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tv   U.S. House of Representatives Legislative Business  CSPAN  September 8, 2016 12:00pm-2:01pm EDT

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back to capitol hill for the u.s. house. members returning for legislative work, including debate on a bill that would change requirements for small investment firms when they sell stock. live to the house. the speaker pro tempore: the house will be in order. the prayer will be offered by our chaplain, father conroy. chaplain conroy: let us pray, god, we give you thanks for giving us another day. we pray this day, o lord for peace in our world that freedom will flourish and righteousness will be done. the attention of our nation is drawn toward an impending election, but there is work yet to be done. send your spirit upon the members of this people's house, that they might judiciously balance seemingly interests. help them to execute their
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consciousnessous and judgments with clarity and puret of heart so all may stand before you and honestly and trust that you can bring forth fruits from their labors. bless us this day and every day and may all that is done be for your greater honor and glory amen. the speaker pro tempore: the chair has examined the journal of the last day's proceedings and announces to the house his approval thereof pursuant to clause 1 of rule 1, the journal stands approved. the pledge of allegiance will be led by the gentleman from arkansas. >> mr. womack: i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. the speaker pro tempore: the chair will entertain up to 15 requests for one-minute speeches on each side of the aisle. for what purpose does the gentlewoman from florida seek recognition?
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ms. ros-lehtinen: i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentlewoman from florida is recognized for one minute. ms. ros-lehtinen: mr. speaker, i rise for the third time this week since the house reconvened to demand federal funding to stop the zika doimed that is impacting -- epidemic that is impacting families throughout our nation but especially in my area of south florida. reports have suggested that even those individuals charged with protecting our communities, in this case a police officer from miami beach, are not safe from zika as they do their jobs and patrol our neighborhoods. local businesses in the miami neighborhoods most impacted by zika are suffering, including those in the lovely windward yard, a very popular outdoor food and culture scene where small businesses are suffering from way-reduced foot traffic.
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many public outdoor areas are being closed to visitors, including the beautiful miami beach botanical gardens after extensive testing found zika-infected mosquitoes on the grounds. the zika virus is costing residents their peace of mind and access to their public space and outdoor recreational activities. mr. speaker, we need more federal funding now to confront this threat. when will congress act? every day that we delay is a threat to our families in south florida. thank you, mr. speaker. the speaker pro tempore: the gentlewoman's time has expired. for what purpose does the gentlewoman from new hampshire seek recognition? ms. kuster: mr. speaker, i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentlewoman from new hampshire is recognized for one minute. ms. kuster: thank you, mr. speaker. today i rise to recognize and celebrate the new hampshire college and university council, which recently celebrated their 50th anniversary. i would also like to recognize tom horgan, the president and c.e.o. of the council, who
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announced earlier this week he will be stepping down after 23 years on the job. tom has been a leader in the higher education field for many years and has made a tremendous impact on our community. the new hampshire college and university council has long been committed to working to strengthen granite state higher education system and give students the opportunities they so deserve. the council works tirelessly to collaborate with both public and private institutions and to promote greater awareness and understanding of new hampshire higher education at every level. from students to professors and administrators all the way to the college presidents. new hampshire colleges and our universities are major contributors to our state's economy, employing over 17,000 people throughout the granite state with salaries and benefits exceeding $1 billion. education at every level is vitally important, and we must
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continue to promote higher education in new hampshire. mr. speaker, i yield back. the speaker pro tempore: the gentlewoman's time has expired. for what purpose does the gentleman from georgia seek recognition? mr. carter: i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman from georgia is recognized for one minute. mr. carter: mr. speaker, i rise today to recognize mr. gus bell and his 50 years of service as at the firm a design and argument texture company in savannah, georgia, dedicated to innovating the field. he began in 1966 and with his hard work purchased the company 20 years later. he led the expansion to international clients, proving itself in international pioneer in architecture and engineering. while a big one, this is one of mr. gus bell's many accomplishments. for the last five decades, mr. bell's also dedicated himself to the enrichment to the state of georgia. he's chaired the board of
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mercer's medical school, founded the st. andrew's school board and represented the state of georgia in a major water dispute. mr. bell's influence is felt throughout the region and certainly beyond. i'm honored that mr. bell's a resident of georgia's first congressional district, and i thank him for his dedication to our area, and on a personal note, i thank him for all of his assistance to me while i was mayor of the city. i'm honored to call him my friend. thank you, mr. speaker, i yield back. the speaker pro tempore: the gentleman from georgia yields back the balance of his time. for what purpose does the gentleman from washington seek recognition? without objection, the gentleman from washington is recognized for one minute. mr. kilmer: mr. speaker, i rise today with a warning, a warning that the voices of the american people are at risk of not being heard. outside groups funded by the deepest of pockets have taken center stage in this year's election. the center for responsive politics reported this week that outside spending has already reached 2/3 of a
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billion dollars in 2016. that's more than twice what these groups spent at this point just four years ago. wave after wave of these ads dominate our screens and turn political debate into a pro wrestling match, but there's more to the problem. this gives a small group of the wealthiest americans a disproportionately loud voice. it affirms the fear that so many americans have that special interests and deep pockets have undo say. that's not good for the future of our country or of our democracy. it's time we stood up and said enough. it's time we stood up and said that corporations are not people. it's time we pass campaign finance reform and it's time we revitalize our democracy and people power back. thank you, mr. speaker. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from south carolina seek recognition in wilson ramos i ask unanimous consent to address the house for one minute and -- mr. wilson: i ask unanimous consent to address the house for one minute and to revise
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and extend my remarks. the speaker pro tempore: without objection. mr. wilson: the $400 million ransom payment to iran were understated. yesterday, "the wall street journal" revealed, quote, the obama administration has followed up a plane load of $400 million in cash sent to iran in january with two more shipments totaling $1.3 billion. lawmakers have voiced concern that iran's military units would use the cash to finance military allies, including the assad regime in syria, houthi ilitias in yemen and lebanon's hezbollah. last month "the augusta chronicle" said no legit mate case can be made, that none would fund terror. it's inevitable the white house even admits it, end of quote. i appreciate house foreign affairs committee ed royce's efforts to advance legislation to ensure this can't happen again for enemies who still chant "death to america,," "death to israel." thank you and god bless our
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troops and the president's legacy is americans are at greatest risk of attack. the speaker pro tempore: the gentleman from south carolina yields back. for what purpose does the gentlewoman from california rise? without objection, the gentlewoman from california is recognized for one minute. ms. hahn: mr. speaker, two weeks ago i attended the funeral of one of our colleagues, my good friend congressman mark takai of hawaii, who lost his battle with pancreatic cancer. mark was such a great leader. he served his country both in the military, in the hawaii national guard, as well as a public servant in the hawaii state house and here in the u.s. congress. he was taken from us far too soon. mark was only 49 and left behind his wife and two children. he was a wonderful father, and he deserved more time with them. pancreatic cancer has one of the lowest survival rates of any cancer. just 6% of people survive five years past their diagnosis.
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while death rates for other cancers are declining, pancreatic cancer is projected to become the second leading cause of cancer related death in the u.s. in the next four years. every year pancreatic cancer survivors and family members walk the halls of congress advocating for more federal funding for pancreatic cancer research with the goal of doubling their survival rates by 2020. for too long, those calls have fallen on deaf ears. perhaps now in the wake of losing one of our own colleagues congress will do what is right and dedicate much-needed funding to curing this deadly disease. the speaker pro tempore: the gentlewoman from california yields back the balance of her time. for what purpose does the gentleman from arkansas seek recognition? >> mr. speaker, i seek unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman from arkansas is recognized for one minute. >> mr. speaker, i rise today to remember the life of pat walker of springdale, arkansas, who passed away on september 3, at the age of 97.
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pat was a northwest arkansas icon whose spirit of philanthropy touched so many lives. mr. womack: she not only provided critical resources for charities, medicine, the arts, her beloved razorbacks, but she also inspired those around here to get involved and be of service to their fellow man. she was steadfastly dedicated to our community and the honors bestowed upon pat are evidence of this. a member of the arkansas' women hall of fame, pat was named one of the most distinguished women in arkansas. she was a lifetime win of the rockefeller cancer institute, the 2002 american heart association tiffany award recipient, inducted into the towers of old main and was a member of the arkansas chancellor society and given the university of arkansas for medical science's distinguished reward. arkansas will long remember the contributions made by pat walker and we join her two children, seven grandchildren
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and 15 grandchildren in celebrating her wonderful life and i yield back. the speaker pro tempore: the gentleman from arkansas yields back the balance of his time. for what purpose does the gentlewoman from ohio seek recognition? without objection, the gentlewoman from ohio is recognized for one minute. mrs. beatty: thank you, mr. speaker. i rise today in support of all of those individuals who died or were assaulted trying to register to vote. i rise in support of all of those individuals who are registering to vote and will vote. i also rise to condemn the assault on americans' fundamental right to vote. across the country, including my home state of ohio, we are seeing greater restrictions on the voting rights following the shelby county v. holder decision. it is no secret these laws are designed to make it harder for americans to vote, specifically
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minority. laws like the ones passed by the ohio legislature, taking away golden week, a week-long period allowing individuals, mr. speaker, to both register to vote and to cast a ballot at the same time. well, i say enough is enough. our democracy is stronger when all americans, just not a few select, are able to vote. and as our chaplain said today, let us work together so freedoms flourish. let us not give up, mr. speaker. let us pass h.r. 885, the voting rights amendment act, to restore the full power of voting rights act and to wrong the -- the speaker pro tempore: the gentlewoman's time has expired. for what purpose does the gentleman from michigan seek recognition? >> mr. speaker, i request unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman from michigan is recognized for one minute. mr. walberg: mr. speaker, i rise today to recognize
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kimberly, a student of spring ashor university in my district. she created a moving piece of artwork displayed to my left. i've had the privilege to see it in person and the picture just doesn't do it justice. it's a life-sized wheelchair made out of little toy green army men. innocent as they might be yet she used more than 1,000 army men and spent more than 60 hours to finish it. the sculpture signifies all aspects of military service, from fighting on the front lines in battle to returning home with life-altering injuries to the supreme sacrifice. america's veterans sacrifice so much, and we often lose sight of the effects of their service. kim ber's sculpture is a powerful -- similar berly's sculpture is a powerful reminder. they have displayed incredible courage and heroism in service to our country and now it's time for us to serve them. mr. speaker, i yield back.
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the speaker pro tempore: the gentleman from michigan yields back the balance of his time. for what purpose does the gentleman from massachusetts seek recognition? mr. mcgovern: i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman from massachusetts is recognized for one minute. mr. mcgovern: mr. speaker, to kick off hunger action month, today i join with representative lynn jenkins of kansas on a tour of starbucks on capitol hill to learn about an innovative partnership of feeding america and starbucks to donate unused food. starbucks will package surplus ready to eat food that gets picked up overnight and gets delivered to local food banks. was compressed by the selection of nutritious food. we think of starbucks as a place to stop for coffee, but we saw salad, sandwiches and more. they'll expand this to all their stores in the next few years. they expect to deliver 50 million pounds of food, divert it from landfills. more than 47 million americans suffer from hunger and food
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insecurity. in the richest country in the world, we must do all we can to ensure that no family gets hungry and donating unused food is a key step. starbucks deserves much credit for being a leader in the effort to end hunger. i yield back my time. the speaker pro tempore: the gentleman from massachusetts yields back the balance of his time. for what purpose does the gentleman from pennsylvania seek recognition? . the speaker pro tempore: the gentleman from pennsylvania is recognized for one minute. >> recently roger webb of the university of manchester conducted a study that found when parents have attempted suicide, the children are at increased risk. mr. murphy: our health care system for families with genetic history of biological diseases are no different than mental health diseases. in the united states, a shortage of doctors and 112 federal
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agencies that are a disjointed mess, we are not there yet. congress passed a bill to make a difference. we call upon the senate to make a difference. they need to pass this bill and don't pass up the opportunity to save lives. so far since september 1, 7,762 lives have been lost. we have to understand and we must have treatment before these tragedies and provide help before hope. i hope the senate passes the bill before we leave in october. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from nebraska seek recognition? >> congressman murphy is absolutely right. mr. speaker, i rise to recognize e of omaha's athletes, susan markeezie and has been adom nat figure in amateur golf dating
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back to two championships in 1977 and 1978 as a student athlete. after high school, she attended the university of oklahoma where she was a four-time let erwinner and individual runner-up in the big eight tournament. throughout the course of her post-college career, susan has won 18 state amateur golf championship, 16 omaha city championships and her success on the green led to her induck shon as a member of the nebraska hall of fame, nebraska high school hall of fame, omaha athletic hall of fame. now as a member of the house of representatives, i am here to recognize the outstanding career of susan markeezie. i yield back. the speaker pro tempore: for what purpose does the gentleman from michigan seek recognition?
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>> i request unanimous consent to permission to address the house for one minute. . the speaker pro tempore: without objection. >> mr. speaker, i rise today with grave concerns over a recent justice department inspector general report how prison industries have endangered the lives of our troops. the investigation which is owned by the u.s. bureau of prisons found that f.p.i. had manufacturing problems. this photo of a test mannequin in an nbc news story shows brain damage likely would have ccurred from a small 9 millimeter bullet through a helmet. the investigation uncovered that p.f.i. instructed inmates to lie that it passed inspection and met the required safety speaks physicals. this is potentially criminal.
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the f.p.i. response, reassign the employees. can you imagine if they were private sector employ quees? in order to hold them accountable i introduced h.r. 4671, the small business protection act. it is our responsibility to protect our troops with the gear. f.p.i. does not deliver on that promise. and i request support. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from florida seek recognition? >> permission to permission to address the house for one minute. and revise and extend. >> when we left washington seven weeks ago there were 311 zika cases in florida. mr. deutch: there are over 600 cases with 56 local infections and the number of pregnant women has doubled. republican leadership is playing a dangerous game by blocking zika funding to make a political
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statement about planned parenthood and abortion. we get it. you oppose women exercising their protected rights. you would like to live in a world where women don't have access to safe and legal abortion and want to live in a world where roe v. wade is not the law of the land and women do not have access to contraception. enough. in the real world, zika is spread through mosquitoes and sex. planned parenthood will help in this fight. it is time to protect american families where the constitution protects women's health care rights and where we are facing a public health crisis from the zika virus. mr. speaker, i urge republican leaders to listen to floridians, democrats and republicans alike who want congress to act for them and not for attempted political gain. the speaker pro tempore: for
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what purpose does the gentleman from minnesota seek recognition? >> permission to address the house for one minute. >> i rise today to celebrate the 100th anniversary of the onoka farm bureau. the farm bureau does an excellent job promoting the interests of minnesota's farmers and their products and produce. for many farmers, farming is not just a job but a way of life passed from one generation to the next. they work seven days a week to ensure our groceries are stocked and the people of minnesota are fed quality food. it's not an easy job but a vital one. as the backbone, our farmers deserve as much help as possible without the constant support of our farm bureau, our district and state wouldn't be where it is today. i congratulate the farm bureau on this special anniversary and thank them for supporting
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minnesota farmers the past century and look forward to a long future. and i yield back. the speaker pro tempore: for what purpose does the gentlewoman from texas seek recognition? >> permission to address the house for one minute. the speaker pro tempore: without objection. >> thank you, mr. speaker. i rise to discuss the zika virus, which has now become a serious public health emergency. officials from the department of health and human services spent august reiterating the dire need to protect the american public from zika and its potential harm. while the centers for disease control was seriously to control and research mosquitoes that carry this virus and the national institute of allergy and infectious diseases labor over a vaccine. congress has stalled over
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funding the package. you have heard the cry from democrats and republicans about how serious this is. in the united states including territories, we currently have 16,832 active zika virus cases. in south florida, we have cases of local transmission that could have been prevented with better control and preparedness. we must give our health professionals the tools they need to fight the spread of this virus. today i ask that we please in congress do our job. thank you and i yield back. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? >> i request unanimous consent to permission to address the house for one minute. the speaker pro tempore: without objection. >> i rise today to commemorate francis bellamy, one of the most influential individuals. he is the author of the pledge
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of allegiance. this is the 24th anniversary of the pledge of allegiance which as published in "the youth companion" on september 8, 1892. it was written as part of the campaign to put an american flag in every school in the united states. in its original form, it read, i pledge allegiance to my flag and the republic for which it stands, one nation, indivisible and liberty and justice for all. in 1923, the flag of the united states of america was added. 1954, congress added the words, under god, creating the 31-word pledge we say today. bellamy's words are cited every day and engrained in our society as an expression of national provided and patriotism. mr. speaker, i yield back.
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the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlewoman from florida seek recognition? >> permission to address the house for one minute. iment -- >> more than 250,000 people were without power. 10-foot storm surges destroyed homes. lives were lost. this is what my hometown in north florida have experienced in the past week as a result of hermine, the first hurricane to strike our state in 11 years. it was one of the worst storms ever to hit north florida, but throughout all the devastation and destruction, we also witnessed community kindness and love. or what i like to call the north
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florida way. organizations like the red cross and salvation army sheltered and fed those in need. stores opened their doors to those suffering and neighbors took in neighbors to give them respite and relief from the heat. mr. speaker, it will take weeks and months for us to recover from this storm, but today, i want to recognize and thank all organizations, volunteers, workers and people who have helped us all in our time of need. thank you from the bottom of my heart. we are truly grateful. and i yield back. the speaker pro tempore: for what purpose does the gentleman from florida seek recognition? >> permission to address the house for one minute. the speaker pro tempore: without objection. the gentleman is recognized for one minute. mr. bilirakis: this past week the tampa bay area was impacted by the flooding as a result of
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hurricane hermine. i visited the communities. and i saw properties that were devastated. some of the worst hit areas were along the river basin. unfortunately despite infrastructure improvements throughout the county, this area has been repeatedly impacted by flooding. one potential solution is to dredge the river to help improve floodwater egress through the basin. this will provide residents with long-term relief. i reached out to the army corps of engineers to ask that the agency craft a workable solution. the safety of our communities are at stake and i will not rest until we get this done. i yield back. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection. >> mr. speaker, we have a public
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health crisis on our hands. we've got to get funding to address the zika crisis. we now have over 16,000 identified cases. it's a terrible virus. and we have to get a head of this. as a doctor and public health expert, i understand the importance of giving our physicians, health care professionals and scientists all the tools they have. n.i.h. is getting a vaccine up and running and into clinical trials but we have to give them the resources. we have to make sure all the patients have access to reproductive choices so they can prevent the terrible effects of this virus on the fetuses and their babies. so it is important. let's get the funding out there and let's stop playing politics with this and let's get the help to the places that need it. it is a public health emergency.
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let's do our job. i yield back. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection. the gentleman is recognized for one minute. mr. poe: mr. speaker, too often victims of human sex trafficking are ashamed. mr. speaker, the traffickers and buyers are the ones who should be ashamed and shamed. buyers and sellers want to remain anonymous, but those days are over. time to use public punishment for their dastardly deeds. as a judge in texas, i successfully used public punishment. the shame act will give federal judges the discretion to publish the names and photographs of convicted human sex traffickers and buyers as well as sending them off to prison. buyers and sellers who force victims to repeatedly sell their bodies should be publicly
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shamed for all of us to see. photos of slave traders and buyers that appear on billboards will also deter would-be criminals. such photographs should appear before large conventions or sporting events, events where trafficking, unfortunately, increases. let the public see the faces of slave traders and buyers of children, children that are sold on the marketplace of sex trafficking. shame traffickers and shame on them, and that's just the way it is. i yield back. the speaker pro tempore: the gentleman from texas yields back the balance of his time. for what purpose does the gentleman from colorado seek recognition? mr. polis: i ask permission to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman from colorado is recognized for one minute. mr. polis: thank you, mr. speaker. i rise today to call upon the house of representatives to address our broken immigration system, one that serves our national security poorly, one that inhibits the ability of law enforcement to keep our communities safe and replace it
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with comprehensive immigration reform so we know who's here, so that people who are here illegally will be required to register and get right with the law and pay a fine, that we provide a pathway to citizenship for people who are here and playing a productive role in our economy, so we can make sure that parents aren't taken away forcibly from their american citizen children. it's been scored by the congressional budget office that immigration reform would reduce our budget deficit by over $200 billion. there's people here today working, mr. speaker, we don't even know if they're paying taxes. we need to make sure that everybody that works in our country pays their just share of tks texases, fulfills their responsibilities as legal citizens of our country and the only way we can do that is through congressional action. i call upon speaker ryan and the republican majority to put a bill forward that secures our border, reduces our deficit and provides a way that people are required to get right with the
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law and have workplace authentication. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from georgia seek recognition? without objection, the gentleman from texas is -- georgia is recognized for one minute. >> mr. speaker, with summer coming to an end and a new school year under way, the threat of zika still lingers on. a threat we in the house took up months ago. the house passed legislation back in june ensuring the administration would continue to have resources in place to protect the public from the threat of zika. this legislation came with tight restrictions to ensure the funds are spent appropriately. mr. allen: despite this and after already agreeing to the proposed spending levels, senate democrats have repeatedly block this much-needed funding. tuesday night, harry reid and senate democrats again voted to block this legislation, leaving the public's health in limbo. this is unacceptable. before the district work
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period, i joined my colleagues in the georgia delegation, including the senators in a letter to the president demanding we put aside politics and urge immediate passage of zika funding. with newly reported zika cases in our country daily, we should be focusing on protecting americans from this virus and not petty politics. am so thankful that our 12th grandchild robin hampton could not have to face this threat. that's why i urge senate democrats to give up the politics and move this legislation forward so that families do not have to face the threat of this terrible virus and i yield back. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from kansas seek recognition? >> mr. speaker, i seek unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman from kansas is recognized for one minute. >> mr. speaker, i rise today to honor the memory of captain robert dave milton who was
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killed in the line of duty in kansas city, kansas, in my district. mr. yoder: each night we sleep soundly knowing that there are many and women patrolling the streets and guarding our borders to keep us safe and defend our freedom. like captain milton, they put themselves in harm's way. one one of these brave it icans loses their life is all a blow who wear the uniform and the families that support them. my heart breaks at each and every loss of one of these heroes. captain milton is a true hero who served 17 years in law enforcement and did tours in the military in iraq and afghanistan throughout his distinguished career of service to our country. he did not deserve to have his life cut short at age 46. mr. speaker, may god bless captain milton, his family and all those who serve our great nation. i yield back. the speaker pro tempore: the gentleman from kansas yields back the balance of his time. for what purpose does the gentleman from alabama seek
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recognition? >> mr. speaker, i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman from alabama is recognized for one minute. >> mr. speaker, i rise today to recognize mobile native demarcus cousins for winning an olympic gold medal as a member of the u.s. men's basketball team. throughout olympic play, he averaged 9.1 points and 5.8 rebounds. while his play on the court is to be commended, i was more impressed by demarcus' work back home in alabama. mr. byrne: he recently held a free basketball camp for young children at his alma matter lefleur high school. demarcus organized an important conversation about relations between members of the african-american community and law enforcement. like many communities across the nation, my hometown of mobile has faced our share of challenges in this area, but thanks to local leaders and leaders like demarcus cousins, mobile can serve as a prime example of how to diffuse racial tension and increase understanding between all
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members of our community. so on behalf of alabama's first congressional district, i want to again congratulate demarcus on his gold medal and aproud him for his continued leadership in our community. and i yield back. the speaker pro tempore: the gentleman from alabama yields back the balance of his time. for what purpose does the gentleman from minnesota seek recognition? without objection, the gentleman from minnesota is recognized for one-. -- one minute. > i rise to congratulate david's path to the olympics. he is an alum niss it the university of minnesota and the very first former golden gold men's swimmer. after missing the 2012 games in london by just a fraction of a second, he thought his olympiced a pictureations might be shattered. mr. paulsen: he never gave up. this year at the age of 30, he made the olympic team. he reached his goal of competing and winning a medal, the bronze medal, at the olympic games. on top of his achievements in the pool, david is also a
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leader in our community. he's the head coach of the wayzata boy's swim and dive team, leading them to a state championship in his first season as well as winning minnesota's state coach of the year. mr. speaker, we can draw inspiration from david's determination to overcome any obstacle. david has made the state of minnesota and our entire country proud. congratulations, david. i yield back. the speaker pro tempore: the gentleman from minnesota yields back the balance of his time. for what purpose does the gentleman from texas seek recognition? mr. sessions: mr. speaker, by the direction of the committee on rules, i call up house resolution 844 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the resolution. the clerk: house calendar number 140, house resolution 844, resolved, that at any time after adoption of this resolution the speaker may, pursuant to clause 2-b of rule 18, declare the house resolved into the committee of the whole house on the state of the union for consideration of the bill h.r. 2357, to direct the securities and exchange
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commission to revise form s-3 so as to add listing and registration of a class of common equity securities on a national securities exchange as an additional basis for satisfying the requirements of -- ral instruction ig-1 of ib-1 of such form and to remove such listing and registration as a requirement of general instruction ib-6 of such form. the first reading of the bill shall be dispensed with. all points of order against consideration of the bill are waived. general debate shall be confined to the bill and amendments specified in this section and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the committee on financial services. after general debate the bill shall be considered for amendment under the five-minute rule. it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of rules committee print 114-62. that amendment in the nature of a substitute shall be
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considered as read. all points of order against that amendment in the nature of a substitute are waived. no amendment to that amendment in the nature of a substitute shall be in order except those printed in part a of the report of the committee on rules accompanying this resolution. each such amendment maybe offered only in the order printed in the report, may be offered only by a member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the house or in the committee of the whole. all points of order against such amendments are waived. at the conclusion of consideration of the bill for amendment the committee shall rise and report the bill to the house with such amendments as may have been adopted. any member may demand a separate vote in the house on any amendment adopted in the committee of the whole to the bill or to the amendment in the nature of a substitute made in order as original text. the previous question shall be
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considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions. section 2, upon adoption of this resolution it shall be in order to consider in the house the bill h.r. 5424, to amend the investment advisors act of 1940 and to direct the securities and exchange commission to amend its rules to modernize certain requirements relating to investment advisors, and for other purposes. all points of order against consideration of the bill are waived. the amendment in the nature of a substitute recommended by the committee on financial services now printed in the bill shall be considered as adopted. the bill, as amended, shall be considered as read. all points of order against provisions in the bill, as amended, are waived. the previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto, to final passage without intervening motion except, one, one hour of debate equally
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divided and controlled by the chair and ranking minority member of the committee on financial services, two, the further amendment printed in part b of the report of the committee on rules accompanying this resolution, if offered by the member designated in the report, which shall be in order without intervention of any point of order, shall be considered as read, shall be separately debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, and shall not be subject to a demand for a division of the question, and three, one motion to recommit with or without instructions. the speaker pro tempore: the gentleman from texas is recognized for one hour. mr. sessions: mr. speaker, thank you very much. for the consideration of this resolution, all time yielded is for the purpose of debate only. and now i yield the customary 30 minutes to the gentleman from colorado, my dear friend, mr. polis, pending which i yield myself such time as i may consume. mr. speaker, i ask unanimous consent that all members may
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have five legislative days to evise and extend their remarks . mr. speaker, i rise in support of this rule, which is a fair rule that makes in order every single amendment submitted to the rules committee. the rule provides for consideration of h.r. 5424, the investment advisors modernization act of 2016, and h.r. 2357, accelerating access to capital act of 2015. this package comes to the floor via the chairman of the house financial services committee, chairman jeb hensarling, who brought this package to the rules committee because the needs of the american people and the needs of the financial services industry that's trying to grow jobs, investment and opportunity for people in america. we have an incredible opportunity before us today, mr. speaker, an opportunity to take good ideas, good ideas
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that come directly from the american people. it's called the financial services industry of the united states of america. men and women who get up and handle our financial needs, many men and women who not only have dedicated themselves to the success of this country but also to the success of the american people, and we're trying to take this opportunity to move those ideas that they bring to us today through the house of representatives so that we have a bill that we can present on a bipartisan basis to the united states senate, to the president of the united states and say these are great ideas. mr. speaker, i will tell you that your work that you make personally to make sure these ideas are brought forth not only to the financial services committee but the other areas of this congress to make sure we're passing legislation that's about jobs, job creation and the availability of the american people to have a better shot at the american
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dream is why we are here today. the goal of this rule and the underlying legislation is simple, to keep the flow of capital moving across our capital markets, to make it easier, not harder, to make it asier to overcome barriers for small business, entrepreneurs and startups to have the capital that they desperately need to grow and thrive. mr. speaker, this part of the as someone who has great ideas, the ability and the desire, but to take these ideas and match it up with the capital, a marketing plan and the ability to move forth in that plan. that's part of the american dream to make not only your life better, but along the way, a bunch of other people meet their
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american dream also. capital is the lifeblood of growing new companies, not a surprise. and access to capital can literally make or break small business. mr. speaker, it can make or break a person's great idea also. that is why we are here today on the floor. good ideas that come from men and women in the industry, men and women who talk to the financial services committee on a bipartisan basis, men and women of this congress bringing these great ideas and it's all on behalf of trying to make people -- give them a better shot at the american dream through growing companies, accessing capital and making the hard break to be successful. i have seen firsthand the
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detriment of overregulation in industries and poorly written laws. and i have also seen the power of the free enterprise system. while serving as chairman of the board of the dallas -- east dallas chamber of commerce, i saw firsthand companies that could not get the capital that they needed because they weren't large enough to qualify or perhaps had some other burden in front of them. as we know today, because of technology, time and people's purpose, we have the opportunity for doing something remarkable. we have the ability today to enact legislation that will bolster opportunities for small business, to secure capital, to reduce the strain of a one size fits all regulatory regime and an ake that and add opportunity to overcome these by
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using the american spirit and killing regulatory things that stand in the way. that's why we are here. mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from colorado is recognized. mr. polis: i thank the gentleman for yielding me the customary 30 minutes and i i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. polis: the obama administration accurately identified the zika virus as a public health crisis. it's well reported on. my constituents are aware of it. it's already affected many americans in states like florida and texas and louisiana. and the obama administration requested additional resources to combat the virus. the white house and the c.d.c. correctly predicted that the virus would soon spread to the southern united states. just as congress left for its seven-week break, there were several reports of zika transmission in south florida.
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just last week, the director warned that without congressional action, they will soon run out of money for combatting zika. in a moment, i'll talk about the bills we are considering, but i think the american people expect congress to react to a public health crisis. had we reacted seven weeks ago, perhaps we wouldn't be where we are today. and i need and call upon this body to act today so that we are in a better situation. in fact, the house is only in session for 15 more days before taking another six-week break in october and november. and handful of days we have left, it's critical to provide an emergency package to fight back against zika. and it's currently not on the calendar, mr. speaker. instead, we are considering these bills. and i will be going into the merits and lack thereof of them, but certainly, i think my
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colleagues on the other side of the aisle would agree with the objective assess meant that these bills do nothing to combat zika or address the public health concerns around zika. the senate did pass a bipartisan zika funding bill to provide emergency resources. it doesn't have unrelated poison pills, unrelated to zika. obviously, issues like where the or if the flag of the rebel states, the confederate flag is displayed, whether planned parenthood is funded, these are contentious issues here, but i think we would all agree they have nothing to do with zika. the confederate flag does not have an impact on zika. planned parenthood has at least a related aspect to it that reproductive health and of course one of the symptoms or one of the effects of zika is a
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higher rate of birth defects of children who are born to women who suffer from zika while they are pregnant. so certainly the family planning aspect is relevant, but not central to the issues affecting the public health around zika. and we need to make sure there aren't any of those poison pill provisions and move forward. instead we have different bills here. we have bills related to financial markets. the first one is the accelerating access to capital act of 2015. that one brings together several different bills that had been offered. first it includes a bill that would affect micro cap companies, pink sheet companies and removes many of the s.e.c. transparency regulations around how they sell stock and how they are listed. it's not a step forward for transparency. in fact, this kind of effort is
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likely to decrease confidence in our public marketplace. likely to hurt the very stock market that presumably it was designed to help. is would effectively allow micro cap companies worth less of $75 million to issue shares in a 12-month period, not even notifying the s.e.c. ahead of the issuance. permit companies to sell up to one-third of the aggregate valuesing shelf registration. in many ways, these provisions are at odds with the other bill that i'll talk about which provides regulatory relief towards private equity by favoring small cap public companies. it's hard for a small company to be public. it's questionable whether small cap companies should be public. when we talk about private
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equity, we will see one of the features is a, they have a more sophisticated ownership and b, a more concentrated ownership. for instance, the issues of run-away c.e.o. pay, less than a problem with private equity. a significant problem with public companies and again, particularly small-cap companies with diffuse ownership, which this bill would likely lead to more of. it would also remove protections like corporate governance requirements. these reduce the marketplace and hurt the stock market and the ability of companies to go public and access public capital because of the reputation of the pink sheets and the reputation of micro cap. and it is a fine line and we would agree on regulatory relief, but this package is not it. this package would hurt the stock market, hurt access to
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capital and hurt the very legitimate players that it's designed to help. the second bill in here is the micro offering and safe harbor act and would eliminate the investor of crown funding under certain conditions. i was an original sponsor of the jobs bill and worked with my colleagues on both sides of the aisle to get that through and i was disappointed with the way that's been implemented by the administration. funding should be easy and should not have 900 pages of regulation. the main consumer safeguard we have in there is nonaccredited investors are only allowed to invest up to $10,000. this would eliminate that protection under several circumstances. one, if there were 35 or fewer purchasers or two, the aggregate amount of security sold is
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500,000 or less in a one-year period. it does away with one of the legislatively-imposed consumer protections in the jobs act. now i would agree, i think there has been regulatory imposed inhickses to the jobs act that i wish we could strike at. many states, including my own state has implemented a more sensible bipartisan crowdfunding legislation that enables it to occur at least within a state in much easier way than the cumbersome federal law which inhibits the use of crowdfunding as well as the presence of crowdfunding as part of the overall capital strategy because of the difficulties concerning the other types of capital investors and capital partners. i would love to see reform of the jobs act and the former
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micro offering, but this particular answer really undermines the entire concept of the consumer protections. it's not targeted. it removes the protections for smaller of the smallest of the small offerings. and again what you would find -- the danger here is folks call them scam artists or folks trying to make a buck off of this, can simply set up a number of companies each raising under $500,000 to meet the criteria of this exemption. and there's not any consumer protection around that. there is nothing to stop a bad actor from asking for significant investments for each of those companies, even from the same individual depleting the savings of that individual rather than sticking to the $10,000 cap which was in our jobs act. again, i would like and many of my colleagues on my side of the
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aisle would like funding to be easier and be done quicker to remove some of the excess paperwork and regulation a requirements, but maintaining that basic consumer safeguard and not providing exemptions because there is 35 or fewer purchasers or $500,000 or less over a one year period. doesn't address overlapping ownership or related status between again multiple companies that might each raise $500,000. might substantially have the same external owners but would get around the jobs act consumer protection provisions by effectively cloning a bunch of small companies and offering them up separately for individual investors. these things need to be thought through. there is a kern ell of an idea in there. i agree the administration has gone beyond the legislative
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intent of the jobs act and hopefully there is a way to work together to empower crowdfunding to play a more central role in capital development and entrepreneurship in this country. and this bill is not it. the final bill would make it very difficult for the s.e.c. to finalize investor protections that it proposed back in 2013. the title would require issuers selling securities under an exemption that allows them to raise unlimited amount of money a single notice of sale which they would have to make available to state and other regulators. this relates to some current rules that the s.e.c. is moving forward with. i think there are ways to treat those rules, but i don't think this is the way to do it, to allow for unlimited capital to be raised under a single notice
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of sale and, of course, this affects the prerogative of state regulators and there are a variety of practices there by requiring the s.e.c. to make it available to state and other regulators. i think there's room for improvement in that area, but again, the bill falls short. he other bill, a majority of democrats on the committee supported. many also voiced concerns similar to the concerns of the obama administration about some of its provisions, but i'm glad to say that many of those concerns have been addressed by mr. foster's amendment. first, a little bit about private equity and what this bill does and doesn't do. my state and my district, like probably like every other district in the country has seen the benefits and impact of private equity investment, providing growth capital to companies and providing
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stability and ownership. there is over 100 private-backed equity companies supporting close to 100,000 jobs in colorado. in 2015, private equity firms invested $12 billion in colorado-based companies. the real jobs and contributed to economic growth that colorado has seen over the last few years and the country, private equity has helped create and sustain thousands of jobs and made thousands of investments. it provides returns to public pensions, to university endowments, to many people as part of their own individual retirement plans and savings. it is important from a capital perspective and operating perspective. firms owned by private equity at least -- because there could be some that are not part of this. employ 8,000 people.
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and for physical infrastructure, for additional hires, for expansion, private equity has been a source of capital for main street businesses across our country and my state and everywhere else in the country. and that's why the bill passed the financial services with a majority of democrats and strong bipartisan support and will pass this body with strong bipartisan support as well. . that's what private equity is, it's a type of entity that may own a local company. what are the other kinds of ownership that company may have? it may have public ownership. we talked about that in the microcap bill. in many ways that is a worse form of ownership in that there is additional administrative overhead associated with being public, even if the regulatory relief would have become the law. there's still significant additional overhead of being public. very difficult for a $20
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million, $50 million company. two, because of the diffuse ownership, frequently there is no one watching the shot, meaning that management runs it, we have the problems of excess c.e.o. pay, excess executive pay, horror stories of c.e.o.'s making hundreds of times the pay of the line workers. those kinds of things don't happen in private equity backed companies. there is someone minding the shop anti-entity minding the shop is an entity looking for long-term growth. for long-term stability. they are not in and out. there's been some confusion among members of this body in discussing hedge funds versus private equity. private equity are not hedge funds. hedge funds have liquidity. they make transactions rapidly. they don't participate in governance and growth. prife equity, they are in there for five, six, seven years, long-term investors building the company, serving on boards, recruiting others to serve on boards, providing sound corporate governance, making
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sure that c.e.o.'s and executives around paid too much. making sure talent is in the company. growth capital is available. a h.r. 5424 just takes scalpel approach to regulations by focusing on aspects of s.e.c. advisor registration that impede the capital formation and private equity strifment for instance, there's provisions in the bill that would make reporting to the s.e.c. more efficient and effective for their purposes unless costly and burdensome for private equity firms. keep in mind private equity firms do not represent in any way, shape, or form a systemic risk to our nation's financial security. they are a type of ownership main street companies have. if a private equity firm invests poorly, runs companies poorly, they will deliver very poor return for their investors. that does not impact in any systemic way the economy in the way that a hedge fund
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placing highly leveraged bets on derivatives or some other financial instrument can cause an entire economic meltdown as we saw during the mortgage-backed security crisis in 2008 and 2009. private equities firms provide pashekwlent, stable long-term capital to privatery owned businesses across the country. in fact, they help take the emphasis off of the quarterly financial reports that are so important for public companies. one of the failures of public company governance is that there is too much emphasis on the short term at the expense of the long term. too much emphasis to pump up the quarter at the expense of medium and long-term growth, two years, three years, four years. under investment in research, and under investment in long-term growth. having private equity ownership of an operating company. addresses that kind of moral hazard that exists with regard to the incentives of the public marketplace.
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private equity firms have a long-term outlook, results in lowerer volume he tilt. while the public company model may not perform as well as private equity firms, obviously can provide access to capital, additional liquidity, that private equity doesn't have, the two are related, private equity investors, there goal is a public offering exit in the five to 10-year time frame. not always the case, but that can be the case and having an operable public market in addition to a private equity market is of interest and importance to the private equity industry as well. which is why the reforms in the other bill are so bad because they deteriorate confidence in the stock market. they ultimately will result in decreasing liquidity for the good actors, meaning. so private equity backed or owner operator owned companies that want to have a public partial exit or exit through the public marketplace. again, the bill isn't perfect. the white house identified a number of issues.
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fortunately my colleague represented a foster -- representative force-e offered an amendment that will address a number of these issues. the amendment removes a provision the bill that would have allowed minor funds for entities affiliated with the private equity firm to also be exempt from annual audits or surprise infection -- inspections. it addresses concerns around transparency by continuing the current requirement that advisors provide information about fees and services in a brochure. so it restores the transparency elements while maintaining the concept of regulatory relief of redund can't -- redundant regulations with regard to capital formation and private equity. the goal is to enact this commonsense bill that will make it more efficient for private equity firms to operate and grow businesses on main street in districts like mine, while simultaneously maintaining the regulatory regime to make sure that nothing unforward is occurring. the bill does not as some of
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us have falsely argued, allow private equity firms to escape regulation by any stretch. most private equity firms have embraced the changes implemented under dodd-frank. they have compliance teams to make sure they are operating properly under the new scheme. in any form they did not represent a systemic risk. but to protect investors many of them agree with the sensible regulations that have been imposed with the exception of those that we're seeking to remove that are redundant and create overhead. when you create overhead for private equity firms, that results in less investment in our main street businesses. if they have to divert funds to comply with unnecessary regulations for the sake of regulations, that's not much less money, that many less jobs in your mainstream business located in your district. the substitute amendment makes positive changes to the legislation. addresses many of the concerns raised about the
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bill. i and many of my colleagues plan to support its passage. and also take this occasion to make sure that our colleagues are aware of the contributions of this particular model of ownership to our main street businesses. it has been a growth sector. in fact, largely due to showing over time superior performance to companies that have a public governance model. in fact, in large part due to their dissipated other base and lack of concentration and othership. i reserve the balance of my time. the speaker pro tempore: the gentleman from colorado reserves his time. the gentleman from texas. mr. sessions: i appreciate the gentleman from colorado's not only observations as a business leader from colorado, as a member of the rules committee, he recognizes the need for ideas to flow up from the industry to members of congress, for us to on a bipartisan basis approach
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these issues to where we can provide safety and soundness for the american people. mr. speaker, at this time i would like to give five minutes to the gentleman rom minnesota, the gentleman who is offering his legislation which is entitled, it is a part of title 2 of the legislation, the gentleman, congressman emmer. the speaker pro tempore: the gentleman from minnesota is recognized for five minutes. mr. emmer: thank you. to the chairman and mr. speaker, government doesn't create jobs, people create jobs. but with the president, congress can create federal policies that establish a pro-worker and pro-business environment to lift people out of poverty, help families, and to allow americans to realize their greatest dreams. one problem today impeding job growth is the access to capital for small business. often american entrepreneurs can't get the money they need to start a new enterprise or to grow an existing one. in fact, small businesses
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still create the majority of new jobs in our country today despite the fact that far fewer small business loans are being made today than were being made prior to the 2008 recession. compounding the problem even further is the unfortunate reality that entrepreneurs from less affluent communities often have the greatest difficulty securing the capital they need to make their business dreams come true. as a result, thousands of jobs and hundreds of new products are left on the drawing board as unrealized aspirations of american entrepreneurs. thankfully, if the rule before us today is adopted, the house can consider four solutions that will address this small business access to capital problem immediately. the accelerating access to capital act of 2016 will make it easier for businesses to raise capital. first, thanks to congresswoman wagner, this legislation will make it easier for small companies to comply with s.e.c.
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security registration requirements by simply filing the process, eliminating duplicative paperwork, and ultimately by allowing people to do their business instead of compliance. second, thanks to congressman garrett's private placement improvement act, the bill will make it easier for small businesses to raise capital under rule 506 of regulation d, ultimately leading to greater access to capital for small businesses and unleashing the full potential of title 2 of the jobs act. third, the microoffering safe harbor act will make it easier for americans to raise capital from friends and family if three simple criteria are met. these three criteria include that the investor has a substantive, pre-existing relationship with the owner, that there are 35 or fewer investors, and that the aggregate amount of the investment does not exceed $500,000. additionally, this provision would exempt such official
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from blue sky requirements but with all federal and state anti-fraud laws remaining in effect. it is important to note that this microoffering proposal does not create a new law. but rather simply clarifies an existing law made by an explicit safe harbor for certain private security official under the securities act of 1933. finally, thanks to congressman hurt and congressman vargas, the investment advisors' modernization act will modendize the investment advisors act by removing redundancies and making necessary enhancements to increase capital formation. with american productivity decreasing, wages seengsly stagnant, and the u.s. economy struggling to get to historically normal g.d.p. growth levels, these proposals in the accelerating access to capital act will help jump-start our ailing economy. by providing new opportunities to make the most of capital formation
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vehicles already available or create new ones, these proposed reforms will enable american entrepreneurs and small businesses to access the capital they need to grow and to prosper. i want to thank the speaker of the house and the chairman of the financial services committee for prioritizing the consideration of these pro-business, pro-job and anti-poverty bills, and i encourage my colleagues in the house to support the rule. this is a tremendous opportunity for the house to support main street mom and pop stores, aspiring entrepreneurs, and established manufacturers to create jobs, wealth, and opportunity for americans from all walks of life. i yield the balance of my time. the speaker pro tempore: the gentleman from minnesota yields back. the gentleman from texas reserves. the gentleman from colorado is recognized. mr. polis: i do, mr. speaker, but i can't locate right now. i reserve. the speaker pro tempore: the gentleman from colorado reserves. mr. sessions: you just heard from one of our brightest new members, member of the
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financial services committee, and this committee is full on a bipartisan basis of men and women who care very much about growing our economy. mr. speaker, our next speaker is a senior member of the financial services committee and chairman of the house foreign affairs committee. he's the real ed royce, and i'd like to give him five minutes. the speaker pro tempore: the gentleman from california is recognized for five minutes. mr. royce: thank you, chairman. i rise in support of the rule and the underlying legislation. it encompasses by the way, h.r. 4850, this is the microoffering safe harbor act. and what i will share with you colleagues is that california is the innovation capital of the world from silicon valley to orange county, technology start-ups are reimagining the way that the world works. and these new companies don't have thousands of people on payroll. they don't need dozens of floors of office space.
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they don't need billions of dollars to function. but they do need capital. they need that capital to operate. and our current regulatory framework creates impediments to these small businesses tapping into the market. according to the federal reserve, the start-up rate has fallen sharply over the past 30 years. it was 14% of total companies in a given year, but today it's down to 8%. . a young firm being a high growth firm has declined over the years. and these trends are alarming, if you think about the consequences. these trends need to be reversed. the act turns the tide by lowering compliance burdens for firms seeking for low dollars investments from a small group of investors that they have a relationship with. so the legislation appropriately
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scales the regulatory oversight of capital formation while keeping intact investor protections. the resources that startups would sink into compliance and legal costs could be redirected to, what? to hiring workers. redirected to creating new products. uber and google, these were all startups. passage of the act ensures that the next success story will be told. and i thank mr. emmer of minnesota for his work on this important issue. i urge my colleagues to support both the rule and the legislation. i reserve the balance of my time. thank you again, mr. speaker. the speaker pro tempore: the gentleman from texas reserves. the gentleman from colorado is recognized. mr. polis: i yield myself such time as i may consume. the gentleman talked about the act and i think there is a kernel of
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a good idea if the good idea would be to streamline the access regulation above and beyond the consumer safeguards that were put in the jobs act if the bill were to take some of the best practices from the states, including my home state of colorado around crowdfunding and put them into a reserve of federal direction. and i would join my colleagues in agreeing that the administration went well beyond the expressed legislative intent and legislative language of the jobs act in creating barriers to microfinancing across the country. this bill doesn't do that, it cuts back in providing gaping loopholes that congress intended to put in the jobs act. these are not the unintended regulatory aspects. these are cutting away at the
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very consumer protections which congress deliberately, including one of the co-authors of the bill along with mr. issa and many others, the protections that we put into the bill. this would gut. a kernel of a good idea. perhaps the inception of this bill is hey, we messed up on the implementation of crowdfunding, let's fix it. that's not what this bill does. i'm interested in doing it. i think many of my democratic colleagues are and we would be happy to work on a bipartisan basis to address the poor implementation of the jobs act and if there was something expressly provided legislatively we would be happy to go back and look at that. but this glaring loophole that's pened is not it if there are fewer purchasers, some kind of
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pre-existing relationship, these loopholes are simply too broad and would effectively remove the consumer protections that we have in crowdfunding. mr. speaker, i will offer an amendment to the rule to bring up the no fly, no buy legislation which i'm proud to support and allow the attorney general to bar the sale and firearms if someone is on the f.b.i. terrorist watch lit. they shouldn't be able to commit a terrorist act. the f.b.i. should be on top of the situation and find out their intent and see what's going on. as a commonsense bill that would keep america safe. my amendment would give us the opportunity to vote on this bill which so far the republicans have not allowed us to debate. we cannot wait any longer for congress to take meaningful
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action to reduce the risk of terrorism in our own country. mr. speaker, i ask unanimous consent to insert the text of my amendment along with extraneous material. and i reserve. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from texas is recognized. mr. sessions: we have been talking about thoughtful young members of the financial services committee who work with people all across the united states who are engaged in financial services to bring more capital to bear not only for small business but a better investment tools, investor tools. we have had the advantage of having not only mr. polis, a young entrepreneur from colorado, but we had ed royce, we had tom emmer and would like to have another very bright young man who serves on the financial services committee to talk to us who brought this -- who brings this bill to us today
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from illinois. i would like to give congressman hultgren five minutes. the speaker pro tempore: the gentleman is recognized. mr. hultgren: i rise today in support of house resolution 8 4 which provides for the consideration of h.r. 2357, accelerating access to capital act and h.r. 5424. i know how hard my colleagues on the financial services worked in crafting this legislation that will strengthen our economy and grateful for the hard work to make sure this is a bipartisan effort. i was proud to support this legislation in the committee and i'm hopeful it will see a strong vote of approval when voted here on the house floor. i'm proud to join as a co-sponsor of h.r. 5424. modest changes that this legislation would make allows -- makes it easier to invest in job creators, our families and our
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communities. dan gal ager, agrees that and has testified in the financial services committee. the bill preserves the registration regime for private fund advisers while at the same time modernizing in a modest way some of the most unnecessary outdated and overly burdensome requirements of the now 76-year-old act that drives up costs for funds and investors and hinders the allocation of capital to help jobs. these changes will make it easier to invest in our communities and these administrative savings can be passed on to investors. the accelerating access to capital act led by my colleague would make it easier for small businesses and entrepreneurs to access the capital they need to grow their companies and create jobs. it's important that we have smart regulations in place that provide certainty to investors and to our markets. equally important that the
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securities and exchange commission not unnecessarily inhibit capital formation. the agency has a mission that states these two things should be treated with equal importance. this important package of legislation includes relatively modest but meaningful changes to our securities laws that will improve access to capital for smaller businesses and entrepreneurs without jeopardizing consumer protection. title 1 of this package authorized by ms. wagner makes it easier for small companies to use a less burdensome document when registering with the s.e.c. the number of smaller companies those with less than 500 employees has declined. this is the first time this has happened since the u.s. census bureau kept data on the subject. in 2012, a report included the recommendation to modernize and . pand
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investor protection concerns have substantially eliminated with the advanced technology which is the s.e.c.'s electronic disclosure system. the the act includes two other important titles. my colleague from minnesota, mr. emmer, has put forth legislation hat would exempt certain micro offerings from the act. this important change in law would allow a startup business the engines driving growth to solicit friends and families to invest. investors with a pre-existing relationship with those committed to the company's success have the greatest understanding of its growth trajectory and prospects for granting a healthy return. this will allow small business to access capital without having to navigate more complicated
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securities. mr. emmer's legislation will fuel growth on main street and create the jobs our constituents deserve. mr. garrett, a strong leader on these issues, has put forth legislation to ensure the s.e.c. returns its focus to supporting capital formation just as congress intended. mr. garrett's legislation would direct the s.e.c. to revise regulation d some fewer businesses are required to register. it would help eliminate the excessive regulation we hear about from our constituents. it will aflow entrepreneurs and small businesses to innovate and create jobs and ensure families have a paycheck and provide opportunities to help their children be successful in the world. i would like to thank chairman hensarling and my colleagues for all this hard work and encourage
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my colleagues to smort the rule and the legislation to follow. with that, i yield back. the speaker pro tempore: the gentleman from illinois yields back. the gentleman from texas reserves. the gentleman from colorado is recognized. mr. sessions: in this colloquy, i do have an additional speaker and i would choose to close. mr. polis: i reserve. the speaker pro tempore: the gentleman from colorado reserves. the gentleman from texas is recognized. mr. sessions: the committee on financial services has presented a number of their members who have come to the floor today to offer thoughts and ideas, thoughts and ideas on a bipartisan basis, thoughts and ideas that have emanated up from literally financial services experts across the country, commonsense ideas, investor ideas. they have been vetted, they have been looked at, talked about, they have been marked up on a bipartisan basis.
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and that's why we're here today to make capital easier and more available from an investor perspective as well as from the perspective of the financial services industry, one of the leaders from the financial services committee for a number of years has been our next speaker. and i'm delighted to offer not only the favorite son of st. elizabeth, missouri, five minutes on the floor but to thank him for his service. the speaker pro tempore: the gentleman is recognized for five minutes. mr. luetkemeyer: i thank the chairman of the rules committee for that ellgent introduction. also thank him for his hard work on his committee as well as bringing these important bills to the floor. i also recognize my colleagues, r. garrett, ms. wagner and mr.
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emmer. their efforts on behalf of our nation's investors and small businesses. mr. chairman, today and tomorrow, the house will consider legislation and allow small businesses and those investing to access needed capital without being subject to burdensome and unnecessary regulation. as we have seen throughout the financial services sector and across our economy, one size fits all rules are damaging our nation's businesses, financial institutions and as a result, american workers and their families. main street has been crushed under this administration's regulatory regime as even the ranking member admits. .r. 2357, three bills that passed the committee this year strengthens and facilitates access to capital. h.r. 5424, investment
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modernization act of 2016 eliminates requirements for investment advisers, allows for greater capital formation and development and streamlines elements of the 76--year-old investment advisers act. i met with a company in my district that relied on private equity and continue to employ my constituents. capital should be used to create jobs for economic growth and as the chairman mentioned in his opening remarks, help americans realize the america karen dream. capital should not be used to fill meaningless and unproductive regulatory requirements. our economy sids in idle and time to put it in drive. regulations should serve to protect taxpayers and not hurt them. it should enhance the economy. there is no room for regulation that is used to apiece bureaucratic demands.
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i come from the business world and in another life, i was a banker and regulatory side of the table as well as a bank examiner. i have seen the impact of rules and regulations on small businesses and communities and in my community as well. i looked across the table and hell president small businesses -- helped small businesses get created to help employ people and have jobs and enhance the communities that they come from. it's extremely important. these discussions are important to enhance our ability as a nation to continue to thrive and grow and to stymie that is hurting ourselves. the statistics are there. small businesses have been deteriorating and lo more small businesses in the last several years than we have. it's pretty evident to me. this rule we will consider will
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move us towards an economic recovery and more responsible regulatory environment. i thank my colleagues on the financial services committee for their work and rules committee. with that, i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from texas reserves. the gentleman from colorado is recognized. . mr. sessions: i would expect i have no further speaksers and close when given that opportunity. mr. polis: i yield my southwest remarppede of the time. the speaker pro tempore: the gentleman from colorado is recognized. mr. polis: thank you, mr. speaker. again while i do applaud democrats and republicans for coming together around the h.r. 5424, the investment advisors modernization act, i wish that we had come together around pressing public
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health crisis around zika. i wish we had come together to prevent terrorists from assembling arsenals to commit terrorist acts in our country. unfortunately, while the senate has acted in a bipartisan way to address zika, the house republicans continue to sit on their hands and ignore this critical public health issue. the c.d.c. is quickly running out of money to combat zika. we have yet to even begin serious discussions on comprehensive immigration reform with only a couple months left in this session, not to mention the crisis of lead in the pipes in flint, michigan. of course in the weeks after the deadliest mass shooting in our nation's history, congress has not acted on anything around preventing violence as well. we should be voting on those kinds of bills. many of those are also bipartisan. just as this private equity bill is. but i would argue that they are more timely, more important. instead of focusing on policies that help save lives, republicans are
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spending time on two bills, one of which will almost certainly receive a veto from the president. the other one we hope that mr. foster's amendment addresses the issues the president had with it. but both of which are not likely to pass-through the united states senate. spending more of our time and taxpayer money ignoring the most pressing issues before us, issues that could move through the senate, issues that i hear about from my constituents every day back home. again, i applaud the democrats and republicans coming together around the h.r. 5424 bill. this bill, if it were to become law, would absolutely encourage greater invest n-main street businesses in our communities. might make the difference of them making that additional hire or two. and that might be your neighbor. that might be your cousin. that might be your spouse. it might even be you. that extra job, or two, or
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three that's created by encouraging private capital resources to be put into our communities. again, private equity had nothing to do with the financial meltdown in 2008 and 2009. there is nothing systemic about it. it's simply ownership groups of companies and whether those owners are local ownership groups, whether they are founders, whether they are family offices, whether they are private equity. whether they are publicly traded. they all have pros and cons. we like to think of the very idealized vision of a main street business where it's owned by your neighbor and somebody who is accountable that you know, but those kinds of businesses have transition issues as well. when their owner-operator gets ill or passes on. what's to become of those businesses? what's the route to sustainability? how can they make sure they continue to add value to the community? for many for transition planning, private equity can
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provide that answer. i urge my colleagues to vote no on the bill and defeat the previous question so we can reduce the risk of a terrorist attack in our country and vote no on this restrictive, misguided rule. i yield back the balance of my time. the speaker pro tempore: the gentleman from colorado yields yields back the balance of his ty. the gentleman from is recognized. mr. sclongse i would like to inquire upon the time remaining for me. the speaker pro tempore: the gentleman from texas has 7 1/4 minutes remaining. mr. sessions: thank you very much. i want to congratulate and thank my colleague, mr. polis, today has been a thoughtful exercise where there was some disagreement. that's ok. that does not bother me and it should not bother him that he had to speak his mind in areas that he felt that were important. but today, mr. speaker, mr. polis has very objectively been able to critique the bill in front of us. to provide his analysis of that. acknowledging that it's a bipartisan bill. acknowledging that this bill is it about jobs. job creation. making live better albeit that it might be one or two
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people in a neighborhood. this country's full of neighborhoods and full of people who want a better job. people who want a better opportunity to invest. people who want to have their ideas taken up. and this bill came directly to us today from back home. back home people who have ideas. back home about people who are looking at rules and regulations and saying, wow, that is an impediment to my good idea. mr. luke myer, mr. emmer, chairman royce all said oh, by the way, they have an american dream they are trying to live up to also. and there are things that are getting in the way of their dream. so they do the things that are necessary to flow their ideas up to their member of congress, came to the financial services committee, the young chairman, jeb hensarling, creates ideas that are able to move to legislation.
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that's why we're here on the floor today. subscribing ideas that provide more capital that is available. the cost of securities regulation continues to fall heaviest on small companies. small companies are the engine of our economy where many of the bright people who today might have graduated from college, going to business school, learning things, they realize as they enter the marketplace, wow, there's another hurdle out there. that's why we're here today. they want to bring their ideas to the marketplace. we are here to help them through safety and soundness, through working through the instruments of government, and to do so-so that traditional financing options are available for small companies that work. predatory administration, that is this obama administration, is using dodd-frank as its main weapon against the free
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enterprise system today. this administration is using the weapons that they have available to them to stop and stifle and to make more difficult the creation of the job -- of jobs, the creation of more wealth, the creation of investment, and it is all done. we see this, mr. speaker, when we look at g.d.p. growth. our country is stagnant. yesterday when we were having a motion to recommit, the jung gentlewoman from the democrat side acknowledged most forthrightly, these are difficult financial times. all across america, terrible financial times because of an administration that chooses to strike at the heart of free enterprise system. the heart of the free enterprise system in health care. the heart of the free enterprise system in banking and regulations on the
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energy industry. striking at the heart of people trying to get homes and keep jobs and to move things. this administration has a constant attack against jobs, job creation, and i believe the american worker. yet they find it easier to give lots of money to other people but not americans for our own job creation. that's why we're here today. but we're not going to cast this as that what this is about. what this is about is a positive effort about the american dream. about good ideas. about bipartisanship. but following the rules to get things through a committee, to get things to the rules committee, to get things on the floor, to get people to vote on a bipartisan basis. we have essentially four bills in this rule. four bills that i believe are desperately, will i use
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that name, desperately needed by small business to grow and innovate ideas. what's on the other side of that? we have already said it 10 times, the american dream. but it's also freedom. when issuers sell securities to the public, that means more money goes into the company. and money that can be used to hire more people, push a product, and make a successful. that's why we're here. we're here to taket ideas of process in bipartisan way. lastly, mr. speaker, i would like to ask unanimous consent to include in the record to address an issue that my dear colleague has talked about and that is the zika funding issue. the speaker pro tempore: without objection. mr. sessions: i would like to put into the record a letter, july 14, 2016, that was written to the president of the united states. and among other things it says here is the house passed a conference report that would provide an
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additional $1.1 billion to emergency supplemental funding to continue to prepare and prevent the zika. both domestically and internationally. it is unfortunate that democrats have blocked this legislation in the united states senate. mr. speaker, they continue to do it today. this letter, which was signed by the chairman of the house appropriations committee, the gentleman, hal rogers, the gentlemaned that cochran, chairman of the senate appropriations committee, chairman tom cole, house appropriations subcommittee, roy blunt, chairman senate appropriations subcommittee, kay granger, chairwoman house appropriations subcommittee, lindsey graham, senate appropriations subcommittee, very clearly says, mr. president, until that block by senate democrats is stopped, we give you the authorization to reprogram money that would be
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available. you seem to find lots of money that's available to bring people to this country who might be displaced in other places around the world, why don't you spend a little bit of money on important issues like the zika virus? we're on record. we're waiting for the senate to move the bill. mr. speaker, i want you to know your time that you have allocated today, the precious time of this house, was done today for bills that came to us from ideas from the american people. that floated on a bipartisan basis directly up to the financial services committee. brought these bills forward. they have been talked about. marked up. vetted. they are good to go. and i am in full support of not only this rule but this legislation. and for that reason i urge my colleagues to continue to support this rule and the underlying bills. i yield back the balance of my time and i move the previous question on the resolution. the speaker pro tempore:
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without objection, the letter will be reported in the record. the gentleman's time has expired. the question is on ordering the previous question on the resolution. so many as are in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. mr. polis: mr. speaker, on that i request a recorded vote. the speaker pro tempore: recorded vote is requested. those favoring a recorded vote will rise. a sufficient number having arisen, a recorded vote is ordered. members will record their votes by electronic device. pursuant to clause 8 and clause 9 of rule 20, this 15-minute vote on ordering the previous question will be followed by five-minute voltse votes on adopting the resolution, if ordered, and suspend the rules and adopting house resolution 660. this is a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.]
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