Ann Wagner

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of this bill. Mr. Speaker, I thank Mr. Garamendi and Mr. Graves for their bipartisan work on the Peace Corps Reauthorization Act. Last year, the Peace Corps celebrated its 60th anniversary. The Peace Corps has played an important role in America's foreign assistance efforts, and I thank the volunteers who have selflessly given their time to do work abroad. The Peace Corps faced many challenges during the pandemic, but I am pleased that volunteers are finally returning to their important tasks overseas. As they return, volunteer safety must continue to be the agency's top priority. Tragically, the number of volunteers reporting sexual assault during their service has risen. This is devastating, and we must continue to hold the Peace Corps accountable for maximizing the safety and welfare of our volunteers. This bill reinforces and builds on key reforms made by Congress in 2011, including extending the mandate of the Sexual Assault Advisory Council. It also expedites the reenrollment process for volunteers whose service was cut short by the pandemic, and it directs the Peace Corps to establish a zero-tolerance policy on volunteers' drug use. This bill is an important step toward exercising our oversight responsibilities and driving reforms that will protect the Peace Corps volunteers that we all represent. Mr. Speaker, 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 strong support of H.R. 8453, the Upholding the Dayton Peace Agreement Through Sanctions Act, my bipartisan bill codifying key sanctions authorities that will help the United States stave off a serious crisis in Bosnia and Herzegovina. The country is headed into important general elections in just a few short weeks on October 2, and time is running out to send a strong deterrent message to bad actors intent on destabilizing the country. Bosnia's democratic institutions, its territorial integrity, even the Office of the High Representative, the independent body tasked with implementing the Dayton Accords, are all at risk. Peace in Bosnia came at a very steep price. Those who would threaten the very foundations of the country must be held accountable. The reckless secessionism and destabilizing actions of ethnonationalist politicians like Milorad Dodik, the Serb member of Bosnia's tripartite presidency, are extremely dangerous. The October elections could be a critical flash point. It worries me tremendously to see Serb and Croat nationalist parties, with the support of the ruthless Putin regime, working to roll back the progress Bosnia has made. We have a strong and vibrant Bosnian community in my hometown of St. Louis, Missouri. Many of my constituents fled to the city during and after the 1992 and 1995 Bosnian war in which more than 100,000--200,000 lost their lives. My constituents want to see their homeland prosper as a unified, sovereign, and multi-ethnic state. I cannot imagine the heartache they must feel when Dodik denies the horrifying genocide committed by Serb troops against Bosniak Muslims at Srebrenica, or when he threatens to lead the dissolution of Bosnia. These actions are offensive to those who lost loved ones in the Bosnian war, and they are profoundly dangerous to Bosnia's future. It is imperative, Mr. Speaker, that the United States wield our economic toolkit to deter threats to Bosnian sovereignty and territorial integrity as the country navigates these challenges. H.R. 8453 codifies and mandates key sanctions authorities to address the political crisis and corruption in Bosnia. Ahead of the country's October general election, this bill sends a critical signal to local officials engaging in destabilizing and anti-democratic behavior, and to Russia for its destructive influence, that the United States will hold them accountable. At this volatile moment, Bosnians need the United States House of Representatives to stand in unequivocal support of their peaceful, democratic future. I appreciate the chair and ranking member's swift attention to this urgently needed bill that I have the great honor of putting forward. I also thank Representative Wild for working with me on this legislation. I urge my colleagues to join me in supporting H.R. 8453, the Upholding the Dayton Peace Agreement Through Sanctions Act. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, in closing, I thank Representative Wild for working with me on this important legislation. And as a guarantor of the Dayton Peace Agreement, the United States cannot stand by while Bosnia and Herzegovina are threatened by destabilizing ethnonationalist forces and Russia's destructive influence. This legislation sends an unmistakable message to any actor that threatens the peace, security, and stability, or territorial integrity of Bosnia. If such destabilizing behavior is not ceased, he or she will be sanctioned. These sanctions will not be considered, nor deliberated over, but mandated. With the country's October election less than a month away, the time for the U.S. House of Representatives to act is now. I urge my colleagues to join me in supporting this bill. Mr. Speaker, I yield back 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 this bill. Without question, the horrific and illegal war Russia is waging against the people of Ukraine is Putin's war. But Putin's regime and, by extension, his barbaric behavior in Ukraine, are shamelessly supported by too many Russian military officials, lawmakers, oligarchs, and propagandists who have yet to face U.S. sanctions. These enablers and supporters of Putin's unprovoked war of aggression should not be able to set foot in the United States of America. They should not be able to enjoy their ill-gotten wealth here. They should not be able to buy expensive homes here, and they should not be able to send their children to school here. Failing to act would be a great disservice to the victims of Putin's depravity, not just in Ukraine, but those in Russia as well who have suffered from the Kremlin's domestic crackdown. At the outset of the full-scale invasion, Putin signed a ludicrous law mandating sentences of up to 15 years for telling the truth about his war in Ukraine. In Russia, calling it a war and not a special operation is illegal. Questioning the wisdom of his unjustifiable war is illegal. Those still brave enough to speak out these truths, including Vladimir Kara- Murza, now sit behind bars in Russia as political prisoners. This bill calls on the administration to make a sanctions determination for nearly 200 Russians linked to the regime's pervasive corruption and human rights violations. These names were compiled by a team of investigators organized by now-jailed Russian opposition politician and anticorruption crusader Aleksei Navalny for not only their part in Putin's kleptocracy but also for supporting the Kremlin's war against Ukraine. I urge my colleagues to join me in supporting this bill to send a strong signal to Putin's regime and all his cronies that they will be held accountable for backing the regime's crimes at home and abroad. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume for closing. Mr. Speaker, in the months leading up to February 24, many of us called for the Biden administration to impose severe sanctions before-- let me underscore ``before''--Russian troops amassing on Ukraine's border invaded. These sanctions, we argued, would make crystal clear to Putin and his cronies that they would be held accountable for launching this renewed invasion. Unfortunately, the administration chose not to heed this warning, sacrificing a final opportunity to deter the war raging today. While the administration has since worked with allies and partners to cut off funding to Putin's war machine, it cannot rest in its efforts to target all those in Russia complicit in the Kremlin's crimes at home and abroad. Thus, I urge all my colleagues to support this bill to ensure Putin's enablers face real consequences. Mr. Speaker, I yield back the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Tennessee (Mr. Rose), my colleague on the Financial Services Committee.

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. I rise in support of H.R. 7734, which increases transparency and restores a strong record of cooperation with the Treasury Department. H.R. 7734 would require prompt delivery of certain Bank Secrecy Act reports to the committees of Congress that rely on those records for oversight and legislative work. Under Secretary Yellen, the Treasury Department has taken an unprecedented position that Congress cannot have access to Bank Secrecy Act reports. This should concern all of us on both sides of the aisle. For the last 20 years, FinCEN has provided BSA reports to the appropriate committees of Congress without delay. FinCEN must understand that this is not a partisan matter. I look forward to continuing to work with my Democratic colleagues to promote accountability at Treasury and to restore Article I oversight authority. I support this bill, and I urge my colleagues to support it. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 7734, and I yield back the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. I thank my colleague from Missouri, Mr. Cleaver, for offering this bill and for working with Republicans on the Financial Services Committee to make it a better bill. H.R. 7733, as amended through bipartisan negotiations, would lower the CDFI Fund's Bond Guarantee Program minimum issuance threshold from $100 million to $25 million. It would also require the Secretary of the Treasury to review the effectiveness of the CDFI Bond Guarantee Program and report its findings to Congress; and the program would sunset after 4 years allowing Congress adequate time to make adjustments and ensure proper stewardship of taxpayer dollars. This increased accountability will allow Congress to make certain that the programs that we authorize match the needs of the communities to be served. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 7733, and I yield back 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 my legislation, H.R. 4586, the Risk-Based Credit Examination Act. I thank the chairman and ranking member for their support. Under Dodd-Frank, the SEC's Office of Credit Ratings, OCR, is required to conduct annual examinations of credit rating agencies on eight review areas. Evaluating each of these eight areas is resource-intensive for both the OCR and the rating agency and is oftentimes redundant when there have been no identified material issues. H.R. 4586 is a straightforward bill to provide the OCR with discretion concerning these eight reviewable areas during their annual examinations. Dodd-Frank's increased compliance requirements for nationally recognized statistical rating organizations, or NRSROs, put small credit rating agencies at a disadvantage in the market, chilled competition among rating agencies, and further consolidated power in the largest rating agencies. Additionally, small credit rating agencies were not the cause of the financial crisis and should not be treated as such. The marketplace needs commonsense reforms like this. By providing discretion to the SEC's OCR for these eight review areas, H.R. 4586 is right-sizing the SEC's oversight of NRSROs and alleviating costly burdens that especially impact the smaller NRSROs. By adopting a risk-based approach, H.R. 4586 allows for continued oversight by OCR but in a more efficient and targeted manner. It also removes burdensome and unnecessary compliance costs for small rating agencies to promote much-needed competition in the credit rating industry. Mr. Speaker, I obviously support H.R. 4586, and I encourage my colleagues to support it. Mr. Speaker, I yield back 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 H.R. 310, a bill that will posthumously award the Congressional Gold Medal to four American heroes who died in Benghazi on September 11, 2012. H.R. 310 will recognize the sacrifice that Ambassador J. Christopher Stevens, Navy SEALs Glen Doherty and Tyrone Woods, and Staff Sergeant Sean Smith made for our country. These four men lived exceptionally impressive lives that should be recognized and honored today. Ambassador Stevens, born in Grass Valley, California, joined the U.S. Foreign Service in 1991. Over his 21-year career he held a number of important posts including section chief in Jerusalem, political officer in Damascus, and consular officer in Cairo before he returned to D.C. to serve as Director of the Office of Multilateral Nuclear and Security Affairs and Pearson Fellow with Senate Foreign Relations Committee under then-Senator Richard Lugar. Ambassador Stevens was a dedicated public servant who traversed the globe to carry out the mission statement of the Foreign Service: to promote peace, support prosperity, and protect American citizens while advancing the interests of the U.S. abroad. Petty First Class Glen Doherty, born in Winchester, Massachusetts, was a decorated Navy SEAL sniper and corpsman. Doherty served in both Iraq and Afghanistan and responded to the infamous USS Cole bombing in Yemen. Doherty left the Navy after 12 years of service. He went on to continue to protect U.S. interests by working as a contractor for the State Department. Senior Chief Petty Officer Tyrone Woods, known by his friends and family as ``Rone,'' was born in Portland, Oregon. Tyrone Woods, like Doherty, was a retired Navy SEAL who continued to serve after an illustrious military career by protecting American diplomats. During his time as a SEAL, Woods was awarded the Bronze Star Medal with combat ``V'' for valor in Iraq and served multiple tours in Iraq, Afghanistan, the Middle East, and Central America. Staff Sergeant Sean Smith was born in San Diego, California, and served in the U.S. Air Force for 6 years. During this time, he was awarded the Air Force Commendation Medal. Smith retired from the Air Force and continued to serve as a U.S. Foreign Service officer. Smith was posthumously awarded the U.S. Department of State's Thomas Jefferson Star for Foreign Service on May 3, 2013. Mr. Speaker, these four men served honorably and died in service to our country. H.R. 310 will honor these men with the recognition that they deserve. I thank my colleagues, especially Representative Lynch of Massachusetts and Representative Mast of Florida for their bipartisan work on this very important piece of legislation. Mr. Speaker, I wholeheartedly support this bill, I urge my colleagues to support it as well, and I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 310, and I yield back the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. On January 5, a fire broke out in an apartment building in Philadelphia, a terrible tragedy that took the lives of 12 people, including 9 children. Even though the building was operated by the Philadelphia Housing Authority, not one of the battery-powered smoke detectors was operational that morning, so residents had no warning as the fire grew out of control. While HUD already has regulations in place to ensure that federally assisted units install functioning smoke detectors, after a heartbreaking event like this, Congress has a responsibility to ensure that the rules are updated to prevent future tragedies. H.R. 7981 would require Public Housing Authorities and property owners within HUD's programs to install smoke alarms that are tamper- resistant and hardwired, or use long-term, 10-year batteries. Making sure that we have modern, up-to-date safety code devices like smoke alarms in all our federally assisted housing units is fundamental when it comes to trying to protect the lives of our residents. H.R. 7981 will create safer homes for HUD's residents. I congratulate Ms. Dean for her tremendous work on this, and I urge my colleagues to support this legislation. Mr. Speaker, I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support this legislation, and I yield back 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 H.R. 5128, the Expanding Access to Capital for Rural Job Creators Act. I thank Representatives Axne and Mooney for their work on H.R. 5128. In the Financial Services Committee, we continually highlight the importance of capital formation for entrepreneurs and job creators in the underbanked rural communities. We all know constituents who have struggled to gain capital to begin their own small businesses. Small and rural counties and the small businesses in those areas are even more vulnerable during recessions and during economic recovery. H.R. 5128 is an example of legislation that can help solve one of the biggest issues for a number of rural small businesses: access to capital. Mr. Speaker, I urge all my colleagues to support this legislation, and I reserve the balance of my time.

Mrs. WAGNER. Mr. Speaker, I urge my colleagues to support H.R. 5128, and I yield back the balance of my time.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, as we stand here today, Vladimir Putin continues his unconscionable assault on the sovereign nation of Ukraine, displacing millions of families and killing thousands of innocent civilians. In response to this horrific assault, my home State of Missouri has projected the colors of the Ukrainian flag on to our State capitol, as well as both landmarks in St. Louis and Kansas City. My bill here today will illuminate the Gateway Arch, the defining structure of the St. Louis skyline and a symbol of pride for the people of St. Louis, Missouri. It will also show the world that we stand united in solidarity with the people of Ukraine. Madam Speaker, with the support of the entire Missouri delegation, I urge my colleagues to pass this legislation.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I rise today to recognize an amazing community in my district. This year marks the 75th anniversary of the City of Crestwood, Missouri. With a population of over 12,000 proud Americans, Crestwood has grown into a vibrant city since its incorporation in 1947. From its steadfast and hardworking Police and Fire Departments to its dedicated Parks and Recreation and Public Works Departments, the local government of Crestwood continues to provide outstanding public service to the families living there. Crestwood is also a city rich in history. It is the burial place of Sergeant John S. Sappington, who fought alongside George Washington during the Revolutionary War, and the city sits directly adjacent to the Ulysses S. Grant National Historic Site, or White Haven, where the former President and Civil War General lived with his family. Crestwood remains an incredible community to raise a family, with numerous outstanding schools, parks, and recreational facilities in the area. I want to thank the caring residents and public servants of Crestwood, who continue to work together to improve their community, and I have no doubt that the next 75 years will be even greater than the last.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I thank my friend from Arkansas (Mr. Hill), who is managing this set of Financial Services Committee sanctions against Russia, for yielding me the time. Madam Speaker, I rise in support of my bill, H.R. 6891, the Isolate Russian Government Officials Act, a bipartisan bill that would exclude Russian Government officials from participating in key international bodies until Moscow puts a stop to its brutal and utterly unprovoked war on Ukraine. These Russian officials would be excluded from international bodies, including the G20 and other organizations that oversee the world's financial system. Taking part in these groups' proceedings should be out of the question for a country that has ended decades of peace in Europe and threatened financial stability globally. As we know, the U.S. and our allies have levied punishing sanctions against the Putin regime, and these measures have imposed immense costs on Moscow, but there must be diplomatic costs as well. That means leaving Russian Government officials on the outside of every one of these key organizations looking in. After I introduced H.R. 6891, I was pleased to see the President called upon Russia to be ejected from the G20, and this legislation would ensure that Treasury and the Federal Reserve take all necessary steps to advance this as U.S. policy and law. The Financial Services Committee, on a bipartisan basis, has traditionally pursued clear objectives in its national security legislation. Our bills are a means to an end, and my legislation is no exception. While H.R. 6891 takes a hard stance against Russian officials, it provides an off-ramp for Moscow if, and only if, Putin chooses to end the violence in Ukraine. There is also waiver authority so that the executive branch can have maximum leverage when negotiating an end to the Russian hostilities. But let's be crystal clear. Just as launching an illegal and unilateral attack on Ukraine was wholly Putin's choice, and his alone, so too is it his choice to bring Russia back into the fold of the international community by ending his war on Ukraine. China, and other countries and adversaries, are watching our response to Russia closely, and our resolve in the face of Putin's invasion should signal to China, and others, that it will become an international pariah if Beijing ever follows Moscow's playbook. Benefiting from participation in international organizations, including the ones in my bill, calls for a basic level of commitment to international order. We must not let others take this for granted. Again, I thank the chairman and the ranking member for their support of H.R. 6891, and I urge my colleagues to support the bill, the Isolate Russian Government Officials Act.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I rise today to honor Todd Schnuck, CEO of Schnuck Markets in St. Louis, MO, who is being awarded the Glen Woodard Award for Outstanding Leadership in Public Affairs for the food industry by FMI--the Food Industry Association. I know firsthand what a strong advocate Todd is for the food industry. He is in a unique position to be a voice for supermarkets-- spending his career leading the family business that was started in 1939, and now operating over 100 stores in 5 states, employing thousands and positively impacting the lives of millions of people in our great state of Missouri. Todd is a distinguished leader and advocate for the industry. Both the company and Todd personally are philanthropic leaders in the St. Louis area and Todd's ability to effectively articulate public policy issues to federal, state, and local elected officials is exceptional. Todd and his team have been wonderful partners as we have each worked to advance our shared goal of making life better for families in Missouri. He is a man of strong character, integrity, and faith, qualities I can attest extend to his family as well. I was honored to be able to work with his daughter Margaret when she interned for my office. Todd is not just a leader in his professional life, he is also one in our community, and I am grateful to call him a friend. I congratulate Todd on this well-deserved award and I applaud FMI--the Food Industry Association for selecting a person of Todd's caliber for this important honor.

Mrs. WAGNER

Mrs. WAGNER. Madam Speaker, I rise to congratulate my friend, Michael ``Mike'' Medart, of Medart Engine & Marine, on the conclusion of his tenure as Chairman of the National Association of Wholesaler- Distributors (NAW), an association comprised of the distributors who keep America moving. During Mike's leadership, NAW fought for and defended pro-business policies that boost our local economies. NAW, with its partners, also donated more than $1 million in PPE and other supplies to help reopen America. NAW saw rapid growth in the industry and the association itself and was crucial in reopening America at a critical time. The name Medart is familiar to Missourians in my district and our region, having been a mainstay in the community for more than 100 years. Mike is at the helm of a third generation of leadership, an incredible legacy of which he should be proud. The family-owned company prioritizes a ``Golden Rule Service'' commitment to their customers and employs more than a hundred workers, with many having been with the company for decades. I congratulate Mike and thank him for his leadership nationally and at home in Missouri!

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, today is National Human Trafficking Awareness Day, and I rise to bring attention to the horrific increase in human trafficking and online sexual exploitation. Since the pandemic began, trafficking and sexual exploitation have skyrocketed in my own home State of Missouri and across the United States of America and the world. I have made it a priority to support survivors and hold websites accountable for facilitating sex trafficking. I am proud to be the only Member of Congress in over 20 years to successfully amend section 230 of the Communications Decency Act with my bill, the Fight Online Sex Trafficking Act, or FOSTA. In the coming weeks, Mr. Speaker, I will introduce multiple pieces of legislation to combat human trafficking, child sexual exploitation, and online sexual exploitation. We must come together to eliminate this barbaric trade.

Mrs. WAGNER

Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 5142, a bill to posthumously award Congressional Gold Medals in commemoration to the servicemembers who perished in Afghanistan on August 26, 2021. Mr. Speaker, during the 20-year war in Afghanistan, we lost over 2,000 brave men and women. More than 20,000 servicemembers returned home wounded in action. I believe in my heart that every single soldier we lost in Afghanistan was a tragedy. We must remember their sacrifice. In the waning days of this war, the Biden administration made decisions that put U.S. servicemembers in harm's way, and, unfortunately, Mr. Speaker, on August 26, we lost 13 more servicemembers, and more than 20 were injured. Eleven marines, one Navy corpsman, and one soldier were killed by an ISIS-K bomber outside the Hamid Karzai International Airport on this terrible day in August. Mr. Speaker, I represent the people of Missouri's Second Congressional District; and on August 26, my State lost a hero, Lance Corporal Jared Schmitz. This courageous young man had been stationed in Jordan on his first deployment when he was called into Afghanistan to defend the civilians fleeing the Taliban's advance. He was eager to be one of the brave men and women on the front lines, making a real difference for the Americans and allies trapped in a terrifying and dangerous situation. Lance Corporal Schmitz was totally committed to his military service, and he felt a calling to be a United States marine. So much so that he had gotten his parents' permission to enlist at just 17 years old. Lance Corporal Schmitz was just 20 years old when he lost his life in the terrorist attack at the airport in Kabul. Lance Corporal Schmitz and the 12 other servicemembers we lost in August went above and beyond the call of duty to protect those stranded in Afghanistan. I sadly don't believe we will truly understand why Lance Corporal Schmitz and his fellow soldiers died. Nevertheless, his family, their families, and all Americans deserve answers, Mr. Speaker. And I hope one day those who made the decisions that resulted in these senseless deaths will be held accountable. In the meantime, I am grateful that their service and their sacrifice is being commemorated by this legislation. The bravery and valor shown by these servicemembers is unquestionable. I hope my colleagues will join me in supporting this bill, and I look forward to standing next to the family of Lance Corporal Schmitz as they are presented a Congressional Gold Medal commemorating their son's service and valor. Mr. Speaker, 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 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.