Randy Hultgren

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3110) to amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. HULTGREN. Mr. Speaker, I yield myself 3 minutes. Mr. Speaker, statesman, member of the Greatest Generation, lifetime public servant--these are fitting words as we consider S. 1616, unanimously passed legislation to honor Senator Bob Dole with a Congressional Gold Medal. The Congressional Gold Medal is the highest expression of national appreciation for distinguished achievements and contributions that the Congress can bestow upon one of our fellow citizens. I would like to thank Congresswoman Lynn Jenkins and the 86 bipartisan cosponsors for coming together to introduce this legislation to honor Bob Dole. Recipients of the Congressional Gold Medal ``have performed an achievement that has an impact on American history and culture that is likely to be recognized as a major achievement in the recipient's field long after the achievement.'' For Bob Dole's lifetime of public service--as a soldier wounded in battle; State legislator; United States Representative; United States Senator; nominee for both President and Vice President; tireless advocate for the disabled, our veterans, and the hungry--awarding this great American with a Congressional Gold Medal is the least we can do today. I encourage all of my colleagues to join me in supporting this. Mr. Speaker, I reserve the balance of my time.

Mr. HULTGREN. Mr. Speaker, first, I would like to thank my friend, the ranking member, Maxine Waters, for her kind words. Mr. Speaker, I yield 5 minutes to the gentlewoman from Kansas (Ms. Jenkins), sponsor of the House companion legislation.

Mr. HULTGREN. Mr. Speaker, I yield 3 minutes to the gentleman from Kansas (Mr. Yoder).

Mr. HULTGREN. Mr. Speaker, I yield 3 minutes to the gentleman from Kansas (Mr. Marshall).

Mr. HULTGREN. Mr. Speaker, I also have no further requests for time, and I yield back the balance of my time.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2864) to direct the Securities and Exchange Commission to allow certain issuers to be exempt from registration requirements, and for other purposes, as amended.

Mr. HULTGREN. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and include extraneous material on this bill.

Mr. HULTGREN. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 2864, the Improving Access to Capital Act. I want to start by thanking the Democrat and the Republican who are the chief sponsors of this bill, the gentlewoman from Arizona (Ms. Sinema) and the gentleman from Indiana (Mr. Hollingsworth). It is always a pleasure to bring good bipartisan legislation to the House floor, especially when the bill is sponsored by my colleagues on the Financial Services Committee. To continue this job growth and ensure that we have a stronger and healthier economy with opportunities for all Americans, we must encourage small business growth, and this starts with ensuring that they have access to the capital and credit that they need to grow. This bipartisan bill will help the American economy. It will make it easier for companies, particularly small businesses, to access capital. This is incredibly important because small businesses are the heart and soul of the American economy. In fact, they help to create more than 60 percent of the Nation's net new jobs over the past 2 decades. This bipartisan bill before us today carries forward the mission of another bipartisan bill, the JOBS Act of 2012, to increase capital formation in our U.S. markets so more American workers would be able to find good paying jobs. As part of the JOBS Act, the Securities and Exchange Commission was directed to expand something called Regulation A, which is a critical tool for companies that are trying to raise small amounts of money. And the aptly named ``Regulation A-Plus'' the SEC came up with has been effective. With Regulation A-Plus, prospective issuers have publicly filed 147 offerings seeking up to $2.6 billion in financing. As a comparison, in the 12 months leading up to Regulation A-Plus, there were only about 50 filings seeking to raise $159 million. As we are seeing, Regulation A-Plus has opened up an avenue for these small companies to seek financing through the capital markets that will help grow their businesses. And according to the SEC, these companies are small, early-stage businesses with median assets of $100,000 in limited collateral, which often restricts their ability to obtain a bank loan or other financing. Unfortunately, not all are able to benefit from Regulation A-Plus. As part of its final rule implementing the JOBS Act, the SEC excluded some small companies. This was contrary to the intent of Congress when we approved the JOBS Act. As a result of the SEC's final rule, some smaller and midsize companies have been shut out from the benefits of Regulation A-Plus. Additionally, smaller investors also suffer by not having the opportunity to participate in the public markets for early-stage companies and share in their growth. H.R. 2864 is a simple bill that fixes the problem I just described. H.R. 2864 would amend Regulation A-Plus to direct the SEC to include companies that are fully reporting under the Securities Exchange Act. This will help more small businesses gain access to capital so they can grow and hire more workers. At the same time, it will give small investors greater investment opportunities. H.R. 2864 was approved by the Financial Services Committee with the overwhelming support of both Republicans and Democrats. In fact, the vote in committee to favorably report H.R. 2864 was 59-0. Mr. Speaker, I urge adoption of H.R. 2864, and I reserve the balance of my time.

Mr. HULTGREN. Mr. Speaker, I yield 5 minutes to the gentleman from Indiana (Mr. Hollingsworth), a sponsor of this legislation and a member of the Financial Services Committee.

Mr. HULTGREN. Mr. Speaker, I have no further requests for time, and I reserve the balance of my time.

Mr. HULTGREN. Mr. Speaker, again, I thank Congresswoman Sinema and Congressman Hollingsworth for their great work on this. This is an important step that will help our small businesses access the capital that they need to grow and to hire more workers. Mr. Speaker, I encourage support on this legislation, and I yield back the balance of my time.

Mr. HULTGREN. Mr. Speaker, on that I demand the yeas and nays.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today pleased to welcome Pastor Scott Poling, who graciously delivered our opening prayer in the House this morning. For more than 20 years, Pastor Scott has faithfully led the congregation at Harvest New Beginnings Church in Oswego, Illinois, where my family and I attend. His passion for evangelism and outreach is contagious. Those touched by his ministry have seen firsthand his energy and passion for people around the globe. When he is not running ultra-marathons or playing tennis, he spends time expanding the church's international ministry, and has equipped African pastors with the leadership skills to carry God's truth into their congregations. Scott and his wife, Carla, are celebrating 26 years of life-giving marriage, along with their five beautiful children. Pastor Scott, we praise God for how your ministry has affected so many, and our legislative work is blessed by your prayers over us today.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, it is my privilege today to rise to recognize the 50th anniversary of the Sugar Grove Corn Boil, a volunteer-run annual summer festival bringing residents together to raise funds for local organizations doing good work in the community. This year, the corn boil is focused on helping families and organizations addressing autism. In 1967, the first ever corn boil brought Sugar Grove community members together for several hours in order to raise enough funds for the town's first ever street lamp. As a result of the festival's initial success, the community continued the tradition year after year. The Sugar Grove Corn Boil has grown from a one-day event to a four- day event that brings around 35,000 attendees annually. Even though the old steam engines that used to boil the corn are no longer in use, the tradition of corn in the community ensures the grain remains a staple of the festival. While the festival has grown in size and prominence, the mission has always stayed the same: to bring friends, family, and neighbors together to raise money for local organizations and for town improvement. In addition, the corn boil celebrates Sugar Grove's Citizen of the Year to remind the community of the difference one person can make. Every dime donated to the Sugar Grove Corn Boil is given back to the community, whether it is local groups, food banks, churches, or to meet village needs. I am pleased to share that this year's festival is dedicated to the effort to address autism. I commend the vital role the Sugar Grove Corn Boil organization and the members play in my community. I ask that all my colleagues join in acknowledging their great contribution to the individuals and families of the 14th Congressional District.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, this week we celebrate the 101 years after President Wilson proclaimed June 14th Flag Day, forever weaving together two Illinois families. The day created to recognize the national importance of that star spangled banner followed a years-long campaign by Batavia teacher Dr. Bernard Cigrand. Our flag's woven seams connect more than stitches of red, white and blue, however. On that fateful 1916 day, the daughter of the ``Father of Flag Day'' happened to share a seventh-grade classroom with a young Marion Moon. 53 years later, Marion Moon Aldrin's intrepid son planted the first American flag-or any flag, for that matter-on the surface of the Moon. Pioneering the reaches of space and armed with the American symbol of national identify, Buzz Aldrin lived up to his mother's maiden name, and honored the legacy of the Cigrand family. One Illinois city, two families and our entire nation have been woven together by Flag Day. May the red, white and blue forever be a beautiful reminder of the great spirit of our nation.

Mr. HULTGREN

Mr. HULTGREN. Mr. Chairman, I especially want to thank Chairman Hensarling and the entire committee for all their hard work in getting us to this point to be able to pass H.R. 10, the Financial CHOICE Act, a very important bill to reform significant parts of Dodd-Frank that are failing. The Financial CHOICE Act is an important recognition of the many mistakes that policymakers made leading up to and responding to the financial crisis. There is no doubt that the American people demanded changes from Washington when the financial crash led to higher unemployment, huge drops in home values, and lost hope and opportunities; but instead of reforms that would increase competition and decrease systemic risk, the Dodd-Frank Act grew government and piled new regulations on community banks and credit units and enshrined too big to fail into law. Forty-two community banks and 106 Illinois credit unions have closed their doors since Dodd-Frank was signed in 2007. This is unacceptable. I am grateful that regulatory relief legislation that I have championed is included in the Financial CHOICE Act, things like the Community Bank Reporting Relief Act and many other provisions that will provide great relief to our local financial institutions. That is what the Financial CHOICE Act is all about: giving opportunities back to local communities to make good financial decisions for their future.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to recognize the Republic of Azerbaijan as it recently celebrated the 99th anniversary of Republic Day. On May 28, 1918, the Azerbaijani National Council proclaimed the independence of Azerbaijan and the establishment of the Azerbaijan Democratic Republic. Thus, Azerbaijan became the first democratic parliamentary republic in the Muslim world. Since that day nearly a century ago and especially over the last 25 years, the United States has striven to develop, grow, and enhance its relationship with Azerbaijan and the Azerbaijani people. Azerbaijan is an ethnically diverse country where the predominately Muslim population coexists with Christian, Jewish, and other religious communities. The country has emerged as a leader in energy markets in the Caspian Region for several years now. The United States has long supported Azerbaijan's achievements and the United States seeks to maintain a strong bilateral economic relationship through the promotion of trade and investment. The United States and Azerbaijan continue to foster a strong and sturdy partnership and cooperate on economic and security issues. Azerbaijan has taken critical steps toward working with the United States on counterterrorism efforts. The American people appreciate and are grateful for the solid bilateral relationship forged over the years with Azerbaijan. I ask my colleagues to join me in congratulating Azerbaijan and its people on this the 99th anniversary commemorating Republic Day.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise during National Police Week to honor the men and women who every morning put on their badge and selflessly protect and serve our communities. Many heroically go above and beyond their duty. It was a privilege of mine to invite and sit next to Kendall County Sheriff's Deputy Tyler Johnson at last year's State of the Union Address. On New Year's night, he jumped into a freezing pond to rescue a motorist in a sinking car. These acts of heroism deserve our recognition. Yet, rarely do our officers receive recognition and thanks for their day-to-day work serving people. A police officer is the person that helps you when you are stranded on the side of the road. A police officer scours the neighborhood with your kids looking for a lost dog. They are the Illinois police departments that tomorrow are taking part in Cops on a Rooftop with Dunkin Donuts to help raise money for the Illinois Special Olympics. To police officers everywhere: Thank you.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to recognize the National Roofing Contractors Association (NRCA) headquartered in Rosemont, Illinois, and its efforts to designate the week of June 4-10, 2017 as National Roofing Week. The roof is one of the most important components of any home or business. It is the first line of defense against natural elements, such as rain, snow or wind, and yet it is often taken for granted until it falls into disrepair. National Roofing Week honors the thousands of roofing contractors and roofing-related businesses across the country and the industry's commitment to public service. National Roofing Week is a valuable reminder of the significance quality roofing has on every home and business in the United States. Established in 1886, NRCA is one of the nation's oldest trade associations and the voice of professional roofing contractors worldwide. Today, the NRCA has more than 3,800 members located across all 50 states and represents a variety of industry stakeholders, including roofing, roof deck, and water proofing contractors. Using its vast network of roofing contractors and industry-related members, NRCA is responsible for the installation of a majority of new construction and replacement roof systems on commercial and residential structures in America. Most of its members are small, privately-held businesses that provide high-paying jobs for thousands of hard-working families and individuals that are the backbone of our economy. Professional roofing contractors provide vital services to their communities, both on and off the clock, in all 50 states. NRCA members will recognize National Roofing Week on June 4-10 by supporting numerous charitable community service roofing projects throughout the nation. I commend the NRCA and the vital role the organization and its members play in every community and I ask all my colleagues to join me in acknowledging their contributions during National Roofing Week.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise to congratulate Don Davidson for 50 years of teaching and coaching at Yorkville High School, Aurora Christian, and Parkview Christian Academy. Coach Davidson's ability to inspire and energize his students of all ages has led them to hundreds of victories on the basketball court, earning him a place in the Illinois Basketball Coaches Association Hall of Fame. Not only does Don hold the second longest home winning streak in Illinois history, with 80 wins from February 1988 until February 1997, but his exceptional coaching has secured 677 career varsity wins, 10 IHSA regional titles, 5 IHSA sectional titles, and 3 ACSI Great Lakes championships. More importantly, Don is a generous, compassionate mentor who cares deeply about the lives of his students off the court. Don, thank you for your 50 years of service to our community and, most importantly, for embodying the life of Christ to your students and to their parents, like me.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to speak in support of H.R. 1219, the Supporting America's Innovators Act of 2017. This is another example of great bipartisan legislation that has been produced by the House Financial Services Committee. Mr. McHenry and Ms. Velazquez should be commended for their hard work on this important piece of legislation. Startups and small businesses are the primary job creators and engines for growth in our economy. Unfortunately, the Securities and Exchange Commission has not been focused enough on capital formation aspects of its tripartite mission. This has left thousands of companies interested in raising capital stuck complying with outdated regulations that make it more difficult for them to invest in growing their businesses. This means job creation and wealth building are not reaching their full potential. Certainly, the SEC should not overlook investor protection, but the number one concern of my constituents is jobs. This directly impacts their ability to put food on the table, get the car repaired, and pay for college. Today we have the opportunity to consider a noncontroversial bill that will make it easier for companies to raise capital without undermining investor production. The Supporting America's Innovators Act of 2017 increases the limit on the number of individuals who can invest in certain venture capital funds before those funds must register with the SEC as investment companies. Currently, the Investment Company Act limits the number of investors in an investment company fund to 100 if the fund is to be exempt from registration with the SEC, a burdensome requirement. This would permit angel funds, which run syndicates that allow accredited investors to participate in investing in startups, to obtain funds from a greater number of investors. As a result, investors will benefit from investment opportunities that otherwise they would have no access to. As noted by Kevin Laws of AngelList in written testimony before the Subcommittee on Capital Markets, Securities and Investments: ``With online fundraising and general solicitation becoming more common because of the JOBS Act, companies are bumping up against the limit more frequently. The current limit now acts as a brake on the amount of money the company wanted to raise, leaving tens of millions of dollars on the table that did not go into startups.'' Mr. Speaker, I urge all of my colleagues to vote in support of this legislation. A nearly identical bill passed the House last Congress with 388 votes in support, and we passed the bill out of the Financial Services Committee with almost no opposition.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I thank my good friend from Colorado. Mr. Speaker, I rise today to support the rule providing for consideration of H.R. 1219, the Supporting America's Innovators Act of 2017. This is a bipartisan piece of legislation that has seen productive debate and almost no opposition when it was considered by the House Financial Services Committee. The House considered a very similar bill last July that received 388 votes here in the House in support. Congressman Patrick McHenry has been steadfast in his dedication to finding opportunities to update our securities laws so we can harness the true power of our capital markets. In recent memory, this started with the JOBS Act, which was very bipartisan and has been crucial to reinvigorating our capital markets. However, there is still more we can do. The Supporting America's Innovators Act of 2017 increases the limit on the number of individuals who can invest in certain venture capital funds before those funds must register with the SEC as investment companies under the Investment Company Act of 1940. Currently, the act limits the number of investors in an investment company fund to 100 if the fund is to be exempt from registration with the SEC. This registration is an extremely costly regulatory requirement that is not always appropriate. The Chamber of Commerce describes this as a fix to what has come to be known as the ``99 investor problem,'' that is, the requirement that certain venture capital funds register with the SEC once they reach their 100th investor. Increasing this low threshold, originally set in the 1940s, would allow venture capital to continue to play the important role in the economy that it has in the past. Unless Congress updates this threshold, startups, the driver of job creation and economic growth in our districts, will continue to be choked off from what should be easily accessible and affordable capital. Mr. Speaker, I urge my colleagues to support this rule and to support this bipartisan legislation.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I want to thank my friends, colleagues from Colorado for their work on this, for their support of this important legislation. I rise today to speak in support of the rule providing for consideration of H.R. 1343, the Encouraging Employee Ownership Act of 2017. I am proud to be a sponsor of this legislation, and I am grateful for the consideration it has been given by the House, and I am encouraged by its strong record of bipartisan support. The bill has passed the House in prior Congresses as part of larger capital markets packages, but this is the first time the legislation will be considered on its own. We have had very constructive debate on the bill in the Financial Services Committee over the last few years. This debate has allowed us to build a strong consensus around this uniting principle: What is good for the company should also be good for the employee, and vice versa. We want it to be easy for companies to offer stock compensation to their employees. This is a company issue, and this is a jobs issue, but this is also a workforce issue. The title of this legislation does not betray its intent. We believe encouraging employee ownership is important. Agreement on the benefits of employee ownership has contributed to the strong bipartisan support enjoyed by this legislation. It has three Republican and three Democratic original cosponsors. Furthermore, the majority of Republicans and Democrats voted in favor of the Encouraging Employee Ownership Act when it was considered in the House Financial Services Committee just last month. We are simply expanding on something that is working. The Securities and Exchange Commission, the investor protection regulator, has never raised issue with reduced disclosures available under rule 701, so we are simply saying this tool should be made available to more companies and to their employees. We do this by adjusting for inflation the threshold for the amount of securities that can be issued each year under rule 701. Again, I want to thank my colleagues from Colorado. I want to thank all for the work in the Financial Services Committee, and I look forward to the House's consideration and, hopefully, passage of this important legislation.