Mike Flood

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, in addition, the Bureau has consistently tried to imply their authority would not only apply to tech companies, but there is a chance they could bring merchants into their regulatory purview as well. The general counsel of the CFPB said in a speech during Director Chopra's tenure that merchants might be implicated as large payment players in the future if they aren't mom-and-pops. Last year, in response to a question on the record from me on this topic, the Director made the case that a merchant that incorporates payment capabilities directly into a website could potentially blur the lines between banking and commerce and, therefore, be subject to the CFPB oversight in the future. However, Dodd-Frank explicitly calls for an exclusion for the merchants from the CFPB's regulatory purview. That idea that a merchant engaging in a commercial financial activity due to payment activities in a merchant's own store or website is outright ridiculous, and it represents yet another expansion of the CFPB's rapidly growing authority. Finally, I would like to highlight another major concern with CFPB examination authority of these firms and what it would bring. The firms within the scope of this rulemaking are payments firms, but some of these firms also have a social media element to their businesses. If we fail to act here in Congress, there will be career bureaucrats from the CFPB with the authority to examine some of the most influential social media companies in the country behind the scenes. Do any of us really think that a liberal CFPB examiner would restrict their comments to only a social media company's payment activities? Are we sure that they wouldn't provide some ``feedback'' on the free speech policies of Meta or X? Leaving this rulemaking in place could provide the next Democratic administration with the tools that they need to more directly influence even social media.

Mr. FLOOD. Mr. Speaker, I thank Chairman Hill for his attentiveness to this issue, and I thank my colleague in the Senate, my co-lead, Senator Pete Ricketts from Nebraska, for championing this effort and getting the resolution through the U.S. Senate in record time, in less than a week. He beat us to it. There are a lot of reasons to support this resolution eliminating the larger participant rulemaking from the CFPB. Number one--think about this--the CFPB finalized this rule in the eleventh hour in January days before the transfer of power, well after other agencies stopped their rulemaking. Number two, the rule itself is effectively a regulatory power grab by the CFPB's outgoing Biden nominee, Mr. Chopra. By designating companies engaged in payments activities as larger participants, the Bureau will get to expand their examination authority over an amorphous and ill- defined group of firms with payment tools. Given their track record, I think it is fair to say that we should not be supporting greater exam reach of the CFPB. I don't want our concerns to remain abstract. Let's take a look at some of the practical effects that CFPB examination would have over these payment firms. First, let's take a look at some of the problems with how the rule actually distinguishes who is and is not a larger participant in payments. The rule does not only apply to tools where consumers are using wallets to exchange funds on a peer-to-peer basis. It also applies to any number of payment intermediaries that assist small businesses and merchants. For example, express checkout tools would be affected by this rulemaking. Let's say you want to buy an item on the website of a small retailer in Lincoln, Nebraska. If that website allows interfacing with express checkout tools, as many do, then you are going to see the effects from this rulemaking on their ability to easily accept payments from their customers. Congress aside, everybody in this room should fear what happens at my house when my wife does not have access to express checkout. According to a survey from the Small Business and Entrepreneurship Council, 53 percent of small business owners use express checkout tools. When asked whether express checkout services help their business succeed, 94 percent of small businesses agreed that the online payment tool is boosting their businesses' growth. Yet, despite the obvious potential for Main Street and small business effects from this rulemaking, the CFPB failed to conduct any substantive analysis of the effects this rulemaking would have on small businesses or even conduct a sufficient cost-benefit analysis of the rulemaking more broadly. The reason was the Bureau was less interested in the cost of the rule than in expanding their own regulatory reach. This rule is a perfect example of regulate first, ask questions later. That was the approach of Director Chopra. Ultimately, this style of regulation is going to chill innovation and hurt the smallest players that depend on these technologies to compete with the big guys. Mr. Speaker, I include in the Record a letter signed by myself and 19 Financial Services Committee Republicans to Director Chopra in 2023. Congress of the United States, Washington DC, December 18, 2023. Hon. Rohit Chopra, Director, Bureau of Consumer Financial Protection, Washington, DC. Dear Director Chopra: We write today to express our concern with the Consumer Financial Protection Bureau's (CFPB) proposed rule subjecting large participants within the general-use digital consumer payment application industry to CFPB supervision. Innovation is the driving engine of the American economy and the proposed rulemaking's broad scope will have significant consequences on the ability for nonbank firms to offer innovative products and services and for consumers to benefit from competition in the market. scope of the proposal Under the proposed definition and criteria, the CFPB estimates that 17 market participants would be affected by this rule. However, the Bureau fails to identify which firms comprise that number, or to provide specific criteria that would enable market participants to determine the firms captured by the rule. It is essential that businesses and consumers understand the implications of this proposal to enable them to provide comprehensive feedback on its impact. Further, it is important to clearly delineate the extent of the rulemaking's scope. In its current form, the proposal leaves open the possibility that entities far outside the market for general-use digital consumer payment applications will be captured. For example, the proposal specifies that the CFPB's supervisory authority ``is not limited to the products or services that qualified the person for supervision.'' This suggests the rule will have no boundaries, which is unacceptable and will create significant uncertainty. While the proposed rule contains certain exclusions, these exclusions further confuse the intended scope of the proposal. For example, the definition of a covered consumer payment transaction excludes ``[a] payment transaction conducted by a person for the sale or lease of goods or services that a consumer selected from an online or physical store or marketplace operated prominently in the name or such person or its affiliated company.'' While this exclusion seems to cover transactions between consumers and merchants using a merchant's own payment software, the proposal later states the exemption for merchants would not apply, ``if a merchant or online marketplace's digital consumer application stores, transmits, or otherwise processes payments or financial data for any purpose other than initiating a payments transaction by the consumer.'' When combined, these two provisions within the rule create further ambiguity regarding the scope of the proposal for merchants. Without a meaningful exclusion for merchants, the Bureau's authority could extend from players in consumer payments directly to merchants across the country. As you know, third party point of sale technology is used largely by small businesses, and the frequency with which small businesses are accepting digital payments is increasing. With this in mind, the CFPB should consider the impact this rule will have on the merchants that rely on electronic payment services to process payments. The rulemaking could have serious implications for small businesses and sole proprietors across the country, and we believe the CFPB should carefully assess the rule in this context. Furthermore, we are concerned the CFPB neglected to fully consider the impact of increased compliance costs. The proposed rule states, ``the CFPB lacks detailed information with which to predict the extent to which increased costs would be borne by providers or passed on to consumers, to predict how providers might respond to higher costs, or to predict how consumers might respond to increased prices.'' However, with no analysis conducted on the compliance costs of the proposal, the rule later certifies that the proposal ``would not have a significant economic impact on a substantial number of small entities.'' The inability to track the costs of compliance of this proposal, and how it would be passed down to small entities, paired with an assurance that the rule will not have a significant effect on those same entities is alarming. If the Bureau believes small entities will not be significantly affected by the rule, it should provide the evidence it uses to support that claim. digital assets Lastly, we also have concerns regarding the rule's applicability to digital assets and digital asset wallet providers. The proposed rule indicates that the purchase of a crypto asset using fiat currency would be exempted by the rule. However, the rule includes digital assets in its definition of ``funds.'' Taken together, these two provisions raise many questions, including what crypto asset transactions would be included in the rule and whether the rule extends to certain wallet providers. The CFPB's proposed rule also comes as other jurisdictions are pushing to promote both competition and innovation in payments. Given the CFPB's track record of overreach, we strongly urge the Bureau to refrain from exceeding its authority and instead, commit to clarifying and narrowing the scope of this rule. Given the breadth of the proposal and ambiguity regarding its applicability, we urge the Bureau to extend the comment period for an additional 30 days. This additional time will give market participants the opportunity to provide comprehensive feedback. Sincerely, Patrick McHenry, Chairman, House Committee on Financial Services; Mike Flood, Andy Barr, Tom Emmer, Dan Meuser, Byron Donalds, Young Kim, Scott Fitzgerald, French Hill, Ann Wagner, Bryan Steil, William R. Timmons, IV, Erin Houchin, Michael V. Lawler, Alex X. Mooney, Andy Ogles, Andrew R. Garbarino, Zach Nunn, Barry Loudermilk, Ralph Norman, Members of Congress.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to recognize the 46th anniversary of C-SPAN's coverage of the U.S. House of Representatives, a milestone in government transparency. For nearly five decades, since March of 1979, C-SPAN has provided the American people with unfiltered gavel-to-gavel coverage of the debates and the decisions that shape our Nation. It is a service that strengthens our democracy and fosters accountability. This incredible resource exists thanks to the commitment of American's cable and satellite providers who voluntarily fund C-SPAN as a nonprofit service. Let's be clear. Millions of Americans are being denied access to this vital coverage because major TV streaming platforms like YouTube TV and Hulu + Live TV refuse to carry C-SPAN. At a time when trust in government is more important than ever, no company should stand in the way of public access to democracy and the inner workings of our constitutional republic. I urge YouTube TV and Hulu + Live TV and all streaming providers to do the right thing. Carry C-SPAN. Give their customers the same access to government that cable and satellite viewers have. The American people deserve nothing less.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to congratulate the Battle Creek High School boys wrestling team for earning the Class C NSAA state championship for the second year in a row. This historic victory was secured in dramatic fashion, with the team clinching the state title during the final match of the tournament. Every member of the team played a crucial role, whether it was the seniors closing out their high school careers as back-to-back state champions, or the younger wrestlers who will continue to build on this success in future seasons. Under the leadership of Head Coach Cody Wintz, the team stayed focused, even after committing his finalists to earn individual titles. The dedication and grit displayed by their two finalists were key in propelling Battle Creek to the state championship once again. Congratulations to the entire Battle Creek boys wrestling team on this outstanding and historic accomplishment.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to congratulate the Norfolk Senior High girls wrestling team for their incredible achievement in winning the NSAA Class A state championship. The Norfolk girls wrestling team demonstrated remarkable resilience and determination throughout the season, culminating in a well-earned state championship victory during the two-day tournament Each member of the team played a pivotal role, with all ten wrestlers contributing points to secure the win. Under the leadership of Head Coach Andrew Stowe, the Panthers exhibited overwhelming grit and unwavering team spirit Coach Stowe's guidance helped the team stay focused and committed, recognizing that their success as a team would come through consistency, dedication, and collaboration. In the end, the Norfolk Panthers showed true grit and perseverance, ultimately claiming the state championship. This victory is a testament to their hard work, teamwork, and unwavering determination. Congratulations to the entire girls wrestling on their outstanding accomplishment.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor and remember the life of Jay Dunlap, whose work in financial services helped create hundreds of great jobs and strengthened communities across the Cornhusker State. Born in Douglas, Nebraska, Jay completed college and then spent two years of service in the United States Navy. After leaving the military, he put his experience to work finding remarkable success in Nebraska's banking sector. Jay was instrumental in the growth of two prominent Nebraska banks, each of which continues to carry forward his legacy of hard work, dedication, and a deep commitment to giving back to the communities they serve. Jay's life's work was not just about banking. It was about building relationships and investing in the future of Nebraskans. He will be deeply missed, not only as a pillar of Nebraska's economic success, but also as an inspiring example of integrity and generosity. Our hearts and prayers go out to Shirley and the entire Dunlap family as we all celebrate his life and legacy.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor the remarkable life of one of our greatest Nebraskans, Jack Hoffman. For over a decade, Jack's story captured the hearts and minds of Americans and Nebraskans as he battled brain cancer. Through it all, the Cornhusker State cheered him on. In 2013, Jack made national news when he ran for a 69-yard touchdown during the Huskers' spring game. In that moment, Jack became a symbol of perseverance and hope for kids and families grappling with pediatric brain cancer. To help others facing the same battle, his family founded the Team Jack Foundation to support research on pediatric brain cancer. When Jack passed last week, our entire State mourned his loss. His legacy will be forever etched in the hearts of Nebraskans. He joins his father, who also died of brain cancer, a very good friend of mine and somebody that I know welcomed his son into heaven with open arms.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to celebrate one of northeast Nebraska's most important institutions, Northeast Community College. This year, the NJCAA Men's Soccer National Champions hail from Nebraska's First Congressional District, our very own Northeast Hawks. Throughout the national tournament, Northeast consistently defied the odds. They fought through several close matches, claiming victories against teams that had bested them in previous seasons. They even beat the odds in the championship game. While ranked fifth, our Hawks triumphed with a 2-1 victory over the second-ranked team to secure their historic title. From Head Coach Adam Potter to every single player, the Hawks have displayed remarkable team spirit on their journey to this historic success. Their work is a testament to the character and values of our national champions, as well as the entire Northeast student community. On behalf of Nebraska's First Congressional District, congratulations to the Northeast Community College men's soccer team on becoming the first in school history to win an NJCAA national title.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, by direction of the Republican Conference, I offer a privileged resolution and ask for its immediate consideration.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, by direction of the Republican Conference, I offer a privileged resolution and ask for its immediate consideration.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to recognize two stalwarts of community service in Sarpy County, Nebraska: Nancy and Jim Thompson. Nancy and Jim have dedicated their lives to giving back to Nebraska throughout their nearly five-and-a-half decades of marriage. As educators, they played key roles in forming the Papillion La Vista School Foundation, helping charter it nearly 40 years ago. Their commitment to public service is equally impressive. Nancy and Jim were both elected to local and county office. Nancy had the distinction of being the first woman elected to the Sarpy County Board of Commissioners, and she later served as a State senator in our unicameral from 1997 to 2006, where she and I served briefly together. This week, their lifelong dedication, especially to Nebraska's children, will be honored with the 2025 Reflection Award from the Midlands Community Foundation. On behalf of Nebraska's First District, congratulations to both Nancy and Jim. I thank them for their remarkable service.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor and celebrate the life of Dr. Ken Cowan, M.D., Ph.D., whose remarkable service left a lasting impact on our communities. A native of New York, Dr. Cowan was a Nebraskan by choice, who warmly welcomed and quickly embraced life as a proud Cornhusker. At the Fred and Pamela Buffett Cancer Center at the University of Nebraska Medical Center, his visionary leadership helped create the largest public-private partnership in Nebraska's history. Dr. Cowan's achievements reached far beyond Nebraska. He was appointed by President George W. Bush to serve on the National Cancer Advisory Board from 2002 to 2008, received the 2019 Appreciation Award from the Cattlemen's Ball of Nebraska, and authored over 240 scientific papers. His work advanced the field of cancer treatment and improved lives Nationwide. Drawing from his personal experiences with cancer, both as a physician and family member, Dr. Cowan brought empathy and compassion to patient care. Known for his warmth and approachability, his legacy endures in the lives he touched and the advancements he championed. Nebraska's thoughts and prayers are with Dr. Ken Cowan's wife, Dr. Alison Freifeld, their two daughters, and extended family. His dedication to service and compassion will be dearly missed.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor and celebrate the remarkable career of one of Norfolk's most beloved community leaders, Randy Hagedorn, following four decades with the Norfolk Family YMCA. Under Randy's leadership, the Norfolk Family YMCA experienced transformative growth. From leading an annual fundraiser that generates hundreds of thousands of dollars to support local scholarships and programs, to spearheading a successful $13 million campaign for a major expansion in 2019, Randy's dedication has left a lasting impact on our community. These achievements have cemented the YMCA as a cornerstone of Norfolk's community life and serves as a model for excellence across Nebraska. Randy's community engagement extends beyond the YMCA. For over 30 years, he has officiated football and basketball games, including NCAA events and NAIA national championships. His exemplary service earned him the prestigious 2024 NAIA Larry Lady Officiating Award. As Randy steps into retirement, he leaves behind a thriving Norfolk Family YMCA with nearly 12,000 active members--a reflection of his vision, leadership, and dedication. His legacy will continue to shape our community for years to come. On behalf of the people of the First District, I thank him for his service throughout his extraordinary career. It will have a big impact on our community for years to come. We wish him the best in his retirement as he begins this next chapter.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to celebrate the incredible life and legacy of Nebraska's own, Howard Hawks. Howard was a generational leader who lived the American Dream, cofounding an energy company called Tenaska. Since founding the company in 1987, he helped grow it into one of the largest privately held companies in America. Mr. Speaker, if you know Howard Hawks, then you know that if he got involved in a project, people in a five-State area knew exactly what was going on, and it would get done. One of his greatest investments was at the University of Nebraska where he gave both his time and his treasure. He served almost two decades as a regent and helped strengthen our Husker athletic program as a booster. In recent years, he has provided the lead gift that helped build the University of Nebraska Lincoln Business School. This is just another example of his philanthropic projects that he took on throughout the years. Mr. Speaker, Howard will be missed. Our hearts and prayers go out to Rhonda and the entire Hawks family as we all mourn his loss.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to celebrate five decades of innovation, excellence, and leadership by one of Nebraska's foremost industrial leaders and economic drivers: TMCO. Over the last half century, TMCO has earned a reputation as a cornerstone of Nebraska's growing economy. What began with just eight machines in a small shop--smaller in square footage than most apartments--has grown into a symbol of economic opportunity, proving that hard work and vision are still rewarded in our country. TMCO'S impact extends far beyond creating jobs and fueling Nebraska's economy. Its commitment to community engagement has built a legacy of uplifting the very communities that it serves. From mentoring the next generation to supporting local events and art installations, TMCO and its employees have always put Lincoln and Nebraska first. Given all of this and more, it's no surprise that TMCO has thrived for five decades. From its leadership to its employees, the company's reputation for quality manufacturing, coupled with its deep community involvement, has made it a pillar of the Lincoln economy. On behalf of the people of the first district, I want to extend our best wishes for TMCO's continued success. I look forward to another five decades of remarkable leadership and community engagement.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to celebrate fifty years of one of Nebraska's crucial industrial leaders and centers of innovation: Kawasaki Motors Manufacturing. Over its five decades of growth in Lincoln, Kawasaki Motors Manufacturing has demonstrated great stability and leadership. Through it all, Kawasaki has remained a key driver of Nebraska's economic growth, burnishing its reputation as a globally competitive manufacturing company. Starting as a fledgling motorcycle assembly plant in 1974, Kawasaki Motors Manufacturing has expanded to produce ATVs, Utility Vehicles, and even passenger railcars. To this day, Kawasaki Motors Manufacturing holds to the highest standards, maintaining a commitment to manufacturing innovative products of the highest quality. With its strong leadership and dedicated workforce, it is clear why Kawasaki Motors Manufacturing has flourished for the past fifty years. On behalf of the people of the first district, I want to extend our best wishes for Kawasaki Motors Manufacturing's continued success and growth. May Kawasaki Motors Manufacturing continue to flourish over the next fifty years and serve as a global beacon of Nebraska's innovation.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to wish Dave Cole and Isles Pub & Pizza a very happy 40th anniversary. Established in 1984, Dave Cole turned an old Italian restaurant into a community favorite pizza kitchen with the help of many dedicated friends. After a customer led naming contest for the business, the restaurant became ``The Isles Pub & Pizza'', more oftenly called ``The Isles.'' Since then, Isles Pub & Pizza has grown and distinguished itself in many ways. Cole and company have dedicated hours of their time curating the perfect pizza sauce for their customers. Many local community leaders consider Isles Pub & Pizza to be some of the best pizza in the area. Cole and his staff have continued to provide quality food and excellent service for 40 years. Isles Pub & Pizza have been recognized with many achievements including Lincoln's recent 2024 Choice Award. As Dave Cole and Isles Pub & Pizza reach their 40th anniversary, there is much to celebrate. On behalf of the people of Nebraska's First Congressional District, I congratulate them on 40 years and wish them fun as they celebrate this incredible milestone.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise to discuss Vice President Kamala Harris' housing plan. First, let's talk about the broader problem. Housing is less affordable and less available today, and it is bringing costs onto the American people. Overall, housing underproduction costs the U.S. economy $1.6 trillion in lost wages and productivity every single year. The U.S. needs to build 4.3 million more apartments by 2035 to meet the demand for rental housing. This includes 600,000 units to fill the shortage from after the 2008 financial crisis. Underproduction of housing has translated to higher housing costs, resulting in a decline of 4.7 million affordable apartments from 2015 to 2020. Housing underproduction also increases the cost of living for families, inhibits geographic mobility, burdens both renters and buyers, and stifles economic productivity. According to one estimate, from 1964 to 2009, our national housing shortage lowered aggregate economic growth by 36 percent. All of that is to say there is no question we have a housing supply problem in this country. Unfortunately, Vice President Kamala Harris' plans would make the problem much, much worse. The Harris plan's goals are to ``lower housing costs for working families and end America's housing shortage.'' The problem is that the Biden-Harris policies and the Harris plan will actually raise housing costs and worsen the housing crisis. I will break it down piece by piece to demonstrate why. First, let's start with Kamala Harris' proposal to add tens of thousands of dollars in new downpayment assistance for home buyers. Large amounts of downpayment assistance might sound nice, it might sound like it is free, but it is exactly the wrong answer in this environment with housing shortages across the country. More government subsidies won't bring housing costs down. They will continue to increase demand and drive prices even higher. The great irony is that this policy would hurt the very people it is intended to help. Think about a young person who is currently renting but planning to buy a home. He and his wife may be looking at prices on Zillow and diligently saving up for a downpayment on a nearby house. They financially planned for this goal, and they have been working toward it for years. If the Harris plan's subsidy were to go into effect, the prices of those homes would increase. They could find themselves further from their goal, even if they were able to receive the promised subsidy themselves. It is a classic example of why progressive economic policies fail. Instead of working through a market-focused solution, the Harris plan simply throws money on the problem, and it hopes for the best. That is not leadership, and that is not going to solve the problem. Next, let's talk about rent caps. Earlier this year, the Biden-Harris administration announced their intention to impose rent caps on ``corporate landlords.'' Rent caps are a failed policy with a long track record of exacerbating housing shortages by dissuading developers from building new rental units in high-demand areas. If investors know that future rent increases will be capped, they shift their capital elsewhere. That means less building, less housing supply, fewer options, and it drives demand for existing units even higher, which pushes rents up in buildings that aren't even subject to the caps. We have seen how these policies work in New York and San Francisco where rent control has been in place for decades. According to AEIR, rent control policies in New York City resulted in more rental units being abandoned than built in the 1970s and 1980s. We can expect more of the same under the Harris plan, which will replicate these failures on a national scale. To recap, the Harris plan would implement an expensive downpayment assistance subsidy. It would hamper new development by putting in place rent caps that disincentivize investment. In other words, Harris would both increase demand and limit supply, the exact wrong combination of policies if you want housing costs to go down. The result is a housing market where both renters and potential homeowners are squeezed, leaving everyone with fewer choices and higher prices. Vice President Harris has said previously that ``Bidenomics is working.'' For those that are concerned about rising housing costs, her words should be taken literally and taken as a warning. Vice President Harris plans to continue the inflationary policies of the Biden-Harris administration, exacerbating our housing affordability problems and leaving renters with less options and future home buyers with even higher costs. If America wants to boost housing supply and end the inflationary policies of the Biden-Harris era, we need to cut red tape, streamline Federal housing programs, and remove barriers to building new units. Until we move toward a solution that encourages private investment in development, we can expect that our country's housing shortage will persist, leaving the American Dream out of reach for everyday working families.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor Chief Justice Mike Heavican of the State of Nebraska who has announced his retirement after almost two decades of exemplary service as the head of Nebraska's Supreme Court and its entire judicial branch. Through the years, the chief justice has led Nebraska's judiciary with integrity. Before his time on the bench, he served as a deputy county attorney, a county attorney, the U.S. Attorney, and then the chief justice. Throughout his career he has preserved the independence of our judiciary while collaborating with the State's leaders to strengthen its engagement with the public. During my time as Speaker of the Unicameral, I had the great honor of working with Chief Justice Heavican to establish the first and now annual tradition of the State of the Judiciary address to our State's legislature. On behalf of the people of the first district, I want to extend best wishes to Chief Justice Heavican and our sincere gratitude for his decades of remarkable public service.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I support Mr. Huizenga's bill, H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act, and I thank him and Chairman McHenry for their leadership on this issue. In particular, I highlight my bill within this larger package. It is called the Stop Executive Capture of Banking Regulators Act. This bill applies a requirement to the Federal Reserve, the OCC, the FDIC, the NCUA, and the FHFA to report to Congress when they plan to implement a nonbinding recommendation from an executive order, or FSOC. All the regulators I just listed are independent. Independent regulators are supposed to act according to their respective expertise. They shouldn't just adopt recommendations from the President or Treasury without their own due diligence. This bill says that if they do choose to implement a nonbinding directive from the executive branch, they should tell Congress and the American people what they are planning to do and why. That is a commonsense requirement, and, frankly, this shouldn't be a partisan issue.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor Sarpy County Sheriff Jeff Davis, who has announced his retirement after one-half century of service. Sheriff Davis began his career as a 911 dispatcher at 18 years old. After gaining experience on the operations side of law enforcement, he received his law enforcement officer certification and served as a deputy sheriff for the county. Through the years he has worked in several divisions before becoming the chief deputy. In 2005, he was sworn in as the new Sarpy County sheriff. Serving in that role, he is known as someone who leads with common sense and a sense of fairness that has earned him respect across the State of Nebraska. Beyond the sheriff's office, he has given back to his community as the chairman of the Nebraska Law Enforcement Easter Seals Telethon and through the Knights of Columbus. As Sheriff Davis embarks on this new chapter, I want to extend my gratitude and that of the people of the First District of Nebraska for his many years of outstanding service.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I thank the gentleman from Washington (Mr. Newhouse) for introducing this very important and long-overdue piece of legislation. According to the USDA, as of 2022, foreign individuals held an interest in over 43 million acres of U.S. ag land. For context, 43 million acres is larger than the State of Florida and greater than the total land area of 29 U.S. States. Between December of 2021 and December of 2022, privately held foreign ag land increased by more than 3 million acres and now accounts for 3.4 percent of all privately held agricultural lands in the U.S. This is a real problem, and it is growing. Our Nation's land is linked to our national security, our food supply, and energy resources. The rising trend of foreign ownership is highly concerning. The USDA is responsible for collecting data and reporting to Congress on foreign- owned ag land, but that is it. In its own words, the USDA does not have a role in reviewing the purchase or sale of ag land in our country. Additionally, the USDA has failed to penalize improper filing of ag land transactions by foreign nationals, further emphasizing its lack of sufficient enforcement authority in this area. Let me be clear: Foreign ag land ownership is a national security issue, and it should be treated as such. Over the last several years, we have all experienced firsthand the detrimental impact food and energy supply chain disruptions can have on our communities. Therefore, it is simply common sense that we pass this bill to expand CFIUS and better address this ongoing threat.

Mr. FLOOD

Mr. FLOOD. Mr. Chair, I have an amendment at the desk.

Mr. FLOOD. Mr. Chairman, my amendment is simple. It would bar the Department of Energy from spending taxpayer dollars on lab-grown meat. Under President Biden's radical climate agenda and regulatory regime, the Department of Energy has chosen to target our Nation's food and beverage industry. Hardworking producers across the Nation wake up every day and raise the highest quality livestock in the world, and they are already making significant investments in long-term sustainability. My home State of Nebraska leads the Nation in beef and veal exports and is among the top-producing States for hogs. Raising our Nation's food is a way of life for many in my home State and across the Nation. Instead of subverting the efforts of farmers and ranchers, the Department of Energy could invest in lowering energy costs, working to regain energy independence, unlocking energy exports, or any number of issues facing everyday Americans. Mr. Chairman, I reserve the balance of my time.

Mr. FLOOD. Mr. Chairman, I appreciate the gentlewoman from Ohio (Ms. Kaptur) sharing her concerns about my amendment. Every time a Nebraskan farmer wakes up and faces the day, folks on that side of the aisle are looking to shut down confined animal feeding operations. They are looking to different ways to produce meat so that we can't produce what we do in Nebraska, which is the number one beef State in the Nation. There is no trust. There is no trust with the Biden administration and this Department of Energy that our way of life is going to be protected. This amendment should send a clear signal to everybody on the other side of the aisle that the producers that feed the world are ready to fight, to stand up for our industry, and to fight for livestock across this country. This amendment ultimately sends a clear message that it is inappropriate for the Department of Energy to spend taxpayer dollars on lab-grown meat. Mr. Chairman, I reserve the balance of my time.