Richard Neal

Mr. NEAL

Mr. NEAL. Madam Speaker, I would like to take this opportunity to congratulate Hayden Corporation of West Springfield, Massachusetts on its 100th year of business. Now in its fourth generation of family ownership, the Hayden Corporation represents the robust character and history of economic innovation in western Massachusetts. It is my pleasure to recognize them on this significant milestone. Hayden Corporation was founded by Charles E. Hayden in 1919. At that time, the company's business was weaving and installing wire cloth used in the paper industry. Hayden Corp. eventually grew to start building, installing, and servicing other paper-making equipment under the leadership of Charles' son, Charles Wesley ``Wes'' Hayden. Wes also developed a patented process for seamlessly welding stainless steel wire cloth. Today, Hayden Corp. still services the paper making industry with field teams working on machinery in mills up and down the east coast of the United States. But the last 100 years has also seen Hayden Corp. diversify and expand to an enviable extent. Retired company president John O. Hayden, as well as his son and current president Daniel C. Hayden, spearheaded the corporation into state-of- the-art coating of parts for the paper and pulp industry, power generation, gas and oil exploration and extraction, military applications, and the plastics industry. One of Hayden Corporation's customers has even been the U.S. Navy, when the company coated a valve on the submarine U.S.S. Springfield and its sister boats. Hayden Corporation's success and longevity is a testament to not only the Hayden family and the company's dedicated employees, but also the city of West Springfield and the overarching American manufacturing story of the entire region. Once again Madam Speaker, over the course of its 100-year history, Hayden Corporation has demonstrated exemplary leadership and integrity. Those traits are hallmarks of the company's outstanding work in western Massachusetts and beyond, and are certainly worthy of recognition. On the occasion of Hayden Corporation's 100th anniversary, I wish the Hayden family and the individuals who work with them--some for decades--all the best and much continued prosperity.

Mr. NEAL

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Virginia (Mr. Beyer) and thank the gentleman for his valuable work on the kiddie tax issue that affects the children of fallen first responders.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from New Jersey (Mr. Malinowski).

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Connecticut (Mr. Larson), who was very instrumental on a provision related to benefits to volunteer firefighters and emergency medical responders.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentlewoman from Florida (Mrs. Murphy), who was instrumental on a provision allowing long-term, part-time workers to participate in 401(k) plans.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentlewoman from Virginia (Mrs. Luria) and thank her particularly for her critical leadership in preventing an unfair and unexpected tax burden from being imposed on the children of our fallen soldiers.

Mr. NEAL. Madam Speaker, I yield 1\1/2\ minutes to the gentlewoman from Wisconsin (Ms. Moore), who was a leader on the kiddie tax issue addressing Tribal distributions.

Mr. NEAL. Madam Speaker, I yield 15 seconds to the gentlewoman from Wisconsin (Ms. Moore).

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from New York (Mr. Suozzi).

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Schneider), who is very knowledgeable about retirement issues.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Virginia (Mr. Scott). Chairman Bobby Scott is responsible for a number of very important provisions in this legislation.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Michigan (Mr. Kildee).

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentlewoman from Washington (Ms. DelBene), who was very instrumental in the provisions providing pension funding relief for community newspapers and home healthcare workers as they attempt to maintain their retirement plans.

Mr. NEAL. Madam Chair, I yield myself 30 seconds. I want to thank the gentlewoman from Wisconsin (Ms. Moore) for her support of the bill before us and her leadership on addressing the unfair tax that has plagued Tribes making taxable distributions to their children and young adults. The kiddie tax was enacted to prevent wealthy families from shifting family income to minor children. The rationale for this new law does not apply to funds distributed by Indian Tribal governments because Indian Tribes are not taxable entities and their distributions could never be intended for the purpose of a tax deduction. The Ways and Means Committee will work to address this problem, with the goal of excluding such Tribal government distributions from the kiddie tax provisions.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Danny K. Davis).

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from Pennsylvania (Mr. Evans).

Mr. NEAL. Will the gentlewoman yield?

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentlewoman from California (Ms. Sanchez), who was very instrumental in the provisions that will simplify the Form 5500 filing process for small business.

Mr. NEAL. Madam Speaker, I yield an additional 30 seconds to the gentleman.

Mr. NEAL. Madam Speaker, I include in the Record a letter of support for the SECURE Act from the National Association of Insurance Commissioners. National Association of Insurance Commissioners, May 7, 2019. Hon. Richard E. Neal, Chairman, Ways and Means Committee, House of Representatives, Washington, DC. Hon. Kevin Brady, Ranking Member, Ways and Means Committee, House of Representatives, Washington, DC. Dear Chairman Neal and Ranking Member Brady: On behalf of the National Association of Insurance Commissioners (NAIC), we would like to express our support for H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Recognizing the retirement savings crisis that exists in the United States, state insurance regulators have worked to make improvements to regulation and guidance impacting product delivery, compliance, and innovation of insurance products designed to help mitigate this crisis under the NAIC Retirement Security Initiative. Given the unique products and features of our sector, state insurance regulators have embraced a broader public policy responsibility to not only ensure consumers remain protected by a solvent industry, but to help foster an environment where they have greater flexibility and more options to take informed steps to secure their retirement. The SECURE Act is aligned with the goals of this initiative as it seeks to provide greater consumer options for retirement plans. Several of the provisions contained in the SECURE Act also complement our own consumer financial literacy and disclosure efforts and will make it easier for consumers to save for retirement. First, the legislation makes it easier for consumers to engage in a tax-free rollover of an annuity to another employer-sponsored retirement plan or IRA and avoid surrender charges and fees, making these products more portable and providing consumers more flexibility. Second, the bill would encourage plan participants to think in terms of lifetime income by requiring benefit statements to break down the total account balance into estimates of monthly annuity income at least once a year. Third, the legislation makes it easier for ERISA plan sponsors to select companies to offer annuity products by creating a safe harbor that relies on the conservative solvency regime of the state insurance regulatory system, which is specifically designed to ensure that an insurance company's obligations will be met both today and many years into the future. We applaud your leadership in this effort to assist savers in making more-informed decisions to prepare for their retirement and allowing defined contribution plans to become a more effective vehicle for providing lifetime income. Sincerely, Eric A. Cioppa, NAIC President, Superintendent, Maine Bureau of Insurance. David Altmaier, NAIC Vice President, Commissioner, Florida Office of Insurance Regulation. Michael F. Consedine, Chief Executive Officer, National Association of Insurance Commissioners. Raymond G. Farmer, NAIC President-Elect, Director, South Carolina Department of Insurance. Dean L. Cameron, NAIC Secretary-Treasurer, Director, Idaho Department of Insurance.

Mr. NEAL. Madam Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson), who is the chairman of the Subcommittee on Select Revenue Measures.

Mr. NEAL

Mr. NEAL. Madam Speaker, I would like to take this opportunity to recognize and congratulate the Fitzpatrick Family on their 50th anniversary as owners of the iconic Red Lion Inn in Stockbridge, Massachusetts. The Red Lion Inn has been a cultural and historic institution of western Massachusetts for more than two centuries and has continued on as such in the modern era thanks to the Fitzpatrick Family. Our community has benefited immeasurably as a result, and we are incredibly grateful. The Town of Stockbridge was founded in 1734 and became a popular resort destination during the Gilded Age. It also became home to one of America's greatest 18th century hotels, the Red Lion Inn, which first opened in 1773. The World Wars of the 20th century, however, as well as the Great Depression, took a toll on the region and the Red Lion Inn with it. But 1969 would prove to be a monumental year for Stockbridge and the rest of the Berkshires. As new attractions reenergized the area, the grand reopening of the Red Lion Inn took place on account of Senator Jack Fitzpatrick and his wife, Jane. The Fitzpatricks did more than just save the Red Lion Inn from being razed. They renovated it and preserved most of the art, antiques, furniture, and--thus--charm that are essential to the Inn's character and allure. They also continued to grow their impact on the community by helping local projects thrive and injecting a fresh sense of prosperity to the Berkshires. Still further, they have prided themselves on providing high quality service and hospitality to all of their guests and making them feel right at home in the heart of the Berkshires. Once again, Madam Speaker, the 50th year of Fitzpatrick Family ownership of the Red Lion Inn is certainly worthy of celebration and recognition. It is a testament to the vibrancy and cultural substance of Stockbridge and the Berkshires. Jane and Jack Fitzpatrick's bountiful legacy lives on through the Fitzpatrick Trust, the Red Lion Inn, and--most importantly--the new generation of family members. I wish the Fitzpatrick Family, including of course Jack and Jane's daughter Nancy, and Nancy's stepdaughter Sarah Eustis, who is the third-generation owner and operator of the Inn, all the best in their future endeavors and at the 50th Anniversary Gala Dinner to be hosted on May 29.

Mr. NEAL

Mr. NEAL. Madam Speaker, today I rise to recognize the life and service of Robert Pear, a longtime reporter for the New York Times, and someone who has been critical to the conversation around health care for more 40 years. Robert Pear was a fixture in the Halls of Congress with his unassuming style, quiet voice and insightful questions. Robert spent countless hours in the Ways and Means Committee room reporting on health care debates of our generation--the Clinton Health Care legislation, Medicare Part D and the Affordable Care Act. Robert's knowledge and expertise were unrivaled. His ability to take complex issues and present them in a clear and concise manner was a testament to his understanding of the policy but also what the American people needed to know. Robert was born in our nation's capital on June 12, 1949 to Philip and Marion Pear. Growing up in our nation's capital, Robert was immediately fascinated with policy and politics--even leading him to produce ``The Pear Press'' while in high school. He later went on to Harvard University, where he worked on the literary magazine ``The Advocate'' and eventually graduated magna cum laude in 1971. He would then go on to earn his Master of Philosophy from Balliol College in Oxford, and a Master's in Journalism from Columbia University Graduate School of Journalism. Robert joined The New York Times in 1981. It was here that he was able to communicate the complexity of issues such as health care with remarkable clarity. It was his meticulous, exacting reporting that most recently helped keep the American public informed and engaged on the failed Republican ``repeal-and-replace'' efforts in 2017. Robert made it his life's duty to ensure the American people fully understood the intricacies of Washington. Over his 40 years with the New York Times, he helped produce or support more than 6,700 New York Times articles. Many a member or press secretary can recount stories of picking up the phone and hearing Robert's distinctive voice on the other end of the line late at night or early in the morning, working to glean one more insight or critical piece of information for his next article. His follow up questions on both the politics and substance showed he keenly understood the currents swirling well below the surface. While Robert Pear will be missed by all who had the pleasure to get to know him, he will be remembered for his critical work, his persistence, and his lifelong commitment to public service and the American people.

Mr. NEAL

Mr. NEAL. Madam Speaker, I claim time in opposition to the motion to recommit.

Mr. NEAL. Madam Speaker, the gentleman really gave away his argument in the opening sentence, when he said: You know the drill on the MTR. Yes, we know the drill on MTRs, how they are being used to heap scorn on complicated arguments, the demagogue arguments that should be taken up in a separate space. But you know what else this is about? For those of us who came through the wards and precincts of American politics, there is a difference in politics between being cute and being clever. This is cute. This is not clever. So let me just bring to your attention the following: We have before us today the most important and substantive advance in retirement savings in the last 15 years in America. Understanding today that the average Social Security benefit in America--``average,'' meaning that half the American people who receive the benefit are below $16,000. We have a chance to augment retirement savings and open up more opportunities for people to save for a retirement that we all know comes pretty quickly. This has been well met in a bipartisan manner. It was marked up in the committee. And one Member said at the Rules Committee the other night: There is one sentence here, Mr. Chairman, over which we disagree. Have we gotten to this point, in this institution, where now one sentence stops us from advancing good legislation? I certainly hope not. There is another provision in this legislation, as we proceed to the Memorial Day recess, that ought to be critical in all of our minds. We fixed an egregious error in the tax bill. We have straightened out that issue, where families will not be taxed at the highest marginal rate of the parents, but, instead, we will recede to a previous provision that made sure that the survivors of those who were killed in military conflict would receive a benefit. That was important. Let me just say to the new Members on our side: This is a safe provision. For years, I wore a bracelet for the refuseniks who wished from Russia to emigrate to Israel. There is no weakness on our part in support of the State of Israel on this side of the aisle. You have a chance to stand up right now for retirement savings for those who have lost loved ones in military conflict, to stand up for Tribal interests, to stand up for those who receive scholarships, and to continue help for those families who are in financial distress because they lost a loved one in a military conflict. Set aside the demagoguery, and turn down this motion to recommit. Madam Speaker, I yield back the balance of my time.