Maxine Waters

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4586) to amend the Securities Exchange Act of 1934 with respect to risk-based examinations of Nationally Recognized Statistical Rating Organizations, as amended.

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

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I support H.R. 4586, sponsored by Mrs. Wagner, to help the Securities and Exchange Commission robustly oversee the credit rating agencies through more prudent annual examinations. Mrs. Wagner's proposal ensures that the SEC continues its annual examinations of all credit rating agencies but can now focus their examinations on the aspects of the rating agencies that pose the greatest risk to investors in our capital markets. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I am pleased to support H.R. 4586, sponsored by Mrs. Wagner, to help the Securities and Exchange Commission robustly oversee the credit rating agencies through more prudent annual examinations. Mr. Speaker, I urge my Members to vote ``yes,'' and 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. 310) to posthumously award the Congressional Gold Medal, collectively, to Glen Doherty, Tyrone Woods, J. Christopher Stevens, and Sean Smith, in recognition of their contributions to the Nation, as amended.

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

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 310 to posthumously award the Congressional Gold Medal, collectively, to Glen Doherty, Tyrone Woods, J. Christopher Stevens, and Sean Smith, in recognition of their contributions to the Nation. I thank the gentleman from Massachusetts (Mr. Lynch) for his unwavering dedication to ensuring Congress honors the memories of the four brave individuals who served our country bravely for 59 collective years in public service. The Congressional Gold Medal is an award bestowed by the United States Congress, and it is the highest representation of national gratitude for exemplary achievements and contributions by individuals or institutions. The four individuals honored today, Glen Doherty, Tyrone Woods, J. Christopher Stevens, and Sean Smith, exemplified what it means to live a life of service. Mr. Doherty, Mr. Woods, and Mr. Smith were decorated servicemembers, known for their bravery and dedication to protecting the American diplomats with whom they served. Ambassador Stevens was a lifelong public servant and diplomat, deeply invested in promoting peace and security throughout the world. As we come upon the 10-year anniversary of their tragic deaths, we, as a Nation mourn the loss of these shining examples of our shared American values. And to their loved ones, who carry their memories with them today and always, we offer our sincerest condolences and profound gratitude with their tireless efforts to preserve their legacy. This bill would present the Congressional Gold Medal to the four brave men who protected and served their country honorably and died in service of their country. I cannot think of any who are more deserving of this great honor. Mr. Speaker, I urge my colleagues to support the bill, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield such time as he may consume to the gentleman from Massachusetts (Mr. Lynch).

Ms. WATERS. Mr. Speaker, I have no further speakers, and I yield myself the balance of my time. Mr. Speaker, I thank, again, Mr. Lynch, as well as the gentleman from Florida (Mr. Mast) for their tireless efforts to ensure that these four individuals receive the recognition that they clearly deserve. We must strive to recognize these brave and honorable members of our country who have committed their lives to protecting it. Mr. Speaker, I urge my colleagues to join me in supporting this important piece of legislation, and 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. 5128) to amend the Securities Exchange Act of 1934 to expand access to capital for rural-area small businesses, and for other purposes.

Ms. WATERS

Ms. WATERS. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 4227) to require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes, as amended.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 7734) to amend title 31, United States Code, to require the timely production of reports to Congress under the Bank Secrecy Act, 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 to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, suspicious activity reports and other materials, collectively known as ``BSA reports,'' are held by Treasury's Financial Crimes Enforcement Network, or FinCEN, and can be critical to congressional investigations. For example, this committee has requested documents related to our ongoing investigation into the flow of illicit funds from the former Soviet states into the United States. There is a long history of cooperation on the proper exchange of these records, but in response to a recent Treasury-initiated reversal of decades-long practice, I have found it necessary to introduce this bill, H.R. 7734. Unfortunately, Treasury has severely restricted congressional access to suspicious activity reports, or SARs, by requiring congressional staff to review all material in a reading room, prohibiting the copying of materials, and restricting information collection to notetaking alone. These limitations are not placed upon the Federal, State, and local agencies that have been granted access to review SARs. Treasury has no statutory basis for imposing restrictions on congressional authority to obtain SARs. Neither legislative language, statutory provision, nor case law prohibits government personnel or the financial institutions from providing these materials to Congress. I am very concerned that these restrictions and similar alternatives offered by Treasury will severely impede effective congressional oversight and investigations. In response to my committee's recent request to review SARs related to the flow of illicit funds from former Soviet states into the United States, FinCEN has informed the committee that it is withholding thousands of pages of responsive documents containing technical, detailed information about multiple transactions involving numerous parties. Given the restrictions imposed by Treasury, it is not possible for my staff to effectively capture and analyze needed information in such complex documents. It will be even more difficult for Members to review such materials. Treasury's refusal to produce the documents in the manner requested has severely obstructed the committee's investigation of this important matter. To ensure that Congress can conduct effective oversight moving forward, I have introduced this bill, and I am pleased to say that it passed our committee on a bipartisan basis. H.R. 7734 requires the Secretary of the Treasury to deliver BSA reports to a congressional committee or subcommittee of appropriate jurisdiction within 30 days of its request for such documents. The bill further requires a financial institution to deliver BSA reports by the return date specified in a subpoena issued by a committee or subcommittee of appropriate jurisdiction. I urge my colleagues to support this bill to ensure that Congress can obtain access to BSA reports without cumbersome restrictions and can do so in a timely manner to support its investigatory work. Mr. Speaker, I reserve the balance of my time.

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

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time. Treasury's refusal to give Congress reasonable access to SARs is severely impeding our ability to effectively make use of the materials to conduct investigations. Treasury has no statutory basis for imposing such restrictions and has offered no rationale for changing the current practice, which has been in place for over 20 years. H.R. 7734 clarifies the existing statutory authority of Congress and ensures that Congress continues to obtain timely access to BSA reports without restrictions. 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 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 such time as I may consume. Mr. Speaker, I support H.R. 7733, the CDFI Bond Guarantee Program Improvement Act, led by Representative Cleaver, who also is the chair of the Subcommittee on Housing, Community Development, and Insurance. The CDFI Fund's Bond Guarantee Program provides CDFIs with federally guaranteed, long-term, low-cost capital to support existing and new economic development projects in their communities. Unfortunately, small-sized CDFIs currently have difficulty applying for this financing directly because the current $100 million minimum financing amount is much higher than the amount many small CDFIs are seeking. As a result, some CDFIs can only access the program by applying with larger CDFIs. This bill would lower the minimum threshold for a bond issuance from $100 million to $25 million, giving smaller CDFIs a fairer shot at being able to access this program. This will help expand financing and investments to support small businesses, healthcare facilities, and affordable housing. This bill builds upon the work I led last Congress to provide CDFIs with $12 billion in equity and grant funding. In particular, that legislation, which has already distributed $1.25 billion to CDFIs, represented the largest public investment in CDFIs ever. Mr. Cleaver's bill complements those efforts by helping smaller CDFIs better access private dollars to further their efforts to serve low- income and underserved communities. While the Bond Guarantee Program's authorization ended in 2014, Congress has extended it on a year-by-year basis in annual appropriations bills. This bill would extend the program for 4 years, creating longer-term certainty. The bill also includes studies to examine areas where the program can be strengthened. Furthermore, this bill is a House companion to a bipartisan bill in the Senate, S. 3441, introduced by Senators Tina Smith and Mike Rounds. I urge my colleagues to support this bill to ensure that more CDFIs have access to long-term financing through the Bond Guarantee Program so they continue to spur economic development in communities across the Nation. Mr. Speaker, I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield 3 minutes to the gentleman from Missouri (Mr. Cleaver).

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time. H.R. 7733 is supported by a number of groups, including the CDFI Coalition, Credit Union National Association, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, National Community Reinvestment Coalition, and Opportunity Finance Network. 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 move to suspend the rules and pass the bill (H.R. 7981) to require qualifying smoke alarms in certain federally assisted housing, 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 to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. I thank Representative Dean for introducing H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022, in response to the devastating apartment fire that occurred in a Philadelphia public housing unit, where 12 people died, including 9 children. The subsequent investigation into this tragedy, found that the majority of the smoke alarms in the home were inoperable, as they had either been removed from the walls or had no batteries inside. With proper fire safety tools in place, these deaths could have been prevented. A 2021 study from the National Fire Protection Agency found that nearly three out of five home fire deaths are caused by fires in properties with no smoke alarms present, or smoke alarms that failed to operate. Functional smoke alarms can reduce the number of home fire deaths. To help prevent similar tragedies like the one in Philadelphia from occurring, H.R. 7981 would require the installation of either tamper- resistant or hardwired smoke alarms in federally assisted housing, better ensuring families have adequate warning when a fire occurs. Additionally, this bill will help ensure families across America better understand and properly use fire safety features in their homes through a national education campaign led by HUD. I commend Representative Dean for her work on this very important issue, and I urge my colleagues to support this bill. Mr. Speaker, I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield 4 minutes to the gentlewoman from Pennsylvania (Ms. Dean).

Ms. WATERS. Mr. Speaker, I yield an additional 1 minute to the gentlewoman from Pennsylvania.