[Congressional Record (Bound Edition), Volume 162 (2016), Part 1]
[House]
[Pages 1284-1292]
[From the U.S. 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printing paper and sending electronic format is outdated.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

[[Page 1285]]

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 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.

[[Page 1286]]

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 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.

[[Page 1287]]


  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 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

[[Page 1288]]


     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.


                  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

  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 173, 
noes 248, not voting 12, as follows:

[[Page 1289]]



                             [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

                               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.

[[Page 1290]]

  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 
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)

[[Page 1291]]


     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

     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
     Cardenas
     Carney
     Carter (GA)
     Carter (TX)
     Chabot
     Chaffetz
     Clawson (FL)
     Coffman
     Cole
     Collins (GA)
     Collins (NY)
     Comstock
     Conaway
     Connolly
     Cook
     Cooper
     Costa
     Costello (PA)
     Courtney
     Cramer
     Crawford
     Crenshaw
     Cuellar
     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.
     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.''

[[Page 1292]]



                          ____________________