Congressional Record, Volume 162 Issue 20 (Wednesday, February 3, 2016)

[Congressional Record Volume 162, Number 20 (Wednesday, February 3, 2016)]
[House]
[Pages H532-H539]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

ENCOURAGING EMPLOYEE OWNERSHIP ACT OF 2015

The Committee resumed its sitting.
The Acting CHAIR (Mr. Byrne). It is now in order to consider
amendment No. 4 printed in part A of House Report 114-414, which the
Chair understands will not be offered.
It is now in order to consider amendment No. 5 printed in part A of
House Report 114-414, which the Chair understands will not be offered.

Amendment No. 6 Offered by Mr. Issa

The Acting CHAIR. It is now in order to consider amendment No. 6
printed in part A of House Report 114-414.
Mr. ISSA. Mr. Chairman, I have an amendment at the desk.
The Acting CHAIR. The Clerk will designate the amendment.
The text of the amendment is as follows:

Page 16, after line 9, insert the following:
(d) Limitation to New Filers.--The exemptions set forth in
subsections (a) and (b) shall apply only with respect to
issuers that are first required to file financial statements
and other periodic reporting with the Commission under the
securities laws after the date of the enactment of this Act.

The Acting CHAIR. Pursuant to House Resolution 595, the gentleman
from California (Mr. Issa) and a Member opposed each will control 5
minutes.
The Chair recognizes the gentleman from California.
Mr. ISSA. Mr. Chair, my amendment quite simply makes this bill
better. Since 2011, almost 5 years, virtually every single public
company has reported financial statements to the SEC by electronic,
searchable, readable data format, often called XBRL.

{time} 1545

This searchable data allows the investor community to look through
data in a way they never could under paper, and its accuracy is as good
or as bad as the source material that goes onto that paper.
Now, both the author of the bill and myself agree on one thing:
printing paper and sending electronic format is outdated. There is no
question at all that the SEC, the Securities and Exchange Commission,
is long overdue to convert to an all-electronic filing.
As a matter of fact, for most of the people that will be listening
and watching today, they are already electronically filing their income
tax and then printing out a paper copy to stick in a drawer. The idea
that a public company who spends two, three, four or more millions of
dollars in compliance every year would file paper, and then that paper
would be electronically scanned, sent to India, converted to data, and
then analyzed by the investment community is truly about the most
backwards way one could imagine doing it.
What my amendment to Mr. Hurt's bill that is enclosed in the larger
bill says is, we understand that some small startup companies, even
though they are going public, may have a difficult time transitioning,
and the idea that they would be allowed to go optional, as Congressman
Hurt's bill intends, is acceptable if, in fact, it is for a short
period of time, as the eventual transition to all-electronic filing
goes forward.
The many thousands of companies who have been successfully filing
electronically and who have software that makes it simply a push of a
button, coming off of this would, in fact, be a giant step backwards.
As we go toward all-electronic filing and the elimination of the
absurdity of paper as the standard of the Securities and Exchange
Commission, we only ask that this provision be one that is focused on
new companies for a short period of time. That is the reason the
amendment takes the 5-year exemption to all companies to be simply an
exemption to new IPOs; in other words, companies that may not at the
time of their public offering already have the software in place to do
this filing.
Mr. Chairman, I reserve the balance of my time.
Mr. HENSARLING. Mr. Chairman, I claim the time in gentle opposition.
The Acting CHAIR. The gentleman from Texas is recognized for 5
minutes.
Mr. HENSARLING. Mr. Chairman, I say I rise in gentle opposition--I do
not say that tongue in cheek--because the gentleman from California is
highly respected as a Member of this body. His opinions are respected
as an entrepreneur and as a small-business individual. His acumen is
respected as an investor, and so it is not a pleasant experience to
oppose one of his amendments. I appreciate the sentiment with which he
offers it.
I would just remind all that title IV of the bill provides an
optional exemption from the XBRL data filing requirements for emerging
growth and smaller public companies for a limited period of time. I
think there is an open question. One thing that the gentleman didn't
get the benefit of was hearing all the testimony that we had within our
committee. There was a lot of testimony about just how costly this is
to a number of these companies.
Now, if the investing public demands it, then smaller companies will
do it. For example, there was a Sarbanes-Oxley exemption for some
smaller companies and only roughly half of them took it because for
certain smaller companies what they found out was, well, the investors
demanded it.
I would say, again, why don't we let the free market determine this.
We are not talking about the types of information that are provided in
disclosure. We

[[Page H533]]

are talking about the format. We are talking about the format of
disclosure.
We have heard testimony from a company that is spending over $50,000
annually on XBRL compliance and, at least in their case, they can't
find people who follow their company who are actually using it, so that
is $50,000 a year that could go into R&D, that could go into
productivity enhancement, that could go into hiring more individuals.
I am not saying that XBRL is unimportant, but I think to some extent
that at least for the smaller companies, and particularly at this time
in our country's economic history, where we came off of an incredibly
horrendous quarter, and we know that after 8 years of Obamanomics, we
are limping along at half of our average economic growth, I think we
want to err on the side of our small businesses, of our entrepreneurial
ventures, of our small business startups, so I appreciate the value
that XBRL provides to a lot of companies, a lot of investors, but I
think if they demand it enough, we will provide it.
Mr. Chairman, I reserve the balance of my time.
Mr. ISSA. Mr. Chairman, I yield 30 seconds to the gentlewoman from
New York (Mrs. Carolyn B. Maloney), a senior member of the Committee on
Financial Services.
Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I rise in support
of the gentleman's well thought out and meaningful amendment.
All financial regulators in the developed world require searchable
PDFs, as his bill would allow, and that is why the Securities and
Exchange Commission began requiring the extensible business reporting
language. XBRL is the global standard for structured financial
reporting. Why should we be any different?
By removing the requirement for 60 percent of the firms, as H.R. 1965
does, is a step backward for corporate transparency and the ability for
investors to invest in new startups. It is a well-thought-out
amendment. I congratulate you on it. I support it.
Mr. HENSARLING. Mr. Chairman, I reserve the balance of my time.
Mr. ISSA. Mr. Chairman, may I inquire as to how much time each side
has remaining?
The Acting CHAIR. The gentleman from California has 1\3/4\ minutes
remaining. The gentleman from Texas has 2 minutes remaining.
Mr. ISSA. Mr. Chairman, in closing, I have been on the board of a
public company, of multiple public companies. I have taken a company
public, as have many of the supporters of this amendment. I know the
cost of taking a company public. It is in the millions. It is not in
the thousands.
I also know that whether it is Bernie Madoff or Enron or WorldCom or
a host of much smaller companies that have deceived the public, the
Securities and Exchange Commission has an obligation to continuously
improve the material available to the financial community and to make
sure that it is equally searchable and equally accessible to the large
and small investor. That is the reason that I strongly believe that
elimination of paper, not covered in this bill, should not be replaced
by elimination in any way of the reporting under the digital reporting
requirements of the Securities and Exchange Commission.
I would urge Members that this is narrowly focused, much more narrow
than the bill itself. It recognizes that if somebody wants to go public
and not do this, they would have the ability to do so. As Mrs. Maloney
said, for 60 percent of the reporting companies to be exempted out
would begin to rot away the underpinnings of a 5-year-old program that
has been successful.
I would hope people would realize that it is not a necessary, a
draconian backwards step to before 2011. In fact, from my information
and from my experience, it is a de minimis cost to simply include a
digital format that the world can look at and evaluate quicker and with
greater accuracy.

I would like to thank the gentleman from Texas (Mr. Hensarling), the
chairman of the full committee, for bringing a combined bill that I
generally approve of and hope that this amendment will make it a bill I
can vote for.
Mr. Chairman, I yield back the balance of my time.
Mr. HENSARLING. Mr. Chairman, I am happy to yield the balance of my
time to the gentleman from Virginia (Mr. Hurt), the author of title IV
of H.R. 1675.
Mr. HURT of Virginia. Mr. Chairman, I join the chairman of the
Committee on Financial Services in my respect for the proponent of this
amendment. I certainly appreciate his efforts in attempting to make
this title better, but I would point out a couple of things.
The first thing I would say, as the chairman of the Committee on
Financial Services has said, this is a voluntary exemption. It is a
temporary exemption. We heard in the committee this Congress and in
previous Congresses that the XBRL format that has been required by the
SEC since 2009 has not been reliable. A Columbia study that was done in
2012 indicated at that time that only 10 percent of investors actually
used, found XBRL format useful in doing analysis of public companies.
It is for those reasons that we believe that this temporary,
voluntary option for smaller companies not submitting to the SEC in
this format makes sense.
I would submit to you that what this amendment does is it would
require all companies that are currently submitting in this form to
continue. What it would do is exempt future companies. Well, it strikes
me like this. If this XBRL format and process is not ready for prime
time, if it is not ready for prime time for future users, then we also
ought to give relief for those who are currently having to do it and
would like not to do it.
I believe that we should allow all emerging growth companies and
smaller issuers to take advantage of this voluntary exemption while the
SEC is getting this format ready for prime time.
This amendment goes to the very essence of the underlying measure and
would not substantively provide any relief to the small companies who
are currently being negatively impacted by this failed XBRL system.
I urge my colleagues to oppose this amendment and ask for the support
of the underlying bill.
Mr. HENSARLING. Mr. Chairman, I yield back the balance of the time.
The Acting CHAIR. The question is on the amendment offered by the
gentleman from California (Mr. Issa).
The question was taken; and the Acting Chair announced that the noes
appeared to have it.
Mr. ISSA. Mr. Chairman, I demand a recorded vote.
The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further
proceedings on the amendment offered by the gentleman from California
will be postponed.

Amendment No. 7 Offered by Mrs. Carolyn B. Maloney of New York

The Acting CHAIR. It is now in order to consider amendment No. 7
printed in part A of House Report 114-414.
Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, as the designee of
the gentleman from Minnesota (Mr. Ellison), the prime author of the
amendment, of which I am a lead cosponsor, I offer an amendment.
The Acting CHAIR. The Clerk will designate the amendment.
The text of the amendment is as follows:

Strike title IV.

The Acting CHAIR. Pursuant to House Resolution 595, the gentlewoman
from New York (Mrs. Carolyn B. Maloney) and a Member opposed each will
control 5 minutes.
The Chair recognizes the gentlewoman.
Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, this amendment
strikes title IV of H.R. 1675.
Title IV of this bill requires the Securities and Exchange Commission
exempt public companies with less than $250 million in annual revenue
from reporting their financial information as searchable data. This
exemption would cut off access to searchable, easily accessible data
for about 60 percent of all public companies.
Instead of using searchable, structured data, we would return to a
paper-based system. Exempting 60 percent of public companies from
filing their financials in a structured, understandable way makes it
harder for the people who review corporate financial disclosure
documents to understand what is going on in a company. Eliminating the
requirement for searchable data

[[Page H534]]

harms researchers and academics, regulators, investors, and the general
public. All of them will have a harder time understanding the financial
performance of corporations.
If title IV is passed, documents that are nonsearchable must be
manually reviewed to extract useful information, and manual review is
much more prone to error. No other financial regulator in the developed
world does not require searchable PDFs. That is why the Securities and
Exchange Commission began requiring reporting in eXtensible Business
Reporting Language, XBRL. It is the global standard for structural
financial reporting. We would be behind the world if we do this.
By removing the requirement for 60 percent of firms, H.R. 1965 is a
backward step for corporate transparency and for investor knowledge and
investors.
I support this amendment, and I believe that we need to move our
financial analysis into the modern world.

{time} 1600

We spend a great deal of time on the Financial Services Committee
talking about ways to improve small companies' access to capital. Well,
that is exactly what XBRL can do. So I am puzzled that some of my
colleagues on the other side of the aisle would want to move backward
on XBRL instead of moving forward.
XBRL makes it possible for investors and analysts to very quickly
download standardized financial information for an entire industry and
make immediate cross-company comparisons in order to identify the best
performers. It makes it easier for them to invest in startups. This
allows investors to spend more time analyzing data and less time
gathering data.
This will also enable investors to more easily identify the companies
that are diamonds in the rough, so to speak. Very often, these are
small companies that are innovative. These are building models that we
need to support.
Right now, these small companies have trouble attracting the
attention of analysts and institutional investors--this is a
fundamental fact, and we spend a lot of time on the Financial Services
Committee trying to figure out why this is.
Well, one reason is it's simply too time-consuming for analysts and
investors to pick through every small company's hundred-page financial
filings. Economists call these costs ``search costs''--and
unfortunately, they still dramatically outweigh the benefits.
A small company's filings may tell a fantastic story about why that
company is poised to be the next Apple, but if the ``search costs'' are
high enough that analysts and investors never see them, that company
will never get the capital infusion it needs to grow. And our economy
will never realize the benefits that the company has to offer.
This is where XBRL comes in. It dramatically reduces the ``search
costs'' by making it fast and cheap for investors to gather
standardized financial statements for entire industries--including the
small companies that the investor wouldn't have bothered with before.
If those small companies offer greater value than the bigger, more
established companies in the industry, then it will likely be obvious
to the investor when she looks at the data. This will result in capital
flowing more efficiently--not just to the biggest, most well-known
companies, but to the companies that can use that capital in the most
efficient way.
But it's important to remember that if those small companies don't
file their financial information in XBRL format, then their financial
statements won't be part of the investor's data set--and thus will
never get a much-needed capital infusion from that investor.
This is how XBRL can help improve small companies' access to capital.
So if you're concerned about access to capital, then you should vote
for this amendment.
I urge my colleagues to support the amendment.
I yield the balance of my time to the gentleman from Minnesota (Mr.
Ellison), my distinguished colleague, who is now here.
Mr. ELLISON. Mr. Chairman, if you are a company that is going public,
if you are a company that wants to sell shares to retail investors, you
are not a small business. You are a big business. You are in the big
leagues.
Along with the privileges comes some responsibility. If you are too
small to report your data, then you are too small to be on the NASDAQ.
If you can't run with the big dogs, you should stay on the porch.
True, they could choose to report in searchable, structured data, but
that would result in a fractured system. Some report by searchable
data, some by PDFs.
I want the people who review corporate financial disclosure documents
to have the data that they need. They need to find corporate financial
data faster, in more detail, and at lower cost. That is where
eXtensible Business Reporting Language, or XBRL, comes in. XBRL is
operating now.
When the exemption was brought before the previous Congress, two
witnesses testified to costs of $50,000 or more to file in XBRL. But
these two companies appear to be outliers.
The American Institute for Certified Public Accountants found that
smaller firms pay, on average, $10,000 a year. Meanwhile, the group of
companies that would be exempt under this bill paid more than $1
million in legal and financial banking fees in 2013 just to raise
capital from investors. So the cost of XBRL is miniscule compared to
the other costs of being a public company.
This amendment is meritorious, and I ask for its support.
Mr. HENSARLING. Mr. Chairman, I claim the time in opposition.
The Acting CHAIR. The gentleman from Texas is recognized for 5
minutes.
Mr. HENSARLING. Mr. Chairman, every working American knows this
economy stinks. There are no two ways about it.
We have got to jump-start our small businesses and our emerging
growth companies. Entrepreneurship is at a generational low. Let's do
something to actually help our small businesses raise capital. You
can't have capitalism without capital.
The gentleman from Virginia, the author of title IV, provides a very
simple optional exemption from the XBRL data filing requirement. It has
nothing to do with the content of disclosure, Mr. Chairman. All it has
to do with is the format--a format that is very expensive for a number
of our emerging growth companies, some of whom testified that a lot of
investors don't even use it.
So what we are essentially hearing from the author of the amendment
and others is a rough translation that this is in the small business'
best interest because they will need it to attract investors. Well, why
don't we let them make that decision? This is almost the analog of
ObamaCare: the American people were too stupid to know what kind of
health care they needed.
If XBRL works for these small companies, they will use it. If it
doesn't, then they will opt out of it. It is optional for emerging
growth companies and smaller public companies. It is temporary. It is a
huge burden on these companies at a time when we just had one of the
worst quarters of economic growth we have seen in years and when the
economy continues to lag at roughly half of its historic economic
growth.
At some point, I would hope the other side of the aisle would end the
war on small businesses and emerging growth companies. We need title
IV.
I yield the balance of my time to the gentleman from Virginia (Mr.
Hurt), the author of title IV of H.R. 1675.
Mr. HURT of Virginia. Mr. Chairman, I rise in opposition to this
amendment.
The first amendment that we heard about from the gentleman from
California was certainly couched as a friendly amendment. This
amendment, to be sure, is not a friendly amendment because what it does
is strike title IV altogether. I certainly appreciate the comments made
by the gentleman and the gentlewoman in support of the amendment, but I
would suggest to you that this amendment is not a constructive
approach.
There have been a lot of misstatements about what this title does,
but the fact is this: If the SEC were ready to effectively implement
XBRL, we wouldn't be having this conversation, but the SEC is not.
Smaller and emerging growth companies are wasting valuable resources on
a system that is not ready for prime time.
One of the things that was said earlier was that this exemption would
affect 60 percent of the companies that are regulated. The truth of it
is and the perspective that needs to be remembered is this:
Number one, among those 60 percent of companies, we are talking about
only less than 7 percent of the market value of all public companies.
So, in the grand scheme of things, we are

[[Page H535]]

talking about companies that are small.
The second thing we know about them is they are our most dynamic job
creators, period; and the purpose of this bill, the purpose of this
title, is to support those that are actually creating jobs in an
economy where we need jobs desperately.
The other point that I would make is to reiterate again what the
chairman said, and that is that title IV is voluntary. It is optional.
If it is good for the company, then the company can choose to continue
to submit this information in that format. If a company doesn't believe
that it is in its best interest and there is not value to it and to
potential investors, then it is something they should not have to waste
time on.
The second point is that it is completely temporary. It is a
completely temporary exemption that will expire in 5 years.
I agree with where we want to go in terms of the technology, but
asking these small companies who are our Nation's most dynamic job
creators to waste their resources on a system that is not yet useful to
them or to their investors is something that we should not stand for.
With that, I ask my colleagues to oppose this amendment.
Mrs. CAROLYN B. MALONEY of New York. I yield back the balance of my
time.
Mr. HENSARLING. Mr. Chairman, I yield back the balance of my time.
The Acting CHAIR. The question is on the amendment offered by the
gentlewoman from New York (Mrs. Carolyn B. Maloney).
The question was taken; and the Acting Chair announced that the noes
appeared to have it.
Mr. ELLISON. Mr. Chairman, I demand a recorded vote.
The Acting CHAIR. Pursuant to clause 6 of rule XVIII, further
proceedings on the amendment offered by the gentlewoman from New York
will be postponed.

Announcement by the Acting Chair

The Acting CHAIR. Pursuant to clause 6 of rule XVIII, proceedings
will now resume on those amendments printed in part A of House Report
114-414 on which further proceedings were postponed, in the following
order:
Amendment No. 1 by Mr. DeSaulnier of California.
Amendment No. 6 by Mr. Issa of California.
Amendment No. 7 by Mrs. Carolyn B. Maloney of New York.
The Chair will reduce to 2 minutes the minimum time for any
electronic vote after the first vote in this series.

Amendment No. 1 Offered by Mr. DeSaulnier

The Acting CHAIR. The unfinished business is the demand for a
recorded vote on the amendment offered by the gentleman from California
(Mr. DeSaulnier) on which further proceedings were postponed and on
which the noes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.

Recorded Vote

The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The vote was taken by electronic device, and there were--ayes 180,
noes 243, not voting 10, as follows:

[Roll No. 57]

AYES--180

Adams
Aguilar
Ashford
Bass
Beatty
Becerra
Bera
Bishop (GA)
Blumenauer
Bonamici
Boyle, Brendan F.
Brady (PA)
Brown (FL)
Brownley (CA)
Bustos
Capps
Capuano
Cardenas
Carney
Carson (IN)
Cartwright
Castor (FL)
Chu, Judy
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
Dingell
Doggett
Doyle, Michael F.
Duckworth
Edwards
Ellison
Engel
Eshoo
Esty
Fattah
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Garamendi
Gibson
Graham
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Higgins
Himes
Hinojosa
Honda
Hoyer
Huffman
Israel
Jackson Lee
Jeffries
Johnson, E. B.
Kaptur
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kind
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu, Ted
Lipinski
Loebsack
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
Payne
Pelosi
Perlmutter
Peters
Peterson
Pingree
Pocan
Polis
Price (NC)
Quigley
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruiz
Ruppersberger
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schrader
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sinema
Sires
Slaughter
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--243

Abraham
Aderholt
Allen
Amash
Amodei
Babin
Barletta
Barr
Barton
Benishek
Bilirakis
Bishop (MI)
Bishop (UT)
Black
Blackburn
Blum
Bost
Boustany
Brady (TX)
Brat
Bridenstine
Brooks (AL)
Brooks (IN)
Buchanan
Buck
Bucshon
Burgess
Butterfield
Byrne
Calvert
Carter (GA)
Carter (TX)
Chabot
Chaffetz
Clawson (FL)
Coffman
Cole
Collins (GA)
Collins (NY)
Comstock
Conaway
Cook
Costello (PA)
Crawford
Crenshaw
Culberson
Curbelo (FL)
Davis, Rodney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Donovan
Duffy
Duncan (SC)
Duncan (TN)
Ellmers (NC)
Emmer (MN)
Farenthold
Fincher
Fitzpatrick
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gohmert
Goodlatte
Gosar
Gowdy
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Hice, Jody B.
Hill
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurd (TX)
Hurt (VA)
Issa
Jenkins (KS)
Jenkins (WV)
Johnson (GA)
Johnson (OH)
Johnson, Sam
Jolly
Jones
Jordan
Joyce
Katko
Kelly (MS)
Kelly (PA)
King (IA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaHood
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
Pascrell
Paulsen
Pearce
Perry
Pittenger
Pitts
Poe (TX)
Poliquin
Pompeo
Posey
Price, Tom
Ratcliffe
Reed
Reichert
Renacci
Ribble
Rice (SC)
Rigell
Roby
Roe (TN)
Rogers (AL)
Rogers (KY)
Rohrabacher
Rooney (FL)
Ros-Lehtinen
Roskam
Ross
Rothfus
Rouzer
Royce
Russell
Salmon
Sanford
Scalise
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
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke

NOT VOTING--10

Beyer
Castro (TX)
Cramer
Deutch
Farr
Herrera Beutler
Rokita
Rush
Smith (WA)
Westmoreland

Announcement by the Acting Chair

The Acting CHAIR (during the vote). There are 2 minutes remaining.

{time} 1628

Mrs. McMORRIS RODGERS, Mrs. COMSTOCK, Messrs. CRAWFORD, MEEHAN,
BISHOP of Michigan, McCLINTOCK, RODNEY DAVIS of Illinois, WEBSTER of
Florida, BOUSTANY, KATKO, MARCHANT, and GROTHMAN changed their vote
from ``aye'' to ``no.''
Mrs. BEATTY, Mses. BROWNLEY of California and PINGREE, Mrs.
KIRKPATRICK, Messrs. LIPINSKI and LEWIS changed their vote from ``no''
to ``aye.''
So the amendment was rejected.
The result of the vote was announced as above recorded.

[[Page H536]]

Amendment No. 6 Offered by Mr. Issa

The Acting CHAIR. The unfinished business is the demand for a
recorded vote on the amendment offered by the gentleman from California
(Mr. Issa) on which further proceedings were postponed and on which the
noes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.

Recorded Vote

The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 2-minute vote.
The vote was taken by electronic device, and there were--ayes 194,
noes 221, not voting 18, as follows:

[Roll No. 58]

AYES--194

Adams
Aguilar
Ashford
Bass
Beatty
Becerra
Bera
Bishop (GA)
Bishop (UT)
Blum
Blumenauer
Bonamici
Boyle, Brendan F.
Brady (PA)
Brown (FL)
Brownley (CA)
Burgess
Bustos
Butterfield
Calvert
Capps
Capuano
Cardenas
Carney
Carson (IN)
Cartwright
Castor (FL)
Chu, Judy
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Connolly
Conyers
Cooper
Costa
Courtney
Crowley
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
DeLauro
DelBene
DeSaulnier
Dingell
Doggett
Doyle, Michael F.
Duckworth
Duncan (SC)
Duncan (TN)
Edwards
Ellison
Eshoo
Esty
Farr
Fattah
Fleischmann
Foster
Frankel (FL)
Franks (AZ)
Fudge
Gabbard
Gallego
Garamendi
Gosar
Graham
Green, Al
Green, Gene
Grijalva
Hahn
Hanna
Hastings
Heck (WA)
Higgins
Himes
Hinojosa
Honda
Hoyer
Huffman
Israel
Issa
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Jones
Katko
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kind
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu, Ted
Lipinski
LoBiondo
Loebsack
Lofgren
Loudermilk
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maloney, Carolyn
Maloney, Sean
Matsui
McCollum
McDermott
McGovern
McHenry
McNerney
Meeks
Meng
Messer
Moore
Moulton
Nadler
Napolitano
Neal
Nolan
Norcross
O'Rourke
Pallone
Pascrell
Payne
Pelosi
Peters
Peterson
Pingree
Pitts
Pocan
Polis
Price (NC)
Quigley
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruiz
Ruppersberger
Russell
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sanford
Sarbanes
Schakowsky
Schiff
Schrader
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sires
Slaughter
Speier
Swalwell (CA)
Takai
Takano
Thompson (CA)
Thompson (MS)
Titus
Tonko
Torres
Tsongas
Van Hollen
Veasey
Vela
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters, Maxine
Watson Coleman
Webster (FL)
Welch
Wilson (FL)
Yarmuth

NOES--221

Abraham
Aderholt
Allen
Amash
Amodei
Babin
Barletta
Barr
Barton
Benishek
Bilirakis
Bishop (MI)
Black
Blackburn
Bost
Boustany
Brady (TX)
Brat
Bridenstine
Brooks (AL)
Brooks (IN)
Buchanan
Buck
Bucshon
Byrne
Carter (GA)
Carter (TX)
Chabot
Chaffetz
Clawson (FL)
Coffman
Collins (GA)
Collins (NY)
Comstock
Conaway
Cook
Costello (PA)
Crawford
Crenshaw
Culberson
Curbelo (FL)
Davis, Rodney
Delaney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Donovan
Duffy
Ellmers (NC)
Emmer (MN)
Engel
Farenthold
Fincher
Fitzpatrick
Fleming
Flores
Forbes
Fortenberry
Foxx
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Gowdy
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Gutierrez
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Hice, Jody B.
Hill
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurd (TX)
Hurt (VA)
Jenkins (KS)
Jenkins (WV)
Johnson (OH)
Johnson, Sam
Jolly
Jordan
Joyce
Kaptur
Kelly (MS)
Kelly (PA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaHood
Lamborn
Lance
Latta
Long
Love
Lucas
Luetkemeyer
Lummis
MacArthur
Marchant
Marino
Massie
McCarthy
McCaul
McClintock
McKinley
McMorris Rodgers
McSally
Meadows
Meehan
Mica
Miller (FL)
Miller (MI)
Moolenaar
Mooney (WV)
Mullin
Mulvaney
Murphy (FL)
Murphy (PA)
Neugebauer
Newhouse
Noem
Nugent
Nunes
Olson
Palazzo
Paulsen
Pearce
Perlmutter
Perry
Pittenger
Poe (TX)
Poliquin
Pompeo
Posey
Price, Tom
Ratcliffe
Reed
Reichert
Renacci
Ribble
Rice (SC)
Rigell
Roby
Roe (TN)
Rogers (AL)
Rohrabacher
Rokita
Rooney (FL)
Ros-Lehtinen
Roskam
Ross
Rothfus
Rouzer
Royce
Scalise
Schweikert
Scott, Austin
Sensenbrenner
Sessions
Shimkus
Shuster
Simpson
Sinema
Smith (MO)
Smith (NJ)
Smith (TX)
Stefanik
Stewart
Stivers
Stutzman
Thompson (PA)
Thornberry
Tiberi
Tipton
Trott
Turner
Upton
Valadao
Vargas
Wagner
Walberg
Walden
Walker
Walorski
Walters, Mimi
Weber (TX)
Wenstrup
Westerman
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke

NOT VOTING--18

Beyer
Castro (TX)
Cole
Cramer
Cuellar
Deutch
Goodlatte
Grayson
Herrera Beutler
King (IA)
LaMalfa
Palmer
Rogers (KY)
Rush
Salmon
Smith (NE)
Smith (WA)
Westmoreland

Announcement by the Acting Chair

The Acting CHAIR (during the vote). There is 1 minute remaining.

{time} 1632

Ms. KAPTUR changed her vote from ``aye'' to ``no.''
So the amendment was rejected.
The result of the vote was announced as above recorded.
Stated for:
Mr. CUELLAR. Mr. Chair, on Wednesday, February 3, 2016, I am not
recorded on rollcall vote No. 58, Issa of California Part A Amendment
No. 6. Had I voted, I would have voted ``aye.''

Amendment No. 7 Offered by Mrs. Carolyn B. Maloney of New York

The Acting CHAIR. The unfinished business is the demand for a
recorded vote on the amendment offered by the gentlewoman from New York
(Mrs. Carolyn B. Maloney) on which further proceedings were postponed
and on which the noes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.

Recorded Vote

[Roll No. 59]

AYES--173

Adams
Aguilar
Bass
Beatty
Becerra
Bera
Bishop (GA)
Blumenauer
Bonamici
Boyle, Brendan F.
Brady (PA)
Brown (FL)
Brownley (CA)
Bustos
Butterfield
Capps
Capuano
Cardenas
Carson (IN)
Cartwright
Castor (FL)
Chu, Judy
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Connolly
Conyers
Courtney
Crowley
Cuellar
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
DeLauro
DelBene
DeSaulnier
Dingell
Doggett
Doyle, Michael F.
Duckworth
Edwards
Ellison
Engel
Eshoo
Esty
Farr
Fattah
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Garamendi
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Higgins
Hinojosa
Honda
Hoyer
Huffman
Israel
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Jones
Kaptur
Katko
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kind
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu, Ted
Lipinski
Loebsack
Lofgren
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maloney, Carolyn
Maloney, Sean
Matsui
McCollum
McDermott
McGovern
McNerney
Meeks
Meng
Moore
Moulton
Nadler
Napolitano
Neal
Nolan
Norcross
O'Rourke
Pallone
Pascrell
Payne
Pelosi
Peters
Pingree
Pocan
Polis
Price (NC)
Quigley
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruiz
Ruppersberger
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schrader
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sires
Slaughter
Speier
Swalwell (CA)
Takai
Takano
Thompson (CA)
Thompson (MS)
Titus
Tonko
Torres
Tsongas
Van Hollen
Veasey
Vela
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters, Maxine
Watson Coleman
Welch
Wilson (FL)
Yarmuth

[[Page H537]]

NOES--248

Abraham
Aderholt
Allen
Amash
Amodei
Ashford
Babin
Barletta
Barr
Barton
Benishek
Bilirakis
Bishop (MI)
Bishop (UT)
Black
Blackburn
Blum
Bost
Boustany
Brady (TX)
Brat
Bridenstine
Brooks (AL)
Brooks (IN)
Buchanan
Buck
Bucshon
Burgess
Byrne
Calvert
Carney
Carter (GA)
Carter (TX)
Chabot
Chaffetz
Clawson (FL)
Coffman
Cole
Collins (GA)
Collins (NY)
Comstock
Conaway
Cook
Cooper
Costa
Costello (PA)
Cramer
Crawford
Crenshaw
Culberson
Curbelo (FL)
Davis, Rodney
Delaney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Donovan
Duffy
Duncan (SC)
Duncan (TN)
Ellmers (NC)
Emmer (MN)
Farenthold
Fincher
Fitzpatrick
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Gosar
Gowdy
Graham
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Hice, Jody B.
Hill
Holding
Hudson
Huelskamp
Huizenga (MI)
Hultgren
Hunter
Hurd (TX)
Hurt (VA)
Issa
Jenkins (KS)
Jenkins (WV)
Johnson (OH)
Johnson, Sam
Jolly
Jordan
Joyce
Kelly (MS)
Kelly (PA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaHood
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 (FL)
Murphy (PA)
Neugebauer
Newhouse
Noem
Nugent
Nunes
Olson
Palazzo
Paulsen
Pearce
Perlmutter
Perry
Peterson
Pittenger
Pitts
Poe (TX)
Poliquin
Pompeo
Posey
Price, Tom
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
Salmon
Sanford
Scalise
Schweikert
Scott, Austin
Sensenbrenner
Sessions
Shimkus
Shuster
Simpson
Sinema
Smith (MO)
Smith (NE)
Smith (NJ)
Smith (TX)
Stefanik
Stewart
Stutzman
Thompson (PA)
Thornberry
Tiberi
Tipton
Trott
Turner
Upton
Valadao
Vargas
Wagner
Walberg
Walden
Walker
Walorski
Walters, Mimi
Weber (TX)
Webster (FL)
Wenstrup
Westerman
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke

NOT VOTING--12

Beyer
Castro (TX)
Deutch
Goodlatte
Herrera Beutler
Himes
King (IA)
Palmer
Rush
Smith (WA)
Stivers
Westmoreland

Announcement by the Acting Chair

The Acting CHAIR (during the vote). There is 1 minute remaining.

{time} 1635

So the amendment was rejected.
The result of the vote was announced as above recorded.
The Acting CHAIR. The question is on the amendment in the nature of a
substitute, as amended.
The amendment was agreed to.
The Acting CHAIR. Under the rule, the Committee rises.
Accordingly, the Committee rose; and the Speaker pro tempore (Mr.
Young of Iowa) having assumed the chair, Mr. Byrne, Acting Chair of the
Committee of the Whole House on the state of the Union, reported that
that Committee, having had under consideration the bill (H.R. 1675) to
direct the Securities and Exchange Commission to revise its rules so as
to increase the threshold amount for requiring issuers to provide
certain disclosures relating to compensatory benefit plans, and,
pursuant to House Resolution 595, he reported the bill back to the
House with an amendment adopted in the Committee of the Whole.
The SPEAKER pro tempore. Under the rule, the previous question is
ordered.
Is a separate vote demanded on the amendment to the amendment
reported from the Committee of the Whole?
If not, the question is on the amendment in the nature of a
substitute, as amended.
The amendment was agreed to.
The SPEAKER pro tempore. The question is on the engrossment and third
reading of the bill.
The bill was ordered to be engrossed and read a third time, and was
read the third time.

Motion to Recommit

Ms. FRANKEL of Florida. Mr. Speaker, I have a motion to recommit at
the desk.
The SPEAKER pro tempore. Is the gentlewoman opposed to the bill?
Ms. FRANKEL of Florida. I am opposed in its current form.
The SPEAKER pro tempore. The Clerk will report the motion to
recommit.
The Clerk read as follows:

Ms. Frankel of Florida moves to recommit the bill H.R. 1675
to the Committee on Financial Services with instructions to
report the same back to the House forthwith with the
following amendment:

Insert after section 1 the following:

SEC. 2. PROHIBITION ON BAD ACTORS AND PROTECTION OF AMERICAN
RETIREES.

(a) Prohibition.--A bad actor may not make use of any
exemption, safe harbor, or other authority provided by this
Act or an amendment made by this Act or a regulation issued
pursuant to this Act or an amendment made by this Act.
(b) Rulemaking.--The Securities and Exchange Commission
shall issue such regulations as may be necessary to carry out
subsection (a).
(c) Bad Actor Defined.--For purposes of this section, the
term ``bad actor'' means any person that has been convicted
of a felony or a misdemeanor involving securities, including
those securities used for investing in retirement.
Page 19, after line 22, insert the following:
(b) Protection of American Seniors.--The Commission may not
amend or repeal any regulation pursuant to subsection (a) if
such amendment or repeal would weaken the protections
provided for American seniors.

Ms. FRANKEL of Florida (during the reading). Mr. Speaker, I ask
unanimous consent to dispense with the reading.
The SPEAKER pro tempore. Is there objection to the request of the
gentlewoman from Florida?
There was no objection.
The SPEAKER pro tempore. The gentlewoman from Florida is recognized
for 5 minutes.
Ms. FRANKEL of Florida. Mr. 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.
Mr. Speaker, in a bipartisan spirit, I offer a motion to recommit in
order to make needed improvements to the current proposal.
Let me start with the story of Charles Bacino, as noted in ``The
Street,'' a financial news service.
Charles grew up in Pueblo, Colorado. He was an accomplished musician.
He taught music for over 30 years and brought joy to audiences across
our country, from Disney World in Orlando to the Venetian in Las Vegas.
He even performed alongside the famed tenor, Luciano Pavarotti. But
most importantly, Charles was the loving father of three children and
seven grandchildren.
At age 73, as Charles lay dying of pancreatic cancer in a hospital
bed in Las Vegas, he called his financial affairs manager to his
bedside to discuss his investments and put his final affairs in order.
As a morphine drip was working to ease his pain, Charles' financial
adviser persuaded him to invest $82,000 in a cocoa and banana
plantation in Ecuador. Charles gave the adviser the keys to his house
to get his checkbook, and in a matter of moments, his money was gone.
Financial fraud against our seniors cuts deep. Sadly, there are many
more out there like Charles. One in five Americans over age 65 have
been victimized by financial fraud. This equates to seniors losing
nearly $13 billion a year due to financial fraud.
I am sad to report to you that close to 1 million seniors are
currently forgoing meals as a result of economic hardship due to
financial abuse, and this problem may get worse as older Americans live
longer.
Here is the thing: the bill that my colleagues on the other side of
the aisle bring to us today shields abusers like Charles' so-called
financial adviser and strips Congress of the power to protect our
grandmothers and grandfathers from con artists who swindle them.
Mr. Speaker, my motion to recommit would preserve decades of SEC
consumer protections designed to help folks just like Charles. It would
ensure that those criminals who prey on seniors will be held
accountable.
My amendment adds something to this legislation that every person in

[[Page H538]]

this Chamber--Democratic and Republican--should want to do and get
behind: stronger protections for the people who held us in their arms
when we were young and that sheltered us and shared their wisdom with
us as we grew. As they protected us, we must protect them.
Mr. Speaker, I urge my colleagues to vote ``yes.''
Mr. Speaker, I yield back the balance of my time.
Mr. HENSARLING. Mr. Speaker, I rise in opposition to the motion.
The SPEAKER pro tempore. The gentleman from Texas is recognized for 5
minutes.
Mr. HENSARLING. Mr. Speaker, that was a heartbreaking story, and I
have no doubt that it is true. But I would urge the gentlewoman to
perhaps actually read the bill. Unlike ObamaCare and unlike Dodd-Frank,
perhaps if the gentlewoman actually read the bill, which is 20 pages,
not 2,000 pages, she would understand that H.R. 1675 has nothing to do
with her story.

{time} 1645

Fraud is illegal. I repeat: Fraud is illegal. If one is convicted of
a felony under the Securities and Exchange Act of 1934, there is a
statutory prohibition from doing what she has described.
Mr. Speaker, at best, this is a duplicative amendment, it is a
superfluous amendment, and it takes away from the fact that under 8
years of Obamanomics this economy is not working for working people. It
is time to help our small businesses, it is time to help our growth
companies, it is time to put America back to work, and it is time to
reject the motion to recommit.
I yield back the balance of my time.
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

Ms. FRANKEL of Florida. Mr. Speaker, I demand a recorded vote.
A recorded vote was ordered.
The SPEAKER pro tempore. Pursuant to clause 9 of rule XX, the Chair
will reduce to 5 minutes the minimum time for any electronic vote on
the question of passage.
This is a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 184,
noes 241, not voting 8, as follows:

[Roll No. 60]

AYES--184

Adams
Aguilar
Ashford
Bass
Beatty
Becerra
Bera
Bishop (GA)
Blum
Blumenauer
Bonamici
Boyle, Brendan F.
Brady (PA)
Brown (FL)
Brownley (CA)
Bustos
Butterfield
Capps
Capuano
Cardenas
Carney
Carson (IN)
Cartwright
Castor (FL)
Chu, Judy
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Connolly
Cooper
Costa
Courtney
Crowley
Cuellar
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
Delaney
DeLauro
DelBene
DeSaulnier
Dingell
Doggett
Doyle, Michael F.
Duckworth
Edwards
Ellison
Engel
Eshoo
Esty
Farr
Fattah
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Garamendi
Graham
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Higgins
Himes
Hinojosa
Honda
Hoyer
Huffman
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, Ted
Lipinski
Loebsack
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
Peterson
Pingree
Pocan
Polis
Price (NC)
Quigley
Rangel
Rice (NY)
Richmond
Roybal-Allard
Ruiz
Ruppersberger
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Schrader
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sinema
Sires
Slaughter
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--241

Abraham
Aderholt
Allen
Amash
Amodei
Babin
Barletta
Barr
Barton
Benishek
Bilirakis
Bishop (MI)
Bishop (UT)
Black
Blackburn
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
Conyers
Cook
Costello (PA)
Cramer
Crawford
Crenshaw
Culberson
Curbelo (FL)
Davis, Rodney
Denham
Dent
DeSantis
DesJarlais
Diaz-Balart
Dold
Donovan
Duffy
Duncan (SC)
Duncan (TN)
Ellmers (NC)
Emmer (MN)
Farenthold
Fincher
Fitzpatrick
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Gosar
Gowdy
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Hice, Jody B.
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 (MS)
Kelly (PA)
King (IA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaHood
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, Tom
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
Salmon
Sanford
Scalise
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
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke

NOT VOTING--8

Beyer
Castro (TX)
Deutch
Goodlatte
Herrera Beutler
Rush
Smith (WA)
Westmoreland

Announcement by the Speaker Pro Tempore

The SPEAKER pro tempore (during the vote). There are 2 minutes
remaining.

{time} 1653

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.
Mr. HENSARLING. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--yeas 265,
nays 159, not voting 9, as follows:

[Roll No. 61]

YEAS--265

[[Page H539]]

Donovan
Duffy
Duncan (SC)
Duncan (TN)
Ellmers (NC)
Emmer (MN)
Farenthold
Fincher
Fitzpatrick
Fleischmann
Fleming
Flores
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Garrett
Gibbs
Gibson
Gohmert
Gosar
Gowdy
Graham
Granger
Graves (GA)
Graves (LA)
Graves (MO)
Griffith
Grothman
Guinta
Guthrie
Hanna
Hardy
Harper
Harris
Hartzler
Heck (NV)
Hensarling
Hice, Jody B.
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 (MS)
Kelly (PA)
Kind
King (IA)
King (NY)
Kinzinger (IL)
Kline
Knight
Labrador
LaHood
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 (FL)
Murphy (PA)
Neugebauer
Newhouse
Noem
Nugent
Nunes
Olson
Palazzo
Palmer
Paulsen
Pearce
Perlmutter
Perry
Peters
Peterson
Pittenger
Pitts
Poe (TX)
Poliquin
Polis
Pompeo
Posey
Price, Tom
Quigley
Ratcliffe
Reed
Reichert
Renacci
Ribble
Rice (NY)
Rice (SC)
Rigell
Roby
Roe (TN)
Rogers (AL)
Rogers (KY)
Rohrabacher
Rokita
Rooney (FL)
Ros-Lehtinen
Roskam
Ross
Rothfus
Rouzer
Royce
Ruppersberger
Russell
Salmon
Sanford
Scalise
Schrader
Schweikert
Scott, Austin
Sensenbrenner
Sessions
Shimkus
Shuster
Simpson
Sinema
Smith (MO)
Smith (NE)
Smith (NJ)
Smith (TX)
Stefanik
Stewart
Stivers
Stutzman
Thompson (PA)
Thornberry
Tiberi
Tipton
Trott
Turner
Upton
Valadao
Vela
Wagner
Walberg
Walden
Walker
Walorski
Walters, Mimi
Weber (TX)
Webster (FL)
Wenstrup
Westerman
Whitfield
Williams
Wilson (SC)
Wittman
Womack
Woodall
Yoder
Yoho
Young (AK)
Young (IA)
Young (IN)
Zeldin
Zinke

NAYS--159

Adams
Aguilar
Bass
Beatty
Becerra
Bera
Bishop (GA)
Blumenauer
Bonamici
Boyle, Brendan F.
Brady (PA)
Brown (FL)
Brownley (CA)
Bustos
Butterfield
Capps
Capuano
Carson (IN)
Cartwright
Castor (FL)
Chu, Judy
Cicilline
Clark (MA)
Clarke (NY)
Clay
Cleaver
Clyburn
Cohen
Crowley
Cummings
Davis (CA)
Davis, Danny
DeFazio
DeGette
DeLauro
DelBene
DeSaulnier
Dingell
Doggett
Doyle, Michael F.
Duckworth
Edwards
Ellison
Engel
Eshoo
Esty
Farr
Fattah
Foster
Frankel (FL)
Fudge
Gabbard
Gallego
Garamendi
Grayson
Green, Al
Green, Gene
Grijalva
Gutierrez
Hahn
Hastings
Heck (WA)
Hinojosa
Honda
Hoyer
Huffman
Israel
Jackson Lee
Jeffries
Johnson (GA)
Johnson, E. B.
Jones
Kaptur
Keating
Kelly (IL)
Kennedy
Kildee
Kilmer
Kirkpatrick
Kuster
Langevin
Larsen (WA)
Larson (CT)
Lawrence
Lee
Levin
Lewis
Lieu, Ted
Lipinski
Loebsack
Lofgren
Lowenthal
Lowey
Lujan Grisham (NM)
Lujan, Ben Ray (NM)
Lynch
Maloney, Carolyn
Maloney, Sean
Matsui
McCollum
McDermott
McGovern
McNerney
Meeks
Meng
Moore
Moulton
Nadler
Napolitano
Neal
Nolan
Norcross
O'Rourke
Pallone
Pascrell
Payne
Pelosi
Pingree
Pocan
Price (NC)
Rangel
Richmond
Roybal-Allard
Ruiz
Ryan (OH)
Sanchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schiff
Scott (VA)
Scott, David
Serrano
Sewell (AL)
Sherman
Sires
Slaughter
Speier
Swalwell (CA)
Takai
Takano
Thompson (CA)
Thompson (MS)
Titus
Tonko
Torres
Tsongas
Van Hollen
Vargas
Veasey
Velazquez
Visclosky
Walz
Wasserman Schultz
Waters, Maxine
Watson Coleman
Welch
Wilson (FL)
Yarmuth

NOT VOTING--9

Beyer
Castro (TX)
Conyers
Deutch
Goodlatte
Herrera Beutler
Rush
Smith (WA)
Westmoreland

Announcement by the Speaker Pro Tempore

The SPEAKER pro tempore (during the vote). There are 2 minutes
remaining.

{time} 1659

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 against:
Mr. SMITH of Nebraska. Mr. Chair, on rollcall No. 58, I was
unavoidably detained. Had I been present, I would have voted ``nay.''

Personal Explanation

Mr. CASTRO of Texas. Mr. Speaker, my vote was not recorded on
rollcall No. 57 on the DeSaulnier Amendment for consideration of H.R.
1675, Encouraging Employee Ownership Act of 2015. I am not recorded
because I was absent due to the birth of my son in San Antonio, Texas.
Had I been present, I would have voted ``aye.''
Mr. Speaker, my vote was not recorded on rollcall No. 58 on the Issa/
Polis Amendment for consideration of H.R. 1675--Encouraging Employee
Ownership Act of 2015. I am not recorded because I was absent due to
the birth of my son in San Antonio, Texas. Had I been present, I would
have voted ``aye.''
Mr. Speaker, my vote was not recorded on rollcall No. 59 on the
Maloney/Ellison/Quigley/Polis Amendment for consideration of H.R. 1675,
Encouraging Employee Ownership Act of 2015. I am not recorded because I
was absent due to the birth of my son in San Antonio, Texas. Had I been
present, I would have voted ``aye.''
Mr. Speaker, my vote was not recorded on rollcall No. 60 on the
Motion to recommit for consideration of H.R. 1675--Encouraging Employee
Ownership Act of 2015. I am not recorded because I was absent due to
the birth of my son in San Antonio, Texas. Had I been present, I would
have voted ``aye.''
Mr. Speaker, my vote was not recorded on rollcall No. 61 on the final
passage of H.R. 1675, Encouraging Employee Ownership Act of 2015. I am
not recorded because I was absent due to the birth of my son in San
Antonio, Texas. Had I been present, I would have voted ``nay.''

____________________