Mr. Speaker, I thank my colleague from Colorado, Mr. Buck, for leading this Special Order effort and for recognizing me to talk about this issue and the general problem in the Senate today of having legislation considered, debated, and…
Mr. Speaker, I thank my colleague from Colorado, Mr. Buck, for leading this Special Order effort and for recognizing me to talk about this issue and the general problem in the Senate today of having legislation considered, debated, and passed in a way that we can go to conference committee.
As the gentleman mentioned, the Senate has already failed to act, and is currently failing to act, as we stand here, on over 270 House-passed bills. One of those bills is a really important one, very important to the committee on which I serve.
I am proud to be on the Financial Services Committee. The tradition of
that position was held by my predecessor, Shelley Moore Capito, who served on that committee for 14 years. Ably led by Chairman Jeb Hensarling from Texas, we work in a bipartisan fashion, as much as we possibly can, to bring relief to the American people, give consumers choices in banking products, and the ability to get a small loan or get a mortgage for their house. We are doing very important work there.
So, as was mentioned, on June 8 of 2017, this year, here, the U.S. House of Representatives, where I now stand, passed H.R. 10, the Financial CHOICE Act, by a vote of 233-186. I was very proud to vote for that legislation, as I know were a lot of my colleagues.
The Financial CHOICE Act, if you are not familiar with the bill, after the financial crisis in 2007, Democrats held all the Chambers in the House, the Senate, and the Presidency, and they passed sweeping legislation that fundamentally changed the way our economy works for the worse; much more interference in your lives in banking, and the ability to make loans and consider requests for bank loans were done.
Basically, Dodd-Frank is to the financial services industry what ObamaCare is to the healthcare industry. It is a government-knows- better, one-size-fits-all, federally mandated set of laws that have hurt the very people they claim they want to help. It hurts the same people they want to help. So we are repealing most of that, and we are going to empower consumers, give you the choices back.
So we have passed this bill. Let me just give you one example of something in the bill, to be specific. There was something that was designated in the Dodd-Frank bill called too big to fail. You may remember that term, ``too big to fail.''
That is a situation where Washington bureaucrats had decided that certain banks--the theory is that they are so essential to the global economy that failure would be catastrophic. So it takes the ability to fail out of the banks' system, which then makes them act more risky. Big does not necessarily refer to the size of the company, just what the government decides is essential, too big to fail.
So the first bank that was too big to fail was Bear Stearns. In March of 2008, the Federal Reserve lent $30 billion to JPMorgan Chase to buy the failing investment bank. Bear was a small bank, but very well- known, and there was a worry that it would destroy confidence in other banks. So your tax dollars were used to, essentially, bail out banks.
So this bill repeals the authority of the Financial Stability Oversight Council to designate firms as systematically important institutions. It prohibits the use of Exchange Stabilization Funds to bail out banks. Most Americans I talk to don't think their taxpayer dollars should be used to bail out banks, so this bill would stop that.
So we passed that bill. We sent it to the Senate. We didn't think the Senate would pass the exact same bill, word for word, that the House passed. We thought they would consider our bill, take the parts they like, maybe change some parts, maybe add some parts, or move some parts, pass a bill in the Senate, and then we would go to a conference committee to reconcile the differences.
One of the biggest travesties I have seen around here of the political process, Mr. Speaker, is the failure to have conference committees in the Congress any longer. The House passes all these bills, over 300 over there; 270 are waiting for the Senate to do anything on. Anything. And we wait for the Senate to act so we can have a conference committee and reconcile the differences.
It is important to understand that no one in the House is demanding they get their way on every bill, every provision, all the time. We simply want to have a product sent to the Senate, have the Senate do their job, do their due diligence, pass legislation in whatever form they can get out of the Senate, and have a chance to go to conference committee, reconcile the differences.
There is some give-and-take there. They won't get everything they want. We may not get everything we want. You can reconcile those differences, and it has to go back and pass again.
Over the past 3 years, my third year in Congress now, I have taken to reminding folks things they learned in fifth grade, in fifth grade grade school, about how I am just a bill sitting on Capitol Hill, and how it is supposed to go to one Chamber; then it is supposed to go to the other, and they appoint a conference committee to reconcile the differences.
Instead, as the previous speaker, Congressman Biggs from Arizona, mentioned, the filibuster is abused. You have 48 Democrats in the Senate who filibuster everything. Everything. And for some reason, my colleagues on the majority side of the aisle, the Republicans, don't put the bills on the floor to make the American people see them filibuster, and obstruct, and shut down, avoid conference committees, avoid passing anything in the Senate that would require action, and, therefore, just stop anything from happening. It is a travesty of the political process.
Neither Republican nor Democrats should stand for such an abusive system in the Senate. So I think we should put the bills over there and make them act. We have actually started passing pieces of the CHOICE Act, one small bill at a time, in order to get other stuff over to the Senate, in the hope that they will just do something, act on something.
But we shouldn't have to do that, frankly, Mr. Speaker, because the Senate can simply pass any bill they want, or any Senate bills they want, and then we can consider it in the House as well. We have led by passing the CHOICE Act bill, which is the right thing to do.
You know, as disappointing as it was to see the U.S. Senate fail to pass anything on healthcare, maybe the one silver lining was the American people could finally see what happens if three Republicans join with 48 Democrats to vote against the bill. We did not have the votes to pass anything on healthcare, and the whole healthcare reform plan died at that moment.
We are sitting here today with a failing healthcare system that is going to continue to fail. ObamaCare is going to continue to fail. It is not getting any better. It is getting worse.
Look, our bill wasn't perfect, Mr. Speaker, but at least we did something in the House to address the problem. I am not saying this bill is perfect, the CHOICE Act for financial services, but we are doing something to address the problem that consumers are demanding, where they can have more choice and more access to funds to buy a home or start a small business. We are doing something about it, and the Senate is doing nothing. They don't pass anything.
In fact, we have passed all 12 appropriations bills in this Chamber. All 12 are sitting over there in the Senate, waiting for someone to act.
I think the first thing they should do is bring up the military funding bill. We are in November already. In December, next month, funding runs out. We have passed our appropriations bills. The Senate is doing nothing on appropriations bills.
They should bring that military bill to the floor of the Senate, right now, and have a vote. It passed this Chamber with a strong, bipartisan majority. Funding the military is not a partisan issue. There are votes, I believe, in the Senate and the House to fund the military.
But if the 48 Democrat Senators want to filibuster, abuse their power, abuse this filibuster tradition, which was mentioned is not in the Constitution, it is simply a courtesy extended to the minority party; if they want to continue to abuse that power, the American people should see them, ruthlessly, politically, try to shut down the military, and then try to blame the President or blame the House when they won't pass anything.
They should pass a military appropriations bill that helps fund our troops. We will reconcile the differences and send it to the President's desk. That, ladies and gentlemen, is how the process is supposed to work. That is what kept our democratic republican form of government, constitutional form of government, with democratic elections, the rule of law, a republican constitution; that is what has kept our country, to this point, functional and working well, having that bipartisan, bicameral process.
What is currently happening is really a travesty to this process, where it is being abused by the Senate. They have all these bills over there. It is high time for them to take action, pass
something, pass the best product they can on this issue, and let's go to conference committee and reconcile the differences.
Mr. Speaker, I urge the Senate to act as quickly as possible on the CHOICE Act, on whatever provisions they want to. We are trying to repeal the Consumer Financial Protection Bureau. Another part of that, the fiduciary rule, has really hurt consumers. These are other parts of the CHOICE Act that need action. The American people need and expect relief.