Floor Statements

Mr. Speaker, I rise today to recognize the heroism and bravery of Douglas County Sheriff's Deputy Taylor Davis. On December 31, 2017, Deputy Davis responded with fellow law enforcement officers to a domestic disturbance call where she was wounded in the line of duty. On behalf of myself and the 4th Congressional District of Colorado, I would like to express my sincerest appreciation for Deputy Davis' service to our community. I admire her courage and willingness to stand in harm's way so that the innocent may be protected.

Deputy Davis has committed her life to protecting Americans through her service in the San Diego Sheriff's Office, the Black Hawk Police Department, and then the Douglas County Sheriff's Office.

During the incident on December 31st Deputy Davis received gunshot wounds from a gunman who had barricaded himself inside an apartment complex. As Deputy Davis now confronts her own physical and emotional healing, she will also carry the burden of knowing that one of her fellow deputies didn't make it away from the incident alive. For a profession that treats each other like family, the loss of a colleague is especially painful.

We must never forget the sacrifices paid by our men and women in uniform. Our nation's law enforcers are vital to the safety of Colorado communities. On behalf of the citizens of the 4th Congressional District of Colorado, I extend my best wishes and deepest gratitude to Deputy Davis.

Mr. Speaker, I rise today to recognize the heroism and bravery of Castle Rock Police Department Officer Thomas O'Donnell. On December 31, 2017, Officer O'Donnell responded with fellow law enforcement officers to a domestic disturbance call where he was wounded in the line of duty. On behalf of myself and the 4th Congressional District of Colorado, I would like to express my sincerest appreciation for Officer O'Donnell's service to our community. I admire his courage and willingness to stand in harm's way so that the innocent may be protected.

Officer O'Donnell has committed his life to protecting citizens through his service in law enforcement for the past 17 years, including his work for the Castle Rock Police Department since 2008. He also serves as an Entry Team Leader on the Douglas County Regional SWAT Team.

During the incident on December 31st, Officer O'Donnell received gunshot wounds from a gunman who had barricaded himself inside an apartment complex. As Officer O'Donnell confronts his own physical and emotional healing, he will also carry the burden of knowing that one of his fellow law enforcement officers did not make it away from the incident alive. For a profession that treats each other like family, the loss of a colleague is especially painful.

We must never forget the sacrifices paid by our men and women in uniform. Our nation's law enforcers are vital to the safety of Colorado communities. On behalf of the citizens of the 4th Congressional District of Colorado, I extend my best wishes and deepest gratitude to Officer O'Donnell.

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 872 and ask for its immediate consideration.

Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to my friend, the gentlewoman from California (Mrs. Torres), 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

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.

Mr. Speaker, I rise today in support of the rule and the underlying legislation.

The rule makes in order two bills reported favorably by the Judiciary Committee and a Senate joint resolution that gives this House an opportunity to utilize the Congressional Review Act to repeal the CFPB's onerous regulation on indirect auto lenders.

The first proposal we will consider today is the Citizens' Right to Know Act of 2018. This piece of legislation, offered by my friend and colleague from Texas, Judge Ted Poe, will bring much-needed sunlight to the Federal pretrial services programs.

We will also consider legislation offered by my fellow Judiciary Committee member, Representative Handel from Georgia, which ensures companies entering into merger proceedings will receive equal treatment, whether their case is reviewed by the Department of Justice or the Federal Trade Commission.

Finally, the House will consider a joint resolution that will repeal the Consumer Financial Protection Bureau's burdensome guidance on indirect auto lending. Senator Moran's legislation previously passed the Senate 51-47 on March 22, 2018. President Trump has also signaled his support for this legislation.

The rule makes in order one amendment to the Standard Merger and Acquisition Reviews Through Equal Rules, or SMARTER, Act.

Why?

Because all other amendments offered were not germane to the subject matter being discussed in these important pieces of legislation.

Mr. Speaker, today, we have an opportunity to debate a crucial component of the criminal justice system: federal pretrial release programs. Before the 1960s, defendants had three options to be released prior to trial. Individuals were either released upon one's own recognizance, or if they posted commercial bail, or the individual would remain in prison until his or her hearing date.

However, in the 1960s, the Johnson administration established a fourth option: pretrial services programs. These programs were originally intended to assist nonviolent, indigent individuals who did not possess the means to post commercial bail. The program captured information about the alleged offender's community ties and released low-risk individuals without financial obligations. The program only required a signature and a promise to appear in court.

While pretrial release programs were created to serve those individuals who do not pose a threat to the community and could not afford to post commercial bail, these taxpayer-funded programs have quickly expanded and overgrown their original intent.

Today, more than 300 pretrial release programs exist across the United States. These programs are being used to slowly eliminate a successful service that operates independently of Federal tax dollars: the commercial bail system.

In fact, a number of major cities across the country are exploring the potential of moving completely to a pretrial release system while significantly reducing the use of commercial bail.

However, the problem with this expansion and these federally funded pretrial release programs is that they allow violent individuals and repeat offenders to participate even when many of these defendants are perfectly capable of posting a commercial bond and have previously done so.

Offenders are not required to post any collateral for their release. There is no supervision to ensure that they show up in court on their hearing date. Worst of all, there is no incentive to prevent a criminal from committing another crime in the meantime.

If you have ever watched an episode of the popular television show ``Dog the Bounty Hunter,'' you know that this is not how the commercial bail system works. These professionals ensure that defendants show up for trial on the correct date, or they will physically bring the individual in question to the courthouse for their hearing.

On top of these issues, federally funded pretrial release programs are not required to report to the Department of Justice any information regarding an offender's past criminal history, utilization of the pretrial release program, failure to appear before a court, and any other relevant compliance data. A judge is essentially releasing potentially dangerous individuals back into the community with so little as a wink and a promise that they will appear in court.

We cannot allow this practice to continue. Mr. Speaker, our constituents deserve to know whether their tax dollars are being spent responsibly.

Judge Poe's bill, the Citizens' Right to Know Act, will address these significant concerns by ensuring that the Department of Justice and Congress have the information we need to determine whether these programs that receive millions of dollars from the Federal Government are operating effectively.

The legislation requires the Attorney General to submit a report to Congress annually that includes information regarding each defendant participating in a pretrial release program. The report will include the individual's name, each occasion the individual failed to appear for court, and the individual's previous arrest record.

Additionally, this proposal ensures that local jurisdictions will submit required data to the Department of Justice by establishing that any failure to produce this report will result in forfeiture of a portion of the jurisdiction's Federal grant funds for the following year.

Mr. Speaker, this bill is a good government solution that will provide much-needed oversight for pretrial services programs and give communities an incentive to ensure we are not allowing violent repeat offenders back on the streets without the correct level of supervision.

Finally, this important legislation will also ensure that the millions of taxpayer dollars we spend annually on those programs are being utilized in the best way possible.

We owe it to our constituents to make sure that we know how their hard-earned money is being spent. It is about time that we brought a little sunlight to these programs that allow potentially violent offenders to go free in our communities.

Mr. Speaker, the Judiciary Committee also moved an important piece of legislation that will bring parity to the merger and acquisition process no matter which Federal agency takes charge of the antitrust review process.

Currently, both the Federal Trade Commission and Antitrust Division of the Department of Justice have authority to enforce section 7 of the Clayton Act, which prohibits mergers and acquisitions that could undermine competition in the marketplace or create a monopoly. Both agencies receive notice of proposed mergers and are given an opportunity to review the transaction, while only one agency ends up taking custody of the transaction.

However, the FTC and DOJ maintain different standards when seeking a preliminary injunction against a proposed merger. This disparity manifests itself in multiple ways. However, one main difference is that the DOJ will often seek both a preliminary and permanent injunction before a district court, while the FTC has fought against this consolidation of injunctions. That means that two separate Federal agencies with two different legal standards oversee the merger process without any clear guidance determining which agency and standard will be used to examine the transaction.

Mr. Speaker, we cannot continue fostering this double standard surrounding merger and acquisition review. Businesses need certainty before attempting to enter into major transactions, and Federal regulatory bodies must be as transparent as possible when making decisions that can create major ripples in the country's economy.

Representative Handel's bill, the SMARTER Act, gives businesses certainty about how their merger will be reviewed before entering into a major deal. This important piece of legislation harmonizes the Federal antitrust review process by ensuring mergers and acquisitions will be treated identically no matter what Federal regulatory agency reviews the transaction. This bill will treat businesses in a way that will encourage continued economic growth, build market stability, and ensure the review process will be the same no matter which Federal agency reviews the transaction.

Mr. Speaker, while we are debating the topic of financial stability and economic growth, we are also here to discuss an important piece of legislation the Senate recently passed and we will consider on the House floor this week.

The House will debate S.J. Res. 57, Senator Moran's legislation that offers a resolution of disapproval under the Congressional Review Act that would overturn the CFPB's onerous regulation of the indirect auto lending industry. In fact, despite being expressly prohibited from overseeing auto dealers in the Dodd-Frank financial reform law, the CFPB promulgated and issued guidance regulating the indirect auto lending industry.

To make matters worse, the CFPB tried to disguise this harmful regulation by issuing it in the form of a guidance document, which does not need to go through the typical notice and comment process. This arduous regulatory scheme sought to disrupt third-party lending, especially from small community banks and credit unions in the auto loan market. The CFPB did so by issuing guidance stating that, in order to avoid liability under the Equal Credit Opportunity Act, institutions with indirect lending relationships with auto dealers must either place controls on dealer compensation or forbid dealers from offering a marked-up rate on loans.

The CFPB overstepped its statutory authority once again in what the agency described as an attempt to reduce discrimination in the marketplace. However, as Chairman Hensarling testified before the Rules Committee yesterday, the House sent 13 letters to the CFPB questioning the rationale for the rule and science the agency used to determine that there was discrimination occurring in the marketplace. Not surprisingly, the CFPB could not point to sound science that led to this decision. In fact, new evidence shows that the CFPB's expected outcomes could be off by as much as 20 percent.

To make matters worse, Chairman Hensarling also testified that this rule is expected to increase the per person cost of purchasing an automobile by $586 per loan. I know that in eastern Colorado, $586 makes a big difference. That is the difference between being able to put money aside for taking a family vacation or making much-needed home repairs.

This guidance has only resulted in removing options from consumers, reducing the ability to find affordable auto financing, and setting a dangerous precedent in how to dance around Federal rulemaking processes.

Mr. Speaker, it is time that this Congress takes steps to rein in the CFPB's unaccountable, overbroad regulatory powers. One agency should not have the ability to significantly curtail an entire facet of the lending market. Additionally, no agency should be able to skirt formal rulemaking procedures when issuing guidance of this magnitude.

The CFPB's indirect auto lending rules create an unworkable situation where an independent agency, manned by unaccountable bureaucrats, flagrantly ignored Federal statute to do what it thinks is best for the American people. Instead of benefiting the American people, though, this guidance

threatens to raise the cost of credit, cut back opportunity for indirect lending, and has created disincentives for financial companies to provide customers with discounted auto loans.

Congress must take this opportunity to overturn a detrimental guidance that is not only circumventing the rule of law by disguising new regulations in an effort to draw less scrutiny, but is also raising rates and providing fewer choices for consumers.

This resolution of disapproval will accomplish all of these goals. The legislation, which recently passed in the Senate 51-47, will utilize the Congressional Review Act process to overturn the CFPB's guidance while also sending a clear message that agencies should not be circumventing congressional oversight.

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

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

Mr. Speaker, I yield 5 minutes to the gentleman from New York (Mr. Zeldin).

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

We have before us a rule that makes three pieces of legislation in order: a bill that increases transparency for pretrial release programs, legislation that streamlines the review process for mergers and acquisitions, and a resolution of disapproval for the CFPB's harmful indirect auto lending rule.

The Federal Government's greatest responsibility to its citizens is to secure their safety and security. Congress has a duty to recognize when there is a security problem that is putting people in jeopardy, especially when it is a Federal pretrial release program that is putting potentially violent offenders onto the streets without any supervision. The American people deserve to know that their hard-earned tax dollars are being spent in the most responsible way possible. We cannot continue pushing millions of dollars into broken programs that release dangerous individuals back on the street.

Additionally, Congress has a statutory duty to ensure that businesses are not pursuing anticompetitive mergers and acquisitions. However, that does not mean that we should continue fostering the current climate that features the DOJ and FTC maintaining two distinctly different processes for reviewing these transactions. We have the unique opportunity to create certainty for businesses while harmonizing the review process with the SMARTER Act.

Finally, the House must take advantage of this opportunity to rein in the CFPB utilizing the Congressional Review Act's power to overturn harmful regulations on the indirect auto lending industry. Not only will this resolution of disapproval end a detrimental piece of guidance, but it will also send a strong message to regulatory agencies that they cannot overstep their statutory boundaries and will not get away with attempting to cloak major regulatory actions merely as guidance documents.

I urge support of the rule and the underlying legislation.

Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. Speaker, I rise today to celebrate the 100th Anniversary of Douglas County Fair and Rodeo. Since the First Annual Fair

in 1918, the Douglas County Fair and Rodeo has been a hallmark of our great state. With families from the Front Range and beyond, traveling to see Colorado's agriculture and livestock on full display.

The diligent work of the Douglas County Fair Foundation is what keeps this time-honored tradition going strong. With tens of thousands in attendance the achievement and hard work of the local volunteers is self-evident. The community benefits include immense support of local business, family entertainment and a focus on agricultural education for farmers and ranchers across the state.

On behalf of the 4th Congressional District of Colorado, I applaud the Douglas County Fair and Rodeo that honors our rich agricultural and ranching roots. We look forward to their continued success as they keep this strong western tradition alive. Mr. Speaker, it is an honor to celebrate the centennial celebration of the Douglas County Fair and Rodeo.

Mr. Speaker, I rise today to honor Colonel Stan Cass, United States Army, retired. Colonel Cass passed away on April 14, at the age of 84.

Born in Weld County, Colorado, to a family of farmers, Colonel Cass graduated from Briggsdale High School and attended West Point.

After brief stints in Germany and France, Stan began his first tour of duty in Vietnam as a helicopter pilot, dangerously traversing the skies to support infantry troops. He briefly came back to the States to complete a master's degree before returning to Vietnam to command 300 helicopters in an air cavalry fleet.

After his valiant efforts in Vietnam, Colonel Cass worked in the Pentagon on the Hellfire missile system, and then returned to Weld County to take over the family farm.

But he wasn't finished serving. In 2008, he launched the northern Colorado chapter of Honor Flight, a nationwide nonprofit that transports America's veterans for visits to our war memorials in Washington, D.C.

Stan helped transport over 2,500 veterans to Washington over the past decade, giving our heroes a chance to reflect on and find closure in their wartime experiences.

Like so many other families in northern Colorado, Colonel Cass very personally impacted my family. My wife, Perry, has volunteered for the organization, and my father-in-law, Bill, has gone on one of those flights as a veteran. They both have been alongside Colonel Cass and meeting some of the amazing veterans living in our community. Their humility, endurance, and wisdom have taught us so much.

Colonel Cass dedicated his life to this country and the men and women who serve it. I offer my condolences to his wife, Cecily, the rest of his family, and everyone in our community who had the chance to know this humble, incredible human being. I know there are many.

Recognizing Randy Bangert

Mr. Speaker, I rise today to recognize Randy Bangert, editor of the Greeley Tribune newspaper.

On April 14, the Colorado Press Association inducted Mr. Bangert into the Hall of Fame, honoring his incredible 45-year career with the paper of note in Weld County. Just 3 years ago, he earned the Newspaper Person of the Year Award from the same association.

The Greeley Tribune is a reflection of Randy, conducting itself with class and dignity. His goal is to equip the public with knowledge so that citizens can make things right in their community.

Randy never shies away from telling the truth. If he disagrees with one of my positions, he lets me know it, and he lets everyone else know it, too, in his editorial that day. But Randy's critiques are always fair and respectful. He wants to build consensus to make our community, State, and country a better place. We need more people who believe in civility in our public discourse like Randy.

Randy also cares deeply about his community. I know this, because I see him everywhere around town. This is what makes him such a good newspaper editor. He knows who he works for, the people, and he listens to them.

But last year Randy received some bad news. He faces the toughest battle so far in his life--cancer. The thing about Randy is we know how he is fighting it. It is the same way he ran

the newspaper. He is feisty, passionate, caring, and optimistic.

I pray for Randy and his family in this challenging time, and I pray for our community, as others step up in the big shoes they must now fill as Randy transitions to the editor emeritus role.

Randy's induction into the Colorado Hall of Fame is important. I congratulate him on this incredible honor, but what seems more important is the impact he has had on our community. I thank him today for the way he has shaped Greeley and Weld County. That impact will never be forgotten.

Mr. Speaker, I rise today to recognize 3 high school students who were chosen by the National Academy of Future Scientists and Technologists to represent the State of Colorado as Delegates at the Congress of Future Science and Technology Leaders. The students are Taylor Barker, Lale Edil, and Brielle Williams.

The Congress is an honors-only program for top students in our country who aspire to work in science, technology, engineering, or math (STEM) fields These students are nominated by their teachers or the Academy based on their leadership ability, academic achievement, and dedication. This program is designed to inspire young people to go into STEM fields and provides a path, plan, and mentoring resources to help them reach their dreams. During the Congress, the students will have the chance to learn from luminaries of the STEM field including top scientific university deans, leaders from government and the private sector, and even Nobel laureates.

These students' acceptance to this prestigious program is an incredible feat, and it is my honor to rise today and recognize the outstanding accomplishment of this future leader Our nation greatly benefits from the achievements of scientists and technologists, and it is important that we continue to inspire younger generations to pursue careers in the STEM fields.

Mr. Speaker, on behalf of the 4th Congressional District of Colorado, I extend my congratulations to these students and wish them the best in their future endeavors.

Mr. Speaker, I rise today to recognize 2 high school students who were chosen by the National Academy of Future Physicians and Medical Scientists to represent the State of Colorado as Delegates at the Congress of Future Medical Leaders. These students are Jana Sherif and Meghan Wampler.

The Congress is an honors-only program for top students in our country who aspire to be physicians or medical scientists. These students are nominated by their teachers or the

Academy based on their leadership ability, academic achievement, and dedication. This program is designed to inspire young people to go into medical research fields or be physicians, and provides a path, plan, and mentoring resources to help them reach their goal. During the Congress, the students will have the chance to learn from leaders in the medical field as well as government officials, top medical school deans, leaders from the private sector, and even Nobel laureates.

These students' acceptance to this prestigious program is an incredible feat, and it is my honor to rise today and recognize the outstanding accomplishment of this future leader. Our nation greatly benefits from the achievements of physicians and medical scientists, and it is important that we continue to inspire younger generations to pursue careers in the medical field.

Mr. Speaker, on behalf of the 4th Congressional District of Colorado, I extend my congratulations to these students and wish them the best in their future endeavors.

Mr. Speaker, I rise today to recognize 13 high school students who were chosen by the National Academy of Future Physicians and Medical Scientists to represent the State of Colorado as Delegates at the Congress of Future Medical Leaders. These students are Madeline Brummet, Joslyn Burnett, Dalton Duncan, Bergen Evans, Devyn Kincade, Jack Lewis, Caitlyn Lutters, Owen Richardson, Giovanna Rubio, Dallas Snow, Kimberlee Sukle, Aleigh Trimble, and Jordan Wieck.

The Congress is an honors-only program for top students in our country who aspire to be physicians or medical scientists. These students are nominated by their teachers or the Academy based on their leadership ability, academic achievement, and dedication. This program is designed to inspire young people to go into medical research fields or be physicians, and provides a path, plan, and mentoring resources to help them reach their goal. During the Congress, the students will have the chance to learn from leaders in the medical field as well as government officials, top medical school deans, leaders from the private sector, and even Nobel laureates.

These students' acceptance to this prestigious program is an incredible feat, and it is my honor to rise today and recognize the outstanding accomplishment of this future leader. Our nation greatly benefits from the achievements of physicians and medical scientists, and it is important that we continue to inspire younger generations to pursue careers in the medical field.

Mr. Speaker, on behalf of the 4th Congressional District of Colorado, I extend my congratulations to these students and wish them the best in their future endeavors.

Mr. Speaker, I rise today to recognize 9 high school students who were chosen by the National Academy of Future Scientists and Technologists to represent the State of Colorado as Delegates at the Congress of Future Science and Technology Leaders. The students are Daniela Arenas Berenste, Carter Brand, Benjamin Davis, Evelyn Esparza, Denita Guimaraes-Paez, Amanda Rees, Yoselin Thompson, Alex Truitt, and Christopher Zavakos.

The Congress is an honors-only program for top students in our country who aspire to work in science, technology, engineering, or math (STEM) fields. These students are nominated by their teachers or the Academy based on their leadership ability, academic achievement, and dedication. This program is designed to inspire young people to go into STEM fields and provides a path, plan, and mentoring resources to help them reach their dreams. During the Congress, the students will have the chance to learn from luminaries of the STEM field including top scientific university deans, leaders from government and the private sector, and even Nobel laureates.

These students' acceptance to this prestigious program is an incredible feat, and it is my honor to rise today and recognize the outstanding accomplishment of this future leader. Our nation greatly benefits from the achievements of scientists and technologists, and it is important that we continue to inspire younger generations to pursue careers in the STEM fields.

Mr. Speaker, on behalf of the 4th Congressional District of Colorado, I extend my congratulations to these students and wish them the best in their future endeavors.

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 811 and ask for its immediate consideration.

Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Massachusetts (Mr. McGovern), 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

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.

Mr. Speaker, I rise today in support of the rule and the underlying legislation.

The rule makes in order one bill reported favorably by the Committee on Financial Services. The committee held several hearings on the topics within this bill in the spring of 2017.

Additionally, it was marked up in committee, and a Democrat amendment in the nature of a substitute was adopted by voice. The bill was reported by a strong, bipartisan vote of 50-10. The rule makes in order no amendments to the bill. Why? Because there were none offered.

Additionally, the rule provides the opportunity for this House to consider a balanced budget amendment and more than quadruples the time for debate on the floor than it would otherwise be provided.

Mr. Speaker, once again, I have the opportunity to come down to the floor and manage debate for a Financial Services bill. Thinking of the process that I just referenced a moment ago, one thing routinely strikes me: so many of these Financial Services bills are overwhelmingly bipartisan within the Committee on Financial Services.

There always seems to be a common theme and political rhetoric that Republicans are shills for the banking industry. Setting a rebuttal to that aside for now, the underlying bill before us contains a wholly bipartisan piece of legislation.

That a committee run by Republicans would have a process whereby we bring to the floor a major piece of reform legislation offered by both a Republican and a Democrat is a real testament to the fact that this House can work. I commend Chairman Hensarling for running the committee in such a way.

Mr. Speaker, our small town and community banks are a much bigger part of our lives than many may realize. Often here in Washington, we get caught up in big players in industry. We talk about Wall Street and Silicon Valley. We speak of countries and international relations. However, all across this great land, Americans in small, medium, and large communities go about their business and conduct their day-to-day affairs without any of the issues that consume Washington touching their lives.

Most Americans just simply want Washington to leave them in peace, to allow them to live their lives without politics and government intruding at every step. This Financial Services bill before us speaks to those concerns. This is legislation for Main Streets all across this Nation.

Mr. Speaker, there are nearly 6,000 community banks across this country with 52,000 locations. These banks are the backbone of our communities' finances. Collectively, they hold more than $3.2 trillion in loans to consumers. They provide nearly 50 percent of all small business loans and nearly 80 percent of all agriculture loans.

How is it that they claim such a huge portion of loans within our communities? It is simple. They are also part of the community that they serve, and they extend credit based on personal knowledge of their neighbors and their local economy.

But they are more than just organizations that lend and offer banking services. They are small businesses that employ more than 750,000 Americans. Clearly, community banks are key partners in our communities. They are particularly important lenders in rural towns and counties, such as the ones I represent in eastern Colorado.

Former Federal Reserve Chair Janet Yellen summed it best when she said: ``We know that community banks serve many customers that large banks do not and provide services that are not offered by large banks in many communities. This circumstance is especially true in rural areas and other small communities, where community banks are sometimes the only retail financial institutions.''

However, even with their importance to Americans, they have borne the brunt of regulation under Dodd-Frank. Each new regulation drives up costs and forces personnel resources to be diverted to compliance efforts. Even if a particular institution is not ultimately subject to a rule, it must spend resources on each new regulation released to verify whether any part of its operations are impacted or not.

These costs place a drain on operations which consumes resources that otherwise would be used for growth.

The Federal Reserve Board recently released data that showed that small bank lending in rural areas had declined by 46 percent since 2005. According to the Independent Community Bankers of America, a 2014 survey of community banks revealed that 78 percent of banks reported adding personnel just to deal with increased regulation.

By consuming resources that could otherwise be placed into serving customers and increasing lending, community banks are many times forced to consolidate just to remain alive. Today, there are 1,700 fewer community banks than there were in 2010. As of May 2017, only three new banks were formed since the financial crisis.

It is clear that our community banks are suffering under an unbearable regulatory burden. And when our community banks suffer, our small towns and rural communities suffer also.

The underlying bill before us today exempts community banks from yet another regulation that lumps small institutions with big banks. The Volcker rule was implemented by Dodd-Frank. It was intended to keep banks from engaging in a practice known as proprietary trading. Proprietary trading is a practice where a financial institution such as a bank uses its own finances to buy and sell stocks and other investments so as to make a profit for itself.

Because of their importance to each individual American, but also to our broader economy, we should consider carefully how we allow financial institutions to operate. However, the real

impact of the Volcker rule on community banks has served to undermine investment options in our smaller communities.

All across this country, particularly in rural communities, entrepreneurs, farmers, and others sell their equity or bonds in order to raise capital to grow and expand. However, if community banks were prohibited from buying these financial instruments, then the sellers would have to find buyers on their own. That is a highly impractical situation.

Under the Volcker rule, an entrepreneur cannot approach their community bank and offer to sell a portion of their equity to the bank. Why? Because Dodd-Frank prohibits the banks from making its own investments. What sense does this make? Where is the entrepreneur supposed to go to find a buyer for their equity? Are they supposed to go door-to-door looking for someone who might want to invest? That is nonsense.

Community banks play a vital role in purchasing these financial instruments and holding them until the bank is approached by a willing buyer. Or maybe the bank holds them for a brief period as they know they have a customer who is searching for this type of investment.

Either way, this is not an evil practice that we should prohibit. The community bank's actions are making a marketplace for these investment transactions, and this should be encouraged. It increases access to capital for small businesses and farms in our communities.

But it is not just on the selling side of the equation that this practice benefits. It also benefits the buying side of the equation. Many Americans have invested a portion of their retirement savings in pension funds, mutual funds, or similar types of investments. These funds need for their investments to be liquid so as to meet demands for cash from the people who have chosen to save their money in the funds.

These funds often place these cash investments into smaller financial institutions through purchasing the stocks or bonds that these banks own. The banks allow these larger funds to purchase the bank's assets and also to sell back to the bank the same assets when the funds need cash.

This isn't a shady practice. This is an extraordinarily important practice and benefits every single American who has saved or is saving money in a pension or other retirement account.

The Volcker rule prohibits this activity. Washington, in its typically arrogant way, decided that it knew better than Americans and banned this under Dodd-Frank.

On December 10, 2013, the five--I repeat, the five--separate agencies tasked with writing and enforcing this regulation released a final regulation that is 932 pages long and contains nearly 300,000 words.

That is astounding. What small town community bank can, on top of all of the other regulations heaped upon them, carve out the necessary resources to comply with such a burden?

When we had this bill at Rules Committee yesterday, one of my colleagues on the committee related a story of visiting one of his community banks. He indicated that it was a fairly small bank. The owner of the bank walked him into the back operations office and pointed to 14 staff members working. All of them were working exclusively on complying with regulations. That is 14 people not serving customers, or seeking new depositors, or helping the community grow. What a sad state to which we have arrived.

Washington heaps, and heaps, and heaps burdens on the backs of Americans day in and day out. Technocrats make it harder and harder to achieve success in this land.

We are still a land of opportunity, but that gift is threatened daily by our bureaucracy. Endless regulation of every meaningful detail of our lives is antithetical to the American way.

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

Mr. Speaker, I have no speakers, and I reserve the balance of my time.

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

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

Before us we have a rule that makes in order an important change to the banking laws. We have seen what happens when arduous regulations are removed from the backs of Americans.

Our economy is booming, growth is strong, even stronger than many expected it would be at this point.

The Volcker rule, passed under Dodd-Frank, is a solution in search of a problem. Our community banks should not have to bear the weight of this overarching regulation. Our small town and rural lenders are active members of our communities. They participate in improving our lives in many ways, even beyond lending. They sponsor little league teams. They are boosters for the local high school. They counsel small businessmen and women. They contribute to our churches and charitable organizations. They offer help to needy neighbors.

We should actively seek policies that free them to do their jobs. That is what the underlying bill does. It exempts them from a regulation that has frozen in place their ability to invest in local startups and farming operations. We should exempt them from this burdensome regulation.

I hope this House will follow in the steps of the Financial Services Committee and approve this bill in an overwhelming bipartisan fashion. I urge support of the rule and the underlying legislation.

Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. Speaker, I rise today to recognize the American Legion Post 168 as they dedicate their Post in memory of Army Staff Sergeant (SSG) Justin L. Vasquez for his service to our country in the United States Army.

Justin Vasquez was born in Rocky Ford, Colorado and grew up in Manzanola, Colorado until he joined the Army in August 1997. Mr. Vasquez was assigned to the 3rd Squadron, 3rd Armored Cavalry Regiment in Fort Carson, Colorado. He was Killed In Action in Baghdad on June 5, 2005, when an improvised explosive device detonated near his military vehicle. SSG Vasquez was deployed twice during Operation Iraqi Freedom. His friends say he will be remembered for the morale he brought to his unit, for his love for his family, and dedication to his work. Ultimately, he paid the highest price in service to our Nation.

I believe that America's brave men and women in uniform are the nation's greatest assets. They have made incredible sacrifices for our country and deserve our utmost thanks and honor for their service and sacrifice.

Our nation owes no greater debt of gratitude than the one we owe our veterans. They and their families should be commended. On behalf of the 4th Congressional District of Colorado, I extend my best wishes to the Vasquez family and my gratitude to all the Veterans of Post 168 for their service to our country.

Mr. Speaker, it is an honor to recognize the American Legion Post 168 as they dedicate their post in memory of SSG Justin L. Vasquez.

Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 780 and ask for its immediate consideration.

Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Florida (Mr. Hastings), 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 have 5 legislative days to revise and extend their remarks.

Madam Speaker, I rise today in support of the rule and the underlying legislation. The rule makes in order two bills reported favorably by the Committee on Financial Services. Both bills were the subject of multiple hearings before the Committee on Financial Services. Each bill was reported favorably by a bipartisan majority without amendment. The rule adopts the only two amendments that were offered to these bills.

Madam Speaker, yesterday I had the privilege of being here on the floor debating three financial services bills, and I am back with two more today. Last night, the Senate took a significant step toward joining the House in producing a banking reform bill. The negative impacts of Dodd-Frank are enough to finally overcome even the Senate's inertia.

Last year, the House Republicans passed our own plan to reform our banking system and regulate financial institutions in a smarter way. Ever since Dodd-Frank became law, our small town and community lenders have been hamstrung by regulations intended for large Wall Street banks.

As is usually the case, Washington did not regulate in a manner that focused on bad actors or that differentiated between diverse financing institutions. Instead, Federal regulators stamped out one-size-fits-all regulations that have had negative impacts on our local community banks and credit unions.

Under the House Republican plan, we correct this wrongheaded approach by forcing regulators to take into account the size and risk profiles of smaller institutions. The Financial CHOICE Act ensures the security of our financial institutions without creating a too-big-to-fail government support system and encouraging local banks and credit unions to invest in our communities.

Over the past few months, we have put various components of the Financial CHOICE Act on the floor in order to demonstrate to the Senate that there is a bipartisan pathway forward on many of our proposals. We continue that effort today.

The first bill that is made in order by this rule is H.R. 4061, the Financial Stability Oversight Council Improvement Act. This bill enhances transparency and procedural equity of the nonbank systemically important financial institution designation process.

Under Dodd-Frank, systemically important financial institutions were intended to be large banks whose collapse would bring about enormous financial upheaval; however, in the hands of regulators, certain insurance companies and asset managers were designated as systemically important. This was not Congress' intent when allowing regulators to designate nonbanks as systemically important.

The bill before us today will not roll back the ability of regulators to determine that a large nonbank financial institution is systemically important, but it will ensure the process for designating the nonbank as transparent. It also forces regulators to consider other possible regulatory fixes before designating a nonbank as systemically important.

Well, this is all well and good. But what does this mean for Coloradans and other Americans?

In 2014, the life insurer MetLife was designated as a systemically important financial institution by regulators. By 2016, MetLife had prevailed in court and had their designation overturned.

What was revealed was how arbitrary and capricious the designation process seemed to be. Regulators never clarified what level of risk would be acceptable, nor did they clearly identify particular types of financial products or business activities that would result in too much risk.

So life insurers and others were left wondering how to avoid the important designation. Being designated would not only increase compliance costs and consume resources that could not be invested into the business, it also would have forced the financial company to limit the options they made available to their customers.

So we see the vicious cycle of overregulation play out again: less growth and fewer choices.

Fortunately, in the case referenced above, the courts stepped in early and halted the process. However, we have the opportunity now to bring about reforms to the designation process that protect Americans from losing access to financial products that serve them well.

When we talk about Washington picking winners and losers, look no further than Dodd-Frank and the systemically important financial institution designation. Let's put an end to these opaque regulatory decisions and allow light to shine on financial regulators.

Madam Speaker, the second bill that this bill makes in order is H.R. 4293, the Stress Test Improvement Act.

The Federal Reserve determines the ability of bank holding companies to withstand certain types of economic turmoil. These determinations have become known as stress tests.

These stress tests have become notorious for their vague rules and the secrecy by which the regulators conduct the tests. Bank compliance officers are often stuck trying to figure on what exactly their bank is going to be examined. Banks not only do not know what they are going to be tested on, they often never know what they were tested on after the stress test is conducted.

Frankly, technocrat regulators playing ``hide the ball'' from Americans that they are regulating seems like a system of government wholly unlike our own.

A professor from Columbia University testified before the House Committee on Financial Service that: ``It is hard to believe that the stress tests' current structure could occur in a country like the United States, which prizes the rule of law and adherence to due process.''

Former Senator Phil Gramm testified before a Senate panel and said the following: ``What does the stress test test? Not only does no one know, but the regulators see that as a virtue. The Fed's vice chairman has stated that giving banks a clear road map for compliance might make it `easier to game the test.' But isn't the fact that compliance is easier when you know what the law says the whole point of the rule of law?''

The Stress Test Improvement Act inserts much-needed transparency into the testing process. It alters current regulations to make the internal, company-run test an annual exercise. It also streamlines the number of scenarios on which a bank may be tested, while ensuring that banks are still tested on whether they are able to withstand a seriously adverse scenario.

Dodd-Frank was born out of an effort to prevent another collapse of our financial institutions like we experienced in 2008. Unfortunately, the broad brush stroke regulatory regime that it produced has had many unintended consequences.

Hardest hit were our small community banks and credit unions. However, there were also unforeseen negative impacts on larger financial institutions as well.

The bills made in order by this rule restructure portions of Dodd- Frank that have resulted in unreasonable regulation of our financial institutions. They preserve consumer protections while providing the certainty needed to reduce compliance costs and expand the ability of these organizations to provide the best and safest financial services to Americans.

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

Madam Speaker, I yield 5 minutes to the gentleman from New York (Mr. Zeldin), the sponsor of H.R. 4293.

Madam Speaker, I yield 5 minutes to the gentleman from Florida (Mr. Ross), the sponsor of H.R. 4061.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I reserve the balance of my time.

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

Madam Speaker, I want to thank my friend for his support of the STOP School Violence Act yesterday, along with 406 of our colleagues; that passed overwhelmingly.

Madam Speaker, Dodd-Frank unleashed a torrent of regulation on our financial institutions. While it is understandable that people reacted strongly after the 2008 crisis, most of the Federal response heaped needless red tape onto our banks and credit unions.

Much of this red tape has, at best, done nothing to improve the security of financial customers and, at worst, deprived Americans of crucial capital and financial products.

It is important that we rein in the Federal Government and allow our financial institutions to invest their resources in our communities.

These two bills today continue the regulatory reforms that the House has advanced since last year.

Madam Speaker, I thank Chairman Hensarling and Chairman Sessions for bringing these bills to the floor today. I urge support of the rule and the underlying bills.

Madam Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 773 and ask for its immediate consideration.

Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Colorado (Mr. Polis), 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

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.

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

Mr. Speaker, I rise today in support of the rule and the underlying legislation. The rule makes in order three bills reported favorably by the Committee on Financial Services. All three bills were the subject of multiple hearings before the Committee on Financial Services. All three bills were reported favorably by a bipartisan majority without amendment. The rule ensures that each of these provisions are fully paid for and makes in order an amendment offered by the Democrat ranking member on the committee.

Mr. Speaker, I have the privilege of working with Chairman Hensarling to bring many Financial Services Committee bills to the floor for debate. I will be here again tomorrow doing the same thing. I am always amazed at how bipartisan these votes are in the Financial Services Committee.

Once again, we have before us today components of the Financial CHOICE Act. As I have already noted, each of these bills received bipartisan support in the committee. I anticipate that these bills will receive a bipartisan vote on the House floor as well.

Mr. Speaker, it is encouraging to hear that the Senate is working hard toward their own bill overhauling Dodd-Frank. It is about time. The House has already done its work under the leadership of Chairman Hensarling. We passed the Financial CHOICE Act nearly a year ago. But I certainly understand that the Senate has its own ideas about financial reform.

I would encourage the Senate to look at the roster of bills that we have passed unpacking the CHOICE Act, as they demonstrate a clear bipartisan roadmap to overhauling our financial regulatory reform effort. We continue to provide that roadmap today.

The first bill made in order by this rule is sponsored by my good friend, the gentleman from Colorado, Mr. Tipton. H.R. 1116, the TAILOR Act, is commonsense legislation that I am pleased to cosponsor.

One of the biggest complaints I hear as I travel the Fourth Congressional District of Colorado is how the Federal Government stamps out cookie-cutter regulations without a thought as to how much variation occurs in industries from State to State. For example, how do Washington regulators take into consideration the unique business model of AMG National Trust headquartered in Colorado? Do they know better than my good friend Earl Wright, who cofounded the bank in 1972, about the banking needs of his customers? Are they able to differentiate between AMG's needs and the needs of a bank in another State or on Wall Street? Typically, the answer is no.

They do not model banking regulations to the particular differences from State to State. But even inside a State there is diversity within industries. The needs of AMG National Trust's customers vary from the needs of other community banks in my district; such as, the Bank of Burlington or Community State Bank, both of which are on the Eastern Plains.

The TAILOR Act solves this problem. It requires regulatory actions to take into account each particular institution's business model and risk profile. Mr. Speaker, this change would be an innovative regulatory reform. It would ensure that overarching goals of accountability to investors and depositors are maintained while providing flexibility in the application of the regulations to each institution.

Independent community banks and credit unions have been hit hard by Dodd-Frank's wrong-headed approach to financial services regulation. In 2016, former Federal Reserve Chair Janet Yellen said: `` . . . when it comes to bank regulation and supervision, one size does not fit all''-- and--``rules and supervisory approaches should be tailored to different types of institutions such as community banks.''

The TAILOR Act will do just that. It will reorient our regulatory structure and free up our community lending institutions to increase their investments in our communities, creating jobs and opportunities for Americans.

This rule also makes in order H.R. 4263, the Regulation A+ Improvement Act. This regulation was the result of the JOBS Act passed by Congress in 2012. While Regulation A had been around for many years, it caused startups to enter into a cumbersome process for raising money from certain types of investors. The process is so inefficient that most startups avoided it altogether.

Regulation A+ revamped the regulation and raised the amount of money that entrepreneurs could raise in their startup fundraising round. Crucially, it also changed the type of investor who could invest in a startup. Prior to the JOBS Act, essentially only accredited investors could participate in the first fundraising round.

The problem is that, according to research done by Forbes magazine, accredited investors only made up 1 percent of the population, thereby excluding 99 percent of Americans. The JOBS Act changed the regulation to allow nonaccredited investors to participate in a startup's initial fundraising round. Expanding the pool of investors has proven to be a success, and the Regulation A+ Improvement Act continues reforming this area of investment regulation by further increasing the threshold investment amount. This bill will ensure greater access to capital for entrepreneurs seeking investors in their startup.

Finally, this rule makes in order H.R. 4545, the Financial Institutions Examination Fairness and Reform Act. This bill establishes deadlines by which certain regulatory decisions must be made and provides for a more transparent appeals process. Under current law, financial institutions may appeal regulatory determinations to an intra-agency appellate process. The Financial Services Committee found during hearings that the appeals process was not as impartial as it was intended to be.

This bill removes the appeals process from the original examining agency and creates an independent examination review director who is able to review regulatory determinations. To ensure timeliness of regulatory reviews, the bill requires the final reports from agencies are completed within 60 days.

The combination of a better appeals process and deadline for agency action gives community financial institutions certainty as a regulator evaluates their practices.

Certainty in the regulatory arena will ensure that lending institutions do not needlessly restrict capital investments due to the unpredictability of a regulatory agency's decisionmaking process.

These three bills continue to advance smart financial regulatory reforms that the Committee on Financial Services has been known for under Chairman Hensarling. Washington's cookie-cutter approach to regulation hinders investments in Colorado and across the United States.

Mr. Speaker, I support these measures, and I reserve the balance of my time.

Mr. Speaker, I have two other speakers. Neither of them are here at this point in time. I would be glad to listen to more of the things that the House should be doing, if Mr. Polis would like to engage in that discussion. But at this point, I reserve the balance of my time.

Mr. Speaker, I yield 5 minutes to the gentleman from New Jersey (Mr. MacArthur), the sponsor of H.R. 4263.

Mr. Speaker, I have one remaining speaker.

Mr. Speaker, I yield 5 minutes to the gentleman from Colorado (Mr. Tipton), the sponsor of H.R. 1116 and H.R. 4545.

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

It really is fairly simple. Washington's regulations tend to strangle economic growth. What usually starts as a do-good effort quickly devolves into a ``Washington knows best'' regulatory regime. Instead of recognizing the unique needs of businesses around this country, the Federal Government usually stamps out a cookie-cutter regulation that purports to be the solution to a problem but, in reality, almost always has unintended consequences that reduce the freedom of Americans and reduces economic activity in our communities.

The bills before us today take a balanced approach to regulation, maintaining overarching safeguards while making commonsense reforms that free our community banks and credit unions to increase investment in our communities.

I promised Coloradans that I would work to reduce the role of Federal Government in their lives. These three bills today do just that.

I thank my fellow Coloradan, Mr. Tipton, for introducing two of these measures. I thank Chairman Hensarling for bringing these bills to the floor.

I urge passage for the rule and the underlying rule.

Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. Speaker, on behalf of the people of Colorado's 4th Congressional District I am delighted to recognize the commissioning of the USS Colorado (SSN-788.)

Since the time of the Civil War, U.S. Navy vessels named after the magnificent state of Colorado have proudly served our great nation. The commissioning ceremony will be held on Saturday, March 17th, which will be a special day for Coloradans as the United States Navy officially welcomes the fourth U.S. Navy vessel to bear the Colorado name.

We rest assured in the knowledge that the crew of the USS Colorado, part of the Virginia-class of attack submarines, is equipped with the most advanced capabilities and sophisticated technology needed to maintain the strength of the U.S. Navy and the security of America's shores. Coloradans are proud as USS Colorado and her crew joins forces in the endeavor to ensure security for all Americans.

A relationship will be established between the USS Colorado and her remarkable service men and women. May that bond reach far beyond Saturday's ceremony and remain throughout the span of the USS Colorado's lifetime of service.

Mr. Speaker, I rise today to recognize the generosity of Virginia Kinch and her family in Longmont, Colorado.

Last year during the holiday season, Virginia and her daughters were preparing to deliver Thanksgiving meals to the homeless. They were shocked to hear about a family living in a broken down school bus behind a truck stop, so they went to deliver food to them. They discovered that this struggling family had three young daughters--a 5 year old, a 14-month old, and a 4-week old. After providing the family with a hot meal, Virginia wanted to do more to help. Fortunately, the Kinch's had just completed renovations on a house in Greeley that they planned to rent out or sell. Instead, Virginia went above and beyond and decided to invite the struggling family to move into that home rent-free.

The kindness and selflessness displayed by the Kinch family is truly remarkable. They fully embody the Christmas spirit of giving, and are an inspiration to us all. For that, I am pleased to honor and recognize their outstanding act of kindness.