Floor Statements

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1414) to amend the duties of the Financial Crimes Enforcement Network (FinCEN) to ensure FinCEN works with Tribal law enforcement agencies, protects against all forms of terrorism, and focuses on virtual currencies.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

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

Mr. Speaker, the FinCEN Improvement Act is a bill that will strengthen the Financial Crimes Enforcement Network, FinCEN, our national security, and our financial system. A form of this bipartisan bill was introduced last year with the exact same language, and it unanimously passed the House on suspension by voice vote.

Currently, FinCEN works with Federal, State, local, and foreign law enforcement authorities in its anti-money laundering/counter terror financing objectives. Although Tribal law enforcement is a strong partner in fighting crime and safeguarding our country's national security, they are not yet listed in the FinCEN statute alongside their law enforcement partners.

Though FinCEN voluntarily works with Tribal law enforcement in these objectives, this legislation will make FinCEN's assistance to Tribal law enforcement mandatory. This bill will also amend FinCEN's statute to protect against all forms of terrorism. As written, the underlying statute only requires the protection against international terrorism.

While the United States faces a serious threat from foreign terrorist organizations, the threat from both homegrown violent extremists and domestic terrorists has sharply increased within the past several years. Although this type of terrorism has been less discussed in the news cycle, these terrorists are equally as dangerous as international terrorist organizations, if not more.

In fact, a survey of 382 law enforcement agencies, conducted with the Police Executive Research Forum with funding from the National Institute of Justice, found that 74 percent of the law enforcement agencies reported antigovernment extremism, such as sovereign citizen extremism, as one of the top terrorist threats in their jurisdictions. This part of the bill will ensure that a proper focus be paid to all forms of terrorism.

Additionally, this bill will require FinCEN to work with foreign financial intelligence units on anti-money laundering and counter terror financing initiatives with respect to emerging technologies such as cryptocurrencies, which are increasingly used by terrorists and transnational criminals.

As the threat environment has changed with the birth and prominence of cryptocurrencies, online marketplaces, and the dark web, FinCEN needs to coordinate with and support our international partners that share our common anti-money laundering/counter terror financing goals.

For these reasons, I am proud to support this legislation, and I congratulate Congresswoman Wexton and Congressman Riggleman for introducing this bill.

Mr. Speaker, I urge all Members to vote ``yes'' on this important legislation, and I reserve the balance of my time.

Mr. Speaker, I yield 3 minutes to the gentlewoman from Virginia (Ms. Wexton).

Mr. Speaker, I have no further speakers, and I am prepared to close. I reserve the balance of my time.

Mr. Speaker, I am pleased that Ms. Wexton and Mr. Riggleman have brought this issue to the full House. It addresses key gaps in our efforts to fight financial crime, something we all should support.

I urge my colleagues to join me in supporting this important piece of legislation, and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 758) to provide a safe harbor for financial institutions that maintain a customer account or customer transaction at the request of a Federal or State law enforcement agency, as amended.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

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

Mr. Speaker, H.R. 758 would strengthen cooperation between financial institutions and law enforcement agencies to better detect, deter, and combat terrorism and financial crimes.

With respect to the Bank Secrecy Act anti-money laundering, referred to as BSA/AML, supervisory actions, this bill would carve out a narrow safe harbor for financial institutions to keep a customer's account open at the written request of a law enforcement agency, including those at the Federal, State, local, and Tribal levels.

This cooperation will enable law enforcement agencies to follow the money in the bank accounts of terrorists, human traffickers, corrupt officials, and those involved with organized crime.

Of equal importance, the legislation provides an assurance to financial institutions, clarifying that they will not be held liable for their cooperation and collaboration with law enforcement in helping to thwart illicit finance.

I will note that law enforcement agencies are currently expected to provide a written notice to financial institutions, requesting that the accounts of bad actors remain open to monitor transactions and build stronger criminal cases. However, this practice does not always happen and exposes financial institutions to enforcement actions from their banking regulators. Banks should not be put in a position to choose whether or not to help law enforcement out of concern about regulatory consequences.

We simply cannot allow bad actors to launder money and finance terror through our banks. H.R. 758 will encourage financial institutions to maintain a strong partnership with law enforcement.

In the 115th Congress, this bill was unanimously approved by the Financial Services Committee. The House passed the bill by a vote of 379-4.

I thank the gentleman from Arkansas (Mr. Hill) and the gentleman from Illinois (Mr. Foster) for introducing this bipartisan piece of legislation. This bill is one example of our committee's efforts to fight terrorism, corruption, and financial crime. I urge all Members to vote ``yes'' on H.R. 758. I reserve the balance of my time.

Mr. Speaker, I yield 3 minutes to the gentleman from Illinois (Mr. Foster).

Mr. Speaker, I am pleased that Mr. Hill and Mr. Foster have brought this measure to the House on a bipartisan basis. It will help provide law enforcement more access to the critical information it needs and in a timely manner.

Mr. Speaker, I urge my colleagues to join me in supporting this important piece of legislation, and I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 77) expressing the sense of Congress that financial institutions and other companies should work proactively with their customers affected by the shutdown of the Federal Government who may be facing short-term financial hardship and long-term damage to their creditworthiness through no fault of their own, as amended.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

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

Mr. Speaker, I rise to urge my colleagues to support H. Res. 77, as amended. President Trump's historic 35-day shutdown of the Federal Government has had a deeply harmful impact on millions of Americans and the U.S. economy.

While this shutdown recently came to an end, we must not forget the recovery has just begun for a wide range of affected consumers, including Federal employees, contractors, small businesses, and other individuals.

Many of those people will not receive back pay. Many of them have various financial obligations, like a mortgage, or a student loan payment that they may have missed. However, they did not cause the shutdown and should not suffer any negative consequences from it.

Financial institutions and other entities, like landlords and consumer reporting agencies, can play a key role in helping these innocent people. Given the financial hardship and emotional distress these consumers face, through no fault of their own, I introduced H. Res. 77 to send a strong message to the financial industry that they should do what they can to help these innocent consumers.

Specifically, the resolution expresses the sense of Congress that financial institutions and other entities should work proactively to help all consumers affected by the shutdown. This includes waiving fees, ceasing evictions and foreclosures, and otherwise providing forbearance for any affected consumer, as well as taking steps to ensure their creditworthiness is not impaired because of the shutdown.

Financial regulators agree that it is appropriate for financial institutions to offer prudent accommodations to help their affected customers. On January 10, I wrote to the regulators to encourage them to provide public guidance to financial institutions to underscore they could affirmatively make prudent workout arrangements consistent with safety and soundness without fear of being subject to examiner criticisms. I am glad that they made such a statement the very next day.

On January 18, I wrote a letter to various financial services trade organizations, as well as the three largest credit reporting agencies, to encourage their institutions and member companies to take all prudent and appropriate actions, including those outlined in the regulators interagency statement, to help any consumer who may be affected by the shutdown.

While I appreciate that many financial institutions have already announced various accommodations for affected consumers, I believe it is important that there be a robust effort by all financial institutions, consumer reporting agencies, and others to do what they can to help in the weeks and months to come which H. Res. 77 seeks to encourage.

Mr. Speaker, I urge my colleagues to support H. Res. 77, and I reserve the balance of my time.

Mr. Speaker, I yield 3 minutes to the gentlewoman from New York (Ms. Velazquez), who is a senior member of the Financial Services Committee and chairwoman of the Small Business Committee.

Mr. Speaker, this resolution is intended not only to help Federal employees as such, but contractors, small businesses, and others that are connected to government in ways that you may not be able to absolutely identify here. You may have folks who are consultants who are not considered contractors. You may have others who will be affected by this who maybe had a contract with the Federal Government that is now in litigation that has to be dealt with.

That is what we are intending to do, not just have a blanket, blanket, blanket, but some connection to the Federal Government.

Mr. Speaker, let me say this: I know that we all want to help all of those who have been affected by the shutdown, and so I hope I was able to clarify that, so that people can help the constituents in their districts even in ways they may not have understood.

Mr. Chairman, I yield 2 minutes to the gentleman from Florida (Mr. Lawson).

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

Mr. Speaker, this shutdown has inflicted tremendous harm on consumers and the U.S. economy. The Congressional Budget Office estimated the initial cost for the recent shutdown is more than $11 billion and wrote: ``Among those who experienced the

largest and most direct negative effects are Federal workers who faced delayed compensation and private-sector entities that lost business. Some of those private-sector entities will never recoup that lost income. . . . And people who lost income and consequently borrowed money during the shutdown will see an increase in expenses as they pay interest on that debt.''

I hope my colleagues on both sides of the aisle would agree that it would be unfair if these innocent consumers were to suffer any negative consequences from the shutdown and that financial institutions and others should do what they can to help.

Mr. Speaker, I just want to try and give some comfort to those who think that maybe there are individuals who are not federally connected who would be getting help with this kind of approach, but that is absolutely not true. I could not list every possible way, but I am reminded that my husband was an Ambassador to the Commonwealth of the Bahamas. I am reminded of the families who were there. I am reminded of the children whose education we paid for while they were in that country, and the education of other families of ambassadors and diplomats for whom the Federal Government pays. We would not want to not reimburse for the education of our children in foreign countries, et cetera. So there are many ways that people who are connected to the Federal Government are impacted by this.

Mr. Speaker, I would like to say to Mr. McHenry: Thank you so very much for your support.

Again, this is a fine example of how both sides of the aisle can agree on a commonsense resolution that will help all those who have been impacted by this shutdown.

I am very pleased to have the support of Mr. McHenry. We have been trying desperately in the work that we do, as we began this session of Congress, to show that you can work cooperatively with both sides of the aisle working together on a bill, resolution, legislation, et cetera, that really does support and help our families and all the people in the country who are looking to us for support and leadership.

Again, I thank Mr. McHenry, and I thank all the Members on the opposite side of the aisle who get this and who understand it and whose contractors and others are on them saying: What are you going to do? What are you going to do?

This is our effort, and I appreciate their support.

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

Mr. Speaker, I have a motion at the desk on the resolution (H. Res. 77) expressing the sense of Congress that financial institutions and other companies should work proactively with their customers affected by the shutdown of the Federal Government who may be facing short-term financial hardship and long-term damage to their creditworthiness through no fault of their own.

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

I am very pleased to have worked with Ranking Member McHenry on this bipartisan bill, H.R. 624, the Promoting Transparent Standards for Corporate Insiders Act.

The bill is designed to promote strong enforcement against financial fraud by ensuring that corporate executives cannot indirectly and illegally trade on material nonpublic information that they know about their companies.

The Securities and Exchange Commission prohibits insider trading as a fraud that hurts both company investors and the integrity of our capital markets. Those accused of illegal insider trading may defend themselves by using the SEC's rule for trading plans, Rule 10b5-1, and state that any trades that occurred while they possessed inside information were made pursuant to a pre-approved training plan. But the rule for trading plans has several shortcomings that may allow corporate insiders to get away with insider trading.

My bill would require the SEC to study whether to amend its rule for trading plans to limit the ability of corporate insiders to, for example, adopt multiple, overlapping plans or change their plans to indirectly take advantage of inside information. The bill would then require the SEC to report to Congress and revise its rules based on the results of the study.

This bill is much needed as fraudulent stock sales by high-ranking executives can erode confidence in our markets. For example, in November of 2017, the CEO of Intel reportedly sold $39 million in stock after he learned of two security flaws in Intel processors and within days of revising his trading plan for the second time that year.

This bill is supported by investor and consumer advocates, public pension funds, and State securities regulators, including Public Citizen; Americans for Financial Reform; California Public Employees' Retirement System, CalPERS; the California State Teachers' Retirement System, CalSTRS; the Council of Institutional Investors; Healthy Markets; and North American Securities Administrators Association.

I thank Ranking Member McHenry for joining me in reintroducing this bill this Congress, and I urge Members to vote ``yes.''

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

Mr. Speaker, I yield 3 minutes to the gentlewoman from New York (Ms. Velazquez), who is a senior member of the Financial Services Committee and the chairwoman of the Small Business Committee.

Mr. Speaker, I yield 2 minutes to the gentleman from Connecticut (Mr. Himes), who is a senior member on the Financial Services Committee and on the Intelligence Committee.

Mr. Speaker, I yield 2 minutes to the gentleman from Illinois (Mr. Casten).

Mr. Speaker, I yield myself the balance of my time. I am pleased that I was able to work in a bipartisan manner with the gentleman from North Carolina (Mr. McHenry), the committee's ranking member.

This bill shows that protecting our capital markets is something that both sides of the aisle should support. The SEC is indeed our cop on the block, and they need this bill and additional funding resources in order to make sure that our markets and our investors are safe from fraud.

Another thing that the SEC needs is stability. During the recent government shutdown, the longest shutdown in American history, the SEC essentially closed its doors, furloughing 94 percent of its staff and suspending its enforcement efforts.

For 34 days the agency was forced to police the markets with a skeleton crew of 110 enforcement staff. This may translate into unacceptable delays in holding bad actors accountable and obtaining relief for their victims.

The SEC wasn't the only agency impacted. The Congressional Budget Office estimates that the Trump shutdown cost our economy $11 billion, and $3 billion of that will never be recovered.

What is more, the White House wouldn't even rule out the chance of another shutdown in 3 weeks.

Mr. Speaker, we should fully fund our government and focus our efforts on bipartisan compromises like H.R. 624.

Again, I am pleased that one of the first bills to be brought to the floor for a vote from the Financial Services Committee is a bill that is cosponsored by Ranking Member McHenry that seeks to strengthen the ability of the SEC to punish fraudsters and protect investors.

So, Mr. Speaker and Members, again, I am pleased to have had the opportunity to work with the ranking member and to come together and present a bill that is extremely important and will go a long way to getting rid of insiders who would basically cheat the system.

So Mr. McHenry and I have not only worked on this bill together, we developed a relationship some time ago. And I know that there are those who are thinking that, oh, I don't know if both sides are going to be able to get together in an atmosphere that really is not conducive to getting along sometimes, but Mr. McHenry and I have shown that it is possible, and we are looking forward to other opportunities.

We are not going to agree on everything and we are going to oppose each other on some things, but this bill here today indicates that we are willing to work together to try and see what we can do as cosponsors and coauthors of important pieces of legislation that both sides of the aisle should be supporting.

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

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 502) to require the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

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

Mr. Speaker, I support H.R. 502, the Fight Illicit Networks and Detect Trafficking Act, which would advance efforts to counter the illicit uses of virtual currencies and marketplaces in drug trafficking and sex trafficking.

The study in the report designed to drive action from government and its partners is needed now more than ever.

In 2017, more than 70,000 Americans died of drug overdoses, a 10 percent rise from the previous year. The percentage of those deaths from synthetic drugs like fentanyl and its analogs increased sharply as well. It is said that Americans are now more likely to die from opioid overdose than a car wreck, dropping our collective life expectancy.

Further, the International Labor Organization estimates that there are 4.8 million people trapped in forced sexual exploitation globally. Online marketplaces and cryptocurrencies facilitate this abuse, not just abroad, but in our own communities, where victims are exploited by bad actors, forcing men, women, and children into horrifying situations from which it is difficult to escape.

The bill would require the GAO to study how online marketplaces and virtual currencies are being used for drug and sex trafficking.

It will examine the participants in these trafficking supply chains and how they cash in and out of their digital marketplaces, returning their illicitly gained proceeds to the formal banking system.

The study will also tell us about existing Federal and State efforts to impede such activities, so we can identify how to better tackle these crimes.

Mr. Speaker, I thank Congressman Vargas and Congresswoman Wagner for introducing this bipartisan legislation.

Mr. Speaker, I urge support for this bill, and I reserve the balance of my time.

Mr. Speaker, I yield 4 minutes to the gentleman from California (Mr. Vargas), the sponsor of the bill.

Mr. Speaker, I yield 2 minutes to the gentlewoman from Michigan (Ms. Tlaib).

Mr. Speaker, yield 2 minutes to the gentlewoman from Massachusetts (Ms. Pressley).

Mr. Speaker, I yield an additional 1 minute to the gentlewoman from Massachusetts.

Mr. Speaker, I yield 2 minutes to the gentlewoman from Pennsylvania (Ms. Dean).

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

Mr. Speaker, H.R. 502, the FIND Trafficking Act, is an important bill in the fight against human trafficking and drug trafficking. There are millions of victims trapped in forced sex exploitation globally, and there were over 70,000 drug overdose deaths in the United States in 2017.

This bill will study how virtual currencies and online marketplaces facilitate human trafficking and drug trafficking, and it will study the participants who are abusing these mediums. The research that results from this bill will assist Congress in finding effective measures to address these harmful, illicit trades.

Lives can be saved because of this legislation. Once again, I thank Congressman Vargas and Congresswoman Wagner for introducing this bipartisan legislation.

Again, this is the second bill that we have here on the floor today where we have bipartisan cooperation. They are great bills that both sides can support. Again, I am very grateful for the vision of Congressman Vargas and Congresswoman Wagner, in introducing this legislation, and I urge support for the bill.

I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 56) to establish an Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

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

Mr. Speaker, I am so pleased that this body will vote on H.R. 56, the Financial Technology Protection Act, which passed the House in the 115th Congress. This bill would strengthen and expand efforts to deter terrorists and illicit abuses of financial technology through interagency coordination and research through collaboration with private institutions and citizens.

As stated in last year's National Money Laundering Risk Assessment from the United States Department of the Treasury, many cryptocurrencies are being designed to make virtual currency transactions untraceable and are increasingly being used by bad actors.

The talent and technological capabilities to track these transactions must keep up so the government can identify terrorists, hackers, and other criminals who try to hide their activities and proceeds using cryptocurrencies and related exchanges.

This bill would establish a public-private sector task force, a grant program to encourage the development of largely open-source tracking technology, and a whistleblower reward program to counter terrorist uses of digital currencies. Also, it would require the government to examine how state and nonstate actors, including foreign terrorist organizations, use these cryptocurrencies to evade sanctions, finance terrorism, and launder money.

I thank Congressmen Budd and Lynch for reintroducing this bipartisan legislation.

Mr. Speaker, I urge my colleagues to support it, and I reserve the balance of my time.

Mr. Speaker, I yield 4 minutes to the gentleman from Massachusetts (Mr. Lynch), who is a strong leader and a strong voice on the Financial Services Committee and the lead Democratic cosponsor of this bill.

Mr. Speaker, I yield the gentleman from Massachusetts an additional 1 minute.

Mr. Speaker, I reserve the right to close.

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

Mr. Speaker, I would like to thank Representative Budd and Representative Lynch for the work that they have put forth on this legislation, and I would like to take a moment to thank Mr. Lynch for not only this legislation, but all of the efforts that he has put forth on the Financial Services Committee that have benefited this Congress and our country.

Let me just say that I rise again to encourage my colleagues on both sides of the aisle to vote for H.R. 56, the Financial Technology Protection Act. This bipartisan bill aims to improve our efforts to deter terrorists and criminal abusers of financial technology, including cryptocurrencies, through its support of interagency coordination and research and through collaboration with private institutions and citizens.

The measure created by this legislation will give the U.S. a better understanding of how bad actors, including terrorists, use cryptocurrencies to evade sanctions, finance terrorism, and launder money. These state and nonstate actors are always looking for new ways to get around our protective and investigative measures, and this bill will help us to stay at least one step ahead.

So, again, my sincere gratitude and thanks to Congressmen Budd and Lynch for reintroducing this bill, which was passed by this body in the last Congress.

I would like to, again, follow up on statements that were made by the ranking member, Mr. McHenry, to remind everyone that the first three bills of this Congress that have been introduced by the Financial Services Committee are bipartisan bills where we have shown that we are willing to provide leadership and send a message to all of the Members of Congress that we have to work hard to try and get good, viable, strong legislation through this Congress, working together in ways that perhaps we have not done before.

I am very pleased and proud to stand here as the chairperson of the Financial Services Committee, helping to make sure that the first three bills that we introduce are bipartisan and urging my support for these bills and this bill now that it is before you.

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

Madam Speaker, on Sunday, January 20, the Los Angeles Rams--who play at the Los Angeles Coliseum and will soon be housed in my Congressional District in the City of Inglewood--defeated the New Orleans Saints in the 2019 NFC Championship Game. The Rams won the opportunity to face off with the New England Patriots in Super Bowl LIII on February 3 in Atlanta, Georgia. Football is an all-American sport and is the most popular sport in America. As such, the Rams are congratulated by all of their hometown fans and admirers across the country for their spectacular victory in becoming NFC Champions. I commend these players as well as the players and staff of all NFL teams for their tremendous talent and for exercising their first amendment rights in support of criminal justice reform.

Madam Speaker, today, thousands of air traffic controllers, who we know are essential to our safety and work in one of the most stressful work environments, have had to work without being paid for 34 days.

Unions for air traffic controllers, pilots, and flight attendants released a letter today describing the impact of this shutdown. This is what they wrote: ``We have a growing concern for the safety and security of our members, our airlines, and the traveling public due to the government shutdown. This is already the longest government shutdown in the history of the United States, and there is no end in sight. In our risk-averse industry, we cannot even calculate the level of risk currently at play nor predict the point at which the entire system will break. It is unprecedented.''

This is unconscionable.

Mr. President, you took credit for this shutdown. You said you would accept the responsibility. You said you own this shutdown. Are you going to own and take responsibility for the loss of lives for a catastrophe that will be caused in the sky because you are holding the American people hostage for a political agenda that has no credibility whatsoever?

Mr. Speaker, you have heard all of the facts about what is happening in the Treasury Department. I do not understand, for the life of me, why there is any elected official who would support delisting these companies and Deripaska.

We are dealing with the enemy. We are in an investigation. Deripaska is a criminal. He is closely aligned with Putin. We know everything about him, and we know that he would benefit from this delisting.

He would retain 45 percent of the shares or the ownership in these companies. Of course, he will use that to basically pay off the debts to the bank that he owes.

I don't know why we have Republicans who don't understand this. Where are they? Why are they not down here defending what they are going to do with their vote? Why are they not down here explaining why somehow they are not putting this democracy first?

This is not the first sanction that they are going to try to delist. Oh, they are coming with another in a few days. It has to do with Jamaica, and I know all about that. And they are going to keep coming.

We should be implementing sanctions. This is about the invasion and the attack on Crimea. This is about all of the other atrocities that have occurred and have been implemented by Putin and the oligarchs of Russia.

We need to stand up, and we need to say that, yes, we are going to have sanctions. They are going to be implemented. We are going to make sure that we don't align ourselves with the people who are undermining this democracy.

They have hacked into our DNC. They have hacked into our State electoral systems. And here we have people who are willing to say that is okay; that is all right; let them continue to do what they do.

The Republicans who did not vote on the Senate side need to be called out. This is serious business, and I want the Republicans to face up to it. Don't hide. Come on down here and defend your views.

Madam Speaker, today is day 26 of the Trump Shutdown. Federal workers missed their first paycheck last Friday, and still there is no end in sight to this cruel and senseless shutdown. It is truly shameful that President Trump and Congressional Republicans are so desperate to secure taxpayer funding for an irrational border wall that they're willing to harm hardworking Americans and jeopardize national security by shutting down the federal government.

This outrageous shutdown has furloughed 400,000 federal workers, and it's forcing another 400,000 federal workers to work without pay. Among those working without pay are 53,000 Transportation Security Administration employees, more than 24,000 air traffic controllers and other Federal Aviation Administration employees, 54,000 Customs and Border Protection agents and customs officers, 42,000 service members in the United States Coast Guard, 17,000 Bureau of Prisons correctional officers, 14,000 FBI agents, and 6,000 Forest Service firefighters.

These dedicated public servants go to work every day for the American people. These hardworking people keep us safe. They should not have to worry about how they will keep a roof over their heads and feed their families.

My congressional district is home to Los Angeles/International Airport (LAX), the sixth busiest airport in the world and the third busiest in the United States. In 2017, more than 84 million passengers used LAX. All of these passengers depend upon the TSA's airport security screeners and the FAA's air traffic controllers to get them to their destinations safely.

The Trump shutdown doesn't just affect government employees. An economic study in 2011 reported that operations at LAX generated 294,400 jobs in Los Angeles County with labor income of $13.6 billion and economic output of more than $39.7 billion. The economic vitality of Los Angeles County depends upon the safety and security of LAX and the TSA and FAA employees who work there.

TSA employees are dedicated public servants who risk their lives every day to keep our nation's airports and travelers safe. On November 1, 2013, a Transportation Security Officer named Gerardo Hernandez was tragically killed in the line of duty during an active shooter incident at LAX. He was the first TSA employee to be killed in the line of duty, and my colleagues and I passed the bipartisan Gerardo Hernandez Airport Security Act of 2015 in his honor. Our President has forgotten the critical role these American patriots serve in our national security.

Today, at LAX and airports throughout the country, Transportation Security Officers like Gerardo Hernandez are working without pay.

The Trump Shutdown is endangering public safety, national security, and the livelihoods of the people whose job it is to protect us.

Democrats want to end this shutdown now. On Day One, the new Democratic House of Representatives passed Senate Republican legislation to end the Trump Shutdown and re-open government. Despite the Republicans' relentless obstruction, Democrats have continued to take further action to re-open government, passing individual Senate Republican appropriations bills to re-open all government agencies.

American families and workers should not be punished because of a policy disagreement in Washington, D.C. Donald Trump should stop holding the safety, security, and paychecks of workers in my district, and throughout the country, hostage. He must re-open the government immediately.

Mr. Speaker, I rise to call for an end to the Trump shutdown. This Republican-imposed shutdown is threatening job creation, harming small businesses and leaving families with uncertainty and instability.

It is shameful that President Trump and Congressional Republicans are so desperate to secure taxpayer funding for a senseless border wall that they're willing to harm hardworking Americans by shutting down the federal government.

This outrageous shutdown is forcing 420,000 federal employees to work without pay. These dedicated public servants have been doing their jobs and serving the public without pay since December 22. They include about 14,000 FBI agents, 6,000 Forest Service firefighters, and 54,000 Customs and Border Protection agents. Furthermore, thousands of airport security screeners and air traffic controllers are working without pay to protect the safety of the flying public at airports throughout the country, including LAX in my congressional district.

In addition, 400,000 federal employees have been furloughed without pay. This includes federal workers at the Departments of Transportation, State, Commerce, Interior and Agriculture.

These dedicated public servants are sitting at home wondering how they will pay their mortgages and buy food for their families. Yet, they want nothing more than to go back to work serving the American people.

As the Chair of the House Committee on Financial Services, I am especially concerned about the impact of the Trump Shutdown on American homebuyers and renters. Millions of families that rely on Department of Housing and Urban Development (HUD) and Department of Agriculture (USDA) rental assistance programs are dangerously close to eviction and foreclosure due to lapses in funding. Families aspiring to become homeowners may see their Federal Housing Administration (FHA) or rural housing loans delayed or be unable to close on their loans altogether during the shutdown. In rural communities, very low-income, elderly homeowners who rely on HUD grants and loans to address health and safety hazards will not receive payments and may be forced to live in dangerous conditions.

In addition, the Securities and Exchange Commission (SEC), the agency that investors and the public rely on to police Wall Street and maintain the safety of our capital markets system has furloughed roughly 94% of its staff, leading to a backlog of complaints that could delay enforcement actions. Companies looking to go public and enter the stock market for the first time may also have to delay their Initial Public Offerings (IPOs).

Meanwhile, our National Parks are overflowing with uncollected trash, and the Environmental Protection Agency (EPA) has stopped conducting inspections of drinking water systems, hazardous waste facilities, and chemical facilities.

If the Trump shutdown continues beyond January, about 40 percent of 40 million individuals and families across the country who are dependent upon the Supplemental Nutrition Assistance Program (SNAP), also known as Food Stamps, will see their benefits reduced.

These are just a few examples of the harm being caused by the third shutdown this nation has experienced since Trump took office. It is time for Republicans to stop jeopardizing livelihoods, the financial system, and our economy by ending this shutdown immediately.

It's long past time to end this Trump shutdown, and put America's public servants back to work serving the public.

Mr. Speaker, I look forward to working with my colleagues on the opposite side of the aisle, but today I rise in support of H.R. 264, legislation that would reopen the Federal Government and put Wall Street's cop on the beat, the Securities and Exchange Commission, back to work.

This President has all but closed the door of the SEC, furloughing 94 percent of the agency and essentially providing fraudsters and schemers with a free pass to swindle investors and small businesses. With such a skeleton crew of less than 300 staff, the SEC cannot possibly oversee the activities of over 26,000 registered entities, such as investment advisers, broker dealers, and stock exchanges. Worse, the SEC is unable to hold bad actors accountable through most enforcement actions, preventing harmed investors from obtaining relief.

But the importance of the SEC goes beyond ensuring the rule of law. Businesses that are looking to enter the public stock markets may have to delay their initial public offerings because the SEC cannot approve their documents. Businesses seeking guidance from the SEC are left in legal limbo until the SEC can get back to work.

The Trump shutdown is jeopardizing the integrity of our financial markets and the hard-earned savings of millions of Americans. So let's end this Trump shutdown and open the government so that the SEC and other agencies can get back to work on behalf of the public.

Mr. Speaker, I appreciate some of the comments that have been made about the fact that we have been able to work together, both sides of the aisle on the Financial Services Committee, working on such things as the JOBS Act, but we can't do any of that. We cannot move. We cannot get to work for the American people because this President not only has shut down the government, but he took responsibility for

it. He wanted everybody to know that he did it--that he not only did it, but he is going to continue to do it until he can bend us to his will and give him $5 billion-plus to put up a wall of some kind. We don't even know what it is.

So I want to say to my friends on the opposite side of the aisle and to Mr. McHenry, yes, we are going to be able to work together on a lot of good legislation, but why don't you join with us and talk to the President and tell him to open up government, that we cannot continue to have the American people suffer in the way that they are doing, and our financial services agencies are unable to do the job that the people sent them here to do.

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

Mr. Speaker, allow me to try and explain exactly what is happening with this proposal by my chairman, Mr. Hensarling. Mr. Hensarling came to me and indicated that he wanted to add language to the reauthorization, the short-term reauthorization of the flood insurance program.

I explained to him that I had an agreement with Mr. Scalise, and our agreement was that this would be a short-term reauthorization that was clean; that it would be added to the continuing resolution; and that we would see to it that the flood insurance program would not lapse.

So Mr. Hensarling went to Mr. Scalise and Mr. Scalise agreed to it and, because he agreed to it, Mr. Hensarling moved forward.

Following that, staff members pointed out that if the language is added that Mr. Hensarling would like to add, it was going to create a problem. It was going to create a confrontation; that we would endanger the ability to have short-term reauthorization and, if we do that, homeowners are going to be disadvantaged because they would not have access to the insurance that they need to satisfy the mortgages that they were trying to get.

So we have had a long discussion and a long debate about what the Senate is going to do and, of course, our understanding now is that the Senate will not support the language that is going to be put in that is headed by Mr. Hensarling; and this was going to endanger the ability for us to get the short-term reauthorization.

So, given all of that, and understanding all of that, yes, I made an agreement with Mr. Hensarling that, if Mr. Scalise agreed, that I would agree, but I want--and I have said to Mr. Hensarling, as we had a long discussion on the floor with some of the leadership, et cetera, that one of the things we want is, we want this short-term reauthorization until May, until we can get to work on long-term reauthorization for the National Flood Insurance Program.

Yes, Mr. Hensarling is correct that we do have the possibility now for private insurers who write insurance for the national flood insurance, to do both, to be able to write insurance. But we do know that even if they are able to do it now, we are not saying that we should do anything to codify that in existing law. They are saying you should not do anything to codify that in existing law, simply because it endangers the ability for the support for the National Flood Insurance Program to be reauthorized through the short-term.

So it is complicated and it presents a dilemma for everybody. But in the final analysis, no matter what, the real question becomes: Is it important for a short-term reauthorization of the national flood insurance; or do we allow it to get caught up in these agreements so that we don't have it, and then the real estate market is going to go crazy; homeowners who are trying to purchase insurance, because they can't get a mortgage without it, all of this will be absolutely undermined. And that is the essence of what is going on.

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

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

Mr. Speaker, I think that what Mr. Scalise said is the significant question about this issue, and that is: What do we do today to make sure that we have short-term reauthorization?

If we have thoughts other than that, are we reexamining those thoughts in any way, or do we understand the danger that may be imposed upon our ability to get short-term reauthorization with any efforts that we are making to codify or place into law the ability for private insurers to participate in the program, along with the way that they participate for the National Flood Insurance Program?

I think the significant question is what Mr. Scalise has said: Will we be able to support short-term reauthorization with whatever we do today? That becomes the question.

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

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

Mr. Speaker, I, too, rise in support of this legislation, S. 3628, and the gentleman, Tom MacArthur, is absolutely correct. We have to do a short-term reauthorization. And because of the previous vote, some people are a little bit confused, but they do not have to worry.

The previous bill that we voted on was one where Chairman Hensarling was attempting to add some language. That failed. So now we have a clean bill before us with one little correction in it, and I would simply ask for an ``aye'' vote so that we can get on with ensuring we have short-term reauthorization.

And I am pleased to say that we have the support on both sides of the aisle to begin to work on a long-term reauthorization, and I think we are going to have good agreement on that. So I would simply ask for an ``aye'' vote today and get this out of the way so that we can move on.

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