Floor Statements

Mr. Speaker, I rise today to honor one of Gaston County's leading citizens on the occasion of his passing. He is also the individual who succeeded me in the State House when I was elected to Congress in 2004. I am here to rise in honor of the life and legacy of the honorable Bill Current.

In so many ways, his service in the State House was counterintuitive. Dr. Current was already a leading Republican stalwart in Gaston County dating back to the 1960s. He had served two terms as the county GOP chairman and was instrumental in helping the Republican Party achieve dominance in our part of the State.

In 1976, when Ronald Reagan was running for President, he drove him around Gaston County and helped him win that great primary victory that year in North Carolina.

However, politics was only a fraction of Bill Current's prolific and incredible life. After his graduation from dental school at the University of North Carolina, Bill married the love of his life, Liz, and joined the Navy Dental Corps.

After his service, Bill and Liz returned to Gaston County and began a 40-year career in dentistry. In fact, dentistry became the family business. He was joined by his brother, A.C.; nephew Darrell; and his son Will, who still carries on that wonderful tradition today.

Dr. Current was a leader in the dental community in the State of North Carolina, serving on more boards and task forces than I can mention. He was also a great civic leader as well: American Red Cross, American Heart Association, First Presbyterian Church, and 27 years of perfect attendance at Rotary Club. I could go on and on. He did it all.

It would be fair to assume that in his seventies he would be ready to slow down and enjoy his retirement, but that wasn't Bill Current. That is instead when he ran for office and served four terms in the State House where he led on healthcare issues.

To the Current family, to Bill and Liz's children and grandchildren and extended family, I extend my condolences and gratitude for having known such a remarkable man.

Honoring the Life and Legacy of Leroy Lail

Mr. Speaker, I rise to honor the life and legacy of Leroy Lail.

Mr. Speaker, Catawba County and all of North Carolina recently lost a legend with the passing of Leroy Lail, a legend in the business community and in the civic community of Catawba County in North Carolina. I was honored to count Leroy as a mentor during my service in Congress.

Leroy was a native of Catawba County, a Navy officer, and a graduate of his beloved University of North Carolina at Chapel Hill.

It was during his time in the business world that he made his greatest impact. In the 1960s, Leroy and his wife, Lynn, opened the Hickory Furniture Mart, building an economic engine for the region. This, in turn, led to his involvement in the tourism and hospitality sectors, growing the family business substantially. Leroy later was a driving force behind the creation of the Hickory Metro Convention Center.

Education was also a cause near and dear to Leroy's heart. He spent 13 years on the Board of Governors of the University of North Carolina system. In fact, it was through Leroy's persistence that Appalachian State University established a campus in Hickory just last year.

To his beloved wife, Lynn, and the entire Lail family, I extend my condolences and gratitude for all of Leroy's contributions.

Mr. Speaker, due to an unforeseen circumstance, I was unable to cast my vote for H. Res. 1065. Had I been present, I would have voted YEA on Roll Call No. 85.

Mr. Speaker, due to unforseen circumstances, I was unable to attend votes last night. Had I been present, I would have voted YEA on Roll Call No. 79, and YEA on Roll Call No. 80.

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 bill, H.R. 2799.

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

Mr. Chair, 40 years ago, my father started a small business in our backyard. Growing up in Gastonia, North Carolina, being the youngest of five kids, my father started a small business with his friend, who also had five kids. It didn't change the world and it was just a lawn mowing business. We mowed other people's grass, and that is what put two families through school, provided for two families, and eventually provided for many others as they scaled up and grew the business.

While my dad's small business didn't change the world, it certainly changed my world and our family's world.

Like other entrepreneurs, though, my dad needed access to affordable capital to scale his business. When other sources of opportunities for lending of capital dried up, he relied on a charge card, which we now call a credit card, to grow his business and to start employing other folks.

This story isn't unique to my family. We see this playing out across the country today. Entrepreneurs with new ideas or who are seeking to grow their businesses are struggling to access affordable credit and affordable capital. That means that they are not given the same opportunity to change their lives, their family's lives, or their community.

This is a loss for all of us. It is a loss for American innovation. That is where investment capital and this bill come in to help more entrepreneurs realize their version of the American Dream.

Currently, the venture capital that funds startups are concentrated in traditional financial hubs, like Silicon Valley, Boston, and New York City. Those three cities of the country account for almost three- quarters of all venture funding.

Now, that is not for every business, but it is a very specific group of startups. This Congress and our committee heard compelling testimony from folks across the ideological spectrum who urged us to make it easier for them to raise money from nontraditional sources.

This would allow them not only to build their funds and deploy more capital, but also share their financial success within their community.

This bill, the Expanding Access to Capital Act, does just that and more by alleviating the unique fundraising challenges faced by entrepreneurs and their investors who don't live in Silicon Valley.

This bill will also make improvements to our public markets and create new opportunities for everyday investors to save and build wealth and enjoy their version of the American Dream.

This form of capital formation is a critical ingredient for creating long-term economic growth that has proven enduring here in the United States. Not to mention, it has traditionally been an area where a divided Washington can find consensus.

A little more than a decade ago, Congress came together to pass the JOBS Act, which President Obama then signed into law. It was a Republican House, a Democrat Senate, and a Democrat in the White House who put that historic piece of legislation through the process and into law.

It addressed several hurdles entering our capital markets by rightsizing onerous regulatory barriers and providing entrepreneurs access to new levels and streams of funding.

Recognizing the need to build on the success of the JOBS Act, the House Financial Services Committee embarked on a yearslong mission to better understand the remaining headwinds hindering capital formation and legislate real and impactful solutions.

Many of those solutions are found in this legislation we are considering today, which consist of commonsense, innovative ideas to accomplish three goals: First, the bill strengthens our public markets and aims to incentivize companies to go public, undoing the troubling decline of initial public offerings here in the United States, or IPOs. IPOs are businesses that average everyday investors can own a piece of.

Why is it important that we attract more companies to the public markets in the United States?

One, everyday American investors, also known as retail investors, are limited to investing in publicly traded companies. Most public companies here in the United States that are of large size and scale should be available in the public markets. More public companies here in the United States means more opportunities for the American retail investor to grow their savings.

Number two, job growth. A 2021 study found that biotech startups expand their workforce by an average of 150 percent in the first 3 years after undertaking an initial public offering using the JOBS Act provisions.

To make our public markets more attractive, H.R. 2799, this bill, includes provisions that rightsize regulatory burdens on public companies, streamline the process of going public, and allow more companies to qualify as an emerging growth company.

This is an extension of more key provisions within the bipartisan JOBS Act that have a proven record of success.

Second, as I said earlier, this legislation supports small businesses and entrepreneurs who are the true engine of our economy and account for 99.9 percent of all U.S. businesses.

Among other policies, this bill allows small businesses to raise more money through offerings. It also addresses limitations on small, emerging venture fund managers attempting to raise and deploy capital to startups and entrepreneurs in their communities.

Third, this bill increases access to private markets and allows more Americans to participate in high-growth investment opportunities that have been traditionally reserved for the wealthy elite.

Currently, these investment opportunities are reserved for those qualifying as ``accredited investors,'' which dictates what a person can invest in based off their wealth or income.

We should all agree that wealth and income should not be a proxy for sophistication, especially if investors have expertise or experience that prepares them to invest in private offerings.

This bill includes provisions to expand the accredited investor definition, allowing everyday Americans to invest where they see opportunities and where they have expertise. That means new wealth- building opportunities for American investors who have been arbitrarily sidelined for too long.

Now, these private markets, that is where we have had the fastest growing businesses. The greatest wealth creation is ownership in these private markets. We want to link that up for all Americans to have that opportunity to invest in those markets where they have expertise.

Let me close with this: Capital formation should not be a partisan issue.

This legislation builds on the success of the bipartisan JOBS Act and will benefit Americans in every single one of our districts, either by growing their retirement savings or through job creation and economic growth in their community.

This bill is a compilation of several standalone bills introduced by numerous members of the Financial Services Committee, under the great leadership of our subcommittee chair on Capital Markets, Ann Wagner of Missouri.

There are many Members that I wish to recognize, but it would take too long at this time to go through all of their great work; however, it is embodied in this bill before us today.

I am grateful for the opportunity to be here on the House floor, and I am grateful to the House Republican leadership that have prioritized this help for small businesses and our legislative work in the Financial Services Committee. I think we can see that we all want to be unified in helping the American people achieve their dreams in the way they see fit. For small business folks that want to start a small business, we need to make things easier for them, not harder. This bill makes it better for them and easier for them.

Mr. Chair, I yield to the gentlewoman from Missouri (Mrs. Wagner) to control the balance of my time.

Mr. Speaker, due to an unforeseen circumstance, I was unable to cast my vote for S. 3427. Had I been present, I would have voted YEA on Roll Call No. 21.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4768) to require the Secretary of the Treasury to instruct the United States Executive Directors at the international financial institutions to advocate for investment in projects that decrease reliance on Russia for agricultural commodities, 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 include extraneous material on the bill.

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

Mr. Speaker, I rise in support of H.R. 4768, the No Russian Agriculture Act, introduced by the ranking member of the Financial Services Committee, the former chair, Maxine Waters.

Since Russia's invasion of Ukraine in 2022, the global agricultural markets have been severely disrupted.

Post invasion, Russia withdrew from an agreement allowing Ukrainian grain shipments to pass through the Black Sea to international markets, thus eliminating a major competitor to Russian exports in the process.

As a result, Russian agricultural exports have remained robust. Additionally, Moscow-imposed export taxes and quotas have only further secured its own domestic food supply at the expense of the international community.

Nearly 2 years later, Moscow continues to diligently weaponize its agricultural trade to ensure dependence on Russian exports. Russia's actions have not only impacted farmers in Ukraine and Europe but across America, as well. As with many things, the United States should never have to rely on foreign adversaries for our food supply.

Diversifying agricultural supplies is imperative for our economic growth and our national security. International financial institutions like the World Bank and the IMF can play a critical role in providing financial and technical assistance to develop the agricultural sectors of poorer countries.

Ranking Member Waters' bill is a critical step in the right direction. It will deter Russia's calculated acts by limiting the reliance of other countries on Russian agricultural commodities.

The voice, the vote, and the influence of the United States is a powerful mechanism at the international financial institutions that we are a part of, and it will allow the world to continue to fight Russia in its path of destruction and injustice.

Mr. Speaker, I thank the ranking member of the committee, Ms. Waters, for her leadership on this legislation. I urge my colleagues to support it, and I reserve the balance of my time.

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

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

Mr. Speaker, I would just reiterate that Ranking Member Waters' bill is a critical step in the right direction. We are trying to deter Russia's calculated acts by limiting the reliance of other countries on Russia's agricultural commodities.

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

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make a point of order that a quorum is not present.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 540) to require the Secretary of the Treasury to pursue more equitable treatment of Taiwan at the international financial institutions, 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 include extraneous material on this bill.

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

Mr. Speaker, I rise in support of H.R. 540, the Taiwan Non- Discrimination Act of 2023, introduced by the vice chair of the National Security, Illicit Finance, and International Financial Institutions Subcommittee, the gentlewoman from California (Mrs. Kim).

As China continues to threaten Taiwan, Congress must consider ways to deter Beijing from future aggression. The House Financial Services Committee has developed numerous bills to do just that, but countering China's military ambitions isn't our only focus when it comes to Taiwan policy.

The U.S. has long supported Taiwan's membership in international organizations where statehood is not a prerequisite. We also support longstanding policy to help Taiwan's voice be heard in these organizations when membership is impossible.

This is positive for Taiwan on the world stage and should be a priority for the United States Congress.

Unfortunately, over the past 3 years, the Biden administration has repeatedly fallen short when it comes to our Taiwan policy at the International Monetary Fund, or the IMF.

The IMF is the world's lender of last resort as well as a key institution monitoring global economic conditions. As one of the world's most advanced and innovative economies, Taiwan should be included under the Fund's activities, yet it has been left out due to ridiculous concerns over offending China.

The IMF's rules already allow Taiwan to become a member, as Mrs. Kim's bill clearly lays out in detail. That means our representation and our representatives at the IMF should support Taiwan if it chooses to apply.

Mrs. Kim's legislation would make this support explicit and ensure the Treasury Department voices our support on the board of the IMF.

Joining the IMF would also open up opportunities for Taiwan in other international financial institutions. This includes the World Bank, where IMF membership is a prerequisite.

The IMF has no fewer than 190 countries, nearly the totality of the world. An economy as vital as Taiwan should have a seat at this important table.

Mr. Speaker, I thank our Democratic colleagues for their support in keeping this a bipartisan issue, and I thank the bill's sponsor, Mrs. Kim, for her important leadership, as well.

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

Mr. Speaker, I yield 3 minutes to the gentlewoman from California (Mrs. Kim).

Mr. Speaker, I yield 2 minutes to the gentleman from Missouri (Mr. Luetkemeyer), the chair of the National Security, Illicit Finance, and International Financial Institutions Subcommittee.

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

Mr. Speaker, I would just reiterate that Mrs. Kim's bill is critical to strengthening both our national security and the global economy. I think it is important that we state clearly as the United States Congress our support for Taiwan.

Taiwan has one of the world's most advanced and innovative economies and should be included under the IMF's activities.

I urge my colleagues to support this bill and thank my Democratic colleagues on the House Financial Services Committee for working with committee Republicans on supporting this bill.

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

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 803) to direct certain financial regulators to exclude representatives of the People's Republic of China from certain banking organizations upon notice of certain threats or danger, 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 include extraneous material on the bill.

Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 803, the PROTECT Taiwan Act, introduced by the chairman of the Science, Space, and Technology Committee and senior member of the House Financial Services Committee, Mr. Lucas.

In addition to its hostile rhetoric, China has sought to intimidate Taiwan by making large incursions into the island's airspace. In fact, according to the Global Taiwan Institute, there were 563 incursions in 2022. Between January and August 23, 2023, there were 461 median-line crossings and 560 southwest incursions. Those are a lot of incursions.

If the Xi Jinping regime seeks to provoke war in Taiwan, Congress must clearly signal the costs that will be imposed on the Chinese Communist Party if it acts against the island.

One of those costs should be China's exclusion from the international community, which is a bipartisan pressure point. Chinese leaders must understand that a threat to Taiwan is a threat to international order, and a threat to Taiwan is a threat to China's economic growth opportunities.

As a result, we think China should not be able to participate in multilateral organizations if they conduct this type of business.

We have already seen Russia's isolation on the international stage after its invasion of Ukraine. We must be clear that this is what awaits Beijing if they cross the line in Taiwan.

Mr. Lucas' bill would make China a pariah in key organizations devoted to ensuring global economic stability. This includes the G20, the Financial Stability Board, and other gatherings of international financial regulators. Participation in these groups should be reserved for countries that take international norms and values seriously.

A Chinese invasion of Taiwan would underscore that Beijing has surrendered its right to be included. I thank Mr. Lucas for his hard work on the PROTECT Taiwan Act and Congressman Vicente Gonzalez of Texas on the Democrat side for being an original cosponsor.

Now more than ever I think we must show that deterring Chinese aggression against Taiwan is a bipartisan issue for the United States Congress. I think this bill will send that right signal.

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

House of Representatives,

Committee on Foreign Affairs,

Washington, DC, February 28, 2023.

Hon. Patrick McHenry,

Chairman, Committee on Financial Services,

Washington, DC.

Dear Chairman McHenry: Thank you for consulting with the

Committee on Foreign Affairs on H.R. 803, the PROTECT Taiwan

Act.

I agree that the Foreign Affairs Committee may be

discharged from further action on this measure, subject to

the understanding that this waiver does not in any way

diminish or alter the jurisdiction of the Foreign Affairs

Committee, or prejudice its jurisdictional prerogatives on

this bill or similar legislation in the future. The Committee

also reserves the right to seek an appropriate number of

conferees to any House-Senate conference involving this bill

and would appreciate your support for any such request.

I ask that you place our exchange of letters into the

Congressional Record during floor consideration of the bill.

I appreciate your cooperation, and look forward to continuing

to work with you as this measure moves through the

legislative process.

Sincerely,

Michael T. McCaul,

Chairman.

Mr. Speaker, I yield such time as he may consume to the gentleman from Oklahoma (Mr. Lucas), the chair of the Committee on Science, Space, and Technology and a senior member of the House Financial Services Committee.

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

I reiterate that Chinese leaders must understand that a threat to Taiwan is a threat to international order, and it should be a threat to their standing in international institutions.

They will not be able to operate in major multilateral organizations as if it were business as usual.

We know the impact on Russia after its invasion of Ukraine. We have to let officials in Beijing know that that is what awaits them if they cross the line in Taiwan.

I urge adoption of this bill and support for the bill. I thank my colleague, Mr. Lucas, for his friendship and for his kind words, as well as his important leadership on this topic.

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

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 839) to require the United States Executive Director at the International Monetary Fund to advocate for increased transparency with respect to exchange rate policies of the People's Republic of China, 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 include extraneous material on the bill.

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

Mr. Speaker, I rise in support of H.R. 839, the China Exchange Rate Transparency Act of 2023, introduced by the gentleman from Pennsylvania (Mr. Meuser).

The China Exchange Rate Transparency Act reflects a bipartisan objective to hold China accountable for its poor economic governance.

The International Monetary Fund's articles of agreement require member countries to `` . . . collaborate with the Fund and other members to assure orderly exchange arrangements and to

promote a stable system of exchange rates.''

In other words, to remain a member of the IMF, a country should avoid manipulating exchange rates to gain an unfair competitive advantage over other member countries.

According to the Treasury Department's November 2022 Foreign Exchange Report, ``China's lack of transparency and use of a wide array of tools complicate Treasury's ability to assess the degree to which official actions are designed to impact the exchange rate.''

This is just another barrier created by China's economic governance that prevents us from gaining basic insights into the world's second largest economy.

This opacity threatens the core mission of the IMF, which was established to help monitor exchange rate agreements.

It is ironic that China is always the one who demands a greater voice at the IMF, even if its actions undermine the fund's ability to be effective.

For too long, we have seen China dismiss international rules of the road. From debt restructuring in the developing world to massive Chinese export credits, China has refused to work with other economies to find global solutions.

Mr. Meuser's bill will help prevent China from undermining yet another key area of cooperation--the IMF's monitoring of exchange rates.

It will require the Treasury Department to push for greater transparency in China's exchange rate management during the IMF's economic reviews of China.

The bill would also make future reviews of Chinese shareholding in the IMF contingent on Beijing becoming a more responsible player in the international monetary system.

We need Treasury to take a firm stand at the IMF and insist that China adhere to the exchange rate policies of other advanced economies, or at the very least, disclose what those policies are.

This is important for the global economy, and it is certainly important for the American economy and American workers.

I thank Mr. Meuser for his leadership on this bill and urge my colleagues to support it, and I reserve the balance of my time.

Madam Speaker, I yield 4 minutes to the gentleman from Pennsylvania (Mr. Meuser) to explain his bill.

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

I reiterate that Mr. Meuser's bill will help prevent China from undermining yet another key area of cooperation; and that is the IMF's monitoring of exchange rates.

Exchange rates affect the cost of goods and services in every district in America. Whether or not China is adhering to international norms affects our economy, it affects the global economy, and we need to address that.

We have legislation that enables us to address that. It enables us to speak in a bipartisan way that China's currency manipulation we will not stand for as a statement of American policy.

This bill will require the Department of the Treasury to push for greater transparency in China's exchange rate management during the IMF's economic reviews of China. That is the way we are going to do it.

We have sound policy. I urge my colleagues to support it, and I thank my Democratic colleagues and Republican colleagues on committee for working together on this bill, as well as Mr. Meuser of Pennsylvania for his leadership on this important issue.

Madam Speaker, I urge adoption of this bill, and I yield back the balance of my time.

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

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6370) to require the Office of Foreign Assets Control to develop a program under which private sector firms may receive a license to conduct nominal financial transactions in furtherance of the firms' investigations, and for other purposes, as amended.

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

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

Madam Speaker, I rise in support of H.R. 6370, the OFAC Licensure for Investigators Act, introduced by my friend, the ranking member of the National Security, Illicit Finance, and International Financial Institutions Subcommittee, Mrs. Beatty.

The gentlewoman from Ohio has been an adept legislator in committee and great as an ally and fearsome as a foe. It has been good to work with her on solid policy.

I think this is an important matter for us. Illicit finance internationally and domestically is something we want to tackle, and we want to tackle this through solid policy that can be passed in a bipartisan way.

Since Hamas' October 7 terrorist attack on Israel, we have witnessed the ramifications of bad actors using the financial system to further their acts of terrorism.

This bill would enhance the tools in Treasury's arsenal to go after sanctioned individuals and entities while also holding them accountable in their financial activities.

There is already a well-established practice in traditional financial investigations where a law enforcement agency can request that financial institutions keep open criminal accounts in order to help track the illicit flows of money.

This bill mirrors that practice.

The bill requires the Secretary of the Treasury to develop a pilot program administered by the Office of Foreign Assets Control to allow private sector firms under a temporary and specific license to conduct nominal financial transactions to and through sanctioned entities to further their investigations.

OFAC, the Office of Foreign Assets Control, is a very important tool, one of our most powerful tools of protecting free people around the world and the flow of funds and tracking those flow of funds.

OFAC's licenses are authorized to OFAC to engage in transactions that would otherwise be prohibited. Mrs. Beatty's bill would allow, for example, blockchain analytics firms to work with OFAC to trace wallets controlled by bad actors. The power of blockchain lies within its immutable ledger that cannot be altered and allows analysis firms to see the movement of value every step along the way.

Mrs. Beatty's bill is a crucial step in the right direction. The Treasury Department will be required to keep Congress informed of OFAC's activities and findings under the license. With strict oversight and Treasury's ability to continue to follow the money and follow the value, the United States will be better positioned to go after terrorists and other bad actors and entities.

I thank Mrs. Beatty for her legislation and for her important work on this topic, and I urge my colleagues to support it.

Madam Speaker, I reserve the balance of my time.

House of Representatives,

Committee on Foreign Affairs,

Washington, DC, January 5, 2024.

Hon. Patrick McHenry,

Chairman, Committee on Financial Services,

Washington, DC.

Dear Chairman McHenry: Thank you for consulting with the

Committee on Foreign Affairs on H.R. 6370, the OFAC Licensure

for Investigators Act. Based on your commitment to

incorporate agreed edits into the suspension text, I agree

that Foreign Affairs may be discharged from further

consideration of the bill, so that it may proceed

expeditiously to the House Floor.

This agreement is made with the understanding that it does

not in any way diminish or alter the jurisdiction of the

Committee on Foreign Affairs, or prejudice our jurisdictional

prerogatives on this measure or similar legislation in the

future.

Thank you for agreeing to place our exchange of letters

into the Record during Floor consideration. I look forward to

continuing to work together as this bill moves through the

legislative process.

Sincerely,

Michael McCaul,

Chairman.

Madam Speaker, I yield myself such time as I may consume to engage in a colloquy with the gentlewoman from Ohio.

Madam Speaker, I have heard concerns from Members about the definition of ``nominal transactions'' in the bill. As we saw in OFAC's August 22 designation of Tornado Cash, U.S. persons may have received unsolicited nominal amounts of virtual currency from Tornado Cash. These nominal amounts could be as small as a fraction of a penny. The term ``nominal amounts'' is a term of art within OFAC, but, understandably, Members are worried that this license could allow for the financing of terror activities.

Prior to today's floor proceedings, OFAC and my staff discussed capping licenses at $10. A fraction of a penny spread across $10 could provide an immense amount of data on illicit actors and their funding mechanisms.

I think it is important to reiterate on the record for Members that this bill is not intended to allow a license for greater than $10. Is that something that the gentlewoman would agree with?

I yield to the gentlewoman from Ohio (Mrs. Beatty).

Madam Speaker, I thank the bill's sponsor for this and for her addressing an important matter, which is money laundering internationally and at home is a severe problem. It is a severe problem with regulated financial institutions, and we have longstanding laws and rules and folks that are engaged in Justice and at Treasury that are highly adept at this.

We have new technologies that emerge each day and new approaches to launder value or money. The movement of digital money is complex. With blockchain technology it makes it much easier because then you basically can follow what is on the blockchain, and it is there for the public to see and for our experts in government to follow very well.

We want to make sure that they are given the full tools to track that illicit finance wherever it may be using the best techniques and technology available to anyone in the world. We want to make sure that we stay on top of this and curb illicit finance the best that we possibly can.

We have the best laws, the best rules, and the best people working to protect our people here and abroad.

Madam Speaker, I thank Mrs. Beatty for her leadership here on this important issue.

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

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

Madam Speaker, I would just reiterate that Mrs. Beatty's bill is a crucial step in the right direction, and the Treasury Department will be required to keep Congress informed of OFAC's activities and findings under the license.

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

Madam Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. Speaker, due to an unforeseen rescheduling conflict, I was unable to vote on the Motion to Recommit and passage of H.R. 357 on December 12, 2023. Had I been present, I would have voted Nay on Roll Call No. 716, and Yea on Roll Call No. 717.

Mr. Speaker, I thank my friend from California (Mr. Calvert) for hosting this Special Order for a special friend.

Kevin McCarthy's relentless perseverance, keen insights, and unmatched knowledge of the personalities of the House were amazing to witness firsthand.

While the public saw the 15 rounds of votes in January and the historic spending cuts of the Fiscal Responsibility Act, privately, what I got to see was the legislative equivalent of an elite power athlete expertly working people, process, and policy to get the best outcome in this Chamber. It was truly an expertise that he had honed over his service in the California State Assembly and here in Congress to make this place work.

It takes a legislative craftsman to make an institution like this work. It takes history, it takes training, it takes focused energy, and it takes will, perseverance and grit. I got to see all those things in Kevin.

Now, everybody else got to see the sunny optimism, the personalities that he loved embracing, and his spirit of friendship with people he had just met. That was wonderful to see. However, to see him behind the scenes being able to put all these disparate talents and gifts that he has to work for public policy was awesome. It was a special thing to work with Kevin.

In the wildest moments this Chamber has seen in decades, he was a great leader for House Republicans, for this institution, and for America. He had coolness, calm, and a sense of charity for folks, even if they were not going to reciprocate. As a public leader, he truly lived his values, and the way he treated us is the way that he expected others to treat everyone else.

He was a great Speaker. Success after success after success took place this whole year when Republicans in Washington are outnumbered by a Democrat Senate and a Democrat in the White House. With a very narrow majority we got big things done. It is a tough thing.

He had an innate sense of optimism. He always found an opportunity to see the bright side of any moment. Even in the darkest of days, he saw something there that would give us a sense of hope and optimism. Those qualities are what has got him through an incredible career and a really incredible life.

He is a political mastermind as well. It wasn't just policy in here that he understood how to engineer. It was the architecture of campaigns, elections, and all the stuff that goes into modern campaigns that he was an expert in. There was no one better for Republicans and no one better in America who had his capacity to put things together and to win elections.

The American people and this institution are worse off for not having Kevin McCarthy here. Nevertheless, I know he will be just fine. He will be just fine. I look forward to seeing what he has in store for himself, his family, and for this country. I look forward to his new way of contributing to make this place better and to make the country better.

I love working with Kevin on technology issues. His engagement there was the most spirited and the most interesting for both of us. His innovation initiative from a couple Congresses ago and his deep, keen interest in public policy as it relates to technology and the use of technology will have a lasting impact here, as well. I hope Kevin will continue to contribute in that arena.

For us, this institution is worse off for not having Kevin McCarthy here. It is worse off.

It is with a bit of sadness that I have to say farewell to my dear friend here on the House floor, but not farewell forever because he is a dear friend and will always be one of my dear friends.

Kevin, we will miss you, and we love you.

Mr. Speaker, I rise today to recognize B. Dan Berger as he prepares to step down from his role at the President/CEO of the National Association of Federally-Insured Credit Unions (NAFCU) at the end of the year.

Dan first joined NAFCU in 2006 and helped the association become a strong advocate for credit unions in Washington. I have had the pleasure of working with Dan on several issues before the Financial Services Committee during that time.

Dan became the President/CEO of NAFCU in 2013. In a decade under his leadership. NAFCU has grown its membership by nearly 50 percent, while increasing assets and revenue. His final act for NAFCU will be leading it into a merger with the Credit Union National Association (CUNA) to create a new voice for credit unions--America's Credit Unions.

Dan earned a master's degree in public administration from Harvard University and a Bachelor of Science degree in economics from The Florida State University. He is a member of The Economic Club of Washington, DC, the U.S. Chamber of Commerce Committee of 100, and was an adjunct professor at The George Washington University in the communications department. He also serves as Vice Chair of the conservation group Bonefish and Tarpon Trust and formerly served as Chair of The Florida State University Alumni Association.

I know the credit union community will miss Dan as he heads back to Florida to spend more time with his wife Aimee and daughter Shelby. I ask my colleagues to join me in congratulating Dan Berger and wishing him the best of luck with whatever comes next.

Madam Speaker, small businesses are the lifeblood of the American economy. When you burden small business, you limit job growth, economic gain, economic opportunity, and American growth. With more regulation on businesses, it drives up the cost of doing business.

I commend the chair of the Small Business Committee for this resolution that we have on the House floor today that is in support of American small business. This resolution would stop the CFPB's small business data collection rule, which is onerous, overly complex, and difficult to implement. All American businesses would be burdened by it--disproportionately, the small businesses that create most of the jobs in America.

This rule would stifle American businesses' access to affordable credit, and it will facilitate the naming and shaming of lenders whose business practices are legal, nondiscriminatory, and safe and sound.

The progressive activists on the left want to use that database so they can call out the things that they don't like for political activism. I don't think that is responsible. I don't think that is in the interest of the American economy, and it surely is not in the interest of consumer protection.

Madam Speaker, let's support this resolution. Let's oppose the rule. Let's support small business.

Mr. Speaker, due to an unforeseen scheduling conflict, I was unable to participate in the consideration of H. Res. 888 and H. Res. 793. Had I been present, I would have voted, YEA on Roll Call No. 677, and YEA on Roll Call No. 676.