Floor Statements

Mr. Speaker, I rise today to recognize Mr. Ed Skala, who this month celebrates 25 years of service to this august institution, the United States House of Representatives.

For those of us who have had the privilege to work with Ed, one word stands out above the rest, and that is dedication. His tireless commitment to his craft and to our Financial Services Committee is immediately noticed by all those who have been graced with his company.

His dedication is topped perhaps only by his wit and ability to remember the smallest of details from 20 years ago.

I have always said about this institution that it would not run and lawmakers would not be able to do their job without the dedication and professionalism of the staff here. The staff make this place work, and Ed stands out as a shining example of that.

Mr. Speaker, on behalf of all of us, I thank Ed for all he has done and continues to do for the Financial Services Committee, for the institution as a whole, and for the United States Government.

I congratulate Ed, and I hope he and Hera have a nice time.

Mr. Speaker, every step of the way, Speaker McCarthy has been doubted.

After the first Speaker vote, he was mocked, right? After 15, they called him Speaker, and even then it was the media and the left that mocked him.

With the narrowest Republican majority in a generation, what did we achieve? We brought the President to the table when he stubbornly said for 100 days he would not negotiate on the debt ceiling. I took him at his word.

The Speaker said, no, we will get him to the table, and sure enough, we did. The result: The most conservative spending package we have seen in generations, the largest spending cuts year over year that any Congress has passed. Conservative outcomes.

I understand your position on the left. I understand that.

But my friends on the right, why?

Then this past weekend, I understand the frustration on the left at what happened on the continuing resolution, but why would we have conservatives object to that? Why would we have House Members object to that?

We rolled the Senate. We never roll the Senate as a House. Moreover, we never roll the Senate to get less spending, and we got it this weekend, so I understand why the left is mad. What I don't understand is why some Republicans think that that is a bad thing.

The frustration for me today--I understand where the liberals are. I know you support the constitutional order except in a moment like this when you are questioned on that. I understand that. You can't be counted on in a moment like this with the state of the speakership.

For Republicans, why would we give up a conservative working majority for better outcomes and hand the keys over to the Democrats? Why would we do that?

With this record of success that we have seen Kevin McCarthy and the Republican majority produce in a Washington run by Democrats, we are going to throw that away, resulting in more liberal outcomes, not more conservative ones. I understand why the left is where you are today. You don't like an effective conservative majority.

Mr. Speaker, I rise today to recognize my friend Mr. Bobby Salmon for his service to the nation's largest insurance association, the Independent Insurance Agents & Brokers of America, also known as the Big ``I.'' Bobby is nearing the end of his term as Chairman of the InsurPac Board of Trustees, a position that he has held since September of 2020. During his time as Chairman, the committee has risen to new heights.

In addition to chairing InsurPac, Bobby has served with distinction on the Big ``I'' Board of Directors and Government Affairs Committee. He has been an effective and thoughtful advocate for independent insurance agents and small businesses across the country.

Bobby attended Western Carolina University and is currently an independent agent with INSURE in Raleigh, North Carolina. He entered the insurance industry in 1991 and has been positively impacting lives ever since.

In addition to serving the Big ``I'' national association, Bobby has been one of the most dedicated volunteer leaders for the Independent Insurance Agents of North Carolina. He has chaired the young agents committee, the bylaws task force, and the board of directors, as well as the governance & leadership committee. Additionally, he has served on the legislative & PAC committees, products & services, advertising, surplus lines, and audit committees.

Importantly for North Carolina, Bobby is also an active leader and philanthropist in his community. He serves in a variety of ways, perhaps most importantly as a volunteer leader for Ridgecrest Baptist Church in Durham.

I would also like to recognize Kim, Bobby's wife of forty years. Together they reside in Hillsborough, North Carolina and have three children Tyler, Jordan and Morgan.

The state of North Carolina is proud of Bobby Salmon and thanks him for his continued leadership of the Big ``I'', its membership, and the great state of North Carolina.

Mr. Speaker, as we continue to stress STEM education in our country, I would like to recognize the North Carolina School of Science and Math.

This new campus for the School of Science and Math is located in the city of Morganton in the Tenth District in western North Carolina.

Students recently finished their first academic year on this new campus. This is the second campus of the North Carolina School of Science and Math, the original having opened in Durham in 1980.

Thanks to the hard work of local officials, citizens, and industry leaders in our region, funding was secured for the western campus in Morganton, and the first residential class of some 300 students started last fall.

A special thanks to my friend, State Representative Hugh Blackwell, whose vision for the western campus made the project a reality and his great work in the legislature made it possible.

This public high school will fill our workforce with the next generation of innovators and entrepreneurs and will help these dedicated students reach their full potential. I salute the graduating seniors and send best wishes as you continue your educational journey in the years ahead.

American Legion World Series

Mr. Speaker, The American Legion World Series is being held on Monday in my district in the beautiful city of Shelby, North Carolina, which has been the permanent home of the tournament since 2011.

Beginning August 10, more than 100,000 fans will fill Shelby's Keeter Stadium over the 6 days of the tournament. They will cheer on eight teams from around the country as they vie to be crowned the 2023 American Legion World Series champions in the tournament which was first contested in 1926.

Many former American Legion players had successful careers in the big leagues, including all stars such as Johnny Bench, George Brett, Dusty Baker, and the pride of Caldwell County, Madison Bumgarner.

To local leaders in Cleveland County, American Legion Post 82, and the hundreds of volunteers who will work countless hours to welcome fans to Shelby, I extend my thanks, and a special thanks for all that The American Legion does for youth around this country.

Mr. Chairman, I thank my colleague and the chair of the Subcommittee on Housing and Insurance (Mr. Davidson) for his fine work here legislating and the great work that he has put in this Congress on the Housing and Insurance Subcommittee.

Mr. Chairman, I rise in support of Mr. Davidson's bill, the Middle Class Borrower Protection Act. What I would say to my colleagues is: Is it right to raise the costs of borrowing for families that have worked hard and saved up to buy a home in order to subsidize those who are less creditworthy? I don't think so.

This bill would ensure that doesn't happen under this new Biden administration rule set. What we have before us today is a bill that would say to the 95 percent of Americans nationwide that have a credit score over 680 that you are going to pay more, and those that are less creditworthy, under 680, the 5 percent of Americans who are under a 680 credit score will pay less under this new Biden administration proposal.

If we don't act with this bill, almost half of those borrowers will face an extra $1.8 billion in new fees over the next 2 years. That is a tax on more creditworthy people when they access a mortgage. I don't think that is proper. I don't think that is just.

Those are middle-class borrowers in each of our districts, Republican and Democrat, Independent, rural and urban, young and old. They are across the country, and we are trying to stand up for them. For some reason, the Biden administration wants to put their finger on the scales and decide who gets to pay more and who gets to pay less.

That is inherently unfair, whether that is in my district in western North Carolina or districts on the other side of the country. It will make housing less affordable, not more. It puts taxpayers at risk by threatening the safety and soundness of our housing finance system, and we have a chance to change that today and do the right thing.

If you want to protect middle-class borrowers in your district from a new tax, you will support this bill. If you want to take action to address housing affordability, you will support this bill. If you want more Americans to achieve the dream of homeownership, you will vote for this bill.

Mr. Chairman, I thank my colleagues on the House Financial Services Committee, on both sides of the aisle, for the good work they do in this Congress. I also thank my colleague, Mr. Davidson, for his leadership here on this important housing issue that touches all of us across the country, and I urge a ``yes'' vote.

Mr. Speaker, I rise today to salute the Lenoir-Rhyne University's men's lacrosse team for bringing home the NCAA Division II National Championship in an overwhelming 20-5 victory over Mercyhurst College.

Mr. Speaker, 2 years ago, the Bears made their first appearance in the national championship game but came up just short. This time, though, they would not be denied. In fact, this wasn't just one dominating game for the Bears, it was a dominating season. All of North Carolina is proud that Lenoir-Rhyne has brought the national title home to Hickory. I am proud to represent Lenoir-Rhyne here in Washington.

Mr. Speaker, I congratulate Coach Greg, the Lenoir-Rhyne president, Dr. Whitt, the entire Lenoir-Rhyne community, and the Greater Hickory Metro.

Go Bears.

Mr. Speaker, due to an illness, I was unable to attend votes on June 14, 2023.

Had I been present, I would have voted YEA on Roll Call No. 257; YEA on Roll Call No. 258; NAY on Roll Call No. 259; NAY on Roll Call No. 260; NAY on Roll Call No. 261; YEA on Roll Call No. 262; YEA on Roll Call No. 263; NAY on Roll Call No. 264; YEA on Roll Call No. 265; NAY on Roll Call No. 266; NAY on Roll Call No. 267; YEA on Roll Call No. 268; and NAY on Roll Call No. 269.

Mr. Speaker, due to unforeseen circumstances, I was unable to participate in voting on the motion to suspend the rules and pass H. Res. 377. Had I been present, I would have voted YEA on Roll Call No. 256.

Mr. Speaker, I thank the chair of the Subcommittee on Capital Markets, Mrs. Wagner, for leading our committee Republicans' capital formation agenda on the Financial Services Committee. She has done a fantastic job.

I thank the Members of the minority party for joining with us in passing some of these important bills.

By the end of today, we will haved passed 11 of those bills through the House of Representatives in the last 2 weeks. I thank the Members for their work there.

Mr. Speaker, I rise in support of H.R. 2608. This bill clarifies the periods for which financial statements are required to be provided by an emerging growth company.

Now, an emerging growth company is an important provision of the JOBS Act of 2012. These are smaller companies that are growing rapidly, and the idea here is we want them to be able to access the public markets more quickly.

Now, let me stop here. It is a real pleasure to spend time on the House floor getting back to the policy that I am most steeped in and most interested in and, quite frankly, thrilled that I am not talking about the debt ceiling. Thank you for your indulgence there.

This important provision of the JOBS Act, called the emerging growth company piece of the JOBS Act, has this designation of an IPO on-ramp. The idea here is these are smaller revenue companies, and in their growth, we want them to be able to get to the public markets as quickly as they can.

Emerging growth companies are given a 5-year ramping period in the public markets to comply with a lot of regulatory requirements that public companies are obligated to comply with.

The goal here was to have an accommodation to have more companies go public here in the United States, and it has worked. This was title I of the JOBS Act. The success of this provision was as a direct result of it being self-executing. We wrote the law, and instantly, that day, people started using the statute.

Within the first 2 years of enactment of the JOBS Act, emerging growth companies resulted in 85 percent of all U.S. IPOs. Additionally, this specific accommodation for 2 years of audited financial statements was utilized by 65 percent of emerging growth companies within the first 2 years of the JOBS Act.

Despite the success of the JOBS Act IPO on-ramp, there are clarifications Congress should make to maximize the utility of these provisions. For example, there are instances where an emerging growth company, or a company that qualifies as such during its initial public offering, must provide financial statements for periods earlier than 2 years.

The first instance is when an emerging growth company acquires a significant business. The emerging growth company must present 3 years of financial statements, even though the post-merger company also qualifies as an emerging growth company. This is kind of a wonky failure of the statute.

The second instance is when a company qualifies as an emerging growth company during its IPO but later tries to conduct a follow-on offering to raise capital after it loses its emerging growth company status. In such instances, the company would also be required to provide 3 years of financial statements.

This bill updates emerging growth company financial reporting accommodations to clarify that an emerging growth company, as well as any company that qualifies as such, when it is conducting its initial public offering, does not need to provide financial statements for a period earlier than 2 years, which is required during the emerging growth company's initial public offering. That is a lot of words.

This update will increase efficiency by ensuring that these companies will be able to consistently rely on the JOBS Act's scaled financial reporting requirement accommodation. It will eliminate an aberrational result that actually has been shown to require burdensome and unnecessary financial reporting obligations.

This bill clearly establishes that an emerging growth company will not be required to provide audited financial statements for any period earlier than 2 years, including in those instances I mentioned that were not previously addressed in the original JOBS Act.

Mr. Speaker, after 11 years of the JOBS Act, this particular section of the JOBS Act has shown that it has been wonderfully successful. We have more IPOs using the statute than any other change in security laws we have made as a Congress in recent memory. That is a great success.

We want to update that existing statute, and we are doing so in a bipartisan way. That should be a welcome sign for Congress, that we can do complicated things in a bipartisan way. That is what we are here to do.

Mr. Speaker, I urge my colleagues to vote ``yes.''

Mr. Speaker, I thank Chairwoman Wagner for her great leadership on the committee.

Mr. Speaker, I think it has been well-explained about emerging growth companies. We have had a nice discussion here on the House floor of what we had done in Congress 11 years ago to ensure that fast-growing, smaller companies can access our capital markets and do so with less regulatory burden, enticing them into our public markets, which enable average, everyday investors to have more investment opportunities and ownership of American society, as well.

Speaking to that, this bill clarifies the periods for which financial statements are required to be provided by an emerging growth company when conducting a spinoff transaction. This legislation will strengthen public markets by addressing an irregularity that was not addressed under the JOBS Act of 2012 and ensure consistent treatment for emerging growth companies, whether they are going public or spinning off a portion of their business.

Mr. Speaker, I have talked about the positive impact of emerging growth companies and of the JOBS Act, generally, since it was enacted into law. At that period of time, in 2012, you had a Republican House of Representatives, a Democrat Senate, a Democrat in the White House, and very few things got done.

President Obama at the time wanted to address the jobs challenge in American society and wanted us to change law and regulations so that we can actually lift people out of poverty and back into the workforce.

Those were some very important things that we discussed that Congress, but the foremost of that was the legislating we did out of the Financial Services Committee, which culminated in the passage of what was called the JOBS Act.

One of the best provisions in the JOBS Act was the emerging growth companies' section of that, or title of that bill, and that is what we are talking about and speaking of on this day.

What we are trying to do is tweak that law to make sure it functions appropriately. Like all things, whether it is your home, legislation, or your car, you want to adjust it from time to time to make sure it is running the way you intended it to run. That is what we are doing here today with these small changes to the emerging growth companies' statute and the JOBS Act.

Mr. Speaker, I urge my colleagues to vote ``yes'' on this important provision.

Mr. Speaker, due to unforseen circumstances, I was unable to participate in voting on passage, the objections of the president to the contrary notwithstanding on H.J. Res. 39 and final passage of H.J. Res. 45. Had I been present, I would have voted YEA on Roll Call No. 233, and YEA on Roll Call No. 234.

Mr. Speaker, due to unforeseen circumstances, I was unable to participate in voting on H.R. 1076 and H.R. 1156. Had I been present, I would have voted YEA on Roll Call No. 228, and YEA on Roll Call No. 229.

Mr. Speaker, due to unforeseen circumstances, I was unable to participate in voting on Amendment No. 1 and passage of H. Con. Res. 40.

Had I been present, I would have voted YEA on Roll Call No. 226 and YEA on Roll Call No. 227.

Mr. Speaker, I rise today to remember Sergeant First Class Bailey Gillespie, who lived in Rutherford County in my district and passed away on April 11.

Sergeant Gillespie was a member of the 27th Infantry Regiment during the Korean war. In November 1950, he was captured. He spent the next 2\1/2\ years as a POW.

During this time, he was tortured, starved, and nearly died. He was the last POW survivor of the 27th Regiment. Throughout, he kept his faith in God.

Sergeant Gillespie survived and returned home victorious. For many veterans, talking about their experiences is painful, but Sergeant Gillespie spoke about it frequently. He helped other veterans heal. He also became one of Rutherford County's most active citizens, a leader in every sense of the word.

To his beloved wife of 70 years, Joy, I extend condolences and thanks from a grateful Nation.

Mr. Speaker, I rise today to bring awareness to a lesser-known form of breast cancer in recognition of Triple Negative Breast Cancer Awareness Month.

Breast cancer is a terrible disease that has impacted so many of our loved ones. This year, the American Cancer Society estimates there will be over 10,000 new breast cancer cases, and nearly 1,500 breast cancer- related deaths in North Carolina alone. In fact, more North Carolinians will be diagnosed with breast cancer than any other type of cancer.

Triple Negative Breast Cancer, or TNBC as it is also known, accounts for 15 to 20 percent of breast cancers and is associated with significant psychological and treatment-related burdens. Compared with non-TNBC cancers, TNBC is a more aggressive type of tumor with a faster growth rate and an almost three times higher risk of recurrence. Also, this type of cancer lacks estrogen, progesterone, and human epidermal growth factor receptors, meaning that targeted treatments aren't effective. Due to these factors, early diagnoses are vital. However, TNBC is particularly prevalent in pre-menopausal women, who are often younger than the age that women can access annual mammograms.

These statistics and factors show that breast cancer, and specifically TNBC, is an imperative issue that must be addressed. During Triple Negative Breast Cancer Awareness Month, I ask that we support fundamental research initiatives to help women suffering from this terrible cancer.