Bill Foster

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I yield 4 minutes to the gentlewoman from Ohio (Ms. Kaptur), a member of the Appropriations Committee.

Mr. FOSTER. I yield the gentlewoman an additional 1 minute.

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

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to honor the legacy of Tom Weisner, the mayor of Aurora, Illinois. He served as the mayor for a decade, and for many years before that as a dedicated public servant and a friend to our district and our community. Before he entered public service, Tom and his wife, Marilyn, served as Peace Corps volunteers. Since then, Tom has served the city with passion, commitment, competence, and dedication. Public service is more than just a job to him; it is a calling. He cares for others in his community like an extended family, and Aurora is a better place because of it. Whether it is the safety of rail cars passing through the city or concerns about gun violence, Tom speaks from the heart about issues that matter to our community and to our country. He does this because, to him, our community is his family. Unfortunately, in the face of his longstanding battle with cancer, Mayor Tom Weisner stepped down at the end of last month. We will all miss his leadership and dedication to our community and wish him well.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to honor the life of Sally Howland, a longtime activist from my district, who passed away on May 19, 2016. For more than 20 years, Sally dedicated her life to advancing equality and non-discrimination for the lesbian, gay, bisexual, and transgender community. A two-time recipient of the State Presidential Award, Sally became a leader in transgender issues long before it become a major national movement, working with schools and churches to address the issues of acceptance, bullying, and harassment. Sally touched the lives of many members of the community in incredible ways. She was the founder of the Questioning Youth Center, located in the western suburbs of Chicago, which to this day continues to provide a safe and supportive environment for adolescents that may identify as gay, lesbian, bisexual, transgender, or queer. Mr. Speaker, I ask my colleagues to join me in celebrating the life and legacy of Sally Howland. Her unwavering commitment to the LGBTQ community shall never be forgotten.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to highlight New Lenox's Park District's Proud American Days Military Tribute. Since 1984, the New Lenox Community Park District has been steadfastly dedicated to the commitments and sacrifices of our nation's service members. What started out as a small gathering is now one of the largest programs attended in the area. New Lenox's motto reads, ``The Home of Proud Americans'' and they certainly live up to that slogan. On Sunday, July 31, 2016, more than two hundred people, including veterans, paid homage to those who have sacrificed so much to protect our great nation. These brave Americans endured so much so that we can enjoy the freedoms we have today and for that, we owe them our eternal gratitude. During the tribute this year, the following veterans were recognized: Machinist's Mate Second Class Robert Beazley, United States Navy Master Sergeant Edward Dima, United States Air Force Gunner's Mate Third Class Leonard Kapocius, United States Navy Mr. Speaker, I am proud to submit these names for all to see, and I ask my colleagues to join me in honoring all of our nation's veterans.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to highlight New Lenox's annual military tribute during Proud American Days. Since 1984, the New Lenox Chamber of Commerce has been steadfastly dedicated to the commitments and sacrifices of our nation's service members. What started out as a small gathering is now one of the largest programs attended in the area. New Lenox's motto reads, ``The Home of Proud Americans'' and they certainly live up to that slogan. On Sunday, July 31, 2016, more than two hundred people, including veterans, paid homage to those who have sacrificed so much to protect our great nation. These brave Americans endured so much so that we can enjoy the freedoms we have today and for that, we owe them our eternal gratitude. During the tribute this year, the following veterans were recognized: Machinist's Mate Second Class Robert Beazley, United States Navy Master Sergeant Edward Dima, United States Air Force Gunner's Mate Third Class Leonard Kapocius, United States Navy Mr. Speaker, I am proud to submit these names for all to see, and I ask my colleagues to join me in honoring all of our nation's veterans.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to commemorate the 50th Anniversary of Waubonsee Community College. Named after a Pottawatomie Native American chief who lived in the Fox River Valley during the 1800s, Waubonsee means ``early dawn.'' Since its foundation in August 1966, Waubonsee has served more than 290,000 students, including more than 33,000 degree and certificate earners, and has grown to four major campuses across Illinois. Known for its reputation as an innovator in the areas of accessibility, Waubonsee has provided distance learning and online courses for more than 20 years. In addition to numerous bold initiatives in partnership with the community, Waubonsee recently pioneered the Health Care Interpreting Associate Degree, a first of its kind in the State of Illinois, designed to assist patients and doctors who may speak different languages. Through its extracurricular programs, honor societies, cultural and art groups, leadership programs, and collegiate sport teams, Waubonsee Community College truly provides a full learning experience to its students. Mr. Speaker, I ask my colleagues to join me in celebrating Waubonsee Community College's fifty years of service to our community.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I thank the gentleman for yielding. I cosponsored this bill because private equity makes considerable investment in Illinois and, specifically, in my district. Nationwide, many businesses are backed by private equity and are a key driving force behind our economy, making critical national and local economic contributions. These businesses support 11 million jobs nationwide. This bill is about applying the provisions of the Investment Advisers Modernization Act that make sense for the private equity business model. That business model involves making long-term investments in companies that a fund intends to turn around or grow over a period of years. This bill, from the very beginning, was an effort to apply those requirements in a way that makes sense, and it is the culmination of a great deal of bipartisan work. Working across the aisle, I have worked with Congressman Hurt of Virginia to remove the provisions that my colleagues on my side of the aisle have indicated are the most troubling to them. Together, we worked on two amendments. The amendment passed in committee resulted in more than half of the Democrats on the committee supporting the bill. Today I will be offering an amendment that will address two concerns that have been most prominently expressed by Democrats and advocates through the amendment I will be proposing and answers their main objections. First, the amendment will address concerns over transparency into the fund's policies. It will continue current law that the adviser is required to deliver a brochure to the client with information about fees and brokerage services and, in turn, deliver that information to the SEC. Second, we are addressing concerns over investor confidence that funds hold the assets that they say they do. The provision that we are removing would have provided a narrow exemption to the annual audit and surprise inspection requirements for some funds, so they will continue to be subject to these after my amendment is, hopefully, adopted. My amendment will ensure that funds continue to receive a third-party look to ensure that the fund has the assets it has represented to clients that it has, including that the asset is held in the name of the client. I know that there are other concerns, but after careful consideration, I believe they can be addressed. Opponents say that advisers will no longer keep records of the private securities that are held in custody, but this is actually not accurate. The adviser does need to keep records. These securities are illiquid and require issuer consent to sell, and these securities will be subject to annual audit and surprise inspection. Opponents also say that the clients might find that they have a new adviser without their consent, but current law allows for minority stakes in an adviser organized as a partnership to be done without consent. So this provision just treats an LLC and corporate structures identically.

Mr. FOSTER. Mr. Speaker, this bill would remove the requirement for private equity funds to submit certain information on Form PF to the FSOC; but that information is intended to capture funds that have built up leveraged and risky positions that pose a systemic risk through counterparty exposure. This is very different from the business model of private equity firms. I know that for those Members who supported H.R. 1105 in the last Congress, this should actually be easier because it provides a very narrow, targeted relief. I voted against H.R. 1105, but I support this bill after thinking carefully about it and the changes. The bill received the support of more than half the Democrats on the Financial Services Committee, and I hope that many more Democrats will support this bill on the floor after my amendment has been adopted. Mr. Speaker, I urge my colleagues to support this bipartisan bill that will support businesses and economic growth around the country.

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

Mr. FOSTER. Mr. Speaker, I thank my friend from Virginia (Mr. Hurt) for working with me on this bill. Mr. Speaker, the amendment that I am proposing addresses two of the concerns that have been most prominently expressed by Democrats and advocates, including the two major objections that the administration's statement, which opposed this bill before the amendment, highlighted. I hope this will lead most of the Caucus to join me in voting for this bipartisan bill after my amendment addresses the chief concerns voiced by my colleagues. First, the amendment will address concerns over transparency into the fund's policies. It will continue current law that the adviser is required to deliver a brochure to the client with information about fees and brokerage services and, in turn, deliver that information to the SEC. Second, my amendment will address concerns over investor confidence that the funds hold the assets that they say they do. It removes a provision that would have provided a narrow exemption from the annual audit or surprise inspection requirements for some funds; so they will now, with this amendment, continue to be fully subject to annual audits and surprise inspections. My amendment will ensure that the funds continue to receive a third-party look to confirm the assets it has represented to clients, including that the asset is actually held in the name of the client. These are the two concerns most prominently expressed, but I know there are others. After careful consideration, I do not believe that they are problematic or should prevent Members from supporting this bill. The adviser does need to keep records on the securities in its custody. The securities eligible to be held in its custody are illiquid and will be subject to the annual audit or surprise inspection. Funds that have built up leveraged and risky positions that could pose a systemic risk through counterparty exposure and other mechanisms will still be required to submit the additional information on Form PF to the FSOC. My amendment will remove the provisions that had been the main features for the opposition during this process, so I urge my colleagues to support this bipartisan bill. Mr. Speaker, I reserve the balance of my time.

Mr. FOSTER. Mr. Speaker, how much time do I have remaining?

Mr. FOSTER. Mr. Speaker, I yield 2\1/2\ minutes to the gentlewoman from Arizona (Ms. Sinema).

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

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to call on Congress to stay in session to take action against public health crises that are plaguing our country. As the only Ph.D. scientist in Congress, I find it deeply disturbing that Congress has failed to act in the face of clear evidence: 91 Americans die from gunshot wounds every day; since 2014, more than 28,000 Americans have died from opioid overdoses; dangerous levels of lead are present in the drinking water of thousands of American families; and the Zika virus is a global health crisis that is now reaching our shores. Too many Americans are dying from senseless, but preventable, causes. I represent the 11th District of Illinois, and this week marked the 1-year anniversary of another senseless death. Sandra Bland was a beloved member of our community. She died 1 year ago yesterday, alone in a Texas jail, after she was arrested for a minor traffic violation. After 3 days in jail, Ms. Bland was found dead in her cell. The coroner ruled it a suicide, but we still don't have the answers we need and that Sandra Bland's family deserves.

Mr. FOSTER

Mr. FOSTER. Madam Speaker, I rise today to speak out against the so- called Conscience Protection Act. I proudly represent the 11th District of Illinois. And as someone who supports a woman's right to choose, I find it deeply disturbing that so many lawmakers today want to make healthcare access more difficult for women. This legislation will be detrimental to women's health because it gives individuals and corporations a license to discriminate against women's reproductive choices. I am also the only Ph.D. scientist in Congress. And as a scientist, I find it outrageous that this bill will give healthcare companies the right to deny accurate medical information to patients. This kind of legislation deliberately undercuts a woman's relationship to her doctor and has no place in the laws of our country. It is designed to confuse and to muddle the responsibilities of the medical community, who have been trained to make the best possible decisions for the patients in their trust. It, therefore, prioritizes ideology above science and reason to the detriment of women throughout the country. Every woman has the legal and constitutional right to make the healthcare decisions that are right for her and to receive scientifically correct advice from her healthcare providers. So I strongly urge my colleagues to oppose this unnecessary and dangerous legislation.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, during Roll Call Vote number 370 on H.R. 5485, I mistakenly recorded my vote as no when I should have voted yes.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to speak out against congressional inaction on gun violence. I represent the 11th District of Illinois, which includes the great cities of Aurora and Joliet. And I am also the only Ph.D. scientist in Congress. As a scientist, I always look at the facts, and the facts are crystal clear that gun violence is a public health crisis and Congress needs to do more to keep guns out of the hands of people who should not have them. It is not just the mass shootings that we read about on national news. In the cities in my district, gun violence of all kinds is an issue that we struggle with every day. Leading medical groups have taken note of the effects of gun violence on our communities and have called for change. Just this month, the American Medical Association called gun violence a public health crisis. When the foremost medical group in our country calls for action, it is time for Congress to listen. But Congress will not even allow the Centers for Disease Control to study the causes of gun violence and its effects on our communities. We need a rational and effective approach to gun violence for the sake of our communities and the safety of the American people.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today in honor of the 70th anniversary of the chartering of the U.S. Department of Energy's Argonne National Laboratory, located in my district in Illinois. Argonne traces its beginnings to experiments by the renowned physicist Enrico Fermi, who led researchers in creating the world's first self-sustaining nuclear reaction. From its initial mission to fulfill the promise of the atom as a new energy source, Argonne has grown into a multidimensional laboratory addressing a range of major scientific and societal needs, still however, with the primary mission to invent, innovate, and protect energy technologies for the nation. The lab's work now spans the spectrum from basic research to applied science in areas including physics, materials and chemistry, math and computer science, life sciences, renewable energy, nuclear energy, energy storage, transportation, establishing energy surety and securing critical infrastructure. And Argonne remains on the cutting edge as it extends its expertise into new scientific endeavors including protein characterization, nanomaterials, molecular engineering and urban sciences. I am pleased to have in my district a national laboratory that is a longstanding global leader in battery research. Argonne continues to license its chemistries for use in bestselling electric vehicles and has positioned itself to meet the emerging storage needs of the new electric grid. This unique history, combined with its role as convener of a regional ecosystem of governments, universities, non-profits, industries and other public and private entities delivering innovative research and technology, means Argonne National Laboratory is a big reason why Chicago and the Midwest will be a focal point in the impending clean energy revolution. I am also proud to say that not only is Argonne home to Mira, one of the world's fastest supercomputers, and the Advanced Photon Source, the brightest X-ray source in the Western Hemisphere, but that ongoing updates to these and other user facilities at the lab will help maintain U.S. leadership in scientific discovery. Argonne is not only a scientific, but also an economic engine for my district and the state of Illinois, as the lab employs some 3,000 people, attracts thousands more as visitors and scientific facility users, and spends approximately $300 million annually through procurements to a diverse group of large and small businesses to support its overall mission. Finally, by employing more than 400 graduate and undergraduate students each year and annually hosting approximately 3,000 elementary, middle, and high school students for various programs, the lab is also an important educator and contributor to the STEM pipeline on which future prosperity of this country depends. Clearly, scientific research is fundamental to the progress of society. The 70th anniversary of the chartering of Argonne National Laboratory is an excellent opportunity to reflect upon the contributions this world-class institution has made, is making, and is poised to make in the years to come--across an array of essential, life-changing disciplines. Mr. Speaker I ask my colleagues to join me in honoring the 70th anniversary of the chartering of Argonne National Lab and I yield back the balance of my time.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I thank the gentlewoman from Michigan, and I also thank the entire Illinois delegation on both sides of the aisle for cosponsoring this legislation. On March 26, 2016, the State of Illinois and the city of Aurora lost a consummate public servant. On the day he died, Ken Christy was the sitting Aurora township clerk, the president of the Illinois State Association of Letter Carriers, and a dear friend of mine. Ken was a family man, and he left behind three daughters and his wife, Bonnie, his high school sweetheart to whom he was married for 52 years. I rise today to honor Ken's legacy and his lifetime of public service. Ken and his wife, Bonnie, settled in Aurora in 1977, when Ken took a job as a letter carrier with the United States Postal Service, a career that would last more than 30 years. Ken took on a leadership role within the Postal Service. He quickly became the Aurora NALC Branch 219 president and served in that role for 25 years. During that time, Branch 219 was recognized for its charitable contributions and received several awards from the Muscular Dystrophy Association. Under Ken's leadership, Branch 219 was recognized nationally with an NALC Branch Service Award and its Humanitarian Award. Ken spent countless hours as a volunteer at the letter carriers' annual Stamp Out Hunger Food Drive and made deliveries for the Northern Illinois Food Bank. In 2000, Ken was personally awarded the Dave Bybee award for leadership and dedication by the Illinois Association of Letter Carriers. In 2004, he was recognized for his leadership skills and civic engagement by becoming its legislative liaison. Just 3 years later, he was elected president of the Illinois State Association of Letter Carriers, a position he held until the end of his life. As president of the Illinois Association of Letter Carriers, Ken made sure that the voices of his members were heard by public officials on both sides of the aisle at both the State and Federal level. In 2012, Ken was nominated to the Illinois Letter Carriers Hall of Fame. In 2013, Ken Christy was elected Clerk of Aurora Township. Ken was a public servant in the truest sense of the word. Ken was always working for others, whether it was in his 30-year career delivering mail in his community, his dedication to charity work, or his devotion to his family as a husband, father, and grandfather. So I think it is only appropriate that we honor his life and his legacy and pass this bill today to name the post office where Ken spent his entire career the Kenneth M. Christy Post Office Building. I urge my colleagues to join me in recognizing this man, who was a pillar of his community, by voting ``yes.''

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to recognize an important anniversary in our nation's history. In 2020, the United States will celebrate the 400th anniversary of the arrival of Pilgrims at Plymouth, Massachusetts. Today, descendants of the Mayflower live in nearly every district in the country, which is why I introduced the Mayflower Commemorative Coin Act. This bill will recognize the lasting significance of the Mayflower's arrival for our nation's history and authorizes the U.S. Treasury to mint coins in honor of the anniversary. Coin bills are revenue neutral and are not a burden to taxpayers. Proceeds from the sale will go to the General Society of Mayflower Descendants, the Wampanoag Nation, and other non-profit organizations in Plymouth, which will benefit education, scholarship, and outreach programs to honor the history of the Pilgrims. This includes a 50 year peace treaty with the Wampanoag Tribe and the creation of the Mayflower Compact--one of our country's first examples of self-governance in the New World. Mr. Speaker, the arrival of the Pilgrims remains an important symbolic moment in our country's history. I encourage all my colleagues to join me in recognizing this historic occasion.

Mr. FOSTER

Mr. FOSTER. Madam Chair, thank you to the gentleman from California (Mr. Takano) and to my colleagues, the gentlewoman from Connecticut (Ms. Esty) and the gentleman from New Mexico (Mr. Ben Ray Lujan) for helping to bring this amendment to the floor. This amendment would provide $2.5 million to resurrect the Office of Technology Assessment to revive this crucial service of providing Congress with unbiased, nonpartisan reports on a wide range of issues in science and technology. This office is no less necessary today than when it first started in 1972. As technology continues to advance at an increasingly rapid pace and our partisan divide seems to grow deeper, Congress needs this now more than ever. I ask my colleagues to consider just one single one of the recommendations from the Office of Technology Assessment, that the United States rapidly adopt a standardized electronic medical record format. Had this been done, we would have been able to save hundreds of millions of dollars in medical costs over the last decades and hundreds of thousands of lives of Americans through prevention of preventable medical accidents. I urge my colleagues to join me in supporting this amendment to restore this vital source of credible and nonpartisan scientific expertise in Congress.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today in honor of the 100th anniversary of the Kiwanis Club of Aurora. Since 1916, Kiwanis Club of Aurora has been dedicated to serving children locally and globally. Kiwanis Club of Aurora was the first club in the Illinois-Eastern Iowa District and the twenty-first club chartered in the world. With their motto, ``Serving the Children of the World,'' Kiwanis Club of Aurora has done just that, improving the lives of children across the world, one child and one community at a time. Kiwanis Club of Aurora's largest service project, the annual Coats for Kids drive, provides over 2,000 winter coats to needy children in the Aurora area. Mr. Speaker, I ask my colleagues to join me in commemorating the 100th anniversary of Kiwanis Club of Aurora as they continue their long tradition of fellowship and service.

Mr. FOSTER

Mr. FOSTER. Mr. Speaker, I rise today to recognize the nominees for the 2015 Kane County Chiefs of Police Association's Louis Spuhler Officer of the Year for Kane County Award. The award, presented by the Batavia Moose Lodge Number 682 and the Kane County Chiefs of Police Association, recognizes the outstanding achievements of police officers who protect our community. The men and women who wear the badge provide our families with security while putting their own lives on the line and deserve our admiration and thanks. I would like to congratulate the winner of the 2015 Louis Spuhler Officer of the Year for Kane County, Officer Dean M. Tucker, as well as his fellow nominees: Sergeant Elizabeth Palko, Lieutenant Brian McCarty, Lieutenant Anthony Gorski, Officer Ronald F. McNeff, Sergeant Eric Blowers, Officer Erika Stover, Officer Justin Howe, Officer Chris Potthoff, Officer Mark Skorup, Trooper Gregory Melzer, and Detective Andrew Houghton. Mr. Speaker, I ask my colleagues to join me in congratulating the nominees for the 2015 Louis Spuhler Officer of the Year for Kane County Award and thanking them for their continued dedication to the safety and security of our community.