Zachary (Zach) Nunn

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, American small businesses are the backbone of our economy. There are nearly 32.6 million small businesses operating in our country, and in my home State of Iowa, that makes up more than one- half of the businesses, those that are on Main Street in our hometown communities and right in the storefront where Americans shop and spend their time each week. However, these small businesses are under attack from a Federal bureaucracy in D.C. trying to burden them in red tape, and alarmingly, also from our adversaries overseas, specifically Chinese Communist Party entities, that have infiltrated our country with shell companies that jeopardize our national security, violate our intellectual property laws, and hurt our economy both locally and globally. Recent reports suggest that the Chinese Communist Party has more than 40,000 shell companies operating in the United States today. They use these companies to launder money, peddle drugs, and collect sensitive information on our people and our Nation. We cannot, we must not, and, today, we will not allow that to happen. In 2020, Congress passed the Corporate Transparency Act to shut down these illegal shell companies, but, right now, foreign-owned entities use these shell companies and exploit a loophole in this law by checking a box on the required form claiming that they don't know who owns the company, which, of course, we all know--both Republican and Democrat--is completely absurd. Once enacted, our bipartisan Protect Small Business and Prevent Illicit Financial Activity Act will finally close this loophole and will also reduce the burdensome red tape for the legitimate American businesses who are trying to do that which they have done so well for so long: serve our hometown communities. First, these shell companies will no longer be able to exploit the system by selecting ``unable to obtain'' or ``unable to identify,'' basically saying that we don't know who owns us, when reporting their ownership information. By removing the option to basically claim absentia when it comes to ownership, we can crack down on the Chinese Communist Party's economic incursion into the United States. Not only will this bipartisan bill help crack down on Communist China, it will also make it much easier for legitimate American small businesses to comply with the law, no longer putting them at a detriment to their overseas competitors. Small businesses already face unique challenges in this economy: brutal inflation, a struggling supply chain, and a bureaucracy based right here in D.C. that is intent on burying them in red tape, making them do far more work than adversary-owned entities or what foreign- owned companies do right now. Not to mention most operate with limited resources, and that is on a good day. This bill will reduce government-imposed burdens by ensuring small businesses have sufficient time to satisfy requests for information while the government fixes this egregious loophole. The bottom line, Mr. Speaker, is that the passage of this legislation is a critical step forward by preventing our adversaries in the Chinese Communist Party from exploiting our laws and engaging in illicit activity and will also reduce the burden of red tape on new and existing small businesses. In closing, I thank my colleague from Ohio (Mrs. Beatty), who is the Ranking Member of National Security, Illicit Finance, and International Financial Institutions Subcommittee, for helping champion this and being a co-lead on this important legislation, and I also thank my colleagues on the other side of the aisle. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Mr. NUNN of Iowa. Mr. Speaker, I yield myself such time as I may consume. First, I want to say thank you to Members on both sides of the aisle. The House Financial Services Committee has led strongly in making sure that the backbone of our economy, our small businesses, everyday Americans, and the economy of this country can remain stronger. With the passage of this bill we not only fight for the Main Street of America, but we also ask that those who would do business in the United States be held to the same standard. As was highlighted by the gentlewoman from Texas, whether you are a terrorist entity, whether you are a laundering agency from overseas, or whether you are the Chinese Communist Party, no longer will you be part of this myriad of 40,000 entities trying to operate with impunity in the United States. We will hold you accountable. We will move forward to support those Americans who are doing it the right way, and, most importantly, we will stand strong for our national security. Mr. Speaker, it is a privilege to move this bill on a bipartisan path with this House and the interests of the American people. I urge my colleagues to support this legislation which I am proud to lead, and I yield back the balance of my time.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5524) to amend the start date of the pilot program on sharing with foreign branches, subsidiaries and affiliates, as amended.

Mr. NUNN of Iowa. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, first established in the Anti-Money Laundering Act, the Foreign Affiliates Sharing Pilot Program allows financial institutions to share Suspicious Activity Reports and related information with the institution's foreign branches, subsidiaries, and affiliates to help combat illicit finance risks. Sharing financial intelligence is the bedrock of thwarting terrorists' financial activity and the movement of dangerous drugs like fentanyl across our southern border here in the United States. It ensures that terrorists and other criminals are not able to infiltrate the U.S. financial system. In October of this year, an unlicensed money transmitting business admitted in court that they are illegally helping to fund foreign gamblers laundering money through the U.S. financial system to avoid scrutiny or investigation by U.S. or foreign law enforcement. From 2012 to 2020, the business helped move money through at least 15 countries, including ones the State Department has identified as major money laundering countries like Mexico, Argentina, Switzerland, and the UAE. This is just one example of why it matters to have the opportunity to share intelligence collected from suspicious activity reports to catch illicit financing activity. Currently, this pilot program is nearing its 3-year completion mark without ever having been fully operational. The Foreign Affiliates Sharing Pilot Program Extension Act extends the termination date for 3 years after the Treasury issues rules for the pilot program. This extension allows Congress to adequately assess whether to make the program a permanent solution. Mr. Speaker, I thank Representative Garcia, the gentlewoman from Texas, for her amazing work in supporting this important legislation. I urge my colleagues to join me in supporting this commonsense legislation to protect our national security. Mr. Speaker, I reserve the balance of my time.

Mr. NUNN of Iowa. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank the members of the Financial Services Committee, particularly the incredible staff that have helped to lead this effort and recognize that this is a continuation of a program that has shown remarkable success. As a 20-year intelligence officer serving in both the military and the intelligence community, we know firsthand that the illicit use of financing is the blood that keeps terrorist, criminal, and foreign entities active on our own soil and a threat to us overseas. We must continue to march forward not only to hold them accountable, but to be able to work with our subsidiary and overseas partners to truly combat this threat on a global scale. The leadership shown on this committee as well as within the subcommittee are a direct measure to be able to empower our team, both in the administration, but particularly at our frontline levels, our banks and financial institutions, with the tools they need to be successful. Mr. Speaker, I thank my colleague on the other side of the aisle and recognize that together this is a bill that truly helps protect our national security. Mr. Speaker, I would urge my colleagues to support H.R. 5224, and I yield back the balance of my time.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I rise in support of the Support for Patients and Communities Reauthorization Act, which includes my bipartisan Communities of Recovery Reauthorization Act with the gentlewoman from Colorado (Ms. Pettersen). Communities across this country are struggling with the opioid epidemic. More than 60 million Americans are fighting substance abuse disorders. These are our families, friends, and America's sons and daughters. Tragically, death due to overdoses are skyrocketing, with more than 150 citizens dying every day. That is why we must work together to help pass this bill. There is no doubt that we must do more to stop the illegal flow of fentanyl and other drugs into our country--fentanyl made in China and arriving on U.S. shores daily. We can do much to help right here at home. By passing this critical legislation, we will enhance support for community organizations that are on the front line, helping people recover from addiction and return to their communities and families through the use of rehabilitation programs. This is not a battle that anyone should have to fight alone. I urge my colleagues to lead with compassion and vote for this critical bipartisan piece of legislation and start saving lives today.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, this month is National Adoption Month--a source of joy to so many families. This year, my wife Kelly and I have been blessed to welcome two adorable sisters into our family through adoption. In Congress, I'm determined to make that same joy Kelly and I have experienced a reality for other families in Iowa and across the country. Unfortunately, the financial cost can be a significant barrier to adoption. According to the Department of Health and Human Services, the cost of adoption ranges between $20,000 to $50,000. That's why, I've introduced the Fight For Families Act to help low- and middle-income families afford adoption. Every child deserves a loving home, and I'm determined to ensure that the federal government does not stand in the way of that mission. To that same end, I also want to thank the credit unions in my home state of Iowa and around the country who are offering affordable loans specifically designed for adoption costs--such as a home study or legal fees--and are built around supporting families through the multi-year adoption process. With credit union adoption loans, families are not burdened by excessive interest rates when pursuing an adoption. The bottom line is that Congress must do more to lower the cost of adoption because we have too many children without forever homes. But until then, I'm heartened to see credit unions stand up and serve our communities in this important way.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Madam Speaker, this month is National Adoption Month. As the proud dad of six and a foster parent, adoption is personal to me. On April 5 of this year, my wife, Kelly, and I were blessed to adopt our two foster kids and our two youngest daughters, Jayna and Aliya. These two sweet sisters complete our family and bring us so much joy together. The journey of adopting opened my eyes to the challenges families across America face through the adoption process. In honor of my daughters and so many Iowa families in the same boat, we are fighting to simplify the adoption process right here in America and make it easier for every child to join their forever family. That is why, in Congress, I have introduced the Fight for Families Act to make adoption more affordable for low- and middle-income families as well as grandparents and seniors on fixed incomes. Every child in America deserves a loving home, and this forever opportunity I will fight for every day and refuse to let a D.C. bureaucracy get in the way of that. I look forward to joining my friends on both sides of the aisle to make this a reality.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Chair, I begin by thanking a fellow combat veteran for leading this effort to hold the terrorist group Hamas accountable by cutting off its number one funding source, that coming from Iran. This extends to Hezbollah, it extends to the IRGC, and it extends to Houthi rebels throughout the region. In the last week alone, we have seen attack after attack threatening American forces, including those of our friends still serving in uniform today. The effort that I am proud to co-lead with Congressman Pfluger highlights revoking Iran's funding act, an effort that the administration has taken a first step on--without a firm plan by Congress to prevent this waiver from going forward--which has time and time again been exploited by the President of Iran. The $20 billion that came out of the Turk Bank, the funding, illicitly, of money coming through on this side for frozen assets needs to be stopped. Congress must act. I applaud my friend for leading this charge, and I am proud to cosponsor it going forward. Mr. Chair, I urge the support of the entire body.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Chair, I rise today to offer an amendment, which I am proud to co-lead with my colleague from New York, Mr. Garbarino. This amendment prohibits funding to implement the Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure rule. Now, as someone who has served for more than two decades in cybersecurity both in the U.S. military, as well as the chief of counterintelligence at ODNI for cyber, the National Cyber Counterintelligence Officer, as well as service in the Obama administration's White House as part of the National Security Council, combating cyberattacks from foreign adversaries are important to both my colleagues on the left and to us here on the right. Irrespective of the SEC's intent to standardize these requirements, these new and expansive disclosure requirements have the opposite effect on our cybersecurity and safeguards here at home. Instead of working to achieve a regulatory harmonization across the Federal Government, this rulemaking creates duplicative, burdensome regulations and causes even more confusion in our public and private sectors. Worse yet, the SEC's cybersecurity disclosure rule compromises the confidentiality of each company's cybersecurity program, opening them up to potentially further attacks that can harm instead of protect both the companies and the investors that they are charged with protecting. This rule mandates disclosure of any material cybersecurity incident within 4 business days. The disclosure requires companies to disclose when it is the victim of a cyberattack, as well as the nature, the timing, the scope of an incident, and its material impact, oftentimes before law enforcement has even had the opportunity to fully evaluate this. Disclosure of this type of information to the public before it is remediated would achieve the same effect as disclosing these vulnerabilities before there is even a patch, leading other bad actors to exploit the same vulnerabilities potentially for themselves, in effect providing a best practices to the worst actors. It is clear that we must work together to be able to increase resiliency in cybersecurity across the board, but the SEC's rule falls short and fails to strike the right balance between the regulatory burden and improving security outcomes. Therefore, Mr. Chair, I am offering this amendment to ensure that we do not inadvertently jeopardize companies' confidentiality reporting strategies and publicly divulge bad information to bad actors to further threaten the United States. Mr. Chair, I would urge my colleagues to support this amendment, and I reserve the balance of my time.

Mr. NUNN of Iowa. Mr. Chair, I have amendment No. 80 at the desk, the cybersecurity incident disclosure rule.

Mr. NUNN of Iowa. Mr. Chair, I respectfully disagree with both the premise and the impact my colleague has represented here. We have multiple lines of effort when it comes to protecting cybersecurity, particularly for Americans in our small and medium businesses in this area. First and foremost, the Department of Homeland Security has primacy on this issue. When there is a violation, the Department of Justice must be informed. When we have CISA who lays out the requirements for reporting standards and then we have unelected individuals at the SEC who weigh on top of this with new regulations that are actually in conflict, we find ourselves not only confusing the issue but exposing some of our most sensitive information to our adversaries. We have seen time and time again the threat imposed by foreign actors who look at what we are doing and disclosing as a way to attack us. They are using it not only as a model but as a playbook to go after us. Let's secure our cybersecurity and ensure that our investors and our cyber hygiene are protected before we rampantly put out in the public space information which could truly harm national security. Mr. Chair, I reserve the balance of my time.

Mr. NUNN of Iowa. Mr. Chair, I urge my colleagues to support a strong cybersecurity hygiene in this space, hold the SEC accountable, and support this amendment. Mr. Chair, I yield back the balance of my time.

Mr. NUNN of Iowa. Mr. Chair, I have an amendment at the desk.

Mr. NUNN of Iowa. Mr. Chair, I rise today, like many of my colleagues, to offer an amendment to push back on yet another ill- informed and arguably reckless proposal. This amendment, which I am proud to co-lead with the chairwoman of the Subcommittee on Capital Markets, Mrs. Wagner, is a straightforward amendment to protect businesses in States like mine in Iowa and many communities across America and to mitigate harm to investors at every level. This amendment would prohibit unelected bureaucrats at the SEC from using funds in this legislation to require a small business to be forced to consider unrelated external factors as they review financial statements. Like my colleagues on both sides of the aisle, I agree that preventing fraud and maintaining financial reporting integrity is essential to U.S. capital markets. However, this proposal is unnecessary and extremely burdensome. If passed, it would divert valuable resources away from a business' principle responsibility to rigorously evaluate financial statements and make every auditor into some kind of pseudo attorney, a situation no small business can afford. Small businesses are already the subject of highly complex and often technical laws and regulations that both Federal, State, and even local authorities impose upon them. The vague and complex language included in this proposal creates ambiguity that would only lead to adverse outcomes for U.S. businesses, including increased legal and compliance costs for all that ultimately are passed on to everyday Americans. In fact, estimates report that this proposal could triple the annual costs for public companies to the tune of more than $55 billion per year. Mr. Chair, I came to Congress, like so many in this room, to be able to serve my constituents and to roll back the type of bureaucracy and bureaucratic requirements that are crushing everyday Main Street businesses in my hometown and towns like it across Iowa by an imposed, non-elected person somewhere in Washington who sits behind a desk and writes these regulations with no consideration of the impact to hometown America. We do ourselves a disservice. With this amendment, I believe it is a step forward to fulfilling so many of our commitments that we share on both the left and the right, and I urge my colleagues to support this amendment. Mr. Chair, I reserve the balance of my time.

Mr. NUNN of Iowa. Mr. Chair, like the roughly 80 percent of businesses that commented on this proposal, I would have to respectfully disagree with my Democratic colleague. We have a folklore hero in the heartland called Will Rogers. He says: You should write your Member of Congress frequently, because even if they don't read it, they will at least know there is a problem out there. We have heard back overwhelmingly from individuals who are operators in this space. The feedback highlights the imperative in evaluating the effectiveness of any rule and striking the right balance between not only fraud prevention and audit quality but by preserving the essential financial reporting duties, something that they have been doing ardently for years. The PCAOB has failed to engage in a productive dialogue with so many not only in my district but across the country on this critical matter to take into account the detrimental impact that it is going to have to small businesses across America. While I respect my colleagues on the other side of the aisle, I would urge them to consider all the good work that is already being done in this area and ask that the PCAOB do its job and start listening to Americans and implementing exercises that will assist, not regulations that will terminate. Mr. Chair, I yield back the balance of my time.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Chair, I specifically thank Chairman Thompson for his leadership on this, and from the many of us from rural communities, including agriculture communities like Iowa, for this continued commitment to improve our broadband. We have seen time and time again; this type of infrastructure truly can grow our economy in a productive way. Mr. Chairman, I ask unanimous consent to withdraw my amendment from consideration.

Mr. NUNN of Iowa. Mr. Chair, I have an amendment at the desk.

Mr. NUNN of Iowa. Mr. Chairman, I rise today to discuss the critical need to expand broadband connectivity across the United States. In my home State of Iowa, nearly a third of our State is considered a broadband desert. Hundreds of thousands of Iowans are left out from the critical access that they need, such as for a young mother to get telemedicine provided, for a growing farmer to be able to have the artificial intelligence necessary for their farm to be successful, or for a fellow veteran to get the type of access they need for their medicine over broadband. As parents, we know all too well the challenges of rural communities to be able to get the same access that some of our other States have received. It is not enough to simply have internet, but to have high- quality access to broadband that truly grows the types of communities that we have seen be successful. Not just in my home State of Iowa, but across the country, these small investments allow young entrepreneurs to work remotely. It allows farmers to work and cultivate to both feed and fuel the world. Importantly, they help connect through the USDA ReConnect Program grants which allow access to grow in my home State to over 400,000 households, and not just in Iowa but nationwide. Clearly, there is more work that needs to be done. I offered this amendment in the Agriculture appropriations legislation to raise the awareness and the need that is happening in rural communities across our country, and to improve this program to ensure that we are investing in our rural communities' success in the same way we have in some of our large cities' success. Strategically speaking, I want to make sure that this is something that is enduring and not just in one appropriations bill, but that there is a roll-out plan--a plan like the farm bill that looks at a 5- year venture here. With Chairman G.T. Thompson's commitment on the Agriculture Committee, I believe we can incorporate this into the farm bill. I will be withdrawing my amendment. Mr. Chairman, I reserve the balance of my time.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I rise today to recognize and celebrate Chief Master Sergeant Vanessa Johnston for her retirement from the United States Air Force after 26 years of dedicated service. Born in Wyoming, Chief Johnston enlisted in the Air Force after graduating from Laurel High School in Montana in 1997. Throughout her service, Chief Johnston demonstrated exceptional leadership, devotion, and work ethic. I can personally attest to this, as I had the privilege of serving as crewmates with Chief Johnston during my time on active duty. Among numerous career accomplishments, Chief Johnston excelled as a ground cryptologic language analyst and flew over 800 hours as an Airborne Intelligence Surveillance and Reconnaissance Operator--all while becoming a mother to 5 amazing children. Mr. Speaker, I ask my colleagues to join me in thanking Chief Master Sergeant Vanessa Johnston for her devoted service to her country. Her selfless commitment and exceptional achievements have not only made our country safer but also should serve as inspiration to all. I join Chief Johnston's family, friends, and colleagues in commemorating her retirement, and I extend to her my best wishes.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I rise today to recognize the life and service of Winterset, Iowa's Chief of Police, Ken Burk, who passed away on July 21, 2023, at the age of 59. Chief Burk spent the last 20 years dedicated to serving his community as Police Chief, and he leaves behind a lasting legacy of exceptional service. To the people of Winterset, Ken Burk was more than just a Police Chief--he was a true pillar in his community. In a town of just over 5,300, almost everyone knew Chief Burk. Widely respected and always ready to chat about classic cars or the Kansas City Chiefs, he is remembered as a man who truly cared about his fellow neighbors and worked valiantly to keep his town safe. Mr. Speaker, I ask my colleagues join me in remembering Chief Ken Burk as not only a tremendous public servant and protector, but as an even better person.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I rise today to recognize the life and legacy of U.S. Army Cpl. Delbert White--an Ottumwa native who made the ultimate sacrifice as a prisoner of war (POW) during the Korean War. Cpl. White was only 20 years old on December 1, 1950, when he and other members of the 2nd Infantry Division were captured by Chinese Communist Forces near the border of North Korea and China. Tragically, after several grueling months in a POW camp, Cpl. White passed away due to malnutrition. For over 70 years, Cpl. White's remains had gone unidentified. However, thanks to scientific advancements, the Defense POW/MIA Accounting Agency was able to identify Cpl. White's remains in September of 2022. At long last, Cpl. Delbert White was returned home to Ottumwa for a proper service and burial on June 16, 2023. Mr. Speaker, I ask my colleagues to join me in honoring Cpl. White for his service to this country. May we find inspiration in his story and forever remember his sacrifice.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I rise today in strong support of this resolution and the State of Israel.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Speaker, I rise today to talk about a silent crisis in the U.S. Stillbirths claim the lives of more than 21,000 babies every year. After suffering devastating stillborn losses, 5 Iowa women took their grief and turned it into fuel; they wanted to keep other families from joining their club. So, they founded the nonprofit organization Healthy Birth Day, and along with the Iowa Department of Health and Human Services, they have since lowered Iowa's stillbirth rate by 32 percent. Based on scientific evidence, their Count the Kicks stillbirth prevention program educates expectant parents about the importance of tracking fetal movement in the third trimester of pregnancy. With programs to educate and empower expectant parents with stillbirth prevention education, we can save thousands of babies from preventable stillbirth each year. The stillbirth crisis is URGENT and needs to be addressed, so I want to acknowledge the powerful work of these Iowans on a bi-partisan issue we should all get behind. I want to also take a moment to recognize Brian and Mary Lohse and their daughter Genevieve, as well as Arizona Count the Kicks Ambassador, Shawn Soumilas, and her son Zach for their tireless work to prevent stillbirths.

Mr. NUNN of Iowa

Mr. NUNN of Iowa. Mr. Chairman, as a nearly 20-year combat veteran and head of counterintelligence for cybersecurity, I know firsthand the millions of threats that are leveraged against our country on a daily basis. As we look to strengthen our security with this bill offered by the chair and the amendments going forward, I thank those who have worked so diligently on our joint effort to create a National Digital Reserve Corps to buttress our country against this threat. Additionally, I will speak about another win for our military, military parents. As both an Air Force officer, Reservist, and National Guard member, we have worked on bipartisan legislation, the Reserve Component Parental Leave Parity Act, that I helped lead with Representative Jeff Jackson from North Carolina. Our servicemen and -women deserve time with their new children, and this policy will expand parental leave for drilling Reserve and National Guard members to match the leave policies of their Active-Duty members.