Floor Statements

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

Mr. Speaker I rise in support of this bill. Without question, the horrific and illegal war Russia is waging against the people of Ukraine is Putin's war.

But Putin's regime and, by extension, his barbaric behavior in Ukraine, are shamelessly supported by too many Russian military officials, lawmakers, oligarchs, and propagandists who have yet to face U.S. sanctions.

These enablers and supporters of Putin's unprovoked war of aggression should not be able to set foot in the United States of America. They should not be able to enjoy their ill-gotten wealth here. They should not be able to buy expensive homes here, and they should not be able to send their children to school here.

Failing to act would be a great disservice to the victims of Putin's depravity, not just in Ukraine, but those in Russia as well who have suffered from the Kremlin's domestic crackdown.

At the outset of the full-scale invasion, Putin signed a ludicrous law mandating sentences of up to 15 years for telling the truth about his war in Ukraine. In Russia, calling it a war and not a special operation is illegal.

Questioning the wisdom of his unjustifiable war is illegal. Those still brave enough to speak out these truths, including Vladimir Kara- Murza, now sit behind bars in Russia as political prisoners.

This bill calls on the administration to make a sanctions determination for nearly 200 Russians linked to the regime's pervasive corruption and human rights violations. These names were compiled by a team of investigators organized by now-jailed Russian opposition politician and anticorruption crusader Aleksei Navalny for not only their part in Putin's kleptocracy but also for supporting the Kremlin's war against Ukraine.

I urge my colleagues to join me in supporting this bill to send a strong signal to Putin's regime and all his cronies that they will be held accountable for backing the regime's crimes at home and abroad.

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

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

Mr. Speaker, in the months leading up to February 24, many of us called for the Biden administration to impose severe sanctions before-- let me underscore ``before''--Russian troops amassing on Ukraine's border invaded. These sanctions, we argued, would make crystal clear to Putin and his cronies that they would be held accountable for launching this renewed invasion.

Unfortunately, the administration chose not to heed this warning, sacrificing a final opportunity to deter the war raging today.

While the administration has since worked with allies and partners to cut off funding to Putin's war machine, it cannot rest in its efforts to target all those in Russia complicit in the Kremlin's crimes at home and abroad. Thus, I urge all my colleagues to support this bill to ensure Putin's enablers face real consequences.

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

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

I rise in support of H.R. 7734, which increases transparency and restores a strong record of cooperation with the Treasury Department.

H.R. 7734 would require prompt delivery of certain Bank Secrecy Act reports to the committees of Congress that rely on those records for oversight and legislative work.

Under Secretary Yellen, the Treasury Department has taken an unprecedented position that Congress cannot have access to Bank Secrecy Act reports. This should concern all of us on both sides of the aisle.

For the last 20 years, FinCEN has provided BSA reports to the appropriate committees of Congress without delay. FinCEN must understand that this is not a partisan matter.

I look forward to continuing to work with my Democratic colleagues to promote accountability at Treasury and to restore Article I oversight authority.

I support this bill, and I urge my colleagues to support it.

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

Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Tennessee (Mr. Rose), my colleague on the Financial Services Committee.

Mr. Speaker, I urge my colleagues to support H.R. 7734, and I yield back the balance of my time.

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

I thank my colleague from Missouri, Mr. Cleaver, for offering this bill and for working with Republicans on the Financial Services Committee to make it a better bill.

H.R. 7733, as amended through bipartisan negotiations, would lower the CDFI Fund's Bond Guarantee Program minimum issuance threshold from $100 million to $25 million. It would also require the Secretary of the Treasury to review the effectiveness of the CDFI Bond Guarantee Program and report its findings to Congress; and the program would sunset after 4 years allowing Congress adequate time to make adjustments and ensure proper stewardship of taxpayer dollars.

This increased accountability will allow Congress to make certain that the programs that we authorize match the needs of the communities to be served.

Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Mr. Speaker, I urge my colleagues to support H.R. 7733, and I yield back the balance of my time.

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

Mr. Speaker, I rise in support of my legislation, H.R. 4586, the Risk-Based Credit Examination Act. I thank the chairman and ranking member for their support.

Under Dodd-Frank, the SEC's Office of Credit Ratings, OCR, is required to

conduct annual examinations of credit rating agencies on eight review areas. Evaluating each of these eight areas is resource-intensive for both the OCR and the rating agency and is oftentimes redundant when there have been no identified material issues.

H.R. 4586 is a straightforward bill to provide the OCR with discretion concerning these eight reviewable areas during their annual examinations.

Dodd-Frank's increased compliance requirements for nationally recognized statistical rating organizations, or NRSROs, put small credit rating agencies at a disadvantage in the market, chilled competition among rating agencies, and further consolidated power in the largest rating agencies. Additionally, small credit rating agencies were not the cause of the financial crisis and should not be treated as such.

The marketplace needs commonsense reforms like this. By providing discretion to the SEC's OCR for these eight review areas, H.R. 4586 is right-sizing the SEC's oversight of NRSROs and alleviating costly burdens that especially impact the smaller NRSROs.

By adopting a risk-based approach, H.R. 4586 allows for continued oversight by OCR but in a more efficient and targeted manner. It also removes burdensome and unnecessary compliance costs for small rating agencies to promote much-needed competition in the credit rating industry.

Mr. Speaker, I obviously support H.R. 4586, and I encourage my colleagues to support it.

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

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

Mr. Speaker, I rise in support of H.R. 310, a bill that will posthumously award the Congressional Gold Medal to four American heroes who died in Benghazi on September 11, 2012.

H.R. 310 will recognize the sacrifice that Ambassador J. Christopher Stevens, Navy SEALs Glen Doherty and Tyrone Woods, and Staff Sergeant Sean Smith made for our country. These four men lived exceptionally impressive lives that should be recognized and honored today.

Ambassador Stevens, born in Grass Valley, California, joined the U.S. Foreign Service in 1991. Over his 21-year career he held a number of important posts including section chief in Jerusalem, political officer in Damascus, and consular officer in Cairo before he returned to D.C. to serve as Director of the Office of Multilateral Nuclear and Security Affairs and Pearson Fellow with Senate Foreign Relations Committee under then-Senator Richard Lugar. Ambassador Stevens was a dedicated public servant who traversed the globe to carry out the mission statement of the Foreign Service: to promote peace, support prosperity, and protect American citizens while advancing the interests of the U.S. abroad.

Petty First Class Glen Doherty, born in Winchester, Massachusetts, was a decorated Navy SEAL sniper and corpsman. Doherty served in both Iraq and Afghanistan and responded to the infamous USS Cole bombing in Yemen. Doherty left the Navy after 12 years of service. He went on to continue to protect U.S. interests by working as a contractor for the State Department.

Senior Chief Petty Officer Tyrone Woods, known by his friends and family as ``Rone,'' was born in Portland, Oregon. Tyrone Woods, like Doherty, was a retired Navy SEAL who continued to serve after an illustrious military career by protecting American diplomats. During his time as a SEAL, Woods was awarded the Bronze Star Medal with combat ``V'' for valor in Iraq and served multiple tours in Iraq, Afghanistan, the Middle East, and Central America.

Staff Sergeant Sean Smith was born in San Diego, California, and served in the U.S. Air Force for 6 years. During this time, he was awarded the Air Force Commendation Medal. Smith retired from the Air Force and continued to serve as a U.S. Foreign Service officer. Smith was posthumously awarded the U.S. Department of State's Thomas Jefferson Star for Foreign Service on May 3, 2013.

Mr. Speaker, these four men served honorably and died in service to our country. H.R. 310 will honor these men with the recognition that they deserve.

I thank my colleagues, especially Representative Lynch of Massachusetts and Representative Mast of Florida for their bipartisan work on this very important piece of legislation.

Mr. Speaker, I wholeheartedly support this bill, I urge my colleagues to support it as well, and I reserve the balance of my time.

Mr. Speaker, I urge my colleagues to support H.R. 310, and I yield back the balance of my time.

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

Mr. Speaker, I rise in support of H.R. 5128, the Expanding Access to Capital for Rural Job Creators Act.

I thank Representatives Axne and Mooney for their work on H.R. 5128. In the Financial Services Committee, we continually highlight the importance of capital formation for entrepreneurs and job creators in the underbanked rural communities. We all know constituents who have struggled to gain capital to begin their own small businesses.

Small and rural counties and the small businesses in those areas are even more vulnerable during recessions and during economic recovery. H.R. 5128 is an example of legislation that can help solve one of the biggest issues for a number of rural small businesses: access to capital.

Mr. Speaker, I urge all my colleagues to support this legislation, and I reserve the balance of my time.

Mr. Speaker, I urge my colleagues to support H.R. 5128, and I yield back the balance of my time.

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

On January 5, a fire broke out in an apartment building in Philadelphia, a terrible tragedy that took the lives of 12 people, including 9 children.

Even though the building was operated by the Philadelphia Housing Authority, not one of the battery-powered smoke detectors was operational that morning, so residents had no warning as the fire grew out of control.

While HUD already has regulations in place to ensure that federally assisted units install functioning smoke detectors, after a heartbreaking event like this, Congress has a responsibility to ensure that the rules are updated to prevent future tragedies.

H.R. 7981 would require Public Housing Authorities and property owners within HUD's programs to install smoke alarms that are tamper- resistant and hardwired, or use long-term, 10-year batteries.

Making sure that we have modern, up-to-date safety code devices like smoke alarms in all our federally assisted housing units is fundamental when it comes to trying to protect the lives of our residents.

H.R. 7981 will create safer homes for HUD's residents.

I congratulate Ms. Dean for her tremendous work on this, and I urge my colleagues to support this legislation.

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

Mr. Speaker, I urge my colleagues to support this legislation, and I yield back the balance of my time.

Madam Speaker, as we stand here today, Vladimir Putin continues his unconscionable assault on the sovereign nation of Ukraine, displacing millions of families and killing thousands of innocent civilians.

In response to this horrific assault, my home State of Missouri has projected the colors of the Ukrainian flag on to our State capitol, as well as both landmarks in St. Louis and Kansas City.

My bill here today will illuminate the Gateway Arch, the defining structure of the St. Louis skyline and a symbol of pride for the people of St. Louis, Missouri. It will also show the world that we stand united in solidarity with the people of Ukraine.

Madam Speaker, with the support of the entire Missouri delegation, I urge my colleagues to pass this legislation.

Madam Speaker, I rise today to recognize an amazing community in my district. This year marks the 75th anniversary of the City of Crestwood, Missouri.

With a population of over 12,000 proud Americans, Crestwood has grown into a vibrant city since its incorporation in 1947. From its steadfast and hardworking Police and Fire Departments to its dedicated Parks and Recreation and Public Works Departments, the local government of Crestwood continues to provide outstanding public service to the families living there.

Crestwood is also a city rich in history. It is the burial place of Sergeant John S. Sappington, who fought alongside George Washington during the Revolutionary War, and the city sits directly adjacent to the Ulysses S. Grant National Historic Site, or White Haven, where the former President and Civil War General lived with his family.

Crestwood remains an incredible community to raise a family, with numerous outstanding schools, parks, and recreational facilities in the area. I want to thank the caring residents and public servants of Crestwood, who continue to work together to improve their community, and I have no doubt that the next 75 years will be even greater than the last.

Madam Speaker, I thank my friend from Arkansas (Mr. Hill), who is managing this set of Financial Services Committee sanctions against Russia, for yielding me the time.

Madam Speaker, I rise in support of my bill, H.R. 6891, the Isolate Russian Government Officials Act, a bipartisan bill that would exclude Russian Government officials from participating in key international bodies until Moscow puts a stop to its brutal and utterly unprovoked war on Ukraine.

These Russian officials would be excluded from international bodies, including the G20 and other organizations that oversee the world's financial system. Taking part in these groups' proceedings should be out of the question for a country that has ended decades of peace in Europe and threatened financial stability globally.

As we know, the U.S. and our allies have levied punishing sanctions against the Putin regime, and these measures have imposed immense costs on Moscow, but there must be diplomatic costs as well. That means leaving Russian Government officials on the outside of every one of these key organizations looking in.

After I introduced H.R. 6891, I was pleased to see the President called upon Russia to be ejected from the G20, and this legislation would ensure that Treasury and the Federal Reserve take all necessary steps to advance this as U.S. policy and law.

The Financial Services Committee, on a bipartisan basis, has traditionally pursued clear objectives in its national security legislation. Our bills are a means to an end, and my legislation is no exception.

While H.R. 6891 takes a hard stance against Russian officials, it provides an off-ramp for Moscow if, and only if, Putin chooses to end the violence in Ukraine. There is also waiver authority so that the executive branch can have maximum leverage when negotiating an end to the Russian hostilities.

But let's be crystal clear. Just as launching an illegal and unilateral attack on Ukraine was wholly Putin's choice, and his alone, so too is it his choice to bring Russia back into the fold of the international community by ending his war on Ukraine.

China, and other countries and adversaries, are watching our response to Russia closely, and our resolve in the face of Putin's invasion should signal to China, and others, that it will become an international pariah if Beijing ever follows Moscow's playbook.

Benefiting from participation in international organizations, including the ones in my bill, calls for a basic level of commitment to international order. We must not let others take this for granted.

Again, I thank the chairman and the ranking member for their support of H.R. 6891, and I urge my colleagues to support the bill, the Isolate Russian Government Officials Act.

Madam Speaker, I rise today to honor Todd Schnuck, CEO of Schnuck Markets in St. Louis, MO, who is being awarded the Glen Woodard Award for Outstanding Leadership in Public Affairs for the food industry by FMI--the Food Industry Association.

I know firsthand what a strong advocate Todd is for the food industry. He is in a unique position to be a voice for supermarkets-- spending his career leading the family business that was started in 1939, and now operating over 100 stores in 5 states, employing thousands and positively impacting the lives of millions of people in our great state of Missouri.

Todd is a distinguished leader and advocate for the industry. Both the company and Todd personally are philanthropic leaders in the St. Louis area and Todd's ability to effectively articulate public policy issues to federal, state, and local elected officials is exceptional.

Todd and his team have been wonderful partners as we have each worked to advance our shared goal of making life better for families in Missouri. He is a man of strong character, integrity, and faith, qualities I can attest extend to his family as well. I was honored to be able to work with his daughter Margaret when she interned for my office.

Todd is not just a leader in his professional life, he is also one in our community, and I am grateful to call him a friend. I congratulate Todd on this well-deserved award and I applaud FMI--the Food Industry Association for selecting a person of Todd's caliber for this important honor.

Madam Speaker, I rise to congratulate my friend, Michael ``Mike'' Medart, of Medart Engine & Marine, on the conclusion of his tenure as Chairman of the National Association of Wholesaler- Distributors (NAW), an association comprised of the distributors who keep America moving.

During Mike's leadership, NAW fought for and defended pro-business policies that boost our local economies. NAW, with its partners, also donated more than $1 million in PPE and other supplies to help reopen America. NAW saw rapid growth in the industry and the association itself and was crucial in reopening America at a critical time.

The name Medart is familiar to Missourians in my district and our region, having been a mainstay in the community for more than 100 years. Mike is at the helm of a third generation of leadership, an incredible legacy of which he should be proud. The family-owned company prioritizes a ``Golden Rule Service'' commitment to their customers and employs more than a hundred workers, with many having been with the company for decades.

I congratulate Mike and thank him for his leadership nationally and at home in Missouri!

Mr. Speaker, today is National Human Trafficking Awareness Day, and I rise to bring attention to the horrific increase in human trafficking and online sexual exploitation.

Since the pandemic began, trafficking and sexual exploitation have skyrocketed in my own home State of Missouri and across the United States of America and the world.

I have made it a priority to support survivors and hold websites accountable for facilitating sex trafficking.

I am proud to be the only Member of Congress in over 20 years to successfully amend section 230 of the Communications Decency Act with my bill, the Fight Online Sex Trafficking Act, or FOSTA.

In the coming weeks, Mr. Speaker, I will introduce multiple pieces of legislation to combat human trafficking, child sexual exploitation, and online sexual exploitation.

We must come together to eliminate this barbaric trade.

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

Mr. Speaker, I rise in strong support of H.R. 4111, the Sovereign Debt Contract Capacity Act, an important piece of legislation sponsored by our chairwoman and cosponsored by our committee's lead Republican.

China has now become the world's largest official creditor, but the details of its lending remain notoriously opaque.

At a hearing in May, the Financial Services Committee examined how China has been using strict confidentiality arrangements, cross-default provisions, and other tools to hide the details of its loans and potentially influence borrowers' domestic and foreign policies.

A recent analysis by the research group AidData has also shown that 42 countries now have public debt exposure to China in excess of 10 percent of their GDP, which is largely hidden from conventional reporting to the World Bank.

H.R. 4111 would address this problem by supporting technical assistance from the International Monetary Fund to help developing countries better assess these debt contracts.

This legislation builds on a bipartisan law authored by our colleague, Congressman Hill from Arkansas, that requires the Treasury Department to push for greater Chinese debt transparency at the international financial institutions.

Together, these two bills are a clear statement that our committee wants the Treasury Department to prioritize the threat of China's hidden debt and give countries the necessary technical assistance to push back on Beijing.

H.R. 4111 is especially timely since the IMF is confronting serious difficulties carrying out new programs since China has been so slow negotiating its loans to IMF borrowers.

If the International Monetary Fund can't accurately assess borrowers' liabilities to Beijing, it will have trouble providing its own financing. In other words, China's opaque lending practices are not just a threat to borrowing countries; it puts at risk the operations of the IMF, World Bank, and other multilateral lenders. This is unacceptable.

I commend the chairwoman for sponsoring this legislation and hope that our committee can continue to work in such a bipartisan manner to address

China's exploitation of countries around the world.

Mr. Speaker, I urge my colleagues to support H.R. 4111, and I reserve the balance of my time.

Mr. Speaker, I thank the chairwoman, again, for her strong legislation. I would urge all my colleagues to support H.R. 4111, the Sovereign Debt Contract Capacity Act, and I yield back the balance of my time.

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

Mr. Speaker, I rise in support of Representative Maloney and Ranking Member McHenry's bipartisan legislation, H.R. 2989, the Financial Transparency Act of 2021.

Our securities and banking laws require financial regulatory agencies to collect countless pieces of data from regulated entities each year. Yet, there is no consistency in the manner in which they collect this data. As a result, data is often difficult to find and to understand.

This commonsense legislation ensures our regulatory agencies are working together to adopt consistent data fields and formats for the information they collect.

The bill will require our banking and securities regulators to better organize data and make this information available in open-source formats. This, in turn, benefits investors, businesses, and even the Federal Government.

Setting data standards will foster more transparency and increase the efficiency for everyone who generates, collects, and uses the information.

This bill will make financial data more easily available. It will also reduce overhead costs and streamline workloads.

I applaud Congresswoman Maloney and Ranking Member McHenry for their commitment to this issue.

Reforming our information management practices and establishing uniform data standards for regulatory reporting is critical to ensuring an efficient and effective regulatory framework.

I urge Members to support this commonsense piece of legislation and vote ``yes'' on H.R. 2989, the Financial Transparency Act of 2021.

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

Mr. Speaker, I urge my colleagues to support H.R. 2989, and I yield back the balance of my time.