Financial Stability Oversight Council Insurance Member Continuity Act

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3110) to amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise today in support of H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act. I am proud to sponsor this legislation, which is a technical, but extremely important, correction to the Dodd-Frank Act.

I am very grateful for the support of my colleagues on the Financial Services Committee for helping advance this bill. I especially want to thank Ranking Member Waters, the lead cosponsor. In fact, we were able to unanimously report this bill out of committee 60 votes to zero when it was marked up in July.

The bill amends the Dodd-Frank Act to allow the Financial Stability Oversight Council's independent member with insurance expertise to remain a voting member of the council beyond his or her term until a successor is appointed. The extended term would conclude at the earlier of either 18 months or until Senate confirmation of a successor.

The Financial Stability Oversight Council, or FSOC, was created as part of the Dodd-Frank Act. The general purpose of this regulatory body is to provide a forum for discussion of our financial markets and coordination of financial regulations when appropriate.

Under existing law, the 10 voting members of the FSOC include an independent member with insurance expertise who is appointed by the President and confirmed by the Senate. The independent member is the only member appointed by the President to specifically serve on the council and is the only voting member which is expected to have insurance expertise.

Dodd-Frank established a 6-year term for the independent member whose term expires on September 30, 2017. Absent the appointment and confirmation of a successor, the expiration of the independent member's term would leave the council without a voting member who has insurance expertise because Dodd-Frank did not make clear if the position can be filled by an acting official.

My legislation is about ensuring that the FSOC is able to benefit from the perspective of a voting member with insurance expertise without any unnecessary lapses, or to quote a letter that the National Association of Insurance Commissioners sent to the ranking member and me: ``It is important that the council have members that have a deep understanding of the unique aspects of the insurance industry and our State-based insurance regulatory system.''

I couldn't agree more. In the case of Illinois, we have a very robust insurance market because of the carefully crafted regulatory system we have developed. This allows great companies to thrive and protects the interests of their policyholders. This might not be the case if the FSOC lacks sufficient understanding of our insurance markets and regulatory system.

What was not intended by Dodd-Frank is for the position to be vacant while the President and Senate work to confirm a new appointee. Other voting positions on the FSOC have the benefit of somebody being able to serve in an acting capacity until someone new is confirmed. In fact, the Dodd-Frank Act clearly states that positions on the FSOC can be filled by someone in an acting capacity.

My legislation would simply bring continuity with other FSOC voting members.

This is especially timely given that the term of the individual currently filling this position, Roy Woodall, ends on September 30 of this year. Since President Trump has not yet announced who should fill this role, and given that the Senate will not likely have sufficient time to react between now and the end of September, we must have this signed into law without delay.

I understand that the Senate Banking Committee will be marking up companion legislation later this week, and I am hopeful it can quickly advance through this Chamber and the Senate Chamber so that this technical issue can be resolved before the end of Mr. Woodall's term.

I again would like to thank Ranking Member Waters and all of my colleagues on both sides of the aisle for working with me. I urge support of this noncontroversial legislation, and I am hopeful it can move swiftly to the President's desk.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield myself the balance of my time.

I echo much of what my good friend from Michigan (Mr. Kildee) has said. Again, I want to thank the ranking member for her work on this legislation with me.

Mr. Speaker, I have no further speakers, and I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I would like to say a word about Mr. Hultgren, who just took up the previous bill, H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act. I enjoyed working with him. It was a wonderful experience. I think we can do a lot more of that.

Mr. Speaker, having said that, I am pleased to rise today in support of S. 1616, legislation to award a Congressional Gold Medal to former Senator Bob Dole in recognition of his distinguished service to the Nation.

In his younger years, Bob Dole made clear that he truly exemplified the best of the Nation's Greatest Generation. When his studies were interrupted by World War II, he enlisted in the United States Army, where he risked his own life to save a fellow soldier. In recognition of his brave service, which left him badly wounded by machine-gun fire and with a permanent disability, he was awarded two Purple Hearts and a Bronze Star with an Oak Cluster, among other honors.

Following his service in the U.S. Army, Senator Dole began a long and distinguished career in public office, serving first in the Kansas House of Representatives, followed by multiple terms in the U.S. House of Representatives. In 1999, Dole was elected to the United States Senate, where he served for 27 years and rose to be majority leader before running for President.

Over the course of his political career, Senator Dole developed a reputation as an outspoken and pragmatic leader who was willing to work across party lines to advance the health and welfare of the American public.

For example, in speaking about the importance of Social Security and the need to protect Medicare for America's senior citizens, Dole said in a speech at the 1996 Republican National Convention: ``And I have learned in my own life, from my own experience, that not every man, woman, or child can make it on their own. And that in time of need, the bridge between failure and success can be the government itself. And given all that I have experienced, I shall always remember those in need. . . .''

In addition to working to safeguard important programs like Social Security and Medicare, former Senator Dole was also a strong advocate for the disabled, and he played a central role in passing the landmark Americans with Disabilities Act of 1990, the Nation's first comprehensive civil rights law to protect people with disabilities from discrimination in employment, public services, and public accommodations.

Although he was not elected President, as the nominee of the Republican Party, he made clear that he would not accommodate racial or religious intolerance, stating that if anyone had ``mistakenly attached himself to our party in the belief that we are not open to citizens of every race and religion . . . the exits, which are clearly marked, are for you to walk out of. . . .''

After leaving the Senate in 1996, former Senator Dole continued to dedicate himself to a range of causes, particularly those aimed at helping those in need. For example, Senator Dole served as co-chair of the Families of Freedom Scholarship Fund, which raised more than $100 million for the educational needs of the families of victims of 9/11, and he served as the co-creator of the McGovern-Dole International Food for Education and Child Nutrition Program, which aimed to alleviate child hunger.

While Senator Dole and I have had our share of policy differences over the years, it was always possible to have a civil disagreement that didn't lead to disrespect. A true gentleman, statesman, and legislator, Senator Dole could debate the issues with the best of

us, all while maintaining a good sense of humor.

For all of these reasons, it comes as no surprise that the legislation before us today has already garnered the unanimous support of the United States Senate, and it is fitting that the House today is doing its part to give the highest honor this body can bestow to former Senator Bob Dole. I urge all of my colleagues to join me in quickly passing this legislation.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield 2 minutes to the gentleman from Massachusetts (Mr. McGovern).

Mr. Speaker, I yield an additional 1 minute to the gentleman.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield back the balance of my time.

Mr. Speaker, I rise in support of the legislation my colleague, the gentlewoman from Kansas (Ms. Jenkins), has introduced that would give Bob Dole the Congressional Gold Medal.

I am a liberal from Massachusetts, but Bob Dole is one of my heroes. I admire him not only for his statesmanship and for his civility, but I particularly admire him because he has led the effort in this country and around the world to end hunger.

Nobody that I can think of, other than George McGovern, who worked with Bob Dole during the 1970s, did more to try to strengthen our nutrition programs and to make sure that nobody in this country, the richest country in the history of the world, went hungry. And he worked in a bipartisan way and ensured that these programs were strengthened so that we were making great progress toward ending hunger in America.

And then he joined with George McGovern in the formation of the McGovern-Dole International Food for Education Program. Essentially, this is a program that expands school feeding initiatives all around the world, and millions and millions and millions of children are not only getting fed and getting a nutritious meal, but they are getting fed in a school setting. So they are getting the nutrition they need, and they are getting the education that they need so they can be literate and hopefully lead their countries out of poverty.

The developing world cannot develop with an illiterate population, and Senator Dole understood the importance of education but also the importance of nutrition in helping people develop to their potential.

And this McGovern-Dole program has also been incredible in getting more young girls into schools. In some countries where education isn't valued for girls, all of a sudden parents are sending their girls to school because they will get fed, and they will get the nutrition that they need.

So Senator Dole, in my opinion, not only deserves this, but he deserves the respect and admiration of everybody in this Chamber, Democrat and Republican alike.

Mr. Speaker, he should be an example and an inspiration to us all. These are very difficult times for our country, and these are very tumultuous times in Washington, but you look at the example of Senator Dole and you realize how good this place can be, how good Congress can be, and how effective Congress can be.

You don't have to agree on everything to agree on something, and I think that was Senator Dole's guiding principle. Where he could agree with people on the other side of the aisle, he reached across and got things done. Where there were disagreements, you know, he fought passionately for his point of view.

But he represents the kind of civility and the kind of decency that we need more of in Washington, and so I am

proud to support this legislation. I congratulate my colleague, Congresswoman Jenkins, for leading this effort, and I urge all my colleagues to support it.

Mr. Speaker, I move to suspend the rules and pass the bill (S. 1616) to award the Congressional Gold Medal to Bob Dole, in recognition for his service to the nation as a soldier, legislator, and statesman.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. Speaker, I yield myself 3 minutes.

Mr. Speaker, statesman, member of the Greatest Generation, lifetime public servant--these are fitting words as we consider S. 1616, unanimously passed legislation to honor Senator Bob Dole with a Congressional Gold Medal.

The Congressional Gold Medal is the highest expression of national appreciation for distinguished achievements and contributions that the Congress can bestow upon one of our fellow citizens.

I would like to thank Congresswoman Lynn Jenkins and the 86 bipartisan cosponsors for coming together to introduce this legislation to honor Bob Dole.

Recipients of the Congressional Gold Medal ``have performed an achievement that has an impact on American history and culture that is likely to be recognized as a major achievement in the recipient's field long after the achievement.''

For Bob Dole's lifetime of public service--as a soldier wounded in battle; State legislator; United States Representative; United States Senator; nominee for both President and Vice President; tireless advocate for the disabled, our veterans, and the hungry--awarding this great American with a Congressional Gold Medal is the least we can do today. I encourage all of my colleagues to join me in supporting this.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, first, I would like to thank my friend, the ranking member, Maxine Waters, for her kind words.

Mr. Speaker, I yield 5 minutes to the gentlewoman from Kansas (Ms. Jenkins), sponsor of the House companion legislation.

Mr. Speaker, I yield 3 minutes to the gentleman from Kansas (Mr. Yoder).

Mr. Speaker, I yield 3 minutes to the gentleman from Kansas (Mr. Estes).

Mr. Speaker, I yield 3 minutes to the gentleman from Kansas (Mr. Marshall).

Mr. Speaker, I also have no further requests for time, and I yield back the balance of my time.

Mr. Speaker, I thank the gentleman from Illinois for yielding.

Mr. Speaker, I join my colleague, Ms. Jenkins, and I appreciate her support in leading this legislation as we support S. 1616, a bill to award the Congressional Gold Medal to Senator Bob Dole.

Service, sacrifice, and statesmanship--these are the words that describe Senator Bob Dole, one of Kansas' proudest native sons and one of the greatest men to serve and walk the Halls of Congress.

Born and raised in Russell, Kansas, Senator Dole attended my alma mater, the University of Kansas, where he excelled as a three-sport varsity athlete for the Jayhawks.

His college career was interrupted by World War II, when he answered his country's call and enlisted in the U.S. Army. He would distinguish himself in the service, earning several decorations and becoming seriously wounded in combat in Italy.

Although those wounds would cause a lifelong disability for him, Senator Dole did not shy away from the challenges they presented. He instead used that personal experience to help others, becoming a fierce advocate for disability rights and the father of the Americans with Disabilities Act.

His career in public service spanned over 46 years, with his first election to the Kansas House of Representatives in 1951 and ending with his Presidential campaign and retirement from the Senate in 1996. His legislative and political accomplishments during that time are almost too many to count.

His top priority has always been service to others, whether it is people with disabilities, Kansas farmers, or his fellow veterans. Senator Dole has always put his country ahead of himself, and he stayed grounded in his strong Kansas roots.

I can think of no one more fitting to be recognized with a Congressional Gold Medal. As a member of the Kansas delegation, I am truly honored to follow in the footsteps of Senator Dole by serving our great State and our great country in Congress. He is an inspiration to me and an enduring example of what statesmanship and public service should look like.

I ask my colleagues in the House to support this bill and to join me in working daily to uphold Senator Dole's legacy of service and civility in Congress.