[Congressional Record Volume 161, Number 13 (Tuesday, January 27, 2015)]
[Extensions of Remarks]
[Page E126]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


 PROMOTING JOB CREATION AND REDUCING SMALL BUSINESS BURDENS ACT (H.R. 
                                  37)

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                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                       Tuesday, January 27, 2015

  Ms. McCOLLUM. Mr. Speaker, I rise in opposition to the Promoting Job 
Creation and Reducing Small Business Burdens Act. This bill undermines 
vital consumer protections and regulations afforded by Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Public Law 111-203). On 
January 7, 2015, the House voted on this new bill under suspension of 
the rules where it failed. I did not support this recrafted bill and I 
do not support it now.
  While many of the provisions within H.R. 37 have passed the House in 
a bi-partisan fashion during prior Congresses, this year House 
Republicans have added a new, political provision to weaken consumer 
protections that I cannot support. Undermining the Volcker Rule by 
delaying its implementation until 2019 will again put middle-class and 
working families at financial risk just as our economy has recovered. 
The Volcker Rule prohibits financial institutions from conducting 
speculative investment activities that do not benefit their customers. 
This federal regulation is necessary to safeguard the American people 
from the financial instability and damaged caused by risky trading by 
Wall Street that contributed to the Great Recession.
  This bill is unnecessarily being rushed to the House floor. Neither 
the Financial Services Committee nor the Agricultural Committee has had 
an opportunity to review this bill in this new Congress and assess the 
impacts it would have on our banks and our farmers. Mr. Speaker, I urge 
my colleagues to join me in opposing the Promoting Job Creation and 
Reducing Small Business Burdens Act and instead bring a bill to the 
House floor that protects all Americans not just Wall Street.

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