Floor Statements

Mr. Speaker, I rise today to congratulate Marine Sergeant Major Randal S. Jernigan, the United States Marine Corps JROTC from my alma mater, Catholic High School for Boys, in Little Rock on a very happy and healthy retirement.

Jernigan retired from the Marine Corps where he served in a variety of roles. Upon his retirement, Jernigan returned to his Ohio hometown where he began a teaching career.

Ten years later, Jernigan was hired to lead the Catholic High School JROTC program. After a short time, Jernigan took over the school's physical fitness team where during his first 3 years, Jernigan had delivered three-peat national titles.

This year, Jernigan and his team of cadets took home another national title, but this time it was different. Jernigan and his cadets received the 2022 National Title on Catholic's home field for the first time.

In all, Jernigan led nine different teams at Catholic High School to national titles, plus two more teams from Mount St. Mary Academy.

As school begins in a few weeks, we will miss seeing Sergeant Major Jernigan on campus.

Mr. Speaker, I thank Sergeant Major Jernigan for his service and dedication for our hardworking students. His impact is recognized and lasting.

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

Madam Speaker, I rise, too, in support of H.R. 1842, the Harriet Tubman Bicentennial Commemorative Coin Act.

Harriet Tubman, born Araminta Ross, is one of the most well-known conductors of the Underground Railroad. An escaped slave herself, Harriet navigated the Underground Railroad and reached safety in Philadelphia in 1849.

Instead of remaining in Philadelphia, Harriet made numerous secret return trips to Maryland to free her friends and family. It is unclear just how many trips she made, but over a 10-year period, she never once lost one of her passengers, and she was never caught.

Many know Harriet for her contributions to the Underground Railroad. However, the knowledge she gained by leading numerous covert missions was also critical to the Union military success.

In addition to mapping Southern towns and transportation routes for the Union Army, Harriet Tubman would disguise herself as an unassuming elderly slave and wander the streets of Confederate towns, scouting military positions and supply lines, once again proving that Harriet was always willing to put her life on the line to defeat and destroy the system of slavery.

Harriet Tubman lived a truly extraordinary life and, in doing so, saved countless lives, not only those she navigated to freedom but of Union soldiers who used her intelligence to defeat their opponents, the Confederate forces.

Her incredible life cannot be summarized in 1 speech or 10 on this House floor, but the commemorative coin produced by H.R. 1842 will hopefully inspire a new generation to study her history.

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

Madam Speaker, let me say that each day as I drive through downtown Little Rock, I pass the most handsome statue of Harriet Tubman right outside our city hall. She has her walking stick and her cape. She is in that disguise as that slave woman walking the streets of that Confederate town. It brings inspiration to all the citizens of Little Rock to see this extraordinary woman in this public piece of art in front of our city hall.

Madam Speaker, I yield 2 minutes to the gentleman from New York (Mr. Katko), an author of the bill.

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

Madam Speaker, on the morning of January 9, a fire broke out in the Twin Parks North West apartment building in the Bronx, New York. Seventeen lives were tragically lost that day, including eight children. Investigators later determined that the fire was caused by a defective space heater left on to warm an apartment that was too cold on that terrible January winter night.

H.R. 6528, ably written by my good friend from the Bronx, New York (Mr. Torres), would create a pilot program at the Department of Housing and Urban Development for building owners to voluntarily install temperature sensors in federally assisted buildings. The hope is that temperature sensors authorized by this pilot program will help monitor the conditions inside housing units to ensure that conditions are not too hot in the summer or too cold in the winter.

Property owners who contract with HUD have a responsibility to maintain decent, safe, and sanitary housing, and this legislation might help to ensure that these homes have adequate heat during the winter so residents will not have to rely on space heaters to keep warm.

Representative Torres' idea will try to protect the welfare of renters in federally assisted housing and is a pilot program worth taking a look at to see if this can make a real difference.

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

Madam Speaker, I want to commend my friend from New York (Mr. Torres) who has brought his exceptional service to the people of the Bronx to the people's House. He does what all Members do here which is take a great idea at a time of tragedy when he learned a better way to do something and bring that to the House, use it as an example from which all Americans can benefit.

So, again, Madam Speaker, I encourage my colleagues to support H.R. 6528, and I yield back the balance of my time.

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

Since the Dodd-Frank Act was enacted, the number of community financial institutions has steadily declined. Republicans know this trend is due to increased regulatory and compliance burdens banks and credit unions face that inhibit their ability to survive, let alone, thrive. Republicans have consistently pushed for regulatory rightsizing including tailoring regulation, not imposing one-size-fits-all requirements.

H.R. 4950 directs the banking agencies to study ways to promote the establishment of new banks and credit unions, including community development financial institutions, CDFIs, and minority financial institutions.

This bill requires the banking agencies to report to this body, the Congress, on challenges faced by proposed depository institutions and to develop a strategic plan to promote establishment of new financial institutions.

The banking agencies will provide the Congress with recommendations on how best to propose financial institutions and help them navigate that regulatory process.

H.R. 4950 is a first step toward identifying and addressing the challenges posed to the chartering of new banks and credit unions.

The fact is, Madam Speaker, encouraging the establishment of de novo financial institutions will help fill the needs left by bank consolidations and bank closures over the past decade. This will increase banking options and competition to better serve families, small businesses, and our local communities. The loss of local banks and credit unions has disproportionately affected rural communities.

Republicans support efforts to better understand the challenges that prospective de novo depository institutions face and identifying the solutions to promote a greater number of new charters.

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

Madam Speaker, let me thank my friend from Massachusetts for his passion on this. I spent the better part of half of my career in community banking, and I know the consolidation, how it has impacted, particularly, rural counties that no longer have a banking office.

And I also know how the regulatory burden has raised the immense costs of trying to form a new de novo banking corporation. It is just putting it out of reach of many, many groups of civic leaders, entrepreneurs, local people and, certainly, those trying to form a minority depository institution, or a CDFI.

So I commend my friend from Massachusetts for his work on this bill. It does have bipartisan support. I urge my colleagues to support it.

In conclusion, Madam Speaker, I include in the Record a letter to the Speaker and the minority leader, in addition to the chair and ranking member of the House Financial Services Committee from the Independent Community Bankers of America expressing their full support of H.R. 4590.

Independent Community

Bankers of America,

July 26, 2022.

Re Support for the Promoting New and Diverse Depository

Institutions Act (H.R. 4590).

Hon. Nancy Pelosi,

Speaker, House of Representatives,

Washington, DC.

Hon. Maxine Waters,

Chairwoman, Committee on Financial Services,

House of Representatives,

Washington, DC.

Hon. Kevin McCarthy,

Minority Leader,

House of Representatives,

Washington, DC.

Hon. Patrick McHenry,

Ranking Republican, Committee on Financial Services,

House of Representatives,

Washington, DC.

Dear Speaker Pelosi, Minority Leader McCarthy, Chairwoman

Waters, and Ranking Member McHenry:

On behalf of community banks across the country, with

nearly 50,000 locations, I write to thank you for scheduling

floor consideration of the Promoting New and Diverse

Depository Institutions Act (H.R. 4590), sponsored by Rep.

Jake Auchincloss, and to express our support for this

legislation. ICBA urges all Members of the House to vote YES

on H.R. 4590.

The Promoting New and Diverse Depository Institutions Act

requires the Federal banking regulators to conduct a joint

study to assess the challenges faced by proposed depository

institutions, including proposed minority depository

institutions (MDIs), seeking de novo depository institution

charters and to provide legislative recommendations to help

these proposed institutions successfully obtain charters.

There has been a dearth of de novo charters in the past

decade. An infusion of new charters is needed to offset

consolidation in the banking sector and create a competitive

landscape that will benefit consumers and small businesses

alike. Notably, new community bank charters, including new

MDI charters, are needed to provide access to capital and

banking services that play a pivotal role in reaching

unbanked populations and underserved communities across the

nation.

Concrete, actionable proposals are needed to turn the tide

of stagnant de novo bank formation. ICBA supports an array of

measures, such as phasing in capital standards for de novo

banks over a period of three years and allowing for greater

flexibility to modify the de novo business plan as conditions

warrant. Start-up capital is often the greatest impediment to

forming a new bank, and these provisions, among others, would

help spur the creation of de novo charters, including MDIs.

Thank you for your consideration. ICBA looks forward to

working with you to advance H.R. 4590 into law.

Sincerely,

Rebeca Romero Rainey,

President & CEO.

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

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

I rise, as well, in support of H.R. 4227, the Developing and Empowering our Aspiring Leaders Act, or DEAL Act. I commend my colleague from Indiana (Mr. Hollingsworth) and my colleagues from across the aisle for collaborating on H.R. 4227.

By investing in companies that help drive economic growth and job creation, venture capital funds play an important role in the success and overall health of the American economy. In fact, earlier this year, it was reported that employment from U.S.-backed VC companies grew 960 percent from 1990 to 2020. That is eight times the employment growth at non-venture-capital-backed companies.

Jobs created by VC-backed enterprises are widely distributed across the U.S.

In 2020, despite COVID-19 pandemic conditions, more than 10,800 companies across the United States received venture capital funding. Additionally, in 2020, venture capital investment in the United States totaled $164 billion.

However, the registered investment adviser rules, promulgated by the Securities and Exchange Commission under the Dodd-Frank Act, inadvertently discouraged some venture capital firms from continuing to invest in companies through what are called secondary investments.

Though advisers from venture capital funds were exempt statutorily from registration as a registered investment adviser, the Dodd-Frank Act required the SEC to define what qualified as a venture capital fund.

As written, the SEC's rules state that VC funds can only have 20 percent of their capital commitments in nonqualifying investments.

Specifically, the SEC definition for qualifying investments for venture capital funds prohibits secondary acquisitions from being considered as qualifying investments, which means that the secondary acquisitions fall into that 20 percent nonqualifying bucket.

Therefore, Madam Speaker, small, private companies that need additional capital to grow and grow big enough to then go public cannot turn to the venture capital industry for secondary acquisition because such funds are concerned that they might well exceed the 20 percent limit and then trigger that the VC fund has to register as an RIA.

Mr. Hollingsworth's bill, H.R. 4227, remedies this problem by requiring the SEC to revise the definition of a qualifying investment to include secondary acquisitions for purposes of the RIA exemption.

This bill is a commonsense piece of legislation to ensure that our venture capital funds can continue to provide capital to small business across our land.

Madam Speaker, I thank my friend, Mr. Hollingsworth, for his work on this legislation, and I urge a ``yes'' vote on Mr. Hollingsworth's bill, H.R. 4227.

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

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

I rise in strong and enthusiastic support of H.R. 1057, the Greatest Generation Commemorative Coin Act.

What an honor to stand on this House floor and pay tribute to that generation, the World War II heroes who we know and love so much, including my father-in-law, who helped free the Buchenwald concentration camp, and my dad, who flew a B-25.

Since its inception in 2024, the National World War II Memorial has been a popular attraction for anybody visiting Washington. Millions visit this iconic site annually.

Along the entrance to the memorial plaza are 12 bronze relief panels that show scenes from the Atlantic front and 12 scenes from the Pacific front. The Rainbow Pool is at the center of the plaza, and behind that pool is the Freedom Wall.

During World War II, the gold star was used as a symbol to indicate that a member of the family had lost their life in the war. The 4,048 gold stars on the Freedom Wall commemorate the more than 400,000 Americans who paid the ultimate cost and gave their life in the war for freedom in Europe and in the Pacific.

Anytime I visit the memorial, I always take an extra second to walk and read the quote from President Truman found on the memorial wall. It reads:

``Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude. America will never forget their sacrifices.''

This memorial is an important place for all Americans, but unfortunately, its age is beginning to show. Coming up on its 18th year of service, the memorial is in need of repair--hence the importance, Madam Speaker, of passing this legislation today.

The surcharges or proceeds from this coin program will go to the Friends of the National World War II Memorial to support the maintenance and repair of the memorial and the continuation of important education programs so that the youth of tomorrow never forget the service and sacrifice of those who came before.

I thank my old friend Senator Bob Dole for all the years that he supported us in trying to get this memorial built and was there and lived to see it. And I thank the gentlewoman from Ohio (Ms. Kaptur), my dear friend, not only for the bill today to maintain the memorial but for originating the legislation that authorized the commission that established the memorial back in 1993.

Those who give their lives for our country should be memorialized and remembered for all future generations. I support this bill, and I urge the entire House to stand up and support this bill for the memories of all those who served in World War II.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I urge a ``yes'' vote on this important bill, and I yield back the balance of my time.

Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous materials.

Madam Speaker, I appreciate my 5 minutes for 1 hour under the House rules, which I don't believe is very helpful to my colleagues.

So let me begin that we are here to talk about inflation and the impact of inflation on our constituents.

I will start out briefly and talk about Melissa from Adona, Arkansas. She says: It is severely impacting us, with gas and grocery prices so high that we couldn't make our $300 car payment last month because my husband had four doctor visits to make. We have to do without air conditioning unless it gets above 97 degrees. Our grandkids come over and say: We thought y'all bought groceries. And we tell them we did, but that is all we could get. My husband is a disabled veteran, and we could barely make it before. With the rise in prices, we just have faith in the Lord that we can meet our needs.

Madam Speaker, that is Melissa from Adona, Arkansas.

All of our constituents are suffering.

Madam Speaker, I yield to the gentleman from Kentucky (Mr. Barr) to talk about the impact of inflation in his district.

Madam Speaker, I thank my friend from Kentucky for his strong words.

While Mr. Donalds is coming forward, I got a note from Ron in Little Rock. He is a 100 percent disabled veteran. He is not eating well. He is not able to go places because of the cost of gas in this country. He has to conserve his gas money in order to go to the VA for his primary care.

Madam Speaker, I yield to the gentleman from Florida (Mr. Donalds), my friend from Florida's 19th Congressional District.

Madam Speaker, I yield to the gentlewoman from California (Mrs. Kim), who will tell us how inflation is impacting her constituents.

Mr. Chair, I was held up at Speaker Lobby security. Had I been present, I would have voted ``yea'' on rollcall No. 379.

Madam Speaker, I rise to wish a happy retirement to Kirkley Thomas, the vice president of government affairs for Arkansas Electric Cooperatives, Inc.

Early in his career, Kirkley served as a professional staff member in the United States Senate and subsequently worked for the Arkansas Economic Development Commission. Mr. Thomas accepted his leadership post at Arkansas Electric Cooperatives and served for 8\1/2\ years.

His service to our State and his contributions to the important progress in building badly needed infrastructure for power and broadband services is deeply appreciated. Our families have benefited by his leadership.

Madam Speaker, I thank Kirkley Thomas for his years of service, and I wish him a very happy retirement.

Madam Speaker, I thank my good friend from East Texas, Judge Gohmert, with whom I have had such a great association over these past several years and thank him for his leadership in this people's House.

Madam Speaker, I rise to honor the life of a Vietnam veteran and leader in our Arkansas community, R.D. Kinsey, a great personal friend of mine, taken too suddenly last week.

Following Kinsey's honorable discharge from the United States Air Force, he worked to serve his fellow Vietnam-era veterans by working alongside them and the VA to ensure that those heroes could obtain the benefits they had earned during their time in service.

Over time, R.D.'s mission expanded, and he worked with local veterans and their families to ensure that they had the healthcare and benefits that they had rightfully earned. R.D. dedicated his life to his fellow service heroes.

In 2004, R.D. worked to establish the Michael Vann Johnson, Jr., American Legion Post 74 of North Little Rock, Arkansas, where he held the commander position for 14 years. Under his leadership, Post 74 became known for their tremendous work in assisting veterans across the State. Let me say personally, no one was more shipshape than Post 74.

In 2018, R.D. became the first African-American State commander in the history of the Department of Arkansas

when he assumed the leadership of the American Legion's command for that 1-year term.

While serving in this capacity, R.D. led nearly 15,000 Arkansas military veterans and their families in serving God and country.

Up until R.D.'s passing, he served the National Legislative Commission, presenting the National American Legion's agenda to the United States Congress on behalf of our Nation's beloved veterans.

R.D. dedicated his life to those veterans and to their families.

My sincerest condolences go out to his wife of 37 years, Dianna; his daughters, Meredith and Allison; and all who were honored to know him and call him a friend.

R.D. and his life of service had a profound impact on me, our veterans, our State, and I am honored to recognize him here today on the floor of the people's House.

Congratulating Colonel Nate Todd

Madam Speaker, I rise today to congratulate Colonel Nate Todd, who currently serves as the Secretary of the Arkansas Department of Veterans Affairs, on his recent appointment to the University of Arkansas Board of Trustees.

Todd's history of service began as a student at Pine Bluff High School, where Nate was a member of the Junior Air Force ROTC unit there.

He would go on to graduate from the University of Arkansas with a Bachelor of Science degree in industrial technology and a master's degree from Baylor University. Other achievements include a Chief Financial Officer Leadership Certification from the National Defense University and graduation from the Executive Medical Leadership Course at George Washington University.

Today, Todd is a 37-year veteran of the Army and Army Reserve where he has served as the director of Health Financial Policy with the U.S. Army Surgeon General and chief financial officer for Walter Reed Army Medical Center in Washington.

Those familiar with Colonel Todd's leadership know of his decades- long devotion to the service of Arkansas and our Nation. Most recently, he has served at the appointment of Governor Asa Hutchinson as our State's Veterans Affairs Department head since early 2017.

The students, faculty, and broader community of the University of Arkansas system will benefit from the knowledge, experience, and integrity that Colonel Todd brings in this new role.

Congratulations to Colonel Nate Todd. I congratulate him for his continued service to the people of Arkansas.

The Continuing War in Ukraine

Madam Speaker, today is the 141st day since Putin commenced his illegal, brutal invasion of Ukraine. Vladimir Putin continues to direct his gang of thugs to target Ukrainian civilians.

We have seen this play from Czar Putin before, with the mass murder of 25,000 souls in Grozny and the leveling of biblical Aleppo.

To date, the United Nations High Commission has verified nearly 12,000 civilian casualties across Ukraine since February. This number is understated.

In the words of Nazar Havryliuk, a 17-year-old from Bucha: ``They were not able to defeat our Army, so they killed ordinary people.''

Both his uncle and father, innocent civilians, were murdered by Putin's invading Army.

Russian military strikes continue to target Ukrainian resources, including grain storehouses responsible for feeding over 400 million people worldwide. The World Food Programme estimates that 47 million people across the globe are suffering from acute hunger as a direct result of Putin's targeting of Ukrainian stores.

Since February, almost 2,300 schools, Madam Speaker, have been damaged or destroyed, and 290 healthcare facilities have been attacked. No place in Ukraine is safe for civilians.

Currently, 12.1 million people in Ukraine are estimated to need health assistance. That is 12 million individuals who are unable to get the help they need, the help they deserve, all due to Putin's invasion.

Madam Speaker, as my friend from Wisconsin just told this House, leadership from the United States is essential now more than ever. President Biden must step up and ensure that Ukraine has the lethal weapons and supplies to achieve a prompt and decisive victory over the invaders.

Only America's President can stand in the breach and lead. That leadership of our transatlantic partners and our critical allies, like Japan, are essential, essential in assisting the Europeans in crafting help for the people of Ukraine, including supporting humanitarian and critical and necessary and essential military support.

The United States can support Ukraine directly also by supporting the U.N. Secretary General's efforts to open the Black Sea. It is essential that safely exporting Ukrainian grain, currently trapped, is a must-do. The world is waiting for that grain. The world is starving without it. Helping alleviate that hunger crisis requires American leadership.

While Putin's puppets are in Istanbul sitting at a table talking about opening the Black Sea, his military is systematically bombing and burning all the fields of wheat across Ukraine.

America must also lead in planning for reconstruction in Ukraine once the invader has been ejected.

We must also hold Putin and his cronies accountable for the war crimes that they are committing daily in Ukraine. The targeting of schools, hospitals, places of worship, and civilians is unacceptable, illegal, and immoral. Russian leaders will be held accountable.

I was pleased to see the National Defense Authorization Act continued to set that out as a basic tenet of American foreign policy, that we will hold these war criminals accountable.

I will continue to voice my support for the brave people in Ukraine fighting against an illegal invasion to protect their homeland, their freedom, and their sovereignty.

I urge all my colleagues to join me in working to craft the right way to support those Ukrainians in the distribution of needed resources worldwide and holding the Russian leaders accountable for their crimes. This we must do, and this House must lead. Again, I must close, Madam Speaker, by saying it is American leadership that unites the world that can eject Putin from Ukraine.

Madam Speaker, I thank my friend from Texas, and I am grateful for the time.

Mr. Speaker, I thank Mr. Pallone and Mrs. McMorris Rodgers for their excellent bipartisan leadership in bringing these bills to the floor. It is the way Congress is supposed to work.

Mr. Speaker, I didn't know anyone who died of a drug overdose when I was in high school or college. But my two sweet kids can count five or six of their peers who have been lost to suicide, drug overdose- related. It is heartbreaking. Everybody in this House knows the horrifying 107,000 losses we have seen from opioid deaths last year.

So I do, in fact, rise in support of H.R. 7666, and to discuss my co- prescribing legislation that was included in this mental health package. My bill seeks to prevent opioid overdoses through co- prescription. This effort was inspired by my home State of Arkansas, which is one of 14 States that has co-prescribing now.

Co-prescribing is when a doctor prescribes an opioid overdose reversal drug like naloxone along with the prescription. My legislation encourages co-prescribing when medically appropriate. It also supports existing standing orders to increase laypersons' access to opioid overdose reversal drugs like naloxone.

Statistical modeling reported to the International Journal of Drug Policy suggests that high rates of naloxone distribution among laypersons and emergency personnel could avert 21 percent of opioid overdose deaths. The majority of overdose death reduction would be as a result of that increased naloxone distribution to patients.

Mr. Speaker, in 2021, 551 of our citizens of Arkansas are alive today because of a co-prescription legislation.

Mr. Speaker, the data is clear. Co-prescribing saves lives, and that is why I urge my colleagues to support H.R. 7666.

Mr. Speaker, had I been present, I would have voted ``yea'' on rollcall No. 281.

Members Recorded Pursuant to House Resolution 8, 117th Congress

Allred (Takano)

Bonamici (Manning)

Bourdeaux (Correa)

Bush (Takano)

Carter (LA) (Williams (GA))

Carter (TX) (Weber (TX))

Cohen (Beyer)

Connolly (Beyer)

Costa (Correa)

Crist (Wasserman Schultz)

Davis, Danny K. (Gomez)

DeSaulnier (Beyer)

Garcia (IL) (Takano)

Gosar (Boebert)

Guest (Fleischmann)

Hayes (Neguse)

Huffman (Gomez)

Jayapal (Takano)

Jeffries (Kelly (IL))

Johnson (GA) (Manning)

Johnson (TX) (Stevens)

Katko (Meijer)

Keating (Neguse)

Kirkpatrick (Pallone)

Lawson (FL) (Wasserman Schultz)

Long (Fleischmann)

Moore (WI) (Beyer)

Nadler (Pallone)

Newman (Beyer)

Palazzo (Fleischmann)

Payne (Pallone)

Porter (Neguse)

Price (NC) (Manning)

Rice (SC) (Meijer)

Rogers (KY)

(Reschenthaler)

Rush (Neguse)

Salazar (Diaz-Balart)

Scott, David (Neguse)

Sires (Pallone)

Stansbury (Stevens)

Strickland (Neguse)

Suozzi (Neguse)

Swalwell (Correa)

Tlaib (Gomez)

Walorski (Baird)

Watson Coleman (Pallone)

Amendments En Bloc No. 2 Offered by Mr. Pallone of New Jersey

Mr. Speaker, I thank my friend from Oklahoma (Mr. Hern), the chairman of our task force, and all of the members of the task force, for coming together and showing the American people that Congress can debate, analyze, think through, and consider what it takes to balance our budget. Kevin Hern has delivered that leadership.

Mr. Speaker, I rise today in favor of the Republican Study Committee's budget proposal for fiscal year 2023. I am proud to be a contributing member of the Republican Study Committee.

This RSC budget would not only rein in reckless spending, but it would also balance the Nation's budget over the next decade.

By making President Trump's Tax Cuts and Jobs Act permanent, this budget would provide hardworking American families with immediate relief, something we desperately need amid Joe Biden's highest inflation in four decades.

This budget also works toward strengthening our national security, starting with the crisis at our southwest border. Last month, Mr. Speaker, Customs and Border Protection reported that 234,416 illegal migrant encounters occurred along our border, the highest 1-month total ever recorded. This budget would restore the Trump-era policies that secured our border and kept our communities safe, preventing startling statistics like that one I just noted.

This budget is sensible, it is realistic, and it is beneficial for all of our American families.

I am pleased that two of my legislative items that I have placed priority on in this Congress were included in this budget package: The Price Stability Act and the Social Security Disability Insurance Return to Work Act.

First, the Price Stability Act, which I was pleased to introduce earlier this year alongside my good friend and colleague, Byron Donalds, from Florida. At a time when the American people are currently spending an additional $460 a month, Mr. Speaker, nearly $5,000 more this year than people were spending last year to keep up with President Biden's inflation, the rising cost of gas at the pump, and groceries at the store, this bill would have the Federal Reserve focus on a single mandate, that of price stability, concentrating on keeping prices down, and preventing inflation from stealing from American families.

The second bill, the Social Security Disability Insurance Return to Work Act, which I reintroduced this year, would restructure the Social Security Administration's disability classification system to provide further opportunities to individuals with disabilities who can and want to get back to work. That is important, because too many people go on our Social Security disability system and don't get back to the workforce. This provides them financial incentives, training, and opportunity to go back to work, something our workforce and our employers desperately need. It gives dignity to those who can get back into the workforce.

These policies would both reduce government spending while ensuring that we put the needs of the American people first.

I thank the Republican Study Committee chairman, Jim Banks, Task Force Chairman Hern, for their hard work and leadership in developing this budget. This commonsense legislative agenda combats inflation while supporting a healthy economy. It works for the betterment of our families long-term.

I am proud of the provisions that were included in the budget. I am happy to express my support for the budget and for the work of the task force.

Mr. Speaker, I hereby remove my name as cosponsor of H.R. 5828.

Mr. Speaker, I do rise in opposition to H.R. 2543. I thank my friend from Houston, Texas, and our colleagues on both sides of the aisle that worked on many of the bills that are in the package today.

It is a shame that that package was not put together in such a way that we could be here in a bipartisan visit about the ones that we actually support and that we think could be enacted into law. Instead, Democrats have put together a partisan package of bills that politicize our central bank and do nothing to address the insidious inflation that is hurting all American families and workers--Black, Brown, and White.

Mr. Speaker, one thing I know is that H.R. 2543 will not become law. Mr. Speaker, on Monday, Arkansans woke up and as they went to work and filled up their tanks for the week, they had to pay $5 for gas. That is not as high as it is here in Washington, but $5 is hurting all of the hardworking families in my State.

While Treasury Secretary Janet Yellen is still toeing the economically illiterate party line on inflation, even economists from the left of center admit that government spending was too much and not targeted.

Don't believe me?

Listen to President Biden's key advisers.

Former Treasury Secretary Larry Summers predicted, a month after President Biden took office, that the proposed American Rescue Plan would ``set off inflationary pressures of a kind we have not seen in a generation.''

Now Larry Summers is forecasting a recession.

Steve Rattner, Mr. Obama's former economic adviser on his staff, said Mr. Biden was ``wrong to omit the important contribution to inflation from excessive fiscal and monetary stimulus.''

The truth is, after the CARES Act and the December appropriations bill of 2020, there was plenty of COVID money left over, and the economy was well on its way to recovery with vaccines being distributed.

But House Democrats supercharged demand-side stimulus by adding another $2 trillion in unpaid-for spending in that so-called American Rescue Plan. Mr. Speaker, Americans aren't feeling rescued. They are feeling like hostages--hostages to the daily theft of the Biden inflation.

Now, Mr. Speaker, the President fashions himself as a budget hawk, saying last month that he personally reduced the deficit last year, and he is complaining that we on this side of the aisle aren't giving him any credit. But what he doesn't tell you, Mr. Speaker, is that he is taking credit for deficits that were falling due to those expiring COVID programs.

The facts are, Mr. Biden has not reduced deficits. In fact, he has increased them. The Congressional Budget Office's latest numbers project $16 trillion in additional debt between now and 2032.

So I hear a lot of talk about deflection on our House floor today, and the deflection of this bill, Mr. Speaker, is the deflection from the insidious inflation that our families are facing. If House Democrats were serious, then they would target and spend less money. They would stop blaming Putin and accusing American companies of price gouging. They would stop cutting off capital to American energy companies through ESG mandates and intimidating banks, and they would stop threatening trillions in more taxes.

While government spending and supply chain constraints have contributed to higher prices, this inflation also stems from the Fed's loose monetary policy--too loose, too lax, and for too long.

Just as House and Senate Republicans worked to tailor and end the COVID funds at the end of 2020, we also urged the Federal Reserve to end zero interest rates and begin shrinking their balance sheet. Instead of doing anything to address these root causes of inflation, H.R. 2543 on the House floor would instead expand the Fed's mandate to address socioeconomic disparities.

Two weeks ago, Mr. Biden met with Fed Chair Jerome Powell in the Oval Office where Mr. Biden said that he embraced the Fed's independence. Apparently, House Democrats didn't get the memo. At a time when our central bank has failed to carry out its current mandate for sound money and price stability, Democrats want the Fed to not only be a climate regulator but also to end racial inequity. Expanding the Fed's mandate to address socioeconomic disparities would further inject uncertainty and risk into the Fed's monetary policy and politicize our historically independent central bank.

House Republicans believe Congress should return to pre-pandemic debates on our spending priorities, abandon economic pop science fads like modern monetary theory, and urge our Federal Reserve to return to its core mission.

Mr. Speaker, I urge my colleagues to reject this bill, H.R. 2543.

Mr. Speaker, I thank my good friend, the ranking member on the House Financial Services Committee, Mr. McHenry, for his leadership.

Mr. Speaker, I have a motion to recommit. It addresses the core flaw that House Republicans believe presides today. We hear the voices of those 80 percent of Americans who say that $5,000 extra coming out of our pockets is what is hurting the working families, Black, White, and Brown, in my home State of Arkansas. We know inflation is the top issue facing this House and facing our families that we represent.

That is why if we were to adopt my motion to recommit, we would instruct the Committee on Financial Services to adopt my amendment to H.R. 2543. This amendment, Mr. Speaker, is straightforward. It would simply focus the Federal Reserve, as Representative Byron Donalds so eloquently outlined, on a single mandate: price stability.

Mr. Speaker, I ask unanimous consent to include the text of my amendment in the Record immediately prior to the vote on the motion to recommit.