Robert Hurt

Mr. HURT

Mr. HURT. I thank the chairman for his leadership on this issue. I thank him for yielding. Mr. Chairman, today I rise in support of the Consumer Financial Freedom and Washington Accountability Act. As I travel across our Virginia's Fifth District, I continue to hear troubling stories about the impacts of the CFPB. I have heard from consumers, community banks, and credit unions about how the unchecked authority of the CFPB is restricting consumer choice, creating an atmosphere of economic uncertainty, and increasing costs. Real consumer protection requires that we shift power from Washington bureaucrats to American consumers by providing access to competitive markets with choice, information, and accountability. This bill would help achieve that goal by adding much-needed oversight and transparency to this far-reaching new government agency without weakening consumer protection. These bipartisan checks and balances will protect our community banks and credit unions who play a critical role in providing capital to our small businesses and working families. At a time when too many Americans remain out of work, it is critical that we continue to support policies that will help restore certainty to the marketplace, create jobs, and protect our consumers. I urge support of this good bill.

Mr. HURT

Mr. HURT. Mr. Speaker, on behalf of myself and Representatives Bob Goodlatte and Morgan Griffith, I submit these remarks to commemorate the 100th anniversary of Ferrum College. A private institution, Ferrum College was founded in 1913 and has a long and storied history that has left an enduring footprint on Franklin County, as well as Virginia and the nation. The 700-acre campus is located in Ferrum, Virginia, the foothills of the Blue Ridge Mountains. Ferrum is home to the second oldest environmental science program in the nation. Today, over 1500 students, from 25 states and a dozen countries, are currently enrolled in 33 areas of study. Ferrum offers bachelor's degrees in twenty-eight programs and received accreditation as a four-year college in 1976. The students are active members of the surrounding Franklin County and Rocky Mount communities. We wish the students, faculty, and staff the best, as they celebrate Founders Day and their 100th anniversary on February 8th. We also look forward to the continued success of Ferrum College as it carries on its mission of educating our young people and preparing them for their future endeavors.

Mr. HURT

Mr. HURT. Madam Speaker, I was not present for rollcall vote No. 19, on ordering the previous question on H. Res. 458. Had I been present, I would have voted ``yea.''

Mr. HURT

Mr. HURT. Mr. Speaker, I rise in support of H.R. 1105, the Small Business Capital Access and Job Preservation Act, a bipartisan bill that our colleagues, Representatives Cooper, Himes, Garrett, and I introduced earlier this year. I thank all of them for their leadership on this issue. I would also like to thank Chairman Hensarling and again Chairman Garrett for their support and leadership on this bill, as we were able to achieve a bipartisan vote out of the Financial Services Committee. Every Member of this body can agree that with millions of Americans out of work, our top focus in Congress should be, and it must be, enacting policies to spur job creation throughout our Nation. Today, the House takes up another bill to encourage economic growth and job creation by increasing the flow of private capital to small businesses that are found on Main Streets all across America. At a time when the available avenues of capital and credit for small businesses continue to decrease, capital investments from private equity into our communities are more important than ever. Unfortunately, Dodd-Frank has placed a costly and unnecessary regulatory burden of SEC registration on advisers to private equity while exempting advisers to similar investment funds. These registration requirements do not improve the stability of our financial system, and they restrict the ability of private equity to invest capital in our small businesses to spur job growth. In Virginia's Fifth District, my district, there are literally thousands of jobs that exist because of the investment of private equity. These critical investments allow our small businesses to innovate, expand their operations, and create the jobs that our communities need. If enacted, the unnecessary burdens on advisers to private equity funds that do not have excessive leverage would be eliminated, and they would be given the same exemption from the SEC's registration requirements that venture capital advisers enjoy. These registration requirements, which do not make the financial system any more stable, impose an undue burden on small and mid-sized private equity firms, and decrease the ability of their investment to create jobs. During our Financial Services Committee hearing on the bill, witnesses discussed the cost these requirements have imposed on private equity firms. They force investment advisers to private equity to expend substantial resources that disproportionately affect small and mid-sized funds with costs of hundreds of thousands of dollars annually, or more, to comply with these requirements. It is important to note that most people, including SEC Chair Mary Jo White, concede that private equity funds did not cause the 2008 financial crisis and are not a source of systemic risk, despite that argument being the impetus for the registration requirement under Dodd- Frank. These funds are not highly interconnected with other financial market participants; and, therefore, the failure of a private equity fund would be highly unlikely to trigger cascading losses that would lead to a similar financial crisis. Additionally, these funds invest primarily in illiquid assets, including small Main Street businesses found across our country. These businesses are diversified across multiple industries and therefore lack concentrated exposure to any single sector. Furthermore, investors in private equity firms are all sophisticated investors who negotiate for the strongest investor protections. These sophisticated investors include public pension funds, university endowments, nonprofit foundations--many of whom are the primary beneficiaries of private equity successes. Those investors typically are represented by counsel and heavily negotiate fund terms in advance of investing, including reporting governance and conflicts of interest. It should also be noted that H.R. 1105 does nothing to change current Federal law with respect to common law and statutory fiduciary protections owed by investors to advisers to private equity funds. There are already existing significant investor protections available both contractually and in the form of State and Federal fiduciary duties and antifraud protections--investor protections that exist whether or not the advisers are registered with the SEC. In the end, the costs of unnecessary registration represent real capital that otherwise could be used to invest in companies such as Virginia Candle in our district--a company that, through private equity investment, expanded from a garage in Lynchburg, Virginia, to millions of homes across the world. Beyond Virginia Candle in Virginia, private equity-backed companies employ over 7.5 million people. Let me say that again: private equity- backed companies employ over 7.5 million people nationwide in over 17,000 U.S. companies. The impact of the registration requirements stand to diminish job creation in each of the congressional districts represented on this floor today. I ask all of my colleagues today to join me in voting ``yes'' on H.R. 1105 and pass this bill from the House in order to increase the flow of private capital to our small businesses so that they can innovate, grow, and create jobs for the American people. Small Business Investor Alliance, December 3, 2013. Hon. John A. Boehner, Speaker, House of Representatives, Washington, DC. Hon. Nancy Pelosi, Democratic Leader, House of Representatives, Washington, DC. Dear Speaker Boehner and Democratic Leader Pelosi: On behalf of the Small Business Investor Alliance (SBIA), the premier organization of lower middle market private equity funds and investors, we urge you to support passage of the bipartisan Small Business Capital Access and Job Preservation Act (H.R. 1105), sponsored by Representatives Robert Hurt (VA-5), Jim Himes (CT-4), Scott Garrett (NJ-5), and Jim Cooper (TN-5). Passage of H.R. 1105 would reduce expensive regulatory costs for small business investors enabling increased capital formation and job creation for growing small businesses. Private equity funds are critical to the capital raising process for many small businesses. In fact, a Pepperdine University study found that private equity backed businesses generated 129 percent more revenue growth and 257 percent more employment growth than non-private equity backed businesses. America needs more private equity small business investing, not less. It is commonly overlooked that small business investors are generally small businesses too. They are being held back by expensive regulatory costs as a result of new expanded SEC registration requirements put into place by the Dodd-Frank Act. Investment Adviser registration is very costly in both money and time, especially for smaller funds that do most of the small business investing. Most of our private equity funds do not have legal departments, compliance teams, and other forms of overhead that are required by the new regulatory system. Compliance costs are often $250,000 or more per year--a heavy expense to a small business investment fund. Many of the new burdens are caused by the fact that the SEC rules are designed to deal with publicly traded businesses and investing, not for investing in domestic, privately-held small businesses. Small business investors are not mutual funds, multi-national conglomerates, or giant financial institutions and should not be treated as such. Private equity funds, particularly those supporting small businesses, are not a systemic risk and did not contribute to the financial crisis. H.R. 1105 would reduce regulatory costs, but would still maintain record retention and information for regulators and thus maintain investor safeguards. Congress can reduce unnecessary burdens for our private equity funds and allow them to do what they do best--invest in job creating small businesses to empower them to succeed, create jobs, and grow the economy. SBIA strongly supports passage of the bipartisan Small Business Capital Access and Job Preservation Act. Sincerely, Brett Palmer, President.

Mr. HURT. I thank the chairman. Mr. Speaker, I rise in opposition to the gentlelady's amendment. I appreciate her work and interest on this important issue; but with all due respect, this amendment would defeat the entire purpose of the bill. If adopted, all advisers to private equity who are currently undergoing the burdensome and unnecessary registration process would still be required to do so. Additionally, it would establish an entirely subjective, so-called ``simplified'' compliance standard that would have to be defined by the Securities and Exchange Commission. There is no reason to believe that such a so-called simplified standard would provide any meaningful relief for those private equity companies investing in small companies across this country. As has been stated, small and mid-sized private equity firms are expending hundreds of thousands of dollars in annual compliance costs and would still have to be registered with the SEC. Instead of addressing this problem, this amendment, if adopted, would continue to restrict the ability of small and mid-sized private equity firms to invest in small businesses. As Members of both parties have pointed out, there are not persuasive arguments that private equity generates systemic risk; and, indeed, to the extent that leverage at the fund level could potentially trigger such risk, we have already adopted a standard proposed by Mr. Himes in committee that would require registration for advisers to firms with leverage that exceeds 2 to 1. I know that the gentlelady understands that access to private capital is the lifeblood for small business. The current SEC registration requirements are unnecessary. They produce a significant burden on private equity firms and, therefore, restrict the flow of private capital to small businesses across the country. I urge this body to defeat this amendment and to vote in favor of the underlying bill.

Mr. HURT. Mr. Speaker, I rise in opposition to the motion to recommit.

Mr. HURT. Mr. Speaker, with all due respect to the gentleman from Nevada, the problem with his motion to recommit is that it would punish a company like Vitamin Shoppe. Vitamin Shoppe is a leading U.S.-based vitamin and supplements distributor. Earlier this year, Vitamin Shoppe went global, opening its first international franchise in Panama City, Panama. By partnering with a private equity fund, Vitamin Shoppe grew its business from a Northeast-based specialty retailer to a national chain, adding more than 400 stores and 2,500 new jobs. With all due respect, this bill is not about overseas jobs. This bill is not about Wall Street. This bill is about Main Street American jobs to the tune of 7.5 million jobs working in 17,000 U.S. companies. This bill is about encouraging private capital investment in those Main Street jobs. This bill is about not adding $500,000 in compliance costs to Main Street job creation. To put this in perspective, I dare say, of every congressional district represented on this floor, this bill is about a window manufacturer in Rocky Mount, Virginia, in Virginia's Fifth District, our district, which has operated there for the last 70 years. It has provided good jobs in our community. It has provided jobs for generations of people living in Franklin County, Virginia, and for families who have worked there for generations. In the last 10-20 years in Rocky Mount, Virginia, just like all across southside Virginia and so many congressional districts across this country, we have seen hard times because of the loss of thousands of manufacturing jobs. We have seen over the last 10-20 years double digit unemployment. This window manufacturing plant was able to survive because of private equity investment, and now that window manufacturing company boasts 1,000 employees. Those jobs still exist today because of a private equity investment. Last night we had a meeting of the Rules Committee, and one member of the committee asked a question. He said: If a big PE firm has to pay an extra $500,000 for compliance costs, what is the big deal? It seems to me that it would be better, perhaps, to ask that question to an employee at that windows manufacturing firm in Rocky Mount. If asked, I suspect he would say, you know: I have a good job. I love my job. I work 60 hours a week to be able to pay my mortgage, to pay my bills and take care of my family. He would say, Please, to all of you in Washington, do everything that you can to make sure that 1 year from now I still have my job and make sure that my neighbor has a job, too. That is a big deal, and that is what this bill is about. I urge the defeat of this motion to recommit, I urge the adoption of this good jobs bill, and I ask for your vote for H.R. 1105. Mr. Speaker, I yield back the balance of my time.

Mr. HURT

Mr. HURT. Mr. Speaker, this year marks Delegate Lacey E. Putney's retirement from 52 years of distinguished public service and accomplishment representing Bedford and the surrounding area in the Virginia House of Delegates. Born in Big Island, Virginia, Delegate Putney is the longest-serving member of the Virginia House of Delegates in the Commonwealth's history, having served since January 1962. He was a member of the Appropriations Committee for nearly 50 years, including 5 years as its Chairman, providing critical leadership in the development of our state's balanced budgets each year. Legislators on both sides of the aisle have always had the utmost respect for Delegate Putney because he has always led based on his conscience and his convictions rather than partisan interests. He will be remembered for his service to our country in the United States Air Force, his devotion to fiscal responsibility, his commitment to economic development, and his legacy of independent-minded leadership for our great Commonwealth. Lacey Putney devoted his life and career to the betterment of his community and our entire state. On behalf of myself and Representatives Bob Goodlatte, Bobby Scott, Randy Forbes, Rob Wittman, Morgan Griffith and Scott Rigell, I thank Delegate Putney for his decades of service to the great Commonwealth of Virginia. It has been an honor to serve with him, and I wish him and his wife, Carmela the best in his retirement.

Mr. HURT

Mr. HURT. Mr. Speaker, I was not present for rollcall vote No. 601, on the amendment offered by Rep. Holt to H.R. 2728, Protecting States' Rights to Promote American Energy Security Act. Had I been present, I would have voted ``no.'' Moment of Silence in Remembrance of Members of Armed Forces and Their Families

Mr. HURT

Mr. HURT. Thank you to the chairman of this committee, and thank you to the sponsor for your leadership on this issue. Mr. Speaker, I rise today in support of the Retail Investor Protection Act. Fifth District Virginians and Americans across the country are working hard to save for their futures, whether it be for their retirements or college tuitions for their children. Unfortunately, these hardworking Americans are being faced with the prospect of increased costs and fewer choices for the financial products that they currently rely on for their investments. Currently, the Department of Labor and the Securities and Exchange Commission have indicated they will move forward with rulemakings to make changes to the fiduciary standards that would decrease the availability of financial advice for retail investors and increase the cost of financial advice for retail investors. We must protect the ability of these Americans to choose the financial professionals who best meet their investment needs, and this bill is an important step in that direction. The Retail Investor Protection Act ensures that retail investors, including many American families, are not affected by unnecessary regulations that have been put in place without sufficient economic analysis or regulatory coordination. I urge my colleagues to join me in supporting this important bill so that Washington does not stand in the way of Americans' ability to seek the best financial advice for their needs.

Mr. HURT

Mr. HURT. Mr. Speaker, I rise today to pay tribute to a devoted public servant, Mr. Phillip R. Roberts, who will be retiring from the Defense Intelligence Agency (DIA) this month after a distinguished 32- year career in Federal service. Mr. Speaker, Phil has provided a career full of exceptional leadership and strategic vision that have significantly contributed to safeguarding U.S. national security interests and strengthened our national intelligence and military intelligence capabilities during a challenging period in our nation's history. Throughout his career and in assignments around the globe, Phil has demonstrated an unyielding dedication to duty and an innate ability to inspire enthusiasm and the commitment to serve in those around him. Mr. Speaker, I have seen firsthand the fruits of Phil's labor in my Congressional District where he was instrumental in the development of the DIA BRAC relocation effort to Charlottesville, VA. Since 2010 Phil has served as the first Chief of DIA's Field Support Activity at Rivanna Station in Charlottesville, working to bring onboard over 800 analysts to the Rivanna Station site to support DIA's Military and Counter-Proliferation Analysis and Scientific & Technical Collection efforts. Phil has worked tirelessly to ensure that DIA has been a good neighbor to the local community forging many important relationships with Charlottesville area governments, charities and institutions such as the University of Virginia. Prior to his assignment in Charlottesville, Phil served three years as the DIA Chief of Staff. As Chief of Staff, Phil functioned as the Agency's Chief Operating Officer and supervised the Agency's acquisition, financial, human capital, information technology and mission services elements spanning DIA's global footprint of over 150 countries. Earlier assignments for Mr. Roberts include a tour in London as DIA's Chief Liaison to the United Kingdom and a tour as the Vice Deputy Director for Analysis for DIA where he oversaw over 2,000 military and civilian personnel, providing all-source intelligence analysis to the Combatant Commands including deployed U.S. and allied forces; the Chairman, Joint Chiefs of Staff; and the Secretary of Defense. Mr. Roberts has represented the Director, DIA at the NATO Intelligence Board and has also served as the Chief, Operational Support Group, where he was responsible for the production of all- source intelligence on foreign infrastructure and operational environment related issues, in support of deliberate and crisis planning requirements worldwide. In August 1998, Mr. Roberts became a member of the Defense Intelligence Senior Executive Service when he was selected to be the Chief, Office for Counterproliferation Support:In this capacity, he was responsible for the production of all-source intelligence on foreign, nuclear, chemical, and biological warfare programs in support of U.S. counterproliferation efforts. From 1993 to 1998, Mr. Roberts was the Senior Intelligence Officer, Office for Counterproliferation Support. From 1991 to 1993, Mr. Roberts served as the Director, Office of General Military Intelligence Functional Management. In this capacity, he oversaw program planning and budget execution for approximately $520 million and over 7,000 personnel. During this period, Mr. Roberts chaired the Council of Intelligence Producers where he played a key role in the largest reallocation of Defense intelligence resources in the post-Cold War period. From 1989 to 1990, as the Special Assistant for Intelligence Production, Directorate for Research, he directed the production of finished intelligence and data base maintenance of over 800 analysts. Prior to 1989, Mr. Roberts served in other supervisory and analytical positions including Chief, North Korean Military Capabilities Branch, and Senior Intelligence Officer, Asia Division. A career intelligence professional, Mr. Roberts has received the Presidential Rank Award of Meritorious Executive and is a recipient of the Defense Intelligence Agency medals for Exceptional Civilian Service and Meritorious Civilian Service, two Defense Intelligence Agency Director's Awards, and the Director of Central Intelligence Diversity Management Award. Mr. Speaker, while DIA and the Intelligence Community will be losing a leader who has answered the call of public service at such critical points in our nation's history, I know that Phil will be happy to spend more time with his wife Teresa and children Taylor, Jonathan and Jordan. Mr. Speaker, on behalf of a grateful nation and my colleagues in the United States House of Representatives, I thank Phil Roberts and his family for his years of service to our country and wish him the very best in his retirement from the federal government.

Mr. HURT

Mr. HURT. Mr. Speaker, I'm pleased that the House has acted once again to fund critical operations of the Federal Government. Last night, we adopted legislation that would provide funding for the National Institutes of Health and for reopening monuments like our World War II Memorial. The NIH provides critical funding for work ranging from the treatment of traumatic brain injuries suffered by our soldiers to cancer therapy for our children. NIH is the largest source of Federal research funding for the important work in these areas at the University of Virginia, located in Virginia's Fifth District. This critical funding should not lapse because the Senate majority leader refuses to come to the conference table to work out a reasonable spending agreement for the Federal Government. This critical funding should not lapse because the Senate majority leader insists on protecting health care waivers for Washington special interests while leaving Virginia families in the cold. The critical funding should not lapse because the Senate majority leader insists on protecting special health care subsidies for Members of Congress while leaving Virginia families to pay the price. I urge the Senate to come to the conference table today. Let's get this done.

Mr. HURT

Mr. HURT. Mr. Speaker, July 30, 2013, Virginia witnessed the passing of Senator Harry F. Byrd, Jr., of Virginia. Senator Byrd was a dedicated public servant and an exemplary figure in the history of our Commonwealth. Born in Winchester, Virginia, Senator Byrd spent his life dedicated to Virginia. He attended both Virginia Military Institute and the University of Virginia, served our nation during World War II, and spent 78 years leading the Winchester Star, his family's newspaper. His 36 years of public service as a Virginia Senator and as a United States Senator set a high standard for integrity and leadership. Senator Byrd always provided a strong voice for limited government and economic conservatism. He was at the center of many major policy discussions that shaped the future of this country. The late Senator is remembered for his positive, bipartisan approach to the great debates of his time, and his commitment to fiscal responsibility. During the 77th Congress, Senator Byrd proposed a commission to reduce the size and scope of the federal government. Named after its creator, the ``Byrd Committee'' was tasked with cutting unnecessary federal spending, which led to billions in savings during its first few years. Senator Byrd's time was marked by great domestic and international transformation, and he played a crucial role as a Lieutenant Commander in the Navy, a Virginia and U.S. Senator, and as a journalist. His many contributions to the Commonwealth of Virginia and the nation as a whole will long be remembered. On behalf of myself, Leader Eric Cantor, and Representatives Frank Wolf, Bob Goodlatte, Randy Forbes, Rob Wittman, Morgan Griffith, and Scott Rigell, I am honored to pay tribute to Senator Byrd's legacy. Our thoughts and prayers are with his family and loved ones.

Mr. HURT

Mr. HURT. Mr. Speaker, I was not present for rollcall vote No. 453. Had I been present, I would have voted ``yea.''

Mr. HURT

Mr. HURT. Mr. Speaker, in response to the minority leader's statement, I would suggest that this is in fact a jobs bill. This is a bill about health care. It is about the quality of health care. It is also about preserving jobs for this country. I rise in support of the Fairness for Families Act, a House initiative that would delay the enforcement of the individual insurance mandate, a central element of the President's health care law. This bill would provide hardworking individuals and families with the same relief that the Obama administration recently gave to American employers. As I travel throughout our district, I consistently hear about the law's devastating effect it has on our families, our workforce, and our struggling economy. Whether it's the community college in Danville that is cutting employee hours because it simply cannot afford to comply with the law or the family in Charlottesville that is coping with skyrocketing insurance premiums, there is no question that the people of Virginia's Fifth District continue to be negatively impacted by this law. While the administration continues to praise this legislation, the American people are left with nothing but broken promises. At a time when too many across this country are out of work, it only makes sense that we act to reduce the burden on individuals and families by suspending this mandate while continuing our efforts to repeal this flawed law and replace it with market-oriented policies that will lower costs for all Americans.

Mr. HURT

Mr. HURT. Mr. Speaker, I was not present for rollcall vote No. 308 on ordering the previous question on H. Res. 288, providing for consideration of the bill (H.R. 2609) making appropriations for energy and water development and related agencies for the fiscal year ending September 30, 2014, and for other purposes. Had I been present, I would have voted ``yea.'' Mr. Speaker, I was not present for rollcall vote No. 309 on H. Res. 288, providing for consideration of the bill making appropriations for energy and water development and related agencies for the fiscal year ending September 30, 2014, and for other purposes. Had I been present, I would have voted ``yea.'' Mr. Speaker, I was not present for rollcall vote No. 310 on approval of the journal. Had I been present, I would have voted ``yea.''

Mr. HURT

Mr. HURT. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1564) to amend the Sarbanes-Oxley Act of 2002 to prohibit the Public Company Accounting Oversight Board from requiring public companies to use specific auditors or require the use of different auditors on a rotating basis, as amended.

Mr. HURT. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and submit extraneous materials for the Record on H.R. 1564, as amended, currently under consideration.

Mr. HURT. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 1564, the Audit Integrity and Job Protection Act, a bipartisan bill I introduced with my colleague, Representative Meeks. I thank him for his leadership on this issue. If enacted, this bill would eliminate the threat of mandatory audit firm rotation by prohibiting the Public Company Accounting Oversight Board, which is the self-regulatory organization charged with overseeing the auditors of public companies, from moving ahead with a potential rulemaking that would have serious negative consequences for American businesses, investors, and consumers. In 2011, the PCAOB issued a concept release to impose mandatory audit firm rotation, which is a directive requiring public companies to change their independent auditors every few years. Implementing this proposal would significantly impair the quality of public audits, reduce the supervision and oversight of audit committees, and impose significant, unnecessary costs that impede investment and harm investors and consumers. In fact, a GAO study conducted pursuant to Sarbanes-Oxley found that initial-year audit costs under mandatory audit firm rotation would increase by more than 20 percent over subsequent-year costs in order for the new auditor to acquire the necessary knowledge of the public company. Additionally, the GAO noted concerns about negative effects on audit quality during the initial years of a new audit firm's tenure. The consequences of the costs imposed by audit firm rotation would decrease access to capital and investments in our communities that help our local businesses and get people back to work. Beyond harming the competitive position of American public companies, I have heard from private companies in Virginia's Fifth District, including from many of our biotech firms and our banks, that mandatory audit firm rotation would create one more disincentive to go public in light of the increased costs and an already complex regulatory scheme. Both the SEC and Congress have previously rejected mandatory audit firm rotation. Most recently, the JOBS Act explicitly banned audit firm rotation for emerging growth companies. In exerting its legislative prerogative to ensure this harmful policy was not enacted on these emerging companies, Congress took away this disincentive from companies exploring accessing the public markets. Now Europe is considering imposing an audit firm rotation regime, in part, because it believes that the United States will move forward on the PCAOB's concept draft. Despite the overwhelming opposition to the concept release--over 90 percent of the more than 700 comments filed-- the PCAOB has left this issue unresolved. To my knowledge, the concept release has not been withdrawn nor have there been any statements from the PCAOB that it will not be moving forward with a proposal. This continued uncertainty is having a detrimental effect on American businesses. The decision of changing an audit firm is best left to companies' audit committees, not regulators, who are trying to impose a one-size-fits-all approach. H.R. 1564 will make clear that Congress does not believe that mandatory audit firm rotation will provide additional protections to investors or consumers and will stifle growth of job-creating small businesses while decreasing audit quality. I would like to thank Chairman Hensarling and Ranking Member Waters of the Financial Services Committee for their support and leadership on this issue as we were able to achieve a unanimous, bipartisan vote from the committee. I ask my colleagues to join me in voting ``yes'' on H.R. 1564 and pass this good bill from the House so that we may strengthen audit quality, remove the threat of unnecessary costs, and refocus the PCAOB on its mission to protect investors and the public interest by promoting informative, accurate, and, most important, independent audit reports. Mr. Speaker, I reserve the balance of my time.

Mr. HURT. Mr. Speaker, as we are prepared to close, I reserve the balance of my time.

Mr. HURT. Mr. Speaker, I would just simply close by saying I think this is a good bill, a bill that not only strengthens investor protection, but also reduces unnecessary costs. It reduces uncertainty in the marketplace. We need certainty in the marketplace. This helps reduce that for public companies. So it is my request that this body pass this piece of legislation. Mr. Speaker, I yield back the balance of my time.

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

Mr. HURT

Mr. HURT. Mr. Chairman, I rise today in support of the Offshore Energy and Jobs Act, a bill that will create thousands of new jobs in Virginia while lowering the cost of energy for all Americans. Last month I traveled throughout my district, visiting local communities to discuss the impact of high energy prices. At each stop the same message rang clear: the cost of energy continues to have a significant negative impact on our small businesses, our farmers and our families. Not only do we see higher prices at the gas pump, but high fuel prices have triggered higher prices across the board. People are paying more for groceries and are witnessing their utility costs rise at a time when they can least afford it. There is no question Americans continue to suffer from Washington's failure to adopt a sensible energy policy. The President's consistently failed to lead on this issue. The administration continues to restrict leasing permits for oil and gas exploration off the coast of the Commonwealth, preventing Virginians from utilizing our natural resources. Reopening the lease sales off our coast enjoys broad bipartisan support in Virginia, yet Washington continues to insist that it knows best what is best for the Commonwealth. At a time when too many people in my district and across the country are out of work, it is critical that we, in the House, do everything we can to encourage creation of new jobs and reduce the burden on our hardworking families, our farmers and our small businesses. If adopted, this act will lead to the creation of over a million new American jobs. In addition, this legislation will lead to lower energy prices, economic growth and strengthened national security. As the House continues to lead on creating a sensible domestic energy policy, it is my hope that the Senate and the President will join us. I urge my colleagues to support this commonsense legislation. And I thank Chairman Hastings for his leadership and his committee for its leadership on this important issue.

Mr. HURT

Mr. HURT. Mr. Chairman, I rise today in support of the Northern Route Approval Act, another House initiative to pave the way for construction of the Keystone pipeline. I support this measure because approval of the pipeline will lead to lower fuel prices and it will create jobs. As I've traveled my rural Virginia Fifth District, I have spoken to our small business owners, our small farmers, our volunteers, our students, and our parents, and there can be no question that the energy policies coming out of Washington under this President are hurting our local communities. That is why the immediate approval of the Keystone pipeline is so important, because it will reduce our dependence on foreign dictators, it will give us affordable energy, and it will create the jobs that we desperately need. After 4 long years, this bipartisan plan to create jobs and lower fuel prices should wait no longer. It is high time for the President to heed the wishes of the American people. Stop the excuses and approve the Keystone pipeline.

Mr. HURT

Mr. HURT. I thank the chairman for yielding and thank him for his leadership on this issue. Mr. Chairman, I rise today in strong support of the bill that's being offered by Mr. Garrett. This is a bill that will ensure the SEC will abide by simple cost-benefit analysis requirements. All Federal agencies, but especially the SEC, affect the efficiency and the success of our Main Street businesses--our Main Street businesses across Virginia's Fifth District and all across this country. The SEC primarily exists to protect investors, maintain fair and efficient markets, and to facilitate capital formation. This positions the Commission as a critical component of our small businesses' ability to access the capital they need to grow jobs. If access to capital continues to be constrained by overly burdensome regulations, we will not see the economic growth in the jobs that we need in my district and across the United States. While it is critical that the SEC be able to promulgate certain rules to implement congressional legislation, it is also critical that Congress clearly set forth its legislative prerogatives. As Members of Congress, we must ensure that the rules that the SEC adopts are with good purpose and that they are not unduly adding more burdens on hardworking Americans at a time when our economy is struggling. Indeed, I believe that all Federal agencies should be held accountable by the Congress to ensure that the cost of the rules that they promulgate will not be greater than the benefit of those rules to the American people. Congressional oversight is our constitutional responsibility, and I'm proud to support this legislation to ensure that excessive Federal regulations are not unnecessarily hindering job creation at a time when the people across Virginia's Fifth District need jobs the most. I urge passage of this good bill.