Floor Statements

Madam Speaker, I rise to honor the life achievements of Ms. Beatrice Byrd, in celebration of her 80th Birthday. Born February 3, 1942, Ms. Byrd, has served as a selfless and celebrated advocate to her community of Red Hook, Brooklyn.

As a public servant, Ms. Byrd ran for City Council to represent her community and the surrounding area in 1991. She has also been elected to serve as the Resident Association President of Red Hook Houses West. In her appointment as a NYCHA Board member, she was an outspoken voice for tenant rights and ensured that her neighbors received equal opportunities, resources, and access to upward mobility.

In her tenure as an educator, Ms. Byrd was a well-respected NYC Public School teacher during the most formative years of a child. She continues to remain a recognized role model in and around the community of Red Hook.

In her role of extended community service, she held the prestigious honor as the President to the Brooklyn Branch of the National Association for the Advancement of Colored People (NAACP), was a member to the Lions Club of Red Hook and served on Area Policy Board 6. Currently Ms. Byrd continues to represent Red Hook as a board member to the Joseph P. Addabbo Family Health Center.

As displayed by her decades of community service, Ms. Beatrice Byrd remains a solid pillar of the Red Hook community. She is well respected by generations of her students, neighbors, community professionals and the local clergy. Through her life-long actions she has instilled the core values of ethics, public service and civic pride.

I thank Ms. Byrd for her public service and Happy 80th Birthday.

Mr. Speaker, I rise in strong support of the Senate Amendment to H.R. 1192, the Puerto Rico Recovery Accuracy in Disclosures Act of 2021. I was proud to introduce this bill with bipartisan support in the House. I would like to thank House Speaker Nancy Pelosi and Chairman Jerry Nadler for bringing this legislation to the floor and to Senator Bob Menendez for introducing a companion bill in the Senate and for his tireless efforts to make sure this Bill would get approved in the Senate.

H.R. 1192 already unanimously passed this House back on February 24, 2021 and I expect to do so the same today.

The Puerto Rico Recovery Accuracy in Disclosures Act of 2021 or ``PRRADA'' eliminates a double standard currently facing Puerto Rico. Under U.S. Code and Federal Bankruptcy procedure, any conflicts of interest--or even the perception of such conflict--between those working on the bankruptcy and the debtor are required to be disclosed.

However, a loophole in the current law prevents this requirement from being extended to the people of Puerto Rico.

In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act, otherwise known as PROMESA. When PROMESA was originally passed, it incorporated Chapter 11's bankruptcy requirement that professionals file fee applications with the court. But PROMESA did not include Chapter 11's disclosure requirements that go hand-in- hand with those fee applications. PRRADA remedies this and makes sure that professionals paid by the taxpayers of Puerto Rico are fully transparent about what interests they are serving.

Puerto Ricans should be confident that the Board's bankruptcy advisors do not have their ``thumb on the scale'' to favor certain debts where they have a self-interest. This bipartisan bill ensures integrity and transparency of the PROMESA process.

While we can have differing opinions on how effectively the Oversight Board is carrying out its mission, one thing should be clear--the island's residents should be entitled to the same rights and protections as any debtor on the mainland.

Once more, I would like to thank Chairman Nadler, the Committee Staff and the bipartisan cosponsors of this bill. I strongly encourage all members to vote ``Yes'' on this critical piece of legislation.

Madam Speaker, I rise in strong support of this legislation because working families deserve a government that will make their lives better.

First off, to build back better, we must invest in our Nation's entrepreneurs, and that is exactly what this bill does. It will make a $5 billion investment in SBA programs that go beyond recovery and provide transformative, long-term solutions and economic stimulus. It will create millions of new jobs on top of the millions already added under the Biden administration.

This legislation also includes the largest single, one-time investment ever made to HUD's public housing capital fund. It will go a long way to clearing the backlog of repairs around the country.

This bill also creates universal pre-K, extends the child tax credit, and finally mandates paid parental leave.

On climate, we are including a focus on environmental justice and frontline communities like those I represent.

Madam Speaker, here is what I can guarantee. Because of this bill, millions of working families will see their lives improved by a Federal Government that we are showing today has their back.

While this is not the end of the fight, it is what progress looks like. That is why I am proud to vote ``yes.''

Madam Speaker, on Wednesday, November 17, I regret not being present for one vote session due to a committee briefing. Had I been present, I would

have voted ``aye'' on the motion on ordering the previous question on the Rule H. Res. 795, roll No. 377.

Members Recorded Pursuant to House Resolution 8, 117th Congress

Auchincloss (Clark (MA))

Blumenauer (Beyer)

Carter (LA) (Kahele)

DeFazio (Brown (MD))

Dingell (Clark (MA))

Khanna (Gomez)

Kildee (Butterfield)

Kirkpatrick (Stanton)

Lawrence (Beatty)

Lawson (FL) (Evans)

Lesko (Joyce (PA))

Levin (MI) (Raskin)

Lowenthal (Beyer)

McEachin (Wexton)

Nunes (Garcia (CA))

Porter (Wexton)

Rice (NY) (Murphy (FL))

Roybal-Allard (McCollum)

Rush (Quigley)

Stevens (Lee (NV))

Swalwell (Gomez)

Tlaib (Bowman)

Underwood (Casten)

Waltz (Salazar)

Wilson (FL) (Hayes)

Madam Speaker, Representative Gosar is a member of this institution as am I, and as is Representative Ocasio-Cortez, and so are roughly fifty other women of color.

We all walk the same hallways and took the same oath of office. We are here to serve our districts and the American people. The graphic video that Rep. Gosar posted violates every sense of mutual respect that we should have for one another. Not only that, but it also dangerously promotes violence towards a sitting member of Congress who is a powerful Latina. It's exactly the type of misogynistic and racist recklessness that the previous President deployed, and social media companies eventually stripped him of his accounts.

Rep. Gosar needs to be held accountable for this and that's what we are doing today. We need to deliver a message that in the people's house, this dangerous behavior will not be tolerated.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3469) to amend the Small Business Act to codify the Boots to Business Program, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the measure under consideration.

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

Mr. Speaker, I rise in support of the bill before us today, H.R. 3469, the Veteran Entrepreneurship Training Act of 2021. But before I begin, let me say how proud I am of the committee's work on behalf of small businesses. I am pleased that we have worked together on these bills that we are taking up today because small businesses deserve nothing less.

I would also like to thank Ranking Member Luetkemeyer for his bipartisan leadership on our effort today and the work of our Small Business Committee members who continuously strive to make critical changes in policy for entrepreneurs.

This week is National Veterans Small Business Week, and I would like to take a moment to honor and salute the contributions veterans have made to American small businesses and in our country.

The Veteran Entrepreneurship Training Act of 2021 is timely because it would make vital improvements to SBA's Boots to Business Program, as well as offer certainty to transitioning servicemembers by authorizing the program for 5 years.

Since its inception in 2011, SBA's Boots to Business Program has been a vital resource for transitioning servicemembers and their spouses looking to launch and grow their small businesses.

Boots to Business offers a 2-day, in-person entrepreneurial education and training program as part of the Department of Defense's Transition Assistance Program. This valuable program is delivered throughout the country by Veterans Business Outreach Centers. Each year, more than 200,000 servicemembers make the transition from military to civilian life, and transition assistance is a critical component to ensure that our veterans have meaningful employment opportunities.

Veterans are uniquely positioned to succeed in starting and growing their own small businesses. The leadership skills, organizational abilities, and tenacity they developed through their time in the military lend themselves perfectly to the rigors of entrepreneurship. According to the SBA, veterans are 45 percent more likely to be self- employed than nonveterans, with 1 in 10 veterans owning a small business and, in return, employing 5.8 million individuals.

I want to thank Mr. Schneider and Mr. Williams for their work to provide meaningful entrepreneurship assistance to veterans.

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

Mr. Speaker, I yield such time as he may consume to the gentleman from Illinois (Mr. Schneider).

Mr. Speaker, I have no further speakers, and I am prepared to close.

I reserve the balance of my time.

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

Mr. Speaker, America's veterans, and their families, deserve our support as they transition back to civilian life. SBA's Boots to Business Program is a critical part of that support for veterans looking to begin their next chapter through entrepreneurship.

I am pleased to support this legislation, which will go a long way in ensuring transitioning servicemembers success in civilian life once their tours of duty are complete.

In light of National Veterans Small Business Week and Veterans Day next week, there is no better time for Congress to show their support for veteran entrepreneurs. I thank my colleagues, Mr. Brad Schneider from Illinois and Mr. Roger Williams from Texas, for working together in support of America's veterans.

Mr. Speaker, I urge my colleagues to vote ``yes,'' and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4256) to amend the Small Business Investment Act of 1958 to increase the amount that certain banks and savings associations may invest in small business investment companies, subject to the approval of the appropriate Federal banking agency, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and to include any extraneous material on the measure under consideration.

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

Mr. Speaker, I rise in support of the bill before us today, H.R. 4256, the Investing in Main Street Act of 2021.

Since 1958, the Small Business Investment Company program, also known as the SBIC program, has been an integral part of SBA's mission to provide small businesses with capital and create jobs. It achieves this purpose by partnering private and public investments in early-stage startup businesses. In fact, in 2020, the SBIC program provided almost $5 billion in financing for 1,063 small businesses and helped sustain almost 92,000 jobs.

This program gives America's small, high-growth companies an opportunity to fund and grow their innovative ideas and create jobs. Just look at companies like Apple, Tesla, or FedEx. Each has achieved what we all hope for every small business, extraordinary growth and success. And each of them received early-stage financing from SBICs.

One of the strengths of this program is the hands-off approach SBA takes with respect to individual investments, giving fund managers the flexibility to invest in almost any business or sector they choose as it fits their fund's investment strategy.

This freedom, combined with decades of sound investment strategy, has led to its success. The SBIC program has helped increase the flow of patient capital to small, high-growth companies, but we can do more to ensure the program continues to meet demand.

Ms. Chu and Mr. Garbarino's bill will strengthen and grow the SBIC program by allowing banks and Federal savings associations to invest up to 15 percent of their capital and surplus into SBICs. This increase in capital, which comes at no cost to the taxpayer, offers entrepreneurs the financing necessary to grow their businesses and continue to innovate.

I applaud Ms. Chu and Mr. Garbarino for identifying this issue and finding a sensible solution. I ask all of my colleagues to support this bill, and I reserve the balance of my time.

Mr. Speaker, I yield 3 minutes to the gentlewoman from California (Ms. Chu), a sponsor of the bill.

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

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

As the small business economy recovers from the COVID-19 pandemic, entrepreneurs will need as many options for affordable capital as possible. The SBIC program fills the gap between the availability of venture and private equity capital and the needs of small businesses in startup and growth situations.

For decades, this program has channeled patient capital to leading- edge, high-growth companies. Some of our Nation's most successful corporations received early-stage funding from SBICs. Without it, they would not be the companies they are today. The bill we are considering today will lead to additional investment by SBICs, which will, in turn, lead to strong economic growth in our local communities.

The Investing in Main Street Act has bipartisan support, and it is endorsed by the Small Business Investor Alliance.

I want to applaud Ms. Chu and Mr. Garbarino for their bipartisan work on this SBIC program. I urge my colleagues to vote ``yes,'' and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3462) to require an annual report on the cybersecurity of the Small Business Administration, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and to include any extraneous material on the measure under consideration.

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

Mr. Speaker, I rise in support of H.R. 3462, the SBA Cyber Awareness Act. This bill directs the SBA to issue reports that assess its cybersecurity infrastructure and report cyber threats, breaches, and attacks.

For more than 25 years, the SBA's Office of Inspector General has listed IT security as one of the most serious management and performance challenges facing the agency. These vulnerabilities were further exposed during the rollout of the SBA's COVID-19 relief programs. The unprecedented demand for the SBA's relief programs inundated SBA's legacy systems leading to back-end system crashes, portals operating slowly, and a glitch that led to a data breach of applicants' personal information.

SBA failed to make any public announcement about the data breach, and it took weeks for the agency to send paper notifications to affected individuals.

The SBA has taken the necessary steps to recover from these incidents, but we want a notification system in place before the next cybersecurity breach.

This bill sets new reporting requirements to ensure congressional and public awareness of cyber incidents at the SBA. I would like to thank my colleagues, Mr. Jason Crow from Colorado and Mrs. Young Kim from California, for introducing this bill.

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

Mr. Speaker, I yield such time as he may consume to the gentleman from Colorado (Mr. Crow).

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

Mr. Speaker, H.R. 3462 adds new layers of Congressional oversight to regularly assess SBA's IT and cybersecurity systems and controls, and it will go a long way to increase transparency in the event of another IT or cyber incident.

Congress and the American people need to know that the SBA's systems are fully operational and capable of handling the next surge. This bill takes a step towards rebuilding the trust and confidence in the SBA's IT infrastructure.

Mr. Speaker, I thank my colleagues for their work, I urge Members to vote ``yes'' on this bill, and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4481) to amend the Small Business Act to establish requirements for 7(a) agents, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the measure under consideration.

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

Mr. Speaker, I rise in support of the bill before us today, H.R. 4481, the Small Business 7(a) Loan Agent Transparency Act.

This bill would establish a registration system for 7(a) loan agents that assigns each a unique identifier and collects data to help SBA track and evaluate loan performance for loans generated through agent activity.

Our committee has consistently heard from agency watchdogs about the increased risk associated with loans originated through loan agents.

In October 2021, SBA's Office of Inspector General identified increased risk introduced by loan agents as one of the agency's top management and performance challenges facing the agency this fiscal year.

H.R. 4481 addresses the IG's finding by establishing a registry and including loan agents as entities against which SBA's Office of Credit Risk Management may issue formal or informal enforcement actions.

Earlier this Congress, our committee approved this bipartisan bill on a unanimous basis, and I am proud to support it again today.

I applaud my colleagues, Mr. Phillips and Mr. Meuser, for identifying this issue and working together on a commonsense solution. I ask all of my colleagues to support this bill.

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

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

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

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

As the small business economy continues its recovery, we have an opportunity to optimize SBA's flagship capital access program.

Today's legislation improves SBA's ability to oversee the loan agents in the 7(a) program and empowers the agency to hold noncompliant agents accountable.

Currently SBA's Office of Credit Risk Management conducts loan agent oversight as part of its periodic lender reviews, not directly through the agents themselves.

The registry established under this bill will improve SBA's ability to conduct more targeted oversight over the 7(a) loan agents.

I applaud the gentleman from Minnesota (Mr. Phillips) and the gentleman from Pennsylvania (Mr. Meuser) for their bipartisan work to improve the 7(a) program. I urge my colleagues to vote ``yes,'' and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4531) to amend the Small Business Act to require a report on 7(a) agents, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the measure under consideration.

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

Mr. Speaker, I rise in support of the bill before us today, H.R. 4531, the 7(a) Loan Agent Oversight Act, companion legislation to H.R. 4481, the Small Business 7(a) Loan Agent Transparency Act.

While H.R. 4481 would establish a registration system for 7(a) loan agents, this bill requires SBA to submit a report to Congress assessing and analyzing the performance of 7(a) loans generated through loan agent activity.

This analysis will include SBA's purchase rate for loans generated through loan agent activity, the aggregate dollar value of referral fees paid to agents either by borrowers or lenders, and the interest rates associated with these loans.

The report will also include an analysis--without naming individual agents--of the risk created by individual agents responsible for generating at least 1 percent of the 7(a) portfolio.

SBA's Office of Inspector General has repeatedly identified the increased risks to the 7(a) loan portfolio created by loan agents as the top agency management challenge and recommended the agency develop a system to register loan agents and monitor their performance.

The IG's findings about loan agent activity are particularly troubling. In one instance a loan agent fraudulently originated $90 million in 7(a) loans and received compensation from at least 19 different lenders.

Today's bills on 7(a) loan agent registration and oversight will go a long way in providing transparency and are long overdue.

Once again, I want to sincerely thank Mr. Phillips and Mr. Meuser for identifying this issue and collaborating on a sensible solution.

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

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

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

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

The two bills we are considering today go hand in hand and will also go a long way to enhance transparency in the 7(a) program.

Over the last year, our committee has focused on relief programs, but we never lost sight of our traditional lending programs. Today, we turn our attention to the core SBA loan programs and ensure they are working as best as they can.

The report required under this bill will help Congress and the public better understand the role loan agents play in the 7(a) program, whether they improve access to capital for entrepreneurs, and the impact of potential bad actors in this space, especially as it relates to portfolio risk.

Though lenders bear primary responsibility for monitoring their agents, only SBA is positioned to aggregate loan agent portfolios, evaluate their performance, and inform lenders and policymakers about concerning program risks or trends.

Once again, I want to salute the work of the gentleman from Minnesota (Mr. Phillips) and the gentleman from Pennsylvania (Mr. Meuser). I encourage all of my colleagues to vote ``yes,'' and I yield back the balance of my time.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4515) to amend the Small Business Act to require cyber certification for small business development center counselors, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the measure under consideration.

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

Mr. Speaker, I rise in support of H.R. 4515, the Small Business Development Center Cyber Training Act. This legislation will enable Small Business Development Centers, SBDCs, to better assist small businesses with their cybersecurity needs.

Small businesses often lack the resources, training, or technical knowledge to prevent a cyberattack before it happens. In the past year alone, 47 percent of small businesses experienced a cyberattack, and out of those, 44 percent experienced more than one.

A cyberattack can cripple a small business, and the repercussions can be felt across the supply chain. In fact, the cost of a single breach can cost upwards of $200,000 or more. During hearings over the years, my committee has heard heartbreaking stories of how just one cyberattack forced companies to close their doors permanently.

Today's legislation takes action to provide much-needed resources to any small company, whether it is our local pizza shop or an independent Uber driver, to educate and protect themselves from growing cybercrime.

Because SBDCs have a proven record of understanding the needs of small businesses, H.R. 4515 would establish a cyber counseling certification program in SBDCs to provide specific, free-of-charge cyber training for small entities.

The cyber training provided by the nationwide network of SBDCs will offer crucial resources for small employers to plan and implement cybersecurity protections and combat cyberattacks.

I thank my colleagues, Mr. Andrew Garbarino from New York, Mr. Steve Chabot from Ohio, and Mr. Dwight Evans and Ms. Chrissy Houlahan from Pennsylvania, for their work on this bill. I am confident that the bipartisan work of the Small Business Committee will better fortify our Nation's cyber infrastructure.

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

Mr. Speaker, I yield 3 minutes to the gentlewoman from Pennsylvania (Ms. Houlahan).

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

Mr. Speaker, our national cybersecurity infrastructure is only as strong as our weakest links. America's small companies need the same cybersecurity protections as Fortune 500 businesses and the Federal Government but often lack the resources.

This bill would go a long way in assisting small businesses with their cybersecurity needs. The training and resources provided by SBDCs will offer crucial resources for small businesses to plan and implement cybersecurity protections and minimize the damage of cyber incidents.

Mr. Speaker, I urge my colleagues to support this important legislation, and I yield back the balance of my time.

Madam Speaker, I rise today to recognize the Puerto Rican Bar Association of New York (PRBA) on the occasion of its 64th Annual Scholarship Fund, Inc. gala.

Founded in 1957, PRBA was created to connect lawyers and judges who shared common goals, ideas and concerns relating to the practice of law, the courts, and the community. PRBA has successfully mentored and helped generations of attorneys develop their careers in line with their core mission of empowering and giving back to the Puerto Rican and Latino communities.

With the Puerto Rican Bar Association Scholarship Fund, the Association promotes opportunities for educational and professional advancement for underserved young professionals. Throughout its storied 60-year history, PRBA has benefited from the leadership of fantastic board members and presidents. This year's PRBA President, Steven M. Cordero is an esteemed attorney and recipient of the Sanctuary for Families 2016 Above & Beyond Pro Bono Award. PRBA's members have ascended to the highest levels of the legal community within private practice, non-profit and all levels of government including the U.S. Supreme Court by Justice Sonia Sotomayor.

Madam Speaker, please join me in saluting this year's extraordinary honorees: Judge George J. Silver, Deputy Chief Administrative Judge for the New York City Courts, Judiciary Excellence Award; Juan Cartagena, Esq., outgoing President and General Counsel of LatinoJustice PRLDEF, for Public Service Award; Christopher L. Garcia, Esq., Partner, Co- Chair of Global White Collar Defense, Regulatory and Investigations Practice and Co-Chair Diversity Committee at Weil, Gotshal & Manges LLP, for Attorney of the Year Award; and Judge Ruben A. Martino, posthumously, Supervising Judge of Bronx Family Court, for Champion of Justice Award, presented to Joyce Martino.

Madam Speaker, on Thursday, September 23, 2021, I regret not being present for one vote session. Had I been present, I would have voted aye on the Bowman of New York Part C Amendment No. 105 to H.R. 4530, Roll Call No. 287.

Madam Speaker, I thank the gentleman for yielding.

Madam Speaker, I rise in strong support of H.R. 256.

Let me first recognize the tireless efforts of Representative Barbara Lee, who has spearheaded this issue for nearly two decades and has been the moral conscience in Congress against endless, unjust wars.

The decision to go to war is one of the most profound and consequential a nation can make. This 2002 AUMF is outdated, and its repeal will end its legal authority to justify U.S. intervention in Iraq.

Under the Constitution, Congress has the sole duty to declare war. By repealing this authorization today, we are working to return this power back to the people's House and the Senate. That is how a checks and balances system works.

Madam Speaker, I rise in strong support of H.R. 1187. Importantly, this package contains language from my legislation, the Greater Accountability in Pay Act that requires public companies to disclose the pay raise percentage of its executives and the pay raise percentage of its median employees over the past year and compare each to the rate of inflation. It also requires these companies to disclose the ratio between the two pay raise percentages.

This legislation is the next logical step of the CEO pay ratio disclosure requirement in the Dodd-Frank Act. The COVID-19 pandemic has left millions of working-class Americans feeling vulnerable and uncertain about their economic future--with many individuals and families facing reduced hours, furloughs, or outright dismissals.

However, an article published by the New York Times in April demonstrates the extraordinarily successful year it's been, financially, for America's biggest CEOs--even at many of the companies hit hardest by the events of the pandemic. The Times highlights how companies like AT&T, Hilton, Boeing, and Norwegian Cruise Line all took billions of dollars in losses in 2020 but still managed to pay each of their CEOs more than $20 million.

Unfortunately, excessive compensation packages received by many of America's CEOs is not a new or isolated event. The disparity between executive compensation and the average worker pay has been growing for decades. In August 2019, the Economic Policy Institute produce a report which highlights that, even before the pandemic, CEOs were earning far more than the typical worker, with CEO pay growing 940 percent between 1978 and 2018 while the wages for the typical worker grew by just 11.9 percent over that same period.

Additional transparency on pay ratios will also benefit investors, as data is key to their decision-making process. A balanced pay ratio is an indicator of a company's strong long-term performance and further pay ratio disclosures would provide better insight on a company's strategy, its values, and long-term outlook.

In order to get our economy back on track for everyone, we must increase worker pay and ensure that CEO pay ratios are in line with a corporation's fundamentals. I urge my colleagues to vote YES on bill.