J. Hill

Mr. HILL of Arkansas

Mr. HILL of Arkansas. Madam Speaker, on this anniversary of V-J Day, I rise to recognize Mary Fine. Mary Fine turned 100 years old this past March 12. I rise today to honor not only this incredible milestone in her life but her service to our country. Ms. Fine was a member of the Women's Army Corps and served our country during America's most difficult tests of the Second World War. From 1942 to 1978, the Women's Army Corps offered opportunities for women to serve in the armed and uniformed services. WACs, as its members were called, served in a variety of roles, including as mechanics, medical professionals, photographers, and clerks. As for Mary, she served as a phone operator and translator. Women like Mary were integral to our victory, as they worked tirelessly to support men on the front line and ensure the American war machine operated at peak efficiency. Madam Speaker, I congratulate Ms. Fine on her birthday and thank her for her service. Madam Speaker, I rise to recognize the 20th Anniversary of the USS Razorback SS 394 being docked on the banks of the Arkansas River in North Little Rock. During World War II, the Balao-class submarine completed five war patrols in the Pacific, sinking multiple Japanese vessels, capturing enemy prisoners, and rescuing downed American airmen, even being present in the Tokyo Bay for the Japanese surrender. By the time she was decommissioned in 1970 the Razorback had earned five battle stars for its service during World War II, four stars for Vietnam, and two awards of the Armed Forces Expeditionary Medal. In 2004 she was towed up the Arkansas River and opened to the public on Memorial Day in 2005 to her permanent home in Arkansas's Second District. Since then, the USS Razorback has become a part of Arkansas history. A place where schools from across the state come to learn about history. Please join me in celebrating the 20th Anniversary of this historic Arkansas landmark.

Mr. HILL of Arkansas

Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3382) to require the Securities and Exchange Commission to carry out a study and rulemaking on the definition of the term ``small entity'' under the securities laws for purposes of chapter 6 of title 5, United States Code, and for other purposes, as amended.

Mr. HILL of Arkansas. 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 in the Record.

Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of this bill, H.R. 3382, the Small Entity Update Act. Small businesses are the backbone of this country. Everyone on both sides of the aisle knows that. They drive innovation and job creation in our districts, but they are often limited from reaching their full capacity or capability because of overregulation. The bill introduced by our subcommittee chair, Ann Wagner, addresses this challenge by directing the SEC to carry out a study and a rulemaking to modernize the definition of a small entity and ensure that small firms are given tailored, proportional oversight. Mr. Speaker, years ago I had the privilege of serving as a nonexecutive chairman for a small-cap public company board of directors. I know firsthand the critical need for attention for what we are dealing with here today. The bipartisan bill of the gentlewoman from Missouri (Mrs. Wagner) will empower our small businesses to focus on growth, hiring, and innovation, rather than unnecessary red tape. Mr. Speaker, I urge all of my colleagues to join me in supporting this bill, and I reserve the balance of my time.

Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO estimate on this bill.

Mr. HILL of Arkansas. Mr. Speaker, I yield such time as she may consume to the gentlewoman from Missouri (Mrs. Wagner), the chairwoman of our Subcommittee on Capital Markets and the author of this bill.

Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, I rise in full support of Mrs. Wagner's work. This is exactly the kind of commonsense, bipartisan legislation that our constituents expect us to pass. To lower costs and encourage companies to be public is a good thing for our Nation. It will grow the economy faster. Companies can go public sooner in their growth period. Mr. Speaker, for all the reasons I have explained, I urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. HILL of Arkansas

Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3351) to amend the Securities Exchange Act of 1934 to specify that actions of the Advocate for Small Business Capital Formation are not a collection of information under the Paperwork Reduction Act, as amended.

Mr. HILL of Arkansas. 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 of Arkansas. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 3351, the Improving Access to Small Business Information Act. The SEC's Office of the Advocate for Small Business Capital Formation is a vital tool for small businesses and entrepreneurs. The advocate hears firsthand from businessowners about the real-world issues that they are facing when raising capital. Outdated regulations make it more difficult than it needs to be. Our current laws can trigger the full weight of the Paperwork Reduction Act when the advocate's intention is to simply collect feedback from these small businesses. That is simply bureaucratic overreach run amok. Mrs. Kim's bill provides a simple and practical fix. It clarifies that the advocate's outreach activities are not subject to the Paperwork Reduction Act's requirements. Removing these unnecessary burdens will strengthen the advocate's ability to shape policy based on real-world business experience. Mr. Speaker, I urge all of my colleagues to join me in supporting this bill, and I reserve the balance of my time.

Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO estimate for this bill.

Mr. HILL of Arkansas. Mr. Speaker, I yield such time as she may consume to the gentlewoman from California (Mrs. Kim), a distinguished Member from California and the author of this important legislation.

Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, for the reasons I have explained, I support Mrs. Kim's commonsense bill. I think it makes it better for everyone involved if we have easier access to the information we need to streamline policy and make it easier for our small businesses to raise the capital that they need to be successful. Mr. Speaker, I yield back the balance of my time.

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

Mr. HILL of Arkansas

Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3343) to amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes, as amended.

Mr. HILL of Arkansas. 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 of Arkansas. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 3343, the Greenlighting Growth Act. Currently, title 1 of the JOBS Act allows emerging growth companies, EGCs, to provide 2 years of audited financial statements rather than 3 years in an initial public offering registration statement. However, there are exceptions that cause confusion. Mr. Haridopolos' bill provides clarity to title 1 by directing that current and former EGCs do not need to provide financial statements for a period earlier than the 2 years of audited financial statements required during the EGC's initial public offering. This will increase efficiency and eliminate situations where emerging growth companies were unexpectedly required to provide more extensive disclosures than necessary. Mr. Speaker, I urge all of my colleagues to join me in supporting this bill, and I reserve the balance of my time.

Mr. HILL of Arkansas. Mr. Speaker, I yield to the gentleman from Florida (Mr. Haridopolos), the author of this important bill and our committee majority whip.

Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, for the reasons that Mr. Haridopolos so eloquently argued, I ask all my colleagues to support this bill, and I yield back the balance of my time.

Mr. HILL of Arkansas

Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1469) to create an interdivisional taskforce at the Securities and Exchange Commission for senior investors, as amended.

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

Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 1469, the Senior Security Act. According to the FBI, over 100,000 seniors fell victim to fraud and exploitation just last year. Their total losses were over $3 billion. Just last year, a senior citizen from my home State fell victim to an investment scam and lost over $5 million of his life savings. Mr. Gottheimer's good bill addresses this issue head-on by establishing a dedicated senior investor task force within the Securities and Exchange Commission. They will monitor trends and threats and recommend policy changes aimed at protecting our seniors from financial exploitation. This bill has enjoyed broad bipartisan support in prior Congresses. It helps ensure that our older investors are not left vulnerable in an increasingly complex marketplace. Mr. Speaker, I urge all my colleagues to join me in supporting this bill, and I reserve the balance of my time.

Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO estimate for this bill.

Mr. HILL of Arkansas. Mr. Speaker, I yield such time as she may consume to the gentlewoman from Missouri (Mrs. Wagner), who is our chairwoman of the Capital Markets Subcommittee.

Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my time. I thank my friend from New Jersey for this excellent bill. I know that Congress has consensus on it, and I hope that in this Congress it becomes law. I have spent a good part of my career both in commercial banking, investment management, and investment brokerage, and all through that time, the protection of our seniors was top of mind by leaders in all those enterprises. Yet, we still have this terrible problem across our country. I think having this point person at the SEC will make it more responsive, more effective, do better training, and take better planning actions to protect our seniors. Mr. Speaker, I thank my friend from New Jersey and Mrs. Wagner for their leadership, I urge a ``yes'' vote, and I yield back the balance of my time.