Floor Statements

Mr. Speaker, I am pleased the Senate has postponed a vote on their TrumpCare bill, which would have deprived 22 million Americans of health coverage. The truly vicious nature of this bill is most clear when it comes to Medicaid.

Are you a working family relying on Medicaid for long-term care of an aging grandparent? Well, with TrumpCare, you will pay more out of pocket.

For a low-income working mom who insures her kids through Medicaid, TrumpCare takes dead aim at you.

How about a person with a disability? TrumpCare means potentially losing coverage.

Why did the Republicans make these cuts? To give billions of dollars in tax breaks to the wealthiest Americans and corporations.

The President says the House-passed bill is ``mean.'' It is. So is the Senate cold-hearted proposal.

A delay on this vote is not enough. Congress needs to pull the plug on TrumpCare, not the American people. Then we can work together on real, bipartisan healthcare legislation aimed at strengthening the system, not harming the most vulnerable among us.

Mr. Speaker, I rise today in honor of the staff and community at Good Old Lower East Side (GOLES). Through tireless efforts, GOLES works to provide housing services for New York's most vulnerable residents. On the occasion of their 39th Annual Celebration, let us pause to say thank you for such life-changing work.

Founded in 1977, GOLES has seen the Lower East Side change through rapid gentrification. Facing a shifting landscape, many New Yorkers and small businesses have already lost or fear losing their homes.

GOLES actively works to meet the challenges of gentrification by offering tenant rights and eviction prevention counseling, successfully helping over 2,000 families avoid eviction each year.

By working directly with community members living in rent-regulated public housing, the staff at GOLES are committed to preserving affordable housing and diversity on the Lower East Side.

It is my honor to salute and thank GOLES for helping to keep New Yorkers in the places they call home. My sincerest wishes for a joyful and successful celebration and to many more years of groundbreaking work.

Mr. Chairman, I want to thank the ranking member, Maxine Waters.

Here they come again, Mr. Chairman. My colleagues seem to suffer from a case of policymaking amnesia. I was here in 2008 as our Nation stood on the edge of financial ruin. I will never forget those dark days.

Thanks to Wall Street making reckless bets and inadequate government oversight, millions of Americans lost their homes and jobs. Tell them about market discipline back in 2008. Main Street small businesses shed employees, and many shut their doors for good. Our economy nearly slid into another Depression.

Now, my Republican colleagues may have forgotten that sequence of events, but let me tell you something: The American people have not forgotten.

Dodd-Frank has improved accountability in the financial system. It has protected consumers and investors from predatory practices. It stabilizes our markets. And yet here we are talking about gutting this landmark law.

The American people are watching. Let's be clear. If you vote ``yes,'' you are voting to restore the same conditions that fueled the crisis and collapse of 2008. It is a vote you will regret--and be remembered for. Vote ``no.''

Mr. Speaker, I rise today to recognize the 78th anniversary of the day that 937 mostly Jewish refugees aboard the MS St. Louis were denied entry to the United States.

In the summer of 1939, fleeing unspeakable horrors under Hitler's regime, men, women, and children set sail in search of refuge. After being denied entry to the United States, Canada, and Cuba, many refugees were eventually accepted into several European countries. Over a quarter, however, were not so lucky and lost their lives in concentration camps.

The Brooklyn Synagogue Coalition for Refugees is one of many Jewish communities across the country that will gather to hold a candlelight vigil to honor the victims and history of this anniversary.

At a time when acts of fear and intolerance have dictated policies to yet again shut America's doors to those fleeing harm, we must remain committed to ensuring that America is and will continue to be a place of hope and second chances.

I'd like to thank the Brooklyn Synagogue Coalition for Refugees for their hard work and dedication to the Jewish community. As we reflect on this tragic occasion, let us recommit to ensuring that no one who is in desperate need is turned away from our country's shores.

Mr. Speaker, on the occasion of the launch of the NYC Ferry South Brooklyn route, I rise to recognize the 79th birthday of the tanker Mary A. Whalen (The Mary).

The Mary was launched in May of 1938, and now serves as a vital community landmark and asset in Red Hook, Brooklyn. As home to PortSide NewYork, a nonprofit organization, the tanker is a vessel for arts, education and vocational programs as well as public access to the waterfront.

By recognizing the importance of a life of continued learning, PortSide NewYork developed Red Hook WaterStories. As a digital museum, WaterStories is a resource for both locals and visitors to learn about the history and present of the Red Hook Waterfront.

PortSide NewYork received a 2013 Champions of Change White House Award for their Superstorm Sandy preparations that protected the Mary followed by creating a pop-up aid station to ensure recovery efforts for the community after the storm.

The Mary is listed on the National Register of Historic Places, and is the only oil tanker cultural center in the world. On June 1, 2017, the NYC Ferry will make its maiden journey to Red Hook, pulling up right beside the Mary.

I applaud PortSide NewYork for their dedication to serving the communities ashore and afloat, the Red Hook community and the maritime community of this port. On this joyful day, I wish them many more years of continued learning and success.

Mr. Speaker, it is my honor to congratulate the Brooklyn Chinese-American Association (BCA) on its 29th Anniversary Celebration. BCA offers life-changing services to numerous communities that have become collectively known as ``Brooklyn Chinatown''.

Since its establishment in 1988, BCA has helped to meet the needs of Brooklyn's rapidly growing Asian-American community. Their daycare programs nurture children and their senior centers give the elderly a chance to meet, socialize and stay active.

Through adult educational programs, BCA helps immigrants adjust to their new communities. Further, by providing naturalization assistance, BCA aids applicants in the process of becoming an American citizen.

BCA is committed to preserving and revitalizing local neighborhoods, supporting clean-up campaigns and fighting for crime prevention and victim's rights.

Thanks to the hard work of the staff and community at BCA, Brooklyn's communities are a better place to live, work and celebrate a diverse cultural heritage.

Mr. Speaker, let me take this opportunity to thank the gentlewoman from New York for yielding.

Mr. Speaker, I am pleased this legislation contains $295.9 million for Puerto Rico's Medicaid program, which is running out of resources. Absent action, hundreds of thousands of our fellow citizens could lose health care.

Make no mistake, we are in this situation because of years of neglect from Washington. So, here we are again, fixing a hole created by Puerto Rico's second class treatment under Medicaid.

The funding in this bill is a first step toward rectifying the longstanding unequal treatment of Puerto Rico. By the way, Mr. Speaker, and Mr. President, last time I checked the history books, it was the U.S. Armed Forces who landed in Puerto Rico in 1898, and invaded Puerto Rico. So we have a moral obligation toward the people of Puerto Rico, American citizens.

Now, to the creditors, let me say this, and let me be clear: this money was not appropriated to line hedge funds' pockets. This money, and funds that would otherwise go to Puerto Rico's healthcare system, is for Puerto Ricans.

So I support this funding and look forward to seeking solutions for the island's long-term growth.

Finally, let me thank Leader Pelosi, Mr. Hoyer, Ranking Member Lowey, and Minority Leader Schumer for their efforts in securing these funds.

I thank my colleagues.

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

Mr. Speaker, I rise in support of H.R. 1312, a commonsense measure that will ensure the SEC responds to recommendations that will reduce barriers to small businesses' capital formation. Access to capital is the lifeblood of every business. As ranking member of the House Small Business Committee, I hear this on a near daily basis. It is as true today as it was 65 years ago when Congress created the Small Business Administration.

Since that time, Congress has taken steps to better understand the needs of our small businesses and find ways to improve access to capital. In 1980, we created the Government-Business Forum on Small Business Capital Formation at the SEC. This body helps policymakers learn about unnecessary impediments to small business capital formation and address how they can be eliminated or reduced. However, the SEC isn't currently required to act on the forum's recommendations.

The Small Business Capital Formation Enhancement Act changes the SEC's obligation by requiring the Commission to respond to the recommendations made by the annual Government-Business Forum. This bill is modeled after a similar provision in the Dodd-Frank Act requiring the SEC to respond to the recommendation of the Investor Advisory Committee.

However, there are important distinctions between the recommendations of the IAC and the forum. Specifically, the IAC is limited by statute to 23 members. By contrast, the forum is open to all public and private participants. As a result, the IAC has only issued 12 recommendations since its first meeting in 2012. During the same timeframe, the forum issued 98 recommendations.

While I understand the desire to have the SEC respond to each of the forum's recommendations, I would remind my colleagues that the SEC has the important duty to police our financial markets. Therefore, I hope my colleagues will remember these additional duties and set appropriate funding levels for the SEC to ensure agency resources are not being diverted from its crucial examination and enforcement activities.

I would like to thank Mr. Poliquin and Mr. Vargas for crafting this bipartisan bill to ensure that the voice of our small business community is heard.

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

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

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

Mr. Speaker, I rise in support of H.R. 1366, legislation that will close a loophole in our securities laws and better protect the investors and retirees of the U.S. territories.

The Investment Company Act of 1940 governs investment companies, such as mutual funds, closed-end funds, and ETFs. Its purpose is to protect investors and provide oversight of these companies. In doing so, it regulates various transactions among affiliates, sets leverage limits, outlines recordkeeping requirements, and describes how securities may be redeemed.

These matters sound technical, but they provide fundamental protections to most U.S. investors. I say ``most'' because, due to a historical artifact, all funds located in and sold only to residents of U.S. territories are exempted.

The reason is, in 1940, territories like Puerto Rico were considered to be too distant from Washington, D.C. Obviously, modern air travel makes that a nonissue today, as regulators routinely travel to Hawaii and Alaska to conduct oversight. In addition, many of these financial products are now traded electronically, truly eliminating the need to visit in person.

The consequence of exemption falls squarely on the residents of U.S. territories. Investment companies can sell products to them without the important oversight, disclosure, and conflict-of-interest requirements to which mainland companies are subject.

As a result, many investors and retirees have been subject to investment losses, some resulting from behavior that would have been prohibited if the 1940 act applied to the island's investment companies.

To address this matter, H.R. 1366, the U.S. Territories Investor Protection Act, applies the 1940 act to currently exempt investment companies that are located, organized in, and sold to residents of these territories.

I would like to point out that this bill is identical to legislation that passed the House last Congress twice with overwhelming bipartisan support.

In order to permit investment companies to comply with the legislation, it provides for a 3-year compliance period, with an option, at the approval of the SEC, for an additional 3 years. This time period balances the need to bring the investor protections of the 1940 act to the territories with enough time for affected entities to fully understand and comply with the 1940 act.

It is important to note that if investment companies need further relief from any specific requirement of the 1940 act, they are able to request such relief through the SEC under existing law. Earlier this year, past SEC Chair White testified that the exemption should be removed.

I want to thank Congressman Duffy and Congressman MacArthur, two of my colleagues from the Puerto Rico Task Force, for cosponsoring this bill. I also want to thank Puerto Rico's new Member of Congress, Jenniffer Gonzalez-Colon, for cosponsoring it as well; and Senators Hatch and Menendez, who have put forward a companion bill in the Senate. All of this support means a great deal to me and to those investors on the island.

Finally, I want to thank Chairman Hensarling and Ranking Member Waters for working with me throughout the last 2 years in a highly productive manner. We met with stakeholders, heard their concerns, and fine-tuned the bill. I am confident we developed an approach that would apply the 1940 act in a manner that is sensitive to investors and investment companies alike.

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

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

Closing the U.S. territories loophole in the Investment Company Act of 1940 will give millions of investors and retirees--mostly in Puerto Rico--the peace of mind that their hard-earned money will receive the same level of protection afforded to those on the mainland.

I want to thank the chairman, the ranking member, and all the cosponsors for their hard work in bringing this bipartisan legislation to the floor.

Mr. Speaker, I urge Members to support this bill, and I yield back the balance of my time.

Mr. Speaker, while my Republican colleagues take their sweet time passing a bill to fund the government, Puerto Rico is watching its Medicaid funds evaporate.

In this package, we must provide sufficient resources to address this shortfall from the funding authorized under the ACA that is already owed to the people of Puerto Rico.

I remind Congress the funding under discussion would close a Medicaid shortage that was created by the unequal treatment of American citizens in Puerto Rico, fueling a healthcare crisis of historic proportions.

Last year, Speaker Paul Ryan committed to helping the people of Puerto Rico. As he, himself, recognized, these are our fellow citizens.

Yes, Mr. President, they are American citizens. They have fought, shed blood, and given their lives in nearly every major war, yet they have been treated unfairly for decades.

Donald Trump's own HHS Secretary recently acknowledged Puerto Rico needs $900 million to fund Medicaid. For once, I agree with the Secretary.

Mr. Speaker, another week in Washington and, yet, more evidence mounts; our election and the White House have been compromised by Russia.

This week we learned one of the President's informal advisers--a mercenary who founded the company Blackwater--met secretly with a Putin representative and attempted to establish back-channel conversations between the Trump administration and Russia.

Remember, this comes after we found out the President's son-in-law met with Russian banking officials. It comes after it was reported that the Attorney General likely perjured himself before Congress about his own meeting with Russians.

Sadly, it comes after there were chemical weapons attacks in Syria. Let us recall that Assad's closest ally in that horrific civil war has been--you guessed it--Russia.

It is imperative we unearth all of the links between this administration, Russia, and Russia's hacking of our election. The House Intelligence Committee's investigation has become a farce. We need a thorough, independent investigation. Appoint a special counsel now.

Mr. Speaker, let me take this opportunity to thank the ranking member for yielding me time.

Mr. Speaker, I rise in support of H.R. 1219, the Supporting America's Innovators Act of 2017, which I am proud to cosponsor with Mr. McHenry.

Throughout my career here in Congress, I have always supported and encouraged legislation that creates jobs and fosters innovation for America's entrepreneurs and small businesses. The bill we are considering today will further that goal.

Mr. Speaker, I always say access to capital is access to opportunity. That is exactly what this legislation does.

The Investment Company Act of 1940 currently limits the number of accredited investors in a venture fund to no more than 100 individuals, but most funds try not to reach that limit in order to adjust for unforeseen circumstances. This artificially low limit restricts the number of individuals that can invest in small businesses and startups. That means less opportunity for entrepreneurs.

Our bill will address this problem by allowing up to 250 accredited investors to participate in venture funds with up to $10 million in capital.

It is important to stress that these are accredited investors. They have at least $200,000 in minimum income or $1 million in net assets. These are sophisticated investors comfortable with the risks involved in the startup sector.

Many of these investors pool their money together either in local or national groups. More recently, many have gotten involved in online crowdfunding platforms, which were created through the JOBS Act, to funnel more capital to small businesses and startups.

Our bill will create greater access for women-owned and women-led businesses. The types of funds empowered to attract more investors under this bill are often a good capital source for women-owned firms.

I am proud that our bipartisan legislation has garnered a wide range of attention and support from the industry. The Angel Capital Association and the Internet Association have endorsed the bill. These are groups dedicated to expanding capital opportunities for small businesses.

This bill has also moved through the legislative process with strong bipartisan support every step of the way. Last month, we passed this bill out of the Financial Services Committee with a broad bipartisan vote of 54-2. The same day, the Senate Banking Committee was busy passing its bipartisan companion version, S. 444, sponsored by Senators Heitkamp and Heller. It is also important to recognize that, last year, this Chamber passed a nearly identical version of our bill by a vote of 388-9.

It is time to see this legislation enacted. It will create more capital for small businesses and it will mean more jobs throughout the Nation.

Let me take a moment to thank Mr. McHenry for working with me on this bill, as well as Chairman Hensarling. And let me also thank Ranking Member Waters for her leadership and hard work.

Again, a vote for this bill is a vote for America's entrepreneurs. I urge my colleagues to vote ``yes.''

Mr. Speaker, I rise to congratulate NYC Health + Hospitals Woodhull on their recognition from the Human Rights Campaign (HRC) for an outstanding commitment to LGBTQ healthcare equality.

In the HRC's Healthcare Equality Index, Woodhull earned the distinction of being a Leader in LGBTQ Healthcare Equality. When compared with other hospitals, Woodhull exemplifies fair practices and policies towards the LGBTQ community.

This honor reflects Woodhull's deep and unwavering commitment to serving underrepresented communities with the utmost professionalism and care. To ensure cultural competence, staff at Woodhull have undergone comprehensive training to meet the needs of the LGBTQ community.

Woodhull has a proud history of serving the residents of North Brooklyn, regardless of their ability to pay. Many of these residents are my constituents and one of my top priorities is making sure that our diverse community is treated with the respect and dignity they deserve.

When it comes to receiving healthcare, no individual should fear discrimination based on sexual orientation. It is crucial that all Americans receive high quality care and I applaud Woodhull for their inclusivity and dedication to serving the LGBTQ community.

Madam Speaker, Russia's efforts to influence our election constitutes a direct assault on our democracy. These alarming events must be thoroughly investigated. In particular, we must determine if any Americans collaborated in these attacks and are legally culpable.

Sadly, the House Intelligence Committee chairman is either unwilling or incapable of conducting a fair investigation. How can Mr. Nunes run this investigation if he is briefing the President before talking with members of his committee? How can he be secretly meeting with so-called sources at the White House?

Madam Speaker, the American people need to know that democracy is intact, and that requires a full, fair, and impartial investigation.

Since December, I have repeatedly called for the Department of Justice to appoint a special counsel. I have also cosponsored legislation to create a bipartisan commission to investigate.

The bottom line is this: Chairman Nunes has lost all credibility. He must recuse himself. We need a real investigation. Appoint a special counsel now.

Mr. Speaker, today House Republicans are preparing to vote to rip away health care from 24 million Americans, 2.7 million of them in New York. In my district, 122,000 people will lose coverage, including 12,700 children. Those who do retain coverage will pay more for less, with deductibles and premiums skyrocketing.

This is what House Republicans plan to put on the floor today. It is a plan that benefits the healthy and the wealthy while hurting everyone else. If you have a preexisting condition and your coverage lapses, under TrumpCare, get ready to pay more.

Are you a senior? Good luck affording medical coverage if TrumpCare becomes law. You are going to pay the insurance company five times more than younger people.

Mr. Speaker, the American people see this for what it is, a direct assault on the vulnerable in order to give a tax cut to the wealthy and the healthy. Reject TrumpCare.