Floor Statements

Mr. Speaker, I rise today to honor South Gibson County High School (SGC), which will be holding its first ever Graduation on Friday, May 18th. SGC, located in Medina, Tennessee, opened its doors in August of 2009 to approximately 250 students. Since then, SGC's first freshman and sophomore classes have developed into critical thinkers who are active participants in their communities.

Few institutions are as vital to preserving our country's future as our public schools, and SGC has done its part to foster a spirit of academic success.

On behalf of the residents of the 8th Congressional District of Tennessee, I am proud to congratulate each and every student in SGC's first graduating class, and I wish them the very best in their upcoming endeavors.

Mr. Speaker, I rise today to celebrate the installation of Macedonia Missionary Baptist Church's new pastor, Reverend Mark Mackey, Sr. Macedonia Missionary Baptist Church is located in Jackson, in the 8th District of Tennessee.

On May 7th, Pastor Mackey became Macedonia Missionary Baptist Church's 10th Pastor. Mr. Speaker, I ask that my colleagues join me in congratulating Macedonia Missionary Baptist Church, for finding the shepherd for its flock, and beginning a new legacy in the community with Pastor Mackey.

Mr. Speaker, I rise today to recognize Reverend Richard Carruth of Newbern, Tennessee for his 35 years of service to Methodist communities in Mississippi, Kentucky, and West Tennessee.

Even as a retiree, Reverend Carruth has a long history of enriching and supporting the lives of his communities tri-state area. Since then, he has actively served small membership churches in the 8th District of Tennessee after making his retirement home in Dyer County.

Mr. Speaker, I ask that my colleagues join me in congratulating Reverend Carruth on the occasion of his 35th Anniversary as a Methodist Reverend this May. There is no doubt that throughout those 35 years, his ministry has touched thousands of lives.

Mr. Speaker, it is my privilege to rise today to honor the first ever graduating class of South Gibson High School, located in Medina, Tennessee.

Undoubtedly the work of starting a brand new high school is extremely difficult but today's graduation offers the opportunity to celebrate in a job well done. Congratulations to Principal Phil Rogers and his dedicated team of teachers and staff in preparing the young minds of the Class of 2012 to enter their next phase of life.

The vision of South Gibson High School is to create a community of empowered learners. Although today ends their journey in high school; the ever-changing demands of the 21st century economy requires them to always be thinking, challenging, and innovating. And it's that kind of life-long learning that will keep America's place, as President Ronald Reagan said, ``a shining city on the hill.''

Please join me in honoring the first graduating class in the history of South Gibson County High School.

Mr. Speaker, on rollcall Nos. 250, 251, 252, I was unavoidably detained. Had I been present, I would have voted ``yes'' on all three.

Today, I rise in order to honor Coach Pat Summitt. Pat Summitt is most well known for her coaching career with the Lady Volunteers at the University of Tennessee at Knoxville, but her basketball legacy at UT began long before she won her first national championship as a coach.

I am proud to represent Weakly County, which is home to the University of Tennessee at Martin where Coach Summitt played on the women's basketball team from 1970 to 1974. While there, Coach Summitt was named an All-American player, led her team to the first women's national championship basketball tournament in 1972, and graduated as UT-Martin's all-time leading scorer with 1,045 points. Today, UT- Martin's basketball court is named the ``Pat Head Summitt Court,'' honoring Coach Summit's leadership and achievements on the university's women's basketball team.

Her love of basketball, enthusiasm, and competitive spirit have defined her career and inspired young women across the State of Tennessee and throughout our Nation.

It's no secret that Coach Summitt has an incredible record as the head coach for the Lady Volunteers and has been a driving force behind the development of women's college basketball over the last 38 years. Her legacy as one of the greatest basketball coaches ever is solidified by her achievements, but more importantly, because she has been a friend and mentor to her players and staff. During her tenure as head coach, every Lady Vol that completed her eligibility at UT earned a college degree or is in the process of completing her degree requirements.

I saw a video recently about how former players and managers presented Coach Summitt with a book of personal letters, sharing their memories and putting down in writing what Coach Summitt has meant to them. This video mentions that the letters not only speak of her influence as a coach, but how she has helped players, past and present, through some of the most difficult times they faced in life. The effort to organize this book is incredible, and it speaks volumes about who Coach Summitt is to her players and her passion for helping student athletes discover what they want in life.

I am confident that Coach Summitt will continue to approach each of life's new opportunities and challenges with as much intensity, determination, and integrity as she did during her career as head coach of the Lady Vols. In fact, Coach Summitt is in D.C. this week to receive an award recognizing her efforts to promote greater understanding of Alzheimer's disease and its effects on diagnosed individuals, families, and caregivers. She is already proving she's a force to reckon with as she faces this disease head-on.

I'm proud to call her a fellow Tennesseean and wish her the best as she transitions into a new role with the Lady Vols. God bless you, Coach Summitt. And thank you for all you've done and will continue to do for the great State of Tennessee, women's basketball, and for the fight to find a cure for Alzheimer's.

Mr. Speaker, I rise today to discuss how I would have voted on the amendments and final passage of H.R. 4089, the Sportsmen's Heritage Act of 2012.

If I had I been here to vote I would have voted in the following way:

Holt (NJ): I would have voted ``no.''

Grijalva (AZ): I would have voted ``no.''

Peters (MI): I would have voted ``no.''

Heinrich (NM): I would have voted ``no.''

Foxx (NC): I would have voted ``yes.''

Democrat Motion to Recommit: I would have voted ``no.''

Final Passage: I would have voted ``yes.''

As an avid hunter, a lifetime member of the National Rifle Association, and a member of the Congressional Sportsman's caucus I understand the value of sportsmen's rights and cherish the opportunity to pass on my love for hunting to my children.

Madam Speaker, I thank the chairman for his leadership and patience in working with us freshmen the last year, year and a half. I'm pleased to be the lead cosponsor of H.R. 3606, the Jumpstart Our Business Startups Act with Congressman John Carney from Delaware. This bill has been a bipartisan effort from the beginning, and I want to thank the gentleman from Delaware and his staff, Sam Hodas, for working with us on this bill. I also want to thank the Financial Services Committee staff, Kevin Edgar, Jason Goggins, Walton Liles and Chris Russell, for their efforts on this legislation as well.

Small businesses and entrepreneurs are the backbone of our Nation and our economy. This bill puts the focus on the private sector, capitalism, and the free market, providing the jump-start our Nation's entrepreneurs and small businesses need to grow and create jobs. This is about certainty and removing government bureaucratic redtape. Our Nation has seen a decline in small business start-ups over the last few years, which means fewer jobs created for American workers. The best thing our government can do right now to get our economy moving in the right direction is to help create an environment where new ideas and start-up companies have a chance to grow and succeed.

Title I of this bill is legislation I introduced with Congressman Carney called the Reopening American Capital Markets to Emerging Growth Companies Act. During the last 15 years, fewer and fewer start-up companies have pursued initial public offerings because of burdensome costs created by a series of one-size-fits-all laws and regulations. This bill would help more small and mid-size companies go public by creating a new category of issuers called ``emerging-growth companies'' that have less than $1 billion in annual revenues when they register with the SEC and less than $700 million in public float after the IPO.

Emerging-growth companies will have as many as 5 years, depending on revenue size, to transition to full compliance with a variety of new regulations that are expensive and burdensome to new companies. This ``onramp'' status will allow small and mid-size companies the opportunity to save on expensive compliance costs and create the cash needed to successfully grow their businesses and create American jobs.

In addition, this bill would only require emerging-growth companies to provide audited financial statements for the 2 years prior to registration rather than 3 years, saving many companies millions of dollars. It will also make it easier for potential investors to get access to research and company information in advance of an IPO in order to make informed decisions about investing. This is critical for small and medium-size companies trying to raise capital that have less visibility in the marketplace.

I urge my colleagues to support this bill again, send it to the President to sign, and give our small businesses and entrepreneurs the opportunity to create jobs for Americans.

I thank the gentleman for yielding.

I appreciate Mr. Peters' concerns, but this is about the private sector creating jobs. As we've been here as freshmen for a year and a few months, we have to remind ourselves in this body that jobs are not created in the Halls of Congress, they're created in the private sector, which is what this jobs package will do for America. It lets the private sector get back in the business of creating jobs. I do appreciate the concern, but we're looking out for America here, not overseas jobs. We're looking at bringing back jobs, lowering unemployment and letting the private sector get back in the driver's seat of our economy.

American businesses don't need more mandates from Washington. I couldn't help but hear ``we, we, we'' and ``us, us, us'' here in the House. Let's get back to the people and to the private sector.

While I understand, again, that the gentleman's intention may be to encourage more companies to keep jobs at home, I think this amendment would only add to the list of reasons a company chooses a path other than going public, which leads to less job creation at home. So I urge my colleagues to vote ``no'' on this amendment.

Mr. Speaker, I thank my colleague from Texas for yielding and keeping the main theme the main theme--jobs and the economy. As an original cosponsor to H.R. 3606, the Jumpstart Our Business Startups Act, I rise in support of this rule.

Since last year, the gentleman from Delaware and I, along with many members of the Financial Services Committee, have worked in a bipartisan manner to develop legislation that would enhance job creation and expand access to capital for America's job creators.

Title I of this bill's legislation I introduced with Congressman Carney, the Reopening American Capital Markets to Emerging Growth Companies Act, which will help more small and mid-size companies go public.

During the last 15 years, fewer and fewer start-up companies have pursued initial public offerings because of burdensome costs created by a series of one-size-fits-all laws and regulations. According to testimony from IPO Task Force Chair Kate Mitchell, from 1990 to 1996, there were 1,272 U.S. venture-backed companies that went public on U.S. exchanges during that 6-year time frame.

However, in 6 years, from 2004 to 2010, there were just 324 offerings.

Even the President's Jobs Council, in its 2011 end-of-year report, cited that

the United States ranks 12th now in ease of access to venture capital behind Israel, Hong Kong, Norway, and Singapore, among others. The bottom line is that fewer and fewer companies are choosing to go public, and those that do are not necessarily going public on exchanges in the United States.

H.R. 3606 would reduce the costs of going public for small and medium-sized companies by phasing in certain regulatory requirements. Reducing these burdensome regulations will help small companies raise capital, grow their business, and create private jobs for Americans.

I have reviewed the amendments made in order by the Rules Committee to H.R. 3606, and I will be supporting some and opposing others. Also, the gentleman from Delaware and I will be offering a manager's amendment which will make some technical improvements to the bill.

I look forward to a lively debate here in this Chamber, and I support the rule to consider this bill.

I thank the gentleman for yielding.

I want to thank my colleague, Mr. Carney, for his hard work and his staff for helping work on something good for the country, for the private sector, getting people back to work. That's what we were sent here to do.

I'm pleased to be the lead sponsor on H.R. 3606, the Jumpstart Our Business Startups Act.

Today, according to the Bureau of Labor Statistics, the unemployment rate is currently 8.3 percent. However, in December of last year, all but one of the counties I represent had a higher unemployment rate than the national average of 8.5 percent. At the top of the list was Obion County, with an unemployment rate of 15.3 percent, and Crockett County, where I live, 10.5 percent.

It is no secret that our Nation has seen a decline in small business start-ups over the last few years, which means less jobs created for American workers. I think we all can agree that small businesses and entrepreneurs are the backbone of our Nation and our economy.

The heartbeat of America is in the heartland of America, not here in Washington. The best thing our government can do right now to get our economy moving in the right direction is to help create an environment where new ideas and start-up companies have a chance to grow and succeed. The provisions in the JOBS Act will put the focus on the private sector, capitalism, and the free market, providing the jump- start our Nation's entrepreneurs need.

Title I of this bill is legislation that I introduced with Congressman Carney, the Reopening American Capital Markets to Emerging Growth Companies Act, which would help more small and mid-size companies go public. During the last 15 years, fewer and fewer start-up companies have pursued initial public offerings because of burdensome costs created by a series of one-size-fits-all laws and regulations. These changes have driven up costs and uncertainty for young companies looking to go public. Not going public deprives companies of the needed capital to expand their businesses, develop innovative products, and hire more American workers.

Title I would create a new category of issuers called emerging growth companies that have less than $1 billion in annual revenues when they register with the SEC and less than $700 million in public float after the IPO.

Emerging growth companies will have as many as 5 years, depending on size, to transition to full compliance with a variety of regulations that are expensive and burdensome. This on-ramp status will allow small and mid-size companies the opportunity to save on expensive compliance costs and create the cash needed to successfully grow their business and create American jobs. It will also make it easier for potential investors to get access to research and company information in advance of an IPO in order to make informed decisions about investing. This is critical for small and medium-sized companies trying to raise capital that have less visibility in the marketplace.

Our bill had tremendous bipartisan support when passed by the Financial Services Committee 2 weeks ago. It's my hope that we can continue to work together as we move this package of bills forward.

Madam Chairman, the JOBS Act will provide companies some valuable tools they need to grow and create jobs. I urge my colleagues to support this bill.

I want to thank the gentleman from Texas for yielding.

I stand today heartbroken that something that we've meant for good here--myself and my colleague, Mr. Carney--a JOBS Act would be tied up in some heated rhetoric.

I want to urge my colleagues on the other side of the aisle that jobs aren't Democrat or Republican; they're American. People are begging for Congress to get out of the way and let the private sector get back in the business of creating jobs. That's what we're doing with this jobs bill that we're pushing through.

So hopefully, hopefully, we can get beyond some feelings--hurt feelings maybe--and let's focus back on the reason why we were sent up here, and that's to put the people back in power and not Washington.

Mr. Chairman, I have an amendment at the desk.

Mr. Chairman, I rise today, along with the gentleman from Delaware (Mr. Carney), to offer a technical amendment to H.R. 3606.

The amendment now pending would simply provide technical corrections to the underlying bill. Both Members and committee staff have heard from various groups and stakeholders affected by this bill. The amendment is a reflection of the technical advice given to us by these groups. I strongly believe that these technical changes improve the bill and would ask my colleagues to support this amendment.

I reserve the balance of my time.

Mr. Chairman, I yield 1 minute to my colleague, the gentleman from Delaware (Mr. Carney).

Mr. Chairman, with that, I yield back the balance of my time.

I want to be clear: This bill is about new companies, not existing companies, but about new companies that are wanting to go public.

The $1 billion revenue and $700 million in public float thresholds for emerging growth companies in the underlying bill were recommended by the nonpartisan IPO task force comprised of industry experts, such as venture capitalists, public investors, entrepreneurs, investment bankers, accountants, professors, securities attorneys, and the exchanges.

If we strike the public float requirements, we break this provision's ties to an already defined SEC threshold. Seven hundred million in public float is the threshold for a company to be considered ``a large accelerated'' filer under SEC rules. This number is used by the SEC to define a mature company, meaning that the company will be able to handle complying with a variety of SEC regulations on day one of its

I thank the gentleman from Texas for yielding.

The SEC already provides smaller reporting companies with an additional year to comply with executive-compensation disclosure and say-on-pay vote compliance.

This bill would simply extend the extension to emerging growth companies during the on-ramp period. They would still disclose compensation arrangements to shareholders in the same way that the SEC requires for smaller reporting companies, we think, forcing shareholder votes on internal issues such as compensation levels, risk, undermining the emerging growth companies' ability to exercise independent judgment on behalf of all the corporation's shareholders. The bottom line here is that we must spare emerging growth companies from the costly litigation that could result if an emerging growth company's board of directors reject or refuse to abide by the results of the shareholder vote.

I would just remind all of my colleagues the President is supporting this jobs bill. We think this is something that will really, really put Americans back to work.

I thank the gentleman for yielding.

Mr. Chair, I rise in opposition to the gentlelady's amendment.

Again, our goal here today is to help America's start-up companies grow, raise capital, create jobs. The amendment offered by the gentlelady from Texas would limit opportunities for emerging growth companies to expand business by cutting them off from experienced investors.

Part of generating a successful IPO is having the ability to test the waters through pre-IPO meetings with institutional qualified investors. These are the investors you want to talk to and receive feedback from before launching an IPO to ensure success. If a company learned that there is a good chance it

will have a successful IPO, it would be less likely to choose a merger and acquisition path, which often results in losing jobs, and continue to grow organically and create jobs. So it doesn't make sense to me to cut these investors off from emerging growth companies.

I understand there may be some concerns with investor protections. But in this amendment, emerging growth companies are only allowed to test the waters with highly sophisticated investors so existing investor protections are not weakened. Therefore, I cannot support this amendment.

I thank the gentleman from Texas.

It seems like the gentleman's amendment is trying to confuse the recent sharp rise in gas prices with the purpose of this bill, which is to provide emerging growth companies with a temporary break from costly compliance burdens.

It's true that gas prices have been going up, but emerging growth companies are not to blame. I introduced this bill, along with my colleague, Mr. Carney, to encourage small business to go public, to have access to more capital, and create more jobs. Job creation is the purpose of this bill, not gas prices.

Rising gas prices is a critical issue, and we would be glad to have the debate some other day. But today we're talking about job creation in the private sector. This is a very important piece of legislation that the President supports. So let's give the power back to the people.

Mr. Chairman, I move to strike the last word.

I yield to my colleague from Georgia (Mr. Gingrey).

I thank the gentleman for yielding.

I thank my colleague from Tennessee (Mr. Cohen) for his support of this as well as my colleague from middle Tennessee for his support as well.

Mr. Speaker, my bill, H.R. 1264, will rename the plaza between the two Federal buildings in Jackson, Tennessee, located in the Eighth Congressional District, after Monroe Dunaway Anderson, a true hero to millions of people who have been diagnosed with cancer.

For those who don't know M.D. Anderson, he was born and raised in Jackson, Tennessee, during the late 19th century. In 1904, after completing college and spending a few years working as a banker in Memphis, M.D. Anderson joined a cotton trading venture started by his older brother, Frank Anderson, and Frank's brother-in-law Will Clayton.

Their corporation, Anderson, Clayton, and Company, flourished due to the rising demand for cotton during World War I. They eventually moved the business to Houston, Texas, to have better access to deepwater shipping. By the 1920s their operation had trading offices in Europe, Africa, and Asia. The company continued to succeed through the 1930s and 1940s, diversifying its capital into a marine insurance company, a barge line, cotton mills, an investment bank, machine works, and even a foods division. By 1950 Anderson, Clayton, and Company was a multimillion dollar corporation, and their international market sales reached 3.5 percent of all the world's cotton production.

But we're not standing here tonight to honor M.D. Anderson because of his incredible success and contributions to agribusiness. Many would keep the fruits of their labor for themselves, but M.D. Anderson had others in mind.

In 1936 he established a charitable foundation with $300,000, and upon his death in 1939, the foundation received an additional $19 million endowment. M.D. Anderson had a particular interest in health care, specifically in working to find a cure for cancer. Trustees of the foundation kept M.D. Anderson's interests and passions in mind as they decided how to use the foundation endowment after his death.

Funding for the foundation helped to start the Texas Medical Center in Houston, Texas, which is the largest medical complex in the world. Funding was also used to establish the M.D. Anderson Cancer Center at the Texas Medical Center, which is one of the world's most respected centers, devoted exclusively to cancer patient care, research, education, and prevention. Since 1944, nearly 900,000 patients have turned to M.D. Anderson for cancer care. In addition to the medical research, the M.D. Anderson Foundation has built libraries, auditoriums, college buildings, and a planetarium on the campus of Lambuth College in Jackson, Tennessee.

We honor M.D. Anderson today not because of his success in agribusiness but because of his generosity and interest in bettering the lives of others.

I want to take a moment to thank the ranking member of the subcommittee, Ms. Norton, for her support and for working with me on the language in this bill. I also want to recognize the hard work of Mayor Jerry Gist of Jackson, the Jackson City Council, Madison County Mayor Jimmy Harris, and the Madison County Commission.

Finally, I want to specifically thank Mr. Dickie Day of Jackson, Tennessee, and Mr. Carter Edwards of Maury City, Tennessee, for their efforts to ensure that the life and achievements of M.D. Anderson are memorialized in his hometown of Jackson, Tennessee.

It is an honor to sponsor this bill, and I urge my colleagues to support this legislation.

Mr. Speaker, unemployed Americans are crying out for more jobs and urging Congress to review rules and regulations that stifle innovation, economic growth, and job creation. I am introducing the Reopening American Capital Markets to Emerging Growth Companies Act of 2011 for one reason: to increase job creation on Main Street. Burdensome costs are discouraging companies from going public, which deprives firms of the capital needed to expand their businesses and hire more American workers.

During the last fifteen years, fewer and fewer start-up companies have pursued Initial Public Offerings (IPOs) to access the capital needed to expand their businesses, develop innovative products, and hire new employees. The number of IPOs in the United States is slipping behind the rest of the world in terms of growing our markets. Other markets are growing or holding steady, while the United States continues to decline. This is especially true in the Asian markets, which have seen an explosion of new public companies in recent years.

Since 2010, the Asian markets have had nearly 700 new IPOs compared to less than 300 in the United States during the same time-frame. Unfortunately, federal regulatory burdens are a major contributing factor in the steep drop of IPOs in the United States.

This decline is of concern because going public provides opportunities for companies to raise badly needed capital in order to expand, reinvest, and create jobs. From 2008-2010, 21 percent of the United States GDP was generated by venture capital-backed start-up companies. In addition, an August 2011 survey of CEOs conducted by the IPO Task Force found that over 90 percent of job growth occurs after a company goes public.

Unfortunately, a series of ``one-size-fits-all'' laws and regulations have changed the nature of the United States' capital markets and had a disproportionate cost on smaller American public companies. Washington's regulatory oversteps have harmed American workers by eliminating jobs that are created when a start-up company decides to go public. Instead, to

avoid costly regulatory requirements, many companies decide to merge with others, which usually results in job cuts.

To help solve this problem, my bill would create a new category of issuers, called ``Emerging Growth Companies'' that have less than $1 billion in annual revenues when they register with the SEC and less than $700 million in public float after the IPO. These companies will have as many as five years to transition to full compliance with a variety of federal regulations that are expensive and burdensome to new companies. This ``on-ramp'' status will allow small and midsize companies the opportunity to save on expensive compliance costs and create cash needed to successfully grow their businesses and create new American jobs.

I am proud to have Mr. Carney from Delaware and 26 additional co- sponsors from both sides of the aisle join me in introducing this bill today. With unemployment holding steady just under 9 percent, this bill would help bring investments back to the United States and help our best job creators put Americans back to work.

Mr. Speaker, great leaders govern with integrity, humility and with generosity to their community. In the Tennessee Eighth Congressional District, there is one leader whose efforts have been appreciated by his community and acknowledged by his peers. I rise today to congratulate the honorable Benny McGuire, as he begins his tenure of President over the Association of County Mayors of Tennessee.

A dedicated public servant, Mayor McGuire has not only contributed countless hours to Obion County, but he has set an example for other mayors to follow. Serving as the director of the Antioch Cemetery Association in Hornbeak, he also works as a chair of the Northwest Tennessee Development District and serves as a member on numerous local boards and committees. After only two terms as mayor of Obion County, he was selected by his peers to be named President of the Association of County Mayors of Tennessee, the statewide organization representing 95 county mayors and executives.

I value the great work and dedication that individuals like Mayor McGuire contribute to the West Tennessee area. I ask my colleagues to join me in congratulating Mayor Benny McGuire as he extends his dedication and devotion to the people of Obion County as well as all of Tennessee.