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tv   U.S. House of Representatives U.S. House of Representatives  CSPAN  March 6, 2018 11:59am-1:59pm EST

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nations that not only unfairly target israel but seek to delegitimize the jewish people to their ancestral homeland? it's disgraceful to see organizations and missions of the united nations fail to take actions on war crimes in syria and the gross human rights violations of the iranian regime or the venezuelan regime or the cuban regime but always find time to condemn and target and isolate israel. of course these insid with us efforts to isolate israel from the global community extend far beyond the united nations. now, i dream of the day when we will not have to fight these fights. i pray for the day when we will not have to fight sanction policies by governments and businesses or at the united nations or here at home on college campuses. >> the aipac conference, including this morning's remarks by israeli prime minister benjamin netanyahu to the conference will air later on the c-span networks. you can also watch it online at
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c-span.org. we're going to leave our coverage here as the u.s. house is about to return for work on u.s. house is about to return for work on a banking regulation bill and another measure re-authorizing the f.c.c. live coverage of the u.s. house here on c-span. the speaker: the house will be in order. the prayer will be offered by our chaplain, father conroy. chaplain conroy: let us pray. eternal god we give you thanks for giving us another day. the prophet isaiah in the first chapter begins his message with these words -- hear oheavens and listen oh earth for the lord speaks. all the heavens and all the earth cannot grasp or contain your word, o lord, when spoken and unleashed upon the world you word catapults messengerings to their -- imaginings to their
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heights. may our hearing turn to listening and our listening make us so attentive that it leads to new understanding and new ways of acting. your word provokes isaiah to cry out to the people if only we were free enough to be raised up by its power or strong enough to be embraced by its full passion. then we, like isaiah would be able to hear in our broadcasted news the vice of violence coming from our own children, and we would lament as a nation searching for prophetic vision until we in our ways of acting change. we pray for this vision now and may all that is done this day in the people's house be for your greater honor and glory, amen. the speaker: the chair has examined the journal of the last
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day's proceedings and announces his approval thereof. pursuant to clause 1 of rule 1, the journal stands approved. the pledge of allegiance will be led by mr. deutch. mr. deutch: i pledge allegiance to the flag of the united states of america and to the republic for which it stands, one nation, under god, indivisible, with liberty and justice for all. the speaker: the chair asks that the house now observe a moment of silence in honor of those who have been killed or wounded in service to our country and all those who serve and their families. the speaker: the chair will entertain up to 15 requests for one-minute speeches on each side of the aisle. for what purpose does the gentleman from texas seek
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recognition? without objection, the gentleman is recognized. mr. johnson: mr. speaker, i se today to honor the memory of the richardson police force officer david garrard. last month he and other officers responded to a domestic disturbance where sherrard were shot and later succumbed to his wound. mr. speaker, david served with the richardson police department for 13 years. he was known for his generosity and bravery but above all he was known for his faith in god which he shared with others.
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sherrard was the first richardson police officer to die in the line of duty. his death is a great loss. his wife and daughters remain in my thoughts and prayers. mr. speaker, i ask my colleagues to join me in honoring the service and sacrifice of david sherrard, a true hometown hero. thank you and i yield back. the speaker pro tempore: the gentleman from texas yields back his time. for what purpose does the gentleman from illinois seek recognition? the gentleman from illinois is recognized for one minute. mr. quigley: thank you, mr. speaker. willie broke the color barrier in professional hockey. all while overcoming racial slurs, doubt and blindness in his right eye. often referred to as the jackie robinson of hockey, willie has been a trusted champion for
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diversity, a proponent of inclusion, and an inspiration for so many young players both off and on the ice. each february we celebrate black history month as well as hockey is for everyone month and no one embodies both of those tributes as profoundly as living legend willie. he's as humble as he is inspiring, often reminding plays he only played in the nhl for 45 games. while that may be true, he changed the game forever. there are few players worthy of being inducted in the hall of fame and it's long overdue willie's name be added to that list. as the hockey hall of fame continues to accept and review nominees submissions before the march 15 deadline, i want to remind everyone of the countless ways willie strengthened and supported this sport. i thank him for his continued efforts to increase access for all people, of all backgrounds to get out on the ice and play the greatest game. thank you and i yield back. the speaker pro tempore: the
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gentleman yields back his time. for what purpose does the gentleman from montreal seek -- from montana seek recognition? mr. gianforte: i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: the gentleman from montana is recognized. mr. gianforte: mr. speaker, i rise today to draw attention to washington's inactivity that is locked up -- has locked up hundreds of thousands of acres of montana public lands. in the 1970's, congress designated over a million acres of montana as wilderness study areas. the u.s. forest service and b.l.m. were charged with determining whether to include them in the national wilderness preservation system. by the early 1980's, the forest service and b.l.m. had made their recommendations, but congress did not act. now nearly 40 years later, congress still hasn't acted and those study areas are still locked up. mr. speaker, last week i introduced the unlocking public lands act and the protect public use of public lands act. these bills will release nearly
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700,000 acres of lands found to be not suitable for wilderness designation and return them to forest service and b.l.m. management. county commissioners, state legislators and impacted communities support this overdue action. congress is about 40 years late in unlocking montana's public lands and increasing public access to them. it's time to finish the job. thank you, mr. speaker, and i yield back. the speaker pro tempore: the gentleman yields back his time. for what purpose does the gentleman from florida seek recognition? >> i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: the gentleman from florida is recognized. >> mr. speaker, it's been just 20 days since the shooting at marjory stoneman douglas in parkland, florida, but when you spend those days going to funerals and memorial services and vigils and when you spend those days meeting with grieving parents who don't know
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what life is without their loved one and when you spend those days demanding that this house take action, it feels a lot longer. mr. deutch: life moves on, new headlines fight to push our pain aside. one parkland student starting her first full week at marjory stoneman douglas since the shooting said this on twitter -- there are no media trucks in sight. don't forget about parkland. mr. speaker, the fight is not over. mr. speaker, this congress cannot and will not just move on from this tragedy. the nation will not forget parkland because this time we join with the marjory stoneman douglas students in declaring, never again, and i yield back. the speaker pro tempore: for what purpose does the gentlewoman from new york seek
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recognition? >> i ask unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. ms. stefanik: mr. speaker, i rise today in recognition of the hard work and dedication of our north country olympians who made history at the 2018 winter games in pyeongchang. the united states women's bobsled team trained in lake placid in my district, finished strong with an incredible silver win. we're also incredibly excited with chris, who made olympic history this year, taking home team u.s.a.'s first-ever medal in men's singles luge. chris trained tirelessly at the olympic training center in lake placid and i know he's inspired the next generation from across our region. chris, the north country has been buzzing with excitement since the winter games began and seeing you on the podium was an incredible moment for us all. congratulations to chris and to all of our olympians who showed the world just what the north
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country has to offer. hank you and i yield back. the speaker pro tempore: for what purpose does the gentleman from michigan seek recognition? mr. kildee: mr. speaker, i seek unanimous consent to address the house for one minute. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. kildee: thank you, mr. speaker. this week is great lakes week. as a michiganner, i am proud of the fact -- michigander, i am proud of the fact that congress has worked to protect the great lakes. the great lakes generate billions of dollars in economic activity and provide drinking water to 40 million people. we have to do everything we can to protect them from harm. unfortunately, president trump recently unveiled his proposed budget, which cuts funding to the great lakes by 90%.
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important restoration initiative that has succeeded and has had bipartisan support. the president nearly eliminates. protecting our great lakes has never been a partisan issue. democrats and republicans have come together before to restore funding cuts that were poe posed by president trump. i'm confident that we will come together again. this great lakes week, as every week, i stand up for the great lakes and those who depend upon them. this is a critical water resource that must be protected. the speaker pro tempore: for what purpose does the gentlewoman from florida seek recognition? ms. ros-lehtinen: thank you, mr. speaker. i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection, the gentlewoman is recognized for one minute. ms. ros-lehtinen: thank you so much, mr. speaker. i rise today to recognize alberto carvalo, the superintendent of miami-dade county public schools, the nation's fourth largest school system with more than 500,000
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students. for the past decade, alberto has worked tirelessly on behalf of students and educators throughout my congressional district. his efforts have propelled miami-dade public schools into a position of national prominence, and it is now one of the nation's highest performing urban school systems. recently, carvalo was offered the opportunity of a lifetime, to run the largest school system in the country, and that is chancellor of new york city schools, but he showed his dedication and commitment to south florida students and teachers when he decided to stay in miami-dade. and as a former florida certified teacher, i am so glad that he is staying to continue leading miami-dade county public schools. mr. speaker, on behalf of our grateful community and countless individuals who have been positively impacted by alberto carvalo's unwavering
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dedication, i want to say thank you, amigo. please stay. thank you. the speaker pro tempore: for what purpose does the gentleman from new york seek recognition? without objection, the gentleman is recognized for one minute. mr. higgins: mr. speaker, nine years ago continental flight 3407 crashed in western new york, killing all aboard and one on the ground. the national transportation safety board found that the cause of the crash was pilot error and poor training. prior to the enactment of flight safety laws, there were two levels of safety. one for the more -- one more stringent for the commercial carriers that we're all familiar with and one considerably less stringent for the ones that we are less aware of. and there were two levels of safety. now there is only one. because of the courageous work of the families of the survivors that came to congress
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and enacted or help congress enact very strict safety regulations. we have not had a commercial crash that ended up in fatality since that time. it's important we not roll back the safety standards as they are based on the national transportation safety board's findings and the work of this congress. i yield back the balance of my time. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? without objection, the gentleman is recognized for one minute. mr. smith: mr. speaker, the special counsel investigation has pushed way beyond its authorized purpose. recent reports indicate that individuals have been questioned about president trump's business activities prior to his entering the 2016 campaign. the private interest of trump family members also are being probed. these lines of investigation clearly violate the scope of the special counsel, which is limited to, quote, any links
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and/or coordination between the russian government and individuals associated with the campaign, end quote. in the interest of justice, the investigation must be limited. the deputy attorney general should do so pleadly to ensure a fair -- do so immediately to ensure a fair process. a rogue investigation should not be allowed to continue. the speaker pro tempore: for what purpose does the gentlewoman from the district of columbia seek recognition? without objection the gentlewoman is recognized for one minute. s. holmes: marco rubio's florida state senate got shock nuffed by the shooting to pass a gun safety bill. the florida house has jet to act. whatever florida does, rubio's token gun bill in florida is belied by his pending bill to
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eliminate virtually all of the district of columbia's gun safety laws. worse, rubio has put his d.c. originally congress to raise his n.r.a. rating for the last two congresses. it did raise the rating from d plus to a. i've managed to save d.c.'s gun safety laws, but rubio's shamefully token responses in the senate to the parkland tragedy will be seen as one more act of hypocrisy until he stops meddling in my district's affairs and withdraws his d.c. gun bill. the speaker pro tempore: members are reminded from ore train from comments and personalities toward members in the senate.
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for what purpose does the gentleman from texas seek recognition? >> i ask unanimous consent to address the house for one minute and to revise and extend my remarks. the speaker pro tempore: without objection the gentleman is recognized for one minute. mr. poe: in the early morning hours, it was cold, damp, and dark in the old spanish mission, the alamo. march 6, 1836. a battle for texas independence. and ll band of 186 texians the haw knows had already rebeled -- repelled two attempts by dictator santa ana and his army of thousands to take the garrison. on this morning, the enemy overwhelmed the volunteers and killed them all, survivors were murdered. travels wrote in a letter on march 3 that a victory by the enemy will cost santa ana more than defeat. he was right, the enemy losses
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were staggering. nd it gave sam houston time to raise another army. texas then was a republic. it was successful because the alamo defenders believed death was preferable to tyranny. today we honor their sacrifice on the altar of liberty. that's just the way it is, eye yield back. the speaker pro tempore: for what purpose does the gentleman from illinois seek recognition? >> i ask permission to address the house for one minute and rhett let's -- and revise and extend my remarks. the speaker pro tempore: without objection the gentleman is recognized for one minute. >> thank you, mr. speaker. last week i was invited to the white house to meet with president trump and his advisors to discuss trade and the renegotiation of nafta. my district is the eighth largest agriculture district in the country. for districts loik mine, the freeh trade is crucial to ensuring that there are new markets for our farmers an
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manufacturing, to sell their products and goods. that is why i urge the president to maintain and strengthen our existing trade agreements including and a half tafment not withdraw or create new barriers to free trade. the american economy is currently booming. thanks to once in a lifetime tax reform. with disposable income seeing its highest jump since 2015. we should be working to build upon this success, not instituting protectionist tariffs that could start a trade war. in the end the cost of tariffs are passed on to consumers. and act like a new form of taxation, which could undo much of the gain we was seen since tax reform. i urge the president and his team to reconsider the blanket tariffs discussed last week and instead focus on fighting specific, unfair trade practices that put american businesses at a disadvantage. i yield back. the speaker pro tempore: for what purpose does the gentleman from south carolina seek recognition?
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>> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection the gentleman is recognized for one minute. mr. wilson: rame is our ally in the northeast and we must stand up for our friends. we have seen six anti-israel resolutions passeds in the last year alone. this is hypocritical discrimination. that's why i introduced house resolution 728 which recognize hs that the united nations human rights council wastes taxpayer money by targeting israel and reiterates they need to stop this shameful behavior toward israel. even the u.n. sec retear general has pronounced disappointment with the human rights council singling israel given the other violations occurring around the world. i was grateful to atent the aipac conference this weekend
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where i participated on a discussion of threats from gaza. i highlighted the threats they face such as the hamas tunnels and talked about the ways to address -- the united states can help address the threats of kidnapping and murder. god bless our troop, we will never forget september 11 and the global war on terrorism. americans appreciate prime minister benjamin netanyahu for his visit to congress today. the speaker pro tempore: for what purpose does the gentleman from pennsylvania seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: without objection the gentleman is recognized for one minute. >> thank you, mr. speaker. this afternoon i'll meet with leaders from the school nutrition association of ennsylvania, commonly known as snap--pa, a statewide organization of school nutrition professionals. mr. thompson: they work to advance quality child nutrition
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programs through education and advocacy. it's an all-volunteer board of directors elected by its membership which currently stands at more than 2,300 individuals. as chame of the agriculture subcommittee on nutrition, a senior mobe then house education work force committee, i know the essential services snap-pa works to provide. students receive high quality, low cost meals thanks to snap-pa. mr. speaker, it is important to remember that for some student the only meal they may receive may be at school. this organization works to keep our children helicoptery and ebb sures they have healthy options for the school programs. i look forward to working with them and thank snap-pa for advancing the availability, call and acceptance of junior high school nutrition programs as an enessential part of education in pennsylvania for more than 60 years. thank you and i yield back. the speaker pro tempore: for
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what purpose does the gentleman from texas seek recognition? >> i ask unanimous consent to address the house for one minute, mr. speaker. the speaker pro tempore: without objection the gentleman is recognized for one minute. >> mr. speaker, i rise in support of the comprehensive regulatory review act. as a former regulator at the fdic, i can tell you that the road to a really bad economy is paved with seemingly good regulations. regulations like the ones that came out of dodd-frank were intended to protect the consumer. but ended up create manager burden, more complexity, more cost and fewer choices and oh, by the way, it destroys relationship banking in rural america and districts i represent. the best way to protect consumers and weed out the bad-acting businesses is a healthy market with robust competition, transparency and more choices for the consumer. the last eight years gave us an administrationive state in place of the freest and greatest economy in the world. we inhered trillions of dollars in regulatory cost, millions of
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hours in paperwork and an economy that's grinded to a near halt. let's continue to rein in the unnecessary regulations, let's get this economy growing again, and let's make america great again. i yield back. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? without objection the gentleman is recognized for one minute. >> thank you, mr. speaker. last december the thomas fire raged through ventura and santa barbara county, eventually becoming the largest wildfire in california's history. our heroic firefighters left their families bind in the holiday season to fight tirelessly on the front lines, saving homes, businesses, and lives. a few short weeks later, our first responders were called back into action when heavy rains brought debris flows that tragically claimed the lives of
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23 people in mont see toe. as residents were evacuating, these brave fire fighters ran toward the disaster without a second thought. pulling people out of the mud and debris for days afterward. i'd like to thank all our first responders to -- responders who so bravely answered the call of duty in these seasons. with us here today are firefighters from i.f.f. local 2046, cal fire local 2881, and the ventura county and california professional firefighters association. thank you all for your unparalleled level of service to keep our loved ones on the central coast safe. thank you for your service. mr. speaker, i yield back. the speaker pro tempore: for what purpose does the gentlewoman from alabama seek recognition? without objection, the gentlewoman is recognized for one minute.
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>> mr. speaker, i rise today to share the news that i recently received that alabama's second district as the 13th largest population of military retirees in the nation. mrs. roby: it goes without saying that this is significant. at the end of last year there were more than 16,000 retirees living in alabama's second district. while i'm glad these retired service members chose us, we are truly honored to have them. as their neighbors it is our job to make sure they fell at home, welcome and most of all appreciated. so mr. speaker, to the 16,000 retired military personnel who call alabama's second district home, i join our state and community in thanking you for your service to our country. we thank you for sacrificing on our behalf. now let us care for you. that starts with making sure that our set rans are receiving the care that they were promised when they signed up to put their lives on the line for this nation. if you are a veteran who needs any kind of case work assistance
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with the department of veterans' affairs, social security administration, or other federal agency, please contact my office now. do not put this off. my staff and i work for you, we are grateful for you and as a representative oalabama's second district i'm here to fight for you. thank you, i yield back. the speaker pro tempore: the chair lay pfers the house an enrolled bill. the clerk: h.r. 3656 to provide for a consistent eligibility date for provision of department of veterans' affairs memorial headstones and markers for eligible spouses and dependent children of veterans whose remains are unavailable. the speaker pro tempore: for what purpose does the gentleman from texas, mr. hensarling, seek recognition? mr. hensarling: pursuant to house resolution 747, i call up h.r. 4607 and ask for its immediate consideration in the house.
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the speaker pro tempore: the clerk will report the title of the bill. the clerk: union calendar number 433, h.r. 4607, a bill to amend the economic growth and paperwork reduction act of 1996 to ensure that federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons and for other purposes. the speaker pro tempore: purr sune to house resolution 747, an amendment in the nature of a substitute con sithsing of the text of rules committee print 115-61, modified by the amendment printed in part b of house report 115-582 is adopted and the bill as amended is considered read. the bill shall be debatable for one hour, equally divided and controlled by the chair and ranking member of the committee on financial services. the gentleman from texas, mr. hensarling, and the gentlewoman from california, ms. waters,
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each will control 30 minutes. the chair recognizes the entleman from texas. mr. hensarling: i ask unanimous consent that all members have five legislative days to revise and extend their remarks and submit extraneous materials on the bill under consideration. the speaker pro tempore: without objection, so order. mr. hensarling: i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. hensarling: before pr seeding to the bill before us on the house, not unlike yourself i am a proud texan. in my days a fifth generation texan. listen very carefully to the gentleman from texas, judge poe, i do wish to remean my colleagues that it was this day in 1836 that brave men in texas took on the minions of tyranny at the alamo. although they lost that battle, they inspired their nation at the time, texas, that would later become part of our nation.
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so on this day that is special to all texans, it should be special to all americans, we remember the cradele of liberty, remember the alamo, god bless texas. mr. speaker, otherwise, i rise also today in support of h.r. 3607, which is a very important piece of legislation brought to us by very hardworking member of the financial services committee, mr. laudermilk of georgia. it is -- mr. loudermilk of georgia. it addresses the dupely kative and outdated regulations that too often have imposed costs on our community financial institutions that ultimately make credit more expensive and less available to our constituents. it passed out of the committee with a very strong bipartisan vote of 38-17 and i congratulate him for his bill. .
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specifically, mr. speaker, this bill requires that all of the regulators that now include the fpb and the ncua, the national credit union association. it ensures that all of our financial regulators, not just some, but all will participate in the economic growth and regulate paperwork reduction egrpra, a law that dates back to the clinton era, and makes sure that all agencies that are prescribed by themselves or impacts our financial institutions. the person of this review, again, is to reduce regulation that's proven overly burdensome, duplicative while maintaining our safety and soundness standards. mr. speaker, all this is is a review. it ensures a review. this bill makes sure these
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agencies meet every seven years for comprehensive regulate evaluation as opposed to the current 10-year standard. this is especially important -- and i salute the gentleman from georgia for his leadership -- because we have seen our financial sector of the economy suffer under the weight, the load, the burden of regulation, particularly because six of the seven heaviest regulate years occurred under the last administration. so we need a more thorough review of these regulations. requiring our federal agencies to simply review their actions in a transparent manner on a more frequent basis, it's simple, it's fair, it's straightforward, it is wise. mr. speaker, a healthy financial system that provides equal opportunity to all americans to achieve financial independence can only exist if we have smart regulation. and the explosive growth of regulation following the
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enactment of dodd-frank has made it significantly harder for our community banks and credit unions to serve their customers and members. and in fact, the complexity and cost of this regulate burden has forced many of them out of business or has forced them to cut back services to their customers and members. and it's one of the reasons why on average we continue to lose one community bank or credit union a day or every other day in america. this should not be happening. but ultimately, mr. speaker, it's not the banks and credit unions we're so concerned about. it's their customers. it's customers like missouri mom michelle who explained to us how frustrating it has been for her 20-year-old daughter with a full-time job to get a loan to buy her first car. again, her daughter has a first-time job, and as michelle explained to us, quote, it's a
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catch 22. you need credit to get credit but no one will give you the credit to begin with. i would like to see our young adults be able to build the credit they need so they can have a decent future. mr. speaker, it's for people like michelle and her daughter that we need this regulate review. it's why we need the bill from the gentleman from georgia. these are the people we're trying to help. or like ann in wisconsin who's trying to get a loan to remodel her attached garage when her son was born and she said, quote, my husband and i have very high credit scores and we have equity in our home. but because my husband has a seasonal job and finds other employment in the winter, the many banks we contacted rejected our loan request. they base that on our annual income only on the job he was currently in and said it was part of the new regulation. well, of course it is, mr.
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speaker. that's why they need to be reviewed. it's people like ann in wisconsin we need to help. our dan, a navy veteran from illinois, who actually had to close down, close down the small auto finance company he started with his wife 25 years ago, and he had to close it down because of new federal regulation. he explains, quote, large companies can afford a separate legal department to deal with these issues and the myriad of new regulations. a small business like ours cannot. we had to make a decision. it was just not worth the risk to continue operations in this anti-business environment, unquote. so, mr. speaker, it's people like michelle, it's people like ann, it's people like dan who deserve the opportunity to have credit for their homes, their autos, their small businesses. and so we must ensure that all of our federal regulators, all
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of our federal financial regulators take a thorough comprehensive view -- review of their regulate burden so we can continue to support the people who need credit. h.r. 4607, again, has garnered strong bipartisan support. it is practical. it is common sense and i urge all of my colleagues to adopt it and i reserve the balance of my time. the speaker pro tempore: the gentleman from texas reserves. the gentlewoman from california is recognized. ms. waters: thank you very much. i yield myself such time as i may consume. mr. speaker, i rise in opposition to h.r. 4607, the so-called comprehensive regulatory review act. so instead of advancing legislation that improves our financial regulate framework, the republican majority is pushing yet another bill that is a giveaway to wall street and predatory lenders.
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let's be clear. this bill is intended to dismantle rules considered inconvenient by the financial services industry. if this bill were enacted, financial services regulators will be forced to spend more time and resources on backward-looking reviews and deregulating the financial services industry rather than strengthening protections for consumers and the economy. allow me to explain. the economic growth and regulate paper reduction act, or egrpra, currently requires the federal reserve, the fdic, and the o.c.c. to conduct a review of the regulations that they have issued in order to identify outdated or otherwise unnecessary regulate requirements imposed on insured depository institutions. the banking regulators conduct
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this review every 10 years, but until now this review has been a relatively balanced careful assessment that banking regulators have done twice in the last two decades. and the regulators have taken this process seriously. the last review took about three years to complete. it involved field hearings and public engagement. the final review included many balanced and thoughtful recommendations to improve rules, many of these that would provide relief for community banks and credit unions but in a way that also maintains safeguards for consumers and protects the interests of the public and the broader economy. unfortunately, h.r. 4607, this bill, will make three major mistakes in changing the current review process.
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first, this bill actually requires regulators to change regulations so that they are less costly and burdensome for, quote, covered persons, end quote. well, who are these covered persons? they are the millions of consumers who were harmed by wells fargo's scheme to open fraudulent accounts without their knowledge. were they? no. are they the many consumers who learned just a few days ago that citi group violated the law by charging them too much interest on their credit cards? no, no. are these covered persons in this bill the latino or african-american families who were discriminated against by jpmorgan chase, bank of america, and so many other banks steering them into more costly mortgages when they qualified for more affordable loans?
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no, not at all. they are seniors -- ones being protected, are they seniors, service members who fall prey to payday lenders that trap them in a cycle of debt? no. are they college graduates who are harassed by debt collectors for their student loan debt? no. under this bill, mr. speaker, covered persons are defined as, quote, any person that engages in offering or providing a consumer financial product or service and any affiliated such person if such affiliate acts as a service provider to such person, end quote. you know what that means? you know who these so-called covered persons in this bill are, who they're talking about? that means wells fargo, jpmorgan chase, citi group,
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bank of america, payday lenders, mortgage brokers, debt collectors, and thousands of other financial companies. all of these companies would get easier rules that limit their cost and burdens without appropriately considering the impact they're going to have on their customers. and this bill does nothing, absolutely nothing to strengthen protections for consumers where there might be deficiencies or gaps in our regulate framework. second, unlike the other banking regulators, which are tasked with ensuring the safety and soundness of the financial services sector, the consumer bureau's unique mission is the protection of consumers and of ensuring that the consumer marketplace operates in a fair, transparent and competitive manner. although it may make sense for the banking agencies to periodically review their
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prudential rules with the focus on their regulating entities, the consumer bureau should be making sure that its rules are appropriately protecting consumers and the interest of the public, not the big financial corporations. in addition, the consumer bureau is already subject to unique accountability and oversight measures that the other financial regulators are not. these special checks and balances include the requirement that the consumer bureau have small business review panels as a part of its rulemaking process and the ability of the financial stability oversight council, that is fsoc, to repeal any of its final rules. and the consumer bureau is already required to review all of its significant rules within five years of the time they go into effect. but in a balanced, balanced manner.
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the third problem with h.r. 4607 is that it will make it harder for the regulators to do their jobs. the bill would require a comprehensive review of all banking and consumer protection regulations once every seven years instead of every decade. if regulators take these reviews as seriously as their previous reviews, as i believe they would, then that would mean they would be tied up, spending nearly half of each seven-year cycle doing regulate reviews instead of supervising their regulated entities and enforcing the law. this bill would impose an unbalanced review process on regulators that favors industry's wishes, favors industry's wishes over consumers and the economy. the methodology in this bill promotes deregulation. that's what this is all about. this is a bill about deregulation. instead of creating a robust
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process to identify gaps or deficiencies in oversight that harm consumers, undermine the safety and soundness of our financial system or jeopardize the country's financial stability. so i cannot support a bill that forces the consumer bureau to weaken rules for wall street and payday lenders. i'm talking about the consumer financial protection bureau. i urge my colleagues to oppose h.r. 4607. i reserve the balance of my time. the speaker pro tempore: the gentlewoman from california reserves. the gentleman from texas is recognized. mr. hensarling: mr. speaker, i am now very pleased to yield five minutes to the gentleman from georgia, mr. loudermilk, again, a very hardworking member of the financial services committee and the author of h.r. 4607. the speaker pro tempore: the gentleman from georgia is
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recognized. mr. loudermilk: thank you, mr. speaker. and i also want to thank my colleague from the republic of texas, chairman hensarling, for giving me this time to move away some of the hyperbole that you may hear today and speak about the truth of what this really simple and commonsense measure really does. the comprehensive regulatory review act reduces the burden that outdated regulations police on small banks and lending institutions across the landscape of america. i'd like to start by thanking some of my colleagues on both sides of the aisle who have worked tirelessly to make this a strong, bipartisan piece of legislation. i appreciate the gentleman from new jersey, mr. gottheimer, for negotiating reasonable changes to this bill and for being an original co-sponsor. i also appreciate mr. duffy and ms. sinema and others who have reach aid cross the aisle to co-sponsor this important piece of legislation. to fully understand this bill,
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mr. speaker, we have to go back to 1996, when congress gai the financial regulatory agencies a useful tool by passing the economic growth and regulatory paperwork reduction act or as you have heard today, more commonly known as gg -- egrpa, this directed the fdic to review regulations once every 10 year, identify regulations that may be outdated, unnecessary or overly burdensome. after that they were to send a report to congress and eliminate any regulations they determined were unnecessary. has been somewhat in l and it was good back 1996 because who would oppose rules the regulators thought were unnecessary. now that we have two reports, 2007 and 217, it's obviously that it could have been more
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effective and produced more useful recommendations through policymakers. in retrospect we also realize we need more direct action from regulators to clean up outdated and unnecessary rules. that's why it's important for congress to revisit egrpa as this bill does. my bill contains several forms to the review process that will breathe new life into this law this tool for regulators and make sure it's not simply a check the box exercise. it will move the review cycle from once a decade to understand every seven years. it will expand to include all regulated financial institutions instead of only insured depository institutions. it will codify the administration into the legislation. the bill will also add the controversial consumer finance protection bureau to the review process this provision is especially important because before dodd-frank consumer
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financial laws were implemented by the three banking agencies but when dodd-frank was ep acted, cfpb was given responsible for enforcing consumer financial laws. since they are exempt from egrpa, these are no longer being comp rehence ily review. dodd-frank requires them to review every phi years after they are enact bud this rules out rules which are considered nonsignificant. it also excludes rules that were adopted before the cfpb was created. also the cfpb's regulatory reviews are under a single five-year lookback period. we must ensure that each regulatory agency is comprehensively reviewing its rules on a regular basis. this rule is not duplicative because it requires them to use find frgs regulatory reviews and reports so the cfpb does -- doesn't waste time on rules already reviewed. most importantly, mr. speaker,
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this bill will rear the agencies to tailor rules that they find to be unnecessarily based on the size and risk profile of the bank or the credit union. mr. speaker, i'd like to repeat that last point because it's so important. this bill does not require the agencies to cut regulations with a broad brush as it has been presented so far. nor does it cut regulations on the payday lending industry as some have argued. it simply states the rules will be adjusted based oen a company's risk if the regulateors determine that to be appropriate. the bill ensures that the financial regulators, the regulators, determine that a regulation is important to consume brother text for safety and soundness, the agency will still have every right to leave that regulation completely intact. this bill is not just about eliminating unnecessary regulations, it is about good government and cleaning up unnecessary red tape that inevitably hurts the consumer.
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mr. speaker, the treasury secretary came to our committee for a hearing last month and i asked him about this very issue. he simply said, and i quote, rules and regulations need to be constantly looked at as markets continually change he also said i'm not sure why the cfpb was excepted from egrppa is so i agree with he change this passed out of committee with 2/3 of the committee members and i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from texas reserves. the gentleman -- the gentlewoman from california is recognized. ms. waters: thank you, mr. speaker and members. i knew that my friends on the opposite side of the aisle would basically refer to small banks. this is what is normally done when we see a deregulatory -- when we see deregulatory efforts
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being made. they talk about how they're trying to help small and community banks. and they fail to talk about the major financial institutions also that is being put forth. when i take a look at the existing law now, the existing law and the economic growth and regulatory paperwork reduction act, i see that their mission is to conduct a review of the regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on snurd depository institutions this deregulatory bill that we have before us goes a lot further and as i said, it's about deregulations and it's
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about reducing cost and liability risk and this does not benefit our consumers at all. again, what we would do in the passage of this bill is simply open up opportunities for the big banks and financial institutions to get rid of the kind of oversight, the kind of laws that we have worked so hard, because it's inconvenient for them or interferes with their bottom line in some way and so i do not want our members to be tricked or fooled to think number one, this is simply about further getting rid of paperwork. or that this is about supporting the small banks. this is about new ways by which to deregulate so that the big nks that are now found to be
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defrauding, found to be discriminate, found to be doing things like wells fargo has done , this is about deregulation that will further enhance their ability to do the kinds of things that we claim to be so opposed to and that harm our consumers. the consumer financial protection bureau that they're now include big way of 4607, should be looked at very carefully. first of all, my friends on the opposite side of the aisle hate the consumer financial protection bureau. they want to get rid of it. they have tried time and time again to undermine it in so many ways. the president has sent mr. mulvaney over there, who is supposed to be over at the office of management and budget, to basically destroy it.
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and so we cannot allow the members of congress to be tricked or fooled that somehow this is helpful that they're bringing in the consumer financial protection bureau. what they want to do is tie the hands of the consumer financial protection bureau and basically change their mission from protection for consumers to deregulation for the biggest banks in america. why do we have the consumer financial protection bureau? that is the center priest of the dodd-frank reform legislation that we worked so hard on. are we forgetting about what happened in 2008? are we forgetting about the recession that was caused by the big banks who had been involved with all of these exotic products and ways by which they homeowners,
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would-be homeowners to try and get mortgages? we can't forget about all of that we have to know that not only did we have a recession, we were headed for a depression. and dodd-frank reform has gone a long way toward eliminating some of the bad practices that were in place that got us into that situation in the first place. and now lit bill litting, my friends on the opposite side of the aisle keep trying to creep in with new ways that they can support these big banks and financial institutions and deregulate. and let them get in the position again where they are tricking our consumers, where they are coming up with these exotic products that cause our consumers to eventually get into fore cle sure, and that would allow the big banks again like wells fargo to come up with all
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these tricks that they use in order to en-- in order to enhance the bottom line. i think we're smarter thaten -- than this i don't think we're going to go for this legislation that's just another way to open the doors to deregulate. i reserve the balance of my time. the speaker pro tempore: the gentlewoman from california reserves. the gentleman from texas is recognized. mr. hensarling: i'm pleased to yield two minutes to the gentleman from ohio, chairman chabot, who is the chairman of the small business committee. the speaker pro tempore: the gentleman from ohio is recognized for two minutes. mr. chabot: thank you, mr. speaker. i rise in support of h.r. 4607, the comprehensive regulatory review act. i want to thank chairman hensarling and the entire financial services committee for their continued critical work on financial regulations. as chairman to have the house small business committee, i consistently hear from main street businesses, small businesses, from all over the country that overregulation is preventing business expansion
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and job growth. just last week i chaired a hearing on a recent report by the nonpartisan government accountability office that explored whether financial regulations were adversely impacting community banks and credit unions. one of the major takeaways from that report was that we need to improve the tools available to financial regulators to reduce those burdens. because small businesses most often rely on conventional bank borrowing to finance development, any additional red tape that reduces access to capital can be a monumental problem for the nation's smallest firms. the bill that we have before us today which would reform the economic growth and regulatory paperwork reduction act of 1996 is a move in the right direction. making sure all financial regulators have a comprehensive process in place to review regulations will strengthen our financial sector and make it more possible for america's small businesses to have access to the capital that they need to
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grow and expand and create more jobs for more americans. and therefore i urge my colleagues to support this commonsense reforms that are in this h.r. 4607, urge them to support this and yield back the balance of my time. the speaker pro tempore: the gentleman from ohio yields. the gentleman from texas reserves. the gentlewoman from california is recognized. ms. waters: i reserve. the speaker pro tempore: the gentlelady from california reserves. the gentleman from texas is recognized. mr. hensarling: i'm pleased to yield three minutes to the gentleman from colorado, mr. tipton, vice chairman of the financial services subcommittee on oversight and investigations. the speaker pro tempore: the gentleman from colorado is recognized. mr. tipton: thank you, mr. speaker. i thank the chairman for this time as well to be able to speak to an important piece of legislation my home state of colorado, we have a tale of two economies. the urban areas have realized economic recovery since 2008 while the more rural communities have been slower to find
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sustained economic growth. essential to these areas and their ability to be able to recover, a topic i speak frequently on is access to credit. as treasuries report to the president in june of 2017 notes, liquidity and regulatory requirements as well as perimeters that guide loan underyiting -- underwriting have limited the ability to supply credit. in other words our community financial institutions have lost access to the tools that they need to be able to help their communities recover. as they've struggled to ply with regulations intended for the largest institutions. mr. speaker, it is our local communities, our small businesses, our first-time home buyers and working families who suffer the consequences from these regulations. mr. speaker, let me give you one example of what unbridled regulation does. how it impacts families trying
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to be able to live the -- to live the american dream. we have an example of a credit union in my home state of colorado had to stop offering hem equity lines of credit to its members because the cost of keeping the forms in compliance with federal regulation exceeded the income generated by the program. in other words, regulation priced this credit union out of a critical market and at a time when rural environment the credit union serves needed access to credit most. fortunately, mr. loudermilk's legislation being considered here today will take important steps to require regulators to consider the institution's size and risk profile as they evaluate the necessity and effectiveness of regulatory rule making under the self-review mandated to them by the economic growth and regulatory paperwork reduction act. importantly, mr. loudermilk's legislation will also expand the egrpra process and the national credit union administration.
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encouraging the tailoring of regulations across the regular taloir -- regulatory spectrum this legislation takes steps to encourage regulators to allow small institutions adequate leeway to exercise reasonably constructed consumer lending regimens to make sure consume verse the broadest array of choices that institutions can appropriately navigate the compliance landscape. mr. speaker, by requiring regulators to more frequently review and tailor regulations, this bill will help put main street back on the path to prosperity and help to end the tale of two i economies in colorado and slout the -- and throughout the nation. making these adjustments will help community bankest and credit unions once again be able to meet the needs of their neighbors and encourage our businesses to be able to grow. i'd like to urge my colleagues to be able to support this legislation and yield back the balance of my time to the chairman. . the speaker pro tempore: the gentleman from texas reserves. the gentlewoman from california is recognized. ms. waters: i reserve the
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balance of my time. the speaker pro tempore: the the entlewoman from california reserves. the gentleman from texas is recognized. mr. hensarling: i now yield three minutes to yet another hardworking member of the house financial services committee, the gentleman from minnesota, reserves. the gentleman from texas is recognized. mr. emmer. the eaker pro tempore: gentleman from minnesota is recognized for three minutes. mr. emmer: i thank the chairman. mr. speaker, the house financial services committee has been working hard for consumers, ocal banks, credit unions, and american entrepreneurs during he 115th congress. today we continue our work with h.r. 4607, the comprehensive regulatory the gentleman from minnesota is recognized for three minutes. mr. emmer: i thank the review ad by my colleague from georgia, representative barry loudermilk. this bill brings accountability and modernization to the current regulatory review process for banks, credit unions, and financial institutions across the country. currently the regulatory audit conducted by our federal financial regulators happens just once every decade. and the consumer financial protection bureau and national credit union administration are
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not technically a part a of that review. it's been 21 years since we to uated possible changes this to this antiquated and inefficient system. that's why we need this comprehensive regulatory review act to ensure the regulations we have in place are working to do what they are supposed to do. protect consumers. this legislation is made even more urgent given the unchecked and inefficient regulations of working against the very consumers our regulatory regime was designed to help. take, for example, the fact that the united states lost nearly 12,000 of its federally insured banks between 1984 and 2016, making it harder for small businesses -- small business entrepreneurs and families to access the credit and capital they need to create new opportunities and grow. these banks struggled under the weight of new regulation either to disappear completely or to be
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swallowed up by the big banks able to absorb the heavy cost of compliance. for those banks that are able to survive, significant tradeoffs are required. in rockford, minnesota, for instance, instead of adding another lender to their team, one small community bank needed compliance l-time officer simply to keep up with the regulatory onslaught from washington. that same bank is spending over $100,000 each year on compliance costs instead of using that money in ways that would benefit the local community. been been's credit unions have also been hit hard by unchecked and outdated regulation. one study found the credit unions in my state of minnesota have incurred $102 million in costs directly related to the increased regulation created by the dodd-frank act. worse still, one in every four minnesota credit union employees spends their time solely on regulatory compliance. mr. speaker, we have a duty to
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stand up for these struggling financial institutions and more importantly the consumers whose communities are hurting without them. we can do that today. representative loudermilk's legislation sailed through the committee in january, receiving support from both sides of the aisle because republicans and democrats know that h.r. 4607 takes necessary and important steps to ease the regulatory burdens which challenge community financial institutions in each and every congressional district. i appreciate the hard work of the bill's sponsor and chairman of the committee to bring this legislation to the floor today and i urge my colleagues to vote yes on the comprehensive regulatory review act. i yield back. the speaker pro tempore: the gentleman yields. the gentleman from texas reserves. the gentlewoman from california is recognized. ms. waters: i continue to reserve the balance of my time. the speaker pro tempore: the gentlewoman from california reserves. the gentleman from texas is recognized. mr. hensarling: mr. speaker, i am pleased to yield one minute to the gentleman from new jersey, mr. gottheimer, a democrat member of the financial
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services committee. mr. gottheimer: thank you, mr. chairman. mr. speaker, i first want to thank congressman loudermilk for working together on the comprehensive regulatory review act. he's been a true partner who has been tireless in pursuing smart regulatory reform policies and finding solutions for the people he serves. we both want to get something done for the people we represent. i also want to thank congresswoman sinema for her help and support in leading this legislation. i urge my colleagues on both sides of the aisle to support the bipartisan comprehensive regulatory review afpblgt america's economic engine has been under pressure for some time now from unnecessarily burdensome and outdated regulations building up on the books of our regulators. it costs us in economic growth and why there are clear times where smart guardrails are necessary, others when it actually holds back smart growth for our country and families. we need a smarter, more efficient government. it is time to relieve these unnecessary burdens and spur business job growth and access to credit in new jersey's fifth district and across the country
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while protecting consumers and our economy. this bipartisan regulatory relief bill does just that. it updates and expands regulators mandatory review of financial regulations while protecting consumers. it also requires the vee view be least every seven years rather seconds. mr. gottheimer: thank you. it requires regulators to consider at this lorg regulation when is least every seven years rather than every 10. will gentleman yield 30 seconds? mr. hensarling: an additional 3. the act will cut bureaucratic red tape and help our economy thrive without putting consumers at risk. there should be nothing partisan about helping entrepreneurs and businesses of all sizes grow, create jobs, and expand the economy. with this measure democrats and republicans join together to ensure outdated and unnecessarily burdensome regulations are eliminated or reformed to better fit the needs of individual financial institutions which ultimately saves americans money, consumers and families grow, and helps business, too. t protects always american
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consumers. thank you, mr. speaker. i yield back my time. the speaker pro tempore: the gentleman from new jersey yields. the gentleman from texas reserves. the gentlewoman from california -- ms. waters: i continue to reserve. the speaker pro tempore: the gentleman from texas is recognized. mr. hensarling: i'm happy to yield three minutes to the gentleman from north carolina, mr. budd. the speaker pro tempore: the gentleman from north dakota is recognized for three minutes. mr. budd: thank you, mr. speaker. thank you, again, mr. chairman. also thank you to my friend from georgia for leading on this issue. i rise today in strong support of his bipartisan bill, the comprehensive regulatory review act. it strikes me as common sense that federal regulators should review the regulations and rules on a consistent basis. they should also seek comment from the people who these rules actually affect. mr. loudermilk's bill helps accomplish this goal by requiring the cfpb and the national credit union administration to do so every seven years. mr. speaker, since the implementation of dodd-frank, community banks and credit unions have had a more difficult time serving their customers.
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the red tape and additional burden brought on by dodd-frank has increased cost for the consumer and reduced their choices in the market for financial products. one agency in particular that's guilty for this and put their additional burden is the cfpb which has finalized over 60 rules since their creation. many of the rules are duplicitous and unnecessary. i think at the very least they and study how the regulations are affecting real folks in the real world. i hear from financial institutions back home how the cfpb has done nothing but harm their community bank and credit union. they are being overwhelmed by the volume and complexity of regulations, and that is just not ok. harmonization is the goal of this bill and that should not be partisan or even controversial. we simply want less people buried in paperwork and more people starting businesses through their local financial institutions. this bill is supported from
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folks across the political spectrum and i am excited about the good it will do for my financial institutions back home and consumers in my district. i want to again thank mr. loudermilk for introducing this important piece of legislation. and that will ensure our financial system is functioning efficiently for hardworking americans. mr. speaker, i yield back. the speaker pro tempore: the gentleman from north carolina yields. the gentleman from texas reserves. the gentlelady from california is recognized. ms. waters: i continue to reserve the balance of my time. the speaker pro tempore: the gentlelady from california reserves. the gentleman from texas is recognized. mr. hensarling: mr. speaker, i'm very pleased to yield three minutes to the gentleman from missouri, mr. luetkemeyer, a real leader on our committee for common sense regulation and the chairman of our financial services subcommittee on financial institutions. the speaker pro tempore: the gentleman from missouri is recognized for three minutes. mr. luetkemeyer: thank you, mr. speaker. thank you, chairman hensarling, for your great work and leadership on o the financial services committee. i thank the gentleman from
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georgia, mr. loudermilk, he's craft add commonsense, bipartisan bill that require the financial regulators and consumer financial protect bureau to conduct a review of all the regulations promulgated with the intent of identifying those outdated or duplicative. across the nation financial companies continue to suffer as a result of the burdensome regulations. whoo my friends on the other side of the aisle don't always recognize is the impact it has on the ability of those companies to serve their customers. take cyber security as an example. financial firms of all sizes are forced to adhere to an overlapping regulatory regime that is focused on fighting yesterday's war. i spoke with the major bank just last week that has cyber security exngses from the federal reserve, treasury department, and multiple state banking agencies, and that doesn't include the foreign entities that regulate the international businesses of this bank. each agency has a slightly different exam process and
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requires slightly different information. this type of regime doesn't protect companies from cyber threats. the lack of coordination means this institution spends more time reacting to the regulators than it does protecting its customers. a look at the antiquated regimes surrounding the enforcement of the bank secrecy act anti-money laundering laws. what was the -- was it originally intended to be a reasonable process that fostered collaboration between financial institutions and law enforcement has become so onerous that banks are choosing to drop customers or close entire books of business to avoid the compliance burdens. processes like this, like these, do very little to help consumers or the integrity of the financial system. every time i speak to bank or credit union in missouri, i ask what one rule or regulation they find to be the most burdensome. or they had like to see changed. the answer is always the same. it didn't just one. it's the weight of all the rules
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combined that's restricting credit and the availability of financial services in our communities. we have to make a change, mr. speaker. mr. loudermilk's legislation would institute a more thoughtful approach to regulation that will not only offer regulatory relief but also foster a more responsible, stable financial marketplace. as the gentleman from georgia has said in the past, this bill about regulatory leaf, it's about good government. this -- relief, it's about good government. i hope every member of this body stands for responsible government and joins me in supporting h.r. 4607 today. thank you, mr. speaker. i yield back the balance of my time. the speaker pro tempore: the gentleman from missouri yields. the gentleman from texas reserves. the gentlelady from california is recognized. ms. waters: i reserve the balance of my time. the speaker pro tempore: the gentlelady reserves. the gentleman from texas is recognized. i have no ing: further speakers. i' prepared to close. -- i'm prepared to close. the speaker pro tempore: the gentleman reserves. the gentlelady from california
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is recognized. ms. waters: thank you very much. before i proceed with my closing, i'd just like to make a few comments about some of the information that was shared i h further with us by members on the opposite side of the aisle. i want to remind them that these poor little banks that you're talking about, which includes in america,ig banks made record profits in made record profits in 2016 more than $170 billion, and they are billions more from that tax bill, that tax scam giveaway to wall street. 75% since 2010. and so when my friends on the opposite side of the aisle continue to talk about how the banks are suffering, i don't know who they are talking about. as a matter of fact, the real
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bipartisanship of this committee is about community banks. and democrats have led and will continue to lead on every way and everything that we can do for community banks. but i notice that my friends on the opposite side of the aisle deregulation deregulation , they frame it in such a way that you would think that it's all about community banks , when in fact, they always attach to anything that they do for mmunity banks they attach to it the biggest banks in america. so this shows how my colleagues on the other side of the aisle value wall street over families and businesses on main street.
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this would cause them to loosen their rules to benefit bad actors on wall street. the bill doesn't even allow regulators to consider how to improve safe gards to better protect consumers. it is absurd that we're here today discussing yet another bill that leads to massive deregulation and seeks to tip the scales in fare of the financial industry. the interest of the public or what we should be focused on this bill is yet another piece of the harmful and reckless republican agenda. only a few months ago, republicans jammed their tax scam legislation through this chamber. they added $1.8 trillion to the federal debt in order to line the pockets of wall street and other mega corporations with billions in tax cuts and leaving families on main street and generations of their children just to pick up the tab. democrats rejected that terrible piece of legislation and should
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now reject h.r. 4607 as well. americans for financial reform a coalition of more than 200 consumer civil rights investor, retiree, community labor, faith-base and business groups said that h.r. 4607, quote, contains no consideration of the public benefits that are the justification for psychiatry ating the regulations in the first place in which regulators should be seeking to preserve. any mandate to tailor regulations must include consideration of public benefits rather than being a one-sided directive to reduce business costs, unquote. i agree. for members who are concerned with maintaining strong protections i would highlight that trump's o.le b.m. director, mick mulvaney, has been illegally installed as acting
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director of the consumer financial protection bureau and is working every day to dial back the important work other con -- of the consumer bureau from within. congress should not be giving mr. mulvaney or anyone the president eventually appoints an is con fied to serve as the next director of the consumer bureau a gllt to gut consume brother texts and reduce the consumer bureau's ability to hold bad actors accountable. i urge my colleagues to oppose h.r. 4607 and i yield back the balance of my time. the speaker pro tempore: the gentlelady yields. the gentleman in texas is recognized. mr. hensarling: thank you, mr. speaker. i yield myself the balance of the time. mr. speaker, i listened very carefully to my friend on the other side of the aisle and again her comments were very eavy on extraneous material. unfortunately it was a little
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light on the facts of h.r. 4607. the text of the bill is 3 1/2 pages long so it doesn't take very long to read but i remind all my colleagues this is common sense. in and of itself, this bill changes no rules. all it does is it tells our regulators, you know what, every seven years why don't you look at what you've done and publish a report. if you want to change any rule you have to go through the formal rule making process. to repropose a rule. to get public comment. so again, in and of itself it changes no rules. i almost want to ask my friend on the other side of the aisle what is she scared of? what is so wrong with simply looking at the rules that have been promulgated to see if they're actually working? are they helping our constituents? are they making economic opportunity more available for
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all? and what's so odd is the original egrpra legislation that dates back to the clinton era was overwhelmingly supported on both sides of the aisle. so what the gentleman from georgia is doing in h.r. 4607 is simply saying you know, all financial regulators, including the national credit union association and the consumer financial protection bureau which really didn't even exist in the clinton era, they ought to do the same thing. and they're saying instead of doing it every 10 years, let's do it every seven years. just take a look and report. that's all it is. it's a self-reporting requirement which i think, mr. speaker, is why this is already been supported overwhelmingly on a bipartisan basis in the house financial services committee. so all of the various scare tactics and horror stories we've heard from the other side of the aisle on a mere reporting
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requirement, again, i ask mr. chairman, mr. speaker, what are they scared of? what we're ultimately trying to do here is make sure that the regulatory burden is not such that it harms the very people i spoke about earlier in my opening comments. that it doesn't hurt dan, a navy veteran from illinois, who because of the regulatory burden was forced to shut down his small business. that it doesn't hurt ann in wisconsin who was just trying to get a loan to remodel her garage. that it doesn't hurt michelle and her daughter in missouri who, her daughter was simply seeking a car loan to buy her first car. these are the people we're trying to help and by the way, all banks, small, medium, and large, are lending to businesses and to consumers and we want
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hem to do that in a robust but responsible way. is from time to time, let's look at the regulations and ensure, ensure that they are still lping us achieve equal financial opportunity for all, so our constituents can achieve their share of the american dream, that they can achieve financial independence. so this received a strong poirn support, madam speaker, in the house financial services committee. it ought to receive strong bipartisan support on the house floor. so i urge all members to vote for, adopt, h.r. 4607 and i yield back the balance of my ime. the speaker pro tempore: all time for debate has expired. pursuant to house resolution 747, the previous question is ordered on the bill as amended.
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the question is on engrossment and third reading of the bill. those in favor say aye. those opposed, no. the ayes have it. third reading. the clerk: a bill to amend the economic growth and regulatory paperwork reduction act of 1996 to ensure that federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons and for other purposes. the speaker pro tempore: for what purpose does the gentlewoman from massachusetts eek recognition? frurn does the gentlewoman from massachusetts seek recognition? >> thank you, madam speaker, i have a motion to recommit at the desk. the speaker pro tempore: is the gentlewoman opposed to the bill? >> i am opposed. the speaker pro tempore: the gentlewoman qualifies. the clerk will report the motion. the clerk: ms. clarke of massachusetts moves to rechit -- ms. clark of massachusetts moves to recommit the bill and report
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the same back to the committee forthwith with the following amendment, strike otherwise derped and insert such action is at the request of and for the personal gain of the president, his or her immediate family members or senior executive branch officials who are required to file annual disclosure forms or is otherwise determined inappropriate. the speaker pro tempore: the gentleman from missouri has receive -- reserved a point of order. pursuant to the rule, the gentlewoman from massachusetts is recognized for five minutes in support of her motion. ms. clark: thank you, madam speaker. s the final amendment to the bill which will not kill the bill or send it back to committee. if adopted, the bill will immediately proceed to final passage as amended. my amendment is a commonsense measure that protects the american people from corruption and conflicts of interest. my amendment simply states that before taking any action to eliminate or change a
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regulation, regulators must disclose any communications from the white house or the president's family advocating for the action and whether the president, his family, or any enior administration officials would benefit financially from such action. the american people need to have confidence that their government is working in the best interest of the people. and not to enrich a president and his family and wealthy friends. every day, the news is filled with stories that raise this very question. does the trump family benefit when the e.p.a. loosens environmental safeguards on construction projects? does jared kushner's deeply indebted family business receive favorable treatment when the advocates for certain policies? do the president's sons get special permits from foreign
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governments when the president changes policies toward these those countries? who in the administration gets richer when our coasts are opened up to oil drilling, when tariffs are levied on steel, when predatory lenders are allowed to prey on college students? president trump has rejected the norm that all modern day presidents have followed. his refusal to release his tax returns or to remove himself om his family business necessitates codifying the norms and pracktoifs previous president into law and this disclosure. congress must do its job and provide a necessary check on a president that has shown contempt for his basic duty to put americans first. all of these policies affect american families. they affect the taxes we pay, the air we breathe, whether our kids can afford to go to
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college. we deserve to know if these decisions are being made to enrich a president and if they're being made at the taxpayers' expense. this simple act of disclosure will allow the american people to judge for themselves who this administration is really looking out for. i yield back. the speaker pro tempore: the gentlelady yields back. for what purpose does the gentleman from missouri seek recognition? >> madam speaker, i wish to withdraw my point of order and claim time in opposition. the speaker pro tempore: the reservation is withdrawn. the gentleman is recognized. >> thank you, madam speaker. i appreciate the opportunity to discuss this matter today. it's kind of interesting that we have before us an amendment that basically is something that deals with a financial services
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bill, something that deals with financial services issue, yet we had the e.p.a. and a whole bunch of others brought into the discussion here which have nothing to do with what we're trying to talk about here today. mr. luetkemeyer: the amendment talks about the president or his how iate family members, sit possible that unless those family members have the authority to make the request that they even should be considered? this is sort pulling things out of the air here that make no sense to me. this is a simple bill that we had where all we're looking at trying to do is take the egrpra law that says that every 10 years, that all the rules and regulations are reviewed. and all we're doing is putting two agencies back into this group of agencies that are under review, one that was not -- even in existence at the time of the bill's passage back in the
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1990's, the cfpb, and the other one that needs to be included is the national credit union folks. and all we're doing is taking a 10-year review down to seven. why is this controversial? we're taking an agency that does not even include in this originally and putting it under the purview of this bill so that there can be review of the rules and regulations. is there lack of transparency on the other side? do we no longer want to be concerned about what's going on? do we no longer want to know that the rules and regulations are being appropriately adjudicated by these agencies? i think that's the wrong way to go. i think we need more transparency. reducing it from 10 years down this seven years gives us the opportunity to have a more constant review of these things to make sure that bureaucratic folks in the executive branch of the government don't run away with what should be in my view the authority of the congress.
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madam speaker, i think that the motion to recommit is way out of line here. i don't think we need to waste any more time on it than that. i move to ask folks to decline the amendment. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. without objection the previous question is ordered on the motion to recommit. the question is on the motion. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. the motion is not agreed to. ms. clark: madam speaker, i ask for a call of the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a votey the yeas and nays will rise. a sufficient number having raisin -- risen, the yeas and nays are ordered. pursuant to clause 8 of rule 20, further proceedings on this uestion will be postponed.
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pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to suspend the rules own which a recorded vote or the yeas and nays are ordered, or votes objected to under clause 6 of rule 20. the house will resume proceedings on postponed questions at a later time. for what purpose does the gentleman from kentucky seek recognition? >> madam speaker, i move to suspend the rules and pass the bill h.r. 2226, as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 2226, a bill to amend the truth in lending act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held on an originating depository
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institutions portfolio and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from kentucky, mr. barr, and the gentleman from michigan, mr. kildee, each will control 20 minutes. the chair recognizes the gentleman from kentucky. mr. barr: madam speaker, i ask unanimous consent that all members may have five legislative days to revise and includeheir remarks and extraneous material on this bill. the speaker pro tempore: without objection. mr. barr: madam speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. barr: madam speaker, h.r. 2226, the portfolio lending and mortgage access act, represents a very simple solution to a significant policy challenge facing our economy. how to expand access to mortgage credit without replicating the accumulation of excess risk in mortgage-backed securities like we witnessed in the run-up to the 2008 financial crisis. my legislation achieves both
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goals by extending the qualified mortgage legal safe harbor to small creditors, banks, and credit unions with total consolidated assets of $10 billion or less. that originate and hold residential mortgage loans in portfolio rather than selling or secure advertising them, allowing -- securitizing them allowing those lenders to' the rule. such policy would incentivize private sector risk retention, a goal of the dodd-frank act it sefment and mark a return to relationship lending in which a banker credit union can tailor products to a consumer's needs and credit risk without running afoul of one size fits all government requirements. under cfbp regulation, only government defined qualified mortgages enjoy a presumption that a lender has satisfied the dodd-frank law's ability to repay requirement. small banks and credit unions
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have been disproportionately impacted by these rules given their reliance upon residential mortgage lending and greater involvement in small dollar or balloon loans that run afoul of regulations. it is no surprise, then, that harvard researchers have found since dodd-frank's passage, community banks have lost market share at a rate double that experience between 2006 and 2010, a period including the entirety of the financial crisis. it is also not a surprise that many small community financial institutions have testified in front of the house financial services committee and to many of our colleagues that they have simply left the mortgage business all together because of the difficulties associated with the q.m. rule as currently constructed. a third of the national association of real stores survey respondents reported being unable to close mortgages due to a requirement of the qualified mortgage rule. residential mortgages were the product or service most often identified by surveyed banks as
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a candidate for discontinuation as a result of dodd-frank. in a recent study by the john f. kennedy school of government at harvard university, documents share of bank participation in mortgage originations. everyone agrees especially after the 2008 financial crisis a borrower should be required to show an ability to repay. the only question is, who is in the best position to make that determination? a community banker with a professional and perhaps even a personal relationship with the borrower who has full few of that borrower's character, creditworthiness, and who is willing to assume 100% of the downside risk of default? or is it an unaccountable, un-elected bureaucrat in washington, d.c., who literally knows absolutely nothing about that borrower? by bearing 100% of the risk, financial institutions have every incentive to make sure that a borrower can afford to repay a loan. banks and credit unions would
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have more than just skin in the game. under this legislation, their interest would align perfectly with that of a borrower. as one witness in front of our committee testified, a financial institution that retains a loans credit and interest rate risk has a keen interest in engaging in thorough sound underwriting to determine the borrower's ability to repay. allowing a financial institution to make a customer specific lending decision on a loan it intends to hold in its portfolio can be a more effective way of protecting consumers than regulatory attempts to micromanage mortgage terms with an inflexible standard. no less than barney frank, former chairman of the committee, endorsed this concept in a hearing before our committee. saying he would, quote, like the main safeguard against bad loans to be risk retention because that leaves the decision in the hands of whoever's making the loan, unquote.
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the cf 36789 b also -- cfpb also acknowledged this point where it recognized portfolio lenders have strong incentives to carefully consider whether a consumer will be able to repay a portfolio loan, at least in part because the small creditor retains the risk of default. this legislation also presents a viable alternative to the original to distribute mortgage lending model that contributed to the subprime mortgage meltdown and bubble and real estate and taxpayer bailouts. the result is expanded access without additional risk to financial service or the taxpayer. in fact, this is particularly important for young families and first time home buyers who tend to have difficulty meeting the ability to repay requirements due to circumstances such as significant student loan debt, but who are otherwise creditworthy. working on this
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legislation for five years now and i'm happy to announce that this year we had a bipartisan break through. that working on this legislation is because at the ce markup i offered an amendment that limited the scope of this bill to financial institutions in less than $10 billion assets. and my distinguished colleague, representative capuano, offered a technical amendment that enhanced the legislation by clarifying a few key provisions. i am pleased to report because of those two amendments the portfolio lending and mortgage access act passed with unanimous support in the committee and is now on the floor today for consideration. i want to thank chairman hensarling, ranking member waters, representative capuano, the kentucky bankers association, the kentucky credit union league, the american bankers association, the independent community bankers association, the credit union national association, the national association of federal credit unions, the national association of home builders, and the united states chamber of commerce for their hard work on this important legislation. if passed by the house, it is my hope that the port knollo lending and mortgage access act moves quickly through the senate.
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11 of our democratic colleagues in the upper chamber support this exact language which is in chairman crapo's community financial institution relief bill. together republicans and chaps can deliver on the regulatory relief that many of us in this body have promised to our constituents that will enable more of them to buy the home of their dreams. i invites all our colleagues to vote for this important pro-homeownership legislation that perfectly aligns lender and borrower interests to the benefit of america. with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from michigan is recognized. mr. kildee: thank you, madam speaker. i thank my colleague for his persistence in offering this legislation and as he said, in committee, we had a successful markup where we were able to unanimously support this legislation. it's important legislation. we don't agree on everything.
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one doesn't have to go very far, back to committee right now where we have a rather contentious markup on a budget views and estimates it. as i said in that meeting, when we do agree, we should come together. and representative barr and i have talked about this issue for quite some time and i'm pleased to see it move forward. i urge my colleagues to support h.r. 2226, the portfolio lending and mortgage access act. which would allow certain mortgages that are originated and retained in portfolio by a bank with less than $10 billion in assets to be considered as qualified mortgages. in the leadup to the financial crisis, there were a number of mortgage lenders that did not do their due diligence in underwriting mortgages. we saw a number of exotic products being offered to individuals and families premised on a continually rising housing market. these no dock loans where the lender did not document or
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verify a borrower's income, there were real consequences for those loans. many of these borrowers never really had any hope of paying back those loans. those mortgages went into default. the foreclosures helped lead to a financial crisis that devastated the u.s. economy. and millions of families were stripped from their single source of wealth, the equity in their home. in the wake of that crisis, this congress passed the dodd-frank act. it requires lenders to assess a consumer's ability to repay their mortgage loans. we also provided statutory penalties for mortgage lenders that did not follow these new underwriting standards. congress also directed the consumer bureau to enact regulations to create a safe harbor for creditors where it would be presumed that the creditor evaluated the borrower's ability to repay. in 2013, under the direction of
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former director, the bureau released its ability to repay qualified mortgage rule. this rule defined how lenders could take advantage of that safe harbor. qualified mortgages commonly referred to as q.m. loans, are a special category of loans that underwriting standards and certain nonpredatory loan features that help make them more likely that borrowers will be able to afford their underwriting standards and certain mortgages. so if a lender originates a q.m. loan, it means that the lender met certain requirements. it is assumed that the lender ollowed the ability to repay rule as drafted by the consumer bureau. this also allows the lender to be shielded from certain types of liability rule as drafted by associated w originating bad loans. i and my colleagues were pleased that the bureau tailored the rule to ensure lenders who serve
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rural and underserved communities have flexibility in serving their customers. while that was a first, very good first step, congress has pushed to expand this tailoring to include even more community banks and credit unions consistent with safe and sound operations. h.r. 2226, as amended in committee, provides this targeted and i think reasonable relief. as representative barr and i have talked, there are additional refinements to the bill that i would have still like to have seen adopted such as additional guardrails on the types of products offered. i am glad, however, and as mr. barr indicated, that the leadership of the committee, the majority agreed to crucial language offered by mr. capuano to improve the bill. as amended lenders are required to continually hold these loans in portfolio and not only consider and document, but verify a mortgage -- borrower's
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income information. congress should not be in the business of allowing lenders to underwrite and offer mortgage loans that borrowers have no ability to repay. i'm supportive of this bill for that reason, but also because i believe it will help in areas of the country that have weaker housing markets. this has really been the reason i have been interested in the issue of portfolio lending. as many know, i represent flint, michigan, which not unlike a number of communities across the country, have very weak and very low cost markets. you can purchase a single family home in flint for $25,000. not $250,000, $25,000. under the q.m. rules, financial institutions sometimes justifiably struggle to make these small mortgages. resulting in even more stagnant markets. it's a vicious cycle.
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and weakens these markets permanently. we can't get people financed into mortgages, these communities and markets will never recover. this bill will encourage community banks and credit unions to make those smaller mortgages, to help weaker markets. it's for that reason and many others, but particularly for that reason, that i encourage my colleagues to support this legislation. it's a big step in the right direction for weak markets. i hope my colleagues will join me in supporting it. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from kentucky is recognized. >> i want to thank my friend, the gentleman from michigan, for his constructive comments, his support, and the gentleman is correct. he engaged with me and my colleagues who are co-sponsoring this legislation in a constructive manner. mr. barr: he made valuable contributions along with mr.
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capuano and several other members on the other side of the aisle, mr. perlmutter, for example, offered his thoughtful comments as well. and i appreciate the support, the bipartisan support, working through a compromise to get this legislation to where it is today. i thank the gentleman. at this time i'm pleased to yield two minutes to the gentleman from minnesota, also a sponsor of this legislation and a member of the financial services committee, a distinguished member, mr. emmer. the speaker pro tempore: the gentleman is recognized for two minutes. mr. emmer: when the house passed the financial choice act to repeal dodd frank last year, we did so because we believe in main street. we believe in the consumer. the american consumer. dodd frank promised to protect consumers from the big banks on wall street. in reality, dodd-frank has punished small banks and credit unions and ultimately the american consumer. the loss of community financial institutions tells the story.
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in my state of minnesota, we have 513 community banks in 2000, today we have about 309 and continue to experience a drought in de novo charters. credit unions have unfortunately faced similar challenges. this means there are fewer places for americans to turn when they're seeking a loan for their first home or perhaps to get a small business off the ground. one specific provision in dodd-frank requires lenders to deny loans to individuals who do not meet government prescribed standards. this, according to washington, makes loans safer, since of course government knows best. but in reality, these mortgages have not been made safer. they have been made unavailable. and as a result, the likelihood of getting approved for a loan and becoming a homeowner has plummeted. representative barr's legislation, the portfolio lending and mortgage access act, takes steps to empower lenders
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in minnesota and across the country to better serve their needs of their customers by panding access to credit for american borrowers. at the end of the day, the most effective way to make sure an individual has the ability to repay does not need to be government prescribe. i fleesht -- my colleague from kentucky's hard work to reinvigorate our financial institutions and urge my colleagues to support h.r. 2226 as it comes before the house for a vote. i yield back. the speaker pro tempore: the gentleman reserves. the gentleman from michigan. mr. kildee: i reserve. the speaker pro tempore: the gentleman reserves. the gentleman from kentucky is recognized. >> madam speaker, i'm pleased to yield three minutes to the gentleman from illinois, also i believe a sponsor of the legislation, mr. hultgren. the speaker pro tempore: the gentleman is recognized for three minutes. mr. hultgren: thank you, madam
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speaker, thank you, chairman barr. i rise to speak in support of h.r. 2226, the mortgage lendingen and mortgage access act. this is something chairman barr worked on for at least two congresses now and i feel we're finally in a place where we can get some commonsense changes to the cfpb's rules that provide relief to community banks and credit unions. i was pleased to see this legislation get a unanimous vote in the financial services committee earlier this year. i'm also happy to see that the senate banking committee has taken note of this issue and advanced similar legislation. the todd-frank act required the consumer financial protection bureau to come up with a series of new rules regarding mortgage lening. one was the so-called qualify mortgage rule which provids a safe harbor to loans if they meet certain criteria prescribed by the bureau this effectively means that the market treats any loans that are not qualified mortgages as being much riskier. the bureau's rule isest terribly challenging for community banks and credit unions.
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these do not tend to be as automated as larger financial institutions. they also tend to put more money and more time into underwriting marges to reflect the unique circumstances of the customers in their communities. however the cfpb's qualified mortgage rule took away much flexibility from the lenders by doing things like instituting a 42-3 debt to income ratio. a one size fits all is almost never a good approach. the cfpb's rule did not acknowledge the fact that small lenders do not tend to sell the loans into the secondary market. they keep 100% of the risk on their portfolio this means these lend verse a strong insent toiv issue loans that they believe will be repaid. if loans held on portfolio can be treated as qualified morblings, these banks and credit unions will have arisk a mortgages. the portfolio lending and mortgage access act would treat loans held on portfolio as
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qualified mortgages if they meet some other criteria such as not having a negative amortization of interest or interest only features. this change to the cfpb's qualified mortgage rule will go a long way southward simplifying how our community financial institutions can help families achee the dream of home ownership. i've been hearing about this legislation for years from credit unions and banks in illinois and i'm confident it will help my constituents. i encourage my colleagues to support this important legislation and yield back the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from mp is recognized. mr. kildee: i'm prepared to close if mr. barr is prepared to close. mr. barr: thank you, madam speaker. just to reiterate, we don't agree on everything, even some of the debate in this conversation i think we could find areas of disagreement. when it. co-s to the specifics of this
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legislation, i think it strikes a good balance. the lance for me being notion that we cab deem those emergencies held by smaller institutions as long as they're held by portfolio as meeting q.m. requirements. what we get is in weak markets we get a chance for folks who have been locked out of home ownership to get a small mortgage, literally on a 25 -- on a $5,000, $30,000, or $40,000 home and begin to build equity that will return to that family and community for a long, long time. i support the legislation and urge my creags to join me in voting yes on it. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the gentleman from kentucky is recognized. mr. barr: thank you, madam speaker. in closing, let me just reiterate that this solves two problems. it solves the problem of responsible expansion of access to mortgage credit, access to
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that american dream of home ownership, and at the same time preventing the mistakes that led to the 2008 financial crisis. the originate to distribute model where originators of mortgages had no skin in the gim and allowed those mortgages to be poorly underwritten rr not underwritten at all with no documentation and securitized an sold into the secondary market without any eye toward the consumer and borrower's ability to repay. everybody in this institution as evidenced by the bipartisan work here, we all recognize that a borrower should demonstrate an ability to repay that loan. but the crux of this legislation is a -- at the core of the legislation is a recognition that a local community banker, a local credit union, a lender, with a personal relationship with a borrower is in the best position to determine whether or not that borrower that
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prospective homeowner can repay that loan. when there's risk etension, when that lender is charged with responsibility of maintaining that loan in portfolio, the lender is much more incentivized to properly underwrite that loan and make sure that that customer that borrower, that future homeowner has a demonstrable ability to repay. and i think it's a much better substitute to a one size fits all credit box from bure rats in washington, d.c. who have noy toward the credit worthiness of that particular borrower. we have worked to make this a bipartisan petion of legislation limiting the size of the institutions that can access this regulatory relief but clearly when community financial institutions, bankers from around the country, every part of the country are saying that they see the q.m. rule as not qualified mortgages but quitting
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mortgages, and when we see an unnecessary constraint of mortgage credit and when the national association of realtors are reporting that they're unable to close mortgages due to this onerous qualified mortgage rule, clearly the pendulum has swung too far. and so yes we needed some reforms in the aftermath of the financial crisis this q.m. rule went too far. this is a recalibration of that and this is important regulatory relief for our community financial institutions that will ineuroto the benefit of the american -- i neuroto the benefit of the american public -- that will inure to the benefit of the american public. with that, let me make one final observation, that is to give credit to the administration. the department of treasury in their findings and recommendations in their report
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on banks and credit union they recognize that this was a problem in the mortgage lending space and they made a recommendation also to increase the portfolio lending safe harbor to institutions with $10 llion in assets or lower and that, as they argued, will accommodate loans made and retained by small depository institution, provide that needed regulatory relief to our financial institutions and expand access to mortgage credit in a responsible way. so with that, madam speaker, i thank my colleagues for their support, and at this time i have no further requests for time and therefore yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the question is, will the house suspend the rules and pass the bill h.r. 2226 as amended. those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 being in the affirmative, the rules are suspended, the bill is
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passed and without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from kentucky seek recognition? >> i move to suspend the rules 4725.ss the bill h.r. the speaker pro tempore: the clerk will report the title of the bill. he clerk: h.r. 4725, a bill to require short form reports for certain depository institutions. the speaker pro tempore: pursuant to the rule, the gentleman from kentucky, mr. barr, and the gentleman from michigan, mr. kildee, each will control 20 minutes. the chair recognizes the gentleman from kentucky. mr. barr: madam speaker, i rise today in support of h.r. 4725, the community bank reporting relief act. community banks were hit hard by the great recession and the ensuing regulations. numerous bankers have told me they are spending more and more money and resources and time on
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compliance costs and less money and resources on actually providing services to customers. this is particularly alarming because these small banks are so critical to their communities. from sponsoring the local t-ball team to lending money to a farmer for the next year's crop, to helping the single mom purchase a used car so she can get to work, these banks are involved at every level of our communities all across america. but because of overregulation, these banks are rapidly closing and consolidating. unfortunately, the headline for banks in the commonwealth of kentucky is no different. since the enactment of the dodd-frank financial control law we have seen a 20% drop in the number of banks in our state an there's been a dearth of charters for new banks. in fact, since 2010, there have been only a few de novo charters for banks nationwide. some people say that consolidation and mergers have been a long-term trend for the last 30 years and therefore not
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related to the recent uptick in regulations, unrelated to dodd-frank. but they are clearly not seing the bigger picture because even after mergers many branches in rural and other underserved communities are closing, leave manage kentuckians to drive a town or two other just to get -- over just to get to the nearest bank. it's not just about a long-term trend of consolidation, there have been no new charters whereas before the dodd-frank law was enacted there were many, many new charters every year and since the dodd-frank law was enacted no new charters. the consolidation trend has gotten worse since the avalanche of red tape coming out of washington, d.c. that's having a very negative impact on rural and underserved american communities. while new technologies are helping bring banking services to anyone with an internet connection, many people still prefer the personal, one-on 46 one banking style they grew up

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