Ken Buck

Mr. BUCK

Mr. BUCK. Mr. Chairman, I have an amendment at the desk.

Mr. BUCK

Mr. BUCK. Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. BUCK. Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Rothfus), the vice chair of the Subcommittee on Financial Institutions and Consumer Credit.

Mr. BUCK. Mr. Speaker, I yield 2 minutes to the gentleman from North Carolina (Mr. McHenry), the chief deputy whip of the Republican Conference.

Mr. BUCK. Mr. Speaker, I yield 3 minutes to the gentleman from Kentucky (Mr. Barr), the chair of the Subcommittee on Monetary Policy and Trade.

Mr. BUCK. I do.

Mr. BUCK. Mr. Speaker, I yield such time as she may consume to the gentlewoman.

Mr. BUCK. Mr. Speaker, I note for the record that the best way for a student to repay student loans is to have a strong economy and not the anemic recovery that we had from the last recession. I yield 2 minutes to the gentlewoman from Missouri (Mrs. Wagner), the chair of the Subcommittee on Oversight and Investigations.

Mr. BUCK. Mr. Speaker, I yield an additional 30 seconds to the gentleman from Michigan.

Mr. BUCK. Mr. Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Huizenga), the chair of the Subcommittee on Capital Markets, Securities, and Investments.

Mr. BUCK. Mr. Speaker, the legislation before us today is not for the big banks. It is not for the bureaucrats and their swanky downtown office at CFPB. This legislation was crafted for the American people, the men and women who work hard every day to earn a living. These individuals want choice in the financial products they can buy. They want healthy community banks. They want lower taxes instead of Wall Street bailouts. The Financial CHOICE Act was written over the past several years with these people in mind. We will restore hope and opportunity for them. I thank Chairman Hensarling and the Financial Services Committee for their hard work on this bill. I thank Chairman Sessions for bringing this bill to the floor. Mr. Speaker, I urge Members to vote ``yes'' on the resolution, and then to vote ``yes'' on the underlying bill.

Mr. BUCK. Mr. Speaker, I have no further speakers at this time. The points have been made. I am prepared to close, and I reserve the balance of my time.

Mr. BUCK. Mr. Speaker, I yield the gentleman an additional 30 seconds.

Mr. BUCK. Mr. Speaker, I yield 2 minutes to the gentleman from New Mexico (Mr. Pearce).

Mr. BUCK. Mr. Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Williams), the vice chair of the Subcommittee on Monetary Policy and Trade.

Mr. BUCK. Mr. Speaker, I rise today in support of the rule and the underlying legislation. This rule provides a structured process for debate and makes in order six amendments to the bill. Mr. Speaker, we are here today to return hope and opportunity to Main Street America through the Financial CHOICE Act. This legislation touches at the very heart of our economy, ensuring that our financial system facilitates job creation, economic growth, and fairness. Nearly 10 years ago, the American economy cratered. The Great Recession of the late 2000s revealed that our financial system was fragile, and many Americans got the short end of the stick. In 2010, Democrats passed H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. They promised the bill would lift the American economy. They promised an end to Wall Street bailouts. They promised to protect consumers. Seven years later, we know that these promises never came true. Due to Dodd-Frank's excessive regulatory burden, big banks are getting bigger while small banks and credit unions are disappearing. There have only been six new bank charters since Dodd-Frank--a drastic decline from the 170 on average per year before the bill. In fact, 43 percent of banks with assets under $100 million have disappeared. Large banks survive because they can afford armies of lawyers to understand Dodd-Frank regulations. In 2010, Goldman Sachs CEO Lloyd Blankfein even suggested his bank would be among the biggest beneficiaries of Dodd-Frank. But for community banks with community budgets, the effects of the law have been devastating. Dodd-Frank also failed to address the too-big-to-fail problem. Under the Dodd-Frank law, big banks are growing larger, and taxpayers are still responsible for bailing them out. Furthermore, Dodd-Frank has made access to banking and credit more difficult for average Americans. Since the passage of the bill, bank fees have increased and millions more Americans are now considered unbanked or underbanked. Declining liquidity has limited access to credit for small businesses and the regulatory restrictions on mortgages have pushed homeownership out of reach for the middle class. Seventy-two percent of community banks say that the Dodd-Frank regulations restrict their ability to offer mortgage loans. Mr. Speaker, this is not the price we must pay to be a hopeful and prosperous nation. That is why I am here supporting the Financial CHOICE Act. It repeals Dodd-Frank, replacing the harmful law with reasonable regulations that ensure consumer protection, job growth, economic growth, and strong community banks. The Financial CHOICE Act ends the coddling of big banks. It implements historically tough penalties on financial fraud and insider trading. It ends taxpayer-funded bailouts and creates new bankruptcy laws designed for failing banks. It is time that Congress put Main Street ahead of Wall Street. The Financial CHOICE Act also reins in the Consumer Financial Protection Bureau, a government agency that has incredible power to regulate the financial industry but that has nearly no accountability. The judicial branch has actually declared its structure unconstitutional. The CFPB is causing problems for consumers. They have a database for complaints from consumers, but it publishes consumer complaints before even checking if they are true. The CFPB also weighs in on financial regulations where Congress should instead be making these decisions, and the CFPB wasted over $200 million on lavish renovations of their office space in downtown Washington, D.C. This legislation we are considering today will restructure the CFPB, restoring congressional oversight duties and moving the agency back under the regular legislative appropriations process. We will also be refocusing the CFPB on enforcing consumer protection laws, rather than making up their own laws that only hurt the average American consumer. Perhaps most important to Coloradans, the Financial CHOICE Act creates economic growth and jobs by making credit easier to access for Main Street America. Thanks to the TAILOR Act, introduced by my friend and colleague from Colorado (Mr. Tipton), regulators will be able to craft custom regulations to reflect the specific business model of local banks. This bill also creates jobs and economic growth by requiring more transparent policymaking at the Federal Reserve. We rein in stifling regulations on small, community banks, allowing them to compete against their larger counterparts. We increase consumer choice by ensuring Americans can access a bank and a credit card. Mr. Speaker, we have the opportunity today to transform our Nation's financial system. We have the opportunity to level the playing field between big and small banks. We have the opportunity to turn up the heat on financial fraud. We have the opportunity to return regulatory power from the hands of unelected bureaucrats to the people. We have the opportunity to roll back hurtful regulations. We are here to restore hope and opportunity through the Financial CHOICE Act. Mr. Speaker, I reserve the balance of my time.

Mr. BUCK. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks.

Mr. BUCK. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentlewoman from New York (Ms. Slaughter), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only. General Leave

Mr. BUCK. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 375 and ask for its immediate consideration.

Mr. BUCK

Mr. BUCK. Mr. Speaker, I rise today in support of the rule and the underlying legislation. This rule provides a structured process for debate. I want to highlight that this rule makes in order all amendments submitted to the Rules Committee, and I reserve the balance of my time.

Mr. BUCK. Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. BUCK. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, we are here today for the children. In voting for the bill and the underlying bills, we are sending a message to the abuser of children: If you harm one of these little ones, you will be met with the full fury of the American justice system. You will be discovered and reported by your peers. You will face the threat of appropriately harsh demands. You will face the full force of the law if you visually depict child exploitation. We are sending a message to the bystanders: You have a solemn duty to protect these children. You have a duty to be their hope and happiness and their future when you step in and stop abuse. You have a duty to report the heinous acts committed by monsters. Lately, we don't have many moments in Washington where both political parties can come together and reach a consensus, but the legislation we are considering today provides the perfect opportunity. These bills should not be controversial. They should draw the support of both sides, because protecting our children is a moral necessity for every American. That is, after all, the message these bills send. I thank Representative Brooks and Representative Johnson for the hard work they have done on these bills, and I thank Chairman Goodlatte for shepherding these bills through the Judiciary Committee and spending so much time in committee working on legislation to protect our children. Mr. Speaker, I urge members to vote ``yes'' on the resolution, vote ``yes'' on the underlying bills.

Mr. BUCK. Mr. Speaker, I yield 5 minutes to the gentleman from Arizona (Mr. Biggs).

Mr. BUCK. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.

Mr. BUCK

Mr. BUCK. Mr. Speaker, I have a motion at the desk.