Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, more than a year has passed since the coronavirus was first detected in the United States. In that time, we have lost over half a…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, more than a year has passed since the coronavirus was first detected in the United States. In that time, we have lost over half a million people to this relentless virus. We are a nation in mourning for our lost loved ones, our neighbors, and, indeed, our colleagues.
As we mourn, much of American life is unrecognizable. Millions of Americans have lost their jobs, their safety, and their security, and 10 million jobs that were lost have not been returned.
This is the hard reality across this Nation and in every single congressional district across our country.
Through all this pain, our care for one another is still recognizable. We have seen this in the countless hours our health heroes have spent caring for the sick. We have seen other essential workers who have kept our grocery aisles stocked and our mail delivered. We have seen the care of neighbors, indeed, helping neighbors.
Today, Congress acts in the same spirit of care for our fellow Americans by delivering on the relief our constituents, always with humility, have been asking for.
This is not about dollars and cents. This is about lives that are at stake. We can save them by passing this bill. We will get shots into arms faster. We will help families stay housed and, indeed, put food on their tables. Most importantly, this package will help families avoid impossible choices.
The Ways and Means Committee, which has written half of this legislation--and I must tell you, in all my years, I am really proud of what we did, and a reminder that it was the CARES Act that saved the American economy 1 year ago. Full of proven policies, it will fight both for public health and, simultaneously, the economic crisis.
We will not get back to economic recovery until we defeat this virus.
We are balancing immediate relief and sustained support to keep Americans afloat and ready to bounce back stronger than ever. We will make good on our promise of an additional $2,000 from the $1,400 that we promised. We will enhance and expand the refundable tax credits for low- and middle-income workers and their families.
Combined, these benefits will provide an average income boost of 33 percent for the poorest 20 percent of American households. This will be life-changing, and it will lift millions of children in this Nation out of poverty.
For families, this bill offers massive savings in childcare expenses, which have been a major barrier to returning to the workforce, particularly for women.
For millions of jobless Americans, we are ensuring that they can afford life's necessities until this economy rebounds by extending pandemic-related unemployment benefits and increasing that benefit.
Access to affordable, comprehensive healthcare is critical, so we have included provisions to contain costs, particularly for unemployed workers. We will include help for nursing homes to crush the virus.
Mr. Speaker, we shored up the multiemployer pension plans, and you should know I am really proud of that as well. Thirty Republicans in this House have voted for this legislation on two different occasions. Those plans were jeopardized by COVID, and we intend to correct that.
Delaying is not an option. This is an opportunity to take bold action that will keep struggling Americans afloat and give them the peace of mind that better days are still to come.
For those who ask, Is this too much?
The answer is, No.
Economists left, right, and center have agreed with what we are about to do. They know that too little is not enough as we fight the pandemic. We will continue to fight the virus like the grave enemy that it is and give people a fighting chance to make it through the pandemic. And we must give them a chance for opportunity as we get to the other side, and that is what we intend to do with this legislation.
I remind my colleagues that this is not the time for partisan rancor. And I
must say that the debate in the Ways and Means Committee was superb. We must go big. We must be bold. And we must rise to this challenge because the American people this evening are counting on us.
Mr. Speaker, I support this plan, and I urge the rest of our colleagues to support it as well, and I reserve the balance of my time.
Mr. Speaker, I include in the Record a letter from the staff of the Joint Committee on Taxation providing a technical explanation of section 9674 of the American Rescue Plan Act of 2021, and request that the Joint Committee post the letter on their website as well.
Congress of the United States,
Joint Committee on Taxation,
Washington, DC, February 26, 2021.
Hon. Richard E. Neal,
Committee on Ways and Means,
Washington, DC.
Dear Chairman Neal: You asked the staff of the Joint
Committee on Taxation to prepare a technical explanation of a
provision to modify the exceptions for reporting third party
network transactions provided by Internal Revenue Code
section 6050W. The specific legislative text is new section
9674 of subtitle G of title IX of the American Rescue Plan
Act of 2021, as amended by the proposed manager's amendment.
Enclosed please find the Joint Committee staff's
description of present law and technical explanation of this
proposal.
Sincerely,
Thomas A. Barthold,
Chief of Staff.
Enclosure.
Technical Explanation of the Modification of Exceptions of Reporting Third Party Network Transactions in New Section 9674 of Subtitle IX of
the American Rescue Plan Act of 2021, as Amended by the Proposed
Manager's Amendment
(Prepared by the Staff of the Joint Committee on Taxation, Feb. 26,
2021)
Modifications of Exceptions for Reporting Third Party Network
Transactions
Present Law
Present law requires persons to file an information return
concerning certain transactions with other persons. The
person filing an information return is also required to
provide the recipient of the payment with a written statement
showing the aggregate payments made and the contact
information for the payor. These returns are intended to
assist taxpayers in preparing their income tax returns and to
help the IRS determine whether such income tax returns are
correct and complete.
Returns relating to payments made in settlement of payment
card and third party network transactions:
Starting in 2012 (for payments received in 2011), payment
settlement entities are required to report the gross amount
of payments made in settlement of payment card transactions
and third party network transactions to the IRS and to
businesses that receive these payments.
Specifically, the statute requires any payment settlement
entity making a payment to a participating payee in
settlement of reportable payment transactions to report
annually to the IRS and to the participating payee the gross
amount of such reportable payment transactions, as well as
the name, address, and TIN of the participating payees. A
``reportable payment transaction'' means any payment card
transaction and any third party network transaction.
A ``payment settlement entity'' means, in the case of a
payment card transaction, a merchant acquiring entity and, in
the case of a third party network transaction, a third party
settlement organization. A ``participating payee'' means, in
the case of a payment card transaction, any person who
accepts a payment card as payment and, in the case of a third
party network transaction, any person who accepts payment
from a third party settlement organization in settlement of
such transaction.
For purposes of the reporting requirement, the term
``merchant acquiring entity'' means a bank or other
organization with the contractual obligation to make payment
to participating payees in settlement of payment card
transactions. A ``payment card transaction'' means any
transaction in which a payment card is accepted as payment? A
``payment card'' is defined as any card (e.g., a credit card
or debit card) which is issued pursuant to an agreement or
arrangement which provides for: (1) one or more issuers of
such cards; (2) a network of persons purpose, unrelated to
each other, and to the issuer, who agree to accept such cards
as payment; and (3) standards and mechanisms for settling the
transactions between the merchant acquiring entities and the
persons who agree to accept such cards as payment. Thus,
under the provision, a bank that enrolls a business to accept
credit cards and contracts with the business to make payment
on credit card transactions is required to report to the IRS
the business's gross credit card transactions for each
calendar year on a Form 1099-K, Payment Card and Third Party
Network Transactions. The bank also is required to provide a
copy of the information report to the business.
The statute also requires reporting on a third party
network transaction. The term
``third party network transaction'' means any transaction
which is settled through a third party payment network. A
``third party payment network'' is defined as any agreement
or arrangement: (1) that involves the establishment of
accounts with a central organization by a substantial number
of persons (e.g., more than 50) who are unrelated to such
organization, provide goods or services, and have agreed to
settle transactions for the provision of such goods or
services pursuant to such agreement or arrangement; (2) that
provides for standards and mechanisms for settling such
transactions; and (3) that guarantees persons providing goods
or services pursuant to such agreement or arrangement that
such persons will be paid for providing such goods or
services. In the case of a third party network transaction,
the payment settlement entity is the third party settlement
organization, which is defined as the central organization
which has the contractual obligation to make payment to
participating payees of third party network transactions.
Thus, an organization generally is required to report if it
provides a network enabling buyers to transfer funds to
sellers who have established accounts with the organization
and have a contractual obligation to accept payment through
the network. However, an organization operating a network
which merely processes electronic payments (such as wire
transfers, electronic checks, and direct deposit payments)
between buyers and sellers, but does not have contractual
agreements with sellers to use such network, is not required
to report. Similarly, an agreement to transfer funds between
two demand deposit accounts will not, by itself, constitute a
third party network transaction.
A third party payment network does not include any
agreement or arrangement that provides for the issuance of
payment cards as defined by the provision. In addition, there
is an exception for de minimis payments that applies to
payments made by third party settlement organizations but not
to payments made by merchant acquiring entities. A third
party settlement organization is not required to report
unless the aggregate value of third party network
transactions with respect to a taxpayer for the year exceeds
$20,000 and the aggregate number of such transactions with
respect to a taxpayer exceeds 200. If a payment of funds is
made to a third party settlement organization by means of a
payment card (i.e., as part of a payment card transaction),
the $20,000 and 200 transaction de minimis rule continues to
apply to any reporting obi igation with respect to payment of
such funds to a participating payee by the third party
settlement organization made as part of a third party network
transaction.
So, for example, if a business that provides a web-based
rental platform for short-term travelers is considered a
third party settlement organization, it does not have to
provide a Form 1099-K to property owners participating on
their web-based site who have received payments of $20,000
or less. On the other hand, if that company is considered
a merchant acquiring entity, it would have to issue a Form
1099-K to all payees participating on its platform who
have received payments of any amount starting with the
first dollar.
There are also reporting requirements on intermediaries who
receive payments from a payment settlement entity and
distribute such payments to one or more participating payees.
Such intermediaries are treated as participating payees with
respect to the payment settlement entity and as payment
settlement entities with respect to the participating payees
to whom the intermediary distributes payments. Thus, for
example, in the case of a corporation that receives payment
from a bank for credit card sales effectuated at the
corporation's independently-owned franchise stores, the bank
is required to report the gross amount of reportable payment
transactions settled through the corporation (notwithstanding
the fact that the corporation does not accept payment cards
and would not otherwise be treated as a participating payee).
In turn, the corporation, as an intermediary, would be
required to report the gross amount of reportable payment
transactions allocable to each franchise store. The bank
would have no reporting obligation with respect to payments
made by the corporation to its franchise stores.
Another rule provides that if a payment settlement entity
contracts with a third party to settle reportable payment
transactions on behalf of the payment settlement entity, the
third party is required to file the annual information return
in lieu of the payment settlement entity.
The payment settlement entity is required to file the
information return to the IRS on or before February 28th
(March 31st if filing electronically) of the year following
the calendar year for which the return must be filed. The
statements are required to be furnished to the participating
payees on or before January 31st of the year following the
calendar year for which the return was required to be made.
The Secretary has exercised authority under these rules to
issue guidance to implement the reporting requirement,
including rules to prevent the reporting of the same
transaction more than once.
The reportable payment transactions subject to information
reporting generally are subject to backup withholding
requirements. In addition, the information reporting
penalties apply for any failure to file a correct information
return or furnish a correct payee statement with respect to
the reportable payment transactions. Any person who is
required to file an information return or furnish a payee
statement but who fails to do so on or before the prescribed
due date is subject to a penalty that varies based on when,
if at all, the correct information return is filed or
furnished. There are penalties imposed for failure to file
the information return, furnish payee statements, or comply
with other various reporting requirements. No penalty is
imposed if the failure is due to reasonable cause. Both the
failure to file and failure to furnish penalties are adjusted
annually to account for inflation.
Explanation of Provision
This provision lowers and modifies the threshold below
which a third party settlement organization is not required
to report payments to participants in its network. Under the
provision, for any calendar year, a third party settlement
organization is required to report third party network
transactions with any participating payee that exceed a
minimum threshold of $600 in aggregate payments, regardless
of the aggregate number of such transactions.
Third party network transactions include any commercial
transactions settled through a third party payment network.
The provision also clarifies that third party network
transactions only include transactions for the provision of
goods or services (e.g., personal gifts, charitable
contributions, and reimbursements are not included).
For example, an individual who has registered for a mobile
payment service and uses such a service to reimburse friends
or relatives for expenses, or on occasion sells a used item
to another person, would not be engaging in transactions that
are subject to reporting requirements. However, if that
individual were to register with such mobile payment service
for the purposes of engaging in commercial transactions, such
as regularly carrying on a trade or business through use of
that service, the mobile payment service would be required to
report under the provision.
Effective Date
The part of the provision that lowers and modifies the
reporting threshold is effective for returns for calendar
years beginning after December 31, 2021.
The part of the provision that clarifies that reporting is
not required on transactions which are not for goods or
services is effective for transactions after the date of
enactment.
Mr. Speaker, let me also note on this proud day that it happens to be the 95th anniversary of the creation of the Joint Committee on Taxation, and throughout its history it has provided the Committee on Ways and Means with invaluable advice, and I suspect that is something we can all agree on.
Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson).
Mr. Speaker, I yield 1 minute to the gentleman from Oregon (Mr. Blumenauer), a member of the Ways and Means Committee.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Illinois (Mr. Danny K. Davis), who is a member of the Ways and Means Committee.
Mr. Speaker, the residents of my district and of districts all over America are jumping for joy. They are jumping because they see this bill like manna from heaven. There is money for COVID testing; money for vaccines; money for their pockets; money to help reopen schools; unemployment checks; tax credits for children; money for hospitals, health centers, nursing homes, daycare centers, State, county, and local governments; money for poor families, poor children, homeless youth, small businesses, restaurants, rental assistance and mortgage payments so they can stay in their homes. You name it, Mr. Speaker, it is in this bill.
Joe Biden to the rescue. Thank God for Joe Biden and Kamala Harris, Nancy Pelosi and Chuck Schumer, and especially the people in Georgia. I will vote for this bill. I will vote ``yes.'' Yes, Mr. Speaker, I will vote to rescue and save America.
Mr. Speaker, I yield 1\1/2\ minutes to the gentlewoman from California (Ms. Sanchez), who is a member of the Ways and Means Committee.
Mr. Speaker, I yield an additional 30 seconds to the gentlewoman from California.
Mr. Speaker, I yield 1\1/2\ minutes to the gentlewoman from Washington (Ms. DelBene), a member of the Ways and Means Committee who has had a profound influence on the child credits in this legislation.
Mr. Speaker, I yield myself the balance of my time.
Let me begin by recognizing the extraordinary work that has gone into this legislation by the Ways and Means Committee staff, the Office of Legislative Counsel, the Joint Committee on Taxation, and many others: Morna Miller, Amy Hall, Kara Getz, Andrew Grossman, Melanie Egorin, and Alice Lin, to name but a few of the superb staff members that we have.
They have worked long hours under immense pressure, all while facing the same challenges of remote school, lack of child care, and concern for family members that Americans everywhere face. There are too many names to include here, but let it be known that your counsel is unparalleled and your expertise is unmatched.
Mr. Speaker, tonight, we recognize that a half a million people have died. Millions have been affected by this dreadful disease. Ten million jobs that were lost have not been returned, and 18 million members of our family are receiving unemployment benefits. People who never imagined that they might be relying on a food bank are lining up weekly, and they are part of the unthinkable number of children that still go hungry as we meet.
With this legislation, we are taking bold action, and, yes, it is sweeping. I want to thank Joe Biden for his courage and vision in helping to bring us to this moment. Yes, it will be costly, but if crushing this virus and ending the suffering that Americans are currently facing, if it is not worth this investment, then I ask: What is?
Over the Speaker's rostrum there is an extraordinary quote by a son of Massachusetts, and I think that it compels us to this moment. Mr. Webster asked, ``Let us develop the resources of our land and call forth its powers and build up its institutions, promote all of its great interests, and see whether we also in our day and generation may not perform something worthy to be remembered.''
Tonight, as we vote for this legislation, we are going to achieve something that will be worthy to be remembered.
Mr. Speaker, I include in the Record a letter listing business leaders in support of this bill
180 Business Leaders Sign in Support of the American Rescue Plan
(By Jana Plat, Feb. 24, 2021)
Washington, DC--Today, 180 CEOs issued a public letter to
leaders of Congress, urging rapid, bipartisan adoption of a
stimulus package on the model of the American Rescue Plan.
The following is the text of the letter and the full list of
signatories.
Dear Majority Leader Schumer, Speaker Pelosi, Minority
Leader McConnell and Minority Leader McCarthy: We write to
urge immediate and large-scale federal legislation to address
the health and economic crises brought on by the COVID-19
pandemic. More than a year after the first coronavirus case
was reported in the United States, our nation is still
struggling to combat the spread and reverse its economic
fallout.
Previous federal relief measures have been essential, but
more must be done to put the country on a trajectory for a
strong, durable recovery. Congress should act swiftly and on
a bipartisan basis to authorize a stimulus and relief package
along the lines of the Biden-Harris administration's proposed
American Rescue Plan.
Strengthening the public health response to coronavirus is
the first step toward economic restoration. The American
Rescue Plan mobilizes a national vaccination program,
delivers economic relief to struggling families, and supports
communities that were most damaged by the pandemic.
More than 10 million fewer Americans are working today than
when the pandemic began, small businesses across the country
are facing bankruptcy, and schools are struggling to reopen.
The most vulnerable Americans--including women, people of
color and low wage workers--are experiencing the worst of the
pandemic, with unprecedented job loss, childcare burdens and
food insecurity. States and cities have been crushed by
pandemic-related expenses and revenue losses.
The American Rescue Plan provides a framework for
coordinated public-private efforts to overcome COVID-19 and
to move forward with a new era of inclusive growth. The
country's business community is prepared to work with you to
achieve these critical objectives.
Sincerely,
Yo Akatsuka, President & CEO, Nomura Holding America Inc.;
Ellen Alemany, Chairman & CEO, CIT Group Inc.; Simon Allen,
Chief Executive Officer, McGraw-Hill Education, Inc.; Jeffrey
H. Aronson, Managing Principal, Centerbridge Partners; Neil
Barr, Managing Partner, Davis Polk & Wardwell LLP; Rich
Barton, Co-Founder & CEO, Zillow; Candace K. Beinecke, Senior
Partner, Hughes Hubbard & Reed LLP; Charles R. Bendit, Co-
Chief Executive Officer, Taconic Investment Partners LLC;
Stephen Berger, Chairman, Odyssey Investment Partners, LLC;
William H. Berkman, Co-Chairman & CEO, Radius Global
Infrastructure, Inc.; Frank J. Bisignano, Chief Executive
Officer, Fiserv; Jeff T. Blau, Chief Executive Officer, The
Related Companies, L.P.; Kathy Bloomgarden, Chief Executive
Officer, Ruder Finn, Inc.; Lora Blum, Chief Legal Officer &
Secretary, Survey Monkey; Adam M. Blumenthal, Managing
Partner, Blue Wolf Capital Partners; John Borthwick, Founder
& CEO, Betaworks; Ari Buchalter, President & CEO,
Intersection.
Martin S. Burger, Chief Executive Officer, Silverstein
Properties. Inc.; Chris Cartwright, President & CEO,
TransUnion; Anthony Casalena, Founder & CEO, Squarespace,
Inc.; Timothy Cawley, President & CEO, Con Edison, Inc.;
Guillaume Cerutti, Chief Executive Officer, Christie's; Brian
Chesky, Co-founder & CEO, Airbnb,
Inc.; H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell
LLP; Maria Colacurcio, Chief Executive Officer, Syndio
Solutions; Richard A.C. Coles. Founder & Managing Partner,
Vanbarton Group LLC; Marc Cooper, Chief Executive Officer, PJ
Solomon, L.P.; R. Cromwell Coulson, President & CEO, OTC
Markets Group; Linda Darr. CEO of the American Council of
Engineering Companies; Todd C. DeGarmo, Chief Executive
Officer, STUDIOS Architecture; Annemarie DiCola, Chief
Executive Officer, Trepp, LLC; William R. Dougherty,
Chairman, Executive Committee, Simpson Thacher & Bartlett
LLP; Russell Dubner, President & CEO, Edelman US; Douglas
Durst, Chairman, Durst Organization Inc.; Blair W. Effron,
Co-Founder, Centerview Partners; Joel S. Ehrenkranz, Partner
& Co-Founder, Ehrenkranz Partners L.P.; Douglas F. Eisenberg,
Founder & CEO, A&E Real Estate, LLC; Steven M. Ellis,
Chairman of the Firm, Proskauer.
Helmy Eltoukhy PhD, Chief Executive Officer, Guardant
Health; Alexander Farman-Farmaian, Vice Chairman, Portfolio
Manager, Edgewood Management LLC; Ziel Feldman, Chairman &
Founder, HFZ Capital Group; Laurence D. Fink, Chairman & CEO,
BlackRock; Peter Finn, Founding Partner, Finn Partners; John
Fish, Chairman & CEO, Suffolk; Winston C. Fisher, Partner,
Fisher Brothers; William E. Ford, Chairman & CEO, General
Atlantic LLC; Lynne Fox, Board Chair, Amalgamated Bank; Paul
Fribourg, Chairman & CEO, Continental Grain Company; Ryan
Gellert, CEO, Patagonia; Pat Gelsinger, Chief Executive
Officer, Intel Corporation; Dexter Goei, Chief Executive
Officer, Altice USA; Timothy Gokey, Chief Executive Officer,
Broadridge Financial Solutions, Inc.; Perry Golkin, Chief
Executive Officer, PPC Enterprises LLC; James P. Gorman,
Chairman & CEO, Morgan Stanley; Barry M. Gosin, Chief
Executive Officer, Newmark; Jonathan N. Grayer, Chairman &
CEO, Weld North LLC; David J. Greenwald, Chairman, Fried,
Frank, Harris, Shriver & Jacobson LLP; Efraim Grinberg,
Chairman & CEO, Movado Group, Inc.
Stewart KP Gross, Managing Director, Lightyear Capital;
Robin Hayes, Chief Executive Officer, JetBlue Airways
Corporation; Leslie W. Himmel, Managing Partner, Himmel &
Meringoff Properties, Inc.; Linh Hoang, Chief Executive
Officer, Boston Microfluidics; Barbara Humpton, President &
CEO, Siemens USA; Frederick J. Iseman, Chairman & CEO, CI
Capital Partners LLC; Kenneth M. Jacobs, Chairman & CEO,
Lazard; Jerry Jacobs, Chief Executive Officer, Delaware North
Companies, Inc.; John Josephson, Chairman & CEO, Sesac; Jared
Kaplan, Chief Executive Officer, OppFi; Brad S. Karp, Chair,
Paul, Weiss, Rifkind, Wharton & Garrison LLP; Charles R.
Kaye, Chief Executive Officer, Warburg Pincus LLC; Jason
Kelly, Founder & CEO, Gingko Bioworks; Alfred F. Kelly, Jr.,
Chairman & CEO, Visa Inc.; Anthony S. Kendall, Chairman &
CEO, Mitchell & Titus, LLP; Richard A. Kennedy, President &
CEO, Skanska USA Inc.; Michel A. Khalaf, President & CEO,
MetLife, Inc.; Brian Kingston, CEO of Real Estate, Brookfield
Asset Management; Scott Kirby, Chief Executive Officer,
United Airlines.
Kip Kirkpatrick, Co-Chief Executive Officer, The Vistria
Group; Philip Krim, Co-Founder & CEO, Casper; Barbara Armand
Kushner, President, Armand Corporation; Christopher Larsen,
Chief Executive Officer, Halmar International, LLC; Michael
Lastoria, Founder & CEO, &pizza; William P. Lauder, Executive
Chairman, The Estee Lauder Companies, Inc.; Rochelle B.
Lazarus, Chairman Emeritus, Ogilvy & Mather Worldwide;
Richard S. LeFrak, Chairman & CEO, The LeFrak Organization;
Rich Lesser, President & CEO, Boston Consulting Group; Max
Levchin, Founder & CEO, Affirm, Inc.; Aaron Levie, Chief
Executive Officer. Box; Jeffrey E. Levine, Chairman,
Douglaston Development; Pamela Liebman, President & CEO, The
Corcoran Group, Inc.; Martin Lipton, Senior Partner,
Wachtell, Lipton, Rosen & Katz; Robert P. LoCascio, Founder &
CEO, LivePerson, Inc.; Charles Lowrey, Chairman & CEO,
Prudential Financial; Roger Lynch, Chief Executive Officer,
Conde Nast.
Mehdi Mahmud, CEO & President, First Eagle Investment
Management, LLC; Anthony Malkin, Chairman, President & CEO,
Empire State Realty Trust; Anthony E. Mann, President & CEO,
E-J Electric Installation Co.; Sandeep Mathrani, Chief
Executive Officer, WeWork; Peter W. May, President & Founding
Partner, Trian Partners; Bill McDermott, President & CEO,
ServiceNow; Tom McGee, President & CEO, International Council
of Shopping Centers; Andrew McMahon, President & CEO, The
Guardian Life Insurance Company of America; Anish Melwani,
Chairman & CEO, LVMH Moet Hennessy Louis Vuitton Inc.; Avner
Mendelson, President & CEO, Bank Leumi USA; Heidi Messer, Co-
Founder & Chairperson, Collective[i]; Marc Metrick, President
& CEO, Saks Fifth Avenue; Danny Meyer, Chief Executive
Officer, Union Square Hospitality Group; Michael Miebach,
Chief Executive Officer, Mastercard; Edward J. Minskoff,
Chairman & CEO, Edward J. Minskoff Equities, Inc.; Steve
Mollenkopf, Chief Executive Officer, Qualcomm; Linda Moore,
President & CEO, TechNet; Tyler Morse, Chief Executive
Officer & Managing Partner, MCR Development LLC; Deanna M.
Mulligan, Chief Executive Officer, DM Mulligan, LLC.
Daniel Neal, CEO & Founder, Kajeet; Martin Nesbitt, Co-
Chief Executive Officer, The Vistria Group; Suzanne Neufang,
Chief Executive Officer, Global Business Travel Association;
Liz Neumark, Chair & Founder, Great Performances; Jon
Oringer, Founder & Executive Chairman, Shutterstock, Inc.;
Doug Parker, Chief Executive Officer, American Airlines;
Douglas L. Peterson, President & CEO, S&P Global; Michael
Phillips, President, Jamestown Properties LLC; Sundar Pichai,
Chief Executive Officer, Google; Patricia ``Patti'' Poppe,
Chief Executive Officer, PG&E; Penny Pritzker, Chairman, PSP
Partners; Deirdre Quinn, Co-Founder & CEO, Lafayette 148 New
York; Daniel Ramot, Co-Founder & CEO, Via; Scott H. Rechler,
Chairman & CEO, RXR Realty LLC; Jack Remondi, President and
CEO, Navient; Christiana Riley, Chief Executive Officer,
Deutsche Bank Americas; Brian L. Roberts, Chairman & CEO,
Comcast Corporation; Michael Roberts, President & CEO, HSBC
Bank USA; James D. Robinson, II, Co-Founder & General
Partner, RRE Ventures; Robert Roche, Founder & President,
Roche Enterprise.
James A. Rosenthal, Chief Executive Officer, BlueVoyant;
Michael I. Roth, Chairman & CEO, Interpublic Group; Steven
Roth, Chairman & CEO, Vornado Realty Trust; Steven
Rubenstein, President, Rubenstein Communications, Inc.;
William C. Rudin, Co-Chairman & CEO, Rudin Management
Company, Inc.; Kevin P. Ryan, Founder & CEO, AlleyCorp; Scott
Salmirs, President & CEO, ABM Industries Inc.; Charles
Scharf, President & CEO, Wells Fargo Bank, N.A.; Ralph
Schlosstein, Co-Chairman & Co-CEO, Evercore Partners Inc.;
Michael Schmidtberger, Partner & Chair of the Executive
Committee, Sidley Austin LLP; Alan D. Schnitzer, Chairman &
CEO, The Travelers Companies, Inc.; Dan Schulman, President &
CEO, PayPal Holdings, Inc.; Alan D. Schwartz, Executive
Chairman, Guggenheim Partners, LLC; Stephen A. Schwarzman,
Chairman, CEO & Co-Founder, Blackstone.
Frank J. Sciame, Chairman & CEO, Sciame Construction, LLC;
Suzanne Shank, President & CEO, Siebert Williams Shank & Co.
LLC; Tarek Sherif, Co-Founder & CEO, Medidata Solutions,
Inc.; Stanley S. Shuman, Senior Advisor, Allen & Company LLC;
Mike Sievert, Chief Executive Officer, T-Mobile US, Inc.;
Jonathan Silvan, Chief Executive Officer, Global Strategy
Group, LLC; Jacob Silverman, Chief Executive Officer, Kroll;
Joshua Silverman, Chief Executive Officer, Etsy, Inc.; David
M. Solomon, Chairman & CEO, Goldman Sachs; Jeffrey M.
Solomon, Chair & CEO, Cowen; Rob Speyer, President & CEO,
Tishman Speyer; John Stankey, Chief Executive Officer, AT&T;
Robert K. Steel, Chairman, Perella Weinberg Partners; Alan
Suna, Chief Executive Officer, Silvercup Studios; Steven R.
Swartz, President & CEO, Hearst.
Paul J. Taubman, Chairman & CEO, PJT Partners Inc.; Owen D.
Thomas, Chief Executive Officer, Boston Properties; Jonathan
Tisch, Chairman & CEO, Loews Hotels & Co.; Daniel R. Tishman,
Vice Chairman, AECOM & Principal, Tishman Realty; Jean-Marie
Tritant, Chief Executive Officer, Unibail-Rodamco-Westfield;
Bridget van Kralingen, Senior Vice President, Global Markets,
IBM Corporation; Ellis Verdi, President, DeVito/Verdi; Hans
Vestberg, CEO, Verizon; Pamela S. Wasserstein, President, Vox
Media; Philip Waterman II, Managing Partner, WatermanClark;
Charles Weinstein, Chief Executive Officer, EisnerAmper LLP;
David Winter, Co-Chief Executive Officer, Standard Industries
Inc.; Kathryn S. Wylde, President & CEO, Partnership for New
York City; Rudolph M. Wynter, President-Elect, NY, National
Grid; Tony Xu, Chief Executive Officer, DoorDash; Eric Yuan,
Chief Executive Officer, Zoom; Strauss Zelnick, Partner, ZMC;
John Zimmer, Co-Founder & President, Lyft, Inc.
Mr. Speaker, I yield back the balance of my time.