E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 114 CONGRESS, SECOND SESSION Vol. 162 WASHINGTON, MONDAY, FEBRUARY 1, 2016 No. 18 House of Representatives The House met at noon and was come, thank You for giving us another Mr. WILSON of South Carolina. called to order by the Speaker pro tem- day. Madam Speaker, the President’s ac- pore (Mr. EMMER of Minnesota). Send Your spirit upon the Members tions are inconsistent with his words of f of this people’s House to encourage the State of the Union. them in their official tasks. Be with His praise of job growth is under- DESIGNATION OF SPEAKER PRO them and with all who labor here to mined by ObamaCare, which the OMB TEMPORE serve this great Nation and its people. has identified will destroy over 2 mil- The SPEAKER pro tempore laid be- Assure them that whatever their re- lion jobs. fore the House the following commu- sponsibilities, You provide the grace to His concerns for more gun control nication from the Speaker: enable them to be faithful in their du- was a contradiction at the Capitol, WASHINGTON, DC, ties and the wisdom to be conscious of which was properly awash with brave February 1, 2016. their obligations and fulfill them with officers protecting everyone with guns. I hereby appoint the Honorable TOM integrity. His distortion of voter photo identi- EMMER to act as Speaker pro tempore on this Remind us all of the dignity of work, fication laws clashes with the require- day. and teach us to use our talents and ment of visitor photo identification to PAUL D. RYAN, abilities in ways that are honorable enter the White House. Security to pre- Speaker of the House of Representatives. and just and are of benefit to those we vent voter fraud and security to pre- f serve. vent assault on our President are basic for democracy. MORNING-HOUR DEBATE May all that is done this day be for Your greater honor and glory. His professed opposition to ISIS ter- The SPEAKER pro tempore. Pursu- Amen. rorists is undermined by his pardoning ant to the order of the House of Janu- f prisoners from Guantanamo who will ary 5, 2016, the Chair would now recog- rejoin terrorists to kill American fami- nize Members from lists submitted by THE JOURNAL lies using guns. the majority and minority leaders for The SPEAKER pro tempore. The His devotion to Syrian refugees was morning-hour debate. Chair has examined the Journal of the sadly undermined by his failure to en- f last day’s proceedings and announces force a red line, resulting in children to the House her approval thereof. fleeing violence drowning at sea. RECESS Pursuant to clause 1, rule I, the Jour- Finally, as I left the Capitol from the The SPEAKER pro tempore. Pursu- nal stands approved. speech, I saw immediate inconsistency ant to clause 12(a) of rule I, the Chair f of a fleet of stretch limousines waiting declares the House in recess until 2 for the President. As he attacked the p.m. today. PLEDGE OF ALLEGIANCE oil and gas industry, he departed Accordingly (at 12 o’clock and 1 The SPEAKER pro tempore. Will the thanks to fuel developed by the oil and minute p.m.), the House stood in re- gentleman from South Carolina (Mr. gas industry. cess. WILSON) come forward and lead the The President should change course f House in the Pledge of Allegiance. for limited government and expanded Mr. WILSON of South Carolina led freedom. b 1400 the Pledge of Allegiance as follows: In conclusion, God bless our troops, AFTER RECESS I pledge allegiance to the Flag of the and the President, by his actions, United States of America, and to the Repub- should never forget September the 11th The recess having expired, the House lic for which it stands, one nation under God, in the global war on terrorism. was called to order by the Speaker pro indivisible, with liberty and justice for all. f tempore (Mrs. COMSTOCK) at 2 p.m. f RECESS f STATE OF THE UNION The SPEAKER pro tempore. Pursu- PRAYER INCONSISTENCIES ant to clause 12(a) of rule I, the Chair The Chaplain, the Reverend Patrick (Mr. WILSON of South Carolina declares the House in recess until ap- J. Conroy, offered the following prayer: asked and was given permission to ad- proximately 3:15 p.m. today. Merciful God, through whom we see dress the House for 1 minute and to re- Accordingly (at 2 o’clock and 4 min- what we could be and what we can be- vise and extend his remarks.) utes p.m.), the House stood in recess. 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. H377 . VerDate Sep 11 2014 00:35 Feb 02, 2016 Jkt 059060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A01FE7.000 H01FEPT1 smartinez on DSK4TPTVN1PROD with HOUSE H378 CONGRESSIONAL RECORD — HOUSE February 1, 2016 b 1514 ‘‘(iii) indebtedness that is secured by the per- years determined that an individual in- son’s primary residence in excess of the esti- vestor’s financial status should be the AFTER RECESS mated fair market value of the primary resi- sole proxy for determining whether or The recess having expired, the House dence at the time of the sale of securities shall not they are able to understand the was called to order by the Speaker pro be included as a liability; ‘‘(C) any natural person who had an indi- risks and rewards. tempore (Mr. DUNCAN of Tennessee) at vidual income in excess of $200,000 in each of In other words, the SEC has taken 3 o’clock and 14 minutes p.m. the two most recent years or joint income with the position that only very wealthy in- f that person’s spouse in excess of $300,000 in each dividuals should be allowed to invest in of those years and has a reasonable expectation such offerings. That really makes very MESSAGE FROM THE PRESIDENT of reaching the same income level in the current little sense. A message in writing from the Presi- year; Under the SEC’s logic, a random win- dent of the United States was commu- ‘‘(D) any natural person who is currently li- ner of the Powerball lottery would be censed or registered as a broker or investment nicated to the House by Mr. Brian adviser by the Commission, the Financial Indus- automatically deemed a sophisticated Pate, one of his secretaries. try Regulatory Authority, or an equivalent self- investor. But an individual who holds f regulatory organization (as defined in section advanced degrees and works in finance 3(a)(26) of the Securities Exchange Act of 1934), or a related field, but who happens to ANNOUNCEMENT BY THE SPEAKER or the securities division of a State or the equiv- make slightly below what the SEC’s PRO TEMPORE alent State division responsible for licensing or threshold is, that person would be The SPEAKER pro tempore. Pursu- registration of individuals in connection with barred from investing in private offer- ant to clause 8 of rule XX, the Chair securities activities; ings. ‘‘(E) any natural person the Commission de- will postpone further proceedings termines, by regulation, to have demonstrable You see, despite the paternalistic today on motions to suspend the rules education or job experience to qualify such per- view taken by Washington regulators, on which a recorded vote or the yeas son as having professional knowledge of a sub- there are plenty—plenty—of hard- and nays are ordered, or on which the ject related to a particular investment, and working and smart Americans who are vote incurs objection under clause 6 of whose education or job experience is verified by plenty capable of understanding invest- rule XX. the Financial Industry Regulatory Authority or ments in private businesses. Record votes on postponed questions an equivalent self-regulatory organization (as Congress must, therefore, amend the will be taken later. defined in section 3(a)(26) of the Securities Ex- definition of ‘‘accredited investor’’ in change Act of 1934); or’’. f order to expand the pool of potential The SPEAKER pro tempore. Pursu- investors in a private placement mar- FAIR INVESTMENT OPPORTUNI- ant to the rule, the gentleman from ket. TIES FOR PROFESSIONAL EX- New Jersey (Mr. GARRETT) and the gen- H.R. 2187 will do just that by codi- PERTS ACT tleman from Delaware (Mr. CARNEY) fying the current accredited investor each will control 20 minutes. Mr. GARRETT. Mr. Speaker, I move income and net worth thresholds, ad- The Chair recognizes the gentleman to suspend the rules and pass the bill justed for inflation going forward. Ad- from New Jersey. (H.R. 2187) to direct the Securities and ditionally, it will extend accredited in- Exchange Commission to revise its reg- GENERAL LEAVE vestor status to persons who the SEC ulations regarding the qualifications of Mr. GARRETT. Mr. Speaker, I ask determines have a demonstrable edu- natural persons as accredited inves- unanimous consent that all Members cation or job experience to qualify as tors, as amended. may have 5 legislative days to revise having professional subject matter The Clerk read the title of the bill. and extend their remarks and to in- knowledge related to that investment.