Maxine Waters

Ms. WATERS

Ms. WATERS. Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and to include extraneous material thereon.

Ms. WATERS. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in strong support of H.R. 1057, which would require the Secretary of the Treasury to mint coins in commemoration of the National World War II Memorial in Washington, D.C. The National World War II Memorial is located on the east end of the reflecting pool on The National Mall. The process for the dedication of the National World War II Memorial started in 1987, and it was a 17- year effort until the memorial was finally opened to the public in 2004. It is the first national memorial dedicated to all who served in World War II and acknowledges the commitment and achievement of the entire Nation. The memorial today is a top destination for millions of annual visits from all over the country and the world. The more than 16 million people who served in the Armed Forces, the more than 400,000 who died, and the millions who supported the war effort from home are all honored with this memorial. It commemorates the spirit, sacrifice, and commitment of the American people to the common defense of the Nation and to the broader causes of peace and freedom from tyranny throughout the world. It acts as a symbol of national unity, and it is a timeless reminder of the moral strength and power that flows when free people are at once united and bonded together in a common and just cause for liberty. This bill, sponsored by Representative Kaptur, would provide tangible support to the World War II Memorial by directing the Secretary of the Treasury to produce commemorative coins in recognition of everything that the memorial represents. Madam Speaker, I urge Members to support this bill, and I reserve the balance of my time.

Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentlewoman from Ohio (Ms. Kaptur).

Ms. WATERS. Madam Speaker, I yield myself the balance of my time to close. I thank Congresswoman Kaptur for her work to guarantee that the stories and values the World War II Memorial represents continue to circulate throughout the Nation. Madam Speaker and Members, each evening that I am in Washington, D.C. when I leave the Capitol to go home, I pass this memorial, and I think about Marcy Kaptur. I think about the first time that I learned and understood she created this. This was her legislation, and so it absolutely continues her vision, her foresight, and her love for the sacrifices that have been made by so many by establishing this World War II Memorial and everything that it represents. I am so grateful that I am able here this evening to show my support and to thank her for what she has done in creating that memorial. I urge my colleagues to join me in supporting this important piece of legislation. Madam Speaker, I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to honor Mayor Patrick Furey for his outstanding service over the past 40 years to the citizens of Torrance, which is partially in the 43rd Congressional District of California. Last night, the City Council of Torrance honored Patrick Furey upon his retirement after 8 years as Mayor. Mr. Furey moved from Philadelphia to Los Angeles in 1973 after serving as a policeman in his hometown and as an infantry soldier in the United States Army. Always active in his community, while raising his family, Pat volunteered as a Boy Scout leader for more than 10 years and served as a Little League umpire for more than 1,000 games. He was the President of the Northwest Torrance Homeowners Association and often served as a spokesperson for the coalition of Torrance homeowners associations concerning issues impacting the entire city. Prior to his election to the City Council in 2008, Patrick Furey served Torrance as a civil service commissioner and a member of the Mayor's Blue Ribbon Committee on Ethics and Integrity. When California was reapportioned after the 2010 Census and much of Torrance was added to my District, then Councilman Furey and his wife Terry were the first Torrance residents to invite me to their home. We developed a strong friendship and have partnered on many projects together. Trained as a lawyer, Pat retired after a full career as a Principal Deputy County Counsel assigned to the Children's Services Division before being seated as Mayor in 2014. He had also served as a Training and Advice Counsel to the Department of Children & Family Services in Torrance for more than 3 years. Pat Furey has always been concerned about young people. In addition to raising their own two children and nine grandchildren, Pat and Terry were founding members of the Torrance Education Foundation, and he served as its President for 4 terms. He was a member of every PTA in Torrance and a major supporter of public schools. He chaired the Torrance Unified School District's Personnel Commission and chaired the Community Planning and Design Committee. Mayor Furey was also a huge advocate for Torrance businesses, from grocery stores to high tech industries. Always responding to community requests, he was a major booster of the Torrance Armed Forces Day activities and spent much time assisting the city's non-profit organizations. He was a hard-working, dedicated and popular mayor, constantly focused on every aspect of his city's operations. The region's residents know they were fortunate to have Mr. and Mrs. Furey serving in City Hall. Now that Mayor Furey has been termed out of office, he will be continuing his public service by returning to the Torrance Education Foundation. I am proud to congratulate Pat Furey upon his retirement as Mayor and look forward to working with him on whatever his next endeavors may be.

Ms. WATERS

Ms. WATERS. Madam Speaker, I include in the Record a letter I've sent to Chairman DeFazio of the Transportation and Infrastructure Committee regarding H.R. 2020, the ``Post-Disaster Assistance Online Accountability Act,'' sponsored by Representative Gonzalez-Colon. House of Representatives, Committee on Financial Services, Washington, DC, June 21, 2022. Hon. Peter A. DeFazio, Chairman, House Committee on Transportation and Infrastructure, Washington, DC. Dear Chairman DeFazio: I write concerning H.R. 2020, the ``Post-Disaster Assistance Online Accountability Act,'' sponsored by Representative Gonzalez-Colon. The Financial Services Committee received an additional referral on this bill but has not formally foregone any further consideration of the bill because we were unfortunately not given sufficient time to review it prior to it being brought to the floor on suspension. While I support the apparent purpose of this legislation, I am concerned that the Department of Housing and Urban Development (HUD) and the Federal Emergency Management Agency (FEMA) have not been consulted for their opinion or technical drafting assistance on this legislation when they will play key roles in implementing this bill. I have shared the text of this legislation with both HUD and FEMA and requested their input. I would appreciate your cooperation in addressing any concerns from these agencies and integrating any technical drafting changes they suggest as you work to move this bill in the Senate. My staff will be in touch as they receive feedback from these agencies. I will be submitting a copy of this letter in the Congressional Record and I look forward to working with you on this and other issues where our Committees cross paths. Sincerely, Maxine Waters, Chairwoman.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to honor Mr. Mike Murase for his outstanding service on behalf of people of color, women, young people, seniors, and other disadvantaged members of society. Later today, the Little Tokyo Service Center in downtown Los Angeles will honor Mike Murase upon his retirement. Mike Murase has been an activist leader in the Japanese American national civil rights movement for more than 50 years. Mr. Murase moved from Japan to Los Angeles when he was just 9 years old after multiple visits to Hiroshima with his parents to witness the destruction of the world's first atomic bomb; visits which had a profound effect upon his social activism for the rest of his life. Mr. Murase was an early opponent of U.S. involvement in the Vietnam conflict and was a leader in Asian American opposition to the war. He co-founded Gidra, a landmark Japanese American Movement publication, when he was an undergraduate at the University of California at Los Angeles (UCLA), where he also helped create the Asian American Studies Center. Mr. Murase graduated from the Gould School of Law at the University of Southern California (USC) and taught some of the early ethnic studies classes at UCLA, USC, and California State University Long Beach. Mr. Murase was a member and leader of such seminal organizations as Asian Americans for Nuclear Disarmament, the Little Tokyo Peoples Rights Organization, the National Coalition for Redress/Reparations, Unity Los Angeles, and the California Rainbow Coalition. He was Rev. Jesse Jackson's deputy field coordinator and the California Asian American Coordinator in Rev. Jackson's 1984 presidential run; and the California Campaign director for Rev. Jackson's 1988 effort. Mike Murase was the District Director of my Congressional office for 13 years where he worked tirelessly with countless community service organizations, improving their interaction with the Federal government. He was a highly skilled manager who was also an extremely talented graphics designer, writer, public speaker, and organizer, who, utilizing all of his skill set, led and trained my staff magnificently. He knew my district well and was able to meet challenges of every type, creating positive outcomes on many levels. Mr. Murase was instrumental in organizing the California Rainbow Coalition after serving on the Rainbow Coalition's national board. He was chair of the Los Angeles Free South Africa Movement from 1986 to 1988, helped Quincy Jones and myself produce the city-wide welcoming reception for Nelson Mandela attended by 79,000 people at the Los Angeles Coliseum in 1990, and was an observer to the African National Congress conference in South Africa in 1991. Mike Murase is retiring after 16 years on the Executive Staff of the Little Tokyo Service Center, a vital social service and community economic development agency serving the Japanese American community throughout Los Angeles. It is a highly respected organization, which he helped found in 1979. He also served as Board President for its first five years. Amongst his other duties as the Director of Service Programs for the Center, Mr. Murase was the Terasaki Budokan Campaign Director and successfully opened a significant community athletic center in Little Tokyo. Mike Murase is a published author and an accomplished photographer, speaks fluent Japanese, and is a favorite interview subject of young Asian American activists. His importance to numerous cultural and political movements in our country cannot be overstated. I congratulate Mike upon his retirement from the Little Tokyo Service Center and look forward to his next endeavors.

Ms. WATERS

Ms. WATERS. Mr. Speaker, on roll call No. 77, in the Second Session of the 117th Congress, on H.R. 6434, I was unavoidably detained. Had I been present, I would have voted ``aye.''

Ms. WATERS

Ms. WATERS. Mr. Speaker, I rise in support of the America COMPETES Act. This crucial piece of legislation will strengthen our Nation's financial system and allow us to maintain and strengthen our ability to compete with the rest of the world, especially with the People's Republic of China; that is, PRC. After arriving in Congress, I have made it a priority to advance legislation to empower American workers and make sure America's economy remains competitive for generations to come. Under my leadership, the Committee on Financial Services has: Reauthorized the Terrorism Risk Insurance Act and the Export-Import Bank to benefit American workers, small businesses, and communities throughout our country; Set aside $60 billion of Paycheck Protection Program, that is PPP, funds for community lenders to lend to some of the smallest businesses, including minority, and women-owned businesses; Protected small investors and businesses from bad practices on Wall Street to give everyone a fair shot in our capital markets. Today, I continue that leadership with the America COMPETES Act, including several provisions from our committee that, among other things, will combat ransomware attacks, strengthen Defense Production Act authorities to protect the supply chains of medical materials, and more. I am also pleased to have included my bill to end World Bank and Asian Development Bank funding for China, unless such assistance contributes a global public good that serves the U.S. national interest, such as stopping climate change. Moreover, I urge the House to pass the Sherman amendment, which strengthens the integrity and, thus, increases the competitiveness of our economy and capital markets by adding long overdue transparency to the shadow or exempt securities markets. Mr. Speaker, this bill will set up our Nation, its businesses and workers, to better compete in the world, especially against the PRC. Let's invest in our Nation's future and get this historic bill to the President's desk. I urge an ``aye'' vote.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise in support of the Build Back Better Act, which will make historic investments across the country. We are in the middle of a housing crisis, and I have worked hard for funding to assist this crisis that we have in housing. As chairwoman of the Financial Services Committee, I have considered this my responsibility. It is not lost on me that more than 580,000 people experience homelessness on any given night, and millions of families are at this very moment sacrificing their next meal to pay the rent. Many more have been kept out of their dream of homeownership. With more than $151 billion for housing in this bill, Democrats are helping families achieve housing stability and housing affordability. Housing is infrastructure. The Build Back Better Act provides the largest investment in America's housing infrastructure in history. This investment is critical to creating a fair and equitable Nation where everyone can thrive. As this bill goes to the Senate, in it we have $10 billion for first- generation home buyers; we have $25 billion in Section 8 rental assistance; we have $25 billion in the HOME program, CDBG, and the housing trust fund to build more affordable units. So I would ask for support of this very significant legislation. It is indeed a game-changer. I urge my colleagues to vote ``yes'' on the Build Back Better Act.

Ms. WATERS

Ms. WATERS. Madam Speaker, I thank Chairman McGovern for creating this opportunity for me to share a few remarks with you this evening. For decades, we have failed to make the kinds of investments that allow families to access equal opportunities and communities to thrive, so I rise today in strong support of the Build Back Better Act to deliver the urgent investments our country needs to thrive. I have spent my career fighting for the dignity of safe and decent homes for all. In 2019, I coined the phrase ``housing is infrastructure.'' It hasn't been easy getting to this point, but I am incredibly proud to discuss the more than $150 billion for housing investments included in today's bill that will create or preserve over 1 million homes. These investments include $65 billion to repair and rebuild our Nation's public housing; $25 billion for new rental assistance to support hundreds of thousands of people struggling to afford rent and help people escape homelessness and domestic violence; $26 billion to create and preserve hundreds of thousands of affordable and accessible housing units; and $10 billion in downpayment assistance to make the dream of homeownership possible for the millions of first-generation home buyers. Housing is at the heart of building back better. Madam Speaker, I urge Members to vote ``yes'' and help make safe, decent, and affordable housing a reality for every family.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2265) to amend the Investment Company Act of 1940 to postpone the date of payment or satisfaction upon redemption of certain securities in the case of the financial exploitation of specified adults, and for other purposes, as amended.

Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and insert extraneous material thereon.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5142) to award posthumously a Congressional Gold Medal, in commemoration to the servicemembers who perished in Afghanistan on August 26, 2021, during the evacuation of citizens of the United States and Afghan allies at Hamid Karzai International Airport, and for other purposes, as amended.

Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Member may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield 2 minutes to the gentleman from Rhode Island (Mr. Cicilline).

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4111) to require the Secretary of the Treasury to direct the United States Executive Director at the International Monetary Fund to advocate that the Fund provide technical assistance to Fund members seeking to enhance their capacity to evaluate the legal and financial terms of sovereign debt contracts, and for other purposes.

Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, earlier this year, the Financial Services Subcommittee on National Security, International Development and Monetary Policy held a hearing on China's lending practices and their impact on the international sovereign debt architecture. The hearing examined China's dominant position as the largest official creditor in the world, with China's outstanding claims larger than those of all other bilateral creditors combined. We also examined how China lends with respect to the terms and conditions China imposes on borrowing countries through its sovereign debt contracts. Among the witnesses who testified were authors of a recent study that examined 100 China sovereign debt contracts, which found that since 2014, every sovereign debt contract examined contained strict nondisclosure requirements that prohibited the borrower from disclosing the terms of, and even the existence of, the debt itself. Many of the contracts examined sought to elevate Chinese Government loans over other creditors by requiring the creation of China- controlled offshore collateral accounts and by explicitly prohibiting the debt from being included in any multilateral debt restructuring initiative. The study also found a number of contracts with cross-default and accelerated payment provisions that give China substantial leverage over an array of domestic and foreign policy decisions that a borrowing country might undertake. The absence of transparency not only prevents citizens from holding their governments accountable for their borrowing decisions, but it also obscures a country's true financial picture from other creditors, which can undermine sovereign debt rescheduling operations that are based on systems of trust and equitable burden sharing among all of a country's creditors. For example, in Zambia, one of three countries that has applied for debt relief under the new G20 Common Framework initiative, new revelations about undisclosed Chinese debt nearly doubled its total official amount owed from $3.4 billion to $6.6 billion. Opacity also creates greater opportunity for political capture and corruption and undermines debt risk management and surveillance work. It was this context in which I introduced, with Ranking Member Patrick McHenry, H.R. 4111, the Sovereign Debt Contract Capacity Act, which directs the Secretary of the Treasury to instruct the United States executive director at the International Monetary Fund to use the influence of the United States at the IMF to advocate that the Fund provide technical assistance to bolster the capacity of developing country debt managers to evaluate and negotiate both the financial and the legal terms in sovereign debt contracts. It is important that this kind of capacity building also be available through multilateral channels like the IMF, which have a wider global reach. Multilateral approaches can also be more effective since national programs risk being perceived as an instrument of power politics and beholden to certain interest groups within a country. To be sure, some countries sign bad contracts for the wrong reasons, including corruption and governance problems. In a country that is running up oppressive, hidden debt because its leaders are corrupt, training is not going to help a lot. But ensuring that technical assistance is available to any developing country that requests help in assessing the technical, legal complexities of sovereign debt contracts would be an important step in reform of the sovereign debt crisis management system. Mr. Speaker, for these reasons, I urge my colleagues to support this bill, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I am prepared to close, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time. In closing, I want to note that H.R. 4111 also directs the U.S. to advocate for the IMF to develop and promote a shared understanding of standard terms and sound practices with respect to sovereign debt contracts. Officials for countries that sign oppressive debt contracts are often told that the proposed terms are market standard where either there is no standard or where the standard is quite different from what is being proposed. This would be another positive reform of the sovereign debt architecture. I would like to thank Ranking Member McHenry for working with me on this important bill. H.R. 4111 has been endorsed by Oxfam, Bread for the World, ONE, and the AFL-CIO. Mr. Speaker, I urge my colleagues to support this bipartisan bill, and I yield back the balance of my time.

Ms. WATERS. Mr. Speaker, on that I demand the yeas and nays.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I have no further speakers, and I am prepared to close. I reserve the balance of my time until Mrs. Wagner yields.

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2989) to amend securities and banking laws to make the information reported to financial regulatory agencies electronically searchable, to further enable the development of RegTech and Artificial Intelligence applications, to put the United States on a path towards building a comprehensive Standard Business Reporting program to ultimately harmonize and reduce the private sector's regulatory compliance burden, while enhancing transparency and accountability, and for other purposes, as amended.