tv U.S. House Debates Dodd- Frank Repeal CSPAN June 7, 2017 11:59am-2:00pm EDT
mr. muler as your point person as to whether it's appropriate. senator manchin: let's say the questions directed to mr. mccabe, it was asked pretty personally directly, could you answer differently in a classified setting, sir? director mccabe: i would reiterate the comment. with the special counsel involved, it would be appropriate for the committee to have an understanding the special counsel's office where these questions would go. i would point out -- >> this hearing expected to continue till about 1:00 eastern. follow live coverage over on c-span3 or online at c-span.org. a reminder of the hearing with james comey tomorrow at 10:00 a.m. eastern on c-span3. and at c-span.org. taking you live next to the u.s. house. they're gaveling in for work this afternoon on a bill dealing with border patrol job applicants and also a measure that would begin to repeal and replace a large bit of the 2010
dodd-frank financial regulations law that was passed back in 2010. the house will vote on the rule for that later this afternoon. live coverage of the house now here on c-span. [captions copyright national cable satellite corp. 2017] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] the speaker: the house will be in order. the prayer will be offered by our chaplain, father conroy. chaplain conroy: let us pray. we give you thanks o god for giving us another day. as we begin the 84th year since the heroic efforts of our troops and our allies on d-day, help us to be mindful of the freedoms we enjoy and be vigilant in protecting. blues our allies throughout the world and all those who stand with us in confronting the dangers and evils of our time.
in all things, may the united states continue to be a beacon of light and hope. bless the members of this people's house. give them the wisdom and patience to do the work of congress even in times of complexity both at home and abroad. god bless america. and help us all to be our best selfs. may all that is done this day be for your debater honor and glory amen. the speaker: the chair has chaired the jourm of the last day's proceedings and announces to the house his approval thereof. purn to clause 1, rule 1, the journal stands approved. the pledge of allegiance will be led by the gentleman from california, mr. panetta. mr. panetta: 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 berty and justice for all.
speaker officer for what purpose does the gentleman from south carolina seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker: the gentleman is recognized. mr. wilson: president trump last week announced the withdrawal of the united states from the unconstitutional paris accords and unconstitutional treaty comprised of burdensome regulations destroying jobs. i'm grateful for president trump's vision to create jobs for americans. president trump has been clear. his first priority is jobs. sadly, job-destroying regulations from the paris treaty would prevent american jobs while having no positive achievement for american families. the paris agreement constitutes a treaty which should have been submitted for approval to the senate. stead the former president
unconstitutionally adopted it by executive order. the best way to achieve a cleaner agreement is limited government, creating jobs, not big government mandates with higher taxes destroying jobs. in conclusion, god bless our troops and may the president by his actions never forget the global war on terrorism. ur sympathy to the citizens of london of the murderous attacks on saturday as we cherish our eritage in d-day to liberate europe. . the speaker pro tempore: the gentleman is recognized. mr. higgins: a new york provider announced they are seeking an almost 50% increase in health insurance premiums next year. they cite rising medical and drug costs as reasons for seeking this increase. medicare is the most successful and popular health care system
in america with low administrative costs and high-quality outcomes, americans ages 50 to 65 should be able to buy in at their own expense to medicare. under this plan, medicare could add 10 million more americans, using the leverage of 67 million americans. this, mr. speaker, is real leverage to drive down health care costs and drive up the quality of that coverage. with real patient protections d full affordable coverage with pre-existing conditions like cancer, medicare should be an option for those aged 50 to 65. i yield back the balance of my time. the speaker pro tempore: the gentleman from michigan is recognized. >> mr. speaker, request unanimous consent to address the house and to revise and extend my remarks. the speaker pro tempore: the gentleman is recognized for one minute. >> thank you, mr. speaker. i rise today to talk about some incredible young people back home in michigan. meet emily and michael. emily is a sixth grader and michael is a first grader in
mccomb county this is no ordinary lemonade stand. instead of simply making money for themselves, emily and michael are donating all the money they earn to the homeless education project which provides school supplies and clothes to homeless students in mccomb county. emily held her first lemonade stand when she was just 5. her parents thought it would be a good lesson in entrepreneurship but it became so much more when she decided on her own to donate her proceeds to charity. since then emily and her brother michael have raised over $13,000 for the homeless education project. they expect to raise $7,000 this year. emily and michael have put others needs before their own. i'm proud to quebec recognize them and -- i am proud to recognize them. thank you. and i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from michigan rise? >> mr. speaker, i seek unanimous consent to address
the house for one minute. the speaker pro tempore: the gentleman is recognized for one minute. mr. kildee: thank you, mr. speaker. while this week the house considers the wrong choice act, so i have one question for this body. has this house completely forgotten how much pain the housing crisis that triggered the great recession has caused the american people? 11 million people lost their homes. eight million americans lost their jobs. people lost their life savings. and that was not some sort of an accident in history. it was the effect of bad policy that allowed financial institutions to prey upon unwitting customers and take everything that they've worked for. that's what precipitated this crisis. it wasn't a storm. it was bad policy.
and so what do we have? a bill that would take us right back to where we were to the conditions that caused the financial crisis in the first place. and take the cop off the beat, essentially eliminating the consumer financial protection bureau. the speaker pro tempore: the gentleman's time has expired. mr. kildee: to protect people. we cannot do this. let's reject this bill. the speaker pro tempore: for what purpose does the gentleman from texas request recognition? >> to address the house for one inute. mr. speaker, i rise today to support h.r. 10, the financial choice act, replacing the harmful dodd-frank act with reforms that help all americans. mr. marchant: it keeps the promise to my constituents to remove obama-era regulations, increase choice for consumers in my community and impose the
toughest penalties in history for financial fraud. strong communities like the one i represent in north texas are based on the strength of their local businesses. under dodd-frank, america loses an average of one community bank every day. financial choice act will help businesses on main street, reform business on wall street and fuel economic growth throughout the country. i urge my colleagues to vote for h.r. 10. thank you. i yield back. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> thank you, mr. speaker. i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> thank you. thank you, mr. speaker. i rise today to remember jack o'neill, a santa cruz resident, a cultural icon and surfing legend. jack passed away last week at 94 years young, and there's been a great amount of love for this man and a great amount of appreciation for what this man did. after serving in the u.s. navy, he moved to santa cruz where he
loved surfing in its cold waters. mr. panetta: he was quoted of saying, when things get screwed up, jump in the ocean and everything is all right. jack's love of being in the ocean was demonstrated being one of the first people to create and market the wet suit. this led to he and millions of people surfing anytime at any temperature. he was a trail blazers not just in the ocean but in life. -- he was a trailblazers not just in ocean but in life. he knew the importance of preserving our ocean. santa cruz is one of four locations in the world that preserve surf bots and their environment. and developed an educational program in a kata ma ran teaching students how to be stewards of the ocean. jet bestowed on us the wet suit and year round surfing, he left a legacy for our children to understand that being in and around the ocean really can make everything all right.
for that i thank and i honor jack o'neill. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from tennessee seek recognize snigs -- recognize snigs without objection, the gentleman is recognized for one minute. mr. duncan: mr. speaker, i rise -- the chaplain mentioned in his prayer a few minutes ago d-day. i rise to honor those who battled at midway. this year marks 75 years since u.s. defeated the japanese imperial navy. victory in this battle allowed the united states and its allies to go on offense for the duration of the war. this was a real turning point in world war ii. the japanese came to the battle from june 4 to june 7, 1942, with the largest armada they had ever assembled and the intention to defeat u.s. naval forces in the pacific. an intelligence breakthrough cracked the japanese fleet codes allowing us to anticipate and to prepare for this attack.
with our mere three carriers to their many carriers and battleships and cruiser, the odds were not in our favor. a true underdog story. the midway island allowed the uncanny ability to adapt and think on their feet, led to our success and kept our country safe from axis powers. i was very pleased to work with jesse helms and the international midway memorial foundation to pass legislation declaring midway island a national memorial so it may be protected and forever to serve as an -- to honor the american lives lost in the pursuit of victory in this war. i yield back. the speaker pro tempore: for what purpose does the gentleman rom oregon seek recognition? without objection, the gentleman is recognized for one inute. mr. defazio: today the house will consider the wrong choice act. the republicans will take us back to the good old days.
remember the good old days? enron, the collapse of wall street because of millions of bad mortgages and virtual collateralized debt obligations and other schemes that pyramided the problem to the point that created the worst economic collapse since the great depression? now goldman sachs populates the white house, run the treasury, now they want to deregulate wall street again with the so-called choice act. now, there are problems with overregulation of the community banks and small banks. they didn't cause the problem, but they want to say, no, let's just deregulate everybody again. not targeting the problem. so they're going to repeal the voker rule. they'll do a-- volcker rule. they'll do away with the consumer financial protection bureau. not requiring them that borrowers can repay their loans. the credit card companies, the payday lenders, there are no abuses there. we don't need a watchdog
overlooking them. they do away called orderly liquidation authority. back to the good old days when firms on wall street were too big to fail. we can't have in place a process that would allow us to remove overpaid executives who crash their firm and to make the stockholders pay instead of the taxpayers. that's what this bill does today. it's wrong choice act. the speaker pro tempore: the time of the gentleman has expired. for what purpose does the gentlelady from massachusetts seek recognition? >> request perm mission to address the house for one minute. the speaker pro tempore: the gentleman is recognized for one minute. >> when president trump withdrew from the paris climate accord last week, i was in germany meeting with some of that country's top officials, legislators and business leaders. ms. tsongas: in our conversations, many of my german counterparts rightly emphasized that climate change is a major world threat with toe tension to cause widespread and long-lasting damage if not acted upon. so the news of president
trump's unilateral decision to -- due sharp crit -- drew sharp criticism and concern. america is turning its back on the world. indeed, withdrawing from the paris climate accord reduces our ability to help shape a solution to the climate change crisis and retreats from our responsibility to serve as a global leader. it also ignores the role we here in the united states play in contributing to climate change. i stand in strong support of american businesses and state and local leaders across our country who see beyond the shortsighted approach of this decision and will remain committed to furthering the goals of the paris accord. thank you and i yield back. the speaker pro tempore: the time of the gentlelady has expired. for what purpose does the gentlewoman from hawaii seek recognition? ms. gabbard: i seek unanimous consent to address the house for one minute. the speaker pro tempore: without objection. ms. gabbard: thank you, mr. speaker. rolling back financial
regulations that are in place to protect the american people will put them and our country's economic security at risk. however, the financial choice act that's being considered by congress today does just that. it erodes protections against dishonest big bank practices that rob people of their hard-earned salaries. the bill repeals the volcker rule. it dismantles the consumer financial protection bureau, strips regulations in place to protect the american people's savings and actually lets the big banks maintain even less capital that they need to absorb catastrophic losses, making it so they're relying once again on the american taxpayer to bail them out. the pain was caused by the great recession. from 2008 to 2010 our unemployment rate more than doubled and 11 million people lost their homes. the big banks are even bigger
and more powerful today. i urge my colleagues to reject this dangerous bill and pass .r. 790, the return to prudent bacon act. i yield back. the speaker pro tempore: the gentlelady yield back. for what purpose does the gentleman from new york seek recognition? >> i ask unanimous consent to address the house the house for one minute and revise and extend my remarks. mr. jeffries: our focus should be on education and job investment. we should invest in research and development. invest in technology and innovation. invest in working families, middle-class folks and senior citizens. instead, house republicans have shortened the work week and canceled votes on friday. why? apparently because james comey is testifying tomorrow and you want to get out of town before
sundown. that is an abdication of responsibility. a dereliction of duty. a classic example of legislative malpractice. where are the jobs? the american people are asking. house republicans are missing in action and the american people deserve better. i yield back. the chair: the gentleman yields back the balance of his time. for what purpose does the gentlewoman from new york seek recognition? >> permission to address the house for one minute and revise and extend. the speaker pro tempore: the gentlelady is recognized for one inute. mrs. maloney: mr. speaker, i rise today in strong opposition to h.r. 10, the wrong choice act. this bill will take us back to the regulatory stone age and would be a disaster for our
entire financial system. it would actually increase risks in the financial system because under this bill, any bank that meets an arbitrary new 10% leverage ratio would be exempted from all other capital and liquidity requirements. the problem with the leverage ratio is that it treats all assets equally, risky. under the leverage ratio, a subprime mortgage-backed security is considered just as risky as a u.s. treasury bond. as a result, many banking regulators have pointed out relying solely on the leverage ratio would give them an incentive to load up on riskier assets. incentives matter, mr. speaker. and this bill gives banks a huge incentive to load up on risk. we know what risk is like.
11 million people lost their homes. many lost their jobs. let's not remove the safety net that was put in place with the dodd-frank bill. i oppose the wrong choice act. it's bad for america, bad for people. the wrong direction. i urge a strong no vote. the speaker pro tempore: the time of the gentlelady has expired. for what purpose does the gentleman from kansas seek recognition? >> seek unanimous consent to address the house for one minute. i rise today to stand shoulder to shoulder with our friends and allies in great britain who suffered three horrific terror attacks. these attacks at the hands of islamic state are barbaric, evil and must be congress demmed by the entire world. these cowards have used vehicles, knives and bombs to reign terror. radical islamic extremism must be stamped out at every corner
of the world. this is a time of unity of purpose and strong leadership. the united states, our nato allies must chart a unified course of complete destruction of isis. as we begin to succeed in the fight, their resolve will get stronger but we cannot be deterred. freedom and liberty must win offer hatred and extremism and we must defeat this enemy and this congress stands ready to support this administration in its efforts to do so. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentlewoman from virgin islands seek recognition? ms. plaskett: permission to address the house for one minute. thank you, mr. speaker. this month marks the end of the school year for students and that means graduation and promotion sell bations. i want to congratulate all of our student on their acheefments and proud family members. to our teachers, faculty and
staff we thank you for your commitment to educating our children. we know there are many challengeses in today's learning environment but the challenges you face, you stand strong. we appreciate all your work. as a representative in congress for the virgin islands, i pledge to continue to support legislation and initiatives that make our children, teachers and administrators a priority. to the students of the u.s. virgin islands, i have a message for you. during the summer months take the time to continue to learn. participate in the governor's reading challenge. find a new hobby, work and please explore the natural wonder of our home, the virgin islands of the united states. be safe and best wishes to you all as you continue a productive educational journey. have a safe and fun-filled summer. i yield back. the speaker pro tempore: the time of the gentlelady has expired. for what purpose does the gentlewoman from texas seek recognition? ms. jackson lee: ask unanimous
consent to address the house for one minute. the speaker pro tempore: without objection. the gentlewoman is recognized for one minute. ms. jackson lee: let me thank the speaker for his courtesies. it is often a difficult when members represent different aspects or parties to really speak to what is right. i just came from europe meeting with europeans from a number of countries. i was passing through london in the backdrop of the heinous and tragic london bridge incident. many of us saw the courageous mayor of london speak to the people along with national leadership. and so i would indicate my disappointment in the comments of the commander in chief of this nation to bash in time of trouble the mayor, mayor khan, a muslim, who has stood against
terrorism. then with the present siptous actions of firing director comey, the rumors of either firing or asking for the resignation of attorney general sessions give me great pause in legislation like the choice act that would take away the independent authority of the consumer protection board and make it an appointee of the president so the person who protects consumers will be able to be fired by this president. with the words against the london mayor, the firing of comey, the threatening of attorney general sessions, i wonder whether or not we can tolerate any other authority given to this white house to be able to fire people who are to protect the rights of the american people and to be able to stand for comments that undermine our allies and the friendship that we have accomplished over the decades working to secure the american people. let us think about it. i yield back.
the speaker pro tempore: the gentlelady's time has expired. the chair lays before the house a communication. the clerk: the honorable, the speaker, house of representatives, sir, pursuant to the commission granted in clause 2-h of rule 2 of the u.s. house of representatives, the clerk received the following message from the secretary of he senate on june 7, 2017 at 9:17 a.m., that the senate passed senate 1094, with best wishes, i am, signed sincerely, karen l. haas. the speaker pro tempore: the chair announces the speaker's reappointment to 20 u.s. code 4412 and order of the house of january 3, 2017 of the following member on the part of the house to the board of trustees of the institute of american indian and alaskan native culture and arts development. the clerk: mr. ben ray lujan of
ew mexico. the speaker pro tempore: for what purpose does the gentlelady from wyoming seek recognition? ms. cheney: mr. speaker, by the direction of the committee on rules, i call up house resolution 3374 and ask for its immediate consideration. the speaker pro tempore: the clerk will report the resolution. resolved, lution 3374, that upon adoption of this resolution, it shall be in order to consider in the house the bill h.r. 2213 to amend the anti-border corruption act of 2010 to authorize certain polygraph waiver authority, 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 homeland security 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 divided and controlled by the chair and ranking minority member of the committee on homeland security, two, the further amendment printed in 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 division of the question, and three, one motion to recommit with or ithout instructions. the speaker pro tempore: the gentlewoman from wyoming is now recognized for one hour. ms. cheney: mr. speaker, during
consideration of this resolution, all time yielded is for the purpose of debate only. i now yield the customary 30 minutes to the gentleman from florida, pending which i yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized. ms. cheney: i ask unanimous consent that all members have five legislative days to revise and extend their remarks. the speaker pro tempore: without objection, so ordered. . ms. cheney: i rise in support of house resolution 3374 which is a structured rule for consideration of h.r. 22113, the anti-border anti-corruption act and makes in order one amendment. h.r. 2213 is a commonsense bipartisan bill introduced by ms. mcsally from arizona. it will help ensure we have sufficient border patrol agents to secure our border. at this point in time while we are facing tremendous challenges overseas and national security challenges, our customs and border patrol is understaffed and unable to meet the staffing
levels for customs officers and border patrol agents. with these ever increasing threats to our national security, it's vital that we ensure c.b.p. can quickly hire capable and trustworth individuals to secure our border. currently, officers and border patrol agents are required to undergo background checks that includes passing a polygraph test. this has delayed the organization's ability to hire officers and border patrol agents. h.r. 22313 provides a limited limited volunteer exemption to the polygraph requirement for state and local law enforcement officers that are in good standing and have already passed a state and local law enforcement polygraph test. for federal law enforcement officers who are in good standing and members of the armed services or veterans who received or are eligible to
receive an honorable discharge and held a security clearance and undergone a thorough background check in the past five years. mr. speaker, this exemption is very narrow and only applies to men and women that we already trust to protect and defend us at home or abroad. men and women who have already been through relevant security background checks. the c.b.p. would not be required to use this waiver authority and if there is anything in any applicant's history that warrants further investigation, the commissioner is fully authorized and encouraged to use the polygraph to resolve outstanding quegs. for years, the c.b.p. has struggled to recruit and vet potential employees. there is no more urgent need than we have right now in securing our border and making sure we have the resources to be able to do that job. h.r. 2213 is a commonsense approach to help us address this
issue and ensure that the c.b.p. has the men and women it needs to keep our borders and our nation secure. therefore, mr. speaker, i urge support for the rule to allow for consideration of h.r. 2213 and i reserve the balance of my time. the speaker pro tempore: the gentlewoman from wyoming reserves the balance of her time. for what purpose does the gentleman from florida seek recognition? mr. hastings: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized for such time. mr. hastings: thank you, mr. speaker. and i thank the gentlewoman, my friend from wyoming, for yielding me the customary 30 minutes for debate. h.r. 2213 would broaden the criteria for waiving the polygraph requirements for certain applicants at u.s. customs, border and protection. under the anti-border corruption re-authorization act, the commissioner of the c.b.p. would be permitted to
waive polygraph requirements for certain state and law enforcement personnel who have passed a polygraph examination. federal law enforcement agents who have passed a stringent background investigation and veterans with three consecutive years in the military who have held a security clearance and passed a background check. mr. speaker, we understand the importance of ensuring that our federal law enforcement agencies are operating at full capacity, but there are other big-ticket items that we're ignoring in this institution, so i ask, where is the republican agenda? with control of both chambers of congress and the white house , my colleagues across the aisle have made it through merely half of their first year n power without a single major
legislative achievement. it appears that president donald john trump is more interested in slashing old policies than proposing new ones. mr. speaker, president trump and congressional republicans ave yet to put forward the promised $1 trillion infrastructure package. voters are still waiting for the massive tax cuts promised to them during the campaign. the american people have yet to , let single jobs bill alone the supersecret plan to defeat isis and looming over this long to-do list is the investigation into russia's blatant attempts to interfere in our election, an issue that many of my republican colleagues seem more than happy to ignore. instead, president donald john
trump, and my friends across the aisle have spent their time rolling back protections for workers, consumers, teachers, students and the environment. instead of tackling a bipartisan spending deal addressing budget cuts under sequestration, and avoiding debt default, the republican-controlled congress insists on dismantling the affordable care act and replacing it with a plan that ll raise deductibles, lessen coverage and leave 23 million more people uninsured. mr. speaker, there are still plenty of people without jobs in this country. we have plenty of families worried they will be tossed off of their health insurance plan. and we have plenty of folks who are pleading with congress to pass compassionate immigration reform. yet, president donald john
trump is tweeting about his travel ban and attacking london mayor khan hours after a terrorist attack hit london which sadly killed seven people and injured dozens more. mr. speaker, after being the anti-government party, and i find it hypocritical that people in the administration are declaring that we're obstructionists, they gave uring that period of the previous president obstruction absolutely new meaning. after being in our government party for so many years, it appears that the congressional republicans have forgotten how to govern. i reserve the balance of my time. the speaker pro tempore: the gentleman from florida reserves the balance of his time. the gentlelady from wyoming is recognized. ms. cheney: thank you, mr. speaker. and i welcome the opportunity to share the floor today with my good friend from the rules
committee, the gentleman from florida. i just would point out that as a congress as a body we actually passed more pieces of legislation, gotten them onto the president's desk, gotten them signed at this point in the congress than at any time since truman was in office. it may be my colleague is not in agreement with many of the things we've done but, mr. speaker, we have actually been working very hard to begin the process of recovery from eight years of rules and regulations that have really strangled the people of this nation. we will -- we passed, as the gentleman noted, health care reform out of this body. we repealed obamacare, and every single day we get more and more indication about the failures of that health care plan with insurance companies pulling out of markets and leaving citizens all across this nation unable to get access to affordable care. the republican plan will change
that. we're also in the process and will tomorrow be voting to repeal the dodd-frank legislation, which has had a devastating effect on our community banks all across this country and on our communities and moving away from the really misguided approach from the last eight years that centralized power here in washington, d.c. one thing that didn't happen in the last eight years, though, was the security of the border, and far too often we saw laws that weren't enforced. we saw people turning the other way for sanctuary cities, for example, and the failure on the part of the last administration to do what was necessary to make sure we could know who's coming into this country and that we had the resources necessary to secure our borders. so i'm very proud to be here today, to be able to debate this rule, to be able to debate the underlying legislation which is sadly needed so we can get those resources we need. and mr. speaker, i now would like to yield two minutes to the gentleman from florida, mr.
rutherford. the speaker pro tempore: the gentleman from florida is recognized for two minutes. thank you, mr. speaker. i rise today in support of the rule providing for the consideration of h.r. 2213, the anti-border corruption re-authorization act of 2017. as someone who spent their entire career in adult life in law enforcement, i know full well the importance being able to hire quality men and women to provide for the security of our communities and our nation at large. h.r. 2213 simply provides the border patrol and u.s. customs a tool in their hiring tool kit to expedite the hiring of those who have already held some of our nation's highest positions of public trust and who've already undergone the most thorough vetting available. it allows federal, state and
local law enforcement officers who have served in good standing for more than three years and who have undergone a polygraph exam to be eligible to have their c.b.p. pre-employment polygraph waived in order to expedite their hiring. as a former sheriff who mandated -- i mandated pre-employment polygraphs in my own department, i have full confidence in the thoroughness of the vetting conducted by state and local law enforcement agencies prior to hiring an officer. those exams do not need to be duplicated by c.b.p. in order to hire a perspective officer or agent who has already been vetted by their local departments and has a proven track record of performance. if c.b.p. finds derogatory information on an applicant whose polygraph has been waived, then they still have the authority to conduct their standard c.b.p. polygraph to term whether that applicant should in fact be hired.
this bill does not lower standards. i want to say that again. this bill does not lower standards. it merely takes a commonsense approach to hiring by giving c.b.p. the option, not to duplicate a polygraph exam already completed by a law enforcement agency. i represent the port of jacksonville. only 16 ports of call authorized to move military cargo through our national security obligations. it's obviously vital that u.s. customs and border protection are able to hire enough quality officers to maintain the flow of commerce. thank you, mr. chairman. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from florida is recognized. mr. hastings: thank you very much, mr. speaker. i am very pleased to yield four minutes to my good friend, the gentlewoman from california, a member of the judiciary committee, mrs. love green. the speaker pro tempore: the gentlewoman from california is recognized for four minutes. ms. lofgren: mr. speaker, i
rise in opposition to the rule and the bill. the bill does weaken critical screening of potential c.b.p. officers and our country actually should be working to increase the security relative to c.b.p. c.b.p. is essential, it's our first line of defense to stop terrorists, to stop drugs, to stop dangerous persons coming in. we should not weaken our standards. now, the overwhelming majority of c.b.p. officers are honest, hardworking public servants. crime and corruption has, however, been a persistent problem for the agency. numerous c.b.p. officers have been found to have strong connections to organized crime, including drug cartels. they're in prison now. in many cases, cartels try and infiltrate the c.b.p. by recruiting people to apply for c.b.p. positions. this results in the illicit drug smuggling and other dangerous activities. in 2015, the c.b.p. integrity
advisory panel found out -- and this is a quote -- arrests for corruption of c.b.p. personnel far exceed on a per capita basis such arrests that other -- at other federal law enforcement agencies. in 2016, the same panel observed that, quote, corrupt c.b.p. law enforcement personnel posed a threat to national security. it recommended that the current polygraph test be expanded, not reduced. now, this bill allows for an exemption for local law enforcement and former members of the armed forces from the polygraph requirement. for example, if a polygraph has been taken in the prior 10 years. i think it's a mistake to think that will protect us. in fact, the inspector general at d.h.s., john roth, advises against this bill. he explained that the polygraph changes included in this legislation, and this is a
quote, could put c.b.p. at significant risk. he says, while it may sound reasonable to say you could waive requirements from -- for former military personnel because they passed a polygraph, border patrol agents work in a different environment that's not as controlled as the military. now, it's important to note at of the applicants for the c.b.p., 2/3 fail the polygraph test. that may be a concern, but we ought to be glad that people who are at risk are not actually hired by the c.b.p. 'll just note that the general at kble office advises between -- government accountability office advises between 2005 and 2012 there were 2,170 reported incidents of arrest of c.b.p. personnel for misconduct. that's about one arrest a day
of c.b.p. officials. own integrity advisory panel -- and these are law enforcement experts, outside law enforcement experted concluded in 2015, quote, there is a basis indicating that c.b.p. far exceed such arrests at other federal law enforcement agencies. and in its final report, that panel recommended that the current polygraph testing be expanded to include postemployment tests that are best practiced at the f.b.i. and agencies in the u.s. intelligence service. now, i'll just give you some examples that are real-life examples from c.b.p., and this is from the agency itself. these are individuals who could be exempted. an officer who, when faced with
a polygraph, admitted possession of approximately 100 videos and 10,000 still images of child pornography. a police officer who admitted to sexual assault. may i have an additional -- mr. hastings: i yield the gentlelady an additional one minute. ms. lofgren: an afghan veteran who had classified information that he admitted he had taken out of theater. an army officer who would meet the criteria, who admitted he removed classified information from iraq. a police officer who admitted he smuggled marijuana into detention centers. it is not too big a burden to ask that applicants have a polygraph test and be clean. e cartel are having people apply to become c.b.p.
officers. we need to screen every single applicant so the cartel is unsuccessful in infiltrating our first line of defense at the u.s. borders. with that i hope -- i know the authors are well-intentioned, but this is a serious mistake for the security of our country, and i urge members to vote against the bill. thank you. i yield back. the speaker pro tempore: the time of the gentlelady has expired. the gentlewoman from ms. cheney: i yield two minutes to the gentleman from alabama, mr. byrne. the speaker pro tempore: the gentleman is recognized. mr. byrne: i thank my rules committee colleague for yielding. i'm proud to support this rule. mr. speaker, last november, the american people sent a strong message, they want a secure southern border. having a strong system of border security is critical to our national defense and the safety and security of american people.
president trump has asked us to get more boots on the ground protecting our border and this bill is an important step in that process. u.s. border patrol agencies are the ones serving on the front lines when it comes to border security. these hardworking men and women served at the board and airports and sea and land ports in an effort to keep us safe. we should be grateful for their service and sacrifice. and fortunately, u.s. cost tom and border protection is woefully understaffed. we are short 1,000 officers and 1,800 border patrol agents. this shortage is making it harder to secure the border and help keep bad actors out of this country. this bill would amend the anti-border corruption act of 2010 to provide discretionary waiver authority in an effort to reduce the staffing shortage.
the bill specifically would provide the commissioner with the authority to weigh the polygraph examination requirements. the exam would be waived for current, state and local law enforcement officers who have already passed a polygraph examination. federal law enforcement officers who have already passed stringent background investigation and veterans with three consecutive years in the military who have held a clearance and passed a background check. these are very specific circumstances. and these are exactly the kind of men and women we want and need when it comes to border security provisions. it's important to note the waiver authority granted under this bill is not mandatory and will be the decision of the c.b.p. commissioner to decide on basis.t case-by-case ms. cheney: i yield an additional 30 seconds.
the speaker pro tempore: the gentleman is recognized. mr. byrne: the commissioner can still order a poll guy graph on any applicant they deem necessary. this is a bipartisan commonsense bill and i hope to see more bipartisan support here in the full house. so i'm proud to support this bill and i urge all my colleagues to join me in supporting a stronger and morrow bus border security system. and i yield back. the speaker pro tempore: the time of the gentleman has expired. the gentleman from florida is recognized. mr. hastings: mr. speaker, i would advise my friend through you that i have no further speakers. and i'm prepared to close. and i reserve the balance of my time. the speaker pro tempore: the gentleman from florida is prepared to close, but reserves the balance of his time. does the gentlewoman from wyoming have additional speakers? ms. cheney: we are also prepared to close. the speaker pro tempore: the gentleman from florida is recognized to close debate. mr. hastings: we continue to be deeply concerned by revelations
that russia hacked last year's election. in fact, just this week we learned that russian military intelligence engaged in a month-long cyberattack against our voting infrastructure. specifically targeting a voting software supplier and 122 local election officials. this most recent revelation comes on the back of earlier determinations by the intelligence community that russia hacked the d.n.c. and distributed fake news in order to sway the election in donald trump's favor. this has been made even more troublesome by the fact that donald john trump recently admitted that he fired former director comey over the burro's investigation into links between
russia. the integrity of our electoral system is at stake. it is time that the republican-controlled congress does its job and acts to defend our democracy. mr. speaker, if we defeat the previous question, i will offer an amendment to the rule to bring up the bipartisan bill r. 356, which would create a nonpartisan commission to investigate russian interference into our 2016 election. this marks the eighth time we have tried to bring this bill to the house floor. on the previous seven occasions, the republican majority regrettably refused to allow the house to even debate this important legislation. but today, they will have yet another opportunity to redeem themselves. i hope they will finally put country ahead of party.
mr. speaker, i ask unanimous consent to insert the text of my amendment in the record along with extraneous material immediately prior to the vote on the previous question. the speaker pro tempore: without objection, so ordered. mr. hastings: mr. speaker, we stand here today with a to-do list a mile long. and we don't have much time to cross items off that list. there are only 30 working days before our five-week august recess. that is not much time. but those of us on this side of the aisle stand ready to work in a bipartisan manner with our republican colleagues in order to make sensible reforms to our tax code, our infrastructure and health care system. in short, to work hard for the american people because that is what we were sent here to do. it is far past time for my
friends across the aisle to come to the table ready to work on behalf of the american people in a bipartisan manner. we on this side of the aisle continue to stand ready to do so and i urge a no vote on the rule and i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the the gentlewoman from wyoming is recognized to close debate for the majority. ms. cheney: thank you very much, mr. speaker. i want to thank my colleague from florida for his participation in this debate today. i think it's important for the record to be clear and be accurate, mr. speaker. this house of representatives in the time that we have been in session has been the most productive house during the first 100 days of a new presidency in 30 years. and i'm sure that my colleagues on the other side of the aisle may not want to agree to that or acknowledge that because speaker pelosi held the record previously when she was speaker. but i'm very proud of that, that
we have done a tremendous amount for the american people in the time we have been in session. we have overturned 14 obama regulations in this congress alone, which has had a tremendous impact on our constituents and have taken steps that will save them $3.7 billion in regulatory costs. when i think about the communities across my home state of wyoming, this relief could not have come soon enough. we are in a position today where we face strangling regulation out of washington, d.c. for the last eight years, regulation that was intended in too many instances to drive businesses out of business, to drive our community banks out of business and to create a situation where washington, d.c. was creating one size fits all policies. but those days are over. this is a new day. and we take very seriously our obligations to put country ahead of party. with respect to russia, mr. speaker, as my colleague is well
aware, there are multiple investigations under way in the congress. we on the republican side. i think this is a bipartisan issue. we take very seriously the sanctity of our electoral process and make sure we get to the bottom of it and we have to ensure that we recognize and understand the extent to russian hacking was going on not just in the united states but around the world and we need to stand up against both russian hacking and stand up against the kinds of russian attacks that we are seeing in europe and to secure ourselves. and that is what this debate is about here this afternoon. we've got to make sure that we all recognize in this body that there is nothing more than important than the security of our nation. and frankly, mr. speaker, we are at a crisis moment because for the last eight years our military has been strangled. for the last eight years our
border wasn't secure. we have threats growing around the world. we have seen the rise of isis and expansion of al qaeda around the world into many more countries than ever existed before, we have seen the iranians trying to obtain a nuclear weapon under the most misguided treaty agreement ever entered into by any american president. we have seen chinese aggression in the south china sea. we have seen russian aggression in europe. mr. speaker, we have seen north korea attempting on a near weekly basis it sometimes seems, to make sure that it's perfected to acquire ballistic missile technology while they work to make sure they are able to put a nuclear warhead on those ballistic missiles. we are in a world in which america's ability to defend and protect itself is under threat in a way that it has not been
certainly since the end of the cold war and maybe even since the world war ii. and defending this nation will require that we provide the resources our military needs to defend us so we can, mr. speaker, get out from under neeth the policies of the last eight years but it would require that we secure our border. and this bill today on the floor will provide the relief necessary for the c.b.p. to do what's necessary to keep us safe. we have no greater responsibility than providing for our security. i would remind the gentleman from florida that this bill passed out of the homeland security committee on a voice vote on a bipartisan basis. sponsors from both sides of the aisle. and it is crucially important we take this step to provide the relief and not mandatory relief but the relief that the c.b.p.
can use as it needs. as we discuss the accomplishments that we have had as i'm proud and the accomplishments still to come, we have to recognize that nothing is more than security of the nation. this bill will make sure that the c.b.p. can do its job. and therefore, mr. speaker, i urge adoption both the rule and h.r. 2213. i yield back the balance of my time and move the previous question on the resolution. the speaker pro tempore: the gentlewoman has yielded back the balance of the time for the majority. all time having expired on this question, the question is on ordering the previous question on the resolution. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. mr. hastings: i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered pursuant to clause 38,
the calendar number 54. house resolution 375, 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. 10, to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and too big to fail, holding washington and wall street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the dodd-frank act that make america less prosperous, less stable, and less free, and for other purposes. 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 shall not exceed 90 minutes 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. in lieu of the amendment in the nature of a substitute
recommended by the committee on financial services now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute printed in part a of the report of the committee on rules accompanying this resolution. it that amendment in the nature of a substitute shall be 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 b of the -- part b of the report of the committee on rules. each such amendment may be offered only in the order printed in the report, may be offered only by a member designated in the report, shall be onsidered as read, shall 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 be debatable for the time specifie. 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 considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions. the speaker pro tempore: the gentleman from colorado is recognized for one hour. >> thank you, mr. speaker. for the purposes of debate only i yield the customary 30 minutes, my frerningsd the gentlelady from new york, ms. slaughter, pending which i yield myself such time as i may consume. during the consideration of this resolution all time yielded for the purpose of debate only. mr. buck: mr. speaker, i ask unanimous consent that all members may have five legislative days to revise and extend their remarks. withoutker pro tempore:
objection. mr. buck: mr. speaker, i rise today in support of the rule and the underlying legislation. this rule provides a structured process for debate and makes in order six amendments to the bill. mr. speaker, we're here today to return hope and opportunity to main street america through the financial choice act. this legislation touches at the very heart of our economy, ensuring that our financial system facilitates job creation, economic growth, and fairness. nearly 10 years ago the american economy cratered. the great recession of the late 2000s revealed that our financial system was fragile and many americans got the short end of the stick. in 2010, the democrats passed h.r. 4173, the dodd-frank wall consumer rm and protection act. they promised the bill would lift the american economy. wall omised an end to
street bailouts. they promised to protect consumers. seven years later we know that these promises never came true. due to dodd-frank's wall excessive outs. regulatory burden, big banks are getting bigger while small banks and credit unions are disappearing. they have only been six new bank charters since dodd-frank, a drastic decline from the 170 on average per year before the bill. in fact, 43% of the banks with assets under $1200 million have disappeared. -- $100 million have disappeared. large banks survived because hey can afford armies of lawyers to understand dodd-frank regulations. in 2010 goldman sachs c.e.o. even suggested his bank would be among the biggest beneficiaries of dodd-frank. but for community banks with community budgets the effects of the law have been devastating. dodd-frank also failed to address the too big to fail problem. under the new law, big banks are -- under dodd-frank big banks are growing larger and taxpayers are still responsible for bailing them out. furthermore, dodd-frank has made
access to banking and credit more difficult for average americans. since the passage of the bill, bank fees have increased and millions more americans are now considered unbanked or underbanked. declining liquidity has limited access to credit for small businesses. anti-regulatory restrictions on mortgages have pushed -- and the regulatory restrictions on mortgages have pushed homeownership out of reach for the middle class. 70% of community banks say the dodd-frank regulations restrict their ability to offer mortgage loans. mr. speaker, this is not the price we must pay to be a hope if you and prosperous nafplgtse that's why i'm here supporting the financial choice act, it repeals dodd-frank and replaces with a law to ensure consumer protection, job growth, economic growth, and strong community banks. the choice act sends -- ends the coddling of big banks. timplements the historically -- h penalties on financial
it implements the historically tough penalties on financial trading. it's time the congress put main street ahead of wall street. the choice act also reins in the consumer financial protection bureau, the government agency that has incredible power to regulate the financial industry but that has nearly no accountability. and the judicial branch has actually declared its structure unconstitutional. the cfpb is causing problems for consumers. they have a database for complaints from consumers but it publishes the complaints before even checking if they are true. the cfpb also weighs none financial regulations where congress should be making those decisions. anti-cfpb wasted over $200 million on lavish renovations of their office space in downtown washington, d.c. this legislation we're considering today will restore congressional oversight duties and moving the agency back under the regular legislative appropriations process.
we'll also be refocusing on the cfpb on enforcing consumer protection laws rather than making up their own laws that only hurt the average american consumer. perhaps most important to coloradoans the choice act creates economic growth and jobs by making credit easier to access for main street america. and thanks to the taylor act, introduced by my friend and colleague from colorado, mr. tipton, regulators will be able custom regulations to reflect the specific business model of local banks. this bill also creates jobs and economic growth by requiring more transparent policymaking at the federal reserve. we rein in stifling regulations on small community banks, allowing them to compete against their larger counterparts. we increase consumer choice by ensuring that americans can access a bank and a credit card. mr. speaker, we have the opportunity today to transform our nation's financial system. we have the opportunity to level the playing field between big
and small banks. we have the opportunity to turn up the heat on financial fraud. we have the opportunity to return regulatory power from the hands of un-elected bureaucrats to the people. we have the opportunity to roll back hurtful regulations. we're here to restore hope and opportunity through the choice act. i reserve the balance of my time. the speaker pro tempore: the gentleman from colorado reserves. the gentlewoman from new york is recognized. ms. slaughter: thank you, mr. speaker. i thank my colleague for yielding me the time. and i give myself such time as i may consume. the speaker pro tempore: the gentlewoman from is recognized. ms. slaughter: seven years ago i brought the dodd-frank wall street reform and consumer protection act to the floor of the house as chairwoman of the house rules committee. this law was a statement from congress on behalf of the american people that unchecked corporate greed will never again you bring the united states of america to financial collapse.
my colleague began his speech this morning by saying that this law had not worked. but i'm not aware of major bank failures or bank failures of any kind since we passed it, and i would say, indeed, this law has worked. since it has been enacted, our economy has had over 80 consecutive months of private sector job growth. that's pretty good. in fact, it's record setting. more than 16 million jobs have been created. business lending has been increased by 75%. i'm not getting all the complaints that i used to get that they could not borrow money from banks, particularly the small businesses. along the way the consumer financial protection bureau established under this law has people in all on of our 50 states to receive
nearly $12 billion, $12 billion in relief from people in all co engaged in irresponsible or predatory practices. one group that sent us a letter begging us not to do away with this dodd-frank was veterans of foreign wars who said that far too often their veterans were the victims of predatory lenders, sheisters, people not telling them the truth, and that exlacte what the consumer financial protection bureau was established to do. you can't argue whether or not it's been a success if 29 million people in 50 states have gotten back $12 billion in relief from bad practices. but this legislation completely would do away with the consumer financial protection bureau. the only thing we have to protect main street and the small investors. these gains weren't a coincidence, mr. speaker, they were the result of the dodd-frank law. gutting wall street reform would be a historic giveaway to
special interests. the wall street firms who brought our country to the brink in 2008 would be free once again to take advantage of consumers, to force middle class families to go it alone, without the protections that this bill has provided them. instead of standing with a financial lobbyists, i urge to uphold the trust of the people that we represent. five years ago, democrats and republicans came together almost unanimously to pass my bill to end insider trading. it passed by 417 to 2. one of the most bipartisan bills of that entire session of congress. it wasn't easy. i led a six-year fight to get it signed into law. they were making information from the money they demreend that was not available to
everybody else in america. they gleaned this information while working on behalf of the people whose information they were stealing. " minute "60 investigation on tv. and for me upholding the people's trust is the most sacred responsibility i have. and i want to strengthen the stock act to learn that some of this congress have used loopholes to get around this law. we have seen a free press shine the light that some members of congress purchased discounted stock deals and took part of public offerings. these special deals are not available to the general public. all this will remain in the dark put into place.
this is the kind of outrageous conduct we intended to outlaw under the stock act and plays directly into the public's view. this, mr. speaker, comes at a time when 20% of the public approves of how congress is doing its job under the majority's leadership, that is the latest figure from gallup. this congress took a bipartisan stand against this behavior a few years ago but increasingly clear that we need to act again today to hold ourselves together to the letter and spirit of the stock act law. we are not doing that today. once again, we are taking away the regulations. and the regulations that protect the small investor, the people in the banks. and i hope we will never see the day where we will ask the
taxpayers of the united states to bail out the enormously rich big banks and one of the worst things of this era, not a single fraudulent banker went to jail. there are 535 of us in a country of more than 300 million. and we have been chosen to represent them. it is a sacred responsibility and not should be squandering of the wall street firms and those who are behind the choice act. the majority should stop fulfilling the wish list of wall street and act on behalf of millions of americans outraged trading and this chamber must take action so americans recognize we came here to represent them. never to enrich ourselves and i
reserve the balance of my time. the speaker pro tempore: the gentlewoman from new york reserves. the gentleman from colorado. mr. buck: i yield two minutes to the gentleman from texas, mr. williams. mr. williams: i rise in support of this to end the harmful regulations. let me take a few moments to talk to you about the harmful effects dodd-frank has had on my home state of texas. a few months ago, in texas alone, 3358 state or federally chartered banks have either closed or merged since 2010 when dodd-frank became law. according to our texas state banking commission, the last charter in texas was in 2009 in a state with one of the healthiest economies in the country. it has left texans few options. so what dodd frank aimed at
fixing, one size fits all regulations have only hurt one person, that being the consumer. increased bank fees, less access to consumer credit products, 1,000-pages rules, regulatory costs, have become the hallmark of our financial system. to my friends on the other side of the aisle, i will leave you with this. if you support crushing regulations that have hurt our community banks, our credit unions, if you support taxpayer bailouts, if you support an agency that is accountable to none and if you support less accountability for both washington and wall street, then would you please vote against this rule and the underlying bill. if you support financial opportunity for all, taxpayer-funded bailouts for none, less regulations on small community financial institutions and more accountability and transparency, then support this bill. support consumers. and support main street america.
thank you, mr. speaker. in god we trust. i yield back. ms. slaughter: mr. speaker, i yield three minutes to the gentleman from texas, mr. doggett. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. doggett: those wondering where republican lips are sealed so very, very tight when it comes to president trump jeopardizing our national security, threatening our democracy and engaging in one crazy tweet after another, need look no further than this bill. you see, this is a bill to handcuff the cop on wall street. and so many of our republican colleagues are eager to shield wall street from action and eventually to be stow one tax break after another on wall street that they are willing to
pay almost any price in silence concerning mr. trump's out rages. as a person who voted against all of the big bank bailouts, i'm most concerned that this bill will produce only more. when the banks were bailed out, american families paid the price as taxpayers and they paid the price for the recklessness that led to that unnecessary financial crisis. a more immediate concern is what happens to the cop on the beat, the consumer financial protection bureau, a new law enforcement agency that aarp described as one designed to hold scam artists accountable and that's exactly what it's done, whether it's pay day lenders or deceitful language in mortgages, contracts denying consumers legal remedies to address wrongdoing or many other issues, this agency has been
there to protect the consumers. and among those most threatened that have benefited from this law enforcement agency are our military families who face unique financial challenges from illegal foreclosures to pay day lenders who overcharge their families, this law enforcement agency has been there to protect them. and today, it would be bstantially weakened by this legislation. aun one of the leading examples of the success of this law enforcement agency is wells $75 fined $100 million, million in call backs from executives, a c.e.o. resigned. none of that happened to the other banks but wells fargo was caught and it was caught because it was a law enforcement agency on the beat doing something about it. and there are those who fought this legislation from the start and they won't give up on trying
to undermine it. you need only look at what happened this year in enforcement actions to see what this agency is doing. a company failed to provide redress for illegal collection tactics, deceive consumers about credit scores, misstated the charges related to pawn loans, denied consumers from their own money, kept options in the dark, one bit of wrongdoing after another, why not have a cop on the beat to do it? because some people want to have unlimited right to exploit consumers and this is the one thing standing in the way to protect them. i say stop this republican interference with law enforcement and send a message at the same time to president trump that the laws apply to him also and ought to be enforced against him when he is engaged in wrongdoing and i yield back. the speaker pro tempore: the gentlewoman from new york reserves. the gentleman from from colorado.
mr. buck: i yield two minutes to the the gentleman from new mexico, mr. pearce. mr. pearce: i thank the gentleman for yielding. one of the most deceptive things that congress does is regulate one part of another industry for the problems created by another part. the community banks have nothing to do with the collapse in 2008. it was wall street. the people in new york. those big banks. and yet the dodd-frank regulation kind of let them scoot by and while many of the main street businesses and many of the main street banks have closed down. my friend just mentioned wells fargo. c.f.p.b. were mute while conducting their affairs. it was a county prosecutor who actually uncovered it. so this idea that we here in
congress are going to do things that are going to get it in check simply is not true. what is true is that the agency created by dodd-frank the cfpb, this bureau was so annoying that it put new mexico's most sparsely populated county about eight people per square mile in to be regulated the same as new york city. that's much they understood. they shut down the loans for manufactured housing. that means nothing to the people in new york, but in new mexico that's 350% of the homes in my district. cfpb, the bureau didn't much care. they limited the ability of regular banks to make loans on mortgages establishing something called qualified mortgages. they simply said all balloon notes are prejudicial. those things were hurting and
penalizing the rural parts of this country. the people who suffered most were the people at the lowest end of the economic spectrum. our credit agencies and systems in the u.s. have done much in order to make credit available no matter where you are in the political spectrum. another half a minute, please. mr. buck: i yield 0 seconds to the gentleman from new mexico. mr. pearce: the people at the low income end of the spectrum had access to many different ways of about borrowing. cfpb routinely eliminated almost every single one of them. from one of the poorest districts in the country, i found cfpb's efforts to be meaningless to the big guys and punitive to us just trying to make a living out in the rural parts of the world. i yield back. and i would urge support for this rule and support for the underlying bill.
ms. slaughter: i'm pleased to yield two minutes to the the gentlewoman from new york, the distinguished ranking member of the financial services subcommittee on capital markets, mrs. maloney. the speaker pro tempore: the gentlewoman from new york is ecognized. mrs. maloney: i thank the gentlelady for her leadership and for yielding. mr. speaker, i rise today in strong opposition to h.r. 10, the wrong choice act. this bill will take us back to the regulatory stone age and would be a disaster for the entire financial system. let us remember why we passed dodd-frank, because we confronted the worst financial crisis caused by mismanagement from the financial industry that cost this country $18 trillion in household wealth, millions
lost their homes, millions lost their jobs and the suffering was deep and strong. first this bill, the wrong choice act would repeal the orderly liquidation authority, which is the only tool that would allow large financial institutions like lay man brothers or a.i.g. to be round down safely without requiring a taxpayer bailout. we had two choices, either bail them out, a bad choice or let them fail, another bad choice. the liquidation authority is helpful, yet the majority claims that the liquidation authority codifies taxpayer bailout. but nothing could be further from the truth. under the liquidation authority, the fdic wipes out the firm's share holders and imposes losses on the firm's creditors, fires the firm's management and
completely liquid eighths the entire firm. the only people who are guaranteed not to suffer losses are the taxpayers. so if we wipe out this protection to the taxpayer, we are giving -- putting taxpayers in harm's way yet again. this would devastate investors by rolling back decades of investor protections and tram ming on the property rights of share holders by making it impossible to have the management of the companies that they own. the bill would gut the consumer financial protection bureau -- slaughter slar yield the gentlelady an additional minute. mrs. maloney: the consumer financial protection bureau has been a watchdog for consumers and protected the consumers who were often not thought about for
first of all or second of all or not thought about at all. this agency protects them. if we had it, we would not have had the financial crisis we suffered. and this would make it easier for banks like wells fargo to rip off consumers and protect them from being punished if they are caught. the republican wrong choice act puts wall street ahead of main street, leads to taxpayer bailouts for big banks. guts consumer protections for seniors and their families and brings back risky practices that caused the 2008 financial crisis. it is the wrong direction. it is a wrong vote. and i caution my friends on the other side of the aisle, the voters are going to remember this vote. don't turn us back to the stone age of regulation. i urge a very strong no vote on this wrongly directed bad choice
act. thank you. i yield back. . the speaker pro tempore: the gentleman from michigan is recognized. mr. huizenga: thank you, mr. speaker. the economic downturn in 2008 caused michiganders and citizens around the country to lose their jobs, families to lose their savings, and way too many to lose their homes. since that time our friends on the other side of the aisle have attempted to convince the dodd-frank ple that was quote, the answer, to the financial crisis. despite the law failing to actually address the root cause of the downturn. in reality dodd-frank was dodd-frank has made it more difficult for hardworking taxpayers to secure a future for themselves and their children by denying them the economic recovery that they deserve. let's be honest. dodd-frank was an agenda waiting for a crisis. so many issues not related to economic stability were crammed into this flawed law that it now
big banks have gotten even bigger and small banks have disappeared at an alarming rate. even worse, dodd-frank enshrined too big to fail, and frankly put in place too small to safrpblte enough is enough. in -- to save. enough is enough. we must enact commonsense regulatory reform and restore accountability to wall street and to washington. the house financial services committee achieves this goal through carefully crafted financial choice act which we're debating here tay. the financial choice act eliminates dodd-frank's one-size-fits-all regulatory structure that has strangled community financial institutions with overly burdensome regulations that were meant for the largest banks in america. by enacting the choice act, community banks and credit unions can utilize their resources to help individual customers and small businesses achieve financial independence. if we want small businesses to continue to be the engine of
economic growth, we must remove tape that is red preventing these community lenders from supporting small business job creators. additionally, the financial choice act holds wall street accountable by imposing tape th toughest penalties in history. to protect consumers from financial fraud is a key goal for all of us. the speaker pro tempore: the gentleman's time has expired. mr. buck: i yield an additional 30 seconds. the speaker pro tempore: the gentleman is recognized. mr. huizenga: i appreciate that. the important legislation also holds washington bureaucrats accountable by creating constitutional checks and balances for the bureau of consumer financial protection so that we can more effectively do its job. no government agency should be unaccountable to the american people. lastly, this commonsense legislation protects taxpayers by eliminating too big to fail. something that my colleague had st talked about and requires failing institutions to liquidate through a streamlined bankruptcy process. not taxpayer funded bailouts. the process she was talking
about, the government runs the bank for five years. that is unacceptable. i hope you'll join me in supporting this rule anti-underlying bill w that i yield back. the speaker pro tempore: the gentlelady from new york is recognized. ms. slaughter: mr. speaker, i'm pleased to yield two minutes to the gentlewoman from washington, miss jay paul. the speaker pro tempore: the gentlewoman is recognized. mzjayapal: i -- rise today in strong opposition to the wrong choice act. this bill will have a devastating impact on the ability of regulators to protect everyday americans from future wrongdoing on wall street. if you support consumers, you must oppose the wrong choice act. if you want to make sure that consumers have a fighting chance against those big banks and against illegal practices, then you must oppose the wrong choice act. because this act guts the consumer financial protection
bureau. in nearly six years, the consumers bureau has returned nearly $12 billion to 29 million americans. hurt by illegal financial practices. reduced 7.7 billion in consumer debts while winning 3.7 billion in compensation for consumers. it has benefited nearly 50 million households in the form of new protections, shielding consumers from surprise costs and terms on their house reports, and their credit cards. at a time when we have a student loan crisis in this contry, $1.4 trillion in student debt, we have to make sure that we're protecting families, students, young people around these predatory debt collection practices, and all working families around predatory lending. my home state of washington was proud to work with the cfpb on those new regulation that is would actually protect working people, make sure that they have off-ramps, if they get into
predatory loans, and make sure we regulate that strifment the ben 50's dodd-frank are not limited just to consumers, by the way, big and small banks have benefited. lending is at record highs, and 2016 data from the ftic shows that those banks are doing pretty -- fdic, shows those banks are doing pretty well. the financial crisis which wreaked havoc on the financial lives of millions of families was not a random event. the financial crisis inquiry commission itself said that widespread failures and financial regulation and rampant predatory -- ms. slaughter: i think i can yield an additional minute. john sopko: the gentlewoman is recognized. miss jay with a paul: the commission itself said -- ms. jayapal: the commission said were key drivers of the crisis. this bill ignores those lessons and takes us so far backwards, mr. speaker, real people are
struggling to recover from that 2008 crisis still. and instead of rolling back protections for consumers, we should be investing in jobs for everyday americans. we should be making sure that the guy on main street or the woman on main street has a chance against those big banks and against all those predatory practices. mr. speaker, i urge my colleagues to support consumers and working americans and to oppose the wrong choice act. thank you, mr. speaker. the speaker pro tempore: the gentleman from colorado is recognized. mr. buck: i note for the record that the best way for a student to repay student loans is to ave a strong economy and not anemic recovery we had from the last recession. i yield two minutes to the chair of the oversight and investigations committee, the gentlewoman from missouri, miss wag nemplet the speaker pro tempore: the gentlewoman is recognized. mrs. wagner: mr. speaker, i'm proud to stand before you today to speak on the rule and in support of h.r. 10, the
financial choice act, which represents years of hard work by our chairman, jeb hensarling, and the entire financial services committee. for nearly eight years dodd-frank has targeted main street pocketbooks and stripped families of real opportunities for financial success and independence. for instance, the cfpb has spent years removing choices and making access to financial products more difficult to obtain. under these regulations, it is now harder for families to qualify for a mortgage, to obtain an auto loan, and access other forms of credit that they have depended on every day of their lives. meanwhile, the cfpb fails to monitor and spreent actual and consumer fraudof like we saw with the opening of millions of unauthorized customers' accounts at wells
fargo. mr. speaker, i have the privilege of chairing the oversight and investigation subcommittee on financial services, and today, today we released a report titled, was the beat? this is regarding the cfpb's wholly inadequate role in investigating the wells the bea fraudulent account scandal. we have received numerous records from both wells fargo and the o.c.c. and others that indicate that the cfpb was asleep at the wheel when it came to investigating wells fargo. unfortunately, the cfpb has produced no such documents, even under subpoena, that contradict this assertion and support the testimony of director cordray in front of this committee earlier in the year. this report highlights the need for reforms to the cfpb contained in the choice act. we need to bring accountability
and transparency -- mr. buck: i yield 30 seconds. the speaker pro tempore: the gentlewoman is recognized. mrs. wagner: we need to bring accountability and transparency to a bureau that has been thwarting congressional oversight and due process. additionally, the choice act will increase lending in our communities, open up our economy, and taxpayer funded bailouts and hold wall street and washington accountable. americans today deserve the right choice act. i thank my colleagues and yield back the balance of my time. the speaker pro tempore: the the gentlewoman from new york is recognized. ms. slaughter: may inquire of my colleague if he has further speakers? mr. buck: do i. ms. slaughter: i reserve the balance of my time. the speaker pro tempore: the gentleman from colorado is recognized. mr. buck: i yield three minutes to the chair of the subcommittee on monetary policy and trade, the gentleman from kentucky, mr. barr.
the speaker pro tempore: the gentleman from kentucky is recognized. mr. barr: when former president obama signed the d.o.d.-frank financial control law into law, about seven years ago, supporters promised it would repair the economy. they promised it would end too big to fay. they promised it would enhance financial stability and protect consumers, but none of those promise vs. been kept. nearly nine years after the financial crisis, americans are still stuck in the slowest, weakest economic recovery in 70 years. the percentage of americans who are actively seeking work is at the -- in the work force is at its lowest level since the late 1970's. and we still have not fully reached the potential of our economic recovery, and this is precisely because of the dodd-frank law. the dodd-frank law has clogged the pum plumbing of our economy of -- clogged the plumbing
our economy. d.o.d.-frank has guaranteed that too big to fail banks will get a taxpayer bailout whenever they go into distress. 's big banks have gotten bigger as a result of dodd-frank, the small banks, community banks, credit unions, the credit providers for the entrepreneurs, the small businesses, the job creators in this country, they are fewer. that is a huge problem for the dynamism and -- of the economy and that's one of the reasons we haven't seen economic recovery the way that we should. dodd-frank has made it more difficult for small businesses and start-ups to obtain capital to grow, invest, and hire. before dodd-frank, small business lending was more than 150% of large bank lending. today due to dodd-frank, small bank lending is about 80% below that of large bank lending. this is why new business formation is at gean racialle low, because small businesses and start-ups and entrepreneurs they have much more success obtaining capital from community banks than wall street banks. financial services have been
impaired. since dodd-frank the number of banks offering free checking has gone down. the ranks of the unbanked have gone up. one in five banks in my home state of kentucky have disappeared as a result of dodd-frank. consumer protection, hardly. taking away financial service and products, eliminating competition and choice from the marketplace? eliminating free checking? taking away access to credit? that's not protecting consumers. that's hurting consumers. dodd-frank is the worst bill for consumers that we could possibly v we need the financial choice act which will pre-- possibly have. we need the financial choice act which will preserve financial services and products. give consumers access to financial products like credit cards, home equity loans. all these services and products are going away because of dodd-frank and the busybodies in washington. we need to protect consumers there is nothing wrong with effective regulation, but this
is regulation gone awry. it's unaccountable. it is not transparent. it's hurting the american consumers. it's certainly not adding to financial stability when big banks on wall street are getting big earn our community banks are going away. yield back. he speaker pro tempore: ms. slaughter: i reserve. mr. buck: i yield two minutes to the chief deputy whip, the gentleman from north carolina, mr. mchenry. the speaker pro tempore: the gentleman is recognized. mr. mchenry: i thank my colleague for yielding. small businesses and families are the backbone of small rural communities like the ones i represent in western north carolina. dodd-frank has had a crushing impact both on the ability of families and small businesses to access loans and the financial products they need and deserve. half of what community banks did prior to dodd-frank were lending to small businesses.
now it's down to 20% of what they do. that's as a result of massive regulation that came about as a result of dodd-frank. the availability of services that they used to think is acceptable like free checking and mortgage lending, are significantly diminished or all together gone for them. and since dodd-frank became law, nearly three-quarters of community banks have left or are reduced their mortgage businesses. this is problematic for families. and impact has hit rural communities like the ones i represent in western north carolina, the hardest. the laws mandate have driven up the cost of borrowing making it harder and more expensive for families to save, like like saving for your child's college education. this begins to undo the damage caused by dodd-frank by removing
owner rouse mandates, very expensive regulations, by cutting off access to financial products that the american people need and desire. the financial choice act addresses the plight of small businesses by cleaning up these messy regulations that are unclear and made the marketplace less safe and secure for lending to small businesses and encouraging the use of capital formation to help small businesses grow and prosper. that means jobs. this bill is directed at growing the american economy and getting us back on our feet and expand prosperity not just to urban and rural areas but to both. i urge my colleagues to vote for this important bill and get on with the business of legislating. the speaker pro tempore: the gentlewoman from new york is recognized. ms. slaughter: i reserve. the speaker pro tempore: the gentleman from colorado is recognized. mr. buck: i yield two minutes to the vice chair of the
subcommittee, the gentleman from pennsylvania, mr. rothfus. the speaker pro tempore: the gentleman from pennsylvania is recognized. mr. rothfus: i rise in support of this rule and the underlying legislation, the financial choice act. choice stands for creating hope and opportunity for consumers, investors and entrepreneurs. this legislation could be very well entitled the make america grow again act. i cannot, i cannot, mr. speaker understate the importance of economic growth and what that means to this country. jobs, better jobs, wages, higher wages and receive news. more receive news coming into the federal treasury as a result of healthy economic growth that will allow us to pay for the critical programs that people in this country depend on, whether seniors, veterans, infrastructure. you pay for your government with
a healthy growing economy. that's not what we have today. we must grow again, especially as we think of these individuals. opponents of this legislation are defending a stagnant status quo. they are defending a stat cuss "that has given us the slowest economy since the great depression. status quo is responsible for the loss of 1,400 community banks, a status quo that has a community bank or credit union closing every day and non creation of small businesses, ich would mean 6.5 million jobs who would be paying taxes and social security taxes and medicare taxes and allowing us to meet the commitments that we have. a stat cuss "that has eliminated free checking, a status quo that is closing small banks in my
district. a status quo that they will have too much power and taking away choices from individuals. this legislation will end too big to fail and will end too small to succeed. regardless of where you come from -- the speaker pro tempore: the gentleman's time has expired. mr. rothfus: i yield back. ms. slaughter: i continue to reserve. the speaker pro tempore: the gentlelady reserves. the gentleman from colorado is recognized. mr. buck: we have no further speakers at this time. the points have been made. i'm prepared to close and i reserve. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlewoman from new york is recognized. ms. slaughter: mr. speaker, with each passing day, we learn more about the tangled web and conflicts of interest to russia. and last week jared kushner established a back channel in communications with russia and
the trump transition team before they were even inaugurated. tomorrow james comey will likely testify that president trump attempted to influence the f.b.i. investigation into possible collusion between his campaign and the russian government. who knows what further ties to russia we will uncover from his testimony. without president trump's tax returns, we simply have no way of knowing if he himself has financial ties to russia as news reports have suggested. the american people deserve to know bhornt our president had any business dealings with russia or other foreign governments. it is imperative that we prevent the white house from becoming another arm of the trump organization. mr. speaker, if we defeat the previous question, i will offer an amendment to the rule to bring up h.r. 3305 which would
require president and major party nominees for the presidency, to release their tax returns. if the president has nothing to hide, including financial interests or business dealings with russia, then he should freely release his tax returns to reassure the american people. mr. speaker, i ask unanimous consent to insert the text of my amendment in the record along with extraneous material immediately prior to the vote on the previous question. the speaker pro tempore: without objection. ms. slaughter: let me remind the majority while we enacted the wall street reform in the first place. our country was plunged into the worst recession since the great depression after big wall street firms played russian roulette. due to the financial crash, eight million americans lost their jobs, $13 trillion in wealth vanished overnight and 11 million homes were lost. after years of excesses and
dodging regulation, the financial firms were brought under control by the dodd-frank wall street reform and consumer protection act. the perverse notion of too big to fail was finally ended and the financial playing field was tilted back towards consumers. we have seen the results of the law informs of job growth, millions of new jobs and historic rates of business lending. it's beyond me while anyone in the world would want to repeal this law and threaten this progress. instead of doing the bidding of the financial lobbyists who don't care for the law, we should be uphold the trust of the people who sent us here. ending ins with passing the egregious deals and public offerings by members of congress. the american people must be able to trust what we are doing here
and trust that it is right for them. without concern that we are using our positions to enrich ourselves. my bill would enhance the stock act which passed the chamber, two no votes, in 2010. with provisions i think we could agree, no exclusive stock deals for members of congress, no public offerings regardless of where they are offered. mr. speaker, that's what we should be focusing on today. not disbhant willing a law that has brought financial security to millions of americans. i urge my colleagues to oppose the rule, to oppose the underlying legislation, the wrong choice act. and i yield back the balance of my time. the speaker pro tempore: the gentlewoman yields. the gentleman from colorado. mr. buck: the legislation before us today is not for the big banks or the bureaucrats and swanky downtown offices at crf b.p.
this was crafted for the men and women who work hard every day to earn a living. these individuals want choice in the financial products they can buy. they want healthy community banks. they want lower taxes instead of wall street bailouts. the choice act was written over the pass several years with these people in mind. we will restore hope and opportunity for them. i thank chairman hensarling and the financial services committee for their hard work. i thank chairman sessions for bringing this bill to the floor. i urge you to vote yes on the resolution and vote yes on the underlying bill. i yield back. and i move the previous question on the resolution. the speaker pro tempore: the gentleman yields. the question on ordering the previous question on the resolution, those in favor say aye. . those opposed, no. ms. slaughter: i ask for the yeas and nays. the speaker pro tempore: in the opinion of the chair, the ayes have it.
the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, yeas and nays are ordered. pursuant to clause 38 of rule 20, further proceedings on this question -- clause 8 of rule 20, further proceedings will be postponed. votes will be taken in the following order. ordering the previous question on house resolution 3374, adopting house resolution 3374 if ordered, ordering the previous question on house resolution 3375 and adopting the house resolution 3375 if ordered. the first electronic vote will be conducted as a 15-minute vote and remaining votes will be conducted as five-minute votes. the unfinished business is the vote on ordering the previous question on house resolution 3374 on which the yeas and nays are ordered. the clerk will report the title of the resolution. the clerk: house calendar number
53, house res. laugs 3374, resolution providing for consideration of the bill h.r. 2213 to amend the anti-border corruption act of 2010 to authorize waiver authority and for other purposes. the speaker pro tempore: the question is on ordering the previous question. many members will record their votes by electronic device. 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.]