Ann Wagner

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield 2 minutes to the gentleman from Tennessee (Mr. Burchett).

Mrs. WAGNER. Mr. Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Waltz).

Mrs. WAGNER. Mr. Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Mast).

Mrs. WAGNER. Mr. Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Meijer).

Mrs. WAGNER. Mr. Speaker, may I inquire how much time is remaining on my side.

Mrs. WAGNER. Mr. Speaker, I yield an additional 15 seconds to the gentlewoman.

Mrs. WAGNER. Mr. Speaker, I yield 3 minutes to the gentlewoman from Michigan (Mrs. McClain), the sponsor of this bill.

Mrs. WAGNER. Mr. Speaker, I am prepared to close. Mr. Speaker, I simply urge my colleagues to support H.R. 5142 to award posthumously a Congressional Gold Medal in commemoration of the servicemembers who perished in Afghanistan on August 26, 2021. Mr. Speaker, I yield back the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I again, thank the chairwoman and her team for making this very important piece of legislation that is so important to our seniors and to our vulnerable adults happen. Again, in 2018, the SEC put this together as something we should be strongly looking at as we move forward. I am pleased we were able to bring it to the floor today in a bipartisan fashion. I urge all of my colleagues to support my bill, H.R. 2265, the Financial Exploitation Act of 2021, and I yield back the balance of my time.

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of my bill, H.R. 2265, the Financial Exploitation Prevention Act, a bipartisan bill that will help us combat the financial exploitation of seniors and other vulnerable adults. I thank Congressman McHenry and Chairwoman Waters for supporting this important legislation. Financial exploitation of seniors and other vulnerable adults is a serious and growing problem. The number of Americans ages 65 and older is projected to nearly double, from 52 million in 2018 to 95 million by 2060. This represents an increase from 16 to 23 percent of the U.S. population being 65 years old and older. Right now, approximately 44 percent of households headed by a baby boomer and 30 percent of silent generation households own mutual funds. As more investors age into retirement, the risk of financial exploitation for elderly households only increases. Roughly one in five senior investors are victimized by financial fraud, and those investors lose an estimated $2.9 billion annually in reported cases and, unfortunately, some estimates indicate that only 1 in 44 cases of financial abuse is ever reported. My bill proposes a solution to fight elder abuse in the context of mutual funds. Since some mutual fund shareholder accounts are held directly with a mutual fund and serviced by the fund's transfer agent, or ``direct-at- fund'' accounts as they are known, the transfer agent is typically responsible for opening and servicing the accounts, maintaining account records, and serving as the fund's point of contact with those shareholders. Under current law, when a fund's transfer agent suspects financial exploitation in a direct-at-fund account, it cannot lawfully delay the disbursement of redemption proceeds while an investigation occurs. My legislation codifies a SEC-issued no-action letter from 2018 that permits a mutual fund and its transfer agents to delay the redemption period of a security if it is reasonably believed that a request was made by exploiting seniors or other vulnerable adults. This will provide our potentially vulnerable investors with an important layer of investor protection to help make sure that they receive the hard-earned savings that they have built up over the years. Additionally, and importantly, my bill also requires the SEC to report to Congress on additional potential legislative solutions on how to further combat financial exploitation of seniors and vulnerable adults. This legislation, Mr. Speaker, is needed to provide certainty to protect our seniors, and I strongly urge my colleagues to support the Financial Exploitation Prevention Act. I am grateful to the chairwoman and to the ranking member and all of the committee that has worked on this in such a bipartisan fashion, Mr. Speaker, and I reserve the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of Representative Maloney and Ranking Member McHenry's bipartisan legislation, H.R. 2989, the Financial Transparency Act of 2021. Our securities and banking laws require financial regulatory agencies to collect countless pieces of data from regulated entities each year. Yet, there is no consistency in the manner in which they collect this data. As a result, data is often difficult to find and to understand. This commonsense legislation ensures our regulatory agencies are working together to adopt consistent data fields and formats for the information they collect. The bill will require our banking and securities regulators to better organize data and make this information available in open-source formats. This, in turn, benefits investors, businesses, and even the Federal Government. Setting data standards will foster more transparency and increase the efficiency for everyone who generates, collects, and uses the information. This bill will make financial data more easily available. It will also reduce overhead costs and streamline workloads. I applaud Congresswoman Maloney and Ranking Member McHenry for their commitment to this issue. Reforming our information management practices and establishing uniform data standards for regulatory reporting is critical to ensuring an efficient and effective regulatory framework. I urge Members to support this commonsense piece of legislation and vote ``yes'' on H.R. 2989, the Financial Transparency Act of 2021. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 2989, and I yield back the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I thank the chairwoman, again, for her strong legislation. I would urge all my colleagues to support H.R. 4111, the Sovereign Debt Contract Capacity Act, and I yield back the balance of my time.

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 4111, the Sovereign Debt Contract Capacity Act, an important piece of legislation sponsored by our chairwoman and cosponsored by our committee's lead Republican. China has now become the world's largest official creditor, but the details of its lending remain notoriously opaque. At a hearing in May, the Financial Services Committee examined how China has been using strict confidentiality arrangements, cross-default provisions, and other tools to hide the details of its loans and potentially influence borrowers' domestic and foreign policies. A recent analysis by the research group AidData has also shown that 42 countries now have public debt exposure to China in excess of 10 percent of their GDP, which is largely hidden from conventional reporting to the World Bank. H.R. 4111 would address this problem by supporting technical assistance from the International Monetary Fund to help developing countries better assess these debt contracts. This legislation builds on a bipartisan law authored by our colleague, Congressman Hill from Arkansas, that requires the Treasury Department to push for greater Chinese debt transparency at the international financial institutions. Together, these two bills are a clear statement that our committee wants the Treasury Department to prioritize the threat of China's hidden debt and give countries the necessary technical assistance to push back on Beijing. H.R. 4111 is especially timely since the IMF is confronting serious difficulties carrying out new programs since China has been so slow negotiating its loans to IMF borrowers. If the International Monetary Fund can't accurately assess borrowers' liabilities to Beijing, it will have trouble providing its own financing. In other words, China's opaque lending practices are not just a threat to borrowing countries; it puts at risk the operations of the IMF, World Bank, and other multilateral lenders. This is unacceptable. I commend the chairwoman for sponsoring this legislation and hope that our committee can continue to work in such a bipartisan manner to address China's exploitation of countries around the world. Mr. Speaker, I urge my colleagues to support H.R. 4111, and I reserve the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I rise in strong opposition to H.R. 3755, the deceitfully named Women's Health Protection Act. This legislation constitutes a radical assault on the sanctity of life and the dignity of the most vulnerable Americans. I am grieved and shocked beyond words that Democrats are moving to force States across the country to accept abortion on demand, right up until the moment of birth. Along with so many Americans, I believe that life is beautiful, and that all babies must be given the opportunity to thrive. And yet, my colleagues on the other side of the aisle want to eradicate every legal protection these little ones have, rather than welcoming them with the love and joy and hope that they deserve. This bill gives abortionists the ability to decide which precious infants are ``viable'' and worthy of life. It prioritizes the profitability of the abortion industry over genuine and compassionate care for mothers and children. No baby should be discarded because they were allegedly unwanted, and no mother's needs should be subjugated to the demands of the abortion lobby. This is an incredibly urgent time in our Nation. I implore each and every one of my colleagues to stand up and fight for those who cannot protect themselves. Madam Speaker, I urge a ``no'' vote on H.R. 3755.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I rise today to recognize and honor the incredible work and service of Joseph Sivewright. At the end of 2021, he will officially retire as the Chairman of Nestle Purina PetCare after over 30 years of outstanding leadership. Since joining Nestle Purina in 1985, Mr. Sivewright has held various positions throughout the company as he proved himself to be a treasured employee. Prior to his role as Chairman, he was appointed as the company's President & Chief Operating Officer and was then named President and Chief Executive Officer. Under Mr. Sivewright's leadership, Nestle Purina has grown through numerous product innovations and the company has been recognized as one of the ``best places to work'' by several St. Louis and national organizations. I want to personally thank Joe for his many years of friendship, as well as his desire to ensure Nestle Purina is a strong community partner. His distinguished career and tremendous leadership are celebrated by our St. Louis community. I personally appreciate the impact his work ethic and constant drive to improve the lives of those around had on his employees. As a former Purina employee myself when I was just out of college, I know how important it is to have a smart and driven leader at the helm to set the tone for the rest of us and help us achieve even greater heights. Joe had a tremendous impact not only on all of those with whom he worked throughout his many years at Purina, but also on those he worked with outside of work as a dedicated member of our St. Louis community. We all appreciate everything he has done so far, and look forward to seeing what else he will accomplish in the coming years.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I rise today to recognize and honor the incredible work and service of Joseph Sivewright. On July 30, 2021, he will officially retire as the Nestle Purina Chairman after over 30 years of outstanding leadership. Since joining Nestle Purina in 1985, Mr. Sivewright has held various positions throughout the company as he proved himself to be a treasured employee. Prior to his role as Chairman, he was appointed as the company's President & Chief Operating Officer and was then named President and Chief Executive Officer. His dedicated leadership has not gone unnoticed. In 2016, just one year after he took the reins as Chief Executive Officer, he was named one of the country's most popular CEOs. It comes as no surprise that Nestle Purina received numerous accolades from both St. Louis organizations and national organizations while under his direction. I want to personally thank Joe for his many years of friendship, as well as his desire to ensure Nestle Purina is a strong community partner. His distinguished career and tremendous leadership are celebrated by our St. Louis community. I personally appreciate the impact his work ethic and constant drive to improve the lives of those around had on his employees. As a former Purina employee myself when I was just out of college, I know how important it is to have a smart and driven leader at the helm to set the tone for the rest of us and help us achieve even greater heights. Joe had a tremendous impact not only on all of those with whom he worked throughout his many years at Purina, but also on those he worked with outside of work as a dedicated member of our St. Louis community. We all appreciate everything he has done so far and look forward to seeing what else he will accomplish in the coming years.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I rise as a tireless advocate for the most vulnerable. I continue to fight for the Born-Alive Act to mandate lifesaving care for abortion survivors. And I also am proud to support H.R. 18, the No Taxpayer Funding for Abortion Act, which will permanently prohibit taxpayer funding for abortions by enshrining the bipartisan Hyde amendment into law. Sadly, both the Born-Alive Act and the Hyde amendment are under attack by my Democrat colleagues. The Hyde amendment protects taxpayers from paying for abortions and has saved hundreds of thousands of lives. No one should be forced to financially support the abortion industry. I stand with the majority of Americans who believe in this essential conscience protection. Mr. Speaker, I ask unanimous consent that the Committees on Energy and Commerce, Ways and Means, and the Judiciary be discharged from further consideration of H.R. 18, and I ask for its immediate consideration in the House.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I yield myself the balance of my time. I urge my colleagues to oppose H.R. 2547. This bill is misguided. It will not improve debt collection or credit reporting but will instead harm consumers and small businesses. This bill would make extending credit more expensive for everyone, especially lower-income borrowers with thin or no credit files and who need it the most. This bill is yet another giveaway to progressives who want to eliminate the core foundation of our credit market and financial system. I urge my colleagues to vote ``no'' on H.R. 2547, and I yield back the balance of my time.

Mrs. WAGNER. Madam Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I yield myself the balance of my time, and I urge my colleagues to oppose this en bloc. Mr. Speaker, this en bloc will not improve debt collection or credit reporting, but will instead harm consumers and small businesses. It will make extending credit more expensive for everyone, especially lower income borrowers with thin or no credit files and who need it the most. The intent is clear, the Democrats want to eliminate the core foundation of our credit market and financial system. Mr. Speaker, I urge my colleagues to vote ``no'' on this en bloc, and I yield back the balance of my time.

Mrs. WAGNER. Mr. Speaker, on that I demand the yeas and nays.