Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. I am opposed, in its current form.

Ms. VELAZQUEZ. Mr. Speaker, I demand a recorded vote.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to honor the 70th Anniversary of the Independence of the State of Israel. I would also like to salute the Consulate General of Israel in New York for decades of work towards strengthening the bond between New York and Israel. For 70 years, Israel has served as a place of refuge for millions of Jewish people around the world. Despite facing tremendous adversity at every turn, Israel has become a vibrant and inclusive democracy. As the home of the largest Jewish population outside Tel Aviv, I know the ties between New York and Israel are particularly deep. Israel is one of our leading partners, and will continue to be in the decades to come. In the words of President John F. Kennedy: ``Israel can neither be broken by adversity nor demoralized by success. It carries the shield of democracy and it honors the sword of freedom.'' I would also like to send my deepest gratitude to everyone that has tirelessly worked to build bridges between Israel and the United States. Thanks to their heroic efforts, the bonds between America and Israel are stronger than ever.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I thank my colleague for yielding time to me and thank my friends for organizing this tribute. Louise was a remarkable woman, an astute legislator, a skilled negotiator, and a gifted debater. She will be remembered for all those traits. But she will also be remembered for her compassion, her humor, and the many kindnesses she extended to all of us. I will always recall the many times coming down to this very floor to speak and hearing Louise arguing for fairness and opposing policies bad for our Nation. She was a fierce orator with a sharp wit. When she disagreed with how this House was doing business, she let it be known. She was a passionate voice for progressive values. Like a New Yorker, she never backed down from a fight. If she wanted to get something done, she dug in her heels and fought like hell for it. But, as a daughter of the South, she will equally be remembered for her amazing wit, her gentle touch, her disarming smile, and her genuine friendships on both sides of the aisle. What is remarkable is that, at the end of the day, when the debate concluded and the votes were taken, Louise was known for sharing a laugh with her colleagues on the opposite side of the aisle. Someone once described her as ``a combination of Southern charm and backroom politics, a Southern belle with a cigar in her mouth.'' She truly was larger than life. When Louise came to Congress, there were far fewer women in this body. She helped lead the way for so many of us who came after, breaking down barriers. So many of us owe her a debt of gratitude for the trails she blazed. As a fellow New Yorker, as a fellow female Member of Congress, but most of all, as her friend, I know I will miss her. This body is better served for her service, and the U.S. House will certainly be a less colorful place without seeing her on the floor, leading debates on the rules with her Kentucky accent and her commitment to progressive values. Mr. Speaker, I thank my friend for the opportunity to speak.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I ask unanimous consent that I may hereafter be considered as the first sponsor of H.R. 3336, the Employ Young Americans Now Act, a bill originally introduced by Representative Conyers of Michigan, for the purposes of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to recognize and congratulate the Yee Shan Benevolent Society, Inc. on its centennial celebration on March 18, 2018. Since 1918, the Yee Shan Benevolent Society has been sharing fellowship, support, friendship, benevolence and hope with immigrants from the Pan Yu County of the Canton Province in China. Over the course of a century, it has expanded its services to include fundraising for local hospitals, health centers, non-profits and other initiatives. Today, the Society is a beloved cornerstone organization that continues to provide social and community enrichment to Chinese Americans in New York City and the greater NY region. I am proud that the constituents of my district continue to support the traditions and values of this esteemed fraternity along with its partners, the Chinese Consolidated Benevolent Association and Lin Sing Association. My district is enriched and indebted to them for their service to advance the betterment of the Chinatown and Lower East Side community. Mr. Speaker, I would like to congratulate the Yee Shan Benevolent Society in New York for its commendable and exemplary work and wish it many years of continued success.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, as we speak today, the people of Puerto Rico continue to suffer. Currently, 200,000 families and businesses, 16 percent of the island, remain without power. That is not 6 days after the hurricane or 6 weeks. We are talking about 6 months. For those still without power in Puerto Rico, they are now living through the longest blackout in modern history. While parts of the island are recovering, it is the rural, far-flung portions of the island that continue to suffer the most and where aid has been slowest to reach. For example, if you go to my hometown of Yabucoa, where Hurricane Maria made landfall, it looks like the hurricane struck yesterday. Two-thirds of the residents living there are without electricity. For decades, Yabucoa's baseball stadium stood as an important symbol of that town's community. The people there love baseball, and the stadium was a community anchor, a symbol of the town and its people. Those who live in Yabucoa are proud of their baseball diamond, as this town fielded Puerto Rico's team in the 2017 Junior League World Series. Today, the baseball stadium sits empty, now a symbol of how the people of Yabucoa struggle daily to survive. Meanwhile, basic services are hard to come by, with hospitals relying on generators to provide lifesaving treatment. Older, rural parts of Puerto Rico continue to suffer immensely. Thirty miles east of Yabucoa's coast sits the island of Vieques. As an island off an island, Vieques also has been neglected, waiting for the U.S. Army Corps of Engineers to restore power. Just a few weeks ago, I was there and I saw this on the road: power poles dangling from electric wires, just waiting to snap. Can you imagine seeing that in the mainland United States? Again, this is not 1 week or 2 weeks after the hurricane. It is close to 6 months later. Meanwhile, the island's connection to the main power grid has been cut off, and some workers think it will take years to fully restore the undersea cables. Those are just two towns in a commonwealth of 3.3 million American citizens, but all across Puerto Rico there are rural areas that have been hit hard and are still suffering today. We cannot afford to forget what has happened there. These are fellow American citizens. For 120 years they have fought, shed blood, and died in our wars, defending our freedoms. Now they need our help to recover from a humanitarian crisis. I implore my colleagues, we must not forget Puerto Rico. We must allocate additional aid and help. We must rebuild Puerto Rico stronger and better than ever before. Until we do, we will be failing the people of Puerto Rico, we will be failing our fellow Americans.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Perhaps most importantly, the bill makes no mention of regulators also considering the protection a current or future regulation has for consumers or the benefit it provides to our Nation's financial stability. Instead of developing sweeping rollbacks of financial regulation, we should instead spend our time working to improve our regulatory framework in order to ensure it maintains appropriate protections and safeguards for consumers, investors, and taxpayers. Mr. Speaker, I urge my colleagues to vote ``no'' on this ill-advised bill.

Ms. VELAZQUEZ. Mr. Speaker, let me take this opportunity to thank the gentlewoman, Maxine Waters, for her leadership. Mr. Speaker, I rise in opposition to H.R. 1116, the TAILOR Act. This bill requires regulators on the FFIEC to reduce the scale and scope of their regulations based on the size and profile of a financial institution or class of institutions. Let me be clear: Like many of the bill's supporters, I strongly believe that we should not take a one-size-fits-all approach to financial regulation. Financial regulation must be appropriately adjusted according to the size and complexity of an institution or class of institutions. That is why Democrats worked so hard to create these flexibilities in Dodd-Frank and regulators are already required to adjust their rules accordingly. For example, the CFPB has exempted community banks from many of the requirements under the qualified mortgage rule, and the Federal Reserve has developed different capital standards for banks based on size. Moreover, we already have laws like the Economic Growth and Regulatory Paperwork Reduction Act that instructs Federal financial regulators to go through extensive look-back reviews to update and improve their regulations. So while I agree that it is necessary to review and update our regulatory framework from time to time, particularly for our smaller institutions, I oppose H.R. 1116 because the reviews required under the bill tilt too far in the industry's favor and fail to provide sufficient protection to the public's or the consumer's interest. If enacted, this bill will provide our Nation's largest financial institutions with the opportunity to challenge any revised rulemaking in court if they felt a regulation was not uniquely tailored to meet their business needs. The bill also requires regulators to ignore the requirements of Dodd-Frank and other laws and subjects any future financial regulation to vague and impossible standards like appropriateness and necessity. These standards are undefined in the bill, making it very easy for a financial institution to challenge them in court.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, on Tuesday, March 13, 2018, I regret not being present for two vote sessions. Had I been present, I would have voted in support of the Endangered Fish Recovery Programs Extension Act of 2017, H.R. 4465, Roll Call No. 103, and against the Trickett Wendler, Frank Mongiello, Jordan McLinn, and Matthew Bellina Right to Try Act of 2018, H.R. 5247, Roll Call No. 102.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, on Tuesday, February 27, 2018, I regret not being present for two vote sessions. During both instances, I was with my constituents and the meeting extended longer than expected. It prevented me from making it to the House floor on time to submit the first vote in each series. Had I been present, I would have voted in support of the Democratic Motion to Recommit H.R. 4296, Roll Call No. 88, and against the Motion to Table the Appeal of the Ruling of the Chair, Roll Call No. 83.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise to recognize Girl Scout Troop 2672 and especially Samantha Roberts, Elena Marquez, Dahlia Sussman, and Zola Coppa for raising money to help children in Puerto Rico after Hurricane Maria. Their event was a big success, and I applaud them for their creativity and dedication. Puerto Rico needs all the help it can get--and these young leaders are to be commended for helping the Island's residents during these difficult times. By engaging fellow students to raise money at a bowling event, Troop 2672 was able to rally a community around an important cause. It is inspiring to see young people identifying a purpose and then taking meaningful steps to help. Puerto Rico and New York City have long shared a powerful bond, and it is too often forgotten that the people of Puerto Rico are American citizens. The efforts of these dedicated Girl Scouts are an important reminder that we cannot turn our backs on the Island. It is great to see young women taking leadership roles and making a difference in both their local communities and for Puerto Rico. My best wishes to Troop 2672 as they continue the school year and Girl Scout activities and projects. I am heartened by their resolve and inspired by their desire to lend a helping hand. These young leaders make all New Yorkers proud.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from Arizona (Ms. Sinema).

Ms. VELAZQUEZ. Mr. Speaker, H.R. 2255, the HOME Act introduced by Mr. Trott and Mr. Himes amends the Truth in Lending Act to allow fee appraisers to voluntarily donate their appraisals to non-profit groups without violating the requirement that lenders and their agents compensate fee appraisers at a rate that is customary and reasonable. Historically, appraisal services relating to no- or low-interest mortgage loans that were provided by non-profit organizations or to families often had to be donated by professional appraisers in the community and considered permissible charitable donations for tax purposes. However, such non-profit organizations like Habitat for Humanity, have raised concerns this provision reduced the number of families it could serve because the voluntary donation of appraisal services could now be interpreted as a violation of the TILA's ``customary and reasonable'' fee requirement. While the CFPB--under the direction of former-Director Richard Cordray--has already provided non-profit organizations like Habitat with informal guidance suggesting that the ``customary and reasonable'' provision does not apply to donated appraisals because the appraiser is no longer a ``fee appraiser'' in this circumstance, these organizations have continued to raise concerns and are seeking further clarity. Specifically, non-profit organizations continue to raise concerns that they remain vulnerable to enforcement actions because this guidance appears to be inconsistent with the common industry usage of the term ``fee appraiser''; they also contend that it remains unclear whether or not other agencies would align with the CFPB's interpretation. Thus, this bill provides the non-profits with the certainty they are seeking, and builds upon the great work already done by former Director Cordray by clarifying appraisers can voluntarily donate their appraisal services without violating TILA's ``customary and reasonable'' fee provision. The HOME Act passed our Committee earlier this month with broad bipartisan support, and I was proud to support it. Also included in H.R. 2255, are two other pieces of legislation that passed our Committee with strong bipartisan support. First, the Senior Safe Act, introduced by Ms. Sinema, which provides employees at financial institutions with immunity when voluntarily disclosing the possible financial abuse of elders to state and federal regulators, law enforcement, and adult protective services agencies. And second is H.R. 4281, introduced by Mr. Kihuen which would enhance capital opportunities for our nation's rural small businesses by requiring the SEC's Office of the Small Businesses Advocate to develop policies and recommend steps Congress can take to drive private investment to our nation's rural small businesses. As Ranking Member of the House Small Business Committee, I have a strong understanding of the capital challenges our nation's rural small businesses face and I am proud to cosponsor Mr. Kihuen's legislation. Mr. Speaker, the inclusion of both Ms. Sinema's and Mr. Kihuen's legislation only enhances what was already a strong bipartisan measure. Therefore, I recommend a ``Yes'' vote.

Ms. VELAZQUEZ. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from Nevada (Mr. Kihuen).

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, currently, the Home Owners' Loan Act imposes limitations on the portfolio mix of loans and investments that a thrift institution can make. Such limitations include the amount of commercial and consumer loans that a thrift can hold and a requirement that they hold a certain percentage of qualified thrift investments. These restrictions are not currently faced by national banks and other financial institutions. If a thrift decides that it wants to engage in more commercial lending or otherwise seeks to expand its product offerings beyond what is allowed under current law, they have to undergo a time-consuming process of converting the stock form of their organization in order to apply for a national bank charter. For smaller thrifts in particular, the charter conversion process can be costly. H.R. 1426 solves this problem by amending the Home Owners' Loan Act and creating an election process for thrifts to operate as a national bank without having to convert their charter to a national bank. This proposal originated from former Comptroller Curry in 2014 to give thrifts flexibility with respect to the current limitations on the amount of commercial and consumer loans that a thrift can hold. While the terms and conditions of a charter are important, we should be careful about blurring lines. Therefore, I am pleased that the OCC can reject providing the flexibility to a particular thrift under this bill and can take other supervisory actions to promote safety and soundness. According to the FDIC, there were 768 thrifts as of last September, compared to nearly 5,000 State and national banks, and all but 15 of these thrifts have less than $10 billion in assets, which underscores that this bill will mostly help small institutions better serve their communities. Former Comptroller Curry described the proposal as a tool for enabling ``Federal thrifts to diversify their loan portfolios, maintain their Federal charter, and retain the OCC as their regulator.'' I thank Mr. Rothfus and Mr. Himes for introducing this bipartisan bill, and I urge my colleagues to support it. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H.R. 1457, the Making Online Banking Initiation Legal and Easy, or MOBILE, Act, permits financial institutions to copy or scan a consumer's driver's license or personal ID card when a consumer decides to obtain a financial product or service. At a time when more Americans are conducting their business online and through their phones, the MOBILE Act will help expand access to banking products and financial services for those consumers who do not have access to a traditional brick-and-mortar financial institution by allowing consumers to utilize their smartphones to open a checking or savings account. While financial inclusion has increased significantly over the past 20 years, still, too many Americans do not get their basic financial needs met by traditional financial service providers. For example, in June 2016, the Obama administration released a report indicating that about 7 percent of American households still lack access to a bank account, and another 20 percent supplement their bank account with nontraditional financial services like check cashing or payday loans. Technological innovations in the financial industry and commonsense proposals like the MOBILE Act here in Congress will continue to help us close this gap. The bill will expand credit opportunities for consumers who cannot easily get to a bank in person and provides them access to innovative new products that can improve their overall financial health. An amendment in the nature of a substitute was adopted in committee that makes the MOBILE Act even stronger, and I want to thank Mr. Tipton for putting these improvements forward. These improvements require financial institutions to permanently delete copies of consumers' ID cards within a reasonable amount of time after they have opened the account, made clarifying changes to better harmonize the bill's requirements with Federal bank secrecy laws, and recognized identification cards issued by federally recognized Indian Tribes as an acceptable identification card. Perhaps most importantly, the bill also prohibits financial institutions from selling or otherwise sharing the personally identifiable information they collect from consumers with unaffiliated third parties. The bill is supported by several financial technology and industry groups, including the Innovative Lending Platform Association and the Financial Services Roundtable. Again, in a day and age when more and more Americans are conducting their business online and through their smartphones but still continue to lack access to traditional banking services and financial products, we need to be doing all we can to simplify the process and encourage account openings through these platforms. The MOBILE Act is a strong step in that direction, and I have been proud to join the bill as a cosponsor. I encourage Members to vote ``yes.'' Mr. Speaker, I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, this is straightforward, commonsense legislation. Mr. Speaker, I thank Mr. Zeldin for working with Democrats to make improvements to the bill. Mr. Speaker, I urge all of my Democratic colleagues to support the bill, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I want to start off by thanking both Chairman Hensarling and Ranking Member Waters for working with me on this legislation and moving it onto the floor. This has truly been a bipartisan effort. My bill, H.R. 4792, the Small Business Access to Capital After a Natural Disaster Act, is simple and straightforward. One of the most important functions of the SEC's Office of the Advocate for Small Business Capital Formation is to develop proposals and recommend changes to Congress that will promote the interests of small businesses and their investors, mitigate their problems, and help them secure access to credit. When we created the Advocate's Office in 2016, we specifically charged it with looking into the unique challenges facing minority- and women-owned small businesses. My bill requires the advocate to now also consider the unique challenges that small businesses affected by hurricanes or other natural disasters have with securing access to credit and work to promote their interests. I developed this legislation because, as ranking member of the House Small Business Committee, I understand that small businesses are the lifeblood of many communities around the country, and I have witnessed firsthand the terrible impact hurricanes and other natural disasters can have on the economic outlook for small businesses. For example, in 2012, Superstorm Sandy ripped through the tristate area and decimated many communities along the New Jersey and New York coasts. Toms River, New Jersey, was considered ground zero for the storm. Half a decade later, the Greater Toms River Chamber of Commerce reports that the small businesses in that community are still trying to recover at a cost of $600 million in lost ratables, even at this point. For small businesses in Puerto Rico and the Virgin Islands trying to recover from the effects of Hurricane Maria, the situation is much worse. 2017 was the costliest year on record for weather and climate disasters in the United States, and the effects of Hurricane Maria on Puerto Rico's small businesses are unprecedented. Nelson Ramirez, the president of the Centro Unido de Detallistas, a small business advocacy group in San Juan, estimates two-thirds of the island's roughly 45,000 small and midsize businesses have closed at least temporarily, and as many as 10,000 will never reopen. Small and midsized businesses represent 90 percent of the private companies on the island and about one-third of the workforce. In October, the Puerto Rican Retail Trade Association revealed that a study conducted by economists estimated that the island's small business sector will lose $8.9 billion in a period of 6 months due to a lack of electricity on the island. But while the situation in Puerto Rico is unprecedented, this legislation is about more than just Puerto Rico or the Virgin Islands. This legislation will serve to drive capital to other areas of our Nation impacted by hurricanes and other natural disasters this past season including Texas; Florida; the U.S. Virgin Islands; and California, which is facing the effects of devastating wildfires and mudslides. Ninety-nine percent of the companies in Houston are considered small businesses, and most of them do not have the same economic resources as the State's massive oil and medical industries. As a result, these businesses face a long and expensive road to recovery. This legislation seeks to shorten that distance for those businesses as well. FEMA estimates that nearly 40 percent of small businesses never reopen after a disaster. Therefore, developing strategies to drive private capital to a community's small business is one of the most efficient uses of private sector capital and one of the most effective ways we in the Federal Government can help an area recover. Nearly 4 months after Hurricane Maria, the Puerto Rican economy is at a near standstill and thousands of the island's small businesses are teetering towards insolvency. The businesses in southeast Texas, Florida, the Virgin Islands, and California face tough situations as well, and we must do all that we can to help them recover. Mr. Speaker, I again want to thank Chairman Hensarling and Ranking Member Waters for working with me on this important legislation, which passed our committee earlier this month on a wide bipartisan basis, 57- 0. I also want to thank Representatives Green, Sinema, and Plaskett for cosponsoring this legislation with me. Mr. Speaker, I urge Members to vote ``yes'' and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, as Republicans demonstrate their inability to fund the Federal Government, 700,000 young people are left with an uncertain future. These DREAMers exemplify what is best about America. They have served in our military. They have built businesses and contributed to our communities. This administration has waged an all-out assault on these young people, placing them in jeopardy and sowing fear that they will be sent back to countries that they do not even know. And now Republicans in Congress are turning their back on these young people as well. We could have passed a fix to this problem as part of a government funding bill. That would have been a bipartisan solution, and it would have been supported by the vast majority of the American people. Eighty-seven percent of Americans say DREAMers should be allowed to stay in the United States, yet President Trump is holding these young people hostage for a useless and offensive border wall. This is unconscionable. We have a moral obligation to act. Congress needs to stay here and have an open vote on a clean DREAM Act. That is our moral obligation.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Placing restrictions on our involvement or undermining international efforts that promote growth and reduce poverty is not something that we should support. Mr. Chairman, I encourage every Member in the House to vote ``no'' on this bill.

Ms. VELAZQUEZ. Mr. Chairman, I thank the ranking member for yielding. Mr. Chairman, I rise in opposition to H.R. 3326, the World Bank Accountability Act of 2017. Let me be clear, from the outset, that I support the World Bank and its mission. The World Bank is a vital source of financial and technical assistance to developing countries. It works to reduce poverty and support development around the globe. Let me also be clear that I support this bill's authorization of $3.29 billion to the World Bank's International Development Association, which provides grants and very low-interest loans to the poorest 77 countries on the planet. These countries use this funding for a wide array of investments in areas like education, health, public administration, infrastructure, and resource development, but when I voted for this bill in committee, I joined the ranking member and the rest of my Democratic colleagues in making clear that my support was dependent on working together on making changes to the bill as we moved to the floor. This is about the right of the minority to provide meaningful input into legislation, and that was an agreement that we struck before we voted on the bill. Despite Democrats' best efforts, that did not happen, and there continue to be provisions in this bill that need to be addressed. For example, the bill calls for withholding 30 percent of the U.S. contribution to IDA in any year over a 6-year period in which the Treasury Secretary cannot certify to Congress that the World Bank has adopted or is taking steps to implement two sets of reforms mandated in the bill. In addition, if the Treasury Department cannot report that the World Bank has met either or both of these reforms in any given year, the bill forces U.S. funding to the World Bank to be withheld and makes it more difficult for the World Bank to implement these reforms going forward. As currently drafted, this bill reflects a total misunderstanding of how the international system works. Multilateral institutions, like the World Bank, which we set up, require sustained U.S. involvement and leadership. It is unrealistic to think that the U.S. can impose its will on the World Bank. Withholding funds is not an effective approach to reform. The only way to achieve the reforms we are seeking at the World Bank is through our participation and commitment. At times like this, we must not retreat from our involvement or responsibility on the world stage.