Member of Congress

Randy Hultgren

Role
Former Representative
State
IL
Party
Republican

Speeches

REGULATION A+ IMPROVEMENT ACT OF 20172018-03-15

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, this is an exciting, important debate. I rise today to speak in support of H.R. 4263, the Regulation A+ Improvement Act. Congressman MacArthur's bipartisan legislation would increase the offering amount that companies can offer under Tier 2 of Reg. A from $50 million to $75 million, adjusted for inflation by the SEC every 2 years. This type of legislation, modeled after the bipartisan JOBS Act, typically enjoys strong bipartisan support in Congress. I hope that will be the case again today. Title IV of the JOBS Act directed the SEC to issue rules to update Reg. A, which exempts small offerings of up to $5 million within a 12- month period from Federal registration. The updated exemption, now known as Reg. A+, increased the amount companies could offer from $5 million to $50 million within a 12-month period of time, and preempts State registration and qualification requirements to make it easier for small- and medium-sized businesses to undertake Reg. A+ offerings by avoiding the oftentimes prohibitively expensive complexities of complying with up to 50 State regulators, all providing different regulations. Some opponents of this legislation have argued that it is unnecessary because the SEC is required to review this threshold and has the authority to increase it. On April 5, 2016, SEC staff informed the Financial Services Committee that the $50 million threshold would remain in place throughout 2018 because of a lack of information available on Reg. A+ offerings since the rule was finalized in 2015. However, during the comment period for implementing Reg. A+, the SEC received a significant number of comments that Reg. A+ should be expanded beyond the $50 million threshold. Furthermore, since the amendment to Reg. A became effective, the rate of Reg. A+ securities offerings has increased. Last year, the U.S. Chamber of Commerce testified before the Capital Markets, Securities, and Investments Subcommittee, noting this legislation ``is a way to help make it easier for a small business to access capital to get deals done. To do that, even with the bump up to $50 million, people are still finding their sea legs. But in terms of driving liquidity, we thought the $75 million number was important.'' Former SEC Commissioner Dan Gallagher has stated: ``The SEC should have exercised our clear authority under the JOBS Act to raise the offering limit to $75 million.'' Hester Peirce, now an SEC Commissioner, testified during a hearing of the Financial Services Committee that, ``Prior to the JOBS Act's changes to Regulation A, that provision languished unused by companies, so it is important to revisit different avenues for raising capital frequently to ensure their continued usefulness.'' Congressman MacArthur's legislation will help ensure that the SEC focuses on its mission of capital formation, especially for small businesses. This is vital if we are going to continue on the course of economic growth. And at the end of the day, after all of our debate on the merits of this legislation, let's make sure we remember it is simply an inflation adjustment for the amount of shares that can be issued under this exemption. Congressman MacArthur is simply proposing to make this financing tool available to more startup companies and their investors. This should not be controversial. I urge support for Congressman MacArthur's bipartisan legislation.

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IN RECOGNITION OF FONA'S WORKPLACE EXCELLENCE2018-03-15

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, It's not every day that long-term sustained excellence can be duly recognized. FONA International of Geneva, Illinois, provides just such an opportunity, however. I am privileged to extend my enthusiastic congratulations to Joe Slawek and the employees of FONA International for being named a National Best & Brightest Company to Work For by the National Association of Business Resources-for the seventh year in a row. FONA International creates and produces flavors for many of the largest food, beverage, and nutritional companies in the world. It has been doing this for 30 years--a testament to its sustained excellence and commitment to serving customers through cutting-edge technology and personal attention. CEO and Founder Joe Slawek calls this the ``high-tech, high touch'' approach. He founded FONA International in 1987 on these principles. He built a business that could compete with the largest flavor companies but stay connected with customers and his family of employees in a way that only a small business can. The honor of this award speaks to that success. FONA International has been cited by Fortune magazine as one of the top fifty best places to work for medium-sized businesses nationwide. Fortune also named FONA International as the Number 1 workplace in Chicagoland. To be selected just once as a National Best & Brightest Company would be a distinguished honor. To receive this award seven years in a row is nothing less than a spectacular achievement. I congratulate Joe Slawek and the employees of FONA International for this remarkable recognition. I thank FONA International for its years of service to the local community and for its leadership in the flavor production industry. I wish them continued success in the future.

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TAX REFORM2018-03-06

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I thank Congressman Mitchell for yielding. Illinois is a high-tax State. We have seen Illinois State taxes continue to go up, so it is a welcome relief that Congress has brought Federal tax relief to the people of Illinois, and especially I am grateful for the residents of the 14th Congressional District, the suburbs of Chicago, who are seeing great relief and especially the benefits that come to small businesses, truly the energy and the engine behind Illinois' economy. They are going to receive immediate benefits from a reduced tax burden and more flexible accounting rules. I am also pleased that the final version of the legislation included this portion of my bill, which was to lower taxes on Illinois' largest employers, which is small businesses, and it is called the Bring Small Businesses Back Tax Reform Act. Further, the Tax Cuts and Jobs Act reduced corporate tax rates to 21 percent and includes provisions to deter U.S. companies from moving their headquarters and investments abroad and encouraging them to bring income and jobs back home again. Again, this is welcome news for Illinois residents. Numerous companies who employ residents of the 14th Congressional District have announced new investments and new hiring and giving more money to their employees, wages, bonuses, trainings, and more. Just a sampling of these are: AbbVie, American Community Bank, First Midwest Bank, EMKAY, Boeing, U.S. Bank, Wells Fargo, Wintrust Financial, Home Depot, Walmart, CVS, and Starbucks. American manufacturers are hiring more workers. In my district, a Geneva manufacturer has already brought on two new employees to manage the equipment the company invested in under the new expensing rules. A Will County food distributor plans to hire two new employees in 2018, with the money the company saved through tax reform, and the list goes on and on. Mr. Speaker, it is time Americans were given the truth about the Tax Cuts and Jobs Act. Eighty percent of U.S. households will see a tax cut in 2018, according to the nonpartisan Tax Policy Center, but only 17 percent of Americans actually think they will. In fact, the bill lowers individual rates for low-and middle-income Americans across the board and doubles the standard deduction for both individuals and families. If you are one of the 70 percent of Americans who currently take the standard deduction, getting an immediate rate cut and a doubling of the earnings you can keep tax free will make a big difference to you and to your family. This bill does not cut Medicare, Medicaid, or Social Security, period. This bill does not get rid of the medical expense deduction or the charitable deduction. Those are protected and expanded. The bill did not take away healthcare from Americans. Eighty percent of the people who pay for the Affordable Care Act's individual mandate tax are families making less than $50,000 a year. This bill gets rid of the individual mandate penalty so struggling families aren't burdened by yet another tax. It is clear: the Tax Cuts and Jobs Act is already delivering positive results to Illinois individuals, families, and small businesses; and to Americans everywhere. It is good news, and more good news is coming.

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COMMUNITY BANK REPORTING RELIEF ACT2018-03-06

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to speak in support of the Community Bank Reporting Relief Act. I would like to begin by thanking Leader McCarthy and Chairman Hensarling for their support in getting this legislation to the floor. I also want to thank and express my appreciation to my colleagues, Andy Barr and Terri Sewell, for serving as original cosponsors on this legislation. I would also like to point out that this identical language has been included in the bipartisan regulatory relief bill that the Senate is expected to take up maybe sometime this week. By way of background, the Federal Financial Institutions Examinations Council requires banks and savings associations to file a quarterly Consolidated Report of Condition and Income, also known as the call report. Banking regulators use data in the call report to monitor the safety, soundness, performance, and risk profile of each institution and to assess the overall condition of the banking system. I think we can all agree that our Federal banking regulators should have regular updates on the overall performance and health of financial institutions. For example, this is important if Federal banking regulators are going to be prudent stewards of Federal deposit insurance. However, this does not mean that the Federal banking regulators need regular reports about every single data point on every single financial institution. Unfortunately, the reporting burden has grown significantly over the years, which means banks have to spend more time with compliance issues rather than working with families and businesses to meet their financial needs. When I introduced similar legislation last Congress, one community banker in Illinois, Greg Ohlendorf, with First Community Bank and Trust, shared with me: ``The quarterly call report has increased to some 80 pages supported by almost 700 pages of instructions, and it represents a growing burden on community banks.'' According to a survey that the Independent Community Bankers of America conducted of its members in 2014, over 60 percent of the annual cost to prepare the call report goes to personnel salaries. This survey shows that this is not a highly automated process for those institutions and that oftentimes senior executives such as the chief financial officer are responsible for this regulatory burden. We also heard testimony in the Financial Institutions and Consumer Credit Subcommittee hearing from Robert Fisher, president and CEO of Tioga State Bank, on behalf of the ICBA, who stated: ``When I first started in banking in the mid-1980s, the report was 18 pages long. No change in our basic business model since that time warrants the sharp growth in our quarterly reporting obligation.'' The length of the call report has simply gotten out of hand. Washington needs to get out of the way so that community banks can focus on meeting the needs of their communities. The role of smaller financial institutions is especially important in more rural areas, such as in my district, where larger banks tend to not have as many branches. The Community Bank Reporting Relief Act would require Federal banking regulators to permit for a short-form call report every other quarter for banks with less than $5 billion in assets and that satisfy other criteria determined by bank regulators. Federal banking regulators have not demonstrated there are statistically significant variations in this data quarter to quarter, and we heard testimony consistent with this from Tioga State Bank in the House Financial Services Committee. This means the banking regulators are simply collecting too much information too frequently. The Federal banking regulators would be required to take input from our neighborhood banks under consideration when making these changes. This cannot be simply check-the-box exercises, but real reform is necessary. However, nothing in this legislation would prevent regulators from having access to the information that they need to adequately understand the health of the banking system. Regulators will still receive the most important information every quarter. The Independent Community Bankers of America has suggested this short form call report include three schedules: schedules RI, an income statement; schedule RIA, changes in bank equity capital; and Schedule RC, the balance sheet. Furthermore, in the event there is any reason for concern about the health of the bank, regulators would maintain their authority to make ad hoc information requests. This legislation is supported by the American Bankers Association, the Independent Community Bankers of America, and the neighborhood banks in all of our districts who are looking for commonsense regulatory relief. I urge my colleagues to vote in support of this legislation. We must cut regulation for community banks.

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PORTFOLIO LENDING AND MORTGAGE ACCESS ACT2018-03-06

Mr. HULTGREN

Mr. HULTGREN. Madam Speaker, I thank Chairman Barr for yielding. Madam Speaker, I rise today to speak in support of H.R. 2226, the Portfolio Lending and Mortgage Access Act, and I am proud to be an original cosponsor of this legislation. This is something that Chairman Barr has worked on for at least two Congresses now, and I feel that we are finally in a place where we can get some commonsense changes to the CFPB's qualified mortgage rules that provide relief to community banks and credit unions. I was very pleased to see this legislation get a unanimous vote in the Committee on Financial Services earlier this year. I am also very happy to see that the Senate Committee on Banking, Housing, and Urban Affairs is taking note of this issue and has advanced similar legislation. The Dodd-Frank Act required the Consumer Financial Protection Bureau to come up with a series of new rules regarding mortgage lending. One of these rules was the so-called qualified mortgage rule, which provides a safe harbor to loans if they meet certain criteria prescribed by the Bureau. This effectively means that the market treats any loans that are not qualified mortgages as being much riskier. The Bureau's rule is especially challenging for community banks and credit unions. These lenders do not tend to be as automated as larger financial institutions. They also tend to put more time into underwriting mortgages to reflect the unique circumstances of the customers in their communities. However, the CFPB's qualified mortgage rule took away much of this flexibility from these lenders by doing things like instituting a 43 percent debt-to-income ratio. This might be a good indicator of repayment risk for a lot of mortgages, but a one-size-fits-all is almost never a good approach. The CFPB's rule also did not acknowledge the fact that small lenders do not tend to sell these loans into the secondary market. They keep 100 percent of the risk on their portfolio. This means these lenders have a very strong incentive to issue loans that they believe will be repaid. If loans held on portfolio can be treated as qualified mortgages, then these banks and credit unions will have a stronger incentive to manage any risk associated with these mortgages. The Portfolio Lending and Mortgage Access Act would treat loans held on portfolio by community banks and credit unions as qualified mortgages if they meet some other criteria, such as not having a negative amortization or interest-only features. This change to the CFPB's qualified mortgage rule will go a long way towards simplifying how our community financial institutions can help families achieve the dream of home ownership. I have been hearing about this legislation from community banks and credit unions in Illinois, and I am confident it will help my constituents. Madam Speaker, I want to encourage all of my colleagues to support this important legislation.

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THE LIFE AND LEGACY OF REVEREND BILLY GRAHAM2018-02-27

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I am so grateful for so many of my colleagues who were able to join us tonight to remember Reverend Billy Graham, born November 7, 1918, and died February 21, 2018. Billy Graham was a lion of the Christian faith and a believer in the all-encompassing love of God for all people. I knew Billy Graham from such an early age: knew of him, knew of his ministry, and was struck even more so most of my growing up years in Wheaton, Illinois, where Billy Graham went to school, met his wife. Much of his ministry started in Wheaton and in that area around Wheaton. His ministry spanned generations of American religious thought and culture, but his core message remained unchanged throughout his entire lifetime. His evangelistic gatherings attracted millions throughout the globe for decades. His name is known around the world, as many have said tonight, maybe one of the most recognized names and most respected throughout his entire lifetime. I remember way back in 1971--I was 5 years old--my mom and dad brought me down to McCormick Place down in downtown Chicago, to be part of the 1971 Billy Graham crusade. My dad was a counselor at that crusade. I was a little 5-year-old boy, but I still remember that night. I remember the power of the message, I remember the power of this messenger of God sharing his love for us, but also the truth of the love that Jesus has for us. That he gave everything so that I could have hope, so that I could have new life. Even as a little boy, that affected me. It moved me. It moved me so much that it had me ask more questions of my own mom and dad when I got home. And, ultimately, it was that same year, right around that time, when I recognized that I was sinful, even as a little boy, that I was selfish, that I needed help, I needed a savior, and that I needed someone to pay a price that I couldn't pay. And as Billy Graham had stated, and as my mom and dad had taught me, and as my own grandpa had taught me, only Jesus could pay that price, and he wanted to do it to give me that free gift of redemption, the hope that we can have only through Jesus. That was the story and the message of Billy Graham. Jumping forward quite a few years, I had the privilege, just 12 years ago, of being down in Louisiana. I went to the Louisiana State Penitentiary. It is also known as Angola. Louisiana State Penitentiary was known as the bloodiest prison in all of America for decades and decades and decades--more killings and more violence than any other prison. And then something happened. God used some people, specifically a warden there, Warden Cain, who came, and others, to change the hearts of these inmates. They brought a seminary into this Louisiana State Penitentiary. Now, hundreds and hundreds and hundreds of prisoners in Louisiana State Penitentiary have gone through seminary--New Orleans Seminary-- that is right there in the prison, and have gained their own Bible graduate degrees of being pastors, although they are still in prison. One of the things that changed in Louisiana State Penitentiary--it had been when prisoners died in prison, and almost all of them die there, because life means life in Louisiana--what happened before was, when prisoners died, they would just be thrown in a ditch in the back behind the cafeteria and thrown some dirt on top of them. The warden and others felt like this was absolutely inhumane treatment for anybody, even prisoners, so they changed something. They have a woodworking program there, and the inmates of Angola, Louisiana State Penitentiary, started making caskets for their fellow prisoners who would die in prison. They handcraft these caskets so that they are actually gorgeous, handcrafted, recognizing that every life is of infinite value because God lived and died for that life. Well, Franklin Graham, Billy's son, was down in Louisiana State Penitentiary a few years ago. He went on a tour there, saw these caskets that were being made for inmates, went back and talked to his mom and dad. Billy Graham and Ruth Graham said: Do you know what? We want to be buried in caskets that were made by prisoners. I am so excited. Tomorrow, this unbelievable honor of Billy Graham being laid in honor in the United States rotunda, one of only four people who have had that great honor, but also the story that is going to be told, that Billy Graham is going to be laid in the rotunda in a casket that was made by prisoners in Louisiana State Penitentiary. What an amazing statement of humility of recognizing that we are all the same. We are all broken people, we all need saving, whether we are preaching to millions and millions of people, or whether we are in prison for the rest of our lives because of the mistakes we have made. We all cannot reach that standard, that perfect standard, to be with God forever. We need someone to help us reach that, and only Jesus can help us do that. Billy Graham recognized that. The statement is going to be very clear in the rotunda, just outside of these doors tomorrow over the next day and a half, of recognition of his life, and then, ultimately, he will be buried there. I remember back--and I will end with this--just the message of Billy Graham very clear. Two questions that I think were so important for Billy Graham. One he talked about in his book, ``Just As I Am.'' He said: The first question I have for God when I get to heaven is, Why me? Why me, a farm kid from North Carolina that could barely make it through school? Why me? Why did you choose me as an instrument? And I think the answer to that question goes back to Isaiah 6:8. That when Isaiah heard the Lord say, ``Whom shall I send,'' Isaiah said, ``Here I am, Lord, send me.'' That is exactly what Billy Graham did. He said: Here I am, Lord, send me. Broken, imperfect, not a great speaker, but here I am, send me And through that willingness, millions and millions and millions of lives were touched. The last question was one that I heard when I went to that crusade in 1971. And it was: Who is Jesus to you? This person of Jesus that has impacted more people in this world than any other person, who is Jesus to you? It was a question that I had to struggle with, even as a 5-year-old. I continue to learn and grow and understand Jesus. And different people have different ideas of who Jesus is. No one can deny he was a real person who had more impact on this world than anybody else. We talk about the impact that Billy Graham has had. Jesus is the reason for the impact that Billy Graham had. So he asked the question: Who is Jesus? And I think it is worth the study, to take the time to look into who was this man who lived 2,000 years ago, yet affected everything. Even our calendar is adjusted to his life. Who is this Jesus? As you dig in and you ask questions and study, the question is either: Is this Jesus who he said he is or isn't he? Is he a liar? Is he a lunatic? Or is he Lord? Lord and Savior, the only hope, the light of this world, I believe that that is exactly who this Jesus is. It was what Billy Graham talked about. Mr. Speaker, I want to close with a verse many people remember from the Billy Graham crusades. The closing of those crusades were led with a call for people to come forward, but also with an amazing hymn, ``Just As I Am.'' I want to read a verse or two, and then close. Just as I am, without one plea, But that thy blood was shed for me, And that though bidst me come to thee, O lamb of God, I come, I come. Just as I am, and waiting not To rid my soul of one dark blot, To thee whose blood can cleanse each spot, O lamb of God, I come, I come. Thank you, Billy Graham. Thank you for your faithfulness. Thank you for sharing this message of hope with so many people. We are so honored to recognize him and to thank his family. Mr. Speaker, I yield back the balance of my time.

Mr. HULTGREN. Mr. Speaker, I appreciate Congressman LaMalfa's words. I am next honored to recognize the gentleman from Texas (Mr. Olson).

Mr. HULTGREN. Mr. Speaker, I am next honored to recognize the gentleman from California (Mr. LaMalfa).

Mr. HULTGREN. Mr. Speaker, I am next honored to yield to the gentleman from Georgia (Mr. Loudermilk).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from North Carolina (Mr. Rouzer).

Mr. HULTGREN. Mr. Speaker, I am next honored to yield to the gentleman from Nebraska (Mr. Smith).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from Alabama (Mr. Palmer).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from Texas (Mr. Gohmert).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from North Carolina (Mr. Budd).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from Illinois (Mr. Bost).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from Virginia (Mr. Garrett).

Mr. HULTGREN. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on the topic of my Special Order.

Mr. HULTGREN. Mr. Speaker, tonight, the U.S. House is joining together to begin honoring a man known worldwide but who embodied the humility of who Christ called the poor in spirit, Reverend Billy Graham. Tomorrow, Reverend Billy Graham will be just the fourth person in the history of this great country to be laid in honor in the United States Capitol. But tonight, we want to briefly try to describe the life of this man, his ministry, his impact on the Nation and on the world, the impact he has had on all of our lives. I am so grateful for the outpouring of support from my many colleagues who are wanting to join tonight to remember and to celebrate the amazing life of Billy Graham. I want to get to my colleagues immediately, and then hopefully have a couple minutes to wrap up at the end of this hour. I want to first yield to my good friend, the gentleman from Alabama (Mr. Aderholt) to share with us.

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from Georgia (Mr. Jody B. Hice).

Mr. HULTGREN. Mr. Speaker, I yield to the gentleman from North Carolina (Mr. Pittenger).

Mr. HULTGREN. Mr. Speaker, I yield to the gentlewoman from Indiana (Mrs. Walorski).

Mr. HULTGREN. Mr. Speaker, I yield to the gentlewoman from American Samoa (Mrs. Radewagen).

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OPERATIONAL RISK CAPITAL REQUIREMENTS FOR BANKING ORGANIZATIONS2018-02-27

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I also want to thank Chairman Hensarling for all of his work moving this important regulatory reform through. I speak today in support of H.R. 4296, to place requirements on operational risk capital requirements for banking organizations established by an appropriate Federal banking agency. This bill is one of many that are being reported by the Financial Services Committee with bipartisan support. I want to commend Congressman Luetkemeyer and Congressman Meeks for working together to get a very strong vote from the Financial Services Committee. I hope that is something we can accomplish today on the House floor. This legislation acknowledges that we can make improvements to the regulatory framework that has been implemented or is still pending in response to the financial crisis. My constituents and I are very pleased to see the economic growth over the last year, but that does not mean we shouldn't take additional steps to ensure that we have an efficient regulatory system. For example, the Fed is likely going to continue tightening rates, and I am not sure Congress will always be able to provide the progrowth fiscal policy that we have seen as of late. One of our other tools for affecting the performance of the economy is a progrowth but sensible regime that permits for investment, job creation, and financial security. H.R. 4296 will ensure our banking regulators institute operational risk capital standards that make sense for the U.S. financial system. This legislation ensures that operational risk-based capital requirements are reflective of the banking organization's current activities and businesses. This seems logical, but the current approach is dependent on historical performance and does not provide for adjustments based on changes made by a banking organization. So, for example, a banking organization might suffer from a cyber attack that results in losses for the organization. In fact, cyber attacks and data breaches are considered to be one of the largest categories of operational risk. In response, this banking organization could choose to overhaul its ability to detect and respond to such operational risk incidents. Shouldn't our capital framework reflect that work, or should the banking organization continue to suffer from a punitive framework that disincentivizes proactively addressing operational risk? I, for one, am supportive of policies that will encourage investment by banking organizations to address reputational risk, such as those that might pose a risk for a data breach. I would encourage all of my colleagues to vote in support of this bipartisan legislation. I would encourage our financial sector to proactively address operational risks, and it will also free up capital to permit for economic growth.

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TRID IMPROVEMENT ACT OF 20172018-02-14

Mr. HULTGREN

Mr. HULTGREN. Madam Speaker, I thank Chairman Hensarling, and I am so grateful for his work on this package of bills that are so important. I rise today to speak in support of H.R. 3978, the TRID Improvement Act, and all the additional measures that have been included in the Rules Committee print. I am a cosponsor of four of the five bills. The TRID Improvement Act sponsored by Representatives Hill and Kihuen make important improvements to the TILA-RESPA integrated disclosure forms so home purchasers have the accurate representation of title insurance costs. I am also a strong supporter of the National Securities Exchange Regulatory Parity Act, which I cosponsored with Chairman Royce. This is a commonsense technical fix to a 20-year-old statute that didn't foresee an increase in the number of exchanges in today's competitive market structure. Currently, exchanges not named in the law must have substantially similar listing standards as those that are specifically named. This means the Chicago Stock Exchange, the CBOE, and others that have registered with the SEC since 1996 cannot be first movers in adopting innovative listing standards. The Chicago Stock Exchange has told me: ``This change would remove this current impediment to companies listing their securities on CHX and would help in the exchange's efforts to develop a robust primary listing market here in Illinois.'' I am also very supportive of Chairman Duffy's legislation, the Protection of Source Code Act, and I am an original cosponsor of that, because I recognize that the entire value of some companies are embodied in their source code. We need to have strong checks in place before our government can demand such information. Chris Giancarlo, now chairman of the CFTC, described the value of a subpoena when criticizing the idea of a source code repository at the agency he serves. I quote him when he said: ``The subpoena process provides property owners with due process of law before the government can seize their property. It protects owners of property, not the government that already has abundant power.'' Finally, I want to mention my support for the Fostering Innovation Act, sponsored by Kyrsten Sinema and Trey Hollingsworth; and the SAFE Mortgage Licensing Act, sponsored by Steve Stivers and Joyce Beatty. I am a cosponsor of those measures as well. I urge all of my colleagues to vote in support of this very bipartisan package of bills.

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CELEBRATING THE LIFE OF RON PARISH2018-02-13

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, on Saturday morning, Ron Parish of Yorkville, Illinois, passed from the loving arms of his wife, Becky, into the open arms of Jesus. Ron was a lifelong salesman whose career included RC Cola, Nabisco, McCormick spice company, and more. After he retired, he faithfully served our community's homeless at Kendall County PADS. Ron's people skills served him well in business and in his relationships. He was always reaching out to friends and strangers alike. He would ask how they are doing, how he could help, and he was always pointing them to Jesus. In fact, Ron and Becky introduced my family to their church, Harvest New Beginnings, and they were the very first to greet us on that God- ordained day 3 years ago when we first visited Harvest New Beginnings. It has become our home church. Ron was 75 years old and is survived by Becky; two children, Ron, Jr., and Rhonda; four grandchildren; three great-grandchildren; and many other relatives and friends. I know you are smiling down on us now, Ron. Well done, good and faithful servant.

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