Randy Hultgren

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I thank Chairman Smith. I appreciate all of his hard work and success. And I also want to thank Ranking Member Johnson for her bipartisan work on this legislation, as well as her work on H.R. 589 that we will be getting over the finish line a little bit later in this series. Quantum computing represents a paradigm shift in the way that we are able to ask questions and comb through data when doing complex computational problems. Like many things we do at the Office of Science, this endeavor requires time, effort, and commitment. Quantum computing was first theorized in the 1980s with researchers such as Richard Feynman, the physicist in my district I now know very well. While every particle physicist draws Feynman diagrams to explain the interaction of subatomic particles, his later work in this field may have just as lasting an impact that he has had on the field. I am proud to represent Fermilab in my district with the Feynman Computing Center on campus, and Fermilab is also a partner in the Chicago Quantum Exchange with Argonne, the University of Chicago, and other partners to further develop quantum systems outside of just computing. I look forward to the advancements this research will provide, but, more importantly, the people we will be able to help. We are getting to the point where we can actually use the reams of data we first got out of our genome project, and our ability to better use this and other data will help us find more targeted cures and develop better treatments. Similar to what we are doing in this legislation, I also want to thank the chairman and ranking member for their efforts on the Department of Energy Research and Innovation Act. This legislation contains a number of sections from legislation I introduced to improve the ability of our national labs to get ideas out of the lab and into the private sector. The increased flexibility this legislation gives to the labs will allow them to better work with universities and the private sector when there are capabilities that only exist in our labs. These labs have been a passion of mine, with the ability to see two of them up close in Illinois. I have seen the innovation engine they can be, not just for our Nation, but for local and regional economies. It is vital that we continue to support our laboratories, which host more than 32,000 researchers from across the Nation, touching nearly, if not every, university in the United States. This legislation gives the Office of Science clear direction on their mission, and I am pleased that we could work with the Senate to get this to the President's desk after this vote series. Again, I thank the chairman for yielding. I urge passage of these important bills.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today with a heavy heart at the passing of former Naperville, Illinois, Mayor George Pradel. Mayor Pradel was an extraordinary public servant who was universally loved. He was also a great mentor to me. Throughout my career in public service, George was always an insightful counselor and beacon of much- needed encouragement to me and to so many others, and I am very grateful for his faithful prayers for me and my family over the years. George had a tremendous impact on every individual he met, and he himself lived an extraordinary life. A Naperville native, George served his family, community, and country as a dedicated community catalyst, soldier, police officer, father, and mentor. As mayor, George served Naperville for two decades, from 1995 until 2015. His tenure ushered in a period of tremendous growth. Mayor Pradel was Naperville's number one cheerleader. His unbelievable energy and exuberance were infectious. I will miss George as a man I admired and a public servant I sought to emulate. He truly had a servant's heart. Today, we honor a life well lived. George Pradel embraced each day by celebrating the loves of his life: his God, his family, and his community; and I know his savior welcomed him, saying: ``Well done, good and faithful servant.''

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I first want to thank Chairman Hensarling and Ranking Member Waters for their hard work in crafting this bipartisan package of bills. If enacted, this much-needed legislation will deliver American small businesses and entrepreneurs improved access to capital, which we all know is the foundation for driving job creation and economic growth. I am pleased that two of my bills, which are very important to a number of stakeholders in Illinois, were included in this package. The Options Markets Stability Act will help maintain options for investors and support their ability to manage risk in volatile markets. The Expanding Investment in Small Businesses Act requires the SEC to study and provide a recommendation to Congress regarding the current limit on percentage of voting shares a diversified company may hold in a single issuer, which is currently discouraging funds from investing in small businesses. Mr. Speaker, I urge my colleagues to support this job-creating legislation.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I want to thank my friend and colleague, Mr. Walker, for yielding. Mr. Speaker, I rise today in honor and in memory of Corporal Jeffery Allen Williams from my district in Warrenville, Illinois. Jeff will be remembered by his fellow servicemen and women as a dedicated, tough, and disciplined medic who always put others before himself and was committed to his medical mission and fellow soldiers. Upon graduation from Wheaton Warrenville South High School, Jeff began his military training in 2003 at Fort Benning, Georgia. He continued his training at Fort Sam Houston, Texas, graduating as a 91 Whiskey medical specialist and basic emergency medical technician. In January 2004, Jeff was assigned to Fort Carson, Colorado, with Medical Troop, Support Squadron of the Third Armored Cavalry Regiment. Jeff deployed to Iraq in February 2005 with the ambulance platoon and was assigned as a medic for the regimental commander's personal security detachment. During his tour, Jeff recognized the dire need for qualified medics and decided to reenlist in order to further serve his fellow soldiers and his country. When his service would eventually end, Jeff intended to continue his college education and become a physician's assistant after his return from Iraq. Tragically, while serving in Tal Afar, Iraq, Jeff was killed in action on September 5, 2005. During his all too brief but distinguished military career, Jeff received various awards and decorations, including the Bronze Star Medal, Purple Heart, Army Commendation Medal, Iraqi Campaign Medal, Global War on Terrorism Service Medal, National Defense Service Medal, and the Army Service Ribbon. Jeff was also awarded the Combat Medic Badge. While Jeff is remembered by his Army colleagues as a dedicated and selfless soldier, he was that and much more to his family and friends at home. Those in the Warrenville community described Jeff as ``the gregarious glue that connected our social networks together.'' Jeff's sense of humor was magnetic, and his ability to connect with people and care about others was incredible. He befriended pretty much everyone in his class of 700 at Wheaton Warrenville South High School. Jeff had a special affection for new students and was their first friend, making a point to sit with them at lunch and including them in his group of friends. Everyone who knew Jeff loved him, and there were few people in the Warrenville community who did not know Jeff. Jeff and his younger brother were raised by their mother. As the older brother, Jeff took on many of the household responsibilities, which included running errands for his mother. Jeff's frequent and favorite errand was running to the Warrenville Post Office for his mother. Over time, he came to know employees by name and they him, and he became friends with most of them. Jeff would go out of his way to brighten everyone's day there. He would often get lost in conversation, causing him to arrive home late. His mother came to realize that if Jeff wasn't home, he likely was at the post office, making friends and engaging with all who crossed his path. Therefore, it is entirely appropriate, in honor of Jeff's service to our Nation, that I am introducing this legislation, H.R. 4407, to name the facility of the United States Postal Service located at 3s101 Rockwell Street in Warrenville, Illinois, as the Corporal Jeffery Allen Williams Post Office Building. Mr. Speaker, I ask my colleagues to join me in honoring the memory of Corporal Jeffery Allen Williams by supporting my legislation to name a post office facility in his hometown after this remarkable young man, so that his service and sacrifice and his impression on his community may be long remembered.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I want to thank Chairman Huizenga for his work on this and so many other important things on the Financial Services Committee and the Capital Markets, Securities, and Investment Subcommittee. I also want to begin by giving special thanks to Leader McCarthy for providing time for consideration of the Options Markets Stability Act. This legislation is very important to a number of stakeholders in Illinois, but also to market stability as a whole and the investors who depend on having access to reliable products. I also do want to thank Chairman Hensarling and Ranking Member Waters. Without their support, my legislation would not have received a unanimous vote in the Financial Services Committee, and I am grateful for their help; and my colleague, Bill Foster, as well, for his help. Title VII of the Dodd-Frank Act requires derivatives, including options, to be centrally cleared in order to take advantage of the risk-mitigating benefits. Liquidity providers, many of which are in Illinois, can trade only through a clearing member; they cannot access clearinghouses directly. As a result, the role of clearing members and the amount of transactions cleared by these institutions has expanded significantly. The risk-based and leverage-based capital requirements for bank clearing members makes it cost prohibitive to provide clearing services for listed options. This is especially acute when there is higher than expected volume. Chicago Trading Company, one of the key liquidity providers for listed options, wrote in a letter to the Treasury Department last summer that: ``These requirements force banks to direct capital away from the exchange-listed, centrally cleared options market, thereby hindering our ability to provide liquidity and acting in direct contravention of a core principle of post-crisis regulation: strengthening exchange-based trading and central clearing, especially for many derivatives that were previously traded on an over-the-counter basis.'' The Options Markets Stability Act, as amended, requires Federal banking regulators to more accurately measure counterparty risk by adjusting the risk- and leverage-based capital rules, and requires them to provide a report to Congress about these changes 5 years after they go into effect. While market participants have long expressed concern about the current capital requirements for listed options, volatility in equity markets earlier this year exposed the extent to which existing rules are restricting liquidity when it is needed the most. Volatility contributes to an increase in volume of listed options because of an interest by market participants to hedge their positions. However, the binding capital constraint under current rules makes it cost prohibitive to centrally clear the increased volume of equity options contracts demanded by the market. The market-makers who provide liquidity for listed options are indirectly constrained by the bank capital rules from fulfilling their role in maintaining price stability. Key financial regulators have underscored these issues. CFTC Chairman Giancarlo noted in testimony before the House Appropriations Committee that: ``We have some anecdotal information that shows that, during the recent market volatility, the supplementary leverage ratio impacted larger market-makers' ability to take on certain positions, thus exacerbating market volatility. The SLR is not specifically mandated in Title VII of Dodd-Frank, and it has had the opposite effect intended: pushing trades away from central clearing.'' Chairman Powell has noted that the current exposure method generally treats potential future credit exposures on derivatives as a fixed percentage of the notional amount, which ignores whether a derivative is margined and undervalues netting benefits. The problem is that banking regulators are taking far too long to actually address the issues in our derivatives markets. Our options markets are encountering liquidity issues now because of the poorly calibrated capital rules. Investors do not have the luxury of waiting any longer on our bank regulators. Finally, this legislation has a long list of supporters: Cboe Global Markets, the Options Clearing Corporation, NASDAQ, NYSE, CME Group, SIFMA, the Futures Industry Association, IMC, Chicago Trading Company, TD Ameritrade, just to name a handful. A vote in support of the Options Markets Stability Act is a vote in support of listed options and central-clearing that is a cornerstone of Dodd-Frank. It is a vote in support of maintaining options for investors and their ability to manage risk in volatile markets.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, again, I thank my good friend from Texas (Mr. Veasey) for his support on this bill. I especially want to thank my really good friend from Texas (Mr. Smith), the chairman of the Science, Space, and Technology Committee, for his important support on this bill. It really is a commonsense bill. It is one that has passed previous Congresses with strong, bipartisan support. Our labs are a treasure, but they are also a great benefit for innovation. This allows that innovation to continue working, again, on smaller agreements, for those to be able to move more quickly, when, oftentimes, business need to move that quickly. The labs can do this, but if they had to go through the whole cumbersome process of coming through Washington, they wouldn't be able to. So, again, this is commonsense and bipartisan, and I thank all of the cosponsors. Mr. Speaker, I ask all my colleagues to support this bill, and I yield back the balance of my time.

Mr. HULTGREN. Mr. Speaker, it is my honor and privilege to yield 5 minutes to the gentleman from Texas (Mr. Smith), the very effective and helpful chairman of the Science, Space, and Technology Committee, and also cosponsor of this legislation.

Mr. HULTGREN. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of bipartisan legislation I introduced with my good friend from Colorado (Mr. Perlmutter) to give our national labs the tools they need to better work with outside entities, develop new technologies, and let new business ideas come out of our world-leading research facilities. As you have heard today with the prior bills passed on the floor, the House Science, Space, and Technology Committee has done tremendous bipartisan work to support our national laboratories and research infrastructure. I thank Chairman Smith and Ranking Member Johnson--both from Texas-- for their bipartisan work on this package, and I was pleased to see my prior past research infrastructure legislation dealing with upgrades at Fermilab, Argonne National Laboratory, and Oak Ridge National Laboratory included in that package. Our national labs are often referred to as the crown jewels in our research ecosystem here in the United States. Secretary Perry has referred to them as national treasures. These labs house some of the largest, most complicated research equipment in the world, which no one business or research university would ever be able to support. Our national labs also maintain a number of user facilities where university researchers, other Federal agencies, and the private sector can work with these tools, so long as this work does not interfere with the mission of the department or the lab. The problem we have with many agreements is simply the time that it takes to negotiate and finalize an agreement. Currently, after a lab makes a determination on an agreement, that agreement must then go through a separate review by the department. While I wholeheartedly agree in our need for thorough oversight, what we are attempting to do is to set a threshold so that smaller agreements do not need to go through this additional review process. All national labs, except one, have been set up under a government- owned, contractor-operated model. What my bill would do is strengthen this arrangement by giving the labs the necessary trust they need to remain nimble, being able to react to the needs of the private sector and with other researchers being able to come in. When many researchers need to use a facility for just a few hours, they, obviously, will not wait around 90 days for the government. The private sector does not move at the pace of government, nor should we expect it to. This legislation would cut out some of the red tape of working with the lab, so that the private sector could take good ideas and do what they do best: innovate and react to the market. With the increased reporting requirements for these agreements, I believe this strikes the proper balance for oversight with the department and the intentions of Congress in creating the government- owned, contractor-operated model for the labs. I am grateful for the Secretary at our recent hearing signaling his willingness to work with this idea. I believe it fits with the administration's priorities in removing red tape where it is not needed and freeing the private sector up to innovate and bring new ideas to the marketplace. So I thank my colleagues for their work on this legislation. I also thank the chairman for his cosponsorship of this bill, as well as his leadership on the package of bills authorizing the Office of Science and other DOE activities. Mr. Speaker, I encourage all of my colleagues to support passage of this important legislation, and I reserve the balance of my time.

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

Mr. HULTGREN. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5907) to provide directors of the National Laboratories signature authority for certain agreements, and for other purposes.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise on World Refugee Day to draw attention to the plight of the Rohingya people in Myanmar. Since October 2016, the Burmese military has targeted the Rohingya people with what the State Department has described as ethnic cleansing. Through interviews in refugee camps and other fact-finding missions, the U.N. Office of High Commissioner for Human Rights and multiple NGOs have documented a systematic campaign of mass rape, extrajudicial killings of young babies and children, brutal beatings, burning of entire villages, and other serious human rights violations. Mr. Speaker, 7,000 Rohingya were killed in the first month of the violence, while an estimated 700,000 have fled to Bangladesh. At the Tom Lantos Human Rights Commission, we have worked to bring attention to the sickening discrimination and mistreatment of the Rohingya. The oncoming monsoon season in Bangladesh will cause more difficulties for the Rohingya refugees. Congress must hold the Burmese military accountable for their actions and provide the necessary aid needed to meet this crisis.

Mr. HULTGREN

Mr. HULTGREN. Mr. Chair, I thank Chairman Hensarling for his leadership and for moving this important legislation forward. Mr. Chair, the United States has an opioid epidemic, one that is claiming more than 115 lives every single day. The faces and the stories of the opioid crisis and those family members, friends, students, and loved ones who have been affected by it demand some solutions from us. Over 4 years ago, in March 2014, I launched our community action plan on opioids in the 14th Congressional District of Illinois. Since then, I have worked with community leaders in my district to update our action plan with local, State, and Federal policy recommendations. One of our key objectives is increasing access to sober living facilities for individuals who have undergone inpatient treatment and need support as they navigate their recovery. An immediate step we can take is to allow individuals in recovery to have access to Federal housing programs, especially transitional housing. Transitional housing is an important, evidence-based piece of recovery that empowers these men and women to maintain sobriety, acquire job training and employment, and find a community. I have met individuals whose lives have been changed by transitional housing. Chris Reed from McHenry, Illinois, has been sober since 2009. He was a founding member of New Directions Addiction Recovery Services, which opened a sober living house for men in Crystal Lake, Illinois, in October of 2016. The organization opened a home for women in December 2017 and a third home in McHenry County this year. According to Chris, he said: ``Sober living and recovery housing provides structure, support, and accountability that greatly increases the chances a person with a substance use disorder (SUD) will achieve long-term sobriety. By providing housing stability along with appropriate resources--such as job placement, peer recovery support, social activities, and services to others--people with SUD begin to disconnect from drugs and alcohol and reconnect with a supportive community.'' I am proud to support the THRIVE Act, which will expand access to these life-changing transitional recovery homes through existing Federal housing programs. This is something Congress can do right now to prevent opioid overdoses. Let's make a statement about the importance of support in recovery and offer resources to individuals for whom a transitional home could be lifesaving.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to recognize Aurora's Illinois Math and Science Academy as the first-ever U.S. host of the International Student Science Fair. This month, 35 STEM schools from 20 countries will focus particularly on ``significantly influencing life on our planet through cooperation and collaboration.'' IMSA began with an idea from Fermilab Director Leon Lederman and leadership from its first president, Dr. Stephanie Pace Marshall. Its own mission is to ignite and nurture creative, ethical, scientific minds that advance the human condition. IMSA knows that careers in STEM are not just about learning math and science as isolated individuals. It is about how mastering these subjects as a team can solve problems and improve lives, as I have seen in the high school students that are part of my own STEM Scholars program. IMSA has consistently pushed students to work together in a community, propelling their graduates to Silicon Valley and beyond. This year's science fair is in good hands, and I congratulate IMSA on this historic achievement

Mr. HULTGREN

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

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, first, I want to thank Chairman Hensarling. Without his incredible commitment and effort, we would not be here today. I am convinced of that. Mr. Speaker, I rise today to speak in support of the very bipartisan S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. I was not here when the Dodd-Frank Act was signed into law, but I have been interested in addressing some of these damaging effects since first running for office, and it was a big reason why I ran for Congress. This legislation is a historic opportunity to tailor financial regulations in order to maximize economic growth in Illinois and across the country. We need to make sure that our community banks and credit unions are able to meet the needs of families and neighborhood businesses. I am especially happy to see a number of provisions that I had the privilege of authoring with my colleagues in the House make their way into this package of bills. They were also very bipartisan bills. The Community Bank Reporting Relief Act simplifies the call report so that smaller institutions can better focus on serving their customers. The Encouraging Employee Ownership Act makes it easier for private companies to provide ownership to their employees under SEC rule 701 so they can share in the benefits of growth. I am also very excited that other legislation that was introduced by my colleagues that I also had a part in cosponsoring is also part of this: the MOBILE Act; the Protecting Children from Identity Theft Act; the Protecting Veterans Credit Act; the Pension, Endowment, and Mutual Fund Access to Banking Act; the Municipal Finance Support Act; the National Security Exchange Regulatory Parity Act; and the SEC Overpayment Credit Act. I am incredibly supportive of the commonsense reforms that are made so that our regional banks are not automatically treated like major Wall Street banks. Please support this bill.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today during National Police Week to honor those serving and remember those who have served in the ranks of our Nation's law enforcement. Our brave law enforcement officers at all levels--Federal, State, and local--run towards danger knowing the serious risks involved. Just 2 weeks ago, a Federal law enforcement officer working with Chicago police was shot in the face as he worked to get illegally trafficked guns out of the hands of criminal gangs. We hope and pray for his quick recovery. Stories like these are a grim reminder of the inherent danger of their job. It is why we take time this week and every week to show our support for their work and their service. To our friends in blue everywhere, we simply say: Thank you. Thank you for all that you do to keep us safe. Thank you for your service. Thank you for your sacrifice. We are with you, and we are grateful.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today in celebration and commemoration of the life of Peter Huizenga from Oak Brook, Illinois, who passed away last Wednesday at the age of 79. A businessman, entrepreneur, and philanthropist, Peter Huizenga is best known for building Waste Management, Inc., into the largest waste disposal company in the world with his cousin Wayne. Upon immigrating to the United States in the 1800s, his Dutch ancestors saw a need for sanitation services in their community west of Chicago. Their humble family garbage collection business would become a Fortune 500 company under Peter's management, employing 75,000 workers worldwide. However, Peter once said: My goal is not to make money but to make a better world. Following the sale of the company, Peter devoted his life to philanthropic work in the community through organizations such as Big Shoulders Fund; his alma mater, Timothy Christian School; and many more. His family was always his first priority, and he will be greatly missed by his wife, Heidi; his 4 children; and his 10 grandchildren. All of Illinois will miss him.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to speak in support of the Protecting Children from Identity Theft Act. I would also like to begin by thanking Leader McCarthy and my colleagues on the Ways and Means Committee, especially Carlos Curbelo, for his support in bringing this legislation to the House floor. H.R. 5192 will bring the Social Security Administration into the 21st century to assist the private sector in combating identity fraud. Identity theft affects thousands, if not millions, of children and families a year. A report by Carnegie Mellon CyLab examined more than 40,000 cases of identity theft and found that 10 percent of children in the study had someone else using their Social Security number. Among other things, children's identities were used to purchase homes and open credit card accounts. According to the information recently published by the Algonquin Patch, Illinois ranks number seven in the United States for identity theft. The median loss for fraud is nearly $500. Credit card fraud is the most common type of fraud. For example, in Wilmette, Illinois, the Social Security number of a 13-year-old was used by a fraudster to open a credit card with a plan to use it to pay for plastic surgery. Imagine when these children go to get their first legitimate extension of credit, maybe a car loan or a student loan, only to find out that criminals have stolen their identities and wrecked their financial standing. The Protecting Children from Identity Theft will strengthen the relationship between the public and private sectors in order to combat identity theft. Specifically, it will bring the Social Security Administration into the 21st century by allowing companies who meet strict regulatory standards to electronically confirm whether a name, date of birth, and Social Security number match. This will make it much easier for companies, such as credit card issuers, to ensure that they are only providing credit to legitimate applicants. This will prevent millions of dollars in fraud costs, not to mention preventing all of the headaches for my constituents whose identities will be at risk unless this bill is signed into law. Again, I want to encourage all of my colleagues to vote in support of the Protecting Children from Identity Theft Act.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I first want to thank the hardest working, most effective chairman in all of Congress; and I also want to thank my good friend and colleague French Hill for sponsoring this legislation. I also want to thank my friend and colleague from Illinois, Bill Foster, for his work on this. I am also very happy to be a cosponsor of the Volcker Rule Regulatory Harmonization Act. This legislation strikes a bipartisan balance for simplifying some of the regulatory burden of the Volcker rule and provides a clear exemption for community banks. The Dodd-Frank Act granted responsibility to five different financial regulators with implementing and enforcing the Volcker rule: the Fed, OCC, FDIC, SEC, and CFTC. Every Member of this body knows that it can be difficult to come to an agreement when you have too many cooks in the kitchen. Imagine if this were the case for promulgating, implementing, and enforcing something as complicated as the Volcker rule. One Illinois bank, that serves thousands of my constituents, explained it is this way: ``This overlapping authority with respect to interpretations and guidance, as well as examinations and supervision, is inefficient and requires unnecessary time and effort, on the part of banks as well as regulators, to ensure compliance.'' The Volcker Rule Regulatory Harmonization Act is an artful solution to dealing with this issue. It grants the Federal Reserve the exclusive rulemaking authority under section 619 of the Dodd-Frank Act and provides the sole examination and enforcement authority by an entity's primary Federal regulator. The bill also addresses the concerns that community banks have raised with the Volcker rule. H.R. 4790 exempts banking organizations that do not have or are not controlled by entities with $10 billion or more in total consolidated assets and total trading assets or trading liabilities that are more than 5 percent of total consolidated assets. Because of the Volcker rule's complexity, even those community banks that do not conduct any proprietary trading have, nonetheless, had to incur large costs simply proving what the regulators already know, that they are not engaged in activities covered by the rule. This is simply not fair to subject community banks to these costs associated with this. Mr. Speaker, I encourage my colleagues to support this legislation.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to congratulate the Loyola University Chicago Ramblers on their roller coaster dance to the Final Four at this year's men's basketball NCAA tournament. This is an incredible team, boasting players who showed great skill on the court and hard work studying off the court. No one can forget Sister Jean, who was a centerpiece of Loyola's Cinderella story. Her selflessness, service to others, and love for the Loyola men's basketball team gave the Nation hope and joy throughout the tournament. At 98, Sister Jean has never tired. And it was clear she was having the time of her life. Loyola Chicago is dedicated to training students to be ``men and women for others'' and to lead extraordinary lives. It is a class act basketball program which has embodied sportsmanship ever since 1963, when it became the only Illinois school to win the NCAA tournament, and still is. It is an honor to represent Loyola's Retreat and Ecology campus in Woodstock, and I enjoyed cheering on the Ramblers during this amazing ride. I wish all the best to the Loyola Chicago men's basketball team, and I hope to see Sister Jean dance with them again next March. Congratulations, Ramblers.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I thank Chairman Hensarling for his work on this and some of the other things. When you look at the number of bipartisan bills that have passed out of the Financial Services Committee this session, it is really impressive, and I am grateful for his work. I also want to thank Dennis Ross and John Delaney and all my colleagues who have worked so diligently on H.R. 4061, the Financial Stability Oversight Council Improvement Act of 2017, which I strongly support. I think it is fair to say that a Financial Stability Oversight Council chaired by Secretary Mnuchin is not extremely likely to subject nonbanks to enhanced prudential supervision. In fact, I understand they are considering removing some designations. However, Congress still should take the appropriate steps to make the law that provides this authority to the Treasury much more practical. Furthermore, I would like to point out that although I was happy to see many great provisions of the regulatory relief package put together by Chairman Crapo over in the Senate, including a number of bills I have offered with my colleagues in the House, I was extremely disappointed with the fact that the legislation didn't include this legislation or something similar to it. I don't understand how Congress can justify a regulatory reform package that does so little to ease Dodd-Frank's cost on investors, especially when the Financial Services Committee in the House has taken demonstrated steps, a strong record of bipartisan success, in making reforms to FSOC's nonbank SIFI designation authority. The Financial Stability Oversight Council Improvement Act amends the Dodd-Frank Act to require the FSOC, when determining whether to subject a U.S. or foreign nonbank financial company to supervision by the Fed, to consider the appropriateness of imposing heightened prudential standards. In other words, it provides these nonbanks the opportunities to adjust their business models before being subjected to supervision by the Federal Reserve, thereby acknowledging that these companies might wish to change their business model after such a designation in order to be free of these substantial regulatory costs. It is important that we have well-defined processes in place so these nonbanks understand the rules of the road. The government provides these companies some reasonable due process when proposing to dramatically interrupt their business with a slew of new regulatory requirements. Finally, let's remember that investors bear the costs of inappropriate regulation being applied to nonbanks, like mutual funds. The asset management industry is modeled in a fundamentally different way, and our regulatory system should reflect that. Investors take on the risk and manage those risks in order to receive returns to pay for things like retirement or education for their children. Safety and soundness regulation, as the Fed applies it to the banks, is completely inappropriate. At a minimum, we should be providing nonbanks like mutual funds a chance to work with the FSOC to address their concerns before slapping investors with new regulatory costs. Finally, we should never forget, again, that this was a strong bipartisan bill that received 45 votes in committee, and we ought to all consider supporting it here on the floor. I am going to, and I encourage my colleagues to support it as well.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I rise today to recognize the National Roofing Contractors Association (NRCA), headquartered in Rosemont, IL, and its efforts to designate the week of June 3-9, 2018 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. Utilizing 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 3-9 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 today to thank and congratulate the Pioneer Center for Human Services for 60 years of serving the people of McHenry County, Illinois. The Pioneer Center was founded in 1958 out of a mother's desire to provide greater opportunities for her daughter with Down syndrome. Since then, it has provided services for members of the community facing developmental disabilities, homelessness, and behavioral health issues. I am always impressed by the compassion and energy of Pioneer Center employees when I visit their facilities, which now include 17 group homes, a homeless shelter, a transitional home, and a family and child therapy center. Mr. Speaker, 4,500 men, women, and children are served every year, including 95 who are annually employed in local jobs through the Community Employment Services Program. Last year alone, individuals logged 8,500 hours of community activity, everything from attending classes at the gym to visiting a farmer's market and taking community college courses. I am proud to celebrate with the Pioneer Center for Human Services as they continue to empower individuals to achieve their full potential.

Mr. HULTGREN

Mr. HULTGREN. Mr. Speaker, I want to thank my good friend from Maine, Bruce Poliquin, for sponsoring this bipartisan legislation. The Alleviating Stress Test Burdens to Help Investors Act amends the Dodd-Frank Act to make some commonsense changes to stress testing requirements for asset managers and the investors whom they serve. Congressman Poliquin has worked very hard to make sure this bill is bipartisan. In fact, he was able to win the support of two-thirds of the Democrats on the Financial Services Committee. I believe this is one of the many bills that Chairman Hensarling has suggested be part of our negotiations with the Senate on their regulatory relief package. I agree. Why shouldn't a bill with such strong bipartisan support at least be part of the conversation? The idea behind the stress testing for financial institutions under Dodd-Frank is to make sure that they have enough capital on hand to cover losses in the case of a market disruption like the one that was encountered during the financial crisis. However, registered funds have a very different business model than banks. They do not guarantee any return to investors or promise that investors will get their principal back. Furthermore, these funds are not on the adviser's balance sheet. The idea that an asset manager should hold capital like a bank does not comport with its business model. Or in the words of Mark Flannery, a former chief economist of the SEC, there is a false parallel for stress testing asset managers: ``The parallel to bank stress tests is really extremely misleading. It is as if Dodd-Frank said `stress test the big banks, and, oh, you might as well go ahead and do the asset management companies.' '' Fortunately, Bruce Poliquin has sponsored commonsense legislation to provide some regulatory relief in a way that I think Democrats and Republicans should be able to agree. The Alleviating Stress Test Burdens to Help Investors Act would eliminate the bank-like stress testing requirements in Dodd-Frank but would empower the SEC, the primary Federal regulator of the asset management industry, to require stress testing as it deems appropriate. In short, what this bill says is that we should only stress-test asset managers as their primary regulator determines is in the best interest of the investors instead of arbitrarily applying bank-like stress testing requirements as proposed by the Federal Reserve. It comes as little surprise that the SEC, including under the leadership of Mary Jo White, seems to agree. The SEC has not been able to come up with stress testing standards that are consistent and comparable with those of the Federal Reserve and other banking regulators, likely because there is no way to account for capital adequacy in these companies. Furthermore, this bill does nothing to undermine the significant regulatory authority to the Financial Stability Oversight Council. The FSOC would still be able to make recommendations to the SEC for additional regulation of asset managers. I am not necessarily endorsing this concept, but I would like to emphasize this in the hopes that it would encourage even more Democratic colleagues to join in support of this bill. This bill, again, is true to its name. It cuts costs that are borne by investors without subjecting our financial system to any additional risk. Mr. Speaker, I urge all of my colleagues to join with me in supporting this bill.

Mr. HULTGREN

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