Robert Hurt

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I yield such time as he may consume to the gentleman from New Jersey (Mr. Garrett), the chairman of the Capital Markets Subcommittee.

Mr. HURT of Virginia. Mr. Speaker, I want to thank the chairman of the Subcommittee on Capital Markets for his leadership on this. I want to thank the ranking member for her spirit of bipartisan cooperation in fixing this part of the JOBS Act. In conclusion, it is my hope that this House will pass this good, commonsense measure. Mr. Speaker, I yield back the balance of my time.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1723) to direct the Securities and Exchange Commission to revise Form S-1 so as to permit smaller reporting companies to use forward incorporation by reference for such form.

Mr. HURT of Virginia. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 1723, the Small Company Simple Registration Act. I would like to thank Representative Wagner and Representative Sewell for their efforts to successfully move this legislation through the Financial Services Committee on a unanimous, bipartisan vote. H.R. 1723 simplifies the registration process by amending the SEC's form S-1 registration statement, the basic registration form for new securities offerings, to allow smaller reporting companies to incorporate by reference any documents filed with the SEC after the effective date of the form S-1. This forward incorporation by reference eliminates the need for filing excessive paperwork with each subsequent filing, thereby lowering compliance costs associated with filing redundant paperwork. Streamlining this requirement allows eligible companies to direct more resources to growing their business. H.R. 1723 is consistent with the recommendations of the SEC's Government-Business Forum on Small Business Capital Formation final report and has been endorsed by several witnesses before the Capital Markets Subcommittee. For example, Tom Quaadman of the United States Chamber of Commerce testified that, by enacting H.R. 1723, smaller companies can use forward incorporation as a way to streamline disclosures and get the information to investors without repetitive disclosures. He went on to say that the explosion of disclosures for smaller companies isn't providing material information to investors. Additionally, Professor John Coffee with Columbia University Law School previously testified that, for some time, the SEC's Government- Business Forum on Small Business Capital Formation has called for changes to permit smaller reporting companies that have filed a form S- 1 to incorporate, by reference, documents filed with the SEC. I believe this one does have real efficiency justifications and could help smaller issuers. H.R. 1723 is a commonsense update to our securities laws that will more appropriately tailor their requirement for smaller companies. I ask my colleagues to join me in supporting H.R. 1723. I reserve the balance of my time.

Mr. HURT of Virginia. Mr. Speaker, I yield such time as she may consume to the gentlewoman from Missouri (Mrs. Wagner), who is the author of this bill.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, there are very few people in Congress today who have worked harder and understand better the importance of access to capital for our small businesses and for job creation than does the chairman of our Subcommittee on Capital Markets and Government Sponsored Enterprises. I yield such time as he may consume to the gentleman from New Jersey (Mr. Garrett).

Mr. HURT of Virginia. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2064) to amend certain provisions of the securities laws relating to the treatment of emerging growth companies, as amended.

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

Mr. HURT of Virginia. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 2064, the Improving Access to Capital for Emerging Growth Companies Act. I would like to thank the ranking member for her support of this good legislation. I would also like to thank Representative Fincher and Representative Delaney for their efforts to successfully move this legislation through the Financial Services Committee on a unanimous, bipartisan vote. Mr. Speaker, a key component of the JOBS Act was the so-called IPO-- the initial public offering--on-ramp provisions of title I, which created a new classification of public company known as an emerging growth company. Emerging growth company status allows smaller companies that are accessing capital in the public markets to utilize streamlined registration and reporting requirements for up to 5 years after their initial public offerings. In doing so, emerging growth companies are able to spend fewer resources in complying with costly regulations that are designed for the largest public companies. Just over 3 years since the JOBS Act's enactment, we continue to witness the successful results of its implementation. In 2014, emerging growth companies represented 86 percent of the 288 initial public offerings, allowing those companies to raise over $42 billion in capital. That capital represents real dollars that can be used by these companies to invest in research and development, in innovative products, and, most importantly, in new jobs in their communities. While these numbers are encouraging, more can still be done to incentivize companies to access capital in our public markets. H.R. 2064 will decrease the required time for a confidential registration statement to be on file with the SEC before an emerging growth company may conduct a road show from 21 days to 15 and will further streamline disclosure requirements for emerging growth companies. These targeted changes to the Federal securities laws will make IPOs even more appealing to emerging growth companies. One witness at a previous Capital Markets and Government Sponsored Enterprises Subcommittee hearing commented: We support this bill as it creates generally greater optionality for issuers without altering the ultimate level of required disclosure to investors. This bill is in keeping with the philosophy that underlies title I of the JOBS Act and the creation of safe harbors, such as ``testing the waters'' and ``confidential filings.'' We believe, for example, that providing issuers with the ability to file without full financial statements will cut issuer time-to- market, which is beneficial in mitigating market risk and speeding access to capital. I ask that my colleagues join me in supporting H.R. 2064. Mr. Speaker, I reserve the balance of my time.

Mr. HURT of Virginia. Mr. Speaker, I yield such time as he may consume to the gentleman from Tennessee (Mr. Fincher), a coauthor of this legislation.

Mr. HURT of Virginia. Mr. Speaker, I want to thank the ranking member again and those on her side of the aisle for looking for ways we can work together for job creation and streamlining of the regulatory structure as it relates to our financial markets. I represent Virginia's Fifth District, and over the last 10, 20 years, we have seen a tremendous amount of high unemployment. I would suggest to you that legislation like the legislation that Representative Fincher and Representative Delaney have put forward today is the kind of legislation that will lead to more private capital on Main Street all across the Fifth District of Virginia and all across America. I would suggest to you that that is why this bill deserves the full support from the House of Representatives today. I yield back the balance of my time.

Mr. HURT of Virginia

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

Mr. HURT of Virginia. Mr. Speaker, I ask unanimous consent to yield all remaining time to the gentleman from Georgia (Mr. Austin Scott) and ask unanimous consent that he be allowed to control the time.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for Roll Call vote #417 on House Amendment 64 to H.R. 5. Had I been present, I would have voted ``no.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I submit these remarks to commemorate the life of Carl D. ``Chubby'' Proffitt, Jr. of Charlottesville, Virginia, who passed away June 30, 2015 at age 96. Mr. Proffitt began serving in the U.S. Army National Guard during the Great Depression to support his family. He was called to duty during Pearl Harbor and as a member of the Army's 29th Infantry Division, led his platoon on D-Day. Mr. Proffitt successfully guided thirty men in his landing craft safely on the beach through rounds of machine gun and artillery fire. For his valor and service, he received three Purple Hearts, a Distinguished Service Cross, a Silver Star, two Bronze Stars, and numerous other awards. In 2013, I was honored to see Mr. Proffitt receive the French Legion of Honor for his service during World War II and participate in a ceremony honoring Mr. Proffitt in Charlottesville at the American Legion. He fondly remembered those he served with who did not return home and credited God for his safe return. Mr. Proffitt was a tremendous family man--a husband of 64 years to wife Ollie, a father, grandfather, and great-grandfather. As a witness to such pivotal moments in our nation's history, he was honored to speak with student groups and those researching World War II. He was selected to lead the Pledge of Allegiance at the 2008 Naturalization Ceremony at Monticello which then-President George W. Bush attended. He was actively engaged with local recreational endeavors, particularly sports, leading the Charlottesville City Council to honor him in 2010 by dedicating fields at the McIntire Softball Complex in his name. Mr. Proffitt was remembered by Phil Grimm, the commander of American Legion Post 74, of which Proffitt was a lifetime member, as a humble, spirited leader: ``He was so down-to-earth that you never realized you were in the presence of someone who had accomplished so much.'' We remain forever grateful for Mr. Proffitt's bravery and sacrifices--may he rest in peace. On the day Carl D. ``Chubby'' Proffitt, Jr. is laid to rest, I ask that the members of this House of Representatives join me, the Proffitt family, and the community of Charlottesville, Virginia in honoring the memory of a great American hero.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 385 on H. Res. 341. Had I been present, I would have voted ``yea.'' Stated against:

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I submit these remarks to commemorate the life of Buffalo Soldier Raymond Shelton of Halifax County, Virginia, who passed away June 12, 2015 at age 100. Raymond Shelton served as a medic in the 92nd Infantry Buffalo Division, the last segregated Army division and the only African- American division to fight in Europe during World War II. This division suffered 3,200 devastating casualties between August 1944 and May 1945, as it fought to liberate Italy from Nazi occupation. Mr. Shelton served as a chaplain assistant for an Army medical corps, where he played music at services in the field, fought in combat, guarded a German POW camp, and had the somber task of collecting personal belongings of deceased soldiers to return to their families. Mr. Shelton was awarded four medals for his dedicated service: a good conduct medal, the European-African-Middle Eastern Campaign Service Medal, American Service Medal, and World War II Victory Medal. In 1946, Shelton was honorably discharged as a tech corporal and later settled in Hampton, where he worked his way up from bag boy to store manager at the Bi-Lo Market. He retired to South Boston with his wife, Mabel, but his service to others did not end with his military career. In his retirement, he often visited nursing homes, sharing his love of music by playing the piano and entertaining residents with his stories. He was a pillar in the community and will forever be remembered as a hero to South Boston and our great nation for his compassion, dedication, and patriotism. On the occasion of the passing of Raymond Shelton, I ask that the members of this House of Representatives join with me and the community of South Boston, Virginia in honoring the memory of a great American hero.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 373 on H. Res. 321. Had I been present, I would have voted ``yea.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for Rollcall No. 319. Had I been present, I would have voted ``aye.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for Roll Call vote #284 on House Amendment 333 to H.R. 2578. Had I been present, I would have voted ``no.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 227 on H.R. 2297. Had I been present, I would have voted ``yea.'' personal explanation

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, on behalf of myself and Representative Bob Goodlatte, I submit these remarks to recognize and thank those who worked tirelessly to make the week-long Appomattox Sesquicentennial commemoration such a major success. After years of preparation, the National Park Service, with the support of Appomattox County leaders and hundreds of Central Virginia volunteers, did an outstanding job hosting the thousands of Americans who came to commemorate the Civil War Sesquicentennial this past week at Appomattox Court House National Historical Park. It was estimated that approximately 3,600 re-enactors took part and 25,000 individuals came to Appomattox Court House National Park throughout the week to commemorate the 150th Anniversary of the meeting of Generals Lee and Grant which put an end to the Civil War and the nearly ninety events that preceded it. The hard work, effort, and organization executed by Appomattox County local businesses, vendors, and volunteers was observed by all and made for an especially memorable event of this momentous turning point in our nation's history. I was pleased to be able to attend the moving and dignified opening ceremony and was impressed at the manner in which the National Park Service went above and beyond to ensure that the American people had the opportunity to pay tribute to those who re-united our country 150 years ago. Please join me in thanking all those who worked tirelessly to make this remembrance possible.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 116, ordering the Previous Question on H. Res. 138. Had I been present, I would have voted ``yea.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for Roll Call vote #95, a recorded vote on the Kennedy of Massachusetts Part B Amendment No. 1 to H.R. 5. Had I been present, I would have voted ``no.'' I was not present for Roll Call vote #96, a recorded vote on the Grothman of Wisconsin Part B Amendment No. 2 to H.R. 5. Had I been present, I would have voted ``no.'' I was not present for Roll Call vote #97, a recorded vote on the Castro of Texas Part B Amendment No. 6 to H.R. 5. Had I been present, I would have voted ``no.'' I was not present for Roll Call vote #98, a recorded vote on the Quigley of Illinois Part B Amendment No. 9 to H.R. 5. Had I been present, I would have voted ``no.'' I was not present for Roll Call vote #99, a recorded vote on the Moore of Wisconsin Part B Amendment No. 13 to H.R. 5. Had I been present, I would have voted ``no.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 91, a recorded vote on the question of consideration of H. Res. 125--the rule providing for further consideration of H.R. 5-- Student Success Act (unfunded mandates point of order). Had I been present, I would have voted ``yea.''