J. Hill

Mr. HILL

Mr. HILL. Mr. Speaker, I rise today to acknowledge the struggles that foster youth encounter, and to celebrate their perseverance and fortitude as they attempt to navigate this complicated system and transition to adulthood. In Arkansas, we have over 5,000 children currently in the State's foster care system. I am proud to work with my colleagues on the Congressional Caucus on Foster Youth to shed light on the perpetuation of poverty and dysfunction our current system enables. And I stand proudly in support of House Resolution 314, recognizing May as National Foster Care Month. For the past 2 years, I have had the opportunity to have a former foster youth personally shadow me for a day. What a rewarding experience. This year, I am honored to host Starr Wilson, a former foster youth from my district. After spending 10 years in foster care, Starr, who is full of drive and passion, graduated with honors from the University of Arkansas at Pine Bluff. Unlike Starr's story, though, when many youth across America age out of the system, they find themselves with no place to call home, and they lack the encouragement and structure they need to pursue happiness. Therefore, I am proud to stand with the Congressional Caucus on Foster Youth in praise of the Sixth Annual Foster Youth Shadow Day here on Capitol Hill, which allows these youth to come across our country and share time with Members of Congress, and aspire to be the leaders of generations to come.

Mr. HILL

Mr. HILL. Mr. Speaker, I thank Chairman Sessions for holding this Special Order. It means, I think, a lot not only to the Scouts that are here in the House of Representatives and the Senate to recognize the importance of Scouting to our country, but to all the mothers, fathers, and Scouts that are seeing this proceeding on C-SPAN or will hear about it to realize that they are participating in something that is very special. I mean, I think of Scouting, really, Mr. Speaker, as a gift to the country for all of the reasons that the previous speakers have noted. I can't think about Scouting without thinking about what it has meant to me, Chairman Sessions, and influencing on my young life. Role models is the first thing that comes to mind with Scouting. I think about my dad--who was not an Eagle Scout. He was a Sea Scout--and he ended up being basically a Life Scout for life, as people say in Scouting. But nobody was more influential to me in my youth than my dad--currently 91 years old--a Scout still at heart, and all the experiences we had together, how we bonded as father and son, and how, when I went off to college, Mr. Speaker, he continued to be a role model and adult leader for young men for years to come. That is the kind of person that is in every one of our communities all over this country, helping mold our young people through the Scouting program. Mr. Speaker, Scouting was my first paid job. I worked at a Scout camp. I earned, I believe, something like $10 a week, plus room and board, of course. It is when I first learned who FICA was because, at $10 a week, I wanted to know who took this $2 out of my $10 check. So I learned my first lesson about Federal economic policy and who FICA was as a Boy Scout working at the end of a very dusty parking lot for 7 weeks in the hot summer of Arkansas, teaching, pioneering, cooking, and camping merit badges. But I think of other adults besides my dad. I think about Angelo Coppola and Fred Bean, both constituents of mine now that I serve in the people's House who were camp directors at that camp where I was a very happy employee and Scout for those summers in the early 1970s. So Scouting is about role models. Scouting is about character building, and that starts that relationship, I think, between our moms and our dads that are involved in the Scouting program, and what we give to kids today. And, boy, do we need that character development. The Boy Scouts of America was formed in 1910 and was inspired by British war hero Robert S.S. Baden-Powell of the Scouting program started back in the U.K. A lot of people today who are involved in Scouting, even at this moment, Mr. Speaker, don't know that the U.S. Congress presented a law to Woodrow Wilson, who signed it in 1916, chartering the Boy Scouts of America. We are chartered by the United States Congress, and what a special feeling it is for all of us who are Scouts in Congress today to recognize that something that was so important to our youth was, in fact, chartered by the body that we serve in today. In the early 20th century, Baden-Powell was thinking about how to expand army youth training with a place for all boys to dedicate their efforts to peace, not war, and he wanted Scouting to improve boys' lives by building their character, physical fitness, and outdoor skills. He put a premium on bringing boys together from all walks of life, mixing boys from the elite prep schools and boarding schools with those in working class homes. And we do that today, Mr. Speaker. We bring boys from all backgrounds into the character-building exercises of Scouting. Mr. Collins, a few minutes ago, talked about the importance of outdoor recreation, and that was certainly what brought me in. My interest in Scouting was outdoor recreation. When you think about it, in 1910, people were moving off the farm. People were urbanizing. We were passing laws on child labor. We were trying to make sure our boys coming off the farm away from home would have a good set of role models. So Scouting was so important to that urban youth that they get character and that outdoor experience. And while that was a big deal back in 1910, I would argue, as Chris Collins did today, that it is a big deal now. He talked about a nature deficit. There is no doubt that we have that today, just as we did in some people's views back in 1910. In 2005, Leonard Sax wrote a seminal book that I urge not only all of our Members to read, but people watching these proceedings to read, ``Boys Adrift,'' where he argued that the lack of experiential learning and free playtime--particularly outdoors--in our childhood is diminishing our effectiveness in learning as managers and our interpersonal relationships. In 2008, Richard Louv wrote a book called ``Last Child in the Woods,'' where he argued that unstructured outdoor playtime is critical to childhood development. Well, that is exactly what Scouting does. It provides outdoor recreation, something I think is essential to childhood development; something that we have lost because of not only urbanization, but our changing behavior. One recent nature conservancy poll found that only 10 percent of American teens spend time outside every day. I can't imagine on a day where the sun was shinning when I was a teenager that I ever spent any time indoors. My parents were always on the hunt: Where is he? He is outside somewhere. According to research by the Harvard School of Public Health, American adults spend less time outdoors than they do inside vehicles; less than 5 percent of their day. So I think the scientific research says our boys and our girls need outdoor recreation. They need experiential learning. This is what is the core of the Scouting program. Like air and water, our wild places, our National Parks are essential to the education of our children and have greatly benefited the Boy Scouts and the Scouting experience. I can't imagine what my life would be like without that Scouting experience in terms of my love of the outdoors. The second thing that attracted me to Scouting was the leadership opportunities. Baden-Powell said he wanted to be boy-driven. And here, 101 years after President Wilson signed the Boy Scouts of America into law, Scouting prides itself, Mr. Speaker, on being boy-driven, kid- driven. That is how we teach responsibility, character, and leadership. I like this famous list, Mr. Sessions, that we use at so many Eagle Scout ceremonies called ``100 Scouts.'' Mr. Speaker, of 100 Scouts, people who participate in Scouting: Thirty will drop out their first year, but they will remember the program fondly. Twelve will be from a family that has no religious organization or religious membership, and many will begin their first contact with the need to be morally straight and have, at their heart, a belief in God; 12 will be touched by the Scouting program. Five will go on to earn their religious award from whatever faith tradition they have. One will use their Scouting skills to save a life. One will credit Scouting skills for saving their own life. Eighteen will develop a lifelong hobby. Eight will find their vocation through the exploration of the merit badge work they did as a Scout. Seventeen will later become Scout leaders, like all of our Members here on this floor tonight. Four will become an Eagle Scout. Four out of that 100, Mr. Speaker, will earn the rank of Eagle Scout, and at least one will say they value earning that Eagle award more than their college degree. When it comes to the role that Scouting plays, it is something that I am so proud of because I have a Scout in Troop 30 in St. Paul's Methodist Church in Little Rock, and I am so proud of the work that he has done on that trail toward Eagle. He is in the middle of planning his project now to combine his love of golf and Scouting. It is a service project at The First Tee of Central Arkansas in Little Rock, and I reflect it on the value of these Eagle projects across our communities in all 50 of our States and around the world. Just in America, using 2014 data, about 150--140 people earn their Eagle rank a day in the United States. And in 2014, they spent 8.1 million hours, Mr. Speaker, on their Eagle Scout project, benefiting our towns, our communities, all over this country. In the nonprofit world, if you applied a typical pay rate to that, a project rate that the independent sector uses of about $23 an hour, that is $188 million in public service value our Eagle Scouts have contributed across this country. Mr. Speaker, I want to tell Mr. Sessions how much I appreciate his taking time to highlight Scouting, and the value of Scouting to our town and our communities, but, more importantly, to our families at creating that sense of character that we have talked about tonight. I am one of those people that values my Eagle Scout award, dating back to 1972, from Troop 27, at Our Lady of the Holy Souls Catholic Church in Little Rock. And I am so proud that this many years later I still have the ability to support my son who is on that Eagle trail, and have the support of my dad that many long years after 1972 and my Eagle award because, in our family, we believe in a good turn daily. We believe in the Scout law. We believe in the Scout oath. And if there is one thing you need to do to survive in Congress, you have got to be prepared. Mr. Speaker, I appreciate Mr. Sessions for the opportunity to share these comments in support of Scouting. I thank the gentleman for his service to the National Eagle Scout Association and his long service to Circle Ten Council in Dallas, Texas.

Mr. HILL

Mr. HILL. Mr. Speaker, all of us in the Western Hemisphere are in horror. Venezuela is a failed state and potentially on the brink of civil war. The Wall Street Journal reported earlier this week that thousands of Cuban intelligence agents are helping the Maduro regime maintain control over the army, while Maduro orders his soldiers to shoot his own people who are demonstrating in the streets. We cannot let countries like China, Russia, Iran, and Cuba continue to play a role in propping up the Maduro regime. While I commend Treasury Secretary Mnuchin for issuing sanctions against individuals of the Venezuelan Supreme Court, I call on the administration to ratchet up the pressure on these outside forces and have them answer for their role in the emergency situation in Venezuela. While we face many challenges across the globe, America must reengage in the Western Hemisphere and not let the neighbors in our backyard slide back into tyranny.

Mr. HILL

Mr. HILL. Mr. Speaker, stories from the survivors of Assad's bombings and chemical attacks are almost impossible to read due to the grotesque descriptions of innocent people and children suffocating, foaming at the mouth, and suffering from seizures. If, in 2013, the Obama administration had taken decisive leadership against the use of chemical weapons, insisted on a U.N. strategy to isolate Assad and Russia, verified the elimination of Syria's chemical weapons stockpile, and created no-fly zones, we might have avoided 500,000 innocent deaths and millions of refugees. Through his appropriate and proportionate bombing, President Trump told Assad that America will no longer ignore the unspeakable acts of violence against innocent people. We also learned that the U.S.-led coalition aircraft bombed, last week, pro-regime forces after they breached a deconfliction zone and advanced on a base occupied by U.S. special forces. I call on the United Nations to follow America's lead by pursuing a ceasefire in Syria, creating safe zones, and holding Assad accountable for his war crimes.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise today to honor the life and legacy of one of our Nation's greatest leaders and, for me, in my young career, a mentor and good friend, William Coleman, Jr., who passed away earlier this year at the age of 96. Throughout his long career, Bill helped shape the future of our country in a past full of racial tension. In 1948, Bill became the first African American to serve as a law clerk on the United States Supreme Court, and helped draft the legal brief for the landmark 1954 case, Brown v. Board of Education. Bill later became our Nation's second African-American Cabinet official, serving as Transportation Secretary for Gerald Ford. I extend my respect, affection, and prayers to his family, his loved ones, his former law partners, and his staff.

Mr. HILL

Mr. HILL. Mr. Speaker, I rise today during National Police Week to pay tribute to the Nation's law enforcement men and women. Established in 1962 by President Kennedy, National Police Week serves as a reminder of the incredible sacrifice our police officers make every day to serve and protect the people in our States and communities. Just last week, Lieutenant Kevin Mainhart of the Yell County Sheriff's Department was killed in the line of duty during a traffic stop in Dardanelle, Arkansas. This tragedy reminds us of the danger that all of our men and women who police our streets have to face. Every American should be proud of our neighbors and fellow citizens who get up every morning, put on their uniform and badge, leave their families, and serve us all, keeping our cities and towns safe and trying to build the trust and faith among our citizens. I respect and appreciate the important work of our police and our law enforcement men and women in Arkansas and throughout the Nation. They deserve our gratitude.

Mr. HILL

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

Mr. HILL. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 910) to direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes, as amended.

Mr. HILL. Mr. Speaker, I thank my friend from Illinois for his comments and his constructive help on designing and completing the legislative process on this bill. Mr. Speaker, an integral process of getting this bill completed was certainly by our staff, and I want to pay particular attention to Holli Heiles of my personal staff, who, this day, leaves the world of the personal staff and moves to the Subcommittee on Capital Markets, Securities, and Investments of the House Financial Services Committee. I want to thank Holli Heiles for her outstanding work on this bill and for her outstanding work on behalf of the people of the Second Congressional District of Arkansas, as well as to congratulate her on her move to the committee. Mr. Speaker, I reserve the balance of my time.

Mr. HILL. Mr. Speaker, I appreciate the work done together on this bill. I don't have any other speakers on this particular bill. I yield back the balance of my time.

Mr. HILL. 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. HILL. Mr. Speaker, I yield myself such time as I may consume. Today I rise in support of H.R. 910, the Fair Access to Investment Research Act, which I have had the pleasure of working on with my friend from Illinois (Mr. Foster) in this Congress and now-Governor Carney in the last Congress. Mr. Foster, I had the pleasure to speak with Governor Carney this weekend and tell him of our great collaboration in this Congress, and he sends his warmest regards for the process. This bill, Mr. Speaker, is a commonsense, bipartisan, bicameral effort to increase access to research and information on exchange- traded funds, or ETFs, an important and rapidly growing investment vehicle in the United States and around the world. Before coming to Congress, I worked in the banking and investment industry for nearly three decades, and I have witnessed firsthand the explosive growth in the ETF industry. Since I started my latest firm in the late 1990s, I have seen the exchange-traded fund selection grow from about 100 funds with about $100 billion in total assets to today's 2,000 funds with about $2.4 trillion in investment assets. However, despite this rapid growth in the popularity in the ETF market and their increasing importance to retail investors, most broker-dealers do not publish research on ETFs due to anomalies in our securities laws and regulations. The SEC has implemented safe harbors for research in support of various asset classes, including listed stocks, corporate debt, and closed-ended funds, and Congress has provided explicit safe harbors for research related to the offerings of emerging growth company securities. However, despite their similarities to those asset classes, ETFs do not benefit from similar safe harbors. An ETF safe harbor is also not a novel concept to the Commission, and there is bipartisan consensus that this is something that the SEC should have done years ago. In addition to providing feedback on this bill for the past 3 years, the SEC, itself, has looked at granting a safe harbor for ETF research on multiple occasions but never quite got around to it. The Fair Access to Investment Research Act simply directs the SEC to provide a safe harbor for research reports that cover ETFs so that these reports are not considered offers under the Federal securities laws. Because ETFs are continuously brought to the market, a safe harbor is necessary for broker-dealers to publish this research. It also holds the SEC accountable to Congress by providing an interim safe harbor if the SEC does not act within a 270-day period, which would be effective until the Commission finalizes its rules in this area. Providing this safe harbor will increase access to investment information for consumers and improve the efficiency of our capital markets. Given the importance of ETFs to the market and to the 6 million or so U.S. households that hold ETFs, steps to facilitate research and allow investors access to this useful information are long overdue. Mr. Speaker, we want more information for our consumers about how their investments work, how an ETF fits into their investment portfolio, how it is consistent with their time horizon and their goals, and what the transaction costs are. What are the unique strategies around that ETF? Does it, in fact, use leverage or not? All these kinds of details will help our consumers know more about these products. As our Capital Markets Subcommittee ranking member, Mrs. Maloney, stated so eloquently at our markup earlier this year: It makes sense to get more research out there on ETFs. After all, if you are concerned with the growth of ETFs, then the last thing you want is less research. True it is. This bill in no way undermines or eliminates any investor protections in the Federal securities laws or the SEC's ability to oversee the registration and sale of ETF securities explicitly, containing a rule of construction that the applicability of the antifraud and antimanipulation provisions of the Federal securities laws are in no way limited by this legislation. This safe harbor would also only apply to bona fide research and in no way limits FINRA, the Federal securities regulators, and the SEC's ability to regulate sales and marketing literature that is used for ETFs. I would like to thank, again, my colleagues, Mr. Foster and Governor Carney, Senators Heller and Peters for their work in the United States Senate, my chairman, the ranking member, and Mrs. Maloney and the staff on both sides of the aisle for their hard work on this pro-consumer, commonsense proposal to make more information available to America's investing households. In March, H.R. 910 passed the House Financial Services Committee by an overwhelmingly bipartisan vote of 56-2, and a similar version of this legislation passed the House in the last Congress by a vote of 411-6. I urge all my colleagues to support this bill today, and I reserve the balance of my time.

Mr. HILL

Mr. HILL. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1312) to amend the Small Business Investment Incentive Act of 1980 to require an annual review by the Securities and Exchange Commission of the annual government-business forum on capital formation that is held pursuant to such Act, as amended.

Mr. HILL. 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. HILL. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, today I rise in support of H.R. 1312, the Small Business Capital Formation Enhancement Act, which would require the Securities and Exchange Commission to respond to the recommendations from its annual forum on small business capital formation. Small businesses are the backbone of the U.S. economy, and, according to the SBA, have provided 55 percent of all jobs and 66 percent of all net new jobs over the past 40 years. These small businesses are intimately familiar with their businesses and the regulatory environment, and who better to provide insights to regulators and lawmakers on how to best provide and promote capital formation and remove unnecessary regulatory barriers and burdens? Nearly four decades ago, in 1980, Congress recognized the importance of our small-business owners and their having a voice and sharing their recommendations with the SEC, and Congress required the SEC to conduct an annual forum to review the current status and issues surrounding small business capital formation. But while the Commission is required to conduct this forum, its obligation goes no further. Though the SEC often praises this small business forum and the insights and recommendations from the small business community, the SEC has no obligation to respond to or act on the forum's recommendations and findings and has rarely done so. For example, many of the provisions of the JOBS Act came from recommendations from the small business forum, but it was Congress who had to move forward with these ideas, not the SEC. This commonsense bill introduced by Mr. Poliquin and Mr. Vargas would require the SEC to formally respond to these recommendations just like they legally have to acknowledge and respond to recommendations from their Investor Advisory Committee. Similar legislation passed the House last Congress by a nearly unanimous vote, and, earlier this year, H.R. 1312 passed the House Financial Services Committee by a unanimous vote. I urge my colleagues on both sides of the aisle to support this bill, and I thank, again, my good friends from Maine and from California for their hard work on this bipartisan bill that ensures the voice of our small business community is heard. Mr. Speaker, I reserve the balance of my time.

Mr. HILL. Mr. Speaker, again, I appreciate the gentlewoman from New York's views and her helpful work on this legislation. We have lost over the last 20 years some 50 percent of our public companies. When I was getting out of college, one of the great dreams in business would be that you could have a company that was so successful that you could go public. Over the years, obviously that process has made it more and more difficult for our entrepreneurs to pursue their dream of a public company. So what better way to make sure their voice about our rules, our laws, the process of being public, and the process of registering and disclosing is all made in a way that does not discourage our entrepreneurs and our small-business people from pursuing that dream of going public. Mr. Speaker, I yield 2 minutes to the gentleman from Maine (Mr. Poliquin), my distinguished friend who serves on the House Financial Services Committee and is a gentleman who is a voice for small business at every meeting of the House Financial Services Committee.

Mr. HILL. Mr. Speaker, I yield back the balance of my time.

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

Mr. HILL

Mr. HILL. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1366) to amend the Investment Company Act of 1940 to terminate an exemption for companies located in Puerto Rico, the Virgin Islands, and any other possession of the United States.

Mr. HILL. 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 materials on this bill.

Mr. HILL. Mr. Speaker, I yield myself such time as I may consume. Today I rise in support of H.R. 1366, the U.S. Territories Investor Protection Act, and I thank my friend and colleague from New York for her exceptional efforts in designing and bringing this bill to us today. H.R. 1366 repeals a provision in the Investment Company Act of 1940 that exempts investment companies in Puerto Rico, Guam, and other U.S. territories from registering with the Securities and Exchange Commission, the SEC, so that they have to play by the same rules as their mainland counterparts. When Congress first enacted the Investment Company Act in the 1940s, a nonregistration exemption for investment companies in the noncontiguous territories made a lot of sense as it was extremely expensive and difficult for the SEC to send staff to travel to these territories and inspect the local companies. In fact, Mr. Speaker, back in the 1940s, Eastern Air Lines bragged of their 6-hour-and-10-minute service between New York and San Juan one way for $1,700 in today's money. So, in fact, it was challenging to get to the territories. But with all the significant advances in technology and travel, these logistical barriers no longer exist. As such, this bill repeals this archaic exemption and provides a reasonable and safe harbor to allow those companies currently subject to the exemption to transition. Similar legislation passed the House in the last Congress by voice vote, and, earlier this year, H.R. 1366 passed the House Financial Services Committee by a unanimous vote. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Mr. HILL. Mr. Speaker, I yield myself such time as I may consume. I want to thank my friend from New York for her leadership and her voice on behalf of Puerto Rico and the islands in this regard, and for her long public service and particular leadership in this time of important change in Puerto Rico. Recently, Mr. Speaker, I had the opportunity to take an all-too-quick trip to San Juan to assess the current economic conditions on the island. It was too brief in that it was less than a day, which seems completely unfair to any visitor to the beautiful island of Puerto Rico. I want to thank my host, our distinguished delegate from the Commonwealth, Jenniffer Gonzalez-Colon for hosting me on that visit. I thank her for her cosponsorship on this bill and her leadership on the island here in Congress. We are grateful to have her as a new Member of this body. Mr. Speaker, I yield such time as she may consume to the gentlewoman from Puerto Rico (Miss Gonzalez-Colon).

Mr. HILL. Mr. Speaker, I yield back the balance of my time.

Mr. HILL

Mr. HILL. Mr. Chairman, as Fannie Mae and Freddie Mac languish in Federal conservatorship following their collapse from the 2008 housing crisis, it is high time to apply FOIA to these GSEs and bring accountability and transparency for the American taxpayers.

Mr. HILL. Mr. Chair, I thank my friend from Florida for the opportunity to speak on this bill. And as a member of the House Financial Services Committee, I am grateful for the bipartisan leadership in the Oversight and Government Reform Committee in bringing H.R. 1694 to the floor, for it is high time that Fannie Mae and Freddie Mac be subject to the regimen of the Freedom of Information Act. This critical oversight tool is sorely past due for these government- sponsored agencies. Over the past four decades, we have seen the waste and largess exhibited by Fannie Mae and Freddie Mac embedded in their everyday operations. And while they got their start during the height of the Depression and performed an able task of setting high standards for the liquidity for mortgage credit, they have long outlived their original charter. Oakley Hunter, the president and chairman of Fannie Mae back in the 1970s, described Fannie Mae as the world's largest floating crap game. Nothing has changed. In the early 1980s, we found Fannie Mae and Freddie Mac dominating, as they do today, 9 out of 10 mortgages in the United States, and yet they were highly unprofitable and highly suspect in their management. During that time, Senator William Proxmire led the charge in the United States Senate seeking answers about the enterprises' executive compensation. Flash-forward to the 1990s, we saw executive compensation at Fannie Mae run amok. During the 2000s, their imprudence and desire for growth paved the way for the U.S. housing crisis and global economic collapse. More recently, we have discovered that Fannie Mae is spending $171 million in taxpayer funds on a new Taj Mahal office in Washington, D.C., to replace their already extraordinarily luxurious campus on Wisconsin Avenue, which one Washingtonian, Mr. Chairman, described as what Versailles would look like if Louis XIV had any money. According to the inspector general's report from last June, this 15-year cost of relocating Fannie Mae's headquarters and the construction of the new building now topped $770 million.