Stephen Fincher

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to introduce my bill to make the state and local sales tax deduction permanent. Simply put this is a matter of fairness. The families of Tennessee shouldn't pay more in federal taxes because our state chooses to have a sales tax instead of an income tax. This is just not equitable. By making this deduction permanent we can bring certainty to families in Tennessee, bring certainty to the tax code, and give families the time they need to plan their budgets. Mr. Speaker, in 2011, over 556,000 Tennessee filers claimed the deduction for state and local sales tax and reduced their taxable income by $1.23 billion. These families deserve fair treatment and certainty in the tax code. My legislation will give these families the fair treatment they deserve, by malcing the state and local sales tax deductions a permanent part of the federal tax code. Mr. Speaker, I urge my colleagues in the House to support me in passing my legislation to make permanent the state and local sales tax deductions in order to ensure American families are treated fairly by the tax code.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to introduce my bill, the Verify It Act, which requires Federal agencies to provide notice to American families that they owe a debt to a Federal agency and verify the debt is a legally enforceable debt. Mr. Speaker, by introducing this bill people will not have their tax refunds seized without proper notification and justification. Federal agencies have the right to try to collect debt that is owed to the government; there is a legal process that must be followed before any action can be taken. Each Federal agency must provide 60 days notice to the debtor. This notice requires a written notification of the nature and amount of the debt, the intention of the agency to collect the debt through administrative offset, and an explanation of the debtor's rights. If the agency is unable to collect from the debtor, the debt can be referred to the Department of the Treasury for administrative offset. Through its Treasury Offset Program (TOP), the Treasury reduces or withholds certain payments, often a Federal tax refund, to individuals who owe debts to the government. Mr. Speaker, the legal process to collect outstanding debts from Americans owing money to the Treasury is simply not being followed. As reported by the Washington Post, Federal agencies are collecting delinquent debt without providing proper notice or that the debt being collected was incurred by the person the Federal agency claims owes the debt. It appears that in certain cases, Federal agencies are collecting money from children in order to pay the outstanding debts to the U.S. Treasury their parents incurred. What legal reason or law gives a Federal agency the right to collect a debt from a person when the debt is incurred in someone else's name? How many years is this Administration going to go back to collect debts? How can the government justify collecting debts from the children of deceased parents? This bill is all about transparency and accountability. My legislation will ensure that Americans are given proper notification and have time to dispute the debt. This legislation will ensure every Federal agency determines the debt is legally enforceable and restore the 10 year statute of limitations. Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the Verify It Act, in order to ensure American families and taxpayers have trust in their government and policies implemented.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to be a voice for the employees and owners of small businesses across the United States. The working class men and women who are struggling to make ends meet and who are on the front lines on the war against rising health care costs deserve to know the truth about Obamacare. The truth is Obamacare is hurting small businesses and their employees. Health care costs are rising and Obamacare is causing the problem rather than solving it. To shed some light on increased health care costs and their impact on America's middle class, I am introducing the Certify It Act. This bill requires the Comptroller General of the United States to annually study, for five years, the impact the Patient Protection and Affordable Care Act (Obamacare) will have on small business jobs and health care insurance premiums. This bill would also provide for a one-year delay of the employer mandate, the cornerstone of Obamacare, should the Comptroller General or the Office of Actuary at the Centers for Medicare and Medicaid Services (CMS), determine that Obamacare is causing a net employment loss among small businesses or caused small group health care insurance premiums to rise. Comptroller General would be required to conduct this study every year and the employer mandate would be delayed for every negative finding. In addition, should the Comptroller General or CMS fail to submit a report as specified by this bill, the employer mandate will not apply for the following calendar year. It is time for the Administration to be honest with the American people. It is time to protect our working class men and women who are going to feel the most negative impacts of Obamacare. The Certify It Act will prove once and for all that Obamacare causes job loss for small business and increases costs to small business health care. Mr. Speaker, it is time to protect the people and increase jobs.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate 10 outstanding high school seniors from Carroll County, Tennessee. These scholars were recently recognized by the Carroll County Chamber of Commerce for their academic excellence in scoring a 29 or better on the national ACT test. This accomplishment ranks the students among the top seven percent in the nation of all the students who took the ACT exam. I commend--Brandon Barker, Micah Bullock, Dan Hoffman, Joshua Howell, Corey Kleppe, Joshua Malley, Robert Medford, Katelyn Ridley, Lucas Simmons and Kelsey Wallace--for their academic achievement, commitment to high standards, and as a shining example of the educational quality found throughout West Tennessee. The American College Testing (ACT) is a standardized test for high school achievement and college admission. The test consists of four concentrations: English, mathematics, reading and science reasoning, with an optional writing component. The main four tests are scored individually on a scale of 1 to 36. On behalf of Tennessee's 8th Congressional District, I congratulate all these individuals and wish them the best of luck for all future endeavors. I am extremely proud of you all.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate the 141 high school seniors across the country that have been named a part of the 50th class of U.S. Presidential Scholars as a result of their academic success, leadership, community service, and commitment to excellence. I am particularly proud students from my District, William P. Lamb of Memphis University School and Kevin J. Sun of Collierville High School, have been selected as two of the four students from Tennessee for this prestigious honor. I commend them both for being positive role models to young people across our great state, and the country through their commitment to academic excellence and community service. The White House Commission on Presidential Scholars selected the members of this year's Presidential Scholars class from 3,900 qualified candidates who are among the three million students expected to graduate high school this year. Once again, congratulations to Mr. Lamb and Mr. Sun for their outstanding accomplishments. I am very proud of you both.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate my friend, Mr. Franklin Lax, on being selected as the 2014 Buford Pusser National Law Enforcement Award winner. This public recognition is well deserved and represents Mr. Lax's lifetime commitment to all areas of law enforcement throughout West Tennessee. After graduating from Jackson's Southside High School and Jackson State Community College, Mr. Lax began his law enforcement career as a patrolman for the City of Medina and then Deputy Sheriff for Henderson County. In 1992, Mr. Lax joined in his family's security business, Maxxguard Incorporated, as Vice President, and upon the death of his father, as President in 2005. Throughout nearly two decades with the company, Mr. Lax has expanded Maxxguard from family and business security to include other areas of expertise like private investigations and handgun safety instruction. While serving on numerous State boards and commissions, Mr. Lax was also appointed to the Tennessee Peace Officer Standards and Training Commission by Governor Bill Haslam in 2011. The POST Commission is responsible for developing and enforcing standards and training for all police officers. Following in his beloved father's footsteps, Mr. Lax was elected as a Constable for Madison County, Tennessee in 2002 and continues to serve the citizens in that capacity to this day. The Buford Pusser National Law Enforcement Award is given yearly to deserving individuals who have demonstrated leadership and dedication in law enforcement. On behalf of Tennessee's 8th Congressional District, I congratulate Mr. Lax on being selected as the 2014 Buford Pusser National Law Enforcement Award recipient. I wish him the best of luck for all future endeavors.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate and celebrate the life and career of Edyth Ann Worthy on the occasion of her 88th birthday. On April 10, 2014, hundreds of friends and former students will gather for an appreciation reception at the Old Country Store in Jackson, Tennessee to celebrate Ms. Worthy's 37 years in education. Edyth Arm Worthy was born and raised in Lenoir City, Tennessee and graduated with education degrees from both Tennessee Tech and George Peabody University. After two years with Tullahoma High School, Ms. Worthy moved to West Tennessee to become the physical education teacher and head girls' basketball coach at Jackson High School. During her 35 years with the Jackson-Madison County School System, Ms. Worthy coached basketball, sponsored the cheerleaders and the Tri- Hi-Y club, was the director for the YMCA day camp, and served as the official hostess for the TSSAA Girls State Basketball Tournament held in Jackson during the 1960's and 1970's. For all of her efforts and dedication for youth sports, Ms. Worthy received the Jackson-Madison County Sports Hall of Fame Distinguished Service Award in 1995. Even after her official retirement, Ms. Worthy's love for education continued as she worked part-time at Union University's Music Department. For her unwavering devotion to education, sports, and the children of Jackson-Madison County, Ms. Worthy certainly deserves the appreciation and recognition from her students, friends, and our whole community. On behalf of Tennessee's 8th Congressional District, I would like to congratulate Edyth Ann Worthy.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to discuss my bill, the Energize Emerging Opportunities Act. My legislation simply requires the Commodity Futures Trading Commission (CFTC) to harmonize their rules for general solicitation and marketing with rules of the Securities and Exchange Commission (SEC). The Jumpstart Our Business Startups Act, passed by the House and Senate and signed into law in 2012, directed the SEC to provide an exemption for general solicitation and marketing for companies. My legislation simply corrects an oversight and harmonizes the rules of the CFTC with the SEC. This alignment will allow companies to provide information to the public and enhance opportunities to grow our economy. Mr. Speaker, the U.S. economy is in a fragile state, any hurdle, fee, or foreign advantage, will cost the U.S. economy valuable jobs. It is time we act to remove barriers that hinder growth and unleash the economic engine in this country. My legislation will clarify and harmonize the CFTC and SEC rules so emerging companies will have a clear understanding of the rules and the ability to fully participate in growing the economy. Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the Energize Emerging Opportunities Act, in order to ensure clarity in the rules.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, on April 1, 2014, I was unavoidably absent and missed the following rollcall votes: No. 149, to Concur in the Senate Amendment to provide for the costs of loan guarantees for Ukraine; No. 150 to provide for the costs of loan guarantees for Ukraine; and No. 151 on approval of the Journal. Had I voted, I would have voted ``aye'' all three votes.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate Mr. Andrew Pouncey on being selected as the 2014 Citizen of the Year by the Lions Club of Germantown, Tennessee. This public recognition is well deserved and stands in support of the career of Mr. Pouncey, who has consistently strived for the betterment of others. After graduating from both Rhodes College in Memphis and Mississippi State University, Mr. Pouncey began his career in both Planning and Landscape Architecture. Beginning in 1990, Mr. Pouncey served in numerous capacities for the city of Germantown, Tennessee. From Chief Planner to the Director of Economic and Community Development, Mr. Pouncey helped the Mayor and Board of Aldermen, the government of Germantown, and its residents enjoy this wonderful city. Additionally, the Riverdale Nature Garden, Civic Club Plaza, GPAC, Code of Ordinances, Urban Growth Boundary, and Smart Growth have been touched by the work of Mr. Pouncey. This dedication to preservation also found itself in the non- governmental life of Mr. Pouncey. Serving as the President of the Memphis Belle Memorial Association, board member of the Tennessee Preservation Trust, and the Germantown Museum, he spent numerous years saving our Tennessee heritage for future generations. Mr. Pouncey has selflessly left his mark on safeguarding the history of the United States of America. On behalf of Tennessee's 8th Congressional District, I congratulate Mr. Pouncey on being the 2014 Citizen of the Year. I wish him the best of luck for all future endeavors.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate and celebrate the life and business career of W. Cathey Dandridge. On January 25th, 2014, friends and fellow Fayette County, Tennessee residents are gathering for a Community Appreciation Reception and rejoice the 47 year entrepreneurship of the man simply known as ``Mr. Cathey.'' Mr. Dandridge was born and raised in the small Mississippi town of Thyatira, where his graduating high school class consisted of just 16 students. While in high school a young student named JoAnn Hawkins caught his eye and both ultimately attended the University of Memphis and were later married in 1960. With a degree in Industrial Arts, Mr. Dandridge accepted a job from John Deere working in Cullman, Alabama. Proving to be a valued employee, Mr. Dandridge quickly moved up with new positions in Greenville, Mississippi and Brownsville, Tennessee. With a growing family, Mr. Dandridge made the decision to take a leap of business faith and purchase Warren Implement. Thus, Dandridge Equipment was brought into existence on October 11th, 1967. What started as the smallest John Deere dealership in Tennessee grew over the years to include sales to Europe, Asia, South America, and all over North America achieving numerous awards and recognitions from John Deere. Locally, Mr. Dandridge and Dandridge Equipment received the Fayette County Chamber of Commerce's Large Business Award in 2011. Over the years ``Mr. Cathey'' employed 46 individuals with 582 years of combined service to his company. W. Cathey Dandridge's life stands as a testament to the American dream. Humble and rural beginnings, hard work and dedication, appreciation and community service, are all hallmark traits of what it takes to create a successful business and more importantly a successful life. On behalf of Tennessee's 8th Congressional District, I congratulate and wish the best of luck to the family and friends of ``Mr. Cathey'' Dandridge for all future endeavors.

Mr. FINCHER

Mr. FINCHER. I thank the chairman for yielding. Mr. Speaker, strong job creation is the foundation for a healthy economy, while overregulation kills jobs. Private equity provides much- needed capital and better investment returns to pension plans, university endowments, charitable foundations, and other investors than if they simply deposited their money in a bank. The various forms of capital provided by private equity in our economy result in more resources for companies to operate their firms, expand their facilities, and create more jobs. H.R. 1105, sponsored by my good friend from Virginia (Mr. Hurt), would help expand private equity by relieving certain advisers' private equity funds from the burdensome and unnecessary process of registering with the SEC. This bill would simply allow advisers and private equity firms to do what they do best: invest in promising companies in order to help them expand and create more jobs. Let's support job growth in this country by voting in favor of H.R. 1105.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to introduce the Improving Access to Capital for Emerging Growth Companies Act with the gentleman from Maryland, Congressman John Delaney. This legislation builds upon the success of the original bi-partisan JOBS Act, which was enacted into law in 2012. It focuses on making improvements to the initial public offering (IPO) process for a new category of issuers known as ``emerging growth companies,'' or EGCs. Since the passage of the JOBS Act in April 2012, which established the EGC category in Title I, more than 200 companies have registered with the SEC as EGCs. At the one year anniversary of the JOBS Act, a study by Ernst & Young showed that, ``Approximately 78 percent of all publicly filed IPO registration statements and approximately 83 percent of the IPOs that went effective since April 2012 were filed by EGCs.'' Since passage last year, Title I of the JOBS Act has clearly been a tremendous success, affording more companies the opportunity to go public and create jobs for hardworking Americans. While this JOBS Act provision has been successful, more can be done to improve the process of going public for EGCs. The Improving Access to Capital for Emerging Growth Companies Act would reduce the number of days EGCs must have a confidential registration statement on file with the SEC from 21 days to 15 days and allow a one year grace period for an issuer that began the IPO process as an EGC to complete its IPO as an EGC. This legislation also clarifies financial disclosure requirements for EGCs and allows an EGC to confidentially submit a proposal to the SEC for a follow-on offering. These are simple, technical improvements to the JOBS Act that improve the IPO process and allow EGCs to continue growing and providing jobs for Americans. Mr. Speaker, I want to emphasize that job creation is the most important reason to pass this legislation quickly. More companies going public leads to more expansion and investment, which will lead to job creation. The gentleman from Maryland, Mr. Delaney, and I are pleased to be introducing this bill today.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to discuss my bill, the National Wildlife Refuge Expansion Limitation Act of 2013, which requires that any expansion of a national wildlife refuge be approved by Congress. Currently, there is little Congressional oversight of the Federal Government's ability to arbitrarily designate land as biologically necessary for increasing a public land management unit. While I'm a firm believer in ensuring our environment is flourishing with wildlife, this is not the path to follow. Washington purchasing up private lands will have long term consequences. Mr. Speaker, by introducing this bill, I hope to prevent the Federal Government from creating instability in economically depressed rural regions by drawing arbitrary acquisition boundaries around private land and creating hundreds of disconnected, protected refuge areas. Aggressively creating islands of ``holdout parcel'' farmland surrounded by environmentally protected refuge lands has shown to be disruptive to economically important rural industries. Whether by regulation or the Federal Government passively forcing out landowners by excessive regulation and poor refuge maintenance, the private landowners lose. My district is a prime example of the Federal Government's unwanted advances. In the Eighth District of Tennessee, the Fish & Wildlife Service is attempting to purchase 120,000 additional acres of land, which equates to over 1,000 privately owned parcels along 49 miles of the Mississippi River and 106 miles of the Hatchie River. This land grab is on top of the existing 27,947 acres already purchased and protected by the federal government. Even more alarming, the Fish & Wildlife Service has not even completed purchasing lands within the existing refuge designation. This expansion equates to the largest refuge east of the Mississippi, impacting our crop production, tax base, freedom of land use, and people's way of life. At a time of government shut downs, sequestration, fiscal cliffs, debt debates, and legislative stalemates, rapid expansion projects seem extremely short sighted. Under-funded, under-maintained refuges lead to a loss of realistic recreational use, productive farm land, and tax revenue for county rolls across the country. Under current law, it does not require an Act of Congress to spend the $22 million collected each year from waterfowl hunters who must buy an annual federal duck stamp. Mr. Speaker, I urge my colleagues in the House to support me in passing the National Wildlife Refuge Expansion Limitation Act of 2013, in order to ensure that Americans who do not want the Federal Government next door have a voice in Congress for wildlife refuge expansion oversight.

Mr. FINCHER

Mr. FINCHER. I thank the chairman. Mr. Speaker, I rise today in support of H.R. 992, the Swaps Regulatory Improvement Act. Simply put, we do not want to make the consumer pay more. That is what will happen if we force banks to push out certain swaps into separate nonbank affiliates. Chairman Bernanke was right about section 716: it increases costs. Section 716 will also drive businesses overseas where foreign regulators have not passed similar rules for derivatives, taking with them American jobs and revenue. We must weigh the costs and benefits of every rule or regulation and ensure we do not destabilize markets or place American consumers, end- users, and financial institutions at a competitive disadvantage. With that, I encourage my colleagues to support H.R. 992.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, on October 23, 2013, I was unavoidably absent and missed the following rollcall votes: No. 556, the DeFazio Amendment No. 2; No. 557, the Flores Amendment No. 3; No. 558, the Hastings Amendment No. 6; No. 559, the Richmond Amendment No. 16; and No. 560 on final passage of the Water Resources Reform and Development Act. Had I voted, I would have voted ``nay'' on rollcall vote No. 556, ``aye'' on rollcall vote No. 557, ``nay'' on rollcall vote No. 558, ``aye'' on rollcall vote No. 559, and ``aye'' on rollcall vote No. 560.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to discuss my bill, the IRS Abuse Protection Act of 2013, which requires the IRS to notify taxpayers when their records are accessed. Taxpayer information is the private information of the taxpayer and they have a right to know when, who, why, and what that information is used for. Mr. Speaker, by introducing this bill we hope to ensure people will not be threatened or intimidated by the federal government. This bill presses forth transparency and accountability. Despite what the President has said, the targeting of conservative organizations for extra scrutiny is a real scandal and is simply reprehensible. The thin line of trust between the individual and their government has been broken and we must work to rebuild it. I am strongly urging Congress to continue its investigation into the IRS and to make sure those responsibly are held accountable to the fullest extent of the law. I am also joining other Members of Congress calling on Treasury Secretary Jack Lew to investigate the actions of the IRS. I am committed to making sure the IRS is never again used as a political weapon against any group, conservative or otherwise and my bill will ensure that those responsible for using private information to quiet individuals and organizations that disagree with the President can no longer hide behind the wall of Washington secrecy and are held accountable for their actions. Simply put, I believe when personal information is accessed; taxpayers have a right to know who accessed the information, why it was accessed, and what the information is used for as well as having access to the information and any reports generated from it. Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the IRS Abuse Protection Act of 2013 in order to ensure American families and taxpayers have trust in their government.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today as a cosponsor in support of H.R. 1155, the National Association of Registered Agents and Brokers Reform Act of 2013. As mentioned, this important legislation strikes the appropriate balance between easing the licensing requirements for insurance agents and preserving State authority to supervise and discipline insurance producers for their actions. Through this legislation, I hope all consumers, especially the citizens of Tennessee, will benefit from a more competitive insurance market. NARAB is supported by all insurance industry stakeholders, including State insurance regulators, regional and national insurance companies, and trade associations. H.R. 1155 is seen as the most effective, efficient way to enable insurance agents and brokers to be licensed on a multistate basis while retaining State regulatory authority. While today's legislation speaks to insurance agents and brokers, similar issues exist for claims adjusters. To address these issues when consumers present a claim, I have introduced the CLAIM Act, H.R. 2156, to streamline the licensing requirements for insurance adjusters operating outside their home States. My bill would preserve State authority to supervise and discipline adjusters for their actions, while streamlining State licensing regulations. As we join together today to support H.R. 1155, I call upon my colleagues to similarly support and enact the CLAIM Act to ensure consumers receive the same excellent service when they need their insurance. I thank the gentleman from Texas (Mr. Neugebauer) for his hard work on this very well-thought-out legislation. I hope it will help the citizens of this country receive excellent insurance products and services.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to discuss my bill, the IRS Employee Responsibility Act of 2013, which requires IRS employees who violate the law to be personally responsible for their own legal fees and personally responsible for any legal judgment awarded. The hard- working American taxpayer should not be responsible for the cost of defending IRS employees who break the law and are shouldn't be responsible for any legal judgment awarded in a civil suit. My legislation simply requires IRS employees to take responsibility for their actions in the same manner any private employee has to when they are sued in civil court. Mr. Speaker, despite what the President has said, the targeting of conservative organizations for extra scrutiny is a real scandal and is simply reprehensible. The thin line of trust between the individual and their government has been broken and we must work to rebuild it. I am strongly urging Congress to continue its investigation into the IRS and to make sure those responsibly are held accountable to the fullest extent of the law. I am also joining other Members of Congress calling on Treasury Secretary Jack Lew to investigate the actions of the IRS. I am committed to making sure the IRS is never again used as a political weapon against any group, conservative or otherwise and my bill will ensure that if any employees violate the law they are personally responsible for their own legal fees and any judgment. It is unfortunate that we have seen very little action from the Administration to punish these employees with at least one on paid leave. This body must Act to ensure this never happens again. Simply put, I believe when IRS employees are on the hook for their actions and know there are real consequences, they make better decisions. As a farmer and owner of a business, I am responsible for my own actions and work to ensure I am following the law. It's time the IRS does the same. Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the IRS Employee Responsibility Act of 2013 in order to ensure American families and taxpayers have trust in their government.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to congratulate Daniel Weickenand on his recent election to the Board of Directors at the National Association of Federal Credit Unions (NAFCU). Mr. Weickenand is the President and CEO of Orion Federal Credit Union in Memphis, Tennessee. He earned his BA in accounting and MBA from the University of Texas in San Antonio. He practiced public accounting before devoting more than 20 years to the credit union industry. Prior to his service at Orion Federal Credit Union, where he oversaw a complete brand overhaul from Memphis Area Teacher's Credit Union, Mr. Weickenand served as the Chief Financial Officer at FedEx Employees Credit Association. In addition to his expertise in financial services, Mr. Weickenand is actively involved in the Memphis community in various charitable capacities and is currently serving as treasurer for the Memphis in May International Festival Board of Directors. Undoubtedly, Mr. Weickenand will bring a tremendous amount of expertise to the NAFCU Board. I wish Mr. Weickenand the best of luck in his new role on the NAFCU Board. I ask that my colleagues join me today in congratulating him on this achievement.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to honor the retirement of Henry Posey from the Memphis Fire Department. Mr. Posey has devoted his life to a career of public service. As a fire fighter and the retiring Division Chief for the Memphis Fire Department, he worked to keep communities in the Eighth District of Tennessee safe for over 36 years. In this time, he has truly made a difference in people's lives, and in some cases his efforts have meant the difference between life and death. I am proud to join Mr. Posey's family, friends, and colleagues in congratulating him for his many years of service. He deserves our deepest thanks and appreciation.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I rise today to honor Paris Police Patrolman Derrek Colley for his bravery in the line of duty. Because of Officer Colley's courage in the face of danger, the city of Paris, Tennessee narrowly avoided a tragedy. On January 24, 2013, Officer Colley responded to a call at Pine Ridge Apartments, a local apartment complex. After hearing calls for help, he located a man standing in the doorway of Apartment 710. The man was engulfed in smoke, and he was unable to move himself to safety. Additionally, there were several oxygen tanks in the apartment, and the man feared a catastrophic explosion as the flames slowly spread toward them. In spite of the chaos and confusion, Officer Colley remained calm and professional. Disregarding his own safety, Officer Colley rescued the immobilized man and pulled him to safety. Then, he called for additional backup of emergency services to fight the fire, and began evacuating the other apartments. Mr. Speaker, the citizens of Paris, Tennessee are safer because of the selfless acts of bravery from public servants like Officer Colley. We are lucky to have such professional and well-trained personnel to protect our community. I am honored to join his colleagues and neighbors in applauding him for his courage.

Mr. FINCHER

Mr. FINCHER. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1341) to require the Financial Stability Oversight Council to conduct a study of the likely effects of the differences between the United States and other jurisdictions in implementing the derivatives credit valuation adjustment capital requirement, as amended.

Mr. FINCHER. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and submit extraneous materials for the Record on H.R. 1341, as amended, currently under consideration.

Mr. FINCHER. Mr. Speaker, I yield myself such time as I may consume. I want to thank Chairman Jeb Hensarling, Chairman Frank Lucas, and Chairman Scott Garrett for working with both Congressman David Scott and me to bring H.R. 1341 to the floor for consideration today. I am pleased that we are considering H.R. 1341, the Financial Competitive Act of 2013. Mr. Scott and I have worked in a bipartisan manner to move this measure forward to ensure America remains competitive in the global marketplace. We need folks around the world to know America is open for opportunity, advancement, and upward mobility. In this country, we promote opportunity, not unfair regulations that punish business and kill jobs here. I introduced the Financial Competitive Act with my friend Mr. Scott for one reason--to ensure the law of unintended consequences does not place America at a disadvantage globally. Our bill simply requires the Financial Stability Oversight Council to conduct a study of the impacts implementing the credit valuation adjustment capital requirement, or CVA, will have on the U.S. consumers, end users, and U.S. financial institutions. This study is in response to the recent Basel 3 Accord, which is a global regulatory standard for capital requirements for banks. Unfortunately, European Union Basel 3 regulators decided to exempt their own European banks from complying with certain provisions of Basel 3. Specifically, European regulators have decided to exempt transactions with sovereign pension funds and corporate counterparties, which are also exempt from clearing obligations from CVA-risk-weighted assets. This means European banks will not have to put up capital like American banks. I have some serious questions about the impact the European exemption will have on U.S. financial institutions, consumers, and the larger U.S. economy. To me, this exemption will provide a significant financial and business advantage to European banks, European customers, and European end users at the expense of American business, banks, and end users. Mr. Scott and I are not alone. Canada recently announced it will delay its CVA capital requirement for 1 year even though it implemented the rest of the Basel 3 package on schedule. Canada's decision to delay the implementation of the CVA requirement was simple. It was driven by concerns that Canadian banks would be at a competitive disadvantage because of the European CVA exemption. U.S. financial institutions and consumers share those same concerns and will be competitively disadvantaged, which will affect how these institutions serve consumers and the derivatives business as well as the commercial loan business. Our bill will clarify the impact the CVA exemption for European financial institutions will have on the U.S. economy. The U.S. economy can't afford to wait while Europe takes valuable market share away from U.S. companies. If the U.S. doesn't act, this disadvantage could potentially cost the U.S. economy billions of dollars and lead to jobs moving overseas. It's simple: this bill is about America versus Europe. I urge you to support me in passing the Financial Competitive Act in order to ensure the law of unintended consequences doesn't place U.S. consumers, end users, and financial institutions at a disadvantage. I reserve the balance of my time.