Transcripts For CSPAN U.S. 20240704

To get worse. You see security collapse and you we are returning to the house for votes on bills debated earlier. On House Resolution 1052, adoption of hous if ordered, ano suspend the rules and adopt House Resolution 1061, and House Resolution 3821. And pass h. R. 3821. The first electronic vote will be conducted as a 15minute vote. Pursuant to clause 9 of rule 20, remaining electronic votes will be ducted will be conducted as fiveminute votes. Pursuant to clause 8 of rule 20, the Unfinished Business is on ordering the previous question on h. R. 1052 on which the yeas and nays are ordered. The clerk will report the title of the resolution. The clerk House Resolution 1052, resolution providing for coverings the bill h. R. 2799 to make reforms to the Capital Markets of the United States and for other purposes and providing for consideration of the bill h. R. 7511 to require the secretary of Homeland Security to take intoliens who have been charged in the United States with theft and for other purposes. The speaker pro tempore the question is on ordering the previous question and on the resolution. Members will record their votes by electronic device. This is a 15minute vote. [captioning made possible by the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representatives. ] x x ■ s[ ■8 ■y ■ ■h ■u i ■ t . X ; r ■ those in favor say aye. The speaker pro tempore for at mr. Mcgovern i ask for a recorded vote. The speaker pro tempore a recorded vote is requested. Those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. A sufficient number having arisen. A recorded vote is ordered. Members will record their votes by electronic device. This is a fiveminute vote. [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representatives. ] gn■k■f■]i■ 0 the speaker pro tempore on this vote the yeas are 214, the nays are 211, the resolution is adopted. Without objection, the motion t reconsider is laid on the table. Pursuant to clause 8e 20, the Unfinished Business is the vote on the motion of the gentleman from kentucky, mr. Guthrie. The gentlewoman from texas, ms. Granger. To suspend the rules and adopt House Resolution 1061 on which the yeas and nays are ordered. ■ . The clerk will report the the title. The clerk House Resolution 1061, the resolution providing for the concurrence of the house to Senate Amendment h. R. 4366 with an amendment. The speaker pro tempore the question is will the house suspend the rules andpt record s by electronic device. This will be a [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representative]a the speaker pro tempore on this vote, the yeas are 339, the nays are 85. 2 3 being in the affirmative, the rules are suspended and the resolution is agreed objection pursuant to clause 8 of rule 20, the Unfinished Business is vote on the motion of the gentleman from kentucky, mr. Guthrie, to suspend the rules on which the yeas and nays are ordered are ordered. The clerk Union Calendar number 197, a bill to reauthorize the firefighter cancer registry act of 2018. The speaker pro tempore the question is will the house suspend the rules and pass the bill. Members will record their votes by electronic device. This is a fiveminute vote. [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedcaptioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u. S. House of representatives. ] ■iym4 the speaker pro tempore on this vote, the yeas are 413, the nays are 7, 2 3 being in the affirmative, the rules are suspended and without objection, the motion to reconsider is laid on the table. For what purpose does the gentleman from arkansas seek recognition . Mr. Womack i send to the desk a concurrent resolution and ask unanimous consent for its immediate consideration in the house. The speaker prtempore the clerk will report the title of the house concurrent resolution. The clerk concurrent resolution directing the clerk of the house of representatives to make a correction in the enrollment of h. R. 4366. The speaker pro tempore is there objection to thencurrent . Without objection, the concurrent resolution is agreed to. And the motion to reconsider is laid on the table. The speaker pro tempore the house will be in order. The speaker the house will be inrder. ■■ 0 the speaker pro tempore the house will be in order. Please take your conversations outside. All right. Get in order. For what purpose does the gentlelady from missouri for what purpose does the gentleman from North Carolina rise . I ask unanimous consent sorry. Without pursuant to House Resolution 1052 and rule 28, the chair reading wrong script. Sorry, mr. Chairman mr. Speaker, i ask unanimous consent all members have five legislative days in which to revise and extend their remarks, and submit extraneous material on the bill, h. R. 2799. The speaker pro tempore without objection. Pursuant to House Resolution 1052 and rule 18, the chair declares the househe union for e consideration of h. R. 2799. The chair appoints the gentleman from ohio, mr. Wynn strip, to preside over the committee of the whole. Mr. Winstrop to preside over the committee of the whole. The chair the house is in the somatic cell somatic cell in the committee of the whole house on the state of the union for h. R. 2799 which the clerk will report to the title. The clerk a bill making reforms to the capital of the United States and for other purposes. The chair the bill is considered read the first time. General great shall be confined to the bill and not exceed one hour equally controlled by the chair and ranking minority member on the committee on Financial Services or their respective designees. The gentleman from North Carolina, mr. Mchenry and the■m gentlewoman each will will control an hour. The chair recognizes the gentleman from North Carolina. Mr. Mchenry mr. Chair, as i ma. 40 years ago my father started a Small Business in our back yard, growing up in gastonia, North Carolina, being the kids, my faa business with his friend who also had five kids. It didnt change the world was just a lawn mowing business. We moeed other peoples we mowed each other peoples grass and provided schooling for the children and scaled up as we grew the business. My dadsess didnt change the world but changed mine. Like other entrepreneurs my dad needed access toh affordable capital to start his business and when ever capital dried up, he relied on a charge card we now call a credit card to grow his business and to start employing other folks. This story isnt unique to my family. We see it playing out throughout our country today, entrepreneurs with new ideas and seeking to control their businesses are seeking to access Affordable Credit and affordable capital. That means theyre not given the same opportunity to change their lives, their familys lives or their community. This is a loss for all of us, loss for American Innovation. Thats where Investment Capital in this bill come in to help more entrepreneurs realize their version of the American Dream. Currently the Venture Capital funds startups are concentrated in traditional financial hubs like Silicon Valley, boston, new york city. Those t cities and those three areas of the country account for almost 3 4 of all venture funding. Thats not for every business but its a verype startups. This congress and our Committee Heard compelling testimony from folks across the ideological spectrum who urged us to make it easier for them to raise money from nontraditional sources and would allow them to not only build their funds and deploy more also share their Financial Success within their communities. This bill, the expanding accesst and more by alleviating the unique fundraising challenges faced by entrepreneurs and their investor in Silicon Valley. Its also this bill will also make improvements to our Public Markets and create new opportunities for everyday investors to save and build wealth and to enjoy their version of the American Dream. This Capital Formation is a critical ingredient for creating long Term Economic growth that has proven enduring here in the United States. And not to mention traditionally has been an area where a divided washington can find consensus. A little more than a decade ago, congress came together to pass the jobs act which president obama then signed into law. Theres a republican house, a democrat sat the white house wht historic piece of legislation through the process and into law. It addressed several hurdles with onus regulatory barriers and provided entrepreneurs with access to new streams of funding. Recognizing the need to build on the success of the jobs act, the house Financial Services committee embarked on a years long plan to legislate real and impactful solutions. Many of those solutions are found in tle which consists of common sense, innovative ideas to accomplisho. First, the bill strengthens our Public Markets and aims to incentivize companies to go public. Undoing the troubling decline of initial pu÷blic offerings heren the United States or i. P. O. s. That means the businesses that average everyday investors can own a piece of. And why is this important we attract more companies to the Public Markets in the United States . One, everyday investors, american investors, als Retail Investors, are limited to investing in publicly traded companies. Most Public Companies here in the United States that are of large size and scale should be available in the Public Markets. More Public Companies in the United States means more opportunities for the american Retail Investor to grow their savings. Number two, job growth. A 2021 study found biotech startups expand their work force by on average 150 in thest three years after undertaking an initial Public Offering using the jobs act provisions. To make our Public Markets mor attractive, h. R. 2799, this bill includes provisions that right size regulatory burdens on public cni and allowing more companies to qualify as emerging Growth Company. This is an extension of marqu bipartisan jobs act that have a proven record of success. Second, as i said earlier, this legislation supports Small Businesses and entrepreneurs who are the true engine of our economy and account for 99. 9 of all u. S. Businesses. Among other policies, this bill allows Small Businesses to raise more money through offerings. It also addresses limitations on small, emerging Venture Fund Managers attempting to raise and we employ capital to startups and entrepreneurs in their companies. Third this bill increases access to private markets and allows more americans to participate in high Growth Investment opportunities thatave been traditionally reserved for the wealthy elite. Currently these Investment Opportunities reserved for qualifying as quote, unquote Credit Investors which dictates what a person can invest in based off their wealth or income. We should all agree wealth and income should not be a proxy for sophistication. Expertise or experience that allows them to invest in private authorings. This bill includes expansion allowing Everyday Americans to invest where they see opportunities and where they have expertise, meaning new wealth building opportunities forme have been arbitrarily sidelined for too long. These private markets is where weve had t businesses and the greatest wealth is in these private markets and we want to link it up for all americans to have opportunity to invest in these markets have expertise. Let me close with this. Capital formation should not be a partisan issue. This legislation builds on the success of the bipartisan jobs act and will benefit americans in every single one of our districts either by growing their Retirement Savings orugh d Economic Growth in their community. This bill is a compilation of several stand alone bills introducedy sevembers of the Financial Committee with help on our subcommittee chair of Capital Markets. There are many members i wish to recognize but its too long at this time to go through all of their great work. But it is embodday. Im grateful for the opportunity to be here on the house floor and grateful to the leadership, the House Republican leadership that has pri businesses and our legislative work in the financiale can see we all want to be unified in helping the American People achieve their dreams in the way they see fit. And for Small Business folks, folks that want to start a Small Business, we need to make things easier for them, not harder. This bill makes it better for them and easier for them. So with that, id like to reserve the balance of my time and ask unanimous that i may have someone lead the debate on this side. The chair without objection. The gentleman reserves. The gentlewoman from california is recognized. Ms. Waters thank you, mr. Chair. I yield myself such time as i may consume. Mr. Chair, i rise in strong opposition to h. R. 2799, a bill that would cause significantsiny and mom and pop investors trying to save for their retirements. Aital markets are the envy of the world is because investors have confidence in their Financial Products theyre investing in. That confidence is a hard one to be sure, and the result of a robust disosure regime thats been in place for decades and requires Public Companies to transparently and accurately tell investors about the inner workings of their businesses, their financials and the risks involved with purchasing their shares. Invest confidence is rooted in strong Legal Protections for investors and their right to have a say in the companys direction through the p importa, Investor Confidence is based on having a strong enforcer, the securities and Exchange Commission or s. E. C. That sets clear rules of the road and keeps fraudsters out of the system. Now, while our Capital Markets are far from perfect, trillions of dollars are invested every year because investors are confident that they wont be unfortunately, the bill before us today threatens to undermine that Investor Confidence. First, h. R. 2799 would expand the number of companies that are able to offer securities without needing to register with the s. E. C. Or provide critical disclosures to ordinary investors. This expansion will only benefit moderate to Large Companies rather than the Small Businesses this act purports to companies m public s. E. C. Registration requirements, this bill expands the size of the private Securities Markets which are growing rapidly and already outnumber the public Securities Markets i1 second, this bill makes it easier for financial middlemen to peddle opaque liquid and high risk private securities to Retail Investors who wont receive the information they need to make informed investmene or creating Investment Opportunities, this is wall street creating another target to dump its bottom of the barely Investment Products into Retail Investors, private secit publics are significantly more risky and more volatile. Less risk is what they a being sold is the financial ability to withstand them. The bottom of the barrel, private securities that will be sold to Retail Investors as a result of this bill are especially dangerous because they will only be offered to Retail Investors afterri equity and Venture Capital funds have already passed on them. It is important to notice that 90 of startups fail and private equity would love to dump these stocks on your constituents p. Third, h. R. 2799 undermis the ability of state securities regulators to help Small Businesses raise capital and stopudsters. State securities regulators are on the front line of our Capital Markets, invting investigating complaints of investor fraud, enforcing state security laws, educating investors about their rights helping Small Businesses to raise money to fund their goals and comply we should not preempt states by blocking them from doing their job. To summarize, h. R. 2799 is a wall stree wish list that exempts big corporations and Investment Funds from transparency and accountability while gti critical legal safeguards for main Street Investors. By weakening Investor Protections in various■aay will allow fraud to proliferate and retirees and mom and pop investors to be ripped■; off by bad actors. This bill will harm confidences in our in our Capital Markets not to assist our Small Businesses the bill purports to hill. As they lose confidence in our markets Small Businesses would see capital costs rise, not fall. So i want to debunk the notion that this bill somehow helps Small Businesses, because the truth is it will do just the the opposite. Im very supportive of Small Businesses and i have worked extensively this congress with chairman mchenry in bipartisan ways that we can help smallbusi. We have worked together to strengthen crown funding and change the rules on■ investors. And there are several solutions that we have agreed on to increase Capital Formation without harming investors tore protection. We worked together to pass 13 bills last year that represent commonsense reforms that supports Small Businesses, enabling those that are knowledgeable abo private securities to make informed investments while ensure robust Investor Protections. Now most of these bills passed under suspension on the house floor. So there is a bipartisan way forward on this issue. But, instead of working with democrats to get these bipartisan bills to the president s desk, republicans have pack acknowledged together this toxic combination of partisan bills and focusing their time and energy here. Democrats on the Financial Services committee voted to oppose this bill at a markup last april. And i urge all of my colleagues to unanimously reject it on the floor today. I reserve the balance of my time the speaker pro tempore e. The chair the gentlewoman reserves. The gentlewoman from missouri is recogniz. Of h. R. 2799 expanding access to capital act. As chair of the Capital Market subcommittee, i am so proud of the hard work from our members in crafting this landmark piece of legislation that supports americas mai businesses and Retail Investors and grateful to leadership for affirming that this bill is a crucial priority and taking action to pass this legislation in the house today. This legislation is a culmination of four hearings that the Capital Markets subcommittee has held this congress and we have heard powerful testimony from 19 witnesses including founders ofc companies, former s. E. C. Comingsers and one of the i. P. O. Each of the witnesses made clear all of the bills included h. R. 2799 play a vital role in strength thing our Public Markets and spappedding Investment Opportunities for all americans. For example, representative styles helping startups to continue to grow act strengthens our Public Markets by allowing more companies to benefit from emerging growth status. It extends the amount of time. Helping to rightsize the regulatory burdens on newly Public Companies that are working to achieve their pontia commonsense provision builds on one of the most successful for the jobs act of 2012. Regulation aplus improvement act improves access by increasing the amount that Small Companies can raise under regulation a from 50 million to 150 million. And in making this adjustment regulation a will become a more attractive pathway for Small Businesses to raise capital and expands Investment Opportunities for all americans by revisingi the investor individuals to accept advice from a qualified. 9 including representative high distincta disclosure and repttive lawler and and educational act and my increasing investor opportunity act gives choice and access to an asset class reserved for the wealthy. These policies ensure our markets are working efficiently and effectively to provide Companies Access to innovate to grow and create jobs, not just on the coasts but in americas heartland as well. H. R. 2799 offers targeted, Commonsense Solutions that level the Playing Field for main Street Investors looking to save for a new home, childs future or retirement. Americas i. P. O. Market has been on the decline for years due to increasedosts. This package builds on the success of the jobs acts and reins those barriers that keeping innovators seeking to enter our markets. The bills in h. R. 2799 will address a multitude of inefficiencies in public and private markets and deliver sustainable and enduring growth to our economy. I thank chairman mchenry in getting these bills to the floor and i thank the members who have bills in 2799 for their incredible work and urge my colleagues to support this legislation. Mr. Speaker, i reserve the balance of my time. The chair the gentlelady reserves. Ms. Waters i yield as much time as she may consume to the the gentlewoman from new york, ms. Velazquez who is the Ranking Member of the small busins committee. The chair the gentlewoman is recognized. Ms. Velazquez i thank the Ranking Member for yielding. I rise in opposition h. R. 2799. As Ranking Member of the house Small Business committee, i know that Small Businesses are the driving force of the american economy. Access to capital is the lifeblood of our nations small firms. It is what allows them to expand and hire moreesses to raise capital is seeking investors through our nations Capital Markets. It is an effort that i funds thh Capital Markets cannot come at the expense of Retail Investors, employees andependent contractors. This bill fails to strike an appropriate balance and significantly weakens protections while expanding the number of exempt offerings. When we created new exemptions in the jobs act, they were designed for smaller firms. But today, Large Private Companies and private equity funds have refused these exemptions to create an opaque market that is now bigger than our Public Markets. The lack of transparency associated with these funds businesses seeking financing from these funds or Retail Investors investing in them. Private security offerings are generally deemed riskier than Public Offerings. The lack of disclosure and transparency in this bill allows Retail Investors to participate in these offerings without adequately understanding the thl for significant financial loss for working class investors and. President biden has already signaled his opposition to this bill. If the majority were serious about helping Small Businesses raise capital through our private markets, they will pull this bill and work with us to craft a bipartisan solution that helps Small Businesses and protect investors. I encourage my clevote no. I yield back. The chair the gentlewoman from california reserve . Ms. Waters i reserve. The chair the gentlewoman from missouri is recognized. Mrs. Wagner i yield one minute to my classmate and good friend and colleague, the gentleman from texas, mr. Williams. Mr. Williams i rise today in support of h. R. 2799, expanding access to capital act. This comnsense legislation is for Economic Growth by helping Small Businesses and entrepreneurs and increasing opportunity for all investors. The Biden Administration has increased obligations and regulations which has increased compliance businesses. This will reduce reduce burdens. This will reduce regulatory barriers and have access to the capital to support their operation. I want to thank chairman mchenry for including language from my legislation that the e. C. G. Onramp has funded growth and make Public Markets and level the Playing Field. I urge my colleagues to support this legislation the expanding access to capital act. In god we trust. I yield back. The chair the gentlewoman from missouri reserves. The gentlewoman from california is recognized. Ms. Waters i yield four■z minus to the gentleman from california, mr. Sherman, who is the Ranking Member of the subcommittee on Capital Markets. The chair the gentleman is recognized. Mr. Sherman i rise in opposition to the bill. Its not a good bill. We have some amendments that will maket slightly better but still wont be a good bill. All of the democrats on the Financial Services committee voted against this bill in committee. Now lets give a little backgrounder here. The Gold Standard is a Public Offering of securities. It then becomes registered securities and can trade on an exchange and provide disclosures to investors and audited Financial Statements. We do have exceptions to this rule, small offerings and exemptions where you are going to have accredited investors who he the capacity to absorb an enormous amount of risk and capacity to evaluate the investmenn of accredited investors was criticized by the chairman of the full committee when he was here and i gee, that definition should change. Right now it is focused just too much on wealth and income. We need instead to allow people to be accredited investors if they have the expertise to evaluate the investment and they are not putting too much of their own resources into one investment. And we need to look at the expertise an investor may not have one him or herself. The fact is that of accredited investor should be approved and this house passed and sent to senate a bill that will improve it. And i hope the senate will take action on those bipartisan pieces o bill doesnt improve te definition of accredited investor. Selfcertification. That shreds Investor Protection. This bill not only gullets Investor Protection when it comes to definition of accredited investor. It locks in a system that an investor can say they are a private company even though they have thousands of owners, thousands. You thousands. You can have 2,000 owners, or more, because you may have an Investment Vehicleha of investon and counts toward only one investor toward that 2,000. That means a lot of companies will never go plic. That means those investors who want Investor Protection and want the liquidity of being able to sell their shares on an exchanill never be table invest. And it means that these companies will not provide the Financial Statements, Financial Statements and other disclosures that are required of Public Companies. It guts the concept of being a public company. Cause today the s. E. C. Published climate disclosures required of Public Companies and today were considering a bill that will is designed to truncate the number of Public Companies that we have. So if you care about the economy, vote no. If you want to protect investors, vote no. If you want to protect our climate, vote no. And with that, i just want to say that this bill would open tg their entire nest eggs in private securities with insufficient transparency, no audited Financial Statements and no liquidity. Vote no. The chair does the gentleman reserve . Ms. Waters i reserve. Id like to yield one minute to my colleague. The chair the gentleman is recognized. I rise in support of the expanding access to capital act. Strengthen Public Markets, expanding tuns for fundraising and increasing Investment Opportunities for Everyday Americans this. Package represents a muchneeded stimulant to Capital Formation and will empower Small Businesses throughout the country. Included in this bill is my bill, the ican act, which seeks to g■benere more capital outside of Silicon Valley by raising the capital from 10 million to 150 million and raising the number of permitted. This will allow venture funds to raise more money for more individuals, allowing them to build Investor Base outside of traditional financial centers. According to the o. E. C. s Capital Formation report, 78 of Small Businesses Small Business owners are concerned as capital. My bill will alleviate some of this concern by making it easier for Venture Capital to expand into new regio put, new ventures means new opportunities for Small Businesses and innovators to gain the funding they need to develop their goodpaying jobs and grow their companies. Mr. Speaker, an entrepreneur in spartanburg, south carolina, should be afforded the same opportunities to grow their dses as an entrepreneur in Silicon Valley. Im proud to say this democratization allows for more south carolinians to support local economic ventures, providing capital outside of traditional Venture Capital hubs and bringing them from Silicon Valley to t Fourth District of south carolina. The chair the gentlewoman from missouri reserves, theifornia is recognized. Ms. Waters i yield myself such time as i may consume. Lets be clear. This wall street wish list bill is going nowhere in the senate. But we have several bipartisan bills that sll businesses and Retail Investors that actually have a chance of getting into law. Chair mchenry and i have worked together for several years on legislation to strengthen our Capital Markets, going back to the jobs act and our efforts on crowd funding and legislation to support Angel Investors. In fact this congress we worked extensively together on 13 bipartisan bills including my bill, h. R. 2796, promoting opportunities for nontraditional Capital Formation act which requires the s. E. C. office of the advocate forma formation toe Educational Resources and host events to promote Capital Raising options for underrepresented Small Businesses. And businesses in rural areas. And to meet annually with representatives of sta securities commissions. The bill h. R. 2795, enhancing multiclass share disclosure act, which requires an issuer with the multiclass share structure to disclose certain information regarding the of specified persons. Mr. Himes bill, h. R. 2812, the middle market i. P. O. Underwriting cost act, which requires the s. E. C. To study the cost encountered by small and Mediumsized Companies when undertaken undertaking initial Public Offerings and certain offerings exempt from securities reck strags requirements. And mr. Gottheimers bill h. R. 22593, the Senior Security act which establishes a Senior Investor Task force within the s. E. C. The task force must report on topics relating to investors over the age of 65 and make recommendations for actions to address problems encountered by senior investors. Committee democrats also severae republican bills that help promote Capital Formation. We could have worked together to get he these all included in the ndaa, but chair mchenry knows why that didnt happen. Republicans blocked all of these bills from being added. Today, republicans are pivoting approach to the issue with this bill. This is par with extreme maga republicans who prefer to pander to their base instead of getting things done. ; we should get to■3 solutions to make a difference for Retail Investors. The chair the gentlewoman reserves. The gentlewoman from missouri is recognized. I would like to yield to my colleague, mr. Fitzgerald. The chair the gentleman is recognized. Mr. Fitzgerald i rise in strong support of h. R. Is 199. American markets remain the goto place to grow and build capital. However the Regulatory Environment has become more burdensome and costly, creating a real divide between Market Regulation now and Market Regulation years ago. Ground breakin Risk Companies like Harley Davidson and Johnson Controls and kohler raised capital by going public. At the same time families ben fitted from the opportunity to invest in these companies to build savings and wealth. While americans have started new businesses at record rates since the pandemic many still strugds. The number of u. S. I. P. O. s has continued to decline as the cost and regulatory burdens of going and staying public remain high. The chair the gentleman is recognized for 30 seconds. Mr. Fitzgerald under President Bidens s. E. C. Gary gensler they proposed over 50 rules. This must be reversed and i urge my colleagues to vote yes for this commonsense legislation and i yield back. The chair the gentlewoman reserves. The gentlewoman from california is recognized. Ms. Waters. Ms. Waters the north American Securities association. The Consumer Federation of american, aflcio. Acsfme, the communication workers of american,st union, center for American Progress and main street alliance. The chair the gentlewoman reserves. The gentlewoman from missouri is recognized. Mrs. Wagner i yield to my friend and colleague. The chair the gentleman is recognized. This is a win for workers, mr. Steil it include two bills i introduced to help smaller Public Companies raise money. The first helping startups continue to grow act, expand the i. P. O. Ramp first established in the bipartisan jobs act. It allows more Early Stage Companies to keep their emerging Growth Company status for longer and would update the low caps currently in place. It ensures more companies righte disclosures and improve what comes with e. G. C. Status. Thanks to e. G. C. Status they can focus on innovation and job creation rather than complying with a Regulatory Regime designed for larger, m mature firms. This is especially help in startups that work years to develop lifesaving curious transformative technologies this. Package also include my bill to expand the availability of wellknown season issuers status to more small Public Companies. This allows qualified companies to use the selfregistration process, saving them time and money when they go public to the Capital Marks to raise capital. In the two decades since the concept was created its been shown to be safe and effective. My target r form would reduce the cost of capital for Small Market Companies spurring more job creation and growth. Many of these ideas are in mche. They have long bipartisan support and a long boirp track record. My colleagues on both sides of the aisle should vote to modernize our Capital Markets. Its good for workers, investors and entrepreneurs seeking to invest in American Innovation and build a better future. I urge my colleagues to suppowf. The chair the gentleman yields. The gentlewoman from missouri is recognized. Mrs. Wagner im prepared to clos inquire of the Ranking Member if shes prepared to close. Ms. Waters i have no further speakers and im prepared to close if the gentlewoman has no further speakers. Mrs. Wagner i reserve. The chair the gentlelady from california is recognized. Ms. Waters mr. Chairman, i yiel the balance of the time. Mr. Chairman, in all the years in congress, this is one of the worst examples i have ever seen of a wall street wish list masquerading as a lifeline for Small Businesses a let me be clear. This bill does nothing to help Small Businesses. It only helps big business avoid transparency and accountability. And thats why the Biden Administration opposes this bi this bill does nothing to help ordinary investors. It only helps make it easier for investors to be duped by conflicted middlemen into purchasing some of the riskiest securities out there. Under is■s bill, these middlemen will have free rein to mask critical details about investment risk and target elderly people and others with what they claim is a great Investment Opportunity that will help them build wealth but in reality its a fraud. For example, these middlemen will be able to take the failing businesses you have a private equity Balance Sheets and offload them onto main Street Investors. This bill also hinders Small Businesses ability to raise money by preempting state law and preventing state securities. Mr. Chairman, we see this bill for what it is. A wall street wish list that throws main Street Investors under the bus. So i urge my colleagues to vote for main street, not wall street, by voting no on this. I yield back the balance of my time. The chair the gentlewoman yields. The gentlewoman from missouri is recognized. Mrs. Wagner i yield myself such time as i may consume. Mr. Speaker, i want to quickly and swiftly say that h. R. 2799 has been a wonderful collaborative effort. There are many bipartisan pieces of legislation in this bill and amendments thatre also received bipartisan support out of the committee. I urge all of my colleagues to join republicans in supporting savers, entrepr creators to give them the chance to achieve their American Dream by voting yes on h. R. 279 and i yield back. The chair the gentlewoman yields. All time for general debate has expired. Pursuant to the rule, the bill shall be considered for amendment under the fiveminute rule. The amendment in the nature of a substitute recommended by the committee on Financial Services printed in the bill, modified by the amendment printed in part a of house report 118407, shall be considered as adopted. No further amendment to the bill as amended shall be in order except those printed in part b of house report 118407. Each suy be offered only in the order precipitationed in the report, printed in the rorntion may be offered by a member designated in the report, shall be be debatable for the time specified in the report, equally divided and controlled, shall not be subject to amendment and shall not be subject to deman questio. It is now in order to consider amendment number 1 printed in part b of house report 118407. For what purpose does the gentleman from new york seek recognition . Mr. Lawler mr. Speaker, i have an amendment at the desk. The chair the clerk will designate the amendment. The clerk amendment number 1 printed in part b of house report 118407 offered by mr. Lawler of new york. The chair pursuant to House Resolution 1052, the gentleman from new york, mr. Lawler, and a member opposed each will control five minutes. The chair recognizes the gentleman from new york. Mr. Lawler thank you, mr. Chair. Today i rise to urge the house to adopt my amendment, which would include the helping angels lead our startups act, otherwise known as the halos act, into the underlying bill. The halos act will promote access to Investment Capital for Small Companies and ensure that startups can continue to generate interest and connect with ininvestors. It will do this investors. It will do this by ensuring that demo days, pitch competitions and Community Economic Development Events where there is noc investment offering are not considered general solicitation under regd. In doing so, companies will be able to engage with a of investd word of the products and services that they can offer to help develop a thriving and diverse economy. Small businesses are facing turbulent economic times. After surviving covid, they are still dealing with the impacts of inrain in inflation, low confidence in the economy and having to contend with main regulations which can stifle Economic Growth, entrepreneurs from achieving their full potential, and, frankly, prevent folks from living out their American Dream. Entrepreneurs and Small Businesses d american economy. In 2019 the s. B. A. Calculated that close to 44 of our g. D. P. Was the result of Small Businesses. Barriers like the general compliance requirements on general solicitations can reduce opportunities for Small Businesses, entrepreneurs and everyday investors as they both soak up the amount of time and resources needed, but also deter Small Businesses who are afraid of unintentionally violating these laws. We have seen many successes from and since the passing of the bipartisanct over a decade ago that helped reduce barriers to investment. The halos act is a logical next step on the road of clarifying and modernizing rules that len able startups to that will enable startups to find the resources they need to agree and thrive. Angel invest whrors are defined by this bill not only play a major role in financing individual efforts to pursue their dream and start a business, but also often provide a wealth o support for tens of thousands of startups. Longterm impact can be seen as companies such as amazon, costco, facebook, google and starbucks all initially being funded by Angel Investors. By alive creating burdening on siness, cutting red tape and making Capital Raising in our Public Markets easier and less costly for emerging companies, we will be helping to build a more diverse and inclusive universe of entrepreneurs and founders by expanding opportunities to underrepresented and communities facing Capital Formation challenges. The halos act will simply allow folks to get eyes on their businesses and the vital invest they are need to succeed investor they need to succeed. Once again, i urge all of my colleagues to support this commonsense and bipartisan amendment to help our Small Businesses and startups. I reserve. The speaker pro tempore the gentleman reserves the chair the gentleman reserves. For what purpose does the gentlewoman from california rise . Ms. Waters to claim time in opposition. The chair the gentlewoman is recognized. Ms. Waters i yield myself such time as i may consume. This amendment, sponsored by mra contrors s. E. C. Rule that is opposed by many investor advocates. The amendment allows highrisk startups to tout their business in front of Retail Investors. This is currently prohibited in part because roughly 75 of these startups fail. The amendment would specifically allo Angel Investors and issuers to market their Startup Ventures to prospecktific investors at colleges and nonprofit, including churches. Broadly marketing your securities to the public in this fashion, known as a general solicitation, is usually prohibited for private offerings like these because the public nature of the market effectively makes the offering itself public and therefore requires registration with the s. E. C. At university, churches, students and congregants gather to learn they generally trust the information they receive. I dont believe these are spaces market highly risky Investment Opportunities. In my own district, a church was a victim of an Investment Scheme in which issuer conned the church out of nearly 6 million. I previously offered an amendment during our committees markup last year that would prevent future frauds like this from happening again. Frauds that would be further enabled by this amendment. As such, i urge my colleagues to oppose mr. Lawlers amendment and i reserve the balance of my time. The chair the gentlewoman reserves. The gentleman from new york is recognized. Mr. Lawler i would just remind the Ranking Member, you need to be an accredited investor to invest. So many of the examples that she highlights are frankly null and void. Mr. Chair, how much time do i have remaining . The chair the gentleman has two i yield those two minutes to the chair of the Capital Markets subcommittee, mrs. Wagner. The chair the gentlewoman from missouri is recognized. Mrs. Wagner mr. Speaker, i rise in support of my friend and colleague from new yorks amendment, which would add his helping angels lead our startups or halos act to h. R. 2799. Mr. Lawlers legislation is a commonsense step to promote Capital Formation by permanently reducing certain burdens on u. S. Small businesses and entrepreneurs. Unfortunately when implementing the jobs act of 2012, the s. E. C. Complicated these events for many startups by classifying demo days discussions as general solicitations. Blocking companies from being able to use common fundraising practices. In 2021, thens. E. C. Chairman clayton reformed these rules to provide relief for entrepreneurs throughout our country. And my colleagues amendment builds on this progress by adding muchneeded certainty that will ensure startups can continue to access demo days without sacrificing their ability to raise capital through popular and practical regulatory pathways. Members of congress from both sides of the aisle have recognized the need for this amendment. With the current language receiving strong bipartisan support once again from the committee. Therefore i urge my colleagues to adopt this commonsense amendment and help u. S. Ideas ig and successful businesses. Mr. Lawler i reserve. The chair the gentleman reserves. The gentlewoman from california is recognized. Ms. Waters mr. Chair, what mr. Lawler doesnt recognize is that the underlying bill makes the accredited investor definition meaningless. All you is check a box and poof. Able to invest. I reserve the balance of my time. The chair the gentlewoman reserves. The gentleman from new york is recognized. Mr. Lawler im prepared to close. The chair the gentleman is recognized. Mr. Lawler look, this no thank you, mr. Chair. I rise again to urge the house to adopt my amendment. The helping angels lead our startups act, otherwise known as halos act, into the underlying bill. Ensuring that folks■2 have acces to capital is critical and this amendment will help ensure that our Small Businesses, which are the life blood of our economy, have greater access to capital and that accredited investors will be able to invest in these small startup businesses and i urge all of my colleagues to support the amendment. The chair the gentleman yields. The gentlewoman from california is recogd. Ms. Waters i yield myself the balance of the time. Simply put, this amendment allows market their private offerings to unaccredited investors who do not fully under the risk involved. Colleges and churches are not the place startups should be raising money and in general we should not make it for them to push their risky private securities on unsuspecting Retail Investors as this provision does. I urge my colleagues to vote no and i yield back the balance of my time. The chair the gentlewoman from california yields. The question is on the amendment offered by the gentleman from new york. Those in favor say aye. Those opposed, no. In the opinion of thehair,he ayes have it. The amendment is agreed to. Ms. Waters mr. Chair, i ask for a recorded vote. The chair pursuant proceedings on the amendment offered by the gentleman from new york will be postponed. It is■f now in order to amendment number 2 printed in part b of house report 118407. For what purpose does the gentleman from michigan seek recognition . Mr. Huizenga mr. Chairman, i have an amendment at the desk. The chair the clerk will designate the amendment. The clerk amendment number 2 printed in part b of house report 118407 offered by mr. Huizenga of michigan. The chair pursuant to House Resolution 1052, the gentleman from michigan, mr. Huinga, a mel control five minutes. The chair recognizes the gentleman from michigan. Mr. Huizenga thank you, mr. Chairman. Ill recognize for 2 1 2 minutes here. Mr. Speaker, for 90 years the securities and Exchange Commission has been tasked with three things. Investors, maintan fair, orderly and efficient markets, and, finally, facilitate Capital Formation. The amendment before us today does aee. First, it directs the securities and Exchange Commission to promulgate rules with respect to electronic delivery of some required disclosures to Retail Investors. Second, it provides a transition period allowing an initial paper communication about the electronic delivery to be sent to investors. Third, during a period not to exceed two years, the amendment requires delivery of the annual notice i remind investors of the ability to opt out of that and into electronic delivery at any time. And lastly, i cant emphasize this enough, this amendment provides a mechanismer to investors mechanism for investors at any tim to opt out of edelivery. Once again, you will receive paper versions of the documents. You want paper, mr. Speaker . You get it. You want edelivy . You can get that too. So, edelivery is not a new and radical concept but its long overdue. And data facts. In 2018 the Social Security administration eliminated paper as its primary method of delivering benefit statements to individuals. So now nearly 45 million americans who receive benefits from social securit haveov created online accounts to access their information. Information is more timely and more secure. Likewise, the federal 2015 saves plan, t. S. P. , which members and staff in this chamber use, began offering statements digitally i of participants currently taking advantage of thissioption. And finally in 2020 this option. And finally in 2020, the department of labor moved to edelivery for its default. So i want to close by addressing consumer protection. This amendment appropriately preserves the ability of Foreign Investors who prefer to receive paper notices and disclosures to do just that. Like many of my i too represent a district that encompasses rural communities. Thats why it was important for todays amendment to ensure that paper will always be an option if Internet Access is an issue. American Financial Markets are some of the most sophisticated in the world, witha innovation happening at every turn. Yet, for Retail Investors, weve decided that defaulting to an outdated mode of information sharing i interest. Todays amendment was guided by a commitment to honor Consumer Choice while ensuring americans receive important information. I reserve the balance of my time. The chair the gentleman the chair the gentleman reserves. For what purpose does the jeptive from kevel ms. Waters to claim time in opposition. The chair the gentlewoman is recognized for five minutes. Wath time as i may consume. This amendment ignores the retail that many investors, particularly seniors, d■u not have access to or the ability to review electronic documents or simply do not prefer electronic delivery of financial documents. It would require investors to optin to receive paper documents, which would effectively prevent individuals who do not have easy access to the internet from viewing important financial documents about the securities they invest in. Several major investor advocate groups strongly oppose this bill, including aarp, the north American Securities administrators association, Consumer Federation of america, americans for financial reform, and public citizen. To name a few. I strongly urge my colleagues to vote no on this terrible bill. Seeing that the gentleman from michigan has exhausted his time and closed, i will move to my closing. The chair both sides he does the gentlelady reserve . The chair the gentlelady reserves. For what purpose does the gentleman the gentleman is recognized. Mr. Huizenga thank you, madam speaker. At this time i would like to recognize my democrat colleague, mr. Nichols from North Carolina for two minutes. The chair the gentleman is recognized. I rise in support of this amendment, i would like to thank representative steil and representative auchincloss for supporting this amendment this directs the s. E. C. To make■0 electronic delivery or edelivery, the default method of delivery. Opting in to paper disclosures will ensuring paper will always be an option. Consumer protection is a cornerstone of this amendment which is why it includes a twoyear transition period well before any switch to edelivery begins. Consumers would be given advance notice in the form of clear and transparent paper disclosures and theyll be given reminders for two years that they can opt in to paper disclosures. This is a long overdue reform esal administration this federal thrift savings plan, the department of labor and i. R. S. Already have advanced Digital First policy that havers with more timely, secure and engaging communications. This is a proenvironment amendment. Congress can save millions of trees with this with each forest we cut down to deliver a disclosure to clog up the mailboxes and trash can we cause devastating impacts to our air, water and Healthy Planet future generations deserve to grow up in. Listen, folks, american Financial Markets are the most sophisticated in the world. While some are finding innovative ways to harness the ability, the s. E. C. s regulatory construct still uses an outdated mode of information sharing, paper. Despite the convenience and security of the were removing paper is an option, that choice remains but i believe its incumbent on congress to moderni the Capital Markets. I urge my colleagues to vote yes on this amendment to do the right thing for consumers, the planet and the market. I yield back. The chair the gentleman from michigan reserves. The gentlewoman from california is recognized. Ms. Waters i reserve the balance of my time. The chair the gentlewoman from california reserves. The gentleman from michigan is recognized. Mr. Huizenga im prepared to close. The chair the gentleman is recognized. Mr. Huizenga may i just inquire, since we have had some time discussion, how much time is remaining . 0 seconds remaining. Mr. Huizenga virtually every federal agency including the i. R. S. And Social Security have moved to■a delivery. Why . Older americans have rapidly adopted Internet Technology in recent years including 96 of those over the age of 65 and over three quarters of those over the age of 65. In fact in a recent aarp study, about Retirement Plan account holders views on electronic versus paper accounts, 91 of the people were comfortable using the internet to log in and View Financial accounts and 94 used the internet daily. I understand the aarp has some concerns with this legislation. Weve attempted to address those through the ranking membe theirs so radically to change the scope of the bill that it undercuts the entire intent of this. And as ive said before if you want paper, you will receive paper. If you want an electronic copiering youll receive an electronic copy. It is disingenuous to say anything else. Its not true that if you dont have Internet Access or you choose to have paper, you will get it. And with that, i yield back. The chair the gentlemans time has expired. The gentlewoman from california is recognized. Ms. Waters i yield myself such time as i may consume. The name of this amendment, improving disclosure for investors, is an oxy m absoluteo improve disclosure for investors. Rather, by forcing them to optin to paper filings it would make it more difficult if not impossible for many investors to see what fees they pay for funds, brokerage accounts and Retirement Savings, instead of having easy, instant access via paper copies that would need to they wouldonline to searct information. This amendment is more appropriately called the improving wall street profits at the expense of Retail Investors act. I strongly urge my colleagues to protect elderly investors and to i yield back the balance of my time. The chair the gentlewoman yields. The question is on the amendment offered by the gentleman from michigan. Those in favor say aye. Those opposed, no. In the opinion of the chair, the ayes have it. Mr. Huizenga i request a recorded vote. The chair a recorded vote has been requested. Pursuant to clause 6 of rule 18, furtr proceedings on the amendment offered by the gentleman from michigan will be postponed. It is now in order to consider amendment number 3 printed in part b of house report 118407. For what purpose does the gentleman from oklahoma seek recognition . Mr. Lucas i have an amendment at the desk. The chair the clerk will designate the amendment. The clerk amendment number 3 printed in part b of house report 118407, offered by mr. Lucas of oklahoma. The chair pursuant to House Resolution 1052, the gentleman from oklahoma, mr. Lucas, and a member opposed, will each control five minutes. The chair recognizes the gentleman from oklahoma. Mr. Lucas i yield myself as much time as i might consume. One of the most difficult decisions a worker will ever undertake is to determine how to save for retirement. This requires an individual to forecast decades into the future, ensuring one has the ability to navigate through life, family and e for many teachers and nonprofit employees, their Retirement Savings are through 403b planss in 403b plans are unable to benefit from the same costeffective Investment Products that are available in all the other plans including 401k plans, government 457b plans and the federal thr. Since the creation of 403b Retirement Plans back in 1958, there have been many changes to how we sav both in the law and in the overall economy. This amendment will allow 403b plans to be able to invest in collective Investment Trusts or c. I. T. s, an and Insurance Company separate accous. C. I. T. s and Insurance Company separate accounts are pooled Investment Vehicles sponsored and maintained by a bank or Trust Company or Insurance Company, respectfully. This measure originate and is cured. 0 last congress which passed the house ways and mns committee unanimously. The secure 2. 0 act that ultimately became law included the required changes to the tax code but did not include the necessary changes to Securities Law. The data speak for itself. During the past 0 years, 401k assets increased by 88 . Government 457b plans increased by 82 . But total assets in only increased by 46 . We have for too long limited the Investment Options made available to Public Servants and this bill will allow for muchneeded consistency across the Retirement Plans. This measureei Financial Services committee and id like to thank congressman gottheimer of new jersey, and congressman foster of illinois, for joining me on this amendment. I urge my colleagues to support this amendment and i reserve the balance of my time. The chair the gentleman reserves. For at purpose does the does any member wish to seek time in opposition . For what purpose does the gentlewoman rise . Ms. Waters to claim time in opposition. The chair the gentlewoman is recognized for five minutes. Ms. Waters i yield myself such time as i may consume. The amendment sponsored by mr. Lucas would be better title the retirement hazard for charities an educational Institutions Amendment because it puts the Retirement Savings of Public Interest professionals at risk. 403b Retirement Plan caters teachers, school administrators, professors, nonprofit employees and health care workers. These individuals to the public. They invest in the future of our children, they ensure we get health care. These products would be the subject to regulation or oversight by the s. E. C. More than half let me go back here. One moment. And restate this. Again, these individuals dedicate their lives to the Public Interest. They invest in the future of our they ensure we get the health care we need even during a global pandemic, and too often they arent paid nearly enough to do the work they do. These are current restrictions and there are current restrictions on how 403b plans can invest their assets this is to ensure that these retirement accounts are generally safe investments. However this amendment would allow 403b plans to invest in two types of risky, unregistered securities. Collective Investment Trust or c. I. T. s, which is a type of pooled Investment Vehicle and Insurance Products called variable annuities. Both of which are considered fairly risky products for unsophisticated investors. Mr. Chairman, under this amendment, neither of these products would be subject to regulation or oversight by the s. E. C. More than half of all 403b plans are not covered by erisa protections, meaning that this newly allowed risky investment activity would also escape the oversight of the department of labor. So while republicans claim they are■a creating parity with 401 plans, this is simply untrue because all 401 plans are in fact covered by to create true parity, we need to restrict the sale of c. I. T. s and variable annuities to only 403b plans covered by erisa. All in all, this amendment would carve out over 1. 4 trillion of Retirement Funds from federal oversight. This would constitute the single largest our Capital Markets in years. Ultimately this amendment would put the hardearned Retirement Savings of Public Interest professionals at risk. And thats why i strongly oppose it. Thank you and i reserve the balance of my time. The chair the gentlewoman reserves. The gentleman from oklahoma is recognized. Mr. Lucas i yield to the gentlelady from missouri, congresswoman wagner, as much time as she may consume. The chair the gentlelady from missouri is recognized. Mrs. Wagner i rise in support of my friend and colleague the gentleman from oklahoma, mr. Lucas amendment. Under current law, americans participating in 40 k plans through their employer may invest their retirement accounts in collective Investment Trusts, c. I. T. s, and Insurance Company separate accounts that are exempt if the s. E. C. s registration requirements. This exemption from s. E. C. Registration allows them to be offered at lower cost. However, teachers, nurses, january torse and charity porkers■p who participate in 40b plans are currently denied access to the Cost Effective investments available to private importantly, Investment Options in a 403b plan are always selected by the private or empl. As such this amendment does not allow direct retail sales to individuals. Moreover, unregistered dsated. It simply means that Investment Products available to 403b plans will not have to register with the s. E. C. Thus will not have to provide a lengthy prospectus document to accompany the filing this. Keeps costs appropriately low. The amendment preserves important protections for investors in 403bs. Mr. Lucas amendment is a this is a thought of the bill to allow 403bs to have access to the same lowcost investments available to employees for of forprofit companies and other employees in 401k plans. This amendment is colidy a coled by a bipartisan fashion, with support from my colleagues across the aisle, mr. Gottheimer, mr. Foster. On top of that, the bill this amendment■s b, the passed out of the Financial Services Committee Last year with very strong bipartisan to support this amendment and i yield back the balance of my time. The chair the gentleman reserv. Ters i reserve the balance of my time. The chair the gentlewoman reserves. The gentleman from oklahoma is recognized. Mr. Lucas i■u have no further speakers and i yield the balance of the time to myself to simply say i have the greatest of respect for the Ranking Member of the Financial Services committee. But i would note we this amendm. I believe it is a very effective way to prevent equity provide equity amongst the various retirement accounts and its important that teachers and Public Service people have the same opportunity to grow their saves so that they too can enjoy the best possible years. With that, i yield back, madam chair. The chair the gentleman yields. The gentlewoman from california is recognized. Ms. Waters thank you. I yieldyself the balance of my time. By allowing unregistered Financial Professionals to sell unregistered 403b plans, this amendment would leave americas teachers, health care and other Public Interest professionals vulnerable to losing their Retirement Funds. Neither of the two unregisterede sales of these products, would be subject to regulation or oversight by the s. E. C. , which allows them to skirt Investor Protections and expose plan participants to greater risk of loss. Everything in its power to ensure our teachers and dedicated Public Servants have a comfortable retirement. But this amendment would do anything but that. Strongly urgo vote no and i yield back the balance of my time. The chair the gentlewoman yields. The question by the gentleman fm oklahoma. Those in favor say aye. Those opposed, no. In the opinion of thehair, the ayes have it. The amendment is agreed to. Ms. Waters i ask for a recorded vote. The chair a recorded vote has been requested. Pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from oklahoma will be postponed. It is now in order to consider amendment number 4 printed in part b of house report 118407. For what purpose does the gentlewoman from missouri seek recognition . Mrs. Wagner madam chair, i have an amendment at the desk. The clerk amendment printed in part b of house report 118407 offered by mrs. Wagner of missouri. The chair pursuant to House Resolution 1052, the gentlewoman from missouri, mrs. Wagner, and a member opposed each will control five minutes. The chair recognizes the gentlewoman fm missouri. Mrs. Wagner madam speaker, i yield myself as much time as i may consume. The chair the gentlewoman is recognized. Mrs. Wagner a popular tool for everyday investors who gained exposure to private markets in a safe, appropriately regulated way. Approximately three million americans rely on these products to build wealth and save for retirement. Like other Investment Options available to americans to save for retirement, send their kids to college or plan for the future, closedend funds must comply with the requirements of a securit of 1933, the Securities Exchange act of 1934, and the Investment Company act of 1940. To satisfy their regulatory obligations, closed end funds must, among other things, register with the s. E. C. , file annual and semiannual reports and comply with stringent valuation and disclosure requirements. They are also subject to the broad antifraud provisions of the federal Securities Law, which provide additional protections to investors. Unfortunately an s. E. C. Staff pd closedend funds from investing more than 15 of their total assets in private funds. This arbitrary restriction is espe harmful to lowincome and middleclass americans who rely on appropriately regulated products like closedend funds to access high Growth Investment opportunities. Substituting their own judgment for those of financial professi another step towards preserving safe access to Investment Opportunities for wealthy, accredited investors. Mirrors my bipartisan increasing investor opportunities act would remove this arbitrary s. E. C. Staff position and allow investment professionals to determine which investments a closedend fund should make. This would increase Investment Opportunities for millions of americans and eliminate unnecessary barriers restricting investor access. I want to thank my democratic friends from across the aisle,c, mr. Nickel, for their bipartisan support of my bill. On which this amendment is based. Last year the Financial Services committee passed the same text that is in this amendment with strong bipartisan support. I am proud of thiseq legislation and our committees un our committees unwavering commitment to expanding urge myt this amendment and, madam speaker, i reserve the balance of my time. The chair the gentlewoman reserves. The gentlewoman from for what purpose does the gentlewoman from california seek recognition . Ms. Waters to claim time in opposition. The chair the gentlewoman from california is recognized. Ms. Waters i yield myself such time as i may consume. Ch amendment this amendment would be better titled, increasing investor risk. Currently, closedend funds, which are are the only are only allowed to invest up to 15 of their asset into private funds. This current limit of 15 gives closedend funds some flexibility to invest in private funds, but establishes a reasonable restriction considering private funds are subject to less regulation and this restriction also accounts for the fact that private funds invest in fledgling startups and Distressed Companies which are significantly morrisky than public securities morrisky than more risky than public securities and most of their investments fail. Mrs. Wagners amendment would he will eliminate the restrictions on closedend Fund Investments into private fundso invest up ts assets into private funds. However, the amendmentkd provids zero safeguards to mitigate the new risk created by this blunt deregulation. Like all the resof the Capital Marketsrelated amendments before us today, this one is opposed by investor groups, consumer and investing advocates and state regulators. For these reasons, i oppose this amendment and i urge my colleagues to do the same. Thank you, and i reserve the balance of my time. The chair the gentlewoman reserves. The gentlewoman from missouri is recognized. Mrs. Wagner madam speaker, at this time i would like to recognize the ntn from new york, my friend and colleague, mr. Meeks, for one minute. The chair the gentleman from new york is recognized. Mr. Meeks thank you, madam chair. At this time im pleased to offer this bipartisan amendment with my friend from missouri, mrs. Wagner, along with the support of my colleagues, mr. Scott and mr. Nickel. This amendment would provide opportunities for enhanced exposure to private funds through closedend funds, Investment Vehicles with comprehensive protections under the 1940 investment act. These rules include the mandator be managed by an invest adviser who is required to conduct Due Diligence on a funds investments, answer to independent directives, and to adhere to ex tensive disclosure and reporting extensive is amendment also makes clear that investors should be given access to the Growth Opportunities provided in the private markets, so long as they have prope;vr disclosures and rk mitigation. So, im happy to sponsor this bipartisan amendment primarily s opportunities and increases access for people who have been left out in the past while ensuring that robust rules of the road are followed. And with that, i yield back the balance of my time. The chair the gentleman yields. The gentleman from missouri the gentlewoman from missouri reserves. Mrs. Wagner im also prepared to close if the gentlelady is ms. Waters i continue to reserve the balance of my time. The chair the gentlewoman from california reservings. The gentlewoman from missouri is recognize reserves. The gentlewoman from missouri is recognized. Mrs. Wagner thank you, madam speaker. I just want to say that the closedend funds are a very popular tool for exposure to private markets in a safe, appropriately regulated way. On these, approximately three products to build wealth and save for retirement. I urge all my colleagues to support this amendment and i yield back. The chair the gentlewoman yields. The gentlewoman from california is recognized. Ms. Waters i continue to reserve the balance of my time. The chair the gentlelady has the only time remaining. Ms. Waters i then would yield myself the balance of the time. As i stated, the assets that private funds purchase are significantly morrisky than public more risky than public securities. In fact, nine out of every 10 of their inves allowing closedend funds to invest all of their assets into private funds can be risky for americasould be able to trust t these funds are safe investments for them to save for rirement. As such, i strongly urge my colleagues to vote no. Thank you and i yield back the balance of my time. The chair the question is on the ame by the gentlewoman from missouri. Those in favor say aye. Those opposed, no. In the opinion of the chair, the ayes have it. Ms. Waters i ask for a recorded vote. The chair a recorded vote has been requested. The question is on the pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentlewoman from missouri will be postponed. Amendment number 5 printed in part b of house report 118407. For what purpose does the gentleman from california seek recognition . Mr. Sherman i have an amendment at the desk. The chair the clerk will designate the amendment. The clerk amendment number 5 printed in part b of house report 118407 offered by mr. Sherman of california. The chair pursuant to House Resolution 1052, the gentleman from california, mr. Sherman, and a member opposed will each control five minutes. The chair recognizes the gentleman from california. Mr. Sherman in the debate on the bill in chief, the chair of the full committee correctly criticized the definition of accredited investor as occurs under in current law. Now, accredited investor is an important concept in Securities Law because when you have a private offering, one that hasnt gone through the s. E. C. Process, the amount that can be raised and the numu can have are related to in large part, how many of your investors are accredited. The current definition makes you an accredited investor if you earn over 200,000 a year or have a net worth of more thandz 1 million of more than 1 million. Frankly, the fact that you have that level of income or that level of wealth does not show that you have particular expertise or that your advisor team has particular expertise. And while it certainly shows youre in a position to absorba loss, no one can afford to absorb a loss of 100 of their net worth. So we need a different definition of accredited investor. One that does not limit that status just to those who happen to be wealthy or have a high income. The bill before us here does provide that definition different definition by saying youre an accredited investor first if you acknowledge the risks that youre taking. And second, if youre investing less than 10 of your net worth in the securities offering. So that you can afford a loss on what, after all, is a higher risk, as many people have pointed out, offering about which you get less information. The problem with the bill in chief using that 10 standard is twofold. First, it includes in your worth your primary residence. So if you happen to have a milliondollar home, you can take out 100,000 mortgage on ie relatively risky investment. You have literally bet your house on an investment that is of a type that is risky and where you get less information. And where the investment isic liquid. That is not is illiquid. That is not good Investor Protection. What this amendment does is it says, yes, were going to lf yot worth you are investing. But were going to take a look first at your net worth excluding your because very few people feel they can afford to lose their house. And second, you cannot invest more than 10 of your net worth in offering or more than 25 of your net worth in all these private offering. We look wealth excluding your home so you dont risk losing your home. And we look at not investing ine particular investment, but how much you are overall. And i want to correct one thing. This amendment limits it to 5 of your net worth, excluding your primary residence and no more than 25 of your net worth excluding your primary residence in all private offerings. It gives us a better definition of those who afford the risk that come with these private investments. You may think, i made an investment and its going but if you need the money and cant liquid date it, it is mo the investment failed. Higher risk, less liquidity. Y e deal, 25 in all such deals. And when we look at your net worth, your personal residence. These are not situations where you should be betting your home. The chair the gentleman does te gentlewoman from missouri seek recognition . Mrs. Wagner i am opposed to the the chair the gentlewoman from is egg missouri is recognized. Mrs. Wagner key tenet is to increase Investment Opportunities fovery day investors, under investor production, this would limit the amount nonaccredited investors can invest in a private offering to 5 of an individuals net worth. The investment cap for a single private offering is set at 10 of the investors net assets ins greater. Instead of using a number pulled out of thin air, it is rooted in. There is a cap for nonaccredited through regular aplus. Why would not go with the percentage cap that is already proven effective. This amendment would arbitrarily cap aggregate investments for nonaccredited investors to no more than net worth. This says to every day investors that the government knows better than you how hardearned dollars. As i previously said and we heard from several witnesses, ie a proxy for sophistication. If we want to provide more americans the opportunity t we p them on the sidelines. These are high Growth Opportunities and reserved highnet worth investors. This enshrines inequity and picks winners and losers. If my colleagues are serious about ownership, they will join republicans in providing every y investors, not less. I urge my colleagues to oppose this amendment, and i reserve. The chair the gentlelady reserves. Mr. Sherman just to respond to those comments, underlying bill acknowledges the fact that the government puts restrictions of how much your net worth you can put into one ofhese unregulated risky low information in liquid investments. To say we have clashed with some great preliminary of personal freedom in my amendment because it says 5 ■j but it is consistet with the great overriding preliminary of autonomy, defiles logic. The second thing the chair the gentlemans time has expired. The gentlewoman from missouri is recognized. Mrs. Wagner i would say if my colleagues on the other side of the aisle are serious about equity and ownership in the american economy, they will join republicans in providing more opportunities to every day investors, not less. I urge my colleagues to oppose this amendment. And i yield back. The chair the question is on the amendment offered by the gentleman from california. Those in favor, say aye. Those opposed, no. In the opinion of the chair, the noes have it and the amendment is not agreed to. Mrs. Wagner i request a recorded vote. ■l the chair pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from california will be postponed. For what purpose does gentlelady mrs. Wagner i move theon . Committee do now rise. The chair the question is on the motion that the committee rise. Those in favor, say aye. Those opposed, no. The ayes have it. The motion is adopted. Accordingl the committee rise rises. The chair hasexamined the journal of the last days proceedings the committee having had under consideration h. R. 2799 dress me to report that it has come to no resolution there on. The speaker pro tempore the committee has under consideration h. R. 2799 and has come to no resolution thereon. The speaker pro tempore the chair will entertain requests for oneminute speeches. O under the speakers announced policy of january 9, 2023, the gentleman fm utah, mr. Moore, is recognized for 60 minutes as the designee of the majority leader. Ms. Moore i ask ask that all members may include extraneous material on the topic of this special order. The speaker pro tempore without objection. Ms. Moore we have several members that will have a chance to speak here tonight. Tonight, ahead of tomorrows state of the Union Address, the members will show ways the Biden Administration has■qe border sif control inflation and a need to protect the most vulnerable among us. Im grateful to provide the opportunity to highlight issues facing families in every district. I have said it for the last few years and i have watched and i u have seen an Approval Rating to it shows you that the American People are watching and affecting their every day lives. For the most part and i hope this to be the case that most americans arent paying attention to a lot of what they are doing and hope they are happier and better off for it. Some things dont resonate with them. An get frustrated with what we do here. But when you see that type of reaction from the American People, it is showing the policies from this Biden Administration are directly impacting and hurting their every day lives and seeing it in different ways, in communities, families and im hopeful that my chair of the republican conference, ill do my best, im committed in helping other members credibly communicate. And we use that opportunity to share a little bit about what is going on and solutions as well to how we can better address this and counteract President Bidens failed policies. And to kick things off tonight, i invite my colleague from the state of tennesseewd to address the house and offer him so much time as he may consume. Mr. Burchett thank you for yielding to me. Mr. Speaker, the Biden Administration took a bad situation at our southern border and took it into a complete and utter disaster. Every state is a border state. That is very much the case as we see now. There is no way onen earth he can spin this. He can blame it on trump or the republicans but for the last three he has been he has been in control of this. We learned that in 2023, that the Biden Administration blew 320,000 illegal aliens into 43 airports across the United States. Let me say it again, 320,000 illegals into 43 airports across the United States. Mr. Speaker, that is in your back yard and my back yard and all across our great country. They play forlights with the tax dollars. This stunt is not nearly as surprising. Since he took office, 10 Million Immigrants have crossed over into the United States. What is troubling to me, 100,000 childr the system somewhere and these cartels, they are evil and they are from the pits of hell and it would be my desire to send them back as soon as possible. 100,000 children are in this system possibly sold into labor and possibly victims of sex crimes, possibly victims of many other horrendous acts. And 8. 7 million illegal alien encounters and gotaways. We are hearing about people who are hurt and they are not being properly checked and americans are suffering. A dear family that is close to me back in knoxville, they lost their son. This week, the house is voting the illegal immigrant was arrested three times before and released in the United States. He was a criminal in his homeland and up here. He should have been been deported the first time. The Biden Administration i inviting Illegal Immigrants in this country with open border policies. We allow to cards, Free Health Care and put them ahead of our veterans and thats disgusting. We have been fighting the border states that are trying to fix the problem. We have gone as far as filing lawsuits and they are flying immigrants to tennessee without telling the American People what they are doing. This is unacceptable and we need to close the border. And i yield my time. Ms. Moore i appreciate your comments and personal stories is when they become the most tragic. I now will yield time to the ntman from maryland. Mr. Raskin i thank the gentleman from utah for yielding. It is on a small bit of housekeeping business. I remove my name on h. Res. 902. My name was added to this without my knowledge and without my consent and i knew nothing about it and that was at 6 18 38 yesterday, and one second before another falsely added as a cosponsor for the legislation. Im going to work with the Clerks Office and the majority leader and minority leader to figure out how its happening. Apparently its happened to some other people. And so i hope this can be removed immediately and that we can prevent this from happening to anyone else. I thank the distinguished gentleman for yielding and i yield back to him. Mpore the gentlemans request is granted. The gentleman from utah is recognized. Mr. Moore the gentleman from maryland, its happened to me as well. Im glad you cleared that up. I now yield time to the gentleman from new jersey, mr. Payne. Mr. Payne i ask to address the house for one minute. Mr. Payne first let me thank the gentleman, mr. Moore,ing grs this time. We need to see more of that between both sides of the aisle and i thank you very much, sir. Mr. Speaker, i rise today to honor a great man, my congressman donald payne sr. Today is the 12th anniversary■ f his passing from colorectal cancer. His life was filled with tremendous accomplishments. He was new jerseys first black congressman and served as the chair of the congressional black caucus. He helped decide Committee Representation as a member of the Democratic Steering Committee and also fought to restore democracy and human rights worldwide as a member of the House Committee on foreign affairs. President george w. Bush made him the first twotime member of congress, the congressional delegation to the United Nations, and he earned an a for his work to protect and strengthen the middle class. He was an congressman, mentor, and role model. But he was 10 times a better father. My heart is heavy today, as i mourn my father. I do miss him so. And with that, i yield back. Mr. Moore to the gentleman from new jersey, thats the easiest request ive had all year. I appreciate hearing stories of yo father. My condolences, of course. Its an honor to be able to share and hear a little bit of his extraordinary life andisou,. Again, mr. Speaker, thank you for this time and opportunity of what were trying to highlight this week, a very important week. Any state of the union is important. Regardless of your party affiliation. Its a moment to hear from our president and compare and contrast in a lot of cases policy differences but highlight the areas we do agree. I now will yield time, if hes ready, to the current gold medal standardbearer in our competition, having a tennessee heavy day today, to the gentleman from tennessee, mr. Rose. Mr. rose mr. Speaker, i thank the gentleman from utah, vice chairman moore, for yielding and claiming this time this importat issues facing our nation. Mr. Speaker, tomorrow the president of the United States will appear in this chamber to deliver his annual state of the Union Address. And hopefully his last. I say this because since the president has taken office, prices have risen by 17. 9 according to the Consumer Price index. If you ask the folks i represent in tennessee, theyve gone up far more than that. Compared to just three years ago, americans are spending an extra 1,019 a month and real wages are down by more than 2 thanksons economic policies. I believe the president calls it bidenomics. Since taking the majority, House Republicans have fought tirelessly to rein in the Biden Administrations reckless spending that has caused record high inflation, the highest inflation since i was just a junior in high school back in the early 1980s. A lot of left leaning political pundits will criticize this congress for not following in the footsteps of the last congress which was lednt that pd multiple spending monstrosities. But id argue that it is a Job Well Done by republicans to hold the line and not give in to the democrats insatiable desire to recklessly borrow future generations of americans and spend it on projects like the Green New Deal initiatives and an army of new i. R. S. Agents. These economic policies pursued by the Biden Administration have made it harder than ever before for new home buyers to purchase a home. Even one out of eight retirees plan to return to in 2024 according to a recent survey. They largely cite inflation the main reason for doing so. Mr. Speaker, americans should not be subjected to the constant threat of rising prices wreaking havoc on their paychecks and pocketbooks. As our National Deficits and our debts exponentially increase dur country has no choice other than to restore fiscal common sense in washington. Thats why House Republicans are leading the■q■au way to to do y that. Thank you. And i yield back. Mr. Moore thank you to the gentleman from tennessee. I appreciate your message and involvement as we try to use this medium to communicate with the American People. Oftentimes a cable news interview here or there get a lot m social media but we need to be speaking to the American People from the house floor and this is a great opportunity to do so. Im going to share in buckets a message that i hope i can really drive home the point. My whole entirek here personallt necessarily my role as vice chair of the conference, but my personal objective back here is to spending and to deal with our debt and deficit crisis that were facing. And ill get a chance this evening to share more context for that. But before we do that, we have a much better option to hear from and to hear about with the chairwoman of the energy and Commerce Committee from the greatest half of the country out west with me, we get overlooked quite a bit and i h scoffing going on in the chamber, but we all know that its very important, the entire nation is reliant on the west for tngsha matter, second only as important is tourism but all the other critical things that we need. I yield as much time as may consume to the gentlelady and chairwoman from the great state of washington. Thank you very much. Ogether here you yielding, tonight. Were all in anticipation of the state of the union, and for the republicans in the house, certainly youve outlined some priorities. We also are a party of life and celebrating life, and tonight i wanted to highlight the importance of really honoring the lives of everyone, that every life has value. Our son Cole Mcmorris Rodgers was born with an extra 21st chromosome. Most of the world knows that as down syndrome. Mrs. Rodgers seeing the world through coles eyes has made anr legislator. And when i meet someone connected to the down syndrome community, i see the full potential just waiting to be unleashed. Unfortunately, in the Biden Administration, weve seen them leading on a pretty radical pro abortion■e agenda that bolstersa culture that really fails to protect the most innocent among us and does not affirm that every life is worth living. Lives like coles. And thats why im working, leading alongside my republican colleagues to champio legislation that support women and children at every stage of their lives. That is what we are committed we have led on legislation this Congress Like the preventing maternal deaths authorization act, the preemie reauthorization act,nd theatied communities reauthorization act. And then just recently, the house passed a bill that i had worked on, the qualis bill that would prohibit qualis within the federal government and ensure that those with disabilities and chronic diseases have lifesaving cures and access to prevgainst these individuals when it comes to their health care. We still have work to do in our nation, all across this country, to ensure that women feel like an abortion is never their only option. We can do that by making sure were providing care, hope, and support for mothers and children at every stage of their worth l. Thank you. Thank you for the time tonight in leading us this week in this special order. Mr. Moore thank you to the gentlewoman from washington. Ok. So as members of this body know, we began this year, the u. S. National debt, surpassing 34 trillion. Weve seen members sides of the aisle talk about this extensively. Weve had debates on this growing National Debt for decades now. And asentioned moments ago, it is the reason im back here. It is the reason that i missed my sons Little League playoffs last night which made it to the championship and suffered a tough loss but paid their lights out. The only way i can go back home and tell my 11yearold, sorry for missing the gs, is to counter that to tell him im doing everything i possibly can. Im working on making sure that your future mimics what my future looked like and candidly, mine even is going to be in a position of very heavy debt in my major working years, but more so we have to recognize, this will limit our next generation more than any other factor, the fact that interest alone will be thkm■u second largest budget lie item in our national in our federal outlays within a year or two isoncerning thing that keeps me up at night. So yes, we will continue to talk about this. We will continue to debate this. Iit on the ways and means and budget committees, which i believe the vast majority of the work can be done here. Ways and means because it covers the programs, the large Government Programs that get established and never voted on again. A budget because we can set the tone and set the stage as we this debt not only a strain on your finances but the American Families pocketbooks. It goes particularly to what we saw with inflation. So as entered into congress in 2021, january of 2021, just a few months after President Biden took office, a few months after, and the congress had switched to democrat controlled and senator schumer took over as the majority in the senate. And the majority. But what took place in congress, in washington, is what you call a oneparty rule. During oneparty rule,■. What yo to do is every budget cycle and its a little bit of a gray area, but once a budget cycle, you can pass a bill on party line votes. You dont need the filibuster in the senate anymore. You can bypass that and go big with your legislation, republicans and democrats have used this over time. President biden citied to use this for whats called the American Rescue p rescue plan is entirety was basically a 2 trillion bill that had no offset spending and was directly related to the inflationary pressures our nation experienced after that. Inflation happens because of2l e monetary supply issue, with too few goods too much money■o9i. And thats what that bill was. It was a massively coming out od supply chain issues. But we saw 40year high inflation and months after the Congressional Democrats and President Biden passed the American Rescue plan and it wasnt much of a rescue. We saw 17plus percent inflation. And itas the American People bor emp. It. The fed goes through their process and raise Interest Rates and but the in new spending. Republicans clamped all of that down and we went through the process of the fiscal responsibility act. Last june, Speaker Mccarthy negotiated a way to take a look at our appropriations process among the other things among permitting reform and other things that were positive and found a way to do what has not been done in my time here for sure but probably in the last decade and look at our appropriations process and continue to support appropriations and veterans and give funding. We were actually break that en maintaining parity. And thats been something that is important. If we are going to support veterans, you need to make sure you support all these other bills. We were able to break that in thatarity and find wasteful spending that was going on. We came together today and overwhelmingly in positive vote to finish a portion of the appropriations process and find more ways. Put it on■ a lower trajectory. Not only House Republicans in the majority but clamp that massive proposals tt saw from biden in his first term and secondary approach and take the normal things, the things that are a part of the standard of what we need to accomplish with an annual budget and find areas of wte. I love being part of that. I came back here to deal with our growing debt and our deficit and find wasteful spending and create policies that dont do what happened in 2021 and 2022. President biden took over with inflation at 2 and climbed and we are still feeling the struggles. Homeowners are paying mortgage rates. That was the reaction to that massive inflation and that comes from washington and from bad policy. House republicans effectively foed biden, President Biden to recognize and kind of put that on hold. So weart with respect to inflation by controlling the monetary supply and massive Government Spending leads to inflation and usually dont agree on much but thats what our the last year and change to show the American People how we are being responsible on a fiscal footing. Some other ways the republicans are lowering things and fighting back against biden. And leave hardworking americans a 559 billion to cover these unpaid student loans. In december, House Republicans put a stop to this. House republicans have led the charge but before i get into that, i get this question a lot when i do town halls back home and i love to engage on this. Ty in utah, frustrated with biden forgiving loans and unconstitutional and keeps trying to do this. When i expla opinion on this and i believe it would be strongly backed by research and data, government is going to forgive loans, you have more of a deficit issue, because those loans were given out in a Government Spending approach knowing that would come back with whatever interest is charged on those things. If we goregive that. But if you forgive that, another aspect is we tr creating a culture and teach my children there are no consequences. It will beu dont have to plan e productive with this. I think that resonates with most people particularly in my home state. The third piece is they are not thinking of. What is the fundamental problem going on with our entire student loan, student tuition universe, costs are arising so fast students are having a tough time getting ahead of it. If we signalo those educational institutions, you have been raising your rates a lot and we are going to start lt puts pressure to keep their costs under control or constrain . o no, they feel they can raise rates as well and can be inclined to raise more. It is a bad control aspect and does not communicate to the institution, i love the universities that i represent in utah and you know, when i hide first in the economy and first in volunteerism and im getting some looks right now and amazing how utah is and my intent is not completely boastful its part of it if the universities across the state of utah are focused. And you can speak to theirstrat. Dynamic, cry dead daling. And the state legislature in utah, a very strongly conservative state legislature has provided juniors to have free tuition at tech centers and learn to be an e. M. T. And learn to be a to be r science degree and take that and being an apprentice, electrician plumber, they canuireer. If they are going to a fouryear degree and keeping their tuition done. All of our universities are focused on it. Its not oh, i just dont like President Bidens tuition plan, its not going to accomplish what it needs to accomplish. I wan to highlight these specific economic factors that we have enough information andata to prove, this is how you get out of it and painful to get out of it and i appreciate to be part of the House Republican conference that is controlling the limiting Government Spending and signaling to the markets we are trying to do something about this debt and deficit and say look, in order for us to increase the debt limit, we are going to have to go make changes and we have to been an awesome thing. Im happy to share all of this as much as i can and will continue to do so and we will have the opportunity to hear from the great state of pennsylvania, dr. Joyce will share his message and i appreciate his involvement thisr speeches to communicate not only to his constituents and those who are hearing us out and so many things we want to be he saying. Mr. Joyce i thank this specialr this evening. Mr. Speaker, as i travel across central and southwestern pennsylvania, i hear from families struggling to afford gasoline and groceries. President biden crushing inflation has infected too many families in pennsylvania. Many n pennsylvania. Too many American Families throughout this great land. In■ead of saving for retirement or childrens education, parents are forced to make difficult choices about what they can afford to buy. I spoke with a mom who was forced to choose filling her gasoline tank or Packing Lunch for her son. Stories are all too common thanks to the rising inflation. Prices have risen by 17 in the past three years wages are down 2 . This is unsustainable for American Families who are left to pay the price for the reckless spending sprees for the last three years. In tomorrows state of the Union Address, President Biden should outline ways to cut our national deliberate, a deliberate responsibility to be a steward of the taxpayer dollar. Inflation is a tax on each and every a time to return to fiscal responsibility. It is time to have cuts in spending inrder to address our ballooning National Debt. I thank the gentleman for holding this special order this evinield the remainder of my time. Ms. Moore thank you to the good doctor from pennsylvania. To an, which we have established is so important to our nation, factors we provide to those east coast elitists. I welcome the gentleman from california if he is ready tore share his message as we in preparation for tomorrows state of the union, we need to come and hear from our together and d contrast and find unity, but it is important House Republicans to highlight the concerns we have which are many and i yield from california. Mr. Lamalfa thank you, mr. Moore, from utah. I appreciate your efforts. Messe American People need to see not from just one side but looking at the other side of the issues. If you hook around the room, you see the special equipment for the extra cameras, lighting on the floor so it is i will umh natured that shows up well on tv. What is notlluminated is of thin supporting the needs of our nation. What the state of the union tomorrow night, these threeplus years have been chaotic and full fledge the making or being made. President biden had made a lot of policies that led to 17. 9 rise in inflation since he took office. Household goods actually coming out of reach. How are they becoming out of reach. Im a farmer in my real life northern california. Food has been for many decades a lowcost item they dont have to think about it. Why is it reverting to a third world country. Housing, housing is unaffordable. What has changed. Our nation is less safe than before with rising rates of carjackings, attacks on Law Enforcement officers, not safe in your home. D. C. , an example of a carjacking affecting one of our colt eetion in this body ate neighborhood. What is going on here . And even russia. He hastily removed troops from afghanistan allowing the taliban to take over after all those years of fighting to have at least a modicum of government that would work for people over there. And on top of it,■ needlessly, the lost lives of a dozen soldiers on that hasty, poorly planned withdrawal. W one of our strongest allies in the whole world, israel. Hes walking back support for that great country, that great ally. Vice president came malla recently Kamala Harris recently threw israel under the bus. What can we point to as a positive . At negative. Oh, partisan stuff you cant find agreement on this or that. But its really, really difficult with the state of things and from whatk the unitd states was three years ago, even among that covid mess to what we have now. Unfortunately, the president has been chipping away even at our nations sovereignty and taken dozens of well documented and concrete actions that have opened our borders and undermined our laws. Our laws arent broken, immigration isnt broken, its the enforcement, the action of the executive branch to maintat. We did pass h. R. 2 early on in the session to help fortify those laws and help define what asylum means because theyre defining it in the most loose possible ways. For the past three years, the Biden Administration has ignored the crisis. You cant get Kamala Harris to hardly go to the border at all, and when they do, its not the part of the we can easily document has been the problem. And hes directly responsible for it. So i have to ask the question as i do occasionally, President Biden, whose side are you on with these actions you take . He remain in Mexico Program which was working fairly well. He revoked title 42 for health concerns, he revoked it. Stopped construction of the border wall. I had a chance to visit it most recently in the tucson area, on farther south, stacks and stacks of the metal that would be used to build that fence just laying there, dated october 2020 on some of that material. And even promised a little over a year ago, maybe well start filling in some of the gaps. Theres been no action on that. Hes reprimanded Border Agents, making up bogus claims of the Border Agents riding horses and whipping the immigrants with reins, and they were not true. He allowed for the release of hundreds of thousands of Illegal Immigrants in this country with no way to track them. Millions. Say that again, millions. The biden Homeland Security rels have now disappeared and he never once spoke to the chief of Border Patrol about Border Security is not even a priority for them and may want to put the dressing on it as we come to an election soon. The director of security alejandro mayorsdoing somethingt saying the words illegal immigrant. Not the actual immigration. Thats their concern. I have to biden and secretary mayorkas, whose side are you on, the American People or some other agenda . We cant tell. Fentanyl being smuggled in our country and killing our youth. The price of fentanyl is coming down and its so cheap now because theres such a■t supply. Its getting cheap because its so freely available coming across our border illegally. Deadly chemicals being trafficked to work onl marijuan. We have so many in northern california, just taking over the land. Not the criminal aliens who repeatedly broke the law like the Venezuelan National who recently killed laken riley in broad daylight. House republicans know t securid National Security for our whole country. Every state, as weve said time and again, is now feeling like a border state. So we did pass the strongest Border Security bill in history in h. R. 2, about 100 yards that direction, senator schumer and the gang over there, refused to bring it up for a vote. Instead they propose a watered down immigration bill that will allow 1. 8 million Illegal Immigrants a year in our country. It codifies that. 1. 8 million, come on in but o we reset the threshold, then well start enforcing something. How can you take a law or a bill idea like that even serious . Th would be rewarded with immediate work permits and an ability to stay longer once they are identified. Calling that a Border Security package an unfunny joke. President bidens open border policies are putting americans in true danger. This border crisis is responsible for the countless deaths of countless americans and their families. I saw a video in 1995 when president clinton stood up there and gave a state of the Union Address and outlined the problem that illegal immigration is doing in displacing jobs and providing more danger for the american public. That was in 1995 when president clinton said that, a democrat. What has changed politically in that time frame that now the democrats are all for what is happening at our border, or at the very least, doing nothing about it . And they had a period of time when they controlled both houses and the white house with President Biden a little over a year ago. And they had a window to do that and the signatures to do that and they did nothing. Instead, theyre saying oh, its the republicans that are blocking it. Weve■psa been for solid border policy since day one. President trump led the charge for four years on that and they you want to send billions overseas to other things when a fraction of that would secure our own southern border . Time, the president will be here tomorrow night and that side of the room will be applauding everything and our side, some good, maybe some bad, it will be a mixed bag on this side of the room. But have to ask the president as you address us, remember, ask yourself, whose side are you on . I yield back. Mr. Moore thank to you the gentleman from california. I think you summe up every state of the union that ever existed quite well. There will be areas and opportunities of unity and things that we can be focused on together, and im hopeful that we can use this as the case to talk about the real issues that were having and the fundamental problems, but also solutions. And we know them. We can talk energy policy, we can talk immigration policy, and we can talk economic policy. I can do that all day long. Ill wrap up not belabor it but to just point out, rise above it, President Biden. Rise above it. Look back t Previous Administrations policies with things regarding the remain in mexico policy, the migrant protection protocols. Its a simple concept. You cannot just say mexico wont do it. President trump and Vice President pence forced the issue with our mexican neighbors, and they got them to agree this was good for both countries. Whatever limits Cartel Activity is good for both nations. And so dont hide behind the fact that that is a partnership with mexico and you cant do it because of that. Its simple data that shows we can be effective and we can create these r improve our situt the border dramatically with just that one change. And thats just one of many different types of executive action that you can take. You cant say were not willing to legislate on this issue because weve already passed it. And the senate refuses to take it up, so the house has passed it and the senate refuses to take it up. Take biden. Talk to the senators, leader schumer, and convince them that there are opportunities there. There are things we can do, reversing some of your bad policies. Dont just look at the Previous Administration and say all right, i have to do Everything Different from them and then all of a sudden we lead to these catastrophic events. Take a look at data and see what works and implement it. Its as simple as that. Its what the American People recognize and weve got to be willing to follow it. I highlighted a lot of things from economic policy, from inflation to everything. Those are things that affect every single american. But if we just focus on energy policy, economic policy, and immigration policy, we can really make an improvement for americans across this great nation and set ourself up for success. I hope to be able to hear some of that tomorrow. Im not hopeful well hear productive solutions. There might be plenty of rhetoric spewed but weve got to be able to find a way to get those three things that matter most and affect my constituents and those from every single District Across the nation the most. And mr. Speaker, with that, i will yield back the balance of my time. The speaker pro tempore the gentleman yields. Members are reminded to direct their remarks to the chair. Under the speakers announced policy of 9, 20, 23, the chair recognizes the gentleman from texas, mr. Roy, for 30 minutes. Mr. Roy i thank the speaker and the gentleman from utah, for his time on the floor, pointing out some things that we assuredly wont hear from the president of and things we wish we could hear from him. Ill tell you something we wont hear from the president of the United States in this chambernsl take or should have taken or apologies for his policies that led to the unfortunate passing two weeks ago of laken riley. That we know we will not hear because our democratic colleagues refuse to take ownership of the policies that the president of the United States has adopted and that secretary mayorkas has tolemented on his behalf in the constitution and under the laws of the United States. As a result, there are americans who have died. We know that the president of the United States is not going to take ownership over the high inflation that is decimating families and the regulatory state theyveut in place that made the automobiles the American People need to drive too expensive, allowing e. V. s to pile up on the lots of dealers while we put mandates in place. The extent to which weve now been banning liquefied natural gas exports by shutting down the ability to get them out of terminals which ising us more beholden to special interests and the corporate cronyism that was all funded by subsidies under the inflation reduction act. All policies led by the radical progressive democrats that have complete control of the Democrat Party and that are pulling the o which the president of the United States dances. Tomorrow well talk about those things. ■l give a lot of excuses, hiding behind senate bills and things that allegedly the house of representatives is not doing. But i think its really important today, i need to Say Something as a texan. Today is alamo day, the day that marks the end of the 13 days of the besiegement and fighting and the final sacrifice of almost 200 brave men in the name of freedom in the alamo. Im proud to represent san antonio. The alamo means a lot to those of us in central texas, particularly in and around san antonio. But i think its really what tht meant. I asked a year ago today when i spoke on this issue or on this commemoration, i should say. What did they declare independence for . What did travis and the rest of the alamo, the men at the alamo sacrifice for . A federal government that opens our borders to cartels . A group of republicans who campaign on securing border but yet run away in abject surrender refusing to actually do it . Thats the question before us right now. Thats a question i asked a year ago. I might remind everybody the letter from William Barrett travis, commander at the alamo, february 24, 1836, fellow citizens and compatriots, im besieged by a thousands or more of the under santa ana. Ive sustained a continual bombardment and cannon aid for 24 hours a the enemy demanded a surrender at discretion, otherwise the gatherson are to be put to the sword. Garrison are to be put to the sword. If taken, ive answered it with a cannon shot and o flag still waves proudly from the walls. I never will surrender or retreat. I call on you in the name of liberty and patriotism character to come to our aid with all dispatch. The enemy is receiving reinforcements daily and willpmg reinforcements daily and will no doubt increase to 3,000 or 4,000 in three or four days. If this call is neglected im determined to sustain myself as long as possible and die like a soldier who never forget what is is due to■ his own honor and tt of his country. Victory or death. William barrett travis, lieutenant colonel, commandant. Now that was nearly 200 men standing on the wall at the alamo. Knowing almost certain death, knowing almost certain death is what they faced. And its notable that on this date, today, ago, William Barrett travis who wrote that letter, died. Davy crockett, fairly well known, history of our country, served in this chamber, though not in ts build back behind us in the original house chamber, Davy Crockett, a member of congress from the state of tennessee, w like a number of tennesseans came to the aid of texas at the alamo. Davy crockett died that day, today, 188 years ago. We americans love to have our parades. We love to commemorate these kinds of events. Ask a texan about the alamo and theyll fill their chest and stick it out and theyll talk ask an american about dday or about our history and what sing the delaware or talking about any of the great battles that our men and women in uniform have carried out on behalf of this great country. U. They will stick their chest out. And theyll talk about how great this country. Is but the question i think needs to be asked sitting here on the floor of the house of representatives in yet again another empty chamber, what are we willing to do . What are we willing to do . What are the people of this body willing to do . What are my colleagues on both sides of the aisle willing to do in the face of the massive assault on our country that were experiencing as we speak . What are we actually willing to do . Speeches, even tonight. Speaks about how much our debt is piling up around us. How we need to cut snding. Every Single Member of this body, but particularly my republican colleagues, talk about theeb 34. 4 trillion. Tomorrow its going to be 34. 5 trillion. Were racking up 1 trillion of debt every 100 days. And yet we get lip service we give lip service to it. So again i go back to this point about these men standing on the wall at the alamo, facing certain death, if these reinforcements dont get there, and they probably knew full well they werent going to get them. Yet willing to stand there and die. For what . To be enslaved to debt . To be told that you cant get the automobile of your choice . To be told theres going to be a kill switch that will cut your car off if your eyes dart a certain way . To be told that you must accept untole numbers of illegal aliens coming into your country, getting free services, free education, Free Health Care, while bankrupting your country . Is that what those men died for . Did those men die for criminals to be let out on the streets . Did they die so that one of these mens great, great granddaughter could get murdered as a student in georgia, or, for example, in texas a young woman that was found dead in a bathtub, a cheer leader, her mom wanted to go see her, expect to go see her at a cheer leading event, comes home, shes dead in the bathtub. Is that what meze then sacrifice for . Is that what they put it all on the line for . When we all talk about the men who sat in the foxholes at baston, freezing at christmas, so we could live in this country, did they fight for those things . Im going to be really blunt here, did they fight so that republicans could campaign on cutting spending and today, on the floor of this chamber, vote to pass a bill that, without question, undebatably, unquestionably, increases signie form of tens of billions of dollars over that of Nancy Pelosis omnibus spending bill . Despite the fact that we had bipartisan spending caps put in place last year, passed in 24 chime passed in this chamber with majorities of both republicans and democrats and the senate and signed by the president the united we ignored those caps, we spent more than those caps, and then had the audacity to try to claim tohe American People, publicly, that we cut spending. This is what the American People are sick of. Let me be perfectly clear standing here. My colleagues on the other side of the aisle are in fact radically p period. They are pushing policies, along with the president of the United States, thats flooding this country with peoplero the worldo arizona, into california. Stacking our school, stacking our jail, overwhelming our system, giving out benefit, paying money, all so that people like marc elias can challenge in court to stop arizona having a law to say that only citizens can vote. Why might that be . Its purposeful. It is happening every second, even as we pile up debt around our ears to the tune of 34. 4 trillion and cnt of interest in. More interest than our defense. This year. Its astounding. And my colleagues on this side of the aisle and that side of the aisle will hide behind either, for radical Progressive Democratic colleague, theyll hide behind taxes. Theyll say oh, weve had too many tax cuts. Even though two years ago we had more revenue at the treasury than weve ever had. My colleagues on this side of the aisle will hide behind mandatory spending. They will say, scratch their beard right, beard stroking. They look at you and they say oh, but chip, youre getting hung up on 17 of the budget. Cant you math . Really . Like they look at you like somehow youre insane because youre focused on the discretionary budget sitting in maybe, just maybe, we should take the discretionary budget we have toe call control of every year and demonstrate an ounce, an ounce of actual responsibility and fiscal sanity by saying maybe, just maybe, we shouldnt give 12. 5 billion to the United Nations. Let me just throw that out there. 12. 5 billion to the United Nations. To undermine our country. To work with n. G. O. s, to movet. Purposefully. Thats what the United Nations is doing. To work with hamas to attack israel. We funded it. We did that. And they want to say oh, well, who cares about that . What about the 12. 7 earmarks that we passed today on the floor of the house filled with all sorts of pet projects so our colleagues can go back home a say look what i brought home to you. Why do i pick those two numbers . Why do i pick those two things . 12. 5 billion in the United Nations, 12. 7 billion in earmarks passed here, massive numbers of both democrats and republicans. Because you know how much texas has had to spend over the last three years to secure the boarder of the United States in texas . The job of the federal government . u7 12. 5 billion. Do you know how much texas has been paid back . Not a red cent. And all i can tell you is, those bo the alamo didnt do it for that. And on texas independence day, on march 2, whic was texas independence day, i got to tell you, when you read about the history of our independence in 1836 as a for a brief nine years before we joined the union, its got a nice ring to it. But texas joined that union. And that union, that constitution, says this country is supposed to prote its border. And its leaving texas exposed. So with all due respect to Republican Leadership, with all due respect to my colleagues on this side of the aisle, when i hear these excuses about, we only have a twovote majority, s have taken down rules. That is swamp speak for, i dont want to make the tough choice and say that were going to go stand up on that wall like those boys did. Thats what it means. It means, Republican Leadership is more concerned about defense spending for the defense establishment in this town. It means that Republican Leadership is more concerned about ensuring that warrantless surveillance of americans under fisa can continue without changing it. Leadership is more d about ensuring that we have money for ukraines borders rather than our borders. Thats the kin thing were talking about. Heading into the state of the union tomorrow with a president of the United States in charge of a party, a progressive, radical democrat, who want to remake our country, leave our borders open, spe oblivion, have countless wars, remake us with woke policy, deform e. I. , all the things dividing us up by race, i want a Republican Party thats shoving it right back down and saying you know what . Were going to pass a bill that funds this government at the caps we passed last year, were going to send it over to the senate, were going to send it over with h. R. 2 to secure the border of the United States and were going to go around this country and sell it to every single american. That like these boys on the wall of the alamo were fighting for them. That like those boys sitting in the foxholes or walking into a wall of bullets in normandy, were fighting for them. Instead of what always happens in this chamber is that we find members of congress fighting for themselves. Earmarks. Political patronage andoing to l on the line for the people we came here to represent . Thats my question. I didnt wear the uniform. I represent a hell of a lot of people who do and did. And its an honor to do so. And i feel like i owe every last ounce of devotion to this country and this constitution and to them to lay it all out on the field here. So when my colleagues say, why are you so pointed or so emotional about a particular topic or why are you down here animated . Its because of all of those people that sacrificed, its those 400,000 tombstones on the other side of the potomac river. Many of whom gave the last full measure of devotion so that we could live free. And i got to tell you, we have an obligation to fight for this country. I will call out President Biden and my radical democratic colleagues for all theyrek dog to destroy this country and i will work to do my best to make sure we have a republican majority because my republican colleagues want to preserve and fight for this country. I know it. But were not going to do it by doing what we did today. Were not going to do it by continuing to spend money we dont have, bankrupting our kids, not securing border, not getting the policies in place we said we would fight for, and cor accusations of potential shutdown. Of government. Can you imagine. Nding on the was of the alamo, saying you know what theyre going to do . Theyre going to tweet something mean about you and say youre going to shut down the governme■. These guys are saying theyre going to respond with a cannon shot. With an army of 1,000 coming at them and is a in san antonio. Or all those boys jumping out into the stormy waters in normandy. Going up cliffs, climbing and scaling the cliff, your prize at that point is to try to march to berlin. Again, i did not wear the uniform. Ues who did. One of the colleagues and one of the men for whom i have such enormous respect for his service to this country and his service as a member of congress but in particular wearing the uniform of our United States military, my friend from pennsylvania, scott perry, and i yield to him. Mr. Perry i thank my good friend from texas. I had the honor to visit the alamo just aut a month ago when i went to the border. Again, went to the border, and i wonder about William Barrett travis and ive got to tell you, when youre standing there, when youre reading that, and you know that youre standing on the ground where giants, where giants stood. Where things in the world meant something. And were worth fighting for. Its invigorating and inspiring you to do your part. But would William Barrett travis and those that lost their lives and Davy Crockett, would they do it for 20 million for a state route in alabama . How about a 4. 1 millionn san d4 million for a greenway trail in chattanooga or for car share for residents . And im sure all those are very important things to the people that live in those communities. I believe that. The question is, why is the federal government paying for them when the federal government doesnt have any money . In december to january, were at 34 trillion and by may well be at over 35 trillion. Did the folks at the alamo including William Barrett travis risk his life a to watch his country be swallowed up in debt . To that end, the invasion coming from south of the border, we didnt stop and this bill that was just passed, using taxpayer dollars to represent illegal aliens, to get attorneys for them. Theyve come illegally and the people that gave their lives at the alamo, we ask them, you dont mind paying with your lives so we can represent the people that are attacking you right now, you wouldnt mind that, would you . I bet they would mind. I have to tell you my gooas talt the folks at bass tone. I at bastone. I know some people that took some unbelievable losses and were told, hold the line, you stay here and hold the germans off until patten gets here. Everyone remembers patten, save the bulge and all that, but nobody remembers those that lost their lives fighting for the ideal of the greatest country on the pne the greatest cou agreed to fund Vaccine Mandates at the veterans administration. I dont think they fought for that. I dont think they fought so we could have another report about china buying up farmland and sensitive land around military installations. From doing it but well have a report, so thats awesome. How about this, they fought and lost their lives so we could thn institute of virology. And we continue to fund sanctuary cities. It is breathtaking to me what is happening in this chamber. The individuals that founded this■ nation, that pledged their lives, their fortunes and sacred honor, they meant it, they knew how serious it lives, mr. Roy from texas. They pledged their lives and we cant even honorheir sacrifice by saying were going to hold the line here. Wend do what we so last may. Mr. Roy like literally a year ago. I might add on this chart the gentleman refers to, House Republicans last year, when we were trying to restore regular order and conservatives were working hard to do that and conservatives voted for a debt ceiling increase and though we said we wouldnt and shouldnt, we did. We voted for appropriation bills even though caps werent and we have colleagues that said theyd work with us. And we passed seven appropriation bills, and we were able to enact policies to fight the radical biden regime, right . We defunded sanctuary cities refusing to report criminal illegals. We did that. This bill doesnt. We prohibited the department of justice from giving lawyers to did that. Ayou this bill doesnt. We prohibited the department of justice from fast tracking asylum. We did that. This bill doesnt. We defunded bidens electric vehicle mandate and climate executive orders killing our economy. We did that. This bill doesnt. We defunded a. T. F. Pistol race bans and this bill doesnt. We defunded political rate theories aill doesnt. We prohibited the f. B. I. For using construction funds. This bill doesnt. Prohibited the department of justice■h from censuring lawful speech. Requiring the department of justice to create a Better Process for sensitive investigations. Defunding the d. O. J. Staff refusing to comply with subpoena s. Beprohibited pride fla flying over federal buildings. We prohibited funds from the wuhan lab. We did all those things and this bill did none of■ those. And busted the caps. Mr. Perry and yet well have colleagues starting today, starting just moments ago on th afford this government. It is spending too much. Our citizens cant afford their. They cant afford their credit card bills. How did it happen . It happened in here a couple hours ago. Mr. Roy it happened right here when all but 83 republicans voted for it. I think 132 republicans voted for it. ■ on the democratic side of the aisle, i think it was 2072 voted to continue to spend at higher levels, racking up more debt and more interest on our children and grandchildren. Mr. Perry did Davy Crockett and William Barrett travis, did they lose their so a federal government could tell them you must buy this car, you cannot buy this gas stove . You willpower your home this way, or maybe you wont power it at all because were going to shut off the generation that america invented, right . Is that what theyied for . These people and the battling bastards of bastone died because they wanted us to be free. They wanted the privilege and honor to run their own lives and make decisions for themselves. They didnt want a government that decided everything for them but a government that laid out the framework where each one of them could destiny and now we just voted for the government to determine the destiny right here and in so many other places. And it is our duty, mr. Roy from texas, and the duty of every representative that takes the oath to fight to ense that the rights to determine your destiny reside with the individual and not anontrol federal government and today we failed at that mission. Mr. Roy those gentlemen at the alamo who gave their last fullb measure of devotion did it for an idea. Remember what they were doing. They were seeking separation from the federal government of mexico. And ultimately did so. Right . A few weeks later, another battle, texas wins and becomes free and becomes its own nation and theyre living freely. They were throwing off the shackles of a burdensome federal government. By the way, far less burdensome than this one. And then joined a union, the United States of america, under the idea that we would be amenable, we america would be amenable to texas joining the union, to be free, right . To live free. In a republican form of government, in a federalist system where the people of texas could live free under a l5imites that werent getting their children and grandchildren into oblivion but thats what we just did. In addition to all those policies we punted to the ground, republicans in this body just voted to support a shattering 1. 66 trillion bill forsaking every other option we spent a year exploring. We punted here. We had caps in p have spent right there. But we punted. Republicans punted in favor of that because it was the easy path in an election year. And thats what our children inherit. Thats not why they joined the union andhy texas fought to be free from mexico and join the union. They fought so we could live free. Mr. Perry free from bond inches of economic slavery. Slavery is in many forms. But when you cant make the choices you should be able to make as a free person because you cant afford to make the choices because your government is taking from you that which you have earned, that is tyranny, mr. Roy. That is tyranny. And with all respect to my colleagues on both sides of the aisle, we have one set of members seeking the fundamental transformation of america which used a free country, and we have another side doing nothing to stop it. Mr. Roy i appreciate my friend we came here tonight to celebrate what those men sacrificed for the state of texas but for our country and the men like them and the women like themtory. I hope we will do better. We owe it to the American People to do better. With that i yield back. The speaker pro tempore does the the gentleman have a motion to adjourn. Mr. Roy move to adjourn. The speaker pro tempore the question is on the motion to adjourn. Those in favor say aye. Thosb e opposed, no. The ayes have it. The motion is adopted. Accordingly the house stands members also began debate on legislion th migrants for theftrelated crime. That bill is named after lake b riley, a 22yearold neufort of geora Nursing Student who was murdered allegedly last moh by a venezuelan migrant who entered the country illegally. Looking ahead to tomorrow, President Biden will deliver the state of t Union Address to a joint session of coress. As always, live coverage of the house is here on cspan. Earlier today Federal Reserve chair Jerome Powell testified on Monetary Policy and the state of the u. S. Economy. Watch the house Financial Services committee tonight at 9 00 eastern on cspan. Cspan now, our free mobile video app. Or online at cspan. Org. Cspan is your unfieltered view of government. Were funded if i these Television Companies and more, including buckeye broadband. Buckeye broadband supports cspan as a public serve along with these other television providers, giving you a front row seat to democracy. Ouris set to give the annuale of the Union Address. Ahead of his speech were asking what issue is most important to you. To participate, scan the q. R. Code on your screen or go to cspan. Org poll to add your voice to the conversation. A look here at the voting so far. As is customary, the president will be speaking before a joint session of congress where hes expected to outline some of the policye his thoughts on the state of the country. This will be the third state of the Union Address of his presidency and likely his last speech in front of congress before the 2024 president ial election. Well keep this poll open leading up to the president s address