Mike Flood

Mr. FLOOD

Mr. FLOOD. Mr. Chair, I yield back the balance of my time.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I thank the chairman for his leadership on this issue. Mr. Speaker, I feel like we should start with a definition of ``custody.'' It is that basic, Mr. Speaker. Banks hold others' assets in custody, and they don't put them on their balance sheet. This is an example of Mr. Gensler at the SEC using a staff accounting bulletin to keep banks out of digital asset custody. The first time this resolution went through Congress, it received, as the chairman said, bipartisan support from both the House and the Senate, including Majority Leader Schumer. Think about that, Mr. Speaker: Majority Leader Schumer broke with his own party and with his own party's President on this issue. The reason for that support, and it is really simple, the SEC got its hand caught in the cookie jar. They overstepped in a blatant way that runs contrary to its obligation to protect investors. What is the SEC doing in banking policy? Somebody, ask the Federal Reserve. Ask the OCC. Ask the Treasury Department. Do they think this is right? Look at the testimony in front of the Financial Services Committee. SAB 121 is not a political issue. It is simply a bad regulation. No matter what your feelings are about cryptocurrency, the SEC shouldn't be writing bank custody rules, and they definitely shouldn't be overstepping their authority to do it. Moreover, now on this floor today we hear from the ranking member that there is some private deal with a couple of banks. To the chairman's point, that is not good public policy. That is amateur hour. That is trying to avoid the embarrassment of having the House of Representatives vote like it did on FIT21 where a better than two- thirds majority were in support of this very policy. Finally, let's be clear. SAB 121 is bad policy that affects the entire banking system, not just one bank or one small group of banks. If the SEC wants to fix this problem themselves, then they shouldn't rescind the bulletin for every bank in America that is publicly traded. One-off agreements do not fix underlying problems with this fatally flawed legislation. Mr. Speaker, I urge my colleagues to support this measure.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to welcome Father Brett Jamrog, who delivered this morning's prayer, as the guest chaplain for the day. Father Jamrog is a native of Fremont, Nebraska, and a priest of the Archdiocese of Omaha. Ordained in 2022, he has served my home parish, Sacred Heart in Norfolk, for the last 2 years. Even at this early point in his ministry, he has had a big impact on his community by providing sacraments to the lay faithful on a daily basis and teaching in our school. Father's presence here today reminds us of the foundational role that faith plays in forming leaders and guiding our country. It is a great honor to host Father Jamrog here in Washington. His words of prayer this morning were a blessing to this Chamber. May Father Jamrog's words continue to remain with us as he takes up our work for the day. Once again, we extend our gratitude to Father Jamrog for serving as today's guest chaplain.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to address the growing impact of President Biden's student loan bailouts on our Federal deficit. Over the past 3 years, President Biden has repeatedly bypassed Congress and the courts to cancel student loans. His actions have fueled inflation and have now become the number one factor in growing the Federal deficit, according to the Congressional Budget Office. Let's be clear: Canceling student debt is not free. Just this year, student loan bailouts will cost the Federal taxpayers $145 billion. While debtors won't be responsible for their loans anymore, taxpayers will still be paying principal and interest. Every dollar President Biden cancels in student loans adds directly to our country's crippling $35 trillion debt. It is only getting worse. Interest payments on our national debt have nearly doubled in the last few years, crossing $1 trillion for the first time in 2023. We cannot go on like this. It is time to stop these outrageous loan bailouts and restore fiscal sanity.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, today, I want to congratulate Mrs. Faythe Petersen of Norfolk, Nebraska on her retirement. Faythe is a longtime public servant with over 44 years of service with the Norfolk Fire and Rescue. Over decades, she supported generations of first responders both on call and off. She assisted with public education programs, helped plan for emergencies and disasters, and coordinated with local, State, and Federal public safety responders. With her efforts, Norfolk Fire and Rescue was better able to serve the community of Norfolk. I know she will be greatly missed in the department. On behalf of the First District of Nebraska, I thank Faythe for her service to the community of Norfolk, and extend best wishes to her on her retirement.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, today, I want to recognize Major Russell Bartholow for his 17 years of service with the Nebraska Army National Guard. Russell Bartholow joined the Nebraska Army National Guard in 2007, motivated to do something for our country and for this world. In 2008, he was sent to Afghanistan, where he spent 22 months serving as the head of a five-person ``Effects Cell.'' He was responsible for developing and conducting civil-military projects in the nine northern Afghanistan provinces. His team completed 31 projects, including providing innocent children with clothes, food and toys. Major Bartholow always went above and beyond what was asked of him. When he saw the innocent children, he worked hard to find them a safe place to play. He was able to negotiate with Afghan businessmen and elders to raise over $200,000 in funding for a park. This park included a soccer field, basketball court and merry-go-rounds and provided an oasis of hope and safety for the kids affected by war. His heart for service and dedication to the children and civilians are further seen in his being awarded the Bronze Star Medal for his coordination of $12 million in funding for roads, schools and clinics. After his time in Afghanistan, Bartholow was promoted to Captain. In 2018, he was promoted to the rank of Major in the Nebraska Army National Guard. During his years of service, Major Bartholow has also been awarded the Combat Action Badge and the Army Achievement Medal. Major Russell Bartholow will be retiring in June 2024. On behalf of the First District of Nebraska, I thank Major Bartholow for his service and extend best wishes on his retirement.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise to recognize Invest Nebraska and their work fostering a new generation of entrepreneurs. Since the early 2000s, Invest Nebraska has supported startups by backing high-potential businesses across the Cornhusker State. In the decades since their founding, they provided millions of dollars in capital to startups in industries ranging from software to agriculture to healthcare. Over the years, Invest Nebraska has assisted 155 companies and supported the creation of more than 1,200 jobs across the State. Under the leadership of Invest Nebraska CEO Dan Hoffman, our State went from dead last in the Nation in venture capital investment to 29th. Thanks in part to their vision and success, Invest Nebraska has earned the moniker ``Silicon Prairie'' with tech startups popping up across the Cornhusker State. Invest Nebraska does outstanding work growing businesses that provide great jobs in Nebraska. Mr. Speaker, I thank them for their good work.

Mr. FLOOD

Mr. FLOOD. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 537) to award a Congressional Gold Medal to 60 diplomats, in recognition of their bravery and heroism during the Holocaust, as amended.

Mr. FLOOD. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on this bill.

Mr. FLOOD. Madam Speaker, I yield myself such time as I may consume. I rise in support of H.R. 537, a bill that will posthumously award the Congressional Gold Medal to the forgotten heroes of the Holocaust. Madam Speaker, on September 1, 1939, Adolf Hitler and the Nazis began their invasion of Europe, which started World War II and threw humanity into what would become one of the darkest periods in history. The Nazis sought the mass extermination of the Jewish people and wasted no time carrying out their vile plan. They hunted, rounded up, and sent Jews to concentration camps across Europe to be murdered in state-sponsored genocide that we now refer to as the Holocaust. However, a handful of diplomats from around the world took quick and heroic action to save Jews attempting to flee Europe. They resisted the anti-Semitic Nazi agenda, risking their families, careers, and lives to help innocent Jewish people flee persecution. Despite some receiving direct orders not to help the Jewish population, these diplomats issued passports and travel visas, set up safe houses and getaways to hide adults and children, and communicated with local communities to help fleeing Jews escape by traveling underground to safety. Because of the actions of these diplomats, hundreds of thousands of Jewish families in Europe escaped death at the hands of Hitler's Nazi regime. Although they were not the only ones who risked their lives to aid the Jewish community, today we celebrate 60 of those diplomats and honor their lives and actions with a Congressional Gold Medal. Sadly, anti-Semitism is an endemic and unrelenting scourge on history, rearing its ugly head even today just as it did 80 years ago during World War II. H.R. 537 honors those 60 diplomats who valiantly defied the systemic hatred by bravely doing what was right to stand up not only for the Jewish community but of all mankind. It is my hope that their courage will continue to inspire Americans today. Madam Speaker, I support this bill, and I urge my colleagues to support it, as well. I reserve the balance of my time.

Mr. FLOOD. Madam Speaker, I yield 3 minutes to the gentlewoman from Florida (Ms. Salazar), the bill's sponsor.

Mr. FLOOD. Madam Speaker, I would just underscore the importance of this bill in reminding us of the evils that existed 80 years ago and still exist today, and the bravery that embodied and continues to embody mankind today. I thank the gentlewoman from Florida for introducing this bill, and I thank the gentleman from New York for his cosponsorship. I urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. FLOOD

Mr. FLOOD. Mr. Chair, this bill is necessary because a retail central bank digital currency would be a terrifying and powerful tool in the hands of any government entity. I would like everybody in this Chamber to think and picture the politician they dislike the most in their mind. Now, imagine that person and all the ill intentions you ascribe to them with the power to monitor, restrict, or even halt the financial transactions of their political opponents. It is actually a horrifying thought, and it cuts to the core of why we need to reject a retail CBDC in this country. Some of my colleagues across the aisle claim that arguments like this are alarmist. However, they fail to realize that once a CBDC is built, even if it was built with good intentions, it will endure through every political twist and turn our country has ahead, for better or for worse. President Reagan famously said, freedom ``is never more than one generation away from extinction.'' If we issue a retail CBDC in this country, freedom would never be more than one election away from extinction. Mr. Chair, I urge my colleagues to support this bill.

Mr. FLOOD

Mr. FLOOD. Mr. Chair, I would like to focus on one particular aspect of this bill. It is exactly responsive to the problems in the digital assets market that we have seen over the last couple of years. In the aftermath of the collapse of FTX in 2022, we need to ensure that there are investor protection rules that prevent anything from happening like that again in the United States. Under the regulatory structure created by this bill, FTX would not have been able to register. FTX would not have been able to comingle customer funds that hurt so many of their investors. Some of my friends on the other side of the aisle have spoken about protecting investors. The great irony is that they are opposing a bill that would do just that. If you believe in investor protection, if you believe we need to respond to the disaster of FTX, then we need to pass a bill that would prevent the next FTX. The status quo will not work. It did not work in 2022, and it will not work today. Mr. Chair, I urge my colleagues to support this bill.

Mr. FLOOD

Mr. FLOOD. Madam Speaker, I rise today to salute America's peace officers during Police Week. Every day, the men and women in blue keep our communities safe. Even as respect for police has waned in some quarters, I am proud to report that Nebraska has doubled down on our support for law enforcement. In fact, Nebraska is the best place in the Nation to serve as a peace officer, and we are making it even better. Before I came to Congress, I was the proud cosponsor of the Law Enforcement Attraction and Retention Act in the Nebraska legislature 2 years ago. This bill provided a variety of cash incentives for officers to help agencies retain and recruit their workforce. Last year, the legislature passed, and we became the first State in the Nation to provide free college tuition to police officers and firefighters and their immediate families. Working in Nebraska just makes sense if you are a law enforcement officer. These are just two examples of how we are leading the Nation in recruiting and retaining the best peace officers in the Nation.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to address President Biden's student loan bailout schemes. Just weeks ago, the President unveiled a new executive action even after the Supreme Court shut down his previous attempts to let people off the hook for their loans. He is not just trying to unilaterally cancel student debt; his agencies have been working to make the student loan repayment process dysfunctional. On one hand, the Federal Student Aid Agency is paying contractors who service student loans less money, and that agency has acknowledged that the level of service for student loan holders will suffer as a result. On the other hand, the CFPB is using its enforcement authority to pursue these same contractors for the reduced levels of service that are the result of these same FSA cuts. It seems like a plan designed to break the entire student loan system. Americans can't let the Biden administration's plan succeed. We need a return to principled fiscal policy that encourages personal responsibility, a responsibility that supports the health of the American free enterprise system.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I thank Chairman McHenry for yielding. I am pleased to speak in support of my bipartisan resolution, H.J. Res. 109, a Congressional Review Act resolution for the SEC's Staff Accounting Bulletin No. 121, or SAB 121 for short. I thank Congressman Nickel and Senator Lummis for working with me on this resolution and for the chairman's leadership in getting this to the floor. This is something of a complicated issue, as you have heard today, so I will break it down into a few different components. First, I will begin by explaining what a staff accounting bulletin is. Staff accounting bulletins are technical accounting guidance for public entities. They are typically noncontroversial in nature and, importantly for this debate, are not rules. Guidance is not supposed to dictate a major change in policy. That is what our notice-and-comment rulemaking process is for. This specific bulletin effectively requires banks to put digital assets held in custody on their balance sheet. Simply put, that is not how custody usually works. As a Federal Reserve Chairman once said: ``Custody assets are off balance sheet, always have been.'' This bulletin upends custodial practice for banks, and it effectively keeps banks out of this market entirely. That is not good for consumers or investors. Next, let's talk about the process, as the chairman has already mentioned. There were two major process fouls by the SEC in issuing SAB 121. Number one, the SEC is not a bank regulator, and SAB 121 affects a core banking activity: custody. Yet, the SEC issued this bulletin without even talking to the regulators first. Think about that. The SEC issued this without even talking to the prudential regulators. That is an incredible oversight, particularly given the bulletin's unusual treatment of custodial assets. Number two, the nonpartisan Government Accountability Office determined that this bulletin is effectively a rule. In other words, the SEC got caught trying to circumvent the APA and the due diligence requirements that come with it. Now, let's talk about solutions. The easiest way to fix this problem is for the SEC to simply rescind the bulletin themselves and work with the prudential regulators on an alternate solution. Despite the fact that this bulletin was issued through a faulty process and despite the negative ramifications of keeping banks from taking custody of retail investor assets, the SEC has been unwilling to have any conversation about making changes. That leaves us with no choice. Congress needs to act through the Congressional Review Act to rescind SAB 121. Finally, let me briefly address an argument that Ranking Member Waters and some of my Democratic colleagues have made on this issue. I have heard this argument that the CRA should not be applied to an accounting bulletin, but let's contemplate the alternative. What are the implications if we fail to pass this resolution? This is an instance where the nonpartisan GAO outright said the SEC circumvented the proper regulatory process.

Mr. FLOOD. Mr. Speaker, think about why the Congressional Review Act was passed in the first place: to give Congress the ability to check a regulator that has gone astray. If we don't pass this resolution, we are effectively giving the green light to our regulators to bypass the APA rulemaking process with impunity. This isn't just about the SEC or bank custody. This is about providing a necessary check to executive branch power. Regardless of your feelings on the banking policy or the SEC, I urge my colleagues to support this resolution for the sake of upholding the authority of the institution we serve in. Mr. Speaker, I include in the Record four letters. Number one is a letter dated April 27, 2023, sent by Fed Vice Chair Michael Barr to Senator Lummis, discussing the impact of SAB 121 on Fed-regulated financial institutions. Number two is a letter dated April 18, 2023, sent by FDIC Chairman Gruenberg to Chairman McHenry and Senator Lummis, in response to their March 2, 2023, letter. Number three is a letter dated February 28, 2024, sent by the Conference of State Bank Supervisors to Chairman McHenry and Ranking Member Waters, outlining the unintended effects SAB 121 could pose on consumers and markets. Board of Governors of the Federal Reserve System, Washington, DC, April 27, 2023. Hon. Cynthia M. Lummis, U.S. Senate, Washington, DC. Dear Senator: Thank you for your letter dated March 2, 2023, regarding the Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (``SAB 121'') published on April 11, 2022. As you know, the Federal Reserve is not responsible for the general accounting policy for public companies and, as such, Federal Reserve staff were not consulted by the SEC regarding the development and issuance of SAB 121. For accounting and reporting purposes under U.S. generally accepted accounting principles (GAAP), assets held in custody are generally not recognized on the custodian's balance sheet--as the custodian does not control the assets--and we defer to the SEC on these matters. However, I would note that state member banks may provide safekeeping services, in a custodial capacity, for crypto-assets if conducted in a safe and sound manner and in compliance with consumer, anti-money laundering, and anti- terrorist financing laws. By law, regulatory reports and statements required to be filed with Federal banking agencies by all insured depository institutions must be uniform and consistent with U.S. GAAP. In light of SAB 121, the Federal Financial Institutions Examination Council (FFIEC) issued supplemental instructions to the Call Report related to SAB 121. The supplemental instructions state that an institution that determines that it is appropriate for it to apply SAB 121 for SEC or other financial reporting purposes should complete its Call Report consistent with the classification determination made for SEC or other financial reporting purposes. Institutions are encouraged to consult with SEC staff on the scope and applicability of SAB 121. The Basel Committee's prudential treatment of crypto-asset exposures applies to various types of exposures to banks, such as exposures held as securities on balance sheet or through derivatives. However, the Basel standard does not generally apply to custodial assets. The Federal Reserve continues to take a careful and cautious approach related to current or proposed crypto- asset-related activities at each banking organization and will continue to ensure that legally permissible activities are conducted in a manner that is safe and sound, and in compliance with applicable laws and regulations, including those designed to protect consumers. Sincerely, Michael S. Barr.

Mr. FLOOD. Mr. Speaker, number four is a letter dated February 29, 2024, sent by the American Bankers Association to Chairman McHenry and Ranking Member Waters, expressing support for H.J. Res. 109. American Bankers Association, Washington, DC, February 29, 2024. Re Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ``Staff Accounting'' Bulletin No. 121'' (H.J. Res. 109). Hon. Patrick McHenry, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Hon. Maxine Waters, Ranking Member, Committee on Financial Services, House of Representatives, Washington, DC. Dear Chairman McHenry and Ranking Member Waters: The American Bankers Association (ABA) welcomes and supports H.J. Res. 109, the Congressional Review Act resolution of disapproval for the Securities and Exchange Commission ``Staff Accounting Bulletin 121.'' which was recently introduced by Reps. Mike and Flood (R-NE) and Wiley Nickel (D-NC). Adverse Impact of SAB 121 on Bank Digital Asset Products and Services In March 2022, the Securities and Exchange Commission (SEC) released Staff Accounting Bulletin 121 (SAB 121) to address perceived risks to publicly traded companies that safeguard crypto assets for their customers. Under SAB 121, an entity responsible for safeguarding cryptocurrency assets for platform users must present a liability on its balance sheet at fair value to reflect that obligation, as well as a corresponding asset. SAB 121 is a departure from the banking industry's historical practice of treating custody assets off-balance sheet, and this accounting treatment effectively precludes banks from offering digital asset custody at scale since placing the value of client assets on balance sheet will impact prudential requirements such as capital, liquidity, and other mandates. On February 14, 2024, ABA joined with several other financial trades in a joint letter to the SEC. In the letter, we noted that U.S. banking organizations' experience over the past two years with SAB 121 shows that it has curbed the ability of our members to develop and bring to market at scale certain digital asset products and services. We gave two concrete examples: (1) Spot Bitcoin ETPs The Commission recently approved Spot Bitcoin Exchange Traded Products (ETPs), allowing investors access to this asset class through a regulated product. However, notably absent from those approved products are banking organizations serving as the asset custodian, a role they regularly play for most other ETPs. These ETPs have already experienced billions of dollars in inflows, but it is practically impossible for banks to serve as custodian for those ETPs at scale due to the Tier 1 capital ratio and other reserve and capital requirements that result from SAB 121. This raises important questions about the safety and stability of this ecosystem. We believe that this result could raise concentration risk, as one nonbank entity now serves as the custodian for the majority of these ETPs. That risk can be mitigated if prudentially regulated banking organizations have the same ability to provide custodial services for Commission regulated ETPs as qualified nonbank asset custodians. SAB 121 does not appear to contemplate this type of concentration risk, in part perhaps because Spot Bitcoin ETPs or similar products were not an approved product at the time SAB 121 was issued. (2) Use of DLT to record traditional financial assets Banking organizations are increasingly exploring the use of Distributed Ledger Technology (DLT) to record traditional financial assets, such as bonds. The use of DLT has the potential to expedite and automate payment, clearing, reconciliation and settlement services, and multiple central banks outside the United States are partnering with banks to explore the adoption of DLT. However, SAB 121 has proven to be a barrier to banking organizations' ability to meaningfully engage in DLT-based projects due to the breadth of the definition of ``crypto-asset'' in SAB 121: ``a digital asset that is issued and/or transferred using distributed ledger or blockchain technology using cryptographic techniques.'' Under this definition, a traditional financial asset issued or transferred using DLT could be considered a ``crypto asset'' and thus within scope of SAB 121, regardless of the applicable risks. SAB 121 makes no distinction between asset types and use cases, but instead generally states that crypto-assets pose certain technological, legal, and regulatory risks requiring on-balance sheet treatment. However, there are significant differences between a cryptocurrency like Bitcoin that exists on a public, permissionless network versus a traditional financial instrument that is recorded on a blockchain network where access is controlled and transactions can be cancelled, corrected, or amended. The past two years have underscored these differences, as the turmoil in the crypto market has been wholly unrelated to banks' use of permissioned DLT. DLT does not change the underlying nature or risks of traditional assets, nor do they present the risks SAB 121 purports to address, and thus SAB 121's application to those assets should be reconsidered. Clear indication from the Commission that the use of DLT to record or transfer traditional financial assets is consistently outside the scope of SAB 121 would alleviate associated challenges. In the February 14 letter, we made several recommendations for changes to SAB 121 that would mitigate the specific challenges identified above without undermining the stated policy objectives of the SEC to enhance the information received by investors and other users of financial statements. We also asked for a meeting to discuss those changes, but as yet have not had a response from the SEC. Adverse Consequences for Consumers Banks have long provided safe and well-regulated custody services to investors for securities and other assets. However, the implications of SAB 121 mean few banks are currently offering custody services for digital assets, leaving consumers with few options for a safe, well-regulated custody service for digital assets. In fact, many have turned to non-bank market entrants that are not subject to prudential regulation and examination and are not subject to robust capital and liquidity requirements. This unregulated activity can expose consumers and counterparties to significant harm. Conclusion We applaud Representatives Flood and Nickel for their leadership on this important issue. The SEC's Staff Accounting Bulletin 121 represents a significant departure from longstanding accounting treatment for custodied assets and threatens the banking industry's ability to provide its customers with safe and sound custody of digital assets, Limiting banks' ability to offer these services leaves consumers with few well-regulated, trusted options for their digital asset portfolios and ultimately exposes them to risk. We encourage you and your membership to favorably report this resolution out of the Committee. We would be pleased to meet with you and your staff to discuss how Staff Accounting Bulletin 121 inhibits consumer access to safe, sounds access to digital asset custody services. Sincerely, Kirsten Sutton, Executive Vice President, American Bankers Association.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to address the Securities and Exchange Commission's new climate disclosure rule. Since President Biden took office, his agencies have weaponized rulemaking to impose job-crushing regulations. In just 3 years, he has dramatically expanded the Waters of the U.S. rule, issued presidential executive orders, and established a new climate corps. The new climate disclosure rule requires extensive disclosures on CO2 and other theoretical climate risks. These disclosure requirements will have devastating downstream consequences. The rule will likely serve as a gift to activist lawyers looking for reasons to declare open season on industries they oppose. It is a breathtaking expansion of regulatory power by an unelected agency using power that was not delegated to it by Congress. The SEC should stick to its core mission of regulating financial markets and get out of its newfound hobby of dabbling in climate alarmism. I applaud the work of my Financial Services Committee colleagues and the Western Caucus on pushing back against this draconian rule, and I hope to see it repealed. Congratulating Chancellor Doug Kristensen

Mr. FLOOD. Madam Speaker, I rise today to thank Chancellor Doug Kristensen for his 22 years of service to the University of Nebraska at Kearney. After 14 years in the State legislature, many of those as speaker of our unicameral body, he was named chancellor at UNK and became the longest-serving chancellor in the university's history. Chancellor Kristensen, a native of Kearney, has been described as a champion for UNK and rural Nebraska. During his time in the State legislature, he helped shepherd then Kearney State College into the University of Nebraska system. His leadership has been nothing less than transformative. From new housing to athletic facilities, Kristensen oversaw many of these priorities during his two decades of leadership. One of his most successful achievements was helping grow rural Nebraska's healthcare workforce. Chancellor Kristensen's work at UNK will have a lasting impact on Nebraska for generations to come. I congratulate him on an outstanding career, thank him for his service to the State and the university, and wish him the best in his next chapter. Recognizing Luke Farritor

Mr. FLOOD. Madam Speaker, I rise today to recognize Luke Farritor, a University of Nebraska at Lincoln student who recently won the Vesuvius Challenge grand prize by deciphering passages of text from digital scans of a carbonized scroll. This young man is smart. Last year, Farritor, a Lincoln native, decided to take on the challenge of deciphering text on papyrus charred into a lump of carbon by the eruption of Mount Vesuvius. Because the scrolls were carbonized, they are virtually impossible to unroll without destroying them. Farritor created a machine-learning model that senses tiny differences that can reveal ink. Yes, he is that smart. Along the way, he enlisted help from peers across the globe to pitch in and decipher the burnt scrolls recovered from an ancient library. Luke and his team ultimately submitted 15 passages containing more than 2,000 characters. The work contained in the passages they recovered hadn't been read since at least 79 A.D. Congratulations to Luke. His innovative talent has already taken him far. We look forward to seeing what challenge he takes on next. We hope he stays in Nebraska. We want him to live there. Thanking Meteorologists in Nebraska

Mr. FLOOD. Madam Speaker, I want to talk about something that was very destructive last Friday. We had several EF3 and EF2 tornadoes ravage portions of my district, Congressman Bacon's district, and Congressman Smith's district. The silver lining here is that the meteorologists at the National Weather Service office in Valley, Nebraska, used all of their talents, all of the equipment, and everything in the power of the National Weather Service to identify these tornadoes and get that lifesaving information to the people. What they did saved lives. We did not lose one person's life in the State of Nebraska. Over 400 homes were destroyed. I also want to say as a Nebraska broadcaster myself, the men and women of the Nebraska broadcasting companies, in multiple languages, went to work and got Nebraskans the information they needed to take shelter and stay away from these potentially and very obviously dangerous tornadoes. We ought to be proud of this Federal agency, the National Weather Service. We ought to be proud of what they do. They don't get the credit very often. I also recognize the broadcasters not just in Nebraska but everywhere in our great country that go to work every day to get people lifesaving information. In this case, you can look at everything that happened. Our emergency alert system worked. Our meteorologists and our TV meteorologists and radio and television folks came together to deliver for the great State.

Mr. FLOOD

Mr. FLOOD. Mr. Chair, I rise today in support of the supplemental for Ukraine. Less than 100 years ago, Joseph Stalin committed one of the largest genocides in history when he starved millions of Ukrainians to death. Today, Putin's Russia is once again stopping at nothing. They have used Ukrainian civilians as human shields. They have committed horrible acts of sexual violence. They have abducted tens of thousands of Ukrainian children. The history of atrocities committed by tyrants against Ukraine is a stark reminder of the moral duty we have as Americans to stand with our friends and allies against tyranny and opposition. For those in our country who don't think what is happening in Ukraine has anything to do with us, Putin doesn't want just parts of Ukraine. He wants to end the post-World War II order that has underpinned freedom and economic prosperity in Europe, the United States, and beyond. This package is critical, not just for Ukraine, but for the entire free world so that we can beat back the reincarnation of what President Reagan called the Evil Empire. Mr. Chair, I join my colleagues in supporting this supplemental.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor the life and service of Officer Ross Bartlett of Ceresco, Nebraska. Officer Bartlett died in the line of duty last week on April 12 in Nebraska. Bartlett served as a police officer for over 30 years. His three decades of service took him across Nebraska before arriving in the village of Ceresco. He was not only a police officer. He was a husband, a dad, a grandpa, a friend, and so much more. He had a great sense of humor, and he loved to serve his community. One way he did this was by volunteering at fire departments alongside his wife, Tina. They had a passion for helping every community they lived in. I was fortunate to work with him as he served in Madison. I have great respect for him and his service in Madison County and beyond. We have lost a great officer and an outstanding Nebraskan with a big heart for public service. May God be with his family and friends during this difficult time.