Robert Hurt

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I wish to honor 90 students from the Central Virginia area for their praiseworthy decision to enlist in the United States Armed Forces. Of the 90, 36 have chosen to join the U.S. Army to include the U.S. Army Reserves and U.S. Army National Guard: Benjamin P. Arrington (NG), Alexander Barton, Ethan R. Bernier, Colton Breedan, Sean Brenneisen, Hannah T. Brock, Tanner C. Brooker (NG), Eric M. Calvert, Jason D. Cooke, Anthony Cruz, Terra D. Daniels, Scott M. Dice, Christian Donavant, Ryan Eckert, Steven Gandy, Michael R. Hampson, Ruston L. Hill, II (NG), Robin G. Jat, Minjung Kim, Youjung Kim, Brittany Maddox, Francisco Leiva Magana, Alejandro J. Mastrapa, Mardin Mohammadzadeh, Aaron E. Molloy, Mason L. Plum, Michael L. Robinson (NG), Jonathan C. Shifflet, Aaron M. Spurlock, Caleb A. Staff, Matthew J. Sullivan, Maria Torres Trujillo, Chihao Wang, Kaiying Wang, Lorenzo Wells and Cheyenne Williams. Thirty-two have selected the U.S. Marine Corps: Derek Alewine, Jacob Alderman, Brian Alvarado, Lilian Booysen, Jonathan Bowman, Sim Brand, Wendy Bustillo, Joshua Campbell, Dylan Chenault, Jacob Clark, Chase Cline, Jacob Green, Noah Hallen, Chester Harvey III, Matthew Hill, Charles Hite, Collin Ingles, Tylore Jones, Dakota Kelley, Christopher Leake, Rickey Langhorne, Patrick Mayo, Isaiah Meadows, Kyle Rochefort, Jacob Shaver, Edward Sher, Benjamin Showalter, Andrew Smith, Dylan Snyder, Gaines ``Randall'' Thomas, Jerod Williams, and John Weatherman. Eighteen have elected to join the U.S. Navy: Jesse R. Bast, Devin M. Carter, Storey A. Collier, Nicholas S. Finnan, Nathaniel Fisher, Colin D. Grimsley, Christian N. Hoffman, Steven Howard, Christopher S. Keller, Raymond G. Markle, Alexander N. Ostrowski, Devin O'Neal Richardson, Tayvaun D. Richardson, Taylor M. Stark, Katelyn R. Shafer, Lucas J. Valleau, Devin L. Walker, and Andrew H. Williams. Four have elected to join the U.S. Air Force: Hunter Brittle, Jordan Stracener, Martha Wells, and Jackson Winum. These 90 young men and women will be recognized on April 30, 2016, as part of the ``Our Community Salutes'' Recognition Ceremony, and Albemarle High School Guidance Counselor, Jacquelyn Perry, will be awarded The General Colin L. Powell Service Award. This prestigious citation is given to a high school educator who best supports young adults desiring to serve in the U.S. Armed Forces after graduation from high school. Every citizen of the United States of America owes his or her freedom to the men and women that have served, are serving or will serve this nation in the uniform of one of our military services. The future of our Nation remains strong because of young men and women like these 90 individuals who have stepped forward to serve in the defense of our country and to uphold the ideals and principles upon which it was founded. These young Virginians from the home of Founding Father, Thomas Jefferson, represent all that is good in our Nation. They depart with the full faith and support of the U.S. Senate and the American people. They will experience good days and they will experience challenges and we will support them in both environments. We owe a great deal of gratitude to these young patriots who will take the Oath of Enlistment and serve in their respective service. It is because of their decision today that the United States remains secure and a beacon of liberty throughout the world.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I submit these remarks in recognition of the service and dedication of Mildred Jane Worsham and Landon Worsham to the Chatham Presbyterian Church and the entire Chatham community. Mildred Jane Worsham has been serving the Chatham Presbyterian Church congregation as their organist for over 70 years. Mildred began playing for Chatham Presbyterian in 1945 at the age of sixteen. Over the years, she shared that duty with the late Augusta Parrish on an every-other- month basis, and she now serves as the sole organist. In addition to her duties as organist, Mrs. Worsham has also served as the church's long-standing session clerk, Choir Director, taught Sunday School, Bible School and Bible Studies, and Mrs. Worsham had the honor of being named the first female elder of Chatham Presbyterian Church and was one of the church's first female deacons. She was also a commissioner for the Presbytery of the Peaks, which included 129 churches spanning parts of Central Virginia, Southside, the New River Valley and Allegheny Highlands, and served as the Commissioner to the General Assembly of Presbyterian Church in the United States. Mrs. Worsham has also been a member of the Sylvania Garden Club, the Homemaker's Club, and assisted her husband's work as Chief of the Chatham Volunteer Fire Department for over 50 years. For decades, Landon Worsham's service to the Chatham community has extended far beyond firefighting. In 2013, I had the privilege of joining the Town of Chatham, Virginia to honor Mr. Worsham for his 60 years of service to Chatham as a volunteer firefighter, 50 of which he spent as fire chief. In addition to this tremendous accomplishment, Mr. Worsham has been an active volunteer at the Chatham Presbyterian Church, serving as the superintendent of Chatham Presbyterian's Sunday school for over 50 years and counting. Mr. Worsham is also an elder at the church and has served numerous times on the session. Mr. Worsham also served as a leader in the Chatham Lions Club and the Chatham Jaycees, as well as serving as the Vice President of the Pittsylvania County Fire-Rescue Association. He also served his country in the U.S. Air Force during World War II, and was wounded in New Guinea and awarded the Purple Heart. I ask the members of this House of Representatives to join with me and the entire Chatham community in thanking and honoring the service and dedication of Jane Worsham and Landon Worsham to the Chatham Presbyterian Church and the Town of Chatham, and to the surrounding counties and our great nation.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, Congressman Dave Brat and I submit these remarks to commemorate the life of John Stewart Bryan who passed away January 23, 2016 at the age of 77. During Mr. Bryan's more than 50-year career, he worked as a newspaper journalist, served as publisher of four newspapers, the Richmond Times- Dispatch, Richmond News Leader, The Tampa Tribune, and The Tampa Times, and later became the Chairman, President, and Chief Executive of Media General. Mr. Bryan proudly and accurately referred to himself as a ``newspaperman.'' J. Stewart Bryan III was born on May 4, 1938 in Richmond. A Virginian through and through, he attended St. Christopher's School in Richmond, the Episcopal High School in Alexandria, and the University of Virginia. Afterwards, he served our country as an infantry officer in the U.S. Marine Corps. Mr. Bryan's accolades were numerous and well deserved. He was awarded honorary doctor of humane letters degrees from Hampden-Sydney College, Emory & Henry College, College of William & Mary, and Randolph-Macon College, and he was inducted as a laureate of the Virginia Communications Hall of Fame and the Richmond Business Hall of Fame. He also received the outstanding service award of the Florida Press Association, the lifetime achievement award of the Virginia Press Association, the Frank Mayborn Leadership Award of the Southern Newspaper Publishers Association, the George Mason Award for significant contributions to the advancement of journalism in Virginia from the Society of Professional Journalists, Virginia Pro Chapter (SPJVA), and the medal of honor of the Daughters of the American Revolution. Moreover, he was well known for supporting, and when necessary staunchly defending, his staff, and he fought steadfastly for the freedom of press. But perhaps, his career and his passion are best summed up by the Richmond Times-Dispatch in an editorial after his passing: ``Stewart Bryan's heart pumped ink. He devoted his life to newspapers. A life devoted to print is a life devoted to time and place. Bryan loved Richmond. He considered The Times-Dispatch and News Leader vehicles of public service. When the press does its job, it improves its surroundings. Bryan may have belonged to a newspaper family but he answered a vocation's call.'' He is survived by his wife, Lisa-Margaret ``Lissy'' Stevenson Bryan: his daughters, Elizabeth Talbott Bryan Maxey ``Talbott'', and Anna Saulsbury Bryan (Stephen) Sullivan. Five grandchildren: Tennant and Alice Maxey, and Pryor, Stewart, and Harriett Sullivan. Two sisters: Mary Tennant Bryan Perkins and Florence Talbott Bryan Fowlkes. Our thoughts and prayers remain with the entire Bryan family. Stewart Bryan's dedication to his craft is unmatched and admirable; he will be sorely missed.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Chairman, I rise in opposition to this amendment. The first amendment that we heard about from the gentleman from California was certainly couched as a friendly amendment. This amendment, to be sure, is not a friendly amendment because what it does is strike title IV altogether. I certainly appreciate the comments made by the gentleman and the gentlewoman in support of the amendment, but I would suggest to you that this amendment is not a constructive approach. There have been a lot of misstatements about what this title does, but the fact is this: If the SEC were ready to effectively implement XBRL, we wouldn't be having this conversation, but the SEC is not. Smaller and emerging growth companies are wasting valuable resources on a system that is not ready for prime time. One of the things that was said earlier was that this exemption would affect 60 percent of the companies that are regulated. The truth of it is and the perspective that needs to be remembered is this: Number one, among those 60 percent of companies, we are talking about only less than 7 percent of the market value of all public companies. So, in the grand scheme of things, we are talking about companies that are small. The second thing we know about them is they are our most dynamic job creators, period; and the purpose of this bill, the purpose of this title, is to support those that are actually creating jobs in an economy where we need jobs desperately. The other point that I would make is to reiterate again what the chairman said, and that is that title IV is voluntary. It is optional. If it is good for the company, then the company can choose to continue to submit this information in that format. If a company doesn't believe that it is in its best interest and there is not value to it and to potential investors, then it is something they should not have to waste time on. The second point is that it is completely temporary. It is a completely temporary exemption that will expire in 5 years. I agree with where we want to go in terms of the technology, but asking these small companies who are our Nation's most dynamic job creators to waste their resources on a system that is not yet useful to them or to their investors is something that we should not stand for. With that, I ask my colleagues to oppose this amendment.

Mr. HURT of Virginia. Mr. Chairman, I join the chairman of the Committee on Financial Services in my respect for the proponent of this amendment. I certainly appreciate his efforts in attempting to make this title better, but I would point out a couple of things. The first thing I would say, as the chairman of the Committee on Financial Services has said, this is a voluntary exemption. It is a temporary exemption. We heard in the committee this Congress and in previous Congresses that the XBRL format that has been required by the SEC since 2009 has not been reliable. A Columbia study that was done in 2012 indicated at that time that only 10 percent of investors actually used, found XBRL format useful in doing analysis of public companies. It is for those reasons that we believe that this temporary, voluntary option for smaller companies not submitting to the SEC in this format makes sense. I would submit to you that what this amendment does is it would require all companies that are currently submitting in this form to continue. What it would do is exempt future companies. Well, it strikes me like this. If this XBRL format and process is not ready for prime time, if it is not ready for prime time for future users, then we also ought to give relief for those who are currently having to do it and would like not to do it. I believe that we should allow all emerging growth companies and smaller issuers to take advantage of this voluntary exemption while the SEC is getting this format ready for prime time. This amendment goes to the very essence of the underlying measure and would not substantively provide any relief to the small companies who are currently being negatively impacted by this failed XBRL system. I urge my colleagues to oppose this amendment and ask for the support of the underlying bill.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Chairman, I thank the chairman of the Financial Services Committee for his leadership in moving this legislation to the floor. I rise today in support of this bill, the Capital Markets Improvement Act. As I travel across Virginia's Fifth District, the number one issue facing the families I represent is the desperate need for job creation. Making sure that hardworking Virginians and Americans have adequate access to capital markets is imperative to job creation and to sustained economic growth for our great Nation. This is why it is so important that the Financial Services Committee and the House of Representatives continue to push legislation that will make it easier for our businesses, for our farmers, and for families to be successful. Indeed, every provision within this bill today we are considering has received bipartisan support, and each title of this bill is critical to enhancing access to capital and ensuring that the U.S. capital markets remain the most vibrant in the world. Within this Capital Markets Improvement Act, I am pleased that two provisions that I have sponsored have been included, the Small Company Disclosure Simplification Act and the Streamlining Excessive and Costly Regulations Review Act. The first provision is contained in title IV. The Small Company Disclosure Simplification Act addresses a 2009 mandate from the SEC which required the use of eXtensible Business Reporting Language, or XBRL, for public companies. While the SEC's rule is well-intended, this requirement has become another example of a regulation where the costs often outweigh the potential benefits. These companies spend thousands of dollars and more complying with the regulation, yet there is little evidence that investors actually use XBRL, leading one to question its real-world benefits. The provision before us today is a measured step that would offer small companies relief from the burdens of XBRL. Title IV provides a voluntary--let me say that again--a voluntary exemption for emerging growth companies and smaller public companies from the SEC's requirements to file their financial statements via XBRL in addition to their regular filings with the SEC. It is important to note that nothing in this bill precludes companies from utilizing XBRL for their filings with the SEC. The exemption is completely optional and allows smaller companies to assess whether the costs incurred for compliance are outweighed by any benefits using this technology. During our committee's hearing on this issue, one company reported that it spent $50,000 on complying with XBRL. That is a real cost to a small company, especially when that cost does not yield a significant benefit. I am not suggesting that every firm pays this much, but certainly we can agree that, when filing fees are this high, we should ensure that the requirements result in a benefit to investors and to those public companies being regulated. It is also very important to note that, with this legislation, all public companies will continue to file quarterly and annual statements with the SEC. Furthermore, this bill will not kill the implementation of XBRL or structured data at the SEC. It is merely providing a temporary and voluntarily exemption for smaller companies so that they may better utilize their capital. It is about choice and ensuring that these companies can use their capital to create jobs instead of using it to comply with unnecessary red tape. This bill has previously received strong bipartisan support in the Financial Services Committee and on the floor of this House when this measure was part of the Promoting Job Creation and Reducing Small Business Burdens Act. Similarly, during the last Congress, this measure was also approved with a strong bipartisan vote in the House. I ask that my colleagues once again support this commonsense legislation today. In addition to the disclosure simplification issues, we have also sponsored title V of this Capital Markets Improvement Act. This is a bipartisan bill that I crafted with my colleague, Ms. Kyrsten Sinema of Arizona. The Streamlining Excessive and Costly Regulations Review Act is about accountable and representative government and making sure that the SEC is taking an ongoing retrospective look at its regulation. This legislation would simply require the SEC to review its major rules and regulations on a regular basis to determine whether they are still effective or outdated or whether they need to be changed in some regard. In fact, other prudential regulators, such as the FDIC, the OCC, and the Federal Reserve, are already doing this. During the mid-1990s, the Economic Growth and Regulatory Paperwork Reduction Act, or EGRPRA, required these entities to conduct a retrospective review of all of their regulations to determine if they were still effective and, subsequently, report their findings to Congress. Because the House Banking Committee at the time did not have jurisdiction over the SEC, the SEC was left out of this process. Title V would simply require the SEC to retrospectively review its regulations with the goal of ensuring that they are effective and up to date. It would enable the SEC to operate in the most effective manner possible. It would afford the SEC the autonomy and flexibility to make this mandate effective. President Obama himself endorsed this idea in multiple 2011 executive orders, and the other prudential regulators are already operating under a similar review process. This legislation simply puts the SEC on the same playing field as the other regulators. Moreover, this bill provides Congress with the insight it needs to hold the Commission accountable, and the legislation adheres to the requirements of the Administrative Procedure Act. All said, the structure and the process of title V will provide industry, the SEC, and Congress, with the structure and time necessary to ensure that this retrospective review process is effective. I ask my colleagues to join me in supporting this title so that we can continue to improve the SEC's regulatory regime. In closing, let me again thank the committee chairman, Chairman Hensarling, and Chairman Garrett, who is our Capital Markets and Government Sponsored Enterprises Subcommittee chair, for making these two provisions a part of this act. I urge my colleagues to vote ``yes'' on this good bill.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for roll call vote No. 36 on Ordering the Previous Question on H. Res. 583--The combined rule providing for consideration of H.R. 1644, H.R. 3662, and S.J. Res. 22. Had I been present, I would have voted ``yea.'' Stated against:

Mr. HURT of Virginia

Mr. HURT of Virginia. Madam Chair, I was not present for rollcall vote No. 23 on the Cohen of Tennessee Amendment No. 1 on H.R. 1927. Had I been present, I would have voted ``no.'' Amendment No. 3 Offered by Mr. Conyers

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 704, a recorded vote on the Approval of the Journal. Had I been present, I would have voted ``yes.'' personal explanation

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 635, a recorded vote on the Motion to Recommit with instructions on H.R. 1210. Had I been present, I would have voted ``no.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for Roll Call vote No. 582, a recorded vote on H.R. 1853. Had I been present, I would have voted ``yes.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I was not present for rollcall vote No. 570, a recorded vote on the previous question on H. Res. 491. Had I been present, I would have voted ``yes.''

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, Representative Ben Ray Lujan of New Mexico and I submit these remarks to commemorate the life of Kevin Anderson Mason, who passed away October 1, 2015 at age 44. Mr. Mason--a native of Altavista, Virginia who resided with his family in Clovis, New Mexico--was working in Afghanistan as a civilian contractor. On the evening of October 1, 2015, shortly after taking off from the Jalalabad Airfield in Afghanistan, a terrible tragedy occurred when a C-130J crashed, killing six United States airmen and five civilian contractors, including Mr. Mason. Mr. Mason was a 1990 graduate of Altavista High School and honorably served in the United States Air Force for ten years. He will forever be remembered by his classmates, teammates, and members of the Altavista community as a warm, welcoming, kindhearted man. Mr. Mason was a star member of Altavista High School's basketball team, and school principal Ty Gafford and coach Dean Hubbard remember him fondly as a cornerstone of the Altavista community. He left behind a wife of nineteen years, Tammy, who he met while stationed at Cannon Air Force Base in Clovis, New Mexico, and their three sons, KJ, Brandon, and Devin, all of whom currently reside in Clovis. We are forever grateful for Mr. Mason's years of service in the U.S. Air Force and his continued service and sacrifice in defending our nation. Our thoughts and prayers are with the entire Mason family, the Altavista and Clovis communities that mourn his loss, and with all of the families who lost loved ones in this tragic incident.

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Chair, I was not present for rollcall vote No. 546 on the Messer of Indiana Part B Amendment No. 5 on H.R. 702. Had I been present, I would have voted ``yes.'' Amendment No. 6 Offered by Mr. Messer

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, on behalf of myself, Representative Bob Goodlatte, and Representative Rob Wittman, I submit these remarks to commemorate the life of Staff Sergeant Jonathan Lewis of Warrenton, Virginia, who passed away September 2, 2015 at age 31. On the evening of September 2, 2015 at Camp Lejeune, North Carolina, a terrible tragedy occurred during training for the Fleet Anti- Terrorism Security Team. Several Marines were injured, and Staff Sergeant Jonathan Lewis, a 31-year-old Fauquier native based at Yorktown Naval Weapons Station, was killed. According to Colonel Jeffrey Kenney, the officer in charge of the Expeditionary Operations Training Group, training for the Fleet Anti-Terrorism Security Teams requires ``the highest-caliber Marine, with the dedication and courage to take on the challenge.'' This, according to Colonel Kenney, was the exact makeup of Sergeant Jonathan Lewis. Sergeant Lewis' uncle, Keith Lewis would like his nephew to be remembered as, ``foremost a Marine and just one heck of a human being.'' Our thoughts and prayers are with the Lewis family and the Marines with whom he served. Staff Sergeant Lewis selflessly sacrificed so much to preserve our freedoms and our American way of life. It is because of soldiers like him that we may continue to live in the freest nation on Earth. We will remember his tremendous sacrifice and remain forever grateful. I ask that the members of this House of Representatives join with me, Congressman Goodlatte, Congressman Wittman, and the community of Warrenton, Virginia in honoring the memory of a great American hero.

Mr. HURT of Virginia

Mr. HURT of Virginia. Madam Speaker, I was not present for roll call vote No. 523 on the motion to recommit with instructions on H.R. 3495, the Women's Public Health and Safety Act. 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. 450 on H. Res. 369. Had I been present, I would have voted ``yes.'' Stated against:

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1334) to amend the Securities Exchange Act of 1934 to make the shareholder threshold for registration of savings and loan holding companies the same as for bank holding companies.

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 include extraneous material on this bill.

Mr. HURT of Virginia. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 1334, the Holding Company Registration Threshold Equalization Act. I would like to thank Representatives Womack, Himes, Wagner, and Delaney for their bipartisan work to achieve a unanimous vote in the Financial Services Committee. H.R. 1334 provides a technical correction to the JOBS Act in the truest sense of the term. The JOBS Act updated the shareholder threshold for bank holding companies to register and deregister under the Securities Exchange Act to 2,000 shareholders and 1,200 shareholders respectively. However, due to a technical oversight, the statute did not specifically extend the same treatment to savings and loan holding companies, despite their being similarly organized to bank holding companies. Since the enactment of the JOBS Act, dozens of bank holding companies have taken advantage of these provisions while savings and loan holding companies have been forced to wait for action from Congress to correct the error. By putting savings and loan holding companies on par with banks, H.R. 1334 provides these institutions the same flexibility as banks to reduce their SEC-related compliance costs and better deploy capital throughout their communities. H.R. 1334 is identical to legislation that received 417 votes in the House last Congress. I ask my colleagues to join me in supporting this commonsense, bipartisan legislation. 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 Arkansas (Mr. Womack).

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 include extraneous material on this bill.

Mr. HURT of Virginia. Mr. Speaker, I yield myself such time as I may consume. I would, again, like to thank the ranking member for working together on this piece of bipartisan legislation. I also want to thank the chairman, Chairman Hensarling, as well as Representative Wagner and Representative Sewell, for their laser focus on streamlining SEC regulations that are unnecessary and costly while still maintaining a rock-solid commitment to investor protection. It is my hope the House will adopt this measure. Mr. Speaker, I yield back the balance of my time.

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

Mr. HURT of Virginia

Mr. HURT of Virginia. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1847) to amend the Securities Exchange Act of 1934 and the Commodity Exchange Act to repeal the indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities under such Acts, as amended.