Floor Statements

Madam Speaker, today I rise to congratulate my longtime friends and fellow West Michigan residents, Mr. Roger Hale Borr and Mrs. Ruth Elaine Borr, who will be celebrating their 60th wedding anniversary this August.

This significant benchmark is a symbol of their commitment to each other and to their family. Throughout their marriage, Roger and Ruth have been blessed with two children and three grandchildren, who have seen firsthand the love a dedicated marriage can bring. I am happy to join their friends and loved ones in extending my best to them as they celebrate their 60th wedding anniversary on Tuesday, August 6, 2019.

Over the years, I have personally witnessed the devotion, affection, and passion they share with not only each other, but the West Michigan community as well. Through marriage, Roger and Ruth have strived to serve others, brought joy to one another, and shared their wonderful example of kindness and love.

Madam Speaker, please join me in congratulating my dear friends, Roger and Ruth, on this exciting occasion. Happy 60th wedding anniversary.

Mr. Speaker, I rise today in support of H.R. 2919, the Whistleblower Protection Reform Act of 2019.

Whistleblowers are an effective means of rooting out bad behavior that harms the market as well as investors.

In fact, Section 922 of Dodd-Frank amended the Securities and Exchange Act of 1934 to afford whistleblowers protection from retaliation by their employers for reporting suspected misconduct.

Additionally, Section 922 allows for the SEC to provide monetary awards to whistleblowers who provide ``original information'' resulting in monetary sanctions over $1 million.

However, in February 2018, the Supreme Court held in Digital Realty v. Somers that whistleblowers who report alleged misconduct internally to their employer, as opposed to the SEC, are not protected by Dodd- Frank's anti-retaliation provisions.

A whistleblower who reports directiy to their employee about alleged misconduct shouldn't risk being retaliated against. That's why this bipartisan bill has been carefully crafted to clarify the application of the anti-retaliation provisions to whistleblowers provided within the Dodd-Frank Act.

By further clarifying the anti-retaliation provisions of section 922 apply to those whistleblowers who report internally will encourage employees to report potential misconduct instead of automatically escalating the issue to the SEC.

Internal reporting may be more efficient and practical in some cases as employers have a chance to correct, self-report, or take other action.

Moreover, by clarifying the application of Dodd-Frank anti- retaliation protections to internal whistleblowers, the bill aligns with similar protections for internal whistleblowers within the Whistleblower Protection Act and Sarbanes-Oxley.

I'd like to thank my colleague, Mr. Green for working with me on the Whistleblower Protection Reform Act and I urge my colleagues to vote yes.

Mr. Speaker, I rise today in support of H. Res. 456 that recognizes the importance of grassroot investor protection and the investor education missions of State and Federal securities regulators. Additionally, this important resolution calls on the Securities and Exchange Commission to collaborate and work with State securities regulators to protect investors.

Over a century ago, a group of state securities regulators had the idea to form a network of colleagues to work together for the protection of investors throughout North America. Shortly thereafter, the North American Securities Administrators Association (``NASAA'') was formed in 1919. This year, 2019, marks their 100th anniversary.

The primary mission of both state securities regulators and NASAA is to protect and advocate for the protection of investors, especially the most vulnerable who lack the expertise, experience, and resources to protect their own interests.

NASAA members accomplish their mission through the vigorous enforcement of their respective civil and criminal securities laws. While the securities markets are global, securities are sold locally. NASAA members are often the first line of defense against investment fraud in their jurisdictions. Moreover, because states are ``grass roots'' regulators, they often respond to emerging frauds and investment scams before they are detected at the federal level.

NASAA also plays an important role in investor education, which is one of the best measures in preventing investment fraud. NASAA members have developed a wide array of specialized community outreach programs to educate investors in their jurisdictions.

Most state securities regulators have established investor education departments or divisions within their agencies. The result is an effective network of dedicated professionals delivering unbiased, relevant, and free investor education programs in local communities throughout North America. These professionals can be found educating investors in the classroom, at the workplace, and at senior centers. NASAA members work hard to reach out to people who otherwise would not be able to readily access such information.

For the past 15 years, NASAA has compiled and released an annual list of top 10 investment scams, schemes, and scandals to alert investors to increasingly complex and confusing investment fraud.

Another important part of NASAA's mission is to help with capital formation. To that end, state securities regulators often work with and assist local businesses that seek capital investment. Small businesses are the lifeblood of our economy. NASAA members help facilitate a healthy small business economy that increases growth, investment, and job creation.

In my home state of Michigan, NASAA members have worked tirelessly to become a leading voice for improving investment education, protected investors by utilizing securities enforcement, and helped build stronger communities by assisting in capital formation projects.

Today, NASAA is the oldest international investor protection organization with a membership consisting of 67 state, provincial, and territorial securities regulators in the 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, Canada, and Mexico.

I want to congratulate NASAA on their first 100 years and look forward to their work continuing for many years ahead. I urge passage of this resolution acknowledging the superb work of this outstanding organization.

Mr. Speaker, initial public offerings, or IPOs, have historically been one of the most meaningful steps in the lifecycle of a company. ``Going public'' was the ultimate goal for entrepreneurs. You start a business from scratch, build it up into a successful enterprise, and then open up an opportunity for the public to share in your success.

By completing an IPO, a company is able to raise much-needed capital for job creation and expansion opportunities, while allowing main street investors the opportunity to have an economic piece of the action and ability to participate in the growth phase of a company.

However, over the past two decades, our nation has experienced a 37 percent decline in the number of U.S. listed companies. Equally troubling, we have seen the number of public companies fall to around 5,700. These statistics are concerning because they are similar to the data we saw in the 1980's when our economy was less than half its current size.

For myriad reasons, the public model is no longer viewed as an attractive means of raising capital. Instead, small and emerging growth companies are choosing to go public much later in their lifecycle or choosing not to go public at all.

We must work to change the trajectory. In speaking to the New York Economic Club, SEC Chairman Clayton stated that ``Regardless of the cause, the reduction in the number of U.S.-listed public companies is a serious issue for our markets and the country more generally. To the extent companies are eschewing our public markets, the vast majority of Main Street investors will be unable to participate in their growth. The potential lasting effects of such an outcome to the economy and society are, in two words, not good.''

I share Chairman Clayton's concerns. We need to ensure that our capital markets are open for innovators and job creators and we must work to right-size regulations for smaller companies as well.

One way that Congress worked to lift burdensome regulations and help small companies gain access to capital markets was the bipartisan Jumpstart Our Business Startups Act--popularly known as the JOBS Act.

Section 105 of the JOBS Act changed the ``gun-jumping rules'' to provide an exception from the definition of an offer to allow for the publication or distribution by a broker or dealer of a research report about an emerging growth company that is the subject of a proposed public offering. However, few investment banks have published any pre- IPO research since passage of the JOBS Act, and research coverage in general on small issuers continues to be an issue. This negatively affects investor interest and awareness in a company as well as trading liquidity.

This provision was intended to increase research but unfortunately it has had the opposite effect and instead, there has been a significant decline over recent years in analyst research covering small public companies. According to the U.S. Chamber, ``61% of all companies listed on a major exchange with less than a $100 million market capitalization have no research coverage at all.''

For equities with a market cap below $750 million, the average number of research analysts covering that stock is one, while equities above $750 million in market cap have an average of 12 research analysts covering the stock.

Additionally, the amount of research written on small companies has declined even as the percentage of individual ownership in small cap companies has increased. Little to no research coverage generally corresponds with lower stock liquidity, and reduced research coverage may be particularly disadvantageous to individual investors who have limited research capabilities on their own.

In fact, one study published June 2017 in the Journal of Finance found that an increase in the number of analysts covering an industry improved the quality of analyst forecasts and information flow to investors. For that reason, it is important to examine current SEC rules and regulations affecting the ability of investment research coverage regarding small issuers. The Treasury Report on Capital Markets recommended a holistic review of rules and regulations regarding research, including the Global Settlement, to determine, which provisions should be retained, amended, or removed.

Our bipartisan bill, the Improving Investment Research for Small and Emerging Issuers Act, would direct the SEC to study and evaluate issues affecting the ability of emerging growth companies and other small issuers in obtaining research coverage, including SEC rules, FINRA rules, state and federal liability concerns, the 2003 Global Research Analyst Settlements, and MiFID II. Not later than 180 days after enactment, the SEC will be required to submit to Congress a report that includes the results of the study and recommendations to assist EGCs and other small issuers in obtaining research coverage.

Among the issues the SEC must consider are factors related to the demand for such research by institutional and retail investors, cost considerations for such research, and the impact on the availability of research coverage for small issuers due to a variety of market and regulatory conditions. The SEC's report must include recommendations to increase the demand for, volume of, and quality of investment research into small issuers, including EGCs.

I'd like to thank the Financial Services Chairwoman, Mrs. Waters, and Rep. Ben McAdams, for recognizing the importance of research in our capital markets and working with me to address this issue.

I rise to offer an amendment.

Mr. Chair, I rise to offer an amendment that suspends implementation of section 1502 of the Dodd-Frank Act.

Despite the best intentions, section 1502 has proved unworkable and, in some cases, has even been shown to increase violence in Central Africa.

This misguided provision in the Dodd-Frank Act requires that the Securities and Exchange Commission mandate that public companies disclose whether so-called conflict minerals that they use for their products benefit armed groups in the Democratic Republic of the Congo and its nine adjoining countries.

This amendment I am proposing passed the House last year as an amendment to the Financial Services and General Government appropriations bill, and a full repeal of section 1502 passed the House as part of the Financial CHOICE Act.

``Conflict minerals'' refers to tin, tungsten, tantalum, and gold, which have been used in a variety of products from cell phones, cosmetics, jewelry, footwear, and apparel. Even auto suppliers located in western Michigan and around the country have used it.

The breadth of voices opposing 1502 is remarkable, and I would like to start with those who matter most.

For too long, the people of Central Africa have been overlooked in this debate, even though they are the ones who suffer from Dodd-Frank's unintended consequences. Dodd-Frank's impact on African miners may seem unimportant to many rich country activists, but in Congo, it has been a question of life or death.

In fact, according to a Washington Post article entitled ``How a Well-Intentioned U.S. Law Left Congolese Miners Jobless,'' section 1502 ``set off a chain of events that has propelled millions of miners and their families deeper into poverty,'' with many miners ``forced to find other ways to survive, including by joining armed groups.''

This article goes on to share the story of how a Congolese teenager who could no longer feed himself after Dodd-Frank ravaged the country's mining sector, forcing him to actually join an armed group--an outcome diametrically opposed to the goals of section 1502.

Mr. Chair, no one can claim that these effects were unforeseeable. In a letter to the SEC commenting on section 1502, leaders from three Congolese mining cooperatives predicted that the conflict minerals rule would lead to a devastating boycott.

These miners wrote: ``We cannot continue to suffer any longer. Do we now have to choose between dying by a bullet or starving to death?''

I ask my colleagues to remember the Congolese aren't alone in their suffering. The SEC rule applies to nine other African nations as if they were all one single country. In fact, section 1502 treats over 230 million Africans living in 10 distinct nations as one, undifferentiated group.

Dodd-Frank's supporters will say at this point that some countries neighboring Congo may help smuggle minerals on behalf of these armed groups, which is why we need to paint with such a broad brush. But I would ask my colleagues to name one other example where a country's economy and each of its neighbors is targeted due to a presumed smuggling risk.

Do we design Russia sanctions to apply to each of its 14 adjoining countries, too?

Do Iranian sanctions implicate all of its seven neighbors?

How about North Korea and its neighbors South Korea and China?

Perhaps advocates for section 1502 believe that there is no smuggling from Russia, Iran, or North Korea. But the real issue seems to be this: Dodd-Frank's supporters have no problem treating Africans differently from other regions of the world. I find that extremely troubling.

Now let's consider implementation of 1502 itself.

A recent GAO report stated that section 1502 has produced little meaningful information on conflict minerals sourcing. It found that more than half of the companies could not even determine what country their minerals came from. Most importantly, virtually none of the companies could tell whether their minerals benefited armed groups or not, a conclusion that echoed GAO's findings from 2014 to 2017 as well.

It is no wonder that companies can't figure this out. Even the Department of Commerce in both the Obama and Trump administrations has reported that it is unable to determine whether smelters around the world use minerals traceable to armed groups. In other words, Dodd- Frank is asking U.S. companies--some of which are small- and medium- sized enterprises in larger corporations' supply chains--to produce information that even the Federal Government can't provide.

As if that weren't enough, the courts have also struck down parts of section 1502 for violating companies' First Amendment rights.

Mr. Chair, the facts I have laid out in 1502 are not partisan, and its suspension shouldn't be either. So let me close with words of Barack Obama's SEC Chair Mary Jo White who in 2013 said: ``Seeking to improve safety in mines for workers or to end to horrible human rights atrocities in the Democratic Republic of the Congo are compelling objectives, which, as a citizen, I wholeheartedly share. But, as the chair of the SEC, I must question, as a policy matter, using the Federal securities laws and the SEC's powers of mandatory disclosure to accomplish these goals.''

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

Madam Speaker, I rise today regarding missed votes. Had I been present for roll call vote number 376, Pence of Indiana Part B Amendment No. 105, I would have voted Yea.

Madam Speaker, I rise today to recognize the career of a friend, public servant, and caring educator: Grand Valley State University President Thomas J. Haas.

As a retired U.S. Coast Guard captain who also holds a Ph.D., President Haas has devoted his life of service to our country and, most recently, to west Michigan and the students of Grand Valley State University.

Having been appointed the university's fourth president in 2006, he successfully laid a foundation for a culture that nurtures innovation and excellence. Under his leadership, enrollment has soared to over 25,000 students, while 46 undergraduate and graduate programs have also been added and the university expanded with 2.5 million square feet of new buildings.

``T. Haas,'' as he is affectionately called by students, and his wife, Marcia, will forever be cherished and adored by the Grand Valley community. Together, they have passionately dedicated themselves to putting students first.

The now-famous selfie with T. Haas, as it is known, it is a clear example of the way they treated every student like their own.

President Haas is the epitome of the phrase ``Laker for a Lifetime.'' It has been an honor to work with him in support of Grand Valley, its students, and all of west Michigan.

While his time as president may be coming to an end, his legacy and impact will forever live on.

Madam Speaker, I yield to the gentleman from New York (Mr. Zeldin).

Recognizing Luis Alvarez

Madam Speaker, today I rise to recognize the Ludington Pumped Storage plant in Mason County for 46 years of service. Owned by Consumers Energy and DTE Energy, Ludington Pumped Storage recently had its construction and operating license period extended for 50 years.

Beginning operations on the shores of Lake Michigan in 1973, Ludington Pumped Storage is affectionately known as ``the big battery.'' This engineering marvel is a critical part of Michigan's energy infrastructure, ensuring our residents can access safe, affordable, and reliable energy. It also serves as an innovative example of what can be done to harness energy in my home state.

Here's how the facility operates: When electricity is cheaper at night, the plant pumps water from Lake Michigan up a bluff to the plant's 27 billion-gallon reservoir, creating an on-demand power source. When demand dictates, the gates are simply opened, enabling water to rush downhill and turn the plant's powerful turbines to generate electricity.

Ludington Pumped Storage has the ability to produce 1,872 megawatts of electricity, which is enough energy to provide power to 1.4 million Michigan residents.

With the Federal Energy Regulatory Commission recently approving a 50-year extension of the plant's construction and operating license, this important source of energy will continue to support Michigan residents until June 30, 2069.

``The Big Battery's'' nearly half-century of service is a testament to the dedication of the men and women who helped build it as well as to those who have kept watch over the years. As our nation confronts energy challenges going forward, I hope we remember Ludington Pumped Storage and the example it has provided in supporting Michigan's energy needs.

Congratulations to the team at Ludington Pumped Storage on this great achievement. I look forward to a new chapter for this modern marvel in service to the people of Michigan.

Mr. Speaker, I rise today in celebration of the first 100 years of the Charles A. Conklin American Legion Post 28 in Grand Haven, Michigan.

But before I talk more extensively about Post 28, I do want to acknowledge this past week that very auspicious ceremony and anniversary that was recognized--D-Day.

I joined the bipartisan group, led by the Speaker of the House and the minority leader, to the beaches of Normandy. To talk with those family members, those veterans who served there on those beaches was an incredibly moving thing, especially for me, the son of a disabled World War II veteran who nearly perished in a B-24 crash in southern Italy, and to just recognize and remember the sacrifices that not only those men that stormed the beaches, but their families, endured in the years after that.

I want to just highlight some of the connections that we have had in west Michigan to those efforts. Whether it was the city of Grand Haven, which is where Post 28 lies, which, upon the sinking of a merchant marine ship, the Coast Guard cutter Escanaba, raised public funds locally to literally build another Escanaba ship, one that has continued that very special tie with Grand Haven and with those members of VFW Post 28; the Silversides, a submarine that saw action in the South Pacific; the LST that resides in Muskegon, that took 31 trips back and forth during that D-Day invasion over those days, that history that we have is rich.

And the history that Post 28 has is a history that comes out of World War I, something that we had just celebrated the armistice of last November, the 100-year anniversary. My namesake, Bill Huizenga, had the privilege of fighting in that conflict and in that war as well.

I have, in my mind, this connection that all of those men at that time over 100 years ago, that they were coming together as a community, and they were going off to fight for their country. And for 100 years now, this particular American Legion Post 28 had selflessly, admirably, and honorably served the Grand Haven community with a special focus on veterans and their families.

On June 12, 1919, how this came about was 35 local veterans returning from this Great War gathered at the Grand Haven Armory and signed a petition to become chartered as the Grand Haven American Legion Post 28.

They chose as their namesake, Charles A. Conklin, who was Grand Haven's first fallen soldier of that war to end all wars. Well, shortly after graduating high school, Charles joined the National Guard as a machine gunner and was part of the prestigious 42nd ``Rainbow'' Division.

After ferocious fighting on the front line, Charles was wounded in combat and died on May 7, 1918. He now rests in peace at Grand Haven's Lake Forest Cemetery, where his courageous spirit continues to inspire local veterans and all of our citizens to carry on his legacy of duty, service, and valor.

After witnessing the positive impacts across west Michigan, more veterans and their families wanted to join Post 28. The Post 28 family first expanded April 9, 1920, when the Women's Auxiliary Unit 28 organized and was chartered; and then, for over a century, as they continued to grow, the Sons of the American Legion Squadron 28 was chartered in 1937 and again in 1990. Finally, the American Legion Squadron 28 was organized in 2007, completing the Post 28 family.

The American Legion Post 28's steadfast commitment to serving veterans, their families, and the Grand Haven community shines in every act of service that they perform. The long list of charitable and educational programs, including the annual Poppy Sale, the Boys State and Girls State programs that they support, the Good Fellows Committee for volunteerism, the food drives, and their famous Salmon Dinner Night at Grand Haven's annual Salmon Festival--not to mention the thousands of diners that they serve at the post's home on Harbor Drive in Grand Haven--really has underscored their commitment to the community.

Mr. Speaker, on behalf of the Second District of Michigan, we thank the members of the Charles A. Conklin American Legion Post 28 in Grand Haven for their service to our community over the past century, and I look forward to working with them in the years to come.

Madam Speaker, I rise today regarding missed votes due to my daughter's graduation from High School. Had I been present for roll call vote number 218, on the Motion to Suspend the Rules and Pass, as Amended H.R. 1952, the Intercountry Adoption Information Act, I would have voted ``yea.'' Had I been present for roll call vote number 219, on the Motion to Suspend the Rules and agree on H. Res. 106, Denouncing female genital mutilation/cutting as a violation of the human rights of women and girls and urging the international community and the Federal Government to increase efforts to eliminate the harmful practice, I would have voted ``yea.'' Had I been present for roll call vote number 220, On Ordering the Previous Question on H. Res. 389, Providing for consideration of the bill (H.R. 1500) Consumers First Act, providing for consideration of the bill (H.R. 1994) Setting Every Community Up for Retirement Enhancement Act, and providing for proceedings during the period from May 24, 2019, through May 31, 2019, and for other purposes, I would have voted ``yea.'' Had I been present for roll call vote number 221, On Agreeing to the Resolution on H. Res. 389, Providing for consideration of the bill (H.R. 1500) Consumers First Act, providing for consideration of the bill (H.R. 1994) Setting Every Community Up for Retirement Enhancement Act, and providing for proceedings during the period from May 24, 2019, through May 31, 2019, and for other purposes, I would have voted ``nay.''

Madam Speaker, I rise today regarding missed votes. Had I been present for roll call vote number 201, on Motion to Recommit with Instructions of H.R. 2157, Making supplemental appropriations for the fiscal year ending September 30, 2019, and for other purposes, I would have voted ``yea.'' Had I been present for roll call vote number 202, on Passage of H.R. 2157, Making supplemental appropriations for the fiscal year ending September 30, 2019, and for other purposes, I would have voted ``nay.''

Mr. Speaker, I rise today to recognize a man who has honorably served our Nation with integrity, distinction, and humility. After more than 30 years of service to our great Nation, Command Master Chief Russell Mason, whom I am honored to call both a constituent and a friend, is retiring from the United States Navy.

Having enlisted in the Navy in 1984, Master Chief Mason has been stationed everywhere from Pearl Harbor to Washington, D.C., and his tours have brought him all around the world. He has served on multiple ships, including as chief of the boat, and has completed several tours as command master chief. In 2017, Master Chief Mason assumed duties as the command master chief for the U.S. Naval Forces Central Command 5th Fleet.

As a man of strong faith, he has earned the respect and admiration of many and has forever left a legacy of servant leadership and devotion.

Master Chief, God bless you. Our Nation is forever indebted to you and your wife, Charlotte. And Russ, thank you for your years of dedication and service to our country, the United States. You have completed your mission admirably, and I have no doubt that you will soon be enjoying retirement with us back in west Michigan.

Mr. Speaker, I ask unanimous consent that the Committee on the Judiciary be discharged from further consideration of H.R. 962, the Born-Alive Abortion Survivors Protection Act, and ask for its immediate consideration in the House.

Mr. Speaker, I urge the Democrat leadership to immediately schedule this very important bill and to sign the discharge petition as well.

Madam Speaker, I rise today to give an in-depth explanation for my vote on H.R. 1585, legislation to reauthorize the Violence Against Women Act of 1994, and to speak out against the partisan process in which the Majority crafted this bill.

Prior to the vote on H.R. 1585, I have made clear that I support the reauthorization of The Violence Against Women Act (VAWA). I am frustrated by the fact that instead of putting forward a clean reauthorization of this vital legislation, the Democrat Majority allowed the provision to expire at the end of the last Congress for political purposes.

Protecting women from abuse is an issue so important that partisanship shouldn't even be in the same sentence, yet the Majority chose to use this opportunity to push VAWA as a partisan political device instead of a bipartisan opportunity to help women in need. H.R. 1585 will not be passed by the Senate in its current form and I remain committed to seeing that VAWA is reauthorized in a manner that protects women, makes needed reforms, and adheres to the Constitution.

West Michigan is blessed to have countless faith-based organizations that work in the community to provide assistance to women during their time of need, and H.R. 1585 fails to provide protections for these faith-based grant recipients or provide for religious hiring exemptions. These organizations serve a vital part in both protecting women and providing support throughout the recovery process.

Instead of protecting women, this legislation could in fact potentially put more women in harm's way and is an affront to the privacy and safety of women. The legislation permits biological males to be housed in women's prison facilities. Forcing women who have suffered abuse to live and sleep in the same facility as biological males is the opposite of protecting women against violence.

I also have concerns that VAWA grants have been used to fund Planned Parenthood. In fact, according to a 2018 GAO report, Planned Parenthood received approximately $300,000 from VAWA formula grands during 2013- 2015. There is no specific language in 1585 that would prohibit this from happening in the future.

Finally, I have significant constitutional concerns with section 903 of the legislation which weakens the due process of individuals in tribal courts on Indian reservations. Crimes committed on reservations should be addressed without eliminating the Bill of Rights and preventing federal review in cases where tribal capacity to adequately prosecute crimes is a problem.

The reauthorization of VAWA should be done in a manner that puts people, not politics first. Going forward, I hope to be able to vote for a truly bipartisan reauthorization of this important legislation.

Madam Speaker, I rise today regarding missed votes. Had I been present for roll call vote number 76, on Motion to Suspend the Rules and Pass, as Amended, H.R. 1065, the Social Media Use in Media Clearance Investigations Act, I would have voted ``yay.'' Had I been present for roll call vote number 77, on Motion to Suspend the Rules and Pass, as Amended, H.R. 1079, the Creating Advanced Streamlined Electronic Services for Constituents Act, I would have voted ``yay.''