Andy Barr

Mr. BARR

Mr. BARR. Mr. Speaker, I yield 3 minutes to the gentleman from Texas (Mr. Hensarling), the chairman of the Financial Services Committee.

Mr. BARR. Mr. Speaker, on that I demand the yeas and nays.

Mr. BARR. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on this bill.

Mr. BARR. Mr. Speaker, I yield myself 5 minutes. Mr. Speaker, I am pleased to sponsor H.R. 3898, the Otto Warmbier North Korea Nuclear Sanctions Act, which imposes the most far-reaching financial sanctions ever directed at North Korea. Since 2006, North Korea has undertaken six nuclear tests and, earlier this summer, test-launched intercontinental ballistic missiles capable of reaching United States territory. The most recent nuclear device that the country detonated on September 3 had an estimated explosive power 10 times greater than the bomb dropped at Hiroshima. We must not allow the North to threaten a U.S. city with such weapons. In short, Mr. Speaker, this bill would impose secondary sanctions on foreign financial institutions that do business with virtually anyone that trades with North Korea. In addition, H.R. 3898 would essentially cut off Pyongyang's ability to earn hard currency through North Korean laborers working abroad, and it would use our leverage at the IMF, the World Bank, and other international financial institutions to incentivize countries to crack down on North Korea's illicit activities. As many of my colleagues know, North Korea is already subject to both U.S. and international sanctions, the latter deriving from a series of U.N. Security Council resolutions. These sanctions have fallen short, however, for two main reasons: First, they have not given sufficient attention to North Korea's enablers in third countries, especially foreign banks and middlemen in China, Southeast Asia, and other parts of the world. Second, even though U.N. Security Council resolutions are supposed to bind U.N. members to enforce them, implementation has been weak. As the U.N. Panel of Experts concluded earlier this year, member nations' compliance with sanctions has been so lax that North Korea retains access to the international financial system. As the Trump administration has made clear, U.N. sanctions are a floor, not a ceiling, for U.S. action. H.R. 3898 embodies this principle through the use of secondary sanctions. Here is how such sanctions would work, Mr. Speaker: The front companies and middlemen that North Korea relies on in third countries still need banks. Those banks, in turn, use correspondent or payable-through accounts held at U.S. financial institutions to process international transactions. It is counterproductive for U.S. policy to permit foreign banks to do business in America as well as business that ultimately helps North Korea. It is time for those banks to choose between aiding and abetting the North Korean Government or standing for peace with America and its allies. H.R. 3898 forces foreign banks to make that choice. Foreign banks can either do business benefiting North Korea or business with the United States. They cannot do both. Under an executive order issued in September, the President authorized the Treasury Department to levy sanctions on foreign banks that finance North Korean trade. While this was a crucial step forward, H.R. 3898 would widen the net still further. Under this legislation, Congress would be codifying mandatory sanctions on foreign banks. If someone is dealing with North Korea, there is nowhere to run or hide: a foreign financial institution is subject to sanctions for doing business with you, even if that bank claims that it is not directly financing the trade. H.R. 3898 also covers more economic activity than any previous sanctions on North Korea, including the current U.N. sanctions round. That means this bill goes after banks involved with petroleum, labor, and virtually any kind of investment or North Korean use of shipping vessels. In addition, H.R. 3898 targets the knowledge and technological support that North Korea needs for its weapons program and hacking activities. Pyongyang's threats against cybersecurity are critical for the regime to get its hands on financing. The goal, Mr. Speaker, is to show North Korea that the path they are on has devastating costs and leads to nowhere regardless. H.R. 3898 provides an off-ramp for North Korea if the country wants sanctions relief, but it is up to Pyongyang to take it. Until then, the sanctions we will be passing today hold tremendous economic pain in store for the Kim Jong-un regime and its foreign enablers. Finally, Mr. Speaker, we are honored to dedicate this bill to the memory of Otto Warmbier, a young man who traveled to North Korea to understand the country with his own eyes, and whose life was cut short by the regime's brutality. Otto was a student at the University of Virginia, my alma mater, and a special community that continues to mourn the loss of this special young man. Otto held out his hand in friendship to the people of North Korea, as we do. It is Pyongyang's nuclear ambitions, though, that threaten what Otto represented: a world of openness, understanding, and a desire for peaceful relations between our country and North Korea. It is fitting that this legislation bears Otto's name, and that its goals embody his spirit. Mr. Speaker, I reserve the balance of my time.

Mr. BARR. Mr. Speaker, I, too, appreciate the bipartisan work on this piece of legislation, but I just do have to respond to my friend, the gentlewoman from California, and her comments about the Trump administration and the shift in policy. It is hard to dispute that President Trump's public statements and official actions on North Korea have gotten Beijing's attention in a way that previous American Presidents have not. President Trump's tough rhetoric and tough talk on North Korea matches a shift in policy away from strategic patience to one that uses enhanced pressure through sanctions and the credible threat of military force to give substance and meaning to our diplomacy. Even the Democrat witness in our hearing on this legislation admitted that the President's strong language had made a difference in giving us additional leverage in our negotiations with China. Mr. Speaker, I yield 1 minute to the gentleman from Ohio (Mr. Wenstrup).

Mr. BARR. Mr. Speaker, I yield back the balance of my time.

Mr. BARR. Mr. Speaker, I yield the balance of my time to the gentleman from Indiana (Mr. Messer), another distinguished member of the Financial Services Committee.

Mr. BARR. Mr. Speaker, I yield 2 minutes to the gentleman from North Carolina (Mr. Budd), a member of the Financial Services Committee.

Mr. BARR. Mr. Speaker, may I inquire how much time is remaining.

Mr. BARR. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Indiana (Mr. Hollingsworth), another distinguished member of the Financial Services Committee.

Mr. BARR. Mr. Speaker, I yield 2 minutes to the gentleman from Arkansas (Mr. Hill), a distinguished member of the Financial Services Committee.

Mr. BARR

Mr. BARR. Mr. Speaker, I continue to reserve the balance of my time.

Mr. BARR. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Hensarling), the chairman of the Financial Services Committee.

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 3972, the Family Office Technical Correction Act, which passed out of the House Financial Services Committee earlier this month with the unanimous support of my Republican and Democratic colleagues. This timely legislation provides a technical clarification that makes it very apparent that family offices are considered accredited investors under regulation D. Under Dodd-Frank, a family office or, in other words, a company that only has family clients, is owned by the family, and is not a public investment adviser can give financial advice to family members without the office registering under the Investment Advisers Act. The rationale behind this was that family members will look out for one another. Thus, this legislation, for the same reason, allows family offices to count as accredited investors, which would allow them to make private placement investments. The end result is that more capital will be available for investment in businesses, resulting in more jobs and greater economic opportunity for Americans of all walks of life. I want to thank Representative Carolyn Maloney and Chairman Hensarling for their leadership on this important legislation, and I urge my colleagues in the House to support the Family Office Technical Correction Act. Mr. Speaker, I reserve the balance of my time.

Mr. BARR. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3972) to clarify that family offices and family clients are accredited investors, and for other purposes, as amended.

Mr. BARR. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. BARR. Mr. Speaker, I have no further requests at this time, and I yield back the balance of my time.

Mr. BARR

Mr. BARR. Mr. Speaker, we rise to recognize the distinguished military service and retirement of Brigadier General Steven P. Bullard of the United States Air Force and the Kentucky Air National Guard. General Bullard was commissioned as an officer in the United States Air Force and earned his wings as a navigator in the C-130 Hercules aircraft in 1985. Since that time, General Bullard quickly rose to vital leadership positions including: Chief of Staff of the Kentucky Air National Guard; Deputy Chief of the Joint Staff, Joint Force Headquarters-Kentucky National Guard; and a member of the Joint Air Component Coordination Element (JACCE) staff for the Commander, 7th Air Force, Osan Air Base, South Korea. Over his many years of service, General Bullard worked hard to establish meaningful and trustworthy relationships with Members of Congress to effectively communicate the policies and concerns of the Kentucky Adjutant Generals Office. Through his leadership, General Bullard helped improve the lives of U.S. service members and strengthened the national security of the United States of America. We honor his military service and sacrifice that have led to the betterment of our nation.

Mr. BARR

Mr. BARR. Mr. Speaker, I rise today to urge my colleagues to act quickly to reauthorize the Community Health Center Fund, which expired last week on September 30. Community health centers provide cost-effective and accessible primary care, mental health counseling, and substance abuse treatment for over 27 million patients nationally, including over 200,000 of my constituents in Kentucky's Sixth District. The upfront Federal investment in community health centers leads to savings down the road by fighting the cycle of opioid addiction, preventing more complex health conditions, and diverting patients away from higher cost centers of care, such as the emergency room. I have visited community health centers in my district, including White House Clinics, Sterling Health Solutions, Family Care of Bluegrass, and HealthFirst Bluegrass, and I have witnessed firsthand what a difference these organizations make in providing much needed care to at-risk Kentuckians. Without the support of the Community Health Center Fund, these CHCs may soon be forced to cut back services, lay off staff, or even shut down clinics. Mr. Speaker, admittedly, there is a robust debate in this country and a wide diversity of opinion about healthcare reform, the ACA, and what repeal and replacing the ACA should look like, but we should all agree that community health centers are part of the solution.

Mr. BARR

Mr. BARR. Mr. Speaker, may I ask how much time I have remaining?

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I appreciate the gentleman from Massachusetts and his leadership. I do recognize the great game of basketball was, in fact, invented in Massachusetts. That is okay, because Massachusetts gave us Coach Calipari along the way. We really appreciate his leadership. This would not have happened without the leadership of the gentleman from Massachusetts. It is my honor to work with him on this bipartisan piece of legislation. Mr. Speaker, I urge all Members to vote ``yes'' on The American Legion 100th Anniversary Commemorative Coin Act. Mr. Speaker, I reserve the balance of my time.

Mr. BARR. Mr. Speaker, I reserve the balance of my time.

Mr. BARR. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of H.R. 2519, The American Legion 100th Anniversary Commemorative Coin Act, which would require the Department of the Treasury to mint and issue commemorative coins in recognition and celebration of the 100th anniversary of The American Legion. For nearly 100 years, The American Legion, which was formed for veterans and by veterans, through the support of Congress, has helped to provide services to wartime veterans and the communities in which they live across the United States and the globe. On March 27, 1919, Theodore Roosevelt sent a telegram to Mr. William Marshall Bullitt of Louisville, Kentucky, and many more respected military wartime veteran leaders across the country which announced: ``A conference will be held at St. Louis about May 1 for the purpose of organizing an association composed of those who have been in the land and naval forces of the United States in this war. A convention held in France has already organized forces there in an association called The American Legion and will have its representatives at this convention.'' Shortly after this first national gathering of unified veterans held in St. Louis, Missouri, the United States Congress officially chartered The American Legion on September 16, 1919. Since this charter, The American Legion has grown to be one of the most influential, nonpartisan, nonprofit, and the largest veterans service organization in the United States, with a standing membership of over 2.4 million veterans in 14,000 posts worldwide. The Legion annually raises millions of dollars in donations at the local, State, and national levels to help veterans and their families during times of need and to provide college scholarships and other opportunities for deserving students. Even in the Sixth Congressional District of Kentucky, which I proudly represent, The American Legion continues to be a strong and aggressive advocate for wartime veteran-centered issues. Just yesterday, I met with many of The American Legion Nicholasville Post veterans right there serving and honoring the Gold Star families at Camp Nelson in Jessamine County, Kentucky. The American Legion Department of Kentucky has established 139 posts, 3 areas, and 11 districts in our Commonwealth of 120 counties. The American Legion continues to strive to achieve what has always been held as a sacred duty to every good American since General George Washington's vision to promote the importance of providing provisions for the adequate care for war disabled veterans and their families. Mr. Speaker, I reserve the balance of my time.

Mr. BARR. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. BARR. Mr. Speaker, I yield back the balance of my time.