Maxine Waters

Ms. WATERS

Ms. WATERS. Mr. Chairman, I yield back the balance of my time.

Ms. WATERS. Mr. Chairman, I claim the time in opposition to the amendment.

Ms. WATERS. Mr. Chairman, I yield myself such time as I may consume. First, let me just say, no matter how many amendments the opposite side can come up with, no matter how many ways they try to explain why they are not speaking for the retail investors, the small folks, the people with not a lot of resources, the people who depend on good information to be disclosed to them, they can come up with all the amendments they want, but no one thinking clearly about this will understand why they are trying to protect the SEC, our cop on the block, from doing everything they possibly can do to protect our seniors and our most vulnerable people. So H.R. 1815 seeks, again, to ensure that disclosures specifically designed for the most vulnerable investors, including mom-and-pop retail investors, can actually be used and understood by their intended audiences. Isn't that a simple request in this bill, that our most vulnerable retail investors understand what they are investing in, that that information should be disclosed to them? I don't get the arguments against it. This amendment, however, directly conflicts with the scope of the bill, which covers new as well as existing disclosures. Requiring existing disclosures to be subjected to investor testing makes good sense. Evidence has shown many existing disclosures are not understood. The evidence is there that tells you that we have discovered that the disclosures are not understood by these vulnerable people. We have information that documents that, that the investors, the small investors, these seniors, don't understand. This bill is about helping them to understand what they are signing on the dotted line for. Mandatory disclosures that are unused or not understood impose unnecessary costs on the companies making those disclosures, and importantly, fail to inform retail investors of key risks that they should know when making investment decisions. However, this amendment that is before you would treat disclosures that are put forth before the next Presidential election as perfect, without need for further investor input through testing. Such an exemption is inconsistent with the object and purpose of this bill. This undermines H.R. 1815 and its value to retail investors. So I could say this another 100 ways, they can come up with all the amendments they want to come up with; the fact of the matter is, this bill that is put forward by Mr. Casten is to protect the citizens who need the information the most, because they are vulnerable. And so having said that, I would urge my colleagues to join me in opposing this amendment. I reserve the balance of my time.

Ms. WATERS. Mr. Chairman, I yield such time as he may consume to the gentleman from Illinois (Mr. Casten), the author of this bill, to continue to tell the public why we must protect the most vulnerable in our society.

Ms. WATERS. Mr. Chairman, I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I rise in support of H.R. 1595, the SAFE Banking Act, sponsored by Representatives Ed Perlmutter, Denny Heck, Steve Stivers, and Warren Davidson. Let me say to all of these individuals who have worked so long and so hard on this legislation, I am proud of the work that they have done; I am proud of the cooperation that they have demonstrated; and I am proud to be on this floor with them today. This bipartisan bill addresses a pressing public safety issue for businesses that legally grow, market, or sell cannabis in States that have legalized its use and that are currently forced to operate with cash only. Forty-seven States, three territories, and D.C. have legalized some form of marijuana, and it is time for Congress to act. Cannabis-related businesses are locked out of the banking system and cannot maintain checking accounts, process payroll obligations, or pay taxes. The Financial Services Committee heard testimony in February that these cash-only businesses and their employees have become targets for violent criminals. The SAFE Banking Act addresses this serious problem by providing a safe harbor to financial institutions that choose to serve State- regulated cannabis businesses. The bill would also help others, like plumbers or electricians who provide services to cannabis businesses, who face similar challenges with access to banking services. With the passage of this bill, all of these businesses will gain access to traditional financial services that most businesses take for granted. H.R. 1595 also promotes diversity and inclusion, with several reporting provisions to help Congress monitor that minority-owned and women-owned cannabis businesses get access to credit they need and have a fair chance to compete. As I have said before and I say here on the floor today, this bill is but one important piece of what should be a comprehensive series of cannabis reform bills. I have long fought for criminal justice reform and deeply understand the need to fully address the historical racial and social inequities related to the criminalization of marijuana. I support legislation like Representatives Lee's Marijuana Justice Act and Chairman Nadler's MORE Act that would de-schedule marijuana federally and provide assistance, such as job training and reentry services, for those who have been harmed by the war on drugs. Let me be clear. It is long overdue for Congress to address the unjust criminalization of marijuana use. So I eagerly look forward to the Judiciary Committee sending the legislation to the House floor soon. I thank Representatives Perlmutter and Heck for their longstanding leadership on this issue for the past 6 years. I urge all Members to vote ``yes'' on the bill and, when we get the legislation from the Judiciary Committee, to do all of those things that I have spoken about here, what is considered justice for those who have been harmed by some of the laws that cause people to be incarcerated. We eagerly look forward to that legislation. We urge the Judiciary Committee to send it to the floor so that we can support it.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (S. 239) to require the Secretary of the Treasury to mint coins in recognition of Christa McAuliffe.

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, in 1985, Christa McAuliffe was selected out of over 10,000 applicants to be the first participant in NASA's Teacher in Space program, becoming the first private citizen to be on a space mission. Before her selection, Ms. McAuliffe was a social studies teacher at Concord High School in New Hampshire and extremely popular with her students. McAuliffe was to be part of the space shuttle Challenger's crew and the mission plan, including having her conduct not only some basic science experiments, but also teach two 15-minute classes from space that would be broadcast to millions of students. On January 20, 1986, Christa McAuliffe tragically lost her life, alongside her six crewmates, in the space shuttle Challenger disaster. Ms. McAuliffe was posthumously awarded the Congressional Space Medal of Honor in 2004 and has had scholarships and schools named in her honor. This year, a pair of teachers turned astronauts, Ricky Arnold and Joe Acaba, honored Ms. McAuliffe by filming the lessons she would have taught, had she lived to complete her mission, while they were aboard the International Space Station. This film is accessible to students around the world, courtesy of a partnership between NASA and the Challenger Center for Space Science Education. The first lesson was released in August 2018, and more lessons continue to be released. Proceeds from the sale of the commemorative coin will benefit FIRST, the Nation's leading not-for-profit STEM engagement program. The mission of FIRST is to inspire young people to be science and technology leaders by engaging them in exciting, mentor-based programs that build science, engineering, and technology skills that inspire innovation and that foster well-rounded life capabilities, including self-confidence, communication, and leadership. Each year, more than 1 million children in the U.S. and 100 countries participate in FIRST. It has a presence in every State and nearly every congressional district. Mr. Speaker, I urge all Members to support this bill and vote ``yes,'' and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield 1 minute to the gentleman from Maryland (Mr. Hoyer), the majority leader.

Ms. WATERS. Mr. Speaker, I yield 3 minutes to the gentlewoman from New Hampshire (Ms. Kuster).

Ms. WATERS. Mr. Speaker, I yield 2 minutes to the gentlewoman from Michigan (Mrs. Dingell).

Ms. WATERS. Madam Speaker, I yield myself the balance of my time. Madam Speaker, 2021 marks the 35th anniversary of the space shuttle Challenger tragedy. This bill will help commemorate and further Christa McAuliffe's inspirational life and help develop a new generation of dreamers and innovators by providing FIRST with additional funding to launch young people into critically needed, well-paying STEM jobs. I thank the sponsor of the House companion to S. 239, the gentleman from Michigan (Mr. Upton), and I urge my colleagues to join me in supporting this important piece of legislation. I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 3625) to establish a whistleblower program at the Public Company Accounting Oversight Board, and for other purposes, as amended.

Ms. WATERS. Madam 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. Madam Speaker, I yield myself such time as I may consume. I thank Representative Garcia for this important piece of legislation that establishes a whistleblower program at the Public Company Accounting Oversight Board. This program is similar to the program that was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act for the Securities and Exchange Commission. At the SEC, this program has proven to be extremely successful and has been instrumental in incentivizing whistleblowers to report suspected misconduct while protecting them from retaliation by their employers. According to the SEC, the SEC's whistleblower program has awarded approximately $381 million to 62 individual whistleblowers since the program began. Given the PCAOB's critical mission to protect investors and further the public interest by ensuring informative, accurate, and independent audit reports of public companies and SEC-registered brokers and dealers, it is vital that PCAOB whistleblowers are incentivized to come forward and are protected from employer retaliation. Due to the success of this program and its proven track record at the SEC, I urge my colleagues to support this commonsense bill. Madam Speaker, I reserve the balance of my time.

Ms. WATERS. Madam Speaker, I yield 3 minutes to the gentlewoman from Texas (Ms. Garcia).

Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentlewoman from Texas (Ms. Garcia), who is the author of this legislation, and she will sufficiently describe why this bill is not redundant.

Ms. WATERS. Madam Speaker, I have no additional speakers. I reserve the right to close.

Ms. WATERS. Madam Speaker, I yield myself such time as I may consume. First, Madam Speaker, I congratulate the gentlewoman from Texas (Ms. Garcia). I am so very proud of the work that she is doing on the Financial Services Committee. We are here today on this particular legislation, but this particular legislator, who serves on the Financial Services Committee, has undertaken to produce legislation that is so meaningful, not only for her district and for her State, but for this country. I am very pleased about this bill today, and I join her in saying it is certainly not redundant. Madam Speaker, I think the gentleman on the opposite side of the aisle from Michigan almost forgot why he came here, because he used the word ``redundant'' at least six or seven times, and he repeated it and repeated it because I think it was difficult for him to find other words to try and explain why he was on the floor today opposing this bill. The SEC has demonstrated the value of whistleblowers. And, yes, the whistleblowers are compensated, but they save our government money. They save the SEC money. They save harm from being done to those investors that we should be protecting. Madam Speaker, again, I can't say enough about Congresswoman Garcia and this bill and the work that she is doing, and I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 3619) to amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria, and for other purposes, as amended.

Ms. WATERS. Madam 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. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of H.R. 3619, the Appraisal Fee Transparency Act, and I want to thank the gentleman from Missouri (Mr. Clay) for bringing this bill to the House. This bill would provide the Appraisal Subcommittee with greater flexibility to adjust the structure and amount of the fees they charge to appraisal management companies to alleviate concerns that the current statutory requirements governing these fees are too rigid and would have put pressure on appraisal management companies to pass on the burden of unnecessarily high fees to appraisers and reduce the number of appraisers that they work with. At a time when some areas of the country are experiencing an appraiser shortage, we cannot afford to make it harder for appraisers to obtain work. This bill would also create a national registry of appraiser trainees, much like there is already a national registry of licensed appraisers. This is one small step that will help facilitate the entry of new appraisers into the industry. Finally, this bill would provide consumers with a separate disclosure of fees paid to the appraiser and fees paid to the appraisal management company in order to enhance their understanding of the costs associated with their mortgage. These are reforms that are broadly supported by the appraisal industry and will make meaningful changes to this industry which makes up a critical part of the home buying process. Madam Speaker, I thank the gentleman from Missouri (Mr. Clay) for offering this bill, and I urge my colleagues to support it. Madam Speaker, I reserve the balance of my time.

Ms. WATERS. Madam Speaker, I yield 3 minutes to the gentleman from Missouri (Mr. Clay), the chair of the Subcommittee on Housing, Community Development and Insurance.

Ms. WATERS. Madam Speaker, I yield myself the balance of my time. Madam Speaker, I, again, thank the gentleman from Missouri (Mr. Clay) for bringing this bill to the floor. This bill will remove another impediment to obtaining homes for everyday Americans by making more appraisers available to home buyers. Madam Speaker, I urge my colleagues to join me in supporting this important piece of legislation, and I yield back the balance of my time.