[Congressional Record Volume 165, Number 144 (Tuesday, September 10, 2019)]
[House]
[Pages H7576-H7579]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
ENSURING DIVERSE LEADERSHIP ACT OF 2019
Mr. SAN NICOLAS. Mr. Speaker, I move to suspend the rules and pass
the bill (H.R. 281) to amend the Federal Reserve Act to require Federal
Reserve banks to interview at least one individual reflective of gender
diversity and one individual reflective of racial or ethnic diversity
when appointing Federal Reserve bank presidents, and for other
purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 281
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ensuring Diverse Leadership
Act of 2019''.
SEC. 2. CONGRESSIONAL FINDINGS.
The Congress finds that--
(1) while significant progress has occurred due to the
antidiscrimination amendments to the Federal Reserve Act,
barriers continue to pose significant obstacles for
candidates reflective of gender diversity and racial or
ethnic diversity for Federal Reserve bank president positions
in the Federal Reserve System;
(2) the continuing barriers described in paragraph (1)
merit the following amendment;
(3) Congress has received and reviewed testimony and
documentation of the historical lack of gender, racial, and
ethnic diversity from numerous sources, including
congressional hearings, scientific reports, reports issued by
public and private agencies, news stories, and reports of
related barriers by organizations and individuals, which show
that
race-, ethnicity-, and gender-neutral efforts alone are
insufficient to address the problem;
(4) the testimony and documentation described in paragraph
(3) demonstrate that barriers across the United States prove
problematic for full and fair participation in developing
monetary policy by individuals reflective of gender diversity
and racial or ethnic diversity; and
(5) the testimony and documentation described in paragraph
(3) provide a strong basis that there is a compelling need
for the below amendment to address the historical lack of
gender, racial, and ethnic diversity in the Federal Reserve
regional bank presidents selection process in the Federal
Reserve System.
SEC. 3. FEDERAL RESERVE BANK PRESIDENTS.
(a) In General.--The provision designated ``fifth'' of the
fourth undesignated paragraph of section 4 of the Federal
Reserve Act (12 U.S.C. 341) is amended by inserting after
``employees.'' the following: ``In making the appointment of
a president, the bank shall interview at least one individual
reflective of gender diversity and one individual reflective
of racial or ethnic diversity.''.
(b) Report.--Not later than January 1 of each year, each
Federal reserve bank shall submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate, the
Committee on Financial Services of the House of
Representatives, and the Office of Inspector General for the
Board of Governors of the Federal Reserve System and the
Bureau of Consumer Financial Protection a report describing
the applicant pool demographic for the position of the
president of the Federal reserve bank for the preceding
fiscal year, if applicable.
SEC. 4. TECHNICAL ADJUSTMENTS.
(a) American Competitiveness and Workforce Improvement Act
of 1998.--Section 418(b) of the American Competitiveness and
Workforce Improvement Act of 1998 (8 U.S.C. 1184 note) is
amended by striking ``Chairman of the Board of Governors''
and inserting ``Chair of the Board of Governors''.
(b) Bretton Woods Agreements Act.--The Bretton Woods
Agreements Act (22 U.S.C. 286 et seq.) is amended--
(1) in section 4(a), by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of
Governors''; and
(2) in section 45(a)(1), by striking ``chairman of the
board of Governors'' and inserting ``Chair of the Board of
Governors''.
(c) Dodd-Frank Wall Street Reform and Consumer Protection
Act.--The Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5301 et seq.) is amended by
striking ``Chairman of the Board'' each place such term
appears and inserting ``Chair of the Board''.
(d) Emergency Economic Stabilization Act of 2008.--The
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201
et seq.) is amended by striking ``Chairman of the Board''
each place such term appears and inserting ``Chair of the
Board''.
(e) Emergency Loan Guarantee Act.--Section 2 of the
Emergency Loan Guarantee Act (15 U.S.C. 1841) is amended by
striking ``Chairman of the Board of Governors'' and inserting
``Chair of the Board of Governors''.
(f) Emergency Steel Loan Guarantee and Emergency Oil and
Gas Guaranteed Loan Act of 1999.--The Emergency Steel Loan
Guarantee and Emergency Oil and Gas Guaranteed Loan Act of
1999 (15 U.S.C. 1841 note) is amended--
(1) in section 101(e)(2)--
(A) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(B) by striking ``Chairman,'' and inserting ``Chair,''; and
(2) in section 201(d)(2)(B)--
(A) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(B) by striking ``Chairman,'' and inserting ``Chair,''.
(g) Farm Credit Act of 1971.--Section 4.9(d)(1)(C) of the
Farm Credit Act of 1971 (12 U.S.C. 2160(d)(1)(C)) is amended
by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''.
(h) Federal Deposit Insurance Act.--The Federal Deposit
Insurance Act (12 U.S.C. 1811 et seq.) is amended--
(1) in section 7(a)(3), by striking ``Chairman of the Board
of Governors'' and inserting ``Chair of the Board of
Governors''; and
(2) in section 10(k)(5)(B)(ii), by striking ``Chairman of
the Board of Governors'' and inserting ``Chair of the Board
of Governors''.
(i) Federal Reserve Act.--The Federal Reserve Act (12
U.S.C. 226 et seq.) is amended--
(1) by striking ``chairman'' each place such term appears
and inserting ``chair'';
(2) by striking ``Chairman'' each place such term appears
other than in section 11(r)(2)(B) and inserting ``Chair'';
(3) in section 2, in the sixth undesignated paragraph--
(A) in the second sentence, by striking ``his'' and
inserting ``the Comptroller of the Currency's''; and
(B) in the third sentence, by striking ``his'' and
inserting ``the director's'';
(4) in section 4--
(A) in the third undesignated paragraph, by striking ``his
office'' and inserting ``the Office of the Comptroller of the
Currency'';
(B) in the fourth undesignated paragraph, in the provision
designated ``fifth'', by striking ``his'' and inserting ``the
person's'';
(C) in the eighth undesignated paragraph, by striking
``his'' and inserting ``the chair's'';
(D) in the seventeenth undesignated paragraph--
(i) by striking ``his'' and inserting ``the officer's'';
and
(ii) by striking ``he'' and inserting ``the individual'';
(E) in the twentieth undesignated paragraph--
(i) by striking ``He'' each place such term appears and
inserting ``The chair'';
(ii) in the third sentence--
(I) by striking ``his'' and inserting ``the''; and
(II) by striking ``he'' and inserting a comma; and
(iii) in the fifth sentence, by striking ``he'' and
inserting ``the chair''; and
(F) in the twenty-first undesignated paragraph, by striking
``his'' each place such term appears and inserting ``the
agent's'';
(5) in section 6, in the second undesignated paragraph, by
striking ``he'' and inserting ``the Comptroller of the
Currency'';
(6) in section 9A(c)(2)(C), by striking ``he'' and
inserting ``the participant'';
(7) in section 10--
(A) by striking ``he'' each place such term appears and
inserting ``the member'';
(B) in the second undesignated paragraph, by striking
``his'' and inserting ``the member's''; and
(C) in the fourth undesignated paragraph--
(i) in the second sentence, by striking ``his'' and
inserting ``the chair's'';
(ii) in the fifth sentence, by striking ``his'' and
inserting ``the member's''; and
(iii) in the sixth sentence, by striking ``his'' and
inserting ``the member's'';
(8) in section 12, by striking ``his'' and inserting ``the
member's'';
(9) in section 13, in the tenth undesignated paragraph, by
striking ``his'' and inserting ``the assured's'';
(10) in section 16--
(A) by striking ``he'' each place such term appears and
inserting ``the agent'';
(B) in the seventh undesignated paragraph--
(i) by striking ``his'' and inserting ``the agent's''; and
(ii) by striking ``himself'' and inserting ``the agent'';
(C) in the tenth undesignated paragraph, by striking
``his'' and inserting ``the Secretary's''; and
[[Page H7577]]
(D) in the fifteenth undesignated paragraph, by striking
``his'' and inserting ``the agent's'';
(11) in section 18, in the eighth undesignated paragraph,
by striking ``he'' and inserting ``the Secretary of the
Treasury'';
(12) in section 22--
(A) in subsection (f), by striking ``his'' and inserting
``the director's or officer's''; and
(B) in subsection (g)--
(i) in paragraph (1)(D)--
(I) by striking ``him'' and inserting ``the officer''; and
(II) by striking ``he'' and inserting ``the officer''; and
(ii) in paragraph (2)(A), by striking ``him as his'' and
inserting ``the officer as the officer's''; and
(13) in section 25A--
(A) in the twelfth undesignated paragraph--
(i) by striking ``he'' each place such term appears and
inserting ``the member''; and
(ii) by striking ``his'' and inserting ``the member's'';
(B) in the fourteenth undesignated paragraph, by striking
``his'' and inserting ``the director's or officer's''; and
(C) in the twenty-second undesignated paragraph, by
striking ``his'' each place such term appears and inserting
``such individual's''.
(j) Federal Reserve Reform Act of 1977.--Section 204(b) of
the Federal Reserve Reform Act of 1977 (12 U.S.C. 242 note)
is amended by striking ``Chairman or Vice Chairman of the
Board of Governors'' and inserting ``Chair or Vice Chair of
the Board of Governors''.
(k) Financial Institutions Reform, Recovery, and
Enforcement Act of 1989.--The Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 is amended--
(1) in section 308 (12 U.S.C. 1463 note)--
(A) in subsection (a), by striking ``Chairman of the Board
of Governors'' and inserting ``Chair of the Board of
Governors''; and
(B) in subsection (c), by striking ``Chairman of the Board
of Governors'' and inserting ``Chair of the Board of
Governors'';
(2) in section 1001(a) (12 U.S.C. 1811 note), by striking
``Chairman of the Board of Governors'' and inserting ``Chair
of the Board of Governors''; and
(3) in section 1205(b)(1)(A) (12 U.S.C. 1818 note)--
(A) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(B) by striking ``Chairman's'' and inserting ``Chair's''.
(l) Food, Conservation, and Energy Act of 2008.--Section
13106(a) of the Food, Conservation, and Energy Act of 2008 (7
U.S.C. 2 note) is amended by striking ``Chairman of the Board
of Governors'' and inserting ``Chair of the Board of
Governors''.
(m) Housing and Community Development Act of 1992.--Section
1313(a)(3) of the Housing and Community Development Act of
1992 (12 U.S.C. 4513(a)(3)) is amended--
(1) in the heading, by striking ``chairman'' and inserting
``chair'';
(2) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(3) by striking ``Chairman regarding'' and inserting
``Chair regarding''.
(n) Inspector General Act of 1978.--Section 8G of the
Inspector General Act of 1978 is amended by striking
``Chairman of the Board of Governors'' each place such term
appears and inserting ``Chair of the Board of Governors''.
(o) International Lending Supervision Act of 1983.--Section
908(b)(3)(C) of the International Lending Supervision Act of
1983 (12 U.S.C. 3907(b)(3)(C)) is amended by striking
``Chairman of the Board of Governors'' and inserting ``Chair
of the Board of Governors''.
(p) Neighborhood Reinvestment Corporation Act.--Section
604(a)(3) of the Neighborhood Reinvestment Corporation Act
(42 U.S.C. 8103(a)(3)) is amended by striking ``Chairman''
each place it appears and inserting ``Chair''.
(q) Public Law 93-495.--Section 202(a)(1) of Public Law 93-
495 (12 U.S.C. 2402(a)(1)) is amended--
(1) by striking ``Chairman of the Board of Governors'' and
inserting ``Chair of the Board of Governors''; and
(2) by striking ``his'' and inserting ``the Chair's''.
(r) Sarbanes-Oxley Act of 2002.--Section 101(e)(4)(A) of
the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211(e)(4)(A)) is
amended by striking ``Chairman of the Board of Governors''
and inserting ``Chair of the Board of Governors''.
(s) Securities Exchange Act of 1934.--Section 17A(f)(4)(C)
of the Securities Exchange Act of 1934 (15 U.S.C. 78q-
1(f)(4)(C)) is amended by striking ``Chairman of the Board of
Governors'' and inserting ``Chair of the Board of
Governors''.
(t) Title 31.--Title 31, United States Code, is amended--
(1) in section 1344(b)(7), by striking ``Chairman of the
Board of Governors'' and inserting ``Chair of the Board of
Governors''; and
(2) in section 5318A, by striking ``Chairman of the Board
of Governors'' each place such term appears and inserting
``Chair of the Board of Governors''.
(u) Trade Act of 1974.--Section 163(b)(3) of the Trade Act
of 1974 (19 U.S.C. 2213(b)(3)) is amended by striking
``Chairman of the Board of Governors'' and inserting ``Chair
of the Board of Governors''.
(v) Deeming of Name.--Any reference in a law, regulation,
document, paper, or other record of the United States to the
Chairman of the Board of Governors of the Federal Reserve
System shall be deemed to be a reference to the Chair of the
Board of Governors of the Federal Reserve System.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Guam (Mr. San Nicolas) and the gentleman from Ohio (Mr. Stivers) each
will control 20 minutes.
The Chair recognizes the gentleman from Guam.
General Leave
Mr. SAN NICOLAS. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days within which to revise and extend
their remarks on this legislation and to insert extraneous material
thereon.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Guam?
There was no objection.
Mr. SAN NICOLAS. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I thank the gentlewoman from Ohio (Mrs. Beatty), the
chair of the Subcommittee on Diversity and Inclusion, for this
incredibly important piece of legislation, and the Members on the other
side of the aisle who also support this bill.
For far too long, the Federal Reserve system has been very homogenous
since its inception in 1913. This only partially changed when, in 2017,
Raphael Bostic was appointed as the first African American and openly
gay male to serve as Federal Reserve Bank President. Additionally, only
six women have served in a similar capacity, despite America becoming
more demographically diverse.
To address this lack of gender and ethnic representation, H.R. 281
would require the Federal Reserve Bank to interview at least one
individual reflective of gender diversity and one reflective of racial
or ethnic diversity when filling Federal Reserve Bank president
vacancies.
To ensure accountability of this diversity effort, the bill would
further require the Federal Reserve report annually on the applicant
pool demographics. We must ensure the leadership of the Federal Reserve
System reflects the growing diversity of our Nation and that gender and
racially and ethnically diverse candidates are receiving serious
consideration for president vacancies at the 12 Federal Reserve banks.
Increasing diverse leadership representation will ensure that more
perspectives are considered when making decisions about America's
economic future.
Again, I thank the gentlewoman from Ohio (Mrs. Beatty) for pushing
this important bill and urge my colleagues to join me in supporting
H.R. 281.
Mr. Speaker, I reserve the balance of my time.
Mr. STIVERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, as my friend from Guam just explained, the Federal
Reserve Bank has had a very long history--130 presidents of Regional
Federal Reserve Banks--and it took from 1913 to 2013--100 years--for
the first African American to become president of one of those regional
banks.
Additionally, only 8 of the 12 regional banks have ever had a woman
president. These demographics are not reflective of the people the
Federal Reserve serves.
The National Football League had a similar track record when it came
to head coaches in the past. In 2003, the league adopted the so-called
Rooney Rule, which required every team with a head coaching vacancy to
interview at least one or more diverse candidates.
In 2009, the Rooney Rule had expanded to include general manager
jobs, and in 2016, the requirement was updated to require every team to
interview at least one woman during the hiring process for executive
positions.
When the Rooney Rule went into effect, there were only two head
coaches of color in the National Football League. The following year
there were three, and those numbers have continued to grow. Last
season, there was a record eight coaches of color in the NFL, the
highest number in league history.
H.R. 281 does not create a quota or hiring mandate. It simply pledges
opportunities for women and minorities,
[[Page H7578]]
as the Rooney Rule did for coaches of color in the NFL and for women in
the executive ranks of the NFL.
At four hearings this year, the Committee on Financial Services heard
from numerous witnesses that the effort to increase diversity
throughout the financial services sector relies on expanding the pool
of candidates to include more women and minorities.
We heard from witnesses how diverse perspectives among the firm's
leadership lead to better decisionmaking and better outcomes.
H.R. 281 applies these principles to the Federal Reserve banking
system. The bill directs the Federal Reserve Regional Banks to
interview at least one individual reflective of gender and racial or
ethnic diversity when appointing a Federal Reserve president.
The Rooney Rule has been adopted across the private sector and is
considered an industry best practice for firms trying to increase
diversity in their senior leadership. We have an opportunity now to
expand that concept to the Federal Reserve Bank.
I am proud to have been a cosponsor of this bill with the gentlewoman
from Ohio (Mrs. Beatty), chairwoman, my friend and colleague. I thank
her as the chairwoman of the Subcommittee on Diversity and Inclusion
for bringing forward such a commonsense idea with a proven track record
that is seen as the best practice across the industry.
This legislation will diversify the applicant pool and increase
opportunities for women and minority leaders at the Federal Reserve
Bank.
Mr. Speaker, I urge my colleagues to support this bill, and I reserve
the balance of my time.
Mr. SAN NICOLAS. Mr. Speaker, I yield 5 minutes to the gentlewoman
from Ohio (Mrs. Beatty), the sponsor of this legislation and the chair
of the Subcommittee on Diversity and Inclusion.
Mrs. BEATTY. Mr. Speaker, I want to thank the gentleman from Guam
(Mr. San Nicolas), vice chair, for his leadership and for all his
support. And to the gentleman from Ohio (Mr. Stivers), my colleague,
thank you for your support.
Mr. Speaker, I have the distinct honor to chair the Committee on
Financial Services' Subcommittee on Diversity and Inclusion. And we
have heard from numerous experts and we had countless research reports
that show more diverse executive teams are more likely to outperform
their peers on profitability, be more stable, and increase their market
share.
According to a study conducted by McKinsey & Company entitled,
Delivering through Diversity, researchers have found that companies in
the top 25 percent for gender and ethnic diversity on executive teams
were 21 percent to 33 percent more likely to outperform on
profitability.
While companies in the bottom 25 percent for both gender and ethnic
diversity were 29 percent less likely, Mr. Speaker, to achieve above-
average profitability.
That is why it is so important that we pass my bill, the Ensuring
Diverse Leadership Act of 2019, or better referred to as H.R. 281,
which would require at least one individual reflective of gender
diversity and one individual reflective of racial or ethnic diversity
to be interviewed for each Federal Reserve president vacancy.
{time} 1345
Mr. Speaker, as we have heard, it is modeled after the National
Football League's Rooney Rule, which requires every team to interview
at least one minority candidate in the hiring process for a new head
coach.
This bill adopts this proven private-sector diversity initiative and
applies it to the Federal Reserve, what I like to call the Beatty rule.
Like the National Football League prior to the implementation of the
rule in 2003, the 12 Federal Reserve banks face a diversity problem
within the leadership in their institutions. This would help move the
needle.
In more than 100 years of existence, the 12 Reserve banks have had
only three non-White presidents and seven female presidents. It wasn't
until 2009 that the Federal Reserve ever had a non-White Reserve bank
president. It wasn't until the historic selection of my friend Raphael
Bostic to be the president of the Federal Reserve Bank of Atlanta in
2017 that an African American president of the Federal Reserve was
appointed.
Though we have had seven female presidents, 8 of the 12 Reserve banks
have never had the distinction of having a female at the helm. That is
why we need to adopt the Beatty rule at the Federal Reserve and pass
this very important bill.
Reserve bank presidents not only serve as the head of their financial
institutions, but they play an incredibly important role in our
Nation's economy, from serving on the Federal Open Market Committee,
which determines the country's monetary policy and interest rates, to
regulating the banks in their regions, to getting cash into their
banking systems.
Federal Reserve presidents should be more reflective of the public,
and this bill will ensure diverse leaders are in the room and at the
table when making decisions that directly impact our economy and
directly impact our communities.
I would like to end by thanking Chairwoman Waters and all of my
colleagues on both sides of the aisle who have cosponsored this
legislation, including my good friend and colleague from Ohio (Mr.
Gonzalez), who spoke on behalf of this bill and helped to make this
bill bipartisan.
Lastly, I would like to thank Jim Rooney and the Rooney family, with
whom I have had the opportunity to sit down and discuss this
legislation, his philosophy, and his ideas. He is the son of the late
Dan Rooney.
This is a very important initiative. I am pleased to have his support
and bipartisan support on this bill.
Mr. Speaker, I urge my colleagues to support this bill, and I ask
them to vote in the affirmative, ``yes,'' to pass the Beatty rule.
Mr. STIVERS. Mr. Speaker, I yield 3 minutes to the gentleman from
Ohio (Mr. Gonzalez), who is the vice ranking member of the Financial
Services Subcommittee on Diversity and Inclusion and who knows the
Rooney Rule firsthand since he was a standout wide receiver for the
NFL's Indianapolis Colts.
Mr. GONZALEZ of Ohio. Mr. Speaker, I rise in support of H.R. 281, the
Ensuring Diverse Leadership Act of 2019, a.k.a. the Beatty rule.
I thank my friends, Mrs. Beatty and Chairwoman Waters, for their work
on this legislation and for bringing it to the House floor today.
My friend Mrs. Beatty has been a tremendous leader on the Financial
Services Subcommittee on Diversity and Inclusion, and it has been a
pleasure getting to know her in my first term in Congress and working
with her on this very important issue.
Frankly, when I am back in my district, the issue that most animates
our business leaders, those working day-to-day in our community, is the
work that we are doing on the Diversity and Inclusion Subcommittee.
KeyBank, Huntington Bank, folks in Ohio, all have stories about the
different initiatives that they have undertaken to expand diversity in
the financial services community.
Like many of my colleagues, I am concerned about the historic lack of
diversity that we have seen at the highest levels of the Federal
Reserve. I think this is an important piece of legislation that will
help rectify that.
As Mr. Stivers alluded to, I consider myself the direct beneficiary
of the NFL's Rooney Rule. During my time in the NFL, I was fortunate to
play for two men who I consider to be the most incredible and profound
leaders with whom I have ever had a chance to work. Both are African
American: Tony Dungy, who is in the hall of fame, and Jim Caldwell.
The Rooney Rule has worked. From 1921 until 2003, the NFL had seven
minority coaches--from 1921 to 2003, seven. From 2003 to the present,
we have seen 18.
This is a step in the right direction in furthering the promotion of
increased diversity by taking a page out of the NFL's playbook and by
implementing the Beatty rule for regional Federal Reserve banks when
interviewing for a new president, modeled off of the successful Rooney
Rule.
By providing the opportunity to be interviewed and to showcase their
individual talents, this legislation will open more doors for
individuals from a diverse background while still being based on merit.
This is about expanding opportunities and giving everybody a fair shot.
[[Page H7579]]
I look forward to continuing to work with my colleagues on this
important issue, and again, I thank and congratulate Mrs. Beatty for
her work on this legislation. I look forward to enthusiastically voting
``yes.''
Mr. SAN NICOLAS. Mr. Speaker, I reserve the balance of my time to
close.
Mr. STIVERS. Mr. Speaker, H.R. 281 is just common sense. It is a best
practice in the industry. It has shown that it will increase the
diversity of the staff, and we hope that it will work for the Federal
Reserve banks.
The Federal Reserve banks' record on diversity needs to be improved.
I believe this is a great first step.
I congratulate my colleague Joyce Beatty from Ohio and my colleague
Anthony Gonzalez from Ohio for their incredible efforts on this. I am
happy to be a cosponsor and urge adoption.
Mr. Speaker, I yield back the balance of my time.
Mr. SAN NICOLAS. Mr. Speaker, I yield myself the balance of my time.
Once again, I thank Representative Beatty for bringing forward this
legislation. I am excited to read about the Beatty rule in future
financial news, and I am excited to see strong bipartisan support for
something that is just common sense.
Mr. Speaker, I urge my colleagues to join me in supporting this
legislation, and I yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Guam (Mr. San Nicolas) that the House suspend the rules
and pass the bill, H.R. 281, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
____________________