tv U.S. House of Representatives Legislative Business CSPAN April 14, 2016 2:00pm-4:01pm EDT
constitutional power of the purse back to congress by subjecting fsoc and the o.f.r. to the appropriations process. as you know, fsoc is authorized to identify risks to the financial stability of the united states. this authority allows the fsoc to designate nonbank stitutions as systematically important, systemically institutionsancial or sfi's. it was created to provide the research and analysis for them to carry out the statutory mandate. in a classic washington fox guarding the hen house scenario, the fsoc and o.f.r. are currently funded through taxes, or assessments we prefer to call them, that they collect from the very s.f.i.'s they designate. they then set their own budgets without any oversight or approval by congress.
sit any surprise the fsoc budget is already five times larger today than it was in 2010? senator dodd and representative frank have both acknowledged that they never intended that insurance companies be designated as nonbank s.f.i.'s. despite the stated intent by the authors of the wall street reform act, the fsoc has already designated three insurance companies as nonbank s.f.i.'s. . it creates a viable offramp and has not shown to congress how they make these designations in the first part. the o.f.r. has received its fair of criticism too. their asset manager report was not only condemned by the industry, but the consumer financial protection bureau expressed concerns. the sec was concerned that the people who conducted the study at o.f.r., quote, lacked a fundamental understanding of
the fund industry itself, end quote. the treasuries research armed to take a number of the sec's critical feed back into account. thus, the sec created its own comment period for the report. better markets a group that regularly advocates for increased government regulation actually criticized the o.f.r. for the poor quality of the work presented in the report. despite all of this and the fact that congressman frank has also condemned the idea of designating asset managers, many fear the f sock will move next with a sifi designation. for these reasons i believe it's critical we pass the act. it's crucial for the f sock and o.f.r. to be more transparent and accountable to the american people. -- fsoc and o.f.r. to be more transparent and accountable to the american people. allowing americans to weigh in on o.f.r. rules and regulations
gives congress the tools it needs to provide the proper oversight of fsoc and o.f.r. now, some may argue that congress should just trust these bureaucracies, but our constitution makes it abundantly clear that congress and congress alone has the power of the purse and like one of our great leaders once reminded us, trust but verify. i want to thank chairman hensarling for his leadership on this issue and i urge all of my colleagues to support the financial stability oversight council reform act. and i yield back. the speaker pro tempore: the gentleman from minnesota yields back. the gentleman from texas reserves. the gentlelady from california is recognized. ms. waters: i now yield three minutes to the gentleman from washington, a member of the financial service committee, mr. heck. the speaker pro tempore: the gentleman from washington is recognized for three minutes. mr. heck: thank you, ranking member waters. . speaker, this is a strange day. i almost feel like we're existing in parallel universes. on the one hand, today, today is the deadline for the rules committee to meet to structure
debate on a budget resolution, but it is clear by now that there will be no floor consideration of resolution today or tomorrow or the day after or very possibly ever. instead, the headlines in capital hills news publication after publication are all about how the appropriations process has descended into, and i quote, chaos, chaos, and so we have that on the one hand. and then on the other hand, we have a bill on the floor that subjects the financial stability oversight council to that very same chaotic appropriations process. on the one hand, the appropriations process is in chaos. on the other hand, this bill moves valuable, critical, important economic regulators into that same chaotic appropriations process. ever heard that expression, does the left hand know what the right hand's doing? when the majority talks about putting agencies in the appropriations process, i hear
a lot of high-minded talk and rhetoric and appropriately so about the constitution and our founding fathers. how would alexander hamilton have funded the fsoc? and frankly, i think it's great to ask those questions. i ask myself those questions every day. everyone who takes the oath of office and has the privilege to stand here ought to keep grasping for the answers to those questions and how appropriate this week. yesterday, was thomas jefferson's birthday so i was going back and rereading some philosophies is and contributions. we should do that. but we also have a responsibility to stay anchored in reality, to lay down laws for the country and the congress we have, the congress we have, not the country and congress we all wish we had. we live in an era of huge,
complex financial markets and we have learned again and again and again that those markets fail, sometimes wiping out $13 trillion, the net worth in this country, in a month. somebody has to be looking at the whole system and looking to shore up its weaknesses. a broken an era of appropriations process. it is chaotic. today's congress is not madison's perfect vision. so regardless of the ideals of article 1 in the institution, the reality today is that moving an agency into a chaotic appropriation process is to subject that agency to that very same chaos, to uncertain funding, to the risk of shutdown, to the risk of shutdown and back room deals. so let's find a budget resolution, fix the appropriations process and then
maybe, just maybe, maybe we can talk about moving agencies into the appropriations process. the speaker pro tempore: the gentleman's time has expired. ms. waters: i yield the gentleman an additional minute. the speaker pro tempore: the gentleman is recognized for an additional minute. mr. heck: thank you, ranking member. for now my friends, ladies and gentlemen, fsoc is too important. the risk of financial crisis is too great. have we not learned that lesson what happens? to subject the only crisis prevention regulator to the dangers of a chaotic appropriations process and that's what we have. it cannot be denied. it's the last thing we can do. with that i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentlelady from california reserves. the gentleman from texas is now recognized. mr. hensarling: mr. speaker, i am happy to yield two minutes to the gentleman from texas, mr. neugebauer, who is chairman of our financial institutions
subcommittee. the speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. neugebauer: mr. chairman, i rise in support of h.r. 3340, the financial stability oversight council reform act, introduced by my good friend, representative tom emmer from minnesota. this is an important part. you know, when i go back home and people look -- hear about a bill that's been passed or a new regulation that's come out and they have a question about that. particularly, i guess under this administration, we heard a lot of people say, what are y'all going to do about that new rule that the administration put out? y'all got the power of the purse, why don't you do something about that? and the founders were very clear about having different branches of government, and one of the things that is -- creates a lot of consternation for a lot of these people, they see the agencies in dodd-frank, like the financial stability oversight council, fsoc, which has no accountability to ability. a they operate in an --
nonaccountable, not a very transparent way, and they have a huge amount of impact on markets. in fact, when the determined that met life was systemically important. a federal judge the other day said they reached that conclusion inappropriately, that they weren't transparent, that they weren't open, that they didn't follow their own rules in determining this entity to being systemically important. so why in the world would we not want them to be accountable to the taxpayers? because ultimately all of this money, mr. chairman, belongs to the american taxpayers. and they're expecting this congress to review the actions of many of these agencies. and i get amused at my colleagues on the other side of the aisle. they kept talking about how important many of these entities are and what a great job they're doing. yet, they're not willing for them to be accountable and come forth and make a case why they should be spending the money they're doing or why they're taking the actions that they're
taking. so this is not the government that our -- talking about mr. jefferson -- this is not the government that our founders intended. in fact, they were really reluctant to form a federal government, to give a centralized government any power but they did ultimately determined that there would be some good about that primarily for the common defense. i don't think they intended for to create agencies that have no accountability. and with that i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas reserves. the gentlelady from california is recognized. ms. waters: i now yield three minutes to the gentleman from maryland, mr. sarbanes. the speaker pro tempore: the gentleman from maryland is recognized for three minutes. mr. sarbanes: i thank the gentlewoman for yielding. mr. speaker, how soon we forget . if the big "the big shore" made you make, then what the republican house leadership is proposing today should make you furious. after the financial crash in 2009, we acted, the congress acted. we understood that we didn't have a wholeistic picture of
the risk across the -- holistic picture of the risk across the board before the financial crash so we created the financial stability oversight council, the fsoc, as we call it, to rein in the risk in our largest financial institutions. now, some of the biggest banks want the oversight to stop so they can bring back their risky, anything goes casino banking practices, the exact practices that tanked the housing market and destroyed retirement savings for millions of americans in the 2008 wall street collapse. this bill, h.r. 3340, pushed by republicans and their big bank patrons, will neuter this important oversight body, blindfolding our government again and making another economic meltdown for likely. i feel as though every couple
of weeks the republicans here in the house are giving us another memory test. they bring a bill up that tests whether we remember that just seven years ago our financial markets crashed because of risky behavior on wall street. i remember that that happened. democrats remember that that happened. the american people remembered that that happened. apparently the republicans in congress do not remember that, but we're going to keep passing this memory test and pushing back against these kinds of efforts to water down the dodd-frank reforms. and let me ask this, mr. speaker. how many of your constituents -- i know none of mine -- have asked to gut the financial stability oversight council, to strip critical oversight of our nation's largest financial institutions and to make another financial crash likely? nobody's asking for that.
americans deserve better. they see day in and day out a congress out of step with their priorities and they want change. in fact, right now thousands of americans are engaging in direct action on the capitol grounds asking for campaign finance reform and restoration of voting rights. instead of voting once again to support the big banks and wall street, we should be listening to them and taking action to restore their voice in politics. i urge my colleagues to push back against congressional apple nearbyia and to oppose -- amnesia and to oppose this bill and i yield back. the speaker pro tempore: the gentleman from texas is recognized. mr. hensarling: mr. speaker, at this time i'm very pleased to yield to the gentleman from new jersey, mr. garrett, chairman of our capital markets subcommittee. the speaker pro tempore: the gentleman from new jersey is recognized for two minutes. mr. garrett: i thank the chairman for the time and want to thank the gentleman from minnesota, mr. emmer, for putting forth the piece of legislation that will do what, shine a light of day on some of dodd-frank's most secretive creation. you know, we often hear our
friends on the other side of the aisle and regulators talking about the concerns of the so-called shadow banking system. the fsoc and members have used the sinister term on multiple occasions to strike fear in the hearts of the public in order to advance basically their strangling regulatory re-- regime. the real threat comes from the shadow regulatory system that basically operates outside of our systems of checks and balances with absolutely no accountability from the public and with little to no input from congress to conduct our proper oversight. you see, the fsoc and the o.f.r. are the embodiment of this shadow system. for years now, the fsoc has continuously denied our committee's simple request for some information about how it operates and the proceedings. really all we know about these meetings is the few sentences they drop in their press releases.
even though the o.f.r. embarrassed itself with the management asset report back in 2013, that office largely operates outside of the public's eye. so it's time to shine the light of day on both of these bodies, mr. speaker, particularly in light of the recent invalidation of met life's too big to fail designation by fsoc. . this legislation would restore congress' article 1 authority by putting congress back in charge of funding both fsoc and o.f.r. and by requiring o.f.r. to submit regular reports to congress that the american public could see. it's time to stop letting bureaucrats, let's stop having the bureaucrats run this town and for a while and let's put congress back in charge. let's put back the checks and balances for these troubling agencies. with that i yield back. the speaker pro tempore: the gentlelady from california. ms. waters: i yield three minutes to the gentleman from
maryland, the ranking member of e committee on oversight and government reform. the chair: the gentleman from maryland is recognized for three meant. mr. cummings: i thank the gentlelady for yielding and for your leadership. mr. speaker, i rise to oppose h.r. 3340, a bill that would cause severe damage to the integrity of the financial stability oversight council and the office of financial esearchment it is through thee entities that the dodd-frank act identifies risks in our financial system and guards against another financial crisis. fsoc and o.f.r. have been intentionally placed outside political pressure. they make our financial system safer and protect the american people from a future financial crisis. however, the bill we are debating today would cripple
fsoc and o.f.r. by subjecting them to unnecessary political influence and putting our financial system at risk. my colleagues across the aisle would have us believe that fsoc to o.f.r. have free reign -- rein to set and approve their own budgets and therefore gencies that have run amuck. f.o.c.'s budget is approved by the majority vote of its members. fsoc does not have unchecked budget authority. fsoc's budget is similar to and modeled after the fdic's budget model. the fdic also sets its own budget. it has time and time again acted to protect the american people from financial collapse while setting a reasonable and prudent budget. no one is calling on congress
to rein in the fdic. the bill is nothing more than an attempt by the majority to undo the progress made by dodd-frank and to eliminate the ability of fsoc to act on behalf of the american people by cutting its funding. as i listen to my colleague from maryland a few minutes ago talk about the folks who are right outside this capitol complaining about citizens united, people want to know that they have power. these people are very upset. they want to know that their democracy is not being taken away from them. so i would urge my colleagues to vote against this bill and against all bills that seek to roll back our progress in making the financial system safer. with that, mr. speaker, i yield back. the speaker pro tempore: the gentleman yields back. the gentlelady from california reserves. the gentleman from texas is recognized. mr. hensarling: may i inquire
how much time remains on each side? the speaker pro tempore: 14 1/2 minutes for the gentleman from texas. and 15 for the gentlelady from california. mr. hensarling: at this time, mr. speaker, i'm pleased to yield two minutes to the gentleman from new york, mr. king. the speaker pro tempore: the gentleman from new york is recognized for two minutes. mr. king: i thank the chairman for yielding. mr. speaker, i rise today in strong support of h.r. 3340, the financial stability oversight council reform act. mr. speaker, i do not support the creation of fsoc and o.f.r. and do not think the 10 un-elected agency head should be able to have such influence over the u.s. financial system. t h.r. 3340 doesn't even curtail fsoc's or o.f.r.'s powers, it simply asks for great exablet by making their budget subject to the annual appropriations process. strengthening the oversight would force them to address questions and concerns from
both sides of the aisle. requiring o.f.r. to report quarterly to congress and provide the standard public notice and comment period before issuing any report or regulation is just common sense. in fact, it would ultimately serve the public interest to provide transparency and diverse perspectives on issues affect the financial services industry. the fsoc has the authority to declare large companies as, quote, systematically important financial institutions and then bject them to a new costly regulatory regime that is designed for banks. i have serious concerns about their power, but this bill wouldn't change that. it would only provide desperately needed transparency and accountability to the designation process which was recently described by a federal judge as fatally flawed. 2008 demonstrated we needed effective regulation of our financial system, but regulators need to be held accountable for their decision, especially given the impact they have on the competitiveness of u.s. companies. mr. speaker, i commend mr.
emmer for his legislation and i strongly urge the adoption and passage of this legislation. i yield back. the speaker pro tempore: the gentleman from new york yields back. the gentleman from texas reserves. the gentlelady from california is recognized. mr. ms. waters: mr. chairman and members -- ms. waters: mr. chairman and members, my friends on the opposite side of the aisle talk about accountability and what congress' responsibility is and what the constitution says we should do. but i find it very interesting while they are claiming that he o.f.r. and fsoc should be given more oversight, they don't seem to really want to exercise the responsibility to do that. republicans claim that only when o.f.r. and fsoc are subject to annual appropriations process will these two entities be accountable to congress. however, how many times has financial services committee requested the director of the office of financial he --
research to testify? only one time. section 153 of the dodd-frank act requires that the o.f.r. director testify before our committee annually, and yet o.f.r. director has only been invited to testify once in the last four years. the only time being in march of 2013. that means for more than three years our committee under republican leadership has shirked its duties to oversee the o.f.r. and any member who has met the director can attest he has always stated his eagerness to update congress on what o.f.r. is doing. mr. chairman, this bill is not some valiant attempt to hold fsoc and o.f.r. accountable, no. this bill is yet another attack on a dodd-frank financial reform by republicans who never supported financial reform in the very first place.
i yield to the gentlelady, miss debbie wasserman schultz. the speaker pro tempore: how much time? the gentlelady from california. two minutes? the gentlelady from florida is recognized tore two minutes. ms. wasserman schultz: thank you, mr. speaker. i rise today in opposition to h.r. 3340, the so-called financial stability oversight council reform act. this bill represents another example of death by a thousand cuts from our friends on the other side of the aisle. it's another republican attack on the dodd-frank wall street reform and consumer protection act. after the catastrophe of the financial crisis and the near collapse of our bankingcies terges republicans are once again jeopardizing the stability of our financial system. how many times will republicans waste taxpayer dollars with these partisan and dangerous attacks on the independence of our financial regulators? dodd-frank created the financial stability oversight council and the office of financial research to bring independent regulators together to monitor risk across our
bankingcies terges and address threats to the american economy. prior to the creation of fsoc, no single entity was accountable for monitoring our nation's financial stability. none. it was a mishmash disparate mess. dodd-frank filled that void. similarly o.f.r. works to support consumers by conducting critical research on our financial system and whether our regulatory systems are working. of course if we don't invite the person who is the head of the office to testify in front of the financial services committee, how would we know? dodd-frank ensured that important regulators like fsoc and o.f.r. have the independence they need to protect consumers outside the political turmoil of congress. my house democratic colleagues are serious about reining in our nation's largest financial institutions. while my colleagues on the other side of the aisle are playing little games at the expense of american consirmse. i refuse to stand idly by to allow dodd-frank be gutted. if the bill got to his desk,
president obama wouldn't sign it. nevertheless, congressional republicans continue to waste taxpayers' time and money with this legislation that would peel back dodd-frank and hurt american consumers. house republicans need to focus our nation's most pressing problems. we need to focus on our nation's most pros pressing problems, public health crisis, like the zika virus, the ongoing debt situation in puerto rico, and keeping speaker ryan's promises to the american people this body would pass a budget. our nation's working families are keeping their fiscal houses in order and it is long past time -- thank you very much. the speaker pro tempore: the gentlelady from florida an additional minute. ms. wasserman schultz: we need to make sure we hold speaker ryan's feet to the fire and make sure he keeps his promise to the american people that this body would pass a budget, which we have yet to do. and our nation's working families, they are working hard to keep their fiscal house in order. it is long past time for the house republicans to do the same. while also making sure we protect american consumers.
that, ladies and gentlemen, is how we got into the worst economic crisis and nearly crashed the banking system in the first place. and if we leave policymaking to the republicans who are in the majority here, they would take us back to a time when we had a wild west of regulation that left consumers twisting in the wind and banks to be able to make any decision they wanted and run over consumers all across america. we saw how well that worked out in 2008. now we have come through the worst economic crisis we have ever had since the great depression. 73 straight months of job growth in the private sector. we need to continue that progress. not go backwards. thank you. i yield back the balance of my time. the speaker pro tempore: the gentlelady from florida's time has expired. the gentlelady from california reserves. the gentleman from texas is recognized. mr. hensarling: i'm pleased to yield two minutes to the gentleman from maine, the speaker pro tempore: the gentleman from maine is recognized for two minutes. >> thank you, mr. chairman. for bringing this important issue to the house floor. i am pleased to stand up in
support of h.r. 3340 financial stability oversight reform act. mr. poliquin: and i want to congratulate congressman tom emmer from minnesota for his tireless work on this bill to come up with a commonsense piece of regulation that helps create jobs in this country. you know, mr. speaker, i want to set the record straight. there are some folks in this chamber who continue to blame the economic problems we have had over the past years to the specifically to the financial services industry. well, let's be honest here. there were d.c. regulators here in this town who put tremendous pressure on the banks to lend money at 0% down, 0% interest to folks who they knew could not afford these loans. and when they were unable to repay these loans, the real estate market collapsed and brought the economy with it.
now, every business in america, mr. speaker, every industry should be fairly and predictably regulated. however, when the regulations are so intense and so complicated and so smothering it kills jobs, that it is our responsibility to make sure we give our small businesses in this country relief. i have been here for a little over a year, mr. speaker, and i realize there is a fourth branch of government. we all know what the constitution says. that congress, the legislative branch creates the laws. the administrative branch, the white house, implements the laws that we create. and if there is a question, then we get the referee involved, the courts. however, there is a fourth branch of government that is unconstitutional. it's called the professional regulator. now, what has happened over the course of these past years is that the administrateor branch
wants to accepted directions to the regulators to put more and more pressure on our business community that creates jobs and gives our families opportunities. one of those agencies -- mr. hensarling: an additional 30 seconds. mr. poliquin: one is the financial oversight -- financial stability oversight council. this organization has tremendous power in our economy. to regulate financial institutions that pose no risk, mr. speaker, to the economy. like credit unions in northern maine and small community banks in northern maine who did not cause the problems that we have had these past years. however, all i am asking and all this bill does is make sure that the financial stability oversight council operations are funded by the people's representatives. we in congress have the opportunity, mr. speaker, to fund that operation. mr. e ask, only ask --
hensarling: an additional 10 seconds. mr. poliquin: we want to make sure there is enough time for public comment. i ask everybody to support this bill. it's a great bill and it keeps money flowing through the economy for our small businesses and job creation. thank you, mr. speaker. thank you, mr. chairman. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas reserves. the gentlelady from california. . ms. waters: i continue to reserve the balance of my time. the speaker pro tempore: the gentlelady reserves. the gentleman from texas. mr. hensarling: mr. speaker, i'm pleased to yield two minutes to the gentleman from colorado, mr. tipton. the speaker pro tempore: the gentleman from colorado is recognized for two minutes. mr. tipton: thank you, mr. speaker. and thank you, mr. chairman. i'd like to thank my colleague from minnesota, representative emmer, for offering this piece of legislation under consideration today. the financial stability oversight council reform act places the fsoc and the office of financial research under the regular appropriations process
and will require the office of financial research to submit activity reports to congress. bringing fsoc under the appropriations process ensures greater accountability for a council that's continuously iled to fully disclose its sifi designation methodology and designated entities to lose their sifi status. this will bring much-needed transparency to the council. fsoc is intended to be a forum for discussion and analysis on regulator issues but unfortunately the council has continually failed to address the failure of our main street banks. a single bank failure will not pose a systemic risk to the financial system. however, losing these small banks at an accelerating pace is a clear warning signal that the financial system is not healthy and losing community banks as a whole certainly qualifies as systemically risky. instead of closed door deliberations, the council, which is made of financial
regulators, have been acknowledging this exact problem and should be working to address this pressing issue in a transparent manner before it's too late. this legislation is the logical next step in reforming the financial stability oversight council to ensure it actually addresses threats to our financial system. i'm happy to lend my support to this bill and encourage my colleagues to support this commonsense measure. i, again, thank the gentleman from minnesota for his efforts on this legislation and yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from texas reserves. the gentlelady from california, do you still reserve? ms. waters: i continue to reserve, yes. the speaker pro tempore: the gentlewoman reserves the balance of her time. the gentleman from texas. mr. hensarling: mr. speaker, may i inquire how much time is remaining on each side? the speaker pro tempore: 8 1/4 for the gentleman from texas and the gentlelady from -- 8 spsh 1/for the gentlelady from california and the gentleman from texas has 10. the speaker pro tempore: i yield.
the speaker pro tempore: the gentleman is recognized. >> i start with the clarification of the argument of my friends on the other side of the aisle. their argument is essentially this, that federal regulators, banking regulators cannot do their job if their funding is somehow held accountable to the american people. mr. messer: and this argument ignores some important facts. while dodd-frank was trying to end big government bailouts, fsoc's authority to arbitrarily designate nonbank financial institutions is systemically important undermines the intent of the law. in fact, just last month a u.s. court rescinded met life sifi designation. the opinion called fsoc's determination process, quote, fatally flawed and called the insurer's designation, quote, capricious and arbitrary. again, those aren't my words. those are the words of a federal judge. in fact, a judge confirmed what house republicans have been saying for years. the fsoc is out of control and requires additional congressional oversight.
that's why i support this commonsense and frankly modest legislation which subjects fsoc and the office of financial research to the annual appropriations process and common practice reporting requirements. we all want to hold financial providers accountable to their customers. it's also congress' responsibility to hold our government accountable to the american people. this bill helps make that happen, and we should all be able to agree to that. i urge my colleagues to support this commonsense bill, and i yield back the balance of my time. the speaker pro tempore: the gentleman from indiana yields back. the gentleman from texas reserves. the gentlelady from california is recognized. ms. waters: thank you very much, mr. chairman. i'd like to take a moment and talk about why we created the fsoc and o.f.r. in the very first place. since my republican colleagues seem to think that more regulatory cooperation in overseeing our -- and overseeing our financial system
is such a bad thing. simply put, we created fsoc to look across regulatory silos and detect, prevent and mitigate systemic risk in the u.s. financial system so that we would never again be caught offguard when major financial firms, like a.i.g., fail. recall a.i.g. created an entire business model designed to avoid regulation, sending its major appropriations in risky credit default swaps to the london-based unit. a.i.g. financial products, which in turn was guaranteed by the u.s. parent company. what's more, a.i.g. was allowed to select as a regulator the office of thrift supervision, o.t.s., according to the financial crisis in query -- inquiry commission, that's fcic. the o.t.s. failed to exercise
its authority over a.i.g. and its affiliates. it lacked the capability to supervise an institution of the size and complexity of a.i.g. did not recognize the risk inherent in a.i.g. sales of credit default swaps and did not understand its responsibility to oversee the entire company include a.i.g. financial products. as we all know, this regulatory ash tradge ultimately spelled failure for a.i.g. because its enormous sales of credit default swaps were made without putting up initial collateral. setting aside capital reserves are hedging its exposure, a profound failure in corporate governance. particularly its risk. management practices. having just witnessed the takeover of merrill lynch by bank of america and the bankruptcy of lehman brothers a
mere 24 hours before, the u.s. government stepped in, committing more than $180 billion to ensure that a.i.g.'s collapse didn't bring down the rest of the financial system to which it was so interconnected. from there, the bush administration requested the authority bailout the big banks. when the dust began to settle, democrats in congress began to come up with a solution to eliminate this and encourage our financial regulators to communicate with one another. of course, the commonsense solution was to create a council where each of our financial regulators had a voice and could meet to consider gaps between the agenciesary interconnectedness within the financial sector. this council would also hold each regulator accountable to
how the regulators as a whole were mitigating systemic risk to our economy. to help inform and support the council, we created the office of financial research to research and report on potential systemic risk to our economy. dodd-frank ensured that the council or the o.f.r. and congress would all be focused on emerging threats to our economy and never be caught unaware by another a.i.g. h.r. 3340, however, undermines these reforms and should be opposed. so mr. chairman and members, many of the members on the opposite side of the aisle are talking about our oversight responsibility and they don't even exercise oversight responsibility and get the regulators in and have a real discussion with them about how it all works. a.i.g. was complicated.
none of the members of congress really understood how it operated and how it was formed, how it was set up and what it was doing. and so we have learned our lesson from a.i.g., and i hope that the members of this congress will not forget it. i reserve the balance of my time. the speaker pro tempore: the gentlelady reserves. the gentleman from texas. mr. hensarling: mr. speaker, i'm pleased to yield two minutes to the gentleman from michigan, mr. trott. the speaker pro tempore: the gentleman from michigan is recognized for two minutes. mr. trott: thank you, mr. chairman. and thank you for letting me speak on the financial stability oversight council reform act. his is our continued -- this is us helping the dodd-frank agencies. fsoc and the office of financial research, both products of dodd-frank, have the power to obtain sensitive information and are tasked with the mission of monitoring the financial stability of the united states. with such broad mandate and vast authority, it is appall that these bodies are not
subject to congressional appropriations process and will satisfy only minimal reporting requirements. o.f.r. states that its job is to shine light in the dark corners of the financial system, but it operates in the dark corners itself, spending funds obtained from fees on an ever-expanded work force and budget, all outside of the appropriations process and all outside of the eyes of our citizens. the people of this great nation deserve a transparent federal government that answers to them. some here today have suggested that in this bill we want to put a blindfold on, stop oversight and ignore a future financial crisis. we have a blindfold on now. we are all in the dark. we don't want to stop oversight. we just want to exercise our responsibility under article 1 of the constitution. some here today have suggested that congress is no longer capable of exercising its article 1 powers and therefore fsoc must be independent of the appropriations process. to those i say, why should
washington bureaucrats have more power over the financial decisions of the american people than their elected representatives? this legislation is a commonsense solution. i urge its passage. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from texas reserves. the gentlelady from california. ms. waters: i continue to reserve the balance of my time. the speaker pro tempore: the gentlelady from california reserves the balance of her time. the gentleman from texas. mr. hensarling: mr. speaker, we're prepared to close and i think we have the right to close. the speaker pro tempore: the gentleman is prepared to close. the gentlelady from california. ms. waters: thank you very much. mr. chairman, under democratic leadership our country has made tremendous strides in creating jobs, growing the economy and stabilizing the housing market since the depths of the 2008 recession. this was despite significant head winds from both overseas' crises and republican intransigents. instrumental to our achievements is the dodd-frank
wall street reform and consumer protection act, which bolstered our nation's financial stability and brought accountability to the entire system. among its many accomplishments such as protecting consumers from predatory practices, dodd-frank sought to address the excessive risk taking by the largest and most complex financial institutions by creating the financial stability oversight council, that is fsoc, and the office of financial research, o.f.r. these two agencies were charged with looking at the big picture and identifying cracks in the system that could cause a breakdown in our economy. they oversee all aspects of the financial system and our largest institutions that can cause systemic risk. fsoc works to identify and address systemic risk posed by large complex companies and activities before they threaten the stability of the economy.
it provides for cooperation and information sharing between agencies to research and correct threats before they become crises. o.f.r. helps provide the necessary tools to fsoc by collecting and analyzing data on the health of our financial markets and conducting research on potential sources of financial instability. it flags emerging threats and shares that information with other regulators so that they can intervene before a crisis occurs. together, these two agencies have addressed the devastating widespread failures in supervision and regulation that brought our economy to its knees in 2008. they fill the regulatory gaps to make sure no institution, however powerful, can circumvent their rules and regulations. this crucial work is supported by the majority of americans,
republicans and democrats, who favor dodd-frank and the reforms it has implemented. but instead of recognizing the importance of these institutions and the interests of the american public, house republicans are undermining our regulators' efforts to -- to the benefit of the industries that are lining their own pockets. i'm troubled by the amnesia that plagues my colleagues about the causes of the 2008 financial crisis and why wall street reform was so critical. we created fsoc and o.f.r. because our fractured regulatory system allowed firms to skirt the rules of the road. this behavior left millions homeless and unemployed and plunged us into the worst recession since the great depression. what's worse is that hundreds of communities across the country are still struggling to
recover. by cutting off fsoc and o.f.r.'s independent funding streams, h.r. 3340 will subject the agencies to the volatility of the congressional appropriations process and the same funding uncertainty faced by the sec and the cftc. make no mistake, the bill before us today is part of a concerted effort by house republicans to impede the progress of financial reform. yesterday, republicans passed a bill in committee to repeal the only mechanism to unwind a megabank without destabilizing the economy as well as a bill to eliminate funding for the bureau tasked with protecting consumers for predatory loans. earlier today and for much of this month, committee republicans will depose public servants at the cfpb, treasury and fsoc despite agencies
providing thousands of pages of documents at the republicans' risk and soon i expect my chairman to bring up bills repealing the rest of our reforms. but democrats in the house are all too familiar with these attacks. are we not? . . republicans have row posed cuts to initiatives like medicare, medicaid, and food stamps. they have prevented us from debating america's sacred right to vote. most republicans voted against upholding the full faith and credit of our nation's debt. i could go on and on and on. and so to my colleagues, we have pulled the cover off of them. and we appointed -- pointed out to you in no uncertain terms how they are singularly focused on killing dodd-frank reforms and they are not exercising their oversight responsibility.
and they are determined that they are going to have their way and they have it under the banner of overregulation. well, that old argument is tired, ladies and gentlemen. overregulation. every time they want to do something for the big banks, etc. so i thank you, i urge my colleagues to oppose this coordinated attack, and vote no on this harmful bill. i yield back the balance of my time. the speaker pro tempore: the gentlelady's time has expired. the gentleman from texas is recognized. mr. hensarling: mr. speaker, how much time do i have remaining, please? the speaker pro tempore: five minutes. mr. hensarling: i yield myself the balance of the time. the speaker pro tempore: the gentleman is recognized for the balance of the time. mr. hensarling: thank you, mr. speaker. it's been a fascinating debate bill.ery, very simple h.r. 3340, from the gentleman from minnesota, mr. emmer, does one very simple thing. it says two federal agencies, office of financial research, financial stability oversight
council, have to go through the budgeted appropriations process. it says nothing more. it says nothing less. right now these agencies write their own budget. they can wright a budget for $100 million -- write a budget for $100 million. they could write a budget for $500 million. they could write a budget for $10 billion. legally they can write a budget for trillions of dollars. they can take money away from we, the people, and there is absolutely nothing congress can do. mr. speaker, every member of congress who's come here has raised their hand. and in their oath of office they solemnly swear to support and defend the constitution of the united states. i wonder how many members reflect upon that solemn oath.
because article 1, section 9, clause 7 of the constitution says, no money shall be drawn from the treasury butt -- but in consequence of appropriations made by law. and yet theoretically what has happened here is this power of the purse, a critical power of article 1 of the constitution, has been outsourced. outsourced to article 2. it's fascinating, mr. speaker. i'm not sure there is a more solemn responsibility of the federal government than to provide for the common defense. yet we don't allow the pentagon to write their own budget. it has to go through the elected representatives of we, the people. the justice department. we don't allow them to write their own budget. it has to go through the elected representatives of we, the people. even the office of the
president, the president's not allowed to write his own budget. it has to go through the appropriations process of the elected representatives of we, the people. so we have two incredibly important and powerful federal agencies that get to write their own budget. they get to take money away from hardworking americans to essentially do what they please. this is not article 1 of the constitution. in madison, in federalist 47, i may not have the quote down perfect, but essentially said that the common nation -- combination of legislative, executive, and judicial power in one hand is the absolute definition of tyranny. so we have a federal agency, the fsoc, part of this shadow regulatory system, that the american people have come to
loathe, has the ability to esignate financial firms too big to fail, and then allow them to be failed out with taxpayer funds to be functionally micromanaged by federal agencies, essentially a federal takeover of the banking system so there can be a political allocation of credit, which is what led to the economic crisis in the first place. politicizing credit. mandating, forcing, suggesting, cajoling financial institutions to loan money to people to buy homes they couldn't afford to keep. think fanny, think freddie. so we believe on this side of the aisle regardless of which party's in power of congress, regardless of which power in the white house, that federal agencies ought to be funded through article 1 of the
constitution and be accountable to we, the people. it is that simple. so the ranking member says, we can't hold them to the volume tillity and uncertainty of this -- volume tillity -- volatility and uncertainty of this. funny the f.b.i. is. you know, if you don't like democracy, maybe it's the worst form of government save every other form of government. but it's our form of government. and our constitution is the bedrock of our freedom and our prosperity in these out-of-control agencies ought to be accountable. they ought to be transparent to we, the people, and i urge all of my colleagues to support the bill of the gentleman from minnesota, mr. emmer, h.r. 3340, and bring accountability and transparency and feel at this -- fealty to the constitution. i yield back the balance of my time. the speaker pro tempore: all time for debate on the bill has expired.
for what purpose does the gentleman from california seek recognition? mr. royce: mr. speaker, i have an amendment at the desk. the speaker pro tempore: the clerk will designate the amendment. the clerk: amendment number 1, printed in part a of house report number 114-489, offered by mr. royce of california. the speaker pro tempore: pursuant to house resolution 671, gentleman from california, mr. royce, and a member opposed, each will control five minutes. the chair recognizes the gentleman from california. mr. royce: thank you, mr. speaker. i rise today in support of this amendment to the financial stability oversight council reform act which mirrors bipartisan legislation i have authored, the office of financial research accountability act. a more open, collaborative, and cybersecure office of financial research would be better positioned to achieve its stated mission of promoting financial stability. so basically this amendment
gets the office of financial research on track with a few simple, reasonable reforms. there's three of them. first, it requires the o.f.r. to submit an annual work plan that details the office's upcoming work while making it available for public notice and comment. and second, it requires the office to coordinate with financial regulators and agencies that have subject matter experience as it prepares public records. and third, it also tasks the office which handles immense amounts of sensitive financial data with formulating a cybersecurity plan. so this amendment strengthens the office of financial research's ability to ensure a transparent, efficient, and stable financial system for the american people. the core objective of the office. and i thank mr. emmer of minnesota for his work on this important issue. i urge my colleagues from both
sides of the aisle to support both my amendment and the underlying legislation. with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. for what purpose does the gentlelady from california seek recognition? ms. waters: i claim time in opposition to the amendment and i yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized for five minutes. ms. waters: mr. chairman, i rise in opposition to the royce amendment which the financial services committee considered last november as h.r. 3738, the amendment is yet further evidence of the republican plan to kill dodd-frank with 1,000 cuts. if adopted, the office of financial research would have to disclose its research agenda at the beginning of each year, potentially alarming markets. just as the underlying bill, the ross amendment -- royce amendment, would mean any study of the o.f.r. would become corrupted. our market actors would see that the o.f.r., an office that makes recommendations to the
financial stability oversight council, about systemic risks was concerned about a particular topic. in response, those actors would begin to change their behavior even if the o.f.r. might later conclude that there was never any risk to our economy. in addition, this amendment would require o.f.r. to go into great detail when disclosing what it plans to study. something that is not done by any other research organization. finally, i'm troubled by the amendment's provisions requiring the o.f.r. to disclose its consultations. internal consultations and deliberations are explicitly excluded by the freedom of information act. and for good reason. individuals would not likely participate in o.f.r. studies if their offline candid remarks were made part of the public
record. will this prevent industry lobbyists and trade association from commenting? of course not, they'll continue earning their keep and the amendment gives them even more opportunities. but, why would independent researchers, academics, and scientists want to weigh in on a public fight? this amendment, the underlying bill, and many of the other republican initiatives we have seen this year all share the same goal. they are aimed at undoing all of the progress the obama administration and democrats have made in the last eight years. how many times are we going to ind ways to kill financial reform? how many times are we going to vote to kill job creating agencies like the export-import bank? how many times are we going to vote to get rid of obamacare and the health insurance of millions of americans? there is important work to be done. passing a budget for one.
ending homelessness in america. funding the administration's request to help combat the zika virus helping puerto rico to restructure their crippling debt so that the island can grow and prosper and create jobs. when are republicans going to hear the cries of everyday americans? i encourage members to support their constituents by continuing to fight for these issues and oppose republican attempts like this to simply roll back democrat reforms. i urge a no vote on the royce amendment and i yield back the balance of my time. the speaker pro tempore: the gentlelady yield back her time of the the gentleman from california. mr. royce: i yield one minute arkansas. leman from the speaker pro tempore: gentleman from arkansas is recognized for one minute. >> i rise today in support of the amendment offered by my good friend from california, the office of financial research, the o.f.r., is an important entity but its work so far has been disappointing.
so disappointing that a landmark study by o.f.r. on sset management has publicly criticized by fsoc who turebl the unusual step of opening its own comment period on the record. mr. hill: we must make sure the research is done in the right way with the strategic plan and o.f.r. consult with experts and gives proper public notice and involvement. we don't want the financial stability oversight council, the fsoc, one of the most critical and sensitive creations in dodd-frank, relying on an off hand work criticized publicly by institutions across the capital city. further, their data collection requirements and responsibilities bring concern to all of our citizens. as we have seen with the i.r.s., the o.p.m., cfpb and now the o.f.r., rising concern over the importance of cybersecurity and data protection are noted in this
act, an important part of mr. royce's amendment. many of our federal agencies are the root cause of cyberbreach and loss of privacy, and we don't want to see that extended here. i support the amendment and the bill and i urge a yes vote. the speaker pro tempore: the gentleman from california. . mr. royce: i yield to the gentleman from minnesota, mr. emmer, one minute. the speaker pro tempore: the gentleman is recognized. mr. emmer: thank you, mr. speaker. i want to thank my friend and colleague from california, congressman ed royce, for offering his amendment to the fsoc reform act. as we've seen time and time again, our government needs to improve security procedures to protect the privacy of the american people and integrity for business. the burden, mr. speaker, is on the federal government to provide a plan and to be transparent about what it does with the information it collects. this amendment accomplishes both of these goals at the office of financial research. by mandates o.f.r. submit an
annual work plan and allow for public notice and comment, the american people will have a greater voice in shaping the objectives of o.f.r. perhaps most importantly, requiring federal regulators to collaborate on data security will make personal and financial information of all americans more secure. again, i want to thank chairman royce for offering this amendment and i urge my colleagues to support it. i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from california. mr. royce: i reserve the right to close. the speaker pro tempore: the gentleman is the only time with time remaining. mr. royce: very good. mr. speaker, let's be clear about what this proposal does and does not do. nothing in this amendment says that the office of financial research must amend their work product because of public comments provided to them. the amendment here simply ensures that the public gets a chance to comment. and i've asked eight, eight fsoc
members about their potential opposition to this idea. not a single one has raised an objection to this. any rhetoric in opposition to thement -- to this amendment a lot of it is centereded on the potential of opening up the office of financial research to inpreept -- inappropriate influence. nothing could be further from reality. inappropriate influence is what happens when you labor long with little or no transparency. not when you provide more sunlight. what this amendment does is provide that transparency. provides that sunlight by opening that up. there has been considerable, warranted criticism from those across the ideological spectrum about the quality of the o.f.r.'s research. we are taking a step today to improve the office of financial research's research practices. something integral to fsoc reform as the council makes
designation decisions founded on the office's work. regulators making decisions on financial stability should do so with their eyes wide open. a more transparent, clab -- collaborative and cybersecure office of financial services accomplishes that end. for that reason, i urge members from both sides of the aisle to support this amendment. with that, i yield back the balance of my time. the speaker pro tempore: pursuant to the rule, the previous question is ordered on the bill as amended and on the amendment offered by the gentleman from california mr. royce. the question sob the amendment offered by the gentleman from california, mr. royce. those in favor say aye. those opposed, no. the ayes have it. the amendment is agreed to. the question is on enfwrosement and third reading of the bill. those in favor say aye. those opposed, no. ayes have it. third reading. the clerk: a bill to place the financial stability oversight council and office of financial research under the regular appropriations process to provide for certain quarterly reporting and public notice and
comment requirements for the office of financial research and for other purposes. the speaker pro tempore: for what purpose does the gentlewoman from wisconsin seek recognition? >> ms. brown: i have an amendment at the desk. the chair: is the gentlewoman opposed to the bill? ms. moore: i am. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? mr. hensarling: i reserve a point of order. the speaker pro tempore: the clerk will read. the clerk: ms. moore of wisconsin moves to recommit the bill to the committee on financial services with instructions to report the same back to the house forthwith with the following amendment. add at the end the following, section, upon enactment of this act it shall be in order to consider in the house of representatives the concurrent resolution -- the speaker pro tempore: the clerk will suspend. ms. moore: she candy spence with the reader. mr. hensarling: i object. the speaker pro tempore: clerk will read.
the clerk: house concurrent resolution 125, establishing the budget for the united states government for 2016 and setting forth appropriate levels for fiscal year 20's18 through 2026. all points of order against the concurrent resolution are waive. the concurrent resolution shall be considered as read. all points of order against provision in the concurrent resolution are waved. the previous question shall be considered as ordered on the concurrent resolution and on any amendment thereto to adoption without intervening motion except, one, one hour of debate equally divided and controlled by the chair and ranking minority member of the committee on the budget and two, one otion to recommit. the speaker pro tempore: pursuant to the rule, the gentlelady from wisconsin is recognized for five minutes. ms. moore: thank you so much, mr. speaker.
today is april 14, and by law, congress must enact a budget resolution by tomorrow on april 15. i repeat, mr. speaker, by law, congress must enact a budget resolution on april 15. that's tomorrow. after months and months and months of the majority promising regular order, the republican house leadership has failed to meet this most basic measure of responsibility. of bringing a budget to the floor. so today, mr. speaker, my motion to recommit will help out my republican colleagues with their responsibilities to this body. in my motion to recommit, i'm offering up the republican budget that was passed out of committee last month to allow my colleagues the ability to vote on their own budget and also to allow taos offer our alternatives. now, to refresh your memory, mr. speaker, the g.o.p. budget
resolution ends the medicare guarantee, makes $6.5 trillion in drastic cuts, increases poverty, and erodes the economic security of all americans. ow, mr. speaker, as awful as democrats think this budget is the tea party faction of the house g.o.p. is demanding that we make even more draconian cuts and even deeper cuts. and they ought to have the right as well to offer their alternative on the floor. let me be clear, mr. speaker. i don't support this republican budget but i'm offering this motion to recommit because again, we cannot offer our alternative unless this budget is processed on this floor. republicans are abandoning their promise to restore regular order because they can't agree on a worst product. but hard working families deserve a congress that invests
in their future, protect theirs safety, creates a level playing field for them and their children to succeed. you know what they always say, mr. speaker. the majority gets its way and the minority gets its say. let's get to the having a say part. we're going to continue as democrats to press for a budget that creates jobs, opportunities, raises paychecks for the american people. while reducing the deficit in a balanced and responsible way, mr. speaker. but again, since the republicans can't seem to get their act together by bringing their budget to the floor, my motion to recommit would bring that product to the floor system of that is why i'm offering this motion to recommit today. and i would urge my colleagues to support it. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? mr. hensarling: i insist on my point of order because the instruction contains matter in the jurisdiction of the committee to which it was not
referred violating rule 17. committee jurisdiction is the central test of germaneness and i'm afraid i must insist on my point of order. the speaker pro tempore: are there other members that wish to be heard on the point of order? the gentlelady from wisconsin. ms. moore: i would just mention that i think it'sier main ecause tomorrow is april 15. the speaker pro tempore: no other recognition of members who wish to be heard, the chair is prepared to rule. the gentleman from texas makes a point of order that the instructions proposed in the motion to recommit offered by the gentlewoman from wisconsin are not germane. clause 7 of rule 16, the germaneness rule, provides that no proposition on a subject different than that under consideration shall be admitted under color of amendment. one of the central the nets of thier mainness rule is an amendment may not introduce matter within the jurisdiction of a committee not represented in the pending measure. the bill, h.r. 3340, as amended,
addresses funding and other matters relating to the financial stability oversight council and the office of financial research, matters within the jurisdiction of the committee on financial services. the instructions in the motion to recommit propose an amendment consisting of a special order of business of the house which is a matter under the jures dick of the committee on rules. as the chair ruled in previous proceedings on october 2, 12, 14th of 2013, instructions in the motion to recommit are not germane because they are not within the jurisdiction of the committee on financial services. accordingly, the motion to recommit is not germane. the point of order is sustained and the motion is not in order. the gentlelady from wisconsin. ms. moore: mr. speaker, i would appeal the rules of the chair. the speaker pro tempore: the question is shall the decision of the chair stands as the judgment of the house? for what purpose does the gentleman from texas -- mr. hensarling: i move to lay the appeal on the table.
the speaker pro tempore: the question is on the motion -- the motion to table. those in favor say aye. those opposed, no. in the opinion of the chair the ayes have it. ms. moore: i would 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 risen, the yeas and nays are ordered. members will record their votes by electronic device. pursuant to clause 8 and clause 9 of rule 20 and the order of the house of today this 15-minute vote on the motion to table will be followed by five-minute votes on passage of the bill if arising without further proceedings in recommital. adoption of amendment number 1 to h.r. 3791. the motion to recommit, h.r. 3791 if ordered. and passage of h.r. 3791 if ordered. this is a 5-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.]
>> on this vote, the yeas are 239, the nays are 176. the motion is adopt. without objection the motion to reconsider is laid on the table. question is on passage of the bill. those in favor say aye. those opposed, no. ayes have it. the bill is passed. the gentleman from texas. mr. hensarling: 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 risen, the yeas and nays are ordered. members will record their votes by electronic device. this is a five-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.]
the speaker pro tempore: on this vote, the yeas are 239, the nays are 179. the bill is passed. without objection, the motion to reconsider is laid on the table. the unfinished business is the vote on the adoption of amendment 1 offered by the gentlelady from illinois, ms. kelly, on which the yeas and nays are ordered. the clerk will designate the amendment. the clerk: amendment number 1 printed in part bmbing of house report 114-489, offered by ms. kelly of illinois. the speaker pro tempore: the question is on adoption of the amendment. members will record their votes by electronic device. this is a five-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.]
the speaker pro tempore: on this vote the yeas are 165, the nays are 253679 amendment is not adopted -- 253, the amendment is not adopted. the question is on engrossment and third reading of the bill. those in favor say aye. those opposed, no. ayes have it, third reading. the clerk: a bill to raise the an consolidated assets threshold for small bank holding company policy
gentlelady from wisconsin seek recognition? ms. moore: eck, i have a motion to -- mr. speaker, i have a motion at the desk. the speaker pro tempore: is the gentlewoman opposed? ms. moore: eye. mr. hensarling: mr. speaker, i reserve a point of order. the speaker pro tempore: anthony: of order is reserved. the clerk: ms. moore of wisconsin moves to recommit the bill to the committee on financial resources, with instructions to report the same back to the house with the following amendment. add at the end the following, section, upon enactment of this act it shall be in order to consider in the house of representatives the concurrent resolution, house concurrent resolution 125, establishing the congressional budget for the united states government for fiscal year 2017, and setting forth the appropriate budgetary levels for fiscal years 2018, 2026. the speaker pro tempore: the clerk will suspend. the gentleman from texas. mr. hensarling: i ask unanimous consent to dispense with the reading. the speaker pro tempore: is there objections? -- is are there objections?
without objection -- are there objections? without objection, the reading is dispensed with. the house will be in order. the gentlewoman from wisconsin is recognized for five minutes in support of her motion. ms. moore: thank you so much, mr. speaker. for recognizing me. today is april 14, everybody. and tomorrow, by law, our budget resolution is due to the passed on the floor. of the house. the speaker pro tempore: the gentlelady will suspend. proceedings in the house will not continue until we have the conversations removed from the floor. the gentlelady deserves to be heard. the gentlelady may continue. ms. moore: thank you, mr. speaker. we've heard a great deal from the majority about the need to return to regular order. and regular order would require us to pass this bill, either today or by tomorrow. so since that bill is not before us, my motion to
recommit would give us an opportunity to vote on the republican budget bill that was passed out of our committee just last month. now, this -- i just want to refresh your memory, mr. speaker. the g.o.p. budget resolution ends the medicare guarantee, makes $6.5 trillion in drastic cuts, increases poverty, and erodes the economic security of all americans. and, mr. speaker, believe it or not, as awful as this is, there is a faction over there that -- among the tea party republicans, who want the opportunity to make it even worse than it is. but they can't submit their awful, worst bill, just like democrats can't offer their alternative bill until we get the republican budget on the floor. and so, by republicans abandoning their promise to return us to regular order, and to pass a budget, it's
ridiculous for us to be passing these -- the speaker pro tempore: the gentlelady will suspend. >> mr. speaker the hot -- the house is -- mr. speaker, the house is not in order. the speaker pro tempore: the house will be in order. the gentlelady may continue. ms. moore: mr. speaker, i mean, how can we talk about subjecting fsoc, for example, to the appropriations process. we can't really do these appropriation bills without a budget. hardworking families deserve to see where we stand on these budgets. and democrats, we want to he our say. i get it. the majority gets its way but the minority gets its say. let's get on the gets its say part. sizz since you guys can't get your act together, my motion to recommit would put that budget on the floor right now. and republicans have the opportunity to pass their bill and then we have the opportunity to offer up our
alternatives. thank you and with that i would yield back the balance of my time. the speaker pro tempore: the gentlelady yields back the balance of her time. mr. hensarling: mr. speaker. the speaker pro tempore: the gentleman from texas. mr. hensarling: mr. speaker, i insist on my point of order because the instruction contains matters in the jurisdiction of a committee to which the bill was not referred, thus violating clause 7 of rule 16, which requires an amendment to be germane to the measure being amended. committee jurisdiction is a central test of germaneness and i must insist on my point of order. the speaker pro tempore: are there other members that wish to be heard on the point of order? if not, the chair is prepared to rule. the gentleman from texas makes a point of order that the instructions proposed in the motion to recommit offered by the gentlelady from wisconsin are not germane. the bill, h.r. 3791, addresses a federal reserve system policy statement relating to small bank holding companies which is a matter within the jurisdiction of the committee on financial services. instructions in the motion to recommit propose an amendment consisting of a special order
of business of the house which is a matter within the jurisdiction of the committee on rules. for the reasons stated by the chair earlier today, the motion to recommit is not germane. the point of order is sustained, the motion is not in order. for what purpose does the gentlelady from wisconsin seek recognition? ms. moore: mr. speaker, i appeal the ruling of the chair. mr. hensarling: mr. speaker. the speaker pro tempore: the question is, shall the decision of the chair stand as the judgment of the house. for what purpose does the gentleman from texas seek recognition? mr. hensarling: i move the appeal on the table. the speaker pro tempore: the question is on the motion to table. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the gentlelady from wisconsin. ms. moore: mr. speaker, i would ask for a recorded vote. the speaker pro tempore: a recorded vote is requested. those in support of the request for a recorded vote will rise and be counted. a sufficient number having arisen, a recorded vote is ordered. members will record their votes by electronic device. pursuant to clause 9 of rule 20rks this 15-minute vote on the motion to table will be followed by a five-minute vote on passage of the bill if arising without further proceedings in recommital. this is a 15-minute vote.