Joyce Beatty

Mrs. BEATTY

Mrs. BEATTY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of H.R. 839, the China Exchange Rate Transparency Act of 2023, sponsored by Congressman Meuser. This bill requires the United States executive director at the International Monetary Fund, or IMF, to use its voice and vote to advocate for increased transparency regarding China's exchange rate policies. This is important because China has a history of devaluing its currency, the yuan, against the dollar, making its exports unfairly cheaper, and thereby harming small businesses in the United States. This bill would further impose greater accountability on China by requiring the United States to press the IMF to report whether China's exchange rate policies affect the value of SDRs and to consider China's performance as a responsible partner in the international monetary system when evaluating China's voting power at the IMF. President Biden's Treasury Department has already increased transparency of China's practices, including by placing it on a watch list for its failure to publish foreign exchange intervention and key features of its exchange rate setting mechanism. This bill would reinforce the Biden administration's actions to further push for greater transparency and accountability in this regard. These are sensible actions Congress can take to prevent China from using its currency as an economic weapon. For these reasons, I urge my colleagues to support this bill, and I reserve the balance of my time.

Mrs. BEATTY. Madam Speaker, I yield myself the balance of my time. Madam Speaker, this legislation builds upon the Biden administration's efforts to increase transparency and accountability of China on key features of how it sets its currency exchange rate. It is critical to continue to apply pressure on China in this regard because weaponizing its exchange rate will directly harm the United States' small businesses selling their products and services here in the United States. For these reasons, I again urge my colleagues to support this bill, and I yield back the balance of my time.

Mrs. BEATTY

Mrs. BEATTY. Madam Speaker, I yield myself such time as I may consume. I rise in support of my bill, H.R. 6370, the OFAC Licensure for Investigators Act, which is cosponsored by Mr. Nunn of Iowa. I also thank the chairman and my friend for his support. The global regime to counter money laundering and terrorist financing is becoming increasingly effective at detecting and deterring the abuse of our financial markets. However, we must stay ahead of the bad actors, who in many cases are moving into darker corners of the financial system and using technologies and methods that are harder to trace. Private investigative firms, some with unique technologies and analytic methods, should be enlisted to help banks and governments, among others, identify the criminals and the terrorists, their bank accounts, and their typologies. Today, these private firms are limited in how far they can see into a bad actor's operations. One of those limitations is due to sanctions, which appropriately prevent parties from engaging with sanctioned targets. However, as a result, whether in analytic firms or large bank intelligence units, the good guys have to stop their investigations upon finding evidence that suggest that a wallet or account or address may be associated with a sanctioned individual or entity. There is a workaround today, but it is far too limited. Treasury's Office of Foreign Assets Control, or OFAC, provides licenses to individual parties and transactions which allow for narrow exceptions to its sanctions program. My bill requires OFAC to design a pilot licensing program that would allow investigators to apply to OFAC for permission to get a step further and engage with sanctioned persons under certain conditions to gain more visibility into opaque networks and practices. The investigators could only use nominal amounts but would be able to trace where the money goes. Ensuring that there is robust oversight in this process, the bill mandates that recipients of these specific licenses must report to OFAC monthly on their findings. This program would be similar to when government officials ask financial institutions to keep open suspicious accounts so the government could then go and watch the transactions, and while they are doing that, they are able to follow the money. Madam Speaker, I urge my colleagues to support this innovative and bipartisan bill, and I reserve the balance of my time.

Mrs. BEATTY. Will the gentleman yield?

Mrs. BEATTY. Madam Speaker, I say to the gentleman that I would. I think that is a very fair question to ask. Let me just assure you that it is also my intent, as the sponsor of this bill, that the term ``nominal'' in this context should not be interpreted to be more than the $10 as you referenced, and I certainly understand why that concern came up. As you know, this bill is intended to enhance our efforts to stop terrorist financing. The kind of investigation that this bill is trying to allow for doesn't need more than a few dollars--or nominal, not to exceed $10--to be effective. We have seen this before, so I am very comfortable assuring you that we would define it as $10 or less. I thank the gentleman for clarifying this. I, too, want to put on the record that it would be defined as the $10 mark, and I certainly thank the gentleman for his support on this legislation.

Mrs. BEATTY. Madam Speaker, I have no further speakers, and I yield myself the balance of my time for the purpose of closing. My colleague, Mr. Nunn, and I have devised a smart pilot program that would allow for private-sector investigators to engage in small-dollar transactions with sanctioned persons in order to gain valuable information about how networks and activities of those bad actors work. I am pleased to say that we have agreed on the nominal amount of $10, and by creating a licensing program for such a person, both business and government will benefit from the information gained, improving visibility into criminal and terrorist financing networks. That is what this bill is all about. Madam Speaker, for those reasons, I again urge my colleagues to support this bipartisan bill, and I yield back the balance of my time.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I rise to call this chamber's attention to concerning developments in Honduras that pose a growing economic risk for Central America's Northern Triangle region. Earlier this year, Honduran President Xiomara Castro announced her government's intent to pursue substantial investments from China after establishing diplomatic ties with the PRC in March. The Castro administration is also seeking to effectively nationalize U.S. public and private investment in Honduran special economic zones, where U.S.- led businesses are operating and focused on the creation of nearshoring facilities and bolstering the Honduran tourism industry. The elimination of these zones would constitute a violation of 50-year legal stability agreements guaranteed under the Dominican Republic- Central America-United States Free Trade Agreement. This is counterproductive to both bilateral economic development and stability for Hondurans. We all know that better jobs and economic opportunities in country benefit Honduran families while reducing the pressures that lead to irregular migration. In July, I cosigned a letter urging the State Department and U.S. Trade Representative to protect U.S. interests in Honduras. Earlier this week, the State Department announced visa restrictions on Honduran individuals involved in what the Department described as an anti- democratic scheme to name an Attorney General and Deputy AG without the required votes through violence and intimidation. I commend the State Department's efforts and continue to stand with those seeking to strengthen democracy and rule of law in Honduras.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, in honor of the 68th anniversary of the Montgomery Bus Boycott, I rise today. Mr. Speaker, on December 5, 1955, the Montgomery Bus Boycott began. It was a landmark bus boycott that lasted for 381 days following the courageous and bold single act of the defiance from Rosa Parks who was arrested on December 1, 1955, for refusing to give up her seat to a White person on a Montgomery bus. Rosa Parks epitomized the incredible power of one person to change the course of history. I, along with so many others in this Chamber, benefit from her indelible legacy. Mr. Speaker, the action of Rosa Parks propelled the challenges of the civil rights movement to the forefront of national concern, deeply influencing public opinion and ultimately contributing to important legislative and societal shifts in this country. Mr. Speaker, I was the house leader in the State of Ohio, the first Democrat female and Black woman to do such. As a young girl growing up, I grew up hearing about Rosa Parks. When I was on the house floor then in the State legislature, I thought I could make a difference and do something. On the day she died, I went to my colleagues on the other side of the aisle, and Democrats and Republicans came together to make Ohio the first State in the United States to have a Rosa Parks Day. That was a proud moment for me, that I could stand in the well in the statehouse, and Republican colleague Priscilla Mead could stand in the well, and we could both declare how important this would be for the Nation. Today, I stand in another well, asking us to take a look at H. Res. 308, the Rosa Parks Day Act, sponsored by Congresswoman Terri Sewell, Congressman Steven Horsford, and myself. Mr. Speaker, we have well over 100 signatures just in the first week, and we are going to continue to try to get signatures for this important piece of legislation. Just imagine: For 381 days, people did not get on a bus; they walked. If they rode in taxies or in cars, they were cars or taxies operated by Black Americans. It was wrong because, you see, Rosa Parks was not tired that day. We want history to be correct. At that time in the 1950s, people of color had to sit back as far as the seventh row. Rosa was sitting in the seat by the window in the row for people of color. When someone got on the bus who was a majority gentleman and had to stand, he went to Rosa and asked her to get up out of the seat in the section she was supposed to sit in. Now, I can imagine that Rosa knew she was going to be arrested because she had been warned, and she was not the first to have been arrested. She sat there so eloquently, and when they said to get up or you will be arrested, she got up. She was arrested, she was handcuffed, she was fingerprinted, and they took her mug shot. That not only sparked her as the leader of the modern day civil rights movement, it also propelled a young minister by the name of Martin Luther King. Today, Mr. Speaker, I would like to think this is a moment in history for us to be able to educate my colleagues and all those who are witnessing this this morning. Lastly, it was on June 5 in 1956 that the Federal court made the decision that it was no longer constitutional to segregate the seats on public transit. When I leave here on Thursday, Mr. Speaker, I will go back to the great Third Congressional District of Ohio. For the 18th year, I will sponsor the power of one, our Rosa Parks Day.

Mrs. BEATTY

Mrs. BEATTY. Madam Speaker, I rise today in fierce opposition to this resolution of disapproval. For the record, I was a former small business owner for decades. Let me also thank Ranking Member Waters for clearly clarifying the language. The CFPB rule seeks to increase transparency in small business lending to increase competition, to lower borrowing costs for small businesses, and to detect and deter lending discrimination and create new lending opportunities, particularly for small businesses owned by women, by people of color, LGBTQ individuals, and rural businessowners. This rulemaking is long overdue, as we heard. By requiring lenders to provide information about loan applications, including whether they were approved or denied, as well as pricing data in applicant demographics, the rule will enhance accountability, which we talked about, and ensure financial institutions are meeting the needs of the entire community. Wouldn't we want to know if we had a loan that was denied?

Mrs. BEATTY. Madam Speaker, I think it is very important. I can't imagine any one of us applying for a loan and getting it denied that would not call that lender and say, tell me why my loan was denied. That is a part of this, Madam Speaker. Lastly, this transparency will not only benefit small businesses but also family farms, financial institutions, and the economy overall. I strongly recommend that we support this and go back and re-read the language.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 673.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 675.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 674.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 672.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 662.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 668.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 670.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 667.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted YEA on rollcall No. 669.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted YEA on Roll Call No. 666.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 665.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 664.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 663.

Mrs. BEATTY

Mrs. BEATTY. Mr. Speaker, I was late to the House floor on the day of November 15, 2023 due to time-sensitive commitments I had as the White House Liaison for the House Democratic Women's Caucus. Had I been present, I would have voted NAY on Roll Call No. 671.

Mrs. BEATTY

Mrs. BEATTY. Mr. Chairman, I thank the gentleman from Maryland (Mr. Hoyer) for yielding. Mr. Chair, I rise in support of the en bloc amendment, which highlights the importance of the Financial Crimes Enforcement Network, FinCEN, to protect our financial system from illicit activities, combat money laundering, and promote the United States' national security. As we speak, oligarchs, kleptocrats, and other criminals are using anonymous shell companies to engage in money laundering, terrorist financing, tax fraud, corruption, bribery, and other illicit activities. FinCEN is working tirelessly to implement the Corporate Transparency Act's beneficial ownership rule to increase transparency and, yes, to follow the money to pursue bad actors, from Russian oligarchs to drug traffickers and, more recently, terrorist groups. Particularly in the wake of the recent Hamas attack, it is evident how vital the bureau's work is to direct and deter financial streams for terrorist groups, so I ask that we support this amendment. Unfortunately, House Republican's Financial Services and General Government Appropriations Act cuts FinCEN's funding by more than 12 percent and would necessitate significant personnel layoffs. My colleagues across the aisle claim to prioritize national security while simultaneously undermining the very offices at the Treasury tasked with safeguarding our financial system. This office is already stretched thin, working hard to fulfill its mandate with the limited resources it has. Let's not further hamstring the bureau's national security efforts with a 12-percent budget cut. Mr. Chairman, I urge my colleagues to support my amendment.