Transcripts For CSPAN U.S. House Of Representatives U.S. House Of Representatives 20240714

Cspan3, online at cspan. Org or listen with the free cspan radio app. [captions Copyright National cable satellite corp. 2019] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] and the house coming in, getting down to legislative work after the fourth of july recess, taking up seven bills this afternoon. All from the Financial Services committee, including a whistleblower protection bill. Also, the house has announced theyll vote friday on the 9 11 Victim Compensation fund bill which passed by the Judiciary Committee unanimously last month by voice vote. And tomorrow, the house will 733 k on the 7 3 defense appropriations bill. The Senate Passed their version. 750 billion measure. Votes in the house this evening at 6 30 eastern. Theyll be here shortly. Live coverage on cspan. The speaker pro tempore the chair will postponefurther proceedings today on motions to suspend the rules on which a recorded vote and the the yeas and nays are ordered are ordered or votes object jeggetted to under clause 6 of rule 20. The house will resume proceedings on postponed questions at a later time. For what purpose does the gentlewoman from california seek recognition . Ms. Waters mr. Speaker, i move the house suspend the rules and pass the bill h. R. 1988, the protect affordable mortgages for veterans act of 2019 as amended. The speaker pro tempore the clerk will report the title of the bill. The clerk a bill to clarify requirements for certain refinanced Mortgage Loans and for other purposes. The speaker pro tempore pursuant to the rule, the gentlewoman from california, ms. Waters and the gentleman from kentucky, mr. Barr, each will control 20 minutes. The chair recognizes the gentlewoman from california. Ms. Waters i ask unanimous consent that all members may have five legislative days within which to resize and extend their remarks on this legislation and to insert extraneous material thereon. The speaker pro tempore without objection. Ms. Waters i yield myself such time as i may consume. The speaker pro tempore the gentlewoman from california is recognized. Ms. Waters last year when Congress Passed s. 2155 it included section 309 a bill sponsored by senators till is and warn protecting veterans from predatory lending of 2018. That put new requirements in place against the excessive marketing practices. The draft of this provision called for some unintended consequences. 2,500 loans that were in full compliance with all requirements at the time were later denied securityization because they were in the process of being refinanced when the law became effective. The senators weighed in stating it was not their attention to offer these loans and urged addressing of the issue. Legislation is needed to grandfather these loans and address other administrative issues that have resulted from the slight differences between the new requirements in s. 2155. That is why we are here today with the bill with the bill of the the gentleman from georgia, which is a reasonable step to address what were clearly unintended consequences of previous legislation. Im pleased to support this bill. I thank mr. Scott and mr. Zeldin for introducing this bill and i urge members to vote yes and i reserve. The speaker pro tempore the gentlewoman from california reserves. The gentleman from kentucky, mr. Barr is recognized. Mr. Barr i yield myself such time as i may consume. I rise in support of h. R. 1988 the protect affordable mortgages act introduced by mr. Scott. This bill is an important continuation of work that lee zeldin from long island who is a lieutenant colonel, started last congress to protect our nations veterans from financial fraud. This congress, i was pleased to join congressmen zeldin and scott along with my colleague with congressman levin to advance this bill through both this committee, the Financial Services committee and the Veterans Affairs committee. Last year s. 2155 pro growth banking bill in a generation. Section 309 included a provision to impose a new seasonning requirement for the securityization of loans by the v. A. This is the questionable practice of churning, refinancing of a home loan just to generate fees and profits for lenders for a shortterm benefit for the borrower but increased the life of the loan costs. That provision created a technical issue for a group of loans that fell into nomans land between the date the mortgage was should and the technical requirements of the law and making the loans less attractive to investors. Congressmen zeldin and scott took quick action. But congress ran out of time last year and did not become law. The bill we are considering today, h. R. 1988 is a continuation of their efforts to address this unintended problem and ensure these v. A. Loans receive the equitable treatment they deserve. To some, this might be a technical fix, but it is an important one. Our nations veterans should not be subject to suspect practices like churning. Im pleased that this bill along with the ongoing efforts of the loans will stamp out churning and better protect veterans. I urge my colleagues to support h. R. 1988 and i commend my colleague from georgia, mr. Scott. The speaker pro tempore the gentleman from kentucky reserves. Gentlewoman california is recognized. Ms. Waters i yield to mr. Scott, a Senior Member of the committee on Financial Services and sponsor of h. R. 1988 as much time as he may consume. The speaker pro tempore the gentleman from georgia is recognized. Mr. Scott thank you very much, mr. Speaker. And thank you very much, chairlady waters, for your support and encouragement for us to continue this. Ladies and gentlemen, i want to make this opening statement, because it is very important for us to realize the importance of this bill, because today, according from the latest data from the veterans administration, we are losing 20 of our military veterans every. Ingle day to suicide our is a collarion cry from veterans for help. Nd what were doing today is one small step. But as i will explain as i go on, we are doing much, much more , because we need to bring this suicide rate to a stop. Much of it is caused by disappointment, discouragement, giving up, but after today, with this vote, we will send a powerful message to this nation and especially to our precious on rans that help is indeed the way. Now, i first of all want to thank my bipartisan friends, mr. Andy barr, mr. Zeldin, all of you, for this is truly a bipartisan effort. And i thank you for your support as we move forward with this. Now, ladies and gentlemen, i want to take my time and i want to go through this and i want folks to really understand why. Is is so important and mr. Barr touched on it. Last year, when Congress Passed senate bill 2155, which was called the Economic Growth regulatory relief and Consumer Protection act, it included a set of bipartisan reforms to refinancing requirements for loans to protect our veterans om the predatory act of loan churning. And, mr. Speaker, this shows you the deviousness of it, that here you got these predatory lenders who are out here targeting our veterans and charging them over and over for the same payment on these refinancing. How devious, how evil can you be to do this to our veterans. And over again and they do this to generate these fees and profits for these predatory lenders while offering little to no benefit for our veteran homeowners. Just using them. So in order to prevent this, enate bill 2155 codified newly refinancing requirements requiring lenders to have a material benefit to consumers when financing their mortgages and allowing for the initial loan to mature for at least 210 ys before a borrower can refinance. Now these reforms were necessary to ensure that our veterans are adequately protected from these bad actors. These predatory lenders, so that access to s can have the same Home Ownership opportunities that they have earned and deserve. So upon implementation of senate barr 155, however, as mr. Mentioned, a technical error in the language of senate bill nate bill 2155 cause a deviation of how this 210day period was calculated between what was written in the texan he requirement in place at jenny mae. Its the Government National mortgage association. Now this combined with the lack of clarity around time lines to implement these new requirements refinanced ,500 veteran loans that met federal requirements at the time of closing and were guaranteed by he v. A. To be barred from this Government National mortgage ssociation jenny mae securitization, which resulted making these loans orphan oans, they are there, but no longer there for Investment Opportunities that they deserve. Despite all federal requirements as well as backing from the v. A. And it is clear that that was to the intent of congress offer these veteran loans. But rather our intent when we passed the senate bill was to ensure there were strong and enduring protections in place to prevent future loan churning having to pay. Can you imagine somebody sending you a bill and you are paying for the same thing over and over. How evil is that . This bill that we have today will put a stop to that predatorytype lending and the abuse it has caused our veterans. And this is also necessary, mr. Speaker, because it preserves liquidity while maintaining strong refinancing requirements to keep these bad actors out and ensure that our veterans, our men and women in the military, through their outstanding bravery, their courage, their great sacrifice for all, this bill will make sure that they have access now to safe and affordable Home Ownership opportunities. Without this needed legislation fix v. A. Lenders may need, mr. Peaker, to sell or refinance these mortgages causing damage to the home loan market and potentially hindering their ability to originate similar loans in the future or raising borrowed costs and rates for other qualified veterans who will be suffering the same abuse. Mr. Speaker, i am especially proud to have worked with my republican colleagues on this, mr. Lee zeldin on the Financial Services committee, along with ms. Waters, our chairlady, mr. Andy barr who sits on this committee. But i also want to mention mr. Mike levin who sits on the committee on Veterans Affairs. Common ed bipartisan, sense to fix this for our beloved veterans. And through this bipartisan work of my colleagues on these two committees, weve been able to move this bill through the house, ensuring that the dream of homeownership continues to be preserved for our nations precious veterans, to whom we we the deepest debt of gratitude. Now, mr. Speaker, i mentioned in my remarks about this great tragedy. I want to take this opportunity to let veterans know, who may this ring this discussion afternoon that this Congress Stands with them, around them, and there are members of congress that have many bills, many different programs to get inancial resources, that dr. Bucshon, and i have a process going where we are addressing the psychiatrists working with the American Psychiatric association and American Medical Association to pay tuition, orsstudents scholarships so they can come into the v. A. And work. Or the project im working on with my good friend, senator isakson, over in the senate, where we are trying to get more resources to open up more Health Clinics for our v. A. And there are other things going. I just want people to know that down in my home state of georgia, in my district, in the next month on august 10, the doctors, the nurses, the hospitals all over atlanta, georgia, are coming together, giving of their time, along with the top administrators om the v. A. Will be there in jonesboro at the at mills high school. And i say, we can cut down this suicide rate. It is a shame. It is a disgrace for this country, and were doing something about it in this congress. Members on both sides of the a e understand, this aint democratic problem or republican problem. It is americas problem, and our veterans deserve our help. I yield back the balance of my time. The speaker pro tempore the gentleman from georgia yields the balance of his time. The gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr mr. Speaker, again, i want to thank my friend, the gentleman from georgia, for his bipartisanship and his willingness to fight for veterans and we appreciate that, and at this time i would like to yield such time as he may consume to the gentleman from new york, my republican colleague on the house Financial Services committee, and as i said, a veteran himself and a service member, lee zeldin, whos been a champion on legislating this fix. The speaker pro tempore the gentleman from new york is recognized. Mr. Zeldin thank you, mr. Speaker. Thank you to Ranking Member barr for his leadership, not just for yielding time. This is something that hes been working on himself, putting a lot of heart and passion into. Id like to thank congressman david scott for his incredible leadership on this important bipartisan effort. He laid it out so eloquently now the many aspects of, not just this issue, but the need to fight for veterans. There are many people who are here in the gallery, many people at home watching cspan shocked at what theyre seeing as republicans and democrats in the house and the Senate Working together to get a bill through committee, through the chambers, to the president s desk to become law, and the beneficiary beneficiaries will be our nations veterans. I rise today to urge passage of h. R. 1988, the protecting affordable mortgages for veterans act. It provides more than a technical fix. Its important for recently issued loans, refinanced by the department of Veterans Affairs, to remain eligible for the secondary market. This fix is essential to prevent a liquidity crisis in the Veterans Home loan market and ensure the brave men and omen who served our nation have access to affordable mortgages. We will make sure they are not impacted by the veterans Mortgage Market created by the unintended consequences of senate bill 2155. The regulatory relief act, senate bill 2155 became law in may, 20 15, and contains some very important bipartisan reforms to protect veterans from predatory lending and deceptive marketing. These provisions are essential to protect the v. A. Home loan market but it is laid out in a way that beginie mae chose to implement the requirements of 2,500 law have left home loans out of the secondary market. These mortgages are considered orphaned loans even though they met all federal requirements and are backed by the v. A. This bill will prevent a governmenttriggered liquidity crisis in the v. A. Mortgage market and restore eligibility for these orphaned loans. This will ensure veteran homeowners or perspective homebuyers who earned access to the v. A. Home loan program through their military service arent hurt by a fluke in senate bill 2155. Without this bill, potential damage to the overall v. A. Home loan market is likely because v. A. Lenders may have to sell or finance these orphaned mortgages at a loss. This would have a negative impacts on the brave men and women who have served our country and deserve a path to homeownership in order to achieve the American Dream. If lenders arent able to securitize home loans through ginnie mae, Closing Costs and borrowing costs could go up and the ability to buy or refinance could go down. Mr. Speaker, veterans have the lowest default rates in the nation and they earned it through their Selfless Service to our country. Even one v. A. Negatively impacted is one too many when it comes to giving our veterans access to homeownership. Thats why we must pass this bipartisan bill and send it to the president s desk to become law as soon as possible. I want to, again, thank my lead bipartisan cosponsors, congressman david scott, andy barr, mike levin. Thank chairwoman waters for her effort and Ranking Member mchenry. This was a true bipartisan effort from the committee, and everyone came together, worked together to get to this important point, a huge bipartisan, bicameral win coming for our nations veterans. I urge adoption of this important bipartisan bill, and i yield back. The speaker pro tempore members are reminded to refrain from referencing occupants in the gallery. The gentleman from new york reserves i mean yields the balance of his time. The gentleman from kentucky reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters thank you very much, mr. Speaker. I would inquire through the chair if my colleague has any remaining speakers on his side. Mr. Barr were prepared to close. Ms. Waters i have no further speakers, and im prepared to close. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky. The gentlewoman is reserving her time. The gentleman from kentucky is recognized. Mr. Barr mr. Speaker, once again, i want to thath sponsor of this legislation, mr. To thank the sponsor of this legislation, mr. Scott from georgia, mr. Zeldin for his continued leadership on this legislation. I want to thank the gentleman from california, mr. Levin, who i have the privilege serving with on the Veterans Affairs committee as well for his leadership in getting this Bipartisan Legislation to the house floor and to this point. I want to thank the chairwoman of our full committee, my friend from california, the gentlelady, ms. Waters, for her leadership and helping navigate this legislation forward. And just in conclusion, mr. Speaker, this is an important piece of legislation. It is a bipartisan recognition of a problem created unintentionally by a law passed last year. Its about providing two basic protections for veterans. Number one, protecting veterans who are seeking the dream of homeownership from predatory practices and from this practice of churning and also preserving liquidity in the secondary market for v. A. Loans, which in a nutshell means that our veterans will have access to more affordable housing. And so with that, mr. Speaker, thank you to my friends on the other side of the aisle. Thanks to mr. Zeldin for his leadership, and i yield back the balance of my time. The speaker pro tempore the gentleman from kentucky yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters mr. Speaker, i yield myself the balance of the time. The speaker pro tempore the gentlewoman is recognized. Ms. Waters h. R. 1988 will address some unintended administrative complications that resulted from implementing laws that were put in place to help protect veterans from unscrupulous lenders. So i want to thank mr. Scott, mr. Zeldin for working in a bipartisan manner to bring h. R. 1988 before the house, and i would urge my colleagues to join me in supporting this bill, and i yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back the balance of her time. The question is will the house suspend the rules and pass h. R. 1988, as amended. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid on the table. For what purpose does the gentlewoman from california seek recognition . Ms. Waters mr. Speaker, i move the house suspend the rules and pass the bill h. R. 2515. I move that the house suspend the rules and pass the bill h. R. , the whistleblower protection reform act of 2019. Ok. Mr. Speaker, i ask unanimous consent that all members may have five legislative days to evise and extend their remarks on this legislation, and to insert extraneous material thereon. And i yield myself such time as i may consume. The speaker pro tempore does the gentlewoman seek to suspend h. R. 2515 . As amended . Yes . The clerk will report the title of the bill. The clerk h. R. 2515, a bill to amend the securities and exchange act of 1934 to amend the definition of whistleblower. The speaker pro tempore pursuant to the rule, the gentlewoman from california, ms. Waters, and the gentleman from kentucky, mr. Barr, each will control 20 minutes. The chair recognizes the gentlewoman from california. Ms. Waters i thank representative green, the chairman of the subcommittee on oversight and investigations, for working with the gentleman from michigan, mr. Huizenga, to craft this timely piece of legislation to ensure that reporting suspected Securities Law violations are protected from retaliation by their employers. In the doddfrank act, congress provided the securities and Exchange Commission the authority to reward whistleblowers the that voluntarily provide the s. E. C. With original information that leads to a successful enforcement action with monetary sanctions exceeding 1 million. Realizing that these whistleblowers may be deterred by their employers, Congress Also required the s. E. C. To issue regulations to protect them from retaliatory efforts, such as firing or demotion, but in 2018, the Supreme Court held that whistleblowers who report alleged misconduct internally but not to the s. E. C. Are not protected by the antiretaliation provisions of doddfrank. This is not what congress intended. Indeed, requiring whistleblowers to race to the s. E. C. In order to be protected discourages them from reporting their suspicions to their superiors. The u. S. Chamber of commerce highlighted the importance of internal reporting in the 2010 letter to the s. E. C. Stating, quote, the experience of Many Companies with robust internal reporting programs as well as the impurecal evidence demonstrate all stakeholders benefit with those with knowledge of potential Securities Laws violations report internally, thus enabling management to promptly investigate and take remedial action, end quote. By clarifying whistleblowers who only report alleged misconduct to employers are also protected by the antiretaliatory provisions in the doddfrank act, this bill would encourage employers to communicate potential Securities Law violations to their Employers Without fear of being fired before they are able to report to the s. E. C. Again, i thank chairman green and mr. Huizenga for pushing this important bill and urge my colleagues to join me in supporting it. Thank you, mr. Speaker, and i reserve the balance of my time. The speaker pro tempore the gentlewoman reserves. The gentleman from kentucky is recognized. Mr. Barr i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Mr. Barr i rise in support of h. R. 2515 the whistle blow brother text act of 2019. I would like to thank my colleagues, congressman green and congressman huizenga for their work on this commonsense, ipartisan legislation. Mr. Speaker, whistleblowers play an Important Role in root ought bad behavior that harms the market as well as mom and pop investors. Additionally, businesses have a selfinterest in detecting and eliminating illegal activity as swiftly as possible within their organizations. To that end, clarifying the concept of encouraging employees to report alleged securities fraud activities to their Employers Without fear of retaliation makes simple common sense. Businesses typically strive to comply with the law. And they have incentives to to so from market pressures. But its also because unlawful activity hurts the company itself and it hurts its investors, driving down the companys value, tarnishing the companys reputation, repelling Business Partners and customers, damaging the overall marketplace. Thats why, frankly this evast majority of actors do the right thing. But for these reasons, Many Companies have implemented strong internal reporting measures to detect and mitt gate potential wrongdoing before harm spreads. But internal whistleblowers who report potential violations are not protected from retaliation what good othese internal reporting systems that these companies have voluntarily established . That notion might seem counterintuitive but last year in the Digital Realty trust case, the Supreme Court held that the whistleblower antiretaliation protections of the dodd frank act do not extend to internal whistleblowers, only those who report to the sec are protected from retaliation. This is not an error in the Supreme Courts judgment, its a faithful interpretation of the flawed drafting of the doddfrank law. This bill solve this is problem by amending section 922 of doddfrank to clarify that whistle blowers who report alleged misconduct internally with their employers but nots to the s. E. C. Are protected by doddfranks antiretaliation provisions. By clarifying that doddfranks antiretaliation provisions also apply to internal wristle whistleblowers, this addresses the Supreme Courts interpretations and aligns doddfranks protections with other major whistleblower laws. I want to thank congressman green and congressman high zen fwa for this important legislation which i support. I urge my colleagues to join me in supporting h r. 2515. I reserve the balance of my time. The speaker pro tempore the gentleman from kentucky reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters i yield two mr. Greene, the chame of the subcommittee on oversight and investigations and the sponsor of h. R. 2515, as much time as he may consume. The speaker pro tempore the gentleman is recognized. Mr. Green thank you, mr. Speaker. Mr. Speaker, i am honored to present this legislation, but im more honored to acknowledge something that is exceedingly important they feel chairwoman of the committee, the honorable maxine waters, has under her leadership in this congress produced many pieces of bipartisan of legislation Bipartisan Legislation. This is but a continuation of her legislative record. I want to commend her for her efforts and id also like to salute mr. Mchenry and the persons across the aisle for their efforts as well in producing Bipartisan Legislation. Mr. Barr, i thank you for your assistance and your help. You are the oversight Ranking Member and you and i will be working together on many pieces of legislation. Im hn nored today to say that his piece of legislation was orn as a result of honorable intentions. Met mor goesing into unintended consequences. Honorable intentions. When we passed doddfrank in 2010, we sought to add additional protections for whistleblowers, above and beyond what was recorded in sarbanesoxley. In so doing work the best of intentions, we found that this legislation was taken before the Supreme Court of the United States of america and the Supreme Court concluded, and i dont quarrel with their conclusion, but the Supreme Court concluded that the legislation would apply only if the person who was a whistleblower took the concern to the s. E. C. First. I dont quarrel with what the Supreme Court ruled. This is why we have this piece of legislation, to correct the best of intentions that met mor esed into unintended that metamophosed into unintended consequences. Lets talk about whistleblowers. I want people to know that whistle blowers are Extraordinary People in the sense only of they do extraordinary things. Theyre really ordinary people but they do extraordinary things. These are the people who are willing to put their livelihoods on the line. These are the people who are willing to take that step that many of us would not take because when you take that step as a whistleblower you will sometimes stand alone. But they understand that it is better to stand alone than never to stand at all. And in so doing, theyre protecting us, consumers, members of the public. So i commend the whistleblowers of the world who take these extraordinary steps. But we also want to do more than commend them. We want to protect them. This legislation will protect those who are willing to step forward, those who will see something and Say Something. Something that we encourage people to do you cant encourage people to see something and Say Something and then allow them to do this without the protections that we should properly accord them and we intended to accord them under dodd frank. So im honored today to have this piece of legislation that will give whistle blowers the protection that we intended and will also send a message that the companies that they work in can have the opportunity to take rrective action before the s. E. C. Is informed. Many of these Companies Want to cothe right thing and if given the opportunity, they will. Not all, many. I think we ought to give them the opportunity to do the right thing. And to do so, we would want whistleblowers to report internally before they take this to an external source such as the s. E. C. This legislation is bipartisan. Im honored to tell you that among the persons who are the cosponsors we have the honorable carolyn maloney, the honorable representative gerald connelly. Gregory meeks. The honorable joyce beatty who is here in this room with us currently. The honorable vi ten see vicente gonzalez. All of whom support it. Along with the honorable emanuel cleaver. It is endorsed by the National Whistleblowers center they can north American Securities administrators association, endorsed by public citizen, endorsed by the Government Accountability project, endorsed by the project on government oversight. And the securities industry and financial marks association. It is another example of how under the leadership of the honorable maxine waters, we continue to produce Bipartisan Legislation. Im honored, madam speaker, or mr. Speaker, to have this honorable chairwoman presiding today and with that, i thank you, madam chair and i yield back the balance of my time. The speaker pro tempore the gentleman from texas yields back the balance of his time. The gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr were prepared to close and ask unanimous consent hat it will be approved. Mr. Speaker, pardon me. I would ask unanimous consent that the statement of congressman high zen fwa be onsidered admit nird record. The speaker pro tempore without objection. Does the gentleman yield or reserve. The speaker pro tempore the gentleman reserves. The gentlewoman from california is recognized. Ms. Waters i reserve. The speaker pro tempore the gentlewoman reserves. The gentleman from kentucky is recognized. Mr. Barr thank you, mr. Speaker. Again, i would thank congressman green and congressman huizenga for their leadership on this extending whistleblower protections and with that, i yield back. The speaker pro tempore the gentleman from kentucky yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters first i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks. The speaker pro tempore without objection. Ms. Waters thank you very much. I yieldker and members, myself the balance of the tie. The speaker pro tempore the gentlewoman is recognized. Ms. Waters mr. Speaker, this is a very important measure that will increase corporate accountability and help those Companies Committed to ferreting out wrongdoing to take action without government involvement and protects those workers who helped them to do so. I want to commend the gentleman from texas thnd the and the gentleman from michigan for working in a bipartisan manner to bring this bill before the house and so with that, i would urge my colleagues to join me in supporting this important piece of legislation and i yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back. The question is, will the house suspend the rules and pass h. R. 2515 as amended . Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 being in the affirmative ms. Waters on that, i request the yeas and nays. The speaker pro tempore the yeas and nays are requested. Those in favor of taking the vote by the yeas and nays will rise and remain standing until counted. A sufficient number having risen, the yeas and nays are ordered. Pursuant to clause 8 of rule 20, further proceedings on this uestion will be postponed. For what purpose does the gentlewoman from california seek recognition . Ms. Waters i move that the house suspend the rules and pass the bill h. R. 2162, the house and Financial Literacy act of 019 as amended. The speaker pro tempore the clerk will report the title of the bill. The clerk h. R. 216 , a bill to rear the second retear of housing and urban development to discount f. H. A. Single mortgage Insurance Premium payments for firsttime home buyers who complete a financial history, Financial Literacy housing consulting program. The speaker pro tempore pursuant to the rule, the gentlewoman from california, ms. Waters, and the gentleman from kentucky, mr. Barr, each will control 20 minutes. The chair recognizes the gentlewoman from california. Ms. Waters i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation. And to insert extraneous material thereon. The speaker pro tempore without objection. Ms. Waters i yield myself such time as i may consume. The speaker pro tempore the gentlewoman is recognized. Ms. Waters i rise to support h. R. 2162, the housing Financial Literacy act, a bipartisan bill authored by representative beatty, the chairwoman of the subcommittee on diversity and inclusion, and cosponsored by representative stivers. This bill will make Home Ownership more affordable for f. H. A. Borrowers who complete a Housing Counseling Program from a h. U. D. Approved housing counseling agency. While h. U. D. Currently as the authority to provide premium discounts to incentivize housing counseling, h. U. D. Is not taking advantage of this opportunity to help borrowers and strengthen the f. H. A. Research has consistently demonstrated that loans made to borrowers who have received prepurchased counseling perform better than loans made to comparable borrowers who did not receive prepurchase counseling. When borrowers avoid delinquencies, lenders save money too. A 2013 study by fred dee mack found that when 90day delinquencies were hered by 29 , lenders saved an average of 1,000 per loan. This bill would not only benefit consumers, it would help increase the Financial Health of f. H. A. I thank representative beatty and representative stivers for their work on this commonsense, tai tadriven bill and i urge my colleagues to vote yesed on h. R. 2162. Thank you, mr. Speaker, and i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barrow mr. Speaker, i yield myself mr. Barr mr. Speaker, i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Barr br thank you. I want to thank mr. Barr thank you. I want to thank the gentlewoman from ohio, mrs. Beatty, for her work on this bill. The federal Housing Administration currently provides governmentbacked mortgage insurance to more than 1. 3 1. 3 trillion in loans. F. H. A. Insurance allows a wide array of borrowers to qualify for mortgages, including many families who might not otherwise have access to credit through traditional underwriting. In f. Y. 2018, the f. H. A. Endorsed more than one million ford mortgages, including over 775,000 purchase loans, nearly 83 of which were to firsttime homebuyers. Given the Large Population of firsttime homebuyers using the f. H. A. , it makes sense to encourage those individuals to seek out ways to strengthen their financial knowledge and better prepare themselves for the challenges of Home Ownership. Right now current law states that f. H. A. Has the ability to provide firsttime homeowners with a discount on their f. H. A. Upfront premiums, if they complete an approved Home Ownership financial counseling course. Makes a lot of sense. However, the statute is drafted in such a way that the provision only applies in particular circumstances when f. H. A. Upfront premiums exceed 2. 75 . Since f. H. A. Upfront premium premiums are currently set at 1. 75 , a rate that has not been exceeded in a decade, f. H. A. Does not currently provide an upfront premium discount to firsttime homeowners who complete a financial counseling course. This bill, h. R. 2162, would amend current law to require f. H. A. To provide a. 25 upfront premium discount from the prevailing rate in effect at the time for other borrowers. To firsttime home borrowers. This equates to a 625 savings off the current premium structure on a 250,000 mortgage. The hope is by making such a discount mandatory, more firsttime homeowners will seek out Financial Literacy counseling and produce Better Outcomes for traditionally atrisk group of homeowners. The bottom line is that f. H. A. Is a valuable tool to help expand the universe of mortgage credit in our housing system and we ought to be doing all that we can to make sure that we are using our limited Public Resources to encourage all borrowers to be well prepared for the commitment of Home Ownership through financial counseling or any other effective means of creating more stable and reliable borrowers. I reserve the balance of my time. The speaker pro tempore the gentleman from tennessee reserves the balance of his time kentucky reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters i yield to mrs. Beatty, the chair of the subcommittee on diverse and diversity and inclusion, and the sponsor of this bill, as much time as she may consume. The speaker pro tempore the gentlewoman from ohio is recognized. Mrs. Beatty thank you, mr. Speaker. First, i would like to thank chairwoman waters for all of her leadership and her support. Mr. Speaker, for a majority of American Families, buying a home will be the biggest financial purchase in their lifetime. That is why this bill we are considering today is so important. My bill, the housing Financial Literacy act, h. R. 2162, would provide 25 basis point discount on an f. H. A. Upfront mortgage Insurance Premium to firsttime homebuyers who complete a h. U. D. Approved Housing Counseling Program. One of the main barriers to Home Ownership is saving up for the down payment. This bill would reduce that barrier roughly by 500. The f. H. A. Has been utilized by every American Family to achieve the American Dream of Home Ownership. 82 of all f. H. A. Insured mortgages are used by firsttime homebuyers. Likely, since consumers only need to put down 3. 5 as a down payment. And the down payment is the number one barrier to Home Ownership for many firsttime homebuyers. This bipartisan bill would incentivize those prospective firsttime homebuyers to take ahold of their Financial Futures by taking a Financial Literacy class. While making it easier and a little cheaper for them to purchase that first home. These classes are already available across the country, from home port and homes on the heel in columbus, ohio, to kentuckys housing corporation, to the Kenosha Housing Authority in wisconsin, and the list goes on. These classes are available to first happen time homebuyers to purchase a home in urban, suburban and rural areas. Not only is this deal a good deal for first time homebuyers, but it is also a good deal for the american taxpayer. There has been several studies over the past few years that prove not only does the prepurchase housing counseling lead to improved mortgage literacy, greater appreciation for communications with lenders and improve underwriting qualifications, such as higher credit scores, but there are also studies that show, as we have heard, that firsttime homebuyers who have received housing counseling are nearly 1 3, mr. Speaker, 1 3 less likely to face delinquencies or foreclosures. When you consider the average cost of the taxpayer within default of h. F. F. H. A. s portfolio is greater than 65,000, this bill could actually save the taxpayers money. That is something that both my republican and democratic colleagues were interested in during the debate on this bill in committee. And both sides of the aisle will be happy to know that according to the congressional budget office, initial offices initial analysis, this bill would not have a cost to the u. S. Taxpayer. I would like to close by thanking my colleague and friend from ohio, congressman steve stivers, for cosponsoring this important bill. Steve and i serve as the cochairs of the financial and Economic Literacy caucus for the past two congresses. This is an issue that we care about that we care about deeply. I would also like to thank the organizations that came out in support of this bill, mr. Speaker. I think its very important for people to know that the National Association of realtors, the National Housing resource center, the National Association of real estate brokers, the Leadership Conference for civil and human rights, league of united latin american citizens, Credit Unions National Association, National Association of federally insured Credit Unions, public citizens and National Association of hispanic real estate professionals. I think you get my point. People want this bill, its the right thing to do, i want to also thank congressman barr for his support and i urge my colleagues to join us in support and support this bill, h. R. 2162, to allow more americans to reach for that dream of Home Ownership in a financially responsible way. Please support this bill. Thank you, and i yield back. The speaker pro tempore the gentlewoman from ohio yields back the balance of her time. The gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr mr. Speaker, at this time i would like to yield such time as he may consume to the gentleman from ohio, my republican colleague who is the cochairman of the Financial Literacy caucus in congress, and someone who has worked in a bipartisan way very productively with congresswoman beatty on this important initiative, and i yield now. The speaker pro tempore the gentleman from ohio is recognized. Mr. Stivers thank you, mr. Speaker. Id like to begin by congratulating my good friend and colleague, congresswoman joyce beatty, for advancing the housing Financial Literacy act, h. R. 2162. Its an effort shes championed for years and as cochair of the Financial Literacy caucus, im proud to cosponsor this legislation with her. Mr. Speaker, for many folks across this country, owning a home is constituent essential to the American Dream quintessential to the American Dream. While not everyone will always be able to afford a singlefamily home, we should encourage the dream of Home Ownership and make sure that we help people along the way. Its good for individuals and its good for communities. Not only does it help individuals build equity over time, but reducing the disparities in Home Ownership by race has the potential to reduce the racial wealth gap in this country. However, we must work to ensure consumers are informed and encourage responsible Home Ownership. The housing Financial Literacy act does just that. By providing a discount of 25 basis points on the upfront f. H. A. Insurance premiums for borrowers who complete h. U. D. Approved prepurchase financial counseling, what were doing is making thomes more affordable, were empowering those people with knowledge, and were helping build the dream of Home Ownership. The financial counseling is so important for firsttime buyers. It helps them understand the costs associated with Home Ownerships, like taxes, insurance, maintenance costs, it also helps them factor in household budgeting and recognizing highrisk Financial Products to make sure they can make informed decisions. For people across this country, including in my district, having a place to raise their family is the American Dream. And i encourage my colleagues to support this bill, to help make Home Ownership a reality for more people. Again, i want to acknowledge my colleague, congresswoman joyce beatty, for her incredible leadership on h. R. 2162, the housing Financial Literacy act. I encourage all of my colleagues to support the bill. Thank you, i yield back the balance of my time. The speaker pro tempore the gentleman from ohio yields back the balance of his time. The gentleman from kentucky reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters mr. Speaker, i would inquire through the chair if my colleague has any remaining speakers on his side . Mr. Barr we have no further speakers. Ms. Waters i have no further speakers and i am prepared to close. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr thank you, mr. Speaker, once again. Again, i would like to commend and applaud my friend, the gentlelady from ohio, for her leadership on this. What an outstanding list of endorsements of this legislation. It goes to show how much work that she has put into this and that congressman stivers and others have put into this Bipartisan Legislation. Thank you to the chairwoman of the full committee, congresswoman waters, for bringing this forward. And in conclusion, as we look at this legislation, its really a winwinwin. Its a win because firsttime homebuyers are now going to be able to have a more affordable down payment. Its a win in addition because those firsttime home owners, as the gentlelady from ohio and the gentleman from ohio pointed out, theyll be more prepared for the responsibility of Home Ownership, which is what is typically the most significant investment anyone makes in their entire lifetime. Finally, and i think this is a point that we do need to underscore as well, when youre talking about federally insured, federallybacked, taxpayerinsured, taxpayersupported mortgages, its good for the american taxpayer that we make sure that homeowners are prepared for that very important responsibility. So, mr. Speaker, i urge all of my colleagues, for homeowners, for taxpayers, support this legislation, and i yield back the balance of my time. The speaker pro tempore the gentleman from kentucky yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters thank you, mr. Speaker. I yield myself the balance of the time. The speaker pro tempore the gentlewoman is recognized. Ms. Waters i thank the gentlewoman and the gentleman from ohio for pushing this bill forward. This bill incentivizes Financial Literacy, that will help avoid delinquencies and may have impact well beyond the housing area. And so i urge all of my colleagues to join me in supporting this important piece of legislation. And i yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back the balance of her time. The question is, will the house suspend the rules and pass h. R. 2162, as amended. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed and, without objection, the motion to reconsider is laid n the table. For what purpose does the gentlewoman from california seek recognition . Ms. Waters mr. Speaker, i move thatthe house suspend the rules d pass the bill, h. R. 456, emphasizing the importance of the Investor Protection in Education Missions of state and federa regulators. The spear pro tempore the clerk will report the title of the resolution. The clerk House Resolution 456. Resolution emphasizing the importance of grassroots invesr protection and the inveor Education Missions of state and federal securities regulators, calling on the securities and Exchange Commission to collaborate with state securies regulators in the protection o investors, an for other purposes. The speaker pro tempore pursuant to the rule, the gentlewoman from california, ms. Waters, and the gentleman from kentucky, mr. Barr, eh will control 20 minutes. The chair recognizes the gentlewoman from california. Ms. Waters mr. Speaker, i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation, and to insert extraneous material thereon. The speaker pro tempore without objection, so ordered. Ms. Waters i yield myself such time as i may consume. The speaker pro tempore the gentlewoman from california is recognized. Ms. Waters i want to thank representatives pressley and huizenga for bringing h. Res. 456 to the floor, a bipartisan resolution that highlights the importance of our state securities regulators to protecting investors. This year commemorates the 100th anniversary of the north American Securities administration association, the oldest international Investor Protection organization with a membership consisting of 67 state, provincial and territorial securities regulators in the 50 states states, the district of columbia, the u. S. Virgin islands, puerto rico, canada and mexico. The primary mission of both state securities regulators and nasaa is to protect and advocate for the protection of investors, especially the most vulnerable investors like our nations seniors, who may lack the expertise, experience and resources to protect their own interests. These are often the first line of defense against investor fraud and often e respond to emerging fraud and investment scams before theyre the detected by the federal level. In 2017 alen, skate securities regulators conducted nearly 4,790 investigations, leading to more than 2,100 Enforcement Actions including 255 criminal prosecutions. These actions have resulted in 486 million in restitution for harmed investors. Nearly 5 million in fines or penalties and 1,985 years in incarceration or probation being ordered. In addition, in 2017, nasaas u. S. Member jurisdictions reported bringing formal ens forment actions involving more than 1,100 senior victims, illustrating their unwavering commitment to protecting senior investors. Nasaa also engages in and collaborates with congress to promote federal laws to improve protections for senior investors. For example, in 2018, we worked with nasaa to pass the senior safe act which was inspired by Training Program developed by nasaa in partnership with the main council for elder abuse proprevention. The senior save act addresses barriers that Financial Professionals face in reporting suspected Senior Financial Exploitation or abuse to authorities. Nasaa also collaborated with us on the Senior Security act which passed the house with broad ipartisan support. That bill would, among other things, require the s. E. C. To work across divisions and with regulators tone sure that seniors are not subject to financial exploitationism strongly support our state securities regulators and urge my leagues to join me in supporting this resolution. I thank you, mr. Speaker, and i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Mr. Barr thank you, mr. Speaker. I too rise in support of House Resolution 456. I would like to thank my colleagues, cookwoman pressley and congressman huizenga for their work on this bipartisan resolution. More often than not, discussions in the Financial Services committee are about the securities and Exchange Commission, as it is primary is the primary Regulatory Agency for the u. S. Securities market. However, state securities regular litors also pay an important and complementary role in grass roots Investor Protection, Investor Education and facilitating Capital Formation. H. Res. 456 highlights the important invest Protection Missions of state and federal securities regulators. The resolution also encurblings the continued collaboration between the s. E. C. And state securities regulators. American Capital Markets provide an avenue for mom and pop and Retail Investors to achieve the American Dream and grow their nest e. G. , for retime, for this retirement, for their childs College Tuition or to buy a home. Protecting those investors, ensuring the integrity of our Capital Markets and promoting Capital Marks are goals we can all stand behind. This resolution recognizes the Important Role state regulators play on each of these fronts. I urge my colleagues to support h. Res. 456 and reserve the balance of my time. The speaker pro tempore the gentleman reserves. The gentlewoman from california is recognized. Ms. Waters i yield to ms. Pressley, the sponsor of h. Res. 456, as much time as she may consume. The speaker pro tempore the gentlewoman from massachusetts, ms. Pressley is recognized. Ms. Pressley thank you, mr. Chairman. I want to thank chairwoman waters for her vigilant and steadfast leader shep to continue to breg people across the aisle to the American People and always putting Consumer Protection at the center of that i want to thank my colleague, representative huizenga for his partnership. I rise in support of the resolution which highlights the Important Role that state securities regulators play in strengthening the Financial Services industry. The financial crisis devastated American Families everywhere but as we watched unemployment skyrocket, home values credit and credit disappear, it became clear that the impact of the crisis hit harder for some. Black families that had only just begun to build wealth through Home Ownership watched everything they had worked for disappear. Although the recovery has been similarly unequal, it is critical to recognize those on the frontlines protecting the investments of working families and Small Businesses alike. The north American Securities administrators association, nasaa, comprised of securities administrators from all 50 state are champions for stronger investment protections and diligent jer sight my home state of massachusetts was the first to require the registration of some securities, helping to lay the groundwork for other state models that would serve as the found eags for future federal Securities Law. As the worlds oldest international Investor Protection organization, nasaa has remained vigilant in its policing of securitying trading. Securing over 486 over 486 million in restitution to victims of investment fraud in 2017 alone. Nasaas work with aarp help prospect seniors from the troubling upwards trend in elder financial abuse. Additionally, they continue to work with medical professionals on ways to identify seniors at risk of financial abuse. Nasaas efforts to spread retirement best prackities can help empower families with the knowledge to invest wisely for generations to come. My resolution recognizes 100 years of excellence in Investor Protection and encourages continued cooperation between local, state and federal regulators to ensure 100 more. I encourage my colleagues to support my resolution, thank you, and i reserve the plans of my time. The speaker pro tempore the gentlewoman yields back. The gentlewoman from california reserve the balance of her time. The gentleman from kentucky is recognized. R. Barr thank you mr. Speaker at this time i ask to enter into the record the statement of representative huizenga in support of this resolution. The speaker pro tempore the jells request is covered by general leave. Mr. Barr thank you. I reserve. The speaker pro tempore the gentleman reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters i would inquire if my colleague has remaining speakers on his side . Mr. Barr welcome we do not have any speakersing were prepared to close. The speaker pro tempore the gentlewoman from california reserves. The gentleman from kentucky is recognized. Mr. Barr mr. Speaker, just once again we appreciate the work of ms. Pressley here and yield back the balance of our time. The speaker pro tempore the gentleman yields back the balance of the time. The gentlewoman from california is recognized. Ms. Waters i yield myself the balance of the time. The speaker pro tempore the gentlewoman is recognized. Ms. Waters this important resolution demonstrates that our federal form of government serves us well. Both federal and state authorities have Important Roles to play and this is certainly true in the securities arena. I congratulate my colleagues from massachusetts and michigan for bringing this bipartisan bill before the house and i urge my colleagues to join me in supporting this important piece of legislation and i yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back the balance of her time. The question is will the house suspend the rules and agree to House Resolution 456. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 being in the affirmative, the rules are suspundened the rules are suspended, the resolution is agreed to and without objection, the motion to reconsider is laid on the table. For what purpose does the gentlewoman from california seek recognition . I move that the house suspend the rules ms. Waters i move that the house suspend the rules and pass the bill h. R. 2919, improving Investment Research for small and emerging issuers act. The speaker pro tempore the clerk will report the title of the bill. The clerk h. R. 2919, a bill directing to carry out a study of the efficiency of and reliance on small issuers. The speaker pro tempore pursuant to the rule, the gentlewoman from california, ms. Waters, and the gentleman from kentucky, mr. Barr, each will control 20 minutes. The chair recognizes the gentlewoman from california. Ms. Waters mr. Speaker, i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation and insert extraneous material thereon. The speaker pro tempore without objection. Ms. Waters i yield myself such time as i may consume. The speaker pro tempore the gentlewoman from california is recognized. Ms. Waters i thank the Ranking Member of our Investor Protection entrepreneurship and Capital Markets subcommittee, representative huizenga, and representative mcadams, for working across the aisle on this bipartisan bill to improve Investment Research coverage for small issuers. Investment Research Helps to raise investor awareness, understanding, and interest about a company which in turn can provide informed investment and overall trading in a companys securities. However, reports indicate significant declines in Analyst Research of small public companies. In fact it appears most Exchange Listed companies with less than 100 million in market capitalization have no Research Coverage as all. To address this concerning trend, h. R. 2919 would direct the sec to conduct a study ton the issues that are affecting the availability of Research Coverage for small issuers including emerging Growth Companies, companies concerned in initial Public Offering and minority women and veteran opened vet businesses. It also directs the s. E. C. To report back recommending as to improve the quality and availability of Investment Research for small issuers. I urge my colleagues to support this bipartisan bill, to enable us to identify some of the barriers Small Businesses face when attempting to get their story out to investors in our public Capital Marks. Thank you, mr. Speaker, i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time the gentleman from kentucky is recognized. Mr. Barr mr. Speaker, i yield myself such time as i may consume sproism the gentleman is recognized. Mr. Barr mr. Speaker, i rise in support of h. R. 2919, the improving Investment Research for small and emerging issuers act. I would like to thank my colleagues, congressman huizenga and congresswoman mcadams, or congressman mcadams for their effort os then Bipartisan Legislation to help Small Companies and Capital Marks. The u. S. Capital markets have and continue to be a vibrant ecosystem fueling americas Economic Growth and yen rating millions of private sector jobs. These market prossvide financing and needed resources to the smallest startups and the Largest International companies. However, a companys size often impact house easily it can access capital. For example, Larger Companies have generally found Capital Marks easier to access than smaller ones. While the number of i. P. O. s in the u. S. Has rebounded from its postcrisis glut, thanks in large part to the scose they have bipartisan jobs act of 2012, Smaller Companies still face significant regulatory and market impediments that disincentivize them from accessing capital via the Public Markets. There are differing perspectives as to why fewer companies, particularly Small Companies, have gone public over the past few decades. The data suggests that in fulfilling its Capital Formation mandate, the securities and Exchange Commission needs to tailor its approach to account for the varying nature and size of companies. An important piece to this approach is recognizing Insufficient Research of coverage of microcap, small cap and emerging companies that can undermine the liquidity necessary to attract investor interest and facilitate capital necessary for growth. This Bipartisan Legislation would direct the s. E. C. To study, evaluation, and report on issue os affecting the ability of emerging Growth Companies and other small issuers to obtain Research Coverage, including s. E. C. Rules, state and federal liability concerns, the 2003 Global Research analyst settlements. I want to thank congressman huizenga and congressman mcadams for this commonsense and Bipartisan Legislation which i support. I urge my colleagues to join me in supporting h. R. 2919 and i reserve the balance of my time. The speaker pro tempore the gentlewoman from kentucky reserve the gentleman from kentucky reserves the balance of his time the gentlewoman from california is recognized. Ms. Waters i would inquire through the chair if the gentleman has any remaining speakers. Mr. Barr we have no remaining speakers. The speaker pro tempore the gentlewoman from california reserves. The gentleman from kentucky is recognized. Mr. Barr thank you. I ask unanimous consent to insert into the record remarks prepared by mr. Huizenga in upport of h. R. 2919. The speaker pro tempore the gentlemans request is covered by general leave. Mr. Barr thank you. I reserve. The speaker pro tempore the gentleman closes . Mr. Barr mr. Speaker, we have no further speakers so at this time i will close and let me just once again urge my colleagues to support this commonsense legislation and i yield back. The speaker pro tempore the gentleman from kentucky yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters mr. Speaker, i yield myself the balance of the time. The speaker pro tempore the gentlewoman is recognized. Ms. Waters i am pleased that mr. Huizenga and mr. Mcadams worked in a bipartisan manner to bring forward h. R. 2919. Markets work best when there is adequate Public Information and the study on Additional Research provided for in this bill will help ensure that this is the case. So i urge my colleagues to join me in supporting this important legislation and i yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back the balance of her time. The question is, will the house suspend the rules and pass the bill, h. R. 2919. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed and, without objection, the motion to reconsider is laid n the table. For what purpose does the gentlewoman from california seek recognition . Ms. Waters mr. Speaker, i move that the house suspend the rules and pass the bill, h. R. 30 50rks the expanding investment in Small Business act of 2019, as amended. The speaker pro tempore the clerk will report the title of the bill. The clerk h. R. 3050, a bill to require the securities and Exchange Commission to carry out a study of the 10 threshold limitation applicable to the definition of a diversified company under the Investment Company act of 1940, and for other purposes. The speaker pro tempore pursuant to the rule, the gentlewoman from california, ms. Waters, and the gentleman from kentucky, mr. Barr, each will control 20 minutes. The chair recognizes the gentlewoman from california. Ms. Waters mr. Speaker, i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon. The speaker pro tempore without objection. Ms. Waters i yield myself such time as i may consume. The speaker pro tempore the gentlewoman is recognized. Ms. Waters our Capital Markets are the envy of the world. This is due in part to the fact that once a company goes public, it can efficiently raise money, from mom and pop investors who can in turn easily buy and sell shares. However, there is some evidence that initial Public Offerings or i. P. O. s of Smaller Companies known as Microcap Companies have declined, since the dotcom bubble in 2001. This decline accounts for the main reason that the total number of stocks has declined. So i think its important that we look into why this is the case and find out what policies we should be working on in congress to ensure that our nations Small Businesses are able to access the public records. I support the gentleman from wisconsins bill, the expanding investment in Small Business act of 2019, for doing just that. This bill would require the securities and Exchange Commission to study and solicit Public Comment on the existing rules restricting a diversified mutual funds exposure to a single company. It would also require the s. E. C. To determine whether that requirement limits Capital Formation considering current investing trends and other factors the s. E. C. Determines are necessary and appropriate to protect investors. The s. E. C. Would have to issue a report to congress with its findings and determinations made in carrying out the study, and any legislative recommendations, including any recommendation to update the current thresholds. This bill helps ensure that we have the facts and data necessary to make an informed decision on whether we should change the current diversification limits for mutual funds, and whether doing so will provide additional investment in Small Company i. P. O. s. So i thank representative steil for working with me this congress to ensure that the revised text of the bill also seeks to promote competition in our Capital Markets, mr. Gonzalez for cosponsoring this bill. I urge all members to vote yes and i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr mr. Speaker, i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Barr br thank you, mr. Speaker. I mr. Barr thank you, mr. Speaker. I rise in strong support of h. R. 3050, the expanding investment in Small Business act, and i commend my colleague and Outstanding New member of the Financial Services committee, congressman steil from wisconsin, for his hard work on this important bill that will help us make our Capital Markets stronger and more attractive, and its because of his personal experience and his background in Public Markets as a counsel for a publicly traded company that he has brought to bear particular expertise in bringing forward this legislation for our consideration. Mutual funds have played an Important Role in providing liquidity to newly public companies. Since 1990 the total number of registered mutual funds has grown approximately 10 times. Mean fund size has more than doubled and holdings of u. S. Corporate equities has reached approximately 24 of the entire market. This growth means the Investment Decisions of mutual funds today are an important aspect of our public Capital Markets. As the size of mutual funds has increased in recent years, the diversified fund limit rules, specifically the 10 cap on a diversified funds ownership of an issuers outstanding shares, have limited funds ability to take meaningful positions in small cap companies. The current 10 cap on mutual fund positions limits interest in small cap i. P. O. s because as large funds assets under management grow, the 10 cap means any investment in a small i. P. O. Will have a neble impact on overall fund return. Declining mutual Fund Interest in small i. P. O. s also materially weakens the trading environment for small cap stocks and likely deters small private firms from joining our Public Markets. Something we should not be discouraging. H. R. 3050 would require the s. E. C. To study whether the current diversified fund limit threshold for mutual funds to 10 constrains their ability to take meaningful positions in small cap companies. As part of its report, the s. E. C. Shall recommend to congress any statutory changes that should be undertaken to address the s. E. C. s findings. This is an important bill for helping us make our Capital Markets as attractive as possible, especially for Smaller Companies. For these reasons, i support h. R. 3050, i commend my colleague, the gentleman from wisconsin, for his leadership and his experience on this issue, and i urge my colleagues to support this bill. I reserve the balance of my time. The speaker pro tempore the gentleman from kentucky reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr at this time, mr. Speaker, i yield as much time as he may consume to the author of the legislation, the gentleman from wisconsin. The speaker pro tempore the gentleman from wisconsin is recognized. Mr. Steil i thank my colleague from kentucky. Mr. Speaker, i rise to support my bill today, the expanding investment in Small Business act. Small businesses and entrepreneurs are vital to our economy. More than 60 of new jobs are created by Small Businesses and almost half of our private sector work force is employed by firms with fewer than 500 employees. Small businesses are also an engine for innovation. According to the Small Business administration, Small Businesses account for an outsized percentage of patents granted in the most innovative industries. I see this ingenuity in wisconsin, in racine and janesville and kenosha and everywhere in between. Entrepreneurs and startups create good paying jobs for workers. Its important we continue giving job creators the ability to invest in our communities. But in order to grow, hire and invest in innovation, Small Businesses need access to capital. Unfortunately rules and regulations have made it harder for companies to gain access to capital. Made it harder for them to go public. And have made it harder for them to stay public. This hurts Small Companies and this hurts the broader economy. In particular, this hurts American Workers and their Retirement Security. Just under half of all households are invested in mutual funds. Many americans are invested in these funds through 401ks and pension plans. Their Retirement Security depends upon the ability to invest in a diverse set of growing innovative companies. Our rules, though, are burdensome. They shrink the number of publicly traded Companies Either by deterring companies from going public, or by encouraging them to stay private. In doing so, they limit the opportunities for americans savings for retirement. Members of both parties and a wide range of stakeholders and experts have identified the existing mutual fund rules as an area for potential improvement. I want to thank my colleague, congressman gonzalez from texas, for joining me from this across the aisle effort to support this bill. This isnt a new idea, but until now it hasnt gotten done. Im glad to see bipartisan support for taking this important step forward and improving our Capital Markets. The expanding investment in Small Business act directs the s. E. C. To consider whether existing mutual fund rules make it harder for small and emerging companies to raise money so they can grow and invest. Under the Investment Company act, a diversified mutual fund ay not own more than 10 of an issuers outstanding securities. As mutual funds have grown, both in number and in size, they become an important source of capital. In particular, for Small Businesses. A substantial Mutual Fund Investment in a Small Cap Company can easily exceed the 10 cap. This likely deters Mutual Fund Investments into growing our innovative companies. My bill asks the s. E. C. To consider four key items. One, how many mutual funds are currently affected by the 10 cap . Two, how the investing prernses of diversified mutual funds have shifted over time with respect to Smaller Companies . Three, the potential impact of a change in the 10 threshold. And four, the ability of diversified funds to manage liquidity risk. This informations necessary so we can continue to work in a nonpartisan manner to ensure that Small Businesses have access to capital so, they can grow and invest. Capital, so they can grow and invest. Smart, targeted reforms can give us more vibrant Capital Markets, growing, innovative Small Businesses, providing Better Outcomes for american investors and ultimately providing a stronger economy. I look forward to working in continuation with my colleagues towards this goal. I thank chair waters and Ranking Member mchenry for their support of this bill and i urge my colleagues to support its passage. This bill is an important step forward towards a stronger economy, more dynamic Small Businesses, and more jobs for American Workers. I yield back the balance of my time. The speaker pro tempore the gentleman from wisconsin yields back the balance of his time. The gentleman from kentucky reserves the balance of his time. The gentlewoman from california is recognized. Ms. Waters mr. Speaker, i would inquire through the chair if my colleague has any remaining speakers on his side . Mr. Barr mr. Speaker, we have one remaining speaker. The speaker pro tempore the gentlewoman from california is recognized. Ms. Waters i have no further speakers and im well, im going to reserve. I reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr thank you, mr. Speaker. At this time id like to recognize another Outstanding New member of the house Financial Services committee, another gentleman who comes to congress not as a politician, but comes to congress as an entrepreneur, someone who has built businesses and created jobs themselves himself, and understands intimately the need for Small Businesses and entrepreneurs to have the ability to access capital. I yield two minutes to the gentleman from virginia. The speaker pro tempore the gentleman from virginia is recognized for two minutes. Thank you, mr. Speaker. And thank you, mr. Steil, and those who support this bill. I have to support my good friend from wisconsin, as we go forward. Im also in a very Small Business type of atmosphere in virginia. I own a Small Business distillery. And for us, Small Businesses are one of the most important things we can do or one of the most important things we can support as we go forward. Im here to support my colleague, to support democrats in a bipartisan fashion, this is something we need to do, we have to do, and i urge my colleagues to support this bill. Mr. Riggleman i dont need the two minutes to make sure that this happens. But i urge my colleagues to support this bill and make sure that we support Small Businesses and everything that we do in everything that we do. Thank you, i yield back the balance of my time. The speaker pro tempore the gentleman yields back the balance of his time. The gentleman from kentucky reserves. The gentlewoman from california is recognized. Ms. Waters i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr mr. Speaker, i urge my colleague to support the legislation and i yield back. The speaker pro tempore the gentleman from kentucky yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters thank you very much, mr. Speaker. I yield myself the balance of the time. I want to again thank the sponsor of h. R. 3050, the gentleman from wisconsin, for working with my side on the text of this legislation. I think it is a good bill and will, along with other measures were considering today, improve the access of Small Businesses to u. S. Capital markets. So i urge my colleagues to join me in supporting this important piece of legislation. I yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back the balance of her time. The question is will the house suspend the rules and pass the bill, h. R. 3050, as amended. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 being in the affirmative for what purpose does the gentleman from wisconsin seek recognition . I request a recorded vote. The speaker pro tempore does the gentleman request the yeas and nays . Mr. Speaker, i request the yeas and nays. The speaker pro tempore the yeas and nays are requested. Those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. A sufficient number having risen, the yeas and nays are ordered. Pursuant to clause 8 of rule 20, further proceedings on the question will be postponed. For what purpose does the gentlewoman from california seek recognition . Ms. Waters i move that the house suspend the rules and pass the bill h. R. 2409, the expanding access to capital for rural job creators act of 2019. The speaker pro tempore the clerk will report the title of the bill. The clerk h. R. 2409, a bill to expand access to capital for rural area Small Businesses and for other purposes. The speaker pro tempore pursuant to the rule, the yom from california, ms. Waters, and the gentleman from kentucky, mr. Barr, each will control 20 minutes. The chair now recognizes the gentlewoman from california. Ms. Waters i ask unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation and to insert extrain yours material thereon. The speaker pro tempore without objection. Ms. Waters i yield myself such time as i may consume. The speaker pro tempore the gentlewoman is recognized. S. Waters id like to thank representatives axne and mooney direct ng together to the securities and Exchange Commission to pay particular attention to the challenges rural Small Businesses face finding the funds they need to grow and thrive. This bill has gained broad, bipartisan support because its aimed at understanding and addressing real problems faced by americans all across our country. The Capital Needs of rural startups and entrepreneurs. When we created the advocate for Small Business Capital Formation, we recognized that our nations Small Businesses are proven job creators which require special attention from the s. E. C. However, it is also important for the advocate to recognize the different types of Small Businesses that different types of Small Businesses face withdrew neek challenges. For example, as a result of my amendment to the legislation creating the position, the advocate is required to specifically consider the challenges facing minorityowned and womenowned Small Businesses. H. R. 2409 will recognize another important category. Small businesses in rural areas and require the advocates to pay the advocate to pay special attention to and report to congress on the unique challenges and issues they face. According to a recent survey by the Small Business majority, one in five rural Small Businesses rated access to capital as one of the top three challenges to maintaining or growing their business in their community. Whats more, these businesses largely get their funds from personal savings and only 13 said they received investments or gifts from friends or family. So i think it is time for the s. E. C. To look into why that is and see what, if anything, can be done to encourage Capital Formation for our neighs small, Rural Businesses. I urge all of my colleagues to support this important bill and i thank you, mr. Speaker, and i reserve the balance of my time. The speaker pro tempore the gentlewoman from california reserves the balance of her time. The gentleman from kentucky is recognized. Mr. Barr i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Mr. Barr i rise in support of h. R. 2409, expanding access to capital for rural job creators act. As a member of congress who represents a rural area, i want to commend the work of congresswoman axne and congressman mooney for their bipartisan commitment to help rural Small Businesses access capital. In the house Financial Services committee we continue to highlight the importance of Capital Formation for individuals in underbanked Rural Communities. Small and Rural Communities in kentucky and other places are extremely vulnerable during recessions and during recovery and their subsequent recoveries are often slower due to lack of access to capital. U. S. Counties as a whole saw somewhere Business Establishments close than open in the first five years of the most recent financial crisis. This decline was felt disproportionately in rural areas where the percentage of business closures was higher. Additionally as our economy recovers, data show that Small Businesses and startups are much less likely to norm in rural areas than urban areas. H. R. 2409 is an example of Bipartisan Legislation that can help solve the Biggest Issue for a number of rural Small Businesses. And that is access to capital. H. R. 2409 would amend the securities and exchange act of 1934 to direct the advocate for Small Business Capital Formation identify unique challenges to rural area Small Businesses when identifying problems that Small Businesses have with securing access to capital. Small towns across our country are still struggling to recover from the postfinancial crisis recession. Its imperative that we fully understand the challenges facing rural areas so that we can reinvigorate Economic Growth and diversify rural economies in those areas that need help the most. This bipartisan bill is an important tool for us to bet address the Capital Formation issues facing our rural Small Businesses and job creators. I urge my colleagues to support h. R. 2409 and i reserve the balance of my time. The speaker pro tempore the gentleman from kentucky reserves the balance of his time. The yom from california is recognized. Ms. Waters i yield to ms. Axne, the sponsor of h. R. 2409, as much time as she may consume. The speaker pro tempore the gentlewoman is recognized. Mrs. Axne thank you, mr. Speaker. I rise in support of my bill, h. R. 2409, expanding access to capital for rural job creators act. I want to thank my colleagues, mr. Mooney, ms. Ve laz quezz, mr. Riggleman, mr. Papas and rose for their work on this and i want to thank our chairwoman of the Financial Services committee to help us bring this here today. As a Small Business owner i know how difficult it can be to access the capital you need to succeed and my friends across the aisle just explained that very well, thank you so much for the bill that you brought to the floor. However, rural entrepreneurs face unique challenges when it comes to accessing capital. Far too often their voices are left out of the conversation. For example, in a recent Federal Reserve survey of Small Businesses, despite more than 70 of rural Small Businesses being a low credit risk, less than half received the full amount of funding that they were seeking. This restricts growth in rural areas. That same survey found that only 35 of rural Small Businesses expected to increase employment in the next year compared to 51 in urban areas. This can create a cycle where younger people leave rural areas because there are no jobs, furthering the decline in certain rufrle areas across this country. The bipartisan expanding access to capital for rural job creators act will ensure that rural Small Businesses have a seat at the table as federal policymakers consider new rules that govern investment and capital. The office of the advocate of Small Business Capital Formation and the s. E. C. Was established to promote the interests of Small Businesses and help make sure that they have access to capital with a focus on supporting women and minorityowned businesses. Id also like to acknowledge the work of ms. Velazquez and others last congress to include Small Businesses affected by natural disasters like the recent flooding in iowa. My legislation, h. R. 2409, would expand the focus areas of the advocate to include rural area Small Businesses. This data will help congress and federal regulators make better informed decisions on how to best support Economic Growth in Rural America. By ensuring that washington listens to the voices of rural Small Businesses, this legislation will help create jobs in rural iowa and in rural areas across the country. Contributing not only to their success but to the economic success of this entire countrys g. D. P. I want to thank the chairwoman and my colleagues for the support and working support in working on this issue and ask for a yes from the house. I yield back. The speaker pro tempore the gentlewoman yields back the balance of he time. The gentlewoman from california reserves the balance of her time. The gentleman from kentucky is ecognized. Mr. Barr the gentleman who is going to speak has experience in the private sector, is an entrepreneur, and knows a lot about Rural America and Rural Americas need for access to capital as an entrepreneur. I yield two minutes to the Outstanding New member of the committee, the gentleman from virginia, mr. Riggleman. The speaker pro tempore the gentleman is recognized. Mr. Riggleman thank you, mr. Speaker. Thank you to my friend, representative moob nee and id like to thank mooney and id like to thank representative axne for introducing this legislation. I rise in support of this bill, the expanding access to capital for rural job creators act. His would direct the administrator to expand access to the capital they needle as someone who along with my wife started a distillery i know the problems Small Businesses face. These Small Businesses are the back bones of communs across the area and pill threefers local economies that help them thrive. One in five americans live in a rural district. In my district, the Fifth District of virginia, approximately 65 of the population resides in a rural area. These people deserve the same access to the Financial System as urban dweller and urban businesses. Running a rural Small Business is a challenge and its important for me as a representative of the Fifth District to advocate for the needs of Small Business owners by expanding their access to capital, we can help Small Businesses grow and sustain Rural Communities. This bill will allow the e. C. To help job creators across the country. I look forward to working with the s. E. C. And my colleagues to accomplish this mission. For these reasons and many more, i strongly support this legislation and urge everyone else to do the same. Thank you d i yield back the balance of my time. The speaker pro tempore the gentleman from virginia yields back the balance of his time. The gentleman from kentucky is reserving his time. The gentlewoman from california is recognized. Ms. Waters restemb the balance of my time. The speaker pro tempore the gentlewoman reserves. The gentleman from kentucky is recognized. Mr. Barr thank youmr. Speaker, i want to recognize another Outstanding New member of the committee, a gentleman from tennessee who represents a rure district who is himself a job creator and someone who knows about the nee to provide expanded access to credit f Rural American entrepreneurs. I yield now two minutes to the entleman from tennessee. The speaker pro teore the gentleman is recognized for two minutes. Thank you, mr. Speaker, and thank you, mr. Barr. I rise in support of h. R. 2409, expanding access to capital for rural job creators. I want to thank reprentatives axne and moonefor their work on issue as well as my her colleagues for air orinal sponsorship. Small businesses are truly the heart of job grth in Rural Communities. The vast majority of the 19 counties in tennessees sixth district are rural. With four being categorized as economically distressed counties. The work forces in these communities depend on the Job Opportunities provided by entrepreneurs who build their businesses from the ground up. In my short time in office, ive visited Small Businesses in Rural Communities of tennessees sixth district. The men and women who run and work for these small, Rural Businesses are some of the hardest working people ive ever met. This bill is simple. It includes Rural Businesses in the mission of the office of the advocate for Small Business Capital Formation. This will allow rural Small Businesses to receive the Capital Formation, Technical Assistance they might need and will require the securities and Exchange Commission to consider any adverse effects regulations might have on rural Small Businesses. Rural Small Businesses are often overlooked by their Capital Formation challenges, but their Capital Formation challenges deserve the same attention as any other type of Small Business. I urge all members to support this commonsense bill. I yield back. The speaker pro tempore the gentleman yields back the balance of his time. The gentleman reserves. The gentlewoman from california is recognized. Ms. Waters i would inquire if my colleagues has any remaining speakers . Mr. Barr no further speakers. The speaker pro tempore the gentlewoman reserves. The gentleman from kentucky is recognized. Mr. Barr thank you and in conclusion, as a representative of a rural Congressional District who has tremendous respect for the hard working Small Business owners of Rural America and in my case rural central and eastern kentucky, i know how hard it is for folks to access the credit that they need to build a business, to grow jobs, to create greater and better opportunities for themselves and their employees. And not every Small Business in and not everyone can access wall street. We need the s. E. C. To have greater sensitivity to rural Small Business and unique challenges in terms of access to Capital Formation. I applaud the leadership of the members who have brought this legislation forward and i urge my colleagues to support this legislation. Vote in favor of rural Small Business Capital Formation. And i yield back. The speaker pro tempore the gentleman yields back the balance of his time. The gentlewoman from california is recognized. Ms. Waters i yield myself the balance of the time. I want to thank the gentlewoman from iowa and the gentleman from from West Virginia for introducing this important legislation. This bipartisan bill passed the house by near unanimous vote last congress. It is time for it to become law to help Rural Businesses across this country become even more important job creators. I would urge my colleagues to join me in supporting this important piece of legislation. And i yield back the balance of my time. The speaker pro tempore the gentlewoman from california yields back. The question is, will the house suspend the rules and pass h. R. 2409. Those in favor say aye. Those opposed, no. In the opinion of the chair, 2 3 the in the affirmative yeas and nays are requested. All those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. A sufficient number having arisen, the yeas and nays are ordered. Pursuant to clause 8 of rule 20, further proceedings on this question will be postponed. Pursuant to clause 12a of rule 1, the chair declares the House Secret Service held. And most mass attacks occurred at places of work. The study included the mass shooting at a parkland, Florida High School as well as two other school shootings. Thank you. Good morning everyone. Thank you for being here. Earlier today, the secret service and our National Assessment center briefed nearly 400 of our Strategic Partners on its recent report on mass attacks in public spaces for the calendar year 2018. The subject of targeted violence is of grave concern to everyone and those in law enforcement. Im grateful to the acting secretary for joining us here today, showing his support and bringing attention to this critically important subject. Back in the 1990s, the secret had long been involved in Threat Management embarked on a comprehensive study as to the thinking and behavior of persons who engaged in violence against Public Officials or public figures. The result of that study set the