Veterans Crisis Line Study Act of 2017

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on the topic of this Special Order.

Mr. Speaker, I want to begin tonight by offering thoughts and prayers to the communities in the path of Hurricane Florence. My home State of Kansas is no stranger to natural disasters, and we are standing with those who will be impacted in the coming days.

Mr. Speaker, I want to talk about how we are all better off now. There has been a lot of talk lately about our country's economic recovery. Some of the debate recently has centered around when it started versus how it started. But really, it indicates one thing is real clear, that after years of stagnation, high unemployment, low wage growth, today, there is no denying that America is better off now than we were 2 years ago.

Tax reform and getting government out of the way has helped fuel this economic recovery. For 8 long years, we had an administration working against business growth. Now America has a President and Congress working to grow the economy.

In addition to our economy, progrowth policies have been championed that allow veterans, our Armed Forces, families, and small businesses in every sector and in every community to be better off now.

During this Special Order, I look forward to highlighting all the exciting things happening in my district in Kansas and around the country that are returning America to a place of strength, security, and prosperity.

Throughout the August district work period, I traveled my district discussing how Kansans are better off now thanks to legislation that enhances our economy, secures our community, and strengthens our military.

During the past month, I met with multitudes of small businesses and groups, some of which include: the Wichita Regional Chamber of Commerce; touring a wind farm in Pratt County; meeting with constituents at Dave's Pizza in Coldwater; learning about services provided at Medicine Lodge Memorial Hospital; meeting with constituents at Hibbard's Prescription Plus in Medicine Lodge; hosted a town hall for veterans; participated in a roundtable with the Realtors of south central Kansas; celebrated the ribbon cutting of two low-income housing projects in Wichita, one specifically designated for veterans; met with constituents at Tiger Town Pizza in St. John; toured the Golden Belt Feeders in Stafford County; met with constituents at Carr Auto-Electric in Larned; visited the Offerle Co-op; spent a day in Greensburg at the Big Well Museum, the school, the senior center, the art studio, and the media center; discussed the farm bill and several other issues related to our agriculture community as I went to several county farm bureau meetings; spoke at the West Wichita Sunrise Rotary Club; and toured the Textron Aviation manufacturing facility.

I travel home to Kansas every week and during the district work period to hear from constituents. Even though there is more work to do, my latest district work period made it clear, as I spent time in the district, that individuals, families, and small businesses across our State and country are better off now.

From our economy standpoint, the numbers really speak for themselves. The unemployment rate is near an 18-year low at 3.9 percent. Youth unemployment is at the lowest level in 52 years. Female unemployment is at the lowest level in 65 years. Black and Hispanic unemployment rates are the second lowest ever recorded. Veterans recently hit the lowest unemployment in 20 years.

Last quarter, our economy grew at 4.2 percent. For perspective on that, during President Obama's term, the economy only grew at an average of 1.9 percent.

Last month, wages grew at the fastest rate in 9 years; consumer confidence in our economy is the highest since October 2000; and just yesterday, small business optimism surged to the highest level ever recorded, passing the record that was set during President Reagan's Presidency. Jobless claims are at the lowest rate since December 6, 1969, and this summer, the U.S. had more job openings than job seekers for the first time in history.

These numbers are great news for the millions of families across America, but these numbers didn't happen by accident. I look forward to further discussion tonight about how we are working every day to make America better off now.

At this time, I am pleased to yield to the gentlewoman from Tennessee (Mrs. Black).

Mr. Speaker, I yield to the gentleman from Texas (Mr. Olson).

Mr. Speaker, I thank my friend from Texas, appreciate all of that information, talking about the positive impact that is happening all across America with the Tax Cuts and Jobs Act.

When we talk about are you really better off now, the Tax Cuts and Jobs Act is one of those great examples of something that has been accomplished over the last 2 years.

The act itself just helped jump-start our economy. It repealed the ObamaCare individual mandate penalty. The standard deduction was nearly doubled, up to $12,000 for single filers, to $18,000 for a head of household, and to $24,000 for joint filers.

The child tax credit for families was doubled from $1,000 to $2,000, and individual along with business tax rates were cut across the board for every tax bracket. That means this year a middle-class family of four in Kansas will keep an extra $2,100 of their hard-earned money in their pocket, money they can use, save for their retirement, save for their children's college education, or maybe go out for a dinner and a movie.

The law also cut corporate rates from 35 percent, which was the fourth highest rate in the world and the highest amongst the developed world, to a competitive 21 percent, encouraging businesses to expand and to reinvest in America again. So far, more than 700 companies around the country have done just that, benefiting millions of hardworking families with bonuses, higher wages, and better benefits.

In Kansas, 24 businesses with more than 700 locations statewide have

boosted wages and benefits for tens of thousands of employees.

During the August work period, I was able to visit with employees at some of those companies, including Legacy Bank. Legacy Bank is a community-based bank based in Colwich, Kansas, with roots dating back to 1885. Today, Legacy Bank operates eight branches throughout my district and has 81 employees.

In July, Legacy Bank became one of the latest companies in my district to announce a midyear bonus of up to $1,000 per employee.

In August, I met with employees and the board of directors, who told me the bonuses would not have been possible without the Tax Cuts and Jobs Act.

Also, last month I met with workers from Textron Aviation Facilities in Wichita. In an earlier meeting, Textron officials had said the tax reforms of 2017 have strengthened the environment for aircraft sales in the United States and the outlook remains positive. Textron now has the largest backlog of orders in 8 years, supporting thousands of jobs in our community, which we proudly call the air capital of the world.

Our district is also home to the largest tax cut bonus in the country. After the Tax Cuts and Jobs Act was signed, Wichita Railway Systems, a railroad car parts supplier, turned their tax cut into $3,000 to $6,000 bonuses for its employees. The Wichita Business Journal reported that these bonuses would have otherwise gone toward corporate income tax and on to the government.

During a visit there, the CEO of the small manufacturing company said employees receiving the bonus would turn right around and invest in the economy, showing how these bonuses not only benefit the workers and their families, but also the entire community.

Other employees who are better off now thanks to the tax cuts include Fidelity Bank, which announced $1,500 bonuses for its 400 Wichita area employees. Cox Communications announced $1,000 to $2,000 bonuses for their 900 area employees. Mahaney Roofing in Wichita has been able to hire more employees thanks to the Tax Cuts and Jobs Act. And Wichita's largest employer, Spirit AeroSystems, announced new investments in technology and training to help the rising demand in 2018.

These numbers show the economic growth and optimism happening in my State and around the country because of tax reform. And, more importantly, behind each statistic are people who are finally better off now.

Recently, my colleague Representative Brad Wenstrup from Ohio pointed out that the critics who proclaim that tax cuts only help billionaires could not be further from the truth. Over $1.1 trillion in tax relief, or 77 percent of the Tax Cuts and Jobs Act, goes directly to families and small businesses. Over one-half of the 2019 individual tax cuts, or $133 billion, go to those earning under $200,000.

Middle-income families see larger percentage reductions in their taxes than wealthier families. A typical married couple with two kids earning $73,000 would see a tax cut of over $2,000, a reduction in their income taxes of nearly 60 percent.

The bill didn't just help the rich. Under the new tax law, the share of taxes paid by millionaires actually increases from 19.3 percent to 19.8 percent.

Also, when American companies are doing well, workers do well. Just ask one of the 4 million workers who saw a benefit or pay raise due to the tax reform.

I would also like to point out that companies who had previously stashed money abroad are bringing it back to the United States thanks to the Tax Cuts and Jobs Act. Our Tax Code penalized companies that did successfully operate overseas, and we wanted to tax them. Our Tax Code wanted to tax them a second time for them to bring their money back home. So, typically, these companies would only bring about $50 billion in earnings abroad every quarter. In the first 3 months of this year, they brought $158 billion back to the U.S. According to Bloomberg, that is the biggest reversal on record since 1946.

In addition, dividends received from abroad totaled $340 billion in the first 3 months of 2018, which is also a record. This money can be put to work in the United States either investing in a new plant, paying for bonuses or salary increases, paying dividends, or buying back stock. But at the end of the day, America is richer because of it, and we are all better off now.

Families from the heartland and throughout our country are also better off thanks to lower utility rates that are a direct result of the tax reform: expanded family savings programs for education and retirement; in efforts to reduce crime in our communities, including human trafficking. We have also invested $2 billion to address school safety and mental health issues. A new Career and Technical Education Act for the 21st Century is allowing more students to pursue career and technical programs at institutions like Wichita State University Tech.

One of the things that I am seeing as I travel across the district is that we have a drastic shortage of an educated workforce to help fill these jobs, and we wanted to make sure that, in utilizing the Career and Technical Education Act, we get more people to be supplied as welders, auto mechanics, airplane mechanics, electronics technicians, and sheet metal workers.

Provisions in the Tax Cuts and Jobs Act also help promote rural broadband expansion. Last month, I visited with Butler Rural Electric Co-Op, which said they are now able to provide faster internet to residents in rural parts of my district.

In June, the House passed a package of 58 bills to combat the opioid epidemic. This was the most significant effort by Congress against a single drug crisis in history, as we have invested $4 billion to address this epidemic.

Just to talk a little bit about that epidemic, in 2016, 313 people died from an opioid overdose in Kansas, leaving thousands of family members and friends to cope with the loss. In 2018, more than 2 million Americans will suffer from an opioid addiction.

In June, when the House passed the 58 bills, we wanted to focus on this being the most significant effort by Congress to make sure that this drug crisis is addressed and resolved. Last year's spending bill that spends the $4 billion to address this epidemic is being used to help law enforcement efforts, funding new treatment and prevention efforts and increasing inspection and surveillance to stop the flow of drugs into our country.

Human trafficking has become a major problem across the country. This year, House Republicans have passed dozens of bills to fight human trafficking, including the Allow States and Victims to Fight Online Sex Trafficking Act, the Department of Homeland Security Blue Campaign Authorization Act, the No Human Trafficking on Our Roads Act, and the Combating Human Trafficking in Commercial Vehicles Act, which have been signed into law. As a result, online advertising for commercial sex trafficking has gone down by 60 to 80 percent.

In another area, in May, Congress sent the Trickett Wendler, Frank Mongiello, Jordan McLinn, and Matthew Bellina Right to Try Act of 2018 to President Trump. As Speaker Ryan said, terminally ill patients and their loved ones deserve the opportunity, wherever possible, to take advantage of an offer that may provide them a chance for a longer life.

For patients who may not qualify for certain trials or who have tried other options of approved medication, this bill would allow them access to experimental treatments and therapies. After all, it should be their choice of what they do, to help them have that opportunity and the right to try.

The good news doesn't stop with our economy and with our families. Veterans and our armed services have been a priority in this Congress.

This year Congress passed the VA MISSION Act, which revolutionizes healthcare for veterans by streamlining services and ensuring veterans get the care they deserve from the VA or from their private doctor closer to home.

This is the biggest improvement in veterans healthcare in 5 years and will build on the Choice Act to fulfill our promise to veterans by allocating $5.2 billion to pay healthcare costs through the Veterans Choice Fund, expanding eligibility in the VA's caregiver program, and improving healthcare delivery, including telemedicine, mental

health support, peer-to-peer support, and mobile deployment teams for rural and underserved veterans for routine and specialized care.

Also for veterans, the Affordable Housing Credit Improvement Act that we passed in Congress is helping establish affordable housing communities for senior citizens and veterans, like the two that recently opened in my district. Last month, I was able to join one of those communities specifically designed for veterans for the ribbon- cutting ceremony.

One veteran who participated told local media:

This is a miracle right here. God has done a lot of

miracles in my life. This is one of the top ones.

Since President Trump signed the VA MISSION Act on June 6, 2018, which happens to be D-day, it has helped revolutionize healthcare for veterans by making sure that they get the options, the choices, and the right to the care that they so richly deserve.

We have also focused on: How do we help our Active-Duty military servicemembers?

We passed the National Defense Authorization Act, which invests $700 billion in rebuilding our military. It provides our troops the largest pay raise in 9 years. It supports more aircraft, like the KC-46 tankers from McConnell Air Force Base in my district. It shot down an increase of fees in TRICARE for retirees. It allows former prisoners of war, Medal of Honor winners, and service-connected disability veterans to access the commissaries starting in 2020.

A sad note: There are 22 veterans a day who commit suicide. What we have done is, as Congress, passed five comprehensive bills to address this epidemic:

House Amendment 769 appropriates no less than $225 million for VA mental health and suicide prevention programs;

H.R. 4635 directs the VA to emphasize peer support counselors for female veterans who, among other things, are also at risk of suicide;

H.R. 4173 directs the VA to conduct studies on outcomes and efficacy of the Veterans Crisis Line and report to Congress the results;

H.R. 2345 requires the FCC to coordinate with HHS and the VA in studying the feasibility of designing a three-digit dialing code for a national suicide prevention and mental health crisis hotline system; and

H.R. 918 directs the VA to furnish former members of the Armed Forces an initial mental health assessment and mental healthcare services required to treat urgent mental healthcare needs, including the risk of suicide or harm to others.

There are many things that we have accomplished. There are still more things to do.

This week, we are going to vote to give the VA the largest dollar amount in history, which includes:

$206 million for suicide prevention outreach, for a total of $8.6 billion for mental healthcare programs;

$192 million for the inspector general, $25 million above fiscal year 2018, to provide the resources needed to investigate the overwhelming number of allegations being reported with regard to waste, claims processing backlogs, and general accountability;

Fully funds family housing at $1.6 billion, $173 million above the fiscal year 2018 enacted levels for the families of those who serve; and

$1.8 billion to homeless veterans programs.

Overall, there are just so many positive things that have been accomplished over the last 2 years when we look at are we all better off now.

I have talked a lot about some of the impacts of the various bills that we have passed, some of the benefits that affect people in my district and people in the State of Kansas.

I have here a list numerous companies throughout the State that have taken advantage of the Tax Cuts and Jobs Act, and I am going to read just a few of those and a brief description of what they did.

The Lawrence Paper Company in Lawrence, Kansas, gave $500 bonuses for all 300 employees and spent $5 million for new equipment and expansion at all three locations.

Spirit AeroSystems increased investment in training and technology.

Westar Energy filed a request before the Kansas Corporation Commission to reflect that its electric rates ought to be reduced by the full amount of tax savings from the change in the Federal tax law.

AT&T offered $1,000 bonuses for 1,500 Kansas employees.

Walmart employees at 75 different Walmart stores throughout the State received tax reform bonuses, wage increases, and expanded maternity and paternity leave.

Best Buy, which has 12 locations in Kansas, offered $1,000 bonuses to their full-time employees and $500 bonuses to part-time employees.

And even small businesses like Taco John's, which has 19 locations in Kansas, all full-time and part-time crew members received a $200 after- tax bonus.

Other companies that offered benefits--may not run the normal thought of what you think about--but companies like Waste Management Incorporated, which has multiple locations in Kansas, paid $2,000 bonuses.

I have a myriad of other companies that have taken advantage of the Tax Cuts and Jobs Act that we have implemented, and reflect that not only are they, as companies, better off now, but their employees are better off now, as well.

In closing, altogether these actions have encouraged rapid growth in our economy, security for our families, and support for our veterans and military. Don't get me wrong. There is more to do.

Healthcare premiums increased $4,400 per family from 2010 to 2016. We still have too many veterans needing healthcare and jobs. There is more to do to help small businesses grow, help families save for college or retirement, and support our farmers and our manufacturers.

In the coming weeks, I am glad we will debate tax reform 2.0 to unleash another round of economic growth by protecting middle-class individuals and small business tax cuts from going up in the future, expanding educational and retirement savings options, and supporting entrepreneurs.

But today, I am proud of what we have accomplished thus far because of businesses like BG Products, Inc., based in Wichita, Kansas. The automotive maintenance supply manufacturer was established in 1971 by a group of World War II veterans and automotive industry experts. Over time, BG Products, grew from an idea to an industry leader. Its products manufactured in our community are used and sold in all 50 States, in more than 60 countries, by more than 40,000 shops, dealerships, and technicians.

However, 2 years ago, BG Products was at a crossroads, determining whether or not to expand based on the economy and the climate of government regulations. Following the Tax Cuts and Jobs Act, BG Products was able to push forward with plans to expand, putting new tax savings directly toward new building projects and jobs.

In July, BG Products represented Kansas in an event honoring products that are made in America. Following their White House appearance, I visited employees at BG Products and toured their 400,000-square-foot manufacturing facility in El Dorado where we discussed their plans to expand. Finally, on August 24, BG Products broke ground on a 145,000- square-foot edition in El Dorado, investing $24.5 million in our community and adding 21 new jobs.

This kind of expansion would not have been possible without our growing economy. Like BG Products, Inc., today our economy and our country is strong and is better off now.

Mr. Speaker, I would like to thank all of my fellow Representatives who supported the various bills that we have passed over the last 2 years to help make my district, my State of Kansas, and my country stronger and better off now.

Mr. Speaker, I would like to thank all of my fellow Members who spoke on the bill today, and I yield back the balance of my time.

Mr. Speaker, I yield myself such time as I may consume. I thank my colleague for yielding me the time.

Mr. Speaker, 7 years ago, I brought the Dodd-Frank Wall Street Reform and Consumer Protection Act to the floor of the House as chairwoman of the House Rules Committee. This law was a statement from Congress on behalf of the American people that unchecked corporate greed will never again bring the United States of America to financial collapse.

My colleague began his speech this morning by saying that this law had not worked, but I am not aware of major bank failures or bank failures of any kind since we passed it, and I would say, indeed, this law has worked.

Since it has been enacted, our economy has had over 80 consecutive months of private sector job growth. That is pretty good. In fact, it is a record-setting streak. More than 16 million jobs have been created, and business lending has been increased by 75 percent. I am not getting all the complaints that I used to get that they could not borrow money from banks, particularly the small businesses.

Along the way, the Consumer Financial Protection Bureau established under this law has helped 29 million people in all of our 50 States to receive nearly $12 billion in relief from companies that engaged in irresponsible or predatory practices.

One group that sent us a letter begging us not to do away with Dodd- Frank was the Veterans of Foreign Wars who said that far too often their veterans were the victims of predatory lenders--shysters, people not telling them the truth--and that is exactly what the Consumer Financial Protection Bureau was established to do.

You can't argue about whether or not it has been a success if 29 million people in 50 States have gotten back $12 billion in relief of bad practices. But this legislation completely will do away with the Consumer Financial Protection Bureau, the only thing we have left to protect Main Street and the small investors.

These gains weren't a coincidence, Mr. Speaker. They were the result of the Dodd-Frank law. Gutting Wall Street reform will be a historic giveaway to special interests.

The Wall Street firms who plunged our country to the brink, in 2008, would be free once again to take advantage of consumers and force middle class families to go it alone, without the protections this bill has provided them.

The CHOICE Act is the wrong choice for consumers and families. Instead of standing with financial lobbyists, I urge the majority to uphold the trust of the people we all represent.

Five years ago, Democrats and Republicans came together to almost unanimously pass my bill to end insider trading in Congress. The STOCK Act passed this Chamber by a vote of 417-2, one of the most bipartisan bills of that entire session of Congress.

It wasn't easy. I led a 6-year fight to get it signed into law after learning that Members of Congress and their staffs were abusing their positions by making money from the information that they gleaned and that was not available to everybody else in America. They gleaned this information while

working on behalf of the people whose information they were stealing. It took a ``60 Minutes'' investigation on television and a groundswell of public support, but the bill became a reality.

For me, upholding the people's trust is the most sacred responsibility I have as a Member of Congress. That is why I am waging a new battle to strengthen the STOCK Act, after learning that some in this Congress have used legal loopholes to get around this law.

Once again, we see the importance of investigative journalism and a free press, which has shined a light on the fact that some Members of Congress have purchased private, discounted stock deals and taken a part in initial public offerings outside of the United States. These special deals are not available to the general public.

All this would have remained in the dark, had the STOCK Act not put into place a new requirement to timely disclose sales and purchases of stock. This is precisely the kind of outrageous conduct we intended to outlaw under the STOCK Act. It plays directly into the public's most cynical view of Congress.

This, Mr. Speaker, comes at a time when just 20 percent of the public approves of how Congress is doing its job under the majority's leadership. That is according to the latest figures from Gallup.

This Chamber put aside partisanship and took a strong, bipartisan stand against this abhorrent behavior just a few years ago. It has become increasingly clear that we need to act again today to hold ourselves accountable to both the letter and the spirit of the STOCK Act law.

We are not doing that today. Once again, we are taking away the regulations because some people find them so terribly abhorrent, but they protect the small investor and the people in the banks. We surely will never, I hope, see the day where we will ask the taxpayers of the United States to bail out the enormously rich, big banks. One of the worst things of that whole era was not a single fraudulent banker went to jail.

Just 535 of us in a country of more than 300 million people have been chosen to serve on the American people's behalf in Congress. It is a sacred responsibility, one we should not be squandering, doing the bidding of the financial lobbyists or Wall Street firms, who are the ones behind the CHOICE Act.

The majority should stop fulfilling the wish list of Wall Street and act on behalf of millions of Americans outraged by insider trading and other chicanery that still permeates the halls of Congress today. This Chamber must take action so that Americans recognize we came here to represent them, not enrich ourselves.

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

Mr. Speaker, I yield 3 minutes to the gentleman from Texas (Mr. Doggett).

Mr. Speaker, I yield 2 minutes to the gentlewoman from New York (Mrs. Carolyn B. Maloney) the distinguished ranking member of the Financial Services Subcommittee on Capital Markets, Securities, and Investments.

Mr. Speaker, I yield the gentlewoman an additional 1 minute.

Mr. Speaker, I am pleased to yield 2 minutes to the gentlewoman from Washington (Ms. Jayapal).

Mr. Speaker, I yield an additional minute to the gentlewoman.

Mr. Speaker, may I inquire of my colleague if he has further speakers?

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

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

With each passing day, we learn more about the tangled web of conflicts of interest and links to Russia and the Trump administration. Just last week we learned that President Trump's son-in-law, Jared Kushner, attempted to establish a back channel of communications with Russia and the Trump transition team before they were even inaugurated.

Tomorrow, former FBI Director James Comey will likely testify that President Trump attempted to influence the FBI's investigation into possible collusion between his campaign and the Russian Government.

Who knows what further ties to Russia we will uncover from his testimony.

Without President Trump's tax returns, we simply have no way of knowing if he himself has financial ties to Russia, as news reports have suggested. The American people deserve to know whether or not our President has any business dealings with Russia or other foreign governments. It is imperative that we prevent the White House from becoming another arm of the Trump organization.

Mr. Speaker, if we defeat the previous question, I will offer an amendment to the rule to bring up Representative Eshoo's bill, H.R. 305, which would require Presidents and major party nominees for the Presidency to release their tax returns.

If the President has nothing to hide, including financial interests or business dealings with Russia, then he should freely release his tax returns to reassure the American people.

Mr. Speaker, I ask unanimous consent to include in the Record the text of my amendment, along with extraneous material, immediately prior to the vote on the previous question.

Mr. Speaker, let me remind the majority why we enacted the Wall Street reform in the first place.

Our country was plunged into the worst recession since the Great Depression after big Wall Street firms played Russian roulette with our future for years. During the 2008 financial crash, more than 8 million Americans lost their jobs, $13 trillion in wealth vanished overnight, and 11 million homes were lost.

After years of excesses and dodging regulation, the financial firms were finally brought under control by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The perverse notion of too big to fail was finally ended, and the financial playing field was tilted back toward consumers.

We have all seen the results of the law in the form of record-setting private sector job growth, millions of new jobs, and historic rates of business lending. It is beyond me why anyone in the world would want to repeal this law and threaten this progress. Instead of doing the bidding of the financial lobbyists who don't really care for the law, we should be acting to uphold the trust of the people who sent us here.

This begins with passing the End Congressional Stock Market Abuse Act to bring an end to the egregious use of exclusive stock deals and foreign initial public offerings by Members of Congress.

The American people must be able to trust what we are doing here and trust that it is right for them without concern that we are using our position to enrich ourselves.

My bill would enhance the STOCK Act, which passed the Chamber virtually unanimously--two ``no'' votes--in 2012, with provisions that I think we could all agree on: no exclusive stock deals for Members of Congress, no initial public offerings, regardless of where they are offered.

Mr. Speaker, that is what we should be focusing on today, not dismantling a law that has brought financial security to millions of Americans.

Mr. Speaker, I urge my colleagues to oppose the rule, to oppose the underlying legislation, the ``Wrong'' CHOICE Act, and I yield back the balance of my time.

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

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 375 and ask for its immediate consideration.

Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentlewoman from New York (Ms. Slaughter), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.

General Leave

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks.

Mr. Speaker, I rise today in support of the rule and the underlying legislation. This rule provides a

structured process for debate and makes in order six amendments to the bill.

Mr. Speaker, we are here today to return hope and opportunity to Main Street America through the Financial CHOICE Act. This legislation touches at the very heart of our economy, ensuring that our financial system facilitates job creation, economic growth, and fairness.

Nearly 10 years ago, the American economy cratered. The Great Recession of the late 2000s revealed that our financial system was fragile, and many Americans got the short end of the stick.

In 2010, Democrats passed H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. They promised the bill would lift the American economy. They promised an end to Wall Street bailouts. They promised to protect consumers. Seven years later, we know that these promises never came true.

Due to Dodd-Frank's excessive regulatory burden, big banks are getting bigger while small banks and credit unions are disappearing. There have only been six new bank charters since Dodd-Frank--a drastic decline from the 170 on average per year before the bill. In fact, 43 percent of banks with assets under $100 million have disappeared.

Large banks survive because they can afford armies of lawyers to understand Dodd-Frank regulations. In 2010, Goldman Sachs CEO Lloyd Blankfein even suggested his bank would be among the biggest beneficiaries of Dodd-Frank. But for community banks with community budgets, the effects of the law have been devastating.

Dodd-Frank also failed to address the too-big-to-fail problem. Under the Dodd-Frank law, big banks are growing larger, and taxpayers are still responsible for bailing them out. Furthermore, Dodd-Frank has made access to banking and credit more difficult for average Americans. Since the passage of the bill, bank fees have increased and millions more Americans are now considered unbanked or underbanked.

Declining liquidity has limited access to credit for small businesses and the regulatory restrictions on mortgages have pushed homeownership out of reach for the middle class. Seventy-two percent of community banks say that the Dodd-Frank regulations restrict their ability to offer mortgage loans.

Mr. Speaker, this is not the price we must pay to be a hopeful and prosperous nation. That is why I am here supporting the Financial CHOICE Act. It repeals Dodd-Frank, replacing the harmful law with reasonable regulations that ensure consumer protection, job growth, economic growth, and strong community banks.

The Financial CHOICE Act ends the coddling of big banks. It implements historically tough penalties on financial fraud and insider trading. It ends taxpayer-funded bailouts and creates new bankruptcy laws designed for failing banks. It is time that Congress put Main Street ahead of Wall Street.

The Financial CHOICE Act also reins in the Consumer Financial Protection Bureau, a government agency that has incredible power to regulate the financial industry but that has nearly no accountability. The judicial branch has actually declared its structure unconstitutional.

The CFPB is causing problems for consumers. They have a database for complaints from consumers, but it publishes consumer complaints before even checking if they are true. The CFPB also weighs in on financial regulations where Congress should instead be making these decisions, and the CFPB wasted over $200 million on lavish renovations of their office space in downtown Washington, D.C.

This legislation we are considering today will restructure the CFPB, restoring congressional oversight duties and moving the agency back under the regular legislative appropriations process. We will also be refocusing the CFPB on enforcing consumer protection laws, rather than making up their own laws that only hurt the average American consumer.

Perhaps most important to Coloradans, the Financial CHOICE Act creates economic growth and jobs by making credit easier to access for Main Street America. Thanks to the TAILOR Act, introduced by my friend and colleague from Colorado (Mr. Tipton), regulators will be able to craft custom regulations to reflect the specific business model of local banks.

This bill also creates jobs and economic growth by requiring more transparent policymaking at the Federal Reserve. We rein in stifling regulations on small, community banks, allowing them to compete against their larger counterparts. We increase consumer choice by ensuring Americans can access a bank and a credit card.

Mr. Speaker, we have the opportunity today to transform our Nation's financial system. We have the opportunity to level the playing field between big and small banks. We have the opportunity to turn up the heat on financial fraud. We have the opportunity to return regulatory power from the hands of unelected bureaucrats to the people. We have the opportunity to roll back hurtful regulations.

We are here to restore hope and opportunity through the Financial CHOICE Act.

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

Mr. Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Williams), the vice chair of the Subcommittee on Monetary Policy and Trade.

Mr. Speaker, I yield 2 minutes to the gentleman from New Mexico (Mr. Pearce).

Mr. Speaker, I yield the gentleman an additional 30 seconds.

Mr. Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Huizenga), the chair of the Subcommittee on Capital Markets, Securities, and Investments.

Mr. Speaker, I yield an additional 30 seconds to the gentleman from Michigan.

Mr. Speaker, I note for the record that the best way for a student to repay student loans is to have a strong economy and not the anemic recovery that we had from the last recession.

I yield 2 minutes to the gentlewoman from Missouri (Mrs. Wagner), the chair of the Subcommittee on Oversight and Investigations.

Mr. Speaker, I yield such time as she may consume to the gentlewoman.

I do.

Mr. Speaker, I yield 3 minutes to the gentleman from Kentucky (Mr. Barr), the chair of the Subcommittee on Monetary Policy and Trade.

Mr. Speaker, I yield 2 minutes to the gentleman from North Carolina (Mr. McHenry), the chief deputy whip of the Republican Conference.

Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Rothfus), the vice chair of the Subcommittee on Financial Institutions and Consumer Credit.

Mr. Speaker, I have no further speakers at this time. The points have been made. I am prepared to close, and I reserve the balance of my time.

Mr. Speaker, the legislation before us today is not for the big banks. It is not for the bureaucrats and their swanky downtown office at CFPB. This legislation was crafted for the American people, the men and women who work hard every day to earn a living. These individuals want choice in the financial products they can buy. They want healthy community banks. They want lower taxes instead of Wall Street bailouts.

The Financial CHOICE Act was written over the past several years with these people in mind. We will restore hope and opportunity for them.

I thank Chairman Hensarling and the Financial Services Committee for their hard work on this bill. I thank Chairman Sessions for bringing this bill to the floor.

Mr. Speaker, I urge Members to vote ``yes'' on the resolution, and then to vote ``yes'' on the underlying bill.

Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. Speaker, I thank the gentleman for yielding me the customary 30 minutes, and I yield myself such time as I may consume.

Mr. Speaker, the Securities Act of 1933, which, obviously, was put into effect after the Depression or while it was going on, governs current law regarding the sale and purchase of securities like stocks, bonds, or options. The intent behind this law is to require that investors receive necessary information about the securities and to prevent fraud when they are sold.

To achieve this, the Securities and Exchange Commission currently prohibits the sale or delivery of securities that have not been registered with the agency, with some limited exemptions. Today, these exceptions are usually limited to those transactions made with sophisticated investors who understand the associated risks.

H.R. 2201 would weaken the Securities Act unnecessarily by adding an entirely new exemption for certain issuers while removing important disclosure requirements.

Let me say that again: while removing important disclosure requirements, in other words, to know what you are buying.

It would leave investors vulnerable to fraud by allowing companies to sell unregistered securities without the important guardrails that apply to these transactions today. It is part of the majority's agenda that prioritizes deregulation above all else.

Through the Congressional Review Act and many other bills, the majority has been relentlessly attacking safeguards that protect consumers--risking our health, our safety, and our finances. This is all in order to make it easier for corporations to engage in questionable business practices.

Who loses in the giveaway to big corporations and bad actors? The American people do.

Mr. Speaker, I have always believed that a bad process leads to a bad product. This week has put the majority in the history books for all the wrong reasons.

Closed rules completely block Members from offering amendments on the House floor, and just yesterday, with the 49th closed rule of the year, this majority broke the record for becoming the most closed session of Congress in history. That is a long time.

Let me repeat that. This session of the 115th Congress is the most closed session ever. In fact, our present Speaker has not had an open rule.

This is not some arcane matter. More than 1,300 amendments have been blocked this year through the restrictive rules. It has prevented action on matters that touch nearly every sector of society.

This week we saw another mass shooting in a church. Families gathered together in a small Texas town, and a man with a gun came in and killed 26 of them and wounded 20 more. One family lost eight of its cherished members. Those killed in that attack equal 7 percent of the small town's entire population.

Now, this Congress could work together and actually stop these tragic murders because this is the place where we can do that, but under the majority, we can't even get a vote on any measure that would do anything about it.

If you care about whether we send troops to war in Afghanistan and Syria--if you care--then closed rules matter.

If you care about protecting whistleblowers or reducing government spending, then closed rules matter.

If you care about whether we build the President's offensive border wall with Mexico or strengthen ethics in the executive branch, then closed rules matter.

If you care about protecting the nearly 800,000 young DREAMers nationwide, then closed rules definitely matter.

The majority has used restrictive closed and structured rules to prevent debate and votes on these and many, many other important matters from ever happening here on the House floor.

Each of us has been elected to do our job representing our constituents by amending legislation on this floor, but because of the closed process, we are being prevented from doing our jobs.

Bills routinely come before the Rules Committee that haven't even been fully considered by the relevant committees. Such a bill is before us today.

When Speaker Ryan took the gavel 2 years ago, he said: ``Only a fully functioning House can really, truly do the people's business.'' Well, Mr. Speaker, we are not doing the peoples business. We are unable to do the job we were sent here to do. We are unable to take action on the things our constituents care about most.

It is no wonder that this Congress is the most unpopular Congress in recent memory. It is past time that we return to regular order and start tackling the major issues that we face.

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

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

Mr. Speaker, if we defeat the previous question, I will offer an amendment to the rule to bring up H.R. 3440, the Dream Act. This bipartisan, bicameral legislation would help thousands of young people who are Americans in every way, except on paper.

Democrats have tried numerous times to protect DREAMers. We voted over and over to try and bring the Dream Act, and we have offered amendments, only to be blocked by this record-breaking closed Congress. There is bipartisan agreement that something must be done to help these young people. Let's do it today.

Mr. Speaker, I ask unanimous consent to insert the text of my amendment in the Record, along with extraneous material, immediately prior to the vote on the previous question.

Mr. Speaker, I yield 4 minutes to the gentleman from California (Mr. Aguilar) to discuss our proposal.

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

Mr. Speaker, unnecessary, partisan bills like this one take up valuable floor time when we could be considering important legislation to extend expired programs like Perkins loans, which help low-income students finance their education, or to address gun violence. The American people are frightened of an agenda that prioritizes deregulation and corporations above all else.

Democrats have been pushing for votes on the House floor on amendments that would actually address the

major problems we are facing today. That includes everything from climate change and our military's role abroad to protecting the DACA recipients and addressing the gun violence epidemic that is tearing communities apart. But we have been blocked at every turn.

The majority has gone to unprecedented lengths to prevent any kind of real debate from happening. We have proof of that because they have used closed and structured rules to block more than 1,300 amendments so far this year. So far, this session is the most closed session of Congress since Congress began.

It is no wonder that just 13 percent of the public approves of Congress under this leadership. That is according to the latest figures from Gallup. The bill before us just continues that dangerous and unpopular agenda.

Mr. Speaker, I urge a ``no'' vote on the previous question, the rule, and the bill, and I yield back the balance of my time.

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

Mr. Speaker, I appreciate my friend from Colorado allowing me an opportunity to speak on this bill.

Mr. Speaker, currently, the Securities and Exchange Commission prohibits the sale or delivery of securities that have not been registered with the agency.

A large portion of startups--and, really, these are ideas--rely on small, nonprofit offerings also known as private placements, such as with friends and family. They do a round of offerings in order to raise initial, early-stage seed capital; however, the Securities Act of 1933 does not define what constitutes a public offering or, conversely, a nonpublic offering. As a result, startups may unintentionally violate the act when it seeks to offer securities to potential investors in a private placement.

Let's put that in real English. Let's make this actually approachable in a way that I think true American entrepreneurs can understand.

The reality is, these are people with an idea, a drive to move forward and to improve something. They go and offer to their family, or maybe ask of their family, to be a part of that dream, to help with some seed capital, to give them a little bit of their hard-earned money to help them achieve their dream.

And, guess what?

They get to take part in the success of that. There is some risk, but there is also reward.

How this really translates is that there might be the doctor who has got a great idea for a new health drink or a new implement to use while he is in surgery. This might be a mom who left the workforce and was taking care of her kids and said: There has got to be a better way of making sure my kids are getting a healthy meal transported to school; or something like that.

These are people who are looking around and saying: I can go make life better not for me, not just for my family, but for others. They are then trying to pursue that.

To address this uncertainty that we have, H.R. 2201, the Micro Offering Safe Harbor Act, would implement a simple amendment to the Securities Act of 1933, by making clear what constitutes a nonpublic offering.

It is going to provide small businesses with needed clarity and confidence to know that their offering is not a Securities Act violation. Think of that. Again, it might be that doctor or that stay- at-home mom who is out there just trying to fund an idea, unintentionally and with no malice or no understanding that they are violating Federal law.

A micro-offering authorized under this bill would allow small businesses or small entrepreneurs to operate with confidence, and the commonsense requirements to be a part of this are such:

Each investor has a substantive preexisting relationship with an owner. This is no fly-by friendship. This is somebody who you actually know;

There are fewer than 35 purchasers or investors; and

Also, the amount cannot exceed $500,000.

If you just divide out $500,000, which is a lot of money, by 35 people, that is less than $15,000 a person. That is $14,285, to be exact. This is not about helping Wall Street somehow, for crying out loud. This is about Main Street.

I believe it is important to note, as the sponsor, Mr. Emmer, had noted earlier, that nothing in this bill would remove or inhibit the authority of the Securities and Exchange Commission or the Department of Justice from prosecuting securities fraud.

With antifraud protections still in place, the legislation appropriately scales Federal rules and regulatory compliance costs for these small businesses and entrepreneurs.

H.R. 2201 is a commonsense bill designed to help Main Street and not Wall Street. Simply put, it will allow these small businesses and entrepreneurs, these DREAMers, to access capital necessary for their growth.

As I said, Representative Emmer has done a phenomenal job in shepherding this through. In a 2016 Capital Markets, Securities, and Investments Subcommittee hearing where we dealt with the bill, he had a great quote that said:

``The problem with the ability of small businesses to effectively use this exemption is--the term `private offering' is not defined in law. Not only does this prevent small business from using the exemption, it leaves businesses who try to use the exemption and can't afford a team of expensive lawyers--which, again, most small businesses cannot-- exposed to potential lawsuits and future liability. . . . This legislation will create a bright line safe harbor for small private offerings. It will help entrepreneurs open new businesses and expand existing ones.''

Mr. Speaker, I applaud the hard work of my colleague, Mr. Emmer, on this bill, and I encourage all my colleagues to vote in favor of H.R. 2201.