Chuy García

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to include extraneous material thereon.

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 935) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies, as amended.

Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise today to urge passage of H.R. 935, the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2021. I thank its lead sponsors, Congressman Huizenga, who serves as the ranking member of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, as well as Congresswoman Maloney who served as the chairwoman of the same subcommittee last Congress. Congressman Huizenga and Congresswoman Maloney have come together to put forth a commonsense bill, which provides relief for small and midsize businesses who are looking to merge or sell their companies. Generally, mergers and acquisitions brokers act as intermediaries who conduct negotiated sales of privately held small- and medium-sized companies. These so-called M&A brokers essentially help facilitate the transfer of ownership and control of such companies to a buyer. The Securities and Exchange Commission, which oversees brokers, can become involved in these transactions because M&A brokers facilitate securities transactions when they connect a selling company to a buyer. In 2014, the SEC, via a no-action letter, permitted M&A brokers to effect securities transactions with the transfer of ownership of privately held companies without registering as a broker-dealer. This no-action letter helps to account for the fact that small and midsize businesses have fewer resources to pay for the services of registered broker-dealers, and ultimately do not pose the kinds of potentially systemic risks that larger companies may pose. H.R. 935 would codify the SEC 2014 no-action letter and will further clarify and simplify the registration regime for M&A brokers, which will reduce costs for buyers and sellers. H.R. 935 is consistent with the North American Securities Administrators Association's model State regulation for M&A brokers, which exempts M&A brokers from State securities legislation. Madam Speaker, I again thank Members on both sides for coming together on this bill, and I urge its passage, and I reserve the balance of my time.

Mr. GARCIA of Illinois. Madam Speaker, I have no further speakers and I am prepared to close. Madam Speaker, I reserve the balance of my time until Mr. Hill yields back.

Mr. GARCIA of Illinois. Madam Speaker, I reserve the balance of my time.

Mr. GARCIA of Illinois. Madam Speaker, I yield myself the balance of my time. Madam Speaker, I certainly hope the third time is the charm, as the sponsor of the bill has reiterated. H.R. 935 will provide legal certainty to certain financial intermediaries who serve and support small business owners and buyers. The bill would codify a longstanding no-action letter by the Securities and Exchange Commission. I thank its sponsors, Mr. Huizenga and Mrs. Maloney. Madam Speaker, I urge the speedy passage by the House, and I yield back the balance of my time.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 7081) to seek immediate bilateral, multilateral, and commercial debt service payment relief for Ukraine, as amended.

Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume. The debt service payment relief for Ukraine called for in H.R. 7081 would be a quick and efficient way to provide financial support for a country that we all want to do everything we can to help. I urge my colleagues to support this legislation, and I yield back the balance of my time.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6899) to prohibit the Secretary of the Treasury from engaging in transactions involving the exchange of Special Drawing Rights issued by the International Monetary Fund that are held by the Russian Federation or Belarus, as amended.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6891) to exclude government officials of the Russian Federation from certain international meetings, and for other purposes, as amended.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6015) to award a Congressional Gold Medal to Benjamin Berell Ferencz, in recognition of his service to the United States and international community during the post-World War II Nuremberg trials and lifelong advocacy for international criminal justice and rule of law, as amended.

Mr. GARCIA of Illinois. Mr. Speaker, I yield 4 minutes to the gentlewoman from Florida (Ms. Lois Frankel), the sponsor of the bill.

Mr. GARCIA of Illinois. Mr. Speaker, I yield 2 minutes to the gentlewoman from North Carolina (Ms. Manning).

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I yield myself the balance of my time. Madam Speaker, I thank the gentlewoman from Iowa, Senator Ernst, for sponsoring S. 1872, along with my colleague, the gentleman from Colorado, Congressman Crow, for introducing its companion version in the House. The Army Rangers veterans of World War II deserve this accolade for their tireless courage, grit, determination, and dedication to their country. The heroism they demonstrated throughout the war made an incalculable contribution to the Allied victory. They are truly the embodiment of their motto: ``Rangers Lead the Way.'' Madam Speaker, I urge my colleagues to vote ``yes'' on S. 1872, and I yield back the balance of my time.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 5911) to amend the Federal Deposit Insurance Act and the Federal Credit Union Act to expand employment opportunities for those with a previous minor criminal offense, and for other purposes, as amended.

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

Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in strong support of H.R. 5911, the Fair Hiring in Banking Act. I thank the chair of our Subcommittee on Diversity and Inclusion, Congresswoman Joyce Beatty, for this important piece of legislation and the Members of both sides of the aisle who came together to support this bill. For far too long, American citizens, especially people of color, who have paid their debt to society have continued to face unnecessary barriers to employment within the financial services industry. Black and Latinx people are over-policed and face harsher prosecution and sentencing than their White peers for the same crimes. Arrest records for such convictions often prevent individuals from securing employment, putting them at higher risk of homelessness and recidivism. Until recent changes by the FDIC and the NCUA, if a bank or credit union wanted to hire an individual who is highly qualified but happens to have a couple of minor drug possession violations on their record from 30 years ago, they would need to go through a cumbersome process for filing for a waiver from the FDIC or NCUA to allow them to hire this highly qualified individual. This is true whether the job that they are applying for is a janitor or a bank teller. These kinds of policies created entirely unnecessary and unjustified barriers to employment for highly qualified individuals who have done their time and who deserve to be given a second chance to reintegrate into society. This bill would codify and expand on these recent changes from the FDIC and NCUA to break down these barriers. In particular, this bill reduces the lookback period for certain criminal charges from an indeterminate timeline to 7 years, or 5 years from the time a person is released from incarceration. The bill also makes it clear that criminal offenses that have been expunged, sealed, or dismissed are not included in the FDIC or NCUA review of eligibility to work for an insured bank or credit union. This bill also would build on the administrative changes that FDIC and NCUA have made by providing statutory clarity and the definition of certain crimes of dishonesty that receive special treatment under their rules. We must ensure that those who have successfully paid their debt to society are not arbitrarily denied job opportunities that they otherwise are qualified to do. Again, I thank Chair Beatty for introducing this important bill, and I urge my colleagues to join me in supporting it. Madam Speaker, I reserve the balance of my time.

Mr. GARCIA of Illinois. Madam Speaker, I yield 3 minutes to the gentlewoman from Ohio (Mrs. Beatty).

Mr. GARCIA of Illinois. Madam Speaker, I yield myself the balance of my time. H.R. 5911 is just the next step toward addressing employment barriers for justice-involved individuals. More must be done, and I am glad that we can agree in a bipartisan manner to provide this opportunity with fair access to employment opportunities at banks and credit unions. I thank Chair Beatty for this bill, and I again urge my colleagues to join me in supporting this important H.R. 5911. Madam Speaker, I yield back the balance of my time.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 5914) to amend the Investor Protection and Securities Reform Act of 2010 to provide grants to States for enhanced protection of senior investors and senior policyholders, and for other purposes, as amended.

Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise to voice my support for H.R. 5914, the Empowering States to Protect Seniors from Bad Actors Act. I thank Mr. Gottheimer for introducing this legislation that provides grants to State securities regulators to support programs that protect senior investors. I also thank Mr. McHenry, the minority spokesperson, for working with us on this important bill. Madam Speaker, seniors are particularly vulnerable to investment frauds, scams, and deceptive practices. In October of last year, in its annual report on elder fraud and abuse, the Department of Justice reported that in 2020 alone, seniors suffered over $1 billion in financial losses due to fraud. State securities and insurance regulators are on the front lines of protecting our investors. The SEC, with the support of its Investor Advocate and Division of Enforcement, is well placed to evaluate and administer grant programs to bolster State regulators' efforts to better protect senior investors. This bill is widely supported by investor advocates and State securities regulators, including the North American Securities Administrators Association, the Consumer Federation of America, Public Citizen, and the CFA Institute. Madam Speaker, I, again, thank Members on both sides for coming together on this bill, and I urge its passage. Madam Speaker, I reserve the balance of my time.

Mr. GARCIA of Illinois. Madam Speaker, I yield 2 minutes to the gentlewoman from Texas (Ms. Garcia).

Mr. GARCIA of Illinois. Madam Speaker, I yield myself the balance of my time. Madam Speaker, this is a strongly bipartisan bill aimed to strengthen senior investment protection programs at our States' securities and insurance regulators. It will help protect millions of seniors who are vulnerable to scams and fraudsters. I thank Mr. Gottheimer for his leadership on this bill, and I yield back the balance of my time.

Mr. GARCIA of Illinois

Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 7066) to require United States financial institutions to ensure entities and persons owned or controlled by the institution comply with financial sanctions on the Russian Federation and the Republic of Belarus to the same extent as the institution itself, and for other purposes, as amended.

Mr. GARCIA of Illinois. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and include extraneous material thereon.