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 yield myself the balance of my time to close. Mr. Speaker, I would like to just underscore a few points here. This bill was reported out of committee in November and was publicly available to Members. We reported this bill out with bipartisan votes coming out of committee. My expectation here on the House floor is we would likewise have a bipartisan vote, number one. Number two, this is applying the same standard to the Iranian regime that we have applied to the Russian regime, which says if you are going to waive sanctions, we have got to have a say here in Congress. We have to know what you are doing and why. Now, that was the standard for my Democratic colleagues for a Republican administration, but now my Democratic colleagues don't have that same standard for a Democratic administration, which I think is more partisan than it is in the national interest. Additionally, it is not just a question of the administration. It is a question of our relationship and our approach to Iran. Are we going to take Russia more seriously than Iran? I don't think that is in our national interest. I don't think that is in the interest of international stability. There are a number of things that I raise here that I think are important parts of the debate. This is a bipartisan approach to waivers which is a good standard whether it is a Democratic administration or a Republican administration, whether or not Republicans or Democrats run the House or the Senate. It says to Iran that we are going to treat them similarly to how we treat the Russian regime. We have got to stand against the aggression of Tehran and its efforts to destroy Israel, its pursuit of nuclear weapons, and its export of drone technology to Russia. We should stand against that. This week we are making a statement that we do stand against that. This Congress is making bold statements this week, and I predict we will make more bold statements this week. Mr. Speaker, I urge the adoption of this bill, and I yield back the balance of my time.

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

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I move that the House do now adjourn.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforeseen circumstances, I was unable to cast my vote for H.R. 3250. Had I been present, I would have voted YEA on Roll Call No. 109.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I rise today to honor one of Gaston County's leading citizens on the occasion of his passing. He is also the individual who succeeded me in the State House when I was elected to Congress in 2004. I am here to rise in honor of the life and legacy of the honorable Bill Current. In so many ways, his service in the State House was counterintuitive. Dr. Current was already a leading Republican stalwart in Gaston County dating back to the 1960s. He had served two terms as the county GOP chairman and was instrumental in helping the Republican Party achieve dominance in our part of the State. In 1976, when Ronald Reagan was running for President, he drove him around Gaston County and helped him win that great primary victory that year in North Carolina. However, politics was only a fraction of Bill Current's prolific and incredible life. After his graduation from dental school at the University of North Carolina, Bill married the love of his life, Liz, and joined the Navy Dental Corps. After his service, Bill and Liz returned to Gaston County and began a 40-year career in dentistry. In fact, dentistry became the family business. He was joined by his brother, A.C.; nephew Darrell; and his son Will, who still carries on that wonderful tradition today. Dr. Current was a leader in the dental community in the State of North Carolina, serving on more boards and task forces than I can mention. He was also a great civic leader as well: American Red Cross, American Heart Association, First Presbyterian Church, and 27 years of perfect attendance at Rotary Club. I could go on and on. He did it all. It would be fair to assume that in his seventies he would be ready to slow down and enjoy his retirement, but that wasn't Bill Current. That is instead when he ran for office and served four terms in the State House where he led on healthcare issues. To the Current family, to Bill and Liz's children and grandchildren and extended family, I extend my condolences and gratitude for having known such a remarkable man. Honoring the Life and Legacy of Leroy Lail

Mr. McHENRY. Mr. Speaker, I rise to honor the life and legacy of Leroy Lail. Mr. Speaker, Catawba County and all of North Carolina recently lost a legend with the passing of Leroy Lail, a legend in the business community and in the civic community of Catawba County in North Carolina. I was honored to count Leroy as a mentor during my service in Congress. Leroy was a native of Catawba County, a Navy officer, and a graduate of his beloved University of North Carolina at Chapel Hill. It was during his time in the business world that he made his greatest impact. In the 1960s, Leroy and his wife, Lynn, opened the Hickory Furniture Mart, building an economic engine for the region. This, in turn, led to his involvement in the tourism and hospitality sectors, growing the family business substantially. Leroy later was a driving force behind the creation of the Hickory Metro Convention Center. Education was also a cause near and dear to Leroy's heart. He spent 13 years on the Board of Governors of the University of North Carolina system. In fact, it was through Leroy's persistence that Appalachian State University established a campus in Hickory just last year. To his beloved wife, Lynn, and the entire Lail family, I extend my condolences and gratitude for all of Leroy's contributions.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to an unforeseen circumstance, I was unable to cast my vote for H. Res. 1065. Had I been present, I would have voted YEA on Roll Call No. 85.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to unforseen circumstances, I was unable to attend votes last night. Had I been present, I would have voted YEA on Roll Call No. 79, and YEA on Roll Call No. 80.

Mr. McHENRY

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, H.R. 2799.

Mr. McHENRY. Mr. Chair, I yield myself such time as I may consume. Mr. Chair, 40 years ago, my father started a small business in our backyard. Growing up in Gastonia, North Carolina, being the youngest of five kids, my father started a small business with his friend, who also had five kids. It didn't change the world and it was just a lawn mowing business. We mowed other people's grass, and that is what put two families through school, provided for two families, and eventually provided for many others as they scaled up and grew the business. While my dad's small business didn't change the world, it certainly changed my world and our family's world. Like other entrepreneurs, though, my dad needed access to affordable capital to scale his business. When other sources of opportunities for lending of capital dried up, he relied on a charge card, which we now call a credit card, to grow his business and to start employing other folks. This story isn't unique to my family. We see this playing out across the country today. Entrepreneurs with new ideas or who are seeking to grow their businesses are struggling to access affordable credit and affordable capital. That means that they are not given the same opportunity to change their lives, their family's lives, or their community. This is a loss for all of us. It is a loss for American innovation. That is where investment capital and this bill come in to help more entrepreneurs realize their version of the American Dream. Currently, the venture capital that funds startups are concentrated in traditional financial hubs, like Silicon Valley, Boston, and New York City. Those three cities of the country account for almost three- quarters of all venture funding. Now, that is not for every business, but it is a very specific group of startups. This Congress and our committee heard compelling testimony from folks across the ideological spectrum who urged us to make it easier for them to raise money from nontraditional sources. This would allow them not only to build their funds and deploy more capital, but also share their financial success within their community. This bill, the Expanding Access to Capital Act, does just that and more by alleviating the unique fundraising challenges faced by entrepreneurs and their investors who don't live in Silicon Valley. This bill will also make improvements to our public markets and create new opportunities for everyday investors to save and build wealth and enjoy their version of the American Dream. This form of capital formation is a critical ingredient for creating long-term economic growth that has proven enduring here in the United States. Not to mention, it has traditionally been an area where a divided Washington can find consensus. A little more than a decade ago, Congress came together to pass the JOBS Act, which President Obama then signed into law. It was a Republican House, a Democrat Senate, and a Democrat in the White House who put that historic piece of legislation through the process and into law. It addressed several hurdles entering our capital markets by rightsizing onerous regulatory barriers and providing entrepreneurs access to new levels and streams of funding. Recognizing the need to build on the success of the JOBS Act, the House Financial Services Committee embarked on a yearslong mission to better understand the remaining headwinds hindering capital formation and legislate real and impactful solutions. Many of those solutions are found in this legislation we are considering today, which consist of commonsense, innovative ideas to accomplish three goals: First, the bill strengthens our public markets and aims to incentivize companies to go public, undoing the troubling decline of initial public offerings here in the United States, or IPOs. IPOs are businesses that average everyday investors can own a piece of. Why is it important that we attract more companies to the public markets in the United States? One, everyday American investors, also known as retail investors, are limited to investing in publicly traded companies. Most public companies here in the United States that are of large size and scale should be available in the public markets. More public companies here in the United States means more opportunities for the American retail investor to grow their savings. Number two, job growth. A 2021 study found that biotech startups expand their workforce by an average of 150 percent in the first 3 years after undertaking an initial public offering using the JOBS Act provisions. To make our public markets more attractive, H.R. 2799, this bill, includes provisions that rightsize regulatory burdens on public companies, streamline the process of going public, and allow more companies to qualify as an emerging growth company. This is an extension of more key provisions within the bipartisan JOBS Act that have a proven record of success. Second, as I said earlier, this legislation supports small businesses and entrepreneurs who are the true engine of our economy and account for 99.9 percent of all U.S. businesses. Among other policies, this bill allows small businesses to raise more money through offerings. It also addresses limitations on small, emerging venture fund managers attempting to raise and deploy capital to startups and entrepreneurs in their communities. Third, this bill increases access to private markets and allows more Americans to participate in high-growth investment opportunities that have been traditionally reserved for the wealthy elite. Currently, these investment opportunities are reserved for those qualifying as ``accredited investors,'' which dictates what a person can invest in based off their wealth or income. We should all agree that wealth and income should not be a proxy for sophistication, especially if investors have expertise or experience that prepares them to invest in private offerings. This bill includes provisions to expand the accredited investor definition, allowing everyday Americans to invest where they see opportunities and where they have expertise. That means new wealth- building opportunities for American investors who have been arbitrarily sidelined for too long. Now, these private markets, that is where we have had the fastest growing businesses. The greatest wealth creation is ownership in these private markets. We want to link that up for all Americans to have that opportunity to invest in those markets where they have expertise. Let me close with this: Capital formation should not be a partisan issue. This legislation builds on the success of the bipartisan JOBS Act and will benefit Americans in every single one of our districts, either by growing their retirement savings or through job creation and economic growth in their community. This bill is a compilation of several standalone bills introduced by numerous members of the Financial Services Committee, under the great leadership of our subcommittee chair on Capital Markets, Ann Wagner of Missouri. There are many Members that I wish to recognize, but it would take too long at this time to go through all of their great work; however, it is embodied in this bill before us today. I am grateful for the opportunity to be here on the House floor, and I am grateful to the House Republican leadership that have prioritized this help for small businesses and our legislative work in the Financial Services Committee. I think we can see that we all want to be unified in helping the American people achieve their dreams in the way they see fit. For small business folks that want to start a small business, we need to make things easier for them, not harder. This bill makes it better for them and easier for them. Mr. Chair, I yield to the gentlewoman from Missouri (Mrs. Wagner) to control the balance of my time.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to an unforeseen circumstance, I was unable to cast my vote for S. 3427. Had I been present, I would have voted YEA on Roll Call No. 21.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4768) to require the Secretary of the Treasury to instruct the United States Executive Directors at the international financial institutions to advocate for investment in projects that decrease reliance on Russia for agricultural commodities, 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. 4768, the No Russian Agriculture Act, introduced by the ranking member of the Financial Services Committee, the former chair, Maxine Waters. Since Russia's invasion of Ukraine in 2022, the global agricultural markets have been severely disrupted. Post invasion, Russia withdrew from an agreement allowing Ukrainian grain shipments to pass through the Black Sea to international markets, thus eliminating a major competitor to Russian exports in the process. As a result, Russian agricultural exports have remained robust. Additionally, Moscow-imposed export taxes and quotas have only further secured its own domestic food supply at the expense of the international community. Nearly 2 years later, Moscow continues to diligently weaponize its agricultural trade to ensure dependence on Russian exports. Russia's actions have not only impacted farmers in Ukraine and Europe but across America, as well. As with many things, the United States should never have to rely on foreign adversaries for our food supply. Diversifying agricultural supplies is imperative for our economic growth and our national security. International financial institutions like the World Bank and the IMF can play a critical role in providing financial and technical assistance to develop the agricultural sectors of poorer countries. Ranking Member Waters' bill is a critical step in the right direction. It will deter Russia's calculated acts by limiting the reliance of other countries on Russian agricultural commodities. The voice, the vote, and the influence of the United States is a powerful mechanism at the international financial institutions that we are a part of, and it will allow the world to continue to fight Russia in its path of destruction and injustice. Mr. Speaker, I thank the ranking member of the committee, Ms. Waters, for her leadership on this legislation. I urge my colleagues to support it, and I reserve the balance of my time.

Mr. McHENRY. Mr. Speaker, I reserve the balance of my time.

Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, I would just reiterate that Ranking Member Waters' bill is a critical step in the right direction. We are trying to deter Russia's calculated acts by limiting the reliance of other countries on Russia's agricultural commodities. Mr. Speaker, I urge my colleagues to support the 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 a 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. 540) to require the Secretary of the Treasury to pursue more equitable treatment of Taiwan at the international financial institutions, 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 this bill.

Mr. McHENRY. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 540, the Taiwan Non- Discrimination Act of 2023, introduced by the vice chair of the National Security, Illicit Finance, and International Financial Institutions Subcommittee, the gentlewoman from California (Mrs. Kim). As China continues to threaten Taiwan, Congress must consider ways to deter Beijing from future aggression. The House Financial Services Committee has developed numerous bills to do just that, but countering China's military ambitions isn't our only focus when it comes to Taiwan policy. The U.S. has long supported Taiwan's membership in international organizations where statehood is not a prerequisite. We also support longstanding policy to help Taiwan's voice be heard in these organizations when membership is impossible. This is positive for Taiwan on the world stage and should be a priority for the United States Congress. Unfortunately, over the past 3 years, the Biden administration has repeatedly fallen short when it comes to our Taiwan policy at the International Monetary Fund, or the IMF. The IMF is the world's lender of last resort as well as a key institution monitoring global economic conditions. As one of the world's most advanced and innovative economies, Taiwan should be included under the Fund's activities, yet it has been left out due to ridiculous concerns over offending China. The IMF's rules already allow Taiwan to become a member, as Mrs. Kim's bill clearly lays out in detail. That means our representation and our representatives at the IMF should support Taiwan if it chooses to apply. Mrs. Kim's legislation would make this support explicit and ensure the Treasury Department voices our support on the board of the IMF. Joining the IMF would also open up opportunities for Taiwan in other international financial institutions. This includes the World Bank, where IMF membership is a prerequisite. The IMF has no fewer than 190 countries, nearly the totality of the world. An economy as vital as Taiwan should have a seat at this important table. Mr. Speaker, I thank our Democratic colleagues for their support in keeping this a bipartisan issue, and I thank the bill's sponsor, Mrs. Kim, for her important leadership, as well. Mr. Speaker, I urge my colleagues to support the bill, and I reserve the balance of my time.

Mr. McHENRY. Mr. Speaker, I yield 3 minutes to the gentlewoman from California (Mrs. Kim).

Mr. McHENRY. Mr. Speaker, I yield 2 minutes to the gentleman from Missouri (Mr. Luetkemeyer), the chair of the National Security, Illicit Finance, and International Financial Institutions Subcommittee.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 803, the PROTECT Taiwan Act, introduced by the chairman of the Science, Space, and Technology Committee and senior member of the House Financial Services Committee, Mr. Lucas. In addition to its hostile rhetoric, China has sought to intimidate Taiwan by making large incursions into the island's airspace. In fact, according to the Global Taiwan Institute, there were 563 incursions in 2022. Between January and August 23, 2023, there were 461 median-line crossings and 560 southwest incursions. Those are a lot of incursions. If the Xi Jinping regime seeks to provoke war in Taiwan, Congress must clearly signal the costs that will be imposed on the Chinese Communist Party if it acts against the island. One of those costs should be China's exclusion from the international community, which is a bipartisan pressure point. Chinese leaders must understand that a threat to Taiwan is a threat to international order, and a threat to Taiwan is a threat to China's economic growth opportunities. As a result, we think China should not be able to participate in multilateral organizations if they conduct this type of business. We have already seen Russia's isolation on the international stage after its invasion of Ukraine. We must be clear that this is what awaits Beijing if they cross the line in Taiwan. Mr. Lucas' bill would make China a pariah in key organizations devoted to ensuring global economic stability. This includes the G20, the Financial Stability Board, and other gatherings of international financial regulators. Participation in these groups should be reserved for countries that take international norms and values seriously. A Chinese invasion of Taiwan would underscore that Beijing has surrendered its right to be included. I thank Mr. Lucas for his hard work on the PROTECT Taiwan Act and Congressman Vicente Gonzalez of Texas on the Democrat side for being an original cosponsor. Now more than ever I think we must show that deterring Chinese aggression against Taiwan is a bipartisan issue for the United States Congress. I think this bill will send that right signal. Mr. Speaker, I urge my colleagues to support the bill, and I reserve the balance of my time. House of Representatives, Committee on Foreign Affairs, Washington, DC, February 28, 2023. Hon. Patrick McHenry, Chairman, Committee on Financial Services, Washington, DC. Dear Chairman McHenry: Thank you for consulting with the Committee on Foreign Affairs on H.R. 803, the PROTECT Taiwan Act. I agree that the Foreign Affairs Committee may be discharged from further action on this measure, subject to the understanding that this waiver does not in any way diminish or alter the jurisdiction of the Foreign Affairs Committee, or prejudice its jurisdictional prerogatives on this bill or similar legislation in the future. The Committee also reserves the right to seek an appropriate number of conferees to any House-Senate conference involving this bill and would appreciate your support for any such request. I ask that you place our exchange of letters into the Congressional Record during floor consideration of the bill. I appreciate your cooperation, and look forward to continuing to work with you as this measure moves through the legislative process. Sincerely, Michael T. McCaul, Chairman.

Mr. McHENRY

Mr. McHENRY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of H.R. 6370, the OFAC Licensure for Investigators Act, introduced by my friend, the ranking member of the National Security, Illicit Finance, and International Financial Institutions Subcommittee, Mrs. Beatty. The gentlewoman from Ohio has been an adept legislator in committee and great as an ally and fearsome as a foe. It has been good to work with her on solid policy. I think this is an important matter for us. Illicit finance internationally and domestically is something we want to tackle, and we want to tackle this through solid policy that can be passed in a bipartisan way. Since Hamas' October 7 terrorist attack on Israel, we have witnessed the ramifications of bad actors using the financial system to further their acts of terrorism. This bill would enhance the tools in Treasury's arsenal to go after sanctioned individuals and entities while also holding them accountable in their financial activities. There is already a well-established practice in traditional financial investigations where a law enforcement agency can request that financial institutions keep open criminal accounts in order to help track the illicit flows of money. This bill mirrors that practice. The bill requires the Secretary of the Treasury to develop a pilot program administered by the Office of Foreign Assets Control to allow private sector firms under a temporary and specific license to conduct nominal financial transactions to and through sanctioned entities to further their investigations. OFAC, the Office of Foreign Assets Control, is a very important tool, one of our most powerful tools of protecting free people around the world and the flow of funds and tracking those flow of funds. OFAC's licenses are authorized to OFAC to engage in transactions that would otherwise be prohibited. Mrs. Beatty's bill would allow, for example, blockchain analytics firms to work with OFAC to trace wallets controlled by bad actors. The power of blockchain lies within its immutable ledger that cannot be altered and allows analysis firms to see the movement of value every step along the way. Mrs. Beatty's bill is a crucial step in the right direction. The Treasury Department will be required to keep Congress informed of OFAC's activities and findings under the license. With strict oversight and Treasury's ability to continue to follow the money and follow the value, the United States will be better positioned to go after terrorists and other bad actors and entities. I thank Mrs. Beatty for her legislation and for her important work on this topic, and I urge my colleagues to support it. Madam Speaker, I reserve the balance of my time. House of Representatives, Committee on Foreign Affairs, Washington, DC, January 5, 2024. Hon. Patrick McHenry, Chairman, Committee on Financial Services, Washington, DC. Dear Chairman McHenry: Thank you for consulting with the Committee on Foreign Affairs on H.R. 6370, the OFAC Licensure for Investigators Act. Based on your commitment to incorporate agreed edits into the suspension text, I agree that Foreign Affairs may be discharged from further consideration of the bill, so that it may proceed expeditiously to the House Floor. This agreement is made with the understanding that it does not in any way diminish or alter the jurisdiction of the Committee on Foreign Affairs, or prejudice our jurisdictional prerogatives on this measure or similar legislation in the future. Thank you for agreeing to place our exchange of letters into the Record during Floor consideration. I look forward to continuing to work together as this bill moves through the legislative process. Sincerely, Michael McCaul, Chairman.