Andy Barr

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor the life of a unique and special man, Corporal (Ret.) Matthew Bradford. Matthew is stepping down as Veterans Outreach Coordinator in my District office. Matthew enlisted in the United States Marine Corps when he graduated from high school and was assigned to the 2nd Battalion, 3rd Marines, Echo Company, 2nd Platoon. He was deployed to Iraq in 2006, and on January 18, 2007 he was injured by an Improvised Explosive Device. His severe injuries left him a blind double amputee. Matthew persevered and learned to overcome and adapt from his injuries. Matthew became the first blind amputee in history to re-enlist in the Marine Corps in 2010. On behalf of a grateful nation, I thank him for his service, his sacrifice, and his patriotism. Matthew Bradford is a very determined individual. After his service with the Marine Corps ended, he married his ``Warrior Princess'' Amanda. Together they have three children. Through hard work and determination, Matthew graduated from the University of Kentucky. Matthew has found his purpose in motivating and encouraging others to overcome difficult obstacles. He spends a great deal of time speaking to groups and individuals and participating in challenging athletic events such as marathons, skydiving, surfing, hunting, and climbing 7000 feet up Mt. Rainier. Matthew came to work in the Sixth Congressional District office in the spring of 2017, serving first as a college intern, then as a National Security Fellow, and lastly as the Veterans Outreach Coordinator. In his work in the district office, Matthew has been a strong advocate for veterans. He worked with our Veterans Coalition and it has grown tremendously under his leadership. Matthew has worked on many outreach initiatives, including a Facebook page, and has worked diligently to improve the lives of America's veterans. His work with veterans has made quite a difference. His passion, his humor, and his determination will be greatly missed. Matthew has earned many honors, including the Purple Heart Medal, the George Van Cleve Military Leadership Award, the Gary Sinise Hope for the Warriors Award, and induction into the Kentucky Veterans Hall of Fame. He was also invited by President Trump to attend the 2018 State of the Union Address. In his position in the Sixth District office, he has earned the respect of all his co-workers and of all the constituents with whom he interacted. He leaves a lasting legacy as a servant leader. I am honored to call Matthew a loyal and trusted friend. I wish him all the best as he moves on to other interests. I thank Corporal Bradford for his friendship, his tireless work on behalf of the people of the Sixth District, and his outstanding service to our country.

Mr. BARR

Mr. BARR. Madam Speaker, in 2014 this House unanimously passed the Ukraine Freedom Support Act. That legislation authorized funds to ``counter corruption, and improve transparency and accountability of institutions that are part of the Government of Ukraine.'' Every Democrat voted for that legislation. In 2017, the House passed 375-34 with 145 Democrats supporting the National Defense Authorization Act, which required the executive branch to certify that Ukraine was making certain defense reforms and countering corruption. In 2018, Congress reauthorized that language, and 127 Democrats supported it. And finally in 2019, they reauthorized that again with 139 Democrats supporting it. The President not only had the authority to do what he did in the call with President Zelensky, he had a legal obligation to do so. Madam Speaker, this Democrat majority is trying to impeach the President for following a law that they voted for.

Mr. BARR

Mr. BARR. So, to conclude and to summarize, Mr. Chairman, we can and should update our AML/BSA laws, and we can and should give FinCEN and law enforcement better visibility into the beneficial ownership information of firms vulnerable to money laundering and illicit finance, but this is the wrong solution. I am hopeful that the concerns of Main Street small businesses can be addressed if this bill moves to the U.S. Senate.

Mr. BARR. Mr. Chairman, I thank my friend from North Carolina for yielding. Mr. Chairman, I rise today in opposition to H.R. 2513, the Corporate Transparency Act. I do so regrettably. While I agree with the objective of the bill to help law enforcement crack down on the financing of illegal operations, this bill's solution places undue burdens on small businesses and presents unacceptable due process concerns for millions of small business owners whose sensitive personally identifiable information will be collected and stored in a new Federal database accessible without a warrant or a Federal subpoena. I want to thank my friend, the sponsor of this bill, for her good faith attempt to streamline beneficial ownership reporting. I agree with her that we need to do more to combat terrorist financing, money laundering, drug trafficking, and other national security threats. I am sympathetic, also, to the needs of law enforcement to identify the financing sources of illicit operations and shut them down. That said, the bill before us today seeks to achieve these ends unnecessarily on the backs of America's small businesses. The bill would create additional regulatory reporting requirements for existing and newly created small businesses. These businesses do not have the compliance resources comparable to larger firms. This reporting requirement will take a toll on their productivity and their bottom line. According to the U.S. Small Business Administration, 95 percent of new firms begin with fewer than 20 employees and, thus, would most likely be subject to the reporting and compliance burdens of this bill. Accounting for this growth and conservative estimates of the time and expenses associated with completing the paperwork required by the bill, the National Federation of Independent Business forecasts that the bill would cost America's small businesses $5.7 billion over 10 years and result in 131 million new hours of paperwork. These are dollars that companies could spend on making new investments or hiring new staff and time they could spend on building their businesses. H.R. 2513 would require small business owners or officers to report personally identifiable information such as name, Social Security number, and driver's license number to a newly created Federal Government database operated by FinCEN. Law enforcement can access this database without due process, and the sensitive personal information contained in it is subject to the ever-growing threat of malicious cybercriminals. Even with all the new requirements and privacy concerns created by this bill, it still does not fully address the root issue with current beneficial ownership reporting rules. The supposed justification of the bill is to ease the burden on financial institutions associated with implementing FinCEN's customer due diligence rule. However, H.R. 2513 fails to repeal and replace the CDD rule, and the rule will continue to coexist with the additional regulatory burdens on small businesses created by the bill. Finally, the bill falls short if the goal is to relieve financial institutions of burdensome reporting requirements that do not materially contribute to countering money laundering and illicit finance. That is because it fails to make inflation-adjusted changes to the thresholds for filing suspicious activity reports and currency transaction reports. While I recognize the need to combat financing of illicit operations, this bill attempts to do so by placing unjustified reporting requirements on our small businesses that could cost them time and money and hinder their growth.

Mr. BARR

Mr. BARR. Madam Speaker, we know the Democrats' hyperpartisan closed- door impeachment process lacks any semblance of fundamental fairness. We know from the transcript between President Trump and President Zelensky that there was no quid pro quo. But what many people don't know is this: In 2014, this House unanimously passed the Ukraine Freedom Support Act, which tasks the executive branch to use U.S. assistance to bolster democratic institutions of Ukraine and counter corruption and improve transparency and accountability of the Ukrainian Government. Every Democrat voted for this measure. In 2017, this House overwhelmingly passed the National Defense Authorization Act, which required the administration to certify as a condition of providing assistance that the Government of Ukraine has taken substantial actions to counter corruption and increase accountability. 145 Democrats voted for that. In 2019, the NDAA that passed this House required that certification requirement again, and 139 Democrats voted for that. So here is the bottom line: Given recent elections, President Trump not only had the authority to address the issue of corruption in the call with President Zelensky, he had a legal duty to speak and secure assurances from the new Ukrainian Government that those anticorruption measures would be carried forward. The Democrats are trying to impeach the President for following a law that they voted for.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor a special teacher, Mrs. Kristi Fehr. Mrs. Fehr is an educator at Cassidy Elementary School in Lexington, Kentucky. Mrs. Fehr has been selected to receive a Presidential Award for Excellence in Mathematics and Science Teaching by the National Science Foundation. This award, administered on behalf of the White House Office of Science and Technology Policy, recognizes outstanding K-12 teachers for their contributions to the teaching and learning of science, technology, engineering, mathematics, and/or computer science. Mrs. Fehr, a graduate of Xavier University, has been an elementary teacher for 24 years and has taught at Cassidy Elementary School since 2014. She is a science lab teacher for grades K-5. Among many of her accomplishments, she partnered with a bio-systems engineer at the University of Kentucky to implement a science garden at Cassidy. She led a Scientists and Engineers Empowering Kids (SEEK) Science Club for 3rd through 5th graders. She annually recruits engineers from the community to lead sessions with students during National Engineers Week. Mrs. Fehr has been awarded numerous environmental and sustainability awards. She is a recognized leader in her school and among science educators. I thank Mrs. Fehr for educating and inspiring her students in the field of science. This prestigious award is well-deserved by Mrs. Fehr due to her innovation, dedication, and passion that she brings to science education. I congratulate her on being awarded the Presidential Award for Excellence in Mathematics and Science Teaching.

Mr. BARR

Mr. BARR. Madam Speaker, I rise in support of H.R. 1595, the SAFE Banking Act, and I thank the gentleman from Colorado (Mr. Perlmutter), my friend, for working with me in a bipartisan way to include two amendments that will allow legal hemp farmers and businesses in my district to access financial services. Kentuckians have a deep interest in the production, cultivation, and sale of industrial hemp, and we have historic connections to this, too. Many Americans may not know, but my predecessor in the central Kentucky seat in Congress, Speaker of the House Henry Clay, was once a hemp farmer. Now, thanks to the farm bill, the hemp industry in the Commonwealth is booming once again. Much of the resurgence of the industry occurred under the Industrial Hemp Research Pilot Program, established by the 2014 farm bill. Since the program's enactment in 2014, the number of approved acres in Kentucky increased from 922 to over 50,000. In 2018, sales of hemp products were three-and-a-half more times than the previous year. The 2018 farm bill took it a step further and fully legalized industrial hemp, ending 80 years of prohibition of the plant. Hemp is now completely exempt from the Controlled Substances Act. Despite these positive steps forward, hemp businesses still have trouble accessing financial services like bank accounts, loans, and payment processing. This bill will provide additional clarity for banks, insurance companies, and card processors that they can, in fact, do business with legally operating hemp businesses. It would also direct our Federal financial regulators to issue joint guidance to financial institutions on how to serve hemp and CBD businesses without legal risk. There is amazing potential for hemp and hemp-derived products. One hemp farmer in my district has an exclusive deal with Patagonia to provide hemp for farming. Toyota, which has the largest manufacturing facility in my district, is exploring the use of hemp for car interiors. Hemp farmers in my district are cultivating hemp to produce products ranging from nutraceuticals, dietary supplements, pharmaceuticals, cosmetics, apparel, footwear, fashion, and even industrial products and construction materials. But for hemp producers and businesses to fully scale up and take advantage of the descheduling under the farm bill, they need access to financial services. Again, I thank the gentleman from Colorado (Mr. Perlmutter), my friend, for working with me in a bipartisan way, and I urge support for H.R. 1595.

Mr. BARR

Mr. BARR. Mr. Speaker, I rise today to explain my opposition and vote against the bill that was on the floor earlier today, H.R. 1423, the Forced Arbitration Injustice Repeal Act. I would like to highlight its negative impact on financial services. Financial services providers and their customers use arbitration to settle disputes because it is easier, faster, and less costly for consumers than litigation. Forcing parties into litigation would dramatically extend the time before a customer is made whole and would significantly increase legal fees for all parties. These increased costs are ultimately passed along to consumers through higher fees and fewer options, and they would negatively impact any American who has a bank account, credit card, or retirement plan. We have had that debate before. Dodd-Frank directed that the Consumer Financial Protection Bureau promulgate a rule on mandatory arbitration. While Congress overturned that rule in 2017 because it would adversely impact consumers, the Obama administration's own study found that the average consumer receives approximately $5,400 through arbitration and only $32 through a class action lawsuit. That means the average customer who prevailed in arbitration received 166 times more than the average class member in class action settlements. Mr. Speaker, my time has expired, but I would urge opposition to this wrongheaded idea in the United States Senate.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor the life of a special man, Mr. John Powell of Lexington, Kentucky. Mr. Powell is part of a special group of heroes that served our nation during World War II. Mr. Powell celebrates his 100th birthday on September 22nd. Mr. Powell was born in Pennsylvania. He was drafted into the United States Army on April 4, 1941. He was expected to serve for one year, but instead served nearly five years. He was an artilleryman who landed on Omaha Beach just 17 days after D-Day. He and his unit pushed all the way to the Rhine River in Germany. Mr. Powell earned the rank of Master Sergeant and was awarded the WWII Victory Medal, the European-African- Middle Eastern Campaign Medal, the American Defense Medal, the Operation Overload Medal, the American Campaign Medal, the Army Good Conduct Medal, and the Bronze Star. Mr. Powell returned home and worked for businesses in upstate New York. He later landed a job with IBM as a manager and was transferred to Lexington, Kentucky where he worked for 28 years prior to retirement. Mr. Powell married his wife Betty and they were blessed with two daughters, Paula and Marsha. Mr. and Mrs. Powell will celebrate their 77th anniversary this New Year's Eve. Mr. Powell and his fellow veterans are true heroes. As members of the ``Greatest Generation'', they willingly served to protect and defend the freedoms that we enjoy today. I am humbled to honor the service of Mr. John Powell and to celebrate his upcoming 100th birthday before the United States Congress.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor the First Presbyterian Church in Flemingsburg, Kentucky on their 200th anniversary. In 1795, Dr. John Poage Campbell came to Fleming County and erected a log church at Flemingsburg. According to historical records, other pioneer preachers were associated with the early church including Joseph P. Howe, James Kemper, William W. Martin, and John T. Edgar. The present church building was erected in 1819. It remains as the major known work of architect-builders Samuel Stockwell and John Eckles. It is a fine example of Kentucky Federal architecture. In 1977, the church was named to the National Registry of Historic Places. As the congregation gathers to celebrate the 200th anniversary, I appreciate the historical significance of their building, but more importantly recognize the impact that this congregation has made on the Flemingsburg community over the years. I congratulate Reverend Rick Hurst and all the members of First Presbyterian Church in Flemingsburg on their 200th anniversary and wish them many more years of successful ministry, serving God and reaching out to the community.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor the life of a special woman, Ruth Lindsay Burgess, of Lexington, Kentucky. Born in 1923 in Connersville, Pennsylvania as the only daughter in her family, she grew up hunting with her father and brothers. She was known as quite a sharp shooter. Ruth Lindsay enlisted in the Army on May 15, 1945. She bravely served in the South Pacific as a nurse, caring for injured American soldiers during heavy fighting. She earned the rank of 2nd Lieutenant and earned a Victory Medal. Ms. Lindsay was discharged on March 11, 1946. She returned home where she met and married her husband Frank Burgess, who also served in World War II. They had three daughters. Mrs. Burgess worked as a hospital nurse and then did private care nursing until she retired. She was an avid volunteer for American Legion Post 24. Ruth Lindsay Burgess passed away on July 27, 2019 at the age of 95. Mrs. Burgess and her fellow veterans are true heroes. As members of the ``Greatest Generation'', they willingly served to protect and defend the freedoms that we enjoy today. I am humbled to honor the service of Mrs. Ruth Burgess before the United States Congress.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor the American Legion ``Jesse M. Dykes'' Post 12 in Richmond, Kentucky. Post 12 is celebrating its 100th anniversary on August 17, 2019. The Post is celebrating this important anniversary by dedicating a memorial to veterans. Post 12 has a long and important history in the Richmond community. After the American Legion was organized, a group of veterans in Richmond decided to apply for a post charter in August of 1919. They were the 12th Post chartered in Kentucky. Lt. Harry D. Rice led efforts to secure the charter for Post 12 and was later named the first Post Commander. The Post's name, Jesse M. Dykes, is in honor of the first Madison County soldier killed in action in WWI. Dykes was killed in battle in the Argonne Forest on October 4, 1918. He was buried in France and later reinterred in the Richmond Cemetery. The American Legion provides a voice for veterans at the national level, builds future leaders through youth programs such as Boys State, supports young people in the community, provides camaraderie with fellow veterans and patriotic Americans, and much more. The present commander of Post 12 is Cecil Walker. I thank Commander Walker and all past and present members of American Legion ``Jesse M. Dykes'' Post 12 for their service to our country. I am grateful for their work through American Legion to honor and serve their fellow veterans. It is my honor to recognize them on this 100th anniversary before the United States Congress.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor a special man, Mr. Charlie Beach III, of Beattyville, Kentucky. This year marks Mr. Beach's 50th year with People's Exchange Bank. People's Exchange Bank was founded in 1912 by Charlie Beach, Sr. where he served from 1912 to 1966. Charlie Beach III, grandson of the bank's founder, currently serves as Chairman of the Board of Directors and is responsible for business development and public relations. In his 50-year career with People's Exchange Bank, the bank has grown to serve customers in Lee, Powell, Clark, Montgomery, Fayette, and Scott counties. Mr. Beach is a graduate of the McCallie School, the University of Kentucky, the LSU School of Banking of the South, and the Owners/ President Management Program at Harvard University. In addition to his service with People's Exchange Bank, he also serves as a member of several boards of directors, including the Kentucky Department of Financial Institutions, the Kentucky Industrial Development Council, and the Kentucky Center for Public Issues. He also serves as organist and past senior warden of St. Thomas Episcopal Church. Mr. Beach led the city of Beattyville as mayor from 1976 to 2008, where he was responsible for overall management of the city including budget planning, public relations, and cost control. He has served as past chairman of the Kentucky River Area Development district, past president of the Kentucky League of Cities, and past president of Group 9 of the Kentucky Bankers Association. He has served on numerous boards of directors, including the Kentucky Chamber of Commerce. Charlie Beach has contributed greatly to Kentucky over the past 50 years with his banking expertise and his community involvement. As he celebrates his 50th year with People's Exchange Bank, I commend Mr. Beach for his contributions to the betterment of Kentucky and I congratulate him on this important anniversary.

Mr. BARR

Mr. BARR. Mr. Speaker, I rise today to honor the life of a very special man and my good friend, Roy Bates of Winchester, Kentucky. Mr. Bates, a true patriot, passed away on July 4, 2019, on Independence Day, appropriately. Roy Bates was quite eager to serve his country and attempted unsuccessfully to enlist in the Navy and the Army when he was not yet of legal age. In 1950, when he was 18 years old, he enlisted in the Marine Corps and went to Parris Island for training. He was assigned to Company C, 1st Battalion, 7th Regiment, 1st Division. He was soon sent to Korea to join his fellow marines. On September 1, 1951, just 3 days before his 19th birthday, Mr. Bates was on patrol when his group was ambushed. They were taking heavy fire. Crawling on his belly, trying to reach cover, he heard the dreaded click of a land mine beneath him. His left leg was blown away, and his right leg sustained numerous wounds. Severely wounded, he was carried off the field by two fellow marines. One of those who carried him off was killed in action a few days later. Many years later, Mr. Bates was reunited with Royce Henry, the other marine who saved him. Mr. Bates spent 7 years in and out of hospitals and had 32 surgeries. He received a Purple Heart as well as numerous other medals. He married his wife, Betty, and they had four children. Mr. Bates eventually returned home to Winchester, where he always cherished a deep love for his country and for the Marine Corps. He was a well-respected member of his community who exemplified good character and a positive attitude all of his life. Mr. Bates and his fellow veterans are true heroes. He willingly served to protect and defend the freedoms that we enjoy today. He faced life with unwavering faith in God and love of country. Mr. Speaker, I am humbled to honor the life of Mr. Roy Bates before the United States Congress.

Mr. BARR

Mr. BARR. Madam Speaker, I rise today to honor the life of a special man, Roy Bates, of Winchester, Kentucky. Mr. Bates, a true patriot, passed away on July 4, 2019. Roy Bates was quite eager to serve his country and attempted unsuccessfully to enlist in the Navy and in the Army when he was not yet of legal age. In 1950, when he was 18 years old, he enlisted in the Marine Corps and went to Parris Island for training. He was assigned to Company C, 1st Battalion, 7th Regiment, 1st Division. He was soon sent to Korea to join his fellow Marines. On September 1, 1951, just 3 days before his 19th birthday, Mr. Bates was on patrol when his group was ambushed. They were taking heavy fire. Crawling on his belly trying to reach cover, he heard the dreaded click of a landmine beneath him. His left leg was blown away and his right leg sustained numerous wounds. Severely wounded, he was carried off the field by two fellow Marines. One of those who carried him off was killed in action a few days later. Many years later Mr. Bates was reunited with Royce Henry, the other Marine who saved him. Mr. Bates spent 7 years in and out of hospitals and had 32 surgeries. He received a Purple Heart as well as numerous other medals. He married his wife Betty and they had 4 children. Mr. Bates eventually returned home to Winchester where he always cherished a deep love for his country and for the Marine Corps. He was a well respected member of his community who exemplified good character and a positive attitude all of his life. Mr. Bates and his fellow veterans are true heroes. He willingly served to protect and defend the freedoms that we enjoy today. He faced life with an unwavering faith in God and love for this country. I am humbled to honor the life of Mr. Roy Bates before the United States Congress.

Mr. BARR

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 2515, the Whistleblower Protection Reform Act of 2019. I would like to thank my colleagues, Congressman Green and Congressman Huizenga, for their work on this commonsense, bipartisan legislation. Mr. Speaker, whistleblowers play a very important role in rooting out bad behavior that harms the market as well as mom-and-pop investors. Additionally, businesses have a self-interest in detecting and eliminating illegal activity as swiftly as possible within their organizations. To that end, clarifying the concept of encouraging employees to report alleged securities fraud activities to their employers without fear of retaliation just makes simple common sense. Businesses typically strive to comply with the law, and they have incentives to do so from market pressures, but it is also because unlawful activity hurts the company itself and it hurts its investors, driving down the company's value, tarnishing the company's reputation, repelling business partners and customers, and damaging the overall marketplace. That is why, frankly, the vast majority of actors in the private sector do the right thing. For these reasons, many companies have implemented strong internal reporting measures to detect and mitigate potential wrongdoing before harm spreads. But if internal whistleblowers who report potential securities law violations internally are not protected from retaliation, what good are these internal reporting systems that these companies have voluntarily established? That notion might seem counterintuitive, but last year, in the Digital Realty Trust case, the Supreme Court held that the whistleblower antiretaliation protections of the Dodd-Frank Act do not extend to internal whistleblowers; only those who report to the SEC are protected from retaliation. Now, this is not an error in the Supreme Court's judgment; it is simply a faithful interpretation of the flawed drafting of the Dodd- Frank law. This bill solves this problem by amending section 922 of Dodd-Frank to clarify that whistleblowers who report alleged misconduct internally with their employers but not to the SEC are protected by Dodd-Frank's antiretaliation provisions. By clarifying that Dodd-Frank's antiretaliation protections also apply to internal whistleblowers, this bill addresses the Supreme Court's interpretation and aligns Dodd-Frank's whistleblower protections with other major whistleblower laws. Again, I want to thank Congressman Green and Congressman Huizenga for this important bipartisan legislation, which I proudly support. I urge all of my colleagues to join me in supporting H.R. 2515. Mr. Speaker, I reserve the balance of my time.

Mr. BARR

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Once again, I thank the sponsor of this legislation, the gentleman from Georgia (Mr. David Scott). I thank the gentleman from New York (Mr. Zeldin) for his continued leadership on this legislation. I thank the gentleman from California (Mr. Levin), whom I have the privilege of serving with on the Veterans Affairs' Committee as well, for his leadership in getting this bipartisan legislation to the House floor and to this point. I thank the chairwoman of our full committee, the gentlewoman from California (Ms. Waters), for her leadership in helping navigate this legislation forward. Mr. Speaker, in conclusion, this is an important piece of legislation. It is bipartisan recognition of a problem created unintentionally by a law passed last year, and it is about providing two basic protections for veterans: protecting veterans who are seeking the dream of homeownership from predatory practices and from this practice of churning, and preserving liquidity in the secondary market for VA loans, which, in a nutshell, means that our veterans will have access to more affordable housing. Mr. Speaker, I thank my friends on the other side of the aisle, and I thank Mr. Zeldin for his leadership. I yield back the balance of my time.

Mr. BARR. Mr. Speaker, I am prepared to close.

Mr. BARR. Mr. Speaker, again, I thank my friend, the gentleman from Georgia, for his bipartisanship and his willingness to fight for veterans. I appreciate that. Mr. Speaker, I yield such time as he may consume to the gentleman from New York (Mr. Zeldin), my Republican colleague on the House Financial Services Committee, a veteran himself and a servicemember who has been a champion on legislating this fix.

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 1988, the Protecting Affordable Mortgages for Veterans Act, introduced by my friend, the gentleman from Georgia (Mr. David Scott). This bill is an important continuation of work that our colleague Lee Zeldin from Long Island, who is a lieutenant colonel in the Army Reserve, started last Congress to better protect our Nation's veterans from financial fraud. This Congress, I was pleased to join Congressmen Scott and Zeldin as an original cosponsor of this legislation, along with my colleague on the House Veterans' Affairs Committee, Congressman Levin, to assist with advancing this bill through both this committee, the Financial Services Committee, and the House Veterans' Affairs Committee. Last year, Congress enacted S. 2155, the most pro-growth banking bill in a generation. Section 309 of that legislation included a provision to impose a new seasoning requirement for the securitization of loans insured by the VA. This provision addresses the questionable practice of churning; that is, the refinancing of a home loan over and over again just to generate fees and profits for lenders with a slight short-term benefit for the borrower but at an increased life-of-the-loan cost. Unfortunately, that provision created a technical issue for a group of VA loans that fell into no-man's land, if you will, between the date on which the mortgage was issued and the technical requirements of the new law, increasing the risk to lenders and making the loans less attractive to investors. Congressmen Zeldin and Scott took quick action to correct this unintended consequence, but Congress ran out of time last year and it did not become law. The bill we are considering today, H.R. 1988, is a continuation of their efforts to address this unintended problem and ensure that these VA loans receive the equitable treatment they deserve. To some, this bill today might seem to be just a technical fix, but it is an important one. Our Nation's veterans should not be subject to suspect practices like churning. I am pleased that this bill, along with the ongoing efforts of the VA loan securitizer Ginnie Mae, will stamp out churning and better protect veterans. Mr. Speaker, I urge my colleagues to support H.R. 1988 and, once again, commend my colleague from Georgia (Mr. David Scott), and I reserve the balance of my time.

Mr. BARR

Mr. BARR. Mr. Speaker, I have no further speakers, and I yield myself the balance of my time to close. Mr. Speaker, in conclusion, as a Representative of a rural congressional district and who has tremendous respect for the hardworking, small business owners of rural America--and in my case, rural, central, and eastern Kentucky--I know how hard it is for folks to access the credit that they need to build a business, to grow jobs, to create greater and better opportunities for themselves and their employees. Not every small business in America, Mr. Speaker, can access Silicon Valley. Not every small business in middle America can access Wall Street. We need the SEC to have greater sensitivity to rural small business and their unique challenges in terms of access to capital formation. So I applaud the leadership of the Members who have brought this legislation forward. I urge my colleagues to support this legislation. Vote in favor of rural small business capital formation. Mr. Speaker, I yield back the balance of my time.

Mr. BARR

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I want to thank the gentlewoman from Ohio (Mrs. Beatty) for her leadership and her work on H.R. 2162, the Housing Financial Literacy Act of 2019. The Federal Housing Administration currently provides government- backed mortgage insurance to more than $1.3 trillion in loans. FHA insurance allows a wide array of borrowers to qualify for mortgages, including many low- and moderate-income families who might not otherwise have access to credit through traditional underwriting. In fiscal year 2018, the FHA endorsed over 1 million forward mortgages, including over 775,000 purchase loans, nearly 83 percent of which were to first-time home buyers. Given the large population of first-time home buyers using the FHA, it makes sense to encourage those individuals to seek out ways to strengthen their financial knowledge and better prepare themselves for the challenges of homeownership. Right now, current law states that FHA has the ability to provide first-time homeowners with a discount on their FHA upfront premiums if they complete an approved homeownership financial counseling course-- makes a lot of sense. However, the statute is drafted in such a way that the provision only applies in particular circumstances when FHA upfront premiums exceed 2.75 percent. Since FHA upfront premiums are currently set at 1.75 percent, a rate that has not been exceeded in a decade, FHA does not currently provide an upfront premium discount to first-time homeowners who complete a financial counseling course. This bill, H.R. 2162, would amend current law to require FHA to provide a 0.25 percent upfront premium discount from the prevailing rate in effect at the time for other borrowers to first-time home borrowers. This equates to a $625 savings off the current premium structure on a $250,000 mortgage. The hope is, by making such a discount mandatory, more first-time homeowners will seek out financial literacy counseling and produce better outcomes for a traditionally at-risk group of homeowners. The bottom line is that FHA is a valuable tool to help expand the universe of mortgage credit in our housing system, and we ought to be doing all that we can to make sure that we are using our limited public resources to encourage all borrowers to be well-prepared for the commitment of homeownership through financial counseling or any other effective means of creating more stable and reliable borrowers. Mr. Speaker, I reserve the balance of my time.

Mr. BARR. Mr. Speaker, I yield such time as he may consume to the gentleman from Ohio (Mr. Stivers), my Republican colleague, who is the co-chairman of the Financial Literacy Caucus in Congress and someone who has worked in a bipartisan way very productively with Congresswoman Beatty on this important initiative.

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, again, I would like to commend and applaud my friend, the gentlewoman from Ohio (Mrs. Beatty), for her leadership on this. What an outstanding list of endorsements of this legislation. It goes to show how much work she has put into this and that Congressman Stivers and others have put into this bipartisan legislation. Mr. Speaker, I thank the chairwoman of the full committee, Congresswoman Waters, for bringing this forward. In conclusion, as we look at this legislation, it is really a win- win-win: It is a win because first-time home buyers are now going to be able to have a more affordable downpayment. It is a win, in addition, because those first-time homeowners, as the gentlewoman from Ohio and the gentleman from Ohio pointed out, will be more prepared for the responsibility of homeownership, which is what is typically the most significant investment anyone makes in their entire lifetime. And, finally--and I think this is a point that we do need to underscore as well--when you are talking about federally insured, federally backed, taxpayer-insured, taxpayer-supported mortgages, it is good for the American taxpayer that we make sure that homeowners are prepared for that very important responsibility. Mr. Speaker, I urge all of my colleagues--for homeowners, for taxpayers--to support this legislation, and I yield back the balance of my time.

Mr. BARR

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I, too, rise in support of H. Res. 456. Mr. Speaker, I thank my colleagues, Congresswoman Pressley and Congressman Huizenga, for their work on this bipartisan resolution. More often than not, discussions in the Financial Services Committee are about the Securities and Exchange Commission, as it is the primary Federal regulatory agency for the U.S. securities markets. However, State securities regulators also play an important and complementary role in grassroots investor protection, investor education, and facilitating capital formation. H. Res. 456 highlights the important investor protection missions of State and Federal securities regulators. The resolution also encourages the continued collaboration between the SEC and State securities regulators. American capital markets provide an avenue for mom-and-pop investors and retail investors to achieve the American Dream and grow their nest egg for retirement, for their child's college tuition, or to buy a home. Protecting investors, ensuring the integrity of our capital markets, and promoting capital formation are goals that we all can stand behind. This resolution recognizes the important role State securities regulators play on each of these fronts. Mr. Speaker, I urge my colleagues to support H. Res. 456, and I reserve the balance of my time.