Ed Perlmutter

Mr. PERLMUTTER

Mr. PERLMUTTER. Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. PERLMUTTER. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 739 and ask for its immediate consideration.

Mr. PERLMUTTER. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Georgia (Mr. Woodall), pending which I yield myself such time as I may consume. During consideration of the resolution, all time yielded is for the purpose of debate only. General Leave

Mr. PERLMUTTER. Mr. Speaker, I ask unanimous consent that all Members be given 5 legislative days to revise and extend their remarks.

Mr. PERLMUTTER. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, along with Mr. Woodall, I want to thank my colleagues for joining me here today to speak on the rule and the Insider Trading Prohibition Act. The Insider Trading Prohibition Act has been a long time coming. Since passage of the Securities Exchange Act of 1934, the SEC has relied on its antifraud statute and mounting case law without an explicit statute prohibiting insider trading. This legislation provides the clarity our regulators need in order to do their job and ensure the fundamental foundation of fairness and transparency in our financial system. We owe it to our constituents to ensure that their savings in the stock market are on an equal footing with all investors. My friend from Georgia and I have spent a lot of time talking about bipartisanship today and how we can work together across party lines to tackle the tough issues facing our constituents. That is what the House has been doing this year under the Democratic majority. We have passed over 275 bipartisan bills that are sitting on the Senate majority leader's desk awaiting action in the Senate. These 275 bills represent progress that the Democratic majority is delivering for the people to strengthen the health, economic security, and well-being of every family in every community in America. The House has passed bipartisan and commonsense gun violence prevention bills, we have strengthened background checks, we have passed reauthorization of the Violence Against Women Act, and we have passed dozens of bipartisan bills to care for our Nation's veterans. We want to see those particular pieces of legislation move from the Senate to the White House and be passed into law for all Americans. I hope the Insider Trading Prohibition Act doesn't get caught up in this graveyard over in the Senate and is instead taken up quickly by the Senate along with all these other important bipartisan bills our colleagues have worked together to pass this year. I appreciate the bipartisan nature of Mr. Himes and Mr. McHenry in coming together with this particular piece of legislation. Mr. Speaker, I encourage a ``yes'' vote on the rule and the previous question.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize the Honorable Elbra M. Wedgeworth, who after decades in public service, is retiring. The Honorable Wedgeworth began her career in public service in 1989 as a Senior Analyst for the Denver City Council. From 1994 to 1996, she served as the Clerk and Recorder for the City and County of Denver, and also served as a member of the Denver Election Commission and as a Denver County Commissioner. In 1999, she was elected as Denver City Council's District 8 Councilwoman. After just four years on the City Council, her fellow Councilmembers unanimously elected her Council President from 2003 to 2005. In 2007, she resigned from the City Council to join Denver Health as Chief Government and Community Relations Officer where she has been active in advancing healthcare policy at the state and federal level. In August 2014, the Elbra M. Wedgeworth Municipal Building was dedicated in her honor in the historic Five Points neighborhood in honor of her service to the City of Denver and State of Colorado. In addition to her esteemed career, Elbra served on many boards and commissions. In September 2008, she was unanimously elected as President of the Denver Union Station Project Authority Board of Directors and served nine terms as Board President. Under her leadership, the $500 million Denver Union Station Project opened in May of 2014 on time and under budget. Also, in 2008, she was appointed as the President of the Democratic National Convention Host Committee where she oversaw a widely-viewed successful convention. From 2013 to 2014, Elbra served as the past Chairwoman for the Downtown Denver Partnership Inc., the first person of color male or female to serve as the organization's chair in its 60-year history, earning her the title of Downtown Denver Partnership Honorary Partner. Throughout all of this, she has served on the Board of Trustees for the University of Redlands in Redlands, California, her college alma mater as well as a Board of Trustee for FirstBank in Colorado from 2017 to present. These positions reflect her leadership abilities, passion for the city and state she loves, and talent for bringing people together to get things done for the betterment of our community. I want to congratulate The Honorable Elbra Wedgeworth on a long and distinguished career and I wish her all the best in retirement.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize Steven Summer, who after 45 years in the healthcare arena, including 13 years leading the Colorado Hospital Association, is retiring. From Medicaid expansion to advancing hospital safety improvements, Steven's four and a half decades of service have resulted in work to improve the quality, access, and payment innovations in healthcare systems. Steven began his career with the Association of American Medical Colleges, moving first to the Maryland Hospital Association, and then serving as President and CEO of the West Virginia Hospital Association, before capping his career for the past 13 years at the helm of the Colorado Hospital Association. These positions reflect his talent for bringing people together and fostering and strengthening collaboration in developing healthcare policy and finding healthcare delivery system solutions--and all with a smile on his face. Steven's consensus-building approach contributed to Colorado's successful Medicaid expansion, the creation of Colorado's Telehealth Network, and advanced an innovative substance use disorder treatment partnership between emergency physicians and hospitals to find alternatives to opioids, which serves as a model for other states. Programs like the alternatives to opioids effort have been incorporated in federal opioid legislation and many of CHA's initiatives under his leadership have informed federal policy and decision-making in Washington. Throughout his career, Steven has provided countless time and resources to his community by serving on local and state healthcare boards and commissions, volunteering with the Kavod Senior Life Home, and many local programs like school and youth organizations. I congratulate Steven on a lifetime of service and wish him all the best in retirement.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud NCAA football on the 150th anniversary of their first collegiate game. On November 6, 1869, Rutgers College (now Rutgers University) went on to defeat the College of New Jersey (now Princeton University) by a score of 6-4. Football was nothing like today's game. It used a rugby- type ball on a 110-yard field. A touchdown was worth four points and the games had two 45-minute halves with a running clock. The University of Colorado Buffaloes are rich in football history. The CU Buffs began their collegiate football program on November 15, 1890 and have played at Folsom Field since 1924. In 1990, CU won the National Championship and currently has all-time record of 697-479-36. I extend my deepest congratulations to NCAA football on their 150th anniversary. Go Buffs.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Fighting Hunger at Mines for receiving the Golden Mayor's Gold Mine Award for Excellence. Fighting Hunger at Mines is a unique campus group that is dedicated to improving the physical and mental health of students at Mines and the Golden community. Their programming addresses food insecurity that's pervasive on college campuses, while raising awareness to local food resources and educating students on healthy eating habits. By working with the Golden Backpack Program, GoFarm and other partners, Fighting Hunger at Mines distributes healthy food to nearly 150 students each week and has made a substantial difference on campus and in Golden. I congratulate Fighting Hunger at Mines for receiving this well- deserved honor by Mayor Marjorie Sloan. I thank them for their contributions to our community.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Chad Wachs for receiving the Golden Mayor's Award for Excellence. Chad Wachs launched AU Wireless in 2015 with a handful of neighbors to see if he could create a low-cost community broadband system. Their proof-of-concept has since grown into a full-fledged co-op with more than 300 members using the service all over town. AU Wireless works with community partners like the American Mountaineering Center and they are helping to bring broadband into lower-income households in Golden. Because there are no shareholders, subscriber fees go back into the network. Chad, along with the board of directors, one employee, and three contractors, has accomplished all of this while serving as a full-time firefighter in another jurisdiction and as a volunteer with the Golden Fire Department. I congratulate Chad Wachs for receiving this well-deserved honor by Mayor Marjorie Sloan. I thank him for his contributions to our community. Madam Speaker, I rise today to recognize and applaud Fighting Hunger at Mines for receiving the Golden Mayor's Gold Mine Award for Excellence.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Brandon Bortles and Noah Heaney for receiving the Golden Mayor's Award for Excellence. Brandon Bortles & Noah Heaney both Golden residents, own competing restaurants: Brandon owns Abejas, and Noah co-owns Miners Saloon. Instead of focusing on competing for customers, Brandon and Noah decided to work together to bring more diverse dining options to downtown Golden. This collaboration has already brought us Sur Mesa Taqueria, which opened inside Tributary Food Hall in September, and will soon bring us Nosu Ramen across the street. Together, Brandon and Noah are making an enormous contribution to Golden's economy, our culinary options, our social gathering places, and our sense of community. I congratulate Brandon and Noah for receiving this well-deserved honor by Mayor Marjorie Sloan. I thank them for their contributions to our community.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud the Golden Lions Club for receiving the Golden Mayor's Award for Excellence. The Golden Lions Club has been serving the Golden community since 1942. Standing behind the International Lions Club motto of ``We Serve'', the Lions Club offers their services to anyone that needs help with a project. With over 8,000 hours of volunteer service in 2019, the Golden Lions continue to make a positive impact within the community. From constructing public bathrooms and pavilions to providing eyeglasses and scholarships to school children; where there's a need, there's a Lion. Through funding efforts, engaging volunteers in community projects, and supporting local schools and students, the Lions Club has committed to making the City of Golden a better place to live, work, and play. I congratulate the Golden Lions Club for receiving this well- deserved honor by Mayor Marjorie Sloan. I thank them for their contributions to our community.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud the Golden United for receiving the Golden Mayor's Award for Excellence. Golden United is a non-partisan, resident-driven effort to engage Golden area community members across all walks of life to find common ground and act with respect and dignity in strengthening the community. Golden United launched in 2017, gathering residents of different backgrounds and asking them to identify shared values and initial actions. Their mission continued through community forums, rallies, annual events, task forces, supporting other community events, and most recently, hosting a Candidate Forum for the upcoming election. This organization is an example of democracy in action ``of the people, and for the people.'' I congratulate Golden United for receiving this well-deserved honor by Mayor Marjorie Sloan. I thank them for their contributions to our community.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I rise today to recognize and applaud Mayor Marjorie Sloan for her many years of service to the City of Golden. Marjorie Sloan has dutifully served as the 37th Mayor for the City of Golden for eight years, and as the first female mayor elected by the citizens since Golden became a Home Rule City. Before she was elected as mayor, Marjorie represented Golden's District One as a city councilor for four years. Marjorie, her husband Dendy, and their children have lived in Golden for decades. In addition to her roles on City Council, Marjorie also served as Planning Commission chair, Foothills Art Center board president, Golden Urban Renewal Authority board member, volunteer, parent, neighbor, and all- around general Golden Ambassador. Mayor Marjorie Sloan's legacy of leadership, vision, and trailblazing on behalf of the city will not soon be forgotten. I extend my deepest thanks and appreciation to Mayor Sloan for her service and commitment to our community and her service to the people of Golden, Colorado.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I yield myself such time as I may consume. To my friends Mrs. Lesko and Mr. Woodall from the Rules Committee, first, I remind my friend from Arizona that we are actually working on legislation that is bipartisan in nature and something that is tremendously serious that has to be addressed. Again, I would quote from the CNBC article of October 17, where it talked about these two cronies of Rudy Giuliani: ``Parnas and Fruman face other charges in the indictment, which alleges they created a shell company and then used it to donate to political committees, including a pro-Trump super-PAC, while concealing that they were the ones making the donations.'' So here we have, on the political side, the reason for this particular bill. There is a 36-story skyscraper in Midtown Manhattan at 650 Fifth Avenue, and I am reciting from an op-ed in The Washington Post, dated September 20, 2019: ``It is home to a Nike flagship store and previously housed the corporate offices of Starwood Hotels & Resorts. It was also secretly owned by the Iranian Government for almost 20 years. By running its ownership stake in the building through an anonymous front company, the Iranian regime took advantage of the fact that firms in the United States are not legally required to disclose who ultimately profits from and controls them.'' It goes on to say: ``The story of 650 Fifth Avenue is not anomalous. The United States has become one of the world's leading destinations for hiding and legitimizing stolen wealth.'' The purpose of this legislation, bipartisan in nature, is something that is very serious, and I appreciate the gentlewoman for having been so persevering to get this done, working with law enforcement, working with Republicans throughout. In fact, one of the major cosponsors, or somebody with whom Mrs. Maloney worked, was Mr. Luetkemeyer, a senior member of the Republican Party on the Financial Services Committee, to come up with language that was acceptable not only to him but 11 or 10 other Republicans on the committee. I would remind my friend Mr. Woodall that, in connection with civil liberties that he was just talking about, Mr. Davidson raised his concern. He has on a number of occasions, and I have been there working with him on that subject. But he was defeated. This bill contains many civil rights and privacy components. It protects the privacy of any beneficial ownership. It ensures that law enforcement agencies requesting beneficial ownership information from the Financial Crimes Enforcement Network have an existing investigatory basis for its requests so that there is already something going on. There is an audit trail to make sure that that information is not being disclosed improperly, and there are penalties against the agencies if, in fact, there are improper disclosures. Now, I would also say--and I would remind my friend, and we talked about this last night at Rules--that when people get together and they operate under a corporation or a limited liability company, they are drawing on law to say: We want to operate this group, and we want to have protection from liability. We are going to operate as a corporation. We want the State to protect us--State of Colorado, State of Arizona--to protect us against us being personally liable, individually liable. All we are asking is stuff that you would put down on a normal bank account, which is the names of the individuals, their date of birth, their address, and identifying numbers; and, if they are from another country, we demand their passport numbers. This is not terribly intrusive. This is just basic information to make sure that we don't have bad actors and scoundrels and people who would like to undermine our Nation having phony bank accounts or shell companies owning skyscrapers in New York. So this is serious stuff. I have shared with the chairwoman concerns over time, and she has actually worked--not actually. She has worked with me to address concerns that I particularly have in saying that, before anybody is penalized for not disclosing information, they had to do it willfully or knowingly, and that negligence is not a basis for any kind of an action and that there are waivers if somebody had just made a mistake. So I just want to, again, thank the gentlewoman from New York (Mrs. Carolyn B. Maloney) for working with Democrats and Republicans and all sorts of groups across the country to come up with something that balances the need for real national security and law enforcement measures with privacy. We have allowed five amendments. Mr. Davidson, who, I am sure, will address some of his concerns when he brings up one of his amendments, is going to be entitled to speak. And if people don't like the bill, they can vote against it. My guess is it is going to get a strong bipartisan vote. I hope it does so that we can send it. Madam Speaker, I reserve the balance of my time.

Mr. PERLMUTTER. Madam Speaker, I was going to say to my friend: That sounded like that was your closing. Should we just take it as that?

Mr. PERLMUTTER. Madam Speaker, I don't have any other speakers.

Mr. PERLMUTTER. Madam Speaker, I yield myself such time as I may consume to close. I always enjoy debating with my friend from Georgia on these rules matters, and, quite frankly, he has heaped a lot of praise on this particular piece of legislation, which it deserves. It has gone through the crucible of a lot of meetings and compromise and work with a lot of different groups. So I want to thank my colleagues for joining me here today to speak on the rule and the Corporate Transparency Act of 2019. Law enforcement needs to have the tools necessary to shed light on the true beneficial owners of shell companies in order to do their jobs and root out illicit financial activity. They need to be able to find out if Russians, Iranians, North Koreans, ISIS, al-Qaida, or criminal cartels may be engaging in questionable activity, and this legislation will help law enforcement do exactly that. It will also make the first major reforms to the Bank Secrecy Act and our anti-money laundering laws since 2001. These issues enjoy broad support from the law enforcement community, like the Fraternal Order of Police and the National District Attorneys Association, as well as human rights groups, anti-human trafficking organizations, banks and credit unions of all sizes, and many more. These are bipartisan issues we have been working on in the Financial Services Committee, and I urge all my colleagues to vote for the bill. I encourage a ``yes'' vote on the rule and the previous question.

Mr. PERLMUTTER. Madam Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. PERLMUTTER. Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 646 and ask for its immediate consideration.

Mr. PERLMUTTER. Madam Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Georgia (Mr. Woodall), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only. General Leave

Mr. PERLMUTTER. Madam Speaker, I ask unanimous consent that all Members be given 5 legislative days to revise and extend their remarks.

Mr. PERLMUTTER. Madam Speaker, I yield myself such time as I may consume. I just want to remind my friend that we are dealing with a serious law enforcement issue here, something that the chairwoman, who will speak, has been dealing with for years, working with law enforcement across the country and has full-throated support from virtually every law enforcement agency in this country to deal with these phony companies. These are phony companies similar to the company that was created by Lev Parnas and Igor Fruman, who were friends of Rudy Giuliani, created to upset elections and elsewhere, who were arrested as they were leaving the country 2 weeks ago. That is the purpose, it is to get bad actors who are using shell companies to really contort U.S. law, to park money in buildings where they have gotten bribes and they have taken them from their country and parked them in, you know, big townhouses in New York City or L.A. or Denver, Colorado. This is serious stuff that we are dealing with. And I would remind my friend, as he spoke about the gentleman from Ohio (Mr. Davidson), he is going to get to debate an amendment he proposed. We have five amendments that are going to be considered by the full House. That is after any amendment was allowed in committee to be, you know, voted up or down. And we have a big committee with a lot of Democrats and a lot of Republicans. And there are many Republicans supporting this bill, because they understand how important this is to, you know, get dirty money out of these shell companies. David Petraeus, a former general, former head of the CIA, and Sheldon Whitehouse wrote an op-ed in The Washington Post dated March 8, 2019, where they said, ``Russian President Vladimir Putin and other authoritarian rulers have worked assiduously to weaponize corruption as an instrument of foreign policy, using money in opaque and illicit ways to gain influence over other countries, subvert the rule of law and otherwise remake foreign governments in their own kleptocratic image.'' And I want to thank the chairwoman for working so hard on this bill and gaining so much support from Democrats, Republicans, law enforcement, and different organizations all across the country to stop this kind of stuff that could really undermine our democracy. Madam Speaker, I yield 4 minutes to the gentlewoman from New York (Mrs. Carolyn B. Maloney).

Mr. PERLMUTTER. Madam Speaker, the Rules Committee met last night and reported a structured rule, House Resolution 646, providing for consideration of H.R. 2513, the Corporate Transparency Act. The rule self-executes Chairwoman Waters' manager's amendment and makes in order five amendments. The rule provides 1 hour of debate, equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services, and provides for one motion to recommit. Madam Speaker, I am pleased we are here today to provide for consideration of this important, bipartisan legislation to help law enforcement do their job and protect our national security. The lack of transparency in parts of our financial system has created an environment in which criminals, who should be shut out of the financial system, can use anonymous shell companies to launder money, finance terrorism, and engage in other illicit activities. I want to applaud the work of Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets Chairwoman Carolyn Maloney for her work over the last decade to understand these problems and develop the solution we have in front of us this week. The Corporate Transparency Act would require corporations and limited liability companies to disclose their true beneficial owners to the Financial Crimes Enforcement Network, or FinCEN, at the time a company is formed and in annual corporate filings thereafter. This beneficial ownership information will be available to law enforcement so they can learn who controls or financially benefits from the company and end the current shell game used by bad actors. There are many examples of how individuals have used shell companies to hide their activities. For instance, there is one involving Viktor Bout, otherwise known as the Merchant of Death, who used shell companies to hide his illicit weapons trafficking. In another example, a former Russian citizen moved $1.4 billion from Russia into 236 different U.S. bank accounts through the use of anonymous shell companies. This bill will be a game changer for law enforcement investigating bad actors, and it will ensure criminals can no longer hide behind these shell companies. It would also bring the United States in line with other developed countries that already require beneficial ownership disclosure. The rule will amend the bill to also include my friend, Congressman Emanuel Cleaver's H.R. 2514, known as the COUNTER Act, which would modernize and improve the Bank Secrecy Act. This bill passed the Financial Services Committee unanimously in May. Specifically, it would expand communication about anti-money laundering data within financial institutions and safeguard privacy by creating a civil liberties and privacy officer within each financial regulator. Additionally, this legislation increases penalties for bad actors and reduces barriers to innovation. For years, Congress has proposed reforms to the Bank Secrecy Act, but this is the first major legislation to receive broad bipartisan support. This bill strikes a careful balance between security and privacy and will be a big step forward to strengthen anti-money laundering tools. Together, this combined legislation will create a more secure and transparent financial system. I urge all my colleagues to support the rule and the underlying bill, and I reserve the balance of my time.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, I submit the following letters of endorsement for H.R. 1595, the SAFE Banking Act. The ScottsMiracle-Gro Company, February 12, 2019. Re Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses Hearing. Hon. Gregory W. Meeks, Chair, Subcommittee on Consumer Protections & Financial Institutions, House Committee on Financial Services, Washington, DC. Dear Chairman Meeks: I am writing regarding the upcoming hearing of the Subcommittee on Consumer Protection and Financial Institutions titled ``Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.'' The ScottsMiracle-Gro Company is the quintessential American business. Established in 1868 in Marysville, Ohio, the ScottsMiracle-Gro name is synonymous with America's love for lawns and gardens. We are also a leader in the evolution and emergence of indoor and greenhouse gardening through our subsidiary, The Hawthorne Gardening Company. With approximately 6,000 associates at more than 65 U.S. locations in 26 states, ScottsMiracle-Gro has small and large manufacturing plants that create products for American consumers. The vast majority of our business is based on a wide range of products for lawn and garden care. However, we are also the country's largest manufacturer of hydroponic growing systems, nutrients, lights, filters and components for indoor growing. These products can be used to nurture a wide variety of plants, including cannabis. Our hydroponic division is expected to generate revenue this year of approximately $600 million, or about 20 percent of company- wide revenue. While ScottsMiracle-Gro does not directly participate in the U.S. cannabis industry, this rapidly growing and critical business unit is nonetheless impacted by the existing conflict between federal and state laws. Our concern is particularly acute when it comes to our relationships with our banking partners. We know that state-law-authorized cannabis cultivators are among those who use our products to grow their crop. However, we are unable to sell equipment to them directly because of the current banking rules. In order to satisfy our banks' compliance requirements and maintain our banking relationships, we are required to use a costly two-step distribution process to serve these end customers. We share these experiences to help the committee understand the vast implications and challenges to the current system. While the committee may hear from many cannabis companies, we also want to highlight the inefficiencies ScottsMiracle-Gro faces as a provider to this industry. We applaud the Committee for taking the time to learn more about the challenges of this current arrangement and encourage you to examine the many different aspects of this banking issue during your evaluation of the topic, including the needs of ancillary companies like ScottsMiracle-Gro. We also thank Congressmen Perlmutter, Heck, Stivers, and Davidson for their leadership on this important issue through their work on the SAFE Banking Act arid look forward to additional discussion on this measure as a means to address concerns raised in this letter. As an American company with over 150 years of business experience, we have many unique insights about this emerging industry and would be happy to share those perspectives as the Committee continues to learn more and develops solutions to address this issue. Thank you for your attention to this matter. Jim King.