Randy Hultgren

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I come to the floor today with tremendous pride, not because the bill we are debating is my own, but because we have the chance to help Main Street businesses and roll back one of the unintended consequences of Dodd-Frank. From its first addition, the Lincoln amendment, also called the swaps push-out or spin-off provision, has been hotly debated. Section 716 of Dodd-Frank initially prohibited all swaps activities. However, the conference process yielded some measure of compromise by exempting foreign exchange and interest rate swaps back in. By doing this, the conferees acknowledged that swaps are not inherently disruptive. In fact, swaps are a prudent and necessary activity for many businesses. When oil prices spike or corn prices plummet, farmers and manufacturers rely on financial products like swaps to weather the uncertainty. Many of these businesses use banks as counterparties, where they have longstanding relationships with trusted institutions. Limiting banks' ability to serve their customers will cost these customers more as they are forced to find new, less stable partners. Section 716, as it stands now, would force certain swaps out of Federal, prudential regulators' supervision and push them into affiliated entities that are not subject to the same oversight and regulation. This is why some of the loudest critics of the push-out provision have been Federal regulators, like the Federal Reserve Chairman Bernanke and Paul Volcker. I know Ranking Member Waters and many members of the House from both sides of the aisle share these concerns. Moving swaps out of banks, while intended to reduce risk, may actually increase it. This is one of the reasons I introduced H.R. 992. The Swaps Regulatory Improvement Act leaves the most opaque swaps spun-off to affiliates, the kind of swaps that exacerbated the 2008 crisis. Those are still forced out. However, banks will be allowed to provide other types of swap contracts to their customers, such as equity, credit, and commodity swaps, which are very important to my home State, Illinois. All of these activities are subject to the new swaps regime created by title VII, including reporting and registration requirements, clearing, margin, and business conduct standards. These activities would also be subject to a finalized Volcker Rule, meaning they would generally be for legitimate hedging purposes or client facing, not proprietary. In the committee report from the last Congress, former Chairman Barney Frank, Ranking Member Waters, and other minority members of the committee noted that this bill ``addresses the valid criticisms of section 716 without weakening the financial reform law's important derivative safeguards or prohibitions on bank proprietary trading.'' This is every bit as true of the bill we are considering today as it was in the last Congress. H.R. 992 addresses the valid criticisms of section 716, ``concerns . . . about whether pushing . . . swaps out of banks is the best way to mitigate against future system failure,'' to quote Ranking Member Waters. This bill strengthens regulatory oversight of these products. H.R. 992 does not weaken title VII's derivatives safeguards or the prohibition of bank proprietary trading. H.R. 992 will keep costs lower for Main Street businesses that use swaps to hedge risks. H.R. 992 will help prevent derivatives market displacement and help promote U.S. competitiveness. This bill addresses nonpartisan concerns with a bipartisan solution. I thank my Democratic colleagues for being willing to consider targeted fixes to Dodd-Frank. We can find common ground on financial regulation. We can work together for the American people, and we can fix Dodd-Frank without dismantling its important accomplishments. So I ask my colleagues to support this bill. Talk to your hospitals, bankers, and farmers. They will tell you that swaps are an important, common business tool. Forcing higher costs on these transactions will only stifle job creation and economic growth. H.R. 992 is a sound bill and strikes, in the words of Ranking Member Waters, the ``right balance.''

Mr. HULTGREN

Mr. HULTGREN. I thank the gentleman from Texas, Chairman Sessions, so much for your work. I want to thank the entire Rules Committee for your important work as well. Mr. Speaker, we have before us today a couple of deserving bills that redirect cumbersome and burdensome Federal regulation and, for a change, put customers first. I am particularly interested in the fate of H.R. 992, the Swaps Regulatory Improvement Act. I introduced this bill in the 113th Congress and want to thank my bipartisan cosponsors Representative Jim Himes and, also from the Agriculture Committee, Representative Richard Hudson and Representative Sean Patrick Maloney, who all have done great work in coming together in a bipartisan way to put together legislation that solves a real problem with the law that was passed a couple of years ago. We also owe a debt of thanks to former Representative Nan Hayworth, who carried this effort in the 112th Congress. H.R. 992 may seem complicated, but the aim is simple: it is to save, for me, Illinois farmers and manufacturers, utility providers, hospitals, and small businesses from higher costs and greater uncertainty. So much that I hear from my constituents--specifically from people who are looking to grow jobs, grow this economy--is the fear and the uncertainty that they are facing. It is not an uncertainty of whether they can do the job or whether they can provide a product or whether they can provide a service. They know they can do that. The uncertainty they are feeling is can they deal with what government is going to do to them if they grow their business and the greater uncertainty that has come from laws that have passed over the last couple of years. One area that has created great uncertainty is this Dodd-Frank law that was passed a couple of years ago, and specifically, provision section 716 was supposed to really be focused at Wall Street. What we have seen is, it hurts Main Street, Main Street customers more than anything else, taking away options, raising costs, and raising uncertainty for, again, farmers and manufacturers, people who are providing a great product to our consumers in our districts. So this legislation is important to bring back that certainty. For me, as well, this is important. My history is I grew up in a family funeral home. I worked in helping people plan for their future certainly through that family business, but also as an investment adviser and as an attorney helping people. In Congress, my hope is to continue to help people--and our Nation-- plan for the future and to fight for future generations to make sure we are going to be making good decisions for our kids and grandkids. This is one of the areas where I see, throughout my lifetime, through our family business and the work that I have done, that trust relationships are important; and the trust relationships that our farmers and our manufacturers have been able to create with their local community banks are important. Unfortunately, this law that was passed a couple of years ago forces those relationships to be broken so that you can no longer use the trusted financial bank or financial services provider in your local area to be able to help you plan for uncertainty in the future; but, again, they are pushed out into other entities that are less regulated and oftentimes offshore. I am so excited about taking this step to bring certainty back, and ultimately, hopefully, as that confidence grows with our farmers and manufacturers and employers, our job creation will grow once again. Investment in hiring people is what we want. That is the number one priority that we are fighting for. There will be time for further debate on this, but I ask my colleagues to adopt the rule for the reasons stated by Federal Reserve Chairman Bernanke in testimony before the House Financial Services Committee on February 27. He said: 716--the section that we are changing here--requires the push-out of certain kinds of derivatives. And it is not evident why that makes the company, as a whole, safer. And what we do see is that it will likely increase costs of people who use the derivatives and make it more difficult for the bank to compete with foreign competitors who can provide a more complete set of services. This is an important change.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, pursuant to clause 1, rule I, I demand a vote on agreeing to the Speaker's approval of the Journal.

Mr. HULTGREN. Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to congratulate the scientists at Fermilab in my district for their work to find the Higgs particle. Yesterday, Peter Higgs and Francois Englert were awarded the Nobel Prize in physics for independently proposing a theory for the Higgs boson. That theory, initially rejected in the 1960s, led the high- energy physics community on a decades-long quest to find the particle that gives mass to matter. While this discovery has been largely credited to CERN in Europe, America has been a leading force in the fundamental science that made identifying the Higgs possible. Hundreds of scientists from my district are working actively on experiments at CERN. They played a leadership role building the Large Hadron Collider. We should all congratulate these scientists for advancing the basic understanding of our universe necessary for forging ahead into the next great frontier. America is made great by our leadership in discovery sciences, so let's show them the support necessary to continue and expand our own science ecosystem.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise to recognize the essential contributions manufacturers make to our country. Manufacturing accounts for 47 percent of national exports and 93 percent of exports from my home State of Illinois. In fact, on its own, American manufacturing would be the 10th largest economy in the world. There are approximately 17,000 manufacturing companies creating jobs in Illinois, and nearly 25,000 of their employees work in the 14th District. These men and women produce items we use every day, like plastics, furniture and food products. Other companies rely on them for commercial printing and creating industries vital to industry. Colleges in my district have recognized the promise of advanced manufacturing and have started programs to train the next generation. While our economy struggles to jump-start on this National Manufacturing Day, let's recommit to protect this crucial sector of our economy.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, pursuant to clause 1, rule I, I demand a vote on agreeing to the Speaker's approval of the Journal.

Mr. HULTGREN. Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, we are 5 days away from what the Chicago Tribune today called a ``massively ambitious redesign of national health care,'' echoing what we've been saying here on the House floor since it was passed, but the details of Illinois' health exchange are still thin. ``Co-pays? Deductibles? Premiums? Still a mystery,'' the paper says. ``Will your doctor and your hospital be included in the insurance networks? Still a mystery.'' This past week, I tried to get answers for my concerned constituents. I tried to meet with one of Illinois' so-called ``navigators,'' but he wasn't ready to show me how to sign up for health care. Their navigators were still getting trained up--with less than a week left. The triple premiums we are seeing in other States aren't encouraging. We know that 6 million mostly middle class families may face a tax for not buying qualifying health plans. Middle class families may have to pay hundreds more in taxes each year. I urge Americans to explore how ObamaCare will affect them. Call your exchange, and ask if you can keep your doctor. Ask them what personal information the navigators will collect. Be ready. Buyer beware.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to congratulate the five scientists receiving the Golden Goose Award later today. The Golden Goose Award was created to recognize the important impact of federally funded research on the lives of Americans today. This award highlights seemingly obscure research that has led to unexpected advances in unrelated fields, sometimes years after the original work took place. The beauty of research science is that we can never truly predict what discoveries can result from just a slightly better understanding of our world. Dr. John Eng conducted studies on the venom of Gila monsters which led to diabetes medication which millions of patients now use. Mathematician Lloyd Shapely developed algorithms to maximize marriage stability in the 1960s, which were then used by economist Alvin Roth to match kidney recipients with patients, and doctors with hospitals. Dr. Thomas Brock and Dr. Hudson Freeze studied organisms in the extreme conditions of Yellowstone Park, and their research led to a better understanding of the heat necessary to study DNA, which then fueled advances in biotechnology and the genomics revolution. Far from laying a golden goose egg, these recipients have changed our world for the better. We recognize their work.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, it is with great pride that I rise today to honor a true American hero--Sergeant Allen James Lynch of Gurnee, Illinois. Sergeant Lynch received the Medal of Honor for his brave actions in the Vietnam war where he risked his life to save three of his comrades. On December 15, 1967, Lynch, serving as a radio-telephone operator for the United States Army, ran through open enemy fire to rescue three wounded soldiers. As the rest of the company withdrew, he stayed behind and single-handedly defended their position for 2 hours until reinforcements could be sent to evacuate them. Sergeant Lynch was just 22 years old at the time. His meritorious actions extend far beyond his service in Vietnam. He continues to serve as a staunch advocate for disabled veterans and remains an inspiration to the community, often visiting with local schools and challenging students to be the next great leaders in America. I commend his actions and his continued service to my community and to our country--a true inspiration. I am proud to honor Sergeant Allen James Lynch and his outstanding courage.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, the American people are still struggling with a shaky economy. During the August district work period, the number one question I heard from my constituents was: Where are the jobs? Last week we saw the unemployment rate in August drop to 7.3 percent, but for all the wrong reasons. People didn't find jobs; they stopped looking for them altogether. Between July and August, that amounted to more than 300,000 people. A smaller percentage of Americans is working or looking for work than at any time in the past 35 years. It is so discouraging to be told the recession is over, but then you look and you look but you can't find a job. Employers around my district tell me the best stimulus for hiring is to reduce government regulations, cut taxes, simplify the Tax Code, and push for smaller government. Yet, what do they see ahead? More uncertainty as States race to meet the October 1 deadline to set up expensive and confusing ObamaCare exchanges. No wonder businesses aren't hiring; the ``Unaffordable Care Act'' doesn't give them the confidence that they need to be able to afford hiring new employees. Let's restore their confidence to hire and train new workers. The House has passed numerous jobs bills to reduce regulations on businesses. Let's have the Senate act.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, it is with great privilege I rise today to announce the very first recipient of my Citizen Hero Award. I'm so blessed to represent the great people of the 14th District of Illinois. I created this award to honor exemplary constituents in my district who inspire others with their meritorious actions. It's my distinct pleasure to announce Pingree Grove's Adam Castellanos as the award's first recipient. For over 6 years, he has served as a TSA officer at Chicago O'Hare International Airport. While on duty last month, Adam Castellanos, along with his Transportation Security Administration colleagues, Jacob Neal and Marvin Jackson, helped save a passenger's life. Upon discovering the passenger had passed out and was unconscious, Adam grabbed the closest AED unit and brought it to the man's side while his colleagues called paramedics and performed CPR. I commend their quick-thinking teamwork to save the man's life. Mr. Castellanos, thank you for your service. It is my pleasure to represent you, and I extend my heartfelt gratitude with this award.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to bring attention to the plight of Zhu Yufu. Today, Zhu Yufu has been in prison in China for 520 days. He is a prisoner of conscience, unable to enjoy the fundamental freedoms enshrined in the Universal Declaration of Human Rights. An advocate for democracy, Christian dissident and poet Zhu Yufu helped found the unrecognized Democracy Party of China. For this, he was arrested for ``inciting subversion of state power.'' Zhu Yufu cannot speak for himself, so others, including myself, must advocate on his behalf. My own efforts in support of Zhu Yufu are part of a project created by the Tom Lantos Human Rights Commission through which Members of Congress can bring attention to the plight of prisoners of conscious. Through this work, we seek to pierce the darkness and shatter the silence that has enveloped Zhu Yufu and others like him. Silence is not an option. Silence means Zhu Yufu likely will remain in prison and the Government of China will elude accountability for its deplorable human rights violations. I call on all people of conscience to raise their voices in support of Zhu Yufu.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, student loan rates are set to double on Monday. It has been a month since the House passed the Smarter Solutions for Students Act that would stop this doubling of rates. At a time when we need to restore people's faith in government, the Senate adjourned last night and failed to prevent this from happening. This is extremely harmful to the students in Illinois and across the Nation. Student loan rates should not be held hostage by Members of Congress to advance their own political agendas. The House's solution takes Washington politics out of the equation and is a long-term fix that moves student loans to a market-based interest rate. It even echoes the President's plan. Speaking to students in my district, I have heard their concerns about the rising costs of education. Jeni, a student from Batavia, told me that she would like to expand on the education she has received at Northern Illinois University but is already concerned about loan payments when she graduates. She is not alone. This is a crisis that will further cripple our economy's recovery. I call on the President to step up and provide the leadership needed. Let's urge the Senate to act. Join the House and take Washington politics out of students' wallets and stand up for tomorrow's economy.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, one of the most treasured privileges of parents living in the United States is the freedom to choose the means to best educate their children. For many families, including my own, that choice is home schooling. Unfortunately, for many parents living in countries where freedom of choice and expression is supposedly valued, home schooling can entail punitive fines, jail time, and even seizure of their children. The Romeike family fled Germany after facing persecution for home schooling their six children and were granted asylum here in the United States. Now the Romeikes face deportation unless they are granted a hearing before the full Sixth Circuit Court of Appeals and receive a favorable decision. Mr. Speaker, no parent should be faced with imprisonment, fines, or removal of their children simply for choosing to educate their children at home. I call on the Obama administration to persuade Germany to respect international human rights law that recognizes the authority of parents to direct their children's education. I also call on the administration to grant asylum to the Romeikes so they can be afforded the privilege our country offers to educate their children freely in the manner they choose.

Mr. HULTGREN

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

Mr. HULTGREN. Mr. Speaker, as I begin, I do want to wish and hope that you and others of our colleagues had a very happy Father's Day yesterday. It is one of the most important things for fathers, and mothers, to be able to provide for their families. Mr. Speaker, this evening I would like to talk about what for many Americans is probably the most pressing, or maybe depressing, issue our country is facing right now: jobs, unemployment and the need to create more jobs. But while we as a Nation face challenges, the roadmap to prosperity is clear. The question is, will we act on the recommendations of those who create the jobs, that drive our national economy, America's small businesses and entrepreneurs? As I speak, the unemployment rate in the United States stands at 7.6 percent. According to the American Enterprise Institute, just 64.4 percent of working age men are employed, the lowest level by far since the Great Depression, and an astounding 5 percentage points lower than at the beginning of the current downturn. A staggering 4.4 million workers have been out of work for 27 weeks or longer. In Illinois, my home State, the unemployment rate is even higher--at 9.3 percent. The unemployment rate in my home State has been at or above 8.6 percent since April of 2009; 611,000 people are currently out of work in Illinois. According to the Bureau of Labor and Statistics, of the 26.3 million part-time workers, 7.8 million are working part time for economic reasons, meaning the job market wasn't robust enough to support full- time positions or they could only find part-time work. Jobs, unemployment, job growth--all of these are issues on the minds of Americans because, directly or indirectly, all Americans are affected by them. When I meet with small businesses and employers around my district, I ask them, what would it take for you to create just one more job? I would love for them to create 10 more jobs or 20 more jobs or 50 more jobs; but I ask them, what would it take for you to create just one more job? They tell me that the best way to spur job creation and economic growth is to reduce government regulations, cut taxes and simplify the Tax Code, and reduce the size of government by cutting spending. Having a full-time, stable job and going to work every day is necessary just to meet the challenges of daily living. Americans' pocketbooks are pummeled every day. Take gas prices, for instance. The nationwide average price for a gallon of gas has jumped by more than $1 in the last 4 years from $2.58 a gallon in June of 2009 to $3.64 a gallon in June of this year. The price of gas in Illinois right now is averaging $4.08 a gallon. That's 15 cents per gallon higher than this time last year. In the Chicago area and in my district, prices are even higher. The average price for a gallon of regular gas is a ridiculous $4.28. This is just one example of how everyday life is becoming less and less affordable for ordinary Americans. Creating good, full-time jobs must be our priority. But small business owners in my district tell me that in the current ``business averse'' climate, this is difficult, if not impossible, for them to do. Jeff, the president of a small industrial pump manufacturing company, is not hiring. He would like to, but he says he can't. He says that ``business owners have to be optimistic that the business environment will be suitable for business growth.'' He goes on to say, however, ``The unfriendly business climate coming from Washington and the huge deficit spending reduces optimism that the business climate will continue to improve or even remain stable.'' Jeff also says, ``Government regulations and high taxation create uncertainty--and government regulation and inflationary policies are driving up the cost of hiring. The primary resource of business needs is employees.'' Then there's Tom, the president of a raw materials distribution company in my district, who says ``the biggest thing holding me back from hiring is uncertainty of the future business climate.'' Tom said, ``We have already seen health care cost increases of nearly 20 percent year over year in early 2013, which was on top of the 12 percent increase in 2012.'' Tom also stated, ``We pay for 75 percent of the cost of health care for our employees. The parts of health care legislation yet to be implemented will probably penalize us even more for doing the right thing. We do not understand how health care legislation will impact our business.'' The recommendations of the small businesses that create the jobs in this country--the ``engines of the economy''--are critical to increasing employment and spurring growth in our national economy. Reducing the regulatory burden on small businesses is one critical factor toward inducing them to hire more workers. The burdensome nature of proposed Federal regulations is making long-term planning for businesses and growth virtually impossible. An inability to plan is having a paralyzing effect on local investment and hiring. According to the National Federation of Independent Business, in only the last 3 months there have been 6,669 regulatory changes posted or notices posted on the Federal regulatory Web site. That's an average of 74 regulations per day. Let me repeat that: NFIB's own study says in only the last 3 months there have been 6,669 regulatory changes posted or notices posted on the Federal regulatory Web site, an average of 74 regulations every single day. This regulatory morass forces small businesses to hold onto any extra revenue they may have for fear of new compliance costs. This means foregoing opportunities to invest or hire new workers. Some businesses are forced to close altogether. A recent poll of the National Association of Manufacturers and the National Federation of Independent Business found that 62 percent of small business owners and manufacturers say the United States' own regulations, rules, and taxes impact their businesses more negatively than foreign competition. So our own regulations, according to a majority of business owners, are more harmful to them or more threatening to them than foreign competition. Small businesses are the engine of our Nation's economy. They create about two-thirds of new jobs in the United States. They employ more than half of the private sector workforce. We need to unleash their potential. So what can be done? Well, we must require regulatory authorities to review their regulations for usefulness and relevance and amend them as necessary to get rid of them if they are obsolete. I have introduced legislation to do just that. H.R. 309, the Regulatory Sunset and Review Act, requires Federal agencies to regularly review regulations on their books and establish a process to sunset those that are duplicative, conflicting, or no longer necessary. Small businesses need a seat at the table at the earliest stages of crafting regulations. Too often, regulators generating rules have little or no contact with the businesses affected by those regulations they implement and, thus, little knowledge of the impact on jobs. Regulators need to assess the long-term costs and benefits of regulations--including how they will affect job loss and job creation-- using the best available tools and adopt only those regulations whose benefits clearly outweigh the costs. The regulatory process requires transparency and accountability. Sharing publicly the reasons why certain public input was not incorporated and disclosing the data, methods, and models underlying Federal regulatory decisionmaking are also important steps to restoring trust to the Federal regulatory process. Reducing red tape is critical, but cutting taxes and implementing meaningful tax reform that incentivizes businesses to hire is also key to invigorating job growth. When taxes are lower, businesses invest their resources and hire more workers, which is exactly what we want. When taxes are lower, taxpaying citizens are able to keep more of their own money, money to spend as they see fit, to save, or to invest. Congress must consider the impact tax policy is having on small businesses' ability to succeed when small businesses are a primary source of job creation in the United States and the engines of economic growth. Small businesses--those with less than 500 employees--represent 99.7 percent of all employers, and employ almost half of the private sector labor force--55 million workers. In Illinois, again my home State, small businesses represent 98.3 percent of all employers and provide jobs to 2.4 million workers, about half of the private labor force. So when it comes to economic and tax policy, we need to listen to Main Street small businesses and mom-and-pop shops that create the jobs in this country. This is what they are saying when it comes to taxes and spending: Ninety-one percent of small businesses find that the Tax Code is complicated enough to hire their own tax preparer. Eighty-five percent think Congress should revise the Tax Code. Eighty-one percent think government should cut spending before ever considering tax increases. Seventy-eight percent want to close tax loopholes. And 71 percent agree that tax reform should include lowering the tax burden on small businesses. Thus, to enable small businesses to create jobs and improve the employment climate in this country, tax rates must be low. High tax rates are a problem for small businesses because they siphon off revenue owners need to reinvest for growth and to create jobs. So what needs to be done? The implementation of comprehensive tax reform that makes the Tax Code fairer, less burdensome, and more comprehensible for the folks who pay taxes and the small businesses that invest in hiring; The permanent repeal of the estate, or death, tax, which I have long advocated is critical for small businesses and maintaining a healthy jobs climate. Many small businesses are family owned. The death tax is a major impediment for such businesses to keep operating in a down economy once the owner retires or dies. Protecting small businesses from the death tax is important in order to keep Main Street businesses operating for future generations and for preserving their ability to create jobs as we try to grow this economy; We should cut taxes to spur investment and hiring. Lower tax rates lower the cost of capital and increase the rewards for the risks that businesses take in hiring new workers. I support increasing the small business expensing limit so businesses can immediately recover their costs and invest in their businesses and hire new workers; We must simplify the Tax Code. It is too complicated when 9 out of 10 small businesses must hire someone to prepare their own taxes. Making the Tax Code easier to understand and follow and not placing new reporting burdens on small businesses will help them focus on growing their businesses and creating jobs. In addition to reducing regulatory burdens and cutting taxes, eliminating wasteful spending and reducing the size of government is key to job growth: Current trends have government spending continuing to hover at 22 percent of gross domestic product for the next 10 years; Continued spending adds to the $16.6 trillion debt, and that, in turn, drives up interest costs to pay for borrowing; The CBO estimates that interest paid on the national debt as a percentage of the overall budget will more than double from the current 6.2 percent of the budget to 14.1 percent, consuming an ever larger share of Federal resources. Clearly, we do need to cut spending relative to the overall Federal budget. Cutting spending reduces the amount of money government takes from the private economy. Cutting spending and reducing the size of government relative to the private sector keeps more money in the private sector where it can be put to productive use, such as in hiring and creating jobs. Cutting wasteful spending and balancing our national budget will also absolutely help job growth. It's simple: the Federal Government should not spend more than it takes in if we want to create an environment conducive to job creation. I have advocated for and have supported the budget my House colleagues passed this spring that balances the budget in 10 years by cutting spending and fixing our broken Tax Code so that it is fairer and simpler for everyone. I also support and have worked hard to pass a balanced budget amendment to the Constitution. Requiring the Federal Government to live within its means and balance spending with the money it takes in, just as families in Illinois and across America have to do, will instill fiscal discipline required to get our economy moving in the right direction. This will also promote confidence and create certainty within our Nation's private sector businesses so they can take productive steps towards hiring workers and growing their businesses. According to the small businesses I meet in my district, there are more things we can do to spur job creation in this country. We can open up American markets overseas. New markets mean a greater demand for American-made goods. The businesses that manufacture these products will hire workers to meet the demand. In that regard, I have voted in favor of free trade agreements with countries such as Colombia and Panama and South Korea. I have also supported permanent normal trade relations with Russia in order that American manufacturers can receive the benefits of open markets as a result of Russia's joining the WTO. We also must eliminate the bureaucracy that hinders the development of American products. Bureaucracy should not stand in the way of American innovation and bringing products to market. I am a cosponsor of the Protect Small Business Jobs Act. This legislation would provide small businesses with a limited grace period to correct regulatory violations, and if the violation is corrected in a timely manner, it allows for the waiver of any sanctions against the small business. This will help business owners like Tom, who, in referring to one Federal regulatory authority with which he was dealing, said, ``Rather than working with industry to fix alleged issues, it is imposing significant fines right off the bat without giving companies the opportunity to first fix the concerns.'' Government should be a facilitator, not an obstacle, to new product development and job creation. Mr. Speaker, the pathway to a growing economy and putting people back to work is clear. The small business job creators in my district and around the country have spoken: they want to get rid of burdensome and unnecessary red tape; they want lower taxes and a simpler Tax Code that lends to certainty and encourages growth and investment; and they want the Federal Government to exercise fiscal discipline and to serve as a facilitator for American innovation, product development, and marketing. Mr. Speaker, we can help American small businesses get Americans back to work. America is the land of opportunity where, with a mixture of aspiration and diligence, anyone can achieve one's dreams. Let's redouble our efforts and renew our commitment to our fellow citizens to help them build a bright future for themselves, their children, and for this Nation. I yield back the balance of my time.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I move that the House do now adjourn.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I would like to call the attention of this Chamber to a government program that is under budget and immensely popular. In 2003 when Medicare part D was passed, it was hotly contested, and rightly so. The Medicare Modernization Act represented one of the largest expansions of Medicare since its creation. However, what cannot be contested is part D's success. Premiums are far below projections--less than half the $61 monthly premium originally projected. Benefits packages are actually expanding, giving seniors more coverage and options. The CBO has confirmed that the increased usage of prescription drugs by seniors is offset by savings in medical services. Medicare part D is keeping our seniors healthy for less, and they love it: 96 percent say their coverage works well. The benefits of competition, prevention, and consumer choice have been tested and proven. It begs the question: When will we apply these principles to other Federal health care programs? And why is the President trying to cripple part D through price controls and new taxes when it is performing well?

Mr. HULTGREN

Mr. HULTGREN. Madam Speaker, can you blame the American people for being dissatisfied with Washington? The most crucial issue facing our country is the need to create jobs and grow our economy, but what do the American people see? A government run amok. House Republicans know how important it is to hold the government accountable to the people. After all, that's where power comes from in a democracy. And we know that we can't grow our economy with massive, bloated bureaucracy standing in the way. House Republicans are committed to clearing out the underbrush, cutting waste, and fixing broken government. It's our constitutional duty to provide effective oversight of the executive branch, and that's just what we're going to do. That's how we secure a good future for all Americans.

Mr. HULTGREN

Mr. HULTGREN. Thank you, Chairman Hensarling. Like many of my colleagues here, I am confident the House will pass H.R. 634 today and present this deserving bill to the Senate--again. After years of inaction bordering on dereliction, it's time for the Senate Banking Committee to act on Title VII before potentially irreparable and self-inflicting harm is done to our economy. Unaddressed, end user margin requirements could lock up billions of dollars that would otherwise be put to productive use, dollars that could go to hiring new employees. This bill, the Business Risk Mitigation and Price Stabilization Act of 2013, is a jobs bill. Without this bill, company treasurers complying with new margin requirements will have to pull money from somewhere, choking off funding for other business operations. And these businesses, by definition, are those that only use these tools to avoid risk, not for speculation. These businesses do not pose systemic risk; they didn't contribute to the crisis of 2008. Yet going against what Congress intended, regulators are roping them in. I hope this bill passes with a large majority so it cannot be ignored by the Senate and President.

Mr. HULTGREN. I thank the chairman. My constituents in Illinois need this legislation. Our farmers and manufacturers, big and small, have voiced their clear support. Thank you to the sponsors of this legislation, Mr. Grimm and Mr. Peters.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to honor the life and memory of a true American hero, Captain Brandon L. Cyr. Yesterday morning, I was humbled to attend Brandon's interment at Arlington National Cemetery. Standing on that hallowed ground surrounded by Brandon and his fallen comrades is a sobering testament to the sacrifice of those who gave their lives in the defense of freedom. Brandon was killed in the line of duty when the plane he was commanding was shot down over Afghanistan on April 27, 2013. A distinguished officer, accomplished pilot and dedicated friend, Brandon received the Meritorious Service Medal, five Air Medals and the Air Force Achievement Medal. At the time of his death, Brandon had logged 1,700 flight hours--900 of those in combat. Brandon enters into the honored company of those who, in the words of Abraham Lincoln, ``gave the last full measure of devotion'' so ``that this Nation might live.'' It is with heartfelt gratitude that I recognize Brandon, his family, and American veterans and their families everywhere for their service and dedication to this Nation.

Mr. HULTGREN

Mr. HULTGREN. Madam Speaker, the President's health care law is full of broken promises, and these are only becoming more evident as the law begins to take effect. His law promised affordable health insurance for all Americans, a fine goal. But since 2008, health care premiums have actually increased by over $3,000. His law promised universal health care coverage, but according to the Congressional Budget Office, the law will leave 30 million Americans without insurance. His law promised to help Americans with preexisting conditions, but the program it set up to care for them is already turning qualified applicants away. And the once promising future of medical innovation in America has been stifled by his new taxes and regulations, including its poorly conceived tax on medical devices, the repeal of which I have cosponsored here in the House. Madam Speaker, we've also already seen that it's caused small businesses to cut back worker hours. And the uncertainty over pending regulation makes businesses, small and large, hesitate to hire new people or make new investments, slowing down our economic recovery. It's time for repeal and real reform.