Tom Emmer

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today in support of H.R. 4790, which makes important changes to our financial regulatory system that will provide clarity and consistency for our community financial institutions. I want to thank my colleague from Arkansas for bringing this important legislation forward. The Volcker rule, a creation of the Dodd-Frank Act, sought to prohibit reckless trading and investment strategies to protect consumers. Instead, it has led to yet another overly complex one-size-fits-all regulatory regime that adds additional pressure on our already overregulated community banks. The complexities of this rule and its unintended consequences have been acknowledged by the current and prior administration as well as by Members on both sides of the aisle. The mere fact that five different agencies: the Fed; the FDIC; Office of the Comptroller of the Currency, the OCC; Securities and Exchange Commission, the SEC; and Commodity Futures Trading Commission, the CFTC, are responsible for implementing and enforcing one rule should tell the American people everything they need to know about how fragmented and confusing the Volcker rule can be. That is why I am pleased to see H.R. 4790, the Volcker Rule Regulatory Harmonization Act come before the House today to provide an exemption for our small community financial institutions and to streamline the regulatory authority of the Volcker rule. Mr. Speaker, this bill will free up banks on Main Street Minnesota and in towns all across the country, allowing them to spend more time lending to consumers and small businesses and less time wondering if the heavy hand of the Federal Government is going to come crashing down on him. Again, I thank Mr. Hill for his hard work on this issue and urge my colleagues to vote ``yes'' on H.R. 4790.

Mr. EMMER

Mr. EMMER. Mr. Speaker, many years ago, an outstanding coach from my home State of Minnesota once said, ``I learned early on that you do not put greatness into people but somehow try to pull it out.'' That coach was Herb Brooks, who led Team USA to victory at the 1980 Olympics. Minnesota is home to many outstanding coaches who carry on the legacy of Coach Brooks every day. Mr. Speaker, I rise today to recognize two of my district's incredible coaches for receiving awards from the Minnesota Hockey Coaches Association. St. Michael-Albertville High School's Jerremiah Johnson achieved the AA John Mariucci coach of the year award, and Andover High School's Brett Barta received the assistant head coach of the year award. In Minnesota, we treat the sport of hockey as a lifestyle, and our youth coaches spend a lot of time with our young people. I am proud that coaches like Coach Johnson and Coach Barta are carrying on the legacy of Minnesota legends like John Mariucci and Herb Brooks and pulling the greatness out of our young athletes every day. Thank you, Jerremiah and Brett, for passing on lessons in perseverance, integrity, and the great game of hockey to the next generation. Celebrating the St. Michael-Albertville High School Wrestling Team

Mr. EMMER. Mr. Speaker, I rise today to celebrate the St. Michael- Albertville High School wrestling team for winning their first-ever undisputed Class 3A State title. The young men on this team came close to winning in 2013. Due to a tie, however, they had to share the title with another team. But not this year. This year, the St. Michael- Albertville High School wrestling team finished what they started. Congratulations to the wrestlers of St. Michael-Albertville High School for your first State championship. We expect many more. Recognizing Tammy Oveson for Being Named National Childcare Provider of the Month

Mr. EMMER. Mr. Speaker, I rise today to recognize Tammy Oveson of Waite Park, Minnesota. Tammy is an outstanding childcare provider in Minnesota's Sixth Congressional District. She operates Learn `n Play Preschool and was recently named National Childcare Provider of the Month for her dedication to early childhood development and learning techniques. Mr. Speaker, right now in Minnesota, at this moment, Tammy and her assistant, Karla, are working with young children who will one day grow up to be great citizens and, hopefully, leaders of this great Nation. Tammy and Karla's work keeps Minnesota and our Nation moving forward. I am grateful for them and all of our childcare providers, teachers, counselors, and educators who are fostering future generations of Americans across the country. I am honored to recognize Tammy today and thank and congratulate her on the incredible work she does for young Minnesotans. Honoring the Life and Legacy of Vietnam Veteran Leo K. Thorsness

Mr. EMMER. Mr. Speaker, I rise today to commemorate Vietnam veterans, to remember the heroes who served our great Nation during the most expansive war in American history. To those who have passed and those still living, we offer our humble and eternal thank you. While you may not have always received a warm welcome or the gratitude you deserve, we honor your sacrifice to this Nation, now and forever. The great State of Minnesota is home to many of these incredible heroes, and today I am proud to honor the life and legacy of Leo K. Thorsness, who was recently interred at Arlington National Cemetery. Leo was Minnesota's last living recipient of the Medal of Honor. He deserved that great honor and distinction for the incredible courage he displayed in the Vietnam war. During his time in Vietnam, Leo was captured and imprisoned for 6 years, spending one full year in solitary confinement. In honor of brave men like Leo, I rise today to say thank you. Thank you for your service, your sacrifice, and your willingness to put your life on the line and fight to preserve America's values. Recognizing Anoka County Special Deputy Vern Waldner

Mr. EMMER. Mr. Speaker, I rise today to recognize Vern Waldner of Anoka County, Minnesota. After serving for 26 years as special deputy with the Anoka County Sheriff's Office reserve program, Vern is retiring. Local communities are made better by people like Vern who are willing to give their time and service to help others. Simply put, he made Anoka a safer place to live. For nearly three decades, Vern ensured the safety of families during each annual Anoka Halloween Parade, an event so large and so widely attended, it has earned Anoka the title ``Halloween Capital of the World.'' Vern was at that parade every year, dedicated to protecting his neighbors and friends. As a community, we are grateful for Vern and congratulate him on being the second longest serving reserve deputy in Anoka County history. Thank you, Vern. We wish you a long and happy retirement.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to recognize an outstanding person and a friend. Don Lucia started playing hockey on outdoor rinks in northern Minnesota as a boy. After playing the game through high school and college, he became one of the most successful college hockey coaches in the country. Recently, Coach Lucia announced he will retire from coaching the Minnesota Golden Gophers men's hockey team after 19 seasons. During his tenure at Minnesota, Don's teams regularly finished at the top of the WCHA and, more recently, won the Big Ten Conference 4 out of the past 5 years. His teams also made the NCAA playoffs 13 times and won two national titles. As a player growing up in Grand Rapids, Minnesota, Don was a leader. He was disciplined, and he made everyone around him better. As a coach, he not only built winning teams, he developed young men. Don is retiring as a true ambassador for the game. While he will no longer be coaching our Minnesota Gophers, I hope Don continues to be a leader for the game of hockey and for our State for years to come. Don, thank you for leading our Gophers to victory time and time again. Good luck to you; your wonderful wife, Joyce; and the rest of the Lucia family as you start the next chapter.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I wish to recognize Conservation Beyond Borders and their tireless work to eradicate the illegal poaching of Rhinoceros' and the subsequent trafficking of their horns which are used to fund illicit activities. This form of wildlife terrorism promotes the trafficking of humans, arms, and narcotics as well as other illegal activities around the world. As a University of Minnesota graduate and wildlife biologist, Nicole Benjamin-Fink serves as the Director of Conservation Beyond Borders and has spent countless hours working to identify the illegal trade of wildlife by global operative networks whose goal is to utilize endangered animals, like the rhinoceros, as trade commodities. Through the creation of Conservation Beyond Borders, Nicole has raised awareness and promoted cross-cultural conservation around the world. Like Conservation Beyond Borders, I too believe in the importance of identifying the causes and impact of wildlife terrorism. I am honored to recognize outstanding Minnesotans like Nicole for their efforts to preserve our wildlife and end the criminal financing of terrorism. I commend Conservation Beyond Borders for their efforts to conduct comprehensive research on these criminal networks and for attempting to ensure that all wildlife have the opportunity to flourish in their native homelands.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I thank the chairman for the time. Mr. Speaker, on countless occasions, my colleagues on the House Financial Services Committee have called out the challenges faced by our family-owned community banks and credit unions created by the one- size-fits-all regulatory approach of this Federal Government. We keep repeating this message because this is what all of us, Republicans and Democrats, are hearing from our constituents on Main Street U.S.A. As a direct result of the overly burdensome and unnecessary Federal regulation, members of the Ideal Credit Union in Minnesota pay an additional $225, and it now takes over 44 days to close a home mortgage. Ideal told me that, if the credit union could return to a more normal, reasonable processing time, their members would be better served and the process would be more efficient. My colleague from Colorado has heard similar examples from his constituents, too. That is why he introduced the TAILOR Act, to change the way agencies regulate our small town financial institutions that are telling us time and time again they need relief. Representative Tipton's legislation will direct the Federal regulatory agencies responsible for regulating our local Main Street financial institutions to consider a few factors when they are regulating, such as the impact their actions have on the ability of banks and credit unions to serve their customers, the risk profile and business models of the institutions they regulate, and the necessity and appropriateness of the regulations they are imposing. Tailored regulations are smart regulations and will help to limit the regulatory burden our community banks and credit unions continue to face.

Mr. EMMER. Mr. Speaker, I urge my colleagues on both sides of aisle to listen to the stories of their constituents and support the relief they are asking for. I urge my colleagues to vote ``yes'' on H.R. 1116, the TAILOR Act.

Mr. EMMER

Mr. EMMER. Mr. Speaker, the House Financial Services Committee has been working hard for consumers, local banks, credit unions, and American entrepreneurs during the 115th Congress. Today, we continue our work with H.R. 4607, the Comprehensive Regulatory Review Act. Introduced by my colleague from Georgia, Representative Barry Loudermilk, this bill brings accountability and modernization to the current regulatory review process for banks, credit unions, and financial institutions across the country. Currently, the regulatory audit conducted by our Federal financial regulators happens just once every decade, and the Consumer Financial Protection Bureau and the National Credit Union Administration are not technically a part of that review. It has been 21 years since we evaluated possible changes to this antiquated and inefficient system. That is why we need Representative Loudermilk's Comprehensive Regulatory Review Act to ensure the regulations we have in place are working to do what they are supposed to do: protect consumers. This legislation is made even more urgent given that unchecked and inefficient regulations are working against the very consumers our regulatory regime was designed to help. Take, for example, the fact that the United States lost nearly 12,000 of its federally insured banks between 1984 and 2016, making it harder for small business entrepreneurs and families to access the credit and capital they need to create new opportunities and grow. These banks struggled under the weight of new regulations, either to disappear completely or to be swallowed up by the big banks that are able to absorb the heavy cost of compliance. For those banks that are able to survive, significant tradeoffs are required. In Rockford, Minnesota, for instance, instead of adding another lender to their team, one small community bank needed to hire a full- time compliance officer simply to keep up with the regulatory onslaught from Washington. That same bank is spending over $100,000 each year on compliance costs instead of using that money in ways that would benefit the local community. Minnesota's credit unions have also been hit hard by unchecked and outdated regulation. One study found that credit unions in my State of Minnesota have incurred $102 million in costs directly related to the increased regulations created by the Dodd-Frank Act. Worse still, one in every four Minnesota credit union employees spends their time solely on regulatory compliance. Mr. Speaker, we have a duty to stand up for these struggling financial institutions and, more importantly, the consumers whose communities are hurting without them. We can do that today. Representative Loudermilk's legislation sailed through committee in January receiving support from both sides of the aisle because Republicans and Democrats know that H.R. 4607 takes necessary and important steps to ease the regulatory burdens which challenge community financial institutions in each and every congressional district. I appreciate the hard work of the bill's sponsor and the chairman of the committee to bring this legislation to the floor today, and I urge my colleagues to vote ``yes'' on the Comprehensive Regulatory Review Act.

Mr. EMMER

Mr. EMMER. Madam Speaker, when the House passed the Financial CHOICE Act to repeal Dodd-Frank last year, we did so because we believe in Main Street, we believe in the consumer, the American consumer. Dodd-Frank promised to protect consumers from the big banks on Wall Street. In reality, Dodd-Frank has punished small banks and credit unions and, ultimately, the American consumer. The loss of community financial institutions tells the story. In my State of Minnesota, we had 513 community banks in 2000. Today, we have about 309, and continue to experience a drought in de novo charters. Credit unions have, unfortunately, faced similar challenges. This means there are fewer places for Americans to turn when they are seeking a loan for their first home or perhaps to get a small business off the ground. One specific provision in Dodd-Frank requires lenders to deny loans to individuals who do not meet government-prescribed standards. This, according to Washington, makes loans safer, since, of course, government knows best. But in reality, these mortgages have not been made safer. They have been made unavailable. As a result, the likelihood of getting approved for a loan and becoming a homeowner has plummeted. Representative Barr's legislation, the Portfolio Lending and Mortgage Access Act, takes steps to empower lenders in Minnesota and across the country and to better serve the needs of their customers by extending important protections to institutions and ensuring access to credit for American borrowers. At the end of the day, the most effective way to ensure an individual has the ability to repay does not always need to be government- prescribed. I appreciate my colleague from Kentucky's hard work to protect and reinvigorate our community financial institutions, and I urge my colleagues to support H.R. 2226, the Portfolio Lending and Mortgage Access Act, as it comes before the House for a vote.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to remember the life of Sarah Janecek, a friend who passed away unexpectedly and far too soon. Sarah was one of Minnesota's best political commentators. As a strategist, she understood all sides of the issues and brought humor everywhere she went. Over the course of her career, Sarah built relationships across the political spectrum. She was known for lending her honesty and wit to every encounter. She commanded respect by becoming a source of political knowledge through her writing, newsletters, and commentary, and she was sought after by local and national media to provide her insights on Minnesota's unusual politics. Our community has suffered a great loss. Sarah's bright spirit will, indeed, be missed. My deepest condolences go out to her family and loved ones. Sarah had a great heart, and we will all miss her. Honoring the Legacy of Wright County Sheriff Joe Hagerty

Mr. EMMER. Mr. Speaker, I rise today to honor the legacy of Wright County Sheriff Joe Hagerty. Joe retires after 33 honorable years of service to the third largest sheriff's office in the State of Minnesota. He has a reputation for honesty and has become someone that we all trust. Our community has been honored to have a public servant with Joe's level of integrity and accountability. His respect for the rule of law and compassion for his fellow citizens made him an exceptional sheriff. During his time in office, Joe fostered a relationship with neighboring counties to share a crime lab, which helped solve cases and bring justice. Every single day, Joe put the safety of Minnesotans above all else. Sheriff Hagerty, I speak on behalf of all Minnesotans when I say: Thank you. We wish you a happy and healthy and well-deserved retirement. Recognizing Carver County Sheriff Jim Olson

Mr. EMMER. Mr. Speaker, I rise today to recognize and thank Carver County Sheriff Jim Olson for his incredible 31 years of service to the people of Minnesota. In Jim's three-plus decades on the force, Sheriff Olson oversaw some of Carver County's most exciting and turbulent times. When the Ryder Cup was held in Chaska, Minnesota, in 2016, Jim managed safety operations and maintained a family-friendly environment for everyone. After the passing of Minnesota legend Prince, Jim ensured that Paisley Park in Carver County remained a safe place for Prince's fans to mourn. Jim has dedicated his life to Carver County, serving as an instructor of the Carver County Citizens Academy to inform the public about the services and role of the sheriff's office. Impressively, he also serves as a member of the Carver County Mental Health Consortium to spread awareness of mental health resources. He has been a faithful, selfless servant leader to the citizens of Carver County. Sheriff Olson, thank you for your service. We wish you the best in your retirement. Recognizing Outstanding Businessman Butch Ames

Mr. EMMER. Mr. Speaker, I rise today in recognition of one of Minnesota's outstanding businessmen, Butch Ames. As chief executive officer and cofounder of Ames Construction, a family-owned and privately held construction company headquartered in Minnesota, Butch has built and grown the industry nationwide. Ames Construction is known for heavy civil, transportation, and mining construction. With Butch at the helm, the company continues to grow and expand its reach all across the Nation. They have completed notable projects, such as Denver's International Airport, the I-15 corridor reconstruction project in Salt Lake City, the Loop 202 in Phoenix, and the St. Croix River Crossing in Minnesota. Butch holds his company to a standard of professionalism and safety that is unparalleled, serving this Nation and his industry proudly. Congratulations, Butch. Recognizing Torah Academy

Mr. EMMER. Mr. Speaker, I rise today to recognize Torah Academy for entering their 73rd year educating Jewish children in Minnesota. From the beginning and to this day, Torah Academy maintains a focus on strengthening the mind and spirit of our future leaders. Because of educators like Dean and Rabbi Pinchus Idstein and Principal Matthew Cleary, Torah Academy offers a quality education on firm spiritual grounding. Pillars of our strong local community like Dr. Joey Greenberg and his wife, Mrs. Marina Greenberg, spread kindness and generosity to make certain Torah can execute its mission and goals. A special thank-you to Citizens Independent Bank, that also dedicates their support. Torah students succeed because their community supports them, and they are guaranteed to make their corner of the world a better place. Congratulations to Torah Academy for a successful 73 years. We wish you many more.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I thank the chairman for yielding me time. Mr. Speaker, I rise today to support another bill which builds on the good work of the House Financial Services Committee. The Protecting Consumers' Access to Credit Act takes an important step to provide certainty through our financial system and to support consumers. A 2015 court decision that we have heard other speakers talk about today, Madden v. Midland, is making it difficult for online lenders to offer businesses the funds they need to grow and succeed. In Madden, the court held that, while the National Bank Act allows a federally chartered bank to charge interest under the laws of its home State on loans it makes nationwide, nonbanks that acquire these loans may not be able to maintain the same rate of interest since nonbanks are subject to limits of the borrower's State. At a time when lenders are eager to help consumers and businesses gain access to capital, Congress needs to step in to check this misguided ruling. When a federally chartered bank originates the interest on a loan, that interest rate should remain consistent. Representative McHenry's legislation provides that fix by codifying the legal doctrine of valid when made. Further, it helps community banks and credit unions access secondary markets they need to generate liquidity while also enabling new and emerging financial technology innovators to find easier ways for consumers and businesses to access credit and capital. Mr. Speaker, I appreciate the hard work of my colleague, our chief deputy whip, on this important legislation. I encourage all of the Members of this body to support the Protecting Consumers' Access to Credit Act. We must fix the misguided Madden ruling and take another step forward in supporting consumers, financial innovation, and our lenders that serve as the backbone of Main Street America.

Mr. EMMER

Mr. EMMER. Mr. Speaker, every citizen in our Nation desires the chance to achieve their American Dream. For thousands across this country, their American Dream consists of owning a home or starting their own business. Some laws have proven helpful in achieving this dream; others have created obstacles by codifying government overreach. In 1975, the Home Mortgage Disclosure Act was enacted. This important law exposed and helped eliminate discriminatory lending practices, particularly against minorities. In short, this law helped more Americans realize their dream of owning a home. Over the years, however, the disclosures required by the law have expanded away from the original intent and have actually become an obstacle, preventing small, medium, and local lenders from helping aspiring landowners and business entrepreneurs. In 2015, the Dodd-Frank-created agency, the Consumer Financial Protection Bureau, CFPB, demanded from lenders more than double the amount of data originally required under the Home Mortgage Disclosure Act. That double-the-data rule took effect on the 1st of this month. Larger lenders are able to adapt. In fact, most, if not all, continue to be in the home mortgage business today. But for smaller lenders, for the family-owned bank on Main Street, the double-the-data rule means making fewer mortgages or none at all. This unintended result is something each of us has heard over and over again in our home districts. Again, these are not the Wells Fargos, the Bank of Americas, or the J.P.Morgans. These are the small guys, the little guys on Main Street Minnesota and Main Streets all across this country. We all remember the financial crisis of 2008 and the devastation it brought to this Nation. Our economy suffered greatly. No one wants that again. Unfortunately, Congress reacted by demanding that small banks and credit unions, quite literally, pay for a crisis they didn't cause. In the great State of Minnesota, the ``Land of 10,000 Lakes,'' I consistently hear from small banks and credit unions that want to do what they do best: help Minnesotans achieve the American Dream. Due to the increased cost of compliance with the CFPB's double-the- data rule--an estimated additional $326 million--many small banks in Minnesota are reconsidering their ability to continue to make mortgages and other covered loans. In 2014, Minnesota credit unions were on the hook for $7.2 billion in compliance costs. That is before the double-the-data rule. Not only are the additional HMDA compliance burdens ill-suited and unnecessary for these institutions, the CFPB's rule does very little to provide additional protection, all while potentially exposing consumers to potential identity theft or fraud. This information comes from those on the ground, the ones who are seeing this misguided rule in action. As a direct result of having fewer and fewer small, medium, and local lenders in the home mortgage business or offering capital for their neighbor's small business to get off the ground, the CFPB's rule has put the American Dream out of reach for thousands across the country. Mr. Speaker, today we have to rightsize government regulation to create more opportunity. We have the opportunity to encourage small- and medium-sized financial institutions in our local communities to keep their doors open, to make mortgages again, to make loans to would- be entrepreneurs, in short, to fund the dreams of their neighbors and friends. We have an opportunity to expand, not the law, but rather, and instead, the number of Americans who can own a home or start their own business. I first introduced the Home Mortgage Disclosure Adjustment Act when I came to Congress in 2015. It is a bill that would keep the original intent of the 1975 law. Nothing will overwrite or exempt any financial institution, big or small, from reporting data related to race and gender. It is a bill that will put a stop to the loss of small- and medium-sized lenders by providing desperately needed regulatory relief for Main Street banks and credit unions. I am pleased to say it is a bill that has been perfected with the input from both sides of the aisle, present company excluded, and in both Chambers. Our goal today shouldn't be to expand the law. Our goal today should be to expand the number of Americans who want to get one step closer to achieving their American Dream, whether it is owning a home or starting a business. Mr. Speaker, that is our goal, and today we can take a big step forward in reaching that goal. If my fellow colleagues share this goal, then I urge you to vote ``yes'' on H.R. 2954, and pass the Home Mortgage Disclosure Adjustment Act.

Mr. EMMER

Mr. EMMER. Mr. Speaker, every citizen in our Nation deserves a chance to achieve their American Dream. For thousands across the country, their American Dream consists of owning a home or starting their own business. Some laws have proven helpful in achieving this dream; others have created obstacles by codifying government overreach. In 1975, the Home Mortgage Disclosure Act was enacted. This important law exposed and helped eliminate discriminatory lending practices, particularly against minorities. In short, this law helped more Americans realize their dream of owning a house. Over the years, however, the disclosure required by the law has expanded away from the original intent and has actually become an obstacle preventing small, medium, and local lenders from helping aspiring homeowners. In 2015, the Dodd-Frank-created agency, the Consumer Financial Protection Bureau, or CFPB, demanded from lenders more than double the amount of data originally required under the Home Mortgage Disclosure Act. That double-the-data rule took effect on the first of this month. Larger financial firms are able to adapt. In fact, most, if not all, continue to be in the home mortgage business; but for smaller financial firms, for the family-owned bank on Main Street, USA, the double-the- data rule means making fewer mortgages or none at all. This unintended result is something each of us has heard over and over again in our home districts. Again, these are not the Wells Fargos, Bank of Americas, or J.P. Morgans. These are the small guys on Main Street, in small towns all across Minnesota and our country. As a direct result of having fewer and fewer small, medium, and local lenders in the home mortgage business or offering the capital necessary for their neighbor's small business to get off the ground, the CFPB's rule has put the American Dream out of reach for many Americans. Mr. Speaker, today we have an opportunity to rightsize government regulation to create more opportunity. We have the opportunity to encourage small and medium financial institutions in our local communities to keep their doors open, to make mortgages again, to make loans to would-be entrepreneurs, in short, to fund the dreams of their neighbors and friends. We have the opportunity to expand not the law but, rather and instead, the number of Americans who can own a home or start their own business. I first introduced the Home Mortgage Disclosure Adjustment Act when I came to Congress in 2015. It is a bill that will keep the original intent of the 1975 HMDA law. Nothing will overwrite or exempt any financial institution, big or small, from reporting data related to race or gender. It is a bill that will put a stop to the loss of lenders we see in our home districts by providing desperately needed regulatory relief for Main Street banks and credit unions. I am proud to say it is a bill that has been perfected with input from both sides of the aisle and in both Chambers. Our goal today shouldn't be to expand the law. Our goal today should be to expand the number of Americans who want to get one step closer to achieving their American Dream, whether it is owning a home or starting a business. Mr. Speaker, H.R. 2954 will help us achieve this goal. If my colleagues share the goal, then I ask you to vote ``yes'' on H.R. 2954 and pass the Home Mortgage Disclosure Adjustment Act.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to recognize seven students from my district who have received the 2017 National Merit Scholarships. The criteria required to receive a National Merit Scholarship is quite difficult. In fact, of the 15,000 finalists selected, only half will actually receive scholarships. The recipients of this prestigious scholarship are Connor Schmidt of Ham Lake, Benjamin Caswell of Shoreview, Raffi Toghramadijan of Blaine, Rachel Cho of Blaine, Piper Christenson of Spring Lake Park, Catherine Lewis of Blaine, and Kenneth Truong of Coon Rapids. Each one of these students has big plans for the future which include careers in medicine, science, and engineering--all fields that are critically important to the success of our Nation. I congratulate each of these students on receiving this scholarship, and we look forward to watching you achieve great success in your respective careers. Good work, and good luck. Remembering the Life of Captain Jeffrey Vollmer

Mr. EMMER. Mr. Speaker, I rise today to remember the life of one of Minnesota's heroes. On Tuesday, December 19, 2017, Captain Jeffrey Vollmer of the Mayer Fire Department died in the line of duty. A loving father and husband, Jeff is survived by his wife, Emily, and their two daughters, Anika and Kennedi. He was a 12-year veteran of the all-volunteer fire department in Mayer, Minnesota. Friends and colleagues knew him as a selfless and kind leader who was always willing to help others. Fire Chief Rod Maetzold described Jeff as the kind of guy you could count on when it mattered most. Jeff was an avid muskie fisherman who enjoyed hunting and photography. Jeff loved to work with wood. He built signs, tables, and even a bed set for his daughter. We pray for peace and comfort for his colleagues, friends, and family. He will be missed by so many. Recognizing Jake Henriksen

Mr. EMMER. Mr. Speaker, I rise today to recognize an outstanding servicemember from my district, Jake Henriksen. As a Centennial graduate and resident of Lino Lakes, Minnesota, Jake always knew he wanted to serve in the military. As a third-generation member of the U.S. Army, his service as a specialist representing the 173rd Airborne Infantry Brigade Combat Team continues a family legacy of service to our Nation. In just under 2 years in the service, Jake won the U.S. Army Europe Soldier of the Year award. Each company of the Army made up of about 100 people selects a soldier to compete in the Best Warrior Competition. Jake was chosen as his company's representative. The competition tests soldiers' abilities in a variety of areas, including a physical test, a written test, marksmanship, land navigation, chemical defense, and medical tasks. Jake excelled in all, which is why he went on to earn the title of U.S. Army Europe Soldier of the Year affirming his commitment to excellence. Our community is very proud of Jake and his accomplishments. We admire his dedication and his commitment to serve. Congratulations, Jake. Commemorating National Law Enforcement Appreciation Day

Mr. EMMER. Mr. Speaker, I rise today to commemorate National Law Enforcement Appreciation Day to remember the men and women in blue who protect and serve our great Nation. The great State of Minnesota is home to many phenomenal law enforcement officers, men and women, who put their lives on the line each and every day to ensure the safety and security of our communities. These are the true heroes, and some, tragically, have lost their lives in the line of duty. In 2016, Deputy Steven Sandberg was shot and killed in the line of duty in St. Cloud, Minnesota. While his death was both senseless and tragic, we remember the courageous way he chose to live and serve our local community. In honor of brave officers like Deputy Sandberg today and every day, let us remember and honor the selfless service of our men and women in blue.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I thank the gentleman for yielding time to me. Mr. Speaker, 10 years ago, some of America's largest financial institutions failed, resulting in near collapse of our entire financial system. The experience destroyed businesses, ruined lives across the country, and left fear and uncertainty in its wake. Congress set out to prevent a future crisis by requiring enhanced supervision and regulation of some of the biggest financial institutions in the country by passing the Dodd-Frank Act. In Dodd- Frank, Congress defined the largest financial institutions as ``systematically important financial institutions,'' more commonly referred to as SIFIs, those with more than $50 billion in assets. The goal of preventing our Nation's largest financial institutions from failing and bringing down our entire financial system is laudable. The problem, however, is Dodd-Frank's definition of what constitutes a SIFI: the $50 billion asset threshold. In fact, the creator of the threshold and former chair of the Financial Services Committee, Barney Frank, admits the threshold is arbitrary, and he supports changing the threshold. H.R. 3312, the Systemic Risk Designation Improvement Act, removes the arbitrary asset threshold and, instead, will classify the largest financial institutions by their activities. Differentiating between stable activities and those that could potentially threaten the financial stability of the United States is a more accurate way to identify and monitor risk. Mr. Speaker, I ask all my colleagues to support this important and appropriate policy change to ensure the continued stability of our financial system by passing H.R. 3312.