Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 389 and ask for its immediate consideration. Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Georgia…
Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 389 and ask for its immediate consideration.
Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Georgia (Mr. Woodall), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.
General Leave
Madam Speaker, I ask unanimous consent that all Members be given 5 legislative days to revise and extend their remarks.
Madam Speaker, the Rules Committee met on Monday night and reported a rule, House Resolution 389, which covers a lot of territory. It provides for consideration of H.R. 1500, the Consumers First Act under a structured rule which makes in order 17 amendments.
The rule also provides for consideration of H.R. 1994, the Setting Every Community Up for Retirement Enhancement Act, or the SECURE Act, under a closed rule which self-executes Chairman Neal's manager's amendment.
Additionally, the rule provides same-day authority and suspension authority through Thursday, May 23, and it provides filing authority for the Committee on Appropriations through 5 o'clock p.m., Sunday, June 2.
Finally, the rule provides recess instructions through next Friday, May 31.
Madam Speaker, H.R. 1500, the Consumers First Act, reverses the anti- consumer actions taken by this administration to ensure the Consumer Financial Protection Bureau once again serves the needs of American consumers.
More than a decade ago, the United States experienced one of the worst financial crises in our history, caused, in part, by a failure to have strong protections for consumers of financial products and services.
Through the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress created the Consumer Financial Protection Bureau to be a strong and independent agency with the mandate to protect consumers from unfair, deceptive, or abusive acts or practices in the financial marketplace. When the Consumer Financial Protection Bureau was first stood up, it was a powerful ally to consumers in middle-class families across the country.
Under former Director Richard Cordray, the Consumer Financial Protection Bureau returned nearly $12 billion to over 30 million consumers who were harmed, handled over 1.2 million consumer complaints about financial institutions, and implemented new safeguards to better protect consumers who utilize a wide range of consumer financial products and services.
Unfortunately, the Trump administration has politicized the agency, weakened supervision and enforcement, and reduced transparency and accountability. The Bureau has dismantled protections for Active Duty servicemembers, weakened fair lending enforcement, blocked payday loan cases, and terminated the Consumers Advisory Board. These are just a few examples of how the agency is failing to meet its mission.
The Consumers First Act would block the Trump Administration's agenda and ensure the CFPB starts working for the people once again.
Among other things, the bill would direct the Consumer Financial Protection Bureau leadership to reverse all anti-consumer actions taken under this administration, including resuming Military Lending Act oversight. The bill restores the supervisory and enforcement powers of the Office of Fair Lending and Equal Opportunity. It also reestablishes a dedicated student loan office to help protect students as they find ways to finance their education. Importantly, the bill requires adequate agency staffing across the Bureau, including for supervision and enforcement.
I want to thank Chairwoman Waters for her work on this legislation, which I cosponsored and is supported by 51 consumer civil rights, housing, and labor organizations.
This rule also provides for consideration of H.R. 1994, the SECURE Act. I am also a cosponsor of this bill to make it easier for American workers to save for their future. One of my number-one priorities is ensuring all Coloradans and all Americans have the opportunity to find a good job, can afford to send their kids to college, and have something left over for their retirement.
Unfortunately, nearly half of Americans in the private sector work for an employer who does not offer a retirement plan. A 2018 study by the National Institute on Retirement Security found over 100 million people of working age have few, if any, retirement assets.
The SECURE Act is a bipartisan bill which was approved unanimously by the Ways and Means Committee, and I am eager for the House to pass this important legislation. The SECURE Act would make it easier for small businesses to offer retirement plans to their employees by eliminating outdated barriers to the use of multiple employer plans and improving the quality of these providers. This could result in hundreds of thousands of new retirement accounts to help people save.
Additionally, the bill would allow long-time part-time workers to participate in 401(k) plans and create a new tax credit to incentivize small employers to set up retirement plans for their employees. It would also add more flexibility for how long individuals could contribute to their retirement accounts, and when they must begin drawing down on those accounts.
This legislation is a big step forward in helping Americans save and prepare for retirement, and I am proud to support it. I urge all of my colleagues to support the rule and the underlying bills, and I reserve the balance of my time.
Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I will start where my friend from Georgia just left off, complaining about a tiny section in the bill that was stricken in the Rules Committee. He is correct, because there are individuals within our Caucus who don't think it is appropriate. The bill, however, has dozens of provisions that benefit Americans of every stripe, millions of people.
I would say to my friend from Georgia, if he feels so strongly about it, then bring it up in a motion to recommit. It isn't the last statement here. If my friend wants to see how many people want to vote for this, then certainly bring it up there.
Otherwise, as my friend said, this was a major step forward on retirement security for so many Americans. The perfect shouldn't be the enemy of the good because the bill, the SECURE Act, advances that.
Secondly, I wish Representative Maloney was still in the chair, Madam Speaker, because she would recognize, as it applies to the Consumers First Act, that the purpose of having a single agency focus on consumers first was so important because we saw that by having certain activities handled by the Housing and Urban Development Department, others handled by the Federal Reserve, and others handled by the Federal Trade Commission, consumers were not being protected. Much of that failure to protect--shark practices in the credit card industry and bad practices in the mortgage industry--led to the recession that we faced back in 2008, 2009, and 2010.
The purpose of having an independent agency like the CFPB was to avoid that and put consumers first, just as H.R. 1500 is intended to do.
Madam Speaker, I yield 3 minutes to the gentleman from California (Mr. Panetta).
Madam Speaker, I yield myself such time as I may consume.
Responding to my good friend from Georgia, we are going to have a chance to vote on this in the rule, and we will see whether or not a majority is in favor of the changes that were made as part of this rule package.
I would say to my friend, as part of the changes, we are adding Gold Star families and other children to this entire SECURE Act package to benefit them because in the race to give a $2 trillion tax cut to the richest Americans, the Republican Party forgot about a lot of families and a lot of children. That is being corrected in this bill and in this amendment.
I urge my friend to take another look at it because this rule does benefit Americans all across the board and all income levels.
Madam Speaker, I yield 3 minutes to the gentlewoman from Massachusetts (Mrs. Trahan).
Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, just in response to my friend, we have two bills that are encompassed in this rule: H.R. 1500, the Consumers First Act, and H.R. 1994, the SECURE Act.
The gentleman is focusing on one sentence out of dozens of provisions that benefit millions of Americans to complain about this rule and what was done.
Well, people get to vote on this rule. It isn't just 6 people or 10 people or 13 people. There will be 435 of us voting on whether we approve the rule or not. There are other opportunities to take care of the one sentence, if my friend is so aghast that it might be stricken in favor of dozens of other provisions, including the Gold Star family and children across America.
So, I appreciate the rhetorical abilities of my good friend from Georgia, but, quite frankly, he is missing the forest for the trees through all of this.
Secondly, H.R. 1500 is another key piece of legislation that is encompassed in this rule to really get consumers first again, as opposed to the financial services industry being first, which appears to be the effort of the Trump administration.
Madam Speaker, I would inquire of my friend from Georgia if he has any other speakers. If not, I suggest we close.
Madam Speaker, I reserve the balance of my time.
Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I want to thank Mr. Panetta and Mrs. Trahan for joining us today to speak on this rule, the Consumers First Act, and the SECURE Act.
And, just briefly, with respect to the Consumers First Act, there are dozens and dozens of consumer, civil rights, and labor organizations supporting the Consumers First Act and how we are approaching it pursuant to this rule: Americans for Financial Reform, the Center for Responsible Lending, the Communication Workers of America, the Consumer Federation of America, and the NAACP, just to mention a few, with respect to the Consumers First Act.
With respect to the SECURE Act: AARP, SEIU, the Church Alliance, the Girl Scouts, the Boy Scouts, the National Association of Women Business Owners.
And today is the 100th anniversary of a woman's right to vote, so here we have got the National Association of Women Business Owners, as well as the
National Council of Farmer Cooperatives, TIAA-CREF, and the Air Line Pilots Association.
So we have consumer groups, insurance groups, and business groups supporting the SECURE Act so that millions more Americans can feel secure in their retirement, something that so many people feel insecure about today.
The bill has dozens and dozens of provisions. The amendment that is in the nature of the manager's amendment by Mr. Neal includes additional children, Gold Star families, a lot of people who were left out by the giant tax cut that the Republicans passed a year and a half ago to benefit the wealthiest Americans.
These two bills are important steps forward for the constituents that you represent, Madam Speaker, that the gentleman from Georgia represents, and the people I represent.
The Consumers First Act will realign the Consumer Bureau's focus as a truly independent voice protecting consumers first. We have seen what the bureau can accomplish in the millions of consumers who were helped under Director Cordray, and our constituents need the bureau to continue to focus on them.
The SECURE Act is an important bipartisan package which addresses retirement security and makes an important technical change to the GOP tax bill for Gold Star families, among others. This package was developed by both sides of the aisle and with many stakeholders.
While the other side of the aisle may be upset over one provision out of dozens and dozens of provisions, I hope they can recognize the effort that went into this package to bring both sides together and the millions of Americans who are benefited by this legislation.
These are both commonsense bills, and I look forward to their passage.
Madam Speaker, I encourage a ``yes'' vote on the rule and the previous question.
I yield to the gentleman from Georgia.
Madam Speaker, I kind of wanted to object, but I didn't.
Madam Speaker, I encourage a ``yes'' vote on the rule and the previous question.
Madam Speaker, I yield back the balance of my time, and I move the previous question on the resolution.