Carolyn Maloney

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, along with the American people, I oppose any reckless action that would lead us into another endless war in the Middle East. And, yet, we now have thousands more troops in the Middle East than we had before the President unilaterally made the decision to kill Soleimani. My prayers are with each and every American serving in harm's way to keep us safe. While I do not mourn the death of Soleimani, a terrorist with American blood on his hands, the American people deserve to know how this will make us safer. How will it make us safer? Unfortunately, the President provided little clarity in his statement, so we still don't know how this action will affect our Nation's security. I am against war with Iran. Another endless war in the Middle East would be a grave mistake.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Madam Speaker, I thank my friend for yielding and for his great leadership. Madam Speaker, there was a lot wrong with the 2017 Republican tax law. This week, we can fix part of it by repealing the cap on the State and local tax deduction, or SALT. The SALT deduction allows taxpayers to deduct from their Federal taxes the State and local income property taxes they pay. Republicans capped the SALT deductions at $10,000, far, far less than many New Yorkers pay. It has caused a great deal of pain for many New Yorker families. There is also a marriage penalty in the law. So if two people who each have $10,000 in SALT get married, their combined deduction goes from $20,000 to $10,000 when they tie the knot. That doesn't make sense. The bill before us, H.R. 5377, introduced by my colleague, Tom Suozzi, addresses both of these issues. It lifts the cap for married couples to $20,000 in 2019. It eliminates the cap entirely for the following 2 years and pays for it by restoring the previous top marginal tax rate. Madam Speaker, I urge my colleagues to support H.R. 5377.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise today in support of the impeachment of President Donald J. Trump. President Trump abused the power of his office for his own personal and political gain at the expense of our national security. President Trump's wholesale obstruction of Congress is unprecedented, indisputable, and impeachable. President Trump is the first President in history to openly and completely defy all aspects of the constitutional impeachment process. In an attempt to cover up his abuse of power, he ordered the entire executive branch not to participate in the inquiry and directed it to defy lawful subpoenas from Congress. As chairwoman of the Committee on Oversight and Reform, I find this obstruction particularly offensive. Even President Nixon accepted Congress' impeachment authority and allowed his aides and advisers to produce the documents to Congress. And President Nixon allowed current and former staff to testify in both the House impeachment and the Senate Watergate investigations, including his chief of staff and White House counsel. By contrast, President Trump, without any legal basis, directed current and former officials not to cooperate with the House's inquiry, which resulted in nine administration officials defying subpoenas for testimony. And in response to the House's inquiry, President Trump refused to turn over even one single--not one single--document to Congress in response to lawful subpoenas. Put simply, President Trump's actions are even worse than Nixon's. Let me repeat that. President Trump's actions are even worse than Nixon's. Our Founding Fathers established a system of checks and balances that spread out power between the branches of government. They decided that no one would be a king, that no one is above the law, including the President. And they gave the responsibility of impeachment solely to the people's House. When President Trump defies our subpoenas and obstructs our impeachment inquiry, he seeks to place himself above the Constitution and above the law. We cannot let that stand; and if we do, then that is the end of Congress as a coequal branch of government, and we have allowed President Trump to elevate himself above the law. It is our solemn duty, under the Constitution, to impeach President Trump for his blatant abuse of power and his obstruction of Congress.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Madam Speaker, I rise in support of this NDAA conference report, and particularly for its inclusion of language from my bill, the Federal Employee Paid Leave Act. This provision will provide 12 weeks paid parental leave for all Federal employees for the birth of a child or adoption of a child. For far too long, the United States has been behind the times. There are only two countries in the entire world, according to a United Nations' study, that do not provide paid parental leave for the birth of a child, and those two countries are the United States and Papua New Guinea. When we pass this National Defense Authorization Act, we will no longer be part of that infamous group. I thank, from the bottom of my heart, chairman of the House Committee on Armed Services, Adam Smith, who worked selflessly and tirelessly with great determination to include this provision that will help over 2.1 million Federal employees. It will turn this priority of balance in family life into a reality in millions of families' lives. I also thank my friend and colleague, Congresswoman Chrissy Houlahan from Pennsylvania, for her partnership on this effort. While this agreement is not perfect, it is an extraordinary first step toward full paid family and medical leave for all American workers. By providing this leave, studies indicate we could prevent the departure of over 2,600 female employees per year and save the government $50 million per year in costs associated with employee turnover. On top of that, paid family leave also improves productivity, boosts morale, and attracts more talent. It also provides a benefit to families and the broader economy. Paid parental leave is an investment in our future in American families and the workforce. And that is why I am urging all of my colleagues to support the NDAA, which includes this important provision.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Madam Speaker, I rise to pay tribute to Jennifer Schlecht, a beloved and internationally recognized public health expert. She worked tirelessly to ensure that women and girls--especially those living in crisis situations--had access to medical care, including comprehensive sexual and reproductive health care. Ms. Schlecht was an incredible mother and friend in addition to being a true leader in the reproductive health space. Ms. Schlecht was committed to bringing about a world where all women and girls could exercise control over their bodies. She worked in Africa before returning home to New York in 2001, where she earned a master's degree from Columbia University's Mailman School of Public Health. After graduating in 2004, she began working at Harlem Hospital. Later, Ms. Schlecht joined the Women's Refugee Commission; where she gained a reputation as both a women's health expert and as someone who was razor sharp, fun, and unfailingly kind. Mrs. Schlecht joined the UN Foundation (UNF) Family Planning 2020 team as Senior Advisor for Emergency Preparedness and Response and quickly became a go-to expert on addressing the needs of women and girls in crisis. Her leadership in the field was recognized by her colleagues at UNF and professionals from partner organizations around the world. Beyond her expertise, she was a treasured colleague, bringing her warmth and generosity to work every day. Amidst all her commitments, she somehow found time to also become a certified counselor, get married, buy a home in Harlem, and have a daughter, Abaynesh. Her energy and her clear-eyed drive to improve the world around her were boundless. The same warmth that engendered her commitment to women and girls globally was evident in her dedication to protecting and nurturing her much loved daughter. She worked from New York to spend more time with Abaynesh. This September, to Ms. Schlecht's immense pride, her daughter began kindergarten at Hunter College Elementary School. Abaynesh was the center of her life. On November 6th, Ms. Schlecht and Abaynesh were killed by their husband and father in a tragic act of domestic violence. There are no words to express the profound devastation faced by those who loved them; there is no meaning to be found in this tragedy. One out of every three women will experience violence in their lifetime, most likely at the hands of someone they know. Ms. Schlecht's courage to leave an abusive situation should never be forgotten. The best way to honor her memory is to keep fighting to realize Ms. Schlecht's dream of ensuring safety, dignity, and choices for all women and girls. Ms. Schlecht, her light, the way she cared for her daughter, and all of the things that made her a beautiful human being will be deeply missed. We cannot rest until the violence stops. Madam Speaker, I ask my colleagues to join me in honoring the life of Jennifer Schlecht, remembering her deep dedication to the rights of women and girls around the world, and mourning the unjust and tragic loss of her and her daughter.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I rise in strong support of H.R. 4 for the people, the Voting Rights Advancement Act. I thank my colleagues, Representatives Sewell, Fudge, Nadler, and many others, for their extraordinary work on this critical legislation that protects the most basic and fundamental of American rights, the right to vote. Ever since the 2013 Supreme Court Shelby decision threw out the preclearance requirement, undermining the Voting Rights Act, States and localities with histories of racial injustice have again started discriminatory voting practices, like requiring IDs, which is particularly harmful to Hispanic voters; moving voting places so it is more difficult to vote; and many other steps that disenfranchise countless Americans, particularly men and women of color. This bill restores the Voting Rights Act in its entirety, repeals the Shelby decision, and gives the Federal Government the tools to hold local election officials accountable for discriminatory practices that deny Americans of this fundamental right. So many brave Americans have made the ultimate sacrifice to protect this right for our people. By passing this legislation, we honor their sacrifice by protecting the right to vote for every single citizen.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the gentleman for leading and for yielding me the time. Mr. Speaker, I rise in strong support of H.R. 5084, and I thank my good friend and colleague, Congressman Meeks, for his tremendous leadership on this bill. We have been working together on it for a long time, and I am proud to be an original cosponsor. I also thank Chairwoman Waters for her longtime leadership on these issues and for working with me and Mr. Meeks on this bill. The bill is very simple, but the goal is extremely important: increasing diversity in corporate leadership. One of the key pieces of this, I believe, is getting more women and minorities in corporate leadership positions. Leaders set the tone, and they set the priorities. I asked the GAO to study this issue in 2015. They found that women were badly underrepresented on corporate boards. They also found that, if the current trends continue, it would take more than 40 years for women to reach parity with men on corporate boards. Clearly, something needs to change. Let's be clear. Increasing diversity in corporate leadership is not just a social issue; it is good business, too. Study after study has shown that companies with greater gender, racial, and ethnic diversity on their boards perform better financially. This bill would help investors accomplish this by requiring public companies to report the gender, racial, and ethnic composition of their boards in their annual reports. The bill would also establish a diversity advisory group at the SEC, which would study strategies to increase gender, racial, and ethnic diversity on corporate boards, because the truth is that making meaningful progress on corporate diversity is going to require a range of different policies in addition to the improved disclosures in this bill. I want to be sure to thank Ranking Member McHenry and my good friend and colleague Ann Wagner for their strong support. Their leadership on the other side of the aisle has been instrumental in getting bipartisan support for this very important bill that has wide support across the community. I urge my colleagues to support this bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the gentleman for yielding and for his leadership on this issue and so many others. I want to thank Mr. McAdams for all of his work on this crucial issue. I also want to thank Ranking Member Huizenga, who has been a leader on this issue for a long time. And I want to thank the chairwoman and the ranking member for getting this bipartisan deal done. Proper enforcement of the securities laws helps maintain investor confidence in our markets. Investors need to know that if a bad actor is caught, and the SEC proves that the bad actor committed fraud, then the investors will get their money back. Unfortunately, the 2017 Supreme Court decision in Kokesh versus SEC significantly damaged the SEC's ability to return funds to harmed investors, by holding that SEC claims for disgorgement of ill-gotten profits are subject to a 5-year statute of limitations. This means that for long-running frauds like Bernie Madoff's Ponzi scheme, the SEC would not be able to claw back all of the bad actor's profits. The Kokesh decision has already cost investors about $900 million in disgorgement of illegal profits according to the SEC. Mr. McAdams' bill would fix this issue and would lengthen the statute of limitations from 5 years to 14 years. This is only fair. So I strongly urge a ``yes'' vote on this bill that my colleagues on both sides of the aisle support, which will claw back bad actor's money and put money back in investors' pockets.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the gentlewoman for yielding and for her leadership on this issue. Mr. Speaker, I rise in strong support of H.R. 4634, which would reauthorize the Terrorism Risk Insurance Act, or TRIA, for 7 years. Mr. Speaker, I thank Chairwoman Waters and Ranking Member McHenry for working together to reach a compromise on this critically important bill that can get broad bipartisan support. I also thank my colleagues, Congressmen Clay and Cleaver, for holding field hearings and for their tremendous support. This issue is deeply personal to me because I represent New York City, and I remember all too well the terrorist attack of 9/11. After that terrible attack, the market for terrorism insurance completely shut down. Without terrorism insurance, all construction stopped, and thousands of jobs were lost. We could not insure anything. In response, Congress came together in a bipartisan way and passed the Terrorism Risk Insurance Act, which provides a government backstop for terrorism insurance. The goal of TRIA was to make terrorism insurance both available and affordable. That is exactly what has happened because of this bill, and all of this has come at no cost, not one cost whatsoever, to our taxpayers. This bill would reauthorize TRIA for 7 years without any changes to the underlying program. I am pleased that there is broad agreement that the program doesn't need any additional changes. Mr. Speaker, I include in the Record a letter with a listing of over 300 major business leaders from every State in our country that are supporting this important legislation. September 17, 2019. To the Members of the United States Congress: The undersigned organizations, representing a wide variety of business interests, urge Congress to work swiftly to pass a long-term reauthorization of the Terrorism Risk Insurance Act (TRIA) which is currently set to expire at the end of 2020. The tragic terrorist attacks on September 11, 2001, fundamentally changed the landscape for insuring against the risk of terrorism in the United States. Struck with an inability to model frequency, location, and the potentially devastating scale of modern terrorism, insurers were forced to pull out of the marketplace, and in the months following the attacks, the inability of insurance policyholders to secure terrorism risk insurance contributed to a paralysis in the economy, especially in the construction, travel and tourism, and real estate finance sectors. Since its initial enactment in 2002, TRIA has served as a vital public-private risk sharing mechanism, ensuring that private terrorism risk insurance coverage remains available to commercial businesses, educational institutions and non- profit organizations at virtually no cost to the taxpayer. According to a 2019 Marsh study, the education, media, financial institutions, real estate, hospitality and gaming, and health care sectors had the highest `take-up' rates among the 17 industry segments surveyed--all above 70%. TRIA fosters certainty in the marketplace and allows all of these interconnected elements of the economy to continue to move forward. In 2018, the Treasury Department reported that ``the Program has made terrorism risk insurance available and affordable in the United States, and the market for terrorism risk insurance has been relatively stable for the past decade.'' Absent TRIA, there is not sufficient insurance and reinsurance capital available to provide comprehensive terrorism coverage to U.S. insurance buyers. To this end, the undersigned organizations urge Congress to promptly enact a ``clean'' long-term extension of this vital program. Previous reforms to the program have minimized taxpayer exposure making further reforms unnecessary. In fact, the key ``dials'' are already effectively indexed to premium growth at both the company and industry level, and the federal share will continue to decrease in future years even if Congress makes no changes to the program beyond a simple change of the expiration date. Making changes to the TRIA mechanism to increase insurer retentions could affect the ability of many insurers, particularly smaller and mid-sized companies, to write risks or markets altogether, which ultimately impacts the ability of policyholders to secure adequate coverage. Maintaining a workable federal terrorism insurance mechanism is vital for our nation's economic security, and without adequate coverage, our ability to mitigate further economic fallout in the event of an attack would be greatly impaired. There is no homeland security without economic security. The American business community remembers all too well the twelve-day lapse in the program in early 2015 and the disruption that lapse played in a variety of markets. We urge Congress to help provide much needed certainty by passing a long-term reauthorization of this important program without delay. Sincerely, A.I.M. Mutual Insurance Companies, ACIG Insurance Company, Alliance Security, Allianz Global Corporate & Specialty, American Association of Port Authorities, American Bankers Association, American Council of Engineering Companies, American Council on Education, American Family Insurance, American Gaming Association, American Property Casualty Insurance Association, American Public Power Association, American Resort Development Association, American Short Line and Regional Railroad Association, Anderson Area Chamber of Commerce, Aon, Apache Junction Chamber of Commerce and Visitor Center, ARCTRUST. Argo Group, Arrow Mutual Liability Insurance Company, Associated General Contractors of America, Associated Wire Rope Fabricators, Association of American Railroads, Atlantic Charter Insurance Company, AvalonBay Communites Inc., AXA XL, Ballard Spahr LLP, Barron Mutual Insurance Company, Barton Mutual Insurance Company, Beacon Capital Partners, LLC, Beaver Creek Mutual Insurance Company, Benton Mutual Insurance Association, Black Hawk Mutual Insurance Company, Bloomfield Mutual Insurance Company, Boise Metro Chamber, Bolingbrook Area Chamber of Commerce, Boston Properties. Bradford Victor-Adams Mutual Insurance Company, Bremer Mutual Insurance Association, Broad Reach Retail Partners, LLC, Brookfield Properties, Broome Co-operative Insurance Company, Brotherhood Mutual Insurance Company, Buckeye Valley Chamber of Commerce, Bucksbaum Properties, Builders Mutual Insurance Company, California Association of Boutique & Breakfast Inns, California Hotel & Lodging Association, Camarillo Chamber of Commerce, CapSpecialty, CCIM Institute, Celina Mutual Insurance Company, Central Illinois Mutual Insurance Company, Century Mutual Insurance Association, Chautauqua Patrons Insurance Company. Chester County Chamber, Chubb, CM Group, CNA Financial, Coalition to Insure Against Terrorism (CIAT), Columbia Insurance Group, Community Associations Institute, Community Insurance Company, Co-operative Insurance Companies, Corporate Office Properties Trust, Cousins Properties, Decatur Chamber of Commerce, CRE Finance Council, CSX, Cumberland Mutual Fire Insurance Company, CUNA Mutual Group, Cushman & Wakefield Inc., Davis Chamber of Commerce. Donahue Schriber Realty Group, Draper Area Chamber of Commerce, Dundee Mutual Insurance Company, Dunham & Chemung Mutual Insurance Company, East Tennessee Mutual Insurance Company, Eastern Iowa Mutual Insurance Association, EastGroup Properties, Edison Electric Institute, Edwardsville/Glen Carbon Chamber of Commerce, El Centro Chamber of Commerce, El Dorado County Chamber of Commerce, Electric Insurance Company, Erie Insurance, Essex Property Trust, Inc., Extra Space Storage, Falls City Mutual Insurance Company Inc. Farmers Home Fire Insurance Company of West Virginia, Inc., Farmers Home Insurance Company, Farmers Insurance Company of Flemington, Farmers Mutual Fire Insurance Company of Marble. Farmers Mutual Insurance Company, Farmers Mutual Insurance Company Manchester, Farmers Pioneer Mutual Insurance Company, Farmers Protective Mutual Insurance Company, Farmers Union Mutual Insurance Company (AR), Farmers Union Mutual Insurance Company (ND), Farmers' and Mechanics' Mutual Insurance Company, Farmland Partners Inc., First Maxfield Mutual Insurance Association, Food Marketing Institute, Foodservice Equipment Distributors Association (FEDA), Forreston Mutual Insurance Company, Forward Mutual Insurance Company, Frankenmuth Mutual Insurance Company, Frederick Mutual Insurance Company, Gallagher Real Estate & Hospitality Services, General Reinsurance Corporation, German-American Farm Mutual Insurance Company, Gilroy Chamber of Commerce, Governmental Interinsurance Exchange. Grange Insurance, Great American Insurance Group, Greater Boca Raton Chamber of Commerce, Greater Coachella Valley Chamber of Commerce, Greater Conejo Valley Chamber of Commerce, Greater Flagstaff Chamber of Commerce, Greater New York Mutual Insurance Company, Greater Phoenix Chamber of Commerce, Greater Springfield Chamber of Commerce, Greater Yakima Chamber of Commerce, Grinnell Mutual Reinsurance Company, Hamel Mutual Insurance Company, Hamlet Mutual Insurance Company, Hanover Area Chamber of Commerce, Harding & Perkins Farm Mutual Insurance Company, Harford Mutual Insurance Company, Hawaii Employers Mutual Insurance Company, Heritage Mutual Insurance Association, Hilton, Hochheim Prairie Farm Mutual Insurance Association, Horse Prairie Mutual Insurance Company, Host Hotels & Resorts. Hotel Association of Los Angeles, Household & Commercial Products Association, Hueneme Chamber of Commerce, Humboldt Mutual Insurance Association, Hutensky Capital Partners, International Council of Shopping Centers (ICSC), IFG Companies, Illinois Association of Mutual Insurance Companies, Illinois Chamber of Commerce, IMT Insurance Company, Independence Realty Trust, Independent Insurance Agents & Brokers of America, Indiana Chamber of Commerce, Innovative Signal Analysis, International Franchise Association, International Speedway Corporation, International Safety Equipment Association, Island Insurance Companies, Jo Daviess Mutual Insurance Company, Kane County Mutual Insurance Company. Kilroy Realty Corporation, Kite Realty, Lake Havasu Area Chamber of Commerce, Lamar Advertising Company, Lansing Regional Chamber of Commerce, LaPrairie Mutual Insurance Company, Laredo Chamber of Commerce, Las Vegas Metro Chamber of Commerce, Lexington Chamber of Commerce, Liberty Mutual Insurance, Liberty Property Trust, Lincoln City Chamber of Commerce, Lititz Mutual Insurance Company, Livingston Mutual Insurance Company, Lloyd's of London, Lodi Chamber of Commerce, Loews Hotels & Co, Long Beach Area Chamber of Commerce, Long Beach Hospitality Alliance, Los Angeles Area Chamber of Commerce. Lubbock Chamber of Commerce, LWD Inc., Major League Baseball (MLB), Marana Chamber of Commerce, Marriott International, Marshalltown Area Chamber of Commerce, Medical Properties Trust, Inc., Mendota Mutual Insurance Company, Mennonite Mutual Insurance Company, Merchants Mutual Insurance Company, Mesa Chamber of Commerce, MetLife, MFS Mutual Insurance Company, MGM Resorts International, Mid- State Farmers Mutual Insurance Company, Millers Mutual Group, Monmouth Real Estate Investment Corporation, Mortgage Bankers Association, Mound Prairie Mutual Insurance Company, Mower County Farmers Mutual Insurance Company. MS & AD Insurance Group, Munich Reinsurance America, Inc., Muscatine Mutual Insurance Association, Mutual of Indiana Insurance Company, Mutual of Wausau Group, NAMA--The National Automatic Merchandising Association, National Association of Real Estate Investment Trusts (Nareit), National Apartment Association, National Association for Stock Car Auto Racing (NASCAR), National Association of College and University Business Officers (NACUBO), National Association of Home Builders, National Association of Mutual Insurance Companies (NAMIC), National Association of Professional Employer Organizations, National Association of REALTORS, National Association of Surety Bond Producers, National Association of Wholesaler-Distributors, National Black Chamber of Commerce, National Electrical Contractors Association, National Fire & Casualty Company, National Fire & Indemnity Exchange. National Hockey League, National Investor Relations Institute, National Multifamily Housing Council, National Restaurant Association, National Retail Federation, National Rural Electric Cooperative Association, National Waste & Recycling Association, Nationwide Mutual Fire Insurance Company, New Prague-Ceska-Louisville Mutual Insurance Company, New Vienna Mutual Insurance Association, Nonprofits Insurance Alliance, Norfolk & Dedham Mutual Fire Insurance Company, North Country Chamber of Commerce, North Orange County Chamber, North Star Mutual Insurance Company, Northern Finnish Mutual Insurance Company, Norwegian Mutual Insurance Association, Nuclear Energy Institute (NEI), Oakwood Mutual Insurance Company, Ohio Mutual Insurance Group. OneBeacon Insurance Group, LLC, Orthopaedic Research Society, Oxnard Chamber of Commerce, Palm Desert Area Chamber of Commerce, Park Hotels & Resorts, Partnership for New York City, Pasadena Chamber of Commerce, Patriot Insurance Company, Pella Mutual Insurance Company, Penn Charter Mutual Insurance Company, Penn National Insurance, Pennsylvania Chamber of Business and Industry, Pennsylvania Lumbermens Mutual Insurance Company, Peoples Mutual Insurance Association, Peru Waltham Mutual Insurance, Pharmacists Mutual Insurance Group, Pioneer State Mutual Insurance Company, PMA Companies, Poweshiek Mutual Insurance Association, Prescott Valley Chamber of Commerce. Prophetstown Farmers Mutual Insurance Company, Rayonier, Inc., Real Estate Board of New York, Regional Chamber of Commerce--San Gabriel Valley, Reinsurance Association of America, Reno + Sparks Chamber of Commerce, Restoration Risk Retention Group, Inc., Riverton Chamber of Commerce, Rockford Mutual Insurance Company, Rolling Meadows Chamber, Rudin Management Company, Inc., Safety National Casualty Corp., Safety Specialty Insurance Company, San Gabriel Valley Economic Partnership, Schuylkill Chamber of Commerce, Seaview Investors LLC, SeaWorld Parks & Entertainment, SECURA Insurance Companies, Selma and Dallas County Chamber of Commerce and Tourism, Information Seneca, Sigel Mutual Insurance Company. Sentry Insurance, Shelbyville Mutual Insurance Company, Shelter Insurance, Shopping Center Interests, LLC, Sierra Vista Area Chamber of Commerce, Securities Industry and Financial Markets Association (SIFMA), Society Insurance, A Mutual Company, South Jordan Chamber of Commerce, Southeast Mutual Insurance Company, Southern Company, Southwest California Legislative Council, Southwest Iowa Mutual Insurance Association, Spirit Realty Capital, Spring Vale Mutual Insurance Company, Starr Companies, Steele Traill County Mutual Insurance Company, Stephenson County Mutual Insurance Company, Sterling Insurance Company, Stirling Properties, LLC, STORE Capital. Surprise Regional Chamber of Commerce, Svea Mutual Insurance Company, Sverdrup Mutual Insurance Company, Swiss Re Americas, Tama County Mutual Insurance Association, Taubman Centers, Tenaska, Texas Hospital Insurance Exchange, The Building Owners and Managers Association (BOMA) International, The Chamber of Medford/Jackson County, The Council of Insurance Agents and Brokers, The Durst Organization, The Gray Insurance Company, The Hanover Insurance Company, The Hartford, The Macerich Company, The MEMIC Group, The Philadelphia Contributionship, The Port Authority of New York, New Jersey, The Real Estate Roundtable. The Taubman Company, The Travelers Companies, Inc., The Victor Chamber of Commerce, The Walt Disney Company, Torrance Area Chamber of Commerce, Tucson Metro Chamber, Tulsa Regional Chamber, U.S. Chamber of Commerce, U.S. Travel Association, UDR, Inc., UJA-Federation of New York, United Mutual Insurance Company, University Risk Management and Insurance Association, Inc. (URMIA), Upland Mutual Insurance, Inc. Utica First Insurance Company. Utica National Insurance Group, Valley Mutual Insurance Association, W.R. Berkley Corporation, Watseka Mutual Insurance Company, Wayne Mutual Insurance Company, Weingarten Realty Investor, Welltower, Inc., Western Iowa Mutual Insurance Association, Western National Mutual Insurance Company, Westfield, Westfield Insurance Company, Westminster American Insurance Company, Wholesale & Specialty Insurance Association, Wisconsin Association of Mutual Insurance Companies, Zurich North America.

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, again, I thank Chairwoman Waters for her leadership and Ranking Member McHenry for working with us in good faith to come up with a bipartisan compromise. This bill is incredibly important to our economy. I support it completely. Mr. Speaker, I urge my colleagues on both sides of the aisle to support this bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the gentleman for yielding and for his leadership on the committee and for this resolution, and also Anna Eshoo and Chairman Schiff and so many of my friends and colleagues for their long efforts to pass it on both sides of the aisle. As a member of the Congressional Caucus on Armenian Issues and the Representative of a large and vibrant Armenian community in New York City, I strongly support H. Res. 296, affirming the United States' record on the Armenian genocide. 104 years ago, 1.5 million Armenians were murdered by the Ottoman Empire in the first genocide of the 20th century. Ever since, Armenian communities from across the world, including those in my district, have been forced to fight for recognition and justice for Turkey's denial in so many ways, from the illegal invasion of Cypress by Turkey to the vicious attacks on Kurds within and without the borders of Turkey. With our vote today, the United States takes a long long overdue step to stop Turkey from hiding the truth of its actions. The Armenian genocide must be acknowledged by all, and in doing so, we can hope to prevent the next genocide.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. I thank the gentleman from the great State of New York for yielding and for his outstanding leadership on the Judiciary Committee. Madam Speaker, I rise in support of this bill, H.R. 777, the Debbie Smith Reauthorization Act, as amended. I was pleased to introduce this bill with my colleague and good friend Ann Wagner of Missouri. I first passed this bill in 2004. This critical State backlog grant program provides funding for forensic labs and local law enforcement to process DNA evidence, including rape kits. In 2001, I invited a woman named Debbie Smith to testify before the Oversight and Government Reform Committee. Debbie was a rape survivor, and I remember being struck by her story of waiting more than 6 years for her rape kit to be processed. And Debbie's story is not unique. Across this country, DNA evidence collected at crime scenes sits in a backlog, because forensic labs have limited capacity or resources to process it in a timely manner. So I wrote and passed the Debbie Smith Act, which at the time was called the most important antirape legislation ever signed into law. The results of the grant program speak for themselves. The National Institute of Justice reports that since 2005 Debbie Smith funding is responsible for 192,000, or about 42 percent, of DNA matches in the FBI database. So when it can match and convict a rapist, it prevents future rapes. The FBI says rapists will attack roughly seven times, so if you catch that person and put them in jail, you protect other women from being hurt. And as improved technology enables collection of DNA evidence, demand for grant funding has dramatically increased. We need this funding. This funding keeps rapists and other criminals off the street, and perhaps more importantly, the program can deliver some measure of justice to survivors of violence. Unfortunately, this Debbie Smith Act authorization expired on September 30. And the Violence Against Women Reauthorization Act passed by this House that included an extension of the Debbie Smith program has not been passed in the Senate. I truly want to thank not only Chairman Nadler, but also Speaker Pelosi, Leader Hoyer, the entire Democratic Caucus for recognizing the importance of this grant program and moving H.R. 777 forward. Despite its lapse in authorization, we have an opportunity to make sure that this successful program continues to help solve and prevent violent rape and protect survivors. The Debbie Smith Act has always enjoyed broad bipartisan support, and I hope we continue that tradition today. I urge all of my colleagues to support the reauthorization of the Debbie Smith Act. It protects women from sexual violence. It is important. And, again, I thank all of my colleagues that have supported this legislation in the past, particularly Ann Wagner, who has championed fighting sex trafficking and protecting women in other areas.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Madam Speaker, first, I would like to thank the gentleman from the great State of Colorado (Mr. Perlmutter), my good friend, for his extraordinary leadership, not only on the Rules Committee, but on the Financial Services Committee, and his work and support on this bill over a decade. So I thank him very much. Madam Speaker, I rise in very strong support of this rule which would make a number of amendments in order, and I think would improve the underlying bill. Most importantly, the rule would make in order the Waters manager's amendment, which contains the text of Mr. Cleaver's bill, called the COUNTER Act. Mr. Cleaver is the chairman of the Subcommittee on National Security and has been an exceptional leader on anti-money laundering issues. His bill would make a number of improvements to the Bank Secrecy Act that would protect our national security, make our anti-money laundering regime more effective, and would reduce burdens on financial institutions. For example, the bill would close loopholes for high-risk commercial real estate transactions and the transfer of arts and antiquities, which we have heard testimony about in our committee. It would also make modest increases to the threshold for currency transaction reports, which was a compromise that Mr. Cleaver reached with Mr. Loudermilk on the other side of the aisle. This would provide financial institutions with regulatory relief, while also ensuring that law enforcement has the information they need to catch bad actors who are using our financial system to hide their illicit money. Finally, the bill protects privacy by mandating a privacy and civil liberties officer, as well as an innovation officer in each of the Federal financial regulators. These officials are required to meet regularly, to consult on Bank Secrecy Act policy and regulation. Madam Speaker, I want to thank Mr. Cleaver and Chairwoman Waters for this amendment, which I strongly believe will make my bill better and will improve the chances that it gets passed by the Senate and signed into law. This bill before us today, the underlying bill, H.R. 2513, would crack down on illicit use of anonymous shell companies. This is one of the most pressing national security problems we face in this country, because anonymous shell companies are the vehicle of choice for money launderers, criminals, and terrorists. Coming from New York, I am particularly concerned about cracking down on terrorism financing. Because of the importance of this bill, it has been endorsed by every single law enforcement agency in our country. They say that passing this bill will help them protect American citizens, Americans, visitors, anyone in our country. Madam Speaker, I include in the Record a listing of all of the law enforcement agencies that support this bill, and it also has wide support from stakeholders, major stakeholders in our country from the business community, the NGOs, and the not-for-profit community. [From FACTCOALITION, Updated: October 15, 2019] Endorsements for Beneficial Ownership Transparency Endorsed Legislation Anti-Corruption/Transparency: Citizens for Responsibility & Ethics in Washington (CREW), Coalition for Integrity, Corruption Watch UK, Financial Accountability & Corporate Transparency (FACT) Coalition, Financial Transparency Coalition, Global Financial Integrity, Global Integrity, Global Witness, Government Accountability Project (GAP), Natural Resource Governance Institute, Open Contracting Partnership, Open Ownership, Open the Government, Project on Government Oversight (POGO), Publish What You Pay--U.S. Repatriation Group International, RepresentUs, Sunlight Foundation, Transparency International. Anti-Human Trafficking: Alliance to End Slavery and Trafficking (ATEST), Humanity United Action, Liberty Shared, Polaris, Street Grace, Verite. Business (Large): Allianz, The B Team, Celtel International, Chobani, Danone, Dow Chemical, Engie, The Kering Group, National Foreign Trade Council, Natura & Co., Safaricom, Salesforce, Thrive Global, Unilever, The Virgin Group. Business (Small): American Sustainable Business Council, Harpy IT Solutions, LLC (St. Louis, MO), Luna Global Networks & Convergence Strategies, LLC (Washington, DC), Maine Small Business Coalition, Main Street Alliance, Pax Advisory, Inc (Vienna, VA), Small Business Majority, South Carolina Small Business Chamber of Commerce. Business (Financial Institutions): Alabama Bankers Association, Alaska Bankers Association, American Bankers Association, Arizona Bankers Association, Arkansas Bankers Association, Bank Policy Institute, Bankers Association for Finance and Trade (BAFT), The Clearing House Association, Colorado Bankers Association, Connecticut Bankers Association, Consumer Bankers Association, Credit Union National Association (CUNA), Delaware Bankers Association, Financial Services Roundtable, Florida Bankers Association, Georgia Bankers Association, Hawaii Bankers Association, Idaho Bankers Association, Illinois Bankers Association, Independent Community Bankers of America (ICBA). Indiana Bankers Association, Institute of International Bankers (IIB), Institute of International Finance (IIF), Iowa Bankers Association, Kansas Bankers Association, Kentucky Bankers Association, Louisiana Bankers Association, Maine Bankers Association, Maryland Bankers Association, Massachusetts Bankers Association, Michigan Bankers Association, Mid-Size Bank Coalition of America, Minnesota Bankers Association, Mississippi Bankers Association, Missouri Bankers Association, Montana Bankers Association, National Association of Federally-Insured Credit Unions (NAFCU), Nebraska Bankers Association, Nevada Bankers Association, New Hampshire Bankers Association, New Jersey Bankers Association. New Mexico Bankers Association, New York Bankers Association, North Carolina Bankers Association, North Dakota Bankers Association, Ohio Bankers League, Oklahoma Bankers Association, Oregon Bankers Association, Pennsylvania Bankers Association, Puerto Rico Bankers Association, Regional Bank Coalition, Rhode Island Bankers Association, Securities Industry & Financial Markets Association (SIFMA), South Carolina Bankers Association, South Dakota Bankers Association, Tennessee Bankers Association, Texas Bankers Association, Utah Bankers Association, Vermont Bankers Association, Virginia Bankers Association, Washington Bankers Association, Western Bankers Association, West Virginia Bankers Association, Wisconsin Bankers Association, Wyoming Bankers Association. Business (Insurance): Coalition Against Insurance Fraud. Business (Real Estate): American Escrow Association, American Land Title Association (ALTA), National Association of REALTORS, Real Estate Services Providers Council, Inc. (RESPRO). Faith: Interfaith Center on Corporate Responsibility (ICCR), Interfaith Worker Justice, Jubilee USA Network, Maryknoll Fathers and Brothers, Maryknoll Office for Global Concerns, Missionary Oblates, NETWORK Lobby for Catholic Social Justice, Society of African Missions (SMA Fathers), United Church of Christ, Justice and Witness Ministries, The United Methodist Church--General Board of Church and Society. Human Rights: Accountability Counsel, African Coalition for Corporate Accountability (ACCA), Amnesty International USA, Business and Human Rights (BHR), Business & Human Rights Resource Centre, Center for Constitutional Rights, EarthRights International. EG Justice, Enough Project, Freedom House, Human Rights First, Human Rights Watch, International Corporate Accountability Roundtable (ICAR), International Labor Rights Forum, International Rights Advocates, National Association for the Advancement of Colored People (NAACP), Responsible Sourcing Network, Rights and Accountability in Development (RAID), Rights CoLab, The Sentry. International Development: ActionAid USA, Bread for the World, ONE Campaign, Oxfam America. Law Enforcement: ATF Association, Federal Law Enforcement Officers Association (FLEOA), Dennis Lormel, former Chief of the FBI Financial Crimes and Terrorist Financing Operations Sections, Donald C. Semesky Jr., Former Chief of Financial Operations, Drug Enforcement Administration, John Cassara, former U.S. Treasury Special Agent, National Association of Assistant United States Attorneys (NAAUSA), National District Attorneys Association (NDAA), National Fraternal Order of Police (FOP), Society of Former Special Agents of the FBI; U.S. Marshals Service Association. Lawyers: Group of 11 business and human rights lawyers. NGOs (Misc.): Africa Faith & Justice Network; Amazon Watch; American Family Voices; Americans for Democratic Action (ADA); Americans for Financial Reform; Americans for Tax Fairness; Association of Concerned Africa Scholars (ACAS); Campaign for America's Future; Center for International Policy; Center for Popular Democracy Action; Coalition on Human Needs; Columban Center for Advocacy and Outreach; Columbia Center on Sustainable Investment; Consumer Action; Consumer Federation of America; Corporate Accountability Lab; CREDO Action; Demand Progress; Economic Policy Institute. Environmental Investigation Agency; Fair Share; First Amendment Media Group; Foundation Earth; Friends of the Earth; Fund for Constitutional Government; Greenpeace USA; Health Care for America Now; Heartland Initiative; Institute for Policy Studies--Program on Inequality and the Common Good; Institute on Taxation and Economic Policy; International Campaign for Responsible Technology; iSolon.org; MomsRising; National Employment Law Project; National Organization for Women (NOW); New Rules for Global Finance; Patriotic Millionaires; People Demanding Action; Project Expedite Justice. Project on Organizing, Development, Education, and Research (PODER); Public Citizen; Responsible Sourcing Network; Responsible Wealth; Responsive to Our Community II, LLC; RootsAction.org; Stand Up America; Sustentia; Take On Wall Street; Tax Justice Network; Tax Justice Network USA; Tax March; Trailblazers PAC; United for a Fair Economy; U.S.- Africa Network; U.S. Public Interest Research Group (U.S. PIRG); Voices for Progress; Win Without War; Working America. Shareholders: Avaron Asset Management; Batirente; Boston Common Asset Management; Candriam Investors Group; Capricorn Investment Group; Clean Yield Asset Management; CtW Investment Group; Domini Social Investment LLC; Dominican Sisters of Hope; Hermes Equity Ownership Services; Hexavest; Inflection Point Capital Management; Local Authority Pension Fund Forum; Magni Global Asset Management LLC; Maryknoll Sisters; Mercy Investment Services, Inc.; NorthStar Asset Management, Inc.; Oblate International Pastoral Investment Trust; Sisters of Charity, BVM; Sisters of Saint Joseph of Chestnut Hill, Philadelphia, PA. Sisters of St. Dominic of Blauvelt, New York; Sisters of St. Francis of Philadelphia; Trillium Asset Management; Triodos Investment Advisory & Services BV; Ursuline Sisters of Tildonk, U.S. Province; Verka VK Kirchliche Vorsorge VVaG; Zevin Asset Management. State Secretaries of State: Delaware Unions: Alliance for Retired Americans; American Federation of Labor and Congress of Industrial Organizations (AFL-CIO); American Federation of State, County and Municipal Employees (AFCSME); American Federation of Teachers; Communications Workers of America (CWA); International Brotherhood of Teamsters; International Union, United Automobile, Aerospace, and Agricultural Implement Workers of America, UAW; National Education Association; National Latino Farmers & Ranchers Trade Association; Service Employees International Union (SEIU). Endorsed Concept Anti-Human Trafficking: 3 Strands Global Foundation; Agape International Missions; Amirah, Inc.; Baptist Resource Network; Candle of Hope Foundation; Freedom Network USA; Shared Hope International; Youth Underground. Business (Large): BHP; Deloitte; International Chamber of Commerce; Philip Morris International; Rio Tinto; Siemens AG; Thomson Reuters. Business (Financial Institutions): BMO Capital Markets. Business (Small): 77% of U.S. small business owners; O'Neill Electric (Portland; OR); Paperjam Press (Portland; OR); Popcorn Heaven (Waterloo; IA); Rivanna Natural Designs; Inc. (Charlottesville; VA). Human Rights: Better World Campaign; Center for Justice and Accountability; Center for Victims of Torture; Futures without Violence; Global Rights; Global Solutions; Physicians for Human Rights; Project on Middle East Democracy; United to End Genocide. Law Enforcement: National Sheriffs' Association. National Security Officials: 2019 letter from bipartisan group of 61 national security experts; 2018 letter from bipartisan group of 3 dozen former national security leaders (military and civilian); David Petraeus, GEN (Ret.) USA, former director of the Central Intelligence Agency; Ben Rhodes, former deputy national security adviser to President Barack Obama. Scholars (Think Tanks): Anders Aslund, Atlantic Council; David Mortlock, Atlantic Council; Josh Rudolph, Atlantic Council; William F. Wechsler, Atlantic Council; Clay Fuller, American Enterprise Institute; Michael Rubin, American Enterprise Institute; Norm Eisen, Brookings Institution; Aaron Klein, Brookings Institution; Jeff Hauser, Center for Economic and Policy Research; Jarrett Blanc, Carnegie Endowment for International Peace; Sarah Chayes, Carnegie Endowment for International Peace; Jake Sullivan, Carnegie Endowment for International Peace; Jodi Vittori, Carnegie Endowment for International Peace; Andrew Weiss, Carnegie Endowment for International Peace; Molly Elgin-Cossart, Center for American Progress; Diana Pilipenko, Center for American Progress; Trevor Sutton, Center for American Progress; Neil Bhatiya, Center for a New American Security; Ashley Feng, Center for a New American Security; Elizabeth Rosenberg, Center for a New American Security, Daleep Singh, Center for a New American Security; Heather Conley, Center for Strategic and International Studies. Matthew M. Taylor, Council on Foreign Relations; David Hamon, Economic Warfare Institute; David Asher, Foundation for Defense of Democracies; Yaya J. Fanusie, Foundation for Defense of Democracies; Eric Lorber, Foundation for Defense of Democracies; Emanuele Ottolenghi, Foundation for Defense of Democracies; Chip Poncy, Foundation for Defense of Democracies; Jonathan Schanzer, Foundation for Defense of Democracies; Juan C. Zarate, Foundation for Defense of Democracies; Jamie Fly, German Marshall Fund of the United States; Joshua Kirschenbaum, German Marshall Fund of the United States; Laura Rosenberger, German Marshall Fund of the United States; David Salvo, German Marshall Fund of the United States; Larry Diamond, Hoover Institution; Michael McFaul, Amb. (Ret.), Hoover Institution; Ben Judah, Hudson Institute; Nate Sibley, Hudson Institute; Richard Phillips, Institute on Taxation and Economic Policy; Michael Camilleri, Inter-American Dialogue; David J. Kramer, McCain Institute; Paul D. Hughes, COL (Ret.), USA, U.S. Institute of Peace. Scholars (Universities): Smriti Rao, Assumption College (MA); Daniel Nielson, Brigham Young University; Branko Milanovic, City University of New York; Martin Guzman, Columbia University; Matthew Murray, Columbia University; Jose Antonio Ocampo, Columbia University; Jeffrey D. Sachs, Columbia University; Joseph Stiglitz, Columbia University; Spencer J. Pack, Connecticut College; Lourdes Beneria, Cornell University; John Hoddinott, Cornell University; Ravi Kanbur, Cornell University; David Blanchflower, Dartmouth College; Mark Paul, Duke University; Michael J. Dziedzic, Col. (Ret.), USA, George Mason University; David M. Luna, George Mason University; Louise Shelley, George Mason University; Laurie Nisonoff, Hampshire College. Matthew Stephenson, Harvard Law School; Dani Rodrik, Harvard University; June Zaccone, Hofstra University; Matteo M. Galizzi, London School of Economics (UK); John Hills, London School of Economics (UK); Simona Iammarino, London School of Economics (UK); Stephen Machin, London School of Economics (UK); Vassilis Monastiriotis, London School of Economics (UK); Cecilia Ann Winters, Manhattanville College (NY); Richard D. Wolff, New School University; Bilge Erten, Northeastern University; Mary C. King, Portland State University (OR); Angus Deaton, Princeton University; Kimberly A. Clausing, Reed College; Charles P. Rock, Rollins College (FL); Radhika Balakrishnan, Rutgers University; Aaron Pacitti, Siena College (NY); Smita Ramnarain, Siena College (NY). Vanessa Bouche, Texas Christian University; Nora Lustig, Tulane University; Karen J. Finkenbinder, U.S. Army War College; Max G. Manwaring, COL (Ret.), USA, U.S. Army War College; Gabriel Zucman, University of California, Berkeley; Ha-Joon Chang, University of Cambridge (UK); Ilene Grabel, University of Denver; Tracy Mott, University of Denver; Arthur MacEwan, University of Massachusetts, Boston; Valpy Fitzgerald, University of Oxford (UK); Frances Stewart, University of Oxford (UK); Michael Carpenter, University of Pennsylvania; Dorene Isenberg, University of Redlands (CA); Mike Findley, University of Texas; Gunseli Berik, University of Utah; Al Campbell, University of Utah; Elaine McCrate, University of Vermont; Stephanie Seguino, University of Vermont; Thomas Pogge, Yale University. State Attorneys General: California, Colorado, Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, Mississippi, New Jersey, New Mexico, North Carolina, Northern Mariana Islands, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Vermont, Virginia, Washington. U.S. Administration Officials: Department of Justice, Department of the Treasury, Federal Bureau of Investigation (FBI), Financial Crimes Enforcement Network (FinCEN), Immigration and Customs Enforcement (ICE), Office of the Comptroller of the Currency (OCC), Special Inspector General for Afghanistan Reconstruction (SIGAR).

Mrs. CAROLYN B. MALONEY of New York. Madam Speaker, this is a win-win for protecting our citizens, and like every national security issue, it should have strong bipartisan support. If you care about protecting American citizens, you should be supporting this bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I thank the gentlewoman for yielding and for her leadership on the Financial Services Committee and on this bill. Mr. Chair, I rise in support of H.R. 2513, the Corporate Transparency Act. This bill would crack down on the illicit use of anonymous shell companies. This is one of the most pressing national security problems that we face as a country because anonymous shell companies are the vehicle of choice for money launderers, criminals, and terrorists. The reason they are so popular is because they cannot be traced back to their true owners. Shell companies allow criminals and terrorists to move money around in the United States financial system and finance their operations freely and legally. Unfortunately, we know that the U.S. is one of the easiest places in the entire world to set up an anonymous shell company. The reason why these shell companies are anonymous is because States do not require companies to name their true beneficial owners, the individuals who are collecting the profits and who outright own the company. As any FBI agent or prosecutor will tell you, far too many of their investigations hit a dead-end at an anonymous shell company. They know there is illegal money, yet they can't pursue and stop it. Because they can't find out who the real owner of that shell company is, they can't follow the money past the shell company, past this pile of cash that they know is financing illegal activity. The trail goes cold, and the investigation is stopped dead in its tracks. Treasury actually conducted a pilot program a couple of years ago when they collected beneficial ownership information for real estate transactions in Manhattan and Miami over a 6-month period. The results were stunning. Treasury found that about 30 percent of the transactions reported in those 6 months involved a beneficial owner or purchaser representative that had previously been the subject of a suspicious activity report. In other words, these were potentially suspicious people buying these properties. And this was after the Treasury Department had announced to the world through the press that they would be collecting beneficial ownership information in these two cities for 6 months, so this didn't even capture the money launderers who simply avoided those two cities for that 6-month period. Our bill would fix this problem by requiring companies to disclose their true beneficial owners to the Financial Crimes Enforcement Network, or FinCEN, at the time the company is formed. This information would only be available to law enforcement and to financial institutions so they can comply with their know-your-customer rules. This bill would plug a huge hole in our national security defenses and would be a massive benefit to law enforcement. We have a very large coalition supporting the bill. We have the support of 127 NGOs. All of the law enforcement groups in our Nation support this bill, all of the banking trade associations, the credit union trade associations, human rights groups, antitrafficking groups, State secretaries of state, and most of the real estate industry, and many more because law enforcement has said that enacting this bill will make our residents and our country safer. I want to specifically thank the FACT Coalition, Global Witness, and Global Financial Integrity for their support. I want to thank the Bank Policy Institute, which has been a strong supporter from the beginning. And I want to thank my personal staff, especially Ben Harney. I also want to thank my Republican partners on this bill, most notably Peter King from New York and Blaine Luetkemeyer from Missouri. They have been both fantastic to work with, and I believe the changes that they negotiated in good faith on this bill have made it an even better bill. The two people I want to thank the most are Congresswoman Waters, who has been a steadfast supporter of this bill for years, and Congressman Cleaver, who has worked so hard on the COUNTER Act, which has been added to this bill. His leadership on the anti-money laundering reforms in the COUNTER Act have been indispensable. Mr. Chairman, this bill will make our country safer, and I urge a strong ``yes'' vote for this bill.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, critics on the other side of the aisle have made wild claims about the bill costing small businesses millions of dollars. But in the U.K., where they already collect this information, the cost of compliance for the average small business was only about $200, and that is a one-time cost. To me, that is a very modest price to pay for national security. Every law enforcement agency in this country is asking for this reform, in order to make us safer. In the U.K., the median company had 1.1 owners, which means that the vast majority of small businesses only have one owner, so that these businesses only have to file one name. We are asking for only four pieces of information, and it is basic: name, date of birth, current address, and driver's license. Does that sound burdensome? For most small business owners, it would take less than 5 minutes to fill out the form. According to studies, it was pointed out earlier, you have to disclose more information to get a library card than you need to disclose to create a corporation or an LLC. And you don't hear people complaining about filling out forms for library cards. I think the idea that the disclosure would be unduly burdensome is simply and completely false. The bill also goes out of its way to exempt every category of business that already discloses their beneficial owners, either to regulators or the public filings. This includes banks, credit unions, insurance companies, and investment advisers, brokers, utilities, and nonprofits. The bill even exempts companies with more than 20 employees and over $5 million in revenues because, if you have 20 employees, you are actually generating a significant amount of revenues and you are, certainly, a real business and not a shell company that is being used to launder money. In fact, in almost all the cases where law enforcement has uncovered a shell company that is being used for illicit purposes, the company had either zero employees or one employee. That is why we felt very comfortable exempting companies with more than 20 employees. I think we have gone way out of our way to ensure that the bill is appropriately tailored and is not burdensome to small businesses. I would like to repeat that, usually, national security bills are bipartisan, and I am proud that we had significant support in the vote from our friends on the other side of the aisle. I urge my colleagues on both sides of the aisle to support this important bill that will make our citizens safer, will help law enforcement do their jobs, and, therefore, will save lives in our country. This is a serious bill. Most countries already have it, and we are way behind. We are the money laundering capital of the world. It is just plain common sense to protect our citizens. Vote for national security, and vote for this bill.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I support this amendment, which would simply require Treasury to submit an annual report to Congress with basic statistics on the beneficial ownership information that is filed under the bill. This is very similar to a recent report that the U.K. conducted, that they started collecting beneficial information. The U.K.'s report was very helpful because it highlighted that the vast majority of companies have only one beneficial owner, which makes compliance with the bill extremely easy. I think that the data that Treasury would be required to report to Congress under this amendment would be helpful in case we decide that we need to tweak the bill in the future to address any unforeseeable future issues that arise. So I want to thank the gentleman from Texas for offering the amendment. I think it is a very good idea, and I urge my colleagues to support it and to support the underlying bill, which will increase national security for our country.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I support this amendment, and I would like to thank Mr. Hill for offering it. This amendment would require FinCEN to establish stringent procedures to ensure the beneficial ownership information isn't being inappropriately accessed or misused by law enforcement agencies. I believe the underlying bill already addresses these issues-- certainly, it was the intent to protect against unauthorized access and misuse of beneficial ownership information--but I am not opposed to making that language even more explicit. His amendment would also require FinCEN to submit an annual report to Congress detailing the number of times beneficial ownership information was accessed, either by law enforcement or by financial institutions. I think this information would be very helpful because it would tell us how useful the information is to both law enforcement and financial institutions. So while Mr. Hill and I have had disagreements over this bill, I think this amendment is a helpful addition to the bill, and I want to thank him for offering it. I urge my colleagues to support it and the underlying bill.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I rise as the designee of the gentleman from Michigan (Mr. Levin) to offer amendment No. 4.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, this amendment is a clarifying amendment. It would clarify that FinCEN can actually use the beneficial ownership information it is collecting under the bill. This was always our intent, but we were concerned that because FinCEN technically isn't a law enforcement agency, their authority to use the information under the bill might be unclear. Mr. Levin's amendment fixes this by explicitly stating that FinCEN can use the information to issue public advisories and to share the information with financial institutions in order to improve compliance with their know-your-customer rules. However, FinCEN would only be able to disclose the information in an aggregated format so that it protects the disclosure of personally identifiable information. I want to thank Mr. Levin for working closely with my office and with the committee on this amendment. I urge my colleagues to support the amendment and the underlying bill, and I reserve the balance of my time.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I have no further speakers, and I yield back the balance of my time.

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I thank the chairwoman for yielding. Mr. Chair, I strongly oppose this amendment, which would completely gut the bill and would dramatically weaken our national security. Right now, the only protection we have in place against bad actors using anonymous shell companies to launder their money through the U.S. is FinCEN's customer due diligence rule, which requires financial institutions to find out the beneficial owners of the corporations and the entities that open accounts with them. The FinCEN rule, which is very important, is still only half a measure. When FinCEN passed the rule, they explicitly said that Congress still needed to pass the bill that is before us today. Mr. Davidson's amendment would not only delete the underlying bill but would also repeal the FinCEN rule. In other words, it is worse than the status quo and practically invites criminals and money launderers to use the U.S. financial system. Mr. Chair, this is a deeply irresponsible amendment, and I strongly urge my colleagues to oppose it and to support the underlying bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Chairman, I thank the gentlewoman for her support on this bill and for her leadership on the Financial Services Committee. I rise in strong support of the bill to protect American workers from outsourcing, H.R. 3624, the Outsourcing Accountability Act of 2019. And I congratulate my new colleague and my new friend from the great State of Iowa, Cindy Axne, for her hard work on this important bill that will help American workers and save American jobs. This bill would require companies to disclose in their annual report the total number of employees they employ in each State and each foreign country. It would also require companies to disclose how those numbers have changed from the previous year, which is critically important because it will allow investors and the public to monitor which companies are sending U.S. jobs overseas and also to see which companies are bringing jobs back to the United States and employing Americans. When companies outsource more of their jobs to other countries, sometimes that lowers a company's costs, but it also exposes the company to reputational risk and increased operational risk. If more of the company's workforce is located overseas, then the company is more exposed to political unrest or trade disruptions, which we have recently seen around the world. It also makes it more difficult for companies to train workers who are located halfway across the globe and to oversee their workforce and ensure robust compliance with all the necessary regulatory requirements. It opens the company up to potential scandals and fines, which, at the end of the day, harms investors and harms the companies. These risks are definitely material to investors, and they need to know about them. The bill would fix these problems and would hold companies that are outsourcing U.S. jobs accountable for the decisions they are making. This bill helps the American worker. It is just plain common sense, and it does not cost the taxpayer anything. It is a win-win-win in so many areas. Mr. Chairman, I urge my colleagues to support this worker protection bill.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, for years, our country's prosperity was broadly shared. The difference between rich and poor wasn't too big. When the economy grew, most Americans benefited. The saying was that ``a rising tide lifts all boats.'' But today, income inequality is at its highest level in nearly a century. The top 1 percent take home about 20 percent of all income. But this story is not being told by economic indicators like GDP. GDP tells us how fast or slow our economy is growing, but not how that growth is spread across income levels. I am working to change that. The Joint Economic Committee, where I serve as vice chair, held a hearing this week to examine proposed measures to track inequality. These new measures are included in my legislation, the Measuring Real Income Growth Act. Under my bill, GDP growth will be analyzed by income level. It will tell us who the economy is working for and who is left behind, and it will help us craft policies to start reducing inequality so a rising tide really does lift all boats.

Mrs. CAROLYN B. MALONEY of New York

Mrs. CAROLYN B. MALONEY of New York. Mr. Chair, I thank the chairwoman for yielding and for her leadership on the committee. Mr. Chair, I strongly support H.R. 1815, which is just plain common sense, and I congratulate my colleague and friend for his leadership and hard work on this bill. We want investors to understand the disclosures that companies, brokers, and advisers are required to give them. What would be the point of requiring disclosures that the vast majority of investors don't even understand? If they don't understand the disclosures--or worse, if they haven't even read the disclosures-- then they are not making their investment decisions with all the information that they need. The best way to ensure that investors understand the disclosures is actually to engage in investor testing of proposed disclosure forms. Disclosures that a sophisticated institutional investor might understand or that the experts on the SEC staff might understand might not be clear and understandable to the average retail investor. This isn't surprising. The SEC staff who designed these disclosures are typically lawyers and not disclosure design experts. That is why it is important to require the SEC to engage in investor testing of these disclosures. That way, they don't end up requiring a disclosure that simply does not work. Quite frankly, I don't understand why anyone would oppose this bill, because that would be the equivalent of saying that you don't want investors to understand the disclosures. And if you think the SEC has the authority to do investor testing, then why would you oppose simply codifying that authority? Other agencies have done effective usability testing for disclosures.