Floor Statements

Mr. Speaker, I rise to recognize Margaret Cowling of Lexington, Kentucky. She is an extraordinary educator and is retiring after a stellar career of 49 years. It is my honor to lift her up on this special occasion.

Miss Cowling grew up in Lexington, Kentucky and enrolled as a student at The Lexington School in 1957. Her love for the school and the lessons she learned there had a lasting impact. She attended Indiana University, where she earned degrees in both history and English. Miss Cowling earned a master's degree in history from State University of New York then went to New York City where she enrolled in the Stella Adler Studio of Acting. She returned to Lexington to accept a position teaching history at The Lexington School in 1975. Her intent was to teach for a year then return to New York City, but she fell in love with teaching, which kept her at The Lexington School for 49 years

Miss Cowling's love for history was evident in the community as well as the classroom. She volunteered as a tour guide at Henry Clay's Ashland Estate, the Mary Todd Lincoln House, and Waveland. She wrote a book, The Lexington School: Our First 50 Years, to commemorate the school's 50-year history

I am a great admirer of Miss Cowling as I was fortunate to be one of her many students. She instilled in me a strong passion for history. She taught me about Vikings, Egyptians, Ancient Greeks, Alexander the Great, medieval times, and so much more. Miss Cowling had high expectations for all her students. An excellent storyteller, she made history come alive. Miss Cowling exemplified a love of learning that has stayed with me over the years

I have been impacted by many excellent teachers in my life, but Miss Cowling stands out as my favorite. It is my honor to acknowledge my friend and my teacher for her educational excellence, her enthusiasm for learning, and the impact that she has had on me and thousands of other students over her 49-year career.

Mr. Speaker, I rise to recognize the Federal Medical Center, located in Lexington, Kentucky. David Paul serves as Warden and Keith Blanke is Associate Warden. They lead a large staff of dedicated individuals.

In 1935, the United States Narcotic Farm facility opened in the countryside outside of Lexington. Known as Narco, this facility's mission was to treat people struggling with addiction, using new and often experimental treatments. It was a combination prison and hospital with a research facility. Inmates worked on the farm that was located on the grounds. They also interacted with each other through playing music, taking painting classes, and participating in social activities. When it first opened, only men who were arrested for drug-related offenses were housed there; women were admitted in 1941.

In 1967, the farm portion of the operation closed, and the name of the facility was changed to the National Institute of Mental Health, Clinical Research Center. In 1974, the facility became a Federal prison and was named The Federal Medical Center, Lexington. Today, The Federal Medical Center, Lexington celebrates 50 years of service. The Center, operated by the Federal Bureau of Prisons, serves around 1500 inmates, who each require medical health care.

The Federal Medical Center serves an important role in our Nation's Department of Justice. I would like to offer my thanks and appreciation to each person employed by the Federal Medical Center.

Mr. Speaker, I thank the chairman for his leadership on this issue.

Mr. Speaker, I stand in front of you today to support my friend and colleague from Nebraska (Mr. Flood) and his CRA resolution to nullify the SEC's Staff Accounting Bulletin Number 121 which would eviscerate financial institutions' ability to provide custodial services for digital asset firms.

In theory, under SAB 121, a bank could custody digital assets. However, the conditions set forth by SAB 121 make it impractical for any bank. This very fact has been noted by Federal Reserve Board Chair Powell who acknowledged it shifts away from traditional custodial practices as custodial assets receive off-balance-sheet treatment.

SAB 121 overturns decades of precedent regarding the accounting assets for banks. If a bank decides to custody digital assets and adhere to SAB 121, then the on-balance-sheet requirement would have significant capital, liquidity, and other prudential consequences. This makes it difficult, at best, for regulated institutions to safeguard digital assets.

The fact is that technological, legal, and regulatory risks cited in SAB 121 are already addressed by the legal and regulatory framework that applies to banks' custodial activities. Yet, SAB 121 did not account for that.

Moreover, and disturbingly, the SEC did not consult with any of the prudential regulators before issuing this flawed guidance. Unfortunately, the failure to consult the regulators overseeing institutions that are largely impacted by an SEC proposal has become quite common under Chair Gensler.

The SEC does not have the expertise to assess the same risks as the prudential regulators, and it is not the role of Gary Gensler to propose misguided rulemakings and guidance that may have major adverse implications to the functioning of our financial institutions, and ultimately to the safety and soundness of our financial system.

Given the implications for financial institutions' ability to safeguard assets under this rule and the clear lack of understanding regarding their prudential standards and guidance from their primary regulators, this rule is fatally flawed.

The fact of the matter is to the extent there is concern about a lack of regulation, if there is concern about a lack of regulatory clarity or risk with crypto, then we should not make it impossible, as a practical matter, for well-regulated banks to protect Americans who own digital assets with custody services.

Mr. Speaker, if you want to protect customers and if you want to protect investors in digital assets, then we shouldn't be pushing crypto transactions into less transparent and more opaque, riskier offshore places, but that is exactly what SAB 121 would do.

I have to address this issue. Silicon Valley Bank's failure had to do with deposit concentration risk and interest rate mismanagement. It had nothing to do with the fact that many of its customers were technology firms or worked in the blockchain space. It had nothing to do with that. That is a red herring.

This is why I support Mr. Flood's measure, I support the bipartisan work, and I encourage my colleagues to support it as well.

Mr. Speaker, I thank the gentleman for yielding.

In conclusion, Mr. Speaker, I include in the Record a letter dated March 2, 2023, cosigned by Chairman McHenry and Senator Lummis sent to the Fed, OCC, FDIC, and NCUA asking them about SAB 121's impact on regulated entities, and also asking if they were consulted prior to SAB 121's issuance.

Congress of the United States,

Washington, DC, March 2, 2023.

Re Prudential Impact of Staff Accounting Bulletin 121.

Hon. Michael Barr,

Vice Chair for Supervision, Board of Governors of the Federal

Reserve System, Washington, DC.

Mr. Michael Hsu,

Acting Comptroller, Office of the Comptroller of the

Currency, Washington, DC.

Hon. Marty Gruenberg,

Chairman of the Board, Federal Deposit Insurance Corporation,

Washington, DC.

Hon. Todd Harper,

Chairman of the Board, National Credit Union Administration,

Alexandria, VA.

Dear Vice Chair Barr, Chairman Gruenberg, Chairman Harper,

and Mr. Hsu: We write regarding Securities and Exchange

Commission (SEC) Staff Accounting Bulletin 121 (``SAB 121'')

published on April 11, 2022. SAB 121 was intended to clarify

the accounting treatment of digital assets safeguarded by

custodians, exchanges, and other platforms engaged in digital

asset activities. However, SAB 121 places customer assets at

greater risk of loss if a custodian becomes insolvent or

enters receivership, violating the SEC's fundamental mission

to protect customers.

Our concern stems from SAB 121's directive that companies

recognize a liability and a corresponding offset on their

balance sheets, measured at the fair value of the customer

custodial digital assets. A recent decision in the Celsius

bankruptcy, which classified all Celsius' customers as

unsecured creditors, and therefore at the back of the line to

recover their assets, highlights the legal risk of

effectively forcing customer custodial assets to be placed on

balance sheet. Additionally, SAB 121 upends decades of

precedent regarding the accounting treatment of custodial

assets for banks, credit unions and other regulated financial

institutions.

Federal Reserve Board Chair Powell noted this shift away

from traditional custodial practices in testimony before the

Senate Banking Committee on June 22, 2022. Typically,

custodial assets receive off-balance sheet accounting

treatment. This is largely because customers retain ownership

of their custodial assets and financial institutions are not

permitted to conduct proprietary trading with customer

assets. As emphasized in comment letters, SAB 121 ``deviates

from existing accounting treatment of safeguarded assets held

in a custodial capacity, which does not result in assets or

liabilities reported on the custodian's balance sheet.''

Furthermore, the breadth of the ``digital asset''

definition in SAB 121 covers any ``digital asset that is

issued and/or transferred using distributed ledger or

blockchain technology using cryptographic techniques.'' The

scope of assets covered by this broad definition, whether

virtual currency, stablecoins, or even tokenized equities, is

unclear. This is concerning because a more nuanced hierarchy

for this asset class which considers the opportunities and

risks of digital assets with different functions is

necessary. For example, the Bank for International

Settlements' Prudential Treatment of Crypto Assets framework

differentiates between various types of digital assets for

bank capital purposes.

Since SAB 121 purports to require banks, credit unions and

other financial institutions to effectively place digital

assets on their balance sheets, it would trigger a massive

capital charge. This in turn is likely to prevent these

prudentially regulated entities from engaging in digital

asset custody. To the contrary, we should be encouraging

prudentially regulated financial institutions, like banks and

credit unions, to provide digital asset services precisely

because they are subject to the highest standards of capital,

liquidity, recovery and resolution, custody, cyber-security,

and risk management.

In sum, the effect of SAB 121 is to deny millions of

Americans access to safe and secure custodial arrangements

for digital assets. For these reasons, please respond to the

following questions regarding the impact of SAB 121 on banks,

credit unions, and other financial institutions:

(1) Was your agency contacted by the SEC prior to the

issuance of SAB 121? If so, please identify the staff members

consulted by the SEC and provide copies of written feedback,

if any, provided to SEC staff.

(2) Has the SEC indicated that it will modify or withdraw

SAB 121 in light of widespread comments that the Bulletin is

flawed?

(3) What are the legal and supervisory reasons off-balance

sheet treatment of custodial assets has historically been the

norm for banks and credit unions?

(4) Has your agency directed banks and other financial

institutions within your jurisdiction to comply with the

terms of SAB 121 for the purposes of capital adequacy,

business plan change approvals, reporting and other

supervisory matters? If not, do you plan to do so?

(5) Does SAB 121 conflict with your agency's input

regarding the Basel Committee on Bank Supervision's

Prudential Treatment for Crypto Asset exposures, in so far as

the definition of ``digital asset'' under SAB 121 also

encompasses Group 1a, Group 1b, and Group 2 digital assets

under the Prudential Treatment framework?

(6) Do you agree that the capital charge for banks, credit

unions, and other financial institutions under SAB 121 is

prohibitive?

(7) Do you agree that SAB 121 potentially weakens consumer

protection by preventing well-regulated banks, credit unions,

and other financial institutions from providing custodial

services for digital assets?

We would appreciate a response no later than March 16,

2023. Thank you for your attention to this matter.

Sincerely,

Sen. Cynthia M. Lummis,

Senate Banking Committee.

Rep. Patrick McHenry,

Chairman, House Financial Services Committee.

Mr. Speaker, I include in the Record a letter dated April 6, 2023, sent by OCC Acting Comptroller Hsu to Chairman McHenry and Senator Lummis in response to their March 2, 2023, letter.

Office of the Comptroller

of the Currency,

April 6, 2023.

Hon. Cynthia Lummis,

Committee on Banking, Housing, and Urban Affairs, U.S.

Senate, Washington, DC.

Hon. Patrick McHenry,

Chairman, Committee on Financial Services, U.S. House of

Representatives, Washington, DC.

Dear Senator Lummis and Chairman McHenry: Thank you for

your letter dated March 2, 2023, concerning the impact of the

Securities and Exchange Commission (SEC) Staff Accounting

Bulletin Number 121 (SAB 121) on institutions regulated by

the Office of the Comptroller of the Currency (OCC).

The OCC recognizes that the SEC plays an important role in

developing financial reporting standards applicable to

publicly listed companies in the United States. Federal law

(12 U.S.C.1831n) requires all national banks and federal

savings associations to follow reporting standards that are

no less stringent than U.S. Generally Accepted Accounting

Principles (GAAP), regardless of public listing status. We

understand that these institutions, in consultation with

their auditors, are analyzing the intersection of SAB 121 and

GAAP. The OCC is monitoring these discussions.

Please see responses below to your specific questions.

(1) Was your agency contacted by the SEC prior to the

issuance of SAB 121? If so, please identify the staff members

consulted by the SEC and provide copies of written feedback,

if any, provided to SEC staff.

The SEC did not consult with the OCC prior to the issuance

of SAB 121.

(2) Has the SEC indicated that it will modify or withdraw

SAB 121 in light of widespread comments that the Bulletin is

flawed?

The OCC has not participated in any communications with the

SEC in which the SEC indicated it would modify or withdraw

Mr. Speaker, I also include in the Record a letter dated March 16, 2023, sent by NCUA Chairman Harper in response to Chairman McHenry's and Senator Lummis' March 2, 2023, letter.

National Credit

Union Administration,

Alexandria, VA, March 16, 2023.

Hon. Patrick McHenry,

Chairman, U.S. House Committee on Financial Services, U.S.

House of Representatives, Washington, DC.

Dear Chairman McHenry: Thank you for contacting the

National Credit Union Administration about the implementation

of Staff Accounting Bulletin 121. The increase in consumers

and businesses using digital assets, including

cryptocurrency, has impacted the financial services industry,

which includes both credit unions and banks. It is therefore

important to develop a balanced policy approach to address

emerging risks to the safety and soundness of federally

insured credit unions.

Your letter requests responses to several questions, which

reflect the NCUA's supervisory role over federally insured

credit unions. Our responses follow.

(1) Was your agency contacted by the SEC prior to the

issuance of SAB 121? If so, please identify the staff members

consulted by the SEC and provide copies of written feedback,

if any, provided to SEC staff.

The NCUA was not contacted.

(2) Has the SEC indicated that it will modify or withdraw

SAB 121 in light of widespread comments that the Bulletin is

flawed?

The NCUA is not aware of the SEC's intent to modify or

withdraw SAB 121.

(3) What are the legal and supervisory reasons off-balance

sheet treatment of custodial assets has historically been the

norm for banks and credit unions?

The off-balance sheet treatment of custodial assets is

rooted in generally accepted accounting principles, or GAAP

for short. The GAAP standard evolved from the concept of the

principal agent relationship, where the reporting of an asset

belonged to the entity that controlled the asset and

ownership rights were not passed to the custodian. As the

custodian did not have ownership rights--that is, the ability

to buy, sell, or leverage the asset--the custodian did not

report those types of assets in its financial statements. The

concept is codified in the Accounting Standards Codification

Topic 860 Transfers and Servicing, where ``transfers of the

custody of financial assets for safekeeping'' is excluded

from accounting for transfers and servicing of financial

assets.

(4) Has your agency directed banks and other financial

institutions within your jurisdiction to comply with the

terms of SAB 121 for the purposes of capital adequacy,

business plan change approvals, reporting and other

supervisory matters? if not, do you plan to do so?

The NCUA has not directed credit unions to comply with SAB

121 for any purpose. SAB 121 is a requirement of public

registrants and does not apply to credit unions, which are

cooperatively owned by their members.

(5) Does SAB 121 conflict with your agency's input

regarding the Basel Committee on Bank Supervision's

Prudential Treatment for Crypto Asset exposures, in so far as

the definition of ``digital asset'' under SAB 121 also

encompasses Group 1a, Group 1b, and Group 2 digital assets

under the Prudential Treatment framework?

The NCUA is neither a member of the Basel Committee nor

does it provide input on Bank Supervision's Prudential

Treatment for Crypto Asset exposures.

(6) Do you agree that the capital charge for banks, credit

unions, and other financial institutions under SAB 121 is

prohibitive?

If SAB 121 is eventually applied to nonpublic entities, it

will have implications for assessing the adequacy of an

insured credit union's net worth. If a credit union functions

as a digital asset custodian and is required to reflect the

digital assets held in custody on its balance sheet, the

credit union's net worth ratio would be negatively impacted

as the institution's assets would increase without a

commensurate increase in the net worth.

(7) Do you agree that SAB 121 potentially weakens consumer

protection by preventing well-regulated banks, credit unions,

and other financial institutions from providing custodial

services for digital assets?

Prior to the release of SAB 121, the NCUA issued a Letter

to Credit Unions on Relationships with Third Parties that

Provide Services to Digital Assets. As stated in that letter,

the NCUA would not take exception to credit unions partnering

with third parties to make digital asset services available

to members. That letter also outlines the NCUA's expectations

that credit unions conduct adequate due diligence and ensure

compliance with all applicable laws and regulations when

engaging in any such activity. The NCUA is not able to

determine the impact of adopting SAB 121 at publicly traded

financial institutions that offer custody services of digital

assets and cannot make a broad determination of the impact on

consumer protection.

Thank you for raising this issue with the NCUA. If you have

additional questions, please feel free to contact me or have

your staff contact Elizabeth Eurgubian in our Office of

External Affairs and Communications.

Sincerely,

Todd M. Harper,

Chairman.

Mr. Speaker, I rise to honor the life of a very special man, Mr. Jack Kain, of Versailles, Kentucky. Mr. Kain was born on June 18, 1929, and he passed away on March 26, 2024, at the age of 94.

Mr. Kain was raised on a central Kentucky farm by loving parents. In 1947, while he was a college student at the University of Kentucky, he started selling cars. Mr. Kain earned a Bachelor of Business degree from the University of Kentucky. He enjoyed cheering on teams led by coaching legends Adolph Rupp and Bear Bryant, becoming a lifelong UK fan. He served our country in the United States Air Force as a Second Lieutenant during the Korean War. In 1953, he opened his first automobile dealership. He continued in the automotive industry, where he built a successful lifelong career. For many years, he and his family have operated Jack Kain Ford, where they have served over 70,000 customers since the 1980s. Mr. Kain was a leader in the automobile industry. He led the National Automobile Dealers Association in 2005 as Chairman. He represented Kentucky's franchised new-car dealers on NADA's board of directors for many years.

Mr. Kain was a leader in his community and was recognized as Woodford County Chamber of Commerce's Businessman of the Year in 1992. A generous man, he supported education, medical care and research, and many other charitable efforts to make the community and the Nation a better place.

More importantly than his business and community successes, Mr. Kain kept his family at the forefront of his life. He had nine children, twenty-two grandchildren, and eighteen great-grandchildren. He is survived by his wife Alice Stewart Kain and children Vickie Fister, Patrick Kain, David Kain, Steve Kain, Bob Kain, and Bill Kain. He was preceded in death by his daughters Becky Grimes and Suzanne Hockensmith and his son Jack Kain, Jr.

Jack Kain was a great man who loved his family, his community, his country, and his God. He was respected by his community and his colleagues in the automobile industry throughout America. It is my honor to call him my friend and to recognize his life before the United States House of Representatives.

Mr. Speaker, I rise to recognize John Calipari. For fifteen years he served as the head coach for the University of Kentucky men's basketball team, the ``Greatest Tradition in the History of College Basketball.''

Born of humble beginnings at Moon Township, Pennsylvania, Calipari went on to serve in head coaching positions at the University of Massachusetts, the New Jersey Nets, and the University of Memphis. Calipari was hired in 2009 as head coach of the legendary University of Kentucky basketball program. He led Kentucky to four Final Fours; in 2011, 2012, 2014, and 2015; with Kentucky winning the NCAA Championship in 2012. He amassed a record of 410 wins and 123 losses while at UK. Of these 410 victories, 22 came in the NCAA tournament--the most of any Kentucky head coach in the history of that storied program.

Calipari ranks ninth on the NCAA Division 1 all-time winningest coaches' list with 855 official wins. He was the Naismith Coach of the Year in 1996, 2008, and 2015. In 2015, he was named to the Naismith Memorial Basketball Hall of Fame. He received the John R. Wooden Award ``Legends of Coaching'' honor in 2023. While at Kentucky, 47 of his players went on to play in the NBA. It is evident that Coach Cal, as he is known to most Kentuckians, cares deeply for his players and wants them to achieve their dreams.

In addition to his on-court accomplishments, Coach Cal has developed quite a legacy of charitable work. In 2010, his efforts raised $1.3 million for Haitian earthquake victims with ``Hoops for Haiti.'' His support for ``Blessings in a Backpack'' feeds hungry children all across Kentucky. He partnered with Samaritan's Feet to bring shoes to needy areas around the world. After devastating tornadoes hit Western Kentucky, Calipari and his players were there to help. Soon after, floods tore through Eastern Kentucky and again he was a strong presence to bring help to needy people who had lost everything. Coach Cal was known to help many people in small, unpublicized ways and he encouraged his players to give back to the community as well. In 2022, he received the Jefferson Award for Public Service in Sports by Multiplying Good in recognition of his many charitable contributions.

It is my honor to recognize my friend, Coach John Calipari, for his excellent coaching accomplishments, his contributions to the legacy of Kentucky basketball, and his generous spirit.

Mr. Speaker, I rise to recognize an exceptional man, Mr. Jim Host, of Lexington, Kentucky. Mr. Host will receive the 2024 Tom Jernstedt Lifetime Achievement Award at the 2024 Men's Final Four in Phoenix, Arizona. This award is presented to honor individuals who have made a meaningful impact on college basketball.

Mr. Host grew up in Ashland, Kentucky. He earned one of the first two baseball scholarships given by the University of Kentucky in 1955. He graduated from the University of Kentucky with a degree in radio arts and played one year of pro baseball as a pitcher for the Chicago White Sox. A shoulder injury ended his baseball career. He was the youngest person to serve in Governor Louie Nunn's cabinet, as Commissioner of Public Information and Commissioner of Parks. He ran for Lieutenant Governor of Kentucky in 1971. Mr. Host served as Governor Ernie Fletcher's Secretary of Commerce from 2003 to 2005. His service to Kentucky continued as the first Executive Director of Rupp Arena, founding chairman of the Kentucky Horse Park, and chairman of the Louisville Arena Authority.

Mr. Host was founder and CEO of Host Communications. His nationally known sports marketing company brought business knowledge and fresh ideas to college sports marketing. He began working with the NCAA in the mid-1970's and transformed the promotion of college basketball and the post-season tournament. Before his involvement, there was no ``Final Four'' label and not even an official program for the tournament. With his entrepreneurial and innovative skills, he introduced corporate sponsorships, the national radio network, and many other successful ideas that made college basketball what we enjoy today.

Mr. Host has earned many well-deserved accolades. He is a member of the UK Alumni Association Hall of Distinguished Alumni, the UK Athletics Hall of Fame, the National College Basketball Hall of Fame, and the National Tourism Hall of Fame. He was named Kentucky's Entrepreneur of the Year in 1998. From the Naismith Memorial Basketball Hall of Fame, he received the Chairman's Cup Award, the John Bunn Lifetime Achievement Award, and is a lifetime trustee.

For his outstanding service to the Commonwealth of Kentucky and for his latest award, the 2024 Tom Jernstedt Lifetime Achievement Award, it is my honor to call him my friend and to recognize his accomplishments before the United States House of Representatives.

Mr. Speaker, while I rise in support of the rule, and I thank Chairman Burgess for his leadership on giving Members the opportunity to vote on these packages, I also rise to express my profound disappointment that the Biden administration and Democrats in this Chamber have blocked from being ruled in order my amendment to cut off a blank check to Russia's war machine.

President Biden, the U.S. Treasury Department, and congressional Democrats are so concerned about my amendment that they have prevented it from even being considered or debated before this body. Last October, the Biden administration renewed General License 8, which authorizes certain energy-related transactions involving Russian financial institutions. This license has now been renewed eight times since the start of Russia's full-scale, unprovoked invasion of Ukraine, and it continues to undermine measures designed to curtail Russia's energy revenues.

This license, which is the architecture of the Biden foreign policy on Ukraine has become a lifeline for Vladimir Putin. It is the symbol of President Biden's weakness on Russia, the primary avenue through which he is financing Russia's war machine. It is the most prominent example of how the Biden administration's radical climate agenda has collided with its stated policy to counter Russian aggression, and it shows how the Biden administration's climate policy conflicts with our national security.

Coincidentally, the current general license is set to expire on May 1. My very timely amendment would prevent this renewal and would erode the energy profits that are refilling Putin's coffers and funding his war in Ukraine. The sanctions put in place by the Biden administration on Russia's energy sector, a principle source of revenue for the Kremlin, had been wholly inadequate.

Russia's oil and gas revenues have been rising, and countries like India and China have been buying Russian oil well above the price cap put in place. Enforcement of the price cap has been poor, which has enabled Russia to find non-G7 insurers and ships for the transport of a seaborne crude much more quickly than anticipated. The ease with which Russia has been able to evade the price cap calls into question the efficacy and enforceability of the price cap.

Moreover, another renewal of the general license next month would completely ignore the efforts Europe has finally made to diversify its energy supplies and reverse its dangerous prewar

reliance on Russian energy. General License 8 originally reflected the need to get countries that were dependent on Russian energy sufficient time to diversify their energy resources, but many of those countries have now effectively diversified their energy suppliers.

Continued issuance of an overly broad general license in this instance threatens to repeat the mistakes made in relation to the Nord Stream 2 pipeline, where the Biden administration's refusal to implement strong sanctions against the pipeline not only removed deterrents before the full-scale invasion----

Mr. Speaker, I thank the gentleman for the additional time. The Biden administration's refusal to implement strong sanctions against the pipeline not only removed deterrents before the full-scale invasion and invited Putin's invasion of Ukraine, but also allowed parts of Europe's dangerous reliance on Russian energy to continue until Putin's tanks had already rolled across Ukraine's borders. Rescinding the license would encourage our allies' efforts to rid themselves of reliance on Russian energy sources.

It makes no sense to fund a needed resistance against Russia's unprovoked war against Ukraine while also allowing Russia to fill its war machine coffers through its sale of energy to the rest of the world. Biden can't have his cake and eat it too. It is just ridiculous.

He cannot pursue a radical anti-fossil energy climate crusade at home and hope to keep energy prices low. Similarly, he can't keep the flow of Russian crude on the world markets to bolster global supply while reducing Moscow's revenues through an unenforceable price cap.

The only way to truly punish Moscow and deprive Putin of the financial support he needs to materially--to prosecute the war is by removing the general license on the energy-related transactions facilitated by sanctioned Russian banks. I urge my colleagues to support this rule.

Mr. Speaker, I rise to recognize an exceptional man, Mr. Jim Host, of Lexington, Kentucky. Mr. Host will receive the 2024 Tom Jernstedt Lifetime Achievement Award at the 2024 Men's Final Four in Phoenix, Arizona. This award is presented to honor individuals who have made a meaningful impact on college basketball.

Mr. Host grew up in Ashland, Kentucky. He earned one of the first two baseball scholarships given by the University of Kentucky in 1955. He graduated from the University of Kentucky with a degree in radio arts and played one year of pro baseball as a pitcher for the Chicago White Sox. A shoulder injury ended his baseball career. He was the youngest person to serve in Governor Louie Nunn's cabinet, as Commissioner of Public Information and Commissioner of Parks. He ran for Lieutenant Governor of Kentucky in 1971. Mr. Host served as Governor Ernie Fletcher's Secretary of Commerce from 2003-2005. His service to Kentucky continued as the first Executive Director of Rupp Arena, founding chairman of the Kentucky Horse Park, and chairman of the Louisville Arena Authority.

Mr. Host was founder and CEO of Host Communications. His nationally known sports marketing company brought business knowledge and fresh ideas to college sports marketing. He began working with the NCAA in the mid-I970's and transformed the promotion of college basketball and the post-season tournament. Before his involvement, there was no ``Final Four'' label and not even an official program for the tournament. With his entrepreneurial and innovative skills, he introduced corporate sponsorships, the national radio network, and many other successful ideas that made college basketball what we enjoy today.

Mr. Host has earned many well-deserved accolades. He is a member of the UK Alumni Association Hall of Distinguished Alumni, the UK Athletics Hall of Fame, the National College Basketball Hall of Fame, and the National Tourism Hall of Fame. He was named Kentucky's Entrepreneur of the Year in 1998. From the Naismith Memorial Basketball Hall of Fame, he received the Chairman's Cup Award, the John Bunn Lifetime Achievement Award, and is a lifetime trustee.

For his outstanding service to the Commonwealth of Kentucky and for his latest award, the 2024 Tom Jernstedt Lifetime Achievement Award, it is my honor to call him my friend and to recognize his accomplishments before the United States House of Representatives.

Mr. Speaker, I rise today to honor a special Kentuckian, J. McCauley (Mac) Brown. Mac lives in Louisville, Kentucky.

Mr. Brown earned a bachelor's degree from Georgetown University and a Master of Business Administration from George Washington University. While he was in college, he worked

during the summers at Brown-Forman Corporation, which was founded by his great-grandfather George Garvin Brown. After graduation in 1977, he began his full-time career at Brown-Forman. He worked in sales and marketing. He served as a Brand Director and a Regional Director before becoming Vice President in 2002. After a long and distinguished career in one of Kentucky's signature industries, Mr. Brown retired in 2015.

Mac Brown accepted the role as Chairman on the Republican Party of Kentucky following his retirement in 2015. Under his leadership, the state party made historic advances. After a very successful eight years, Mr. Brown resigned his position as Chairman in 2023. He lives in Louisville with his wife Eileen. They have four children and six grandchildren.

Mac Brown has been a leader in the distillery industry and a leader in the political realm. He is a man who leads with dignity, character, and kindness. Mac Brown is widely respected, and I am honored to lift up his contributions to Kentucky before Congress.

Mr Speaker, I rise today to honor the Equine Studies program at Midway University.

Midway University is located in the heart of Kentucky's horse country. The equine industry is one of Kentucky's signature industries. Seeing an opportunity to train Midway students for support staff jobs, the University began their equine program in 1974. Stables and horses were leased, and in the first year 50 students were enrolled. The program grew, and in 1978 plans were underway for an indoor arena on campus.

Over the years, the program has evolved from basic horsemanship and hands-on skills to much broader studies. Riding courses developed into competitive college-sponsored teams. Students now have the opportunity to concentrate in Equine Management, Equine Rehabilitation, or Equine Science. Students have access to a large equine herd of various breeds and disciplines. Hands-on learning experiences are available on Midway's working horse farm. In 2023, Midway University started an online program in Equine Business and Sales. They also offer an online MBA with Equine Management concentration.

Graduates from Midway have entered every type of equine business throughout Kentucky, the United States, and internationally. Over the past 50 years Midway has provided high-quality equine educational opportunities for students from across the country.

I appreciate the work of the dedicated staff at Midway University. They have many accomplishments to celebrate as they look back at 50 years of equine education. The future for the Equine Studies program is bright and it is my honor to recognize Midway University before the United States Congress.

Mr. Speaker, I rise to honor the life of a very special man, Mr. Jack Kain, of Versailles, Kentucky. Mr. Kain was born on June 18, 1929, and he passed away on March 26, 2024, at the age of 94.

Mr. Kain was raised on a central Kentucky farm by loving parents. In 1947, while he was a college student at the University of Kentucky, he started selling cars. Mr. Kain earned a Bachelor of Business degree from the University of Kentucky. He enjoyed cheering on teams led by coaching legends Adolph Rupp and Bear Bryant, becoming a lifelong UK fan. He served our country in the United States Air Force as a Second Lieutenant during the Korean War. In 1953, he opened his first automobile dealership. He continued in the automotive industry, where he built a successful lifelong career. For many years, he and his family have operated Jack Kain Ford, where they have served over 70,000 customers since the 1980s. Mr. Kain was a leader in the automobile industry. He led the National Automobile Dealers Association in 2005 as Chairman. He represented Kentucky's franchised new-car dealers on NADA's board of directors for many years.

Mr. Kain was a leader in his community and was recognized as Woodford County Chamber of Commerce's Businessman of the Year in 1992. A generous man, he supported education, medical care and research, and many other charitable efforts to make the community and the nation a better place.

More importantly than his business and community successes, Mr Kain kept his family at the forefront of his life. He had nine children, twenty-two grandchildren, and eighteen great-grandchildren. He is survived by his wife Alice Stewart Kain and children Vickie Fister, Patrick Kain, David Kain, Steve Kain, Bob Kain, and Bill Kain. He was preceded in death by his daughters Becky Grimes and Suzanne Hockensmith and his son Jack Kain, Jr.

Jack Kain was a great man who loved his family, his community, his country, and his God. He was respected by his community and his colleagues in the automobile industry throughout America. It is my honor to call him my friend and to recognize his life before the United States House of Representatives.

Mr. Speaker, I ask unanimous consent that when the House adjourns today, it adjourn to meet on Monday next when it shall convene at noon for morning-hour debate and 2 p.m. for legislative business.

Mr. Speaker, I rise today to honor a specia] man, Glendell Bennett of Lexington, Kentucky. Mr. Bennett celebrated his 100th birthday on March 2, 2024.

Mr. Bennett was born in Chicago and moved with his family to Texas soon after his birth. When he was in high school, World War II broke out. He and a friend heard about the all-Black regiment that was training in Alabama, so they jumped on a train and headed to Tuskegee to volunteer. They worked clearing brush for landing strips and working on aircraft maintenance. Mr. Bennett was later drafted into the Army and sent to Fort Eustis in Virginia, then to Europe. He served with the Quartermaster Truck Company and the Red Ball Express in France, delivering goods and ammunitions to those on the front lines. He served in the Army from 1943 to 1947.

When World War II ended, Mr. Bennett attended Prairie View A&M College in Houston. He farmed and later moved to Chicago. While in Chicago, he worked with civil rights leaders, including the Rev. Dr. Martin Luther King, Jr., to promote equality and justice. Mr. Bennett has nine children and three stepchildren. In 2012, he moved to Lexington, KY to be near his children Glenda Bennett Mulder, Kimberly Bennett, Brian Bennett, and Diane Minniefield. Mr. Bennett worked with the Kentucky Senior Employment Program at the Gainesway Community Center and the Goodwill Industries store for several years.

Mr. Bennett is known as a loving, giving person. He and his fellow veterans are true heroes. As members of the ``Greatest Generation'', they willingly served to protect and defend the freedoms that we enjoy today. I am humbled to honor Mr. Glendell Bennett and celebrate his 100th birthday before the United States Congress.

Mr. Speaker, I rise today to honor the life of a special man, William K. (Buddy) Wheeler of Lexington, Kentucky. He passed away on February 8, 2024.

Mr. Wheeler was born in Mt. Sterling, Kentucky. He met his future wife Lucy Clay in grade school. He graduated in 1952 from Mt. Sterling High School. He went on to the University of Kentucky, where he graduated from the College of Pharmacy in 1956. He opened Wheeler Pharmacy in 1958 in the Chevy Chase neighborhood, which was on the outskirts of Lexington at that time. Wheeler Pharmacy is a Lexington landmark, enjoyed by many regular patrons including myself. In addition to the pharmacy, customers enjoy the soda fountain, serving breakfast and lunch and providing a warm neighborhood atmosphere.

Mr. Wheeler was an innovator, implementing a computerized dispensing system, compounding service, and a medication management program and much more. He welcomed pharmacy students for their rotations and served as a mentor to them. Mr. Wheeler sold the pharmacy to his daughter in 2020 but remained an active presence. He was known for his unwavering dedication to his profession and for his kindness to all.

Mr. Wheeler is survived by his wife Lucy. They had been married for nearly 70 years.

He also leaves 4 children and their spouses: William Kendall (Tammy) Wheeler, Jr., Stuart (Karen) Wheeler, Margaret (Kevin) Meredith, and Claire (Darrell) Lewis. They are all involved in the family business. He also leaves nine grandchildren and two great-grandchildren.

Buddy Wheeler will long be remembered as a kind and caring person, and he will be greatly missed. It was my honor to know him and call him my friend. I am grateful for the opportunity to lift up the life of Buddy Wheeler before the United States Congress.

Mr. Speaker, I rise today to honor a special man, Reverend Dr. Keith G. Tyler, Sr. from Lexington, Kentucky. His church, Antioch Missionary Baptist Church, is celebrating Reverend Tyler's 25th anniversary as their pastor.

Reverend Tyler professed a hope in Christ as a child and was baptized at the age of eight by the late Rev. A.D. Jones in Louisville, KY. He was called to preach the Gospel in 1985 and went on to be licensed and ordained. Reverend Tyler accepted the call to serve as pastor at Antioch Missionary Baptist Church in 1998. Under his leadership, membership has more than tripled. He encourages the delivery of God's word in a variety of methods, including a feed-the-homeless effort, a neighborhood bazaar and community festival, a Women's Conference, and Children's Church. He launched a live radio broadcast in 2022. He is a motivating speaker, an inspiring preacher, and an innovative leader. He enjoys traveling across the nation evangelizing.

Reverend Tyler is an active leader in the community. He serves many organizations, including the Speigel Hill Community Center, the Black Faith Leaders of Lexington and Vicinity, and the Central KY Council for Peace and Justice. In addition, he is a trustee of Simmons College of Kentucky, and he serves on the Community Police Chaplain ``Response Team.'' He is the proud father and grandfather of four children and three grandchildren.

Reverend Tyler is to be commended for his ministry over 25 years at Antioch Missionary Baptist Church. I congratulate him and all the members of the congregation and wish them many more years of serving our Lord. I am honored to recognize Reverend Dr. Keith Tyler before the United States Congress.