Patrick McHenry

Mr. McHENRY

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Utah (Mr. Curtis).

Mr. McHENRY. Mr. Chair, may I inquire as to how much time I have remaining.

Mr. McHENRY. Mr. Chair, I yield myself the balance of my time. Let me speak to this. The void is the lack of a definition of what is a digital asset in Federal law. We have none. This bill establishes it. We have no consumer protections for crypto today. This bill establishes it both at the CFTC with a robust oversight of this industry and the SEC with real clarity. That is what this bill does is provide clarity for investors and consumers and innovators. We are falling behind Europe. This bill catches us up so that we do not lose out on innovation policy to the Europeans, to the folks in the U.K., to Singapore, to Japan, to Hong Kong that all have regimes similar to what we are doing in this bill. This is an important bill. It is bipartisan work. Hundreds of hours have been put into developing this bill with Members and staff. I thank the great partnership I have had with French Hill of the Financial Services Committee and Chairman GT Thompson on the Ag Committee and Dusty Johnson on the Ag Committee. I also thank the great staff on the House Financial Services Committee, Allison Behuniak, who has shepherded this bill to this point and Paul Balzano on the Ag Committee. They have worked in great partnership and friendship and worked through major issues. I thank them for this important legislative product. We can promote American innovation, consumer protection, and leadership with a clear regulatory framework for digital assets. The next generation of internet technology is being written. It should be written by American innovators here in the United States. We can allow that innovation to pass us by, or we can seize the opportunity and pass this bill to provide real clarity for innovation policy here in the United States. Regulatory clarity and consumer protection, that is FIT21. Let's vote ``yes'' on this bill and establish bipartisan support for crypto in America. Mr. Chair, I yield back the balance of my time.

Mr. McHENRY. Mr. Chair, I rise in opposition to the amendment.

Mr. McHENRY. Mr. Chair, I am opposed to this amendment. Today, digital asset issuers rely on exemptions under the current securities regime. Each exemption includes its own requirements under traditional securities law. What we provide in this act is purpose built for digital assets. What this does today is if you are raising money for a digital asset offering, the exemption is built for those other types of securities in the space. The SEC's disclosure regime is supposed to give investors the information they need to make informed decisions, but it is not built for digital assets. What we do in this act is provide certain disclosures for investors in digital assets, such as source code, token supply, government mechanisms, and other aspects unique to crypto. That is what this bill does. What the gentleman from Texas is proposing to do is limit that aperture from $75 million to $5 million of those folks that can invest in these early-stage innovations. What he is doing is restricting the opportunity for average, everyday investors to get options like high- wealth investors get today under securities law. The original exemption for regulation crowdfunding was something we put in law with bipartisan support. Maxine Waters was my cosponsor on the regulation crowdfunding, this very exemption. I have enhanced this. I put additional requirements here to make sure there are more disclosures, and we open up the aperture to $75 million so more folks can participate and so those blockchains can develop. When you make it $5 million, it makes it impossible for you to actually scale up, especially with these inflationary times that our people are facing. What I would urge is the House reject this amendment. The gentleman's arguments against this exemption have nothing to do with the exemption but have everything to do with opposition to the bill. Mr. Chair, I urge a ``no'' vote, and I reserve the balance of my time.

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

Mr. McHENRY. Mr. Chair, may I inquire of the Chair how much time I have remaining.

Mr. McHENRY. Mr. Chair, I yield myself the balance of my time. Let me close with this, Mr. Chairman. We have this push and pull on the Financial Services Committee. Generally speaking, we have elected officials that say the American people's hard-earned savings are their hard-earned savings. Then we have paternalistic amendments like the one before us today that say: No, you are not smart enough to invest your own money. We have to put in these safeguards to protect you from yourself. Well, I think that goes way too far. What we have done with securities laws is take average, everyday investors and disintermediate them from the greater economy so average, everyday Americans don't get the benefit of economic growth, of Wall Street doing great, and earnings going up in corporate America. We have separated it because we have made it harder for average, everyday folks to invest in companies and have ownership of companies. What we are trying to do is open that up a little bit from $5 million of an exemption when you are raising money to $75 million. In the scope of our economy, in the scope of our capital markets, in the scope of economic opportunity and innovation, which is a very small aperture we are opening here. We have done that. We have constructed this provision with a lot of Democratic input and Republican input, and that is how we came to the number of $75 million. It is already a compromise. What the gentleman offers with this amendment is nothing more than saying: I am paternalistic, and I am, therefore, going to restrict your opportunity to invest your money as you see fit. Reject the amendment. Vote ``no'' on this amendment, and vote ``yes'' on final passage. Mr. Chair, I yield back the balance of my time.

Mr. McHENRY. Mr. Chair, I ask unanimous consent to claim the time in opposition, although I am not opposed to it.

Mr. McHENRY. Mr. Chair, I am prepared to accept this amendment. I think it is important that as we establish a new comprehensive regulatory framework for the digital asset markets, we also have to ensure that we have a consistent application of the Bank Secrecy Act and anti-money laundering provisions in existing law. These requirements on the digital asset intermediaries and exchanges are necessary so that bad actors don't exploit these markets for nefarious purposes. Mr. Chair, I thank the gentlewoman from Colorado for her work on this amendment. She has been focused on AML/BSA-related issues in the build up to us writing FIT21 during the markup process in the Financial Services Committee and then the process through the Rules Committee. I appreciate her sincere engagement on this matter and for coming up with a very good amendment. Mr. Chair, I urge support of this amendment, and I reserve the balance of my time.

Mr. McHENRY. Mr. Chair, I yield such time as he may consume to the gentleman from Arkansas (Mr. Hill), the chair of the Digital Assets, Financial Technology and Inclusion Subcommittee on the Financial Services Committee.

Mr. McHENRY. Mr. Chair, again, I will echo what Congressman Hill just stated for the Record. The gentlewoman from Colorado has been a sterling advocate for enhanced BSA-AML protections, ensuring that we work against illicit finance. I thank her for the efforts, and I am willing to accept the amendment and urge its adoption. Mr. Chair, I yield back the balance of my time.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I yield an additional 4 minutes to the gentleman from California.

Mr. McHENRY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 1097) to award a Congressional Gold Medal to Everett Alvarez, Jr., in recognition of his service to the Nation.

Mr. McHENRY. Madam 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. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of H.R. 1097, a bill that will award the Congressional Gold Medal to Everett Alvarez, Jr. Madam Speaker, the Congressional Gold Medal is considered the highest civilian honor awarded in the United States. In the 248 years since the Continental Congress issued the first one to George Washington in 1776, only 184 have been awarded. That is fewer than one per year. Hence, the distinction of awarding such an honor should not be lost on this 118th Congress. Madam Speaker, I cannot think of someone more deserving of such recognition than retired United States Navy Commander Alvarez, Jr. As a boy growing up in Salinas, California, Alvarez marveled at the naval planes flying overhead in and out of Moffett Field in nearby Santa Clara County. In 1960, at the age of 22, ignoring his parents' protests, he followed his boyhood dream of joining the Navy and was selected for pilot training. On August 5, 1964, that dream turned into a nightmare when his A-4 Skyhawk was shot down near the Vietnam-China border during Operation Pierce Arrow. The then-lieutenant junior grade pilot was subsequently captured and imprisoned by the North Vietnamese forces. Commander Alvarez spent the next 3,113 days, more than 8 years and 7 months, in some of the most horrific conditions imaginable. Despite being beaten and tortured for information about U.S. military operations, Commander Alvarez refused to comply, saying he wanted to be able to look in the mirror and not feel ashamed. Even when his north Vietnamese captors no longer felt Alvarez held military intelligence value, they continued to brutalize him in attempts to extract propaganda messages. He did not cave. When he was finally released on February 12, 1973, he held the undesirable distinction of being the second longest-held U.S. prisoner of war in our Nation's history. Commander Alvarez left prison knowing he owed nothing more to his country, but remarkably, he would go on to serve another 7 years in the United States Navy. Today, at age 86, I believe that when Commander Everett Alvarez, Jr., looks in the mirror, he sees only honor in his reflection and that is what the American people see. Mr. Speaker, I thank my colleague, Mr. Panetta, for introducing this bill, along with the multitude of sponsors. It is a massive amount of work to get a legislative product like this, especially in a divided Congress and a divided time for America, but this is a source of unity and pride that Americans are willing to sacrifice for their American Dream and their ideals in this free Nation of ours. Because of the willingness of folks like Commander Alvarez, we do have this free Nation and we do have a sense of pride in being an American. Mr. Speaker, I support this bill. I urge my colleagues to do the same, but, again, I will close by thanking Mr. Panetta for his thoughtful approach in building bipartisan consensus, not just on this, but overall, in his policymaking skills. Mr. Speaker, I reserve the balance of my time.

Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time to close. I thank my Democratic colleagues for their work. We have two coin bills here on the floor today, and they speak to different parts of our United States history and the best among us. That gift that continues with us retelling important stories of our history is really important for us to know today. I thank Mr. Panetta for the work that he put into bringing this Congressional Gold Medal Act before us and the story of Everett Alvarez, Jr.'s contribution to the United States and the example he gives us. For this to be done in his lifetime is a very special and rare honor, indeed. Mr. Speaker, I urge my colleagues to vote ``yes'' on this important resolution, and I thank my colleagues for the form of debate here and the storytelling. It is important for us to tell the stories of the best of American history, and, let's be honest, it is important to tell the whole story of American history. These stories of heroic acts are really important for us to know. Mr. Speaker, I urge adoption of this bill, and I yield back the balance of my time.

Mr. McHENRY

Mr. McHENRY. Madam 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. McHENRY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of H.R. 807, the Working Dog Commemorative Coin Act, a bill which I am honored to have introduced along with the gentleman from Worcester, Massachusetts (Mr. McGovern), the ranking member of the Rules Committee. My good friend and I introduced this bill this Congress, H.R. 807, better known as the dog coin bill in the Halls of Congress. It has been a project that both I and my staff have been passionate about since I introduced this bill last Congress. This legislation not only honors those service dogs, but the working dogs who protect Americans at home and abroad. Most of us passed a working dog when we came through security today here in Congress. They are so embedded in our daily lives here on Capitol Hill that we often pass them without notice. Since I introduced this bill last Congress, I think we have been noticing these working dogs everywhere we go. I am grateful to have gained this new appreciation myself. However, this newfound awareness did not come from merely introducing a piece of legislation. It came from spending time with extraordinary people that benefit from the work of America's VetDogs, and I would like to briefly highlight a few of them. U.S. Marine Corps Sergeant Christopher Sunday was medically retired in 2011 due to injuries sustained in combat after leading missions during Operation Enduring Freedom and Operation Iraqi Freedom. He returned home and struggled, like many veterans, with post-traumatic stress disorder, PTSD. Fortunately, in 2021, Chris was matched with his PTSD-trained service canine named Eddie. Chris said about his new companion: Eddie helped me find my independence again. I was able to finish my doctorate and become a mental health director to help incarcerated individuals because of my service dog. Navy Corpsman Joe Worley is a familiar face on Capitol Hill, traveling from office to office with his service dog, Galaxie. In 2004, as his medical convoy was headed back to his base in Fallujah, Iraq, the first vehicle in the convoy hit an improvised explosive device. Worley jumped out to help his wounded comrades, ran a few yards and was hit by a rocket-propelled grenade. It did not explode, but it took off his left leg. He was then shot six times. For his actions, he was awarded the Bronze Star for valor and a Purple Heart. Since these injuries, Joe has been paired with two separate service dogs. He has also joined America's VetDogs full-time as its veteran liaison, and what a great job he does. Finally, Corpsman Paul Sullivan sat down in my office and told me about his work as a first responder in Anne Arundel County. He explained how his service dog, Sal, helped him escape the night terrors triggered by PTSD. He described Sal as his dream catcher, allowing him to sleep again and go about his daily life. I thank America's VetDogs team for their relentless work to get this bill to the floor today; Deana Stone, who herself spent 20 years in the U.S. Air Force; John Miller; Bonnie Singer; Trey Matchin; and the countless volunteers and puppy handlers who knocked on every single door on the House and Senate sides of the Capitol. Their impact is evident today because of the cosponsors we have on this bill and the support we have for this bill. For a commemorative coin or a Congressional Gold Medal to come to the floor, it must receive 290 cosponsors. Gaining that many signatures is no easy task, but those individuals worked so hard to spread the word that this is more than just a coin bill. This is a bill that will improve the quality of life for our wounded veterans and first responders, something we can all get behind. Madam Speaker, I thank Ranking Member McGovern for his partnership. His work on H.R. 807, as well as his previous work to permanently authorize the Wounded Warrior Service Dog Program, is the perfect example of bipartisan collaboration to prioritize the treatment and care of wounded veterans, and this bill will help enable the treatment and care of our wounded veterans and to honor the service dogs who are among us. Madam Speaker, I urge my colleagues to support H.R. 807, and I reserve the balance of my time.

Mr. McHENRY. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 807) to require the Secretary of the Treasury to mint coins in commemoration of the invaluable service that working dogs provide to society, as amended.

Mr. McHENRY. Madam Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Self), my friend.

Mr. McHENRY. Madam Speaker, I yield myself the balance of my time to close. Madam Speaker, I reiterate how important this bill is. Congress can direct the Mint to strike a coin, and the proceeds of the sale of that coin can benefit society in a large-scale fashion. We have a threshold in Congress that says there has to be 290 cosponsors for a bill to do that. It has to have wide bipartisan support, and it has to be in the greater interests of the country if we are going to do this because it is a constitutional function where Congress steps in and directs the Mint to create a coin. Then we can direct the proceeds to actually help important nonprofits in this country. When we have a group like America's VetDogs, they do such important work, and they have shown the societal benefit of what they have done. For us to act today to acknowledge the role of service dogs and then get the benefit back into this community to help veterans suffering with PTSD and for us to have service dogs available across the country is a very special thing. As I said, it took a lot of work, and Members of Congress are people, too. Madam Speaker, we often don't acknowledge that, but we are people, too. We are emotional, too. Things get really emotional here on Capitol Hill, and the way to bring down emotion just a little bit is to have a little, good boy come by and wag their tail at you and ask to have just a little pet. Those are the dogs, the service animals, that are around on Capitol Hill. Madam Speaker, we have some service dogs that are in the gallery today watching what is happening here. I think because they are here it has been a little less emotional. We have actually been a little more balanced in how we have debated, and so, even if they are just wagging their tails in the gallery, it brings a sense of calm to us as policymakers. It has been a welcome thing to have those service dogs around the Capitol complex driving up cosponsorship, but it couldn't be done without the good work of staff. From my staff, I thank my good friend, Phil Poe, who has worked with me for nearly a decade here in D.C. It has been the work of Phil to direct this whole process and to get the cosponsors and work with other offices to show interest. Without that definitive work, we would not be here today with the cosponsorship we have here. I finish by acknowledging the important work of Phil Poe in bringing this bill to the House floor. I thank my colleagues for that indulgence to thank staff because the staff are what make this operation actually work. We can never thank them enough for the input that they make into law, the dedication they have to our constitutional republic, and to the American people. Phil is one of the finest in the business, and I thank Phil for his good work. Madam Speaker, I urge adoption of this important bill, and I yield back the balance of my time.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my votes for H. Res. 1210, H.R. 4510, H.R. 6571, and H.R. 3950. Had I been present, I would have voted YEA on Roll Call No. 202; YEA on Roll Call No. 205; YEA on Roll Call No. 211; and YEA on Roll Call No. 212.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my vote for Senate Amendment 546 and H.R. 7659. Had I been present, I would have voted YEA on Roll Call No. 196, and YEA on Roll Call No. 197.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I yield 3 minutes to the gentleman from Kentucky (Mr. Barr), who is the chair of the Subcommittee on Financial Institutions and Monetary Policy on the Financial Services Committee.