J. Hill

Mr. HILL

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

Mr. HILL. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5078) to amend the Real Estate Settlement Procedures Act of 1974 to modify requirements related to mortgage disclosures, and for other purposes, as amended.

Mr. HILL. Mr. Speaker, I will yield myself such time as I may consume. Mr. Speaker, I rise today in favor of my bill, H.R. 5078, the TRID Improvement Act. This important package will cut through the red tape and level the playing field for making sure that regulations are smarter, fairer, clearer, and more efficient, while, at the same time, ensure that consumers and investors are protected. You know, Mr. Speaker, when the CFPB, the Consumer Financial Protection Bureau, was first initiated as a part of the Dodd-Frank Act, one of now-Senator Elizabeth Warren's goals was simpler regulation, that we would streamline regulation, that we would take bulky complex consumer forms and make them simpler. And the TILA-RESPA, truth-in- lending form and the real estate settlement form, were examples in those early days that they were going to make these forms simpler and easier for consumers. Well, that is what we are talking about today, Mr. Speaker, for it did not become simpler and easier. It became costly, complex, and difficult for consumers. Today, we are back on the floor on this issue. It is not a new issue or a new concern because the confusion related to TRID has been apparent for years. In November 2013, the CFPB finalized TRID, combining, as I said, the truth-in-lending form with the real estate settlement procedures form necessary for consumers in this country to close a home loan to have that American Dream. The effective date for this final rule was originally set for mortgage applications received on or after August 1, 2015, but due to the administrative errors of the CFPB, the agency delayed it until October 3, 2015. In October, the House of Representatives passed H.R. 3192, the Homebuyers Assistance Act, which I proudly sponsored, and it passed with a bipartisan vote in this House of 303-121. It would have provided a hold-harmless period for those trying to make a good faith effort to comply with this complex rule. In April 2016, with complaints pouring in from both homeowners, homebuyers, consumers, bankers, title companies, the CFPB decided to reopen the rulemaking on TILA-RESPA and the TRID rule. The CFPB issued a final rule clarifying and amending certain mortgage disclosure provisions. So as you can hear from this long story, Mr. Speaker, this rule is complex. So we are here today to try to fix a part of it, a small part of it that will make it easier, better, and more clearer for consumers. The American Bankers Association stated that if there was one thing to fix about the current regulatory system, it would be the TILA-RESPA Integrated Disclosure rule, TRID--not qualified mortgage definitions, not the Volcker rule, the TRID rule. Mortgage lenders have seen regulatory change around every aspect of their lending for the last 8 years, and this rule is no exception. Today, Mr. Speaker, over in the House Small Business Committee, the GAO testified. They have issued a report about the TILA-RESPA Integrated Disclosure rule. They told the committee today that this rule was one of the most expensive facing community banking across the country, the most burdensome. So here, the TILA-RESPA rule before our House Small Business Committee says that we are burdening community banks, and they, in turn, are not able to do the kind of work that we want, that we expect for our homebuyers of homes across this country. CFPB Associate Director David Silberman said the Bureau agreed with the GAO's recommendation, that it assessed the effectiveness of the TRID guidance and that it intended to ask the public for input on ways to improve regulatory guidance. Well, Mr. Speaker, I am glad to have this report from the GAO, but we have been calling for this for almost 2\1/2\ years that we want this rule made simpler and more direct and better for our consumers. H.R. 5078 fixes the title insurance disclosures so that consumers actually know what their expenses are going to be for title insurance. And despite our best efforts, the CFPB has been unwilling to fix this problem on its own; so today, Congress comes to act. The other aspect of this bill--and I want to thank my good friend from Minnesota (Mr. Ellison) and my good friend from North Carolina (Mr. Pittenger) for the second portion of this bill, the Credit Access and Inclusion Act of 2017. The Credit Access and Inclusion Act amends the Fair Credit Reporting Act to allow the reporting of certain positive consumer credit information for consumer reporting agencies. Specifically, a person or the Department of Housing and Urban Development might report information related to a consumer's performance in making payments either under a lease arrangement for a dwelling or pursuant to a contract providing utility or telecommunication services. This kind of positive reporting on a consumer's ability to make their payments on time will help more families in our country build a credit record. Mr. Speaker, I reserve the balance of my time.

Mr. HILL. Mr. Speaker, I thank my friend from Minnesota for his work on this bill and providing the chance to build a credit file for those who really need it. Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from North Carolina (Mr. Pittenger), my friend, who, this week, I know, is having a touching time with his almost five decades of friendship with Reverend Billy Graham--we all salute their work together for the betterment of our world--and who is the vice chairman of the Financial Services Subcommittee on Terrorism and Illicit Finance.

Mr. HILL. Mr. Speaker, I again thank Mr. Pittenger and Mr. Ellison for their work on this measure, and for all of my colleagues on both sides of the aisle who have brought these bills to the floor and, particularly, for speaking out for consumers on bills that will help consumers have more access to credit, whether it is a mortgage and a speedier, easier, more transparent mortgage closing or the chance to build credit, with the work from my friend from Minnesota and my friend from North Carolina. Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise to recognize one of Arkansas' finest, Chief Warrant Officer 2 John Heffernan, who passed away late last month at the age of 77. His leadership and dedication to our State and Nation as a soldier, a veteran, and a volunteer is an example to all Arkansans and all Americans. Heffernan enlisted in the Army in 1962, and after more than 27 years of military service, John retired from the Arkansas Army National Guard. For the next 23 years, John provided his services at Camp Robinson and the Little Rock Air Force Base. He was one of many of the strongest advocates in central Arkansas for all matters related to our military veterans and their families. For the better part of half a century, John was a selfless servant to others, giving more of himself than he had to give. He had a passion for volunteering, rivaled only by his passion of service to his country. I extend my respect, affection, and prayers to his family and their loved ones.

Mr. HILL. Mr. Speaker, I rise today to recognize North Little Rock Middle School teacher Dawn McLain. Dawn, a sixth grade science and math teacher, recently was named a 2017-2018 recipient of the national Milken Educator Award, one of only 44 across our country. This prestigious honor is given to teachers with exceptional educational talent who impact students both in and out of the classroom. Dawn has not only increased her students' test scores, but she has engaged her students through robotics, design modeling, and rocketry. She is a strong proponent of project-based learning, technology integration, and data deployment. Dawn is also focused on helping her students build life skills that will help them succeed into adulthood and works to build strong relationships with both parents and her students. Teachers like Dawn prove that education is one of the best investments America can make. I am proud to represent her and all the teachers of central Arkansas who are making a difference in the lives of our kids. Recognizing Chief Warrant Officer 2 John Heffernan

Mr. HILL. Mr. Speaker, I rise today to honor the life and the legacy of one of Arkansas' great innovators and leaders, my friend Albert Yarnell of Searcy, Arkansas, who passed away earlier this year at the age of 94. Albert worked for over 75 years with his family to make Yarnell's Ice Cream one of the most successful regional ice cream companies in the United States. Yarnell's Ice Cream created many unique flavors, such as the Razorbacks' ice cream, Woo Pig Chewy; and my personal favorite, peppermint. Yarnell was an icon of Arkansas business and anchor of the Searcy and White County business community for decades. He is a past president of the Searcy Chamber of Commerce and served as mayor of Searcy. He was inducted into the Arkansas Business Hall of Fame in 2007 and is a member of the Arkansas Dairy Products Hall of Fame. He was a role model and friend to many across our State. I extend my respect, affection, and prayers to his many dear friends, family, and loved ones. Recognizing North Little Rock Middle School Teacher Dawn McLain

Mr. HILL. Mr. Speaker, I rise today to recognize and applaud the work of NBA all-star and Arkansas native Joe Johnson of the Sacramento Kings with a local youth basketball program, the Arkansas H.A.W.K.S. The Arkansas H.A.W.K.S, an acronym meaning Hard At Work Kids, is a member of the Amateur Athletic Union organization dedicated to the development of athletic ability in American youth. Under the leadership of Coach Bill Ingram, the team's goal extends beyond the court and into the communities of central Arkansas, building a dynasty of basketball players who seek to make a lasting impact on their neighborhoods, city, State, and our country. Before he was a seven-time NBA all-star, Joe Johnson was a student at the historic Little Rock Central High School and a star player on the Arkansas H.A.W.K.S roster. In this partnership, the teams and players connected with the H.A.W.K.S will be given unique opportunities, including, mentorship, player development, and academic assistance. I would like to extend a hearty debt of gratitude and congratulations to Joe Johnson and the Arkansas H.A.W.K.S program for their selfless and worthwhile investment in central Arkansas youth. Honoring the Life and Legacy of Albert Yarnell

Mr. HILL

Mr. HILL. Mr. Speaker, I appreciate the opportunity to come before the House during this rules debate on this package of bipartisan bills that have been worked on for two Congresses now and that address a number of issues that I think Members on both sides of the aisle and our committee recognize would improve the capital market system, improve access to capital for business and consumers, and, also, reduce the red tape, the bureaucracy associated with trying to run a community bank and provide services to our consumers, both businesses and families, that has been made so challenging since the passage of the Dodd-Frank Act almost 8 years ago. You know, I was coming to Washington yesterday, and I was reading the weekend business section. There was a story there about Richard Griffin from Crossett, Arkansas, who has owned a community bank there for decades. It is about a $30 million, $35 million bank. He just said that, with his 13 employees, he just couldn't comply with the level of regulatory burden following Dodd-Frank that was so geared to our biggest financial institutions, our most complex financial institutions, companies like those headquartered up in New York. He just felt compelled to exit the business and leave that town, leave the local board of directors, the local management team, and turn it over to an out-of-State company. Crossett, Arkansas, is a fine town, and it deserves a good banking presence by a number of competitors, home to Georgia-Pacific and all of their activities there. Mr. Speaker, these bills are, as I say, bipartisan, and they are needed across this country. Let me just touch on a few of them. The ones that I think provide the most benefit to community bankers and businesses and customers of those local banks are, first of all, Mr. Stivers' bill, which eliminates a barrier, a well-intended licensing provision if you wanted to make mortgage loans after the '08 crisis. Congress thought it was a good idea to make sure that mortgage lenders were qualified, so they made them get a license. We can debate whether that was too much work or not or whether it was worthwhile or not. They made bankers get it and nonbanks. But in this bill, Mr. Stivers simply says, if you are going to try to change jobs and you hold a mortgage license, that you just have a transition period where you don't have to go requalify for that if you are going to work for a nonbank or you are going to work for somebody in another State. It only passed our committee 60-0, so it doesn't get much more bipartisan than that. That will help banks reduce red tape, recruit loan officers, and get them to work faster serving customers. Likewise, the TRID Improvement Act of 2017 is something that I worked on in a variety of ways, and it is included in this package. It allows States where you can buy both a personal policy for your title insurance as well as the title coverage for a closing to show you the real discount. Mr. Speaker, the real irony here is that, when Elizabeth Warren was a staffer and a college professor, one of her goals for the CFPB was simplification, that we take all these complicated forms and we would make them easier to use. Well, here is an example of the exact opposite. The new Truth in Lending forms for real estate settlements were made more complicated. After 8 years of dealing with it, this was a classic example of trying to make it simpler. Let's actually show the consumer what the real closing costs are for their title insurance. This will speed mortgage closings. This will reduce errors in mortgage closings. This will reduce consumer confusion about the so-called Know Before You Owe rule. I would argue this rule has made it much more difficult to know what you owe before you borrow it, and this is a small step in improving that. Mr. Speaker, these things help our community banks. There is one other in this package we are considering today, Mr. McHenry's bill, which allows community banks that originate loans, consumer loans, commercial loans, that are selling those loans to a nonbank, a nonbank servicer or a nonbank packager, to be able to pass through the rate that they originated the loan for. There was a Supreme Court case that has made that more complicated, that said you can't pass through the rate and that State banking laws don't preempt our State usury laws for this kind of work. So I commend Mr. McHenry for this, because this improves liquidity to our community banking system and, again, lowers rates for consumers, makes products more accessible, and makes our small community banks more competitive. I will close by just touching on a couple of other measures that I think help businesses, help capital markets, help capital flow. One, you just heard my friend from California (Mr. Royce) talk about his bill. That will help capital markets flow. That will create parity among our exchanges, lowering costs for companies that want to go public and have their action there, raise capital on the public markets. Mr. Duffy has a bill that requires the SEC to actually get a subpoena if they want to get source code from a capital markets provider, someone who is managing money, someone who is offering to manage portfolios or offer a mutual fund company, and this is very, very helpful. I think, when you want to get your secret sauce for your business and the government wants it, they ought to have a subpoena. That is all that this bill does. It doesn't change the rules about that. It doesn't change anything other than saying, if you want this information, you ought to go and get a subpoena, and I believe that will improve capital formation. So, Mr. Speaker, these are good bills. These are bipartisan bills. These are bills that we have worked on for two Congresses that will help consumers, increase access to credit, lower the cost of that credit, and increase capital flows to the business sector to support the growth that the American people want. I appreciate the Rules Committee allowing me to speak on these bills. I appreciate Chairman Hensarling putting them together. And to my friends on the other side, these are bills that went through regular order. These are bills that are bipartisan. These are bills that have the support of the opposition. We have put them together in a bipartisan package today under this rule because our friends down the hall in the United States Senate are rapidly moving a bipartisan package of improvements for our capital markets and our banks, something that we want, something that we have waited some 8 years for. So this allows us to work better with our colleagues over in the Senate, where 14 Democrats have partnered with Senator Crapo on the Banking Committee to move bipartisan legislation that will help us grow our economy.

Mr. HILL

Mr. HILL. Madam Speaker, I rise in support of my bill, H.R. 3978, the TRID Improvement Act. I want to focus my comments on the actual improvements to the Truth in Lending and RESPA form, TILA-RESPA, which is now referred to as TRID. Back in 2010, when Dodd-Frank was being considered, one of the goals that then-White House staffer Elizabeth Warren, now Senator Elizabeth Warren, had was: Well, we are going to make this a win for both banks and consumers. One of the things we are going to do is we are going to make forms simpler and consumer disclosure better. America's exhibit A today is the TILA-RESPA form. TILA was about truth in lending, and let's make sure the interest rate you are going to pay on your mortgage is calculated right, it is accurate. And RESPA, the Real Estate Settlement Act, said that whatever you were paying in extras, such as title insurance, was disclosed accurately. Well, we now flash forward a number of years. Back in 2013, the CFPB finalized this new, combined rule, the TRID rule: know before you owe. It should have been called: know before you confuse. This rule, finalized in 2013, was still subject to delay due to errors that the CFPB made, and it finally got put in place back in 2015. There was $1.5 billion in software compliance costs for banks to try to merge this form that is supposed to be so simple and so easy for consumers. The CFPB offered no concrete guidance about it. So this House came together and over 300 Members of this House voted to direct the CFPB to improve this rule; that it was not a success story. So, in fact, in April 2016, the CFPB decided to open the rulemaking for TILA-RESPA and try to find some clarifying and amending procedures that would make it more clear. Well, as you can hear, it is a massive, complex rule that is expensive. The American Bankers Association said if there was one thing to fix in consumer compliance, it would be TILA-RESPA; the TRID. It wouldn't be the qualified mortgage definition. It wouldn't be all the capital rules embedded in Dodd-Frank. It would be this rule. When I have been at home in my district, I have heard about it countless times from mortgage bankers and community bankers. So we are still not there, which is why we are here today, Madam Speaker. And that is, this bill does one simple thing, which says: if you buy a title insurance policy, in the majority of States, the CFPB rule is not accurate. You can see here that the rule for Arkansas on a $200,000 sales price house says that the consumer should pay $382.50 after this complex formula when, in reality, they are really paying either $525 or the actual charge of $35. So it is not an improvement. In these States, the CFPB is not allowing for the calculation of a discounted rate, known as a simultaneous issue, which is a rate title insurance companies provide to consumers when they purchase both the lender's and owner's title policy simultaneously. Madam Speaker, this bill offers clarity and actually takes a complex rule and makes this part of it simpler so our consumers actually will see on the closing statement what the cost of the title insurance is. It will be transparent. There are many other challenges with this rule, and we have talked about them in our committee. Today, we are only debating and discussing one small one. But I urge my colleagues on both sides of the aisle--when this bill came out of our committee--bipartisan--this is a bill that Members of Congress have heard from across this country and all 50 States from community bankers, mortgage bankers of all sizes who are trying to provide an accurate, fast closing for our most important thing we do as a family, and that is to decide to buy a home. I thank the chairman of the full committee for yielding. I urge my colleagues to support this full package of bipartisan bills through regular order, through our committee, and that are presented here to improve our economy, improve the balance in our regulatory system, and help make credit more accessible for consumers at better prices.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise today to recognize the service of Fire Chief Gregory Summers as he retires after 35 years of service to the city of Little Rock. Chief Summers served as the 12th fire chief for the city of Little Rock and became the department's first African-American fire chief. He was appointed chief in 2009, and his leadership has had an indelible impact on central Arkansas communities. Under Chief Summer's leadership, the department earned Class 1 status by the Insurance Services Office and received international accreditation through the Center for Public Safety Excellence. This saves our community insurance dollars and improves safety. The Little Rock Fire Department is one of only 57 fire departments across the country to receive this recognition. My congratulations and best wishes for Chief Summers' future endeavors.

Mr. HILL

Mr. HILL. Mr. Speaker, I thank our distinguished chairman for yielding, and I appreciate my friend, Mr. Emmer, for introducing this bill to make this very modest change which does help community banks allocate capital and make more mortgage loans out there in our country. I would say to my friend from Minnesota, who knows I have great respect for him and his eloquence, that no one on this side of the aisle is any less interested in justice than he is. I must say, Mr. Speaker, that, as the chairman noted, this bill does nothing about eliminating protections under the Fair Housing Act or protections under the fair lending act for discrimination in housing or lending for minorities in this Nation. This is really, instead, about continuing the theme of the Home Mortgage Disclosure Act, which is to relieve some burden for the smallest financial institutions across the country. The act, for example, exempts institutions with less than $50 million in assets that are in an MSA from requiring any reporting. The act, for example, exempts small banks under $50 million that are not in an MSA from any reporting. So Mr. Emmer's bill simply continues on that theme while protecting justice and while protecting the ability to have data to make sure that we, in fact, in this country, have fair lending. If this requirement were enacted, community lenders would be required to collect more than double the amount of data points they do now. It is some 300,000 fields of data on a loan activity report, a LAR, which is how banks measure their compliance with HMDA--300,000 lines of activity. If you have a 10 percent error rate, Mr. Speaker, you are a bad actor and can submit many more challenges to maintain your independence as a bank. I would also argue that, on the backs of other regulatory burdens on small banks like TILA-RESPA, which was supposed to be a big improvement for consumers, it has actually hurt lending, raised costs, and limited credit. This comes on the back of that. So, Mr. Speaker, I believe H.R. 2954 provides needed relief for our smallest financial institutions and preserves more lending options for the markets that these banks serve. Mr. Speaker, I thank my friend, Mr. Emmer, for his thoughtful work.

Mr. HILL

Mr. HILL. Mr. Chairman, I thank our chairman of the full committee and the chairman of the subcommittee, Mr. Barr from Kentucky, for bringing this bill, H.R. 3326, to the floor today because this is precisely what the American people want out of their government in Washington, D.C.: accountability. Mr. Chairman, our constituents ask us all the time: Do you monitor the money that you send and spend around the world to further America's interests? There are always a lot of people just kind of looking around. And how do we verify that? Well, Mr. Chairman, here is an opportunity to verify that. This important piece of legislation would require the World Bank to implement real incentives, particularly through staff evaluation standards, that prioritize antipoverty results and capable project management over just the volume of loans they produce. It is that classic management expertise, quality over quantity. Of course we want poverty eradicated. The taxpayers of this country wouldn't vote for us to approve spending like this if it wasn't done right to further America's interests around the world and to alleviate poverty around the world. If the World Bank is serious about that, then it would defend the poorest's freedoms more vigorously. In other words, Mr. Chairman, no reforms like we propose, then poverty is not eradicated; the poor are not helped. So H.R. 3326 insists on greater efforts by the World Bank to fight corruption in its projects. Just because the World Bank may have to work in corrupt environments does not mean it needs to add to the graft by pouring money in it for the taking. No one is for that. That is why the vote was 60-0. That is why the gentlewoman from Wisconsin (Ms. Moore) was so supportive of this in our subcommittee. It withholds appropriations until the World Bank raises the quality of its work, raises the quality of its forensic audits, which are designed to unmask the systemic corruption we find in the Third World, inadvertently or advertently supported by the efforts of the World Bank. We are tired of it. That is why, on a bipartisanship basis, we support the foreign policy goals contained in H.R. 3326. Mr. Chairman, I thank my friend, Mr. Barr, for his thoughtful work to implement this. These are needed changes. These are bipartisanship changes. These improve transparency, end corruption, better spend our taxpayer resources, and demand accountability of the World Bank, which is notoriously unaccountable. I thank Mr. Barr and I thank Mr. Hensarling for their efforts.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise today, on Religious Freedom Day, to recognize the importance of religious freedom throughout the world and to celebrate the 232nd anniversary of the passing of the Virginia Statute for Religious Freedom. As a Catholic, my faith plays a significant role in every aspect of life and fosters a respect for the religious rights and freedoms of others. Fundamental American values, among which are commitments to religious freedom and human rights, will always be cornerstones of both U.S. domestic and foreign policy. Written by Thomas Jefferson, the Virginia Statute for Religious Freedom is the forerunner of the First Amendment protection for religious freedom and the principle of separation of church and state. As a member of the Religious Minorities in the Middle East Caucus, I will continue to advocate for the rights of individuals to express their feelings without living in fear of violence and persecution.

Mr. HILL

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

Mr. HILL

Mr. HILL. Mr. Speaker, I rise, today, to discuss my recent resolution here in the House, H. Res. 673, which expresses concern over attacks on Coptic Christians in Egypt. I had the opportunity to travel to Egypt last year. In the course of preparing for that trip, and during the trip, as well as after I returned back to the United States, I repeatedly heard about the plight of Coptic Christians in Egypt. ISIS named the Copts their number one target, and we all know their brutal atrocities against them. In Libya, back in 2015, ISIS beheaded 21 Coptic Christians, sending shock waves from that photo around the world. Scores were killed in the bombings of St. Peter and St. Paul's Church in Cairo, in December 2016. Most recently, on December 29, 11 were shot and killed outside of Saint Menas Church in Helwan. These are just a few of the atrocities carried out against Copts by terrorist groups like ISIS. I had the opportunity to walk the halls of the St. Peter and St. Paul Cathedral. I reflected on the Gospel of Matthew, when Mary fled to Egypt with baby Jesus to save him from King Herod. The Copts are the Egyptians. In fact, the word ``Coptic'' in Greek means Egyptian. But there in St. Peter and St. Paul's beautiful cathedral in Cairo, murdered by a coward, as women and children prayed, blood splattered on the walls marked the horror and chaos of that place of worship and serenity. Although Coptic Christians have repeatedly been victims of numerous attacks from terrorist groups and extremists, it has been most disturbing to me to learn of the attacks carried out against Copts and Christian churches that are carried out by their fellow Egyptians. On December 22, 2017, just after Friday prayers, dozens of Egyptian Muslims assaulted a Coptic Christian church south of Cairo in an act that started out as a demonstration. While unsanctioned by the Egyptian Government, this church had been holding services for some 15 years. According to reports, the individuals called for the church's demolition, destroyed its contents, and assaulted those worshipping inside. Based on similar attacks, it is unlikely, Mr. Speaker, that the Egyptian Government will hold those perpetrators accountable for this egregious action. This is just the most recent example of the ongoing trend of assaults on Copts, their churches, and their property. I believe that many of us in Congress were pleased to see Egyptian President el-Sisi join Coptic Pope Tawadros II in participating in last Saturday's Orthodox Christmas mass at the recently opened Nativity of Christ Cathedral in Egypt's new administrative capital east of Cairo. President el-Sisi's words of tolerance and hope are appreciated by all those who respect peace for all those who live in Egypt and all who favor religious freedom across the globe. However, while President el-Sisi spoke words of tolerance, there are, in my view, greater actions that both he and the Egyptian Government can take to protect the rights of Egyptian Christians seeking merely to raise their families, pursue their work, respect their leaders, and love their ancient nation. For this reason, I introduced H. Res. 673 to urge continued progress in religious tolerance in this very important country. There are many constructive steps that will enhance tolerance, provide better security for Christians, and improve the education and opportunities for all Egyptians. My colleagues and I offer this resolution because of our long friendship and partnership with Egypt. We are partners in regional peace efforts, regional economic growth, and in our mutual desire to defeat militant terrorist groups and nations and those who finance them. President el-Sisi has set the right tone at the top level of his government, and I believe he has a respectful partnership with the leadership of the Copts and other Christians in Egypt. But that respect and the resulting legal protections must be passed down to all levels of government and society because the streets, sadly, tell a different story. The Egyptian people are a proud people with an extraordinary civilization, and I believe this is a great opportunity for Egypt to emphasize the importance that Copts can play in Egyptian society as full Egyptian citizens. As Coptic Pope Tawadros II told me on my visit to Cairo, all Egyptians, Muslim and Christian, take their water from the Nile. Egypt is an essential partner in the efforts toward a lasting peace between Israel and her neighbors and in the fight against terrorism and violent extremism. President el-Sisi told me on two occasions how important counterterrorism is to the Egyptian Government. It is their number one concern, without any doubt, and I commend the President for his partnership with the United States, and especially with Israel, in the field of counterterrorism. With ISIS carrying out two terrorist attacks last year in Egypt within a month of each, in November and December, that killed Muslims and Christians, the Egyptian Government's concerns about terrorism are legitimate and real. However, in my view, I do not believe Egypt's march toward modernization and progress and focusing on counterterrorism should come at the cost of sacrificing advances in human rights, education, and religious freedom. I urge swift consideration of my resolution by the House Foreign Affairs Committee and on the floor of the House so that we can continue to advance religious freedom and civil society with our partner, Egypt. Mr. Speaker, I yield back the balance of my time.

Mr. HILL. Mr. Speaker, I thank the Chair for the opportunity to address the House this afternoon. Beginning in 2013, I began discussing how our economic recovery was subpar in comparison to post-World War II recoveries. That is, in part, due to, as I argued, the wet blanket of the avalanche of new regulatory costs imposed by the previous administration. Since Congress has a poor track record of regularly enacting all of our appropriations bills, funding the government, and directing agency priorities, the administrative state, that unelected portion of our government, has expanded in authority and filled that void. The House turned a corner this year, Mr. Speaker, by passing all 12 spending bills, fully vetted through our committees, prior to September 30, 2017. Sadly, only the first time since 2010. Further, it has been more than 21 years since Congress has passed all 12 funding bills and had them signed into law before the start of a new fiscal year. Likewise, the Supreme Court, in their case, Chevron U.S.A. v. the Natural Resources Defense Council, back in 1984, set up a concept now referred to as the ``Chevron deference.'' This, too, has empowered the unelected, Big Government Washington authorities deferring to their authority, rather than the People's Congress. This has further emasculated the Article I powers of the Constitution. I disagree with this concept of Chevron deference. Before he died, Justice Scalia regretted his defense of Chevron deference and said that it, in fact, ``contravened separation of powers.'' This combination of the Chevron deference and the lack of the regular, predictable oversight and appointments have resulted in this wet blanket of a growing leviathan of a centralized Federal power, negating State authorities protected under the 10th Amendment and curbing freedom for our families and individuals. Noted New York lawyer and author, Philip Howard, calls this ``The Rule of Nobody.'' In the 2014 book, Howard argues that our administrative state is wearing people out. The process is devoid of human judgment and common sense. Many of us, in the Congress, are pushing back insisting, like in the VA Accountability Act, that--a shocking idea--bad employees should be fired and, through the public oversight of our committees or in my own Golden Fleece Awards, that we demand accountability of the personnel of the Federal Government and commonsense in the application of our policies. Howard recalls the U.S. Open golf championship, back in 2011, out in Bethesda, Maryland, when county officials shut down a children's lemonade stand near the course because it didn't have a vendor's license, Mr. Speaker. This mindless, box-checking approach is not limited just to the beltway's Federal mandates. So enters President Trump, our new President. Last year, I wrote then-President-elect Trump asking him to create a regulatory relief task force to address the overly burdensome regulations from our Federal agencies that, in my view, have hurt, over the past decade, our economic growth, our job growth, our productivity, and, hence, our wage growth. In February of 2017, President Trump ordered Federal agencies to create a regulatory reform task force to identify rules within their agency that needed elimination or modification. I rise today to recognize the improvements in the regulatory process in the past year and the significant reductions in cost to the economy, as a result, and I commend the new administration for seeking to continue this momentum into 2018, with the recent release of its regulatory plan and agenda for 2018. As Phil Howard has demonstrated, and we experience daily, the Federal administrative state is lacking in accountability. It is not just vast and costly; it is unnecessarily intrusive into the everyday lives of hardworking Americans. In Arkansas, we have seen agency regulations that have had devastating economic impacts on our farmers, small businesses, nonprofits, schools, colleges, universities, and State agencies. President Trump set the proper tone for reining in this regulatory state by issuing an executive order, in the first 10 days of taking office, directing agencies to eliminate two existing regulations for each new one issued. Common sense. In 2017, Federal agencies have withdrawn or delayed 1,579 planned regulatory actions, leading to over $8 billion in lifetime net cost savings. In 2018, the Trump administration plans to raise the bar by issuing 448 deregulatory actions and 131 regulatory actions, a better than 3 to 1 ratio, resulting in more than $9 billion in lifetime costs savings for the economy. This chart shows the annual cost of new regulations reviewed by the Office of Management and Budget every year, beginning in 2009. You can see the wet blanket that I described growing between 2009 and 2012. But you can see, in the last column, 2017, that there is actually a decline: a $570 million reduction in the cost of new regulations proposed by Washington. During 2017, here in Congress, we have passed 13 congressional review acts, 11 of which President Trump signed into law this year. By repealing these 11 damaging, large rules, the economy will save some $10 billion over the next 20 years. These savings and cuts put the control back in the hands of the American people and ensure more accountability and much-needed transparency to the rulemaking process is assured, while providing that local businesses, local farmers, and communities have relief. Also, we are working with the administration to rightsize regulatory costs through the use of cost-benefit analysis and asserting our Article I oversight authority. Thus, Congress is working, through our committee process, also, to lower and remove the costs and burden of that wet blanket of an overburdened regulatory state. Naturally, this cost benefit work must be done responsibly by balancing labor and capital, clean air and water, energy security, clean energy, future safe banks, and protected consumers. All that is the responsibility of our elected Members in the House and Senate and their oversight of the executive. I commend President Trump for cutting the red tape in Washington and giving control back to our States, local communities, and hardworking taxpayers. Coptic Resolution

Mr. HILL

Mr. HILL. Madam Speaker, I rise today on this National Law Enforcement Appreciation Day to recognize this year's Little Rock Police Department recruit class and their efforts to fill dozens of sworn officer vacancies within the department. Little Rock's police force has suffered a loss in numbers over the past few years, currently with 84 sworn officer vacancies. According to department data, this fall's recruit class is tied for the largest number of starting recruits since 1993. Earlier this year, City Manager Bruce Moore announced that officers would work mandatory overtime due to the vacancies. So I thank City Manager Moore, Chief Buckner, and Mayor Mark Stodola for their leadership and efforts to address these vacancies and return this department to full strength. I respect and appreciate the important work of our police throughout the Nation who are charged with the critical work of protecting us in our States and communities. I wish this recruit class the very best of luck as they pursue their goal of joining the Little Rock Police Department and ensuring the safety of our citizens, our neighborhoods, and our property.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise today to recognize the Congressional App Challenge winner from Arkansas' Second Congressional District, Anne Li. Currently a sophomore at Central High School in Little Rock, Anne aspires to major in computer engineering and has the goal of pursuing a career in programming. STEM education is education for the future, and having serious skills in computer programming and coding open up tremendous opportunities for our youth. It gives them the skills to compete in a 21st century job market as well as the skills to act on their imagination and engage in their entrepreneurial exploration. I wish Anne the very best as she continues her studies at Central High School and beyond in this critical field. As a member of the Congressional STEM Education Caucus and the dad of a STEM student at the university, I want to continue to support the growth of STEM education throughout Arkansas and America.

Mr. HILL

Mr. HILL. Mr. Speaker, these conflicts are provided by providing additional recommendations to the very firms that they are rating. So, Mr. Speaker, we need balance in this arena, and I think Mr. Duffy's bill provides a step toward that balance, an improvement in transparency in the proxy system, thereby enhancing shareholder access to important investment information. I appreciate his work on it. I thank him for his work in our committee.

Mr. HILL. Mr. Speaker, I rise in support today of the Corporate Governance Reform and Transparency Act of 2017, and I appreciate my good friend, Sean Duffy's work on it. Over the past 3 decades, I have advocated for responsible shareholder activism and urged for corporate boards of directors to perform their responsibility of careful stewardship, particularly in their essential functions in evaluating corporate strategy, hiring able hardworking executive management, and, critically, capital allocation. For example, as Berkshire Hathaway's CEO, Warren Buffett, recommends, corporate compensation committees must be composed of ``saber-toothed tigers,'' not ``house cats,'' in their work. Likewise, investors must take their responsibility to hold boards accountable for their irreplaceable role in maximizing returns for shareholders, while executing a corporate strategy that balances shareholder returns with employees and customers. So the question is: How can investors effectively lower agency costs and actively meet this accountability mission? For 20 years, this has been a much-discussed area by thoughtful experts like Warren Buffett, ISS founder Robert Monks, Marty Lipton, and Lawrence Cunningham. Grad schools at UCLA, Stanford, Harvard, Yale all researched this challenge. Organizations of institutional investors and corporate directors all proffer best practices. And how do we best align these interests for this mission, but make conflicts of interest readily apparent? The role of proxy advisory firms in the U.S. economy has grown over the last 2 decades and is a major shaper of corporate governance, and it is of national importance. These firms counsel our pension plans, our mutual funds, other institutional investors, which are more and more in the market; 75 percent of the market, compared to when Robert Monks started thinking about the idea in the late 1980s. Under the current system, two proxy advisory firms now have 97 percent of the market, Mr. Speaker, and this monopolization and the lack of transparency regarding their work means that the writings, analyses, reports, and vote recommendations of just these two firms have a disproportionate effect on the fundamental corporate transactions, like mergers and acquisitions, the approval of corporate directors, and other shareholder proposals. Also, this has created more of a checklist mentality in the boardroom. Directors today need information, yes, but, more importantly, they need wisdom. And the proxy advisory firms are driving people in boardrooms, in my view, to more of a checklist mentality, regulatory mentality, and less using their business judgment and wisdom to guide our public companies. Proxy advisory firms aren't immune to conflicts of interest.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise to salute the U.S. Navy's newest vessel, the USS Little Rock, and her brave crew. Commissioned this past Saturday, the new USS Little Rock was built in Wisconsin and is a littoral combat ship that will operate in waters close to shore. The vessel carries with it the namesake of Arkansas' State capital and the proud history of the former USS Little Rock. Today, it is also fitting to honor the former USS Little Rock. Completed in World War II, she was one of six vessels to be converted to a guided missile cruiser. She was the first U.S. Navy ship to be named for Little Rock, Arkansas. The only World War II cruiser on display in the United States, the former USS Little Rock is the sole survivor of the Cleveland class. The USS Little Rock served with distinction as a flagship for both the second and the sixth fleets. I thank all of those who served on the former USS Little Rock. I wish the new USS Little Rock the best as she carries out our Nation's critical maritime strategy and protects our interests across the globe.

Mr. HILL

Mr. HILL. Mr. Speaker, I thank the chairman for the time. So activity-based standards have already been found effective by the Federal Reserve. They work and they were used in evaluating acquisitions on regional banking companies. So Mr. Luetkemeyer is on to a good idea. Mr. Speaker, instead of using $50 billion that was plucked out of thin air in the dead of night in the conference committee in 2010, let's reflect on 7 years and operate in a better way. So I urge support of this bill, Mr. Speaker. I thank Mr. Luetkemeyer for bringing it. I urge our Senators on the other end of this building to look at this as a model for how we should reform Dodd-Frank in their own bill.

Mr. HILL. Mr. Speaker, I thank the chairman for the time. I rise in strong support of H.R. 3312, a bipartisan bill. A majority of the majority party and a majority of the minority party on our committee reported this bill to the House floor. It is sponsored by my friend, Chairman Blaine Luetkemeyer, who has spent years studying Dodd- Frank, seven long years of studying the impact of Dodd-Frank, and how to improve it. This bill removes a requirement that uses $50 billion as an asset test to designate whether a banking company in this country is systemically important and, if they are, subject them to higher regulatory standards. But instead of ending too-big-to-fail, Dodd-Frank's misguided designation regime just entrenches it, Mr. Speaker. Authorizing the government to designate large financial institutions as systemically important creates a new class of firms that markets will interpret and assume are too big to fail. The SIFI designation, as noted by many Members on this side of the aisle, is, in fact, arbitrary, and I respect my friend that other numbers in statute may be arbitrary as well. But this one doesn't have any economic basis on why the participants in designing Dodd-Frank picked $50 billion. But over the past 7 years, we have had witness after witness tell us that we should look a different direction and not have an arbitrary number of $50 billion. Several Federal Reserve officials have expressed that similar view. Mr. Frank, as noted, has expressed that view. So here comes Mr. Luetkemeyer with an excellent idea, an idea of an activities-based designation that the Fed has designed itself, Mr. Speaker. The Federal Reserve has designed the metric we are using to say that an institution is systemically important. It is activities-based so that we can distinguish between levels of risk that might be systemically important to our country.