Randy Hultgren

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I thank the chairman. I do want to thank my colleagues for being here. I think this is a really important discussion that we are having today. It is such an honor to serve with all of my colleagues. I do think some who have spoken opposed to this legislation really don't understand the impact. There is nothing in this legislation that takes away any disclosures. Disclosures still remain. The same disclosures that have been in place for 30 years remain exactly there. This does not have anything to do with Enron, a publicly traded company. It is completely different. This is private sector. This is opening up opportunity. I think, by arguing against this, ultimately, it is taking away opportunity from employees to benefit. It is such a privilege to serve with people like the gentleman from Maryland (Mr. Delaney), who was part of this, opening up opportunities to hundreds of families. Congressman MacArthur, similarly, opened up opportunities that changed lives, as well as Congressman Trott, who is going to be speaking as well. They opened up opportunities to people who would never have had opportunity to own a company, to own that and to have it completely change their family and their future. I rise to support H.R. 1343, the Encouraging Employee Ownership Act of 2017. My legislation is based on a simple principle: Employees who own a stake in the company they work for every day want to see it do well and will do their best to make sure that that business succeeds. Their sense of ownership over details, large and small, makes a real difference to the bottom line and, just as importantly, to the quality of life of the employers and employees. When the company succeeds, the employee succeeds. The business, in turn, receives a large boost in productivity, enabling it to expand its reach and invest in new technology and equipment. EEOA would make it easier for companies in Illinois and nationwide to let hardworking employees own a stake in the business they pour their sweat into every single day. This benefit also helps companies attract top talent, even if the company is just starting out. Warren Ribley of the Illinois Biotechnology Industry Organization, which represents companies that employ thousands of residents in the 14th Congressional District, believes: `` . . . offering an ownership stake to employees is a critical tool in recruiting top talent to job- generating companies. And there is no doubt that an equity stake encourages employees to drive hard for success of that enterprise.'' Unfortunately, some companies are shying away from offering employee ownership because of regulations that limit how much ownership they can safely offer. SEC rule 701 mandates various disclosures for certain privately held companies that use more than $5 million worth of securities for employee compensation per year. This threshold was arbitrarily set by the SEC in 1999. For businesses that want to offer more stock to more employees, this rule forces those businesses to make confidential disclosures that could greatly damage future innovation if they fell into the wrong hands; this includes business-sensitive information, including the financials and corresponding materials like future plans and capital expenditures. The SEC's original rulemaking acknowledged these concerns. And these disclosures aren't just risky, they are costly. As the Chamber of Commerce has explained, the Encouraging Employee Ownership Act would instead ``help give employees of American businesses a greater chance to participate in the success of their company.'' EEOA builds off the JOBS Act reform to rule 12(g), which increased the number of shareholders of record that a company could have without SEC registration from 500 to 2,000 and exempted employee compensation securities from the registration requirements. This idea championed in the JOBS Act, that the law should treat employee compensation securities differently than traditional securities, has not been extended to the SEC rule 701. My bill is simple. It is a bipartisan fix. EEOA raises the outdated threshold for enhanced disclosure from $5 million to $10 million, keeping pace with inflation every 5 years. We are taking something that is already working and making it available for even more companies and, more importantly, more employees. To be clear, issuers who are exempt from enhanced disclosure would still have to comply with all pertinent antifraud civil liability requirements. Furthermore, the employees purchasing these securities observe the business they work for every day and have a closer perspective on its operation that is not available to the traditional investor, thus negating the need for additional disclosure. We should applaud the employee ownership from the board room to the shop floor. I thank the bipartisan cosponsors of this EEOA legislation, especially Congressman Delaney for his hard work and Congressmen Stivers, Sinema, Higgins of New York, MacArthur, Gottheimer, and Trott. I thank Speaker Ryan and Chairman Hensarling for their support in advancing this critical legislation.

Mr. HULTGREN. Mr. Speaker, I thank the gentleman from Colorado (Mr. Polis) for offering this important amendment to study the impact of this legislation on employee ownership. I believe that employee ownership opportunities should be made widely available to all employees of a company, from the boardroom to the shop floor. As the gentleman from Colorado (Mr. Polis) stated, this legislation is an important step forward to increasing ownership opportunities and gives companies more flexibility to make those opportunities available. We should understand how this legislation would help increase participation for employees at all key levels. A study will help us understand what we can do in the future to incentivize employee ownership and increase employee ownership participation. If the gentleman would withdraw his amendment, I would like to work with him in requesting GAO to carry out this study.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to congratulate the Geneva Vikings girls basketball team on winning their first Class 4A State championship at ISU's Redbird Arena on Saturday. Facing the Edwardsville Tigers, the Geneva High School girls fought a close back-and-forth game until its final minutes. Beating an unbeaten team is no small feat. With just 3.7 seconds left on the clock, junior guard Stephanie Hart made a shot to give the Vikings a one-point lead. As center Grace Loberg then stole the ball from the Tigers to run out the clock, the Tigers were unable to answer, giving Geneva the win, 41-40. Virtually the same thing had happened in the semifinal the day before, when junior guard Margaret Whitley scored the game-winning point with just seconds left. Clearly, the Vikings do well under pressure. I applaud Coach Sarah Meadows and the Geneva Vikings on their achievement and their hard work. Go, Vikings.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I thank Congressman LaHood and Congresswoman Bustos. It is so good to be here with my friends and colleagues to join in mourning the loss and celebrating the rich life of Illinois' own Bob Michel, who passed away this month at the age of 93. Bob absolutely embodied a uniquely American combination of decency, civility, a commitment to public service, and a deep patriotism throughout his long life. Observers across the spectrum agree Bob Michel defined public service and bipartisanship during his long tenure in Congress as minority whip and as minority leader. Bob seemed to be uniquely called to the legislature and the legislative process. A workhorse instead of a show horse, Leader Michel steadily pushed forward conservative priorities in the House under both Democratic and Republican Presidents. Building relationships across the aisle and promoting civility and debate helped move legislation through the House Chamber. To him, treating others with respect and care was essential to making deals and moving forward solutions to American problems. And he cared little if he obtained credit for his efforts. As commented in the National Review, Bob ``made little noise, but made things work.'' Bob was also a patriot. This son of Illinois was a war hero who landed at Utah Beach at Normandy. During the war, he was wounded and awarded two Bronze Stars and the Purple Heart, among other recognitions. He now joins fellow Americans of that Greatest Generation whose humble and steady love for country carried us through difficult seasons. I wish his family peace and hope during their time of mourning. He will be deeply missed.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, it is a bitter reality that universal human rights are under daily assault around the world. I rise today joining in celebration and in mourning with Chinese democracy activist Zhu Yufu. This past week, he turned 64, but he marked the occasion in prison. Zhu Yufu has devoted his life to promoting democracy and human rights, to the ire of Chinese authorities. In 2012, he was condemned to 7 years imprisonment on unjust charges. Since then, his health has deteriorated, made worse by denial of medical care and inhumane treatment. His family fears for his life. The poem that led to Yufu's imprisonment is called ``It's Time.'' I completely agree. It is time. It is time for the Chinese government to provide Zhu Yufu with proper medical treatment and humane care. More than that, it is time for the Chinese Government to release Zhu Yufu and political prisoners like him who are unjustly detained. It is time for the Chinese Government to recognize and support freedom of speech, assembly, thought, and belief.

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. Madam Speaker, I thank the gentlewoman from Wyoming. I am so grateful to be here to talk on this important subject. Madam Speaker, Thomas Jefferson once said: ``The care of human life and happiness, and not their destruction, is the first and only object of good government.'' It is with Jefferson's words in mind that I rise today as an original cosponsor in support of the No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act. This legislation sustains Mr. Jefferson's vision of good government. It makes permanent the Hyde amendment restricting Federal funding for abortions and thereby ensuring the care of human life and not its destruction. Most Americans oppose the use of their tax dollars to pay for abortions. Since 1976, the Hyde amendment has saved nearly 2 million unborn children and continues to save more than 60,000 lives in the United States every year. Americans also deserve to know--before they purchase it--if their healthcare plans cover elective abortion. H.R. 7 addresses the abortion secrecy clause in the Affordable Care Act. It requires qualified plans to disclose to enrollees at the time of enrollment whether a plan covers abortion. Americans should never be forced to pay for someone's abortion. This legislation will restore the status quo on government funding for elective abortions and make this policy permanent and consistent across the Federal Government. I commend Congressman Smith and Congressman Lipinski for their bipartisan cooperation in introducing this bill, and I am pleased to support it.

Mr. HULTGREN

Mr. HULTGREN. Madam Speaker, I want to give a sincere thank-you to our distinguished chairman, Mr. Smith--the chairman of the Committee on Science, Space, and Technology--for his work in this Congress and in past Congresses in bringing this bipartisan package of legislation to the floor. I also thank my good friend and colleague Congressman Perlmutter from Colorado, who has been just an active joint member in moving this forward. I am so grateful for his efforts and his work. Madam Speaker, the DOE Research and Innovation Act contains a number of bipartisan provisions that put in place clear research and development priorities so that Americans can maintain their leadership position on the world stage and continue attracting the best and the brightest to the only place they can do their work. While I have the pleasure of representing Fermilab, our Nation's only dedicated high energy physics laboratory, I have also had the opportunity to visit with and to meet researchers from across the Nation who rely on our national laboratory system to do their work. More than 30,000 researchers a year visit the DOE user facilities, such as the Advanced Photon Source at Argonne National Laboratory, just outside my district. These facilities are normally operating 24/7, with researchers blocking off time--sometimes just minutes--to use equipment that no one university or business could build and maintain on its own. This is why our national labs are truly the crown jewel in our research ecosystem. The DOE Research and Innovation Act includes key provisions from my prior legislation of improving technology transfer and helping get research from the ``valley of death'' to a point at which the private sector can pick it up and run with it. This legislation also frees up the labs to be more nimble and work more easily with outside entities, such as with nonprofits and universities. Another provision in this legislation should, hopefully, be a key priority for the incoming administration. Right now, China not only has the fastest computer in the world, but the two fastest computers in the world. Legislation which this body previously passed and is included in this bill would call on the DOE to carry out a program to build an exascale computer, which is close to the speed of the human brain. The United States' computing capabilities have a wide-ranging use and applications, and the DOE has led the way in developing this technology. One of the primary missions at the DOE is the maintenance of our current nuclear stockpile. This is largely carried out through complex simulations which require these increasingly powerful machines, but the crosscutting benefits of this research may have the greatest impact. When the NIH began its work on sequencing the human genome, it was only a moonshot mission that many thought was not yet feasible. Computing facilities at the DOE basically proved the concept and allowed this work to be completed. In the era of precision medicine and with the recent passage of the 21st Century Cures, our computing facilities must be tapped to realize the benefits of targeted treatments and cures. Among other research priorities, this legislation also calls on the DOE to resume its low dose radiation research program. This is something I supported in the last Congress, working off recommendations from the scientific community to fill the gaps in our knowledge of the human health impacts from low dose radiation. I urge all of my colleagues to support this important bill. I thank the chairman and the ranking member for their bipartisan work to begin this Congress by passing pro-growth, pro-science legislation.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, during Human Trafficking Awareness Month, I rise in support of the 21 million men, women, and children worldwide who are victims of this insidious enterprise. Human trafficking is nothing less than modern-day slavery. It targets society's most vulnerable, stealing their souls and depriving them of any hope to escape a downward spiral of despair. Nations must be held accountable for their efforts to eradicate human trafficking within their borders, which is why, today, I am reintroducing the Sex Trafficking Demand Reduction Act. This legislation targets the demand for commercial sex because the evidence is clear that, where markets for commercial sex exist, human trafficking proliferates as well. The bill requires governments to take the initiative to eliminate the demand for purchase of commercial sex in their efforts to combat human trafficking overall. As a member of the Congressional Human Trafficking Caucus, I am pleased to see Congress taking a leadership role in the fight against human trafficking. We are getting closer to the day when human trafficking will no longer represent a blight on humanity and we will see victims and survivors created in God's image fully restored.

Mr. HULTGREN

Mr. HULTGREN. Mr. Chairman, I rise today to speak in support of the SEC Regulatory Accountability Act. I thank the gentlewoman from Missouri (Mrs. Wagner) for championing this important legislation. Those of us who were in Congress last year will remember the leadership of Scott Garrett in ensuring our financial regulators, especially the SEC, make use of robust cost-benefit analysis while imposing rules on businesses and the American people. That is why this bill was reported from the Financial Services Committee with bipartisan support in the 114th Congress and has consistently received votes from both sides of the aisle in the past. Policymaking can be tough. There are always dozens of pros and cons that need to be considered. Every good idea, even those with the best of intentions, likely have minor drawbacks. However, the idea of ensuring benefits exceed the costs should not be a partisan one. We are simply saying that our government's policies should do more good than harm. You might be surprised to hear that the SEC's Inspector General has issued a report expressing several concerns about the quality of the SEC's economic analysis. It found none of the rulemaking it examined attempted to quantify either benefits or costs other than information collection costs. However, our job creators and investors know the scope of the potential cost is far broader than this. That is exactly what the SEC Regulatory Accountability Act does. It strengthens the cost-benefit analysis at a key regulator overseeing our financial markets. While the SEC has some existing cost-benefit-related policies put forth by its staff, this bill would strengthen those requirements and ensure that they are codified so that we can be certain that future generations benefit from prudent rulemaking. It would also subject the SEC to Executive Orders 12866 and 13563 issued by Presidents Clinton and Obama. Oddly enough, some have even made the argument that rules promulgated by the SEC should not be subject to cost-benefit analysis if they were mandated by Congress. I don't know where they got this idea, but it is a chilling reminder that Congress must do more to ensure that the SEC avoids politically motivated rulemaking that disregards the foundations of sound policy. In testimony before the committee last year, Dan Gallagher, a former Republican SEC Commissioner, noted the CEO pay ratio disclosure rule as a prime example of agency lawyers taking advantage of loopholes in the cost-benefit analysis rules and imposing significant burdens on public companies. This could become a slippery slope if not stopped by Congress. We have an opportunity today to protect our capital markets, investors, and job creators by ensuring that the SEC is doing less harm than good. I would urge all of my colleagues to vote in favor of sound policymaking criteria and support Mrs. Wagner's important legislation.

Mr. HULTGREN

Mr. HULTGREN. Mr. Chairman, I thank the gentleman from the Subcommittee on Capital Markets and Government Sponsored Enterprises for yielding to me and, also, thank Chairman Hensarling for his work. Today, I am proud to speak in support of the Helping Angels Lead Our Startups, or HALOS Act. I would also thank Chairman Chabot and Congressman Sinema for putting forth this important bipartisan legislation, and I am a proud cosponsor. I am fortunate enough to regularly hear from innovators across Illinois and through my work on the House Science, Space, and Technology Committee. These are the people who harness technology to accomplish the impossible, whether that is making life-changing medical breakthroughs or just finding a better way to do everyday tasks. As we all know, startups are the job creators that drive our economy by creating new jobs that can get our constituents back to work. Angel investors play a key role in the earliest stages of these startups. They provide the initial rounds of funding to help these life-changing ideas get off the ground. We shouldn't have unnecessary barriers in place for our innovators to have access to the capital they need to grow. The situation we currently find ourselves facing is frustrating for startups and potential investors. There is some regulatory uncertainty from implementation of the JOBS Act. In short, Regulation D may imply a demo day is a general solicitation, which would require companies to identify if investors meet the definition of accredited. If demo days are treated as general solicitations, startups and investors are required to comply with burdensome, third-party verification rules. However, the purpose of these demo days is not to seek investors. It simply is to promote good ideas. No solicitations or sales of securities take place. This confusion may prevent any conversation--even a very informal one--between angel investors and startups from happening. This can be easily clarified by the legislation under consideration today. As I mentioned, startup companies frequently participate in demo days to increase the visibility of their company, explain their ideas, and hope to informally attract investors. These demo days are sponsored by a variety of organizations interested in promoting innovation and job creation. For example, the University of Illinois' Research Park told me that this bill would make things like the Cozad New Venture Competition, Urbana-Champaign Angel Network or UCAN angel presentations, the Share the Vision technology showcase, pitch practice at EnterpriseWorks, and other public forums for startups in Illinois problematic. They want to encourage showcases of startups without fear of these programs constituting a formal fundraising solicitation to report to the SEC. The bill simply clarifies SEC regulations to ensure startups may participate in educational demo days without having to verify that attendees are accredited investors. That is a commonsense, technical fix, and it is no surprise that we had such a strong bipartisan vote of approval in the House last Congress. I encourage all of my colleagues to support this job-creating legislation.

Mr. HULTGREN

Mr. HULTGREN. Article I, section 1: ``All legislative powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives.''

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I wish to recognize Boy Scout Troop 159 of the McHenry County Council in Illinois as they celebrate their 100th Anniversary this year. Thanks to First United Methodist Church of Woodstock, Troop 159 is one of the oldest continuously chartered troops in the country with thousands of Scouts having belonged to the Troop through the years. For more than a century, young men in the McHenry County area have had the opportunity to grow in character, physical fitness and civic duty through their time in Scouting. Although our world has changed dramatically since the inception of Troop 159, the skills and virtues needed to live honorably have not. Courage, empathy, resourcefulness and responsibility are timeless. Troop 159 has nurtured these qualities through Scouting and has been a constant source of positive influence on the surrounding communities. We look forward to the Troop's next 100 years of fruitful service. I salute Troop 159 for their service to our community and to the state of Illinois. To the Scouts, their family and friends that support them, we say thank you and congratulations on your 100th Anniversary.

Mr. HULTGREN

Mr. HULTGREN. I thank my very good friend, Chris Smith, for doing this. Madam Speaker, it is such a privilege to serve in this amazing place. Some of us have the opportunity--really, the blessing--to be able to meet our heroes. Some of us have the greater blessing of being able to actually not only get to meet them, but to work with our heroes; and those very special few get to become friends with our heroes. That is the feeling I have with Joe Pitts. Joe Pitts is truly a mentor to me, a hero to me, someone who has served so well in every step of his lifetime. I am here to honor him tonight, to thank him for his service, and to let him know that we are forever grateful. Joe Pitts is known for many things. Clearly, he is a man of faith. Faith is such a part of his life--his love for God, his love for Jesus Christ. His passion for serving Him influences everything he does. I also love Joe Pitts' commitment and love for his family. Joe and his wife have had a long tradition--for many years--of having grandkids camp, where they will have grandkids--no parents allowed--come and be with them for a week. They will take special trips, do special training, raise up the grandkids to love God, to love this Nation, and to share the values that are so important to Joe and his family. I am also so grateful for his service here in this Congress. Joe has been faithful over his years. He was tapped early on to be the leader of the Values Action Team so as to recognize that our values are so important. We need champions every single day to be looking out and to be making sure that we are passing legislation that reflects our values--the values of our Founders, the values of so many who have led throughout our Nation--and to be making sure that we are going in the right direction as we go forward. Joe has been faithful there as well-- a champion for life, a champion for the persecuted, especially for the religious persecuted around the world. He has been fighting for them, stepping up for them, making sure that their voices are heard. Fighting for the unborn is something that is a passion--a big part--of Joe's life as well. I am forever grateful to have had the privilege not only to meet Joe Pitts, to get to know Joe Pitts, but to say that Joe is a friend of mine. Joe, thank you for your service to America. Thank you for your love for your God and for your family. Thank you for all that you have done to make America this wonderful place and for leaving not only a heritage, but such a rich challenge as we go forward to protect the wonderful values that we enjoy. We appreciate you. God bless you, Joe, and God bless America.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to recognize three friends and colleagues from Virginia who have served the House of Representatives and the American people faithfully and with whom I have enjoyed working during our time together in the House. Congressmen Scott Rigell, Randy Forbes and Robert Hurt will be greatly missed, and I personally will miss them as they leave office at the end of this 114th Congress. I have valued Scott Rigell's strong faith and commitment to regular Bible study ever since we entered Congress together in 2011. He regularly seeks God's wisdom as he serves his constituents. I have appreciated the way in which he models his faith and convictions as a servant of the people. Randy Forbes has also demonstrated that true wisdom comes from the Source of all wisdom. His founding of the Congressional Prayer Caucus as a body to encourage Members of Congress as they seek the Lord in all things has been meaningful to me personally and an inspiration to many of our like-minded colleagues. Robert Hurt and I have worked together on the Financial Services Committee, and I have appreciated his role defending our community banks as Vice-Chair of the Capital Markets Subcommittee. I've had the great opportunity to work with him on the Investment Advisers Modernization Act and his contribution has made it easier for private equity to invest in our economy and grow jobs. As they return to private life, each one of these men should be proud of the service they have rendered to their constituents and their country and the mark they have left on this institution and on those, like myself, who have had the privilege to serve alongside them.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to honor the 175th anniversary of Kendall County, Illinois. Favorable conditions back in the 1830s persuaded hundreds of immigrants to load their wagons and head west to settle on the Illinois prairie. These early settlements became the seeds of Kendall County, a thriving, 320-square-mile area west of Chicago that is home to friendly people, rich farmland, and a strong base of manufacturing and small businesses. The legislation creating Kendall County, approved by the Illinois Senate and House, was passed into law on February 19, 1841. It was named Kendall in honor of U.S. Postmaster General Amos Kendall, who served under President Andrew Jackson. Throughout its history, the county has stood the test of time and continues to grow and prosper today. In fact, the county boasts more than 114,000 residents and holds the record as the fastest growing county in the United States, with an impressive rate of more than 110 percent growth. I am proud to call Kendall County my home and celebrate its 175th year of history and prosperity.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, more than a year ago, Congress passed and the President signed into law an overhaul of veterans' health care. The Veterans Choice Program nominally gave our Nation's veterans more health provider and service options. However, despite having more than a year to implement it, local VA facilities are refusing to work with new providers to get veterans the care they need. The VA claims its hands are tied, but by what? Through the Veterans Choice Program, the men and women who have served our country are entitled to vital home care services that are critical to follow-up care and medication adherence assistance, especially for disabled veterans and those without access to transportation. My conversations with the VA have yielded only excuses. Our vets deserve results. I ask again, how many veterans are waiting for physician visits? How can the VA sit on its hands while our Nation's veterans wait and suffer? I ask my colleagues to join me. Let's be a voice for our veterans and demand the VA give these heroes access to and reimbursement for the care they need and deserve.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today, on International Day of Peace, to applaud the efforts of Connect2Peace, the Peace Coalition the Rock River Valley, to draw attention to the plight of children and refugees whose lives have been forever disrupted by war. Tonight, Rockford University and Connect2Peace will host a conversation on ``How to Help Refugees Rebuild their World,'' featuring Melissa Fleming, the United Nations High Commissioner for Refugees. As chief spokesperson, Ms. Fleming speaks around the world on behalf of the more than 65 million vulnerable and voiceless people, half of which are children who are displaced from their homes by war, conflict, and persecution. Helping refugees rebuild amid war and poverty is difficult and complicated, but there is hope. Groups like Kids Around the World in Rockford have stepped in to feed children and help them enjoy their disrupted childhood through donated playground sets. People like Denny Johnson, founder of Kids Around the World, and U.N. Commissioner Melissa Fleming work tirelessly to bring hope into seemingly hopeless situations. As an executive committee member for the Tom Lantos Human Rights Commission, today I urge us to pray and act for peace in our world.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today in support of H.R. 5424, the Investment Advisers Modernization Act. I am proud to be a cosponsor of this legislation, which was introduced by Congressman Hurt. I would especially like to thank Speaker Ryan and Chairman Hensarling for their work in bringing this up for a vote today. Private equity has a long history of making a positive difference for Illinois companies, their employees, and our communities. Over the last 10 years, private equity firms have invested hundreds of billions of dollars in Illinois-based companies. In fact, Illinois ranked number one nationally in attracting private equity investment in 2015, according to the American Investment Council. It comes as no surprise that these companies, backed by strong financing and experienced management, with innovative products and services, support hundreds of thousands of workers and their families. In addition to the economic growth driven by private equity, we also shouldn't overlook its importance to investors. For example, the State Universities Retirement System of Illinois and its 200,000 members depend on investments in private equity-backed companies. So why shouldn't we, as legislators, seize an opportunity to make private equity investment easier? This bill would make relatively modest updates to a 76-year-old Investment Advisers Act. Our securities laws are meant to reflect the sophistication of the investors. We should not apply cumbersome regulations intended for less-sophisticated retail investors to professionals with deep knowledge and expertise of investment advising. The majority of private equity funds in Illinois are middle market and do not have large administrative staffs. Generally, the staff is just one or two finance professionals. The proliferation of rules, reporting, and regulation at both the Federal and State level has severely taxed these firms and taken valuable resources away from the important job of identifying, investing in and growing companies and, thus, growing our economy. The Investment Advisers Modernization Act will reduce administrative costs, making it easier to invest in our communities, and improve the rate of return, whether they are saving for retirement or for a university's endowment. In closing, I would like to thank Chairman Hensarling again and Mr. Hurt for their leadership on this legislation. It is no surprise that such a commonsense bill already has a strong bipartisan record. I urge all of my colleagues to support the Investment Advisers Modernization Act.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today in support of H. Res. 844, which provides for the consideration of H.R. 2357, the Accelerating Access to Capital Act, and H.R. 5424, the Investment Advisers Modernization Act. I know how hard my colleagues on the Financial Services Committee worked in crafting this legislation that will strengthen our economy. I am, also, grateful for the hard work to make sure that this is a bipartisan effort. I was proud to support this legislation in the committee, and I am hopeful it will see a strong vote of approval when voted here on the House floor. I am proud to join Representatives Vargas, Stivers, Foster, and Sinema as a cosponsor of Mr. Hurt's legislation, H.R. 5424, the Investment Advisers Modernization Act. The modest changes that this legislation would make makes it easier to invest in job creators, our families, and our communities. Dan Gallagher, a recent Commissioner of the Securities and Exchange Commission, agrees and has testified in the Financial Services Committee that the bill ``preserves the registration regime for private fund advisers while at the same time removing or modernizing--in rather modest ways--some of the more unnecessary, outdated, and overly burdensome requirements of the now 76-year old Advisers Act that drive costs up for funds and investors, and hinder the efficient allocation of capital to help grow businesses and create jobs.'' These changes will make it easier to invest in our communities, and these administrative savings then can be passed on to investors. The Accelerating Access to Capital Act, led by my colleague on the Financial Services Committee Mrs. Wagner, would make it easier for small businesses and entrepreneurs to access the capital they need to grow their companies and create jobs. It is important that we have smart regulations in place that provide certainty to investors and to our markets. It is equally important that the Securities and Exchange Commission not unnecessarily inhibit capital formation. In fact, the agency has a mission that states these two things should be treated with equal importance. This important package of legislation includes relatively modest but meaningful changes to our securities laws that will improve access to capital for smaller businesses and entrepreneurs without jeopardizing consumer protection. Title I of this package authorized by Mrs. Wagner makes it easier for more small companies to use a less burdensome document when registering with the SEC. Over the last 5 years, the number of smaller companies-- those with less than 500 employees--has declined. This is the first time that this has happened since the U.S. Census Bureau began keeping data on the subject. In 2012, the SEC's Government-Business Forum on Small Business Capital Formation report included a recommendation to modernize and expand the utility of form S-3 for a great number of public companies. This is just what Mrs. Wagner's legislation proposes to do. Furthermore, the report noted that investor protection concerns have been substantially eliminated with the advanced information technology, including EDGAR, which is the SEC's electronic disclosure filing system. The Accelerating Access to Capital Act includes two other very important titles. The gentleman from Minnesota (Mr. Emmer) has put forth legislation that would exempt certain micro offerings from the registration requirement of the Securities Act of 1933. This important change in law would allow a startup business--the engines driving growth in our economy--to solicit friends and family to invest in their businesses. Investors with a preexisting relationship with those most committed to the company's success likely have the greatest understanding of its growth trajectory and prospects for generating a healthy return on investment. This will allow small business to access capital without having to navigate more complicated Federal securities registration or win approval of the SEC. Mr. Emmer's legislation will help fuel growth on Main Street and help create the jobs our constituents deserve. Mr. Garrett, the chairman of the Subcommittee on Capital Markets and Government Sponsored Enterprises and a strong leader on these issues, has put forth legislation to ensure the SEC returns more of its focus to supporting capital formation, just as Congress intended in the JOBS Act. Mr. Garrett's legislation would direct the SEC to revise regulation D, so fewer small businesses are required to register their securities with the agency. It would help eliminate some of the most excessive regulation we hear about far too often from our constituents. The legislation will allow entrepreneurs and small businesses to go back to doing what they do best--innovating and creating jobs--ensuring families in our communities have a paycheck to put food on the table, can cover the increasing costs of health care, and provide opportunities to help their children be successful in the world. Again, I would like to thank Chairman Hensarling and my colleagues on the Financial Services Committee for all of this hard work. I encourage all of my colleagues to support the rule and the legislation to follow.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to honor Waubonsee Community College, which is celebrating 50 years of service to northern Illinois. Founded in August of 1966, it was named after a Native American chief, whose name means ``early dawn,'' and provides innovative education to its students. Offering career programs, business training, and professional learning, the college has stayed true to its mission of fostering a literate, democratic society through accessible, quality, and innovative institutions. This month, Waubonsee will reopen its Aurora Fox Valley Campus, dedicated to health programs. Critical to Waubonsee's success is President Dr. Christine Sobek. As a member of my Higher Education Advisory Committee, she regularly provides me with advice and wisdom on the needs of community colleges and guidance on improving education policy at the Federal level. I am grateful for her friendship and leadership in offering students high- quality education. Congratulations, Waubonsee, on your 50th anniversary. Your hard work helps our community's students succeed.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise to honor the Nation's very first public community college, Joliet Junior College, on its 115th anniversary. Two Illinois community leaders, J. Stanley Brown and William Rainey Harper, founded the college in 1901 to provide high school graduates the fruits of higher education without forcing them to leave their communities. Over the next 20 years, JJC grew from 6 enrolled students to almost 100, and it later evolved its curriculum to include business, technological, and industrial education. With the end of the wars, JJC and other 2-year institutions served vital educational roles for veterans who were returning to their communities. Joliet Junior College inspired an entirely new model for higher education, one that suited the needs of both the Nation and its citizens, one that allowed both flexibility and quality, and one that continues to be urgently relevant today. Brown and Harper's vision of community-organized, community-focused education has since become a touchstone for millions of young American students. This year, the 14th District of Illinois honors Joliet Junior College for its pivotal role in the advancement of higher education in America.

Mr. HULTGREN

Mr. HULTGREN. Madam Speaker, I rise today to honor and award St. Charles School Board member Steve Spurling and his wife, Diane, with a Citizen Hero Award for acting quickly to protect the life of a woman in distress. On May 3, the two were walking their dog when a woman ran out of her house bloodied, falling on the driveway, and calling for help. While the Spurling family rushed to aid their distressed neighbor, a man exited the house yelling for the woman before pulling out a gun and shooting five times at the group. Reacting quickly and selflessly, Mr. Spurling tackled the shooter from behind, disarmed him, and held him down. The woman was rushed to Delnor Hospital in Geneva and has recovered from her injuries. Steve serves our community by providing educational leadership, and both he and his wife acted courageously to save the life of their neighbor. The 14th District Citizen Hero Award recognizes exemplary constituents in my district who inspire others with their commendable actions. Steve and Diane, it is my pleasure to represent you and extend our district's heartfelt gratitude with this award.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, a central principle in our Nation's history has been a clear rejection of government forcing someone to take an action that violates their religious or moral convictions. Americans rejected being forced to return runaway slaves. We rejected forced conscription against conscientious objections. We reject being forced to support State-run churches. And now we must reject the forced participation in the killing of unborn life. No one should be forced to have an abortion, no one should be forced to participate in an abortion, and no one should be discriminated against for refusing to collaborate in an abortion. When government endangers these protections and discriminates against healthcare providers who are holding fast to their moral convictions, it is time to provide safeguards. That is why I urge the House to pass S. 304, the Conscience Protection Act of 2016. No one should be forced to purchase health plans that cover abortions. Certainly, no one--nurses, doctors, or other healthcare providers--should be forced to help carry out an abortion against their conscience. Certainly, no one should be punished or discriminated against for refusing to carry out this gruesome procedure.