Jeb Hensarling

Mr. HENSARLING

Mr. HENSARLING. Mr. Chairman, I yield myself 30 seconds to say to my friend from Georgia when he talks about the incredible burden of a retrospective look back, I would quote: Because considerations of efficiency and competition in capital formation evolve over time, a retrospective analysis of the Commission's rules and regulations is fully within the Commission's statutory mandate. That comes from the ABA. I would also quote this as well: The safety of workers' retirement savings that are invested in the capital markets depend in large part on the Commission's rules and regulations for the protection of the investors. To be effective, securities regulations must be continuously updated to address the emergence of new loopholes, abuses, and market failures.

Mr. HENSARLING. Mr. Chairman, I now proudly yield 1 minute to the distinguished majority leader, the gentleman from Virginia (Mr. Cantor).

Mr. HENSARLING. Mr. Chairman, I yield 2 minutes to myself. I would like to do a little factual cleanup here, Mr. Chairman, on some things that my Democratic colleagues have said. I believe I understood my friend, the gentlelady from Wisconsin, to say nowhere in this bill is the word ``benefits.'' First, I would say, number one, it is a 10-page bill, not a 2,000-page bill. And on the very first page, line 11, you read the word ``benefits.'' If you turn to page 2--not page 2,000--page 2, line 3: ``Utilize the Chief Economist to assess the cost and benefits.'' So let me correct that for the record. Second of all, we had discussion about the failure of regulation and how this bill might lead to another Great Recession or financial crisis. I would point out to my friends that it was the failure to understand the cost of Fannie and Freddie, the failure to understand the cost of the affordable housing goals that put millions of our fellow citizens into homes that they could not afford to keep. So maybe, just maybe, had this body and the other body realized the full cost of their folly and how it could not only bring this economy to its knees, that it could cause our fellow citizens to risk their meager lifesavings on homes they couldn't afford to keep, maybe had a cost-benefit analysis been in place at that time, we wouldn't have the suffering that we have today. I would say to my friend from Connecticut, he is clearly talking to different economists and different job creators than I have because what I understand from them is that, frankly, we have trillions of dollars of capital sitting on the sidelines because of Dodd-Frank, because we have rulemaking that falls into two categories: those that create uncertainty and those that create certain harm. Last, but not least, I actually have the numbers from CBO on the budget of the SEC. And I think if you examine them carefully, Mr. Chairman, you will discover that in a little over 10 years, this is an agency whose budget has increased 300 percent. I reserve the balance of my time.

Mr. HENSARLING. I yield the gentleman an additional 30 seconds.

Mr. HENSARLING. Mr. Chairman, at this time, I yield 1 minute to the chairman of the Financial Services and General Government Appropriations Subcommittee, the gentleman from Florida (Mr. Crenshaw).

Mr. HENSARLING. Mr. Chairman, I yield 1\1/2\ minutes to the gentleman from North Carolina (Mr. Pittenger).

Mr. HENSARLING. Mr. Chairman, at this time, I yield 1\1/2\ minutes to the gentleman from Frog Jump, Tennessee (Mr. Fincher).

Mr. HENSARLING. Mr. Chairman, I yield myself 10 seconds just to say to my friend from New York that if this regime is so effective, why was there a unanimous decision in the D.C. Circuit Court of Appeals to say it was ineffective, and if it is already on the books then the worst thing that we have done is that we are being repetitive. I don't think that's such a great sin. I now yield 2 minutes to the gentleman from Virginia, the vice chairman of the Capital Markets Subcommittee, Mr. Hurt.

Mr. HENSARLING. I yield myself 30 seconds, Mr. Chairman, just to say that, number one, in listening to my colleague, the ranking member, I'm just curious about this concern about litigation burdens. We certainly didn't see it, as she and many of her colleagues back the proxy access rule, and how many have refused to support medical liability reform. So I don't understand why the litigation burden concern is not there. In addition, I notice that the SEC has sought comment in the past on rulemaking to ensure that there is a retrospective look-back because markets change. At this time, Mr. Chairman, I would like to yield 5 minutes to the chairman of the Subcommittee on Capital Markets and GSEs of the Financial Services Committee, the author of the legislation, the gentleman from New Jersey (Mr. Garrett).

Mr. HENSARLING. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, I rise today to urge the adoption of H.R. 1062. This is a bill that technically is about something called cost-benefit analysis. I know to some that sounds a little bit like Ph.D. economics, but, Mr. Chairman, what it's really about is kitchen-table economics. When I go home to the Fifth District of Texas, what I hear from my constituents is that they're insecure in their jobs--those who are lucky enough to have them. We know that millions of our fellow citizens are unemployed, are underemployed; and those who are fortunate enough to have jobs wonder will they have them tomorrow. We know again that we are in the Great Recession, the ``non- recovery'' recovery. So the impact of the regulations that are promulgated in Washington, D.C. has a huge impact on kitchen-table economics, on whether or not our constituents are going to be able to put gas in the car to take their children to school, whether or not they're going to be able to help an elderly parent with their medical bills, how they're going to put groceries on the table. It is incumbent upon us, Mr. Chairman, to make sure that the rulemaking authority--that this body helps grant the executive branch-- at least has to take into account how their rulemaking impacts hardworking American citizens and those who wish to work hard. So this is a very, very simple bill, Mr. Chairman. It simply says that the Securities and Exchange Commission has to adopt cost-benefit analysis to ensure that the advertised benefits of one of their rules is actually measured against the actual cost of what they're doing. This is vitally important. Mr. Chairman, as you well know, this body had a vote yesterday to repeal the Affordable Care Act--or dare I say the Not So Affordable Care Act. And I'm curious, what would have happened had Congress had the benefit of the cost of this bill prior to that vote? What would have happened had we known that the Congressional Budget Office said that we will have 800,000--almost 1 million--fewer jobs because of ObamaCare? You know, when we took that vote, Mr. Chairman, all we had were the advertised benefits. But how come we didn't have the Congressional Budget Office report of the cost? That's just one example. Almost 1 million fewer jobs because nobody bothered to conduct cost-benefit analysis. It wasn't required at the time. Now the President claims that we ought to have this. He issued an executive order--No. 13563--saying government agencies ought to do it, but then his administration issues a veto threat on this bill. I find that kind of interesting. So the President says he wants to do it; he's just not actually going to do it. The SEC mission, among other things, is to ensure that we help form capital. You cannot have the benefits of capitalism and the free enterprise system without capital, capital formation. So it's necessary to ensure that we look at the cost of what we're doing. Apparently, the SEC historically--again, notwithstanding that they claim they're going to do it. Most recently, we've had a unanimous decision of the D.C. Circuit Court of Appeals--unanimous decision--in the proxy access case that the SEC failed--and failed miserably--at ensuring cost-benefit analysis, also known as kitchen-table economics. How are the costs of their rulemaking going to impact hardworking Americans? It's time to remedy this, Mr. Chairman. Our constituents demand it. Again, I urge the adoption of H.R. 1062, and I reserve the balance of my time.

Mr. HENSARLING. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and submit extraneous material for the record on H.R. 1062, the SEC Regulatory Accountability Act of 2013.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, today I would like to recognize Van Zandt County, Texas on their 165th anniversary. Van Zandt County was first established by the Texas legislature on March 20, 1848, when it was taken from part of Henderson County. Sabine Lake (Jordan's Saline) was the first county seat. There court was first held in a log-built courthouse during December of 1848. The county seat was later moved to Canton after Wood County was carved out of Van Zandt County in 1850. The county's namesake is Republic of Texas leader Isaac Van Zandt. The area provides numerous opportunities for enjoying the outdoors and great East Texas food. Local attractions include Lake Tawakoni, the famous First Monday Trade Days in Canton, Salt Festival and Rodeo held in Grand Saline, Van Oil Festival, Edom Festival of the Arts, Ben Wheeler Fall Feral Hog Festival, Wills Point Bluebird Festival, Edgewood Heritage Festival, and countless other events and activities throughout the year that attract visitors from across the state and country. It is my privilege and honor to represent the citizens of Van Zandt County in the United States House of Representatives.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, it is my honor today to recognize Corporal Terry Edward Massey. Corporal Massey served in the United States Marine Corps from 1943 to 1946. A few months after his 18th birthday, he enlisted in the United States Marine Corps on November 4, 1943. Corporal Massey served in the 26th Marine Regiment, 5th Marine Division during the Battle of Iwo Jima. After landing at Iwo Jima, Corporal Massey helped a wounded fellow Marine take cover in a shell hole. Near the end of the battle, Corporal Massey said, ``Surviving Iwo Jima without getting injured was like walking through rain without getting wet.'' During his years of service, Corporal Massey received a Presidential Unit Citation, Asiatic-Pacific Campaign Medal with Star, World War II Victory Medal, Navy Occupation Service Medal (Japan), China Liberation Ribbon, and Marine Corps Sharpshooter Badge. He was discharged on May 10, 1946. Now at age 87, Fmr. Corporal Massey still remembers his M1 Rifle number: 1434919 and serial number: 919497. He remains a true patriot whose fervent prayer is that his grandchildren and great- grandchildren will be able to grow up and live in the America he has always known and fought to protect. Humbly, I echo the words of President Ronald Reagan, ``We will always remember. We will always be proud. We will always be prepared, so we will always be free.'' And humbly, I offer my sincere gratitude to Corporal Massey for his service and acts of bravery that allow us the freedoms we enjoy today.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, it is my honor today to recognize Master Chief Petty Officer Garrett O. Smith for his service to our country. Master Chief Petty Officer Smith served in the United States Navy from 1942 to 1969. Master Chief Smith was assigned to the U.S.S. Sperry (AS-12), a submarine tender, in September of 1942. Later, in March of 1947, Officer Smith graduated from the Electrician ``B'' School in Washington, DC, and transferred to Goat Island, California. In May of 1954, Master Chief Smith was reassigned to the Naval Inspectors Office at Quincy, Massachusetts. Officer Smith's last assignment began in January of 1968 aboard the U.S.S. Observation Island (E-AG-154) Polaris/Poseidon test and development ship. On December 1, 1969, Master Chief Smith retired from the United States Navy. Humbly, I echo the words of President Ronald Reagan, ``We will always remember. We will always be proud. We will always be prepared, so we will always be free.'' And humbly, I offer my sincere gratitude to Officer Smith for his service and acts of bravery that allow us the freedoms we enjoy today.

Mr. HENSARLING

Mr. HENSARLING. I thank the distinguished chairman of the Rules Committee for yielding, Mr. Speaker. I also want to thank the gentleman from California (Mr. McClintock), who has been, perhaps, the most cogent defender of the Constitution on the floor of the United States House of Representatives and who has provided his leadership today to ensure that we do not have default on sovereign debt but that we put this Nation on a path to fiscal sanity, and I thank him for his leadership. Mr. Speaker, the folks in the Fifth Congressional District of Texas, whom I'm proud to represent, have a lot of insecurity about their personal economy, and they have great fear that their children will not enjoy a brighter future. I heard my friend, the gentleman from Colorado, say that everyone gets paid. Well, maybe that's part of the problem. Maybe that is one of the reasons under President Obama's leadership there has been more debt created in the last 4 years than in our Nation's first 200. We are awash in debt. We know that we have a debt, not because we have insufficient taxes, but because we spend too much. Math is a pesky thing. In the last 10 years, the Department of Ag: up 114 percent; HUD: up 61 percent; HHS: up 79 percent. Our total government spending has increased 70 percent; and measured by median family income, the family budget, which has to pay for the Federal budget, it is down 6 percent. Now, some have said, You know, revenues are a problem. Well, revenues are up 52 percent, but you can't raise taxes enough to chase the spending that the Democrats and the President want to foist upon the American people. They have put us on a path to national bankruptcy. At some point, we've got to quit spending money we don't have. Again, we are on the precipice of a debt crisis, and we have it because of too much spending. To some of my friends on the other side of the aisle, their answer to the debt ceiling is to get rid of it. Some have introduced legislation just to get rid of the debt ceiling. That's kind of like, Mr. Speaker, a fire breaks out in your home and your response is to unplug the smoke detector because of that nuisance noise in the background that maybe your house is on fire. I would remind my friends on the other side of the aisle, Greece didn't have a debt ceiling vote, and yet we have Democrats who say, No, let's just get rid of it. But for those who believe that we're not going to get rid of it, we have other friends from across the aisle who essentially want to use it as a hostage for something that is not a debt. A debt is when you go out and you borrow money and you must pay it back. Every family understands this. It's one thing for an American family to borrow money to pay their mortgage versus borrowing money so that they can pay for a Las Vegas vacation that they would like to take. They are not equivalent. Mr. Speaker, paying sovereign debt is not the same thing as borrowing money so that this institution and this town can continue to spend money for pottery classes in Morocco, to pay for the travel expenses of the Alabama Watermelon Queen, to pay for robotic squirrels and all the rest of the lunacy that this Federal Government spends and in the end takes bread off the table of hardworking American families. Mr. Speaker, we believe that the President has this power, but he says, No, I don't have this power. So I find it ironic that we're willing to codify what we already believe to be the law of the land, and the President says, No, I want to veto that. Again, he wants to use this as a hostage. This is a very simple bill introduced by the gentleman from California to require our Treasury to make good on all of our debt payments. That's it. We must stop borrowing money to squander our children's future. This bill will help us do this. But the Democrats, they don't want to take this specter of default off the table. It's the only way they can continue spending. They say they do. If they do, Mr. Speaker, I look forward to seeing their name up on the big board soon. This is the right thing and the smart thing to do, and I urge that the House, adopt this rule and adopt the bill.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, today I recognize the 165th Anniversary of the Four Mile Lutheran Church of Mabank, Texas. On May 5, 2013, Four Mile Lutheran Church will celebrate 165 years of Lutheranism. Four Mile Lutheran Church is the oldest Norwegian church in Texas, having held continual services from 1848-2013. For 165 years, evangelism, missionary service, youth development, Sunday school, Bible study, fellowship, and worship have been celebrated by the congregation. As Thomas Jefferson said, ``It is in our lives and not our words that our religion must be read.'' It is an honor to represent the parishioners of Four Mile Lutheran Church whose lives exude service and faith.

Mr. HENSARLING

Mr. HENSARLING. I thank the gentleman for yielding. I rise in strong support of H.R. 360 to posthumously bestow Congress' highest civilian honor to Addie Mae Collins, Cynthia Wesley, Carole Robertson, and Denise McNair. I also want to commend my two colleagues on the Financial Services Committee--Ms. Sewell and our chairman emeritus, Mr. Bachus, both from Alabama--for bringing this bill before the House. Mr. Speaker, I was a mere child when these innocents were murdered. I am no longer a child, but I'm the father of two small children--a 9-year- old and an 11-year-old. I cannot imagine the unspeakable horror of knowing that my children were in church and that one of the great acts of evil known in our Nation's history could be perpetrated upon them. That act 50 years ago jarred millions in our Nation to the realization that racial prejudice and hatred had just manifested itself in pure, unimaginable evil. Within a year, this body had passed the 1964 Civil Rights Act. In his eulogy for these four little girls, Dr. Martin Luther King, Jr., said: These children--unoffending, innocent and beautiful--were the victims of one of the most vicious, heinous crimes ever perpetrated against humanity. Yet, they died nobly. They are the martyred heroines of a holy crusade for freedom and human dignity. I certainly cannot add to the words of this great American hero, martyred himself. I will just end by saying, Mr. Speaker, it is a good and right thing that this body honor these innocent children martyrs, that we never forget, that we always confront evil, and although our Nation was founded on noble principles, we must never cease the work of making America a more perfect Union. With the passage of this bill, I think we do one small act to do that.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, today I would like to honor the Martin's Mill Lady Mustangs basketball team, which won the Texas Class A Division I High School Basketball Championship on March 2, 2013. This victory marked the third time since 2006 the Lady Mustangs have captured the title. I would like to especially recognize team members Alyssa Pate, Brianne Miller, Hannah Celsur, Cassidy McCoy, Taylor Munns, Haily Jenkins, Bailey Caldwell, Cheyenne Brown, Madison Daniel, Meagan Weatherford, and Hailey Hawes. I would also like to recognize Head Coach Doug Barncastle; Assistant Coaches Laura Jenkins and Don Tarrant; and Managers Hailey Celsur, Jacee Greenlee, Jillian Jones, Megan Lafleur, and Adrianna Weatherford. On behalf of the Fifth District of Texas, I am honored to congratulate the Martin's Mill Lady Mustangs--both players and coaches--for their talent, dedication, and exceptional performance. I am confident that this is an accomplishment these young ladies will remember for the rest of their lives.

Mr. HENSARLING

Mr. HENSARLING. I thank the gentleman for yielding, and thank him for his leadership on this critical issue. Mr. Chairman, we have heard from so many of our colleagues that budgets are about priorities, and I believe this to be true. So what does it say about Democrats' priorities when the President is almost 2 months late in submitting his budget, and Senate Democrats have taken over 4 years to even bother to write a budget? I suppose it says, Mr. Chairman, that budgets have a way of getting in the way of Democrats as they wish to tax us more, as they wish to borrow more money from China, money our kids have to pay back, and budgets get in the way of Democrats wanting to spend more of our money on a Washington insider economy that doesn't work for the rest of us. We know that ObamaCare just raised $1 trillion of taxes, much of it falling on working families. The so-called ``fiscal cliff'' raised taxes almost another $700 billion, much of it falling on small business owners who can no longer offer raises, promotions, or even hire new workers. And now all these Democrat budgets are looking for an additional trillion dollars of tax increase on top of that. That comes out to about $9,000 for every working household in America. Mr. Chairman, that is not fair, that is not helpful to this struggling economy. No nation in the history of the world has ever taxed its way into prosperity. America will not be the first. Mr. Chairman, no nation has ever spent its way into prosperity; yet the Democrat budgets continue a spending spree that is driving us towards national bankruptcy. A day of reckoning is coming. You cannot have Federal programs going at 2 percent, 4 percent, 6 percent, 8 percent when the new reality under this President is 1\1/2\ to 2 percent economic growth, and the family budget, which ultimately pays for the Federal budget, is stagnant. The families that I represent in the Fifth Congressional District of Texas have several concerns. They want to feel more secure in their jobs. They want to quit seeing their paychecks shrink in the face of higher prices. They want a healthier economy where their success is dependent upon how well they work, not on who they know in Washington. In other words, they don't want a Washington insider economy where they can only succeed if Democrats choose to invest in them. Mr. Chairman, not every American belongs to a government employee labor union that supported the President in the last election. Not every American has a failing bankrupt solar energy company. So for the rest of them, these hardworking Americans, they want an opportunity, and they want a Main Street economy that, if they work hard and they play by the rules, every American can succeed. And, finally, the people I represent believe it is just immoral, immoral to saddle our children with this trillion dollars of debt. That is why I am proud to support both the Republican Study Committee budget and the House Republican budget. They will help bring us a vibrant, competitive economy through pro-growth tax reform, a whole new Tax Code which is fairer, flatter, simpler, and more competitive, a budget that is guaranteed to grow jobs and paychecks. And contrary to the Democrat budget, no tax increases on anybody. We quit spending money we don't have, and I know my Democratic colleague is very sensitive about the balance issue because they have a budget which never balances. The American people demand one; the Republican Study Committee and the House Republican budget deliver it. For a fairer economy, for a balanced budget, for a greater future for our children, we need to support these Republican budgets.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, today, I honor a mother and her child. A member of my staff recently gave birth to her daughter, who had a fatal birth defect and could not survive outside of the womb. This absolutely devastating condition unfortunately happens to many children each year. We rarely hear of these cases, though, because such pregnancies are often terminated. But there are also many mothers who choose to carry their sons and daughters to term--providing nourishment and the most loving home possible here on earth. This child had a name--Kari Grace. And she had a mom, Kirsten, and dad, David. That is why I am sharing this story today--so that other women might hear it, and might feel that they are not alone, and know that caring for their child is an act of pure, unselfish love worthy of recognition. Most of us will never meet these children. But they exist, and we will forever be touched by the grace of knowing that a life was created and a mother was made. Thank you, Kirsten, for displaying such strength and love to a world that doesn't always recognize it. And to Kari Grace--please know you created a great mom, and that you will always be loved and remembered.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, this year marks the 40th anniversary of ``Operation Homecoming,'' which made possible the release of hundreds of American heroes held captive in North Vietnam. One of those courageous POWs is my friend and our distinguished colleague, Congressman Sam Johnson of Texas, who didn't see his family for seven years as a prisoner of the North Vietnamese. Forced to endure severe torture, solitary confinement, malnutrition, and attempts by their captors to force confessions for propaganda, Sam Johnson and countless other American POWs conducted themselves with uncommon courage and heroic strength of character. In Sam's book, ``Captive Warriors,'' he writes about a phrase found scribbled onto the walls of his cell: ``Freedom has a taste to those who fight and almost die that the protected will never know.'' Because of men like Sam, I know that my nine-year-old son and my ten-year-old daughter sleep in a freer and a safer America tonight. President Calvin Collidge once said, ``The nation which forgets its defenders will itself be forgotten.'' I, for one, am committed to ensuring this nation never forgets the sacrifice Congressman Sam Johnson and the countless American POWs who have endured such extreme hardship--and in many cases paid with their lives--to protect the freedom we cherish. Mr. Speaker, as a Texan and as an American, I am proud to salute patriot Sam Johnson.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, I submit for publication the attached copy of the rules of the Committee on Financial Services for the 113th Congress: Rule 1 general provisions (a) The rules of the House are the rules of the Committee on Financial Services (hereinafter in these rules referred to as the ``Committee'') and its subcommittees so far as applicable, except that a motion to recess from day to day, and a motion to dispense with the first reading (in full) of a bill or resolution, if printed copies are available, are privileged motions in the Committee and shall be considered without debate. A proposed investigative or oversight report shall be considered as read if it has been available to the members of the Committee for at least 24 hours (excluding Saturdays, Sundays, or legal holidays except when the House is in session on such day). (b) Each subcommittee is a part of the Committee, and is subject to the authority and direction of the Committee and to its rules so far as applicable. (c) The provisions of clause 2 of rule XI of the Rules of the House are incorporated by reference as the rules of the Committee to the extent applicable. Rule 2

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, my prayers today are with the family and loved ones of Chief Petty Officer Chris Kyle. I was deeply saddened to learn of the tragic shooting of two men, including Chief Petty Officer Kyle, that took place in Erath County, Texas on February 2nd. A Navy SEAL, Chief Petty Officer Kyle earned distinction for his actions in battle during several tours of duty in Iraq, and is renowned as the most lethal sniper in American military history. Chief Petty Officer Kyle--by all accounts, a devoted father and husband--committed his life after serving to assisting his fellow veterans. I join the citizens of a grateful nation in honoring Chief Petty Officer Kyle and all of our current and former military personnel for their valiant service. As the son, grandson, and brother of veterans, I deeply appreciate the brave men and women who have sacrificed to make our country and the world a better, safer place to live. President Calvin Coolidge once said, ``The nation which forgets its defenders will itself be forgotten.'' I agree, and will do my utmost to make sure that our defenders, such as Chief Petty Officer Kyle, are remembered.

Mr. HENSARLING

Mr. HENSARLING. Mr. Speaker, today we as a Nation reflect on the 40th anniversary of the Supreme Court's decision in Roe v. Wade. It is estimated that in the 40 years since that fateful decision, 55 million abortions have been performed in the United States of America--millions of unique and precious human lives ended by the unspeakable tragedy of abortion. As a matter of morality, history, science, reason, and most of all faith, I can come to no other conclusion but that every human life begins at conception and every life is worthy of protection. We have a sacred responsibility to protect the innocent and defend the rights of those who are unable to defend themselves. The struggle to protect life is truly a struggle to change hearts and minds. It requires faith, reason, debate, action, and compassion. Often we hear that we ought to do something for the least of these; truly, unborn life is the least of these. Let us recognize it. Let us hold it precious. Let us live up to our responsibilities from the Creator and grant those yet to be born that precious right to life. Later this week, thousands of citizens will fight for the rights of the unborn by participating in the March for Life in Washington, D.C. Thousands more will march to support the inalienable right to life in local events in Texas and around the country. I applaud those who attend, both in body and spirit, for their determination to uphold the sanctity and dignity of human life and wholeheartedly support their efforts.

Mr. HENSARLING

Mr. HENSARLING. Madam Chair, there is no doubt that Hurricane Sandy rendered unspeakable damage to lives and property on our East Coast. It truly represents one of the great natural disasters of recent history. For millions of our fellow citizens, the devastation has been unfathomable. We are a compassionate nation, and that is why the House of Representatives is taking up its second Hurricane Sandy relief bill. Sadly, Hurricane Sandy isn't the only disaster we face as a nation. The tragic reality is that our nation is broke. We have amassed more debt in the last four years than was accumulated from President George Washington through President Bill Clinton. Our spending trajectory is unsustainable by any account. Our swelling $16.4 trillion debt threatens our national security, our economic well-being and our children's very future. If we don't quit spending money we don't have, it is they who will become the next victims--think Greece. It is past time to re-examine the proper role of the federal government in providing disaster relief and how that relief is financed. In the wake of a tragedy like Hurricane Sandy, all agree, no matter what, that disaster victims must receive basic necessities like food, water, power, medicine and law enforcement. This is undebatable. Yet as we continue to borrow more than 30 cents on the dollar, much of it from the Chinese, can and should the federal government continue to fund the restoration of private homes, businesses and automobiles? When wealthy states like New York and Connecticut spent $4.7 million on streetscapes and $30 million a year in taxpayer funds to rent new office space while state-rented office space stood vacant, can and should the federal government continue to pay to rebuild their infrastructure? According to a recent report by the Heritage Foundation, the yearly average for disaster declarations has grown from 28 during the Reagan administration to 90 during the Clinton administration, 130 during the George W. Bush administration, and 153 during the Obama administration. This isn't just nature at work. This is a move toward ``nationalizing'' disaster, consequently lowering the threshold of what is considered truly disastrous. This has allowed states and localities to abdicate more and more of their responsibilities to a federal government that owns a printing press for money and has no balanced budget requirements. Also, spending restraint is usually the first thing to go in the heat of a crisis--especially when someone else is picking up the tab. Case in point: The Sandy relief bill passed by the Democratic- controlled Senate in the 112th Congress--the same Senate that has refused to pass a budget in the last three years--includes $150 million for fisheries as far away as Alaska, $8 million to purchase cars for the Homeland Security and Justice Departments, $58.8 million to replant trees that were damaged on private land, $135 million to improve weather forecasting, and $10.78 billion largely for future construction improvements to public transportation not even related to Hurricane Sandy. In fact, 64 percent of the so-called ``emergency'' funding in this bill will not be spent until 2015 or later. We must always be vigilant to ensure the Obama administration's cynical motto, ``never let a serious crisis go to waste,'' is not allowed to rule the day. Given our spending-driven debt crisis, changes must be made. Like many members of Congress, when disaster has befallen my district or state, I have worked to help ensure funding was provided through the Federal Emergency Management Agency. However, I have consistently fought for disaster funds to either be in the budget or offset through the rescission of lower-priority spending. A nation on the road to bankruptcy must prioritize its spending. There should be no more ``emergency'' disaster funding without offsetting cuts to lower priority spending. Next, the National Flood Insurance Program (NFIP) must be functionally and significantly reformed. I have long been critical of this ineffective, inefficient and indisputably costly experiment in government-provided flood insurance. The program operates with non- actuarial rates, encouraging unsustainable development and running up $21 billion in debt with zero hope of repayment. A reauthorization bill passed last year began eliminating outdated subsidies, but Sandy hit before many of these provisions could take effect. Certainly, we have a contractual obligation to pay the NFIP claims of people whose lives were turned upside down by this terrible storm. Yet we also have an obligation to ensure hard-working taxpayers aren't always stuck bailing out failed government programs. The Financial Services Committee, which I chair, will take up legislation to get the government out of the subsidized insurance business and transition us to a private, stable insurance system that can keep the promises it makes without borrowing tens of billions of dollars that we do not have. America is not just operating on borrowed money--we're operating on borrowed time. Today, it is not a question of if bond markets will turn on us, but when. Unless we change our out-of-control spending ways, we will be the first generation in American history to leave the next generation with less freedom, fewer opportunities and a lower standard of living. We have no greater moral responsibility than to preserve the blessings of liberty and opportunity for future generations. A compassionate nation will not allow a great physical tragedy of today to ever become an even greater fiscal tragedy for our children tomorrow.