Mike Flood

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I wish to honor Battle Creek, Nebraska as they celebrate their 150th birthday. One hundred fifty years ago in August 1873, Battle Creek was founded. Sitting along the Elkorn River Valley in Madison County, Battle Creek has grown through the years, welcoming new families, businesses, and visitors. With a population of a few more than 1,000 people, they exhibit the best of what small town Nebraska has to offer: A great quality of life, family-owned businesses, and great recreation. They're one of the first stops on the Cowboy Trail. And Battle Creek is proud of its community members--both new and old. One outstanding example is Rose O'Neill, the cartoonist who imagined the Kewpie Doll, which has gained fame around the world. As Battle Creek reaches this sesquicentennial birthday, there is much to celebrate.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to wish David City, Nebraska a very happy 150th birthday. August 6, 1873 marks the day David City was made the county seat of Butler County. Since 1873, David City has grown and distinguished itself in many ways. Providing an excellent quality of life for their small town with exceptional education and job opportunities. While David City is home to just about 3,000, it's the birthplace of notable people--like former U.S. Senator Roman Hruska; the founder of Hallmark cards, Joyce Hall; and Catholic Bishop Kenneth Steiner. Major employers in the City include Timpte, ADM, and David City Public Schools among others. David City is proud of its Catholic roots. Aquinas Catholic Schools educates many of the town's people and St. Mary's Church is almost as old as the town itself. As David City reaches this sesquicentennial birthday, there is much to celebrate. On behalf of the people of Nebraska's First Congressional District, I congratulate David City on 150 years and wish them fun as they celebrate this incredible milestone.

Mr. FLOOD

Mr. FLOOD. Madam Speaker, I rise today because we are at a crossroads in banking, FinTech, and finance. Blockchain is a revolutionary technology that is going to change the way Americans do business. The question today in front of us is whether we would like America to lead that change or let somebody else take the reins. We are planning on marking up two bills next week in the Financial Services Committee: one on digital assets market structure and the other on stablecoins. I am going to focus my remarks today on stablecoins. I am not new to this subject. In the Nebraska legislature, I wrote and passed a bill that allows for banks in Nebraska to issue stablecoins--State chartered banks. This is an issue that I have worked on and cared about for years. Since 2017, stablecoins have grown to $130 billion in market cap. That is the size of a multinational institution like Deutsche Bank. We are not dealing with a theoretical conversation about stablecoins here. Stablecoins have already arrived. Whether you like them or not is irrelevant, Madam Speaker. They are here, and the question of the day is how to regulate them, not whether to regulate them at all. Now that we have covered the basic need for this legislation, let's discuss a specific issue in the bill: how to treat State-regulated institutions that want to issue a stablecoin. Our dual banking system is the envy of the world. It allows us to provide true regulatory tailoring, particularly for small community banks, in our country. Were we to move away from the dual banking system, were we to essentially gut the power and authority of the State banking regulators, like the Nebraska Department of Banking, it would be an absolute tragedy for our community banks. I do not think there is a banker around that wouldn't stand up for the dual banking system. If you are a small bank in rural Nebraska, Madam Speaker, you shouldn't receive the same scrutiny as a GSIB, and if you are a small bank in rural Nebraska, you probably shouldn't share the same primary regulator as a GSIB either. The dual banking system lowers burdens on banks, but it also ensures that our small institutions have a line of communication to the entity that regulates them. If every bank had to be regulated by the OCC, I don't know that the OCC would have the bandwidth to ensure every single, small bank in rural America gets the attention it needs relative to larger institutions. That is not a knock on the OCC, it is just reality. Now that brings us back to stablecoins. Chairman McHenry's bill currently has a State pathway for stablecoin issuance. Shockingly, some of the same banking organizations that hail the dual banking system seem to have a different opinion when it comes to stablecoins. Let me be very clear, if the Federal Reserve becomes the de facto regulator for all State regulated stablecoin issuers, it will prevent small and midsized banks across the United States from getting into the stablecoin market. It would fly in the face of regulatory tailoring, the very concept that has promoted our current system that allows for community banks to literally exist. Our State regulators are more than capable of taking on this role. Those who argue for regulatory arbitrage miss the point; we already have a system in place that does this work. There is no reason for a State chartered bank in Nebraska that issues stablecoins to be regulated directly by the Federal Reserve when the Nebraska Department of Banking is equipped to do the job. Further, the bill establishes a robust floor for stablecoin issuance. The most important part of that floor is the reserves. Under the bill-- and listen to this, Madam Speaker--under the bill, issuers must back a stablecoin with reserves one to one. Let's think about that for a moment. If a consumer has one stablecoin at $1, the issuer must hold exactly $1 in reserve on that same stablecoin. In other words, Madam Speaker, your money isn't going anywhere. The issuer cannot lend out your money, and they cannot invest it in risky assets for their own gain. They must hold it in reserve as ordered by this bill that is in front of the Financial Services Committee. That requirement alone should go a long way to ease any anxieties over instability. The system itself has reserve requirements that aren't present in other parts of the financial market. We are truly at a historic moment in the House. It is not often that we get the opportunity to build a new regulatory system from scratch. Regulating stablecoins is just that kind of opportunity. It is imperative that we get it right so both the State charters and the Federal charters can issue stablecoins. Madam Speaker, I yield back the balance of my time.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to congratulate Bryan Health on being named one of America's most trustworthy companies by Newsweek. Bryan Health is a pillar of Nebraska healthcare, notably serving Lincoln and many communities around the State with locations in 45 of our State's 93 counties. Bryan cares for over 2,100 trauma patients a year. Their work is helping grow Nebraska by ushering in the next generation. The Bryan Family Birthplace delivered more than 3,000 babies in 2022, including 58 sets of twins and three sets of triplets. Now they are plowing new territory in behavioral healthcare. They report they are the first medical center in the Nation to have a designated behavioral health emergency department. Bryan Health isn't just a business. They are a key community stakeholder, giving back more than $200 million of charity care last year. On behalf of the people of Nebraska's First Congressional District, I extend our sincere congratulations to the team at Bryan Health. I thank them, and they should keep up the great work. Columbus Community Building

Mr. FLOOD. Mr. Speaker, I rise today to congratulate the City of Columbus on their new community building. The Columbus Community Building is a $32 million project that will provide 75,000 square feet of space for housing a new Columbus Public Library, City Hall, City Council chamber, and community room. This project, which took about 3 years, required over 150,000 hours of labor and 1 million pounds of steel. Columbus is known as the city of power and progress, and their work over the last decade and a half is helping grow the community and setting it up for long-term success. From their health department to the Columbus Wellness Center to their STEM program, the community is building the infrastructure they need to attract families and the workforce that employers rely on. Since 2000, the community has grown about 15 percent as companies like BD Medical have invested millions to upgrade their operations. Columbus, indeed, has a bright future ahead. On behalf of the people of the First Congressional District, I congratulate the City of Columbus, Nebraska, on their new community building and all their recent success. Recognizing Colonels Thompson and Howard

Mr. FLOOD. Mr. Speaker, I rise today to extend my sincere gratitude to Colonel Kristen D. Thompson for her service as Commander of the 55th Wing headquartered at Offutt Air Force Base. Colonel Thompson recently completed her time as commander. During that time, the 55th Wing returned flight operations to Offutt after the base's runway was rebuilt. I thank Colonel Thompson for her work and leadership through the years. As Colonel Thompson transitions to New York, I also give a hearty congratulations and welcome to Colonel Mark Howard, who is now taking over. Colonel Howard comes to the 55th Wing as a 22-year veteran pilot with almost 4,000 flying hours, 700 of those in combat. Colonel Howard also brings years of experience as the 55th Wing's deputy commander, which will serve him well as he takes on his new role. On behalf of the First Congressional District, I extend our sincere gratitude to both Colonel Thompson and Colonel Howard for their leadership of the 55th Wing. Supporting the NDAA

Mr. FLOOD. Mr. Speaker, I rise today to support the passage of the National Defense Authorization Act. The NDAA is a pillar of the House Republicans' commitment to America in building a Nation that is safe. Our U.S. servicemembers protect our country every day, and they deserve the best quality of life. This NDAA provides a much-needed pay raise, access to healthcare, and critical oversight, all while saving American taxpayers billions of dollars and making key investments in innovative technologies and our defense industrial base. One of the most important facets of this NDAA: its provisions to counter communist China's aggression. It builds up projection forces, increases funding for essential military construction projects, and provides more funding for innovative new technologies needed to stop the CCP. The NDAA makes critical investments in our national defense while honoring the Fiscal Responsibility Act's spending levels. It accomplishes this by capturing $40 billion of savings by cutting inefficient programs, obsolete weapons systems, and unnecessary Pentagon bureaucracy. This bill also ensures that the taxpayer dollars being spent in Ukraine have proper oversight. Under our NDAA, a new inspector general will direct and coordinate an audit of all aid provided to Ukraine by the United States. Additionally, the NDAA protects our military from weaponization by liberal activists by stopping our DOD resources from subsidizing President Biden's Green New Deal and banning the military from teaching critical race theory. I applaud the work of the committee in preparing this year's NDAA, and I strongly urge my Republican colleagues and friends across the aisle to come together and pass this critical legislation this week.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to recognize one of Nebraska's finest journalists, Don Walton. Don has long been a trusted source of political news across Nebraska. He has a unique approach to his craft. He quietly builds relationships with people as he listens and grows trust. During my time in the legislature and in Congress, I have worked with Don. He believes that people are never a means to a story, and he faithfully covers politics without engaging in them. Over a week ago, Don surprised us all with his retirement announcement in his weekly column. He had shown no signs of stepping back, true to form. He did not make a spectacle of his farewell. In a brief open letter, he thanked his readers and encouraged and challenged them to be their best. He has had a 67-year career. On behalf of Nebraska's First Congressional District, I honor Don for his service and his work. The way he treated people as he wrote about them will long stand as a testament to the value of local journalism.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, had I been present, I would have voted ``yea'' on rollcall No. 272.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, H.R. 2797 (Equal Opportunity for All Investors Act of 2023) would require the SEC to establish an examination to certify specified individuals as accredited investors. The Act further states that the examination shall be administered and offered free of charge to the public by a registered national securities association, such as FINRA. The sponsors of the legislation do not intend to create an unfunded mandate for FINRA or any other national securities association to administer this examination. While the Act would require the examination to be administered and offered to the public free of charge, the sponsors acknowledge that FINRA or any other national securities association may recover administrative costs in other ways, including a contract with the Securities and Exchange Commission that includes fee for services.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I thank the gentlewoman from Missouri for yielding. Mr. Speaker, the Equal Opportunity for All Investors Act of 2023 will give Americans new opportunities to grow their wealth and savings. I also thank Chairman McHenry, Chairwoman Wagner, Ranking Member Waters, and my Democratic co-lead Wiley Nickel for their support of my bill. This legislation expands the accredited investor definition to include individuals that are certified, as you have heard today, through an exam written by the SEC and administered by FINRA. It is my firm belief that the accredited investor definition should not be tied exclusively to wealth. Instead, we should unlock opportunities for knowledgeable investors that may not come from means. This bill strikes an effective balance. It brings more investors into the accredited investor pool but also contains guardrails that would filter out individuals that do not fully understand private offerings and the investment risks associated with them. We have legislation today that would make for a thorough but fair examination for investors that want to become accredited investors. Mr. Speaker, I urge my colleagues to support my bill.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, the debt limit debate is a study in contrasts between responsible Republicans and dysfunctional Democrats. On one side, you have responsible Republicans who have been working from the beginning to avoid default and reduce out-of-control spending. Speaker McCarthy called on President Biden to negotiate on January 12. When President Biden ignored him for nearly 100 days, House Republicans passed the Limit, Save, Grow Act, the only plan that avoids default, lowers spending, protects Medicare and Social Security, and reduces our dependence on China. By contrast, dysfunctional Democrats have ignored the exploding national debt, even though it was their reckless spending that brought us here in the first place. President Biden knew the debt limit deadline was coming, but for months, he did nothing. Now, with only 8 days until Secretary Yellen's June 1 default deadline, he continues to act irresponsibly. Mr. Speaker, my message to President Biden is simple: Get serious. Act urgently. Listen to the American people, not the far left in your party.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor our beef producers, feeders, and processors as we celebrate Beef Month in Nebraska. Nebraska is the Beef State. We are the top processing State, number one for cattle on feed, and the biggest State for beef exports to the European Union, South Korea, Kuwait, and Colombia. Nebraska has more than three times the number of cows than people. From the Lone Creek Cattle Company in Lincoln to Oak Barn Beef in West Point, we raise the best beef in the world right in the First District of Nebraska. It is all because of our abundant natural resources, great cattle genetics, and a rich heritage that has been passed on for generations. As we celebrate Beef Month, I give a sincere thank-you to all the producers, feeders, and processors who raise and make the best beef in the world on our ranches and in our feed yards for consumers around the globe.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to honor one of Nebraska's finest elementary educators, Mrs. Jane Jessen of Norfolk, Nebraska. Mrs. Jessen has taught at Sacred Heart Elementary School and Norfolk Catholic School since 1984. Every single day in the classroom, she worked hard to inspire each student to find their own path and to celebrate what makes them a very important person. Jane has lived her life to help others. She has touched the lives of so many not only in the classroom, but she has also touched the lives of those who have witnessed her resilience by living her faith during times of tragedy and sorrow. Norfolk Catholic School won the lottery of teachers when Mrs. Jane Jessen went to work for the students. Mr. Speaker, on behalf of everybody in the First Congressional District, I thank my fifth grade teacher, Sacred Heart School, and Norfolk Catholic, Jane Jessen, for everything she has done for our State and our Nation. Mr. Speaker, I wish Mrs. Jessen a happy retirement.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, today, I want to thank Becky Hattan of Lincoln for her service to my office. Becky has worked over the last several months as a constituent services representative. During her time on the team, Becky brought exceptional organizational skills playing a key role in establishing our District Office in Lincoln. This work was particularly evidenced by her work on behalf of constituents, which helped recover hundreds of thousands of dollars in constituent resources from federal agencies. Her coordination of the First District Congressional Art Competition made the program successful. But most of all, Becky is a devoted wife, mother, and grandmother. Becky has a passion for serving others and provided quality customer service to people. And that is leading her to return to the healthcare sector. As she departs, I want her to know that everyone appreciates her work and that we will greatly miss her. On behalf of the First District of Nebraska: Congratulations and best wishes to Becky.

Mr. FLOOD

Mr. FLOOD. Mr. Chairman, I rise today to support H.R. 1 and permitting reform under the National Environmental Protection Act, also known as NEPA. Nebraska has been on the frontlines of NEPA's impacts over the course of a decades-long expressway program through my Congressional District. It has taken 10 more years than it should have. Under the Obama administration, the length of time for NEPA reviews climbed from 3.4 years in 2010 to 5.2 years in 2016. President Trump rolled back the red tape, but President Biden brought it all back and expanded the prior requirements. H.R. 1 makes reasonable reforms to ensure that NEPA is applied expeditiously and without unnecessarily burdening States. In Nebraska, and I suspect way too many other States, commonsense solutions and mitigation strategies to steward our natural resources need to be protected, but we need to do it under NEPA.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to salute our farmers and ranchers as we celebrate National Ag Week. In Nebraska, we grow the food, fuel, and fiber we need to feed the world. We are known as the ``Cornhusker State'' and the ``Beef State.'' We are number one for cattle on feed, number two for ethanol production, and number three for corn exports. We are home to the four largest center-pivot irrigation manufacturers who help farmers efficiently apply water resources around the globe. These are just a few of the things that make Nebraska the number one ag State and the number one in the Nation for ag receipts per capita. We are also home to the University of Nebraska-Lincoln's Daugherty Water for Food Institute, which is leading the research we need to ensure that our world's natural resources support food security for years to come. As we celebrate National Ag Week, I would extend a heartfelt thank you to the farmers and ranchers who work hard and sacrifice each day to feed the world.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today to welcome to Washington the newest Member of the Nebraska delegation, U.S. Senator Pete Ricketts. Senator Ricketts has just finished 8 very good years as Governor of Nebraska. During that time, he steered the State through challenges, including a dramatic period of historic flooding and a global pandemic. Through it all, he led Nebraska to the best performance of any State during the COVID pandemic, according to Politico. Across his 8 years as Governor, he helped run State government more like a business, delivered historic tax relief, and rolled back unnecessary State government regulations. Nebraska is fortunate to have his experience working for us now over in the Senate. The Nebraska delegation is excited to have him on the team, and we look forward to fighting together for the Cornhusker State's priorities here in Washington.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise today in strong support of this resolution condemning socialism. I have seen the victims of socialism firsthand. Many of those victims have found refuge in Nebraska. Vietnamese is the third most spoken language in Nebraska due to immigration in the 1970s, and members of the Falun Gong have found freedom from religious persecution by the Chinese Communist Party in our great State. History shows us that when socialism is tried, it leads to three things: poverty, devastation, and ultimately communism. As Vladimir Lenin once said, ``The goal of socialism is communism.'' Socialist regimes continue to commit atrocities around the world. In North Korea, there are an estimated 180,000 prisoners today. Many of them are subjected to torture and extreme manual labor. In Venezuela, police and security forces killed more than 19,000 people between 2016 and 2019 for ``resisting authority.'' In Cuba, journalists, bloggers, and artists are routinely jailed for speaking against the regime. The list goes on and on. Socialism is the enemy, not just to free enterprise, but to human rights. Mr. Speaker, I urge my colleagues to support this resolution.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I rise to celebrate National School Choice Week. School choice is about giving families the freedom to choose the best education possible for their children, regardless of their learning style or home address or financial situation. Every parent in America wants to give their child the best education possible, and Nebraska has great options: public, private, homeschools. Not everyone has the means to access their option of choice. I believe we should fund the students, not the systems. When funding for education follows students to the school of their choice, families win. Nebraska is one of only two States in the Nation that has not passed a school choice program. I am excited about these opportunities and look forward to giving parents the choice.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, today, I want to congratulate Mr. Lee Klein of Norfolk, Nebraska on his retirement. Lee is a longtime public servant and advocate for agriculture, who has traveled to dozens of countries promoting our agricultural exports. Over the years, Lee has served in many capacities including Board Member for the National Corn Growers Association, Madison County Commissioner, and State Senator in the Nebraska Unicameral. These are just a few of the many roles he's played. Most recently, he served as a representative for my District Office, helping to connect agricultural stakeholders to my work in Congress. He's been an outstanding ambassador for the First Congressional District. On a more personal level, Lee has not only served on my staff, but he's also been a great friend and neighbor. As a fellow Norfolk resident, he brought a valuable local perspective to the team and a desire to help keep the district and our country moving forward. On behalf of the First District of Nebraska, I offer Lee congratulations and best wishes on his retirement.

Mr. FLOOD

Mr. FLOOD. Madam Speaker, I rise today to honor Nebraska's 41st Governor, the newly-inaugurated, Jim Pillen. After traveling to all 93 counties in Nebraska, putting 100,000 miles on his truck, Jim has become a very well-known man, but I also wanted to share a little bit about his story with you. Jim is the son of a tenant farmer and a seamstress. What most people don't know is that Jim came from almost nothing. He is a self-made man. His entrepreneurial spirit built Pillen Family Farms into a company with international success. If you have eaten bacon in the last decade, you have probably enjoyed the work of the Pillen family, which reaches all the way from hog genetics to meat processing and everything in between. The pig farmer is wasting no time as Governor. He has already rolled up his sleeves, getting to work raising awareness about human trafficking, fighting for school choice, and making government more efficient. Jim has pledged to bring people together to make Nebraska better day by day. Our Nebraska delegation is excited to work with him to move the State forward.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I want to focus a light today on the ongoing humanitarian crisis unfolding at our southern border. This week, President Biden once again refused to visit the border saying: ``There are more important things going on.'' It is no surprise the President doesn't want to go to the border because he would have to confront the crisis that his rhetoric and policies have created. Unlike the President, I have visited the border. During my visit, one thing became crystal clear: his catch-and-release policies have dramatically escalated the crisis. Law enforcement told me about how coyotes bring women and children across the border trafficking and sexually abusing them along the journey. Data underscores the impact that President Biden's rhetoric has had. CBP reports show that Southwest land border encounters have increased almost fivefold in 2 years. I have a message to the President: It is time to address the border crisis. It is time to stop the drug and human trafficking. And it is time, Mr. President, to finish the wall and reinstate the policies to remain in Mexico.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, I am proud to co-lead H.R. 8844 with my colleagues, Congressman Evans, Congresswoman Newman, and Congresswoman Kim. I also thank Chairwoman Velazquez and Ranking Member Luetkemeyer for their support on this bill. It is good to see Republicans and Democrats working in a bipartisan fashion on the Small Business Committee. When we can come to an agreement, the American people benefit. H.R. 8844 would reauthorize the State Trade Expansion Program for 4 fiscal years. STEP provides financial awards to States to assist small businesses with export development. To demonstrate the importance of this program, I would like to highlight an example of a business that has benefited from the STEP program in my district. Paraclipse Systems, LLC, based in Columbus, Nebraska, manufacturers-- of all things--nonintrusive fly--as in the insect--control products that you can install in your home. With a $10,000 investment, Paraclipse was able to expand its sales and create 14 jobs. STEP leverages Federal resources to ensure small businesses across the country can compete in the global marketplace. Mr. Speaker, I am pleased to be a co-lead of this legislation, and I urge my colleagues to support the bill.

Mr. FLOOD

Mr. FLOOD. Mr. Speaker, yesterday, during new Member orientation with the freshman class, which I now claim, we were addressed by the Clerk of the House of Representatives. She shared with us the history of her post and that, in 1789, the Clerk of the House of Representatives was named as the second officer following the Speaker of this storied institution. Mr. Speaker, I have the great privilege today to rise and congratulate one of the Nation's longest-serving clerks of a State legislature in America's history. Just like yesterday, when we were impressed with the history of this institution, it goes without saying that institutions like this are sacred because of the work of the nonpartisan staff, the people who pay attention to the parliamentary procedure, the quiet ones that sit next to the loud ones, the clerks of the United States State legislatures and this body. Mr. Patrick O'Donnell lives in Lincoln, Nebraska, and he has had a distinguished career as clerk of the Nebraska Unicameral Legislature. In 1977, he became the assistant clerk. He became the clerk in 1978. Patrick has a record of defending the legislature as a unique institution in our United States. He believes in the process and has championed the vision of Nebraska voters when the voters changed to a unicameral back in 1937. As a former speaker of the Nebraska Unicameral, he taught me and hundreds of other legislators what a powerful and important role our branch of government should play in leading this Nation and our States. The Founders of this country envisioned the legislative branch as the most powerful branch of government. It was clear their intent was that the people directly elected in their districts should decide where the money is spent and the policies to be enforced. After 44 years on the job, Mr. Patrick O'Donnell is retiring now as the longest-serving clerk among his contemporaries in State legislatures across this Nation. Only a couple of past clerks have longer recorded tenures. It is my privilege and honor on this floor to recognize a clerk that has gone above and beyond for the people of his State and been a resource to clerks and legislators throughout the United States during his 44-year tenure. On behalf of the First District of Nebraska, congratulations and best wishes on your retirement, Mr. Clerk, Mr. Patrick O'Donnell of Nebraska.