Floor Statements

Mr. Speaker, I rise today to honor and recognize a true public servant and a friend of mine, Bob Kirk, from Dyersburg, Tennessee.

Bob has served as an alderman for the city of Dyersburg for 51 years. He leaves this position this month not only with many years of dedicated service, but also as the longest serving elected official in the State of Tennessee.

Bob Kirk's service to the Nation and to our State started immediately following his high school graduation, when he dedicated 4 years to the United States Air Force. After serving in the military, Bob returned home to start his career at Colonial Rubber Works, where he was a loyal employee for 30 years until his retirement in 1996.

During Bob's tenure as an alderman, he played an instrumental role in securing a Tennessee Highway Patrol office in Dyersburg, and he has been present and active for so many economic wins on behalf of the city of Dyersburg.

In addition to his elected position, Bob has remained extremely active in numerous community organizations. Last spring, the Tennessee Municipal League honored Bob by creating a new award in his honor that will bear his name. It is the Bob Kirk Local Government Leadership Award. This award is going to be given annually to outstanding public servants who not only go above and beyond the call of duty, but also do a great job in serving their communities.

To Bob and to his wife, Carol, I speak on behalf of west Tennessee and the State of Tennessee and I say thank you for your service to the city of Dyersburg. Thank you for your service to Dyer County. You epitomize public service and your love for the community.

Mr. Speaker, I rise today to honor the students of the Munford High School marching band.

About 265 students from Tipton County, Tennessee, will represent Munford High School in the Tournament of Roses Parade. This annual tradition takes place each year in Pasadena, California, on New Year's Day. It is a distinct honor to be invited to march in the Tournament of Roses Parade, with only five bands from across the Nation receiving an invitation each year. Munford High School will be the only band from the mid-South area selected for this event.

This talented group of students, led by Dr. Courtney Fee and director Barry Trobaugh, will be proudly representing not only Munford High School but the entire State of Tennessee. They have made our community proud.

To the students: You have worked really long and hard hours for this day to come. I hope you take in each and every moment of this incredible opportunity in Pasadena. May you remember this moment and this honor for many years to come. Best of luck, Cougars. Tennessee is really proud of you.

Mr. Speaker, I rise today in support of families and children everywhere who have been affected by childhood cancer.

This month, September, is Childhood Cancer Awareness Month. As I think about the meaning behind this month, I realize that childhood cancer has had a significant impact on my district in west Tennessee.

According to the American Childhood Cancer Organization, more than 15,000 children under the age of 21 are diagnosed with cancer each year. It is heartbreaking that any family must endure the pain caused by childhood cancer.

Thanks to the countless efforts by doctors, nurses, and researchers, the childhood cancer survival rate has now reached over 80 percent.

Back home, we are fortunate to have state-of-the-art facilities dedicated to childhood cancer research with personnel working each and every day to see that our children are receiving the best possible care.

St. Jude Children's Research Hospital in Memphis provides top-notch cancer treatment to nearly 7,500 patients from all over the world each year.

From medical personnel to volunteers to families sharing their testimonies, my area is filled with many who have dedicated their lives to the pursuit of an end to childhood cancer.

Now, here in Congress, I have supported numerous initiatives to fight so that all children have a chance of survival. Most recently, I cosponsored and voted for the Childhood Cancer STAR Act, which was signed into law by President Trump this past summer.

The great Danny Thomas, the founder of St. Jude, believed that no child should die in the dawn of life. We have come so far to increase the odds of survival and recovery. But we won't stop there. I feel fortunate knowing that each day we are one step closer to finding cures and ensuring that every child has the chance to live.

Mr. Speaker, I rise today to raise awareness about the single greatest threat to Tennessee's lake and river systems. Invasive Asian carp are destroying Tennessee's native fisheries across the State.

If ignored, these fish will decimate recreation, sporting, and tourism industries that rely on more than 60,000 miles of streams and rivers in my State.

For years, the focal point for combating Asian carp has been in the North, particularly the Great Lakes. However, this continued threat has spread through the Southeast. It is time to recognize that this species is invading States like Tennessee, Kentucky, and Alabama.

Congress needs to take action, or we are going to lose some of the most biologically diverse rivers and bass fishing in the country.

Asian carp have the capacity to destroy the food systems of highly valued recreational and commercial fisheries, which generate $2 billion in economic impact annually in Tennessee.

Mr. Speaker, this issue cannot be ignored, and I implore my colleagues to work with me to combat the invasion of Asian carp in Tennessee and throughout the Southeast.

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

Mr. Chairman, I rise today in support of my amendment to increase funding for the High Intensity Drug Trafficking Areas program by $5 million.

I have had numerous conversations with law enforcement throughout my district, and it is crystal clear that the opioid epidemic continues to be one of their primary concerns. Our drug task forces in the Eighth Congressional District desperately need these resources, as we have seen a spike in narcotics trafficking along Interstate 40 in Tennessee.

Mr. Chairman, I know that many of my colleagues are having similar discussions in their district, so they understand just how serious this issue is becoming for the safety and the security of the American people. It is no secret that the spread of illegal drugs throughout west Tennessee and across the Nation leads to higher crime rates, which ultimately increases the financial strain on our local, State, and Federal law enforcement.

We must do more to support law enforcement in this fight. This amendment will provide necessary funds for additional equipment and man-hours to conduct and carry out lengthy investigations to arrest these drug traffickers. The brave men and women in uniform are working tirelessly on the front lines to combat the opioid epidemic, and we can't afford to simply sit back and watch.

We also must think of the resources needed to battle the drug addiction epidemic, such as the opioid crisis. The extra funding will take major steps to target these high-risk areas in a front-end approach to preventing the spread of the opioid crisis in our communities. We must be proactive now, because prevention is the best long-term solution.

I am a former United States attorney, and I have seen firsthand how much these funds can make a huge difference in forward progress. I believe that funding the High Intensity Drug Trafficking Area program is a good first step to supporting our law enforcement and combating rampant opioid epidemics.

Law enforcement at the local, State, and Federal level have expressed support for this amendment, and I urge my colleagues to do the same today.

I also want to thank my colleagues, Mrs. Comstock and Mr. McKinley, for their hard work and support of this amendment.

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

Mr. Speaker, I rise today to honor the life of my good friend, Tennessee State Representative Ron Lollar, who passed away on July 6, 2018, at the age of 69.

Ron valiantly served his country as a United States marine in the Vietnam war, receiving accolades, including the Vietnam Gallantry Cross and the Good Conduct Medal.

Ron also served multiple terms on the Shelby County School Board and was a strong advocate for education and agriculture as a member of the Tennessee House of Representatives.

To his wife, Brenda, and their three children: I hope you take comfort in the memories of Ron and the legacy he leaves behind. May his lifelong service to our local community, to Tennessee, and to the United States never be forgotten.

We will miss you.

My friend from New York is my leader. I recognize that and will yield to him in that respect.

I also appreciate his taking the time to organize this evening this very important issue. I think we all realize that the defense of our Nation and our allies is one of the most important reasons that we function as a government.

Mr. Speaker, I rise today in support of President Trump's recent decision to withdraw from the Joint Comprehensive Plan of Action also known as the Iran deal.

In November of 2017, I spoke here on the House floor lauding President Trump's decision to decertify the Iran deal. Today I am glad to stand here with the news that the United States is finally withdrawing from this deeply flawed deal and reimposing tough sanctions on Tehran.

Just a few months ago, April 30 of this year, the Israeli Prime Minister Benjamin Netanyahu unveiled a massive supply of documents revealing Iran's developments of a secret nuclear weapons program while claiming otherwise. In reality, Iran kept these documents in a secured vault ensuring that the International Atomic Energy Agency would never find them during their inspection. With the Prime Minister's revelations, the Iranian regime is believed to have been falsifying reports to the agency for years, and the deal failed in its basic objective to prevent the regime from obtaining nuclear weapons.

This hard evidence by Israeli intelligence only further illustrates that Iran cannot be trusted by the international community and only continues to harbor hostility that threatens our national security interests.

As we have seen over the years, the Iran deal has also failed to prevent the further testing of ballistic missiles. According to the Foundation for Defense of Democracies, Iran has launched 23 illicit ballistic missiles since the beginning of the signing of the Iran deal in July of 2015.

Now, one of these was a new long-range missile with capabilities to carry multiple warheads. This was the country's third test of a missile with a range of approximately 1,200 miles and fully capable of reaching Israel.

Against multiple United Nations Security Council resolutions, Iran continues to invest time, invest energy, and invest resources into its ballistic missile program. These illicit tests are dangerous, they are unacceptable, and they cannot continue to occur.

Additionally, Iran continues to be one of the world's largest state sponsors of terrorism with the IRGC operatives in Lebanon, in Syria, and in Gaza, all of which surrounds our friend and our ally, Israel.

Just today, Iran's Revolutionary Guard Corps Deputy Commander Major General Hossein Salami stated that Iran's regional allies were ``awaiting orders to eradicate the evil regime.'' This is in reference to Israel. It is clear that Iran's aggression in the region is dramatically increasing, leaving Israel and other surrounding countries vulnerable to a nuclear weapons attack.

This past February, just a few months ago, Israel shot down an Iranian drone that had been dispatched from a Syrian airbase 30 seconds after it crossed into Israeli airspace. It was not until April 13 of this year when Israel revealed that the Iranian drone was carrying explosives with plans to attack and destroy an unspecified target in Israel. Think about it. Had this situation been escalated to nuclear warfare, one can only imagine the devastation that would have ensued.

We have got to say enough is enough. We cannot enable Iran to enrich tons of uranium; we cannot enable Iran to test ballistic missiles against the United Nations Security Council resolutions; we cannot enable Iran to funnel $150 billion of frozen assets to terrorist proxies such as Hamas and Hezbollah; and we cannot enable Iran's belligerence to escalate.

While the previous administration failed in their intent to inhibit Iran from its perilous activities, quite frankly, President Trump did not. He did the right thing for the United States; he did the right thing for Israel; and he did the right thing for our allies throughout the world.

I am pleased that the President saw the dangers of the Iran deal as it did not stop Iran's ambition to become nuclear, but rather paves it.

As we work in Congress to implement further sanctions against the Iranian

regime, we must protect our allies in the Middle East and effectively prevent Iran from progressing with their nuclear weapons program.

I, again, want to thank my friend and my colleague from New York, Congressman Zeldin, for leading this discussion so that all the issues and, frankly, all the facts can be out on the table.

Mr. Speaker, I appreciate the great leadership Congressman Zeldin has shown on this issue.

Mr. Speaker, I rise today in support of my bill, H.R. 4294, the Prevention of Private Information Dissemination Act of 2017.

Mr. Speaker, this legislation will establish criminal penalties for the unauthorized disclosure of living will and stress test determinations and other individually identifiable information by Federal officials.

With recent data breaches and leaks of sensitive information, it is essential that we ensure that this information is safely guarded and that people are punished for their illicit actions.

Since the enactment of Dodd-Frank in 2010, bank holding and certain nonbank companies, designated as systemically important financial institutions, otherwise known as SIFIs, are required to submit annual reports to the Federal Reserve and the Federal Deposit Insurance Company, the FDIC.

The purpose of these reports is to outline the company's strategy for a potential bankruptcy in times of market stress. Through the living will and the stress test process, banks submit detailed financial reports about their businesses, such as assets, trade secrets, and other classified information to the Federal Reserve and to the FDIC.

Unfortunately, Mr. Speaker, the information has the potential to be leaked by employees and, unfortunately, in April of 2016, this did occur. In fact, on April 12, 2016, it was discovered that nonpublic confidential supervisory information related to the living will results was leaked to the press directly.

The Wall Street Journal article from that day cited ``people familiar with the matter'' indicated that the agencies planned to reject the revised living wills of at least half of the U.S. banks that resubmitted proposals before formal decisions were sent to the institutions.

In this instance, the leak was extremely harmful, as financial institutions were preparing their quarterly investor reports. As a result, regulators were forced to formally release their findings the next day. In addition, this private information has market-moving implications and can result in insider trading and illegal sharing of information.

Mr. Speaker, prior to Dodd-Frank, the FDIC did not have market-moving information on high-profile industries. Stress test requirements therefore meant that the FDIC had to create new policies and new procedures to help protect the information. According to the FDIC's Principal Deputy Inspector General in 2016, the agency is ``not there yet,'' and it may not be prepared to safeguard the information.

Sadly, between 2015 and 2016, the FDIC experienced many data breaches that involved employees leaving the company. One such incident occurred in 2015, in which a departing employee downloaded sensitive stress test data onto a thumb drive.

These leaks are deeply troubling and, overall, they are unacceptable. This information could be obtained by individuals to either invest or to divest in particular stocks, which, obviously, can be quite damaging to bank investors and to the capital markets.

The unauthorized disclosure of information that can significantly alter the stock market is an extremely punishable offense. By increasing penalties on employees of these agencies, it proves, frankly, that they are not above the law.

That is why I introduced this bill, to ensure that sensitive market information is properly protected and that people who improperly disclose nonpublic, confidential information are, in fact, punished. Mr. Speaker, ultimately, this is commonsense legislation that will help mitigate future leaks of sensitive information.

I do want to thank Chairman Hensarling and the entire Financial Services Committee for their continued hard work.

I urge my colleagues to support this extremely important piece of legislation.

Madam Speaker, I thank the gentleman for yielding.

Madam Speaker, today, I rise in support of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.

This pro-growth package provides the desperately needed regulatory relief to our community financial institutions while providing consumers with greater options for accessing credit.

For too long, we have seen many of the onerous regulatory burdens restrict banks and credit unions from serving the needs of their communities. After 8 years of failed economic policies, which led to the slowest, weakest recovery in the modern era, the economy is finally starting to take off, and consumer optimism is increasing each and every day each.

As a member of the House Financial Services Committee, we remain committed to passing legislation designed to roll back some of the most burdensome provisions found in the Dodd-Frank Act.

This legislation was intended to rein in large financial institutions, while harming our local community banks and credit unions. These increased regulations created a higher cost of business and diminished credit availability.

Frankly, the Economic Growth, Regulatory Relief, and Consumer Protection Act tailors the rules to the size and risk profile rather than imposing sweeping changes to our consumer financial institutions.

Mr. Speaker, I thank my colleagues for their work on this important legislation, and I urge passage on the rule and on the final vote.

Mr. Speaker, I rise today to honor John Verell, III, of Madison County, Tennessee.

Johnny, as he is better known to his friends, was named Farmer of the Year by the University of Tennessee.

Johnny is a third generation farmer who began farming in 2005, 40 years after his grandfather started the family business.

Farmers from across the State were nominated for the honor by their county extension agents. Johnny's commitment to land stewardship, community service, and savvy business tactics stood out among all other nominees.

The Verells' farm is over 5,000 acres of wheat, soybean, and corn. Johnny manages all the land for sustainability, including installing wildlife food plots, planting buffer strips along streams, and using best practices that reduce the amount of fertilizer and pesticides applied to the crops.

He has even planted 20 acres designated as pollinator habitat to help native bee populations survive and thrive.

With the help of technology and precision agriculture, the Verells have been known to produce in excess of 300 bushels per acre.

That is the way things are done in west Tennessee.

Congratulations to Johnny, his wife, Crissy, and their daughter, Emmi.

Mr. Speaker, I rise today to honor a great American and good friend of mine, Lawrence J. Laurenzi.

After 36 years of service to the Department of Justice and the Western District of Tennessee, Larry is retiring from his post as the first assistant United States attorney. Larry Laurenzi has served under 6 Presidents, 11 Attorneys General, 9 United States attorneys; and on four separate occasions, he has acted as the United States attorney during times of vacancy.

During my time as the United States attorney, I saw firsthand Larry's strong work ethic and his dedication to making west Tennessee a safer place and defending the United States of America. Without a doubt, Larry Laurenzi is a true public servant.

While Larry soon will no longer be a Federal prosecutor, I know that he will never stop working to make his community a better place. I will always be grateful for the time that we worked together. I wish Larry; his wife, Pam; and their whole family the best as they begin their next exciting chapter of life.

Congratulations, Larry

Mr. Speaker, I rise today in support of S.J. Res. 57, which will roll back a rule issued by the Bureau of Consumer Financial Protection related to indirect auto lending.

We know that in 2013 the Bureau issued guidance to financial institutions that would eliminate an auto dealer's ability to discount interest rates offered to consumers who finance vehicle purchases.

As many of us know, the CFPB has a longstanding history of imposing burdensome rules and regulations on a wide range of financial products. The CFPB has often issued rules without understanding of the full scope of the problem and without regard to the costs of compliance it imposes on an industry. This rule is no exception.

As clearly stated in section 1029 of the Dodd-Frank Act, the Bureau is explicitly prohibited from regulating auto dealers. This attempt by the Bureau to provide guidance to auto lending is a clear violation of the statute and is yet another example of how the Bureau continued to abuse its statutory power under then-Director Richard Cordray.

I am pleased to join my colleagues here today to ensure that the Bureau does not issue any substantially similar rules as it relates to indirect auto lending.

Mr. Speaker, I thank the chairman and other members of the House Financial Services Committee for bringing this important legislation to the floor. I urge my colleagues to support this important measure to help rein in the CFPB's regulatory overreach.

Mr. Speaker, I want to thank the gentleman from Kentucky for organizing this evening and talking about how the Tax Cuts and Jobs Act is helping the hardworking people of Tennessee.

I think we all know that, in December, with President Trump's strong support, this Congress passed the first major reform of our Tax Code in 31 years. We all knew that bringing these historic changes to the Tax Code would improve the quality of life for Tennesseans and millions of Americans. Quite frankly, the Tax Code is simpler and fairer to everyone.

Jobs are being created, and paychecks are bigger. We are all enjoying a robust economy that is the best it has been in a long time. Just last week, in my district in west Tennessee, in the Eighth Congressional District of Tennessee, two major announcements were made in my district. In Lake County, Excel Boat Company announced they will be opening a manufacturing plant that will bring 200 good-paying jobs and a total economic development investment of $9 million.

Additionally, in my district, a South Korean manufacturer announced a $13 million investment in Martin, Tennessee, and 220 job opportunities at the company's first United States-based location.

Prior to that, just 1 month after the passage of the Tax Cuts and Jobs Act, FedEx announced an investment of more than $200 million to raise wages for their employees. Then 2 months later, FedEx continued their post-tax reform action and committed over $1 billion to expand their express hub in Memphis.

Another company in the Eighth Congressional District, Dot Foods, which has a location in Dyersburg, Tennessee, announced $500 in bonuses for each of their 4,800 full-time employees nationwide.

I am also proud of First Horizon Corporation, also known as First Tennessee Bank, which is based in Tennessee, with branches all across the

Volunteer State. They invested tax reform savings in their workforce. Not only did the bank give eligible employees a bonus, they also increased their minimum wage to $15 an hour. This was because of tax reform.

Now, a way to raise the minimum wage is to increase economic opportunities, economic possibilities, just, frankly, making the economic environment better.

Then there was the announcement by Tyson Foods, who gave a bonus to their frontline workers, or, as they call them, the backbone of their business. I have got a chart here of Tennessee, and you can see that, in Tennessee, the typical family of four is going to see a tax cut of over $2,000. That is real money.

I think about an employer that I visited with in my district who said--he may have 8 or 10 employees--he said he noticed when he was doing his employees' payroll--and they get paid each and every week--he noticed they were getting an additional $15 to $20 per week. So, if somebody is getting an additional $20 per week per pay period, that is $1,000 a year.

The typical family of four in Tennessee is getting a tax cut of $2,023. Think of it this way: across the Nation, across our country, more than 4 million workers and counting have received a bonus, a pay raise, or increased retirement benefits.

Mr. Speaker, it is becoming increasingly clear that tax reform is working and the America economic engine is off and running again. The most recent Federal jobs report shows the fastest wage growth since the 2008 recession, and the unemployment rate has dropped to a 17-year low.

Mr. Speaker, I want to thank Speaker Ryan. I want to thank Chairman Brady and especially President Donald Trump on their leadership in passing this landmark legislation. And, again, I want to thank the gentleman from Kentucky for all of his help in organizing tonight to remind the people of this country the hard work that the President has done, the hard work that this Congress has done--the House of Representatives, and the Senate--so that we can improve our economy and we can return hard-earned money to the people, because they best know how to spend their money, not the bureaucrats in Washington.

Mr. Speaker, I rise today in support of H.R. 5444, the Taxpayer First Act.

I want to thank Chairman Jenkins and Ranking Member Lewis for their thoughtful approach to this legislation. Many of these reforms, I think we can all agree, are long overdue, and the American taxpayer deserves better.

By requiring the IRS to submit to Congress a comprehensive customer service strategy and overhauling the tools of enforcement in order to protect American taxpayers, we will be creating a culture at the agency that will focus on one singular mission, and that is taxpayers first. Frankly, Mr. Speaker, this should be the motto of every Federal agency.

For the first time, this bill will codify an Independent Office of Appeals, so that all taxpayers have access to an administrative review process, and give Congress additional oversight over the agency itself.

Additionally, the Taxpayer First Act simplifies enforcement actions of the IRS so that individuals and small-business owners understand their liabilities and what potential actions could be taken by the IRS.

I also want to thank the committee for including a number of important provisions to this bill to protect taxpayers' identities and further combat cybersecurity threats.

In recent years, we all know that millions of Americans have had their personal and financial information stolen and jeopardized through data breaches of companies like Equifax, Target, and even at the Office of Personnel Management.

I am glad to see Congress continuing to push for proactive measures to protect Americans against tax fraud schemes by working with Federal, State, and private partners. These protections will be especially important as the IRS seeks to modernize its services and its IT systems.

With the recent passage of the Tax Cuts and Jobs Act, Congress passed legislation to reform our Nation's Tax Code for the first time in over 30 years. Today we have the opportunity to begin reforming the Internal Revenue Service for the first time in 20 years.

Mr. Speaker, this is vitally important legislation, and I urge all Members to vote ``yes.''

Mr. Speaker, I rise today in support of H.R. 4566, the Alleviating Stress Test Burdens to Help Investors Act, which was introduced by my colleague, Representative Poliquin.

Mr. Speaker, millions of Americans rely on registered funds to invest and save for their future, and they rely on asset management advisers to assist them in making major financial decisions, such as paying college tuition, saving for retirement, or buying a home.

However, too often these advisers have their hands tied complying with burdensome regulations that were not intended for the type of financial institutions that they serve. Following the enactment of Dodd-Frank, a framework was created to assess systemic risk posed by financial institutions, and this framework looked at the risk from a bank-centric approach.

In addition, Dodd-Frank required all financial companies with total consolidated assets of more than $10 billion to conduct various annual stress tests to comply with the law. Now, unfortunately, this broad definition sweeps in registered investment companies and requires that these nonbank institutions be held accountable for the same stress tests as banks.

This particular stress test does not make sense for the asset management industry and only adds costs that will end up putting the burden on investors who rely on these funds.

Again, the U.S. asset management industry is critical in promoting diverse investment and savings opportunities for individuals, for families, and for businesses. This important legislation would eliminate unnecessary costs for nonbank financial institutions that have not been designated as systemically important by removing Dodd- Frank's bank-centric, mandatory stress test requirement.

As we continue to explore new ways to help families save for their future or buy a new home, we should remain focused on improving their ability to invest. I want to thank Representative Poliquin and Chairman Hensarling for their important work on this legislation, and I urge my colleagues to vote ``yes'' on this important bill.