Maxine Waters

Ms. WATERS

Ms. WATERS. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 2290) to require the Federal financial regulators to issue guidance encouraging financial institutions to work with consumers and businesses affected by a Federal Government shutdown, and for other purposes, as amended.

Ms. WATERS. Madam 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. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in strong support of H.R. 2290, Shutdown Guidance for Financial Institutions Act, a bill introduced by one of our colleagues and a new member of the Financial Services Committee, Representative Jennifer Wexton of Virginia. Last December, President Trump shut the government down for an unprecedented 35 days, resulting in missed paychecks for countless government employees and contractors. About 800,000 Federal employees were furloughed and another 4 million or so Federal contractors were negatively affected. The resulting damage was significant. Many of our constituents, who did nothing wrong at all, found it hard to make essential payments-- such as payments on mortgages, rent, student loans, car loans, business loans, or credit cards--when their income was temporarily limited. Furthermore, the Congressional Budget Office estimated the shutdown cost the American economy $11 billion and it delayed approximately $18 billion in Federal discretionary spending for compensation and purchases of goods and services. Should there be another government shutdown in the future, this bill will help ensure that, at a minimum, there is timely guidance provided by financial regulators to encourage financial firms to work with and help affected consumers. Consistent with prudent lending practices, firms would be encouraged to modify payment terms or extend credit, when appropriate, and prevent adverse information from being reported that might hurt a consumer's credit score. During the October 2013 shutdown, regulators issued guidance to financial institutions on day nine of the shutdown, urging financial firms to do what they could to help affected consumers. On January 11, 2019, financial regulators issued a joint statement to provide guidance to financial institutions, again encouraging them to help consumers affected by the shutdown. However, the guidance did not come until the 20th day of the shutdown and only came after I wrote regulators the day before prodding them to issue such critical guidance. This delay is unacceptable, whether it is 9 days or 20 days, and there is no reason why regulators should not prepare the appropriate guidance now and issue a press release within the first 24 hours of any future shutdown to remind financial institutions to help affected consumers, as H.R. 2290 would require. Furthermore, H.R. 2290 builds on H. Res. 77 that I sponsored and was passed by the House on a voice vote in January 2019, expressing the sense of Congress that financial institutions and other entities should proactively work to help consumers affected by any future government shutdown. Passing the Shutdown Guidance for Financial Institutions Act will help ensure guidance is provided to financial firms in a timely manner and that there is no ambiguity that struggling consumers affected by a shutdown, through no fault of their own, get the assistance that they need. I commend the work of Representative Wexton on this very important legislation. I support the bill, and I urge my colleagues to do the same. Madam Speaker, I reserve the balance of my time.

Ms. WATERS. Madam Speaker, I yield 5 minutes to the gentlewoman from Virginia (Ms. Wexton), a new member of the Financial Services Committee.

Ms. WATERS. Madam Speaker, I yield myself the balance of my time. We should all work to make sure that there is never again a government shutdown. However, if one occurs, this bill will ease the burden on many vulnerable workers and families. Once again, I commend the gentlewoman from Virginia for bringing this legislation to the House, and 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 move to suspend the rules and pass the bill (H.R. 550) to award a Congressional Gold Medal, collectively, to the United States Merchant Mariners of World War II, in recognition of their dedicated and vital service during World War II, as amended.

Ms. WATERS. Madam Speaker, I ask unanimous consent that all Members have 5 legislative days in 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 strong support of H.R. 550, the Merchant Mariners of World War II Congressional Gold Medal Act of 2019. I thank the gentleman from California, Representative Garamendi, for his work on this bill, which honors the courage and sacrifice of the civilian mariners of the Merchant Marine. In the early days of America's involvement in World War II, German U- boats sank numerous vessels during the Battle of the Atlantic. While many think of convoys being attacked as close to Europe, the German Navy also took the war to the U.S. eastern seaboard. In March 1942 alone, 27 ships from six Allied Nations were sunk off U.S. shores. All told, 733 American cargo ships were lost during World War II. Despite this danger, some 215,000 civilian merchant marines served with courage to establish and maintain critical supply lines, ensuring that vital supplies, cargo, and personnel reached Allied Forces in both Europe and Asia. Though they had no military standing or government benefits, these civilian mariners often faced death from German U-boat assaults. These brave mariners paid a heavy price in service to their country, suffering the highest casualty rate of any branch of the U.S. Armed Forces during World War II. An estimated 9,300 mariners lost their lives and another 12,000 were wounded to make sure our uniformed servicemembers could keep fighting. Unfortunately, their sacrifices are commonly underappreciated and often overlooked. They were not even considered veterans until Congress remedied that disservice in 1988. Many of our histories of World War II gave them a passing mention or do not recognize their vital role in ensuring the success of the Allied forces. It is time that we give these brave mariners the recognition they so richly deserve. I thank Mr. Garamendi for introducing this bill to Congress, and I urge Members to vote ``yes.'' I reserve the balance of my time.

Ms. WATERS. Madam Speaker, I yield 3 minutes to the gentleman from California (Mr. Garamendi), who is chair of the Subcommittee on Readiness on the Armed Services Committee and a highly valued Member of this House.

Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from New York (Mr. Suozzi), who is a member of the Ways and Means Committee.

Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Green), who chairs the Financial Services Subcommittee on Oversight and Investigations.

Ms. WATERS. Madam Speaker, I yield myself the balance of my time. I, too, join in thanking Representatives Garamendi, Brooks, and Young in bringing this bill to the floor of the House of Representatives and working for its passage. I would just say a word about the gentleman from California (Mr. Garamendi), whom I have known for many, many years. We served in the California legislature together, and, of course, I am not surprised that he took time out to recognize those who have not been given credit for their work and what they have done in support of our country. This is typical of Mr. Garamendi and the way that he has conducted himself throughout his entire career. I also thank those Members who have come to the floor today to join in this very special recognition. This is a bipartisan bill that honors those who answered our Nation's call to duty, regardless of the danger and without expectation of accolades. Now it is time that we give these courageous mariners the recognition they have more than earned. 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.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise in support, strong support, for the people of the Bahamas in the aftermath of Hurricane Dorian. Residents of the Grand Bahama and Abaco Islands are in a desperate situation. This is a humanitarian crisis, the likes of which has never before faced the Bahamas. I am grateful for the efforts of the USAID and the U.S. Coast Guard, which have been instrumental in leading search-and- rescue efforts and providing emergency food assistance to Bahamians. As the chair of the House Committee on Financial Services and co- chair of the Congressional Caribbean Caucus, I strongly support an expedited U.S. visa application process or a waiver process for Bahamians who are seeking to enter the U.S., and I am extremely supportive of the extension of the Temporary Protected Status designation for all Bahamians who cannot safely return to the Bahamas. Displaced Bahamians must be treated with respect, and all applications for visas must be processed efficiently and in an emergency manner. The road to recovery for Bahamians will be long and difficult, but all Bahamians must be treated with respect. Madam Speaker, the United States is standing with the Bahamas during this difficult time. We will do all that we can to aid in the recovery efforts in the coming weeks and months.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to honor a man who absolutely put his life and freedom on the line for a cause greater than himself: South African President Nelson Mandela. Nelson Mandela was a transformative leader who was imprisoned for 27 years, but rose to become the first black President of South Africa. He used his tenure to dismantle apartheid, combat institutional racism, and heal his nation. Nelson Mandela's courageous leadership inspired my own involvement in the anti-apartheid movement in the United States, where I was a national leader of the Free South Africa Movement and TransAfrica, and fought for the passage of my bill, Assembly Bill 134, which forced California to divest $ 12 billion in state pension funds tied to South Africa's apartheid regime. Nelson Mandela will always be a personal hero and a dear friend to me. I cherish the opportunities that I had to visit him in South Africa, and host him in the United States: first, as the chair of a Welcome Home Celebration that filled the Los Angeles Coliseum, and again at a Congressional ceremony that I hosted in his honor in the U.S. Capitol. Today, on what would have been his 101st birthday, let us all remember the powerful lesson of courage, sacrifice, and service that is the legacy of our beloved ``Mandiba.''

Ms. WATERS

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1988) to clarify seasoning requirements for certain refinanced mortgage loans, 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 on this legislation and to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, last year, when Congress passed S. 2155, it included as section 309 a bill sponsored by Senators Tillis and Warren titled Protecting Veterans from Predatory Lending Act of 2018. That provision put new requirements in place to protect veteran borrowers from the aggressive and deceptive marketing practices of lenders pushing mortgage refinance deals. However, the drafting of this provision caused some unintended consequences; specifically, an estimated 2,500 loans that were in full compliance with all requirements at the time were later denied Ginnie securitization simply because they were in the process of being refinanced or securitized when the law became effective. Senators Warren and Tillis weighed in with Ginnie Mae, stating that it was not their intention to orphan those loans and have urged Ginnie Mae to address the issue. However, Ginnie believes legislation is needed to grandfather these orphaned loans and address other administrative issues that have resulted from the slight differences between the new requirements in S. 2155 and Ginnie's prior requirements. That is why we are here today with the bill from the gentleman from Georgia, H.R. 1988, which is a reasonable step to address what were clearly unintended consequences of the previous legislation. I am pleased to support this bill. Mr. Speaker, I thank Mr. Scott and Mr. Zeldin for introducing this bill, urge Members to vote ``yes,'' and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield such time as he may consume to the gentleman from Georgia (Mr. David Scott), a senior member of the Committee on Financial Services and sponsor of H.R. 1988.

Ms. WATERS. Mr. Speaker, I would inquire, through the Chair, if my colleague has any remaining speakers on his side.

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

Ms. WATERS. Mr. Speaker, I yield myself the balance of my time. H.R. 1988 will address some unintended administrative complications that resulted from implementing laws that were put in place to help protect veterans from unscrupulous lenders. I thank Mr. Scott and Mr. Zeldin for working in a bipartisan manner to bring H.R. 1988 before the House. 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. 2515) to amend the Securities and Exchange Act of 1934 to amend the definition of whistleblower, as amended.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. I thank Representative Green, the chairman of the Subcommittee on Oversight and Investigations, for working with the gentleman from Michigan (Mr. Huizenga) to craft this timely piece of legislation to ensure that all whistleblowers reporting suspected securities law violations are protected from retaliation by their employers. In the Dodd-Frank Act, Congress provided the Securities and Exchange Commission the authority to reward whistleblowers who voluntarily provide the SEC with original information that leads to a successful enforcement action with monetary sanctions exceeding $1 million. Realizing that these whistleblowers may be deterred by their employers, Congress also required the SEC to issue regulations to protect them from retaliatory efforts, such as firing or demotion; but in 2018, the Supreme Court held that whistleblowers who report alleged misconduct internally but not to the SEC are not protected by the antiretaliation provisions of Dodd-Frank. This is not what Congress intended. Indeed, requiring whistleblowers to race to the SEC in order to be protected discourages them from reporting their suspicions to their superiors. The U.S. Chamber of Commerce highlighted the importance of internal reporting in its 2010 letter to the SEC, stating: ``The experience of the many companies with robust internal reporting programs, as well as the empirical evidence, demonstrate that all stakeholders benefit when those with knowledge of potential securities law violations report internally, thus enabling management to promptly investigate and take remedial action.'' By clarifying that whistleblowers who only report alleged misconduct to the employers are also protected by the antiretaliation provisions in the Dodd-Frank Act, this bill would encourage employees to communicate potential securities law violations to their employers without fear of being fired before they are able to report to the SEC. Again, I thank Chairman Green and Mr. Huizenga for pushing this important bill, and I urge my colleagues to join me in supporting it. Mr. Speaker, I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield such time as he may consume to the gentleman from Texas (Mr. Green), the chairman of the Subcommittee on Oversight and Investigations and the sponsor of H.R. 2515.

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