Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, let me take this opportunity to thank the ranking member for yielding me time. Mr. Speaker, I rise in support of H.R. 1219, the Supporting America's Innovators Act of 2017, which I am proud to cosponsor with Mr. McHenry. Throughout my career here in Congress, I have always supported and encouraged legislation that creates jobs and fosters innovation for America's entrepreneurs and small businesses. The bill we are considering today will further that goal. Mr. Speaker, I always say access to capital is access to opportunity. That is exactly what this legislation does. The Investment Company Act of 1940 currently limits the number of accredited investors in a venture fund to no more than 100 individuals, but most funds try not to reach that limit in order to adjust for unforeseen circumstances. This artificially low limit restricts the number of individuals that can invest in small businesses and startups. That means less opportunity for entrepreneurs. Our bill will address this problem by allowing up to 250 accredited investors to participate in venture funds with up to $10 million in capital. It is important to stress that these are accredited investors. They have at least $200,000 in minimum income or $1 million in net assets. These are sophisticated investors comfortable with the risks involved in the startup sector. Many of these investors pool their money together either in local or national groups. More recently, many have gotten involved in online crowdfunding platforms, which were created through the JOBS Act, to funnel more capital to small businesses and startups. Our bill will create greater access for women-owned and women-led businesses. The types of funds empowered to attract more investors under this bill are often a good capital source for women-owned firms. I am proud that our bipartisan legislation has garnered a wide range of attention and support from the industry. The Angel Capital Association and the Internet Association have endorsed the bill. These are groups dedicated to expanding capital opportunities for small businesses. This bill has also moved through the legislative process with strong bipartisan support every step of the way. Last month, we passed this bill out of the Financial Services Committee with a broad bipartisan vote of 54-2. The same day, the Senate Banking Committee was busy passing its bipartisan companion version, S. 444, sponsored by Senators Heitkamp and Heller. It is also important to recognize that, last year, this Chamber passed a nearly identical version of our bill by a vote of 388-9. It is time to see this legislation enacted. It will create more capital for small businesses and it will mean more jobs throughout the Nation. Let me take a moment to thank Mr. McHenry for working with me on this bill, as well as Chairman Hensarling. And let me also thank Ranking Member Waters for her leadership and hard work. Again, a vote for this bill is a vote for America's entrepreneurs. I urge my colleagues to vote ``yes.''

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, another week in Washington and, yet, more evidence mounts; our election and the White House have been compromised by Russia. This week we learned one of the President's informal advisers--a mercenary who founded the company Blackwater--met secretly with a Putin representative and attempted to establish back-channel conversations between the Trump administration and Russia. Remember, this comes after we found out the President's son-in-law met with Russian banking officials. It comes after it was reported that the Attorney General likely perjured himself before Congress about his own meeting with Russians. Sadly, it comes after there were chemical weapons attacks in Syria. Let us recall that Assad's closest ally in that horrific civil war has been--you guessed it--Russia. It is imperative we unearth all of the links between this administration, Russia, and Russia's hacking of our election. The House Intelligence Committee's investigation has become a farce. We need a thorough, independent investigation. Appoint a special counsel now.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise to congratulate NYC Health + Hospitals Woodhull on their recognition from the Human Rights Campaign (HRC) for an outstanding commitment to LGBTQ healthcare equality. In the HRC's Healthcare Equality Index, Woodhull earned the distinction of being a Leader in LGBTQ Healthcare Equality. When compared with other hospitals, Woodhull exemplifies fair practices and policies towards the LGBTQ community. This honor reflects Woodhull's deep and unwavering commitment to serving underrepresented communities with the utmost professionalism and care. To ensure cultural competence, staff at Woodhull have undergone comprehensive training to meet the needs of the LGBTQ community. Woodhull has a proud history of serving the residents of North Brooklyn, regardless of their ability to pay. Many of these residents are my constituents and one of my top priorities is making sure that our diverse community is treated with the respect and dignity they deserve. When it comes to receiving healthcare, no individual should fear discrimination based on sexual orientation. It is crucial that all Americans receive high quality care and I applaud Woodhull for their inclusivity and dedication to serving the LGBTQ community.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, Russia's efforts to influence our election constitutes a direct assault on our democracy. These alarming events must be thoroughly investigated. In particular, we must determine if any Americans collaborated in these attacks and are legally culpable. Sadly, the House Intelligence Committee chairman is either unwilling or incapable of conducting a fair investigation. How can Mr. Nunes run this investigation if he is briefing the President before talking with members of his committee? How can he be secretly meeting with so-called sources at the White House? Madam Speaker, the American people need to know that democracy is intact, and that requires a full, fair, and impartial investigation. Since December, I have repeatedly called for the Department of Justice to appoint a special counsel. I have also cosponsored legislation to create a bipartisan commission to investigate. The bottom line is this: Chairman Nunes has lost all credibility. He must recuse himself. We need a real investigation. Appoint a special counsel now.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, today House Republicans are preparing to vote to rip away health care from 24 million Americans, 2.7 million of them in New York. In my district, 122,000 people will lose coverage, including 12,700 children. Those who do retain coverage will pay more for less, with deductibles and premiums skyrocketing. This is what House Republicans plan to put on the floor today. It is a plan that benefits the healthy and the wealthy while hurting everyone else. If you have a preexisting condition and your coverage lapses, under TrumpCare, get ready to pay more. Are you a senior? Good luck affording medical coverage if TrumpCare becomes law. You are going to pay the insurance company five times more than younger people. Mr. Speaker, the American people see this for what it is, a direct assault on the vulnerable in order to give a tax cut to the wealthy and the healthy. Reject TrumpCare.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise to congratulate the Brooklyn Chinese-American Association (BCA) as they celebrate the twelfth anniversary of their Sixth Avenue Senior Center. The Sixth Avenue Center is one of nine locations throughout Brooklyn dedicated to the wellbeing and livelihood of seniors and the people who care about them. After securing funding from The Aging in New York Fund (DFTA) in 2012, the Center now serves over 200 seniors every day. Whether providing hearty meals, medical screenings, or recreational events like birthday parties and field trips, the Center is an invaluable part of the greater community of Sixth Avenue in Brooklyn. In the face of uncertain times and proposed budget cuts, creating and maintaining a warm and welcoming space for seniors is a testament to the hard work of the BCA staff. Their presence in the community helps some of our most vulnerable neighbors and makes Brooklyn and all of New York a better place to live. Mr. Speaker, I thank the staff and all those involved with the Sixth Avenue Senior Center for their dedication to the seniors of Brooklyn. I ask my colleagues to join me in congratulating them on 12 years of service.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, today, across the nation, from every major city to every small town, women are standing in solidarity, and reminding the world of our contributions. On this Day Without A Woman, women are sending a powerful message about the role we play in local communities, in our nation and throughout the globe. Yet, sadly, on this very same day that women are standing up to end gender discrimination and economic injustice, defend our bodies from governmental intrusion and to choose our own destiny, Republicans are proceeding with legislation to roll back the clock. Congressional Committees are starting to consider legislation eviscerating the Affordable Care Act. Not only would the Republican plan slash Medicaid, harming working women and children, but it defends Planned Parenthood, ultimately depriving millions of women of lifesaving health services. Mr. Speaker, it is a sad irony on this Day Without A Woman, when millions of ordinary Americans are standing for women's rights and a more just economy, Congressional Republicans are rushing to deprive millions of women and their families of health services they need to survive. This bill was composed behind closed doors, in secret, and now Republicans are rushing it through the Committee process to avoid scrutiny. On this Day Without A Woman, we are sending a powerful message. I can only hope my Republican colleagues in Congress are listening. Because, today, women everywhere are saying with one collective voice, we will not be silenced.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise to honor March 2017 as National Eye Donor Month. This is a month dedicated to promoting awareness of the need to register as an eye donor, recognize donors as well as their families, and celebrate the lives of donor recipients. Since President Ronald Regan proclaimed the first National Eye Donor Month in 1983, the Eye Bank Association of America (EBAA) and each of its 86 member eye banks across the U.S., have designated March to recognize over one million corneal tissue recipients who have regained their sight. In 2015 alone, EBAA member eye banks recovered 118,752 corneas from 66,065 donors and provided 74,173 corneas for transplant in the U.S. and around the world. Also in 2015, my home state of New York provided 2,835 corneas for transplant and 715 for research and education by six eye banks statewide. Eye banks have a special significance in the 7th Congressional District of New York, the Eye-Bank for Sight Restoration (EBSR) in my district was the first eye bank in the world. Since its inception in 1944 by Dr. Townley Paton, EBSR has given the gift of sight to over 63,000 men, women and children. On this special occasion, I commend the Eye Bank Association of America and the eye banks across the country for their great work. I encourage my colleagues to support efforts that urge all Americans to give the gift of sight by registering to become eye, organ and tissue donors.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I rise today to congratulate the Hotel Chinese Association (HCA) of USA on their 10th Anniversary Gala. Over the past decade, the Hotel Chinese Association of USA has been a leader in the New York City immigrant community. By providing assistance to workers in the Hospitality industry, the HCA has helped thousands of hotel workers in their 10 year history. Founded in 2007, the HCA's mission is to promote the understanding of the rights and responsibilities of hotel employees, primarily immigrant workers, who have language and cultural barriers. HCA coordinates with hotel unions and management, as well as recruiting and training immigrants, many of whom aim to have a career in the hospitality industry in New York City. The HCA has become an important anchor in New York's Chinese community by offering communication assistance and vocational training to Chinese employees. Whether it is providing networking and job opportunities, education, or cultural activities, the HCA aims to assist and lift up striving employees and give them the tools they need for success. I thank and congratulate the HCA for their 10 years of continuous service to our community and hope they continue to be a fixture in New York City.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I missed roll call no. 77 on February 2, 2017 due to an unscheduled constituent meeting off the House Floor that unexpectedly ran long. Had I been present for the roll call, I would have voted ``NO''.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, bring up H.R. 724, which will rescind President Trump's refugee ban so that family members like Qassim Al Rawi, a 69-year-old Iraqi national, will not be refused boarding on a flight to visit his U.S.-citizen family in the United States.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Madam Speaker, I thank the gentlewoman for yielding. Madam Speaker, on Saturday, millions of Americans around the Nation spoke with a collective voice, opposing President Trump's plans to trample women's rights. Yet here we are, the first week of the new administration, voting on a bill to scale back women's health benefits. Let's be clear: this bill is not about preventing Federal funds from going to abortions. Sadly, current law already prevents that. In reality, this bill would affect millions of women who purchase coverage with their own money. It will make it nearly impossible for insurance providers to offer plans fully covering women's reproductive health. It would harm low-income women who need access to an abortion, turning back the clock on women's reproductive rights. It is day five of the Trump Presidency and women are already being attacked at every corner. I promise my colleagues this: the American people are watching. They will remember this vote. Vote ``no'' on this bill.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. I rise in strong opposition to this resolution. Mr. Chairman, if Republicans go forward with this plan to dismantle the Affordable Care Act, 30 million Americans will lose health insurance. In New York State alone, 1.6 million of our neighbors--who gained coverage through ACA--will lose their health insurance and will see their health insurance taken away, and 2.7 million New Yorkers who have enrolled in Medicaid could lose coverage. But this is not just about Medicaid, and it is not just about who obtained coverage through the exchanges. This is about the young person just out of college who can stay on their parents' insurance until they turn 26, giving them time to secure employment and coverage on their own. It is about patients with preexisting conditions who, until the ACA, were blocked from securing quality medical insurance. It is about women who have faced gender discrimination in the insurance market. These are the people Republicans will harm with their irresponsible attack on our healthcare system. Now, let me also note this: the Republican slogan, repeal and replace, is a sham. What are they going to replace the ACA with? They have never, not once, put together a realistic, defensible plan to replace the ACA. Their plan should be called repeal and displace because it will displace millions of Americans from their health coverage. Reject repeal and displace. Vote ``no'' on this bill.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, my amendment is simple and straightforward. It will help ensure the SEC fulfills one of its core mission functions-- protecting investors. As Members of Congress, we must never forget the lessons of the financial crisis and the Great Recession. Americans lost $14 trillion, suffering sharp declines in retirement savings, pension funds, and overall wealth. This was due, in part, to being pushed into abstract and sophisticated financial products and securities that they knew little or nothing about. I was here in 2008, Mr. Chairman. I listened to the people. I heard their stories. Unfortunately, for many of them, the financial crisis and the Great Recession caused deep and lasting harm. Many may never recover. I proudly supported the Dodd-Frank Act and believe the SEC has implemented many regulations that will guard against another financial crisis and help preserve the financial future of American families for generations to come. For these reasons, I am concerned the regulatory reviews required by the underlying bill do not properly account for investor protection. To that end, my amendment ensures the SEC does more than just consider how a proposed regulation will impact businesses. It expressly instructs the SEC to weigh the safeguards of investors when changing a rule or regulation. My amendment instructs the SEC to continue focusing on investor protection not only when drafting new rules but also when reviewing existing regulations. Let me be clear: it is vitally important that this language be included to ensure investors' needs do not take a backseat to industry concerns. We must never go back to the days leading up to the crisis, Mr. Chairman. By simply instructing the SEC to take into account investor protections when reviewing and considering new or existing regulations, my amendment helps ensure the safeguards we put in place under the Dodd-Frank Act are preserved. This will mean retirement savings and household wealth are more secure, and we are not once again risking deep and lasting harm to our economy and financial markets. For these reasons, I urge the adoption of my amendment. Mr. Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. I want to thank the gentleman and Chairman Hensarling for working with me on this important amendment. I urge Members to vote ``yes,'' which is a vote to protect average, ordinary American investors. Mr. Chairman, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Chairman, I have an amendment at the desk.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I want to thank the chairman for being so kind. But let me just say that on this one, your approach is not balanced, and it is going to impact the very agencies that you are empowering with so many responsibilities. I would like to ask the gentleman, adding all these new responsibilities that would require manpower and expertise that is needed, how much money is included in the authorizing process for this office to work properly? Mr. Chairman, I yield back the balance of my time.

Ms. VELAZQUEZ. Mr. Chairman, I have an amendment at the desk.

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. The Regulatory Flexibility Act has reduced regulatory costs by $130 billion since 1998. However, it could do better. The amendment I am offering will improve this process. However, unlike the underlying bill, my amendment is actually aligned with the original statute, which was created to protect the unique needs of small businesses in the regulatory process, not to stop regulations. My amendment is also much more cost effective to the taxpayers, as the underlying bill creates a massive and unnecessary government bureaucracy. It should be noted that my amendment is based on bipartisan legislation from a previous Congress, which the committee reported by a recorded vote of 26-0. The amendment makes improvements to the most significant deficiencies facing the Regulatory Flexibility Act without the overly broad changes contained in the underlying bill. This includes making sure that agencies live up to their obligations to retrospectively review the burdens of existing rules on small businesses. The GAO has reported on numerous occasions that agency compliance with this requirement was poor. My amendment holds the agencies more accountable by requiring them to report the results of their reviews to Congress annually. My amendment also takes steps to make analyses more detailed so that agencies cannot ignore the RFA and simply certify that a rule has no significant economic impact on small businesses. Addressing this matter will ensure that agencies are required to provide a more factual basis for such certifications rather than just a sentence which dismisses the concerns of small firms. The most important aspect of my amendment is what it does not do. Unlike H.R. 5, my amendment does not create a new governmentwide bureaucracy or foist a truckload of new responsibilities on the Office of Advocacy, which only has a $9 million budget. For instance, H.R. 5 requires the Office of Advocacy to approve size standards, a function already handled by the SBA. This is like creating a Rayburn cafeteria next to the Rayburn cafeteria. It is ridiculous. This is a complete waste of taxpayer resources and will, ironically, take the Office of Advocacy away from its core mission of monitoring regulations. Also, another aspect that is very important, what this legislation does is it is setting the Office of Advocacy to fail. They do not have the expertise. They do not have the resources. In addition, H.R. 5 imposes the panel process across the entire government. I will say that again. Across the entire government, including all independent agencies. So much for fiscal responsibility. There is another complete waste of taxpayer resources, and it will further limit the Office of Advocacy's ability to weigh in on the most important matters affecting small businesses. Instead, my amendment makes the targeted changes to the RFA that small businesses have called for over the last 5 years. In doing so, it is cost effective and responsible to the taxpayers. I urge Members to vote ``yes'' on my amendment. Mr. Chairman, I reserve the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, House Republicans are playing politics with millions of Americans' health care. In fact, if Republicans go forward with their plan to chaotically dismantle the Affordable Care Act, 30 million Americans will lose health insurance. In New York State alone, 1.6 million of our neighbors, who gained coverage through ACA, will see their health insurance taken away; and 2.7 million New Yorkers who have enrolled in Medicaid could lose coverage. But let us remember that this is not just about New Yorkers. In fact, the sad irony is that many of the Americans who will lose and be most devastated by repeal of this law are in red States and counties, the places that voted for President-elect Trump. Those areas have high numbers of Americans on the Medicaid rolls. Already, States like Idaho, Nebraska, South Dakota, and Georgia are putting Medicaid expansion on hold, waiting to see how action on the ACA plays out. That means half a million Americans will have to wait for health benefits. But let's keep in mind that this is not just about Medicaid and it is not just about those who obtained coverage through the exchanges. What we need to remember is that all the elements of healthcare reform work together. If you start chipping away at one part of the system, you will see disasters in other parts of the market. This is about the young person, just out of college, who can stay on their parents' insurance until they are 26, giving them time to secure employment and coverage on their own. It is about patients with a preexisting condition who, until the ACA, were barred from securing quality medical insurance. It is about women who have, time and again, faced gender discrimination in the insurance market. Just this past Saturday, New Yorkers in my district rallied together to oppose Republican plans to roll back the ACA and make America sick again. We heard from our local hospitals and healthcare providers who talked about how they will be affected by a dramatic surge in charity care. Nationally, healthcare providers could get stuck with $88 billion in 2019 alone and $1.1 trillion from 2019 to 2028 in uncompensated care. This will strain resources and make it harder for them to provide care to all their patients. And we heard from ordinary working people who have benefited from the ACA, people like Juana Alvarez, who was able, for the first time, to secure coverage for herself and her family through this law. We heard from Susan Maples, who told us she would not have been able to start her own business without the health benefits afforded under ACA. These are the people Republicans are planning to harm with their irresponsible, chaotic, and destructive attack on our health system. Now, let me also note this: The Republican slogan ``repeal and replace'' is a sham. What are they going to replace the ACA with? They have never--not once--put together a realistic, defensible plan to replace the ACA. The Republican plan is not repeal and replace. It should be called ``repeal and displace'' because it will mean displacing millions of Americans from their health coverage. So let's be clear. If you are voting to take away the ACA, you are voting to take away health care from millions. And for those who do retain their employer-based coverage, you are voting to increase their premiums, as millions of healthy Americans are taken out of the insurance pool. This is a recipe for disaster. It is a plan to make America sick again, and it cannot stand. I urge my colleagues to think about what you are doing. Think about going home and looking in the eyes of your constituents and telling them you voted to take away their health coverage. Enough playing politics with health care.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. First of all, I am the author of the amendment, and in the amendment, there is no place in which it requires anyone to sign anything. This is a reasonable, straightforward, simple amendment that provides transparency and protection to the investors. The gentleman says that this is not an offering. While some presentations may not explicitly be offering securities for sale, these demo days are not a simple science fair. They are sophisticated business presentations designed to generate hype and investor interest. If a sponsor wants to advertise such events to the public, it is reasonable that they also provide information regarding the risk of investing in startups. Mr. Chairman, I yield back the balance of my time.

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

Ms. VELAZQUEZ. Mr. Chairman, I have an amendment at the desk.

Ms. VELAZQUEZ. Mr. Chairman, I yield myself such time as I may consume. When we think of a startup business, the early days of Apple or Google usually come to mind. Their stories are familiar--hardworking entrepreneurs who beat the odds. Like these companies, most successful startups have several common ingredients: a new product or service, a willingness to take risks, and leadership that can navigate the complexities of today's economy. And successful firms also have a way of securing capital to both get off the ground and to grow. This last ingredient can present serious obstacles as startups face unique financing challenges. Many do not have positive cash flow, putting traditional bank loans out of reach. While some of these firms participate in incubator or accelerator programs that provide a small amount of seed capital, they must find new sources of funding when their initial capital runs out. One avenue for securing additional capital is by participating in demo days or pitch days. At these events, entrepreneurs have an opportunity to showcase their companies and innovations to potential investors. Today's bill will alter SEC rules to exempt the use of general solicitation for presentations made at demo days. In other words, demo day organizers will not have to comply with the usual procedures verifying that the investors they are attracting to the event are accredited. Despite the well-intended goal of expanding the use of demo days to better meet startups' capital needs, it is easy to see how unscrupulous actors could exploit this exemption to deceive ordinary people that were drawn to the event by a public advertisement. My amendment makes improvements to ensure attendees at demo days have an opportunity to be informed about the nature of these presentations and the risks of investing in startups. Typically, demo days are limited to select groups of potential investors. Let's be clear, these are not science fairs, but they are sophisticated business presentations designed to raise capital for the entrepreneurs and their startups. However, the underlying bill allows colleges and universities and nonprofits to host these events and advertise them to the public. It is easy to see how some attendees might not know the true nature of the presentation. My amendment will address this by requiring event sponsors to provide an SEC-created disclosure outlining the nature of the event and investment risks. By creating a uniform disclosure, the SEC can take the burden off the sponsors and issuers on what to disclose. This amendment would also clarify that attendance at a demo day alone does not constitute a preexisting relationship and does not allow a stock issuer to sidestep their obligation to verify that an investor is accredited. Without this clarification, it is possible that issuers could defraud less-sophisticated retail investors. Demo days are a great way for our Nation's entrepreneurs to raise capital, but they should be making presentations to the right investors, those that understand the risks of investing in risky startup businesses, not just anyone who saw an advertisement. My amendment would both expand the ability of small businesses to raise capital by tapping into demo days while ensuring that the right kind of investors, those accredited and fully informed, are participating in the small business capital markets. Mr. Chairman, I urge my colleagues to support the amendment, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Chairman, may I inquire as to how many other speakers the gentleman has?