Kevin Brady

Mr. BRADY

Mr. BRADY. Madam Speaker, I was unavoidably detained. Had I been present, I would have voted NAY on Roll Call No. 98; NAY on Roll Call No. 99; YEA on Roll Call No. 100; YEA on Roll Call No. 101; and NAY on Roll Call No. 102.

Mr. BRADY

Mr. BRADY. Madam Speaker, I was unavoidably detained. Had I been present, I would have voted YEA on Roll Call No. 90; YEA on Roll Call No. 91; YEA on Roll Call No. 92; YEA on Roll Call No. 93; YEA on Roll Call No. 94; NAY on Roll Call No. 95; YEA on Roll Call No. 96; and YEA on Roll Call No. 97.

Mr. BRADY

Mr. BRADY. Madam Speaker, I have a few more.

Mr. BRADY. Madam Speaker, I am really proud to yield 1 minute to the gentleman from North Carolina (Mr. Murphy).

Mr. BRADY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I am pleased to join with my friend, Chairman Rich Neal, in jointly reintroducing SECURE 2.0, which will help hardworking Americans approach retirement with both confidence and dignity. For 5 years now, members of the Committee on Ways and Means have worked tirelessly together to ensure Americans have the resources to save for a secure retirement. A lot of hard work and negotiation has gotten us to this point, and I am grateful to Chairman Neal for his commitment to get this bill across the finish line to the President's desk. It is important to remember how far we have come in our joint efforts to help Americans better prepare for their long-term financial goals. Following the historic rewrite of our Tax Code with the Tax Cuts and Jobs Act, Republicans moved toward building on this success for years to come. That happened when the Republicans and Democrats worked together to develop and enact the Setting Every Community Up for Retirement Enhancement Act, known as the SECURE Act, the most significant retirement legislation to become law in over a decade. We made it easier for Main Street businesses to offer retirement plans to their workers by easing administrative burdens, cutting down on unnecessary and often costly paperwork. The SECURE Act made significant improvements to our country's retirement system. And today, we will do even more. A recent AARP survey found that rising prices are taking a big toll on workers, making it difficult to cover everyday expenses or save for the future. In fact, with a 40-year high inflation, nearly a quarter of workers surveyed reported that their financial situation is worse today than it was last year. A study also found that nearly 40 percent of workers said that they have no emergency savings, with one out of five reporting they have nothing saved for retirement. Nothing. Both groups peg rising prices of everyday goods as the biggest barrier for planning for their financial future. Ensuring Americans have the resources they need for a prosperous retirement is a bipartisan priority. And with American families' paychecks falling further behind through rising prices, it has really never been more important for Congress to help workers get back on track with their retirement plans. With this bill we build on the landmark provisions in the SECURE Act, enabling more workers, especially those with low income and modest income, to begin saving earlier and giving them piece of mind as they plan for the future. Our bill, SECURE 2.0 improves workers' long-term financial wellbeing by helping more Americans save for retirement at every stage of their life. SECURE 2.0 contains more than 20 provisions sponsored or cosponsored by Republicans and Democrats in standalone legislation. By providing flexibility, for example, we make it easier for local businesses to tailor retirement plans to best fit the needs of their workers. These reforms help Americans not only save earlier in their careers, but helps families save longer as well. We expand access to workplace retirement by increasing the incentives for businesses, especially small businesses, to create new plans or join groups of plans while sharing the cost of administration. To further help small businesses shoulder the burden of creating a new plan, our bill matches employer contributions with the new business tax credit. That can help a small business match up to the first $1,000 in matching contributions for that work. For those Americans who are further along in their career or already in retirement, this bill raises the amount these workers can contribute to catch up on their retirement savings as they near retirement, doubling it to $10,000 a year. Because we want Americans to save throughout their lifetime, together we increase the age at which retirement plan distributions become mandatory to age 75 over time from 72 today. These changes are especially important because many workers find themselves making more at the end of their careers and are more open to focusing on retirement. Those already in retirement often worry about the effects of mandatory taxable distributions on their long-term financial plans. Another recent study by Edward Jones and Morning Consult found 57 percent of Americans who prioritize paying off a student loan are now behind on their schedule on saving for retirement. Our bill allows employers to essentially match their workers' student loan repayments with contributions to the workers' retirement plan. This means from workers struggling to make ends meet under crushing student debt and rising prices, they are able to tackle both, paying off their debt and getting help in working toward a secure retirement. Madam Speaker, I want to thank Chairman Neal and the members of the Ways and Means Committee from both parties for their long-term and diligent efforts. Together, we will ensure more hardworking Americans are confident in their retirement. Madam Speaker, I reserve the balance of my time.

Mr. BRADY. Madam Speaker, I yield 1 minute to the gentleman from Nebraska (Mr. Smith), the Republican leader of the Trade Subcommittee.

Mr. BRADY. Madam Speaker, I yield 1 minute to the gentleman from Arizona (Mr. Schweikert).

Mr. BRADY. Madam Speaker, I yield 1\1/2\ minutes to the gentleman from Illinois (Mr. LaHood).

Mr. BRADY. Madam Speaker, I yield 1 minute to the gentleman from Kansas (Mr. Estes).

Mr. BRADY. Madam Speaker, I am proud to yield 1 minute to the gentleman from Pennsylvania (Mr. Kelly).

Mr. BRADY. Madam Speaker, I yield an additional 30 seconds to the gentleman.

Mr. BRADY. Madam Speaker, first, I include in the Record a number of letters and documents in support of SECURE 2.0. Among a litany of letters advocating for swift passage, there are four I would like to include. These letters are led by the Employee- owned S Corporations of America, the American Benefits Council, the American Retirement Association, and the Investment Company Institute, all of which were invaluable members in crafting this bipartisan legislation. Employee-Owned S Corporations of America, Washington, DC, March 24, 2022. Hon. Richard Neal, Chairman, Committee on Ways & Means, Washington, DC. Hon. Kevin Brady, Ranking Member, Committee on Ways & Means, Washington, DC. Dear Chairman Neal and Ranking Member Brady: Employee-Owned S Corporations of America (``ESCA'') applauds your efforts to advance the bipartisan Securing a Strong Retirement Act. We are particularly supportive of the inclusion of a key provision reflecting themes of legislation introduced by Committee members Ron Kind and Jason Smith to encourage the creation of more private, employee-owned businesses. We thank you for recognizing the value of S corporation ESOPs to worker retirement savings, and for reflecting that recognition in your important legislation. ESCA is the national voice for employee-owned S corporations, and its exclusive mission is to preserve and promote employee-owned S corporations and the benefits provided to their employee-owners. Most S corporation employee stock ownership plans (``S ESOPS'') are 100-percent owned by their employees. Our S ESOP companies engage in a broad spectrum of business activities ranging from manufacturing to construction to playing critical supporting roles such as retail grocery stores and other essential functions to America's infrastructure. As you know well, S corporation ESOPs were created 25 years ago with significant bipartisan support from Congress. Today S ESOPs accomplish exactly what Congress intended: they create jobs, generate economic activity, and promote retirement savings. Both specifically for S ESOP employees and more generally, your bill will increase retirement savings opportunities at a time when more than 30 percent of Americans do not have access to a workplace retirement plan and 20 percent of Americans have no retirement savings at all. By contrast, we note, the vast majority of S ESOP companies offer their workers two retirement plans--typically the ESOP plus a 401(k). This focus on retirement security is a hallmark of employee-owned companies. A new study conducted by the National Center for Employee Ownership found that, heading into and during the pandemic, employees at S ESOP companies had greater job retention and retirement security, including more than twice the average total retirement savings of Americans who work at non-ESOP companies. We appreciate you recognizing the value of having more S corporation ESOP companies and look forward to working with you to continue to identify more ways to enable more working Americans to be employee-owners. Thank you for your leadership. Sincerely, Stephanie Silverman, President and CEO.

Mr. BRADY. Madam Speaker, I reserve the balance of my time.

Mr. BRADY. Actually, never make that offer to a sitting Member of Congress. Madam Speaker, I yield myself such time as I may consume. This has been awfully good work on behalf of the bipartisan Members of Congress on an issue they believe in. But Chairman Neal and I are both blessed to have incredibly hardworking personnel, a professional team. Madam Speaker, I thank Payson Peabody and Derek Theurer, from our tax subcommittee team, for the work that they put in, along with Chairman Neal's folks, to develop this legislation, fine-tune the legislation, make adjustments as it comes to the floor, and, again, put it in the format and with the right designs that we think will do great things for the American people and American workers. Madam Speaker, I reserve the balance of my time.

Mr. BRADY. Madam Speaker, I yield myself such time as I may consume. I think one of the things I am most proud of in this legislation began almost 2 years ago. After the passage of the SECURE Act, Chairman Neal and I sat down on the floor talking about what more we could do to help people save for retirement. What we both talked about is what everyone knows exists, the savings gap, and what little is being done to address it. This is the gap of how many Americans will spend their lifetime and save virtually nothing. When it is time to retire, their retirement isn't in their hands. It is all owed to government or other help. We decided we would do the hard work to try to engage millions of Americans. We know who they are. They don't make lots of money. It is low income or moderate income. They usually work for a very small business. They are the toughest to be able to begin getting into that savings environment. We designed this bill to really focus on those who have not saved in the past and, unless we do something differently, were not going to be saving for the future. That is why so much of this bill is designed around them. That is why we help small businesses set up plans. Here is what we know, Madam Speaker. To have a secure retirement, we need to make sure a business offers a plan. Secondly, we need to make sure that worker is part of that plan. Thirdly, we need to have those contributions matched. Fourthly, you need to save more over time as your income increases. This bill really takes significant steps to make sure small businesses are offering those plans and get help matching those first thousand dollars. We use the saver's credit, which is pretty unused these days, and muscle it up, make it more available to help those with low income provide those first dollars. Then, we make the changes so it is easier for small businesses to either start their own plan or pool with others, as we did in the SECURE Act, all of which we think are the elements to close that saver's gap and give Americans who really had no chance to save an opportunity to do that. That is what, in my view, is the importance of this legislation, why I am proud of the work. Chairman Neal and the Republican and Democrat members of our committee worked together beautifully on this bill. I think this is an important one that I urge the Senate to take up and pass as well. Madam Speaker, I yield the balance of my time to the gentleman from Georgia (Mr. Allen), and I ask unanimous consent that he may control the remainder of the time.

Mr. BRADY

Mr. BRADY. Madam Speaker, today I rise to congratulate the H.E.A.R.T.S. Veterans Museum in Huntsville, Texas, as it dedicates its replica of the Vietnam Wall Memorial. This wall is a powerful and emotional reminder of our fallen soldiers who made the ultimate sacrifice valiantly defending human life and freedom in the Vietnam War. The H.E.A.R.T.S. Veterans Museum represents a three-decade commemorative community effort born from a humble window front display. Who knew that a single patriotic gesture would result in a permanent museum preserving the names and memories of the men and women who did not make it home from the battlefields of Vietnam. The museum began as a traveling student education program, but the mission of H.E.A.R.T.S. quickly brought the community together. The permanent location in Huntsville opened its doors on Veteran's Day in 2009. Spurred by one respectful and reflective gesture, this effort by the Huntsville community truly exemplifies the H.E.A.R.T.S. mission to Help Every American Remember Through Serving. Today, the H.E.A.R.T.S. Veterans Museum is a living time capsule that showcases, salutes, and immortalizes our nation's heroes and their contributions. Veterans are the heartbeat of freedom, and this addition will serve as a powerful reminder that our freedom is not free. I am proud to congratulate the H.E.A.R.T.S. museum on the completion of their replica of the Vietnam Veterans Memorial in Washington, D.C. This 370-foot-long, eight-foot-tall replica serves to honor our veterans who stepped up to the call of duty and gave their lives for the sake of liberty and justice for all. Their names, forever carved in stone, represent a small token of our gratitude and deep appreciation for their sacrifice. Families and veterans from across Texas and neighboring states can visit this wall to honor the 2,700,000 men and women who served in the Vietnam War. I am proud to join my community to recognize the dedication of this deeply moving memorial and congratulate the H.E.A.R.T.S. Veterans Museum on all the work they have done to honor the brave service members, living and deceased, who fought in the Vietnam War.

Mr. BRADY

Mr. BRADY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, yesterday, President Zelenskyy made a passionate plea to the United States and all free nations to stand with the brave people of Ukraine against Putin's deadly ambitions and heartbreaking genocide. After showing gut-wrenching footage of Ukrainian cities torn apart by missiles and machine guns, he said to be the leader of the world means to be the leader of peace. Today, Madam Speaker, we have the opportunity to lead, and I thank Chairman Neal for his great leadership and work on this bipartisan provision. After bipartisan public pressure from lawmakers in Congress in both parties, President Biden announced his support for suspending Russia's special trade status. We are taking that action with today's bill. I was proud to have helped lead this bipartisan effort in the House Ways and Means Committee and the Senate Finance Committee. Both parties in Congress came together quickly, working in good faith on a bipartisan and bicameral agreement to immediately ban purchases of Russian energy and suspend our trading relationship with Russia and Belarus. We don't take these steps lightly, but Russia's aggression requires this approach. Russia will no longer enjoy the same special trade status with America as the country it is invading, so it will no longer be able to sell made-in-Russia products in the United States at lower tariffs. Combined with the energy import ban Congress passed last week, which targets 60 percent of what Russia sells us, this provision targets the remaining 40 percent, hurting Russia's economy and cutting off funding for its war effort. Said another way, American dollars will no longer fund Russia's war machine. This is another step in the right direction and includes further incentives for Russia to end its aggression. This bill includes tough conditions to be met for restoring Russia's trade status, including Russian action to end hostilities, protecting the freedom and sovereignty of Ukraine, and ensuring the end of Russia's aggression. The same tough conditions apply if the President seeks to end the energy import ban, and I plan to work with colleagues in the Senate to achieve that. Going forward, we must continue to work closely with our allies to increase pressure on Russia and ensure this is an effective global effort. Neighboring Canada has also taken serious action to do both of these, and other nations have announced their intentions to do the same. Unfortunately, the administration's executive orders and the bill we are voting on today both fail to soften the impact of the oil ban by replacing Russian oil with made-in-America energy. We have seen the highest year-over-year increase in wholesale prices ever recorded. Nearly half the price increases in goods come from the rise in the price of gasoline over the past year. Nothing in this bill creates access to more American-made energy on- and offshore, nor does it approve American pipelines that could easily replace Russian oil with U.S. and Canadian energy, or accelerate approval for delayed permits for American export facilities to help the world wean themselves from the grip of dirty Russian energy. There is still yet more Congress can do. I would like to see Congress sanction Russian energy companies so they can't continue to profit and fuel the war machine. It is also time for Congress to unleash America's own ability to be energy independent, replace Russian oil with American sources, and use our energy strengths to wean the world from Russian energy. Finally, I want to make it clear to my colleagues: This bipartisan and bicameral agreement applies only to the suspension of normal trade relations with Russia. I do not support the inclusion of the Democrats' Foreign Affairs Committee's Global Magnitsky Act in this bill, which includes changes to the original statute that I believe are unnecessarily vague and could lead to future abuses. I understand this expanded language may have been included in a temporary executive order by the previous administration to address human rights, but I don't believe it is warranted in a permanent expansion of this law. I am confident there are Senators who share my concerns, and I strongly urge them to remove that provision for future vetting. Madam Speaker, I reserve the balance of my time.

Mr. BRADY. Madam Speaker, I am proud to yield 2 minutes to the gentleman from west Texas (Mr. Arrington).

Mr. BRADY. Madam Speaker, I yield 1 minute to the gentleman from Nebraska (Mr. Smith), the Republican leader of the Trade Subcommittee.

Mr. BRADY. Madam Speaker, I yield 1 minute to the gentleman from Arkansas (Mr. Crawford).

Mr. BRADY. Madam Speaker, I yield 3 minutes to the gentlewoman from Indiana (Mrs. Spartz), the first Ukrainian-born Member of the United States Congress.

Mr. BRADY. Madam Speaker, I am proud to yield 1 minute to the gentleman from Kansas (Mr. Estes).

Mr. BRADY. Madam Speaker, I am proud to yield 2 minutes to the gentleman from South Carolina (Mr. Rice), the Republican leader of the Oversight Subcommittee.

Mr. BRADY. Madam Speaker, I yield the gentleman an additional 15 seconds.

Mr. BRADY. Madam Speaker, I am pleased to yield 1 minute to the gentleman from Wisconsin (Mr. Grothman).