Madam Speaker, I thank my colleague from Georgia for yielding me the customary 30 minutes, and I yield myself such time as I may consume. I rise today in opposition to this structured rule. This is…
Madam Speaker, I thank my colleague from Georgia for yielding me the customary 30 minutes, and I yield myself such time as I may consume.
I rise today in opposition to this structured rule. This is yet another example of this Congress' remarkable ability to take commonsense measures and churn them, through partisan posturing, into measures that not only put in jeopardy broad, bipartisan support from this body, but significantly weaken them and reduce the quality of the work product for the American people.
This rule that we're debating does two things. We'll have the opportunity in a moment to talk about the Expedited Line-Item Veto and Rescissions Act, an underlying bill that I strongly support, one that would empower the President of the United States to use the line-item veto on unnecessary expenditures to help reduce our deficit, subject to an en masse approval vote of the United States Congress. It fundamentally addresses some of the constitutional flaws with a broad line-item veto, which has been attempted in the past, that many Governors currently wield.
So it's, I think, a good-faith effort by both sides to come to something that the American people think is common sense. Congress should not be able to force the President to spend money in areas that are unnecessary, that are earmarks, that are special interest expenditures. The President can then highlight those, bring them back to Congress, subject to an up-or-down vote.
The bigger problem with this rule is the other component of this rule, which prevents Members from offering amendments that would strengthen the STOCK Act--a very significant piece of reform legislation offered by Mr. Walz and my Rules Committee colleague and ranking member, Louise Slaughter, which I proudly cosponsor.
This bill, the STOCK Act, has been subject to a lot of media attention of late. It would ban insider trading in Congress, again, a commonsense approach and something that I think has broad, if not universal, support on both sides of the aisle.
But a little bit of history of how we got here and why this particular rule many on our side and I myself see as an attempt to water down many of the critical provisions of the STOCK Act and make it less meaningful in responding to the public outrage about perceived behaviors that can occur, both among the Members and the staff in this body, as well as on the executive side of government.
This bill has been introduced, the STOCK Act, by Representative Slaughter for 6 years now. I've been a cosponsor since last year. It has rapidly picked up cosponsors in the last year, including close to 100 cosponsors from the other side of the aisle. It's a strong bipartisan piece of legislation with strong support.
First, this bill, the STOCK Act, was blocked by the majority leader. Now it's being rewritten behind closed doors and without the input of Mr. Walz or Ms. Slaughter. We don't know what this so-called STOCK Act will contain. We have reason to believe it will water down a number of provisions of the STOCK Act.
It's my understanding that at least the version of the STOCK Act released last night removed the requirement that political intelligence firms register as lobbyists. Now, what are political intelligence firms? They are firms that are hired by those who do financial transactions and effectively bet on stocks going up or down. Hedge funds, et cetera, would hire these political information firms to try to figure out, using their connections, what Members of Congress and, just as importantly, committee staff and staff members are thinking, and timing, with regard to hearings and the introductions of bills.
Now, in an open system, obviously, discussion among people is certainly fine, but the issue is whether they have to register as lobbyists. Lobbyists have a registration process that critically includes who their clients are to provide visibility and transparency into who their clients are.
Political intelligence firms do not need to register under current law. They would be required to register under the STOCK Act. But under the version, the weakening of the STOCK Act that Leader Cantor posted to the Web site, they would no longer be required to register. In fact, specifically, from the Web page of a political intelligence firm, it says that they, in fact, relish this ability to operate in secrecy. Quoting from their Web site it says: ``providing the service for clients who do not want their interest in an issue publicly known.''
So again, there is this, I think, commonsense loophole that the American people are outraged over that allows people to avoid registering as lobbyists who are in the business of developing relationships with Members and their staffs for the purpose of seeking inside information for financial gain. And I would strongly recommend that any serious STOCK Act include a registration requirement around political intelligence firms.
We also won't have the opportunity in the House, as the Senate did, to make the STOCK Act stronger and to strengthen the bill through the amendment process. Under this particular version of this rule that we're debating, there will be zero, zero amendments allowed--no amendments from Republicans and no amendments from Democrats to strengthen the STOCK Act.
Now, even the Senate, which is hardly known for its legislative efficiency, was able to consider amendments and get the bill done and passed because of its bipartisan support. We should do so in the House under an open process, or even a controlled process, 10, 15, 20 amendments.
I know Members across both sides of the aisle have ideas about how to reduce the perceived inequities and conflicts of interest that exist, both among Members and appointees, and on the executive side of government. We owe nothing less to the American people.
So I am terribly disappointed that this rule will not allow for any strengthening of the STOCK Act and, quite to the contrary, actually deals it a severe weakening blow by removing political intelligence.
Furthermore, we don't know, at this point, what exactly will be in this STOCK Act that potentially could be under consideration tomorrow. Contrary to the promise that the Republican majority made to the American people about having time to read bills, it's my understanding that an initial
version was posted last night. It's my understanding that a subsequent version weakening the STOCK Act was posted just an hour ago, which I don't think any of us have had the opportunity to read.
We fear that this could be changed again; and, yet, under this rule, this Congress could be called on to act on this tomorrow, to vote on this tomorrow, with no opportunity to strengthen the bill, no opportunity to prevent the watering down of the bill by the majority leader of this body, which is occurring behind closed doors as we speak.
Now, again, while I cannot support the rule for those reasons, I want to also discuss one of the underlying bills that this rule will bring to the House, which is the Expedited Line-Item Veto and Rescissions Act. This act is an important step, albeit a small step, a small but constructive step, towards the cause of deficit reduction and eliminating the wasteful spending and earmarks that have too often been the hallmark of this Congress and past Congresses.
Now, Members on both sides of the aisle have disagreements about this bill. When you have a bill that impacts legislative prerogative, that's likely to be the case. I know some are concerned about constitutionality, generally, of line-item veto bills. I believe that this bill was carefully crafted to take into account those valid constitutional arguments about the separation of powers and the prerogative of the legislative branch.
This legislation strikes the correct balance between the Framers' intent to place the power of the purse in the hands of Congress, which retains, under this bill, the ability to approve or disapprove of any Presidential line-item veto, with the need to cut out wasteful spending that piggybacks on larger, must-pass legislation which, whether it's an omnibus or an appropriations bill, we know that this body has been unable to produce, cleaner, leaner spending bills. And I think it can be a constructive step to enlist the help of the President of the United States in removing unnecessary and indefensible pork from spending bills.
I would also add that this bill is a welcome change for many of the other so-called budget-reform bills that have been brought forward by the House Budget Committee. The House Budget Committee has brought forward bills to pretend that inflation doesn't exist. They've brought forward bills to have funny scoring, trick scoring, dynamic scoring, rather than the usual objective process of the Congressional Budget Office.
But you can't pretend the deficit away. You can't pretend the deficit away by assuming there's no inflation. You can't pretend the deficit away by putting in wacky numbers that are whatever you feel like, based on your biases.
So this bill is really the first budget bill that is a constructive step towards actually controlling spending, something that I've often heard Members of both parties pay lip service to, but this body has done relatively little to address that notable goal of budgeting our budget.
However, there's a lot more to do. I've always maintained, as have many on my side of the aisle, that rather than talking about balancing the budget, rather than talking about what we want to do, and rather than trying to change the rules, let's balance the budget. The supercommittee had an opportunity to do that with a balanced approach.
The President of the United States has called for a balanced approach to balance the budget. The President of the United States has convened the Simpson-Bowles Commission to outline specific plans around ending our budget deficit and returning our Nation to fiscal responsibility. That bill, from the Simpson-Bowles Commission, there were no bills that have been taken up by this body that would fundamentally address the very real budget problems that we face.
And to be clear, we cannot simply pass this Expedited Line-Item Veto and Rescissions Act and say, problem solved, game over, let's go home. A constructive step towards balancing our budget, yes, but a small step, a baby step, a potential step in the right direction, but one that, by no means, should get Congress out of the responsibility of acting responsibly in a balanced manner to balance our budget, right our fiscal ship, ensure the long-term integrity of Social Security and Medicare, and balance our budget deficit.
We need to use a balanced approach to budget challenges. The approach needs to be comprehensive and bipartisan. I would like to maintain some hope and optimism that perhaps the Expedited Line-Item Veto and Rescissions Act would be a small first step towards a larger collaboration between the two parties to tackle the issues of the day.
While not, in and of itself, the real progress we need to actually solve the budget item, the Expedited Line-Item Veto and Rescissions Act will assist lawmakers in targeting wasteful government spending. Unlike previous attempts at a line-item veto that have been ruled unconstitutional, the Expedited Line-Item Veto and Rescissions Act respects the careful system of checks and balances that our Framers established.
Under this bill, the President can highlight unjustified government spending that's wasteful, and the President can then identify those items, but it has to come back to Congress to affirmatively approve, by majority, any cancellation of expenditures in those areas. Let them be debated and defended on their merits, rather than slipped in to thousand-page bills in the dark of night.
Further, the President's withholding authority is limited. The President can only hold back on spending for 45 days after the appropriations bill has been enacted.
I think this bill can be a step towards putting our Nation on a path towards fiscal discipline and a balanced budget. I am aware that there are those on both sides that, for constitutional or legislative prerogative reasons, feel differently than I do. But I think a ``yes'' vote on the underlying bill would be a small positive step towards combating the runaway spending that has characterized not only this Republican Congress, but prior Congresses controlled by both parties.
I reserve the balance of my time.
Madam Speaker, I yield myself such time as I might consume.
If we defeat the previous question, I will offer an amendment to the rule to ensure that the House votes on the political intelligence provisions that are included in the STOCK Act written by Ms. Slaughter and Mr. Walz as a standalone bill. This bill will help shine sunlight onto political intelligence firms and require that they register as lobbyists. This provision already has the support of a majority of the Members of this body--285 Members, including 99 Republicans.
The fact that the Republican leadership has weakened and watered down the STOCK Act by stripping out this provision we'll be considering this week is both shameful and wrong. It's clear that this House needs to act, and it will be my hope that we defeat the previous question and I'm able to offer this amendment.
I am honored to yield 5 minutes to the gentlewoman from New York (Ms. Slaughter), the ranking member of the Rules Committee and the sponsor of the STOCK Act.
I would be happy to yield an additional minute to the gentlelady from New York.
I yield myself such time as I may consume.
Madam Speaker, I have to say, after hearing my colleague from Florida, I'm a little bit confused about where he stands.
Certainly, his arguments were many of the same arguments that I and others have been making. In fact, Ranking Member Slaughter proposed in committee yesterday to strike suspensions authority specifically so the gentleman from Florida could offer his bill as an amendment to the bill and so we could have a discussion about this blind trust issue. I think that would have been a better way to have brought it to the floor.
Yet the gentleman from Florida voted ``no'' yesterday to the provision that he is effectively trying to argue for on the floor today. He concluded his remarks by confirming that he plans to vote for a rule that fundamentally doesn't allow him to do what he thinks needs to be done to restore ethics and integrity to this body.
So I think that that is an example of the type of contradictions that we're hearing, but I would urge the gentleman to be convinced by his own arguments so that he might join me in opposing the previous question and in opposing the rule.
Madam Speaker, it is my honor to yield 2\1/2\ minutes to the gentleman from Minnesota, an original sponsor of the STOCK Act, Mr. Walz.
Yes, I do. I have one further request for time.
It's my honor to yield 2 minutes to the gentlewoman from Texas (Ms. Jackson Lee).
I yield a total of 1 additional minute to the gentlewoman from Texas.
I am prepared to close.
Madam Speaker, I yield myself the remainder of my time.
The Expedited Line-Item Veto and Rescissions Act is a fiscally sound way for both Congress and the President to reduce wasteful government spending and ensure that American taxpayer dollars are spent wisely. This legislation will help in a small way to address
our budget crisis. Again, I want to be clear that the Expedited Line- Item Veto and Rescissions Act does not solve our deficit, does not restore fiscal discipline and fiscal integrity to our country, but is a step in the right direction that will produce savings that will all be applied to deficit reduction under this bill.
The bill is a balanced measure, and I know that there is some support and opposition from both sides of the aisle. I encourage my colleagues to seriously consider supporting this small, but important, step forward.
The country's budget situation is dire. The supercommittee's failure and the threat of sequestration underscores the need to address our fiscal policies head on. The worst possible outcome is that we pat ourselves on the back and say ``job well done'' while this country faces record deficits of trillions of dollars over the next 10 years.
We need a big and balanced budget compromise to reduce our Nation's debt. Passing the bipartisan Expedited Line-Item Veto and Rescissions Act will be a small step and keep us on track to help restore fiscal integrity to our country; but we need to remind ourselves that it is only a small first step toward addressing our budget problem.
I urge my colleagues on both sides of the aisle to extend the unemployment insurance and middle class tax cuts to reach a big, bold, and balanced solution to our Federal budget situation along the lines of the President's commission.
I ask unanimous consent to insert the text of the amendment in the Record along with extraneous material immediately prior to the vote on the previous question.
I urge my colleagues to vote ``no'' and defeat the previous question. I urge a ``no'' vote on the rule, and I yield back the balance of my time.