Warren Davidson

Mr. DAVIDSON

Mr. DAVIDSON. 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. DAVIDSON. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 3716, the Systemic Risk Authority Transparency Act. Mr. Speaker, I thank the gentleman from Texas (Mr. Green) for offering this bill. I am pleased to note that this legislation earned unanimous support of the House Financial Services Committee in June, passing 51-0. I thank Mr. Green for offering this bill. Mr. Speaker, I reserve the balance of my time.

Mr. DAVIDSON. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, I include in the Record the CBO cost estimate for this bill.

Mr. DAVIDSON. For the reasons I explained earlier, Mr. Speaker, I urge all of my colleagues to support this bill, and I yield back the balance of my time.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4429) to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes, as amended.

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

Mr. DAVIDSON. Mr. Speaker, I yield 5 minutes to gentlewoman from Missouri (Mrs. Wagner).

Mr. DAVIDSON. Mr. Speaker, I include in the Record the CBO estimate for this bill. Legislation Considered Under Suspension of the Rules The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote. At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. If CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included.

Mr. DAVIDSON. Mr. Speaker, I yield myself the balance of my time. For reasons I explained earlier, I urge all of my colleagues to support this bill, and I yield back the balance of my time.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4431) to amend the Investment Company Act of 1940 with respect to the definition of qualifying venture capital funds, and for other purposes, as amended.

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

Mr. DAVIDSON. Mr. Speaker, I yield 3 minutes to the gentleman from South Carolina (Mr. Timmons).

Mr. DAVIDSON. Mr. Speaker, I include in the Record the CBO estimate for this bill. Legislation Considered Under Suspension of the Rules The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote. At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. Tf CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included.

Mr. DAVIDSON. Mr. Speaker, I yield myself the balance of my time. For the reasons I explained earlier, I urge all of my colleagues to support this bill, and I yield back the balance of my time.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4430) to lower the aggregate market value of voting and non- voting common equity necessary for an issuer to qualify as a well-known seasoned issuer, as amended.

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

Mr. DAVIDSON. Mr. Speaker, I yield 3 minutes to the gentleman from Wisconsin (Mr. Steil).

Mr. DAVIDSON. Mr. Speaker, I am prepared to close, and I reserve the balance of my time.

Mr. DAVIDSON. Mr. Speaker, I include in the Record the CBO estimate for this bill. Legislation Considered Under Suspension of the Rules The Majority Leader of the House of Representatives announces bills that will be considered under suspension of the rules in that chamber. Under suspension, floor debate is limited, all floor amendments are prohibited, points of order against the bill are waived, and final passage requires a two-thirds majority vote. At the request of the Majority Leader and the House Committee on the Budget, CBO estimates the effects of those bills on direct spending and revenues. CBO has limited time to review the legislation before consideration. Although it is possible in most cases to determine whether the legislation would affect direct spending or revenues, time may be insufficient to estimate the magnitude of those effects. If CBO has prepared estimates for similar or identical legislation, a more detailed assessment of budgetary effects, including effects on spending subject to appropriation, may be included.

Mr. DAVIDSON. Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Speaker, today, Father Charles Trullols led our opening prayer. I have known Father Charles since 2020. He is an Opus Dei priest and leads the Catholic Information Center here in our Nation's capital. Originally from Barcelona, Spain he became a priest in 2006 and served in Grenada, Spain before coming to the United States where he ministered to others in Pittsburgh, South Bend, and Chicago before taking on his current role. In 2020, when it seemed the world had lost its collective mind, Opus Dei was, and remains a source of hope for me. The camaraderie and fellowship of seeking to follow Jesus together with colleagues kept me grounded. There, I met Father Charles whose love for Jesus and people come together in his own ministry. Father Charles provided patient counsel, consistent prayer, and ongoing friendship--things he does naturally and always for God's glory. I'm thankful for his ministry to me and others.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Chair, I thank the chairman and ranking member for their work on keeping the NDAA bipartisan. There is such a vital focus on national security here, and there are some truly good reforms. As Mr. Hill highlighted, the Defense Production Act has broader implications than just the Department of Defense. This turf war is, frankly, as old as the Defense Production Act, back to 1950. When Chief of Staff James A. Baker, III, was navigating this, he highlighted that tension. Since then, all kinds of things have taken place with the Defense Production Act. This year is the first opportunity to reauthorize it since the COVID pandemic, so HHS has been used. There is a lot of thoughtful work underway as we seek to modernize and reauthorize this. I look forward to future collaboration. Mr. Chair, I thank Chairman Rogers for his commitment to Chairman Hill. As chairman of the National Security, Illicit Finance, and International Financial Institutions Subcommittee, this authorization does go through my subcommittee, and I am happy to work with colleagues across the spectrum here to get a good product across the finish line. Mr. Chair, I am opposed to this en bloc because of this amendment.

Mr. DAVIDSON

Mr. DAVIDSON. Madam Speaker, for decades, Washington, D.C., has allowed international trade organizations to put our competitors ahead of the American people. Groups like the World Trade Organization allow China to exploit trade loopholes while claiming to be a developing nation, stealing our intellectual property, and manipulating their own currency. Under these America last trade policies, Ohio has lost a third of its manufacturing jobs. Between 2000 and 2010, Hamilton County in the Eighth District lost 66,000 good-paying, high-skilled jobs. My district heard the giant sucking sound of American industry fleeing overseas. These jobs drove innovation and productivity, and they built our middle class. America last trade policies not only exported jobs and outsourced our defense industrial base, but they exported much of our future. Our trade policy ought to put American industry and American citizens first.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Speaker, the ability to move payment or digital tokens that represent other assets person to person, without a third party or intermediary, across any space digitally at the speed of light is part of the reason this industry was created. What do those tokens represent? Either securities, commodities or real world assets? We have needed a bright-line test since this market began to decide who regulates them. I introduced the first piece of legislation on this back in 2018 called the Token Taxonomy Act. Think of the harm that could have been prevented if we had that bright-line test all this time. The other essential component is self-custody, the ability to control your own assets. You can't go person to person if you have to go through an intermediary without a permission. It does that. It does just what we need it to do, just like cash. We finally have market structure in place with this bill. I hope the Senate delivers the same structure soon, and we get the certainty the markets need.

Mr. DAVIDSON

Mr. DAVIDSON. Mr. Speaker, I thank the ranking member for yielding. Mr. Speaker, I have not seen a perfect bill since I have been in Congress, but this is a pretty good bill. It is an important bill. Regulating stablecoins is long overdue at the Federal level, but make no mistake, stablecoins aren't new. The New York Department of Financial Services has regulated stablecoins in the State of New York since 2018. They are time-tested and proven, and they have been stable. It is long overdue for us to provide Federal legal clarity here, so why am I speaking in opposition to it? My Republican colleagues are exactly right about the stablecoins and the need for regulation. That is why we passed the STABLE Act, but my Democratic colleagues are right this time to recognize that the legislative process is broken and, frankly, we all know that. Everyone in the House does. We have seen it broken on lots of things, but here, today, we have got a defective product that our legislative process prevented us from fixing. On the product, the GENIUS Act, we agree we have five amendments that we want to do to the GENIUS Act that we are doing in the CLARITY Act, and they are important. Frankly, while the GENIUS Act does address retail CBDC, and it is an important concession because Democrats want a surveillance state Central Bank Digital Currency. Mr. Speaker, you are going to see that when we vote later on Tom Emmer's bill. They want that. Republicans are thankfully united in opposing Central Bank Digital Currency, but we should deal with that fully here. On March 8, 2023, in a dialogue with Chairman Hill, Federal Reserve Chairman Jerome Powell said that they would need congressional approval for a retail CBDC, but he went on to explain that you could have a layered CBDC. They are building just that at the Federal Reserve. We should completely turn that off, and that is why we need to pass Representative Emmer's bill. I will talk about that later, but we also need to protect self-custody, which is the ability for you to move your money directly person to person without an intermediary. You won't have direct access to your own money unless you protect it because government agencies continue to try to ban it. We need to protect it. We do in the CLARITY Act, and that is why I oppose the bill.