Maxine Waters

Ms. WATERS

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

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time. H.R. 500 is a helpful piece of legislation that will support our Nation's seniors as they seek to fund their retirement. Investment advisers and brokers want to do the right thing to stop fraud when they see it, and this bill will ensure they are able to do so. The bill is supported by the Consumer Federation of America, the North American Securities Administrators Association, and Public Citizen. Mr. Speaker, I urge all Members to support this bill, and I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 582, the Credit Union Board Modernization Act, sponsored by Representative Vargas. This bill would modernize Federal requirements for Federal credit union board meetings to match a flexibility included in State credit union charter requirements in 17 States, including my State of California. Specifically, Federal credit unions are currently required to meet monthly. Under this bill, Federal credit unions that receive high ratings from the regulator would only be required to meet six times annually, with at least one meeting held during each fiscal quarter. To ensure stability and mitigate the risk of institutional failure, this bill retains certain safeguards. For example, Federal credit unions that receive low exam ratings would still be required to meet at least monthly, as well as newly formed Federal credit union boards during the first 5 years of their charter. Additionally, if emergencies or issues arise requiring a board meeting, nothing in the bill prevents Federal credit unions from meeting more frequently than what is required. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time for closing. Mr. Speaker, I applaud Mr. Vargas' efforts to work on this bipartisan bill and appreciate that the reforms in this bill have been structured in a way to incentivize credit union boards to take steps to ensure their institutions are safe, sound, and well managed. This bill has broad support, including from credit unions, like the California and Nevada Credit Union Leagues, to consumer groups like Americans for Financial Reform. I am pleased to work with Mr. Vargas to advance this bill through the House. I was pleased to do this in the last Congress. Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 298, the Expanding Access to Capital for Rural Job Creators Act, sponsored by Representative Mooney of West Virginia. Last Congress, this bill was led by Democrats and introduced by my good friend, former Representative Axne of Iowa. The bill passed the House last year, and I continue to support it. While small businesses in the big cities may enjoy easier access to capital to grow their businesses, hire and support their employees, and serve their communities, the businesses in rural America often struggle. Rural America's job growth is half the rate than that of big cities. Rural America's poverty rate is also higher than that of the big cities, even though it has dropped under President Biden's leadership and as a result of the Inflation Reduction Act passed by Democrats last Congress. To better understand these issues in rural America, H.R. 298 would require the SEC's Small Business Advocate to report to Congress on particular challenges that rural businesses face in accessing our capital markets. I am very much in support of this bill. I have always advocated that we should work together, the rural legislators and the small town legislators, to be able to do more in rural communities. Of course, that takes resources. So while my colleagues on the opposite side of the aisle may be in the cutting mode, based on what I am learning about the debt limit discussions that are going on, I would urge them to take a look at these rural communities so that we can begin to close that gap that exists. Mr. Speaker, I say to my colleagues: It is not only when we are talking about businesses and small businesses, whether we are talking about that or healthcare or any of the other issues, the rural communities need more advocacy. They need more legislation. They need more of the Representatives on the opposite side of the aisle dealing with us so that we can correct these gaps that have lasted for far too long. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, H.R. 298 directs the SEC Small Business Advocate to focus on the challenges rural small businesses face. I, again, urge my colleagues to support this bill. Again, I would like to reiterate how anxious I am to work with the opposite side of the aisle so that we could close this gap and deal with the concerns of rural America. It is not only in small business; again, it is healthcare and it is in housing. You all know that housing is one of my top priorities. I am looking forward to an urban-rural Renaissance of some kind. I want to say to Mr. Hill, I am looking forward to what can be done in Arkansas. My mother was born in Cotton Plant, Arkansas, in his district, and I know that there are a lot of needs there, but it is going to cost money. It is going to cost time. I want the gentleman to know I believe in capital formation, and I think we can work together on capital formation. Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Danny K. Davis).

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (S. 450) to award posthumously the Congressional Gold Medal to Emmett Till and Mamie Till-Mobley.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. I rise in support of S. 450, the Emmett Till and Mamie Till-Mobley Congressional Gold Medal Act, which is a companion to a House bill sponsored by Representative Rush. This bill will provide for a Congressional Gold Medal in commemoration of two very important figures in our American history and heroes of the civil rights movement, Emmett Till and Mamie Till-Mobley. It was not long ago that Emmett Till, a 14-year-old African-American child from Chicago, visited his family in Money, Mississippi. Shortly after his arrival, he was kidnapped, beaten, mutilated, and shot in the head. His murderers then sunk his body in a river with a cotton gin fan tied around his neck with barbed wire. Mamie Till-Mobley, Emmett Till's mother, expressed both love and heroism in the face of the unthinkable, ensuring that her son's body was brought home to Chicago and insisting that his funeral be open casket. She ensured that Emmett was dressed in his Sunday best and that nothing else about his body was touched, so that people could see the violence that had been perpetrated upon him and bear witness to the horrors of lynching. Mamie issued an open invitation to her young son's funeral. 50,000 people heeded the call and were moved by the devastating effects that racism, prejudice, and hate had on Emmett's body and very life. She allowed Jet Magazine to photograph Emmett in his casket, ensuring that all of America would have an image of her son to galvanize a nation against the horrors of lynching and illuminate the need for the civil rights of all. Representative Rush was 8 years old when Till was lynched and murdered; and he has said that one of the sharpest memories of his childhood is the image of Mamie Till-Mobley looking at her son's body in Jet Magazine. Mamie Till-Mobley's bravery was a fomenting force for the civil rights movement, paving the way for subsequent advocacy to increase racial equality, including the Montgomery boycott. While we still have a long way to go to ensure racial equity, we owe a great deal of progress to the bravery and sacrifice of Mamie Till-Mobley and the way that she honored her son's life. Representative Rush represents Illinois' First District, where Emmett Till and Mamie Till-Mobley resided. While Representative Rush has been in office, their house has become a national landmark. Representative Rush is also the sponsor of H.R. 55, the Emmett Till Antilynching Act, which was signed into law earlier this year, and makes lynching a Federal hate crime, punishable by up to 30 years in prison. Due to the absence of this and other Federal and legal protections, Emmett Till's murderers served no time in prison for their crimes. I am so appreciative of Representative Rush's dedication to Emmett Till and Mamie Till-Mobley and his work to ensure that lynching is recognized as a Federal crime, and that the Tills are honored for their bravery and legacy. I am pleased to be able to vote ``yes'' for this bill before Representative Rush's retirement at the end of this term, and I congratulate him on this accomplishment. I urge my colleagues to support this very important Congressional Gold Medal bill. Mr. Speaker, I reserve the balance of my time.

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 to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time for closing. I appreciate Representative Rush's dedication to ensuring that Emmett Till and Mamie Till-Mobley's legacy and bravery are remembered and honored with this bill. This Congressional Gold Medal bill will allow the American people to pay tribute to these brave individuals who catalyzed the civil rights movement and stood up against racial injustice in the face of immense hardship and without whom we would not be where we are today as a country that continues to work toward racial equality for all. I thank Representative Rush for championing this important bill. I would add that, yes, I remember when it took place. I was 16 years old at the time. The parents and leaders of our community made sure that all the children in our communities, in our schools, and in our churches knew what had happened. They made sure that we understood what was going on in this country at that time. We are never to forget what happened to Emmett Till and what happened to so many others when lynching was a way of life. Mr. Speaker, I am very pleased that Mr. Rush has championed this important bill. I urge all of my colleagues to support it, and I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I was chairing the crypto hearing. Had I been present, I would have voted ``yea'' on rollcall No. 519. Members Recorded Pursuant to House Resolution 8, 117th Congress Axne (Pappas) Beatty (Neguse) Brooks (Fleischmann) Burgess (Weber (TX)) Cawthorn (Gaetz) Cherfilus-McCormick (Brown (OH)) Cicilline (Sewell) Clyburn (Butterfield) DeFazio (Pallone) Dingell (Pappas) Doyle, Michael F. (Evans) Dunn (Salazar) Escobar (Garcia (TX)) Espaillat (Correa) Gonzales, Tony (Fleischmann) Gosar (Weber (TX)) Grijalva (Correa) Horsford (Kelly (IL)) Jacobs (NY) (Sempolinski) Johnson (TX) (Pallone) Kim (NJ) (Pallone) Kirkpatrick (Pallone) Krishnamoorthi (Pappas) Larson (CT) (Pappas) Maloney, Sean P. (Beyer) Meng (Khanna) Moolenaar (Bergman) Newman (Correa) Norcross (Pallone) O'Halleran (Pappas) Palazzo (Fleischmann) Pascrell (Pallone) Porter (Beyer) Posey (Cammack) Pressley (Neguse) Rice (SC) (Weber (TX)) Rush (Beyer) Sanchez (Correa) Simpson (Fulcher) Sires (Pallone) Stevens (Craig) Strickland (Correa) Tiffany (Fitzgerald) Titus (Pallone) Welch (Pallone)

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to honor Mr. Frank Scarfo, a 94-year-old U.S. Army veteran in my Congressional District who has quite an interesting history. Mr. Scarfo served our country as a counterintelligence officer based in Italy during the Korean War. In a little-known Army operation, Mr. Scarfo helped identify and report communist party operatives who were attempting to infiltrate the Army's leadership by working as support staff in Italy. Born and raised in a small coal-mining town called Norton in West Virginia, Mr. Scarfo was brought up speaking only Italian in his parent's household until the age of eight. After graduating from college, he registered for the draft in December 1950 and after making the Army aware of his fluency in Italian was sent to Fort Holabird, Maryland, home of the Army's Intelligence School from 1945 to 1972, where he was trained as a counter-intelligence officer. Assigned to the 7617 Military Post in Livorno, Italy, Mr. Scarfo served his country for two years supporting the 4th Logistical Command, uncovering potentially dangerous enemy operatives who were working for the U.S. Army in Livorno, Pizza, and Florence, Italy. The cover name for the operation was the ``Labor Control Detachment'' and it remains somewhat secretive to this day. Mr. Scarfo went on to serve for an additional four years in the Army Reserve, rising to the rank of sergeant. Proud of his contributions to the American occupation of Europe in the early 1950s, Mr. Scarfo would have continued his service in the Army if he didn't need to return home to West Virginia to take care of his ailing parents. He later moved to California and worked with space pioneer Wernher von Braun's operation at the Aerospace Corporation, which led to the successful moon landings in the late 1960s and early 1970s. In honor of Frank Scarfo's participation in this little-known military operation in the European theater, I am pleased to bring to light his service to our country and thank him for a job well done.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2710) to increase transparency with respect to financial services benefitting state sponsors of terrorism, human rights abusers, and corrupt officials, and for other purposes, as amended.

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

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 2710, the Banking Transparency for Sanctioned Persons Act of 2021. This legislation requires the Secretary of the Treasury to report to Congress semiannually with a copy of any license Treasury issues in the preceding 180 days that authorizes a U.S. financial institution to provide services benefiting a state sponsor of terrorism and certain other sanctioned entities, including human rights abusers and corrupt officials. It would sunset 7 years after enactment of the act. I am supportive of the disclosure requirements in this bill because I believe that this after-the-fact reporting to congressional committees regarding these specific licenses can serve as a useful oversight tool. When the Office of Foreign Assets Control, or OFAC, issues a specific license, it allows a particular individual or entity to engage in a transaction that would otherwise be prohibited under a United States sanctions program. Typically, specific licenses are granted by OFAC when the person or entity requesting such a license makes clear that allowing for the permitted transactions serves a compelling public policy goal. But currently, Treasury does not release specific licenses granted to individuals or entities or any information about them. OFAC's licensing authority is an important part of an effective administration of United States sanctions, and disclosure is an important part of Congress' ability to conduct effective oversight. Now, there is a risk that if some licenses were to become public, they would disclose commercially sensitive information to potential market competitors, introducing issues of corporate theft and unfair competition. That is why the bill allows for sensitive information in these licenses to be included in a classified annex to the report. Moving forward, we may want to examine whether this provides sufficient protection for proprietary or commercially sensitive information submitted by private-sector representatives which may not be classified and, if publicly released, would allow potential market competitors to gain an unfair competitive advantage. We certainly do not want to create a chilling effect and a wariness on behalf of companies about continuing to file for licenses moving forward, and we should guard against that. Mr. Speaker, ultimately, I support the underlying goal and the disclosure requirements of H.R. 2710 because I believe they will increase congressional oversight of United States' sanctions activity. I urge my colleagues to do the same, and I reserve the balance of my time.

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

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, the Banking Transparency for Sanctioned Persons Act of 2021 will help ensure that Members of Congress have the information they need to provide more effective oversight of the decisions made by Treasury and OFAC and the impact that those decisions have on sanctioned persons. I thank Mr. Steil for bringing this measure forward, and I urge my colleagues to join me in supporting this bill. Mr. Speaker, I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 6889) to mend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes, as amended.

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

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. First, I thank the gentleman from California (Mr. Vargas) for offering H.R. 6889, the Credit Union Board Modernization Act. This bipartisan bill would revise Federal credit union board meeting requirements to bring highly rated Federal credit unions in line with State credit union charter requirements in 17 States, including my home State of California. Under this bill, Federal credit unions that are highly rated by their regulator, including a highly rated management team, would be required to meet at least six times annually, with at least one meeting held during each fiscal quarter. This would be a reduction from the current requirement to meet monthly. To ensure stability and mitigate the risk of institutional failure, there are important safeguards included in the bill. For example, de novo or new Federal credit union boards would still be required to meet at least monthly during the first 5 years of receiving a charter, as well as Federal credit unions that have received low exam ratings. Additionally, if emergencies or issues arise requiring a board meeting, nothing in the bill prevents Federal credit unions from meeting more frequently. Credit unions and consumer groups support H.R. 6889, including the California and Nevada Credit Union Leagues, Americans for Financial Reform, and Center for Responsible Lending. Mr. Speaker, I urge Members to support this bill as well, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time to close. H.R. 6889 will incentivize Federal credit union boards to ensure their institutions are highly rated and well run in order to reduce the number of board meetings they need to hold. I therefore urge Members to support H.R. 6889, and I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to honor Earl ``Skip'' Cooper II for his outstanding service over many decades to the African American business community in the United States. On August 20, 2022, fifty years to the day after Mr. Cooper moved to Los Angeles from Oakland, CA, he will be honored by the Black Business Association (BBA) in a celebration of his 50 years of activism and service. Mr. Cooper and I have known each other and worked together on numerous projects for more than 45 years. We first met when I was the Chief of Staff for Los Angeles City Councilman David Cunningham, and we developed an excellent working relationship. Mr. Cooper continued to be a trusted advisor when I was elected to the California State Assembly and then to the United States Congress. Before joining the BBA, Mr. Cooper served his country in the Vietnam War, was an instructor at California State University Los Angeles and earned a Master's degree in Business Administration from the University of Southern California (USC), with an emphasis on entrepreneurship. Mr. Cooper's primary focus all these years, has been assisting Black businesses survive and grow. Founded in 1970, the Black Business Association, headquartered in Los Angeles, is the oldest active ethnic business support organization in the state of California. Originally named the Black Businessmen's Association of Los Angeles, the BBA was one of the first business groups of any ethnicity to recognize and honor the contributions of female entrepreneurs. Mr. Cooper joined the BBA in 1974, became its President/CEO in 1976 and was named Executive Director in 1992. Always an innovator, Mr. Cooper has continued to be an effective advocate for the advancement of minority business enterprise on a local, state, and national level. He led the first ``trade mission'' of African Americans to meet with the Congressional Black Caucus and the White House in the 1970s. He has been a close ally and advisor to African American leaders, from Mayor Tom Bradley to Congresswoman Yvonne Brathwaite-Burke, from California Speaker Willie Brown to Congresswoman Barbara Lee. He is the publisher/editor of the award- winning Black Business News magazine and is quick to assist policy makers in crafting legislation that makes it easier for minority businesses to succeed. A 100 percent Disabled Vietnam Veteran, Mr. Cooper is known to most community leaders for his sense of humor, his cultural pride, and his unabashed devotion to God. He is a savvy and intelligent observer of culture, politics, economics, and business. His positive, selfless, and inspiring energy has contributed much to California's Black community for more than half a century. I salute Earl ``Skip'' Cooper II upon BBA's celebration of his 50th anniversary in Los Angeles and look forward to more opportunities to work together in his role as President Emeritus and Chairman of BBA's Board of Directors.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I rise in recognition of the very long and difficult negotiations that have taken place following the Build Back Better Act, led by President Biden and the Democrats. I applaud all the beneficiaries of the reconciliation bill in what is now the Inflation Reduction Act. This act includes historic climate change legislation. It will lower prescription drug costs, reduce the cost of Medicare, and, hopefully, force major corporations to pay their fair share of taxes. However, as chairwoman of the Financial Services Committee, I have worked with members of my committee and many Members of Congress to confront the housing crisis in this country. We organized a request for $150 billion in the Build Back Better Act, which included rental assistance with Section 8 vouchers, development of more affordable housing units, support for first-generation home buyers, repairs to fix deteriorating public housing, and fair housing enforcement to eliminate discrimination and unlawful evictions. However, there is not one nickel, not one dime, not one dollar, for the development of housing in this bill. We can no longer afford to have housing as an afterthought, a ``nice to have,'' or simply something that can wait until later. It is foundational to the prosperity of families, key to a healthy economy, and crucial to fighting inflation. Yes, I am disappointed. I am going to vote for this bill because so many people are going to benefit in different ways, but I am disappointed that housing does not show up anywhere in this legislation.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 7733) to amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes, as amended.