Tom Emmer

Mr. EMMER

Mr. EMMER. Mr. Chairman, since our founding, and as Ronald Reagan emphasized regularly, America has stood as a shining city upon a hill whose beacon light guides freedom-loving people everywhere. Today we have an opportunity to shine a little brighter. As we continue our battle to defeat terrorism, the Islamic Republic of Iran remains dangerously corrupt. While the average Iranian earns a mere $15,000 a year, corrupt, top political and military leaders control an estimated one-third of the nation's total economy. These same leaders are, more often than not, the same ones who repeatedly provide support for acts of terrorism in the Middle East and continue to sponsor terrorist groups around the world. Unfortunately, the Iranian Government continues to tolerate this corruption, which is why the State Department has named Iran as a country of primary concern for money laundering and it continues to be listed as a state sponsor of terrorism. These officials who perpetuate such destructive and destabilizing behavior should and need to be exposed. Today, I encourage my colleagues to support H.R. 1638, the Iranian Leadership Asset Transparency Act. This bill will require a list of the known assets of senior Iranian officials to be made publicly available in all three of Iran's major languages. Specifically, the U.S. Treasury Secretary will submit a report to Congress on the assets held by Iran's most senior political, military, and business leaders and on the probable sources and uses of the assets. This report will serve as yet another tool in the toolbox of businesses and financial institutions, both foreign and domestic, to better comply with existing sanction regimes and international financial restrictions. It will provide clarity and certainty for companies when determining the legitimacy of their business partners if they decide that doing business with Iran is in their interest. Moreover, with this information, with better knowledge of where their money is going, Iranians who wish to invest not in terrorism or in corruption, but in freedom, can. Today, we can help the freedom-loving people of Iran. We can help shine a light on Iran's corruption, and America can continue to be a shining city on a hill. I appreciate the work of my colleague from Maine (Mr. Poliquin), whom I am proud to serve with on the Terrorism and Illicit Finance Subcommittee. I thank Chairman Hensarling and Monetary Policy and Trade Subcommittee Chairman Barr for moving such an important bill through the committee and to the floor today. I urge all of my colleagues to vote in support of H.R. 1638.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I thank the distinguished chair of the Appropriations Committee. I appreciate the time. Mr. Speaker, in my home State of Minnesota, the Children's Health Insurance Program, better known as CHIP, provides coverage for thousands of low-income, pregnant women as well as new mothers and their children. When funds for my State's CHIP program ran out, these Minnesotans were left wondering the fate of their healthcare. That is why we teamed up with Representative Ryan Costello, Chairman Walden, and Subcommittee Chair Burgess to introduce the CHIP Stability Act to bring certainty and support to Minnesotans and millions of families across the country. I am so grateful that our responsible, short-term funding solution is incorporated into this continuing resolution today. But let me be clear: This is not enough. When the House passed the Championing Healthy Kids Act, a fully paid-for and long-term CHIP reauthorization solution, we put politics aside and America's most vulnerable first. It is my hope that the Senate will do the same very soon. Mr. Speaker, I encourage all of my colleagues to support this continuing resolution so CHIP recipients are able to receive the coverage they need.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to congratulate the 2017 recipients of the Greater St. Cloud Development Corporation Innovation Award. These four recipients received their awards for their ability to incorporate new and inventive ideas into their field. I want to first congratulate Mighty Axe Hops in Foley for receiving the For-Profit Emerging Company Award, which highlights their contributions to the hop industry and their efforts to develop an experimental hop yard. Cybermation of Waite Park received the For-Profit Established Company Award for decades of work in digital healthcare technology for seniors. Cybermation has been innovating since 1996. I also want to recognize the Talahi Community School for receiving the Nonprofit Organization Award for the school's commitment to building Minnesota's premier adaptive playground in St. Cloud. Finally, I want to recognize Jugaad for also receiving a Nonprofit Organization Award for their Jugaad Leadership Program in St. Cloud that trains members of underrepresented communities with the knowledge and skills to produce grassroots change. Again, congratulations to all of this year's award winners. I thank them for their innovation and contribution to our communities. Capital One's Generosity

Mr. EMMER. Mr. Speaker, I rise today to recognize Capital One and its executive team and employees for their generosity and their commitment to the local communities they serve. Capital One has generously contributed to the Boys and Girls Club of Central Minnesota to support the organization's mission to enable young people to reach their full potential. Capital One's $15,000 grant to fund Project Learn helps advance a focus on equipping kids with coding skills to meet the needs of the future. STEM and tech-related skills are important to the future of our Nation, and Capital One is making a significant investment in our future leaders. Since 2012, Capital One has donated over $80,000 to the Boys and Girls Club of Central Minnesota. Again, I want to thank Capital One for their commitment to the young people of central Minnesota. We are blessed to have them and their team in our community and in the great State of Minnesota. Never Give Up

Mr. EMMER. Mr. Speaker, I rise today to congratulate an amazing constituent of mine for his talent and perseverance. From 2003 to 2008, Mick Schultz from Kimball, Minnesota, was a professional snowmobile racer. In 2008, while competing at a national snocross race, Mike was in a snowmobile accident that resulted in the loss of his left leg. After such a devastating experience, no one would have thought less of Mike if he stopped competing, but Mike Schultz did not give up. Instead, he was racing again at the national level in less than 8 months. Over the past 10 years, Mike has earned eight gold medals at the X Games in adaptive motocross. Mike would not allow his accident to keep him from sharing his talent and spirit with the world. Mike's talent, however, is not limited to racing snowmobiles. In 2010, Mike began snowboarding as research for his company, BioDapt, which develops prosthetic equipment for athletes. This led him to compete as a member of the U.S. Snowboarding team. He is now in his fourth season. As if all of his other accomplishments are not enough, Mike is now a Kellogg's cereal celebrity. Over the years, immensely talented athletes have graced boxes of Frosted Flakes, and we are proud that this year Mike joins the ranks. I am honored to congratulate Mike on all of his incredible accomplishments and his recognition by Kellogg's. Mike is proof of what a person can accomplish when he confronts life's challenges head-on. Mike is a winner and an example to us all. We are proud and honored that he is a member of our community.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I thank the chairman. Mr. Speaker, 22 million Americans live in manufactured homes. The majority of these homes are in rural America. In fact, more than 6 out of 10 manufactured homes are located in rural areas. In my home State of Minnesota, manufactured homes are the State's largest source of affordable homeownership. Unfortunately, a provision in Dodd-Frank has put homeownership out of reach for these Americans. Specifically, Dodd-Frank and the CFPB modified the criteria and expanded the types of loans from lenders to manufactured home buyers, which are considered to be ``high cost.'' As a direct result, lenders are struggling to make these loans because of a high legal risk associated with this ``high cost'' definition, ultimately harming low-income buyers in Minnesota. The consumers are being harmed in Minnesota and around the country. This is why Republicans and Democrats have come together in support of H.R. 1699, the Preserving Access to Manufactured Housing Act, authored by the gentleman from Kentucky (Mr. Barr), our friend, to help millions of Americans become homeowners. This legislation provides clarity and certainty regarding the changes made by Dodd-Frank and the CFPB. H.R. 1699 will ensure that home buyers in rural and low-income areas are able to afford manufactured housing and are not unfairly targeted by the very agency that was created to protect them. Mr. Speaker, when it comes to achieving the American Dream, government should not be standing in the way. As Members of Congress, it is our duty to stand up for and against this continued overreach, support the American Dream, and vote ``yes'' for H.R. 1699.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I thank the chairman for yielding me this time. Mr. Speaker, today's debate on H.R. 3905, Minnesota's Economic Rights in the Superior National Forest Act, also known as the MINER Act, is not just important to the great State of Minnesota. This legislation is critically important to the United States. The MINER Act will reverse the misguided, last-minute actions of the Obama administration to stop any exploration of one of the most valuable precious metal deposits in the world. The MINER Act will ensure that the people of Minnesota have the opportunity for jobs and economic prosperity that would come if the deposit can ever be mined in an environmentally safe and responsible manner. The MINER Act will renew the Federal Government's commitment and promise to the citizens of Minnesota. When the Superior National Forest was created in 1909 and, later, when the Boundary Waters Canoe Area was established in 1978, there was an express agreement between the Federal Government and the State of Minnesota that mining and logging could continue in the Superior National Forest. In fact, according to the most recent Superior National Forest land use management plan, mining and logging are considered a desired condition in the forest. This is about more than just the 10,000-plus jobs which are now at risk because of the lameduck actions of the Obama administration. This is about billions of dollars in revenue for Minnesota's economy and billions more in potential education funding for Minnesota's schools that are now on the line. This is about strategically important metals and minerals which are used by Americans every day. This is about undoing a last-ditch effort to further a political agenda at the expense of the livelihoods that Minnesotans have relied on for generations. The MINER Act, again, is about protecting Minnesota's right to explore and, if environmentally appropriate, mine valuable and important precious metals, precious metals that are not only necessary to our everyday technology, but which are critically important to our Nation's national defense. There are some who would like to deny Minnesota the right to explore and potentially mine these precious metals. They argue that any mining activity could negatively impact our beloved Boundary Waters Canoe Area. This concern, however, ignores the fact that, if a mine is ever proposed, and to date there has been no mine proposed, if one is ever proposed in the Superior National Forest, it would have to satisfy all current local, State, and Federal environmental review and permitting requirements before it could ever be approved to proceed. We can and we will protect the Boundary Waters. I have no doubt that we can find a way to preserve Minnesota's pristine landscape without permanently destroying any future job creation or economic development in Minnesota. By passing the MINER Act, we protect thousands of jobs and billions of dollars in revenue and education funding while leaving an extensive process intact to protect and preserve the environment and our State. In conclusion, I encourage all my colleagues to support the MINER Act because we know someday someone might find a way to mine these important precious metals in a safe and environmentally responsible way, and if that happens, Minnesota deserves the opportunity and the jobs and economic prosperity that will ensue.

Mr. EMMER. Mr. Speaker, I thank the gentleman for the additional time, and I recognize my esteemed colleague, the Representative from Minnesota, for his love of the Boundary Waters that we both share. Mr. Speaker, I want to address the Representative from California first on the claim that H.R. 3905 solely benefits a foreign mining company. I think you should ask the people of our State. You should ask a gentleman by the name of Dan Forsman, who, as a Minnesotan, has a family heritage of benefiting by mining in our State. He was recently ridiculed by environmentalists in The New York Times because, while he loves the place where he lives, he also wants to make a living in the place where he lives. There are several other companies exploring the area. Teck has nonferrous mineral holdings within the proposed withdrawal, the potential development of which would be greatly impacted by the withdrawal. Encampment Minerals, Inc., also has a nonferrous mineral holding within the withdrawal area and is awaiting Federal agency action on a submitted preference right lease application. Future expansion of the Northshore Mining taconite mine could extend into the withdrawal area and, thus, be impacted by the withdrawal. PolyMet has invested hundreds of millions on projects that will be negatively impacted by the proposed mineral withdrawal, one of which we voted on here last night. Further, the withdrawal proposal will seriously hinder the State's ability to seek mineral development of more than 90,000 acres of State school trust fund lands within the withdrawal area. Twin Metals is a Minnesota company and has been part of the northeastern Minnesota community for 10 years. The company has invested more than $400 million in project development activities, investing in new facilities in the city of Ely, providing local employment opportunities and supporting hundreds of local jobs in the construction, consulting, and contracting sectors. By the way, they also support all the outfitters, the wonderful businesses of tourism. Twin Metals has also contributed more than $320,000 to local philanthropic needs and organizations. Mr. Speaker, I would add that nothing in this bill alters any current environmental law or protection. The Antiquities Act, the Federal Land Policy and Management Act, NEPA, and all the other laws still apply to Minnesota. At the end of the day, we are protecting the Boundary Waters, we are protecting the Superior National Forest, and we believe both the economy and tourism, the environment, can coexist in northern Minnesota.

Mr. EMMER

Mr. EMMER. Mr. Speaker, today's debate on H.R. 3905, Minnesota's Economic Rights in the Superior National Forest Act, also known as the MINER Act, is not just important to the great State of Minnesota: this legislation is critically important to the United States. The MINER Act will reverse the misguided last minute actions of the Obama administration to stop any exploration of one of the most valuable precious metal deposits in the world. The MINER Act will ensure that the people of Minnesota will have the opportunity for jobs and economic prosperity that would come if the deposit can ever be mined in an environmentally safe and responsible manner. The MINER Act will renew the Federal Government's commitment and promise to the citizens of Minnesota. When the Superior National Forest was created in 1909, and later when the Boundary Waters Canoe Area was established in 1978, there was an express agreement between the Federal Government and the State of Minnesota that mining and logging could continue in the Superior National Forest. In fact, according to the most recent Superior National Forest Land and Resource Management Plan, mining and logging are considered desirable conditions in the forest. This is about more than 10,000 jobs, which are now at risk because of the lameduck actions of the Obama administration. This is about billions of dollars in revenue for Minnesota's economy and billions more in potential education funding for Minnesota's schools that are now on the line. This is also about strategically important metals and minerals, which are used by Americans every day. The MINER Act, again, is about protecting Minnesota's right to explore and, if environmentally appropriate, to mine valuable precious metals--precious metals that are not only necessary to our everyday technology, but which are critically important to our Nation's national defense. There are some who would like to deny Minnesota the right to explore and potentially mine these precious metals. They argue that any mining activity could negatively impact our beloved Boundary Waters Canoe Area Wilderness. This concern, however, ignores the fact that if a mine is ever proposed--and one has not, but if one is ever proposed--in the Superior National Forest, it would have to satisfy all current local, State, and Federal environmental review and permitting requirements before it could ever be approved to proceed. We can and we will protect the Boundary Waters. I have no doubt we could find a way to preserve Minnesota's pristine landscape without permanently destroying any future job creation or economic development in Minnesota. By passing the MINER Act today, we protect thousands of jobs and billions of dollars in revenue and education funding while leaving an extensive process intact to protect and preserve the environment and our State. In conclusion, I encourage all of my colleagues to support the MINER Act, because we know that someday someone might find a way to mine these important precious metals in a safe and environmentally responsible way. And if that happens, Minnesota deserves the opportunity and the jobs and economic prosperity that will ensue. Mr. Speaker, I urge a ``yes'' vote on the rule and the underlying bill.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise in support of the 21st Century Flood Reform Act, which will reauthorize and reform our National Flood Insurance Program. The NFIP provides important relief. Millions of Americans rely on this program to provide coverage when disaster strikes. The nearly 50- year-old NFIP program, however, is in desperate need of reform. Today's legislation will not only reauthorize the program for 5 years, it will take steps to better align premium rates to risk, improve FEMA's mapping and appeals process, and begin to correct the way the NFIP manages what are known as repetitive loss properties. Most importantly, H.R. 2874 lays the groundwork for a private flood insurance marketplace to take hold, which will improve the fiscal stability and solvency of the NFIP for future generations to come. This bill is a good start, but these reforms must continue to be built upon in the years ahead. I am thankful for the hard work of Chairman Hensarling, Housing and Insurance Subcommittee Chairman Duffy, and the entire Financial Services Committee staff for working to get this bill to the floor today. As many continue to rebuild their lives following the devastation of Harvey, Irma, Sandy, and others, we need a National Flood Insurance Program that stimulates choice and encourages proactive behaviors to better protect our citizens. Mr. Speaker, again, this legislation is a good start. I encourage all of my colleagues to support this bill.

Mr. EMMER

Mr. EMMER. Mr. Speaker, the time has come for Congress to come together and help small businesses help themselves by making this important update and improvement to the Securities Act of 1933. I want to thank Chairman Hensarling; Capital Markets, Securities, and Investment Subcommittee Chairman Huizenga; and all of the staff on the Financial Services Committee for their hard work on this legislation. Mr. Speaker, I urge my colleagues to support this legislation and hope that both parties will use H.R. 2201 as a way to show their support for more opportunities and better lives for our job creators. Mr. Speaker, I include in the Record letters from the National Small Business Association, the Small Business & Entrepreneurship Council, the United States Chamber of Commerce, Heritage Action for America, and Engine. National Small Business Association. Hon. Tom Emmer, House of Representatives, Washington, DC. Dear Representative Emmer: On behalf of the National Small Business Association (NSBA), the nation's first small- business advocacy organization, with more than 65,000 small- business members representing every state and every industry across the country, I commend your leadership for introducing the Micro Offering Safe Harbor Act (H.R. 2201) as it will have an immediate and direct impact on small businesses looking to raise capital. NSBA has long supported the kind of simplification this legislation would bring for small businesses. Capital is the lifeblood of any small business, and often small-business owners need capital at various stages; some at their startup and others later when they are looking to expand. Despite this ongoing need, small-business lending from banks has decreased over the last decade and many small businesses have few options for obtaining capital. According to NSBA's 2016 Year-End Economic Report, small-business access to capital remains stubbornly unchanged since the previous year, with just 69 percent of small firms reporting they are able to get adequate financing. This drop has real- world implications: 41 percent said lack of capital is hindering their ability to grow their business or expand operations, and 20 percent said they had to reduce the number of employees as a result of tight credit. Therefore, raising capital though securities is an attractive alternative option for many small-business owners. However, the current regulatory requirements are quite onerous for small businesses, often requiring expensive specialized counsel for even very small securities offerings. NSBA supports this targeted legislation that creates a safe harbor for small securities offerings which meet requirements clearly identified in the legislation. Under the legislation, these exemptions include offerings in which each purchaser has a substantive pre-existing relationship with the owners, where the issuer has less than 35 purchasers utilizing the exemption in the preceding 12 month period, or where the total amount raised during the preceding 12 month period is less than $500,000. By creating three safe harbor exemptions for ``non-public offerings,'' businesses can operate with clarity and a clear conscience knowing that they would be exempted from registering with the Securities and Exchange Commission (SEC). Additionally, the legislation also exempts transactions meeting the specified requirements from state registration requirements, commonly referred to as ``blue sky laws.'' Raising capital for small businesses from friends and family already takes place on a regular basis, except those transactions often lack the legal protections and structure of securities law. In addition to expanding access to capital for small businesses, this legislation will bring those transactions under a recognized legal framework, and make resolving disputes that arise much more efficient. Finally, bringing these existing transactions under an existing legal framework will provide a sound legal basis for subsequent larger offerings requiring registration with the SEC. Access to capital continues to be one of the most pressing issues facing the small-business community. All small businesses need an injection of capital at one point or another, unfortunately in the past several years it has become difficult for small businesses to get the funds they need to grow and expand. NSBA is pleased to support the Micro Offering Safe Harbor Act as it will help small businesses around the country expand and create new jobs in their communities. Sincerely, Todd McCracken, President & CEO.

Mr. EMMER. Mr. Speaker, while government isn't meant to create jobs, with the help of the President, Congress can set Federal policies that establish a pro-worker, pro-business environment that lifts people out of poverty, helps families, and drives our country forward. One problem today that is impeding job growth is access to capital for small businesses. American businessmen and -women are often unable to get the loans they need to start a new enterprise or to grow an existing one. Additionally, if a firm would like to publicly sell stock to raise money, it must register with the Securities and Exchange Commission, which costs $2.5 million, on average; an amount most small businesses simply cannot afford. Small and emerging businesses are a key to the economic engine in America. The Small Business Administration found that these businesses create over half of the new jobs on an annual basis in this country. More importantly, today's small businesses are tomorrow's success story. Just think of all the great businesses in this country that started with a dream in a garage: Amazon, Apple, Microsoft, Disney, Harley- Davidson, and Minnesota's own Medtronic. We want to empower the entrepreneurs in this country to dream, innovate, and create jobs that grow our economy. That is why I introduced the Micro Offering Safe Harbor Act. This bill will make it easier for entrepreneurs and small businesses to raise money from family, friends, and their personal network without running afoul of the vague and undefined ``private offering'' safe harbor provisions in the Securities Act of 1933. Thus, the Micro Offering Safe Harbor Act helps bring clarity to existing law so that our current and future job creators can easily raise capital within the confines of an easy-to-understand provision without the help of an expert. This legislation requires three specific criteria to be met simultaneously in order to trigger a safe harbor exemption for a security offering instead of just one or more. These criteria ensure that: one, each purchaser has a substantive preexisting relationship with an owner; two, there are no more than 35 purchasers of securities from the issuer that are sold in reliance on the exemption during the 12 months proceeding; and, three, the aggregate amount of all securities sold by the issuers does not exceed $500,000 during the 12- month period preceding the offering. The bill also exempts any of the aforementioned security offerings from blue-sky laws, while maintaining antifraud provisions at the Federal and State level. These provisions protect Americans from criminals trying to swindle them out of their hard-earned money, while making capital more accessible to businesses by investors from around the country. In fact, I will be offering an amendment to enhance these antifraud provisions. This amendment, which incorporates the suggestions made by my colleagues on the other side of the aisle during a legislative hearing in the last Congress, will ensure that individuals who have been disqualified under the ``bad actor'' disqualification standard, as is listed under current law, are prohibited from using the exemption provided under H.R. 2201, establishing yet an additional layer of investor protection. Entrepreneurs and small-business owners need access to capital in order to achieve the American Dream. Although small businesses accounted for 99.7 percent of all the businesses in the United States last year, only half of them will survive longer than 5 years, according to our Bureau of Labor Statistics. Lack of capital or difficulty accessing capital is one of the main causes of failure for many of these small businesses. A 2015 survey conducted by BlueVine found that 75 percent of small and emerging businessowners reported their primary source of funding comes from their own personal finances, followed by banks at 16 percent and family and friends at 6 percent. While banks and credit unions do their best to offer the funding these businesses need to grow and thrive, there are still 3 million fewer small business loans made annually, today, than there were before the 2008 financial crisis. H.R. 2201 seeks to build off the success of the Jumpstart Our Business Startups Act of 2012, better known as the JOBS Act, and will continue to spur capital formation for the true job creators and drivers of our country's economy. The Micro Offering Safe Harbor Act helps small and emerging companies add another tool to the toolkit, enabling them to confidently find alternative ways of raising these funds without having to pay for costly securities experts and without the fear of lawsuits if they operate within these easy-to-understand parameters. That is why the Micro Offering Safe Harbor Act is endorsed by the National Small Business Association; the Small Business & Entrepreneurship Council; the National Federation of Independent Business; the Chamber of Commerce; Heritage Action; and Engine, ``The Voice of Startups in Government.'' The House approved an identical version of this legislation during the 114th Congress as part of the Accelerating Access to Capital Act, and language similar to H.R. 2201 was included in the Financial CHOICE Act, which was adopted by this Chamber in June.

Mr. EMMER. Mr. Speaker, I have an amendment at the desk.

Mr. EMMER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, the amendment I am offering today will enhance antifraud and consumer protections for small businesses and startups seeking to take advantage of the micro offering exemption outlined in the underlying bill. While the legislation itself requires three specific criteria to be met simultaneously in order to trigger a safe harbor exemption for a security offering, my amendment adds an additional layer of protection to further safeguard investors from bad actors. Specifically, my amendment prohibits the exemption from being available for those who have been disqualified under the bad actor disqualification standard established by the SEC. This language was included with the support of my colleagues from both sides of the aisle during consideration in committee in the 114th Congress, and I am hopeful they will support its inclusion again in the 115th. I want to reiterate that nothing in the base text of this bill erodes or limits the ability of Federal or State regulators to prosecute fraud, nor would it prevent private common law causes of action for fraud or breach of contract between the interested parties. This amendment builds upon these existing protections and drives home the point that the Micro Offering Safe Harbor Act is purely focused on helping our small businesses and entrepreneurs access the tools they need to grow and create jobs in an orderly and legal manner. Mr. Speaker, I reserve the balance of my time.

Mr. EMMER. Mr. Speaker, I will close at this point. Mr. Speaker, I want to thank the ranking member for her encouragement and her compliments, and I want to just point out that the Micro Offering Safe Harbor Act was actually improved as a direct result of the ranking member's suggestions. So, again, I want to thank her for her compliments here today, her encouragement in helping us make this an even better bill for entrepreneurs and small businesses across the country. At this point, I would encourage support for the amendment. Mr. Speaker, I yield back the balance of my time.

Mr. EMMER

Mr. EMMER. Mr. Speaker, obtaining accessible and reliable forms of capital is one of the biggest challenges that small businesses and entrepreneurs face today. I will say that again. We are not talking about large corporations. We are talking about small businesses and entrepreneurs. According to the 2016 Year-End Economic Report from the National Small Business Association, 41 percent of all small businesses surveyed said that ``lack of capital is hindering their ability to grow their business or expand their operations, and 20 percent said they had to reduce the number of employees as a result of tight credit.'' That is why I introduced the Micro Offering Safe Harbor Act. This bill does not create a new securities registration exemption under the Securities Act; rather, it defines what constitutes a permissible nonpublic offering, and it provides small businesses with the clarity and confidence to know that their offering is not a violation of the Securities Act. If enacted, this will make it easier for entrepreneurs and small businesses--again, not large corporations--to raise money from family, friends, and their personal network without running afoul of the vague and undefined private offering safe harbor provisions in the Securities Act of 1933. More specifically, this legislation requires the following three criteria be met simultaneously in order to trigger a safe harbor exemption for a security offering: each purchaser must have a substantive preexisting relationship with an owner; there can be no more than 35 purchasers of securities from the issuer that are sold in reliance on the exemption during the 12-month period preceding; and, lastly, the aggregate amount of all securities sold by the issuer cannot exceed $500,000 during the 12 months preceding the offering. The Micro Offering Safe Harbor Act helps bring clarity to existing law so that our current and future job creators can easily raise capital within the confines of an easy-to-understand provision without the help of an ever increasingly expensive expert. Furthermore, the legislation preserves all Federal and State antifraud protections. Ultimately, this bill will scale existing Federal rules and regulatory compliance for small businesses, thus providing another practical option for entrepreneurs to raise the capital they need to start and grow their business. The timing for this legislation could not be better, as the House continues to promote job creation and economic growth through this once-in-a-generation effort to reform our Tax Code. As our small businesses and startups continue to provide for over half of all current jobs and over 65 percent of all net new jobs since the 1970s, we must provide the tools they need to succeed, and this legislation does just that. I thank Chairman Hensarling, Chairman Sessions, and Chairman Huizenga for working to bring this important bill to the floor. Mr. Speaker, I urge my colleagues to support the previous question, adopt the rule for H.R. 2201, and vote in favor of the Micro Offering Safe Harbor Act when it comes to the floor for consideration.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to celebrate an outstanding educator in my district. Ayan Omar of St. Cloud recently was honored as one of seven recipients of the Outstanding Refugee award from the Minnesota Department of Human Services. This award honors refugees or their children who are making innovative contributions to their community, and Ayan is well deserving of this commendation. She earned this honor as the result of her civic leadership efforts as a language arts teacher at St. Cloud Technical High School. But for Ayan, her work extends beyond the classroom and into the community. She often speaks on panels or at events, and she was recently a featured speaker at St. Cloud's TEDx event, where she spoke about interpersonal communication. We are lucky to have educators like Ayan who take their work into the communities they serve. Thank you, Ayan, for your commitment to education, and congratulations on this well-deserved award. A Commitment to Safety and Customers

Mr. EMMER. Mr. Speaker, I rise today to recognize an outstanding constituent from my district, Andy Thiele of Monticello. Andy recently competed in the 2017 International Foodservice Distributors Association Truck Driving Championship in Orlando, Florida. This competition highlights the best drivers in the food industry. This competition honors drivers from all over the country and their commitment to safety and excellent customer service. Andy's devotion to safety is clear, as he has been accident free for 11 years and counting. IFDA members, like the Twin Cities division of Reinhart Foodservice where Andy is employed, supply food to professional kitchens, hospitals, care facilities, colleges, and hotels. We need truck drivers like Andy who deliver our Nation's food efficiently and safely across the country every day. I commend Andy and all those who competed in the competition this year for their dedication to professionalism and safety. I am glad my district, the State of Minnesota, and our Nation have dedicated truck drivers like Andy Thiele. Lifesavers in St. Cloud

Mr. EMMER. Mr. Speaker, I rise today to recognize five outstanding constituents in my district for an act of heroism that saved a fellow Minnesotan. Police officer Curt Grosz, firefighters Adam Imholte and Dennis Ertl, and high school students Abigail Trelfa and Madison DeMarais worked hand in hand to save the life of Daniel Fleigle. Daniel was on a bridge in Sartell, Minnesota, this summer when he accidentally touched a live wire and was electrocuted, sending him to the ground. Thankfully, his friends Abigail and Madison reacted immediately, calling 911 and beginning CPR. First responders Curt, Adam, and Dennis all responded to this scene shortly thereafter, and together they saved Daniel's life. The quick response of these heroes ensured Daniel's full recovery. Without them, Daniel would likely not be with us today. I am lucky to represent such selfless and heroic people who run to their fellow citizens in times of need. Thank you Curt, Adam, Dennis, Abigail, and Madison for saving Daniel's life and showing our community what a true hero looks like. Elk River's Outstanding Volunteers

Mr. EMMER. Mr. Speaker, I rise today to honor the incredible members of the Elk River Chamber of Commerce. Communities in my district like Elk River are successful because the members support and encourage one another. Recently, the Elk River Chamber of Commerce, which represents 360 local businesses, honored some of its most active members as this year's outstanding volunteers. One was Pam Artmann of Edina Realty Elk River. In just 2 years with the chamber, she was named Ambassador of the Year for bringing positivity to her role. The chamber also honored Tamara Ackerman of Avalon Salon for her work chairing and growing the Shiver Elk River 5K/10K Run. For this, she received the PACEsetter award, which highlights her dedication to service on the chamber board. Finally, the chamber recognized Mark and Deb Urista of Edina Realty Elk River with the Keystone award, which recognizes their longstanding commitment and work with and on behalf of the chamber. I am honored to represent servant leaders and entrepreneurs like Mark, Deb, Pam, and Tamara. Congratulations to all of you on your well-deserved awards.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to recognize a leader in our community who has received a great honor. Skip Dolan, the head boys basketball coach for the Annandale Cardinals, was inducted into the Minnesota Basketball Coaches Hall of Fame in October. I am not going to go through all of his statistics, although they are quite impressive. I think it is important that we note that a good coach can have a major impact on a kid's life. Coaches don't just teach a game to our kids, they ingrain important life skills in their minds. They teach our kids how to work with others and how to act as a team. They teach our children the value of practice and perseverance, and they teach our kids how to compete with honor, dignity, and how to win with grace. A good coach guides our kids along the road to success, which is why I am so happy that we have a coach like Skip Dolan in our community. We can never thank him enough for working with and teaching our kids, and we congratulate him on this incredible honor. A Retiring Public Servant

Mr. EMMER. Mr. Speaker, I rise today to thank Monticello Public Schools Superintendent Jim Johnson for his work and dedication to Minnesota's children. After 18 years serving Monticello, 12 of them spent as superintendent, Jim is heading into a well-deserved retirement. Under Jim's close supervision, schools within his district have produced outstanding test scores, increased graduation rates, and higher enrollment in AP classes. He also played an important role improving his district's athletic facilities. Not only did Jim help better academics at the schools under his careful watch, he also helped ensure that his district's students had everything they needed to succeed in life. Jim, we can't thank you enough for the work you have done to educate our kids. Our kids are our future, and because of you, our future is very bright. The Newest Sauk Rapids Ambassadors

Mr. EMMER. Mr. Speaker, I rise today to congratulate three young women in my district who have earned an exciting leadership role in the community. Bethlehem Kobluk, Brooklyn Harren, and Madeline Bell have all been named 2017 Sauk Rapids Community Ambassadors. As community ambassadors, Bethlehem, Brooklyn, and Madeline will participate in a 9-week program that will help them develop their leadership skills by participating in activities that engage the community. The people who end up making the most difference in this world are the ones who show up for others. We want to congratulate these young women on their new roles and thank them for their interest in making life better for those around them. Thank you, Bethlehem, Brooklyn, and Madeline, for showing up for Sauk Rapids. I know you all have bright futures ahead, and we look forward to seeing what you will accomplish next.

Mr. EMMER

Mr. EMMER. Mr. Speaker, I rise today to honor the career and service of Major General Richard C. Nash. Major General Nash recently retired after serving as adjutant general of the Minnesota National Guard for 7 years. In his role as adjutant general, Nash had the important responsibility of overseeing Minnesota's Army and Air National Guard units, an important role where he saw great success. Having served in the Army National Guard since 1976, General Nash was selected for the job of general because of his experience and strong leadership during the conflict in Bosnia and the Iraq war. During his time in the National Guard, as a testament to his hard work and commitment to our great Nation, General Nash has received many awards like the Bronze Star and the Meritorious Service Medal. General Richard Nash is a true patriot whose service to our Nation has been a blessing to us all. I speak for all Minnesotans when I thank him for his dedication and wish him the best in his well-deserved retirement. Minnesota's Honorary Caregiver

Mr. EMMER. Mr. Speaker, I rise to honor the life of Carlene Johnston and the beautiful partnership she shared with her loving husband, Dan Johnston. Originally diagnosed with breast cancer in 2012, Carlene passed away in 2016, after a long and hard fight. Carlene's devoted husband, Dan, stood by his wife's side through every moment, keeping his marriage vow to love his wife in health and in sickness. On the day that Carlene passed, Dan shared in a post that caring for his wife in her final days was easy, writing: When you're helping someone you love, it's not a burden. As tribute to Dan's and Carlene's strong marriage and Dan's commitment to caring for his sick wife, Dan was awarded the Waconia Relay for Life's 2017 Honorary Caregiver Award. Our most sincere condolences go out to the Johnston family, and we thank Dan for epitomizing love in its truest form. You are an amazing role model. Bringing the World Expo to Minnesota