Floor Statements

Mr. Speaker, I thank the gentleman from Colorado for yielding. I also want to thank Chairman Hensarling for his dedicated leadership of his committee. I appreciate all he did to bring my legislation, H.R. 5036, to the floor. I also want to thank the gentleman from Massachusetts (Mr. Lynch), my co-lead on the bill, for his efforts, his experience, and his knowledge. It only made the bill better, so I appreciated working with him.

Mr. Speaker, I rise today in strong support of my bipartisan legislation, the Financial Technology Protection Act.

We all know that illicit financing networks are the lynchpin of any terrorist group's, criminal organization's, or rogue state's operations. As we move into an increasingly digital world, criminals and terrorists will start to use these new technologies that are available to them. That presents a problem.

That problem is that we know that criminals use digital currencies through dark net markets to criminalize and to monetize cyber attacks. There is documented evidence that terrorists are increasingly using these currencies.

The RAND Corporation has some good supporting evidence on this. The bottom line is that the Federal Government has to be one step ahead of the illicit actors in this new space without threatening technological innovation, and that is what H.R. 5036 will do.

Specifically, my legislation will do the following things to help make sure the United States stays ahead of this problem: First, it establishes the Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, whose goal is to improve coordination between private and public sectors on digital currency terror strategy and to combat illicit use. From my perspective, industry and the Federal Government should be coming together to find best practices and solutions to stop this new terrorist funding threat.

Secondly, H.R. 5036 includes language from H.R. 5227, the Preventing Rogue and Foreign Actors From Evading Sanctions Act, which was introduced by my friend Mark Meadows of North Carolina. This language directs the Treasury Department to develop a strategy that identifies and describes the potential uses of virtual currencies and other emerging technologies by states, nonstate actors, and terrorist organizations to evade sanctions, finance terrorism, or launder monetary instruments and threaten the United States' national security.

Again, the development of a national strategy to combat illicit use strikes me as common sense; therefore, we are

excited to have it included in the bill and to have Mr. Meadows' support as well.

Also, the Budd-Lynch legislation establishes a targeted rewards program for information leading to the capture of terrorists or illicit actors involved with terror digital currency networks. The government should be encouraging individuals with knowledge of illicit use of virtual currencies to come forward through the offerings of rewards for successful convictions.

Finally, and perhaps most importantly, H.R. 5036 establishes the Fintech Leadership in Innovation and Financial Intelligence Program, which will be used for grants and rewards in the Fintech space for ideas and programs to combat terrorist use of digital currencies.

These technologies would be open access and open source. Experts in the private sector can track illicit use of these currencies and perhaps do a better job of leveraging their talent to create tools and programs through the Fintech Leadership and Financial Intelligence Program. We need to give them the ability to try, and that is what this bill does.

Here is the bottom line, Mr. Speaker. H.R. 5036 is legislation that sparks private-sector innovation to deal with terror and illicit financing when it comes to virtual currencies. I think that Congress should be promoting programs and technologies that give industry the tools they need to save their technology and industry from illicit use and, hopefully, save them from further regulation down the road.

Mr. Speaker, I urge adoption of the bill.

Mr. Speaker, I rise today to recognize Walter ``Sticky'' Burch, who is going to be 100 years old on October 21. And that is a great day, Mr. Speaker. It is also my birthday, although mine is just a few years after his.

Walter Burch was born in Asheville but grew up in Greensboro and spent much of his life serving in the Greensboro Police Department. His service to our Nation began just 9 days after the bombing of Pearl Harbor.

During the Second World War, he helped gather intelligence on enemy operations in Europe, but his service to his country did not end there.

Walter returned home and joined the police department, where he served for nearly 50 years.

He officially retired in 1981, but he ran for sheriff just a few years later. He went on to serve two terms as the sheriff of Guilford County.

Since retiring from law enforcement, Walter has remained deeply involved in our community, and the people of Guilford County are lucky to have him.

Mr. Speaker, please join me in celebrating the 100th birthday of Walter ``Sticky'' Burch and his lifelong commitment to public service.

Mr. Speaker, I rise today in strong support of the resolution we are voting on this afternoon, condemning the violence committed by the government of Nicaragua against it own citizens.

I met with Brenda Lancaster and her husband last week in my office. She is a constituent of mine who started an organization called ZMI Family Ministries International, and they have planted ministries in five different countries, one of those countries being Nicaragua.

Mr. Speaker, Brenda has received hundreds of calls and messages from people affiliated with her ministry down there confirming the severity of the situation. She has seen pictures and videos that she wishes no one would ever have to see.

Luke 9:57 in the Scriptures recounts a man speaking to Jesus saying: ``I will follow you wherever you go.'' Brenda

didn't think that she would start a ministry in Nicaragua, but that is where God led her. And now people who work and volunteer fear for their lives down there.

America has always been at the forefront of fighting human rights abuses around the world. Mr. Speaker, I will continue to do everything in my power to bring awareness to this pressing issue.

Mr. Speaker, I rise to recognize the House's guest chaplain for the day, John Vernon, who comes to us from High Point, North Carolina.

John is an ordained minister in the Wesleyan Church and currently serves as chairman of the board of directors of the Wesleyan Christian Academy.

Beyond the Wesleyan Church, John also serves as lead chaplain for the High Point Police Department, where he has served faithfully for 18 years. Within the last year, John has taken on the role of lead chaplain for the High Point Fire Department.

John and his wife, Kim, will celebrate 37 years of marriage together this year. They have two sons, Travis and Kyle, and two wonderful daughters-in-law, Stephanie and Hillary. We are glad to have Kim, Kyle, and Hillary joining us in the gallery.

Among John and Kim's greatest joys in their lives is spending time with their three granddaughters, Sadie, Millie, and Nora.

I want to thank Chaplain Vernon for his service and for opening the House in prayer this morning. We are honored and privileged that he and his family call High Point home.

Mr. Speaker, I thank the gentleman for yielding.

Mr. Speaker, I rise today in strong support of this bipartisan JOBS and Investor Confidence Act, and I appreciate Chairman Hensarling for his leadership on this capital formation package.

I want to highlight my own bill included in this package, H.R. 3903, the Encouraging Public Offerings Act, which allows issuers to submit to the SEC for confidential review, before publicly filing, draft registration statements for IPOs.

H.R. 3903 will reduce the risk to companies that are contemplating going public in order to make listing on exchanges more attractive, which, in the end, will only strengthen America's financial markets.

Mr. Speaker, the JOBS and Investor Confidence Act will make it easier for startups and small businesses in my district to attract the investments they need to go public, to grow, and to create more jobs. I am proud to support it.

Mr. Speaker, I rise today to honor and recognize Mooresville, North Carolina's own, the Penske racing team, as they recently added yet another big win to their legendary trophy case and brought home the 2018 Indianapolis 500.

North Carolina is proud of the whole team, Mr. Speaker, but I want to specifically recognize Will Power who was behind the wheel when they took home the win. I also want to recognize team owner, Roger Penske, who, with this latest win, can claim his 17th victory at the speedway.

Iredell County and the entire State of North Carolina is proud of the 32 national championships, including 15 in IndyCar, specifically coming from the Penske team.

Mr. Speaker, it is an honor to represent a group whose leadership, determination, and drive brings so much pride to our area. I am also glad they choose this part of North Carolina to call home, and I look forward to their bringing even more trophies back to our area in the coming years.

Mr. Speaker, the cost of health insurance is on the minds of many Americans this summer, and it should be.

Nearly half a million people in North Carolina buy their health insurance on the ObamaCare marketplace. The average price for these plans continues to go up each and every year.

This wouldn't be as much of an issue if there were many options to choose from, but, unfortunately, there are not. Blue Cross, the only insurer that is still in all 100 counties in our State, announced that they were raising rates by an average of nearly 19 percent going into 2017. Then they raised them again this year by over 14 percent. I expect them to do the same next year, the year after that, and in coming years after that.

It is clear to me that the individual mandate didn't actually lower the cost of health insurance, and bailing out big insurance companies certainly didn't help either.

Mr. Speaker, as you know very well, we need an off-ramp from ObamaCare. We need a solution that allows for more competition, because competition drives down prices and allows people to purchase health insurance without going bankrupt.

While we continue to work toward getting a full repeal and replace on the President's desk, I believe we should also pass a simple bill right now that would provide millions of Americans a way to buy more affordable health insurance

Short-term, limited-duration medical plans are designed to provide coverage for a limited time when someone is between health insurance policies--individuals who are between jobs, for example--but these plans are also exempt from having to abide by ObamaCare's regulatory regime.

The Obama administration was concerned with these plans becoming attractive alternatives to ObamaCare. So before they left office in 2016, they issued a regulation that defined these short-term policies as those that are less than 3 months long.

I believe strengthening these types of plans would be a huge step in the right direction. That is why, last month, I introduced a simple bill called the Improving Choices in Health Care Coverage Act.

This bill would do two simple things. It would allow people to stay on these less expensive, short-term medical plans for as long as 364 days, and it would allow them to renew these plans for multiple years.

According to the American Action Forum, which looked at different findings from the Congressional Budget Office, the Urban Institute, and the Commonwealth Fund, there seems to be a consensus that these plans would be attractive to consumers because of their low premiums, and, thus, enrollment would likely be into the millions.

I hear from constituents every time I go back home that their monthly premiums are way too high. Mr. Speaker, this bill is one way we can relieve some of their financial stress. With looming announcements by big insurance companies that they are again going to be increasing premiums, the time to act is now.

Mr. Speaker, I rise today to honor the life of Richard Harrison, the patriarch of the History Channel reality show ``Pawn Stars.''

Richard grew up in Lexington, North Carolina and joined the U.S. Navy shortly after graduating high school. He married, had four children, and eventually opened a small pawn shop in Las Vegas after 20 years in the Navy.

At Gold and Silver Pawn Shop, Richard proudly operated the only family-owned pawn shop in Las Vegas. The store was not just a way to run a business, but also a way for Richard to influence those he worked with. He taught many folks the value of hard work, the importance of family, and the gift of humor.

I admire the contributions Richard made to this great nation of ours and honor this Davidson County native. His knack for hard work has clearly resonated with his son, Rick, and grandson, Corey.

Mr. Speaker, please join me today in honoring the life of Richard Harrison.

Mr. Chairman, I want to first thank my friend from Kentucky for his leadership on this bill. The THRIVE Act is an important piece of legislation, and I am proud to cosponsor it.

The National Institute on Drug Abuse has found that we lose about 115 Americans each and every day to the opioid crisis. These are our brothers, our sisters, our friends, and our coworkers. This is a national crisis, and inaction just won't change a single thing.

I have met with a number of people back home who told me that we need to think about more than just the prevention and the treatment stage of the opioid crisis, and they are exactly right.

When you hear people tell me this, it reminds me of a conversation I had recently with David Kessler, who lives in my district and started an organization called GRIP It based in Mocksville. Group classes, one- on-one coaching, and assistance with detox programs are just three of the things that this group offers.

David has found evidence of a ``cultural method'' that works, and it goes to show us that there are many different things that we could be trying.

This brings me to the bill that we are voting on today, the THRIVE Act, which is part and parcel of this approach. It would expand housing options for individuals who are transitioning out of addiction treatments and require continued support.

This is exactly the kind of policy that we need to be considering. Housing is part of a foundation that helps former addicts get off the streets and into a place that they can rise above poverty and addiction.

Mr. Chairman, I want to make a larger point on this issue before I close. There has always been and still is a stigma around drug addiction. But if we want to make real progress on battling this epidemic, we need to change the way we look at those who are suffering. Rather than seeing them as liabilities, we need to see them as assets.

The THRIVE Act, by helping people transition from recovery to a home,

will do just that. And when they have a home, they will be more likely to get a job and get back to being a contributing member of society.

Bold ideas are needed in the public space, and there is no doubt that Mr. Barr's bill falls into this category.

I think Ronald Reagan said it best when he said: ``That what is right will always eventually triumph. And there's purpose and worth to each and every life.''

Madam Speaker, I thank the gentleman from Texas.

Today is a great day for North Carolina's community financial institutions, small business innovators, and, most importantly, our economy. I rise today in strong support of this rule that will bring a much-needed regulatory relief bill, S. 2155, to the House floor.

The most damaging aspect of the Dodd-Frank bill was the additional and unnecessary regulatory burden placed on community financial institutions, and because of this, we have seen American consumers and small businesses struggle to get the credit and the support that they need. Economic growth is held back because of Dodd-Frank, but I am happy to report that relief is on the way with the passage of S. 2155.

Madam Speaker, while I urge adoption of this rule and urge passage of this bill, I also look forward to working with our chairman and our leader, Jeb Hensarling, Senator Mike Crapo, and Senate Democrats to craft a package of bills that focuses on capital formation. I offer any support I can to help bring that collection of bills across the finish line as well. I urge adoption of the rule, Madam Speaker.

Mr. Speaker, I rise today to recognize and celebrate Major General George Marvin Johnson Jr. on his one hundredth birthday.

General Johnson had a long and distinguished military career that started when he first joined the Army Air Corps in 1941 to when he retired in 1975 as a United States Air Force Major General. He selflessly served during World War II in the European Theater of Operations as an operations officer and troop carrier squadron commander, and participated in seven major campaigns. General Johnson has also served as a commander of the Oklahoma City Air Materiel Area, Tinker Air Force Base in Oklahoma and was chief of staff of the Air Force Logistics Command at Wright-Patterson Air Force Base in Ohio.

General Johnson's military distinctions and awards are many. They include the Distinguished Service Medal with oak leaf cluster, Legion of Merit with oak leaf cluster, Distinguished Flying Cross, Air Medal with oak leaf cluster, Air Force Commendation Medal, and the French Croix de Guerre. He was also awarded a command pilot rating with over 6,000 flying hours.

It is with the utmost gratitude that I thank General Johnson for his service and congratulate him on celebrating this birthday of one hundred years. He has served our country with distinction and honor, and can be proud of his contributions towards protecting our citizens and strengthening the safety of our country. May his one hundredth year be filled with blessings.

Mr. Speaker, please join me today in honoring Major General George Marvin Johnson Jr. for his service to our great nation and for celebrating his one hundredth birthday.

Mr. Speaker, I thank my colleague from Florida (Mr. Ross) for leading the fight on this issue, and also for the support across the aisle on this issue.

Mr. Ross' bill corrects another oversight of the Dodd-Frank Act by reforming the nonbank SIFI designation process.

Mr. Speaker, this bill does not take away FSOC's ability to designate nonbank financial institutions with the SIFI tag. It simply gives these institutions a greater opportunity to be heard before their final designation from FSOC.

FSOC should not be able to simply dish out this designation to these institutions, subjecting them to Federal Reserve requirements, without explaining their reasoning. Unfortunately, we have seen FSOC do this in the past. This is especially important since nonbank financial institutions are clearly different entities than banks are. Capital requirements, for example, might not be suitable to address the risk profile of nonbank financial institutions, so why even subject them to these requirements.

This is not a smart regulation, Mr. Speaker. Simply put, the nonbank SIFI designation process is not fair in its current form. Again, this bill is a smart, targeted step that I am confident will benefit investors and benefit our economy. Transparency and fairness should be welcome and not rejected.

Mr. Speaker, I urge adoption of this bill.

Mr. Speaker, I thank my friend from Georgia for leading on this issue.

I rise today in strong support of his bipartisan bill, the Comprehensive Regulatory Review Act.

It strikes me as common sense that Federal regulators should review their regulations and rules on a consistent basis. They should also seek comment from the people whom these rules actually affect. Mr. Loudermilk's bill helps accomplish this goal by requiring the CFPB and National Credit Union Administration do so every 7 years.

Mr. Speaker, since the implementation of Dodd-Frank, community banks and credit unions have had a more difficult time serving their customers. The red tape and additional burden brought on by Dodd-Frank has increased costs for the consumer and reduced their choices in the market for financial products.

One agency in particular that is guilty for this additional burden is the CFPB, which has finalized over 60 rules since their creation. Many of their rules are duplicative and unnecessary. I think, at the very least, they should review and study how their regulations are affecting real folks in the real world.

I hear from financial institutions back home how the CFPB has done nothing but harm their community bank or their credit union. They are being overwhelmed by the volume and complexity of regulations, and that is just not okay.

Harmonization is the goal of this bill, and that should not be partisan or even controversial. We simply want less people buried in paperwork and more people starting businesses through their local financial institution.

This bill is supported by folks across the political spectrum, and I am excited about the good it will do for our financial institutions back home and consumers in my district.

I want to again thank Mr. Loudermilk for introducing this important piece of legislation that will ensure our financial system is functioning efficiently for hardworking Americans.

Mr. Speaker, I rise today in strong support of Mr. Kustoff's bill, the National Strategy for Combating the Financing of Transnational Criminal Organizations Act.

Mr. Speaker, I want to thank my friend for his leadership on this important issue, even if it does have a really, really long name.

I have seen firsthand how these transnational drug cartels can disrupt civil society. In my own district, the opioid epidemic has destroyed innocent people's lives, including kids, while transnational criminal organizations, or TCOs, profit on people's misery and their death.

TCOs have brought heroin to our streets and, along with it, increased crime, placing additional burdens on law enforcement in local communities.

We are in crisis mode, and targeted steps need to be taken to address this epidemic at all phases. We have to crack down on the pusher on the street. We have to crack down on the drug cartels. We have to crack down on the drug companies that have made a profit from overprescription and filling suspect orders.

Most of all, we have to crack down on the intricate faceless and unbelievably complex international criminal organizations that allow the profits from these activities into our economy.

We must eradicate the international illicit financing networks that are the linchpin of any criminal organization's operations. But we don't have a unified national plan.

Luckily, this committee has an opportunity to make a difference by coming up with a national strategy and plan to attack transnational criminal organizations' finances.

Mr. Kustoff's bill would direct the Secretary of the Treasury to provide that plan, a vital first step towards addressing the threat posed by the growing sophistication of illicit financing networks.

Passing this bill is a significant step toward an effective, sustained national strategy to attack the funding that makes these TCOs possible.

Therefore, it is critical that we continue to maximize cooperation among Federal departments to keep our policies ahead of these transnational criminals.

Mr. Speaker, I urge adoption of Mr. Kustoff's timely and important piece of legislation.

Mr. Speaker, I ask unanimous consent that the Committee on Oversight and Government Reform be discharged from further consideration of House Resolution 759, and ask for its immediate consideration in the House.