Patrick McHenry

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I am prepared to close, and I reserve the balance of my time.

Mr. McHENRY. Mr. Speaker, I would just reiterate that Mrs. Kim's bill is critical to strengthening both our national security and the global economy. I think it is important that we state clearly as the United States Congress our support for Taiwan. Taiwan has one of the world's most advanced and innovative economies and should be included under the IMF's activities. I urge my colleagues to support this bill and thank my Democratic colleagues on the House Financial Services Committee for working with committee Republicans on supporting this bill. Mr. Speaker, I yield back the balance of my time.

Mr. McHENRY. Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 803) to direct certain financial regulators to exclude representatives of the People's Republic of China from certain banking organizations upon notice of certain threats or danger, and for other purposes, as amended.

Mr. McHENRY. 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 the bill.

Mr. McHENRY. Mr. Speaker, I yield such time as he may consume to the gentleman from Oklahoma (Mr. Lucas), the chair of the Committee on Science, Space, and Technology and a senior member of the House Financial Services Committee.

Mr. McHENRY. Mr. Speaker, I yield myself such time as I may consume. I reiterate that Chinese leaders must understand that a threat to Taiwan is a threat to international order, and it should be a threat to their standing in international institutions. They will not be able to operate in major multilateral organizations as if it were business as usual. We know the impact on Russia after its invasion of Ukraine. We have to let officials in Beijing know that that is what awaits them if they cross the line in Taiwan. I urge adoption of this bill and support for the bill. I thank my colleague, Mr. Lucas, for his friendship and for his kind words, as well as his important leadership on this topic. Mr. Speaker, I urge adoption of this bill, and I yield back the balance of my time.

Mr. McHENRY. Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 839) to require the United States Executive Director at the International Monetary Fund to advocate for increased transparency with respect to exchange rate policies of the People's Republic of China, and for other purposes, as amended.

Mr. McHENRY. 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 the bill.

Mr. McHENRY. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 839, the China Exchange Rate Transparency Act of 2023, introduced by the gentleman from Pennsylvania (Mr. Meuser). The China Exchange Rate Transparency Act reflects a bipartisan objective to hold China accountable for its poor economic governance. The International Monetary Fund's articles of agreement require member countries to `` . . . collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates.'' In other words, to remain a member of the IMF, a country should avoid manipulating exchange rates to gain an unfair competitive advantage over other member countries. According to the Treasury Department's November 2022 Foreign Exchange Report, ``China's lack of transparency and use of a wide array of tools complicate Treasury's ability to assess the degree to which official actions are designed to impact the exchange rate.'' This is just another barrier created by China's economic governance that prevents us from gaining basic insights into the world's second largest economy. This opacity threatens the core mission of the IMF, which was established to help monitor exchange rate agreements. It is ironic that China is always the one who demands a greater voice at the IMF, even if its actions undermine the fund's ability to be effective. For too long, we have seen China dismiss international rules of the road. From debt restructuring in the developing world to massive Chinese export credits, China has refused to work with other economies to find global solutions. Mr. Meuser's bill will help prevent China from undermining yet another key area of cooperation--the IMF's monitoring of exchange rates. It will require the Treasury Department to push for greater transparency in China's exchange rate management during the IMF's economic reviews of China. The bill would also make future reviews of Chinese shareholding in the IMF contingent on Beijing becoming a more responsible player in the international monetary system. We need Treasury to take a firm stand at the IMF and insist that China adhere to the exchange rate policies of other advanced economies, or at the very least, disclose what those policies are. This is important for the global economy, and it is certainly important for the American economy and American workers. I thank Mr. Meuser for his leadership on this bill and urge my colleagues to support it, and I reserve the balance of my time.

Mr. McHENRY. Madam Speaker, I yield 4 minutes to the gentleman from Pennsylvania (Mr. Meuser) to explain his bill.

Mr. McHENRY. Madam Speaker, I yield myself the balance of my time. I reiterate that Mr. Meuser's bill will help prevent China from undermining yet another key area of cooperation; and that is the IMF's monitoring of exchange rates. Exchange rates affect the cost of goods and services in every district in America. Whether or not China is adhering to international norms affects our economy, it affects the global economy, and we need to address that. We have legislation that enables us to address that. It enables us to speak in a bipartisan way that China's currency manipulation we will not stand for as a statement of American policy. This bill will require the Department of the Treasury to push for greater transparency in China's exchange rate management during the IMF's economic reviews of China. That is the way we are going to do it. We have sound policy. I urge my colleagues to support it, and I thank my Democratic colleagues and Republican colleagues on committee for working together on this bill, as well as Mr. Meuser of Pennsylvania for his leadership on this important issue. Madam Speaker, I urge adoption of this bill, and I yield back the balance of my time.

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

Mr. McHENRY

Mr. McHENRY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 6370) to require the Office of Foreign Assets Control to develop a program under which private sector firms may receive a license to conduct nominal financial transactions in furtherance of the firms' investigations, and for other purposes, as amended.

Mr. McHENRY. Madam Speaker, I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

Mr. McHENRY. Madam Speaker, I yield myself such time as I may consume to engage in a colloquy with the gentlewoman from Ohio. Madam Speaker, I have heard concerns from Members about the definition of ``nominal transactions'' in the bill. As we saw in OFAC's August 22 designation of Tornado Cash, U.S. persons may have received unsolicited nominal amounts of virtual currency from Tornado Cash. These nominal amounts could be as small as a fraction of a penny. The term ``nominal amounts'' is a term of art within OFAC, but, understandably, Members are worried that this license could allow for the financing of terror activities. Prior to today's floor proceedings, OFAC and my staff discussed capping licenses at $10. A fraction of a penny spread across $10 could provide an immense amount of data on illicit actors and their funding mechanisms. I think it is important to reiterate on the record for Members that this bill is not intended to allow a license for greater than $10. Is that something that the gentlewoman would agree with?

Mr. McHENRY. I yield to the gentlewoman from Ohio (Mrs. Beatty).

Mr. McHENRY. Madam Speaker, I thank the bill's sponsor for this and for her addressing an important matter, which is money laundering internationally and at home is a severe problem. It is a severe problem with regulated financial institutions, and we have longstanding laws and rules and folks that are engaged in Justice and at Treasury that are highly adept at this. We have new technologies that emerge each day and new approaches to launder value or money. The movement of digital money is complex. With blockchain technology it makes it much easier because then you basically can follow what is on the blockchain, and it is there for the public to see and for our experts in government to follow very well. We want to make sure that they are given the full tools to track that illicit finance wherever it may be using the best techniques and technology available to anyone in the world. We want to make sure that we stay on top of this and curb illicit finance the best that we possibly can. We have the best laws, the best rules, and the best people working to protect our people here and abroad. Madam Speaker, I thank Mrs. Beatty for her leadership here on this important issue. Madam Speaker, I have no further speakers, I am prepared to close, and I reserve the balance of my time.

Mr. McHENRY. Madam Speaker, I yield myself the balance of my time. Madam Speaker, I would just reiterate that Mrs. Beatty's bill is a crucial step in the right direction, and the Treasury Department will be required to keep Congress informed of OFAC's activities and findings under the license. Madam Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. McHENRY. Madam Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to an unforeseen rescheduling conflict, I was unable to vote on the Motion to Recommit and passage of H.R. 357 on December 12, 2023. Had I been present, I would have voted Nay on Roll Call No. 716, and Yea on Roll Call No. 717.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I thank my friend from California (Mr. Calvert) for hosting this Special Order for a special friend. Kevin McCarthy's relentless perseverance, keen insights, and unmatched knowledge of the personalities of the House were amazing to witness firsthand. While the public saw the 15 rounds of votes in January and the historic spending cuts of the Fiscal Responsibility Act, privately, what I got to see was the legislative equivalent of an elite power athlete expertly working people, process, and policy to get the best outcome in this Chamber. It was truly an expertise that he had honed over his service in the California State Assembly and here in Congress to make this place work. It takes a legislative craftsman to make an institution like this work. It takes history, it takes training, it takes focused energy, and it takes will, perseverance and grit. I got to see all those things in Kevin. Now, everybody else got to see the sunny optimism, the personalities that he loved embracing, and his spirit of friendship with people he had just met. That was wonderful to see. However, to see him behind the scenes being able to put all these disparate talents and gifts that he has to work for public policy was awesome. It was a special thing to work with Kevin. In the wildest moments this Chamber has seen in decades, he was a great leader for House Republicans, for this institution, and for America. He had coolness, calm, and a sense of charity for folks, even if they were not going to reciprocate. As a public leader, he truly lived his values, and the way he treated us is the way that he expected others to treat everyone else. He was a great Speaker. Success after success after success took place this whole year when Republicans in Washington are outnumbered by a Democrat Senate and a Democrat in the White House. With a very narrow majority we got big things done. It is a tough thing. He had an innate sense of optimism. He always found an opportunity to see the bright side of any moment. Even in the darkest of days, he saw something there that would give us a sense of hope and optimism. Those qualities are what has got him through an incredible career and a really incredible life. He is a political mastermind as well. It wasn't just policy in here that he understood how to engineer. It was the architecture of campaigns, elections, and all the stuff that goes into modern campaigns that he was an expert in. There was no one better for Republicans and no one better in America who had his capacity to put things together and to win elections. The American people and this institution are worse off for not having Kevin McCarthy here. Nevertheless, I know he will be just fine. He will be just fine. I look forward to seeing what he has in store for himself, his family, and for this country. I look forward to his new way of contributing to make this place better and to make the country better. I love working with Kevin on technology issues. His engagement there was the most spirited and the most interesting for both of us. His innovation initiative from a couple Congresses ago and his deep, keen interest in public policy as it relates to technology and the use of technology will have a lasting impact here, as well. I hope Kevin will continue to contribute in that arena. For us, this institution is worse off for not having Kevin McCarthy here. It is worse off. It is with a bit of sadness that I have to say farewell to my dear friend here on the House floor, but not farewell forever because he is a dear friend and will always be one of my dear friends. Kevin, we will miss you, and we love you.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I rise today to recognize B. Dan Berger as he prepares to step down from his role at the President/CEO of the National Association of Federally-Insured Credit Unions (NAFCU) at the end of the year. Dan first joined NAFCU in 2006 and helped the association become a strong advocate for credit unions in Washington. I have had the pleasure of working with Dan on several issues before the Financial Services Committee during that time. Dan became the President/CEO of NAFCU in 2013. In a decade under his leadership. NAFCU has grown its membership by nearly 50 percent, while increasing assets and revenue. His final act for NAFCU will be leading it into a merger with the Credit Union National Association (CUNA) to create a new voice for credit unions--America's Credit Unions. Dan earned a master's degree in public administration from Harvard University and a Bachelor of Science degree in economics from The Florida State University. He is a member of The Economic Club of Washington, DC, the U.S. Chamber of Commerce Committee of 100, and was an adjunct professor at The George Washington University in the communications department. He also serves as Vice Chair of the conservation group Bonefish and Tarpon Trust and formerly served as Chair of The Florida State University Alumni Association. I know the credit union community will miss Dan as he heads back to Florida to spend more time with his wife Aimee and daughter Shelby. I ask my colleagues to join me in congratulating Dan Berger and wishing him the best of luck with whatever comes next.

Mr. McHENRY

Mr. McHENRY. Madam Speaker, small businesses are the lifeblood of the American economy. When you burden small business, you limit job growth, economic gain, economic opportunity, and American growth. With more regulation on businesses, it drives up the cost of doing business. I commend the chair of the Small Business Committee for this resolution that we have on the House floor today that is in support of American small business. This resolution would stop the CFPB's small business data collection rule, which is onerous, overly complex, and difficult to implement. All American businesses would be burdened by it--disproportionately, the small businesses that create most of the jobs in America. This rule would stifle American businesses' access to affordable credit, and it will facilitate the naming and shaming of lenders whose business practices are legal, nondiscriminatory, and safe and sound. The progressive activists on the left want to use that database so they can call out the things that they don't like for political activism. I don't think that is responsible. I don't think that is in the interest of the American economy, and it surely is not in the interest of consumer protection. Madam Speaker, let's support this resolution. Let's oppose the rule. Let's support small business.