Floor Statements

Mr. Speaker, I rise today in support of H.R. 3240, the Regulation D Study Act.

This bill is simple. It directs the Government Accountability Office, GAO, to study the regulatory impact on depository institutions, consumers, and monetary policy.

Current regulations limit common online and automated transfers and withdrawals from nontransaction accounts, such as savings accounts, to only six transfers per month. The regulators who created this rule never envisioned online banking and modern banking technology, and because only some transactions are subject to the six-per-month restriction and others are without limit, this rule is very confusing to consumers.

Today, many families use online banking tools to actively manage their finances with unnecessary restrictions from these outdated rules. Regulation D requirements force financial institutions to focus on compliance concerns rather than spending more time with consumers to meet their financial needs.

This is commonsense legislation that is not only good for financial institutions, but for American families as well. The issue of allowing only six transfers per month for certain bank accounts hasn't been reviewed in several decades. With new technological advancements and online banking, we owe it to our hardworking American families to revisit this regulation.

H.R. 3240 enjoys support from the Credit Union National Association and the National Association of Federal Credit Unions, whose financial institutions serve millions of Americans.

Mr. Speaker, I will submit for the Record a letter of support from the president of the Credit Union National Association, which serves 100 million members across the country.

Credit Union

National Association,

Washington, DC, December 1, 2014.

Hon. John Boehner,

Speaker, House of Representatives,

Washington, DC.

Hon. Nancy Pelosi,

Minority Leader, House of Representatives,

Washington, DC.

Dear Speaker Boehner and Leader Pelosi: On behalf of the

Credit Union National Association (CUNA), I am writing in

support of H.R. 3240, bipartisan legislation scheduled for

consideration this week by the House of Representatives. CUNA

is the largest credit union advocacy organization in the

United States, representing America's state and federally

chartered credit unions and their 100 million members.

H.R. 3240, sponsored by Representatives Robert Pittenger

(R-NC) and Carolyn Maloney (D-NY), directs the Government

Accountability Office (GAO) to study the impact of the

Federal Reserve Board's monetary reserve requirements,

implemented through Regulation D, on depository institutions,

consumers and monetary policy. The House Financial Services

Committee favorably reported this bill to the House on July

20, 2014 by voice vote.

Regulation D impacts credit union members by limiting the

number of automatic withdrawals from a member's savings

account to six transactions per month. The impact of this

limit is to unnecessarily cause credit union members to

overdraft their checking accounts when a debit draws the

checking account balance below zero and the member has

already had six automatic transfers during the month. When

this happens, members who may have the funds in a savings

account to cover the debit are hit with nonsufficient fund

fees (NSF) from their financial institution and, when a check

is involved, a returned check fee from the merchant. This is

not a result of an overdraft protection program--this happens

because of a regulatory cap on automatic transfers. It is

difficult for credit union members affected by the cap to

understand that this is out of the control of the credit

union when the funds to cover the debit are sifting in their

account at the credit union.

We believe the cap should be increased or eliminated, but

we understand that one of the reasons the regulation is in

place is because the Federal Reserve Board is authorized to

use it as a tool to conduct monetary policy. As a first step

toward a possible change in this cap, the legislation directs

the GAO to study the issue. This effort will make more

information available for Congress to determine whether an

increase in or the elimination of this cap would

substantially affect the Federal Reserve Board's ability to

conduct monetary policy.

Specifically, H.R. 3240 directs the GAO to examine and

report within one year of enactment on the following topics:

an historic

overview of how the Federal Reserve Board has used reserve

requirements to conduct monetary policy; the impact of the

maintenance of reserves on depository institutions, including

the operations requirements and associated costs; the impact

on consumers in managing their accounts, including the costs

and benefits of the reserving system; and, alternatives to

required reserves the Federal Reserve Board may have to

effect monetary policy. The bill also directs the GAO to

consult with credit unions and community banks.

According to former Federal Reserve Board Chairman Ben

Bernanke, ``. . . reserve balances far exceed the level of

reserve requirements and the level of reserve requirements

thus plays only a minor role in the daily implementation of

monetary policy.'' A GAO study will allow an objective

assessment of whether the rarely changed monetary reserves

imposed on depository institutions and consumers are

necessary in order for the Federal Reserve Board to implement

monetary policy in the 21st century. CUNA strongly supports

this bill.

On behalf of America's credit unions and their 100 million

members, thank you for scheduling H.R. 3240 for

consideration. We look forward to working with you and

members of the House of Representatives to swiftly enact this

legislation.

Sincerely,

Jim Nussle,

President & CEO.

As technology advances, we need to make sure Federal regulations keep pace. Former Federal Reserve Chairman Bernanke has said that account ``reserve balances far exceed the level of reserve requirements, and the level of reserve requirements thus plays only a minor role in the daily implementation of monetary policy.''

We can continue to protect the financial system while allowing families more flexibility to use online banking tools.

This legislation has strong bipartisan support, and I would like to thank my colleague from New York, Congresswoman Maloney, who serves on the Financial Services Committee, for joining me in introducing H.R. 3240.

A GAO study will allow an objective assessment of whether the rarely changed monetary reserves imposed on depository institutions and consumers are necessary in order for the Federal Reserve to implement monetary policy in the 21st century.

Mr. Speaker, I do rise today in memory of Union County Sheriff's Deputy Sergeant Jeff Greene, who died yesterday in a tragic motor vehicle accident in Monroe, North Carolina.

Sergeant Greene was a 10-year veteran of the Sheriff's Office and managed the offices responsible for gun permits, for fingerprinting and the sex trafficking registry. He was also a veteran, having served honorably in both the United States Air Force and the United States Marines.

Sergeant Greene was a family man, and I would ask my colleagues to remember his wife, April, his daughters, Nicolle and Allison, and his five precious grandchildren in your prayers.

Sergeant Greene was committed to serving his community both as a law enforcement officer and as an active volunteer. He will be greatly missed.

May we honor all like Sergeant Greene and remember to pray daily for them, these brave men and women who faithfully work to protect our communities.

Mr. Speaker, much has been said and written about the ratings of the United States Congress and the approval of what the American people think of us. It is somewhere right around 10 percent.

Let me tell you those ratings don't take into consideration Howard Coble. My esteemed friend in this Congress is regarded by his own constituents as a family member.

Howard Coble chose not to be married, but what became his family were his constituents. What became his friends were his colleagues in Congress. Both sides of the aisle love Howard.

I am one, Congressman Coble, who loved seeing you out there on that back row every time I walked in, with a big smile and a good story, and everybody would come by and say hello to Howard during the course of the session, just to see you, because you are special to all of us.

Yes, my good friend, Congresswoman Foxx, did tell a story about how my life was spared as I was chewing some chicken, and I realized I couldn't chew and laugh at the same time as I tried to swallow that chicken, and then here came Mr. Huckabee to give me the Heimlich and save my life.

Well, you know, I was in a primary a year after that. It was 11 people in the primary, and the one good thing about that is I got a sympathy vote from Mike Huckabee, and he endorsed me, so that was a good thing.

Howard, thank you. Thank you for being committed in your job. On the

Judiciary Committee, on the Transportation Committee, you were faithful in every respect, to do the right thing for North Carolina, for your district and, frankly, for the American people.

We are all in debt to you for your service to this great country. Our country is better off today because of the life of Howard Coble.

Thank you. God bless you.

Mr. Speaker, I thank the chairman. Mr. Chairman, I acknowledge the tremendous leadership that you have given to this Nation. I am grateful for what you have done as a servant in our Congress to protect this Nation, to provide the security that is needed, and I admire you greatly for your work.

Mr. Speaker, I rise today in support of this amendment.

This amendment is critical to begin the needed process to destroy ISIS. Yes, it is limited in scope of what the President has designated the Congress to approve, but it is necessary. We must convey to the world our commitment to destroy ISIS, the gravest threat that we have ever seen in the history of this country.

But a grave threat, Mr. Speaker, requires a commitment, a thorough commitment, to make sure the job is done. What we are doing today is limited in scope, but yet it is very important. We cannot, however, have a commitment

that is limited, we cannot have the mindset of a Neville Chamberlain, who never recognized the threat and the force of Adolf Hitler in Germany.

We have an enormous threat before us today. The President gratefully acknowledges the threat. However, he has been long in coming to that reality of what we face in the world today.

Yes, he did stand down on missile defense in Poland and Czechoslovakia. Yes, he did stand down our military to the lowest levels since World War II. Yes, he has appeased the Iranians and given them additional time to build up their economy, to build up their nuclear capacity.

He has a scope of the world and understanding that is foreign to me. There are real adversaries out there. Gratefully, he understands the adversaries that we have in ISIS today. They are but yet a part of the dimension of what we are forced to encounter. It must be done, and it must be done with this initial amendment. We will need to come back. We will need to be honest with the American people of what is required to secure this country.

Mr. Speaker, I rise today in honor of Nancy Writebol, a dedicated Christian missionary from Charlotte who chose to run toward danger.

Ms. Writebol and her husband, David, serve as missionaries with SIM at a hospital in Monrovia, Liberia. They turned down the opportunity to evacuate when Ebola struck Liberia. Instead, Nancy volunteered to help sanitize the medical personnel and their equipment as they worked in the Ebola isolation ward.

This week, Nancy learned that she, too, has contracted Ebola. Like the people she volunteered to help, Nancy is now in isolation. Although stable, she is battling an illness that kills 60 percent of the victims. Nancy and David could have chosen the easy route. Instead, they chose a higher calling of sacrificial love and service.

Please join me in praying for Nancy's complete recovery and giving thanks for the Writebols, Samaritan's Purse, and the SIM mission agency for working tirelessly to help Ebola victims and others in need in Liberia.

Madam Chair, on rollcall No. 398, had I been present, I would have voted ``yea.''

Amendment Offered by Mr. Gosar

Mr. Chairman, I thank Chairman Rogers for this opportunity to speak. I just really want to commend you for your exceptional leadership as a Member of this body and for your service on behalf of the security of our Nation.

Over the past year, it has really been a privilege to get to know you and work with you on several initiatives. I am just grateful for the way that you handle the people's business, look forward to working with you more, and also congratulate you on your future endeavors.

The legislation before us today provides the intelligence community the authorization needed to protect and defend the United States and supports critical national security programs, such as those protecting Americans against terrorism and cyber attacks.

As Members of Congress, we took an oath to the Constitution, which sets forth our duty to provide for the defense of the United States.

Passing the yearly Intelligence Authorization Act is a critical component of living up to our constitutional obligations, ensuring America's intelligence agencies have the resources necessary to keep Americans safe.

Passing the intelligence authorization is also vital to our important responsibility of providing oversight to the current administration.

This legislation ensures Congress, and not the executive branch, is controlling how taxpayer money is being spent on intelligence activities and doing so in the most efficient and effective way possible.

We must remember that we have not defeated the threat of terrorism. The terrorists we face today are not a backyard gang; they are sophisticated and have access to the most modern of technologies.

Over the last 2 years, we have seen the number of worldwide deaths from terrorism attacks double from 10,000 in 2012 to 20,000 in 2013.

The fact that we in America are able to sleep soundly at night is a credit to the men and women who serve our country selflessly. We must continue to provide these brave men and women every tool possible as they continue to provide for our safety.

That is why I encourage all my colleagues to join me in supporting this legislation.

Mr. Speaker, on rollcall votes Nos. 218 and 219, I am not recorded because I was absent from the U.S. House of Representatives. Had I been present, I would have voted in the following manner.

On rollcall No. 218. Had I been present, I would have voted ``yea.''

On rollcall No. 219. Had I been present, I would have voted ``yea.''

Madam Speaker, I thank the gentleman for yielding me this time.

Madam Speaker, I rise in support of the Justice for Victims of Trafficking Act, and much other legislation that we will consider today.

I also rise in support of Antonia, Maria, and Rosa, three wonderful women from Charlotte who fell victim to human trafficking.

Maria was trapped when she answered an ad for aspiring actresses. Rosa was snatched from a local gas station while waiting for a ride. Antonia dreamed of owning a bakery before falling victim to human trafficking.

These women aren't statistics. They are individuals whom I know from Charlotte, ordinary women--someone's daughter, someone's granddaughter. Yet at a very young age they were forced into modern day slavery.

According to the Department of Homeland Security, trafficking is a $32 billion a year industry, and the average age for a girl entering the commercial sex trade is just 12 to 14 years old.

Madam Speaker, this is one of the most heinous of crimes. As Members of Congress, we have a constitutional and moral obligation to protect the most vulnerable in our society from this horrific exploitation. Increased awareness and education is a critical first step in breaking the cycle of exploitation here in the United States and around the world.

Today, we have the opportunity to take legislative action, voting on five bills which will help people like Antonia, Maria, and Rosa. Today, we can vote to enhance the victim assistance programs, give law enforcement better tools to catch the scum whom we call traffickers and facilitators, and fix some of the loopholes exploited by traffickers.

Thank you to Mr. Goodlatte, to Judge Poe, to Mrs. Maloney, to Susan Brooks, and to many others who are involved in this very important effort. Thank you to the majority leader for his involvement, to all members of the trafficking task force, and thank you to each Member who will support this very important cause.

Thank you to Antonia Childs of Charlotte, who has dedicated her life to helping other women escape modern day slavery. Maria and Rosa wouldn't be on the road to recovery without you.

I urge my colleagues today to support the antitrafficking legislation before us today.

Mr. Speaker, on rollcall vote Nos. 194-196, I am not recorded because I was absent from the House of Representatives. Had I been present, I would have voted in the following manner.

On rollcall No. 194. Had I been present, I would have voted ``yea.''

On rollcall No. 195. Had I been present, I would have voted ``yea.''

On rollcall No. 196. Had I been present, I would have voted ``no.''

Madam Speaker, I rise today in honor of Will Grier who, as quarterback of the Davidson Day School, led them to three consecutive championships.

Over his high school career, Will threw for 195 touchdowns, averaged 383 passing yards a game, and once threw 10 touchdown passes in a single game. For his exploits on the field, Will Grier was named Parade Magazine's 2014 All-America Player of the Year and was selected as America's top high school football player by Football USA.

He graduated from high school a semester early and is already attending classes at the University of Florida, where he will continue his football career.

While I congratulate Will for his football accomplishments, I also want to congratulate him for remaining focused off the field. At Davidson Day, he chose to be a positive role model, regularly spending time with younger students and always reading to the elementary classes.

Please join me in congratulating Davidson's and North Carolina's Will Grier for his accomplishments and for his commitment to serving others.

Mr. Speaker, I rise today in honor of Lieutenant Nate King of the Charlotte-Mecklenburg Police Department.

Just a few days ago, Lieutenant King was conducting routine police business when a frantic mother drove up and placed a seemingly lifeless baby into his arms. Six-month-old Lily was choking to death. Without losing his cool, Lieutenant King quickly began lifesaving measures, and soon little Lily started screaming and crying. Thanks to Lieutenant King's efforts, little Lily is alive today.

Even better, the doctors who examined Lily that day at the hospital determined she was fine and had made a full recovery.

On behalf of Congress and the people of North Carolina's Ninth Congressional District, thank you to Lieutenant King for your exceptional service. You make us all proud.

Thank you to all the brave men and women of the Charlotte-Mecklenburg Police Department who face diverse difficult challenges, even placing their lives on the line to serve us each day.

Mr. Chairman, I thank Chairman Hensarling for the time and for allowing me to speak on this important issue; and I also thank the gentleman from Wisconsin (Mr. Duffy) for his the leadership on this legislation.

This legislation is absolutely necessary to bring pragmatic reforms to CFPB. The CFPB needs transparency. It needs accountability. It needs privacy reforms.

The first main goal of this legislation is to replace the single all- powerful director with a five-person independent commission. This will allow for a healthy debate and to bring rules and regulations that are proposed at this agency.

It would put CFPB on a regular budgetary cycle with annual appropriations. This will shield the very American taxpayer from wasteful spending and allow Congress the proper oversight that this agency absolutely needs.

One of the key provisions of this bill prohibits CFPB from accessing, collecting, and analyzing the American people's personal financial data without their express permission.

In the wake of the regulation tsunami coming from D.C., it is time that Congress exercise its authority to help rein in government bureaucrats and help provide the clarity to business owners across the country.

I urge all of my colleagues to support this bill.

Thank you, Congressman Smith. I am so grateful for your leadership, having known you now for the last 30 years and watched the true commitment that you have for the calls of life. I just appreciate the spirit of which you come and your dedication.

Mr. Speaker, before I got in Congress, I spent a lot of time committed to the pro-life mission. My interest really was elevated about 25 years ago when I was in London with my family, and we visited the British Museum. After a long day, we were tired and we went into a little booth and sat down. There were a

number of chairs. There was a little TV screen, and I just pushed the button to see what was there. What came on was a little film about life and about birth and about this little baby. They referred to the baby time and again: the baby is a week old, the baby is 2 weeks old, the baby is 3 weeks old.

Here is a chart, Mr. Speaker, that says that baby at 4 weeks has the eyes and the heart, 5 weeks greater development with the limbs, 6 weeks having the teeth and the palate and the ears. You will see there, Mr. Speaker, about the 16th week the brain is fully formed; and, at that point, at fully formed, the nervous system is in. That baby can feel pain.

So I want those who can see us today and feel the heart and commitment, that this is a baby, and this is the life of that baby as it is processed. The Lord said: ``I knew you even when you were in your mother's womb.'' This is something that we cannot remove ourselves from.

As you think of this baby and the loss of these babies, some 56 million, your mind's eye looks through all of recorded history and what has happened in the period of history that those babies were born and what would happen with their lives. Did we eliminate the life of one who would have helped to cure cancer or diabetes or any other disease? Was that life taken that God had put in that little baby's mind and heart the knowledge to do what was needed to be done to cure a major disease today? We will never know that until eternity.

For that, I think it is a very sober thought to know that the Lord watches over us day and night, and his thoughts toward us are good and not of evil, to give us a future and a hope. He has hope to all. We need to respect the fact and know the fact that that loving God provided this life to be a blessing on this Earth. It is something that we should consider very seriously, the impact of what has happened in God's plan for this Earth by what we have taken away from the life that he has given.

So I share this time with you and I am grateful for your leadership. As I join with you next week, this will be a moment to continue to ask God to help preserve these lives.

Mr. Speaker, I rise today to question why banks and their customers are still burdened by rules designed in an era that, when most bank transactions ended, a free lollipop was given to the customer.

Regulation D, which was implemented in the 1980s, restricts customers to just six transfers between their accounts for 1 month. These rules made a lot of sense in an era when most bank transactions were done manually; but today, through modern technology, this is truly obsolete.

Mr. Speaker, I therefore ask support for H.R. 3240, the Regulation D Study Act. This bill will direct the GAO, the Government Accountability Office, to study Regulation D and recommend appropriate changes to modernize the regulation. H.R. 3240 has strong bipartisan support. I am grateful for Congresswoman Maloney's being the lead Democrat sponsor for the bill.

Credit unions tell us that modern customers today hit the six- transfer limit just in a matter of moments as they work online. We need to change this, Mr. Speaker, so that individuals can manage their money on a daily basis. Updating this regulation is important to benefit consumers and bank institutions.