capital to failed to disclose the true cost of loans law in 47 States should be the law in 50 reach the consumer and small busi- which had interest rates as high as 950 States. nesses. This is important because it percent a year. Valid when made is an important as- will help to preserve the relationship Mr. Speaker, Congress should be pect of our financial markets and en- between banks and fintech firms. standing up for and enhancing protec- suring that we can turn over capital I am thankful this legislation is com- tions for consumers, not legislating to more frequently, thus, get more capital ing up for a vote today because it is make it easier for hardworking Ameri- out to more individuals. And, frankly, greatly needed and, if enacted, will cans to be drawn into payday debt that is what we are here fighting for: help our economy continue to grow. traps. making sure everybody gets the oppor- This body must continue to serve as an H.R. 3299 is widely opposed by over tunity to participate in a better econ- advocate for innovation in the credit 200 consumer and civil rights groups, omy by building a financial future. and financial technology space be- including the Leadership Conference on H.R. 3299 goes a long way in solving cause, ultimately, it will benefit com- Civil and Human Rights, the NAACP, that problem by a very simple, very munity development, job creation, and, the National Consumer Law Center, narrow fix in ensuring those three most importantly, the consumer. the Southern Poverty Law Center, and States get to participate in the benefit Mr. Speaker, I urge adoption of this many others. of a vibrant secondary market just like bipartisan and commonsense piece of And so I think it is clear what we are the 47 other States outside of the Sec- legislation. advocating on this side of the aisle. We ond Circuit. Ms. MAXINE WATERS of California. are simply saying that we should not Mr. Speaker, I rise in support of the Mr. Speaker, I yield myself the balance create this loophole, that we should legislation and encourage all Members of my time. understand the struggle that many of here to support this legislation. There was a reference to Senator us have been in to try and keep payday Mr. HENSARLING. Mr. Speaker, WARNER, and he said that the Madden lenders from going into the most vul- may I inquire how much time I have fix bill must address the payday lender nerable neighborhoods, targeting the remaining. loophole. I alluded to some of this kind most vulnerable people, taking advan- The SPEAKER pro tempore. The gen- of thinking about those who may have tage of folks who have no place to turn tleman from Texas has 11⁄2 minutes re- supported the bill without really giving and who need a few dollars until pay- maining. a lot of thought to this loophole, but I day, taking advantage of them and Mr. HENSARLING. Mr. Speaker, I just want you to know that even the trapping them into these loans and cre- yield myself the balance of my time. author of the bill, Senator WARNER, is ating all of this debt for them. Mr. Speaker, the ranking member saying that the Madden fix bill must This would just go a long way to con- has lamented that she has heard from address payday lender loopholes. tinue that kind of madness, and so I few Democrats on this matter, so let Mr. Speaker, H.R. 3299 is ultimately would urge Members to vote ‘‘no’’ on me take the liberty of quoting from a bill that would make it easier for bad the bill. Congressman GREG MEEKS, a Democrat actors to get around interest rate caps Mr. Speaker, I yield back the balance from New York, the lead Democratic that States have put into place to pro- of my time. cosponsor of the bill, who said, during tect borrowers from predator payday Mr. HENSARLING. Mr. Speaker, I markup: pit traps. Let’s be clear: the avail- am pleased to yield 2 minutes to the This bill would facilitate such affordable ability of affordable credit is very im- gentleman from Indiana (Mr. HOL- lending to those who need it the most. portant in every community, and we LINGSWORTH), another hardworking He goes on to say: should work together in ways to make member of the Financial Services Com- H.R. 3299 is a community bank bill. sure that underserved communities mittee. Fintech firms have partnered with small have fair access to credit and banking Mr. HOLLINGSWORTH. Mr. Speaker, community banks and provided these insti- services. there are many days when we stand in tutions with technological expertise needed But measures like H.R. 3299 do not this Chamber and I specifically talk to contend with larger competitors. In fact, productively advance that goal. In fact, about the regulations, the regulations I’m aware that there are fintech firms engag- the bill would do the opposite. It would that are holding back our economy ing with Black-owned banks who have bene- open the door for nonbanks to ignore from growing, holding back consumers fited tremendously from new technologies. States’ strong protections and make from getting the products that they Congressman MEEKS goes on to say: loans with high interest rates. The bill want—we talked about them in very H.R. 3299 is also a small-business bill. Ac- would usher in a wave of harmful, high- sweeping, hyperbolic terms—but this is cording to the Urban Institute, 34 percent of cost payday loans in States where such not one of those days. This is a day my constituents in Jamaica, Queens, who loans were previously disallowed. where, in this bill, we are simply codi- have bank accounts rely on alternative fi- Let’s not forget that last month fying what has been the law of the land nancial service providers, including rent-to- Mick Mulvaney, who President Trump own agreements and refund anticipation for over five decades, what is currently loans because they have unmet lending illegally appointed to serve as Acting the law of the land in 47 out of 50 needs. Madden does little to help these Director of the Consumer Financial States. underbanked individuals. Instead, it shuts Protection Bureau, directed the Con- So not only has this historically been the door to more affordable bank loans fa- sumer Bureau to reconsider its sensible the case, what we are arguing for here, cilitated through partnership models.

VerDate Sep 11 2014 01:37 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00026 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.043 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1155 Madam Speaker, I could go on, but Sec. 502. Amendment to civil liability of the Bu- (2) in the second subsection (d), by striking what we are trying to do here is assure reau and other officials. ‘‘(d)’’ and inserting ‘‘(e)’’. that what just happened in the Second Sec. 503. Effective date. TITLE III—FOSTERING INNOVATION Circuit, where credit opportunities are TITLE VI—FINANCIAL STABILITY SEC. 301. TEMPORARY EXEMPTION FOR LOW-REV- cut in half, doesn’t happen nationwide. OVERSIGHT COUNCIL IMPROVEMENT ENUE ISSUERS. The hardworking men and women of Sec. 601. SIFI designation process. Section 404 of the Sarbanes-Oxley Act of 2002 Sec. 602. Rule of construction. America deserve better, and so we (15 U.S.C. 7262) is amended by adding at the end SEC. 2. SECURITIES AND EXCHANGE COMMISSION the following: must support H.R. 3299. RESERVE FUND. ‘‘(d) TEMPORARY EXEMPTION FOR LOW-REV- Madam Speaker, I yield back the bal- Notwithstanding section 4(i)(2)(B)(i) of the Se- ENUE ISSUERS.— ance of my time. curities Exchange Act of 1934 (15 U.S.C. ‘‘(1) LOW-REVENUE EXEMPTION.—Subsection The SPEAKER pro tempore (Ms. CHE- 78d(i)(2)(B)(i)), the amount deposited in the Se- (b) shall not apply with respect to an audit re- NEY). All time for debate has expired. curities and Exchange Commission Reserve port prepared for an issuer that— Pursuant to House Resolution 736, Fund for fiscal year 2018 may not exceed ‘‘(A) ceased to be an emerging growth com- the previous question is ordered on the $48,000,000. pany on the last day of the fiscal year of the bill. TITLE I—TRID IMPROVEMENT issuer following the fifth anniversary of the date of the first sale of common equity securities The question is on the engrossment SEC. 101. AMENDMENTS TO MORTGAGE DISCLO- of the issuer pursuant to an effective registra- and third reading of the bill. SURE REQUIREMENTS. Section 4(a) of the Real Estate Settlement Pro- tion statement under the Securities Act of 1933; The bill was ordered to be engrossed ‘‘(B) had average annual gross revenues of and read a third time, and was read the cedures Act of 1974 (12 U.S.C. 2603(a)) is amend- ed— less than $50,000,000 as of its most recently com- third time. (1) by striking ‘‘itemize all charges’’ and in- pleted fiscal year; and The SPEAKER pro tempore. The serting ‘‘itemize all actual charges’’; ‘‘(C) is not a large accelerated filer. question is on the passage of the bill. (2) by striking ‘‘and all charges imposed upon ‘‘(2) EXPIRATION OF TEMPORARY EXEMPTION.— The question was taken; and the the seller in connection with the settlement An issuer ceases to be eligible for the exemption Speaker pro tempore announced that and’’ and inserting ‘‘and the seller in connec- described under paragraph (1) at the earliest the ayes appeared to have it. tion with the settlement. Such forms’’; and of— ‘‘(A) the last day of the fiscal year of the Mr. HENSARLING. Madam Speaker, (3) by inserting after ‘‘or both.’’ the following new sentence: ‘‘Charges for any title insurance issuer following the tenth anniversary of the on that I demand the yeas and nays. date of the first sale of common equity securities The yeas and nays were ordered. premium disclosed on such forms shall be equal to the amount charged for each individual title of the issuer pursuant to an effective registra- The SPEAKER pro tempore. Pursu- tion statement under the Securities Act of 1933; ant to clause 8 of rule XX, further pro- insurance policy, subject to any discounts as re- quired by State regulation or the title company ‘‘(B) the last day of the fiscal year of the ceedings on this question will be post- rate filings.’’. issuer during which the average annual gross poned. revenues of the issuer exceed $50,000,000; or TITLE II—PROTECTION OF SOURCE CODE ‘‘(C) the date on which the issuer becomes a f SEC. 201. PROCEDURE FOR OBTAINING CERTAIN large accelerated filer. b 1515 INTELLECTUAL PROPERTY. ‘‘(3) DEFINITIONS.—For purposes of this sub- (a) PERSONS UNDER SECURITIES ACT OF 1933.— section: TRID IMPROVEMENT ACT OF 2017 Section 8 of the Securities Act of 1933 (15 U.S.C. ‘‘(A) AVERAGE ANNUAL GROSS REVENUES.—The Mr. HENSARLING. Madam Speaker, 77h) is amended by adding at the end the fol- term ‘average annual gross revenues’ means the pursuant to House Resolution 736, I call lowing: total gross revenues of an issuer over its most re- ‘‘(g) PROCEDURE FOR OBTAINING CERTAIN IN- up the bill (H.R. 3978) to amend the cently completed three fiscal years divided by TELLECTUAL PROPERTY.—The Commission is not Real Estate Settlement Procedures Act three. authorized to compel under this title a person to ‘‘(B) EMERGING GROWTH COMPANY.—The term of 1974 to modify requirements related produce or furnish source code, including algo- ‘emerging growth company’ has the meaning to mortgage disclosures, and for other rithmic trading source code or similar intellec- given such term under section 3 of the Securities purposes, and ask for its immediate tual property that forms the basis for design of Exchange Act of 1934 (15 U.S.C. 78c). consideration in the House. the source code, to the Commission unless the ‘‘(C) LARGE ACCELERATED FILER.—The term The Clerk read the title of the bill. Commission first issues a subpoena.’’. ‘large accelerated filer’ has the meaning given The SPEAKER pro tempore. Pursu- (b) PERSONS UNDER THE SECURITIES EXCHANGE that term under section 240.12b–2 of title 17, ant to House Resolution 736, an amend- ACT OF 1934.—Section 23 of the Securities Ex- Code of Federal Regulations, or any successor change Act of 1934 (15 U.S.C. 78w) is amended ment in the nature of a substitute con- thereto.’’. by adding at the end the following: TITLE IV—NATIONAL SECURITIES sisting of the text of Rules Committee ‘‘(e) PROCEDURE FOR OBTAINING CERTAIN IN- EXCHANGE REGULATORY PARITY Print 115–59, modified by the amend- TELLECTUAL PROPERTY.—The Commission is not ment printed in part B of House Report authorized to compel under this title a person to SEC. 401. NATIONALLY TRADED SECURITIES EX- EMPTION. produce or furnish source code, including algo- 115–559 is adopted, and the bill, as Section 18(b)(1) of the Securities Act of 1933 rithmic trading source code or similar intellec- amended, is considered read. (15 U.S.C. 77r(b)(1)) is amended— tual property that forms the basis for design of The text of the bill, as amended, is as (1) by striking subparagraph (A); the source code, to the Commission unless the follows: (2) in subparagraph (B)— Commission first issues a subpoena.’’. (A) by inserting ‘‘a security designated as H.R. 3978 (c) INVESTMENT COMPANIES.—Section 31 of the qualified for trading in the national market sys- Be it enacted by the Senate and House of Rep- Investment Company Act of 1940 (15 U.S.C. 80a– tem pursuant to section 11A(a)(2) of the Securi- resentatives of the United States of America in 30) is amended by adding at the end the fol- ties Exchange Act of 1934 that is’’ before ‘‘list- Congress assembled, lowing: ed’’; and SECTION 1. TABLE OF CONTENTS. ‘‘(e) PROCEDURE FOR OBTAINING CERTAIN IN- (B) by striking ‘‘that has listing standards The table of contents for this Act is as follows: TELLECTUAL PROPERTY.—The Commission is not that the Commission determines by rule (on its authorized to compel under this title an invest- Sec. 1. Table of contents. own initiative or on the basis of a petition) are ment company to produce or furnish source TITLE I—TRID IMPROVEMENT substantially similar to the listing standards ap- code, including algorithmic trading source code Sec. 101. Amendments to mortgage disclosure re- plicable to securities described in subparagraph or similar intellectual property that forms the quirements. (A)’’; basis for design of the source code, to the Com- (3) in subparagraph (C), by striking ‘‘or (B)’’; TITLE II—PROTECTION OF SOURCE CODE mission unless the Commission first issues a sub- Sec. 201. Procedure for obtaining certain intel- and poena.’’. (4) by redesignating subparagraphs (B) and lectual property. (d) INVESTMENT ADVISERS.—Section 204 of the (C) as subparagraphs (A) and (B), respectively. TITLE III—FOSTERING INNOVATION Investment Advisers Act of 1940 (15 U.S.C. 80b– TITLE V—ELIMINATING BARRIERS TO Sec. 301. Temporary exemption for low-revenue 4) is amended— JOBS FOR LOAN ORIGINATORS issuers. (1) by adding at the end the following: ‘‘(f) PROCEDURE FOR OBTAINING CERTAIN IN- TITLE IV—NATIONAL SECURITIES SEC. 501. ELIMINATING BARRIERS TO JOBS FOR TELLECTUAL PROPERTY.—The Commission is not LOAN ORIGINATORS. EXCHANGE REGULATORY PARITY authorized to compel under this title an invest- (a) IN GENERAL.—The S.A.F.E. Mortgage Li- Sec. 401. Nationally traded securities exemp- ment adviser to produce or furnish source code, censing Act of 2008 (12 U.S.C. 5101 et seq.) is tion. including algorithmic trading source code or amended by adding at the end the following: TITLE V—ELIMINATING BARRIERS TO similar intellectual property that forms the basis ‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN JOBS FOR LOAN ORIGINATORS for design of the source code, to the Commission ORIGINATORS. Sec. 501. Eliminating barriers to jobs for loan unless the Commission first issues a subpoena.’’; ‘‘(a) TEMPORARY AUTHORITY TO ORIGINATE originators. and LOANS FOR LOAN ORIGINATORS MOVING FROM A

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00027 Fmt 4634 Sfmt 6333 E:\CR\FM\K14FE7.044 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1156 CONGRESSIONAL RECORD — HOUSE February 14, 2018 DEPOSITORY INSTITUTION TO A NON-DEPOSITORY law to the same extent as if such individual was The SPEAKER pro tempore. Is there INSTITUTION.— a State-licensed loan originator licensed by the objection to the request of the gen- ‘‘(1) IN GENERAL.—Upon employment by a application State. tleman from Texas? State-licensed mortgage company, an individual ‘‘(2) Any individual who is deemed to have who is a registered loan originator shall be temporary authority to act as a loan originator There was no objection. deemed to have temporary authority to act as a in an application State pursuant to this section Mr. HENSARLING. Madam Speaker, loan originator in an application State for the and who engages in residential mortgage loan I yield myself such time as I may con- period described in paragraph (2) if the indi- origination activities shall be subject to the re- sume. vidual— quirements of this title and to applicable State Madam Speaker, I rise today in ‘‘(A) has not had an application for a loan law to the same extent as if such individual was strong support of H.R. 3978, which is a originator license denied, or had such a license a State-licensed loan originator licensed by the package of five strongly bipartisan revoked or suspended in any governmental ju- application State. bills, yet again, from the Financial risdiction; ‘‘(d) DEFINITIONS.—In this section, the fol- ‘‘(B) has not been subject to or served with a lowing definitions shall apply: Services Committee of the House. As cease and desist order in any governmental ju- ‘‘(1) STATE-LICENSED MORTGAGE COMPANY.— standalone bills, all were favorably re- risdiction or as described in section 1514(c); The term ‘State-licensed mortgage company’ ported, again, with strong bipartisan ‘‘(C) has not been convicted of a felony that means an entity licensed or registered under the support of at least three-quarters of would preclude licensure under the law of the law of any State to engage in residential mort- the committee. application State; gage loan origination and processing activities. ‘‘(D) has submitted an application to be a The title provision of this package is ‘‘(2) APPLICATION STATE.—The term ‘applica- the TRID Improvement Act by Con- State-licensed loan originator in the application tion State’ means a State in which a registered State; and loan originator or a State-licensed loan origi- gressman FRENCH HILL. This bill ‘‘(E) was registered in the Nationwide Mort- nator seeks to be licensed.’’. amends CFPB’s complex TILA/RESPA gage Licensing System and Registry as a loan (b) TABLE OF CONTENTS AMENDMENT.—The integrated disclosure, known as the originator during the 12-month period preceding table of contents in section 1(b) of the Housing TRID rule, in order to simplify the the date of submission of the information re- and Economic Recovery Act of 2008 (42 U.S.C. closing documents consumers get when quired under section 1505(a). 4501 note) is amended by inserting after the item they close a mortgage. ‘‘(2) PERIOD.—The period described in para- relating to section 1517 the following: graph (1) shall begin on the date that the indi- It does this by allowing for the cal- vidual submits the information required under ‘‘Sec. 1518. Employment transition of loan origi- culation of the discounted rate that section 1505(a) and shall end on the earliest of— nators.’’. title insurance companies provide to ‘‘(A) the date that the individual withdraws SEC. 502. AMENDMENT TO CIVIL LIABILITY OF consumers when they purchase a lend- the application to be a State-licensed loan origi- THE BUREAU AND OTHER OFFI- CIALS. er’s and owner’s title insurance policy nator in the application State; simultaneously. This makes it more ‘‘(B) the date that the application State de- Section 1513 of the S.A.F.E. Mortgage Licens- nies, or issues a notice of intent to deny, the ap- ing Act of 2008 (12 U.S.C. 5112) is amended by accurate, Madam Speaker. plication; striking ‘‘are loan originators or are applying Title II is the Protection of Source ‘‘(C) the date that the application State for licensing or registration as loan origina- Code Act introduced by Representa- grants a State license; or tors.’’ and inserting ‘‘have applied, are apply- tives SEAN DUFFY and DAVID SCOTT, a ‘‘(D) the date that is 120 days after the date ing, or are currently licensed or registered Republican and a Democrat. This pro- on which the individual submits the application, through the Nationwide Mortgage Licensing vision ensures that the Securities and System and Registry. The previous sentence if the application is listed on the Nationwide Exchange Commission cannot require Mortgage Licensing System and Registry as in- shall only apply to persons in an industry with complete. respect to which persons were licensed or reg- financial services firms to disclose al- ‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE istered through the Nationwide Mortgage Li- gorithmic trading source code without LOANS FOR STATE-LICENSED LOAN ORIGINATORS censing System and Registry on the date of the first obtaining a subpoena. Source code MOVING INTERSTATE.— enactment of this sentence.’’. is among a firm’s most sensitive infor- ‘‘(1) IN GENERAL.—A State-licensed loan origi- SEC. 503. EFFECTIVE DATE. mation, and this bipartisan provision nator shall be deemed to have temporary au- This title and the amendments made by this balances privacy and due process con- thority to act as a loan originator in an applica- title shall take effect on the date that is 18 cerns while preserving the SEC’s abil- tion State for the period described in paragraph months after the date of the enactment of this ity to obtain such information when (2) if the State-licensed loan originator— Act. ‘‘(A) meets the requirements of subparagraphs necessary. (A), (B), (C), and (D) of subsection (a)(1); The SPEAKER pro tempore. The bill, The third title is the Fostering Inno- ‘‘(B) is employed by a State-licensed mortgage as amended, shall be debatable for 1 vation Act which was introduced by company in the application State; and hour equally divided and controlled by Representatives SINEMA and HOLLINGS- ‘‘(C) was licensed in a State that is not the the chair and ranking minority mem- WORTH to provide relief to small and application State during the 30-day period pre- ber of the Committee on Financial emerging businesses by extending the ceding the date of submission of the information Services. popular onramp exemption of the JOBS required under section 1505(a) in connection After 1 hour of debate on the bill, as with the application submitted to the applica- Act for emerging growth companies in tion State. amended, it shall be in order to con- a more tailored manner. In short, it ‘‘(2) PERIOD.—The period described in para- sider the further amendment printed in provides emerging growth companies graph (1) shall begin on the date that the State- part C of House Report 115–559, if of- more time to reach a size when they licensed loan originator submits the information fered by the Member designated in the reasonably can be expected to finan- required under section 1505(a) in connection report, which shall be considered read, cially sustain the legal, accounting, with the application submitted to the applica- shall be separately debatable for the and compliance costs associated with tion State and end on the earliest of— time specified in the report equally di- ‘‘(A) the date that the State-licensed loan the full Sarbanes-Oxley section 404(b) originator withdraws the application to be a vided and controlled by the proponent compliance. State-licensed loan originator in the application and an opponent, and shall not be sub- Fourth, Madam Speaker, is the Na- State; ject to a demand for a division of the tional Securities Exchange Regulatory ‘‘(B) the date that the application State de- question. Parity Act which was introduced by nies, or issues a notice of intent to deny, the ap- The gentleman from Texas (Mr. HEN- Mr. ROYCE and which will ensure fur- plication; SARLING) and the gentlewoman from ‘‘(C) the date that the application State ther clarity and competition among California (Ms. MAXINE WATERS) each national security exchanges by mod- grants a State license; or will control 30 minutes. ‘‘(D) the date that is 120 days after the date ernizing the blue sky exemption in the on which the State-licensed loan originator sub- The Chair recognizes the gentleman Securities Act. Modernizing this provi- mits the application, if the application is listed from Texas. sion will ensure all national security on the Nationwide Mortgage Licensing System GENERAL LEAVE exchanges operate on a level regu- and Registry as incomplete. Mr. HENSARLING. Madam Speaker, latory playing field and help protect ‘‘(c) APPLICABILITY.— I ask unanimous consent that all Mem- retail investors from arbitrary acts by ‘‘(1) Any person employing an individual who is deemed to have temporary authority to act as bers may have 5 legislative days in State regulators that may bar inves- a loan originator in an application State pursu- which to revise and extend their re- tors in one State from buying stock ant to this section shall be subject to the re- marks and submit extraneous material freely available to investors in every quirements of this title and to applicable State on the bill under consideration. other State.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00028 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.011 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1157 The final title of this bill is a provi- I am going to walk through each of to a decade would harm investor con- sion introduced by Congressman STIV- the problematic provisions in this bill. fidence and all such companies, hurting ERS to allow mortgage loan originators Beginning with title IV, this provision the very companies the bill’s sup- who work as loan officers in banks and is identical to H.R. 4546, the National porters purport to help. credit unions to transition to a new job Securities Exchange Regulatory Parity Title II of this bill is the same lan- at a nonmortgage company without Act, which would weaken the standards guage as H.R. 3948, the Protection of losing the ability to originate loans. for listing public companies for trading Source Code Act. This bill bans the Without this bill, the transition proc- at U.S. stock exchanges. Today, ex- SEC from inspecting source code used ess can take weeks or months depend- changes listing standards set minimum by regulated entities to engage in algo- ing on the State. requirements for a company’s shares to rithmic or computer-driven trading Each of these measures, Madam be sold to the public without having to and other activities that impact the se- Speaker, will cut through layers of red comply with State law. Exchanges can curities markets and investors without tape and help level the playing field only revise these standards if the Secu- first obtaining a subpoena. This provi- making regulations smarter, fairer, rities and Exchange Commission first sion would severely hamper the ability clearer, and more efficient, thus ensur- finds that new standards are substan- of the SEC to effectively examine per- ing that there are more competitively tially similar to the listing standards sons like high-frequency traders and to priced credit opportunities, more cred- of the New York Stock Exchange. investigate market disruptions. it opportunities for consumers, and This bill would remove any separate The recent stock market volatility, that investors have greater investment analysis for changing the standards which has seen all of the major stock opportunities in competitive markets. and, thus, automatically preempt indices decline by more than 10 percent They will provide commonsense regu- State oversight. As a result, the bill in less than 2 weeks, has been exacer- latory relief. They are practical, they would encourage a race to the bottom bated by high-frequency traders using are bipartisan, and they are needed. of listing standards as exchanges com- complex computer algorithms to deter- Madam Speaker, I encourage all of pete with each other to attract compa- mine when to buy and sell millions of my colleagues to support the measure, nies with less restrictions, even if the trades per second by making it harder and I reserve the balance of my time. standards are beneficial to the inves- for the capital markets COP to detect Ms. MAXINE WATERS of California. tors. and stop bad actors and rein in fraudu- Madam Speaker, I yield myself such I believe that we should be strength- lent trading schemes. This provision time as I may consume. ening the current analysis to promote will inevitably harm everyday Ameri- Madam Speaker, I rise in strong op- fair and rigorous listing standards and cans and retirees who rely on fair cap- position to H.R. 3978, the TRID Im- only preempt State law when compa- ital markets to invest their hard- provement Act of 2017. nies meet high standards. This is why I earned savings. H.R. 3978 has been dramatically ex- worked with the cosponsors last Con- To make matters worse, Republicans panded without input from Democrats gress to strike a bipartisan com- added a provision to pay for the cost of to include several highly problematic promise which passed the House unani- the bill by taking $2 million from the and damaging bills. If enacted, this mously to require the SEC to develop a Securities and Exchange Commission’s amended package of bills would ease core qualitative listing standard. Un- reserve fund. As a result, our financial the ability of high frequency traders to fortunately, my Republican colleagues watchdog will have less resources to manipulate the stock markets unde- have reversed their position in favor of support its capacity to oversee the tected, encourage a regulatory race to empowering the industry over the in- markets through investments in IT and the bottom in our Nation’s stock ex- vesting public. to respond to unforeseen market events changes, and harm investors and small Turning to title III which is identical like the flash crash. businesses by weakening efforts to pre- to H.R. 1645, the so-called Fostering In- In short, this bill asks taxpayers to vent accounting fraud at smaller public novation Act, this provision would pay for the costs of diminished capital companies. eliminate the independent audit of a market oversight by taking away Taken together, this deregulatory company’s financial reporting controls SEC’s funding to respond to emergency package could significantly undermine for up to 10 years for newly public com- market situations that threaten mar- market stability and gut investor and panies provided that they have $50 mil- ket stability. This provision doubles consumer protections at a time when lion or less in gross revenues and less down on the irresponsible policy- our financial markets are already rat- than $700 million in outstanding making we often see by the opposite tled. shares. Passed in the wake of the side of the aisle. Madam Speaker, from January 26 Enron and WorldCom accounting scan- The bill before us today would also until last Thursday, the stock markets dals, the requirement that public com- make two less significant changes plunged just over 10 percent, becoming panies conduct an independent audit of which I believe the Republicans in- what the financial services industry financial controls is one of the many cluded to garner additional support for calls ‘‘stock market correction,’’ and accounting provisions required by the the legislation. Nevertheless, even with for the past two trading days, markets bipartisan Sarbanes-Oxley Act that di- these provisions, the package should be have rebounded the most since 2016. rectly benefits investors and public soundly rejected. Although market corrections are not companies by improving the accuracy Title I, which includes the version of new, what distinguishes today’s vola- of their financial reporting. H.R. 3978, TRID Improvement Act of tility is that it is driven by complex In fact, companies that are not sub- 2017, that the committee previously computer strategies designed to buy ject to such review by an independent considered, would amend a mortgage and sell stocks and options millions of auditor are more likely to issue correc- disclosure known as TRID or the know- times a day. As many of us have wit- tions to their financial reports leading before-you-owe disclosure that informs nessed, the Dow Jones Industrial Aver- to investor losses and higher losses for home buyers of the terms and condi- age may be up 500 points and then down the company. tions of their mortgage. Responding to 600 in less than a few minutes. For the Investors like these audits because the concerns of some in the real estate average American who was hoping to they improve the veracity of the re- industry, this provision would amend one day retire with dignity by invest- ports they rely on to make investment the disclosure to account for the dis- ing her hard-earned savings in the decisions. Today, truly small public counts paid to borrowers in States stock market, it can be distressing to companies—those with less than $75 where simultaneous lender and buyer see such wild swings always wondering million worth of shares—are already title insurance is issued. However, the whether the markets are truly fair or exempt from the audit requirement. revised form does nothing for bars in whether she is going to be fleeced. Un- But this bill would extend the exemp- States that do not provide such special fortunately, the passage of H.R. 3978 tion to large companies that are nearly rates to home buyers, and the provi- would likely make those swings more ten times that size. The law already sion eliminates the Consumer Bureau’s extreme and increase the likelihood of provides newly public companies with ability to fix this aspect of the form problems going forward. an exemption for 5 years. Extending it even if a problem arises in the future.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00029 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.047 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1158 CONGRESSIONAL RECORD — HOUSE February 14, 2018 The final provision, title V, is iden- are going to pay on your mortgage is out of our committee—bipartisan—this tical to H.R. 2948, the SAFE Mortgage calculated right, it is accurate. And is a bill that Members of Congress have Licensing Act. This title would ease RESPA, the Real Estate Settlement heard from across this country and all the ability of individuals employed as Act, said that whatever you were pay- 50 States from community bankers, mortgage originators to change em- ing in extras, such as title insurance, mortgage bankers of all sizes who are ployers by creating a temporary 120- was disclosed accurately. trying to provide an accurate, fast day licensing regime so that they can Well, we now flash forward a number closing for our most important thing continue to work at their new em- of years. we do as a family, and that is to decide ployer. Back in 2013, the CFPB finalized this to buy a home. This bill would effectively treat new, combined rule, the TRID rule: I thank the chairman of the full com- mortgage originators who work for know before you owe. It should have mittee for yielding. I urge my col- State registered firms the same as fed- been called: know before you confuse. leagues to support this full package of erally registered firms and was unani- This rule, finalized in 2013, was still bipartisan bills through regular order, mously supported by committee Demo- subject to delay due to errors that the through our committee, and that are crats. Unfortunately, because this leg- CFPB made, and it finally got put in presented here to improve our econ- islation has been packaged with other place back in 2015. omy, improve the balance in our regu- deeply problematic and destructive There was $1.5 billion in software latory system, and help make credit bills, sensible relief to these individ- compliance costs for banks to try to more accessible for consumers at bet- uals that has broad bipartisan support merge this form that is supposed to be ter prices. is being held hostage by Republicans’ so simple and so easy for consumers. Ms. MAXINE WATERS of California. efforts to roll back as many safeguards The CFPB offered no concrete guidance Madam Speaker, I reserve the balance as they can this year. about it. So this House came together of my time. Madam Speaker, H.R. 3978, as amend- and over 300 Members of this House Mr. HENSARLING. Madam Speaker, ed, threatens many of the important voted to direct the CFPB to improve I yield 4 minutes to the gentleman reforms Democrats made to restore in- this rule; that it was not a success from Wisconsin (Mr. DUFFY), the chair- vestor confidence to our capital mar- story. man of the Subcommittee on Housing kets after the worst financial crisis in So, in fact, in April 2016, the CFPB and Insurance and the sponsor of title generations. As the stock markets con- decided to open the rulemaking for 2 of the Protection of Source Code in tinue to wobble ominously in ways TILA-RESPA and try to find some this bill. that threaten the savings of hard- clarifying and amending procedures Mr. DUFFY. Madam Speaker, I working Americans, Congress should be that would make it more clear. thank the chairman for all of his work strengthening oversight of the finan- Well, as you can hear, it is a massive, and support on this legislation, as well cial system, not weakening it. complex rule that is expensive. The as the gentleman from Arkansas (Mr. Not surprisingly, H.R. 3978 is strong- American Bankers Association said if HILL), for which my provision is made ly opposed by the North American As- there was one thing to fix in consumer part of a larger package. sociation of Securities Administrators compliance, it would be TILA-RESPA; I also thank the gentlemen from who serve on the frontline combating the TRID. It wouldn’t be the qualified Georgia and Illinois, my good friends securities fraud on the State level and mortgage definition. It wouldn’t be all across the aisle, DAVID SCOTT and BILL by nonpartisan organization who speak the capital rules embedded in Dodd- FOSTER, both of whom are cosponsors on behalf of our Nation’s consumers, Frank. It would be this rule. of the Protection of Source Code Act. investors, and unions, including Con- When I have been at home in my dis- It is a bipartisan bill. sumer Federation of America, Center trict, I have heard about it countless The recent cyber incidents at for American Progress, Americans for times from mortgage bankers and com- Equifax, SEC, and even at the NSA, has Financial Reform, AFL–CIO, and Pub- munity bankers. shown that all organizations are vul- lic Citizen, and so do I. So we are still not there, which is nerable to security risks. These inci- Madam Speaker, I urge everyone to why we are here today, Madam Speak- dents are a timely reminder of the reject this harmful package of bills and er. And that is, this bill does one sim- risks that we face in this digital age. to vote ‘‘no’’ on H.R. 3978. ple thing, which says: if you buy a title Given this reality, it is important for Madam Speaker, I reserve the bal- insurance policy, in the majority of government agencies such as the SEC ance of my time. States, the CFPB rule is not accurate. to rethink what they collect, how they You can see here that the rule for Ar- collect it, how it is stored, and what b 1530 kansas on a $200,000 sales price house they do with this information in the Mr. HENSARLING. Madam Speaker, says that the consumer should pay long run. I yield 5 minutes to the gentleman $382.50 after this complex formula The Protection of Source Code Act is from Arkansas (Mr. HILL), the majority when, in reality, they are really paying a bipartisan bill intended to reduce whip of the committee and the sponsor either $525 or the actual charge of $35. some of the cybersecurity risks to our of the legislation. So it is not an improvement. financial markets posed by the SEC Mr. HILL. Madam Speaker, I rise in In these States, the CFPB is not al- when it gathers highly sensitive trad- support of my bill, H.R. 3978, the TRID lowing for the calculation of a dis- ing or source code information as part Improvement Act. counted rate, known as a simultaneous of their oversight duties. I want to focus my comments on the issue, which is a rate title insurance The Protection of Source Code Act actual improvements to the Truth in companies provide to consumers when establishes a process for the SEC with Lending and RESPA form, TILA- they purchase both the lender’s and respect to requesting source code and RESPA, which is now referred to as owner’s title policy simultaneously. other intellectual property that forms TRID. Madam Speaker, this bill offers clar- the basis of source code. Back in 2010, when Dodd-Frank was ity and actually takes a complex rule It does not preclude the SEC from re- being considered, one of the goals that and makes this part of it simpler so questing data that it determines it then-White House staffer ELIZABETH our consumers actually will see on the needs for market oversight. It merely WARREN, now Senator ELIZABETH WAR- closing statement what the cost of the puts a process in place for how the SEC REN, had was: Well, we are going to title insurance is. It will be trans- seeks access to certain intellectual make this a win for both banks and parent. property. consumers. One of the things we are There are many other challenges Having a process in place for how the going to do is we are going to make with this rule, and we have talked SEC requests source code and similar forms simpler and consumer disclosure about them in our committee. Today, intellectual property will better pro- better. America’s exhibit A today is we are only debating and discussing tect registrants and their clients and the TILA-RESPA form. one small one. investors from inadvertent disclosure TILA was about truth in lending, and But I urge my colleagues on both or cyber theft of their most valuable let’s make sure the interest rate you sides of the aisle—when this bill came and important intellectual property.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00030 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.048 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1159 Such disclosure or theft could de- sitive source code, and if you want to and hamstring the agency from re- stroy the American businesses that take it to the SEC, you get a subpoena. sponding quickly to flash crashes or own the intellectual property. Worse, Frankly, we think there are problems other market breakdowns.’’ it could undermine investor confidence with that. The SEC has been hacked. Further, the CFA wrote that: ‘‘At a and create significant volatility in our The NSA has been hacked. Everybody time when algorithmic trading is tak- financial markets. has been hacked. If you compile all this ing on increased importance in our cap- In general, the SEC should not be re- information, the risk that poses to our ital markets, this bill would make it questing source code or intellectual markets and volatility to our markets, more difficult for the SEC to properly property that forms the basis of source I think, is unacceptable. That is why it oversee such trading. code. They shouldn’t be collecting that is bipartisan. b 1545 on a regular basis. Such information is I would encourage all Members of generally unnecessary for the SEC to this House to take a step forward for ‘‘The bill would require the SEC to perform its market oversight function due process. first issue a subpoena before it could and, as we have learned from recent Ms. MAXINE WATERS of California. compel a person to produce or furnish cyber hacks, could create a very invit- Madam Speaker, I yield myself such to the SEC algorithmic trading source ing treasure trove of sensitive data for time as I may consume. code or ‘similar intellectual property.’ computer hackers. Madam Speaker, given the extreme This would undermine the SEC’s exam- This bill ensures that the SEC will volatility in the stock markets over ination authority by creating a gaping gather source code when it is truly the past few weeks, I am particularly hole in its ability to gain access to needed, under a subpoena process that troubled by title II of this bill, which firm records relevant to the examina- provides appropriate due process for would make it easier for high-fre- tion. It would also have a devastating the information. quency traders to evade regulatory effect on the agency’s ability to re- Under this bill, the SEC, in con- oversight of their potentially disrup- spond quickly in the event of another ducting an exam, may continue to ask tive automated trading algorithms. ‘flash crash’ or such events in the fu- a registrant for general information This provision is widely opposed by ture. In order to oversee the markets about a registrant’s trading system or nonpartisan consumer and investor ad- effectively, the SEC needs to be able to trading strategies. vocacy groups who recognize the im- accurately and efficiently reconstruct So let’s break this down a little bit. pact automated trading has on our order entry and trading activity, in- We have source code that is highly sen- markets. cluding for algorithmic traders.’’ sitive. It is intellectual property. If Let me read for you excerpts from a Public Citizen, a consumer rights ad- you are the SEC, you can actually go few letters from these groups that vocacy group with over 400,000 mem- onsite and look at the source code. I highlight the dangers of title 2. bers and supporters, wrote: ‘‘Market am fine with that. Americans for Financial Reform—a volatility caused not by real events But if you are going to collect the coalition of more than 200 consumer, such as outbreak of a war, but by com- source code and take it back to the civil rights, investor, retiree commu- puters, including computer glitches, SEC and store it and you have a whole nity, labor, faith-based, and business threatens to erase savings to some in- bunch of intellectual property from groups—wrote: ‘‘Title II would prevent nocent investors and erodes general in- American businesses stored at the SEC, regulators from inspecting not only vestor confidence. The recent swings in this is one-stop shopping for hackers. their raw source code used in auto- the markets attest to the need for ro- You have just got to do it once. Get in mated trading, but also any related in- bust and urgent supervisory inspection. the SEC and you get it all. tellectual property that ‘forms the The May 6, 2010 ‘Flash Crash,’ where My friend across the aisle, the rank- basis for the design of’ source code. Ex- markets collapsed by more than $1 tril- ing member, wants to talk about vola- amination of such intellectual property lion in less than an hour, revealed that tility. Wait and see if there is an SEC would only be possible in an enforce- such a robust and urgent supervision hack where they get all this informa- ment context pursuant to a subpoena. has been lacking. The SEC required tion, all this source code. That is a risk This implies that the SEC would have nearly a half year to investigate this we don’t want to have. to wait until the damage was done incident before identifying a flawed al- We want due process. If you want to through a ‘flash crash’ or similar mar- gorithmic at one major trader. SEC come in and take the source code, get ket disruption before taking any ac- oversight should be streamlined, not a subpoena. tion, which would have to be retrospec- hampered. Trading instructions and Do we believe in due process in Amer- tive. records of human traders are already ica? ‘‘In light of the significance of auto- subject to inspection, so it should be no For the most sensitive data, the most mated trading to modern markets, and different for those instructions and sensitive information, get a subpoena the potential risk of high-frequency records generated by a machine. Hiding and you can take it. But those are trading, it makes no sense to tie the source code from regulatory scrutiny basic measurers, basic protections that hands of regulators in examining de- will leave those responsible for mis- we offer in America that we should em- tailed trading strategies and methods takes as well as those attempting to ploy at the SEC when they want this of high frequency traders.’’ manipulate markets unaccountable.’’ intellectual property that is of great The Center for American Progress These letters demonstrate the wide value to these firms. cautioned that: ‘‘But in an era of fast- opposition to title II by groups that My bill, contrary to the ranking moving, ‘flash-crash’-prone markets, truly understand that robust oversight member’s point, Madam Speaker, the SEC may have a wide range of reg- of algorithmic trading is necessary for doesn’t offer exemptions to exams. ulatory reasons for why it may need to the help of our makers. Exams will still happen. Also, it is still examine source codes, including ap- Madam Speaker, I include in the illegal to manipulate markets. Those provals of new trading products or the RECORD letters from these groups. things haven’t changed. supervision of trading venues. The SEC FEBRUARY 13, 2018. This is just about due process. should only exercise that authority Please vote NO on H.R. 3299 and H.R. 3978. The SPEAKER pro tempore. The carefully and under the strictest pro- Hon. MEMBER, time of the gentleman has expired. tections for confidential information, House of Representatives, Mr. HENSARLING. Madam Speaker, but blocking it by law dangerously lim- Washington, DC. I yield an additional 30 seconds to the its the SEC’s ability to address the sig- DEAR HON. MEMBER: On behalf of more gentleman from Wisconsin. nificant technology-based challenges than 400,000 members and supporters of Pub- Mr. DUFFY. It is important that we to financial markets.’’ lic Citizen, we ask you to vote NO on H.R. have truthful and honest information The Consumer Federation of Amer- 3299 and H.R. 3978, which are expected to be considered by the full House on Wednesday, on the floor. This does not prohibit ica, an association of nearly 300 con- February 14, 2018. Provisions in these bills exams. This doesn’t make legal manip- sumer advocacy groups, similarly op- would expose borrowers to abusive loans, in- ulation of the markets. It is still ille- posed title 2 because it ‘‘would weaken vestors to dubious securities, and Americans gal. All we are saying is we have sen- SEC oversight of algorithmic trading generally to a riskier financial system.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00031 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.051 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1160 CONGRESSIONAL RECORD — HOUSE February 14, 2018 H.R. 3299, the Protecting Consumers’ Ac- ties and Exchange Commission (SEC). Rules manner that would increase confusion and cess to Credit Act of 2017, would allow preda- may differ between exchanges, but they must potentially misinform consumers as to the tory lenders to escape state limits on high be approved by the SEC to ensure that they final cost of these important fees. The title interest rates. The bill would nullify the Sec- prevent fraud, serve the public interest and insurance market already lacks trans- ond Circuit Court ruling in Madden v. Mid- protect investors. Moreover, exchanges must parency and fairness; fees are grossly in- land Funding. That decision provided that a adopt and enforce rules that are ‘‘substan- flated in relation to the value of the insur- financial institution that buys loans origi- tially similar’’ to the major exchanges, ance. The Consumer Financial Protection nated by a national bank could not benefit known formally as ‘‘Named Markets,’’ under Bureau (CFPB) carefully studied this issue in from the National Bank Act’s preemption of current law. The existing system deters a its rulemaking to determine the clearest and state interest rate caps. While the Madden race to the bottom, where an exchange may most accurate way to disclose fees in light of decision did not limit interest rates that attempt to attract companies with weaker varying state laws on title insurance and dif- banks charge on credit, it does limit rules. Conversely, this bill would actually ferences in practices by different companies. nonbanks from evading state interest rate promote that race to the bottom by remov- The changes in the statutory language here caps. This bill would pave the way for pay- ing the requirement that the exchange adopt would limit the CFPB’s authority to create a day lenders, financial technology (fintech) rules that are substantially similar to those consistent method of disclosure across dif- companies and others to exploit that loop- of the Named Markets. We oppose this meas- ferent companies and different states, and to hole and use a ‘‘rent-a-bank’’ arrangement in ure. reflect ways in which title insurance costs order to charge high interest rates. Twenty A fourth measure in H.R. 3978 is the Pro- can change at closing. Further refinement in state Attorneys General have written to op- tection of Source Code Act, (formerly H.R. title insurance disclosures can be addressed pose this measure, noting that it undermines 3948). This measure would impede the ability through rulemaking by the CFPB itself in their efforts to protect borrowers from abu- of the SEC to conduct effective compliance consultation with stakeholders. sive loan rates. We urge you to oppose this examinations of market volatility involving Title II, ‘‘Protection of Source Code,’’ bill. computer-driven algorithms. The bill im- would severely restrict the ability of the H.R. 3978, the TRID Improvement Act of poses a strict subpoena requirement before SEC to examine the detailed trading strate- 2017, is actually a package of bills that were staff could inspect otherwise routine busi- gies of high-frequency traders or automated considered separately in the House Financial ness records that involve source code. Mar- traders, even in cases where such traders Services Committee. One of these is the Fi- ket volatility caused not by real events such posed a risk to markets or the financial sys- nancial Stability Oversight Council Improve- as the outbreak of a war, but by computers, tem. Title II would prevent regulators from ment Act (formerly H.R. 4061). This measure including computer glitches, threatens to inspecting not only the raw source code used would add numerous procedural require- erase savings to some innocent investors and in automated trading, but also any related ments for the Financial Stability Oversight erodes general investor confidence. The re- intellectual property that ‘‘forms the basis Council (FSOC) when it considers the des- cent swings in the markets attest to the for the design of’’ source code. Examination ignation or continued designation of a need for robust and urgent supervisory in- of such intellectual property would only be nonbank firm as a systemically important fi- spection. The May 6, 2010 ‘‘Flash Crash,’’ possible in an enforcement context pursuant nancial institution (SIFI). Current rules al- where markets collapsed by more than $1 to a subpoena. This implies that the SEC ready make SIFI designation a high hurdle. trillion in less than an hour, revealed that would have to wait until the damage was The case of MetLife, for example, shows that such robust and urgent supervision has been done through a ‘‘flash crash’’ or similar mar- firms enjoy more than ample methods to lacking. The SEC required nearly a half year ket disruption before taking any action, contest designation. After FSOC designated to investigate this incident before identi- which would have to be retrospective. MetLife as systemically important, it con- fying a flawed algorithm at one major trad- In light of the significance of automated tested it in court and the case is pending. In- er. SEC oversight should be streamlined, not trading to modern markets, and the poten- creasing the government’s burden for des- hampered. Trading instructions and records tial risks of high frequency trading, it makes ignation would restrict its ability to apply of human traders are already subject to in- no sense to tie the hands of regulators in ex- enhanced supervision to major institutions. spection, so it should be no different for amining detailed trading strategies and However, the largest bailout of the 2008 fi- those instructions and records generated by methods of high frequency traders. At any nancial crash went to AIG, a nonbank en- a machine. Hiding source code from regu- brokerage, trading instructions to a human gaged in reckless derivatives activity beyond latory scrutiny will leave those responsible trader, including the conditions under which the purview of banking supervisors. We op- for mistakes as well as those attempting to such a trade would be carried out (e.g., a pose this measure. manipulate markets unaccountable. We op- limit order) are part of the books and records Another bill contained in H.R. 3978 is the pose this measure. routinely open to inspection by FINRA or Fostering Innovation Act (previously H.R. Because of our opposition to these ele- the SEC. Trading instructions must not be 1645). This bill amends Section 404(b) of the ments in H.R. 3978 and to H.R. 3299 we urge exempt from inspection simply because they Sarbanes-Oxley (SOX) law by increasing you to vote NO on these bills. As we are are automated. They should be part of the from five to 10 years the time that CEOs of marking the 10th anniversary of the Wall books and records of the organization, just firms with less than $50 million in revenue Street Crash, it’s clear that American con- as other order-related documents are. Intel- must attest to the accuracy of their finan- sumers and investors deserve stronger finan- lectual property related to source code clear- cial reporting. Congress approved SOX in re- cial reforms, not weakened protections that ly involves trading strategies, which have al- sponse to the accounting scandals at the will make our economy more susceptible to ways been a subject for regulatory inspec- turn of the millennium. The rules are de- another collapse. tion and oversight. signed to promote accounting accuracy to Thank you for your consideration. For The continued high volatility on Wall the shareholders who have entrusted their questions, please contact Bartlett Naylor. Street is giving evidence of the potential savings to these firms. A Government Ac- Sincerely, systemic dangers of high-frequency auto- countability Office (GAO) report found that PUBLIC CITIZEN. mated trading. Now is not the time to tie the companies with inferior financial reporting SEC’s hands in doing oversight of such trad- controls have a significantly higher likeli- AMERICANS FOR ing. hood of issuing a restatement of their finan- FINANCIAL REFORM, Title III, ‘‘Fostering Innovation,’’ would cial accounts. Firms that are unwilling to Washington, DC, February 13, 2018. double the time for which certain new public oblige SOX should not be trusted with the DEAR REPRESENTATIVE: On behalf of Ameri- companies are exempt from key financial re- capital of savers. Extending the CEO attesta- cans for Financial Reform, we are writing to porting controls, most notably attestation tion requirement from five to 10 years exac- urge you to vote in opposition to H.R. 3978, by an auditor that their earnings and ac- erbates the problem. From an investor per- which is being considered on the House floor counting are accurate. It grants this exemp- spective, accounting safeguards are more im- today. This legislation is a grab bag of bad tion to a class of companies, newly public portant for smaller companies, since larger legislative ideas that should never have ad- companies with low revenue growth, which companies generally attract a larger and vanced through the House Financial Services have a particular strong incentive to manip- more sophisticated base of stock and bond Committee. Especially notable given the re- ulate their financial statements and deceive holders who can perform effective oversight. cent wild swings in stock prices, Title II of investors. This piece of the legislation would We oppose this measure. this bill would sharply limit the ability of both harm investors and undermine the in- A third bill that is part of the H.R. 3978 the Securities and Exchange Commission tegrity of our capital markets. package is the National Securities Exchange (SEC) to investigate high-frequency auto- Title IV, ‘‘National Securities Exchange Regulatory Parity Act (formerly H.R. 4546). mated trading strategies that can disrupt Regulatory Parity,’’ would dangerously ex- This bill would eliminate state supervision markets. But that is hardly the only harmful pand Federal pre-emption from state securi- of securities if they are listed on an ex- bill in this package. There are several other ties laws designed to protect investors from change, even if the exchange has reduced provisions that would weaken consumer and securities fraud. Under current law, a na- standards compared with those of major ex- investor protections. tional securities exchange needs to meet changes such as the New York Stock Ex- Title I, ‘‘TRID Improvement,’’ would listing standards similar to those of a major change. Under current law, state supervision amend the TILA/RESPA Integrated Disclo- national exchange—e.g., the New York Stock is pre-empted only if the security is listed on sure Rule (also known as TRID) to change Exchange, NASDAQ—for its securities to be exchanges with rules overseen by the Securi- how title insurance fees are disclosed, in a deemed ‘‘covered securities.’’ Under this

VerDate Sep 11 2014 03:28 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00032 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.018 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1161 classification, securities enjoy the advan- lators. These MLOs are also registered in the Mr. HENSARLING. Madam Speaker, tages of exemptions from state-level regula- Nationwide Mortgage Licensing System and I yield myself 30 seconds to say the tions. Registry (NMLS). By contrast, MLOs em- widespread opposition to the bill al- Title IV in H.R. 3978 would amend the Se- ployed by federally-insured depositories or curities Act of 1933 to remove the require- their affiliates must only be registered in the luded to by the ranking member ment that companies meet listing standards NMLS, and do not have to pass a test or doesn’t include roughly half the Demo- rigorous enough to be considered similar to meet specific education requirements. crats on the committee, including the those of major exchanges, effectively allow- The result is a two-tiered system that in- gentleman from Illinois (Mr. FOSTER), ing riskier, less liquid securities to qualify hibits job mobility for loan officers and who was quoted in our markup as say- as ‘‘covered securities’’ and avoid state secu- makes it difficult for non-bank lenders to ing: ‘‘As someone who can code in at rities laws designed to protect investors and compete for talented employees. Rather than least seven languages, I understand financial markets. Under this section of H.R. leaving a job on a Friday and starting a new 3978, a security would be exempt from state- job on a Monday, an MLO who moves from a that source code is qualitatively dif- level fraud protections as long as it is traded bank to a non-bank lender must sit idle for ferent from other documents that a on a national exchange that is a member of weeks, and sometimes months, unable to en- firm might have and that our regu- the National Market System. This would gage in loan origination activities while lators should have legitimate access to. mean that securities could be pre-empted they complete the SAFE Act’s licensing and They are truly the crown jewels of an from the oversight of state securities regu- testing requirements — despite the fact they electronic trading firm, and there are lators without meeting the strong standards have already been registered in the NMLS obvious dangers that have been exposed and originating loans. This bill promotes a that the SEC has laid out for individual se- in transferring things really not just to curities to qualify for preemption under Sec- fair and competitive labor market by elimi- tion 18 of the Securities Act. nating barriers to the ability of non-bank the government, to any entity. The Both the North American Securities Ad- lenders (especially small lenders) to compete first line of defense in cybersecurity is ministrators Association (NASAA), the main for talented staff, and allowing MLOs to to keep the data as closely held as rea- body of state securities regulators, and the more easily move to the employer that offers sonable and still be able to do your chief securities regulator for the Common- them the best chance to succeed. job.’’ wealth of Massachusetts have made the dan- Section 501 of the bill is a bipartisan, nar- Madam Speaker, I reserve the bal- gers of this legislation clear in strongly row solution that would provide ‘‘transi- tional authority’’ to originate mortgages for ance of my time. worded opposition letters. In these letters, Ms. MAXINE WATERS of California. they advocated for fair and rigorous listing individuals who change corporate affiliation standards as essential to protect retail inves- from a federally-insured institution to a non- Madam Speaker, I continue to reserve tors and savers, to maintain high standards bank lender, or move across state lines, the balance of my time. for corporate governance, and to avoid con- while they work to meet the SAFE Act’s li- Mr. HENSARLING. Madam Speaker, flicts of interests that harm investors. Title censing and testing requirements. Transi- I yield 2 minutes to the gentleman IV of H.R. 3978 unacceptably weakens these tional authority would be available only to from Illinois (Mr. HULTGREN), the vice listing standards. MLOs that have a clean history as an origi- chairman on the Subcommittee on nator (e.g., no license denials, revocations or The sections of H.R. 3978 discussed above Capital Markets, Securities, and In- are, individually, bad bills for consumers and suspensions, cease and desist orders, or felo- nies that preclude licensing). vestment. investors rights and protections. Packaging Mr. HULTGREN. Madam Speaker, I them together only worsens the harm. We MBA is especially grateful for the leader- urge you to reject H.R. 3978. ship of the bill’s author, Representative thank Chairman HENSARLING, and I am Thank you for your attention to this mat- Steve Stivers (R–OH), as well as its bipar- so grateful for his work on this pack- ter. For more information please contact tisan original cosponsors: Representatives age of bills that are so important. AFR’s Policy Director, Marcus Stanley. Joyce Beatty (D–OH), Bruce Poliquin (R– I rise today to speak in support of Sincerely, ME), and Kyrsten Sinema (D–AZ). Last Con- H.R. 3978, the TRID Improvement Act, AMERICANS FOR FINANCIAL REFORM. gress, the bill was unanimously reported from the House Financial Services Com- and all the additional measures that have been included in the Rules Com- MORTGAGE BANKERS ASSOCIATION, mittee, and shortly thereafter passed the full Washington, DC, February 13, 2018. House of Representatives under suspension mittee print. I am a cosponsor of four Hon. PAUL RYAN, SPEAKER OF THE HOUSE, of the rules. Again, late last year, the bill of the five bills. The TRID Improve- House of Representatives, Washington, DC. was reported from committee by a unani- ment Act sponsored by Representatives Hon. JEB HENSARLING, mous vote of 60–0. HILL and KIHUEN make important im- MBA also supports Title I, Section 101, en- Chairman, House Financial Services Committee, titled ‘‘TRID Improvement’’, of the newly re- provements to the TILA-RESPA inte- House of Representatives, Washington, DC. packaged bill, as originally introduced as a grated disclosure forms so home pur- Hon. NANCY PELOSI, free-standing vehicle by Representatives chasers have the accurate representa- Minority Leader, House of Representatives, French Hill (R–AR) and Ruben Kihuen (D– tion of title insurance costs. Washington, DC. NV). This section would amend the Real Es- I am also a strong supporter of the Hon. MAXINE WATERS, tate Settlement Procedures Act (RESPA) to Ranking Member, House Financial Services National Securities Exchange Regu- require the Consumer Financial Protection Committee, House of Representatives, Wash- latory Parity Act, which I cosponsored Bureau (CFPB) to allow the accurate disclo- ington, DC. with Chairman ROYCE. This is a com- sure of title insurance premiums and any po- DEAR SPEAKER RYAN, LEADER PELOSI, tential available discounts to homebuyers. monsense technical fix to a 20-year-old CHAIRMAN HENSARLING AND RANKING MEMBER Under current regulations, the CFPB does statute that didn’t foresee an increase WATERS: On behalf of the Mortgage Bankers not permit title insurance companies to dis- in the number of exchanges in today’s Association (MBA), I am writing to express close available discounts for lender’s title in- our support for H.R. 3978, the TRID Improve- competitive market structure. surance on the government-mandated disclo- ment Act, which the House of Representa- Currently, exchanges not named in sure forms. This creates inconsistencies in tives will vote on this week. I would high- the law must have substantially simi- mortgage documents and causes confusion light MBA’s strong support for the inclusion lar listing standards as those that are for consumers. This section would minimize of two individual bills—H R. 2948 and the pre- specifically named. This means the that confusion by allowing title insurance viously free-standing H.R. 3978—within this companies to disclose available discounts Chicago Stock Exchange, the CBOE, updated vehicle. and accurate title insurance premiums to and others that have registered with MBA enthusiastically supports the inclu- the SEC since 1996 cannot be first mov- sion of Title V, Section 501, entitled ‘‘Elimi- consumers across the country. MBA urges all members of the House to nating barriers to jobs for loan originators,’’ ers in adopting innovative listing support the newly reframed H.R. 3978. Thank within the newly re-packaged bill. The Se- standards. you for your consideration of our views on cure and Fair Enforcement for Mortgage Li- The Chicago Stock Exchange has told this bill, which will help promote a more censing (SAFE) Act of 2008 created two par- me: ‘‘This change would remove this competitive real estate finance market and allel but asymmetrical regimes for mortgage thereby enhance overall economic develop- current impediment to companies list- loan originators (MLOs) that have resulted ment and growth. ing their securities on CHX and would in uneven consumer protections and an un- Sincerely, help in the exchange’s efforts to de- level playing field for mortgage originators. BILL KILLMER, velop a robust primary listing market The SAFE Act requires MLOs employed by Senior Vice President, Legislative non-bank lenders to be licensed, which in- here in Illinois.’’ and Political Affairs. cludes pre-licensing and annual continuing I am also very supportive of Chair- education requirements, passage of a com- Ms. MAXINE WATERS of California. man DUFFY’s legislation, the Protec- prehensive test, and criminal and financial Madam Speaker, I reserve the balance tion of Source Code Act, and I am an background reviews conducted by state regu- of my time. original cosponsor of that, because I

VerDate Sep 11 2014 03:24 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00033 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.021 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1162 CONGRESSIONAL RECORD — HOUSE February 14, 2018 recognize that the entire value of some In God we trust. ment Act, bipartisan legislation intro- companies are embodied in their source Ms. MAXINE WATERS of California. duced by the gentleman from Arkansas code. We need to have strong checks in Madam Speaker, I continue to reserve (Mr. HILL). place before our government can de- the balance of my time. I am a proud cosponsor of this legis- mand such information. Mr. HENSARLING. Madam Speaker, lation, which combines three bipar- Chris Giancarlo, now chairman of the I yield 2 minutes to the gentleman tisan proposals that will improve the CFTC, described the value of a sub- from Maine (Mr. POLIQUIN), a hard- home buying process, protect intellec- poena when criticizing the idea of a working member of the Financial Serv- tual property, and help emerging busi- source code repository at the agency he ices Committee. nesses thrive and create jobs. By re- serves. I quote him when he said: ‘‘The Mr. POLIQUIN. Madam Speaker, I forming confusing regulations that subpoena process provides property thank the chairman for moving this make it difficult for prospective buyers owners with due process of law before very important package of bills or businesses to get title insurance, the government can seize their prop- through the Financial Services Com- this legislation will help get more fam- erty. It protects owners of property, mittee and now to the floor. ilies into homes and help local busi- not the government that already has Madam Speaker, I want to congratu- nesses grow. abundant power.’’ late a terrific Congressman from the By protecting the intellectual prop- Finally, I want to mention my sup- State of Arkansas (Mr. HILL) for the erty of investors, we are improving the port for the Fostering Innovation Act, great work he has done in reconsti- access to capital that is essential for YRSTEN SINEMA and sponsored by K tuting the TRID Improvement Act. growth and job creation in commu- TREY HOLLINGSWORTH; and the SAFE This bill, Madam Speaker, is designed nities on Long Island, where my dis- Mortgage Licensing Act, sponsored by to help our homeowners or would-be trict is located, and all across our STEVE STIVERS and JOYCE BEATTY. I am homeowners go through the process country. a cosponsor of those measures as well. I urge all of my colleagues to vote in comfortably and efficiently, and also And last but not least, by reforming support of this very bipartisan package help our financial professionals who the outdated definition of what con- of bills. help them, in turn, to secure residen- stitutes an emerging growth company, Ms. MAXINE WATERS of California. tial mortgages. this legislation takes important steps Madam Speaker, I continue to reserve This bill, as has been noted earlier, towards fostering innovation and en- the balance of my time. Madam Speaker, passed with very suring that new businesses are not dis- Mr. HENSARLING. Madam Speaker, strong bipartisan support, and I en- couraged from expansion and job cre- I yield 2 minutes to the gentleman courage everybody on the floor, Repub- ation. from Texas (Mr. WILLIAMS), the vice licans and Democrats, to weigh in with The sum of these important bipar- chairman of our Subcommittee on a ‘‘yes’’ vote on H.R. 3978. tisan solutions are more innovation, Monetary Policy and Trade. Now, Madam Speaker, Mr. HILL’s bill more hiring, and a more vibrant econ- Mr. WILLIAMS. Madam Speaker, I has two very important pieces that omy. I urge all of my colleagues to rise in support of H.R. 3978, the TRID help our families and also help our vote for this important piece of legisla- Improvement Act introduced by my economy grow. tion. I thank my colleague, Congress- colleague from Arkansas (Mr. HILL) First, in title I, section 101, this bill man HILL, for his leadership with it, and my colleague from Nevada (Mr. allows title insurance companies to ac- and Chairman HENSARLING and his KIHUEN). curately disclose the premiums they great staff for all their efforts to get This important and overwhelmingly charge for their service and also the this bill to the floor. bipartisan legislation, which passed discounts that are available to our Ms. MAXINE WATERS of California. out of the House Financial Services home buyers across the country. Right Madam Speaker, I continue to reserve Committee by a vote of 53–5, is a now, the CFPB does not allow such dis- the balance of my time. straightforward, commonsense solution closures, which is unfair and confusing Mr. HENSARLING. Madam Speaker, that will help hardworking Americans for our home buyers. I yield 2 minutes to the gentleman buy a new home or refinance their ex- Madam Speaker, secondly, in title V, from Georgia (Mr. LOUDERMILK), an- isting home. section 501, this bill includes the Elimi- other proud member of the Financial Under the CFPB’s misnamed ‘‘Know nating Barriers to Jobs for Loan Origi- Services Committee. before you owe’’ TRID rule, those in nators Act, of which I am proudly a co- Mr. LOUDERMILK. Madam Speaker, the home buying or refinancing process sponsor. This bill, Madam Speaker, al- I thank Chairman HENSARLING for his may not actually know everything lows mortgage loan officers at a bank leadership and for allowing me to come about the price they are going to pay to move to do the same work at a here and speak in support of the TRID before closing. nonbank financial institution without Improvement Act and the other bills Because of the TRID rule and the re- sometimes waiting weeks or months that are in this package. strictions placed on the listing of dis- Madam Speaker, we have seen count- counted title loan insurance rates on for redundant and unnecessary reli- less examples of overregulation and loan estimates, consumers may see one censing. regulatory mission creep by many title loan insurance price on their loan Now, that is just not fair, Madam estimate and another on their closing Speaker, to the folks who are trying to agencies, and especially of the CFPB. form. help our families secure mortgages so But one of the things the CFPB should The TRID rule creates unnecessary they can move into a new place to be doing is making sure that con- confusion, and this bill is a step in the work. sumers have the right information right direction to reducing the burden- I encourage everybody on both sides when closing on a home. some and overreaching authority of the of the aisle to support this excellent Unfortunately, the CFPB’s 2015 mort- CFPB. bill. It is bipartisan. Again, I congratu- gage disclosure caused many home I am proud to join this bipartisan ef- late the gentleman from Arkansas (Mr. buyers to not have an accurate disclo- fort, but I do wish that the CFPB had HILL), and I salute our chairman for sure of their title insurance premiums. been more willing to work with the moving this so quickly through the The commonsense bill proposed by my chorus of voices from both sides of the process. colleague, Mr. HILL, will make sure aisle calling for this change. Ms. MAXINE WATERS of California. that home buyers know exactly the The home buying experience is com- Madam Speaker, I continue to reserve cost of their title insurance, not two plicated enough as it is, and the ration- the balance of my time. different prices from a loan estimate ale displayed by the CFPB discourages Mr. HENSARLING. Madam Speaker, and a closing document. homeownership and levies unjust pen- I yield 2 minutes to the gentleman I also strongly support several other alties for those Americans striving for from New York (Mr. ZELDIN), another pieces of legislation that have been in- the dream of homeownership. member of the Financial Services Com- cluded in this package. Mr. ROSS’ bill, I am proud to join my colleagues in mittee. the FSOC Improvement Act, will make support of this measure, the TRID Im- Mr. ZELDIN. Madam Speaker, I rise regulation of large financial institu- provement Act. in strong support of the TRID Improve- tions much smarter and more effective.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00034 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.053 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1163 Instead of only focusing on punishing These circumstances should serve as a supported, unfortunately, by the rank- companies for violations of rules, regu- clear reminder that Congress should be ing member. lators should also focus on what should strengthening oversight of the finan- So there is, again, a lot of bipartisan be the real purpose of financial regula- cial system, not weakening it by un- work we are trying to get done here. tions, which is reducing risk. dermining or removing important pro- Unfortunately, very little of it is sup- Mr. ROSS’ bill will also allow tections. ported by the ranking member. nonbank financial companies the op- H.R. 3978 is strongly opposed by our And why is this important? It is im- portunity to reduce any risky activi- State’s security cops, who are at the portant, Madam Speaker, because ties before they are designated as sys- front line of combating fraud, and it is every day we are still hearing from our temically important. This will help fi- opposed by groups representing con- constituents who need access to com- nancial regulators to achieve their in- sumers, investors, and unions. petitive affordable credit. And because tended purpose rather than simply Madam Speaker, for all of these rea- of this Washington red tape and regu- being a gotcha game on regulated com- sons, I urge Members to oppose H.R. latory burden, they are not getting it. panies. 3978, and I yield back the balance of my It wasn’t that long ago we heard from All of these bills we are considering time. Ann of Wisconsin, who said: today received overwhelming bipar- Mr. HENSARLING. Madam Speaker, My husband and I had very high credit tisan support in the Financial Services may I inquire how much time I have scores. We have plenty of equity in our home. But because my husband has a sea- Committee, and I urge all of my col- remaining. sonal job and finds other employment in the leagues to support this legislative The SPEAKER pro tempore. The gen- winter, many banks we contacted rejected package. tleman from Texas has 7 minutes re- our loan request. They based our annual in- Ms. MAXINE WATERS of California. maining. come only on the job he has currently and Madam Speaker, may I inquire as to Mr. HENSARLING. Madam Speaker, said that was part of the new regulations. whether or not the chairman has more there may be other Members coming, Part of the new regulations—there is speakers? so, at the moment, I yield myself 4 somebody who won’t buy a home; they Mr. HENSARLING. Madam Speaker, minutes. can’t get a home. I would tell the ranking member that I Madam Speaker, again, all over I heard from a mortgage banker in have potentially two speakers, if they America today, fortunately, because of North Carolina who said: make it. They are on their way from a the Tax Cuts and Jobs Act, people are Last year, we declined a young man and hearing, but they are not here now. waking up to new opportunities. They his family fixed rate financing to purchase a are finally seeing their wages begin to primary home. The applicant recently relo- b 1600 grow. We have seen the greatest wage cated to work for a family business. Prior to Ms. MAXINE WATERS of California. growth in almost a decade, Madam Dodd-Frank, it would have been easy to qualify, but no more. Madam Speaker, I yield myself the bal- Speaker, again, thanks to President ance of my time. Trump and thanks to a Republican Another potential American home Madam Speaker, it has become par Congress, a bill that was opposed by buyer denied credit because of this reg- for the course for the majority to reck- every single Democrat. ulatory burden. Madam Speaker, that lessly advance harmful deregulatory But as they wake up to these new op- is what many of us, on both sides of the packages like H.R. 3978. My friends on portunities, Madam Speaker, they also aisle, are trying to remedy today. Madam Speaker, I am pleased to the other side of the aisle are moving need new credit. As their incomes yield 2 minutes to the gentlewoman forward with regulatory roadblocks at rise—this is good—they still need cred- from Arizona (Ms. SINEMA), a sponsor a furious pace, pushing dangerous bills it in order to buy a home, in order to of title III of the Fostering Innovation through the House nearly every week. purchase that car, and sometimes just It appears that they may have al- Act. to put groceries on the table. Unfortu- Ms. SINEMA. Madam Speaker, I rise ready completely forgotten a way that nately, over the last 8 years of the in support of H.R. 3978, a package of lacks financial regulation and allowed Obama administration where we saw commonsense solutions, each passed the crisis in 2008 to occur. That crisis probably one of the greatest increases with support of both parties by the badly damaged the whole economy and in the cost, expense, and burden of House Financial Services Committee. harmed all of our constituents. The im- costly Washington red tape, we have Madam Speaker, I also thank Congress- pact was enormous: $13 trillion in seen fewer credit opportunities. man HILL of Arkansas for his leader- household wealth was lost; 11 million So now, fortunately, today there are ship in moving the package forward. people lost their homes to foreclosure; good men and women on both sides of One of these solutions is H.R. 1645, and the unemployment rate reached 10 the aisle who are trying to work to- the Fostering Innovation Act, legisla- percent. gether to bring some rationale and rea- tion we introduced to help Arizona bio- Democrats responded by enacting son to the regulatory burden. Many pharmaceutical companies make life- Wall Street reform to ensure that con- Members on the other side of the aisle saving breakthroughs. sumers, investors, and our economy are do realize that Dodd-Frank did not Business expenses always involve protected from reckless actors and bad come down as tablets from Mt. Sinai, tradeoffs. When Arizona small busi- practices, but now Republicans cannot that it isn’t chiseled into stone, and nesses spend money on costly regula- wait to take us back to the bad old that maybe there are some improve- tions that provide little public benefit, days. It makes no sense. ments that could be made. they have less money to invest in re- As we have discussed, the package of So today, we are taking a number of search, development, and job creation bills now before us guts important fi- very bipartisan bills to the House floor. for Arizona families. nancial protections at a time when The Protecting Consumers’ Access to That is why I introduced this bill. markets are already experiencing tur- Credit Act, which we debated earlier, This narrow fix ensures that innova- moil. It would allow high-frequency Madam Speaker, passed by 42–17. tive emerging growth companies, or traders to manipulate the stock mar- The TRID Improvement Act by Mr. EGCs, have the time and capital to de- kets undetected, encourage a regu- HILL from Arkansas passed through our velop and perfect scientific break- latory race to the bottom at our Na- committee 53–5—90 percent. Almost all throughs. Right now, they are exempt- tion’s stock exchanges, and harm in- of the Democrats but the ranking ed only for 5 years from these costly vestors by weakening efforts to detect member supported the bill. The Protec- external audit requirements. That is accounting fraud at smaller public tion of Source Code Act, 46–14; the Fos- often not enough time for these emerg- companies. This package of bills tering Innovation Act passed by a vote ing companies to prepare innovations threatens important progress we have of 48–12, a Democratic bill; the Na- for commercialization. Our bill tempo- made to reduce risk in the financial tional Securities Exchange Regulatory rarily extends this exemption for an system and return investor confidence. Parity Act, 46–14. additional 5 years for a small subset of In recent weeks, we have seen vola- We have a lot of bipartisan bills, but these EGCs with an annual revenue of tile markets that threaten the savings with one exception, title V of the TRID less than $50 million and less than $700 of hardworking American families. Improvement Act, none of them were million in public float.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00035 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.054 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1164 CONGRESSIONAL RECORD — HOUSE February 14, 2018 The Fostering Innovation Act em- CENTER FOR AMERICAN PROGRESS, time it will take for the legal proceedings to powers innovative Arizona companies, Washington, DC, February 13, 2018. play out when a company challenges the des- like HTG Molecular Diagnostics, to use Hon. PAUL RYAN, ignation in court. The legal challenge by MetLife took years, and likely would have valuable resources to remain competi- Speaker, House of Representatives, Washington, DC. taken longer if the Trump administration tive, stable, and, ultimately, success- Hon. NANCY PELOSI, didn’t agree to stop pursuing the case. If ful. Democratic Leader, House of Representatives, anything, this bill increases the procedural HTG is a Tucson-based developer of Washington, DC. issues a designated company could raise in targeted molecular profiling tech- DEAR SPEAKER RYAN AND LEADER PELOSI: court. H.R. 4061 practically invites a legal filibuster of the designation. It renders the nology. This innovation ensures ge- The Center for American Progress (‘‘CAP’’) is writing today to express opposition to designation authority nearly useless. netic testing can be turned around ac- H.R. 4061, the Financial Stability Oversight Hollowing out this crucial post-crisis author- curately and quickly, in as little as 24 Council Improvement Act of 2017, which is ity makes it far more likely that an under- hours. For patients, doctors, and fami- included as Title VI of the revised H.R. 3978 regulated systemically important nonbank lies grappling with unexplainable package. It is our understanding that the re- will cause or aggravate the next financial symptoms or illnesses, genetic testing vised H.R. 3978 package will be considered on crisis. the floor of the House of Representatives Contrary to critics of the FSOC, it is not a can provide critical insights and in- rigid body and has in the past responded to form the best course of treatment. this week, so we welcome the chance to share our concerns regarding this legislation legitimate process and transparency sugges- These are lifesaving breakthroughs. with you and your Members. tions. In 2015, after soliciting public com- It is what companies like HTG should In short, this bill erodes a vital new finan- ment, the FSOC adopted 17 changes to its use their limited resources to fund, not cial regulatory tool implemented following designation process and transparency poli- unnecessary and costly paperwork. the devastating 2007–2008 financial crisis. If cies The current designation process in place enacted, the U.S. financial regulatory struc- is rigorous and appropriately thorough. H.R. I urge my colleagues to support ture will be less equipped to handle risks 4061 would add no less than nine new bureau- American ingenuity, job creation, and that build up outside of the traditional bank- cratic steps. These proposed changes are ex- growth by passing this act. ing sector—making the financial sector as a cessive, and the intent is clear: To prevent the FSOC from using this vital tool. Mr. Speaker, I thank, in particular, whole more vulnerable to another shock and economic downturn. Americans paid for the This legislation is even more concerning Chairman HENSARLING and Congress- last crisis with their jobs, homes, and sav- given the actions Treasury Secretary Steven man HOLLINGSWORTH of Indiana for ings, while banks and other financial institu- Mnuchin, Chairman of the FSOC, has taken working with me on a consensus solu- tions were bailed out. This bill inexplicably since the start of the Trump administration. tion that cuts red tape and supports in- makes a repeat of that economic calamity The FSOC, under Mnuchin’s leadership, has: novative and potentially lifesaving more likely. (i) rescinded the designation of AIG, the company that received a $182 billion bailout medical research. The 2007–2008 financial crisis demonstrated that excessive risk could build up outside of during the crisis; (ii) slashed the FSOC’s Mr. HENSARLING. Mr. Speaker, the traditional banking sector. Nonbank fi- budget and staff; (iii) dropped the legal pro- may I inquire how much time I have nancial institutions like Lehman Brothers, ceedings regarding MetLife’s designation; remaining. Bear Stearns, and AIG did not face the type (iv) signaled that Prudential’s designation may be rescinded this year; and (v) rec- The SPEAKER pro tempore (Mr. of oversight and regulatory standards war- ranted by their systemic importance. The ommended some deeply concerning addi- YODER). The gentleman from Texas has failure or near-failure of these institutions tional changes to the FSOC’s designation 1 minute remaining. threatened the stability of the U.S. financial process in a report published in late 2017. Mr. HENSARLING. Mr. Speaker, I sector. AIG and Bear Stearns were bailed out Further restricting the FSOC’s authority at yield myself the balance of my time. accordingly, while the failure of Lehman a time when it is being dismantled from within would be a grave mistake. Mr. Speaker, once again, I want to Brothers brought the global financial system to the brink of collapse. The crisis also re- For these reasons, CAP recommends that Members vote ‘‘NO’’ when the revised H.R. hear the voices of hardworking Ameri- vealed that no one financial regulator had a 3978 package of bills, which includes H.R. cans, not just Washington, D.C., letter- system-wide mandate, meaning individual head groups. 4061, is considered on the floor. regulators were only focused on their respec- If you have any questions about this letter We heard from a community banker, tive segments of the financial sector. This or would like to discuss these issues further, who said: left financial regulators in the dark regard- please contact Gregg Gelzinis. ing risks that built up across different parts Sincerely, A local union member wanted to refinance of the sector or that emerged in underregu- GREGG GELZINIS, his primary residence. He was currently laid lated parts of the sector. Research Assistant, Economic off due to the winter season. His tax return In the wake of the financial crisis, Presi- Policy, Center for American Progress. showed he was generally laid off for about 6 dent Obama worked with Congress to pass the Dodd-Frank Wall Street Reform and weeks each year during the extreme cold but February 13, 2018. was always called back when weather im- Consumer Protection Act—the most signifi- DEAR REPRESENTATIVE, The undersigned proved. Since he was laid off, we could not cant financial regulatory reforms enacted organizations urge you to vote against H.R. meet the requirement to validate his current since the Great Depression. One important 3978, the TRID Improvement Act. The bill, income that would continue for 3 years. We pillar of Dodd-Frank was the creation of the which amends Section 2603 of RESPA, would had to deny the loan. Financial Stability Oversight Council create confusion and undermine consistency (‘‘FSOC’’), a new systemic risk regulatory in mortgage disclosures. In particular, the Yet again, Mr. Speaker, more Wash- body. The FSOC was created to bring the dis- ington red tape taking away home op- bill would make it harder for consumers to parate financial regulators together to iden- understand how much they are paying for portunities from hardworking Ameri- tify and mitigate threats to financial sta- title insurance, a required fee that already cans. It is wrong. We must do some- bility. The most important tool given to the lacks a transparent, functioning market. thing about it. It is why, on a bipar- FSOC to fulfill this mission is the authority In 2007, a GAO report concluded that bor- tisan basis, so many of us have gotten to subject a nonbank financial company to rowers ‘‘have little or no influence over the together to pass H.R. 3978. enhanced oversight and regulation by the price of title insurance but have little choice Federal Reserve Board if material distress at but to purchase it.’’ Instead, the lender typi- Yes, we want to make sure that peo- the company, or the company’s activities, cally chooses the insurer. As a result, the ple can buy homes, they can buy cars, could threaten financial stability. The FSOC fees are grossly inflated in relation to the they can put groceries on the table, has used this designation authority spar- value of the insurance. Recent studies have and right now, when the economy is fi- ingly and only after a thorough, multi-stage found that barely 5% to 11% of premiums are nally starting to improve, thanks to review process in which the FSOC commu- paid out in claims. Almost the entirety of a President Trump and the Tax Cuts and nicates extensively with the company and title insurance premium goes to commis- Jobs Act, we want them to have oppor- the company’s primary regulators. sions, not insurance coverage. In contrast, H.R. 4061 would add multiple additional for health insurance, minimally 80% of pre- tunities. hurdles to the FSOC’s already-rigorous des- miums are returned to consumers in claim Mr. Speaker, I encourage all Mem- ignation process. The proposed changes payouts and the loss ratios for auto insur- bers to support H.R. 3978, and I yield would add an estimated two years to the des- ance fluctuate between 50% and 70%. Bor- back the balance of my time. ignation process, meaning it would take rowers already pay inflated title insurance roughly four years for the FSOC to designate costs. Increased confusion in title insurance Ms. MAXINE WATERS of California. Mr. a nonbank financial company that could price disclosures would only serve to exacer- Speaker, I include in the RECORD the following threaten U.S. financial stability. The four- bate the problems in the market with trans- letters of opposition. year estimate does not even factor in the parency and fairness.

VerDate Sep 11 2014 03:24 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00036 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.056 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1165 The method required by the Consumer Fi- auditors to attest to the adequacy of those exchanges, we oppose it. Furthermore, be- nancial Protection Bureau for disclosing controls as part of the financial statement cause this legislation is being attached to title insurance premiums reduces consumer audit contributes to the market trans- the TRID bill, we urge you to oppose the en- confusion and enhances consistency between parency and integrity that is essential to a tire package. the estimated and final loan cost disclosures. healthy capital formation process. Moreover, The TRID bill should not be used as a vehi- The bill would change the final loan disclo- the number and severity of financial restate- cle to pass extraneous, anti-investor bills. sure, decreasing consistency with the initial ments has declined since the requirement Because the bills attached to the TRID bill disclosure. As a result, it would increase con- was adopted, which demonstrates that these would harm investors and undermine the in- sumer confusion, especially where the con- requirements have benefited the market sig- tegrity of our capital markets, we urge you sumer opts not to purchase both lender and nificantly. Because this legislation would to vote no on the entire package when H.R. owner policies (only the lender policy is re- make financial accounting fraud more like- 3978 comes to the floor this week. quired) after getting the early disclosure ly, we oppose it. Furthermore, because this Respectfully submitted, containing both. legislation is being attached to the TRID BARBARA ROPER, The bill’s requirement to disclose the ‘‘ac- bill, we urge you to oppose the entire pack- Director of Investor tual’’ cost of the insurance will lead to con- age. Protection. fusion in almost half of the states because H.R. 3948, the ‘‘Protection of Source Code MICAH HAUPTMAN, the calculation of premiums is not standard- Act,’’ would weaken SEC oversight of algo- Financial Services ized under state law and title companies rithmic trading and hamstring the agency Counsel. within those states do not provide com- from responding quickly to flash crashes or parable rates. In contrast, the CFPB regula- other market breakdowns. The SPEAKER pro tempore. All time tions take into account that comparison At a time when algorithmic trading is tak- for debate on the bill has expired. shopping in such states is not possible and ing on increased importance in our capital AMENDMENT NO. 1 OFFERED BY MR. FOSTER provides a standardized approach. Further markets, this bill would make it more dif- Mr. FOSTER. Mr. Speaker, I have an refinement of the title insurance disclosures ficult for the SEC to properly oversee such amendment at the desk. can be addressed by the CFPB itself in co- trading. The bill would require the SEC to first issue a subpoena before it could compel The SPEAKER pro tempore. The operation with stakeholders to ensure any Clerk will designate the amendment. outstanding issues are addressed with the a person to produce or furnish to the SEC al- input of all affected parties. gorithmic trading source code or ‘‘similar in- The text of the amendment is as fol- We urge you not to undermine the CFPB’s tellectual property.’’ This would undermine lows: careful rules for restoring transparency and the SEC’s examination authority by creating Page 3, line 4, strike ‘‘source code, includ- market competition to the title insurance a gaping hole in its ability to gain access to ing’’. market. Please vote no on H.R. 3978. firm records relevant to the examination. It Page 3, line 6, insert ‘‘algorithmic trading’’ Sincerely, would also have a devastating effect on the before ‘‘source code’’. AMERICANS FOR FINANCIAL agency’s ability to respond quickly in the Page 3, line 15, strike ‘‘source code, includ- REFORM. event of another ‘‘flash crash’’ or other such ing’’. CENTER FOR RESPONSIBLE events in the future. In order to oversee the Page 3, line 17, insert ‘‘algorithmic trad- LENDING. markets effectively, the SEC needs to be ing’’ before ‘‘source code’’. NATIONAL ASSOCIATION OF able to accurately and efficiently recon- Page 3, line 25, strike ‘‘source code, includ- CONSUMER ADVOCATES. struct order entry and trading activity, in- ing’’. NATIONAL CONSUMER LAW cluding for algorithmic traders. Because this Page 4, line 2, insert ‘‘algorithmic trading’’ CENTER (ON BEHALF OF legislation would weaken SEC oversight of before ‘‘source code’’. ITS LOW-INCOME CLIENTS). algorithmic trading and hamstring the agen- Page 4, line 11, strike ‘‘source code, includ- cy from responding quickly to flash crashes ing’’. CONSUMER FEDERATION OF AMERICA, or other market breakdowns, we oppose it. Page 4, line 13, insert ‘‘algorithmic trad- February 12, 2018. Furthermore, because this legislation is ing’’ before ‘‘source code’’. DEAR REPRESENTATIVE: We understand the being attached to the TRID bill, we urge you The SPEAKER pro tempore. Pursu- House is scheduled to vote this week on H.R. to oppose the entire package. ant to House Resolution 736, the gen- 3978, the ‘‘TRID Improvement Act.’’ While H.R. 4546, the ‘‘National Securities Ex- we did not take a position on this bill when change Regulatory Parity Act,’’ would dras- tleman from Illinois (Mr. FOSTER) and it came before the House Financial Services tically weaken standards for securities to be a Member opposed each will control 5 Committee, we urge you to oppose it now listed and traded on exchanges. minutes. that it includes the following extraneous, H.R. 4546 would change the terms on which The Chair recognizes the gentleman anti-investor bills: H.R. 3948, the ‘‘Protection securities are deemed ‘‘covered securities,’’ from Illinois. of Source Code Act;’’ H.R. 1645, the ‘‘Fos- and thus exempt from state oversight. It Mr. FOSTER. Mr. Speaker, my tering Innovation Act;’’ and H.R. 4546, the would do so by removing any requirement amendment clarifies that this bill is ‘‘National Securities Exchange Regulatory that these securities have to meet conditions comparable to the current listing standards only intended to apply to the source Parity Act.’’ Each of these bills would harm code underpinning algorithmic trading investors and undermine the integrity of our on leading national exchanges. Instead, any capital markets. security listed on an exchange that is a rather than any computer code that ex- H.R. 1645, the ‘‘Fostering Innovation Act,’’ member of the National Market System ists anywhere in the enterprise. would make financial accounting fraud more (NMS) would be exempt from state regula- The algorithmic source code at a likely. tion and oversight. Because the bill would trading firm are its crown jewels. It is This legislation would extend the period of not establish any core quantitative or quali- basically the core of its existence in its time in which certain public companies tative requirements for covered securities to intellectual property. would be exempt from a requirement that replace those eliminated by the bill, it would provides important protections against fi- likely accelerate an already troubling race It is not merely historical or descrip- nancial reporting errors, including errors to the bottom in listing standards among tive like books or records that regu- that are the result of fraud. That is the re- NMS members. Moreover, the bill does not lators routinely have access to. Like- quirement under Section 404(b) of the Sar- sufficiently protect against the possibility wise, it is not a broad expression of banes-Oxley Act that requires auditors, as that a venture exchange could eventually be strategies that a firm might use some part of their audits of public company finan- established specifically to meet the bill’s re- time in the future. Rather, it is a spe- cial statements, to assess and attest to the quirements for state preemption. If this were cific and prescriptive algorithm that adequacy of the company’s internal controls to occur, smaller, more local offerings typi- generates a specific outcome based on to ensure accurate financial reporting. This cally overseen by states could be ‘‘designated bill would extend this exemption for up to as qualified for trading’’ on such an exchange a specific set of inputs. five years to a class of companies, including without any assurance that they can meet The firms that rely on algorithmic those that have gone public but may be basic quantitative and qualitative standards trading have Ph.D. scientists, mathe- struggling to produce significant revenues, designed to ensure investors are appro- maticians, and economists researching that could have a particular incentive to ma- priately protected. In short, this bill would correlations that lead to these rela- nipulate their financial statements in order eliminate protections afforded by state over- tionships between the inputs and out- to attract more capital. Companies should sight, fail to replace the current meaningful puts. These may be simple but may not be permitted to raise capital in the pub- protections afforded by high listing stand- also be incredibly complex, involving lic markets if they do not have adequate ards with a comparable alternative, and multiple inputs that do not appear re- controls in place to prevent financial report- leave investors without any reasonable hope ing errors and fraud. And auditors cannot that the SEC will be able to provide effective lated at first glance. reasonably attest to the accuracy of a com- oversight at the federal level. Because this This complexity, coupled with the pany’s financial statements without care- legislation would drastically weaken stand- fact that they are written largely in fully assessing those controls. Requiring ards for securities to be listed and traded on computer code, limits the usefulness of

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00037 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.024 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1166 CONGRESSIONAL RECORD — HOUSE February 14, 2018 inspecting source code as an examina- language of title II, the amendment The bill was ordered to be engrossed tion tool. It is, rather, the behavior of cannot fix this untimely and ill-ad- and read a third time, and was read the the firm in the market that represents vised legislation. Even as amended, third time. potential violations of security laws. title II would undermine effective over- MOTION TO RECOMMIT Manipulative behavior, like frequently sight of the high-frequency traders Mr. CAPUANO. Mr. Speaker, I have a displaying or canceling orders, should that simultaneously create and stand motion to recommit at the desk. get the regulators’ attention and to benefit from the kind of extreme The SPEAKER pro tempore. Is the prompt them to ask the firm to explain market volatility that we have seen in gentleman opposed to the bill? it. the past few weeks. Mr. CAPUANO. I am, in its current Source code would be and will be a Let’s not forget that, on May 6, 2010, form. valuable part of any investigation or in an event referred to as the ‘‘flash Mr. HENSARLING. Mr. Speaker, I re- enforcement action into observed ma- crash,’’ major U.S. stock indices serve a point of order on the gentle- nipulation of the market, but this is inexplicably plummeted nearly $1 tril- man’s motion. not the basis and should not be the lion in less than an hour before mostly The SPEAKER pro tempore. A point basis for casual inspection. It would rebounding. Alarmingly, market regu- of order on the motion is reserved. probably be central to proving the ele- lators took nearly 5 months to deter- The Clerk will report the motion to ment of intent in an enforcement ac- mine that the flash crash was caused recommit. tion because it demonstrates that the by a combination of a flawed execution The Clerk read as follows: algorithm was designed to engage in, algorithm of one institutional investor Mr. Capuano moves to recommit the bill for example, manipulative or abusive and aggressive algorithmic trading by H.R. 3978 to the Committee on Financial behavior. HFTs. Services with instructions to report the To this end, it is imperative that the While it is too early to tell exactly same back to the House forthwith with the firms achieve archived versions in ef- what created the recent volatility in following amendment: Page 5, line 13, strike ‘‘and’’. fect at any given time and log modi- the U.S. stock market, market ana- Page 5, line 14, strike the period and insert fications to those algorithms, includ- lysts have suggested that algorithmic ‘‘; and’’. ing who made them, at any time that trading has played a central role. In Page 5, after line 14, insert the following: the code is altered. These should al- fact, just last Tuesday, the day after ‘‘(D) has claw back policies to require any ways be available by subpoena. the Dow Jones Industrial Average saw executive officer incentive-based compensa- Additionally, I believe that most its biggest one-day point drop in his- tion to be clawed-back in the event that the firms would allow the regulator on site tory, Treasury Secretary Steve issuer is required to prepare an accounting Mnuchin testified before the House Fi- restatement due to the material noncompli- to examine the source code on an air ance of the issuer with any financial report- gap computer. To treat the source code nancial Services Committee that algo- ing requirement under the securities laws (as as ordinary books and records would rithmic trading ‘‘definitely had an im- defined in section 3(a) of the Securities Ex- not limit the regulator to onsite exam- pact on market moves.’’ change Act of 1934), regardless of whether ination, but would allow for staff to re- Given the importance of algorithmic such compensation was paid to an officer quest it and that it be made available trading in our stock market, it makes who was a party to the actions that resulted offsite, which has real dangers. no sense to obstruct the SEC’s access in such restatement.’’. Because of the value the firm carries to the information that enables such Mr. CAPUANO (during the reading). with its proprietary algorithms, it activity merely because it exists in an Mr. Speaker, I ask unanimous consent makes sense that the firm would be re- electronic format. Americans who have that the motion be considered as read. luctant to allow any undue access to trillions of their dollars in 401(k) and The SPEAKER pro tempore. Is there its crown jewels. It is really, I believe other retirement and savings plans de- objection to the request of the gen- and I think the majority of my col- serve the SEC’s best efforts in inves- tleman from Massachusetts? leagues believe, something that should tigating and mitigating computer-driv- Mr. HENSARLING. I object. be accessible only by a subpoena. en market disruptions. For this reason The SPEAKER pro tempore. Objec- My amendment simply clarifies that and for all of these reasons, and given tion is heard. it is only the algorithmic trading code my broader concerns that the bill The Clerk will continue to read. and related information that should be would significantly harm investor con- The Clerk continued to read. covered. I urge my colleagues to sup- fidence in our markets even if the The SPEAKER pro tempore. Pursu- port my amendment and, upon its amendment is adopted, I am urging a ant to the rule, the gentleman from adoption, to support the bill on final ‘‘no’’ vote on H.R. 3978. Massachusetts is recognized for 5 min- passage. Mr. Speaker, I yield back the balance utes in support of his motion. Mr. Speaker, I reserve the balance of of my time. Mr. CAPUANO. Mr. Speaker, my my time. Mr. FOSTER. Mr. Speaker, I would amendment simply requires a company just like to simply reiterate that it to have a policy in place to claw back b 1615 should be the actions in the market executives’ incentive-based pay if it is Ms. MAXINE WATERS of California. that are the first indications that the materially noncompliant with finan- Mr. Speaker, I rise in opposition to the regulators should have a look at, and cial reporting requirements. Now, amendment. when they see suspicious activity in those words matter because the words The SPEAKER pro tempore. The gen- the market, that is the time to get the ‘‘materially noncompliant’’ mean tlewoman from California is recognized subpoena and go after the source code. something in the accounting world. It for 5 minutes. With that, I just urge the adoption of has to be a big change, not just some Ms. MAXINE WATERS of California. the amendment and the passage of the minor, little accounting error. Mr. Speaker, the current language of underlying bill. This amendment really should be title II of H.R. 3978 would require SEC Mr. Speaker, I yield back the balance noncontroversial. It is outrageous, not examination staff to obtain a subpoena of my time. to mention shortsighted, that almost a before it could inspect any source code The SPEAKER pro tempore. Pursu- decade after the crisis that wrecked whatsoever, including, for example, ant to the rule, the previous question the economy we still don’t have com- computer code reflecting a firm’s ad- is ordered on the bill, as amended, and monsense safeguards in place to ensure herence to the SEC’s cybersecurity reg- on the amendment offered by the gen- that CEOs do not turn a blind eye to ulations. tleman from Illinois (Mr. FOSTER). problems that lead to a public restate- The amendment offered by Mr. FOS- The question is on the amendment ment of their company’s financials. TER would narrow the requirement in offered by the gentleman from Illinois This is not something hypothetical. title II to only apply to proprietary (Mr. FOSTER). It happens on a pretty regular basis. It source code related to algorithmic The amendment was agreed to. is not relegated to just the past. Every- trading. While I applaud Mr. FOSTER The SPEAKER pro tempore. The body here is pretty familiar with Wells and the amendment’s cosponsor, Mr. question is on the engrossment and Fargo Bank. It has generated scandal SCOTT, for narrowing the overbroad third reading of the bill. after scandal by ripping off its own

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00038 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.058 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1167 consumers. Last year, the bank settled don’t think that is controversial. I up, the ranking member of the relevant an 11-year lawsuit with the Depart- don’t think that is partisan. I don’t subcommittee, the gentlewoman from ment of Justice because it overcharged think that is antibusiness. I don’t New York (Mrs. MALONEY), supported veterans who applied for home loan re- think that is overregulation. It is sim- the provision and said: This is a sen- financing. At the same time, we ply fair. sible compromise that provides a nar- learned of hundreds of thousands of car We don’t let bank robbers keep their rowly targeted relief to only the com- loan customers charged for car insur- money. We don’t let other people who panies that truly need it. ance that they never agreed to pur- commit wrongdoings keep the profits Researching a new drug and getting chase. that they have. Why should we let cor- FDA approval is a very, very long proc- In 2016, we learned of millions of fake porations who go out of their way— ess, which is exactly what we heard in deposits and credit card statements some, not all, only a handful go out of our committee. For example, we have opened up by Wells Fargo and then their way—to make sure that they hide heard from John Blake, senior vice charging their customers. Last Sep- their bad actions, report them badly? president of finance at Atyr Pharma, tember, the bank failed to refund in- And when they get caught and have to who testified before the Subcommittee surance payments made by customers report them appropriately, they still on Capital Markets, Securities, and In- who paid off their car loans early. And get to keep the ill-gotten gains. vestments. He said: It remains the case most recently, we found out that they That is all this recommit does. It is that the biotech development time line delayed mortgage closing dates in simple. It is straightforward. And I is a decades-long affair. It is extremely order to jack up their own fees. would hope that my friends on not just likely that Atyr will still be in the lab, These abuses come on top of $10 bil- the other side but on both sides of this in the clinic, when our EGC clock ex- lion in fines by that bank that has been aisle see this as a thoughtful, insight- pires, our early growth company. paid in recent years for everything ful, and commonsense approach to In other words, they may have reve- from mortgage fraud, illegal mar- amend this bill. nues, but they don’t have profits. They keting, kickback schemes, insider Mr. Speaker, with that, I yield back don’t have profits. This is something trading, racial discrimination, and stu- the remainder of my time. that is especially common in the dent loan scams. Yet the bank believes Mr. HENSARLING. Mr. Speaker, I biotech area. They need this capital for that this kind of consistent misconduct withdraw my reservation of a point of innovation. is not materially financially important order. So once again, we have heard this enough to require a restatement. The SPEAKER pro tempore. The res- rhetoric on the other side of the aisle Wells Fargo has only ever clawed ervation of a point of order is with- before. This is all about Dodd-Frank back a few tiny dollars from its execu- drawn. revisited. They aim at Wall Street, but tives. All this recommit does is simply Mr. HENSARLING. Mr. Speaker, I they are hitting Main Street, Mr. says that if you commit an act that re- claim time in opposition. Speaker. The MTR, the motion to re- quires a material change in your public The SPEAKER pro tempore. The gen- commit, hits Main Street in the gut. It statements, you shouldn’t profit by it. tleman from Texas is recognized for 5 will mean fewer early growth compa- That is all. Not basic pay; just the in- minutes. nies. It will mean fewer jobs. It will centive pay tied to those actions. Mr. HENSARLING. Mr. Speaker, I mean lower wage growth. And it will The underlying bill goes in the oppo- listened very carefully to my colleague mean, again, a decimated and declining site direction. It makes it more likely on the Financial Services Committee. I American Dream. that there will be material inaccura- lost track of how many times he men- cies in certain public companies’ finan- tioned Wells Fargo. That has nothing b 1630 cial statements. If this is what Con- to do with an early growth company. Mr. Speaker, we should reject the gress is going to do, we should, at the That has nothing to do with this title motion to recommit, and we should very least, not incentivize that bad be- of the bill. support the underlying bill. havior. Title III of this bill allows new So the Fostering Innovation Act by Mr. Speaker, I yield back the balance public companies to get out of inde- the gentlewoman from Arizona is all of my time. pendent audit requirements for 10 about allowing emerging-growth com- The SPEAKER pro tempore. Without years—ten years. panies the opportunity to actually objection, the previous question is or- Now, we all think, well, that is fine grow. What a novel concept. dered on the motion to recommit. for a small company. Small company? What we know is, Mr. Speaker, in 8 There was no objection. Up to $700 million of company shares? years of Obamanomics, they were only The SPEAKER pro tempore. The That is a small company? Those are able to produce about 1.8 percent eco- question is on the motion to recommit. significant companies that put lots of nomic growth, for all intents and pur- The question was taken; and the people at risk, shareholders and inves- poses. Nobody’s savings account came Speaker pro tempore announced that tors. back. Wages were stagnant. And now the noes appeared to have it. In 2002, the Sarbanes-Oxley Act—I that we have sensible regulation, now Mr. CAPUANO. Mr. Speaker, on that want to repeat, the Sarbanes-Oxley Act that we have passed the Tax Cuts and I demand the yeas and nays. because Mike Oxley was the Repub- Jobs Act, now we have 3 percent eco- The yeas and nays were ordered. lican chair of the Financial Services nomic growth, which is economic The SPEAKER pro tempore. Pursu- Committee at the time—requires com- growth for America’s working families. ant to clause 8 and clause 9 of rule XX, panies to issue stock to publicly report Unemployment is at a 17-year low. It this 15-minute vote on the motion to their internal control structures and remains at a 17-year low. recommit will be followed by 5-minute procedures for financial reporting. Again, wages grew at 2.9 percent last votes on: Those reports have to be attested to year, the fastest in almost a decade. Passage of the bill, if ordered; and and covered in an audit report. Two million Americans have gone back Passage of H.R. 3299. There is a reason why an independent to work, Mr. Speaker, and this is not The vote was taken by electronic de- audit of large corporations is a good by accident. vice, and there were—yeas 189, nays thing: it makes it harder for them to So what the gentleman is doing with 228, not voting 13, as follows: hide bad actions. This recommit, again, his motion to recommit is sending us it is simple. It doesn’t change the un- back. He is rolling the clock back to an [Roll No. 76] derlying bill. It simply says: If a cor- era where working Americans didn’t YEAS—189 poration makes a material change to get ahead, where entrepreneurship was Adams Blunt Rochester Ca´ rdenas Aguilar Bonamici Carson (IN) its publicly stated financial records at a generational low, where small Barraga´ n Brady (PA) Cartwright and an executive’s incentive pay has businesses were finding it hard to ac- Beatty Brown (MD) Castor (FL) been tied to the profits made off of that cess lines of credit. So the bill that he Bera Brownley (CA) Castro (TX) now-changed policy, the company has so much maligns from the gentle- Beyer Bustos Chu, Judy Bishop (GA) Butterfield Cicilline to have a policy in place whereby to woman from Arizona, who happens to Blum Capuano Clark (MA) claw back those ill-gotten profits. I reside on his side of the aisle—at mark- Blumenauer Carbajal Clarke (NY)

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00039 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.061 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1168 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Clay Kaptur Peterson Lamborn Palmer Smith (MO) Costello (PA) Joyce (OH) Rice (NY) Cleaver Keating Pingree Lance Paulsen Smith (NE) Cramer Katko Rice (SC) Clyburn Kelly (IL) Pocan Latta Perry Smith (NJ) Crawford Kelly (MS) Roby Cohen Kennedy Polis Lewis (MN) Pittenger Smith (TX) Cuellar Kelly (PA) Roe (TN) Connolly Khanna Price (NC) Long Poe (TX) Smucker Culberson Kihuen Rogers (AL) Cooper Kihuen Quigley Loudermilk Poliquin Stefanik Curbelo (FL) Kilmer Rohrabacher Correa Kildee Raskin Love Ratcliffe Stewart Curtis Kind Rokita Courtney Kilmer Rice (NY) Lucas Reed Taylor Davidson King (IA) Rooney, Francis Crist Kind Richmond Luetkemeyer Reichert Thompson (PA) Davis, Rodney King (NY) Rooney, Thomas Crowley Krishnamoorthi Rosen MacArthur Renacci Thornberry Delaney Kinzinger J. DelBene Cuellar Kuster (NH) Roybal-Allard Marchant Rice (SC) Tipton Knight Ros-Lehtinen Marino Roby Denham Kuster (NH) Roskam Davis (CA) Langevin Ruiz Trott Davis, Danny Larsen (WA) Marshall Roe (TN) Dent Kustoff (TN) Ross Ruppersberger Turner DeFazio Larson (CT) Massie Rogers (AL) DeSantis Labrador Rothfus Rush Upton DeGette Lawrence Mast Rohrabacher DesJarlais LaHood Rouzer Ryan (OH) Valadao Delaney Lawson (FL) McCarthy Rokita Diaz-Balart LaMalfa Royce (CA) ´ Wagner DeLauro Lee Sanchez McCaul Rooney, Francis Donovan Lamborn Ruppersberger Walberg DelBene Levin Sarbanes McClintock Rooney, Thomas Duffy Lance Russell Walden Demings Lewis (GA) Schakowsky McHenry J. Duncan (TN) Larsen (WA) Rutherford Walker DeSaulnier Lieu, Ted Schiff McKinley Ros-Lehtinen Dunn Latta Sanford Walorski Deutch Lipinski Schneider McMorris Roskam Emmer Lewis (MN) Schneider Walters, Mimi Dingell Loebsack Schrader Rodgers Ross Estes (KS) Lipinski Schrader Doggett Lofgren Scott (VA) McSally Rothfus Weber (TX) Farenthold Loebsack Schweikert Doyle, Michael Lowenthal Scott, David Meadows Rouzer Webster (FL) Faso Long Scott, Austin F. Lowey Serrano Meehan Royce (CA) Wenstrup Ferguson Loudermilk Scott, David Ellison Lujan Grisham, Sewell (AL) Messer Russell Westerman Fitzpatrick Love Sensenbrenner Engel M. Shea-Porter Mitchell Rutherford Williams Fleischmann Lucas Sessions Eshoo Luja´ n, Ben Ray Sherman Moolenaar Sanford Wilson (SC) Flores Luetkemeyer Sewell (AL) Espaillat Lynch Sinema Mooney (WV) Scalise Wittman Fortenberry MacArthur Sherman Esty (CT) Maloney, Sires Mullin Schweikert Womack Foster Maloney, Sean Shimkus Evans Carolyn B. Slaughter Newhouse Scott, Austin Woodall Foxx Marchant Shuster Foster Maloney, Sean Smith (WA) Noem Sensenbrenner Yoder Frelinghuysen Marino Simpson Frankel (FL) Matsui Soto Norman Sessions Yoho Gaetz Marshall Sinema Fudge McCollum Speier Nunes Shimkus Young (AK) Gallagher Massie Smith (MO) Young (IA) Gabbard McEachin Suozzi Olson Shuster Garrett Mast Smith (NE) Palazzo Simpson Zeldin Gianforte McCarthy Smith (NJ) Gallego McGovern Swalwell (CA) Garamendi McNerney Gibbs McCaul Smith (TX) Takano Gomez Meeks NOT VOTING—13 Gohmert McClintock Smucker Thompson (CA) Gonzalez (TX) Meng Bass Duncan (SC) Rogers (KY) Gonzalez (TX) McHenry Soto Thompson (MS) Gottheimer Moore Boyle, Brendan Gutie´rrez Stivers Goodlatte McKinley Stefanik Titus Green, Al Moulton F. LoBiondo Gosar McMorris Stewart Tonko Tenney Green, Gene Murphy (FL) Costa Pearce Watson Coleman Gottheimer Rodgers Suozzi Grijalva Nadler Torres Cummings Posey Gowdy McSally Taylor Hanabusa Napolitano Tsongas Granger Meadows Tenney Vargas Hastings Neal 1656 Graves (GA) Meehan Thompson (PA) Heck Nolan Veasey b Graves (LA) Meeks Thornberry Higgins (NY) Norcross Vela Messrs. BOST, MESSER, DAVIDSON, Graves (MO) Messer Tipton Vela´ zquez Himes O’Halleran BISHOP of Michigan, SMITH of Texas, Griffith Mitchell Trott Hoyer O’Rourke Visclosky Guthrie Moolenaar Turner Huffman Pallone Walz MCHENRY, STEWART, BARR, HUN- Handel Mooney (WV) Upton Jackson Lee Panetta Wasserman TER, LAMALFA, and ROKITA changed Harper Mullin Valadao Jayapal Pascrell Schultz their vote from ‘‘yea’’ to ‘‘nay.’’ Harris Murphy (FL) Vargas Jeffries Payne Waters, Maxine Hartzler Napolitano Veasey Johnson (GA) Pelosi Welch Messrs. COOPER, DOGGETT, and Heck Newhouse Vela Johnson, E. B. Perlmutter Wilson (FL) GRIJALVA changed their vote from Hensarling Noem Wagner Jones Peters Yarmuth ‘‘nay’’ to ‘‘yea.’’ Herrera Beutler Norman Walberg So the motion to recommit was re- Hice, Jody B. Nunes Walden NAYS—228 Higgins (LA) O’Halleran Walker jected. Hill O’Rourke Walorski Abraham Comstock Graves (GA) The result of the vote was announced Himes Olson Walters, Mimi Aderholt Conaway Graves (LA) as above recorded. Holding Palazzo Weber (TX) Allen Cook Graves (MO) Hollingsworth Palmer Webster (FL) Amash Costello (PA) Griffith The SPEAKER pro tempore. The Hudson Paulsen Wenstrup Amodei Cramer Grothman question is on the passage of the bill. Huizenga Perry Westerman Arrington Crawford Guthrie The question was taken; and the Hultgren Peters Williams Babin Culberson Handel Hunter Peterson Wilson (SC) Bacon Curbelo (FL) Harper Speaker pro tempore announced that Hurd Pittenger Wittman Banks (IN) Curtis Harris the ayes appeared to have it. Issa Poe (TX) Womack Barletta Davidson Hartzler Ms. MAXINE WATERS of California. Jenkins (KS) Poliquin Woodall Barr Davis, Rodney Hensarling Mr. Speaker, on that I demand the yeas Jenkins (WV) Polis Yoder Barton Denham Herrera Beutler Johnson (LA) Ratcliffe Yoho Bergman Dent Hice, Jody B. and nays. Johnson (OH) Reed Young (AK) Biggs DeSantis Higgins (LA) The yeas and nays were ordered. Johnson, Sam Reichert Young (IA) Bilirakis DesJarlais Hill Jordan Renacci Zeldin Bishop (MI) Diaz-Balart Holding The SPEAKER pro tempore. This Bishop (UT) Donovan Hollingsworth will be a 5-minute vote. NAYS—145 Black Duffy Hudson The vote was taken by electronic de- Adams Cleaver Esty (CT) Blackburn Duncan (TN) Huizenga vice, and there were—yeas 271, nays Barraga´ n Clyburn Evans Bost Dunn Hultgren Beatty Cohen Frankel (FL) Brady (TX) 145, not voting 14, as follows: Emmer Hunter Bishop (GA) Connolly Fudge Brat Estes (KS) Hurd [Roll No. 77] Blumenauer Courtney Gabbard Bridenstine Farenthold Issa Blunt Rochester Crist Gallego Brooks (AL) YEAS—271 Faso Jenkins (KS) Bonamici Crowley Garamendi Brooks (IN) Abraham Bilirakis Bustos Ferguson Jenkins (WV) Brady (PA) Davis (CA) Gomez Buchanan Aderholt Bishop (MI) Byrne Fitzpatrick Johnson (LA) Brown (MD) Davis, Danny Green, Al Buck Aguilar Bishop (UT) Calvert Fleischmann Johnson (OH) Brownley (CA) DeFazio Green, Gene Bucshon Allen Black Carter (GA) Flores Johnson, Sam Butterfield DeGette Grijalva Budd Amash Blackburn Carter (TX) Fortenberry Jordan Capuano DeLauro Hanabusa Burgess Amodei Blum Chabot Foxx Joyce (OH) Carbajal Demings Hastings Byrne Arrington Bost Cheney Frelinghuysen Katko Ca´ rdenas DeSaulnier Higgins (NY) Calvert Babin Brady (TX) Coffman Gaetz Kelly (MS) Carson (IN) Deutch Hoyer Carter (GA) Bacon Brat Cole Gallagher Kelly (PA) Cartwright Dingell Huffman Carter (TX) Banks (IN) Bridenstine Collins (GA) Garrett King (IA) Castor (FL) Doggett Jackson Lee Chabot Barletta Brooks (AL) Collins (NY) Gianforte King (NY) Castro (TX) Doyle, Michael Jayapal Cheney Barr Brooks (IN) Comer Gibbs Kinzinger Chu, Judy F. Jeffries Coffman Barton Buchanan Comstock Gohmert Knight Cicilline Ellison Johnson (GA) Cole Bera Buck Conaway Goodlatte Kustoff (TN) Clark (MA) Engel Johnson, E. B. Collins (GA) Bergman Bucshon Cook Gosar Labrador Clarke (NY) Eshoo Jones Collins (NY) Beyer Budd Cooper Gowdy LaHood Clay Espaillat Kaptur Comer Granger LaMalfa Biggs Burgess Correa

VerDate Sep 11 2014 03:24 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00040 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.025 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1169 Keating McNerney Schakowsky Ferguson Labrador Rooney, Thomas Moulton Richmond Swalwell (CA) Kelly (IL) Meng Schiff Fitzpatrick LaHood J. Nadler Rosen Takano Kennedy Moore Scott (VA) Fleischmann LaMalfa Ros-Lehtinen Napolitano Roybal-Allard Thompson (CA) Khanna Moulton Serrano Flores Lamborn Roskam Neal Ruiz Thompson (MS) Kildee Nadler Shea-Porter Fortenberry Lance Ross Nolan Ruppersberger Titus Krishnamoorthi Neal Sires Foxx Latta Rothfus Norcross Rush Tonko Langevin Nolan Slaughter Frelinghuysen Lewis (MN) Rouzer O’Halleran Ryan (OH) Torres ´ Larson (CT) Norcross Smith (WA) Gaetz Long Royce (CA) O’Rourke Sanchez Tsongas Lawrence Pallone Pallone Sarbanes Speier Gallagher Loudermilk Russell Vargas Lawson (FL) Panetta Garrett Love Panetta Schakowsky Swalwell (CA) Rutherford Veasey Lee Pascrell Gianforte Lucas Pascrell Schiff Takano Sanford Vela Levin Payne Gibbs Luetkemeyer Payne Schrader Thompson (CA) Schneider ´ Lewis (GA) Pelosi Gohmert MacArthur Pelosi Scott (VA) Velazquez Thompson (MS) Schweikert Lieu, Ted Perlmutter Goodlatte Marchant Perlmutter Serrano Visclosky Titus Scott, Austin Lofgren Pingree Gosar Marino Peters Sewell (AL) Walz Tonko Scott, David Lowenthal Pocan Gottheimer Marshall Pingree Shea-Porter Wasserman Sensenbrenner Lowey Price (NC) Torres Gowdy Massie Pocan Sherman Schultz Lujan Grisham, Quigley Tsongas Granger Mast Sessions Polis Sires Waters, Maxine ´ M. Raskin Velazquez Graves (GA) McCarthy Shimkus Price (NC) Slaughter Welch Lu´ jan, Ben Ray Richmond Visclosky Graves (LA) McCaul Shuster Quigley Smith (WA) Wilson (FL) Lynch Rosen Walz Graves (MO) McClintock Simpson Raskin Soto Yarmuth Maloney, Roybal-Allard Wasserman Green, Gene McHenry Sinema Rice (NY) Speier Carolyn B. Ruiz Schultz Griffith McKinley Smith (MO) Matsui Rush Waters, Maxine Grothman McMorris Smith (NE) NOT VOTING—14 McCollum Ryan (OH) Welch Guthrie Rodgers Smith (NJ) Bass Duncan (SC) Posey McEachin Sa´ nchez Wilson (FL) Handel McSally Smith (TX) Boyle, Brendan Gutie´rrez Rogers (KY) McGovern Sarbanes Yarmuth Harper Meadows Smucker F. Johnson (GA) Scalise Harris Meehan Stefanik Costa LoBiondo Stivers NOT VOTING—14 Hartzler Meeks Stewart Cummings Pearce Watson Coleman Bass Duncan (SC) Posey Hastings Messer Suozzi Boyle, Brendan Grothman Rogers (KY) Heck Mitchell Taylor b 1712 ´ Hensarling Moolenaar F. Gutierrez Scalise Tenney So the bill was passed. Costa LoBiondo Stivers Herrera Beutler Mooney (WV) Thompson (PA) Cummings Pearce Watson Coleman Hice, Jody B. Moore Thornberry The result of the vote was announced Higgins (LA) Mullin Tipton as above recorded. b 1704 Hill Murphy (FL) Trott Holding Newhouse A motion to reconsider was laid on Turner the table. Mr. POLIS changed his vote from Hollingsworth Noem Upton Hudson Norman ‘‘nay’’ to ‘‘yea.’’ Valadao PERSONAL EXPLANATION Huizenga Nunes Wagner So the bill was passed. Hultgren Olson Mr. SCALISE. Mr. Speaker, I was unavoid- Walberg The result of the vote was announced Hunter Palazzo ably detained. Had I been present, I would Walden Hurd Palmer as above recorded. Walker have voted ‘‘yea’’ on rollcall No. 77 and ‘‘yea’’ A motion to reconsider was laid on Issa Paulsen Jenkins (KS) Perry Walorski on rollcall No. 78. the table. Jenkins (WV) Peterson Walters, Mimi PERSONAL EXPLANATION Weber (TX) Johnson (LA) Pittenger Mr. GUTIE´ RREZ. Mr. Speaker, I was un- f Johnson (OH) Poe (TX) Webster (FL) Johnson, Sam Poliquin Wenstrup avoidably absent in the House Chamber for PROTECTING CONSUMERS’ ACCESS Jordan Ratcliffe Westerman rollcall votes 72 through 78 on Wednesday, TO CREDIT ACT OF 2017 Joyce (OH) Reed Williams February 14, 2018. Had I been present, I Katko Reichert Wilson (SC) The SPEAKER pro tempore. The un- Kelly (MS) Renacci Wittman would have voted ‘‘yea’’ on rollcall votes 74, finished business is the vote on passage Kelly (PA) Rice (SC) Womack 75, and 76, and ‘‘nay’’ on rollcall votes 72, 73, of the bill (H.R. 3299) to amend the Re- Kind Roby Woodall 77, and 78. King (IA) Roe (TN) Yoder vised Statutes, the Home Owners’ Loan King (NY) Rogers (AL) Yoho f Act, the Federal Credit Union Act, and Young (AK) Kinzinger Rohrabacher HOUR OF MEETING ON TOMORROW the Federal Deposit Insurance Act to Knight Rokita Young (IA) require the rate of interest on certain Kustoff (TN) Rooney, Francis Zeldin Mr. FITZPATRICK. Mr. Speaker, I ask unanimous consent that when the loans remain unchanged after transfer NAYS—171 of the loan, and for other purposes, on House adjourns today, it adjourn to Adams DeGette Kaptur meet at 9 a.m. tomorrow. which the yeas and nays were ordered. Aguilar Delaney Keating The Clerk read the title of the bill. Barraga´ n DeLauro Kelly (IL) The SPEAKER pro tempore (Mr. The SPEAKER pro tempore. The Beatty DelBene Kennedy BUDD). Is there objection to the request Bera Demings Khanna of the gentleman from Pennsylvania? question is on the passage of the bill. Beyer DeSaulnier Kihuen This will be a 5-minute vote. Bishop (GA) Deutch Kildee There was no objection. The vote was taken by electronic de- Blumenauer Dingell Kilmer f vice, and there were—yeas 245, nays Blunt Rochester Doggett Krishnamoorthi Bonamici Doyle, Michael Kuster (NH) 171, not voting 14, as follows: PERMISSION FOR MEMBER TO BE Brady (PA) F. Langevin ADDED AS A COSPONSOR OF H.R. [Roll No. 78] Brown (MD) Ellison Larsen (WA) Brownley (CA) Engel Larson (CT) 676 YEAS—245 Bustos Eshoo Lawrence Ms. FRANKEL of Florida. Mr. Speak- Abraham Bridenstine Correa Butterfield Espaillat Lawson (FL) Aderholt Brooks (AL) Costello (PA) Capuano Esty (CT) Lee er, I ask unanimous consent that my Allen Brooks (IN) Cramer Carbajal Evans Levin name be added as cosponsor to the bill, Amash Buchanan Crawford Carson (IN) Foster Lewis (GA) H.R. 676. Amodei Buck Cuellar Cartwright Frankel (FL) Lieu, Ted Arrington Bucshon Culberson Castor (FL) Fudge Lipinski The SPEAKER pro tempore. Is there Babin Budd Curbelo (FL) Castro (TX) Gabbard Loebsack objection to the request of the gentle- Bacon Burgess Curtis Chu, Judy Gallego Lofgren woman from Florida? Banks (IN) Byrne Davidson Cicilline Garamendi Lowenthal There was no objection. Barletta Calvert Davis, Rodney Clark (MA) Gomez Lowey Barr Ca´ rdenas Denham Clarke (NY) Gonzalez (TX) Lujan Grisham, f Barton Carter (GA) Dent Clay Green, Al M. Bergman Carter (TX) DeSantis Cleaver Grijalva Luja´ n, Ben Ray b 1715 Biggs Chabot DesJarlais Clyburn Hanabusa Lynch Bilirakis Cheney Diaz-Balart Cohen Higgins (NY) Maloney, RECOGNIZING SHERIFF JIM OLSON Bishop (MI) Coffman Donovan Connolly Himes Carolyn B. Bishop (UT) Cole Duffy Cooper Hoyer Maloney, Sean (Mr. PAULSEN asked and was given Black Collins (GA) Duncan (TN) Courtney Huffman Matsui permission to address the House for 1 Blackburn Collins (NY) Dunn Crist Jackson Lee McCollum minute and to revise and extend his re- Blum Comer Emmer Crowley Jayapal McEachin marks.) Bost Comstock Estes (KS) Davis (CA) Jeffries McGovern Brady (TX) Conaway Farenthold Davis, Danny Johnson, E. B. McNerney Mr. PAULSEN. Mr. Speaker, I rise Brat Cook Faso DeFazio Jones Meng today to recognize the service of

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00041 Fmt 4634 Sfmt 0634 E:\CR\FM\A14FE7.023 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1170 CONGRESSIONAL RECORD — HOUSE February 14, 2018 Carver County Sheriff Jim Olson, who David has served in the Indiana Sen- high-skilled immigration reform in the recently announced his retirement. ate for 22 years and as president pro final legislative package. Sheriff Olson began his career with tempore for the last 12. He is a remark- Our immigration system is broken in the Carter County Sheriff’s Office 31 able leader who has been central to many places. While we search for solu- years ago. He was elected to his first 4- every major policy achievement in In- tions to promote fairness, compassion, year term in 2010 and was reelected in diana at a State level over the past and the rule of law, I want to highlight 2013. decade. a group of immigrants who have been Olson led law enforcement operations He led the charge on cutting taxes, following our laws, contributing to our during a time when Carver County sur- passing right to work, enacting Major country, and yet are being left out in passed a population of 100,000 people, Moves, creating one of the biggest and the cold by our broken system. making it one of the fastest growing best school choice programs, and per- Right now, the per-country caps on counties in Minnesota. He oversaw manently capping property taxes. green cards for highly skilled H–1B im- major public safety operations during On a personal note, David Long is my migrants unfairly discriminate against the aftermath of Prince’s death as well mentor. We are both graduates of Wa- immigrants from a few countries, espe- as the Ryder Cup in 2016. bash College, and we both overachieved cially India. The caps have created a He is well respected in our commu- in marriage. I will always be grateful huge backlog of Indian applicants who nity and is involved in community out- for his friendship, advice, and counsel. will have to wait decades—as much as reach, raising public awareness of men- I thank David for his years of service. 70 years—to achieve their dream of tal health resources, educating the f American citizenship. public about the role of the sheriff’s of- The per-country caps must be re- DEFENDING THE FBI fice, and supporting the Hope House, a placed by a merit-based system that youth homeless shelter in Chanhassen. (Ms. KAPTUR asked and was given treats everyone fairly, regardless of Mr. Speaker, I thank Sheriff Olson permission to address the House for 1 their country of origin. My bill, the for his many years of service and dedi- minute and to revise and extend her re- Fairness for High-Skilled Immigration cation to keeping the residents of marks.) Act, would do just that. Carver County safe. We wish him the Ms. KAPTUR. Mr. Speaker, our law I urge my colleagues not to let our best of luck in the future. He will be enforcement and intelligence commu- compassion end with DACA recipients. missed. nity—most pointedly, the Federal Bu- Let’s also use this opportunity to pro- f reau of Investigation—is sustaining an mote fairness for high-skilled immi- RECOGNIZING HEALTH AND unprecedented, coordinated attack. grants as well. WELLNESS COACHES Like a cancer, the strikes are coming from deep in the marrow of our demo- f (Mr. PAYNE asked and was given cratic Republic. Our own President and permission to address the House for 1 DOMESTIC ABUSE IS WRONG even some Members of Congress block minute and to revise and extend his re- (Ms. JACKSON LEE asked and was the light of justice. marks.) given permission to address the House In his State of the Union Address, Mr. PAYNE. Mr. Speaker, I rise for 1 minute.) President Trump bragged about the ap- today to honor America’s health and Ms. JACKSON LEE. Mr. Speaker, as prehension of violent criminals and wellness coaches. Health and wellness we address Women’s History Month in gang members. The hypocrisy of this coaches help people change their the month of March, I raise the atten- President taking credit for the dan- unhealthy lifestyles and manage chron- tion of my colleagues to a set of cir- gerous work of our FBI and larger in- ic illnesses. cumstances that we have seen relating telligence community while systemati- Mr. Speaker, I am a diabetic. I also to the administration and its personnel cally and doggedly working to under- suffer from macular degeneration and policies, but the real issue is the affir- mine public faith in these institutions heart disease. I know firsthand how dif- mation of opposition to domestic vio- is an outrage. ficult it is for people to change their lence and abuse. Under Special Counsel Mueller’s di- behaviors and make healthier life Thousands of women and some men rection in 2012, the FBI made 25,000 ar- choices, but I also know that changing lose their lives to domestic abuse and rests and 14,800 indictments. They lo- behavior can improve overall health domestic violence. Thousands live in cated 1,100 missing children and seized and reduce the amount of costly med- silence and absolute fear. Children see $1.125 billion worth of criminal assets ical care people need. their mothers and fathers killed. To The American Medical Association and drugs. The historic role of the FBI in bring- have insensitivity to the importance of recently found that having a health anyone who has engaged in domestic and wellness coach involved in a per- ing major criminals and foreign and do- mestic enemies of our state to justice violence and domestic abuse be ignored son’s wellness journey not only in- sends a wrong signal to the girls and creases patient satisfaction and en- cannot be overstated. The FBI has de- fended us in ways and measures well young women in this country. gagement, but also reduces physician We must join together in a bipartisan stress and burnout by freeing up their beyond general public awareness. If not out of patriotism and commit- manner to ensure that the Violence time. Against Women Act is reauthorized in Last week, I introduced H. Res. 733 to ment to our democracy and its institu- tion, then out of sheer necessity, Con- March, and we must pronounce that express support for health and wellness domestic violence and domestic abuse coaches and to designate this week as gress and the American people must defend the rule of law. is wrong for men, women, and families. National Health and Wellness Coach It is something that should be con- Recognition Weak. The SPEAKER pro tempore. Mem- bers are reminded to refrain from en- demned and not condoned. Mr. Speaker, I ask my colleagues to No matter how important a position join me in celebrating our Nation’s gaging in personalities toward the President. you may hold, it is important for health and wellness coaches. America’s leadership to denounce this f f kind of vicious attack on families. Mr. RECOGNIZING DAVID LONG FAIRNESS FOR HIGH-SKILLED Speaker, I look forward to bipartisan- (Mr. MESSER asked and was given IMMIGRANTS ship on this issue. permission to address the House for 1 (Mr. YODER asked and was given f minute.) permission to address the House for 1 Mr. MESSER. Mr. Speaker, I rise minute and to revise and extend his re- RECOGNIZING OLYMPIAN ERIN today to recognize a tremendous Hoo- marks.) HAMLIN sier public servant, leader of the Indi- Mr. YODER. Mr. Speaker, I rise (Ms. TENNEY asked and was given ana State Senate, David Long, who re- today as the Senate debates DACA and permission to address the House for 1 cently announced his retirement from border security to urge my colleagues minute and to revise and extend her re- office. in both Houses of Congress to include marks.)

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00042 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.071 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1171 Ms. TENNEY. Mr. Speaker, I rise Human Services’ new Conscience and guished Air Force career, and then here today to recognize a world-class ath- Religious Freedom Division within the in the House of Representatives. Since lete and Olympian from the 22nd Con- Office of Civil Rights. he was elected to the House in 1991, he gressional District, Erin Hamlin. Recently, they announced a proposed has been an advocate for our Armed Four-time Olympian and two-time rule to protect workers in HHS-funded Forces, our veterans, and American world champion luger, Erin Hamlin programs from being coerced into prac- freedom. carried the Team USA flag during the ticing activities that violate their con- Mr. Speaker, 15 years ago, I gave my 2018 Winter Olympic opening ceremony science, including abortion, steriliza- first floor speech, marking 30 years in Pyeongchang, South Korea, last Fri- tion, assisted suicide, and more. since Mr. JOHNSON returned home. day. Following a vote from her fellow Under the previous administration, Today it is a distinct privilege to honor athletes, Erin was selected from eight doctors and nurses were not protected my friend and mentor on his 45th other athletes to enter her last Olym- from being forced to participate in pro- ‘‘returniversary.’’ pic Games as the flagbearer. cedures that may violate their reli- SAM JOHNSON, welcome home. Erin made history in 2014 as the first gious beliefs or moral convictions. This f U.S. athlete to win a singles luge is clearly wrong. Those who are dis- HONORING WORLD WAR II medal after taking home the Olympic criminated against for their religious VETERAN WILLIAM JOHN TOMKA Bronze Medal at the Sochi Games. She beliefs should be afforded the same pro- The SPEAKER pro tempore. Under made history again as the fourth luger tections as those facing any other to serve as the United States the Speaker’s announced policy of Jan- types of discrimination. uary 3, 2017, the gentleman from Flor- flagbearer and the first since 2010. OCR has now opened a 60-day public During Friday’s Parade of Nations, ida (Mr. RUTHERFORD) is recognized for comment period on the rule. I encour- 60 minutes as the designee of the ma- Erin led 244 athletes, the largest team age everyone across the country to par- ever from the United States. Yester- jority leader. ticipate in that comment period. Mr. RUTHERFORD. Mr. Speaker, I day, she competed in the last race of I thank the Division once again for rise today to honor World War II vet- her outstanding career. taking this important action to protect Erin will be remembered as someone eran William John Tomka, with whom religious liberty in our healthcare sys- who shattered barriers for both men I had the recent pleasure of joining to tem. celebrate his 100th birthday on Janu- and women in the sport of luge. Please f ary 27, 2018. join me in congratulating Oneida Coun- Born in Dover, New Jersey, to immi- ty’s and Remsen, New York’s own rock HONORING THE LIFE OF AUSTIN grant parents, William spent his forma- star, Erin Hamlin, on these incredible DAVIS tive years in New Jersey developing a achievements. (Mr. KIHUEN asked and was given love of music. This resulted in him be- f permission to address the House for 1 coming a music teacher until he was HONORING THE LIFE OF CHICAGO minute and to revise and extend his re- drafted into the United States Army on POLICE COMMANDER PAUL BAUER marks.) July 11, 1941. Mr. KIHUEN. Mr. Speaker, today I He left a successful job teaching in (Mr. LIPINSKI asked and was given New Jersey to defend our great Nation. permission to address the House for 1 rise to remember the life of Austin Davis, who visited Las Vegas to attend After completing his radio operations minute and to revise and extend his re- training at Fort Dix and Fort Bragg, he marks.) the Route 91 concert on October 1. Austin was an only child who was was deployed to Iceland as part of the Mr. LIPINSKI. Mr. Speaker, I rise 50th Signal Battalion in which he today to mourn the passing of Chicago very close to his parents. He lived in Riverside, California, and worked as a served as a technical sergeant leading a Police Commander Paul Bauer, who group of eight men who were also pipefitter. During his free time, Austin was shot and killed in the line of duty trained radio operators. yesterday. This is a terrible tragedy for loved to play softball. All of those who His team was responsible for code, re- the Chicago Police Department, our knew him remember Austin for his ceiving and transmitting from the city, and, most of all, Paul’s wife and contagious smile and hardworking na- field, as well as in command vehicles. young daughter. ture. This group was part of the first Amer- Paul Bauer graduated 2 years ahead I extend my condolences to Austin ican Army personnel to be sent in the of me at Saint Ignatius and joined the Davis’ family and his friends. Please European Theater of Operations. police department soon after, when he know that the city of Las Vegas, the After 22 months in Iceland, he was was just 21 years old. He rose through State of Nevada, and the whole country sent to England to be a part of the in- the ranks over 32 years to lead the grieve with you. vasion force of France on D-day. He mounted horse unit and, later, became f was dropped onto Utah Beach on June commander of the Near North District. 6, 1944, and bravely fought through the A member of Nativity Parish in b 1730 entire campaign of Europe, including Bridgeport, Paul is being remembered HONORING SAM JOHNSON the American bombardment of the Ger- as a loving father and husband, some- (Mr. BURGESS asked and was given man forces at Saint-Lo. He and his fel- one who knew the value of community low soldiers later proceeded to serve at permission to address the House for 1 policing and giving back, and for lead- the Battle of the Bulge. minute and to revise and extend his re- ing efforts to raise funds for the Chi- When recounting his most memo- marks.) cago Police Memorial Fund. rable times in the Army, Mr. Tomka Mr. Speaker, I ask my colleagues to Mr. BURGESS. Mr. Speaker, I rise will tell you about his time in Europe join me in mourning the passing of today to honor our colleague and my after D-day. He told me about his time Commander Paul Bauer. Please pray fellow Texan, SAM JOHNSON. This week in France, where he witnessed Amer- for him, his family, and for our city. marks 45 years since he returned to ican fighter pilots bomb the German Please remember to take a moment freedom after enduring nearly 7 years forces, and of his time served in joint to thank the police and other first re- as a prisoner of war in Hanoi, Vietnam. force with the Russians at the river of sponders that you encounter every day. Each February, we are reminded of Elbe. We owe them so much. the heroism, perseverance, and leader- Mr. Tomka was discharged after 31⁄2 ship that SAM JOHNSON displayed dur- f years of foreign duty on June 22, 1945. ing his time as a prisoner of war. We After his years of service, Mr. Tomka PROTECTING RELIGIOUS LIBERTY are also reminded of the persistence of went back to his passion of teaching (Mr. LAMALFA asked and was given SAM’s family and their joy and the joy music. He started an instrumental permission to address the House for 1 of our north Texas community and the music program in the Ridgefield school minute and to revise and extend his re- American people when SAM returned system of New Jersey. During his years marks.) home to Texas in 1973. of music education, Mr. Tomka ob- Mr. LAMALFA. Mr. Speaker, I rise SAM JOHNSON has served our country tained his master’s degree from NYU in today to commend the Health and selflessly—first through his distin- supervision and administration.

VerDate Sep 11 2014 01:52 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00043 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.073 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1172 CONGRESSIONAL RECORD — HOUSE February 14, 2018 While he was at NYU, he also played cial that played quite frequently. It lack of financial assets, along with the violin in the orchestra. Even at 100 may still be on. But it shows a shelter resulting loss of social capital, might years old, his talents are still impres- for the poor and homeless around be found in the idea that government sive. At his recent birthday celebra- Christmastime, and men and women and society should join in a movement tion, Mr. Tomka expertly played the are entering from the cold wintry for national solidarity, seeing work as clarinet, violin, piano, and sang for all streets, and they are gathering under a common endeavor for us all. After of his family and friends. bright lights and sharing good cheer, all, economics, in its essence, is not I salute Mr. William John Tomka on and they are clearly benefitting from just a transaction; it is profoundly re- his years of faithful service to our the holiday outpouring of charity and lational. country and to the public school sys- compassion and fellowship. A rightful discussion about the pro- tem. He exemplified qualities of a true But then the commercial shifts and found meaning of work also requires American hero. I, on behalf of a grate- the environment changes. It is a dreary the right words. The overreliance in ful nation, admire his service and sac- downtrodden affair at this point. The this body, particularly, on depersonal- rifice. new year has begun and the shelter is izing economic language, I think, is 30TH ANNIVERSARY OF THE DAVID A. STEIN left darker and less full than its former one reason that Washington can seem JEWISH COMMUNITY ALLIANCE ambient light, and laughter has so disconnected and aloof from real Mr. RUTHERFORD. Mr. Speaker, I dimmed into somber tones. All the communities and real people. rise today to congratulate the hard- while, a man is sitting at the piano in At the end of the month, if a person working men and women of the David this emptying place singing, ‘‘Don’t can’t pay their gas or a grocery bill, A. Stein Jewish Community Alliance You Forget About Me.’’ The scene con- they are unlikely to care about GDP on the celebration of their 30th anni- cludes with the adage: ‘‘The season of growth or arguments for the efficiency versary of enriching the lives of those giving ends, but the need remains.’’ of globalized trade. In a similar way, with a variety of needs. Mr. Speaker, as our economy begins recent news cycles are tracking the The JCA is a pillar in our Jackson- to recharge, giving more and more skyrocketing stock market valuations ville community. The Jewish Commu- hope with more and more Americans with some ups and downs of late. And nity Alliance is a nonprofit community gaining jobs, it is important, though, this is all exceeding most expectations, center affiliated with the Jacksonville to continue to reflect on this still early particularly from the beginning of the Jewish Federation, the United Way of stage of the new year. After some im- year, but glowing green numbers and Northeast Florida, and the Jewish portant budget battles here and a signals provide little reassurance to Community Centers of North America. major tax reform piece of legislation, millions of Americans who are priced Its focus is to enhance the quality of it is important to reflect on the proper out of owning stock. life for families and individuals of all balance between responsibility and Ultimately, Mr. Speaker, a lack of ages, religions, races, financial means, charity, as well as those who continue work, as well as a lack of assurance in and physical and mental abilities. to be left behind or forgotten. the security of government guardrails To this end, the JCA has impacted Americans are the most generous and earned benefits, can take a life-di- tens of thousands of citizens in our people in the world, and they also deep- minishing toll. community. Situated on the Ed Parker ly value responsibility, and they know Mr. Speaker, I have many seniors Jewish Community Campus, the JCA that a fulfilled life requires rewarding who write to me and suggest to us in welcomes preschool-aged children to work. Unfortunately, unemployment pretty clear terms that they aren’t en- get a good start in life and embraces and underemployment continue to titled to their own money. We throw teens and adults to join classes on hinder a faster economic recovery, the language around of entitlements, health, heritage, and a variety of sub- causing much anxiety for persons and referring to programs where people set jects. their families. aside money into government savings The JCA is a spirit of intergenera- According to a new survey from programs or were given guarantee of tional sharing of values and ideas. The CareerBuilder, nearly eight out of ten healthcare. That is not an entitlement. afterschool and school-closed day pro- Americans say they are living pay- That is something people worked for. grams give peace of mind to working check to paycheck, and our improving Many persons with difficult jobs de- parents, both married and single. Sen- economic indices should not obscure serving of both dignity and earned ben- iors and adults with special needs are this difficult reality. efits sometimes are those who are for- offered opportunities to reach their po- So to better help persons support gotten. I approached my door recently, tential with dignity and tradition. themselves and one another in the full Mr. Speaker, here in D.C. at my office, The JCA facility offers swimming, dignity of work, our next phase of eco- and there was a large crowd of men theater, and camp programs, fitness nomic regeneration must be an at- who had gathered, and they were all in and exercise classes, sports teams, art, tempt to find the proper balance be- camouflaged T-shirts waiting outside. and academic classes to all members tween right-sized government, respon- b 1745 and welcomes all for membership. The sibility to one another, and reasonable JCA offers an array of creative and in- expectations that everyone can con- All of us here experience a number of novative classes, programs, and events tribute something according to their visitors from our home States. Some- to inspire and benefit its participants. means and their capacity. Everyone times, in my office, people have to Mr. Speaker, I ask Members of the has something to give. stack up outside in the hallway, as we House to join me in acknowledging the As this recognition and economic re- are trying to accommodate people. 30th anniversary of the Jewish Commu- generation kindles a new policy discus- But as I got closer, I noticed that the nity Alliance and its commitment to sion, several guideposts should be kept front of these T-shirts that these men our community. in mind, such as ensuring enhanced op- had on read, ‘‘United Mine Workers.’’ I Mr. Speaker, I yield back the balance portunity and the erasure of what I thought, that is unusual to see Nebras- of my time. call entrepreneurial impediments, kans wearing United Mine Workers T- f along with efforts to address and mend shirts. But it turns out they were actu- a deep societal sense of brokenness. ally waiting for my neighbor, who is ECONOMIC REGENERATION When persons are unemployed or un- from the State of Kentucky. Neverthe- The SPEAKER pro tempore. Under deremployed, they can enter a down- less, I greeted these men, and we began the Speaker’s announced policy of Jan- ward spiral in their lives. Mr. Speaker, a meaningful conversation about work uary 3, 2017, the gentleman from Ne- as we well know, Washington alone and security and fairness. braska (Mr. FORTENBERRY) is recog- cannot create a humane economy that These men had spent their lives in nized for the remainder of the hour as works for the many. Americans living hard jobs. I am sure they toiled, very the designee of the majority leader. together in community form the cor- proudly, to make a reasonable living Mr. FORTENBERRY. Mr. Speaker, nerstone of a vibrant market. for their families, but they all now you may remember this around the A fuller answer to unemployment, showed real signs of physical fatigue. holidays. It was a television commer- underemployment, and this widespread They were in Washington making a

VerDate Sep 11 2014 01:56 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00044 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.075 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1173 plea for their pensions, which are fac- own, but they can’t. Why can’t they? Ultimately, a properly functioning ing dramatic reductions. A similar sit- They have the education, they have the market is a connector of community, a uation does exist in Nebraska for an- drive, they want to be innovative and delivery mechanism for material well- other group of workers. disruptive, they want to do creative being, and an opportunity enhancer for These people worked for a guarantee: work with their own two hands and individual initiative and rewarding that they would be provided for—when take the risk necessary to provide work. These classical economic expres- they could work no more. But, given a something new and novel in the mar- sions lack a deeper understanding of confluence of factors, their pensions ketplace. the ultimate purpose of production. face a dramatic shortfall, and, frankly, They have a sick child. So by the I once asked a professor when I was it is not fair. time they go onto the individual insur- young: Who does a normative analysis? I lived for several years as a younger ance market and try to obtain insur- Who asked the question, ‘‘What ought man in the area where these gentlemen ance for themselves, knowing that they to be?’’ What institution is doing that? had come from, in a town that had lost are going to have to pay the full He said: No one. half of its population in 20 years, in deductibles and copays, that bill—and Mr. Speaker, you are a fairly young what is called the old industrial Rust this was a little while back, I suspect it man. You know this as well. We are Belt, where the post-World War II eco- is higher now—the bill was going to be long past the age when working one’s nomic boom built a thriving, stable close to $30,000. So before they even entire career in the same large cor- community, but now where globalized open their door, they have an upfront poration guaranteed security and well- supply-side theory has had its most cost of $30,000, just for a little bit of being is finished. The current corporate dramatic degenerating economic effect. personal protection. construct is desperately driven and I said to one of these men, ‘‘You know, So what happens? They stay put. hopelessly fragmented by quarterly I know where you come from,’’ and one They are tethered to institutions that profit mandates. of the men and I hugged. may not be as gratifying to them. Soci- Short-term decisions overrule long- Mr. Speaker, our country is in pain. ety loses from their inability to take term strategy. While this is occasion- Epic hurricanes and floods; escalating that risk and provide that product out ally brought to heel by scandal and urban violence; an opioid epidemic in the market, because they are teth- malfeasance, most multinationals are among those self-medicating their own ered, they are handcuffed, to a benefit no longer tethered to a face or a place, mental, physical, and financial an- called healthcare that a large institu- so they pitch us on TV and print with guish; combine this with a broken tion can provide, but the small entre- caring images, and kindly deem us wor- healthcare construct, and the lingering preneur can’t. This makes no sense. thy to help with their chosen causes, after-effects of a bitterly fought last We have some specific ideas on this, and then major cities with major air- electoral season have torn America’s and we are working to grow a bipar- ports become the hub, and the rest of heart. tisan working group to make proper us have to just buy it. In a vibrantly healthy society, changes potentially in that individual Now, lest I sound too critical, large though, there should be space for what insurance market, whereby people can businesses certainly retain a necessary I call marketplace fluidity and cre- pool together more easily, where there space in producing certain types of ativity and innovation. A person who is a better type of major medical prod- goods and large-scale industrial prod- has an idea and the drive should be uct out there that would be a lot less ucts, and can provide exciting oppor- able to pursue it. The benefits accrue, expensive, and, perhaps, using an idea tunity. That is all true and necessary. of course, to this person as the inven- that was embedded in the healthcare But I also think we are on the front tor, but also the buyer of those serv- debate earlier this year, where the gov- end of something, Mr. Speaker. There ices, the community, and those who ernment provides a stabilizing reinsur- is a hunger for the next economic trend gave the effort in the building of this ance model so that the market can ac- to reorient around the revitalization of product or service. tually work within a certain bandwidth Main Street, including local foods, sus- So a healthy economy is two things where the sickest person pays the same tainable energy production, smarter at once: it is individualistic and it is rate, but is protected from excess ex- services, and smaller scale manufac- community-oriented at the same time. pense by a more direct government turing, recreating that long lost sense Innovation and competition can be dis- subsidy. of place in our communities. ruptive, but they must be set within a This makes sense. Think about the Imagine a new urbanism of an eco- fair set of rules. entrepreneurial potential that then nomic ecosystem with friendly neigh- When a system stacks to the wealthi- would be released, creating oppor- borhoods, nearby centers of smaller est, or is outsourced by faceless cor- tunity, more jobs, better products. We scale, microbusinesses, contextually porations in the name of advancing are constraining ourselves for no rea- appropriate architecture, and a bur- quarterly profits, exploiting the poor son here. geoning supply of easily accessible pub- elsewhere and damaging the environ- I hope that this chapter can unfold in lic space. We see this trend developing, ment elsewhere, where there is a lax the coming weeks, as some people of and, frankly, it is very exciting. legal foundation and, therefore, an in- goodwill are trying to work through Now, we had a bill recently in which direct subsidy to the means of produc- this, and there is significant interest, I we took an important vote here on tax tion, and the externality costs are feel, on both sides of the aisle. You just reform, and I believe this is going to borne by persons elsewhere in the have to break through it. help. I believe that tax reform legisla- forms of shorter lives and the effects of Mr. Speaker, we are also, from my tion will help rebalance a number of pollution, it sets in motion not only perspective, living in a paradoxical age business inequities, particularly for difficulties in other places, but here—a where we are more and more dependent small business where most jobs come loss of jobs, lost community cohesion, upon big business for information flow from. and a breakdown of life’s stability. Tie and consumer goods, and, at the same It is estimated that the average Ne- this to the loss of the formative insti- time, we are more and more skeptical braska family of four will receive more tutions of family life, faith life, and of this model. than a $2,000 extra benefit in their civic life, and we drift. We drift with- I was trained in an era where eco- pocket from the immediate impact of out a national narrative. It makes it nomic language was cast in terms of ef- the tax bill and the relief that they much more difficult to respond holis- ficiency and optimization, economies will get. And then over time, due to in- tically in the midst of tragedy to our of scale, production capacity, inputs, creased wages, that will translate into greater challenges and problems. the free flow of capital and labor, and about a $4,000 benefit. For a moment, I want to speak about on and on, all the vocabulary of eco- I think this is important because a person who participated in one of my nomic academic theory. These are ana- Americans need a break, especially telephone townhalls. She told me she is lytical and mechanical terms nec- working men and women trying to get an architect, her husband is an archi- essary for understanding market func- a bit ahead and trying to provide for tect, and they were very interested in tion, but they lack a connection to any their family well. But for many, it is starting an architectural firm on their deeper purpose. also harder and harder. As we said,

VerDate Sep 11 2014 01:56 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00045 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.077 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1174 CONGRESSIONAL RECORD — HOUSE February 14, 2018 many Americans are living paycheck with a small business ecosystem of re- have asked for this unanimous consent. to paycheck. That is not fully a Tax vived entrepreneurial momentum—and My belief is that we will have many, Code problem. It is the harsh reality of a part of that is the next set of poli- many persons who are not here to- social fragmentation, downward mobil- cies, hopefully, that will be empow- night, for legitimate reasons, who will ity, the rising cost of living, and sky- ering with a new type of healthcare want to make sure that they are made rocketing income disparity driven by product that is stable for persons who a part of the RECORD by and through inequitable globalization and con- do want to enter into the formation of their comments that they will submit centrations of economic power. These their own small business now but are in written word. forces have not fundamentally bene- not empowered to do so—this will only Mr. Speaker, I am here to talk about fited us fully, and they have left mil- strengthen this entrepreneurial revi- Black History because for many years, lions of people behind. talization. too many years, to be quite honest, the I think this tax reform measure is There is no way to calculate the held, history of Africans in the Americas, important because it particularly re- pent-up benefit of unleashing this po- the history of Black people in America, balances the perverse incentive to off- tential. Again, because we have teth- the history of African Americans, at shore. ered people to a benefit package based one time known as Negroes, this his- In addition to putting more money in upon institutions that are able to af- tory was deleted from the history the pockets of hardworking Americans, ford it, we have drained ourselves, books. It was said in one book that, be- it does support the revitalization of made ourselves weary from being able cause little contributions were made to Main Street and the return of the to unleash the fullness of the potential world history, there would be little ‘‘Made in America’’ label. to create things with your own hands mention of Africans in history. This legislation also provided a rea- or your own intellect that are good for But, Mr. Speaker, we know now that soned progress in an attempt to make you, good for your family, and good for this is not true, and because we know the Tax Code simpler and fairer and to others. That is what we mean by a new that it is not true, we seek to at least resolve this convoluted set of problems small business ecosystem that has re- give some indication in the RECORD that overburdened people, families, and vived entrepreneurial momentum. that African Americans have made a small businesses across the Nation. I Mr. Speaker, in the Middle East, the significant contribution in America. think this is important because we are Jordan River flows into both the Sea of But also, the truth is that Africans living in an age where we can’t keep Galilee and the Dead Sea. There is a have made a contribution to world his- pushing the same policies over and difference between the two bodies of tory. over and expect them to fit into a 21st seas. One of them is devoid of life. However, tonight, this resolution will century architecture of well-being and Water flows in but nothing flows out. focus on and it will recognize and cele- successful living. It is dead. brate Black History Month; and, in so Moving forward, I believe the source Abundant life requires both giving doing, we would like to present the res- and the strength of the American econ- and receiving, both charity and respon- olution that will be filed at a later omy will be in this new urbanism of sibility. An economy that is founded time. small business in which entrepreneurs upon these strengths which we have Mr. Speaker, ‘‘Whereas the theme for from village to city add value through discussed tonight, supported by a Black History Month 2018 is ‘African small-scale manufacturing, innovative right-sized government and a dedi- Americans in Times of War’ ’’—some- new products, or brokering in repair cated, hardworking people, can only thing that we have not focused on to services. keep growing stronger. Then, maybe— the extent that we should have, be- Now, we do anticipate a spike in the maybe—we can say, don’t you forget cause African Americans have made initial deficit from the tax bill, but we about me and that we will never forget significant contributions to our coun- are already seeing a surge of revitaliza- about you. try during times of war—this theme tion and possibility of economic oppor- Mr. Speaker, I yield back the balance ‘‘which commemorates the centennial tunity. Given this reorientation of the of my time. of the end of the First World War in tax policy around the family, hope- f 1918, and explores the complex mean- ings and implications of this inter- fully, with the entrepreneurial momen- CELEBRATING BLACK HISTORY national struggle and its aftermath; tum, we will generate more jobs, earn- MONTH ings, and reverse this downward trend ‘‘Whereas this resolution will focus in small business formation. Less tax, The SPEAKER pro tempore. Under primarily on African Americans in the more taxpayers, more revenue over the Speaker’s announced policy of Jan- military, which is but one historically time, that is the calculation. uary 3, 2017, the gentleman from Texas important aspect of this far-reaching (Mr. AL GREEN) is recognized for 60 exploration of African-American his- b 1800 minutes as the designee of the minor- tory; As more opportunity appears, more ity leader. ‘‘Whereas African Americans have persons should also be able to transi- GENERAL LEAVE fought for the United States through- tion from important support mecha- Mr. AL GREEN of Texas. Mr. Speak- out its history; nisms and systems into meaningful er, I ask unanimous consent for all ‘‘Whereas despite racial segregation work. Members to have 5 legislative days to and discrimination, African Americans Now, this tax reform attempts to be revise and extend their remarks on the have played a significant role during sensitive to the needs of all Americans subject of my Special Order. times of war from the colonial period as it begins to push for a modernized The SPEAKER pro tempore. Is there forward’’—Mr. Speaker, it is inter- revenue construct that no longer en- objection to the request of the gen- esting to note, as an aside now, that it ables the complex, lawyered-up, quar- tleman from Texas? was not until 1948, by Presidential ex- terly-driven multinationals to unjustly There was no objection. ecutive order, that President Truman benefit from low taxes abroad while Mr. AL GREEN of Texas. Mr. Speak- desegregated the military. taking advantage of tax loopholes here. er, this is February 14, Valentine’s Continuing: ‘‘Whereas Crispus It rebalances the perverse incentives to Day, and this is but one day, of course, Attucks was a fugitive slave working offshore. At the same time, it uses the in the month of February, which is outside of Boston, Massachusetts, as a carrot of lower corporate rates to bring Black History Month. I am honored to sailor, and during his time off, he foreign profits back to America, and we stand here tonight to present a resolu- worked as a rope maker near the are already seeing the effect. tion that will be filed, a Black History wharf; So, on balance, this was a massive, resolution. ‘‘Whereas in early 1770, competition historic, and necessary overhaul of our But I am also honored to say that a for work and wages became stiff as antiquated, harsh, and complicated tax good many of my colleagues are in sup- British soldiers were contending for system so that families cannot only port of Black History Month, and they the same unskilled positions as the get by, but maybe they can start get- deserve to have their words, their ex- locals’’—that would be Crispus Attucks ting ahead. And if we can combine this pressions made known, which is why I and other locals;

VerDate Sep 11 2014 01:56 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00046 Fmt 4634 Sfmt 0634 E:\CR\FM\K14FE7.078 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE February 14, 2018 CONGRESSIONAL RECORD — HOUSE H1175 ‘‘Whereas this situation created ten- number—‘‘approximately 800 African ‘‘Whereas the preservation and teach- sion which slowly escalated to violent Americans were killed in action; ing of Black history are nationally rec- confrontations; ‘‘Whereas Doris Miller enlisted in the ognized due to the efforts of Dr. Carter ‘‘Whereas on March 5, 1770, Attucks U.S. Navy as a mess attendant’’— G. Woodson and his establishment of led a group of rope makers and sailors meaning he was a person who served Negro History Week, the precursor to into a confrontation with a group of those others with food and took care of Black History Month; British soldiers and subsequently was the cleaning of facilities—‘‘where he ‘‘Whereas Black History Month, shot and killed; served on the USS West Virginia when which represents Dr. Carter G. ‘‘Whereas Crispus Attucks, a Black the Japanese attacked Pearl Harbor on Woodson’s efforts to enhance knowl- man, is generally considered to be the December 7, 1941; edge of Black history, started through first casualty of the Revolutionary War ‘‘Whereas Miller was assigned to the Journal of Negro History, pub- and is remembered as the first of many carry the wounded sailors to safer lished by Woodson’s Association for the notable African-American heroes; quarters; Study of African American Life and ‘‘Whereas Araminta Ross was born ‘‘Whereas he returned to the deck History; and into slavery in Maryland and escaped and picked up a 50-caliber Browning ‘‘Whereas the month of February is to freedom in the North in 1849 to be- antiaircraft machine gun that he had officially celebrated as Black History come the most famous conductor on never been trained to shoot and man- Month, which dates back to 1926, when the Underground Railroad; aged to shoot down enemy aircraft; Dr. Carter G. Woodson set aside a spe- ‘‘Whereas Araminta Ross was a lead- ‘‘Whereas, Doris Miller, a Black man, cial period of time in February to rec- ing abolitionist before the American was commended by the Secretary of ognize the heritage and achievements Civil War and also helped the Union the Navy and became the first African of Black Americans. Army during war, working as a spy, American to be presented the Navy ‘‘Now, therefore, be it resolved that among other roles; Cross; the House of Representatives— ‘‘Whereas Araminta Ross, a Black ‘‘Whereas before 1940, African Ameri- ‘‘Recognizes the significance of Black History Month as an important time to woman, guided the Combahee River cans were barred from flying for the acknowledge and celebrate the con- Raid, which liberated more than 700 U.S. military; tributions of African Americans in the slaves in South Carolina; ‘‘Whereas civil rights organizations Nation’s history, and encourages the ‘‘Whereas Araminta Ross, better and Black press exerted pressure on continued celebration of this month to known as Harriet Tubman, was the President Roosevelt, which resulted in provide an opportunity for all peoples first woman to lead an armed expedi- the formation of the Tuskegee Airmen of the United States’’—regardless of tion during the Civil War; based in Tuskegee, Alabama, in 1941; where they are from—‘‘to learn more ‘‘Whereas Powhatan Beaty was born ‘‘Whereas the Tuskegee Airmen in- about the past and to better under- a slave in Richmond, Virginia, in 1837; cluded pilots, navigators, bombardiers, stand the experiences that have shaped ‘‘Whereas when the Civil War broke maintenance and support staff, instruc- tors, as well as the personnel who kept the Nation; out, Beaty enlisted in the Union Army; ‘‘Recognizes that ethnic and racial ‘‘Whereas Powhatan Beaty, a Black the planes and pilots in the air; ‘‘Whereas the Black Tuskegee Air- diversity of the United States enriches man, was quickly promoted to sergeant and strengthens the Nation; and and oversaw 47 other Black recruits in men overcame segregation and preju- dice to become one of the most highly ‘‘Encourages all States to include in noncombat jobs; their year-round educational cur- ‘‘Whereas in September of 1864, respected groups of World War II; ‘‘Whereas the Tuskegee Airmen’s riculum the history and contributions Beaty’s division attacked the enemy at of African Americans in the United Chaffin’s farm, near Richmond, Vir- achievements helped pave the way for full integration of U.S. military; States and around the world.’’ ginia; Mr. Speaker, I am honored to say to ‘‘Whereas with all of the other unit’s ‘‘Whereas during World War II, ap- proximately 700 African Americans this audience that this Congress has officers and most of its enlisted men been very responsive to the notion of dead or wounded, Beaty took over and were killed in action; ‘‘Whereas Cornelius Charlton, a ca- celebrating African-American history. led a second charge, driving the enemy reer military man, served in the Army My hope is that, once we are back in back; during the Korean war; the business of approving resolutions of ‘‘Whereas for his heroism, Powhatan ‘‘Whereas on June 2, 1951, his platoon this type, this resolution will be taken Beaty, a Black man, was awarded the encountered heavy resistance while at- up by the Congress of the United Medal of Honor . . . ;’’ tempting to take Hill 543 and the lead- States of America, that it will be voted ‘‘Whereas Benjamin Oliver Davis, Sr., er of his platoon was wounded; on, and that it will be passed. entered the military service on July 13, ‘‘Whereas Charlton took command My hope is that this will be an indi- 1898, during the Spanish-American War and regrouped his men and led an as- cation to our country that our Con- and, as a temporary first lieutenant of sault on the hill; gress does truly appreciate what the the 8th United States Volunteer Infan- ‘‘Whereas he singlehandedly attacked African Americans have done to make try; and disabled the last remaining enemy America the beautiful a more beautiful ‘‘Whereas on June 18, 1899, he enlisted gun encampments; America. as a private in the 9th Cavalry of the Mr. Speaker, I yield back the balance Regular Army; b 1815 of my time. ‘‘Whereas Davis eventually came ‘‘Whereas he subsequently died from Ms. EDDIE BERNICE JOHNSON of Texas. under the command of Charles Young, his wounds inflicted by a grenade, but Mr. Speaker, today I rise to recognize this whom, at the time, was the only Afri- he is credited with saving much of his month of February as Black History Month. can-American officer serving in the platoon; Black History Month is an important celebra- U.S. military; ‘‘Whereas Cornelius Charlton, a tion of the achievements and sacrifices of Afri- ‘‘Whereas Young took Davis under Black man, posthumously received the can-Americans in building our nation. his tutelage and helped him to prepare Medal of Honor for his actions near Black History Month has a rich history itself, to take his officer candidate test; Chipo-ri, South Korea; from its humble beginnings as ‘Negro Aware- ‘‘Whereas in only 2 years, he rose to ‘‘Whereas African Americans lit- ness Week’, celebrated in February to coin- sergeant major and earned a commis- erally fought for the right to die in de- cide with the birth months of both Frederick sion as a second lieutenant in 1901; fense of their country; Douglass and President Lincoln, the expan- ‘‘Whereas Benjamin Oliver Davis, a ‘‘Whereas in the face of injustices, sion to a month was first celebrated at Kent Black man, rose through the ranks and many African Americans distinguished State University in 1970, before being officially became the first African American to themselves with their commitment to recognized by President Gerald Ford in 1976, achieve the rank of brigadier general the noble ideals upon which the United who said that it was a ‘seize the opportunity in the U.S. military; States was founded and courageously to honor the too-often neglected accomplish- ‘‘Whereas, during World War I, ap- fought for the rights and the freedom ments of Black Americans in every area of en- proximately 800‘‘—no one is sure of the of all Americans; deavor throughout our history’. February has

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A letter from the Director, Regu- culture, transmitting the Department’s final latory Management Division, Environmental acies of African-Americans, it makes a good rule — Standardizing Phytosanitary Treat- Protection Agency, transmitting the Agen- start. ment Regulations: Approval of Cold Treat- cy’s final rule — OHIO: Final Authorization This year is especially important, as is this ment and Irradiation Facilities; Cold Treat- of State Hazardous Waste Management Pro- day, as we honor the 200th birthday of Fred- ment Schedules; Establishment of Fumiga- gram Revision [EPA-R05-RCRA-2017-0381; erick Douglass, a towering presence in Afri- tion and Cold Treatment Compliance Agree- FRL-9974-25-Region 5] received February 9, can-American history. Born into slavery, se- ments [Docket No.: APHIS-2013-0081] (RIN: 2018, pursuant to 5 U.S.C. 801(a)(1)(A); Public cretly teaching himself to read and write, Fred- 0579-AD90) received February 12, 2018, pursu- Law 104-121, Sec. 251; (110 Stat. 868); to the erick Douglass would become a powerful ant to 5 U.S.C. 801(a)(1)(A); Public Law 104- Committee on Energy and Commerce. 121, Sec. 251; (110 Stat. 868); to the Committee 3991. A letter from the General Counsel, voice for abolition, and for the equality of all on Agriculture. Federal Energy Regulatory Commission, people. 3983. A letter from the Acting Under Sec- transmitting the Commission’s final rule — But during this month, we must honor not retary of Defense for Research and Engineer- Emergency Preparedness and Operations Re- only Frederick Douglass and the other leading ing, Department of Defense, transmitting liability Standards [Docket No.: RM17-12-000; figures of our movement, but also the thou- the Department’s Calendar Year 2017 reports Order No.: 840] received February 12, 2018, sands of ordinary African-Americans who to describe activities under the Secretary of pursuant to 5 U.S.C. 801(a)(1)(A); Public Law formed the tide that swept slavery from our Defense Personnel Management Demonstra- 104-121, Sec. 251; (110 Stat. 868); to the Com- tion Project authorities for the Department mittee on Energy and Commerce. nation, the many people who continue in the of Defense Science and Technology Reinven- 3992. A letter from the Chairman, United effort to eradicate racism today, and all those tion Laboratories, pursuant to 10 U.S.C. 2358 States Nuclear Waste Technical Review who will do so in the future. note; Public Law 110-181, Sec. 1107(d); (122 Board, transmitting the Board’s report ti- Mr. Speaker, I thank my good friend AL Stat. 358); to the Committee on Armed Serv- tled, ‘‘A Report to Congress and the Sec- GREEN for convening this special order ses- ices. retary of Energy on Management and Dis- sion, so that we can appropriately honor Black 3984. A letter from the Associate General posal of U.S. Department of Energy Spent History Month, and recognize the sacrifice and Counsel for Legislation and Regulations, Of- Nuclear Fuel’’, pursuant to the Nuclear fice of Policy, Development and Research, courage of African-Americans throughout our Waste Policy Amendments Act of 1987, Pub- Department of Housing and Urban Develop- lic Law 100-203; to the Committee on Energy nation’s history. ment, transmitting the Department’s in- and Commerce. f terim final rule — Federal Policy for the 3993. A letter from the Assistant Secretary, Protection of Human Subjects: Delay of the Legislative Affairs, Department of State, LEAVE OF ABSENCE Revisions to the Federal Policy for the Pro- transmitting the Department’s Supple- By unanimous consent, leave of ab- tection of Human Subjects [Docket No.: FR- mental Report to Congress on Market Data sence was granted to: 6077-I-01] received February 1, 2018, pursuant for overseas Cost-of-Living Adjustments, to 5 U.S.C. 801(a)(1)(A); Public Law 104-121, pursuant to Public Law 114-323, Sec. 411; to Mr. LOBIONDO (at the request of Mr. Sec. 251; (110 Stat. 868); to the Committee on the Committee on Foreign Affairs. MCCARTHY) for today after 1:30 p.m. Financial Services. 3994. A letter from the Assistant Secretary, and for February 15 on account of at- 3985. A letter from the General Counsel, Legislative Affairs, Department of State, tending a family funeral. Federal Housing Finance Agency, transmit- transmitting a determination by the Sec- Mrs. WATSON COLEMAN (at the re- ting the Agency’s final rule — 2018-2020 En- retary to exercise the authority to waive the quest of Ms. PELOSI) for today. terprise Housing Goals (RIN: 2590-AA81) re- restriction on assistance under Sec. 620(q) of ceived February 7, 2018, pursuant to 5 U.S.C. the Foreign Assistance Act of 1961 with re- f 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 spect to Antigua and Barbuda; to the Com- mittee on Foreign Affairs. BILLS PRESENTED TO THE Stat. 868); to the Committee on Financial Services. 3995. A letter from the Chairman, Council PRESIDENT 3986. A letter from the Secretary, Depart- of the District of Columbia, transmitting Karen L. Haas, Clerk of the House, ment of Education, transmitting the Depart- D.C. Act 22-255, ‘‘Washington Metrorail Safe- reported that on February 9, 2018, she ment’s final regulations — Student Assist- ty Commission Board of Directors Appoint- presented to the President of the ance General Provisions, Federal Perkins ment Amendment Act of 2018’’, pursuant to Loan Program, Federal Family Education Public Law 93-198, Sec. 602(c)(1); (87 Stat. United States, for his approval, the fol- Loan Program, William D. Ford Federal Di- 814); to the Committee on Oversight and lowing bills: rect Loan Program, and Teacher Education Government Reform. H.R. 1892. To amend title 4, United States Assistance of College and Higher Education 3996. A letter from the Chairman, Council Code, to provide for the flying of the flag at Grant Program [Docket ID: ED-2017-OPE- of the District of Columbia, transmitting half-staff in the event of the death of a first 0112] (RIN: 1840-AD28) received February 12, D.C. Act 22-254, ‘‘East End Grocery and Re- responder in the line of duty. 2018, pursuant to 5 U.S.C. 801(a)(1)(A); Public tail Incentive Tax Exemption Act of 2018’’, H.R. 1301. Making appropriations for the Law 104-121, Sec. 251; (110 Stat. 868); to the pursuant to Public Law 93-198, Sec. 602(c)(1); Department of Defense the fiscal year ending Committee on Education and the Workforce. (87 Stat. 814); to the Committee on Oversight September 30,2017, and for other purposes. 3987. A letter from the Chairman, Occupa- and Government Reform. H.R. 582. To amend the Communications tional Safety and Health Review Commis- 3997. A letter from the Chairman, Council Act of 1934 to require multi-line telephone sion, transmitting the Commission’s Occupa- of the District of Columbia, transmitting systems to have a configuration that permits tional Safety and Health Review Commis- D.C. Act 22-253 ‘‘Jackson School Lease Re- users to directly initiate a call to 9-1-1 with- sion report for Fiscal Year 2017, pursuant to newal Authorization Act of 2018’’, pursuant out dialing any additional digit, code, prefix, the Buy American Act, 41 U.S.C. 10a(b); to to Public Law 93-198, Sec. 602(c)(1); (87 Stat. or post-fix, and for other purposes. the Committee on Education and the Work- 814); to the Committee on Oversight and force. Government Reform. f 3988. A letter from the Assistant General 3998. A letter from the Chairman, Council ADJOURNMENT Counsel, Consumer Product Safety Commis- of the District of Columbia, transmitting sion, transmitting the Commission’s direct D.C. Act 22-252, ‘‘East End Commercial Real Mr. AL GREEN of Texas. Mr. Speak- final rule — Revision to Children’s Gasoline Property Tax Rate Reduction Amendment er, I move that the House do now ad- Burn Prevention Act Regulation [Docket Act of 2018’’, pursuant to Public Law 93-198, journ. No.: CPSC-2015-0006] received February 1, Sec. 602(c)(1); (87 Stat. 814); to the Committee The motion was agreed to; accord- 2018, pursuant to 5 U.S.C. 801(a)(1)(A); Public on Oversight and Government Reform. ingly (at 6 o’clock and 20 minutes Law 104-121, Sec. 251; (110 Stat. 868); to the 3999. A letter from the Chairman, Council Committee on Energy and Commerce. of the District of Columbia, transmitting p.m.), under its previous order, the 3989. A letter from the Director, Regu- D.C. Act 22-251, ‘‘General Obligation Bonds House adjourned until tomorrow, latory Management Division, Environmental and Bond Anticipation Notes for Fiscal Thursday, February 15, 2018, at 9 a.m. Protection Agency, transmitting the Agen- Years 2018-2023 Authorization Act of 2018’’, f cy’s final rule — Approval and Promulgation pursuant to Public Law 93-198, Sec. 602(c)(1); of Air Quality Implementation Plans; Arkan- (87 Stat. 814); to the Committee on Oversight EXECUTIVE COMMUNICATIONS, sas; Infrastructure State Implementation and Government Reform. ETC. Plan Requirements for the National Ambient 4000. A letter from the Chairman, Council Air Quality Standards [EPA-R06-OAR-2017- of the District of Columbia, transmitting Under clause 2 of rule XIV, executive 0435; FRL-9973-23-Region 6] received Feb- D.C. Act 22-250, ‘‘Africare Real Property Tax communications were taken from the ruary 9, 2018, pursuant to 5 U.S.C. Relief Act of 2018’’, pursuant to Public Law Speaker’s table and referred as follows: 801(a)(1)(A); Public Law 104-121, Sec. 251; (110 93-198, Sec. 602(c)(1); (87 Stat. 814); to the

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Committee on Oversight and Government Ms. LOFGREN, Mr. LANGEVIN, Mr. Mr. THOMPSON of Mississippi, Mr. Reform. RICHMOND, and Mrs. DEMINGS): CONNOLLY, Mr. GUTIE´ RREZ, Mr. JOHN- 4001. A letter from the Chairman, Council H.R. 5011. A bill to protect elections for SON of Georgia, Ms. NORTON, Ms. of the District of Columbia, transmitting public office by providing financial support BARRAGA´ N, Mrs. LAWRENCE, Mrs. D.C. Act 22-249, ‘‘Electric Vehicle Public In- and enhanced security for the infrastructure CAROLYN B. MALONEY of New York, frastructure Expansion Amendment Act of used to carry out such elections, and for Mr. PAYNE, Mr. COOPER, Ms. 2018’’, pursuant to Public Law 93-198, Sec. other purposes; to the Committee on House VELA´ ZQUEZ, Mr. WELCH, Ms. JAYAPAL, 602(c)(1); (87 Stat. 814); to the Committee on Administration, and in addition to the Com- Mr. KRISHNAMOORTHI, Mr. LYNCH, Mr. Oversight and Government Reform. mittees on Homeland Security, Intelligence COHEN, Mr. CLAY, Mr. DESAULNIER, 4002. A letter from the Chairman, Council (Permanent Select), the Judiciary, and For- Mr. LOWENTHAL, Mr. BEYER, Mrs. of the District of Columbia, transmitting eign Affairs, for a period to be subsequently WATSON COLEMAN, Mr. RASKIN, Ms. D.C. Act 22-248, ‘‘Bicycle and Pedestrian determined by the Speaker, in each case for PLASKETT, Mr. DANNY K. DAVIS of Il- Safety Clarification Amendment Act of consideration of such provisions as fall with- linois, Mr. CICILLINE, and Mr. in the jurisdiction of the committee con- 2018’’, pursuant to Public Law 93-198, Sec. GALLEGO): 602(c)(1); (87 Stat. 814); to the Committee on cerned. H.R. 5019. A bill to amend title 5, United Oversight and Government Reform. By Mr. ROKITA (for himself, Mr. States Code, to require a quarterly report on ARINO, and Mr. BABIN): 4003. A letter from the Chairman, Council M security clearances for individuals working H.R. 5012. A bill to provide further tax re- of the District of Columbia, transmitting in the White House or the Executive Office of D.C. Act 22-247, ‘‘National Community Rein- lief for Americans receiving bonuses; to the Committee on Ways and Means. the President, and for other purposes; to the vestment Coalition Real Property Tax Ex- Committee on Oversight and Government By Mr. OLSON (for himself, Mr. CON- emption Amendment Act of 2018’’, pursuant Reform. NOLLY, Mr. ROE of Tennessee, Mr. to Public Law 93-198, Sec. 602(c)(1); (87 Stat. By Mr. LOEBSACK: BEYER, Ms. CHENEY, Mr. DUNN, and 814); to the Committee on Oversight and H.R. 5020. A bill to provide for the estab- Mr. HARRIS): Government Reform. lishment of a Department of Education pro- 4004. A letter from the Acting Director, H.R. 5013. A bill to amend the Public Health Service Act to clarify liability pro- gram to award grants to secondary schools Consumer Financial Protection Bureau, that establish a project to encourage stu- transmitting the Bureau’s Strategic Plan for tections regarding emergency use of auto- mated external defibrillators; to the Com- dents in their junior and senior school years Fiscal Years 2018-2022, pursuant to 5 U.S.C. to experience career and technical education 306(a); Public Law 103-62, Sec. 3(a) (as amend- mittee on Energy and Commerce. By Mr. RUTHERFORD (for himself, courses at a community college, and for ed by Public Law 111-352, Sec. 2); (124 Stat. other purposes; to the Committee on Edu- 3866); to the Committee on Oversight and Mr. BILIRAKIS, Mr. BUCHANAN, Mr. DESANTIS, Mr. GAETZ, Mr. MAST, Mr. cation and the Workforce. Government Reform. By Mr. SEAN PATRICK MALONEY of 4005. A letter from the Assistant Director, FRANCIS ROONEY of Florida, Ms. ROS- New York: OSD SEMO, Department of Defense, trans- LEHTINEN, Mr. ROSS, and Mr. YOHO): H.R. 5021. A bill to require the Adminis- mitting forty (40) notifications of a federal H.R. 5014. A bill to provide for a morato- rium on oil and gas leasing and exploration trator of the Drug Enforcement Administra- vacancy, designation of acting officer, nomi- on the outer Continental Shelf off the coast tion to make publicly available on the nation, action on nomination, change in pre- of Florida until 2029, and for other purposes; website of the Drug Enforcement Adminis- viously submitted reported information, or to the Committee on Natural Resources. tration a report on the sale of controlled discontinuation of service in acting role, By Mr. BLUMENAUER (for himself, substances and controlled substance ana- pursuant to 5 U.S.C. 3349(a); Public Law 105- Mr. MCGOVERN, Mr. HUFFMAN, Ms. logues by means of the Internet; to the Com- 277, 151(b); (112 Stat. 2681-614); to the Com- NORTON, Ms. VELA´ ZQUEZ, Ms. SPEIER, mittee on Energy and Commerce, and in ad- mittee on Oversight and Government Re- Mr. DEFAZIO, Ms. WASSERMAN dition to the Committee on the Judiciary, form. SCHULTZ, Mrs. CAROLYN B. MALONEY 4006. A letter from the Acting Chief Finan- for a period to be subsequently determined of New York, Ms. MCCOLLUM, Ms. cial Officer, Department of Homeland Secu- by the Speaker, in each case for consider- TSONGAS, Ms. SCHAKOWSKY, Ms. rity, transmitting the Department’s Annual ation of such provisions as fall within the ju- CLARK of Massachusetts, Mr. CON- Performance Report for Fiscal Years 2017- risdiction of the committee concerned. NOLLY, Mr. PASCRELL, Mr. POLIS, Mr. 2019, Annual Performance Plan, and Annual By Mr. MARSHALL (for himself, Mr. QUIGLEY, Mr. NADLER, Ms. SLAUGH- Performance Report, pursuant to 31 U.S.C. THOMPSON of Pennsylvania, Mrs. TER, Ms. LOFGREN, Mr. MEEKS, Ms. 1115(b); Public Law 111-352, Sec. 3; (124 Stat. BUSTOS, and Mrs. DINGELL): PINGREE, Ms. LEE, Mr. ELLISON, Mrs. 3867); to the Committee on Oversight and H.R. 5022. A bill to amend the Food Secu- WATSON COLEMAN, Mr. GRIJALVA, Mr. Government Reform. rity Act of 1985 to authorize funding for the 4007. A letter from the Acting Director and NOLAN, Mr. LARSEN of Washington, voluntary public access and habitat incen- General Counsel, Office of Government Eth- Ms. KUSTER of New Hampshire, Mr. tive program; to the Committee on Agri- ics, transmitting the Office’s Strategic Plan CARTWRIGHT, Mr. COHEN, Ms. culture. for FY 2018-22, Congressional Budget Jus- DELAURO, Ms. MICHELLE LUJAN GRIS- By Ms. NORTON: tification for 2019, Annual Performance Plan HAM of New Mexico, Ms. ESTY of Con- H.R. 5023. A bill to designate the Civil War for FY 2018 and 2019, and Annual Perform- necticut, and Ms. KAPTUR): Defenses of Washington National Historical H.R. 5015. A bill to direct the Adminis- ance Report for FY 2017, pursuant to 31 Park comprised of certain National Park trator of the Environmental Protection U.S.C. 1115(b); Public Law 111-352, Sec. 3; (124 System lands, and by affiliation and cooper- Agency to take certain actions related to Stat. 3867) and 5 U.S.C. 306(a); Public Law ative agreements other historically signifi- pesticides that may affect pollinators, and 103-62, Sec. 3(a) (as amended by Public Law cant resources, located in the District of Co- for other purposes; to the Committee on Ag- lumbia, Virginia, and Maryland, that were 111-352, Sec. 2); (124 Stat. 3866); to the Com- riculture. mittee on Oversight and Government Re- part of the Civil War defenses of Washington By Mr. ABRAHAM: and related to the Shenandoah Valley Cam- form. H.R. 5016. A bill to direct the Secretary of paign of 1864, to study ways in which the 4008. A letter from the Chairman, United Transportation to establish a Revitalize Civil War history of both the North and States International Trade Commission, Rural America Grant Program, and for other South can be assembled, arrayed, and con- transmitting the Commission’s Strategic purposes; to the Committee on Transpor- Plan for fiscal years 2018-22, combined An- tation and Infrastructure, and in addition to veyed for the benefit of the public, and for nual Performance Plan for FY 2018-19, and the Committee on Energy and Commerce, for other purposes; to the Committee on Natural Annual Performance Report for FY 2017, and a period to be subsequently determined by Resources. Budget Justification for FY 2019, pursuant to the Speaker, in each case for consideration By Mrs. RADEWAGEN: 31 U.S.C. 1115(b); Public Law 111-352, Sec. 3; of such provisions as fall within the jurisdic- H.R. 5024. A bill to exclude the species (124 Stat. 3867) and 5 U.S.C. 306(a); Public tion of the committee concerned. known as bullet tuna and frigate tuna from Law 103-62, Sec. 3(a) (as amended by Public By Ms. FUDGE (for herself, Mr. EVANS, the standard of identity established for Law 111-352, Sec. 2); (124 Stat. 3866); to the and Ms. LEE): canned tuna, and for other purposes; to the Committee on Oversight and Government H.R. 5017. A bill to amend the Department Committee on Energy and Commerce. Reform. of Agriculture Reorganization Act of 1994 to By Mrs. RADEWAGEN: f reauthorize the Healthy Food Financing Ini- H.R. 5025. A bill to amend the Western and tiative, and for other purposes; to the Com- Central Pacific Fisheries Convention Imple- PUBLIC BILLS AND RESOLUTIONS mittee on Agriculture. mentation Act to limit the imposition of Under clause 2 of rule XII, public By Mr. KIND: penalties against a person fishing on a bills and resolutions of the following H.R. 5018. A bill to carry out pilot pro- United States flag fishing vessel in certain grams to improve skills and job training, and areas of the Pacific Ocean based on a report titles were introduced and severally re- for other purposes; to the Committee on by an observer on such a vessel; to the Com- ferred, as follows: Education and the Workforce. mittee on Natural Resources. By Mr. THOMPSON of Mississippi (for By Mr. TED LIEU of California (for By Mrs. RADEWAGEN (for herself and himself, Mr. BRADY of Pennsylvania, himself, Mr. NADLER, Mr. CUMMINGS, Ms. BORDALLO):

VerDate Sep 11 2014 01:56 Feb 15, 2018 Jkt 079060 PO 00000 Frm 00049 Fmt 4634 Sfmt 0634 E:\CR\FM\L14FE7.000 H14FEPT1 lotter on DSKBCFDHB2PROD with HOUSE H1178 CONGRESSIONAL RECORD — HOUSE February 14, 2018 H.R. 5026. A bill to amend the Immigration Congress has the power to enact this legis- . . . among the several States’’ and ‘‘To and Nationality Act to waive certain re- lation pursuant to the following: make all Laws which shall be neccessaru and quirements for naturalization for American Article I, Section 8 proper’’) Samoan United States nationals to become By Mr. ABRAHAM: By Mr. SOTO: United States citizens, and for other pur- H.R. 5016. H.R. 5029. poses; to the Committee on the Judiciary, Congress has the power to enact this legis- Congress has the power to enact this legis- and in addition to the Committee on Natural lation pursuant to the following: lation pursuant to the following: Resources, for a period to be subsequently Article 1, Section 8, Clause 1 of the U.S. Article 1, Section 8, of the United States determined by the Speaker, in each case for Constitution. Constitution. consideration of such provisions as fall with- By Ms. FUDGE: f in the jurisdiction of the committee con- H.R. 5017. cerned. Congress has the power to enact this legis- ADDITIONAL SPONSORS By Mr. RATCLIFFE (for himself and lation pursuant to the following: Under clause 7 of rule XII, sponsors Aritcle I section 8 clause 3; To regulate Miss RICE of New York): were added to public bills and resolu- H.R. 5027. A bill to amend chapter 77 of commerce with foreign nations, and among title 18, United States Code, to clarify that the several states, and with the Indian tions, as follows: using drugs or illegal substances to cause a tribes. H.R. 99: Mrs. MURPHY of Florida. person to engage in a commercial sex act By Mr. KIND: H.R. 113: Mr. AL GREEN of Texas. constitutes coercion and using drugs or ille- H.R. 5018. H.R. 365: Mr. LUETKEMEYER. gal substances to provide or obtain the labor Congress has the power to enact this legis- H.R. 392: Miss GONZA´ LEZ-COLO´ N of Puerto or services of a person constitutes forced lation pursuant to the following: Rico and Mr. JOYCE of Ohio. labor; to the Committee on the Judiciary. Article I, Section 8, Clause 3 H.R. 613: Mr. ROTHFUS. By Ms. ROSEN: By Mr. TED LIEU of California: H.R. 667: Mr. SMITH of Nebraska and Mr. H.R. 5028. A bill to amend the Securities H.R. 5019. BYRNE. Exchange Act of 1934 to require disclosure of Congress has the power to enact this legis- H.R. 676: Ms. FRANKEL of Florida. payments for settlements of disputes regard- lation pursuant to the following: H.R. 681: Mr. BISHOP of Utah, Mr. EMMER, ing sexual abuse and certain types of harass- Article I, Section VIII and Mr. JODY B. HICE of Georgia. ment and discrimination, and for other pur- By Mr. LOEBSACK: H.R. 719: Mr. RICE of South Carolina. poses; to the Committee on Financial Serv- H.R. 5020. H.R. 731: Mr. RUIZ, Ms. JUDY CHU of Cali- ices. Congress has the power to enact this legis- fornia, Mr. SHERMAN, and Mr. GOMEZ. By Mr. SOTO: lation pursuant to the following: H.R. 757: Mr. PETERSON. H.R. 5029. A bill to amend the National Ag- Article I, Section 8, Clause I of the Con- H.R. 795: Ms. ESTY of Connecticut. ricultural Research, Extension, and Teach- stitution H.R. 809: Mr. MCCLINTOCK. ing Policy Act of 1977 to require the spe- By Mr. SEAN PATRICK MALONEY of H.R. 878: Mr. BUCK. cialty crops committee to make an addi- New York: H.R. 881: Ms. CLARKE of New York, Mr. tional recommendation regarding agricul- H.R. 5021. SCHNEIDER, and Mr. JOHNSON of Louisiana. tural technology, and for other purposes; to Congress has the power to enact this legis- H.R. 909: Mr. AL GREEN of Texas. the Committee on Agriculture. lation pursuant to the following: H.R. 959: Mr. CARSON of Indiana and Mrs. Art. I, Sec. 8 DINGELL. By Mr. PETERS (for himself, Mr. ISSA, By Mr. MARSHALL: H.R. 964: Mr. BACON and Mr. SOTO. Mr. CA´ RDENAS, Mr. COHEN, Mr. GRI- H.R. 5022. H.R. 1002: Mr. KIHUEN. JALVA, Ms. JACKSON LEE, Mr. JOHN- Congress has the power to enact this legis- H.R. 1017: Mr. JOHNSON of Georgia. SON of Georgia, Ms. LEE, Mr. MCGOV- lation pursuant to the following: H.R. 1102: Mr. MCGOVERN. ERN, Mr. POCAN, Mr. QUIGLEY, Mr. The ability to regulate interstate com- H.R. 1156: Mr. FITZPATRICK. SERRANO, and Mr. HASTINGS): merce pursuant to Article 1, Section 8, H.R. 1205: Mr. SUOZZI, Mr. GONZALEZ of H. Res. 738. A resolution expressing support Clause 3. Texas, and Mr. SOTO. for designation of February 14 as World By Ms. NORTON: H.R. 1212: Mr. ELLISON. Bonobo Day; to the Committee on Natural H.R. 5023. H.R. 1267: Mr. CUELLAR. Resources. Congress has the power to enact this legis- H.R. 1276: Mr. MICHAEL F. DOYLE of Penn- f lation pursuant to the following: sylvania. CONSTITUTIONAL AUTHORITY clause 18 of section 8 of article I of the H.R. 1291: Mr. KENNEDY. STATEMENT Constitution. H.R. 1300: Ms. SEWELL of Alabama and Mr. By Mrs. RADEWAGEN: ROGERS of Alabama. Pursuant to clause 7 of rule XII of H.R. 5024. H.R. 1341: Mr. SMITH of Nebraska. the Rules of the House of Representa- Congress has the power to enact this legis- H.R. 1358: Mr. PETERSON. tives, the following statements are sub- lation pursuant to the following: H.R. 1377: Ms. GABBARD. mitted regarding the specific powers Article 1, Section 8 of the United States H.R. 1447: Ms. BASS. granted to Congress in the Constitu- Constitution. H.R. 1494: Ms. PLASKETT, Mr. COLLINS of By Mrs. RADEWAGEN: New York, and Mr. AL GREEN of Texas. tion to enact the accompanying bill or H.R. 5025. H.R. 1515: Ms. BASS. joint resolution. Congress has the power to enact this legis- H.R. 1516: Ms. BASS. By Mr. THOMPSON of Mississippi: lation pursuant to the following: H.R. 1617: Ms. MICHELLE LUJAN GRISHAM of H.R. 5011. Article 1, Section 8 of the United States New Mexico. Congress has the power to enact this legis- Constitution. H.R. 1676: Ms. TITUS. lation pursuant to the following: By Mrs. RADEWAGEN: H.R. 1734: Ms. KELLY of Illinois, Ms. ROS- The United States Constitution Article 1, H.R. 5026. LEHTINEN, Mr. KHANNA, Ms. TSONGAS, Mr. Section 8, Clause 18, that Congress shall have Congress has the power to enact this legis- LARSON of Connecticut, Mr. CLEAVER, and the power to make all laws which shall be lation pursuant to the following: Ms. GABBARD. necessary and proper. Article 1, Section 8 of the United States H.R. 1784: Mr. MCNERNEY. By Mr. ROKITA: Constitution. H.R. 1847: Mr. AL GREEN of Texas. H.R. 5012. By Mr. RATCLIFFE: H.R. 1881: Mr. ROUZER. Congress has the power to enact this legis- H.R. 5027. H.R. 2024: Mr. GAETZ. lation pursuant to the following: Congress has the power to enact this legis- H.R. 2242: Mr. DANNY K. DAVIS of Illinois. Article I, Section 8, Clause 1 of the Con- lation pursuant to the following: H.R. 2267: Mr. BEN RAY LUJA´ N of New Mex- stitution of the United States. Clause 18 of section 8 of article I of the ico. By Mr. OLSON: Constitution which states that Congress has H.R. 2308: Mr. DESAULNIER and Mr. FOSTER. H.R. 5013. the power ‘‘to make all laws which shall be H.R. 2309: Ms. CLARKE of New York. Congress has the power to enact this legis- necessary and proper for carrying into Exe- H.R. 2310: Mr. BACON. lation pursuant to the following: cution the foregoing Powers, and all other H.R. 2319: Mr. VELA. Article 1, Section 8 Powers vested by this Constitution in the H.R. 2327: Mrs. HARTZLER. By Mr. RUTHERFORD: Government of the United States, or in any H.R. 2366: Mr. GUTIE´ RREZ and Mr. RASKIN. H.R. 5014. Department or Officer thereof.’’ H.R. 2417: Mr. BRADY of Pennsylvania. Congress has the power to enact this legis- By Ms. ROSEN: H.R. 2501: Ms. SLAUGHTER. lation pursuant to the following: H.R. 5028. H.R. 2659: Ms. MENG. Article 1, Section 8 of the United States Congress has the power to enact this legis- H.R. 2740: Mr. SAM JOHNSON of Texas. Constitution. lation pursuant to the following: H.R. 2917: Mr. PEARCE. By Mr. BLUMENAUER: Article I, Section 8, Clauses 3 and 18 of the H.R. 2987: Ms. MICHELLE LUJAN GRISHAM of H.R. 5015. U.S. Constitution (‘‘To regulate Commerce New Mexico and Mr. PETERSON.

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H.R. 3030: Mr. JOHNSON of Georgia, Mr. MI- H.R. 4144: Mr. SIRES. H.R. 4851: Mr. MCGOVERN and Ms. WILSON CHAEL F. DOYLE of Pennsylvania, and Mr. H.R. 4152: Mr. KENNEDY. of Florida. SIRES. H.R. 4207: Mr. FASO. H.R. 4888: Ms. SCHAKOWSKY. H.R. 3174: Mr. RYAN of Ohio and Ms. H.R. 4229: Mr. CARTER of Georgia and Mr. H.R. 4903: Mr. MACARTHUR. SINEMA. KUSTOFF of Tennessee. H.R. 4906: Mr. DESAULNIER. H.R. 3199: Mr. CARSON of Indiana. H.R. 4240: Mr. KEATING. H.R. 4910: Mr. DUNN and Mr. DESJARLAIS. H.R. 3222: Ms. BASS and Mr. JOHNSON of H.R. 4253: Mr. KHANNA. H.R. 4916: Mr. ESTES of Kansas, Mr. GOSAR, Georgia. H.R. 4256: Mr. LATTA and Mr. WITTMAN. Mrs. WAGNER, and Mr. BIGGS. H.R. 3255: Mr. BRADY of Pennsylvania. H.R. 4260: Ms. ESTY of Connecticut. H.R. 4921: Mr. FASO. H.R. 3282: Mr. WITTMAN. H.R. 4268: Mr. KRISHNAMOORTHI and Mr. H.R. 4929: Mrs. BROOKS of Indiana, Ms. H.R. 3301: Mr. GAETZ, Mr. JOHNSON of Lou- BLUMENAUER. KUSTER of New Hampshire, and Miss RICE of isiana, and Ms. SLAUGHTER. H.R. 4311: Mr. JODY B. HICE of Georgia. New York. H.R. 3349: Mr. LIPINSKI and Mr. GUTIE´ RREZ. H.R. 4312: Mr. GROTHMAN and Mr. ISSA. H.R. 4940: Mrs. MURPHY of Florida. H.R. 3459: Ms. LOFGREN. H.R. 4316: Ms. KUSTER of New Hampshire. H.R. 4944: Mr. CROWLEY, Ms. SEWELL of H.R. 3497: Ms. LOFGREN. H.R. 4345: Ms. LOFGREN, Mrs. WALORSKI, Alabama, and Mr. O’ROURKE. H.R. 3574: Mr. POCAN, Mr. TAKANO, Ms. LEE, Ms. LEE, Mr. COFFMAN, Ms. GABBARD, Mr. H.R. 4949: Mr. DEUTCH, Mr. ESPAILLAT, Mr. Mr. LOWENTHAL, Mr. FOSTER, Ms. NORTON, SERRANO, and Mr. VELA. RYAN of Ohio, and Mr. TAYLOR. Miss RICE of New York, Ms. SCHAKOWSKY, H.R. 4424: Mr. WALZ. H.R. 4980: Mr. ELLISON, Ms. JAYAPAL, Mr. Mr. SERRANO, Ms. SLAUGHTER, Ms. SPEIER, H.R. 4439: Mr. PITTENGER and Mr. SIRES. MOULTON, Mr. RUSH, and Mr. DANNY K. DAVIS Mr. SWALWELL of California, and Mr. TONKO. H.R. 4444: Ms. DELAURO, Mr. SARBANES, Mr. of Illinois. YOUNG of Alaska, Mr. MACARTHUR, and Mr. H.R. 3600: Mr. ABRAHAM. H.R. 4999: Mr. MCGOVERN and Mr. KHANNA. SCHIFF. H.R. 3635: Mr. KUSTOFF of Tennessee. H.R. 5005: Mrs. DEMINGS. H.R. 4549: Mr. WILSON of South Carolina H.R. 3642: Mrs. LOVE and Mr. ISSA. H. Con. Res. 10: Mr. BABIN. and Mr. GARRETT. H.R. 3654: Mr. BROWN of Maryland, Ms. H. Res. 31: Mr. GIBBS and Mr. BROWN of CLARK of Massachusetts, Ms. SPEIER, Ms. H.R. 4563: Mr. FLEISCHMANN. Maryland. H.R. 4633: Mr. JODY B. HICE of Georgia. SLAUGHTER, and Mr. HECK. H. Res. 129: Mr. ABRAHAM. H.R. 3681: Mr. COFFMAN, Mr. BACON, and H.R. 4657: Mr. WELCH and Mr. JOHNSON of H. Res. 466: Mr. LOEBSACK. Mr. CARBAJAL. Georgia. H. Res. 632: Mr. CHABOT. H.R. 3712: Ms. SHEA-PORTER. H.R. 4660: Mr. GROTHMAN. H. Res. 661: Mr. ESPAILLAT. H.R. 3714: Mrs. WATSON COLEMAN. H.R. 4682: Mr. YOUNG of Iowa. H. Res. 673: Ms. LOFGREN. H.R. 3738: Ms. CLARKE of New York. H.R. 4706: Mr. JOHNSON of Louisiana. H. Res. 720: Mr. KELLY of Mississippi, Mr. H.R. 3790: Mr. BRAT. H.R. 4732: Mr. SUOZZI and Mr. OLSON. CLYBURN, Mr. CLAY, Ms. FUDGE, Mr. PAYNE, H.R. 3827: Mr. BRADY of Pennsylvania. H.R. 4734: Miss GONZA´ LEZ-COLO´ N of Puerto and Ms. PLASKETT. H.R. 3842: Ms. CLARKE of New York. Rico. H. Res. 722: Mr. KHANNA, Mr. ESPAILLAT, H.R. 3862: Mrs. WATSON COLEMAN. H.R. 4736: Mr. OLSON. and Mr. VARGAS. H.R. 3887: Mrs. DINGELL and Mr. KHANNA. H.R. 4747: Mr. PITTENGER, Mr. DUNN, Mr. H. Res. 733: Mr. MICHAEL F. DOYLE of Penn- H.R. 3889: Mr. MESSER. LAMALFA, Mr. BANKS of Indiana, Mr. KELLY sylvania. H.R. 3913: Mr. CONNOLLY. of Mississippi, Mr. BLUM, Mr. MOONEY of H.R. 3956: Mr. ROUZER. West Virginia, Ms. SPEIER, and Mr. FLORES. H.R. 3976: Ms. SEWELL of Alabama, Mrs. H.R. 4760: Mr. SCALISE. f LAWRENCE, Mr. ESTES of Kansas, and Mr. H.R. 4763: Mr. SOTO. BROOKS of Alabama. H.R. 4770: Mr. GAETZ, Mr. RUTHERFORD, Mr. PETITIONS, ETC. H.R. 4007: Mr. MOOLENAAR. POSEY, Mr. BUCHANAN, and Mr. YOHO. H.R. 4013: Mr. DELANEY. H.R. 4775: Mr. SOTO and Ms. MATSUI. Under clause 3 of rule XII, H.R. 4062: Miss GONZA´ LEZ-COLO´ N of Puerto H.R. 4809: Mr. ROUZER. 79. The SPEAKER presented a petition of Rico and Mr. JEFFRIES. H.R. 4844: Mr. ROKITA and Mr. GROTHMAN. the Board of Supervisors of Jackson County, H.R. 4099: Mr. ISSA, Ms. ESTY of Con- H.R. 4846: Mr. HIGGINS of New York, Mr. Mississippi, relative to a resolution sup- necticut, and Mr. LOEBSACK. RUPPERSBERGER, Mr. CAPUANO, Mr. CURBELO porting Gulf of Mexico Energy and Revenue H.R. 4107: Mr. DELANEY, Mr. ISSA, and Mr. of Florida, Mr. COHEN, Mr. FITZPATRICK, and Sharing; which was referred to the Com- ROKITA. Mr. LAWSON of Florida. mittee on Natural Resources.

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