The speaker the house will be in order. The prayer will be offered by our chaplain, father conroy. Chaplain conroy let us pray. Eternal god, we give you thanks for giving us another day. On this day, we ask your blessing on the men and women, citizens all, whose votes have populated this peoples house. Each member of this house has been given the sacred duty of representing them. We ask your blessing, as well, on the members of this house whose responsibility lies also beyond the local interests of constituents while honoring them. Give each member the wisdom to represent both local and national interests, a responsibility calling for the wisdom of solomon. Grant them, if you will, a double portion of such wisdom. Bless us this day and every day and may all that is done within the peoples house this day be for your greater honor and glory. Amen. The speaker the chair has examined the journal of the last days proceedings and announces to the house his approval thereof. Pursuant to clause 1 of rule 1 the journal stands approved. Mr. Speaker. The speaker for what purpose does the gentleman from North Carolina rise . Mr. Speaker, pursuant to clause 1, rule 1, i demand a vote on yeg to the speakers approval of the agreeing to the speakers approval of the journal. The speaker those in favor indicate by saying aye. Those opposed, no. In the opinion of the chair, the ayes have it. The journal stabbeds approved. The gentleman from North Carolina. Mr. Holding mr. Speaker, i demand the yeas and nays. The speaker the yeas and nays are requested. Those favoring the yeas and nays will rise. A sufficient number having arisen, the yeas and nays are ordered. Pursuant to clause 8 of rule 20, further proceedings on this question are postponed. The pledge of allegiance today will be led by the gentleman from massachusetts, mr. Kennedy. Mr. Kennedy i pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. The speaker the chair will entertain up to 15 requests for oneminute speeches on each side of the aisle. For what purpose does the gentleman from texas rise . Without objection. Mr. Speaker, this past summer, we learned of the largest disability fraud in the history of Social Security taking place in puerto rico. Now, less than six months later, we hear of a more shocking scandal in new york where 106 people have been arrested, including former policemen, f. B. I. Employees and firemen. Worse, about half the defendants falsely claimed their disability was caused as a result of the 9 11 terrorist attacks, even though many had never worked at ground zero. These individuals are stealing from a program that serves those who can no longer work due to disability. This is unacceptable. The American People are outraged, and fast losing confidence in Social Security and rightfully so. Thats why this thursday ill be holding a hearing to ensure Social Security makes fighting fraud and protecting hardworking taxpayer dollars its number one priority. The time for excuses is over. The speaker pro tempore for what purpose does the gentlelady from illinois seek recognition . Without objection, the gentlelady from illinois is recognized for one minute. Ms. Kelly 1. 3 million individuals face a harsher reality because congress failed to extend Unemployment Insurance benefits. That includes two million children and 20,000 veterans who face a more uncertain future because congress failed to do the right thing. The moms who attended my chicagoland job fair dont want an unemployment check more than a job, but they do want to recognize that any one of us can leave us vulnerable. The families i represent arent looking for handouts. They are my friends and neighbors and paid into the Unemployment Insurance system with a promise that if times got tough theyd still be able to provide for their families using the benefits they paid for as a bridge over troubled waters. I am cosponsor of h. R. 3824, the emergency Unemployment Compensation extension act, because i stand by my friends in tough times. I urge my colleagues in the house and senate to do the same by passing a bipartisan Unemployment Insurance extension now. I yield back. The speaker pro tempore for what purpose does the gentleman from North Carolina seek recognition . I ask unanimous consent to address the house for one minute and to revise and extend my remarks. The speaker pro tempore without objection, the gentleman is recognized. Mr. Speaker, i rise today to question banks and their customers still burdened by rules still designed in an area where most Bank Transactions given while giving a free lollipop to the customer. The regulation deal was implemented in the 1980s which restricts customers to just six transfers between their accounts for one month. These rules made a lot of sense in an era where most Bank Transactions were done manually. Mr. Pittenger mr. Speaker, i there are ask support for h. R. 3240, the regulation study act. This bill will direct the g. A. O. , the Government Accountability office, to study and recommend appropriate changes. H. R. 3240 has strong bipartisan support. I am grateful for congresswoman maloney being the lead democrat sponsor for the bill. Credit unions tell us that modern customers today hit the six transfer limit just in a matter of moments as they work online. We need to change this, mr. Speaker, so that individuals can manage their money on a daily basis. Updating this regulation is important to benefit consumers and bank institutions. Thank you. The speaker pro tempore for what purpose does the gentleman from connecticut seek recognition . I ask permission to address the house for one minute. The speaker pro tempore does the gentleman seek unanimous consent . Mr. Courtney mr. Speaker, on december 31, the tax exclusion for mortgage forgiveness expired. What does that mean . It means that if someone sells their house for less than they oh, they have to pay tax on the difference oh, they have to pay tax on the difference. This provision, which has been on the books since 2009, means that underwater properties all across the country, six million of them, now basically face paying taxes in terms of trying to do the right thing and get these properties to move. In connecticut today, there are 772 pending short sale closings that again the owners are going to be taxed because of the failure of the Republican Leadership to move. Mr. Camp said the other day, nothing to worry about. We have a year to deal with this. The Housing Market cant wait. We have to move. This will extend that mortgage forgiveness tax relief. It is time for this chamber to take this measure up and ask a realtor, ask a home builder, ask a mortgage broker, they all know this market needs to get the overhang of distressed property cleared out if we are going to have a healthy market and a strong economy. This Chamber Needs to act. The Republican Leadership needs to listen to people who are on the trent trenches of the economy. Yield back the balance of my time. Front trenches of the economy. I yield back the balance of my time. The speaker pro tempore the gentlemans time has expired. For what purpose does the gentleman from South Carolina rise . Mr. Wilson to address the house for one minute. The speaker pro tempore the gentleman is recognized for one minute. Mr. Wilson americans are realizing that they were being misled from obamacare. One writes, this bill is better than what the Insurance Companies were offering private parties. What we actually purchased is very inferior to the high deductible policy that i currently have when out of network. Edward has made several attempts to enroll his family in the insurance since october. Due to the faulty governmentrun website and the complicated nature of the law, he tried to enroll his 17yearold daughter in a Government Health plan. The governments role is to protect our fellow citizens, not make tasks such as enrolling in health care more expensive or difficult. Obamacare must be repealed and replaced. To create jobs and put Health Care Decisions back in the hands of the American People. In conclusion, god bless our troops and we will never forget september 11 and the global war on terrorism. The speaker pro tempore for what purpose does the gentleman from california seek recognition . Mr. Speaker, i ask unanimous consent to address the house for one minute and to revise and extend my remarks. The speaker pro tempore without objection, the gentleman from california is recognized. Mr. Speaker, i ask that today we extend the crucial and critical Unemployment Insurance lifeline to 1. 3 million jobless americans who have already lost coverage. Mr. Vargas in california alone, 214,000 people have already lost their insurance coverage, including 19,000 people in San Diego County and 3,500 people in imperial county. With unemployment unacceptably high, now is not the time to take money out of the pockets of those struggling to find work. The unemployed americans are actively looking for work, but unfortunately are unable to find jobs in our economy. We must continue to provide Unemployment Benefits to jobless americans so they can purchase crucial life needs like food and shelter. So let us heed the better angels of our nature and immediately restore Unemployment Benefits to outofwork americans. Thank you, mr. Speaker. I yield back. The speaker pro tempore for what purpose does the gentleman from alabama seek recognition . Mr. Speaker, i ask unanimous consent to address the house for one minute and to revise and extend my remarks. The speaker pro tempore without objection, the gentleman from alabama is recognized. Mr. Speaker, last week i was sworn in as the newest member of this body. I have announced my cosponsorship of the American Health care reform act, a bill that will repeal the destructive obamacare law and replace it with conservative marketbased solutions. Mr. Byrne obamacare is hurting families across south alabama, causing dropped coverage, skyrocketing premiums and adding to the debt when we just cant afford it. Its becoming painfully obvious for families and Small Businesses in this country that this law is not working and that it simply cannot be fixed. We have a responsibility in this body to do what is right for the American People, and it is urgent and obvious we must act now to end this unworkable law. To my colleagues on the other side, i respect you and stand ready to work with you to replace this law with solutions that will actually lower costs and provide quality care for all of the people in america. I yield back. The speaker pro tempore for what purpose does the gentleman from new york seek recognition . I ask unanimous consent to address the house for one minute. The speaker pro tempore without objection, the gentleman from new york is recognized. Mr. Higgins mr. Speaker, i rise today in support of h. R. 3397, the veterans records reconstruction act. In 1973, a fire at the National PersonnelRecords Center in overland, missouri, destroyed as many as 18,000 military records. While efforts were made to reconstruct these records, many records are left incomplete which makes it difficult to eligibility rans for recognition. This would create guidelines and allow alternative methods of authenticity varyfying a veterans records using unofficial sources, thus creating a pathway to getting due benefits and recognition for veterans whose files were destroyed. Mr. Speaker, this while this legislation does not completely solve the problem of missing records, it is a way for our nation to thank veterans for their service by helping them to best have a chance to receive the recognition that they are due. I want to thank my colleague, congresswoman lois capps, for her leadership in introducing this legislation. I urge its swift passage. I yield back the balance of my time. The speaker pro tempore for what purpose does the gentleman from North Carolina seek recognition . Mr. Speaker, i ask unanimous consent to address the house for one minute and to revise and extend my remarks. The speaker pro tempore without objection, the gentleman from North Carolina is recognized. Mr. Holding mr. Speaker, due to obamacare, potentially millions of Small Business employees will be affected by a surge of Health Care Plan cancellations. The hundreds of thousands of individual cancellation notices we saw last year were just the beginning, and there will be more before the next open enrollment period. Mr. Speaker, Small Business owners are forced to buy more expensive comprehensive coverage so they must find ways to offset the costs. They will have to cut employees and worker hours and the employees they cant afford to keep will have restricted choices when selecting doctors and filling prescriptions. So they might not be able to keep the doctor they like, and if they can, it likely will be more expensive. Mr. Speaker, Small Businesses create jobs and grow our economy. Around 40 Million People have Health Insurance through their Small Business employer, and for them the next wave of obamacare cancellations could be catastrophic. I yield back. The speaker pro tempore for what purpose does the gentlelady from california seek recognition . I ask unanimous consent to address the house for one minute and to revise and extend my remarks. The speaker pro tempore does the gentlelady seek unanimous consent . Mrs. Capps yes, i do. The speaker pro tempore the gentlelady is recognized. Mrs. Capps mr. Speaker, its no secret that Power Generation produces the best generation of Carbon Pollution thats causing climate change. Now, in order to mitigate the impacts of climate change, we have no choice but to find cleaner, more Sustainable Energy sources. The good news is weve been making progress. For example, thanks to both federal and private investment, my district on californias Central Coast is now home to two of the largest operating solar farms in the world, and more on the way. I had the pleasure of visiting these facilities last week, and they are truly a sight to behold. Together, the california solar ranch and the toe paz solar farms are already generating 550 megawatts of electricity and powering hundreds of california homes. The clean energy generated from these two projects alone will eliminate thousands of cars from our roads. And theyve created hundreds of local construction jobs. Now, theres no Silver Bullet to stopping climate change, but Renewable Energy is certainly a big step in the right direction, so i urge my colleagues to join in in helping to stop climate change. Lets invest in a Clean Energy Future and i yield back. The speaker pro tempore for what purpose does the gentleman from oklahoma seek recognition . I ask unanimous consent to address the house for one minute and to revise and extend my remarks. The speaker pro tempore without objection, the gentleman from oklahoma is recognized. Mr. Lankford National Debt and rightfully so, the budget in the past through years has only made a dent in the looming debt crisis in our future, but americas story is more then about budget and spending. Americas about its people, their opportunity, their hope, their dream for a Better Future for all of our children. A few months ago the march of dimes released a scorecard for premature birth rates in oklahoma and we lowered our preterm birth rate for the third year in a row in oklahoma nd thats good. Every child is a gift from god and needs the chance to live to its full potential. We all foe a baby in the womb is not tissue, its a child. It should have the same hopes and dreams for the future that begins with the opportunity for life. How can we as a nation work so hard to prevent premature births so each child can reach ir full potential and then allow some children not to be born. We are americans, we believe in the inherent right to life, liberty and the pursuit of happiness that extends to all people regardless of their size. The speaker pro tempore for what purpose does the gentleman from rhode island seek recognition . Mr. Cicilline i ask unanimous consent to address the house for one minute. The speaker pro tempore the gentleman is recognized. Mr. Cicilline another week, another bill, another missed opportunity to extend Unemployment Benefits for 1. 3 million americans. Today well be voting on the 2014 omnibus spending bill but one key thing is missing, the extension of unemployment. On friday, this body will adjourn for another week of recess without addressing this issue, leafing 1. 4 million americans without this critical lifeline, a number that grose every day. Terrible for these families and for our economy. Just yesterday, i spoke with a constituent, margaret a mother of four, suffering from parkinsons disease. S the first time shes ever had to ask for help. Shes among more than 4,900 rhode island families and 1. 4 million americans who are struggling to find work and need this insurance to help them survive. We should not adjourn before resolving this issue and i urge my colleagues to press the speaker to bring a bill to the floor to extend emergency Unemployment Insurance today. Thank you, mr. Speaker, i yield back. The speaker pro tempore for what purpose does the gentlelady from florida seek recognition . I ask unanimous consent to address the house for one minute and revise and extend my remarks. The speaker pro tempore without objection, the the gentlelady from florida is recognized. Ms. Roslehtinen thank you, mr. Speaker. Dress for success is celebrating 20 years of service to Miamidade County resident who was benefited from its training and clothing programs this nobling orny sargse promotes selfsufficiency to lowincome women by providing professional attire while equiping them with the tools and resources to help them thrive in work and in life. Over 35,000 women in miami have already succeeded and transitioned from unemployment to economic independence. We have seen that when women have the possibility to earn an income, find stability, and invest back into their communities, they successfully break the dreadful cycle of poverty. The dress for sess celebration will also honor the first woman to serve as president of any state senate in the United States, florida senator gwynn margo liss. Ive had the pleasure of knowing her for 30 years and can testify on her commitment to Public Service to our community and in her many capacities as a member of the Miamidade County commission, the Florida House of representatives and the florida senate. I thank florida senator gwen margo liss and dress for success miami for what they do on behalf of low income women of south florida. Thank you, mr. Speaker. The speaker pro tempore for what purpose does the gentleman from massachusetts seek recognition . Without objection the gentleman from massachusetts is recognized. Thank you, mr. Speaker. Mr. Kennedy i rise today to advocate for the 1. 3 million americans and their families hit hardest by this recession and try to meet the basic necessities, food, transportation, rent and Health Care Just got harder. Their needs are not extravagant. The benefits of Unemployment Insurance are not a blank check. Theyre modest lifelines for families in need of desperate help over the holidays. Since congress has failed to act over 60,000 residents of massachusetts have lost access to these benefits and if we fail to do so, 150,000 more residents of our state are in jeopardy. Unemployment the rate is 6 , to not extend the benefits today is wrong. My colleagues blocking this bill will tell you theyre concerned with the number of people accessing these benefits. You know what . So am i. Cutting those benefits off today is wrong. He funding we seek today is an essential lifeline for these individuals, at a time when we need to expanding work Forest Development programs, Work Force Training programs, and stem education. We need to support our Small Businesses and the economic engine for so Many American communities. It means support for transportation upgrades, investments in infrastructure and affordable housing. Theres a lot we should be working on right now, getting our economy going again and getting people back up should be priority number one. I yield back. The speaker pro tempore for what purpose does the gentleman from ohio seek recognition . I ask unanimous consent to address the house for one minute and revise and extend my remarks. The speaker pro tempore without objection the gentleman from ohio is recognized. Thank you, mr. Speaker. I rise to urge support for the flexibility to promote reemployment act. Under the middle class tax relief and job creation act of 2012, states were granted unprecedented flexibility in the use of Unemployment Insurance funds to help unemployed individuals collect paychecks instead of benefit checks. Mr. Renacci unfortunately, they issued restrict iver, burdensome and costly application requirements. To date, one state has completed the application possess only of the application swiftly denied. The flexibility to promote reemployment act increases flexibility in the flexibility of using state d. I. Funds by revisiting the operation guidance and allows states to operate projects that test other means to help the unemployed return to work. We need to be doing everything we can to advance solutions to promote job creation. I urge my colleagues on both sides of the aisle to support this commonsense legislation. Thank you, mr. Speaker, i yield back. The speaker pro tempore for what purpose does the gentleman from pennsylvania seek recognition . I ask unanimous consent to address the house for one minute. The speaker pro tempore without objection, the gentleman from pennsylvania is recognized. Thank you, mr. Speaker. Three days after christmas, december 28 this federal government allowed 1. Million American Families to be cut off longterm Unemployment Insurance. It comes at a time when we were in the dead of winter, at a time when construction employment is tore mant, agriculture is not hiring, it comes at a time when the National Unemployment rate is close on 7 . Mr. Cartwright when the National LongtermUnemployment Rate is 2. 2. 6 , twice what it ever was when we cut off longterm unemployment before going back to 1959. It comes at a time when jobs growth is its weakest in three years and it comes at a time when we know its going to cost 240,000 jobs for our economy. This is money, mr. Speaker, that goes right back into the economy because people are living hand to mouth on these checks and they need to spend it right away. At this point, mr. Speaker, i urge you to bring up the modest 90day extension for Unemployment Insurance before we break for recess. Thank you. The speaker pro tempore for what purpose does the gentleman from kansas seek recognition . Mr. Speaker, i ask unanimous consent to address the house for one minute and revise and extend my remarks. The speaker pro tempore without objection, the gentleman from kansas is recognized. Thank you, mr. Speaker. The new year is a new opportunity for americans to get back to work. Mr. Yoder over the coming weeks well hear debating of proposals that would put more people on unemployment support for longer periods of time. Frankly, mr. Speaker, thats the wrong direction for our country. What the American People want and need are greater job opportunities, not bigger government perhaps. Lets not bigger government programs. Lets grow the economy not the federal government. We live in the land of opportunity, the greatest nation on earth. A place where everyone, no matter what their economic, racial or sose yo economic background, has a chance to live the American Dream. The policies of Big Government only stoverb threaten those opportunities. Rather than focusing on expanding government programs, lets expand opportunity. Lets empower the American People to grow and build and create. Lets focus on bills that create more opportunities for employment and lets come together and help honest, hardworking americans realize the Great American dream. The speaker pro tempore for what purpose does the gentlelady from california seek recognition . I ask unanimous consent to address the house for one minute. The speaker pro tempore the gentlelady is recognized. Thank you, mr. Speaker. The federal minimum wage has failed to keep up with the cost of living. Nearly 2 3s of minimum wage workers are women and 42 million american women either live in poverty or are right on the brink of it. Ms. Hahn this is wrong. No one who works hard at a fulltime job to provide for their children and families should be living in poverty. Today with one in five children living in poverty, we must act and pass the minimum wage act to increase the minimum wage to 10. 10 for minimum wage workers over the next three years. It would bring over 4. 5 Million People above the poverty line. Increasing the minimum wage to 10. 10 will not only put more money in the hands of those in need but will infuse an additional 51 billion into our economy. And this will not be a job killer, it actually will help to create 140,000 new jobs. Our success as a nation hinges on the success of women, when women succeed, america succeeds. The speaker pro tempore for what purpose does the gentlelady from new york seek recognition . Without objection, the gentlelady from new york is recognized. Mr. Speaker, ms. Velazquez mr. Speaker, because of the houses inaction, three days after were mas, 127 new yorkers cut off from jobless benefits. In o2014, every week, another 100 families lose employment compensation. These families are struggling to make ends meet and put food on the table. This inaction not only harms dislocated workers who stopped receiving a check in the mail but also slows Economic Growth. When families have to further cut spending, there is a ripple effect. As families spend less on necessities like food and clothe clothing, local businesses take the heat. Indeed it has been estimated that failing to pass an Unemployment Insurance extension will cause our will cost our economy 310,000 new jobs. Mr. Speaker, this could end today. Lets do what is right for working families and for the american economy. Lets reinstate Unemployment Insurance and lets do so now. I yield back. The speaker pro tempore for what purpose does the gentleman from North Carolina seek recognition . I ask unanimous consent to address the house for one minute and revise and extend my remarks. The speaker pro tempore without objection, the gentleman is recognized for one minute. Mr. Butterfield i rise to remind my colleagues that the war on poverty begun 50 years ago by president johnson is still relevant today. We must not forget that nearly 50 million americans in 2012 were below the Poverty Level and that includes 13 million children and most startling, mechanic, 16 million of those live below half of the poverty line. Were i not for the safety net were it not for the safety net some want to dismantle, 41 million more would live in poverty. Its undeniable that the poverty rate has decreased but the face of poverty continues to be lowincome whites, racial minorities and females and children. The only the the omnibus bill will dont dismantle spending that will undo the gains made over the last 50 years. I plead with my colleagues to be vigilant to fight poverty in america. We must provide for the common defense but we must also provide for the common good and enable every american to achieve the American Dream. Thank you and i yield back. The speaker pro tempore for what purpose does the gentlelady from nevada seek recognition . I ask unanimous consent to address the house for one minute. The speaker pro tempore without objection, the the gentlelady from nevada is ecognized. 50 years ago, president johnson declared a war on poverty in america, and started programs like head start, medicare and job corps designed to give all americans the opportunity to succeed. Ms. Titus these have had a substantial impact, cutting poverty by one third since 1967. Despite the progress, we have a lot to do. Today 100 million americans live in or near the brink of poverty, including 48 million women and 28 million children. In nevada nearly 18 of women and 24 of children live in poverty. A situation made even worse by the gender wage gap and the lack of paid leave and affordable care. Its hard to lean in when youre barely hanging on. Whats more, cuts to snap and Unemployment Insurance have placed even greater hardships on those already struggling to get by. Denying these vital lifelines is morally indefensible and economically shortsighted. To win the war on poverty, we must strengthen, not gut, the programs that protect and empower millions of people every day, giving everyone in this great country an opportunity to succeed. I yield pack. The speaker pro tempore for what purpose does the gentlelady from hawaii seek recognition snfment without objection, the gentlelady from hawaii is recognized. Ms. Hanabusa for the first time israel named a military facility after noonisraeli. Naming it after Daniel Inouye is a National Defense facility. U. S. And israel developed the aeromissile system. A steadfast example of this is perhaps the most appropriate way to remember him as our senator played an integral role in transforming the relationship between our two countries, and i am pleased that our allies around the world continue to honor him and carry on his legacy. When former colleague called senator inouye, they insisted without him there would be no u. S. Aid to israel as we know it today. Senators interests in israel stemmed from learning the faith of jews in israel after his own experience to italy in the 442nd, a legendary unit of japanese americans, which earned him the highest military honor, the congressional medal of honor. This honor is another example of how senator inouyes influence and hard work have definitely impacted, not only hawaii, but also our nation and the world. This time he was recognized some 8,664plus or minus miles from his beloved hawaii. I yield back. The speaker pro tempore for what purpose does the gentlelady from california seek recognition . I ask unanimous consent to address the house for one minute. The speaker pro tempore without objection, the gentlelady from california is ecognized. Mrs. Negretemccloud i ask my colleagues to reinstate the lifeline for the unemployed. Since the expiration of the Unemployment Benefits in december, 1. 3 Million People nationwide have been affected. One in six of whom live in california. This extension of Unemployment Benefits is especially needed for the residents of San Bernardino county where the above yed rate is well the national average. It keeps individuals actively looking for work. They prevent families with a reduced income from becoming homeless and infuse the economy with muchneeded dollars. My constituents have contacted my office on a daily basis. I hear them. They need this vital lifeline back. I ask that the speaker work with the senate and take up this extension. Thank you, mr. Speaker, and i yield back. The speaker pro tempore for what purpose does the gentleman from nevada seek recognition . I ask unanimous consent to address the body for one minute. The speaker pro tempore without objection, the gentleman from nevada is recognized for one minute. Mr. Horsford is wrong that congress would deny the 1. 4 million americans Unemployment Benefits, including the 18,000 nevadans. Mr. Speaker, this is the week the checks stop coming in the mail, and for those who may never have been unemployed or dont know what its like to struggle, for Many Americans this is the week that the pain takes hold. And the hypocrisy from across the aisle is staggering. I dont quote the former president often, but on december 14, 2002, in his weekly radio address, thenpresident george w. Bush scolded congress because, quote, no final bill was sent to me extending Unemployment Benefits for about 750,000 americans whose benefits will expire on december 28. He went on to say, these americans rely on their Unemployment Benefits to pay for their mortgage and rent, food and other critical bills. They need our assistance in these difficult times and we cannot let them down. The Unemployment Rate in ecember, 2002, it was just 6 . Congress extended those Unemployment Benefits, mr. Speaker, by a vote of 4164. If it was an emergency then, its an emergency now. The speaker pro tempore the gentlemans time has expired. Mr. Horsford its time to do the right thing and extend Unemployment Insurance for the 1. 4 million. The speaker pro tempore pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to suspend the rules on which a recorded vote or the yeas and nays are ordered or on which the vote incurs objection under clause 6 of rule 20. Record votes on postponed questions will be taken later. For what purpose does the gentleman from new jersey seek recognition . Mr. Speaker, i move that the house suspend the rules and pass h. R. 2274, as amended. The speaker pro tempore the clerk will report the title of the bill. The clerk Union Calendar number 243, h. R. 2274, a bill to amend the Securities Exchange act of 1934 to provide for a noticefiling registration procedure for brokers performing services in connection with the transfer of ownership of smaller privately Held Companies and to provide for regulation appropriate. To the limited scope of the activities of such brokers. The speaker pro tempore pursuant to the rule, the gentleman from new jersey, mr. Garrett, and the gentlelady from alabama, ms. Sewell, each will control 20 minutes. The chair recognizes the gentleman from new jersey. Mr. Garrett thank you, mr. Speaker. I ask unanimous consent that all members may have five legislative days to revise and xtend their remarks and submit extraneous materials to the record of h. R. 2274, as amended, currently under consideration. The speaker pro tempore without objection. Mr. Garrett and at this point, i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Mr. Garrett and id also want to begin by thanking the speaker and say i rise in support of this good piece of legislation, h. R. 2274. Its the Small Business mergers, acquisitions, sales and brokerage simplification act. Its introduced by the gentleman from michigan, mr. Huizenga, who will be speaking momentarily. You know, mr. Speaker, during the period of overly burdensome Big Government of obamacare and of doddfrank and thousands and thousands of more regulations costing americans literally trillions of dollars, its really no surprise that the Economic Growth and job creation in this country remain sluggish. You know, americas Small Businesses, they are at the primary engine of job creation, well, theyre the ones disproportionately affected by this deluge of new rules and regulation coming out of washington daily. In according to a recent survey, government regulation and red tape is the single most important problem facing them. So while our colleagues in the senate appear unwilling these days to pass any legislation to help create jobs, well, we have h. R. 2274 in the house we take up and its done in a bipartisan manner. Its a commonsense piece of legislation that will remove some of these unnecessary regulations and obstacles to Small Business development and growth and job creation. What it will do, let me explain this, would exempt brokers who perform services in connection with the transfer of ownership of small, privately Held Companies, they are also known m a brokers, from the costly onesizefitsall requirements we have right now. So while terms that we sometimes hear in the press and elsewhere, mergers, acquisitions, brokers, you know, they may give you the image of big wall street and what have you, but make no mistake about it, this bill is about helping main street. You see, m a brokers play a very, very Important Role helping Small Businesses and Small Business owners successfully navigate their way through and transfer their company, sell their company to new owners, new enterprises instead of simply closing up their shop and going out of business. Yet, under the current s. E. C. Current onesizefitsall regime, they face a myriad of costly regulations. And unfortunately m a brokers have to pass their costs onto, well, other Small Businesses and eventually the public. So its no wonder this legislation has now received widespread and bipartisan support. In fact, this bill was unanimously approved by the committee 570. Let me get that straight. 570. So id like to thank the sponsor, mr. Huizenga, for all his hard work on this legislation and bringing it to the board at a time whener in dealing with regulation and red tape, this type of bipartisan, proSmall Business, projob legislation is exactly the type of thing we need and i urge my colleagues on both sides to pass it as we did in the committee in a bipartisan manner. And with that i think ill yield back initially and then the speaker pro tempore does the gentleman reserve . Mr. Garrett i reserve, i should say. The speaker pro tempore the gentleman reserves the balance of his time. The gentlelady from alabama. Ms. Sewell mr. Speaker, i yield myself such time as i may consume. The speaker pro tempore the gentlelady is recognized. Ms. Sewell today i rise in support of h. R. 2274, the Small Business mergers, acquisitions, sales and brokerage simplification act of 2013. H. R. 2274 provides a muchneeded exemption and clarification for current m a brokers who perform services in connection with the transfer and ownership of small and mediumsized businesses in privately negotiated transactions. Small and mediumsized businesses play a critical control in our economy. They provide jobs. They spur innovation and they strengthen our overall economy. In fact, over the past decade and a half, americas Small Businesses and entrepreneurs have created 65 of all new jobs in this country. As businesses grow, many small and mediumsized businesses reach a point where they want to and need to expand their businesses. They turn to mergers and acquisitions professionals to facilitate such sales. Currently, m a brokers who facilitate the sales of small and mediumsized privately owned Companies Must register with the s. E. C. S. E. C. Registration as a broker also requires membership in the federal the financial industry regulatory authority. The burdens and costs of initial brokerdealer registration and ongoing compliance with both s. E. C. And finra requirements are substantial. They adversely impact and increase the costs that Business Owners incur to sell, buy or grow their mediumsized businesses. H. R. 2274 is a legislative acknowledgment that one size does not indeed fit all when it comes to transactions. Prior to my election, i was a securities lawyer working in the Capital Market working with a firm. Not all mergers and acquisitions are alike and so may not need the same type of requirements. Some are privately negotiated transactions of relatively small dollar amounts with sophisticated investors, not for public sale. By streamlining and simplifying the regulatory structures of these small and mediumsized businesses, we allow them to safely, efficiently and effectively sell their companies while preserving growth and protecting jobs in these companies. This bill, h. R. 2274, allows smaller privately Held Companies to save time and money on the Services Rendered during the transfer of ownership and allows for smooth sale and transfer. To qualify for the exemption, the transaction would have to involve a business with less than 250 million in gross revenues and or pretax earnings of less than 25 million with no securities, and the buyer of the business is someone who will actively manage and control the business, either directly or indirectly. I fully support this Bipartisan Legislation in its efforts to simplify the regulatory structure in the sale and transfer of ownership in small and mediumsized businesses and privately negotiated transactions. This reform was welcomed by regulators and passed, as the chairman of the subcommittee accurately and so noted by a vote of 570, unanimously, with full bipartisan support. The task force recommended this change in its 2005 report, which is available on the s. E. C. Website, and similar recommendations to simplify brokerdealer registration for m a brokers was made by the final report by the Advisory Committee of the s. E. C. On Small Business companies in 2006. I think appropriately scaling federal registration of m a brokers is a good thing and something i would not only support but encourage my colleagues to support as well. H. R. 2274 would amend the exchange act by adding a new subsection, section 15, which would govern brokerdealer registration. The amendment would cut regulatory costs incurred by sellers and buyers of small and midsized privately Held Companies in privately negotiated transactions. Federal law would continue to provide important investor protections through the s. E. C. Registration and s. E. C. Regulation of Capital Custody capital, custody, Record Keeping applicable to m a brokers and state security laws will continue to apply. I think this is a sensible legislation that should be supported by both sides of the aisle. I am indeed honored to stand with my colleagues in support of h. R. 2274, and i yield back actually, i reserve the remainder of my time. The speaker pro tempore the gentleladys time is reserved. The gentleman from new jersey. Mr. Garrett so i thank the gentlelady for working with us on this, as she said, sensible piece of legislation and with that ill now yield such time as the gentleman may consume, the sponsor of the legislation thats before the house at this time, the gentleman from michigan, mr. Huizenga. The speaker pro tempore the gentleman from michigan is recognized. Mr. High sdemrenga thank you mr. Huizenga thank you, mr. Speaker. I rise in support of h. R. 227 4, the Small Business mergers, acquisitions, sales and brokerage simplification act. Its a very complex set of laws and rules that have been set in place and i do want to say thank you to my subcommittee chairman, mr. Garrett, and Ranking Member sewell for their work on this as well as chairman hensarling and Ranking Member waters as weve explored this and dove headfirst really nto this issue. Its been estimated thats theres approximately 10 trillion theres approximately 10 trillion, thats trillion with a t, of small family type businesses that will be sold or closed as baby boomers retire in the coming years. We want to see one of those things happen. We want to see people see the fruits of their hard work over the years. We want to see them able to sell companies. We dont want to see them close them unnecessarily. We know the impact that happened to communities, swell some small communities in my district, when that happens. Brokers play a Critical Role in facilitating ownership of smaller, privately Held Companies. Ently all m. M. A. Brokers it increases the costs when they buy or sell a business. We have heard anecdotely that they have to make a decision, they cant move ahead and cant really afford to sell that small, literally, sometimes corner store, mom and pop type operation so they end up closing it because they cant afford to go through with the sale. This issue has been highlighted by the s. E. C. s forum on Capital Formation which for the last seven consecutive years, over the last two administrations this Current Administration and the last administration, has repeat think recommended that the s. E. C. Modernize and streamline the regulation of m. M. A. Brokers but unfortunately the s. E. C. Has never acted on the recommendations. We think the time is up. We bereave that seven years is long enough. Its time that this body and hopefully our colleagues in the senate as well, will take this bill and finally put some closure to this issue. Thats why i long with representatives higgins and posey introduced this bill. It would create a simplifies system for brokers performing services in connection with the transfer of ownership of smaller privately Held Companies. By simplifying the regulation and reducing the cost of Business Brokerage services, smaller, privatelyown Company Owned companies would be transfer their ownership. Theres no risk to the public new york threat to the safety and soundness of our Economic System but it is important to those communities that have those kinds of businesses in them and where theyre located. In october of 2013, a piece in the hill newspaper, michael nall president of the alliance of the m a, leader said this is an excellent bipartisan bill, one whose time has come and congress should get it done before the end of the year. Sorry, mr. Nall, were behind schedule but were getting there. He goes on to say, its not a sexy bill, not one primetime tv will be talking about and not one that will evoke a question in the next president ial debate bus it is a bill that does have teeth and its a substantive piece of Small Business legislation, close quote. Maybe we can inject this into the next president ial election because this ultimately is about the foundation of our country. Its about the ability for entrepreneurs to go out, strike out on their own, go become successful, and then reap the rewards of that and all the while providing jobs to communities like we aural represent. In todays highly charged political environment its nice to show the American People that pozzive effective initiatives can be considered and passed with strong bipartisan support this important legislation overwhelmingly passed the Financial Services committee by a bipartisan vote of 570 its legislation like h. R. 2274 that demonstrates congress can act in a bipartisan manner to positively impact the lives of americans. So mr. Speaker, with that, i urge a yes vote on this legislation and i look forward to working with my Senate Colleagues to see h. R. 2274 make its way to president obamas desk. Again, i want to thank chairman garrett for his leadership on this issue. I yield back. The speaker pro tempore the gentlelady from alabama. Ms. Sewell i yield to mr. Himes such time as he may consume. Sproim the gentleman is recognized. Mr. Himes i thank the gentlelady for yielding me time and mr. Huizenga for his work on this we spend a lot of time in this talking about the American Dream and in many cases is the apex of the American Dream is when the entrepreneur who started a bunch of restaurants or car washes or local retailer or service organization, after working hard at that over a lifetime, has the opportunity to reap the rewards of that labor, sell that business andry achief the success that an individual worked a lifetime to do. If youve run caffer washes or restaurants or Retail Operations you probably know little about the complicated task of selling a Small Business. And theres no reason in the world why that transaction which again is at the apex of the American Dream, should be overburdened by regulatory cost that dont make sense. At the end of the day, the m a brokers we are talking about are not selling stocks to retail investors, theyre not marketing mortgages, they are doing a very technical transaction that again is so important to Wealth Creation in this country system of i thank my colleagues on the other side but i dont want to let the moment go by without reminding my good friend from new jersey that as he blanket condemns regulation today on the floor, that there are 300,000 people without Drinking Water in West Virginia today in the greatest country on earth. Not because theres too much regulation but because the regulations werent good new years ago in west texas a fertilizer train blew up killing 15 people and injuring 160 people not because there was too much regulation but because there was poor regulation. In the area of our expertise, Financial Services, this economy was also devastated, not because there was too much regulation but because there was effectively no regulation on derivatives. Complicated, large instruments that brought down institutions like ample i. G. And others because before doddfrank you could go into a neighborhood and sell somebody a mortgage without asking for their income. We succeed and the economy succeeds because we do exactly this we find the right balance. We acknowledge that good regulation can save lives in texas, Drinking Water in West Virginia, and prevent the destruction of 17 trillion of americans wealth as occurred five years ago. So again i celebrate and thank my good friend from new jersey and promise to continue this dialogue on how we dont condemn all regulation but seek a balance that allows our economy to thrive as it always has. With that, i reserve the balance of my time. The speaker pro tempore the gentleman yields back his time. The gentlelady reserves. The gentleman from new jersey. Mr. Garrett i yield myself such time as i may consume. The speaker pro tempore the gentleman is recognized. Mr. Garrett the gentleman from connecticut has the unique ability to come to the floor and work in a manner where both sides said we had a bipartisan, joint piece of legislation, a jobs creating legislation, he has the unique ability to turn this moment into a partisan hack attack. No, i never once said that im against all blanket condemnation of all regulation. In fact, if the gentleman from connecticut listened closely he would have heard that we are, i think, in a bipartisan manner opposed to overly excessive regulation, legislation that regulation that does not make sense, regulation that hurts jobs. I think thats what his colleague also said, shes opposed to those unnecessary regulations and thats what this bill is about. We are in favor, i think, the gentlelady and i both said this, we are in favor of smart regulation and thats what this bill before us is about trying to achieve. If he wants to take a look at bad regulation, all we need to do is the excessive and inappropriate regulation we had prior to the 2008 crisis. The fact that we had examiners and regulators in each and every one of the major failed institutions that led up to this crisis and those individuals failed to do their jobs. Those individuals failed to find the problems before they came to a head. Those individuals failed to find situations even when they were told about them in cases like stanford and madoff and other ones we could go down through. We had regulators who did not perform their jobs even though they had the authority, the ability, the financing, the money and Everything Else to do it they turned a blind eye to it and failed to do is. This is not a teem for partisanship, this is a time to commend both the upon so sponsor of the legislation and the gentlelady who joins with me on this to say we can get together, we can find commonality, with when we want to have smart regulation and thats what we should be commending and moving forward on this legislation today. With that, i reserve and i dont believe we have any spokers, but i reserve to close unless they have other speakers. The speaker pro tempore the gentlelady from alabama. Ms. Sewell id like to yield to mr. Schneider of illinois such time as he may consume. The speaker pro tempore the gentleman is recognized. Mr. Schneider thank you for allowing me the time. I rise in strong support of the Small Business mergers acquisition, sales, and broker simplification act of 2013, h. R. 2274. I want to thank congresswoman sewell and congressman huizenga for bringing this bill to the floor. Small businesses are the fabric of our economy and often the fabrics of the communities in which we live. Many of these businesses are family owned businesses. They provide the wherewithal, the stability and the future aspirations for many families. They are frequently passed from generation to generation. Sometimes the next generation does not or is not able to take over the business. It is critical for our communities, it is critical for our economies that these businesses are able to pass to a new owner to continue, to continue to employ people, to continue to drive our economy. Thats exactly what this bill does. It allows those businesses to bring in the expertise, to bring in the knowledge, to bring in the capacity to move from generation to generation even outside the family. Thats why i rise and encourage my colleagues to support this bill. Thank you and i yield back the balance of my time. The speaker pro tempore does the gentlelady reserve . Ms. Sewell i reserve. Mr. Garrett we have no other speakers. The speaker pro tempore the gentlelady from alabama. Ms. Sewell we have no other speakers, im prepared to close. The speaker pro tempore the gentlelady is recognized. Ms. Sewell i believe this makes good sense. All of vuss small and medium sized Business Owners in my district who sooner or later will want to sell or grow their businesses through acquisition or transfer of ownership. They will seek advice and hire highly trained professionals to help them find and screen potential targets. These buyers and sellers are represented by lawyers and accountants, they rely on written representation and warranties in these negotiated transactions, we should reduce the barriers to Capital Formation and this bill is an important step toward that. This bill by streamlining transactions will free up s. E. C. Resources to protect the public against Public Markets and passive investors. As baby boomers age, theres a tremendous transfer of wealth and streamlining that will occur over the next generation. As my colleague so aptly said it is estimated that over 10 trillion of privately owned businesses will be sold or closed as baby boomers retire. Jobs are preserved and created when existing businesses are acquired by entrepreneurs or other companies. In main street, typically, Business Brokers pay play a vital role in facilitating these private business americaners and acquisitions and this measure will encourage such growth. Helping Small Businesses is not a partisan issue. We all benefit when Small Businesses grow and flourish. I continue to look forward to working with my colleagues on beth sides of the aisle to make strategic and beneficial policy decisions that will be smart regulations to strengthen our economy and create jobs. I urge my colleagues to vote yes on h. R. 2274. And i yield back the balance of my time. The speaker pro tempore the gentlelady yields back her time the gentleman from new jersey. Mr. Garrett yes. So i begin by thanking the gentlelady for her leadership on this legislation, for adopting the word she used, smart regulation, but also the words you used as well as far as reducing barriers and streamlining, which is what the gentleman from michigan has accomplished in this legislation, accomplished with the legislation before us. The other thing ill