[Congressional Record Volume 161, Number 7 (Wednesday, January 14, 2015)]
[House]
[Pages H394-H396]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
PROMOTING JOB CREATION AND REDUCING SMALL BUSINESS BURDENS ACT
The SPEAKER pro tempore. Pursuant to clause 1(c) of rule XIX, further
consideration of the bill (H.R. 37) to make technical corrections to
the Dodd-Frank Wall Street Reform and Consumer Protection Act, to
enhance the ability of small and emerging growth companies to access
capital through public and private markets, to reduce regulatory
burdens, and for other purposes, will now resume.
The Clerk read the title of the bill.
Motion to Recommit
Mr. MOULTON. Madam Speaker, I have a motion to recommit at the desk.
The SPEAKER pro tempore. Is the gentleman opposed to the bill?
Mr. MOULTON. I am opposed in its current form.
The SPEAKER pro tempore. The Clerk will report the motion to
recommit.
The Clerk read as follows:
Mr. Moulton moves to recommit the bill H.R. 37 to the
Committee on Financial Services with instructions to report
the same back to the House forthwith, with the following
amendment:
Page 3, before line 1, insert the following:
SEC. 3. BAD ACTOR DISQUALIFICATIONS.
(a) In General.--A person may not make use of the
regulatory exemptions under this Act if such person--
(1) has been convicted of providing assistance, either
directly or indirectly, to a terrorist organization or a
state sponsor of terrorism;
(2) has been made subject to any judicial or administrative
decree or order arising out of a governmental action that
determined that the person provided assistance, either
directly or indirectly, to a terrorist organization or a
state sponsor of terrorism; or
(3) is affiliated with another person who has been
convicted of providing assistance described under paragraph
(1) or who has been the subject of a decree or order
described under paragraph (2).
(b) Regulatory Exemptions Under This Act Defined.--For
purposes of this section, the term ``regulatory exemptions
under this Act'' means the following:
(1) The exemptions provided under section 4(s)(e)(4) of the
Commodity Exchange Act and section 15F(e)(4) of the
Securities Exchange Act of 1934, as added by title I.
(2) The exceptions for affiliates provided under section
2(h)(7)(D)(i) of the Commodity Exchange Act and section
3C(g)(4)(A) of the Securities Exchange Act of 1934, as added
by title II.
(3) The registration threshold for savings and loan holding
companies provided under section 12(g) of the Securities
Exchange Act of 1934 and the exemption from filing for
savings and loan holding companies provided for under section
15(d) of such Act, as added by title III.
(4) The registration exemption for mergers and acquisition
brokers provided under section 15(b) of the Securities
Exchange Act of 1934, as added by title IV.
(5) The exemption from XBRL requirements provided under
title VII.
(6) The conformance period for certain collateralized loan
obligations provided under section 13(c)(2)(B) of the Bank
Holding Company Act of 1956, as added by title VIII.
(7) The increase in the dollar amount from $5,000,000 to
$10,000,000 under section 230.701(e) of title 17, Code of
Federal Regulations, required by title XI.
Page 30, line 2, insert after the period the following:
In issuing such rule, the Commission shall not eliminate any
requirement to disclose--
(1) a conviction, including a conviction of providing
assistance, either directly or indirectly, to terrorist
organizations or state sponsors of terrorism; or
(2) a judicial or administrative decree or order arising
out of a governmental action, including a decree or order
that determined that the person provided assistance, either
directly or indirectly, to terrorist organizations or state
sponsors of terrorism.
Mr. HENSARLING (during the reading). Madam Speaker, I ask unanimous
consent to dispense with the reading.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Texas?
There was no objection.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Massachusetts is recognized for 5 minutes in support of his motion.
Mr. MOULTON. Madam Speaker, this is 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.
From Paris to Boston, New York to London, we have seen in recent
weeks and years that the threat of terrorism in our world remains
constant. All Americans must remain vigilant, and this Congress must do
everything in its power to prevent another terrorist attack.
History shows that leveraging America's economic strength is one of
our Nation's best tools to combat the scourge of terrorism. We have
forced rogue regimes like Iran to the negotiating table with strong
economic sanctions. We have punished bad actors in Russia and North
Korea by cutting off their access to global financial markets. And we
ought to ensure that no one convicted of aiding and abetting
terrorists, or state sponsors of terror, can take advantage of our
financial system.
That is what my amendment does. It simply makes clear that no one who
has been convicted of providing assistance, either directly or
indirectly, to a terrorist organization or a state sponsor of terrorism
can make use of the exemptions in the underlying bill.
The bill before us today is complex. It is a complex piece of
legislation that includes measures that previously passed this House
with large bipartisan support as well as other more controversial
provisions.
The American people did not send us to Congress to find areas where
we disagree. Our constituents sent us to Congress to get things done
for all Americans. We could have moved forward today with a legislative
package that includes commonsense reforms that protect consumers and
create the conditions for economic growth. Reasonable people may
disagree on the merits of this bill, but we should all be able to agree
that those who support terrorists and state sponsors of terrorism
should never use our financial system to their benefit. My amendment
prevents this from happening.
I urge a ``yes'' vote on the motion to recommit, and I yield back the
balance of my time.
Mr. HENSARLING. Madam Speaker, I rise in opposition to the motion to
recommit.
The SPEAKER pro tempore. The gentleman from Texas is recognized for 5
minutes.
Mr. HENSARLING. Madam Speaker, I listened carefully to the motion to
recommit. I suppose I have some good news for the gentleman who offered
it, and that is there are numerous bad actor provisions already within
our Federal securities law. So, with the possible exception of the
unconstitutional power grab of our President in granting amnesty and
possibly allowing new bad actors to enter our country, I think that the
motion to recommit is probably largely irrelevant.
Let's get down to the substance of the matter, and that is, Madam
Speaker, here is an idea that is worthy of the American people. That
idea is: Why don't we work on a bipartisan basis to promote job
creation and reduce small business burdens?
That is exactly what H.R. 37 does. We all know it is a rollup of 11
simple, modest bills, all of which have passed this body with huge,
huge bipartisan support. H.R. 634 passed 411-12; H.R. 5471 passed by
voice vote; H.R. 801 passed 417-4; H.R. 2274, 422-0, Madam Speaker.
So this passed in the last Congress. Unfortunately, Senator Reid
didn't take it up. Maybe one of the reasons that his party lost the
last election is because of the obstruction that the former Senate
majority leader imposed on the American people.
Last week, it came within a dozen votes of passing. It would have
passed, Madam Speaker, but so many of my friends on the other side of
the aisle apparently were for it before they were against it, and they
changed their vote. So why the change of heart? Madam Speaker, there
was a change of heart because the left hand doesn't know what the far
left hand is doing.
Three of these bills represent very modest clarifications or
modifications of the 2,000-page Dodd-Frank Act. And to the ultraleft,
the ultraliberal friends, Dodd-Frank is no longer policy. It is no
longer philosophy. It is an article of religious faith. It is sacred
text. It was chiseled in stone. It came down from Mount Sinai.
Meanwhile, the community banks and the Main Street businesses that
[[Page H395]]
are trying to put America back to work are suffering under the sheer
weight, load, volume, complexity, and cost of the regulatory burden
that has been imposed by our friends on the left.
The left aims their rhetoric at Wall Street, but they vote against
Main Street. The hardworking American families and those who want to
work become collateral damage. Main Street doesn't want to occupy Wall
Street; they just want to quit bailing it out. And that is what we need
to do, Madam Speaker.
So it is time to get America back to work. It is time to work on a
bipartisan basis. It is time to grow this economy from Main Street up,
not Washington down. Reject the MTR. Vote in favor of promoting job
creation and reducing small business burdens.
I yield back the balance of my time.
{time} 1215
The SPEAKER pro tempore. Without objection, the previous question is
ordered on the motion to recommit.
There was no objection.
The SPEAKER pro tempore. The question is on the motion to recommit.
The question was taken; and the Speaker pro tempore announced that
the noes appeared to have it.
Recorded Vote
Mr. MOULTON. Madam Speaker, I demand a recorded vote.
A recorded vote was ordered.
The SPEAKER pro tempore. Pursuant to clause 9 of rule XX, this 5-
minute vote on the motion to recommit will be followed by a 5-minute
vote on passage of the bill, if ordered.
The vote was taken by electronic device, and there were--ayes 183,
noes 242, not voting 8, as follows:
[Roll No. 36]
AYES--183
Adams
Aguilar
Ashford
Bass
Beatty
Becerra
Bera
Beyer
Bishop (GA)
Blumenauer
Bonamici
Boyle (PA)
Brady (PA)
Brown (FL)
Brownley (CA)
Bustos
Butterfield
Capps
Capuano
Cardenas
Carney
Carson (IN)
Cartwright
Castor (FL)
Castro (TX)
Chu (CA)
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Connolly
Conyers
Cooper
Costa
Courtney
Crowley
Cuellar
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
Delaney
DeLauro
DelBene
DeSaulnier
Deutch
Dingell
Doggett
Doyle (PA)
Edwards
Ellison
Engel
Eshoo
Esty
Farr
Fattah
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Graham
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Higgins
Himes
Hinojosa
Honda
Hoyer
Israel
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Jones
Kaptur
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kind
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu (CA)
Lipinski
Lofgren
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maloney, Carolyn
Maloney, Sean
Matsui
McCollum
McDermott
McGovern
McNerney
Meeks
Meng
Moore
Moulton
Murphy (FL)
Nadler
Napolitano
Neal
Nolan
Norcross
O'Rourke
Pallone
Pascrell
Payne
Pelosi
Perlmutter
Peters
Pingree
Pocan
Polis
Price (NC)
Quigley
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruiz
Ruppersberger
Rush
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schrader
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sinema
Sires
Slaughter
Smith (WA)
Speier
Swalwell (CA)
Takai
Takano
Thompson (CA)
Thompson (MS)
Titus
Tonko
Torres
Tsongas
Van Hollen
Vargas
Veasey
Vela
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters, Maxine
Watson Coleman
Welch
Wilson (FL)
Yarmuth
NOES--242
Abraham
Aderholt
Allen
Amash
Amodei
Babin
Barletta
Barr
Barton
Benishek
Bilirakis
Bishop (MI)
Black
Blackburn
Blum
Bost
Boustany
Brady (TX)
Brat
Bridenstine
Brooks (AL)
Brooks (IN)
Buchanan
Buck
Bucshon
Burgess
Byrne
Calvert
Carter (GA)
Carter (TX)
Chabot
Chaffetz
Clawson (FL)
Coffman
Cole
Collins (GA)
Collins (NY)
Comstock
Conaway
Cook
Costello (PA)
Cramer
Crawford
Crenshaw
Culberson
Curbelo (FL)
Davis, Rodney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Duffy
Duncan (SC)
Duncan (TN)
Ellmers
Emmer
Farenthold
Fincher
Fitzpatrick
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Goodlatte
Gosar
Gowdy
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Herrera Beutler
Hice (GA)
Hill
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurd (TX)
Hurt (VA)
Issa
Jenkins (KS)
Jenkins (WV)
Johnson (OH)
Johnson, Sam
Jolly
Jordan
Joyce
Katko
Kelly (PA)
King (IA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaMalfa
Lamborn
Lance
Latta
LoBiondo
Long
Loudermilk
Love
Lucas
Luetkemeyer
Lummis
MacArthur
Marchant
Marino
Massie
McCarthy
McCaul
McClintock
McHenry
McKinley
McMorris Rodgers
McSally
Meadows
Meehan
Messer
Mica
Miller (FL)
Miller (MI)
Moolenaar
Mooney (WV)
Mullin
Mulvaney
Murphy (PA)
Neugebauer
Newhouse
Noem
Nugent
Nunes
Olson
Palazzo
Palmer
Paulsen
Pearce
Perry
Pittenger
Pitts
Poe (TX)
Poliquin
Pompeo
Posey
Price (GA)
Ratcliffe
Reed
Reichert
Renacci
Ribble
Rice (SC)
Rigell
Roby
Roe (TN)
Rogers (AL)
Rogers (KY)
Rohrabacher
Rokita
Rooney (FL)
Ros-Lehtinen
Roskam
Ross
Rothfus
Rouzer
Royce
Russell
Ryan (WI)
Salmon
Sanford
Scalise
Schock
Schweikert
Scott, Austin
Sensenbrenner
Sessions
Shimkus
Shuster
Simpson
Smith (MO)
Smith (NE)
Smith (NJ)
Smith (TX)
Stefanik
Stewart
Stivers
Stutzman
Thompson (PA)
Thornberry
Tiberi
Tipton
Trott
Turner
Upton
Valadao
Wagner
Walberg
Walden
Walker
Walorski
Walters, Mimi
Weber (TX)
Webster (FL)
Wenstrup
Westerman
Westmoreland
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke
NOT VOTING--8
Bishop (UT)
Duckworth
Garamendi
Huffman
Loebsack
Nunnelee
Peterson
Ryan (OH)
{time} 1220
So the motion to recommit was rejected.
The result of the vote was announced as above recorded.
The SPEAKER pro tempore. The question is on the passage of the bill.
The question was taken; and the Speaker pro tempore announced that
the ayes appeared to have it.
Recorded Vote
Ms. MAXINE WATERS of California. Madam Speaker, I demand a recorded
vote.
A recorded vote was ordered.
The SPEAKER pro tempore. This is a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 271,
noes 154, not voting 8, as follows:
[Roll No. 37]
AYES--271
Abraham
Aderholt
Allen
Amash
Amodei
Ashford
Babin
Barletta
Barr
Barton
Benishek
Bera
Beyer
Bilirakis
Bishop (GA)
Bishop (MI)
Bishop (UT)
Black
Blackburn
Blum
Bost
Boustany
Brady (TX)
Brat
Bridenstine
Brooks (AL)
Brooks (IN)
Brownley (CA)
Buchanan
Buck
Bucshon
Burgess
Bustos
Byrne
Calvert
Carney
Carter (GA)
Carter (TX)
Chabot
Chaffetz
Clawson (FL)
Coffman
Cole
Collins (GA)
Collins (NY)
Comstock
Conaway
Connolly
Cook
Costello (PA)
Cramer
Crawford
Crenshaw
Cuellar
Culberson
Davis, Rodney
Delaney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Duffy
Duncan (SC)
Duncan (TN)
Ellmers
Emmer
Farenthold
Fincher
Fitzpatrick
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foster
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Goodlatte
Gosar
Gowdy
Graham
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Herrera Beutler
Hice (GA)
Higgins
Hill
Himes
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurd (TX)
Hurt (VA)
Issa
Jenkins (KS)
Jenkins (WV)
Johnson (OH)
Johnson, Sam
Jolly
Jordan
Joyce
Katko
Kelly (PA)
Kilmer
Kind
King (IA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaMalfa
Lamborn
Lance
Larsen (WA)
Latta
Lipinski
LoBiondo
Long
Loudermilk
Love
Lucas
Luetkemeyer
Lummis
MacArthur
Maloney, Sean
Marchant
Marino
Massie
McCarthy
McCaul
McClintock
McHenry
McKinley
McMorris Rodgers
McSally
Meadows
Meehan
Messer
Mica
Miller (FL)
[[Page H396]]
Miller (MI)
Moolenaar
Mooney (WV)
Mullin
Mulvaney
Murphy (FL)
Murphy (PA)
Neugebauer
Newhouse
Noem
Nugent
Nunes
Olson
Palazzo
Palmer
Paulsen
Pearce
Perry
Peters
Pittenger
Pitts
Poe (TX)
Poliquin
Polis
Pompeo
Posey
Price (GA)
Quigley
Ratcliffe
Reed
Reichert
Renacci
Ribble
Rice (SC)
Rigell
Roby
Roe (TN)
Rogers (AL)
Rogers (KY)
Rohrabacher
Rokita
Rooney (FL)
Ros-Lehtinen
Roskam
Ross
Rothfus
Rouzer
Royce
Ruiz
Russell
Ryan (WI)
Salmon
Sanford
Scalise
Schock
Schrader
Schweikert
Scott, Austin
Scott, David
Sensenbrenner
Sessions
Sewell (AL)
Shimkus
Shuster
Simpson
Sinema
Sires
Smith (MO)
Smith (NE)
Smith (NJ)
Smith (TX)
Stefanik
Stewart
Stivers
Stutzman
Thompson (PA)
Thornberry
Tiberi
Tipton
Trott
Turner
Upton
Valadao
Wagner
Walberg
Walden
Walker
Walorski
Walters, Mimi
Weber (TX)
Webster (FL)
Wenstrup
Westerman
Westmoreland
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke
NOES--154
Adams
Aguilar
Bass
Beatty
Becerra
Blumenauer
Bonamici
Boyle (PA)
Brady (PA)
Brown (FL)
Butterfield
Capps
Capuano
Cardenas
Carson (IN)
Cartwright
Castor (FL)
Castro (TX)
Chu (CA)
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Conyers
Cooper
Costa
Courtney
Crowley
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
DeLauro
DelBene
DeSaulnier
Deutch
Dingell
Doggett
Doyle (PA)
Edwards
Ellison
Engel
Eshoo
Esty
Farr
Fattah
Frankel (FL)
Fudge
Gabbard
Gallego
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Hinojosa
Honda
Hoyer
Israel
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Jones
Kaptur
Keating
Kelly (IL)
Kennedy
Kildee
Kirkpatrick
Kuster
Langevin
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu (CA)
Lofgren
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maloney, Carolyn
Matsui
McCollum
McDermott
McGovern
McNerney
Meeks
Meng
Moore
Moulton
Nadler
Napolitano
Neal
Nolan
Norcross
O'Rourke
Pallone
Pascrell
Payne
Pelosi
Perlmutter
Pingree
Pocan
Price (NC)
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruppersberger
Rush
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Scott (VA)
Serrano
Sherman
Slaughter
Smith (WA)
Speier
Swalwell (CA)
Takai
Takano
Thompson (CA)
Thompson (MS)
Titus
Tonko
Torres
Tsongas
Van Hollen
Vargas
Veasey
Vela
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters, Maxine
Watson Coleman
Welch
Wilson (FL)
Yarmuth
NOT VOTING--8
Curbelo (FL)
Duckworth
Garamendi
Huffman
Loebsack
Nunnelee
Peterson
Ryan (OH)
{time} 1226
So the bill was passed.
The result of the vote was announced as above recorded.
A motion to reconsider was laid on the table.
Stated for:
Mr. CURBELO of Florida. Mr. Speaker, on rollcall No. 37, had I been
present, I would have voted ``yea.''
____________________