Floor Statements

Mr. Chairman, I have an amendment at the desk.

Mr. Chairman, I rise in support of my amendment to increase funding for the VA adaptive sports equine-assisted therapy program by $5 million.

This grant program provides much-needed resources for evidence-based equine-assisted therapy that helps treat veterans suffering from unseen psychological wounds such as post-traumatic stress disorder, military sexual trauma, and traumatic brain injury. Increased funding for equine-assisted therapy will greatly improve mental health treatment for our veterans.

As the chairman of the Congressional Horse Caucus, the representative for the horse capital of the world, and as someone who cares deeply for our veterans, I urge my colleagues to join me in supporting this amendment.

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

Mr. Speaker, I rise today in support of H.R. 5655, the Camp Nelson Heritage National Monument Act, which would establish the Camp Nelson Heritage National Monument in Jessamine County, Kentucky, as a unit of the National Park Service system.

I would like to especially thank the gentleman from Utah (Mr. Bishop), chairman of the Natural Resources Committee, for his support of this legislation and for guiding us through this process and bringing it to the House floor.

Throughout my time in Congress, Mr. Speaker, I fought to bring national attention and recognition to Camp Nelson, a site that has the ability to unite our Nation and inspire a greater understanding and appreciation for Civil War history, African American history, and a compelling story of the struggle for freedom.

Camp Nelson was founded in 1863 as a Union Army supply depot, training center, and hospital for the Federal Armies in Kentucky and Tennessee. The camp, located in southern Jessamine County, Kentucky, covered 4,000 acres, with over 300 buildings and fortifications. It housed 2,000 to 8,000 troops, over 1,000 civilian employees, and, after 1864, over 3,000 African American refugees. The existing site contains several important Civil War resources that demonstrate the cultural and historical themes prominent at the time.

The most significant aspect of Camp Nelson's history was its role as the third largest recruitment and training center for U.S. Colored Troops and home to many of their families. Because of its proximity to the Confederate States, African American men fled to Camp Nelson to enlist and escape slavery. Because the Emancipation Proclamation did not apply to Kentucky, a slaveholding border State not part of the Confederacy, Camp Nelson represented for a time the only avenue for Kentucky slaves to achieve emancipation.

By the time the 13th Amendment was ratified and ended slavery in 1865, 70 percent of Kentucky slaves had already been emancipated, largely in part because of the efforts made at Camp Nelson. Today, the site at Camp Nelson retains rich archeological evidence, including several earthen fortifications and other original landscape features dating back to the Civil War encampment.

Camp Nelson is recognized as a National Historic Landmark, a key requirement in the process of being included as a unit of the National Park System. It is also part of the Civil War Discovery Trail and the National Underground Railroad Network to Freedom.

Additionally, Secretary of the Interior Ryan Zinke has recommended that this site become a national monument. I want to thank Secretary Zinke for his personal attention to this effort and for his support and recommending to the President designating Camp Nelson as part of the National Park Service.

Camp Nelson has proven its ability to unite the people not just of Jessamine County and the Commonwealth of Kentucky, but of the Nation as a whole. Even further, it has the potential to convey nationally significant information about the survival and persistence of African American soldiers and their families as they fought for their freedom.

Over the past few years, I have met with stakeholders and descendants of those who lived and worked at Camp Nelson. It is apparent that this site, based on their testimonies, is important not only to the history of the Commonwealth, but to the history of our Nation.

I would like to thank these local stakeholders who shared their stories and educated me and my staff about the significant contributions of this historical site. Their advocacy and support effectively demonstrated the positive local sentiment about Camp Nelson.

Specifically, I would like to thank Reverend Robert Gates, Sr., the pastor of the historic First Baptist Church of Camp Nelson. His great- great-grandfather on his mother's side was the Sergeant Reverend Jesse Tull, Sr., who was a member of Company C, 119th U.S. Colored Infantry and made great contributions at Camp Nelson. Also, Reverend Moses Lee Radford, pastor of the Nicholasville First Baptist Church; the County Judge Executive David West; former County Judge Executive Cassidy, who was a major contributor to acquiring the land for the county and preserving the history there; Dr. Stephen McBride, director of interpretation and archeology at Camp Nelson Civil War Heritage Park; and Mrs. Mary Kozak, special projects director for Jessamine County, Kentucky, who has worked tirelessly for about 20 years preserving the history of Camp Nelson.

I also want to thank several others who contributed greatly to our efforts and assisted in gaining support for this effort, including Governor Matt Bevin; the Jessamine County Fiscal Court; the Lexington- Fayette NAACP chapter; the Jessamine Chamber of Commerce; the Kentucky Historical Society; and my colleague Congresswoman Marcia Fudge from Ohio, among others.

It is one of my goals in Congress to make Camp Nelson a place where the entire Nation can experience the rich history it has to offer and appreciate the amazing story it tells about the long march toward freedom for African Americans in Kentucky and beyond.

Mr. Speaker, I urge my colleagues to support this legislation.

Mr. Speaker, I rise today to celebrate the life of a distinguished World War II veteran, Mr. John Baber, of Bath County, Kentucky.

As a young man, Mr. Baber answered the call and served in the United States Navy from 1944 to 1946. He was stationed in the South Pacific on the USS Clermont. Mr. Baber returned home after helping the Allies achieve victory. Upon his return, he finished school.

Mr. Baber married Rene Hornbeck on July 23, 1949. He moved to Platte City, Missouri to work at Texas Eastern. After a long career, he retired in 1986.

Mr. Baber went on to become a member of the Gideons in 1986. He has always been an

active member of the community, serving as a Scout Master and being involved in youth baseball. He is an active member of the Owingsville United Methodist Church.

Mr. Baber and other members of the Greatest Generation served their country bravely and are true heroes. Mr. Baber and his fellow men and women in uniform secured our freedoms for future generations. He is truly an outstanding American, a protector of freedom, and an inspiration to us all.

Mr. Speaker, I would like to honor a special Kentuckian, Mr. Randolph Conn from Bath County, Kentucky.

Mr. Conn was born June 27, 1922 to Oscar and Mary Conn. He answered his country's call and served in the United States Navy. Later he served in the United States Army prior to completing his service in 1948.

Mr. Conn returned home and married Bonnie Staton Conn in 1949. They have six children, 8 grandchildren, and 7 great grandchildren. Mr. Conn worked in a sawmill and worked as a mechanic. He later worked with his father, developed clock repair skills, and opened his own clock repair shop.

Mr. Conn and his fellow veterans are true heroes. I am humbled to honor him before the United States Congress.

Mr. Speaker, I would like to honor a special Kentuckian, Mr. Kenneth Cassidy from Bath County, Kentucky. Mr. Cassidy is a veteran of World War II.

Mr. Cassidy grew up during the Depression. At the age of 19, he had a good job with the L & N Railroad as a signalman assistant. On December 7, 1941, Pearl Harbor was attacked and life changed for all Americans, including Cassidy. He was drafted in February of 1942, just prior to his 20th birthday. After training, he was shipped to Hawaii to rebuild communications that were destroyed when the Japanese bombed Pearl Harbor. After that, he was shipped to the Mariana Islands for 26 months of combat. He participated in the invasion of Saipan, the Philippines, and Okinawa. After the Japanese surrendered in 1945, Mr. Cassidy returned home to Bath County.

After coming home, Mr. Cassidy married Birdie Bell Ball in 1953. Mr. Cassidy farmed, logged, built houses, operated heavy equipment, and worked as a mechanic. He also worked for the L & N Railroad and Avon and he owned and operated his own restaurant.

Mr. Cassidy and the other men and women who served our country during World War II are true heroes. As members of the Greatest Generation, they bravely sacrificed to preserve the freedoms that we enjoy today. I am humbled to honor him before the United States Congress.

Mr. Speaker, I rise today to honor a great Kentuckian, Mr. J. Hagan Codell. Mr. Codell is retiring after a successful career as Senior Vice President and Market Leader of Traditional Bank, headquartered in Mt. Sterling, KY.

Prior to his banking career, Mr. Codell worked for Codell Construction Company for 28 years, serving as Vice President. He worked at First National Bank in Jackson, KY as a loan officer then began working at Traditional Bank in 2002. With strong community relations, Mr. Codell has grown the Winchester, KY market in loans, deposits, and a solid customer base. His co-workers describe his leadership style as considerate and selfless.

Mr. Codell is a true community leader. He serves as an elder at First Christian Church, a chairman/director at Cardinal Hill Hospital, a director of the Breathitt County Industrial Board, a director and treasurer of the Jackson-Breathitt County Airport Board, and a director of KY Easter Seals, in addition to other volunteer leadership positions. He is a servant leader who is a role model for others to emulate.

As Hagan Codell reaches the end of his professional career and begins a well-deserved retirement, I join many others in thanking him for his service to his profession and to his community. It is my honor to recognize J. Hagan Codell before the United States House of Representatives.

Mr. Speaker, I rise today to honor Mr. Thomas Estill Reffitt of Bath County, Kentucky. Mr. Reffitt is a distinguished veteran of World War II.

Mr. Reffitt was born September 20, 1924 to Samuel and Lillie Reffitt. He served in the United States Navy for four years as a Fireman 1st Class. He was stationed in the Gilbert Islands. Mr. Reffitt was honorably discharged March 4, 1946.

Mr. Reffitt returned home and worked as a truck driver and a farmer. At the present time, he is under hospice care at the Leestown Road Veteran's Hospital in Lexington, Kentucky.

Mr. Reffitt and all the brave men and women of the Greatest Generation are true heroes. Their bravery and their sacrifice preserved freedoms for ourselves and for future generations of Americans and for people around the world.

Mr. Speaker, I rise today to honor a great Kentuckian, Gail K. Wright. Mrs. Wright was born in Menifee County, Kentucky. Her parents taught her to love God and family and to be grateful. They taught her to treat everyone the same, no matter their economic status. These values shaped her life and carried over into her professional career. Mrs. Wright grew up on her family's farm and developed a love for reading. She went on to graduate from Morehead State University. She and her husband now live in Mt. Sterling, Kentucky.

Mrs. Wright has served as the Executive Director of the Gateway Area Development District in northeastern Kentucky for almost 30 years. She is unquestionably a leader in the field of economic and community development, with an extensive background in grant writing and administration. She has vast knowledge of federal, state, and local programs. Mrs. Wright became the chair of the Kentucky Area Development District's Executive Directors. She is quite an active member in her community and in the five county ADD region. Mrs. Wright serves on numerous boards related to community and economic development, education, tourism, downtown revitalization, and chambers.

After making tremendous progress in the Gateway ADD region over the past 30 years, Mrs. Wright is retiring. Her love for the people of Eastern Kentucky and her passion for helping to better their lives will certainly be missed. I wish her all the best of everything in her retirement and I thank her for her service and leadership. It is my honor to recognize Gail K. Wright before the United States House of Representatives.

Mr. Speaker, I rise today in support of this bipartisan legislation incorporating 29 bills originated and passed in this House to ease the regulatory burden on community financial institutions and their customers. This is the most progrowth financial legislation in a generation, and I urge my colleagues to support it.

The 2010 financial control law, commonly known as Dodd-Frank, was supposed to protect consumers. Instead, this 2,300-page monstrosity unleashed an avalanche of huge new compliance costs on community financial institutions that had absolutely nothing to do with the financial crisis. This hurt consumers by forcing small banks and credit unions to cut back on the products and services they serve their customers with.

Critics who say this is about Wall Street are wrong. This is not about Wall Street. This is about community banks, community banks in eastern Kentucky who told me that they used to make a business judgment about the creditworthiness of a farmer and now the government, a bureaucrat, decides whether or not that farmer gets a loan. One prominent example of this is the ability-to-repay rule, which made it needlessly difficult for lenders to originate mortgages for creditworthy borrowers.

The Portfolio Lending and Mortgage Access Act, which I have worked on since I entered Congress, is included in today's package of reforms and would expand access to mortgage credit by extending the qualified mortgage safe harbor to small creditors who hold

their residential mortgage loans in portfolio rather than selling or securitizing them, allowing those lenders to satisfy the rule. This marks a return to relationship banking, where lenders can tailor products to meet the specific needs of customers without running afoul of government one-size-fits-all requirements. The result is expanded access to mortgage credit without additional risk to the financial system or the taxpayer.

Mr. Speaker, I want to thank Chairman Hensarling and Chairman Crapo for including this bill in the final legislation, and I want to thank the Kentucky Bankers Association, the Kentucky Credit Union League, and their customers for advocating and endorsing this solution.

Mr. Speaker, I encourage my colleagues to vote ``yes'' to finally unclog the plumbing of our economy and give Americans full access to the financial system.

Mr. Speaker, I rise today to urge my colleagues to support this legislation, H.R. 3642, the Military Sexual Assault Victims Empowerment Act, also known as the Military SAVE Act, which would help the Department of Veterans Affairs identify deficiencies and vulnerabilities in their care for survivors of military sexual trauma and take corrective actions to improve those services.

According to the findings of the Department of Veterans Affairs' National Screening Program, 1 in 4 women and 1 in 100 men reported that they have been victims of military sexual assault during their time serving in the military. This problem was made personal to me by a group of women in the Sixth Congressional District of Kentucky, led by MST survivor Karen Tufts. Sadly, due in part to this emotional stress, two of these women have since committed suicide.

To the ranking member's concern about quality of care, the problem with some of these women was that they were revictimized at the VA. In fact, according to an independent nationwide study, research has found that female victims of MST are 14 times more likely to commit suicide than women who have never been assaulted, so we are all about improving the care of these women.

And while Congress has recently taken several actions to better protect survivors of MST within the military justice system, many survivors have expressed concern that services available within the VA healthcare system are insufficient to address their specific post-MST needs. That is exactly why we have been working closely with the House Committee on Veterans' Affairs, veteran service organizations, as well, and my VA Pilot Program Development Task Force to improve medical care for survivors of MST in order to help those survivors get the care that best fits their unique physical and psychological needs.

Specifically, this legislation would allow survivors the ability to seek treatment, specifically tailored to their MST injuries, by a community care provider of their choice during a 3-year pilot program. This pilot program would study the results that direct access care provides that the VA does not and would help the VA take the necessary corrective actions to improve its care for survivors of MST.

In fact, our experience is that just the introduction of this legislation has focused the mind at the VA to improve the care that the VA provides. As I mentioned before, I did not create this legislation alone. It has been through the dedicated support and trusted advice of MST survivors who are members of our Pilot Program Development Task Force, and I thank them for their contributions, including former commissioner of the Kentucky Department of Veterans Affairs, Heather French Henry.

In conclusion, I would like to especially thank Chairman Roe and his staff for their hard work in support of this legislation and for his longstanding leadership on veterans issue. Chairman Roe truly cares about improving the lives of veterans, and this legislation is a testament to that devotion.

Mr. Speaker, I thank the chairman for yielding.

I rise today in support of the Congressional Review Act resolution to disapprove the Consumer Financial Protection Bureau's 2013 auto finance guidance.

The Dodd-Frank financial control law explicitly exempted auto dealers from the Bureau's supervision and regulation. However, this did not deter former Director of the Bureau Richard Cordray from trying to regulate this industry, circumventing the legislative intent of Congress through a backdoor guidance.

Not only did the Bureau lack the legal authority to issue such regulation, it also based its justification for the guidance on a flawed statistical methodology.

That methodology, which supposedly provided evidence of widespread discrimination of auto lenders against minorities, determined the probability of an individual's race and ethnicity merely based upon last names and ZIP Codes. According to a 2014 study, only 50 percent of Asians and 24 percent of African Americans were correctly identified by the Bureau's flawed methodology.

My friend and colleague from Illinois, a gentleman who self- identifies as a scientist, says that statistical uncertainties are always present. But the truth is that the Bureau's own records show that the Bureau designed a remuneration process that ensured that 235,000 consumers would receive remuneration checks, even though the Bureau knew that White consumers were not discriminated against on account of race. They would receive remuneration checks under that process.

Now, to me, Mr. Speaker, that is not statistical uncertainties that are always present; that is a totally flawed process. I think the American taxpayer would be totally offended to know that their tax dollars are going to people who were never harmed. That is not flawed statistical analysis that is always present; that is outright just a totally flawed process that rips off American taxpayers.

If the lack of legal authority and deeply flawed methodology were not enough, the real-world consequences of the guidance could have been far worse if auto dealers didn't do everything they could to fight against the guidance. That is because auto dealers help customers, especially those customers with less than pristine credit scores.

Let me give you an example from Kentucky. A female buyer, having gone through a recent divorce, had credit challenges. She was offered a 7.99 percent rate by a competing bank that put her payment at $506 a month. But thanks to Ford Credit's Certified Pre-Owned Program, which is only available through a franchised Ford dealer, the same customer was able to receive a 2.9 percent rate, for a payment of $441 a month. This scenario saved her almost $70 a month and a whopping $4,200 in interest charges over the life of the loan.

Mr. Speaker, I thank the chairman for the recognition and the author of this legislation, Mr. Zeldin, for his leadership on the Stress Test Improvement Act, which I strongly support.

Mr. Speaker, the Federal Reserve administers two stress tests that they believe analyze the ability of U.S. firms to weather various forms of economic turbulence. While the Fed failed to sound the alarm prior to the last financial crisis, the thought is that, with these tests, one of which was instituted by the Dodd-Frank financial control law in the aftermath of the financial crisis, the Fed can prevent or at least mitigate the severity of the next crisis.

I believe that stress tests can be very productive and useful, but there is such a thing as overkill. When a relatively healthy patient goes to the doctor, the doctor typically doesn't say: And you need to go to another doctor, and you need to come see me again every month. That is really not required. It adds costs, it is redundant, it is duplicative, and it doesn't materially benefit the patient in terms of better health outcomes.

The analogy applies to banks. Stress testing is good, but overkill is costly, and it costs the financial system and doesn't materially add to financial stability. Certainly there is merit to stress testing, but there is no doubt that the cloud of secrecy surrounding these tests confounds the ability of financial firms to correctly identify systemic risks, to take corrective action, to chart a more sustainable or profitable path for the future. As a result, financial firms, many of them banks, are left trying to anticipate these Fed models, wasting valuable time and resources that could be used to actually address risks that threaten our economy.

So this environment of regulatory uncertainty actually, I would argue, undermines financial stability because it distracts from the mission of the institution, and it certainly is costly in terms of driving up costs and taking away access to capital for productive activities that actually strengthen the economy. For these reasons, I am a proud supporter of this bill, which is a great first step to clean up some of the regulatory uncertainties surrounding these tests.

The bill does a few things. First, it reduces the frequency of the required company-run stress tests to once per year. One is enough to identify risks, instead of two. Second, it eliminates one of the supervisory scenarios that must be run, leaving just two, again eliminating redundancy and superfluous, costly activities. Finally, it prohibits the Federal Reserve from objecting to a bank holding company's capital plan based on unknown qualitative reasons.

These institutions need to know what the Fed is looking for in order to satisfy the stress testing that is applied to them. Again, I applaud Congressman Zeldin and Chairman Hensarling for their hard work on this commonsense regulatory improvement bill. It is not deregulation. It is better regulation. It is more effective regulation to not only unleash greater capital under the economy but actually enhance financial stability.

For those reasons, Mr. Speaker, on behalf of the American economy and for financial stability, I urge my colleagues to vote for the Stress Test Improvement Act.

Mr. Speaker, I rise today to recognize Thomas A. (Tad) Davis on the occasion of his 80th birthday. Tad was born in Birmingham, Alabama on March 20, 1938, and grew up in Jacksonville, Florida where his family was in the restaurant business. A life-long Gator fan, Tad left Jacksonville to attend the University of Florida. There he earned Bachelor of Arts and Doctor of Jurisprudence degrees, and later served on the Board of Trustees of the University of Florida Levin College of Law. He received his LL.M. in Taxation from the Georgetown University Law Center.

Tad's first post in Washington, D.C. was with the U.S. Army serving as a Strategic Intelligence Officer with the Defense Intelligence Agency. Following his Army career, he was an attorney in the Chief Counsel's office of the Internal Revenue Service. It was there that he became an expert in the taxation of life insurance products and companies, a specialty that still anchors the legal and legislative practices of Davis & Harman LLP, the firm he founded in 1985 with William Harman.

Tad, however, did not limit his tax expertise to life insurance. His detailed knowledge of the law extends to legislative and regulatory issues in the areas of tax, financial markets, and agricultural policy. His expertise on tax issues relating to the horse industry is widely recognized, and he is the author of the Horse Owners and Breeders Tax Handbook, the leading authority on these issues. Over the

years, the Kentucky Delegation and the equine industry have been very fortunate to benefit from his thorough understanding of this important area of the tax code. Most recently, Tad was recognized for his leadership in the successful effort to update arcane tax rules affecting withholding and reporting of pari-mutuel winnings.

Throughout a career that has spanned six decades, Tad has been known for his extraordinary tax and legislative expertise. But more importantly, he is known for his honesty, integrity, and loyalty to his friends. It is my honor to join Tad's children Denra and Reilly, his wife Jerri, his colleagues at Davis & Harman, and his many, many friends in wishing him a very happy 80th birthday.

Mr. Speaker, I rise today to honor the extraordinary life and legacy of Dr. Pearse Lyons of Lexington, Kentucky, who passed away on Thursday of last week at the age of 73.

Dr. Lyons was a pioneer, the ultimate dreamer and innovator, a larger-than-life contributor to human progress, and his legacy will forever be remembered. Dr. Lyons, originally from Ireland, is truly the embodiment of the American Dream. He came to the United States in the late 1970s and launched his own business in Lexington in 1980, named after the initials of his daughter, Aoife. Alltech was founded with an initial investment of just $10,000.

Today, Alltech is a multibillion-dollar international business with operations in animal feed, meat, brewing, and distilling with more than 5,000 employees worldwide. Dr. Lyons was honored as the Business Person of the Year by Business and Finance magazine. He received the Ireland- U.S. Council Award for Outstanding Achievement, and Irish Prime Minister Enda Kenny recognized him with a St. Patrick's Day Science Medal in recognition of creating a global business based on scientific research.

As impressive if not more so is the impact Dr. Lyons and Alltech have had on Kentucky and, in particular, central Kentucky. Dr. Lyons was the driving force behind bringing the Alltech 2010 World Equestrian Games to Lexington, the first time the games had been held

outside of Europe. Due to Dr. Lyons' vision and drive, the 2010 Lexington Games were considered to be the most successful in the event's history.

Dr. Lyons also established ONE: the Alltech Ideas Conference, which has been held in Lexington for more than three decades. The conference is now the city's largest annual room booking, attracting nearly 4,000 attendees from over 70 countries to the bluegrass. It is often said that through the World Equestrian Games and the Alltech Ideas Conference that Dr. Lyons brought the world to Lexington. This is undeniably true, but it is also true that he brought Kentucky to the world.

In addition to its animal feed and agricultural products, Alltech reopened the Lexington Brewing Company in 1999 and launched Kentucky Ale, which can now be purchased across the United States and in many countries across the world. Alltech also opened the Town Branch Distillery in Lexington, which produces a line of spirits including its signature Town Branch Kentucky Bourbon.

He and his beloved wife, Deirdre, have also given back directly to many causes. Dr. and Mrs. Lyons built more than a dozen state-of-the- art science labs in primary schools in Kentucky and in Ireland. They also established the Alltech Young Scientist program, the largest global agriscience competition for university students, and the Alltech Vocal Scholarship Competition awards for more than half a million dollars in scholarships annually to promising young vocalists.

On a personal note, I will miss Pearse's friendship; his kindness to me and my family; and his extraordinary ideas, passion, and vision. I will never forget the time that I went to the Nicholasville headquarters of Alltech, where Dr. Lyons educated me about how world population growth would put immense pressure on food production requirements and how Alltech scientists were investigating and developing nutritional and agricultural products and techniques to meet the future food needs of the human race.

The problem and challenge he described was daunting, but with that infectious smile and with a sparkle in his eye, this innovator told me that there was no limit to what we could do and no limit to what Alltech could do. Pearse was a dreamer, and he also lived life to the fullest. I will always cherish and remember those Alltech ONE conferences where he stood in front of 4,000 people from 70 different countries in Kentucky with the Kentucky Bourbon and the Kentucky Ale and he sang ``Molly Malone'' in honor of his home country.

My wife, Carol, and I extend our deepest condolences to Deirdre; their two children, Aoife and Mark, with whom I grew up; the extended Lyons family; Alltech and its many employees; and all those touched by Dr. Lyons.

Pearse Lyons loved his family, both his own family and his Alltech family. He loved music. He loved science and innovation. He loved his native home of Ireland. He loved America. And he loved Kentucky.

And for all of his achievements, for his contributions to science and human progress, his philanthropy, and the mark he left on Kentucky, I hope all of my colleagues will join me in honoring the extraordinary life and work of Dr. Pearse Lyons.

Mr. Speaker, I rise today in support of H.R. 1116, the Taking Account of Institutions with Low Operation Risk Act of 2017, which directs the Federal financial regulatory agencies to tailor their rulemakings in consideration of the risk profiles and business models of the financial institutions that are subject to such rules.

It also directs the agencies to annually report to Congress regarding the specific actions that those agencies have taken to tailor their regulatory actions.

I would just like to thank the ranking member of our committee for actually making the argument in favor of this legislation. She is concerned about big banks, or big banks getting benefits, or big banks not getting enough scrutiny. This bill makes sure that regulatory agencies are focused on the systemic institutions and not overwhelmed by responsibilities of regulating nonsystemically important institutions, our community banks, our regulatory-challenged institutions in our communities; not focus so much attention on imposing compliance burdens on small credit unions.

That is why I support my good friend from Colorado, Representative Tipton's bill, because it gives the regulators more focus on what they should be doing instead of heaping an avalanche of red tape on nonsystemic, small community banks, which are withering on the vine under Dodd-Frank.

Mr. Speaker, since 2010, the Dodd-Frank financial control law has been a disaster for small institutions, those small community banks and credit unions across our country. That law generally applied one-size- fits-all rules and regulations on financial institutions, regardless of the fact that many businesses in the same industry are substantially different.

This is in recognition of the ranking member's argument that big banks are different than small banks. For the life of me, I don't know why she wouldn't be fully supportive of the bill.

As a direct result of Dodd-Frank, which applies this one-size-fits- all approach, the Commonwealth of Kentucky has lost about 20 percent of its banks and credit unions, with more bank closures anticipated in the future.

This is particularly concerning because our State-chartered banks provide about 75 percent of the lending in rural America and about half of all the U.S. lending nationwide. As you can see, with fewer community financial institutions due to Dodd-Frank's 28,000 new restrictions, Americans will have less access to the capital they need to buy a home, purchase a car, and start a business.

Mr. Speaker, I thank the gentleman, Mr. Tipton, for his leadership on the TAILOR Act. I urge my colleagues, especially the ranking member, to vote in favor of the TAILOR Act, to do exactly what she has been urging, which is allow regulators to focus on big banks, not small community banks. I applaud Mr. Tipton for fulfilling that objective.